<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the Fiscal Year Ended December 31, 1993
Commission File Number 33-53222
A. Full title of the Plan and address of the Plan, if different
from that of the issuer named below:
JOHN V. CARR & SON, INC. EMPLOYEES' PROFIT SHARING PLAN
B. Name of issuer of securities held pursuant to the Plan and
address of its principal executive office:
COMERICA INCORPORATED
Comerica Tower at
One Detroit Center
500 Woodward Avenue
Detroit, Michigan 48226
- 1 -
<PAGE> 2
INFORMATION FURNISHED WITH RESPECT TO THE PLAN
The following financial statements, notes to financial statements
and consent are included in this Report:
1. Financial statements for the Plan consisting of:
A. Report of Independent Auditors.
B. Statement of Assets, Liabilities and Participants'
Equity as of December 31, 1993 and as of December 31, 1992.
C. Statement of Changes in Participants' Equity for
the years ending December 31, 1993 and December 31, 1992.
D. Notes to Financial Statements.
E. Consent of Independent Auditors.
- 2 -
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the administrator of the Plan has duly caused this
Annual Report to be signed by the undersigned thereunto duly
authorized.
John V. Carr & Son, Inc.
Employees' Profit Sharing Plan
By:/s/ JOHN P. SHERIDAN
-----------------------
John P. Sheridan
Vice President
Comerica Incorporated
Dated: March 25, 1994
- 3 -
<PAGE> 4
INDEX
Name of Document
1. John V. Carr & Son, Inc.,
Employees' Profit Sharing Plan
Financial Statements and Schedules for Years
Ending December 31, 1993 and December 31, 1992
(Including Report of Independent Auditors).
2. Consent of Ernst and Young.
- 4 -
<PAGE> 5
Financial Statements and Schedules
John V. Carr & Son, Inc.
Employees' Profit Sharing Plan
Years ended December 31, 1993 and 1992
with Report of Independent Auditors
[ERNST & YOUNG LOGO]
<PAGE> 6
Report of Independent Auditors
Employee Benefits Committee
Comerica Incorporated
We have audited the accompanying statements of assets, liabilities and
participants' equity of John V. Carr & Son, Inc. Employees' Profit Sharing Plan
as of December 31, 1993 and 1992, and the related statements of changes in
participants' equity for the years then ended. These financial statements are
the responsibility of the Plan's management. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets, liabilities and participants' equity of the
Plan at December 31, 1993 and 1992, and the changes in such participant's
equity for the years then ended, in conformity with generally accepted
accounting principles.
March 8, 1994
1
<PAGE> 7
John V. Carr & Son, Inc. Employees' Profit Sharing Plan
Statement of Assets, Liabilities and Participants' Equity
December 31, 1993
<TABLE>
<CAPTION>
GUARANTEED AMBASSADOR
INVESTMENT AMBASSADOR INTERMEDIATE LIFE
CONTRACT GROWTH INDEX BOND INSURANCE
FUND FUND FUND FUND FUND
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value (Note 3):
Ambassador Money Market Fund $1,272,179 $ 5,175 $ 1,888 $ 1,380
Comerica Guaranteed Investment
Contract Fund 3,851,185
Ambassador Intermediate Bond Fund 166,662
Ambassador Growth Fund 9,821
Ambassador Index Fund 444,573
Ambassador Core Growth Fund 2,682,322
Comerica Incorporated common stock
- ------------------------------------------------------------------------------------------------------------------------------
5,123,364 2,697,318 446,461 168,042
Cash (overdraft) and accrued income (19,998) 6,258 17,020 15,708
Cash value of life insurance policies $465,488
Employer contribution receivable 228,968 121,387 20,711 8,629
Participant loans receivable
Interfund receivable (payable) 18,459 14,732 5,100 3,858
- ------------------------------------------------------------------------------------------------------------------------------
Total assets $5,350,793 $2,839,695 $489,292 $196,237 $465,488
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND PARTICIPANTS' EQUITY
Liabilities:
Accounts payable--unsettled trades
Partcipants' equity $5,350,793 $2,839,695 $489,292 $196,237 $465,488
- ------------------------------------------------------------------------------------------------------------------------------
Total liabilities and participants' equity $5,350,793 $2,839,695 $489,292 $196,237 $465,488
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
COMERICA AMBASSADOR CASH
INCORPORATED MONEY AND
STOCK MARKET LOAN
FUND FUND FUND TOTAL
