Exhibit 99.2
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(x) Annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934
For the Fiscal year ended March 31, 1997
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 _________________
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Employees Covered By A Collective Bargaining Agreement)
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
ANHEUSER-BUSCH COMPANIES, INC.
One Busch Place
St. Louis, Missouri 63118
Item 1. Plan is subject to ERISA, see Item 4 for required information.
Item 2. Plan is subject to ERISA, see Item 4 for required information.
Item 3. Plan is subject to ERISA, see Item 4 for required information.
Item 4. Financial Statements and Exhibits
---------------------------------
(a) Financial Statements:
Report of independent accountants
Statement of Net Assets Available for Benefits with Fund
Information at March 31, 1997 and March 31, 1996.
Statement of Changes in Net Assets Available for Benefits with
Fund Information for year ended March 31, 1997 and March 31,
1996.
Notes to financial statements
Schedule of Reportable Transactions for the year ended March 31,
1997 (Schedule I)
Anheuser-Busch Defined Contribution Master Trust - Statement of
Net Assets Available for Benefits with Fund Information at March
31, 1997 and March 31, 1996 (Appendix A)
Anheuser-Busch Defined Contribution Master Trust - Statement of
Changes in Net Assets Available for Benefits for the Year Ended
March 31, 1997 and March 31, 1996 (Appendix A)
(b) Exhibits:
None
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the Plan) have duly caused
this annual report to be signed by the undersigned thereunto duly
authorized.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN (FOR EMPLOYEES
COVERED BY A COLLECTIVE BARGAINING
AGREEMENT)
By: JOBETH G. BROWN
-----------------------------------
JoBeth G. Brown
Committee Member
Dated: September 24, 1997
3
800 Market Street Telephone 314 206 8500
St. Louis, MO 63101
PRICE WATERHOUSE LLP [LOGO]
REPORT OF INDEPENDENT ACCOUNTANTS
August 1, 1997
To the Participants and Administrator
of the Anheuser-Busch Deferred Income
Stock Purchase and Savings Plan (For
Employees Covered by a Collective
Bargaining Agreement)
In our opinion, the accompanying statements of net assets available for
benefits and the related statements of changes in net assets available for
benefits present fairly, in all material respects, the net assets available
for benefits of the Anheuser-Busch Deferred Income Stock Purchase and
Savings Plan (For Employees Covered by a Collective Bargaining Agreement)
at March 31, 1997 and 1996, and the changes in net assets available for
benefits 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 Schedule I is presented for the purpose 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
statements of net assets available for benefits and the statements of
changes in net assets available for benefits is presented for purposes of
additional analysis rather than to present the net assets available for
benefits and the changes in net assets available for benefits of each fund.
Schedule I 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.
PRICE WATERHOUSE LLP
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Statement of Net Assets Available for Benefits with Fund Information
March 31, 1997
Page 2
- --------------------------------------------------------------------------
PART 1 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Short-term Medium-term
Anheuser-Busch fixed fixed Equity
Companies, Inc. income income index
stock fund fund fund fund
Assets
Cash $ 1 $ - $ - $ -
Receivables:
Contributions:
Participan 555,532 6,226 16,534 45,113
Employer 231,013
------------ ---------- ----------- -----------
786,545 6,226 16,534 45,113
------------ ---------- ----------- -----------
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock* 876,240,971
Anheuser-Busch Companies, Inc.
Short Term Fixed Income Fund 4,637,987
Anheuser-Busch Companies, Inc.
Medium Term Fixed Income Fund 11,323,582
Anheuser-Busch Companies, Inc.
Capital Equity Index Fund 18,314,857
Anheuser-Busch Companies, Inc.
Managed Balanced Fund
Anheuser-Busch Companies, Inc.
Index Balanced Fund
Mellon Bank Employee Benefit
Temporary Investment Fund 634,524
Participant loans
Earthgrains Common Stock Fund
------------ ---------- ----------- -----------
876,875,495 4,637,987 11,323,582 18,314,857
------------ ---------- ----------- -----------
Total assets 877,662,041 4,644,213 11,340,116 18,359,970
------------ ---------- ----------- -----------
Liabilities
Notes payable 141,050,000
------------ ---------- ----------- -----------
Total liabilities 141,050,000 - - -
------------ ---------- ----------- -----------
Net assets available for
benefits $736,612,041 $4,644,213 $11,340,116 $18,359,970
============ ========== =========== ===========
* Represents more than 5% of net assets available for benefits.
See accompanying Notes to Financial Statements.
PART 2 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Managed Index Participant Earthgrains
balanced balanced loan common stock
fund fund fund fund Total
Assets
Cash $ - $ - $ - $ - $ 1
Receivables:
Contributions:
Participants 4,721 4,588 632,714
Employer 231,013
----------- ---------- ----------- ----------- ------------
4,721 4,588 863,727
----------- ---------- ----------- ----------- ------------
Investments at fair value:
Anheuser-Busch Companies, Inc.
Common Stock* 876,240,971
Anheuser-Busch Companies, Inc.
Short Term Fixed Income Fund 4,637,987
Anheuser-Busch Companies, Inc.
Medium Term Fixed Income Fund 11,323,582
Anheuser-Busch Companies, Inc.
Capital Equity Index Fund 18,314,857
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 1,835,358 1,835,358
Anheuser-Busch Companies, Inc.
Index Balanced Fund 1,079,903 1,079,903
Mellon Bank Employee Benefit
Temporary Investment Fund 634,524
Participant loans 40,049,026 40,049,026
Earthgrains Common Stock Fund 11,795,094 11,795,094
----------- ---------- ----------- ----------- ------------
1,835,358 1,079,903 40,049,026 11,795,094 965,911,302
----------- ---------- ----------- ----------- ------------
Total assets 1,840,079 1,084,491 40,049,026 11,795,094 966,775,030
----------- ---------- ----------- ----------- ------------
Liabilities
Notes payable 141,050,000
----------- ---------- ----------- ----------- ------------
Total liabilities - - - - 141,050,000
----------- ---------- ----------- ----------- ------------
Net assets available for
benefits $ 1,840,079 $1,084,491 $40,049,026 $11,795,094 $825,725,030
=========== ========== =========== =========== ============
* Represents more than 5% of net assets available for benefits.
