SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------------------------------------------------------
FORM 11-K
Annual Report Pursuant to Section 15(d)
of the Securities Exchange Act of 1934
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( X ) Annual report pursuant to Section 15(d)
of the Securities Exchange Act of 1934.
For the fiscal year ended December 31, 1998.
OR
( ) Transition report pursuant to Section 15(d)
of the Securities Exchange Act of 1934.
For the transition period
from _________________ to
________________.
Commission file number of the issuer: 1-09804
PULTE HOME CORPORATION
INVESTMENT SAVINGS PLUS
(Full title of plan)
PULTE CORPORATION
33 Bloomfield Hills Parkway
Suite 200
Bloomfield Hills, Michigan 48304-2946
(Name of the issuer and address of
its principal executive office)
Required Information
Item 4. Financial Statements and Supplemental Schedules for the Plan
The Pulte Home Corporation Investment Savings Plus (the "Plan") is subject to
the Employee Retirement Income Security Act of 1974 ("ERISA). In lieu of the
requirements of Items 1-3 of this Form, the Plan is filing financial
statements and supplemental schedules prepared in accordance with the
financial reporting requirements of ERISA. The Plan financial statements and
supplemental schedules have been examined by Ernst & Young LLP, Independent
Auditors, and their report is included herein.
Exhibits
23 Consent of Independent Auditors, Ernst & Young LLP
Pulte Home Corporation
Investment Savings Plus
Financial Statements and Schedules
Years ended December 31, 1998 and 1997
Table of Contents
Report of Independent Auditors......................................... 4
Financial Statements
Statements of Assets Available for Plan Benefits....................... 5
Statements of Changes in Assets Available for Plan Benefits............ 7
Notes to Financial Statements.......................................... 11
Schedules
Item 27(a)-Schedule of Assets Held for Investment Purposes............. 16
Item 27(d)-Schedule of Reportable Transactions......................... 18
Signatures ............................................................ 19
Exhibits
Consents of Independent Auditor........................................ 21
Report of Independent Auditors
Board of Directors
Pulte Home Corporation Investment
Savings Plus
We have audited the accompanying statements of assets available for plan
benefits of Pulte Home Corporation Investment Savings Plus (the "Plan") as of
December 31, 1998 and 1997, and the related statements of changes in 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 assets available for plan benefits of Pulte Home
Corporation Investment Savings Plus at December 31, 1998 and 1997, and the
changes in its 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 financial
statements taken as a whole. The accompanying supplemental schedules of
assets held for investment purposes as of December 31, 1998 and reportable
transactions for the year then ended are presented for purposes of additional
analysis and are not a required part of the 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. These supplemental schedules are the responsibility of
the Plan's management. The Fund Information in the statement of net assets
available for benefits and the statement of changes in net assets available
for benefits is presented for purposes of additional analysis rather than to
present the net assets available for benefits and the changes in net assets
available for benefits of each fund. The supplemental schedules and Fund
Information have been subjected to auditing procedures applied in our audits
of the financial statements and, in our opinion, are fairly stated in all
material respects in relation to the financial statements taken as a whole.
