-----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, H3y+EE8aCsp09CABqN4UnIn3oNgW3ktXPYuKWvl87wcOjIaPeGI++C04+HaZM5nD Yqiwz+GELICyOeKZP4n8Dw== 0000040729-97-000118.txt : 19970627 0000040729-97-000118.hdr.sgml : 19970627 ACCESSION NUMBER: 0000040729-97-000118 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970626 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MOTORS CORP CENTRAL INDEX KEY: 0000040730 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 380572515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00143 FILM NUMBER: 97630562 BUSINESS ADDRESS: STREET 1: 3044 WEST GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48202-3091 BUSINESS PHONE: 3135565000 11-K 1 11-K GMPSP/HOURLY UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549-1004 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 For the transition period from to --------------------- --------------------- Commission file number 2-88284 ------- THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES --------------------------------------------- (Full title of the plan) General Motors Corporation 100 Renaissance Center, Detroit, Michigan 48243-7301 3044 West Grand Blvd., Detroit, Michigan 48202-3091 --------------------------------------------------- (Name of issuer of the securities held pursuant to the plan and the address of its principal executive offices) Registrant's telephone number, including area code (313)-556-5000 Notices and communications from the Securities and Exchange Commission relative to this report should be forwarded to: Peter R. Bible Chief Accounting Officer General Motors Corporation 3044 West Grand Blvd. Detroit, Michigan 48202-3091 - 1 - FINANCIAL STATEMENTS AND EXHIBIT - -------------------------------- (a) FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES Page No. ---------------------------------------------------------- -------- The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States: Independent Auditors' Report. . . . . . . . . . . . . . . 3 Statements of Net Assets Available for Benefits, as of December 31, 1996 and 1995 . . . . . . . . . . . . . . 4 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1996 and 1995 5 Notes to Financial Statements . . . . . . . . . . . . . . 6 Supplemental Schedules: Line 27a-Schedule of Assets Held for Investment Purposes as of December 31, 1996. . . . . . . . . . . 15 Line 27d-Schedule of Reportable Transactions for the Year Ended December 31, 1996. . . . . . . . . . . . . 17 Supplemental schedules not listed above are omitted because of the absence of the conditions under which they are required. (b) EXHIBIT ------- Exhibit 23 - Independent Auditors' Consent . . . . . . . . . . 19 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the President's Council of General Motors Corporation has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States ----------------------------- (Name of Plan) Date June 20, 1997 By: ------------- /s/John F. Smith, Jr. ------------------------- (John F. Smith, Jr., Chairman President's Council) - 2 - INDEPENDENT AUDITORS' REPORT - ---------------------------- The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States: We have audited the accompanying statements of net assets available for benefits of The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States (the "Plan") as of December 31, 1996 and 1995, 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 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, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1996 and 1995, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of (1) assets held for investment purposes as of December 31, 1996 and (2) reportable transactions for the year ended December 31, 1996, 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. These schedules are the responsibility of the Plan's management. Such schedules have been subjected to the auditing procedures applied in our audit of the basic 1996 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. /s/DELOITTE & TOUCHE LLP DELOITTE & TOUCHE LLP Detroit, Michigan June 3, 1997 - 3 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS AS OF DECEMBER 31, l996 AND 1995
1996 1995 ----------- ----------- (Dollars in Thousands) ASSETS: Investments, at fair value (Note A): Value of interest in General Motors Savings Plans Master Trust (Note C) $1,605,783 $1,500,282 Mutual funds 823,411 389,093 Common and collective trust - Fixed Income Fund 338,676 140,988 Participant loans 349,846 287,372 --------- --------- 3,117,716 2,317,735 Investments, at contract value (Note A)- Investment contracts 1,741,340 1,475,328 --------- --------- Total investments 4,859,056 3,793,063 --------- --------- Due from brokers for securities sold 207,484 Accrued investment income 7,647 10,430 --------- --------- Total assets 4,866,703 4,010,977 LIABILITIES: Due to brokers for securities purchased 2,287 12,302 --------- --------- NET ASSETS AVAILABLE FOR BENEFITS $4,864,416 $3,998,675 ========= ========= Reference should be made to the Notes to Financial Statements.
