• Bill & Melinda Gates Foundation Trust maintains a diversified portfolio across 10 sectors
• Top 5 holdings represent 85.1% of the portfolio
• Largest position: MICROSOFT CORP (MSFT) at 27.3%

Trends by sector

Investment Adjustments from Previous Filing

Bill & Melinda Gates Foundation Trust Holdings

Symbol	Company	Portfolio %	Price	Quantity	Change Qty	Change Value	% Change	Total Value
MSFT MICROSOFT CORP	MICROSOFT CORP	27.27%	$497.41	26,191,207	-2,266,040	-$1,127,150,956	-7.96%	$13,027,768,274
BRK-B BERKSHIRE HATHAWAY INC DEL	BERKSHIRE HATHAWAY INC DEL	24.53%	$485.77	24,123,684	6,951,249	$3,376,708,227	40.48%	$11,718,561,977
WM WASTE MGMT INC DEL	WASTE MGMT INC DEL	15.44%	$228.82	32,234,344	-	-	-	$7,375,862,594
CNI CANADIAN NATL RY CO	CANADIAN NATL RY CO	11.94%	$104.04	54,826,786	-	-	-	$5,704,178,815
CAT CATERPILLAR INC	CATERPILLAR INC	5.97%	$388.21	7,353,614	-	-	-	$2,854,746,491
DE DEERE & CO	DEERE & CO	3.79%	$508.49	3,557,378	-	-	-	$1,808,891,139
ECL ECOLAB INC	ECOLAB INC	2.94%	$269.44	5,218,044	-	-	-	$1,405,949,775
WMT WALMART INC	WALMART INC	1.86%	$97.78	9,090,477	-	-	-	$888,866,841
KOF COCA-COLA FEMSA SAB DE CV	COCA-COLA FEMSA SAB DE CV	1.26%	$96.73	6,214,719	-	-	-	$601,149,769
FDX FEDEX CORP	FEDEX CORP	1.21%	$227.31	2,534,362	-	-	-	$576,085,826
WCN WASTE CONNECTIONS INC	WASTE CONNECTIONS INC	0.84%	$186.72	2,149,175	-	-	-	$401,293,956
CPNG COUPANG INC	COUPANG INC	0.58%	$29.96	9,248,045	-	-	-	$277,071,428
CCI CROWN CASTLE INC	CROWN CASTLE INC	0.31%	$102.73	1,420,072	-	-	-	$145,883,997
SDGR SCHRODINGER INC	SCHRODINGER INC	0.29%	$20.12	6,981,664	-	-	-	$140,471,080
MSGS MADISON SQUARE GRDN SPRT COR	MADISON SQUARE GRDN SPRT COR	0.26%	$208.95	592,406	-	-	-	$123,783,234
BUD ANHEUSER BUSCH INBEV SA/NV	ANHEUSER BUSCH INBEV SA/NV	0.24%	$68.72	1,703,000	-	-	-	$117,030,160
MCD MCDONALDS CORP	MCDONALDS CORP	0.20%	$292.17	334,900	-	-	-	$97,847,733
WST WEST PHARMACEUTICAL SVSC INC	WEST PHARMACEUTICAL SVSC INC	0.20%	$218.80	444,500	-	-	-	$97,256,600
PCAR PACCAR INC	PACCAR INC	0.20%	$95.06	1,000,000	-	-	-	$95,060,000
UPS UNITED PARCEL SERVICE INC	UNITED PARCEL SERVICE INC	0.16%	$100.94	755,089	-	-	-	$76,218,684
DHR DANAHER CORPORATION	DANAHER CORPORATION	0.15%	$197.54	373,000	-	-	-	$73,682,420
KHC KRAFT HEINZ CO	KRAFT HEINZ CO	0.14%	$25.82	2,622,600	-	-	-	$67,715,532
HRL HORMEL FOODS CORP	HORMEL FOODS CORP	0.14%	$30.25	2,195,290	-	-	-	$66,407,523
ONON ON HLDG AG	ON HLDG AG	0.05%	$52.05	500,000	-	-	-	$26,025,000
VLTO VERALTO CORP	VERALTO CORP	0.03%	$100.95	124,333	-	-	-	$12,551,416