Form990-PF


Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2021
Open to Public Inspection
For calendar year 2021, or tax year beginning 09-01-2021 , and ending 08-31-2022
Name of foundation
WK Kellogg Foundation Trust - No 5315
 
Number and street (or P.O. box number if mail is not delivered to street address)ONE MICHIGAN AVE EAST
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
BATTLE CREEK, MI49017
A Employer identification number

36-6030614
B Telephone number (see instructions)

(312) 444-5615
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$8,282,027,516J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 169,444,252 208,555,392  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 347,903,576
b Gross sales price for all assets on line 6a 2,118,466,866
7 Capital gain net income (from Part IV, line 2)... 428,580,268
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances 0
b Less: Cost of goods sold.... 0
c Gross profit or (loss) (attach schedule)..... 0  
11 Other income (attach schedule)....... Click to see attachment 0 -14,750,952 0
12 Total. Add lines 1 through 11........ 517,347,828 622,384,708 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 4,154,212 3,187,761   415,421
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 1,187,343 1,012,350 0 0
b Accounting fees (attach schedule)....... Click to see attachment 390,890 346,390 0 0
c Other professional fees (attach schedule).... Click to see attachment 5,287,316 4,949,016 0 0
17 Interest............... 7,329,000 1,691,718   7,329,000
18 Taxes (attach schedule) (see instructions)... Click to see attachment 7,000,363 1,819,011 0 0
19 Depreciation (attach schedule) and depletion... Click to see attachment 0 11,276 0
20 Occupancy..............        
21 Travel, conferences, and meetings....... 71,029 56,325   4,968
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 7,218,262 6,395,591 0 65,258
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 32,638,415 19,469,438 0 7,814,647
25 Contributions, gifts, grants paid....... 384,020,372 534,020,372
26 Total expenses and disbursements. Add lines 24 and 25 416,658,787 19,469,438 0 541,835,019
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 100,689,041
b Net investment income (if negative, enter -0-) 602,915,270
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2021)
Form 990-PF (2021)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 225,147,540 49,233,116 49,233,116
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet   0 0 0
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet   0 0 0
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions)..... 0 0 0
7 Other notes and loans receivable (attach schedule) bullet0
Less: allowance for doubtful accounts bullet0 0 0 0
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule) 145,086,102 Click to see attachment81,935,728 81,935,728
b Investments—corporate stock (attach schedule)....... 4,094,008,359 Click to see attachment4,495,166,530 4,495,166,530
c Investments—corporate bonds (attach schedule)....... 35,499,120 Click to see attachment38,317,070 38,317,070
11 Investments—land, buildings, and equipment: basis bullet0
Less: accumulated depreciation (attach schedule) bullet0 0   0
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 3,811,472,381 Click to see attachment3,581,189,691 3,581,189,691
14 Land, buildings, and equipment: basis bullet0
Less: accumulated depreciation (attach schedule) bullet0 0   0
15 Other assets (describe bullet) Click to see attachment35,877,642 Click to see attachment36,185,381 Click to see attachment36,185,381
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 8,347,091,144 8,282,027,516 8,282,027,516
Liabilities 17 Accounts payable and accrued expenses.......... 3,053,750 3,053,750
18 Grants payable................. 150,000,000 0
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons 0 0
21 Mortgages and other notes payable (attach schedule)...... 300,000,000 Click to see attachment300,000,000
22 Other liabilities (describe bullet) Click to see attachment71,947,565 Click to see attachment70,773,482
23 Total liabilities (add lines 17 through 22)......... 525,001,315 373,827,232
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............ 7,822,089,829 7,908,200,284
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 7,822,089,829 7,908,200,284
30 Total liabilities and net assets/fund balances (see instructions). 8,347,091,144 8,282,027,516
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
7,822,089,829
2
Enter amount from Part I, line 27a .....................
2
100,689,041
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
7,922,778,870
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
14,578,586
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
7,908,200,284
Form 990-PF (2021)
Form 990-PF (2021)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Publicly Traded Securities      
b Kellogg Company Stock      
c Partnership & Alternative Investments      
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 1,456,320,057   1,424,365,292 31,954,765
b 162,894,943   3,117,193 159,777,750
c 499,251,866   262,404,113 236,847,753
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a     0 31,954,765
b     0 159,777,750
c     0 236,847,753
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 428,580,268
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3 0
Form 990-PF (2021)
Form 990-PF (2021)
Page 4
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 8,380,522
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 8,380,522
6 Credits/Payments:
a 2021 estimated tax payments and 2020 overpayment credited to 2021 6a 8,416,873
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c 2,000,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 10,416,873
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 2,036,351
11 Enter the amount of line 10 to be: Credited to 2022 estimated taxBullet2,036,351 RefundedBullet 11 0
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XIV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletIL, MI
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.
    If "Yes," complete Part XIII .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 5
    Part VI-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions Click to see list of attachments.............
    11
    Yes
     
