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, 2005
-----------------
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:
Paul W. Schmidt
Controller
General Motors Corporation
300 Renaissance Center
Detroit, Michigan 48265-3000
1
FINANCIAL STATEMENTS AND EXHIBIT
--------------------------------
(a) FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE Page No.
---------------------------------------------- ---------
The General Motors Personal Savings Plan for
Hourly-Rate Employees in the United States:
Report of Independent Registered Public Accounting Firm 3
Statements of Assets Available for Benefits as of
December 31, 2005 and 2004 4
Statement of Changes in Assets Available for
Benefits for the Year Ended December 31, 2005 5
Notes to Financial Statements 6
Supplemental Schedule, Form 5500 Schedule H, Part IV,
Line 4i - Schedule of Assets (Held at End of Year)
as of December 31, 2005 14
All other schedules required by Section 2520.103-10 of the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974 have been omitted because they are not applicable.
(b) EXHIBIT
-------
Exhibit 23 - Consent of Independent Registered Public Accounting Firm
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 29, 2006 By:
-------------
/s/G. Richard Wagoner, Jr.
--------------------------
(G. Richard Wagoner, Jr.
Chairman of the Board
of Directors)
2
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Plan Administrator of The General Motors Personal Savings Plan for
Hourly-Rate Employees in the United States
We have audited the accompanying statements of 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, 2005 and 2004, and the related statement
of changes in assets available for benefits for the year ended December 31,
2005. 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 standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Plan is not required to have,
nor were we engaged to perform, an audit of its internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Plan's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, 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 assets available for benefits of the Plan as of December 31, 2005
and 2004, and the changes in assets available for benefits for the year ended
December 31, 2005 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 schedule of assets (held
at end of year) as of December 31, 2005, is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements, but is supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental schedule is the
responsibility of the Plan's management. Such supplemental schedule has been
subjected to the auditing procedures applied in our audit of the basic 2005
financial statements and, in our opinion, is 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, MI
June 27, 2006
3
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
STATEMENTS OF ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2005 AND 2004
2005 2004
---- ----
(dollars in thousands)
ASSETS:
Investment in General Motors Savings
Plans Master Trust (Note D):
Investments - at estimated fair value $8,255,375 $8,462,573
Loans 428,452 426,167
Employee contribution receivable 6,108 3,960
--------- ---------
Total assets 8,689,935 8,892,700
--------- ---------
ASSETS AVAILABLE FOR BENEFITS $8,689,935 $8,892,700
========= =========
Reference should be made to the Notes to Financial Statements.
4
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2005 (dollars in thousands)
ADDITIONS:
Net investment gain from General
Motors Savings Plans Master
Trust (Note D) $127,184
Employee contributions 452,044
-------
Total additions 579,228
DEDUCTIONS-
Distributions to participants (800,568)
NET TRANSFERS IN (Note E) 18,575
-------
NET DECREASE (202,765)
ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 8,892,700
---------
End of year $8,689,935
=========
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
AS OF DECEMBER 31, 2005 AND 2004 AND
FOR THE YEAR ENDED DECEMBER 31, 2005
A. THE PLAN
Following is a brief description of the Plan that 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.
GENERAL - General Motors Corporation (the "Corporation" or "GM") and certain
unions have established The General Motors Personal Savings Plan ("PSP") 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. Except for purposes of investment of Plan assets, 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
non-investment operation and administration of the Plan subject to the
provisions of the Employee Retirement Income Security Act of 1974, as amended
(ERISA). This plan is subject to the provisions of ERISA.
PARTICIPANT CONTRIBUTIONS - An eligible participant employed by the
Corporation ("an Eligible Employee") may elect to contribute to the Plan as
follows in accordance with provisions and within the applicable Federal
limits.
o On a pre-tax basis ("Deferred Savings"), an amount of Eligible Earnings
which is the lesser of (1) $14,000 for 2005 or (2) up to 60% for 2005 of
the Employee's Eligible Earnings for a calendar year.
o On an after-tax basis ("After-Tax Savings"), up to 60% for 2005 of an
Employee's Eligible Earnings as defined in the Plan.
o In lieu of receiving a distribution from The General Motors Profit Sharing
Plan for Hourly-Rate Employees in the United States, an Employee may elect
to have the Corporation contribute, as Deferred Savings to the extent
permissible under tax law, up to 100%, in 1% increments, of any such
amount, which vests immediately.
