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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 11-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
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SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended June 30, 1995
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 1-9759
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC GLOBAL OPERATIONS INC.
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
IMC GLOBAL INC.
2100 Sanders Road, Northbrook, Illinois 60062
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CONTENTS
Report of independent auditors
Financial statements
Statements of assets available for benefits, with fund information
Statements of changes in assets available for benefits, with fund
information
Notes to financial statements
Supplemental schedules Schedule
Schedule of assets held for investment purposes 1
Schedule of reportable transactions 2
REPORT OF INDEPENDENT AUDITORS
Plan Administrator
Investment Plan for Salaried Employees of
IMC Global Operations Inc.
We have audited the accompanying statements of assets available for
benefits of the Investment Plan for Salaried Employees of IMC Global
Operations Inc. as of June 30, 1995 and 1994, and the related
statements of changes in assets available for benefits for the years
then ended. 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 assets available for benefits of
the Plan at June 30, 1995 and 1994, and the changes in its assets
available for benefits for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
supplemental schedules of assets held for investment purposes as of
June 30, 1995, and reportable transactions for the year then ended, are
presented for purposes of complying with the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974, and are not a required part of
the basic financial statements. The Fund Information in the statement
of assets available for benefits and the statement of changes in assets
available for benefits is presented for purposes of additional analysis
rather than to present the assets available for benefits and changes in
assets available for benefits of each fund. The supplemental schedules
and Fund Information have been subjected to the auditing procedures
applied in our audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
ERNST & YOUNG LLP
November 17, 1995
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC GLOBAL OPERATIONS INC.
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
June 30, 1995
<CAPTION>
Fund Information
IMC Fixed Money
Equity Bond Global Income Market Balanced Growth
Total Fund Fund Stock Fund Fund Fund Fund Fund
ASSETS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
IMC Global Inc. common
stock $ 8,345,859 $8,345,859
Mutual funds -
Fidelity Equity-Income
Fund, Inc. 12,931,641$12,931,641
Bond Fund of America,
Inc. 2,232,601 $2,232,601
Dreyfus Treasury Cash
Management Fund 11,007,605 $11,007,605
Vanguard Money Market
Reserves, Inc. -
Prime Portfolio 600,361 $600,361
Vanguard Wellington
Fund, Inc. 2,058,884 $2,058,884
Fidelity Magellan
Fund, Inc. 2,964,546 $2,964,546
LaSalle National Trust, N.A.
Income Plus Fund 30,022,894 30,022,894
The Northern Trust
Company Collective Short
Term Investment Fund 147,559 147,559
Loans to participants3,479,503 401,144 150,456 244,761 2,551,437 45,067 58,465 28,173
Investments, at contract value:
Guaranteed investment contracts -
CDC Investment
Management Corp. 6,028,752 6,028,752
Commonwealth Life
Insurance Company 6,428,779 6,428,779
Hartford Life
Insurance Company 5,211,493 5,211,493
--------- --------- -------- -------- --------- ------- -------- --------
Total investments 91,460,477 13,332,785 2,383,057 8,738,17961,250,960 645,428 2,117,349 2,992,719
Receivables:
Employer contri-
butions 2,838,903 550,979 89,638 447,037 1,212,873 18,941 191,885 327,550
Accrued interest and
dividends 152,986 546 152,440
--------- --------- -------- -------- --------- ------- -------- --------
Total receivables 2,991,889 550,979 89,638 447,583 1,365,313 18,941 191,885 327,550
--------- --------- -------- -------- --------- ------- -------- --------
Assets available for
benefits $94,452,366$13,883,764$2,472,695$9,185,762$62,616,273 $664,369$2,309,234$3,320,269
========= ========= ========= ======== ========= ======= ======== ========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC GLOBAL OPERATIONS INC.
