-----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, D6Ew6f0WdBGa2wxc1Ib9RV7y9KAPk1GXTHqWLNiVVD3rPp3KmYvPsnX9R2WwUs/y EAvj/yPLp8njDtTK7OKsBA== 0000040730-99-000061.txt : 19990624 0000040730-99-000061.hdr.sgml : 19990624 ACCESSION NUMBER: 0000040730-99-000061 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990623 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: 99650539 BUSINESS ADDRESS: STREET 1: 100 RENAISSANCE CTR CITY: DETROIT STATE: MI ZIP: 48265-1000 BUSINESS PHONE: 3135565000 MAIL ADDRESS: STREET 1: 3044 W GRAND BOULEVARD CITY: DETROIT STATE: MI ZIP: 48202-3091 11-K 1 GMAC PENSION PLAN 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, 1998 ----------------- OR TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE - --- ACT OF 1934 For the transition period from to --------------------- --------------------- Commission file number 33-10665 -------- THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN ----------------------------------- (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 GMAC Mortgage Corporation Savings Incentive Plan: Independent Auditors' Report ............................ 3 Statements of Net Assets Available for Benefits, December 31, 1998 and 1997 ............................ 4 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1998 and 1997 5 Notes to Financial Statements ........................... 6 Supplemental schedules at December 31, 1998 and for the year then ended: Item 27a-Schedule of Assets Held for Investment Purposes, December 31, 1998.......................... 25 Item 27d-Schedule of Reportable Transactions for the Year Ended December 31, 1998......................... 27 (b) EXHIBIT ------- Exhibit 23 - Consent of Independent Auditors ................ 28 SIGNATURE The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN ----------------------------- (Name of Plan) Date June 23, 1999 By ------------- /s/Dennis W. Sheehan ----------------------------- (Dennis W. Sheehan, Managing Director and Chief Financial Officer, GMAC Mortgage Group, Inc.) - 2 - INDEPENDENT AUDITORS' REPORT - ---------------------------- To the Trustees and Participants of The GMAC Mortgage Corporation Savings Incentive Plan Horsham, Pennsylvania We have audited the accompanying statements of net assets available for benefits of The GMAC Mortgage Corporation Savings Incentive Plan (the "Plan") as of December 31, 1998 and 1997, 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, 1998 and 1997, 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, 1998 and (2) reportable transactions for the year ended December 31, 1998 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information by fund in the statements of net assets available for benefits included in the financial statements and the statements of changes in net assets available for benefits included in the notes to the financial statements is presented for the purpose of additional analysis rather than to present the net assets available for benefits and changes in net assets available for benefits of the individual funds. The supplemental schedules and supplemental information by fund is the responsibility of the Plan's management. Such supplemental schedules and supplemental information by fund have been subjected to the auditing procedures applied in our audits of the basic 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 May 21, 1999 - 3 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, DECEMBER 31, 1998 and 1997. 1998 1997 ----------- ----------- Investments: Fidelity Growth & Income Fund $39,461,334 $26,091,988 Fidelity Magellan Fund 19,516,469 10,840,157 Fidelity Managed Income Fund 19,448,903 17,561,281 Fidelity Contrafund 16,814,738 10,051,039 Fidelity Asset Manager Fund 11,087,508 8,358,365 Fidelity Retirement Government Money Market Fund 7,119,306 3,025,022 Fidelity Overseas Fund 3,115,533 2,070,312 Fidelity OTC Portfolio Fund 2,939,290 962,804 Fidelity Puritan Fund 1,724,204 602,710 Fidelity Small Cap Stock Fund 1,735,418 1,074,633 Fidelity Ginnie Mae Fund 1,685,173 1,075,610 Fidelity Freedom Income Fund 245,235 5,339 Fidelity Freedom 2000 Fund 350,264 30,584 Fidelity Freedom 2010 Fund 958,607 147,950 Fidelity Freedom 2020 Fund 824,053 255,749 Fidelity Freedom 2030 Fund 1,003,177 326,766 General Motors Unitized Stock Fund 31,010,764 21,738,980 First Union Financial Corp. Common Stock 1,436,030 1,828,832 Raytheon Class A Stock Fund 1,025,514 1,119,985 Loans Receivable 4,410,987 3,661,406 ---------- ----------- TOTAL INVESTMENTS 165,912,507 110,829,512 Dividends Receivable - 11,359 ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $165,912,507 $110,840,871 =========== =========== See Notes to Financial Statements. - 4 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1998 and 1997. 1998 1997 ----------- ----------- Interest and dividends $8,287,865 $5,966,572 ----------- ----------- Net appreciation in the fair value of investments 18,039,486 10,696,223 ----------- ----------- Contributions: Employee 16,762,249 9,614,224 Employer 7,509,976 4,864,570 ----------- ----------- Total contributions 24,272,225 14,478,794 ----------- ----------- Distributions to participants (7,793,345) (4,858,024) Transfer from Wells Fargo 6,472,238 - ----------- ----------- Rollovers 5,793,167 4,169,378 ----------- ----------- Increase in net assets available for benefits during the year 55,071,636 30,452,943 Net assets available for benefits at beginning of year 110,840,871 80,387,928 ----------- ----------- Net assets available for benefits at end of year $165,912,507 $110,840,871 =========== =========== See Notes to Financial Statements. - 5 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 - ----------------------------------------------------------------------------- 1. INFORMATION CONCERNING THE PLAN The GMAC Mortgage Corporation Savings Incentive Plan (the "Plan") was adopted by action of the Board of Directors of GMAC Mortgage Corporation (the "Company") on April 30, 1986. The Plan was amended and restated effective January 1, 1998, primarily to clarify existing plan features and to effect administrative changes. