- -----------------------------------------------------------------------
-------------------------------------------------------------------
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, 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 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
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- -----------------------------------------------------------------------
CONTENTS
--------
Report of independent auditors
Financial statements
- --------------------
Statements of net assets available for benefits, with fund information
Statements of changes in net assets available for benefits, with fund
information
Notes to financial statements
Supplemental schedule
Line 27a - Schedule of assets held for investment purposes
Line 27d - Schedule of reportable transactions
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, 1997 and 1996, 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, 1997 and 1996, 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, 1997, 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 24, 1997
<TABLE>
EIN: 36-3888539
PLAN #: 101
INVESTMENT PLAN FOR SALARIED EMPLOYEES INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
-----------------------------------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
----------------------------------------------------------------------
June 30, 1997
-------------
<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 $ 3,585,065 $3,585,065
IMC-Agrico Fixed
Income Fund 13,008,979 $13,008,979
IMC-Agrico Bond
Fund 2,190,985 $2,190,985
Mutual funds -
Fidelity Equity-
Income Fund,
Inc. 15,718,839 $15,718,839
Vanguard Money
Market Reserves,
Inc. - Prime
Portfolio 1,127,892
$1,127,892
Vanguard Wellington
Fund, Inc. 3,411,307
$3,411,307
Fidelity Magellan
Fund, Inc. 4,239,219
$4,239,219
Loans to parti-
cipants 2,031,167
$2,031,167
----------- ----------- ---------- ---------- -----------
- ---------- ---------- ---------- ----------
Total investments 45,313,453 15,718,839 2,190,985 3,585,065 13,008,979
1,127,892 3,411,307 4,239,219 2,031,167
Receivables:
Participant contri-
butions 208,165 68,099 7,955 24,321 40,063
3,951 25,788 37,988
Employer contribu-
tions 1,293,115 411,734 56,081 47,747 260,456
35,022 151,955 230,120
Accrued interest
and dividends 4,610
4,610
----------- ----------- ---------- ---------- -----------
- ---------- ---------- ---------- ----------
Total receivables 1,505,890 479,833 64,036 172,068 300,519
43,583 177,743 268,108
----------- ----------- ---------- ---------- -----------
- ---------- ---------- ---------- ----------
Total assets 46,819,343 16,198,672 2,255,021 3,757,133 13,309,498
1,171,475 3,589,050 4,507,327 2,031,167
Liability - due to
brokers (net) (1,178) (29,870) (44,856) 64,082
(1,690) 48,898 (37,742)
----------- ----------- ---------- ---------- -----------
- ---------- ---------- ---------- ----------
Net assets available
for benefits $46,818,165 $16,168,802 $2,255,021 $3,712,277 $13,373,580
$1,169,785 $3,637,948 $4,469,585 $2,031,167
=========== =========== ========== ========== ===========
========== ========== ========== ==========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
EIN: 36-3888539
PLAN #: 101
INVESTMENT PLAN FOR SALARIED EMPLOYEES 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 Wellington
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 contribu-
tions 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 25,930 221,234
----------- ---------- ---------- ---------- ---------
- - -------- ---------- ---------- ----------
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>
EIN: 36-3888539
PLAN #: 101
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
---------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
- --------------------------------------------------------------------------------
For the Year Ended June 30, 1997
---------------------------------
<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 $ 698,850 $ 320,524
$ 49,062 $ 107,296 $ 56,885 $ 165,083
Income (loss)
from master trust
funds 993,001 $ 229,203 $ (11,840) $
775,638
Net appreciation
(depreciation) in
fair value of
investments 4,739,535 3,418,642
519,105 801,788
----------- ----------- ---------- ---------- ----------
- - ---------- ---------- ---------- ----------
Total investment
income (loss) 6,431,386 3,739,166 229,203 (11,840)
775,638 49,062 626,401 858,673 165,083
Contributions:
Participants 2,536,942 781,385 103,883 288,556
514,997 63,164 290,368 494,589
Employer 1,581,992 513,500 59,946 197,695
293,688 36,159 189,373 291,631
----------- ----------- ---------- ---------- ----------
- - ---------- ---------- ---------- ----------
Total contributions 4,118,934 1,294,885 163,829 486,251
808,685 99,323 479,741 786,220
Transfers from
other plans 7,899,978 2,104,726 229,484 826,493
3,372,983 57,822 495,071 531,087 282,312
Cash distributed to
withdrawing parti-
cipants (1,435,280) (373,764) (181,546) (54,115)
(598,893) (26,766) (90,706) (87,999) (21,491)
Transfers of invest-
ment direction (322,053) (445,676) 1,075,210
(854,040) 242,590 644,124 (298,921) (41,234)
----------- ----------- ---------- ---------- ----------
- - ---------- ---------- ---------- ----------
Net increase (decrease)
in assets available
for benefits 17,015,018 6,442,960 (4,706) 2,321,999
3,504,373 422,031 2,154,631 1,789,060 384,670
Assets available for
benefits - beginning
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
----------- ----------- ---------- ---------- ----------
- - ---------- ---------- ---------- ----------
Net assets available
for benefits -
end of year $46,818,165 $16,168,802 $2,255,021 $3,712,277
$13,373,580 $1,169,785 $3,637,948 $4,469,585 $2,031,167
=========== =========== ========== ==========
=========== ========== ========== ========== ==========
(See Notes to Financial Statements)
</TABLE>
<TABLE>
EIN: 36-3888539
PLAN #: 101
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 1,495,975 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>
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. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
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 years 1997 and 1996. 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
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 years ended June 30, 1997
and 1996. 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 in shares of the
IMC-Agrico Stock Fund which invests 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 1997 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 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
------------------------------------------
Use of Estimates
- ----------------
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts in the financial
statements and accompanying notes. Actual results could differ from
those estimates.
