BILL & MELINDA GATES FOUNDATION TRUST Activity Q3 2002-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$12,404,608,178	-7.2%	39,286,170	+0.1%	31.88%	+0.3%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$7,892,119,230	-7.9%	22,529,601	-10.4%	20.28%	-0.5%
WMT	Buy	WALMART INC	$484,613,329	+2.1%	3,030,159	+0.3%	1.24%	+10.3%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$117,695,722	-11.4%	755,089	+1.9%	0.30%	-4.4%
AAPL	New	APPLE INC	$9,042,456	–	52,815	–	0.02%	–
FB	New	META PLATFORMS INCcl a	$8,116,177	–	27,035	–	0.02%	–
IYW	New	ISHARES TRu.s. tech etf	$6,043,392	–	57,600	–	0.02%	–
AVGO	New	BROADCOM INC	$5,398,770	–	6,500	–	0.01%	–
AMZN	New	AMAZON COM INC	$5,593,280	–	44,000	–	0.01%	–
ETN	New	EATON CORP PLC	$5,566,608	–	26,100	–	0.01%	–
BKNG	New	BOOKING HOLDINGS INC	$5,088,518	–	1,650	–	0.01%	–
GOOGL	New	ALPHABET INC CL Acap stk cl a	$5,025,024	–	38,400	–	0.01%	–
AMP	New	AMERIPRISE FINL INC	$4,088,032	–	12,400	–	0.01%	–
JPM	New	JPMORGAN CHASE & CO	$4,292,592	–	29,600	–	0.01%	–
ORCL	New	ORACLE CORP	$4,215,616	–	39,800	–	0.01%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$3,983,499	–	24,300	–	0.01%	–
TJX	New	TJX COS INC NEW	$3,777,400	–	42,500	–	0.01%	–
ANTM	New	ELEVANCE HEALTH INC	$3,701,070	–	8,500	–	0.01%	–
PHM	New	PULTE GROUP INC	$3,961,675	–	53,500	–	0.01%	–
NVDA	New	NVIDIA CORPORATION	$3,986,683	–	9,165	–	0.01%	–
PG	New	PROCTER AND GAMBLE CO	$3,351,134	–	22,975	–	0.01%	–
CVX	New	CHEVRON CORP NEW	$3,625,330	–	21,500	–	0.01%	–
UL	New	UNILEVER PLCspon adr new	$3,586,934	–	72,610	–	0.01%	–
CSCO	New	CISCO SYS INC	$3,333,120	–	62,000	–	0.01%	–
AMGN	New	AMGEN INC	$2,969,798	–	11,050	–	0.01%	–
AMAT	New	APPLIED MATLS INC	$3,156,660	–	22,800	–	0.01%	–
V	New	VISA INC	$3,220,140	–	14,000	–	0.01%	–
TT	New	TRANE TECHNOLOGIES PLC	$3,226,269	–	15,900	–	0.01%	–
SLB	New	SCHLUMBERGER LTD	$2,740,392	–	47,005	–	0.01%	–
TTE	New	TOTALENERGIES SEsponsored ads	$2,531,760	–	38,500	–	0.01%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$2,872,515	–	5,675	–	0.01%	–
UNH	New	UNITEDHEALTH GROUP INC	$2,856,236	–	5,665	–	0.01%	–
ADBE	New	ADOBE INC	$2,796,802	–	5,485	–	0.01%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,284,404	–	7,060	–	0.01%	–
MS	New	MORGAN STANLEY	$2,276,960	–	27,880	–	0.01%	–
NSC	New	NORFOLK SOUTHN CORP	$2,304,081	–	11,700	–	0.01%	–
JNJ	New	JOHNSON & JOHNSON	$2,327,684	–	14,945	–	0.01%	–
LMT	New	LOCKHEED MARTIN CORP	$2,412,864	–	5,900	–	0.01%	–
CVS	New	CVS HEALTH CORP	$2,269,150	–	32,500	–	0.01%	–
PFE	New	PFIZER INC	$2,255,560	–	68,000	–	0.01%	–
LOW	New	LOWES COS INC	$1,867,027	–	8,983	–	0.01%	–
KBWB	New	INVESCO EXCH TRADED FD TR IIkbw bk etf	$2,014,319	–	50,270	–	0.01%	–
PNC	New	PNC FINL SVCS GROUP INC	$2,136,198	–	17,400	–	0.01%	–
XOM	New	EXXON MOBIL CORP	$1,998,860	–	17,000	–	0.01%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$1,754,655	–	25,500	–	0.01%	–
EMN	New	EASTMAN CHEM CO	$1,918,000	–	25,000	–	0.01%	–
CB	New	CHUBB LIMITED	$2,133,845	–	10,250	–	0.01%	–
AMT	New	AMERICAN TOWER CORP NEW	$1,808,950	–	11,000	–	0.01%	–
GOOG	New	ALPHABET INC CL Ccap stk cl c	$1,845,900	–	14,000	–	0.01%	–
MRK	New	MERCK & CO INC	$1,826,333	–	17,740	–	0.01%	–
HD	New	HOME DEPOT INC	$1,719,895	–	5,692	–	0.00%	–
TGT	New	TARGET CORP	$1,680,664	–	15,200	–	0.00%	–
RTX	New	RTX CORPORATION	$1,453,794	–	20,200	–	0.00%	–
PEP	New	PEPSICO INC	$1,643,568	–	9,700	–	0.00%	–
DIS	New	DISNEY WALT CO	$1,361,640	–	16,800	–	0.00%	–

