Exhibit 99.3
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 Certain Hourly Employees of Anheuser-Busch Companies, Inc.
and its Subsidiaries)
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 the years 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 with Fund Information
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 CERTAIN
HOURLY EMPLOYEES OF ANHEUSER-BUSCH
COMPANIES, INC. AND ITS SUBSIDIARIES)
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 Certain Hourly
Employees of Anheuser-Busch Companies, Inc. and its
Subsidiaries)
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 Certain Hourly Employees of Anheuser-Busch Companies,
Inc. and its Subsidiaries), formerly the Anheuser-Busch Deferred Income
Stock Purchase and Savings Plan (For Hourly Employees of Busch
Entertainment Corporation), 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 Certain Hourly Employees of Anheuser-Busch Companies, Inc. and its
Subsidiaries)
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
Receivables:
Contributions:
Participant $ 12,362 $ 332 $ 387 $ 1,057
Employer 6,865 - - -
----------- -------- -------- ----------
19,227 332 387 1,057
----------- -------- -------- ----------
Investments at fair value:
Anheuser-Busch Companies,
Inc. Common Stock* 20,722,808
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 443,463
Anheuser-Busch Companies, Inc.
Medium Term Fixed Income Fund 570,321
Anheuser-Busch Companies, Inc.
Capital Equity Index Fund 1,000,621
Anheuser-Busch Companies, Inc.
Managed Balanced Fund
Anheuser-Busch Companies, Inc.
Index Balanced Fund
Participant loans*
Earthgrains Company, Inc. Common
Stock Fund - - - -
----------- -------- -------- ----------
20,722,808 443,463 570,321 1,000,621
----------- -------- -------- ----------
Total assets 20,742,035 443,795 570,708 1,001,678
----------- -------- -------- ----------
Liabilities
Total liabilities - - - -
----------- -------- -------- ----------
Net assets available for
benefits $20,742,035 $443,795 $570,708 $1,001,678
=========== ======== ======== ==========
* 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
Receivables:
Contributions:
Participant $ 326 $ 233 $ - $ - $ 14,697
Employer - - - - 6,865
----------- -------- ---------- ---------- ------------
326 233 - - 21,562
----------- -------- ---------- ---------- ------------
Investments at fair value:
Anheuser-Busch Companies,
Inc. Common Stock* 20,722,808
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 443,463
Anheuser-Busch Companies, Inc.
Medium Term Fixed Income Fund 570,321
Anheuser-Busch Companies, Inc.
Capital Equity Index Fund 1,000,621
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 149,829 149,829
Anheuser-Busch Companies, Inc.
Index Balanced Fund 81,145 81,145
Participant loans* 2,227,239 2,227,239
Earthgrains Company, Inc. Common
Stock Fund - - - 303,723 303,723
----------- -------- ---------- ---------- -----------
149,829 81,145 2,227,239 303,723 25,499,149
----------- -------- ---------- ----------- ------------
Total assets 150,155 81,378 2,227,239 303,723 25,520,711
----------- -------- ---------- ---------- ------------
Liabilities
Total liabilities - - - - -
----------- -------- ---------- ---------- ------------
Net assets available for
benefits $ 150,155 $ 81,378 $2,227,239 $ 303,723 $ 25,520,711
=========== ======== ========== ========== ============
* 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 Certain Hourly Employees of Anheuser-Busch Companies, Inc. and its
Subsidiaries)
Statement of Net Assets Available for Benefits with Fund Information
March 31, 1996
Page 3
- --------------------------------------------------------------------------
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 $ 406 $ - $ - $ -
Receivables:
Contributions:
Participant 10,516 944 809 944
Employer 7,350 - - -
------------ --------- --------- ---------
18,272 944 809 944
------------ --------- --------- ---------
Investments at fair value:
Earthgrains Company, Inc.,
Common Stock
Anheuser-Busch Companies, Inc.
Common Stock* 15,585,120
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 393,709
Anheuser-Busch Companies, Inc.
Medium Term Fixed Income Fund 568,186
Anheuser-Busch Companies, Inc.
Capital Equity Index Fund 773,801
Anheuser-Busch Companies, Inc.
Managed Balanced Fund
Anheuser-Busch Companies, Inc.
Indexed Balanced Fund
Participant loans* - - - -
------------ --------- --------- ---------
Total investment 15,585,120 393,709 568,186 773,801
------------ --------- --------- ---------
Total assets 15,603,392 394,653 568,995 774,745
------------ --------- --------- ---------
Liabilities
Total liabilities - - - -
------------ --------- --------- ---------
Net assets available for
benefits $ 15,603,392 $ 394,653 $ 568,995 $ 774,745
============ ========= ========= =========
* 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 $ - $ - $ - $ - $ 406
Receivables:
Contributions:
Participant 269 269 13,751
Employer - - - - 7,350
----------- -------- ---------- --------- -----------
269 269 - - 21,507
----------- -------- ---------- --------- -----------
Investments at fair value:
Earthgrains Company, Inc.,
Common Stock 274,200 274,200
Anheuser-Busch Companies, Inc.