See accompanying Notes to Financial Statements.
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Statement of Net Assets Available for Benefits with Fund Information
March 31, 1996
Page 3
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PART 1 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Short-term Medium-term
Anheuser-Busch fixed fixed Equity
Companies, Inc. income income index
stock fund fund fund fund
Assets
Cash $ 1,807 $ - $ - $ -
Receivables:
Contributions:
Participants 568,010 5,978 23,910 5,978
Employer 269,575
Interest 13,598 - - -
------------ --------- ---------- -----------
852,990 5,978 23,910 5,978
------------ --------- ---------- -----------
Investments, at fair value:
Anheuser-Busch Companies, 713,829,646
Inc. Common Stock*
Anheuser-Busch Companies, Inc.
Short Term Fixed Income Fund 4,249,364
Anheuser-Busch Companies, Inc.
Medium Term Fixed Income Fund 13,245,963
Anheuser-Busch Companies, Inc.
Capital Equity Index Fund 13,737,638
Anheuser-Busch Companies, Inc.
Managed Balanced Fund
Anheuser-Busch Companies, Inc.
Indexed Balanced Fund
Mellon Bank Employee Benefit
Temporary Investment Fund 13,878,868
Participant loans*
Earthgrains Company, Inc.
Common Stock - - - -
------------ ---------- ---------- -----------
727,708,514 4,249,364 13,245,963 13,737,638
------------ ---------- ---------- -----------
Total assets 728,561,504 4,255,342 13,269,873 13,743,616
------------ ---------- ----------- -----------
Liabilities
Notes payable 157,700,000
Other payable 310 - - -
------------ ---------- ----------- -----------
Total liabilities 157,700,310 - - -
------------ ---------- ----------- -----------
Net assets available for
benefits $570,861,194 $4,255,342 $13,269,873 $13,743,616
============ ========== =========== ===========
* Represents more than 5% of net assets available for benefits.
See accompanying Notes to Financial Statements.
PART 2 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Managed Index Participant Earthgrains
balanced balanced loan Company stock
fund fund fund fund Total
Assets
Cash $ - $ - $ - $ - $ 1,807
Receivables:
Contributions:
Participants 5,978 5,978 615,832
Employer 269,575
Interest - - - - 13,598
----------- --------- ----------- ----------- ------------
5,978 5,978 - - 900,812
----------- --------- ----------- ----------- ------------
Investments at fair value:
Anheuser-Busch Companies, Inc. 713,829,646
Common Stock*
Anheuser-Busch Companies, Inc.
Short Term Fixed Income Fund 4,249,364
Anheuser-Busch Companies, Inc.
Medium Term Fixed Income Fund 13,245,963
Anheuser-Busch Companies, Inc.
Capital Equity Index Fund 13,737,638
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 1,468,770 1,468,770
Anheuser-Busch Companies, Inc.
Indexed Balanced Fund 989,381 989,381
Mellon Bank Employee Benefit
Temporary Investment Fund 13,878,868
Participant loans* 33,611,466 33,611,466
Earthgrains Company, Inc.
Common Stock - - - 12,923,261 12,923,261
----------- --------- ----------- ----------- ------------
1,468,770 989,381 33,611,466 12,923,261 807,934,357
----------- --------- ----------- ----------- ------------
Total assets 1,474,748 995,359 33,611,466 12,923,261 808,835,169
----------- --------- ----------- ------------ ------------
Liabilities
Notes payable 157,700,000
Other payable - - - - 310
----------- --------- ----------- ----------- ------------
Total liabilities - - - - 157,700,310
----------- --------- ----------- ----------- ------------
Net assets available for
benefits 1,474,748 $ 995,359 $33,611,466 $12,923,261 $651,134,859
=========== ========= =========== =========== ============
* Represents more than 5% of net assets available for benefits.
See accompanying Notes to Financial Statements.
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Statement of Changes in Net Assets Available for Benefits with Fund Information
Year Ended March 31, 1997
Page 4
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PART 1 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Short-term Medium-term
Anheuser-Busch fixed fixed Equity
Companies, Inc. income income index
stock fund fund fund fund
Additions to net assets
attributed to:
Contributions:
Employer $ 4,748,510 $ - $ - $ -
Participant 26,479,856 329,994 1,002,829 1,961,868
------------ ---------- ----------- ---------
31,228,366 329,994 1,002,829 1,961,868
------------ ---------- ----------- ---------
Investment income:
Interest 429,057
Dividends 16,824,215
Net realized and unrealized
appreciation in fair value
of investments 176,656,762 212,512 519,338 2,558,030
------------ ---------- ----------- ----------
Total additions 225,138,400 542,506 1,522,167 4,519,898
------------ ---------- ----------- ----------
Deductions from net assets
attributed to:
Distributions 52,061,049 1,261,063 981,489 793,033
Interest expense 20,169,188
Administrative expenses 8,621 - - -
------------ ---------- ----------- ----------
Total deductions 72,238,858 1,261,063 981,489 793,033
------------ ---------- ----------- ----------
Net transfers in (out) 12,851,305 1,107,428 (2,470,435) 889,489
------------ ---------- ------------ ----------
Net increase (decrease) 165,750,847 388,871 (1,929,757) 4,616,354
Net assets available for
benefits, beginning of year 570,861,194 4,255,342 13,269,873 13,743,616
------------ ---------- ----------- -----------
Net assets available for
benefits, end of year $736,612,041 $4,644,213 $11,340,116 $18,359,970
============ ========== =========== ===========
See accompanying Notes to Financial Statements.