Q2 2023

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$13,371,190,722	–	39,264,670	–	31.79%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$8,573,712,873	–	25,142,853	–	20.38%	–
CNI	New	CANADIAN NATL RY CO	$6,637,878,981	–	54,826,786	–	15.78%	–
WM	New	WASTE MGMT INC DEL	$6,110,339,936	–	35,234,344	–	14.53%	–
CAT	New	CATERPILLAR INC	$1,809,356,725	–	7,353,614	–	4.30%	–
DE	New	DEERE & CO	$1,587,410,027	–	3,917,693	–	3.77%	–
ECL	New	ECOLAB INC	$974,156,634	–	5,218,044	–	2.32%	–
KOF	New	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$517,748,240	–	6,214,719	–	1.23%	–
WMT	New	WALMART INC	$474,818,618	–	3,020,859	–	1.13%	–
FDX	New	FEDEX CORP	$380,368,340	–	1,534,362	–	0.90%	–
SDGR	New	SCHRODINGER INC	$348,524,667	–	6,981,664	–	0.83%	–
WCN	New	WASTE CONNECTIONS INC	$307,181,583	–	2,149,175	–	0.73%	–
CCI	New	CROWN CASTLE INC	$161,803,004	–	1,420,072	–	0.38%	–
CPNG	New	COUPANG INCcl a	$160,915,983	–	9,248,045	–	0.38%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$132,768,503	–	740,689	–	0.32%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$111,401,948	–	592,406	–	0.26%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$96,594,160	–	1,703,000	–	0.23%	–
KHC	New	KRAFT HEINZ CO	$93,102,300	–	2,622,600	–	0.22%	–
DHR	New	DANAHER CORPORATION	$89,520,000	–	373,000	–	0.21%	–
HRL	New	HORMEL FOODS CORP	$88,294,564	–	2,195,290	–	0.21%	–
	New	ON HLDG AGnamen akt a	$16,500,000	–	500,000	–	0.04%	–
CVNA	New	CARVANA COcl a	$13,478,400	–	520,000	–	0.03%	–
VRM	New	VROOM INC	$3,600,000	–	2,500,000	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
VRM	Exit	VROOM INC	$0	–	-2,500,000	–	-0.01%	–
	Exit	ON HLDG AGnamen akt a	$0	–	-500,000	–	-0.02%	–
CVNA	Exit	CARVANA COcl a	$0	–	-520,000	–	-0.03%	–
	Exit	WEBER INCcl a	$0	–	-2,500,000	–	-0.05%	–
MSGS	Exit	MADISON SQUARE GRDN SPRT CORcl a	$0	–	-592,406	–	-0.24%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-2,622,600	–	-0.26%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-740,689	–	-0.35%	–
CPNG	Exit	COUPANG INCcl a	$0	–	-9,248,045	–	-0.45%	–
SDGR	Exit	SCHRODINGER INC	$0	–	-6,981,664	–	-0.51%	–
CCI	Exit	CROWN CASTLE INC	$0	–	-1,420,072	–	-0.60%	–
FDX	Exit	FEDEX CORP	$0	–	-1,534,362	–	-0.67%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-2,149,175	–	-0.85%	–
KOF	Exit	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$0	–	-6,214,719	–	-1.07%	–
WMT	Exit	WALMART INC	$0	–	-3,020,859	–	-1.15%	–
ECL	Exit	ECOLAB INC	$0	–	-4,866,427	–	-2.07%	–
CAT	Exit	CATERPILLAR INC	$0	–	-7,353,614	–	-3.55%	–
DE	Exit	DEERE & CO	$0	–	-3,917,693	–	-3.85%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-35,234,344	–	-16.61%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-54,826,786	–	-17.42%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-29,689,845	–	-23.32%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-39,264,670	–	-26.91%	–

Q3 2022

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$9,144,742,000	+3669.4%	39,264,670	+4056.7%	26.91%	+1861.1%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$7,927,782,000	-16.3%	29,689,845	-14.4%	23.32%	-56.4%
CNI	Buy	CANADIAN NATL RY CO	$5,920,745,000	+412.2%	54,826,786	+433.4%	17.42%	+166.5%
WM	Buy	WASTE MGMT INC DEL	$5,644,894,000	+98.0%	35,234,344	+89.1%	16.61%	+3.0%
DE	Buy	DEERE & CO	$1,308,079,000	+385.5%	3,917,693	+335.5%	3.85%	+152.6%
ECL	Buy	ECOLAB INC	$702,809,000	+4.7%	4,866,427	+11.5%	2.07%	-45.5%
WCN	New	WASTE CONNECTIONS INC	$290,418,000	–	2,149,175	–	0.85%	–
FDX	Buy	FEDEX CORP	$227,807,000	+88.0%	1,534,362	+187.1%	0.67%	-2.2%
CPNG	Buy	COUPANG INCcl a	$154,165,000	+111.6%	9,248,045	+61.8%	0.45%	+10.2%
KHC	New	KRAFT HEINZ CO	$87,464,000	–	2,622,600	–	0.26%	–
SAFM	Exit	SANDERSON FARMS INC	$0	–	-524,236	–	-0.64%	–

