SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
for the fiscal year ended December 31, 1994
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: 0-20473
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
FORT HOWARD CORPORATION PROFIT SHARING RETIREMENT PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Fort Howard Corporation
1919 South Broadway
Green Bay, Wisconsin 54304
FORT HOWARD CORPORATION PROFIT SHARING RETIREMENT PLAN
INDEX OF FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
Page
----
REPORT OF INDEPENDENT ACCOUNTANTS 3
FINANCIAL STATEMENTS AS OF DECEMBER 31, 1994 AND 1993 AND
FOR THE YEARS THEN ENDED:
Statements of Net Assets Available for Plan Benefits 4
Statements of Changes in Net Assets Available for Plan Benefits 6
Notes to Financial Statements 8
SUPPLEMENTAL SCHEDULES AS OF DECEMBER 31, 1994 AND FOR
THE YEAR THEN ENDED:
Schedule of Assets Held for Investment Purposes 13
Schedule of Reportable Transactions 14
2
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Employee Benefits Committee
of Fort Howard Corporation
Profit Sharing Retirement Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the Fort Howard Corporation Profit Sharing Retirement Plan (the
"Plan") as of December 31, 1994 and 1993, and the related statements of
changes in net assets available for plan benefits for the years then ended.
These financial statements and the schedules referred to below are the
responsibility of the Plan's administrative committee. Our responsibility is
to express an opinion on these financial statements and schedules 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 financial status of the Plan as of December 31,
1994 and 1993, and the changes in its financial status for the years then
ended, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules referred to
in the accompanying index are presented for purposes of additional analysis
and are not a required part of the basic financial statements, but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedules have 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.
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
May 11, 1995.
3
FORT HOWARD CORPORATION
-----------------------
PROFIT SHARING RETIREMENT PLAN
------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
---------------------------------------------------
AS OF DECEMBER 31, 1994
-----------------------
BIF STIF Total
------------ ---------- ------------
ASSETS:
Contributions receivable:
From Fort Howard Corporation $ 11,643,297 $ 856,703 $ 12,500,000
From participants 1,105,076 86,195 1,191,271
------------ ----------- ------------
Total contributions receivable 12,748,373 942,898 13,691,271
Accrued interest and dividends 878 34 912
Investments, at market value:
Investment in Master Trust (Note 4) 493,720,362 20,201,907 513,922,269
Investment in temporary fund 850 33 883
------------ ----------- ------------
Total investments 493,721,212 20,201,940 513,923,152
------------ ----------- ------------
Total assets 506,470,463 21,144,872 527,615,335
LIABILITIES:
Administrative expenses payable 135,327 4,038 139,365
------------ ----------- ------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $506,335,136 $21,140,834 $527,475,970
============ =========== ============
The accompanying notes are an integral part of these financial statements.
4
FORT HOWARD CORPORATION
-----------------------
PROFIT SHARING RETIREMENT PLAN
------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
---------------------------------------------------
AS OF DECEMBER 31, 1993
-----------------------
BIF STIF Total
------------ ---------- ------------
ASSETS:
Contributions receivable:
From Fort Howard Corporation $ 11,612,450 $ 887,550 $ 12,500,000
From participants 1,060,597 88,114 1,148,711
------------ ----------- ------------
Total contributions receivable 12,673,047 975,664 13,648,711
Investments, at market value:
Investment in Master Trust (Note 4) 482,025,957 19,222,135 501,248,092
Investment in temporary fund 1,051 43 1,094
------------ ----------- ------------
Total investments 482,027,008 19,222,178 501,249,186
------------ ----------- ------------
Total assets 494,700,055 20,197,842 514,897,897
LIABILITIES:
Administrative expenses payable 126,667 3,803 130,470
------------ ----------- ------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $494,573,388 $20,194,039 $514,767,427
============ =========== ============
The accompanying notes are an integral part of these financial statements.
