l:\secfiles\11_k\eds_1_94\pr-save.doc2
<PAGE>1
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, 1994
-----------------
OR
TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
- ---
ACT OF 1934
For the transition period from to
--------------------- ---------------------
Commission file number 33-54833
--------
EDS PUERTO RICO SAVINGS PLAN
-------------------------------
(Full title of the plan)
General Motors Corporation
767 Fifth Avenue, New York, New York 10153-0075
3044 West Grand Blvd., Detroit, Michigan 48202-3091
----------------------------------------------------
(Name of issuer of the securities held pursuant to
the plan and the address of its principal
executive offices)
Registrant's telephone number, including area code (313)556-5000
Notices and communications from the Securities
and Exchange Commission relative to this report
should be forwarded to:
James H. Humphrey
Chief Accounting Officer
General Motors Corporation
3044 West Grand Blvd.
Detroit, Michigan 48202-3091
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<PAGE>2
FINANCIAL STATEMENTS AND EXHIBIT
- --------------------------------
(a) FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES Page No.
----------------------------------------------- --------
EDS Puerto Rico Savings Plan:
Independent Auditors' Report. . . . . . . . . . . . . . . . . 3
Basic Financial Statements:
Statements of Net Assets Available for Benefits,
December 31, 1994 and 1993. . . . . . . . . . . . . . . 4
Statements of Changes in Net Assets Available for
Benefits for the Year Ended December 31,
1994 and the Period from July 16, 1993 (Inception)
through December 31, 1993 . . . . . . . . . . . . . . . 5
Notes to Financial Statements, December 31,
1994 and 1993 . . . . . . . . . . . . . . . . . . . . . 5
Supplemental schedules:
Line 27(a) Schedule of Assets Held for
Investment Purposes, December 31, 1994. . . . . . . . . 13
Line 27(d) Schedule of Reportable Transactions
for the Year Ended December 31, 1994. . . . . . . . . . 14
Supplemental schedules not listed above are omitted as the required
information is not applicable or the information is presented in the
financial statements or related notes.
(b) EXHIBIT
-------
Exhibit 23 Consent of Independent Auditors . . . . . . . . 15
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the Trustees of the EDS Puerto Rico Savings Plan have duly caused
this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
EDS PUERTO RICO SAVINGS PLAN
----------------------------
(Name of plan)
EDS International Corporation
Plan Administrator
Date June 27, 1995 By
-------------
s/Lester M. Alberthal, Jr.
--------------------------
(Lester M. Alberthal, Jr.,
Chairman of the Board,
President, and Chief Executive
Officer)
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<PAGE>3
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Trustees
EDS Puerto Rico Savings Plan:
We have audited the accompanying statements of net assets available for
benefits of the EDS Puerto Rico Savings Plan as of December 31, 1994 and 1993,
and the related statements of changes in net assets available for benefits for
the year ended December 31, 1994 and the period from July 16, 1993 (Inception)
through December 31, 1993. 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 net assets available for benefits of the EDS Puerto
Rico Savings Plan as of December 31, 1994 and 1993 and the changes in net
assets available for benefits for the year ended December 31, 1994 and the
period from July 16, 1993 (Inception) through December 31, 1993 in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes and reportable transactions 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. The supplemental
schedules have been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, are fairly stated in
all material respects in relation to the basic financial statements taken as a
whole.
