- -----------------------------------------------------------------------
-------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------
FORM 11-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
---
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended June 30, 1996
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-AGRICO MP, 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
-------------------------------------------------------------------
- -----------------------------------------------------------------------
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
- ---------------------- --------
Item 27a - Schedule of assets held for investment purposes 1
Item 27d - Schedule of reportable transactions 2
REPORT OF INDEPENDENT AUDITORS
Plan Administrator
Investment Plan for Salaried Employees of
IMC Agrico MP, Inc.
We have audited the accompanying statements of assets available for
benefits of the Investment Plan for Salaried Employees of IMC-Agrico
MP, Inc. as of June 30, 1996 and 1995, 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, 1996 and 1995, 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
October 23, 1996
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
----------------------------------------------------------------
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
-----------------------------------------------------------------
June 30, 1996
-------------
<CAPTION>
Fund
Information
---------------------------------------------
- -----------------------------------------
Fixed
Money
Equity Bond Company Income
Market Balanced Growth Loan
Total Fund Fund Stock Fund Fund
Fund Fund Fund Fund
------------------------------------------------------------
- -----------------------------------------
ASSETS
- -------------------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C>
Investments, at
fair value:
Master trust funds -
IMC-Agrico Company
Stock Fund $ 1,281,797 $1,281,797
IMC-Agrico
Fixed Income
Fund 9,608,379 $9,608,379
IMC-Agrico
Bond Fund 2,204,919 $2,204,919
Mutual funds -
Fidelity Equity-
Income Fund,
Inc. 9,396,973 $9,396,973
Vanguard Money
Market Reserves,
Inc. - Prime
Portfolio 709,315
$709,315
Vanguard Welling-
ton Fund, Inc. 1,357,387
$1,357,387
Fidelity Magellan
Fund, Inc. 2,459,291
$2,459,291
Loans to
participants 1,646,497
$1,646,497
----------- ---------- ---------- ---------- ----------
- -------- ---------- ---------- ----------
Total
investments 28,664,558 9,396,973 2,204,919 1,281,797 9,608,379
709,315 1,357,387 2,459,291 1,646,497
----------- ---------- ---------- ---------- ----------
- -------- ---------- ---------- ----------
Receivables:
Participant contri-
butions 163,288 46,392 6,742 16,456 35,754
3,939 19,607 34,398
Employer contri-
butions 971,606 282,477 48,066 92,025 225,074
30,805 106,323 186,836
Accrued interest
and dividends 3,695
3,695
----------- ---------- ---------- ---------- ----------
- -------- ---------- ---------- ----------
Total receivables 1,138,589 328,869 54,808 108,481 260,828
38,439 125,930 221,234
----------- ---------- ---------- ---------- ----------
- -------- ---------- ---------- ----------
Assets available
for benefits $29,803,147 $9,725,842 $2,259,727 $1,390,278 $9,869,207 $747,754 $1,483,317
$2,680,525 $1,646,497
=========== ========== ========== ========== ==========
======== ========== ========== ==========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
---------------------------------------------------------------
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
-----------------------------------------------------------------
June 30, 1995
-------------
<CAPTION>
Fund Information
---------------------------------------------
- ------------------
Fixed Money
Equity Bond Income Market Balanced Growth
Total Fund Fund Fund Fund Fund Fund
--------------------------------------------------------------
- -------------------
ASSETS
- ------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments , at
fair value:
Mutual funds -
Fidelity Equity-
Income Fund,
Inc. $ 6,444,187 $6,444,187
Bond Fund of
America, Inc. 2,009,694 $2,009,694
Vanguard Money
Market Reserves,
Inc. -Prime
Portfolio 770,014 $770,014
Vanguard Wellington
Fund, Inc. 327,863 $327,863
Fidelity Magellan
Fund, Inc. 755,091 $755,091
LaSalle National
Trust, N.A. Income
Plus Fund 6,513,999 $ 6,513,999
Loans to
participants 1,518,700 250,363 208,203 975,923 54,513 10,979 18,719
Investments, at
contract value:
Guaranteed Investment
Contracts -
CDC Investment
Management Corp. 750,000 750,000
Commonwealth Life
Insurance
Company 803,597 803,597
Hartford Life
Insurance Co. 781,024 781,024