Q2 2022

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$9,471,021,000	–	34,689,845	–	53.56%	–
WM	New	WASTE MGMT INC DEL	$2,850,579,000	–	18,633,672	–	16.12%	–
CAT	New	CATERPILLAR INC	$1,314,532,000	–	7,353,614	–	7.43%	–
CNI	New	CANADIAN NATL RY CO	$1,156,038,000	–	10,278,630	–	6.54%	–
ECL	New	ECOLAB INC	$671,382,000	–	4,366,427	–	3.80%	–
WMT	New	WALMART INC	$367,276,000	–	3,020,859	–	2.08%	–
KOF	New	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$343,550,000	–	6,214,719	–	1.94%	–
DE	New	DEERE & CO	$269,420,000	–	899,655	–	1.52%	–
MSFT	New	MICROSOFT CORP	$242,607,000	–	944,620	–	1.37%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$239,112,000	–	1,420,072	–	1.35%	–
SDGR	New	SCHRODINGER INC	$184,386,000	–	6,981,664	–	1.04%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$135,205,000	–	740,689	–	0.76%	–
FDX	New	FEDEX CORP	$121,145,000	–	534,362	–	0.68%	–
SAFM	New	SANDERSON FARMS INC	$112,989,000	–	524,236	–	0.64%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$89,453,000	–	592,406	–	0.51%	–
CPNG	New	COUPANG INCcl a	$72,857,000	–	5,714,285	–	0.41%	–
	New	WEBER INCcl a	$18,025,000	–	2,500,000	–	0.10%	–
CVNA	New	CARVANA COcl a	$11,742,000	–	520,000	–	0.07%	–
	New	ON HLDG AGnamen akt a	$8,845,000	–	500,000	–	0.05%	–
VRM	New	VROOM INC	$3,125,000	–	2,500,000	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
AFRM	Exit	AFFIRM HLDGS INC	$0	–	-35,229	–	-0.02%	–
	Exit	ON HLDG AGnamen akt a	$0	–	-500,000	–	-0.06%	–
	Exit	WEBER INCcl a	$0	–	-2,500,000	–	-0.19%	–
MSGS	Exit	MADISON SQUARE GRDN SPRT CORcl a	$0	–	-278,147	–	-0.22%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-21,491	–	-0.25%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-21,554	–	-0.25%	–
CPNG	Exit	COUPANG INCcl a	$0	–	-5,714,285	–	-0.69%	–
TV	Exit	GRUPO TELEVISA S A Bspon adr rep ord	$0	–	-16,302,889	–	-0.77%	–
FDX	Exit	FEDEX CORP	$0	–	-1,493,712	–	-1.41%	–
DE	Exit	DEERE & CO	$0	–	-1,033,598	–	-1.49%	–
KOF	Exit	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$0	–	-6,214,719	–	-1.51%	–
SDGR	Exit	SCHRODINGER INC	$0	–	-6,981,664	–	-1.65%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-2,284,015	–	-1.79%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-2,190,000	–	-2.56%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-4,564,046	–	-3.41%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-2,937,703	–	-3.57%	–
ECL	Exit	ECOLAB INC	$0	–	-4,366,427	–	-3.93%	–
WMT	Exit	WALMART INC	$0	–	-6,921,739	–	-4.16%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-13,066,169	–	-6.52%	–
CAT	Exit	CATERPILLAR INC	$0	–	-9,685,132	–	-8.02%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-18,633,672	–	-12.00%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-38,686,679	–	-45.53%	–

Q3 2021

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$10,559,142,000	-13.0%	38,686,679	-11.4%	45.53%	-10.5%
CAT	Sell	CATERPILLAR INC	$1,859,255,000	-15.9%	9,685,132	-4.6%	8.02%	-13.4%
CNI	Sell	CANADIAN NATL RY CO	$1,511,631,000	+3.0%	13,066,169	-6.0%	6.52%	+6.0%
WMT	Sell	WALMART INC	$964,752,000	-10.0%	6,921,739	-8.9%	4.16%	-7.4%
MSFT	New	MICROSOFT CORP	$828,197,000	–	2,937,703	–	3.57%	–
CCI	Sell	CROWN CASTLE INTL CORP NEW	$791,040,000	-20.3%	4,564,046	-10.3%	3.41%	-18.0%
KSU	New	KANSAS CITY SOUTHERN	$592,702,000	–	2,190,000	–	2.56%	–
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$415,919,000	-28.6%	2,284,015	-18.5%	1.79%	-26.5%
DE	New	DEERE & CO	$346,328,000	–	1,033,598	–	1.49%	–
TV	Sell	GRUPO TELEVISA S A Bspon adr rep ord	$179,006,000	-25.7%	16,302,889	-3.4%	0.77%	-23.6%
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$51,721,000	–	278,147	–	0.22%	–
	New	WEBER INCcl a	$43,975,000	–	2,500,000	–	0.19%	–
	New	ON HLDG AGnamen akt a	$15,065,000	–	500,000	–	0.06%	–
AFRM	New	AFFIRM HLDGS INC	$4,197,000	–	35,229	–	0.02%	–

