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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kellanova | NYSE:K | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.72 | 2.86% | 61.76 | 61.70 | 60.35 | 60.48 | 3,853,113 | 01:00:00 |
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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A.
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FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT OF THE ISSUER NAMED BELOW:
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B.
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NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE:
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Page(s)
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Report of Independent Registered Public Accounting Firm
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2
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Financial Statements
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Statements of Net Assets Available for Benefits
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December 31, 2016 and 2015
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Statements of Changes in Net Assets Available for Benefits
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Years Ended December 31, 2016 and 2015
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Notes to Financial Statements
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December 31, 2016 and 2015
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5
- 17
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Supplemental Schedule
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Schedule H, line 4i - Schedule of Assets (Held at End of Year)
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December 31, 2016
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Note:
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Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
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2016
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2015
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Assets
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Plan's interest in Master Trust at fair value
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$
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156,869,571
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$
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209,934,506
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Plan's interest in Master Trust at contract value
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220,747,766
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229,749,245
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Kellogg Company stock at fair value (Note 1)
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58,145,795
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—
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Notes receivable from participants
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6,589,128
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5,825,906
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Total assets
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442,352,260
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445,509,657
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Liabilities
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Accrued trustee fees
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7,983
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29,541
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Total liabilities
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7,983
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29,541
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Net assets available for benefits
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$
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442,344,277
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$
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445,480,116
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2016
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2015
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Additions:
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Contributions:
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Employer
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$
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5,284,321
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$
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6,001,634
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Participant
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13,534,770
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14,917,988
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Rollovers from other qualified plans
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670,235
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549,378
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Total contributions
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19,489,326
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21,469,000
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Earnings on investments:
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Plan's interest in income of Master Trust
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20,395,304
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10,180,787
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Net appreciation/(depreciation) in fair value of Kellogg Company stock
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(547,299
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)
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—
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Dividend income of Kellogg Company stock
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1,617,583
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—
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Redemption fees
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—
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(8,494
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)
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Total earnings on investments, net
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21,465,588
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10,172,293
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Interest income on notes receivable from participants
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274,454
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246,834
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Total additions
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41,229,368
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31,888,127
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Deductions:
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Participant withdrawals
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(44,322,459
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)
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(50,011,389
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)
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Trustee fees
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(42,748
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)
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(62,271
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)
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Total deductions
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(44,365,207
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)
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(50,073,660
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)
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Net increase/(decrease)
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(3,135,839
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)
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(18,185,533
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)
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Net assets available for benefits
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Beginning of year
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445,480,116
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463,665,649
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End of year
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$
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442,344,277
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$
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445,480,116
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1.
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Summary of Significant Accounting Policies
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2.
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Provisions of the Plan
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3.
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Income Tax Status
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4.
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Related Party Transactions
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5.
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Reconciliation of Financial Statements to Form 5500
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2016
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2015
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Net assets available for benefits per the financial statements
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$
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442,344,277
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$
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445,480,116
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Adjustment from contract value to fair value for interest in Master Trust related to fully benefit-responsive investment contracts (Note 1)
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405,201
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1,480,804
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Net assets available for benefits per the Form 5500
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$
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442,749,478
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$
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446,960,920
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2016
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2015
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Plan's interest in income of Master Trust per the financial statements
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$
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20,395,304
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$
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10,180,787
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Less:
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Redemption fees
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—
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(8,494
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)
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Trustee fees
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(42,748
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)
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(62,271
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)
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Change in adjustment from contract value to fair value for interest in Master Trust related to fully benefit-responsive investment contracts (Note 1)
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(1,075,603
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(2,725,354
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Net investment gain from Master Trust and Trust investment accounts per the Form 5500
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$
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19,276,953
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$
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7,384,668
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6.
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Fair Value Measurements
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Level 1
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Inputs to the valuation methodology are unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
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•
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Quoted prices for similar assets or liabilities in active markets;
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•
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Quoted prices for identical or similar assets or liabilities in inactive markets;
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Inputs other than quoted prices that are observable for the asset or liability; and
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Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
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Level 3
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Inputs to the valuation methodology are prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
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•
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Money market funds
: Valued at the net asset value (NAV) of shares held by the Master Trust at year end using the fair value of underlying investments. The underlying investments of the domestic equity collective trust are high-quality money market instruments with short term maturities. Redemptions are allowed on every business day.
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•
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Common stocks
: Valued at the closing price reported on the active market on which the individual securities are traded.
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Mutual funds
: Valued at the NAV of shares held by the Master Trust at year end.
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Commingled funds and Collective trusts:
Commingled funds are valued at the NAV based on information reported by the investment advisor using the audited financial statements of the funds at year end. Collective trusts are valued based upon the NAV of units held by the Master Trust at year end using the contract value of underlying investments. These investments represent fixed income, equity securities, international equity, domestic equity and U.S. debt securities. All funds have daily redemption and are not subject to any redemption restrictions.
