1
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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, 1995
OR
/ / TRANSITION REPORT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
FOR THE TRANSITION PERIOD FROM _____________ TO ___________
Commission file number 0-141090....................................
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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2
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
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PAGE
REPORT OF INDEPENDENT ACCOUNTANTS 1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Plan Benefits, with Fund Information,
at December 31, 1995 and 1994 2 - 3
Statements of Changes in Net Assets Available for Plan Benefits, with Fund
Information, for the Years Ended December 31, 1995 and 1994 4 - 5
Notes to Financial Statements 6 - 9
ADDITIONAL INFORMATION:
Schedule I - Assets Held for Investment at December 31, 1995 10 - 17
Schedule V - Series of Transactions During the Year Ended
December 31, 1995 in Excess of 5% of the Current Value of
Plan Assets at December 31, 1994 18
Note: Schedules II, III and IV are not presented as they are not applicable.
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, 1995 and 1994, 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, CA
May 24, 1996
4
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION, AT
DECEMBER 31, 1995
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SHORT TERM BALANCED EQUITY STOCK WELLS FARGO LOAN
FUND FUND FUND FUND FUND FUND TOTAL
ASSETS
Investments at fair value:
Corporate debt instruments $ 398,691 $ 537,621 $ 936,312
Common stock 2,013,663 5,365,169 $ 4,727,984 12,106,816
Interest in pooled funds $ 368,700 98,000 128,300 263,000 $ 6,862,767 7,720,767
U.S. government securities 2,361,839 1,407,946 1,069,430 4,839,215
Participant loans $ 1,158,081 1,158,081
----------- ----------- ----------- ----------- ----------- ----------- -----------
2,730,539 3,918,300 7,100,520 4,990,984 6,862,767 1,158,081 26,761,191
Contributions receivable:
Employee 19,614 37,669 53,879 54,955 55,325 221,442
Employer 115,469 215,827 343,557 308,850 329,468 1,313,171
Accrued dividends receivable 132,231 132,231
Cash 63 12 54 64 57 250
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net assets available for
Plan benefits $ 2,865,685 $ 4,171,808 $ 7,498,010 $ 5,354,853 $ 7,379,848 $ 1,158,081 $28,428,285
=========== =========== =========== =========== =========== =========== ===========
See accompanying notes to financial statements.
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5
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION, AT
DECEMBER 31, 1994
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SHORT TERM BALANCED EQUITY STOCK WELLS FARGO LOAN
FUND FUND FUND FUND FUND FUND TOTAL
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
=========== =========== =========== =========== =========== =========== ===========
See accompanying notes to financial statements.
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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, 1995
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SHORT TERM BALANCED EQUITY STOCK WELLS FARGO
FUND FUND FUND FUND FUND
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Interest $ 150,908 $ 112,114 $ 120,692 $ 29,843 $ 555
Dividends 30,490 85,868 21,623 234,293
Realized and unrealized
gains (losses) 434 636,501 1,510,665 499,438 1,495,212
--------- ---------- --------- --------- ----------
151,342 779,105 1,717,225 550,904 1,730,060
Contributions:
Employee 420,846 727,496 1,178,786 826,714 986,649
Employer 132,572 228,156 374,680 312,179 340,161
Employee rollovers from
other qualified plans 35,532 79,588 116,337 183,025 63,010
--------- ---------- --------- --------- ----------
Total additions 740,292 1,814,345 3,387,028 1,872,822 3,119,880
--------- ---------- --------- --------- ----------
DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Benefit payments 170,086 323,298 613,717 55,786 219,432
Administrative expenses 17,195 35,371 67,291 19,581 27,459
--------- ---------- --------- --------- ----------
Total deductions 187,281 358,669 681,008 75,367 246,891
--------- ---------- --------- --------- ----------
Net increase 553,011 1,455,676 2,706,020 1,797,455 2,872,989
NET ASSETS AVAILABLE FOR
PLAN BENEFITS:
Beginning of year 2,820,639 3,171,246 6,488,843 1,201,548 4,405,638
Transfers (507,965) (455,114) (1,696,853) 2,355,850 101,221
---------- ---------- --------- --------- ----------
End of year $2,865,685 $4,171,808 $7,498,010 $5,354,853 $7,379,848
========== ========== ========== ========== ==========
LOAN
FUND TOTAL
ADDITIONS TO NET ASSETS
ATTRIBUTED TO:
Investment income:
Interest $ 91,286 $ 505,398
Dividends 372,274
Realized and unrealized
gains (losses) 4,142,250
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91,286 5,019,922
Contributions:
Employee 4,140,491
Employer 1,387,748
Employee rollovers from
other qualified plans 477,492
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Total additions 91,286 11,025,653
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DEDUCTIONS FROM NET ASSETS
ATTRIBUTED TO:
Benefit payments 39,252 1,421,571
Administrative expenses 166,897
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Total deductions 39,252 1,588,468
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Net increase 52,034 9,437,185
NET ASSETS AVAILABLE FOR
PLAN BENEFITS:
Beginning of year 903,186 18,991,100
Transfers 202,861
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End of year $1,158,081 $28,428,285
========== ===========
See accompanying notes to financial statements.