- 4 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995
1996 1995 -------- --------- (Dollars in Thousands) ADDITIONS: Investment income: Net appreciation in fair value of mutual fund investments $ 38,469 $ 19,392 Dividends 59,949 19,750 Interest 130,572 124,415 Net investment earnings from the General Motors Savings Plans Master Trust (Note C) 220,190 376,388 --------- --------- Total investment income 449,180 539,945 --------- --------- Contributions: Employer 1,733 1,829 Participants 602,428 571,698 --------- --------- Total Contributions 604,161 573,527 --------- --------- Total additions 1,053,341 1,113,472 DEDUCTIONS - DISTRIBUTIONS TO PARTICIPANTS (187,600) (170,476) --------- --------- NET INCREASE 865,741 942,996 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 3,998,675 3,055,679 --------- --------- End of year $4,864,416 $3,998,675 ========= ========= Reference should be made to the Notes to Financial Statements.
- 5 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1996 AND 1995 A. THE PLAN GENERAL - General Motors Corporation (the "Corporation") and certain unions have established The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States (the "Plan"), a defined contribution plan. Generally, eligible hourly-rate employees may participate and accumulate savings under the Plan on the first day of the first pay period next following the attainment of seniority, as defined in the Plan. The Finance Committee of the Corporation's Board of Directors acts as the Plan fiduciary and, along with various officers, employees and committees, with authority delegated from the Plan fiduciary, controls and manages the operation and administration of the Plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The following brief description of the Plan is provided for general informational purposes only. Participants should refer to the Plan document and prospectus for a complete description of the Plan's provisions. PARTICIPANT CONTRIBUTIONS - An eligible participant employed by the Corporation (an "Eligible Employee") may elect to make pre-tax contributions, in 1% increments, up to 18% of eligible weekly earnings as defined in the Plan, up to the maximum IRS 401(k) limit. In addition, an Eligible Employee may elect to contribute, in 1% increments, up to 100% of his or her profit sharing distribution from The General Motors Profit Sharing Plan for Hourly-Rate Employees to his or her account in the Plan. Profit sharing amounts contributed to the Plan on behalf of an Eligible Employee are invested in the same investment option(s) as selected by the participant for weekly contributions to the Plan. Employee contributions vest immediately. EMPLOYER CONTRIBUTIONS - For certain employees hired on or after January 1, 1994, the Corporation contributes an amount equal to 8% of eligible weekly earnings to such participants' accounts in the form of the Corporation's $1-2/3 par value common stock. Such participants must be in the Plan for at least three years to be vested in assets acquired with employer contributions, at which time such assets may be transferred by the participant to other available investment options. Forfeitures are used to offset future employer contributions. FUND EXCHANGES - Generally, each participant is entitled on any business day to exchange a specified portion or all of his or her interest in any of the investment options to other options offered under the Plan, subject to the provisions in the paragraph above. PARTICIPANT WITHDRAWALS - A participant may withdraw funds in their account at any time after attaining age 59-1/2. Prior to age 59-1/2, employee tax deferred savings may only be withdrawn because of termination of employment, retirement, death, total and permanent disability, or financial hardship. Prior to receiving a withdrawal for financial hardship, a participant previously must have taken all available asset distributions, withdrawals, and loans under all applicable plans maintained by the Corporation. The amount that may be withdrawn for a financial hardship is limited as defined in the Plan. The funds that represent a hardship distribution must conform to conditions required by the Internal Revenue Service. A participant who receives a hardship distribution shall have his or her contributions to the Plan suspended for 12 months following