| Schedule of fair value hierarchy by investments and Net Asset Value of investments |
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 | $ | 895,141 | | | $ | — | | | $ | — | | | $ | — | | | $ | 895,141 | | | Mutual funds: | | | | | | | | | | | Balanced funds | 92,786,284 | | | — | | | — | | | — | | | 92,786,284 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Value funds | 41,173,157 | | | — | | | — | | | — | | | 41,173,157 | | Total Mutual funds | 133,959,441 | | | — | | | — | | | — | | | 133,959,441 | | | Common collective trusts | — | | | — | | | — | | | 1,100,621,260 | | | 1,100,621,260 | | Total Investments | $ | 134,854,582 | | | $ | — | | | $ | — | | | $ | 1,100,621,260 | | | $ | 1,235,475,842 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 1,279,081 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,279,081 | | | Mutual funds: | | | | | | | | | | | Balanced funds | 60,496,511 | | | — | | | — | | | — | | | 60,496,511 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Value funds | 37,844,503 | | | — | | | — | | | — | | | 37,844,503 | | Total Mutual funds | 98,341,014 | | | — | | | — | | | — | | | 98,341,014 | | | Common collective trusts | — | | | — | | | — | | | 888,248,959 | | | 888,248,959 | | Total Investments | $ | 99,620,095 | | | $ | — | | | $ | — | | | $ | 888,248,959 | | | $ | 987,869,054 | |
The following tables set forth, by level within the fair value hierarchy, a summary of the assets included in the commingled funds held in 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 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) | $ | 806,158,684 | | | $ | 634,926,806 | | — | Daily | None | | T. Rowe Blue Chip Growth Trust (b) | 119,980,475 | | | 102,203,900 | | — | Daily | None | | Putnam Large Cap Value Trust (c) | 37,026,583 | | | 28,692,238 | | — | Daily | None | T. Rowe Small Mid Cap Core
Trust (d) | 66,587,731 | | | 69,735,529 | | — | Daily | None | | Capital Group EUPAC Trust (e) | 37,769,401 | | | 28,015,486 | | — | Daily | None | | Loomis Sayles Core Plus Fixed Income Fund (f) | 33,098,386 | | | 24,675,000 | | — | Daily | None | | $ | 1,100,621,260 | | | $ | 888,248,959 | | | | |
(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) | $ | 284,041,098 | | | $ | 204,827,888 | | — | Daily | None | Non-U.S. Equity Index Fund (b) | 121,324,651 | | | 75,254,966 | | — | Daily | None | U.S. Bond Index Fund (c) | 77,614,202 | | | 56,918,948 | | — | Daily | None | U.S. Extended Equity Market Index Fund (d) | 72,991,952 | | | 57,837,989 | | — | Daily | None | | $ | 555,971,903 | | | $ | 394,839,791 | | | | |
(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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