UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11-K

(Mark One):

þ		ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the fiscal year ended December 31, 2007.

o		TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                      to                     .

     A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

General Mills 401(k) Savings Plan

     B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

General Mills, Inc.
Number One General Mills Boulevard
Minneapolis, Minnesota 55426

 

 

GENERAL MILLS 401(k) SAVINGS PLAN

Financial Statements and Supplementary Schedules

December 31, 2007 and 2006

(With Report of Independent Registered Public Accounting Firm Thereon)

Report of Independent Registered Public Accounting Firm

The Benefit Finance Committee of General Mills, Inc.
General Mills 401(k) Savings Plan:

We have audited the accompanying statements of net assets available for benefits of the General Mills 401(k) Savings Plan (the Plan) as of December 31, 2007 and 2006, and the related statements of changes in net assets available for benefits for the years ended December 31, 2007 and 2006. 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 in accordance with the standards of the Public Company Accounting Oversight Board. Those standards 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. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the General Mills 401(k) Savings Plan as of December 31, 2007 and 2006, and the changes in net assets available for benefits for the years ended December 31, 2007 and 2006, in conformity with U.S. generally accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) and of reportable transactions as of and for the year ended December 31, 2007 are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audits 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.

/s/ KPMG LLP

Minneapolis, Minnesota
June 30, 2008

GENERAL MILLS 401(k) SAVINGS PLAN

Statement of Net Assets Available for Benefits

December 31, 2007

		Allocated				Unallocated				Total
Assets:
Participant directed investments:
Interest-bearing cash and short-term investments		$	24,358,528				—				24,358,528
Master Trust Investment Accounts (MTIA)			1,788,092,611				—				1,788,092,611
All other investments, at fair value:
Common stock			398,867,988				—				398,867,988
Unallocated insurance contracts			15,030,054				—				15,030,054
Registered investment companies			5,066,763				—				5,066,763
Participant loan fund			30,860,655				—				30,860,655
Directed brokerage fund			66,656,401				—				66,656,401
Total participant-directed investments			2,328,933,000				—				2,328,933,000
Nonparticipant directed investments:
Interest-bearing cash and short-term investments			—				36,426				36,426
Investments, at fair value:
Common stock			—				741				741
Total nonparticipant-directed investments			—				37,167				37,167
Total investments			2,328,933,000				37,167				2,328,970,167
Receivables:
Employer contributions			—				1,711,758				1,711,758
Interest and dividends			146,729				6,107				152,836
Miscellaneous			22,596				—				22,596
Total assets			2,329,102,325				1,755,032				2,330,857,357
Liabilities:
Accounts payable			1,978,615				—				1,978,615
Accounts payable for investments purchased			631,762				—				631,762
Total liabilities			2,610,377				—				2,610,377
Net assets available for benefits at fair value			2,326,491,948				1,755,032				2,328,246,980
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			9,082,709				—				9,082,709
Net assets available for benefits		$	2,335,574,657				1,755,032				2,337,329,689

See accompanying notes to financial statements.

GENERAL MILLS 401(k) SAVINGS PLAN

Statement of Net Assets Available for Benefits

December 31, 2006

		Allocated				Unallocated				Total
Assets:
Participant-directed investments:
Interest-bearing cash and short-term investments		$	16,108,705				—				16,108,705
Master Trust Investment Accounts (MTIA)			1,687,681,118				—				1,687,681,118
All other investments, at fair value:
Common stock			397,811,297				—				397,811,297
Unallocated insurance contracts			14,382,368				—				14,382,368
Participant loan fund			27,793,920				—				27,793,920
Directed brokerage fund			56,071,254				—				56,071,254
Total participant-directed investments			2,199,848,662				—				2,199,848,662
Nonparticipant-directed investments:
Interest-bearing cash and short-term investments			—				43,434				43,434
Investments, at fair value:
Common stock			—				6,206,225				6,206,225
Total nonparticipant-directed investments			—				6,249,659				6,249,659
Total investments			2,199,848,662				6,249,659				2,206,098,321
Receivables:
Employer contributions			—				1,146,394				1,146,394
Interest and dividends			121,736				2,826				124,562
Miscellaneous			46,369				—				46,369
Total assets			2,200,016,767				7,398,879				2,207,415,646
Liabilities:
Accounts payable			2,229,037				5,670				2,234,707
Loans			—				1,801,000				1,801,000
Total liabilities			2,229,037				1,806,670				4,035,707
Net assets available for benefits at fair value			2,197,787,730				5,592,209				2,203,379,939
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			(5,115,012	)			—				(5,115,012	)
Net assets available for benefits		$	2,192,672,718				5,592,209				2,198,264,927

