2021-07-12T16:30:36-05:00 2020-08-31 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990PF 2019-09-01 366030614 WK Kellogg Foundation Trust - No 5315 WKKE 2699681611 ONE MICHIGAN AVE EAST BATTLE CREEK MI 49017 Michael Weiland CORPORATE TRUSTEE 2021-07-12 true NICOLE BENCIK P00756195 3128997000 2019 2022-09-23 18:48:47Z X 7902873789 X X 156300585 202713841 341364470 1681828559 306132312 0 0 0 0 11894602 0 497665055 520740755 0 3779755 2180948 285195 930074 790275 0 0 322449 275169 0 0 5184042 4694204 0 0 12862917 2171607 0 0 0 0 0 173851 132948 17385 5554405 37326176 0 58744 28807493 47571327 0 361324 356000000 356000000 384807493 47571327 0 356361324 112857562 473169428 0 156613069 154732239 154732239 0 0 0 0 0 0 0 0 0 0 0 0 0 0 172584517 151033404 151033404 4308031958 4815886049 4815886049 245262 20005892 20005892 0 0 0 0 2741305997 2724814725 2724814725 0 0 0 0 38656580 36401480 36401480 7417437383 7902873789 7902873789 0 1113366 0 0 0 0 90585776 97708835 90585776 98822201 X 7326851607 7804051588 7326851607 7804051588 7417437383 7902873789 7326851607 112857562 364342419 7804051588 0 7804051588 PARTNERSHIP & ALTERNATIVE INVESTMENTS 832956551 771060220 61896331 0 61896331 KELLOGG COMPANY STOCK 156466822 3117194 153349628 0 153349628 PUBLICLY TRADED SECURITIES 692405186 601518833 90886353 0 90886353 306132312 0 false 337083717 6772905927 0.049769 365976600 7570502833 0.048342 383918837 7645277808 0.050216 386242261 7798556155 0.049527 363497870 7382575019 0.049237 0.247091 0.049418 7058752997 348829456 4731694 353561150 356361324 X 4731694 4731694 4731694 5139817 1750000 6889817 X 0 2158123 2158123 0 false false false false false true true false true true IL MI true false false true false true www.wkkf.org THE NORTHERN TRUST COMPANY 3124445615 PO BOX 803878 CHICAGO IL 60680 true UK false false true true false false false false false true false false false false false false true false false true false false false false LA JUNE MONTGOMERY TABRON ONE MICHIGAN AVENUE EAST BATTLE CREEK MI 49017 TRUSTEE 2.000 0 0 29372 STEVEN A CAHILLANE One Kellogg Square Battle Creek MI 49016 TRUSTEE 2.000 0 0 29372 RAMON MURGUIA ONE MICHIGAN AVENUE EAST BATTLE CREEK MI 49017 TRUSTEE 2.000 40000 0 29372 THE NORTHERN TRUST COMPANY 50 South LaSalle St B10 Chicago IL 606031006 CORPORATE TRUSTEE 40.000 2811951 0 0 0 MAYER BROWN LLP 71 SOUTH WACKER DRIVE CHICAGO IL 606064637 LEGAL ADVISORY 871525 THE NORTHERN TRUST COMPANY 50 SOUTH LASALLE ST B10 CHICAGO IL 606031006 INVESTMENT ADVISORY/CUSTODIAN 562390 ALBOURNE AMERICA LLC 655 MONTGOMERY STREET SUITE 1910 SAN FRANCISCO CA 94111 INVESTMENT ADVISORY 454086 JP MORGAN 10 SOUTH DEARBORN CHICAGO IL 606032300 BANKING/LENDING SERVICE 305000 WILLIAM BLAIR & COMPANY 150 N RIVERSIDE PLAZA Chicago IL 60606 INVESTSMENT ADVISORY 131919 3 0 5782447096 211536250 1172263351 7166246697 345162640 7166246697 107493700 7058752997 352937650 352937650 4731694 72342 4804036 348133614 348133614 348133614 356361324 0 0 356361324 4731694 351629630 348133614 18219853 2017 2016 2015 0 0 0 0 0 0 0 356361324 18219853 0 0 338141471 0 0 0 0 0 0 9992143 0 0 0 0 0 0 0 0 X WK Kellogg Foundation One Michigan Avenue East Battle Creek MI 49017 NONE PF Funding the Foundation's charitable activities 356000000 356000000 0 14 156300585 901101 4622136 18 336742334 4622136 493042919 0 497665055 false false false false false false false false false false Accounting Fees 322449 275169 PARTNERSHIP & ALTERNATIVE INVESTMENTS 692405186 569129336 123275850 KELLOGG COMPANY STOCK 156466822 274533 156192289 PUBLICLY TRADED SECURITIES 832956551 771060220 61896331 Contributions to Preselected Charitable Organizations Form 990-PF, Part XV, Line 2a Under the terms of the agreement ("Agreement") creating Trust 5315 (a/k/a W.K. Kellogg Foundation Trust), all income is paid to the W.K. Kellogg Foundation, a Michigan nonprofit corporation, whose address is One Michigan Avenue East, Battle Creek, Michigan 49017. The W.K. Kellogg Foundation is a private foundation exempt from tax under Section 501(c)(3) of the Internal Revenue Code. Expenditure Responsibility Form 990-PF, Part VII, Section B Line5 c Under the terms of the agreement ("Agreement") creating