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
For the Fiscal Year Ended December 31, 1996
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 27, 1997
REQUIRED INFORMATION
A. Financial Statements
--------------------
1. Audited statements of net assets available for plan
benefits as of December 31, 1996 and 1995.
2. Audited statements of changes in net assets available
for plan benefits for each of the years in the two-year
period ended December 31, 1996.
B. Exhibit
-------
23. Consent of KPMG Peat Marwick LLP.
2
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Financial Statements and Schedules
December 31, 1996 and 1995
(With Independent Auditors' Report Thereon)
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,
1996 and 1995, 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, 1996 and 1995, and
the changes in net assets available for plan benefits for the years then ended
in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary schedules of assets
held for investment purposes and reportable transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental schedules
have been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
KPMG PEAT MARWICK LLP
Phoenix, Arizona
May 16, 1997
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1996 and 1995
1996 1995
----------- -----------
Assets:
Investments, at fair value (note 4):
Del Webb Stock Fund $ 1,663,640 1,835,793
Mutual funds 24,517,899 18,240,143
Money market funds 6,973,795 6,187,609
Participant loans 867,995 601,900
----------- -----------
Total investments 34,023,329 26,865,445
----------- -----------
Receivables:
Participants' contributions 110,104 65,777
Employer's contributions 42,520 26,290
----------- -----------
Total assets 34,175,953 26,957,512
----------- -----------
Net assets available for plan benefits $34,175,953 26,957,512
=========== ===========
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, 1996 and 1995
1996 1995
----------- -----------
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments (note 3) $ 312,527 3,302,704
Interest and dividends 2,730,276 1,331,282
----------- -----------
3,042,803 4,633,986
----------- -----------
Contributions:
Participants 4,049,521 3,175,665
Employer:
Matching 1,464,059 1,125,357
Discretionary 999,326 743,904
----------- -----------
Total additions 9,555,709 9,678,912
----------- -----------
Deductions from net assets attributed to:
Distributions to and withdrawals by participants 2,279,560 1,959,289
Administrative and other expenses 57,708 37,732
----------- -----------
Total deductions 2,337,268 1,997,021
----------- -----------
Net increase 7,218,441 7,681,891
Net assets available for plan benefits:
Beginning of year 26,957,512 19,275,621
----------- -----------
End of year $34,175,953 26,957,512
=========== ===========
See accompanying notes to financial statements.
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1996 and 1995
(1) Description of Plan
The following description of the Del Webb Corporation (Company and
Sponsor) Retirement Savings Plan (Plan) provides only general
information. Participants should refer to the Plan agreement for a more
complete description of the Plan's provisions.
General
The Plan is a defined contribution plan and covers all eligible employees
of the Company and participating affiliates who are 21 years of age or
older, other than those covered by a collective bargaining agreement
negotiated in good faith with the Company. Terms of the agreement provide
for covered employees to become participants generally after completion
of six months of service.
Contributions
Participants may contribute from 2% to 6% of their salary (not to exceed
the limits set forth by the Internal Revenue Code, $9,500 and $9,240 in
1996 and 1995, respectively) 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, 1996, 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, 1996,
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.
1
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
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,
1996:
o Del Webb Stock Fund - 98% investment in common stock of the Company
and 2% cash.
o Fidelity Puritan Fund - investment in a broadly diversified portfolio
of high-yielding securities.
o Fidelity Magellan Fund - investment in stocks of companies with
above-average growth potential.
o Fidelity Contra Fund - investment in stocks of companies with
potential for capital growth.
o Fidelity Growth & Income Fund - investment in a broadly diversified
portfolio of high-yielding securities.
o Fidelity Intermediate Bond Fund - investment in various types of
bonds that offer a return in excess of money market rates.
o Fidelity Stock Selector Fund - investments in stocks of companies
which are deemed by the Fund manager to be undervalued in relation to
other companies in the same industry.
o Fidelity FID Global Balanced Fund - investments in stocks, bonds and
money market instruments issued anywhere in the world.
o Fidelity U.S. Equity Index Fund - investments in stocks of companies
that primarily comprise the S&P 500.
o Fidelity Retirement Money Market Fund - investment in high-quality
short-term money market instruments.
o Marshall & Isley Money Market Fund - investment in high quality
short-term money market instruments used to accumulate contributions
temporarily, which are then transferred to participant specified
investments on a monthly basis.