the distribution as required by law. INVESTMENT OPTIONS - The participants must direct, in 10% increments, how their contributions are to be invested. A description of each investment option offered under the Plan follows: - 6 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES General Motors Common Stock Funds: $1-2/3 Par Value, Class H, $0.10 Par Value - Under these investment options, contributions are invested by the Trustee primarily in the respective General Motors common stock. The return on investment will be determined by the market price of the respective General Motors common stock, the amount of any dividends paid thereon, and by interest earned on short-term investments held by each fund. Each participant directs the Trustee how to vote common stock shares allocated to his or her account. The Trustee will not exercise voting rights with respect to those shares for which direction has not been received by the required deadline. Assets invested in each of the GM Common Stock Funds ($1-2/3 par value, Class H) are expressed in terms of units and not shares of stock. Each unit represents a proportionate interest of all the assets invested in the respective GM Common Stock Fund. The number of units credited to each participant's account will be determined by the amount of the participant's contributions and the purchase price of each unit in the respective GM Common Stock Fund. The value of each participant's account is determined each business day by the number of units to the participant's credit, multiplied by the current unit value. Equity Index Fund - Under this investment option, contributions are invested in a portfolio of common stocks managed by an investment manager. The investment manager maintains a portfolio which is designed to match the performance of the Standard & Poor's 500 Index. This Index is a broad-based index of large companies which operate in a wide variety of industries and market sectors and which represent over two-thirds of the market capitalization of all publicly traded common stocks in the United States. Assets invested in the Equity Index Fund are expressed in terms of units. The number of units credited to a participant's account will be determined by the amount of the participant's contributions and the current value of each unit in the Equity Index Fund. The value of each participant's account is determined each business day by the number of units to the participant's credit, multiplied by the current unit value. Balanced Fund - Under this investment option, contributions are invested in equity and fixed income investments selected from opportunities available in global capital markets, including large and small capitalization common stocks, investment and non-investment grade bonds, convertible securities, real estate, emerging market investments, and venture capital, and may be issued by U.S. or non-U.S. issuers. From time to time, investment managers may use derivative financial instruments including forward exchange contracts and futures contracts. Derivative instruments are used primarily to mitigate exposure to foreign exchange rate and interest rate fluctuations as well as manage the investment mix in the portfolio. The Plan's interest in Funds which utilize such financial instruments is not considered significant to the Plan's financial statements. Assets invested in the Balanced Fund are expressed in terms of units and are valued in the same manner as noted above for the Equity Index Fund. Income Fund - Funds are invested in investment contracts issued by insurance companies. The issuing companies have agreed to provide this fund with a net fixed or floating contract interest rate that is to be earned over a specified period and payment of principal and interest upon participant initiated withdrawals and/or transfers of assets. In addition to the investment contracts, the Income Fund also invests in a short-term fixed income portfolio (the "Fixed Income Fund")which invests in U.S. Government debt obligations and cash. - 7 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES EDS Common Stock Fund - Effective June 7, 1996, the net assets of Electronic Data Systems ("EDS") were split-off from the net assets of the Corporation. As a result, the Class E Common Stock Fund was changed to the EDS Common Stock Fund. Also, effective June 7, 1996, no new contributions, loan repayments or exchanges may be made into the EDS Common Stock Fund. Dividends, if any, paid on EDS Common Stock held by the Plan will be invested in an income fund investment option. This fund will be eliminated in five years. The annual rates of return, maturity dates, issuing company and investment contract balances at December 31, 1996 and 1995, respectively, are as follows:
Contract Contract Value as Value as Annual Rate Maturity of of of Return Date Issuing Company 12/31/96 12/31/95 - ----------- ---------- ----------------- -------------- -------------- (Dollars in Thousands) Variable N/A Metropolitan Life* $326,266 $212,085 Variable N/A Metropolitan Life* 111,461 105,087 Variable N/A New York Life* - 210,732 7.51% 12/31/96 New York Life - 112,607 Variable N/A New York Life 107,289 101,590 6.32% 12/31/97 Principal Mutual 175,783 204,758 7.14% 12/31/96 Metropolitan Life - 187,749 6.04% 12/12/00 Metropolitan Life 323,173 - 6.48% 3/31/00 John Hancock 156,430 - 6.39% 12/31/97 New York Life 102,563 113,832 6.55% 12/31/00 New York Life 209,282 - 6.39% 12/31/97 New York Life 59,861 66,520 6.13% N/A John Hancock* 84,346 79,920 6.14% 6/30/99 John Hancock 84,886 80,448 --------- --------- Total $1,741,340 $1,475,328 ========= =========
*Individual Separate Account. The average yield on guaranteed investment contracts in the Income Fund was 7.58% and 8.17% for the years ended December 31, 1996 and 1995, respectively. The contract value of investment contracts in the Income Fund approximates fair value as of December 31, 1996. - 8 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Mutual Funds - This investment option is comprised of many different mutual funds managed by Fidelity Investments. Each mutual fund has a different objective and investment strategy. To pursue their objectives, the mutual fund managers invest in a wide variety of investments. Complete information about each mutual fund's objectives and investments is contained in that fund's prospectus. PARTICIPANT LOANS - Once each year, eligible participants may borrow from their plan accounts. The amount and term of the loans are limited under the Plan. The loan interest rate will be established once each quarter at a rate equal to the prevailing prime lending rate as of the last business day of the previous quarter. Interest paid on the loans is credited back to the borrowing participant's account in the Plan. Loans not repaid within the maximum loan term are deemed to be distributions from participants' accounts. B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies followed in the preparation of the accompanying financial statements are as follows: o The financial statements of the Plan are prepared under the accrual method of accounting. o Investments are stated at fair value, except for investment contracts, which are stated at contract value. Fair values are calculated by reference to published market quotations, where available; where not available, various bases, including cost, are used in determining estimates of fair values. Contract value represents contributions made under the investment contracts, plus interest, less withdrawals or administrative expenses charged by the issuer of the contract. o Security transactions are recorded on the trade date. o Investment income is recognized as earned based on the terms of the investments and the periods during which the investments are owned by the Plan. o Certain costs of Plan administration are paid by the Corporation. The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect amounts reported therein. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. C. THE MASTER TRUST The Corporation established the General Motors Savings Plans Master Trust (the "Master Trust") pursuant to a trust agreement among the Corporation, Saturn Corporation and State Street Bank and Trust, as trustee of the funds, in order to permit the commingling of trust assets of several employee benefit plans for investment and administrative purposes. The assets of the Master Trust are held by State Street Bank and Trust. - 9 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Employee benefit plans participating in the Master Trust include the following: o General Motors Savings-Stock Purchase Program for Salaried Employees in the United