Common Stock* 15,585,120
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 393,709
Anheuser-Busch Companies, Inc.
Medium Term Fixed Income Fund 568,186
Anheuser-Busch Companies, Inc.
Capital Equity Index Fund 773,801
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 129,024 129,024
Anheuser-Busch Companies, Inc.
Indexed Balanced Fund 53,466 53,466
Participant loans* - - 1,273,314 - 1,273,314
----------- -------- ---------- --------- -----------
Total investment 129,024 53,466 1,273,314 274,200 19,050,820
----------- -------- ---------- --------- -----------
Total assets 129,293 53,735 1,273,314 274,200 19,072,327
----------- -------- ---------- --------- -----------
Liabilities
Total liabilities - - - - -
----------- -------- ---------- --------- -----------
Net assets available for
benefits $ 129,293 $ 53,735 $1,273,314 $ 274,200 $19,072,327
=========== ======== ========== ========= ===========
* 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 Certain Hourly Employees of Anheuser-Busch Companies, Inc. and its
Subsidiaries)
Statement of Changes in Net Assets Available for Benefits with Fund
Information
Year Ended March 31, 1997
Page 4
- ---------------------------------------------------------------------------
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 $ 1,248,255 $ - $ - $ -
Participant 1,838,287 81,860 119,317 252,325
----------- -------- -------- ----------
3,086,542 81,860 119,317 252,325
----------- -------- -------- ----------
Investment income:
Interest
Net realized and unrealized
appreciation in fair value 4,086,491 21,076 24,967 148,006
of investments
----------- -------- -------- ----------
Total additions 7,173,033 102,936 144,284 400,331
----------- -------- -------- ----------
Deductions from net assets
attributed to:
Distributions to participants 1,799,536 45,595 81,699 48,450
----------- -------- -------- ----------
Net transfers in (out) (234,854) (8,199) (60,872) (124,948)
----------- -------- -------- ----------
Net increase 5,138,643 49,142 1,713 226,933
Net assets available for benefits, 15,603,392 394,653 568,995 774,745
beginning of year
----------- -------- -------- ----------
Net assets available for benefits, $ 20,742,035 $ 443,795 $ 570,708 $ 1,001,678
end of year =========== ======== ======== ==========
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 $ - $ - $ - $ - $ 1,248,255
Participant 46,658 47,561 - - 2,386,008
--------- -------- ---------- ---------- ----------
46,658 47,561 - - 3,634,263
--------- -------- ---------- ---------- ----------
Investment income:
Interest 151,705 151,705
Net realized and unrealized
appreciation in fair value 14,904 7,628 - 155,874 4,458,946
of investments
--------- -------- ---------- ---------- ----------
Total additions 61,562 55,189 151,705 155,874 8,244,914
--------- -------- ---------- ---------- ----------
Deductions from net assets
attributed to:
Distributions to participants 6,547 6,028 1,876 36,039 2,025,770
--------- -------- ---------- ---------- -----------
Net transfers in (out) (34,153) (21,518) 804,096 (90,312) 229,240
--------- -------- ---------- ---------- -----------
Net increase 20,862 27,643 953,925 29,523 6,448,384
Net assets available for benefits, 129,293 53,735 1,273,314 274,200 19,072,327
beginning of year --------- -------- ---------- ---------- -----------
Net assets available for benefits, $ 150,155 $ 81,378 $2,227,239 $ 303,723 $25,520,711
end of year ========= ======== ========== ========== ===========
See accompanying Notes to Financial Statements.