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
June 30, 1994
<CAPTIONS>
Fund Information
IMC Fixed Money
Equity Bond Global Income Market
Total Fund Fund Stock Fund Fund Fund
ASSETS
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
IMC Global Inc. common
stock $ 6,504,583 $6,504,583
Mutual funds -
Fidelity Equity-Income
Fund, Inc. 10,236,311$10,236,311
Bond Fund of America,
Inc. 1,821,316 $1,821,316
Dreyfus Treasury Cash
Management Fund 15,981,543 $15,981,543
Vanguard Money Market
Reserves, Inc. - Prime
Portfolio 594,684 $594,684
LaSalle National Trust,
N.A. Income Plus Fund 28,436,997 28,436,997
The Northern Trust Company
Collective Short Term
Investment Fund 118,039 118,039
Loans to participants 3,232,233 362,025 103,618 395,854 2,326,314 44,422
Investments, at contract value:
Guaranteed investment
contracts - Provident National
Assurance Company 569,980 569,980
Hartford Life Insurance
Company 15,016,997 15,016,997
---------- ---------- --------- --------- ---------- -------
Total investments 82,512,683 10,598,336 1,924,934 7,018,476 62,331,831 639,106
Receivables:
Employer contributions 1,048,172 292,276 62,700 217,850 466,965 8,381
Accrued interest and
dividends 139,644 6 167 139,471
---------- ---------- -------- -------- ---------- -------
Total receivables 1,187,816 292,282 62,700 218,017 606,436 8,381
---------- --------- -------- -------- ---------- -------
Assets available for
benefits $83,700,499$10,890,618 $1,987,634 $7,236,493 $62,938,267 $647,487
========== ========== ========= ========= ========== ========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC GLOBAL OPERATIONS INC.
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
For the Year Ended June 30, 1995
<CAPTION>
Fund Information
IMC Fixed Money
Equity Bond Global Income Market Balanced Growth
Total Fund Fund Stock Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest and divi-
dends $ 4,453,127$ 357,145$ 151,239$ 55,092$ 3,792,391 $ 31,436$ 49,307$ 16,517
Net appreciation in
fair value of
investments 5,975,628 1,499,454 52,416 3,732,061 192,013 499,684
Loans to participants -
interest 259,644 30,669 7,768 26,522 188,581 3,186 1,683 1,235
---------- ---------- --------- --------- ---------- ------- -------------------
Total investment
income 10,688,399 1,887,268 211,423 3,813,675 3,980,972 34,622 243,003 517,436
Contributions:
Participants 4,207,614 797,290 119,659 644,879 1,780,844 27,231 333,043 504,668
Employer 3,401,893 655,802 108,150 540,553 1,448,028 23,371 234,431 391,558
---------- ---------- --------- --------- ---------- ------- -------------------
Total contributions 7,609,507 1,453,092 227,809 1,185,432 3,228,872 50,602 567,474 889,226
Transfers from other
plans 714,535 179,187 16,282 67,705 213,505 28,649 64,908 144,299
Cash and stock distributed
to withdrawing
participants (8,260,574) (526,578) (46,478) (177,121)(7,399,096) (61,433) (43,996) (5,872)
Transfers of investment
direction 177 76,025(2,940,422) (346,247) (35,558) 1,477,845 1,768,180
---------- ---------- --------- --------- ---------- ------- --------- ---------
Net increase (decrease)
in assets available
for benefits 10,751,867 2,993,146 485,061 1,949,269 (321,994) 16,882 2,309,234 3,320,269
Assets available for
benefits - beginning
of year 83,700,499 10,890,618 1,987,634 7,236,493 62,938,267 647,487
---------- ---------- --------- --------- ---------- ------- --------- ---------
Assets available for
benefits - end of
year $94,452,366$13,883,764$2,472,695$9,185,762$62,616,273 $664,369$2,309,234$3,320,269
========== ========== ========= ========= ========== ======= ===================
(See Notes to Financial Statements)
</TABLE>
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC GLOBAL OPERATIONS INC.
