l:\secfiles\11_k\sat_1_94\isp_rep.doc 17
<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 33-19551
--------
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
--------------------------------
(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
- 1 -
<PAGE>2
FINANCIAL STATEMENTS AND EXHIBIT
- --------------------------------
(a) FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES Page No.
----------------------------------------------- --------
Saturn Individual Savings Plan for Represented Members:
Independent Auditors' Report. . . . . . . . . . . . . . . . . 3
Statements of Net Assets Available for Benefits
December 31, 1994 and 1993. . . . . . . . . . . . . . . . . 4
Statements of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 1994 and 1993. . . . . . . 6
Notes to Financial Statements . . . . . . . . . . . . . . . . 8
Supplemental schedules:
Line 27a-Schedule of Assets Held for Investment Purposes,
December 31, 1994 . . . . . . . . . . . . . . . . . . . . 13
Line 27d-Schedule of Reportable Transactions for the
Year Ended December 31, 1994. . . . . . . . . . . . . . . 14
Supplemental schedules not listed above are omitted
because of the absence of the conditions under which
they are required.
(b) EXHIBIT
-------
Exhibit 23 - Consent of Independent Auditors. . . . . . . . . . 17
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the President's Council of General Motors Corporation has duly caused
this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
Saturn Individual Savings Plan
for Represented Members
------------------------------
(Name of plan)
Date June 27, 1995 By:
-------------
s/John F. Smith, Jr.
------------------------------
(John F. Smith, Jr., Chairman
President's Council)
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<PAGE>3
INDEPENDENT AUDITORS' REPORT
- ----------------------------
Saturn Individual Savings Plan
for Represented Members:
We have audited the accompanying statements of net assets available for
benefits of the Saturn Individual Savings Plan for Represented Members (the
"Plan") as of December 31, 1994 and 1993, and the related statements of
changes in net assets available for benefits for the years then ended. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1994 and 1993, and the changes in net assets available for
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were performed 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, 1994 and (2) reportable
transactions for the year ended December 31, 1994 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 fund information in
the financial statements referred to above is presented for purposes of
additional analysis rather than to present the net assets available for
benefits and changes in net assets available for benefits of each fund. The
supplemental schedules and fund information, which are the responsibility of
the Plan's management, 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 when considered in relation to the
basic financial statements taken as a whole.
s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Nashville, Tennessee
June 2, 1995
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<PAGE>4
<TABLE>
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1994
<CAPTION>
Supplemental Fund Information
-----------------------------------------
GM
Common Stock,
$1-2/3 Equity Index
Total Par Value Income Fund Fund
---------- ------------- ------------- ------------
<S> <C> <C> <C> <C>
Assets:
Investments:
General Motors common stock, $1-2/3 par value,
at quoted market value................................ $12,912,618 $12,912,618 $- $-
Guaranteed investment contracts stated at cost plus
accumulated interest.................................. 24,219,185 - 24,219,185 -
Equity Index Fund at estimated market value............. 15,967,122 - - 15,967,122
Loans to Participants................................... 5,237,905 2,476,332 1,792,687 968,886
---------- ---------- ---------- ----------
Total investments..................................... 58,336,830 15,388,950 26,011,872 16,936,008
Cash and temporary investments............................ 418 - 418 -
Receivables:
Transfers receivable (payable) between investment
options............................................... - (697) (2,856) 3,553
Securities sold, not settled............................ 382,284 382,284 - -
---------- ---------- ---------- ----------
Total assets.............................................. 58,719,532 15,770,537 26,009,434 16,939,561
---------- ---------- ---------- ----------
Liabilities:
Securities purchased, not settled....................... 145,584 145,584 - -
Accounts payable........................................ 199,335 198,655 680 -
---------- ---------- ---------- ----------
Total liabilities......................................... 344,919 344,239 680 -
---------- ---------- ---------- ----------
Net assets available for benefits.................... $58,374,613 $15,426,298 $26,008,754 $16,939,561
========== ========== ========== ==========
The accompanying notes are an integral part of these financial statements.