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments, at fair value (Note 3):
Ambassador Money Market Fund $2,511,795 $ 44,993 $ 3,837,410
Comerica Guaranteed Investment
Contract Fund 3,851,185
Ambassador Intermediate Bond Fund 166,662
Ambassador Growth Fund 9,821
Ambassador Index Fund 444,573
Ambassador Core Growth Fund 2,682,322
Comerica Incorporated common stock $1,785,286 1,785,286
- -------------------------------------------------------------------------------------------------------
1,785,286 2,511,795 44,993 12,777,259
Cash (overdraft) and accrued income 43,939 10,141 30,435 103,503
Cash value of life insurance policies 465,488
Employer contribution receivable 82,843 112,758 575,296
Participant loans receivable 962,544 962,544
Interfund receivable (payable) 23,041 10,239 (75,429) -
- -------------------------------------------------------------------------------------------------------
Total assets $1,935,109 $2,644,933 $962,543 $14,884,090
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
LIABILITIES AND PARTICIPANTS' EQUITY
Liabilities:
Accounts payable--unsettled trades $ 31,036 $ 31,036
Partcipants' equity 1,904,073 $2,644,933 $962,543 14,853,054
- -------------------------------------------------------------------------------------------------------
Total liabilities and participants' equity $1,935,109 $2,644,933 $962,543 $14,884,090
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes.
2
<PAGE> 8
<TABLE>
<CAPTION>
John V. Carr & Son, Inc. Employees' Profit Sharing Plan
Statement of Assets, Liabilities and Participants' Equity
December 31, 1992
GUARANTEED RETAIL
FIXED INVESTMENT SHORT-TERM LIFE SAVINGS
INCOME EQUITY CONTRACT GOVERNMENT INSURANCE PLAN
FUND FUND FUND FUND FUND FUND
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value (Note 3):
Collective investment funds $122,574 $3,013,771 $4,752,459 $2,515,406 $590 $16,569
Insurance contracts 1,359,026
Money Market Account 10,684
Comerica Incorporated
common stock
----------------------------------------------------------------------
122,574 3,013,771 6,111,485 2,515,406 590 27,253
Cash (overdraft) and accrued income 271 (72,077) 72,611 7,555 1 40
Cash value of life insurance policies 430,498
Employer contribution receivable 163,821 342,534 141,481
Participant loans receivable
Interfund receivable (payable) 5,837 (3,196) 2,777 36,458 (591) (84)
----------------------------------------------------------------------
Total assets $128,682 $3,102,319 $6,529,407 $2,700,900 $430,498 $27,209
----------------------------------------------------------------------
----------------------------------------------------------------------
LIABILITIES AND PARTICIPANTS' EQUITY
Liabilities:
Accounts payable-unsettled
trades
Participants' equity $128,682 $3,102,319 $6,529,407 $2,700,900 $430,498 $27,209
----------------------------------------------------------------------
Total liabilities and participants' equity $128,682 $3,102,319 $6,529,407 $2,700,900 $430,498 $27,209
----------------------------------------------------------------------
----------------------------------------------------------------------
<CAPTION>
COMERICA
INCORPORATED 500
LOAN STOCK INDEX
FUND FUND FUND TOTAL
-----------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments, at fair value (Note 3):
Collective investment funds $ 371,327 $424,630 $11,217,326
Insurance contracts 1,359,026
Money Market Account 10,684
Comerica Incorporated
common stock 1,804,480 1,804,480
-----------------------------------------------
2,175,807 424,630 14,391,516
Cash (overdraft) and accrued income $ 52,712 7,580 65 68,758
Cash value of life insurance policies 430,498
Employer contribution receivable 96,803 744,639
Participant loans receivable 705,117 705,117
Interfund receivable (payable) (52,712) 3,270 8,241 -
-----------------------------------------------
Total assets $705,117 $2,283,460 $432,936 $16,340,528
-----------------------------------------------
-----------------------------------------------
LIABILITIES AND PARTICIPANTS' EQUITY
Liabilities:
Accounts payable-unsettled
trades $ 384,716 $ 384,716
Participants' equity $705,117 1,898,744 $432,936 15,955,812
-----------------------------------------------
Total liabilities and participants' equity $705,117 $2,283,460 $432,936 $16,340,528
-----------------------------------------------
-----------------------------------------------
</TABLE>
See accompanying notes.