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
For the Year Ended June 30, 1994
<CAPTION>
Fund Information
IMC Fixed Money
Equity Bond Global Income Market
Total Fund Fund Stock Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Investment income (loss):
Interest and dividends $ 4,500,945 $ 311,357$ 129,889 $ 4,161 $ 4,036,168 $ 19,370
Net appreciation (depre-
ciation) in fair value
of investments 785,721 264,900 (155,880) 676,701
Loans to participants -
interest 256,544 29,447 9,392 31,111 182,372 4,222
----------- --------------------- ---------- ----------- --------
Total investment income
(loss) 5,543,210 605,704 (16,599) 711,973 4,218,540 23,592
Contributions:
Participants 3,987,547 1,090,869 240,553 709,032 1,912,834 34,259
Employer 1,584,033 431,520 95,921 318,745 723,904 13,943
----------- --------------------- ---------- ----------- --------
Total contributions 5,571,580 1,522,389 336,474 1,027,777 2,636,738 48,202
Transfers from other plans 363,978 105,586 49,148 46,854 159,847 2,543
Cash and stock distributed
to withdrawing partici-
pants (5,328,619) (1,111,924) (56,989) (368,891) (3,619,500) (171,315)
Transfers of investment
direction 415,706 (105,229) 1,809,932 (2,040,208) (80,201)
----------- --------------------- ---------- ----------- --------
Net increase (decrease)
in assets available for
benefits 6,150,149 1,537,461 206,805 3,227,645 1,355,417 (177,179)
Assets available for benefits -
beginning of year 77,550,350 9,353,157 1,780,829 4,008,848 61,582,850 824,666
----------- --------------------- ---------- ----------- --------
Assets available for benefits -
end of year $83,700,499 $10,890,618$1,987,634 $7,236,493 $62,938,267 $647,487
=========== ===================== ========== =========== ========
(See Notes to Financial Statements)
</TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC GLOBAL OPERATIONS INC.
NOTES TO FINANCIAL STATEMENTS
1. Description of the Plan
The following description of the Investment Plan for Salaried Employees of
IMC Global Operations Inc. (the Plan), formerly the Investment Plan for
Salaried Employees of IMC Fertilizer, Inc., provides only general information.
Participants should refer to the Plan document for a more complete description
of the Plan's provisions.
General
The Plan was established on March 1, 1988 and was most recently restated on
July 1, 1993 and amended through March 1, 1995. Salaried employees of IMC
Global Operations Inc. (a wholly-owned subsidiary of IMC Global Inc.) and its
wholly-owned domestic subsidiaries (the Company) are eligible to participate in
the Plan upon completion of one year of service. While the Company has not
expressed any intent to terminate the Plan, it is free to do so at any time.
Contributions
The Plan is funded by contributions from participants in the form of
payroll deductions/salary reductions of up to 15 percent of participants' base
monthly salaries. A participant may change the amount of payroll
deduction/salary reduction twice a year, as of July 1 or January 1, upon giving
the required notice. The Plan provides a qualified cash or deferred
arrangement within the meaning of Section 401(k) of the Internal Revenue Code
(the IRC). Salary reduction contributions, elected by certain participants,
may be reduced (or refunded) to comply with certain non-discrimination
requirements of Section 401(k) or the limitations of Section 415 of the IRC.
In addition, salary reduction contributions cannot exceed $9,240 for the
calendar years 1995 and 1994. The limitation on salary reduction contributions
can be adjusted or recharacterized as after-tax contributions not to exceed the
lesser of the 15 percent or $9,240 limits described above each July 1 and
January 1 by the Employee Benefits Committee. In addition, the Plan also is
funded by employer contributions, as determined by IMC Global Inc.'s Board of
Directors, of not less than 20 percent of a participant's eligible
contributions, which are contributions that do not exceed six percent of a
participant's base monthly salary. IMC Global Inc. may make additional
contributions each year as determined by its Board of Directors. Employer
contributions are subject to certain limitations imposed by Section 415 of the
IRC. Total employer contributions were equal to 125 percent of participants'
eligible contributions for the year ended June 30, 1995 (60 percent for the
year ended June 30, 1994). Under certain circumstances, participants may
rollover their vested benefits from other plans to the Plan.
Participant Accounts
Separate accounts are maintained for each participant. Each participant's
account is adjusted for participant and employer contributions, withdrawals and
fees, if any, interest, dividends and net realized or unrealized gains or
losses.
Administrative Expenses
Certain administrative expenses of the Plan are borne by the Company.
