| EBP, Investment, Fair Value and NAV |
The following table sets forth the net assets of the Master Trust and the Master Trust's assets carried at fair value as of December 31, 2025, by level, within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | Master Trust | | | | | | | | Balance | | Level 1 | | Level 2 | | Level 3 | | Investments at fair value: | | | | | | | | | Registered investment companies | $ | 429,061,226 | | | $ | 429,061,226 | | | $ | — | | | $ | — | | | Self-directed brokerage accounts | 432,429,718 | | | 432,429,718 | | | — | | | — | | | Eli Lilly and Company common stock | 4,444,670,141 | | | 4,444,670,141 | | | — | | | — | | | Other common stock | 473,635,764 | | | 473,635,764 | | | — | | | — | | | Total | 5,779,796,849 | | | $ | 5,779,796,849 | | | $ | — | | | $ | — | | | Interest in common/collective trusts, measured at NAV | 9,387,065,252 | | | | | | | | Total Master Trust investments
at fair value | 15,166,862,101 | | | | | | | | Investments at contract value –
Synthetic GICs | 1,044,594,362 | | | | | | | | | Total Master Trust investments | $ | 16,211,456,463 | | | | | | | |
The following table sets forth the net assets of the Master Trust and the Master Trust's assets carried at fair value as of December 31, 2024, by level, within the fair value hierarchy:
| | | | | | | | | | | | | | | | | | | | | | | | | Master Trust | | | | | | | | Balance | | Level 1 | | Level 2 | | Level 3 | | Investments at fair value: | | | | | | | | | Registered investment companies | $ | 353,047,838 | | | $ | 353,047,838 | | | $ | — | | | $ | — | | | Self-directed brokerage accounts | 347,947,988 | | | 347,947,988 | | | — | | | — | | | Eli Lilly and Company common stock | 3,586,035,728 | | | 3,586,035,728 | | | — | | | — | | | Total | 4,287,031,554 | | | $ | 4,287,031,554 | | | $ | — | | | $ | — | | | Interest in common/collective trusts, measured at NAV | 8,284,292,489 | | | | | | | | Total Master Trust investments
at fair value | 12,571,324,043 | | | | | | | | Investments at contract value –
Synthetic GICs | 964,877,239 | | | | | | | | | Total Master Trust investments | $ | 13,536,201,282 | | | | | | | | | | | | | | | |
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