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended. The Plan is a defined contribution plan with a cash or deferred arrangement for employees of the Company, its participating subsidiaries and any related entities electing to adopt the Plan. The employees may elect to participate and must meet certain eligibility requirements. Subsidiaries or related entities participating in the Plan include: GMAC Mortgage Corporation of PA ("GMAC Mortgage") GMAC Residential Funding Corporation ("GMAC-RFC") GMAC Commercial Mortgage Corporation ("GMAC Commercial Mortgage") - 6 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN Acquisitions by the Company and subsidiaries affecting the Plan:
Acquisition Acquisition # of Type of Plan Year Entity Acquired Date Type Employees Transfer (1,2) Amount (3) Affected (4) - ------------------------------------------------------------------------------------------------------------------ 1998 GMAC Mortgage Wells Fargo Company 06/01/1998 Net Assets 350 Trust to Trust $6,472,000 Better Homes & Gardens Real Estate Services Company 07/01/1998 Net Assets 130 Rollover Argonaut Relocation Services Company 10/01/1998 Net Assets 120 Rollover GMAC-RFC Main America Capital Company 06/05/1998 Net Assets 16 Rollover GMAC Commercial Mortgage McCracken Financial Services 06/01/1998 Net Assets 44 Rollover GMAC Mortgage 1999 Carlson Real Estate Company (6) 12/03/1998 Stock 230 Trust to Trust 637,000 Norwood Real Estate Company (6) Net Assets Landry, Lyons & Whyte Company (6) Net Assets Morrell & Associates Company 12/14/1998 Stock 38 Trust to Trust 195,000 DiTech Funding Corp. 04/01/1999 Net Assets 638 (5) GMAC-RFC Capstead, Inc. 12/31/1998 Net Assets 291 Rollover Triad Financial Services, Inc. 03/01/1999 Net Assets 218 Rollover American Financial Consultants LLC 05/01/1999 Net Assets 64 Rollover GMAC Commercial Mortgage Newman and Associates Company 07/01/1998 Stock 60 Trust to Trust 926,000 See Notes on next page.
- 7 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN Notes: (1) Trust to Trust transfers involve mapping the funds from the former entity's plan to the Company's current plan. Funds are directly transferred from the former entity's trustee to the Company's trustee. (2) Rollovers afford the former entity's plan participants the opportunity to roll their funds into the Company's Plan. Participants are eligible to rollover to the Company's Plan as of the entity's acquisition date. In all types of transfers, employees of the former entity are vested in accordance with the Plan's vesting schedule and their original dates of hire, except where noted. (3) Approximate amount of assets to be transferred in a Trust to Trust transfer is noted above. No amount is disclosed for Rollovers as participants are not required to roll funds over to the Plan. (4) Acquisitions affecting the 1998 plan year are included in the current year activity noted within the statement of changes of net assets available for benefits. (5) Prior to their acquisition by the Company, DiTech Funding Corporation employees did not participate in a 401(k) plan. Upon acquisition, employees of the former DiTech Funding Corporation were eligible for participation in the Company's Plan. Employees will be vested in accordance with the Plan's vesting schedule and their original dates of hire. (6) Former employees of Carlson Real Estate Company, Norwood Real Estate Company and Landry, Lyons & Whyte Company are vested in accordance with their former plan's vesting schedule and their original dates of hire. The Plan is sponsored and administered by the Company. At December 31, 1998 and 1997, all assets were held in trust at Fidelity Management Trust Company, Inc. A general description of the Plan provisions is incorporated in the notes which follow. A Summary Plan Description, providing a more extensive description of Plan provisions, has been published and is available to participants in the Plan. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the plan are prepared on the accrual method of accounting. The significant accounting policies followed in the preparation of the accompanying financial statements are as follows: . Investment transactions are recorded on the trade date and investment balances are stated at fair value. Assets are invested in common stocks, mutual funds and pooled separate accounts are carried at quoted market price. Participant loans are valued at cost, which approximates fair value. . Net appreciation in fair value of investments is computed based on the fair value of investments at the beginning of the Plan year. - 8 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN . Dividends and interest are included in income when earned based on the term of the investments and the periods during which the investments are owned by the Plan. . Balances in the loan fund are carried at the principal balance outstanding. . Distributions are recorded when paid. . The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. 