Investment Programs
The Plan's investments are administered by The Northern Trust Company under
a trust agreement dated March 7, 1988. Investment programs available to
participants are as follows:
Equity Fund - Investments are made in shares of the Fidelity Equity-Income
Fund, Inc., a mutual fund which invests at least 65 percent of its assets
in income producing equity securities. The balance of the portfolio is
invested in all types of domestic and foreign instruments, including bonds.
Bond Fund - Investments are made in shares of the Bond Fund of America,
Inc., a mutual fund which invests substantially all of the assets of the
fund in marketable corporate debt securities, U.S. Government securities,
mortgage-related securities, other asset-backed securities and cash or
money market instruments.
IMC Global Stock Fund - Investments are made solely in the common stock of
IMC Global Inc.
Fixed Income Fund - Investments of the Fixed Income Fund are managed by
LaSalle Street Capital Management, Ltd. Investments are made in guaranteed
investment contracts (GICs) and in the LaSalle National Trust, N.A. Income
Plus Fund as discussed below:
(a) A GIC with New York Life Insurance Company
with a guaranteed interest rate of 8.8 percent through June 30, 1994.
(b) A GIC contract with Provident National
Assurance Company with a guaranteed interest rate of 8.78 percent
through June 30, 1994.
Each of the above GICs has matured in four installments. Proceeds
from the maturity of the June 30, 1994 final installment payments were
temporarily reinvested in the Dreyfus Treasury Cash Management Fund at
June 30, 1994 before being reinvested in other GICs described in (e) and
(f) below.
(c) A GIC with Hartford Life Insurance Company
with a guaranteed interest rate of 8.05 percent through June 30,
1995. A portion of the GIC balance was reinvested in a new Hartford
Life Insurance Company GIC in December 1994. The remaining balance
was temporarily reinvested in the Dreyfus Treasury Cash Management
Fund at June 30, 1995 before being reinvested in the GIC described in
(g) below.
(d) Another GIC with Provident National
Assurance Company with a guaranteed interest rate of 8.3 percent
through June 30, 1995. The Provident National Assurance Company
contract also matured in four installments. Proceeds from the
maturity of the final installment payment were invested in the
LaSalle National Trust, N.A. Income Plus Fund described in (h) below.
(e) A contract with CDC Investment Management
Corp. with a guaranteed interest rate of 7.5 percent through June 30,
2000.
(f) A contract with Commonwealth Life Insurance
Company with a guaranteed interest rate of 7.27 percent through July
6, 1998.
(g) A contract with Hartford Life Insurance
Company with a guaranteed interest rate of 8.15 percent through
December 19, 1997.
(h) The LaSalle National Trust, N.A. Income Plus
Fund, a pooled fund which invests primarily in investment contracts,
U.S. Government money market investments and alternative contracts
backed by the U.S. Government, U.S. Government agency and other AAA
rated fixed income instruments..
Money Market Fund - Investments are made in shares of the Vanguard Money
Market Reserves, Inc. - Prime Portfolio, a mutual fund. The Prime
Portfolio invests in high quality money market obligations that mature in
13 months or less and include negotiable certificates of deposit, bankers'
acceptances, commercial paper, short-term corporate obligations, short-term
Eurodollar and Yankee bank obligations, U.S. Treasury obligations and
securities issued or guaranteed by agencies and instrumentalities of the
U.S. Government.
Balanced Fund - Investments are made in shares of the Vanguard Wellington
Fund, Inc. a mutual fund which invests in a diversified portfolio of 60-70
percent common stocks and 30-40 percent bonds.
Growth Fund - Investments are made in shares of the Fidelity Magellan Fund,
Inc., a mutual fund which invests in common stock and securities of
domestic, foreign and multinational issuers.
Participants elect their desired investment program upon joining the Plan.
As of July 1, October 1, January 1 and April 1 of any Plan year, upon giving
prescribed notice, participants may elect to transfer their existing account
balances in any fund or funds at that date to any other fund, or in 25 percent
increments to any combination of funds. Effective July 1, 1991, participants
may not transfer funds of existing account balances between the Fixed Income
Fund and the Bond Fund nor between the Fixed Income Fund and the Money Market
Fund. Participants may elect to change the investment direction of their
future contributions four times a year (July 1, October 1, January 1 and April
1). Such a change only affects the investment of the participants'
contributions and employer contributions received by the Plan after the
effective date of the change. The Balanced Fund and Growth Fund investment
programs were introduced to the Plan effective July 1, 1994.
