(4) Investment Trust

A portion of the Plan's investments are held in the Investment Trust, a master trust which was established for the investment of assets of the Plan and several other General Mills defined contribution and defined benefit pension plans. The Plan has a divided interest in the Investment Trust. Mellon Trust is the Trustee and custodian of the Investment Trust. Investment managers each manage a portion of the Investment Trust and make investment decisions for the assets for which they are responsible within guidelines established by the General Mills Benefit Finance Committee.

Transactions and assets of the Investment Trust, as well as the Plan investments are accounted for utilizing the following accounting methodologies:

•Short-term investments largely consist of a collective trust fund valued at net asset value (NAV) daily by the fund with the ability to redeem daily at that price. For these funds, NAV is considered to be the readily determinable fair value and is supported by the unit prices of actual purchase and sale transactions. Issuances and redemptions of participant units are made on each business day. Participant units are typically purchased and redeemed at a constant NAV of $1.00 per unit. In the event that a significant disparity develops between the constant NAV and the fair value-based NAV of the fund, the Trustee may determine that continued issuance or redemption at a constant $1.00 net asset value would create inequitable results for the fund’s unit holders. In these circumstances, the Trustee, in its sole discretion and acting on behalf of the fund’s unit holders, may direct that units be issued or redeemed at the fair value-based NAV until such time as the disparity between the fair value-based and the constant NAV per unit is deemed to be immaterial. The short-term collective trust is designed to provide safety of principal, daily liquidity, and a competitive yield by investing in high quality money market instruments.

•Common and preferred stocks are valued by the Trustee at quoted market closing prices on the valuation date.

•Certain common/collective trusts (CCTs) are valued at NAV daily by the funds with the ability to trade at that price at least weekly. For these CCTs, NAV is considered to be readily determinable fair value. Other common/collective trusts are valued based on NAV, as reported by the funds,

which is used as a practical expedient to estimate fair value and are therefore excluded from the fair value table. These CCTs have a redemption frequency greater than 7 days. There are no unfunded commitments to such funds at December 31, 2025 and 2024.

•Investments in registered investment companies traded on national exchanges are valued by the Trustee at the quoted market closing price on the valuation date. If not traded on national exchanges, they are valued based on the net asset value, which is considered to be the readily determinable fair value provided by the investment manager.

•Investments in fully benefit-responsive contracts are valued based on the contract value, as discussed in note 5.

•Pooled funds consist of the Pooled Private Equity Fund and the Pooled Real Estate Asset Fund. The Plan’s investment is valued at NAV as determined by the Trustee.

The following table summarizes the Investment Trust’s investments 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
Investment Trust Assets, at fair value:
Short-term investments	$	—	$	39,479,572	$	—	$	39,479,572
Common and preferred stock	843,663,421		—		—		843,663,421
General Mills, Inc. common stock	237,799,838		—		—		237,799,838
Common/collective trusts	—		4,147,929,101		—		4,147,929,101

Total Investment Trust Assets in the fair value hierarchy	$	1,081,463,259	$	4,187,408,673	$	—	$	5,268,871,932
Investments measured at net asset value (a)							21,063,178
Total investments							$	5,289,935,110

(a) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy and are included here for reconciliation purposes only.

	2024
Description	Level 1		Level 2		Level 3		Total
Investment Trust Assets, at fair value:
Short-term investments	$	—	$	34,792,195	$	—	$	34,792,195
Common and preferred stock	815,960,272		—		—		815,960,272
General Mills, Inc. common stock	352,374,335		—		—		352,374,335
Common/collective trusts	—		3,715,095,786		—		3,715,095,786

Total Investment Trust Assets in the fair value hierarchy	$	1,168,334,607	$	3,749,887,981	$	—	$	4,918,222,588
Investments measured at net asset value (a)							19,909,179
Total investments							$	4,938,131,767

(a) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy and are included here for reconciliation purposes only.

Net assets and net investment income of the Investment Trust are allocated to the General Mills defined contribution and defined benefit pension plans based on each plan’s interest in the investment funds of each pool of assets within the Investment Trust.

The following table summarizes the net assets of the Investment Trust and the Plan’s Interest as of December 31, 2025 and 2024:


	2025				2024
	Investment Trust		Plan's Interest		Investment Trust		Plan's Interest
Investments, at fair value and NAV:
Short-term investments	$	39,479,572	$	35,701,222	$	34,792,195	$	30,326,779
Common and preferred stock	843,663,421		634,508,170		815,960,272		591,666,040
General Mills, Inc. common stock	237,799,838		237,799,838		352,374,335		352,374,335
Common/collective trusts	4,147,929,101		3,807,469,448		3,715,095,786		3,380,245,297
Investment in pooled funds	21,063,178		21,063,178		19,909,179		19,909,179
Total investments, at fair value and NAV	5,289,935,110		4,736,541,856		4,938,131,767		4,374,521,630
Fully benefit-responsive investment contracts, at contract value	337,658,470		337,658,470		338,114,107		326,888,719
Total investments	5,627,593,580		5,074,200,326		5,276,245,874		4,701,410,349
Interest and dividends receivable	1,547,503		1,434,984		2,353,766		1,324,971
Net receivable (payable) for unsettled investment activity	233,926		176,061		(463,392)		(336,013)
Net other (payables) receivables	(2,223,872)		(1,444,594)		17,223,079		17,709,216
Net assets	$	5,627,151,137	$	5,074,366,777	$	5,295,359,327	$	4,720,108,523

The following table summarizes the net investment income for the year ended December 31, 2025:


Investment income:
Net change in fair value of investments	$	765,491,793
Interest	4,149,676
Dividends	20,986,091
Net investment income	$	790,627,560

(a) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy and are included here for reconciliation purposes only.

EBP, Investment, Plan Interest in Master Trust, Fair and Contract Value

5,074,366,777

4,720,108,523

EBP, Change in Net Asset Available for Benefit, Increase (Decrease) from Income (Loss) on Investment

668,111,876

EBP, Investment, Excluding Plan Interest in Master Trust, Fair Value

262,534,487

263,586,404