See accompanying notes to financial statements.

GENERAL MILLS 401(k) SAVINGS PLAN

Statement of Changes in Net Assets Available for Benefits

Year ended December 31, 2007

		Allocated				Unallocated				Total
Net assets available for benefits at beginning of period		$	2,192,672,718				5,592,209				2,198,264,927
Investment income:
Income from MTIA			141,187,077				—				141,187,077
Income from all other investments:
Dividends and interest			14,259,821				92,895				14,352,716
Net realized/unrealized appreciation in fair market value of investments			2,180,310				157,126				2,337,436
Total net investment income			157,627,208				250,021				157,877,229
Contributions:
Employees			88,776,647				—				88,776,647
Employee rollovers			4,492,983				—				4,492,983
Employer			—				44,780,394				44,780,394
Total contributions			93,269,630				44,780,394				138,050,024
Forfeitures			(1,076,600	)			1,076,600				—
Allocation of 845,172 shares of common stock of General Mills Inc. at market			49,171,900				—				49,171,900
Total additions			298,992,138				46,107,015				345,099,153
Distributions and expenses:
Interest expense			—				(64,911	)			(64,911	)
Administrative expenses			(2,593,584	)			(707,381	)			(3,300,965	)
Distributions to participants/beneficiaries			(153,496,615	)			—				(153,496,615	)
Allocation of 845,172 shares of common stock of General Mills Inc. at market			—				(49,171,900	)			(49,171,900	)
Total deductions			(156,090,199	)			(49,944,192	)			(206,034,391	)
Net assets available for benefits at end of period		$	2,335,574,657				1,755,032				2,337,329,689

See accompanying notes to financial statements.

GENERAL MILLS 401(k) SAVINGS PLAN

Statement of Changes in Net Assets Available for Benefits

Year ended December 31, 2006

		Allocated				Unallocated				Total
Net assets available for benefits at beginning of period		$	1,974,119,375				8,384,113				1,982,503,488
Investment income:
Income from MTIA			181,965,845				—				185,051,231
Income from all other investments:
Dividends and interest			12,244,548				262,785				12,507,333
Net realized/unrealized appreciation in fair market value of investments			63,122,701				1,149,544				64,272,245
Total net investment income			257,333,094				1,412,329				258,745,423
Contributions:
Employees			81,838,254				—				81,838,254
Employee rollovers			1,559,242				—				1,559,242
Employer			—				36,027,265				36,027,265
Total contributions			83,397,496				36,027,265				119,424,761
Forfeitures			(426,674	)			426,674				—
Allocation of 770,449 shares of common stock of General Mills, Inc. at market			39,930,696				—				39,930,696
Total additions			380,234,612				37,866,268				418,100,880
Distributions and expenses:
Interest expense			—				(259,004	)			(259,004	)
Administrative expenses			(1,499,439	)			(468,472	)			(1,967,911	)
Distributions to participants/beneficiaries			(160,181,830	)			—				(160,181,830	)
Allocation of 770,449 shares of common stock of General Mills, Inc. at market			—				(39,930,696	)			(39,930,696	)
Total deductions			(161,681,269	)			(40,658,172	)			(202,339,441	)
Net assets available for benefits at end of period		$	2,192,672,718				5,592,209				2,198,264,927

See accompanying notes to financial statements.

