UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
X
________ Annual Report pursuant to Section 15(d) of the Securities Exchange
Act of 1934 (fee required)
For the Fiscal Year Ended December 30, 1994
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 No. 33-12185
BURR-BROWN CORPORATION FUTURE INVESTMENT TRUST
______________________________________________
(Plan title)
BURR-BROWN CORPORATION
______________________
(Name of Issuer)
6730 S. TUCSON BOULEVARD
TUCSON, ARIZONA 85706
________________________
(Principal Executive Office)
<PAGE>
FINANCIAL STATEMENTS AND EXHIBITS
Attached hereto and incorporated herein and made a part hereof are the follow-
ing:
a) Financial Statements
1. Audited financial statements and schedules of the Burr-Brown Corpora-
tion Future Investment Trust for the fiscal year ended December 30,
1994 and 1993.
b) Exhibits
1. Consent of Independent Auditors for incorporation by reference of Form
11K into registrant's previously filed Registration Statement No.
33-12185.
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 on its behalf by the undersigned hereunto duly
authorized.
BURR-BROWN CORPORATION
FUTURE INVESTMENT TRUST
Date: June 28, 1995 G. ROGER MYERS
__________________ _______________________
G. Roger Myers
Treasurer
and Chairman of Plan
Committee
<PAGE>
Financial Statements
and Supplemental Schedules
Burr-Brown Corporation Future Investment Trust
Years ended December 30, 1994 and 1993
with Report of Independent Auditors
<PAGE>
Burr-Brown Corporation Future Investment Trust
Financial Statements
and Supplemental Schedules
Years ended December 30, 1994 and 1993
Contents
Report of Independent Auditors . . . . . . . . . . . . . . . . . . . . 1
Financial Statements
Statements of Net Assets Available for Plan Benefits, with
Fund Information . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Statements of Changes in Net Assets Available for Plan Benefits,
with Fund Information. . . . . . . . . . . . . . . . . . . . . . . . . 3
Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . 4
Supplemental Schedules
Schedule of Assets Held for Investment Purposes. . . . . . . . . . . . 10
Schedule of Reportable Transactions. . . . . . . . . . . . . . . . . . 11
<PAGE>
Report of Independent Auditors
Trustees and Participants
Burr-Brown Corporation Future Investment Trust
We have audited the accompanying statements of net assets available for plan
benefits of the Burr-Brown Corporation Future Investment Trust as of December
30, 1994 and 1993, and the related statements of changes in net assets avail-
able for plan benefits for the years then ended. 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 in accordance with generally accepted auditing stan-
dards. 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. An audit
also includes assessing the accounting principles used and significant esti-
mates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the Plan's net assets available for plan benefits of the
Plan at December 30, 1994 and 1993, and the changes in its net assets available
for plan benefits for the years then ended, in conformity with generally accep-
ted accounting principles.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment purposes as of December 30, 1994 and reportable transac-
tions for the year then ended, are presented for purposes of complying with the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974, and are not a required
part of the financial statements. The Fund Information in the statement of net
assets avaialble for plan benefits, with fund information and the statement of
net assets available for plan benefits, with fund information is presented for
purposes of additional analysis rather than to present the net assets available
for plan benefits and changes in net assets available for plan benefits of each
fund. The supplemental schedules and fund information have been subjected to
the auditing procedures applied in our audits of the financial statements, and,
in our opinion, are fairly stated in all material respects in relation to the
financial statements taken as a whole.