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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, 1994
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SHORT TERM BALANCED EQUITY STOCK WELLS FARGO LOAN
FUND FUND FUND FUND FUND FUND TOTAL
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
========== =========== ========== =========== ========== ======== ===========
See accompanying notes to financial statements.
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8
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
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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 for certain of the funds. The Plan
became effective January 1, 1983 and is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA).
ELIGIBILITY
All employees, other than individuals employed under a collective
bargaining agreement which does not provide for participation in the Plan,
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.
During 1995 and 1994, $72,969 and $50,740, respectively, of employer
matching contributions were forfeited by terminated employees before those
amounts became vested. Such forfeited amounts were used to reduce employer
matching contributions for the corresponding year and were allocated as of
the last day of the year to the matching accounts of eligible participants.
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9
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
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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 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.
Effective July 1, 1994, the Plan expanded the number of investment options
from three to five funds: a short-term investment 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 balance and are fully
vested after seven years. A participant earns one year of service for
each year commencing on or after January 1, 1976 in which the participant
has
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10
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
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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.
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 of each
calendar quarter including 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 gains or losses for the period are 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 paid by the Company.
3. INVESTMENTS
Investments representing 5% or more of the net assets available for
benefits at December 31, 1995 and 1994, were as follows:
DECEMBER 31,
1995 1994
INTEREST IN POOLED FUNDS:
Wells Fargo Inc. S&P 500 Stock Fund $6,856,067 $4,026,180
COMMON STOCK:
Dreyer's Grand Ice Cream, Inc. 4,727,984 720,225
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11
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
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4. 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.
5. RECONCILIATION TO FORM 5500
Net assets allocable to terminated employees totaled $43,452 and $6,729 at
December 31, 1995 and 1994, 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.
6. 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.
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DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1995 SCHEDULE I
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SHORT TERM FUND
NUMBER OF
SHARES OR COST OF CURRENT
IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT FACE VALUE ASSET VALUE
Interest in Pooled Funds
SEI Liquid Asset Trust Treasury portfolio 368,700 $ 368,700 $ 368,700
------------- --------------
U.S.Government Securities
U.S. Treasury Bills DTD 1/12/95, 1/11/96 400,000 $ 387,447 $ 399,408
U.S. Treasury Bills DTD 3/9/95, 3/7/96 300,000 281,284 297,171
U.S. Treasury Bills DTD 10/19/95, 4/18/96 300,000 291,992 295,440
