<PAGE>
- -----------------------------------------------------------------------
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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
For the six months ended December 31, 1997
OR
--- TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from --------- to ---------
Commission file number 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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- -----------------------------------------------------------------------
<PAGE>
Investment Plan for Salaried
Employees of IMC-Agrico MP, Inc.
Financial Statements
and Supplemental Schedules
Six months ended December 31, 1997
and year ended June 30, 1997
Contents
Report of Independent Auditors 1
Financial Statements
Statements of Net Assets Available for Benefits, With Fund Information
2
Statements of Changes in Net Assets Available for Benefits,
With Fund Information 4
Notes to Financial Statements 6
Supplemental Schedules
Line 27a - Schedule of Assets Held For Investment Purposes 16
Line 27b - Schedule of Loans or Fixed Income Obligations 17
Line 27d - Schedule of Reportable Transactions 18
<PAGE>
Report of Independent Auditors
Plan Administrator
Investment Plan for Salaried Employees of
IMC-Agrico MP, Inc.
We have audited the accompanying statements of net assets available for
benefits of the Investment Plan for Salaried Employees of IMC-Agrico
MP, Inc. as of December 31, 1997 and June 30, 1997, and the related
statements of changes in net assets available for benefits for six
months ended December 31, 1997 and year ended June 30, 1997. These
financial statements are the responsibility of the Plan's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for benefits
of the Plan at December 31, 1997 and June 30, 1997, and the changes in
its net assets available for benefits for the six months ended December
31, 1997 and year ended June 30, 1997, 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
December 31, 1997, and reportable transactions for the six months then
ended, are presented for purposes of complying with 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 net assets available for benefits and the statement of
changes in net assets available for benefits is presented for purposes
of additional analysis rather than to present the net assets available
for benefits and changes in net 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
Chicago, Illinois
June 12, 1998
<PAGE>
<TABLE>
EIN
36-3888539
Plan #101
Investment Plan for Salaried Employees of IMC-Agrico MP, Inc.
Statement of Net Assets Available for Benefits, With Fund Information
December 31, 1997
<CAPTION>
Fund Information
----------------------------------------------
- ----------------------------------------------
Company Fixed
Money
Equity Bond Stock
Income Market Balanced Growth Loan
Total Fund Fund Fund Fund
Fund Fund Fund Fund
---------------------------------------------------------
- ----------------------------------------------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C>
Assets
Investments, at fair value:
Master trust funds:
Interest in IMC-Agrico
Stock Fund $ 5,517,170 $ - $ - $5,517,170 $
- - $ - $ - $ - $ -
Interest in IMC-Agrico
Fixed Income Fund 12,927,153 - - -
12,927,153 - - - -
Interest in IMC-Agrico
Bond Fund 2,375,506 - 2,375,506 -
- - - - - -
Mutual funds:
Fidelity Equity-
Income Fund, Inc. 17,457,166 17,457,166 - -
- - - - - -
Vanguard Wellington
Fund, Inc. 4,332,933 - - -
- - - 4,332,933 - -
Fidelity Magellan
Fund, Inc. 5,570,754 - - -
- - - - 5,570,754 -
Loans to participants 2,150,636 - - -
- - - - - 2,150,636
---------------------------------------------------------
- --------------------------------------------------
Total investments 50,331,318 17,457,166 2,375,506 5,517,170
12,927,153 - 4,332,933 5,570,754 2,150,636
Receivables:
Participant contributions 102,510 35,220 4,179 10,330
19,238 2,662 12,632 18,249 -
Company contributions 698,412 219,194 31,827 72,689
140,212 26,744 84,256 123,490 -
Accrued interest
and dividends 3,850 - - -
- - 3,850 - - -
---------------------------------------------------------
- --------------------------------------------------
Total receivables 804,772 254,414 36,006 83,019
159,450 33,256 96,888 141,739 -
---------------------------------------------------------
- --------------------------------------------------
Total assets available
for benefits 51,136,090 17,711,580 2,411,512 5,600,189
13,086,603 33,256 4,429,821 5,712,493 2,150,636
Liability - Due (to)
from brokers (4,291) 214 - (430)
(830,213) 825,922 216 - -
---------------------------------------------------------
- --------------------------------------------------
Net assets available
for benefits $51,131,799 $17,711,794 $2,411,512 $5,599,759
$12,256,390 $859,178 $4,430,037 $5,712,493 $2,150,636
================================================================================
===========================
See accompanying notes.
