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, 1998
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, 1998 and March 31, 1997.
Statement of Changes in Net Assets Available for Benefits with
Fund Information for year ended March 31, 1998 and March 31,
1997.
Notes to financial statements
Anheuser-Busch Defined Contribution Master Trust - Statement of
Net Assets Available for Benefits with Fund Information at March
31, 1998 and March 31, 1997 (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, 1998 and March 31, 1997 (Appendix A)
(b) Exhibits:
None
* Other schedules required by Section 2520.103-10 of the Department of
Labor Rules and Regulations for Reporting and Disclosure under ERISA
have been omitted because they are not applicable.
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 25, 1998
3
[LOGO]
PricewaterhouseCoopers LLP
800 Market Street
St. Louis, MO 63101
Telephone (314) 206 8500
Report of Independent Accountants
To the Participants and Administrator
of the Anheuser-Busch Deferred Income
Stock Purchase and Savings Plan (For
Employees Covered by a Collective
Bargaining Agreement)
July 31, 1998
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, 1998 and 1997, 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.
PricewaterhouseCoopers LLP
4
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, 1998
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
Contributions receivable
Participants $ 523,590 $ 6,359 $ 15,865 $ 79,212
Employer 280,493 - - -
------------ ---------- ----------- -----------
804,083 6,359 15,865 79,212
------------ ---------- ----------- -----------
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock* 871,036,203
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 8,074,980
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 13,692,827
Anheuser-Busch Companies, Inc.
Capital Equity Index Fund* 81,860,051
Anheuser-Busch Companies, Inc.
Managed Balanced Fund
Anheuser-Busch Companies, Inc.
Index Balanced Fund
Participant loans
Earthgrains Common Stock Fund - - - -
------------ ---------- ----------- -----------
Total investments 871,036,203 8,074,980 13,692,827 81,860,051
------------ ---------- ----------- -----------
Total assets 871,840,286 8,081,339 13,708,692 81,939,263
------------ ---------- ----------- -----------
Liabilities
Total liabilities (123,600,000) - - -
------------ ---------- ----------- -----------
Net assets available for
benefits $748,240,286 $8,081,339 $13,708,692 $81,939,263
============ ========== =========== ===========
* Represents more than 5% of net assets available for benefits.
The accompanying notes are an integral part of these financial statements.
PART 2 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Managed Indexed Participant Earthgrains
balanced balanced loan common stock
fund fund fund fund Total
Assets
Contributions receivable
Participants $ 7,149 $ 6,540 $ - $ - $ 638,715
Employer - - - - 280,493
----------- ---------- ----------- ----------- --------------
7,149 6,540 - - 919,208
----------- ---------- ----------- ----------- --------------
Investments at fair value:
Anheuser-Busch Companies, Inc.
Common Stock* 871,036,203
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 8,074,980
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 13,692,827
Anheuser-Busch Companies, Inc.
Capital Equity Index Fund 81,860,051
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 5,900,367 5,900,367
Anheuser-Busch Companies, Inc.
Index Balanced Fund 5,795,200 5,795,200
Participant loans 43,459,077 43,459,077
Earthgrains Common Stock Fund - - - 17,051,707 17,051,707
----------- ---------- ----------- ----------- --------------
Total investments 5,900,367 5,795,200 43,459,077 17,051,707 1,046,870,412
----------- ---------- ----------- ----------- --------------
Total assets 5,907,516 5,801,740 43,459,077 17,051,707 1,047,789,620
----------- ---------- ----------- ----------- --------------
Liabilities
Total liabilities - - - - (123,600,000)
----------- ---------- ----------- ----------- --------------
Net assets available for
benefits $5,907,516 $5,801,740 $43,459,077 $17,051,707 $ 924,189,620
=========== ========== =========== =========== ==============
* Represents more than 5% of net assets available for benefits.
The accompanying notes are an integral part of these 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, 1997
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
Contributions receivable
Participants $ 555,533 $ 6,226 $ 16,534 $ 45,113
Employer 231,013 - - -
------------ --------- ---------- -----------
786,546 6,226 16,534 45,113
------------ --------- ---------- -----------
Investments, at fair value:
Anheuser-Busch Companies, 876,875,495
Inc. Common Stock*
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
Participant loans
Earthgrains Common Stock
Fund - - - -
------------ ---------- ---------- -----------
Total investments 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.
