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, 1994
[ ] 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 28, 1995
<PAGE>
REQUIRED INFORMATION
A. Financial Statements
1. Audited Statements of Net Assets Available for Plan Benefits
as of December 31, 1994 and 1993.
2. Audited Statements of changes in net assets available for plan
benefits for each of the years in the three-year period ended
December 31, 1994.
B. Exhibit
23. Consent of KPMG Peat Marwick LLP.
<PAGE>
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 LYNN SCHUTTENBERG
________________________________________
Name: Lynn Schuttenberg
Title: Chairman of Benefits Advisory
Committee
Dated: June 28, 1995
<PAGE>
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,
1994 and 1993, and the related statements of changes in net assets available for
plan benefits for each of the years in the three-year period ended December 31,
1994. 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, 1994 and 1993, and
the changes in net assets available for plan benefits for each of the years in
the three-year period ended December 31, 1994 in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information included in
the attached Schedules is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
KPMG Peat Marwick LLP
Phoenix, Arizona
April 28, 1995
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1994 and 1993
1994 1993
---- ----
Assets:
Investments, at fair value (note 4):
Del Webb Stock Fund $ 1,845,227 1,074,001
Mutual funds 12,078,462 11,267,481
Money market funds 4,645,682 3,858,575
Participant loans 594,960 456,970
----------- ----------
Total investments 19,164,331 16,657,027
----------- ----------
Receivables:
Participants' contributions 79,958 --
Employer's contributions 31,332 --
----------- ----------
Total assets 19,275,621 16,657,027
----------- ----------
Liabilities:
Settlements payable -- 71,673
----------- ----------
Net assets available for plan benefits $19,275,621 16,585,354
=========== ==========
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, 1994, 1993 and 1992
1994 1993 1992
---- ---- ----
Additions to net assets attributed to:
Investment income (note 4):
Net appreciation (depreciation)
in fair value of investments
(note 3) $ (524,280) 779,936 (194,094)
Interest and dividends 936,267 1,151,047 1,121,152
------------ ---------- ----------
411,987 1,930,983 927,058
------------ ---------- ----------
Contributions:
Participants' 2,319,625 1,606,109 1,304,046
Employer:
Matching 844,130 548,122 501,995
Discretionary (note 7) 496,236 500,524 375,000
------------ ---------- ----------
Total additions 4,071,978 4,585,738 3,108,099
------------ ---------- ----------
Deductions from net assets
attributed to:
Distributions to and withdrawals
by participants 1,356,055 1,451,670 1,063,320
Administrative and other expenses 25,656 17,822 18,100
------------ ---------- ----------
Total deductions 1,381,711 1,469,492 1,081,420
------------ ---------- ----------
Net increase 2,690,267 3,116,246 2,026,679
Net assets available for
plan benefits:
Beginning of year 16,585,354 13,469,108 11,442,429
------------ ---------- ----------
End of year $ 19,275,621 16,585,354 13,469,108
============ ========== ==========
See accompanying notes to financial statements.
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1994, 1993 and 1992
(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.
(a) General
The Plan is a defined contribution plan and covers all 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.
(b) Contributions
Participants may contribute from 2% to 6% of their salary (not to
exceed the limits set forth by the Internal Revenue Code, $9,240 in 1994 and
$8,994 in 1993) as required deposits on which the Company will provide a
matching contribution ("matching contributions"), which is determined by the
Corporation's Board of Directors. During the three years ended December 31,
1994, the matching contribution has been 50%. Participants may also deposit up
to 9% of their salaries above their required deposits 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
Del Webb Stock Fund. During 1992, the Plan was amended to exclude the allocation
of the discretionary contribution to any participant covered by any other
incentive compensation plans offered by the Company. During 1993, the Plan was
also amended to exclude the allocation of the discretionary contribution to 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, 1994, the
Plan had met the minimum funding requirements established by ERISA.
(c) 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.
(d) Vesting
Participants become 100% vested in their contributions as well as
employer contributions made on their behalf on the date of contribution.
(e) 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.
(f) 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.
(g) Investment Funds
The following is a description of each investment fund as of December
31, 1994:
o Del Webb Stock Fund - investment in common stock of the
Company.
