1
EXHIBIT 99.02
KELLOGG COMPANY SALARIED
SAVINGS AND INVESTMENT PLAN
FINANCIAL STATEMENTS
AND ADDITIONAL INFORMATION
OCTOBER 31, 1995
2
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR FISCAL YEAR ENDED OCTOBER 31, 1995
COMMISSION FILE NUMBER 1-4171
KELLOGG COMPANY SALARIED
SAVINGS AND INVESTMENT PLAN
(Full Title of the Plan)
---------------
KELLOGG COMPANY
(Name of Issuer)
ONE KELLOGG SQUARE
BATTLE CREEK, MICHIGAN 49016-3599
(Principal Executive Office)
3
KELLOGG COMPANY SALARIED
SAVINGS AND INVESTMENT PLAN
INDEX TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
- -------------------------------------------------------------------------------
Page
REPORT OF INDEPENDENT ACCOUNTANTS 1
FINANCIAL STATEMENTS AS OF OCTOBER 31, 1995
AND 1994 AND FOR THE YEAR ENDED OCTOBER 31, 1995:
Statement of assets available for benefits, with fund information 2-3
Statement of changes in assets available for benefits, with
fund information 4
Notes to financial statements 5-9
ADDITIONAL INFORMATION:
Item 27a - Schedule of assets held for investment
purposes - October 31, 1995 10
Item 27b - Schedule of loans or fixed income obligations -
October 31, 1995 11-13
Item 27d - Schedule of reportable transactions -
year ended October 31, 1995 14
4
REPORT OF INDEPENDENT ACCOUNTANTS
To the ERISA Finance Committee
and Participants of the Kellogg Company
Salaried 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 Salaried Savings and Investment Plan at October 31, 1995 and
1994, and the changes in assets available for benefits for the year ended
October 31, 1995, 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 10 - 14 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 8, 1996
5
KELLOGG COMPANY SALARIED 2
SAVINGS AND INVESTMENT PLAN
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
OCTOBER 31, 1995
- -------------------------------------------------------------------------------
FIXED
LOAN BOND INCOME
TOTAL FUND FUND FUND
ASSETS:
Receivables:
Employer contributions $ 390,747 $ - $ 14,036 $ 162,153
Employee contributions 742 742
Interest 329 329
---------------- ---------------- ---------------- ----------------
Total receivables 391,818 14,036 163,224
---------------- ---------------- ---------------- ----------------
Investments:
Plan's interest in Master Trust 98,010,029 6,949,613
Interfund borrowings (1,056,536)
Guaranteed investment contracts 288,935,607 288,935,607
Loans to participants 4,941,740 4,941,740
TBC Pooled Funds Daily Liquidity 67,912 4 67,908
---------------- ---------------- ---------------- ----------------
Total investments 391,955,288 4,941,740 6,949,617 287,946,979
---------------- ---------------- ---------------- ----------------
Assets available for benefits $ 392,347,106 $ 4,941,740 $ 6,963,653 $ 288,110,203
================ ================ ================ ================
COMPANY
EQUITY STOCK
FUND FUND
ASSETS:
Receivables:
Employer contributions $ 85,646 $ 128,912
Employee contributions
Interest
---------------- ----------------
Total receivables 85,646 128,912
---------------- ----------------
Investments:
Plan's interest in Master Trust 47,787,040 43,273,376
Interfund borrowings 1,056,536
Guaranteed investment contracts
Loans to participants
TBC Pooled Funds Daily Liquidity
---------------- ----------------
Total investments 48,843,576 43,273,376
---------------- ---------------
Assets available for benefits $ 48,929,222 $ 43,402,288
================ ===============
See accompanying notes to financial statements
6
KELLOGG COMPANY SALARIED 3
SAVINGS AND INVESTMENT PLAN
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
OCTOBER 31, 1994
- -------------------------------------------------------------------------------
FIXED
LOAN BOND INCOME
TOTAL FUND FUND FUND
ASSETS:
Receivables:
Employer contributions $ 391,817 $ - $ 14,237 $ 162,273
Employee contributions 96 96
Interest 76,387 4 76,383
---------------- ---------------- ---------------- ----------------
Total receivables 468,300 14,241 238,752
---------------- ---------------- ---------------- ----------------
Investments:
Plan's interest in Master Trust 93,050,541 5,359,818 3,778,593
Guaranteed investment contracts 255,403,672 255,403,672
Loans to participants 3,465,644 3,465,644