3. CONTRIBUTIONS TO THE PLAN Annual additions to an Employee's account are subject to certain limitations imposed by the Plan. Employees may elect to contribute to the Plan on a pre-tax basis, in even multiples of 1% of base compensation, up to 12% of compensation (subject to a limit of $10,000 and $9,500 for the years ended December 31, 1999 and 1997, respectively). The Employee contribution limitation is evaluated annually to determine if an adjustment for cost of living increases to the extent permitted by the Internal Revenue Code of 1986, as amended (the "Code"). Effective July 1, 1997, the contribution level was increased from 9% to 12%. The Company will match an Employee's contribution in cash up to 6% of compensation, to an annual limit of $3,000. Employer contributions are made to the General Motors Unitized Stock Fund. Based on the Employee's election, employee contributions can be directed to any of several investment funds or options (see Note 7). Participants may elect to change contribution elections daily and are permitted to change allocations among funds or transfer balances between funds, in 1% increments daily. 4. VESTING Two pre-tax basis accounts are maintained for each participating Employee. The Salary Reduction Account consists of a participant's contributions and is fully vested. The Matching Account consists of the Company's contributions. A participant's Matching Account vested balance is 20% after one year of credited service and increases 20% per year thereafter until fully vested. While the Company has not expressed any intent to terminate the Plan, it may do so at any time. In the event of termination of the Plan, each participant's Matching Account becomes fully vested to the extent of the amount in the participant's Matching Account. - 9 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN 5. DISTRIBUTIONS Participants may withdraw their vested assets at any time after termination of employment. Prior to termination of employment, the assets may only be withdrawn because of disability or financial hardship. Participants may elect to receive their withdrawal in either a lump-sum payment, by purchase of various annuities or over various periods of time. Participants may also elect a distribution of shares of stock to the extent shares have been credited to their account. Participants also have the option of borrowing against their vested balances in an amount up to 50% of the participant's accrued vested benefit as determined on the valuation date, or $50,000, whichever is less (see Note 8). 6. FORFEITURES Participant forfeitures are utilized to reduce subsequent Company contributions. Upon termination, the nonvested portion of the participant's Matching Account is forfeited. 7. INVESTMENT FUNDS OR OPTIONS Participants can direct the Plan Trustee to make investments of Employee contributions in the Investment Options described below: Fidelity Growth & Income Fund - The fund seeks long-term capital growth, current income and growth of income consistent with reasonable investment risk. It invests in common stocks, securities convertible into common stocks, preferred stocks and fixed income securities. Fidelity Magellan Fund - The fund seeks long-term capital appreciation by investing in stocks of both well-known and lesser-known companies with potentially above-average growth potential and a correspondingly higher level of risk. Securities may be of foreign, domestic and multinational companies. Fidelity Managed Income Fund - The fund seeks to preserve capital and provide a competitive level of income over time. It purchases high-quality, short- and long-term investment contracts issued by insurance companies, banks and other approved financial institutions. Fidelity Contrafund - The fund seeks long-term capital appreciation by investing mainly in the securities of companies believed to be out of favor or undervalued. The fund invests in common stocks and securities convertible into common stock, but it may purchase other securities that may produce capital appreciation. Fidelity Asset Manager Fund - The fund seeks a high total return with reduced risk over the long term by allocating its assets among domestic and foreign equities, bonds and short-term instruments. Fidelity Retirement Government Money Market Fund - The fund seeks as high a level of current income as is consistent with the preservation of principal and liquidity. It invests in obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and in repurchase agreements secured by the obligations. - 10 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN Fidelity Overseas Fund - The fund seeks long-term capital growth primarily through investments in foreign securities. Investments may include common stock, securities convertible to common stock and debt instruments. Due to currency fluctuations and the political and economic uncertainties associated with foreign investments, the risks and potential rewards relating to this fund are greater than funds which purchase U.S. investments. Fidelity OTC Portfolio Fund - The fund seeks capital appreciation by investing mainly in equity securities traded on the over-the-counter market. Fidelity Puritan Fund - The fund seeks high income with preservation of capital and the potential for growth of capital. It invests in a broadly diversified portfolio of high-yielding equity and debt securities. Fidelity Small Cap Stock Fund - The fund seeks capital appreciation by investing mainly in equity securities of companies with small market capitalization believed to be undervalued compared to others in their industry. The fund may also invest in all types of equity securities and may invest a portion of its assets in the stock of companies with larger