v3.26.1
Employee Benefit Plan, Schedule, Asset Held for Investment
 12 Months Ended
Dec. 31, 2025
EBP 001  
EBP, Schedule of Asset Held for Investment [Line Items]  
EBP, Schedule of Asset Held for Investment
Schedule H, line 4i - Schedule of Assets (Held at End of Year)
AT DECEMBER 31, 2025
(a)
(b) Identity of issue, borrower,
 lessor, or similar party
(c) Description of investment
 including maturity date, rate
 of interest, collateral, par, or
 maturity value
(d) Cost(e) Current value
(n/a)
IBM Stock Fund
*International Business Machines Corporation - Managed by Independent Fiduciary - State Street Global Advisors
IBM Common Stock 5,313,300 shares
$1,573,852,593 
*Managed by State Street Global AdvisorsState Street Bank and Trust Company Government Short-Term Investment Fund3,295,975 
Mutual and Commingled Funds
Administered by FidelityExpanded Choice - Select Funds (refer to Exhibit A - investments)9,855,559,291 
Vanguard Emerging Markets Stock Index FundVanguard Emerging Markets Stock Index Fund Institutional Plus Shares143,746,114 
Commingled and Other Funds
Vanguard Institutional 500 Index Trust Unit ALarge Company Index9,735,162,499 
Vanguard Russell 1000 Growth Index TrustLarge Cap Growth Index3,279,838,826 
Vanguard Russell 1000 Value Index TrustLarge Cap Value Index1,130,045,762 
Bridgewater All Weather Portfolio III, LTD.Balanced Fund556,757,573 
Vanguard Russell 2000 Growth Index TrustSmall Cap Growth Index634,875,842 
Vanguard Russell 2000 Value Index TrustSmall Cap Value Index546,848,319 
AQR Global Risk Parity Enhanced Liquidity FundBalanced Fund332,940,086 
Neuberger Berman Strategic Multi-Sector Fixed Income Trust - Class VMulti Sector Total Bond CIT325,948,604 
Voya Private Credit Trust FundPrivate Credit Trust Fund128,163,895 


* Party-In-Interest
(a)(b) Identity of issue, borrower,
 lessor, or similar party		(c) Description of investment
 including maturity date, rate
 of interest, collateral, par, or
 maturity value		(d) Cost(e) Current value
(n/a)
Separately-Managed Funds
Managed by State Street Global AdvisorsTotal International Stock Market Index (refer to Exhibit B - investments)6,080,854,946 
Managed by State Street Global AdvisorsSmall/Mid-Cap Stock Index (refer to Exhibit C - investments)4,025,905,404 
Managed by State Street Global AdvisorsInflation Protected Bond (refer to Exhibit D – investments)1,540,042,176 
Managed by Neuberger BermanTotal Bond Market (refer to Exhibit E – investments)1,278,995,273 
Managed by State Street Global AdvisorsReal Estate Investment Trust (refer to Exhibit F - investments)911,644,985 
Managed by Loomis, Sayles and CompanyTotal Bond Market (Refer to Exhibit G - investments)1,202,609,331 
Managed by Western Asset Management CompanyTotal Bond Market (Refer to Exhibit H - investments)1,620 
Managed by Pacific Investment Management CompanyTotal Bond Market (refer to Exhibit I - investments)1,145,433,945 
Managed by RW Baird & CoTotal Bond Market (Refer to Exhibit J – investments)564,229,235 
Managed by State Street Global AdvisorsInternational Real Estate Index (refer to Exhibit K – investments)274,725,581 
Managed by Loomis, Sayles and CompanyLong Term Credit (Refer to Exhibit L - investments)341,576,040 
Managed by Pacific Investment Management CompanyHigh Yield and Emerging Markets Bond (refer to Exhibit M - investments)500,583,748 
Managed by JP MorganHigh Yield Debt (refer to exhibit N - investments)240,569,034 
Managed by PrudentialEmerging Markets Debt (refer to Exhibit O - investments)238,243,596 
Managed by State Street Global AdvisorsTotal Stock Market Index (refer to Exhibit P - investments)9,827,773,829 
Managed by State Street Global AdvisorsEuropean Stock Index (refer to Exhibit Q - investments)464,612,290 
Managed by State Street Global AdvisorsPacific Stock Index (refer to Exhibit R - investments)299,251,666 
Managed by Dodge & CoxLong Term Credit (refer to Exhibit S - investments)227,787,084 


* Party-In-Interest
(a)(b) Identity of issue, borrower,
 lessor, or similar party		(c) Description of investment
 including maturity date, rate
 of interest, collateral, par, or
 maturity value		(d) Cost(e) Current value
(n/a)
Separately-Managed Funds (continued)
Underlying assets managed by various investment companiesInterest Income Fund (refer to Exhibit T - investments)6,217,129,003 
*Mass Mutual Life Insurance Company
Synthetic GIC Wrapper Contract, Rate of Interest 3.66%
Royal Bank of Canada
Synthetic Global GIC Wrapper Contract, Rate of Interest 2.68%
*Voya Retirement Insurance & Annuity Co
Synthetic Global GIC Wrapper Contract, Rate of Interest 2.68%
*The Prudential Insurance Company of America
Synthetic GIC Wrapper Contract, Rate of Interest 2.79%
*New York Life Insurance Company
Synthetic GIC Wrapper Contract, Rate of Interest 1.80%
*Voya Retirement Insurance and Annuity Company
Synthetic GIC Wrapper Contract, Rate of Interest 2.70%
*Metropolitan Tower Life Insurance Company
Synthetic GIC Wrapper Contract, Rate of Interest 2.94%
*Notes receivable from participants
Interest rates range: 3.25% to 10.75% Terms: 1 to 30 years
113,721,724 
Interest-Bearing Cash
*Managed by State Street Global AdvisorsState Street Bank and Trust Company Government Short-Term Investment Fund9,075,724 

* Party-In-Interest