FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from __________ to __________
Commission file number: 0-7574
WAUSAU PAPERS OTIS MILL, INC.
HOURLY SAVINGS AND INVESTMENT PLAN
(Full title of the plan and the address of the plan, if different from
the issuer named below)
WAUSAU-MOSINEE PAPER CORPORATION
1244 KRONENWETTER DRIVE
MOSINEE, WI 54455-9099
(Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office)
<PAGE>
WAUSAU PAPERS OTIS MILL, INC.
HOURLY SAVINGS AND INVESTMENT PLAN
Mosinee, Wisconsin
FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULE
Period from April 25, 1997 (Date of Inception)
To December 31, 1997
-2-
<PAGE>
WAUSAU PAPERS OTIS MILL, INC.
HOURLY SAVINGS AND INVESTMENT PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
Period from April 25, 1997 (Date of Inception) to December 31, 1997
TABLE OF CONTENTS
PAGE
Independent Auditor's Report 4
Financial Statements:
Statements of Net Assets Available for Benefits 5 - 6
Statement of Changes in Net Assets Available for Benefits 7 - 10
Notes to Financial Statements 11 - 17
Supplemental Schedule:
Schedule 1 - Item 27a - Schedule of Assets Held for Investment
Purposes 19
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<PAGE>
INDEPENDENT AUDITOR'S REPORT
Employee Benefits Committee of the
Wausau-Mosinee Paper Corporation
Mosinee, Wisconsin
We have audited the accompanying statements of net assets available for
benefits of the WAUSAU PAPERS OTIS MILL, INC. HOURLY SAVINGS AND INVESTMENT
PLAN (the "Plan") as of December 31, 1997, and the related statement of
changes in net assets available for benefits for the period from April 25,
1997 (Date of Inception) to December 31, 1997. 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 generally accepted auditing
standards. 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 WAUSAU
PAPERS OTIS MILL, INC. HOURLY SAVINGS AND INVESTMENT PLAN as of December 31,
1997, and changes in net assets available for benefits for the period from
April 25, 1997 (Date of Inception) to December 31, 1997 in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
financial statements taken as a whole. The supplemental schedule of assets
held for investment purposes as of December 31, 1997 is presented for the
purpose of additional analysis and is not a required part of the basic
financial statements but is 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. The supplemental
schedule has been subjected to the auditing procedures applied in the audit of
the basic financial statements for the period from April 25, 1997 (Date of
Inception) to December 31, 1997, and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
WIPFLI ULLRICH BERTELSON LLP
Wipfli Ullrich Bertelson LLP
June 19, 1998
Wausau, Wisconsin
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<PAGE>
WAUSAU PAPERS OTIS MILL, INC.
HOURLY SAVINGS AND INVESTMENT PLAN
<TABLE>
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1997
<CAPTION>
WAUSAU-MOSINEE
TEMPLETON FIDELITY PAPER CORP NATIONWIDE NEUBERGER &
FOREIGN MAGELLAN COMMON STOCK INDEXED BERMAN LIM
FUND I FUND FUND FIXED OPTION MAT BOND TRST
<S> <C> <C> <C> <C> <C>
ASSETS:
Receivables:
Employer contributions $ 197 $ 552 $ 199 $ 280 $ 6
Participant contributions 2,541 6,461 2,098 2,440 122
Investments 57,628 143,029 25,067 38,382 1,353
Total assets 60,366 150,042 27,364 41,102 1,481
Net assets available
for benefits $60,366 $150,042 $27,364 $41,102 $1,481
</TABLE>
<TABLE>
<CAPTION>
FIDELITY PHOENIX NEUBERGER & DREYFUS JANUS
DREYFUS A PURITAN BALANCED BERMAN S & P 500 TWENTY
BONDS PLUS FUND FUND GUARDIAN TRST INDEX FUND FUND
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Receivables:
Employer contributions $ 6 $ 110 $ 2 $ 347 $ 142 $ 86
Participant contributions 42 1,369 15 4,793 1,383 1,283
Investments 2,004 24,901 5,918 93,246 62,252 26,943
Total assets 2,052 26,380 5,935 98,386 63,777 28,312
Net assets available
