Form 11-KT
Securities and Exchange Commission
Washington, D.C. 20549
Annual Report
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the Seven Months ended December 31, 1997
The Grist Mill Co.
Employees Retirement Savings Plan and Trust
Grist Mill Co.
P.O. Box 430
21340 Hayes Avenue
Lakeville, Minnesota 55044
<PAGE>
The Grist Mill Co. Employees Retirement Savings Plan and Trust
Audited Financial Statements and Schedules
Seven Months ended December 31, 1997 and
Year ended May 31, 1997
CONTENTS
Report of Independent Auditors.................................................1
Audited Financial Statements and Schedules
Statements of Net Assets Available for Benefits................................2
Statements of Changes in Net Assets Available for Benefits.....................5
Notes to Financial Statements..................................................8
Item 27(a) - Schedule of Assets Held for Investment Purposes..................13
Item 27(d) - Schedule of Reportable Transactions..............................14
<PAGE>
[Ernst & Young LLP Letterhead]
Report of Independent Auditors
Board of Directors
Grist Mill Co.
We have audited the accompanying statements of net assets available for benefits
of The Grist Mill Co. Employees Retirement Savings Plan and Trust as of December
31, 1997 and May 31, 1997, and the related statements of changes in net assets
available for benefits for the seven months ended December 31, 1997 and year
ended May 31, 1997. 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 Plan's net assets available for benefits at December
31, 1997 and May 31, 1997, and the changes in its net assets available for
benefits for the seven months ended December 31, 1997 and year ended May 31,
1997, in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment purposes as of December 31, 1997 and reportable transactions
for the seven months then ended, 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 December 31,
1997 financial statements and, in our opinion, are fairly stated in all material
respects in relation to the December 31, 1997 financial statements taken as a
whole.
/s/ Ernst & Young LLP
May 29, 1998
<PAGE>
The Grist Mill Co. Employees Retirement Savings Plan and Trust
Statement of Net Assets Available for Benefits
December 31, 1997
<TABLE>
<CAPTION>
SCHWAB STRONG DODGE &
GRIST MILL INSTITUTIONAL GOVERNMENT COX
CO. STOCK ADVANTAGE SECURITIES BALANCED
TOTAL FUND MONEY FUND FUND FUND
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Cash transactions pending $ 70,701 $ 5,792 $ -- $ -- $ --
Investments--at market value:
Cash equivalents 680,388 -- 680,388 -- --
Common stock of employer 1,910,810 1,910,810 -- -- --
Mutual funds 2,996,594 -- -- 353,261 215,865
Grist Mill Company Loan Fund 421,204 -- -- -- --
----------------------------------------------------------------------------------
6,008,996 1,910,810 680,388 353,261 215,865
Contributions and other receivables 97,181 -- -- -- --
----------------------------------------------------------------------------------
Net assets available for benefits $6,176,878 $1,916,602 $ 680,388 $ 353,261 $ 215,865
==================================================================================
</TABLE>
SEE ACCOMPANYING NOTES.
<PAGE>
<TABLE>
<CAPTION>
SELECTED AMERICAN
AMERICAN ADVANTAGE
SHARES OAKMARK BARON INTERNATIONAL LOAN
FUND FUND ASSET FUND EQUITY FUND FUND UNALLOCATED
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 2,155 $ 10,663 $ 11,596 $ 4,186 $ -- $ 36,309
-- -- -- -- -- --
-- -- -- -- -- --
927,037 654,471 526,014 319,946 -- --
-- -- -- -- 421,204 --
- ------------------------------------------------------------------------------------------
927,037 654,471 526,014 319,946 421,204 --
-- -- -- -- -- 97,181
- ------------------------------------------------------------------------------------------
$ 929,192 $ 665,134 $ 537,610 $ 324,132 $ 421,204 $ 133,490
==========================================================================================
</TABLE>
<PAGE>
The Grist Mill Co. Employees Retirement Savings Plan and Trust
Statement of Net Assets Available for Benefits
May 31, 1997
<TABLE>
<CAPTION>
GRIST MILL MONEY FIXED COMMON INTER-
CO. MARKET INCOME STOCK NATIONAL LOAN
TOTAL STOCK FUND FUND FUND FUND FUND FUND
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments--at market value:
Cash equivalents $ 20,417 $ 2 $ -- $ -- $ -- $ -- $ 20,415
Common stock of employer 1,391,257 1,391,257 -- -- -- -- --
Mutual funds 3,350,430 -- 555,610 522,375 1,787,343 485,102 --
Grist Mill Company Loan Fund 321,384 -- -- -- -- -- 321,384
----------------------------------------------------------------------------------------
5,083,488 1,391,259 555,610 522,375 1,787,343 485,102 341,799
Contributions and other receivables 113,817 14,898 13,936 11,710 43,763 16,398 13,112
Interfund transfers and adjustments -- 10,085 5,772 4,068 10,394 3,208 (33,527)
----------------------------------------------------------------------------------------
Net assets available for benefits $5,197,305 $1,416,242 $ 575,318 $ 538,153 $1,841,500 $ 504,708 $ 321,384
========================================================================================
</TABLE>
SEE ACCOMPANYING NOTES.