U.S. Treasury Bills DTD 5/4/95, 5/2/96 400,000 386,201 393,084
U.S. Treasury Bills DTD 7/27/95, 7/25/96 400,000 385,699 388,412
U.S. Treasury Bills DTD 8/24/95, 8/22/96 300,000 289,690 290,184
6-Mo Treasury Bill 2/15/96 300,000 294,783 298,140
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$ 2,317,096 $ 2,361,839
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Short Term Fund Total $ 2,685,796 $ 2,730,539
============= ==============
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DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1995 SCHEDULE I (CONTINUED)
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BALANCED FUND
NUMBER OF
SHARES OR COST OF CURRENT
IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT FACE VALUE ASSET VALUE
Corporate Debt Instruments
General Electric Cap. Corp. 8.850%, 4/01/05
DTD 4/5/90 100,000 $ 117,382 $ 119,193
International Business
Machines Corp. 6.375%, 6/15/00 100,000 101,246 102,000
J. P. Morgan & Co. Inc. 7.625%, 11/15/98
DTD 11/15/91 75,000 81,438 79,010
Wal Mart Stores Inc. 5.875%, 10/15/05
DTD 10/14/93 100,000 95,896 98,488
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$ 395,962 $ 398,691
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Common Stock
American Std. Cos. Inc. Common Stock 1,300 $ 39,325 $ 36,400
Abbott Laboratories Common Stock 700 20,626 29,138
Aflac Corp. Common Stock 1,400 44,816 60,900
Albertsons Common Stock 1,700 38,446 55,888
Allied Signal Inc. Common Stock 1,300 47,817 61,750
American Int'l Group Common Stock 700 42,538 64,750
Boeing Company Common Stock 800 35,669 62,700
Burlington Northern Santa Fe Common Stock 500 35,855 39,000
Clayton Homes Inc. Common Stock 1,750 31,049 37,406
Colgate Palmolive Company Common Stock 800 40,933 56,200
Conagra Inc. Common Stock 1,500 59,228 61,875
Cooper Tire & Rubber Co. Common Stock 1,600 42,421 39,400
Dean Witter Discover & Co. Common Stock 1,100 46,684 51,700
Deere Company Common Stock 1,800 53,463 63,450
Echlin Inc. Common Stock 1,600 53,040 58,400
Emerson Electric Company Common Stock 800 47,315 65,400
Enron Corp. Common Stock 1,900 62,449 72,438
Federal Home Loan Mtg. Common Stock 700 41,703 58,450
Federal Nat'l Mortgage Assn. Common Stock 600 49,361 74,325
Franklin Res. Inc. Common Stock 1,000 39,355 50,375
General Electric Company Common Stock 800 32,963 57,600
Hewlett Packard Company Common Stock 600 31,743 50,250
Intel Corp. Common Stock 1,000 34,584 56,750
Johnson & Johnson Common Stock 500 26,732 42,750
McDonalds Corp. Common Stock 900 30,609 40,612
Motorola Inc. Common Stock 1,000 54,907 57,000
Nabisco Holdings Corp. Common Stock 1,700 47,977 55,462
Newell Cos. Inc. Common Stock 2,300 46,617 59,512
Nordstrom Inc. Common Stock 1,000 40,859 40,500
Omnicom Group, Inc. Common Stock 1,800 45,018 67,050
Pepsico Incorporated Common Stock 1,000 32,929 55,875
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14
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1995 SCHEDULE I (CONTINUED)
- --------------------------------------------------------------------------------
BALANCED FUND NUMBER OF
SHARES OR COST OF CURRENT
IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT FACE VALUE ASSET VALUE
Common Stock, continued
Proctor & Gamble Common Stock 700 40,227 58,100
Royal Dutch Pet New Common Stock 450 47,274 63,506
Schering Plough Common Stock 1,050 37,505 57,488
Wal Mart Stores Inc. Common Stock 2,400 63,819 53,400
Walgreen Co. Common Stock 1,900 33,857 56,763
Xerox Corp. Common Stock 300 37,918 41,100
------------- --------------
$ 1,557,631 $ 2,013,663
------------- --------------
Interest in Pooled Funds
SEI Liquid Asset Trust Treasury portfolio 98,000 $ 98,000 $ 98,000
------------- --------------
U.S. Government Securities
Fed. Home Loan Mtg. Corp. 5.040%, 8/20/98
DTD 8/20/93 200,000 $ 176,438 $ 201,468
Fed. Home Loan Mtg. Corp. 9/20/00
DTD 9/20/93 200,000 182,313 200,062
Fed. Home Loan Mtg. Corp. 6.350%, 3/7/01