s/KPMG PEAT MARWICK LLP
KPMG PEAT MARWICK LLP
Dallas, Texas
June 15, 1995
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EDS PUERTO RICO SAVINGS PLAN
Statements of Net Assets Available for Benefits
December 31, 1994 and 1993
Assets: 1994
1993
-------- --------
Investments (note 4):
Income Fund, at contract value
(cost, 1994 - $2,044
1993 - $83) $2,044 $83
GM Class E Stock Fund, at fair value
(cost, 1994 - $11,408
1993 - $-) 11,628 -
Vanguard/Wellington Fund, at fair value
(cost, 1994 - $27,043
1993 - $4,635) 26,087 4,553
Vanguard U.S. Growth Portfolio,
at fair value
(cost, 1994 - $6,002
1993 - $2,297) 6,089 2,290
Vanguard International Growth
Portfolio, at fair value
(cost, 1994 - $23,654
1993 - $2,351) 23,236 2,491
Vanguard Quantitative Portfolios, at fair value
(cost, 1994 - $10,242
1993 - $3,492) 9,676 3,206
Vanguard Money Market Reserves-Prime Portfolio,
at fair value
(cost, 1994 - $308,055
1993 - $232,803) 308,055 232,803
Loan Fund, at unpaid principal balance,
which approximates fair value 4,663 -
-------- --------
Total Assets 391,478 245,426
Refund Payable 46,600 -
-------- --------
Net assets available for benefits $344,878 $245,426
======== ========
See accompanying Notes to Financial Statements.
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<PAGE>5
EDS PUERTO RICO SAVINGS PLAN
Statements of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 1994 and the Period from
July 16, 1993 (Inception) through December 31, 1993
July 16,
Year Ended Through
December 31, December 31,
1994 1993
------------ ------------
Additions to net assets attributed to:
Investment income:
Net depreciation in fair
value of investments (note 4) ($1,518) ($235)
Interest 11,145 2,256
Dividends 1,336 504
-------- --------
Total 10,963 2,525
Contributions - employees 70,480 41,962
Roll-overs from other plans 29,605 200,939
-------- --------
Total additions 111,048 245,426
Deductions from net assets attributed
to withdrawals 11,596 -
-------- --------
Net increase 99,452 245,426
Net assets available for benefits at:
Beginning of period 245,426 -
-------- --------
End of period $344,878 $245,426
======== ========
See accompanying Notes to Financial Statements.
Notes to Financial Statements
December 31, 1994 and 1993
1. Description of Plan
-------------------
The EDS Puerto Rico Savings Plan (Plan or Trust) (the Plan) became
effective July 16, 1993, with employees admitted to the Plan on this date. As
used herein, the terms "EDS", "the Company", and "Employer" refer to EDS
International Corporation (a wholly owned subsidiary of Electronic Data
Systems Corporation which is wholly owned by General Motors Corporation (GM)).
The following description of the Plan reflects all Plan amendments and is
provided for general purposes only. Participants should refer to the Plan
document, as amended, for more complete information.
General - The Plan is a qualified profit sharing plan with provisions
pursuant to Section 165 of the Puerto Rico Income Tax Act of 1954, as amended
(ITA), covering eligible employees of the Company. An employee becomes
eligible to participate in the Plan upon the completion of at least one hour
of service with the Employer.
The Vanguard Fiduciary Trust Company (Vanguard) is the asset custodian and
record-keeper for the Plan. Banco Santander is the trustee of the Plan. The
Plan's investment activities are managed by the Vanguard Group of Investment
Companies. The Plan's Investment Committee has approval and oversight
responsibilities for the investment process.
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<PAGE>6
EDS PUERTO RICO SAVINGS PLAN
The Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA), as amended and the Internal Revenue Code, as
amended. The Plan was created to provide additional incentive and retirement
security for eligible employees. The Plan has seven investment funds: the
Income Fund, which is a fixed income fund; the GM Class E Stock Fund, which
consists of GM Class E common stock and a small amount of cash invested in a
money market account; the Vanguard Money Market Reserves-Prime Portfolio
(Vanguard Money Market), a short-term investment fixed income fund; the
Vanguard/Wellington Fund (Vanguard/Wellington), a stock and bond mutual fund;
the Vanguard Quantitative Portfolios (Vanguard Quantitative), a growth and
income stock mutual fund; the Vanguard U.S. Growth Portfolio (Vanguard U.S.),
a growth stock mutual fund; and the Vanguard International Growth Portfolio
(Vanguard International), a growth stock mutual fund investing in foreign
companies.
