Exempt Organization Business Income Tax Return OMB No.

1545-0687
Form 990-T (and proxy tax under section 6033(e))
Department of the Treasury
Internal Revenue Service
For calendar year 2005 or other tax year beginning
I See separate instructions.
, and ending
À¾´¹
Check box if Name of organization ( Check box if name changed and see instructions.) D Employer identification number
A
address changed (Employees' trust, see instructions for
Block D on page 7.)
B Exempt under section BILL & MELINDA GATES FOUNDATION
X 501( C )( 3 ) Print or Number, street, and room or suite no. (If a P.O. box, see page 7 of instructions.) 91-1663695
408(e) 220(e) Type E New unrelated bus. activity codes
(See instructions for Block E on page 7.)
408A 530(a) 1551 EASTLAKE AVENUE EAST
529(a) City or town, state, and ZIP code
C Book value of all assets SEATTLE, WA 98102 110000
at end of year
F Group exemption number (See instructions for Block F on page 7.) I
29153508829. G Check organization type I 501(c) corporation X 501(c) trust 401(a) trust Other trust
H Describe the organization's primary unrelated business activity.
I
I SEE STATEMENT 1
During the tax year, was the corporation a subsidiary in an affiliated group or a parent-subsidiary controlled group? m m m m m m mI Yes X No
If "Yes," enter the name and identifying number of the parent corporation. I
J The books are in care of
Part I
I
GWEN SHERMAN, CONTROLLER
Unrelated Trade or Business Income (A) Income
Telephone number I 206-709-3100
(B) Expenses (C) Net
1 a Gross receipts or sales

m m m m m m m m m m Im
b Less returns and allowances c Balance 1c
2 Cost of goods sold (Schedule A, line 7) 2
3 mmmmmmmmmm
Gross profit. Subtract line 2 from line 1c 3
4 a Capital gain net income (attach Schedule D)mmmmmmmm 2,012,284. 4a 2,012,284.
mm
b Net gain (loss) (Form 4797, Part II, line 17) (attach Form 4797)308,769. 4b 308,769.

5
mmmmmmmmmmmmmm
c Capital loss deduction for trusts
247,037.
Income (loss) from partnerships and S corporations (attach statement)
4c
STMT 2
5 247,037.
6 mmmmmmmmmmmmmmmmm
Rent income (Schedule C) 6
7
8
mmmmmmmm
Unrelated debt-financed income (Schedule E)
Interest, annuities, royalties, and rents from controlled
7

9
mmmmmmmmmmmmmmmmm
organizations (Schedule F)
Investment income of a section 501(c)(7), (9), or (17)
8

mmmmmmmmmmmmmmmmm
organization (Schedule G) 9
10 mmmmmmm
Exploited exempt activity income (Schedule I) 10
11 mmmmmmmmmmmmmm
Advertising income (Schedule J) 11
12
13 m m
Total. Combine lines 3 through 12m m m m m m m m m mm mm
Other income (See page 9 of the instructions - attach schedule.)
2,568,090.
12
13 2,568,090.
Part II Deductions Not Taken Elsewhere (See page 9 of the instructions for limitations on deductions.)
(Except for contributions, deductions must be directly connected with the unrelated business income.)

m m m m m m m m m m m m m m m m m m m m m mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm
14 Compensation of officers, directors, and trustees (Schedule K) 14 NONE
15 Salaries and wages 15
16 Repairs and maintenance mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 16
17 Bad debts mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 17
18 Interest (attach schedule) mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 18
19
20
Taxes and licenses m m m m m m m m m m m m m m m m m m m m m m m m m m m m mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm
Charitable contributions (See page 11 of the instructions for limitation rules.)
19
20 1,284,045.
21 Depreciation (attach Form 4562) mmmmmmmmmmmmmmmmmmmmmmmm 21 NONE
22 Less depreciation claimed on Schedule A and elsewhere on return mmmmmmm 22a 22b NONE
23 Depletion mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 23
24 Contributions to deferred compensation plans mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 24
25 Employee benefit programs mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 25
26 Excess exempt expenses (Schedule I) mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 26
27 Excess readership costs (Schedule J) mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 27
28 Other deductions (attach schedule) mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 28
29 Total deductions. Add lines 14 through 28 mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 29 1,284,045.
30 Unrelated business taxable income before net operating loss deduction. Subtract line 29 from line 13 mmmmmm 30 1,284,045.
31 Net operating loss deduction (limited to the amount on line 30) mmmmmmmmmmmmmmmmmmmmmmmmm 31 1,283,770.
32 Unrelated business taxable income before specific deduction. Subtract line 31 from line 30 mmmmmmmmmmm 32 275.
33 Specific deduction (Generally $1,000, but see line 33 instructions for exceptions.) mmmmmmmmmmmmmmmm 33 1,000.
34
32, enter the smaller of zero or line 32 mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
Unrelated business taxable income. Subtract line 33 from line 32. If line 33 is greater than line