for benefits $2,052 $26,380 $5,935 $98,386 $63,777 $28,312
</TABLE>
<TABLE>
<CAPTION>
JANUS NSAT SMALL WARBURG-PINCUS
WORLDWIDE COMPANY EMERGING PERSONAL PERSONAL PERSONAL
FUND FUND GROWTH FUND PORTFOLIO 1 PORTFOLIO 2 PORTFOLIO 3
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Receivables:
Employer contributions $ 73 $ 6 $ 12 $ 10 $ - $ 11
Participant contributions 957 102 265 62 118
Investments 42,612 844 1,348 232 739
Total assets 43,642 952 1,625 304 0 868
Net assets available
for benefits $43,642 $952 $1,625 $304 $ - $868
</TABLE>
-5-
<PAGE>
<TABLE>
<CAPTION>
PERSONAL PERSONAL PERSONAL PARTICIPANT
PORTFOLIO 4 PORTFOLIO 5 PORTFOLIO 6 LOANS TOTALS
<S> <C> <C> <C> <C> <C>
ASSETS:
Receivables:
Employer contributions $ 64 $ 25 $ 39 $ - $ 2,167
Participant contributions 562 236 813 25,662
Investments 5,096 7,825 7,206 44,264 590,889
Total assets 5,722 8,086 8,058 44,264 618,718
Net assets available
for benefits $5,722 $8,086 $8,058 $44,264 $618,718
<FN>
See accompanying notes to financial statements.
</TABLE>
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<PAGE>
WAUSAU PAPERS OTIS MILL, INC.
HOURLY SAVINGS AND INVESTMENT PLAN
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Period from April 25, 1997 (Date of Inception) to December 31, 1997
<CAPTION>
WAUSAU-MOSINEE
TEMPLETON FIDELITY PAPER CORP NATIONWIDE NEUBERGER &
FOREIGN MAGELLAN COMMON STOCK INDEXED BERMAN LIM
FUND I FUND FUND FIXED OPTION MAT BOND TRST
<S> <C> <C> <C> <C> <C>
ADDITIONS:
Employer contributions 2,330 5,782 1,985 3,760 21
Participant deferral
contributions 30,056 70,756 20,335 29,586 416
Participant rollover
contributions 49,804 88,468 12,687 74,454
Investment income 4,349 130 1,120 11
Transfers from other funds 1,033
Total additions 82,190 169,355 35,137 108,920 1,481
DEDUCTIONS:
Employee benefits and
withdrawals
Investment loss 2,860
Administrative expenses 109 180 36 20
Transfers to other funds 18,855 19,133 7,737 67,798
Total deductions 21,824 19,313 7,773 67,818 0
Net additions 60,366 150,042 27,364 41,102 1,481
Net assets available for
benefits at beginning 0 0 0 0 0
Net assets available for
benefits at end $60,366 $150,042 $27,364 $ 41,102 $1,481
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
FIDELITY PHOENIX NEUBERGER & DREYFUS JANUS
DREYFUS A PURITAN BALANCED BERMAN S & P 500 TWENTY
BONDS PLUS FUND FUND GUARDIAN TRST INDEX FUND FUND
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Employer contributions 25 1,443 11 4,359 603 368
Participant deferral
contributions 175 16,912 63 57,290 5,806 5,545
Participant rollover 17,282 95,947 2,022 8,196
contributions 945 515
Investment income 56
Transfers from other funds 1,796 5,920 54,831 14,980
Total additions 2,052 36,582 5,994 157,596 79,231 29,089
DEDUCTIONS:
Employee benefits and
withdrawals
Investment loss 59 3,126 737
Administrative expenses 30 185 40
Transfers to other funds 10,172 55,899
Total deductions 0 10,202 59 59,210 0 777
Net additions 2,052 26,380 5,935 98,386 63,777 28,312
Net assets available for
benefits at beginning 0 0 0 0 0 0
Net assets available for
benefits at end $2,052 $26,380 $5,935 $98,386 $63,777 $28,312
</TABLE>
-8-
<PAGE>
<TABLE>
<CAPTION>
JANUS NSAT SMALL WARBURG-PINCUS
WORLDWIDE COMPANY EMERGING PERSONAL PERSONAL PERSONAL
FUND FUND GROWTH FUND PORTFOLIO 1 PORTFOLIO 2 PORTFOLIO 3
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Employer contributions 302 25 47 43 - 47
Participant deferral
contributions 3,860 405 996 259 510
Participant rollover
contributions 542
Investment income 2 4
Transfers from other funds 41,169 570 608 307
Total additions 45,873 1,000 1,651 304 0 868
DEDUCTIONS:
Employee benefits and
withdrawals
Investment loss 2,231 48 26
Administrative expenses
Transfers to other funds
Total deductions 2,231 48 26 0 0 0
Net additions 43,642 952 1,625 304 0 868
Net assets available for
benefits at beginning 0 0 0 0 0 0
Net assets available for