TBC Pooled Funds Daily Liquidity 14,702 14,702
---------------- ---------------- ---------------- ----------------
Total investments 351,934,559 3,465,644 5,359,818 259,196,967
---------------- ---------------- ---------------- ----------------
Assets available for benefits $ 352,402,859 $ 3,465,644 $ 5,374,059 $ 259,435,719
================ ================ ================ ================
COMPANY
EQUITY STOCK
FUND FUND
ASSETS:
Receivables:
Employer contributions $ 68,377 $ 146,930
Employee contributions
Interest
---------------- ----------------
Total receivables 68,377 146,930
---------------- ----------------
Investments:
Plan's interest in Master Trust 33,849,932 50,062,198
Guaranteed investment contracts
Loans to participants
TBC Pooled Funds Daily Liquidity
---------------- ----------------
Total investments 33,849,932 50,062,198
---------------- ----------------
Assets available for benefits $ 33,918,309 $ 50,209,128
================ ================
See accompanying notes to financial statements
7
KELLOGG COMPANY SALARIED 4
SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
OCTOBER 31, 1995
- -------------------------------------------------------------------------------
FIXED
LOAN BOND INCOME
TOTAL FUND FUND FUND
Contributions:
Employer $ 5,756,723 $ - $ 185,623 $ 2,661,762
Employee 12,875,500 511,775 6,221,383
Loans repaid (1,454,867) 49,013 704,899
Rollover from other qualified plans 215,449 22,100 46,348
---------------- ---------------- ---------------- ----------------
Total contributions 18,847,672 (1,454,867) 768,511 9,634,392
---------------- ----------------- ---------------- ----------------
Earnings on Investments:
Plan's interest in income of Master Trust 21,150,938 844,826 264,568
Interest income 19,905,897 346,424 19,559,473
Trustee fees (35,227) (555) (26,319
Administrative fees (175,712) (2,459) (136,650
---------------- ---------------- ----------------- ----------------
Total earnings on investments, net 40,845,896 346,424 841,812 19,661,072
---------------- ---------------- ---------------- ----------------
Net transfers between funds 332,359 17,302,474
Participant withdrawals (19,764,652) (351,982) (299,382) (16,415,743
Loans to participants 2,936,521 (58,452) (1,514,939
Net transfers between Plans 15,331 4,746 7,228
---------------- ---------------- ---------------- ----------------
Net increase (decrease) 39,944,247 1,476,096 1,589,594 28,674,484
Assets available for benefits at
beginning of year 352,402,859 3,465,644 5,374,059 259,435,719
---------------- ---------------- ---------------- ----------------
Assets available for benefits at
end of year $ 392,347,106 $ 4,941,740 $ 6,963,653 $ 288,110,203
================ ================ ================ ================
COMPANY
EQUITY STOCK
FUND FUND
Contributions:
Employer $ 1,036,407 $ 1,872,931
Employee 2,931,395 3,210,947
Loans repaid 261,588 439,367
Rollover from other qualified plans 99,941 47,060
---------------- ---------------
Total contributions 4,329,331 5,570,305
---------------- ----------------
Earnings on Investments:
Plan's interest in income of Master Trust 9,450,049 10,591,495
Interest income
Trustee fees (3,482) (4,871)
Administrative fees (16,188) (20,415)
---------------- ----------------
Total earnings on investments, net 9,430,379 10,566,209
---------------- ----------------
Net transfers between funds 2,978,628 (20,613,461)
Participant withdrawals (1,155,409) (1,542,136)
Loans to participants (573,357) (789,773)
Net transfers between Plans 1,341 2,016
---------------- ---------------
Net increase (decrease) 15,010,913 (6,806,840)
Assets available for benefits at
beginning of year 33,918,309 50,209,128
---------------- ---------------
Assets available for benefits at
end of year $ 48,929,222 $ 43,402,288
================ ===============
See accompanying notes to financial statements
8
KELLOGG COMPANY SALARIED 5
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The Kellogg Company Salaried Savings and Investment Plan ("the Plan")
operates as a qualified defined contribution plan and was established under
Section 401(k) of the Internal Revenue Code. The accounts of the Plan are
maintained on the accrual basis. Expenses of administration are paid by
the Plan.