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 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 Retirement Money Market Fund - investment in
high-quality short-term money market instruments.
o Bank of America Money Market Fund - represents an interest
bearing fund used to accumulate contributions temporarily,
which are then transferred to participant specified
investments on a monthly basis.
(h) 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
(a) 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.
(b) 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. The market valuations are determined by the trustee for the Plan.
(c) 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.
(d) Securities Transactions
Purchases and sales of securities are recorded on a trade-date basis.
(e) Reclassifications
Certain 1992 and 1993 amounts have been reclassified to conform with
the 1994 financial statement presentation.
<TABLE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements
(3) Changes in Fair Market Value of Investments
Net appreciation (depreciation) in fair market value of investments
(including investments bought, sold and held) during the years ended December
31, 1994, 1993 and 1992 follows:
<CAPTION>
1994 1993 1992
-------------------------- -------------------------- --------------------------
Realized Unrealized Realized Unrealized Realized Unrealized
Gain (Loss) Gain (Loss) Gain Gain (Loss) Gain Gain (Loss)
----------- ---------- ---- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Del Webb Stock Fund $ 53,468 148,723 14,710 (72,052) 214,846 (125,765)
Mutual funds:
Fidelity Puritan Fund 31,730 (260,220) 113,766 24,513 29,135 41,862
Fidelity Magellan Fund 78,865 (369,448 167,383 315,496 99,498 (403,355)
Fidelity Retirement Growth Fund -- -- -- -- 23,329 (23,144)
Fidelity Growth & Income Fund 29,921 (156,307) 18,962 163,597 2,252 (57,906)
Fidelity Intermediate Bond Fund (15,875) (44,214) 8,929 14,566 757 (8,819)
Fidelity Stock Selector Fund 11,573 (32,496) 6,973 3,093 35 13,181
-------- --------- ------- -------- ------- --------
136,214 (862,685) 316,013 521,265 155,006 (438,181)
-------- --------- ------- -------- ------- --------
Totals 189,682 (713,962) 330,723 449,213 369,852 (563,946)
-------- --------- ------- -------- ------- --------
Net appreciation (depreciation)
in fair value of investments $ (524,280) 779,936 $ (194,094)
========== ======= ==========
</TABLE>
<TABLE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Notes to Financial Statements
(4) Investments
The following represents changes in the investments of the plan during
1994, 1993 and 1992:
Year ended December 31, 1994:
<CAPTION>
Fidelity Fidelity
Del Webb Fidelity Fidelity Growth & Intermediate
Stock Puritan Magellan Income Bond
Fund Fund Fund Fund Fund
-------- ------- -------- --------- ------------
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation
(depreciation)in fair value
of investments $ 202,192 (228,491) (290,583) (126,386) (60,089)
Interest and dividends 16,878 281,181 202,372 176,964 45,892
------- ------- ------- ------- ------
219,070 52,690 (88,211) 50,578 (14,197)
------- ------- ------- ------- ------
Contributions:
Participants' 194,158 310,171 721,954 427,666 129,443
Employer:
Matching 66,498 123,269 242,234 147,449 48,983
Discretionary 496,236 - - - -
------- ------- ------- ------- ------
Total additions 975,962 486,130 875,977 625,693 164,229
------- ------- ------- ------- -------
Deductions from net assets
attributed to:
Distributions to and withdrawals
by participants (112,653) (238,289) (565,888) (84,427) (26,825)
Administrative and other expenses (128) (3,284) (2,371) (1,418) (890)
-------- --------- -------- ------- --------
Total deductions (112,781) (241,573) (568,259) (85,845) (27,715)
--------- --------- -------- ------- --------
Interfund transfers, net (91,955) 217,438 (259,035) (127,271) (315,689)
--------- --------- --------- --------- ---------
Net increase
(decrease) 771,226 461,995 48,683 412,577 (179,175)
Net assets available for
plan benefits:
Beginning of year 1,074,001 3,116,087 5,050,182 2,023,519 660,408
--------- --------- --------- --------- -------
End of year $1,845,227 3,578,082 5,098,865 2,436,096 481,233
========= ========= ========= ========= =======
</TABLE>
<TABLE>
Year ended December 31, 1994:
- -----------------------------
<CAPTION>
Fidelity Bank of
Fidelity Retirement America
Stock Money Money
Selector Market Market Participant
Fund Fund Fund Loans Total
------- ------- ------- ----------- -----
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation(depreciation)
in fair value of investments (20,923) -- -- -- (524,280)
Interest and dividends 23,721 160,782 10,827 17,650 936,267
------- ------- ------ ------ -------
2,798 160,782 10,827 17,650 411,987
------- ------- ------ ------ -------
Contributions:
Participants' 138,119 359,929 (41,773) - 2,239,667
Employer:
Matching 48,990 141,895 (6,520) - 812,798
Discretionary - - - - 496,236
------- ------- ------- ------ ---------
Total additions 189,907 662,606 (37,466) 17,650 3,960,688
------- ------- ------- ------ ---------
Deductions from net assets
attributed to:
Distributions to and withdrawals
by participants (37,521) (341,056) - (21,069) (1,427,728)
Administrative and other expenses (14) (14,130) (875) (2,546) (25,656)
--------- --------- ------ -------- ----------
Total deductions (37,535) (355,186) (875) (23,615) (1,453,384)
--------- --------- ------- -------- ----------
Interfund transfers, net (85,471) 500,469 17,559 143,955 -
-------- ------- ------ ------- ---------
Net increase
(decrease) 66,901 807,889 (20,782) 137,990 2,507,304
Net assets available
for plan benefits:
Beginning of
year 417,285 3,529,402 329,173 456,970 16,657,027
------- --------- ------- ------- ----------
End of year 484,186 4,337,291 308,391 594,960 19,164,331
======= ========= ======= ======= ==========
</TABLE>
<TABLE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Year ended December 31, 1993:
- -----------------------------
<CAPTION>
Fidelity Fidelity
Del Webb Fidelity Fidelity Growth & Intermediate
Stock Puritan Magellan Income Bond
Fund Fund Fund Fund Fund
-------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income
Net appreciation
(depreciation) in
fair value of investments $(57,342) 138,279 482,879 182,559 23,495
Interest and dividends 11,702 362,966 461,068 105,942 52,688
--------- ------- ------- ------- ------
(45,640) 501,245 943,947 288,501 76,183
--------- ------- ------- ------- ------
Contributions:
Participants' 173,967 219,108 300,026 296,544 107,032
Employer:
Matching 42,379 82,687 138,133 104,437 37,262
Discretionary - - - - -
------- ------- ------- ------- -------
Total additions 170,706 803,040 1,382,106 689,482 220,477
------- ------- --------- ------- -------
Deductions from net assets
attributed to:
Distributions to and with-
drawals by participants 56,239 123,887 648,324 61,688 119,715
Administrative and other
expenses 603 2,822 1,336 819 564
---------- ------- ------- ------ -------
Total deductions 56,842 126,709 649,660 62,507 120,279
---------- ------- ------- ------ -------
Interfund transfers, net 10,910 292,734 385,781 105,377 (71,205)
---------- ------- ------- ------- -------
Net increase
(decrease) 124,774 969,065 1,118,227 732,352 28,993
Net assets available for
plan benefits:
Beginning of year 949,227 2,147,022 3,931,955 1,291,167 631,415
---------- --------- --------- --------- -------
End of year $1,074,001 3,116,087 5,050,182 2,023,519 660,408
========== ========= ========= ========= =======
</TABLE>
Year ended December 31, 1993:
- -----------------------------
<TABLE>
<CAPTION>
Fidelity Bank of Fidelity
Fidelity Retirement America Guaranteed
Stock Money Money Investment
Selector Market Market Contract Participant
Fund Fund Fund Fund Loans Totals
-------- -------- -------- --------- -------- ------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income
Net appreciation(depreciation)
in fair value of investments 10,066 - - - - 779,936
Interest and dividends 26,406 107,421 5,039 2,972 14,843 1,151,047
------ ------- ----- ----- ------ ---------
