UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
| ý | Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 | ||||
For the fiscal year ended December 31, 2025
OR
| ¨ | Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 | ||||
For the transition period from __________to__________
Commission file number 001-09518
| A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: | |||||||||||||
THE PROGRESSIVE 401(k) PLAN
| B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: | ||||
300 NORTH COMMONS BLVD
MAYFIELD VILLAGE, OHIO 44143
REQUIRED INFORMATION
See the attached Financial Statements, with Report of Independent Registered Public Accounting Firm, for The Progressive 401(k) Plan, as of and for the years ended December 31, 2025 and 2024.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
| The Progressive 401(k) Plan | |||||||||||
| By: | /s/ Carl G. Joyce | ||||||||||
| Name: | Carl G. Joyce | ||||||||||
| Title: | Authorized Signatory | ||||||||||
| Date: | May 12, 2026 | ||||||||||
THE PROGRESSIVE 401(k) PLAN
FINANCIAL STATEMENTS
WITH
REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
As of and for the Years Ended December 31, 2025 and 2024
INDEX
| Page | |||||||||||||||||
| Report of Independent Registered Public Accounting Firm | 1 | ||||||||||||||||
| Financial Statements: | |||||||||||||||||
| Statement of Net Assets Available for Benefits | 3 | ||||||||||||||||
| Statement of Changes in Net Assets Available for Benefits | 4 | ||||||||||||||||
| Notes to Financial Statements | 5 | - | 11 | ||||||||||||||
| Supplemental Schedule: | |||||||||||||||||
| Schedule H-Schedule of Assets Held for Investment Purposes at End of Year | 12 | ||||||||||||||||
Report of Independent Registered Public Accounting Firm
Board of Directors
The Progressive Corporation
Mayfield Village, Ohio
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for benefits of The Progressive 401(k) Plan (the “Plan”) as of December 31, 2025 and 2024 and the related statement of changes in net assets available for benefits for the years then ended, and the related notes and schedules (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
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Supplemental Information
The supplemental Schedule of Assets Held for Investment Purposes at End of Year as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Department of Labor’s (DOL) Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Meaden & Moore, Ltd.
MEADEN & MOORE, LTD.
We have served as the Plan’s auditor since 1999.
Cleveland, Ohio
May 12, 2026
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STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
The Progressive 401(k) Plan
| (in thousands) | ||||||||||||||
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Assets: | ||||||||||||||
| Pending trade settlement | $ | $ | ||||||||||||
| Notes receivable from participants | ||||||||||||||
| Investments, at Fair Value: | ||||||||||||||
| The Progressive Corporation Common Shares | ||||||||||||||
| Other investments | ||||||||||||||
| Investments, at Fair Value | ||||||||||||||
| Net Assets Available for Benefits | $ | $ | ||||||||||||
See accompanying notes.
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STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
The Progressive 401(k) Plan
| (in thousands) | ||||||||||||||
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Additions to Net Assets Attributed to: | ||||||||||||||
| Contributions: | ||||||||||||||
| Employer | $ | $ | ||||||||||||
| Participants | ||||||||||||||
| Rollovers | ||||||||||||||
| Interest income on notes receivable from participants | ||||||||||||||
| Investment Income: | ||||||||||||||
| Net appreciation in fair value of investments | ||||||||||||||
| Dividends on The Progressive Corporation Common Shares | ||||||||||||||
| Interest and other dividends | ||||||||||||||
| Revenue Share - see footnote 2 | ||||||||||||||
| Total Investment Income | ||||||||||||||
| Deductions from Net Assets Attributed to: | ||||||||||||||
| Benefits paid to participants | ||||||||||||||
| Employee stock ownership program dividend distribution | ||||||||||||||
| Other expenses | ||||||||||||||
| Total Deductions | ||||||||||||||
| Net Increase | ||||||||||||||
| Net Assets Available for Benefits: | ||||||||||||||
Beginning of Year | ||||||||||||||
End of Year | $ | $ | ||||||||||||
See accompanying notes.
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NOTES TO FINANCIAL STATEMENTS
The Progressive 401(k) Plan
December 31, 2025 and 2024
1 Description of the Plan
General:
The Progressive 401(k) Plan (the "Plan”) is designed to encourage employee savings and provide benefits upon an employee's retirement, death, disability or termination of employment.
Effective February 21, 2025, The Fidelity Diversified International K6 Fund, the Vanguard Institutional Index Fund Institutional Plus Shares, and the PIMCO Total Return Fund Institutional Class were removed. All existing balances were transferred to the Fidelity Diversified International Commingled Pool Class C Fund, the Vanguard Institutional 500 Index Trust, and the Baird Core Plus Class Bond Fund Class Institutional, respectively. Effective February 21, 2025, the existing balances in the various Vanguard Target Retirement Funds were transferred into various Vanguard Target Retirement Trust Select Funds.