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, 1995 and 1994:
INTEREST OCTOBER 31,
DESCRIPTION RATE 1995 1994
Putnam Horizon Managed Synthetic
GIC Fund Variable $ 28,395,496 $ -
Brundage Story & Rose Managed
Synthetic GIC Fund Variable 28,480,679 -
Morgan Bank GIC #40 9.37% 34,922,275 47,895,595
John Hancock GAC #5917-10000 8.30% - 33,910,889
John Hancock GAC #5917-10001 8.82% 56,874,232 52,274,469
Protective Life Ins. GIC #807-A 6.08% 18,850,129 17,769,730
Allstate Life Ins. GAC #5686 8.13% 24,127,523 -
John Hancosk GAC #7606 7.87% 23,463,837 -
Plan's interest in Master Trust Variable 98,010,029 93,050,541
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.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally
accepted accounting principles requires the Plan's management to make
estimates and assumptions that affect the reported amounts of assets
available for benefit at the date of the financial statements and changes
in net assets available for benefits during the reporting period. Actual
results could differ from those estimates.
9
KELLOGG COMPANY SALARIED 6
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
2. PROVISIONS OF THE PLAN
PLAN ADMINISTRATION
The Plan is administered by the ERISA Administrative Committee appointed by
Kellogg Company.
PLAN PARTICIPATION
Generally, all salaried employees of Kellogg Company and its U.S.
subsidiaries are eligible to participate in the Plan.
Subject to limitations prescribed by the Internal Revenue Service,
participants may elect to contribute from 1 percent to 16 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 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 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.
10
KELLOGG COMPANY SALARIED 7
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
2. PROVISIONS OF THE PLAN (CONTINUED)
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 balance may be
received in a lump sum or installment payments.
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 American Federation of Grain Millers 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 American
Federation of Grain Millers Savings and Investment Plan at October 31, 1995
and November 1, 1994 and the changes in assets for the period ended October
31, 1995 are as follows:
11
KELLOGG COMPANY
SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
6. MASTER TRUST (CONTINUED)
KELLOGG COMPANY SAVINGS AND INVESTMENT PLANS:
FOR THE PLAN YEAR ENDED OCTOBER 31, 1995
SCHEDULE OF ASSETS AND LIABILITIES FOR MASTER TRUST INVESTMENT ACCOUNTS
SHORT TERM BOND FUND FIXED INCOME FUND EQUITY FUND
INVESTMENT ACCOUNT INVESTMENT ACCOUNT INVESTMENT ACCOUNT INVESTMENT ACCOUNT
10/31/94 10/31/95 10/31/94 10/31/95 10/31/94 10/31/95 10/31/94 10/31/95
--------------------- ---------------------- ------------------- -----------------------
CASH/EQUIVALENTS:
Non-Interest Bearing $2,615 $21,959 $0 $0 $0 $0 $0 $0
Interest Bearing Cash $0 $0 $149,329 $0 $0 $0 $0 $0
--------------------- ---------------------- ------------------- -----------------------
TOTAL CASH/EQUIVALENTS $2,615 $21,959 $149,329 $0 $0 $0 $0 $0
--------------------- ---------------------- ------------------- -----------------------
RECEIVABLES $6,610 $5,187 $355,046 $191,402 $9 $0 $221 $134
--------------------- ---------------------- ------------------- -----------------------
GENERAL INVESTMENTS:
Long Term U.S. Gov't Securities $0 $0 $6,909,396 $8,478,055 $0 $0 $0 $0
Short Term U.S. Gov't Securities $0 $0 $0 $470,954 $0 $0 $0 $0
Corporate Debt - Long Term $0 $0 $1,816,556 $2,148,889 $0 $0 $0 $0
Corporate Debt - Short Term $0 $0 $90,822 $225,136 $0 $0 $0 $0
Corporate Stocks - Common $0 $0 $0 $0 $0 $0 $52,686,114 $77,007,278
