Company: SREA
Filing Date: 2025-06-11
Form Type: 11-K
Source: 0001032208-25-000035
Chunk: 13

Company: SEMPRA
Filing Date: 2025-06-11
Form: 11-K
Chunk 13
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 that market participants would use in pricing the asset or liability.

Investments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs.

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The following table sets forth by level within the fair value hierarchy a summary of the Master Trust’s investments measured at fair value on a recurring basis at December 31, 2024 and 2023 (dollars in thousands):

| Level 1 investments:           |     | December 31, 
 2024         |           |     | December 31, 
 2023         |           |
|:-------------------------------|:----|:-------------|----------:|:----|:-------------|----------:|
| Sempra common stock            |     | $            | 1,165,804 |     | $            | 1,061,316 |
| Mutual funds                   |     |              |   400,835 |     |              |   338,327 |
| Total Level 1 investments      |     |              | 1,566,639 |     |              | 1,399,643 |
| Investments measured at NAV*:  |     |              |           |     |              |           |
| Common/collective trusts       |     |              | 4,040,716 |     |              | 3,496,115 |
| Total Master Trust investments |     | $            | 5,607,355 |     | $            | 4,895,758 |

* Investments for which fair value is estimated based on NAV as a practical expedient have not been classified in the fair value hierarchy, but are presented to permit reconciliation to the total Master Trust investments in Note 4.

There were no investments classified as Level 2 or Level 3 in the Master Trust as of December 31, 2024 or 2023.

The following is a description of the valuation methodologies and assumptions used to estimate the fair values of the investments in the Master Trust:

Common Stocks — Common stocks are valued using quoted prices listed on nationally recognized securities exchanges (Level 1 inputs).

Mutual Funds — The fair values of mutual funds are determined by obtaining quoted prices listed on nationally recognized securities exchanges (Level 1 inputs). These funds are required to publish their daily NAV and to transact at that price. The mutual funds held by the Master Trust are deemed to be