5
FORT HOWARD CORPORATION
-----------------------
PROFIT SHARING RETIREMENT PLAN
------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
--------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1994
------------------------------------
BIF STIF Total
------------ ---------- ------------
ADDITIONS:
Contributions:
Fort Howard Corporation $ 11,643,297 $ 856,703 $ 12,500,000
Participants 12,287,472 947,831 13,235,303
------------ ----------- ------------
23,930,769 1,804,534 25,735,303
Net income from investments:
Interest and dividend income 28,798 1,128 29,926
Net income allocation from
Master Trust 1,868,075 808,753 2,676,828
------------ ----------- ------------
1,896,873 809,881 2,706,754
Total additions 25,827,642 2,614,415 28,442,057
DEDUCTIONS:
Distributions to participants 12,899,690 2,313,465 15,213,155
Administrative expenses 507,578 12,781 520,359
Transfers between BIF and STIF 658,626 (658,626) --
------------ ----------- ------------
14,065,894 1,667,620 15,733,514
Net additions 11,761,748 946,795 12,708,543
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 494,573,388 20,194,039 514,767,427
------------ ----------- ------------
End of year $506,335,136 $21,140,834 $527,475,970
============ =========== ============
The accompanying notes are an integral part of these financial statements.
6
FORT HOWARD CORPORATION
-----------------------
PROFIT SHARING RETIREMENT PLAN
------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
--------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1993
------------------------------------
BIF STIF Total
------------ ---------- ------------
ADDITIONS:
Contributions:
Fort Howard Corporation $ 11,612,450 $ 887,550 $ 12,500,000
Participants 11,468,783 992,374 12,461,157
------------ ----------- ------------
23,081,233 1,879,924 24,961,157
Net income from investments:
Interest and dividend income 18,202 858 19,060
Net income allocation from
Master Trust 53,754,715 639,672 54,394,387
------------ ----------- ------------
53,772,917 640,530 54,413,447
Total additions 76,854,150 2,520,454 79,374,604
DEDUCTIONS:
Distributions to participants 9,292,344 2,205,479 11,497,823
Administrative expenses 603,956 11,369 615,325
Transfers between BIF and STIF (2,643,207) 2,643,207 --
------------ ----------- ------------
7,253,093 4,860,055 12,113,148
Net additions 69,601,057 (2,339,601) 67,261,456
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 424,972,331 22,533,640 447,505,971
------------ ----------- ------------
End of year $494,573,388 $20,194,039 $514,767,427
============ =========== ============
The accompanying notes are an integral part of these financial statements.
7
FORT HOWARD CORPORATION
-----------------------
PROFIT SHARING RETIREMENT PLAN
------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1994 AND 1993
--------------------------
(1) Description of the Plan
-----------------------
The Fort Howard Corporation Profit Sharing Retirement Plan (the "Plan") was
adopted in 1951. All domestic employees of Fort Howard Corporation (the
"Company"), except for the employees of HAC Holding Corp. and its
subsidiaries, Ecosource Corp. and West Mason, Inc., are eligible to
participate in the Plan after one year of service as defined in the Plan.
The Plan is subject to the Employee Retirement Income Security Act of 1974
("ERISA"). A summary plan description is available from the Company.
Effective January 1, 1984, the Plan was amended and restated to be a profit
sharing plan of the type prescribed in Internal Revenue Code Section 401(k)
created by the Revenue Act of 1978. The Plan is funded by employee
contributions of deferred wages and employer contributions. Employee
contributions are voluntary, but may not exceed 8% of annual base pay as
defined in the Plan. The annual contribution by the employer is 10% of the
Company's adjusted pretax profits as defined in the Plan; however, the
Company contribution may not be more than 10% of the total participants'
earnings excluding goodwill and discretionary bonuses and any other special
or unusual compensation paid to employees for that year, nor may
contributions be made if the Company's net earnings are reduced below an
amount equal to 6% of the Company's net worth at the beginning of each
year. Not withstanding the amount of contribution, if any, determined by
the foregoing provisions, the Plan allows the Company's Board of Directors
to make a discretionary contribution. The Company made discretionary
contributions of $12,500,000 in 1994 and 1993.
Company contributions and forfeitures by participants are allocated to
participants' accounts pro rata based on the following percentages of the
total contributions and forfeitures as defined more fully in the Plan:
- 50% based upon the participant's deferred wage contributions made to the
Plan during the year.
- 25% based upon the participant's annual base pay paid during the year.
- 25% based upon the number of years of service of the participant.
The amounts of forfeitures that were reallocated to participants who were
active as of December 31, 1994 and 1993, were $162,646 and $179,103,
respectively.
8
Income from investments and trust administration expenses are allocated to
each participant's account according to pro rata shares of total
participants' equity.
Vesting of Company contributions and earnings thereon is at the rate of 20%
per year, after two years of service. Upon retirement or death, the entire
amount of a participant's account becomes nonforfeitable. Employee
contributions and earnings thereon are fully vested.
