<PAGE>
ELECTRONIC DATA SYSTEMS CORPORATION
EDS PUERTO RICO SAVINGS PLAN
FORM 11-K
ANNUAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 1996
FILED PURSUANT TO SECTION 15(d)
OF THE
SECURITIES EXCHANGE ACT OF 1934
<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 11-K
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
- ---
1934
For the fiscal year ended December 31, 1996
-----------------
OR
TRANSITION REPORT PUSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF
- ---
1934
For the transition period from to
------------------------ ---------------------
Commission file number 1-11779
-------
EDS PUERTO RICO SAVINGS PLAN
----------------------------
(Full title of the plan)
Electronic Data Systems Corporation
5400 Legacy Drive
Plano, Texas 75024-3105
---------------------------------------------------
(Name of issuer of the securites held pursuant to
the plan and the address of its principal
executive offices)
Registrant's telephone number, including area code (972) 604-6000
Notices and communications from the Securites
and Exchange Commission relative to this report
should be forwarded to:
H. Paulett Eberhart
Controller
Electronic Data Systems Corporation
5400 Legacy Drive
Plano, Texas 75024-3105
<PAGE>
FINANCIAL STATEMENTS AND EXHIBIT
- --------------------------------
(a) FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES Page No.
----------------------------------------------- --------
EDS Puerto Rico Savings Plan:
Independent Auditors' Report........................................ 3
Basic Financial Statements:
Statements of Net Assets Available for Benefits,
December 31, 1996 and 1995.................................... 4
Statements of Changes in Net Assets Available for
Benefits for the Years Ended December 31,
1996 and 1995................................................. 5
Notes to Financial Statements, December 31,
1996 and 1995................................................. 6
Supplemental schedules:
Line 27 (a) Schedule of Assets Held for
Investment Purposes, December 31, 1996........................ 14
Line 27 (d) Schedule of Reportable Transactions
for the Year Ended December 31, 1996.......................... 15
Supplemental schedules not listed above are omitted as the required information
is not applicable or the information is presented in the financial statements or
related notes.
(b) EXHIBIT
-------
Exhibit 23 Consent of Independent Auditors............................ 16
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the Trustees of the EDS Puerto Rico Savings Plan have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
EDS PUERTO RICO SAVINGS PLAN
----------------------------
(Name of plan)
EDS International Corporation
Plan Administrator
Date June 30, 1997 By
s/ Lester M. Alberthal, Jr.
----------------------------
(Lester M. Alberthal, Jr.,
Chairman of the Board
and Chief Executive Officer)
2
<PAGE>
INDEPENDENT AUDITORS' REPORT
----------------------------
The Trustees
EDS Puerto Rico Savings Plan:
We have audited the accompanying statements of net assets available for benefits
of the EDS Puerto Rico Savings Plan as of December 31, 1996 and 1995, and the
related statements of changes in net assets available for benefits for the years
then ended. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the EDS Puerto
Rico Savings Plan as of December 31, 1996 and 1995, and the changes in net
assets available for benefits for the years then ended in conformity with
generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes and reportable transactions 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 schedules
have been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
KPMG Peat Marwick LLP
Dallas, Texas
May 30, 1997
3
<PAGE>
EDS PUERTO RICO SAVINGS PLAN
Statements of Net assets Available for Benefits
December 31, 1996 and 1995
<TABLE>
<CAPTION>
Assets: 1996 1995
-------- --------
<S> <C> <C>
Investments (note 4:)
Income Fund, primarily at contract value
(cost, 1996 - $4,698
1995 - $4,355) $ 4,698 $ 4,355
EDS Stock Fund, at fair value
(cost, 1996 - $23,339
1995 - $15,272) 22,259 18,923
Vanguard Wellington Fund, at fair value
(cost, 1996 - $31,080
1995 - $28,223) 38,217 33,676
Vanguard U.S. Growth Portfolio, at fair value
(cost, 1996 - $17,614
1995 - $10,942) 21,913 13,325
Vanguard International Growth Portfolio,
at fair value
(cost, 1996 - $13,436
1995 - $13,740) 15,272 14,819
Vanguard Quantitative Portfolios,
at fair value
(cost, 1996 - $12,325
1995 - $9,274) 15,248 10,885
Vanguard Money Market Reserves -
Prime Portfolio, at fair value
(cost, 1996 - $361,750
1995 - $350,714) 361,750 350,714
Vanguard Bond Index Fund, at fair value
(cost, 1996 - $2,051
1995 - $1,668) 2,062 1,728
Vanguard Explorer, at fair value
(cost, 1996 - $48 48 --
1995 - $--)
Loan Fund, at unpaid principal balance,
which approximates fair value 8,320 4,458
-------- --------
Total Assets 489,787 452,883
Refunds Payable (note 2) 30,996 20,417
-------- --------
Net assets available for benefits 458,791 $432,466
======== ========
</TABLE>
See accompanying Notes to Financial Statements.
