-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WWVkpjCxEx5uzsowwxQmDdWjX4nW2M6UvDmjRktKiQjphpnpS/ZzRAnR1ld5wgHi TcgJwHvhvVhHGxFrQQdnig== 0000950147-98-000485.txt : 19980624 0000950147-98-000485.hdr.sgml : 19980624 ACCESSION NUMBER: 0000950147-98-000485 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980623 SROS: NYSE SROS: PCX FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEL WEBB CORP CENTRAL INDEX KEY: 0000105189 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 860077724 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-04785 FILM NUMBER: 98652157 BUSINESS ADDRESS: STREET 1: 2231 EAST CAMELBACK ROAD CITY: PHOENIX STATE: AZ ZIP: 85016 BUSINESS PHONE: 6028088000 MAIL ADDRESS: STREET 1: 6001 NORTH 24 STREET CITY: PHOENIX STATE: AZ ZIP: 85016 FORMER COMPANY: FORMER CONFORMED NAME: WEBB DEL E CORP DATE OF NAME CHANGE: 19880728 11-K 1 ANNUAL REPORT OF EMPLOYEE BENIFITS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 11-K ------------------ [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED) For the Fiscal Year Ended December 31, 1997 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 1-04785 ------------------ DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN (Full title of the plan) ------------------ DEL WEBB CORPORATION (Exact name of Issuer as specified in charter) 6001 North 24th Street, Phoenix, AZ 85016 (602) 808-8000 (Address, including zip code, and telephone number and area code, of Issuer's principal executive offices) Dated: June 19, 1998 REQUIRED INFORMATION A. Financial Statements -------------------- 1. Audited statements of net assets available for plan benefits as of December 31, 1997 and 1996. 2. Audited statements of changes in net assets available for plan benefits for the years ended December 31, 1997 and 1996. B. Exhibit ------- 23. Consent of KPMG Peat Marwick LLP. 2 KPMG Peat Marwick LLP One Arizona Center 400 E. Van Buren Street Suite 1100 Phoenix AZ 85004 INDEPENDENT AUDITORS' REPORT Benefits Advisory Committee Del Webb Corporation Retirement Savings Plan: We have audited the accompanying statements of net assets available for plan benefits of the Del Webb Corporation Retirement Savings Plan as of December 31, 1997 and 1996, and the related statements of changes in net assets available 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 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 Del Webb Corporation Retirement Savings 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 supplementary schedules of assets held for investment purposes and reportable transactions 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 supplemental schedules 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. /s/ KPMG Peat Marwick LLP Phoenix, Arizona May 26, 1998 DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN Statements of Net Assets Available for Plan Benefits December 31, 1997 and 1996 1997 1996 ----------- ----------- Assets: Investments, at fair value (note 4): Del Webb Stock Fund $ 2,480,546 1,663,640 Mutual funds 34,591,221 24,517,899 Money market funds 6,721,150 6,973,795 Participant loans 986,545 867,995 ----------- ----------- Total investments 44,779,462 34,023,329 ----------- ----------- Receivables: Participants' contributions 136,252 110,104 Employer's contributions 51,355 42,520 ----------- ----------- Total assets 44,967,069 34,175,953 ----------- ----------- Net assets available for plan benefits $44,967,069 34,175,953 =========== =========== See accompanying notes to financial statements. DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN Statements of Changes in Net Assets Available for Plan Benefits Years ended December 31, 1997 and 1996
1997 1996 ----------- ----------- Additions to net assets attributed to: Investment income: Net appreciation in fair value of investments (note 3) $ 5,312,193 312,527 Interest and dividends 2,647,079 2,730,276 ----------- ----------- 7,959,272 3,042,803 ----------- ----------- Contributions: Participants 4,628,686 4,049,521 Employer: Matching 1,648,599 1,464,059 Discretionary -- 999,326 ----------- ----------- Total additions 14,236,557 9,555,709 ----------- ----------- Deductions from net assets attributed to: Distributions to and withdrawals by participants 3,392,768 2,279,560 Administrative and other expenses 52,673 57,708 ----------- ----------- Total deductions 3,445,441 2,337,268 ----------- ----------- Net increase 10,791,116 7,218,441 Net assets available for plan benefits: Beginning of year 34,175,953 26,957,512 ----------- ----------- End of year $44,967,069 34,175,953 =========== ===========