/s/ ERNST & YOUNG LLP
Detroit, Michigan
June 9, 1999
<TABLE>
<CAPTION>
Pulte Home Corporation
Investment Savings Plus
Statements of Assets Available for Plan Benefits, with Fund Information
December 31, 1998
Fund Information
-------------------------------------------------------------------
Yield
Enhanced
Short-Term Vanguard State Street Vanguard
Investment Wellington Stable Value Institutional
Cash Fund Fund Fund Index Fund
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments, at fair value (Note 2) $ 70,565 $ 3,467,986 $22,095,257 $11,950,195 $25,463,950
Receivables:
Employer contributions ............ 84,682 408,191 176,421 511,355
Interest and dividends ............ 15,393
----------- ----------- ----------- ----------- -----------
100,075 408,191 176,421 511,355
----------- ----------- ----------- ----------- -----------
Assets available for plan benefits ... $ 70,565 $ 3,568,061 $22,503,448 $12,126,616 $25,975,305
=========== =========== =========== =========== ===========
<CAPTION>
Fund Information
-----------------------------------------------------------------------
Seligman
Small
Putnam Capitalization Pulte Templeton
Voyager Value Stock Foreign Participant
Fund Fund Fund Fund Loans Total
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value (Note 2) $ 25,943,051 $ 295,644 $ 1,514,976 $ 5,098,906 $ 3,227,268 $ 99,127,798
Receivables:
Employer contributions ............ 532,412 17,455 48,605 146,314 1,925,435
Interest and dividends ............ 1,740 17,133
------------ ------------ ------------ ------------ ------------ ------------
532,412 17,455 50,345 146,314 1,942,568
------------ ------------ ------------ ------------ ------------ ------------
Assets available for plan benefits ... $ 26,475,463 $ 313,099 $ 1,565,321 $ 5,245,220 $ 3,227,268 $101,070,366
============ ============ ============ ============ ============ ============
<FN>
See accompanying notes.
</TABLE>
<TABLE>
<CAPTION>
Pulte Home Corporation
Investment Savings Plus
Statements of Assets Available for Plan Benefits, with Fund Information
December 31, 1997
Fund Information
--------------------------------------------------------------------
Yield
Enhanced
Short-Term Vanguard State Street Vanguard
Investment Wellington Stable Value Institutional
Cash Fund Fund Fund Index Fund
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments, at fair value (Note 2) $ 27,630 $ 3,866,219 $20,373,140 $11,698,347 $19,130,235
Receivables:
Employer contributions ............ 111,808 476,682 212,094 529,864
Interest and dividends ............ 483 17,539
----------- ----------- ----------- ----------- -----------
483 129,347 476,682 212,094 529,864
----------- ----------- ----------- ----------- -----------
Assets available for plan benefits ... $ 28,113 $ 3,995,566 $20,849,822 $11,910,441 $19,660,099
=========== =========== =========== =========== ===========
<CAPTION>
Fund Information
---------------------------------------
Putnam Templeton
Voyager Foreign Participant
Fund Fund Loans Total
-----------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments, at fair value (Note 2) $23,858,317 $ 7,704,629 $ 3,687,455 $90,345,972
Receivables:
Employer contributions ............ 671,137 223,013 2,224,598
Interest and dividends ............ 18,022
----------- ----------- ----------- -----------
671,137 223,013 2,242,620
----------- ----------- ----------- -----------
Assets available for plan benefits ... $24,529,454 $ 7,927,642 $ 3,687,455 $92,588,592
=========== =========== =========== ===========
<FN>
See accompanying notes.
</TABLE>
<TABLE>
<CAPTION>
Pulte Home Corporation
Investment Savings Plus
Statements of Changes in Assets Available for Plan Benefits,
with Fund Information
Year ended December 31, 1998
Fund Information
----------------------------------------------------------------------------
Yield
Enhanced
Short-Term Vanguard State Street Vanguard
Investment Wellington Stable Value Institutional
Cash Fund Fund Fund Index Fund
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions to assets attributed to:
Contributions:
Employees (Note 1) ............ $ 3,119 $ 301,984 $ 2,030,865 $ 750,995 $ 2,691,645