capitalization. Fidelity Ginnie Mae Fund - The fund seeks a high level of current income by investing primarily in Government National Mortgage Association (Ginnie Mae) securities and other securities that are guaranteed by the full faith and credit of the U.S. Government and private issuers. Assets not invested in Ginnie Maes may be invested in any type of U.S. or foreign debt or other income producing investments. Fidelity Freedom Funds - These funds provide investment diversity based on the projected years to retirement. A participant can choose the fund tailored to their retirement specification. These funds eliminate the need for the investor to determine the asset allocation. Five Fidelity Freedom Funds are included in the plan. Fidelity Freedom Income Fund, Fidelity Freedom 2000, Fidelity Freedom 2010, Fidelity Freedom 2020, and Fidelity Freedom 2030. General Motors Unitized Stock Fund - The objective is to provide a General Motors Stock investment option that can be traded and accessed with the same frequency and timeliness as a Fidelity mutual fund. This fund is primarily comprised of GM Common Stock and a small percentage of cash and/or other liquid investments (usually 1-3%). The availability of the cash makes it possible to trade shares of GM Common Stock without waiting the mandatory five-day settlement period. During 1998 and 1997, contributions to each participant's Matching Account are invested in the GM Unitized Stock Fund. First Union Financial Corp. Common Stock (formerly CoreStates Financial Corp. Common Stock) - The option is the residual of the former Colonial Companies Savings Incentive Plan (which became the Plan in 1986). Activity is limited to the reinvestment of earnings and participant distributions. - 11 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN Raytheon Stock Fund - Effective December 17, 1997, GM spun-off the defense electronics business of Hughes Electronics, a GM subsidiary (Hughes Defense), to holders of $1-2/3 par 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 exchange 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. This exchange required the addition of Raytheon Common Stock Fund which will remain as an investment option through December 31, 2002; however, no further contributions or exchanges from any other investment options into the Raytheon Common Stock Fund will be permitted during that time. Dividends, if any, paid on Raytheon Class A Common Stock held 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 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 any interest earned on short-term investments held by the fund. - 12 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN The number of participants in each Investment Fund or Option as of December 31, 1998 and 1997 is shown below. The sum of participation by Investment Fund or Option is greater than the total number of Plan participants because participation is allowed in more than one fund or option. Option 1998 1997 ------ ---- ---- Fidelity Growth & Income Fund 3,509 2,551 Fidelity Magellan Fund 2,698 1,772 Fidelity Managed Income Fund 1,372 1,391 Fidelity Contrafund 2,128 1,564 Fidelity Asset Manager Fund 1,330 1,192 Fidelity Retirement Government Money Market Fund 3,472 687 Fidelity Overseas Fund 963 706 Fidelity OTC Portfolio Fund 702 316 Fidelity Puritan Fund 633 230 Fidelity Small Cap Stock Fund 683 325 Fidelity Ginnie Mae Fund 488 324 Fidelity Freedom Income Fund 39 7 Fidelity Freedom 2000 Fund 69 7 Fidelity Freedom 2010 Fund 191 34 Fidelity Freedom 2020 Fund 230 44 Fidelity Freedom 2030 Fund 255 47 GM Unitized Stock Fund 4,874 3,471 First Union Financial Corp. Common Stock 22 23 Raytheon Common Stock Fund 2,889 3,425 - 13 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN The number of units credited to participants, including non-vested, and the net asset value (NAV) of each unit at December 31, 1998 and 1997 are as follows: 1998 1997 Number NAV Per Number NAV Per of Units Unit of Units Unit -------- ------- -------- ------- Investment Fidelity Growth & Income Fund 860,849 $45.840 684,829 $38.100 Fidelity Magellan Fund 161,533 120.820 113,784 95.270 Fidelity Managed Income Fund 19,448,903 1.000 17,561,281 1.000 Fidelity Contrafund 296,086 56.790 215,549 46.630 Fidelity Asset Manager Fund 637,580 17.390 455,497 18.350 Fidelity Retirement Gov't Money Market Fund 7,119,306 1.000 3,024,042 1.000 Fidelity Overseas Fund 86,591 35.980 63,624 32.540 Fidelity OTC Portfolio Fund 67,369 43.630 28,783 33.450 Fidelity Puritan Fund 85,910 20.070 31,100 19.380 Fidelity Small Cap Stock Fund 122,299 14.190 67,460 15.930 Fidelity Ginnie Mae Fund 154,745 10.890 98,770 10.890 Fidelity Freedom Income Fund 21,935 11.180 503 10.620 Fidelity Freedom 2000 Fund 28,407 12.330 2,721 11.240 Fidelity Freedom 2010 Fund 72,076 13.300 12,656 11.690 Fidelity Freedom 2020 Fund 59,072 13.950 21,437 11.930 Fidelity Freedom 2030 Fund 72,223 13.890 27,253 11.990 GM Unitized Stock Fund 2,003,279 15.480 1,705,018 12.750 First Union Financial Corp. Common Stock 23,614 60.810 22,718 80.500 Raytheon Common Stock Fund 93,912 10.920 107,691 10.400 - 14 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN 8. LOANS RECEIVABLE FROM PARTICIPANTS Active participants in the Plan are generally eligible to borrow from the Plan up to the lesser of $50,000 or 50% of the participant's vested account balance. Interest on participant loans is determined by the Plan Administrator based on rates offered by commercial lenders for similar type loans. Loan repayments are in level monthly installments over a term not to exceed five years. Loans are funded through the liquidation