1
Exhibit 99.1
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, 1999
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
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
2
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<F*>:
Report of Independent Accountants
Statements of Net Assets Available for Benefits with Fund
Information at March 31, 1999 and March 31, 1998.
Statements of Changes in Net Assets Available for Benefits with
Fund Information for year ended March 31, 1999 and March 31, 1998.
Notes to financial statements
Anheuser-Busch Defined Contribution Master Trust - Statement of
Net Assets Available for Benefit with Fund Information at March
31, 1999 and March 31, 1998 (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, 1999 and March 31, 1998 (Appendix A)
(b) Exhibits:
None
[FN]
<F*> 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
3
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
By: JOBETH G. BROWN
--------------------------------
JoBeth G. Brown
Committee Member
Dated: September 24, 1999
3
4
[LOGO]
PricewaterhouseCoopers LLP
800 Market Street
St. Louis MO 63101
Telephone (314) 206 8500
REPORT OF INDEPENDENT ACCOUNTANTS
July 30, 1999
To the Participants and Administrator
of the Anheuser-Busch Deferred Income
Stock Purchase and Savings Plan
In our opinion, the accompanying statements of net assets available for
benefits with fund information and the related statements of changes in net
assets available for benefits with fund information present fairly, in all
material respects, the net assets available for benefits of the
Anheuser-Busch Deferred Income Stock Purchase and Savings Plan at March 31,
1999 and 1998, 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.
/s/ PricewaterhouseCoopers LLP
5
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1999
PAGE 2
- ---------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
ASSETS
Contributions receivable:
Participants $ -- $ -- $ -- $ -- $ --
Employer -- -- -- -- --
-------------- ----------- ----------- ------------ -----------
-- -- -- -- --
-------------- ----------- ----------- ------------ -----------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 1,387,120,464
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 15,131,738
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 33,450,450
Anheuser-Busch Companies, Inc.
Equity Index Fund<F*> 194,335,020
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 17,210,673
Anheuser-Busch Companies, Inc.
Index Balanced Fund
Participant loans
Earthgrains Company, Inc.
Stock Fund -- -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total investments 1,387,120,464 15,131,738 33,450,450 194,335,020 17,210,673
-------------- ----------- ----------- ------------ -----------
Total assets 1,387,120,464 15,131,738 33,450,450 194,335,020 17,210,673
-------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (105,250,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total liabilities (105,250,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Net assets available for benefits $1,281,870,464 $15,131,738 $33,450,450 $194,335,020 $17,210,673
============== =========== =========== ============ ===========
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
ASSETS
Contributions receivable:
Participants $ -- $ -- $ -- $ --
Employer -- -- -- --
----------- ----------- ----------- --------------
-- -- -- --
----------- ----------- ----------- --------------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 1,387,120,464
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 15,131,738
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 33,450,450
Anheuser-Busch Companies, Inc.
Equity Index Fund<F*> 194,335,020
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 17,210,673
Anheuser-Busch Companies, Inc.
Index Balanced Fund 18,408,992 18,408,992
Participant loans 38,896,224 38,896,224
Earthgrains Company, Inc.
Stock Fund -- -- 15,849,735 15,849,735
----------- ----------- ----------- --------------
Total investments 18,408,992 38,896,224 15,849,735 1,720,403,296
----------- ----------- ----------- --------------
Total assets 18,408,992 38,896,224 15,849,735 1,720,403,296
----------- ----------- ----------- --------------
LIABILITIES
Notes payable -- -- -- (105,250,000)
----------- ----------- ----------- --------------
Total liabilities -- -- -- (105,250,000)
----------- ----------- ----------- --------------
Net assets available for benefits $18,408,992 $38,896,224 $15,849,735 $1,615,153,296
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits.
The accompanying notes are an integral part of these financial statements.
