UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 11-K

         FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND
               SIMILAR PLANS 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, 2005

                                       OR

   ( )    Transition report pursuant to Section 15(d) of the Securities
          Exchange Act of 1934

    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



                            REQUIRED INFORMATION

A.       Financial Statements and Exhibits
         ---------------------------------

         Report of Independent Registered Public Accounting Firm

         Financial Statements*:

             Statements of Net Assets Available for Benefits

             Statements of Changes in Net Assets Available for Benefits

             Notes to Financial Statements

B.       Exhibits

         23 Consent of Independent Registered Accounting Firm


*Schedules required by 29 CFR 2520.103-10 of the Department of Labor's Rules &
Regulations for Reporting and Disclosure under ERISA have been omitted
because they are not applicable.

                                     2



[PRICEWATERHOUSECOOPERS LLP logo]

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                                                  PRICEWATERHOUSECOOPERS LLP
                                                  800 Market Street
                                                  St Louis MO 63101-2695
                                                  Telephone (314) 206 8500


           REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



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 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 (the "Plan") at March 31, 2005 and 2004, and the changes in net
assets available for benefits for the years then ended, in conformity with
accounting principles generally accepted in the United States of America.
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 the standards of the Public Company Accounting Oversight
Board (United States). Those standards 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 our
opinion.



/s/ PricewaterhouseCoopers LLP


St. Louis, Missouri
June 24, 2005

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ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
MARCH 31, 2005 AND 2004
-----------------------------------------------------------------------------------------------------------------



                                                                                 2005                  2004

                                                                                            
ASSETS
Contributions receivable
    Participant                                                             $    2,343,460        $            -
    Employer                                                                     1,472,481            12,998,265
                                                                            --------------        --------------

                                                                                 3,815,941            12,998,265

Interest in Master Trust*                                                    1,803,008,517         1,930,170,508
                                                                            --------------        --------------

             Total assets                                                    1,806,824,458         1,943,168,773
                                                                            --------------        --------------

LIABILITIES
Due to broker for securities purchased                                                   -            13,473,730
                                                                            --------------        --------------

             Total liabilities                                                           -            13,473,730
                                                                            --------------        --------------

             Net assets available for benefits                              $1,806,824,458        $1,929,695,043
                                                                            ==============        ==============


*Represents more than 5 percent of net assets available for benefits.

                    The accompanying notes are an integral part of these financial statements.


                                     4




ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
MARCH 31, 2005 AND 2004
---------------------------------------------------------------------------------------------------------------------------


                                                                                   2005                          2004

                                                                                                      
ADDITIONS TO NET ASSETS ATTRIBUTED TO
Contributions
    Participants                                                              $   64,027,539                $   60,292,432
    Employer                                                                      40,396,342                    25,753,781
    Rollovers                                                                      1,085,775                     2,075,128
                                                                              --------------                --------------

             Total contributions                                                 105,509,656                    88,121,341

Change in fair value of Interest in Master Trust                                 (21,664,396)                  206,570,417
                                                                              --------------                --------------

             Total additions                                                      83,845,260                   294,691,758
                                                                              --------------                --------------

DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO
Distributions to participants                                                    179,574,868                   136,745,415
Interest expense                                                                           -                     1,909,875
Administrative expenses                                                                    -                        15,956
                                                                              --------------                --------------

             Total deductions                                                    179,574,868                   138,671,246
                                                                              --------------                --------------

             Net (decrease) increase                                             (95,729,608)                  156,020,512

Net transfers (out)/in                                                           (27,140,977)                    5,835,644

NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year                                                              1,929,695,043                 1,767,838,887
                                                                              --------------                --------------

End of year                                                                   $1,806,824,458                $1,929,695,043
                                                                              ==============                ==============

                        The accompanying notes are an integral part of these financial statements.


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ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2005 AND 2004
-------------------------------------------------------------------------------

1.      PLAN DESCRIPTION

        The following description of the Anheuser-Busch Deferred Income
        Stock Purchase and Savings Plan (the "Plan") is provided for general
        informational purposes only. Participants should refer to the Plan
        document for a more complete description of the Plan's provisions.

        GENERAL
        The Plan is a defined contribution plan covering all eligible
        employees of Anheuser-Busch Companies, Inc. (the "Company") and
        certain subsidiaries of the Company. The Plan is subject to the
        provisions of the Employee Retirement Income Security Act of 1974
        ("ERISA").

        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 and designate the Plan's
        named fiduciaries. The Plan is administered through the Human
        Resources Service Center, the Retirement Plans Department and the
        Stock Plans Appeals Committee, all located in St. Louis, Missouri.
        The Trustee has the authority to hold the assets of the trust in
        accordance with the provisions of the Plan and the separate trust
        agreement.

        During 2004, the Plan was amended to incorporate various changes to
        the Plan including, among other things, an increase in the unmatched
        participant contribution limit from 10 percent to 44 percent of base
        compensation and an increase in the maximum match rate limit under
        the Company matching contribution formula from 100 percent to 125
        percent of the aggregate participant matched contributions.

        ELIGIBILITY
        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, during which the employee worked 1,000 hours. Participation
        by eligible employees is voluntary.

