<PAGE> 1
================================================================================
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, 1993
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission file number 0-14190................................................
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
DREYER'S GRAND ICE CREAM, INC.
5929 COLLEGE AVENUE
OAKLAND, CA 94618
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<PAGE> 2
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the Dreyer's Grand Ice Cream, Inc. Savings Plan Administrative
Committee has duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
DREYER'S GRAND ICE CREAM, INC.
SAVINGS PLAN
Date: November 10, 1994 By: /s/ William C. Collett
------------------------------------
William C. Collett
Member of Dreyer's Grand Ice Cream, Inc.
Savings Plan Administrative Committee,
as Plan Administrator
By: /s/ Jeffrey R. Shields
------------------------------------
Jeffrey R. Shields
Member of Dreyer's Grand Ice Cream, Inc.
Savings Plan Administrative Committee,
as Plan Administrator
<PAGE> 3
Dreyer's Grand
Ice Cream, Inc.
Savings Plan
Financial Statements and Additional Information
at December 31, 1993 and 1992
and for the year ended December 31, 1993
<PAGE> 4
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
- - - --------------------------------------------------------------------------------
Page
REPORT OF INDEPENDENT ACCOUNTANTS 1-2
FINANCIAL STATEMENTS:
Statement of Net Assets Available for Plan Benefits, with Fund
Information, at December 31, 1993 and 1992 3-4
Statement of Changes in Net Assets Available for Plan Benefits,
with Fund Information, for the year ended December 31, 1993 5
Notes to Financial Statements 6-9
ADDITIONAL INFORMATION:
Schedule I - Assets Held for Investment at December 31, 1993 10-16
Schedule V - Series of Transactions During the Year Ended
December 31, 1993 in Excess of 5% of the Current Value of
Plan Assets at January 1, 1993 17
Note: Schedules II, III and IV are not presented, as they are not
applicable.
<PAGE> 5
Report of Independent Accountants
To the Participants and Administrative
Committee of the
Dreyer's Grand Ice Cream, Inc.
Savings Plan
We have audited the accompanying statements of net assets available for plan
benefits, with fund information, of the Dreyer's Grand Ice Cream, Inc. Savings
Plan (the Plan) as of December 31, 1993 and 1992, and the related statement of
changes in net assets available for plan benefits, with fund information, for
the year ended December 31, 1993. 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 audit.
We conducted our audit 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 audit provides a reasonable basis
for our opinion.
In our report dated September 26, 1994, we were unable to, and did not, express
an opinion on the 1993 and 1992 financial statements because, at the
instruction of the plan administrator, we did not perform any auditing
procedures with respect to the Plan's investment information certified by the
Plan's trustee and summarized in Note 3 of those financial statements.
Subsequently, the plan administrator instructed us to perform, and we did
perform, an audit of the accompanying financial statements in accordance with
generally accepted auditing standards and, accordingly, we are now able to
express an opinion on these financial statements.
In our opinion, the financial statements referred to in the first paragraph of
this report present fairly, in all material respects, the net assets available
for plan benefits, with fund information, as of December 31, 1993 and 1992 and
the changes in net assets available for plan benefits, with fund information,
for the year ended December 31, 1993 in conformity with generally accepted
accounting principles.
1
<PAGE> 6
To the Participants and Administrative
Committee of the
Dreyer's Grand Ice Cream, Inc.
Savings Plan
Page 2
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information included in schedules
I and V 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
plan benefits and the 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 the 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 audit 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.
