-----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, WZ7aKTvXLd2085AQVPbWe4zYQn/GS5teLD8Xr25vAGMO5mM56dMGS5Y/H/hNyPCr HfnS/lrHRixMH9pfe4fZSg== 0000040730-98-000037.txt : 19980624 0000040730-98-000037.hdr.sgml : 19980624 ACCESSION NUMBER: 0000040730-98-000037 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980623 FILED AS OF DATE: 19980623 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: SEC FILE NUMBER: 001-00143 FILM NUMBER: 98652519 BUSINESS ADDRESS: STREET 1: 100 RENAISSANCE CTR STREET 2: 3044 W GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48243-7301 BUSINESS PHONE: 3135565000 11-K 1 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, 1997 ----------------- 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 48265-1000 ---------------------------------------------------- (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 100 Renaissance Center Detroit, Michigan 48265-1000 - 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, 1997 and 1996 . . . . . . . . . . . . . . 4 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1997 and 1996 5 Notes to Financial Statements . . . . . . . . . . . . . . 6 Supplemental Schedules: Line 27a-Schedule of Assets Held for Investment Purposes as of December 31, 1997. . . . . . . . . . . 15 Line 27d-Schedule of Reportable Transactions for the Year Ended December 31, 1997. . . . . . . . . . . . . 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 . . . . . . . . . . 18 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 23, 1998 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, 1997 and 1996, 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, 1997 and 1996, 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, 1997 and (2) reportable transactions for the year ended December 31, 1997, 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 1997 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 5, 1998 - 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, l997 AND 1996 1997 1996 ------------ ------------ (Dollars in Thousands) ASSETS: Investments, at fair value (Note A): Value of interest in General Motors Savings Plans Master Trust (Note C) $2,082,584 $1,605,783 Mutual funds 1,513,281 823,411 Common and collective trust - Fixed Income Fund 74,713 338,676 Participant loans 412,622 349,846 --------- --------- 4,083,200 3,117,716 Investments, at contract value (Note A)- Investment contracts 2,029,841 1,741,340 --------- --------- Total investments 6,113,041 4,859,056 --------- --------- Accrued investment income 9,978 7,647 --------- --------- Total assets 6,123,019 4,866,703 LIABILITIES: Due to brokers for securities purchased 4,443 2,287 --------- --------- NET ASSETS AVAILABLE FOR BENEFITS $6,118,576 $4,864,416 ========= ========= 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, 1997 AND 1996
1997 1996 ------------ ------------- (Dollars in Thousands) ADDITIONS: Investment income: Net appreciation in fair value of mutual fund investments $123,797 $38,469 Dividends 116,809 59,949 Interest 148,628 130,572 Net investment earnings from the General Motors Savings Plans Master Trust (Note C) 411,575 220,190 --------- --------- Total investment income 800,809 449,180 --------- --------- Contributions: Employer 2,970 1,733 Participants 650,749 602,428 --------- --------- Total Contributions 653,719 604,161 --------- --------- Total additions 1,454,528 1,053,341 DEDUCTIONS - DISTRIBUTIONS TO PARTICIPANTS (200,368) (187,600) --------- --------- NET INCREASE 1,254,160 865,741 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 4,864,416 3,998,675 --------- --------- End of year $6,118,576 $4,864,416 ========= ========= 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, 1997 AND 1996 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 full-time and part-time employees may participate and accumulate savings under the Plan on the first day of the first pay period 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 20% 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. Effective April 1, 1997, employees may also contribute to the Plan on an after tax basis. EMPLOYER CONTRIBUTIONS - For certain employees hired on or after January 1, 1994, the Corporation contributes an amount equal to a certain percent (based on local units competitive hire agreement) 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 after-tax savings may be withdrawn at any time, however, 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 (the "IRS"). 