May 19, 1995
Ernst & Young, LLP
- 1 -
<PAGE>
<TABLE>
Burr-Brown Corporation Future Investment Trust
Statements of Net Assets Available for Plan Benefits, with Fund Information
<CAPTION>
December 30, 1994
Fund Information
_______________________________________________
Participant Partici-
Directed Stock pant
Funds Bonus Fund Loan Fund Total
___________ __________ _________ ___________
<S> <C> <C> <C> <C>
Assets
Investments at fair value
(Notes 2 and 3):
Mutual funds $11,566,493 $ - $ - $11,566,493
Burr-Brown Corporation
common stock 1,996,028 4,774,208 - 6,770,236
Unallocated insurance
contracts 2,330,102 - - 2,330,102
Participant notes
receivable - - 477,889 477,889
Common trust funds 22,234 8,039 47,845 78,118
___________ __________ _________ ___________
Total investments 15,914,857 4,782,247 525,734 21,222,838
Receivables:
Receivable from Burr-Brown
Corporation 507,378 - - 507,378
Interest receivable - - - -
___________ __________ _________ ___________
Total receivables 507,378 - - 507,378
___________ __________ _________ ___________
Net assets available for
Plan Benefits $16,422,235 $4,782,247 $ 525,734 $21,730,216
<CAPTION>
December 30, 1993
Fund Information
_______________________________________________
Participant Partici-
Directed Stock pant
Funds Bonus Fund Loan Fund Total
___________ __________ _________ ___________
<S> <C> <C> <C> <C>
Assets
Investments at fair value
(Notes 2 and 3):
Mutual funds $ 9,825,371 $ - $ - $ 9,825,371
Burr-Brown Corporation
common stock 1,056,153 2,427,484 - 3,483,637
Unallocated insurance
contracts 2,131,333 - - 2,131,333
Participant notes
receivable - - 280,792 280,792
Common trust funds 31,275 7,813 14,196 53,284
___________ __________ _________ ___________
Total investments 13,044,132 2,435,297 294,988 15,774,417
Receivables:
Receivable from Burr-
Brown Corporation 432,022 - - 432,022
Interest receivable 196 - - 196
___________ __________ _________ ___________
Total receivables 432,218 - - 432,218
___________ __________ _________ ___________
Net assets available for
Plan benefits $13,476,350 $2,435,297 $ 294,988 $16,206,635
<FN>
See accompanying notes.
</FN>
- 2 -
<PAGE>
Burr-Brown Corporation Future Investment Trust
Statements of Changes in Net Assets Available for Plan Benefits,
with Fund Information
<CAPTION>
Year Ended December 30, 1994
Fund Information
________________________________________________
Participant Partici-
Directed Stock pant
Funds Bonus Fund Loan Fund Total
___________ __________ __________ ___________
<S> <C> <C> <C> <C>
Additions:
Contributions:
Employee $ 2,435,507 $ - $ - $ 2,435,507
Employer 507,378 - - 507,378
Investment income 705,616 226 27,973 733,815
___________ __________ __________ ___________
3,648,501 226 27,973 3,676,700
Deductions:
Benefits paid to
terminated participants 714,481 171,985 378,740 1,265,206
Administrative expenses 67,527 - - 67,527
___________ __________ __________ ___________
782,008 171,985 378,740 1,332,733
Realized gains (losses) on
investments (Note 3) 14,910 (41,015) - (26,105)
Net unrealized appreciation
(depreciation) in fair value
of investments (Note 3) 645,995 2,559,724 - 3,205,719
___________ __________ __________ ___________
Net additions (deductions) 3,527,398 2,346,950 (350,767) 5,523,581
Interfund transfers (581,513) - 581,513 -
Net assets available for
Plan benefits at beginning
of year 13,476,350 2,435,297 294,988 16,206,635
___________ __________ __________ ___________
Net assets available for
Plan benefits at end
of year $16,422,235 $4,782,247 $ 525,734 $21,730,216
<CAPTION>
Year Ended December 30, 1993
Fund Information
________________________________________________
Participant Partici-
Directed Stock pant
Funds Bonus Fund Loan Fund Total
___________ __________ __________ ___________
<S> <C> <C> <C> <C>
Additions:
Contributions:
Employee $ 1,981,057 $ - $ - $ 1,981,057
Employer 432,022 - - 432,022
Investment income 971,768 248 10,221 982,237
___________ __________ __________ ___________
3,384,847 248 10,221 3,395,316
Deductions:
Benefits paid to
terminated participants 775,006 97,801 213,425 1,086,232
Administrative expenses - - - -
___________ __________ __________ ___________
775,006 97,801 213,425 1,086,232
Realized gains (losses) on
investments (Note 3) 836,911 (44,572) - 792,339
Net unrealized appreciation
(depreciation) in fair value
of investments (Notes 3) (896,125) 63,852 - (832,273)
___________ __________ __________ ___________
Net additions (deductions) 2,550,627 (78,273) (203,204) 2,269,150
Interfund transfers (374,315) - 374,315 -
Net assets available for
Plan benefits at beginning
of year 11,300,038 2,513,570 123,877 13,937,485
___________ __________ __________ ___________
Net assets available for
Plan benefits at end
of year $13,476,350 $2,435,297 $ 294,988 $16,206,635
<FN>
See accompanying notes.
</FN>
</TABLE>
- 3 -
<PAGE>
Burr-Brown Corporation Future Investment Trust
Notes to Financial Statements
December 30, 1994
1. Summary of Significant Accounting Policies
Accounting Method
The financial statements of the Burr-Brown Corporation (BBC) Future Investment
Trust (the Plan) are prepared on the accrual basis.
