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

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

Commission file number 001-16167

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

MONSANTO SAVINGS AND INVESTMENT PLAN

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

MONSANTO COMPANY
800 North Lindbergh Blvd.
St. Louis, MO 63167

 

 

MONSANTO SAVINGS AND INVESTMENT PLAN

FINANCIAL STATEMENTS AS OF DEC. 31, 2010 AND 2009,
AND FOR THE YEAR ENDED DEC. 31, 2010, AND SUPPLEMENTAL SCHEDULES
AS OF AND FOR THE YEAR ENDED DEC. 31, 2010, AND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

MONSANTO SAVINGS AND INVESTMENT PLAN

Financial Statements and Supplemental Schedules

Table of Contents

		Page
Report of Independent Registered Public Accounting Firm			1
Financial Statements:
Statements of Net Assets Available for Benefits as of Dec. 31, 2010 and 2009			2
Statement of Changes in Net Assets Available for Benefits for the Year Ended Dec. 31, 2010			3
Notes to Financial Statements			4
Supplemental Schedules:
1. Form 5500, Schedule H, Part IV, Line 4i — Schedule of Assets (Held at End of Year) as of Dec. 31, 2010			18
2. Form 5500, Schedule H, Part IV, Line 4i — Schedule of Assets (Acquired and Disposed of Within Year) for the Year Ended Dec. 31, 2010			57
3. Form 5500, Schedule H, Part IV, Line 4j — Schedule of Reportable Transactions for the Year Ended Dec. 31, 2010			94
4. Form 5500, Schedule G, Part I — Schedule of Loans or Fixed Income Obligations in Default or Classified as Uncollectible for the Year Ended Dec. 31, 2010			126
Signature			128
Exhibit Index			129

NOTE:		All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosures under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Participants of Monsanto Savings and Investment Plan,
Pension and Savings Funds Investment Committee of Monsanto Company,
and Monsanto Company Employee Benefits Plans Committee

We have audited the accompanying statements of net assets available for benefits of Monsanto Savings and Investment Plan (the “Plan”) as of December 31, 2010 and 2009, and the related statement of changes in net assets available for benefits for the year ended December 31, 2010. 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 standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2010 and 2009, and the changes in net assets available for benefits for the year ended December 31, 2010 in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of (1) Schedule of Assets (Held at End of Year) as of December 31, 2010, (2) Schedule of Assets (Acquired and Disposed of Within Year) for the Year Ended Dec. 31, 2010, (3) Schedule of Reportable Transactions for the Year Ended December 31, 2010, and (4) Schedule of Loans or Fixed Income Obligations in Default or Classified as Uncollectible for the Year Ended December 31, 2010 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. Such supplemental schedules have been subjected to the auditing procedures applied in our audit of the basic 2010 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.

/s/ Deloitte & Touche LLP
St. Louis, Missouri
June 17, 2011

MONSANTO SAVINGS AND INVESTMENT PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

		As of Dec. 31,
(Dollars in thousands)		2010				2009
ASSETS:
Investments:
Common stock — Monsanto Company — Allocated		$	671,656			$	820,299
Common stock — Monsanto Company — Unallocated			79,675				150,383
Total common stock — Monsanto Company			751,331				970,682
Cash and temporary investments			50,686				46,479
Debt securities including U.S. Government securities (securities on loan $106 in 2010 and $375 in 2009)			65,840				66,657
Common and preferred stock — other (securities on loan $17,814 in 2010 and $27,369 in 2009)			549,264				451,755
Collective investment funds			364,799				361,987
Synthetic guaranteed investment contracts (underlying securities on loan $22,935 in 2009) at fair value			571,000				565,228
Collateral held under securities lending agreements			18,371				52,051
Total investments			2,371,291				2,514,839
Receivables:
Employee contribution receivable			2,944				2,997
Employer contribution receivable			56,748				52,558
Dividends, interest and trades receivable			1,622				5,768
Loans to participants, interest rates from 3.25% to 9.5%, maturities through December 2014			28,122				26,511
Total receivables			89,436				87,834
Total assets			2,460,727				2,602,673
LIABILITIES:
Liability to return collateral held under securities lending agreements			18,371				52,169
Deferred employer contribution			56,748				52,558
ESOP debt			3,395				5,236
Other liabilities			616				—
Amount payable for investment securities transactions			1,597				1,199
Total liabilities			80,727				111,162
NET ASSETS AVAILABLE FOR BENEFITS REFLECTING INVESTMENTS AT FAIR VALUE			2,380,000				2,491,511
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			(24,601	)			(9,770	)
NET ASSETS AVAILABLE FOR BENEFITS		$	2,355,399			$	2,481,741

See Accompanying Notes to Financial Statements.

MONSANTO SAVINGS AND INVESTMENT PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

		Year Ended
		Dec. 31,
(Dollars in thousands)		2010
CONTRIBUTIONS:
Employee contributions		$	87,254
Employer contributions			1,611
Rollovers from other plans			7,803
Total contributions			96,668
INVESTMENT INCOME (LOSS):
(Depreciation) appreciation in fair value of investments
Common stock — Monsanto Company			(150,351	)
Debt securities			1,580
Common and preferred stock — other			65,773
Collective investment funds			41,445
Total depreciation in fair value of investments — net			(41,553	)
Interest			30,478
Dividends			17,420
Total investment income			6,345
INTEREST ON LOANS TO PARTICIPANTS			1,169
OTHER DEDUCTIONS:
Interest expense on ESOP debt			(189	)
Administrative and investment management expenses			(5,457	)
Benefits paid to participants			(224,878	)
Total other deductions			(230,524	)
DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS			(126,342	)
NET ASSETS AVAILABLE FOR BENEFITS — Beginning of year			2,481,741
NET ASSETS AVAILABLE FOR BENEFITS — End of year		$	2,355,399

See Accompanying Notes to Financial Statements.

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

NOTE 1. INFORMATION REGARDING THE PLAN

GENERAL

The following description of the Monsanto Savings and Investment Plan (the “Plan” or the “SIP”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

The Plan was established as of June 11, 2001, as a successor to a portion of the Pharmacia Corporation Savings and Investment Plan (“Pharmacia Plan”) for the benefit of certain employees and former employees (“Transferred Participants”) of Monsanto Company (“Monsanto” or the “Company”). Effective July 1, 2001, the assets of the Pharmacia Plan that were allocated to the accounts of the Transferred Participants were transferred to the trust established under the Plan. Also effective July 1, 2001, a portion of the unallocated assets and liabilities (primarily debt) of the leveraged employee stock ownership plan (“ESOP”) component of the Pharmacia Plan were transferred to the Plan.

ADMINISTRATION

Monsanto is the sponsor of the Plan. The Monsanto Company Employee Benefits Plans Committee (“Administrative Committee”) is responsible for administering the Plan in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”) and Plan documents. Fidelity Workplace Investing LLC serves as the record keeper of the Plan. The Monsanto Pension and Savings Funds Investment Committee (“Investment Committee”) is responsible for monitoring Plan investments. The trustee of the Plan is The Northern Trust Company (“Northern”).

PARTICIPANT ACCOUNTS

The Plan is a contributory defined contribution profit sharing plan with individual accounts for each participant. U.S. employees classified as “regular employees” and who have attained age 18 generally are eligible to participate in the Plan upon employment. U.S. employees classified as “temporary employees” and who have attained age 18 generally are eligible to participate in the Plan after 1,000 hours of service. The cost of Plan administration is borne by Plan participants.

Each participant’s account is credited with the participant’s contributions, Company contributions and the pro-rata share of any Plan investment earnings and is reduced by the pro-rata share of any Plan investment losses, transaction costs and certain administrative and investment management expenses. Participants’ accounts are valued on a daily basis. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account balance.

EMPLOYEE CONTRIBUTIONS

The Plan provides for voluntary employee contributions generally ranging from one percent to 25 percent of an employee’s eligible pay. Employees have an option to make before-tax contributions or after-tax contributions. Subject to annual limits on before-tax contributions and the results of required Internal Revenue Service (“IRS”) discrimination testing, contributions may be all before-tax, all after-tax, or a combination of both. Plan participants other than those also participating in the Company’s ERISA Parity Savings and Investment Plan may change the amounts of their contributions on a daily basis. Generally, participant contributions to the Plan may be invested in one percent increments and, during 2009 and 2010, could be allocated in any combination to the following investment fund options at the direction of the participant: a fixed income fund, a balanced fund consisting of both fixed income and equity securities, a growth and income equity fund, an international equity fund, a growth equity fund, a U.S. equity index fund, a treasury inflation-protected securities (TIPS) bond fund, a value equity fund, a small cap growth equity fund, a small cap value equity fund, the Monsanto Stock Fund, which invests in Monsanto common stock, and four asset allocation funds consisting of varying pre-set mixes of certain of the aforementioned investment funds. The four asset allocation funds allow participants varying degrees of risk and return. The Plan includes targeted “roundtrip” participant trading restrictions. A roundtrip is defined as an exchange in and then out of a fund in less than a 30-day period. Under these restrictions, participants are limited to one roundtrip transaction per fund within any 90-day rolling period and four roundtrip transactions across all funds over a rolling 12-month period. These targeted restrictions apply to all investment options except the Fixed Income Fund. Generally, participants may

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

transfer their contributions, Company contributions and any earnings thereon among the investment options on a daily basis, subject to the roundtrip trading restrictions described above.