JSA For Privacy Act and Paperwork Reduction Act Notice, see instructions.
34
5E1610 1.000 Form 990-T (2005)
FOR PUBLIC DISCLOSURE
FOR PUBLIC DISCLOSURE
Form 990-T (2005) 91-1663695 Page 3
Schedule C - Rent Income (From Real Property and Personal Property Leased With Real Property)
(See instructions on page 17.)
1 Description of property

(1)
(2)
(3)
(4)
2 Rent received or accrued
(a) From personal property (if the percentage of rent (b) From real and personal property (if the 3 Deductions directly connected with the income in
for personal property is more than 10% but not percentage of rent for personal property exceeds columns 2(a) and 2(b) (attach schedule)
more than 50%) 50% or if the rent is based on profit or income)

(1)
(2)
(3)
(4)
Total Total
Total deductions. Enter

here and on page 1, Part I, line 6, column (A) mmmmmmmI

Total income. Add totals of columns 2(a) and 2(b). Enter
mmmmI
here and on page 1, Part I,
line 6, column (B)
Schedule E - Unrelated Debt-Financed Income (See instructions on page 17.)
3 Deductions directly connected with or allocable to
2 Gross income from or debt-financed property
1 Description of debt-financed property allocable to debt-financed
property (a) Straight line depreciation (b) Other deductions
(attach schedule) (attach schedule)

(1)
(2)
(3)
(4)
4 Amount of average 5 Average adjusted basis of
acquisition debt on or or allocable to 6 Column 4 8 Allocable deductions
divided by 7 Gross income reportable (column 6 x total of columns
allocable to debt-financed debt-financed property (column 2 x column 6)
property (attach schedule) (attach schedule) column 5 3(a) and 3(b))

(1) %
(2) %
(3) %
(4) %
Enter here and on page 1, Enter here and on page 1,
Part I, line 7, column (A). Part I, line 7, column (B).
Totals m m m m m m m m m m m m m m m m m m m m m m m m m m mm mm mm mm mm mm mm mm mm mm mm mm mIm m m m m m m m m m m m m m m
Total dividends-received deductions included in column 8
Schedule F - Interest, Annuities, Royalties, and Rents From Controlled Organizations (See instructions on page 18.)
I
Exempt Controlled Organizations
1 Name of Controlled 2 Employer 5 Part of column (4) that is 6 Deductions directly
Organization Identification Number 3 Net unrelated income 4 Total of specified included in the controlling connected with income
(loss) (see instructions) payments made organization's gross income in column (5)

(1)
(2)
(3)
(4)
Nonexempt Controlled Organizations
8 Net unrelated income 9 Total of specified 1 0 Part of column (9) that is 1 1 Deductions directly
7 Taxable Income included in the controlling connected with income in
(loss) (see instructions) payments made
organization's gross income column (10)
(1)
(2)
(3)
(4)
Add columns 5 and 10. Enter Add columns 6 and 11. Enter
here and on page 1, Part I, here and on page 1, Part I,
line 8, column (A). line 8, column (B).

Totals
JSA
mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmI Form 990-T (2005)
5E1630 1.000

FOR PUBLIC DISCLOSURE

Form 990-T (2005) 91-1663695 Page 4
Schedule G - Investment Income of a Section 501(c)(7), (9), or (17) Organization
(See instructions on page 19.)
3 Deductions 5 Total deductions
4 Set-asides
1 Description of income 2 Amount of income directly connected and set-asides (col. 3
(attach schedule)
(attach schedule) plus col. 4)
(1)
(2)
(3)
(4)
Enter here and on page 1, Enter here and on
Part I, line 9, column (A). page 1, Part I, line 9,

m m m m m m m m m m m m m mI
column (B).
Totals
Schedule I - Exploited Exempt Activity Income, Other Than Advertising Income
(See instructions on page 19.)

