BURNS J W & CO INC/NY

Key Holdings

The portfolio is top-heavy with a strong bias toward the "Magnificent Seven" and dominant market leaders. The top ten holdings account for approximately 44% of the total portfolio value.

• Apple Inc. (AAPL) is the dominant position, valued at $83.65M (9.26% of the portfolio). This was a new position initiated this quarter, signaling a strong conviction in Apple's stability and cash flow generation.
• Microsoft Corp. (MSFT) follows as the second-largest holding at $62.18M (6.88%), also a new initiation.
• Alphabet Class C (GOOG) holds the third spot at $43.76M (4.84%). Unlike the top two, this was a pre-existing position that was slightly reduced during the quarter.
• Financial Giants: Visa Inc. ($37.57M) and JPMorgan Chase ($25.52M) represent significant bets on the financial sector.
• ETF Exposure: The Vanguard Total Stock Market ETF (VTI) is a notable top-tier holding ($31.55M), acting as a liquidity buffer and a beta play on the broader equity market.