<PAGE>
The Grist Mill Co. Employees Retirement Savings Plan and Trust
Statement of Changes in Net Assets Available for Benefits
Seven Months ended December 31, 1997
<TABLE>
<CAPTION>
GRIST MILL MONEY FIXED COMMON INTER-
CO. STOCK MARKET INCOME STOCK NATIONAL
TOTAL FUND FUND FUND FUND FUND
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions:
Employee contributions $ 480,381 $ 55,237 $ 42,898 $ 38,451 $ 148,913 $ 66,789
Employer contributions 112,639 13,736 10,583 9,503 34,529 15,219
Employee rollovers 161 97 -- -- -- 64
Interest and dividend income 88,654 4,462 16,067 18,272 20,219 1,191
Other 13,918 -- -- -- -- --
-------------------------------------------------------------------------------------------
695,753 73,532 69,548 66,226 203,661 83,263
Deductions:
Benefit payments (526,815) (207,056) (36,236) (45,886) (178,310) (27,723)
-------------------------------------------------------------------------------------------
(526,815) (207,056) (36,236) (45,886) (178,310) (27,723)
Net interfund transfers -- (31,594) (608,630) (565,272) (2,069,833) (545,102)
Net realized and unrealized
appreciation/(depreciation) in
market value of investments 810,635 665,478 -- 6,779 202,982 (15,146)
-------------------------------------------------------------------------------------------
Net additions (deductions) 979,573 500,360 (575,318) (538,153) (1,841,500) (504,708)
Net assets available for benefits
at beginning of period 5,197,305 1,416,242 575,318 538,153 1,841,500 504,708
-------------------------------------------------------------------------------------------
Net assets available for benefits
at end of period $ 6,176,878 $ 1,916,602 $ -- $ -- $ -- $ --
===========================================================================================
</TABLE>
SEE ACCOMPANYING NOTES.
<PAGE>
<TABLE>
<CAPTION>
SCHWAB STRONG DODGE & SELECTED AMERICAN
INSTITUTIONAL GOVERNMENT COX AMERICAN ADVANTAGE
ADVANTAGE SECURITIES BALANCED SHARES OAKMARK BARON INTERNATIONAL LOAN
MONEY FUND FUND FUND FUND FUND ASSET FUND EQUITY FUND FUND UNALLOCATED
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 10,183 $ 2,780 $ 5,143 $ 8,877 $ 8,619 $ 9,343 $ 3,383 $ -- $ 79,765
2,553 624 1,221 2,155 2,044 2,252 804 -- 17,416
-- -- -- -- -- -- -- -- --
1,114 979 10,876 -- -- -- 15,474 -- --
-- -- -- -- -- -- -- -- 13,918
- -----------------------------------------------------------------------------------------------------------------------------------
13,850 4,383 17,240 11,032 10,663 11,595 19,661 -- 111,099
-- -- -- -- -- -- -- (31,604) --
- -----------------------------------------------------------------------------------------------------------------------------------
-- -- -- -- -- -- -- (31,604) --
666,538 348,483 209,135 958,993 643,640 518,793 321,034 131,424 22,391
-- 395 (10,510) (40,833) 10,831 7,222 (16,563) -- --
- -----------------------------------------------------------------------------------------------------------------------------------
680,388 353,261 215,865 929,192 665,134 537,610 324,132 99,820 133,490
-- -- -- -- -- -- -- 321,384 --
- -----------------------------------------------------------------------------------------------------------------------------------
$ 680,388 $ 353,261 $ 215,865 $ 929,192 $ 665,134 $ 537,610 $ 324,132 $ 421,204 $ 133,490
===================================================================================================================================
</TABLE>
<PAGE>
7
The Grist Mill Co. Employees Retirement Savings Plan and Trust
Statement of Changes in Net Assets Available for Benefits
Year ended May 31, 1997
<TABLE>
<CAPTION>
GRIST MILL MONEY FIXED COMMON INTER-
CO. MARKET INCOME STOCK NATIONAL LOAN
TOTAL STOCK FUND FUND FUND FUND FUND FUND