Value of Interest in Pooled Funds $1,343,305 $174,695 $279,481 $222,051 $2,014 $0 $49,776 $27,418
Guaranteed Investment Contracts $0 $0 $0 $0 $7,200,983 $0 $0 $0
--------------------- ---------------------- ------------------- -----------------------
TOTAL INVESTMENTS $1,343,305 $174,695 $9,096,255 $11,545,085 $7,202,997 $0 $52,735,890 $77,034,696
--------------------- ---------------------- ------------------- -----------------------
TOTAL ASSETS $1,352,530 $201,841 $9,600,630 $11,736,487 $7,203,006 $0 $52,736,111 $77,034,830
--------------------- ---------------------- ------------------- -----------------------
PAYABLES $0 $0 ($105,531) $0 $0 $0 $0 $0
--------------------- ---------------------- ------------------- -----------------------
TOTAL LIABILITIES $0 $0 ($105,531) $0 $0 $0 $0 $0
--------------------- ---------------------- ------------------- -----------------------
NET ASSETS $1,352,530 $201,841 $9,495,099 $11,736,487 $7,203,006 $0 $52,736,111 $77,034,830
===================== ====================== =================== =======================
COMPANY STOCK FUND
INVESTMENT ACCOUNT
10/31/94 10/31/95
---------------------------
CASH/EQUIVALENTS:
Non-Interest Bearing $0 $0
Interest Bearing Cash $0 $0
---------------------------
TOTAL CASH/EQUIVALENTS $0 $0
---------------------------
RECEIVABLES $4,188 $884
---------------------------
GENERAL INVESTMENTS:
Long Term U.S. Gov't Securities $0 $0
Short Term U.S. Gov't Securities $0 $0
Corporate Debt - Long Term $0 $0
Corporate Debt - Short Term $0 $0
Corporate Stocks - Common $155,887,191 $132,601,292
Value of Interest in Pooled Funds $1,059,640 $20,895
Guaranteed Investment Contracts $0 $0
---------------------------
TOTAL INVESTMENTS $156,946,831 $132,622,187
---------------------------
TOTAL ASSETS $156,951,019 $132,623,071
---------------------------
PAYABLES $0 $0
---------------------------
TOTAL LIABILITIES $0 $0
---------------------------
NET ASSETS $156,951,019 $132,623,071
===========================
12
KELLOGG COMPANY SALARIED
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
6. MASTER TRUST (CONTINUED)
KELLOGG COMPANY MASTER TRUST
FOR THE PLAN YEARS ENDED OCTOBER 31, 1995
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 ADVISORY ADVISORY ADVISORY ADVISORY
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
------------- ---------- ----------------- ---------- -------------
Transfer of Assets Into
Investment Account $239,061,840 $2,057,000 $0 $23,980,000 $5,275,000
Earnings on Investments
Interest $85,839 $723,835 $494,662 $3,053 $34,566
Dividends $0 $0 $0 $0 $3,259,625
Net Realized Gain/(Loss) $0 ($120,303) $0 $2,686,388 $7,282,937
------------- ----------- ----------- ------------ ------------
TOTAL ADDITIONS $239,147,679 $2,660,532 $494,662 $26,669,441 $15,852,128
------------- ----------- ----------- ------------ ------------
Transfer of Assets Out of
Investment Account ($240,298,368) ($1,290,000) ($7,697,668) ($15,005,000) ($60,926,196)
Fees and Commissions $0 ($6,886) $0 ($25,499) $0
------------- ----------- ----------- ------------ ------------
TOTAL DISTRIBUTIONS ($240,298,368) ($1,296,886) ($7,697,668) ($15,030,499) ($60,926,196)
------------- ----------- ----------- ------------ ------------
Change in Unrealized Appreciation $0 $877,742 $0 $12,659,777 $20,746,120
------------- ----------- ----------- ------------ ------------
NET CHANGE IN ASSETS ($1,150,689) $2,241,388 ($7,203,006) $24,298,719 ($24,327,948)
------------- ----------- ----------- ------------ ------------
NET ASSETS AT 10/31/94 $1,352,530 $9,495,099 $7,203,006 $52,736,111 $156,951,019
------------- ----------- ----------- ------------ ------------