PART 2 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Managed Index Participant Earthgrains
balanced balanced loan common stock
fund fund fund fund Total
Additions to net assets
attributed to:
Contributions:
Employer $ - $ - $ - $ - $ 4,748,510
Participants 272,345 200,459 - - 30,247,351
----------- ------------ ----------- ----------- ------------
272,345 200,459 - - 34,995,861
----------- ----------- ----------- ----------- ------------
Investment income:
Interest 2,862,700 3,291,757
Dividends 16,824,215
Net realized and unrealized
appreciation in fair value of
investments 116,710 180,775 - 5,537,989 185,782,116
----------- ---------- ----------- ----------- ------------
Total additions 389,055 381,234 2,862,700 5,537,989 240,893,949
----------- ---------- ----------- ----------- ------------
Deductions from net assets
attributed to:
Distributions 116,165 63,779 293,382 1,014,375 56,584,335
Interest expense 20,169,188
Administrative expenses - - - - 8,621
----------- ---------- ----------- ----------- ------------
Total deductions 116,165 63,779 293,382 1,014,375 76,762,144
----------- ---------- ---------- ----------- ------------
Net transfers in (out) 92,441 (228,323) 3,868,242 (5,651,781) 10,458,366
----------- ----------- ----------- ----------- ------------
Net increase (decrease) 365,331 89,132 6,437,560 (1,128,167) 174,590,171
Net assets available for 1,474,748 995,359 33,611,466 12,923,261 651,134,859
benefits, beginning of year ----------- ---------- ----------- ----------- ------------
Net assets available for $ 1,840,079 $1,084,491 $40,049,026 $11,795,094 $825,725,030
benefits, end of year =========== ========== =========== =========== ============
See accompanying Notes to Financial Statements.
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Statement of Changes in Net Assets Available for Benefits with Fund Information
Year Ended March 31, 1996
Page 5
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PART 1 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Short-term Medium-term
Anheuser-Busch fixed fixed Equity
Companies, Inc. income income index
stock fund fund fund fund
Additions to net assets
attributed to:
Contributions:
Employer $ 13,889,163 $ - $ - $ -
Participants 23,796,258 391,244 1,257,480 1,521,659
------------ ---------- ----------- -----------
37,685,421 391,244 1,257,480 1,521,659
Investment income:
Interest 307,235
Dividends 17,400,140
Net realized and unrealized
appreciation in fair value
of investments 89,366,683 170,109 1,081,073 3,137,027
------------ ---------- ----------- -----------
107,074,058 170,109 1,081,073 3,137,027
Transfer in at Fund inception - - - -
------------ ---------- ----------- -----------
Total additions 144,759,479 561,353 2,338,553 4,658,686
------------ ---------- ----------- -----------
Deductions from net assets
attributed to:
Distributions to
Participants 41,039,656 553,514 1,228,424 716,871
Interest expense 7,158,938
Administrative expenses 6,145 - - -
------------ ---------- ----------- -----------
Total deductions 48,204,739 553,514 1,228,424 716,871
------------ ---------- ----------- -----------
Transfer of assets (to) from
Deferred Income Stock Purchase
& Savings Plan 1,052,236 (8,012) (19,295) (10,155)
Transfer of assets (to) from
Deferred Income Stock Purchase
& Savings Plan (For Certain
Hourly Employees of Anheuser-
Busch Companies, Inc. and its
Subsidiaries) 349,729
Transfer of assets (to) from
Deferred Income Stock Purchase
& Savings Plan (For Certain
Employees of the Earthgrains
Company) 553,391
Net interfund transfers (10,629,274) 671,456 (1,064,725) 1,122,840
------------ ---------- ----------- -----------
(8,673,918) 663,444 (1,084,020) 1,112,685
------------ ---------- ----------- -----------
Net increase 87,880,822 671,283 26,109 5,054,500
Net assets available for
benefits, beginning of year 482,980,372 3,584,059 13,243,764 8,689,116
----------- ---------- ----------- -----------
Net assets available for
benefits, end of year $570,861,194 $4,255,342 $13,269,873 $13,743,616
============ ========== =========== ===========
See accompanying Notes to Financial Statements.
PART 2 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Managed Index Participant Earthgrains
balanced balanced loan company stock
fund fund fund fund Total
Additions to net assets
attributed to:
Contributions:
Employer $ - $ - $ - $ - $ 13,889,163
Participants 335,145 241,786 - - 27,543,572
----------- --------- ----------- ---------- ------------
335,145 241,786 - - 41,432,735
Investment income:
Interest 2,337,627 2,644,862
Dividends 17,400,140
Net realized and unrealized
appreciation in fair value of
investments 170,035 358,884 (2,000,000) 4,321,711 96,605,522
----------- --------- ----------- ----------- ------------
170,035 358,884 337,627 4,321,711 116,650,524
Transfer in at Fund inception - - - 5,155,928 5,155,928
----------- --------- ----------- ----------- ------------
Total additions 505,180 600,670 337,627 9,477,639 163,239,187
----------- --------- ----------- ----------- ------------
Deductions from net assets
attributed to:
Distributions to Participants 36,099 41,502 496,527 44,112,593
Interest expense 7,158,938
Administrative expenses - - - - 6,145
----------- --------- ----------- ----------- ------------
Total deductions 36,099 41,502 496,527 - 51,277,676
----------- --------- ----------- ----------- ------------
Transfer of assets (to) from
Deferred Income Stock Purchase
& Savings Plan (6,480) (6,513) (5,994) 995,787
Transfer of assets (to) from
Deferred Income Stock Purchase
& Savings Plan (For Certain
Hourly Employees of Anheuser-Busch
Companies, Inc. and its Subsidiaries) 349,729
Transfer of assets (to) from Deferred
Income Stock Purchase & Savings Plan
(For Certain Employees of the
Earthgrains Company) 553,391
Net interfund transfers 149,563 (32,593) 6,337,111 3,445,622 -
----------- --------- ----------- ----------- ------------
143,083 (39,106) 6,331,117 3,445,622 1,898,907
----------- --------- ----------- ----------- ------------
Net increase 612,164 520,062 6,172,217 12,923,261 113,860,418
Net assets available for
benefits, beginning of year 862,584 475,297 27,439,249 - 537,274,441
----------- --------- ----------- ----------- ------------
Net assets available for
benefits, end of year $ 1,474,748 $ 995,359 $33,611,466 $12,923,261 $651,134,859
=========== ========= =========== =========== ============
See accompanying Notes to Financial Statements.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Employee Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
Page 6
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1. DESCRIPTION OF THE PLAN
GENERAL
The Anheuser-Busch Deferred Income Stock Purchase and Savings Plan
(For Employees Covered by a Collective Bargaining Agreement) (the
Plan) was established as a result of an amendment to the
Anheuser-Busch Employee Stock Purchase and Savings Plan (the Original
Plan). The Original Plan was established by Anheuser-Busch, Inc.,
effective April 1, 1976 and upon amendment, was divided into two
separate plans effective March 1, 1986: the Deferred Income Stock
Purchase and Savings Plan (For Employees Covered by a Collective
Bargaining Agreement) and the Employee Stock Purchase and Savings
Plan. The Plan is a continuation of the Original Plan except that
certain additional features were added, including provisions for
Before-Tax Contributions pursuant to Section 401(k) of the Internal
Revenue Code. Additionally, eligibility was limited to employees who
are members of collective units and whose collective bargaining
agreement specifically provides for participation of such members.