All of the administrative expenses of the Plan are paid by the Company with
the following two exceptions: (1) loan application fees and (2) maintenance
fees for non-EDS-employed participants. All investment expenses are paid from
the investment funds.
Contributions - Each year, contributions to the Plan are made on a pre-tax
basis. Participants may elect to defer between one percent and 10 percent of
their total compensation subject to a maximum annual contribution of $7,000
and maximum eligible compensation of $150,000 and $235,840 per participant
beginning January 1, 1994 and 1993,respectively, and limitations imposed to
ensure a fair mix of participation among employees (elective contributions).
A participant may elect, up to four times annually, to change his/her
designated percentage of pay withheld.
Withdrawals - A participant may request a withdrawal of all or a portion of
the amount of accumulated voluntary contributions in cases of hardship. Once
a participant has exhausted all other available financial resources, including
Plan loans, and upon the approval of the Plan Administrator, a participant may
then withdraw an amount equal to but not in excess of the expense of the
hardship (the "Hardship Withdrawal"). In order to obtain such approval from
the Plan Administrator, a participant must demonstrate immediate and heavy
financial need. Participants age 59 1/2 or above may request an in-service
withdrawal without being subject to an additional 10% tax penalty. The amount
of a participant's withdrawals may not be repaid to the Plan.
Participant's Individual Account - The Participant's Individual Account is
credited with the participant's contributions (including rollovers) and the
amounts of participant earnings dictated by the number of units held in each
investment fund. The benefit to which a participant is entitled is limited to
the amount of the participant's individual account.
The participant determines both the amount deferred and the percentage of
the investment contributed to one or more of the investment funds. The
percentages may be in any whole percentage increment.
Vesting - Participants are always 100% vested in their individual accounts
and in the earnings received thereon.
Payment of Benefits - On termination of service, age 59-1/2, death, or
retirement, a participant may elect to receive either a cash distribution for
all or part of the value of his/her account, GM Class E common stock (for any
amount so invested), or a non-transferable annuity contract purchased on
his/her behalf from an insurance company. A participant may elect to receive
periodic payments in monthly, quarterly, or semiannual installments or elect
to have all or part of his/her account rolled over to another qualified plan
or to an individual retirement account.
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<PAGE>7
EDS PUERTO RICO SAVINGS PLAN
Loans - Upon written application of a participant, the Plan Administrator
may, at his/her sole discretion, direct the Trustees to make a loan to the
participant. The amount of any such loan is limited to fifty percent (50%) of
the amount of accumulated elective contributions to which the participant
would be entitled if employment was terminated as of the date the loan is
made. No loan may be granted for less than $500. The maximum amount of loans
available to a participant may not exceed $50,000 reduced by the highest
outstanding loan balances from the Plan during the preceding year minus the
outstanding loan balances on the date a loan is made. Plan loans and interest
must be repaid within five years or upon separation from employment, whichever
is earlier. If the outstanding loan is not repaid in full prior to the end of
the calendar year during which the participant separates, the amount
outstanding will be reported to the Puerto Rico Department of the Treasury as
income for that calendar year. The Plan allows only one outstanding loan at
any time. At December 31, 1994 and 1993, the interest rate on new loans was
eight and one-half percent (8.50%) and six percent (6.00%), respectively.
2. Summary of Significant Accounting Policies
------------------------------------------
Investments - Quoted market prices are used to value investments other than
those of the Income Fund and the Loan Fund. Purchases and sales of the GM
Class E common stock are recorded on a trade date basis. Investments in the
Income Fund are valued at contract value which represents contributions made
plus interest at the contract rate. Participant loans are presented in the
accompanying financial statements at unpaid principal balance which
approximates fair value.
Investment Income - Income from investments is recorded as it is earned.
Benefits - Benefits are recorded when paid.
