| Master Trust |
4.Master Trust: At December 31, 2025 and 2024, the Plan’s ownership interest in the Master Trust was 98.95% and 98.66%, respectively. The following is financial information with respect to the Master Trust: December 31, 2025 and 2024 investment holdings: | | | | | | | | | | | | | | | 2025 | | 2024 | | | | | | Plan's Interest | | | | | Plan's Interest | | | Master Trust | | in Master Trust | | Master Trust | | in Master Trust | | | Balance | | Balances | | Balance | | Balances | | | | | | | | | | | | | | Investments at Fair Value: | | | | | | | | | | | | | Cash and Cash Equivalents | | $ | 2,984 | | $ | 2,968 | | $ | 15,910 | | $ | 15,808 | Corporate Stocks | | | 466,817 | | | 464,252 | | | 1,249,670 | | | 1,241,691 | Corporate Bonds | | | 940,118 | | | 934,951 | | | 132,997 | | | 132,148 | Collective Trusts/Comingled Funds | | | 9,101,623 | | | 9,051,601 | | | 7,694,362 | | | 7,645,234 | Total Investments at Fair Value | | $ | 10,511,542 | | $ | 10,453,772 | | $ | 9,092,939 | | $ | 9,034,881 | | | | | | | | | | | | | | Investments at Contract Value: | | | | | | | | | | | | | Cash and Equivalents | | $ | 17,896 | | $ | 16,701 | | $ | 27,584 | | $ | 25,454 | Fixed Maturity Synthetic GICS | | | 17,915 | | | 16,719 | | | 33,161 | | | 30,600 | Constant Duration Synthetic GICS | | | 908,603 | | | 847,925 | | | 935,073 | | | 862,873 | Total Investments at Contract Value: | | $ | 944,414 | | $ | 881,345 | | $ | 995,818 | | $ | 918,927 | Total Investments: | | $ | 11,455,956 | | $ | 11,335,117 | | $ | 10,088,757 | | $ | 9,953,808 |
The underlying investments within the synthetic contracts include corporate, government and mortgage backed debt securities. Statements of Changes in Net Assets of the Master Trust: | | | | | | | | | 2025 | | 2024 | Net appreciation | | $ | 1,770,933 | | $ | 1,299,054 | Dividends | | | 23,689 | | | 44,245 | Net investment income | | | 1,794,622 | | | 1,343,299 | Transfers in (out): | | | | | | | Contributions | | | 756,323 | | | 763,520 | Interest from loans | | | 10,999 | | | 9,327 | Benefit payments | | | (1,190,030) | | | (1,260,589) | Administrative expenses | | | (4,715) | | | (11,197) | Net transfers out | | | (427,423) | | | (498,939) | | | | | | | | Net increase | | | 1,367,199 | | | 844,360 | Net assets: | | | | | | | Beginning of year | | | 10,088,757 | | | 10,781,234 | Net transfer out of Company Stock Investment Fund | | | — | | | (1,536,837) | End of year | | $ | 11,455,956 | | $ | 10,088,757 |
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