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