-----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, RlkHjoOqnoalzAt+9lBTxiPP9KYG1E6DTlZolJyl8IZ3P9AAPU2ru91odbRjAV5a KNzgTMiDUs4cLANk2egRzQ== 0000040730-96-000004.txt : 19960525 0000040730-96-000004.hdr.sgml : 19960525 ACCESSION NUMBER: 0000040730-96-000004 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951130 FILED AS OF DATE: 19960524 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: 96572222 BUSINESS ADDRESS: STREET 1: 767 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10153-0075 BUSINESS PHONE: 3135565000 11-K 1 l:\secfiles\11_k\hac_95\t&s_plan.doc17 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 November 30, 1995 ----------------- OR TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE - --- ACT OF 1934 For the transition period from to --------------------- --------------------- Commission file number 33-4663 ------- HUGHES SALARIED EMPLOYEES' THRIFT AND SAVINGS PLAN HUGHES CALIFORNIA HOURLY EMPLOYEES' THRIFT AND SAVINGS PLAN HUGHES TUCSON BARGAINING EMPLOYEES' THRIFT AND SAVINGS PLAN HUGHES THRIFT AND SAVINGS PLAN Hughes Electronics Corporation 7200 Hughes Terrace Los Angeles, California 90045 -------------------------------------- (Full titles and address of the plans) General Motors Corporation 767 Fifth Avenue, New York, New York 10153-0075 3044 West Grand Blvd., Detroit, Michigan 48202-3091 --------------------------------------------------- (Name of issuer of the securities held pursuant to the plans 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: James H. Humphrey Chief Accounting Officer General Motors Corporation 3044 West Grand Blvd. Detroit, Michigan 48202-3091 - 1 - FINANCIAL STATEMENTS AND EXHIBIT - --------------------------------- (a) FINANCIAL STATEMENTS -------------------- Hughes Salaried Employees' Thrift and Savings Plan ("Salaried"), Hughes California Hourly Employees' Thrift and Savings Plan ("California Hourly"), Hughes Tucson Bargaining Employees' Thrift and Savings Plan ("Tucson Bargaining"), and Hughes Thrift and Savings Plan ("Thrift and Savings") (collectively, the "Hughes Electronics Corporation Employees' Thrift and Savings Plans" or the "Plans"). Page No. -------- Independent Auditors' Report............................... 7 Financial Statements: -------------------- Statements of Net Assets Available for Benefits by Plan as of November 30, 1995 and 1994................................ 8 Statements of Changes in Net Assets Available for Benefits by Plan for the years ended November 30, 1995 and 1994..... 9 Notes to Financial Statements................................ 10 Supplemental Schedules Omitted ------------------------------ Supplemental schedules are omitted because of the absence of conditions under which they are required. (b) EXHIBIT ------- Exhibit 23 - Consent of Independent Auditors................. 17 - 2 - SIGNATURE The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Hughes Salaried Employees' Thrift and Savings Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Hughes Salaried Employees' Thrift and Savings Plan -------------------------- (Name of Plan) Date: May 24, 1996 By /s/T. G. Westerman ----------------------- (T. G. Westerman, Chairman, Administrative Committee) - 3 - SIGNATURE (continued) The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Hughes California Hourly Employees' Thrift and Savings Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Hughes California Hourly Employees' Thrift and Savings Plan -------------------------- (Name of Plan) Date: May 24, 1996 By /s/T. G. Westerman ------------------------ (T. G. Westerman, Chairman, Administrative Committee) - 4 - SIGNATURE (continued) The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Hughes Tucson Bargaining Employees' Thrift and Savings Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Hughes Tucson Bargaining Employees' Thrift and Savings Plan -------------------------- (Name of Plan) Date: May 24, 1996 By /s/T. G. Westerman ------------------------ (T. G. Westerman, Chairman, Administrative Committee) - 5 - SIGNATURE (concluded) The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Hughes Thrift and Savings Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Hughes Thrift and Savings Plan ------------------------------ (Name of Plan) Date: May 24, 1996 By /s/T. G. Westerman ------------------------ (T. G. Westerman, Chairman, Administrative Committee) - 6 - INDEPENDENT AUDITORS' REPORT - ---------------------------- Hughes Electronics Corporation Employees' Thrift and Savings Plans: We have audited the accompanying statements of net assets available for benefits by plan of the Hughes Salaried Employees' Thrift and Savings Plan, the Hughes California Hourly Employees' Thrift and Savings Plan, the Hughes Tucson Bargaining Employees' Thrift and Savings Plan, and the Hughes Thrift and Savings Plan (collectively, the Plans) as of November 30, 1995 and 1994 and the related statements of changes in net assets available for benefits by plan for the years then ended. These financial statements are the responsibility of the Plans' 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 Plans at November 30, 1995 and 1994 and the changes in their net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. /s/DELOITTE & TOUCHE LLP DELOITTE & TOUCHE LLP Los Angeles, California May 17, 1996 - 7 - HUGHES ELECTRONICS CORPORATION EMPLOYEES' THRIFT AND SAVINGS PLANS STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS BY PLAN NOVEMBER 30, 1995 THRIFT CALIFORNIA TUCSON AND SALARIED HOURLY BARGAINING SAVINGS TOTAL ---------- ---------- ---------- ------- ---------- (Dollars in Thousands) INVESTMENT IN HUGHES MASTER TRUST: Equity Fund $1,411,153 $54,137 $18,081 $5,678 $1,489,049 Fixed Income Fund 1,007,406 54,555 15,938 3,028 1,080,927 Class H Common Stock Fund 588,036 21,687 11,644 7,260 628,627 Balanced Fund 428,883 9,883 2,772 2,706 444,244 Loan Fund 107,223 9,911 4,701 639 122,474 ---------- -------- ------- ------- ---------- TOTAL 3,542,701 150,173 53,136 19,311 3,765,321 CONTRIBUTIONS RECEIVABLE: Employee 11,355 603 277 280 12,515 Employer 1,524 245 97 99 1,965 ---------- -------- ------- ------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $3,555,580 $151,021 $53,510 $19,690 $3,779,801 ========== ======== ======= ======= ========== NOVEMBER 30, 1994 INVESTMENT IN HUGHES MASTER TRUST: Equity Fund $1,107,914 $42,548 $13,314 $3,453 $1,167,229 Fixed Income Fund 1,006,664 56,085 15,206 2,339 1,080,294 Class H Common Stock Fund 396,136 13,566 7,365 4,262 421,329 Balanced Fund 304,176 7,375 1,717 1,606 314,874 Loan Fund 114,306 9,162 4,101 483 128,052 ---------- -------- ------- ------- ---------- TOTAL 2,929,196 128,736 41,703 12,143 3,111,778 CONTRIBUTIONS RECEIVABLE: Employee 11,672 674 273 184 12,803 Employer 4,028 458 191 55 4,732 ---------- -------- ------- ------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $2,944,896 $129,868 $42,167 $12,382 $3,129,313 ========== ======== ======= ======= ========== See notes to financial statements. - 8 - HUGHES ELECTRONICS CORPORATION EMPLOYEES' THRIFT AND SAVINGS PLANS STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY PLAN FOR THE YEAR ENDED NOVEMBER 30, 1995 THRIFT CALIFORNIA TUCSON AND SALARIED HOURLY BARGAINING SAVINGS TOTAL ---------- ---------- ---------- ------- ---------- (Dollars in Thousands) INVESTMENT ACTIVITIES: Net investment income from the Master Trust $656,864 $24,690 $9,045 $4,048 $694,647 ---------- -------- ------- ------- ---------- OTHER ACTIVITIES INCREASE (DECREASE): Employee contributions 146,757 8,141 3,340 3,359 161,597 Employer contributions 50,546 5,380 2,271 1,154 59,351 Benefit payments (243,483) (17,058) (3,313) (1,253) (265,107) ---------- -------- ------- ------- ---------- INCREASE (DECREASE) (46,180) (3,537) 2,298 3,260 (44,159) ---------- -------- ------- ------- ---------- INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 610,684 21,153 11,343 7,308 650,488 NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF PERIOD 2,944,896 129,868 42,167 12,382 3,129,313 ---------- -------- ------- ------- ---------- NET ASSETS AVAILABLE FOR BENEFITS, END OF PERIOD $3,555,580 $151,021 $53,510 $19,690 $3,779,801 ========== ======== ======= ======= ========== FOR THE YEAR ENDED NOVEMBER 30, 1994 INVESTMENT ACTIVITIES: Net investment income from the Master Trust $13,713 $1,911 $239 ($317) $15,546 ---------- -------- ------- ------- ---------- OTHER ACTIVITIES INCREASE (DECREASE): Employee contributions 152,193 8,804 3,292 2,338 166,627 Employer contributions 52,238 5,953 2,299 826 61,316 Benefit payments (233,640) (16,809) (2,358) (897) (253,704) ---------- -------- ------- ------- ---------- INCREASE (DECREASE) (29,209) (2,052) 