The Plan has an automatic enrollment feature with respect to newly hired employees. If the employee is eligible to participate in the SIP, he or she will be automatically enrolled in the Plan at a four percent before-tax salary deferral rate, 45 days after date of hire or rehire (or for temporary employees hired on or after July 1, 2007, 45 days after completing 1,000 hours of service) unless, within such 45 day period he or she elects not to participate.

Participants may be eligible to make a before-tax catch-up contribution if they are at least age 50 on or before the end of the calendar year and either currently contributing at least 7 percent of their eligible pay per pay period to the SIP or had reached the IRS annual limit on before-tax contributions ($16,500 in 2010). For 2010, eligible participants could have elected a before-tax catch-up contribution of up to $5,500. The catch-up contributions are not eligible for Company matching contributions and are subject to the same rules as other before-tax contributions. The annual catch-up contribution limit may increase in future years in accordance with limits prescribed by the IRS.

The before-tax option allows participants to elect to make before-tax contributions from eligible gross pay before most income taxes are deducted. Participants generally cannot withdraw before-tax contributions without income tax penalties until age 59 1/2, disability, death, separation from service after age 55, or for payments that are part of a series of substantially equal periodic payments made for the life of the employee or the joint lives of the employee and a designated beneficiary. After-tax contributions are made from participants’ eligible pay after income taxes are deducted. Withdrawal of after-tax employee contributions can be made with no penalty.

COMPANY CONTRIBUTIONS AND VESTING

Employee contributions to the Plan, up to a maximum of seven percent of eligible pay, generally are matched 60 percent by Monsanto. In 2010 and 2009, Company matching contributions of $29.3 million and $33.5 million, respectively, were applied to the Plan. The Plan also has a Company discretionary match contribution feature. Generally, Company matching contributions are invested in Monsanto common stock held in the Monsanto Stock Fund investment option in participants’ accounts. Participants may transfer matching contributions and all other amounts from the Monsanto Stock Fund into any other investment option available under the Plan at any time, whether or not they are fully vested in those amounts.

In December 2010 and 2009, Monsanto determined that a discretionary matching contribution of an additional 10 percent and 20 percent, respectively, on the first 10 percent of eligible pay would be made to active participants employed by the Company on Dec. 31, 2010, and 2009, as applicable. The value of these discretionary matching contributions of $6.9 million and $15.0 million, respectively, were applied to the Monsanto Stock Fund investment option in eligible participants’ accounts in February 2011 and March 2010, respectively, through an allocation of previously unallocated Monsanto Company common stock held by the ESOP, based on the value of a share of Monsanto common stock on Feb. 18, 2011, and March 30, 2010, respectively.

In order for the Plan to pass certain IRS nondiscrimination testing requirements with respect to each of the 2010 and 2009 Plan years, the Company made Qualified Non-Elective Contributions (“QNECs”), each in an amount equivalent to 5 percent of eligible pay to all non-highly compensated employees of the Company and other employees participating in the Plan whose total Plan eligible pay in 2010 was $280.00 or less and in 2009 was $604.74 or less, were at least age 21, and had at least one year of service by Dec. 31, 2010, and 2009, respectively, whether or not the employee was contributing to the Plan. As permitted by the terms of the Plan, amounts attributable to Plan forfeitures as of Dec. 31, 2010, and 2009, were used to fund each of the QNECs. A QNEC in an amount of less than $0.1 million was allocated to eligible participants’ accounts in each of May 2011 and June 2010. The contributions were applied to eligible participants’ accounts in accordance with their then-current investment elections for participant contributions. In the absence of such election, the contribution was applied to the participant’s account in accordance with the Plan’s default investment option, the Moderately Aggressive pre-mixed portfolio.

Generally, Company contributions vest and become non-forfeitable at the rate of 20 percent per year of service, such that Company contributions are 100 percent vested after five years of service; participants receiving a QNEC referred to above are fully vested in those amounts. Company contributions immediately vest upon a change of control of the

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

Company, as defined in the Plan.

An actively employed Plan participant with at least five years of service under the Plan may, at any time, withdraw all or a portion of his or her account attributable to participant after-tax contributions and vested Company contributions. An actively employed Plan participant with less than five years of service under the Plan may, at any time, withdraw all or a portion of his or her account attributable to participant after-tax contributions and vested Company contributions (other than those Company contributions made to the account during the immediately preceding 24 months).

LEVERAGED ESOP

Pursuant to the establishment of the Plan in 2001, a portion of the original ESOP debt component of the Pharmacia Plan was transferred to the Plan, and restructured and refinanced. Following the spinoff of Monsanto from Pharmacia on Aug. 13, 2002, the unallocated Pharmacia shares held by the Plan’s ESOP component were gradually converted to shares of Monsanto common stock through open market transactions and through the exchange of Pharmacia stock for Monsanto common stock with certain Pharmacia employee benefit plans at market rates. The unallocated shares of Monsanto common stock, which were converted from Pharmacia shares as described above, held by the Plan’s ESOP component are released for allocation to participant accounts in accordance with the terms of the Plan as principal and accrued interest on the ESOP promissory note are paid.

In December 2004 the Plan’s ESOP debt was restructured and refinanced, (the “2004 refinancing”) The terms of the restructuring were determined pursuant to an arm’s length negotiation between Monsanto and an independent trust company as fiduciary for the Plan.

Under the terms of the 2004 refinancing, Monsanto committed to funding an additional $41 million to the Plan before Dec. 31, 2017 above the number of shares currently scheduled for release under the restructured debt schedule. As of Dec. 31, 2010, and 2009, the Plan has recorded an employer contribution receivable of $52 million and $48 million, respectively, and a deferred employer contribution of $52 million and $48 million, respectively, related to the 2004 refinancing agreement. The employer contribution receivable and deferred employer contribution related the 2004 refinancing have increased because of the accretion as defined in the agreement.

In November 2008 the Plan’s ESOP debt was again restructured and refinanced (the “2008 refinancing”) with a single ESOP promissory note to Monsanto, payable in the principal amount of $9.5 million, bearing interest at the rate of 4.20% per annum, and having a maturity date of Dec. 31, 2027 (the “4.20% Note”). The terms of the restructuring were determined pursuant to an arm’s length negotiation between Monsanto and an independent trust company as fiduciary for the Plan. In this role, the independent fiduciary determined that the restructuring, including certain financial commitments and enhancements that were or will be made in the future by Monsanto to benefit participants and beneficiaries of the Plan, was completed in accordance with the best interests of Plan participants.

As of Dec. 31, 2010, the 4.20% Note had an outstanding principal balance of $3.4 million, which approximates fair value. Scheduled maturities on the 4.20% Note are $100,000 semi-annually in each Plan year until the principal is repaid in full. Interest on the 4.20% Note is payable semi-annually on June 30 and December 31 of each year. The borrowing is collateralized by the unallocated shares of Monsanto common stock in the ESOP suspense account. The minimum number of shares allocated to participant accounts under the ESOP in a given year is determined by the Plan’s net debt service (principal and interest) during that year relative to the total amount of the Plan’s remaining debt service as of the beginning of that year. The 2008 refinancing resulted in a decrease in the minimum number of shares to be allocated in 2010 when compared with allocations that previously would have been required. The reduction of shares allocated in 2010 will result in more shares available for allocation in subsequent years.

Under the terms of the 2008 refinancing, Monsanto committed to funding an additional $8 million to the Plan, above the number of shares currently scheduled for release under the restructured debt schedule. As of Dec. 31, 2010, $5 million of the commitment remains. As of Dec. 31, 2010, and 2009, the Plan has recorded an employer contribution receivable of $5 million, and a deferred employer contribution of $5 million, related to the 2008 refinancing.