/s/ PRICE WATERHOUSE LLP
_____________________
PRICE WATERHOUSE LLP
San Francisco, California
November 9, 1994
2
<PAGE> 7
Dreyer's Grand Ice Cream, Inc. Savings Plan
<TABLE>
<CAPTION>
Statement of Net Assets Available for Plan Benefits, with Fund Information, at
December 31, 1993
- - - -----------------------------------------------------------------------------------------------------
Low Risk Balanced Equity Loan
Fund Fund Fund Fund
Information Information Information Information Total
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value:
Corporate debt instruments $ 650,928 $ 745,020 $ 1,395,948
Common stock $ 500,894 1,955,912 4,969,650 7,426,456
Interest in pooled funds 2,205,100 202,800 193,200 2,601,100
U.S. government securities 826,791 1,329,911 720,554 2,877,256
Participant loans $605,772 605,772
---------- ---------- ---------- -------- -----------
3,532,785 4,139,551 6,628,424 605,772 14,906,532
Contributions receivable:
Employee 32,383 42,468 54,658 129,509
Employer 186,051 227,080 393,408 806,539
Other receivables 22,524 22,524
Cash 78 43 66 187
---------- ---------- ---------- -------- -----------
3,773,821 4,409,142 7,076,556 605,772 15,865,291
LIABILITIES
Other liabilities (8,444) (14,080) (22,524)
---------- ---------- ---------- -------- -----------
Net assets available for
Plan benefits $3,773,821 $4,400,698 $7,062,476 $605,772 $15,842,767
========== ========== ========== ======== ===========
</TABLE>
See accompanying notes to financial statements.
- 3 -
<PAGE> 8
<TABLE>
<CAPTION>
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION, AT DECEMBER 31, 1992
- - - ---------------------------------------------------------------------------------------------------------------------------------
Low Risk Balanced Equity Loan
Fund Fund Fund Fund
Information Information Information Information Total
ASSETS
<S> <C> <C> <C> <C> <C>
Investments at fair value:
Corporate debt instruments $ 351,770 $ 403,281 $ 755,051
Common stock $ 470,038 1,957,068 3,582,200 6,009,306
Interest in pooled funds 1,376,800 143,600 132,300 1,652,700
U.S. government securities 973,860 1,176,054 769,442 2,919,356
Participant loans $446,069 446,069
---------- ---------- ---------- -------- -----------
2,820,698 3,628,492 4,887,223 446,069 11,782,482
Contributions receivable:
Employee 29,428 35,001 48,548 112,977
Employer 173,397 191,823 310,961 676,181
Other receivables 179,782 3,053 7,871 190,706
Cash 131 65 78 274
---------- ---------- ---------- -------- -----------
3,203,436 3,858,434 5,254,681 446,069 12,762,620
LIABILITIES
Other liabilities 73,346 39,605 11,432 124,383
---------- ---------- ---------- -------- -----------
Net assets available for
Plan benefits $3,203,436 $3,785,088 $5,215,076 $434,637 $12,638,237
========== ========== ========== ======== ===========
</TABLE>
See accompanying notes to financial statements.
- 4 -
<PAGE> 9
Dreyer's Grand Ice Cream, Inc. Savings Plan
<TABLE>
<CAPTION>
Statement of Changes in Net Assets Available for Plan Benefits, with Fund Information, for the Year Ended December 31, 1993
- - - ------------------------------------------------------------------------------------------------------------------------------------
Low Risk Balanced Equity Loan
Fund Fund Fund Fund
Information Information Information Information Total
<S> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income:
Interest $ 121,350 $ 122,370 $ 110,722 $ 40,576 $ 395,018
Dividends 9,889 38,570 86,915 135,374
Realized and unrealized
gains (losses) (20,322) (7,642) 57,774 29,810
---------- ---------- ---------- -------- ----------
110,917 153,298 255,411 40,576 560,202
Contributions:
Employee 638,271 776,195 1,246,636 2,661,102
Employer 186,051 227,080 393,408 806,539
Employee rollovers from
other qualified plans 239,156 47,700 43,109 329,965
---------- ---------- ---------- -------- ----------
Total additions 1,174,395 1,204,273 1,938,564 40,576 4,357,808
---------- ---------- ---------- -------- ----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefit payments 326,352 330,133 353,165 1,009,650
Administrative expenses 33,718 47,982 61,928 143,628
---------- ---------- ---------- -------- -----------
Total deduction 360,070 378,115 415,093 1,153,278
---------- ---------- ---------- -------- -----------
Net increase 814,325 826,158 1,523,471 40,576 3,204,530
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year 3,203,436 3,785,088 5,215,076 434,637 12,638,237
Transfers (243,940) (210,548) 323,929 130,559
---------- ---------- ---------- -------- -----------
End of year $3,773,821 $4,400,698 $7,062,476 $605,772 $15,842,767
========== ========== ========== ======== ===========
</TABLE>
See accompanying notes to financial statements.
