The following table sets forth by level on a recurring basis, within the fair value hierarchy, the Master Trust's investments at fair value as of December 31, 2025. There are no investments which fall under Level 3 of the hierarchy.


	Level 1 Fair Value		Level 2 Fair Value		Totals

Registered investment companies	$	210,908,375	$	—	$	210,908,375
Common collective trusts	—		6,225,402,494		6,225,402,494
Company stock funds	—		1,906,273,157		1,906,273,157
Bond funds	—		292,965,268		292,965,268

Total investments at fair value	$	210,908,375	$	8,424,640,919	$	8,635,549,294

The following table sets forth by level on a recurring basis, within the fair value hierarchy, the Master Trust's investments at fair value as of December 31, 2024. There are no investments which fall under Level 3 of the hierarchy.


	Level 1 Fair Value		Level 2 Fair Value		Totals

Registered investment companies	$	1,591,771,779	$	—	$	1,591,771,779
Common collective trusts	—		4,328,225,696		4,328,225,696
Company stock funds	—		2,181,871,345		2,181,871,345
Bond funds	—		117,626,555		117,626,555

Total investments at fair value	$	1,591,771,779	$	6,627,723,596	$	8,219,495,375

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Tabular disclosure of fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

+ References

+ Details