The Plan obtains the funds to repay the ESOP debt to Monsanto primarily through Company contributions and dividends paid on Monsanto common stock held in the ESOP. Employer contributions related to the refinancings are paid to the

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

Plan based on scheduled ESOP debt repayments. In the year ended Dec. 31, 2010, the Plan paid ESOP principal and interest payments of $2 million solely through the use of dividends paid on Monsanto common stock held in the ESOP suspense account. While the ESOP debt is repaid semi-annually, shares of Monsanto common stock are released for allocation to participant accounts throughout the year. The remaining $5 million of the 2008 refinancing enhancement will be paid within five years after the ESOP debt is repaid. In the year ended Dec. 31, 2010, the Plan’s repayment of ESOP debt resulted in the release of approximately 695,000 equivalent shares of Monsanto common stock for allocation to participant accounts. As of Dec. 31, 2010, and 2009, approximately 1.1 million shares and 1.8 million shares, respectively, of Monsanto common stock remained unallocated with an approximate market value of $79 million and $150 million, respectively. $1.6 million in dividends on Monsanto common stock held in the ESOP are included in Employer contributions for 2010.

VOTING RIGHTS

Participants have the right to instruct the Plan’s trustee how to vote the shares of Monsanto common stock represented by units in their accounts. The Trustee will vote the unallocated shares in the same proportion as the allocated shares on which they receive voting instructions from participants.

PARTICIPANT LOANS

Most Plan participants can obtain loans from their accounts for up to five years at an interest rate in effect as of the effective date of the loan, as determined by the Administrative Committee. A participant with a Plan account balance in excess of $2,000 may borrow up to the lesser of 50 percent of the total vested account balance less any outstanding loan balances at the time of the loan, $50,000 minus the participant’s highest outstanding loan balances during the last year, or 100 percent of his or her employee account value excluding the employer portion and any outstanding loan balances at the time of the loan. The minimum loan is $1,000; generally, the maximum number of outstanding loans at any one time is two. No allowance for credit losses has been recorded as of Dec. 31, 2010, or Dec. 31, 2009. If a participant does not provide payment within 30 days of the monthly payment due date and fails to bring the delinquent payment current within a 30-day cure period, the unpaid loan balance, plus accrued interest, is deemed distributed to the participant and the participant’s Plan account is reduced by outstanding loan payment, all in accordance with Plan rules and procedures.

PAYMENT OF BENEFITS

On termination of service due to death, disability, or retirement, a participant may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in his or her account, or annual installments over a certain number of years. If employment is terminated before age 70 1/2, participants can elect to defer receiving benefits if their vested account balance is greater than $5,000.

FORFEITED ACCOUNTS

At Dec. 31, 2010, and 2009, the value of forfeited non-vested accounts totaled $0.7 million and $0.6 million, respectively. As permitted under the terms of the Plan, the Company determined to use $0.4 million of forfeited amounts to pay Plan administrative expenses during the plan year ended Dec. 31, 2009. During the Plan year ended Dec. 31, 2010, the Company determined to fund the less than $0.1 million QNEC with respect to the 2010 Plan year with forfeited amounts, and determined to apply approximately $1.7 million of forfeited amounts to fund Company matching contributions during June 2010.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements and reported amounts of increases and decreases during the reporting period. Actual results could differ from those estimates.

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

RISKS AND UNCERTAINTIES

The Plan is invested in various types of financial assets including common stock, debt securities and investment contracts, the values of which are determined by market factors including but not limited to interest rates, overall market volatility, credit ratings, and default rates. The investment values recorded in the financial statements as of Dec. 31, 2010, reflect the market environment, risks and uncertainties at that point in time. It is reasonably possible that subsequent changes in the market environment could result in investment values materially different from those shown in the financial statements.

INVESTMENT VALUATION AND INCOME RECOGNITION

The Plan’s investments are stated at fair value. Common stock is valued at quoted market prices. The common collective investment trust funds are stated at fair value as determined by the fund’s administrator based on the fair market value of the underlying investments. When available, fair value is determined by quoted market prices. Amounts for securities that have no quoted market price represent estimated fair value. Debt securities without quoted market prices are generally valued based on yields currently available on comparable securities of issuers with similar credit ratings and similar maturities. See Note 6 — Fair Value Measurements — for further details.

The fixed income fund is invested in synthetic guaranteed investment contracts, as described in Note 4. In accordance with Financial Services — Investment Companies topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), the Statements of Net Assets Available for Benefits present the synthetic investment contracts at fair value, as well as an additional line item showing an adjustment of fully benefit-responsive investment contracts from fair value to contract value. The Statement of Changes in Net Assets Available for Benefits is presented on a contract value basis.

Purchases and sales of securities are recorded on a trade-date basis. Dividend income is recorded on the ex-dividend date. Realized gains and losses from security transactions are reported on the average cost method. In the Statement of Changes in Net Assets Available for Benefits, the Plan presents the net depreciation in the fair value of its investments, which consists of the realized gains and losses and the unrealized depreciation on these investments.

The Plan uses certain financial derivative instruments to hedge, acquire or change equity, currency or fixed income positions/durations in the portfolio. However, the Plan’s guidelines do not allow for derivatives to be used to leverage portfolio exposure. All derivatives are recognized in the synthetic guaranteed investment contracts on the Statement of Net Assets Available for Benefits at fair value adjusted to contract value. Changes in fair value of a derivative are recorded currently in the Statement of Changes in Net Assets as interest income.

The Plan pays certain outside service provider expenses (e.g. recordkeeping and trustee fees) incurred in the operation of the Plan. All investment manager fees are paid by the Plan and are included in administrative and investment management expenses. Certain other expenses are paid by Monsanto.

NEW ACCOUNTING STANDARDS

In January 2010, the FASB issued an amendment to the Fair Value Measurements and Disclosures topic of the ASC. This amendment requires disclosures about transfers into and out of Level 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements. It also clarifies existing fair value disclosures about the level of disaggregation and about inputs and valuation techniques used to measure fair value. This amendment is effective for periods beginning after Dec. 15, 2009. Accordingly, the Plan adopted this amendment as of Jan. 1, 2010.

In July 2010, the FASB issued a new update that requires enhanced disclosures regarding credit quality and the related allowance for credit losses of financing receivables. The new disclosures will require additional information for nonaccrual and past due accounts, the allowance for credit losses, impaired loans, credit quality, and account modifications. Accordingly, the Plan will include the new disclosure requirements as of the end of the reporting period beginning as of Dec. 31, 2010, and the disclosures related to activities during the reporting period beginning as of Jan. 1, 2011. See Note 1 — Information Regarding the Plan — for further information.

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

In September 2010, the FASB issued a new update that requires participant loans to be classified as notes receivable in conformity with accounting principles generally accepted in the United States and measured at unpaid principal balance plus accrued but unpaid interest. Adopting this new standard eliminates the need to calculate fair values and present disclosures for these loans in accordance with FASB ASC 820. Prior-period participant loans have been reclassified to conform with the current-year presentation. Prior to the adoption of this new standard, participant loans were classified as investments.

NOTE 3. NONPARTICIPANT-DIRECTED INVESTMENTS

All funds in the Plan are participant-directed except as noted below. Common stock — Monsanto Company includes both participant and nonparticipant-directed investments and only the nonparticipant-directed portion is shown below.

Information about the investments and the significant components of the changes in investments relating to the nonparticipant-directed investment amounts in the Plan (as of Dec. 31, 2010, and Dec. 31, 2009, and the year ended Dec. 31, 2010) is outlined in the table below.

		As of Dec. 31,
(Dollars in thousands)		2010				2009
Investments:
Cash and temporary investments		$	3,682			$	2,951
Dividends and interest receivable			—				4,109
Common stock — Monsanto Company			501,954				667,556
Total Investments		$	505,636			$	674,616

		Year Ended
(Dollars in thousands)		Dec. 31, 2010
Changes in Investments:
Interest income		$	3
Dividends			8,321
Net depreciation			(104,444	)
Interest expense on ESOP debt			(189	)
Administrative and investment management expense			(2,367	)
Benefit payments and transfers			(70,304	)
Changes in Investments		$	(168,980	)

NOTE 4. GUARANTEED INVESTMENT CONTRACTS

The fixed income fund invests in synthetic guaranteed investment contracts (“Synthetic GICs”). A Synthetic GIC consists of an underlying portfolio of fixed income assets which are held by the trustee and owned by the plan and benefit-responsive wrap contracts (“Contracts”) issued by financial services companies. Separate, individual Contracts were in place on Dec. 31, 2010, with Monumental Life Insurance Company, J.P. Morgan Chase Bank and Prudential Insurance Company. The Contracts provide that participants execute plan transactions at contract value. Contract value represents contributions made to the fund, plus earnings, less participant withdrawals. The interest rates are reset quarterly based on the current yield of the underlying investments, the duration of the underlying investments and the spread between the market value and contract value, but the rate cannot be less than zero percent. Certain employer-initiated events such as a Plan merger or termination could limit the ability of the Plan to transact at contract value or could allow for the termination of the Contract at less than contract value. The Company believes that the occurrence of events that would cause the Plan to transact at less than contract value is probable of not occurring.

