Exhibit 99 (a)
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1997
___________________________________________________
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _____________________ to ______________________
Commission file number 0-3488
------
H.B. FULLER COMPANY THRIFT PLAN
H.B. FULLER COMPANY
1200 WILLOW LAKE BOULEVARD, P.O. BOX 64683
ST. PAUL, MINNESOTA 55164-0683
Financial Statements and Exhibits
- ---------------------------------
(a) Financial Statements: Page Number(s)
--------------
Report of Independent Accountants F-1
Statements of Net Assets Available for Benefits
as of December 31, 1997 and F-2 -- F-3
December 31, 1996
Statements of Changes in Net Assets Available for
Benefits for the year ended December 31, 1997,
the two months ended December 31, 1996, and F-4 -- F-6
the year ended October 31, 1996
Notes to Financial Statements F-7 -- F-9
Additional Information
Schedule 1 - Schedule of Investments Held F-10
Schedule 2 - Schedule of Reportable Transactions F-11
Signature Page F-12
(b) Exhibits:
Consent of Independent Accountants E-1
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
To the Participants and Administrator
of the H.B. Fuller Company Thrift Plan
In our opinion, the accompanying statements of net assets available for benefits
and related statements of changes in net assets available for benefits presents
fairly, in all material respects, the net assets available for benefits of the
H.B. Fuller Company Thrift Plan at December 31, 1997 and December 31, 1996, and
the changes in net assets available for benefits for each of the years ended
December 31, 1997 and October 31, 1996 and the two months ended December 31,
1996, in conformity with generally accepted accounting principles. 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 of these statements in accordance with
generally accepted auditing standards which 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,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for the opinion expressed
above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
schedules 1 and 2 is presented for purposes of additional analysis and is not a
required part of the basic financial statements but is additional information
required by ERISA. The Fund Information in the statement of net assets
available for benefits and the statements of changes in net assets available for
benefits is presented for purposes of additional analysis rather than to present
the net assets available for plan benefits and changes in net assets available
for benefits of each fund. Schedules 1 and 2 and the Fund Information has been
subjected to the auditing procedures applied in the 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.
Price Waterhouse LLP
Minneapolis, Minnesota
March 17, 1998
F-1
H.B. FULLER COMPANY THRIFT PLAN
Statement of Net Assets Available for Benefits, With Fund Information
December 31, 1997
Fund Information
--------------------------------------------------------------------
Company Money Small
Common Market Index Balanced Company
ASSETS Stock Fund Fund Fund Fund Growth Fund Total
---------- --------- ------- --------- ----------- ---------
Investments at Fair Value:
Securities of Participating Employer -
Common Stock of H. B. Fuller Company
(1,594,083 shares; cost $42,097,042) $78,907,090 $ 78,907,090
Securities of unaffiliated issuers -
Norwest Index Stock Fund
Norwest Bank (656,799 units;
cost $19,142,159) $26,948,480 26,948,480
Norwest Growth Balanced Fund
Norwest Bank (476,355 units;
cost $10,669,094) $12,256,619 12,256,619
Norwest Small Company Growth Fund
Norwest Bank (194,438 units;
cost $6,360,926) $6,305,637 6,305,637
Norwest Short-Term Investment
Fund (10,249,279 units;
cost $10,249,279) 368,678 $ 9,956,463 (37,327) 58 (38,593) 10,249,279
----------- ----------- ----------- ----------- --------- ------------
Total Investments 79,275,768 9,956,463 26,911,153 12,256,677 6,267,044 134,667,105
Other Assets 1,754 48,362 50,116
Accrued Liabilities (123,219) (123,219)
----------- ----------- ----------- ----------- ---------- ------------
Total Net Assets $79,154,303 $10,004,825 $26,911,153 $12,256,677 $6,267,044 $134,594,002
=========== =========== =========== =========== ========== ============
PLAN EQUITY
Plan Equity 79,154,303 10,004,825 26,911,153 12,256,677 6,267,044 134,594,002
----------- ----------- ----------- ----------- ---------- ------------
Total Plan Equity $79,154,303 $10,004,825 $26,911,153 $12,256,677 $6,267,044 $134,594,002
=========== =========== =========== =========== ========== ============
See accompanying Notes to Financial Statements.
