e11vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
| |
|
|
| þ |
|
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2008
OR
| |
|
|
| o |
|
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File No. 001-09195
KB HOME 401(k) SAVINGS PLAN
(Full title of the plan)
KB HOME
10990 Wilshire Boulevard
Los Angeles, California 90024
(Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office)
Financial Statements and Supplemental Schedule
KB Home 401(k) Savings Plan
Years ended December 31, 2008 and 2007
KB Home 401(k) Savings Plan
Financial Statements and Supplemental Schedule
Years ended December 31, 2008 and 2007
Contents
| |
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
Audited Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
3 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
| EX-23.1 |
Report of Independent Registered Public Accounting Firm
The Administrative Committee, as Plan Administrator
of the KB Home 401(k) Savings Plan
We have audited the accompanying statements of net assets available for benefits of the KB Home
401(k) Savings Plan (the Plan) as of December 31, 2008 and 2007, and the related statements of
changes in net assets available for 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 the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. We
were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our
audits included consideration of internal control over financial reporting as a basis for designing
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Plan’s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and 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 benefits of the Plan at December 31, 2008 and 2007, and the
changes in its net assets available for benefits for the years then ended, in conformity with U.S.
generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial statements taken
as a whole. The accompanying supplemental schedule of assets (held at end of year) as of
December 31, 2008, is presented for purposes of additional analysis and is not a required part of
the financial statements but is 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. This supplemental schedule is the responsibility of the Plan’s management. The
supplemental schedule has been subjected to the auditing procedures applied in our audits of the
financial statements and, in our opinion, is fairly stated in all material respects in relation to
the financial statements taken as a whole.
/s/ Ernst & Young LLP
Los Angeles, California
June 26, 2009
1
KB Home 401(k) Savings Plan
Statements of Net Assets Available for Benefits
| |
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
| |
|
2008 |
|
|
2007 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at fair value |
|
$ |
105,561,452 |
|
|
$ |
184,776,750 |
|
Receivables: |
|
|
|
|
|
|
|
|
Employer contributions |
|
|
288,841 |
|
|
|
— |
|
Other |
|
|
46,953 |
|
|
|
93,432 |
|
|
|
|
|
|
|
|
Total assets |
|
|
105,897,246 |
|
|
|
184,870,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses payable |
|
|
2,513 |
|
|
|
4,947 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
2,513 |
|
|
|
4,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits |
|
$ |
105,894,733 |
|
|
$ |
184,865,235 |
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
2
KB Home 401(k) Savings Plan
Statements of Changes in Net Assets Available for Benefits
| |
|
|
|
|
|
|
|
|
| |
|
Years ended December 31, |
|
| |
|
2008 |
|
|
2007 |
|
Additions (Deductions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions: |
|
|
|
|
|
|
|
|
Plan Participants |
|
$ |
11,192,599 |
|
|
$ |
18,277,037 |
|
Employer, net of forfeitures |
|
|
5,000,705 |
|
|
|
6,276,601 |
|
|
|
|
|
|
|
|
|
|
|
16,193,304 |
|
|
|
24,553,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income (loss): |
|
|
|
|
|
|
|
|
Interest and dividends |
|
|
5,460,557 |
|
|
|
13,560,288 |
|
Net depreciation in fair value of investments |
|
|
(59,277,283 |
) |
|
|
(5,583,487 |
) |
|
|
|
|
|
|
|
|
|
|
(53,816,726 |
) |
|
|
7,976,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefits paid to Participants |
|
|
(41,300,194 |
) |
|
|
(40,027,042 |
) |
Administrative expenses |
|
|
(46,886 |
) |
|
|
(55,800 |
) |
|
|
|
|
|
|
|
|
|
|
(41,347,080 |
) |
|
|
(40,082,842 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets available for benefits |
|
|
(78,970,502 |
) |
|
|
(7,552,403 |
) |
|
|
|
|
|
|
|
|
|
Net assets available for benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year |
|
|
184,865,235 |
|
|
|
192,417,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year |
|
$ |
105,894,733 |
|
|
$ |
184,865,235 |
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
3
KB Home 401(k) Savings Plan
Notes to Financial Statements
December 31, 2008
1. General Description of the Plan
The KB Home 401(k) Savings Plan (the Plan) is a defined contribution plan in which all eligible
employees of KB Home (the Company) may participate on the first day of the month following their
date of hire.