Q2 2021

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$12,141,402,000	–	43,686,679	–	50.87%	–
WM	New	WASTE MGMT INC DEL	$2,610,764,000	–	18,633,672	–	10.94%	–
CAT	New	CATERPILLAR INC	$2,210,415,000	–	10,156,756	–	9.26%	–
CNI	New	CANADIAN NATL RY CO	$1,467,747,000	–	13,907,283	–	6.15%	–
WMT	New	WALMART INC	$1,071,852,000	–	7,600,706	–	4.49%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$992,411,000	–	5,086,680	–	4.16%	–
ECL	New	ECOLAB INC	$899,353,000	–	4,366,427	–	3.77%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$582,688,000	–	2,801,790	–	2.44%	–
SDGR	New	SCHRODINGER INC	$527,884,000	–	6,981,664	–	2.21%	–
FDX	New	FEDEX CORP	$445,619,000	–	1,493,712	–	1.87%	–
KOF	New	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$328,945,000	–	6,214,719	–	1.38%	–
TV	New	GRUPO TELEVISA S A Bspon adr rep ord	$241,034,000	–	16,879,104	–	1.01%	–
CPNG	New	COUPANG INCcl a	$238,971,000	–	5,714,285	–	1.00%	–
GOOG	New	ALPHABET INCcap stk cl c	$53,863,000	–	21,491	–	0.23%	–
GOOGL	New	ALPHABET INCcap stk cl a	$52,630,000	–	21,554	–	0.22%	–

Q4 2020

			Value		Shares		↓ Weighting
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-26,767	–	-0.00%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-370,424	–	-0.01%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-935,282	–	-0.03%	–
TWTR	Exit	TWITTER INC	$0	–	-272,420	–	-0.06%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-2,119,515	–	-0.20%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-43,107	–	-0.29%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-42,981	–	-0.29%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,639,349	–	-0.34%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-1,099,310	–	-0.40%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-16,879,104	–	-0.47%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-552,383	–	-0.74%	–
AMZN	Exit	AMAZON COM INC	$0	–	-60,460	–	-0.86%	–
AAPL	Exit	APPLE INC	$0	–	-2,004,176	–	-1.05%	–
SDGR	Exit	SCHRODINGER INC	$0	–	-4,981,664	–	-1.07%	–
KOF	Exit	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$0	–	-6,214,719	–	-1.15%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-4,525,329	–	-3.42%	–
FDX	Exit	FEDEX CORP	$0	–	-3,024,999	–	-3.45%	–
ECL	Exit	ECOLAB INC	$0	–	-4,366,426	–	-3.95%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-5,332,900	–	-4.02%	–
WMT	Exit	WALMART INC	$0	–	-11,603,000	–	-7.35%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-11,260,857	–	-7.61%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-17,126,874	–	-8.26%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-18,633,672	–	-9.55%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-47,104,399	–	-45.43%	–

Q3 2020

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$10,030,411,000	+40.8%	47,104,399	+18.0%	45.43%	+13.9%
SDGR	Sell	SCHRODINGER INC	$236,679,000	-63.0%	4,981,664	-28.6%	1.07%	-70.0%
AAPL	Buy	APPLE INC	$232,104,000	+27.0%	2,004,176	+300.0%	1.05%	+2.7%
BXP	New	BOSTON PROPERTIES INC	$88,275,000	–	1,099,310	–	0.40%	–
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$7,613,000	+26.8%	935,282	+47.0%	0.03%	0.0%
UBER	New	UBER TECHNOLOGIES INC	$976,000	–	26,767	–	0.00%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-3,060,500	–	-0.07%	–

Q2 2020

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$7,124,785,000	–	39,912,525	–	39.88%	–
WM	New	WASTE MGMT INC DEL	$1,973,492,000	–	18,633,672	–	11.05%	–
CNI	New	CANADIAN NATL RY CO	$1,516,927,000	–	17,126,874	–	8.49%	–
CAT	New	CATERPILLAR INC DEL	$1,424,498,000	–	11,260,857	–	7.97%	–
WMT	New	WALMART INC	$1,389,807,000	–	11,603,000	–	7.78%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$892,461,000	–	5,332,900	–	5.00%	–
ECL	New	ECOLAB INC	$868,700,000	–	4,366,426	–	4.86%	–
SDGR	New	SCHRODINGER INC	$639,311,000	–	6,981,664	–	3.58%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$503,126,000	–	4,525,329	–	2.82%	–
FDX	New	FEDEX CORP	$424,165,000	–	3,024,999	–	2.37%	–
KOF	New	COCA-COLA FEMSA SAB DE CVsponsord adr rep	$272,515,000	–	6,214,719	–	1.52%	–
AAPL	New	APPLE INC	$182,781,000	–	501,044	–	1.02%	–
AMZN	New	AMAZON COM INC	$166,798,000	–	60,460	–	0.93%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$119,149,000	–	552,383	–	0.67%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$88,447,000	–	16,879,104	–	0.50%	–
LBTYK	New	LIBERTY GLOBAL PLC	$78,282,000	–	3,639,349	–	0.44%	–
GOOGL	New	ALPHABET INCcap stk cl a	$61,128,000	–	43,107	–	0.34%	–
GOOG	New	ALPHABET INCcap stk cl c	$60,758,000	–	42,981	–	0.34%	–
LBTYA	New	LIBERTY GLOBAL PLC	$46,333,000	–	2,119,515	–	0.26%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$12,823,000	–	3,060,500	–	0.07%	–
TWTR	New	TWITTER INC	$8,115,000	–	272,420	–	0.04%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$6,004,000	–	636,044	–	0.03%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$3,601,000	–	370,424	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
CNR	Exit	CORNERSTONE BLDG BRANDS INC	$0	–	-13,731	–	0.00%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-370,424	–	-0.03%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-636,044	–	-0.05%	–
BYND	Exit	BEYOND MEAT INC	$0	–	-96,542	–	-0.07%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-3,060,500	–	-0.10%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-2,119,515	–	-0.25%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,639,349	–	-0.41%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-16,879,104	–	-0.78%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vsponsord adr rep	$0	–	-6,214,719	–	-1.78%	–
FDX	Exit	FEDEX CORP	$0	–	-3,024,999	–	-2.08%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-4,525,329	–	-2.56%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-5,332,900	–	-3.49%	–
ECL	Exit	ECOLAB INC	$0	–	-4,366,426	–	-4.07%	–
WMT	Exit	WALMART INC	$0	–	-11,603,000	–	-6.49%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-11,260,857	–	-6.70%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-17,126,874	–	-7.25%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-18,633,672	–	-10.10%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-54,912,525	–	-53.82%	–

