1
EXHIBIT 99.01
KELLOGG COMPANY AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
ANNUAL REPORT ON FORM 11-K
FOR THE FISCAL YEAR ENDED OCTOBER 31, 1994
2
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
/X/ Annual report pursuant to Section 15(d) of the Securities and Exchange
Act of 1934 (Fee required)
For the fiscal year ended OCTOBER 31, 1994
O R
/ / Transition report pursuant to Section 15(d) of the Securities and
Exchange Act of 1934 (No fee required)
For the transition period from _______________ to _______________
Commission file number 1-4171
A. Full title of the plan and the address of the Plan, if
different from that of the issuer named below:
KELLOGG COMPANY AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
KELLOGG COMPANY
ONE KELLOGG SQUARE
BATTLE CREEK, MICHIGAN 49016-3599
3
KELLOGG COMPANY AMERICAN
FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
FINANCIAL STATEMENTS
AND SCHEDULES
OCTOBER 31, 1994
4
KELLOGG COMPANY AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
INDEX TO OCTOBER 31, 1994 FINANCIAL STATEMENTS
Page
Report of independent accountants 1
Financial statements as of October 31, 1994
and 1993 and for the year ended October 31, 1994:
Statement of assets available for benefits 2-3
Statement of changes in assets available
for benefits 4
Notes to financial statements 5-10
Schedules as of and for the year ended October 31, 1994:
Schedule of assets held outside the master trust 11
Schedule of reportable transactions 12
5
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Participants of the
Kellogg Company American Federation
of Grain Millers Savings and Investment Plan
In our opinion, the accompanying statements of assets available for benefits
and the related statement of changes in assets available for benefits present
fairly, in all material respects, the assets available for benefits of the
Kellogg Company American Federation of Grain Millers Savings and Investment
Plan at October 31, 1994 and 1993, and the changes in assets available for
benefits for the year ended October 31, 1994, in conformity with generally
accepted accounting principles. These financial statements are the
responsibility of the plan's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for the opinion expressed above.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included on
pages 11 and 12 is presented for purposes of additional analysis and is not a
required part of the basic financial statements but is additional information
required by ERISA. The fund information in the statements of assets available
for benefits and the statement of changes in assets available for benefits is
presented for purposes of additional analysis rather than to present the assets
available for plan benefits and changes in assets available for benefits of
each fund. The additional information and the fund information have been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
PRICE WATERHOUSE LLP
Battle Creek, Michigan
March 3, 1995
6
KELLOGG COMPANY 2
AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
OCTOBER 31, 1994
FIXED COMPANY
LOAN BOND INCOME EQUITY STOCK
TOTAL FUND FUND FUND FUND FUND
ASSETS:
Receivables:
Employer contributions $ 516,046 $ -- $ 6,500 $ 298,366 $ 28,161 $ 183,019
Employee contributions (96) (96)
Interest 133,139 133,139
------------ ----------- ---------- ------------ ----------- ------------
Total receivables 649,089 6,500 431,409 28,161 183,019
------------ ----------- ---------- ------------ ----------- ------------
Investments (Note 1):
Plan's interest in Master Trust 134,687,224 4,124,385 3,207,217 21,108,072 106,247,550
Guaranteed investment contracts 478,739,579 478,739,579
TBC Pooled Funds Daily Liquidity 1,199 1,199
Loans to participants 10,562,350 10,562,350
------------ ----------- ---------- ------------ ----------- ------------