4
<PAGE>
EDS PUERTO RICO SAVINGS PLAN
Statements of Changes in Net Assets Available for Benefits
For the Years Ended December 31, 1996 and 1995
<TABLE>
<CAPTION>
1996 1995
-------- --------
<S> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair
value of investments (note 4) $ 2,417 $ 16,394
Interest 18,435 18,694
Dividends 6,949 3,335
-------- --------
Total investment income 27,801 38,423
Contributions 34,374 52,514
Roll-overs from other plans -- 51
-------- --------
Total additions 62,175 90,988
Deductions from net assets attributed
to withdrawals (35,850) (3,400)
-------- --------
Net increase 26,325 87,588
Net assets available for benefits at:
Beginning of year 432,466 344,878
-------- --------
End of year $458,791 $432,466
======== ========
</TABLE>
See accompanying Notes to Financial Statements.
5
<PAGE>
EDS PUERTO RICO SAVINGS PLAN
Notes to Financial Statements
December 31, 1996 and 1995
1. Description of Plan
-------------------
The EDS Puerto Rico Savings Plan (the Plan) became effective July 16, 1993,
with employees admitted to the Plan on this date. As used herein, the terms
"EDS", "the Company", and "Employer" refer to EDS International Corporation (a
wholly owned subsidiary of Electronic Data Systems Corporation). On June 7,
1996, General Motors Corporation (GM) effected a split-off (the "Split-off") of
the Company. As a result of the Split-off, (i) Electronic Data Systems
Corporation became an independent, publicly held company and (ii) each
outstanding share of GM Class E common stock was converted into one share of
common stock of Electronic Data Systems Corporation. The Plan was amended to
reflect the changes in EDS' ownership and the conversion of its stock. The
following description of the Plan reflects all Plan amendments as of December
31, 1996 and is provided for general purposes only. Participants should refer to
the Plan document, as amended, for more complete information.
General - The Plan is a qualified profit sharing plan with provisions
pursuant to Section 165 of the Puerto Rico Income Tax Act of 1954, as amended
(ITA), covering eligible employees of the Company. An employee becomes eligible
to participate in the Plan upon the completion of at least one hour of service
with the Employer.
The Vanguard Fiduciary Trust Company (Vanguard) is the asset custodian and
record-keeper for the Plan. Banco Santander is the trustee of the Plan. The
Plan's investment activities are managed by the Vanguard Group of Investment
Companies. The Plan's Investment Committee has responsibility for selecting the
investment funds for employee directed investments.
The Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA), as amended and the Internal Revenue Code, as
amended. The Plan was created to provide additional incentive and retirement
security for eligible employees. The Plan has nine investment funds: the Income
Fund, which is a fixed income fund; the EDS Stock Fund, which consists of EDS
common stock and an immaterial amount of cash invested in a money market
account; the Vanguard Money Market Reserves-Prime Portfolio (Vanguard Money
Market), a short-term investment fixed income fund; the Vanguard Wellington Fund
(Vanguard Wellington), a stock and bond mutual fund; the Vanguard Quantitative
Portfolios (Vanguard Quantitative), a growth and income stock mutual fund; the
Vanguard U.S. Growth Portfolio (Vanguard U.S.), a growth stock mutual fund;
Vanguard International Growth Portfolio (Vanguard International), a growth stock
mutual fund investing in foreign companies; the Vanguard Explorer Fund (Vanguard
Explorer), an aggressive growth stock fund; and the Vanguard Bond Index Fund,
which is an intermediate term bond fund.
All of the administrative expenses of the Plan are paid by the Company with
the exception of loan application fees. All investment expenses are paid from
the investment funds.
Contributions - Each year, contributions to the Plan are made on a pre-tax
basis. Participants may elect to defer between one percent and ten percent of
their total compensation subject to: (1) a maximum annual contribution of
$7,000, (2) a maximum annual eligible compensation of $150,000 per participant
beginning January 1, 1994, and (3) limitations imposed to ensure a fair mix of
participation among employees.
