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, 2025 and 2024 (dollars in thousands):


	December 31,		December 31,
	2025		2024
Level 1 investments:
Sempra common stock	$	1,034,401	$	1,165,804
Mutual funds	442,746		400,835

Total Level 1 investments	1,477,147		1,566,639

Investments measured at NAV*:
Common/collective trusts	4,474,698		4,040,716

Total Master Trust investments	$	5,951,845	$	5,607,355

*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.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Tabular disclosure of fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

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+ Details