GENERAL MILLS 401(k) SAVINGS PLAN

Notes to Financial Statements

December 31, 2007 and 2006

(1)		Description of the Plan
		The following brief description of the General Mills 401(k) Savings Plan (the Plan) is provided for general information purposes only. Participants should refer to the Summary Plan Description and the plan document for more complete information.
		The Plan is sponsored by General Mills, Inc. (the Company or General Mills) and administered by various committees. The Plan is a defined contribution employee benefit plan designed to offer employees of General Mills the opportunity to participate in a savings and investment program and to provide a source of additional income for retirement. The Plan allows for the withdrawal of certain vested funds during a participant’s active career, subject to significant restrictions.
		The Plan was amended and restated effective January 1, 2005. Under the Plan, nonhighly compensated employees of General Mills may elect to contribute up to 30% of his or her compensation and highly compensated individuals may elect to contribute up to 15% of his or her compensation (as defined by the Plan) on a before-tax basis. Certain classifications of employees are also permitted to make contributions on an after-tax basis. The total of before-tax and after-tax contributions in no event can be more than 30% of compensation for nonhighly compensated employees and 15% of compensation for highly compensated employees. Additionally, the Plan was amended on September 1, 2002 to allow eligible participants to make catch-up contributions. Company matching contributions are made by allocations of shares of General Mills common stock, which are credited to each employee’s account in the employee stock ownership plan (ESOP Fund). The percentage of compensation contributed to the Plan by employees, which is eligible for company matching and the level of company matching contributions varies among employee classifications.
(2)		Summary of Significant Accounting Policies

	(a)		Basis of Presentation
			The accompanying financial statements have been prepared under the accrual-basis method of accounting in accordance with U.S. generally accepted accounting principles.
	(b)		Adoption of New Accounting Standard
			In June 2006, the Financial Accounting Standards Board (FASB) issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109 (FIN 48), which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with SFAS No. 109, “Accounting for Income Taxes.” FIN 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FIN 48 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 was effective for fiscal years beginning after December 15, 2006. The Plan’s adoption of FIN 48 on January 1, 2007 did not have a material impact on the statement of net assets available for benefits or statement of changes in net assets available for benefits.
			As of December 31, 2006, the Plan adopted Financial Accounting Standards Board (FASB) Staff Position FSP AAG INV-1 and Statement of Position No. 94-4-1 (the FSP), Reporting of Fully

GENERAL MILLS 401(k) SAVINGS PLAN

Notes to Financial Statements

December 31, 2007 and 2006

			Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans. The FSP requires the Plan to value the holdings of investment contracts at fair value. The FSP requires the statement of net assets available for benefits present the fair value of the Plan’s investments as well as the adjustment from fair value to contract value for the fully benefit-responsive investment contracts. The statement of changes in net assets available for benefits is prepared on a contract value basis for the fully benefit-responsive investment contracts.
	(c)		Use of Estimates
			The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of net assets available for participants and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.
	(d)		Risks and Uncertainties
			The Plan provides for investment in a variety of investment funds. Investments in general are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investments, it is reasonably possible that changes in the values of the investments will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.
	(e)		Concentration of Market Risk
			At December 31, 2007 and 2006, approximately 17% and 18%, respectively, of the Plan’s net assets were invested in the common stock of General Mills. The underlying value of General Mills stock is entirely dependent upon the performance of General Mills and the market’s evaluation of such performance. It is at least reasonably possible that changes in the fair value of General Mills common stock in the near term could materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits and the statement of changes in net assets available for benefits.
	(f)		Investments
			The investments of the Plan in the GMI Investment Trust (the Investment Trust) are valued at fair value. Pooled funds consist of master trust investment accounts (MTIA) and funds pooled for the purpose of forming participant investment options. Fair value of the Plan’s investments in the pooled funds and in common stock of the Company is based on market values of the underlying securities, as discussed in notes 4 and 5. Short-term investments are stated at cost, which approximates fair value. The MTIA includes investment contracts issued by banks or insurance companies, which are valued at fair value of the underlying assets. Fully benefit-responsive investment contracts are valued at contract value because this is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.

GENERAL MILLS 401(k) SAVINGS PLAN

Notes to Financial Statements

December 31, 2007 and 2006

Security transactions are recognized on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. The cost of investment securities sold is determined on the weighted average basis.