The accompanying notes are an integral part of these financial statements.
PART 2 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Managed Indexed Participant Earthgrains
balanced balanced loan Common stock
fund fund fund fund Total
Assets
Contributions receivable
Participants $ 4,721 $ 4,588 $ - $ - 632,715
Employer - - - - 231,013
----------- --------- ----------- ----------- ------------
4,721 4,588 - - 863,728
----------- --------- ----------- ----------- ------------
Investments at fair value:
Anheuser-Busch Companies, Inc. 876,875,495
Common Stock*
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
Participant loans 40,049,026 40,049,026
Earthgrains Common Stock
Fund - - - 11,795,094 11,795,094
----------- --------- ----------- ----------- ------------
Total investments 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.
The accompanying notes are an integral part of these 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, 1998
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:
Participants $ 27,214,844 $ 391,599 $ 742,431 $2,627,378
Employer 3,580,328 - - -
------------ ---------- ----------- ---------
Total contributions 30,795,172 391,559 742,431 2,627,378
Investment income:
Interest 460,009
Dividends 4,912,920
Net realized and unrealized
appreciation in fair value
of investments 105,394,518 279,569 1,072,262 12,713,421
------------ ---------- ----------- ----------
Total additions 141,562,619 671,128 1,814,693 15,340,799
------------ ---------- ----------- ----------
Deductions from net assets
attributed to:
Distributions 59,035,183 2,321,349 904,590 2,467,658
Interest expense 11,636,625
Administrative expenses 9,655 - - -
------------ ---------- ----------- ----------
Total deductions 70,681,463 2,321,349 904,590 2,467,658
------------ ---------- ----------- ----------
Net transfers in (out) (59,252,911) 5,087,347 1,458,473 50,706,152
------------ ---------- ------------ ----------
Net increase 11,628,245 3,437,126 2,368,576 63,579,293
Net assets available for
benefits:
Beginning of year 736,612,041 4,644,213 11,340,116 18,359,970
------------ ---------- ----------- -----------
End of year $748,240,286 $8,081,339 $13,708,692 $81,939,263
============ ========== =========== ===========
The accompanying notes are an integral part of these financial statements.
PART 2 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Managed Indexed Participant Earthgrains
balanced balanced loan common stock
fund fund fund fund Total
Additions to net assets
attributed to:
Contributions:
Participants $ 273,875 $ 249,472 $ - $ - $ 31,499,559
Employer - - - - 3,580,328
----------- ------------ ----------- ----------- ------------
Total contributions 273,875 249,472 - - 35,079,887
Investment income:
Interest 3,243,763 3,703,772
Dividends 4,912,920
Net realized and unrealized
appreciation in fair value of
investments 754,219 583,157 - 8,493,737 129,290,883
----------- ---------- ----------- ----------- ------------
Total additions 1,028,094 832,629 3,243,763 8,493,737 172,987,462
----------- ---------- ----------- ----------- ------------
Deductions from net assets
attributed to:
Distributions 191,236 174,408 1,504,636 1,469,821 68,068,881
Interest expense 11,636,625
Administrative expenses - - - - 9,655
----------- ---------- ----------- ----------- ------------
Total deductions 191,236 174,408 1,504,636 1,469,821 79,715,161
----------- ---------- ---------- ----------- ------------
Net transfers in (out) 3,230,579 4,059,028 1,670,924 (1,767,303) 5,192,289
----------- ----------- ----------- ----------- ------------
Net increase 4,067,437 4,717,249 3,410,051 5,256,613 98,464,590
Net assets available for
benefits:
Beginning of year 1,840,079 1,084,491 40,049,026 11,795,094 825,725,030
----------- ---------- ----------- ----------- ------------
End of year $ 5,907,516 $5,801,740 $43,459,077 $17,051,707 $924,189,620
=========== ========== =========== =========== ============
The accompanying notes are an integral part of these 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 5
- ---------------------------------------------------------------------------------
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:
Participants $ 26,479,856 $ 329,994 $ 1,002,829 $ 1,961,868
Employer 4,748,510 - - -
------------ ---------- ----------- -----------
Total contributions 31,228,366 329,994 1,002,829 1,961,868
Investment income:
Interest 387,142
Dividends 5,184,640
Net realized and unrealized
appreciation in fair value
of investments 188,338,252 212,512 591,338 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 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
----------- ---------- ----------- -----------
End of year $736,612,041 $4,644,213 $11,340,116 $18,359,970
============ ========== =========== ===========
The accompanying notes are an integral part of these financial statements.