F-2
H.B. FULLER COMPANY THRIFT PLAN
Statement of Net Assets Available for Benefits, With Fund Information
December 31, 1996
Fund Information
------------------------------------------------------------------
Company Money Small
Common Market Index Balanced Company
ASSETS Stock Fund Fund Fund Fund Growth Fund Total
- ------ ----------- ----------- ----------- ----------- ----------- ------------
Investments at Fair Value:
Securities of Participating Employer -
Common Stock of H. B. Fuller Company
(1,710,381 shares; cost $42,457,790) $80,387,900 $ 80,387,900
Securities of unaffiliated issuers -
Norwest Index Stock Fund
Norwest Bank (601,755 units;
cost $14,875,591) $20,580,027 20,580,027
Norwest Growth Balanced Fund
Norwest Bank (459,294 units;
cost $9,089,003) $10,485,681 10,485,681
Norwest Small Company Growth Fund
Norwest Bank (150,661 units;
cost $4,630,254) $4,515,304 4,515,304
Norwest Short-Term Investment
Fund (9,121,105 units;
cost $9,121,105) 156,266 $ 8,971,952 5,055 (2,739) (9,429) 9,121,105
----------- ----------- ----------- ----------- ----------- ------------
Total Investments 80,544,166 8,971,952 20,585,082 10,482,942 4,505,875 125,090,017
Other Assets 1,075 40,800 41,875
----------- ----------- ----------- ----------- ----------- ------------
Total Assets $80,545,241 $ 9,012,752 $20,585,082 $10,482,942 $ 4,505,875 $125,131,892
=========== =========== =========== =========== =========== ============
PLAN EQUITY
Plan Equity 80,545,241 9,012,752 20,585,082 10,482,942 4,505,875 125,131,892
----------- ----------- ----------- ----------- ----------- ------------
Total Plan Equity $80,545,241 $ 9,012,752 $20,585,082 $10,482,942 $4,505,875 $125,131,892
=========== =========== =========== =========== =========== ============
See accompanying Notes to Financial Statements.
F-3
H.B. FULLER COMPANY THRIFT PLAN
Statement of Changes in Net Assets Available for Benefits, With Fund Information
Year Ended December 31, 1997
Fund Information
------------------------------------------------------------------
Company Money Small
Common Market Index Balanced Company
Stock Fund Fund Fund Fund Growth Fund Total
----------- ----------- ----------- ----------- ------------ ----------------
Investment Income:
Dividends $ 1,173,266 $ 415,283 $ 280,861 $ 1,869,410
Interest 12,237 $ 557,586 569,823
----------- ----------- ----------- ----------- ----------------
Total Investment Income 1,185,503 557,586 415,283 280,861 2,439,233
Realized Gain on the Sale and
Distribution of Investments 5,762,623 4,073,109 1,683,902 $ 902,731 12,422,365
Change in Unrealized Appreciation /
(Depreciation) of Investments (1,120,062) 2,101,885 190,847 59,661 1,232,331
----------- ----------- ----------- ----------- ---------- ----------------
Total Fund Income 5,828,064 557,586 6,590,277 2,155,610 962,392 16,093,929
----------- ----------- ----------- ----------- ---------- ----------------
Contributions:
By employees 2,412,796 471,898 1,852,912 923,992 767,585 6,429,183
By participating employer, net
of forfeitures of $123,219 2,484,237 2,484,237
Employee rollover 24,758 16,649 68,648 18,292 29,081 157,428
----------- ----------- ----------- ----------- ---------- ----------------
Total Contributions 4,921,791 488,547 1,921,560 942,284 796,666 9,070,848
----------- ----------- ----------- ----------- ---------- ----------------
Cash Transferred between Funds (3,085,533) 1,564,894 779,085 362,848 378,706 --
----------- ----------- ----------- ----------- ---------- ----------------
Total Increase in Plan Equity 7,664,322 2,611,027 9,290,922 3,460,742 2,137,764 25,164,777
Decreases in Plan Equity Attributed
to Withdrawals (9,055,260) (1,618,954) (2,964,851) (1,687,007) (376,595) (15,702,667)
----------- ----------- ----------- ----------- ---------- ----------------
Net increase/(decrease) in Plan Equity (1,390,938) 992,073 6,326,071 1,773,735 1,761,169 9,462,110
Plan Equity at Beginning of Period 80,545,241 9,012,752 20,585,082 10,482,942 4,505,875 125,131,892
----------- ----------- ----------- ----------- ---------- ----------------
Plan Equity at End of Period $79,154,303 $10,004,825 $26,911,153 $12,256,677 $6,267,044 $ 134,594,002
=========== =========== =========== =========== ========== ================
See accompanying Notes to Financial Statements.