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletwww.wkkf.org
    14
    The books are in care ofbulletTHE NORTHERN TRUST COMPANY Telephone no.bullet (312) 444-5615

    Located atbulletPO BOX 803878CHICAGOIL ZIP+4bullet60680
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16Yes  
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bulletJA, AS, UK, CA, CJ, DA, FR
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
    1a(1)
     
    No
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person? ..............................
    1a(2)
     
    No
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
    1a(3)
    Yes
     
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
    1a(4)
    Yes
     
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)? ......................
    1a(5)
     
    No
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.) ...............
    1a(6)
     
    No
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
    1b
     
    No
    c
    ........bullet
    d
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2021? .............
    1d
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2021, did the foundation have any undistributed income (lines 6d
    and 6e, Part XII) for tax year(s) beginning before 2021?....................
    2a
     
    No
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year? ..............................
    3a
    Yes
     
    b
    If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2021.) .....................
    3b
     
    No
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..
    4b
     
    No
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 6
    Part VI-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
    5a(1)
     
    No
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive? ....................
    5a(2)
     
    No
    (3) Provide a grant to an individual for travel, study, or other similar purposes? .............
    5a(3)
     
    No
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions ........................
    5a(4)
    Yes
     
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals? .............
    5a(5)
     
    No
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
    5b
     
    No
    c
    .........bullet
    d
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant? .................
    5d
    Yes
     
    If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract? .............................
    6a
     
    No
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    7a
     
    No
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .........................
    8
     
    No
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    LA JUNE MONTGOMERY TABRON TRUSTEE
    2.000     		0 0 32,629
    ONE MICHIGAN AVENUE EAST
    BATTLE CREEK,MI49017
    STEVEN A CAHILLANE TRUSTEE
    2.000     		0 0 32,629
    One Kellogg Square
    Battle Creek,MI49016
    RAMON MURGUIA TRUSTEE
    2.000     		40,000 0 32,629
    ONE MICHIGAN AVENUE EAST
    BATTLE CREEK,MI49017
    THE NORTHERN TRUST COMPANY CORPORATE TRUSTEE
    40.000     		4,114,212 0 0
    50 South LaSalle St B10
    Chicago,IL606031006
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
     
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 7
    Part VII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    MAYER BROWN LLP LEGAL ADVISORY 1,145,269
    71 SOUTH WACKER DRIVE
    CHICAGO,IL606064637
    THE NORTHERN TRUST COMPANY INVESTMENT ADVISORY/CUSTODIAN 822,842
    50 SOUTH LASALLE ST B10
    CHICAGO,IL606031006
    ALBOURNE AMERICA LLC INVESTMENT ADVISORY 494,667
    655 MONTGOMERY STREET
    SUITE 1910
    SAN FRANCISCO,CA94111
    JPMORGAN CHASE BANK NA BANKING/LENDING SERVICE 304,161
    10 SOUTH DEARBORN
    CHICAGO,IL606032300
    JP Morgan Investment Management Inc INVESTMENT ADVISORY 263,005
    PO Box 27169
    New York,NY100877169
    Total number of others receiving over $50,000 for professional services.............bullet1
    Part VIII-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part VIII-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 8
    Part IX
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    5,821,494,899
    b
    Average of monthly cash balances.......................
    1b
    91,229,279
    c
    Fair market value of all other assets (see instructions)................
    1c
    1,955,961,570
    d
    Total (add lines 1a, b, and c).........................
    1d
    7,868,685,748
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) Click to see attachment.............
    1e
    343,201,173
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    7,868,685,748
    4
    Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
    instructions) .............................
    4
    118,030,286
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. .......
    5
    7,750,655,462
    6
    Minimum investment return. Enter 5% (0.05) of line 5................
    6
    387,532,773
    Part X
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part IX, line 6..................
    1
    387,532,773
    2a
    Tax on investment income for 2021 from Part V, line 5.......
    2a
    8,380,522
    b
    Income tax for 2021. (This does not include the tax from Part V.) ...
    2b
    403,276
    c
    Add lines 2a and 2b............................
    2c
    8,783,798
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    378,748,975
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    378,748,975
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
    7
    378,748,975
    Part XI
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
     
    b
    Program-related investments—total from Part VIII-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.
    4
     