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

The following summarizes the contract value of the Synthetic GICs as of Dec. 31, 2010, and Dec. 31, 2009.

Guaranteed Investment Contracts		As of Dec. 31,
(Dollars in thousands)		2010				2009
Commonwealth General Corporation		$	—			$	222,184
J.P. Morgan Chase Bank			166,984				166,637
State Street Bank			—				166,637
Monumental Life Insurance Company			219,296				—
Prudential Insurance Company			160,119				—
Total		$	546,399			$	555,458

The rate of return for the Synthetic GICs currently in place generally fluctuates with the return on the underlying assets. The 12-month average yield for such contracts, net of all applicable administrative and investment fees, was 4.38 percent for the period from Jan. 1, 2010, to Dec. 31, 2010. Participant accounts are credited with an interest rate which is determined quarterly by the issuers of the benefit responsive contracts based on the investments in the underlying fixed income portfolio. The annualized gross crediting interest rates as of Dec. 31, 2010, and Dec. 31, 2009 were 4.75 percent and 4.46 percent, respectively.

NOTE 5. INVESTMENTS

Investments that represent more than 5 percent of the net assets available for benefits as of either Dec. 31, 2010, or Dec. 31, 2009, were as follows:

		As of Dec. 31,
(Dollars in thousands)		2010				2009
Common stock — Monsanto Company (partially nonparticipant directed)		$	751,331			$	970,682
Collective investment funds:
Capital Guardian International Equity Fund			—				144,120
Mellon Equity Index Fund			147,508				—

At Dec. 31, 2010, the Plan participated in a securities lending program through Northern, whereby the Plan’s investment securities are loaned to broker-dealers. Securities so loaned are fully collateralized primarily by cash and U.S. government securities. U.S. securities are loaned and collateralized by securities valued at 102 percent of the market value of the securities plus any accrued interest (105 percent for non-U.S. securities). As the market value of the securities loaned changes, the borrower must adjust the collateral accordingly. Northern pools all collateral received from securities lending transactions and invests any cash collateral in an actively managed commingled (i.e., pooled) fund. The Plan holds a prorated share of the collateral provided to Northern by the borrowers of the securities. Each investment option within the Plan that participates in the program receives its pro-rata share of the income or loss earned by the collateral investment fund monthly and is reflected in the calculation of the investment option’s net asset value (NAV).

The Investment Committee, Northern or the borrower has the right to close the loan at any time. When the loan closes, the borrower returns the securities to Northern who returns the associated collateral to the borrower. The Plan cannot pledge or sell the collateral unless the borrower fails to return the securities borrowed. At Dec. 31, 2010, and 2009, approximately $18 million and $51 million, respectively, of the Plan’s securities were on loan under these programs, and collateral held was $18 million and $52 million (net of deficiency impairment loss), respectively. As of Dec. 31, 2010, there was no deficiency impairment, and as of Dec. 31, 2009, the remaining deficiency impairment was $0.1 million. Income from this program was $0.1 million for the year ended Dec. 31, 2010. As of Jan. 31, 2011, the Plan no longer participates in the securities lending program.

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

NOTE 6. FAIR VALUE MEASUREMENTS

The Plan determined the fair market values of its investments based on the fair value hierarchy established in the Fair Value Measurements and Disclosures topic of the ASC, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy contains three levels as follows, with Level 3 representing the lowest level of input:

     Level 1 — Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

     Level 2 — Values based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuation techniques for which all significant assumptions are observable in the market.

     Level 3 — Values generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions would reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques could include use of option pricing models, discounted cash flow models and similar techniques.

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

The following tables set forth by level the Plan’s investment assets that were accounted for at fair value on a recurring basis as of Dec. 31, 2010, and Dec. 31, 2009. As required by the Fair Value Measurements and Disclosures topic of the ASC, assets are classified in their entirety based on the lowest level of input that is a significant component of the fair value measurement. The Plan’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets within the fair value hierarchy levels.

						Fair Value Measurements at Dec. 31, 2010 Using
		Quoted Prices in								Significant
		Active Markets for				Significant Other				Unobservable
		Identical Items				Observable Inputs				Inputs								Balance as of
(Dollars in thousands)		(Level 1)				(Level 2)				(Level 3)				Offset				Dec. 31, 2010
Investments at Fair Value:
Common Stock — Monsanto Company		$	751,331			$	—			$	—			$	—			$	751,331
Cash and Temporary Investment Funds			—				50,686				—				—				50,686
Debt Securities:
U.S. Government Debt			—				3,875				—				—				3,875
U.S. Agency Debt:
U.S. Agency Debentures			—				907				—				—				907
U.S. Agency Mortgages			—				28,477				—				—				28,477
U.S. State & Municipal Debt			—				2,714				—				—				2,714
Foreign Government Debt			—				479				—				—				479
U.S. Corporate Debt			—				27,015				—				—				27,015
Asset-Backed Securities			—				2,373				—				—				2,373
Total Debt Securities			—				65,840				—				—				65,840
Common and Preferred Stock — Other:
Domestic Small Capitalization			275				—				—				—				275
Domestic Large Capitalization			410,546				—				—				—				410,546
International Developed Markets			121,293				—				—				—				121,293
Emerging Markets			15,979				1,171				—				—				17,150
Total Common and Preferred Stock — Other			548,093				1,171				—				—				549,264
Collective Investment Funds:
Common Stock:
Domestic Large Capitalization			—				179,659				—				—				179,659
Domestic Small Capitalization			—				91,920				—				—				91,920
International			—				51,028				—				—				51,028
Debt Securities Funds			—				42,192				—				—				42,192
Total Collective Investment Funds			—				364,799				—				—				364,799
Synthetic Guaranteed Investment Contracts:
Cash and Temporary Investments			1,055				35,811				—				(25,813)	(1)			11,053
Debt Securities:
U.S. Government Debt			—				167,471				—				—				167,471
U.S. Agency Debt:
U.S. Agency Debentures			—				24,249				—				—				24,249
U.S. Agency Mortgages			—				165,379				—				—				165,379
U.S. State & Municipal Debt			—				1,537				—				—				1,537
Foreign Government Debt			—				8,134				—				—				8,134
U.S. Corporate Debt			—				152,782				—				—				152,782
Foreign Corporate Debt			—				22,522				—				—				22,522
Mortgage-Backed Securities			—				7,764				—				—				7,764
Asset-Backed Securities			—				10,109				—				—				10,109
Interest Rate Futures			(42	)			—				—				42	(2)			—
Total Synthetic Guaranteed Investment Contracts			1,013				595,758				—				(25,771	)			571,000
Collateral Held Under Securities Lending Agreements Commingled Fund			—				18,371				—				—				18,371
Total Investments at Fair Value		$	1,300,437			$	1,096,625			$	—			$	(25,771	)		$	2,371,291

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

						Fair Value Measurements at Dec. 31, 2009 Using
		Quoted Prices in								Significant
		Active Markets for				Significant Other				Unobservable
		Identical Items				Observable Inputs				Inputs								Balance as of
(Dollars in thousands)		(Level 1)				(Level 2)				(Level 3)				Offset				Dec. 31, 2009
Investments at Fair Value:
Common Stock — Monsanto Company		$	970,682			$	—			$	—			$	—			$	970,682
Cash and Temporary Investment Funds			—				46,479				—				—				46,479
Debt Securities:
U.S. Government Debt			—				6,382				—				—				6,382
U.S. Agency Debt:
U.S. Agency Debentures			—				997				—				—				997
U.S. Agency Mortgages			—				28,338				—				—				28,338
U. S. State & Municipal Debt			—				1,519				—				—				1,519
Foreign Government Debt			—				1,442				—				—				1,442
U. S. Corporate Debt			—				25,445				—				—				25,445
Asset-Backed Securities			—				2,534				—				—				2,534
Total Debt Securities			—				66,657				—				—				66,657
Common and Preferred Stock — Other:
Domestic Small Capitalization			28,881				—				—				—				28,881
Domestic Large Capitalization			422,874				—				—				—				422,874
Total Common and Preferred Stock — Other			451,755				—				—				—				451,755
Collective Investment Funds:
Common Stock Other Funds			—				327,236				—				—				327,236
Debt Securities Funds			—				34,751				—				—				34,751
Total Collective Investment Funds			—				361,987				—				—				361,987
Synthetic Guaranteed Investment Contracts:
Cash and Temporary Investments			1,055				25,629				—				(21,616	)(3)			5,068
Debt Securities:
U.S. Government Debt			—				103,217				—				—				103,217
U.S. Agency Debt:
U.S. Agency Debentures			—				26,837				—				—				26,837
U.S. Agency Mortgages			—				222,428				—				—				222,428
U.S. State & Municipal Debt			—				1,516				—				—				1,516
Foreign Government Debt			—				7,587				—				—				7,587
U.S. Corporate Debt			—				139,812				—				—				139,812
Foreign Corporate Debt			—				30,240				—				—				30,240
Mortgage-Backed Securities			—				20,656				—				—				20,656
Asset-Backed Securities			—				7,834				—				—				7,834
Collective Investment Funds			—				33				—				—				33
Derivative Futures			(267	)			—				—				267	(4)			—
Total Synthetic Guaranteed Investment Contracts			788				585,789				—				(21,349	)			565,228
Collateral Held Under Securities Lending Agreements Commingled Fund			—				52,051				—				—				52,051
Total Investments at Fair Value		$	1,423,225			$	1,112,963			$	—			$	(21,349	)		$	2,514,839