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Employee contributions $ 751,603 $ 170,626 $ 105,359 $ 89,176 $ 281,291 $ 105,151 $ --
Employer contributions 175,910 40,742 25,127 21,834 63,652 24,555 --
Employee rollovers 2,611 185 1,220 83 675 448 --
Interest and dividend income 189,478 8,150 25,247 33,173 93,411 29,497 --
----------------------------------------------------------------------------------------------
1,119,602 219,703 156,953 144,266 439,029 159,651 --
Deductions:
Benefit payments (373,171) (86,743) (17,314) (44,701) (195,290) (16,950) (12,173)
----------------------------------------------------------------------------------------------
(373,171) (86,743) (17,314) (44,701) (195,290) (16,950) (12,173)
Net interfund transfers -- 92,798 (144,504) (58,691) (38,729) 32,483 116,643
Net realized and unrealized
appreciation in market value
of investments 297,458 3,874 -- 1,802 246,476 45,306 --
----------------------------------------------------------------------------------------------
Net additions (deductions) 1,043,889 229,632 (4,865) 42,676 451,486 220,490 104,470
Net assets available for
benefits at beginning of year 4,153,416 1,186,610 580,183 495,477 1,390,014 284,218 216,914
----------------------------------------------------------------------------------------------
Net assets available for
benefits at end of year $ 5,197,305 $ 1,416,242 $ 575,318 $ 538,153 $ 1,841,500 $ 504,708 $ 321,384
==============================================================================================
</TABLE>
SEE ACCOMPANYING NOTES.
<PAGE>
The Grist Mill Co. Employees Retirement Savings Plan and Trust
Notes to Financial Statements
December 31, 1997
1. SIGNIFICANT ACCOUNTING POLICIES
ACCOUNTING METHOD
The accounting records of the Plan are maintained on the accrual basis.
INVESTMENTS
Investments are recorded at fair value. Securities which are traded on a
national securities exchange are valued at the last reported sales price of the
year. Investments in the Loan Fund are valued at the amount of the participant
loan net of principal repayments.
FEDERAL INCOME TAXES
Participants are not taxed currently on the employer's contributions to the Plan
or on income earned by the Plan. Distributions of benefits to participants,
their estates or beneficiaries generally are subject to federal income tax.
EXPENSES
Grist Mill Co. pays all costs of maintaining and administering the Plan.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
2. DESCRIPTION OF THE PLAN
Employees who meet certain eligibility requirements (based primarily on length
of employment) can participate in The Grist Mill Co. Employees Retirement
Savings Plan and Trust. Union employees of the Company's subsidiary, Grist Mill
Confections, Inc., are ineligible to participate in the Plan. Under the terms of
the Plan, the employer matches 30% of the first 7% of employee contributions and
may, at its discretion,
<PAGE>
The Grist Mill Co. Employees Retirement Savings Plan and Trust
Notes to Financial Statements (continued)
2. DESCRIPTION OF THE PLAN (CONTINUED)
contribute an additional amount. Employees can defer up to 20% of their
compensation on a before-tax basis (15% prior to December 1, 1997).
Employer matching and employee deferral contributions fully vest at the time of
contribution. Employer discretionary contributions are fully vested after five
years of service. Forfeitures are added to and allocated along with Employer
Profit Sharing Contributions in the Plan year in which forfeitures occur. There
were no forfeitures for the seven months ended December 31, 1997 and the year
ended May 31, 1997.
Employees select how their contributions will be invested. Effective December 1,
1997, the assets of the Plan were transferred to Charles Schwab Trust Company.