Q3 2019

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$11,422,903,000	+13.8%	54,912,525	+16.6%	53.82%	+6.3%
BYND	New	BEYOND MEAT INC	$14,348,000	–	96,542	–	0.07%	–
CNR	New	CORNERSTONE BLDG BRANDS INC	$83,000	–	13,731	–	0.00%	–

Q2 2019

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$10,035,825,000	–	47,078,974	–	50.61%	–
WM	New	WASTE MGMT INC DEL	$2,149,767,000	–	18,633,672	–	10.84%	–
CNI	New	CANADIAN NATL RY CO	$1,583,893,000	–	17,126,874	–	7.99%	–
CAT	New	CATERPILLAR INC DEL	$1,534,742,000	–	11,260,857	–	7.74%	–
WMT	New	WALMART INC	$1,282,015,000	–	11,603,000	–	6.46%	–
ECL	New	ECOLAB INC	$862,107,000	–	4,366,426	–	4.35%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$695,144,000	–	5,332,900	–	3.51%	–
FDX	New	FEDEX CORP	$496,675,000	–	3,024,999	–	2.50%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$467,331,000	–	4,525,329	–	2.36%	–
KOF	New	COCA COLA FEMSA S A B DE C Vsponsord adr rep	$386,183,000	–	6,214,719	–	1.95%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$142,460,000	–	16,879,104	–	0.72%	–
LBTYK	New	LIBERTY GLOBAL PLC	$96,552,000	–	3,639,349	–	0.49%	–
LBTYA	New	LIBERTY GLOBAL PLC	$57,206,000	–	2,119,515	–	0.29%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$22,280,000	–	3,060,500	–	0.11%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$10,934,000	–	636,044	–	0.06%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$6,382,000	–	370,424	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-370,424	–	-0.03%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-636,044	–	-0.05%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-3,060,500	–	-0.07%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-2,119,515	–	-0.24%	–
AN	Exit	AUTONATION INC	$0	–	-1,898,717	–	-0.31%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,639,349	–	-0.40%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-3,475,398	–	-0.98%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-16,879,104	–	-1.16%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-6,214,719	–	-1.47%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-4,525,329	–	-2.05%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-5,332,900	–	-2.30%	–
ECL	Exit	ECOLAB INC	$0	–	-4,366,426	–	-2.65%	–
FDX	Exit	FEDEX CORP	$0	–	-3,024,999	–	-2.82%	–
WMT	Exit	WALMART INC	$0	–	-11,603,000	–	-4.22%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-17,126,874	–	-5.96%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-18,633,672	–	-6.52%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-11,260,857	–	-6.65%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-24,000,000	–	-10.63%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-62,078,974	–	-51.49%	–

Q3 2018

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$13,291,729,000	+32.9%	62,078,974	+15.9%	51.49%	+13.9%
MSFT	Sell	MICROSOFT CORP	$2,744,880,000	-13.0%	24,000,000	-25.0%	10.63%	-25.5%

Q2 2018

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$9,998,835,000	–	53,569,972	–	45.21%	–
MSFT	New	MICROSOFT CORP	$3,155,520,000	–	32,000,000	–	14.27%	–
CAT	New	CATERPILLAR INC DEL	$1,527,760,000	–	11,260,857	–	6.91%	–
WM	New	WASTE MGMT INC DEL	$1,515,663,000	–	18,633,672	–	6.85%	–
CNI	New	CANADIAN NATL RY CO	$1,400,122,000	–	17,126,874	–	6.33%	–
WMT	New	WALMART INC	$993,797,000	–	11,603,000	–	4.49%	–
FDX	New	FEDEX CORP	$686,856,000	–	3,024,999	–	3.11%	–
ECL	New	ECOLAB INC	$612,741,000	–	4,366,426	–	2.77%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$574,993,000	–	5,332,900	–	2.60%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$480,726,000	–	4,525,329	–	2.17%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$350,697,000	–	6,214,719	–	1.59%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$319,859,000	–	16,879,104	–	1.45%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$208,576,000	–	3,475,398	–	0.94%	–
LBTYK	New	LIBERTY GLOBAL PLC	$96,843,000	–	3,639,349	–	0.44%	–
AN	New	AUTONATION INC	$92,240,000	–	1,898,717	–	0.42%	–
LBTYA	New	LIBERTY GLOBAL PLC	$58,371,000	–	2,119,515	–	0.26%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$21,270,000	–	3,060,500	–	0.10%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$12,327,000	–	636,044	–	0.06%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$7,083,000	–	370,424	–	0.03%	–