Trust 5315 (a/k/a W.K. Kellogg Foundation Trust), all income is paid to the W.K. Kellogg Foundation, a Michigan nonprofit corporation, whose address is One Michigan Avenue East, Battle Creek, Michigan 49017. The W.K. Kellogg Foundation is a private foundation exempt from tax under Section 501(c)(3) of the Internal Revenue Code. During the fiscal year ended August 31, 2020, 12 payments in the aggregate amount of $356,000,000 were made from Trust 5315 to the W.K. Kellogg Foundation on the dates in the amounts set forth below: 09/09/2019 -- 30,000,000 10/09/2019 -- 30,000,000 11/13/2019 -- 30,000,000 12/04/2019 -- 30,000,000 01/09/2020 -- 50,000,000 02/26/2020 -- 30,000,000 03/25/2020 -- 45,000,000 05/13/2020 -- 15,000,000 05/26/2020 -- 13,000,000 06/18/2020 -- 40,000,000 07/28/2020 -- 22,000,000 08/25/2020 -- 21,000,000 --------------------------------- TOTAL -- $356,000,000 Pursuant to the terms of the Agreement, the funds distributed from Trust 5315 ("the Trust") to the W.K. Kellogg Foundation (the "Foundation") are used exclusively for those charitable purposes set forth in the Articles of Association of the Foundation. In order for the Foundation to remain eligible to receive distributions from the Trust, the Foundation is required to comply with a number of conditions. These conditions include submission of reports and a prohibition against diversion of the funds of the Foundation for any other purpose other than charitable. The Trustees of the Foundation meet at least monthly and submit to the Trustees of the Trust a copy of the minutes of each meeting of the Trustees together with copies of the minutes of the committees of the Board of Trustees and bi-monthly reports of the President, Secretary and Treasurer of the Foundation. The Foundation also submits to the Trustees of the Trust an annual audit and an annual report, and has submitted a report dated June 4, 2021, including attachments, further detailing its redistribution of amounts received from the Trust. These reports, collectively, reflect the expenditure by the Foundation exclusively for its charitable purposes of all funds received by it from the Trust. As of August 31, 2020, the Foundation has expended all funds received by it from the Trust for the fiscal year ended August 31, 2019, and has expended $265,704,036 of the funds received by it from the Trust during the fiscal year ended August 31, 2020. Pursuant to Treas. Reg. 53.4945-5(b)(2), the Trustees of the Trust have verified that the Foundation has complied with the terms and conditions of the Agreement. Also, the Trustees of the Trust obtain written commitments by the Foundation which satisfy Treas. Reg. 53.4945-5(b)(3). To the knowledge of the Trustees of the Trust, there has been no diversion of any portion of the funds paid from the Trust to the Foundation from the charitable purposes specified for such funds. List of Officers, Directors and Trustees Form 990-PF, Part VIII, Line 1 During the fiscal year ended August 31, 2020, Ramon Murguia also served as a trustee of the W. K. Kellogg Foundation ("Foundation") and La June Montgomery Tabron also served as President and CEO of the Foundation, and as a trustee of the Foundation. Compensation Form 990-PF, Part VIII, Line 1 La June Montgomery Tabron and Steven A. Cahillane did not receive compensation from the Trust for services performed during the year ended August 31, 2020. The amounts shown in column (e) are the compensatory portion of the D&O liability premium for each individual trustee. This amount is included in the Insurance expense on Part I, line 23. Reduction claimed for blockage Form 990-PF, Part X, Line 1e During the fiscal year ended August 31, 2020 the W.K. Kellogg Foundation Trust ("Trust") owned in excess of 61 million shares of the common stock of Kellogg Company (the "Company") with a monthly average total value of shares held for the Trust's tax year of approximately $4.1 billion before blockage discount. The percentage of outstanding common stock of the Company which the Trust held during the fiscal year amounted to approximately 18%. The fair market value of the stock before any reduction and the amount of discount (in connection