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. Each unit represents a proportionate interest in all of the assets of the respective GM Common Stock Funds. The number of units credited to each particpant's account within an applicable plan will be determined by the amount of the participant's contributions and the purchase price of a 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. The return on a particpant's investment is based on the value of units, which, in turn, is determined by the market price of the GM 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. 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. 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. 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
The annual rates of return, maturity dates, issuing company and investment contract balances at December 31, 1997 and 1996, respectively, are as follows: Contract Contract Value as Value as Annual Rate Maturity of of of Return Date Issuing Company 12/31/97 12/31/96 - ----------- ---------- ----------------- -------------- -------------- (Dollars in Thousands) Variable N/A Metropolitan Life* $347,804 $326,266 Variable 9/01/03 Metropolitan Life* 208,976 111,461 Variable 8/17/98 New York Life 114,048 107,289 6.32% 12/31/97 Principal Mutual 156,185 175,783 Variable N/A Metropolitan Life 343,385 323,173 6.48% 6/30/00 John Hancock 166,567 156,430 6.86% 2/4/02 New York Life 52,778 - 6.39% 1/2/98 New York Life 92,721 102,563 6.55% 12/31/01 New York Life 222,990 209,282 6.39% 1/2/98 New York Life 54,307 59,861 6.13% N/A John Hancock* 89,846 84,346 6.14% 6/30/99 John Hancock 180,234 84,886 --------- --------- Total $2,029,841 $1,741,340 ========= =========
*Individual Separate Account. The average yield on guaranteed investment contracts in the Income Fund was 7.21% and 7.58% for the years ended December 31, 1997 and 1996, respectively. The contract value of investment contracts in the Income Fund approximates fair value as of December 31, 1997 and 1996. Other Investments: 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 five years from the effective date of the split-off. Raytheon Class A Common Stock Fund - Effective December 17, 1997, GM spun-off the defense electronics business of Hughes Electronics, a GM subsidiary (Hughes Defense), to holders of GM $1-2/3 par value and Class H common stock, which was immediately followed by the merger of Hughes Defense with Raytheon Company. In connection with the above transaction, Raytheon Class A common stock was distributed to holders of GM $1-2/3 par value and Class H common stocks. Plan participants holding Class H Common Stock Fund units were allocated approximately .81 units of Raytheon Class A units for each unit of GM Class H held. Plan participants holding GM $1-2/3 par value Common Stock Fund units were allocated approximately .08 units of Raytheon Class A units for each unit of GM $1-2/3 held. The determination of the allocation ratio for units was based on the number of units held in the Plan. Such distribution was recorded as a stock dividend and totaled approximately $314 million of which $172 million and $142 million were distributed to $1-2/3 par value common stockholders and Class H common stockholders, respectively. - 8 - THE GENERAL MOTORS PERSONAL SAVINGS PLAN FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES Such distribution required the addition of the Raytheon Class A Common Stock Fund as an investment option. The Raytheon Class A Common Stock Fund will remain in the Plan through December 31, 2002; however, no further contributions or exchanges from any other investment options into the Raytheon Class A Common Stock Fund will be permitted during that time. Dividends, if any paid on Raytheon Class A Common Stock held by the Plan will be invested in an Income Fund investment option prior to allocation to participant's accounts. Assets held in this fund are expressed in terms of units and not shares of stock. Each unit represents a proportionate interest in all of the assets of this 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. The return on a participant's investment is based on the value of units, which, in turn, is determined by the market price of the Raytheon Class A Common Stock, the amount of any dividends paid thereon, and by interest earned on short-term investments held by the fund. 