Q4 2017

			Value		Shares		↓ Weighting
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-370,424	–	-0.03%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-636,044	–	-0.06%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-3,060,500	–	-0.12%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-2,119,515	–	-0.28%	–
AN	Exit	AUTONATION INC	$0	–	-1,898,717	–	-0.35%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,639,349	–	-0.46%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-3,475,398	–	-1.04%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-16,879,104	–	-1.62%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-6,214,719	–	-1.86%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-5,332,900	–	-2.07%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-4,525,329	–	-2.11%	–
ECL	Exit	ECOLAB INC	$0	–	-4,366,426	–	-2.18%	–
FDX	Exit	FEDEX CORP	$0	–	-3,024,999	–	-2.65%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-11,603,000	–	-3.52%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-11,260,857	–	-5.45%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-17,126,874	–	-5.51%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-18,633,672	–	-5.66%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-56,000,000	–	-16.20%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-68,569,972	–	-48.82%	–

Q3 2017

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$12,570,247,000	+25.1%	68,569,972	+15.5%	48.82%	+12.2%
MSFT	Sell	MICROSOFT CORP	$4,171,440,000	-5.4%	56,000,000	-12.5%	16.20%	-15.2%

Q2 2017

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$10,052,105,000	–	59,349,971	–	43.53%	–
MSFT	New	MICROSOFT CORP	$4,411,520,000	–	64,000,000	–	19.10%	–
CNI	New	CANADIAN NATL RY CO	$1,388,133,000	–	17,126,874	–	6.01%	–
WM	New	WASTE MGMT INC DEL	$1,366,780,000	–	18,633,672	–	5.92%	–
CAT	New	CATERPILLAR INC DEL	$1,210,092,000	–	11,260,857	–	5.24%	–
WMT	New	WAL-MART STORES INC	$878,115,000	–	11,603,000	–	3.80%	–
FDX	New	FEDEX CORP	$657,423,000	–	3,024,999	–	2.85%	–
ECL	New	ECOLAB INC	$579,643,000	–	4,366,426	–	2.51%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$534,250,000	–	5,332,900	–	2.31%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$526,200,000	–	6,214,719	–	2.28%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$500,456,000	–	4,525,329	–	2.17%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$411,344,000	–	16,879,104	–	1.78%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$272,158,000	–	3,475,398	–	1.18%	–
LBTYK	New	LIBERTY GLOBAL PLC	$113,475,000	–	3,639,349	–	0.49%	–
AN	New	AUTONATION INC	$80,050,000	–	1,898,717	–	0.35%	–
LBTYA	New	LIBERTY GLOBAL PLC	$68,079,000	–	2,119,515	–	0.30%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$22,801,000	–	3,060,500	–	0.10%	–
LILAK	New	LIBERTY GLOBAL PLC	$13,618,000	–	636,044	–	0.06%	–
LILA	New	LIBERTY GLOBAL PLC	$8,064,000	–	370,424	–	0.04%	–

Q4 2016

			Value		Shares		↓ Weighting
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-370,424	–	-0.06%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-3,060,500	–	-0.09%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-636,044	–	-0.10%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-2,119,515	–	-0.39%	–
AN	Exit	AUTONATION INC	$0	–	-1,898,717	–	-0.50%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,639,349	–	-0.65%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-3,475,398	–	-1.52%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-16,879,104	–	-2.35%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-6,214,719	–	-2.53%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-4,525,329	–	-2.68%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-5,332,900	–	-2.72%	–
FDX	Exit	FEDEX CORP	$0	–	-3,024,999	–	-2.86%	–
ECL	Exit	ECOLAB INC	$0	–	-4,366,426	–	-2.88%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-11,603,000	–	-4.54%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-11,260,857	–	-5.42%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-17,126,874	–	-6.07%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-18,633,672	–	-6.44%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-74,349,971	–	-58.21%	–

Q3 2016

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$10,741,340,000	+15.2%	74,349,971	+15.5%	58.21%	+5.0%

Q2 2016

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$9,321,804,000	–	64,381,548	–	55.42%	–
WM	New	WASTE MGMT INC DEL	$1,234,853,000	–	18,633,672	–	7.34%	–
CNI	New	CANADIAN NATL RY CO	$1,011,513,000	–	17,126,874	–	6.01%	–
CAT	New	CATERPILLAR INC DEL	$853,686,000	–	11,260,857	–	5.08%	–
WMT	New	WAL-MART STORES INC	$847,251,000	–	11,603,000	–	5.04%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$540,916,000	–	5,332,900	–	3.22%	–
ECL	New	ECOLAB INC	$517,858,000	–	4,366,426	–	3.08%	–
KOF	New	COCA COLA FEMSA SAB DE CVspon adr rep l	$515,573,000	–	6,214,719	–	3.06%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$487,468,000	–	4,525,329	–	2.90%	–
FDX	New	FEDEX CORP	$459,134,000	–	3,024,999	–	2.73%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$439,532,000	–	16,879,104	–	2.61%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$289,396,000	–	3,475,398	–	1.72%	–
LBTYK	New	LIBERTY GLOBAL PLC	$104,267,000	–	3,639,349	–	0.62%	–
AN	New	AUTONATION INC	$89,202,000	–	1,898,717	–	0.53%	–
LBTYA	New	LIBERTY GLOBAL PLC	$61,593,000	–	2,119,515	–	0.37%	–
LILAK	New	LIBERTY GLOBAL PLC	$20,665,000	–	636,044	–	0.12%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$14,599,000	–	3,060,500	–	0.09%	–
LILA	New	LIBERTY GLOBAL PLC	$11,950,000	–	370,424	–	0.07%	–