6
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
MARCH 31, 1998
PAGE 3
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ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
ASSETS
Contributions receivable:
Participants $ 1,081,331 $ 21,605 $ 72,571 $ 386,083 $ 48,085
Employer 829,480 -- -- -- --
------------- ----------- ----------- ------------ -----------
1,910,811 21,605 72,571 386,083 48,085
------------- ----------- ----------- ------------ -----------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 872,384,224
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 15,412,214
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 33,984,799
Anheuser-Busch Companies, Inc.
Equity Index Fund<F*> 160,842,251
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 15,179,207
Anheuser-Busch Companies, Inc.
Index Balanced Fund
Participant loans
Earthgrains Company, Inc.
Stock Fund -- -- -- -- --
------------- ----------- ----------- ------------ -----------
Total investments 872,384,224 15,412,214 33,984,799 160,842,251 15,179,207
------------- ----------- ----------- ------------ -----------
Total assets 874,295,035 15,433,819 34,057,370 161,228,334 15,227,292
------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (123,600,000) -- -- -- --
------------- ----------- ----------- ------------ -----------
Total liabilities (123,600,000) -- -- -- --
------------- ----------- ----------- ------------ -----------
Net assets available for benefits $ 750,695,035 $15,433,819 $34,057,370 $161,228,334 $15,227,292
============= =========== =========== ============ ===========
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOANS STOCK FUND TOTAL
ASSETS
Contributions receivable:
Participants $ 37,032 $ -- $ -- $ 1,646,707
Employer -- -- -- 829,480
----------- ----------- ----------- --------------
37,032 -- -- 2,476,187
----------- ----------- ----------- --------------
Investments, at fair value:
Anheuser-Busch Companies, Inc.
Common Stock<F*> 872,384,224
Anheuser-Busch Companies, Inc.
Short-Term Fixed Income Fund 15,412,214
Anheuser-Busch Companies, Inc.
Medium-Term Fixed Income Fund 33,984,799
Anheuser-Busch Companies, Inc.
Equity Index Fund<F*> 160,842,251
Anheuser-Busch Companies, Inc.
Managed Balanced Fund 15,179,207
Anheuser-Busch Companies, Inc.
Index Balanced Fund 15,650,572 15,650,572
Participant loans 37,037,993 37,037,993
Earthgrains Company, Inc.
Stock Fund -- -- 17,926,402 17,926,402
----------- ----------- ----------- --------------
Total investments 15,650,572 37,037,993 17,926,402 1,168,417,662
----------- ----------- ----------- --------------
Total assets 15,687,604 37,037,993 17,926,402 1,170,893,849
----------- ----------- ----------- --------------
LIABILITIES
Notes payable -- -- -- (123,600,000)
----------- ----------- ----------- --------------
Total liabilities -- -- -- (123,600,000)
----------- ----------- ----------- --------------
Net assets available for benefits $15,687,604 $37,037,993 $17,926,402 $1,047,293,849
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits.
The accompanying notes are an integral part of these financial statements.
7
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
YEAR ENDED MARCH 31, 1999
PAGE 4
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ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
Additions to net assets attributed to:
Contributions:
Participants $ 28,805,565 $ 513,330 $ 1,569,047 $ 10,999,490 $ 1,183,091
Employer 1,626,930 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total contributions 30,432,495 513,330 1,569,047 10,999,490 1,183,091
Investment income:
Interest 494,171
Dividends 4,300,277
Net realized and unrealized
appreciation in fair value
of investments 550,583,057 2,029,181 2,092,208 32,003,256 1,415,208
-------------- ----------- ----------- ------------ -----------
Total additions 585,810,000 2,542,511 3,661,255 43,002,746 2,598,299
-------------- ----------- ----------- ------------ -----------
Deductions from net assets attributed to:
Distributions to participants 47,926,992 3,343,634 2,579,670 10,764,506 672,621
Interest expense 10,095,030
Administrative expenses 13,437 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total deductions 58,035,459 3,343,634 2,579,670 10,764,506 672,621
-------------- ----------- ----------- ------------ -----------
Net transfers in (out) 3,400,888 499,042 (1,688,505) 868,446 57,703
-------------- ----------- ----------- ------------ -----------
Net increase (decrease) 531,175,429 (302,081) (606,920) 33,106,686 1,983,381
Net assets available for benefits:
Beginning of year 750,695,035 15,433,819 34,057,370 161,228,334 15,227,292
-------------- ----------- ----------- ------------ -----------
End of year $1,281,870,464 $15,131,738 $33,450,450 $194,335,020 $17,210,673