----------- ---------- ---------- ----------- -------- -------- --------
Total
investments 20,674,169 6,694,550 2,217,897 9,824,543 824,527 338,842 773,810
Receivables:
Employer
contributions 1,022,694 302,731 83,910 336,067 40,232 88,528 171,226
Accrued interest
and dividends 33,033 33,033
----------- ---------- ---------- ----------- -------- -------- --------
Total
receivables 1,055,727 302,731 83,910 369,100 40,232 88,528 171,226
----------- ---------- ---------- ----------- -------- -------- --------
Assets available
for benefits $21,729,896 $6,997,281 $2,301,807 $10,193,643 $864,759 $427,370 $945,036
=========== ========== ========== =========== ======== ======== ========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
---------------------------------------------------------------
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
----------------------------------------------------------------------------
For the Year Ended June 30, 1996
---------------------------------
<CAPTION>
Fund
Information
---------------------------------------------
- -----------------------------------------
Fixed
Money
Equity Bond Company Income
Market Balanced Growth Loan
Total Fund Fund Stock Fund Fund
Fund Fund Fund Fund
---------------------------------------------------------
- -----------------------------------------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C>
Investment income (loss):
Interest and
dividends $ 912,517 $ 197,664 $ 79,855 $ 357 $ 249,669
$ 43,506 $ 25,513 $ 315,953
Net appreciation
(depreciation) in
fair value of
investments 1,495,976 1,306,118 65,886 5,006
(74,609) 301,915 (108,341)
Income (loss) from
master trust funds 241,579 (28,182) 106,979 162,782
Loans to participants -
interest 135,073 10,979 8,557 40,979
3,507 549 855 69,647
----------- ---------- ---------- ---------- -----------
- -------- ---------- ---------- ----------
Total investment
income (loss) 2,785,144 1,514,761 126,116 112,342 453,430
(27,596) 327,977 208,467 69,647
Contributions:
Participants 1,825,078 503,692 85,876 170,035 456,927
52,595 195,986 359,967
Employer 1,190,941 341,378 59,874 112,447 282,698
38,337 128,514 227,693
----------- ---------- ---------- ---------- -----------
- -------- ---------- ---------- ----------
Total
contributions 3,016,019 845,070 145,750 282,482 739,625
90,932 324,500 587,660
Transfers from other
plans 3,088,810 116,378 13,359 114,876 2,544,143
377 54,154 102,698 142,825
Cash distributed
to withdrawing
participants (816,722) (144,426) (62,187) (48,282) (447,722)
(12,314) (77,679) (10,916) (13,196)
Transfers of
investment
direction 396,778 (265,118) 928,860 (3,613,912)
(168,404) 426,995 847,580 1,447,221
---------- ---------- ---------- ---------- -----------
- -------- ---------- ---------- ----------
Net increase
(decrease) in
assets available
for benefits 8,073,251 2,728,561 (42,080) 1,390,278 (324,436)
(117,005) 1,055,947 1,735,489 1,646,497
Assets available
for benefits -
beginning of year 21,729,896 6,997,281 2,301,807 10,193,643 864,759 427,370
945,036
----------- ---------- ---------- ---------- -----------
- -------- ---------- ---------- ----------
Assets available
for benefits -
end of year $29,803,147 $9,725,842 $2,259,727 $1,390,278 $ 9,869,207
$747,754 $1,483,317 $2,680,525 $1,646,497
=========== ========== ========== ========== ===========
======== ========== ========== ==========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
---------------------------------------------------------------
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
------------------------------------------------------------------------------
For the Year Ended June 30, 1995
--------------------------------
<CAPTION>
Fund
Information
-------------------------------------------------
- ----------------------------------
Fixed
Money
Equity Bond Income
Market Balanced Growth
Total Fund Fund Fund
Fund Fund Fund
--------------------------------------------------
- ----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest and dividends$ 917,844 $ 181,582 $ 159,590 $ 526,526 $ 38,897 $ 7,544 $ 3,705
Net appreciation
in fair value of
investments 975,181 770,707 44,166 32,708 127,600
Loans to participants
- interest 103,476 14,906 10,103 73,480 3,691 390 906
---------- ---------- ---------- -------
- ---- -------- -------- --------
Total investment income 1,996,501 967,195 213,859 600,006 42,588 40,642 132,211
Contributions:
Participants 1,496,780 442,042 136,661 464,965 51,887 136,851 264,374
Employer 1,221,769 359,935 103,839 398,179 47,896 106,502 205,418
---------- ---------- ---------- -------
- ---- -------- -------- --------
Total contributions 2,718,549 801,977 240,500 863,144 99,783 243,353 469,792