3
<PAGE> 9
John V. Carr & Son, Inc. Employees' Profit Sharing Plan
Statement of Changes In Participants' Equity
Year ended December 31, 1993
<TABLE>
<CAPTION>
GUARANTEED AMBASSADOR COMERICA AMBASSADOR
INVESTMENT AMBASSADOR INTERMEDIATE LIFE INCORPORATED MONEY
CONTRACT GROWTH INDEX BOND INSURANCE STOCK MARKET
FUND FUND FUND FUND FUND FUND FUND
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Employer contributions $ 82,562 $ 104,314 $ 71,289 $ 45,733 $ 171,132 $ 94,978
Employee voluntary contributions 58,972 88,116 51,408 29,433 125,788 32,406
Interest and dividend income 393,952 53,316 31,324 14,329 81,002 79,734
Net increase in cash surrender
value of life insurance, net
of premiums of $ 49,846 $ 34,990
-------------------------------------------------------------------------------------------
535,486 245,746 154,021 89,495 34,990 377,922 207,118
Deductions:
Distributions to participants 1,291,678 382,993 172,770 66,710 137,989 212,175
Realized and unrealized gain (loss)
on investments - (96,555) 19,574 1,162 (328,693)
-------------------------------------------------------------------------------------------
(756,192) (233,802) 825 23,947 34,990 (88,760) (5,057)
Net transfers between funds (422,422) 3,073,497 488,467 172,290 94,089 2,649,990
-------------------------------------------------------------------------------------------
Net increase (decrease) (1,178,614) 2,839,695 489,292 196,237 34,990 5,329 2,644,933
Participants' equity at January 1, 1993 6,529,407 - - - 430,498 1,898,744 -
-------------------------------------------------------------------------------------------
Participants' equity at
December 31, 1993 $5,350,793 $2,839,695 $489,292 $196,237 $465,488 $1,904,073 $2,644,933
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
<CAPTION>
CASH RETAIL
AND FIXED SHORT-TERM SAVINGS 500
LOAN INCOME EQUITY GOVERNMENT PLAN INDEX
FUND FUND FUND FUND FUND FUND TOTAL
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Employer contributions $ 570,008
Employee voluntary contributions 386,123
Interest and dividend income 653,657
Net increase in cash surrender
value of life insurance, net
of premiums of $ 34,990
-----------------------------------------------------------------------------------------
1,644,778
Deductions:
Distributions to participants $ 78,709 2,343,024
Realized and unrealized gain (loss)
on investments (404,512)
-----------------------------------------------------------------------------------------
(78,709) (1,102,758)
Net transfers between funds 336,135 $(128,682) $(3,102,319) $(2,700,900) $(27,209) $(432,936) -
-----------------------------------------------------------------------------------------
Net increase (decrease) 257,426 (128,682) (3,102,319) (2,700,900) (27,209) (432,936) (1,102,758)
Participants' equity at January 1, 1993 705,117 128,682 3,102,319 2,700,900 27,209 432,936 15,955,812
-----------------------------------------------------------------------------------------
Participants' equity at
December 31, 1993 $962,543 $ - $ - $ - $ - $ - $14,853,054
----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
</TABLE>
See accompanying notes.
