<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
(Mark One)
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ______________ to ______________.
Commission file number 0-981
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
PUBLIX SUPER MARKETS, INC.
1936 GEORGE JENKINS BOULEVARD
LAKELAND, FLORIDA 33815
<PAGE> 2
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Index to Financial Statements and Schedules
Independent Auditors' Report
Financial Statements:
Statement of Net Assets Available for Plan Benefits, with
Fund Information - December 31, 1997
Statement of Net Assets Available for Plan Benefits, with
Fund Information - December 31, 1996
Statement of Changes in Net Assets Available for Plan
Benefits, with Fund Information - Year ended December 31,
1997
Statement of Changes in Net Assets Available for Plan
Benefits, with Fund Information - Year ended December 31,
1996
Notes to Financial Statements
Schedules:
I. Item 27a. Schedule of Assets Held for Investment
Purposes - December 31, 1997
II. Item 27d. Schedule of Reportable Transactions -
Year ended December 31, 1997
<PAGE> 3
INDEPENDENT AUDITORS' REPORT
To the Plan Administrator of the
Publix Super Markets, Inc.
401(k) SMART Plan:
We have audited the accompanying statements of net assets
available for plan benefits, with fund information, of
Publix Super Markets, Inc. 401(k) SMART Plan (the "Plan") as
of December 31, 1997 and 1996, and the related
statements of changes in net assets available for plan
benefits, with fund information, 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 standards. 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 estimates 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 net assets
available for plan benefits of the Plan as of December 31,
1997 and 1996, and the changes in net assets
available for plan benefits for the years then ended in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an
opinion on the basic financial statements taken as a whole.
The supplemental schedules of assets held for investment
purposes as of December 31, 1997 and reportable transactions
for the year then ended are presented for the purpose of
additional analysis and are not a required part of the basic
financial statements but are supplementary information
required by the Department of Labor's Rules and Regulations
for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974. The fund information in the
statements of net assets available for plan benefits and the
statements of changes in net assets available for plan
benefits 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 the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects
in relation to the basic financial statements taken as a
whole.
KPMG PEAT MARWICK LLP
Tampa, Florida
June 8, 1998
<PAGE> 4
<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Statement of Net Assets Available for Plan Benefits, with Fund Information
December 31, 1997
Aggressive Publix Equity Asset Fixed
Participant Growth Stock Index Allocation Income
Assets Loans Fund Fund Fund Fund Fund Total
------ ----- ---- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Investments $3,918,720 18,533,845 86,294,264 7,052,359 2,233,635 3,531,654 121,564,477
Employer Contribution
Receivable --- --- 9,217,893 --- --- --- 9,217,893
---------- ---------- ---------- --------- --------- --------- -----------
Total Assets $3,918,720 18,533,845 95,512,157 7,052,359 2,233,635 3,531,654 130,782,370
========== ========== ========== ========= ========= ========= ===========
Net Assets Available
for Plan Benefits:
Active Participants $3,918,720 17,806,491 92,764,374 6,779,295 2,151,547 3,413,155 126,833,582
Non-active Participants --- 727,354 2,747,783 273,064 82,088 118,499 3,948,788
---------- ---------- ---------- --------- --------- --------- -----------
$3,918,720 18,533,845 95,512,157 7,052,359 2,233,635 3,531,654 130,782,370
========== ========== ========== ========= ========= ========= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 5
<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Statement of Net Assets Available for Plan Benefits, with Fund Information
December 31, 1996
Aggressive Publix Equity Asset Fixed
Participant Growth Stock Index Allocation Income
Assets Loans Fund Fund Fund Fund Fund Total
------ ----- ---- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Investments $1,332,040 10,904,751 34,866,072 3,821,430 1,422,383 2,307,462 54,654,138
Employer Contribution
Receivable --- --- 7,420,556 --- --- --- 7,420,556
---------- ---------- ---------- --------- --------- --------- ----------
Total Assets $1,332,040 10,904,751 42,286,628 3,821,430 1,422,383 2,307,462 62,074,694
========== ========== ========== ========= ========= ========= ==========
Net Assets Available
for Plan Benefits:
Active Participants $1,332,040 10,550,619 41,076,222 3,700,415 1,373,615 2,215,677 60,248,588
Non-active Participants --- 354,132 1,210,406 121,015 48,768 91,785 1,826,106
---------- ---------- ---------- --------- --------- --------- ----------
$1,332,040 10,904,751 42,286,628 3,821,430 1,422,383 2,307,462 62,074,694
========== ========== ========== ========= ========= ========= ==========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 6