Total investments 623,990,352 10,562,350 4,124,385 481,947,995 21,108,072 106,247,550
------------ ----------- ---------- ------------ ----------- ------------
Assets available for benefits $624,639,441 $10,562,350 $4,130,885 $482,379,404 $21,136,233 $106,430,569
============ =========== ========== ============ =========== ============
See accompanying notes to financial statements
7
KELLOGG COMPANY 3
AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
OCTOBER 31, 1993
FIXED COMPANY
BOND INCOME EQUITY STOCK
TOTAL FUND FUND FUND FUND
Receivables:
Employer contributions $ 490,749 $ 7,700 $ 265,522 $ 25,000 $ 192,527
Employee contributions 178 178
Interest 58,894 58,894
------------ ----------- ------------ ----------- ------------
Total receivables 549,821 7,700 324,416 25,000 192,705
------------ ----------- ------------ ----------- ------------
Investments:
Plan's interest in Master Trust 176,897,387 6,266,224 39,394,703 20,604,198 110,632,262
Guaranteed investment contracts 412,108,992 412,108,992
TBC Pooled Funds Daily Liquidity 502,504 3 502,473 11 17
------------ ----------- ------------ ----------- ------------
Total investments 589,508,883 6,266,227 452,006,168 20,604,209 110,632,279
------------ ----------- ------------ ----------- ------------
Assets available for benefits $590,058,704 $6,273,927 $452,330,584 $20,629,209 $110,824,984
============ ========== ============ =========== ============
See accompanying notes to financial statements
8
KELLOGG COMPANY 4
AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
OCTOBER 31, 1994
FIXED COMPANY
LOAN BOND INCOME EQUITY STOCK
TOTAL FUND FUND FUND FUND FUND
ASSETS:
Additions to net assets attributable to:
Employer $ 6,731,830 $ -- $ 96,306 $ 3,712,620 $ 370,939 $ 2,551,965
Employee 16,561,106 264,670 10,129,889 1,051,033 5,115,514
Rollover from other qualified plans 487 49 49 49 340
------------ ----------- ----------- ------------ ----------- ------------
Total contributions 23,293,423 361,025 13,842,558 1,422,021 7,667,819
------------ ----------- ----------- ------------ ----------- ------------
Earnings on Investments:
Plan's interest in income of Master
Trust 7,593,582 (252,991) 581,728 1,090,261 6,174,584
Interest income 34,020,024 33,991,060 28,964
Investment services fees (28,208) (28,208)
Trustee fees (93,270) (946) (73,187) (3,687) (15,450)
------------ ----------- ----------- ------------ ----------- ------------
Total earnings on investments, net 41,492,128 (253,937) 34,471,393 1,115,538 6,159,134
------------ ----------- ----------- ------------ ----------- ------------
Net transfers between funds 10,562,350 10,562,350 (1,646,292) 14,440,226 (246,165) (12,547,769)
Participant withdrawals (30,079,264) (413,978) (26,547,262) (997,838) (2,120,186)
New loan distributions (10,562,350) (189,860) (6,144,136) (786,532) (3,441,822)
Net transfers between Plans (125,550) (13,959) (111,591)
------------ ----------- ----------- ------------ ----------- ------------
Net increase (decrease) 34,580,737 10,562,350 (2,143,042) 30,048,820 507,024 (4,394,415)
------------ ----------- ----------- ------------ ----------- ------------
Assets available for benefits at
beginning of year 590,058,704 6,273,927 452,330,584 20,629,209 110,824,984
------------ ----------- ----------- ------------ ----------- ------------
Assets available for benefits at
end of year $624,639,441 $10,562,350 $ 4,130,885 $482,379,404 $21,136,233 $106,430,569
============ =========== ========== ============ =========== ============
See accompanying notes to financial statements
9
KELLOGG COMPANY 5
AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accounts of the Kellogg Company American Federation of Grain Millers
Savings and Investment Plan ("the Plan") are maintained on the accrual
basis. Expenses of administration are paid by Kellogg Company.