Valuation of Investments
Investments are stated at aggregate fair value. Mutual funds, common trust
funds, and shares of BBC common stock are valued based on quoted sales price on
the last business day of the Plan year. Investments in unallocated insurance
contracts are stated at amounts equal to contributions made, plus accrued
interest, less benefits paid, which approximates market value. Participant
notes receivables are valued at cost, which approximates market value.
The cost of BBC stock sold or distributed, common trust funds sold, and mutual
funds sold is determined using the first-in first-out method.
2. Description of The Plan
The following description of the Plan provides only general information.
Participants should refer to the Summary Plan Description of the Burr-Brown
Corporation Future Investment Trust and/or the Plan document for a more
complete description of the Plan's provisions.
General
The Plan is a defined contribution plan which covers substantially all
employees immediately upon employment and provides for retirement, death, and
disability benefits. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA).
Contributions
Each participant is entitled to make a nontaxable salary reduction contribution
from 1% to 15% of their salary (1% to 10% for highly compensated participants
as defined in the Plan document), subject to limits under the tax law. Each
participant's contribution (up to 10% of salary) is matched to a maximum of 25%
by BBC, provided that such contributions, in the aggregate, do not exceed 10%
of BBC's income prior to any reduction for matched contributions, profit shar-
ing contributions, and provisions for taxes in the corresponding fiscal year.
- 4 -
<PAGE>
Participant Accounts
Five accounts are maintained for each participant: an Employee Deferral Account
which contains each participant's personal contributions through salary reduc-
tion; a Company Matching Contribution Account which contains BBC's matching
contributions; a Company Profit Sharing Contributions Account which contains
the participant's share of BBC's discretionary contributions; a Loan Account;
and a Stock Bonus Account which contains the participant's share of BBC stock
transferred from a predecessor defined contribution plan to the Plan. The
first three accounts are invested in accordance with partiticpant's instruc-
tions and are presented as participant-directed funds. At the end of each
quarter, the separate accounts are adjusted to reflect each participant's
share of the income and gain or loss experienced by the applicable fund. The
employer's matching contribution is credited annually on the basis of compen-
sation to the participant's Company Matching Contribution Account and Profit
Sharing Contribution account. BBC's Profit Sharing Contribution is credited
annually to the participant's Company Profit Sharing Contribution Account for
participants who are active employees as of year end.
Vesting
Each participant is 100% vested in their Employee Deferral Account and Stock
Bonus Account. Each participant is 25% vested after one year in his or her
matching contributions account with such vesting increasing by 25% each year
thereafter, until the participant is fully vested after four years. All parti-
cipants become fully vested in their accounts upon Plan termination. Any
forfeitures incurred by participants are used to reduce future Company contri-
butions.
Payment of Benefits
On termination of service, a participant will receive a lump-sum amount equal
to the vested value of the participant's account. Benefits for terminated
participants yet to receive benefits at December 30, 1994 was $1,902,551.
Participant Notes Receivable
Participants may borrow from their accounts a minimum of $1,000 up to a maximum
of $50,000 or 50% of their vested funds. The loans are collateralized by 50% of
the balance credited to the participants' accounts and bear interest at a rate
commensurate with local prevailing rates as determined quarterly by the Plan
administrator. Loan terms range from 1 to 15 years and are paid ratably
through payroll deductions.
- 5 -
<PAGE>
Investment Options
The Employee Deferral Account, Company Matching Contribution Account, and
Company Profit Sharing Contribution Account are invested in the investment
options listed in the table below at the direction of the participant. The
BBC Stock Fund represents funds invested in shares of BBC common stock. The
Fixed Income Fund represents funds invested in guaranteed investment contracts.
The Aggressive, Balanced, Conservative, and Maximum Growth investment options
consist of various mutual funds offered by the Frank Russell Investment Company
(Frank Russell) which invests in domestic and international stocks, debt
instruments, investment contracts, and government securities. The mix of
mutual funds in each of these Frank Russell investment options is based on
guidelines established by the Plan's Board of Trustees.