PART 2 OF 2 DUE TO TABLE EXCEEDING MAXIMUM WIDTH
Managed Indexed Participant Earthgrains
balanced balanced loan common stock
fund fund fund fund Total
Additions to net assets
attributed to:
Contributions:
Participants $ 272,345 $ 200,459 $ - $ - $ 30,247,351
Employer - - - - 4,748,510
----------- --------- ----------- ---------- ------------
Total contributions 272,345 200,459 - - 34,995,861
Investment income:
Interest 2,862,700 3,249,842
Dividends 5,184,640
Net realized and unrealized
appreciation in fair value of
investments 116,710 180,775 - 5,537,989 197,463,606
----------- --------- ----------- ----------- ------------
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 1,209,708 1,014,375 57,500,661
Interest expense 20,169,188
Administrative expenses - - - - 8,621
----------- --------- ----------- ----------- ------------
Total deductions 116,165 63,779 1,209,708 1,014,375 77,678,470
----------- --------- ----------- ----------- ------------
Net transfers in (out) 92,441 (228,323) 4,784,568 (5,651,781) 11,374,692
----------- --------- ----------- ----------- ------------
Net increase 365,331 89,132 6,437,560 (1,128,167) 174,590,171
Net assets available for
benefits:
Beginning of year 1,474,748 995,359 33,611,466 12,923,261 651,134,859
----------- --------- ----------- ----------- ------------
End of year $ 1,840,079 $1,084,491 $40,049,026 $11,795,094 $825,725,030
=========== ========= =========== =========== ============
The accompanying notes are an integral part of these financial statements.
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
March 31, 1998
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, Inc.; August A.
Busch & Co. of Massachusetts, Inc.; Anheuser-Busch
Companies, Inc.; Busch Agricultural Resources, Inc.;
Manufacturers Railway Company; Pacific International Rice
Mills, Inc.; Metal Container Corporation; and A-B Contract
Services, 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
March 31, 1998
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.
Effective April 1, 1998, the participating employer's
matching contribution may not be less than 33-1/3% nor more
than 100% 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, 1998 and 1997, 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. There were $86 of
forfeitures during the year ended March 31, 1998.
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
March 31, 1998
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.
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
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
March 31, 1998
Page 9
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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 1997
financial statements and Appendix A 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, 1998. 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.
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
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
March 31, 1998
Page 10
--------------------------------------------------------------------------
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, 1998 and 1997, the Plan's interest in the net
assets of the Master Trust was approximately 46% and 48%,
respectively.
The following table presents the fair value of investments
for the Master Trust:
March 31,
1998 1997
Investments at fair value:
Anheuser-Busch common stock $ 1,768,443,386 $ 1,764,489,350
Short-term fixed income 23,983,370 15,568,585
Medium-term fixed income 48,360,569 44,750,953
Equity index 244,609,595 86,880,218
Managed balanced 21,318,878 10,806,861
Index balanced 21,599,221 7,756,536
Participant loans 83,211,937 76,179,822
Earthgrains Company common stock 35,570,828 24,070,669
-------------- ----------------
$ 2,247,097,784 $ 2,030,502,994
=============== ================
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
March 31, 1998
Page 11
--------------------------------------------------------------------------
Investment income for the Master Trust is as follows:
Year ended March 31,
1998 1997
Net appreciation in fair value of
investments:
Anheuser-Busch common stock $ 178,962,138 $ 346,196,449
Short-term fixed income 29,847 (91,609)
Medium-term fixed income 1,391,974 (996,720)
Equity index 50,332,246 10,660,053
Managed balanced 3,829,723 1,019,321
Index balanced 2,946,651 607,152
Earthgrains Company common stock 17,367,264 11,048,054
------------- ------------
254,859,843 368,442,700
------------- ------------
Interest 14,661,835 12,244,741
Dividends 41,880,450 40,113,882
------------- -------------
$ 311,402,128 $ 420,801,323
============= =============
Financial statements for the Anheuser-Busch Companies, Inc.