The Plan accounts for certain changes in net assets as follows:

	•		Dividends and interest, net realized and unrealized appreciation (depreciation), and administrative expenses of the investment funds are recognized by the Plan only as they are reflected in the Plan’s proportionate share of net increases (decreases) in the market value of the underlying pooled funds.
	•		Net realized appreciation (depreciation) is recognized by the Plan upon the sale of investment securities or portions thereof on the basis of average cost to each investment manager’s portfolio.

(3)		Forfeitures and Vesting
		Participants who terminate their employment with the Company forfeit the nonvested portion of the Company’s contributions to their accounts. However, if terminated participants are reemployed by the Company within 60 months of termination, such forfeited nonvested portion of the Company’s contributions is restored to their plan accounts if the participants repay the amount previously withdrawn from their Company contribution accounts, if any, within 60 months from the date of reemployment. Forfeitures to the Plan can be used to offset future Company contributions, reinstate previously forfeited amounts to reemployed participants, and cover administrative expenses. For the period ending December 31, 2007 and 2006, $1,076,600 and $426,674, respectively, was forfeited by participants and used to pay plan fees related to that year or offset Company contributions.
		The Company’s contributions vest in accordance with the following schedule:

		Vested
Employee’s eligibility service		percentage
1 year but less than 2 years			20	%
2 years but less than 3 years			40
3 years but less than 4 years			60
4 years but less than 5 years			80
5 years or more			100

If a participant retires, dies while an active employee, becomes totally and permanently disabled, or if a participant’s employment with the Company is involuntarily terminated due to any reason other than illegal activities, gross misconduct, or violation of the Company’s Code of Conduct, or if the Plan is terminated by the Company, the participant will become 100% vested regardless of the length of company service.

GENERAL MILLS 401(k) SAVINGS PLAN

Notes to Financial Statements

December 31, 2007 and 2006

(4)		Investments
		Participants, at their discretion, may invest their accounts in any of the 16 investment options listed below.

U.S. Equity Funds:		International Equity Funds:		Balanced Funds:
Diversified U.S. Equity		Diversified International		Moderate Balanced
Aggressive Equity		International Developed Markets		Aggressive Balanced
Growth Equity		International Emerging Markets		Conservative Balanced
Value Equity
Small and Mid Cap Equity		Fixed Income Funds:		Self-directed brokerage:
S&P 500 Enhanced Index		Fixed Income		Schwab PCRA
Company Stock		U.S. Treasury

The Company’s contributions to the Plan are invested in the ESOP Fund.

The following table presents the fair value of investments in the pooled funds and common stock that represent 5% or more of the Plan’s net assets:

		December 31
		2007				2006
General Mills, Inc. common stock — participant directed		$	398,867,988				397,811,297
General Mills, Inc. common stock — nonparticipant directed			741				6,206,225

Net appreciation (depreciation) in the fair value of the Plan’s investment not held in MTIAs, including gains and losses on investments bought and sold, as well as held during the years ended December 31, 2007 and December 31, 2006 is as follows:

		December 31
		2007				2006
General Mills, Inc. common stock		$	(3,507,643	)			61,186,859
Registered investment companies			1,440,809				779,665
Directed brokerage fund			4,404,270				2,305,721
Net appreciation in fair value of investments (not including MTIA)		$	2,337,436				64,272,245

The fair values of the nonparticipant-directed portion of the ESOP Fund were $43,274 and $4,445,815 as of December 31, 2007 and 2006, respectively. Participants are able to transfer amounts in their ESOP accounts to any of the Plan’s other investment funds. Therefore, only the unallocated General Mills common shares are considered to be nonparticipant-directed. Subsequent to the repayment of the ESOP loan in June 2007, the number of unallocated shares is minimal.

