Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
Name of foundation
BILL & MELINDA GATES FOUNDATION TRUST
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 23350
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
SEATTLE, WA98102
A Employer identification number

91-1663695
B Telephone number (see instructions)

(206) 709-3100
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$50,996,163,488J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 2,369,850,953
2 Check bullet.............
3 Interest on savings and temporary cash investments 1,975,687 1,975,687  
4 Dividends and interest from securities... 689,812,897 674,901,985  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -235,600,558
b Gross sales price for all assets on line 6a 167,885,823,482
7 Capital gain net income (from Part IV, line 2)... 3,423,548,793
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 12,529,816 -504,535,340  
12 Total. Add lines 1 through 11........ 2,838,568,795 3,595,891,125  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 569,055 569,055   0
c Other professional fees (attach schedule).... Click to see attachment 74,195,440 74,195,440   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 130,643,618 22,691,951   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 55,369,366 0   132
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 260,777,479 97,456,446   132
25 Contributions, gifts, grants paid....... 6,755,162,810 5,849,455,600
26 Total expenses and disbursements. Add lines 24 and 25 7,015,940,289 97,456,446   5,849,455,732
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -4,177,371,494
b Net investment income (if negative, enter -0-) 3,498,434,679
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 107,125 269,546 269,546
2 Savings and temporary cash investments......... 725,835,340 888,519,489 888,519,489
3 Accounts receivable bullet77,005,106
Less: allowance for doubtful accounts bullet   113,973,936 77,005,106 77,005,106
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 8,963,971,321 Click to see attachment6,202,772,221 6,202,772,221
b Investments—corporate stock (attach schedule)....... 33,495,540,363 Click to see attachment36,492,775,344 36,492,775,344
c Investments—corporate bonds (attach schedule)....... 804,364,191 Click to see attachment1,164,468,079 1,164,468,079
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 5,828,277,223 Click to see attachment6,126,287,149 6,126,287,149
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment9,533,262 Click to see attachment44,066,554 Click to see attachment44,066,554
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 49,941,602,761 50,996,163,488 50,996,163,488
Liabilities 17 Accounts payable and accrued expenses.......... 4,133,372 4,255,403
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment171,597,382 Click to see attachment1,048,034,946
23 Total liabilities (add lines 17 through 22)......... 175,730,754 1,052,290,349
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 49,765,872,007 49,943,873,139
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 49,765,872,007 49,943,873,139
30 Total liabilities and net assets/fund balances (see instructions). 49,941,602,761 50,996,163,488
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
49,765,872,007
2
Enter amount from Part I, line 27a .....................
2
-4,177,371,494
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
4,355,372,626
4
Add lines 1, 2, and 3 ..........................
4
49,943,873,139
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
49,943,873,139
Form 990-PF (2020)
Form 990-PF (2020)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a EQUITIES P 2019-01-01 2020-12-31
b EQUITIES D 2019-01-01 2020-12-31
c FIXED INCOME P 2019-01-01 2020-12-31
d CASH EQUIVALENTS P 2019-01-01 2020-12-31
e SWAPS P 2019-01-01 2020-12-31
OPTIONS P 2019-01-01 2020-12-31
IRC SEC. 1256 GAIN ON FUTURES P 2019-01-01 2020-12-31
IRC SEC. 1256 GAIN ON NON-EQUITY OPTIONS P 2019-01-01 2020-12-31
NET IRC. SECTION 1256 GAIN ON IDENTIFIED MIXED STRADDLES P 2019-01-01 2020-12-31
NET SHORT-TERM LOSS ON IDENTIFIED MIXED STRADDLES P 2019-01-01 2020-12-31
LP DISTRIBUTIONS IN EXCESS OF BASIS P 2019-01-01 2020-12-31
SHORT-TERM CAPITAL GAIN DISTRIBUTION P 2019-01-01 2020-12-31
CLASS ACTION INCOME P 2019-01-01 2020-12-31
WASH SALES DEFERRAL ADJUSTMENT P 2019-01-01 2020-12-31
EQUITY PARTNERSHIP INVESTMENTS P 2019-01-01 2020-12-31
CAPITAL GAIN/(LOSS) FROM EQUITY PARTNERSHIP DISPOSITION P 2019-01-01 2020-12-31
ADJ FOR SECTION 1202 ELIGIBLE GAIN EXCLUSION FROM SALE OF TOWER SQ PART III D 2008-08-29 2020-12-31
ADJ FOR SECTION 1202 ELIGIBLE GAIN EXCLUSION FROM SALE OF BEYOND MEAT D 2012-01-10 2020-12-31
ADJ FOR SECTION 1202 ELIGIBLE GAIN EXCLUSION FROM SALE OF GUARDANT HEALTH D 2014-04-11 2020-12-31
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 4,799,104,544   4,065,556,986 733,547,558
b 4,123,291,898   3,552,109 4,119,739,789
c 80,346,454,008   80,085,526,814 260,927,194
d 78,527,082,119   78,527,082,119 0
e 13,613,198     13,613,198
3,673,626     3,673,626
    1,756,914,285 -1,756,914,285
508,844     508,844
    1,963,778 -1,963,778
5,070,789     5,070,789
587,366     587,366
14,198     14,198
4,697,131     4,697,131
3,081,780     3,081,780
58,643,981     58,643,981
    11,277,800 -11,277,800
    3,608 -3,608
    8,561,741 -8,561,741
    1,835,449 -1,835,449
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       733,547,558
b       4,119,739,789
c       260,927,194
d       0
e       13,613,198
      3,673,626
      -1,756,914,285
      508,844
      -1,963,778
      5,070,789
      587,366
      14,198
      4,697,131
      3,081,780
      58,643,981
      -11,277,800
      -3,608
      -8,561,741
      -1,835,449
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 3,423,548,793
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE
1 Reserved
(a)
Reserved 		(b)
Reserved 		(c)
Reserved 		(d)
Reserved
2
Reserved...........................
2
3
Reserved...........................
3
4
Reserved...........................
4
5
Reserved...........................
5
6
Reserved...........................
6
7
Reserved...........................
7
8
Reserved,..........................
8
Form 990-PF (2020)
Form 990-PF (2020)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Reserved................................ 1 48,628,242
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 48,628,242
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 48,628,242
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 91,535,232
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 91,535,232
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 42,906,990
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet42,906,990 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletWA, CA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions Click to see list of attachments.............
    11
    Yes
     
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.GATESFOUNDATION.ORG
    14
    The books are in care ofbulletJENNIFER DEGER Telephone no.bullet (206) 709-3100

    Located atbullet500 FIFTH AVENUE NORTHSEATTLEWA ZIP+4bullet98109
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16Yes  
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bulletAR, BR, CI, CH, CO, EZ, DA, EG, GH, GR, HK, HU, IN, ID, IS, JA, KS, MY, RP, PL, QA, TW, TH, TU, UK, UY, VM
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2020?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2020.)..................
    3b
     
    No
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
    No
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    WILLIAM H GATES III TRUSTEE AND CEO
    5.00     		0 0 0
    500 FIFTH AVENUE NORTH
    SEATTLE,WA98109
    MELINDA FRENCH GATES TRUSTEE
    1.00     		0 0 0
    500 FIFTH AVENUE NORTH
    SEATTLE,WA98109
    CAROLYN AINSLIE CHIEF FINANCIAL OFFICER
    4.00     		0 0 0
    500 FIFTH AVENUE NORTH
    SEATTLE,WA98109
    KEITH TRAVERSE SECRETARY
    1.00     		0 0 0
    500 FIFTH AVENUE NORTH
    SEATTLE,WA98109
    MICHAEL LARSON END 12312020 LLC MANAGER
    1.00     		0 0 0
    500 FIFTH AVENUE NORTH
    SEATTLE,WA98109
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    MARATHON ASSET MANAGEMENT LLP INVESTMENT MANAGEMENT 10,633,278
    ORION HOUSE 5 UPPER ST MARTINS LANE
    LONDON   WC2H 9EA
    UK
    MORANT WRIGHT MANAGEMENT LIMITED INVESTMENT MANAGEMENT 9,448,294
    43 ST JAMESS PLACE
    LONDON   SW1A 1NS
    UK
    GREEN COURT CAPITAL MANAGEMENT LIMITED INVESTMENT MANAGEMENT 8,752,256
    STES 4007-4008 8 CONNAUGHT PLACE
    HONG KONG   12345
    UK
    STATE STREET CORPORATION INVESTMENT CUSTODIAN SERVICES 7,758,554
    ONE LINCOLN STREET
    BOSTON,MA02111
    WESTWOOD GLOBAL INVESTMENT MANAGEMENT 6,979,403
    ONE FINANCIAL CENTER SUITE 1620
    BOSTON,MA02111
    Total number of others receiving over $50,000 for professional services.............bullet18
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    45,574,204,175
    b
    Average of monthly cash balances.......................
    1b
    670,928,781
    c
    Fair market value of all other assets (see instructions)................
    1c
    1,316,077,887
    d
    Total (add lines 1a, b, and c).........................
    1d
    47,561,210,843
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    47,561,210,843
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    713,418,163
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    46,847,792,680
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    2,342,389,634
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    2,342,389,634
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    48,628,242
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    48,628,242
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    2,293,761,392
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    2,293,761,392
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    2,293,761,392
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    5,849,455,732
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    5,849,455,732
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    5,849,455,732
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2019     		(c)
    2019     		(d)
    2020
    1 Distributable amount for 2020 from Part XI, line 7 2,293,761,392
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015...... 315,376,676
    b From 2016...... 277,241,938
    c From 2017...... 359,108,763
    d From 2018...... 446,574,743
    e From 2019...... 2,926,408,650
    fTotal of lines 3a through e........ 4,324,710,770
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 5,849,455,732
    a Applied to 2019, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2020 distributable amount..... 2,293,761,392
    e Remaining amount distributed out of corpus 3,555,694,340
    5 Excess distributions carryover applied to 2020. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 7,880,405,110
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		315,376,676
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		7,565,028,434
    10 Analysis of line 9:
    a Excess from 2016.... 277,241,938
    b Excess from 2017.... 359,108,763
    c Excess from 2018.... 446,574,743
    d Excess from 2019.... 2,926,408,650
    e Excess from 2020.... 3,555,694,340
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2020 (b) 2019 (c) 2018 (d) 2017
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    WILLIAM H GATES III
    MELINDA FRENCH GATES
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    BILL & MELINDA GATES FOUNDATION
    500 FIFTH AVENUE NORTH
    SEATTLE,WA98109     		NOT APPLICABLE PF: 509(A) TO FUND THE CHARITABLE PURPOSES OF THE FOUNDATION 6,755,162,810
    BILL & MELINDA GATES FOUNDATION
    500 FIFTH AVENUE NORTH
    SEATTLE,WA98109     		NOT APPLICABLE PF: 509(A) PORTION OF GRANTS PAID TREATED AS A DISTRIBUTION OF CORPUS UNDER TREAS. REG. 53.4942(A)-3 -905,707,210
    Total .................................bullet 3a 5,849,455,600
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 1,975,687  
    4 Dividends and interest from securities....     14 689,812,897  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....     01 12,529,816  
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 -235,600,558  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 468,717,842 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    468,717,842
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below?
    See instructions.
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2020)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2020
    Name of the organization
    BILL & MELINDA GATES FOUNDATION TRUST
     
    Employer identification number

    91-1663695
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
    or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020) Page 2
    Name of organization
    BILL & MELINDA GATES FOUNDATION TRUST
          		Employer identification number
    91-1663695
    Part I
    Contributors
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    WILLIAM H GATES III - INVST MGMT FEES
     
    2365 CARILLON POINT
     
    KIRKLAND, WA98033

    		$ 65,120,720


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    WILLIAM H GATES III - SECURITIES
     
    2365 CARILLON POINT
     
    KIRKLAND, WA98033

    		$ 26,232,130


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    WILLIAM H GATES III
     
    2365 CARILLON POINT
     
    KIRKLAND, WA98033

    		$ 54,000,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
    WILLIAM H GATES III AND MELINDA FRENCH GATES
     
    2365 CARILLON POINT
     
    KIRKLAND, WA98033

    		$ 11,123,225


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
    WARREN E BUFFETT - SECURITIES
     
    1440 KIEWIT PLAZA
     
    OMAHA, NE68131

    		$ 2,213,373,765


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Page 3
    Name of organization
    BILL & MELINDA GATES FOUNDATION TRUST
          		Employer identification number

    91-1663695
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    2
    		 MARKETABLE SECURITIES $ 26,232,130 2020-12-31
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    5
    		 12,191,874 CLASS B SHARES OF BERKSHIRE HATHAWAY INC. $ 2,213,373,765 2021-07-07
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Page 4
    Name of organization
    BILL & MELINDA GATES FOUNDATION TRUST
          		Employer identification number

    91-1663695
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2020)
    Additional Data


    Software ID:  
    Software Version:  

    TY 2020 AccountingFeesSchedule
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX AND ACCOUNTING SERVICES 569,055 569,055   0

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2020 ExpenditureResponsibilityStmt
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    TCI FOUNDATION
          		TCI HOUSE 69 INSTITUTIONAL AREA
    SECTOR 32
    GURGAON HR   122001
    IN     		2003-12-23 12,267,588 HIV 12,267,588 NO 08/09, 07/10, 10/11, 12/12, 9/13, 9/14, 7/15, 5/16, 07/17, 06/18, 5/19    
    BILL & MELINDA GATES FOUNDATION
          		500 FIFTH AVENUE NORTH
    SEATTLE,WA98109     		2018-01-01 5,583,225,000 TO PROVIDE FUNDS FOR GRANTMAKING, PROGRAM RELATED INVESTMENTS, DIRECT CHARITABLE EXPENDITURES, CAPITAL EXPENDITURES, ADMINISTRATIVE EXPENSES AND ANY OTHER PURPOSE PERMITTED UNDER THE DECLARATION OF TRUST. 5,583,225,000 NO 11/10/19, 11/10/20    
    BILL & MELINDA GATES FOUNDATION
          		500 FIFTH AVENUE NORTH
    SEATTLE,WA98109     		2019-01-01 5,851,675,000 TO PROVIDE FUNDS FOR GRANTMAKING, PROGRAM RELATED INVESTMENTS, DIRECT CHARITABLE EXPENDITURES, CAPITAL EXPENDITURES, ADMINISTRATIVE EXPENSES AND ANY OTHER PURPOSE PERMITTED UNDER THE DECLARATION OF TRUST. 5,851,675,000 NO 11/10/20, 11/10/21    
    BILL & MELINDA GATES FOUNDATION
          		500 FIFTH AVENUE NORTH
    SEATTLE,WA98109     		2020-01-01 6,755,162,810 TO PROVIDE FUNDS FOR GRANTMAKING, PROGRAM RELATED INVESTMENTS, DIRECT CHARITABLE EXPENDITURES, CAPITAL EXPENDITURES, ADMINISTRATIVE EXPENSES AND ANY OTHER PURPOSE PERMITTED UNDER THE DECLARATION OF TRUST. 6,755,162,810 NO 11/04/21    

    TY 2020 GeneralExplanationAttachment
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Identifier Return Reference Explanation
      FORM 990-PF, PART VII-A, LINE 11 - LIST OF CONTROLLED ENTITIES THE GLOBAL GOOD FUND I LLC27-27968383150 139TH AVE SEBELLEVUE, WA 98005EXCESS BUSINESS HOLDING: NOGREENBRIAR EQUITY FUND III-A, LP46-1543216555 THEODORE FREMD AVE, STE. A-201RYE, NY 10580EXCESS BUSINESS HOLDING: NOGREENBRIAR EQUITY FUND III AIV NV, LP98-1208417555 THEODORE FREMD AVE, STE. A-201RYE, NY 10580EXCESS BUSINESS HOLDING: NOGREENBRIAR EQUITY FUND III AIV SK NV, LP47-3805287555 THEODARE FREMD AVE, STE. A-201RYE, NY 10580EXCESS BUSINESS HOLDING: NOGREENBRIAR EQUITY FUND III-A AIV WFCI, LP98-1219020555 THEODORE FREMD AVE, STE. A-201RYE, NY 10580EXCESS BUSINESS HOLDING: NOGREENBRIAR EQUITY FUND III AIV MM NV, LP81-1112433555 THEODORE FREMD AVE, STE. A-201RYE, NY 10580EXCESS BUSINESS HOLDING: NOGREENBRIAR AS, LP98-1208754555 THEODORE FREMD AVE, STE. A-201RYE, NY 10580EXCESS BUSINESS HOLDING: NOGREENBRIAR AS HOLDING, LP98-1208908555 THEODORE FREMD AVE, STE. A-201RYE, NY 10580EXCESS BUSINESS HOLDING: NO
      PART VII-B, LINE 5C - GRANTS TO THE BILL & MELINDA GATES FOUNDATION OF TOTAL $6,755,162,810 EXPENDITURE RESPONSIBILITY GRANT MADE TO THE BILL & MELINDA GATES FOUNDATION, $5,849,455,600 WAS A QUALIFYING DISTRIBUTION OF INCOME BY THE BILL & MELINDA GATES FOUNDATION TRUST. THE BILL & MELINDA GATES FOUNDATION HAS MET ALL REQUIRED COMPLIANCE WITH THE OUT OF CORPUS DISTRIBUTION RULES (TREAS. REG. 53.4942(A)3(D)(2)). GRANTS TREATED AS QUALIFYINGDISTRIBUTIONS OF INCOME WITH RESPECT TO BILL & MELINDA GATES FOUNDATION TRUST MAY NOT BE USED BY THE BILL & MELINDA GATES FOUNDATION TO MEET THAT FOUNDATION'S REQUIRED MINIMUM DISTRIBUTION OF INCOME (TREAS. REG. 53.4942(A)3). THESE FUNDS MUST BE REDISTRIBUTED AS REQUIRED OUT OF CORPUS DISTRIBUTIONS. ALL OUT OF CORPUS AND EXPENDITURE RESPONSIBILTY REPORTS FOR TAX YEAR ENDING 12/31/2020 HAVE BEEN RECEIVED.BILL AND MELINDA GATES FOUNDATION IS PROVIDING OVERSIGHT ON ALL ER GRANTS MADE BY THE BILL & MELINDA GATES FOUNDATION TRUST OUTSTANDING AS OF 2006 UNTIL THE FINAL GRANT REPORT IS RECEIVED.