of the participant's related investments. Repayments of principal are reinvested based upon the participant's current investment options. During the year ended December 31, 1998, there were approximately $2,746,000 and $1,949,000 of new borrowings and principal repayments, respectively. At December 31, 1998, there were 818 loans outstanding with an average balance and interest rate of $5,392 and 9.76%, respectively. At December 31, 1997, there were 667 loans outstanding with an average balance and interest rate of $5,489 and 9.51%, respectively. Two of the employees of the Company who serves on the Pension Committee also have outstanding loans receivable. Loan activity for these individuals for the years ended December 31, 1998 and 1997 is as follows: 1998 1997 ---- ---- New Loans $31,000 $24,000 Principal Repayments 43,274 10,294 Average Balance at December 31 16,165 8,026 Average Rate 9.875% 9.667% 9. TAX STATUS The Plan obtained its latest determination letter on July 13, 1995 in which the Internal Revenue Service stated that the Plan, subject to the adoption of several technical amendments, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan adopted the technical amendments on August 9, 1995 to comply with the requirements noted in the letter. Therefore, no provision for income taxes has been included in the Plan's financial statements. Temporary employees do not normally qualify for benefits due to the expected tenure of their employment. However, from 1993 to 1996, certain temporary employees qualified for Plan benefits as a result of working in excess of 1,000 hours for the eligibility computation period. Due to an administrative error, these employees were not given the opportunity to participate in the Plan. As a result, the Company has filed for relief with the IRS under the Standardized Voluntary Compliance Resolution Procedure ("SVP") and will make contributions required to obtain relief under SVP. The Company has developed an estimate of the potential additional contributions which are not material to the Plan. - 15 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN 10. RELATED PARTY TRANSACTIONS Advisory, auditing and accounting services are paid for by the Company on behalf of the Plan. Costs for such outside services amounted to approximately $247,000 and $167,000 during the years ended December 31, 1998 and 1997, respectively. The administrative expenses relating to the funds are paid directly by the participants from the fund's assets and are factored into the net asset value. The Plan has invested in common stock of General Motors Corporation ("GM"), the indirect parent of the Company. See Note 7 for certain financial information. During the years ended December 31, 1998 and 1997, the Plan had the following GM stock transactions: 1998 1997 ---- ---- Total dollar amount of purchases $11,460,372 $6,022,831 Total dollar amount of sales 7,578,507 3,311,504 11. SCHEDULE OF INVESTMENTS EXCEEDING 5% OF NET ASSETS
Description Market Identity of Issue of Investment Cost Value Fidelity Management Trust Company, Inc. Growth and Income Fund Growth and Income Fund $27,784,482 $39,461,334 Magellan Fund Growth Fund 14,774,346 19,516,469 Managed Income Fund Stable Value Fund 19,448,903 19,448,903 Contrafund Growth Fund 13,514,533 16,814,738 Asset Manager Fund Asset Allocation Fund 10,819,024 11,087,508 General Motors Unitized Stock Fund Common Stock Fund 21,317,889 31,010,764
- 16 - 12. STATEMENT OF CHANGES IN NET ASSETS BY FUND THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND FOR THE YEAR ENDED DECEMBER 31, 1998
SUPPLEMENTAL INFORMATION ---------------------------------------------------------------- FIDELITY FIDELITY FIDELITY GROWTH & FIDELITY MANAGED ASSET INCOME MAGELLAN INCOME FIDELITY MANAGER TOTALS FUND FUND FUND CONTRAFUND FUND ----------- ----------- ---------- --------- ---------- ----------- Interest and dividends $8,287,865 $2,135,093 $857,760 $1,104,871 $1,269,112 $1,996,661 ----------- ----------- ----------- ----------- ----------- ---------- Net appreciation (depreciation) in fair value of investments 18,039,486 6,067,278 3,595,268 - 2,437,099 (517,370) ----------- ----------- ----------- ----------- ----------- ---------- Contributions: Employee 16,762,249 4,149,019 2,578,584 974,700 2,409,525 1,025,085 Employer 7,509,976 (10,805) (21,732) (1,459) (10,239) (296) ----------- ----------- ----------- ----------- ----------- ---------- Total contributions 24,272,225 4,138,214 2,556,852 973,241 2,399,286 1,024,789 ----------- ----------- ----------- ----------- ----------- ---------- Distributions to participants (7,793,345) (1,580,723) (670,546) (1,078,507) (588,128) (425,558) ----------- ----------- ----------- ----------- ----------- ---------- Transfer from Wells Fargo 6,472,238 1,580,339 - 45,065 - 1,080,728 Rollovers 5,793,167 1,269,294 1,231,935 147,355 607,141 160,442 ----------- ----------- ----------- ----------- ----------- ---------- Transfers among investment options - (240,149) 1,105,043 695,597 639,189 (590,549) ----------- ----------- ----------- ----------- ----------- ---------- Increase (decrease) in net assets available for benefits during the year 55,071,636 13,369,346 8,676,312 1,887,622 6,763,699 2,729,143 Net assets available for benefits at beginning of year 110,840,871 26,091,988 10,840,157 17,561,281 10,051,039 8,358,365 ----------- ----------- ----------- ----------- ----------- ---------- Net assets available for benefits at end of year $165,912,507 $39,461,334 $19,516,469 $19,448,903 $16,814,738 $11,087,508 =========== =========== =========== =========== =========== ==========
