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, 1995
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 28, 1996
<PAGE>
REQUIRED INFORMATION
A. Financial Statements
--------------------
1. Audited statements of net assets available for plan
benefits as of December 31, 1995 and 1994.
2. Audited statements of changes in net assets available
for plan benefits for the years ended December 31,
1995 and 1994.
B. Exhibit
-------
23. Consent of KPMG Peat Marwick LLP.
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Financial Statements and Schedules
December 31, 1995 and 1994
(With Independent Auditors' Report Thereon)
<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,
1995 and 1994, 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, 1995 and 1994, 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 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
May 10, 1996
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1995 and 1994
<TABLE>
<CAPTION>
1995 1994
------------------ ------------------
<S> <C> <C>
Assets:
Investments, at fair value (note 4):
Del Webb Stock Fund $ 1,835,793 1,845,227
Mutual funds 18,240,143 12,078,462
Money market funds 6,187,609 4,645,682
Participant loans 601,900 594,960
------------------ ------------------
Total investments 26,865,445 19,164,331
------------------ ------------------
Receivables:
Participants' contributions 65,777 79,958
Employer's contributions 26,290 31,332
------------------ ------------------
Total assets 26,957,512 19,275,621
------------------ ------------------
Net assets available for plan benefits $ 26,957,512 19,275,621
================== ==================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Statements of Changes in Net Assets
Available for Plan Benefits
Years ended December 31, 1995 and 1994
<TABLE>
<CAPTION>
1995 1994
----------------- ------------------
<S> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of investments
(note 3) $ 3,302,704 (524,280)
Interest and dividends 1,331,282 936,267
----------------- ------------------
4,633,986 411,987
----------------- ------------------
Contributions:
Participants 3,175,665 2,319,625
Employer:
Matching 1,125,357 844,130
Discretionary (note 7) 743,904 496,236
----------------- ------------------
Total additions 9,678,912 4,071,978
----------------- ------------------
Deductions from net assets attributed to:
Distributions to and withdrawals by participants 1,959,289 1,356,055
Administrative and other expenses 37,732 25,656
----------------- ------------------
Total deductions 1,997,021 1,381,711
----------------- ------------------
Net increase 7,681,891 2,690,267
Net assets available for plan benefits:
Beginning of year 19,275,621 16,585,354
----------------- ------------------
End of year $ 26,957,512 19,275,621
================= ==================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1995 and 1994
(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, $9,240 in 1995 and
1994) 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 two years ended December 31,
1995, 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. 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, 1995,
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.
<PAGE>
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.
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,
1995:
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 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 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.
<PAGE>
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. The market valuations
are determined by the trustee for the Plan.
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 (depreciation) in fair market value of investments
(including investments bought, sold and held) during the years ended
December 31, 1995 and 1994 follows:
<TABLE>
<CAPTION>
1995 1994
-------------------------------- ------------------------------
Realized Unrealized Realized Unrealized
Gain (Loss) Gain Gain (Loss) Gain (Loss)
-------------- -------------- -------------- -------------
<S> <C> <C> <C> <C>
Del Webb Stock Fund $ 186,100 86,565 53,468 148,723
-------------- -------------- -------------- -------------
Mutual funds:
Fidelity Puritan Fund 55,553 487,176 31,730 (260,220)
Fidelity Magellan Fund 429,899 1,019,645 78,865 (369,448)
Fidelity Contra Fund 10,533 12,106 -- --