Eligible employees who elect to participate in the Plan (each, a Participant) may contribute up to
25% of their annual eligible compensation on a pretax basis. Participants may also contribute up
to an additional 15% of their annual eligible compensation on an after-tax basis. All contributions
are made by means of payroll deduction and must be in whole percentages. Pretax contributions are
eligible for tax deferred treatment up to the limits provided by the Internal Revenue Code (the
Code), as adjusted for cost of living.
Effective as of August 1, 2003, each Participant whose designated per payroll period contribution
rate is at least 6%, who has attained (or will attain) age 50 before the close of a Plan year and
whose contributions for the Plan year will exceed the limits of Code Section 402(g) or other Plan
limit, is eligible to make a catch-up contribution in accordance with, and subject to the
limitations of, Code Section 414(v).
Unless otherwise elected by its Board of Directors, the Company will match a Participant’s pretax
contribution up to 6% of annual eligible compensation (for Participants paid on a commission basis,
the Company will match pretax contributions only up to $50,000 of eligible compensation). Subject
to applicable Internal Revenue Service (IRS) rules and regulations, Company matching contributions
and related investment income vest to Participants over five years.
Rollover contributions transferred from other qualified retirement plans or from individual
retirement accounts are accepted as permitted by the Plan.
Plan assets are held in trust by Fidelity Management Trust Company, Inc. (the Trustee).
Participants may direct the investment of their contributions among one or more of the several fund
options offered by the Plan.
Participants who terminate their employment with the Company may elect to withdraw or rollover
their contributions, vested Company contributions, and related investment income. Withdrawals
or rollovers (to a separate defined contribution plan or individual retirement account) may be
processed without a formerly employed Participant’s consent if the Participant’s vested
benefits total less than $5,000. Vested benefits totaling $1,000 or less will be distributed
as a lump-sum payment, and vested benefits totaling more than $1,000 but less than $5,000 will
4
KB Home 401(k) Savings Plan
Notes to Financial Statements
December 31, 2008
1. General Description of the Plan (continued)
be rolled into an individual retirement account. Vested benefits totaling $5,000 or more may be
kept in the Plan.
Unvested Company contributions for formerly employed Participants are forfeited and used by the
Company to offset future matching contributions. For the years ended December 31, 2008 and 2007,
the Company used $2,069,320 and $3,923,917, respectively, of forfeitures to offset matching
contributions. The forfeiture balances available to offset future matching contributions were
$513,956 and $235,556 at December 31, 2008 and 2007, respectively.
The Plan allows Participants to borrow against their vested benefits and to take hardship
withdrawals subject to certain limitations.
As of the date of this report, the Company expects and intends to continue the Plan, but reserves
the right to amend, suspend or terminate the Plan (in whole or in part) at any time. In the event
of Plan termination, benefits of all affected Participants, if not already so, shall become 100%
vested and not subject to forfeiture.
The Company believes that a partial termination of the Plan under the Code and applicable IRS rules
and guidance occurred during the year ended December 31, 2008. As a result, the Company believes
that certain formerly employed Participants became vested in previously unvested Company
contributions, and that the Company will need to restore corresponding forfeited Company
contributions of $802,797 to such Participants. To do so, the Company plans to use the forfeiture
balance available at December 31, 2008 and to contribute $288,841 to the Plan no later than
December 31, 2009.
2. Summary of Significant Accounting Policies
The financial statements of the Plan are prepared on an accrual basis. Investment income is
recorded as earned. Distributions of Plan benefits to Participants who withdraw from the Plan are
recorded when distributed. Certain administrative expenses of the Plan, such as recordkeeping fees,
are paid directly by the Company. Other administrative expenses arising from Participants’
individual elections under the Plan, such as loan administration and withdrawal fees and fees
related to the unitized employer stock fund (the KB Home Stock Fund), are paid directly by such
Participants.