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 9
    Part XII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2020     		(c)
    2020     		(d)
    2021
    1 Distributable amount for 2021 from Part X, line 7 378,748,975
    2 Undistributed income, if any, as of the end of 2021:
    a Enter amount for 2020 only....... 0
    b Total for prior years:2019, 2018, 2017 0
    3 Excess distributions carryover, if any, to 2021:
    a From 2016...... 0
    b From 2017...... 0
    c From 2018...... 0
    d From 2019...... 0
    e From 2020...... 145,068,259
    f Total of lines 3a through e ........ 145,068,259
    4Qualifying distributions for 2021 from Part
    XI, line 4: bullet$ 541,835,019
    a Applied to 2020, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2021 distributable amount..... 378,748,975
    e Remaining amount distributed out of corpus 163,086,044
    5 Excess distributions carryover applied to 2021.   0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 308,154,303
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2021. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2022 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2016 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9 Excess distributions carryover to 2022.
    Subtract lines 7 and 8 from line 6a ......     		308,154,303
    10 Analysis of line 9:
    a Excess from 2017.... 0
    b Excess from 2018.... 0
    c Excess from 2019.... 0
    d Excess from 2020.... 145,068,259
    e Excess from 2021.... 163,086,044
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 10
    Part XIII
    Private Operating Foundations (see instructions and Part VI-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2021, enter the date of the ruling ....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2021 (b) 2020 (c) 2019 (d) 2018
             
    b 85% (0.85) of line 2a .........          
    c Qualifying distributions from Part XI,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part IX, line 6 for each year listed ..     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XIV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 11
    Part XIV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    WK Kellogg Foundation
    One Michigan Avenue East
    Battle Creek,MI49017     		NONE PF Funding the Foundation's charitable activities 534,020,372
    Total .................................bullet 3a 534,020,372
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 12
    Part XV-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments ....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    4 Dividends and interest from securities ....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income .....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		901101 4,718,451 18 343,185,125  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e) .. 4,718,451 512,629,377 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    517,347,828
    (See worksheet in line 13 instructions to verify calculations.)
    Part XV-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2021)
    Form 990-PF (2021)
    Page 13
    Part XVI
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below?
    See instructions.
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2021)
    Additional Data


    Software ID: 21014044
    Software Version: 2021v4.2


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2021 AccountingFeesSchedule
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Accounting Fees 390,890 346,390   0

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2021 DepreciationSchedule
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    Depletion from Partnerships             11,276    

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2021 GainLossSaleOtherAssetsSch
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    PARTNERSHIP & ALTERNATIVE INVESTMENTS         499,251,866 345,923,466     153,328,400  
    KELLOGG COMPANY STOCK         162,894,943 274,533     162,620,410  
    PUBLICLY TRADED SECURITIES         1,456,320,057 1,424,365,291     31,954,766  