INVESTMENTS
All investments are reported at current quoted market values except for
guaranteed insurance contracts, which are reported at contract value and
represent contributions made plus interest at the contract rate. The
following investments exceeded five percent of the assets available for
benefits at October 31, 1994 and 1993:
INTEREST OCTOBER 31,
DESCRIPTION RATE 1994 1993
Prudential Ins. Co. GAC #5669222 9.00% $ -- $ 35,522,412
Brundage, Story & Rose Managed
Synthetic GIC Fund Variable 34,537,855
Hartford Life Ins. GIC 9.53% 34,344,219
Morgan Bank GIC #41 9.37% 108,353,894 99,070,947
John Hancock GAC #5916-10000 8.30% 59,553,995 83,280,728
John Hancock GAC #5916-10001 8.82% 91,720,860 83,966,063
Putnam Horizon Managed Synthetic
GIC Fund Variable 34,472,455
Plan's Interest in Master Trust Variable 134,687,224 176,897,387
ALLOCATION OF NET INVESTMENT INCOME TO PARTICIPANTS
Net investment income related to the respective investment options
described in Note 2 is allocated monthly to participant accounts in
proportion to their respective ownership at the beginning of the month.
2. PROVISIONS OF THE PLAN
PLAN ADMINISTRATION
The Plan is administered by trustees appointed by Kellogg and the American
Federation of Grain Millers.
PLAN PARTICIPATION
Generally, all Kellogg Company hourly employees belonging to American
Federation of Grain Millers Union Local Nos. 3, 50, 211, 252, 374 and 401
are eligible to participate in the Plan.
10
KELLOGG COMPANY 6
AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
2. PROVISIONS OF THE PLAN (CONTINUED)
Subject to limitations prescribed by the Internal Revenue Service,
participants may elect to contribute from 1 percent to 15 percent of their
annual wages. Employee contributions not exceeding 5 percent of wages are
matched by Kellogg Company at an 80 percent rate, with 12.5 percent of the
Company match restricted for investment in the Kellogg Company stock fund.
Employees may contribute to the Plan from their date of hire; however, the
monthly contributions are not matched by the Company until the participant
has completed one year of service.
Participants of the Plan may elect to invest the contributions to their
accounts as well as their account balances in an equity, bond, fixed income
or Kellogg Company stock fund or a combination thereof in multiples of one
percent.
VESTING
Participant account balances are fully vested.
PARTICIPANT LOANS
Effective September 1, 1994, participants may borrow from their fund
accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000
or 50% of their account balance. Loan transactions are treated as
transfers between the Loan fund and the other funds. Loan terms range from
12 to 60 months. Interest is paid at a rate equal to one percent over the
prime rate. Principal and interest are paid ratably through monthly
payroll deductions.
PARTICIPANT DISTRIBUTIONS
Participants may elect to withdraw all or a portion of their contributions
made after October 31, 1978, plus related net investment income. The
withdrawal of any participant contributions which were not previously
subject to income tax under a Plan option effective January 1, 1983, is
restricted by Internal Revenue Service regulations. Under certain
circumstances and subject to approval by the Trustees, participants may
request withdrawal of a portion of Company contributions and their own
contributions made prior to November 1, 1978, including net investment
income thereon.
Participants who terminate employment before retirement, by reasons other
than death or disability, may remain in the Plan or receive payment of
their account balances in a lump sum. If the account balance is less than
$3,500 the terminated participant will receive the account balance in a
lump sum.
Participants are eligible to retire from the Company at age 62, upon
reaching 55 with 20 years of service, or after 30 years of service. Upon
retirement, disability, or death, a participant's account may be received
in a lump sum or installment payments.
11
KELLOGG COMPANY 7
AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
3. INCOME TAX STATUS
The Plan administrator has received a favorable letter from the Internal
Revenue Service regarding the Plan's qualification under applicable income
tax regulations as an entity exempt from federal income taxes.
4. MASTER TRUST
Assets of the Plan have been combined for investment purposes with assets
of the Kellogg Company Salaried Savings and Investment Plan and Kellogg
Company sponsored pension plans in a Master Trust.
The Plan has an undivided interest in the assets held in the Master Trust
in which interests are determined on the basis of cumulative funds
specifically contributed on behalf of the Plan adjusted for an allocation
of income. Such income allocation is based on the Plan's funds available
for investment during the year.