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Name of Bond End of Year Book Value End of Year Fair Market Value
    1011778 BC / NEW RED FIN 271,618 271,618
    3M COMPANY 1,802,066 1,802,066
    AA BOND CO LTD 3,556,544 3,556,544
    ABBOTT LABORATORIES 1,123,319 1,123,319
    ABBVIE INC 7,529,398 7,529,398
    ABN AMRO BANK NV 379,781 379,781
    ADELPHIA COMMUNICATIONS CORP 7,750 7,750
    ADOBE INC 1,288,033 1,288,033
    ADVENT HEALTH SYSTEM 930,972 930,972
    AERCAP IRELAND CAP/GLOBA 2,546,641 2,546,641
    AETNA INC 1,231,020 1,231,020
    AIA GROUP LTD 872,790 872,790
    AIR CANADA 2015 1A PTT 695,217 695,217
    AIR CANADA 2020 2A PTT 2,639,194 2,639,194
    AIR LEASE CORP 290,357 290,357
    ALFA S.A. 297,678 297,678
    ALGECO GLOBAL FINANCE 853,273 853,273
    ALLY FINANCIAL INC 23,365,095 23,365,095
    ALPHABET INC 821,620 821,620
    ALTICE FRANCE SA 210,500 210,500
    AMAZON.COM INC 5,211,886 5,211,886
    AMBAC ASSURANCE CORP 21,326 21,326
    AMBAC LSNI LLC 56,043 56,043
    AMC ENTERTAINMENT HLDGS 1,047,960 1,047,960
    AMER AIRLINE 16 3 AA PTT 575,174 575,174
    AMER AIRLN 14 1 A PTT 8,045,462 8,045,462
    AMER AIRLN 15 1 A PTT 6,040,656 6,040,656
    AMERICAN AIRLINES 2013 2 2,577,857 2,577,857
    AMERICAN EXPRESS CO 3,475,967 3,475,967
    AMERICAN HONDA FINANCE 14,176,905 14,176,905
    AMERICAN INTL GROUP 1,955,824 1,955,824
    AMERISOURCEBERGEN CORP 1,747,909 1,747,909
    AMGEN INC 186,603 186,603
    ANGLO AMERICAN CAPITAL 3,572,705 3,572,705
    ANHEUSER BUSCH INBEV WOR 3,650,576 3,650,576
    ANTHEM INC 677,639 677,639
    APACHE CORP 2,431,910 2,431,910
    APPLE INC 5,794,334 5,794,334
    AQUARION CO 609,984 609,984
    ARCELORMITTAL 3,403,331 3,403,331
    ARROW GLOBAL FINANCE 344,227 344,227
    AT+T INC 4,259,759 4,259,759
    AVIATION CAPITAL GROUP 870,162 870,162
    BAE SYSTEMS HOLDINGS INC 667,214 667,214
    BANCO MERCANTIL DE NORTE 226,502 226,502
    BANCO SANTANDER SA 2,934,013 2,934,013
    BANK OF AMERICA CORP 32,462,502 32,462,502
    BANK OF MONTREAL 818,865 818,865
    BANK OF NOVA SCOTIA 1,292,026 1,292,026
    BANK OF NY MELLON CORP 240,459 240,459
    BARCLAYS BANK PLC 2,603,589 2,603,589
    BARCLAYS PLC 239,922 239,922
    BECTON DICKINSON AND CO 2,813,336 2,813,336
    BHP BILLITON FIN USA LTD 50,398 50,398
    BLACKSTONE HOLDINGS FINA 2,254,054 2,254,054
    BLUE CROSS BLUE SHIELD M 974,602 974,602
    BMW US CAPITAL LLC 90,834 90,834
    BNP PARIBAS 3,390,337 3,390,337
    BOEING CO 43,447,274 43,447,274
    BOPARAN FINANCE PLC 1,241,942 1,241,942
    BORMIOLI PHARMA SPA 238,104 238,104
    BOSTON PROPERTIES LP 803,513 803,513
    BP CAP MARKETS AMERICA 6,042,883 6,042,883
    BP CAPITAL MARKETS PLC 991,593 991,593
    BPCE SA 3,570,260 3,570,260
    BRISTOL MYERS SQUIBB CO 4,859,892 4,859,892
    BRITISH AIR 20 1 A PPT 3,245,339 3,245,339
    BROADCOM INC 4,201,351 4,201,351
    CABOT FINANCIAL LUXEMBOU 214,532 214,532
    CALIFORNIA INSTITUTE OF 329,304 329,304
    CAMERON LNG LLC 576,801 576,801
    CANADIAN IMPERIAL BANK 425,553 425,553
    CAPITAL ONE FINANCIAL CO 1,258,922 1,258,922
    CARGILL INC 409,986 409,986
    CARLSON TRAVEL INC 3,574,378 3,574,378
    CARLYLE HOLDINGS FINANCE 463,823 463,823
    CARRIER GLOBAL CORP 299,686 299,686
    CCO HLDGS LLC/CAP CORP 1,825,413 1,825,413
    CENTERPOINT ENERGY INC 2,765,001 2,765,001
    CGG HOLDING US INC 620,952 620,952
    CHARLES SCHWAB CORP 739,482 739,482
    CHARTER COMM OPT LLC/CAP 15,092,930 15,092,930
    CHENIERE CORP CHRISTI HD 343,064 343,064
    CHENIERE ENERGY INC 367,500 367,500
    CHEVRON CORP 9,149,596 9,149,596
    CHUBB INA HOLDINGS INC 101,425 101,425
    CIGNA CORP 5,926,060 5,926,060
    CIMAREX ENERGY CO 3,456,441 3,456,441
    CINTAS CORPORATION NO. 2 1,994,040 1,994,040
    CITIGROUP INC 49,189,875 49,189,875
    CNOOC FINANCE 2012 LTD 735,531 735,531
    CNOOC FINANCE 2015 US 1,787,117 1,787,117
    COCA COLA CO/THE 2,379,405 2,379,405
    COMCAST CORP 6,354,891 6,354,891
    COMMONSPIRIT HEALTH 1,432,245 1,432,245
    CON EDISON CO OF NY INC 3,214,234 3,214,234
    CONCHO RESOURCES INC 1,604,745 1,604,745
    CONTINENTAL RESOURCES 1,668,901 1,668,901
    CONTL AIRLINES 2001 1 32,453 32,453
    CONTL AIRLINES 2007 1 131,229 131,229
    CONTL AIRLINES 2012 1 A 868,542 868,542
    COOPERATIEVE RABOBANK UA 6,526,115 6,526,115
    COSTCO WHOLESALE CORP 1,346,716 1,346,716
    COX COMMUNICATIONS INC 920,497 920,497
    CPUK FINANCE LTD 2,014,162 2,014,162
    CREDIT AGRICOLE LONDON 363,022 363,022
    CREDIT SUISSE GROUP AG 1,722,523 1,722,523
    CREDIT SUISSE NEW YORK 3,977,817 3,977,817
    CVS HEALTH CORP 5,673,754 5,673,754
    CVS PASS THROUGH TRUST 985,436 985,436
    CVS PASS THRU TR 2009 603,950 603,950
    DAE FUNDING LLC 174,675 174,675
    DAIMLER FINANCE NA LLC 20,990,633 20,990,633
    DAIWA SECURITIES GROUP 309,666 309,666
    DANONE SA 2,733,304 2,733,304
    DANSKE BANK A/S 3,179,661 3,179,661
    DCP MIDSTREAM OPERATING 648,000 648,000
    DELTA AIR LINES 2020 AA 14,941,711 14,941,711
    DELTA AIR LINES INC 6,839,458 6,839,458
    DELTA AIR LINES/SKYMILES 1,306,005 1,306,005
    DEVON ENERGY CORPORATION 1,627,683 1,627,683
    DIAMONDBACK ENERGY INC 2,466,372 2,466,372
    DIGITAL REALTY TRUST LP 1,266,872 1,266,872
    DIGNITY HEALTH 406,754 406,754
    DOLLAR GENERAL CORP 42,324 42,324
    DOMINION ENERGY INC 11,196,292 11,196,292
    DUKE ENERGY CORP 4,290,882 4,290,882
    EAST OHIO GAS CO/THE 967,981 967,981
    EATON CORP 2,702,537 2,702,537
    ECOPETROL SA 2,246,991 2,246,991
    EDISON INTERNATIONAL 3,084,724 3,084,724
    EL PASO NATURAL GAS 323,895 323,895
    ELI LILLY + CO 996,239 996,239
    ENERGY TRANSFER OPERATNG 2,317,293 2,317,293
    ENRGY TRANS PT/REG FIN 1,462,871 1,462,871
    ENTERPRISE PRODUCTS OPER 5,302,650 5,302,650
    EOG RESOURCES INC 1,706,010 1,706,010
    EQT CORP 1,209,426 1,209,426
    EQUATE PETROCHEMICAL BV 623,711 623,711
    EQUITABLE FINANCIAL LIFE 986,006 986,006
    ERICSSON LM 715,520 715,520
    ESC LEHMAN BRTH HLDH PROD 1,960 1,960
    EXELON CORP 873,275 873,275
    EXELON GENERATION CO LLC 4,187,182 4,187,182
    EXPLORER II AS 107,061 107,061
    EXXON MOBIL CORPORATION 5,636,148 5,636,148
    FABRIC BC SPA 1,826,148 1,826,148
    FEDEX 2020 1 CLASS AA 7,248,845 7,248,845
    FEDEX CORP 1,181,909 1,181,909
    FERGUSON FINANCE PLC 1,184,302 1,184,302
    FIRSTENERGY CORP 7,483,161 7,483,161
    FORD MOTOR CREDIT CO LLC 45,938,345 45,938,345
    FOX CORP 626,256 626,256
    FREEPORT MCMORAN INC 1,943,982 1,943,982
    GALAPAGOS SA 3,981 3,981
    GALAXY BIDCO LTD 2,352,722 2,352,722
    GARFUNKELUX HOLDCO 3 SA 438,949 438,949
    GE CAPITAL INTL FUNDING 17,189,450 17,189,450
    GENERAL DYNAMICS CORP 2,112,090 2,112,090
    GENERAL ELECTRIC CO 4,954,972 4,954,972
    GENERAL MOTORS CO 1,251,657 1,251,657
    GENERAL MOTORS FINL CO 50,539,546 50,539,546
    GFL ENVIRONMENTAL INC 352,750 352,750
    GILEAD SCIENCES INC 925,778 925,778
    GLENCORE FUNDING LLC 4,057,061 4,057,061
    GLP CAPITAL LP / FIN II 137,495 137,495
    GOLDMAN SACHS GROUP INC 10,782,727 10,782,727
    GUARDIAN LIFE GLOB FUND 162,284 162,284
    HACKENSACK MERIDIAN HLTH 368,114 368,114
    HALLIBURTON CO 424,583 424,583
    HANESBRANDS INC 529,718 529,718
    HCA INC 7,646,952 7,646,952
    HEATHROW FINANCE PLC 278,495 278,495
    HERSHEY COMPANY 121,859 121,859
    HILTON DOMESTIC OPERATIN 897,750 897,750
    HOME DEPOT INC 4,983,021 4,983,021
    HONEYWELL INTERNATIONAL 300,465 300,465
    HOUSE OF FRASER FUNDING 67,664 67,664
    HSBC HOLDINGS PLC 4,547,044 4,547,044
    HUMANA INC 3,480,357 3,480,357
    HYUNDAI CAPITAL AMERICA 12,641,904 12,641,904
    IBM CORP 1,822,894 1,822,894
    INFOR INC 796,668 796,668
    INTEL CORP 780,282 780,282
    INTESA SANPAOLO SPA 4,586,930 4,586,930
    INTL LEASE FINANCE CORP 1,004,863 1,004,863
    JABIL INC 1,741,897 1,741,897
    JETBLUE AIRWAYS CORP 2,396,163 2,396,163
    JOHNSON + JOHNSON 2,609,666 2,609,666
    JPMORGAN CHASE + CO 22,645,174 22,645,174
    KAZMUNAYGAS NATIONAL CO 1,568,998 1,568,998
    KCA DEUTAG UK FINANCE PL 991,435 991,435
    KIMBERLY CLARK CORP 126,674 126,674
    KINDER MORGAN ENER PART 1,040,972 1,040,972
    KINDER MORGAN INC 2,712,422 2,712,422
    KINDER MORGAN INC/DELAWA 1,899,344 1,899,344
    KKR GRP FIN CO VI LLC 1,807,076 1,807,076
    KRAFT HEINZ FOODS CO 2,109,776 2,109,776
    KROGER CO 1,924,069 1,924,069
    L3HARRIS TECH INC 2,386,170 2,386,170
    LAMB WESTON HLD 156,275 156,275
    LAS VEGAS SANDS CORP 327,579 327,579
    LEHMAN BROS CAP TR VII 1 1
    LEHMAN BROTHERS HOLDINGS 44 44
    LENNAR CORP 932,975 932,975
    LEVI STRAUSS + CO 389,500 389,500
    LIBERTY MUTUAL GROUP INC 259,883 259,883
    LIMACORPORATE SPA 942,840 942,840
    LINCOLN NATIONAL CORP 1,162,376 1,162,376
    LLOYDS BANKING GROUP PLC 6,690,555 6,690,555
    LOCKHEED MARTIN CORP 897,615 897,615
    LOWE S COS INC 2,088,720 2,088,720
    LSF9 BALTA ISSUER SA 928,217 928,217
    LYB INT FINANCE III 2,862,238 2,862,238
    MACQUARIE GROUP LTD 1,801,757 1,801,757
    MANGROVE LUXCO III 1,995,840 1,995,840
    MARATHON OIL CORP 1,114,211 1,114,211
    MARATHON PETROLEUM CORP 4,845,922 4,845,922
    MARCOLIN SPA 1,584,497 1,584,497
    MARS INC 2,150,204 2,150,204
    MASTERCARD INC 2,792,067 2,792,067
    MAUSER PACKAGING SOLUT 1,100,847 1,100,847
    MCDONALD S CORP 7,072,582 7,072,582
    MDC HOLDINGS INC 268,109 268,109
    MEDTRONIC INC 268,209 268,209
    MERCK + CO INC 728,813 728,813
    METLIFE CAPITAL TRUST IV 3,778,800 3,778,800
    METLIFE INC 129,344 129,344
    MICRON TECHNOLOGY INC 395,967 395,967
    MILEAGE PLUS HLDINGS LLC 720,250 720,250
    MITSUBISHI UFJ FIN GRP 7,332,700 7,332,700
    MONDELEZ INTERNATIONAL 962,467 962,467
    MONDELEZ INTL HLDINGS NE 267,448 267,448
    MORGAN STANLEY 9,566,236 9,566,236
    MPLX LP 3,369,678 3,369,678
    NATIONAL SECS CLEARING 2,223,372 2,223,372
    NATIONWIDE BLDG SOCIETY 1,086,653 1,086,653
    NATWEST GROUP PLC 2,056,290 2,056,290
    NAVIERA ARMAS SA 1,433,766 1,433,766
    NETFLIX INC 923,450 923,450
    NEW YORK LIFE GLOBAL FDG 314,255 314,255
    NEWELL BRANDS INC 290,543 290,543
    NIKE INC 2,034,006 2,034,006
    NISSAN MOTOR CO 2,916,673 2,916,673
    NOBLE ENERGY INC 1,122,604 1,122,604
    NORDEA BANK ABP 1,319,999 1,319,999
    NORTHROP GRUMMAN CORP 3,147,921 3,147,921
    NUVEEN LLC 2,030,923 2,030,923
    NVIDIA CORP 3,829,652 3,829,652
    NXP BV/NXP FDG/NXP USA 279,838 279,838
    NXP BV/NXP FUNDING LLC 709,375 709,375
    OCCIDENTAL PETROLEUM COR 8,299,276 8,299,276
    OFFICE CHERIFIEN DES PHO 2,823,272 2,823,272
    ONEOK INC 787,430 787,430
    ORACLE CORP 2,314,158 2,314,158
    OTIS WORLDWIDE CORP 201,370 201,370
    PACIFIC GAS + ELECTRIC 10,820,338 10,820,338
    PARK AEROSPACE HOLDINGS 448,459 448,459
    PARSLEY ENERGY LLC/FINAN 41,784 41,784
    PATRONS LEGACY 2003 III 1,780,501 1,780,501
    PAYPAL HOLDINGS INC 1,455,327 1,455,327
    PEACHTREE FUNDING TRUST 684,140 684,140
    PENSKE TRUCK LEASING/PTL 1,380,252 1,380,252
    PEPSICO INC 1,772,987 1,772,987
    PERTAMINA PERSERO PT 1,019,479 1,019,479
    PERUSAHAAN LISTRIK NEGAR 2,063,160 2,063,160
    PETROBRAS GLOBAL FINANCE 8,628,039 8,628,039
    PETROLEOS DEL PERU SA 2,432,830 2,432,830
    PETROLEOS MEXICANOS 1,930,965 1,930,965
    PFD ADELPHIA 3,375 3,375
    PFIZER INC 1,608,984 1,608,984
    PHILLIPS 66 902,836 902,836
    PHILLIPS 66 PARTNERS LP 659,257 659,257
    PICARD GROUPE SAS 1,189,979 1,189,979
    PNC FINANCIAL SERVICES 2,539,388 2,539,388
    PPL ELECTRIC UTILITIES 2,852,581 2,852,581
    PREMIER FOODS FINANCE 643,833 643,833
    PRINCIPAL LFE GLB FND II 142,926 142,926
    PROCTER + GAMBLE CO/THE 320,152 320,152
    PROSUS NV 3,835,839 3,835,839
    PROTECTIVE LIFE GLOBAL 4,237,109 4,237,109
    PRUDENTIAL FINANCIAL INC 1,461,944 1,461,944
    RAC BOND CO PLC 136,360 136,360
    RANGE RESOURCES CORP 1,402,780 1,402,780
    RAYMOND JAMES FINANCIAL 775,482 775,482
    RAYTHEON TECH CORP 1,096,416 1,096,416
    ROYAL BANK OF CANADA 1,966,295 1,966,295
    RYDER SYSTEM INC 888,161 888,161
    SABINE PASS LIQUEFACTION 285,823 285,823
    SALESFORCE.COM INC 2,230,252 2,230,252
    SANDS CHINA LTD 2,599,465 2,599,465
    SANTANDER UK GROUP HLDGS 906,761 906,761
    SCHLUMBERGER HLDGS CORP 1,385,529 1,385,529
    SHELL INTERNATIONAL FIN 5,081,082 5,081,082
    SILVERSEA CRUISE FINANCE 1,811,250 1,811,250
    SMBC AVIATION CAPITAL FI 1,478,104 1,478,104
    SOFIMA HOLDING S.P.A 986,181 986,181
    SOUTHERN CAL EDISON 11,084,056 11,084,056
    SOUTHERN COPPER CORP 662,445 662,445
    SOUTHERN NATURAL GAS 485,651 485,651
    SOUTHWEST AIRLINES CO 6,532,966 6,532,966
    SPIRIT LOYALTY KY LTD/IP 907,200 907,200
    SPRINT CAPITAL CORP 665,018 665,018
    SPRINT CORP 72,835 72,835
    SPRINT SPECTRUM / SPEC I 37,853 37,853
    SSM HEALTH CARE 1,613,476 1,613,476
    STANDARD CHARTERED PLC 489,850 489,850
    STATE STREET CORP 341,901 341,901
    SUMITOMO MITSUI TR BK LT 2,270,366 2,270,366
    SUMMER BC HOLDCO B SARL 644,352 644,352
    SUNCOR ENERGY INC 2,674,965 2,674,965
    SUNOCO LOGISTICS PARTNER 681,264 681,264
    SUZANO AUSTRIA GMBH 3,400,429 3,400,429
    SVENSKA HANDELSBANKEN AB 688,373 688,373
    SWEDBANK AB 530,041 530,041
    SYNGENTA FINANCE NV 1,882,551 1,882,551
    SYNLAB BONDCO PLC 2,245,887 2,245,887
    SYSCO CORPORATION 12,945,395 12,945,395
    T MOBILE USA INC 10,957,765 10,957,765
    TAKKO LUX 2 SCA 1,499,461 1,499,461
    TARGA RESOURCES PARTNERS 851,335 851,335
    TARGET CORP 417,479 417,479
    TEACHERS INSUR + ANNUITY 59,774 59,774
    TEAMSYSTEM SPA 796,367 796,367
    TECK RESOURCES LIMITED 25,059 25,059
    TELEFONICA EMISIONES SAU 953,489 953,489
    TENCENT HOLDINGS LTD 1,519,437 1,519,437
    TENNESSEE GAS PIPELINE 288,722 288,722
    TEVA PHARM FIN IV BV 10,125 10,125
    TEVA PHARMACEUT FIN BV 875,813 875,813
    TEVA PHARMACEUTICALS NE 850,792 850,792
    TEXAS INSTRUMENTS INC 601,505 601,505
    THERMO FISHER SCIENTIFIC 2,343,825 2,343,825
    TIME WARNER CABLE LLC 2,096,796 2,096,796
    TJX COS INC 382,804 382,804
    TOLL BROS FINANCE CORP 275,925 275,925
    TORONTO DOMINION BANK 1,216,914 1,216,914
    TOYOTA INDUSTRIES CORP 2,421,574 2,421,574
    TOYOTA MOTOR CREDIT CORP 2,143,638 2,143,638
    TRANSCANADA PIPELINES 7,037,824 7,037,824
    TRANSCONT GAS PIPE LINE 2,385,667 2,385,667
    TRANSDIGM INC 570,898 570,898
    TRANSURBAN FINANCE CO 709,834 709,834
    TRAVELEX FINANCING PLC 7,647 7,647
    TRAVELEX ISSUERC LTD 1,345,898 1,345,898
    TRIVIUM PACKAGING FIN 1,320,371 1,320,371
    TRUIST BANK 818,031 818,031
    TSMC GLOBAL LTD 586,117 586,117
    TVL FINANCE PLC 2,841,622 2,841,622
    UBS AG LONDON 753,167 753,167
    UBS GROUP AG 13,083,816 13,083,816
    UNICREDIT SPA 2,718,848 2,718,848
    UNION PACIFIC CORP 1,396,168 1,396,168
    UNITED AIR 2014 1 A PTT 1,461,561 1,461,561
    UNITED AIR 2015 1 AA PTT 516,680 516,680
    UNITED AIR 2016 1 AA PTT 677,264 677,264
    UNITED AIR 2016 2 AA PTT 3,280,122 3,280,122
    UNITED AIR 2018 1 AA PTT 765,833 765,833
    UNITED PARCEL SERVICE 581,841 581,841
    UNITED RENTALS NORTH AM 1,715,324 1,715,324
    UNITEDHEALTH GROUP INC 3,701,063 3,701,063
    US AIRWAYS 2010 1A PTT 867,329 867,329
    US AIRWAYS 2012 1A PTT 3,493,050 3,493,050
    US AIRWAYS 2012 2A PTT 1,128,017 1,128,017
    US AIRWAYS 2013 1A PTT 1,563,402 1,563,402
    US BANCORP 6,105,030 6,105,030
    US BANK NA CINCINNATI 412,724 412,724
    USAA CAPITAL CORP 2,041,490 2,041,490
    VALE OVERSEAS LIMITED 1,118,276 1,118,276
    VENTAS REALTY LP 6,670,181 6,670,181
    VERISURE HOLDING AB 375,324 375,324
    VERITAS US INC/BERMUDA L 1,043,751 1,043,751
    VERIZON COMMUNICATIONS 9,862,342 9,862,342
    VERTICAL MIDCO GMBH 928,904 928,904
    VISA INC 2,935,369 2,935,369
    VMWARE INC 4,446,289 4,446,289
    VOC ESCROW LTD 2,133,875 2,133,875
    VODAFONE GROUP PLC 1,770,267 1,770,267
    VOLKSWAGEN GROUP AMERICA 3,374,604 3,374,604
    WACHOVIA CAP TRUST III 3,908,752 3,908,752
    WALMART INC 1,170,286 1,170,286
    WALT DISNEY COMPANY/THE 1,617,681 1,617,681
    WASTE MANAGEMENT INC 699,181 699,181
    WELLS FARGO + COMPANY 35,347,753 35,347,753
    WESTERN MIDSTREAM OPERAT 4,524,604 4,524,604
    WILLIAMS COMPANIES INC 155,660 155,660
    WILLIAMS COS INC 1,036,542 1,036,542
    WILLIS KNIGHTON MED CTR 320,764 320,764
    WPX ENERGY INC 1,153,817 1,153,817
    WYNN MACAU LTD 204,250 204,250