During a participant's active employment, withdrawals may be made of
employee contributions which were made prior to January 1, 1984, for the
following reasons: down payment on a home, mortgage reduction, higher
education for dependents, extraordinary medical expenses or other emergency
or serious unanticipated financial need. A participant's deferred wage
contributions made after January 1, 1984, may be withdrawn for an immediate
financial need created by a hardship if money is not reasonably available
from other resources of the employee.
Distribution of a participant's account can be made either in a lump sum or
in a series of installments, annually or more frequently, over a period not
to exceed a participant's and spouse's life expectancy. Determination of
the method and frequency of distribution is at the sole discretion of the
Advisory Committee after consultation with the participant. Participants'
equity includes $54,431,733 and $47,130,396 at December 31, 1994 and 1993,
respectively, of distributions due to inactive participants.
The Company has appointed Mellon Bank, N.A. as Trustee of the Plan. It is
the Trustee's responsibility to accept and hold all contributions to the
Plan, invest all Plan assets as instructed by the Company and provide
accounting for all assets, principal and income.
The Trustee currently maintains two investment funds, the Balanced
Investment Fund ("BIF") and the Short-Term Investment Fund ("STIF"). The
objective of the BIF is to invest profit sharing assets in a diversified
group of securities including stocks, bonds, short-term money market
instruments and real estate. The objective of the STIF is preservation of
principal value and; therefore, its investments are composed of high grade
money market instruments having maturities of less than one year, the
majority of which are due within 30 days. Employees may direct their
account balances between these funds; however, employees under age 50 may
not have more than 50% of their account balance invested in the STIF.
The Company may amend or terminate the Plan at any time. In the event of
termination of the Plan, each participant shall be fully vested in their
participant accounts.
(2) Income Tax Status
-----------------
The Company has received a determination letter from the Internal Revenue
Service dated April 9, 1991, indicating that the plan, as amended through
April 29, 1991, meets the requirements for exemption from Federal income
taxes under the Internal Revenue Code. The Plan was subsequently amended
during 1993. The Company does not believe this amendment will affect the
tax exempt status of the Plan.
9
(3) Accounting Principles
---------------------
Investments are valued at fair market value as determined by the Trustee.
Market value is based upon the last sales price reported by the national
securities exchange on which the issue is traded, or if no sale was
reported, the latest bid price is used. Securities which are traded over-
the-counter are valued at the bid price; short-term money market accounts
and guaranteed insurance contracts are stated at the principal amounts; and
the institutional real estate fund is stated at the value per unit used for
the purposes of admission and withdrawal at the valuation date.
The "Investment in temporary fund" on the Plan's Statement of Net Assets
Available for Plan Benefits is a money market fund investment. The Plan
invests excess cash in the money market fund until it is distributed or
placed in the Fort Howard Combined Manager Master Trust (the "Master
Trust").
Investment manager fees and broker commissions are paid by the Master Trust
and recorded as a reduction of the net income allocation from the Master
Trust. Administrative expenses, including administrative service fees,
trust fees, legal fees, accounting fees and other miscellaneous expenses,
are paid by the Plan.
(4) Master Trust Participation
--------------------------
The Harmon Assoc., Corp. Profit Sharing Plan assets are combined with the
Fort Howard Corporation Profit Sharing Plan assets in the Fort Howard
Combined Manager Master Trust. Harmon Assoc., Corp. is a wholly owned
subsidiary of Fort Howard Corporation.
The net assets held in the Master Trust for the Plan as of December 31,
1994 and 1993, at market value are:
1994
----------------------------------------
BIF STIF Total
------------ ---------- ------------
Cash $ 31,035 $ -- $ 31,035
Receivables 6,540,406 34,772 6,575,178
Investments:
U.S. government securities 80,384,367 -- 80,384,367
Corporate debt 52,320,532 -- 52,320,532
Corporate stock 268,175,926 -- 268,175,926
Value of interest in pooled funds 87,210,737 22,820,029 110,030,766
Other investments 3,756,682 -- 3,756,682
------------ ----------- ------------
Total investments 491,848,244 22,820,029 514,668,273
------------ ----------- ------------
Total assets 498,419,685 22,854,801 521,274,486
Less Liabilities (2,048,411) (727) (2,049,138)
------------ ----------- ------------
Net assets 496,371,274 22,854,074 519,225,348
Less Assets held for Harmon Assoc., Corp.