- 5 -
<PAGE> 10
Dreyer's Grand Ice Cream, Inc. Savings Plan
Notes to Financial Statements
- - - --------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The following brief description of the Dreyer's Grand Ice Cream, Inc.
Savings Plan (the Plan) is provided for general informational purposes
only. Participants should refer to the Plan document for more complete
information.
GENERAL
The Plan is a defined contribution profit sharing plan containing a cash
or deferred arrangement described in Section 401(k) of the Internal
Revenue Code. The Plan benefits participating employees of Dreyer's Grand
Ice Cream, Inc. and its subsidiaries (the Company). The Plan is
administered by the Dreyer's Grand Ice Cream, Inc. Savings Plan
Administrative Committee (the Committee) and all investments and cash
are held by Imperial Trust Company (the Trustee). The Wyatt Company
provides record keeping and consultation services and an investment
manager provides investment advisory services. The Plan became effective
January 1, 1983 and is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
ELIGIBILITY
Individuals who are not employed under the terms of a collective
bargaining agreement are eligible to participate in the Plan on the next
"entry date" following their commencement date of employment. The entry
dates defined by the Plan are January 1 and July 1 of each calendar year.
EMPLOYEE CONTRIBUTIONS
In order to participate in the Plan, each participant is required to
contribute at least 2% of the compensation received from the Company;
however, any participant may elect to contribute an additional amount up
to 10% of the participant's compensation within the maximum allowable
amount permitted under the Internal Revenue Code. At all times,
participants will be fully vested in their contributions adjusted for
attributed income, gains, losses and expenses.
EMPLOYER CONTRIBUTIONS
The Plan provides that the Company may make discretionary employer
matching contributions, subject to approval by the Company's Board of
Directors. Discretionary employer matching contributions are made to
participants' accounts equal to a percentage of each eligible
participant's employee contribution. For eligible participants who have
ten years of service or more as of the last day of the Plan year, the
percentage of employee contributions matched is twice that of eligible
participants with fewer than ten years of service. An eligible
participant is defined as an eligible employee who was employed by the
Company during the Plan year or who retired, died or was disabled during
the Plan year.
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<PAGE> 11
Dreyer's Grand Ice Cream, Inc. Savings Plan
Notes to Financial Statements
- - - -------------------------------------------------------------------------------
ROLLOVER CONTRIBUTIONS
Subject to the terms of the Plan, the Committee may authorize the Plan
trustee to accept from any participant a rollover contribution from
another tax-qualified plan, provided the contribution is made within 60
days after receipt of the eligible rollover distribution by the
participant from such other tax-qualified plan. Amounts consisting of
after-tax employee contributions are not allowed as rollover
contributions. The Plan will establish and maintain separate accounts for
all rollover contributions. At all times, the participant will be fully
vested in his rollover account, adjusted for attributed income, gains,
losses and expenses. Cash benefits paid from rollover accounts will be
paid in the same manner as other benefits under the Plan.
PARTICIPANT ACCOUNT VALUATION
During 1993 and 1992, each participant's account was valued as of June 30
and December 31 of each calendar year with the current value as of
December 31 used for financial statement purposes. Effective July 1,
1994, each participant's account is valued quarterly as of March 31,
June 30, September 30 and December 31. The valuation is based on all
contributions, withdrawals, investment income, realized and unrealized
gains and losses since the previous valuation date.