The Plan covers eligible employees of Anheuser-Busch Companies, Inc.
(the Company) and certain subsidiaries of the Company which include:
Anheuser-Busch, Incorporated; Anheuser-Busch Recycling Corporation;
August A. Busch & Co. of Massachusetts; Busch Agricultural Resources,
Inc.; Manufacturers Railway Company; Pacific International Rice Mills,
Inc.; Metal Container Corporation; and Precision Printing and
Packaging, Inc. This summary is intended to provide only a general
description of the Plan's provisions. Participants should refer to
the Plan document for more complete information.
PLAN ADMINISTRATION
The Plan's named fiduciaries are the Company, as Sponsor and Plan
Administrator, and Mellon Bank, N.A. as the Trustee. As Sponsor, the
Company has the right to amend the Plan, designate the Plan's named
fiduciaries and exercise all fiduciary functions necessary for the
operation of the Plan except those which are assigned to another named
fiduciary by the Plan or the related trust agreement. The Company has
appointed an Administrative Committee to exercise the authority and
responsibility for the general administration of the Plan. The
Trustee has the exclusive authority and discretion to invest, manage
and hold the assets of the trust in accordance with the provisions of
the Plan and the separate trust agreement.
The Plan was amended effective June 1, 1989, to add provisions to make
the Plan a stock bonus plan and to permit the leveraged acquisition of
Company stock by the Plan. As such, the Plan is subject to the
requirements of an employee stock ownership plan (ESOP) under Section
4975(e)(7) of the Internal Revenue Code. The Trustee was specifically
empowered to enter into loans, on behalf of the Plan, to acquire
Company stock or to repay a prior ESOP loan.
Effective April 1, 1994, the Plan was amended to incorporate various
changes to the Plan, including changes in participants' contribution
limits, changes in Company matching contributions, the addition of the
Managed Balanced Fund and Indexed Balanced Fund investment options,
and the decrease in the vesting period from three years to two years.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
Page 7
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PLAN PARTICIPATION
Each employee of a participating employer (other than employees not
covered by a collective bargaining agreement) of the Company is
eligible to participate in the Plan after one year of service, during
which the employee worked 1,000 hours. Participation by eligible
employees is voluntary.
CONTRIBUTIONS
A participant may make matched or unmatched contributions. Both
matched and unmatched contributions may be before-tax and after-tax.
A participant may contribute from 1% to 6% of his base compensation
through payroll deductions for Before-Tax Matched Contributions and
After-Tax Matched Contributions. The sum of these matched
contributions may not be less than 2% nor more than 6% of the
participant's base compensation. In addition, a participant may
contribute from 1% to 10% of his base compensation through payroll
deductions for Before-Tax Unmatched Contributions and After-Tax
Unmatched Contributions; however, the unmatched contribution rates may
not exceed 10% of the participant's base compensation and are subject
to other limitations as set forth in the Plan agreement. In addition,
the sum of Before-Tax contribution rates must not exceed 16% of a
participant's base compensation, subject to certain limitations of the
Internal Revenue Code. The participant's employer then contributes a
matching amount, determined annually, based on the relationship of the
Company's net income to its payroll for the year most recently ended.
However, in no event may the participating employer's matching
contribution be less than 33-1/3% nor more than 75% of the aggregate
participant contributions. The Company may contribute an amount in
excess of the matching contribution to enable the Plan to meet its
debt service payments.
The Company may also be required to make a Supplemental Contribution
as determined by the Administrative Committee in accordance with the
Plan document. Supplemental Contributions are payable within 180 days
of the Plan's year end and are allocated to participants who have
account balances as of the end of the Plan year. For the years ended
March 31, 1997 and 1996, no Supplemental Contributions were required.
Employee contributions vest and become non-forfeitable immediately.
Company contributions also vest and become non-forfeitable immediately
for participants actively employed by the Company on or prior to March
31, 1989. For participants subsequently employed, Company
contributions vest and become non-forfeitable after two years of
service. Company contributions also vest and become non-forfeitable
upon termination of employment by reason of death, permanent
disability, entry into military service, layoff exceeding twelve
months, upon termination of employment for any reason, including
retirement, after reaching age 60, or in the event of a "change in
control" of the Company (as defined in the Plan). Forfeitures of
nonvested balances reduce future employer contributions.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
Page 8
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INVESTMENTS
The Trustee maintains an Anheuser-Busch Companies, Inc. common stock
fund, an Earthgrains Company, Inc. common stock fund, a Short-Term
Fixed Income Fund, a Medium-Term Fixed Income Fund, an Equity Index
Fund, a Managed Balanced Fund, and an Indexed Balanced Fund for the
investment of participant and employer contributions. All employer
contributions are invested in the Company Stock Fund. At least
one-half of each participant's Before-Tax Matched Contributions and at
least one-half of each participant's After-Tax Matched Contributions
shall be invested in the Company Stock Fund for certain periods of
time. The participant may direct the remaining one-half of each type
of matched contributions to be invested in increments of 1% into any
fund established under the Plan. The participant may direct that the
unmatched contributions be deposited into any fund of the Plan in
increments of 1%. Earnings are reinvested in the fund to which they
relate.
The Master Trusts had been established for each of the investment
funds other than the Company Stock Fund for the investment of the
Plan's assets and the assets of the other stock purchase and savings
plans sponsored by the Company. On September 1, 1995, the Master
Trusts for each investment fund were combined, along with the Company
Stock Fund into a single Master Trust.