</TABLE>
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<PAGE>5
<TABLE>
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993
<CAPTION>
Supplemental Fund Information
-----------------------------------------
GM
Common Stock,
$1-2/3 Equity Index
Total Par Value Income Fund Fund
----------- ------------- ----------- ------------
<S> <C> <C> <C> <C>
Assets:
Investments:
General Motors common stock, $1-2/3 par value,
at quoted market value................................ $9,899,670 $9,899,670 $- $-
Guaranteed investment contracts stated at cost plus
accumulated interest.................................. 18,425,967 - 18,425,967 -
Equity Index Fund at estimated market value............. 12,377,516 - - 12,377,516
Loans to Participants................................... 3,429,759 1,423,158 1,192,429 814,172
---------- ---------- ---------- ----------
Total investments..................................... 44,132,912 11,322,828 19,618,396 13,191,688
Cash and temporary investments............................ 184,349 183,876 - 473
Receivables:
Participants' contributions............................. 976,660 199,059 485,202 292,399
Transfers receivable (payable) between investment
options............................................... - 101,527 (81,173) (20,354)
---------- ---------- ---------- ----------
Net assets available for benefits.................. $45,293,921 $11,807,290 $20,022,425 $13,464,206
========== ========== ========== ==========
The accompanying notes are an integral part of these financial statements.
</TABLE>
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<PAGE>6
<TABLE>
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1994
<CAPTION>
Supplemental Fund Information
------------------------------------------
GM
Common Stock,
$1-2/3 Income Equity Index
Total Par Value Fund Fund
----------- ------------- ------------ ------------
<S> <C> <C> <C> <C>
Assets:
Additions (Deductions) to net assets attributed to:
Investment income:
Net depreciation on assets held,
sold, or distributed to participants............ ($3,080,361) ($2,850,873) $- ($229,488)
Dividends......................................... 176,233 176,233 - -
Interest.......................................... 1,791,266 6,547 1,390,284 394,435
---------- ---------- ---------- ----------
(1,112,862) (2,668,093) 1,390,284 164,947
---------- ---------- ---------- ----------
Interest on loans................................... 273,927 44,354 131,656 97,917
---------- ---------- ---------- ----------
Contributions:
After-Tax......................................... 4,141,339 527,344 2,536,040 1,077,955
Tax-Deferred...................................... 12,150,758 1,731,431 5,714,116 4,705,211
---------- ---------- ---------- ----------
16,292,097 2,258,775 8,250,156 5,783,166
---------- ---------- ---------- ----------
Total additions (deductions).................. 15,453,162 (364,964) 9,772,096 6,046,030
---------- ---------- ---------- ----------
Deductions:
Deductions (Additions) from net assets attributed to:
Benefits paid to participants..................... 2,369,651 326,877 1,463,185 579,589
Transfers between investment options.............. - (4,313,668) 2,322,582 1,991,086
Forfeitures....................................... 2,819 2,819 - -
---------- ---------- ---------- ----------
Total deductions (additions).................. 2,372,470 (3,983,972) 3,785,767 2,570,675
---------- ---------- ---------- ----------
Net increase........................................ 13,080,692 3,619,008 5,986,329 3,475,355
Net assets available for benefits:
Beginning of year................................. 45,293,921 11,807,290 20,022,425 13,464,206
---------- ---------- ---------- ----------
End of year....................................... $58,374,613 $15,426,298 $26,008,754 $16,939,561
========== ========== ========== ==========
The accompanying notes are an integral part of these financial statements.
