| Schedule of Assets at Fair Value by Level |
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 as of December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | Registered investment companies | $ | 326,152,025 | | | $ | — | | | $ | — | | | $ | 326,152,025 | | | Self-directed brokerage accounts | 79,879,705 | | | — | | | — | | | 79,879,705 | | | | | | | | | | | Ingersoll Rand Company Stock | 35,848,530 | | | — | | | — | | | 35,848,530 | | | Total assets in the fair value hierarchy | $ | 441,880,260 | | | $ | — | | | $ | — | | | $ | 441,880,260 | | Investments measured at net asset fair value per share(1) | | | | | | | 1,132,779,610 | | | Total asset fair value | | | | | | | $ | 1,574,659,870 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value as of December 31, 2024 | | Level 1 | | Level 2 | | Level 3 | | Total | | Registered investment companies | $ | 286,047,219 | | | $ | — | | | $ | — | | | $ | 286,047,219 | | | Self-directed brokerage accounts | 62,442,672 | | | — | | | — | | | 62,442,672 | | | | | | | | | | | Ingersoll Rand Company Stock | 45,838,132 | | | — | | | — | | | 45,838,132 | | | Total assets in the fair value hierarchy | $ | 394,328,023 | | | $ | — | | | $ | — | | | $ | 394,328,023 | | Investments measured at net asset fair value per share(1) | | | | | | | 991,174,189 | | | Total asset fair value | | | | | | | $ | 1,385,502,212 | |
(1)Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Note 3.
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