============== =========== =========== ============ ===========
INDEXED EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
Additions to net assets attributed to:
Contributions:
Participants $ 977,183 $ -- $ -- $ 44,047,706
Employer -- -- -- 1,626,930
----------- ----------- ----------- --------------
Total contributions 977,183 -- -- 45,674,636
Investment income:
Interest 3,379,756 3,873,927
Dividends 4,300,277
Net realized and unrealized
appreciation in fair value
of investments 2,269,152 -- 653,768 591,045,830
----------- ----------- ----------- --------------
Total additions 3,246,335 3,379,756 653,768 644,894,670
----------- ----------- ----------- --------------
Deductions from net assets attributed to:
Distributions to participants 1,685,750 1,104,104 1,474,968 69,552,245
Interest expense 10,095,030
Administrative expenses -- -- -- 13,437
----------- ----------- ----------- --------------
Total deductions 1,685,750 1,104,104 1,474,968 79,660,712
----------- ----------- ----------- --------------
Net transfers in (out) 1,160,803 (417,421) (1,255,467) 2,625,489
----------- ----------- ----------- --------------
Net increase (decrease) 2,721,388 1,858,231 (2,076,667) 567,859,447
Net assets available for benefits:
Beginning of year 15,687,604 37,037,993 17,926,402 1,047,293,849
----------- ----------- ----------- --------------
End of year $18,408,992 $38,896,224 $15,849,735 $1,615,153,296
=========== =========== =========== ==============
The accompanying notes are an integral part of these financial statements.
8
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
YEAR ENDED MARCH 31, 1998
PAGE 5
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ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
Additions to net assets attributed to:
Contributions:
Participants $ 30,607,568 $ 714,172 $ 1,908,031 $ 8,396,009 $ 1,171,617
Employer 10,563,135 -- -- -- --
------------ ----------- ----------- ------------ -----------
Total contributions 41,170,703 714,172 1,908,031 8,396,009 1,171,617
Investment income:
Interest 293,251
Dividends 4,827,953
Net realized and unrealized
appreciation in fair value
of investments 102,995,504 729,974 3,145,115 39,875,501 3,023,408
------------ ----------- ----------- ------------ -----------
Total additions 149,287,411 1,444,146 5,053,146 48,271,510 4,195,025
------------ ----------- ----------- ------------ -----------
Deductions from net assets attributed to:
Distributions to participants 46,531,249 1,915,870 1,597,875 5,511,845 959,184
Interest expense 11,636,625
Administrative expenses 6,160 -- -- -- --
------------ ----------- ----------- ------------ -----------
Total deductions 58,174,034 1,915,870 1,597,875 5,511,845 959,184
------------ ----------- ----------- ------------ -----------
Net transfers (out) in (68,045,980) 5,381,865 (2,354,879) 50,653,055 3,129,717
------------ ----------- ----------- ------------ -----------
Net increase 23,067,397 4,910,141 1,100,392 93,412,720 6,365,558
Net assets available for benefits:
Beginning of year 727,627,638 10,523,678 32,956,978 67,815,614 8,861,734
------------ ----------- ----------- ------------ -----------
End of year $750,695,035 $15,433,819 $34,057,370 $161,228,334 $15,227,292
============ =========== =========== ============ ===========
INDEXED EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
Additions to net assets attributed to:
Contributions:
Participants $ 862,316 $ -- $ -- $ 43,659,713
Employer -- -- -- 10,563,135
----------- ----------- ----------- --------------
Total contributions 862,316 -- -- 54,222,848
Investment income:
Interest 2,887,749 3,181,000
Dividends 4,827,953
Net realized and unrealized
appreciation in fair value
of investments 2,462,802 -- 8,809,539 161,041,843
----------- ----------- ----------- --------------
Total additions 3,325,118 2,887,749 8,809,539 223,273,644
----------- ----------- ----------- --------------
Deductions from net assets attributed to:
Distributions to participants 627,351 1,767,142 1,290,887 60,201,403
Interest expense 11,636,625
Administrative expenses -- -- -- 6,160
----------- ----------- ----------- --------------
Total deductions 627,351 1,767,142 1,290,887 71,844,188
----------- ----------- ----------- --------------
Net transfers in (out) 6,367,101 1,336,277 (1,564,102) (5,096,946)
----------- ----------- ----------- --------------
Net increase 9,064,868 2,456,884 5,954,550 146,332,510
Net assets available for benefits:
Beginning of year 6,622,736 34,581,109 11,971,852 900,961,339
----------- ----------- ----------- --------------
End of year $15,687,604 $37,037,993 $17,926,402 $1,047,293,849
=========== =========== =========== ==============
The accompanying notes are an integral part of these financial statements.