The following table summarizes the activities of the participant directed funds
for the years ended December 30:
<TABLE>
<CAPTION>
1994
____________________________________________________________________________
Investment
Adminis- Income
trative and Net
Employee & Expenses Realized &
Balance at Employer and Unrealized
Beginning Contribu- Benefits Gains and Balance at
of Year tions Paid (Losses) Transfers End of Year
___________ ___________ __________ __________ _________ ___________
<S> <C> <C> <C> <C> <C> <C>
BBC Stock Fund $ 1,098,891 $ 180,946 $ (172,802) $1,028,821 $(103,921) $ 2,031,935
Fixed Income Fund 5,779,078 732,068 (275,341) 340,536 (359,613) 6,216,728
Aggressive Fund 2,589,147 775,105 (78,257) 52 52,416 3,338,463
Balanced Fund 1,982,439 583,026 (148,802) (11,760) (33,072) 2,371,831
Conservative Fund 744,087 145,882 (60,596) (1,830) (173,335) 654,208
Maximum Growth Fund 1,282,708 525,858 (46,210) 10,702 36,012 1,809,070
___________ __________ __________ __________ _________ ___________
$13,476,350 $2,942,885 $ (782,008) $1,366,521 $(581,513) $16,422,235
- 6 -
<PAGE>
<CAPTION>
1993
_____________________________________________________________________
Investment
Income
and Net
Employee & Realized &
Balance at Employer Unrealized
Beginning Contribu- Benefits Gains and Balance at
of Year tions Paid (Losses) Transfers End of Year
___________ __________ _________ _________ __________ ___________
<S> <C> <C> <C> <C> <C> <C>
BBC Stock Fund $ 1,197,023 $ 230,391 $ (13,256) $ 66,828 $ (382,095) $ 1,098,891
Equity Fund 2,028,633 392,644 (115,073) (17,358) (2,288,592) 254
Fixed Income Fund 8,074,382 1,151,671 (640,589) 757,623 (3,564,263) 5,778,824
Aggressive Fund - 244,746 (278) 45,220 2,299,459 2,589,147
Balanced Fund - 176,091 - 27,034 1,779,314 1,982,439
Conservative Fund - 54,500 (5,810) 7,270 688,127 744,087
Maximum Growth Fund - 163,036 - 25,937 1,093,735 1,282,708
___________ __________ _________ _________ __________ ___________
$11,300,038 $2,413,079 $(775,006) $ 912,554 $ (374,315) $13,476,350
</TABLE>
3. Investments
The following table represents the fair values of investments as determined by
quoted market value at December 30, 1994 and 1993 and the net realized and
unrealized appreciation or depreciation in each year then ended:
<TABLE>
<CAPTION>
1994 1993
________________________ _________________________
Net Realized Net Realized
and and
Unrealized Unrealized
Appreciation Appreciation
(Depreciation) Fair (Depreciation) Fair
During Value at During Value at
the Year End of Year the Year End of Year
___________ ___________ ___________ ___________
<S> <C> <C> <C> <C>
Mutual Funds $ (367,430) $11,566,493 $ (103,811) $ 9,825,371
Burr-Brown Common Stock 3,547,044 6,770,236 85,152 3,483,637
Unallocated Insurance
Contracts - 2,330,102 - 2,131,333
Participant notes
receivable - 477,889 - 280,792
Common Trust Funds - 78,118 (21,275) 53,284
___________ ___________ ___________ ___________
$ 3,179,614 $21,222,838 $ (39,934) $15,774,417
</TABLE>
- 7 -
<PAGE>
Net realized and unrealized appreciation (depreciation) for the years ended
December 30 were comprised of the following:
<TABLE>
<CAPTION>
1994 1993
______________________ __________________________________
Burr-Brown Burr-Brown Common
Mutual Common Mutual Common Trust
Funds Stock Funds Stock Funds
__________ __________ __________ __________ __________
<S> <C> <C> <C> <C> <C>
Realized gains (losses):
Market value of sales
and distributions $2,633,076 $ 238,244 $3,061,077 $ 434,891 $2,311,932
Cost of sales and
distributions 2,649,561 247,864 2,961,800 400,480 1,640,994
__________ __________ __________ __________ __________
(16,485) (9,620) 99,277 34,411 670,938
Unrealized gains (losses):
Beginning of year (203,088) (1,785,788) - (1,836,529) 692,213
End of year (554,033) 1,770,876 (203,088) (1,785,788) -
__________ __________ __________ __________ __________
(350,945) 3,556,664 (203,088) 50,741 (692,213)
__________ __________ __________ __________ __________
$ (367,430) $3,547,044 $ (103,811) $ 85,152 $ (21,275)
</TABLE>
The fair value of individual investments that represent 5% or more of the
Plan's net assets are as follows:
<TABLE>
<CAPTION>
December 30,
1994 1993
__________ __________
<S> <C> <C>
Mutual Funds:
Frank Russell Investment Company:
Equity I Fund $1,424,352 $1,138,576
Equity Q Fund 1,454,237 1,146,688
Fixed Income III Fund 1,359,179 1,138,590
Investment Contract Fund 3,754,977 3,488,042
Unallocated Insurance Contracts:
New York Life Insurance Company 1,968,041 1,797,298
Common Stock:
Burr-Brown Corporation 6,770,236 3,483,637
</TABLE>
- 8 -
<PAGE>
4. Income Tax Status
The Internal Revenue service has ruled that the Plan qualifies, in form, under
Section 401(a) of the Internal Revenue Code (the Code) and the underlying trust
is, therefore, exempt from federal income tax under Section 501(a) of the Code.