Fidelity Growth & Income Fund 66,092 698,619 29,921 (156,307)
Fidelity Intermediate Bond Fund (1,817) 38,500 (15,875) (44,214)
Fidelity Stock Selector Fund 13,251 105,773 11,573 (32,496)
Fidelity FID Global Balanced Fund 2,430 4,093 -- --
Fidelity US Equity Index Fund 5,035 83,151 -- --
-------------- -------------- -------------- -------------
580,976 2,449,063 136,214 (862,685)
-------------- -------------- -------------- -------------
Totals $ 767,076 2,535,628 189,682 (713,962)
============== ============== ============== =============
Net appreciation (depreciation) in
fair value of investments $ 3,302,704 (524,280)
================== =================
</TABLE>
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
<TABLE>
<CAPTION>
(4) Investments
The following represents changes in the investments of the plan during
1995 and 1994:
Year ended December 31, 1995:
Fidelity Fidelity
Del Webb Fidelity Fidelity Fidelity Growth & Intermediate
Stock Puritan Magellan Contra Income Bond
Fund Fund Fund Fund Fund Fund
-------- -------- -------- -------- -------- ------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation (deprecia-
tion) in fair value of invest-
ments $ 272,665 542,729 1,449,544 22,639 764,711 36,683
Interest and dividends 15,919 231,793 402,174 30,508 182,828 41,737
----------- --------- --------- ------- --------- -------
288,584 774,522 1,851,718 53,147 947,539 78,420
----------- --------- --------- ------- --------- -------
Contributions:
Participants' 217,076 463,023 814,018 93,483 547,675 199,310
Employer:
Matching 82,519 155,680 298,858 28,284 188,570 68,050
Discretionary 53,891 84,947 159,031 12,022 107,260 38,069
----------- --------- --------- ------- --------- -------
Total additions 642,070 1,478,172 3,123,625 186,936 1,791,044 383,849
Deductions from net assets
attributed to:
Distributions to and with-
drawals by participants (214,291) (205,805) (875,051) (26,541) (179,686) (44,182)
Administrative and other
expenses - (6,398) (4,068) (236) (3,195) (2,572)
----------- --------- --------- ------- --------- -------
Total deductions (214,291) (212,203) (879,119) (26,777) (182,881) (46,754)
----------- --------- --------- ------- --------- -------
Interfund transfers, including loan
issuances and repayments (437,213) (536,711) (435,939) 260,996 17,060 104,194
----------- --------- --------- ------- --------- -------
Net increase
(decrease) (9,434) 729,258 1,808,567 421,155 1,625,223 441,289
Net assets available for
plan benefits:
Beginning of year 1,845,227 3,578,082 5,098,865 - 2,436,096 481,233
----------- --------- --------- ------- --------- -------
End of year $ 1,835,793 4,307,340 6,907,432 421,155 4,061,319 922,522
=========== ========= ========= ======= ========= =======
</TABLE>
<TABLE>
<CAPTION>
Fidelity Fidelity Bank of
Fidelity Retirement FID Fidelity America
Stock Money Global US Equity Money
Selector Market Balanced Index Market Participant
Fund Fund Fund Fund Fund Loans Totals
-------- ---------- -------- --------- ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation (deprecia-
tion) in fair value of invest-
ments 119,024 - 6,523 88,186 - - 3,302,704
Interest and dividends 93,888 276,632 244 10,660 22,547 22,352 1,331,282
------- --------- ------ ------- ------- ------- ----------
212,912 276,632 6,767 98,846 22,547 22,352 4,633,986
------- --------- ------ ------- ------- ------- ----------
Contributions:
Participants' 202,532 450,516 38,524 27,346 136,343 - 3,189,846
Employer:
Matching 68,323 171,152 9,680 11,379 47,904 - 1,130,399
Discretionary 42,559 238,029 3,827 4,269 - - 743,904
------- --------- ------ ------- ------- ------- ----------
Total additions 526,326 1,136,329 58,798 141,840 206,794 22,352 9,698,135
Deductions from net assets
attributed to:
Distributions to and with-
drawals by participants (36,043) (376,227) (1,054) (409) - - (1,959,289)
Administrative and other
expenses (595) (18,254) (1) (141) (1,250) (1,022) (37,732)
------- --------- ------ ------- ------- ------- ----------
Total deductions (36,638) (394,481) (1,055) (550) (1,250) (1,022) (1,997,021)
------- --------- ------ ------- ------- ------- ----------
Interfund transfers, including loan
issuances and repayments 12,561 594,535 15,110 419,797 - (14,390) -
------- --------- ------ ------- ------- ------- ----------
Net increase
(decrease) 502,249 1,336,383 72,853 561,087 205,544 6,940 7,701,114