</TABLE>
<PAGE>
<TABLE> EIN
36-3888539
Plan #101
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
----------------------------------------------
- ------------------------------------------------
Company Fixed
Money
Equity Bond Stock
Income Market Balanced Growth Loan
Total Fund Fund Fund Fund
Fund Fund Fund Fund
---------------------------------------------------------
- ------------------------------------------------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C>
Assets
Investments, at fair value:
Master trust funds:
Interest in IMC-Agrico
Stock Fund $ 3,585,065 $ - $ - $3,585,065 $
- - $ - $ - $ - $ -
Interest in IMC-Agrico
Fixed Income Fund 13,008,979 - - -
13,008,979 - - - -
Interest in 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 participants 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 contribu-
tions 208,165 68,099 7,955 24,321
40,063 3,951 25,788 37,988 -
Company contributions 1,293,115 411,734 56,081 147,747
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)
from brokers (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 accompanying notes.
</TABLE>
<PAGE>
<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
Six months ended December 31, 1997
<CAPTION>
Fund Information
----------------------------------------------
- ----------------------------------------------
Company Fixed
Money
Equity Bond Stock
Income Market Balanced Growth Loan
Total Fund Fund Fund Fund
Fund Fund Fund Fund
---------------------------------------------------------
- ----------------------------------------------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C>
Investment income:
Interest and
dividends $ 373,670 $ 141,344 $ - $ - $
- - $ 20,995 $ 94,870 $ 27,635 $ 88,826
Income from master
trust funds 592,404 - 109,868 81,830
400,706 - - - -
Net appreciation in
fair value of
investments 2,172,642 1,564,380 - -
- - - 239,585 368,677 -
-----------------------------------------------------------
- --------------------------------------------------
Total investment
income 3,138,716 1,705,724 109,868 81,830
400,706 20,995 334,455 396,312 88,826
Contributions:
Participants 1,380,561 447,578 48,954 148,386
241,367 32,715 177,040 284,521 -
Company 841,358 264,874 37,848 88,960
166,806 30,708 101,762 150,400 -
-----------------------------------------------------------
- --------------------------------------------------
Total contributions 2,221,919 712,452 86,802 237,346
408,173 63,423 278,802 434,921 -
Transfers from
other plans (386,990) (318,945) 12,730 (4,923)
(78,333) (6,784) 55,465 (3,350) (42,850)
Cash distributed
to withdrawing
participants (660,011) (175,774) (2,395) (14,394)
(168,524) (2,513) (147,999) (121,705) (26,707)
Transfers of investment
direction - (380,465) (50,514) 1,587,623
(1,679,212) (385,728) 271,366 536,730 100,200
-----------------------------------------------------------
- --------------------------------------------------
Net increase (decrease)
in net assets available
for benefits 4,313,634 1,542,992 156,491 1,887,482
(1,117,190) (310,607) 792,089 1,242,908 119,469
Net assets available
for benefits -
Beginning of period 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
-----------------------------------------------------------
- --------------------------------------------------
Net assets available
for benefits -
End of period $51,131,799 $17,711,794 $2,411,512 $5,599,759
$12,256,390 $ 859,178 $4,430,037 $5,712,493 $2,150,636
================================================================================
==============================
See accompanying notes.
</TABLE>
<PAGE>
<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
Year ended June 30, 1997
<CAPTION>
Fund Information
----------------------------------------------
- ----------------------------------------------
Company Fixed
Money
Equity Bond Stock Income
Market Balanced Growth Loan
Total Fund Fund 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 in
fair value of
investments 4,739,535 3,418,642 - -
- - - 519,105 801,788 -
-----------------------------------------------------------
- --------------------------------------------------
Total investment
income 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 -
Company 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
participants (1,435,280) (373,764) (181,546) (54,115)
(598,893) (26,766) 90,706) (87,999) (21,491)
Transfers of
investment direction - (322,053) (445,676) 1,075,210
(854,040) 242,590 644,124 (298,921) (41,234)
-----------------------------------------------------------
- --------------------------------------------------
Net increase
(decrease) in net
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
Net 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 accompanying notes.
</TABLE>
<PAGE>
EIN 36-3888539
Plan #101
Investment Plan for Salaried
Employees of IMC-Agrico MP, Inc.
Notes to Financial Statements
Six months ended December 31, 1997
and year ended June 30, 1997
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 which was 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 Phosphate Resource Partners, Limited Partnership,
formerly Freeport-McMoRan Resource Partners, Limited Partnership, are
eligible to participate in the Plan immediately upon their date of
hire. 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).