Master Trust assets held by the Plan and the Kellogg Company Salaried
Savings and Investment Plan at October 31, 1994 and November 1, 1993 and
the changes in assets for the period ended October 31, 1994 are as follows:
12
KELLOGG COMPANY
AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENT
- --------------------------------------------------------------------------------
4. MASTER TRUST (CONTINUED)
KELLOGG COMPANY SAVINGS AND INVESTMENT PLANS: FOR THE PLAN YEAR ENDED
OCTOBER 31, 1994 SCHEDULE OF ASSETS AND LIABILITIES FOR MASTER TRUST
INVESTMENT ACCOUNTS
SHORT TERM BOND FUND FIXED INCOME FUND
INVESTMENT ACCOUNT INVESTMENT ACCOUNT INVESTMENT ACCOUNT
11/1/93 10/31/94 11/1/93 10/31/94 11/1/93 10/31/94
------------------------ ----------------------- ----------------------
CASH/EQUIVALENTS:
Non-Interest Bearing $0 $2,615 $1,241,113 $0 $0 $0
Interest Bearing Cash $0 $0 $0 $149,329 $0 $0
Certificates of Deposit $0 $0 $0 $0 $0 $0
------- ---------- ---------- ---------- ----------- ----------
TOTAL CASH/EQUIVALENTS $0 $2,615 $1,241,113 $149,329 $0 $0
------- ---------- ---------- ---------- ----------- ----------
RECEIVABLES $2,800 $6,610 $169,592 $355,046 $810,567 $9
------- ---------- ---------- ---------- ----------- ----------
GENERAL INVESTMENTS:
Long Term U.S. Gov't Securities $0 $0 $8,073,595 $6,909,396 $22,419,505 $0
Short Term U.S. Gov't Securities $0 $0 $0 $0 $7,067,866 $0
Long Term U.S. Municipal Securities $0 $0 $0 $0 $15,675,216 $0
Corporate Debt - Long Term $0 $0 $2,632,477 $1,816,556 $0 $0
Corporate Debt - Short Term $0 $0 $636,413 $90,822 $0 $0
Corporate Stocks - Preferred $0 $0 $0 $0 $0 $0
Corporate Stocks - Common $0 $0 $0 $0 $0 $0
Shares of Registered Investment Co. $0 $0 $0 $0 $0 $0
Value of Interest in Pooled Funds $36,821 $1,343,305 $119,119 $279,481 $8,601,784 $2,014
Guaranteed Investment Contracts $0 $0 $0 $0 $6,606,406 $7,200,983
------- ---------- ---------- ---------- ----------- ----------
TOTAL INVESTMENTS $36,821 $1,343,305 $11,461,604 $9,096,255 $60,370,777 $7,202,997
------- ---------- ---------- ---------- ----------- ----------
TOTAL ASSETS $39,621 $1,352,530 $12,872,309 $9,600,630 $61,181,344 $7,203,006
------- ---------- ---------- ---------- ----------- ----------
PAYABLES $0 $0 $0 ($105,531) $0 $0
------- ---------- ---------- ---------- ----------- ----------
TOTAL LIABILITIES $0 $0 $0 ($105,531) $0 $0
------- ---------- ---------- ---------- ----------- ----------
NET ASSETS $39,621 $1,352,530 $12,872,309 $9,495,099 $61,181,344 $7,203,006
======= ========== =========== ========== =========== ==========
During the plan year:
Total costs of acquisitions of common stock $0 $0 $0
Total proceeds from dispositions of common stock $0 $0 $0
13
KELLOGG COMPANY
AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
4. MASTER TRUST (CONTINUED)
KELLOGG COMPANY SAVINGS AND INVESTMENT PLANS: FOR THE PLAN YEAR ENDED
OCTOBER 31, 1994 SCHEDULE OF ASSETS AND LIABILITIES FOR MASTER TRUST
INVESTMENT ACCOUNTS
EQUITY FUND COMPANY STOCK FUND
INVESTMENT ACCOUNT INVESTMENT ACCOUNT
11/1/93 10/31/94 11/1/93 10/31/94