9
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 6
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1. DESCRIPTION OF THE PLAN
GENERAL
The Anheuser-Busch Deferred Income Stock Purchase and Savings Plan (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. The Original Plan was divided into two separate plans
effective January 1, 1985: the Deferred Income Stock Purchase and
Savings Plan 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 not covered by a
collective bargaining agreement. Effective July 1, 1994, the Plan was
divided into two separate plans, one of which is a continuation of the
Plan as amended, and the other of which is the Anheuser-Busch Deferred
Income Stock Purchase and Savings Plan (For Certain Hourly Employees of
the Earthgrains Company).
The Plan covers eligible employees of Anheuser-Busch Companies, Inc.
(the Company) and certain subsidiaries of the Company which include:
Anheuser-Busch Asia, Inc.; Anheuser-Busch Beverage Group, Inc.;
Anheuser-Busch Distributors of New York, Inc.; Anheuser-Busch Europe,
Inc.; Anheuser-Busch, Inc.; Anheuser-Busch International, Inc.;
Anheuser-Busch Investment Capital Corporation; Anheuser-Busch Mexico,
Inc.; Anheuser-Busch Recycling Corporation; Anheuser-Busch Sales of
Hawaii, Inc.; Anheuser-Busch Sales of South Bay, Inc.; August A. Busch
& Co. of Massachusetts; Boardwalk and Baseball, Inc.; Busch
Agricultural Resources, Inc.; Busch Agricultural Resources
International, Inc.; Busch Biotech, Inc.; Busch Creative Services
Corporation; Busch Entertainment Corporation; Busch Media Group; Busch
Mechanical Services, Inc.; Busch Properties, Inc.; Busch Properties of
Florida, Inc.; Consolidated Farms, Inc.; Eagle Snacks, Inc.; Fairfield
Transport, Inc.; Innervision Productions, Inc.; Kingsmill Realty, Inc.;
Manufacturers Cartage Company; Manufacturers Railway Company; Metal
Container Corporation; Metal Container Corporation of California; Metal
Container International, Inc.; MRS Transport Company; Nutri-Turf, Inc.;
Pacific International Rice Mills, Inc.; Packaging Business Services,
Inc.; Precision Printing and Packaging, Inc.; Sea World of Florida,
Inc.; Sea World of Texas, Inc.; Sea World, Inc.; St. Louis Refrigerator
Car Company; and Williamsburg Transport, Inc.
The Plan is operated in compliance with the Tax Equity and Fiscal
Responsibility Act of 1982, the Deficit Reduction Act of 1984, the
Retirement Equity Act of 1984 and the Tax Reform Act of 1986. The Plan
was restated effective April 1, 1994 primarily to incorporate previous
amendments. 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
10
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 7
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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.