The financial statements are based on information provided to the Company by the Trustee. Certain
adjustments have been made to the information provided by the Trustee in order for the
financial statements to conform to the accrual basis of accounting and U.S. generally accepted
accounting principles. The preparation of the financial statements in conformity with U.S.
5
KB Home 401(k) Savings Plan
Notes to Financial Statements
December 31, 2008
2. Summary of Significant Accounting Policies (continued)
generally accepted accounting principles requires Company management to make estimates and
assumptions that could affect the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates. Effective January 1, 2008, the Plan
adopted Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS No.
157”). There was no material impact to the financial statements of the Plan due to the adoption of
SFAS No. 157.
3. Fair Value Measurements
SFAS No. 157 provides guidance for using fair value to measure assets and liabilities, defines fair
value, establishes a framework for measuring fair value under U.S. generally accepted accounting
principles, expands disclosures about fair value measurements, and establishes a fair value
hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of
unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as
follows:
| |
|
|
Level 1
|
|
Fair value determined based on quoted prices in active markets for
identical assets or liabilities. |
|
|
|
Level 2
|
|
Fair value determined using significant observable inputs, such as
quoted prices for similar assets or liabilities or quoted prices
for identical or similar assets or liabilities in markets that are
not active, inputs other than quoted prices that are observable
for the asset or liability, or inputs that are derived principally
from or corroborated by observable market data, by correlation or
other means. |
|
|
|
Level 3
|
|
Fair value determined using significant unobservable inputs, such
as discounted cash flows, or similar techniques. |
6
KB Home 401(k) Savings Plan
Notes to Financial Statements
December 31, 2008
3. Fair Value Measurements (continued)
The following table presents the Plan’s fair value hierarchy for its financial assets measured at
fair value on a recurring basis as of December 31, 2008:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Fair Value Measurements Using |
|
|
|
|
| |
|
|
|
|
|
Significant |
|
|
|
|
|
|
|
| |
|
Quoted Prices |
|
|
Other |
|
|
Significant |
|
|
|
|
| |
|
in Active |
|
|
Observable |
|
|
Unobservable |
|
|
|
|
| |
|
Markets |
|
|
Inputs |
|
|
Inputs |
|
|
|
|
| |
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Total |
|
| |
|
|
Money market and mutual
funds |
|
$ |
96,037,733 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
96,037,733 |
|
KB Home Stock Fund |
|
|
— |
|
|
|
5,862,651 |
|
|
|
— |
|
|
|
5,862,651 |
|
Participant loans |
|
|
— |
|
|
|
— |
|
|
|
3,661,068 |
|
|
|
3,661,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments
measured at fair value value |
|
$ |
96,037,733 |
|
|
$ |
5,862,651 |
|
|
$ |
3,661,068 |
|
|
$ |
105,561,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents a summary of changes in the fair value of the Plan’s Level 3 assets
for the year ended December 31, 2008:
| |
|
|
|
|
| |
|
Level 3 Assets |
|
| |
|
Participant Loans |
|
Balance as of January 1, 2008 |
|
$ |
3,960,563 |
|
Issuances, repayments and settlements, net |
|
|
(299,495 |
) |
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2008 |
|
$ |
3,661,068 |
|
|
|
|
|
The fair values of money market funds and mutual funds were determined based on quoted market
prices. The fair value of the KB Home Stock Fund reflects the combined fair value of the fund’s
underlying common stock and cash positions. The market value of the fund’s common stock position
is based on published quotations. The fair value of the fund’s cash position includes dividends,
expenses and/or other liabilities. Participant loans bear interest at a rate of prime plus 1%, and
are valued at amortized cost, which approximates their fair value.