Employer ...................... (5,315) 84,682 410,594 176,907 512,530
------------ ------------ ------------ ------------ ------------
(2,196) 386,666 2,441,459 927,902 3,204,175
Loan repayments and interest income
on participant loans ........... (63,191) 61,174 318,027 174,730 366,797
Investment income:
Dividends ...................... 15,394 787,482 320,067
Interest ....................... 6,858 187,249
Net realized and unrealized
appreciation
in fair value of investments 1,730,473 728,785 5,351,418
------------ ------------ ------------ ------------ ------------
6,858 202,643 2,517,955 728,785 5,671,485
------------ ------------ ------------ ------------ ------------
Total additions ................... (58,529) 650,483 5,277,441 1,831,417 9,242,457
Deductions from assets
attributed to:
Employee withdrawals ........... 100,981 (1,047,057) (3,016,524) (1,883,315) (3,539,507)
Fees and expenses .............. (6,448)
Loan disbursements ............. (85,398) (396,986) (187,739) (497,442)
------------ ------------ ------------ ------------ ------------
Total deductions .................. 100,981 (1,132,455) (3,413,510) (2,077,502) (4,036,949)
Net transfers among funds ......... 54,467 (210,305) 462,260 1,109,698
------------ ------------ ------------ ------------ ------------
Net increase (decrease) ........... 42,452 (427,505) 1,653,626 216,175 6,315,206
Assets available for
plan benefits at
beginning of year .............. 28,113 3,995,566 20,849,822 11,910,441 19,660,099
------------ ------------ ------------ ------------ ------------
Assets available for
plan benefits at
end of year .................... $ 70,565 $ 3,568,061 $ 22,503,448 $ 12,126,616 $ 25,975,305
============ ============ ============ ============ ============
<PAGE>
CAPTION>
Fund Information
--------------------------------------------------------------------
Seligman
Small
Putnam Capitalization Pulte Templeton
Voyager Value Stock Foreign Participant
Fund Fund Fund Fund Loans Total
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions to assets attributed to:
Contributions:
Employees (Note 1) .............. $ 2,745,025 $ 94,443 $ 149,128 $ 890,081 $ 9,657,285
Employer ........................ 535,069 17,455 48,605 146,314 1,926,841
------------ --------- ----------- ------------ ------------ ------------
3,280,094 111,898 197,733 1,036,395 11,584,126
Loan repayments and interest income
on participant loans ............. 438,365 4,676 18,549 144,571 $ (1,220,023) 243,675
Investment income:
Dividends ........................ 2,644 150,009 1,275,596
Interest ......................... 1,808 195,915
Net realized and unrealized
appreciation in fair value
of investments .................. 5,469,900 (67,963) (84,010) (405,452) 12,723,151
------------ --------- ----------- ------------ ------------ ------------
5,469,900 (67,963) (79,558) (255,443) 14,194,662
------------ --------- ----------- ------------ ------------ ------------
Total additions ..................... 9,188,359 48,611 136,724 925,523 (1,220,023) 26,022,463
Deductions from assets attributed to:
Employee withdrawals ............. (5,480,052) (10,115) (17,846) (1,479,935) (1,160,871) (17,534,241)
Fees and expenses ................ (6,448)
Loan disbursements ............... (600,063) (995) (20,169) (131,915) 1,920,707
------------ --------- ----------- ------------ ------------ ------------
Total deductions .................... (6,080,115) (11,110) (38,015) (1,611,850) 759,836 (17,540,689)
Net transfers among funds ........... (1,162,235) 275,598 1,466,612 (1,996,095)
------------ --------- ----------- ------------ ------------ ------------
Net increase (decrease) ............. 1,946,009 313,099 1,565,321 (2,682,422) (460,187) 8,481,774
Assets available for plan benefits at
beginning of year ................ 24,529,454 7,927,642 3,687,455 92,588,592
------------ --------- ----------- ------------ ------------ ------------
Assets available for plan benefits at
end of year ...................... $ 26,475,463 $ 313,099 $ 1,565,321 $ 5,245,220 $ 3,227,268 $101,070,366
============ ========= =========== ============ ============ ============
<FN>
See accompanying notes.
