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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.
OR
     
o   TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from                      to                     .
Commission file number: 001-01185
     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
 
 

 


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SIGNATURES
EXHIBIT INDEX
Consent of KPMG LLP


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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)

 


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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

 


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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.

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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.

10


Table of Contents

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:

11


Table of Contents

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)

12


Table of Contents

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 %     %
(Continued)

13


Table of Contents

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, 2006 are as follows:
                                                                                                         
    Fair value as of December 31, 2006  
                                                            Pooled     Pooled                             General  
            Pooled     Pooled                                     International     International             Southeastern             Mills  
    Pooled     International     Savings     Alliance     Reich     Numeric     Mellon     Developed     Emerging     RCM Mid &     Asset     Alliance     Internal  
    Equity Fund     Fund     Fixed Fund     Equity     & Tang     Investors     Capital     Markets     Markets     Small Cap     Management     Bernstein     Equity  
Short-term investments
  $ 49,076,439       5,261,051       6,865,331       2,265,264       5,651,410       196,597,826             2,753,536       1,853,137       21,209       27,865,558       3,546,141       13,920,479  
Interest-bearing cash
    6,416,934       89,851,641                                     97,161,304                               8,922,839  
U.S. government securities
    43,066,377                                                                         31,614,551  
Corporate debt
    127,000,632                         931                                     6,691,750             65,086,023  
Corporate stock — preferred
                                              3,525,422                                
Corporate stock — common
    1,442,930,057       297,201,583             331,662,262       97,468,831       180,411,470             313,331,387                   107,457,028       168,509,594       1,772,122  
Common/collective trust
    101,462,119       103,674,971       35,424,871                         133,945,282       108,423,456       122,232,578                          
Registered investment companies
    41,827,485       234,996,601                                     249,252,537       212,953,404                         1,104,220  
Investment contracts
                556,968,542                                                              
Limited partnership
          127,368,912                                     46,607,959                                
Other investments
    5,700,696       150,323,116                                                                   6,891,170  
Written options
                                                                             
Foreign currency contracts
                                              (124,639 )                              
Short sales
          (76,028,312 )                       (179,639,920 )           (85,974,657 )                              
 
                                                                             
 
                                                                                                       
Fair value as of December 31, 2006
  $ 1,817,480,739       932,649,563       599,258,744       333,927,526       103,121,172       197,369,376       133,945,282       734,956,305       337,039,119       21,209       142,014,336       172,055,735       129,311,404  
 
                                                                             
 
                                                                                                       
Plan participation
    18.6 %     15.6 %     98.1 %     16.6 %     %     4.8 %     24.2 %     6.0 %     29.2 %     %     29.4 %     34.0 %     29.3 %
                                                                                                         
    Net investment gain (loss) for the year ended December 31, 2006  
                                                            Pooled     Pooled                             General  
            Pooled     Pooled                                     International     International             Southeastern             Mills  
    Pooled     International     Savings     Alliance     Reich     Numeric     Mellon     Developed     Emerging     RCM Mid &     Asset     Alliance     Internal  
    Equity Fund     Fund     Fixed Fund     Equity     & Tang     Investors     Capital     Markets     Markets     Small Cap     Management     Bernstein     Equity  
Net appreciation (depreciation) in fair value of investments:
                                                                                                       
Interest-bearing cash
  $       8,903,188                                     10,155,895                               59,223  
U.S. government securities
    693,124                                                                         51,531  
Corporate debt
    20,414,878                                                                         254,498  
Corporate stock — preferred
    (3,114,163 )     1,230,443                                     1,403,570                                
Corporate stock — common
    58,577,203       73,163,247             1,308,199       29,212,122       23,971,757             83,457,551             15,883       24,256,187       25,966,002       379,445  
Common/collective trust
    95,710,330       26,693,931       1,638,446                         18,383,159       23,828,518       6,621,334                          
Registered investment companies
    25,876,542       24,896,477                                     28,399,492                               88,660  
Investment contracts
                                                                             