F-4
H.B. FULLER COMPANY THRIFT PLAN
Statement of Changes in Net Assets Available for Benefits, With Fund Information
Two Months Ended December 31, 1996
Fund Information
------------------------------------------------------------------
Company Money Small
Common Market Index Balanced Company
Stock Fund Fund Fund Fund Growth Fund Total
----------- ---------- ----------- ----------- ------------ ------------
Investment Income:
Dividends $ 285,005 $ 271,843 $ 556,848
Interest $ 2,056 $ 76,244 78,300
----------- ---------- ----------- ----------- ------------
Total Investment Income 2,056 76,244 285,005 271,843 635,148
Realized Gain on the Sale and
Distribution of Investments 654,595 514,636 447,455 $ 496,371 2,113,057
Change in Unrealized Appreciation /
(Depreciation) of Investments 8,392,205 239,840 (353,679) (236,559) 8,041,807
----------- ---------- ----------- ----------- ---------- ------------
Total Fund Income 9,048,856 76,244 1,039,481 365,619 259,812 10,790,012
----------- ---------- ----------- ----------- ---------- ------------
Contributions:
By employees 432,312 74,239 294,008 148,976 110,860 1,060,395
By participating employer 363,989 363,989
Employee rollover 3,098 1,354 7,494 9 -- 11,955
----------- ---------- ----------- ----------- ---------- ------------
Total Contributions 799,399 75,593 301,502 148,985 110,860 1,436,339
----------- ---------- ----------- ----------- ---------- ------------
Cash Transferred between Funds (1,497,890) 1,276,072 (237,828) 316,366 143,280 --
----------- ---------- ----------- ----------- ---------- ------------
Total Increase in Plan Equity 8,350,365 1,427,909 1,103,155 830,970 513,952 12,226,351
Decreases in Plan Equity Attributed
to Withdrawals (582,745) (129,860) (313,958) (17,175) (51,095) (1,094,833)
----------- ---------- ----------- ----------- ---------- ------------
Net increase in Plan Equity 7,767,620 1,298,049 789,197 813,795 462,857 11,131,518
Plan Equity at Beginning of Period 72,777,621 7,714,703 19,795,885 9,669,147 4,043,018 114,000,374
----------- ---------- ----------- ----------- ---------- ------------
Plan Equity at End of Period $80,545,241 $9,012,752 $20,585,082 $10,482,942 $4,505,875 $125,131,892
=========== ========== =========== =========== ========== ============
See accompanying Notes to Financial Statements.
F-5
H.B. FULLER COMPANY THRIFT PLAN
Statement of Changes in Net Assets Available for Benefits, With Fund Information
Year Ended October 31, 1996
Fund Information
------------------------------------------------------------------
Company Money Small
Common Market Index Balanced Company
Stock Fund Fund Fund Fund Growth Fund Total
----------- ----------- ----------- ---------- ------------- ------------
Investment Income:
Dividends $ 1,141,463 $ 238,396 $ 205,629 $ 1,585,488
Interest 11,801 $ 378,183 389,984
----------- ----------- ----------- ---------- ------------
Total Investment Income 1,153,264 378,183 238,396 205,629 1,975,472
Realized Gain on the Sale and
Distribution of Investments 1,515,165 799,508 503,528 $ 166,739 2,984,940
Change in Unrealized Appreciation /
(Depreciation) of Investments 16,560,915 2,625,012 568,792 153,401 19,908,120
----------- ----------- ----------- ---------- ---------- ------------
Total Fund Income 19,229,344 378,183 3,662,916 1,277,949 320,140 24,868,532
----------- ----------- ----------- ---------- ---------- ------------
Contributions:
By employees 3,029,227 525,706 1,738,354 875,913 526,483 6,695,683
By participating employer, net
of forfeitures of $77,373 2,739,869 2,739,869
Employee rollover 23,738 155,098 52,661 33,802 37,314 302,613
----------- ----------- ----------- ---------- ---------- ------------
Total Contributions 5,792,834 680,804 1,791,015 909,715 563,797 9,738,165
----------- ----------- ----------- ---------- ---------- ------------
Cash Transferred between Funds (3,772,736) 860,403 852,842 (273,335) 2,332,826 --
----------- ----------- ----------- ---------- ---------- ------------
Total Increase in Plan Equity 21,249,442 1,919,390 6,306,773 1,914,329 3,216,763 34,606,697
Decreases in Plan Equity Attributed
to Withdrawals (3,336,682) (1,368,576) (1,577,373) (779,781) (108,423) (7,170,835)
----------- ----------- ----------- ---------- ---------- ------------
