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]
For the Transition Period (Not Applicable)
--------------
Commission file number--2-35249
GERBER PRODUCTS COMPANY
RETIREMENT INVESTMENT PLAN
OF
GERBER PRODUCTS COMPANY
445 STATE STREET
FREMONT, MICHIGAN 49413
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Benefit Plans Committee has duly caused this annual
report to be signed on its behalf by the undersigned, hereunto
duly authorized.
GERBER PRODUCTS COMPANY RETIREMENT INVESTMENT PLAN
--------------------------------------------------
By: /S/Jay B. Hartfield
----------------------------------------------
Jay B. Hartfield
Chairman of Benefit Plans Committee
Date: May 20, 1994
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
-------------------------------
We consent to the incorporation by reference in the Registration
Statement (Form S-8 No. 33-32011) pertaining to the Retirement
Investment Plan of Gerber Products Company and in the related
Prospectus of our report dated April 6, 1994, with respect to the
financial statements and schedules of the Gerber Products Company
Retirement Investment Plan included in this Annual Report (Form
11-K) for the year ended December 31, 1993.
Grand Rapids, Michigan
May 20, 1994
<PAGE>
Audited Financial Statements
and Supplemental Schedules
Gerber Products Company
Retirement Investment Plan
Years Ended
December 31, 1993 and 1992
<PAGE>
REPORT OF INDEPENDENT AUDITORS
-------------------------------
The Benefit Plans Committee
Gerber Products Company
Retirement Investment Plan
We have audited the statements of financial condition of Gerber
Products Company Retirement Investment Plan as of December 31,
1993 and 1992, and the related statements of income and changes
in participants' equity 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.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial condition
of Gerber Products Company Retirement Investment Plan at
December 31, 1993 and 1992, and the results of its operations and
changes in its participants' equity for the years then ended, in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying
supplemental schedules of assets held for investment and
reportable transactions as of and for the year ended December 31,
1993 are presented for purposes of complying with the Department
of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974, and
are not a required part of the financial statements. The
supplemental schedules have been subjected to the auditing
procedures applied in our audit of the 1993 financial statements
and, in our opinion, are fairly stated in all material respects
in relation to the 1993 financial statements taken as a whole.
April 6, 1994 ERNST & YOUNG
<PAGE>
<TABLE>
STATEMENTS OF FINANCIAL CONDITION
GERBER PRODUCTS COMPANY RETIREMENT INVESTMENT PLAN
<CAPTION>
DECEMBER 31, 1993
---------------------------------------------------------------------------------------
GERBER STOCK DIVERSIFIED FIXED INCOME MONEY MARKET
FUND STOCK FUND FUND FUND BOND FUND COMBINED
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Cash $ 32 $ 32
Investments, at market value--Note D:
Common stock of Gerber Products Company $ 91,294,576 91,294,576
Vanguard Money Market Reserves, Inc.
Prime Portfolio $ 8,209,251 8,209,251
Vanguard Index Trust
500 Portfolio $ 9,549,048 9,549,048
Vanguard Fixed Income Security Fund
GNMA Portfolio $ 3,323,588 3,323,588
NBD Employee Benefit Money Market Fund 23,145 23,145
Travelers Insurance Company deposit
administration contract invested in the
general assets of insurance company 6,923,134 6,923,134
------------ ------------ ------------ ------------ ------------ ------------
Total Investments 91,317,721 9,549,048 6,923,134 8,209,251 3,323,588 119,322,742
Other 1,561 7,141 365 2,672 11,739
------------ ------------ ------------ ------------ ------------ ------------
$ 91,319,282 $ 9,556,189 $ 6,923,166 $ 8,209,616 $ 3,326,260 $119,334,513
============ ============ ============ ============ ============ ============
LIABILITIES AND PARTICIPANTS' EQUITY
Amounts due to withdrawing participants $ 850,944 $ 32,857 $ 134,504 $ 110,815 $ 42,040 $ 1,171,160
Other 25,588 1,134 26,722
Participants' equity, including unrealized
gains on investments -- Note D 90,442,750 9,523,332 6,788,662 8,097,667 3,284,220 118,136,631
------------ ------------ ------------ ------------ ------------ ------------
$ 91,319,282 $ 9,556,189 $ 6,923,166 $ 8,209,616 $ 3,326,260 $119,334,513
============ ============ ============ ============ ============ ============
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENTS OF FINANCIAL CONDITION
GERBER PRODUCTS COMPANY RETIREMENT INVESTMENT PLAN
<CAPTION>
DECEMBER 31, 1992
---------------------------------------------------------------------------------------
GERBER STOCK DIVERSIFIED FIXED INCOME MONEY MARKET
FUND STOCK FUND FUND FUND BOND FUND COMBINED
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Cash $ 32 $ 31,859 $ 31,891
Investments, at market value--Note D:
Common stock of Gerber Products Company $105,921,234 105,921,234
Vanguard Money Market Reserves, Inc.