- 17 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND FOR THE YEAR ENDED DECEMBER 31, 1998 - Continued
SUPPLEMENTAL INFORMATION -------------------------------------------------------------------------------------- FIDELITY RETIREMENT FIDELITY GOVERNMENT FIDELITY OTC FIDELITY FIDELITY FIDELITY MONEY MARKET OVERSEAS PORTFOLIO PURITAN SMALL CAP GINNIE MAE FUND FUND FUND FUND STOCK FUND FUND ----------- ---------- ------------ ------------- ------------ ------------ Interest and dividends $237,167 $70,785 $143,511 $134,891 $67,979 $91,631 ----------- ----------- ----------- ----------- ----------- ----------- Net appreciation (depreciation) in fair value of investments - 185,983 495,938 49,386 (212,779) (2,496) ----------- ----------- ----------- ----------- ----------- ----------- Contributions: Employee 941,055 723,211 490,354 359,620 591,645 272,063 Employer 44,029 (443) (1) (909) (45) (221) ----------- ----------- ----------- ----------- ----------- ----------- Total contributions 985,084 722,768 490,353 358,711 591,600 271,842 ----------- ----------- ----------- ----------- ----------- ----------- Distributions to participants (433,464) (157,533) (68,527) (61,996) (107,735) (265,313) ----------- ----------- ----------- ----------- ----------- ----------- Transfer from Wells Fargo 1,639,312 224,426 561,757 - - 164,495 Rollovers 543,270 90,222 192,166 363,124 221,991 178,626 ----------- ----------- ----------- ----------- ----------- ----------- Transfers among investment options 1,122,915 (91,430) 161,288 277,378 99,729 170,778 ----------- ----------- ----------- ----------- ----------- ----------- Increase (decrease) in net assets available for benefits during the year 4,094,284 1,045,221 1,976,486 1,121,494 660,785 609,563 Net assets available for benefits at beginning of year 3,025,022 2,070,312 962,804 602,710 1,074,633 1,075,610 ----------- ----------- ----------- ----------- ----------- ----------- Net assets available for benefits at end of year $7,119,306 $3,115,533 $2,939,290 $1,724,204 $1,735,418 $1,685,173 =========== =========== =========== =========== =========== ===========
- 18 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND FOR THE YEAR ENDED DECEMBER 31, 1998 - Continued
SUPPLEMENTAL INFORMATION -------------------------------------------------------------------------------------- FIDELITY FIDELITY FIDELITY FIDELITY FIDELITY GENERAL MOTORS FREEDOM FREEDOM FREEDOM FREEDOM FREEDOM UNITIZED INCOME FUND 2000 FUND 2010 FUND 2020 FUND 2030 FUND STOCK FUND ----------- ---------- ------------ ------------- ------------ ------------ Interest and dividends $6,722 $12,776 $39,394 $29,599 $37,418 $18,422 ----------- ----------- ----------- ----------- ----------- ----------- Net appreciation (depreciation) in fair value of investments 4,182 11,245 54,498 80,217 93,823 5,389,919 ----------- ----------- ----------- ----------- ----------- ----------- Contributions: Employee 31,499 52,715 192,683 200,035 184,975 928,023 Employer - - - - 32 7,519,167 ----------- ----------- ----------- ----------- ----------- ----------- Total contributions 31,499 52,715 192,683 200,035 185,007 8,447,190 ----------- ----------- ----------- ----------- ----------- ----------- Distributions to participants (196) (3,639) (4,588) (47,938) (10,067) (1,267,987) ----------- ----------- ----------- ----------- ----------- ----------- Transfer from Wells Fargo 37,347 109,901 213,945 - 267,980 - Rollovers 217 49,559 188,478 134,997 145,197 267,500 ----------- ----------- ----------- ----------- ----------- ----------- Transfers among investment options 160,125 87,123 129,247 171,394 (42,947) (3,583,260) ----------- ----------- ----------- ----------- ----------- ----------- Increase (decrease) in net assets available for benefits during the year 239,896 319,680 810,657 568,304 676,411 9,271,784 Net assets available for benefits at beginning of year 5,339 30,584 147,950 255,749 326,766 21,738,980 ----------- ----------- ----------- ----------- ----------- ----------- Net assets available for benefits at end of year $245,235 $350,264 $958,607 $824,053 $1,003,177 $31,010,764 =========== =========== =========== =========== =========== ===========
- 19 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND FOR THE YEAR ENDED DECEMBER 31, 1998 - Concluded SUPPLEMENTAL INFORMATION --------------------------------------- FIRST UNION RAYTHEON COMMON COMMON LOAN STOCK STOCK FUND FUND ----------- ---------- ----------- Interest and dividends $37,073 $- $- ----------- ----------- --------- Net appreciation (depreciation) in fair value of investments 245,244 62,051 - ----------- ----------- --------- Contributions: Employee - (3,672) 661,130 Employer - (7,102) - ----------- ----------- --------- Total contributions - (10,774) 661,130 ----------- ----------- --------- Distributions to participants (506,214) (56,194) (458,492) ----------- ----------- --------- Transfer from Wells Fargo - - 546,943 Rollovers - 1,653 - ----------- ----------- --------- Transfers among investment options (180,264) (91,207) - ----------- ----------- --------- Increase (decrease) in net assets available for benefits during the year (404,161) (94,471) 749,581 Net assets available for benefits at beginning of year 1,840,191 1,119,985 3,661,406 ----------- ----------- --------- Net assets available for benefits at end of year $1,436,030 $1,025,514 $4,410,987 =========== =========== ========= - 20 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND FOR THE YEAR ENDED DECEMBER 31, 1997