Transfers from other plans 328,420 82,868 19,949 120,430 3,750 55,260 46,163
Cash distributed to
withdrawing participants (858,697) (179,923) (154,282) (432,521) (83,692) (1,474) (6,805)
Transfers of investment
direction (377,892) (171,996) 68,822 87,802 89,589 303,675
---------- ---------- ---------- -------
- ---- -------- -------- --------
Net increase in assets
available for benefits 4,184,773 1,294,225 148,030 1,219,881 150,231 427,370 945,036
Assets available for
benefits-beginning
of year 17,545,123 5,703,056 2,153,777 8,973,762 714,528
---------- ---------- ---------- -------
- ---- -------- -------- --------
Assets available for
benefits-end of year $21,729,896 $6,997,281 $2,301,807 $10,193,643 $864,759 $427,370 $945,036
=========== ========== ==========
=========== ======== ======== ========
(See Notes to Financial Statements)
</TABLE>
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
---------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
------------------------------
1. Description of the Plan
-----------------------
The following description of the Investment Plan for Salaried
Employees of IMC-Agrico MP, Inc. (the Plan) provides only general
information. Participants should refer to the Plan document for a more
complete description of the Plan's provisions.
General
- -------
The Plan is a defined contribution plan established on July 1, 1993.
Salaried employees of IMC-Agrico MP, Inc. (the Company), managing
partner of IMC-Agrico Company and jointly owned by IMC Global
Operations Inc. and Freeport-McMoRan Resource Partners, Limited
Partnership, are eligible to participate in the Plan upon completion of
one year of service. Effective September 1, 1996, participation is
immediate. 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 $9,500 for
calendar year 1996 ($9,240 for calendar 1995). 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
$9,500 ($9,240 in 1995) 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 the Company's Board
of Directors, of not less than 20 percent of a participant's eligible
contributions, which are contributions that do not exceed 6 percent of
a participant's base monthly salary. The Company 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 100
percent of participants' eligible contributions for the year ended June
30, 1996 (125 percent for the year ended June 30, 1995). 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 and unrealized gains or losses.
Administrative Expenses
- -----------------------
Certain administrative expenses of the Plan are borne by the Company.
Investment Programs
- -------------------
Since January 1, 1996, the Plan's investments are administered by
Marshall & Ilsley Trust Company under a trust agreement dated January
1, 1996. Prior to that time, the trustee was The Northern Trust
Company. 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 - Since January 1,1996, investments are made in shares of
the IMC Global Bond Fund, a pooled bond fund shared only by other
IMC-Agrico MP, Inc. 401(k) plans. The fund invests substantially
all of the assets in shares of the Bond Fund of America, Inc., a
mutual fund comprised of marketable corporate debt securities, U.S.
Government securities, mortgage related securities, other asset
backed securities and cash or money market instruments. Prior to
January 1, 1996, the Bond Fund of America, Inc. shares were held
directly.
Company Stock Fund - Investments are made solely in the common stock
of IMC Global Inc.
Fixed Income Fund - Since January 1, 1996, investments are made in
shares of IMC Global Fixed Income Fund, a pooled fund shared only by
other IMC-Agrico MP, Inc. 401(k) plans. Prior to that time
investments of the Fixed Income Fund were managed by LaSalle Street
Capital Management, Ltd. Investments are made in guaranteed
investment contracts (GICs), the Marshall Money Market Fund and,
prior to January 1, 1996, in the LaSalle National Trust, N.A. Income
Plus Fund. The 1995 holdings are described below.
a. A GIC with CDC Investment Management Corp. with a guaranteed
interest rate of 7.5 percent through June 30, 2000.
b. A GIC with Commonwealth Life Insurance Company with a
guaranteed interest rate of 7.27 percent through July 6, 1998.
c. A GIC with Hartford Life Insurance Company with a guaranteed
interest rate of 8.01 percent through December 19, 1997.
d. The LaSalle National Trust, N.A. Income Plus Fund, a pooled
fund which invests in investment contracts, U.S. Government
money market investments and alternative contracts backed by
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.
Loan fund - Investments are loans made to participants, as described
below.