GENERAL MILLS 401(k) SAVINGS PLAN

Notes to Financial Statements

December 31, 2007 and 2006

Significant components of the changes in net assets relating to the nonparticipant-directed portion of the ESOP Fund for the year ended December 31, 2007 and December 31, 2006 are as follows:

		December 31
		2007				2006
Changes in nonparticipant-directed funds:
Net appreciation		$	157,126				1,149,544
Dividends and interest			92,895				262,785
Total net investment income			250,021				1,412,329
Interest expense			(64,911	)			(259,004	)
Forfeitures			1,076,600				426,674
Administrative expenses			(707,381	)			(468,472	)
Transfers to participant-directed investments			(4,956,870	)			(3,374,243	)
Net change in nonparticipant-directed funds		$	(4,402,541	)			(2,262,716	)

(5)		Master Trust Investment Accounts (MTIA)
		The pension and savings plans of the Company are invested in the Investment Trust. Mellon Trust is the trustee and custodian of the Investment Trust. Investment managers each manage a portion of the MTIA in the Investment Trust and make investment decisions for the assets of such fund for which they are responsible within specific guidelines established by the General Mills Benefit Finance Committee.
		Transactions and assets of each of the MTIA are accounted for utilizing the following accounting policies:

•

Fund investments are valued as follows:

	–		Fixed-income securities and common and preferred stocks traded on national exchanges are valued by the trustee at closing prices on the valuation date.
	–		Unlisted investments are valued at prices quoted by various national markets and publications and/or independent financial analysts.
	–		Short-term investments are stated at cost, which approximates fair value.
	–		Investment contracts are valued at the fair value of the underlying assets.
	–		Positions in the stock index and bond futures contracts are marked-to-market daily and reflect gains and losses on a daily basis.
	–		Option contracts are valued daily and unrealized appreciation or depreciation is recorded.

	•		Dividends, interest income, and administrative expenses are recorded on the accrual basis.
	•		Purchases and sales of securities are recorded on a trade-date basis.
	•		Deposits to and withdrawals from each fund by participating plans are made at fair value determined as of the end of the business day of the transaction.

GENERAL MILLS 401(k) SAVINGS PLAN

Notes to Financial Statements

December 31, 2007 and 2006

Net assets, net investment income, and gains and losses of the MTIA are allocated to the pension and savings plans based on each plans’ interest in the investment funds of the MTIA. The Plan’s interest in all of the investment funds of the MTIA in the Investment Trust as of December 31 are as follows:

GENERAL MILLS 401(k) SAVINGS PLAN

Notes to Financial Statements

December 31, 2007 and 2006

Disclosures on all investment funds of the MTIA in the Investment Trust and the net investment gain (loss) for the investment funds of the MTIA in the Investment Trust for the year ended December 31, 2007 are as follows:

		Fair value as of December 31, 2007
																										Pooled				Pooled
		Pooled				Pooled				Pooled																International				International								Southeastern
		Equity				International				Savings								Numeric								Developed				Emerging				RCM Mid &				Asset				Alliance				Mellon
		Fund				Fund				Fixed Fund				Alliance Equity				Investors				Mellon Capital				Markets				Markets				Small Cap				Management				Bernstein				Transition
Short-term investments		$	280,986,488				5,137,822				22,831,534				1,609,778				200,388,820				—				513,928				3,048,848				1,770				752,047				3,938,679				3,546,172
Interest-bearing cash			55,639				101,851,005				—				—				—				—				108,266,800				—				—				—				—				—
U.S. government securities			26,592,658				—				—				—				—				—				—				—				—				—				—				1,355,564
Corporate debt			202,597,584				—				—				—				—				—				—				—				—				—				—				8,844,556
Corporate stock — preferred			486,925				3,912,326				—				—				—				—				4,158,771				—				—				—				—				—
Corporate stock — common			1,088,044,464				362,978,952				—				292,716,602				191,829,361				—				385,843,712				—				—				133,040,984				150,461,271				2,222
Common/collective trust			166,238,816				117,033,941				—				—				—				169,169,782				124,406,139				—				—				—				—				—
Registered investment companies			35,613,874				282,456,649				—				—				—				—				300,249,149				—				—				—				—				—
Investment contracts			—				—				606,954,639				—				—				—				—				—				—				—				—				—
Limited partnership			—				157,471,632				—				—				—				—				41,612,530				170,282,359				—				—				—				—
Other investments			3,519,421				205,916,543				—				2,470,815				—				—				—				296,335,917				—				—				—				100,000
Written options			(1,278,612	)			—				—				—				—				—				—				—				—				—				—				—
Foreign currency contracts			—				(2,394,865	)			—				—				—				—				(2,545,722	)			—				—				—				—				—
Short sales			(244,151,409	)			(90,823,199	)			—				—				(192,829,211	)			—				(96,544,331	)			—				—				—				—				—
Fair value as of December 31, 2007		$	1,558,705,848				1,143,540,806				629,786,173				296,797,195				199,388,970				169,169,782				865,960,976				469,667,124				1,770				133,793,031				154,399,950				13,848,514
Plan participation			22.4	%			15.1	%			98.1	%			19.9	%			5.0	%			29.3	%			5.9	%			30.5	%			—	%			28.3	%			34.9	%			—	%