For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs, which have been determined to be immaterial. Assets that are measured using significant other observable inputs are primarily valued by reference to

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

quoted prices of markets that are not active. The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash and temporary investments: The carrying value of cash equivalents approximates fair value as maturities are less than three months, and temporary investments (maturities less than 12 months) primarily consist of fixed income deposits and commercial paper which are measured at fair value using observable inputs in an active market. A large portion of the Plan’s temporary investments are short-term collective investment funds — these commingled pools are in turn comprised of short-term fixed income assets that trade on a regular basis in active markets. However, because the commingled vehicles lack any formal listing or associated price quotes, they are classified as Level 2. Other temporary investment holdings are fixed income holdings with maturities of less than 12 months. Because these bonds are not traded on listed exchanges, yet do have observable valuation inputs, these are classified as Level 2 assets. This presentation is in accordance with ASU 2009-12.

Common stock & Monsanto Company Stock: The Plan’s common stock consists of investments in listed U.S. and foreign company stock, including Monsanto stock. These investments include both small-capitalization stocks (defined as companies with market capitalizations less than $2 billion), and large-capitalization stocks (companies with market capitalizations greater than $2 billion). All such investments are valued using stock prices from the various public markets — equity securities trade on formal exchanges, both domestic and foreign (e.g., NYSE, NASDAQ, LSE), and are traded in active markets. The observable valuation inputs are unadjusted quoted prices that represent active market trades and are classified as Level 1.

Collective investment funds: Some investment options are structured as commingled pools, or funds - this encompasses the International Equity Fund, the Equity Index Fund, the Value Equity Fund, the Small-Cap Growth Equity Fund, the Small-Cap Value Equity Fund, the Treasury Inflation-protected Securities Fund (TIPS), and the pre-mix portfolios (Conservative, Moderate, Moderate Aggressive and Aggressive). These funds are comprised of other broad asset category types, such as equity and debt securities, derivatives and cash and temporary investments. Irrespective of the underlying securities that comprise these collective funds, the funds themselves lack a formal listed market or publicly available quotes, and are therefore all classified as Level 2. This presentation is in accordance with ASU 2009-12.

Synthetic guaranteed investment contracts: Also referred to as Synthetic GICs, the assets in this category represent the fixed income fund investment option. Almost all underlying assets are comprised of cash and temporary investments, debt securities and derivatives (see related sections). Assets within the Synthetic GICs are assessed individually to assign level determination for the purposes of the Fair Value Measurements and Disclosures topic of the ASC, the discussion of which is incorporated into the appropriate asset categories.

Debt securities: Debt securities assets consist of U.S. and foreign corporate credit, U.S. and foreign government issues (including related Agency Debentures and Mortgages), mortgage-backed securities, asset-backed securities and U.S. State and Municipal securities. U.S. treasury and U.S government agency bonds, as well as foreign government issues, are generally priced by institutional bids, which reflect estimated values based on underlying model frameworks at various dealers and vendors. While some corporate issues are formally listed on exchanges, dealers exchange bid and ask offers to arrive at executed transaction prices. Collateralized securities (both mortgage-backed and asset-backed) are valued using models with readily observable market data as inputs. All Foreign Government and Foreign Corporate Debt securities are denominated in U.S. dollars. Although most of the debt securities held in the Plan are included in Synthetic GICs in the Statement of Net Assets Available for Benefits, there are other debt securities held outside the Synthetic GICs. All debt securities included in the Plan are classified as Level 2.

Derivatives: The Plan holds interest rate futures contacts. Derivative securities are included within the Synthetic guaranteed investment contracts on the Statement of Net Assets Available for Benefits. Interest rate futures, and all listed options are measured at fair value using quoted market prices and are classified as Level 1.

Collateral held under securities lending agreements: The Plan participates in a securities lending program through Northern. Securities loaned are fully collateralized by cash and U.S. government securities. Northern pools all collateral received and invests any cash in an actively managed commingled fund, the underlying assets of which include short-

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

term (weighted average maturity 143 days as of Dec. 31, 2010) fixed income securities such as commercial paper, U.S. Treasury Bills, and various forms of asset-backed securities, all of which would be classified individually as Level 2. Because the collateral pool itself lacks a formal public market and price quotes, it is classified as Level 2. This presentation is in accordance with ASU 2009-12.

NOTE 7. FINANCIAL INSTRUMENTS

During the years ended Dec. 31, 2010, and Dec. 31, 2009, the Plan at times utilized exchange-traded financial futures (fixed income interest rate, and equity index), as well as options on similar underlying futures contracts. Derivatives are used at the discretion of those managers so authorized to help meet the objectives of the portfolios, and to manage exposures to interest rate sensitivity and market fluctuations. Other intended uses included creating synthetic market exposures, altering aggregate bond portfolio duration, or temporarily hedging certain exposures within the portfolio. The Plan’s investment policy states that financial instruments are neither held nor issued by the Plan for trading purposes, and no instruments may be used in such a manner that creates financial leverage, whereby the notional value of derivative contracts at inception of the derivative exceeds the fair value of the total being hedged. The fair values of all derivatives are included under Synthetic GICs on the Statements of Net Assets Available for Benefits. Gains or losses on derivatives are recognized as interest in the Statement of Changes in Net Assets Available for Benefits.

As of Dec. 31, 2010, and Dec. 31, 2009, the Plan held standardized interest rate futures. Derivative securities are included within the Synthetic GICs on the Statement of Net Assets Available for Benefits. Interest rate futures are measured at fair value using quoted market prices.

The notional amounts of the Plan’s derivative instruments outstanding as of Dec. 31, 2010, and Dec. 31, 2009, were as follows:

		As of Dec. 31,
(Dollars in millions)		2010				2009
Derivatives Not Designated as Hedges:
Interest rate futures(1)		$	(37,539	)		$	30,063
Total Derivatives		$	(37,539	)		$	30,063

The fair values of the Plan’s derivative instruments outstanding as of Dec. 31, 2010, and Dec. 31, 2009, were as follows:

				As of Dec. 31,
		Net Assets Available
(Dollars in millions)		for Benefits Location		2010				2009
Derivatives Not Designated as Hedges:
Interest rate futures		Synthetic guaranteed investment contract(1)		$	(42	)		$	(267	)
Total Liability Derivatives				$	(42	)		$	(267	)

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

The gains and losses on the Plan’s derivative instruments for the years ended Dec. 31, 2010, and Dec. 31, 2009, were as follows:

		Amount of Gain (Loss)
		Recognized
		Year Ended Dec. 31,
										Changes in Net Assets Available
(Dollars in thousands)		2010				2009				for Benefits Classifications
Derivatives Not Designated as Hedges:
Interest rate futures		$	2,304			$	(965	)		Interest
Options			(89	)			925			Interest
Foreign currency forwards			12				—			Interest
Equity contracts			19				—			Interest
Total Derivatives Not Designated as Hedges		$	2,246			$	(40	)
Total Derivatives		$	2,246			$	(40	)

NOTE 8. INFORMATION REGARDING TAX STATUS

On Oct. 17, 2003, the IRS issued Monsanto a favorable determination letter stating that the Plan as then designed, was qualified for federal income tax purposes in compliance with section 401(a) of the Internal Revenue Code (“IRC”). As required by the IRS procedures, on Jan. 9, 2008, Monsanto filed an application for a new determination letter for the amended and restated Plan. That application is still pending review by the IRS. The Company believes that the Plan is currently designed in compliance with the applicable requirements of the IRC, and the Plan administrator believes that the Plan is being operated in accordance with its terms. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

Accounting principles generally accepted in the United States of America require the evaluation of tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain tax position that is not more likely than not to be sustained upon examination by the IRS. The Company, on behalf of the Plan, has analyzed the tax positions taken by the Plan, and has concluded that as of Dec. 31, 2010, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2007.