Vesting
All Plan participants are immediately and nonforfeitably vested in their
plan accounts.
Withdrawals
Participants may withdraw their interest in the Plan upon termination of
employment. Subject to certain requirements and limitations, participants may
withdraw funds. Most withdrawals made by participants, including hardship
withdrawals from their Salary Reduction Accounts, will result in suspension of
Plan participation for at least one year.
Except as noted below, participants will receive distribution of their
interest in the Plan in a lump sum payment.
Deferred Distributions
Participants who terminate their employment and are eligible for early or
normal retirement under any Company pension plan will be permitted to elect, at
any time prior to retirement, to defer receipt of their Plan distributions
until no later than their 70th birthday. Participants electing deferral must:
(1) elect to receive their distributions in: (a) a lump sum on the date of
distribution, or (b) in equal annual installments not to exceed ten, and (2)
make an election for the method of distribution in the event of their death
prior to total distribution.
Participants who terminate their employment prior to eligibility for early
or normal retirement and whose Plan accounts exceed $3,500 must consent to
distribution of their accounts. Participants may defer receipt of their Plan
distribution until no later than their 70th birthdays.
Loans to Participants
Participants in the Plan may be granted loans subject to certain terms and
maximum dollar or Plan account balance limits, as defined by the Plan. The
amount of any such loan is borrowed from the account of the participant to whom
the loan was made and such account does not share in the allocation of income,
gains and losses of the investment funds to the extent of the outstanding
balance of such loan. Principal repayments, which are over one to five years
for general purpose loans and over one to ten years for residential loans, and
related interest income are credited to the borrowing participant's account.
Loan payments are made by monthly payroll deductions. Each loan bears interest
at the prevailing rate for loans of similar risk, date of maturity and date of
grant.
2. Summary of Significant Accounting Policies
Investment Valuation
All investments are carried at fair value, except the guaranteed investment
contracts which are carried at contract value. Fair value is the last reported
sale price on the last business day of the month for securities traded on a
national securities exchange and in the over-the-counter market. Fair value
for shares or units of the LaSalle National Trust, N.A. Income Plus Fund, The
Northern Trust Company Collective Trust Short Term Investment Fund and the
mutual funds is the net asset value of those shares or units, as determined by
the respective funds. Loans to participants are valued at cost which
approximates fair value.
Income Recognition
Purchases and sales of securities are accounted for on the trade date (date
the order to buy or sell is executed). Dividend income is recorded on the ex-
dividend date. Interest from investments is recorded as earned on an accrual
basis.
Contributions
Contributions from participants are recorded monthly when due from the
Company. Contributions by the Company are made monthly based on the minimum
contribution percentage (20 percent) required by the Plan. Any additional
contributions by the Company are accrued when approved by its Board of
Directors.
Participant Withdrawals
Withdrawals are recorded when payments are made to participants.