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Level 1
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Level 2
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Level 3
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Total
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Mutual funds
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$
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—
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$
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708,244,723
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$
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—
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$
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708,244,723
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Investments at Fair Value
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$
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—
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$
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708,244,723
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$
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—
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$
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708,244,723
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Investments measured at net asset value as a practical expedient*
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644,979,727
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Total Investments at fair value
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1,353,224,450
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Guaranteed investment contracts measured at contract value
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524,871,910
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Total Net Investments of the Master Trust
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$
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1,878,096,360
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Level 1
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Level 2
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Level 3
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Total
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||||||||
Common stock - Kellogg Company
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$
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150,774,888
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$
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—
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$
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—
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$
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150,774,888
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Investments at fair value
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$
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150,744,888
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$
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—
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$
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—
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$
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150,774,888
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Level 1
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Level 2
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Level 3
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Total
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Mutual funds
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$
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—
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$
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681,986,581
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$
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—
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$
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681,986,581
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Common stock - Kellogg Company
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146,062,223
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—
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—
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146,062,223
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Investments at fair value
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$
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146,062,223
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$
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681,986,581
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$
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—
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$
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828,048,804
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Investments measured at net asset value as a practical expedient*
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572,463,044
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Total Investments at fair value
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1,400,511,848
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Guaranteed investment contracts measured at contract value
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527,591,886
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Total Net Investments of the Master Trust
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$
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1,928,103,734
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7.
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Kellogg Company Master Trust
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2016
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2015
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General Investments at fair value
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Money Market Funds
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$
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9,108,899
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$
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17,484,979
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Common Stock - Kellogg Company (Note 1)
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—
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146,062,223
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Commingled Funds/Collective trusts
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635,870,828
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554,978,065
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Mutual Funds
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708,244,723
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681,986,581
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General Investments at contract value
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Guaranteed Investment Contracts
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524,871,910
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527,591,886
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Total general investments
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1,878,096,360
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1,928,103,734
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Pending for securities sold
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1,246,405
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1,519,033
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Other receivables
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—
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43
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Total assets
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1,879,342,765
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1,929,622,810
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Pending for securities purchased
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(645,758
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)
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(2,086,150
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)
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Other payables
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4,957
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(37,972
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)
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Net Assets
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$
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1,878,701,964
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$
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1,927,498,688
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Percentage interest held by the Plan
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20.1
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%
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22.8
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%
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2016
|
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2015
|
||||
Earnings on investments
|
|
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Interest
|
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$
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13,712,867
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$
|
13,468,214
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Dividends
|
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7,511,468
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|
12,735,191
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Net appreciation/(depreciation) in fair value of investments
|
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|
||||
Common Stock - Kellogg Company (Note 1)
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(3,048
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)
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14,418,216
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Commingled Funds/Collective Trusts
|
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48,404,714
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12,855,937
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Mutual Funds
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54,638,083
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(27,423,449
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)
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Net appreciation/(depreciation)
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103,039,749
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|
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(149,296
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)
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Total additions
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124,264,084
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|
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26,054,109
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Net transfer of assets out of investment account
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(26,249,254
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)
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(65,161,006
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)
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Fees and commissions
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(749,331
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)
|
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(898,411
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)
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Kellogg Company stock transferred to Mercer Trust
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(146,062,223
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)
|
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—
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Total distributions
|
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(173,060,808
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)
|
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(66,059,417
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)
|
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Net change in net assets
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(48,796,724
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)
|
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(40,005,308
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)
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Net assets
|
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|
||||
Beginning of Year
|
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1,927,498,688
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|
|
1,967,503,996
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||
End of year
|
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$
|
1,878,701,964
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|
|
$
|
1,927,498,688
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|
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|
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|
||||
Investment Program
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2016
|
|
2015
|
||
Stable Income Fund
|
|
42.1
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%
|
|
43.5
|
%
|
Bond Fund
|
|
14.9
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%
|
|
15.3
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%
|
US Aggregate bond Index Fund
|
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1.1
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%
|
|
1.2
|
%
|
US Large Company Equity Index Fund
|
|
10.5
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%
|
|
10.9
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%
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Small-Mid Company Equity Index Fund
|
|
5.7
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%
|
|
8.7
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%
|
Large Company Value Fund
|
|
13.3
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%
|
|
12.6
|
%
|
International Equity Fund
|
|
8.0
|
%
|
|
8.3
|
%
|
International Equity Index Fund
|
|
1.1
|
%
|
|
2.5
|
%
|
Small Company Value Fund
|
|
20.1
|
%
|
|
18.8
|
%
|
Small-Mid Company Growth Fund
|
|
21.5
|
%
|
|
22.9
|
%
|
Large Company Growth Fund
|
|
12.7
|
%
|
|
14.4
|
%
|
Conservative Pre-Mix Portfolio
|
|
13.0
|
%
|
|
12.1
|
%
|
Aggressive Pre-Mix Portfolio
|
|
13.6
|
%
|
|
12.7
|
%
|
Kellogg Company Stock
|
|
—
|
%
|
|
38.1
|
%
|
8.
|
Subsequent Event
|
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(e)
|
||
|
|
Identity of Issue, Borrower, Lessor or Similar Party
|
|
Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value
|
|
Current Value
|
||
|
|
Plan's interest in Master Trust at fair value
|
|
|
|
$
|
377,617,337
|
|
|
|
*Kellogg Company Stock at fair value
|
|
|
|
$
|
58,145,795
|
|
|
|
|
|
|
|
|
||
|
|
*Participants
|
|
Loans, interest ranging 4.24-10%, with due dates at various times through September, 2031.
|
|
$
|
6,589,128
|
|
|
|
*Parties-in-interest
|
|
|
|
|
|
KELLOGG COMPANY BAKERY, CONFECTIONERY, TOBACCO WORKERS AND GRAIN MILLERS SAVINGS AND INVESTMENT PLAN
|
|
|
|
By:
|
/s/ Fareed Khan
|
|
Dated: June 22, 2017
|
Name:
Title:
|
Fareed Khan
Senior Vice President and Chief Financial Officer,
Kellogg Company |
|
Exhibit
Number |
Document |
23.1
|
Consent of Independent Registered Public Accounting Firm
|
|
|
1 Year Kellanova Chart |
1 Month Kellanova Chart |
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