Limited partnership
          32,423,326                                     1,120,893       35,864,500                          
Other investments
    544,850       32,504,628                                           37,078,134                         (50,254 )
Written options
    30,678,189                                                                          
Foreign currency contracts
                                                                             
Short sales
          (9,630,110 )                       (12,164,919 )           (10,985,098 )                              
Futures
    (18,818,284 )     3,194,656             42             17,828,961             3,644,154                               13,981,781  
Interest
    141,295       185,778       31,492,756       105,115       223,906       7,772,615             142,844       69,837       438       707,969       152,712       7,494,788  
Dividends
                      2,306,240       1,588,469                                     1,802,563       3,081,832       808,865  
 
                                                                             
 
                                                                                                       
Net investment gain (loss) for the year ended December 2006
  $ 210,703,964       193,565,564       33,131,202       3,719,596       31,024,497       37,408,414       18,383,159       141,167,819       79,633,805       16,321       26,766,719       29,200,546       23,068,537  
 
                                                                             
 
                                                                                                       
Plan participation
    18.6 %     15.6 %     98.1 %     16.6 %     %     4.8 %     24.2 %     6.0 %     29.2 %     %     29.4 %     34.0 %     29.3 %
(Continued)

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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, 2006 are as follows:
                                                                                                 
    Fair value as of December 31, 2006  
    Arbor             Boston     Southeastern     Numeric             Delaware     Sands     Time square                    
    Capital     SIT     Partners     Small Cap     Small Cap     WAMCO     Investments     Capital     Capital     Mazama     Roxbury     Earnest  
Short-term investments
  $ 14,283       3,496,556       6,649,829             50,407,648       21,598,604       1,319,910       760,010       1,814,953       512,317       2,093,594       2,805,564  
Interest-bearing cash
                                  4,895                   475                    
U.S. government securities
                                  29,532,915                                      
Corporate debt
                                  109,931,112       159,884,500                                
Corporate stock — preferred
                                                                       
Corporate stock — common
          50,755,871       212,847,506             49,055,692                   146,950,110       49,924,728       49,811,235       53,101,690       62,380,938  
Common/collective trust
                                                                       
Registered investment companies
                164,432       64,451,981                                                 2,032,508  
Investment contracts
                                                                       
Limited partnership
                                                                       
Other investments
                            159,392       1,245,324                                      
Written options
                (1,180,260 )                                                      
Foreign currency contracts
                                                                       
Short sales
                            (49,082,757 )                                          
 
                                                                       
 
                                                                                               
Fair value as of December 31, 2006
  $ 14,283       54,252,427       218,481,507       64,451,981       50,539,975       162,312,850       161,204,410       147,710,120       51,740,156       50,323,552       55,195,284       67,219,010  
 
                                                                       
 
                                                                                               
Plan participation
    %     %     20.3 %     36.5 %     %     23.9 %     18.0 %     19.1 %     26.6 %     27.1 %     37.6 %     30.4 %
                                                                                                 
    Net investment gain (loss) for the year ended December 31, 2006  
    Arbor             Boston     Southeastern     Numeric             Delaware     Sands     Time square                    
    Capital     SIT     Partners     Small Cap     Small Cap     WAMCO     Investments     Capital     Capital     Mazama     Roxbury     Earnest  
Net appreciation (depreciation) in fair value of investments:
                                                                                               
Interest-bearing cash
  $                                                                    
U.S. government securities
                                  34,263                                      
Corporate debt
                (221,680 )                 347,293                                      
Corporate stock — preferred
                (1,376,346 )                 10,855                                      
Corporate stock — common
    5,339,113       4,712,066       30,663,135                         3,268,231       (8,119,822 )     6,441,716       2,875,698       3,860,830       4,254,785  
Common/collective trust
                            7,817,129                                            
Registered investment companies
                30,874       15,741,119                                                  
Investment contracts
                                                                       