PLAN PARTICIPATION
Each employee of a participating employer (other than employees covered
by a collective bargaining agreement) of the Company 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 their 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 1% nor more than 6% of the
participant's base compensation. In addition, a participant may
contribute from 1% to 10% of their 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,
however, 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 made by transferring shares
of Anheuser-Busch Common Stock from the ESOP and allocating the shares
to participants who have account balances as of the end of the Plan
year and are required to be made within 180 days of the Plan's year
end. For the year ended March 31, 1999, 40,240 shares with a value of
$2,997,886 were transferred from the ESOP to participant accounts on
April 6, 1999 for the required Supplemental
11
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 8
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Contribution. For the year ended March 31, 1998 a Supplemental
Contribution was not 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 vest immediately. For participants
subsequently employed, Company contributions vest and become
non-forfeitable after two 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 of
control" in the Company (as defined in the Plan). Forfeitures of
nonvested balances reduce future employer contributions. There were
$34,102 and $8,581 in forfeitures during the years ended March 31, 1999
and 1998, respectively.
INVESTMENTS
The Trustee maintains an Anheuser-Busch Companies, Inc. Stock Fund, an
Earthgrains Company Stock Fund, a Short-Term Fixed Income Fund, a
Medium-Term Fixed Income Fund, an Equity Index Fund, a Managed Balanced
Fund, and an Index 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 and all
unmatched contributions to be invested in increments of 1% into any
fund established under the Plan. 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 their account and the
part of the Company contribution portion of their 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.
12
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 9
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PARTICIPANT LOANS
A participant may borrow from Before-Tax and/or After-Tax vested
account balances, subject to certain conditions. 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 as of 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 charged to and
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.
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 each year. 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.
Investment securities are exposed to various risks, such as interest
rate, market, and credit. Due to the level of risk associated with
certain investment securities and the level of uncertainty related to
changes in the value of investment securities, it is at least
reasonably possible that changes in risks in the near term could
materially affect the amounts reported in the Statement of Net Assets
Available for Benefits with Fund Information.
13
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 10
- ------------------------------------------------------------------------------
SECURITY TRANSACTIONS AND INVESTMENT INCOME
Investment purchases and sales, 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 from the beginning to the end of the Plan
year for 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.
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 its 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. Effective March 26,
1996 the Earthgrains Company 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, 1999 and 1998, the Plan's interest in the net assets of
the Master Trust was approximately 53% and 52%, respectively.
14
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 11
- ------------------------------------------------------------------------------
The following table presents the fair value of investments for the
Master Trust:
MARCH 31,
1999 1998
Investments at fair value:
Anheuser-Busch common stock $2,690,248,415 $1,768,443,386
Short-term fixed income 22,336,551 23,983,370
Medium-term fixed income 45,376,432 48,360,569
Equity index 302,006,045 244,609,595
Managed balanced 23,560,824 21,318,878
Index balanced 26,361,477 21,599,221
Participant loans 87,168,848 83,211,937
Earthgrains Company common stock 29,552,524 35,570,828
-------------- --------------
$3,226,611,116 $2,247,097,784
============== ==============
Investment income for the Master Trust is as follows:
YEAR ENDED MARCH 31,
1999 1998
Net appreciation in fair value of investments:
Anheuser-Busch common stock $1,048,963,294 $178,962,138
Short-term fixed income 1,148,887 29,847
Medium-term fixed income 114,341 1,391,974
Equity index 45,686,098 50,332,246
Managed balanced 2,004,553 3,829,723
Index balanced 3,289,062 2,946,651
Earthgrains Company common stock 1,575,592 17,367,264
-------------- ------------
1,102,781,827 254,859,843
-------------- ------------
Interest 18,649,560 14,661,835
Dividends 39,115,247 41,880,450
-------------- ------------
$1,160,546,634 $311,402,128
============== ============
Further financial information for the Anheuser-Busch Companies, Inc.
Defined Contribution Master Trust as of and for the years ended March
31, 1999 and 1998 are included as Appendix A.
