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 2-88284
-------
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
---------------------------------------------
(Full title of the plan)
General Motors Corporation
100 Renaissance Center, Detroit, Michigan 48265-1000
----------------------------------------------------
(Name of issuer of the securities held pursuant to
the plan and the address of its principal
executive offices)
Registrant's telephone number, including area code (313)-556-5000
Notices and communications from the Securities and Exchange Commission
relative to this report should be forwarded to:
Peter R. Bible
Chief Accounting Officer
General Motors Corporation
100 Renaissance Center
Detroit, Michigan 48265-1000
- 1 -
<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, 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:
Line 27a-Schedule of Assets Held for Investment
Purposes as of December 31, 1998. . . . . . . . . . . 15
Line 27d-Schedule of Reportable Transactions for the
Year Ended December 31, 1998. . . . . . . . . . . . . 17
Supplemental schedules not listed above are omitted
because of the absence of the conditions under which
they are required.
(b) EXHIBIT
-------
Exhibit 23 - Independent Auditors' Consent . . . . . . . . . . 18
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the President's Council of General Motors Corporation has duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
The General Motors Personal
Savings Plan for Hourly-Rate
Employees in the United States
-----------------------------
(Name of Plan)
Date June 25, 1999 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, 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. 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 1998 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 4, 1999
- 3 -
<PAGE>
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, l998 AND 1997
1998 1997
------------ ------------
(Dollars in Thousands)
ASSETS:
Investments, at fair value (Note A):
Value of interest in General
Motors Savings Plans Master
Trust (Note C) $2,482,016 $2,082,584
Mutual funds 2,137,169 1,513,281
Common and collective trust -
Fixed Income Fund 246,958 74,713
Participant loans 451,339 412,622
--------- ---------
5,317,482 4,083,200
Investments, at contract value (Note A)-
Investment contracts 2,252,590 2,029,841
--------- ---------
Total investments 7,570,072 6,113,041
--------- ---------
Accrued investment income 11,445 9,978
--------- ---------
Total assets 7,581,517 6,123,019
LIABILITIES:
Due to brokers for securities
purchased 4,443
--------- ---------
NET ASSETS AVAILABLE FOR
BENEFITS $7,581,517 $6,118,576
========= =========
Reference should be made to the Notes to Financial Statements.
- 4 -
<PAGE>
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, 1998 AND 1997
1998 1997
------------ -------------
(Dollars in Thousands)
ADDITIONS:
Investment income:
Net appreciation in fair
value of mutual fund investments $248,996 $123,797
Dividends 136,141 116,809
Interest 160,027 148,628
Net investment earnings from the
General Motors Savings Plans
Master Trust (Note C) 540,448 411,575
--------- ---------
Total investment income 1,085,612 800,809
--------- ---------
Contributions:
Employer 3,828 2,970
Participants 662,240 650,749
--------- ---------
Total Contributions 666,068 653,719
--------- ---------
Total additions 1,751,680 1,454,528
DEDUCTIONS - DISTRIBUTIONS TO PARTICIPANTS (288,739) (200,368)
--------- ---------
NET INCREASE 1,462,941 1,254,160
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 6,118,576 4,864,416
--------- ---------
End of year $7,581,517 $6,118,576
========= =========
Reference should be made to the Notes to Financial Statements.
- 5 -
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1998 AND 1997
A. THE PLAN
GENERAL - General Motors Corporation (the "Corporation" or "GM") and certain
unions have established The General Motors Personal Savings Plan for
Hourly-Rate Employees in the United States (the "Plan"), a defined
contribution plan. Generally, eligible hourly-rate full-time and part-time
employees may participate and accumulate savings under the Plan on the first
day of the first pay period following the attainment of seniority, as defined
in the Plan. The Investment Funds 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 25% of eligible weekly earnings as defined in the
Plan, up to the maximum IRS 401(k) limit of $10,000. 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.
Employees may also contribute to the Plan on an after-tax basis.
EMPLOYER CONTRIBUTIONS - For certain employees hired on or after January 1,
1994, the Corporation contributes an amount equal to a certain percent (based
on local units competitive hire agreements) of eligible weekly earnings to
such participants' accounts in the form of the Corporation's $1-2/3 par value
common stock. Such participants must be in the Plan for at least three years
to be vested in assets acquired with employer contributions, at which time
such assets may be transferred by the participant to other available
investment options. Forfeitures are used to offset future employer
contributions.
