Schedule 13G: Northern Trust Discloses 49.66M Kellanova Shares (14.3%)

Rhea-AI Filing Summary

Northern Trust Corporation reports beneficial ownership of 49,661,119 shares of Kellanova common stock, representing 14.3% of the class. The holding is reported as a mix of 3,331,001 shares with sole voting power and 46,327,324 shares with shared voting power; sole dispositive power is 3,267,978 and shared dispositive power is 46,358,785. The filing is a Schedule 13G, and includes a certification that the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

The Northern Trust Company is identified as the relevant subsidiary related to these holdings. The statement discloses material ownership levels and the allocation of voting and dispositive powers without indicating any intent to alter corporate control.

Positive

• Material ownership disclosed: Northern Trust reports beneficial ownership of 49,661,119 shares (14.3%) of Kellanova common stock.
• Passive holding certification: The filing states the shares are held in the ordinary course of business and not to change or influence control.

Negative

• Predominance of shared power: Approximately 46.3 million of the reported shares are under shared voting/dispositive power, which can obscure which entity exercises voting control in practice.

Insights

Financial Analyst

TL;DR: Northern Trust holds a sizeable passive stake (14.3%) in Kellanova; allocation between sole and shared powers shapes voting influence.

The filing discloses a material 14.3% beneficial ownership position totaling 49,661,119 shares. From an ownership perspective, most of the stake is reported as shared voting and dispositive power (≈46.3M shares), while roughly 3.3M shares are under sole voting power. Because this is a Schedule 13G with a certification that the position is held in the ordinary course of business, the disclosure signals substantial exposure but not an expressed intent to effect control changes. For investors, the number alters calculations of free float and major-holder concentration; the passive classification limits immediate governance implications.

Corporate Governance Expert

TL;DR: Large shared voting power implies complex custody/agency arrangements; the filing affirms no active control intent.

The distribution between sole and shared voting/dispositive power suggests the stake is held across accounts or via custodial/agency arrangements typical of large financial institutions. The schedule names The Northern Trust Company as the relevant subsidiary and classifies the filer under banking/holding company codes. The explicit certification that holdings are not for the purpose of influencing control is consistent with a passive reporting status. Materiality stems from the 14.3% position size, but governance impact appears limited by the declared passive posture and the predominance of shared authority.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 9)

KELLANOVA

(Name of Issuer)

Common Stock

(Title of Class of Securities)

487836108

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 487836108

1

Names of Reporting Persons

NORTHERN TRUST CORP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,331,001.00
6	Shared Voting Power 46,327,324.00
7	Sole Dispositive Power 3,267,978.00
8	Shared Dispositive Power 46,358,785.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

49,661,119.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.3 %

12

Type of Reporting Person (See Instructions)

BK, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: KELLANOVA
(b)	Address of issuer's principal executive offices: 412 N WELLS ST, 412 N WELLS ST, CHICAGO, ILLINOIS, 60654.
Item 2.
(a)	Name of person filing: Northern Trust Corporation
(b)	Address or principal business office or, if none, residence: 50 South LaSalle Street, Chicago, Illinois 60603
(c)	Citizenship: U.S.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 487836108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 49,661,119
(b)	Percent of class: 14.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,331,001
	(ii) Shared power to vote or to direct the vote: 46,327,324
	(iii) Sole power to dispose or to direct the disposition of: 3,267,978
	(iv) Shared power to dispose or to direct the disposition of: 46,358,785
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. The Northern Trust Company 50 South LaSalle Street Chicago, IL 60603
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

NORTHERN TRUST CORP

Signature:	Michael Hunstad
Name/Title:	Executive Vice President
Date:	08/12/2025

FAQ

How many Kellanova (K) shares does Northern Trust beneficially own?

Northern Trust reports beneficial ownership of 49,661,119 shares, representing 14.3% of Kellanova's common stock.

Does Northern Trust claim the stake is intended to influence Kellanova's control?

No. The Schedule 13G includes a certification stating the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

How is voting power allocated within Northern Trust's position in Kellanova?

The filing shows 3,331,001 shares with sole voting power and 46,327,324 shares with shared voting power.

What dispositive power does Northern Trust report over these shares?

Northern Trust reports 3,267,978 shares with sole dispositive power and 46,358,785 shares with shared dispositive power.

Which subsidiary is identified in the filing as related to the reported holdings?

The filing identifies The Northern Trust Company as the relevant subsidiary associated with these holdings.