15
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 12
- ------------------------------------------------------------------------------
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 Internal Revenue Code. The Plan
Administrator and the Plan's tax counsel believe that the Plan is
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
semi-annually. 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 collateral for the Notes. The shares
are maintained in the Company Stock Fund and are released and allocated
to Plan participants based on calculations specified in the Plan
document as contributions are made to the Plan. During the years ended
March 31, 1999 and 1998, 765,449 and 779,918 shares were released to
participants, respectively. At March 31, 1999 and 1998 the Company
Stock Fund held 3,542,629 and 4,308,078 unallocated shares,
respectively.
Principal maturities for each of the years ending March 31, are as
follows:
2000 $ 19,150,000
2001 20,000,000
2002 20,950,000
2003 22,000,000
2004 23,150,000
------------
$105,250,000
============
16
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 13
- ------------------------------------------------------------------------------
6. BENEFIT OBLIGATIONS
Benefit obligations for persons who have withdrawn from participation
in the Plan are as follows:
MARCH 31,
1999 1998
Anheuser-Busch Companies common stock fund $2,220,547 $2,196,491
Short-term fixed income fund 248,742 222,141
Medium-term fixed income fund 165,609 358,554
Equity index fund 622,399 270,941
Managed balanced fund 34,207 36,474
Index balanced fund 77,267 51,193
Earthgrains Company common stock fund 74,752 65,002
---------- ----------
$3,443,523 $3,200,796
========== ==========
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.
7. TRANSACTIONS WITH PARTIES-IN-INTEREST
During the years ended March 31, 1999 and 1998, transactions with the
Company included aggregate common stock purchases totaling $58,821,927
and $7,926,346, respectively, and aggregate common stock sales totaling
$41,952,593 and $45,918,693, 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 years ended March 31, 1999 and 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 investment purchases totaling $111,473,934 and
$61,993,480, respectively and aggregate investment sales totaling
$106,799,379 and $61,267,087, 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, 1999, 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:
17
ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
PAGE 14
- ------------------------------------------------------------------------------
UNITS HELD NAV PER UNIT
Anheuser-Busch Companies, Inc. Stock Fund 42,586,364 26.17
Short-Term Fixed Income Fund 821,709 18.42
Medium-Term Fixed Income Fund 1,335,826 25.04
Equity Index Fund 668,099 290.88
Managed Balanced Fund 832,036 20.69
Index Balanced Fund 349,842 52.62
Participant Loans 38,896,224 1.00
Earthgrains Company Stock Fund 1,073,587 14.76
18
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 1 OF 4
MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $2,673,153,056 $ -- $ -- $ -- $ --
Interest bearing cash 17,095,359
U.S. government securities 8,687,849 19,234,879
Corporate debt instruments 13,415,531 25,908,975
Insurance contracts 23,560,824
Interest in common/
collective trusts
Loans to participants
Earthgrains Company, Inc.
common stock
Other investments<F*> -- 233,171 232,578 302,006,045 --
-------------- ----------- ----------- ------------ -----------
Total investments 2,690,248,415 22,336,551 45,376,432 302,006,045 23,560,824
-------------- ----------- ----------- ------------ -----------
Total assets 2,690,248,415 22,336,551 45,376,432 302,006,045 23,560,824
-------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (210,500,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total liabilities (210,500,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Net assets available for benefits $2,479,748,415 $22,336,551 $45,376,432 $302,006,045 $23,560,824
============== =========== =========== ============ ===========
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
ASSETS
Investments, at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $ -- $ -- $ -- $2,673,153,056
Interest bearing cash 41 17,095,400
U.S. government securities 27,922,728
Corporate debt instruments 39,324,506
Insurance contracts 23,560,824
Interest in common/
collective trusts 26,361,477 26,361,477
Loans to participants 87,168,848 87,168,848
Earthgrains Company, Inc.