		Net investment gain (loss) for the year ended December 31, 2007
																										Pooled				Pooled
		Pooled				Pooled																				International				International								Southeastern
		Equity				International				Pooled Savings								Numeric								Developed				Emerging				RCM Mid &				Asset				Alliance				Mellon
		Fund				Fund				Fixed Fund				Alliance Equity				Investors				Mellon Capital				Markets				Markets				Small Cap				Management				Bernstein				Transition
Net appreciation (depreciation) in
Interest bearing cash		$	(43,486	)			55,325,329				—				—				—				—				67,013,641				—				—				—				—				(15,473	)
U.S. government securities			54,641				—				—				—				—				—				—				—				—				—				—				(688,857	)
Corporate debt			(6,357,807	)			—				—				—				—				—				—				—				—				—				—				(1,329,714	)
Corporate stock — preferred			14,470				(12,988,044	)			—				—				—				—				(15,731,965	)			—				—				—				—				—
Corporate stock — common			105,079,178				88,119,696				—				43,674,132				9,400,219				—				106,736,314				—				(19,919	)			777,922				(2,351,145	)			(46,260	)
Common/collective trust			932,639				(432,541,435	)			1,105,938				—				—				5,224,500				(523,922,354	)			—				—				—				—				—
Registered investment companies			4,671,655				399,076,227				—				—				—				—				483,387,115				—				—				—				—				(52,993	)
Limited partnership			(887,739	)			242,742,954				—				—				—				—				230,607,057				63,419,016				—				—				—				—
Other investments			354,512				51,200,665				—				(1,312,762	)			—				—				—				62,017,579				—				—				—				33,450
Written options			396,625				—				—				—				—				—				—				—				—				—				—				—
Foreign currency contracts			—				—				—				—				—				—				—				—				—				—				—				—
Short sales			5,773,175				(215,980,625	)			—				—				(6,264,834	)			—				(261,609,798	)			—				—				—				—				—
Futures			2,558,283				(73,958	)			—				—				(246,646	)			—				(89,583	)			—				—				—				—				5,543,625
Interest			177,202				123,907				34,629,424				63,310				8,759,543				—				113,118				104,523				—				649,636				120,442				3,199,571
Dividends and stock loan inc.			178,195				—				—				2,579,010				—				—				—				—				—				952,543				4,088,306				242,408
Net investment gain (loss) for the year ended December 31, 2007		$	112,901,543				175,004,716				35,735,362				45,003,690				11,648,282				5,224,500				86,503,545				125,541,118				(19,919	)			2,380,101				1,857,603				6,885,757
Plan participation			22.4	%			15.1	%			98.1	%			19.9	%			5.0	%			29.3	%			5.9	%			30.5	%			—	%			28.3	%			34.9	%			—	%

(Continued)

GENERAL MILLS 401(k) SAVINGS PLAN

Notes to Financial Statements

December 31, 2007 and 2006

Disclosures on all investment funds of the MTIA in the Investment Trust and the net investment gain (loss) for the investment funds of the MTIA in the Investment Trust for the year ended December 31, 2007 are as follows:

		Fair value as of December 31, 2007
		Boston				Southeastern				Numeric								Delaware
		Partners				Small Cap				Small Cap				WAMCO				Investments				Sands Capital				Timesquare				Mazama				Roxbury				Earnest				SSGA
Short-term investments		$	4,656,957				—				49,280,788				9,884,343				1,843,026				4,321,392				2,281,376				306,655				2,226,824				3,772,912				33,466
Interest-bearing cash			3,131				—				—				93,220				—				—				—				—				—				—				—
U.S. government securities			—				—				—				44,224,865				—				—				—				—				—				—				—
Corporate debt			—				—				—				119,008,280				—				—				—				—				—				—				—
Corporate stock — preferred			—				—				—				853,150				—				—				—				—				—				—				—
Corporate stock — common			182,905,763				—				49,106,083				—				156,140,688				172,125,129				45,260,633				45,832,259				48,456,279				66,586,469				—
Common/collective trust			—				—				—				—				—				—				—				—				—				—				46,589,856
Registered investment companies			—				52,861,215				—				—				—				—				—				—				—				1,825,432				—
Investment contracts			—				—				—				—				—				—				—				—				—				—				—
Limited partnership			—				—				—				—				—				—				—				—				—				—				—
Other investments			—				—				303,388				766,976				—				—				—				1,006,815				—				—				—
Written options			(1,644,121	)			—				—				—				—				—				—				—				—				—				—
Foreign currency contracts			—				—				—				—				—				—				—				—				—				—				—
Short sales			—				—				(48,962,531	)			—				—				—				—				—				—				—				—
Fair value as of December 31, 2007		$	185,921,730				52,861,215				49,727,728				174,830,834				157,983,714				176,446,521				47,542,009				47,145,729				50,683,103				72,184,813				46,623,322
Plan participation			22.0	%			35.0	%			—	%			32.4	%			19.4	%			17.9	%			33.9	%			33.0	%			40.8	%			30.3	%			—	%

		Net investment gain (loss) for the year ended December 31, 2007
		Boston				Southeastern				Numeric								Delaware
		Partners				Small Cap				Small Cap				WAMCO				Investments				Sands Capital				Timesquare				Mazama				Roxbury				Earnest				SSGA
Net appreciation (depreciation) in
Interest bearing cash		$	—				—				—				—				—				—				—				—				—				—				—
U.S. government securities			—				—				—				1,014,384				—				—				—				—				—				—				—
Corporate debt			—				—				—				(7,200,961	)			—				—				—				—				—				—				—
Corporate stock — preferred			—				—				—				28,150				—				—				—				—				—				—				—
Corporate stock — common			2,703,591				—				—				—				21,154,551				28,304,321				5,446,320				(3,024,526	)			747,769				4,406,202				(3,410,144	)
Common/collective trust			—				—				(3,656,677	)			—				—				—				—				—				—				—				—
Registered investment companies			5,593				3,021,111				—				—				—				—				—				—				—				—				—
Limited partnership			—				—				—				—				—				—				—				—				—				—				—
Other investments			—				—				—				(2,010	)			—				—				—				—				—				—				—
Written options			771,595				—				—				—				—				—				—				—				—				—				—
Foreign currency contracts			—				—				—				—				—				—				—				—				—				—				—
Short sales			—				—				4,061,322				—				—				—				—				—				—				—				—
Futures			2,129				—				(60,824	)			(2,268,564	)			—				—				—				—				—				—				—
Interest			385,239				—				2,007,997				9,095,174				50,844				72,586				106,421				23,579				104,645				206,178				109
Dividends and stock loan inc.			3,797,282				388,123				—				21,242				1,241,858				719,935				535,499				165,047				146,763				812,229				—
Net investment gain (loss) for the year ended December 31, 2007		$	7,665,429				3,409,234				2,351,818				687,415				22,447,253				29,096,842				6,088,240				(2,835,900	)			999,177				5,424,609				(3,410,035	)
Plan participation			22.0	%			35.0	%			—	%			32.4	%			19.4	%			17.9	%			33.9	%			33.0	%			40.8	%			30.3	%			—	%