Prime Portfolio 8,807,219 8,807,219
Vanguard Index Trust
500 Portfolio $ 8,258,032 8,258,032
Vanguard Fixed Income Security Fund
GNMA Portfolio $ 2,497,423 2,497,423
NBD Employee Benefit Money Market Fund 60,897 60,897
Travelers Insurance Company deposit
administration contract invested in the
general assets of insurance company 8,227,518 8,227,518
------------ ------------ ------------ ------------ ------------ ------------
Total Investments 105,982,131 8,258,032 8,227,518 8,807,219 2,497,423 133,772,323
Amounts due (to) from other funds 180,435 2,438 (102,726) (111,086) 30,939 -0-
Other 368,364 107,956 76,134 49,937 602,391
------------ ------------ ------------ ------------ ------------ ------------
$106,530,930 $ 8,368,426 $ 8,124,824 $ 8,804,126 $ 2,578,299 $134,406,605
============ ============ ============ ============ ============ ============
LIABILITIES AND PARTICIPANTS' EQUITY
Amounts due to withdrawing participants $ 1,198,950 $ 46,877 $ 148,308 $ 280,458 $ 11,959 $ 1,686,552
Other 4,977 4,977
Participants' equity, including unrealized
gains on investments -- Note D 105,327,003 8,321,549 7,976,516 8,523,668 2,566,340 132,715,076
------------ ------------ ------------ ------------ ------------ ------------
$106,530,930 $ 8,368,426 $ 8,124,824 $ 8,804,126 $ 2,578,299 $134,406,605
============ ============ ============ ============ ============ ============
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENTS OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY
GERBER PRODUCTS COMPANY RETIREMENT INVESTMENT PLAN
<CAPTION>
YEAR ENDED DECEMBER 31, 1993
---------------------------------------------------------------------------------------
GERBER STOCK DIVERSIFIED FIXED INCOME MONEY MARKET
FUND STOCK FUND FUND FUND BOND FUND COMBINED
------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Cash dividends -- Note E $ 2,710,454 $ 2,710,454
Other investment income 2,768 $ 238,244 $ 509,334 $ 249,547 $ 182,382 1,182,275
------------ ------------ ------------ ------------ ------------ -------------
TOTAL INVESTMENT INCOME 2,713,222 238,244 509,334 249,547 182,382 3,892,729
Net realized and unrealized appreciation
(depreciation) in market value of
investments (17,203,403) 572,824 (17,031) (16,647,610)
Participant contributions 4,286,294 1,406,901 839,631 609,879 7,142,705
Distributions and forfeitures (4,703,631) (983,179) (1,546,530) (1,284,038) (448,891) (8,966,269)
Transfers 23,265 (33,007) (150,658) (231,141) 391,541 -0-
------------ ------------ ------------ ------------ ------------ -------------
NET INCREASE (DECREASE)
IN PARTICIPANTS' EQUITY (14,884,253) 1,201,783 (1,187,854) (426,001) 717,880 (14,578,445)
Participants' equity at beginning of year 105,327,003 8,321,549 7,976,516 8,523,668 2,566,340 132,715,076
------------ ------------ ------------ ------------ ------------ -------------
PARTICIPANTS' EQUITY AT END OF YEAR $ 90,442,750 $ 9,523,332 $ 6,788,662 $ 8,097,667 $ 3,284,220 $118,136,631
============ ============ ============ ============ ============ =============
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENTS OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY
GERBER PRODUCTS COMPANY RETIREMENT INVESTMENT PLAN
<CAPTION>
YEAR ENDED DECEMBER 31, 1992
---------------------------------------------------------------------------------------
GERBER STOCK DIVERSIFIED FIXED INCOME MONEY MARKET
FUND STOCK FUND FUND FUND BOND FUND COMBINED
------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Cash dividends--Note E $ 2,568,109 $ 2,568,109
Other investment income 10,925 $ 222,620 $ 789,378 $ 334,912 $ 120,012 1,477,847
------------ ------------ ------------ ------------ ------------ -------------