NET ASSETS AT 10/31/95 $201,841 $11,736,487 $0 $77,034,830 $132,623,071
============= =========== =========== ============ ============
13
KELLOGG COMPANY SALARIED 10
SAVINGS AND INVESTMENT PLAN
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES - OCTOBER 31, 1995
- -------------------------------------------------------------------------------
MARKET UNREALIZED
SECURITY DESCRIPTION COST PRICE VALUE GAIN/LOSS
TBC, Inc. Pooled Employee Funds
Daily Liquidity Fund $ 67,912 1.000 $ 67,912 $ -
Loans to participants 4,941,740 1.000 4,941,740
Brundage Story & Rose Managed
Synthetic GIC Fund Variable Rate 28,480,679 1.000 28,480,679
Morgan Bank GIC #40
9.37% 6/1/96 34,922,275 1.000 34,922,275
John Hancock GAC #5917-10001
8.82% 6/1/97 56,874,232 1.000 56,874,232
Protective Life Ins. GIC #807-A
6.08% 1/31/97 18,850,129 1.000 18,850,129
Provident Life GAC #627-05437-01A
6.24% 6/30/97 14,071,168 1.000 14,071,168
Protective Life Ins. GIC #893-A
4.86% 6/1/96 7,784,527 1.000 7,784,527
Provident Life GAC #627-05437-02A
4.60% 6/3/96 7,797,998 1.000 7,797,998
Principal Mutual GAC #4-11730-01
5.30% 12/1/98 8,264,184 1.000 8,264,184
Putnam Horizon Managed Synthetic
GIC Variable Rate 6/1/99 28,395,496 1.000 28,395,496
Peoples Security Ins Co #BDA00379FR
5.15% 12/1/97 8,615,377 1.000 8,615,377
Allstate Life Insurance GAC #5686
8.13% 12/1/98 24,127,523 1.000 24,127,523
Commonwealth Life #ADA00668FR
7.64% 6/1/98 15,409,517 1.000 15,409,517
John Hancock GAC #7606
7.87% 12/1/98 23,463,837 1.000 23,463,837
Commonwealth Life GIC
6.19% 6/1/98 2,494,523 1.000 2,494,523
Metropolitan Life GIC
6.27% 6/1/99 6,296,498 1.000 6,296,498
New York Life GIC
6.20% 6/1/98 3,087,644 1.000 3,087,644
----------------- ----------------- ---------
$ 293,945,259 $ 293,945,259 $ -
================= ================= =========
14
KELLOGG COMPANY SALARIED 11
SAVINGS AND INVESTMENT PLAN
ITEM 27B - SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS - OCTOBER 31, 1995
- --------------------------------------------------------------------------------
AMOUNT RECEIVED
DURING REPORTING
ORIGINAL YEAR UNPAID
IDENTITY AND ADDRESS AMOUNT ---------------------- BALANCE AT
OF OBLIGOR OF LOAN PRINCIPAL INTEREST YEAR END
James F. Fabry $ 35,000 $ - $ - $ 34,884
3262 South Tulare Circle
Denver, CO 80231
David J. Hambright 4,800 64 35 4,736
2061 Blair Street
Williamsport, PA 17701
Eugene Carter 10,000 1,457 506 8,367
75 Candle Light Ln. S.W.
Atlanta, GA 30331
Ashley J. Oudekerk 1,652 181 92 1,471
1291 Springmont Court
Lawrenceville, GA 30243
Kathryn M. Calhoun 50,000 2,056 1,003 47,268
2247 Saluda Lane
Acworth, GA 30101
Ernest E. Rice 40,000 4,947 2,483 35,053
3171 Harrison Road
East Leroy, MI 49051
TERMS AMOUNT OVERDUE
IDENTITY AND ADDRESS ---------------------------------------- ---------------------
OF OBLIGOR LOAN DATE INTEREST RATE MATURITY PRINCIPAL INTEREST
James F. Fabry 08/31/94 8.3% 08/31/99 $ 34,884 $ 2,159
3262 South Tulare Circle
Denver, CO 80231
David J. Hambright 10/31/94 8.8% 10/31/99 4,736 311
2061 Blair Street
Williamsport, PA 17701
Eugene Carter 08/31/94 8.3% 08/31/98 8,367 115
75 Candle Light Ln. S.W.
Atlanta, GA 30331
Ashley J. Oudekerk 10/31/94 8.8% 10/31/99 1,471 -
1291 Springmont Court
Lawrenceville, GA 30243
Kathryn M. Calhoun 08/31/94 8.3% 08/31/99 47,268 1,625
2247 Saluda Lane
Acworth, GA 30101
Ernest E. Rice 09/30/94 8.8% 09/30/99 35,053 767
3171 Harrison Road
East Leroy, MI 49051
15
KELLOGG COMPANY SALARIED 12
SAVINGS AND INVESTMENT PLAN
ITEM 27B - SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS - OCTOBER 31, 1995
- --------------------------------------------------------------------------------