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 provisions of the Plan 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: oThe financial statements of the Plan are prepared under the accrual method of accounting. oInvestments 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. oSecurity transactions are recorded on the trade date. oInvestment income is recognized as earned based on the terms of the investments and the periods during which the investments are owned by the Plan. oCertain 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 six 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, the Balanced Fund, and the Raytheon Class A Common Stock 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 six 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, 1997 and 1996, the Plan had approximately a 25% and 22% 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, 1997 and 1996 are summarized as follows (dollars in thousands):
ASSETS: 1997 1996 Investments, at fair value: --------- --------- Common Stock: General Motors $1-2/3 par value $4,219,576 $4,237,497 General Motors Class H, $0.10 par value 225,418 389,506 EDS Common Stock, $0.10 par value 460,532 632,206 Raytheon Class A Common Stock 360,087 - Other Corporate 15,110 12,440 U.S. Government Securities 2,913 1,875 Common and collective trust 3,167,494 2,063,946 Cash 51,835 79,952 --------- --------- Total investments 8,502,965 7,417,422 Receivables: Due from broker for investments sold 2,664 2,081 Accrued investment income 4,791 1,633 ------ ------- Total receivables 7,455 3,714 --------- ------- Total assets $8,510,420 $7,421,136 ========= ========= Liabilities - Due to broker for securities purchased 8,553 49 --------- --------- Net assets available for benefits $8,501,867 $7,421,087 ========= ========= The total investment earnings of all participating plans in the Master Trust for the years ended December 31, 1997 and 1996 is summarized as follows (dollars in thousands): 1997 1996 --------- --------- Interest $4,273 $5,651 Dividends 148,332 145,877 Stock dividend 314,280 - Net appreciation in fair value of investments: Common stocks 658,340 192,900 U.S. Government securities 303 78 Common and collective trust 703,360 365,828 Registered investment company 8,321 6,410 ---------- --------- Total net appreciation in fair value of investments 1,370,324 565,216 ---------- --------- Total investment earnings $1,837,209 $716,744 ========== =========
- 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, 1997 and 1996. Mutual fund investment options which individually comprise less than 5% of the Plan's total net assets available for benefits have been combined.
1997 1996 ------------ ----------- (Dollars in Thousands) Participant Contributions: Master Trust $181,084 $172,456 Income Fund 297,140 287,528 Mutual funds 172,525 142,444 ------- ------- Total $650,749 $602,428 ======= ======= Employer Contributions: Master Trust $2,970 $1,733 ======= ======= Investment income: Interest and Dividends Master Trust $ 36,118 $ 36,093 Income Fund 142,674 126,812 Mutual funds 122,763 63,709 ------- ------- Total $301,555 $226,614 ------- ------- Net appreciation in fair value of investments Master Trust $375,457 $184,097 Mutual funds 123,797 38,469 ------- ------- Total 499,254 222,566 ------- ------- Total investment income $800,809 $449,180 ======= ======= Distribution to participants: Master Trust ($74,351) ($58,220) Income Fund (99,421) (108,343) Mutual funds (19,609) (15,717) Participant loans (6,987) (5,320) ------- ------- Total ($200,368) ($187,600) ======= =======
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 August 1997, the Plan was determined by the 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'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, 1997
GENERAL MOTORS SAVINGS PLANS MASTER TRUST ------------------------------------------------------------------------------------ GM GM Raytheon $1-2/3 Par Class H EDS Class A Common Stock Common Stock Common Stock Balanced Equity Index Common Stock Fund Fund Fund Fund Fund Fund ----------- ----------- ---------- --------- ------------ ------------- (Units in Thousands) Quarter ended March 31 Plan number of units outstanding 6,670 82 69 2,265 42,057 Net asset value per unit $133.39 $150.84 $105.41 $14.30 $17.38 Quarter ended June 30 Plan number of units outstanding 6,691 85 68 2,333 43,305 Net asset value per unit $134.08 $159.56 $107.05 $15.62 $20.42 Quarter ended September 30 Plan number of units outstanding 5,820 78 64 2,471 45,886 Net asset value per unit $160.89 $181.52 $92.78 $16.49 $21.95 Quarter ended December 31 Plan number of units outstanding 6,307 112 62 2,495 46,514 587 Net asset value per unit $145.83 $103.75 $114.66 $16.37 $22.58 $89.89
