2026-07-10T16:45:36+00:00 2025-08-31 350921680 CROWE LLP 575 Market Street Suite 3300 San Francisco CA 941055829 990PF 2024-09-01 366030614 WK KELLOGG FOUNDATION TRUST - NO 5315 WKKE 3126308104 ONE MICHIGAN AVE EAST BATTLE CREEK MI 49017 JOHN COZZENS CORPORATE TRUSTEE 2026-07-10 true true DIANE KIRMACI P01578407 4155761100 2026-07-10 2024 2025-03-06 01:10:19Z X 9186896995 X 0 X 139178070 196767629 779669520 1870671048 731327626 0 0 0 0 -13461867 0 918847590 914633388 0 4678249 4292376 0 565791 0 0 0 0 0 0 0 0 2093862 1765012 0 0 392314 342337 0 0 6770324 6104012 0 0 7329000 11113233 0 7329000 8166944 1713281 0 0 0 0 0 0 0 0 395841 300725 0 39086 0 0 0 0 8285193 7319748 0 56074 38111727 32950724 0 7989951 420000000 420000000 458111727 32950724 0 427989951 460735863 881682664 0 146784283 54356609 54356609 0 0 0 0 0 0 0 0 0 0 0 0 0 0 11546 10197 10197 4802678377 4222573761 4222573761 101207572 46999457 46999457 0 0 0 0 3914162924 4857880203 4857880203 0 0 0 0 5844791 5076768 5076768 8970689493 9186896995 9186896995 4229338 3053750 0 0 300000000 300000000 78808749 75205138 383038087 378258888 X 8587651406 8808638107 8587651406 8808638107 8970689493 9186896995 8587651406 460735863 0 9048387269 239749162 8808638107 PUBLICLY TRADED SECURITIES 609882391 545829365 64053026 0 64053026 KELLANOVA STOCK 446138311 6713863 439424448 0 439424448 PARTNERSHIP NATIVE INVESTMENTS 814650346 586800194 227850152 0 227850152 731327626 12255389 0 12255389 12255389 12294367 0 4000000 16294367 X 0 4038978 4038978 0 false false false false false true true false true true IL MI true false false true false true www.wkkf.org THE NORTHERN TRUST COMPANY 3126308104 50 South La Salle Street B-7 CHICAGO IL 60603 true HK NL UK CA CJ DA FR GM false false true true false false false false false true false false false false false false true false false true false false false false LA JUNE MONTGOMERY TABRON ONE MICHIGAN AVE EAST BATTLE CREEK MI 49017 TRUSTEE 2.00 0 0 32984 STEVEN A CAHILLANE One Kellogg Square Battle Creek MI 49017 TRUSTEE 2.00 0 0 32984 THE NORTHERN TRUST COMPANY 50 South LaSalle St B10 Chicago IL 606031006 CORPORATE TRUSTEE 40.00 5518953 0 0 RICHARD TSOUMAS ONE MICHIGAN AVE EAST BATTLE CREEK MI 49017 TRUSTEE 2.00 40000 0 32984 SIMPSON THACHER & BARTLETT LLP 425 LEXINGTON AVENUE NEW YORK NY 100173954 LEGAL ADVISORY 1877569 THE NORTHERN TRUST COMPANY 50 SOUTH LASALLE ST B10 CHICAGO IL 606031006 INVESTMENT ADVISORY/CUSTODIAN 1103791 HOULIHAN LOKEY CAPITAL INC 10250 CONSTELLATION BLVD 5TH FLOOR LOS ANGELES CA 900676802 INVESTMENT ADVISORY 979358 ALBOURNE AMERICA LLC 655 MONTGOMERY STREET SUITE 1910 SAN FRANCISCO CA 94111 INVESTMENT ADVISORY 898001 JP MORGAN CHASE BANK PO BOX 44959 INDIANAPOLIS IN 462444959 BANKING/LENDING SERVICE 353889 3 0 5813412164 109734808 2783163258 8706310230 328899449 8706310230 130594653 8575715577 428785779 428785779 12255389 2259 12257648 416528131 416528131 416528131 427989951 0 0 427989951 416528131 0 2022 2021 2020 0 0 145068259 163086044 10683463 6193916 325031682 427989951 0 0 0 416528131 11461820 0 336493502 0 0 0 0 0 0 336493502 145068259 163086044 10683463 6193916 11461820 X WK KELLOGG FOUNDATION ONE MICHIGAN AVE EAST BATTLE