Net increase/(decrease) in Plan Equity 17,912,760 550,814 4,729,400 1,134,548 3,108,340 27,435,862
Plan Equity at Beginning of Period 54,864,861 7,163,889 15,066,485 8,534,599 934,678 86,564,512
----------- ----------- ----------- ---------- ---------- ------------
Plan Equity at End of Period $72,777,621 $ 7,714,703 $19,795,885 $9,669,147 $4,043,018 $114,000,374
=========== =========== =========== ========== ========== ============
See accompanying Notes to Financial Statements.
F-6
H.B. FULLER COMPANY THRIFT PLAN
Notes to Financial Statements
(1) Summary of Significant Accounting Policies
------------------------------------------
The accompanying financial statements are presented on the accrual basis of
accounting in accordance with generally accepted accounting principles.
The fair values of the H.B. Fuller Thrift Plan (the Plan) investments in common
stock of the participating employer are based on published quotations. The fair
values of investments in securities of unaffiliated issuers are based on fair
values supplied by the Trustee (Norwest Bank). Realized gains or losses reflect
all differences between sales proceeds and historical cost of units sold, on an
average cost basis. Securities transactions are recorded on the trade date.
H.B. Fuller Company (the Employer) pays or reimburses participants for all
administrative costs and investment fees.
(2) Change in Plan Year
-------------------
The Plan was amended effective December 31, 1996 to change the fiscal year of
the Plan from November/October to January/December. Plan results for the two-
month period, November - December 1996, are shown separately in the accompanying
financial statements.
(3) Summary Description of the Plan
-------------------------------
H.B. Fuller Company full-time employees are eligible to participate in the Plan
after six months of employment; part-time employees are eligible after twelve
months. To become a participant in the Plan, an employee must agree to make
contributions equal to 1% of pre-tax compensation up to a maximum of 9% of pre-
tax compensation for highly compensated participants and 15% for non-highly
compensated participants. In 1997, a participant could elect to contribute up
to a limit of $9,500.
The Company makes contributions to employees' accounts by matching 100% of an
employee's contributions, up to 3% of the employee's compensation. A
participant's contribution may be invested in any combination of the following
investment funds: Company Common Stock Fund, Money Market Fund, Index Fund (S&P
500), Small Company Growth Fund and Balanced Fund. A participant's investment
option for past and future contributions can be changed daily, by calling the
Trustee's on-line customer services.
The number of participants in each fund was as follows: 12/31/97 12/31/96
-------- --------
Company Common Stock Fund 1,738 1,885
Money Market Fund 557 642
Index Fund 1,110 1,141
Balanced Fund 699 729
Small Company Growth Fund 522 456
A participant's voluntary contribution percentage amount can be changed or
suspended once a month, by calling the Trustee's on-line service prior to month-
end. Suspensions must be made for a minimum of six months. Employer
contributions to the Plan cease during the suspension period.
F-7
H.B. FULLER COMPANY THRIFT PLAN
Notes to Financial Statements
Participants' contributions are fully vested. Employer contributions become
fully vested after five years of service or upon age 65, permanent and total
disability or death. Participants who terminate employment with H.B. Fuller
Company forfeit the non-vested portion of the Company's contribution to their
accounts. Amounts forfeited are used to reduce subsequent Company contributions.
Benefits payable to a participant are based upon the fair market value of the
vested portion of the participant's account on the valuation date immediately
preceding the time for payment. Payment occurs no later than the earlier of (a)
the sixtieth day following the close of the Plan year during which there occurs
the later of the date the participant terminates employment, and the
participant's normal retirement date; and (b) April 1 of the calendar year
following the calendar year during which the participant attains age 70 1/2.