        CONTRIBUTIONS
        A participant may make matched and unmatched contributions. Both
        matched and unmatched contributions may be before-tax or after-tax.
        A participant may contribute from 1 percent to 6 percent of his or
        her 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 percent nor
        more than 6 percent of the participant's base compensation. In
        addition, a participant may contribute from 1 percent to 44 percent
        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 44 percent
        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 Matched and Unmatched Contributions must not exceed 50
        percent 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 expense
        for the year most recently ended. However, in no event may the
        participating employer's matching contribution be less than 33-1/3
        percent nor more than 125 percent of the aggregate participant
        matched contributions. The Company may, however, contribute an
        amount in excess of the matching


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ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2005 AND 2004
-------------------------------------------------------------------------------

        contribution to enable the Plan to meet its debt service payments.
        The Company's obligation to contribute such an additional amount
        terminated in conjunction with the repayment of the ESOP loans on
        March 31, 2004.

        The Company may also be required to make a supplemental contribution
        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, or by a cash payment from
        the Company, and are required to be made within 180 days of the
        Plan's year end. For the year ended March 31, 2004 cash in the
        amount of $12,998,265 was transferred to participant accounts on
        April 1, 2004 for the required supplemental contribution. The
        Company's obligation to make supplemental contributions terminated
        in conjunction with the repayment of the ESOP loans on March 31,
        2004.

        Participant contributions received by the Plan are invested in one
        or more investment funds as directed by the participant. At least
        one-half of each participant's both Before-Tax and After-Tax Matched
        Contributions (Employer Contributions) must be invested in the
        Company Stock Fund for certain periods of time. The participant may
        direct the remaining one-half of each type of matched contribution
        and all of the unmatched contributions in increments of 1 percent
        into any fund established under the Plan. Earnings are reinvested in
        the fund to which they relate. All employer contributions are
        invested in the Company Stock Fund.

        FORFEITED ACCOUNTS
        Forfeitures result from a participant's withdrawal, retirement or
        termination before the participant is 100 percent vested in employer
        matching contributions. Forfeited nonvested amounts are used to
        reduce future employer contributions. Forfeitures for the years
        ended March 31, 2005 and 2004 were $55,260 and $21,005,
        respectively.

        VESTING
        Participants are immediately vested in their voluntary contributions
        and rollover contributions, plus related earnings. Company matching
        contributions vest 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 in control" of the Company as defined by the Plan.

        PAYMENT OF BENEFITS
        The Plan permits in-service withdrawals as defined in the Plan
        document, subject to certain restrictions. Distributions for
        terminations are comprised of the participant's personal
        contribution portion and the vested Company contribution portion of
        their account. Distributions for whole numbers of shares held in the
        Company stock fund 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 nonshare
        investments transferred to the Company Stock Fund and distributed
        thereafter in shares with fractional shares distributed in cash.
        In-service 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, subject to certain conditions. The minimum loan
        amount is $1,000; the maximum amount is the lesser of


                                     7



ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2005 AND 2004
-------------------------------------------------------------------------------

        $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 percent 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 TERMINATION
        The Company intends to continue the Plan indefinitely. However, the
        Company may at anytime and for any reason, subject to the provisions
        of ERISA, suspend or terminate the Plan provided that such action
        does not adversely affect the rights of any participant under the
        Plan. 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 accompanying financial statements have been prepared using the
        accrual method of accounting, except that distributions to
        participants are recorded when paid.

        USE OF ESTIMATES
        The preparation of financial statements in accordance with
        accounting principles generally accepted in the United States of
        America requires management to make estimates and assumptions that
        affect the reported amounts of assets, liabilities and changes
        therein and disclosure of contingent liabilities. Actual results
        could differ from those estimates.

        INVESTMENTS
        The Anheuser-Busch Companies, Inc. Defined Contribution Master Trust
        ("Master Trust") has been established for each of the investment
        funds for the investment of the Plan's assets and the assets of
        other stock purchase and savings plans sponsored by the Company.

        The Plan's interest in the Master Trust is recorded at fair value,
        which is based on the fair value of the underlying investments in
        the Master Trust.

        In accordance with the policy of stating investments at fair value
        the Plan presents, in the statement of changes in net assets
        available for benefits, the change in the fair value of its interest
        in the Master Trust, which consists of the realized gains or losses
        and the unrealized appreciation or depreciation on the underlying
        investments in the Master Trust.

        ALLOCATION OF ASSETS
        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.

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ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2005 AND 2004
-------------------------------------------------------------------------------

        RISKS AND UNCERTAINTIES
        The Master Trust's investment fund options provide participants with
        a variety of investment alternatives with differing levels of risk
        and income potential. Investment securities are exposed to various
        risks, such as significant world events, interest rate, credit and
        overall market volatility risk. 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
        reasonably possible that changes in the values of investments will
        occur in the near term and that such changes could materially affect
        the amounts reported in the Statement of Net Assets Available for
        Benefits.

        ADMINISTRATIVE 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 are paid by the Plan.