Participants elect their desired investment program upon joining the
Plan. Since April 1, 1996, they may elect to change the investment
direction of their existing account balances and their future
contributions daily. Prior to that time, as of July 1, October 1,
January 1 and April 1 of any Plan year, upon giving prescribed notice,
participants could elect to transfer the investment direction of their
future contributions or 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. The Balanced Fund and Growth Fund investment
programs were introduced to the Plan effective July 1, 1994. The
Company Stock Fund was added effective July 1, 1995. Loans were
transferred to the Loan Fund effective January 1, 1996.
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
birthday.
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
for shares of the master trust funds, the LaSalle National Trust, N.A.
Income Plus Fund and the mutual funds are carried at fair value which
is the net asset value of those shares, as determined by the respective
funds. Loans to participants are valued at cost which approximates
fair value. Guaranteed investment contracts are carried at contract
value.
Investment in Trusts
- --------------------
As of January 1, 1996, investment assets of the Bond Fund, the
Company Stock Fund and the Fixed Income Fund were made in shares of
IMC-Agrico MP, Inc. pooled funds shared by other IMC-Agrico MP, Inc.
401(k) plans. The Plan was a 52 percent, 90 percent and 43 percent,
respectively, participant in the IMC-Agrico Bond Fund, the IMC-Agrico
Stock Fund and the IMC-Agrico Fixed Income Fund at June 30, 1996.
The assets of the pooled funds as of June 30, 1996 were as follows:
IMC-Agrico IMC-Agrico
IMC-Agrico Company Fixed
Bond Fund Stock Fund Income Fund
--------- ---------- -----------
Bond Fund of America $4,149,732
IMC Global Inc. common stock $1,367,819
LaSalle National Trust, N.A.
Income Plus Fund $16,082,874
Guaranteed Investment Contracts -
Commonwealth Life Insurance
Company, due 1998 1,694,222
Hartford Life Insurance Co.,
due 1997 1,655,066
CDC Investment Management
Corp., due 2000 1,527,216
Rabobank Alternative 1,188,626
Marshall Money Market Fund 67,253 27,938 150,359
Pending transaction 29,212
Accrued interest and dividends 326 147 176,094
---------- ---------- -----------
Net assets of pooled funds $4,217,311 $1,425,116 $22,474,457
========== ========== ===========
Changes in the pooled balances from January 1 through June 31, 1996 are
summarized as follows:
IMC-Agrico IMC-Agrico
IMC-Agrico Company Fixed
Bond Fund Stock Fund Income Fund
-------- ---------- -----------
Additions:
Interest and dividend income $ 78,275 $ 3,291 $ 469,583
Net depreciation in fair value
of investments (299,333) (39,851) (3,022)
Contributions and transfers
from other plans 243,704 380,265 1,045,316
---------- ---------- -----------
22,646 343,705 1,511,877
Deductions:
Benefits paid 523,275 275,397 1,881,406
Investment expenses 18,636
---------- ---------- -----------
523,275 275,397 1,900,042
---------- ---------- -----------
Net increase (decrease)
in assets (500,629) 68,308 (388,165)
Assets transferred at
January 1, 1996 4,717,940 1,356,808 22,862,622
---------- ---------- -----------
Pooled fund assets at
June 30, 1996 $4,217,311 $1,425,116 $22,474,457
========== ========== ===========
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. There were no unpaid withdrawals at June 30, 1996 and
1995.
3. Net Appreciation (Depreciation) in Fair Value of Investments
------------------------------------------------------------
During 1996 and 1995, net appreciation (depreciation) in fair value
of the Plan's investments came from mutual funds and was determined by
quoted market price.
1996 1995
---------- ----------
Equity Fund $1,306,118 $ 770,707
Bond Fund 65,886 44,166
Company Stock Fund 5,006
Fixed Income Fund
Money Market Fund (74,609)
Balanced Fund 301,915 32,708
Growth Fund (108,341) 127,600
---------- ----------
Net appreciation (depreciation)
in fair value $1,495,976 $ 975,181
========== ==========
4. Significant Investments
-----------------------
Investments that represent 5 percent or more of assets available for
benefits at June 30 were as follows:
1996 1995
---------- ----------
Master trust funds -
IMC-Agrico Company Stock Fund $1,281,797
IMC-Agrico Fixed Income Fund 9,608,379
IMC-Agrico Bond Fund 2,204,919
Mutual funds -
Fidelity Equity-Income
Fund, Inc. 9,396,973 $6,444,187
Bond Fund of America, Inc. 2,009,694
Vanguard Wellington Fund, Inc. 1,357,387
Fidelity Magellan Fund, Inc. 2,459,291
LaSalle National Trust, N.A.
