| Schedule of Fair Value Hierarchy |
The following tables set forth, by level within the fair value hierarchy, a summary of plan identified investments held by the Master Trust measured at fair value at December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Plan Identified Investments Held by Master Trust at Fair Value | | Fair Value Measurements at December 31, 2025 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | NAV | | Total | Short-term investment fund | $ | 3,292,182 | | | $ | — | | | $ | — | | | $ | — | | | $ | 3,292,182 | | Mutual funds: | | | | | | | | | | Balanced funds | 430,716,091 | | | — | | | — | | | — | | | 430,716,091 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Value funds | 347,390,573 | | | — | | | — | | | — | | | 347,390,573 | | Total Mutual funds | 778,106,664 | | | — | | | — | | | — | | | 778,106,664 | | | Common collective trusts | — | | | — | | | — | | | 3,476,165,365 | | | 3,476,165,365 | | Total investments | $ | 781,398,846 | | | $ | — | | | $ | — | | | $ | 3,476,165,365 | | | $ | 4,257,564,211 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Plan Identified Investments Held by Master Trust at Fair Value | | Fair Value Measurements at December 31, 2024 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | NAV | | Total | Short-term investment fund | $ | 5,451,384 | | | $ | — | | | $ | — | | | $ | — | | | $ | 5,451,384 | | Mutual funds: | | | | | | | | | | Balanced funds | 362,789,461 | | | — | | | — | | | — | | | 362,789,461 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Value funds | 343,752,463 | | | — | | | — | | | — | | | 343,752,463 | | Total Mutual funds | 706,541,924 | | | — | | | — | | | — | | | 706,541,924 | | | Common collective trusts | — | | | — | | | — | | | 3,118,583,975 | | | 3,118,583,975 | | Total investments | $ | 711,993,308 | | | $ | — | | | $ | — | | | $ | 3,118,583,975 | | | $ | 3,830,577,283 | |
The following tables set forth, by level within the fair value hierarchy, a summary of the assets included in the commingled funds held by the Master Trust measured at fair value at December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Assets Held in Commingled Funds by Master Trust | | Fair Value Measurements at December 31, 2025 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | NAV | | Total | Marsh common stock | $ | 569,666,803 | | | $ | — | | | $ | — | | | $ | — | | | $ | 569,666,803 | | Short-term investment fund | 34,207,674 | | | — | | | — | | | — | | | 34,207,674 | | | | | | | | | | | | | | | | | | | | | | Common collective trusts | — | | | — | | | — | | | 3,330,896,704 | | | 3,330,896,704 | | Total Master Trust Investments at Fair Value | $ | 603,874,477 | | | $ | — | | | $ | — | | | $ | 3,330,896,704 | | | $ | 3,934,771,181 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Assets Held in Commingled Funds by the Master Trust | | Fair Value Measurements at December 31, 2024 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | NAV | | Total | Marsh common stock | $ | 722,475,231 | | | $ | — | | | $ | — | | | $ | — | | | $ | 722,475,231 | | Short-term investment fund | 26,215,743 | | | — | | | — | | | — | | | 26,215,743 | | Common collective trusts | — | | | — | | | — | | | 2,784,329,533 | | | 2,784,329,533 | | Total Master Trust Investments at Fair Value | $ | 748,690,974 | | | $ | — | | | $ | — | | | $ | 2,784,329,533 | | | $ | 3,533,020,507 | |
The following table provides additional information at December 31, 2025 and 2024 for plan identified investments held by the Master Trust that report a NAV per share (or its equivalent): | | | | | | | | | | | | | | | | | | | | | | Fair Value | | | | | 2025 | | 2024 | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | | | | | | | | | Target Retirement Funds (a) | $ | 1,881,607,269 | | | $ | 1,626,892,461 | | — | Daily | None | | T. Rowe Blue Chip Growth Trust (b) | 584,917,586 | | | 540,105,450 | | — | Daily | None | Putnam Large Cap Value Trust (c) | 166,039,056 | | | 140,696,484 | | — | Daily | None | T. Rowe Small Mid Cap Core
Trust (d) | 442,829,073 | | | 486,276,996 | | — | Daily | None | | Capital Group EUPAC Trust (e) | 202,017,442 | | | 165,421,006 | | — | Daily | None | | Loomis Sayles Core Plus Fixed Income Fund (f) | 198,754,939 | | | 159,191,578 | | — | Daily | None | | $ | 3,476,165,365 | | | $ | 3,118,583,975 | | | | |
(a)Each target retirement fund invests in a mix of index funds specific to a retirement year and diversified across global asset classes. (b)This fund invests primarily in large- and mid-cap U.S. equity securities. (c)This fund invests primarily in large- and mid-cap U.S. equity securities. (d)This fund invests in underlying funds that hold primarily small and mid-size U.S. equity securities. (e)This fund invests primarily in Europe and Pacific Basin equity securities. (f)This fund invests primarily in U.S. investment-grade debt securities and may also invest in below-investment-grade debt securities. The following table provides additional information at December 31, 2025 and 2024 for the Plan's interest in commingled funds held by the Master Trust that report a NAV per share (or its equivalent): | | | | | | | | | | | | | | | | | | | | | | Fair Value | | | | | 2025 | | 2024 | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | | | | | | | | | S&P 500 Index Fund (a) | $ | 1,489,663,613 | | | $ | 1,306,473,198 | | — | Daily | None | | Non-U.S. Equity Index Fund (b) | 565,703,349 | | | 424,145,535 | | — | Daily | None | U.S. Bond Index Fund (c) | 388,303,019 | | | 359,420,372 | | — | Daily | None | U.S. Extended Equity Market Index Fund (d) | 331,254,820 | | | 299,450,637 | | — | Daily | None | | $ | 2,774,924,801 | | | $ | 2,389,489,742 | | | | |
(a)This fund invests primarily in large-cap U.S. equity securities. (b)This fund invests primarily in non-U.S. equity securities. (c)This fund invests primarily in U.S. investment-grade bonds. (d)This fund invests primarily in U.S. small- and mid-cap equity securities.
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