FUND EXCHANGES - Generally, each participant is entitled on any business day
to exchange a specified portion or all of his or her interest in any of the
investment options to other options offered under the Plan, subject to the
provisions in the paragraph above.
PARTICIPANT WITHDRAWALS - A participant may withdraw funds in their account
at any time after attaining age 59-1/2. Prior to age 59-1/2, employee
after-tax savings may be withdrawn at any time, however, tax deferred savings
may only be withdrawn because of termination of employment, retirement,
death, total and permanent disability, or financial hardship. Prior to
receiving a withdrawal for financial hardship, a participant previously must
have taken all available asset distributions, withdrawals, and loans under
all applicable plans maintained by the Corporation. The amount that may be
withdrawn for a financial hardship is limited as defined in the Plan. The
funds that represent a hardship distribution must conform to conditions
required by the Internal Revenue Service (the "IRS"). A participant who
receives a hardship distribution shall have his or her contributions to the
Plan suspended for 12 months following the distribution as required by law.
Certain costs of Plan administration are paid by the Corporation.
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. Each unit represents
a proportionate interest in all of the assets of the respective GM Common
Stock Funds. The number of units credited to each participant's account
within an applicable plan will be determined by the amount of the
participant's contributions and the purchase price of a unit in the
respective GM Common Stock Fund. The value of each participant's account is
determined each business day by the number of units to the participant's
credit, multiplied by the current unit value. The return on a participant's
investment is based on the value of units, which, in turn, is determined by
the market price of the GM Common Stock, the amount of any dividends paid
thereon, and by interest earned on short-term investments held by each fund.
Each participant directs the Trustee how to vote common stock shares
allocated to his or her account. The Trustee will not exercise voting rights
with respect to those shares for which direction has not been received by the
required deadline.
Equity Index Fund - Under this investment option, contributions are invested
in a portfolio of common stocks managed by an investment manager. The
investment manager maintains a portfolio which is designed to match the
performance of the Standard & Poor's 500 Index. This Index is a broad-based
index of large companies which operate in a wide variety of industries and
market sectors and which represent over two-thirds of the market
capitalization of all publicly traded common stocks in the United States.
Assets invested in the Equity Index Fund are expressed in terms of units. The
number of units credited to a participant's account will be determined by the
amount of the participant's contributions and the current value of each unit
in the Equity Index Fund. The value of each participant's account is
determined each business day by the number of units to the participant's
credit, multiplied by the current unit value.
Balanced Fund - Under this investment option, contributions are invested in
equity and fixed income investments selected from opportunities available in
global capital markets, including large and small capitalization common
stocks, investment and non-investment grade bonds, convertible securities,
real estate, emerging market investments, and venture capital, and may be
issued by U.S. or non-U.S. issuers.
From time to time, investment managers may use derivative financial
instruments including forward exchange contracts and futures contracts.
Derivative instruments are used primarily to mitigate exposure to foreign
exchange rate and interest rate fluctuations as well as manage the investment
mix in the portfolio. The Plan's interest in Funds which utilize such
financial instruments is not considered significant to the Plan's financial
statements.
Assets invested in the Balanced Fund are expressed in terms of units and are
valued in the same manner as noted above for the Equity Index Fund.
Mutual Funds - This investment option is comprised of many different mutual
funds managed by Fidelity Investments. Each mutual fund has a different
objective and investment strategy. To pursue their objectives, the mutual
fund managers invest in a wide variety of investments. Complete information
about each mutual fund's objectives and investments is contained in that
fund's prospectus.
Income Fund - Funds are invested in investment contracts issued by insurance
companies. The issuing companies have agreed to provide this fund with a net
fixed or floating contract interest rate that is to be earned over a
specified period and payment of principal and interest upon participant
initiated withdrawals and/or transfers of assets. In addition to the
investment contracts, the Income Fund also invests in a short-term fixed
income portfolio (the "Fixed Income Fund")which invests in U.S.
Government debt obligations and cash.