Withdrawals requested but not paid are presented in Department of Labor
Form 5500 (Annual Return/Report of Employee Benefit Plan) as
liabilities. The following schedule reconciles the withdrawal amounts
per the Form 5500 to the statement of changes in assets available for
benefits:
<TABLE>
<CAPTION>
IMC Fixed Money
Equity Bond Global Income Market Balanced Growth
Total Fund Fund Stock Fund Fund Fund Fund Fund
Year ended June 30, 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Withdrawals per Form
5500 $7,311,928$ 458,545$47,610$179,141$6,512,080$58,491$48,591$7,470
Withdrawal liabilities
per Form 5500:
at June 30,
1994 1,081,781 85,425 6,696 388 986,330 2,942
at June 30,
1995 (133,135) (17,392)(7,828) (2,408) (99,314) (4,595)(1,598)
--------- --------- ------ ------- --------- ------ ------ -----
Withdrawals per state-
ment of changes in
assets available for
benefits $8,260,574$ 526,578$46,478$177,121$7,399,096$61,433$43,996$5,872
========= ========= ====== ======= ========= ============ =====
Year ended June 30, 1994
Withdrawals per Form
5500 $4,822,405$ 509,839$40,258$159,270$4,028,733$ 84,305
Withdrawal liabilities
per Form 5500
at June 30,
1993 1,587,995 687,510 23,427 210,009 577,097 89,952
at June 30,
1994 (1,081,781) (85,425)(6,696) (388) (986,330) (2,942)
--------- --------- ------ ------- ----------------
Withdrawals per state-
ment of changes in
assets available for
benefits $5,328,619$1,111,924$56,989$368,891$3,619,500$171,315
========= ========= ====== ======= ========= =======
</TABLE>
3. Net Appreciation (Depreciation) in Fair Value of Investments
During 1995 and 1994, net appreciation (depreciation) in fair value
of the Plan's investments as determined by quoted market price was as
follows:
<TABLE>
<CAPTION>
IMC Fixed Money
Equity Bond Global Income Market
Balanced Growth
Total Fund Fund Stock Fund Fund Fund Fund Fund
Year ended June 30, 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common stocks$3,732,061 $3,732,061
Mutual funds 2,243,567$1,499,454$ 52,416 $192,013$499,684
-------------------------- --------- ------- -------
Net appreciation in
fair value $5,975,628$1,499,454$ 52,416$3,732,061 $192,013$499,684
========================== ========= ======= =======
Year ended June 30, 1994
Common stocks$ 676,701 $ 676,701
Mutual funds 109,020$ 264,900$(155,880)
-------------------------- ---------
Net appreciation
(depreciation) in
fair value $ 785,721$ 264,900$(155,880)$ 676,701
========================== =========
</TABLE>
4. Significant Investments
Investments that represent 5 percent or more of assets available
for benefits at June 30 were as follows:
1995 1994
IMC Global Inc. common stock $ 8,345,859 $ 6,504,583
Mutual funds -
Fidelity Equity-Income
Fund, Inc. 12,931,641 10,236,311
Dreyfus Treasury Cash
Management Fund 11,007,605 15,981,543
LaSalle National Trust, N.A.
Income Plus Fund 30,022,894 28,436,997
Guaranteed investment contracts -
CDC Investment Management Corp. 6,028,752
Commonwealth Life Insurance
Company 6,428,779
Hartford Life Insurance Company 5,211,493 15,016,997
5. Federal Income Tax Status
The Internal Revenue Service ruled June 7, 1989 that the Plan
qualified under Section 401(a) of the IRC and, therefore, the related
trust is not subject to tax under present income tax law. Once
qualified, the Plan is required to operate in conformity with the IRC
to maintain its qualification. The Plan Administrator is not aware of
any course of action or series of events that have occurred that might
adversely affect the Plan's qualified status.
SUPPLEMENTAL SCHEDULES
Schedule 1
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC GLOBAL OPERATIONS INC.
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
June 30, 1995
Principal amount Current
or number of or contract
Description shares or units Cost value
IMC Global Inc. common
stock 154,196 shares $ 6,002,934 $ 8,345,859
Mutual funds -
Fidelity Equity-Income
Fund, Inc. 372,777 shares 10,570,937 12,931,641
Bond Fund of America,
Inc. 165,500 shares 2,249,707 2,232,601
Dreyfus Treasury Cash
Management Fund11,007,605 shares 11,007,605 11,007,605
Vanguard Money Market
Reserves, Inc. -
Prime Portfolio 600,361 shares 600,361 600,361
Vanguard Wellington
Fund, Inc. 91,873 shares 1,868,262 2,058,884
Fidelity Magellan
Fund, Inc. 35,504 shares 2,464,862 2,964,546
LaSalle National Trust,
N.A. Income Plus
Fund 30,022,894 shares 30,022,894 30,022,894
The Northern Trust Company
Collective Short Term
Investment Fund (A) 147,559 units 147,559 147,559
Loans to participants
(7% - 11.9%) $3,479,503 3,479,503 3,479,503
Guaranteed investment
contracts -
CDC Investment Manage-
ment Corp., 7.5%, due
6/30/00 6,028,752 6,028,752 6,028,752
Commonwealth Life
Insurance Company 6,428,779 6,428,779 6,428,779
7.27%, due 7/6/98
Hartford Life Insur-
ance Company, 8.15%,
due 12/19/97 5,211,493 5,211,493 5,211,493
----------- -----------
Total investments $86,083,648 $91,460,477
=========== ===========
NOTE:
(A) Party-in-interest transactions not prohibited by ERISA.