Net assets available for
plan benefits:
Beginning of year 484,186 4,337,291 - - 308,391 594,960 19,164,331
------- --------- ------ ------- ------- ------- ----------
End of year 986,435 5,673,674 72,853 561,087 513,935 601,900 26,865,445
======= ========= ====== ======= ======= ======= ==========
</TABLE>
<PAGE>
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
<TABLE>
<CAPTION>
Year ended December 31, 1994:
Fidelity Fidelity Fidelity
Del Webb Fidelity Fidelity Growth & Intermediate Stock
Stock Puritan Magellan Income Bond Selector
Fund Fund Fund Fund Fund Fund
-------- -------- -------- -------- ------------ --------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation (deprecia-
tion) in fair value of invest-
ments $ 202,192 (228,491) (290,583) (126,386) (60,089) (20,923)
Interest and dividends 16,878 281,181 202,372 176,964 45,892 23,721
----------- --------- --------- --------- ------- -------
219,070 52,690 (88,211) 50,578 (14,197) 2,798
----------- --------- --------- --------- ------- -------
Contributions:
Participants' 194,158 310,171 721,954 427,666 129,443 138,119
Employer:
Matching 66,498 123,269 242,234 147,449 48,983 48,990
Discretionary 496,236 - - - - -
----------- --------- --------- --------- ------- -------
Total additions 975,962 486,130 875,977 625,693 164,229 189,907
----------- --------- --------- --------- ------- -------
Deductions from net assets
attributed to:
Distributions to and with-
drawals by participants (112,653) (238,289) (565,888) (84,427) (26,825) (37,521)
Administrative and other
expenses (128) (3,284) (2,371) (1,418) (890) (14)
----------- --------- --------- --------- ------- -------
Total deductions (112,781) (241,573) (568,259) (85,845) (27,715) (37,535)
----------- --------- --------- --------- ------- -------
Interfund transfers, net (91,955) 217,438 (259,035) (127,271) (315,689) (85,471)
----------- --------- --------- --------- ------- -------
Net increase
(decrease) 771,226 461,995 48,683 412,577 (179,175) 66,901
Net assets available for
plan benefits:
Beginning of year 1,074,001 3,116,087 5,050,182 2,023,519 660,408 417,285
----------- --------- --------- --------- ------- -------
End of year $ 1,845,227 3,578,082 5,098,865 2,436,096 481,233 484,186
=========== ========= ========= ========= ======= =======
</TABLE>
<TABLE>
<CAPTION>
Fidelity Bank of
Retirement America
Money Money
Market Market Participant
Fund Fund Loans Totals
---------- ------- ----------- ------
<S> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Net appreciation (deprecia-
tion) in fair value of invest-
ments - - - (524,280)
Interest and dividends 160,782 10,827 17,650 936,267
--------- ------- ------- ----------
160,782 10,827 17,650 411,987
--------- ------- ------- ----------
Contributions:
Participants' 359,929 (41,773) - 2,239,667
Employer:
Matching 141,895 (6,520) - 812,798
Discretionary - - - 496,236
--------- ------- ------- ----------
Total additions 662,606 (37,466) 17,650 3,960,688
--------- ------- ------- ----------
Deductions from net assets
attributed to:
Distributions to and with-
drawals by participants (341,056) - (21,069) (1,427,728)
Administrative and other
expenses (14,130) (875) (2,546) (25,656)
--------- ------- ------- ----------
Total deductions (355,186) (875) (23,615) (1,453,384)
--------- ------- ------- ----------
Interfund transfers, net 500,469 17,559 143,955 -
Net increase
(decrease) 807,889 (20,782) 137,990 2,507,304
Net assets available for
plan benefits:
Beginning of year 3,529,402 329,173 456,970 16,657,027
--------- ------- ------- ----------
End of year 4,337,291 308,391 594,960 19,164,331
========= ======= ======= ==========
</TABLE>
<PAGE>
(5) Participant Data
The number of participants in each investment fund at December 31, 1995
and 1994 was as follows:
<TABLE>
<CAPTION>
1995 1994
------------------ ------------------
<S> <C> <C>
Del Webb Stock Fund 990 995
Fidelity Puritan Fund 502 413
Fidelity Magellan Fund 755 593
Fidelity Contra Fund 138 --
Fidelity Growth & Income Fund 513 364
Fidelity Intermediate Bond Fund 248 192
Fidelity Stock Selector Fund 241 159
FID Global Balanced Fund 64 --
Fidelity Retirement Money Market Fund 989 747
U.S. Equity Index Fund 70 --
</TABLE>
(6) Federal Income Taxes
The Plan has received a determination letter 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) 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.