Limited partnership
                                                                       
Other investments
                                  104,905                                      
Written options
                1,057,035                                                        
Foreign currency contracts
                                                                       
Short sales
                            (6,192,653 )                                          
Futures
                190             4,905,683       12,624,194                                      
Interest
    9,026       142,408       355,623             1,820,846       7,417,797       51,009       71,510       93,354       25,344       88,739       167,443  
Dividends
    19,480       338,238       3,790,122       1,170,466                   988,956       333,156       454,637       138,999       107,501       586,612  
 
                                                                       
 
                                                                                               
Net investment gain (loss) for the year ended December 2006
  $ 5,367,619       5,192,712       34,298,953       16,911,585       8,351,005       20,539,307       4,308,196       (7,715,156 )     6,989,707       3,040,041       4,057,070       5,008,840  
 
                                                                       
 
                                                                                               
Plan participation
    %     %     20.3 %     36.5 %     %     23.9 %     18.0 %     19.1 %     26.6 %     27.1 %     37.6 %     30.4 %
(Continued)

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GENERAL MILLS 401(k) SAVINGS PLAN
Notes to Financial Statements
December 31, 2007 and 2006
  (a)   Futures Transactions and Foreign Exchange Contracts
 
      In order to gain exposure to or attempt to protect itself from changes in the market, the Investment Trust may buy and sell stock index futures contracts. Risks of entering into futures contracts, in general, include the possibility there may be an illiquid market and that a change in the value of the contract may not correlate with changes in the value of the underlying securities. Upon entering into a futures contract, the Investment Trust is required to deposit as collateral either cash or securities in an amount (initial margin) equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Investment Trust each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as gains and losses.
 
      Certain assets managed by Mellon Transition have a variation margin payable at December 31, 2007 and 2006 totaling $(74,700) and $(483,025), respectively. Investments managed by Mellon Transition, which are held by brokers as collateral on contracts, totaled $648,000 and $6,463,600 at December 31, 2007 and 2006, respectively. The assets are adjusted to fair value and gains and losses are recorded on a daily basis.
 
      Certain assets managed by Numeric Investors have a variation margin receivable (payable) at December 31, 2007 and 2006 totaling $124,661 and $1,925,598, respectively. Investments managed by Numeric Investors that are held by brokers as collateral on contracts totaled $17,351,000 and $13,542,860 at December 31, 2007 and 2006, respectively. The assets are adjusted to fair value and gains and losses are recorded on a daily basis.
 
      Certain assets managed by Western Asset Management Company have a variation margin payable at December 31, 2007 and 2006 totaling $(935,319) and $(548,299), respectively. Investments managed by Western Asset Management Company that are held by brokers as collateral on contracts totaled $9,400,000 and $7,586,000 at December 31, 2007 and 2006, respectively. The assets are adjusted to fair value and gains and losses are recorded on a daily basis.
 
      The Pooled International Developed Markets Fund contains foreign exchange contracts. The net valuation, in U.S. dollars, of the contracts totaled $(258,062) and $507,456 at December 31, 2007 and 2006, respectively. The position of the contracts is valued, and gains and losses are recorded, on a daily basis.
 
  (b)   Options Transactions
 
      In order to produce incremental earnings, attempt to protect gains, and facilitate buying and selling of securities for investment purposes, the Investment Trust may buy and sell put and call options, write covered call options on portfolio securities, and write cash-secured puts. The risk in writing a call option is that the fund gives up the opportunity for profit if the market price of the security increases. In writing a put option, the fund may incur a loss if the market price of the security decreases and the option is exercised. In buying an option, the fund pays a premium whether or not the option is exercised. The Investment Trust also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. The Investment Trust also may write over-the-counter options where the completion of the obligations is dependent upon the credit standing of the other party.