See accompanying notes to financial statements. DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN Notes to Financial Statements December 31, 1997 and 1996 (1) Description of Plan The following description of the Del Webb Corporation (Company and Sponsor) Retirement Savings Plan (Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. General The Plan is a defined contribution plan and covers all eligible employees of the Company and participating affiliates who are 21 years of age or older, other than those covered by a collective bargaining agreement negotiated in good faith with the Company. Terms of the agreement provide for covered employees to become participants generally after completion of six months of service. Contributions Participants may contribute from 2% to 6% of their salary (not to exceed the limits set forth by the Internal Revenue Code, $9,500 in 1997 and 1996). If such contributions are made by participants, the Company will provide a matching contribution ("matching contributions"), which is determined by the Corporation's Board of Directors. During the two years ended December 31, 1997, the matching contribution has been 50%. Participants may also deposit up to 9% of their salaries above their matching contribution amount as a voluntary deposit ("voluntary deposits") for which the Company provides no matching contribution. The Plan also allows the Company to make a "discretionary" contribution to the Plan. The allocation of the discretionary contribution excludes any participant eligible for the Company's Deferred Compensation Plan. The Plan is subject to the regulations established by the Employee Retirement Income Security Act of 1974 (ERISA). As of December 31, 1997, the Plan had met the minimum funding requirements established by ERISA. Participant Accounts The Plan allows for each participant to control the allocation of their assets between the various investment funds and make changes to this allocation at any time. Consequently, each participant's account reflects earnings or losses resulting from their investment decisions. Vesting Participants become 100% vested in their contributions as well as employer contributions made on their behalf on the date of contribution. Benefits Benefits are payable upon termination of employment, retirement, death, election at age 59-1/2 or termination of the Plan. Participants can receive a lump sum distribution or installment payments for up to a ten-year period. DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued Participant Loans Generally, participants may borrow up to 50% of their account balance subject to a minimum of $1,000 and a maximum of $50,000. Minimum monthly repayments of $50 are required. Each loan shall bear an interest rate equal to the average rate on certificates of deposit with maturities equivalent to the length of the loan at the beginning of the month the loan is made. The duration of the loans are subject to a minimum term of twelve months and a maximum term of 54 months. Participant loans are stated at the principal balance of the loans outstanding. Investment Funds The following is a description of each investment fund as of December 31, 1997: o Del Webb Stock Fund - 98% investment in common stock of the Company (a party in interest) and 2% cash. o Fidelity Puritan Fund - investment in a broadly diversified portfolio of high-yielding securities. o Fidelity Magellan Fund - investment in stocks of companies with above-average growth potential. o Fidelity Contra Fund - investment in stocks of companies with potential for capital growth. o Fidelity Growth & Income Fund - investment in a broadly diversified portfolio of high-yielding securities. o Fidelity Intermediate Bond Fund - investment in various types of bonds that offer a return in excess of money market rates. o Fidelity Stock Selector Fund - investments in stocks of companies which are deemed by the Fund manager to be undervalued in relation to other companies in the same industry. o Fidelity FID Global Balanced Fund - investments in stocks, bonds and money market instruments issued anywhere in the world. o Fidelity U.S. Equity Index Fund - investments in stocks of companies that primarily comprise the S&P 500. o Fidelity Retirement Money Market Fund - investment in high-quality short-term money market instruments. o PBHG Emerging Growth Fund - investment in stocks and equity securities of companies with high growth potential. o Janus Mercury Fund - investment in a diversified portfolio of stocks of companies of any size. o Janus Worldwide Fund - investment in common stocks of foreign and domestic issuers. o Marshall & Isley Money Market Fund - investment in high quality short-term money market instruments used to accumulate contributions temporarily, which are then transferred to participant specified investments on a monthly basis. 