7
KB Home 401(k) Savings Plan
Notes to Financial Statements
December 31, 2008
4. Investments
The following table presents the fair value of the Plan’s individual investments that represent 5%
or more of the Plan’s net assets as of December 31, 2008 and 2007:
| |
|
|
|
|
|
|
|
|
| |
|
December 31, |
| |
|
2008 |
|
2007 |
Fidelity Contrafund |
|
$ |
12,302,928 |
|
|
$ |
24,203,495 |
|
Fidelity Equity Income |
|
|
5,659,518 |
|
|
|
13,765,334 |
|
Fidelity Intermediate Bond |
|
|
7,707,068 |
|
|
|
9,797,173 |
|
Fidelity Low-Priced Stock |
|
|
* |
|
|
|
11,222,298 |
|
Fidelity Magellan |
|
|
7,073,139 |
|
|
|
19,057,981 |
|
Fidelity Retirement Money Market |
|
|
23,300,434 |
|
|
|
18,502,094 |
|
Templeton Developing Markets A |
|
|
* |
|
|
|
9,592,466 |
|
KB Home Stock Fund |
|
|
5,862,651 |
|
|
|
* |
|
|
|
|
| * |
|
Represents less than 5% of the Plan’s net assets |
The Plan’s concentrations of credit and market risk are dictated by its terms, as well as by those
of the Employee Retirement Income Security Act of 1974 (ERISA) and an individual Participant’s
investment preference. Due to the risks associated with certain Plan investment options and the
level of uncertainty related to changes in the value of these investments, it is possible that
changes in risks in the near term could materially affect Participants’ account balances and
amounts reported in the statements of net assets available for benefits and the statements of
changes in net assets available for benefits.
The following table presents the net appreciation (depreciation) of the Plan’s investments
(including investments bought, sold, and held during the year) for the years ended December 31,
2008 and 2007:
| |
|
|
|
|
|
|
|
|
| |
|
Years ended December 31, |
|
| |
|
2008 |
|
|
2007 |
|
Money market and mutual funds |
|
$ |
(56,503,514 |
) |
|
$ |
4,984,887 |
|
KB Home Stock Fund |
|
|
(2,773,769 |
) |
|
|
(10,568,374 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
(59,277,283 |
) |
|
$ |
(5,583,487 |
) |
|
|
|
|
|
|
|
8
KB Home 401(k) Savings Plan
Notes to Financial Statements
December 31, 2008
5. Tax Status of the Plan
The Plan has received a determination letter from the IRS dated February 28, 2002 stating that the
Plan is qualified under Code Section 401(a) and, therefore, the related trust is exempt from
taxation. Subsequent to this IRS determination, the Plan from time to time has been amended
(and/or restated). The Plan received an updated determination letter from the IRS dated January
23, 2009 reaffirming that the Plan is qualified under Code Section 401(a). The Plan is required to
operate in conformity with the Code to maintain its qualification. The Trustee 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 tax exempt. As of the date of this report, the
Company intends to take any necessary steps to maintain the qualified status of the Plan.
6. Legal Matter
Bagley, et al., v. KB Home, et al.
This lawsuit was initially filed on March 16, 2007 against the Company, its directors, and certain
of its current and former officers, and members of the Plan’s Administrative Committee. On March
17, 2008, the two existing plaintiffs, together with two additional plaintiffs, filed a first
amended complaint. The plaintiffs, who claim to be former employees of the Company who
participated in the Plan, allege on behalf of themselves and on behalf of all others similarly
situated that all defendants breached fiduciary duties owed to them and purported class members
under the ERISA by failing to disclose information to and providing other misleading information to
Participants in the Plan about the Company’s alleged prior stock option backdating practices.
Plaintiffs also allege that defendants breached their fiduciary duties by failing to remove the
Company’s common stock as an investment option under the Plan. The Plan itself is not named as a
defendant. The plaintiffs seek unspecified money damages and other equitable relief. The outcome
of the matter, if any, is unknown, but it is not expected to have a material impact on the net
assets of the Plan.