The amount of benefit paid will be 100% of the portion of the account
attributable to the participant's own contributions and, if the participant is
vested, the portion of the account attributable to the Company's matching
contributions. Distribution of a participant's account is made in a lump sum.
The investment in the Company Common Stock Fund can be withdrawn in the form of
stock at the option of Plan participants.
Although it has no intention to do so, H.B. Fuller Company may, at any time, by
action of its Board of Directors, terminate the Plan or discontinue
contributions. Upon termination or discontinuance of contributions, all
Employer contribution amounts in participant accounts will become fully vested.
(4) Unrealized Appreciation (Depreciation) of Investments
-----------------------------------------------------
The unrealized appreciation (depreciation) of investments was as follows:
COMPANY SMALL CO
COMMON BALANCED GROWTH
STOCK FUND INDEX FUND FUND FUND TOTAL
-------------- --------------- -------------- -------------- ---------------
Unrealized apprec/(deprec)
at October 31, 1995 $12,976,990 $2,839,584 $1,181,565 $ (31,792) $16,966,347
Change during the year
ended October 31, 1996 16,560,915 2,625,012 568,792 153,401 19,908,120
----------- ---------- ---------- --------- -----------
Unrealized appreciation at
October 31, 1996 29,537,905 5,464,596 1,750,357 121,609 36,874,467
Change during the
two-month period
ended Dec 31, 1996 8,392,205 239,840 (353,679) (236,559) 8,041,807
----------- ---------- ---------- --------- -----------
Unrealized apprec/(deprec)
at December 31, 1996 37,930,110 5,704,436 1,396,678 (114,950) 44,916,274
Change during the year
ended December 31, 1997 (1,120,062) 2,101,885 190,847 59,661 1,232,331
----------- ---------- ---------- --------- -----------
Unrealized apprec/(deprec)
at December 31, 1997 $36,810,048 $7,806,321 $1,587,525 $ (55,289) $46,148,605
=========== ========== ========== ========= ===========
F-8
H.B. FULLER COMPANY THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
(5) Realized Gains
--------------
Realized gains and (losses) on the sale and distribution of investments were as
follows:
COMPANY SMALL CO
COMMON BALANCED GROWTH
STOCK FUND INDEX FUND FUND FUND Total
----------- ---------- ---------- ---------- -----------
1997:
Aggregate proceeds $20,307,448 $7,600,204 $6,242,608 $3,330,412 $37,480,672
Aggregate average cost 14,544,825 3,527,095 4,558,706 2,427,681 25,058,307
----------- ---------- ---------- ---------- -----------
Realized gain $ 5,762,623 $4,073,109 $1,683,902 $ 902,731 $12,422,365
=========== ========== ========== ========== ===========
Nov - Dec, 1996:
Aggregate proceeds $ 2,918,971 $ 988,652 $ 637,617 $ 809,818 $ 5,355,058
Aggregate average cost 2,264,376 474,016 190,162 313,447 3,242,001
----------- ---------- ---------- ---------- -----------
Realized gain $ 654,595 $ 514,636 $ 447,455 $ 496,371 $ 2,113,057
=========== ========== ========== ========== ===========
1996:
Aggregate proceeds $12,340,177 $2,954,531 $2,391,111 $1,781,449 $19,467,268
Aggregate average cost 10,825,012 2,155,023 1,887,583 1,614,710 16,482,328
----------- ---------- ---------- ---------- -----------
Realized gain $ 1,515,165 $ 799,508 $ 503,528 $ 166,739 $ 2,984,940
=========== ========== ========== ========== ===========
Realized gains in 1997 include $2,178,503 from the distribution of assets with a
market value of $5,884,367 to the EFTEC Savings Plan, a newly formed trust
administered by a joint venture of the Company.
(6) Income Taxes
------------
The Plan is qualified under Section 401(a) and 401(k) and is exempt from federal
income taxation under Section 501(a) of the Internal Revenue code of 1986, as
amended.
A participant is not subject to federal income taxes on the pre-tax
contribution, on the Company's matching contribution, or on the earnings of the
account until a withdrawal is made or distribution is received from the account.