PLAN BENEFITS
Upon retirement, death or permanent disability, participants are entitled
to an amount equal to 100% of their salary deferral, rollover and Company
accounts. In the event of termination prior to retirement, participants
will receive the final balances in their salary deferral and rollover
accounts plus the vested portion of the Company account to which they are
entitled.
A salary deferral account consists of the portion of a participant's
account attributable to the participant's employee contributions and the
related investment income; a rollover account consists of the portion of a
participant's account attributable to the participant's rollover
contributions and the related investment income; and a Company account
consists of the portion of a participant's account attributable to Company
contributions and the related investment income.
The Plan has a flexible investment policy in which the participant can
choose to invest his or her account balance in one or all of a variety of
investment funds. The participants' accounts are credited for the return
on their investment in proportion to their investment in the respective
fund within the Plan.
During 1993 and 1992, the Plan offered three investment options, a low-risk
fund, a balanced fund, and an equity fund. Effective July 1, 1994, the
Plan offers five investment options, a short-term investment fund, a
balanced fund, an equity fund, a Wells Fargo S&P 500 stock fund, and a
Dreyer's stock fund.
VESTING
After completion of two years of service, participants are entitled to
twenty percent (20%) of the final balance of their Company account. For
each full year of service thereafter, participants vest an additional
fifteen percent (15%) of their Company account. A participant earns one
year of service for each year commencing on or after January 1, 1976 in
which the participant has worked at least 1,000 hours. If a participant's
service is less than two years and ends before retirement, death, or
permanent disability, the entire Company account will be forfeited.
- 7 -
<PAGE> 12
Dreyer's Grand Ice Cream, Inc. Savings Plan
Notes to Financial Statements
- - - --------------------------------------------------------------------------------
PARTICIPANT LOANS
The Plan has a participant loan program as allowed by existing Plan
provisions. Participants may borrow a portion of their vested accounts,
subject to the terms set forth in the Plan and the limitations of the
Internal Revenue Code.
Participant loans, which bear interest at the prime rate plus 2%, are due
within five years and are secured by the participant's interest in the
balance of his or her account.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accompanying financial statements have been prepared using the accrual
method of accounting in accordance with generally accepted accounting
principles.
INVESTMENTS AND INVESTMENT INCOME
The Plan's assets are valued at the last quoted sales price on the last
business day of the Plan year. Realized gains or losses on investments
sold are recorded as the difference between the proceeds received upon
sale and the market value of the investments at the beginning of the year
or cost if acquired during the year. In accordance with the Plan's policy
of stating investments at market value, net unrealized appreciation or
depreciation for the period is included in the statement of changes in net
assets available for plan benefits in the period during which the market
value change occurs.
EXPENSES OF THE PLAN
The expenses incurred in the administration of the Plan are charged to the
Plan by the Trustee if they are not settled within 60 days by the Company.
3. PLAN TERMINATION
Although it has not expressed any intention to do so, the Company has the
right under the Plan to discontinue its contributions and to terminate the
Plan. In the event the Plan is terminated, participants' accounts shall
become nonforfeitable and the net assets shall be allocated to each
participant to provide benefits in accordance with the provisions of
Section 4044 of ERISA.
4. RECONCILIATION TO FORM 5500
The other receivable and other liability amounts presented in the December
31, 1993 statement of net assets available for plan benefits, with fund
information, are combined and presented as other receivables in the Plan's
1993 Form 5500 filing.
- 8 -
<PAGE> 13
Dreyer's Grand Ice Cream, Inc. Savings Plan
Notes to Financial Statements
- - - --------------------------------------------------------------------------------
Net assets allocable to terminated employees totaled $42,937 and $44 at
December 31, 1993 and 1992, respectively. These amounts have
been presented as liabilities of the Plan on the Plan's Form 5500 filing,
in accordance with the Form's instructions.
