13F filing recap · Q3 2003

What did Bill & Melinda Gates Foundation Trust buy in Q3 2003?

Reported stock-position changes between this filing and the previous one.

Stock value

$2.92B

Positions

Estimated turnover

16.0%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

SONYSony Group Corporation$69.60Mreported value+2.00M shares MHSMedco Health Solutions Inc$10.70Mreported value+412.5K shares SZFSaffron Fund, Inc.$2.19Mreported value+276.1K shares

Increased positions

MRKMerck & Co., Inc.$173.12Mreported value+455.0K shares+15.3%WMWaste Management, Inc$140.93Mreported value+1.38M shares+34.3%COSTCostco Wholesale Corp /new$119.93Mreported value+1.00M shares+35.1%WYEWyeth$118.02Mreported value+575.0K shares

Reduced positions

FEDUFour Seasons Education (cayman) Inc.$102.52Mreported value-350.3K shares-14.5%LLYEli Lilly & Co$78.65Mreported value-1.58M shares-54.4%

Exited positions

BBD/BCHFBombardier Inc$3.90Mprior reported value-1.15M shares-100.0%JFIJardine Fleming India Fund$2.32Mprior reported value-276.1K shares-100.0%