NOTE 9. PRIORITIES UPON TERMINATION OF THE PLAN

If the Plan is terminated, all participants’ account balances will be fully vested, and all participants would then be entitled to a full distribution of their account balances in accordance with ERISA and the Internal Revenue Code as more fully described and set forth in the Plan document.

NOTE 10. PARTY-IN-INTEREST INVESTMENTS AND TRANSACTIONS

The Company is not aware of any nonexempt prohibited transactions with parties-in-interest during the period from Jan. 1, 2010, to Dec. 31, 2010. As of Dec. 31, 2010, and 2009, the Plan holds $751 million and $971 million, respectively, of common stock of Monsanto, the Plan sponsor.

Monsanto is the holder of the Plan’s ESOP debt. During 2010, the Company paid approximately $12 million in dividends with respect to shares held by the ESOP.

Certain Plan investments are units of collective investment funds managed by Northern specifically for employee benefit trusts. Northern is also the Plan trustee as defined by the Plan and, therefore, these collective investment funds qualify as

MONSANTO SAVINGS AND INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS (continued)
AS OF DEC. 31, 2010 AND DEC. 31, 2009 AND FOR THE YEAR ENDED DEC. 31, 2010

exempt party-in-interest investments. Fees for Northern’s investment management services are paid by the Plan as described in Note 2.

Northern also manages the collateral pool collective fund for the securities lending program in which the Plan participated as of Dec. 31, 2010, as described in Note 5.

NOTE 11. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of the Plan’s investments at fair value per the financial statements with the investments as reported on the Form 5500 Schedule of Assets as of Dec. 31, 2010, and 2009.

		As of Dec. 31,
(Dollars in thousands)		2010				2009
Net assets available for benefits:
Investments, at fair value per financial statements		$	2,371,291			$	2,514,839
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			(24,601	)			(9,770	)
Collateral held under securities lending agreements			(18,371	)			(52,051	)
Loans to participants			28,122				26,511
Securities lending adjustment included within collateral and investments in the financial statements			—				(118	)
Total investments per Form 5500 Schedule of Assets (Held at End of Year)		$	2,356,441			$	2,479,411

*****

MONSANTO SAVINGS AND INVESTMENT PLAN
EIN 43-1878297

SUPPLEMENTAL SCHEDULE 1

Form 5500, Schedule H, Part IV, Line 4i —
Schedule of Assets (Held at End of Year) as of Dec. 31, 2010

5500 Supplemental Schedules		Account number 7879
		Account name MONSANTO CONSOLIDATED

Schedule of Assets (Held at End of Year)
31-Dec-10

Security Description / Asset ID		Share/Par Value				Historical Cost				Current Value
		Values
Row Labels		Sum of Shares				Sum of Cost				Sum of Market Value
#REORG MOTOROLA INC COM REVERSE SPLIT MOTOROLA INC COM 2065052 EFF 01-04-2011			510,400.00				6,813,108.04				4,629,328.00
#REORG/COVIDIEN REV STK SPLT/FOR STK  SPLT COVIDIEN 2067522 3-18-2011			36,400.00				1,411,170.93				1,662,024.00
#REORG/TYCO NAME CHANGE TE 2067466 3-17-2011			82,500.00				2,234,304.55				2,920,500.00
&&&INVESTMENT MANAGEMENT EXPENSE  ACCRUAL			—				—				—
&&&TRUST/CUSTODY EXPENSE ACCRUAL			—				—				—
3M CO COM			9,368.00				790,427.93				808,458.40
5TH 3RD BANCORP COM			25,300.00				336,146.09				371,404.00
ABB LTD CHF1.03 (REGD)			27,200.00				587,684.26				606,012.25
ABBOTT LAB COM			4,087.00				203,865.50				195,808.17
ACCENTURE PLC SHS CL A NEW			25,401.00				1,110,059.28				1,231,694.49
ADECCO SA CHF1(REGD)			10,250.00				618,301.46				671,511.08
ADMINISTRATOR FEE			—				—				—
ADR AEGON N V NY REGISTRY SHS SHS			187,918.00				1,626,178.35				1,151,937.34
ADR ANHEUSER BUSCH INBEV SA/NV SPONSOREDADR			9,553.00				584,587.82				545,380.77
ADR ASML HOLDING NV NY REGISTERED SHS			8,647.00				288,497.65				331,525.98
ADR ASTRAZENECA PLC SPONSORED ADR UK			12,200.00				528,849.78				563,518.00
ADR BAIDU INC SPONSORED ADR			22,803.00				2,129,776.84				2,201,173.59
ADR CEMEX SAB DE CV			63,924.00				1,222,767.63				684,626.04
ADR CREDIT SUISSE GROUP SPONSORED ADR ISIN US2254011081			8,500.00				462,692.83				343,485.00
ADR CTRIP COM INTL LTD AMERICAN DEP SHS AMERICAN DEP SHS			8,379.00				410,003.93				338,930.55
ADR EMBRAER S A SPONSORED ADR REPSTG 4 COM SHS			37,090.00				1,056,210.34				1,090,446.00
ADR ERICSSON L M TEL CO ADR CL B SEK 10 NEW ERICSSON L M TEL CO ADR			71,400.00				707,033.01				823,242.00
ADR FOMENTO ECONOMICO MEXICANA SAB DE CV			6,400.00				357,733.12				357,888.00
ADR GLAXOSMITHKLINE PLC SPONSORED ADR			94,300.00				4,354,790.30				3,698,446.00
ADR HDFC BK LTD ADR REPSTG 3 SHS			4,400.00				800,292.32				735,284.00
ADR HSBC HLDGS PLC SPONSORED ADR NEW			22,078.00				1,510,947.37				1,126,861.12
ADR ICICI BK LTD			26,970.00				1,513,398.90				1,365,760.80
ADR ITAU UNIBANCO HLDG SA SPONSORED ADR REPSTG 500 PFD PFD ADR			47,080.00				1,178,862.56				1,130,390.80
ADR KB FINL GROUP INC SPONSORED ADR  REPSTG 1 COM SH ADR			13,920.00				663,839.23				736,228.80
ADR MOBILE TELESYSTEMS OJSC SPONSORED			15,000.00				351,180.00				313,050.00
ADR NOKIA CORP SPONSORED ADR			96,500.00				1,070,071.24				995,880.00
ADR NOVARTIS AG			84,800.00				4,535,576.80				4,998,960.00
ADR PANASONIC CORP ADR ADR			102,000.00				1,459,593.91				1,438,200.00
ADR PETROLEO BRASILEIRO SA PETROBRAS  SPONSORED ADR			18,000.00				651,699.60				681,120.00