common stock 29,477,579 29,477,579
Other investments<F*> -- -- 74,904 302,546,698
----------- ----------- ----------- --------------
Total investments 26,361,477 87,168,848 29,552,524 3,226,611,116
----------- ----------- ----------- --------------
Total assets 26,361,477 87,168,848 29,552,524 3,226,611,116
----------- ----------- ----------- --------------
LIABILITIES
Notes payable -- -- -- (210,500,000)
----------- ----------- ----------- --------------
Total liabilities -- -- -- (210,500,000)
----------- ----------- ----------- --------------
Net assets available for benefits $26,361,477 $87,168,848 $29,552,524 $3,016,111,116
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits
19
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 2 OF 4
MARCH 31, 1998
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
ASSETS
Cash
Investments at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $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 21,318,878
Loans to participants
Earthgrains Company, Inc.
common stock
Other investments<F*> 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 21,318,878
-------------- ----------- ----------- ------------ -----------
Total assets 1,768,443,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
LIABILITIES
Notes payable (247,200,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total liabilities (247,200,000) -- -- -- --
-------------- ----------- ----------- ------------ -----------
Net assets available for benefits $1,521,243,386 $23,983,370 $48,360,569 $244,609,595 $21,318,878
============== =========== =========== ============ ===========
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
ASSETS
Cash
Investments at fair value:
Anheuser-Busch Companies,
Inc. Common Stock<F*> $ -- $ -- $ -- $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 10,798,861 32,117,739
Loans to participants 83,211,937 83,211,937
Earthgrains Company, Inc.
common stock 35,407,087 35,407,087
Other investments<F*> 10,800,360 -- 163,726 260,169,213
----------- ----------- ----------- --------------
Total investments 21,599,221 83,211,937 35,570,828 2,247,097,784
----------- ----------- ----------- --------------
Total assets 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 benefits $21,599,221 $83,211,937 $35,570,828 $1,999,897,784
=========== =========== =========== ==============
<FN>
<F*> Represents more than 5% of net assets available for benefits
20
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 3 OF 4
FOR THE YEAR ENDED MARCH 31, 1999
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
Additions to net assets attributed to:
Contributions:
Participants $ 56,239,131 $ 934,830 $ 2,369,554 $ 16,634,437 $ 1,670,801
Employer 4,569,194 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total contributions 60,808,325 934,830 2,369,554 16,634,437 1,670,801
Investment income:
Interest 1,622,339 1,436,593 2,896,665 5,305,433 120
Dividends 38,905,478
Net realized and unrealized
appreciation in fair
value of investments 1,048,963,294 1,148,887 114,341 45,686,098 2,004,553
-------------- ----------- ----------- ------------ -----------
Total additions 1,150,299,436 3,520,310 5,380,560 67,625,968 3,675,474
-------------- ----------- ----------- ------------ -----------
Deductions from net assets attributed to:
Distributions to participants 158,224,057 7,902,458 5,951,000 23,801,297 1,289,091
Interest expense 20,292,030
Administrative expenses 30,996 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total deductions 178,547,083 7,902,458 5,951,000 23,801,297 1,289,091
-------------- ----------- ----------- ------------ -----------
Net transfers (out) in (13,247,324) 2,735,329 (2,413,697) 13,571,779 (144,437)
-------------- ----------- ----------- ------------ -----------
Net increase (decrease) 958,505,029 (1,646,819) (2,984,137) 57,396,450 2,241,946
Net assets available for benefits:
Beginning of year 1,521,243,386 23,983,370 48,360,569 244,609,595 21,318,878
-------------- ----------- ----------- ------------ -----------
End of year $2,479,748,415 $22,336,551 $45,376,432 $302,006,045 $23,560,824
============== =========== =========== ============ ===========
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
Additions to net assets attributed to:
Contributions:
Participants $ 1,453,067 $ -- $ -- $ 79,301,820
