| Schedule of Fair Value Hierarchy |
The following table sets forth by level, within the fair value hierarchy, the Master Trust's investments at fair value measurements at December 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Mutual funds | | $ | 94,876,880 | | | — | | — | | $ | 94,876,880 | | | Kennametal Inc. capital stock | | 13,234,944 | | | — | | — | | 13,234,944 | | | Self-directed brokerage account: | | | | | | | | | | Common stocks | | 5,435,126 | | | — | | — | | 5,435,126 | | | Cash and cash equivalents | | 1,662,794 | | | — | | — | | 1,662,794 | | | Units in trust | | 2,319,052 | | | — | | — | | 2,319,052 | | | Mutual funds | | 1,118,444 | | | — | | — | | 1,118,444 | | | Corporate bonds | | — | | $ | 178,051 | | | — | | 178,051 | | | U.S. government securities | | — | | 117,684 | | | — | | 117,684 | | Total investments in the fair value hierarchy | | $ | 118,647,240 | | | $ | 295,735 | | | — | | $ | 118,942,975 | | | Investments measured at NAV | | | | | | | | 460,722,293 | | | Investments, at fair value | | | | | | | | $ | 579,665,268 | |
The following table sets forth by level, within the fair value hierarchy, the Master Trust's investments at fair value measurements at December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Mutual funds | | $ | 268,678,941 | | | — | | — | | $ | 268,678,941 | | | Kennametal Inc. capital stock | | 12,365,608 | | | — | | — | | 12,365,608 | | | Self-directed brokerage account: | | | | | | | | | | Common stocks | | 4,349,698 | | | — | | — | | 4,349,698 | | | Cash and cash equivalents | | 2,407,857 | | | — | | — | | 2,407,857 | | | Units in trust | | 1,790,845 | | | — | | — | | 1,790,845 | | | Mutual funds | | 1,228,945 | | | — | | — | | 1,228,945 | | | Corporate bonds | | — | | $ | 165,032 | | | — | | 165,032 | | | U.S. government securities | | — | | 112,311 | | | — | | 112,311 | | | | | | | | | | | Total investments in the fair value hierarchy | | $ | 290,821,894 | | | $ | 277,343 | | | — | | $ | 291,099,237 | | | Investments measured at NAV | | | | | | | | 247,756,747 | | | Investments, at fair value | | | | | | | | $ | 538,855,984 | |
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