Abstract: Low water activity (Aw) food products, particularly ice cream toppings, with or without inclusions, multi-phased ice cream toppings with or without inclusions, and a cold-process method for making such low Aw ice cream toppings. The low Aw ice cream toppings include, by weight, 0.05 to 40% flavoring agent; 0.01 to 50% fat, having a melting point in the range from 35° to 150° F.; 0.1 to 40% humectant; up to 80% sweetener; up to 10% emulsifier; and 0 to 20% water. The water activity of these food products is generally less than 0.85, and preferably less than 0.7. These low Aw food products are particularly well suited for preparing multi-phase products, as well as maintaining the taste and texture inclusions, particularly nuts, candies, and candy bar bits. The low Aw food products of the present invention have desirable flavor and texture, and maintain these characteristics when heated.