TOTAL INVESTMENT INCOME 2,579,034 222,620 789,378 334,912 120,012 4,045,956
Net realized and unrealized appreciation
(depreciation) in market value of
investments (31,484,952) 341,488 28,386 (31,115,078)
Contributions:
Associate participants 4,148,904 1,383,313 982,635 612,636 7,127,488
Gerber Products Company--Note B 5,547 5,547
------------ ------------ ------------ ------------ ------------ ------------
TOTAL CONTRIBUTIONS 4,154,451 1,383,313 982,635 612,636 7,133,035
Distributions and forfeitures (3,357,400) (313,678) (1,167,623) (1,142,254) (26,018) (6,006,973)
Transfers 3,891,954 2,526,141 (16,597,794) 8,348,375 1,831,324 -0-
------------ ------------ ------------ ------------ ------------ -------------
NET INCREASE (DECREASE)
IN PARTICIPANTS' EQUITY (24,216,913) 4,159,884 (16,976,039) 8,523,668 2,566,340 (25,943,060)
Participants' equity at beginning of year 129,543,916 4,161,665 24,952,555 158,658,136
------------ ------------ ------------ ------------ ------------ -------------
PARTICIPANTS' EQUITY AT END OF YEAR $105,327,003 $ 8,321,549 $ 7,976,516 $ 8,523,668 $ 2,566,340 $132,715,076
============ ============ ============ ============ ============ =============
See notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
GERBER PRODUCTS COMPANY RETIREMENT INVESTMENT PLAN
December 31, 1993
NOTE A--SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation: The financial statements of the Plan have
been prepared using the accrual method of accounting.
Valuation of Investments: Investments in common stocks are
reported at market value, principally using quoted market prices.
Net realized and unrealized appreciation (depreciation) in market
value of investments included in the statements of income and
changes in participants' equity is comprised of unrealized gains
or losses resulting from changes in market prices and realized
gains and losses on sales of investments.
Investments in the three Vanguard Group of Investment Companies
funds are valued based on net asset value as reported by each
fund on a daily basis.
The unallocated insurance contract (deposit administration type)
is valued at contract value as estimated by the Travelers
Insurance Company. Contract value, which approximates current
value, represents contributions made under the contracts and
interest earned, less withdrawals or funds used to pay
participants. Interest is credited to the Plan at variable
rates, based on the insurance company's experience, but not less
than a minimum guaranteed effective rate (7% in 1993 and 1992).
Cost of investments is determined generally on the basis of cost
of specific purchases. Forfeited shares of Gerber Products
Company (the Company) common stock are considered to be purchased
by the Plan at market value, and may be applied to reduce future
Company contributions, if any, or fund plan expenses. Cost of
Company shares distributed to participants is determined on the
basis of the monthly average cost of shares credited to the
participants during the period of their participation.
NOTE B--DESCRIPTION OF THE PLAN
An employee ("associate") is eligible to participate in the Plan
if the associate: (1) is a salaried, part-time or hourly
associate of the Company or a participating subsidiary (except
for associates at the Company's West Coast Distribution Center at
Baldwin Park), who is not subject to a collective bargaining
agreement, or (2) is an associate subject to a collective
bargaining agreement which specifically provides for
participation in the Plan or is an associate of the Company's
West Coast Distribution Center, and is at least 20 1/2 years of
age and, if less than 40 years of age, was employed at any time
during the period January 1 to July 1 of the prior Plan Year.