Once qualified, the Plan is required to operate in conformity with the Code to
retain its qualification. The Plan administrator is not aware of any events
which could cause the Plan to become disqualified in operation.
5. Agreements and Transactions with Parties-In-Interest
The Plan maintains investments in BBC's common stock (the certificates of which
are held by BBC) and certain common trust funds administered by First Inter-
state Bank, the Plan's trustee.
In 1993, BBC paid all fees for legal, accounting and other services rendered
to the Plan. In 1994, the Plan assumed responsibility for paying fund manage-
ment fees; all other administrative fees were paid for by BBC.
- 9 -
<PAGE>
<TABLE>
Burr-Brown Corporation Future Investment Trust
Schedule of Assets Held for Investment Purposes
December 30, 1994
<CAPTION>
Description Current
Identity of Issuer of Investment Cost Value
_____________________________ _______________ __________ __________
<S> <C> <C> <C>
Mutual Funds:
Frank Russell Investment Company:
Equity I Fund 61,616 shares $ 1,565,553 $ 1,424,352
Equity II Fund 30,744 shares 865,933 768,608
Equity III Fund 16,678 shares 465,571 403,263
Equity Q Fund 59,527 shares 1,579,124 1,454,237
Fixed Income I Fund 32,780 shares 718,478 642,156
Fixed Income II Fund 6,476 shares 121,699 116,437
Fixed Income III Fund 145,056 shares 1,498,944 1,359,179
International Fund 29,199 shares 1,090,011 1,000,939
Emerging Markets Fund 20,697 shares 256,504 253,539
Real Estate Securities Fund 17,257 shares 426,851 388,806
Investment Contract Fund 244,479 shares 3,531,858 3,754,977
___________ ___________
12,120,526 11,566,493
Common Stock:
Burr-Brown Corporation * 503,136 shares 4,999,360 6,770,236
Unallocated Insurance Contracts:
New York Life Ins. Company:
Due June 30, 1995 9.5% yield 1,968,041 1,968,041
Due January 31, 1995 8.39% yield 362,061 362,061
Participant notes receivable:
Varying amounts and terms various 477,889 477,889
___________ ___________
2,330,102 2,330,102
Common Trust Fund:
First Interstate Bank
* Employee Benefit
Reserve Fund 78,118 shares 78,118 78,118
___________ ___________
$20,005,995 $21,222,838
<FN>
* Party-in-interest
</FN>
- 10 -
<PAGE>
Burr-Brown Corporation Future Investment Trust
Schedule of Reportable Transactions
Year Ended December 30, 1994
Expenses Current
Incurred Value of
with Asset on
Purchase Selling Transac- Cost Transac-
Identity of Party Involved Description of Assets Price Price tion of Asset tion Date Net Gain
________________________________ _____________________ ________ __________ ________ __________ __________ __________
<S> <C> <C> <C> <C> <C> <C> <C>
iii) A series of transactions
with respect to securities of
the same issue which amount in
the aggregate to more than 5% of
current value of total Plan
assets at the beginning of the
year:
Frank Russell Investment Co:
Investment Contract Fund 29 sales of 68,336 - $1,077,886 - $1,036,424 $1,077,886 $ 41,462
shares
<FN>
There were no transactions under categories i), ii), or iv) in 1994.
</FN>
</TABLE>
EXHIBIT 23
CONSENT OF ERNST & YOUNG LLP INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-12185) pertaining to the Burr-Brown Corporation Future Invest-
ment Trust of our report dated May 19, 1995, with respect to the financial
statements and schedules of the Burr-Brown Corporation Future Investment Trust
included in this Annual Report (Form 11-K) for the year ended December 30,
1994.
ERNST & YOUNG, LLP
Tucson, Arizona
June 21, 1995
