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, 1999
-----------------
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
300 Renaissance Center, Detroit, Michigan 48265-3000
----------------------------------------------------
(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
300 Renaissance Center
Detroit, Michigan 48265-3000
- 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, 1999 and 1998 . . . . . . . . . . . . . . 4
Statements of Changes in Net Assets Available for
Benefits for the Years Ended December 31, 1999
and 1998 . . . . . . . . . . . . . . . . . . . . . . . 5
Notes to Financial Statements . . . . . . . . . . . 6
Supplemental Schedules:
Schedule of Assets Held for Investment
Purposes as of December 31, 1999. . . . . . . . . . . 12
Schedule of Reportable Transactions for the
Year Ended December 31, 1999. . . . . . . . . . . . . 14
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 . . . . . . . . . . 15
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant 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 28, 2000 By:
-------------------
/s/John F. Smith, Jr.
-------------------------
(John F. Smith, Jr., Chairman
of the Board of Directors)
- 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, 1999 and 1998, 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 auditing standards generally accepted
in the United States of America. 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,
1999 and 1998, and the changes in net assets available for benefits for the
years then ended in conformity with accounting principles generally accepted in
the United States of America.
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, 1999 and (2) reportable
transactions for the year ended December 31, 1999, 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 1999 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
Detroit, Michigan
June 9, 2000
- 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, l999 AND 1998
1999 1998
------------ ------------
(Dollars in Thousands)
ASSETS:
Investments 8,562,241 7,570,072
Accrued investment income 2 11,445
--------- ---------
Total assets 8,562,243 7,581,517
--------- ---------
NET ASSETS AVAILABLE FOR
BENEFITS $8,562,243 $7,581,517
========= =========
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, 1999 AND 1998
1999 1998
------------ -------------
(Dollars in Thousands)
ADDITIONS:
Investment income:
Net appreciation in fair
value of mutual fund investments $312,827 $248,996
Dividends 215,676 136,141
Interest 170,120 160,027
Net investment earnings from the
General Motors Savings Plans
Master Trust (Note D) 514,129 540,448
--------- ---------
Total investment income 1,212,752 1,085,612
--------- ---------
Contributions:
Employer 2,357 3,828
Participants 596,929 662,240
--------- ---------
Total Contributions 599,286 666,068
--------- ---------
Total additions 1,812,038 1,751,680
DEDUCTIONS - DISTRIBUTIONS TO PARTICIPANTS (377,244) (288,739)
TRANSFER TO DELPHI (Note E) (454,068)
--------- ---------
NET INCREASE 980,726 1,462,941
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 7,581,517 6,118,576
--------- ---------
End of year $8,562,243 $7,581,517
========= =========
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, 1999 AND 1998
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
NOTES TO FINANCIAL STATEMENTS - Continued
General Motors Common Stock Funds: $1-2/3 Par Value and 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 respective 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
NOTES TO FINANCIAL STATEMENTS - Continued
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.
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
EDS common stock and by the interest earned on short-term investments held by
the fund.
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.
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 and by the interest earned on short-term
investments held by the fund.
Delphi Common Stock Fund - On May 28, 1999, GM completed the spin-off of
Delphi Automotive Systems (Delphi). In connection with that spin-off, Delphi
common stock was distributed to holders of GM $1-2/3 par value common stock.
Such distribution required the addition of the Delphi Common Stock Fund as an
investment option. Program participants holding units in the GM $1-2/3 par
value Common Stock Fund were allocated approximately .70 units in the Delphi
Common Stock Fund for each unit held in the GM $1-2/3 par value Common Stock
Fund. Such distribution was recorded as a stock dividend, in which a total of
$887 million of Delphi common stock was distributed to GM $1-2/3 par
value common stockholders.
The Delphi Common Stock Fund will remain as an investment option; however, no
further contributions or exchanges from any other investment option into the
Delphi Common Stock Fund will be permitted during that time.
- 8 -
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Continued
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
Delphi common stock and by the 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 accounting
principles generally accepted in the United States of America using 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. INVESTMENTS
The following table presents investments that represent 5% or more of the
Plan's net assets:
1999 1998
----------- -----------
* Value of interest in General
Motors Savings Plan Master
Trust (Note D) $2,807,256 $2,482,016
Mutual funds 2,706,975 2,137,169
Investment contracts 2,436,337 2,252,590
*Both participant-directed and nonparticipant-directed
The average yield on guaranteed investment contracts was 6.2% and 6.0% for
the years ended December 31, 1999 and 1998, respectively. The fair value of
investment contracts exceeded contract value by approximately $97 million and
$82 million as of December 31, 1999 and 1998, respectively.
- 9 -
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Continued
D. 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.
Employee benefit plans participating in the Master Trust as of December 31,
1999 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
Each participating employee benefit plan has an undivided interest in the net
assets and changes therein of each of the 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, 1999 and 1998, the Plan had approximately a 29% and 26%
interest in the Master Trust, respectively.