<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Statement of Changes in Net Assets Available for Plan Benefits, with Fund
Information
Year ended December 31, 1997
Aggressive Publix Equity Asset Fixed
Participant Growth Stock Index Allocation Income
Loans Fund Fund Fund Fund Fund Total
----- ---- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Contributions:
Employee $ --- 6,991,257 20,164,657 2,419,256 877,687 1,538,576 31,991,433
Employer - Stock --- --- 9,217,893 --- --- --- 9,217,893
---------- ---------- ---------- --------- --------- --------- -----------
Total Contributions --- 6,991,257 29,382,550 2,419,256 877,687 1,538,576 41,209,326
---------- ---------- ---------- --------- --------- --------- -----------
Investment Income:
Net Appreciation
(Depreciation) --- 1,249,073 26,289,331 1,477,743 (22,492) 176,027 29,169,682
Dividends --- 1,722,847 329,455 --- 282,482 --- 2,334,784
Interest --- --- 131,732 --- --- --- 131,732
---------- ---------- ---------- --------- --------- --------- -----------
Total Investment Income --- 2,971,920 26,750,518 1,477,743 259,990 176,027 31,636,198
---------- ---------- ---------- --------- --------- --------- -----------
Participant Loans 2,586,680 (583,040) (1,686,583) (200,986) (59,124) (95,631) (38,684)
---------- ---------- ---------- --------- --------- --------- -----------
Total Increase in Plan
Assets 2,586,680 9,380,137 54,446,485 3,696,013 1,078,553 1,618,972 72,806,840
---------- ---------- ---------- --------- --------- --------- -----------
Distributions to Participants --- (787,045) (2,749,229) (278,139) (105,439) (179,312) (4,099,164)
Interfund Transfers --- (963,998) 1,528,273 (186,945) (161,862) (215,468) ---
---------- ---------- ---------- --------- --------- --------- -----------
Total Decrease in Plan
Assets --- (1,751,043) (1,220,956) (465,084) (267,301) (394,780) (4,099,164)
---------- ---------- ---------- --------- --------- --------- -----------
Net Increase in Plan Assets 2,586,680 7,629,094 53,225,529 3,230,929 811,252 1,224,192 68,707,676
Net Assets Available for
Plan Benefits:
Beginning of year 1,332,040 10,904,751 42,286,628 3,821,430 1,422,383 2,307,462 62,074,694
---------- ---------- ---------- --------- --------- --------- -----------
End of year $3,918,720 18,533,845 95,512,157 7,052,359 2,233,635 3,531,654 130,782,370
========== ========== ========== ========= ========= ========= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 7
<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Statement of Changes in Net Assets Available for Plan Benefits, with Fund
Information
Year ended December 31, 1996
Aggressive Publix Equity Asset Fixed
Participant Growth Stock Index Allocation Income
Loans Fund Fund Fund Fund Fund Total
----- ---- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Contributions:
Employee $ --- 5,990,432 14,247,148 2,017,727 805,668 1,371,799 24,432,774
Employer - Stock --- --- 7,420,556 --- --- --- 7,420,556
---------- ---------- ---------- --------- --------- --------- ----------
Total Contributions --- 5,990,432 21,667,704 2,017,727 805,668 1,371,799 31,853,330
---------- ---------- ---------- --------- --------- --------- ----------
Investment Income:
Net Appreciation --- 829,215 5,300,661 565,677 15,122 106,467 6,817,142
Dividends --- 727,121 144,174 --- 122,441 --- 993,736
Interest --- --- 86,698 --- --- --- 86,698
---------- ---------- ---------- --------- --------- --------- ----------
Total Investment Income --- 1,556,336 5,531,533 565,677 137,563 106,467 7,897,576
---------- ---------- ---------- --------- --------- --------- ----------
Participant Loans 1,288,449 (294,631) (806,044) (112,714) (34,220) (63,051) (22,211)
---------- ---------- ---------- --------- --------- --------- ----------
Total Increase in Plan
Assets 1,288,449 7,252,137 26,393,193 2,470,690 909,011 1,415,215 39,728,695
---------- ---------- ---------- --------- --------- --------- ----------
Distributions to Participants --- (560,679) (1,400,739) (184,957) (80,718) (108,059) (2,335,152)
Interfund Transfers --- (632,422) 1,078,492 (198,625) (108,915) (138,530) ---
---------- ---------- ---------- --------- --------- --------- ----------
Total Decrease in Plan
Assets --- (1,193,101) (322,247) (383,582) (189,633) (246,589) (2,335,152)
---------- ---------- ---------- --------- --------- --------- ----------
Net Increase in Plan Assets 1,288,449 6,059,036 26,070,946 2,087,108 719,378 1,168,626 37,393,543
Net Assets Available for
Plan Benefits:
Beginning of year 43,591 4,845,715 16,215,682 1,734,322 703,005 1,138,836 24,681,151
---------- ---------- ---------- --------- --------- --------- ----------
End of year $1,332,040 10,904,751 42,286,628 3,821,430 1,422,383 2,307,462 62,074,694
========== ========== ========== ========= ========= ========= ==========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 8
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 1997
(1) Description of Plan and Summary of Accounting Policies
The following description of the Publix Super Markets,
Inc. 401(k) SMART Plan (the "Plan") provides only general
information. Participants should refer to the Summary
Plan Description for a more complete description of the
Plan's provisions.