During employment, a participant is entitled to make a withdrawal from the
account upon showing financial hardship.
The Plan has been revised to meet the requirements for qualification under the
1986 revisions to the Internal Revenue code. The Company submitted the Plan to
the IRS for approval during 1995 and received a favorable determination letter
on November 14, 1995.
F-9
Schedule 1
H.B. FULLER COMPANY THRIFT PLAN
Schedule of Investments Held
December 31, 1997
Identity of Issuer,
Borrower or Units/ Fair
Similar Party Description Shares Cost Value
- ------------------------ -------------------------------------- ---------------- -------------------- -------------------
Norwest Bank H.B. Fuller Common Stock Fund
Common Stock 1,594,083 $42,097,042 $78,907,090
Norwest Bank H.B. Fuller Common Stock Fund
Investment Fund 411,390 411,390 411,390
Norwest Bank H.B. Fuller Common Stock Fund
Cash - Non-Interest Bearing (42,712) (42,712) (42,712)
---------------- -------------------- -------------------
1,962,761 42,465,720 79,275,768
---------------- -------------------- -------------------
Norwest Bank Money Market Fund
Investment Fund 9,956,463 9,956,463 9,956,463
---------------- -------------------- -------------------
Norwest Bank Index Fund
Common Stock 656,799 19,142,159 26,948,480
Norwest Bank Index Fund
Cash - Non-Interest Bearing (37,327) (37,327) (37,327)
---------------- -------------------- -------------------
619,472 19,104,832 26,911,153
---------------- -------------------- -------------------
Norwest Bank Balanced Fund
Common Stock 476,355 10,669,094 12,256,619
Norwest Bank Balanced Fund
Cash - Non-Interest Bearing 58 58 58
---------------- -------------------- -------------------
476,413 10,669,152 12,256,677
---------------- -------------------- -------------------
Norwest Bank Small Company Growth Fund
Common Stock 194,438 6,360,926 6,305,637
Norwest Bank Small Company Growth Fund
Cash - Non-Interest Bearing (38,593) (38,593) (38,593)
---------------- -------------------- -------------------
155,845 6,322,333 6,267,044
---------------- -------------------- -------------------
Total Investments at End of Plan Year $88,518,500 $134,667,105
==================== ===================
Note: The above data is based upon information which has been certified as
complete and accurate by Norwest Bank.
F-10
Schedule 2
----------
H.B. FULLER COMPANY THRIFT PLAN
Schedule of Reportable Transactions*
Year ended December 31, 1997
5% of series of transactions by security issue:
Number of Total dollar amount
------------------ ----------------------------------------- Net gain
Security issue Purchases Sales Purchases Sales or (loss)
------------------------------- --------- ----- ------------------ ------------------- -----------------
H.B. Fuller Common Stock Fund,
Common Stock 121 37 $5,211,572 $7,379,664 $3,701,683
H.B. Fuller Common Stock Fund,
Investment Fund 105 130 $9,228,846 $8,973,721 $0
Money Market Fund,
Investment Fund 114 99 $9,002,811 $8,018,300 $0
Index Fund,
Common Stock 123 99 $7,760,573 $4,072,442 $1,462,164
Balanced Fund,
Common Stock 123 75 $6,204,538 $4,990,313 $949,464
Small Company Growth Fund,
Common Stock 126 65 $4,205,187 $2,441,880 $159,610
*Transactions or series of transactions in excess of 5% of the current value of
the Plan's assets as of December 31, 1997, as defined in Section 2520.103-6 of
the Department of Labor Rules and Regulations for Reporting and Disclosure
under ERISA.
Note: The above data is based upon information which has been certified as
complete and accurate by Norwest Bank.
Parties in Interest: Norwest Bank - Trustee; H.B. Fuller Company -
Administrator.
F-11
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
H. B. FULLER COMPANY THRIFT PLAN
H.B. Fuller Company
Dated: April 13, 1998 By: /S/ Todd Mestad
---------------
Todd Mestad
Director of Benefits
F-12
CONSENT OF INDEPENDENT ACCOUNTANTS
----------------------------------
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 2-73650) of H.B. Fuller Company of our report dated
March 17, 1998 appearing on page F-1 of this Form 11-K.
Price Waterhouse LLP
Minneapolis, Minnesota
April 8, 1998
E-1