4
<PAGE> 10
John V. Carr & Son, Inc. Employees' Profit Sharing Plan
Statement of Changes In Participants' Equity
Year ended December 31, 1992
<TABLE>
<CAPTION>
GUARANTEED RETAIL
FIXED INVESTMENT SHORT-TERM LIFE SAVINGS
INCOME EQUITY CONTRACT GOVERNMENT INSURANCE PLAN
FUND FUND FUND FUND FUND FUND
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions:
Employer contributions $ 1,605 $ 167,916 $ 309,194 $ 107,200 $ 69
Employee voluntary contributions 17,859 76,764 91,586 69,838 7,406
Interest and dividend income 3,931 76,576 563,581 115,336 686
Net increase in cash surrender
value of life insurance, net
of premiums of $44,819 $ 13,998
------------------------------------------------------------------------------------
23,395 321,256 964,361 292,374 13,998 8,161
Deductions:
Distributions to participants 673 154,654 1,289,334 171,597 33,888 1,260
Realized and unrealized gain
on investments 790 89,055
------------------------------------------------------------------------------------
23,512 255,657 (324,973) 120,777 (19,890) 6,901
Net transfers between funds 105,170 (144,453) (671,405) (350,774) (32,414) 20,308
------------------------------------------------------------------------------------
Net increase (decrease) 128,682 111,204 (996,378) (229,997) (52,304) 27,209
Participants' equity at January 1, 1992 - 2,991,115 7,525,785 2,930,897 482,802 -
------------------------------------------------------------------------------------
Participants' equity at
December 31, 1992 $128,682 $3,102,319 $6,529,407 $2,700,900 $430,498 $27,209
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
<CAPTION>
TRAVELERS
GROUP COMERICA
ANNUITY INCORPORATED 500
CONTRACT LOAN STOCK INDEX
FUND FUND FUND FUND TOTAL
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions:
Employer contributions $ 123,858 $ 6,078 $ 715,920
Employee voluntary contributions 41,794 31,049 336,296
Interest and dividend income $ 1,212 46,717 1,503 809,542
Net increase in cash surrender
value of life insurance, net
of premiums of $44,819 13,998
-----------------------------------------------------------------
1,212 212,369 38,630 1,875,756
Deductions:
Distributions to participants 41,787 $ 28,301 87,529 1,926 1,810,949
Realized and unrealized gain
on investments 254,427 5,668 349,940
-----------------------------------------------------------------
(40,575) (28,301) 379,267 42,372 414,747
Net transfers between funds (81,434) 133,501 630,937 390,564 -
-----------------------------------------------------------------
Net increase (decrease) (122,009) 105,200 1,010,204 432,936 414,747
Participants' equity at January 1, 1992 122,009 599,917 888,540 - 15,541,065
-----------------------------------------------------------------
Participants' equity at
December 31, 1992 $ - $705,117 $1,898,744 $432,936 $15,955,812
-----------------------------------------------------------------
-----------------------------------------------------------------
</TABLE>
See accompanying notes.
5
<PAGE> 11
John V. Carr & Son, Inc. Employees' Profit Sharing Plan
Statement of Changes In Participants' Equity
Year ended December 31, 1992
<TABLE>
<CAPTION>
GUARANTEED RETAIL
FIXED INVESTMENT SHORT-TERM LIFE SAVINGS
INCOME EQUITY CONTRACT GOVERNMENT INSURANCE PLAN
FUND FUND FUND FUND FUND FUND
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions:
Employer contributions $ 1,605 $ 167,916 $ 309,194 $ 107,200 $ 69
Employee voluntary contributions 17,859 76,764 91,586 69,838 7,406
Interest and dividend income 3,931 76,576 563,581 115,336 686
Net increase in cash surrender
value of life insurance, net
of premiums of $44,819 $ 13,998
------------------------------------------------------------------------------------
23,395 321,256 964,361 292,374 13,998 8,161
Deductions:
Distributions to participants 673 154,654 1,289,334 171,597 33,888 1,260
Realized and unrealized gain
on investments 790 89,055
------------------------------------------------------------------------------------
23,512 255,657 (324,973) 120,777 (19,890) 6,901
Net transfers between funds 105,170 (144,453) (671,405) (350,774) (32,414) 20,308
------------------------------------------------------------------------------------
Net increase (decrease) 128,682 111,204 (996,378) (229,997) (52,304) 27,209
Participants' equity at January 1, 1992 - 2,991,115 7,525,785 2,930,897 482,802 -
------------------------------------------------------------------------------------
Participants' equity at
December 31, 1992 $128,682 $3,102,319 $6,529,407 $2,700,900 $430,498 $27,209
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
<CAPTION>
TRAVELERS
GROUP COMERICA
ANNUITY INCORPORATED 500
CONTRACT LOAN STOCK INDEX
FUND FUND FUND FUND TOTAL
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions:
Employer contributions $ 123,858 $ 6,078 $ 715,920
Employee voluntary contributions 41,794 31,049 336,296
Interest and dividend income $ 1,212 46,717 1,503 809,542
Net increase in cash surrender
value of life insurance, net
of premiums of $44,819 13,998
-----------------------------------------------------------------
1,212 212,369 38,630 1,875,756
Deductions:
Distributions to participants 41,787 $ 28,301 87,529 1,926 1,810,949
Realized and unrealized gain
on investments 254,427 5,668 349,940
-----------------------------------------------------------------
(40,575) (28,301) 379,267 42,372 414,747
Net transfers between funds (81,434) 133,501 630,937 390,564 -
-----------------------------------------------------------------
Net increase (decrease) (122,009) 105,200 1,010,204 432,936 414,747
Participants' equity at January 1, 1992 122,009 599,917 888,540 - 15,541,065
-----------------------------------------------------------------
Participants' equity at
December 31, 1992 $ - $705,117 $1,898,744 $432,936 $15,955,812
-----------------------------------------------------------------
-----------------------------------------------------------------
</TABLE>
See accompanying notes.