o In lieu of receiving a Suggestion Award Payment from the Corporation, an
Employee may elect to have the Corporation contribute up to 100%, in
1%increments, of their Suggestion Award Payment as Deferred Savings and/or
After-Tax Savings to the extent permissible under tax law.
o An Eligible Employee age 50 or older, or who will attain age 50 by the end
of the calendar year, is eligible to make catch-up contributions to their
account. A catch-up contribution may only be made on a "pre-tax" basis up
to the annual limit ($4,000 in 2005) set forth by the Internal Revenue
Service (the IRS), and only after a tax law limit has been reached, such
as the 401(k) annual contribution limit ($14,000 in 2005).
An employee's contributions will be invested at the Employee's direction, in
10% increments, in any of the Plan's investment options with the exception of
those funds which are restricted from new contributions as described in the
Plan. As such, Participants are permitted to self-direct 100% of Employee
contributions in any of the Plan's investment options.
6
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Continued
An Employee also may elect to combine the first two contribution methods
disclosed above (pre-tax and after-tax contributions), provided that the sum
of these contributions does not total more than 60% of Eligible Earnings for
any calendar year. The sum of all five of the above described methods of
contributions are considered "employee contributions". Employee contributions
may only exceed 60% of Eligible Earnings by an amount equal to any
combination of (1) the payout under the Profit Sharing Plan, (2) the
Suggestion Award Payment, and (3) the catch-up contributions.
EMPLOYER CONTRIBUTIONS - For certain employees hired on or after January 1,
1994, the Corporation may contribute 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 the participant may transfer such assets to
other available investment options. Forfeitures, if any, are used to offset
future employer contributions. There were no employer contributions made in
2005.
VESTING - Assets derived from employee contributions vest immediately upon
allocation to the employee's account.
FUND EXCHANGES - Participants may exchange funds between investment options
on any business day on which the New York Stock Exchange is open ("Business
Day").
REDEMPTION FEES - From time to time, certain funds within the Plan may impose
a redemption fee if an investment is held for less than a stated period. If
applicable, these fees are disclosed in the individual mutual fund
prospectuses as well as the Plan prospectus which contains additional
information about each fund. The redemption fees are paid to the respective
funds and help protect the funds' performance and shareholders by
discouraging frequent trading in response to short-term market fluctuations.
PARTICIPANT LOANS - Participants may borrow once per year from both their
pre-tax savings and after-tax savings and any related earnings. The amount
and terms of the loans are limited under the Plan. The loan interest rate
will be established once each quarter at a rate equal to the prime lending
rate as of the previous quarter-end established by the Wall Street Journal
and will apply to all new loans issued. Loan repayments are generally made
through after-tax payroll deductions and are invested in the same investment
options that the participant originally selected for their savings
contributions. Interest paid on a Plan loan is credited back to the borrowing
employee's account in the Plan. Partial and total prepayment of loans is
permitted at any time, without penalty. Loans not repaid within the loan term
are deemed to be distributions from participant's accounts. Balances of
participant loans were $428 million and $426 million as of December 31, 2005
and 2004, respectively.
PARTICIPANT WITHDRAWALS - A participant may withdraw Deferred Savings in
their account at any time after attaining age 59-1/2. Prior to age 59-1/2,
After-Tax Savings may be withdrawn at any time, however, 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
reason for a hardship distribution must conform to conditions required by 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.
PAYMENT OF BENEFITS - Upon termination of employment, a participant may elect
to leave his or her assets in the plan or take a distribution in accordance
with plan provisions equal to the value of the participant's vested assets in
his or her account.
PLAN ADMINISTRATION - The Corporation pays certain costs of Plan
administration.
7
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Continued
INVESTMENT OPTIONS - An Employee's contributions will be invested at the
Employee's direction, in 1% increments, in any of the investment options
available in the Plan, of which there are approximately 70.
DESCRIPTION OF THE COMPANY STOCK FUND:
General Motors $1-2/3 Par Value Common Stock Fund - Under this investment
option, the Trustee invests contributions primarily in General Motors common
stock. Each unit represents a proportionate interest in all of the assets of
the GM Common Stock Fund. 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 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
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. To the extent consistent with applicable
law, the Trustee will not exercise voting rights with respect to those shares
for which direction has not been received by the required deadline.