- 7 -
<PAGE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
The annual rates of return, maturity dates, issuing company and investment
contract balances at December 31, 1998 and 1997, respectively, were as
follows:
Contract Contract
Value as Value as
Annual Rate Maturity of of
of Return Date Issuing Company 12/31/98 12/31/97
- ----------- ---------- ----------------- -------------- --------------
(Dollars in Thousands)
Variable N/A Metropolitan Life* $438,424 $347,804
Variable 9/01/03 Metropolitan Life* 446,894 208,976
Variable 12/13/99 Metropolitan life 115,439
Variable N/A Metropolitan Life 349,864 343,385
6.86% 2/4/02 New York Life 53,823 52,778
6.55% 12/31/01 New York Life 226,614 222,990
6.48% 6/30/00 John Hancock 169,225 166,567
6.13% N/A John Hancock* 180,375 89,846
6.14% 6/30/99 John Hancock 271,932 180,234
6.39% 1/2/98 New York Life 54,307
6.39% 1/2/98 New York Life 92,721
Variable 8/17/98 New York Life 114,048
6.32% 12/31/97 Principal Mutual 156,185
--------- ---------
Total $2,252,590 $2,029,841
========= =========
*Individual Separate Account.
The average yield on guaranteed investment contracts in the Income Fund was
6.0% and 7.2% for the years ended December 31, 1998 and 1997, respectively.
The fair value of investment contracts in the Income Fund exceeded contract
value by approximately $82 million as of December 31, 1998. The contract
value of investment contracts in the Income Fund approximated fair value as
of December 31, 1997.
Other Investments:
EDS Common Stock Fund - Effective June 7, 1996, the net assets of Electronic
Data Systems ("EDS") were split-off from the net assets of the Corporation.
As a result, the Class E Common Stock Fund was changed to the EDS Common
Stock Fund. Also, effective June 7, 1996, no new contributions, loan
repayments or exchanges may be made into the EDS Common Stock Fund.
Dividends, if any, paid on EDS Common Stock held by the Plan will be invested
in an Income Fund investment option. This fund will be eliminated five years
from the effective date of the split-off.
Raytheon Class A Common Stock Fund - Effective December 17, 1997, GM spun-off
the defense electronics business of Hughes Electronics, a GM subsidiary
(Hughes Defense), to holders of GM $1-2/3 par value and Class H common stock,
which was immediately followed by the merger of Hughes Defense with Raytheon
Company. In connection with the above transaction, Raytheon Class A common
stock was distributed to holders of GM $1-2/3 par value and Class H common
stocks. Plan participants holding Class H Common Stock Fund units were
allocated approximately .81 units of Raytheon Class A units for each unit of
GM Class H held. Plan participants holding GM $1-2/3 par value Common Stock
Fund units were allocated approximately .08 units of Raytheon Class A units
for each unit of GM $1-2/3 held. The determination of the allocation ratio
for units was based on the number of units held in the Plan. Such
distribution was recorded as a stock dividend and totaled approximately $314
million of which $172 million and $142 million were distributed to $1-2/3 par
value common stockholders and Class H common stockholders, respectively.
- 8 -
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
Such distribution required the addition of the Raytheon Class A Common Stock
Fund as an investment option. The Raytheon Class A Common Stock Fund will
remain in the Plan through December 31, 2002; however, no further
contributions or exchanges from any other investment options into the
Raytheon Class A Common Stock Fund will be permitted during that time.
Dividends, if any paid on Raytheon Class A Common Stock held by the Plan will
be invested in an Income Fund investment option prior to allocation to
participant's accounts.
Assets held in this fund are expressed in terms of units and not shares of
stock. Each unit represents a proportionate interest in all of the assets of
this fund. The value of each participant's account is determined each
business day by the number of units to the participant's credit, multiplied
by the current unit value. The return on a participant's investment is based
on the value of units, which, in turn, is determined by the market price of
the Raytheon Class A Common Stock, the amount of any dividends paid thereon,
and by interest earned on short-term investments held by the fund.
PARTICIPANT LOANS - Once each year, eligible participants may borrow from
their plan accounts. The amount and term of the loans are limited under the
Plan. The loan interest rate will be established once each quarter at a rate
equal to the prevailing prime lending rate as of the last business day of the
previous quarter. Interest paid on the loans is credited back to the
borrowing participant's account in the Plan. Loans not repaid within the
provisions of the Plan are deemed to be distributions from participants'
accounts.