5. TAX STATUS OF THE PLAN
During 1986, the Committee received a favorable determination letter from
the Internal Revenue Service as to the qualified status of the Plan. The
Committee is of the opinion that the Plan, together with certain
amendments adopted subsequent to receipt of the determination letter,
continues to fulfill the requirements of a qualified Plan and that the
trust which forms a part of the Plan is not subject to tax. Accordingly,
no provision for federal or state income taxes has been provided.
- 9 -
<PAGE> 14
Dreyer's Grand Ice Cream, Inc.
Savings Plan
<TABLE>
<CAPTION>
Assets Held for Investment at December 31, 1993 Schedule I
- - - ----------------------------------------------------------------------------------------------------
Low Risk Fund
Number of
Shares or Cost of Current
Identity of Issue Description of Investment Face Value Asset Value
<S> <C> <C> <C> <C>
Common Stock
- - - ------------
Aflac Corp. Class A 380 $ 11,221 $ 10,830
Albertson's Class A 600 12,563 16,050
Allied Signal Inc. Class A 200 14,528 15,800
American Int'l Group Class A 150 12,882 13,163
Amer. Telephone & Telegraph Class A 300 15,689 15,750
Banc One Corp. Class A 440 17,102 17,215
Bausch & Lomb Class A 300 14,313 15,375
Cambell Soup Company Class A 450 17,048 18,450
Chubb Corporation Class A 150 11,223 11,681
Colgate Palmolive Company Class A 300 14,065 18,713
Consolidated Rail Inc. Class A 300 13,858 20,062
Cooper Tire & Rubber Co. Class A 300 4,500 7,500
Dillard Dept. Stores Class A 450 18,349 17,100
Echlin Incorporated Class A 440 14,558 14,630
Emerson Electric Company Class A 250 12,618 15,063
Ford Motor Company Class A 300 12,171 19,350
General Electric Company Class A 150 11,287 15,731
GTE Corporation Class A 300 9,038 10,500
Hannaford Bros. Co. Class A 400 7,928 8,600
Hanson, PLC, ADR Class A 700 13,261 14,000
Hershey Foods Class A 350 14,587 17,150
Household International Class A 300 11,803 9,787
J. C. Penny Company Class A 350 17,461 18,419
Kimberly Clark Corporation Class A 200 10,250 10,375
Newell Cos Inc. Class A 300 10,538 12,113
PepsiCo Incorporated Class A 400 12,395 16,350
Pitney Bowes Incorporated Class A 400 14,280 16,550
Primerica Corp. (DEL) Class A 400 16,669 15,550
Procter & Gamble Company Class A 250 13,054 14,250
State Str. Boston Corp. Class A 450 11,288 16,875
Telefonos De Mexico Class A 250 15,424 16,875
Torchmark Corp. Class A 250 8,104 11,250
Unifi Inc. Class A 500 12,894 13,437
Walgreen Co. Class A 400 13,882 16,350
---------- ----------
$ 440,831 $ 500,894
---------- ----------
Interest in Pooled Funds
- - - ------------------------
SEI Liquid Asset Trust Treasury portfolio 2,205,100 $2,205,100 $2,205,100
---------- ----------
</TABLE>
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<PAGE> 15
Dreyer's Grand Ice Cream, Inc.
Savings Plan
<TABLE>
<CAPTION>
Assets Held for Investment at December 31, 1993 Schedule I (continued)
- - - -------------------------------------------------------------------------------------------------------
Low Risk Fund
Number of
Shares or Cost of Current
Identity of Issue Description of Investment Face Value Asset Value
<S> <C> <C> <C> <C>
U.S.Government Securities
- - - -------------------------
FFCB Notes 5.100%, 3/10/98 100,000 $ 99,250 $ 100,100
U.S. Treasury Notes 7.625%, 12/31/94 700,000 713,562 726,691
DTD 12/31/90
---------- ----------
$ 812,812 $ 826,791
---------- ----------
Low Risk Fund Total $3,458,743 $3,532,785
========== ==========
</TABLE>
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<PAGE> 16
Dreyer's Grand Ice Cream, Inc.