Q4 2015

			Value		Shares		↓ Weighting
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-105,975	–	-0.02%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-181,967	–	-0.04%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-3,060,500	–	-0.05%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-2,119,515	–	-0.53%	–
AN	Exit	AUTONATION INC	$0	–	-1,898,716	–	-0.64%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,639,349	–	-0.87%	–
BP	Exit	BP PLCsponsored adr	$0	–	-6,134,939	–	-1.09%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-3,475,398	–	-1.68%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-5,332,900	–	-2.44%	–
KOF	Exit	COCA COLA FEMSA SAB DE CVspon adr rep l	$0	–	-6,214,719	–	-2.50%	–
FDX	Exit	FEDEX CORP	$0	–	-3,024,999	–	-2.53%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-16,879,103	–	-2.55%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-4,525,329	–	-2.59%	–
ECL	Exit	ECOLAB INC	$0	–	-4,366,425	–	-2.78%	–
CAT	Exit	CATERPILLAR INC	$0	–	-11,260,857	–	-4.27%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-11,603,000	–	-4.36%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-18,633,672	–	-5.38%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-17,126,874	–	-5.64%	–
BRKB	Exit	BERKSHIRE HATHAWAY INCcl b new	$0	–	-79,381,548	–	-60.05%	–

Q3 2015

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INCcl b new	$10,351,354,000	+10.8%	79,381,548	+15.7%	60.05%	+9.5%
BP	Sell	BP PLCsponsored adr	$187,484,000	-37.5%	6,134,939	-18.3%	1.09%	-38.3%
LILAK	New	LIBERTY GLOBAL PLC	$6,231,000	–	181,967	–	0.04%	–
LILA	New	LIBERTY GLOBAL PLC	$3,570,000	–	105,975	–	0.02%	–

Q2 2015

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INCcl b new	$9,340,591,000	–	68,625,314	–	54.86%	–
CNI	New	CANADIAN NATL RY CO	$989,077,000	–	17,126,874	–	5.81%	–
CAT	New	CATERPILLAR INC	$955,146,000	–	11,260,857	–	5.61%	–
WM	New	WASTE MGMT INC DEL	$863,671,000	–	18,633,672	–	5.07%	–
WMT	New	WAL-MART STORES INC	$823,001,000	–	11,603,000	–	4.83%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$655,247,000	–	16,879,103	–	3.85%	–
FDX	New	FEDEX CORP	$515,460,000	–	3,024,999	–	3.03%	–
KOF	New	COCA COLA FEMSA SAB DE CVspon adr rep l	$493,759,000	–	6,214,719	–	2.90%	–
ECL	New	ECOLAB INC	$493,712,000	–	4,366,425	–	2.90%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$438,550,000	–	4,525,329	–	2.58%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$428,232,000	–	5,332,900	–	2.52%	–
BP	New	BP PLCsponsored adr	$300,091,000	–	7,509,796	–	1.76%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$293,463,000	–	3,475,398	–	1.72%	–
LBTYK	New	LIBERTY GLOBAL PLC	$184,260,000	–	3,639,349	–	1.08%	–
AN	New	AUTONATION INC	$119,581,000	–	1,898,716	–	0.70%	–
LBTYA	New	LIBERTY GLOBAL PLC	$114,602,000	–	2,119,515	–	0.67%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$16,098,000	–	3,060,500	–	0.10%	–

Q4 2014

			Value		Shares		↓ Weighting
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-3,060,500	–	-0.08%	–
RSG	Exit	REPUBLIC SVCS INC	$0	–	-1,350,000	–	-0.24%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-2,119,515	–	-0.42%	–
AN	Exit	AUTONATION INC	$0	–	-1,898,716	–	-0.44%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,532,529	–	-0.67%	–
BP	Exit	BP PLCsponsored adr	$0	–	-7,405,614	–	-1.50%	–
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-5,332,900	–	-1.98%	–
FDX	Exit	FEDEX CORP	$0	–	-3,024,999	–	-2.25%	–
ECL	Exit	ECOLAB INC	$0	–	-4,366,425	–	-2.31%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-16,879,103	–	-2.63%	–
KOF	Exit	COCA COLA FEMSA SAB DE CVspon adr rep l	$0	–	-6,214,719	–	-2.88%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-8,143,858	–	-3.53%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-18,633,672	–	-4.08%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-11,603,000	–	-4.09%	–
KO	Exit	COCA COLA CO	$0	–	-21,429,710	–	-4.21%	–
MCD	Exit	MCDONALDS CORP	$0	–	-10,872,500	–	-4.75%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-11,260,857	–	-5.14%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-17,126,874	–	-5.60%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-83,625,314	–	-53.21%	–

Q3 2014

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$11,552,001,000	+26.7%	83,625,314	+16.1%	53.21%	+16.5%
KO	Sell	COCA COLA CO	$914,191,000	-36.5%	21,429,710	-37.0%	4.21%	-41.6%
BP	Buy	BP PLCsponsored adr	$325,477,000	-15.7%	7,405,614	+1.2%	1.50%	-22.4%
TTF	Exit	THAI FD INC	$0	–	-95,586	–	-0.01%	–