3,233 2,267 (25,761) ---------- -------- ------- ------- ---------- INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS (15,496) (141) 3,472 1,950 (10,215) NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF PERIOD 2,960,392 130,009 38,695 10,432 3,139,528 ---------- -------- ------- ------- ---------- NET ASSETS AVAILABLE FOR BENEFITS, END OF PERIOD $2,944,896 $129,868 $42,167 $12,382 $3,129,313 ========== ======== ======= ======= ========== See notes to financial statements. - 9 - HUGHES ELECTRONICS CORPORATION EMPLOYEES' THRIFT AND SAVINGS PLANS NOTES TO FINANCIAL STATEMENTS NOTE 1. GENERAL The accompanying financial statements are comprised of the accounts of the Hughes Salaried Employees' Thrift and Savings Plan (the Salaried Plan), the Hughes California Hourly Employees' Thrift and Savings Plan (the California Hourly Plan), the Hughes Tucson Bargaining Employees' Thrift and Savings Plan (the Tucson Bargaining Plan), and the Hughes Thrift and Savings Plan (the Thrift and Savings Plan) (collectively, the Plans). The Plans are administered by Administrative Committees whose members are appointed by Hughes Electronics Corporation (the Company or Hughes), a wholly owned subsidiary of General Motors Corporation. Prior to March 29, 1995, the Plans were sponsored by Hughes Aircraft Company, a wholly owned subsidiary of the Company. The Trustee of the Plans is Bankers Trust Company (Bankers Trust). Additional Plan information is provided to the participants by the Company in the form of Summary Annual Reports. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Plans participate in the Hughes Electronics Corporation Savings Plan Master Trust (the Master Trust). The Plans' investments in the Master Trust are presented at estimated fair value, which has been determined based on the fair value of the investments of the Master Trust. The Plans' expenses are paid by either the Plans or Hughes, as provided by the plan documents. The Internal Revenue Service has ruled that the Plans are qualified under Section 401 of the Internal Revenue Code (the Code) and are, therefore, not subject to Federal income taxes under present income tax laws. Accordingly, no provision for Federal income taxes has been made in the accompanying financial statements. Contributions by participants made on a "pre-tax" basis, the Company's matching contributions, and the earnings thereon are not subject to Federal income taxes to the participants until distributed from the Plans. NOTE 3. PLAN PARTICIPATION All employees of the Company and its domestic subsidiaries that have adopted the respective Plans are eligible to participate in the Plans after ninety days of continuous employment. The Plans provide that eligible employees electing to become participants may contribute amounts within specified ranges through payroll deductions. The participants may direct these contributions to any of the four investment funds included in the Master Trust described in Note 6. The Company contributes to the Class H Common Stock Fund an amount equal to 100% of the individual employee's contribution up to the first 3% of the employee's compensation, subject to certain limitations (except for the Thrift and Savings Plan which requires a 50% matching contribution up to the first 6% of the individual employee's compensation). Until October 28, 1995 (at which time the Company discontinued this provision), for employees in the Tucson Bargaining Plan and the California Hourly Plan, the Company matched additional employee contributions above 3% and up to 7% of the individual employee's compensation at the 75% level and this portion of the Company's matching contribution could be allocated to the various funds at the discretion of the employee. Except for the Thrift and Savings Plan, the Company match contributed to the Class H Common Stock Fund cannot be transferred for two full plan years after the contribution. The Company's Board of Directors has resolved that, effective January 1, 1997, the Company contribution for employees participating in the Salaried Plan will be increased to an amount equal to 100% of the individual employee's contribution up to the first 4% of the employee's compensation, subject to certain limitations. - 10 - HUGHES ELECTRONICS CORPORATION EMPLOYEES' THRIFT AND SAVINGS PLANS Participants in the Salaried Plan, the