DISTRIBUTIONS
The Plan permits in-service withdrawals and an optional annual class
year distribution as defined in the Plan document, subject to certain
restrictions. Distributions for terminations are comprised of the
participant's personal contribution portion of his account and the
part of the Company contribution portion of his account which is
vested. Termination and annual class year distributions for whole
numbers of shares are payable in Company shares while the value of
fractional shares and all interests in the other funds are payable in
cash. Alternatively, the participant may elect to have non-share
investments transferred to the Company Stock Fund and distributed
thereafter in shares with fractional shares distributed in cash.
In-service distributions other than annual class year distributions
are payable at the election of the participant in Company shares or in
cash.
PARTICIPANT LOANS
A participant may borrow from Before-Tax and/or After-Tax vested
account balances. The minimum loan amount is $1,000; the maximum
amount is the lesser of $50,000 less the highest outstanding loan
balance under the Plan during the one year period ending on the day
before the loan is made, or 50% of the vested account balance. The
interest rate for the life of the loan is set quarterly at prime plus
one percentage point based on the prime rate at the end of the
preceding quarter. The term of a loan for the purchase of a principal
residence may be up to 10 years; the term of a loan for any other
reason may not exceed 5 years.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
Page 9
- ---------------------------------------------------------------------------
PLAN EXPENSES
Under the Master Trust agreement with the Trustee, the Company may pay
all expenses incurred in the administration of the Master Trust,
including trustee fees, but is not obligated to do so. Trustee
expenses not paid by the Company are paid by the Master Trust and
proportionately allocated to the participating plans. All other
expenses incurred in the administration of the Plan are paid by the
participating employers.
PLAN TERMINATION
The Company anticipates that the Plan will continue without
interruption but reserves the right to terminate its participation in
the Plan subject to the provisions of ERISA. Such termination would
result in the immediate and full vesting of each participant's account
balance. The Trustee would then retain the assets until otherwise
distributable under the Plan.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The Plan's financial statements are prepared on the accrual basis of
accounting.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of additions
to and deductions from net assets during the reporting period. Actual
results could differ from those estimates.
Certain reclassifications have been made to the 1996 financial
statements to conform to current year presentation.
INVESTMENT VALUATION
Investments in common stock, U.S. government securities, and corporate
debt instruments are stated at fair value based on the quoted market
price at March 31, 1997. Investments in interest bearing cash,
insurance contracts, and interests in common/collective trusts are
stated at fair value as determined by the trustee. Participant loans
are valued at cost which approximates fair value.
SECURITY TRANSACTIONS AND INVESTMENT INCOME
Purchases and sales of investments, and related realized gains and
losses, are recorded on the trade date. Interest income is recorded
as earned. Dividend income is recorded on the ex-dividend date. Net
realized and unrealized appreciation in fair value of investments is
comprised of the change in market value compared to the cost of
investments retained in the Plan, and realized gains and losses on
security transactions which represent the difference between proceeds
and cost.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
Page 10
- ---------------------------------------------------------------------------
ALLOCATION OF ASSETS
The Plan participates in the Anheuser-Busch Companies, Inc. Defined
Contribution Master Trust (Master Trust) established for the
investments of this plan and the other stock purchase and savings
plans sponsored by the Company. Units of participation in the Master
Trust are allocated to participating plans based on the relationship
of individual plan contributions to the market value of the Master
Trust. Earned income, realized and unrealized gains and losses, and
administrative expenses are retained in the Master Trust and are
allocated to participating plans by the Trustee, based on units of
participation on the transaction date.
3. INTERESTS IN ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION
MASTER TRUST
Effective September 1, 1995 the Company and the Trustee entered in to
a new master trust agreement. On September 1, 1995, in accordance
with the agreement, the Plan exchanged it's investments in: the
Anheuser-Busch Companies, Inc. Common Stock Fund, the Anheuser-Busch
Companies, Inc. Short Term Fixed Income Master Trust, the
Anheuser-Busch Companies, Inc. Medium Term Fixed Income Master Trust,
the Anheuser-Busch Companies, Inc. Capital Equity Index Fund Master
Trust, the Anheuser-Busch Companies, Inc. Managed Balanced Fund Master
Trust, and the Anheuser-Busch Companies, Inc. Indexed Balanced Fund
Master Trust for units of participation in the Anheuser-Busch
Companies, Inc. Defined Contribution Master Trust. The Earthgrains
Company, Inc.'s Common Stock Fund was also added to the Anheuser-Busch
Companies, Inc. Defined Contribution Master Trust. The assets of the
Master Trust are held by Mellon Bank, N.A. (Trustee).
At March 31, 1997 and 1996, the Plan's interest in the net assets of
the Master Trust was approximately 48% and 48%, respectively.
The following table presents the fair value of investments for the
Master Trust:
March 31,
1997 1996
Investments at fair value:
Anheuser-Busch common stock $ 1,764,489,350 $ 1,454,421,887
Short-term fixed income 12,234,324 12,844,323
Medium-term fixed income 44,142,666 48,259,434
Equity index 86,880,218 65,055,866
Managed balanced 10,806,861 9,431,452
Index balanced 7,756,536 6,020,060
Participant loans 76,179,822 63,971,162
Earthgrains Company common stock 24,070,669 25,851,364
-------------- ----------------
$ 2,026,560,446 $ 1,685,855,548
=============== ================
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
Page 11
- --------------------------------------------------------------------------
Investment income for the Master Trust is as follows:
Year ended March 31,
1997 1996
Net appreciation in fair value of
investments:
Anheuser-Busch common stock $ 353,822,133 $ 179,537,693
Short-term fixed income 712,403 (146,135)
Medium-term fixed income 1,969,137 1,574,195
Equity index 12,218,135 14,939,087
Managed balanced 956,745 2,236,095
Index balanced 758,054 844,001
Participant loans (2,005,752)
Earthgrains Company common stock 11,179,051 8,648,339
------------- ------------
381,615,658 205,627,523
Interest 6,245,287 8,752,807
Dividends 32,464,215 34,040,767
------------- -------------
$ 420,325,160 $ 248,421,097
============= =============
Financial statements for the Anheuser-Busch Companies, Inc. Defined
Contribution Master Trust as of and for the years ended March 31, 1997
and 1996 are included as Appendix A.
