VISKASE CORPORATION SAVE PROGRAM
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
AND
REPORT OF INDEPENDENT ACCOUNTANTS
VISKASE CORPORATION SAVE PROGRAM
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
Page(s)
Report of Independent Accountants 1-2
Financial Statements:
Statement of Net Assets Available for Plan Benefits,
December 31, 1995 and 1994 3-4
Statement of Changes in Net Assets Available
for Plan Benefits, for the years ended
December 31, 1995 and 1994 5-6
Notes to Financial Statements 7-12
Supplemental Schedules: 13-19
Schedule of Assets Held for Investment Purposes,
December 31, 1995 - Item 27(a), Form 5500 (Unaudited)
Schedule of Reportable Transactions, for the year ended
December 31, 1995 - Item 27(d), Form 5500 (Unaudited)
Note: Supplemental schedules required by the Employee Retirement Income
Security Act of 1974 that have not been included herein are not
applicable to the Viskase Corporation SAVE Program.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Compensation and Benefits Committee
Viskase Corporation SAVE Program
We have audited the accompanying statements of net assets available for
benefits of Viskase Corporation SAVE Program (the Plan) as of December 31,
1995 and 1994, and the related statement of changes in net 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.
Except as explained in the following paragraph, 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.
As permitted by 29 CFR 2520.103-8 of the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974, the Plan Administrator instructed us not to perform,
and we did not perform, any auditing procedures for the Plan's 1994 financial
statements with respect to the information summarized in Note 4, which was
certified by The Northern Trust Company, trustee of the Plan, except for
comparing such information with the related information included in the
financial statements. We have been informed by the Plan Administrator that
the trustee holds the Plan's investment assets and executes investment
transactions. The Plan Administrator has obtained a certification from the
trustee as of and for the year ended December 31, 1994 that the information
provided to the Plan Administrator by the trustee is complete and accurate.
Because of the significance of the information that we did not audit, we are
unable to, and do not, express an opinion on the Plan's financial statements
as of December 31, 1994 and for the year then ended. The form and content of
the information included in the 1994 financial statements other than that
derived from the information certified by the trustee, have been audited by
us and, in our opinion, are presented in compliance with the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974.
In our opinion, the financial statements, referred to above, of the Plan as
of December 31, 1995, and for the year then ended present fairly, in all
material respects, the net assets available for plan benefits of the Plan as
of December 31, 1995, and changes in net assets available for plan benefits
for the year then ended in conformity with generally accepted accounting
principles.
Our audit of the 1995 financial statements was performed for the purpose of
forming an opinion on the basic financial statements taken as a whole. The
supplemental schedules of Item (a), Schedule of Assets Held for Investment
Purposes, and Item 27(d), Schedule of Reportable Transactions, are presented
for the purpose of additional analysis and are not a required part of the
basic financial statements but are supplementary information required by the
Department for Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. The Fund
Information in the 1995 statement of net assets available for plan benefits
and the 1995 statement of changes in net assets available for plan 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 plan benefits of each fund. The supplemental schedules and Fund
Information 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.
