Alphabet became a top-three holding: +48.1M shares (+83%) to roughly $37B, about $17B added in the quarter. Around 60% of that came through a private placement rather than open-market buying — the structure is the more interesting detail than the size. Bank of America cut for the eighth consecutive quarter. Portfolio $299.3B across 27 holdings; Apple still 22% of it. This is Greg Abel deploying, not Buffett.