Schedule 2
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC GLOBAL OPERATIONS INC.
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED JUNE 30, 1995
Purchases Sales (B)
Description Number Cost Number Cost Proceeds
Category (i) transactions
- individual transactions
in excess of 5 percent
of plan assets:
Dreyfus Treasury Cash
Management Fund 1 $11,007,605 1 $15,981,543 $15,981,543
LaSalle National Trust,
N.A. Income Plus Fund 1 15,981,544 1 6,000,000 6,000,000
1 11,007,606 1 6,028,752 6,028,752
1 11,007,606 11,007,606
CDC Investment Management
Corp., 7.5%, through
6/30/00 1 6,028,752
Commonwealth Life Insurance
Company, 7.27%, through
7/6/98 1 6,000,000
Hartford Life Insurance
Company, 8.05%, through
6/30/95 1 5,000,000 5,000,000
Hartford Life Insurance
Company, 8.15%, through
12/19/97 1 5,000,000
Category (iii) transactions -
series of transactions in excess
of 5 percent of plan assets:
Dreyfus Treasury Cash
Management Fund 9 12,000,585 9 16,974,523 16,974,523
LaSalle National Trust,
N.A. Income Plus Fund 31 21,711,270 30 20,125,373 20,125,373
The Northern Trust Company
Collective Short Term
Investment Fund (A) 40 3,112,569 18 3,083,049 3,083,049
CDC Investment Management
Corp., 7.5%,through
7/6/98 13 6,450,010 2 429,258 429,258
Commonwealth Life Insurance
Company, 7.27%, through
7/6/98 13 6,428,779
Hartford Life Insurance
Company, Contract, 8.05%,
through 6/30/95 12 999,924 2 16,016,921 16,016,921
Hartford Life Insurance
Company, 8.15%, through
12/19/97 8 5,211,493
NOTES:
(A)Party-in-interest transactions not prohibited by ERISA.
(B)Due to the nature of these transactions, there is no gain or loss
on disposition.
(C)There were no category (ii) or (iv) reportable transactions during
the year ended
June 30, 1995.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
I, the undersigned Chairman of the Employee Benefits Committee, have
duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
Investment Plan for Salaried Employees of
IMC Global Operations Inc.
ROBERT C. BRAUNEKER
-------------------------------------------
Robert C. Brauneker
Chairman of the Employee Benefits Committee
Date: December 11, 1995
Pursuant to the requirements of the Securities Exchange Act of 1934,
this annual report has been signed below by the following persons in
their capacities as members of the Employee Benefits Committee and on
the dates indicated.
Signature Title Date
- -----------------------------------------------------------------------
ROBERT C. BRAUNEKER
- -------------------
Robert C. Brauneker Executive Vice President December 11, 1995
Chief Financial Officer
C. STEVEN HOFFMAN
- -----------------
C. Steven Hoffman Senior Vice President, December 11, 1995
Marketing
ALLEN C. MILLER
- ---------------
Allen C. Miller Senior Vice President, December 11, 1995
Human Resources
MARSCHALL I. SMITH
- ------------------
Marschall I. Smith Senior Vice President, December 11, 1995
Secretary and General Counsel
JAMES D. SPEIR
- --------------
James D. Speir President and December 11, 1995
Chief Operating Officer
Exhibit 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 33-22079) pertaining to the Investment Plan for
Salaried Employees of IMC Global Operations Inc. and in the related
Prospectus of our report dated November 17, 1995, with respect to the
financial statements and supplemental schedules of the Investment Plan
for Salaried Employees of IMC Global Operations Inc. included in this
Annual Report (Form 11-K) for the year ended June 30, 1995.
ERNST & YOUNG LLP
Chicago, Illinois
December 11, 1995
Docket No. 112999