Chicago, Illinois
May 31, 1996
<PAGE>
VISKASE CORPORATION SAVE PROGRAM
STATEMENT OF NET ASSETS AVAILABLE fOR PLAN BENEFITS with Fund Information
December 31, 1995
<TABLE>
<CAPTION>
Inter-
Fixed Equity Aggressive national Envirodyne Total
Income Investment Balanced Equity Equity Stock Loan December
Fund Fund Fund Fund Fund Fund Fund Other 31, 1995
----------- ----------- ---------- ---------- -------- --------- ---------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investments:
Short-term
investments $ 4,245,077 $ 15,272 $ 4,460 $ 5,589 $ 3,305 $ 962 $ 4,274,665
Insurance company
contracts 18,305,587 18,305,587
Value of interest
in registered
investment
company 14,357,393 12,277,866 2,564,022 1,396,484 788,616 31,384,381
Common stock 11,074 11,074
Loans to
participants $2,302,262 2,302,262
----------- ----------- ---------- ---------- -------- -------- ---------- -----------
36,908,057 12,293,138 2,568,482 1,402,073 791,921 12,036 2,302,262 56,277,969
----------- ----------- ---------- ---------- -------- -------- ---------- -----------
Receivables:
Investment income 1,501 93 25 89 31 7 1,746
Interfund receiv-
able (payable) 9,453 (83,028) 8,035 (23,887) 87,031 2,396
----------- ----------- ---------- ---------- -------- -------- -----------
10,954 (82,935) 8,060 (23,798) 87,062 2,403 1,746
Other $122,495 122,495
----------- ----------- ---------- ---------- -------- -------- ---------- -------- -----------
Net assets
available for
plan benefits $36,919,011 $12,210,203 $2,576,542 $1,378,275 $878,983 $ 14,439 $2,302,262 $122,495 $56,402,210
=========== =========== ========== ========== ======== ======== ========== ======== ===========
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
VISKASE CORPORATION SAVE PROGRAM
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1994
<TABLE>
<CAPTION>
Fixed Equity Total
Income Investment Balanced Loan December
Fund Fund Fund Fund 31, 1994
----------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Investments:
Short-term investments $ 507,182 $ 154,477 $ 54,887 $ 716,546
Corporate bonds 4,788,322 1,764,394 6,552,716
Insurance company contracts 31,570,072 31,570,072
Value of interest in
registered investment
company 9,400,852 9,400,852
Loans to participants $2,328,216 2,328,216
----------- ---------- ---------- ---------- -----------
36,865,576 9,555,329 1,819,281 2,328,216 50,568,402
----------- ---------- ---------- ---------- -----------
Receivables:
Participant contributions 20 20
Investment income 411 121 116 648
Interfund receivable (payable) 191,979 (188,156) (3,823)
----------- ---------- ---------- -----------
192,410 (188,035) (3,707) 668
---------- -----------
Cash 14 14
----------- ---------- ---------- ---------- -----------
Net assets available
for plan benefits $37,057,986 $9,367,294 $1,815,588 $2,328,216 $50,569,084
=========== ========== ========== ========== ===========
<FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
VISKASE CORPORATION SAVE PROGRAM
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
with Fund Information
for the year ended December 31, 1995
<TABLE>
<CAPTION>
Inter-
Fixed Equity Aggressive national Envirodyne Total
Income Investment Balanced Equity Equity Stock Loan December
Fund Fund Fund Fund Fund Fund Fund Other 31, 1995
----------- ----------- ---------- ---------- -------- --------- ---------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Interest income:
Short-term
investments $ 14,347 $ 1,656 $ 636 $ 989 $ 345 $ 11 $ 143,464 $ 161,448
Insurance
company's
contracts 2,156,380 2,156,380
----------- ----------- ---------- ---------- -------- -------- ---------- -----------
2,170,727 1,656 636 989 345 11 143,464 2,317,828
Net investment
gain from
interest in
registered
investment
companies 374,077 3,453,402 498,509 179,831 87,669 4,593,488
Net (depreciation)
in the fair
value of
investments (984) (984)
----------- ----------- ---------- ---------- -------- -------- ---------- -----------
2,544,804 3,455,058 499,145 180,820 88,014 (973) 143,464 6,910,332
----------- ----------- ---------- ---------- -------- -------- ---------- -----------
Contributions:
Participants 2,351,913 927,815 296,745 494,981 250,459 10,502 4,332,415
Employer 795,348 314,964 98,588 167,820 86,677 3,000 1,466,397
----------- ----------- ---------- ---------- -------- -------- ----------
3,147,261 1,242,779 395,333 662,801 337,136 13,502 5,798,812
----------- ----------- ---------- ---------- -------- -------- ---------- ----------
Interfund transfers (573,359) (622,249) 175,598 541,960 497,109 1,910 (143,464) $122,495
Participant loan
payments received 752,587 284,371 47,609 57,175 30,062 (1,171,804)
----------- ----------- ---------- ---------- -------- -------- ---------- --------
