| | | | | | | | | | | | | | | | 5. Redemption Restrictions |
The following table summarizes redemption restrictions for investments of the Master Trust for which fair value is estimated using NAV per share as of December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | Asset Type | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice | | Commingled funds: | | | | | | U.S. equity securities | $ | 19,451,379 | | N/A | Daily | Daily | | International equity securities | 1,696,539 | | N/A | Daily | Daily | | U.S. fixed income securities | 736,613 | | N/A | Daily | Daily | | Cash equivalents | 1,850,084 | | N/A | Daily | Daily | | Real estate | 1,053,732 | | N/A | Daily | Daily | | | | | | | Total | $ | 24,788,347 | | | | |
The following table summarizes redemption restrictions for investments of the Master Trust for which fair value is estimated using NAV per share as of December 31, 2024 (in thousands): | | | | | | | | | | | | | | | | Asset Type | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice | | Commingled funds: | | | | | | U.S. equity securities | $ | 14,060,153 | | N/A | Daily | Daily | | International equity securities | 1,263,557 | | N/A | Daily | Daily | | U.S. fixed income securities | 624,252 | | N/A | Daily | Daily | | | | | | | Cash equivalents | 1,914,423 | | N/A | Daily | Daily | | Real estate | 907,416 | | N/A | Daily | Daily | | | | | | | Total | $ | 18,769,801 | | | | |
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