CREEK MI 49017 NONE PF FUNDING THE FOUNDATION'S CHARITABLE ACTIVITIES 420000000 420000000 0 14 139178070 901101 6205124 18 773464396 6205124 912642466 0 918847590 false false false false false false false false false false Accounting Fees 392314 342337 0 0 PARTNERSHIP NATIVE INVESTMENTS 814650346 544580900 270069446 PUBLICLY TRADED SECURITIES 609882391 545829365 64053026 KELLANOVA STOCK 446138311 591263 445547048 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 IN OCTOBER 2020, THE W.K. KELLOGG FOUNDATION TRUST ("TRUST") ISSUED A 30-YEAR SOCIAL BOND TO DISTRIBUTE THE PROCEEDS TO THE W.K. KELLOGG FOUNDATION ("FOUNDATION") TO INCREASE THE FOUNDATION'S GRANTMAKING PROGRAM BY 50% FOR 2-YEARS WHICH ADDRESSED CRITICAL NEEDS OF CHILDREN, FAMILIES AND COMMUNITIES IN THE WAKE OF THE GLOBAL PANDEMIC. 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, 2025. 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 5d 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, 2025, 15 payments in the aggregate amount of $420,000,000 were made from Trust 5315 to the W.K. Kellogg Foundation on the dates in the amounts set forth below: 09/25/2024: 35,000,000 11/18/2024: 32,000,000 12/09/2024: 18,000,000 12/18/2024: 30,000,000 01/13/2025: 45,000,000 02/21/2025: 25,000,000 03/18/2025: 30,000,000 04/08/2025: 30,000,000 05/09/2025: 45,000,000 06/17/2025: 25,000,000 07/01/2025: 10,000,000 07/10/2025: 45,000,000 08/11/2025: 11,000,000 08/20/2025: 30,000,000 08/25/2025: 9,000,000 --------------------------------- TOTAL: $420,000,000 Pursuant to the terms of the Agreement, the funds distributed from Trust 5315 ("the Trust") to the W.K. Kellogg Foundation (the "Foundation") are used exclusively for those charitable purposes set forth in the Articles of Association of the Foundation. In order for the Foundation to remain eligible to receive distributions from the Trust, the Foundation is required to comply with a number of conditions. These conditions include submission of reports and a prohibition against diversion of the funds of the Foundation for any other purpose other than charitable. The Trustees of the Foundation meet at least quarterly 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 11, 2026, 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, 2025, the Foundation has expended all funds received by it from the Trust for the fiscal year ended August 31, 2024, and has expended $285,681,433 of the funds received by it from the Trust during the fiscal year ended August 31, 2025. 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, 2025, RICHARD TSOUMAS 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 (KELLANOVA - K) Form 990-PF, Part IX, Line 1e During the fiscal year ended August 31, 2025, the W.K. Kellogg Foundation Trust ("Trust") owned in excess of 45 million shares of the common stock of Kellanova with a monthly average total value of shares held for the Trust's tax year of approximately $3.6 billion before blockage discount. The percentage of outstanding common stock of Kellanova which the Trust held during the fiscal year amounted to approximately 13-15%. 