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 accounting
principles generally accepted in the United States of America using the
accrual method of accounting.
o Investments are stated at fair value, except for benefit-responsive
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 and withdrawals made under the investment
contracts, plus credited earnings, that are net of expenses charged to
synthetic 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 Distribution to participants are recorded upon distribution.
USE OF ESTIMATES - The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, and changes therein, and disclosure
of contingent assets and liabilities. Due to the inherent uncertainty
involved in making estimates, actual results could differ from those
estimates.
RISKS AND UNCERTAINTIES - The Plan and master trust utilize various
investment instruments including U.S. Government Securities, corporate debt
instruments, and corporate stocks. Investment securities, in general, are
exposed to various risks, such as interest rate, credit, and overall market
volatility. Due to the level of risk associated with certain investment
securities, it is reasonably possible that changes in the values of
investment securities will occur in the near term and that such changes,
could materially affect the amounts reported in the financial statements.
8
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Continued
C. INVESTMENTS
All of the investments in the Plan are held in the General Motors Savings
Plans Master Trust (the "Master Trust") as more fully described in Note D.
The investment in the Master Trust is both participant-directed and
non-participant directed.
The synthetic guaranteed investment contracts ("Contracts") owned by the Plan
and held in the Master Trust are recorded at contract value and are fully
benefit-responsive in accordance with the American Institute of Certified
Public Accountants' Statement of Position 94-4, "Reporting of Investment
Contracts Held by Health and Welfare Benefit Plans and Defined Contribution
Pension Plans". The Contracts are included in the financial statements at
contract value as reported to the Master Trust by the insurance company.
Contract value represents contributions and withdrawals made under the
investment Contracts, plus credited earnings, that are net of expenses
charged to the synthetic contract. Participants may ordinarily direct the
withdrawal or transfer of all or a portion of their investment at contract
value. Contract value of such Contracts approximates fair value as of
December 31, 2005 and 2004. Synthetic guaranteed investment contracts operate
similarly to a separate account investment contract, except that the assets
are placed in a trust (with ownership by the Master Trust) rather than a
separate account of the contract issuer.
The Contracts provide for prospective crediting interest rate adjustments
based on the interest earnings and fair value of the underlying trust assets.
The crediting interest rates are reset quarterly and the Contracts include
wrappers that provide that the crediting interest rates cannot be less than
zero. The crediting rate of the synthetic investment contracts as of December
31, 2005 and 2004 was approximately 5.30% and 4.79%, respectively. The
wrappers are entered into by the Master Trust to stabilize the income
generation of the Fund.
The average yield for the synthetic investment contracts within the Promark
Income Fund was approximately 4.7 % and 4.5% for the year ended December 31,
2005 and 2004, respectively. There are no reserves against the contract value
for credit risk of the contract issuer or otherwise.
D. THE MASTER TRUST
The Corporation established the Master Trust pursuant to a trust agreement
between the 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,
2005 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 General Motors Income Security Plan for Hourly-Rate Employees
Each participating employee benefit plan has an undivided interest in the net
assets and changes therein of each of the Master Trust investment options in
which the respective plan participates.
9
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Continued
The net investment income of the commingled Master Trust investment funds is
allocated by the trustee to each participating plan based on that plan's
interest in each commingled Master Trust investment fund, as compared with
the total interest of all the participating plans, in each commingled Master
Trust investment fund at the beginning of the month. For all other investment
options, the net investment income is separately earned by the respective
employee benefit plan, and is thus recorded separately in the accounting
records of the respective plan.
As of December 31, 2005 and 2004, the Plan had approximately 43% and 41%
interest in the Master Trust, respectively.
