-----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, MhVoqcMV4I/9LzvnVQzmg0oR8Va4ECXqRjc7tSA686OMqISQTtRqhhVaYOKgLA0h 5BUOppp97fGOeFu5b39Wbg== 0000889697-99-000111.txt : 19990630 0000889697-99-000111.hdr.sgml : 19990630 ACCESSION NUMBER: 0000889697-99-000111 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PULTE CORP CENTRAL INDEX KEY: 0000822416 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 382766606 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-09804 FILM NUMBER: 99655107 BUSINESS ADDRESS: STREET 1: 33 BLOOMFIELD HILLS PKWY STE 200 CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48304 BUSINESS PHONE: 2486472750 FORMER COMPANY: FORMER CONFORMED NAME: PHM CORP DATE OF NAME CHANGE: 19920703 11-K 1 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 ---------------------------------------------------------------------------- ( 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
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 ------------------------------------------------------------------- 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 =========== =========== =========== =========== =========== Fund Information ----------------------------------------------------------------------- Seligman Small Putnam Capitalization Pulte Templeton Voyager Value Stock Foreign Participant Fund Fund Fund Fund Loans Total ---------------------------------------------------------------------------------------- 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 ============ ============ ============ ============ ============ ============ See accompanying notes.
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 -------------------------------------------------------------------- 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 =========== =========== =========== =========== =========== Fund Information --------------------------------------- Putnam Templeton Voyager Foreign Participant Fund Fund Loans Total ----------------------------------------------------- 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 =========== =========== =========== =========== See accompanying notes.
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 ---------------------------------------------------------------------------- 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 ============ ============ ============ ============ ============ CAPTION> Fund Information -------------------------------------------------------------------- Seligman Small Putnam Capitalization Pulte Templeton Voyager Value Stock Foreign Participant Fund Fund Fund Fund Loans Total ------------------------------------------------------------------------------------- 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 ============ ========= =========== ============ ============ ============ See accompanying notes.
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 --------------------------------------------------------------------------------------- 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 ========== ========== =========== ============ ============ ============ CAPTION> Fund Information ------------------------------------------------------------ Putnam Templeton Voyager Foreign Participant Fund Fund Loans Total ------------------------------------------------------------ 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 ============ ============ ============ ============ See accompanying notes.
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.
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 - ------------------------------------------------------------------------------------------------------------------------------- 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 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 - ------------------------------------------------------------------------------------------------------------------------------ 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 ============ ============ There were no investment assets reportable as acquired and disposed of during the year.
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) - ---------------------------------------------------------------------------------------------------------------------------------- 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 There were no transactions reportable under categories i), ii) or iv).
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 EX-23 2 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 -----END PRIVACY-ENHANCED MESSAGE-----