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Name of Stock End of Year Book Value End of Year Fair Market Value
    3I GROUP PLC 8,100,694 8,100,694
    ABB LTD REG 4,222,798 4,222,798
    ABERDEEN ASIA PACIFIC INCOME F 521,282 521,282
    ABERDEEN ASIA PACIFIC INCOME I 2,968,924 2,968,924
    ABERDEEN ASIAN INCOME FUND LTD 12,286,084 12,286,084
    ABERDEEN EMERGING MARKETS EQUI 19,418,556 19,418,556
    ABERDEEN EMERGING MARKETS INVE 22,922,592 22,922,592
    ABERDEEN JAPAN EQUITY FUND INC 1,083,622 1,083,622
    ABERDEEN JAPAN INVESTMENT TRUS 528,366 528,366
    ABERDEEN LATIN AMERICAN INCOME 1,536,339 1,536,339
    ABERDEEN NEW DAWN INVESTMENT T 16,721,620 16,721,620
    ABERDEEN NEW INDIA INVESTMENT 4,626,911 4,626,911
    ABERDEEN NEW THAI INVESTMENT T 6,974,412 6,974,412
    ABERDEEN STANDARD ASIA FOCUS P 24,939,227 24,939,227
    ABERDEEN TOTAL DYNAMIC DIVIDEN 7,520,863 7,520,863
    ABERFORTH SMALLER COMPANIES TR 491,314 491,314
    ACERINOX SA 1,931,696 1,931,696
    ADECCO GROUP AG REG 6,325,057 6,325,057
    ADEKA CORP 18,316,141 18,316,141
    ADEVINTA ASA 606,966 606,966
    ADIDAS AG 7,966,050 7,966,050
    ADMIRAL GROUP PLC 4,524,075 4,524,075
    AEON DELIGHT CO LTD 2,664,017 2,664,017
    AEON MALL CO LTD 11,109,282 11,109,282
    AGORA INC ADR 3,108,308 3,108,308
    AIR WATER INC 16,719,074 16,719,074
    AIRBUS SE 5,116,827 5,116,827
    AIRPORTS CORP OF VIETNAM JSC 4,775,738 4,775,738
    ALFA S.A.B. A 22,654,405 22,654,405
    ALFRESA HOLDINGS CORP 28,794,694 28,794,694
    ALIBABA GROUP HOLDING LTD 84,689,876 84,689,876
    ALIBABA GROUP HOLDING SP ADR 50,246,407 50,246,407
    ALLIANCE TRUST PLC 4,417,616 4,417,616
    ALLIANCEBERNSTEIN NATIONAL MUN 377,155 377,155
    ALLIANZGI DIVIDEND INTEREST + 928,296 928,296
    ALPHABET INC CL A 43,560,115 43,560,115
    ALPHABET INC CL C 39,054,661 39,054,661
    ALTEN SA 2,743,698 2,743,698
    AMADA CO LTD 35,913,175 35,913,175
    AMAZON.COM INC 105,622,240 105,622,240
    AMBEV SA ADR 53,176,668 53,176,668
    AMEDEO AIR FOUR PLUS LTD 279,477 279,477
    AMERICA MOVIL SPN ADR CL L 41,546,727 41,546,727
    AMERICAN TOWER CORP 2,154,816 2,154,816
    AMERIPRISE FINANCIAL INC 2,953,816 2,953,816
    AMGEN INC 1,793,376 1,793,376
    AMOREPACIFIC CORP 43,036,800 43,036,800
    AMPLIFON SPA 1,720,297 1,720,297
    ANDRITZ AG 1,106,386 1,106,386
    ANEST IWATA CORP 3,995,488 3,995,488
    ANHEUSER BUSCH INBEV SA/NV 6,153,367 6,153,367
    ANHUI CONCH CEMENT CO LTD A 44,153,302 44,153,302
    ANTHEM INC 2,729,265 2,729,265
    APPLE INC 139,975,079 139,975,079
    ARCELORMITTAL 5,203,392 5,203,392
    ARCS CO LTD 14,098,855 14,098,855
    ARIAKE JAPAN CO LTD 26,131,164 26,131,164
    ASIA DRAGON TRUST PLC 51,337,072 51,337,072
    ASICS CORP 60,733,808 60,733,808
    ASML HOLDING NV 3,422,467 3,422,467
    ASSA ABLOY AB B 9,330,971 9,330,971
    ASTRA INTERNATIONAL TBK PT 7,066,988 7,066,988
    ATLANTIS JAPAN GROWTH FUND LTD 1,640,854 1,640,854
    AUTO TRADER GROUP PLC 3,245,796 3,245,796
    AVI GLOBAL TRUST PLC 3,452,980 3,452,980
    AVI JAPAN OPPORTUNITY TRUST PL 720,824 720,824
    AXA SA 5,603,707 5,603,707
    AZBIL CORP 20,064,623 20,064,623
    BAE SYSTEMS PLC 3,517,026 3,517,026
    BAIDU INC SPON ADR 14,513,813 14,513,813
    BAILLIE GIFFORD EUROPEAN GROWT 5,921,975 5,921,975
    BAILLIE GIFFORD UK GROWTH FUND 1,630,347 1,630,347
    BANDAI NAMCO HOLDINGS INC 43,499,607 43,499,607
    BANGLADESH FUND 1,544,337 1,544,337
    BANK OF IRELAND GROUP PLC 3,434,270 3,434,270
    BANKIA SA 2,261,634 2,261,634
    BARCLAYS PLC 9,966,439 9,966,439
    BARRATT DEVELOPMENTS PLC 1,284,928 1,284,928
    BASF SE 7,397,599 7,397,599
    BAYERISCHE MOTOREN WERKE AG 4,116,601 4,116,601
    BEIJING NEW BUILDING MATER A 47,428,017 47,428,017
    BERKSHIRE HATHAWAY INC CL B 9,762,746,996 9,762,746,996
    BID CORP LTD 24,800,897 24,800,897
    BIDVEST GROUP LTD 47,858,403 47,858,403
    BILIBILI INC SPONSORED ADR 23,144,400 23,144,400
    BLACKROCK 2022 GLOBAL INCOME O 12,457 12,457
    BLACKROCK CORE BOND TRUST 744,274 744,274
    BLACKROCK CREDIT ALLOCATION IN 1,534,709 1,534,709
    BLACKROCK ENHANCED GOVERNMENT 54,456 54,456
    BLACKROCK ENHANCED INTERNATION 1,972,567 1,972,567
    BLACKROCK FRONTIERS INVESTMENT 13,024,317 13,024,317
    BLACKROCK INCOME TRUST INC 142,165 142,165
    BLACKROCK LATIN AMERICAN INVES 10,781,779 10,781,779
    BLACKROCK MUNI INTERMEDIATE DU 501,372 501,372
    BLACKROCK MUNICIPAL 2030 TARGE 703,350 703,350
    BLACKROCK MUNIYIELD MICHIGAN Q 284,115 284,115
    BLACKROCK MUNIYIELD QUALITY FU 140,625 140,625
    BLACKROCK RESOURCES + COMMODIT 1,948,852 1,948,852
    BLACKROCK SMALLER COS TRUST PL 356,298 356,298
    BMO GLOBAL SMALLER COMPANIES P 644,956 644,956
    BNP PARIBAS 8,128,514 8,128,514
    BOOKING HOLDINGS INC 3,196,132 3,196,132
    BOSKALIS WESTMINSTER 2,144,170 2,144,170
    BP PLC 13,967,833 13,967,833
    BRANDYWINEGLOBAL GLOBAL INCOME 1,291,578 1,291,578
    BRENNTAG AG 6,230,584 6,230,584
    BRIDGESTONE CORP 4,936,127 4,936,127
    BRILLIANCE CHINA AUTOMOTIVE 23,779,021 23,779,021
    BROADCOM INC 2,276,820 2,276,820
    BRUNNER INVESTMENT TRUST PLC/T 359,627 359,627
    BUCHER INDUSTRIES AG REG 51,777,952 51,777,952
    BUNZL PLC 6,821,910 6,821,910
    CALEDONIA INVESTMENTS PLC 3,016,505 3,016,505
    CANADIAN NATL RAILWAY CO 1,865,172,590 1,865,172,590
    CANON MARKETING JAPAN INC 29,070,173 29,070,173
    CAPITA PLC 1,698,165 1,698,165
    CARLSBERG AS B 4,205,375 4,205,375
    CARLSON TRAVEL INC 40,005 40,005
    CARNIVAL PLC 1,271,521 1,271,521
    CASIO COMPUTER CO LTD 4,997,914 4,997,914
    CATERPILLAR INC 2,049,701,191 2,049,701,191
    CBRE CLARION GLOBAL REAL ESTAT 1,352,574 1,352,574
    CHEVRON CORP 1,646,775 1,646,775
    CHINA CONCH VENTURE HOLDINGS 82,492,833 82,492,833
    CHINA EVERBRIGHT ENVIRONMENT 18,641,062 18,641,062
    CHINA FORESTRY HOLDINGS CO 622 622
    CHINA FUND INC/THE 15,289,310 15,289,310
    CHINA LESSO GROUP HOLDINGS L 6,129,613 6,129,613
    CHINA MEIDONG AUTO HOLDINGS 38,205,888 38,205,888
    CHINA MERCHANTS BANK A 39,415,935 39,415,935
    CHINA MERCHANTS SHEKOU IND A 22,249,010 22,249,010
    CHINA NATIONAL BUILDING MA H 28,025,448 28,025,448
    CHINA YOUZAN LTD 15,578,651 15,578,651
    CHUBB LTD 1,577,680 1,577,680
    CHUGOKU MARINE PAINTS LTD 15,610,410 15,610,410
    CIA DE MINAS BUENAVENTUR ADR 11,949,113 11,949,113
    CIE FINANCIERE RICHEMO A REG 12,999,785 12,999,785
    CIE FINANCIERE RICHEMO A REG 34,637 34,637
    CINEWORLD GROUP PLC 56,886 56,886
    CISCO SYSTEMS INC 3,020,625 3,020,625
    CITIZEN WATCH CO LTD 9,112,306 9,112,306
    CK ASSET HOLDINGS LTD 6,182,619 6,182,619
    CK HUTCHISON HOLDIN UNSP ADR 2,943,621 2,943,621
    CK HUTCHISON HOLDINGS LTD 9,970,389 9,970,389
    CLOSE BROTHERS GROUP PLC 1,136,006 1,136,006
    CNH INDUSTRIAL NV 7,784,801 7,784,801
    COCA COLA EUROPEAN PARTNERS 2,755,001 2,755,001
    COCA COLA FEMSA SAB DE CV 646,869 646,869
    COCA COLA FEMSA SAB SP ADR 286,498,546 286,498,546
    COHEN + STEERS QUALITY INCOME 410,862 410,862
    COLOPLAST B 11,576,030 11,576,030
    COMCAST CORP CLASS A 2,698,600 2,698,600
    COMMERCIAL INTERNATIONAL BAN 32,862,292 32,862,292
    COMPASS GROUP PLC 9,347,117 9,347,117
    CONCORDIA FINANCIAL GROUP LT 20,568,066 20,568,066
    CONSUMER STAPLES SELECT SECTOR 1,719,975 1,719,975
    CONTROLADORA NEMAK SAB DE CV 4,127,576 4,127,576
    CONVATEC GROUP PLC 5,194,493 5,194,493
    CP ALL PCL FOREIGN 22,829,100 22,829,100
    CRH PLC 1,076,342 1,076,342
    CROWN CASTLE INTL CORP 848,944,351 848,944,351
    CTS EVENTIM AG + CO KGAA 2,729,605 2,729,605
    CVS HEALTH CORP 2,629,550 2,629,550
    DAI ICHI LIFE HOLDINGS INC 121,451,197 121,451,197
    DAIFUKU CO LTD 9,973,674 9,973,674
    DAIHEN CORP 21,098,198 21,098,198
    DAILY MAIL+GENERAL TST A NV 770,189 770,189
    DAIRY FARM INTL HLDGS LTD 7,486,401 7,486,401
    DAIWA HOUSE INDUSTRY CO LTD 11,428,606 11,428,606
    DAIWA SECURITIES GROUP INC 4,515,405 4,515,405
    DAIWABO HOLDINGS CO LTD 20,299,230 20,299,230
    DALI FOODS GROUP CO LTD 2,648,967 2,648,967
    DANSKE BANK A/S 578,024 578,024
    DAVIDE CAMPARI MILANO NV 2,360,993 2,360,993
    DCC PLC 3,660,562 3,660,562
    DELAWARE INVTS MINN MUN 369,656 369,656
    DEMANT A/S 5,823,956 5,823,956
    DENKA CO LTD 16,538,438 16,538,438
    DENSO CORP 28,517,797 28,517,797
    DEUTSCHE TELEKOM AG REG 3,470,435 3,470,435
    DEVRO PLC 697,759 697,759
    DIAGEO PLC 20,524,018 20,524,018
    DISCO CORP 45,438,036 45,438,036
    DNB ASA 2,848,835 2,848,835
    DOLLAR TREE INC 2,106,780 2,106,780
    DON JERSEY TOPCO LIMITED 1,174,210 1,174,210
    DONGFENG MOTOR GRP CO LTD H 43,468,388 43,468,388
    DOSHISHA CO LTD 7,177,376 7,177,376
    DOUBLELINE INCOME SOLUTIONS FU 116,358 116,358
    DOUBLELINE YIELD OPPORTUNITIES 64,156 64,156
    DS SMITH PLC 4,094,139 4,094,139
    DTF TAX FREE INCOME INC 4,470 4,470
    EAST JAPAN RAILWAY CO 40,725,163 40,725,163
    EASTMAN CHEMICAL CO 2,507,000 2,507,000
    EASYJET PLC 2,497,343 2,497,343
    EATON CORP PLC 3,135,654 3,135,654
    EATON VANCE 2021 TARGET TERM T 51,195 51,195
    EATON VANCE LTD DURATION INCOM 212,972 212,972
    EATON VANCE MUNICIPAL BOND FUN 213,275 213,275
    EATON VANCE SHORT DURATION DIV 292,487 292,487
    EATON VANCE TAX ADVANTAGED GLO 129,344 129,344
    EBARA CORP 10,954,254 10,954,254
    ECOLAB INC 944,719,929 944,719,929
    EDENRED 6,415,791 6,415,791
    EDINBURGH INVESTMENT TRUST PLC 831,342 831,342
    ELIS SA 1,171,675 1,171,675
    ELLERSTON ASIAN INVESTMENTS LT 3,854,291 3,854,291
    EMAAR PROPERTIES PJSC 27,717,625 27,717,625
    ENTAIN PLC 6,309,726 6,309,726
    EQUINOR ASA 6,395,850 6,395,850
    ESSILORLUXOTTICA 7,679,119 7,679,119
    EUROFINS SCIENTIFIC 5,876,461 5,876,461
    EUROMONEY INSTL INVESTOR PLC 981,840 981,840
    EUROPEAN ASSETS TRUST PLC/FUND 1,926,070 1,926,070
    EUROPEAN OPPORTUNITIES TRUST P 1,287,077 1,287,077
    EVER SUNSHINE LIFESTYLE SERV 34,874,773 34,874,773
    EXPERIAN PLC 5,799,936 5,799,936
    EXXON MOBIL CORP 700,740 700,740
    F+C INVESTMENT TRUST PLC 3,112,946 3,112,946
    FACEBOOK INC CLASS A 4,513,969 4,513,969
    FEDEX CORP 785,350,240 785,350,240
    FERROVIAL SA 914,736 914,736
    FIDELITY CHINA SPECIAL SITUATI 49,982,812 49,982,812
    FIDELITY EUROPEAN TRUST PLC 7,221,844 7,221,844
    FIDELITY JAPAN TRUST PLC 2,241,558 2,241,558
    FIRST TRUST DYNAMIC EUROPE EQU 1,785,281 1,785,281
    FIRST TRUST SENIOR FLOATING RA 50,299 50,299
    FLUIDRA SA 2,194,063 2,194,063
    FLUTTER ENTERTAINMENT PLC 14,088,506 14,088,506
    FOMENTO DE CONSTRUC Y CONTRA 77,270,468 77,270,468
    FONDUL PROPRIETATEA SA/FUND 3,596,626 3,596,626
    FRESENIUS MEDICAL CARE AG + 6,940,046 6,940,046
    FRONTIER EMERGING MARKETS FUND 3,385,311 3,385,311
    FUJI CORP/AICHI 15,109,448 15,109,448
    FUJI MEDIA HOLDINGS INC 58,080,682 58,080,682
    FUJI OIL HOLDINGS INC 20,080,532 20,080,532
    FUJI SEAL INTERNATIONAL INC 27,719,546 27,719,546
    FUKUDA DENSHI CO LTD 11,608,310 11,608,310
    FUKUOKA FINANCIAL GROUP INC 4,630,214 4,630,214
    FUNDSMITH EMERGING EQUITIES TR 9,025,984 9,025,984
    GABELLI DIVIDEND + INCOME TRUS 342,394 342,394
    GDS HOLDINGS LTD ADR 40,169,781 40,169,781
    GEA GROUP AG 839,607 839,607
    GEBERIT AG REG 9,237,607 9,237,607
    GENESIS EMERGING MARKETS FUND 77,145,682 77,145,682
    GERRESHEIMER AG 1,256,403 1,256,403
    GESTAMP AUTOMOCION SA 1,597,792 1,597,792
    GETINGE AB B SHS 2,365,722 2,365,722
    GETLINK SE 3,040,577 3,040,577
    GIVAUDAN REG 714,191,934 714,191,934
    GLENCORE PLC 5,701,416 5,701,416
    GN STORE NORD A/S 9,399,873 9,399,873
    GOLDMAN SACHS GROUP INC 2,907,403 2,907,403
    GREE ELECTRIC APPLIANCES I A 57,678,549 57,678,549
    GRUPO BIMBO SAB SERIES A 15,681,384 15,681,384
    GRUPO TELEVISA SA SPON ADR 139,083,817 139,083,817
    GRUPO TELEVISA SAB SER CPO 7,886,979 7,886,979
    GULF INVESTMENT FUND PLC 5,710,876 5,710,876
    GUNZE LTD 5,620,340 5,620,340
    HAIDILAO INTERNATIONAL HOLDI 42,061,827 42,061,827
    HAIER SMART HOME CO LTD A 43,466,997 43,466,997
    HAIER SMART HOME CO LTD H 82,660,681 82,660,681
    HAKUHODO DY HOLDINGS INC 11,580,948 11,580,948
    HANNOVER RUECK SE 1,447,133 1,447,133
    HANSA INVESTMENT CO LTD 10,022,556 10,022,556
    HARBORVIEW NIM CI 4 CORP 126 126
    HASEKO CORP 14,594,286 14,594,286
    HAYS PLC 4,640,514 4,640,514
    HAZAMA ANDO CORP 17,229,343 17,229,343
    HEINEKEN HOLDING NV 17,044,833 17,044,833
    HEINEKEN NV 7,761,514 7,761,514
    HELLOFRESH SE 11,847,786 11,847,786
    HELVETIA HOLDING AG REG 850,157 850,157
    HENDERSON ALTERNATIVE STRATEGI 1,977,914 1,977,914
    HENDERSON EUROTRUST PLC 712,673 712,673
    HENDERSON SMALLER COMPANIES IN 1,088,889 1,088,889
    HERO MOTOCORP LTD 54,554,808 54,554,808
    HI LEX CORP 5,649,668 5,649,668
    HIROSE ELECTRIC CO LTD 60,616,560 60,616,560
    HISCOX LTD 1,032,716 1,032,716
    HITACHI CAPITAL CORP 27,142,961 27,142,961
    HITACHI LTD 158,213,918 158,213,918
    HOGY MEDICAL CO LTD 15,324,887 15,324,887
    HOME DEPOT INC 2,223,239 2,223,239
    HOMESERVE PLC 7,356,541 7,356,541
    HON HAI PRECISION INDUSTRY 42,533,213 42,533,213
    HONDA MOTOR CO LTD 39,715,604 39,715,604
    HORIBA LTD 17,907,695 17,907,695
    HOSHIZAKI CORP 4,668,730 4,668,730
    HOUSING DEVELOPMENT FINANCE 58,656,266 58,656,266
    HSBC CHINA DRAGON FUND 8,104,329 8,104,329
    HYUNDAI MOBIS CO LTD 32,957,924 32,957,924
    HYUNDAI MOTOR CO 91,937,829 91,937,829
    IG GROUP HOLDINGS PLC 3,123,441 3,123,441
    IMERYS SA 432,202 432,202
    INABATA + CO LTD 13,624,592 13,624,592
    INCHCAPE PLC 3,399,663 3,399,663
    INDIA CAPITAL GROWTH FUND LTD 3,550,240 3,550,240
    INDIA FUND INC/THE 3,742,740 3,742,740
    INFORMA PLC 884,486 884,486
    ING EMERGING MARKETS HIGH DI 530,452 530,452
    INPEX CORP 19,663,159 19,663,159
    INSIGHT SELECT INCOME FUND 25,803 25,803
    INTERCONTINENTAL HOTELS GROU 732,520 732,520
    INTERNATIONAL PERSONAL FINAN 593,745 593,745
    INTERTEK GROUP PLC 12,129,956 12,129,956
    INTESA SANPAOLO 990,216 990,216
    INVESCO ASIA TRUST PLC 12,143,558 12,143,558
    INVESCO BOND FUND 20,887 20,887
    INVESCO DYNAMIC CREDIT OPPORTU 1,765,570 1,765,570
    IRISH CONTINENTAL GROUP PLC 1,782,989 1,782,989
    ISHARES 1 3 YEAR TREASURY BOND 696,482 696,482
    ISHARES 20 YEAR TREASURY BOND 78,865 78,865
    ISHARES 7 10 YEAR TREASURY BON 4,248,509 4,248,509
    ISHARES CORE MSCI EAFE ETF 1,082,640 1,082,640
    ISHARES CORE MSCI EMERGING MAR 2,625,595 2,625,595
    ISHARES MSCI AUSTRALIA ETF 4,130,680 4,130,680
    ISHARES MSCI BRAZIL ETF 3,414,184 3,414,184
    ISHARES MSCI CHINA ETF 8,536,829 8,536,829
    ISHARES MSCI EUROZONE ETF 4,019,082 4,019,082
    ISHARES MSCI FRANCE ETF 2,075,291 2,075,291
    ISHARES MSCI GERMANY ETF 2,122,713 2,122,713
    ISHARES MSCI JAPAN ETF 2,705,846 2,705,846
    ISHARES MSCI MALAYSIA ETF 1,733,242 1,733,242
    ISHARES MSCI SOUTH KOREA ETF 31,573,896 31,573,896
    ISHARES MSCI SWITZERLAND ETF 2,736,873 2,736,873
    ISHARES S+P/TSX 60 INDEX ETF 3,578,281 3,578,281
    ISHARES US TECHNOLOGY ETF 5,921,568 5,921,568
    ITAU UNIBANCO H SPON PRF ADR 43,463,624 43,463,624
    ITOCHU CORP 10,596,275 10,596,275
    ITV PLC 5,113,704 5,113,704
    JAFCO GROUP CO LTD 65,125,091 65,125,091
    JAPAN POST HOLDINGS CO LTD 36,712,092 36,712,092
    JAPAN PURE CHEMICAL CO LTD 3,556,443 3,556,443
    JAPAN SMALLER CAPITALIZATION F 3,113,575 3,113,575
    JCDECAUX SA 3,107,469 3,107,469
    JD.COM INC CL A 68,577,752 68,577,752
    JIANGSU HENGRUI MEDICINE C A 72,123,063 72,123,063
    JOHN HANCOCK INCOME SECURITIES 94,380 94,380
    JOHN WOOD GROUP PLC 1,936,768 1,936,768
    JOLLIBEE FOODS CORP 12,116,761 12,116,761
    JPMORGAN ASIA GROWTH + INCOME 12,014,200 12,014,200
    JPMORGAN CHASE + CO 3,761,272 3,761,272
    JPMORGAN CHINA GROWTH + INCOME 8,929,827 8,929,827
    JPMORGAN EMERGING MARKETS INVE 36,732,489 36,732,489
    JPMORGAN EUROPEAN INVESTMENT T 2,905,095 2,905,095
    JPMORGAN EUROPEAN SMALLER COS 8,734,936 8,734,936
    JPMORGAN GLOBAL EMERGING MARKE 4,675,254 4,675,254
    JPMORGAN INDIAN INVESTMENT TRU 22,050,947 22,050,947
    JPMORGAN JAPAN SMALL CAP GROWT 2,884,643 2,884,643
    JPMORGAN JAPANESE INVESTMENT T 10,907,474 10,907,474
    JUPITER FUND MANAGEMENT 2,446,130 2,446,130
    JUST EAT TAKEAWAY 4,426,934 4,426,934
    K S HOLDINGS CORP 17,787,790 17,787,790
    KADOKAWA CORP 21,818,175 21,818,175
    KAKAKU.COM INC 66,358,148 66,358,148
    KAMIGUMI CO LTD 20,973,897 20,973,897
    KANAMOTO CO LTD 9,109,113 9,109,113
    KANDENKO CO LTD 16,911,231 16,911,231
    KANEMATSU CORP 16,851,464 16,851,464
    KANGDE XIN COMPOSITE MATER A 5,396,952 5,396,952
    KAO CORP 103,364,134 103,364,134
    KATAKURA INDUSTRIES CO LTD 4,508,693 4,508,693
    KDDI CORP 7,637,902 7,637,902
    KELLY TOPCO LIMITED 773,186 773,186
    KENEDIX INC 11,835,998 11,835,998
    KEYENCE CORP 82,748,801 82,748,801
    KEYSTONE INVESTMENT TRUST PLC 1,564,339 1,564,339