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GENERAL MILLS 401(k) SAVINGS PLAN
Notes to Financial Statements
December 31, 2007 and 2006
      Boston Partners Fund had 4,627 option contracts outstanding with market values of $(1,644,121) and $(1,180,260) with a cost of $2,324,305 and $1,088,849 on December 31, 2007 and 2006, respectively.
 
  (c)   Investment Contracts with Insurance Companies
 
      The Master Trust contains investment contracts with AIG, Bank of America, and Monumental Life. These insurance companies maintain the contributions in separate pooled accounts. The accounts are credited with earnings on the underlying investments and charged for plan withdrawals and administrative expenses charged by the insurance companies. The contracts are included in the financial statements at contract value (which represents contributions made under the contract, plus earnings, less withdrawals, and administrative expenses), because it is fully benefit responsive. For example, participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. There are no reserves against contract value for credit risk of the contract issuer or otherwise. The fair value of the investment contracts at December 31, 2007 and 2006 was $606,954,639 and $556,968,442 respectively. The crediting interest rate is based on an agreed-upon formula with the issuer and is reset quarterly. The crediting interest rate at December 31, 2007 and 2006 was 5.85% and 6.14%, respectively. The average yield at December 31, 2007 and 2006 was 6.43% and 6.01%, respectively.
(6)   Company Stock Fund
 
    The Company Stock Fund consists of common stock of General Mills and cash for dividends and fractional shares. At December 31, 2007 and 2006, the market value of the shares held was $102,737,761 and $106,368,818, respectively and the number of shares held was 1,802,417 and 1,846,681, respectively. At December 31, 2007 and 2006, the value of the cash held was $2,004,318 and $274,957, respectively. Participants should refer to the consolidated financial statements of General Mills and subsidiaries included in the Company’s Annual Report to Stockholders, which is distributed to all participants in the Plan.
 
(7)   ESOP Fund
 
    The ESOP Fund consists of common stock of General Mills and cash for dividends and fractional shares. All amounts credited to participants’ ESOP accounts will be invested in the ESOP Fund. Participants may then elect to transfer balances from the ESOP Fund to any of the Plan’s other investment funds (note 4). However, no amounts may be transferred from any of the other investment funds into the ESOP Fund.
 
    The ESOP Fund is presented in the following table:
                                 
    December 31, 2007   December 31, 2006
    Allocated   Unallocated   Allocated   Unallocated
General Mills common shares:
                               
Number of shares
    5,195,267       13       5,059,765       107,753  
Cost
  $ 148,598,668       750       122,795,399       1,335,898  
Market
    296,130,227       741       291,442,479       6,206,225  

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GENERAL MILLS 401(k) SAVINGS PLAN
Notes to Financial Statements
December 31, 2007 and 2006
    In June 1989, the Plan borrowed $92.4 million in a private loan transaction and purchased shares of the Company’s common stock. The 8.24% loan provided for quarterly payments through June 30, 2007 and was guaranteed by the Company. The loan was repaid using Company contributions and dividends paid on Company stock owned by the Investment Trust.
 
(8)   Tax Status
 
    The Plan obtained its latest determination letter on March 28, 2003 in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code (the Code). The Plan has been amended since receiving the determination letter. However, the plan administrator and the Plan’s tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, they believe that the Plan was qualified and the related trust was tax exempt as of the financial statement date.
 
(9)   Parties in Interest
 
    Mellon Trust is a party in interest under the Pension Reform Act with respect to the Plan. Investments held by Mellon Trust are exempt from being considered as prohibited transactions under the Employee Retirement Income Security Act of 1974 (ERISA) Section 408(b).
 
    Hewitt Associates is a party in interest with respect to the Plan and is the Record-keeper of the Plan, and Charles Schwab acts as the Broker for the self-directed brokerage account (Schwab Personal Choice Retirement Account). On April 1, 2006, Hewitt Associates and Charles Schwab replaced Fidelity Investments, which served as both Record-keeper and Broker prior to that date. In the opinion of the Plan’s management, transactions between the Plan and the Record-keeper are exempt from being considered as prohibited transactions under ERISA Section 408(b).
 