----------------------------- ---------------------------
CASH/EQUIVALENTS:
Non-Interest Bearing $0 $0 $0 $0
Interest Bearing Cash $0 $0 $0 $0
Certificates of Deposit $0 $0 $0 $0
----------- ----------- ------------ ------------
TOTAL CASH/EQUIVALENTS $0 $0 $0 $0
----------- ----------- ------------ ------------
RECEIVABLES $49 $221 $1,274 $4,188
----------- ----------- ------------ ------------
GENERAL INVESTMENTS:
Long Term U.S. Gov't Securities $0 $0 $0 $0
Short Term U.S. Gov't Securities $0 $0 $0 $0
Long Term U.S. Municipal Securities $0 $0 $0 $0
Corporate Debt - Long Term $0 $0 $0 $0
Corporate Debt - Short Term $0 $0 $0 $0
Corporate Stocks - Preferred $0 $0 $0 $0
Corporate Stocks - Common $47,748,019 $52,686,114 $164,142,461 $155,887,191
Shares of Registered Investment Co. $0 $0 $0 $0
Value of Interest in Pooled Funds $17,861 $49,776 $1,461 $1,059,640
Guaranteed Investment Contracts $0 $0 $0 $0
----------- ----------- ------------ ------------
TOTAL INVESTMENTS $47,765,880 $52,735,890 $164,143,922 $156,946,831
----------- ----------- ------------ ------------
TOTAL ASSETS $47,765,929 $52,736,111 $164,145,196 $156,951,019
----------- ----------- ------------ ------------
PAYABLES $0 $0 $0 $0
----------- ----------- ------------ ------------
TOTAL LIABILITIES $0 $0 $0 $0
----------- ----------- ------------ ------------
NET ASSETS $47,765,929 $52,736,111 $164,145,196 $156,951,019
=========== =========== ============ ============
During the plan year:
Total costs of acquisitions of
common stock $24,238,000 $15,551,457
Total proceeds from dispositions of
common stock $21,756,000 $29,132,650
14
KELLOGG COMPANY
AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
- ------------------------------------------------------------------------------
4. MASTER TRUST (CONTINUED)
KELLOGG COMPANY MASTER TRUST
FOR THE PLAN YEAR ENDED OCTOBER 31, 1994
SCHEDULE OF INCOME AND EXPENSES, CHANGES IN NET ASSETS
AND NET INCREASE (DECREASE) IN NET ASSETS OF MASTER TRUST INVESTMENT ACCOUNTS
SHORT TERM BOND FUND FIXED INCOME FUND EQUITY FUND COMPANY STOCK
INVESTMENT ACCOUNT ADVISORY ACCOUNT ADVISORY ACCOUNT ADVISORY ACCOUNT ADVISORY ACCOUNT
------------------ ---------------- ----------------- ---------------- ----------------
Transfer of Assets Into
Investment Account $177,677,120 $1,223,000 $13,738 $26,355,073 $11,523,034
Earnings on Investments
Interest $83,247 $802,017 $1,265,377 $1,743 $24,856
Dividends $0 $0 $0 $0 $3,929,011
Corporate Actions $0 $0 $0 $0 $0
Pooled Fund Distributions $0 $0 $0 $0 $0
Miscellaneous $0 $0 $0 $0 $0
Net Realized Gain/(Loss) $0 ($272,505) $2,155,134 $3,198,564 ($288,125)
------------- ----------- ------------ ------------ ------------
TOTAL ADDITIONS $177,760,367 $1,752,512 $3,434,249 $29,555,380 $15,188,776
------------- ----------- ------------ ------------ ------------
Transfer of Assets Out of
Investment Account ($176,447,458) ($4,073,400) ($54,983,152) ($23,820,000) ($28,074,662)
Fees and Commissions $0 ($12,223) ($67,168) ($24,489) $0
------------- ----------- ------------ ------------ ------------
TOTAL DISTRIBUTIONS ($176,447,458) ($4,085,623) ($55,050,320) ($23,844,489) ($28,074,662)
