<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, 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 0-14190 ___________________________________________
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
===============================================================================
<PAGE> 2
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
<TABLE>
<CAPTION>
PAGE
<S> <C>
REPORT OF INDEPENDENT ACCOUNTANTS 1
FINANCIAL STATEMENTS:
Statement of Net Assets Available for Plan Benefits, with Fund Information,
at December 31, 1994 and 1993 2 - 3
Statement of Changes in Net Assets Available for Plan Benefits, with Fund
Information, at December 31, 1994 and 1993 4 - 5
Notes to Financial Statements 6 - 9
ADDITIONAL INFORMATION:
Schedule I - Assets Held for Investment at December 31, 1994 10 - 17
Schedule V - Series of Transactions During the Year Ended
December 31, 1994 in Excess of 5% of the Current Value of
Plan Assets at December 31, 1993 18
Note: Schedules II, III and IV are not presented as they are not applicable.
</TABLE>
<PAGE> 3
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrative
Committee of the
Dreyer's Grand Ice Cream, Inc.
Savings Plan
In our opinion, the accompanying statements of net assets available for plan
benefits, with fund information, and the related statements of changes in net
assets available for plan benefits, with fund information, present fairly, in
all material respects, the net assets available for plan benefits, with fund
information, of the Dreyer's Grand Ice Cream, Inc. Savings Plan (the Plan) at
December 31, 1994 and 1993, and the changes in net assets available for plan
benefits, with fund information, for the years then ended, 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 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 changes
in net assets available for plan benefits of each fund. Schedules I and V and
the 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.
/s/ PRICE WATERHOUSE LLP
- -----------------------------
PRICE WATERHOUSE LLP
San Francisco, California
June 19, 1995
<PAGE> 4
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION,
AT DECEMBER 31, 1994
<TABLE>
<CAPTION>
Short Term Balanced Equity Stock Wells Fargo Loan
Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at fair value:
Corporate debt instruments $ $ 73,532 $ 606,193 $ $ $ $ 679,725
Common stock 1,376,588 4,419,050 720,225 6,515,863
Interest in pooled funds 315,700 167,100 464,600 39,500 4,026,180 5,013,080
U.S. government securities 2,341,105 1,308,393 551,860 4,201,358
Participant loans 899,486 899,486
---------- ---------- ---------- ---------- ---------- ---------- -----------
2,656,805 2,925,613 6,041,703 759,725 4,026,180 899,486 17,309,512
Contributions receivable:
Employee 30,989 45,558 73,568 48,316 198,431
Employer 132,813 199,996 373,545 441,816 271,806 1,419,976
Accrued dividends receivable 59,334 59,334
Cash 32 79 27 7 2 3,700 3,847
---------- ---------- ---------- ---------- ---------- --------- -----------
Net assets available for
Plan benefits $2,820,639 $3,171,246 $6,488,843 $1,201,548 $4,405,638 $ 903,186 $18,991,100
========== ========== ========== ========== ========== ========= ===========
</TABLE>
See accompanying notes to financial statements.
- 2 -
<PAGE> 5
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION,
AT DECEMBER 31, 1993
<TABLE>
<CAPTION>
Low Risk Balanced Equity Loan
Fund Fund Fund Fund Total
ASSETS
<S> <C> <C> <C> <C> <C>
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> 6
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND
INFORMATION, FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Short Term Balanced Equity Stock Wells Fargo Loan
Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Interest $ 112,013 $ 119,594 $ 127,184 $ 2,619 $ 1,068 $ 57,803 $ 420,281
Dividends 4,486 40,779 108,775 1,746 69,266 225,052
Realized and unrealized
gains (losses) (73,890) (321,213) (614,790) 19,532 15,588 (974,773)
----------- ----------- ----------- ----------- ----------- -------- ------------
42,609 (160,840) (378,831) 23,897 85,922 57,803 (329,440)
Contributions:
Employee 610,145 878,127 1,529,872 353,120 3,371,264
Employer 141,537 194,885 369,028 441,816 271,806 1,419,072
Employee rollovers from
other qualified plans 100,159 121,613 113,404 19,333 354,509
----------- ----------- ----------- ----------- ----------- --------- ------------
Total additions 894,450 1,033,785 1,633,473 465,713 730,181 57,803 4,815,405
----------- ----------- ----------- ----------- ----------- --------- ------------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Benefit payments 641,272 479,239 318,416 2,239 27,241 17,634 1,486,041
Administrative expenses 33,706 47,400 84,997 3,133 11,795 181,031
----------- ----------- ----------- ----------- ----------- --------- ------------
Total deductions 674,978 526,639 403,413 5,372 39,036 17,634 1,667,072
----------- ----------- ----------- ----------- ----------- --------- ------------
Net increase 219,472 507,146 1,230,060 460,341 691,145 40,169 3,148,333
NET ASSETS AVAILABLE FOR
PLAN BENEFITS:
Beginning of year 3,773,821 4,400,698 7,062,476 605,772 15,842,767
Transfers (1,172,654) (1,736,598) (1,803,693) 741,207 3,714,493 257,245
----------- ----------- ----------- ----------- ----------- --------- ------------
End of year $ 2,820,639 $ 3,171,246 $ 6,488,843 $ 1,201,548 $ 4,405,638 $ 903,186 $ 18,991,100
=========== =========== =========== =========== =========== ========= ============
</TABLE>
See accompanying notes to financial statements.