</TABLE>
<TABLE>
<CAPTION>
Pulte Home Corporation
Investment Savings Plus
Statements of Changes in Assets Available for Plan Benefits,
with Fund Information
Year ended December 31, 1997
Fund Information
---------------------------------------------------------------------------------------
Yield
Enhanced
Short-Term Vanguard State Street Vanguard Vanguard
Investment Wellington Stable Value Index 500 Institutional
Cash Fund Fund Fund Fund Index Fund
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions to assets attributed to:
Contributions:
Employees (Note 1) $ 27,697 $ 350,366 $ 2,001,828 $ 853,535 $ 1,053,684 $ 1,349,085
Employer 111,555 474,871 211,354 (2,580) 529,864
---------- ---------- ----------- ------------ ------------ ------------
27,697 461,921 2,476,699 1,064,889 1,051,104 1,878,949
Loan repayments (61,097) 60,795 328,557 163,234 117,800 181,277
Investment income:
Dividends 32,495 723,912 51,515 230,421
Interest (1,692) 161,214 1,076 62,073 916
Net realized and
unrealized appreciation in
fair value of investments 3,169,885 745,514 976,569 2,466,498
---------- ---------- ----------- ------------ ------------ ------------
(1,692) 193,709 3,894,873 807,587 1,028,084 2,697,835
---------- ---------- ----------- ------------ ------------ ------------
Total additions (35,092) 716,425 6,700,129 2,035,710 2,196,988 4,758,061
Deductions from assets attributed to:
Employee withdrawals (7,501) (550,074) (1,320,649) (1,740,250) (401,776) (942,911)
Fees and expenses (9,380)
Loan disbursements 17,977 (63,776) (475,013) (210,176) (168,830) (352,462)
---------- ---------- ----------- ------------ ------------ ------------
Total deductions 10,476 (613,850) (1,795,662) (1,959,806) (570,606) (1,295,373)
Net transfers among funds 526,424 (797,491) (137,949) (14,307,813) 16,197,411
---------- ---------- ----------- ------------ ------------ ------------
Net increase (decrease) (24,616) 628,999 4,106,976 (62,045) (12,681,431) 19,660,099
Assets available for plan benefits at
beginning of year 52,729 3,366,567 16,742,846 11,972,486 12,681,431
---------- ---------- ----------- ------------ ------------ ------------
Assets available for plan benefits at
end of year $ 28,113 $3,995,566 $20,849,822 $ 11,910,441 $ -- $ 19,660,099
========== ========== =========== ============ ============ ============
<PAGE>
CAPTION>
Fund Information
------------------------------------------------------------
Putnam Templeton
Voyager Foreign Participant
Fund Fund Loans Total
------------------------------------------------------------
<S> <C> <C> <C> <C>
Additions to assets attributed to:
Contributions:
Employees (Note 1) $ 2,981,750 $ 1,170,950 $ 9,788,895
Employer 667,817 222,194 2,215,075
------------ ------------ ------------ ------------
3,649,567 1,393,144 12,003,970
Loan repayments 453,996 157,979 $ (1,402,541)
Investment income:
Dividends 247,822 1,286,165
Interest 1,372 596 225,555
Net realized and
unrealized appreciation in
fair value of investments 4,886,943 840,424 13,085,833
------------ ------------ ------------ ------------
4,888,315 1,088,842 14,597,553
------------ ------------ ------------ ------------
Total additions 8,991,878 2,639,965 (1,402,541) 26,601,523
Deductions from assets attributed to:
Employee withdrawals (2,180,781) (662,536) (7,806,478)
Fees and expenses (9,380)
Loan disbursements (607,169) (218,577) 2,078,026
------------ ------------ ------------ ------------
Total deductions (2,787,950) (881,113) 2,078,026 (7,815,858)
Net transfers among funds (1,529,092) 48,431 79
------------ ------------ ------------ ------------
Net increase (decrease) 4,674,836 1,807,283 675,564 18,785,665
Assets available for plan benefits at
beginning of year 19,854,618 6,120,359 3,011,891 73,802,927
------------ ------------ ------------ ------------
Assets available for plan benefits at
end of year $ 24,529,454 $ 7,927,642 $ 3,687,455 $ 92,588,592
============ ============ ============ ============
<FN>
See accompanying notes.
</TABLE>
Pulte Home Corporation
Investment Savings Plus
Notes to Financial Statements
December 31, 1998
1. Description of Plan
The following brief description of Pulte Home Corporation ("Company")
Investment Savings Plus ("Plan") is provided for general information purposes
only. Participants should refer to Plan documents for more complete
information.
General
The Plan is a defined contribution profit sharing plan established as of
April 1, 1984 and includes, as participants, eligible employees of the
Company and affiliated subsidiaries which have adopted the Plan. The Plan is
administered by an Administrative Committee ("Committee") appointed by the
Board of Directors of the Company and is subject to the provisions of the
Employee Retirement Income Security Act of 1974.