Savings Plan
<TABLE>
<CAPTION>
Assets Held for Investment at December 31, 1993 Schedule I (continued)
- - - -------------------------------------------------------------------------------------------------------
Balanced Fund
Number of
Shares or Cost of Current
Identity of Issue Description of Investment Face Value Asset Value
<S> <C> <C> <C> <C>
Corporate Debt Instruments
- - - --------------------------
Dillard Dept. Stores Inc. 8.500%, 6/15/96 175,000 $174,016 $189,000
DTD 6/15/91
J. P. Morgan & Co. Inc. 7.625%, 11/15/98 275,000 298,606 298,920
DTD 11/15/91
Merrill Lynch & Co. Inc. 6.750%, 3/15/95 100,000 99,875 102,778
DTD 3/15/92
Phillip Morris Cos. Inc. 7.625%, 2/15/94 60,000 59,625 60,230
DTD 2/15/91 -------- --------
$632,122 $650,928
-------- --------
Common Stock
- - - ------------
Aflac Corp. Class A 1,500 $ 44,295 $ 42,750
Albertson's Class A 2,600 55,395 69,550
Allied Signal Inc. Class A 800 58,039 63,200
American Int'l Group Class A 600 51,555 52,650
Amer. Telephone & Telegraph Class A 1,300 68,378 68,250
Banc One Corp. Class A 1,900 71,556 74,338
Bausch & Lomb Class A 1,100 52,581 56,375
Cambell Soup Company Class A 1,700 64,086 69,700
Chubb Corporation Class A 600 44,892 46,725
Colgate Palmolive Company Class A 1,000 44,745 62,375
Consolidated Rail Inc. Class A 1,000 46,195 66,875
Cooper Tire & Rubber Co. Class A 1,000 15,000 25,000
Dillard Department Stores Class A 1,800 70,001 68,400
Echlin Incorporated Class A 1,900 62,799 63,175
Emerson Electric Company Class A 900 46,863 54,225
Ford Motor Company Class A 800 32,456 51,600
General Electric Company Class A 700 51,464 73,412
GTE Corporation Class A 1,000 30,125 35,000
Hannaford Bros. Co. Class A 1,900 37,658 40,850
Hanson, PLC, ADR Class A 3,000 56,835 60,000
Hershey Foods Class A 1,400 57,411 68,600
Household International Class A 1,000 39,343 32,625
J. C. Penny Company Class A 1,400 70,035 73,675
Kimberly Clark Corporation Class A 700 34,917 36,311
Newell Cos. Inc. Class A 1,400 49,175 56,525
PepsiCo Incorporated Class A 1,500 45,884 61,313
Pitney Bowes Incorporated Class A 1,600 48,356 66,200
Primerica Corp. (DEL) Class A 1,600 67,116 62,200
Procter & Gamble Company Class A 1,100 59,268 62,700
</TABLE>
- 12 -
<PAGE> 17
Dreyer's Grand Ice Cream, Inc.