2 DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued Plan Termination Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of the Employer Retirement Income Security Act of 1974 (ERISA). In the event of Plan termination, participants will be entitled to 100 percent of their account balances. (2) Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared on the accrual basis and present the net assets available for plan benefits and changes in those net assets. Investment Valuation Investments in mutual funds are stated at the Plan's proportionate interest in the net assets of the funds, which are valued at market. Investments in money market funds are stated at the reinvested share values which represent market. Investments in common stock of the Corporation are valued at the quoted market price. Administrative and Other Expenses Other than trustee fees, administrative expenses of the Plan are paid directly by the Company, accordingly, such expenses are not reflected in the accompanying financial statements. Securities Transactions Purchases and sales of securities are recorded on a trade-date basis. (3) Changes in Fair Market Value of Investments Net appreciation in fair market value of investments (including investments bought, sold and held) during the years ended December 31, 1997 and 1996 follows:
1997 1996 -------------------------- -------------------------- Realized Unrealized Realized Unrealized Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) ----------- ----------- ----------- ----------- Del Webb Stock Fund $ 79,439 855,981 63,819 (393,476) ----------- ----------- ----------- ----------- Mutual funds: Fidelity Puritan Fund 213,729 428,533 77,313 20,077 Fidelity Magellan Fund 243,208 1,071,067 102,206 (497,539) Fidelity Contra Fund 66,188 130,450 20,399 105,483 Fidelity Growth & Income Fund 342,723 1,262,603 152,560 481,060 Fidelity Intermediate Bond Fund (6,163) 17,565 (2,109) (24,106) Fidelity Stock Selector Fund 92,406 118,636 40,131 42,495 Fidelity FID Global Balanced Fund 22,794 10,192 1,375 10,358 Fidelity U.S. Equity Index Fund 61,200 337,188 112,066 415 PBHG Emerging Growth Fund 2,317 (98) -- -- Janus Mercury Fund 1 (8,651) -- -- Janus Worldwide Fund 7,496 (36,611) -- -- ----------- ----------- ----------- ----------- 1,045,899 3,330,874 503,941 138,243 ----------- ----------- ----------- ----------- Totals $ 1,125,338 4,186,855 567,760 (255,233) =========== =========== =========== =========== Net appreciation in fair value of investments $ 5,312,193 312,527 =========== ===========
3 DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued (4) Investments The following represents changes in the investments of the plan during 1997 and 1996: Year ended December 31, 1997:
Del Webb Fidelity Fidelity Fidelity Stock Puritan Magellan Contra Fund Fund Fund Fund ----------- ----------- ----------- ----------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments $ 935,700 642,262 1,314,276 196,638 Interest and dividends -- 499,116 587,642 306,286 ----------- ----------- ----------- ----------- 935,700 1,141,378 1,901,918 502,924 ----------- ----------- ----------- ----------- Contributions: Participants 285,115 458,140 774,872 563,096 Employer: Matching 105,108 171,357 297,602 187,471 ----------- ----------- ----------- ----------- Total additions 1,325,923 1,770,875 2,974,392 1,253,491 Deductions from net assets attributed to: Distributions to and withdrawals by participants (110,901) (549,793) (632,419) (166,375) Administrative and other expenses (1,138) (7,869) (4,385) (1,056) ----------- ----------- ----------- ----------- Total deductions (112,039) (557,662) (636,804) (167,431) ----------- ----------- ----------- ----------- Interfund transfers, including loan issuances and repayments (396,978) (451,279) (515,712) 434,037 ----------- ----------- ----------- ----------- Net increase (decrease) 816,906 761,934 1,821,876 1,520,097 Net assets available for plan benefits: Beginning of year 1,663,640 5,276,937 7,372,695 1,804,049 ----------- ----------- ----------- ----------- End of year $ 2,480,546 6,038,871 9,194,571 3,324,146 =========== =========== =========== =========== Fidelity Fidelity Fidelity Fidelity FID Growth & Intermediate Stock Global Income Bond Selector Balanced Fund Fund Fund Fund ----------- ----------- ----------- ----------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments 1,605,326 11,403 211,042 32,986 Interest and dividends 412,957 72,561 251,178 6,840 ----------- ----------- ----------- ----------- 2,018,283 83,964 462,220 39,826 ----------- ----------- ----------- ----------- Contributions: Participants 926,003 210,696 369,212 41,416 Employer: Matching 319,998 74,157 114,084 15,786 ----------- ----------- ----------- ----------- Total additions 3,264,284 368,817 945,516 97,028 Deductions from net assets attributed to: Distributions to and withdrawals by participants (510,473) (72,458) (166,853) (46,614) Administrative and other expenses (7,072) (3,669) (841) (174) ----------- ----------- ----------- ----------- Total deductions (517,545) (76,127) (167,694) (46,788) ----------- ----------- ----------- ----------- Interfund transfers, including loan issuances and repayments 142,068 213,483 (110,494) (203,334) ----------- ----------- ----------- ----------- Net increase (decrease) 2,888,807 506,173 667,328 (153,094) Net assets available for plan benefits: Beginning of year 6,156,454 1,137,031 1,484,997 375,479 ----------- ----------- ----------- ----------- End of year 9,045,261 1,643,204 2,152,325 222,385 =========== =========== =========== ===========
4 DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued Year ended December 31, 1997:
Fidelity Fidelity Retirement U.S. Equity Money PBHG Janus James Index Market Growth Mercury Worldwide Fund Fund Fund Fund Fund ----------- ----------- ----------- ----------- ----------- Additions to net assets attributed to: Investment income: Net appreciation (deprecia- tion) in fair value of investments $ 398,105 -- 2,219 (8,651) (29,116) Interest and dividends 39,508 341,311 -- 11,025 43,881 ----------- ----------- ----------- ----------- ----------- 437,613 341,311 2,219 2,374 14,765 ----------- ----------- ----------- ----------- ----------- Contributions: Participants 222,895 528,213 43,430 28,436 117,761 Employer: Matching 98,290 199,424 9,841 5,804 28,756 ----------- ----------- ----------- ----------- ----------- Total additions 758,798 1,068,948 55,490 36,614 161,282 Deductions from net assets attributed to: Distributions to and with- drawals by participants (82,097) (885,314) (68) -- (88,696) Administrative and other expenses (1,023) (22,832) (23) (8) (43) ----------- ----------- ----------- ----------- ----------- Total deductions (83,120) (908,146) (91) (8) (88,739) ----------- ----------- ----------- ----------- ----------- Interfund transfers, including loan issuances and repayments 485,561 (484,589) 100,022 68,349 566,042 ----------- ----------- ----------- ----------- ----------- Net increase (decrease) 1,161,239 (323,787) 155,421 104,955 638,586 Net assets available for plan benefits: Beginning of year 910,257 6,468,564 -- -- -- ----------- ----------- ----------- ----------- ----------- End of year $ 2,071,496 6,144,777 155,421 104,955 638,586 =========== =========== =========== =========== =========== Marshall & Isley Money Market Participant Change in Fund Loans Receivables Totals ----------- ----------- ----------- ----------- Additions to net assets attributed to: Investment income: Net appreciation (deprecia- tion) in fair value of investments -- -- -- 5,312,193 Interest and dividends 28,343 46,432 -- 2,647,079 ----------- ----------- ----------- ----------- 28,343 46,432 -- 7,959,272 ----------- ----------- ----------- ----------- Contributions: Participants 33,532 -- 25,869 4,628,686 Employer: Matching 11,809 -- 9,114 1,648,599 ----------- ----------- ----------- ----------- Total additions 73,684 46,432 34,983 14,236,557 Deductions from net assets attributed to: Distributions to and with- drawals by participants -- (80,706) -- (3,392,768) Administrative and other expenses (2,541) -- -- (52,673) ----------- ----------- ----------- ----------- Total deductions (2,541) (80,706) -- (3,445,441) ----------- ----------- ----------- ----------- Interfund transfers, including loan issuances and repayments -- 152,824 -- -- ----------- ----------- ----------- ----------- Net increase (decrease) 71,142 118,550 34,983 10,791,116 Net assets available for plan benefits: Beginning of year 505,231 867,995 152,624 34,175,953 ----------- ----------- ----------- ----------- End of year 576,373 986,545 187,607 44,967,069 =========== =========== =========== ===========
5 DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued Year ended December 31, 1996:
Fidelity Fidelity Fidelity Del Webb Fidelity Fidelity Fidelity Growth & Intermediate Stock Stock Puritan Magellan Contra Income Bond Selector Fund Fund Fund Fund Fund Fund Fund ----------- ----------- ----------- ----------- ----------- ----------- ----------- Additions to net assets attributed to: Investment income: Net appreciation (de- preciation ) in fair value of invest-ments $ (329,657) 97,391 (395,334) 125,881 633,621 (26,216) 82,626 Interest and dividends -- 583,938 1,184,571 96,741 275,187 66,899 120,918 ----------- ----------- ----------- ----------- ----------- ----------- ----------- (329,657) 681,329 789,237 222,622 908,808 40,683 203,544 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Contributions: Participants 280,160 439,435 978,901 355,613 709,435 220,538 325,121 Employer: Matching 107,826 172,190 365,236 102,155 254,769 82,123 96,979 Discretionary 67,627 89,285 189,085 60,101 139,706 44,385 53,797 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total additions 125,956 1,382,239 2,322,459 740,491 2,012,718 387,729 679,441 Deductions from net assets attributed to: Distributions to and withdrawals by par- ticipants (100,019) (264,394) (773,465) (21,204) (289,601) (38,172) (50,865) Administrative and other expenses (1,292) (9,322) (5,440) (822) (6,293) (4,478) (1,223) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total deductions (101,311) (273,716) (778,905) (22,026) (295,894) (42,650) (52,088) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Interfund transfers, includ- ing loan issuances and repayments (196,798) (138,926) (1,078,290) 664,428 378,310 (130,570) (128,790) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Net increase (de- crease) (172,153) 969,597 465,264 1,382,893 2,095,134 214,509 498,563 Net assets available for plan benefits: Beginning of year 1,835,793 4,307,340 6,907,431 421,155 4,061,320 922,522 986,435 ----------- ----------- ----------- ----------- ----------- ----------- ----------- End of year $ 1,663,640 5,276,937 7,372,695 1,804,048 6,156,454 1,137,031 1,484,998 =========== =========== =========== =========== =========== =========== =========== Fidelity Fidelity Marshall FID Fidelity Retirement & Isley Global U.S. Equity Money Money Balanced Index Market Market Participant Change in Fund Fund Fund Fund Loans Receivables Totals ----------- ----------- ----------- ----------- ----------- ----------- ----------- Additions to net assets attributed to: Investment income: Net appreciation (de- preciation ) in fair value of invest-ments 11,733 112,482 -- -- -- -- 312,527 Interest and dividends 11,466 19,463 311,299 25,455 34,339 -- 2,730,276 ----------- ----------- ----------- ----------- ----------- ----------- ----------- 23,199 131,945 311,299 25,455 34,339 -- 3,042,803 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Contributions: Participants 75,697 162,794 481,312 (24,125) -- 44,640 4,049,521 Employer: Matching 27,324 42,938 205,204 (8,602) -- 15,917 1,464,059 Discretionary 15,563 19,588 320,189 -- -- -- 999,326 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total additions 141,783 357,265 1,318,004 (7,272) 34,339 60,557 9,555,709 Deductions from net assets attributed to: Distributions to and withdrawals by par- ticipants (4,770) (10,346) (678,141) -- (48,583) -- (2,279,560) Administrative and other expenses (110) (803) (26,493) (1,432) -- -- (57,708) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total deductions (4,880) (11,149) (704,634) (1,432) (48,583) -- (2,337,268) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Interfund transfers, includ- ing loan issuances and repayments 165,723 3,054 181,520 -- 280,339 -- -- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Net increase (de- crease) 302,626 349,170 794,890 (8,704) 266,095 60,557 7,218,441 Net assets available for plan benefits: Beginning of year 72,853 561,087 5,673,674 513,935 601,900 92,067 26,957,512 ----------- ----------- ----------- ----------- ----------- ----------- ----------- End of year 375,479 910,257 6,468,564 505,231 867,995 152,624 34,175,953 =========== =========== =========== =========== =========== =========== ===========