Q2 2014

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$9,117,358,000	–	72,039,804	–	45.66%	–
KO	New	COCA COLA CO	$1,440,325,000	–	34,002,000	–	7.21%	–
CAT	New	CATERPILLAR INC DEL	$1,223,717,000	–	11,260,857	–	6.13%	–
CNI	New	CANADIAN NATL RY CO	$1,113,589,000	–	17,126,874	–	5.58%	–
MCD	New	MCDONALDS CORP	$1,095,296,000	–	10,872,500	–	5.48%	–
WMT	New	WAL-MART STORES INC	$871,037,000	–	11,603,000	–	4.36%	–
WM	New	WASTE MGMT INC DEL	$833,484,000	–	18,633,672	–	4.17%	–
XOM	New	EXXON MOBIL CORP	$819,924,000	–	8,143,858	–	4.11%	–
KOF	New	COCA COLA FEMSA SAB DE CVspon adr rep l	$706,116,000	–	6,214,719	–	3.54%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$579,122,000	–	16,879,103	–	2.90%	–
ECL	New	ECOLAB INC	$486,158,000	–	4,366,425	–	2.44%	–
FDX	New	FEDEX CORP	$457,924,000	–	3,024,999	–	2.29%	–
CCI	New	CROWN CASTLE INTL CORP	$396,021,000	–	5,332,900	–	1.98%	–
BP	New	BP PLCsponsored adr	$385,880,000	–	7,315,267	–	1.93%	–
LBTYK	New	LIBERTY GLOBAL PLC	$149,461,000	–	3,532,529	–	0.75%	–
AN	New	AUTONATION INC	$113,315,000	–	1,898,716	–	0.57%	–
LBTYA	New	LIBERTY GLOBAL PLC	$93,725,000	–	2,119,515	–	0.47%	–
RSG	New	REPUBLIC SVCS INC	$51,260,000	–	1,350,000	–	0.26%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$34,278,000	–	3,060,500	–	0.17%	–
TTF	New	THAI FD INC	$1,072,000	–	95,586	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
DMND	Exit	DIAMOND FOODS INC	$0	–	-441,163	–	-0.05%	–
TM	Exit	TOYOTA MOTOR CORP	$0	–	-153,300	–	-0.10%	–
RSG	Exit	REPUBLIC SVCS INC	$0	–	-1,350,000	–	-0.23%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-706,507	–	-0.27%	–
AN	Exit	AUTONATION INC	$0	–	-1,898,716	–	-0.51%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-963,279	–	-0.53%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,500,000	–	-0.58%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-2,119,515	–	-0.86%	–
BP	Exit	BP PLCsponsored adr	$0	–	-7,226,278	–	-1.56%	–
FDX	Exit	FEDEX CORP	$0	–	-3,024,999	–	-1.77%	–
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-5,332,900	–	-2.00%	–
ECL	Exit	ECOLAB INC	$0	–	-4,366,425	–	-2.22%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-16,879,103	–	-2.42%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-7,643,858	–	-3.38%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-18,633,672	–	-3.95%	–
KOF	Exit	COCA COLA FEMSA SAB DE CVspon adr rep l	$0	–	-6,214,719	–	-4.02%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-11,103,000	–	-4.22%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-8,563,437	–	-4.46%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-10,760,857	–	-4.61%	–
MCD	Exit	MCDONALDS CORP	$0	–	-9,872,500	–	-4.88%	–
KO	Exit	COCA COLA CO	$0	–	-34,002,000	–	-6.62%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-87,039,804	–	-50.75%	–

Q3 2013

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$9,879,888,000	+18.4%	87,039,804	+16.7%	50.75%	+8.2%
BP	Buy	BP PLCsponsored adr	$303,720,000	+2.0%	7,226,278	+1.3%	1.56%	-6.8%
APD	New	AIR PRODS & CHEMS INC	$102,657,000	–	963,279	–	0.53%	–

Q2 2013

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$8,347,147,000	–	74,581,373	–	46.90%	–
KO	New	COCA COLA CO	$1,363,820,000	–	34,002,000	–	7.66%	–
MCD	New	MCDONALD S CORP	$977,378,000	–	9,872,500	–	5.49%	–
CAT	New	CATERPILLAR INC DEL	$887,663,000	–	10,760,857	–	4.99%	–
KOF	New	COCA COLA FEMSA SAB DE CVspon adr rep l	$871,863,000	–	6,214,719	–	4.90%	–
CNI	New	CANADIAN NATL RY CO	$832,966,000	–	8,563,437	–	4.68%	–
WMT	New	WAL-MART STORES INC	$827,062,000	–	11,103,000	–	4.65%	–
WM	New	WASTE MGMT INC DEL	$751,496,000	–	18,633,672	–	4.22%	–
XOM	New	EXXON MOBIL CORP	$690,623,000	–	7,643,858	–	3.88%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$419,277,000	–	16,879,103	–	2.36%	–
CCI	New	CROWN CASTLE INTL CORP	$386,049,000	–	5,332,900	–	2.17%	–
ECL	New	ECOLAB INC	$371,976,000	–	4,366,425	–	2.09%	–
FDX	New	FEDEX CORP	$298,204,000	–	3,024,999	–	1.68%	–
BP	New	BP PLCsponsored adr	$297,731,000	–	7,133,001	–	1.67%	–
LBTYA	New	LIBERTY GLOBAL PLC	$157,014,000	–	2,119,515	–	0.88%	–
PG	New	PROCTER & GAMBLE CO	$115,485,000	–	1,500,000	–	0.65%	–
AN	New	AUTONATION INC	$82,385,000	–	1,898,716	–	0.46%	–
LBTYK	New	LIBERTY GLOBAL PLC	$47,965,000	–	706,507	–	0.27%	–
RSG	New	REPUBLIC SVCS INC	$45,819,000	–	1,350,000	–	0.26%	–
TM	New	TOYOTA MOTOR CORP	$18,497,000	–	153,300	–	0.10%	–
DMND	New	DIAMOND FOODS INC	$9,154,000	–	441,163	–	0.05%	–

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