- 4 -
<PAGE> 7
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND
INFORMATION, FOR THE YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Low Risk Balanced Equity Loan
Fund Fund Fund Fund 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 deductions 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> 8
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 Plan's Administrative Committee (the Committee) and
all investments and cash are held by Imperial Trust Company (the Trustee).
Watson Wyatt 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, April 1, July 1 and October 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 or more years of service 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.
ROLLOVER CONTRIBUTIONS
Subject to the terms of the Plan, the Committee may authorize the 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
- 6 -
<PAGE> 9
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
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
Until July 1, 1994, 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, and 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, 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 (formerly the
low-risk fund), a balanced fund, an equity fund, a stock fund (comprised
of the Company's common stock) and a Wells Fargo 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.
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.
- 7 -
<PAGE> 10
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
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, with fund information, 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
1994 and 1993 Form 5500 filings.
Net assets allocable to terminated employees totaled $6,729 and $42,937 at
December 31, 1994 and 1993, 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.
- 8 -
<PAGE> 11
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
5. TAX STATUS OF THE PLAN
During 1986, the Committee received a favorable determination letter from
the Internal Revenue Service (IRS) as to the qualified status of the Plan.
In March 1995, the Committee requested a favorable determination letter
from the IRS which incorporates amendments adopted subsequent to the 1986
determination letter. The Committee is of the opinion that the Plan,
together with certain amendments adopted subsequent to receipt of the 1986
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> 12
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1994 SCHEDULE I
SHORT TERM FUND
<TABLE>
<CAPTION>
Number of
Shares or Cost of Current
Identity of Issue Description of Investment Face Value Asset Value
<S> <C> <C> <C> <C>
Interest in Pooled Funds
- ------------------------
SEI Liquid Asset Trust Treasury portfolio 315,700 $ 315,700 $ 315,700
---------- ----------
U.S.Government Securities
- -------------------------
U.S. Treasury Bills DTD 9/1/94, 3/2/95 400,000 390,049 396,316
U.S. Treasury Bills DTD 12/8/94, 6/8/95 500,000 484,025 486,290
U.S. Treasury Bills DTD 2/23/95, 8/24/95 500,000 477,366 478,505
U.S. Treasury Bills DTD 12/15/94, 12/14/95 300,000 279,550 280,428
U.S. Treasury Notes 7.625%, 12/31/94
DTD 12/31/90 700,000 713,562 699,566
---------- ----------
$2,344,552 $2,341,105
---------- ----------
Short Term Fund Total $2,660,252 $2,656,805
========== ==========
</TABLE>
- 10 -
<PAGE> 13
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1994 SCHEDULE I (CONTINUED)
BALANCED FUND
<TABLE>
<CAPTION>
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
- --------------------------
J. P. Morgan & Co. Inc. 7.625%,11/15/98
DTD 11/15/91 75,000 $ 81,438 $ 73,532
---------- ----------
Common Stock
- ------------
AT&T Corp. Class A 900 $ 48,028 $ 45,225
Abbot Laboratories Class A 1,600 45,096 52,200
Alfac Corp. Class A 1,500 46,218 48,000
Albertsons Class A 1,900 40,955 55,100
Allied Signal Inc. Class A 1,400 51,210 47,600
American Int'l Group Class A 500 44,261 49,000
Boeing Company Class A 1,100 48,292 51,700
Coca-Cola Company Class A 800 32,673 41,200
Colgate Palmolive Company Class A 800 39,431 50,700
Echlin Inc. Class A 1,300 42,597 39,000