The investment options at Schwab include Schwab Institutional Advantage Money
Fund, American Advantage International Equity Fund, Barron Asset Fund, Dodge &
Cox Balanced Fund, Oakmark Fund, Selected American Shares Fund, Strong
Government Securities Fund, and Grist Mill Co. common stock. Prior to December
1, 1997, the investment options were stock of the employer, a fixed income fund,
a common stock fund, an international stock fund and a money market fund.
Participants who meet certain criteria may obtain loans from the Plan based on
their cumulative contributions. The maximum amount of the loan is the lesser of
$50,000 or one-half of the vested account balance. The loan must be repaid
within a five-year period unless the loan is used to purchase a principal
residence.
Allocation of income is in accordance with the provisions in the Plan document.
A copy of the Summary Plan Description may be obtained from Grist Mill Co.
Benefits are paid upon retirement, death, disability and termination of
employment. Advances in the event of a proven financial hardship are also
provided for by the Plan.
<PAGE>
The Grist Mill Co. Employees Retirement Savings Plan and Trust
Notes to Financial Statements (continued)
2. DESCRIPTION OF THE PLAN (CONTINUED)
The employer has the right to terminate the Plan or completely discontinue its
contributions to the Plan at any time. If the Plan is terminated or partially
terminated, or if Grist Mill Co.'s contributions are permanently discontinued,
affected participants will become fully vested in their accounts. If the Plan is
terminated, Grist Mill Co. will determine the timing of the disposition of
assets to plan participants and their beneficiaries.
This note is intended to highlight the principal provisions of the Plan. A more
complete explanation of the technical requirements and definitions is contained
in the Summary Plan Description.
3. INVESTMENTS
The Plan's investments are held by a trust fund. The Plan's investments
(including investments bought, sold, as well as held during the year)
appreciated $810,635 and $297,458 for the seven months ended December 31, 1997
and year ended May 31, 1997, respectively. During the seven months ended
December 31, 1997 and year ended May 31, 1997, the Plan's investments
appreciated in fair value as follows:
NET APPRECIATION
IN MARKET VALUE
DURING PERIOD
----------------
Seven months ended December 31, 1997:
Common stocks:
Grist Mill Co. $ 665,478
Mutual funds 145,157
----------------
$ 810,635
================
Year ended May 31, 1997:
Common stocks:
Grist Mill Co. $ 3,874
Mutual funds 293,584
----------------
$ 297,458
================
<PAGE>
The Grist Mill Co. Employees Retirement Savings Plan and Trust
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
The fair value of individual investments that represent 5% or more of net assets
is as follows:
December 31, 1997
Grist Mill Co. Common Stock $1,910,810
Schwab Institutional Advantage Money Fund 680,388
Selected American Shares Fund 927,037
Oakmark Fund 654,471
Baron Asset Fund 526,014
Strong Government Securities Fund 353,261
American Advantage International Equity Fund 319,946
Grist Mill Company-401(k) Master Promissory Note 421,204
May 31, 1997
Investment Company of America $1,787,343
Grist Mill Co. Common Stock 1,391,257
Cash Management Trust of America 555,610
Intermediate Bond Fund of America 522,375
EuroPacific Growth Fund 485,102
Grist Mill Company-401(k) Master Promissory Note 321,384
4. TRANSACTIONS WITH PARTIES-IN-INTEREST
Certain legal and accounting fees, and administrative expenses relating to the
maintenance of participant eligibility records are absorbed by Grist Mill Co.
Other than as described above or pursuant to a certain trust agreement, the Plan
has had no agreements or transactions with any parties-in-interest.
5. TAX STATUS
The Plan has received a determination letter, dated September 13, 1994, from the
Internal Revenue Service stating that the Plan is qualified under Section 401(a)
of the Internal Revenue Code (IRC) and is, therefore, not subject to tax under
present income tax laws.
<PAGE>
The Grist Mill Co. Employees Retirement Savings Plan and Trust
Notes to Financial Statements (continued)
5. TAX STATUS (CONTINUED)
Once qualified, the Plan is required to operate in conformity with the IRC to
maintain its qualification. The plan administrator is not aware of any course of
action or series of events that have occurred that might adversely affect the
Plan's qualified status.