The Plan, which became effective January 1, 1995, is a
defined contribution plan subject to the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA").
Employees of Publix Super Markets, Inc. and its wholly
owned subsidiary Publix Alabama, Inc. (the "Company" or
"Publix") who have attained the age of 19 and have
completed one year of service during which they worked
1,000 hours or more are eligible to participate in the
Plan. The Plan year is a calendar year.
(a) Contributions
Employees may contribute up to 6% of their annual
compensation, not to exceed the maximum limits
established by Federal law. The Company may make a
discretionary annual matching contribution to eligible
participants of the Plan as determined by the
Company's Board of Directors. During 1997 and 1996,
the Company's Board of Directors approved a match of
50% of eligible contributions up to 3% of eligible
wages not to exceed a maximum match of $750 per employee.
The match, determined as of the last day of the Plan
year, was in the form of common stock of the Company.
(b) Participant Accounts
Two separate accounts are maintained for each
participant, a Savings Contribution Account and a
Matching Contribution Account (the "Accounts"). Plan
earnings are allocated and credited to the Accounts as
of each valuation date. Each participant's share of
earnings is determined by the Plan Administrator on a
weighted average basis, so that each participant
receives a pro-rata share. Forfeitures of non-vested
Company contributions by terminated or former
participants are used to reduce future Company
matching contributions. Forfeitures, and earnings
thereon, totaled $160,521 and $78,894 for the years
ended December 31, 1997 and 1996, respectively.
(c) Vesting
Participants are immediately vested in their
contributions and earnings thereon. Company matching
contributions and earnings thereon are 100% vested
upon completing five years of credited service,
reaching age 60, disability or death. Matching
contributions cannot be withdrawn or distributed
until vested.
(continued)
<PAGE> 9
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
(d) Loans to Participants
All actively employed Plan participants with available
account balances may apply for a loan from their
accounts. The minimum amount a participant may borrow
is $1,000. The maximum amount that a participant may
borrow is the lesser of: 1) 50% of the balances in the
participant's Savings Contribution Account and vested
Matching Contribution Account; or 2) $50,000 less the
participant's highest outstanding loan balance during
the previous twelve month period. However, the actual
loan amount cannot exceed the balance in the
participant's Savings Contribution Account.
Participants may request one loan each year and may
only have one outstanding loan at a time. All legal
and administrative costs incurred as a result of a
loan are paid by the participant. The interest rate is
determined by the Primary Trustee as of the first day
of each calendar quarter and represents the prime
lending rate charged by the Primary Trustee. The
interest rate on a loan is fixed for the term of
the loan.
A participant can choose repayment terms of up to five
years. Repayment of principal and interest are made
through after tax payroll deductions each pay period.
Repayment of principal and interest are credited to
the participant's Savings Contribution Account and
reinvested according to the participant's current
investment options. Upon termination of employment all
unpaid principal and accrued interest on any loan
outstanding is immediately due and payable.
Participants may repay a loan in total at any time
after the loan has been in effect for at least one
year.
(e) Termination of Plan
The Company expects to continue the Plan indefinitely,
but is not contractually obligated to do so. The
Company reserves the right to amend or discontinue the
Plan at any time. If the Plan is ever terminated,
participants will be fully vested in all amounts
credited to their accounts.
(f) Distribution of Benefits
Upon reaching age 59 1/2, a participant who is actively
employed by the Company may elect to withdraw all or a
portion of his/her Savings Contribution Account and the
vested portion of his/her Matching Contribution Account.
The minimum withdrawal amount is $1,000 or the vested
balance in the Accounts if less than $1,000.