Emerson Electric Company Class A 500 26,609 31,188
Enron Corp. Class A 1,600 51,679 48,800
Federal Home Loan Mtg. Class A 300 17,768 15,150
Federal Nat'l Mortgage Assn. Class A 200 17,262 14,575
Franklin Res. Inc. Class A 800 31,299 28,500
General Electric Company Class A 1,100 43,829 56,100
Intel Corp. Class A 500 31,246 31,938
Johnson & Johnson Class A 900 48,118 49,275
Kimberly Clark Corp. Class A 700 36,522 35,263
Motorola Inc. Class A 900 46,130 52,200
Newell Cos. Inc. Class A 1,600 28,100 33,600
Nucor Corp. Class A 600 39,186 33,225
Omnicom Group, Inc. Class A 700 34,031 36,225
J. C. Penney Company Class A 1,100 55,028 49,087
Pepsico, Incorporated Class A 1,400 45,184 50,750
Phelps Dodge Class A 600 37,011 37,125
Proctor & Gamble Class A 700 38,193 43,400
Royal Dutch Def. New Class A 500 50,932 53,875
Schering Plough Class A 500 32,467 37,000
Service Corporation Int'l Class A 1,400 36,339 38,850
State Str. Boston Corp. Class A 1,100 26,914 31,487
Telefonos De Mexico Class A 900 55,328 36,900
Walgreen Co. Class A 1,200 40,521 52,350
---------- ----------
$1,308,457 $1,376,588
---------- ----------
Interest in Pooled Funds
- ------------------------
SEI Liquid Asset Trust Treasury portfolio 167,100 $ 167,100 $ 167,100
---------- ----------
</TABLE>
- 11 -
<PAGE> 14
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1994 SCHEDULE I (CONTINUED)
BALANCED FUND, CONTINUED
<TABLE>
<CAPTION>
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
- --------------------------
Fed. Home Loan Bank 5.040%, 8/20/98 200,000 $ 198,500 $ 180,938
DTD 8/20/93
Fed. Home Loan Mtg. Corp. 9/20/00 200,000 176,438 173,316
DTD 9/20/93
Fed. Home Loan Mtg. Corp. 6.350%, 3/7/01 200,000 182,312 180,000
DTD 3/7/94
Fed. Nat'l Mtg. Assn. 6.850%, 4/5/04 200,000 198,300 182,438
Fed. Nat'l Mtg. Assn. 7.000%, 8/12/02 200,000 185,937 183,438
DTD 8/10/92
Fed. Nat'l Mtg. Assn. 0.000%, 12/10/04 200,000 199,844 197,750
DTD 12/12/94
FFCB Notes 5.100%,3/10/98 150,000 148,875 138,150
U.S. Treasury Notes 9.000%, 5/15/98 70,000 73,041 72,363
---------- ----------
$1,363,247 $1,308,393
---------- ----------
Balanced Fund Total $2,920,242 $2,925,613
========== ==========
</TABLE>
- 12 -
<PAGE> 15
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1994 SCHEDULE I (CONTINUED)
EQUITY FUND
<TABLE>
<CAPTION>
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
- --------------------------
BP Amer. Inc. 9.875%, 3/15/04 200,000 $ 230,468 $ 219,216
General Electric Cap. Corp. 8.750%, 5/21/07 150,000 171,540 155,367
Merrill Lynch & Co. Inc. 8.000%, 6/1/07 100,000 111,347 93,436
DTD 6/1/92
Standard Cr. Card Master 7.250%, 4/7/08 150,000 145,781 138,174
---------- ----------
$ 659,136 $ 606,193
---------- ----------
Common Stock
- ------------
AT&T Corp. Class A 2,800 $ 150,752 $ 140,700
Abbott Laboratories Class A 5,300 153,318 172,912
Alfac Corp. Class A 4,600 141,693 147,200
Albertsons Class A 6,000 139,632 174,000
Allied Signal Inc. Class A 4,500 164,520 153,000
American Int'l Group Class A 1,800 156,482 176,400
Boeing Company Class A 3,300 145,078 155,100
Coca-Cola Company Class A 2,600 105,341 133,900
Colgate Palmolive Company Class A 2,800 153,755 177,450
Echlin Incorporated Class A 4,400 142,341 132,000
Emerson Electric Company Class A 1,600 83,835 99,800
Enron Corp. Class A 5,200 166,672 158,600
Fed. Home Loan Mtg. Class A 900 53,304 45,450
Fed. Nat'l Mtg. Assn. Class A 600 51,786 43,725
Franklin Res. Inc. Class A 3,000 117,372 106,875
General Electric Company Class A 3,300 142,034 168,300
Intel Corporation Class A 1,400 87,148 89,425
Johnson & Johnson Class A 2,900 155,323 158,775
Kimberly Clark Corporation Class A 2,100 115,034 105,787
Motorola Incorporated Class A 2,900 150,065 168,200
Newell Cos Inc. Class A 4,800 88,285 100,800
Nucor Corp. Class A 1,800 117,558 99,675
Omnicom Group, Inc. Class A 2,300 111,840 119,025
J.C. Penney Company Class A 3,500 171,095 156,188
PepsiCo Incorporated Class A 4,900 168,692 177,625
Phelps Dodge Class A 1,900 117,202 117,563
Proctor & Gamble Company Class A 2,100 109,400 130,200
Royal Dutch Pet New Class A 1,500 153,577 161,625