Employer -- -- -- 4,569,194
----------- ----------- ----------- --------------
Total contributions 1,453,067 -- -- 83,871,014
Investment income:
Interest 7,388,292 118 18,649,560
Dividends 209,769 39,115,247
Net realized and unrealized
appreciation in fair
value of investments 3,289,062 -- 1,575,592 1,102,781,827
----------- ----------- ----------- --------------
Total additions 4,742,129 7,388,292 1,785,479 1,244,417,648
----------- ----------- ----------- --------------
Deductions from net assets attributed to:
Distributions to participants 2,660,475 3,023,381 4,505,220 207,356,979
Interest expense 20,292,030
Administrative expenses -- -- -- 30,996
----------- ----------- ----------- --------------
Total deductions 2,660,475 3,023,381 4,505,220 227,680,005
----------- ----------- ----------- --------------
Net transfers (out) in 2,680,602 (408,000) (3,298,563) (524,311)
----------- ----------- ----------- --------------
Net increase (decrease) 4,762,256 3,956,911 (6,018,304) 1,016,213,332
Net assets available for benefits:
Beginning of year 21,599,221 83,211,937 35,570,828 1,999,897,784
----------- ----------- ----------- --------------
End of year $26,361,477 $87,168,848 $29,552,524 $3,016,111,116
=========== =========== =========== ==============
21
ANHEUSER-BUSCH DEFERRED INCOME STOCK PURCHASE AND SAVINGS PLAN APPENDIX A
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION PAGE 4 OF 4
FOR THE YEAR ENDED MARCH 31, 1998
ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION MASTER TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
ANHEUSER-BUSCH SHORT-TERM MEDIUM-TERM EQUITY MANAGED
COMPANIES, INC. FIXED INCOME FIXED INCOME INDEX BALANCED
STOCK FUND FUND FUND FUND FUND
Additions to net assets attributed to:
Contributions:
Participants $ 59,963,043 $ 1,211,998 $ 2,770,456 $ 11,176,034 $ 1,497,754
Employer 15,491,761 -- -- -- --
-------------- ----------- ----------- ------------ -----------
Total contributions 75,454,804 1,211,998 2,770,456 11,176,034 1,497,754
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 3,829,723
-------------- ----------- ----------- ------------ -----------
Total additions 297,031,688 2,246,198 7,003,320 64,308,658 5,327,477
-------------- ----------- ----------- ------------ -----------
Deductions from net assets attributed to:
Distributions to participants 107,016,259 4,258,766 2,520,682 8,076,962 1,164,839
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 1,164,839
-------------- ----------- ----------- ------------ -----------
Net transfers in (out) (127,872,328) 10,427,353 (884,170) 101,497,681 6,349,379
-------------- ----------- ----------- ------------ -----------
Net increase 38,854,036 8,414,785 3,609,616 157,729,377 10,512,017
Net assets available for benefits:
Beginning of year 1,482,389,350 15,568,585 44,750,953 86,880,218 10,806,861
-------------- ----------- ----------- ------------ -----------
End of year $1,521,243,386 $23,983,370 $48,360,569 $244,609,595 $21,318,878
============== =========== =========== ============ ===========
INDEX EARTHGRAINS
BALANCED PARTICIPANT COMPANY
FUND LOAN FUND STOCK FUND TOTAL
Additions to net assets attributed to:
Contributions:
Participants $ 1,149,033 $ -- $ -- $ 77,768,318
Employer -- -- -- 15,491,761
----------- ----------- ----------- --------------
Total contributions 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 2,946,651 -- 17,367,264 254,859,843
----------- ----------- ----------- --------------
Total additions 4,221,548 7,003,752 17,519,566 404,662,207
----------- ----------- ----------- --------------
Deductions from net assets attributed to:
Distributions to participants 807,207 3,382,436 2,784,896 130,012,047
Interest expense 23,273,250
Administrative expenses -- -- (15) 4,652
----------- ----------- ----------- --------------
Total deductions 807,207 3,382,436 2,784,881 153,289,949
----------- ----------- ----------- --------------
Net transfers in (out) 10,428,344 3,410,799 (3,234,526) 122,532
----------- ----------- ----------- --------------
Net increase 13,842,685 7,032,115 11,500,159 251,494,790
Net assets available for benefits:
Beginning of year 7,756,536 76,179,822 24,070,669 1,748,402,994
----------- ----------- ----------- --------------
End of year $21,599,221 $83,211,937 $35,570,828 $1,999,897,784
=========== =========== =========== ==============