States o General Motors Personal Savings Plan for Hourly-Rate Employees in the United States o Saturn Individual Savings Plan for Represented Members o Saturn Personal Choices Savings Plan for Non-Represented Members The Master Trust is composed of five commingled master trust investment options: the GM $1-2/3 Common Stock Fund, the GM Class H Common Stock Fund, the EDS Common Stock Fund, the Equity Index Fund and the Balanced Fund. Each of these investment options is described in Note A. Each participating employee benefit plan has an undivided interest in the net assets and changes therein of each of the five master trust investment options. The net investment income of each of the Master Trust investment funds is allocated by the trustee to each participating plan based on that plan's interest in each Master Trust investment fund, as compared with the total interest in each Master Trust investment fund of all the participating plans at the beginning of the month. As of December 31, 1996 and 1995, the Plan had approximately a 22% and 20% interest in the Master Trust, respectively. - 10 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES The net assets available for benefits of all participating plans in the Master Trust at December 31, 1996 and 1995 are summarized as follows (dollars in thousands):
ASSETS: 1996 1995 Investments, at fair value: --------- --------- Common Stock: General Motors $1-2/3 par value $4,237,497 $4,696,965 General Motors Class H, $0.10 par value 389,506 261,927 EDS Common Stock, $0.10 par value 632,206 759,539 Other Corporate 12,440 11,666 U.S. Government Securities 1,875 33 Common and collective trust 2,063,946 1,612,315 Cash 79,952 103,410 --------- --------- Total investments 7,417,422 7,445,855 Receivables: Due from broker for investments sold 2,081 13,152 Accrued investment income 1,633 1,591 --------- --------- Total receivables 3,714 14,743 --------- --------- Total assets $7,421,136 $7,460,598 ========= ========== Liabilities - Due to broker for securities purchased 49 186 --------- ---------- Net assets available for benefits $7,421,087 $7,460,412 ========= ========== The total investment earnings of all participating plans in the Master Trust for the years ended December 31, 1996 and 1995 is summarized as follows (dollars in thousands): 1996 1995 --------- --------- Interest $5,651 $9,570 Dividends 145,877 125,249 Net appreciation in fair value of investments: Common stocks 192,900 1,296,102 U.S. Government securities 78 109 Common and collective trust 365,828 405,995 Registered investment company 6,410 9,301 ---------- --------- Total net appreciation in fair value of investments 565,216 1,711,507 ---------- --------- Total investment earnings $716,744 $1,846,326 ========== =========
- 11 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES D. FUND INFORMATION Contributions, investment income and distributions to participants by fund are as follows for the years ended December 31, 1996 and 1995. Mutual fund investment options which individually comprise less than 5% of the Plan's total net assets available for benefits have been combined.
1996 1995 --------- -------- (Dollars in Thousands) Participant Contributions: Master Trust $172,456 $190,041 Income Fund 287,528 301,027 Mutual funds 142,444 80,630 ------- ------- Total $602,428 $571,698 ======= ======= Employer Contributions: Master Trust $ 1,733 $ 1,829 ======= ======= Investment income: Interest and Dividends Master Trust $ 36,093 $ 31,309 Income Fund 126,812 122,907 Mutual funds 63,709 21,258 ------- ------- Total $226,614 $175,474 ------- ------- Net appreciation in fair value of investments Master Trust $184,097 $345,079 Mutual funds 38,469 19,392 ------- ------- Total 222,566 364,471 ------- ------- Total investment income $449,180 $539,945 ======= ======= Distribution to participants: Master Trust ($58,220) ($49,842) Income Fund (108,343) (103,603) Mutual funds (15,717) (12,155) Participant loans (5,320) (4,876) ------- ------- Total ($187,600) ($170,476) ======== ========