    KINDEN CORP 35,777,035 35,777,035
    KIRIN HOLDINGS CO LTD 196,242,944 196,242,944
    KOC HOLDING AS 10,107,914 10,107,914
    KOKUYO CO LTD 15,966,487 15,966,487
    KOMATSU LTD 43,892,363 43,892,363
    KONINKLIJKE AHOLD DELHAIZE N 4,822,512 4,822,512
    KONINKLIJKE KPN NV 3,414,214 3,414,214
    KONINKLIJKE PHILIPS NV 5,504,761 5,504,761
    KONOIKE TRANSPORT CO LTD 10,654,062 10,654,062
    KOREA FUND INC/THE 9,916,537 9,916,537
    KUREHA CORP 13,730,931 13,730,931
    KWEICHOW MOUTAI CO LTD A 60,463,345 60,463,345
    KYOCERA CORP 25,286,844 25,286,844
    KYOWA EXEO CORP 15,656,981 15,656,981
    KYUDENKO CORP 7,779,515 7,779,515
    L OCCITANE INTERNATIONAL SA 8,168,925 8,168,925
    LEGRAND SA 8,054,532 8,054,532
    LEXINFINTECH HOLDINGS L ADR 14,866,442 14,866,442
    LG CORP 33,047,017 33,047,017
    LIBERTY GLOBAL PLC C 86,070,604 86,070,604
    LIBERTY GLOBAL PLC A 51,334,653 51,334,653
    LIBERTY LATIN AMERIC CL A 3,076,811 3,076,811
    LIBERTY LATIN AMERIC CL C 7,507,697 7,507,697
    LIXIL CORP 50,082,972 50,082,972
    LLOYDS BANKING GROUP PLC 7,514,767 7,514,767
    LOCKHEED MARTIN CORP 2,094,382 2,094,382
    LOGITECH INTERNATIONAL REG 4,587,940 4,587,940
    LOWE S COS INC 2,728,670 2,728,670
    MACQUARIE GLOBAL INFRASTRUCTUR 212,091 212,091
    MACROMILL INC 7,286,319 7,286,319
    MAEDA CORP 26,873,620 26,873,620
    MANDOM CORP 11,084,818 11,084,818
    MARUI GROUP CO LTD 6,000,511 6,000,511
    MARUICHI STEEL TUBE LTD 12,906,055 12,906,055
    MASAN CONSUMER CORP 1,799,363 1,799,363
    MATSUMOTOKIYOSHI HOLDINGS CO 7,121,313 7,121,313
    MAXELL HOLDINGS LTD 16,151,448 16,151,448
    MCCARTHY + STONE PLC 505,545 505,545
    MEDIASET ESPANA COMUNICACION 334,443 334,443
    MEDIPAL HOLDINGS CORP 60,521,087 60,521,087
    MEGMILK SNOW BRAND CO LTD 20,769,250 20,769,250
    MELCO INTERNATIONAL DEVELOP. 10,879,437 10,879,437
    MELCO RESORTS + ENTERT ADR 143,410 143,410
    MERCK + CO. INC. 2,372,200 2,372,200
    MEXICO FUND INC/THE 10,048,870 10,048,870
    MFS CHARTER INCOME TRUST 53,006 53,006
    MFS GOVERNMENT MARKETS INCOME 128,006 128,006
    MFS INTERMEDIATE INCOME TRUST 701,010 701,010
    MGM CHINA HOLDINGS LTD 7,887,022 7,887,022
    MIDDLEFIELD CANADIAN INCOME PC 967,707 967,707
    MIDEA GROUP CO LTD A 146,784,053 146,784,053
    MILITARY COMMERCIAL JOINT 5,226,453 5,226,453
    MILLER/HOWARD HIGH DIVIDEND FU 400,272 400,272
    MINEBEA MITSUMI INC 2,664,017 2,664,017
    MING YUAN CLOUD GROUP HOLDIN 25,990,289 25,990,289
    MIRAIT HOLDINGS CORP 18,323,018 18,323,018
    MISUMI GROUP INC 56,326,505 56,326,505
    MITSUBISHI ESTATE CO LTD 22,752,956 22,752,956
    MITSUBISHI LOGISTICS CORP 53,832,951 53,832,951
    MITSUBISHI UFJ FINANCIAL GRO 54,357,825 54,357,825
    MODERN TIMES GROUP B SHS 1,039,389 1,039,389
    MONTANARO EUROPEAN SMALLER COS 881,981 881,981
    MORGAN STANLEY 3,323,705 3,323,705
    MORGAN STANLEY CHINA A SHARE F 3,248,851 3,248,851
    MORGAN STANLEY EMERGING MARKET 1,373,553 1,373,553
    MORGAN STANLEY INDIA INVESTMEN 9,553,917 9,553,917
    MS+AD INSURANCE GROUP HOLDIN 15,393,927 15,393,927
    MURRAY INCOME TRUST PLC 1,712,117 1,712,117
    NAGAILEBEN CO LTD 13,313,728 13,313,728
    NAGASE + CO LTD 18,962,662 18,962,662
    NAKANISHI INC 32,437,687 32,437,687
    NASPERS LTD N SHS 34,628,458 34,628,458
    NATIONAL EXPRESS GROUP PLC 836,571 836,571
    NB GLOBAL MONTHLY INCOME FUND 805,624 805,624
    NEC CORP 41,478,231 41,478,231
    NET ONE SYSTEMS CO LTD 38,848,525 38,848,525
    NETEASE INC ADR 28,826,770 28,826,770
    NEW GERMANY FUND INC/THE 2,390,244 2,390,244
    NEW HOPE LIUHE CO LTD A 14,853,552 14,853,552
    NEW ORIENTAL EDUCATIO SP ADR 36,609,958 36,609,958
    NEW WORLD DEVELOPMENT 5,227,431 5,227,431
    NH FOODS LTD 31,269,253 31,269,253
    NHK SPRING CO LTD 15,943,629 15,943,629
    NIKKON HOLDINGS CO LTD 9,563,716 9,563,716
    NIKON CORP 12,610,780 12,610,780
    NINTENDO CO LTD 8,033,881 8,033,881
    NIPPO CORP 32,287,278 32,287,278
    NIPPON DENSETSU KOGYO CO LTD 12,602,354 12,602,354
    NIPPON ELECTRIC GLASS CO LTD 15,841,929 15,841,929
    NIPPON SEIKI CO LTD 6,442,830 6,442,830
    NIPPON SHOKUBAI CO LTD 15,031,527 15,031,527
    NIPPON STEEL CORP 40,373,155 40,373,155
    NIPPON SUISAN KAISHA LTD 10,307,843 10,307,843
    NIPPON TELEGRAPH + TELEPHONE 118,688,130 118,688,130
    NIPPON TELEVISION HOLDINGS 57,522,737 57,522,737
    NISSAN CHEMICAL CORP 9,560,637 9,560,637
    NOMURA CO LTD 4,405,033 4,405,033
    NOMURA HOLDINGS INC 50,525,134 50,525,134
    NON STANDARD FINANCE PLC 23,784 23,784
    NORDIC ENTERTAINMENT GROUP B 3,238,576 3,238,576
    NORFOLK SOUTHERN CORP 2,780,037 2,780,037
    NOVO NORDISK A/S B 12,902,104 12,902,104
    NS SOLUTIONS CORP 18,982,885 18,982,885
    NSD CO LTD 28,309,175 28,309,175
    NSK LTD 2,705,921 2,705,921
    NTT DATA CORP 79,586,987 79,586,987
    NUVEEN AMT FREE MUNICIPAL CRED 99,774 99,774
    NUVEEN AMT FREE QUALITY MUNICI 2,082,426 2,082,426
    NUVEEN DOW 30SM DYNAMIC OVERWR 79,785 79,785
    NUVEEN EMERGING MARKETS DEBT 2 42,292 42,292
    NUVEEN GEORGIA QUALITY MUNICIP 48,895 48,895
    NUVEEN INTERMEDIATE DURATION M 657,440 657,440
    NUVEEN INTERMEDIATE DURATION Q 331,145 331,145
    NUVEEN MARYLAND QUALITY MUNICI 241,267 241,267
    NUVEEN MICHIGAN QUALITY MUNICI 234,891 234,891
    NUVEEN MORTGAGE AND INCOME FUN 41,181 41,181
    NUVEEN MUNICIPAL CREDIT INCOME 57,661 57,661
    NUVEEN NEW JERSEY QUALITY MUNI 223,655 223,655
    NUVEEN NEW YORK AMT FREE QUALI 455,312 455,312
    NUVEEN PENNSYLVANIA QUALITY MU 306,764 306,764
    NUVEEN QUALITY MUNICIPAL INCOM 684,026 684,026
    OBAYASHI CORP 45,793,472 45,793,472
    OBIC CO LTD 49,252,448 49,252,448
    OCEAN WILSONS HOLDINGS LTD 4,310,418 4,310,418
    OCI NV 10,132,887 10,132,887
    OESTERREICHISCHE POST AG 1,396,383 1,396,383
    OJI HOLDINGS CORP 37,416,879 37,416,879
    OKUMURA CORP 9,512,664 9,512,664
    OMRON CORP 7,458,376 7,458,376
    ONWARD HOLDINGS CO LTD 4,799,625 4,799,625
    ORACLE CORP 2,574,662 2,574,662
    ORACLE CORP JAPAN 76,391,883 76,391,883
    ORASCOM CONSTRUCTION PLC 1,372,356 1,372,356
    ORION CORP/REPUBLIC OF KOREA 35,739,350 35,739,350
    ORIX CORP 21,229,492 21,229,492
    ORSTED A/S 8,413,938 8,413,938
    PACIFIC ASSETS TRUST PLC/FUND 3,505,480 3,505,480
    PACIFIC INDUSTRIAL CO LTD 11,393,793 11,393,793
    PAGEGROUP PLC 1,212,236 1,212,236
    PARAMOUNT BED HOLDINGS CO LT 14,013,148 14,013,148
    PENTA OCEAN CONSTRUCTION CO 44,001,626 44,001,626
    PEPSICO INC 2,402,460 2,402,460
    PERNOD RICARD SA 1,203,492 1,203,492
    PERSHING SQUARE HOLDINGS LTD/F 4,598,029 4,598,029
    PERSOL HOLDINGS CO LTD 5,173,200 5,173,200
    PETROFAC LTD 135,416 135,416
    PETS AT HOME GROUP PLC 2,143,132 2,143,132
    PFIZER INC 1,509,210 1,509,210
    PGIM HIGH YIELD BOND FUND INC 136,095 136,095
    PING AN INSURANCE GROUP CO A 79,216,039 79,216,039
    PIOLAX INC 5,369,752 5,369,752
    PIONEER MUNICIPAL HIGH INCOME 471,265 471,265
    PLAYTECH PLC 188,517 188,517
    PNB HOUSING FINANCE LTD 157,969 157,969
    PNC FINANCIAL SERVICES GROUP 2,920,400 2,920,400
    POSCO 44,601,440 44,601,440
    PRONEXUS INC 3,119,134 3,119,134
    PROSUS NV 8,043,057 8,043,057
    PROVIDENT FINANCIAL PLC 1,650,489 1,650,489
    PRUDENTIAL PLC 1,125,704 1,125,704
    PULTEGROUP INC 2,306,920 2,306,920
    QUADIENT SA 613,711 613,711
    RAIZNEXT CORP 9,698,041 9,698,041
    RANDSTAD NV 1,121,351 1,121,351
    RATHBONE BROTHERS PLC 571,009 571,009
    RAYTHEON TECHNOLOGIES CORP 1,301,482 1,301,482
    RECKITT BENCKISER GROUP PLC 8,277,433 8,277,433
    RELX PLC 7,011,508 7,011,508
    REMGRO LTD 21,222,838 21,222,838
    RENESAS ELECTRONICS CORP 36,214,352 36,214,352
    RENEWABLES INFRASTRUCTURE GROU 1,612,299 1,612,299
    REPLY SPA 1,151,934 1,151,934
    RESONA HOLDINGS INC 82,615,360 82,615,360
    RICOH LEASING CO LTD 9,217,880 9,217,880
    RIGHTMOVE PLC 11,422,191 11,422,191
    RIO TINTO PLC 7,935,566 7,935,566
    RIT CAPITAL PARTNERS PLC/FUND 2,124,091 2,124,091
    ROCHE HOLDING AG GENUSSCHEIN 18,586,842 18,586,842
    ROHM CO LTD 58,433,445 58,433,445
    ROLLS ROYCE HOLDINGS PLC 3,494,122 3,494,122
    ROTORK PLC 908,293 908,293
    RWS HOLDINGS PLC 875,478 875,478
    SAIPEM SPA 3,400,209 3,400,209
    SAMPO OYJ A SHS 7,580,585 7,580,585
    SAMSUNG ELECTRONICS CO LTD 131,146,777 131,146,777
    SAN A CO LTD 42,603,618 42,603,618
    SANDVIK AB 6,108,208 6,108,208
    SANKI ENGINEERING CO LTD 8,224,127 8,224,127
    SANY HEAVY INDUSTRY CO LTD A 89,140,853 89,140,853
    SCHIBSTED ASA B SHS 1,266,508 1,266,508
    SCHIBSTED ASA CL A 1,705,902 1,705,902
    SCHNEIDER ELECTRIC SE 7,268,708 7,268,708
    SCHRODER ASIAPACIFIC FUND PLC 23,665,433 23,665,433
    SCHRODER JAPAN GROWTH FUND PLC 1,996,434 1,996,434
    SCHRODER UK MID CAP FUND PLC 491,432 491,432
    SCHRODINGER INC 552,808,156 552,808,156
    SCHRODINGER TBD 725,620,802 725,620,802
    SCOTTISH INVESTMENT TRUST PLC 1,692,771 1,692,771
    SCOTTISH MORTGAGE INVESTMENT T 973,366 973,366
    SCOTTISH ORIENTAL SMALLER COMP 19,052,090 19,052,090
    SCSK CORP 10,937,673 10,937,673
    SECOM CO LTD 14,573,468 14,573,468
    SEGA SAMMY HOLDINGS INC 46,038,845 46,038,845
    SEINO HOLDINGS CO LTD 18,672,817 18,672,817
    SEKISUI CHEMICAL CO LTD 9,411,828 9,411,828
    SEKISUI HOUSE LTD 16,271,974 16,271,974
    SEKISUI JUSHI CORP 9,290,523 9,290,523
    SELECTED AMERICAN SHARES INC 82,504,948 82,504,948
    SENKO GROUP HOLDINGS CO LTD 4,965,447 4,965,447
    SEQUOIA ECONOMIC INFRASTRUCTUR 861,758 861,758
    SERCO GROUP PLC 4,814,619 4,814,619
    SEVEN + I HOLDINGS CO LTD 41,599,440 41,599,440
    SHENGYI TECHNOLOGY CO LTD A 73,271,650 73,271,650
    SHENZHOU INTERNATIONAL GROUP 490,079 490,079
    SHIMANO INC 59,626,384 59,626,384
    SHIMIZU CORP 1,081,650 1,081,650
    SHIN ETSU CHEMICAL CO LTD 75,361,054 75,361,054
    SHOEI CO LTD 27,528,951 27,528,951
    SIGNATURE AVIATION PLC 80,312,017 80,312,017
    SIKA AG REG 1,031,866,011 1,031,866,011
    SINOMA SCIENCE+TECHNOLOGY A 51,009,706 51,009,706
    SKY PERFECT JSAT HOLDINGS 16,932,349 16,932,349
    SMITH + NEPHEW PLC 1,147,141 1,147,141
    SOMPO HOLDINGS INC 60,292,160 60,292,160
    SONOVA HOLDING AG REG 3,283,930 3,283,930
    SPROTT FOCUS TRUST INC 956,747 956,747
    SSP GROUP PLC 5,734,571 5,734,571
    ST JAMES S PLACE PLC 3,120,659 3,120,659
    STABILUS SA 3,287,999 3,287,999
    STANDARD BANK GROUP LTD 24,963,967 24,963,967
    STANDARD CHARTERED PLC 543,116 543,116
    SUMITOMO BAKELITE CO LTD 1,705,458 1,705,458
    SUMITOMO ELECTRIC INDUSTRIES 40,746,834 40,746,834
    SUMITOMO FORESTRY CO LTD 44,442,354 44,442,354
    SUMITOMO METAL MINING CO LTD 5,685,775 5,685,775
    SUMITOMO MITSUI FINANCIAL GR 48,459,947 48,459,947
    SUMITOMO MITSUI TRUST HOLDIN 43,566,241 43,566,241
    SUMITOMO WAREHOUSE CO LTD 11,186,982 11,186,982
    SUNAC SERVICES HOLDINGS LTD 276,637 276,637
    SUZANO SA 60,892,093 60,892,093
    SUZUKI MOTOR CORP 24,413,698 24,413,698
    SVENSKA HANDELSBANKEN A SHS 4,788,608 4,788,608
    SWISS HELVETIA FUND INC/THE 503,134 503,134
    T HASEGAWA CO LTD 33,284,053 33,284,053
    TACHI S CO LTD 13,687,564 13,687,564
    TAIHEIYO CEMENT CORP 57,385,217 57,385,217
    TAIKISHA LTD 7,212,940 7,212,940
    TAISEI LAMICK CO LTD 3,749,426 3,749,426
    TAIWAN FUND INC/THE/MD 9,285,377 9,285,377
    TAIWAN SEMICONDUCTOR MANUFAC 134,344,814 134,344,814
    TAKAMATSU CONSTRUCTION GROUP 6,734,467 6,734,467
    TAKASAGO THERMAL ENGINEERING 10,610,683 10,610,683
    TAKEDA PHARMACEUTICAL CO LTD 39,268,473 39,268,473
    TAKUMA CO LTD 13,846,822 13,846,822
    TARGET CORP 3,345,244 3,345,244
    TATA CONSULTANCY SVCS LTD 107,367,416 107,367,416
    TAYLOR WIMPEY PLC 1,386,868 1,386,868
    TBS HOLDINGS INC 30,713,352 30,713,352
    TDK CORP 16,797,559 16,797,559
    TECHNICOLOR REGR 1,098,804 1,098,804
    TECHNIPFMC PLC 432,221 432,221
    TECHNOLOGY SELECT SECTOR SPDR 6,370,980 6,370,980
    TECHNOPRO HOLDINGS INC 4,455,325 4,455,325
    TEIJIN LTD 15,182,527 15,182,527
    TELEPERFORMANCE 2,903,559 2,903,559
    TELESITES SAB DE CV 2,389,320 2,389,320
    TEMPLE BAR INVESTMENT TRUST PL 988,633 988,633
    TEMPLETON DRAGON FUND INC 40,931,275 40,931,275
    TEMPLETON EMERGING MARKETS FUN 5,671,392 5,671,392
    TEMPLETON EMERGING MARKETS INV 88,704,365 88,704,365
    TEMPLETON GLOBAL GROWTH FUND L 1,552,136 1,552,136
    TEMPLETON GLOBAL INCOME FUND 157,542 157,542
    TENARIS SA ADR 20,965,382 20,965,382
    TENCENT HOLDINGS LTD 97,047,119 97,047,119
    TESCO PLC 4,327,763 4,327,763
    THALES SA 1,826,738 1,826,738
    THE CHINA A SHARE CEF FUND 9,655,122 9,655,122
    THERMO FISHER SCIENTIFIC INC 2,643,302 2,643,302
    THIRD POINT INVESTORS LTD 13,956,257 13,956,257
    TJX COMPANIES INC 2,902,325 2,902,325
    TOAGOSEI CO LTD 15,248,196 15,248,196
    TOCALO CO LTD 8,240,975 8,240,975
    TODA CORP 20,176,764 20,176,764
    TOHO CO LTD 9,323,987 9,323,987
    TOHO HOLDINGS CO LTD 26,085,636 26,085,636
    TOKAI RIKA CO LTD 15,211,390 15,211,390
    TOKIO MARINE HOLDINGS INC 42,825,938 42,825,938
    TOKYO GAS CO LTD 5,643,369 5,643,369
    TOKYO OHKA KOGYO CO LTD 35,567,098 35,567,098
    TOKYO SEIMITSU CO LTD 14,064,507 14,064,507
    TONGCHENG ELONG HOLDINGS LTD 7,502,080 7,502,080
    TOPPAN PRINTING CO LTD 54,287,869 54,287,869
    TOPRE CORP 8,039,372 8,039,372
    TOSEI CORP 16,451,489 16,451,489
    TOTAL SE SPON ADR 1,613,535 1,613,535
    TOYO INK SC HOLDINGS CO LTD 11,465,931 11,465,931
    TOYO SEIKAN GROUP HOLDINGS L 27,983,701 27,983,701
    TOYO SUISAN KAISHA LTD 45,135,997 45,135,997
    TOYOTA INDUSTRIES CORP 84,148,889 84,148,889
    TOYOTA MOTOR CORP 88,005,214 88,005,214
    TR EUROPEAN GROWTH TRUST PLC 6,461,237 6,461,237
    TRANE TECHNOLOGIES PLC 2,453,204 2,453,204
    TRAVELEX TOPCO LIMITED 60 60
    TRAVELEX TOPCO LIMITED 123,825 123,825
    TRIP.COM GROUP LTD ADR 5,746,277 5,746,277
    TRUIST FINANCIAL CORP 3,167,933 3,167,933
    TRUWORTHS INTERNATIONAL LTD 15,945,057 15,945,057
    TSUBAKIMOTO CHAIN CO 9,701,099 9,701,099
    TUI AG DI 2,664,030 2,664,030
    TURKCELL ILETISIM HIZMET AS 26,662,417 26,662,417
    TV ASAHI HOLDINGS CORP 17,207,613 17,207,613
    TWITTER INC 14,751,543 14,751,543
    UBS GROUP AG REG 704,680 704,680
    UNICHARM CORP 41,180,078 41,180,078
    UNICREDIT SPA 3,916,922 3,916,922
    UNILEVER PLC 8,830,636 8,830,636
    UNIPRES CORP 4,509,661 4,509,661
    UNITED PARCEL SERVICE CL B 764,261,340 764,261,340
    UNITEDHEALTH GROUP INC 2,211,037 2,211,037
    UTILICO EMERGING MARKETS TRUST 14,721,318 14,721,318
    VANGUARD FTSE ALL WORLD EX US 1,124,889 1,124,889
    VANGUARD FTSE EUROPE ETF 2,986,639 2,986,639
    VANGUARD INTERMEDIATE TERM COR 485,700 485,700
    VANGUARD MORTGAGE BACKED SECUR 3,548,722 3,548,722
    VANGUARD TOTAL BOND MARKET ETF 4,703,085 4,703,085
    VESTAS WIND SYSTEMS A/S 20,230,139 20,230,139
    VICAT 601,098 601,098
    VIETNAM DAIRY PRODUCTS JSC 4,228,977 4,228,977
    VIETNAM ENTERPRISE INVESTMENTS 214,344,474 214,344,474
    VIETNAM HOLDING LTD 1,408,595 1,408,595
    VIETTEL POST JSC 3,364,170 3,364,170
    VINACAPITAL VIETNAM OPPORTUNIT 46,358,832 46,358,832
    VISA INC CLASS A SHARES 3,062,220 3,062,220
    VISCOFAN SA 3,332,022 3,332,022
    VOLKSWAGEN AG PREF 4,307,253 4,307,253
    VOYA ASIA PACIFIC HIGH DIVIDEN 4,735,997 4,735,997
    VOYA GLOBAL EQUITY DIVIDEND AN 1,049,956 1,049,956
    WALMART DE MEXICO SAB DE CV 50,175,083 50,175,083
    WALMART INC 1,673,913,045 1,673,913,045
    WALT DISNEY CO/THE 3,043,824 3,043,824
    WANHUA CHEMICAL GROUP CO A 80,202,679 80,202,679
    WANT WANT CHINA HOLDINGS LTD 23,961,412 23,961,412
    WARTSILA OYJ ABP 1,583,303 1,583,303
    WASTE MANAGEMENT INC 2,197,468,939 2,197,468,939
    WEICHAI POWER CO LTD A 41,081,332 41,081,332
    WEISS KOREA OPPORTUNITY FUND L 14,741,951 14,741,951
    WESTERN ASSET EMERGING MARKETS 156,709 156,709
    WESTERN ASSET GLOBAL CORPORATE 1,738,215 1,738,215
    WESTERN ASSET HIGH YIELD DEFIN 1,607,550 1,607,550
    WESTERN ASSET INTERMEDIATE MUN 68,080 68,080
    WH GROUP LTD 6,279,655 6,279,655
    WH SMITH PLC 3,801,173 3,801,173
    WIENERBERGER AG 4,075,313 4,075,313
    WITAN INVESTMENT TRUST PLC 2,221,135 2,221,135
    WPP PLC 3,958,751 3,958,751
    WULIANGYE YIBIN CO LTD A 28,833,520 28,833,520
    YAKULT HONSHA CO LTD 2,392,368 2,392,368
    YAMATO KOGYO CO LTD 16,010,461 16,010,461
    YIHAI INTERNATIONAL HOLDING 40,029,792 40,029,792
    YODOGAWA STEEL WORKS LTD 6,326,408 6,326,408
    YOKOGAWA ELECTRIC CORP 19,681,556 19,681,556
    YUNNAN ENERGY NEW MATERIAL A 82,072,253 82,072,253
    YUSHIN PRECISION EQUIPMENT 4,636,946 4,636,946
    ZENKOKU HOSHO CO LTD 14,251,199 14,251,199
    ZEON CORP 22,920,238 22,920,238
    ZHEJIANG SATELLITE PETROCH A 37,027,578 37,027,578
    ZHONGSHENG GROUP HOLDINGS 92,275,128 92,275,128
    ZOOMLION HEAVY INDUSTRY S A 54,549,289 54,549,289
    ZOOPLUS AG 920,579 920,579
    ZOZO INC 41,521,703 41,521,703