A participant may elect, up to four times annually, to change his/her
designated percentage of compensation deferred.
Withdrawals - Once a participant has exhausted all other available
financial resources, including Plan loans, and upon the approval of the Plan
Administrator, a participant may then withdraw an amount equal to but not in
excess of the expense of the hardship. In order to obtain such approval from
the Plan Administrator, a participant must demonstrate immediate and heavy
financial need. Participants age 59 1/2 or above may request an in-service
withdrawal without being subject to an additional 10% tax penalty. The amount
of a participant's withdrawals may not be repaid to the Plan.
Participant's Individual Account - The Participant's Individual
Account is credited with the participant's contributions (including rollovers)
and the amounts of participant earnings dictated by the number of units held in
each investment fund. The benefit to which a participant is entitled is limited
to the amount of the participant's individual account.
6
<PAGE>
EDS PUERTO RICO SAVINGS PLAN
Notes to Financial Statements
The participant determines the percentage of the investment contributed to
one or more of the investment funds. The percentages may be in any whole
percentage increment.
Vesting - Participants are always 100% vested in their individual accounts
and in the earnings received thereon.
Payment of Benefits - On termination of service, age 59 1/2, death, or
retirement, a participant may elect to receive either a cash distribution for
all or part of the value of his/her account, EDS common stock (for any amount so
invested), or a non-transferable annuity contract purchased on his/her behalf
from an insurance company. A participant may elect to receive periodic payments
in monthly, quarterly, or semiannual installments or elect to have all or part
of his/her account rolled over to another qualified plan or to an individual
retirement account.
Loans - Upon written application of a participant, the Plan Administrator
may direct the trustee to make a loan to the participant. The amount of any
such loan is limited to fifty percent (50%) of the amount of accumulated
contributions to which the participant would be entitled if employment was
terminated as of the date the loan is made. No loan may be granted for less
than $500. The maximum amount of loans available to a participant may not
exceed $50,000 reduced by the highest outstanding loan balances from the Plan
during the preceding year minus the outstanding loan balances on the date a loan
is made. Plan loans and interest must be repaid within five years or upon
separation from employment, whichever is earlier. If the outstanding loan is
not repaid in full prior to the end of the quarter during which the participant
separates, the amount outstanding will be reported to the Puerto Rico Department
of the Treasury as income for that calendar year. The Plan allows only one
outstanding loan at any time. At December 31, 1996 and 1995, the interest rate
on new loans was eight and three-fourths percent (8.75%).
2. Summary of Significant Accounting Policies
------------------------------------------
Investments - The Plan's investments are stated at fair value based on
quoted market prices except for its investment contracts with insurance
companies which are stated at contract value. Purchases and sales of the EDS
common stock are recorded on a trade date basis. Investments in the Income Fund
are valued at contract value which approximates fair value and represents
contributions made plus interest at the contract rate. Participant loans are
presented in the accompanying financial statements at unpaid principal balance
which approximates fair value.
Investment Income - Income from investments is recorded as it is earned.
Benefits - Benefits are recorded when paid.
Contribution Refunds - Refunds of excess participant contributions to be
made subsequent to December 31, 1996 under section 415 of the Internal Revenue
Code of 1986 (Code) are recorded on an accrual basis. At December 31, 1996,
refunds due to participants were allocated as follows: $194 - Income Fund; $387
- -EDS Stock Fund; $758 -Vanguard Wellington Fund; $3,399 - Vanguard U.S. Growth
Portfolio Fund; $2,130 - Vanguard International Growth Portfolio Fund; $1,034 -
Vanguard Quantitative Portfolios Fund; $23,062 - Vanguard Money Market Reserves
- - Prime Portfolio Fund; and $32 - Vanguard Total Bond Market Portfolio Fund. At
December 31, 1995, refunds due to participants were allocated as follows: $83 -
Income Fund; $95 - Vanguard Wellington Fund; $1,509 - Vanguard U.S. Growth
Portfolio Fund; $1,334 - Vanguard International Growth Portfolio Fund; $49 -
Vanguard Quantitative Portfolio Fund; and $17,347 - Vanguard Money Market
Reserves - Prime Portfolio Fund.
Use of Estimates - The preparation of the financial statements in
conformity with generally accepted accounting principles requires the Plan
Administrator 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 additions and
deductions during the reporting period. Because of the use of estimates
inherent in the financial reporting process, actual results could differ from
those estimates.