Defined Contribution Master Trust as of and for the years
ended March 31, 1998 and 1997 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 Internal Revenue 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 instalments until maturity on
March 31, 2004. The Notes are guaranteed by 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
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
March 31, 1998
Page 12
--------------------------------------------------------------------------
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, 779,917 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,
1998, the Company Stock Fund held 4,308,287 unallocated
shares.
Principal maturities for each of the years ending March 31,
are as follows:
1999 $ 18,350,000
2000 19,150,000
2001 20,000,000
2002 20,950,000
2003 22,000,000
2004 23,150,000
---------------
$ 123,600,000
===============
6. Benefit obligations
Benefit obligations for persons who have withdrawn from
participation in the Plan are as follows:
March 31
Investments at fair value: 1998 1998
Anheuser-Busch common stock $ 3,328,560 $1,083,315
Short-term fixed income fund 220,661 2,314
Medium-term fixed income fund 238,030 16,328
Equity index fund 236,068
Managed balanced fund 2,691
Index balanced fund 2,268
Earthgrains Company common stock 95,089 25,419
----------- ---------
$ 4,123,367 $1,127,376
============ ==========
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 PURCHASE AND SAVINGS PLAN
(For Employees Covered by a Collective Bargaining Agreement)
Notes to Financial Statements
March 31, 1998
Page 13
--------------------------------------------------------------------------
7. Transactions with parties-in-interest
At March 31, 1998, the Plan held shares of Anheuser-Busch
Companies, Inc. common stock. These shares had a total cost
of $314,608,807 and total market value of $871,036,203 at
March 31, 1998. During the year ended March 31, 1998,
transactions with the Company included aggregate purchases
and sales totaling $7,011,768 and $60,496,808, respectively.
These transactions are allowable party-in-interest
transactions under Section 408(e) and 408(b)(8) of ERISA and
the regulations promulgated thereunder.
During the year ended March 31, 1998, the Plan purchased and
sold investments in the Employee Benefit Temporary
Investment Fund of Mellon Bank N.A., the Plan trustee.
Transactions with the Fund included aggregate purchases and
sales totaling $64,636,514 and $62,946,526, respectively.
These transactions are allowable party-in-interest
transactions under Section 408(e) and 408(b)(8) of ERISA and
the regulations promulgated thereunder.
8. Unit accounting
As of October 17, 1995, the Company began allocating units
to participant accounts. On March 31, 1998, 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 42,782,307 15.70
Short-Term Fixed Income 465,809 17.33
Medium-Term Fixed Income 582,848 23.49
Equity Index 333,771 245.25
Managed Balanced 310,415 19.00
Index Balanced 124,820 46.42
Participant Loans 43,459,077 1.00
Earthgrains Company Common Stock 1,165,770 14.62
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, 1998
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
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock* 1,764,699,829
Interest bearing cash 3,720,727 129,620
U.S. government securities 9,361,836 19,483,013
Corporate debt instruments 10,442,678 28,354,090
Insurance contracts
Interest in common/collective
trusts
Loans to participant
Earthgrains Company Inc.
common stock
Other investments* 22,830 4,178,856 393,846 244,609,595
--------------- ----------- ------------ ------------
Total investments 1,768,443,386 23,983,370 48,360,569 244,609,595
--------------- ------------ ------------ ------------
Total assets 1,768,443,386 23,983,370 48,360,569 244,609,595
--------------- ------------ ------------ ------------
Liabilities
Notes payable (247,200,000) - - -
--------------- ------------ ------------ ------------
Total liabilities (247,200,000) - - -
--------------- ------------ ------------ ------------
Net assets available for $ 1,521,243,386 $ 23,983,370 $ 48,360,569 $244,609,595
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
Investments, at fair value
Anheuser-Busch Companies, Inc.