    TY 2020 InvestmentsGovtObligationsSch
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    US Government Securities - End of Year Book Value:

    6,180,952,834
    US Government Securities - End of Year Fair Market Value:

    6,180,952,834
    State & Local Government Securities - End of Year Book Value:


    21,819,387
    State & Local Government Securities - End of Year Fair Market Value:


    21,819,387


    TY 2020 InvestmentsOtherSchedule2
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    1011778 BC UNLIMITED LBLTY CO FMV 2,780,336 2,780,336
    522 FUNDING CLO LTD FMV 247,516 247,516
    90DAY EUR FUTR JUN21 FMV 109,229 109,229
    90DAY EUR FUTR DEC21 FMV 152,578 152,578
    90DAY EUR FUTR MAR21 FMV 41,991 41,991
    AAMES MORTGAGE INVESTMENT TRUS FMV 1,726,153 1,726,153
    ABU DHABI GOVT INT L FMV 4,946,099 4,946,099
    ACADEMY LTD FMV 338,385 338,385
    ACCESS GROUP INC FMV 1,285,330 1,285,330
    ACE SECURITIES CORP. FMV 2,191,248 2,191,248
    ADEVINTA ASA FMV 1,285,614 1,285,614
    ADJUSTABLE RATE MORTGAGE TRUST FMV 3,558,946 3,558,946
    AEGIS ASSET BACKED SECURITIES FMV 1,248,404 1,248,404
    AFFIDEA BV FMV 972,419 972,419
    AGL CLO 1 LTD. FMV 611,477 611,477
    AGL CLO 6 LTD FMV 733,121 733,121
    AI ALPINE AT BIDCO FMV 590,620 590,620
    ALBEA BEAUTY HOLDINGS S.A FMV 308,966 308,966
    ALISON BIDCO S A R L FMV 1,779,004 1,779,004
    ALISON BIDCO SARL FMV 367,892 367,892
    ALLEN MEDIA LLC FMV 1,243,574 1,243,574
    ALLIED UNIVERSAL HOLDCO LLC FMV 1,628,190 1,628,190
    ALLNEX LUXEMBOURG + CY S.C.A. FMV 2,849,324 2,849,324
    ALMONDE INC FMV 4,184,267 4,184,267
    ALPHA GROUP SARL FMV 2,378,878 2,378,878
    ALTICE FRANCE SA FMV 592,093 592,093
    AMC ENTMT INC SYNDICATED LNS FMV 317,452 317,452
    AMENTUM GOVERNMENT SRVCS HLDGS FMV 150,750 150,750
    AMENTUM GOVT SERVI HOLDGS LLC FMV 496,877 496,877
    AMER AIRLN 13 1 A PASS T FMV 3,430,997 3,430,997
    AMER SPORTS OYJ FMV 2,619,137 2,619,137
    AMERICAN AIRLS INC FMV 1 1
    AMERICAN EXPRESS CREDIT ACCOUN FMV 7,378,335 7,378,335
    AMERICAN HOME MORTGAGE ASSETS FMV 6,402,904 6,402,904
    AMERICAN HOME MORTGAGE INVESTM FMV 282,420 282,420
    AMERICAN HOMES 4 RENT FMV 711,987 711,987
    AMERICAN MONEY MANAGEMENT CORP FMV 1,221,887 1,221,887
    AMERICREDIT AUTOMOBILE RECEIVA FMV 3,449,474 3,449,474
    AMERIQUEST MORTGAGE SECURITIES FMV 9,106,916 9,106,916
    AMMERAAL BELTECH HOLDING B.V. FMV 3,003,693 3,003,693
    AMORTIZING RESIDENTIAL COLLATE FMV 9,632 9,632
    AMPHORA FINANCE LIMITED FMV 2,528,856 2,528,856
    AMSR TRUST FMV 1,449,172 1,449,172
    AMWINS GROUP INC FMV 19,855 19,855
    APCOA PARKING HOLDINGS GMBH FMV 1,256,708 1,256,708
    APEX CREDIT CLO LLC FMV 891,603 891,603
    API GROUP DE INC FMV 631,224 631,224
    APOLLO COML REAL ESTATE FIN IN FMV 679,874 679,874
    APPLEBEES/IHOP FUNDING LLC FMV 3,640,261 3,640,261
    ARES CLO LTD FMV 911,359 911,359
    ARI FLEET LEASE TRUST FMV 1,177,498 1,177,498
    ARMOR MCP FMV 6,470,125 6,470,125
    ASP TPI HLDGS INC FMV 477,832 477,832
    ASPLUNDH TREE EXPERT LLC FMV 249,844 249,844
    ASSET BACKED FUNDING CERTIFICA FMV 5,500,942 5,500,942
    ASSET BACKED SECURITIES CORP H FMV 2,346,382 2,346,382
    ASURION LLC FMV 4,207,916 4,207,916
    ATHENAHEALTH INC FMV 1,719,154 1,719,154
    AURIS LUXEMBOURG III SARL FMV 8,314,756 8,314,756
    AUST 10Y BOND FUT MAR21 FMV 244,216 244,216
    AVAYA INC FMV 1,217,105 1,217,105
    AVERY POINT CLO LTD FMV 1,216,718 1,216,718
    AVERYS FMV 691,424 691,424
    AVIS BUDGET RENTAL CAR FUNDING FMV 28,769,258 28,769,258
    AVOLON TLB BORROWER 1 US LLC FMV 880,000 880,000
    AVS HOLDING GMBH FMV 1 1
    AZELIS FINANCE SA FMV 1,697,707 1,697,707
    BAHIA DE LAS ISLETAS SL FMV 756,552 756,552
    BANC OF AMERICA ALTERNATIVE LO FMV 4,228,316 4,228,316
    BANC OF AMERICA COMMERCIAL MOR FMV 2,780,395 2,780,395
    BANC OF AMERICA FUNDING CORPOR FMV 26,064,682 26,064,682
    BANC OF AMERICA MORTGAGE SECUR FMV 1,426,128 1,426,128
    BANFF MERGER SUB INC FMV 3,353,973 3,353,973
    BANIJAY ENTERTAINMENT SAS FMV 1,217,738 1,217,738
    BANK FMV 555,896 555,896
    BANNISTER HOLDGINGS LLC FMV 16,193 16,193
    BAYVIEW COMMERCIAL ASSET TRUST FMV 17,468,903 17,468,903
    BAYVIEW FINANCIAL ACQUISITION FMV 5,032,289 5,032,289
    BBCCRE TRUST FMV 1,656,752 1,656,752
    BCA MARKETPLACE PLC FMV 6,722,452 6,722,452
    BCAP LLC TRUST FMV 2,938,456 2,938,456
    BCC FUNDING CORP FMV 1,112,731 1,112,731
    BEAR STEARNS ADJUSTABLE RATE M FMV 1,088,268 1,088,268
    BEAR STEARNS ALT A TRUST FMV 4,403,125 4,403,125
    BEAR STEARNS ASSET BACKED SECU FMV 1,803,638 1,803,638
    BEAR STEARNS ASSET BACKED SECU FMV 8,861,456 8,861,456
    BEAR STEARNS COMMERCIAL MORTGA FMV 11,618,749 11,618,749
    BEAR STEARNS MORTGAGE FUNDING FMV 1,713,394 1,713,394
    BEAR STEARNS STRUCTURED PRODUC FMV 2,779 2,779
    BEAVER VISITEC INT INC FMV 1,680,132 1,680,132
    BELLA VISTA MORTGAGE TRUST FMV 97,619 97,619
    BENEFIT STREET PARTNERS CLO LT FMV 522,679 522,679
    BERRY GLOBAL INC FMV 337,378 337,378
    BETEILIGUNGSGESELLSCHAFT S.A.R FMV 960,183 960,183
    BFLD TRUST FMV 1,291,682 1,291,682
    BHMS MORTGAGE TRUST FMV 1,987,849 1,987,849
    BJS WHOLESALE CLUB INC FMV 110,255 110,255
    BLUEMOUNTAIN CLO LTD FMV 241,324 241,324
    BNG BANK NV FMV 4,832,982 4,832,982
    BOLUDA CORPORACION MARITIMA SL FMV 2,312,145 2,312,145
    BONCER FMV 128,946 128,946
    BONOS DE TESORERIA FMV 6,330,442 6,330,442
    BONOS Y OBLIG DEL ESTADO FMV 4,670,909 4,670,909
    BOUGHT AUD/SOLD USD FMV 136,261 136,261
    BOUGHT CAD/SOLD USD FMV 357,178 357,178
    BOUGHT CHF/SOLD USD FMV 64,433 64,433
    BOUGHT COP/SOLD USD FMV 858,352 858,352
    BOUGHT GBP/SOLD USD FMV 476,731 476,731
    BOUGHT IDR/SOLD USD FMV 265,654 265,654
    BOUGHT INR/SOLD USD FMV 62,199 62,199
    BOUGHT JPY/SOLD USD FMV 216,497 216,497
    BOUGHT KRW/SOLD USD FMV 149,612 149,612
    BOUGHT MXN/SOLD USD FMV 112,042,133 112,042,133
    BOUGHT NOK/SOLD USD FMV 16,566,710 16,566,710
    BOUGHT NZD/SOLD USD FMV 69,534 69,534
    BOUGHT SEK/SOLD USD FMV 20,964,017 20,964,017
    BOUGHT THB/SOLD USD FMV 12,725 12,725
    BOUGHT USD/SOLD BRL FMV 2,113,492 2,113,492
    BOUGHT USD/SOLD PEN FMV 133,365 133,365
    BOUGHT ZAR/SOLD USD FMV 284,722 284,722
    BOWMAN PARK CLO LTD FMV 79,335 79,335
    BRICKMAN GROUP LTD FMV 668,828 668,828
    BRIDGEWATER PURE ALPHA LEAD FMV 81,131,550 81,131,550
    BRISTOL PARK CLO, LTD. FMV 500,070 500,070
    BROOKFIELD WEC HOLDINGS INC FMV 481,828 481,828
    BX COMMERCIAL MORTGAGE TRUST 2 FMV 1,432,308 1,432,308
    BX TRUST FMV 9,875,341 9,875,341
    CAESARS RESORT COLLECTION LLC FMV 2,440,354 2,440,354
    CALIFORNIA REPUBLIC AUTO RECEI FMV 1,237,103 1,237,103
    CAMB COMMERCIAL MORTGAGE TRUST FMV 1,242,549 1,242,549
    CANADA HOUSING TRUST FMV 520,459,536 520,459,536
    CANADA T BILL FMV 251,162,323 251,162,323
    CANADIAN GOVERNMENT FMV 12,685,242 12,685,242
    CANO HEALTH LLC FMV 298,875 298,875
    CAPITAL ONE MULTI ASSET EXECUT FMV 2,029,120 2,029,120
    CARLYLE GLOBAL MARKET STRATEGI FMV 465,929 465,929
    CARNIVAL CORPORATION FMV 4,603,336 4,603,336
    CARRINGTON MORTGAGE LOAN TRUST FMV 17,695,404 17,695,404
    CASINO GUICHARD PERRACHON SA FMV 790,583 790,583
    CASPER BIDCO SAS FMV 1,358,933 1,358,933
    CATSKILL PARK CLO, LTD. FMV 1,148,495 1,148,495
    CBS COMMERCIAL SMALL BALANCE C FMV 203,592 203,592
    CCP LUX HOLDING S.A. R.L. FMV 1,636,710 1,636,710
    CD COMMERCIAL MORTGAGE TRUST FMV 881,395 881,395
    CDS USD FMV 13,861,019 13,861,019
    CEDAR FUNDING LTD FMV 248,977 248,977
    CENT CLO LP FMV 2,191,460 2,191,460
    CENTEX HOME EQUITY FMV 686,400 686,400
    CEP IV INVESTMENT 16 S.A.R.L. FMV 1,967,351 1,967,351
    CERBA HEALTHCARE SAS FMV 2,404,276 2,404,276
    CERBERUS FMV 381,045 381,045
    CF HIPPOLYTA ISSUER LLC FMV 525,930 525,930
    CFCRE COMMERCIAL MORTGAGE TRUS FMV 957,711 957,711
    CFK TRUST FMV 2,229,755 2,229,755
    CHANGE HEALTHCARE HLDGS INC FMV 1,369,833 1,369,833
    CHARTER COMMUNICATIONS OPERATI FMV 2,027,967 2,027,967
    CHASE FUNDING LOAN ACQUISITION FMV 6,815,478 6,815,478
    CHEVY CHASE MORTGAGE FUNDING C FMV 361,713 361,713
    CHINA GOVERNMENT BOND FMV 298,209,912 298,209,912
    CHINA TREASURY BILL FMV 517,969,543 517,969,543
    CIM TRUST FMV 758,075 758,075
    CIT GROUP HOME EQUITY LOAN TRU FMV 10,718 10,718
    CITADEL SECURITIES LP FMV 1,575,398 1,575,398
    CITICORP RESIDENTIAL MORTGAGE FMV 8,066,285 8,066,285
    CITIGROUP COMMERCIAL MORTGAGE FMV 3,406,206 3,406,206
    CITIGROUP MORTGAGE LOAN TRUST FMV 4,500,632 4,500,632
    CITIGROUP MORTGAGE LOAN TRUST FMV 3,604,481 3,604,481
    CITIMORTGAGE ALTERNATIVE LOAN FMV 188,990 188,990
    CITYCENTER HLDGS LLC FMV 115,929 115,929
    COACH AMERICA HOLDINGS INC. FMV 1 1
    COLOUROZ INVESTMENT 1 GMBH FMV 1,382,541 1,382,541
    COLOUROZ INVESTMENT 2 LLC FMV 454,101 454,101
    COMM MORTGAGE TRUST FMV 11,037,272 11,037,272
    COMPASS IV LIMITED FMV 3,920,294 3,920,294
    CONSECO FINANCE SECURITIZATION FMV 161,888 161,888
    CONSECO FINANCIAL CORP FMV 317,833 317,833
    CONTIMORTGAGE HOME EQUITY LOAN FMV 314,965 314,965
    COOK PARK CLO, LTD FMV 234,403 234,403
    COTY INC FMV 2,823,862 2,823,862
    COUNTRYWIDE ALTERNATIVE LOAN T FMV 37,389,064 37,389,064
    COUNTRYWIDE ASSET BACKED CERTI FMV 11,124,799 11,124,799
    COUNTRYWIDE HOME EQUITY LOAN T FMV 972,340 972,340
    COUNTRYWIDE HOME LOANS FMV 9,030,956 9,030,956
    COVENTRY REAL ESTATE FUND LP FMV 69 69
    CREDIT BASED ASSET SERVICING A FMV 11,634,377 11,634,377
    CREDIT SUISSE COMMERCIAL MORTG FMV 1,470,315 1,470,315
    CREDIT SUISSE FIRST BOSTON MOR FMV 150,614 150,614
    CREDIT SUISSE MORTGAGE TRUST FMV 9,658,194 9,658,194
    CROWN FIN US INC FMV 2,105,233 2,105,233
    CROWN FINANCE US INC FMV 656,395 656,395
    CSAB MORTGAGE BACKED TRUST FMV 1,985,527 1,985,527
    CSAIL COMMERCIAL MORTGAGE TRUS FMV 807,905 807,905
    CSC HOLDINGS, LLC FMV 275,004 275,004
    CSMC 2019 RIO FMV 2,244,139 2,244,139
    CTC ACQUICO GMBH FMV 2,964,317 2,964,317
    CUMBERLAND PARK CLO LTD FMV 962,327 962,327
    CURIUM BIDCO SARL FMV 1,995,000 1,995,000
    CWGS GROUP LLC FMV 746,785 746,785
    DB MASTER FINANCE LLC FMV 1,823,936 1,823,936
    DCERT BUYER INC FMV 594,118 594,118
    DEERFIELD DAKOTA HOLDING LLC FMV 1,253,901 1,253,901
    DELL INTERNATIONAL LLC FMV 1,385,063 1,385,063
    DELTA 2 ( LUX ) SARL FMV 3,521,430 3,521,430
    DELTA AIR LINES INC FMV 1,473,678 1,473,678
    DEOLEO FINANCIAL LIMITED FMV 469,043 469,043
    DEUTSCHE ALT A SECURITIES INC FMV 1,739,861 1,739,861
    DEUTSCHE ALT A SECURITIES NIM FMV 2 2
    DEUTSCHE BANK COMMERCIAL MORTG FMV 5,150,839 5,150,839
    DEUTSCHE FINANCIAL CAPITAL SEC FMV 3,595,684 3,595,684
    DEUTSCHE MORTGAGE SECURITIES, FMV 436,970 436,970
    DEUTSCHLAND I/L BOND FMV 5,611,512 5,611,512
    DEXKO GLOBAL INC FMV 1,685,579 1,685,579
    DIAMOND (BC) B V FMV 3,678,839 3,678,839
    DISCOVER CARD EXECUTION NOTE T FMV 12,339,114 12,339,114
    DIVIDEND SOLAR LOANS LLC FMV 1,699,873 1,699,873
    DLG ACQUISITIONS LIMITED FMV 1,875,167 1,875,167
    DOMINOS PIZZA MASTER ISSUER LL FMV 527,226 527,226
    DONCASTERS FINANCE US LLC FMV 860,099 860,099
    DORNA SPORTS S.L. FMV 4,760,344 4,760,344
    DRIVE AUTO RECEIVABLES TRUST FMV 4,170,122 4,170,122
    DRYDEN SENIOR LOAN FUND FMV 1,129,957 1,129,957
    DSLA MORTGAGE LOAN TRUST FMV 488,670 488,670
    DT AUTO OWNER TRUST FMV 3,022,661 3,022,661
    EDELMAN FINL CTR LLC FMV 1,112,362 1,112,362
    EG GROUP LIMITED FMV 1,632,519 1,632,519
    ELEMENT MATERIALS TECH GROUP FMV 1,323,808 1,323,808
    ELLINGTON LOAN ACQUISITION TRU FMV 2,976,491 2,976,491
    ELYSIUM HEALTHCARE HOLD 3 LTD FMV 2,814,601 2,814,601
    EMC MORTGAGE LOAN TRUST FMV 1,199,595 1,199,595
    ENTERCOM MEDIA CORP FMV 299,622 299,622
    EQUIFIRST LOAN SECURITIZATION FMV 2,034,867 2,034,867
    ERH1P99.6250 FMV 1,255,059 1,255,059
    EURO STOXX 50 MAR21 FMV 2,679,536 2,679,536
    EURO-BOBL FUTURE MAR21 FMV 495,556 495,556
    EURO-BTP FUTURE MAR21 FMV 4,222,648 4,222,648
    EUROPEAN CAMPING GROUP SAS FMV 1,703,144 1,703,144
    EURO-SCHATZ FUT MAR21 FMV 164,806 164,806
    EXC HLDGS III CORP FMV 584,520 584,520
    FANNIE MAE FMV 3,193,705 3,193,705
    FANNIE MAE CAS FMV 7,710,061 7,710,061
    FANNIEMAE ACES FMV 2,427,889 2,427,889
    FANNIEMAE STRIP FMV 23,250 23,250
    FED HM LN PC POOL C91981 FMV 566,238 566,238
    FED HM LN PC POOL E04124 FMV 382,894 382,894
    FED HM LN PC POOL G07921 FMV 2,249,505 2,249,505
    FED HM LN PC POOL G08784 FMV 1,709,163 1,709,163
    FED HM LN PC POOL G30615 FMV 173,479 173,479
    FED HM LN PC POOL G60596 FMV 1,289,087 1,289,087
    FED HM LN PC POOL G60722 FMV 2,191,059 2,191,059
    FED HM LN PC POOL G61374 FMV 427,380 427,380
    FED HM LN PC POOL G67713 FMV 123,434 123,434
    FED HM LN PC POOL G67721 FMV 285,857 285,857
    FED HM LN PC POOL J14240 FMV 97 97
    FED HM LN PC POOL Q22877 FMV 1,263,562 1,263,562
    FED HM LN PC POOL Q42019 FMV 2,689,793 2,689,793
    FED HM LN PC POOL Q50003 FMV 678,344 678,344
    FED HM LN PC POOL Q50962 FMV 502,698 502,698
    FED HM LN PC POOL Q56007 FMV 840,567 840,567
    FED HM LN PC POOL QA0127 FMV 1,712,351 1,712,351
    FED HM LN PC POOL QA2141 FMV 1,354,262 1,354,262
    FED HM LN PC POOL QA3570 FMV 4,234,268 4,234,268
    FED HM LN PC POOL QA4404 FMV 1,557,055 1,557,055
    FED HM LN PC POOL QA5485 FMV 1,691,878 1,691,878
    FED HM LN PC POOL QA5555 FMV 1,522,854 1,522,854