Profit Sharing Retirement Plan (2,650,912) (2,652,167) (5,303,079)
------------ ----------- ------------
$493,720,362 $20,201,907 $513,922,269
============ =========== ============
10
1993
----------------------------------------
BIF STIF Total
------------ ---------- ------------
Cash $ 32,422 $ -- $ 32,422
Receivables 8,269,637 6,675 8,276,312
Investments:
U.S. government securities 74,471,140 -- 74,471,140
Corporate debt 51,226,096 -- 51,226,096
Corporate stock 259,754,559 -- 259,754,559
Value of interest in pooled funds 86,182,860 21,646,443 107,829,303
Other investments 10,321,691 -- 10,321,691
------------ ----------- ------------
Total investments 481,956,346 21,646,443 503,602,789
------------ ----------- ------------
Total assets 490,258,405 21,653,118 511,911,523
Less Liabilities (5,776,131) (218) (5,776,349)
------------ ----------- ------------
Net assets 484,482,274 21,652,900 506,135,174
Less Assets held for Harmon Assoc., Corp.
Profit Sharing Retirement Plan (2,456,317) (2,430,765) (4,887,082)
------------ ----------- ------------
$482,025,957 $19,222,135 $501,248,092
============ =========== ============
The following summarizes the value of interest in pooled funds, at market
value, as of December 31, 1994 and 1993:
1994
----------------------------------------
BIF STIF Total
------------ ---------- -------------
Employee Benefits Temporary
Investment Fund $61,083,092 $22,820,029 $ 83,903,121
International Equity Fund 21,995,951 -- 21,995,951
Real Estate Fund 4,131,694 -- 4,131,694
----------- ----------- ------------
Total interest in pooled fund $87,210,737 $22,820,029 $110,030,766
=========== =========== ============
1993
----------------------------------------
BIF STIF Total
------------ ---------- -------------
Employee Benefits Temporary
Investment Fund $59,757,870 $21,646,443 $ 81,404,313
International Equity Fund 21,238,098 -- 21,238,098
Real Estate Fund 5,186,892 -- 5,186,892
----------- ----------- ------------
Total interest in pooled fund $86,182,860 $21,646,443 $107,829,303
=========== =========== ============
11
The investment income, realized and unrealized gains or losses on investments
and other expenses have been allocated by the Trustee to the plans based upon
the percentage of Plan assets to total Master Trust assets. The following
summarizes the net income earned by the Master Trust for the years ended
December 31, 1994 and 1993:
1994
----------------------------------------
BIF STIF Total
------------ ---------- -------------
Interest and dividend income $19,723,307 $941,507 $20,664,814
Net realized and unrealized gain
(loss) (15,728,257) -- (15,728,257)
Fees and commissions (2,117,234) (26,366) (2,143,600)
----------- -------- -----------
Net income 1,877,816 915,141 2,792,957
Less-Net income allocated to:
Harmon Assoc., Corp. Profit Sharing
Retirement Plan (9,741) (106,388) (116,129)
----------- -------- -----------
$ 1,868,075 $808,753 $ 2,676,828
=========== ======== ===========
1993
----------------------------------------
BIF STIF Total
------------ ---------- -------------
Interest and dividend income $17,696,256 $754,101 $18,450,357
Net realized and unrealized gain
(loss) 38,346,001 -- 38,346,001
Fees and commissions (2,042,859) (29,769) (2,072,628)
----------- -------- -----------
Net income 53,999,398 724,332 54,723,730
Less-Net income allocated to:
Harmon Assoc., Corp. Profit Sharing
Retirement Plan (244,683) (84,660) (329,343)
----------- -------- -----------
$53,754,715 $639,672 $54,394,387
=========== ======== ===========
The Master Trust's investment managers charge the Master Trust a commission
for the services they provide.