36,472 107,421 5,039 2,972 14,843 1,930,983
------ ------- ----- ----- ------ ---------
Contributions:
Participants' 88,358 417,192 138,009 - - 1,740,236
Employer:
Matching 33,652 114,526 49,076 - - 602,152
Discretionary - 500,524 - - - 500,524
------- ---------- ------- ----- ------- ----------
Total additions 158,482 1,139,663 192,124 2,972 14,843 4,773,895
------- ---------- ------- ----- ------- ----------
Deductions from net assets
attributed to:
Distributions to and with-
drawals by participants 9,998 372,522 - 11,644 7,264 1,411,281
Administrative and other
expenses 7 10,823 689 159 - 17,822
------ ------- ------ ------ ----- ---------
Total deductions 10,005 383,345 689 11,803 7,264 1,429,103
------ ------- ------ ------ ----- ---------
Interfund transfers, net 25,755 (571,084) (50,154) (142,560) 14,446 -
------ -------- ------ ------- ----- --------
Net increase
(decrease) 174,232 185,234 141,281 (151,391) 22,025 3,344,792
Net assets available for
plan benefits:
Beginning of year 243,053 3,344,168 187,892 151,391 434,945 13,312,235
------- --------- ------- ------- ------- ----------
End of year 417,285 3,529,402 329,173 - 456,970 16,657,027
======= ========= ======= ======= ======= ==========
</TABLE>
<TABLE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements
Year ended December 31, 1992:
<CAPTION>
Fidelity Fidelity
Del Webb Fidelity Fidelity Growth & Intermediate
Stock Puritan Magellan Income Bond
Fund Fund Fund Fund Fund
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of
investments $ 89,081 70,997 (303,857) (55,654) (8,062)
Interest and dividends 12,831 199,615 559,096 159,057 38,832
------- ------- ------- ------- -------
101,912 270,612 255,239 103,403 30,770
------- ------- ------- ------- ------
Contributions:
Participants' 92,232 171,834 295,008 225,261 75,509
Employer:
Matching 34,592 72,356 119,533 91,144 33,419
Discretionary 42,583 53,900 55,533 27,395 6,456
-------- ------- ------- ------- -------
Total additions 271,319 568,702 725,313 447,203 146,154
-------- ------- ------- ------- -------
Deductions from net assets
attributed to:
Distributions to and withdrawals
by participants 99,847 235,169 380,441 82,089 20,851
Administrative and other
expenses 1,261 4,066 2,655 81 -
--------- ------- ------- ------ ------
Total deductions 101,108 239,235 383,096 82,170 20,851
--------- ------- ------- ------ ------
Interfund transfers, net (225,636) 199,876 (39,192) 434,721 153,668
--------- ------- -------- ------- -------
Net increase
(decrease) (55,425) 529,343 303,025 799,754 278,971
Net assets available for
plan benefis:
Beginning of year 1,019,332 1,645,452 3,639,420 524,770 365,576
--------- --------- --------- --------- -------
End of year $ 963,907 2,174,795 3,942,445 1,324,524 644,547
========= ========= ========= ========= =======
</TABLE>
<TABLE>
Fidelity Fidelity
Fidelity Fidelity Retirement Guaranteed
Stock Retirement Money Investment
Selector Growth Market Contract
Fund Fund Fund Fund Totals
------- --------- --------- --------- ------
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation (depreciation)
in fair value of
investments 13,216 185 - - (194,094)
Interest and dividends 5,271 216 126,148 20,086 1,121,152
------ --- ------- ------ ----------
18,487 401 126,148 20,086 927,058
------ --- ------- ------ ----------
Contributions:
Participants' 26,846 23,866 393,490 - 1,304,046
Employer:
Matching 10,654 9,204 131,093 - 501,995
Discretionary 375 7,429 181,329 - 375,000
------ ----- ------- ------ ---------
Total additions 56,362 40,900 832,060 20,086 3,108,099
------ ------ ------- ------ ---------
Deductions from net assets
attributed to:
Distributions to and withdrawals
by participants 10,459 - 213,620 20,844 1,063,320
Administrative and other
expenses - - 9,317 720 18,100
------ ------ ------- ------ ----------
Total deductions 10,459 - 222,937 21,564 1,081,420
------ ------ ------- ------ ----------
Interfund
transfers, net 205,938 (240,074) (116,032) (373,269) -
------- ------- ------- ------- --------
Net increase