7
<PAGE>
EDS PUERTO RICO SAVINGS PLAN
Notes to Financial Statements
3. Plan Termination
----------------
While it has not expressed any intention to do so, the Company has the
right to terminate the Plan at any time by majority vote of its Board of
Directors subject to the provisions of ERISA.
4. Investments
-----------
The trustee of the Plan hold the investments of the Plan in trust on
behalf of the participants. Consistent with the fiduciary standards of ERISA,
safeguards are adhered to in protecting the interests of Plan participants and
their beneficiaries.
The Plan also invests in structured investment contracts. Under these
arrangements, the Plan enters into a wrap agreement with a financial institution
at a stated yield on fixed income securities purchased by the Plan. The wrap
agreements are stated at fair value based on fluctuations in the fair value of
the underlying fixed income securities.
The following table presents the fair value/contract value of the Plan's
investments at December 31, 1996 and 1995. Investments that represent five
percent (5.00%) or more of the Plan's net assets are separately identified.
<TABLE>
<CAPTION>
1996 1995
----------------------------------- -------------------------------
Number Fair value/ Number Fair value/
of shares contract of shares contract
or units value or units value
--------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Income Fund 4,698 $ 4,698 4,355 $ 4,355
EDS Stock Fund (cost of
$23,339 in 1996 and
$15,272 in 1995) 1,205 22,259 853 18,923
Vanguard Wellington (cost of
$31,080 in 1996 and
$28,223 in 1995)* 1,461 38,217 1,378 33,676
Vanguard U.S. (cost of
$17,614 in 1996 and
$10,942 in 1995) 923 21,913 655 13,325
Vanguard International (cost
of $13,436 in 1996 and
$13,740 in 1995) 928 15,272 987 14,819
Vanguard Quantitative (cost
of $12,325 in 1996 and
$9,274 in 1995) 686 15,248 546 10,885
Vanguard Money Market* 361,750 361,750 350,714 350,714
Vanguard Bond Index Fund
(cost of $2,051 in 1996 210 2,062 170 1,728
and $1,668 in 1995)
Vanguard Explorer (cost of
$48 in 1996 and
$-- in 1995) 1 48 -- --
Loan Fund (4 and 2 loans in 1996 and 1995,
respectively, loans outstanding from $595
to $5,914 and $900 to $2,038 in 1996 and
1995, respectively, with interest rates
from 6% to 8.75% in 1996 and 1995) -- 8,320 -- 4,458
-------- --------
$489,787 $452,883
======== ========
</TABLE>
* Represents 5% or more of Plan assets.
8
<PAGE>
EDS PUERTO RICO SAVINGS PLAN
Notes to Financial Statements
To hedge against adverse foreign currency movements, the Vanguard
International Growth Portfolio may enter into contracts for the purchase or sale
of a specific foreign currency at a fixed price at a future date. The forward
foreign currency rate of the underlying currency and any gains and losses are
recorded for financial statement purposes as unrealized until the contract
settlement date, at which point they are realized. To hedge against anticipated
future changes in interest or security prices, the Vanguard Quantitative
Portfolios may utilize futures contracts to a limited extent. The Fund receives
from or pays to brokers amounts equal to the daily fluctuations in the values of
the contracts. These receipts and payments are recorded as unrealized gains and
losses until the contract settlement dates, at which point they are realized.
The underlying risk to participants is proportional to each participant's number
of shares relative to the total number of shares issued by each mutual fund.
5. Related Party Transactions
--------------------------
As stated in note 1, the EDS Stock Fund consists of EDS common stock and an
immaterial amount of cash invested in a money market account. Additionally, the
Vanguard Investment Fund consists of investments in various Vanguard managed
mutual funds.
6. Income Tax Status
-----------------
The Puerto Rico Department of the Treasury has determined and informed the
Company by a letter dated October 6, 1993 that the Plan and related trust are
designed in accordance with applicable sections of the ITA. The Plan
Administrator believes that the Plan is designed and is currently being operated
in compliance with the applicable requirements of the Internal Revenue Code.