Plan assets are held and investment transactions are executed by First Trust
National Association, as Trustee. Effective January 1, 1997, the Plan was
amended to allow rollovers prior to the eligibility date. Effective May 1,
1998, the Plan added the Pulte stock and the Seligman Small Capitalization
Value fund as plan investment options.
Eligibility
All nonunion, full-time salaried and sales employees of the Company and its
subsidiaries that have adopted the Plan are eligible to participate on the
first day of the month coincident with or next following the completion of
six months of employment.
Contributions
Contributions to employees' accounts are effected through voluntary
reductions in their compensation. Such reductions are, in turn, paid to the
Plan by the Company. At the discretion of their Boards of Directors, the
Company and its subsidiaries may make additional contributions to the
accounts of Plan participants. Annual contributions for each participant are
subject to participation and discrimination standards of Internal Revenue
Code Section 401(k)(3).
Pulte Home Corporation
Investment Savings Plus
Notes to Financial Statements (continued)
1. Description of Plan (continued)
For 1998 and 1997, the Company matched an amount on behalf of each
participant for whom basic contributions were made, based on the
participant's length of service with the Company in accordance with the
following schedule:
A.) Less than one year of service: 100% of the first $300 of
participant's contributions.
B.) 1-2 years of service: 100% of the first $600 of participant's
contributions.
C.) 2-3 years of service: 100% of the first $900 of participant's
contributions.
D.) 3-4 years of service: 100% of the first $1,200 of participant's
contributions.
E.) 4 or more years of service: 100% of the first $1,500 of
participant's contributions.
Contributions may be invested in one or more of the investment options
provided by the plan. The Plan presently provides eight investment options:
Yield Enhanced Short-Term Investment Fund, Vanguard Wellington Fund, State
Street Stable Value Fund, Vanguard Institutional Index Fund, Putnam Voyager
Fund, Templeton Foreign Fund, Seligman Small Capitalization Value Fund, and
Company Common Stock.
Participants may change their investment directives and contribution amounts
on a daily basis via an automated telephone service. Discretionary
contributions which are to be allocated to each participants' "Special
Contributions Account" are invested solely in the Company's common stock, not
available for investment direction.
Allocations
Contributions to the Plan are allocated to participants' individual accounts
on the date of receipt by the Trustee.
Discretionary contributions made by the Company and its subsidiaries, if any,
are allocated as of the last day of the Plan year among accounts of eligible
participants.
Pulte Home Corporation
Investment Savings Plus
Notes to Financial Statements (continued)
1. Description of Plan (continued)
Distribution
Participants or their beneficiaries may receive distributions of their
account balances upon the earlier of reaching age 59-1/2, disability, death
or termination of service, as defined in the Plan. Further, the Committee may
permit a participant who experiences a qualified financial hardship to
receive a distribution of all or a portion of the participant's account
balance. Such distributions are generally made in a lump sum.
Vesting
A participant's account balance is fully vested and nonforfeitable.
Termination
Although the Company intends to continue the Plan indefinitely, it has
reserved the right to amend or terminate the Plan at any time. If the Plan
were to be terminated, the amount in each participant's account would remain
fully vested as of the date of termination of the Plan. Plan funds would
continue to be invested and would continue to be held in the custody of the
Plan's Trustee.
The Plan's Trustee would pay the balance of each participant's Plan account
in a lump sum at the earlier of age 59-1/2, disability, death or when
employment with the Company is terminated.
Administrative Expenses
Administrative expenses of the Plan are presently paid by the Company.
2. Summary of Significant Accounting Policies
The following are significant accounting policies followed by the Plan:
Accounting Basis-The accounting records of the Plan are maintained on
the accrual basis.
Pulte Home Corporation
Investment Savings Plus
Notes to Financial Statements (continued)
2. Summary of Significant Accounting Policies (continued)
Investment Valuation-Investments in money market instruments are at
cost which approximates fair value. Fully benefit-responsive annuity
contracts and guaranteed investment contracts are carried at contract
value which approximates fair value. Investments in mutual funds are
carried at fair value based on quoted market prices.