5500 Supplemental Schedules		Account number 7879
		Account name MONSANTO CONSOLIDATED

Schedule of Assets (Held at End of Year)
31-Dec-10

Security Description / Asset ID		Share/Par Value				Historical Cost				Current Value
ADR PETROLEO BRASILEIRO SA PETROBRAS  SPONSORED ADR NON VTG			18,160.00				592,865.22				620,527.20
ADR ROYAL DUTCH SHELL PLC SPONSORED ADR REPSTG A SHS			11,000.00				556,448.85				734,580.00
ADR ROYAL DUTCH SHELL PLC SPONSORED ADR REPSTG B SHS			41,250.00				2,586,679.33				2,750,137.50
ADR SANOFI-AVENTIS SPONSORED ADR			93,800.00				3,725,416.34				3,023,174.00
ADR SONY CORP AMERN SH NEW			63,000.00				1,994,464.28				2,249,730.00
ADR TAIWAN SEMICONDUCTOR MFG CO LTD  SPONSORED ADR			109,350.00				1,227,377.21				1,371,249.00
ADR TEVA PHARMACEUTICAL INDS			39,850.00				1,927,669.36				2,077,380.50
ADR TOTAL SA			3,000.00				186,705.71				160,440.00
ADR UNILEVER PLC SPONSORED ADR NEW			15,354.00				446,363.46				474,131.52
ADR VALE S A ADR			53,465.00				1,804,397.91				1,848,285.05
ADR VALE S A ADR REPSTG PFD PREF ADR			9,990.00				287,012.70				301,897.80
ADR VODAFONE GROUP PLC NEW SPONSORED  ADR			161,500.00				3,424,688.21				4,268,445.00
AGILENT TECHNOLOGIES INC COM			56,379.00				1,959,984.58				2,335,781.97
AGRIUM INC COM			3,200.00				212,593.60				293,600.00
AIA GROUP LTD COM PAR USD 1			161,600.00				471,694.60				454,298.66
AKZO NOBEL NV EUR2			6,420.00				399,626.91				398,789.47
ALCOA INC COM STK			25,500.00				359,152.31				392,445.00
ALLERGAN INC COM			23,856.00				1,560,559.19				1,638,191.52
ALLSTATE CORP COM			39,600.00				1,162,466.57				1,262,448.00
ALSTOM EUR7.0			6,840.00				344,461.66				327,307.71
ALTERA CORP COM			11,724.00				329,428.33				417,139.92
ALTRIA GROUP INC COM			16,300.00				302,155.02				401,306.00
AMAZON COM INC COM			40,794.00				5,013,453.26				7,342,920.00
AMER ELEC PWR CO INC COM			2,500.00				64,957.00				89,950.00
AMER MOVIL SAB DE C V SPONSORED ADR  REPSTG SER L SHS			7,400.00				423,724.00				424,316.00
AMERICAN EXPRESS CO			62,140.00				2,615,104.19				2,667,048.80
AMERICAN TOWER CORP CL A			58,602.00				3,036,677.47				3,026,207.28
AMERN INTL GROUP 8.25% DUE 08-15-2018			300,000.00				300,000.00				345,619.80
AMGEN INC COM			82,800.00				4,052,891.55				4,545,720.00
ANHEUSER-BUSCH INBEV NV			7,900.00				494,040.92				451,821.28
AOL INC COM STK			23,530.00				607,407.41				557,896.30
AOL TIME WARNER 7.625% DUE 04-15-2031			275,000.00				304,717.87				334,312.83
AOL TIME WARNER 7.7% DUE 05-01-2032			594,000.00				651,035.36				725,090.45
APACHE CORP COM			1,717.00				185,639.15				204,717.91
APPLE INC COM STK			40,698.00				4,975,220.24				13,127,546.88
APPLIED MATERIALS INC COM			90,906.00				1,125,799.91				1,277,229.30

5500 Supplemental Schedules		Account number 7879
		Account name MONSANTO CONSOLIDATED

Schedule of Assets (Held at End of Year)
31-Dec-10

Security Description / Asset ID		Share/Par Value				Historical Cost				Current Value
ARCHER-DANIELS-MIDLAND CO COM			6,200.00				200,252.56				186,496.00
AT&T CORP USD SR NT VAR RATE DUE 11-15-2031/11-14-2031 BEO			425,000.00				426,627.33				534,176.55
AT&T INC COM			32,900.00				916,579.92				966,602.00
ATLAS COPCO AB SER‘A’NPV			20,100.00				453,636.39				507,145.22
ATMOS ENERGY CORP COM			5,000.00				146,996.50				156,000.00
AUDITING EXPENSE ACCRUAL			—				—				—
Australian dollar			9,875.11				9,875.11				9,875.11
AUTONOMY CORP ORD GBP0.003333			9,500.00				222,544.50				222,907.69
AVIVA ORD GBP0.25			81,160.00				554,543.80				497,278.34
AXA EUR2.29			49,900.00				968,660.39				830,167.48
BAC CAP TR XI 6.625% DUE 05-23-2036			325,000.00				343,471.80				308,859.85
BAE SYSTEMS ORD GBP0.025			116,680.00				646,150.32				600,309.63
BAKER HUGHES INC COM			51,000.00				1,788,770.81				2,915,670.00
BANCO SANTANDER EUR0.50(REGD)			43,441.00				544,039.77				460,213.42
BANK AMER CORP 5.625% DUE 07-01-2020			125,000.00				124,552.50				127,436.50
BANK AMER CORP 7.625% DUE 06-01-2019			450,000.00				503,980.47				518,145.75
BANK NEW YORK MELLON CORP COM STK			124,000.00				3,443,292.87				3,744,800.00
BANK OF AMERICA CORP			101,555.00				1,396,016.87				1,354,743.70
BANK ONE CAP III 8.75% DUE 09-01-2030			350,000.00				422,215.50				414,771.35
BANKAMERICA CAP II SER 2 8 BD DUE 12-15-2026/06 BEO			375,000.00				396,709.50				377,343.75
BARCLAYS BK PLC 5.125% DUE 01-08-2020			850,000.00				835,835.00				868,068.45
BARCLAYS ORD GBP0.25			65,300.00				287,315.86				266,378.32
BAYER AG — ORD SHS			6,400.00				477,605.30				472,934.42
BAYER MOTOREN WERK EUR1			3,750.00				278,400.34				294,899.17
BB&T CORP COM			57,500.00				1,195,088.99				1,511,675.00
BBVA(BILB-VIZ-ARG) EUR0.49			28,000.00				345,337.84				282,862.68
BED BATH BEYOND INC COM			12,045.00				530,047.45				592,011.75
BELLE INTERNATIONA HKD0.01			177,000.00				334,914.83				299,238.38
BERKSHIRE HATHAWAY INC-CL B			3,800.00				299,386.39				304,418.00
BG GROUP ORD GBP0.10			40,000.00				779,041.94				808,220.65
BHP BILLITON LTD NPV			30,600.00				1,389,040.21				1,415,524.86
BK AMER N A CHARLOTTE N C MEDIUM TERM TRANCHE # TR 00229 5.3 DUE 03-15-2017			450,000.00				449,581.50				456,044.85
BK RAKYAT IDR500			251,500.00				341,918.91				292,960.46
BM&FBOVESPA SA COM NPV			40,100.00				323,252.26				317,176.51
BMC SOFTWARE INC COM STK			27,000.00				527,801.91				1,272,780.00
BNP PARIBAS EUR2			7,100.00				519,270.22				451,702.35

5500 Supplemental Schedules		Account number 7879
		Account name MONSANTO CONSOLIDATED

Schedule of Assets (Held at End of Year)
31-Dec-10

Security Description / Asset ID		Share/Par Value				Historical Cost				Current Value
BNSF RY CO 2006-2 5.629% DUE 04-01-2024			222,840.38				222,840.38				241,106.61
BOEING CO COM			9,344.00				519,350.76				609,789.44
BOSTON PROPERTIES LP DTD 4-19-2010 5.625DUE 11-15-2020			250,000.00				262,300.50				266,056.50
BOSTON SCIENTIFIC CORP COM			256,000.00				2,791,151.49				1,937,920.00
BP ORD USD0.25			182,560.00				1,335,384.93				1,325,064.16
BR PROPERTIES SA COMSTK			9,000.00				98,836.28				98,457.83
Brazilian real			1.08				1.08				1.08
BRF-BRASIL FOODS COMSTK			21,400.00				309,010.64				352,455.42
BRITISH AIRWAYS ORD GBP0.25			123,040.00				573,732.37				522,730.43
British pound sterling			6,080.68				6,080.68				6,080.68
BROADCOM CORP CL A			25,606.00				854,469.17				1,115,141.30
BSTN PPTYS LTD 5.625% DUE 04-15-2015			100,000.00				98,562.12				109,347.90
BSTN PPTYS LTD 6.25% DUE 01-15-2013			79,000.00				81,952.45				86,140.73
BSTN SCIENTIFIC 5.45% DUE 06-15-2014			600,000.00				538,500.00				636,789.60
BSTN SCIENTIFIC 6.4% DUE 06-15-2016			100,000.00				105,019.00				107,045.80
BUNGE LTD			6,600.00				308,604.16				432,432.00
BURBERRY GROUP ORD GBP0.0005			23,200.00				394,102.11				406,554.94
BURL NORTHN SANTA 4.875% DUE 01-15-2015			375,000.00				351,783.00				408,298.88
BURL NORTHN SANTA 8.251% DUE 01-15-2021			326,120.89				334,493.86				396,142.31
C H ROBINSON WORLDWIDE INC COM NEW COM NEW			2,467.00				166,821.54				197,828.73
CA INC COM			65,946.00				1,546,929.66				1,611,720.24
CABLEVISION NY GROUP CL A COM			4,200.00				113,021.24				142,128.00
CADENCE DESIGN SYS INC COM			84,100.00				644,696.35				694,666.00
CALIFORNIA ST 5.45% 04-01-2015 BEO  TAXABLE			125,000.00				125,772.50				131,961.25
CALIFORNIA ST 6.2% 10-01-2019 BEO  TAXABLE			75,000.00				75,032.25				77,599.50
CALIFORNIA ST 7.3% 10-01-2039 BEO  TAXABLE			200,000.00				201,646.00				202,870.00
CALIFORNIA ST 7.5% 04-01-2034 BEO  TAXABLE			725,000.00				728,733.25				750,092.25
CALIFORNIA ST 7.625% 03-01-2040 BEO  TAXABLE			75,000.00				81,380.25				79,043.25
CALIFORNIA ST RMRKTD 5.65% 04-01-2039 BEO TAXABLE			75,000.00				75,320.25				79,222.50
CALIFORNIA ST TAXABLE-VAR PURP 7.55% DUE04-01-2039 BEO TAXABLE N/C			750,000.00				743,436.50				780,457.50
CAMERON INTL CORP COM STK			23,050.00				989,291.36				1,169,326.50
Canadian dollar			10,583.38				10,583.38				10,583.38
CANADIAN IMP BANK COM NPV			5,000.00				391,049.57				393,878.76
CANON INC NPV			13,000.00				617,116.23				674,066.66
CAP 1 FINL CORP 6.75% DUE 09-15-2017			775,000.00				779,331.96				893,081.33
CAP 1 FNCL COM			141,900.00				5,742,800.96				6,039,264.00