Income Plus Fund 6,513,999
Loans to participants 1,646,497 1,518,700
5. Federal Income Tax Status
-------------------------
The Internal Revenue Service ruled May 15, 1995 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-AGRICO MP, INC.
-----------------------------------------------------------------
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
----------------------------------------------------------
June 30, 1996
-----------------------------------
Principal
amount or
number of Current
Description shares Cost value
- ---------------------- -------------- -------- ---------
Master trust funds -
IMC-Agrico Company
Stock Fund 33,945 shares $1,245,195 $ 1,281,797
IMC-Agrico Fixed
Income Fund 945,650 shares 9,460,178 9,608,379
IMC-Agrico Bond Fund 218,160 shares 2,180,987 2,204,919
Mutual funds -
Fidelity Equity-Income
Fund, Inc. 233,349 shares 9,228,866 9,396,973
Vanguard Money Market
Reserves, Inc. - Prime
Portfolio 709,315 shares 709,315 709,315
Vanguard Wellington
Fund, Inc. 53,886 shares 1,349,009 1,357,387
Fidelity Magellan
Fund, Inc. 32,878 shares 2,739,212 2,459,291
Loans to participants
(7% - 10%) 1,646,497
-----------
$28,664,558
===========
Schedule 2
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
----------------------------------------------------------------
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
----------------------------------------------
FOR THE YEAR ENDED JUNE 30, 1996
--------------------------------
Purchases Sales
-------------- -------------------------------------
Description Number Cost Number Cost Proceeds Loss
- ----------- ------ ---- ------ ---- -------- ----
Category (i)
transactions -
individual trans-
actions in excess
of 5 percent of
plan assets:
LaSalle National
Trust, N.A. Income
Plus Fund 1 $2,019,761 $2,019,761 (A)
Category (iii)
transactions-series
of transactions in
excess of 5 percent
of plan assets:
Vanguard Wellington
Fund, Inc. 57 $1,296,792 25 346,920 347,935$ 1,015
Fidelity Equity-
Income Fund, Inc. 53 2,548,369 27 763,929 732,945(30,984)
Fidelity Magellan
Fund, Inc. 64 2,187,890 28 229,105 237,429 (8,324)
LaSalle National
Trust, N.A. Income
Plus Fund 34 3,030,603 19 2,991,869 2,991,869 (A)
IMC Global Inc.
common 9 1,227,666
IMC-Agrico Fixed
Income Fund 30 566,257 29 958,359 964,674 6,315
Marshall Money
Market Fund (C) 70 4,593,911 56 4,593,911 4,593,911 (A)
NOTES:
(A) Due to the nature of these transactions, there is no gain or
loss on disposition.
(B) There were no category (ii) or (iv) reportable transactions
during the year ended June 30, 1996.
(C) Party-in-interest transactions not prohibited by ERISA.
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-Agrico MP, Inc.
BRIAN J. SMITH
-------------------------------------------
Brian J.Smith
Chairman of the Employee Benefits Committee
Date: December 19, 1996
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
- -----------------------------------------------------------------------
BRIAN J. SMITH
- --------------
Brian J. Smith Executive Vice President December 19, 1996
Chief Financial Officer
B. RUSSELL LOCKRIDGE
- --------------------
B. Russell Lockridge Senior Vice President, December 19, 1996
Human Resources
MARSCHALL I. SMITH
- ------------------
Marschall I. Smith Senior Vice President, December 19, 1996
Secretary and General Counsel
ROBERT E. FOWLER, JR.
- ---------------------
Robert E. Fowler, Jr. President and December 19, 1996
Chief Operating Officer
Exhibit 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 33-59687) pertaining to the Investment Plan for
Salaried Employees of IMC-Agrico MP, Inc. and in the related Prospectus
of our report dated October 23, 1996, with respect to the financial
statements and supplemental schedules of the Investment Plan for
Salaried Employees of IMC-Agrico MP, Inc. included in this Annual
Report (Form 11-K) for the year ended June 30, 1996.
ERNST & YOUNG LLP
Chicago, Illinois
December 19, 1996
Docket No. 104773