B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies followed in the preparation of the
accompanying financial statements are as follows:
oThe financial statements of the Plan are prepared under the accrual
method of accounting.
oInvestments are stated at fair value, except for investment contracts, which
are stated at contract value. Fair values are calculated by reference to
published market quotations, where available; where not available for
certain common & collective trusts, various bases, including cost, are used
in determining estimates of fair values. Contract value represents
contributions made under the investment contracts, plus interest, less
withdrawals or administrative expenses charged by the issuer of the
contract.
oSecurity transactions are recorded on the trade date.
oInvestment income is recognized as earned based on the terms of the
investments and the periods during which the investments are owned by the
Plan.
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 as of December 31,
1998 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
The Master Trust is composed of six commingled master trust investment
options: the GM $1-2/3 Common Stock Fund, the GM Class H Common Stock Fund,
the EDS Common Stock Fund, the Equity Index Fund, the Balanced Fund, and the
Raytheon Class A Common Stock Fund. Each of these investment options is
described in Note A. Each participating employee benefit plan has an
undivided interest in the net assets and changes therein of each of the six
master trust investment options.
The net investment income of each of the Master Trust investment funds is
allocated by the trustee to each participating plan based on that plan's
interest in each Master Trust investment fund, as compared with the total
interest in each Master Trust investment fund of all the participating plans
at the beginning of the month.
As of December 31, 1998 and 1997, the Plan had approximately a 26% and 25%
interest in the Master Trust, respectively.
The net assets available for benefits of all participating plans in the
Master Trust at December 31, 1998 and 1997 are summarized as follows (dollars
in thousands):
ASSETS: 1998 1997
Investments, at fair value: --------- ---------
Common Stock:
General Motors $1-2/3 par value $4,403,246 $4,219,576
General Motors Class H, $0.10 par value 500,474 225,418
Electronic Data Systems 356,304 460,532
Raytheon Class A 267,580 360,087
Other 20,835 15,110
U.S. Government Securities 1,696 2,913
Common and collective trusts 3,901,275 3,167,494
Cash 27,252 51,835
--------- ---------
Total investments 9,478,662 8,502,965
Receivables:
Due from broker for investments sold 21,444 2,664
Accrued investment income 4,979 4,791
------ -------
Total receivables 26,423 7,455
--------- -------
Total assets $9,505,085 $8,510,420
========= =========
Liabilities -
Due to broker for securities purchased 1,627 8,553
--------- ---------
Net assets available for benefits $9,503,458 $8,501,867
========= =========
- 10 -
<PAGE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
The total investment earnings of all participating plans in the Master Trust
for the years ended December 31, 1998 and 1997 is summarized as follows
(dollars in thousands):
1998 1997
--------- ---------
Interest $3,993 $4,273
Dividends 132,901 148,332
Stock dividend 314,280
Net appreciation in fair value
of investments:
Common stocks 923,472 658,340
U.S. Government securities 603 303
Common and collective trusts 843,052 703,360
Registered investment company 8,200 8,321
---------- ---------
Total net appreciation in fair value
of investments 1,775,327 1,370,324
---------- ---------
Total investment earnings $1,912,221 $1,837,209
========== =========
D. FUND INFORMATION
Contributions, investment income and distributions to participants by fund
are as follows for the years ended December 31, 1998 and 1997. Mutual fund
investment options which individually comprise less than 5% of the Plan's
total net assets available for benefits have been combined.
1998 1997
------------ -----------
(Dollars in Thousands)
Participant Contributions:
Master Trust $176,022 $181,084
Income Fund 260,063 297,140
Mutual funds 226,155 172,525
------- -------
Total $662,240 $650,749
======= =======
Employer Contributions:
Master Trust $3,828 $2,970
======= =======
Investment income:
Interest and Dividends
Master Trust $39,600 $36,118
Income Fund 151,976 142,674
Mutual funds 144,192 122,763
------- -------
Total $335,768 $301,555
------- -------
Net appreciation in fair
value of investments
Master Trust $500,848 $375,457
Mutual funds 248,996 123,797
------- -------
Total 749,844 499,254
------- -------
Total investment income $1,085,612 $800,809
========= =======
Distribution to participants:
Master Trust ($75,695) ($74,351)
Income Fund (131,371) (99,421)
Mutual funds (52,648) (19,609)
Participant loans (29,025) (6,987)
------- -------
Total ($288,739) ($200,368)
======= =======
- 11 -
<PAGE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
E. TERMINATION OF THE PLAN
Although it has not expressed any intent to do so, the Corporation has the
right to terminate the Plan subject to the provisions of ERISA. Such
termination of the Plan, if any, would not affect a participant's interest in
assets already in the Plan.