The Plan has applied for a new determination letter. A response from the IRS is
pending.
6. SUBSEQUENT EVENT
Effective April 17, 1998, International Home Foods acquired Grist Mill Company.
As a result of Grist Mill Company stock no longer being traded on NASDAQ, the
Grist Mill Co. stock has been eliminated as an investment option. All Grist Mill
stock held by the Plan has been liquidated and the proceeds invested in the
Schwab Institutional Advantage Money Fund.
<PAGE>
The Grist Mill Co. Employees Retirement Savings Plan and Trust
EIN: 41-0974681
Plan #001
Item 27(a) - Schedule of Assets Held for Investment Purposes
December 31, 1997
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF CURRENT
LESSOR OR SIMILAR PARTY INVESTMENT COST VALUE
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Schwab Institutional Advantage Money Fund* 680,388 units $ 680,388 $ 680,388
Grist Mill Co. Common Stock* 191,081 units 1,258,807 1,910,810
American Advantage International Equity Fund 19,984 units 336,508 319,946
Barron Asset Fund 10,843 units 518,793 526,014
Dodge & Cox Balanced Fund 3,232 units 226,375 215,865
Oakmark Fund 16,196 units 643,640 654,471
Selected American Shares Fund 34,107 units 933,399 927,037
Strong Government Securities Fund 32,861 units 352,867 353,261
Grist Mill Company*-401(k) Master Promissory Interest rates ranging
Note (1) from 7%-10% -- 421,204
---------------------------
$4,950,777 $6,008,996
===========================
</TABLE>
* Indicates party-in-interest.
<PAGE>
17
The Grist Mill Co. Employees Retirement Savings Plan and Trust
EIN: 41-0974681
Plan #001
Item 27(d) - Schedule of Reportable Transactions
Seven Months ended December 31, 1997
<TABLE>
<CAPTION>
IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET
- --------------------------------------------------------------------------------------------
<S> <C>
CATEGORY (i)--SINGLE TRANSACTION IN EXCESS OF 5% OF PLAN ASSETS
First American Prime Obligation Fund Purchased 550,370 units
Purchased 547,644 units
Purchased 2,091,357 units
Purchased 556,619 units
Sold 550,379 units
Sold 547,656 units
Sold 2,091,367 units
Sold 556,624 units
Baron Asset Fund Purchased 10,287 units
Oakmark Fund Purchased 15,851 units
Schwab Institutional Advantage Money Fund Purchased 433,158 units
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
CURRENT
VALUE
OF ASSET ON
PURCHASE SELLING COST OF TRANSACTION NET GAIN
IDENTITY OF PARTY INVOLVED PRICE PRICE ASSET DATE OR (LOSS)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
First American Prime Obligation Fund $ 550,370 $ 550,370 $ 550,370
547,644 547,644 547,644
2,091,357 2,091,357 2,091,357
556,619 556,619 556,619
$ 550,379 550,379 550,379 $ --
547,656 547,656 547,656 --
2,091,367 2,091,367 2,091,367 --
556,624 556,624 556,624 --
Baron Asset Fund 492,940 492,940 492,940
Oakmark Fund 630,072 630,072 630,072
Schwab Institutional Advantage Money Fund 433,158 433,158 433,158
</TABLE>
<PAGE>
The Grist Mill Co. Employees Retirement Savings Plan and Trust
EIN: 41-0974681
Plan #001
Item 27(d) - Schedule of Reportable Transactions (continued)
<TABLE>
<CAPTION>
IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET
- --------------------------------------------------------------------------------------------
<S> <C>
CATEGORY (i)--SINGLE TRANSACTION IN EXCESS OF 5% OF PLAN ASSETS (CONTINUED)
Selected American Shares Fund Purchased 62,992 units
Sold 29,213 units
Intermediate Bond Fund of America Sold 40,472 units
Cash Management Trust of America Sold 548,508 units
EuroPacific Growth Fund Sold 20,737 units
Investment Company of America Sold 69,040 units
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
CURRENT
VALUE
OF ASSET ON
PURCHASE SELLING COST OF TRANSACTION NET GAIN
IDENTITY OF PARTY INVOLVED PRICE PRICE ASSET DATE OR (LOSS)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Selected American Shares Fund $1,724,080 $1,724,080 $1,724,080
