Company: SREA
Filing Date: 2025-06-11
Form Type: 11-K
Source: 0001032208-25-000035
Chunk: 29

Company: SEMPRA
Filing Date: 2025-06-11
Form: 11-K
Chunk 29
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 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 actively traded.

Common/Collective Trusts — NAV is used as a practical expedient to estimate the fair value of participation units held in common/collective trust funds, for which the reported NAV reflects recent transaction prices. The NAV is provided by the trustee of each common/collective trust. Apart from the stable value fund, each common/collective trust allows for daily redemptions by the Plan at its reported NAV per share, with no advance notice requirement, has no unfunded commitments, and has no other redemption restrictions.

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The T. Rowe Price Stable Value Common Trust Fund invests in fully benefit-responsive contracts that are held at contract value. NAV is determined to be contract value, the value at which participants ordinarily transact. This practical expedient is not used if it is determined to be probable that the fund will sell its investment for an amount different from the reported NAV. The Plan is required to give notice 12 months in advance of a partial or total liquidation of the investment in the stable value fund for any purpose other than for benefit payments, participant loans, participant-directed investment transfers, and payment of administrative fees. The Plan Administrator is also required to give a 30-day notice of the liquidation of the investment in the fund due to termination of the Master Trust. There are no unfunded commitments related to the stable value fund.

The valuation methods described above are intended to produce a fair value calculation that is indicative of net realizable value or reflective of