Management Estimates-The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial
statements and additions and deductions during the reporting period.
Actual results could differ from those estimates.
Reclassification-Certain amounts in the 1997 financial statements were
reclassified to conform to the current year classification.
3. Income Tax Status
The Plan has received a determination letter from the Internal Revenue
Service dated March 11, 1992 stating that the Plan is qualified under Section
401(a) of the Internal Revenue Code of 1986 (the "Code") and, therefore, the
related trust is exempt from taxation. The Plan has been restated in its
entirety subsequent to the receipt of the determination letter. Once
qualified, the Plan is required to operate in conformity with the Code to
maintain its qualification. The Plan Administrator believes the Plan is being
operated in compliance with the applicable requirements of the Code and,
therefore, believes that the Plan is qualified and the related trust is
exempt.
4. State Street Stable Value Fund
The State Street Stable Value Fund includes $3,791,101 and $7,522,676 at
December 31, 1998 and 1997, respectively, of investments in insurance company
annuity contracts and guaranteed investment contracts. Such contracts have
interest rates as of December 31, 1998 and 1997 ranging from 5.62% to 7.99%.
Interest rates for the contracts are fixed through maturity. Maturity dates
for the contracts are in January 1999 and 2000.
Pulte Home Corporation
Investment Savings Plus
Notes to Financial Statements (continued)
5. Year 2000 Issue (unaudited)
The Plan Sponsor has determined that it will be necessary to take certain
steps in order to ensure that the Plan's information systems are prepared to
handle year 2000 dates. The Plan Sponsor is taking a two phase approach. The
first phase addresses internal systems that must be modified or replaced to
function properly. Both internal and external resources are being utilized to
replace or modify existing software applications, and test the software and
equipment for the year 2000 modifications. The Plan Sponsor anticipates
substantially completing this phase of the project by October 1999. Costs
associated with modifying software and equipment are not estimated to be
significant and will be paid by the Plan Sponsor.
For the second phase of the project, Plan management established formal
communications with its third party service providers to determine that they
have developed plans to address their own year 2000 problems as they relate
to the Plan's operations. All third party service providers have indicated
that they will be year 2000 compliant by early 1999. If modification of data
processing systems of either the Plan, the Plan Sponsor, or its service
providers are not completed timely, the year 2000 problem could have a
material impact on the operations of the Plan. Plan management will not
develop a contingency plan, unless information from the ongoing due diligence
process on third party vendors indicates system non-compliance by the year
2000.
<TABLE>
<CAPTION>
Pulte Home Corporation Investment Savings Plus
Employee ID #38-1545089
Plan #001
27(a)--Schedule of Assets Held for Investment Purposes
December 31, 1998
Description of Investment Including
Identity of Issue, Borrower, Maturity Date, Rate of Interest, Shares/ Current
Lessor or Similar Party Collateral, Par or Maturity Value Units Cost Value
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cash - First Bank National
Association First American Prime Obligation Class C 70,565 $ 70,565 $ 70,565
State Street Stable Value Fund:
State Street Global Advisors Yield Enhanced Short-Term Investment Fund 686,265 686,265 686,265
State Street Global Advisors Principal Accumulation Return Fund 7,472,829 7,472,829 7,472,829
Allstate Life Insurance Company Guaranteed Investment Contract, interest rate
7.99%, matures January 14, 2000 617,107 617,107 617,107
Group Annuity Contract, interest rate Company
6.33%, matures January 15, 1999
Continental Assurance Company Group Annuity Contract, interest rate 5.83%