SUPPLEMENTAL INFORMATION ---------------------------------------------------------------- FIDELITY FIDELITY FIDELITY GROWTH & FIDELITY MANAGED ASSET INCOME MAGELLAN INCOME FIDELITY MANAGER TOTALS FUND FUND FUND CONTRAFUND FUND ----------- ----------- ---------- --------- ---------- ----------- Interest and dividends $5,966,572 $1,160,779 $652,471 $1,034,472 $930,676 $719,781 ----------- ----------- ----------- ----------- ----------- ---------- Net appreciation (depreciation) in fair value of investments 10,696,223 4,485,669 1,317,802 - 717,186 756,637 ----------- ----------- ----------- ----------- ----------- ---------- Contributions: Employee 9,614,224 2,579,554 1,410,965 983,608 1,620,209 781,427 Employer 4,864,570 (6,681) (4,474) 46,846 (10,028) (1,810) ----------- ----------- ----------- ----------- ----------- ---------- Total contributions 14,478,794 2,572,873 1,406,491 1,030,454 1,610,181 779,617 ----------- ----------- ----------- ----------- ----------- ---------- Distributions to participants (4,858,024) (1,303,469) (352,246) (1,138,535) (272,026) (260,457) ----------- ----------- ----------- ----------- ----------- ---------- Rollovers 4,169,378 1,018,674 682,010 348,947 478,825 399,031 ----------- ----------- ----------- ----------- ----------- ---------- Transfers among investment options - 921,834 179,977 (2,262,742) 550,409 (299,411) ----------- ----------- ----------- ----------- ----------- ---------- Increase (decrease) in net assets available for benefits during the year 30,452,943 8,856,360 3,886,505 (987,404) 4,015,251 2,095,198 Net assets available for benefits at beginning of year 80,387,928 17,235,628 6,953,652 18,548,685 6,035,788 6,263,167 ----------- ----------- ----------- ----------- ----------- ---------- Net assets available for benefits at end of year $110,840,871 $26,091,988 $10,840,157 $17,561,281 $10,051,039 $8,358,365 =========== =========== =========== =========== =========== ==========
- 21 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND FOR THE YEAR ENDED DECEMBER 31, 1997 - Continued
SUPPLEMENTAL INFORMATION -------------------------------------------------------------------------------------- FIDELITY RETIREMENT FIDELITY GOVERNMENT FIDELITY OTC FIDELITY FIDELITY FIDELITY MONEY MARKET OVERSEAS PORTFOLIO PURITAN SMALL CAP GINNIE MAE FUND FUND FUND FUND STOCK FUND FUND ----------- ---------- ------------ ------------- ------------ ------------ Interest and dividends $127,265 $97,894 $59,376 $43,636 $68,085 $49,370 ----------- ----------- ----------- ----------- ----------- ----------- Net appreciation (depreciation) in fair value of investments - 36,279 (57,364) 34,507 42,224 14,367 ----------- ----------- ----------- ----------- ----------- ----------- Contributions: Employee 597,257 411,629 153,737 85,525 143,215 156,843 Employer (18,315) (1,477) - - 1,233 - ----------- ----------- ----------- ----------- ----------- ----------- Total contributions 578,942 410,152 153,737 85,525 144,448 156,843 ----------- ----------- ----------- ----------- ----------- ----------- Distributions to participants (267,870) (77,136) (4,321) (4,876) (11,581) (15,931) ----------- ----------- ----------- ----------- ----------- ----------- Rollovers 145,042 239,035 145,590 71,863 205,463 140,582 ----------- ----------- ----------- ----------- ----------- ----------- Transfers among investment options 381,031 270,196 665,786 372,055 625,994 263,789 ----------- ----------- ----------- ----------- ----------- ----------- Increase (decrease) in net assets available for benefits during the year 964,410 976,420 962,804 602,710 1,074,633 609,020 Net assets available for benefits at beginning of year 2,060,612 1,093,892 - - - 466,590 ----------- ----------- ----------- ----------- ----------- ----------- Net assets available for benefits at end of year 3,025,022 2,070,312 962,804 602,710 1,074,633 1,075,610 =========== =========== =========== =========== =========== ===========
- 22 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND FOR THE YEAR ENDED DECEMBER 31, 1997 - Continued
SUPPLEMENTAL INFORMATION ------------------------------------------------------------------------------------ FIDELITY FIDELITY FIDELITY FIDELITY FIDELITY GENERAL MOTORS FREEDOM FREEDOM FREEDOM FREEDOM FREEDOM UNITIZED INCOME FUND 2000 FUND 2010 FUND 2020 FUND 2030 FUND STOCK FUND ----------- ---------- ------------ ------------- ------------ ------------ Interest and dividends $85 $1,000 $5,011 $8,692 $10,544 $657,431 ----------- ----------- ----------- ----------- ----------- ----------- Net appreciation (depreciation) in fair value of investments (46) 248 (1,831) (4,314) (4,142) 3,012,202 ----------- ----------- ----------- ----------- ----------- ----------- Contributions: Employee 704 6,850 22,038 23,824 30,915 605,924 Employer - - - - - 4,859,276 ----------- ----------- ----------- ----------- ----------- ----------- Total contributions 704 6,850 22,038 23,824 30,915 5,465,200 ----------- ----------- ----------- ----------- ----------- ----------- Distributions to participants - - - - (111) (820,979) ----------- ----------- ----------- ----------- ----------- ----------- Rollovers 1,530 - 16,096 - 145,283 131,407 ----------- ----------- ----------- ----------- ----------- ----------- Transfers among investment options 3,066 22,486 106,636 227,547 144,277 (4,105,319) ----------- ----------- ----------- ----------- ----------- ----------- Increase (decrease) in net assets available for benefits during the year 5,339 30,584 147,950 255,749 326,766 4,339,942 Net assets available for benefits at beginning of year - - - - - 17,399,038 ----------- ----------- ----------- ----------- ----------- ----------- Net assets available for benefits at end of year $5,339 $30,584 $147,950 $255,749 $326,766 $21,738,980 =========== =========== =========== =========== =========== ===========