179,228 (337,878) 223,207 599,135 527,171 1,910 (1,315,268) 122,495
----------- ----------- ---------- ---------- -------- -------- ---------- --------
Deductions:
Benefit payments 5,150,635 1,290,451 302,437 57,990 61,013 6,862,526
Administrative
expenses 13,493 13,493
Loans to
participants 846,141 226,599 54,294 6,491 12,325 (1,145,850)
----------- ----------- ---------- ---------- -------- ---------- -----------
6,010,269 1,517,050 356,731 64,481 73,338 (1,145,850) 6,876,019
----------- ----------- ---------- ---------- -------- ---------- -----------
Net increase/
(decrease)
in net assets
available for
plan benefits (138,976) 2,842,909 760,954 1,378,275 878,983 14,439 (25,954) 122,495 5,833,125
Net assets
available for
plan benefits,
beginning of year 37,057,986 9,367,294 1,815,588 2,328,216 50,569,084
----------- ----------- ---------- ---------- -------- -------- ---------- -------- -----------
Net assets
available for
plan benefits,
end of year $36,919,010 $12,210,203 $2,576,542 $1,378,275 $878,983 $14,439 $2,302,262 $122,495 $56,402,209
=========== =========== ========== ========== ======== ======== ========== ======== ===========
<FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
Viskase Corporation Save Program
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
for the year ended December 31, 1994
<TABLE>
<CAPTION>
Fixed Equity Total
Income Investment Balanced Loan December
Fund Fund Fund Fund 31, 1994
----------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Additions:
Interest income:
Short-term investments $ 3,818 $ 875 $ 553 $ 100,861 $ 106,107
Insurance company's
contracts 2,250,151 2,250,151
----------- ---------- ---------- ---------- -----------
2,253,969 875 553 100,861 2,356,258
Dividends 304,494 304,494
Net appreciation
(depreciation)
in the fair value of
investments 232,264 (406,509) 11,794 (162,451)
----------- ---------- ---------- ---------- -----------
2,486,233 (101,140) 12,347 100,861 2,498,301
----------- ---------- ---------- ---------- -----------
Contributions:
Participants 2,693,395 1,200,791 276,571 4,170,757
Employer 921,421 415,217 97,836 1,434,474
----------- ---------- ---------- -----------
3,614,816 1,616,008 374,407 5,605,231
----------- ---------- ---------- -----------
Interfund transfers 220,235 (24,843) (94,531) (100,861)
Participant loan
payments received 467,158 260,983 44,582 (772,723)
Other receipts (disbursements) (1,359) (1,359)
----------- ---------- ---------- ---------- -----------
686,034 236,140 (49,949) (873,584) (1,359)
----------- ---------- ---------- ---------- -----------
Deductions:
Benefit payments 2,401,604 228,768 127,399 2,757,771
Administrative expenses 14,199 14,199
Loans to participants 997,205 526,062 61,058 (1,584,325)
----------- ---------- ---------- ---------- -----------
3,413,008 754,830 188,457 (1,584,325) 2,771,970
----------- ---------- ---------- ---------- -----------
Net increase in net assets
available for plan benefits 3,374,075 996,178 148,348 811,602 5,330,203
Net assets available for
plan benefits,
beginning of year 33,683,911 8,371,116 1,667,240 1,516,614 45,238,881
----------- ---------- ---------- ---------- -----------
Net assets available for
plan benefits,
end of year $37,057,986 $9,367,294 $1,815,588 $2,328,216 $50,569,084
=========== ========== ========== ========== ===========
<FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
VISKASE CORPORATION SAVE PROGRAM
NOTES TO FINANCIAL STATEMENTS
1. Description of the Plan
The following description of the Plan provides only general
information. Participants should refer to the Plan agreement for a
more complete description of the Plan's provisions.
A. General
The Plan is a defined contribution plan established to provide
deferred compensation benefits to eligible employees. Under the
Plan, all of the employees of Viskase Corporation ("Employer") who
have met the eligibility requirements may elect to participate in
the Plan. Employees who are covered by a collective bargaining
agreement will be eligible only if their participation is provided
for in the agreement. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA).
B. Participation
Regular full-time employees may become Plan members upon
employment.
C. Contributions
Participating employees make before-tax contributions to the Plan
of 1% to 6% of their regular pay. Participants who contribute at
least 6% may contribute up to an additional 10% on a before or
after-tax basis. Employer contributions to the Plan are equal to
50% of the participant's contributions up to 6% of regular pay.
Employee before-tax and after-tax contributions in excess of 6% of
the participant's compensation are not eligible to receive Employer
matching contributions.