E. TERMINATION OF THE PLAN Although it has not expressed any intent to do so, the Corporation has the right to terminate the Plan subject to the provisions of ERISA. Such termination of the Plan, if any, would not affect a participant's interest in assets already in the Plan. F. FEDERAL INCOME TAXES In March 1991, the Plan was determined by the Internal Revenue Service (the "IRS") to be a tax-qualified employee benefit plan, meeting the requirements of Sections 401(a) and 401(k) of the Internal Revenue Code of 1986, as amended (the "Code"), and the Trust established thereunder was determined to be exempt from United States Federal income taxes under Section 501(a) of the Code. The Plan has been amended since the effective date included in the determination by the IRS. In December 1996, the Corporation filed with the IRS a determination request regarding the Plan, as amended. The Plan's fiduciary and tax counsel believe that the Plan is designed and currently being operated in compliance with the applicable requirements of the Code, and therefore no provision for income taxes has been included in the Plan's financial statements. - 12 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES G. PARTICIPANT UNIT DATA FOR THE YEAR ENDED DECEMBER 31, 1996
GENERAL MOTORS SAVINGS PLANS MASTER TRUST -------------------------------------------------------------------- GM GM $1-2/3 Par Class H EDS Common Stock Common Stock Common Stock Balanced Equity Index Fund Fund Fund Fund Fund ----------- ------------ ------------ -------- ------------ (Units in Thousands) Quarter ended March 31 Plan number of units outstanding 7,008 31 83 1,934 37,319 Net asset value per unit $128.23 $176.96 $147.64 $12.77 $14.50 Quarter ended June 30 Plan number of units outstanding 7,154 29 78 2,024 38,699 Net asset value per unit $126.04 $167.55 $139.53 $13.09 $14.98 Quarter ended September 30 Plan number of units outstanding 7,813 29 76 2,006 38,875 Net asset value per unit $115.68 $161.38 $159.12 $13.39 $15.62 Quarter ended December 31 Plan number of units outstanding 6,627 28 73 2,078 39,849 Net asset value per unit $134.18 $156.74 $112.81 $14.16 $16.93
- 13 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES G. PARTICIPANT UNIT DATA - Concluded FOR THE YEAR ENDED DECEMBER 31, 1995
GENERAL MOTORS SAVINGS PLANS MASTER TRUST -------------------------------------------------------------------- GM GM $1-2/3 Par Class H EDS Common Stock Common Stock Common Stock Balanced Equity Index Fund Fund Fund Fund Fund ------------ ------------ ------------ -------- ------------ (Units in Thousands) Quarter ended March 31 Plan number of units outstanding 9,590 37 100 1,409 30,830 Net asset value per unit $104.11 $116.92 $100.63 $10.56 $10.97 Quarter ended June 30 Plan number of units outstanding 9,031 36 87 1,474 32,137 Net asset value per unit $110.81 $112.66 $112.57 $11.22 $12.02 Quarter ended September 30 Plan number of units outstanding 8,505 34 91 1,580 33,368 Net asset value per unit $111.62 $117.20 $118.11 $11.85 $12.98 Quarter ended December 31 Plan number of units outstanding 7,742 32 87 1,752 35,173 Net asset value per unit $126.37 $139.41 $134.71 $12.41 $13.76
* * * * * * - 14 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Line 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 1996
Current Description of Investment Cost Value - ------------------------------------------------ ----------- ---------- (Dollars in Thousands) Value of Interest in General Motors *Savings Plans Master Trust $1,201,211 $1,605,783 Fixed Income Fund 338,676 338,676 *Loan Fund - 349,846 *Fidelity Mutual Funds: ---------------------------- Fidelity 13,193 13,663 Puritan 28,071 28,249 Trend 2,805 2,833 Magellan 84,943 84,633 Contra Fund 92,213 98,470 Equity Income 27,869 29,438 Growth Company 33,100 34,500 Investment Grade 6,467 6,428 Growth & Income 57,821 61,694 Value 41,112 40,164 Government Securities 5,402 5,342 Retirement Growth 12,493 11,770 OTC Portfolio 22,952 23,157 Overseas 12,062 12,265 Europe 10,215 10,603 Pacific Basin 8,266 7,858 Real Estate 9,395 10,753 Balanced Fund 7,819 8,191 International Growth & Income 3,690 3,888 Capital Appreciation 3,624 3,617 Convertible Securities 3,061 3,084 Canada 2,023 1,793 Utilities 6,080 6,333 Blue Chip 99,001 104,171 Asset Manager 8,150 8,294 Disciplined Equity 6,786 6,934 Worldwide 11,882 12,568 Equity Income II 78,660 82,303 Stock Selector 14,332 14,745 Asset Manager - Growth 6,901 7,053 Diversified International 7,001 7,449 Asset Manager - Income 1,625 1,627 Dividend Growth 45,982 50,660 Fidelity Global Balanced 604 625 Fidelity Small Cap Stock 12,516 13,024 Global Bond 1,127 1,130 Fidelity Fifty 3,993 4,102 ---------------------------- ------- ------- Total Mutual Funds $793,236 $823,411 ======= =======