9
KB Home 401(k) Savings Plan
Notes to Financial Statements
December 31, 2008
7. Reconciliation to Form 5500
The following table presents a reconciliation of net assets available for benefits per the Plan’s
financial statements to the Plan’s Form 5500:
| |
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
| |
|
2008 |
|
|
2007 |
|
Net assets available for benefits per the Plan’s
financial statements |
|
$ |
105,894,733 |
|
|
$ |
184,865,235 |
|
Less contribution receivable at end of year |
|
|
(288,841 |
) |
|
|
— |
|
Less benefits payable at end of year |
|
|
(118 |
) |
|
|
(33,314 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits per the Plan’s Form 5500 |
|
$ |
105,605,774 |
|
|
$ |
184,831,921 |
|
|
|
|
|
|
|
|
The following table presents a reconciliation of contributions per the Plan’s financial statements
to the Plan’s Form 5500:
| |
|
|
|
|
|
|
|
|
| |
|
Years ended December 31, |
|
| |
|
2008 |
|
|
2007 |
|
Contributions per the Plan’s financial statements |
|
$ |
16,193,304 |
|
|
$ |
24,553,638 |
|
Less contribution receivable at end of year |
|
|
(288,841 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions per the Plan’s Form 5500 |
|
$ |
15,904,463 |
|
|
$ |
24,553,638 |
|
|
|
|
|
|
|
|
The following table presents a reconciliation of benefits paid to Participants per the Plan’s
financial statements to the Plan’s Form 5500:
| |
|
|
|
|
|
|
|
|
| |
|
Years ended December 31, |
|
| |
|
2008 |
|
|
2007 |
|
Benefits paid to Participants per the Plan’s
financial statements |
|
$ |
41,300,194 |
|
|
$ |
40,027,042 |
|
Less benefits payable at the beginning of year |
|
|
(33,314 |
) |
|
|
— |
|
Add benefits payable at end of year |
|
|
118 |
|
|
|
33,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefits paid to Participants per the Plan’s Form 5500 |
|
$ |
41,266,998 |
|
|
$ |
40,060,356 |
|
|
|
|
|
|
|
|
10
KB Home 401(k) Savings Plan
EIN: 95-3666267 Plan Number: 001
Schedule H, Line 4(i) — Schedule of Assets (Held at End of Year)
December 31, 2008
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Identity of Issuer, |
|
Description of Investment Including |
|
|
|
|
|
|
|
|
| Borrower, Lessor, |
|
Maturity Date, Rate of Interest, |
|
Shares/ |
|
|
|
|
Current |
|
| or Similar Party |
|
Collateral, Par, or Maturity Value |
|
Units |
|
|
Cost |
|
Value |
|
American Beacon |
|
American Beacon Small Cap Value |
|
|
141,045.634 |
|
|
** |
|
$ |
1,660,107 |
|
Dimension Capital Management |
|
Dimension US Large Cap Value |
|
|
65,971.013 |
|
|
** |
|
|
884,671 |
|
Fidelity Investments* |
|
Fidelity Asset Manager |
|
|
345,690.265 |
|
|
** |
|
|
3,747,282 |
|
Fidelity Investments* |
|
Fidelity Consumer Discretionary |
|
|
10,566.550 |
|
|
** |
|
|
144,234 |
|
Fidelity Investments* |
|
Fidelity Contrafund |
|
|
271,827.841 |
|
|
** |
|
|
12,302,928 |
|
Fidelity Investments* |
|
Fidelity Equity Income |
|
|
183,333.913 |
|
|
** |
|
|
5,659,518 |
|
Fidelity Investments* |
|
Fidelity Financial* |
|
|
9,719.137 |
|
|
** |
|
|
453,592 |
|
Fidelity Investments* |
|
Fidelity Freedom Income |
|
|
37,784.957 |
|
|
** |
|
|
361,224 |
|
Fidelity Investments* |
|
Fidelity Freedom 2000 |