5
<PAGE> 12
John V. Carr & Son, Inc. Employees' Profit Sharing Plan
Notes To Financial Statements
December 31, 1993
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The fair values of the participation units owned by the Plan in the collective
investment and Ambassador mutual funds are based on quoted redemption values on
the last business day of the plan year.
The insurance contracts are valued at contract value as determined by the
insurance companies. Contract value represents contributions made under the
contract, net of transfers by participants from or to other funds within the
Plan, plus interest at the contract rate, less funds used to pay benefits.
The investment in Comerica Incorporated (parent Company of Comerica Bank)
common stock is valued at the last reported sales price on the last business
day of the plan year as traded on a national securities exchange.
The realized gain or loss on sale of investment is the difference between the
proceeds received and the cost of the specfic investment sold. Such amounts
are different than the related amounts reported on Form 5500 which are computed
as the difference between the proceeds received and the fair value at the
beginning of the year as prescribed by the Department of Labor regulations.
Expenses incurred in connection with the operation of the Plan are borne by
John V. Carr & Son, Inc., a subsidiary of Comerica Bank.
2. DESCRIPTION OF THE PLAN
The Profit Sharing Plan is a defined contribution plan available to
substantially all employees of John V. Carr & Son, Inc. and subsidiaries (the
Company).
Employer contributions, at the discretion of the Board of Directors of the
Company, are determined as a percentage of annual compensation of participants,
not to exceed 15% of such compensation, and are limited to an amount which
would not reduce the Company's net earnings for such year below 10% of
stockholders' equity as of the beginning of such year.
Each active participant may elect to make voluntary contributions to the Plan
in an amount up to 10% of compensation.
6
<PAGE> 13
John V. Carr & Son, Inc. Employees' Profit Sharing Plan
Notes To Financial Statements (Continued)
2. DESCRIPTION OF THE PLAN (CONTINUED)
Each participant, who has attained age 21 and satisfied the participation
requirements, has an account credited with the participant's contribution and
an allocation of the Company's contribution and plan earnings. Allocations are
based on participant earnings or account balances, as defined. Participant's
are 100% vested in amounts allocated to their accounts at all times.
Information about the plan agreement, participants' investment alternatives
and the vesting and benefit provisions is contained in the pamphlet "John V.
Carr & Son, Inc. Employees' Profit Sharing Plan." Copies of this pamphlet are
available from the Personnel office.
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate
the Plan subject to the provisions of ERISA.