- 23 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND FOR THE YEAR ENDED DECEMBER 31, 1997 - Concluded SUPPLEMENTAL INFORMATION --------------------------------------- FIRST UNION FINANCIAL RAYTHEON CORP. COMMON LOAN COMMON STOCK STOCK FUND FUND ----------- ---------- ----------- Interest and dividends $45,251 $- $294,753 ----------- ----------- --------- Net appreciation (depreciation) in fair value of investments 667,075 (320,276) - ----------- ----------- --------- Contributions: Employee - - - Employer - - - ----------- ----------- --------- Total contributions - - - ----------- ----------- --------- Distributions to participants (42,740) - (285,746) ----------- ----------- --------- Rollovers - - - ----------- ----------- --------- Transfers among investment options (123,270) 1,440,261 615,398 ----------- ----------- --------- Increase (decrease) in net assets available for benefits during the year 546,316 1,119,985 624,405 Net assets available for benefits at beginning of year 1,293,875 - 3,037,001 ----------- ----------- --------- Net assets available for benefits at end of year $1,840,191 $1,119,985 $3,661,406 =========== =========== ========= - 24 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN Item 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1998
Current Identity of Issue Description Cost Value - --------------------------------------- --------------------------------------- ----------- ----------- Participant Loans (Interest rates from 7.5% to 11%) $4,410,987 $4,410,987 Fidelity Management Trust Company, Inc. Growth and Income Fund (2) Growth & Income Fund 27,784,481 39,461,334 Fidelity Management Trust Company, Inc. Magellan Fund (2) Growth Fund 14,774,346 19,516,469 Fidelity Management Trust Company, Inc. Managed Income Fund (2) Stable Value Fund 19,448,903 19,448,903 Fidelity Management Trust Company, Inc. Contrafund (2) Growth Fund 13,514,533 16,814,738 Fidelity Management Trust Company, Inc. Asset Manager Fund (2) Asset Allocation Fund 10,819,024 11,087,508 Fidelity Management Trust Company, Inc. Retirement Government Money Market Fund Money Market Fund 7,119,306 7,119,306 Fidelity Management Trust Company, Inc. Overseas Fund International Growth Fund 2,937,264 3,115,533 Fidelity Management Trust Company, Inc. OTC Portfolio Fund Growth Fund 2,485,303 2,939,290 Fidelity Management Trust Company, Inc. Puritan Fund Balanced Fund 1,661,446 1,724,204 Fidelity Management Trust Company, Inc. Small Cap Stock Fund Growth Fund 1,879,837 1,735,418 Fidelity Management Trust Company, Inc. Ginnie Mae Fund Income Fund 1,671,761 1,685,173
-25 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN Item 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES - CONTINUED DECEMBER 31, 1998
Current Identity of Issue Description Cost Value - --------------------------------------- --------------------------------------- ----------- ----------- Fidelity Management Trust Company, Inc. Freedom Income Fund Asset Allocation 240,803 245,235 Freedom 2000 Fund Asset Allocation 342,580 350,264 Freedom 2010 Fund Asset Allocation 908,796 958,607 Freedom 2020 Fund Asset Allocation 757,281 824,053 Freedom 2030 Fund Asset Allocation 928,937 1,003,177 Fidelity Management Trust Company, Inc. General Motors Unitized Stock Fund (1)(2) Common Stock Fund 21,317,889 31,010,764 First Union Financial Corp. Common Stock Common Stock 253,559 1,436,030 Raytheon Corp. Raytheon Class A Common Stock Fund (1) Common Stock Fund 923,208 1,025,514 ---------- ---------- TOTAL $134,180,244 $165,912,507 =========== =========== (1) Party-in-interest (2) Individual investment represents 5% or more of the Plan's net assets.
- 26 - THE GMAC MORTGAGE CORPORATION SAVINGS INCENTIVE PLAN Item 27d-SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1998
Total Total Market Total Dollar Total Dollar Historical Value at Number of Value of Number of Value of Cost Date of Identity of Party Description Purchases Purchases Sales Sales of Asset Transaction Net Gain - -------------------- ------------------ --------- --------- -------- --------- ---------- ----------- --------- SERIES REPORTABLE TRANSACTIONS Fidelity Mgmt. Trust Company. Inc. Managed Income Fund 240 $8,544,792 - - $8,544,792 $8,544,792 - Fidelity Mgmt. Trust Company. Inc. Managed Income Fund - - 222 $6,657,170 6,657,170 6,657,170 - Fidelity Mgmt. Trust Company. Inc. Growth & Income Fund 252 13,068,919 - - 13,068,919 13,068,919 - Fidelity Mgmt. Trust Company. Inc. Growth & Income Fund - - 236 5,766,850 4,452,928 5,766,850 1,313,922 Fidelity Mgmt. Trust Company. Inc. Magellan Fund 249 7,744,350 - - 7,744,350 7,744,350 - Fidelity Mgmt. Trust Company. Inc. Contrafund 248 6,656,521 - - 6,656,521 6,656,521 - General Motors Corp. General Motors Unitized Stock Fund 250 11,460,372 - - 11,460,372 11,460,372 - General Motors Corp. General Motors Unitized Stock Fund - - 250 7,578,507 5,936,782 7,578,507 1,641,725 Fidelity Mgmt. Trust Company. Inc. Retirement Government Money Market Fund 241 7,340,517 - - 7,340,517 7,340,517 -
- 27 - EX-23 2 AUDITOR'S CONSENT EXHIBIT 23 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in Registration Statement No. 333-76433 of General Motors Corporation on Form S-8 of our report dated May 21, 1999 appearing in this Annual Report on Form 11-K of The GMAC Mortgage Corporation Savings Incentive Plan for the year ended December 31, 1998. /s/DELOITTE & TOUCHE LLP DELOITTE & TOUCHE LLP Detroit, Michigan June 23, 1999 - 28 - -----END PRIVACY-ENHANCED MESSAGE-----