(decrease) 251,841 (199,174) 493,091 (374,747) 2,026,679
Net assets available for
plan benefis:
Beginning of year - 199,174 3,522,567 526,138 11,442,429
-------- ------- --------- -------- ----------
End of year 251,841 - 4,015,658 151,391 13,469,108
======== ======= ========= ======== ==========
</TABLE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements
(5) Participant Data
----------------
The number of participants in each investment fund at December 31, 1994
and 1993 was as follows:
1994 1993
---- ----
Del Webb Stock Fund 945 455
Fidelity Puritan Fund 413 323
Fidelity Magellan Fund 593 434
Fidelity Growth & Income Fund 364 247
Fidelity Intermediate Bond Fund 192 119
Fidelity Stock Selector Fund 159 90
Fidelity Retirement Money Market Fund 747 763
(6) Federal Income Taxes
--------------------
The Internal Revenue Service issued its latest determination letter on
October 6, 1994 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 October 6,
1994 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) Non Cash Contributions
----------------------
During the year ended December 31, 1994, Del Webb as sponsor of the
Plan made a non-cash discretionary contribution consisting of shares
of Del Webb stock with a market value of $496,236.
Schedule 1
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1994
Investments
- -----------
A comparison of the cost and fair values of investments at December 31, 1994
follows:
Identity of Issuer Description of Investment Cost Current Value
- ------------------ ------------------------- ---- -------------
Del Webb Del Webb Stock Fund, 104,694 and
Corporation 67,125 shares at December 31, 1994
and 1993, respectively $1,407,981 1,845,227
Fidelity Fidelity Puritan Fund, 241,599 and
Investments 197,847 units at December 31, 1994
and 1993, respectively 3,535,071 3,578,082
Fidelity Fidelity Magellan Fund, 76,330 and
Investments 71,280 units at December 31, 1994
and 1993, respectively 4,744,185 5,098,865
Fidelity Fidelity Growth & Income Fund,
Investments 115,509 and 91,067 units at
December 31, 1994 and 1993,
respectively 2,434,358 2,436,096
Fidelity Fidelity Intermediate Bond Fund,
Investments 48,955 and 61,262 units at
December 31, 1994 and 1993,
respectively 508,574 481,233
Fidelity Fidelity Stock Selector Fund, 27,034
Investments and 22,255 units at December 31,
1994 and 1993, respectively 500,409 484,186
Fidelity Fidelity Retirement Money Market
Investments Fund, 4,337,291 and 3,529,403
units at December 31, 1994 and
1993, respectively 4,337,291 4,337,291
Bank of Bank of America Institutional Fund,
America 329,172 and 308,391 units at
December 31, 1994 and 1993, respec-
tively 308,391 308,391
Participant loans 594,960 594,960
------------ ----------
$ 18,371,220 19,164,331
============ ==========
See accompanying independent auditors' report.
Schedule 2
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Year ended December 31, 1994
Number of Purchase Selling Cost of
Description of Asset Transactions Price Price Asset Net Gain
- -------------------- ------------ -------- ------- -------- --------
Del Webb Stock Fund 126 $ 865,108 296,073 242,605 53,468
Fidelity Puritan 171 1,459,906 769,421 737,691 31,730
Fidelity Magellan 219 1,831,550 1,492,284 1,413,419 78,865
Fidelity Growth & Income 145 1,025,328 486,365 456,444 29,921
Fidelity Retirement Money
Market 235 2,087,407 1,279,519 1,279,519 -
See accompanying independent auditors' report.
<PAGE>
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
Exhibit 23
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 April 28, 1995,
relating to the statements of net assets available for plan benefits of the Del
Webb Corporation Retirement Savings Plan as of December 31, 1994 and 1993, and
the related statements of changes in net assets available for plan benefits for
each of the years in the three-year period ended December 31, 1994, and related
schedules, which report appears in the December 31, 1994 annual report on Form
11-K of the Del Webb Corporation Retirement Savings Plan.
KPMG PEAT MARWICK LLP
Phoenix, Arizona
June 28, 1995