4 Net income
3 Expenses (loss) from 7 Excess exempt
2 Gross directly unrelated trade expenses
1 Description of unrelated connected with or business 5 Gross income 6 Expenses (column 6 minus
exploited activity business income production of (column 2 minus from activity that attributable to column 5, but not
from trade or unrelated column 3). If a is not unrelated column 5 more than
business business income gain, compute business income column 4).
cols. 5 through 7.

(1)
(2)
(3)
(4)
Enter here and on Enter here and on Enter here and
page 1, Part I, page 1, Part I, on page 1,

m m m mI
line 10, col. (A). line 10, col. (B). Part II, line 26.
Totals
Schedule J - Advertising Income (See instructions on page 19.)
Part I Income From Periodicals Reported on a Consolidated Basis

4 Advertising 7 Excess
2 Gross gain or (loss) (col. readership costs
1 Name of 3 Direct 5 Circulation 6 Readership
2 minus col. 3). If (column 6 minus
periodical advertising advertising costs income costs
a gain, compute column 5, but not
income
cols. 5 through 7. more than
column 4).

(1)
(2)
(3)
(4)

m m m m mI
Totals (carry to Part II,
line (5))

Part II Income From Periodicals Reported on a Separate Basis (For each periodical listed in Part II, fill in
columns 2 through 7 on a line-by-line basis.)
(1)
(2)
(3)
(4)
(5) Totals from Part I
Enter here and on Enter here and on Enter here and
page 1, Part I, page 1, Part I on page 1,
Totals, Part II line 11, col. (A). line 11, col. (B).
m m mI
Part II, line 27.
(lines 1-5)
Schedule K - Compensation of Officers, Directors, and Trustees (See instructions on page 20.)
3 Percent of 4 Compensation
1 Name 2 Title time devoted to attributable to
business unrelated business
STMT 3 %
%
%

mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm I
%
Total. Enter here and on page 1, Part II, line 1 NONE
JSA
5E1640 2.000 Form 990-T (2005)
FOR PUBLIC DISCLOSURE
BILL & MELINDA GATES FOUNDATION 91-1663695

ORGANIZATION'S PRIMARY UNRELATED BUSINESS ACTIVITY.

===================================================

THE PRIMARY UNRELATED BUSINESS ACTIVITY IS CONDUCTED WITHIN

PARTNERSHIPS IN WHICH THE BILL & MELINDA GATES FOUNDATION HOLDS AN
INTEREST.

STATEMENT 1
FOR PUBLIC DISCLOSURE
BILL & MELINDA GATES FOUNDATION 91-1663695

FORM 990T - LINE 5 -INCOME (LOSS) FROM PARTNERSHIPS

===================================================

BILL & MELINDA GATES FOUNDATION'S SHARE OF INCOME

AND DEDUCTIONS FROM AN UNRELATED TRADE OR BUSINESS
CONDUCTED BY PARTNERSHIPS IN WHICH THE FOUNDATION
HOLDS AN INTEREST:
ORDINARY LOSS - GROUSE PEAK -100,145.
ORDINARY INCOME - SLEEPMASTER, LLC 96,622.
ORDINARY INCOME - CSFB STRATEGIC PARTNERS 51,869.
NET RENTAL LOSS - CSFB STRATEGIC PARTNERS -106,764.
INTEREST INCOME - CSFB STRATEGIC PARTNERS 176,594.
DIVIDEND INCOME - CSFB STRATEGIC PARTNERS 275,458.
ROYALTIES - CSFB STRATEGIC PARTNERS 460.
OTHER PORTFOLIO INCOME - CSFB STRATEGIC PARTNERS 61,422.
PORTFOLIO DEDUCTIONS - CSFB STRATEGIC PARTNERS -185,640.
INVESTMENT INT EXPENSE - CSFB STRATEGIC PARTNERS -12,933.
FOREIGN TAXES PAID - CSFB STRATEGIC PARTNERS -9,906.
--------------
INCOME (LOSS) FROM PARTNERSHIPS 247,037.
==============