<PAGE>
Schedule 1
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1995
Investments
A comparison of the cost and fair values of investments at December 31, 1995
follows:
<TABLE>
<CAPTION>
Identity Description of Current
of Issuer Investments Cost Value
- ----------------------- ------------------------------------------------ ----------------- -----------------
<S> <C> <C> <C>
Del Webb
Corporation Del Webb Stock Fund, 88,931 shares $ 1,311,982 1,835,793
Fidelity
Investments Fidelity Puritan Fund, 253,224 units 3,777,153 4,307,340
Fidelity
Investments Fidelity Magellan Fund, 80,338 units 5,533,107 6,907,432
Fidelity
Investments Fidelity Contra Fund, 11,077 units 409,049 421,155
Fidelity
Investments Fidelity Growth & Income Fund, 150,141 units 3,360,962 4,061,319
Fidelity
Investments Fidelity Intermediate Bond Fund, 88,619 units 911,363 922,522
Fidelity
Investments Fidelity Stock Selector Fund, 44,454 units 896,886 986,435
Fidelity
Investments Fidelity FID Global Balanced Fund, 5,674 units 68,760 72,853
Fidelity
Investments Fidelity U.S. Equity Index Fund, 24,860 units 477,936 561,087
Fidelity Fidelity Retirement Money Market Fund,
Investments 5,673,674 units 5,673,674 5,673,674
Bank of America Bank of America Institutional Fund, 573,435
units 513,935 513,935
Participant loans 601,900 601,900
----------------- -----------------
$ 23,536,707 26,865,445
================= =================
</TABLE>
See accompanying independent auditors' report.
<PAGE>
Schedule 2
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Year ended December 31, 1995
<TABLE>
<CAPTION>
Current
Value of
Asset on
Description Number of Purchase Selling Cost of Transaction Net
of Asset Transactions Price Price Asset Date Gain
- ----------- ------------ -------- ------- ------- ----------- ----
<S> <C> <C> <C> <C> <C> <C>
Del Webb Stock Fund 178 $ 2,437,055 2,719,154 2,533,054 2,719,154 186,100
Fidelity Puritan 194 1,453,032 1,266,503 1,210,950 1,266,503 55,553
Fidelity Magellan 228 2,460,092 2,101,069 1,671,170 2,101,069 429,899
Fidelity Growth &
Income 185 1,573,571 713,059 646,967 713,059 66,092
Fidelity Retirement
Money Market 241 3,192,982 1,856,600 1,856,600 1,856,600 -
</TABLE>
See accompanying independent auditors' report.
<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
Name: Lynn Schuttenberg
Title: Chairman of Benefits Advisory
Committee
Dated: June 28, 1996
<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 May 10, 1996,
relating to the statements of net assets available for plan benefits of the Del
Webb Corporation Retirement Savings Plan as of December 31, 1995 and 1994, and
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, 1995 annual report on Form 11-K of the Del Webb Corporation Retirement
Savings Plan.
KPMG Peat Marwick LLP
Phoenix, Arizona
June 28, 1996