benefits at end $43,642 $952 $1,625 $304 $- $868
</TABLE>
-9-
<PAGE>
<TABLE>
<CAPTION>
PERSONAL PERSONAL PERSONAL PARTICIPANT
PORTFOLIO 4 PORTFOLIO 5 PORTFOLIO 6 LOANS TOTALS
<S> <C> <C> <C> <C> <C>
ADDITIONS:
Employer contributions 235 105 174 - 21,665
Participant deferral
contributions 2,048 963 3,677 249,658
Participant rollover
contributions 349,402
Investment income 835 7,967
Transfers from other funds 3,471 7,158 4,322 43,429 179,594
Total additions 5,754 8,226 8,173 44,264 808,286
DEDUCTIONS:
Employee benefits and
withdrawals -
Investment loss 32 140 115 9,374
Administrative expenses 600
Transfers to other funds 179,594
Total deductions 32 140 115 0 189,568
Net additions 5,722 8,086 8,058 44,264 618,718
Net assets available for
benefits at beginning 0 0 0 0 0
Net assets available for
benefits at end $5,722 $8,086 $8,058 $44,264 $618,718
<FN>
See accompanying notes to financial statements
</TABLE>
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<PAGE>
WAUSAU PAPERS OTIS MILL, INC.
HOURLY SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - DESCRIPTION OF PLAN AND FUNDING POLICY
The following description of the Wausau Papers Otis Mill, Inc. Hourly Savings
and Investment Plan (the "Plan") provides only general information.
Participants should refer to the Plan agreement for a more complete
description of the Plan's provisions.
GENERAL
The Plan was established on April 25, 1997. It is a defined contribution plan
covering all regular full-time hourly employees of Wausau Papers Otis Mill,
Inc. (the "Company") who are members of the collective bargaining units
represented by United Paperworkers International Union Local 11 AFL-CIO and
National Conference of Firemen and Oilers Service Employees International
Union, Local 247 AFL-CIO. An employee becomes eligible to participate in the
Plan on the first day of the first month coinciding with or next following the
90th full working day of employment. The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974 (ERISA).
CONTRIBUTIONS
Participants are allowed to contribute up to 16 percent of their gross annual
compensation, as defined in the plan document. Contributions are subject to
certain limitations.
The Company currently matches 50 percent up to a maximum of 1 percent of a
participant's contributions. The Plan allows participants to roll over
distributions from another company's retirement plan. Participants may
deposit any portion of a distribution that has not been taxed, provided the
deposit is made within 60 days of distribution. These deposits are not
subject to the contribution limitations under the Internal Revenue Code (IRC).
The Company does not match these contributions.
VESTING
Participants are fully vested in their entire account balance which includes
salary deferral, company match, and rollover contributions plus earning/losses
thereon.
A participant may withdraw any portion of their account balance for any reason
after they reach age 59 1/2 or at any age if they demonstrate financial
hardship. Financial hardship withdrawals are subject to government regulation
and may be subject to a 10 percent penalty.
INVESTMENT OPTIONS
The Plan allows participants to select their investment options from one or
more of the following choices:
<PAGE>
COMPANY STOCK
Funds are invested exclusively in the common stock of Wausau-Mosinee Paper
Corporation and are not considered to be a diversified investment option. The
fund seeks long-term capital growth, with current income and growth of income
as secondary objective.
-11-
NOTE 1 - DESCRIPTION OF PLAN AND FUNDING POLICY (CONTINUED)
INVESTMENT OPTIONS (CONTINUED)
<bullet> Wausau-Mosinee Paper Corporation Common Stock Fund
INTERNATIONAL/GLOBAL FUNDS
Funds are invested primarily in diversified equity securities and debt
obligations of companies and governments outside the United States. The funds
seek long-term capital appreciation.