All employees of The Progressive Corporation (the “Company") and certain of its subsidiaries that have adopted the Plan, who have met certain requirements, are eligible to participate in the Plan beginning 31 calendar days after the date of employment (each, a "Covered Employee"). The Plan includes an automatic enrollment feature, in which new hires are auto-enrolled effective 30 days after receiving notification from Fidelity, with the option to opt-out. New hires who do not opt-out are automatically enrolled in a Vanguard Institutional Target Retirement fund at a 6 % pre-tax contribution rate unless they select a different contribution rate and/or investment option(s).
The Plan is currently maintained pursuant to a January 1, 2025 Amendment and Restatement.
Contributions:
Participants may contribute to the Plan, on a pre-tax or post-tax basis, any combination up to 99.98 % of eligible compensation. However, participants who are classified as "highly compensated employees" under federal tax law are subject to contribution limits that may vary from year to year. Participant contributions are matched 100 % by the Company dollar-for-dollar up to 6 % of participants' eligible compensation.
Various Internal Revenue Code regulations concerning both employee and Company contributions may limit the contribution amounts defined above. The Company has the right to limit these contributions to conform to applicable regulations.
There is a 10 % limit on contributions to The Progressive Corporation Stock Fund.
Vesting:
The portion of the participant's account in the Plan attributable to the participant's own contributions, including earnings thereon, vests immediately. Company matching contributions made on or after January 1, 2009, and before January 1, 2021, vested immediately. Company matching contributions made on or after January 1, 2021, will vest according to a two-year cliff vesting schedule.
Forfeitures:
Forfeitures of non-vested Company match contributions are held pending reinstatements to former employees who are subsequently rehired and who had an unvested balance when leaving the Company. Unused forfeiture balances are periodically used to offset Company match payments for current participants. The ending Company contribution forfeiture balances for 2025 and 2024 were $142,552 and $316,842 , respectively.
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1 Description of the Plan, Continued
Investment Options for Company Match:
Company matching contributions are invested according to participants' elections.
Notes Receivable from Participants:
Participants may borrow up to 50 % of their total vested account balance from a minimum of $1,000 up to a maximum of $50,000 . Two loans may be outstanding at one time. The highest outstanding balance for prior loans plus any new loans may not exceed $50,000 in a 12-month period. Loan repayment periods range from to four years , except for certain loan balances from prior Plan mergers (which do not exceed Code §72(p) maximum repayment periods). Loans are secured by participant account balances and bear interest at the same rate throughout the life of the loan.
At the beginning of each calendar quarter, the interest rate applied to new loans during that quarter is set at 1 % above the prime rate. Principal and interest are paid through bi-weekly payroll deductions. A $35 loan initiation fee and a quarterly maintenance fee of $3.75 are deducted from the participant’s account for each new loan.
Loan repayments may be suspended for up to one year in case of an approved leave of absence. Loans to participants on a leave of absence due to a Qualified Military Leave will be automatically suspended for the period of the Qualified Military Leave.
Participants who terminate employment at the time a loan is outstanding may arrange with the Administrator to continue to repay the loan through automatic or electronic withdrawals or debits from a financial institution known as "ACH" debits.
Loans are valued at unpaid principal plus accrued but unpaid interest. Defaulted participant loans are recorded as distributions, as defined under the terms of the Plan.
2 Summary of Significant Accounting Policies
Use of Estimates and Basis of Accounting:
The accompanying financial statements have been prepared on an accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP").
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and the accompanying notes. Actual results could differ from those estimates.
Investment Valuation and Income Recognition:
Investments are stated at fair value.
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2 Summary of Significant Accounting Policies, Continued
Investment Valuation and Income Recognition, Continued:
Common/Collective Trusts:
The Plan invests in common and collective investment trusts (“Collective Trusts”) that are maintained by banks or trust companies and are available only to qualified retirement plans. Collective Trusts are valued at the net asset value (“NAV”) of units held by the Plan as of the reporting date. The NAV represents the Plan’s proportionate interest in the underlying net assets of each trust. The NAV as provided by the trustee is used as a practical expedient.
The Plan’s Collective Trust investments consist primarily of Vanguard collective investment trusts, which invest in diversified portfolios of equity and fixed income securities, including U.S. and non‑U.S. equity securities and U.S. investment‑grade fixed income securities.
The Plan offers Vanguard Target Retirement Trust Select Funds, which are collective investment trusts that utilize a diversified asset allocation strategy based on an assumed retirement date. The asset allocation is adjusted over time, generally becoming more conservative as the target date approaches and thereafter. These investments are valued at NAV and are included in Other investments in the accompanying statements of net assets available for benefits.