2
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
Plan Termination
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of the Employer Retirement
Income Security Act of 1974 (ERISA). In the event of Plan termination,
participants will be entitled to 100 percent of their account balances.
(2) Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements have been prepared on the accrual
basis and present the net assets available for plan benefits and changes
in those net assets.
Investment Valuation
Investments in mutual funds are stated at the Plan's proportionate
interest in the net assets of the funds, which are valued at market.
Investments in money market funds are stated at the reinvested share
values which represent market. Investments in common stock of the
Corporation are valued at the quoted market price. 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, 1996 and 1995 follows:
1996 1995
------------------------- -------------------------
Realized Unrealized Realized Unrealized
Gain (Loss) Gain (Loss) Gain (Loss) Gain
---------- ---------- ---------- ----------
Del Webb Stock Fund $ 63,819 (393,476) 186,100 86,565
---------- ---------- ---------- ----------
Mutual funds:
Fidelity Puritan Fund 77,313 20,077 55,553 487,176
Fidelity Magellan Fund 102,206 (497,539) 429,899 1,019,645
Fidelity Contra Fund 20,399 105,483 10,533 12,106
Fidelity Growth & Income Fund 152,560 481,060 66,092 698,619
Fidelity Intermediate Bond Fund (2,109) (24,106) (1,817) 38,500
Fidelity Stock Selector Fund 40,131 42,495 13,251 105,773
Fidelity FID Global Balanced Fund 1,375 10,358 2,430 4,093
Fidelity U.S. Equity Index Fund 112,066 415 5,035 83,151
---------- ---------- ---------- ----------
503,941 138,243 580,976 2,449,063
---------- ---------- ---------- ----------
Totals $ 567,760 (255,233) 767,076 2,535,628
========== ========== ========== ==========
Net appreciation in fair value of
investments $ 312,527 3,302,704
========== =========
3
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(4) Investments
The following represents changes in the investments of the plan during
1996 and 1995:
Year ended December 31, 1996:
Fidelity Fidelity
Del Webb Fidelity Fidelity Fidelity Growth & Intermediate
Stock Puritan Magellan Contra Income Bond
Fund Fund Fund Fund Fund Fund
--------------- ------------- ------------- ------------- -------------- ---------------
Additions to net assets
attributed to:
Investment income:
Net appreciation
(depreciation) in
fair value of
investments $ (329,657) 97,391 (395,334) 125,881 633,621 (26,216)
Interest and dividends -- 583,938 1,184,571 96,741 275,187 66,899
--------------- ------------- ------------- ------------- -------------- ---------------
(329,657) 681,329 789,237 222,622 908,808 40,683
--------------- ------------- ------------- ------------- -------------- ---------------
Contributions:
Participants 280,160 439,435 978,901 355,613 709,435 220,538
Employer:
Matching 107,826 172,190 365,236 102,155 254,769 82,123
Discretionary 67,627 89,285 189,085 60,101 139,706 44,385
--------------- ------------- ------------- ------------- -------------- ---------------
Total additions 125,956 1,382,239 2,322,459 740,491 2,012,718 387,729
Deductions from net assets
attributed to:
Distributions to and
withdrawals by
participants (100,019) (264,394) (773,465) (21,204) (289,601) (38,172)
Administrative and other
expenses (1,292) (9,322) (5,440) (822) (6,293) (4,478)
--------------- ------------- ------------- ------------- -------------- ---------------
Total deductions (101,311) (273,716) (778,905) (22,026) (295,894) (42,650)
--------------- ------------- ------------- ------------- -------------- ---------------
Interfund transfers,
including loan issuances
and repayments (196,798) (138,926) (1,078,290) 664,428 378,310 (130,570)
--------------- ------------- ------------- ------------- -------------- ---------------
Net increase
(decrease) (172,153) 969,597 465,264 1,382,893 2,095,134 214,509
Net assets available for
plan benefits:
Beginning of year 1,835,793 4,307,340 6,907,431 421,155 4,061,320 922,522
--------------- ------------- ------------- ------------- -------------- ---------------
End of year $ 1,663,640 5,276,937 7,372,695 1,804,048 6,156,454 1,137,031
=============== ============= ============= ============= ============== ===============
Fidelity Fidelity Marshall
Fidelity FID Fidelity Retirement & Isley
Stock Global U.S. Equity Money Money
Selector Balanced Index Market Market Participant
Fund Fund Fund Fund Fund Loans Totals
------------ ------------ ------------- -------------- ------------- ------------- -------------
Additions to net assets
attributed to:
Investment income:
Net appreciation
(depreciation ) in
fair value of
investments 82,626 11,733 112,482 -- -- -- 312,527
Interest and dividends 120,918 11,466 19,463 311,299 25,455 34,339 2,730,276
------------ ------------ ------------- -------------- ------------- ------------- -------------