6 DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN Notes to Financial Statements, Continued (5) Participant Data The number of participants in each investment fund at December 31, 1997 and 1996 was as follows: 1997 1996 ----------- ----------- Del Webb Stock Fund 904 1,026 Fidelity Puritan Fund 624 624 Fidelity Magellan Fund 951 923 Fidelity Contra Fund 521 387 Fidelity Growth & Income Fund 890 748 Fidelity Intermediate Bond Fund 342 357 Fidelity Stock Selector Fund 398 362 Fidelity FID Global Balanced Fund 148 171 Fidelity U.S. Equity Index Fund 360 218 Fidelity Retirement Money Market Fund 1,154 1,284 PBHG Emerging Growth Fund 79 -- Janus Mercury Fund 57 -- Janus Worldwide Fund 193 -- (6) Federal Income Taxes The Plan has received a determination letter dated June 5, 1996 from the Internal Revenue Service which stated that the Plan and its underlying trust qualify under the applicable provisions of the Internal Revenue Code and, therefore, are exempt from federal income taxes. There have been no amendments to the Plan subsequent to the determination letter that would effect the Plan's tax exempt status, and in the opinion of the Plan administrator, the Plan and its underlying trust have operated within the terms of the Plan and remain qualified under the applicable provisions of the Internal Revenue Code. 7 Schedule 1 DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN Line 27a - Schedule of Assets Held for Investment Purposes December 31, 1997 Investments A comparison of the cost and current values of investments at December 31, 1997 follows:
Identity Description of Current of Issuer Investments Cost Value - -------------------- -------------------------------------------------- -------------- ------------- *Del Webb Corporation Del Webb Stock, 93,186 shares $1,493,950 2,480,546 Fidelity Investments Fidelity Puritan Fund, 311,603 units 5,060,073 6,038,871 Fidelity Investments Fidelity Magellan Fund, 96,511 units 7,246,718 9,194,571 Fidelity Investments Fidelity Contra Fund, 71,288 units 3,076,106 3,324,146 Fidelity Investments Fidelity Growth & Income Fund, 237,408 units 6,601,242 9,045,261 Fidelity Investments Fidelity Intermediate Bond Fund, 161,574 units 1,638,587 1,643,204 Fidelity Investments Fidelity Stock Selector Fund, 79,334 units 1,901,643 2,152,325 Fidelity Investments Fidelity FID Global Ba1anced Fund, 15,201 units 197,742 222,385 Fidelity Investments Fidelity U.S. Equity Index Fund, 59,219 units 1,651,026 2,071,496 Fidelity Fidelity Retirement Money Market Fund, Investments 6,144,777 units 6,144,777 6,144,777 PBHG PBHG Emerging Growth Fund, 6,659 units 155,519 155,421 Janus Janus Mercury Fund, 6,361 units 113,606 104,955 Janus Janus Worldwide Fund, 16,903 units 675,196 638,585 Marshall & Isley Marshall & Isley Money Market Fund, 576,374 units 576,374 576,374 Participant loans -- 986,545 ---------- 44,779,462 ==========
*Party in interest See accompanying independent auditors' report. Schedule 2 DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN Line 27d - Schedule of Reportable Transactions Year ended December 31, 1997
Current Value of Asset on Number Trans- Description of Trans- Purchase Selling Cost of action Net of Asset actions Price Price Asset Date Gain - -------------------- --------- ---------- --------- --------- --------- ------- Fidelity Puritan 307 $1,720,569 1,600,897 1,387,168 1,600,897 213,729 Fidelity Magellan 361 2,294,185 1,786,586 1,543,378 1,786,586 243,208 Fidelity Contra Fund 265 1,967,494 644,037 577,849 644,037 66,188 Fidelity Growth & Income 342 3,469,351 2,185,870 1,843,147 2,185,870 342,723 Fidelity Retirement Money Market 387 3,962,097 4,285,885 4,285,885 4,285,885 -- Fidelity U.S. Equity Index 211 1,237,830 474,695 413,495 474,695 61,200
See accompanying independent auditors' report. SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Del Webb Corporation Retirement Savings Plan have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. DEL WEBB CORPORATION RETIREMENT SAVINGS PLAN By /s/ Lynn Schuttenberg --------------------------------- Name: Lynn Schuttenberg Title: Chairman of Benefits Advisory Committee Dated: June 19, 1998 3 INDEX TO EXHIBITS Page in Sequential Numbering System in Manually Signed Exhibit Original on Which Number Description Exhibits May Be Found ------ ----------- --------------------- 23 Consent of KPMG Peat Marwick LLP EX-23 2 CONSENT OF KPMG PEAT MARWICK LLP Exhibit 23 KPMG Peat Marwick LLP CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS The Board of Directors Del Webb Corporation: We consent to incorporation by reference in the Registration Statement No. 33-6564 on Form S-8 of Del Webb Corporation of our report dated May 26, 1998, relating to the statements of net assets available for plan benefits of the Del Webb Corporation Retirement Savings Plan as of December 31, 1997 and 1996, and the related statements of changes in net assets available for plan benefits for the years then ended, and related schedules, which report appears in the December 31, 1997 annual report on Form 11-K of the Del Webb Corporation Retirement Savings Plan. /s/ KPMG Peat Marwick LLP Phoenix, Arizona June 19, 1998 -----END PRIVACY-ENHANCED MESSAGE-----