# EDGAR Filing Document

**Accession Number:** 0001166559
**File Stem:** 0001104659-25-085670
**Filing Date:** 2025-8
**Character Count:** 11137
**Document Hash:** 994e357b736f88102955983bbf34e851
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-085670.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001104659-25-085670

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GATES FOUNDATION TRUST
- **CENTRAL INDEX KEY:** 0001166559

**ORGANIZATION NAME:**
- **EIN:** 911663695
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10098
- **FILM NUMBER:** 251281034

**BUSINESS ADDRESS:**
- **STREET 1:** 2365 CARILLON POINT
- **CITY:** KIRKLAND
- **STATE:** WA
- **ZIP:** 98033
- **BUSINESS PHONE:** 4258897900

**MAIL ADDRESS:**
- **STREET 1:** 2365 CARILLON POINT
- **CITY:** KIRKLAND
- **STATE:** WA
- **ZIP:** 98033

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BILL & MELINDA GATES FOUNDATION TRUST
- **DATE OF NAME CHANGE:** 20061113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GATES BILL & MELINDA FOUNDATION
- **DATE OF NAME CHANGE:** 20020205

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001166559

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** GATES FOUNDATION TRUST

**Address:** 2365 Carillon Point, Kirkland, WA 98033

**Telephone number:** 425-889-7900

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-10098

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** V6QH1ER3DD0Z77F86U31

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                     | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                  | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| FEDEX CORPORATION                  | 31428X106 | 09/23/2024     | Advisory vote to approve named executive officer compensation.                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |        1534362 |                0 | FOR         |                                        0 | FOR                         |  |
| MADISON SQUARE GARDEN SPORTS CORP. | 55825T103 | 12/04/2024     | Approval of, on an advisory basis, the compensation of our named executive officers.                                                                              | SECTION 14A SAY-ON-PAY VOTES |         592406 |                0 | FOR         |                                        0 | FOR                         |  |
| MICROSOFT CORPORATION              | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote").                                                                                | SECTION 14A SAY-ON-PAY VOTES |       28957247 |                0 | FOR         |                                        0 | FOR                         |  |
| HORMEL FOODS CORPORATION           | 440452100 | 01/28/2025     | Approve the Named Executive Officer compensation as disclosed in the Company's 2025 annual meeting proxy statement.                                               | SECTION 14A SAY-ON-PAY VOTES |        2195290 |                0 | FOR         |                                        0 | FOR                         |  |
| DEERE  COMPANY                     | 244199105 | 02/26/2025     | Advisory vote to approve executive compensation ("say-on-pay")                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |        3557378 |                0 | FOR         |                                        0 | FOR                         |  |
| PACCAR INC                         | 693718108 | 04/29/2025     | Advisory resolution to approve executive compensation                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |        1000000 |                0 | FOR         |                                        0 | FOR                         |  |
| DANAHER CORPORATION                | 235851102 | 05/06/2025     | To approve on an advisory basis the Company's named executive officer compensation.                                                                               | SECTION 14A SAY-ON-PAY VOTES |         373000 |                0 | FOR         |                                        0 | FOR                         |  |
| UNITED PARCEL SERVICE, INC.        | 911312106 | 05/08/2025     | To approve on an advisory basis named executive officer compensation.                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         740689 |                0 | FOR         |                                        0 | FOR                         |  |
| THE KRAFT HEINZ COMPANY            | 500754106 | 05/08/2025     | Advisory vote to approve executive compensation.                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |        2622600 |                0 | FOR         |                                        0 | FOR                         |  |
| ECOLAB INC.                        | 278865100 | 05/08/2025     | Approve, on an advisory basis, the compensation of our named executive officers disclosed in the Proxy Statement.                                                 | SECTION 14A SAY-ON-PAY VOTES |        5218044 |                0 | FOR         |                                        0 | FOR                         |  |
| WASTE MANAGEMENT, INC.             | 94106L109 | 05/13/2025     | Approval, on an advisory basis, of our executive compensation.                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |       32234344 |                0 | FOR         |                                        0 | FOR                         |  |
| VERALTO CORPORATION                | 92338C103 | 05/14/2025     | To approve on an advisory basis the Company's named executive officer compensation.                                                                               | SECTION 14A SAY-ON-PAY VOTES |         124333 |                0 | FOR         |                                        0 | FOR                         |  |
| WASTE CONNECTIONS, INC.            | 94106B101 | 05/16/2025     | Say-on-Pay - Approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers as disclosed in the Company's Proxy Statement. | SECTION 14A SAY-ON-PAY VOTES |        2149175 |                0 | FOR         |                                        0 | FOR                         |  |
| MCDONALD'S CORPORATION             | 580135101 | 05/20/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         334900 |                0 | FOR         |                                        0 | FOR                         |  |
| CROWN CASTLE INC.                  | 22822V101 | 05/21/2025     | The non-binding, advisory vote to approve the compensation of the Company's named executive officers.                                                             | SECTION 14A SAY-ON-PAY VOTES |        1420072 |                0 | FOR         |                                        0 | FOR                         |  |
| WALMART INC.                       | 931142103 | 06/05/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |        9090477 |                0 | AGAINST     |                                        0 | AGAINST                     |  |
| CATERPILLAR INC.                   | 149123101 | 06/11/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |        7353614 |                0 | FOR         |                                        0 | FOR                         |  |
| COUPANG, INC.                      | 22266T109 | 06/12/2025     | To consider a non-binding vote to approve the compensation of Coupang, Inc.'s named executive officers.                                                           | SECTION 14A SAY-ON-PAY VOTES |        9248045 |                0 | FOR         |                                        0 | FOR                         |  |
| VROOM, INC.                        | 92918V307 | 06/12/2025     | Approve, on an advisory (non-binding) basis, the compensation of the named executive officers of the Company.                                                     | SECTION 14A SAY-ON-PAY VOTES |           6250 |                0 | FOR         |                                        0 | FOR                         |  |
| SCHRODINGER, INC.                  | 80810D103 | 06/18/2025     | Approval of an advisory vote on executive compensation.                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |       16145857 |                0 | FOR         |                                        0 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** GATES FOUNDATION TRUST

**By (Signature):** /s/ Michael Larson

**By (Printed Signature):** /s/ Michael Larson

**By (Title):** Authorized Agent

**Date:** 08/29/2025