5500 Supplemental Schedules		Account number 7879
		Account name MONSANTO CONSOLIDATED

Schedule of Assets (Held at End of Year)
31-Dec-10

Security Description / Asset ID		Share/Par Value				Historical Cost				Current Value
CAP GEMINI EUR8			11,840.00				589,363.64				552,644.82
CAPITALAND LTD NPV			143,000.00				438,469.84				413,386.26
CARDINAL HLTH INC			34,973.00				1,152,138.24				1,339,815.63
CAREFUSION CORP COM			45,000.00				1,305,539.84				1,156,500.00
CARMAX INC COM			25,700.00				403,786.49				819,316.00
CARNIVAL CORP COM PAIRED			25,516.00				1,016,911.55				1,176,542.76
CDN NATL RAILWAYS COM NPV			7,700.00				504,087.46				513,802.35
CELANESE CORP DEL COM SER A STK			8,500.00				306,367.74				349,945.00
CELESIO AG NPV(REGD)			18,640.00				485,773.85				463,291.86
CELGENE CORP COM			34,236.00				1,931,324.54				2,024,717.04
CENTERPOINT ENERGY INC COM			13,700.00				218,346.51				215,364.00
CENTURYLINK INC COM			7,500.00				300,378.54				346,275.00
CF INDS HLDGS INC COM			1,600.00				149,284.34				216,240.00
CHEUNG KONG(HLDGS) HKD0.50			36,000.00				615,543.63				555,354.56
CHEVRON CORP COM			40,711.00				2,217,216.61				3,714,878.75
CHINA LIFE INSURANCE CO ‘H’ CNY1			122,000.00				566,833.12				498,370.37
CHINA MERCHANTS BK COM STK			164,500.00				505,783.50				415,253.75
CHINA MOBILE LTD HKD0.10			62,000.00				663,465.80				615,825.47
CHINA TELECOM CORP LTD ‘H’CNY1			1,124,000.00				599,264.21				588,585.25
CHIPOTLE MEXICAN GRILL INC COM STK			1,064.00				224,523.68				226,270.24
CHUBB CORP COM			1,800.00				102,910.32				107,352.00
CIA ENERG MG-CEMIG PRF BRL5.00			25,100.00				438,244.82				403,868.07
CIGNA CORP 7.875 DEB DUE 05-15-2027			300,000.00				373,960.00				351,034.50
CIGNA CORP NT DTD 07/23/1998 STEP UP DUE1-15-33 BEO 8.3 TIL 1-15-23 8.08 AFTER			100,000.00				123,537.00				118,856.70
CISCO SYSTEMS INC			71,546.00				1,646,810.18				1,447,375.58
CITIGROUP CAP XIII 7.875% TR PFD SECS FIXED/FLTG			3,000.00				75,000.00				80,730.00
CITIGROUP INC 4.75% DUE 05-19-2015			125,000.00				124,308.75				130,887.13
CITIGROUP INC 6.125% DUE 11-21-2017			650,000.00				650,433.25				712,325.90
CITIGROUP INC COM			591,425.00				2,298,443.97				2,797,440.25
CITIGROUP INC GLOBAL SR NT FLTG RATE DUE05-15-2018 REG			475,000.00				381,312.50				452,019.50
CITRIX SYS INC COM			25,330.00				1,560,141.79				1,732,825.30
CLIFFS NAT RES INC COM STK			4,400.00				254,798.28				343,244.00
CMS ENERGY CORP COM			11,200.00				186,785.20				208,320.00
CNOOC LTD HKD0.02			394,000.00				883,353.70				934,772.22
COACH INC COM			9,826.00				319,639.51				543,476.06
COCA COLA CO COM			14,715.00				752,190.08				967,805.55

5500 Supplemental Schedules		Account number 7879
		Account name MONSANTO CONSOLIDATED

Schedule of Assets (Held at End of Year)
31-Dec-10

Security Description / Asset ID		Share/Par Value				Historical Cost				Current Value
COGNIZANT TECHNOLOGY SOLUTIONS CORP CL ACL A			2,510.00				182,508.56				183,957.90
COLGATE-PALMOLIVE CO COM			10,450.00				789,102.61				839,866.50
COMCAST CORP NEW 5.85% DUE 11-15-2015			100,000.00				100,332.00				112,408.00
COMCAST CORP NEW 5.9% DUE 03-15-2016			225,000.00				224,689.50				251,894.48
COMCAST CORP NEW 6.3% DUE 11-15-2017			300,000.00				300,113.25				343,484.40
COMCAST CORP NEW CL A SPL CL A SPL			34,000.00				542,956.77				707,540.00
COMCAST CORP NEW-CL A			318,635.00				5,585,686.82				7,000,410.95
COMERICA INC COM			5,600.00				236,691.84				236,544.00
COML METALS CO COM			6,700.00				100,545.56				111,153.00
COMPAL ELECTRONIC GDR-REPR 5 ORD TWD10 REG S			65,770.00				414,599.61				436,186.64
COMPUTER SCI CORP COM			34,000.00				1,398,240.76				1,686,400.00
COMPUWARE CORP COM			92,500.00				651,282.22				1,079,475.00
CONAGRA FOODS INC			6,100.00				145,333.95				137,738.00
CONOCOPHILLIPS COM			64,910.00				3,439,894.83				4,420,371.00
CONSTELLATION BRANDS INC CL A CL A			11,900.00				174,505.22				263,585.00
CONSTELLATION ENERGY GROUP INC MARYLAND COM			9,600.00				313,048.01				294,048.00
CONSULTING FEE			—				—				—
COOPER INDUSTRIES PLC NEW IRELAND COM STK			13,415.00				607,352.24				781,960.35
CORNING INC COM			40,235.00				750,597.03				777,340.20
COSTCO WHOLESALE CORP NEW COM			8,001.00				466,609.63				577,752.21
COX COMMUNICATIONS 5.45% DUE 12-15-2014			300,000.00				297,605.42				330,262.80
COX COMMUNICATIONS 5.5% DUE 10-01-2015			275,000.00				275,166.00				302,577.55
CREDIT SUISSE AG CHF0.04(REGD)			8,400.00				358,735.25				338,452.82
CREE INC COM			5,901.00				312,085.48				388,816.89
CRH ORD EUR0.32(DUBLIN LISTING)			21,700.00				371,623.96				449,456.07
CROWN CASTLE INTL CORP COM STK			19,658.00				846,257.76				861,610.14
CUMMINS INC			20,530.00				1,637,088.99				2,258,505.30
CVS CAREMARK CORP COM STK			19,900.00				685,119.00				691,923.00
DAIMLER AG			19,110.00				1,265,669.74				1,291,453.80
DANAHER CORP COM			42,122.00				1,482,146.55				1,986,894.74
DBS GROUP HLDGS NPV			89,000.00				959,370.99				993,068.28
DEERE & CO COM			19,756.00				1,513,060.28				1,640,735.80
DELL INC COM STK			40,400.00				536,088.87				547,420.00
DELTA AIR LINES INC DEL COM NEW COM NEW			107,820.00				1,473,559.17				1,358,532.00
DEUTSCHE LUFTHANSA ORD NPV (REGD)(VINK)			20,500.00				476,171.66				448,022.91
DEUTSCHE POST AG NPV(REGD)			29,430.00				566,134.86				499,447.45