    TY 2021 GeneralExplanationAttachment
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Identifier Return Reference Explanation
    CONTRIBUTIONS TO PRESELECTED CHARITABLE ORGANIZATIONS Form 990-PF, Part XIV, 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.
    MORTGAGES AND OTHER NOTES PAYABLE, PURPOSE OF LOAN Form 990-PF, Part II, Line 21 THE W.K. KELLOGG FOUNDATION TRUST ("TRUST") ISSUED THE SOCIAL BONDS TO DISTRIBUTE THE PROCEEDS TO THE W.K. KELLOGG FOUNDATION ("FOUNDATION"), TO INCREASE THE FOUNDATION'S GRANTMAKING, TO ADDRESS CRITICAL NEEDS OF CHILDREN, FAMILIES AND COMMUNITIES IN THE WAKE OF THE GLOBAL PANDEMIC, AS WELL AS URGENT ISSUES OF RACIAL INJUSTICE.
    COMPENSATION Form 990-PF, Part VII, 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, 2022. 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.
    EXPENDITURE RESPONSIBILITY Form 990-PF, Part VI, Section B Line 5c 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, 2022, 15 payments in the aggregate amount of $534,020,372 were made from Trust 5315 to the W.K. Kellogg Foundation on the dates in the amounts set forth below: 09/27/2021: 50,000,000 10/12/2021: 41,000,000 11/02/2021: 15,000,000 11/09/2021: 25,500,000 12/20/2021: 44,500,000 01/25/2022: 55,000,000 01/28/2022: 100,019,633 02/07/2022: 739 03/09/2022: 20,000,000 04/12/2022: 52,000,000 05/10/2022: 20,000,000 06/08/2022: 20,000,000 07/21/2022: 65,000,000 08/09/2022: 10,000,000 08/29/2022: 16,000,000 --------------------------------- TOTAL: $534,020,372 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 28, 2023, 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, 2022, the Foundation has expended all funds received by it from the Trust for the fiscal year ended August 31, 2021, and has expended $385,021,619 of the funds received by it from the Trust during the fiscal year ended August 31, 2022. 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 VII, Line 1 DURING THE FISCAL YEAR ENDED AUGUST 31, 2022, 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.
    REDUCTION CLAIMED FOR BLOCKAGE Form 990-PF, Part IX, Line 1e During the fiscal year ended August 31, 2022 the W.K. Kellogg Foundation Trust ("Trust") owned in excess of 55 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 $3.8 billion before blockage discount. The percentage of outstanding common stock of the Company which the Trust held during the fiscal year amounted to approximately 16-18%. 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 27, 2022. 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 16-18% 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 8.9%. Total Reduction Claimed for Blockage: $343,201,173
    TRANSACTIONS WITH CONTROLLED ENTITY WITHIN THE MEANING OF SECTION 512(b)(13) Form 990-PF, Part VI, Section A Line 11 C-III RECOVERY FUND II CO-INVESTMENT II (NY2) LP: (368,716) Net income/(loss) per Schedule K-1* LIV Mexico Growth Fund IV LP: (175,900) Net income/(loss) per Schedule K-1* 162,763 Withdrawals & distributions during the year per Schedule K-1 (2,223,399) Capital contributed during the year per Schedule K-1 ---------------- (2,236,536) Net transfer (to)/from controlled entity AVANZ EM PARTNERSHIPS FEEDER SPC: 2,237,954 Distributions received (return of capital, realized gain/(loss), and other income) (121,985) Capital contributed during the year ---------------- 2,115,969 Net transfer (to)/from controlled entity STANDARD RENEWABLES HOLDINGS LTD: No transactions TI BC CO-INVESTMENT FUND LP: 9,967 Net income/(loss) per Schedule K-1* (2,415,000) Capital contributed during the year per Schedule K-1 ---------------- (2,405,033) Net transfer (to)/from controlled entity DOCKYARD CAPITAL OFFSHORE FUND LP: 16,614,021 Distributions received (return of capital, realized gain/(loss), and other income) (10,000,000) Capital contributed during the year ---------------- 6,614,021 Net transfer (to)/from controlled entity OPERATOR COLLECTIVE CAPITAL I LLC: (7,060) Net income/(loss) per Schedule K-1* *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.

    TY 2021 InvestmentsCorpBondsSchedule
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Name of Bond End of Year Book Value End of Year Fair Market Value
    Corporate Bonds 38,317,070 38,317,070

    TY 2021 InvestmentsCorpStockSchedule
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Name of Stock End of Year Book Value End of Year Fair Market Value
    Kellogg Company Stock 4,126,673,896 4,126,673,896
    Other Corporate Stock 368,492,634 368,492,634

    TY 2021 InvestmentsGovtObligationsSch
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    US Government Securities - End of Year Book Value:

    81,935,728
    US Government Securities - End of Year Fair Market Value:

    81,935,728
    State & Local Government Securities - End of Year Book Value:


    0
    State & Local Government Securities - End of Year Fair Market Value:


    0


    TY 2021 InvestmentsOtherSchedule2
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    Private Equity Funds FMV 1,275,398,424 1,275,398,424
    Real Estate Funds FMV 216,917,808 216,917,808
    Hedge Funds FMV 1,573,964,062 1,573,964,062
    Commingled Funds FMV 514,909,397 514,909,397

    TY 2021 LegalFeesSchedule
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Legal Fees 1,187,343 1,012,350   0


    TY 2021 MortgagesAndNotesPayableSch
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Total Mortgage Amount: 300,000,000