DTD 3/7/94 130,000 129,878 135,810
Fed. Nat'l Mtg. Assn. 6.850%, 4/5/04 200,000 198,300 211,688
Fed. Nat'l Mtg. Assn. 7.000%, 8/12/02
DTD 8/10/92 200,000 185,937 203,876
Fed. Nat'l Mtg. Assn. 0.000%, 12/10/04
DTD 12/12/94 200,000 215,938 217,876
Fed. Home Loan Mtg. 6.970%, 6/16/00 100,000 100,125 103,156
Fed. Farm Credit Notes 5.100%, 3/10/98 50,000 49,625 49,786
Gov't Nat'l Mtge. Assoc. 9.000%, 5/15/98 79,527 82,708 84,224
------------- --------------
$ 1,321,262 $ 1,407,946
------------- --------------
Balanced Fund Total $ 3,372,855 $ 3,918,300
============= ==============
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15
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1995 SCHEDULE I (CONTINUED)
- --------------------------------------------------------------------------------
EQUITY FUND
NUMBER OF
SHARES OR COST OF CURRENT
IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT FACE VALUE ASSET VALUE
Corporate Debt Instruments
Anheuser-Busch Company 7.250%, 9/15/15 100,000 $ 102,325 $ 105,390
BP Amer. Inc. 9.875%, 3/15/04 200,000 230,468 250,110
General Electric Cap. Corp. 8.750%, 5/21/07 150,000 171,540 182,121
------------- --------------
$ 504,333 $ 537,621
------------- --------------
Common Stock
Abbott Laboratories Common Stock 1,900 $ 56,167 $ 79,088
Aflac Corp. Common Stock 3,900 124,313 169,650
Albertsons Common Stock 4,500 107,497 147,938
Allied Signal Inc. Common Stock 3,400 124,762 161,500
American Int'l Group Common Stock 1,950 116,112 180,375
American Std. Cos. Inc. Common Stock 3,500 105,875 98,000
Boeing Company Common Stock 2,200 97,779 172,425
Burlington Northern Santa Fe Common Stock 1,400 100,309 109,200
Clayton Homes Inc. Common Stock 5,250 91,452 112,219
Colgate Palmolive Company Common Stock 2,200 120,807 154,550
Conagra Inc. Common Stock 4,000 157,803 165,000
Cooper Tire & Rubber Co. Common Stock 4,000 108,053 98,500
Dean Witter Discover & Co. Common Stock 2,700 114,536 126,900
Deere Company Common Stock 5,100 151,170 179,775
Echlin Incorporated Common Stock 4,500 147,298 164,250
Emerson Electric Company Common Stock 2,200 125,246 179,850
Enron Corp. Common Stock 5,200 168,479 198,250
Fed. Home Loan Mtg. Common Stock 1,800 106,778 150,300
Fed. Nat'l Mtg. Assn. Common Stock 1,500 123,752 185,812
Franklin Res. Inc. Common Stock 2,600 102,322 130,975
General Electric Company Common Stock 2,200 95,552 158,400
Hewlett Packard Company Common Stock 1,500 81,941 125,625
Intel Corporation Common Stock 2,600 89,663 147,550
Johnson & Johnson Common Stock 1,300 69,628 111,150
McDonalds Corporation Common Stock 2,400 81,222 108,300
Motorola Incorporated Common Stock 2,700 147,542 153,900
Nabisco Holdings Corp. Common Stock 4,000 111,265 130,500
Nordstrom Inc. Common Stock 2,400 98,795 97,200
Newell Cos Inc. Common Stock 6,000 127,364 155,250
Omnicom Group, Inc. Common Stock 4,600 115,310 171,350
Pepsico Incorporated Common Stock 2,800 96,395 156,450
Proctor & Gamble Company Common Stock 1,800 95,332 149,400
Royal Dutch Pet New Common Stock 1,200 125,913 169,350
Schering Plough Common Stock 2,900 103,507 158,775
- 13 -
16
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1995 SCHEDULE I (CONTINUED)
- --------------------------------------------------------------------------------
EQUITY FUND
NUMBER OF
SHARES OR COST OF CURRENT
IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT FACE VALUE ASSET VALUE
Common Stock, continued
Wal Mart Stores Inc. Common Stock 6,000 160,560 133,500
Xerox Corporation Common Stock 800 101,385 109,600
Walgreen Co. Common Stock 5,500 102,167 164,312
------------- --------------
$ 4,154,051 $ 5,365,169
------------- --------------
Interest in Pooled Funds
SEI Liquid Asset Trust Treasury portfolio 128,300 $ 128,300 $ 128,300
------------- --------------
U.S. Government Securities
Fed. Nat'l Mtg. Assn. 6.850%, 4/5/04 200,000 $ 198,300 $ 211,688
Fed. Nat'l Mtg. Assn. 7.700%, 8/10/04 100,000 100,000 106,656