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 53 percent, 91 percent and 49 percent,
respectively, participant in the IMC-Agrico Bond Fund, the IMC-Agrico
Stock Fund and the IMC-Agrico Fixed Income Fund at June 30, 1997 (52
percent, 90 percent and 43 percent at June 30, 1996).
The assets of the pooled funds as of June 30, 1997 were as follows:
<TABLE>
<CAPTION>
IMC-Agrico IMC-Agrico
IMC-Agrico Company Fixed
Bond Fund Stock Fund Income Fund
--------- ---------- -----------
<S> <C> <C> <C>
Bond Fund of America $4,054,989
IMC Global Inc. common stock $3,874,570
LaSalle National Trust, N.A.
Income Plus Fund $16,595,668
Guaranteed Investment Contracts -
Commonwealth Life Insurance
Company, due 1998 1,849,375
Hartford Life Insurance Co.,
due 1997 1,822,310
CDC Investment Management Corp.,
due 2000 1,554,771
Rabobank Alternative 1,088,237
Sunamerica Life 3,018,773
Marshall Money Market Fund 51,473 485,055 112,030
Pending transactions (460,169) (5,843)
Accrued interest and dividends 262 450 87,169
---------- ---------- -----------
Net assets of pooled funds $4,106,724 $3,899,906 $26,122,490
========== ========== ===========
</TABLE>
The assets of the pooled funds as of June 30, 1996 were as follows:
<TABLE>
<CAPTION>
IMC-Agrico IMC-Agrico
IMC-Agrico Company Fixed
Bond Fund Stock Fund Income Fund
--------- ---------- -----------
<S> <C> <C> <C>
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
========== ========== ===========
</TABLE>
Changes in the pooled balances during the year ended June 30, 1997 are
summarized as follows:
<TABLE>
<CAPTION>
IMC-Agrico IMC-Agrico
IMC-Agrico Company Fixed
Bond Fund Stock Fund Income Fund
--------- ---------- -----------
<S> <C> <C> <C>
Additions:
Interest and dividend income $ 323,095 $ 30,788 $ 1,648,852
Net appreciation (depreciation)
in fair value of investments 109,555 (63,865)
Contributions and transfers
from other plans 1,074,222 5,609,841 10,468,985
---------- ---------- -----------
1,506,872 5,576,764 12,117,837
Deductions:
Benefits paid 1,617,459 3,101,974 8,404,560
Investment expenses 65,244
---------- ---------- -----------
1,617,459 3,101,974 8,469,804
---------- ---------- -----------
Net increase (decrease) in assets (110,587) 2,474,790 3,648,033
Pooled fund assets, beginning
of year 4,217,311 1,425,116 22,474,457
---------- ---------- -----------
Pooled fund assets, end of year $4,106,724 $3,899,906 $26,122,490
========== ========== ===========
</TABLE>
Changes in the pooled balances from January 1 through June 30, 1996 are
summarized as follows:
<TABLE>
<CAPTION>
IMC-Agrico IMC-Agrico
IMC-Agrico Company Fixed
Bond Fund Stock Fund Income Fund
--------- ---------- -----------
<S> <C> <C> <C>
Additions
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
========== ========== ===========
</TABLE>
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, 1997 and
1996.
3. Net Appreciation in Fair Value of Investments
---------------------------------------------
During 1997 and 1996, net appreciation in fair value of the Plan's
investments came from mutual funds and was determined by quoted market
price.