<bullet> Templeton Foreign Fund I
<bullet> Janus Worldwide Fund
AGGRESSIVE GROWTH FUNDS
Funds are invested in diversified equity securities of small-to-medium sized
companies in the United States with emerging or renewed growth potential. The
funds seek long-term capital appreciation.
<bullet> Nationwide Separate Account Trust (NSAT) Small Company Fund
<bullet> Warburg Pincus Emerging Growth Fund
GROWTH FUNDS
Funds are invested in diversified equity securities of small, medium, and
large companies considered to have better-than-average prospects for
appreciation. The funds seek long-term capital appreciation.
<bullet> Fidelity Magellan Fund
<bullet> Janus Twenty Fund
GROWTH AND INCOME FUNDS
Funds are invested in a portfolio of common stocks, securities convertible to
common stocks, and income-producing equity securities. The funds seek long-
term total return and potential for capital appreciation with current income
provided by dividends as a secondary objective.
<bullet> Dreyfus S & P 500 Index Fund
<bullet> Neuberger & Berman Guardian Trust
BALANCED/ASSET ALLOCATION FUNDS
Funds are invested in common stocks for growth potential, high-quality
government and corporate bonds to generate income, and short-term money market
<PAGE>
instruments to help balance volatility. The funds seek to maximize investment
returns consistent with reasonable safety of principal by investing in a mix
of asset classes noted above.
-12-
NOTE 1 - DESCRIPTION OF PLAN AND FUNDING POLICY (CONTINUED)
INVESTMENT OPTIONS (CONTINUED)
<bullet> Fidelity Puritan Fund
<bullet> Phoenix Balanced Fund
INCOME FUNDS
Funds are invested in a diversified group of high quality debt securities with
varying maturities. The funds seek the maximum amount of current income to
the extent consistent with the preservation of capital and the maintenance of
liquidity.
<bullet> Dreyfus A Bonds Plus
<bullet> Neuberger & Berman Limited Maturity Bond Trust
GUARANTEED RETURN CONTRACT
Funds are invested primarily in investment grade bonds and mortgage backed
securities. The fund guarantees a stated rate of return on a quarterly basis
that is indexed to the Treasury Note yield.
<bullet> Nationwide Indexed Fixed Option
LIFESTYLE FUNDS
Funds are managed by a group of subadvisers who manage a portion of each
fund's portfolio. Each of the six lifestyle funds vary from conservative -
short-term (Personal Portfolio 1) to aggressive - long-term (Personal
Portfolio 6) investment styles.
<bullet> Personal Portfolios 1 - 6
Participants may change their investment elections for current account
balance, future employee deferrals, and Company contributions as often as they
like.
PARTICIPANT LOANS
Participants may borrow from their fund accounts. Loan transactions are
treated as a transfer to (from) the investment fund from (to) the Participant
Loans fund. Loan terms range from one to five years or longer if for the
purchase of a primary residence. Loans may not exceed the lesser of 50
percent of the participant's account balance or $50,000. The loans are
secured by the balance in the participant's account and bear interest at a
rate commensurate with local prevailing rates as determined from time to time
by the Company's employee benefits committee. Interest rates on existing
loans are at 10.5 percent. Principal and interest are paid ratably through
payroll deductions. Upon termination of employment, outstanding balances
become due and payable to the Plan.
-13-
<PAGE>
NOTE 1 - DESCRIPTION OF PLAN AND FUNDING POLICY (CONTINUED)
PAYMENT OF BENEFITS
On termination of service due to death, disability or retirement, a
participant's account is payable to the participant or a named beneficiary
based on the participant's elected payment method. The payment options
available are lump-sum, periodic payment, or nontransferable annuity.
EXPENSES OF THE PLAN
Administrative expenses charged by Pension Associates of Wausau, Inc., and all
other expenses incurred in conjunction with the Plan are paid by the Company.
Investment advisory and management fees are offset against earnings. Loan
fees are charged directly to the participants' account against the investment
option for which the loan was originally charged.
PLAN TERMINATION
The Company intends to continue the Plan indefinitely, but reserves the right
to terminate the Plan at any time. In the event of termination, the account
of each participant is nonforfeitable. The account will be held under the
Plan and continue to accrue investment earnings until all benefits have been
distributed according to the terms of the Plan.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accompanying financial statements of the Plan are presented on the accrual
basis of accounting in accordance with generally accepted accounting
principles.