<PAGE>
NOTES TO FINANCIAL STATEMENTS--Continued
GERBER PRODUCTS COMPANY RETIREMENT INVESTMENT PLAN
NOTE B--DESCRIPTION OF THE PLAN--Continued
Eligible associates who are not subject to a collective
bargaining agreement may begin participation in the Plan
effective as of the first day of any month following date of
employment or, if the date of employment is the first day of a
month, effective that date. Eligible associates who are subject
to a collective bargaining agreement or who are employed at the
Company's West Coast Distribution Center may begin participation
upon any January 1 coincident with or next following the date the
associate becomes eligible or upon any subsequent January 1 or
July 1. Effective July 1, 1992, Reedsburg hourly associates
became eligible to participate in the Plan under the same
eligibility terms as other associates subject to collective
bargaining agreements. Effective April 1, 1993, Hankscraft
Motors, Inc. salaried associates became eligible to participate
in the Plan. At the same date, Hankscraft Motors, Inc. hourly
associates became eligible to participate in the Plan under the
same eligibility terms as Reedsburg hourly associates.
A participant is required to authorize, through regular payroll
deduction, a minimum allotment to the Plan of 1% of base pay and
may authorize a total allotment of up to 15% of base pay. All or
part of the total allotment may be made as salary reduction
contributions under Section 401(k) of the Internal Revenue Code.
All allotments so made will be excluded from the participants'
current taxable income (tax-deferred allotments). Under
applicable federal tax law, a participant's annual tax-deferred
allotments may not exceed $8,994 for 1993 (an amount which is
adjusted annually in the same manner that the dollar limit on
annual pension benefits under the Internal Revenue Code is
adjusted). Any contribution over this amount (and any allotments
not designated as tax-deferred allotments) must be on an after-
tax basis, and are called "regular allotments."
Company contributions on behalf of each Gerber Products Company
Retirement Investment Plan (GRIP) participant who is a
participant in the Gerber Products Company Stock Ownership Plan
(the "ESOP") are made through allocations of Gerber Products
Company common stock to the participant's ESOP account. The
allocation of shares to the participant's ESOP account is at
least 60% of the associate's total of regular and tax-deferred
allotments made under GRIP (on allotments up to 6% of base pay).
As of December 31, 1993, all associate groups were participating
in the ESOP, except Reedsburg and Hankscraft Motors, Inc. hourly
associates who are ineligible for Company matching contributions.
<PAGE>
NOTES TO FINANCIAL STATEMENTS--Continued
GERBER PRODUCTS COMPANY RETIREMENT INVESTMENT PLAN
NOTE B--DESCRIPTION OF THE PLAN--Continued
A participant remaining in the service of the Company may make a
partial withdrawal of the regular allotments and Company
contributions allocated to his or her account. The maximum
withdrawable amount is the aggregate value of the participant's
regular allotment account and the vested portion of the Company
contribution account less the amount of Company contributions
allocated to the account during the preceding 24 months. ESOP
contributions are not withdrawable prior to a participant's
termination from the ESOP.
A participant who has withdrawn the maximum described in the
preceding paragraph may withdraw his or her tax-deferred
allotments in such amount as the Company's Benefit Plans
Committee authorizes upon proof of hardship. Hardship is limited
to (a) medical expenses (of the type that are tax-deductible)
that are incurred by the participant or the participant's spouse
or dependents, (b) purchase of the principal residence of the
participant, (c) payment of tuition and related educational fees
for the next twelve months of post-secondary education for the
participant or the participant's spouse, children or dependents,
or (d) preventing eviction of the participant from his or her
principal residence or foreclosure of the mortgage on the
participant's principal residence. In addition, a participant
who has attained age 59 1/2 on or before the date on which he or she
receives a withdrawal of tax-deferred allotments need not
demonstrate hardship.
A participant who makes a withdrawal of regular allotments is
required to suspend making regular allotments for six months. A
participant who makes a withdrawal of tax-deferred allotments is
required to suspend making both regular allotments and tax-
deferred allotments for twelve months, and the annual dollar
limit on tax deferred allotments ($8,944 in 1993) is then applied
to the two-year period in which the suspension period falls.
Withdrawals of regular or tax-deferred allotments, as the case
may be, are charged against the investments in a participant's
account in the following order: (1) Money Market Fund, (2) Bond
Fund, (3) Fixed Income Fund, (4) Diversified Stock Fund and
(5) Gerber Common Stock Fund.