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 Houlihan Lokey Capital, Inc. dated September 16, 2025. The claimed discount is appropriate in valuing the Trust's shares in Kellanova because the shares do not represent actual or effective control of the company and various factors affect the influence of an approximate 13-15% block of shares. The annual blockage discount for the tax year was approximately 8.5%, using a methodology that took into consideration observations of marketed secondary offerings and block trades. Total Reduction Claimed for Blockage: $328,899,449 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 (717,185) Net income/(loss) per Schedule K-1* (736,005) Capital contributed during the year per Schedule K-1 ---------------- (1,453,190) Net transfer (to)/from controlled entity LIV Mexico Growth Fund IV LP (1,197,064) Net income/(loss) per Schedule K-1* 1,739,523 Withdrawals & distributions during the year per Schedule K-1 (105,954) Capital contributed during the year per Schedule K-1 ---------------- 436,505 Net transfer (to)/from controlled entity AVANZ EM PARTNERSHIPS FEEDER SPC 2,203,957 Distributions received (return of capital, realized gain/(loss), and other income) (339,890) Capital contributed during the year ---------------- 1,864,067 Net transfer (to)/from controlled entity AVANZ EM PARTNERSHIPS FUND SPC No transactions STANDARD RENEWABLES HOLDINGS LTD (4,033,604) Distributions received (return of capital, realized gain/(loss), and other income) TI BC CO-INVESTMENT FUND LP (1,061,036) Net income/(loss) per Schedule K-1* (3,000,000) Capital contributed during the year per Schedule K-1 ---------------- (4,061,036) Net transfer (to)/from controlled entity OPERATOR COLLECTIVE CAPITAL I LLC (16,415) Net income/(loss) per Schedule K-1* (40,000) Capital contributed during the year per Schedule K-1 ---------------- (56,415) Net transfer (to)/from controlled entity WATERFRONT CP SELECT PARTNERS LP 2,056,769 Net income/(loss) per Schedule K-1* (10,000,000) Capital contributed during the year per Schedule K-1 ---------------- (7,943,231) Net transfer (to)/from controlled entity MAVERICK LONG LP 22,408,273 Net income/(loss) per Schedule K-1* (86,868,829) Capital contributed during the year per Schedule K-1 ---------------- (64,460,556) Net transfer (to)/from controlled entity AGO CROSSOVER SPV II LP (53,125) Net income/(loss) per Schedule K-1* (20,250,000) Capital contributed during the year per Schedule K-1 ---------------- (20,303,125) Net transfer (to)/from controlled entity BRIGHT MEADOW AGENCY MARKETS ONSHORE FUND LP 3,752,380 Net income/(loss) per Schedule K-1* (44,121,178) Capital contributed during the year per Schedule K-1 ---------------- (40,368,798) Net transfer (to)/from controlled entity WATERFRONT CP ENHANCED OFFSHORE FUND LP 9,225,207 Distributions received (return of capital, realized gain/(loss), and other income) CROWN LIQUIDITY SOLUTIONS FEEDER SCSP (3,640,000) Capital contributed during the year MAC ALPHA CAPITAL INTERNATIONAL SMALL CAP FUND LP 2,058,646 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. Corporate Bonds 46999457 46999457 Kellanova (FKA Kellogg Company) Stock 3585246321 3585246321 WK Kellogg Co Stock 309538244 309538244 Other Corporate Stock 327789196 