F. FEDERAL INCOME TAXES
In August 1997, the Plan was determined by the IRS to be a tax-qualified
employee benefit plan, meeting the requirements of Sections 401(a) and 401(k)
of the Internal Revenue Code of 1986, as amended (the "Code"), and the Trust
established thereunder was determined to be exempt from United States Federal
income taxes under Section 501(a) of the Code. The Plan's fiduciary and tax
counsel believe that the Plan is designed and currently being operated in
compliance with the applicable requirements of the Code, and therefore no
provision for income taxes has been included in the Plan's financial
statements.
- 12 -
<PAGE>
<TABLE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
G. PARTICIPANT UNIT DATA
FOR THE YEAR ENDED DECEMBER 31, 1998
<CAPTION>
GENERAL MOTORS SAVINGS PLANS MASTER TRUST
-----------------------------------------------------------------------------------
GM GM Raytheon
$1-2/3 Par Class H EDS Class A
Common Stock Common Stock Common Stock Balanced Equity Index Common Stock
Fund Fund Fund Fund Fund Fund
----------- ----------- ---------- --------- ------------ ------------
(Units in Thousands)
Quarter ended March 31
<S> <C> <C> <C> <C> <C> <C>
Plan number of units outstanding 5,583 203 60 2,592 48,415 521
Net asset value per unit $161.82 $125.22 $119.76 $17.75 $25.73 $103.71
Quarter ended June 30
Plan number of units outstanding 5,429 393 58 2,652 48,988 488
Net asset value per unit $160.26 $104.57 $128.38 $17.86 $26.57 $105.06
Quarter ended September 30
Plan number of units outstanding 6,564 508 56 2,558 48,001 466
Net asset value per unit $131.59 $98.64 $86.93 $16.62 $23.93 $94.58
Quarter ended December 31
Plan number of units outstanding 5,652 686 55 2,566 46,206 444
Net asset value per unit $172.04 $104.86 $131.15 $18.44 $29.04 $94.35
</TABLE>
- 13 -
<PAGE>
<TABLE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
G. PARTICIPANT UNIT DATA
FOR THE YEAR ENDED DECEMBER 31, 1997
<CAPTION>
GENERAL MOTORS SAVINGS PLANS MASTER TRUST
-----------------------------------------------------------------------------------
GM GM Raytheon
$1-2/3 Par Class H EDS Class A
Common Stock Common Stock Common Stock Balanced Equity Index Common Stock
Fund Fund Fund Fund Fund Fund
----------- ----------- ---------- --------- ------------ ------------
(Units in Thousands)
<S> <C> <C> <C> <C> <C> <C>
Quarter ended March 31
Plan number of units outstanding 6,670 82 69 2,265 42,057
Net asset value per unit $133.39 $150.84 $105.41 $14.30 $17.38
Quarter ended June 30
Plan number of units outstanding 6,691 85 68 2,333 43,305
Net asset value per unit $134.08 $159.56 $107.05 $15.62 $20.42
Quarter ended September 30
Plan number of units outstanding 5,820 78 64 2,471 45,886
Net asset value per unit $160.89 $181.52 $92.78 $16.49 $21.95
Quarter ended December 31
Plan number of units outstanding 6,307 112 62 2,495 46,514 587
Net asset value per unit $145.83 $103.75 $114.66 $16.37 $22.58 $89.89
</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, 1998
<CAPTION>
Current
Description of Investment Cost Value
- ------------------------------------------------ -------------- -------------
Value of Interest in General Motors
<S> <C> <C>
*Savings Plans Master Trust $1,577,750 $2,482,016
Fixed Income Fund 246,958 246,958
*Loan Fund - 451,339
*Fidelity Mutual Funds:
----------------------------
Fidelity 57,956 65,126
Puritan 52,137 53,745
Trend 2,850 2,851
Magellan 158,155 190,372
Contra Fund 178,920 206,588
Equity Income 81,695 84,205
Growth Company 42,986 48,590