203,544 23,199 131,945 311,299 25,455 34,339 3,042,803
------------ ------------ ------------- -------------- ------------- ------------- -------------
Contributions:
Participants 325,121 75,697 162,794 481,312 (24,125) -- 4,004,881
Employer:
Matching 96,979 27,324 42,938 205,204 (8,602) -- 1,448,142
Discretionary 53,797 15,563 19,588 320,189 -- -- 999,326
------------ ------------ ------------- -------------- ------------- ------------- -------------
Total additions 679,441 141,783 357,265 1,318,004 (7,272) 34,339 9,495,152
Deductions from net assets
attributed to:
Distributions to and
withdrawals by
participants (50,865) (4,770) (10,346) (678,141) -- (48,583) (2,279,560)
Administrative and other
expenses (1,223) (110) (803) (26,493) (1,432) -- (57,708)
-------------
------------ ------------ ------------- -------------- ------------- -------------
Total deductions (52,088) (4,880) (11,149) (704,634) (1,432) (48,583) (2,337,268)
------------ ------------ ------------- -------------- ------------- ------------- -------------
Interfund transfers,
including loan issuances
and repayments (128,790) 165,723 3,054 181,520 -- 280,339 --
------------ ------------ ------------- -------------- ------------- ------------- -------------
Net increase
(decrease) 498,563 302,626 349,170 794,890 (8,704) 266,095 7,157,884
Net assets available for
plan benefits:
Beginning of year 986,435 72,853 561,087 5,673,674 513,935 601,900 26,865,445
------------ ------------ ------------- -------------- ------------- ------------- -------------
End of year 1,484,998 375,479 910,257 6,468,564 505,231 867,995 34,023,329
============ ============ ============= ============== ============= ============= =============
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
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
--------------- ------------- ------------- ------------- ------------- ---------------
Additions to net assets
attributed to:
Investment income:
Net appreciation in
fair value of
investments $ 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
withdrawals 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
=============== ============= ============= ============= ============= ===============
Fidelity Fidelity Bank of
Fidelity FID Fidelity Retirement America
Stock Global U.S. Equity Money Money
Selector Balanced Index Market Market Participant
Fund Fund Fund Fund Fund Loans Totals
------------ ------------ ------------- -------------- ------------- -------------- -------------
Additions to net assets
attributed to:
Investment income:
Net appreciation in
fair value of
investments 119,024 6,523 88,186 -- -- -- 3,302,704
Interest and dividends 93,888 244 10,660 276,632 22,547 22,352 1,331,282
------------ ------------ ------------- -------------- ------------- -------------- -------------
212,912 6,767 98,846 276,632 22,547 22,352 4,633,986
------------ ------------ ------------- -------------- ------------- -------------- -------------
Contributions:
Participants 202,532 38,524 27,346 450,516 136,343 -- 3,189,846
Employer:
Matching 68,323 9,680 11,379 171,152 47,904 -- 1,130,399
Discretionary 42,559 3,827 4,269 238,029 -- -- 743,904
------------ ------------ ------------- -------------- ------------- -------------- -------------
Total additions 526,326 58,798 141,840 1,136,329 206,794 22,352 9,698,135
Deductions from net assets
attributed to:
Distributions to and
withdrawals by
participants (36,043) (1,054) (409) (376,227) -- -- (1,959,289)
Administrative and other
expenses (595) (1) (141) (18,254) (1,250) (1,022) (37,732)
-------------
------------ ------------ ------------- -------------- ------------- --------------
Total deductions (36,638) (1,055) (550) (394,481) (1,250) (1,022) (1,997,021)
------------ ------------ ------------- -------------- ------------- -------------- -------------
Interfund transfers,
including loan issuances
and repayments 12,561 15,110 419,797 594,535 -- (14,390) --
------------ ------------ ------------- -------------- ------------- -------------- -------------
Net increase
(decrease) 502,249 72,853 561,087 1,336,383 205,544 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 72,853 561,087 5,673,674 513,935 601,900 26,865,445
============ ============ ============= ============== ============= ============== =============
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(5) Participant Data
The number of participants in each investment fund at December 31, 1996
and 1995 was as follows:
1996 1995
----- -----
Del Webb Stock Fund 1,026 990
Fidelity Puritan Fund 624 502
Fidelity Magellan Fund 923 755
Fidelity Contra Fund 387 138
Fidelity Growth & Income Fund 748 513
Fidelity Intermediate Bond Fund 357 248
Fidelity Stock Selector Fund 362 241
Fidelity FID Global Balanced Fund 171 64
Fidelity U.S. Equity Index Fund 218 70
(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.