The Company changed its year-end from June 30 to December 31 during
calendar 1997. As a result of that change, the Plan has also changed
its year-end. These financial statements reflect activity for a six-
month period ended December 31, 1997, and the previous fiscal year
ended June 30, 1997.
Contributions
The Plan is funded by contributions from participants in the form of
payroll deductions/ salary reductions of up to 15% of participants'
base monthly salaries, not to exceed $9,500. A participant may change
the amount of payroll deduction/salary reduction at any time. 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 nondiscrimination
requirements of section 401(k) or the limitations of section 415 of the
IRC. In addition, the Plan is also funded by Company contributions, as
determined by the Company's Board of Directors, of not less than 20% of
a participant's eligible contributions, which are contributions that do
not exceed 6% of a participant's base monthly salary. IMC-Agrico MP,
Inc. may make additional contributions each year as determined by its
Board of Directors. Company contributions are subject to certain
limitations imposed by section 415 of the IRC. Total Company
contributions were equal to 100% of participants' eligible
contributions for the six months ended December 31, 1997 and year ended
June 30, 1997. Under certain circumstances, participants may rollover
their vested benefits from other plans to the Plan.
<PAGE>
Participant Accounts
Separate accounts are maintained for each participant. Each
participant's account is adjusted for participant and Company
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
The Plan's investments are administered by Marshall & Ilsley Trust
Company under a trust agreement dated January 1, 1996. Investment
programs available to participants are as follows:
Equity Fund - Assets are invested in shares of the Fidelity
Equity-Income Fund, Inc., a mutual fund which invests at
least 65% 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 - Assets are invested in shares of the IMC-Agrico
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.
Company Stock Fund - Assets are invested in shares of the IMC-
Agrico Stock Fund, a pooled fund shared only by other IMC-
Agrico MP, Inc. 401(k) plans, which invests in the common
stock of IMC Global Inc.
Fixed Income Fund - Assets are invested in shares of IMC-
Agrico Fixed Income Fund, a pooled fund shared only by other
IMC-Agrico MP, Inc. 401(k) plans, as well as guaranteed
investment contracts (GICs), the Marshall Money Market Fund,
the LaSalle National Trust, N.A. Income Plus Fund and the M&I
Stable Principal Fund. The December 31, 1997 holdings are
described below.
a. A GIC with CDC Investment Management Corp. with a
guaranteed interest rate of 7.5% through June 30,
2000.
b. A GIC with Commonwealth Life Insurance Company with a
guaranteed interest rate of 7.27% through July 6,
1998.
c. A GIC with Rabobank Alternative with a guaranteed
interest rate of 6.647% through March 15, 2001.
d. A GIC with Sun America Life Company with a guaranteed
interest rate of 7.04% through May 29, 2002.
<PAGE>
e. 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.
f. The M&I Stable Principal Fund is primarily invested in
traditional and synthetic investment contracts, money
market securities and registered first tier money
market mutual funds.
Money Market Fund - Assets are invested in shares of the
Vanguard Money Market Reserves, Inc. - Prime Portfolio, a
mutual fund. This mutual fund 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 - Assets are invested in shares of the Vanguard
Wellington Fund, Inc., a mutual fund which invests in a
diversified portfolio of 60-70% common stocks and 30-40%
bonds.
Growth Fund - Assets are invested 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 - Assets are loans made to participants as
described below.
Participants elect their desired investment program upon joining the
Plan. Participants may elect to change the investment direction of
their existing account balances and their future contributions daily.
Vesting
All Plan participants are immediately 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.
<PAGE>
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.
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 investments 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. Fair value for shares of
master trust funds, mutual funds, the LaSalle National Trust, N.A.
Income Plus Fund and the M&I Stable Principal Fund 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.
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%) 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 December 31, 1997 and
at June 30, 1997.
<PAGE>
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires the Plan administrator to make
estimates and assumptions that affect the amounts reported in the
financial statements and accompanying notes. Actual results could
differ from those estimates.
3. Investment in Trusts
Assets of the Bond Fund, the Company Stock Fund, and the Fixed Income
Fund were invested in shares of IMC-Agrico MP, Inc. pooled funds shared
by other IMC-Agrico MP, Inc. 401(k) plans. The Plan was a 56.4%,
91.2%, and 51.4%, respectively, participant in the IMC-Agrico Bond
Fund, the IMC-Agrico Stock Fund, and the IMC-Agrico Fixed Income Fund
at December 31, 1997 (53.4%, 91.9%, and 49.8%, respectively, at June
30, 1997).
