The Amalgamated Fund is a nondiversified mutual fund that owns shares in a few companies, including Beaufort Corporation. Tully is an auditor working for the Biggle Accounting Firm, and Tully is a "covered member" regarding Biggle's audit client Beaufort Corporation. Tully also is invested in the Amalgamated Fund. Assume that Amalgamated's total assets are $25,000,000, that Tully owns 2% of Amalgamated's outstanding shares, and that Amalgamated has 10% of its assets invested in Beaufort Corporation stock. 

What would be the value of Tully's indirect interest in Beaufort Corporation that would have to be judged as material or immaterial when compared to his total assets?