Bill Gates Top Holdings (ABT, AN, BRK-A, BP, CNI, CAT, KO, COST, CCI, EK, XOM, FMX, JNJ, MCD, OTTR, RSG, SGP, WMT, WMI)

We compiled a list of the equity holdings of the Bill & Melinda Gates Foundation and for Bill Gates’ personal investment vehicle Cascade Investment.  These are as of December 31, 2008 and we have taken out the positions listed as under $50 million to make this list easier to read.  This list also excludes the massive holdings in Microsoft (MSFT).

BILL & MELINDA GATES FOUNDATION
COMPANY (TICKER)                        $(000)     SHARES
ABBOTT LABS (ABT)                        185,199   3,470,100
AUTONATION INC (AN)                101,192   10,242,100
BAXTER INTL INC (BAX)               107,180   2,000,000
BERKSHIRE HATHAWAY (BRK) 4,342,918  1,351,250
BP PLC (BP)                                           216,546   4,633,000
CANADIAN NATL RY CO               308,771   8,399,653
CATERPILLAR INC (CAT)             227,370   5,090,000
COCA COLA CO (KO)                         257,224   5,682,000
COCA COLA FEMSA (KOF)            198,452   4,561,072
COSTCO WHOLESALE (COST)       321,720   6,128,000
CROWN CASTLE INTL (CCI)           93,752    5,332,900
EXPEDITORS INTL (EXPD)              54,829    1,648,000
EXXON MOBIL CORP (XOM)         342,072   4,285,000
FEDEX CORP (FDX)                            97,829    1,525,000
GRUPO TELEVISA (TV)                   99,961    6,690,800
JOHNSON & JOHNSON (JNJ)       150,482   2,515,156
MCDONALDS CORP (MCD)            395,995   6,367,500
MERCK & CO INC (MRK)                245,041   8,060,550
PFIZER INC (PFE)                            60,049    3,390,700
REPUBLIC SERVICES (RSG)         33,467    1,350,000
SCHERING PLOUGH (SGP)           254,721   14,957,200
WAL-MART STORES (WMT)        266,453   4,753,000
WASTE MANAGEMENT (WMI)   259,128   7,819,200
WYETH (WYE)                                  140,040   3,733,400

Cascade Investment, L.L.C.
COMPANY (TICKER)                              $(000)       SHARES
AUTONATION INC (AN)                      111,799   11,315,688
BERKSHIRE HATHAWAY (BRK-A)  391,230   4,050
CANADIAN NATL RY (CNI)           1,279,599   34,809,544
COCA-COLA FEMSA (KOF)                  37,294     857,128
EASTMAN KODAK (EK)                         52,311    7,950,000
FOMENTO ECONOMICO  (FMX)       678,431   22,516,795
GRUPO TELEVISA (TV)                       301,495   20,180,400
OTTER TAIL CORP (OTTR)                  79,474    3,406,499
PNM RES INC (PNM)                             70,757    7,019,550
REPUBLIC SERVICES (RSG)              879,233   35,467,230

Smaller positions listed as under $50 million for the BILL & MELINDA GATES FOUNDATION are BANK FLA CORP NAPLES, VIACOM, COCA COLA ENTERPRISES, COX RADIO, CROCS INC, DAIMLER, DICKS SPORTING GOODS, EASTMAN KODAK, GREATER CHINA FUNDD INC, HOME DEPOT, IAC/INTERACTIVE CORP, ELI LILLY & CO, PEABODY ENERGY, PROGRESSIVE CORP, SEATTLE GENETICS, TEVA PHAMRACEUTICAL, TRACTOR SUPPLY, VIACOM…. We listed Republic Services (RSG) because Bill Gates’ Cascade has been acquiring these share actively via Cascade.

Smaller positions listed as under $50 million for CASCADE INVESTMENTS are CROCS, FISHER COMMUNICATIONS, GAMCO INVESTORS, PATRIOT COAL, PLANETOUT INC, SIX FLAGS, STRATEGIC HOTELS & RESORTS.

JON C. OGG
FEBRUARY 17, 2009