Company: BK-PK
Filing Date: 2025-06-26
Form Type: 11-K
Source: 0001390777-25-000094
Chunk: 18

Company: Bank of New York Mellon Corp
Filing Date: 2025-06-26
Form: 11-K
Chunk 18
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: The fair value of interest-bearing cash is equal to the book value as a result of the short-term nature of these cash equivalents.

Derivative instruments: Exchange traded derivative instruments are valued using quoted prices and are included in Level 1 of the valuation hierarchy. Over-the-counter derivative instruments are valued using internally developed models based on readily observable market parameters and are included in Level 2 of the valuation hierarchy. Derivative instruments include foreign exchange contracts and interest rate contracts.

Investment contracts with insurance companies : There are no readily available market quotations for these investments. Certain investment contracts are valued at the present value of the contracted benefits payable using mortality and investment return assumptions. These contracts are valued on an annual basis.

Other assets measured at the net asset value (“NAV”), as a practical expedient: The following investments are valued at NAV as a practical expedient for measuring fair value. There are no readily available market quotations for these funds.

• Hedge fund of funds: The hedge fund of funds are valued at NAV, which is based on the fair value of the underlying investments held by the fund, less its liabilities. These funds are either valued on a daily or monthly basis.

• Venture capital and partnership interests: The fair value is based on the Master Trust’s ownership percentage of the fair value of the underlying investments as provided by the fund managers. These funds are typically valued on a quarterly basis.

The preceding methods described may produce a fair value calculation that may not be indicative of future fair values. Furthermore, although the Master Trust believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies and assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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The following tables present the fair value of the financial instruments of the Master Trust by level within the fair value hierarchy as of December 31, 2024 and December 31, 2023.

| Master Trust investment assets measured at fair value on a recurring basis as of December 31, 2024 |     |   |               |         |   |                |         |   |            |         |   |                |                |
|:---------------------------------------------------------------------------------------------------|:----|:--|--------------:|:--------|:--|---------------:|:--------|:--|-----------:|:--------|:--|---------------:|:---------------|
|                                                                                                    |     |   |               | Level 1 |   |                | Level 2 |   |