The Fidelity Managed Income Portfolio II (“Portfolio”), is a Collective Trust with an investment objective to seek preservation of capital and a competitive level of income over time. To achieve its investment objective, the Portfolio invests in underlying assets (typically fixed-income securities or bond funds and may include derivative instruments such as futures contracts and swap agreements) and maintains a wrap contract issued by a third-party. Fidelity Management Trust Company ("FMTC") seeks to mitigate the exposure of the Portfolio to credit risk through, among other means, diversification of the wrap contracts across an approved group of issuers. The Portfolio's ability to receive amounts due pursuant to these contracts is dependent upon the issuers' ability to meet their financial obligations.
Participant withdrawals and exchanges are paid at book value (principal and interest accrued to date) during the term of the contract. However, withdrawals prompted by certain events (e.g., the Plan’s disqualification under the Internal Revenue Code, substantive portfolio modification not consented to by the wrap issuer, establishment of another employer plan that competes with the Plan for employee contributions, etc.) may be paid at market value, which may be less than book value. The portfolio strives to maintain a $1 unit price but cannot guarantee that it will be able to do so, and its yield will fluctuate.
Investments are recorded at fair value. Investment securities are exposed to various risks, including market, interest rate, credit, and liquidity risks. It is at least reasonably possible that changes in the fair values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances.
Company Stock/Mutual Funds/Self-Directed Brokerage:
The Progressive Corporation Stock Fund and mutual funds are valued at the last reported trade price on the New York Stock Exchange on the last business day of the year. Investments in mutual funds are valued at the reported NAV per share on the last business day of the year. Participants have access to a self-directed brokerage account from which participants can make certain investments. Investments in the self-directed brokerage account are valued at quoted market prices, which represent the NAV of shares held by the Plan at year-end. Such investments may include mutual funds, common shares, certificates of deposit, unitized investment funds, corporate and government bonds, preferred stocks, and various rights, warrants, and options.
Money Market Fund:
The fair value of the money market fund is determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. The underlying investments of the money market fund are primarily U.S. Treasury Bills and other obligations of the U.S. Government, including mortgage obligations. Since there is an active market for these investments, the money market fund is classified in Level 1 of the fair value hierarchy.
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2 Summary of Significant Accounting Policies, Continued
Investment Valuation and Income Recognition, Continued:
Net Appreciation (Depreciation) of Investments:
The statement of changes in net assets available for benefits presents the net appreciation/(depreciation) in the fair value of investments, which consists of realized gains/(losses) and unrealized appreciation/(depreciation) on those investments.
Investment securities are exposed to various risks such as interest rate, market, credit and liquidity risks. Market values of securities fluctuate based on the nature and magnitude of changing market conditions; significant changes in market conditions could materially affect the Plan's investments.
The Progressive Corporation Stock Fund is an Employee Stock Ownership Program ("ESOP"). Security transactions in The Progressive Corporation Stock Fund are recorded on a trade date basis. All other security transactions are recorded on a settlement date basis.
Realized gains/(losses) on the sale of securities are determined based on the average cost of the securities sold from the Trust’s assets. Realized gains/(losses) on the distribution of Company common shares are determined based on the historical cost of the shares distributed.
Dividends are recorded on their payment date for shareholders of record on the ex-dividend date. Interest and other income are recorded as earned on an accrual basis. There have been no changes in the methodologies used at December 31, 2025 and 2024.
For dividends on The Progressive Corporation common shares, the financial statements reflect an annual dividend of $4.50 with an ex-dividend date of January 9, 2025. Quarterly dividends of $0.10
Fair Value:
The Plan has categorized its financial instruments, based on the degree of subjectivity inherent in the method by which they are valued, into a fair value hierarchy of three levels, as follows:
Level 1:Inputs are unadjusted, quoted prices in active markets for identical instruments that the Plan can access at the measurement date (e.g., U.S. Government obligations and active exchange-traded equity securities).
Level 2: Inputs (other than quoted prices included within Level 1) that are observable for the instrument either directly or indirectly (e.g., certain common/collective trusts and unitized investment funds). This includes: (i) quoted prices for similar instruments in active markets, (ii) quoted prices for identical or similar instruments in markets that are not active, (iii) inputs other than quoted prices that are observable for the instruments, and (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3: Inputs that are unobservable. Unobservable inputs reflect the Plan's subjective evaluation about the assumptions market participants would use in pricing the financial instrument (e.g., certain structured securities and privately held investments).