California Hourly Plan and the Tucson Bargaining Plan are generally vested in the Company's contributions after two full plan years and become fully vested after five years of service. Participants in the Thrift and Savings Plan are vested in the Company's contributions after five years of service. Forfeited Company contributions are used to reduce future Company contributions to the Plans. The Company reserves the right to terminate the Plans at anytime. Upon such termination, the participants' rights to the Company's contributions vest immediately and the account balances are to be fully paid to the participants. NOTE 4. PARTICIPANT LOANS Each Plan allows participants to borrow from their vested account balances, subject to certain limitations. The loans bear interest at the Bank of America, N.T. & S.A. prime rate plus 1% (which is fixed at the inception of the loan) and maturities may not exceed four years. The loans (which are accounted for in the Loan Fund) are deducted from the participants' vested account balances based on their investment elections with respect to the funds described in Note 6. Loan repayments are credited to the participants' accounts in the same manner. NOTE 5. BENEFITS TO WITHDRAWING PARTICIPANTS Net assets available for benefits include the following amounts which will be paid to participants who are withdrawing from the Plans: Plan 1995 1994 - ------------------ ------- ------- (Dollars in Thousands) Salaried $16,168 $49,983 California Hourly 1,643 2,087 Tucson Bargaining 200 1,236 Thrift and Savings 118 97 ------- ------- Total $18,129 $53,403 ======= ======= NOTE 6. INFORMATION CONCERNING THE MASTER TRUST The Master Trust was created pursuant to a trust agreement between Hughes and Bankers Trust, as trustee of the funds, to permit the commingling of trust assets of the Plans and certain other employee benefit plans of the Company, for investment and administrative purposes. Each participating employee benefit plan has an interest in the net assets of the Master Trust and changes therein. The assets of the trust are held by Bankers Trust. Investments of the Master Trust are managed by independent investment advisors, with the exception of one account in the Fixed Income Fund managed directly by a subsidiary of the Company (with asset values at November 30, 1995 and 1994 of approximately $755,744,000 and $738,613,000, respectively). Investment management fees paid by the Plans to the subsidiary for the account it manages were as follows: Plan 1995 1994 - ---------------------------------- ---- ---- (Dollars in Thousands) Salaried $443 $436 California Hourly 25 24 Tucson Bargaining 7 7 Thrift and Savings 1 1 ---- ---- Total investment management fees $476 $468 ==== ==== - 11 - HUGHES ELECTRONICS CORPORATION EMPLOYEES' THRIFT AND SAVINGS PLANS The Master Trust is composed of five funds: the Equity Fund, which invests primarily in equity securities; the Fixed Income Fund, which invests in certificates of deposit, short-term corporate debt and government securities, and contracts with insurance companies providing a guarantee of principal (backed by assets of the insurance company) and a specified rate of interest; the Balanced Fund, consisting primarily of investments in Equity and Debt Index Funds managed by Mellon Capital; the Class H Common Stock Fund, which invests in or holds shares of GM Class H Common Stock; and the Loan Fund, representing outstanding loans from employees who are participants in the Plans. Each Plan's share in the Master Trust's net assets is based upon the participant units and fund values (described below) of the participants in the Plan. The investment return of the Master Trust is allocated to the participating Plans based on the relative proportion of each Plan's net assets available for benefits in each fund. Significant Accounting Policies - ------------------------------- Short-term investment funds and certificates of deposit are stated at cost, which approximates fair value. Investments in contracts with insurance companies are carried at contract value, which approximates fair value. Securities, except short-term fixed income obligations (obligations having maturities of less than one year), are stated at fair value based upon closing sales prices reported on recognized securities exchanges on the last business day of the period or, for