Fed. Home Loan Mortgage 6.550%, 4/2/03 100,000 99,844 100,828
Fed. Home Loan Mortgage 6.970%, 6/16/00 200,000 200,250 206,312
Gov't. Nat'l Mtg. Assoc. Pool 9.000%, 6/15/21 119,291 124,063 126,336
U.S. Treasury Bonds 10.750%, 8/15/05 150,000 177,516 205,922
U.S. Treasury Notes 7.875%, 8/15/01 100,000 107,312 111,688
------------- --------------
$ 1,007,285 $ 1,069,430
------------- --------------
Equity Fund Total $ 5,793,969 $ 7,100,520
============= ==============
- 14 -
17
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1995 SCHEDULE I (CONTINUED)
- --------------------------------------------------------------------------------
STOCK FUND
NUMBER OF
SHARES OR COST OF CURRENT
IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT FACE VALUE ASSET VALUE
Common Stock
Dreyer's Grand Ice Cream, Inc. Common Stock 142,195 $ 4,227,279 $ 4,727,984
------------- --------------
Interest in Pooled Funds
SEI Liquid Asset Trust Treasury Portfolio 263,000 $ 263,000 $ 263,000
------------- --------------
Stock Fund Total $ 4,490,279 $ 4,990,984
============= ==============
- 15 -
18
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1995 SCHEDULE I (CONTINUED)
- --------------------------------------------------------------------------------
WELLS FARGO FUND*
NUMBER OF
SHARES OR COST OF CURRENT
IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT FACE VALUE ASSET VALUE
Interest in Pooled Funds
SEI Liquid Asset Trust Treasury Portfolio 6,700 $ 6,700 $ 6,700
Wells Fargo Inc. S&P 500
Stock Fund Mutual funds 510,124 5,425,428 6,856,067
------------- --------------
Wells Fargo Fund Total $ 5,432,128 $ 6,862,767
============= ==============
* Effective January 1, 1996, the fund changed its name to MasterWorks Funds,
managed by BZW Barclays Global Fund Advisors who replaced Wells Fargo Bank.
- 16 -
19
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1995 SCHEDULE I (CONTINUED)
- --------------------------------------------------------------------------------
LOAN FUND
NUMBER OF
SHARES OR COST OF CURRENT
IDENTITY OF ISSUE DESCRIPTION OF INVESTMENT FACE VALUE ASSET VALUE
Participant loans 8% to 11.0%,
due 5/28/96
through 12/21/00 $ $ 1,158,081
------------- --------------
Loan Fund Total $ $ 1,158,081
------------- --------------
Total Assets Held for
Investment at December 31, 1995 $ 21,775,027 $ 26,761,191
============= ==============
- 17 -
20
DREYER'S GRAND ICE CREAM, INC. SAVINGS PLAN
SERIES OF TRANSACTIONS DURING THE YEAR ENDED
DECEMBER 31, 1995 IN EXCESS OF 5% OF THE CURRENT
VALUE OF PLAN ASSETS AT DECEMBER 31, 1994 SCHEDULE V
- --------------------------------------------------------------------------------
CURRENT
NUMBER COST OF VALUE ON REALIZED
PARTY DESCRIPTION OF PURCHASE SELLING ASSET TRANSACTION GAIN/
INVOLVED OF ASSET TRANSACTIONS PRICE PRICE DISPOSED DATE (LOSS)
Imperial Trust Co. Dreyer's Grand Ice Cream, Inc.
Common Stock 106 $ 3,691,263 $ 3,691,263 -
Imperial Trust Co. SEI Liquid Asset Trust - Prime 78 $ 4,285,700 $ 4,267,100 4,285,700 $ 18,600
Imperial Trust Co. SEI Liquid Asset Trust - Prime 48 4,490,000 4,490,000 -
Imperial Trust Co. SEI Liquid Asset Trust - Treasury 191 14,338,700 14,338,700 14,338,700 -
Imperial Trust Co. SEI Liquid Asset Trust - Treasury 345 13,993,300 13,993,300 -
Imperial Trust Co. U.S. Treasury Bills 10 3,193,179 3,193,179 -
Imperial Trust Co. U.S. Treasury Bills 9 3,501,856 3,501,856 3,501,856 -
Imperial Trust Co. Wells Fargo S&P 500 Stock Fund 27 1,397,189 1,397,189 -
- 18 -
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 18, 1996 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/ Jefferey R. Shields
-------------------------------
Jeffrey R. Shields
Member of Dreyer's Grand Ice Cream,
Inc. Savings Plan Administrative
Committee, as Plan Administrator
19
22
INDEX TO EXHIBITS
Exhibit Page
Number Exhibit Number
- ------- ------- ------
23 Consent of Independent Accountants