Contribution Refunds - Refunds of excess participant contributions to be
made subsequent to December 31, 1994 under section 415 of the Internal Revenue
Code of 1986 (Code) are recorded on an accrual basis. At December 31, 1994,
refunds due to participants are allocated as follows: $314 - Income Fund;
$4,557 - GM Class E Stock Fund; $3,628 - Vanguard/Wellington Fund; $520 -
Vanguard U.S. Growth Portfolio Fund; $11,648 - Vanguard International Growth
Portfolio Fund; $3,010 - Vanguard Quantitative Portfolios Fund; and $22,923 -
Vanguard Money Market Reserves - Prime Portfolio Fund.
3. Plan Termination
----------------
While it has not expressed any intention to do so, the Company has the
right to terminate the Plan at any time by majority vote of its Board of
Directors subject to the provisions of ERISA.
4. Investments
-----------
The Trustees of the Plan hold the investments of the Plan in trust on
behalf of the participants. Consistent with the fiduciary standards of ERISA,
safeguards are adhered to in protecting the interests of Plan participants and
their beneficiaries.
The table on the next page presents the fair value/contract value of the
Plan's investments at December 31, 1994 and 1993. Investments that represent
five percent (5.00%) or more of the Plan's net assets are separately
identified.
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<PAGE>8
<TABLE>
EDS PUERTO RICO SAVINGS PLAN
<CAPTION>
1994 1993
------------------------ -------------------------
Number Fair value/ Number Fair value/
of shares contract of shares contract
or units value or units value
----------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
Income Fund - $2,044 - $83
-------- --------
GM Class E Stock Fund (cost of
$11,408 in 1994 706 11,628 - -
-------- --------
Vanguard/Wellington (cost of
$27,043 in 1994 and
$4,635 in 1993) * 1,345 26,087 223 4,553
-------- --------
Vanguard U.S. (cost of
$6,002 in 1994 and
$2,297 in 1993) 397 6,089 153 2,290
-------- --------
Vanguard International (cost of
$23,654 in 1994 and
$2,351 in 1993) * 1,730 23,236 184 2,491
-------- --------
Vanguard Quantitative (cost of
$10,242 in 1994 and
$3,492 in 1993) 622 9,676 195 3,206
-------- --------
Vanguard Money Market* 308,055 308,055 232,803 232,803
-------- --------
Loan Fund (2 loans in 1994,
loans outstanding from $1,110
to $3,687 with interest rates
from 6% to 7.75% in 1994) - 4,663 - -
-------- --------
$391,478 $245,426
======== ========
</TABLE>
*Represents 5% or more of Plan assets.
To hedge against adverse foreign currency movements, the Vanguard
International Growth Portfolio may enter into contracts for the purchase or
sale of a specific foreign currency at a fixed price at a future date. The
forward foreign currency rate of the underlying currency and any gains and
losses are recorded for financial statement purposes as unrealized until the
contract settlement date, at which point they are realized. To hedge against
anticipated future changes in interest or security prices, the Vanguard
Quantitative Portfolios may utilize futures contracts to a limited extent.
The Fund receives from or pays to brokers amounts equal to the daily
fluctuations in the values of the contracts. These receipts and payments are
recorded as unrealized gains and losses until the contract settlement dates,
at which point they are realized. The underlying risk to participants is
proportional to each participant's number of shares relative to the total
number of shares issued by each mutual fund.
5. Related Party Transactions
--------------------------
As stated previously, the GM Class E Stock Fund consists of GM Class E
common stock and a small amount of cash invested in a money market account.
Additionally, two Vanguard funds consist of investments in various Vanguard
managed mutual funds.
6. Income Tax Status
-----------------
The Puerto Rico Department of the Treasury has determined and informed the
Company by a letter dated October 6, 1993 that the Plan and related trust are
designed in accordance with applicable sections of the ITA. Therefore, no
provision for income taxes has been included in the accompanying financial
statements.