Common Stock* 1,764,699,829
Interest bearing cash 15 3,850,362
U.S. government securities 28,844,849
Corporate debt instruments 38,796,768
Insurance contracts
Interest in common/collective
trusts 21,318,878 10,798,861 32,117,739
Loans to participant 83,211,937 83,211,937
Earthgrains Company Inc.
common stock 35,407,087 35,407,087
Other investments* - 10,800,360 - 163,726 260,169,213
------------ ---------- ---------- ----------- -------------
Total investments 21,318,878 21,599,221 83,211,937 35,570,828 2,247,097,784
------------- ---------- ---------- ----------- -------------
Total assets 21,318,878 21,599,221 83,211,937 35,570,828 2,247,097,784
------------- ---------- ---------- ----------- -------------
Liabilities
Notes payable - - - - (247,200,000)
------------ ---------- ----------- ----------- -------------
Total liabilities - - - - (247,200,000)
------------ ---------- ----------- ----------- -------------
Net assets available for $ 21,318,878 $21,599,221 $ 83,211,937 $ 35,570,828 $ 1,999,897,784
benefits ============ =========== =========== =========== ==============
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
Page 2 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
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* - 3,334,261 608,287 86,880,218
--------------- ----------- ------------ ------------
Total investments 1,764,489,350 15,568,585 44,750,953 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 for $ 1,482,389,350 $ 15,568,585 $ 44,750,953 $ 86,880,218
benefits =============== ============ ============ ============
* Represents more than 5% of net assets available 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
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* - - - - 90,822,766
------------ ---------- ---------- ----------- -------------
Total investments 10,806,861 7,756,536 76,179,822 24,070,669 2,030,502,994
------------- ---------- ---------- ----------- -------------
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 ============ =========== =========== =========== ==============
* Represents more than 5% of net assets available 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, 1998
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:
Participants $ 59,963,043 $ 1,211,998 $ 2,770,456 $11,176,034
Employer 15,491,761 - - -
-------------- ----------- ------------ -----------
Total contributions 75,454,804 1,211,998 2,770,456 11,176,034
Investment income:
Interest 885,882 1,004,353 2,840,890 2,800,378
Dividends 41,728,864
Net realized and unrealized
appreciation in fair value
of investments 178,962,138 29,847 1,391,974 50,332,246
-------------- ----------- ------------ -----------
Total additions 297,031,688 2,246,198 7,003,320 64,308,658
-------------- ----------- ------------ -----------
Deductions from net assets
attributed to:
Distributions to participants 107,016,259 4,258,766 2,520,682 8,076,962
Interest expense 23,273,250
Administrative expenses 15,815 - (11,148) -
-------------- ----------- ------------ -----------
Total deductions 130,305,324 4,258,766 2,509,534 8,076,962
-------------- ----------- ------------ -----------
Net transfer in (out) (127,872,328) 10,427,353 (884,170)101,497,681
-------------- ----------- ------------ -----------
Net increase (decrease) 38,854,036 8,414,785 3,609,616 157,729,377
Net assets available for
benefits:
Beginning of year 1,482,389,350 15,568,585 44,750,953 86,880,218
-------------- ----------- ------------ -----------
End of year $1,521,243,386 $23,983,370 $48,360,569 $244,609,595
============== =========== ============ ============
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:
Participants $ 1,497,754 $ 1,149,033 $ - $ - $ 77,768,318
Employer - - - - 15,491,761
------------ ----------- ------------ ----------- --------------
Total contributions 1,497,754 1,149,033 - - 93,260,079
------------ ----------- ------------ ----------- --------------
Investment income:
Interest 125,864 7,003,752 716 14,661,835
Dividends 151,586 41,880,450
Net realized and unrealized
appreciation in fair value