The Internal Revenue Service limits the dollar amount a participant
can contribute to the Plan in any year on a before-tax basis. All
contributions to the Plan are also subject to the nondiscrimination
tests of the Internal Revenue Code which may also limit the
contributions that may be made to the Plan.
D. Vesting
Participant contributions plus the earnings thereon are always
fully vested. Vesting in the Employer contributions and the
earnings thereon is based on years of credited service. A
participant is 100% vested after three years of credited service.
If a participant voluntarily leaves before completing 3 years of
credited service, contributions made by the Employer and earnings
thereon will be forfeited. If a participant attains age 65, or
becomes permanently and totally disabled, dies, or is terminated by
the Employer for reasons other than cause, the full value of the
Employer contribution account becomes immediately vested and is
nonforfeitable.
E. Payment of Benefits
On termination of service, participants with account balances in
excess of $3,500 may elect to either receive a lump-sum amount or
defer payment until any date up to the plan year in which the
participant attains age 65. Participants who terminate employment
with account balances less than or equal to $3,500 are to receive a
lump-sum payment. Participants may choose to make a direct
rollover to another qualified plan or to an Individual Retirement
Account (IRA). Spouse beneficiaries may make a direct rollover to
an IRA. Non-spouse beneficiaries may not make a direct rollover to
an IRA. A participant who receives a lump sum payment may choose
to receive payment of his account invested in the Envirodyne Stock
Fund in the form of whole shares of common stock with fractional
shares paid in cash. Certain employees may receive installment
payments under the Plan. Payment to any participant must be made
no later than the April 1 following the year he reaches 70-1/2,
even if he has not retired.
F. Participant Loans
Loans up to specified amounts are available to all participants.
Each loan must be evidenced by the participant's collateral
promissory note with interest at a rate commensurate with the
interest rates being charged by area banking business for loans
made under similar circumstances. The period for repayment of the
loan cannot exceed five years from the date of the loan, unless the
loan is for purchase of a principal residence in which case, the
repayment period cannot exceed ten years.
G. Withdrawals While Employed
The Plan permits participants to make withdrawals while they are
employed. The Plan sets out the limits and priority of any
withdrawal. The Plan permits hardship of before-tax contributions
in accordance with Internal Revenue Code requirements.
H. Forfeitures
Forfeitures of a terminated participant are required to be held by
the Plan pending the participant's possible return to employment
and reinstatement in the Plan. If reinstatement does not occur by
the end of the year following the year during which the participant
terminated his/her employment, such forfeitures are reallocated to
the remaining participants' accounts in proportion to the
allocation of Employer matching contributions.
I. Allocation of Investment Earnings
Investment earnings of an investment fund are allocated to
individual participant accounts based on the ratio of an employee's
year-to-date contributions to that fund to the total of all
contributions made for the plan year to that fund.
2. Summary of Significant Accounting Policies
The financial statements are presented in accordance with generally
accepted accounting principles. The following is a summary of
significant accounting policies of the Plan.
Investments
The Plan reports investments, other than insurance company contracts,
at fair value. Mutual funds and common stocks are stated at the quoted
market price on the last business day of the year. Short-term
investments are stated at cost which approximates market value. The
investment contracts are stated at contract value, which represents
contributions made under the contracts, plus accrued interest at the
current contract rates, less funds withdrawn.
The contract value of the investment contracts approximates fair value.
The average yield for the years ended December 31, 1995 and 1994 and
crediting interest rate at December 31, 1995 and 1994 for each of the
insurance company contracts is summarized below
1995 1994
------------------- -------------------
Average Crediting Average Crediting
Yield Interest Yield Interest
Rate Rate
Canada Life Insurance
Company group annuity
contract, due 2/14/00 7.82% 7.82%
Hartford GA Insurance
Company group annuity
contract, due 2/7/98 7.50% 7.50%
Metropolitan Life Insurance
Company group annuity
contract,
open maturity date 7.25% 7.25% 7.25% 7.25%
New York Life Insurance
Company group annuity
contract, due 12/31/96 7.05% 7.05% 6.80% 6.54%
John Hancock Insurance
Company group annuity
contract, due 12/31/95 8.16% 8.05%
Provident National
Insurance Company
guaranteed investment
contract, due 12/31/94 7.63% 7.75%
Dividend income is recorded on the ex-dividend date. Income from other
investments is recorded as earned on an accrual basis.