<TABLE>
<CAPTION>
1997 1996
---------- ----------
<S> <C> <C>
Equity Fund $3,418,642 $1,306,118
Bond Fund 65,886
Company Stock Fund 5,006
Fixed Income Fund
Money Market Fund (74,609)
Balanced Fund 519,105 301,915
Growth Fund 801,788 (108,341)
---------- ----------
Net appreciation in fair value $4,739,535 $1,495,975
========== ==========
</TABLE>
4. Significant Investments
-----------------------
Investments that represent 5 percent or more of assets available for
benefits at June 30 were as follows:
<TABLE>
<CAPTION>
1997 1996
---------- ----------
<S> <C> <C>
Master trust funds -
IMC-Agrico Company Stock Fund $ 3,585,065 $1,281,797
IMC-Agrico Fixed Income Fund 13,008,979 9,608,379
IMC-Agrico Bond Fund 2,190,985 2,204,919
Mutual funds -
Fidelity Equity-Income Fund, Inc. 15,718,839 9,396,973
Bond Fund of America, Inc.
Vanguard Wellington Fund, Inc. 3,411,307 1,357,387
Fidelity Magellan Fund, Inc. 4,239,219 2,459,291
Loans to participants 2,031,167 1,646,497
</TABLE>
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
----------------------
<TABLE>
EIN: 36-3888539
PLAN #: 101
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
--------------------------------------
LINE 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
-----------------------------------------------------------
<CAPTION>
June 30, 1997
--------------------------------------
Principal
amount or
number of Current
Identity of Issuer Description shares Cost value
- ------------------ ------------ ------------- -------- ----------
<S> <C> <C> <C> <C>
Marshall & Ilsley
Trust Company* Master trust funds -
IMC-Agrico Company
Stock Fund 102,696 shares $3,754,326 $3,585,065
IMC-Agrico Fixed
Income Fund 1,204,542 shares 12,212,825 13,008,979
IMC-Agrico Bond
Fund 196,469 shares 1,983,495 2,190,985
IMC Global Inc.* Mutual funds -
Fidelity Equity-
Income Fund,
Inc. 319,554 shares 12,928,177 15,718,839
Vanguard Money
Market Reserves,
Inc. - Prime
Portfolio 1,127,892 shares 1,127,892 1,127,892
Vanguard Welling-
ton Fund, Inc. 117,388 shares 3,043,690 3,411,307
Fidelity Magellan
Fund, Inc. 46,559 shares 3,758,474 4,239,219
Loans to participants (6% - 10.54%) 2,031,167
-----------
$45,313,453
============
* Indicates party-in-interest to the Plan.
</TABLE>
<TABLE>
EIN: 36-3888539
PLAN #: 101
INVESTMENT PLAN FOR SALARIED EMPLOYEES
OF IMC-AGRICO MP, INC.
---------------------------------------
LINE 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
-----------------------------------------------
FOR THE YEAR ENDED JUNE 30, 1997
--------------------------------
<CAPTION>
Purchases Sales
--------- -----------------------------
Identity of Description Gain
Party Involved of Assets Cost Cost Proceeds (loss)
- -------------- ------------ ---- ---- -------- ----
<S> <C> <C> <C> <C> <C>
Category (iii) transactions -
series of transactions in excess
of 5 percent of plan assets:
Marshall & Ilsley
Trust Company* Vanguard Welling-
ton Fund, Inc. $3,037,974 $1,343,293 $1,398,399 $ 55,106
Fidelity Equity-
Income Fund, Inc. 7,092,727 3,393,416 3,637,060 243,644
Fidelity Magellan
Fund, Inc. 3,069,441 2,050,179 2,028,757 (21,422)
IMC Global Inc.* IMC Global Inc.
common 5,515,136 3,006,005 3,200,028 194,023
IMC-Agrico Fixed
Income Fund 7,839,893 5,087,246 5,214,931 127,685
NOTE: There were no category (i), (ii) or (iv) reportable transactions during
the year ended June 30, 1997.
* Indicates party-in-interest to the Plan.
</TABLE>
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.
LYNN F. WHITE
-------------------------------------------
Lynn F. White
Acting Chairman of the Employee Benefits Committee
Date: December 19, 1997
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
- -----------------------------------------------------------------------
LYNN F. WHITE
- --------------
Lynn F. White Acting Chief Financial December 19, 1997
Officer
B. RUSSELL LOCKRIDGE
- --------------------
B. Russell Lockridge Senior Vice President, December 19, 1997
Human Resources
MARSCHALL I. SMITH
- ------------------
Marschall I. Smith Senior Vice President, December 19, 1997
Secretary and General Counsel
ROBERT E. FOWLER, JR.
- ---------------------
Robert E. Fowler, Jr. President and December 19, 1997
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. of our report dated October 24, 1997, 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, 1997.
ERNST & YOUNG LLP
Chicago, Illinois
December 18, 1997
Docket No. 90713