Savings Plan
<TABLE>
<CAPTION>
Assets Held for Investment at December 31, 1993 Schedule I (continued)
- - - -------------------------------------------------------------------------------------------------------
Balanced Fund
Number of
Shares or Cost of Current
Identity of Issue Description of Investment Face Value Asset Value
<S> <C> <C>
State Str. Boston Corp. Class A 1,700 40,273 63,750
Telefonos De Mexico Class A 1,000 61,695 67,500
Torchmark Corp. Class A 1,000 32,416 45,000
Unifi Inc. Class A 2,000 51,857 53,750
Walgreen Co. Class A 1,500 48,425 61,313
---------- ----------
$1,711,089 $1,955,912
---------- ----------
Interest in Pooled Funds
- - - ------------------------
SEI Liquid Asset Trust Treasury portfolio 202,800 $ 202,800 $ 202,800
---------- ----------
U.S. Government Securities
- - - --------------------------
Fed. Home Loan Bank 5.040%, 8/20/98 200,000 $ 198,500 $ 199,750
DTD 8/20/93
Fed. Nat'l Mtg. Assn. 8.200%, 12/23/96 100,000 100,062 109,250
DTD 12/21/89
FFCB Notes 5.100%, 3/10/98 150,000 148,875 150,150
Internat'l Bk for Recon & Dev 8.590%, 9/15/94 150,000 153,562 155,150
U.S. Treasury Notes 9.000%, 5/15/98 70,000 73,041 80,675
U.S. Treasury Notes 7.250%, 11/15/96 200,000 201,875 214,312
U.S. Treasury Notes 6.375%, 6/30/97 400,000 398,988 420,624
DTD 6/30/92
---------- ----------
$1,274,903 $1,329,911
---------- ----------
Balanced Fund Total $3,820,914 $4,139,551
========== ==========
</TABLE>
- 13 -
<PAGE> 18
Dreyer's Grand Ice Cream, Inc.
Savings Plan
<TABLE>
<CAPTION>
Assets Held for Investment at December 31, 1993 Schedule I (continued)
- - - -------------------------------------------------------------------------------------------------------
Equity Fund
Number of
Shares or Cost of Current
Identity of Issue Description of Investment Face Value Assets Value
<S> <C> <C> <C> <C>
Corporate Debt Instruments
- - - --------------------------
BP Amer. Inc. 9.875%, 3/15/04 200,000 $230,468 $252,066
General Electric Cap. Corp. 8.750%, 5/21/07 150,000 171,540 180,883
GTE Southwest Inc. 6.540%, 12/01/05 200,000 200,000 201,063
Merrill Lynch & Co. Inc. 8.000%, 6/01/07 100,000 111,347 111,008
DTD 6/01/92 -------- --------
$713,355 $745,020
-------- --------
Common Stock
- - - ------------
Aflac Corp. Class A 3,600 $106,308 $102,600
Albertson's Class A 6,400 144,496 171,200
Allied Signal Inc. Class A 2,000 145,203 158,000
American Int'l Group Class A 2,000 173,869 175,500
Amer. Telephone & Telegraph Class A 3,100 165,763 162,750
Banc One Corp. Class A 4,400 164,295 172,150
Bausch & Lomb Class A 3,200 156,381 164,000
Cambell Soup Company Class A 4,200 163,315 172,200
Chubb Corporation Class A 1,600 122,312 124,600
Colgate Palmolive Company Class A 2,700 140,901 168,412
Consolidated Rail Inc. Class A 2,500 119,338 167,188
Cooper Tire & Rubber Co. Class A 2,300 34,500 57,500
Dillard Dept. Stores Class A 4,100 156,199 155,800
Echlin Incorporated Class A 4,600 152,069 152,950
Emerson Electric Company Class A 2,600 136,232 156,650
Ford Motor Company Class A 2,500 100,357 161,250
General Electric Company Class A 1,700 138,716 178,287
GTE Corporation Class A 3,300 110,020 115,500
Hannaford Bros. Co. Class A 4,400 88,608 94,600
Hanson, PLC, ADR Class A 8,000 151,560 160,000
Hershey Foods Class A 3,400 149,888 166,600
Household International Class A 3,000 118,029 97,875
J. C. Penny Company Class A 3,400 170,187 178,925
Kimberly Clark Corporation Class A 1,700 91,537 88,188
Newell Cos. Inc. Class A 2,500 87,796 100,937
PepsiCo Incorporated Class A 3,900 132,154 159,413
Pitney Bowes Incorporated Class A 4,000 135,310 165,500
Primerica Corp. (DEL) Class A 4,000 168,012 155,500
</TABLE>
- 14 -
<PAGE> 19
Dreyer's Grand Ice Cream, Inc.