10
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Continued
The net assets available for benefits of the Master Trust at December 31, 2005
and 2004 are summarized as follows (dollars in thousands):
ASSETS: 2005 2004
------- -------
Investments at fair value:
General Motors Corporation $1-2/3 par
value common stock $1,408,635 $3,205,807
Electronic Data Systems common stock 42,138 50,565
Delphi Corporation common stock 154,272
News Corporation Preferred ADS 52,867 90,707
DIRECTV Group common stock 214,317 369,937
Raytheon common stock 64,961 78,749
--------- ---------
Total common stock 1,782,918 3,950,037
Mutual funds 7,715,576 7,157,159
Common and collective trusts 3,346,582 3,263,963
Loan funds 661,909 673,653
Other 103,905 137,688
---------- ----------
Total investments at fair value 13,610,890 15,182,500
Investments at contract value-
Guaranteed investment contracts 6,628,191 6,542,452
---------- ----------
Total investments 20,239,081 21,724,952
Receivables-
Accrued investment income 95 81
---------- ----------
Total receivables 95 81
---------- ----------
Total assets $20,239,176 $21,725,033
========== ==========
LIABILITIES-
Due to broker for securities purchased 2,203 1,590
---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $20,236,973 $21,723,443
========== ==========
11
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Continued
The net investment loss of the Master Trust for the year ended December 31,
2005 is summarized as follows (dollars in thousands):
Income from guaranteed investment contracts $333,792
Interest 31,773
Dividends 152,276
Net appreciation (depreciation) in
fair value of investments:
General Motors Corporation $1-2/3
par value common stock (1,378,802)
Other common stock (188,114)
Mutual funds 737,103
Common and collective trusts 243,497
--------
Total net depreciation (586,316)
--------
Total net investment loss $(68,475)
========
E. TRANSFERS
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, for those employees who
elected to do so, assets representing Delphi participants' holdings in the GM
Plan were transferred and reinvested under the corresponding investment
options in the Delphi Plan. 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. On a very limited basis, participants may elect to transfer
their holdings between the Delphi and GM Plans.
F. TERMINATION
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 Plan
termination, if any, would not affect a participant's interest in assets
already in the Plan.
G. FEDERAL INCOME TAX STATUS
By letter dated August 15, 2005, the IRS has determined and informed the
Corporation that the Plan is a tax-qualified employee benefit plan, meeting
the requirements of Sections 401(a) and 401(k) and 4975(e) (7) 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. RELATED PARTY TRANSACTIONS
The Plan and Master Trust enter into certain related party transactions.
These generally include investments with trustees, fund managers, the
Corporation and its subsidiaries. Such transactions are within the scope of
the investment guidelines.
12
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
NOTES TO FINANCIAL STATEMENTS - Concluded
I. NOTABLE EVENT
Effective December 15, 2005 the Delphi Common Stock fund was discontinued as
an investment option under the Plan, and any remaining assets in the Fund on
that date were transferred to the Promark Income Fund. The Plan had a
realized loss from the Delphi Common Stock fund of approximately $35 million.
J. SUBSEQUENT EVENTS
o Effective January 1, 2006, the definition of acceptable reasons for
Financial Hardship has been expanded by the Internal Revenue Service to
include covered expenses for (1) funeral expenses for deceased parents,
spouses, children, or dependents and (2) for repairs to a principal
residence due to casualty loss (as provided under IRS regulations).
o Effective February 7, 2006, the Board of Directors reduced the quarterly
dividend on GM $1 2/3 Par Value Common Stock by 50 percent from its prior
level of 50 cents per quarter, or $2 per year to 25 cents per quarter, or
$1 per year.
o Effective July 1, 2006, all eligible hourly employees will have the
opportunity to participate in the PSP Roth savings feature. The PSP Roth
savings feature will allow participants to contribute after-tax dollars
and make tax-free withdrawals including all Roth contributions and
earnings thereon, if certain provisions are met. As a result of the PSP
Roth savings feature, employees will have an additional choice on how
their contributions may be allocated to their PSP account.
o Effective March 30, 2007 the following four RESTRICTED FUNDS will be
removed as investment options from the PSP. Any assets in these RESTRICTED
FUNDS as of March 30, 2007 will be transferred automatically to the
Promark Income Fund.
- DIRECTV Group Common Stock Fund
- News Corporation Non-Voting Common Stock Fund
- Electronic Data Systems Corporation Common Stock Fund
- Raytheon Company Common Stock Fund
13
THE GENERAL MOTORS PERSONAL SAVINGS PLAN
FOR HOURLY-RATE EMPLOYEES IN THE UNITED STATES
Form 5500, SCHEDULE H, Part IV, Line 4i-
Schedule of Assets (Held at End of Year)
DECEMBER 31, 2005 (dollars in thousands)
Identity of Issuer, Borrower, Lessor or Similar Party Current Value
* Participant loans, maturing through
December 31, 2010 with rates ranging
from 4.0% to 9.5% $428,452
=======
* Denotes parties-in-interest
14