USE OF ESTIMATES IN PREPARATION OF FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally accepted
accounting principles requires the plan administrator to make estimates and
assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results may differ from those estimates.
INVESTMENT VALUATION
The Plan's various mutual fund and company stock investments are carried at
current value which represents the quoted market values of the underlying
investments on the last business day of the plan year including current income
and investment expenses. Investments in the Nationwide Indexed Fixed Option
and General Account are stated at contract amount which approximates fair
value. Loans are stated at estimated fair value and are deemed collectible.
Securities transactions are accounted for on the trade-date basis (the date
the order to buy or sell is executed).
Gains or losses on security transactions are recorded as the difference
between proceeds received and the carrying value of the investments. Interest
income is recognized on the accrual method, and dividend income is recorded on
the ex-dividend date.
-14-
<PAGE>
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Investment income/loss on the statement of changes in net assets available for
benefits includes unrealized appreciation or depreciation, realized gains and
losses, interest, and dividends. Specific detail of investment income/loss is
not available from the trustee.
PAYMENT OF BENEFITS
Benefit payments to participants are recorded upon distribution.
NOTE 3 - INVESTMENTS
<TABLE>
The following represents a summary of the market value of investments at
December 31, 1997. Investments that individually represent 5 percent or more
of the Plan's net assets available for benefits are separately identified.
<CAPTION>
ASSET MARKET VALUE
1997
Investments at Fair Value as
DETERMINED BY QUOTED MARKET PRICE
<S> <C>
Wausau-Mosinee Paper Corporation common stock $ 25,067
Pooled separate accounts:
Templeton Foreign Fund I 57,628
Fidelity Magellan Fund 143,029
Janus Worldwide Fund 42,612
Neuberger & Berman Guardian Trust 93,246
Dreyfus S & P Index Fund 62,252
Other 84,409
483,176
INVESTMENTS AT ESTIMATED FAIR VALUE
Participant loans 44,264
INVESTMENTS AT CONTRACT VALUE
Investment contracts between financial institutions:
Nationwide Indexed Fixed Option 38,382
Total investments $ 590,889
</TABLE>
-15-
<PAGE>
NOTE 3 - INVESTMENTS (CONTINUED)
<TABLE>
During 1997, the Plan's investments (including investments bought, sold, and
held during the period) depreciated in value as follows:
<CAPTION>
Net Change in
FAIR VALUE
1997
Investments at Fair Value as
DETERMINED BY QUOTED MARKET PRICE
<S> <C>
Wausau-Mosinee Paper Corporation common stock $ 130
Pooled separate accounts (3,492)
INVESTMENTS AT ESTIMATED FAIR VALUE
Participant loans 835
INVESTMENTS AT CONTRACT VALUE
Investment contracts between financial institutions 1,120
Net change in fair value $ (1,407)
</TABLE>
NOTE 4 - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
<TABLE>
The following is a reconciliation of net assets available for benefits at
December 31, 1997 to Form 5500. Reconciling differences exist since the
financial statements are prepared on the accrual basis of accounting and the
Form 5500 is prepared on a modified cash basis.
<CAPTION>
1997
<S> <C>
Net assets available for benefits $ 618,718
Less - Employer and participant receivables 27,829
Net assets available for benefits - Form 5500 $ 590,889
</TABLE>
NOTE 5 - TAX EXEMPT STATUS OF THE PLAN
The Plan had not received a determination letter from the Internal Revenue
Service (IRS) as of the date of the auditor's report. The Plan's
administrator and tax counsel believe the Plan is currently designed and being
operated in accordance with the applicable requirements of the IRC. They also
believe the Plan will obtain its qualification and tax-exempt status by the
IRS in a determination letter in the near future. Therefore, they believe
that the Plan was qualified and the related trust was tax-exempt as of the
financial statement date.
-16-
NOTE 6 - NOTICE OF AVAILABILITY
The complete annual report of the Wausau Papers Otis Mill, Inc. Hourly Savings
and Investment Plan is available upon request for a reasonable charge and is
also available for examination at the plan administrator's office located in
Mosinee, Wisconsin during normal business hours.