STATEMENT 2
FOR PUBLIC DISCLOSURE
BILL & MELINDA GATES FOUNDATION 91-1663695

SCHD. K, FORM 990-T, COMPENSATION OF OFFICERS, DIRECTORS, & TRUSTEES

====================================================================

BUSINESS
NAME AND ADDRESS TITLE PERCENT COMPENSATION
================ ===== ======= ============

SYLVIA M. MATHEWS COO & EXEC DIRECTOR NONE NONE

1551 EASTLAKE AVENUE EAST
SEATTLE, WA 98102

ALLAN C. GOLSTON CFO & ADMIN OFFICER NONE NONE

1551 EASTLAKE AVENUE EAST
SEATTLE, WA 98102

WILLIAM H. GATES, SR. CO-CHAIR NONE NONE

1551 EASTLAKE AVENUE EAST
SEATTLE, WA 98102

PATRICIA STONESIFER PRESIDENT & CO-CHAIR NONE NONE

1551 EASTLAKE AVENUE EAST
SEATTLE, WA 98102

WILLIAM H. GATES, III TRUSTEE NONE NONE

1551 EASTLAKE AVENUE EAST
SEATTLE, WA 98102

MELINDA F. GATES TRUSTEE NONE NONE

1551 EASTLAKE AVENUE EAST
SEATTLE, WA 98102

--------------
TOTAL COMPENSATION NONE
==============

STATEMENT 3
FOR PUBLIC DISCLOSURE
BILL & MELINDA GATES FOUNDATION
EIN: 91-1663695

CHARITABLE CONTRIBUTION CARRY FORWARD SCHEDULE

FOR THE YEAR ENDED DECEMBER 31, 2005

Total Cash Basis

Contributions Unrelated Income Limitiation
Year End per 990-PF per 990-T of 50% Carryforward

12/31/04 1,255,762,783 1,038,860 519,430 1,255,243,353

12/31/05 1,356,250,292 2,568,090 1,284,045 1,354,966,247

TOTAL 2,610,209,600

TOTAL CARRYFORWARD TO 12/31/2006: $ 2,610,209,600

STATEMENT 4
FOR PUBLIC DISCLOSURE
BILL & MELINDA GATES FOUNDATION
EIN: 91-1663695

FORM 990-T
FOR THE YEAR ENDED DECEMBER 31, 2005

STATEMENT FOR PART II, LINE 31

Amount Amount Amount

Year End Generated Utilized Carryforward

12/31/02 $ 683,515 $ - $ 683,515

12/31/03 1,119,685 - 1,119,685

12/31/04 - 519,430 (519,430)

TOTAL $ 1,803,200 $ - $ 1,283,770

TOTAL NOL CARRYFORWARD TO 12/31/2005: $ 1,283,770

STATEMENT 5
FOR PUBLIC DISCLOSURE
BILL & MELINDA GATES FOUNDATION
EIN: 91-1663695

FORM 990-T
FOR THE YEAR ENDED DECEMBER 31, 2005

STATEMENT FOR PART V, LINE 1 - FOREIGN COUNTRIES WITH BANK ACCOUNTS

1. Argentina 29. Mexico

2. Australia 30. Netherlands
3. Austria 31. New Zealand
4. Belgium 32. Norway
5. Brazil 33. Philippines
6. Canada 34. Poland
7. Canada 35. Portugal
8. China - A share 36. Singapore
9. China- Shanghai 37. South Africa
10. China- Shenzhen 38. South Africa
11. Czech Republic 39. Spain
12. Denmark 40. Sweden
13. Euroclear 41. Switzerland
14. Finland 42. Taiwan
15. France 43. Thailand
16. Germany 44. Turkey
17. Greece 45. United Kingdom
18. Hong Kong 46. United Kingdom
19. Hungary 47. United Kingdom
20. India 48. United Kingdom
21. Indonesia 49. Chile
22. Ireland 50. Columbia
23. Israel 51. Egypt
24. Italy 52. Iceland
25. Japan 53. Latvia
26. Japan 54. Peru
27. Korea 55. Russia
28. Malaysia 56. Venezuela

STATEMENT 6

FOR PUBLIC DISCLOSURE

FOR PUBLIC DISCLOSURE
FOR PUBLIC DISCLOSURE
FOR PUBLIC DISCLOSURE
FOR PUBLIC DISCLOSURE
FOR PUBLIC DISCLOSURE