with application of the maximum 10% provided in Section 4942(e)(2)(b) of the Internal Revenue Code) is supported by an independent valuation from William Blair & Company, LLC dated September 21, 2020. The claimed discount is appropriate in valuing the Trust's shares in the Company because the shares do not represent voting control of the Company and various factors affect the influence of an approximate 18% block of shares. Due to the size of the block of shares, the maximum proceeds for this size block of Company shares is viewed by the valuation specialist to be through underwritten secondary offerings. The monthly blockage discount for the tax year was approximately 8.5%. Total Reduction Claimed for Blockage: $345,162,640 Transactions with controlled entity within the meaning of section 512(b)(13) Form 990-PF, Part VII, Section A Line11 C-III RECOVERY FUND II CO-INVESTMENT II (NY2) LP: (121,799) Net income/(loss) per Schedule K-1* LIV Mexico Growth Fund IV LP: (366,293) Net income/(loss) per Schedule K-1* (281,518) Capital contributed during the year per Schedule K-1 ---------------- (647,811) Net transfer (to)/from controlled entity AVANZ EM PARTNERSHIPS FEEDER SPC: 336,215 Distributions received (return of capital, realized gain/(loss), and other income) (1,355,060) Capital contributed during the year ---------------- (1,018,845) Net transfer (to)/from controlled entity STANDARD RENEWABLES HOLDINGS LTD: No transactions TI BC CO-INVESTMENT FUND LP (296,730) Net income/(loss) per Schedule K-1* (4,036,807) Capital contributed during the year per Schedule K-1 ---------------- (4,333,537) Net transfer (to)/from controlled entity True Green Capital Fund IV LP: (73,807) Net income/(loss) per Schedule K-1* (15,000,000) Capital contributed during the year per Schedule K-1 ---------------- (15,073,807) Net transfer (to)/from controlled entity *Net income/(loss) per Schedule K-1 includes: net rental real estate income/(loss), interest income, dividend income, gain/(loss) from trading activities, other/portfolio income, portfolio deductions, investment interest expenses, and foreign tax expense. Corporate Bonds 20005892 20005892 Kellogg Company Stock 4334858633 4334858633 Other Corporate Stock 481027416 481027416 151033404 151033404 0 0 Private Equity Funds FMV 774296847 774296847 Real Estate Funds FMV 183521250 183521250 Hedge Funds FMV 1268891171 1268891171 Commingled Funds FMV 498105457 498105457 Legal Fees 930074 790275 Accrued Interest & Dividends 37758142 35723691 35723691 Excise tax receivable 898438 677789 677789 Insurance 587442 449230 58744 Line of Credit Fees 305000 Reimbursed Salaries & Benefits 4148102 4065276 Memberships & Subscriptions 371497 315657 Other Investment Expenses 18040 15328 Other Expenses - Partnerships & Alternative Investments 124324 32480685 Other Income/(Loss) from Partnerships 11894602 change in unrealized gains/(losses) on investments 364342419 Deferred Excise Tax Liability 90135313 97452042 Payable to W.K. Kellogg Foundation 450463 256793 Investment Management Fees 2974146 2974146 Consulting Fees 1461945 1242201 Custodial Fees 747951 477857 Description : REDUCTION CLAIMED FOR BLOCKAGE, Percent : 9, FMV : 4076430233, Amount Disclaimed : XXX-XX-XXXX, Explanation : See Part X, line 1e Supplemental information statement; Excise & Income Tax 12862917 Partnerships & Alternative Investments Taxes 2171607 C-III RECOVERY FUND II CO-INVESTMENT II (NY2) LP 5221 N OCONNOR BLVD SUITE 800 IRVING TX 75039 320496111 SEE SUPPLEMENTAL INFORMATION 121799 STANDARD RENEWABLES HOLDINGS LTD C/O WALTER CORPORATE LIMITED CAYMAN CORPORATE CTR 27 HOSPITAL RD GEORGE TOWN GRAND CAYMAN CJ KY19005 981194824 SEE SUPPLEMENTAL INFORMATION 0 LIV MEXICO GROWTH FUND IV LP 330 East 79th Street Suite 1D New York NY 10075 260257407 SEE SUPPLEMENTAL INFORMATION 647811 AVANZ EM PARTNERSHIPS FEEDER SPC 3 BETHESDA METRO CENTRE SUITE 700 BETHESDA MD 20814 981107923 SEE SUPPLEMENTAL INFORMATION 1018845 TI BC CO-INVESTMENT FUND LP 302 2ND ST SUITE 200 SAN FRANCISCO CA 94107 831185697 SEE SUPPLEMENTAL INFORMATION 4333537 True Green Capital Fund IV LP 315 POST ROAD WEST 2nd FLOOR WESTPORT CT 06880 843936749 SEE SUPPLEMENTAL INFORMATION 15073807