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<PAGE>9
<TABLE>
EDS PUERTO RICO SAVINGS PLAN
7. Allocation of Changes in Plan Assets and Liabilities to Investment Programs
---------------------------------------------------------------------------
The following table presents the allocation of changes in net assets available for benefits to investment programs for the
year ended December 31, 1994:
<CAPTION>
Vanguard
GM Vanguard International
Class E Vanguard/ U.S. Growth Growth
Income Stock Wellington Portfolio Portfolio
Fund Fund Fund Fund Fund
------------ ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C>
Additions to net assets
attributed to
investment income:
Net appreciation
(depreciation)
in fair value
of investments $- $220 ($967) $92 ($567)
Interest 45 - - - -
Dividends - 33 657 69 280
------- -------- ------- ------- -------
Total 45 253 (310) 161 (287)
Employee contributions 308 1,461 5,420 785 8,040
Roll-overs from other plans 1,316 - 14,325 1,320 3,129
------- -------- ------- ------- -------
Total additions 1,669 1,714 19,435 2,266 10,882
Deductions from net
assets attributed
to withdrawals (23) - (225) - (259)
Interfund transfers 1 5,357 (1,304) 1,013 (1,526)
------- -------- ------- ------- -------
Net increase 1,647 7,071 17,906 3,279 9,097
Net assets available for
benefits at:
Beginning of year 83 - 4,553 2,290 2,491
------- -------- ------- ------- -------
End of year $1,730 $7,071 $22,459 $5,569 $11,588
======= ======== ======= ======= =======
</TABLE>
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<PAGE>10
<TABLE>
EDS PUERTO RICO SAVINGS PLAN
<CAPTION>
Vanguard
Money Market
Vanguard Reserves-
Quantitative Prime
Portfolios Portfolio Loan
Fund Fund Fund Total
------------ ------------- --------- --------
<S> <C> <C> <C> <C>
Additions to net assets
attributed to
investment income:
Net appreciation
(depreciation)
in fair value
of investments ($296) $- $- ($1,518)
Interest - 10,874 226 11,145
Dividends 297 - - 1,336
--------- -------- -------- --------
Total 1 10,874 226 10,963
Employee contributions 2,163 52,303 - 70,480
Roll-overs from other plans 662 8,853 - 29,605
--------- -------- -------- --------
Total additions 2,826 72,030 226 111,048
Deductions from net
assets attributed to
withdrawals (88) (8,976) (2,025) (11,596)
Interfund transfers 722 (10,726) 6,463 -
--------- -------- -------- --------
Net increase 3,460 52,328 4,664 99,452
Net assets available for
benefits at:
Beginning of year 3,206 232,803 - 245,426
--------- -------- -------- --------
End of year $6,666 $285,131 $4,664 $344,878
========= ======== ======== ========
</TABLE>
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<PAGE>11
<TABLE>
EDS PUERTO RICO SAVINGS PLAN
7. Allocation of Changes in Plan Assets and Liabilities to Investment Programs (concluded)
---------------------------------------------------------------------------------------
The following table presents the allocation of changes in net assets available for benefits to investment programs for the
period from July 16, 1993 (Inception) through December 31, 1993:
<CAPTION>
Vanguard
Vanguard International
Vanguard/ U.S. Growth Growth
Income Wellington Portfolio Portfolio
Fund Fund Fund Fund
---------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Additions to net assets
attributed to
investment income:
Net appreciation
(depreciation)
in fair value
of investments $- ($82) ($7) $140
Interest - - - -
Dividends - 142 31 14
-------- -------- -------- --------
Total - 60 24 154
Employee contributions 50 754 56 1,394
Roll-overs from other plans - - - -
-------- -------- -------- --------
Total additions 50 814 80 1,548
Deductions from net
assets attributed to
withdrawals - - - -
Interfund transfers 33 3,739 2,210 943
-------- -------- -------- --------
Net increase 83 4,553 2,290 2,491
Net assets available for
benefits at:
Beginning of period - - - -
-------- -------- -------- --------
End of period $83 4,553 2,290 2,491
======== ======== ======== ========
</TABLE>