A participant who reaches age 70 1/2 may begin receiving
distribution of benefits on or before April 1st of the
calendar year following the year in which the participant
reaches age 70 1/2 or retires, whichever is later.
-2- (continued)
<PAGE> 10
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
Upon separation of employment with the Company, participants
may elect to receive full distribution of their Savings
Contribution Account and the vested portion of their
Matching Contribution Account balances as of the valuation
date immediately preceding or concurring with the date of
separation. If the value of the participant's vested Accounts
is $3,500 or less, the participant will receive an automatic
distribution from the Plan no later than 60 days after the end
of the Plan year in which the participant separates from
employment. If the value of the participant's vested Accounts
exceed $3,500 in total, the participant may elect to defer
distribution.
Payment of deferred distributions must be made no later than
60 days after the end of the Plan year in which the participant
reaches age 62.
(g) Basis of Accounting
The accounts of the Plan are maintained on the accrual
basis.
(h) Investments
The market value of Publix Super Markets, Inc. common
stock is determined by the Company's Board of
Directors based upon appraisals prepared by
independent appraisers.
Guaranteed investment contracts are carried at
contract value, which approximates market value. The
market value of other investments is determined based
upon quoted market prices.
(i) Use of Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles and
ERISA requires the Plan to make estimates and
assumptions that affect the reported amounts of net
assets available for plan benefits and disclosure of
contingent assets and liabilities as of the date of
the financial statements and the reported amounts of
changes in net assets available for plan benefits
during the reporting period. Actual results could
differ from those estimates.
(j) Year 2000
The Company is currently reviewing the Plan's computer
systems and applications, including those used by the
third-party Plan administrator, for year 2000 issues.
Based upon this review to date, management does not
anticipate significant operational issues related to
making the Plan's systems year 2000 compliant. The
financial impact of making required system changes is
not expected to be material.
(k) Reclassifications
Certain 1996 amounts have been reclassified to conform
with the 1997 presentation.
-3- (continued)
<PAGE> 11
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
(2) Administration of the Plan
The Primary Trustee for the Plan, Chase Manhattan Bank,
N.A., is responsible for maintaining custody of the
investment funds and other assets in which the
participants contributions are invested, excluding Publix
stock. The Publix Stock Fund Trustee, Tina P. Johnson, is
responsible for maintaining the Publix Stock Fund for
participants. Metropolitan Life Insurance Company serves
as the third-party Plan Administrator. The Plan
administration costs are paid by Publix.
(3) Investments
The Plan currently offers the following investment options:
(a) Aggressive Growth Fund
This fund may consist of a portfolio invested
primarily in common stocks and other securities or
investment opportunities providing long-term capital
appreciation. The fund can be expected to experience
wider variation in its value than the other funds
described herein.
The Company has selected the "Fidelity Contrafund,"
a mutual fund, as the investment vehicle for the
Aggressive Growth Fund. This fund invests in the
securities of U.S. and international companies
that are believed to be undervalued.
(b) Publix Stock Fund
This fund includes two components: cash and Publix
common stock. Cash awaiting investment in Publix
stock is invested in a short-term fixed income funding
vehicle. The cash component of this fund includes
employee contributions and loan repayments, transfers
from other investments to purchase Publix stock,
dividends earned on Publix stock and income earned on
all of these deposits. The cash component of this
fund is used to purchase Publix stock on specified
purchase dates. The fund provides an opportunity for
long-term capital appreciation. Because this fund is
not diversified, it may experience wider variation in
value than the other funds described herein.
(c) Equity Index Fund
This fund may consist of a portfolio invested
primarily in common stocks which, in the aggregate,
are intended to mirror the performance of the Standard
& Poor's 500 Composite Stock Price Index (S&P 500 Index),
and/or a portfolio of comparable investments. The
fund is intended to provide for long-term growth of
capital, and secondarily for long-term growth of
income (or to provide a similar investment return).
The fund can be expected to experience wider
variations in its value than the other funds described
herein.
The Company has selected the "MetLife Stock Market
Index Guarantee Account" as the investment vehicle for
the Equity Index Fund. It consists of most of the
stocks of the S&P 500 Index.
-4- (continued)
<PAGE> 12
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
(d) Asset Allocation Fund
This fund is a growth and income fund which uses an
asset allocation approach. The fund may consist of
common and preferred stocks, governmental and
corporate bonds, and other securities or investment
opportunities designed to provide for both current
income and capital appreciation. The fund can be
expected to experience wider variation in its value
than the Fixed Income Fund.