6
SCHEDULE 1
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
Investments
A comparison of the cost and fair values of investments at December 31, 1996
follows:
Identity Description of Current
of Issuer Investments Cost Value
- ------------------- ------------------------------------------------ ---------------- ---------------
Del Webb
Corporation Del Webb Stock Fund, 99,182 shares $ 1,533,305 1,663,640
Fidelity
Investments Fidelity Puritan Fund, 306,087 units 4,726,672 5,276,937
Fidelity
Investments Fidelity Magellan Fund, 91,416 units 6,495,911 7,372,695
Fidelity
Investments Fidelity Contra Fund, 42,801 units 1,686,461 1,804,049
Fidelity
Investments Fidelity Growth & Income Fund, 200,340 units 4,975,037 6,156,454
Fidelity
Investments Fidelity Intermediate Bond Fund, 112,801 units 1,149,979 1,137,031
Fidelity
Investments Fidelity Stock Selector Fund, 62,264 units 1,352,952 1,484,997
Fidelity Fidelity FID Global Balanced Fund, 28,105
Investments units 361,028 375,479
Fidelity
Investments Fidelity U.S. Equity Index Fund, 33,776 units 826,691 910,257
Fidelity Fidelity Retirement Money Market Fund,
Investments 6,468,564 units 6,468,564 6,468,564
Marshall & Isley Marshall & Isley Money Market Fund, 505,231
units 505,231 505,231
Participant loans 867,995 867,995
------------ ----------
$ 30,949,826 34,023,329
============ ==========
See accompanying independent auditors' report.
Schedule 2
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Year ended December 31, 1996
Current
Value of
Asset on
Number Trans-
Description of Trans- Purchase Selling Cost of action Net
of Asset actions Price Price Asset Date Gain
- ----------------------- --------- --------- --------- --------- --------- --------
Fidelity Puritan 255 $1,985,342 1,113,135 1,035,822 1,113,135 77,313
Fidelity Magellan 350 3,112,112 2,251,514 2,149,308 2,251,514 102,206
Fidelity Contra Fund 173 1,694,127 437,115 416,716 437,115 20,399
Fidelity Growth &
Income 279 2,701,204 1,239,689 1,087,129 1,239,689 152,560
Fidelity Retirement
Money Market 339 4,016,338 3,221,448 3,221,448 3,221,448 --
Fidelity U.S. Equity
Index 133 840,222 603,534 491,468 603,534 112,066
See accompanying independent auditors' report.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the Del Webb Corporation
Retirement Savings Plan have duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
DEL WEBB CORPORATION
RETIREMENT SAVINGS PLAN
By /s/ Lynn Schuttenberg
------------------------
Name: Lynn Schuttenberg
Title: Chairman of Benefits Advisory
Committee
Dated: June 27, 1997
3
INDEX TO EXHIBITS
Page in Sequential
Numbering System in
Manually Signed
Exhibit Original on Which
Number Description Exhibits May Be Found
------ ----------- ---------------------
23 Consent of KPMG Peat Marwick LLP