The assets of the pooled funds as of December 31, 1997, were as
follows:
<TABLE>
<CAPTION>
IMC-Agrico
IMC-Agrico IMC-Agrico Fixed
Bond Fund Stock Fund Income Fund
---------------------------------------
- --
<S> <C> <C> <C>
Bond Fund of America $4,109,791 $ - $ -
IMC Global Inc. common stock - 5,843,059 -
LaSalle National Trust, N.A.
Income Plus Fund - - 15,370,663
M&I Stable Principal Fund - - 1,900,000
Guaranteed Investment Contracts: - -
Commonwealth Life Insurance Company,
due 1998 - - 1,915,973
Sunamerica Life Insurance Co.,
due 2002 - - 3,123,827
CDC Investment Management Corp.,
due 2000 - - 1,500,000
Rabobank Alternative - - 1,039,997
Marshall Money Market Fund 100,694 206,121 236,330
Pending transactions - - (5,748)
Accrued interest and dividends 463 1,412 86,454
----------------------------------------
Net assets $4,210,948 $6,050,592 $25,167,496
========================================
</TABLE>
<PAGE>
The assets of the pooled funds as of June 30, 1997, were as follows:
<TABLE>
<CAPTION>
IMC-Agrico
IMC-Agrico IMC-Agrico 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 51,474 485,055 112,030
Pending transactions - (460,169) (5,843)
Accrued interest and dividends 262 450 87,169
----------------------------------------
Net assets $4,106,725 $3,899,906 $26,122,490
========================================
</TABLE>
<PAGE>
Changes in the pooled balances for the six-month period from July 1
through December 31, 1997, are summarized as follows:
<TABLE>
<CAPTION>
IMC-Agrico
IMC-Agrico IMC-Agrico Fixed
Bond Fund Stock Fund Income Fund
---------------------------------------
- -
<S> <C> <C> <C>
Additions
Interest and dividend income $ 148,014 $ 28,754 $ 844,550
Net appreciation in fair value
of investments 54,150 32,897 -
Contributions and transfers
from other plans 1,017,532 7,068,104 6,273,118
----------------------------------------
1,219,696 7,129,755 7,117,668
Deductions
Benefits paid 729,815 4,979,069 8,037,667
Investment expenses 385,658 - 34,995
----------------------------------------
1,115,473 4,979,069 8,072,662
----------------------------------------
Net increase (decrease) in
assets 104,223 2,150,686 (954,994)
Net assets, beginning of
period 4,106,725 3,899,906 26,122,490
----------------------------------------
Net assets, end of period $4,210,948 $6,050,592 $25,167,496
========================================
</TABLE>
<PAGE>
Changes in the pooled balances for the year ended June 30, 1997, are
summarized as follows:
<TABLE>
<CAPTION>
IMC-Agrico
IMC-Agrico IMC-Agrico 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
Net assets, beginning of year 4,217,312 1,425,116 22,474,457
----------------------------------------
Net assets, end of year $4,106,725 $3,899,906 $26,122,490
----------------------------------------
</TABLE>
4. Net Appreciation in Fair Value of Investments
During the six months ended December 31, 1997 and the year ended June
30, 1997, net appreciation in fair value of the Plan's investments came
from mutual funds and was determined by quoted market price as follows:
<TABLE>
<CAPTION>
Six months
ended Year ended
December 31 June 30
1997 1997
---------------------------------
<S> <C> <C>
Equity Fund $1,564,380 $3,418,642
Balanced Fund 239,585 519,105
Growth Fund 368,677 801,788
--------------------------------
$2,172,642 $4,739,535
================================
</TABLE>
<PAGE>
5. Significant Investments
Investments that represent 5% or more of net assets available for
benefits at December 31, 1997 and June 30, 1997, were as follows:
<TABLE>
<CAPTION>
Six months
ended Year ended
December 31 June 30
1997 1997
---------------------------------
<S> <C> <C>
Master trust funds:
IMC-Agrico Stock Fund $ 5,517,170 $ 3,585,065
IMC-Agrico Fixed Income Fund 12,927,153 13,008,979
Mutual funds:
Fidelity Equity-Income
Fund, Inc. 17,457,166 15,718,839
Vanguard Wellington
Fund, Inc. 4,332,933 3,411,307
Fidelity Magellan Fund, Inc. 5,570,754 4,239,219
</TABLE>
6. 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.