The Company has selected the "State Street Research
Strategic Portfolios: Moderate" mutual fund as the
investment vehicle for the Asset Allocation Fund.
This fund is actively managed and represents a
diversified mix of stocks and bonds. The fund may vary
investments based on economic and market conditions.
(e) Fixed Income Fund
This fund may consist of a portfolio invested in
commercial paper, U.S. government or federal agency
obligations, short-term corporate obligations, bank
certificates of deposit, savings accounts and/or
comparable investments designed to provide maximum
protection of capital with a conservative rate of
return.
The Company has selected the "MetLife Guaranteed Fixed
Income Account" as the investment vehicle for the
Fixed Income Fund. It consists of one or more MetLife
guaranteed interest contracts (GICs), which are
intended to provide the advantage of intermediate-term
rates with protection from potential fluctuations.
in interest rates during the guarantee period.
The GIC rates as of December 31, 1997
and 1996, were 6.20% and 6.55%, respectively.
As of December 31, 1997 and 1996, investments in the
Fidelity Contrafund, Publix Stock Fund, and the MetLife Stock
Market Index Guarantee Account each represented 5.0% or
more of the Plan's net assets available for plan benefits.
(4) Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available
for plan benefits per the financial statements to the Form
5500 as of December 31, 1997:
<TABLE>
<S> <C>
Net assets available for plan benefits
per the financial statements $130,782,370
Amounts allocated to withdrawing participants (378,627)
Excess contributions (266,829)
------------
Net assets available for plan benefits
per the Form 5500 $130,136,914
============
</TABLE>
-5- (continued)
<PAGE> 13
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
The following is a reconciliation of employee
contributions and distributions to participants per the
financial statements to the Form 5500 as of December 31,
1997:
<TABLE>
<S> <C>
Employee Contributions
Per the financial statements $31,991,433
Less: excess contributions (266,829)
-----------
Per the Form 5500 $31,724,604
===========
Distributions to Participants
Per the financial statements $ 4,099,120
Add: Amounts allocated to withdrawing
participants 378,627
-----------
Per the Form 5500 $ 4,477,747
===========
</TABLE>
(5) Federal Income Tax
The Plan has been determined to be a qualified plan as
described in Sections 401(a) and 401(k) of the Internal
Revenue Code (the "Code"), as amended. As such, the Plan
is exempt from Federal income taxes under Section 501(a)
of the Code. The Plan Administrator believes that the
Plan has been and is currently being operated in
compliance with applicable requirements of the Code.
-6-
<PAGE> 14
<TABLE>
<CAPTION>
Schedule I
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Item 27a. Schedule of Assets Held for Investment Purposes
December 31, 1997
Number of Market
Name of Issuer and Title of Issue Shares Cost Value
- --------------------------------- ------ ---- -----
<S> <C> <C> <C>
Marketable:
Aggressive Growth Fund
Fidelity Contrafund --- $16,882,534 18,533,845
Equity Index Fund
MetLife Stock Market Index
Guarantee Account * --- 5,205,726 7,052,359
Asset Allocation Fund
State Street Research Strategic
Portfolios: Moderate * --- 2,247,191 2,233,635
Fixed Income Fund
MetLife Guaranteed Fixed
Income Account * --- 3,531,654 3,531,654
Non-Marketable:
Publix Stock Fund
Common Stock of Publix Super
Markets, Inc. * 2,806,318 55,289,788 86,294,264
Participant Loans 3,918,720 3,918,720
----------- -----------
$87,075,613 121,564,477
=========== ===========
</TABLE>
* Parties-in-interest
<PAGE> 15
<TABLE>
<CAPTION>
Schedule II
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Item 27d. Schedule of Reportable Transactions
Year ended December 31, 1997
Sales
----------------------------------
Gain
Asset Purchases Price Cost (Loss)
----- --------- ----- ---- ------
<S> <C> <C> <C> <C>
Aggressive Growth Fund
Fidelity Contrafund $10,086,831 3,706,809 3,193,993 512,816
Publix Stock Fund
Common Stock of Publix
Super Markets, Inc. * $32,390,562 7,173,102 6,027,944 1,145,158
</TABLE>
* Party-in-interest
<PAGE> 16
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the
Publix Super Markets, Inc. 401(k) SMART Plan) have duly
caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
PUBLIX SUPER MARKETS, INC.
401(k) SMART PLAN
Date: June 27, 1998 By: /s/Tina P. Johnson
--------------------------
Tina P. Johnson
Senior Vice President
and Trustee of the 401(k)
SMART Plan - Publix Stock
Fund