matures January 15, 2000 2,038,403 2,038,403 2,038,403
New York Life Insurance Company Group Annuity Contract, interest rate 5.62%,
matures January 15, 1999 1,135,591 1,135,591 1,135,591
----------- -----------
Subtotal State Street Stable
Value Fund 11,950,195 11,950,195
State Street Global Advisors Yield Enhanced Short-Term Investment Fund 3,467,986 3,467,986 3,467,986
The Vanguard Group of Investment
Companies Vanguard Wellington Fund 752,820 18,511,495 22,095,257
Vanguard Institutional Index Fund 225,644 19,145,463 25,463,950
<CAPTION>
Pulte Home Corporation Investment Savings Plus
Employee ID #38-1545089
Plan #001
27(a)--Schedule of Assets Held for Investment Purposes (continued)
December 31, 1998
Description of Investment Including
Identity of Issue, Borrower, Maturity Date, Rate of Interest, Shares/ Current
Lessor or Similar Party Collateral, Par or Maturity Value Units Cost Value
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Putnam Investments Putnam Voyager Fund 1,183,533 $ 18,409,296 $ 25,943,051
Templeton Funds, Inc. Templeton Foreign Fund 607,736 5,887,922 5,098,906
Seligman Value Fund Series, Inc. Seligman Small Capitalization Value Fund 37,566 314,198 295,644
Pulte Corporation Pulte Corporation Common stock 52,845 1,522,366 1,514,976
Employee Loans Receivable Individual employee loans with varying
maturity dates and interest rates ranging
from 9.25% to 12.25% 3,227,268
------------ ------------
Total Investments $ 79,279,486 $ 99,127,798
============ ============
<FN>
There were no investment assets reportable as acquired and disposed of during
the year.
</TABLE>
<TABLE>
<CAPTION>
Pulte Home Corporation Investment Savings Plus
Employer ID #38-1545089
Plan #001
27(d)--Schedule of Reportable Transactions
Year ended December 31, 1998
Description
of Asset Current
Asset (Including Expense Value of
Interest Rate and Incurred Cost Asset on Net
Maturity in Case Purchase Selling Lease With of Transaction Gain
Identify of Party Involved of a Loan) Price Price Rental Transaction Asset Date (Loss)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Category iii) A series of
transactions involving
securities of the same
issue which when
aggregated, involve an
amount in excess of 5% of
the current value of plan
assets.
First American Prime
Obligations Fund Money Market
199 purchases $17,192,172 $17,192,172 $17,192,172
183 sales $17,094,611 17,094,611 17,094,611
State Street
Yield Enhanced
Short-Term Fund Mutual Fund
91 purchases 3,965,382 3,965,382 3,965,382
133 sales 4,433,071 4,433,071 4,433,071
Putnam Voyager Fund Mutual Fund
74 purchases 5,378,163 5,378,163 5,378,163
169 sales 6,998,305 5,010,837 6,998,305 $1,987,468
Templeton Foreign Fund Mutual Fund
60 purchases 1,673,846 1,673,846 1,673,846
160 sales 3,434,274 3,466,896 3,434,274 (32,622)
Vanguard Wellington Fund Mutual Fund
104 purchases 5,980,938 5,980,938 5,980,938
138 sales 4,325,547 3,275,544 4,325,547 1,050,003
Vanguard Institutional
Index Fund Mutual Fund
119 purchases 6,510,298 6,510,298 6,510,298
132 sales 5,323,611 4,447,107 5,323,611 876,504
<FN>
There were no transactions reportable under categories i), ii) or iv).
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the 401(k)
Committee Members who administer the Plan have duly caused this annual report
to be signed on its behalf by the undersigned hereunto duly authorized.
June 29, 1999 By: /s/ Michael A. O'Brien
-----------------------
Michael A. O'Brien
Senior Vice President of
Corporate Development &
Human Resources
Index to Exhibits
Page in Sequential Numbering
System in Manually Signed
Exhibit Original on which Exhibits
Number Description May be Found
- ------- ----------- ----------------------------
23 Consent of
Independent
Auditors 21
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 333-51019) pertaining to the Pulte Home Corporation Investment
Savings Plus of our report dated June 9, 1999, with respect to the financial
statements and schedules of Pulte Home Corporation Investment Savings Plus
included in this Annual Report on Form 11-K for the year ended December 31,
1998.
/s/ ERNST & YOUNG LLP
Detroit, Michigan
June 28, 1999