9
<PAGE>
EDS PUERTO RICO SAVINGS PLAN
Notes to Financial Statements
7. Allocation of Changes in Net Assets Available for Benefits to Investment
------------------------------------------------------------------------
Programs
--------
The following table presents the allocation of changes in net assets
available for benefits to investment programs for the year ended December 31,
1996:
<TABLE>
<CAPTION>
Vanguard
Vanguard Vanguard International Vanguard
Income EDS Wellington U.S. Growth Growth Quantitative
Fund Stock Fund Fund Portfolio Fund Portfolio Fund Portfolios Fund
------ ---------- ---------- -------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to investment
income:
Net appreciation
(depreciation)
in fair value of
investments $ -- $(4,631) $ 2,363 $ 2,126 $ 1,288 $ 1,320
Interest 268 -- -- -- -- --
Dividends -- 263 2,951 1,592 649 1,372
------ ------- ------- ------- ------- -------
Total 268 (4,368) 5,314 3,718 1,937 2,692
Employee contributions 450 2,870 2,067 660 1,431 616
Roll-overs from other plans -- -- -- -- -- --
------ ------- ------- ------- ------- -------
Total additions 718 (1,498) 7,381 4,378 3,368 3,308
Deductions from net assets
attributed to withdrawals (486) (1,373) (3,503) -- (1,633) --
Interfund transfers -- 5,820 -- 2,320 (2,077) 70
------ ------- ------- ------- ------- -------
Net increase (decrease) 232 2,949 3,878 6,698 (342) 3,378
Net assets available for
benefits at:
Beginning of year 4,272 18,923 33,580 11,816 13,485 10,836
------ ------- ------- ------- ------- -------
End of year $4,504 $21,872 $37,458 $18,514 $13,143 $14,214
====== ======= ======= ======= ======= =======
</TABLE>
continued
10
<PAGE>
EDS PUERTO RICO SAVINGS PLAN
Notes to Financial Statements
7. Allocation of Changes in Net Assets Available for Benefits to Investment
------------------------------------------------------------------------
Programs (continued)
--------
The following table presents the allocation of changes in net assets
available for benefits to investment programs for the year ended December 31,
1996:
<TABLE>
<CAPTION>
Vanguard Money
Vanguard Market Reserves- Vanguard
Explorer Prime Portfolio Loan Bond Index
Fund Fund Fund Fund Total
---------- --------------- ------- ---------- --------
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to
investment income:
Net appreciation (depreciation)
in fair value
of investments $-- $ -- $ -- $ (49) $ 2,417
Interest -- 17,918 249 -- 18,435
Dividends 2 -- -- 120 6,949
--- -------- ------- ------ --------
Total 2 17,918 249 71 27,801
Employee contributions 46 26,003 -- 231 34,374
Roll-overs from other plans -- -- -- -- --
--- -------- ------- ------ --------
Total additions 48 43,921 249 302 62,175
Deductions from net assets attributed to
withdrawals
-- (27,335) (1,520) -- (35,850)
Interfund transfers -- (11,266) 5,133 -- --
--- -------- ------- ------ --------
Net increase (decrease) 48 5,320 3,862 302 26,325
Net assets available for
benefits at:
Beginning of year -- 333,367 4,458 1,729 432,466
--- -------- ------- ------ --------
End of year $48 $338,687 $ 8,320 $2,031 $458,791
=== ======== ======= ====== ========
</TABLE>
11
<PAGE>
EDS PUERTO RICO SAVINGS PLAN
Notes to Financial Statements
7. Allocation of Changes in Net Assets Available for Benefits to Investment
------------------------------------------------------------------------
Programs (continued)
--------
The following table presents the allocation of changes in net assets
available for benefits to investment programs for the year ended December 31,
1995:
<TABLE>
<CAPTION>
Vanguard
Vanguard International
Vanguard U.S. Growth Growth
Income GM Class E Wellington Portfolio Portfolio
Fund Stock Fund Fund Fund Fund
------ ---------- ---------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to investment
income:
Net appreciation
in fair value of
investments $ -- $ 4,551 $ 6,441 $ 2,421 $ 692
Interest 191 -- -- -- --
Dividends -- 158 1,615 533 390
------ ------- ------- ------- -------
Total 191 4,709 8,056 2,954 1,082
Employee contributions 823 2,508 3,371 2,119 1,836
Roll-overs from other plans -- -- -- -- --
------ ------- ------- ------- -------
Total additions 1,014 7,217 11,427 5,073 2,918
Deductions from net assets
attributed to withdrawals -- (402) -- (407) --
Interfund transfers 1,528 5,037 (306) 1,581 (1,021)
------ ------- ------- ------- -------