    FED HM LN PC POOL QA5557 FMV 2,208,280 2,208,280
    FED HM LN PC POOL QA5567 FMV 392,628 392,628
    FED HM LN PC POOL QA8518 FMV 358,234 358,234
    FED HM LN PC POOL QA8791 FMV 285,526 285,526
    FED HM LN PC POOL QA8958 FMV 2,003,317 2,003,317
    FED HM LN PC POOL QB2634 FMV 5,080,605 5,080,605
    FED HM LN PC POOL QB2668 FMV 3,511,895 3,511,895
    FED HM LN PC POOL QB3716 FMV 4,506,489 4,506,489
    FED HM LN PC POOL RA2141 FMV 476,464 476,464
    FED HM LN PC POOL RA2658 FMV 490,824 490,824
    FED HM LN PC POOL RA2895 FMV 3,989,622 3,989,622
    FED HM LN PC POOL RA2959 FMV 3,371,149 3,371,149
    FED HM LN PC POOL RA2970 FMV 2,586,654 2,586,654
    FED HM LN PC POOL RA3474 FMV 313,953 313,953
    FED HM LN PC POOL RB5015 FMV 1,402,493 1,402,493
    FED HM LN PC POOL RD5034 FMV 10,681,927 10,681,927
    FED HM LN PC POOL SD0247 FMV 165,502 165,502
    FED HM LN PC POOL SD0422 FMV 99,291 99,291
    FED HM LN PC POOL SD8082 FMV 2,883,309 2,883,309
    FED HM LN PC POOL SD8104 FMV 586,510 586,510
    FED HM LN PC POOL ZM2846 FMV 95,013 95,013
    FED HM LN PC POOL ZS4646 FMV 4,312,528 4,312,528
    FED HM LN PC POOL ZS4697 FMV 222,041 222,041
    FED HM LN PC POOL ZS4712 FMV 2,706,515 2,706,515
    FED HM LN PC POOL ZS8673 FMV 152,947 152,947
    FED HM LN PC POOL ZT0794 FMV 925,063 925,063
    FED HOME LN DISCOUNT NT FMV 749,964 749,964
    FED REPUBLIC OF BRAZIL FMV 3,394,898 3,394,898
    FEDERAL HOME LOAN BANK FMV 4,597,915 4,597,915
    FHLMC MULTIFAMILY STRUCTURED P FMV 1,942,681 1,942,681
    FINANCIAL RISK US HLDGS INC FMV 1,289,211 1,289,211
    FINANCIERE MENDEL SAS FMV 2,208,689 2,208,689
    FINANCIERE SUN S.A.S FMV 1,252,303 1,252,303
    FINASTRA USA, INC. FMV 3,083,004 3,083,004
    FINCO I LLC FMV 45,327 45,327
    FIRST ALLIANCE MORTGAGE LOAN T FMV 45,675 45,675
    FIRST EAGLE HOLDINGS INC FMV 990,483 990,483
    FIRST FRANKLIN MTG LOAN ASSET FMV 15,785,646 15,785,646
    FIRST HORIZON ALTERNATIVE MORT FMV 1,049,581 1,049,581
    FIRST HORIZON MORTGAGE PASS TH FMV 124,782 124,782
    FIRSTFED CORP MANUFACTURED HOU FMV 18,446 18,446
    FIRSTKEY HOMES 2020 SFR1 TRUST FMV 1,363,310 1,363,310
    FLAGSTAR MORTGAGE TRUST FMV 494,865 494,865
    FLINT GROUP GMBH FMV 2,481,704 2,481,704
    FLINT GROUP US LLC FMV 3,833,765 3,833,765
    FNMA POOL 100235 FMV 1 1
    FNMA POOL 387770 FMV 3,677,583 3,677,583
    FNMA POOL AL3471 FMV 2,297,763 2,297,763
    FNMA POOL AL3673 FMV 242,833 242,833
    FNMA POOL AL6598 FMV 1,985,853 1,985,853
    FNMA POOL AL7047 FMV 3,946,514 3,946,514
    FNMA POOL AL7501 FMV 5,551,351 5,551,351
    FNMA POOL AL9546 FMV 46,027 46,027
    FNMA POOL AM8674 FMV 86,784 86,784
    FNMA POOL AN5796 FMV 3,008,237 3,008,237
    FNMA POOL AR4792 FMV 38,310 38,310
    FNMA POOL AS0044 FMV 3,203,010 3,203,010
    FNMA POOL AS0070 FMV 40,064 40,064
    FNMA POOL AS0645 FMV 1,631,150 1,631,150
    FNMA POOL AS6789 FMV 1,364,502 1,364,502
    FNMA POOL AS7372 FMV 1,744,947 1,744,947
    FNMA POOL AS9588 FMV 450,992 450,992
    FNMA POOL AT1929 FMV 102,129 102,129
    FNMA POOL AT2016 FMV 3,104,419 3,104,419
    FNMA POOL AT2032 FMV 387,848 387,848
    FNMA POOL AT7420 FMV 71,185 71,185
    FNMA POOL AT7427 FMV 55,331 55,331
    FNMA POOL AU8600 FMV 100,816 100,816
    FNMA POOL AY6181 FMV 193,303 193,303
    FNMA POOL AZ2953 FMV 2,531,435 2,531,435
    FNMA POOL BC0791 FMV 1,685,570 1,685,570
    FNMA POOL BC1747 FMV 1,959,313 1,959,313
    FNMA POOL BC9468 FMV 2,116,540 2,116,540
    FNMA POOL BE2369 FMV 2,842,538 2,842,538
    FNMA POOL BF0104 FMV 263,079 263,079
    FNMA POOL BF0183 FMV 146,668 146,668
    FNMA POOL BF0301 FMV 80,275 80,275
    FNMA POOL BH4519 FMV 120,320 120,320
    FNMA POOL BJ0258 FMV 255,816 255,816
    FNMA POOL BJ2763 FMV 41,095 41,095
    FNMA POOL BJ4604 FMV 2,010,102 2,010,102
    FNMA POOL BJ6133 FMV 59,432 59,432
    FNMA POOL BK7700 FMV 738,280 738,280
    FNMA POOL BM1948 FMV 251,903 251,903
    FNMA POOL BM4781 FMV 131,725 131,725
    FNMA POOL BM4801 FMV 2,420,771 2,420,771
    FNMA POOL BM4951 FMV 839,964 839,964
    FNMA POOL BM5024 FMV 4,139,822 4,139,822
    FNMA POOL BM5507 FMV 1,427,022 1,427,022
    FNMA POOL BN2509 FMV 328,672 328,672
    FNMA POOL BN6691 FMV 743,089 743,089
    FNMA POOL BO0329 FMV 1,777,344 1,777,344
    FNMA POOL BO2110 FMV 1,905,932 1,905,932
    FNMA POOL BO2200 FMV 1,136,284 1,136,284
    FNMA POOL BP1423 FMV 1,628,517 1,628,517
    FNMA POOL BP7009 FMV 309,401 309,401
    FNMA POOL BP8593 FMV 1,836,074 1,836,074
    FNMA POOL BQ1327 FMV 2,252,513 2,252,513
    FNMA POOL CA1053 FMV 474,810 474,810
    FNMA POOL CA1565 FMV 97,292 97,292
    FNMA POOL CA2047 FMV 241,838 241,838
    FNMA POOL CA2471 FMV 405,011 405,011
    FNMA POOL CA2482 FMV 311,591 311,591
    FNMA POOL CA3055 FMV 50,234 50,234
    FNMA POOL CA3842 FMV 64,130 64,130
    FNMA POOL CA4033 FMV 65,442 65,442
    FNMA POOL CA4435 FMV 932,138 932,138
    FNMA POOL CA5164 FMV 818,265 818,265
    FNMA POOL CA5561 FMV 872,208 872,208
    FNMA POOL CA6053 FMV 1,100,069 1,100,069
    FNMA POOL CA6871 FMV 3,225,932 3,225,932
    FNMA POOL FM1219 FMV 1,316,107 1,316,107
    FNMA POOL FM1241 FMV 72,510 72,510
    FNMA POOL FM1458 FMV 61,926 61,926
    FNMA POOL FM1468 FMV 225,636 225,636
    FNMA POOL FM1727 FMV 1,962,765 1,962,765
    FNMA POOL FM1756 FMV 1,305,549 1,305,549
    FNMA POOL FM2158 FMV 166,271 166,271
    FNMA POOL FM2804 FMV 940,401 940,401
    FNMA POOL FM3023 FMV 76,842 76,842
    FNMA POOL FM3158 FMV 252,471 252,471
    FNMA POOL FM3542 FMV 84,514 84,514
    FNMA POOL FM3753 FMV 179,626 179,626
    FNMA POOL FM3957 FMV 485,353 485,353
    FNMA POOL FM4165 FMV 1,891,085 1,891,085
    FNMA POOL FM4281 FMV 1,550,959 1,550,959
    FNMA POOL FM4532 FMV 1,407,303 1,407,303
    FNMA POOL FM4795 FMV 4,509,385 4,509,385
    FNMA POOL FM4959 FMV 3,423,223 3,423,223
    FNMA POOL FM5265 FMV 2,342,796 2,342,796
    FNMA POOL MA1029 FMV 721,306 721,306
    FNMA POOL MA1200 FMV 979,434 979,434
    FNMA POOL MA1417 FMV 517,907 517,907
    FNMA POOL MA1547 FMV 46,504 46,504
    FNMA POOL MA2737 FMV 1,538,657 1,538,657
    FNMA POOL MA2866 FMV 1,212,763 1,212,763
    FNMA POOL MA3088 FMV 608,647 608,647
    FNMA POOL MA3149 FMV 443,786 443,786
    FNMA POOL MA4012 FMV 2,626,384 2,626,384
    FNMA POOL MA4031 FMV 77,829 77,829
    FNMA POOL MA4119 FMV 4,490,802 4,490,802
    FNMA POOL MA4126 FMV 28,853,094 28,853,094
    FNMA POOL MA4148 FMV 2,372,729 2,372,729
    FNMA POOL MA4210 FMV 3,469,060 3,469,060
    FNMA TBA 15 YR 1.5 FMV 7,938 7,938
    FNMA TBA 30 YR 2 FMV 14,537 14,537
    FNMA TBA 30 YR 2.5 FMV 7,046 7,046
    FOCUS FINANCIAL PARTNERS LLC FMV 1,873,618 1,873,618
    FORD CREDIT AUTO OWNER TRUST/F FMV 1,159,605 1,159,605
    FORD CREDIT FLOORPLAN MASTER O FMV 3,301,184 3,301,184
    FORTRESS CREDIT BSL LIMITED FMV 771,859 771,859
    FRAZIER HEALTHCARE V1 FMV 1,003,205 1,003,205
    FREDDIE MAC FMV 278,516 278,516
    FREDDIE MAC SCRT FMV 13,392,608 13,392,608
    FREDDIE MAC STACR FMV 8,007,810 8,007,810
    FREDDIEMAC STRIP FMV 16,976 16,976
    FREMF MORTGAGE TRUST FMV 410,310 410,310
    FRESB MULTIFAMILY MORTGAGE PAS FMV 2,173,178 2,173,178
    FRONERI INTERNATIONAL PLC FMV 1,190,707 1,190,707
    FTSE 100 IDX FUT MAR21 FMV 5,563,466 5,563,466
    FUGUE FINANCE B.V. FMV 4,882,930 4,882,930
    GAMMA INFRASTRUCTURE III B.V. FMV 1,202,138 1,202,138
    GARDA WORLD SECURITY CORPORATI FMV 412,239 412,239
    GCAT FMV 2,204,810 2,204,810
    GENESEE + WYOMING INC NEW FMV 1,726,296 1,726,296
    GFL ENVIRONMENTAL INC FMV 907,114 907,114
    GHD GESUNDHEITS GMBH DEUTCHLND FMV 606,422 606,422
    GLOBAL GARDEN PRODUCTS C SARL FMV 1,582,356 1,582,356
    GLOBAL GOOD FUND I FMV 1 1
    GLOBAL MEDICAL RESPONSE INC FMV 317,334 317,334
    GLOBAL TIMBER INV LTD FMV 1 1
    GLOBAL TIMBER INVESTORS 7 FMV 199,052 199,052
    GM FINANCIAL SECURITIZED TERM FMV 15,205,833 15,205,833
    GMAC COMMERCIAL MORTGAGE SECUR FMV 1,648 1,648
    GMAC MORTGAGE CORPORATION LOAN FMV 828,110 828,110
    GMAC MORTGAGE CORPORATION LOAN FMV 567,371 567,371
    GMRF MORTGAGE ACQUISITION CO., FMV 486,808 486,808
    GNMA II POOL 783298 FMV 95,024 95,024
    GNMA II POOL 784849 FMV 2,950,932 2,950,932
    GNMA II POOL 784905 FMV 1,082,206 1,082,206
    GNMA II POOL 892950 FMV 349,518 349,518
    GNMA II POOL 892951 FMV 308,538 308,538
    GNMA II POOL BC1919 FMV 1,625,030 1,625,030
    GNMA II POOL BS8546 FMV 323,452 323,452
    GNMA II POOL BT0810 FMV 1,973,388 1,973,388
    GNMA II POOL MA2961 FMV 3,598,358 3,598,358
    GNMA II POOL MA3035 FMV 1,851,191 1,851,191
    GNMA II POOL MA3104 FMV 7,263,377 7,263,377
    GNMA II POOL MA3375 FMV 154,435 154,435
    GNMA II POOL MA3376 FMV 3,116,176 3,116,176
    GNMA II POOL MA3735 FMV 1,968,258 1,968,258
    GNMA II POOL MA3873 FMV 3,067,804 3,067,804
    GNMA II POOL MA4261 FMV 148,801 148,801
    GNMA II POOL MA4381 FMV 49,700 49,700
    GNMA II POOL MA4720 FMV 1,824,608 1,824,608
    GNMA II POOL MA5192 FMV 1,804,172 1,804,172
    GNMA II POOL MA5193 FMV 1,138,834 1,138,834
    GNMA II POOL MA5529 FMV 224,360 224,360
    GNMA II POOL MA5530 FMV 1,301,338 1,301,338
    GNMA II POOL MA5712 FMV 265,306 265,306
    GNMA II POOL MA6409 FMV 2,061,118 2,061,118
    GNMA II POOL MA6656 FMV 6,340,709 6,340,709
    GNMA II POOL MA6932 FMV 1,258,377 1,258,377
    GNMA II TBA 30 YR 2 FMV 8,074 8,074
    GNMA II TBA 30 YR 2.5 FMV 7,500 7,500
    GNMA POOL 416602 FMV 89,763 89,763
    GNMA POOL 458371 FMV 1,349 1,349
    GNMA POOL 464846 FMV 1,236 1,236
    GNMA POOL 466087 FMV 3,653 3,653
    GNMA POOL 471947 FMV 16,405 16,405
    GNMA POOL 484261 FMV 4,034 4,034
    GNMA POOL 490627 FMV 7,120 7,120
    GNMA POOL 490736 FMV 5,318 5,318
    GNMA POOL 780873 FMV 2,432 2,432
    GNMA POOL AB2583 FMV 788,386 788,386
    GO DADDY OPER CO LLC FMV 69,433 69,433
    GOLD BARS CMDTY FMV 860,072,280 860,072,280
    GOLDEN NUGGET, INC. FMV 107,686 107,686
    GOLUB CAPITAL PARTNERS CLO LTD FMV 250,595 250,595
    GOVERNMENT NATIONAL MORTGAGE A FMV 21,938,636 21,938,636
    GREAT WOLF TRUST FMV 5,243,930 5,243,930
    GREEN TREE HOME IMPROVEMENT LO FMV 45 45
    GREENBRIAR CO INVESTMENT FMV 39,261,862 39,261,862
    GREENBRIAR COINVEST TP FMV 1 1
    GREENBRIAR EQUITY FUND III, LP FMV 147,433,483 147,433,483
    GREENBRIAR EQUITY FUND IV A FMV 149,298,009 149,298,009
    GREENBRIAR III A FMV 204,273,839 204,273,839
    GREENPOINT MORTGAGE FUNDING TR FMV 1,890,318 1,890,318
    GREYWOLF CLO LTD FMV 1,177,195 1,177,195
    GRIPPEN PARK CLO LTD FMV 1,000,136 1,000,136
    GRMT MORTGAGE LOAN TRUST FMV 28,617 28,617
    GS MORTGAGE BACKED SECURITIES FMV 2,466,730 2,466,730
    GS MORTGAGE SECURITIES CORP. FMV 17,493 17,493
    GS MORTGAGE SECURITIES TRUST FMV 6,464,546 6,464,546
    GSAA HOME EQUITY TRUST FMV 11,113,018 11,113,018
    GSAMP TRUST FMV 5,262,274 5,262,274
    GSMPS MORTGAGE LOAN TRUST FMV 661,893 661,893
    GSR MORTGAGE LOAN TRUST FMV 6,559,283 6,559,283
    GTI 8 INSTITUTIONAL INVESTORS FMV 114,367,700 114,367,700
    GTT COMMUNICATIONS INC FMV 1,086,594 1,086,594
    HALCYON LOAN ADVISORS FUNDING FMV 339,365 339,365
    HALSEYPOINT CLO 3, LTD. FMV 461,746 461,746
    HALSEYPOINT CLO I, LTD. FMV 505,361 505,361
    HARBOR FREIGHT TOOLS USA INC FMV 758,731 758,731
    HARBORVIEW MORTGAGE LOAN TRUST FMV 7,533,917 7,533,917
    HC GROUP HOLDINGS II INC FMV 592,764 592,764
    HCA INC FMV 74,924 74,924
    HELIOS SOFTWARE HOLDINGS INC FMV 2,304,286 2,304,286
    HERTZ VEHICLE FINANCING LLC FMV 7,701,330 7,701,330
    HILDENE COMMUNITY FUNDING CLO FMV 1,970,000 1,970,000
    HILDING ANDERS INTERNATIONAL A FMV 1,227,282 1,227,282
    HILTON WORLDWIDE FINANCE LLC FMV 1,093,822 1,093,822
    HNVR HOLDCO LIMITED FMV 2,176,181 2,176,181
    HOMAIR VACANCES FMV 334,904 334,904
    HOME EQUITY ASSET TRUST FMV 6,932,480 6,932,480
    HOMEBANC MORTGAGE TRUST FMV 109,868 109,868
    HONY CAPITAL FUND III FMV 2,682,996 2,682,996
    HOTELBEDS GROUP FMV 2,978,355 2,978,355
    HSI ASSET SECURITIZATION CORPO FMV 156,888 156,888
    IFCO MANAGEMENT GMBH FMV 2,437,703 2,437,703
    IHEARTCOMMUNICATIONS INC FMV 48,464 48,464
    IMAGINA MEDIA AUDIOVISUAL SL FMV 3,197,136 3,197,136
    IMM EUR FUT OPT MAR21P 99.8125 FMV 15,031 15,031
    IMM EUR FUT OPT MAR22P 99.625 FMV 38,238 38,238
    IMPAC CMB TRUST FMV 124,499 124,499
    IMPAC SECURED ASSETS CORP. FMV 103,532 103,532
    INDONESIA GOVERNMENT FMV 12,005,551 12,005,551
    INDYMAC IMSC MORTGAGE LOAN TRU FMV 3,798,835 3,798,835
    INDYMAC INDA MORTGAGE LOAN TRU FMV 4,390,813 4,390,813
    INEOS STYROLUTION GROUP GMBH FMV 2,675,906 2,675,906
    INFORMATICA LLC FMV 1,443,885 1,443,885
    INTERNATIONAL PARK HOLDINGS B. FMV 2,684,333 2,684,333
    INTRAWEST RESORTS HLDGS INC FMV 646,953 646,953
    ION TRADING TECHNOLOGIES SARL FMV 4,927,462 4,927,462
    IRIS BIDCO LIMITED FMV 950,482 950,482
    IRS MXN FMV 311,008 311,008
    IRS USD FMV 5,608,143 5,608,143
    JACKSON MILL CLO LTD FMV 1,498,897 1,498,897
    JAGUAR HLDG CO II FMV 1,044,757 1,044,757
    JAMESTOWN CLO LTD FMV 750,014 750,014
    JANE STREET GROUP LLC FMV 981,317 981,317
    JAPAN (20 YEAR ISSUE) FMV 698,337 698,337
    JAPAN GOVT CPI LINKED FMV 15,515,388 15,515,388
    JETBLUE AIRWAYS CORPORATION FMV 1,469,455 1,469,455
    JP MORGAN CHASE COMMERCIAL MOR FMV 23,068,165 23,068,165
    JP MORGAN MORTGAGE ACQUISITION FMV 4,164,334 4,164,334
    JP MORGAN MORTGAGE TRUST FMV 5,407,969 5,407,969
    JPMBB COMMERCIAL MORTGAGE SECU FMV 5,385,497 5,385,497
    JPN 10Y BOND(OSE) MAR21 FMV 295,650 295,650