The portion of a participant's account that is attributable to
his or her tax-deferred allotments and regular allotments is
always 100% vested. A participant's interest in that part of the
account which is attributable to Company contributions is or
becomes fully vested if (1) the participant's vesting service
with the Company or with a subsidiary totals at least five years
or (2) the participant's participation in the Plan totals
48 months. Under the 48-month vesting rule, a participant's
interest in such part of his or her account vests to the extent
of 50% after participation for 24 months and 75% after 36 months.
<PAGE>
NOTES TO FINANCIAL STATEMENTS--Continued
GERBER PRODUCTS COMPANY RETIREMENT INVESTMENT PLAN
NOTE B--DESCRIPTION OF THE PLAN--Continued
A participant's interest in that part of his or her account which
is attributable to Company contributions also becomes fully
vested upon termination of the Plan or upon the Participant's (1)
permanent and total disability, (2) death, (3) retirement under
the Company retirement plan or termination of employment for any
reason after attaining age 57, or (4) attainment of age 65.
If a participant's employment with the Company or a subsidiary
terminates, the nonvested portion of the participant's account
will be forfeited immediately. If the participant is reemployed
prior to five consecutive one-year breaks in service and repays
the full amount of any distribution received within five years of
his or her reemployment date, the forfeiture will be rescinded.
Forfeitures may be applied to reduce future Company
contributions, if any, or to fund Plan expenses. For this
purpose, a one-year break in service is any calendar year in
which 500 or less hours of service are completed.
Participant allotments are segregated into five funds, the Gerber
Common Stock Fund (invested in Gerber Products Company common
stock), the Diversified Stock Fund (a mutual fund investing in
all of the stocks included in Standard & Poor's 500 Index), the
Fixed Income Fund (invested in one or more insurance contracts
under which an insurance company or companies guarantee the
principal and a rate of return), the Money Market Fund (all
assets are invested in a mutual fund which invests in money
market instruments maturing in one year or less) and the Bond
Fund (all assets are invested in a mutual fund which invests in a
diversified portfolio of debt securities).
Contributions by the Company are made by allocating previously
unallocated shares of Gerber common stock held by the ESOP to the
ESOP accounts of Plan participants who also participate in the
ESOP. The participant allotments are added in multiples of 25%
to one or more of the Gerber Common Stock Fund, the Diversified
Stock Fund, the Money Market Fund, or the Bond Fund as the
participant elects. Effective January 1, 1992, participant
allotments and transfers were no longer permitted to be made to
the Fixed Income Fund. A participant may change his or her
election, but not more than quarterly.
A participant may request once per quarter that all or a portion
of the part of his or her account which is attributable to the
participant's regular and tax-deferred allotments be transferred
in specified multiples of 10% to one or more of the other funds.
Effective November 1, 1991, restrictions were imposed on
transfers from the Fixed Income Fund. No more than 50% of any
participant's transfer out of the Fixed Income Fund may be
directed to the Bond Fund or Money Market Fund, or a combination
<PAGE>
NOTES TO FINANCIAL STATEMENTS--Continued
GERBER PRODUCTS COMPANY RETIREMENT INVESTMENT PLAN
NOTE B--DESCRIPTION OF THE PLAN--Continued
of these funds. In addition, any funds transferred to the
Diversified Stock Fund or the Gerber Common Stock Fund from the
Fixed Income Fund must remain in the receiving funds for at least
3 months before they can be transferred to the Bond or Money
Market Fund.
At December 31, 1993, 2,440 participants had designated the
Gerber Common Stock Fund for investment of their allotments,
1,539 participants were investing in the Diversified Stock Fund,
1,840 participants were investing in the Money Market Fund, 1,113
participants were investing in the Fixed Income Fund, and 820
participants were investing in the Bond Fund.
NOTE C--FEDERAL INCOME TAXES
The Internal Revenue Service has ruled that the Plan qualifies
under Section 401(a) of the Internal Revenue Code and is,
therefore, not subject to tax under present income tax laws.
Accordingly, no income taxes are considered payable on dividend
or interest income or on realized gains of the Plan, and no
federal income tax consequence results to a participant or his
beneficiary or estate by reason of participation in the Plan
until a distribution is made.