4. FEDERAL INCOME TAX STATUS
The Internal Revenue Service has determined and informed the Company
by letter dated January 30, 1995 that the Plan is designed in
accordance with applicable sections of the Internal Revenue Code.
Therefore, the underlying trust of such a Plan is exempt from federal
income taxes under Section 501 of the Code. The Plan has been amended
since receiving the determination letter. However, the Plan
Administrator and the Plan's tax counsel believe that the plan is
currently designed and being operated in compliance with the
applicable requirements of the Internal Revenue Code. Therefore, no
provision for income taxes has been included in the Plan's financial
statements.
5. NOTES PAYABLE
In June 1989, the Plan issued $250 million in guaranteed 8.32%
ESOP notes (Notes) to a group of insurance companies and other
financial institutions. In September 1993, the interest rate was
reduced to 8.25% per annum retroactive to January 1, 1993. Interest
is payable semiannually. Principal is payable in annual installments
until maturity on March 31, 2004. The Notes are guaranteed by
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
Page 12
- ---------------------------------------------------------------------------
Anheuser-Busch Companies, Inc. and Anheuser-Busch, Inc. Proceeds of
the Notes were used to purchase 5,665,723 shares of Company stock, the
unallocated portion of which is pledged as security for the Notes.
The shares are maintained in the Company Stock Fund and are released
and allocated to Plan participants based on calculations specified in
the Plan document as contributions are made to the Plan. During the
year ended March 31, 1997, 778,032 shares were released to
participants. Anheuser-Busch Companies, Inc. issued a 2-for-1 stock
split during September 1996 resulting in an increase of the Company
Stock Fund unallocated shares. At March 31, 1997, the Company Stock
Fund held 5,088,204 unallocated shares.
Principal maturities for each of the years ending March 31, are as
follows:
1998 $ 17,450,000
1999 18,350,000
2000 19,150,000
2001 20,000,000
2002 20,950,000
2003 22,000,000
2004 23,150,000
---------------
$ 141,050,000
===============
6. TRANSACTIONS WITH PARTIES-IN-INTEREST
At March 31, 1997, the Plan held shares of Anheuser-Busch Companies,
Inc. common stock. These shares had a total cost of $362,281,025 and
total market value of $876,240,971 at March 31, 1997. During the year
ended March 31, 1997, transactions with the Company included aggregate
purchases and sales totaling $13,477,371 and $1,083,484, respectively.
These transactions are allowable party-in-interest transactions under
Section 408(e) and 408(b)(8) of ERISA and the regulations promulgated
thereunder.
At March 31, 1997, the Plan held investments in the Employee Benefit
Temporary Investment Fund of Mellon Bank N.A., the Plan trustee.
These investments had a total cost and total market value of $634,525
at March 31, 1997. During the year ended March 31, 1997, transactions
with the Fund included aggregate purchases and sales totaling
$40,926,314 and $55,077,925, respectively. These transactions are
allowable party-in-interest transactions under Section 408(e) and
408(b)(8) of ERISA and the regulations promulgated thereunder.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
Page 13
- --------------------------------------------------------------------------
7. UNIT ACCOUNTING
As of October 17, 1995, the Company began allocating units to
participant accounts. On March 31, 1997, the total number of units
allocated to each of the funds in the Plan and the applicable net
asset value (NAV) of each unit was as follows:
Units Held NAV per Unit
Anheuser-Busch Common Stock Fund 47,777,349 13.96
Short Term Fixed Income Fund 284,637 16.29
Medium Term Fixed Income Fund 529,773 21.37
Equity Index Fund 110,548 165.67
Managed Balanced Fund 126,610 14.50
Indexed Balanced Fund 30,023 35.97
Participant Loans 39,555,291 1.00
Earthgrains Company Common Stock Fund 1,430,031 8.25
8. BENEFIT OBLIGATIONS
Benefit obligations for persons who have withdrawn from participation
in the Plan are as follows:
March 31
1997 1996
Anheuser-Busch Companies common stock fund $ 1,083,315 $ 127,317
Short-term fixed income fund 2,314
Medium-term fixed income fund 16,328
Equity index fund
Managed balanced fund
Index balanced fund
Earthgrains Company common stock fund 25,419 -
----------- ---------
$ 1,127,376 $ 127,317
In accordance with generally accepted accounting principles, these
amounts are not reported as distributions payable in the accompanying
financial statements. However, Department of Labor regulations
require that these amounts be reported as liabilities on Form 5500.
Accordingly, net assets available for benefits reported on Form 5500
are lower than that reflected in the financial statements by the above
amounts.
ANHEUSER-BUSCH DEFERRED INCOME STOCK SCHEDULE I
PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Item 27d Form 5500 - Schedule of Reportable Transactions*
Year Ended March 31, 1997
- --------------------------------------------------------------------------------
Number Number Total
Identity of Description of of cost Total current
party involved of asset purchases sales of purchases value of sales Net gain
Mellon Bank, N.A. Employee Benefit 278 46 $ 40,926,314 $ 55,077,925 $ -
Temporary Investment
Fund
Earthgrains Co. Common Stock - 40 2,951,434 6,305,601 3,354,167
Anheuser-Busch Promissory Notes of 59 - 13,290,298 - -
Companies, Inc. various participants
of plan (participant
loans)
Anheuser-Busch Common Stock 41 4 13,477,371 1,083,484 414,244
Companies, Inc.
* Transactions or series of transactions in excess of 5 percent of the
current value of the Plan's assets as of March 31, 1996 as defined in
Section 2520.103-6 of the Department of Labor Rules and Regulations for
Reporting and Disclosure under ERISA.