Investment transactions are reflected on a trade-date basis. Realized
gains or losses on sales of securities are based on average cost. In
accordance with the policy of stating investments at fair value, the
change in net unrealized appreciation or depreciation on investments
for the year is included in the statements of changes in net assets
available for plan benefits.
The Plan presents in the statements of changes in net assets the net
appreciation (depreciation) in the fair value of its investments which
consists of the realized gains or losses and the unrealized
appreciation (depreciation) on investments.
The investment held by the Plan other than interests in registered
investment companies that represents 5 percent or more of the Plan's
net assets at December 31, 1995 is the Metropolitan Life Insurance
Company group annuity contract whose market value is $12,207,224.
Administration Expenses
Expenses of the Plan, other than brokerage commissions which are
included in the cost of the investments, were paid by the Employer in
1995 and 1994. Although the Employer has elected to pay these
expenses, it is not obligated to do so. If the Employer ceases to pay
all or part of these expenses in the future, they will be paid by the
Plan.
Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ
from those estimates.
3. Investment Program
The plan provides for investment election alternatives which allow
participants to invest their contributions in six different funds.
Participants may change their investment election during any calendar
month as provided by the Plan agreement. The fund options are as
follows.
Fixed Income Fund - The assets of the Fixed Income Fund are
- -----------------
invested in investment contracts from a variety of high-quality
issuers, primarily insurance carriers ranked "AA" or better by the
national rating agencies. The objective of the fund is to provide
stable returns and to preserve the principle investment.
Equity Investment Fund - The assets of the Equity Investment Fund
- ----------------------
are exclusively invested in the Vanguard Windsor II Mutual Fund
which invests primarily in common stocks which are believed to be
undervalued by the market at the time of purchase. The fund seeks
to provide long-term growth of capital and income.
Balanced Fund - The assets of the Balanced Fund are exclusively
- -------------
invested in the American Balanced Fund which invests in a broadly
diversified portfolio of securities, including common stocks,
preferred stocks, corporate bonds or U.S. government securities and
cash. The objective of the fund is to preserve capital and provide
current income while seeking long-term growth of both capital and
income.
Aggressive Equity Fund - The assets of the Aggressive Equity fund
- ----------------------
are exclusively invested in the Twentieth Century Ultra Mutual Fund
which invests primarily in common stock of companies with
accelerating earnings and revenues. The fund seeks to provide
capital growth over time.
International Equity Fund - The assets of the International Equity
- -------------------------
Fund are exclusively invested in the American Europacific Growth
Fund which invests in stocks of companies based outside the United
States. The objective of the fund is to achieve long-term capital
appreciation through international diversification.
Envirodyne Stock Fund - The assets of the Envirodyne Stock Fund are
- ---------------------
exclusively invested in Envirodyne Industries, Inc. common stock.
Only new contributions may be invested in this Fund. No amount in
another Fund may be transferred to this Fund.
At December 31, 1995 and 1994, there were 1,977 and 1,940
participants, respectively, invested in one or more of the Plan's
investment funds. Employer contributions are invested in the
investment funds to which the participants contribute. Set forth
below is the number of participants investing in each fund:
1995 1994
----- -----
Fixed Income Fund 1,816 1,804
Equity Investment Fund 873 841
Balanced Fund 424 352
Aggressive Equity Fund 237
International Equity Fund 316
Envirodyne Stock Fund 59
4. Federal Income Tax Status
The Internal Revenue Service has determined and informed the
Employer by a letter dated April 10, 1995, that the Plan, and
related trust, as then designed, are in compliance with the
applicable sections of the Internal Revenue Code (Code). The Plan
has subsequently been amended. However, the Plan administrator
believes the Plan is designed and operated in accordance with the
applicable sections of the Code.
5. Plan Termination
The Employer reserves the right to alter, amend or terminate the
Plan. In the event of Plan termination, Plan accounts will become
fully vested and participants will be entitiled to a distribution.
Presently, there is no intention on the part of the Employer to
terminate the Plan.
6. Reconciliation of Net Assets
Available for Plan Benefits to Form 5500
The difference between the total net assets available for plan
benefits on Form 5500 and the financial statements on pages 2 and 4
at December 31, 1995 is a payable to participants of $907,043 and
other unallocated items of $122,495.