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2 Summary of Significant Accounting Policies, Continued
Fair Value, Continued:
The composition of the investment portfolio as of December 31 was:
| Description | 12/31/2025 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
| Mutual Funds | $ | $ | $ | $ | |||||||||||||||||||
| Progressive Stock | |||||||||||||||||||||||
| Money Market | |||||||||||||||||||||||
| Brokerage | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| Investments Measured at NAV: | |||||||||||||||||||||||
| Common/collective Trusts | |||||||||||||||||||||||
| Total Investments | $ | ||||||||||||||||||||||
| Description | 12/31/2024 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
| Mutual Funds | $ | $ | $ | $ | |||||||||||||||||||
| Progressive Stock | |||||||||||||||||||||||
| Money Market | |||||||||||||||||||||||
| Brokerage | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| Investments Measured at NAV: | |||||||||||||||||||||||
| Common/collective Trusts | |||||||||||||||||||||||
| Total Investments | $ | ||||||||||||||||||||||
Reclassification:
Certain prior year amounts have been reclassified to conform with current year presentation.
Funding:
Participant and employer contributions are funded on a bi-weekly basis generally coincident with the pay date.
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2 Summary of Significant Accounting Policies, Continued
Expenses:
Most administrative expenses of the Plan, including trust management, legal and other fees, are paid by the Company and are not expenses paid by the Plan. Certain ERISA approved legal expenses are paid from assets at the Plan level. Investment management fees are expenses of the Plan but are netted against investment income. Transaction fees for loan initiation, quarterly loan maintenance, exchanges of Company stock and short-term fund trading are paid from assets in the applicable participant accounts.
Risks and Uncertainties:
The Plan provides for several investment options, which are subject to various risks, such as interest rate, credit, foreign currency exchange rate, liquidity and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect the amounts reported in the statement of net assets available for benefits.
Revenue Share:
Revenue sharing amounts for investments that generate such amounts for Fidelity are returned to the Plan and credited on a quarterly basis to the applicable participants who are invested in those funds.
3 Participant Accounts
Each participant's account is credited with the participant's contributions and Company match and an allocation of earnings. Allocations are based on the portion of each participant's account balance to the total account balances for all participants. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Participants can invest in any of the options offered under the Plan.
The Plan uses the share value method for allocating Plan earnings. The share values are determined on a daily basis.
4 Party-in-Interest Transactions
The fund investment options include The Progressive Corporation Stock Fund. This fund consists of the Company’s common shares.
5 Income Tax Status
The Plan obtained its latest determination letter on September 3, 2015, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended; however, the Plan Administrator believes that the Plan is still currently designed and being operated in compliance with those requirements.
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken uncertain tax positions that more-likely-than-not would not be sustained upon examination by applicable taxing authorities. The Plan administrator has analyzed tax positions taken by the Plan and has concluded that, as of December 31, 2025, there are no uncertain tax positions taken, or expected to be taken, that would require recognition of a liability or that would require disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. However, currently no audits for any tax periods are in progress.
6 Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts, to the extent not already vested.
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7 Subsequent Events
Management evaluates events occurring subsequent to the date of the financial statements in determining the accounting for and disclosure of transactions and events that affect the financial statements.
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| SCHEDULE H-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR | |||||||||||
| Part IV Line 4i | |||||||||||
| The Progressive 401(k) Plan | |||||||||||
Plan No. | |||||||||||
EIN | |||||||||||
| December 31, 2025 | |||||||||||
| (b) Identity of Issue, | (c) Description of Investment Including | ||||||||||
| Borrower, Lessor, | Maturity Date, Rate of Interest, | (e) Current | |||||||||
| (a) | or Similar Party | Collateral, Par or Maturity Value | Value | ||||||||
| * | Fidelity | $ | |||||||||
| *1 | Fidelity | ||||||||||
| * | Fidelity | ||||||||||
| Brokerage Account | Various Common Stocks | ||||||||||
| Brokerage Account | Various Mutual Funds | ||||||||||
| Brokerage Account | Various Preferred Stocks | ||||||||||
| Brokerage Account | Various Unitized Investment Funds | ||||||||||
| Brokerage Account | Various Rights/Warrants/Options | ( | |||||||||
| Brokerage Account | Various Certificates of Deposit | ||||||||||
| Brokerage Account | Various Corporate Bonds | ||||||||||
| Brokerage Account | Various Government Bonds | ||||||||||
| Brokerage Account | Various Municipal Bonds | ||||||||||
| Pacific Investment Management Company | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| The Vanguard Group | |||||||||||
| * | The Progressive Corporation | ||||||||||
| * | Participant Loans | ||||||||||
| $ | |||||||||||
| * | Party-in-interest | ||||||||||
| 1 | Included in The Progressive Corporation Stock Fund for the recordkeeping of fractional shares of stock | ||||||||||
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THE PROGRESSIVE 401(k) PLAN
EXHIBIT INDEX
| EXHIBIT NO. UNDER REG. S-K ITEM 601 | FORM 11-K EXHIBIT NO. | DESCRIPTION OF EXHIBIT | ||||||||||||
| 23 | 23 | |||||||||||||