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
Page 1 of 4
Statement of Net Assets Available for Benefits with Fund Information
March 31, 1997
Anheuser-Busch Companies, Inc. Defined Contribution Master Trust
- --------------------------------------------------------------------------------
PART 1 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Short-term Medium-term
Anheuser-Busch fixed fixed Equity
Companies, Inc. income income index
stock fund fund fund fund
Assets
Cash $ - $ - $ 869 $ -
Receivables:
Income - 3,334,261 607,418 -
--------------- ------------ ------------ ------------
- 3,334,261 608,287 -
--------------- ------------ ------------ ------------
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock 1,763,200,723
Interest bearing cash 1,288,627 350,368
U.S. government securities 1,901,519 31,422,938
Corporate debt instruments 10,332,805 11,217,609
Insurance contracts
Interest in common/collective 1,151,751
trusts
Loans to participant
Earthgrains Company Inc.
common stock
Other investments - - - 86,880,218
--------------- ----------- ------------ ------------
1,764,489,350 12,234,324 44,142,666 86,880,218
--------------- ------------ ------------ ------------
Total assets 1,764,489,350 15,568,585 44,750,953 86,880,218
--------------- ------------ ------------ ------------
Liabilities
Notes payable 282,100,000 - - -
--------------- ------------ ------------ ------------
Total liabilities 282,100,000 - - -
--------------- ------------ ------------ ------------
Net assets available $ 1,482,389,350 $ 15,568,585 $ 44,750,953 $ 86,880,218
for benefits =============== ============ ============ ============
PART 2 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Managed Index Participant Earthgrains
balanced balanced loan Company stock
fund fund fund fund Total
Assets
Cash $ - $ - $ - $ - $ 869
Receivables:
Income - - - - 3,941,679
----------- -------- -------- ---------- --------------
- - - - 3,942,548
----------- -------- -------- ----------- --------------
Investments, at fair value
Anheuser-Busch Companies, Inc.
Common Stock 1,763,200,723
Interest bearing cash 1,638,995
U.S. government securities 33,324,457
Corporate debt instruments 21,550,414
Insurance contracts 10,806,861 3,809,698 14,616,559
Interest in common/collective
trusts 3,946,838 5,098,589
Loans to participant 76,179,822 76,179,822
Earthgrains Company Inc.
common stock 24,070,669 24,070,669
Other investments - - - - 86,880,218
------------- ---------- ---------- ----------- -------------
10,806,861 7,756,536 76,179,822 24,070,669 2,026,560,446
------------- ---------- ---------- ----------- -------------
Total assets 10,806,861 7,756,536 76,179,822 24,070,669 2,030,502,994
------------- ---------- ---------- ----------- -------------
Liabilities
Notes payable - - - - 282,100,000
------------ ---------- ----------- ----------- -------------
Total liabilities - - - - 282,100,000
------------ ---------- ----------- ----------- -------------
Net assets available for $ 10,806,861 $ 7,756,536 $ 76,179,822 $ 24,070,669 $ 1,748,402,994
benefits ============ =========== =========== =========== ==============
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
Page 2 of 4
Statement of Net Assets Available for Benefits
March 31, 1996
Anheuser-Busch Companies, Inc. Defined Contribution Master Trust
- --------------------------------------------------------------------------------
PART 1 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Short-term Medium-term
Anheuser-Busch fixed fixed Equity
Companies, Inc. income income index
stock fund fund fund fund
Assets
Cash $ 9,443 $ - $ 493 $ -
Receivables:
Income 25,136 717,116 660,124 -
------------ --------- ---------- -----------
34,579 717,116 660,617 -
------------ --------- ---------- -----------
Investments, at fair market value
Earthgrains Company Inc.
common stock
Anheuser-Busch Companies, 1,429,086,002
Inc. common stock
Interest bearing cash 25,335,885 780,070
U.S. Government securities 4,975,174 30,828,807
Corporate debt instruments 7,380,989 11,816,309
Insurance contracts
Interest in common/collective 3,363,318
trusts
Loans to participants
Other investments - 488,160 1,470,930 65,055,866
------------- ---------- ---------- ----------
Total investments 1,454,421,887 12,844,323 48,259,434 65,055,866
------------- ---------- ---------- ----------
Total assets 1,454,456,466 13,561,439 48,920,051 65,055,866
------------- ---------- ---------- ----------
Liabilities
Notes payable 315,400,000
Other payable 573 - - -
------------ ---------- ---------- -----------
Total liabilities 315,400,573 - - -
------------ ---------- ---------- -----------
Net assets available $ 1,139,055,893 $13,561,439 $ 48,920,051 $ 65,055,866
for benefits =============== ========== =========== ============
PART 2 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Managed Index Participant Earthgrains
Balanced balanced loan Company stock
fund fund fund fund Total
Assets
Cash $ - $ - $ - $ - $ 9,936
Receivables:
Income - - - - 1,402,376
------------- ----------- ------------ ------------ ---------------
- - - - 1,412,312
------------- ----------- ------------ ------------ ---------------
Investments, at fair value
Earthgrains Company Inc.
common stock 25,851,364 25,851,364
Anheuser-Busch Companies, Inc.