- 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, 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 $123.28 $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
- 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, 1997
Current Description of Investment Cost Value - ------------------------------------------------ -------------- ------------- Value of Interest in General Motors *Savings Plans Master Trust $1,445,923 $2,082,584 Fixed Income Fund 74,713 74,713 *Loan Fund - 412,622 *Fidelity Mutual Funds: ---------------------------- Fidelity 33,221 34,849 Puritan 42,115 44,884 Trend 3,442 2,974 Magellan 117,278 128,046 Contra Fund 143,924 150,632 Equity Income 70,841 76,666 Growth Company 43,249 43,454 Investment Grade 9,259 9,436 Growth & Income 130,899 145,002 Value 59,682 58,215 Government Securities 7,409 7,544 Retirement Growth 15,097 14,282 OTC Portfolio 33,117 31,321 Overseas 18,140 17,167 Europe 16,027 16,873 Pacific Basin 6,973 5,895 Real Estate 19,930 21,491 Balanced Fund 15,066 15,278 International Growth & Income 5,551 5,353 Capital Appreciation 10,305 9,586 Convertible Securities 3,867 3,722 Canada 1,965 1,744 Utilities 12,118 12,528 Blue Chip 161,881 179,654 Asset Manager 11,904 12,640 Disciplined Equity 13,929 14,199 Low-Priced Stock 45,185 48,173 Worldwide 20,007 18,829 Equity Income II 112,095 119,825 Stock Selector 23,780 24,448 Asset Manager - Growth 14,623 15,109 Emerging Growth Fund 7,188 6,391 Diversified International 12,628 12,762 Asset Manager - Income 3,479 3,523 Dividend Growth 103,624 107,736 Fidelity Exp & Multinational Fund 29,143 27,792 Fidelity Global Balanced 814 840 Fidelity Small Cap Stock 24,945 25,723 Fidelity Mid Cap Stock 11,002 11,180 Freedom Income Fund 1,398 1,428 Freedom 2000 Fund 3,558 3,716 Freedom 2010 Fund 7,972 8,443 Freedom 2020 Fund 2,957 3,118 Freedom 2030 Fund 1,994 2,085 Fidelity International Bond 1,615 1,593 Fidelity Fifty 7,398 7,132 ------------- ------------- Total Mutual Funds $1,442,594 $1,513,281 ============= =============
- 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, 1997 Concluded
Current Description of Investment Cost Value - --------------------------------------------------------------- -------------- ------------- Investment Contracts: Maturity Issuing Company Date Contract Rate ------------------ ---------- ----------- ------- Principal Mutual 12/31/97 GA405451 6.32% $156,185 $156,185 Metropolitan Life N/A GA13653 Variable 347,804 347,804 Metropolitan Life N/A GAC24597 Variable 343,385 343,385 Metropolitan Life 9/1/03 GA13635 Variable 208,976 208,976 New York Life 8/17/98 GA30331 Variable 114,048 114,048 New York Life 12/31/01 GA30331002 6.55% 222,990 222,990 New York Life 1/2/98 GA06363002 6.39% 54,307 54,307 New York Life 1/2/98 GA06363003 6.39% 92,721 92,721 New York Life 2/4/02 GA30331003 6.86% 52,778 52,778 John Hancock 6/30/00 GA8504 6.48% 166,567 166,567 John Hancock N/A GA7921SA86 6.13% 89,846 89,846 John Hancock 6/30/99 GAC7878SA85 6.14% 180,234 180,234 --------- --------- Total Investment Contracts 2,029,841 2,029,841 --------- --------- Total Investments $4,993,071 $6,113,041 ========= ========= *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, 1997 (Dollars in Thousands)
Purchases Sales --------- --------------------------------------- Identity of Purchase Sales Original Net Gain Party/Broker Description of Asset Price Price Cost (Loss) - ------------ -------------------------------- --------- ------- ------------ ------------ SERIES REPORTABLE TRANSACTIONS ------------------------------------------ State Street Bank Fixed Income Fund and Trust (131 purchases, 143 sales) $803,747 $965,291 $965,291 $- SINGLE REPORTABLE TRANSACTIONS ------------------------------ State Street Bank Fixed Income Fund and Trust Co. (1 purchase) $268,291 $- $268,291 $- State Street Bank Fixed Income Fund and Trust Co. (1 sale) $- 166,654 166,654 $-
- 17 - EX-23 2 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, 1997. s/DELOITTE & TOUCHE LLP DELOITTE & TOUCHE LLP Detroit, Michigan June 23, 1998 - 18 - -----END PRIVACY-ENHANCED MESSAGE-----