<PAGE>
SUPPLEMENTAL SCHEDULES
- ----------------------
<TABLE>
00-08970 VISKASE CORPORATION - SAVE PLAN DECEMBER 29, 1995
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES - ITEM 27a
----------------------------------------------------------
<CAPTION>
IDENTITY OF ISSUE, BORROWER, PAR CURRENT
LESSOR OR SIMILAR PARTY VALUE COST VALUE
- --------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
NON-INTEREST BEARING CASH
=========================
CASH 0.00 0.00
TOTAL NON-INTEREST BEARING CASH 0.00 0.00
RECEIVABLES - OTHER
===================
PROCEEDS FROM PENDING SALE 0.00 0.00
COST OF PENDING PURCHASES 0.00 0.00
TOTAL RECEIVABLES - OTHER 0.00 0.00
INTEREST BEARING CASH
=====================
CF CONTINENTAL SHORT TERM INVESTORS 2,000,065.66 2,000,065.66 2,000,065.66
MONEY MARKET FUND I
COLTV SHORT TERM INVT FD 2,253,905.01 2,253,905.01 2,253,905.01
INVESTED CASH
COLTV SHORT TERM INVT FD 15,271.70 15,271.70 15,271.70
INVESTED CASH
COLTV SHORT TERM INVT FD 4,460.47 4,460.47 4,460.47
INVESTED CASH
TOTAL INTEREST BEARING CASH 4,273,702.84 4,273,702.84
OTHER LOANS
===========
** VARIOUS LOANS TO PARTICIPANTS ** 2,302,262.02 2,302,262.02 2,302,262.02
TOTAL OTHER LOANS 2,302,262.02 2,302,262.02
INTEREST IN REGISTERED INVESTMENT CO.
====================================
CF CONTINENTAL BANK GIC FUND 860,588.34 15,884,883.42 14,357,393.21
MFO AMERICAN BALANCED FUND, INC., 181,202.96 2,284,258.66 2,564,021.88
CAPITAL STOCK, $1 PAR OPEN END FUND
MFO EUROPACIFIC GROWTH FUND OPEN END 34,094.92 731,086.86 788,615.50
FUND
MFO TWENTIETH CENTURY INVESTORS INC., 53,484.65 1,282,594.02 1,396,484.21
ULTRA SHARES, $1 PAR OPEN END FUND
MFO VANGUARD / WINDSOR FD INC VANGUARD / 594,281.99 9,637,011.31 12,277,865.91
WINDSOR II PORTFOLIO OPEN END FUND
TOTAL INTEREST IN REGISTERED INVESTMENT CO. 27,819,834.27 31,384,380.71
INSURANCE COMPANY GENERAL ACCOUNT
=================================
CANADA LIFE CONTRACT 45862 2,136,475.40 2,136,475.40 2,136,475.40
7.82% DUE 2/14/00
HARTFORD GA-10285 2,133,450.09 2,133,450.09 2,133,450.09
7.50%, 2/7/98
METROPOLITAN LIFE INS GAC-8739-9 12,207,223.54 12,207,223.54 12,207,223.54
7.25% OPEN DUE DATE
NEW YORK LIFE INS CO. #6464 7.05% 1,828,438.22 1,828,438.22 1,828,438.22
DUE 12/31/96
TOTAL INSURANCE COMPANY GENERAL ACCOUNT 18,305,587.25 18,305,587.25
TOTAL ASSETS 52,701,386.38 56,265,932.82
</TABLE>
<PAGE>
<TABLE>
00-08970 VISKASE CORPORATION - SAVE PLAN DECEMBER 29, 1995
SCHEDULE OF REPORTABLE 5% TRANSACTIONS
12-30-94 THROUGH 12-29-95
----------------------------------------------------------
<CAPTION>
AVERAGE
PURCHASE OR TRANSACTION COST OF CURRENT NET GAIN
DESCRIPTION OF ASSET SALE PRICE EXPENSE ASSET VALUE OF ASSET OR (LOSS) TURNOVER
-------------------- ------------ ----------- ------------- -------------- -------------- --------
($) ($) ($) ($) ($) (%)
<S> <C> <C> <C> <C> <C> <C>
TRANSACTIONS BY ISSUE