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Certain Hourly Employees of Anheuser-Busch Companies, Inc. and its
Subsidiaries)
Statement of Changes in Net Assets Available for Benefits with Fund Information
Year Ended March 31, 1996
Page 5
- ------------------------------------------------------------------------------------
PART 1 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Short-term Medium-term
Anheuser-Busch fixed fixed Equity
Company income income index
stock fund fund fund fund
Additions to net assets
attributed to:
Contributions:
Employer $ 1,337,667 $ - $ - $ -
Participant 1,938,258 134,839 154,329 225,292
------------ --------- --------- ---------
3,320,925 134,839 154,329 225,292
------------ --------- --------- ---------
Investment income:
Interest 2,709
Dividends 177,350
Net realized and unrealized
appreciation in fair value 9,591,064 14,485 46,104 193,732
of investments ------------ --------- --------- ---------
9,771,123 14,485 46,104 193,732
Transfer in at Fund inception - - - -
------------ --------- --------- ---------
Total additions 13,092,048 149,324 200,433 419,024
------------ --------- --------- ---------
Deductions from net assets
attributed to:
Distributions to participants 1,995,093 44,962 94,825 64,604
------------ --------- --------- ---------
Transfer of assets (to) from
Deferred Income Stock Purchase
& Savings Plan (7,662,466) (944) (809) (944)
Transfer of assets (to) from
Deferred Income Stock Purchase
& Savings Plan (For Employees
covered by a Collective
Bargaining Agreement) (349,729)
Transfer of assets (to) Deferred
Income Stock Purchase & Savings
Plan (For Certain Employees
of the Earthgrains Company)
Interfund transfers (147,035) (115,664) (103,981) (123,849)
------------ --------- --------- ---------
Net transfer in (out) (8,159,230) (116,608) (104,790) (124,793)
------------ --------- --------- ---------
Net increase (decrease) 2,937,725 (12,246) 818 229,627
Net assets available for benefits,
beginning of year 12,665,667 406,899 568,177 545,118
------------ --------- --------- ---------
Net assets available for benefits,
end of year $ 15,603,392 $ 394,653 $ 568,995 $ 774,745
============ ========= ========= =========
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 $ - $ - $ - $ - $ 1,337,667
Participant 61,109 43,274 - - 2,602,101
----------- --------- ---------- --------- -----------
61,109 43,274 - - 3,939,768
----------- --------- ---------- --------- -----------
Investment income:
Interest 60,902 63,611
Dividends 177,350
Net realized and unrealized
appreciation in fair value 39,076 7,855 - 130,057 10,022,373
of investments ----------- --------- ---------- --------- -----------
39,076 7,855 60,902 130,057 10,263,334
Transfer in at Fund inception - - - 113,328 113,328
----------- --------- ---------- --------- -----------
Total additions 100,185 51,129 60,902 243,385 14,316,430
----------- --------- ---------- --------- -----------
Deductions from net assets
attributed to:
Distributions to participants 10,464 1,957 67,017 - 2,278,922
----------- --------- ---------- --------- -----------
Transfer of assets (to) from
Deferred Income Stock Purchase
& Savings Plan (269) (269) 4,460 30,815 (7,630,426)
Transfer of assets (to) from
Deferred Income Stock Purchase
& Savings Plan (For Employees
covered by a Collective
Bargaining Agreement) (349,729)
Transfer of assets (to) Deferred
Income Stock Purchase & Savings
Plan (For Certain Employees
of the Earthgrains Company)
Interfund transfers (43,828) (24,717) 559,074 - -
----------- --------- ---------- --------- -----------
Net transfer in (out) (44,097) (24,986) 563,534 30,815 (7,980,155)
----------- --------- ---------- --------- -----------
Net increase (decrease) 45,624 24,186 557,419 274,200 4,057,353
Net assets available for benefits,
beginning of year 83,669 29,549 715,895 - 15,014,974
----------- --------- ---------- --------- -----------
Net assets available for benefits,
end of year $ 129,293 $ 53,735 $1,273,314 $ 274,200 $19,072,327
=========== ========= ========== ========= ===========
See accompanying Notes to Financial Statements.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Certain Hourly Employees of Anheuser-Busch Companies, Inc.
and its Subsidiaries)
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 Certain Hourly Employees of Anheuser-Busch Companies, Inc. and
its Subsidiaries) (the Plan) was established as a result of an
amendment to the Anheuser-Busch Deferred Income Stock Purchase and
Savings Plan for salaried employees which was effective April 1, 1992.
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 Anheuser-Busch Companies, Inc. (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.
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.
PLAN PARTICIPATION
The Plan covers eligible hourly employees of certain subsidiaries of
the Company which include: Busch Entertainment Corporation; Busch
Properties of Florida, Inc.; Sea World, Inc.; Sea World of Florida,
Inc.; and Sea World of Texas, Inc. Each hourly employee (other than
employees covered by a collective bargaining agreement) of the above
subsidiaries is eligible to participate in the Plan after completing
one year of service, in which 1,000 hours of service are completed.
Participation by eligible employees is voluntary.
CONTRIBUTIONS
A participant may make matched or unmatched contributions. Both
matched and unmatched contributions may be before-tax or 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
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Certain Hourly Employees of Anheuser-Busch Companies, Inc.
and its Subsidiaries)
Notes to Financial Statements
Page 7
- --------------------------------------------------------------------------
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 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 for participants actively employed by the
Company on or prior to March 31, 1989 vested immediately. For
participants subsequently employed, Company contributions vest and
become non-forfeitable after three years of service. Company
contributions also vest 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 by the Plan.