listed securities having no sales reported and for unlisted securities, upon last-reported bid prices on that date. Short-term fixed income obligations are stated at amortized cost, which approximates fair value. Purchases and sales of securities are recorded on a trade date basis. Dividends declared but not received are accrued on the ex-dividend date. Interest income is recognized on the accrual basis. Participant Units and Fund Values - --------------------------------- The value of a participant's interest in the Equity Fund, the Fixed Income Fund, and the Balanced Fund is determined according to the participant's units of ownership in the fund. The value of a participant's interest in the Class H Common Stock Fund is determined according to the participant's shares of such stock. Unit and share values are determined on a monthly basis and vary depending on the net asset values of the respective funds. The value of a participant's interest in the Loan Fund is determined according to the net amount of borrowings outstanding for the participant. The following schedules summarize the net assets, net investment income, and participant unit data of the Master Trust. - 12 - HUGHES ELECTRONICS CORPORATION EMPLOYEES' THRIFT AND SAVINGS PLANS a) NET ASSETS OF THE MASTER TRUST NOVEMBER 30, 1995
FIXED CLASS H EQUITY INCOME COMMON BALANCED LOAN FUND FUND STOCK FUND FUND TOTAL -------- ---------- ------- -------- -------- ---------- (Dollars in Thousands) INVESTMENTS: Short-term investment funds $87,640 $118,964 $4,799 $1,280 $- $212,683 Certificates of deposit - 170,151 - - - 170,151 Short-term United States Government obligations - 80,028 - - - 80,028 Long-term United States Government obligations - - - - - - Short-term corporate obligations - 644,409 - - - 644,409 Long-term corporate obligations 776 - - - - 776 Common stock 994,428 - - - 994,428 Common Stock- GM Class H - - 621,735 - - 621,735 Pooled investments 402,018 - - 437,669 - 839,687 Preferred stock 1,838 - - - - 1,838 Insurance contracts - 60,734 - - - 60,734 Loan receivable from participants - - - - 123,570 123,570 ---------- ---------- -------- -------- -------- ---------- Total investments 1,486,700 1,074,286 626,534 438,949 123,570 3,750,039 Dividends and interest receivable 1,957 18,858 3,017 60 - 23,892 Receivable for securities sold 6,818 - - - - 6,818 Interfund accounts 5,804 (11,835) 932 6,195 (1,096) - Payable for securi- ties purchased (11,241) - - - - (11,241) Contributions receivable 6,194 3,497 2,738 2,089 - 14,518 Other (1,013) (389) (1,855) (968) - (4,225) -------- ---------- -------- -------- -------- ---------- NET ASSETS OF THE MASTER TRUST $1,495,219 $1,084,417 $631,366 $446,325 $122,474 $3,779,801 ========== ========== ======== ======== ======== ========== NET ASSETS OF THE MASTER TRUST BY PLAN: Salaried $1,416,768 $1,010,249 $590,471 $430,869 $107,223 $3,555,580 California Hourly 54,409 54,954 21,829 9,918 9,911 151,021 Tucson Bargaining 18,250 16,128 11,659 2,772 4,701 53,510 Thrift and Savings 5,792 3,086 7,407 2,766 639 19,690 Other - - - - - - -------- ---------- -------- -------- -------- ---------- TOTAL $1,495,219 $1,084,417 $631,366 $446,325 $122,474 $3,779,801 ========== ========== ======== ======== ======== ==========
- 13 - HUGHES ELECTRONICS CORPORATION EMPLOYEES' THRIFT AND SAVINGS PLANS a) NET ASSETS OF THE MASTER TRUST NOVEMBER 30, 1994
FIXED CLASS H EQUITY INCOME COMMON BALANCED LOAN FUND FUND STOCK FUND FUND TOTAL -------- ---------- ------- -------- -------- ---------- (Dollars in Thousands) INVESTMENTS: Short-term investment funds $123,502 $294,174 $3,976 $3,811 $ - $425,463 Certificates of deposit - 42,986 - - - 42,986 Short-term United States Government obligations 3,000 29,014 - - - 32,014 Long-term United States Government obligations 1,455 - - - - 1,455 Short-term corporate obligations - 597,685 - - - 597,685 Long-term corporate obligations 11,936 - - - - 11,936 Common stock 684,286 11,680 - - - 695,966 Common Stock- GM Class H - - 411,925 - - 411,925 Pooled investments 333,203 - - 312,978 - 646,181 Preferred stock 5,150 - - - - 5,150 Insurance contracts - 96,097 - - - 96,097 Loan receivable from participants - - - - 130,868 130,868 ---------- ---------- -------- -------- -------- ---------- Total investments 1,162,532 1,071,636 415,901 316,789 130,868 3,097,726 Dividends and interest receivable 