AMOUNT RECEIVED
DURING REPORTING
ORIGINAL YEAR UNPAID
IDENTITY AND ADDRESS AMOUNT ---------------------- BALANCE AT
OF OBLIGOR OF LOAN PRINCIPAL INTEREST YEAR END
Lynn M. Hagelshaw $ 33,000 $ 3,682 $ 1,703 $ 28,872
1410 Eight Mile Road
Union City, MI 49094
David A. Brewer 15,000 1,378 634 13,622
294 Battle Creek Avenue
Battle Creek, MI 49015
Charlie H. Lake 50,000 5,476 2,875 44,524
1013 Northway Drive
Charlotte, MI 48813
Brenda Christopher 2,400 369 72 2,031
130 Cheever
Dracut, MA 01826
Richard L. Kilgore 7,000 483 231 6,422
67841 N. Big Hill Rd.
Sturgis, MI 49091
Edward L. Johnson 37,281 2,678 980 33,944
891 N. Washington
Battle Creek, MI 49017
Pamela S. Wilcox 20,000 519 331 19,481
194 Eldred Street
Battle Creek, MI 49015
TERMS AMOUNT OVERDUE
IDENTITY AND ADDRESS ---------------------------------------- ---------------------
OF OBLIGOR LOAN DATE INTEREST RATE MATURITY PRINCIPAL INTEREST
Lynn M. Hagelshaw 08/31/94 8.3% 08/31/99 $ 28,872 $ 397
1410 Eight Mile Road
Union City, MI 49094
David A. Brewer 09/30/94 8.8% 09/30/99 13,622 596
294 Battle Creek Avenue
Battle Creek, MI 49015
Charlie H. Lake 09/30/94 8.8% 09/30/99 44,524 649
1013 Northway Drive
Charlotte, MI 48813
Brenda Christopher 01/31/95 9.5% 01/31/97 2,031 -
130 Cheever
Dracut, MA 01826
Richard L. Kilgore 08/31/94 8.3% 08/31/99 6,422 309
67841 N. Big Hill Rd.
Sturgis, MI 49091
Edward L. Johnson 08/31/94 8.3% 08/31/98 33,944 1,167
891 N. Washington
Battle Creek, MI 49017
Pamela S. Wilcox 03/31/95 10.0% 03/31/00 19,481 325
194 Eldred Street
Battle Creek, MI 49015
16
KELLOGG COMPANY SALARIED
SAVINGS AND INVESTMENT PLAN
13
ITEM 27B - SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS - OCTOBER 31, 1995
- --------------------------------------------------------------------------------
AMOUNT RECEIVED
DURING REPORTING
ORIGINAL YEAR UNPAID
IDENTITY AND ADDRESS AMOUNT ---------------------- BALANCE AT
OF OBLIGOR OF LOAN PRINCIPAL INTEREST YEAR END
Rebecca A. Clark $ 12,000 $ 1,339 $ 619 $ 10,499
5267 Longmeadow Dr.
Memphis, TN 38134
Dolores M. Smith 20,000 2,231 1,060 17,498
723 W. Service Dr.
Coldwater, MS 38618
Jerry L. Warren 50,000 5,578 2,580 43,746
Route 5, Box 77
Council Bluffs, IA 51503
Dixie J. Coss 3,500 433 122 3,067
23233 Mulvaney Road
Battle Creek, MI 49017
TERMS AMOUNT OVERDUE
IDENTITY AND ADDRESS ---------------------------------------- ---------------------
OF OBLIGOR LOAN DATE INTEREST RATE MATURITY PRINCIPAL INTEREST
Rebecca A. Clark 08/31/94 8.3% 08/31/99 $ 10,499 $ 144
5267 Longmeadow Dr.
Memphis, TN 38134
Dolores M. Smith 08/31/94 8.3% 08/31/99 17,498 241
723 W. Service Dr.
Coldwater, MS 38618
Jerry L. Warren 08/31/94 8.3% 08/31/99 43,746 602
Route 5, Box 77
Council Bluffs, IA 51503
Dixie J. Coss 09/30/94 8.8% 09/30/97 3,067 112
23233 Mulvaney Road
Battle Creek, MI 49017
17
KELLOGG COMPANY SALARIED 14
SAVINGS AND INVESTMENT PLAN
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS - YEAR ENDED OCTOBER 31, 1995 (1)
- --------------------------------------------------------------------------------
CURRENT VALUE AT TRANSACTION DATE COST OF NET
NET NET SECURITIES REALIZED
IDENTITY OF ISSUE PURCHASE PRICE SALES PRICE SOLD GAIN
Allstate Life GIC #5686-01
8.13% 12/1/98 $19,248,097 $ - $ - $ -
John Hancock GAC 5917-10000
8.30% 6/1/95 34,697,979 34,697,979
John Hancock GIC #7606
7.87% 12/1/98 19,061,335
(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, 1994.