|
|
22,491.938 |
|
|
** |
|
|
226,044 |
|
Fidelity Investments* |
|
Fidelity Freedom 2010 |
|
|
83,170.377 |
|
|
** |
|
|
861,645 |
|
Fidelity Investments* |
|
Fidelity Freedom 2020 |
|
|
205,445.420 |
|
|
** |
|
|
2,064,726 |
|
Fidelity Investments* |
|
Fidelity Freedom 2030 |
|
|
200,132.308 |
|
|
** |
|
|
1,953,291 |
|
Fidelity Investments* |
|
Fidelity Freedom 2040 |
|
|
352,511.315 |
|
|
** |
|
|
1,970,538 |
|
Fidelity Investments* |
|
Fidelity Healthcare |
|
|
17,792.480 |
|
|
** |
|
|
1,441,013 |
|
Fidelity Investments* |
|
Fidelity Industrials |
|
|
50,069.639 |
|
|
** |
|
|
657,915 |
|
Fidelity Investments* |
|
Fidelity Intermediate Bond |
|
|
847,862.291 |
|
|
** |
|
|
7,707,068 |
|
Fidelity Investments* |
|
Fidelity Low-Priced Stock |
|
|
226,860.089 |
|
|
** |
|
|
5,245,005 |
|
Fidelity Investments* |
|
Fidelity Magellan |
|
|
154,233.285 |
|
|
** |
|
|
7,073,139 |
|
Fidelity Investments* |
|
Fidelity Natural Resources |
|
|
126,951.311 |
|
|
** |
|
|
2,390,493 |
|
Fidelity Investments* |
|
Fidelity Overseas |
|
|
133,179.482 |
|
|
** |
|
|
3,340,142 |
|
Fidelity Investments* |
|
Fidelity Retirement Money Market |
|
|
23,300,434.410 |
|
|
** |
|
|
23,300,434 |
|
Fidelity Investments* |
|
Fidelity Technology |
|
|
15,606.291 |
|
|
** |
|
|
618,946 |
|
Fidelity Investments* |
|
Fidelity Utilities Growth |
|
|
16,127.886 |
|
|
** |
|
|
649,309 |
|
Legg Mason |
|
Legg Mason Partners Aggressive Growth |
|
|
49,569.327 |
|
|
** |
|
|
3,342,460 |
|
Harbor Funds |
|
Harbor International |
|
|
56,548.776 |
|
|
** |
|
|
2,268,737 |
|
Managers Investment Group |
|
Managers Fremont Institutional Micro-Cap |
|
|
51,503.925 |
|
|
** |
|
|
363,103 |
|
Fidelity Investments* |
|
Spartan US Equity Index |
|
|
72,763.074 |
|
|
** |
|
|
2,321,142 |
|
Franklin Templeton Investments |
|
Templeton Developing Markets A |
|
|
235,172.882 |
|
|
** |
|
|
3,029,027 |
|
Company Stock* |
|
KB Home Stock Fund |
|
|
|
|
|
|
|
|
|
|
|
|
KB Home Common Stock |
|
|
409,952.000 |
|
|
** |
|
|
5,583,546 |
|
|
|
Fidelity-Cash-interest bearing |
|
|
|
|
|
|
|
|
279,105 |
|
Participant Loans* |
|
Individual participant loans with interest rates ranging from 5.00% to 9.25% and maturity dates
through 2023 |
|
|
|
|
|
|
|
|
3,661,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
105,561,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Party-in-interest to the Plan. |
| |
| ** |
|
Participant-directed investments, cost information is omitted. |
11
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other
persons who administer the employee benefit plan) have duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
| |
|
|
|
|
|
|
| |
|
KB Home 401(k) Savings Plan |
|
|
|
|
By:
|
|
KB Home |
|
|
|
|
|
|
Plan Administrator |
|
|
|
|
|
|
|
|
|
Dated: June 26, 2009
|
|
By:
|
|
/s/ WILLIAM R. HOLLINGER |
|
|
| |
|
William R. Hollinger |
|
|
| |
|
Senior Vice President and Chief Accounting Officer |
|
|
12
EXHIBIT INDEX
| |
|
|
|
|
|
|
| |
|
|
|
Sequentially |
| Exhibit No. |
|
Description |
|
Numbered Page |
|
|
|
|
|
|
|
23.1
|
|
Consent of Independent Registered Public
Accounting Firm
|
|
|
14 |
|
13