Quarter snapshot

Gates Foundation Trust

Ticker	Change	% of portfolio	Shares	Value
BRK.B history	−12%	25.8%	17,048,304	$8,169,547,277
WM history	−5%	20.06%	27,642,344	$6,351,934,228
CNI history		16.82%	51,826,786	$5,326,238,797
CAT history		14.22%	6,353,614	$4,501,281,374
DE history		6.33%	3,557,378	$2,003,871,027
ECL history		4.38%	5,218,044	$1,388,104,065
WMT history		3.29%	8,390,477	$1,042,768,482
FDX history		2.68%	2,384,362	$849,262,057
KOF history		1.91%	6,214,719	$606,245,838
WCN history		1.05%	2,039,175	$331,243,587
MSGS history		0.6%	592,406	$190,399,288
CPNG history		0.55%	9,248,045	$174,603,090
BUD history		0.37%	1,703,000	$118,137,110
PCAR history		0.36%	1,000,000	$115,500,000
WST history		0.35%	444,500	$111,409,480
MCD history		0.33%	334,900	$104,083,571
SDGR history		0.25%	6,981,664	$79,311,703
DHR history		0.22%	373,000	$70,720,800
KHC history		0.18%	2,472,600	$55,608,774
HRL history		0.15%	2,085,290	$47,231,819
ONON history		0.05%	500,000	$17,010,000
VLTO history		0.03%	124,333	$10,993,524
MSFT history	SOLD	—	—	—