Quarter snapshot

Gates Foundation Trust

history	Ticker	Change	% of portfolio	Shares	Value
≡	VLTO		0.03%	124,333	$11,025,850
≡	ONON		0.05%	500,000	$17,710,000
≡	HRL		0.15%	2,085,290	$51,756,898
≡	KHC		0.17%	2,472,600	$58,402,812
≡	DHR		0.21%	373,000	$71,049,040
≡	MCD		0.26%	334,900	$90,526,819
≡	SDGR		0.33%	6,981,664	$113,452,040
≡	PCAR		0.35%	1,000,000	$120,120,000
≡	BUD		0.41%	1,703,000	$140,327,200
≡	WST		0.46%	444,500	$159,575,500
≡	CPNG		0.47%	9,248,045	$160,638,542
≡	Unmapped CUSIP	NEW	0.52%	1,192,181	$180,019,331
≡	MSGS		0.69%	592,406	$238,052,427
≡	WCN		0.99%	2,039,175	$339,910,081
≡	HD	NEW	1.02%	1,000,000	$352,680,000
≡	KOF		1.92%	6,214,719	$660,313,894
≡	FDX		2.17%	2,384,362	$746,615,273
≡	WMT		2.76%	8,390,477	$950,305,425
≡	ECL		4.22%	5,218,044	$1,453,799,239
≡	DE		6.56%	3,557,378	$2,256,551,587
≡	WM	−3%	17.3%	26,720,744	$5,955,519,423
≡	CNI		17.95%	51,826,786	$6,179,825,963
≡	CAT		19.65%	6,353,614	$6,765,963,549
≡	BRK.B	−14%	21.35%	14,689,844	$7,350,651,039