Schering Plough Class A 1,700 110,390 125,800
Service Corporation Int'l Class A 4,500 116,721 124,875
State Str. Boston Corp. Class A 3,800 109,597 108,775
Telefonos De Mexico Class A 2,800 171,259 114,800
Walgreen Co. Class A 4,000 144,214 174,500
---------- ----------
$4,265,315 $4,419,050
---------- ----------
</TABLE>
- 13 -
<PAGE> 16
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1994 SCHEDULE I (CONTINUED)
EQUITY FUND, CONTINUED
<TABLE>
<CAPTION>
Number of
Shares or Cost of Current
Identity of Issue Description of Investment Face Value Asset Value
<S> <C> <C> <C> <C>
Interest in Pooled Funds
- ------------------------
SEI Liquid Asset Trust Treasury portfolio 464,600 $ 464,600 $ 464,600
---------- ----------
U.S. Government Securities
- --------------------------
Fed. Nat'l Mtg. Assn. 6.850%,4/5/04 200,000 $ 198,300 $ 182,438
Fed. Home Loan Mortgage 6.550%,4/2/03 100,000 99,844 88,969
U.S. Treasury Bonds 10.750%,8/15/05 150,000 177,516 180,234
U.S. Treasury Notes 7.875%,8/15/01 100,000 107,312 100,219
---------- ----------
$ 582,972 $ 551,860
---------- ----------
Equity Fund Total $5,972,023 $6,041,703
========== ==========
</TABLE>
- 14 -
<PAGE> 17
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1994 SCHEDULE I (CONTINUED)
STOCK FUND
<TABLE>
<CAPTION>
Number of
Shares or Cost of Current
Identity of Issue Description of Investment Face Value Asset Value
<S> <C> <C> <C> <C>
Common Stock
- ------------
Dreyer's Grand Ice Cream, Inc. Class A 29,100 $702,417 $720,225
-------- --------
Interest in Pooled Funds
- ------------------------
SEI Liquid Asset Trust Treasury Portfolio 39,500 $ 39,500 $ 39,500
-------- --------
Stock Fund Total $741,917 $759,725
======== ========
</TABLE>
- 15 -
<PAGE> 18
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1994 SCHEDULE I (CONTINUED)
WELLS FARGO FUND
<TABLE>
<CAPTION>
Number of
Shares or Cost of Current
Identity of Issue Description of Investment Face Value Asset Value
<S> <C> <C> <C> <C>
Interest in Pooled Funds
- ------------------------
Wells Fargo Inc. S&P Mutual funds 395,888 $4,011,398 $4,026,180
500 Stock Fund ---------- ----------
Wells Fargo Fund Total $4,011,398 $4,026,180
========== ==========
</TABLE>
- 16 -
<PAGE> 19
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1994 SCHEDULE I (CONTINUED)
LOAN FUND
<TABLE>
<CAPTION>
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% to 10.5%,
due 6/28/96
through 11/28/99 $ $ 899,486
----------- -----------
Loan Fund Total $ $ 899,486
=========== ===========
Total Assets Held for Investment at December 31, 1994 $16,305,832 $17,309,512
=========== ===========
</TABLE>
- 17 -
<PAGE> 20
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
SERIES OF TRANSACTIONS DURING THE YEAR ENDED
DECEMBER 31, 1994 IN EXCESS OF 5% OF THE CURRENT
VALUE OF PLAN ASSETS AT JANUARY 1, 1993 SCHEDULE V
<TABLE>
<CAPTION>
Current
Number Cost of 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 302 $17,867,700 $17,867,700 $
Imperial Trust Co. U.S. Treasury Bills 8 4,242,244 4,242,244
Imperial Trust Co. Dreyer's Grand Ice
Cream, Inc. 27 753,362 753,362
Imperial Trust Co. Wells Fargo S&P 500
Stock Fund 13 4,068,716 4,068,716
Imperial Trust Co. SEI Liquid Asset Trust -
treasury 231 $19,580,213 $19,581,900 19,580,213 (1,687)
Imperial Trust Co. U.S. Treasury Bills 5 1,628,448 1,635,515 1,628,448 (7,067)
Imperial Trust Co. Dreyer's Grand Ice
Cream, Inc. 2 52,668 50,945 52,668 1,723
Imperial Trust Co. Wells Fargo S&P 500
Stock Fund 7 58,123 57,317 58,123 806
</TABLE>
- 18 -
<PAGE> 21
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: June 29, 1995 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
- 19 -
<PAGE> 22
INDEX TO EXHIBITS
Exhibit
Number Description
- ------- -------------------------------
23 Consent of Price Waterhouse LLP
<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. 33-56417) of Dreyer's Grand Ice Cream, Inc. of our
report dated June 19, 1995, which appears on page 1 of this Form 11-K.
/s/ PRICE WATERHOUSE LLP
- -----------------------------
PRICE WATERHOUSE LLP
San Francisco, California
June 29, 1995