- ---------------------
MFO AMER BALANCE FD INC
CAP OPEN END FD
200,702.93 SHR BOUGHT IN 39 TRANSACTIONS 12.582 2,525,307.38 2,525,307.38 4.99
19,499.97 SHR SOLD IN 11 TRANSACTIONS 13.554 241,048.72 264,301.53 23,252.81 0.52
------------- ----------- ------
2,789,608.91 23,252.81 5.51
============= =========== ======
MFO VANGUARD / WINDSOR FD INC VANGUARD /
WINDSOR II PORTFOLIO OPEN END FD
108,918.16 UNITS BOUGHT IN 37 TRANS 19.186 2,089,747.83 2,089,747.83 4.13
108,874.66 UNITS SOLD IN 13 TRANSACTIONS 17.953 1,705,893.45 1,954,599.46 248,706.01 3.87
------------- ----------- ------
4,044,347.29 248,706.01 8.00
============= =========== ======
COLTV SHORT TERM INVT FD
14,141,806.12 INCREASES ON 244 DAYS 14,141,806.12 14,141,806.12 27.97
12,395,083.15 DECREASES ON 110 DAYS 12,395,083.15 12,395,083.15 0.00 24.51
------------- ----------- ------
26,536,889.27 0.00 52.48
============= =========== ======
COLTV SHORT TERM INVT FD
2,130,705.59 INCREASES ON 78 DAYS 2,130,715.59 2,130,705.59 4.21
2,269,911.07 DECREASES ON 49 DAYS 2,269,911.07 2,269,911.07 0.00 4.49
------------- ----------- ------
4,400,616.66 0.00 8.70
============= =========== ======
CF CONTL BNK GIC FD
822,281.95 UNITS BOUGHT IN 14 TRANS 16.326 13,424,675.21 13,424,675.21 26.55
267,734.95 UNITS SOLD IN 4 TRANSACTIONS 15.794 4,062,696.84 4,228,593.01 165,896.17 8.36
------------- ----------- ------
17,653,268.22 165,896.17 34.91
============= =========== ======
CF CONTL SHORT TERM INVESTORS MONEY MKT
FD I
16,569,815.29 UNITS BOUGHT IN 18 TRANS 1.000 16,569,815.29 16,569,815.29 32.77
14,569,749.64 UNITS SOLD IN 11 TRANS 1.000 14,569,749.64 14,569,749.64 0.00 28.81
------------- ----------- ------
31,139,564.93 0.00 61.58
============= =========== ======
METROPOLITAN LIFE INS GAC-8739-9
7.25% OPEN DUE DATE
1,587,802.08 CV BOUGHT IN 12 TRANS 1.000 1,587,802.08 1,587,802.08 3.14
13,241,628.70 CV SOLD IN 9 TRANSACTIONS 1.000 13,241,628.70 13,241,628.70 0.00 26.19
------------- ----------- ------
14,829,430.78 0.00 29.33
============= =========== ======
JOHN HANCOCK INSURANCE CO. GAC #5846
RATE 8.27% DUE 12-31-95
165,836.60 CV BOUGHT IN 12 TRANSACTIONS 1.000 165,836.60 165,836.60 0.33
2,440,185.79 CV SOLD IN 17 TRANSACTIONS 1.000 2,440,185.79 2,440,185.79 0.00 4.83
------------- ----------- ------
2,606,022.39 0.00 5.16
============= =========== ======
PROVIDENT NATIONAL GIC #027-04968
RATE 7.75% DUE 12-31-94
1,502.07 CV BOUGHT ON 01-06-95 1.000 1,502.07 1,502.07 0.00
3,378,217.08 CV SOLD ON 01-03-95 1.000 3,378,217.08 3,378,217.08 0.00 6.68
------------- ----------- ------
3,379,719.15 0.00 6.68
============= =========== ======
<FN>
NOTE: TURNOVER % BASED ON THE 12-30-94 VALUE (EXCLUDING
ACCRUALS AND PENDING TRANSACTIONS) OF $50,568,417.00.
</TABLE>
TRANSACTIONS BY BROKER
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NO REPORTABLE TRANSACTIONS OCCURRED WITH ANY ONE BROKER