12
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
Face Value or Description of Rate Historic Current ERISA Income
No. of Shares Investment Cost Value Cost Accrued
- ------------- -------------- ---- -------- ------- ----- -------
Receivables
-----------
Income 912.59 912.59 0.00 912.59
------ ------ ---- ------
Receivables 912.59 912.59 0.00 912.59
General Investments
-------------------
Interest-Bearing
Cash
882.79 EB Temporary
------ Investment Fund .057 882.79 882.79 882.79 912.59
------ ------ ------ ------
882.79 Interest-bearing
Cash 882.79 882.79 882.79 912.59
Int in Certain
Investment
Arrangements
Value of Interest
in Master Trusts
Fort Howard Fund A
243,409,255.347 Master Trust 481,856,516.89 494,708,141.58 0.00 0.00
Fort Howard Fund B
12,203,671.235 Master Trust 19,753,400.52 19,753,400.85 0.00 0.00
-------------- ------------- ------------- ------ ------
Value of Interest
255,612,926.582 in Master Trusts 501,609,917.41 514,461,542.43 0.00 0.00
- --------------- -------------- -------------- ---- ----
Int in Certain
Investment
255,612,926.582 Arrangements 501,609,917.41 514,461,542.43 0.00 0.00
- --------------- -------------- -------------- ------ ------
255,613,809.372 General Investments 501,610,800.20 514,462,425.22 882.79 912.59
Payables
--------
Short Term Fund
Investment Fee 19.19- 19.19- 0.00
----- ----- ----
Payables 19.19- 19.19- 0.00
- --------------- -------------- -------------- ------
255,613,809.372 TOTAL FUND 501,611,693.60 514,463,318.62 882.79
13
SCHEDULE OF REPORTABLE TRANSACTIONS
5% Identity of Price Price Cost of Current Date
Ind Party (Buys) (Sales) Asset Value
Involved
- --- ----------- ------ ------- ------- ------- ----
EB Temporary Investment Fund
----------------------------
Mellon Bank N A 1.00 .22 .22 01/05/94
Mellon Bank N A 1.00 .73 .73 01/12/94
* Mellon Bank N A 1.00 1,148,711.56 1,148,711.56 01/20/94
* Mellon Bank N A 1.00 2,830.58 2,830.58 01/21/94
* Mellon Bank N A 1.00 357.98 357.98 01/26/94
* Mellon Bank N A 1.00 1,149,804.76 1,149,804.76 01/31/94
* Mellon Bank N A 1.00 754.37 754.37 02/02/94
* Mellon Bank N A 1.00 195.88 195.88 02/03/94
Mellon Bank N A 1.00 .79 .79 02/10/94
* Mellon Bank N A 1.00 1,050,539.15 1,050,539.15 02/11/94
Mellon Bank N A 1.00 .10 .10 02/14/94
* Mellon Bank N A 1.00 354.92 354.92 02/17/94
* Mellon Bank N A 1.00 632.76 632.76 02/24/94
* Mellon Bank N A 1.00 738.97 738.97 03/03/94
* Mellon Bank N A 1.00 1,051,863.19 1,051,863.19 03/07/94
* Mellon Bank N A 1.00 356.06 356.06 03/08/94
* Mellon Bank N A 1.00 553.19 553.19 03/10/94
* Mellon Bank N A 1.00 154.57 154.57 03/11/94
* Mellon Bank N A 1.00 991,479.40 991,479.40 03/14/94
* Mellon Bank N A 1.00 12,318.21 12,318.21 03/15/94
* Mellon Bank N A 1.00 81.06 81.06 03/17/94
* Mellon Bank N A 1.00 619.08 619.08 03/24/94
* Mellon Bank N A 1.00 982,908.20 982,908.20 03/31/94
* Mellon Bank N A 1.00 180.24 180.24 04/05/94
Mellon Bank N A 1.00 1.50 1.50 04/12/94
* Mellon Bank N A 1.00 1,334,565.67 1,334,565.67 04/18/94
Mellon Bank N A 1.00 1.77 1.77 04/19/94
* Mellon Bank N A 1.00 391.49 391.49 04/26/94
* Mellon Bank N A 1.00 1,336,997.32 1,336,997.32 04/30/94
* Mellon Bank N A 1.00 1,017.48 1,017.48 05/03/94
Mellon Bank N A 1.00 .09 .09 05/04/94
Mellon Bank N A 1.00 14.96 14.96 05/10/94
Mellon Bank N A 1.00 .49 .49 05/11/94
* Mellon Bank N A 1.00 990,125.37 990,125.37 05/12/94