- 15 -
THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Line 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 1996 Concluded Current Description of Investment Cost Value - --------------------------------------------------------------- -------------- ------------- (Dollars in Thousands) Investment Contracts: Maturity Issuing Company Date Contract Rate ------------------ ---------- ----------- ------- Principal Mutual 12/31/97 GA405451 6.32% $ 175,783 $ 175,783 Metropolitan Life N/A GA13653 Variable 326,266 326,266 Metropolitan Life 12/12/00 GAC24597 6.04% 323,173 323,173 Metropolitan Life N/A GA13635 Variable 111,461 111,461 New York Life N/A GA30331 Variable 107,289 107,289 New York Life 12/31/00 GA30331002 6.55% 209,282 209,282 New York Life 12/31/97 GA06363002 6.39% 59,861 59,861 New York Life 12/31/97 GA06363003 6.39% 102,563 102,563 John Hancock 3/31/00 GA8504 6.48% 156,430 156,430 John Hancock N/A GA7921SA86 6.13% 84,346 84,346 John Hancock 6/30/99 GAC7878SA85 6.14% 84,886 84,886 --------- --------- Total Investment Contracts 1,741,340 1,741,340 --------- --------- Total Investments $4,074,463 $4,859,056 ========= ========= *Party-in-Interest
- 16 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Line 27d-SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1996 (Dollars in Thousands)
Purchases Sales --------- --------------------------------------- Identity of Purchase Sales Original Net Gain Party/Broker Description of Asset Price Price Cost (Loss) - ------------ -------------------------------- --------- ------- ------------ ------------ SERIES REPORTABLE TRANSACTIONS (continued) ------------------------------------------ State Street Bank Fixed Income Fund and Trust (174 purchases, 142 sales) $1,284,417 $1,115,704 $1,115,704 $ - Metropolitan Life Investment Contract No. GA12835 Insurance Co. (0 purchases, 12 sales) - 200,011 200,011 - Metropolitan Life Investment Contract No. GA24597 Insurance Co. (6 purchases, 0 sales) 323,173 - - - John Hancock Investment Contract No. GA8504 (9 purchases, 0 sales) 156,430 - - - New York Life Investment Contract No. GA06867 Asset Management (0 purchases, 1 sale) - 219,820 219,820 - New York Life Investment Contract No. GA30331002 Asset Management (10 purchases, 0 sales) 209,282 - - - SINGLE REPORTABLE TRANSACTIONS ------------------------------ Metropolitan Life Investment Contract No. GA12835 Insurance Co. - Maturity $ - $169,455 $169,455 $ - Metropolitan Life Investment Contract No. GAC24597 Insurance Co. - Purchase 219,820 - - -
- 17 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Line 27d-SCHEDULE OF REPORTABLE TRANSACTIONS - Concluded FOR THE YEAR ENDED DECEMBER 31, 1996 (Dollars in Thousands)
Purchases Sales --------- --------------------------------------- Identity of Purchase Sales Original Net Gain Party/Broker Description of Asset Price Price Cost (Loss) - ------------ -------------------------------- --------- ------- ------------ ------------ SINGLE REPORTABLE TRANSACTIONS ------------------------------ New York Life Investment Contract No. GA06867 Asset Management - Maturity $ - $219,820 $219,820 $ - New York Life Investment Contract No. GA30331002 Insurance Co. - Sale - 200,000 200,000 - John Hancock Investment Contract No. GA8504 Insurance Co. - Purchase 150,000 - - - State Street Bank Fixed Income Fund and Trust Co. - Purchase 166,701 - - - State Street Bank Fixed Income Fund and Trust Co. - Purchase 151,517 - - - State Street Bank Fixed Income Fund and Trust Co. - Purchase 202,509 - - - State Street Bank Fixed Income Fund and Trust Co. - Sale - 200,000 200,000 - State Street Bank Fixed Income Fund and Trust Co. - Sale - 150,000 150,000 - State Street Bank Fixed Income Fund and Trust Co. - Sale - 150,577 150,577 -
- 18 - EX-23 2 EXHIBIT 23 EXHIBIT 23 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 333-17975 of General Motors Corporation on Form S-8 of our report dated June 3, 1997 appearing in this Annual Report on Form 11-K of The General Motors Personal Savings Plan for Hourly-Rate Employees in the United States for the year ended December 31, 1996. s/DELOITTE & TOUCHE LLP DELOITTE & TOUCHE LLP Detroit, Michigan June 26, 1997 - 19 - -----END PRIVACY-ENHANCED MESSAGE-----