------------- ----------- ------------ ------------ ------------
Change in Unrealized Appreciation $0 ($1,044,028) ($2,362,267) ($740,709) $5,691,709
------------- ----------- ------------ ------------ ------------
NET CHANGE IN ASSETS $1,312,909 ($3,377,139) ($53,978,338) $4,970,182 ($7,194,177)
------------- ----------- ------------ ------------ ------------
NET ASSETS AT 10/31/93 $39,621 $12,872,238 $61,181,344 $47,765,929 $164,145,196
------------- ----------- ------------ ------------ ------------
NET ASSETS AT 10/31/94 $1,352,530 $9,495,099 $7,203,006 $52,736,111 $156,951,019
============= =========== ============ ============ ============
15
KELLOGG COMPANY 11
AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
SCHEDULE OF ASSETS HELD OUTSIDE THE MASTER TRUST AT OCTOBER 31, 1994
FORM 5500 - ITEM 27A
MARKET UNREALIZED
SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS
TBC, Inc. Pooled Employee Funds
Daily Liquidity Fund $ 1,199 1.000 $ 1,199 $ --
Loans to participants 10,562,350 1.000 10,562,350
Brundage Story & Rose Managed
Synthetic GIC Fund Variable Rate 34,537,855 1.000 34,537,855
Morgan Bank GIC #41
9.37% 6/1/96 108,353,894 1.000 108,353,894
John Hancock GAC #5916-10000
8.30% 6/1/95 59,553,995 1.000 59,553,995
John Hancock GAC #5916-10001
8.82% 6/1/97 91,720,860 1.000 91,720,860
Protective Life Ins. GIC #807-B
6.08% 1/31/97 27,342,907 1.000 27,342,907
Provident Life GIC #627-05439-01A
6.24% 6/30/97 15,719,424 1.000 15,719,424
Protective Life Ins. GIC #893-B
4.68% 6/1/96 13,993,822 1.000 13,993,822
Provident Life GIC #627-05439-02A
4.60% 6/3/96 13,849,126 1.000 13,849,126
Putnam Horizon Managed Synthetic
GIC Variable Rate 6/1/99 34,472,455 1.000 34,472,455
Principal Mutual GAC #4-12130-01
5.30% 12/1/98 17,918,080 1.000 17,918,080
Peoples Security Ins #BDA00378FR
5.15% 12/1/97 17,548,893 1.000 17,548,893
Allstate Life Ins. GAC #5686A
8.13% 12/1/98 9,013,575 1.000 9,013,575
Commonwealth Life #ADA00687FR
7.54% 6/1/98 25,701,477 1.000 25,701,477
John Hancock GAC #7605
7.87% 12/1/98 9,013,216 1.000 9,013,216
$ 489,303,128 $ 489,303,128 $ --
16
KELLOGG COMPANY 12
AMERICAN FEDERATION OF GRAIN MILLERS
SAVINGS AND INVESTMENT PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
FORM 5500 ITEM 27D (1)
CURRENT VALUE AT TRANSACTION DATE COST OF NET
NET NET SECURITIES REALIZED
IDENTITY OF ISSUE PURCHASE PRICE SALES PRICE SOLD GAIN
Putnam Horizon Managed Synthetic
GIC Variable Rate 6/1/99 $ 34,472,455 $ -- $ -- $ --
Protective Life Ins. GIC #893-B
4.68% 6/1/96 21,083,883 24,818,327 24,818,327
Provident Life GIC #3902A
4.60% 6/3/96 21,050,653 24,875,995 24,875,995
Brundage Story & Rose Managed
Synthetic GIC Variable Rate 34,537,855
Prudential Assets GAC #5669222
9.00% 6/1/94 915,955 31,770,155 31,770,155
Hartford Life Ins GIC 9.53% 6/1/94 939,621 30,756,317 30,756,317
John Hancock GAC #5916-1000
8.30% 6/1/97 6,741,405 30,468,138 30,468,138
(1) Represents Plan's interest in a transaction (or a series of transactions
of the same issue) in excess of five percent of the Plan's assets
available at November 1, 1993.