    KIRK BEAUTY ONE GMBH FMV 2,394,257 2,394,257
    KKR FINANCIAL CLO LTD FMV 1,820,269 1,820,269
    KURAMO AFRICA COINV III LP FMV 5,710,472 5,710,472
    KURAMO AFRICA FUND II L.P. FMV 15,448,078 15,448,078
    KURAMO AFRICA FUND III LP FMV 2,138,931 2,138,931
    KURAMO AFRICA OPPORTUNITY OFFS FMV 15,110,826 15,110,826
    LAVENDER TRUST FMV 3,171,944 3,171,944
    LCM LTD PARTNERSHIP FMV 236,240 236,240
    LEGACY MORTGAGE ASSET TRUST FMV 2,142,981 2,142,981
    LEGACY MORTGAGE ASSET TRUST FMV 1,926,631 1,926,631
    LEHMAN BANKRUPTCY BLACKROCK FMV 1 1
    LEHMAN MORTGAGE TRUST FMV 230,900 230,900
    LEHMAN XS NET INTEREST MARGIN FMV 1 1
    LEHMAN XS TRUST FMV 5,675,748 5,675,748
    LERNEN BIDCO LIMITED FMV 5,103,044 5,103,044
    LEVEL 3 FINANCING INC FMV 705,784 705,784
    LINEAGE LOGISTICS FMV 214,080,000 214,080,000
    LONG BEACH MORTGAGE LOAN TRUST FMV 1,524,466 1,524,466
    LORCA FINCO PLC FMV 3,247,141 3,247,141
    LSF10 IMPALA INV S.A R.L. FMV 109,707 109,707
    LSF10 XL BIDCO SCA FMV 3,217,519 3,217,519
    LUMINENT MORTGAGE TRUST FMV 5,785,206 5,785,206
    MA FINANCECO., LLC FMV 2,074,145 2,074,145
    MAGNETITE CLO LTD FMV 1,540,157 1,540,157
    MALAYSIA GOVERNMENT FMV 14,002,941 14,002,941
    MARATHON CLO LTD FMV 479,291 479,291
    MASTR ADJUSTABLE RATE MORTGAGE FMV 8,021,515 8,021,515
    MASTR ALTERNATIVE LOANS TRUST FMV 3,893,905 3,893,905
    MASTR ASSET BACKED SECURITIES FMV 4,690,033 4,690,033
    MASTR REPERFORMING LOAN TRUST FMV 120,404 120,404
    MCAFEE LLC FMV 1,369,636 1,369,636
    MEDIQ N.V. FMV 1,758,150 1,758,150
    MELLON RESIDENTIAL FUNDING COR FMV 251,236 251,236
    MERRILL LYNCH MORTGAGE INVESTO FMV 9,767,500 9,767,500
    MERRILL LYNCH MORTGAGE INVESTO FMV 7,383,219 7,383,219
    MEX BONOS DESARR FIX RT FMV 36,683,751 36,683,751
    MICHAELS STORES INC FMV 893,962 893,962
    MISTER CAR WASH HLDNGS INC FMV 1,451,692 1,451,692
    MKS CLO LTD FMV 497,482 497,482
    ML CFC COMMERCIAL MORTGAGE TRU FMV 165,755 165,755
    MLCC MORTGAGE INVESTORS INC FMV 966,359 966,359
    MMAF EQUIPMENT FINANCE LLC FMV 1,919,800 1,919,800
    MONROE CAPITAL BSL CLO LTD FMV 298,542 298,542
    MORGAN STANLEY BAML TRUST FMV 3,565,848 3,565,848
    MORGAN STANLEY CAPITAL I TRUST FMV 45,201 45,201
    MORGAN STANLEY CAPITAL INC FMV 6,216,627 6,216,627
    MORGAN STANLEY MORTGAGE LOAN T FMV 1,503,013 1,503,013
    MORGAN STANLEY MORTGAGE LOAN T FMV 3,091 3,091
    MORGAN STANLEY REREMIC TRUST FMV 5,548,913 5,548,913
    MORTGAGEIT TRUST FMV 2,164,006 2,164,006
    MOTION FINCO SARL FMV 3,190,367 3,190,367
    MPH ACQUISITION HLDGS LLC FMV 832,972 832,972
    MRCD 2019 PRKC MORTGAGE TRUST FMV 3,166,855 3,166,855
    MSCG TRUST FMV 1,714,283 1,714,283
    NASSAU LTD FMV 360,066 360,066
    NATIONSTAR HOME EQUITY LOAN TR FMV 769,160 769,160
    NATIXIS COMMERCIAL MORTGAGE SE FMV 2,936,369 2,936,369
    NAVIENT STUDENT LOAN TRUST FMV 2,126,360 2,126,360
    NEUBERGER BERMAN CLO LTD FMV 553,621 553,621
    NEW CENTURY HOME EQUITY LOAN T FMV 12,525,776 12,525,776
    NEW RESIDENTIAL MORTGAGE LOAN FMV 11,967,592 11,967,592
    NEWARK BSL CLO 2 LTD. FMV 898,958 898,958
    NEXSTAR BROADCASTING INC FMV 1,710,018 1,710,018
    NEXTGEAR FLOORPLAN MASTER OWNE FMV 2,627,558 2,627,558
    NEXUS BUYER LLC FMV 278,323 278,323
    NISSAN AUTO RECEIVABLES OWNER FMV 1,238,547 1,238,547
    NOMURA ASSET ACCEPTANCE CORPOR FMV 1,703,476 1,703,476
    NOMURA HOME EQUITY LOAN INC FMV 6,404,551 6,404,551
    NOTA DO TESOURO NACIONAL FMV 2,626,253 2,626,253
    NOVACAP S.A. FMV 3,429,576 3,429,576
    OAK HILL CREDIT PARTNERS FMV 410,359 410,359
    OAK STREET INVESTMENT GRADE NE FMV 731,921 731,921
    OAKTREE CLO LTD FMV 773,715 773,715
    OAKWOOD MORTGAGE INVESTORS INC FMV 410,558 410,558
    OCEAN TRAILS CLO FMV 629,119 629,119
    OCEAN TRAILS CLO IX FMV 1,625,722 1,625,722
    OCP CLO LTD FMV 790,983 790,983
    OCTAGON INVESTMENT PARTNERS 45 FMV 900,856 900,856
    OHA LOAN FUNDING LTD FMV 520,628 520,628
    OPTION ONE MORTGAGE LOAN TRUST FMV 551,544 551,544
    ORBITER GROUP S.A R.L. FMV 3,584,671 3,584,671
    ORIGEN MANUFACTURED HOUSING FMV 755,986 755,986
    ORTHO CLINICAL DIAGNOSTICS SA FMV 1,254,053 1,254,053
    OWL ROCK CLO LTD FMV 869,996 869,996
    OWNIT MORTGAGE LOAN ASSET BACK FMV 2,578,376 2,578,376
    OZLM LTD FMV 237,960 237,960
    PANGAEA ONE FMV 1,060,930 1,060,930
    PARK PLACE SECURITIES INC FMV 4,522,822 4,522,822
    PARQUES REUNIDOS SAU FMV 3,041,776 3,041,776
    PARTY CITY HLDGS INC FMV 138,683 138,683
    PEER HOLDING B.V. FMV 1,627,874 1,627,874
    PET ACQUISITION MERGER SUB LLC FMV 1,533,750 1,533,750
    PETSMART INC FMV 89,746 89,746
    PHOENIX GUARANTOR INC FMV 858,039 858,039
    PHOENIX TRUST FMV 4,171,646 4,171,646
    PI LUX FINCO S.A R.L. FMV 3,032,874 3,032,874
    POPULAR ABS MORTGAGE PASS THRO FMV 4,751,119 4,751,119
    PRIME MORTGAGE TRUST FMV 66,079 66,079
    PRIME SECURITY SVCS BRWR LLC FMV 1,400,588 1,400,588
    PROGRESS RESIDENTIAL TRUST FMV 2,085,658 2,085,658
    PROVINCE OF QUEBEC FMV 5,844,512 5,844,512
    PROVINCIA DE BUENOS AIRE FMV 921,584 921,584
    RAAC SERIES FMV 26,187,265 26,187,265
    RACKSPACE HOSTING INC FMV 368,214 368,214
    RADNET MGMT INC FMV 149,550 149,550
    RBSGC MORTGAGE PASS THROUGH CE FMV 1,100,156 1,100,156
    REALOGY CORP FMV 136,645 136,645
    RECETTE CLO LLC FMV 252,732 252,732
    REGATTA VI FUNDING LTD. FMV 979,319 979,319
    REGIONALCARE HOSPITAL PARTNERS FMV 1,559,167 1,559,167
    RENAISSANCE HOME EQUITY LOAN T FMV 336,894 336,894
    REPUBLIC OF ARGENTINA FMV 2,915,844 2,915,844
    REPUBLIC OF COLOMBIA FMV 5,024,373 5,024,373
    REPUBLIC OF INDONESIA FMV 7,352,928 7,352,928
    REPUBLIC OF KENYA FMV 700,589 700,589
    REPUBLIC OF PANAMA FMV 4,499,661 4,499,661
    REPUBLIC OF PERU FMV 1,349,928 1,349,928
    REPUBLIC OF POLAND FMV 4,673,052 4,673,052
    REPUBLICA ORIENT URUGUAY FMV 2,599,671 2,599,671
    RESIDENTIAL ACCREDIT LOANS, IN FMV 11,239,939 11,239,939
    RESIDENTIAL ASSET MORTGAGE PRO FMV 1,463,584 1,463,584
    RESIDENTIAL ASSET MORTGAGE PRO FMV 327,848 327,848
    RESIDENTIAL ASSET SECURITIES C FMV 6,452,558 6,452,558
    RESIDENTIAL ASSET SECURITIZATI FMV 32,343 32,343
    RESIDENTIAL FUNDING MORTGAGE S FMV 1,380,960 1,380,960
    RESIDENTIAL FUNDING MTG SEC I FMV 1,835,205 1,835,205
    RESIDENTIAL FUNDING SECURITIES FMV 180,118 180,118
    REYNOLDS CONSUMER PRODUCTS LLC FMV 488,899 488,899
    REYNOLDS GROUP HLDGS INC FMV 21,767 21,767
    RICHMOND UK BIDCO LIMITED FMV 4,286,109 4,286,109
    RODENSTOCK GMBH FMV 3,111,258 3,111,258
    ROY BIDCO APS FMV 3,391,680 3,391,680
    SABEY DATA CENTER ISSUER LLC FMV 523,024 523,024
    SACO I TRUST FMV 565,551 565,551
    SANTANDER DRIVE AUTO RECEIVABL FMV 2,398,974 2,398,974
    SANTANDER REVOLVING AUTO LOAN FMV 3,455,037 3,455,037
    SARANAC CLO LTD FMV 846,343 846,343
    SASCO NET INTEREST MARGIN TRUS FMV 1,126,977 1,126,977
    SAUDI INTERNATIONAL BOND FMV 314,040 314,040
    SAXON ASSET SECURITIES TRUST FMV 11,254,478 11,254,478
    SCIENTIFIC GAMES INTL INC FMV 2,131,456 2,131,456
    SECURITIZED ASSET BACKED RECEI FMV 733,480 733,480
    SEDGWICK CLAIMS MGMT SVCS INC FMV 582,324 582,324
    SEQUOIA MORTGAGE TRUST FMV 3,763,230 3,763,230
    SGB SMIT MANAGEMENT GMBH FMV 1,555,373 1,555,373
    SIGULER GUFF BSS II LP FMV 12,516,896 12,516,896
    SILK BIDCO AS FMV 1,755,659 1,755,659
    SILVER ROCK CLO LTD FMV 1,284,057 1,284,057
    SINGAPORE GOVERNMENT FMV 26,699,483 26,699,483
    SK SPICE S.A.R.L. FMV 820,084 820,084
    SKYMILES IP LTD. FMV 393,429 393,429
    SLM STUDENT LOAN TRUST FMV 2,466,360 2,466,360
    SMALL BUSINESS ADMINISTRATION FMV 10,199,712 10,199,712
    SMB PRIVATE EDUCATION LOAN TRU FMV 5,511,313 5,511,313
    SOCIAL PROFESSIONAL LOAN PROGR FMV 659,085 659,085
    SONIC CAPITAL LLC FMV 994,603 994,603
    SOTERA HEALTH HOLDINGS LLC FMV 1,251,119 1,251,119
    SOUND POINT CLO LTD FMV 250,034 250,034
    SOUNDVIEW HOME EQUITY LOAN TRU FMV 1,248,050 1,248,050
    SOUTHERN PACIFIC SECURED ASSET FMV 18,898 18,898
    SOUTHOLD PROPERTIES INC FMV 5,750 5,750
    SPECIALTY UNDERWRITING + RESID FMV 129,353 129,353
    SPRINGER NATURE DEUTSCHLAND GM FMV 4,584,211 4,584,211
    STACK INFRASTRUCTURE ISSUER LL FMV 1,389,144 1,389,144
    STARFRUIT FINCO B V FMV 1,608,508 1,608,508
    STARS GROUP HLDGS BV FMV 134,108 134,108
    STARWOOD RETAIL PROPERTY TRUST FMV 25,200 25,200
    STATE OF QATAR FMV 2,149,600 2,149,600
    STORE MASTER FUNDING LLC FMV 1,121,214 1,121,214
    STRUCTURED ADJUSTABLE RATE MOR FMV 4,043,952 4,043,952
    STRUCTURED ASSET INVESTMENT LO FMV 6,152,682 6,152,682
    STRUCTURED ASSET MORTGAGE INVE FMV 17,301,917 17,301,917
    STRUCTURED ASSET SECURITIES CO FMV 656,958 656,958
    STRUCTURED ASSET SECURITIES CO FMV 12,319,522 12,319,522
    SUMMIT MATERIALS LLC FMV 237,638 237,638
    SUNSHINE INVESTMENTS BV FMV 2,794,417 2,794,417
    SUNSHINE LUXEMBOURG VII SARL FMV 3,136,743 3,136,743
    SUNTRUST ADJUSTABLE RATE MORTG FMV 1,135,618 1,135,618
    SUNTRUST ALTERNATIVE LOAN TRUS FMV 1,230,369 1,230,369
    SW AIRLINES 07 1 TRUST FMV 317,913 317,913
    SYMPHONY CLO LTD FMV 1,311,696 1,311,696
    SYNLAB BONDCO PLC FMV 1,828,644 1,828,644
    TACKLE S.A.R.L FMV 3,667,850 3,667,850
    TBA WESTERN/LEHMAN RECEIVABLE FMV 1 1
    TCI FLATIRON CLO LTD FMV 3,120,005 3,120,005
    TCI SYMPHONY CLO FMV 733,852 733,852
    TDC AS FMV 2,430,533 2,430,533
    TECHEM VERWALSELLCHAFT 675 MBH FMV 2,474,888 2,474,888
    TECHNICOLOR SA FMV 3,593,063 3,593,063
    TEKNI PLEX INC FMV 2,591,469 2,591,469
    TELE COLUMBUS AG FMV 4,124,409 4,124,409
    TELENET INT FINANCE SARL FMV 1,464,780 1,464,780
    TERWIN MORTGAGE TRUST FMV 2,816,856 2,816,856
    THAYER PARK CLO, LTD. FMV 673,616 673,616
    THG OPERATIONS HOLDINGS LTD FMV 1,532,940 1,532,940
    THOM EUROPE S.A.S FMV 1,058,248 1,058,248
    THORNBURG MORTGAGE SECURITIES FMV 1,554,270 1,554,270
    TITULOS DE TESORERIA FMV 13,958,520 13,958,520
    TKC HLDGS INC FMV 1,563,398 1,563,398
    TMF GROUP HOLDING B.V. FMV 2,248,526 2,248,526
    TOWD POINT MORTGAGE TRUST FMV 413,058 413,058
    TOWER SQUARE CAPITAL FMV 236,359 236,359
    TOWER SQUARE CAPITAL III FMV 4,441,818 4,441,818
    TOYOTA AUTO LOAN EXTENDED NOTE FMV 3,055,082 3,055,082
    TOYOTA AUTO RECEIVABLES OWNER FMV 635,772 635,772
    TRALEE CDO LTD FMV 959,030 959,030
    TRANS UNION LLC FMV 1,571,852 1,571,852
    TRANSDIGM INC FMV 1,444,754 1,444,754
    TRICON AMERICAN HOMES FMV 764,055 764,055
    TRS CHF FMV 168,700,649 168,700,649
    TRS USD FMV 80,527,367 80,527,367
    TRS USD FMV 236,684,836 236,684,836
    TUNSTALL GROUP HOLDINGS LTD FMV 1,454,047 1,454,047
    U.S. RENAL CARE, INC. FMV 471,038 471,038
    UBS BARCLAYS COMMERCIAL MORTGA FMV 462,443 462,443
    UBS COMMERCIAL MORTGAGE TRUST FMV 2,660,498 2,660,498
    UCFC MANUFACTURED HOUSING CONT FMV 61,119 61,119
    UFC HOLDINGS, LLC FMV 1,782,771 1,782,771
    ULTIMATE SOFTWARE GROUP INC FMV 265,412 265,412
    UNILABS HOLDING AB FMV 2,657,731 2,657,731
    UNIT4 NV FMV 2,135,483 2,135,483
    UNITED MEXICAN STATES FMV 14,443,640 14,443,640
    UNIVISION COMMUNICATIONS INC FMV 972,296 972,296
    US 10YR FUT OPTN FEB21C FMV 184,829 184,829
    US 2YR FUTR OPTN MAR21P 110.1 FMV 74 74
    US 5YR FUTR OPTN MAR21C 128.5 FMV 2,063 2,063
    US FOODS INC FMV 1,212,789 1,212,789
    US LONG BOND(CBT) MAR21 FMV 2,222,012 2,222,012
    US ULTRA BOND CBT MAR21 FMV 17,909 17,909
    VACALIANS GROUP FMV 1,986,494 1,986,494
    VALEO F1 COMPANY LTD IRELAND FMV 795,307 795,307
    VANTAGE DATA CENTERS LLC FMV 1,247,795 1,247,795
    VENTURE CDO LTD FMV 2,299,598 2,299,598
    VERISURE HOLDING AB FMV 7,032,915 7,032,915
    VERITAS US INC. FMV 4,897,306 4,897,306
    VERIZON OWNER TRUST FMV 898,438 898,438
    VERSCEND HLDG CORP FMV 315,326 315,326
    VFH PARENT LLC FMV 519,296 519,296
    VICI PPTYS 1 LLC FMV 530,415 530,415
    VIETNAM AZALEA FUND LIMITED FMV 1 1
    VIRGIN MEDIA BRISTOL LLC FMV 1,584,090 1,584,090
    VIRGIN MEDIA INVT HLDGS LTD FMV 7,465,506 7,465,506
    VIRGIN MEDIA SFA FINANCE LIMIT FMV 1 1
    VNO MORTGAGE TRUST FMV 2,181,916 2,181,916
    VOYA CLO LTD FMV 2,660,074 2,660,074
    VUE INTERNATIONAL BIDCO PLC FMV 3,431,318 3,431,318
    WAMU ASSET BACKED CERTIFICATES FMV 4,650,549 4,650,549
    WAMU MORTGAGE PASS THROUGH CER FMV 26,408,513 26,408,513
    WASHINGTON MUTUAL MORTGAGE PAS FMV 14,693,134 14,693,134
    WASHINGTON MUTUAL MSC MORTGAGE FMV 223,173 223,173
    WATERFALL COMMERCIAL MORTGAGE FMV 293,788 293,788
    WEBSTER PARK CLO LTD FMV 492,718 492,718
    WELLFLEET CLO LTD FMV 1,025,505 1,025,505
    WELLS FARGO ALTERNATIVE LOAN T FMV 605,675 605,675
    WELLS FARGO COMMERCIAL MORTGAG FMV 9,044,485 9,044,485
    WELLS FARGO MORTGAGE BACKED SE FMV 84,960 84,960
    WENDYS FUNDING LLC FMV 471,348 471,348
    WESTERN DIGITAL CORP FMV 342,066 342,066
    WESTWOOD GLOBAL INVESTMENTS SM FMV 76,040,243 76,040,243
    WF RBS COMMERCIAL MORTGAGE TRU FMV 16,686,592 16,686,592
    WHATABRANDS LLC FMV 1,538,797 1,538,797
    WHEELS SPV LLC FMV 422,503 422,503
    WHITEBOX CLO I LTD FMV 934,715 934,715
    WHITEHORSE LTD FMV 570,483 570,483
    WORLD OMNI AUTO RECEIVABLES TR FMV 10,109,985 10,109,985
    WYNN RESORTS LIMITED FMV 1,678,359 1,678,359
    ZAIS CLO 13, LIMITED FMV 544,650 544,650
    ZAIS MATRIX CDO I FMV 550,550 550,550
    ZAXBYS OPERATING COMPANY LLC FMV 1,510,000 1,510,000
    ZIGGO B V FMV 2,343,469 2,343,469
    ZIGGO FINANCE PARTNERSHIP BV FMV 724,751 724,751

