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N-1A
SEQUOIA FUND INC
N-CSR
2025-12-31
Sequoia Fund, Inc.
Sequoia Fund, Inc.
SEQUX
This annual shareholder report contains important information about Sequoia Fund, Inc. (the “Fund”) for the period of January 1, 2025 to December 31, 2025.
annual shareholder report
You can find additional information about the Fund at www.sequoiafund.com/resources. You can also request this information by contacting us at 1-800-686-6884.
www.sequoiafund.com/resources
1-800-686-6884
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 89, 76); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="break-inside: avoid; width: 100%; border-collapse: collapse;">
<tr style="break-after: avoid; height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sequoia Fund, Inc.</td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;"><span>$</span>111</td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.00<span>%</span></td> </tr> </table>
111
0.0100
<div style="font-family: 'arial'; color: rgb(0, 89, 76); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 89, 76); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">The Fund returned 22.13% for the year ended December 31, 2025. Over the same period, the S&P 500 returned 17.88%. We were pleased to post another 20%+ year, especially in a year that was marked by large swings in the broader market. By focusing on investing in very high-quality companies, we expect the resulting portfolio to be resilient to market volatility. We were encouraged to see Sequoia hold up well through the tariff-related market swoon early in the year. As the market recovered over the remainder of the year, Sequoia’s lead over the S&P 500 narrowed but still ended the year ahead.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">During 2025, we trimmed several existing investments due primarily to valuation, position size, and competing investment opportunities, rather than meaningful changes to the fundamentals of the businesses. We added modestly to our existing investment in Ashtead Group PLC. We exited Jacobs Solutions, Inc., an investment that we had already significantly reduced in prior years. Notable new positions added this past year included MSA Safety, Inc., Accenture PLC, and Align Technology, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Top five contributors to performance over the 12 months ended December 31, 2025 were Rolls-Royce, Alphabet, Taiwan Semiconductor Manufacturing, Eurofins Scientific, and Charles Schwab.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 14pt;">Top five detractors to performance over the 12 months ended December 31, 2025 were Constellation Software, UnitedHealth Group, Liberty Broadband, Icon PLC, and Credit Acceptance Corp.</div>
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 89, 76); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph shows the performance of a hypothetical $10,000 investment in the Fund over the 10-year period ended December 31, 2025.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 89, 76); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; margin-bottom: 3pt;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;">
<img alt="Fund Performance - Growth of 10K" src="g76890chartimages_11237534.jpg" style="width: 468pt;"/> </div>
<table style="break-inside: avoid; width: 100%; border-collapse: collapse;">
<tr style="break-after: avoid; height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Return</strong></td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</strong></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund</td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.13<span>%</span></td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.46<span>%</span></td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.04<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid;">
<td style="vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">S&P 500 Index</td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> </table>
Fund
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0.1046
0.1104
S&P 500 Index
0.1788
0.1442
0.1482
The Fund’s past performance is not a good predictor of the Fund’s future performance.
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div>
<div style="font-family: 'arial'; color: rgb(0, 89, 76); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div>
<table style="break-inside: avoid; width: 100%; border-collapse: collapse;">
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; width: 75%; padding: 6pt 10pt 3pt 10pt;">Net assets</td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span>$</span>3,788,837,987</td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; width: 75%; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">26</td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; width: 75%; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid, net</td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span>$</span>33,490,380</td> </tr>
<tr style="height: 20pt; border-bottom-color: initial; border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; width: 75%; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">10<span>%</span></td> </tr> </table>
3788837987
26
33490380
0.10
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 89, 76); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings (as of December 31, 2025)</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table and graph show the investment makeup of the Fund as of December 31, 2025. Figures are expressed as percentages of the Fund’s net assets.</div> <div style="border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial'; color: rgb(0, 89, 76); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse;">
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Rolls-Royce Holdings PLC</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">12.9<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc.</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">8.2<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp.-Liberty Formula One</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">7.2<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Universal Music Group NV</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Eurofins Scientific SE</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp.</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Constellation Software, Inc.</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Elevance Health, Inc.</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">The Charles Schwab Corp.</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Intercontinental Exchange, Inc.</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial'; color: rgb(0, 89, 76); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b></div> <div style="padding-right: 0px; padding-left: 0px;">
<img alt="Graphical Representation - Allocation 1 Chart" src="g76890chartimages_11237539.jpg" style="width: 172.8pt;"/> </div>
<div style="border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial'; color: rgb(0, 89, 76); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse;">
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Rolls-Royce Holdings PLC</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">12.9<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc.</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">8.2<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp.-Liberty Formula One</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">7.2<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Universal Music Group NV</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Eurofins Scientific SE</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp.</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Constellation Software, Inc.</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Elevance Health, Inc.</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-color: rgb(0, 89, 76); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">The Charles Schwab Corp.</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 3pt 3pt 12pt;">Intercontinental Exchange, Inc.</td>
<td style="text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: initial; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> </table>
0.129
0.082
0.072
0.060
0.057
0.053
0.053
0.049
0.044
0.043
<div style="font-family: 'arial'; color: rgb(0, 89, 76); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">There were no material changes to the Fund during the year ended December 31, 2025.</div>
<div style="font-family: 'arial'; color: rgb(0, 89, 76); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">There were no changes in or disagreements with accountants during the reporting period.</div>