3.      INTERESTS IN ANHEUSER-BUSCH COMPANIES, INC. DEFINED CONTRIBUTION
        MASTER TRUST

        At March 31, 2005 and 2004, the Plan's interest in the assets of the
        Master Trust was approximately 59 percent and 57 percent of total
        Master Trust assets, respectively.

        The following table presents the fair value of investments for the
        Master Trust:



                                                                                 MARCH 31,
                                                                    -----------------------------------
                                                                         2005                 2004

                                                                                   
INVESTMENTS AT FAIR VALUE
Anheuser-Busch common stock*                                        $2,227,645,078       $2,788,058,992
Equity index*                                                          237,879,050          196,927,433
Mid/Small cap*                                                         170,740,550           96,866,136
International stock                                                     82,582,696           15,687,070
Medium-term fixed income                                                68,389,798           68,334,581
Short-term fixed income                                                 59,825,888           44,051,674
Managed balanced                                                        49,685,191           30,478,825
Index balanced                                                          39,578,922           25,219,214
Participant loans                                                      104,709,312          104,132,873
                                                                    --------------       --------------

                                                                    $3,041,036,485       $3,369,756,798
                                                                    ==============       ==============


*Represents more than 5 percent of net assets available for benefits.


                                     9


ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2005 AND 2004
-------------------------------------------------------------------------------

        Investment income for the Master Trust is as follows:



                                                                               YEAR ENDED MARCH 31,
                                                                         ----------------------------------
                                                                              2005                 2004

                                                                                         
NET (DEPRECIATION) APPRECIATION IN FAIR VALUE
 OF INVESTMENTS
Anheuser-Busch common stock                                              $(124,412,640)        $214,169,345
Equity index                                                                12,493,703           48,837,830
Mid/Small cap                                                                7,363,685           17,919,678
Managed balanced                                                             1,962,222            5,089,861
Index balanced                                                               1,427,639            4,427,424
Medium-term fixed income                                                      (399,699)           3,665,561
International stock                                                            496,958            2,372,853
Short-term fixed income                                                      3,987,615               90,420
                                                                         -------------         ------------

                                                                         $ (97,080,517)        $296,572,972
                                                                         =============         ============

Interest                                                                 $   5,595,982         $  7,241,838
Dividends                                                                   47,717,526           46,332,485

Net (decrease) increase in net assets
 during year                                                              (303,483,298)         246,921,789


4.      INCOME TAX STATUS

        The Plan received a favorable determination letter from the Internal
        Revenue Service dated November 29, 2001, indicating that the Plan
        qualifies under the applicable provisions of Section 401 of the IRC,
        and is therefore exempt from federal income taxes. The Plan has
        since been amended, however, the Plan administrator believes that
        the Plan has continued to be designed and operated in compliance
        with the applicable requirements of the IRC.

5.      RECONCILIATION OF FINANCIAL STATEMENTS TO 5500

        The following is a reconciliation of net assets available for
        benefits per the financial statements at March 31, 2005 and 2004 to
        the Plan's Form 5500:



                                                                          2005                  2004

                                                                                     
Net assets available for benefits per the
 financial statements                                                 $1,806,824,458       $1,929,695,043
Amounts allocated to withdrawing participants                               (341,772)          (5,518,572)
                                                                      --------------       --------------

Net assets available for benefits per the Form 5500                   $1,806,482,686       $1,924,176,471
                                                                      ==============       ==============


                                     10


ANHEUSER-BUSCH DEFERRED INCOME STOCK
PURCHASE AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2005 AND 2004
-------------------------------------------------------------------------------

        The following is a reconciliation of distributions to participants
        per the financial statements for the year ended March 31, 2005 to
        the Plan's Form 5500:

        Distributions to participants per the
         financial statements                                    $179,574,868

        Add: Amounts allocated to withdrawing
         participants at March 31, 2005                               341,772

        Deduct: Amounts allocated to withdrawing
         participants as of March 31, 2004                         (5,518,572)
                                                                 ------------

        Distributions to participants per Form 5500              $174,398,068
                                                                 ============

        Amounts allocated to withdrawing participants are recorded on the
        Form 5500 for benefit claims that have been processed and approved
        for payment prior to March 31, 2004, but not yet paid as of that
        date.

6.      PARTY-IN-INTEREST TRANSACTIONS

        During the years ended March 31, 2005 and 2004, transactions between
        the Master Trust and the Company included aggregate common stock
        purchases totaling $211,482,877 and $72,333,376, respectively and
        aggregate common stock sales totaling $298,430,535 and $37,622,824,
        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, 2005 and 2004, the Master Trust
        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
        $455,150,062 and $184,251,095, respectively and aggregate investment
        sales totaling $461,650,733 and $185,401,440, respectively. These
        transactions are allowable party-in-interest transactions under
        Sections 408(e) and 408(b)(8) of ERISA and the regulations
        promulgated thereunder.

                                     11



                                   SIGNATURES

   Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit 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: /s/  JOHN T. FARRELL
                                     --------------------------------
                                      John T. Farrell
                                      Vice President,
                                      Employee Benefits
                                      Anheuser-Busch Companies, Inc.

Dated: September 29, 2005


                                     12