Investment Grade 15,782 15,827
Growth & Income 196,240 223,933
Value 56,107 48,744
Government Securities 21,042 21,054
Retirement Growth 30,618 31,494
OTC Portfolio 42,279 49,066
Overseas 19,388 19,560
Europe 41,882 39,569
Pacific Basin 6,728 7,254
Real Estate 13,175 10,834
Balanced Fund 21,520 22,504
International Growth & Income 6,350 6,384
Capital Appreciation 12,904 13,956
Convertible Securities 5,150 5,136
Canada 1,249 1,123
Utilities 20,085 22,246
Blue Chip 236,773 285,526
Asset Manager 17,239 16,354
Disciplined Equity 18,654 19,857
Low-Priced Stock 45,391 41,750
Worldwide 20,468 19,409
Equity Income II 140,541 151,086
Stock Selector 25,387 26,091
Asset Manager - Growth 18,946 18,750
Emerging Growth Fund 13,140 15,067
Diversified International 15,185 15,605
Asset Manager - Income 5,329 5,289
Dividend Growth 207,614 227,202
Fidelity Exp & Multinational Fund 21,037 23,863
Fidelity Global Balanced 1,128 1,225
Fidelity Small Cap Stock 25,608 23,424
Fidelity Mid Cap Stock 14,583 14,998
Freedom Income Fund 3,162 3,244
Freedom 2000 Fund 6,485 6,704
Freedom 2010 Fund 12,633 13,637
Freedom 2020 Fund 5,415 5,811
Freedom 2030 Fund 3,083 3,302
Fidelity International Bond 1,887 1,911
Fidelity Fifty 6,617 6,903
------------- -------------
Total Mutual Funds $1,951,503 $2,137,169
============= =============
</TABLE>
- 15 -
<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, 1998
Concluded
<CAPTION>
Current
Description of Investment Cost Value
- --------------------------------------------------------------- -------------- -------------
(Dollars in Thousands)
Investment Contracts: Maturity
Issuing Company Date Contract Rate
------------------ ---------- ----------- -------
<S> <S> <C> <C> <C> <C>
Metropolitan Life N/A GA13653 Variable $438,424 $438,424
Metropolitan Life N/A GAC24597 Variable 349,864 349,864
Metropolitan Life 9/1/03 GA13635 Variable 446,894 446,894
Metropolitan Life 12/13/99 GAC24949 Variable 115,439 115,439
New York Life 12/31/01 GA30331002 6.55% 226,614 226,614
New York Life 2/4/02 GA30331003 6.86% 53,823 53,823
John Hancock 6/30/00 GA8504 6.48% 169,225 169,225
John Hancock N/A GA7921 6.13% 180,375 180,375
John Hancock 6/30/99 GAC7878 6.14% 271,932 271,932
--------- ---------
Total Investment Contracts 2,252,590 2,252,590
--------- ---------
Total Investments $6,028,801 $7,570,072
========= =========
*Party-in-Interest
</TABLE>
- 16 -
<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, 1998
(Dollars in Thousands)
<CAPTION>
Purchases Sales
--------- ---------------------------------------
Identity of Purchase Sales Original Net Gain
Party/Broker Description of Asset Price Price Cost (Loss)
- ------------ -------------------------------- --------- ------- ------------ ------------
SERIES REPORTABLE TRANSACTIONS
------------------------------------------
<S> <C> <C> <C> <C> <C>
State Street Bank Fixed Income Fund
and Trust (164 purchases, 121 sales) $1,190,227 $1,017,981 $965,291 $52,690
Metropolitan Life Investment Contract No.
Insurance Co. GA 13635 (14 purchases) $252,119 $- $- $-
SINGLE REPORTABLE TRANSACTIONS
------------------------------
State Street Bank Fixed Income Fund
and Trust Co. (1 purchase) $299,584 $- $- $-
</TABLE>
- 17 -
EXHIBIT 23
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
333-76443 of General Motors Corporation on Form S-8 of our report dated June 4,
1999 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, 1998.
s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Detroit, Michigan
June 25, 1999
- 18 -
