BURRUS FINANCIAL SERVICES, INC.

2. Key Holdings

The portfolio is currently composed entirely of a single position: BNDX (Vanguard Total International Bond ETF). This holding accounts for 100% of the total portfolio value, comprising 510,000 shares valued at $25.20 million.

BNDX is a passively managed fund designed to track the performance of a broad, market-weighted bond index from investment-grade fixed income securities outside the United States. By holding this single ETF, the firm has exposure to a wide array of international government and agency bonds, but it has completely eliminated exposure to individual equities and domestic fixed income. The fact that this is the sole remaining position indicates it is serving as a "cash equivalent" or temporary parking place for capital, given its high liquidity and lower volatility profile compared to equities.