    The Company is a party in interest with respect to the Plan. The Company is the administrator of the Plan and the ESOP Fund. The Plan invests in common stock of the Company. In addition, the Plan reimburses the Company for services provided, such as wages and travel expenses, associated with the Plan. The cost of services provided for the year ended December 31, 2007 and 2006 was $213,141 and $355,847, respectively. The Company believes these activities are exempt when considering prohibited transactions under ERISA Section 408(b).

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GENERAL MILLS 401(k) SAVINGS PLAN
Notes to Financial Statements
December 31, 2007 and 2006
(10)   Reconciliation of Financial Statements to Form 5500
                 
    December 31  
    2007     2006  
Net assets available for benefits as presented in these financial statements
  $ 2,337,329,689       2,198,264,927  
Adjustments from contract value to fair value for fully benefit-responsive investment contracts
    (9,082,709 )     5,115,012
 
           
 
               
Net assets available for benefits per the Form 5500
  $ 2,328,246,980       2,203,379,939  
 
           
 
               
    December 31  
    2007     2006  
Net increase in net assets available for benefits per the financial statements
    139,064,762       215,761,439  
Adjustment from contract value to fair value for fully benefit-responsive investment contracts
    (14,197,721 )     5,115,012
 
           
 
               
Net increase in net assets available for benefits per the Form 5500
    124,867,041       220,876,451  
 
           

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Schedule I
GENERAL MILLS 401(k) SAVINGS PLAN
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
December 31, 2007
                         
    Face amount                
    or number             Current  
Issuer   of units     Cost     value  
Common stock:
                       
General Mills, Inc.*:
                       
Participant-directed
    6,997,684     $ 227,825,074       398,867,988  
Nonparticipant-directed
    13       750       741  
 
                       
Unallocated insurance contracts:
                       
Monumental Life Insurance
    15,030,054               15,030,054  
 
                       
Short-term investment fund:
                       
TBC, Inc. Pooled Employee Funds
                       
Daily Liquidity Fund*
    24,394,954               24,394,954  
 
                       
Participant loan fund*
                       
(interest rates ranging from 6.25% to 8.0%)
    30,860,655               30,860,655  
 
                       
Directed brokerage fund**
                  66,656,401  
 
                       
Registered investment companies
    33,711               5,066,763  
 
                       
Master Trust Investment Accounts (MTIA)
    1,788,092,611               1,788,092,611  
 
                     
 
                       
Total investments
                  $ 2,328,970,167  
 
                     
 
*   Party in interest.
 
**   Participant-directed investment.
See accompanying report of independent registered public accounting firm.

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Schedule II
GENERAL MILLS 401(k) SAVINGS PLAN
Schedule H, Line 4j — Schedule of Reportable Transactions
Year ended December 31, 2007
5% series of transactions by security issue (iii):
                                         
    Purchase   Selling   Cost of   Current   Net
Issuer/description   price   price   asset   value   gain (loss)
Short-term investment fund:
                                       
TBC, Inc. Pooled Employee Funds -
                                       
Daily Liquidity Fund
  $ 67,006,451             67,006,451       67,006,451        
TBC, Inc. Pooled Employee Funds -
                                       
Daily Liquidity Fund
          65,973,953       65,973,953              
See accompanying report of independent registered public accounting firm.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the General Mills, Inc. Benefit Finance Committee has duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  GENERAL MILLS 401(k) SAVINGS PLAN
 
 
  By   /s/ Daralyn K. Peifer    
    Daralyn K. Peifer, Executive Secretary of the  
    General Mills, Inc. Benefit Finance Committee  
 
Date: June 30, 2008

 


Table of Contents

EXHIBIT INDEX
         
Exhibit    
Number   Description
  23    
Consent of KPMG LLP.