Forfeitures of nonvested balances reduce future employer
contributions.
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 contribution and all of the unmatched contributions in
increments of 1% into any fund established under the Plan. Earnings
are reinvested in the fund to which they relate.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Certain Hourly Employees of Anheuser-Busch Companies, Inc.
and its Subsidiaries)
Notes to Financial Statements
Page 8
- --------------------------------------------------------------------------
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 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 is set quarterly at prime plus one percentage point 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.
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.
AMENDMENT OR TERMINATION OF THE PLAN
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.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Certain Hourly Employees of Anheuser-Busch Companies, Inc.
and its Subsidiaries)
Notes to Financial Statements
Page 9
- --------------------------------------------------------------------------
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
Investment purchases and sales, and related realized gains or 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.
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.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Certain Hourly Employees of Anheuser-Busch Companies, Inc.
and its Subsidiaries)
Notes to Financial Statements
Page 10
- --------------------------------------------------------------------------
3. INTERESTS IN ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION
MASTER TRUST
Effective September 1, 1995 the Company and the Trustee entered into a
new master trust agreement. On September 1, 1995, in accordance with
the agreement, the Plan transferred 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 1% and 1%, 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 Certain Hourly Employees of Anheuser-Busch Companies, Inc.
and its Subsidiaries)
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 a 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 Administrator
and the Plan's tax counsel believe that the Plan is designed and is
currently being operated in compliance with the applicable
requirements of the Internal Revenue Service. Therefore, no provision
for income taxes has been included in the Plan's financial statements.
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
(For Certain Hourly Employees of Anheuser-Busch Companies, Inc.
and its Subsidiaries)
Notes to Financial Statements
Page 12
- --------------------------------------------------------------------------
5. BENEFIT OBLIGATIONS
Benefit obligations for persons who have withdrawn from participation
in the Plan are as follows:
March 31
1997 1996
Earthgrains Company common stock fund $ 180 $ -
Anheuser-Busch Companies common stock fund 24,536 127,317
Short-term fixed income fund 51
Medium-term fixed income fund 51
Equity index fund 217
Managed balanced fund 51
Index balanced fund 52 -
-------- ----------
$ 25,138 $ 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.
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 $9,974,765 and
total market value of $20,722,808 at March 31, 1997. During the year
ended March 31, 1997, transactions with the Company included aggregate
purchases and sales totaling $1,507,768 and $25,583, 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 Certain Hourly Employees of Anheuser-Busch Companies, Inc.
and its Subsidiaries)
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
Earthgrains Company Common 36,823 8.25
Anheuser-Busch Common Stock Fund 1,487,216 13.93
Short Term Fixed Income Fund 27,216 16.29
Medium Term Fixed Income Fund 26,682 21.37
Equity Index Fund 6,040 165.67
Managed Balanced Fund 10,335 14.50
Indexed Balanced Fund 2,256 35.97
Participant Loans 2,211,968 1.00
ANHEUSER-BUSCH DEFERRED INCOME STOCK SCHEDULE I
PURCHASE AND SAVINGS PLAN
(For Certain Hourly Employees of Anheuser-Busch Companies, Inc.
and its Subsidiaries)
Item 27d Form 5500 - Schedule of Reportable Transactions*
Year Ended March 31, 1997
- --------------------------------------------------------------------------
Number Number Total Total Net
Identity of Description of of cost of proceeds gain
party involved of asset purchases sales purchases from sales (loss)
Anheuser-Busch Promissory Notes of 55 - $ 566,532 $ - $ - Companies, Inc.
various participants
of Plan (participant
loans)
Anheuser-Busch Common Stock 27 1 1,507,768 25,583 13,824
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 $ 10,806,861 $ 7,756,536 $ 76,179,822 $ 24,070,669 $ 1,748,402,994
for 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 $ 9,431,452 $ 6,020,060 $ 63,971,162 $ 25,851,364 $ 1,371,867,287
for 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 353,822,133 712,403 1,969,137 12,218,135
value -------------- ----------- ------------ -----------
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 179,537,693 (146,135) 1,574,195 14,939,087
value -------------- ----------- ----------- -----------
214,177,851 441,311 3,742,806 15,894,409
Transfer in at Master Trust 951,718,867 - - -
inception -------------- ----------- ----------- -----------
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 - 11,401,187 45,428,045 38,057,840
period -------------- ----------- ----------- -----------
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 2,236,095 844,001 (2,005,752) 8,648,339 205,627,523
value ------------ ----------- ------------ ----------- --------------
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
Net assets at end of period $ 9,431,452 $ 6,020,060 $ 63,971,162 $25,851,364 $1,371,867,287
============ =========== ============ =========== ==============