    TY 2020 OtherAssetsSchedule
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    TAXES RECEIVABLE - CURRENT 9,533,262 44,066,554 44,066,554


    TY 2020 OtherExpensesSchedule
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    IRC SECTION 988 NET CURRENCY LOSS 55,368,805 0   0
    FEES, LICENSES, & PERMITS 132 0   132
    PENALTIES 429 0   0


    TY 2020 OtherIncomeSchedule2
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    EQUITY PARTNERSHIP INVESTMENTS 0 -578,375,350 0
    INFLATION INDEX INCOME 1,097,997 1,097,997 1,097,997
    IRC SECTION 988 NET CURRENCY GAIN 0 61,316,632 0
    OTHER INCOME 660,388 660,388 660,388
    STATE TAX REFUNDS 6,438 0 6,438
    SWAP INCOME 10,764,993 10,764,993 10,764,993


    TY 2020 OtherIncreasesSchedule
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Description Amount
    UNREALIZED GAINS 4,355,372,626


    TY 2020 OtherLiabilitiesSchedule
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Description Beginning of Year - Book Value End of Year - Book Value
    BKR1NKSY0 WMT OTC 152.6515C 0 205,376
    BKR1NL3V1 JAN21WMTUSC 151.1451 0 142,601
    BKR1PJDH4 JAN21 US CALL 0 50,268
    BKR1PN8T5 JAN21 US CALL 0 31,169
    BKR1PNTN5 FDX US 316.5218 0 27,274
    BOUGHT BRL/SOLD USD 0 2,145,854
    BOUGHT HUF/SOLD USD 0 2,846
    BOUGHT PEN/SOLD USD 0 1,630
    BOUGHT USD/SOLD AUD 0 100,214
    BOUGHT USD/SOLD CAD 0 110,799
    BOUGHT USD/SOLD CHF 0 4,375,008
    BOUGHT USD/SOLD COP 0 634,728
    BOUGHT USD/SOLD EUR 0 15,667,536
    BOUGHT USD/SOLD GBP 0 205,188
    BOUGHT USD/SOLD HKD 0 7
    BOUGHT USD/SOLD IDR 0 94,075
    BOUGHT USD/SOLD JPY 0 337,215
    BOUGHT USD/SOLD KRW 0 338,379
    BOUGHT USD/SOLD MXN 0 37,028,075
    BOUGHT USD/SOLD NOK 0 26,085
    BOUGHT USD/SOLD NZD 0 1,633,591
    BOUGHT USD/SOLD SAR 0 3,091
    BOUGHT USD/SOLD SEK 0 69,099
    BOUGHT USD/SOLD SGD 0 561,841
    BOUGHT USD/SOLD THB 0 120,968
    DEFERRED EXCISE TAXES 161,464,146 221,948,379
    DJIA MINI E-CBOT MAR21 0 6,619,365
    ERH1P100.125 0 313,765
    EURO-BUND FUTURE MAR21 0 1,456,810
    EURO-BUXL 30Y BND MAR21 0 2,236,286
    EURO-OAT FUTURE MAR21 0 61,560
    IMM EUR FUT OPT MAR21P 99.625 0 3,006
    IMM EUR FUT OPT MAR22P 99.75 0 32,200
    INCOME PAYABLES 10,133,236 2,528,690
    IRS HUF 0 453,241
    LONG GILT FUTURE MAR21 0 675,081
    RXH1C186 0 76,426
    S+P500 EMINI FUT MAR21 0 31,837,798
    TOPIX INDX FUTR MAR21 0 54,049,587
    TRS CHF 0 174,961,615
    TRS USD 0 334,518,264
    TRS USD 0 147,416,128
    US 10YR FUT OPTN FEB21P 0 33,344
    US 10YR FUT OPTN MAR21C 0 77,047
    US 10YR FUT OPTN MAR21P 0 102,000
    US 10YR NOTE (CBT)MAR21 0 554,171
    US 10YR ULTRA FUT MAR21 0 6,299
    US 2YR NOTE (CBT) MAR21 0 893,341
    US 5YR NOTE (CBT) MAR21 0 2,975,438
    US BOND FUTR OPTN FEB21C 174 0 50,625
    US BOND FUTR OPTN FEB21C 180 0 17,813
    US BOND FUTR OPTN FEB21P 170 0 7,750
    US BOND FUTR OPTN MAR21C 179 0 121,500
    US BOND FUTR OPTN MAR21C 180 0 94,500


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT CUSTODIAN SERVICES 7,996,775 7,996,775   0
    INVESTMENT FEES AND OTHER PORTFOLIO EXPENSES 1,077,945 1,077,945   0
    INVESTMENT MANAGEMENT FEES 64,358,720 64,358,720   0
    OTHER INVESTMENT EXPENSES 762,000 762,000   0


    TY 2020 TaxesSchedule
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    DEFERRED EXCISE TAXES 60,484,233 0   0
    FOREIGN INCOME TAXES 22,691,941 22,691,941   0
    SECTION 4940 EXCISE TAXES 47,466,708 0   0
    STATE INCOME TAXES 736 10   0


    TY 2020 TransfersFrmControlledEntities
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Name US /
    Foreign Address    		 EIN Description Amount
    GREENBRIAR EQUITY FUND III AIV SK NV LP 555 THEODORE FREMD AVE STE A-201
    RYE,NY10580     		47-3805287 CASH DISTRIBUTION 0
    GREENBRIAR EQUITY FUND III AIV MM NV LP 555 THEODORE FREMD AVE STE A-201
    RYE,NY10580     		81-1112433 CASH DISTRIBUTION 0
    GREENBRIAR EQUITY FUND III-A LP 555 THEODORE FREMD AVE STE A-201
    RYE,NY10580     		46-1543216 CASH DISTRIBUTION 8,337,171
    Total     5,452,288

    TY 2020 TransfersToControlledEntities
    Name:
    BILL & MELINDA GATES FOUNDATION TRUST
    EIN:
    91-1663695
    Name US /
    Foreign Address    		 EIN Description Amount
    THE GLOBAL GOOD FUND I LLC 3150 139TH AVE SE
    BELLEVUE,WA98005     		27-2796838 SEC. 721 CAPITAL CONTRIBUTION OF CASH. 74,000,000
    GREENBRIAR EQUITY FUND III-A LP 555 THEODORE FREMD AVE STE A-201
    RYE,NY10580     		46-1543216 CASH CONTRIBUTION 8,337,171
    Total     82,337,171