* Mellon Bank N A 1.00 2,079.73 2,079.73 05/13/94
* Mellon Bank N A 1.00 410.58 410.58 05/18/94
* Mellon Bank N A 1.00 895.75 895.75 05/25/94
* Mellon Bank N A 1.00 988,625.35 988,625.35 06/02/94
* Mellon Bank N A 1.00 331.69 331.69 06/03/94
* Mellon Bank N A 1.00 1,011,544.75 1,011,544.75 06/09/94
* Mellon Bank N A 1.00 623.91 623.91 06/10/94
* Mellon Bank N A 1.00 663.40 663.40 06/16/94
* Mellon Bank N A 1.00 2,079.73 2,079.73 06/23/94
* Mellon Bank N A 1.00 783.67 783.67 06/24/94
* Mellon Bank N A 1.00 778.99 778.99 07/05/94
* Mellon Bank N A 1.00 227.21 227.21 07/06/94
* Mellon Bank N A 1.00 792.02 792.02 07/12/94
* Mellon Bank N A 1.00 996,597.13 996,597.13 07/18/84
* Mellon Bank N A 1.00 2,645.70 2,645.70 07/19/94
* Mellon Bank N A 1.00 2,079.73 2,079.73 07/25/94
* - Single 5% transaction
14
SCHEDULE OF REPORTABLE TRANSACTIONS (Continued)
5% Identity of Price Price Cost of Current Date
Ind Party (Buys) (Sales) Asset Value
Involved
- --- ----------- ------ ------- ------- ------- ----
EB Temporary Investment Fund
----------------------------
* Mellon Bank N A 1.00 1,278.17 1,278.17 07/26/94
* Mellon Bank N A 1.00 1,664.02 1,664.02 08/02/94
* Mellon Bank N A 1.00 1,760,882.71 1,760,882.71 08/03/94
* Mellon Bank N A 1.00 253,307.38 253,307.38 08/10/94
* Mellon Bank N A 1.00 65.10 65.10 08/17/94
* Mellon Bank N A 1.00 1,124,301.21 1,124,301.21 08/18/94
* Mellon Bank N A 1.00 557.74 557.74 08/24/94
* Mellon Bank N A 1.00 980.89 980.89 08/31/94
* Mellon Bank N A 1.00 1,129,136.99 1,129,136.99 09/06/94
Mellon Bank N A 1.00 18.87 18.87 09/07/94
Mellon Bank N A 1.00 18.87 18.87 09/08/94
* Mellon Bank N A 1.00 708.36 708.36 09/12/94
* Mellon Bank N A 1.00 951,021.47 951,021.47 09/19/94
* Mellon Bank N A 1.00 362.43 362.43 09/26/94
* Mellon Bank N A 1.00 952,845.21 952,845.21 10/04/94
* Mellon Bank N A 1.00 245.40 245.40 10/05/94
* Mellon Bank N A 1.00 1,369,398.88 1,369,398.88 10/14/94
* Mellon Bank N A 1.00 179.43 179.43 10/19/94
* Mellon Bank N A 1.00 1,251.97 1,251.97 10/26/94
* Mellon Bank N A 1.00 1,371,183.73 1,371,183.73 10/28/94
* Mellon Bank N A 1.00 1,088.34 1,088.34 11/02/94
Mellon Bank N A 1.00 .72 .72 11/03/94
Mellon Bank N A 1.00 2.56 2.56 11/10/94
* Mellon Bank N A 1.00 980,012.60 980,012.60 11/15/94
Mellon Bank N A 1.00 2.71 2.71 11/17/94
* Mellon Bank N A 1.00 968.05 968.05 11/25/94
* Mellon Bank N A 1.00 982,903.58 982,903.58 12/01/94
* Mellon Bank N A 1.00 990.79 990.79 12/02/94
* Mellon Bank N A 1.00 289.26 289.26 12/05/94
* Mellon Bank N A 1.00 225.00 225.00 12/09/94
Mellon Bank N A 1.00 2.01 2.01 12/12/94
* Mellon Bank N A 1.00 225.00 225.00 12/13/94
* Mellon Bank N A 1.00 969,886.82 969,886.82 12/16/94
Mellon Bank N A 1.00 2.48 2.48 12/19/94
* Mellon Bank N A 1.00 878.31 878.31 12/27/94
* Mellon Bank N A 1.00 972,140.19 972,140.19 12/28/94
Total of 19 Sales 12,949,474.82 12,949,474.82
Total of 67 Purchases 12,949,263.88 12,949,263.88
------------- -------------
Summary Total 25,898,738.70 25,898,738.70
* - Single 5% transaction
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this
Annual Report to be signed on its behalf by the undersigned hereunto duly
authorized.
FORT HOWARD CORPORATION PROFIT
SHARING RETIREMENT PLAN
Date: December 29, 1995 By: /s/ James W. Nellen II
----------------- ----------------------------
Name: James W. Nellen II
Title: Investment Advisory
Board Member
16