Savings Plan
<TABLE>
<CAPTION>
Assets Held for Investment at December 31, 1993 Schedule I (continued)
- - - ---------------------------------------------------------------------------------------------------
Equity Fund
Number of
Shares or Cost of Current
Identity of Issue Description of Investment Face Value Asset Value
<S> <C> <C> <C> <C>
Procter & Gamble Company Class A 2,600 132,341 148,200
State Str. Boston Corp. Class A 4,100 114,447 153,750
Telefonos De Mexico Class A 2,500 154,238 168,750
Torchmark Corp. Class A 2,600 111,615 117,000
Unifi Inc. Class A 5,000 131,823 134,375
Walgreen Co. Class A 4,000 137,697 163,500
---------- ----------
$4,505,516 $4,969,650
---------- ----------
Interest in Pooled Funds
- - - ------------------------
SEI Liquid Asset Trust Treasury portfolio 193,200 $ 193,200 $ 193,200
---------- ----------
U.S. Government Securities
- - - --------------------------
Fed. Home Loan Mtg. 6.550%, 4/02/03 100,000 $ 99,844 $ 101,500
U.S. Treasury Bonds 9.250%, 2/15/16 225,000 240,679 295,944
U.S. Treasury Bonds 10.750%, 8/15/05 150,000 177,516 209,297
U.S. Treasury Notes 7.875%, 8/15/01 100,000 107,313 113,813
---------- ----------
$ 625,352 $ 720,554
---------- ----------
Equity Fund Total $6,037,423 $6,628,424
---------- ----------
</TABLE>
- 15 -
<PAGE> 20
Dreyer's Grand Ice Cream, Inc.
Savings Plan
<TABLE>
<CAPTION>
Assets Held for Investment at December 31, 1993 Schedule I (continued)
- - - -------------------------------------------------------------------------------------------------------
Loan Fund
Number of
Shares or Cost of Current
Identity of Issue Description of Investment Face Value Asset Value
<S> <C> <C> <C> <C>
Participant loans 8.0% to 10.5%,
due 5/28/96
through 12/01/98 -- $ 605,772 $ 605,772
----------- -----------
Loan Fund Total $ 605,772 $ 605,772
=========== ===========
Total Assets Held for Investment at December 31, 1993 $13,922,852 $14,906,532
=========== ===========
</TABLE>
- 16 -
<PAGE> 21
Dreyer's Grand Ice Cream, Inc.
Savings Plan
<TABLE>
<CAPTION>
Series of Transactions During the Year Ended
December 31, 1993 in Excess of 5% of the Current
Value of Plan Assets at January 1, 1993 Schedule V
- - - ---------------------------------------------------------------------------------------------------------------------------------
CURRENT
NUMBER VALUE ON REALIZED
PARTY DESCRIPTION OF PURCHASE SELLING ASSET TRANSACTION GAIN/
INVOLVED OF ASSET TRANSACTIONS PRICE PRICE DISPOSED DATE (LOSS)
<S> <C> <C> <C> <C> <C> <C> <C>
Imperial Trust Co. SEI Liquid Asset Trust - treasury 289 $8,016,900 -- -- $8,016,900 $ --
--
Imperial Trust Co. SEI Liquid Asset Trust - treasury 215 -- $7,042,700 $7,042,700 7,042,700
</TABLE>
- 17 -
<PAGE> 22
INDEX TO EXHIBITS
Exhibit
Number Description
- - - ------- ---------------------------
23 Consent of Price Waterhouse
<PAGE> 1
EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-_________) of Dreyer's Grand Ice Cream, Inc.
of our report dated November 9, 1994, which appears on pages 1 and 2 of
this Form 11-K.
/s/ PRICE WATERHOUSE LLP
- - - -------------------------
PRICE WATERHOUSE LLP
San Francisco, California
November 10, 1994