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<PAGE>12
<TABLE>
EDS PUERTO RICO SAVINGS PLAN
<CAPTION>
Vanguard
Money Market
Vanguard Reserves-
Quantitative Prime
Portfolios Portfolio
Fund Fund Total
------------ ------------- --------
<S> <C> <C> <C>
Additions to net assets
attributed to investment
income:
Net appreciation
(depreciation)
in fair value
of investments ($286) $- ($235)
Interest - 2,256 2,256
Dividends 317 - 504
-------- -------- --------
Total 31 2,256 2,525
Employee contributions 427 39,281 41,962
Roll-overs from other plans - 200,939 200,939
-------- -------- --------
Total additions 458 242,476 245,426
Deductions from net
assets attributed to
withdrawals - - -
Interfund transfers 2,748 (9,673) -
-------- -------- --------
Net increase 3,206 232,803 245,426
Net assets available for
benefits at:
Beginning of period - - -
-------- -------- --------
End of period $3,206 $232,803 $245,426
======== ======== ========
</TABLE>
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<PAGE>13
<TABLE>
EDS PUERTO RICO SAVINGS PLAN
Line 27(a)-Schedule of Assets Held for Investment Purposes
December 31, 1994
Description of Investment
------------------------------------
<CAPTION>
Number
Rates of of Shares Current
Identity of Party Interest or Units Cost Value
- --------------------------- --------- ---------- -------- ------------
<S> <C> <C> <C> <C>
Income Fund - - $2,044 $2,044
GM Class E Stock Fund* - 706 11,408 11,628
Vanguard/Wellington Fund* - 1,345 27,043 26,087
Vanguard U.S. Growth*
Portfolio - 397 6,002 6,089
Vanguard International*
Growth Portfolio - 1,730 23,654 23,236
Vanguard Quantitative*
Portfolios - 622 10,242 9,676
Vanguard Money Market*
Reserves - Prime
Portfolio - 308,055 308,055 308,055
Loan Fund* 6% to 7.75% - 4,663 4,663
-------- --------
Total Assets Held for Investment Purposes $393,111 $391,478
======== ========
* Parties-In-Interest
</TABLE>
See accompanying independent auditors' report.
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<PAGE>14
<TABLE>
EDS PUERTO RICO SAVINGS PLAN
Line 27(d)-Schedule of Reportable Transactions
For The Year Ended December 31, 1994
<CAPTION>
Current
Expense Value of
Identity Number Incurred Asset on Net
of Party of Purchase Selling Lease with Cost of Transaction Gain or
Involved Description of Asset Transactions Price Price Rental Transaction Asset Date (Loss)
- -------- ---------------------------- ------------ --------- -------- ------- ----------- -------- ----------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Vanguard Vanguard/Wellington Fund 33 $24,795 $- $- $- $24,795 $24,795 $-
(Stock and Bond Fund) 5 - 2,295 - - 2,388 2,295 (93)
Vanguard Vanguard Money Market
Reserves-
Prime Portfolio 44 97,604 - - - 97,604 97,604 -
(Money Market Fund) 13 - 22,503 - - 22,503 22,503 -
Vanguard Vanguard International Growth 28 23,553 - - - 23,553 23,553 -
Portfolio (Stock Fund) 3 - 2,242 - - 2,250 2,242 (8)
See accompanying independent auditors' report.
</TABLE>
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L:\secfiles\11-k\eds_94_1\eds_1_23.doc1
<PAGE>1
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
-------------------------------
To the Trustees
EDS Puerto Rico Savings Plan:
We consent to the incorporation by reference in Registration Statement No.
33-54833 on Form S-8 of General Motors Corporation of our report dated
June 15, 1995 relating to the statements of net assets available for benefits
of the EDS Puerto Rico Savings Plan as of December 31, 1994 and 1993, and the
related statements of changes in net assets available for benefits for the
year ended December 31, 1994 and the period from July 16, 1993 (Inception)
through December 31, 1993, and the related supplemental schedules, which
report appears in the December 31, 1994 annual report on Form 11-K of the EDS
Puerto Rico Savings Plan filed by General Motors Corporation.
s/KPMG PEAT MARWICK LLP
KPMG PEAT MARWICK LLP
Dallas, Texas
June 27, 1995
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