7. Year 2000 Issue (Unaudited)
The Company has developed a plan to modify its internal information
technology to be ready for the Year 2000 and has begun converting
critical data processing systems. The project also includes
determining whether third-party service providers have reasonable plans
in place to become Year 2000 compliant. The Company currently expects
the project to be substantially complete by early 1999. The Company
does not expect this project to have a significant effect on the Plan's
operations.
8. Subsequent Events
Effective January 1, 1998, the Plan merged with the Investment Plan for
Nonunion Hourly Employees of IMC-Agrico MP, Inc. into the IMC-Agrico
MP, Inc. Profit Sharing and Savings Plan. Net assets amounting to
$51,131,799 were transferred at that time.
<PAGE>
Supplemental Schedules
<PAGE>
<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>
December
31, 1997
----------------------
- -------------------
Principal
Amount or
Number of Current
Identity of Issuer Description Shares Cost Value
- --------------------------------------------------------------------------------
- --------------------------------
<S> <C> <C> <C> <C>
Marshall and Ilsley Trust Company*Fidelity Equity-Income Fund, Inc.333,088 shares$14,159,901
$17,457,166
Vanguard Wellington Fund, Inc.147,128 shares4,015,8574,332,933
Fidelity Magellan Fund, Inc.58,473 shares 5,040,173 5,570,754
Loans to participants (6% - 10.54%) -
2,150,636
-----------
$29,511,489
===========
*Indicates party in interest to the Plan.
</TABLE>
<PAGE>
<TABLE>
EIN
36-3888539
Plan #101
Investment Plan for Salaried Employees of IMC-Agrico MP, Inc.
Line 27b - Schedule of Loans or Fixed Income Obligations
Six months ended December 31, 1997
<CAPTION>
Principal and
Interest Paid
Identity of Party Loan During the Loan Maturity
Interest Collateral
----------
- --------------------
(Social Security Amount Year Issue Date Date Rate Type Value
Number)
- --------------------------------------------------------------------------------
- ---------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
265-31-6482$4,000 $ -November 15, 1996November 15, 1999 8.25%Participant Account$9,050
265-88-2148 500 -July 31, 1995 July 15, 1998 10.00%Participant Account2,348
1,300 -October 15, 1996October 15, 2001 8.25%Participant Account2,341
</TABLE>
<PAGE>
<TABLE>
EIN
36-3888539
Plan #101
Investment Plan for Salaried Employees of IMC-Agrico MP, Inc.
Line 27d - Schedule of Reportable Transactions
Six months ended December 31, 1997
<CAPTION>
Current Value
of
Asset on
Purchase Selling Cost
Transaction
Identity of Party Involved Description of Assets
Price Price of Asset Date Net Gain
- --------------------------------------------------------------------------------
- ---------------------------------------------------
Category (iii) transactions - Series of transactions in excess of 5% of net
assets available for benefits
- --------------------------------------------------------------------------------
- -------------------------
<S> <C> <C> <C> <C> <C> <C>
Marshall and Ilsley
Trust Company* Fidelity Equity-Income Fund, Inc.$5,242,106$ -$5
,242,106 $5,242,106 $ -
- 5,077,0974,043,3465,077,0971,033,751
Fidelity Magellan Fund, Inc.3,199,674 -3,199,6743,199,674 -
- 2,214,0821,895,2412,214,082 318,841
There were no reportable category (i), (ii), or (iv) transactions.
*Indicates party in interest to the Plan.
</TABLE>
<PAGE>
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.
J. BRADFORD JAMES
-------------------------------------------
J. Bradford James
Chairman of the Employee Benefits Committee
Date: June 30, 1998
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
- -------------------------------------------------------------------------------
- ---
J. BRADFORD JAMES
- -----------------
J. Bradford James Chief Financial Officer June 30, 1998
B. RUSSELL LOCKRIDGE
- --------------------
B. Russell Lockridge Senior Vice President, June 30, 1998
Human Resources
MARSCHALL I. SMITH
- ------------------
Marschall I. Smith Senior Vice President, June 30, 1998
Secretary and General Counsel
ROBERT E. FOWLER, JR.
- ---------------------
Robert E. Fowler, Jr. President and June 30, 1998
Chief Executive 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 June 12, 1998, 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 six months ended December 31, 1997.
ERNST & YOUNG LLP
Chicago, Illinois
June 30, 1998
Docket No. 272671