327789196 10197 10197 0 0 Private Equity Funds FMV 1511797572 1511797572 Real Estate Funds FMV 274093989 274093989 Hedge Funds FMV 2337768992 2337768992 Commingled Funds FMV 734219650 734219650 Legal Fees 2093862 1765012 0 0 300000000 JP Morgan Series 2020 Social Bond None 300000000 300000000 2020-10 2050-10 2.443 SEE PART II, LINE 21 SUPPLEMENTAL INFORMATION STATEMENT Accrued Interest & Dividends 3092033 3035275 3035275 Excise tax receivable 2752758 2041493 2041493 change in unrealized gains/(losses) on investments 239749162 Insurance 560736 425403 0 56074 Line of Credit Fees 353889 0 0 0 Reimbursed Salaries & Benefits 5704701 5580945 0 0 Memberships & Subscriptions 1200904 1012297 0 0 Other Expenses - Partnerships native Investments 107760 0 0 0 Other Investment Expenses 357203 301103 0 0 Other Income/(Loss) from Partnerships -13461867 Deferred Excise Tax Liability 78285161 74952648 Payable to W.K. Kellogg Foundation 523588 252490 Investment Management Fees 2527766 2527766 0 0 Consulting Fees 3334698 2810969 0 0 Custodial Fees 907860 765277 0 0 Description : KELLANOVA STOCK - REDUCTION CLAIMED FOR BLOCKAGE, Percent : 9, FMV : 3885501758, Amount Disclaimed : XXX-XX-XXXX, Explanation : 8.5% UNROUNDED. SEE PART IX, LINE 1E SUPPLEMENTAL INFORMATION STATEMENT; Excise & Income Tax 8166944 0 0 0 Partnerships native Investments Taxes 0 1713281 0 0 LIV MEXICO GROWTH FUND IV LP 155 WELLINGTON ST WEST TORONTO ONTARIO CA M5V3J7 000000000 SEE SUPPLEMENTAL INFORMATION 436505 AVANZ EM PARTNERSHIPS FEEDER SPC PO BOX 309 UGLAND HOUSE GRAND CAYMAN CJ KY11104 981107923 SEE SUPPLEMENTAL INFORMATION 1864067 STANDARD RENEWABLES HOLDINGS LTD C/O WALTER CORPORATE LIMITED CAYMAN CORPORATE CTR 27 HOSPITAL R GEORGE TOWN GRAND CAYMAN CJ KY19005 981194824 SEE SUPPLEMENTAL INFORMATION 4033604 WATERFRONT CP ENHANCED OFFSHORE FUND LTD 10 EAST 53RD ST 34TH FLOOR NEW YORK NY 10022 981341074 SEE SUPPLEMENTAL INFORMATION 9225207 MAC ALPHA CAPITAL INTERNATIONAL SMALL CAP FUND LP 4830 WEST KENNEDY BLVD SUITE 600 TAMPA FL 33609 851118201 SEE SUPPLEMENTAL INFORMATION 2058646 C-III RECOVERY FUND II CO-INVESTMENT II (NY2) LP 6031 CONNECTION DR SUITE 200 IRVING TX 75039 320496111 SEE SUPPLEMENTAL INFORMATION 1453190 AVANZ EM PARTNERSHIPS FUND SPC 600 BRICKELL AVENUE MIAMI FL 33131 981107280 SEE SUPPLEMENTAL INFORMATION 0 TI BC CO-INVESTMENT FUND LP 4304 18TH STREET 14427 SAN FRANCISCO CA 941149991 831185697 SEE SUPPLEMENTAL INFORMATION 4061036 OPERATOR COLLECTIVE CAPITAL I LLC PO BOX 620733 WOODSIDE CA 94062 854043528 SEE SUPPLEMENTAL INFORMATION 56415 WATERFRONT CP SELECT PARTNERS LP 10 EAST 53RD STREET 34TH FLOOR NEW YORK NY 10022 873936463 SEE SUPPLEMENTAL INFORMATION 7943231 MAVERICK LONG LP 1900 N PEARL STREET 20TH FLOOR DALLAS TX 75201 202826924 SEE SUPPLEMENTAL INFORMATION 64460556 AGO CROSSOVER SPV II LP 800 BOYLSTON STREET SUITE 3300 BOSTON MA 021998069 331430115 SEE SUPPLEMENTAL INFORMATION 20303125 BRIGHT MEADOW AGENCY MARKETS ONSHORE FUND LP 500 MAMARONECK AVE SUITE 405 HARRISON NY 10528 992522438 SEE SUPPLEMENTAL INFORMATION 40368798 CROWN LIQUIDITY SOLUTIONS FEEDER SCSP 21-25 ALLEE SCHEFFER LIMPERTSBERG LU L2520 981807352 SEE SUPPLEMENTAL INFORMATION 3640000