Company: PCG-PB
Filing Date: 2025-06-24
Form Type: 11-K
Source: 0001004980-25-000121
Chunk: 24

Company: PG&E Corp
Filing Date: 2025-06-24
Form: 11-K
Chunk 24
---
 |              | 8,490,929 |     |                                   | 4,293,514 |
| Administrative expense payable        |     |              |      -173 |     |                                   |       -54 |
| Total                                 |     | $            | 8,490,756 |     | $                                 | 4,293,460 |

The following table presents the changes in net assets of the Master Trust for the years ended December 31, 2024 and 2023:

|                                            | (in thousands) | Year Ended December 31, |      2024 |     |   |      2023 |
|:-------------------------------------------|:---------------|:------------------------|----------:|:----|:--|----------:|
| Net appreciation in fair value investments |                | $                       | 1,134,419 |     | $ | 1,255,364 |
| Dividends and interest                     |                |                         |    51,985 |     |   |    27,102 |
| Net investment income                      |                |                         | 1,186,404 |     |   | 1,282,466 |
| Net transfers                              |                |                         |   -32,393 |     |   |    57,179 |
| Administrative expenses                    |                |                         |    -5,382 |     |   |    -6,012 |
| Increase in net assets                     |                |                         | 1,148,629 |     |   | 1,333,633 |
| Net assets:                                |                |                         |           |     |   |           |
| Beginning of year                          |                |                         | 8,490,756 |     |   | 7,157,123 |
| End of year                                |                | $                       | 9,639,385 |     | $ | 8,490,756 |

<div align='center'>9</div>

#### NOTE 4: FAIR VALUE MEASUREMENTS
The Master Trust measures certain assets at fair value. A three-tier fair value hierarchy is established as a basis for considering fair value assumptions and for inputs used in the valuation methodologies in measuring fair value:

#### Level 1
– Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

#### Level 2
– Other inputs that are directly or indirectly observable in the marketplace.

#### Level 3
– Unobservable inputs which are supported by little