Participants, at their discretion, may direct their contributions to any of the investment options listed below, available through the Investment Trust or in a separate brokerage account.

At December 31, 2025, the following investment options are available:

U.S. Equity Funds:

International Equity Funds:

Target Retirement Funds:

Diversified U.S. Equity

Diversified International Equity

Target Retirement Date Income

Diversified U.S. Equity

Diversified International Equity

2020 Target Retirement Date

Index

2025 Target Retirement Date

General Mills Stock

2030 Target Retirement Date

2035 Target Retirement Date

Fixed Income Funds:

2040 Target Retirement Date

Stable Value

2045 Target Retirement Date

Core Bond

2050 Target Retirement Date

2055 Target Retirement Date

Other:

2060 Target Retirement Date

Multi-Asset Class Fund

2065 Target Retirement Date

Schwab Personal Choice Retirement Account

2070 Target Retirement Date

(Self Directed Brokerage)

Beginning September 30, 2017, a 20% limit was placed on the General Mills Company Stock and ESOP Funds (“Company Stock”) within the Plan for each participant.

The Plan’s estimates of fair value for financial assets are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets, and requires that observable inputs be used in valuations when available.

The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3). The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety. The three levels of the hierarchy under FASB Accounting Standards Codification (ASC) 820 are as follows:

•Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

•Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.

•Level 3 - Valuations based on models where significant inputs are not observable.

The following table summarizes the Plan’s investments, excluding the Investment Trust, that were accounted for at fair value within the fair value hierarchy of ASC 820, as of December 31, 2025 and 2024:


	2025
Description	Level 1		Level 2		Level 3		Total
Directed brokerage fund, at fair value	$	254,673,250	$	7,861,237	$	—	$	262,534,487

	2024
Description	Level 1		Level 2		Level 3		Total
Directed brokerage fund, at fair value	$	254,098,964	$	9,487,440	$	—	$	263,586,404

The directed brokerage fund holds investments in short-term investments, debt securities, common and preferred stock, registered investment companies, and common/collective trusts. See the valuation methodologies for these investments in note 4.