The net assets available for benefits of all participating plans in the
commingled accounts of the Master Trust at December 31, 1999 and 1998 are
summarized as follows (dollars in thousands):
ASSETS: 1999 1998
--------- ---------
Investments 9,618,760 9,478,662
Receivables:
Due from broker for investments sold 0 21,444
Accrued investment income 249 4,979
--------- ---------
Total receivables 249 26,423
--------- ---------
Total assets $9,619,009 $9,505,085
========= =========
Liabilities -
Due to broker for securities purchased 345 1,627
--------- ---------
Net assets available for benefits $9,618,664 $9,503,458
========= =========
- 10 -
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Concluded
The total investment earnings of all participating plans in the commingled
accounts of the Master Trust for the years ended December 31, 1999 and 1998
is summarized as follows (dollars in thousands):
1999 1998
--------- ---------
Interest $2,369 $3,993
Dividends 31,009 132,901
Stock dividend 886,886
Net appreciation in fair value of investments 1,700,783 1,775,327
--------- ---------
Total investment earnings $2,621,047 $1,912,221
========= =========
E. TRANSFER TO DELPHI
On April 12, 1999, the GM Board of Directors approved the complete separation
of Delphi by means of a spin-off, which was completed on May 28, 1999. Prior
to the spin-off, GM established the Delphi Personal Savings Plan (the "Delphi
Plan"), modeled after the GM Plan. On May 28, 1999, assets representing
Delphi participants' holdings in the GM Plan were transferred and reinvested
under the corresponding investment options in the Delphi Plan. The total
amount transferred to the Delphi Plan was $454 million. As a result of the
separation, the Delphi Plan was separated from the GM Plan, and is now
administered by Delphi as a separate plan.
F. 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.
G. 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.
H. SUBSEQUENT EVENTS
Effective April 1, 2000, twenty-one new investment fund options were made
available to Plan participants. Sixteen of the funds are Promark Funds which
are included in the commingled accounts of the Master Trust. Three Fidelity
mutual fund investment options, the Fidelity Capital & Income Fund, the
Fidelity Emerging Markets Fund, and the Fidelity New Markets Income Fund were
added, and two socially oriented funds, the Domini Social Equity Fund and the
Neuberger Berman Socially Responsive Trust were added. In addition, the names
of the Equity Index Fund, the Income Fund, and the Balanced Fund were changed
to the Promark Large Cap Index Fund, the Promark Income Fund, and the Promark
Balanced Fund, respectively. Participants should refer to the Plan's
prospectus for further information regarding the investment strategy of each
investment fund option and the risks associated with each investment fund
option.
- 11 -
<PAGE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1999
Current
Description of Investment Cost Value
------------------------------------------------ -------------- -------------
(Dollars in Thousands)
Value of Interest in the Commingled Accounts of
the General Motors Savings Plans Master Trust* $2,171,846 $2,807,256
Fixed Income Fund 218,143 218,143
Loan Fund* 393,532
Fidelity Mutual Funds*:
----------------------------
Fidelity 68,331 77,291
Puritan 47,882 45,554
Trend 5,648 6,204
Magellan 224,531 246,846
Contra Fund 241,775 249,988
Equity Income 77,089 73,346
Growth Company 97,368 127,844
Investment Grade 14,324 13,638
Growth & Income 198,117 203,061
Value 44,327 39,655
Government Income 17,655 16,876
Retirement Growth 40,199 47,678
OTC Portfolio 86,941 115,615
Overseas 21,822 26,388
Europe 26,919 29,819
Pacific Basin 46,580 65,150
Real Estate 7,218 6,840
Balanced Fund 28,111 26,001
International Growth & Income 10,246 12,135
Capital Appreciation 20,367 24,498
Convertible Securities 6,211 7,598
Canada 1,499 1,910
Utilities 32,147 34,111
Blue Chip 296,527 345,315
Asset Manager 17,185 18,015
Disciplined Equity 19,312 19,759
Low-Priced Stock 25,300 25,167
Worldwide 18,167 20,887
Equity Income II 139,420 128,133
Stock Selector 23,588 25,706
Asset Manager - Growth 19,430 20,152
Aggressive Growth Fund 182,014 236,182
Diversified International 20,529 25,744
Asset Manager - Income 5,168 5,094
Dividend Growth 196,777 193,719
Fidelity Exp & Multinational Fund 26,443 29,805
Fidelity Global Balanced 1,375 1,572
Fidelity Small Cap Stock 15,811 18,042
Fidelity Mid Cap Stock 17,547 20,465
Freedom Income Fund 3,286 3,321
Freedom 2000 Fund 5,813 6,030
Freedom 2010 Fund 16,078 17,506
Freedom 2020 Fund 7,471 8,384
Freedom 2030 Fund 5,239 5,851
Fidelity International Bond 2,061 2,039
Fidelity Fifty 29,169 32,041
--------- ---------
Total Mutual Funds $2,459,017 $2,706,975
========= =========
- 12 -
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1999
Concluded
<TABLE>
<CAPTION>
Current
Description of Investment Cost Value
--------------------------------------------------------------- -------------- -------------
(Dollars in Thousands)
Investment Contracts: Maturity
Issuing Company Date Contract Rate
------------------ ---------- ----------- -------
<S> <C> <C> <C> <C> <C>
Metropolitan Life N/A GA13653 Variable $552,407 $552,407
Metropolitan Life N/A GAC24597 Variable 358,866 358,866
Metropolitan Life 9/1/03 GA13635 Variable 600,280 600,280
New York Life 12/31/01 GA30331002 6.55% 233,017 233,017
New York Life 2/4/02 GA30331003 6.86% 55,492 55,492
John Hancock 6/30/00 GA8504 6.48% 173,908 173,908
John Hancock N/A GA7921 6.13% 184,543 184,543
John Hancock 6/30/99 GAC7878 6.14% 277,824 277,824
--------- ---------
Total Investment Contracts 2,436,337 2,436,337
--------- ---------
Total Investments $7,285,343 $8,562,243
========= =========
</TABLE>
*Party-in-Interest
- 13 -
<PAGE>
<TABLE>
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
(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 (155 purchases, 153 sales) $1,294,933 $1,323,749 $1,323,749 $ -
</TABLE>
- 14 -