of investments 3,829,723 2,946,651 - 17,367,264 254,859,843
------------ ----------- ------------ ----------- --------------
Total additions 5,327,477 4,221,548 7,003,752 17,519,566 404,662,207
------------ ----------- ------------ ----------- --------------
Deductions from net assets
attributed to:
Distributions to participants 1,164,839 807,207 3,382,436 2,784,896 130,012,047
Interest expense 23,273,250
Administrative expenses - - - (15) 4,652
------------ ----------- ------------ ----------- --------------
Total deductions 1,164,839 807,207 3,382,436 2,784,881 153,289,949
------------ ----------- ------------ ----------- --------------
Net transfer in (out) 6,349,379 10,428,344 3,410,799 (3,234,526) 122,532
------------ ----------- ------------ ----------- --------------
Net increase (decrease) 10,512,017 13,842,685 7,032,115 11,500,159 251,494,790
Net assets available for
benefits:
Beginning of year 10,806,861 7,756,536 76,179,822 24,070,669 1,748,402,994
------------ ----------- ------------ ----------- --------------
End of year $ 21,318,878 $21,599,221 $ 83,211,937 $35,570,828 $1,999,897,784
============ =========== ============ =========== ==============
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
Page 4 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:
Participants $ 55,969,069 $ 964,233 $ 4,624,414 $ 7,565,400
Employer 16,302,090 - - -
-------------- ----------- ------------ -----------
Total contributions 72,271,159 964,233 4,624,414 7,565,400
Investment income:
Interest 807,239 787,221 2,950,138 2,113,688
Dividends 40,035,045
Net realized and unrealized
appreciation in fair value
of investments 346,196,449 (91,609) (996,720) 10,660,053
-------------- ----------- ------------ ------------
Total additions 459,309,892 1,659,845 6,577,832 20,339,141
-------------- ----------- ------------ ------------
Deductions from net assets
attributed to:
Distributions to participants 89,417,709 2,217,757 2,752,761 3,232,210
Interest expense 40,338,376
Administrative expenses 14,892 - - -
-------------- ----------- ------------ -----------
Total deductions 129,770,977 2,217,757 2,752,761 3,232,210
-------------- ----------- ------------ -----------
Net transfer in (out) 13,794,542 2,565,058 (7,994,169) 4,717,421
-------------- ----------- ------------ -----------
Net increase (decrease) 343,333,457 2,007,146 (4,169,098) 21,824,352
Net assets available for
benefits:
Beginning of year 1,139,055,893 13,561,439 48,920,051 65,055,866
-------------- ----------- ------------ -----------
End of year $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:
Participants $ 1,219,079 $ 822,586 $ - $ - $ 71,164,781
Employer - - - - 16,302,090
------------ ----------- ------------ ----------- --------------
Total contributions 1,219,079 822,586 - - 87,466,871
Investment income:
Interest 93,741 5,492,638 76 12,244,741
Dividends 78,837 40,113,882
Net realized and unrealized
appreciation in fair value
of investments 1,019,321 607,152 - 11,048,054 368,442,700
------------ ----------- ------------ ----------- --------------
Total additions 2,238,400 1,523,479 5,492,638 11,126,967 508,268,194
------------ ----------- ------------ ----------- --------------
Deductions from net assets
attributed to:
Distributions to participants 830,141 209,474 2,492,965 1,745,926 102,898,943
Interest expense 40,338,376
Administrative expenses - - - - 14,892
------------ ----------- ------------ ----------- --------------
Total deductions 830,141 209,474 2,492,965 1,745,926 143,252,211
------------ ----------- ------------ ----------- --------------
Net transfer in (out) (32,850) 422,471 9,208,987 (11,161,736) 11,519,724
------------ ----------- ------------ ----------- --------------
Net increase (decrease) 1,375,409 1,736,476 12,208,660 (1,780,695) 376,535,707
Net assets available for
benefits:
Beginning of year 9,431,452 6,020,060 63,971,162 25,851,364 1,371,867,287
------------ ----------- ------------ ----------- --------------
End of year $ 10,806,861 $ 7,756,536 $ 76,179,822 $24,070,669 $1,748,402,994
============ =========== ============ =========== ==============