common stock 1,429,086,002
Interest bearing cash 26,115,955
U.S. Government securities 35,803,981
Corporate debt instruments 19,197,298
Insurance contracts 9,431,452
Interest in common/collective 9,431,452
trusts 3,023,771 (5,096,285) 1,290,804
Loans to participants 69,067,447 69,067,447
Other investments - 2,996,289 - - 70,011,245
------------ ---------- ------------ ------------ ---------------
Total investments 9,431,452 6,020,060 63,971,162 25,851,364 1,685,855,548
------------- ----------- ------------ ------------ ---------------
Total assets 9,431,452 6,020,060 63,971,162 25,851,364 1,687,267,860
------------- ----------- ------------ ------------ ---------------
Liabilities
Notes payable 315,400,000
Other payable - - - - 573
------------- ----------- ------------ ------------ ---------------
Total liabilities - - - - 315,400,573
------------- ----------- ------------ ------------ ---------------
Net assets available for $ 9,431,452 $ 6,020,060 $ 63,971,162 $ 25,851,364 $ 1,371,867,287
benefits ============= =========== ============ ============ ===============
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
Page 3 of 4
Statement of Changes in Net Assets Available for Benefits with Fund
Information
For the Year Ended March 31, 1997
Anheuser-Busch Companies, Inc. Defined Contribution Master Trust
- --------------------------------------------------------------------------------
PART 1 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Short-term Medium-term
Anheuser-Busch fixed fixed Equity
Companies, Inc. income income index
stock fund fund fund fund
Additions to net assets
attributed to:
Contributions:
Employer $ 16,302,090 $ - $ - $ -
Participant 55,969,069 964,233 4,624,414 7,565,400
-------------- ----------- ------------ -----------
72,271,159 964,233 4,624,414 7,565,400
-------------- ----------- ------------ -----------
Investment income:
Interest 752,385 264
Dividends 32,464,215
Net realized and unrealized
change in fair market
value 353,822,133 712,403 1,969,137 12,218,135
-------------- ----------- ------------ -----------
Total additions 459,309,892 1,676,900 6,593,551 19,783,535
Distributions to participants 89,417,709 2,217,757 2,752,761 3,232,210
Interest expense 40,338,376
Administrative expenses 14,892
Net transfer in (out) 13,794,542 2,548,003 (8,009,888) 5,273,027
-------------- ----------- ------------ -----------
Net increase (decrease) 343,333,457 2,007,146 (4,169,098) 21,824,352
Net assets at beginning of 1,139,055,893 13,561,439 48,920,051 65,055,866
period -------------- ----------- ------------ -----------
Net assets at end of period $1,482,389,350 $15,568,585 $ 44,750,953 $86,880,218
============== =========== ============ ===========
PART 2 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Managed Index Participant Earthgrains
Balanced balanced loan Company stock
fund fund fund fund Total
Additions to net assets
attributed to:
Contributions:
Employer $ - $ - $ - $ - $ 16,302,090
Participant 1,219,079 822,586 - - 71,164,781
------------ ----------- ------------ ----------- --------------
1,219,079 822,586 - - 87,466,871
------------ ----------- ------------ ----------- --------------
Investment income:
Interest 5,492,638 6,245,287
Dividends 32,464,215
Net realized and unrealized
change in fair market
value 956,745 758,054 - 11,179,051 381,615,658
------------ ----------- ------------ ----------- --------------
Total additions 2,175,824 1,580,640 5,492,638 11,179,051 507,792,031
Distributions to participants 830,141 209,474 374,073 1,745,926 100,780,051
Interest expense 40,338,376
Administrative expenses 14,892
Net transfer in (out) 29,726 365,310 7,090,095 (11,213,820) 9,876,995
------------ ----------- ------------ ----------- --------------
Net increase (decrease) 1,375,409 1,736,476 12,208,660 (1,780,695) 376,535,707
Net assets at beginning of 9,431,452 6,020,060 63,971,162 25,851,364 1,371,867,287
period ------------ ----------- ------------ ----------- --------------
Net assets at end of
period $ 10,806,861 $ 7,756,536 $ 76,179,822 $24,070,669 $1,748,402,994
============ =========== ============ =========== ==============
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
Page 4 of 4
Statement of Changes in Net Assets Available for Benefits
For the Year Ended March 31, 1996
Anheuser-Busch Companies, Inc. Defined Contribution Master Trust
- -----------------------------------------------------------------------------
PART 1 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Short-term Medium-term
Anheuser-Busch fixed fixed Equity
Companies, Inc. income income index
stock fund fund* fund* fund*
Additions to net assets
attributed to:
Contributions:
Employer $ 34,515,122 $ - $ - $ -
Participant 50,628,382 1,277,033 4,433,495 6,268,943
-------------- ---------- ----------- -----------
85,143,504 1,277,033 4,433,495 6,268,943
-------------- ---------- ----------- -----------
Investment income:
Interest 599,391 587,446 2,168,611 955,322
Dividends 34,040,767
Net realized/unrealized
change in fair market
value 179,537,693 (146,135) 1,574,195 14,939,087
-------------- ----------- ----------- -----------
214,177,851 441,311 3,742,806 15,894,409
Transfer in at Master
Trust inception 951,718,867 - - -
-------------- ----------- ----------- -----------
Total additions 1,251,040,222 1,718,344 8,176,301 22,163,352
Distributions to
participants 69,476,790 1,277,113 3,070,393 1,978,680
Interest expense 14,317,876
Administrative expense 11,843
Net transfer in (out) (28,177,820) 1,719,021 (1,613,902) 6,813,354
-------------- ----------- ----------- -----------
Net increase 1,139,055,893 2,160,252 3,492,006 26,998,026
Net assets at beginning
of period - 11,401,187 45,428,045 38,057,840
------------- ----------- ----------- -----------
Net assets at end of
period $1,139,055,893 $13,561,439 $48,920,051 $65,055,866
============== =========== =========== ===========
* Includes income earned by the respective Master Trust during the period
April 1, 1995 through September 1, 1995.
PART 2 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Managed Index Participant Earthgrains
Balanced balanced loan Company stock
fund fund fund fund Total
Additions to net assets
attributed to:
Contributions:
Employer $ - $ - $ - $ - $ 34,515,122
Participant 1,517,526 1,198,761 - - 65,324,140
------------ ----------- ------------ ----------- --------------
1,517,526 1,198,761 - - 99,839,262
------------ ----------- ------------ ----------- --------------
Investment income:
Interest 1,380 45,571 4,395,086 8,752,807
Dividends 34,040,767 Net
realized and unrealized
change in fair market
value 2,236,095 844,001 (2,005,752) 8,648,339 205,627,523
------------ ----------- ------------ ----------- --------------
2,237,475 889,572 2,389,334 8,648,339 248,421,097
Transfer in at Master Trust
inception - - 51,693,730 10,318,530 1,013,731,127
------------ ----------- ------------ ----------- --------------
Total additions 3,755,001 2,088,333 54,083,064 18,966,869 1,361,991,486
Distributions to participants 307,994 150,894 1,123,663 77,385,527
Interest expenses 14,317,876
Administrative expenses 11,843
Net transfer in (out) 1,463,796 1,899,295 11,011,761 6,884,495 -
------------ ----------- ------------ ----------- --------------
Net increase 4,910,803 3,836,734 63,971,162 25,851,364 1,270,276,240
Net assets at beginning of
period 4,520,649 2,183,326 - - 101,591,047
------------ ----------- ------------ ----------- --------------
Net assets at end of period $ 9,431,452 $ 6,020,060 $ 63,971,162 $25,851,364 $1,371,867,287
============ =========== ============ =========== ==============