3. INVESTMENTS
The fair value of individual investments that represent 5% or more of the
Plan's net assets are as follows:
<TABLE>
<CAPTION>
DECEMBER 31
1993 1992
------------------------
<S> <C> <C>
Comerica Equity Fund E $ - $3,013,771
Comerica Short-Term Government Fund,
Series 2 - 2,419,662
Comerica Short-Term Investment Fund - 4,373,765
Comerica Incorporated--common stock 1,785,286 1,804,480
Protective Life Insurance Company Guaranteed
Investment Contract - 1,359,026
Comerica Guaranteed Investment Contract Fund 3,851,185 1,306,988
Ambassador Money Market Fund 3,837,410 -
Ambassador Core Growth Fund 2,682,322 -
</TABLE>
7
<PAGE> 14
John V. Carr & Son, Inc. Employees' Profit Sharing Plan
Notes To Financial Statements (Continued)
4. TRANSACTIONS WITH PARTIES-IN-INTEREST
The following is a summary of transactions (at cost) with parties-in-interest:
<TABLE>
<CAPTION>
COMERICA COMERICA RETAIL
FIXED COMERICA SHORT-TERM SAVINGS COMERICA GUARANTEED
INCOME EQUITY INVESTMENT PLAN INCORPORATED INVESTMENT
FUND F FUND E FUNDS FUND COMMON STOCK CONTRACT FUND
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balance at January 1, 1992 $ - $2,180,109 $ 4,448,772 $ - $ 396,655 $ 2
Purchases in 1992 49,260 306,374 12,381,614 30,684 2,193,675 1,552,472
Sales in 1992 (4,436) (323,784) (10,036,959) (20,000) (1,346,523) (245,486)
Distributions in 1992 (5,666)
--------------------------------------------------------------------------------------------
Balance at December 31, 1992 44,824 2,162,699 6,793,427 10,684 1,238,141 1,306,988
Purchases in 1993 3,204,244 484,684 3,806,637
Sales in 1993 (44,824) (2,162,699) (9,997,671) (10,684) (117,159) (1,262,440)
--------------------------------------------------------------------------------------------
Balance at December 31, 1993 - - - - $ 1,605,666 $3,851,185
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
<CAPTION>
AMBASSADOR AMBASSADOR AMBASSADOR
COMERICA MONEY CORE AMBASSADOR INTERMEDIATE AMBASSADOR
500 INDEX MARKET GROWTH INDEX BOND GROWTH
FUND FUND FUND FUND FUND FUND
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balance at January 1, 1992 $ -
Purchases in 1992 88,761
Sales in 1992 (34,743)
Distributions in 1992
--------------------------------------------------------------------------------------------
Balance at December 31, 1992 54,018 $ - $ - $ - $ - $ -
Purchases in 1993 9,796,332 3,242,603 594,916 255,996 9,481
Sales in 1993 (54,018) 5,958,922 492,690 166,387 60,056
--------------------------------------------------------------------------------------------
Balance at December 31, 1993 - $3,837,410 $2,749,913 $428,529 $165,940 $9,481
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
</TABLE>
Unrealized appreciation (depreciation) on these investments aggregated
$(1,255,352) and $177,075 in 1993 and 1992, respectively. Gains realized from
the sale of Fund units were $850,840 and $172,865 in 1993 and 1992,
respectively.
5. INCOME TAX STATUS
The Internal Revenue Service has ruled that the Plan qualifies under Section
401(a) of the Internal Revenue Code and is, therefore, not subject to taxation
under present income tax laws. Once qualified, the Plan is required to operate
in conformity with the IRC in order to maintain its qualification. The Plan
Sponsor is not aware of any course of action or series of events that would
adversely affect the Plan's qualified status.
8
<PAGE> 15
[LOGO OF ERNST & YOUNG]
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statements
listed below, of our reports on the consolidated financial statements of
Comerica Incorporated and subsidiaries dated January 18, 1994, financial
statements of Comerica Incorporated Preferred Savings Plan dated March 8, 1994
and financial statements of John V. Carr & Son, Inc. Employees' Profit-Sharing
Trust dated March 8, 1994, all included in the Annual Report on Form 10-K of
Comerica Incorporated for the year ended December 31, 1993:
Registration Statement No. 33-42485 on Form S-8 dated August 29, 1991
Registration Statement No. 33-45500 on Form S-8 dated February 11, 1992
Registration Statement No. 33-49964 on Form S-8 dated July 23, 1992
Resistration Statement No. 33-49966 on Form S-8 dated July 23, 1992
Registration Statement No. 33-53220 on Form S-8 dated October 13, 1992
Registration Statement No. 33-53222 on Form S-8 dated October 13, 1992
ERNST & YOUNG
Detroit, Michigan
March 28, 1994
