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BlackRock Funds
2026-06-30
BlackRock Exchange Portfolio
BlackRock Shares
STSEX
This semi-annual shareholder report contains important information about BlackRock Exchange Portfolio (the “Fund”) for the period of January 1, 2026 to June 30, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762.
blackrock.com/fundreports
(800) 441‑7762
<div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What were the Fund costs for the period?</div><div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div>
<table style="page-break-inside: avoid; margin-top: 2pt; break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); font-weight: bold; background-color: rgb(255, 206, 0); vertical-align: bottom; text-align: left; padding: 2pt 0 2pt 0;">Class name</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); font-weight: bold; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs of a $10,000<br/>investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); font-weight: bold; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a <br/>$10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; vertical-align: bottom; font-size: 8pt; line-height: 10pt; text-align: left; padding: 4pt 0 2pt 0;">BlackRock Shares</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; font-size: 8pt; line-height: 10pt; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>43</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; font-size: 8pt; line-height: 10pt; white-space: nowrap; padding: 4pt 0 2pt 0;">0.88<span>%</span><span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</span></td> </tr> </table>
<table style="page-break-inside: avoid; margin-top: 2pt; break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; margin-bottom: 0; line-height: 9pt; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; text-align: justify; color: rgb(0, 0, 0); width: initial; vertical-align: top; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;"><sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(a)</sup></div> </td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; margin-bottom: 0; line-height: 9pt; font-family: 'Arial'; font-style: normal; font-size: 7pt; text-align: justify; color: rgb(0, 0, 0); vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table>
43
0.0088
<div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;">Key Fund statistics</div>
<table style="page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>266,641,553</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 0 6pt;">26</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 1.6pt 6pt;"><span class="sec-hidden" style="-sec-ix-hidden:h_23_04561492_e3b1_e488_873a_85e231f86a87">—</span><span>%</span></td> </tr> </table>
266641553
26
<div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What did the Fund invest in?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of June 30, 2026)</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;"><b>Sector allocation</b></div>
<table style="break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; line-height: 11pt; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Sector<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></em></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; line-height: 11pt; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"><em>Percent of<br/>Net Assets</em></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; line-height: 11pt; color: rgb(0, 0, 0); width: auto; text-align: left; font-size: 8pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Financials</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">32.1</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Information Technology</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">24.0</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Health Care</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">18.8</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Industrials</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">10.4</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Consumer Staples</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">10.1</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Energy</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.5</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Short-Term Securities</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">0.6</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Liabilities in Excess of Other Assets</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">(0.5</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span>)</span><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;"><b>Ten largest holdings</b></div>
<table style="break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; line-height: 11pt; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;"><em>Security<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></em></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; line-height: 11pt; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;"><em>Percent of<br/>Net Assets</em></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; line-height: 11pt; color: rgb(0, 0, 0); width: auto; text-align: left; font-size: 8pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Microsoft Corp.</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">22.0</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Berkshire Hathaway, Inc., Class B</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">10.4</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">General Dynamics Corp.</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">10.4</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">JPMorgan Chase & Co.</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">8.9</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">American Express Co.</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">7.8</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Johnson & Johnson</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">5.3</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Visa, Inc., Class A</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">5.1</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">AstraZeneca PLC</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.6</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Novartis AG, ADR</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.0</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Walmart, Inc.</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">3.5</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table>
<table style="table-layout: auto; border-collapse: collapse; page-break-inside: avoid; width: 100%; break-inside: avoid; margin-top: 0px;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; color: rgb(0, 0, 0); padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;"><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></div> </td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; color: rgb(0, 0, 0); width: 100%; padding: 1.6pt 0 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div> </td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;"><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></div> </td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); padding: 0px; margin: 0px;">Excludes short-term securities.</div> </td> </tr> </table>
0.321
0.240
0.188
0.104
0.101
0.045
0.006
-0.005
<div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;"><b>Ten largest holdings</b></div>
<table style="break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; line-height: 11pt; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;"><em>Security<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></em></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; line-height: 11pt; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;"><em>Percent of<br/>Net Assets</em></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; line-height: 11pt; color: rgb(0, 0, 0); width: auto; text-align: left; font-size: 8pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Microsoft Corp.</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">22.0</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Berkshire Hathaway, Inc., Class B</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">10.4</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">General Dynamics Corp.</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">10.4</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">JPMorgan Chase & Co.</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">8.9</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">American Express Co.</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">7.8</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Johnson & Johnson</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">5.3</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Visa, Inc., Class A</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">5.1</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">AstraZeneca PLC</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.6</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Novartis AG, ADR</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.0</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Walmart, Inc.</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">3.5</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; text-align: left; color: rgb(0, 0, 0); white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table>(b)Excludes short-term securities.
0.220
0.104
0.104
0.089
0.078
0.053
0.051
0.046
0.040
0.035
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Excludes short-term securities.
Annualized.