<PAGE>
NOTES TO FINANCIAL STATEMENTS--Continued
GERBER PRODUCTS COMPANY RETIREMENT INVESTMENT PLAN
NOTE D--INVESTMENTS
Investments are carried at market value in the Plan's statements
of financial condition. Shares/units and cost information is as
follows at December 31:
1993 1992
------------------- ----------------------
Shares/ Shares/
Units Cost Units Cost
--------- ---------- --------- -----------
Common stock
of the company 3,217,430 $45,900,045 3,416,814 $43,171,610
Vanguard Funds 8,747,617 20,248,673 9,248,458 19,193,703
NBD Employee
Benefit Money
Market Fund 23,145 23,145 60,897 60,897
Travelers
Guaranteed
Insurance
Contract -- 6,923,134 -- 8,227,518
----------- -----------
$73,094,997 $70,653,728
=========== ===========
NOTE E--TRANSACTIONS WITH PARTIES-IN-INTEREST
During 1993 and 1992, the Plan received $2,710,454 and $2,568,109
respectively, in dividends on common stock of Gerber Products
Company.
Fees incurred during the year for legal, accounting and other
services rendered by parties-in-interest were based on customary
and reasonable rates for such services and were paid by the
Company on behalf of the Plan.
<PAGE>
<TABLE>
SCHEDULE OF ASSETS HELD FOR INVESTMENT
GERBER PRODUCTS COMPANY RETIREMENT INVESTMENT PLAN
December 31, 1993 and for the year then ended
<CAPTION>
DESCRIPTION OF INVESTMENT INCLUDING
IDENTITY OF ISSUE, BORROWER, LESSOR OR MATURITY DATE, RATE OF INTEREST,
SIMILAR PARTY COLLATERAL, PAR OR MATURITY VALUE COST CURRENT VALUE
- ------------------------------------------ ------------------------------------ ------------ --------------
<S> <C> <C> <C>
Common Stock:
Gerber Products Company 3,217,430 shares of common stock $ 45,900,045 $ 91,294,576
NBD Employee Benefit Money Market Fund 23,145 units bearing interest at an
average rate of 3.31% 23,145 23,145
Investment in General Assets of
Insurance Company:
Travelers Insurance Company Deposit Administration Contract,
bearing interest at a guaranteed
minimum effective annual rate of 7%
through 1995. 6,923,134 6,923,134
Mutual Funds:
Vanguard Money Market Reserves, Inc.
Prime Portfolio 8,209,251 shares in mutual fund 8,209,251 8,209,251
Vanguard Fixed Income Security Fund
GNMA Portfolio 320,500 shares in mutual fund 3,319,135 3,323,588
Vanguard Index Trust
500 Portfolio 217,866 shares in mutual fund 8,720,287 9,549,048
------------ ------------
$ 73,094,997 $119,322,742
============ ============
There were no investment assets acquired and disposed of during the year which are
reportable under the requirements of Section 2520.103-11 of the Department of Labor's
rules and regulations.
</TABLE>
<PAGE>
<TABLE>
SCHEDULE OF REPORTABLE TRANSACTIONS
GERBER PRODUCTS COMPANY RETIREMENT INVESTMENT PLAN
Year ended December 31, 1993
<CAPTION>
DESCRIPTION OF EXPENSE CURRENT
INVESTMENT (INCLUDING INCURRED VALUE OF
INTEREST RATE AND WITH ASSET OF
MATURITY IN CASE OF A PURCHASE SELLING LEASE TRANSAC- COST OF TRANSACTION NET GAIN
IDENTITY OF PARTY INVOLVED LOAN) PRICE PRICE RENTAL TION ASSET DATE (LOSS)
- -------------------------- ---------------------- ---------- ---------- ---------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Category (iii) - A series
of securities transactions
in excess of 5% of plan
assets:
Gerber Products Company Common Stock $7,577,210 $7,577,210 $7,577,210
NBD Employee Benefit Cash temporarily held
Money Market Fund within funds including
reinvestment of
interest earned 6,906,479 6,906,479 6,906,479
NBD Employee Benefit Cash temporarily held
Money Market Fund within funds including
reinvestment of
interest earned $6,944,231 6,944,231 6,944,231
There were no reportable transactions under categories (i), (ii) or (iv).
</TABLE>