    Item No. 1
    Lender's Name JP Morgan
    Lender's Title Series 2020 Social Bond
    Relationship to Insider None
    Original Amount of Loan 300,000,000
    Balance Due 300,000,000
    Date of Note 2020-10
    Maturity Date 2050-10
    Repayment Terms  
    Interest Rate 2.443
    Security Provided by Borrower  
    Purpose of Loan SEE PART II, LINE 21 SUPPLEMENTAL INFORMATION STATEMENT
    Description of Lender Consideration  
    Consideration FMV  


    TY 2021 OtherAssetsSchedule
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    Accrued Interest & Dividends 35,312,759 34,581,133 34,581,133
    Excise tax receivable 564,883 1,604,248 1,604,248


    TY 2021 OtherDecreasesSchedule
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Description Amount
    change in unrealized gains/(losses) on investments 14,578,586


    TY 2021 OtherExpensesSchedule
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Insurance 652,576 500,758   65,258
    Line of Credit Fees 304,161 0   0
    Reimbursed Salaries & Benefits 5,528,241 5,416,922   0
    Memberships & Subscriptions 536,831 457,712   0
    Other Expenses - Partnerships & Alternative Investments 172,763 0   0
    Other Investment Expenses 23,690 20,199   0


    TY 2021 OtherIncomeSchedule2
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Other Income/(Loss) from Partnerships 0 -14,750,952  


    TY 2021 OtherLiabilitiesSchedule
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Description Beginning of Year - Book Value End of Year - Book Value
    Deferred Excise Tax Liability 70,601,012 70,362,428
    Payable to W.K. Kellogg Foundation 1,346,553 411,054


    TY 2021 OtherProfessionalFeesSchedule
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment Management Fees 2,991,915 2,991,915   0
    Consulting Fees 1,472,559 1,255,531   0
    Custodial Fees 822,842 701,570   0


    TY 2021 ReductionExplanationStatement
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Explanation:
    Description : REDUCTION CLAIMED FOR BLOCKAGE, Percent : 9, FMV : 3851702045, Amount Disclaimed : XXX-XX-XXXX, Explanation : SEE PART IX, LINE 1E SUPPLEMENTAL INFORMATION STATEMENT;

    TY 2021 TaxesSchedule
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Excise & Income Tax 7,000,363 0   0
    Partnerships & Alternative Investments Taxes 0 1,819,011   0


    TY 2021 TransfersFrmControlledEntities
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Name US /
    Foreign Address    		 EIN Description Amount
    AVANZ EM PARTNERSHIPS FEEDER SPC 3 BETHESDA METRO CENTRE SUITE 700
    BETHESDA,MD20814     		98-1107923 SEE SUPPLEMENTAL INFORMATION 2,115,969
    DOCKYARD CAPITAL OFFSHORE FUND LP c/o Morgan Stanley Fund Services
    7-11 Sie John Rogersons Quay
    Dublin   2
    EI     		98-1429245 SEE SUPPLEMENTAL INFORMATION 6,614,021
    Total      

    TY 2021 TransfersToControlledEntities
    Name:
    WK Kellogg Foundation Trust - No 5315
    EIN:
    36-6030614
    Software ID:
    21014044
    Software Version:
    2021v4.2
    Name US /
    Foreign Address    		 EIN Description Amount
    C-III RECOVERY FUND II CO-INVESTMENT II (NY2) LP 5221 N OCONNOR BLVD SUITE 800
    IRVING,TX75039     		32-0496111 SEE SUPPLEMENTAL INFORMATION 368,716
    LIV MEXICO GROWTH FUND IV LP 330 East 79th Street Suite 1D
    New York,NY10075     		26-0257407 SEE SUPPLEMENTAL INFORMATION 2,236,536
    STANDARD RENEWABLES HOLDINGS LTD C/O WALTER CORPORATE LIMITED
    CAYMAN CORPORATE CTR 27 HOSPITAL R
    GEORGE TOWN,GRAND CAYMANKY19005
    CJ     		98-1194824 SEE SUPPLEMENTAL INFORMATION 0
    TI BC CO-INVESTMENT FUND LP 302 2ND ST SUITE 200
    SAN FRANCISCO,CA94107     		83-1185697 SEE SUPPLEMENTAL INFORMATION 2,405,033
    OPERATOR COLLECTIVE CAPITAL I LLC PO BOX 620733
    WOODSIDE,CA94062     		85-4043528 SEE SUPPLEMENTAL INFORMATION 7,060
    Total