2,137 7,435 2,470 33 - 12,075 Receivable for securities sold 6,504 - - - - 6,504 Interfund accounts 678 1,891 1,059 (893) (2,735) - Payable for securi- ties purchased (2,874) - - (1,238) - (4,112) Contributions receivable 6,285 4,130 5,031 2,141 - 17,587 Other (769) (315) 1,900 555 - 1,371 ---------- ---------- -------- -------- ------- ---------- NET ASSETS OF THE MASTER TRUST $1,174,493 $1,084,777 $426,361 $317,387 $128,133 $3,131,151 ========== ========== ======== ======== ======== ========== NET ASSETS OF THE MASTER TRUST BY PLAN: Salaried $1,113,565 $1,009,733 $401,037 $306,255 $114,306 $2,944,896 California Hourly 42,891 56,790 13,633 7,392 9,162 129,868 Tucson Bargaining 13,524 15,517 7,327 1,698 4,101 42,167 Thrift and Savings 3,508 2,373 4,363 1,655 483 12,382 Other 1,005 364 1 387 81 1,838 ---------- ---------- -------- -------- -------- ---------- TOTAL $1,174,493 $1,084,777 $426,361 $317,387 $128,133 $3,131,151 ========== ========== ======== ======== ======== ==========
- 14 - HUGHES ELECTRONICS CORPORATION EMPLOYEES' THRIFT AND SAVINGS PLANS b) MASTER TRUST NET INVESTMENT INCOME FOR THE YEAR ENDED NOVEMBER 30, 1995
FIXED CLASS H EQUITY INCOME COMMON BALANCED LOAN FUND FUND STOCK FUND FUND TOTAL -------- -------- ------- -------- ------ --------- (Dollars in Thousands) INVESTMENT INCOME AND EXPENSES: Interest and other income $26,827 $67,549 $353 $38,695 $8,540 $141,964 Dividends 14,637 - 11,774 - - 26,411 Net change in fair value of investments 288,150 (743) 177,577 70,382 - 535,366 Investment management and trustee fees (4,307) (1,715) (406) (2,138) - (8,566) -------- ------- -------- ------- ------ -------- NET INVESTMENT INCOME $325,307 $65,091 $189,298 $106,939 $8,540 $695,175 ======== ======= ======== ======= ====== ======== FOR THE YEAR ENDED NOVEMBER 30, 1994 INVESTMENT INCOME AND EXPENSES: Interest and other income $31,901 $56,544 $321 $22,456 $8,540 $119,762 Dividends 12,776 - 9,297 - - 22,073 Net change in fair value of investments (29,254) (11,015) (49,562) (29,481) - (119,312) Investment management and trustee fees (3,345) (1,539) (280) (1,808) - (6,972) -------- ------- -------- ------- ------ -------- NET INVESTMENT INCOME $12,078 $43,990 ($40,224) ($8,833) $8,540 $15,551 ======== ======= ======== ======= ====== ========
- 15 - HUGHES ELECTRONICS CORPORATION EMPLOYEES' THRIFT AND SAVINGS PLANS c)PARTICIPANT UNIT DATA FOR THE YEAR ENDED NOVEMBER 30, 1995 FIXED CLASS H EQUITY INCOME COMMON BALANCED FUND FUND STOCK FUND -------- -------- ------- -------- (Units in Thousands) Quarter Ended February 28 Number of units outstanding 125,740 193,138 12,864 42,106 Net asset value per unit $9.593 $5.524 $36.092 $7.824 Quarter Ended May 31 Number of units outstanding 125,364 193,575 12,809 42,391 Net asset value per unit $10.379 $5.612 $40.384 $8.622 Quarter Ended August 31 Number of units outstanding 125,461 191,182 13,015 43,803 Net asset value per unit $11.306 $5.698 $40.976 $9.090 Quarter Ended November 30 Number of units outstanding 125,552 186,548 13,262 45,426 Net asset value per unit $11.849 $5.782 $45.333 $9.766 FOR THE YEAR ENDED NOVEMBER 30, 1994 Quarter Ended February 28 Number of units outstanding 124,702 200,377 11,217 44,196 Net asset value per unit $9.569 $5.272 $37.345 $7.529 Quarter Ended May 31 Number of units outstanding 125,321 199,153 11,612 44,651 Net asset value per unit $9.267 $5.320 $35.435 $7.286 Quarter Ended August 31 Number of units outstanding 126,784 197,253 12,055 44,308 Net asset value per unit $9.580 $5.379 $36.383 $7.528 Quarter Ended November 30 Number of units outstanding 126,364 198,375 12,457 43,506 Net asset value per unit $9.256 $5.444 $33.560 $7.276 - 16 - EX-23 2 L:\secfiles\11-k\hac-95\exhib23.doc1 EXHIBIT 23 CONSENT OF INDEPENDENT AUDITORS GENERAL MOTORS CORPORATION: We hereby consent to the incorporation by reference in Registration Statement No.33-32322 on Form S-8 of our report dated May 17, 1996 appearing in this Annual Report on Form 11-K of the Hughes Salaried Employees' Thrift and Savings Plan, the Hughes California Hourly Employees' Thrift and Savings Plan, the Hughes Tucson Bargaining Employees' Thrift and Savings Plan, and the Hughes Thrift and Savings Plan for the year ended November 30, 1995. /s/DELOITTE & TOUCHE LLP DELOITTE & TOUCHE LLP Los Angeles, California May 23, 1996 - 17 - -----END PRIVACY-ENHANCED MESSAGE-----