$ 765,087 799,558 765,087 $ (34,471)
Intermediate Bond Fund of America 546,374 558,693 546,374 (12,319)
Cash Management Trust of America 548,508 548,508 548,508 --
EuroPacific Growth Fund 558,451 517,681 558,451 40,770
Investment Company of America 2,095,377 1,459,787 2,095,377 635,590
</TABLE>
<PAGE>
The Grist Mill Co. Employees Retirement Savings Plan and Trust
EIN: 41-0974681
Plan #001
Item 27(d) - Schedule of Reportable Transactions (continued)
<TABLE>
<CAPTION>
IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET
- --------------------------------------------------------------------------------------------
<S> <C>
CATEGORY (iii)--SERIES OF TRANSACTIONS IN EXCESS OF 5% OF PLAN ASSETS
American Funds:
First American Prime Obligation Fund Purchased 4,655,857 units in 114 transactions
Sold 4,676,274 units in 86 transactions
Intermediate Bond Fund of America Purchased 5,719 units in 14 transactions
Sold 44,907 units in 12 transactions
Cash Management Trust of America Purchased 79,420 units in 14 transactions
Sold 635,030 units in 11 transactions
EuroPacific Growth Fund Purchased 3,856 units in 10 transactions
Sold 21,464 units in 8 transactions
Investment Company of America Purchased 8,760 units in 12 transactions
Sold 74,135 units in 12 transactions
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
CURRENT
VALUE
OF ASSET ON
PURCHASE SELLING COST OF TRANSACTION NET GAIN
IDENTITY OF PARTY INVOLVED PRICE PRICE ASSET DATE OR (LOSS)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
American Funds:
First American Prime Obligation Fund $4,655,857 $4,655,857 $4,655,857
$4,676,274 4,676,274 4,676,274 $ --
Intermediate Bond Fund of America 76,834 76,834 76,834
605,988 620,019 605,988 (14,031)
Cash Management Trust of America 79,420 79,420 79,420
635,030 635,030 635,030 --
EuroPacific Growth Fund 109,423 109,423 109,423
579,379 535,594 579,379 43,785
Investment Company of America 258,490 258,490 258,490
2,248,814 1,565,376 2,248,814 683,438
</TABLE>
<PAGE>
The Grist Mill Co. Employees Retirement Savings Plan and Trust
EIN: 41-0974681
Plan #001
Item 27(d) - Schedule of Reportable Transactions (continued)
<TABLE>
<CAPTION>
IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET
- --------------------------------------------------------------------------------------------
<S> <C>
CATEGORY (iii)--SERIES OF TRANSACTIONS IN EXCESS OF 5% OF PLAN ASSETS (CONTINUED)
Grist Mill Co. Common Stock Purchased 18,422 units in 9 transactions
Sold 26,533 units in 11 transactions
American Advantage International Equity Fund Purchased 19,984 units in 3 transactions
Baron Asset Fund Purchased 10,843 units in 2 transactions
Oakmark Fund Purchased 16,196 units in 2 transactions
Schwab Institutional Advantage Money Fund Purchased 680,388 units in 5 transactions
Selected American Shares Fund Purchased 63,320 units in 2 transactions
Sold 29,213 units in 1 transaction
Strong Government Securities Fund Purchased 32,861 units in 5 transactions
</TABLE>
There were no category (ii) or (iv) transactions for the seven months ended
December 31, 1997.
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
CURRENT
VALUE
OF ASSET ON
PURCHASE SELLING COST OF TRANSACTION NET GAIN
IDENTITY OF PARTY INVOLVED PRICE PRICE ASSET DATE OR (LOSS)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Grist Mill Co. Common Stock $ 157,710 $ 157,710 $ 157,710
$ 225,945 172,056 225,945 $ 53,889
American Advantage International Equity Fund 336,508 336,508 336,508
Baron Asset Fund 518,793 518,793 518,793
Oakmark Fund 643,640 643,640 643,640
Schwab Institutional Advantage Money Fund 680,388 680,388 680,388
Selected American Shares Fund 1,732,958 1,732,958 1,732,958
765,087 799,558 765,087 (34,471)
Strong Government Securities Fund 352,867 352,867 352,867
</TABLE>