-17-
<PAGE>
SUPPLEMENTAL SCHEDULE
-18-
<PAGE>
WAUSAU PAPERS OTIS MILL, INC.
HOURLY SAVINGS AND INVESTMENT PLAN
PLAN'S EIN #39-1882768 PLAN #001
<TABLE>
SCHEDULE 1-ITEM 27A-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1997
<CAPTION>
Identity of Issue, Borrower Description of Investment Including Maturity Date
Lessor, or Similar Party Rate of Interest, Collateral, Par or Maturity Value Cost Current Value
<S> <C> <C> <C>
Nationwide Life Insurance Company Pooled separate account-Templeton Foreign Fund I * $ 57,628
Nationwide Life Insurance Company Pooled separate account-Fidelity Magellan Fund * 143,029
Wausau-Mosinee Paper Corporation Common stock-Wausau-Mosinee Paper Corp Common Stock
Fund * 25,067
Nationwide Life Insurance Company Group annuity contract: Nationwide Indexed Fixed
Option 5.67% N/A 38,382
Nationwide Life Insurance Company Pooled separate account-Neuberger & Berman Lim Mat
Bond Trust * 1,353
Nationwide Life Insurance Company Pooled separate account-Dreyfus A Bonds Plus * 2,004
Nationwide Life Insurance Company Pooled separate account-Fidelity Puritan Fund * 24,901
Nationwide Life Insurance Company Pooled separate account-Phoenix Balanced Fund * 5,918
Nationwide Life Insurance Company Pooled separate account-Neuberger & Berman Guardian
Trust * 93,246
Nationwide Life Insurance Company Pooled separate account-Dreyfus S & P 500 Index Fund * 62,252
Nationwide Life Insurance Company Pooled separate account-Janus Twenty Fund * 26,943
Nationwide Life Insurance Company Pooled separate account-Janus Worldwide Fund * 42,612
Nationwide Life Insurance Company Pooled separate account-NSAT Small Company Fund * 844
Nationwide Life Insurance Company Pooled separate account-Warburg-Pincus Emerging
Growth Fund * 1,348
Nationwide Life Insurance Company Pooled separate account-Personal Portfolio 1 * 232
Nationwide Life Insurance Company Pooled separate account-Personal Portfolio 2 * 0
Nationwide Life Insurance Company Pooled separate account-Personal Portfolio 3 * 739
Nationwide Life Insurance Company Pooled separate account-Personal Portfolio 4 * 5,096
Nationwide Life Insurance Company Pooled separate account-Personal Portfolio 5 * 7,825
Nationwide Life Insurance Company Pooled separate account-Personal Portfolio 6 * 7,206
Participant Loans Rate during year 10.50% 0 44,264
<FN>
* The mutual fund assets consist of pooled funds held by the custodian. The
custodian has stated that they cannot provide information regarding the cost
of the investments. There were no investment assets reportable as acquired
and disposed of during the year.
See Independent Auditor's Report
</TABLE>
-19-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustee has duly caused this annual report to be signed on its behalf
by the undersigned hereunto duly authorized.
WAUSAU PAPERS OTIS MILL, INC.
HOURLY SAVINGS AND INVESTMENT PLAN
DATE: June 29, 1998 LARRY A. BAKER
Larry A. Baker
Trustee
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<PAGE>
EXHIBIT INDEX
TO
FORM 11-K
OF
WAUSAU PAPERS OTIS MILL, INC.
HOURLY SAVINGS AND INVESTMENT PLAN
FOR THE YEAR ENDED DECEMBER 31, 1997
Pursuant to Section 102(d) of Regulation S-T
(17 C.F.R. <section>232.102(d))
EXHIBIT 23 - Consents of Experts and Counsel
Consent of Independent Accountants
-21-
EXHIBIT (23)
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Registration
Statement on Form S-8 of Wausau-Mosinee Paper Corporation relating to the
registration of 25,000 shares of its common stock, no par value, in
connection with the Wausau Papers Otis Mill, Inc. Hourly Savings
and Investment Plan (the "Plan") of our report dated June 19, 1998
appearing in Plan's annual report on Form 11-K for the year ended December
31, 1997.
WIPFLI ULLRICH BERTELSON LLP
WIPFLI ULLRICH BERTELSON LLP
June 29, 1998
Wausau, Wisconsin