Net increase (decrease) 2,542 11,852 11,121 6,247 1,897
Net assets available for
benefits at:
Beginning of year 1,730 7,071 22,459 5,569 11,588
------ ------- ------- ------- -------
End of year $4,272 $18,923 $33,580 $11,816 $13,485
====== ======= ======= ======= =======
</TABLE>
12
<PAGE>
EDS PUERTO RICO SAVINGS PLAN
Notes to Financial Statements
7. Allocation of Changes in Net Assets Available for Benefits to Investment
------------------------------------------------------------------------
Programs (continued)
--------
The following table presents the allocation of changes in net assets
available for benefits to investment programs for the year ended December 31,
1995:
<TABLE>
<CAPTION>
Vanguard
Vanguard Money Market Vanguard
Quantitative Reserves- Loan Bond Index
Portfolios Fund Prime Portfolio Fund Fund Fund Total
--------------- -------------------- ------ ---------- --------
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to
investment income:
Net appreciation
in fair value
of investments $ 2,228 $ -- $ -- $ 61 $ 16,394
Interest -- 18,286 217 -- 18,694
Dividends 592 -- -- 47 3,335
------- -------- ------ ------ --------
Total 2,820 18,286 217 108 38,423
Employee contributions 1,296 40,467 -- 94 52,514
Roll-overs from other plans -- 51 -- -- 51
------- -------- ------ ------ --------
Total additions 4,116 58,804 217 202 90,988
Deductions from net
assets attributed to
withdrawals -- (2,591) -- -- (3,400)
Interfund transfers 54 (7,977) (423) 1,527 --
------- -------- ------ ------ --------
Net increase (decrease) 4,170 48,236 (206) 1,729 87,588
Net assets available for
benefits at:
Beginning of year 6,666 285,131 4,664 -- 344,878
------- -------- ------ ------ --------
End of year $10,836 $333,367 $4,458 $1,729 $432,466
======= ======== ====== ====== ========
</TABLE>
13
<PAGE>
EDS PUERTO RICO SAVINGS PLAN
Line 27 (a) - Schedule of Assets Held for Investment Purposes
December 31, 1996
<TABLE>
<CAPTION>
Description of Investment
-------------------------
Number of
Rates of Shares Current
Identity of Party Interest or Units Cost Value
- ---------------------------------- ----------- --------- -------- --------
<S> <C> <C> <C> <C>
Income Fund -- 4,698 $ 4,698 $ 4,698
EDS Stock Fund* -- 1,205 23,339 22,259
Vanguard/Wellington Fund* -- 1,461 31,080 38,217
Vanguard U.S. Growth*
Portfolio -- 923 17,614 21,913
Vanguard International*
Growth Portfolio -- 928 13,436 15,272
Vanguard Quantitative*
Portfolios -- 686 12,325 15,248
Vanguard Money Market*
Reserves - Prime
Portfolio -- 361,750 361,750 361,750
Vanguard Bond Index Fund* -- 210 2,051 2,062
Vanguard Explorer Fund* -- 1 48 48
Loan Fund* 6% to 8.75% -- 8,320 8,320
-------- --------
Total Assets Held for Investment Purposes $474,661 $489,787
======== ========
</TABLE>
* Parties in interest
See accompanying independent auditors' report.
14
<PAGE>
EDS PUERTO RICO SAVINGS PLAN
Line 27 (d) - Schedule of Reportable Transactions
For The Year Ended December 31, 1996
<TABLE>
<CAPTION>
Current
Expense Value of
Identity of Number Incurred Asset on Net
Party of Purchase Selling Lease with Cost of Transaction Gain or
Involved Description of Asset Transactions Price Price Rental Transaction Asset Date (Loss)
- ----------- -------------------- ------------ -------- ------- ------ ----------- ------- ----------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Vanguard* Vanguard Money Market
Reserves -
Prime Portfolio 52 $72,021 -- -- -- $72,021 $72,021 --
(Money Market Fund) 15 -- 60,986 -- -- 60,986 60,986 --
</TABLE>
* Parties in interest
See accompanying independent auditors' report.
15
<PAGE>
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
-------------------------------
The Board of Directors
Electronic Data Systems Corporation:
We consent to incorporation by reference in the Registration Statement (No. 33-
54833) on Form S-8 of Electronic Data Systems Corporation of our report dated
May 30, 1997, relating to the statements of net assets available for benefits of
the EDS Puerto Rico Savings Plan as of December 31, 1996 and 1995, and the
related statements of changes in net assets available for benefits for the years
then ended, and the related supplemental schedules, which report appears in the
December 31, 1996 annual report on Form 11-K of the EDS Puerto Rico Savings
Plan.
KPMG Peat Marwick LLP
Dallas, Texas
June 30, 1997
