Advance notice to requests redemption of shares, first option

[Table of Contents](#ic0f1e00f8fa04a87b8ba424679040b3d_7)  


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|   |  | Fair Value Measurements as of October 25, 2020 |
| (in thousands) |  | TotalFair Value |  | Quoted Pricesin ActiveMarkets forIdentical Assets(Level 1) |  | Significant OtherObservableInputs(Level 2) |  | SignificantUnobservableInputs(Level 3) |
| Plan Assets in Fair Value Hierarchy |  |   |  |   |  |   |  |   |
| Cash Equivalents(1) |  | $ | 23,392  |  |  | $ | 1,294  |  |  | $ | 22,098  |  |  | $ | —  |  |
| Private Equity(2) |  |  |  |  |  |  |  |  |
| Domestic |  | 43,479  |  |  | —  |  |  | —  |  |  | 43,479  |  |
| International |  | 40,359  |  |  | —  |  |  | —  |  |  | 40,359  |  |
| Fixed Income(3) |  |  |  |  |  |  |  |  |
| U.S. Government Issues |  | 239,239  |  |  | 158,525  |  |  | 80,714  |  |  | —  |  |
| Municipal Issues |  | 15,768  |  |  | —  |  |  | 15,768  |  |  | —  |  |
| Corporate Issues – Domestic |  | 323,070  |  |  | —  |  |  | 323,070  |  |  | —  |  |
| Corporate Issues – Foreign |  | 52,132  |  |  | —  |  |  | 52,132  |  |  | —  |  |
| Global Stocks - Mutual Funds(4) |  | 151,175  |  |  | 151,175  |  |  | —  |  |  | —  |  |
| Plan Assets in Fair Value Hierarchy |  | $ | 888,614  |  |  | $ | 310,994  |  |  | $ | 493,782  |  |  | $ | 83,838  |  |
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| Plan Assets at Net Asset Value |  |  |  |  |  |  |  |  |
| Real Estate – Domestic(5) |  | $ | 81,015  |  |  |  |  |  |  |  |
| Global Stocks - Collective Investment Funds(6) |  | 457,713  |  |  |  |  |  |  |  |
| Hedge Funds(7) |  | 37,293  |  |  |  |  |  |  |  |
|  Fixed Income - Hedge Funds(8) |  | 51,956  |  |  |  |  |  |  |  |
|  Fixed Income - Collective Investment Funds(9) |  | 36,941  |  |  |  |  |  |  |  |
| Plan Assets at Net Asset Value |  | $ | 664,918  |  |  |  |  |  |  |  |
| Total Plan Assets at Fair Value |  | $ | 1,553,532  |  |  |  |  |  |  |  |

 The following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments: (1) Cash Equivalents: These Level 1 and Level 2 investments consist primarily of highly liquid money market mutual funds traded in active markets in addition to highly liquid futures and T-bills with an observable daily settlement price.  
(2) Private Equity: These Level 3 investments consist of various collective investment funds, which are managed by a third party, invested in a well-diversified portfolio of equity investments from top performing, high quality firms focused on U.S. and foreign small to mid-markets, venture capitalists, and entrepreneurs with a concentration in areas of innovation. Investment strategies include buyouts, growth capital, buildups, and distressed, as well as early stages of company development mainly in the U.S. The fair value of these funds is based on the fair value of the underlying investments.  
(3) Fixed Income: The Level 1 investments include U.S. Treasury bonds and notes, which are valued at the closing price reported on the active market in which the individual securities are traded. The Level 2 investments consist principally of U.S. government securities, which are valued daily using institutional bond quote sources and mortgage-backed securities pricing sources, and municipal, domestic, and foreign securities, which are valued daily using institutional bond quote sources.  
(4) Global Stocks - Mutual Fund: These Level 1 investments include open-ended mutual funds consisting of a mix of U.S. common stocks and foreign common stocks, which are valued at closing price reported on the active market in which the fund is traded. The investment strategy is to obtain long term capital appreciation by focusing on companies generating above average earnings growth and are leading growth businesses in the marketplace. There are no restrictions on redemptions.  
(5) Real Estate - Domestic: These investments include ownership in open-ended real estate funds, which manage diversified portfolios of commercial properties within the office, residential, retail, and industrial property sectors. Investment strategies aim to acquire, own, hold, or dispose of investments with the goal of achieving current income and/or capital appreciation. The real estate investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis with either 45 or 90 days advance notice, subject to availability of cash.  
(6) Global Stocks - Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. common stocks and foreign common stocks. The collective investment funds are valued at the NAV of shares held by the Master Trust. The investment strategy is to obtain long term capital appreciation by focusing on companies generating above average earnings growth and are leading growth businesses in the marketplace. All funds are daily liquid with the exception of one that is available on the first business day of the month for subscriptions and withdrawals.  
(7) Hedge Funds: These investments are designed to provide diversification to an overall institutional portfolio and, in particular, provide protection against equity market downturns. They are comprised of Commodity Trading Advisor Managed Futures, Global Macro (Discretionary and/or Quant) and Long Volatility/Tail Risk Hedging strategies. The hedge funds are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted daily, monthly or quarterly.  
(8) Fixed Income - Hedge Funds: These investments target absolute, risk-adjusted returns by taking advantage of price dislocations and inconsistencies within credit markets. Funds are comprised primarily of U.S. and European corporate credit and structured credit. The investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis on the three year fund anniversary with a ninety day notice period. (9) Fixed Income - Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. government and investment grade corporate bonds. The collective investment funds are valued at NAV of the shares held by the Master Trust. The investment strategy is to achieve an investment return that approximates as closely to the Bloomberg Barclays U.S. Aggregate Bond Index over the long term by investing in the securities that comprise the benchmark. There are no restrictions on redemptions.52