- 6 -
</TABLE>
<PAGE>7
<TABLE>
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1993
<CAPTION>
Supplemental Fund Information
------------------------------------------
GM
Common Stock,
$1-2/3 Income Equity Index
Total Par Value Fund Fund
----------- ------------- ---------- ------------
<S> <C> <C> <C> <C>
Assets:
Additions to net assets attributed to:
Investment income:
Net appreciation on assets held,
sold, or distributed to participants............ $4,940,191 $4,279,640 $- $660,551
Dividends......................................... 157,211 157,211 - -
Interest.......................................... 1,534,266 1,079 1,254,660 278,527
---------- ---------- ---------- ----------
6,631,668 4,437,930 1,254,660 939,078
---------- ---------- ---------- ----------
Interest on loans................................... 178,188 24,628 91,639 61,921
---------- ---------- ---------- ----------
Contributions:
After-Tax......................................... 3,503,295 382,026 2,217,044 904,225
Tax-Deferred...................................... 10,027,864 1,406,001 4,699,684 3,922,179
---------- ---------- ---------- ----------
13,531,159 1,788,027 6,916,728 4,826,404
---------- ---------- ---------- ----------
Total additions............................... 20,341,015 6,250,585 8,263,027 5,827,403
---------- ---------- ---------- ----------
Deductions:
Deductions (Additions) from net assets attributed to:
Benefits paid to participants..................... 1,843,301 288,835 1,092,023 462,443
Transfers between investment options.............. - 2,015,701 (1,072,668) (943,033)
---------- ---------- ---------- ----------
Total deductions (additions).................. 1,843,301 2,304,536 19,355 (480,590)
---------- ---------- ---------- ----------
Net increase........................................ 18,497,714 3,946,049 8,243,672 6,307,993
Net assets available for benefits:
Beginning of year................................. 26,796,207 7,861,241 11,778,753 7,156,213
---------- ---------- ---------- ----------
End of year................................... $45,293,921 $11,807,290 $20,022,425 $13,464,206
========== ========== ========== ==========
The accompanying notes are an integral part of these financial statements.
</TABLE>
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<PAGE>8
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
NOTES TO FINANCIAL STATEMENTS
PLAN DESCRIPTION
Saturn Corporation ("Saturn"), a wholly-owned subsidiary of General Motors
Corporation ("Corporation"), established a defined contribution plan, the
Saturn Individual Savings Plan for Union-Represented Employees (the "Plan"),
on January 1, 1988. Effective January 1, 1993, the name of the Plan was
changed to the Saturn Individual Savings Plan for Represented Members. The
Finance Committee of the Corporation's Board of Directors acts as the Plan
fiduciary and, along with various officers, employees and committees with
authority delegated by 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"). Assets of the
Plan are held by various investment managers under the direction of a Trustee.
The Plan provides eligible represented members with tax-deferred and after-tax
voluntary savings opportunities. The following brief description of the Plan
is provided for general information purposes only. Refer to the "Complete
Text" of the Plan for a comprehensive description.
Participation
-------------
Eligibility in the Plan is restricted to regular employees of Saturn
compensated fully or partly by salary who are represented by the United
Auto Workers ("UAW") or other labor organizations which have adopted the
Plan. Employees who are classified as temporary, contract or leased
employees are not eligible to participate. Eligible Employees may
participate in the Plan and accumulate savings as of the first day of
employment. Employees on approved disability leaves of absence, or
certain special leaves of absence, remain eligible to accumulate savings
for a period of one year while on such leaves.
Employee Contributions
---------------------
Employees may elect to contribute to the Plan in several ways:
o Beginning in October 1994, Employees may contribute up to 18% of
Eligible Earnings, previously 15%, on an after-tax basis whereby the
contributions are included in the Employee's taxable income in the
period of contribution ("After-Tax Savings").
o Beginning in October 1994, Employees may contribute up to 18% of
Eligible Earnings, previously 15%, or $9,240 and $8,994 for the years
ended 1994 and 1993, respectively, whichever is less, on a tax-deferred
basis whereby the contributions are excluded from the Employee's
taxable income until such amounts are distributed to the Employee from
the Plan ("Tax-Deferred Savings").
o Employees may elect to combine the above contribution methods, provided
the contribution limitations noted above are not exceeded.
o Employees who have transferred to Saturn from another unit of the
Corporation are allowed to transfer assets into the Plan from the
General Motors Corporation Personal Savings Plan Trust. Amounts
authorized but not yet transferred into the Plan were $0 and $976,660
as of December 31, 1994 and 1993, respectively.
o Newly hired Employees are permitted to make a rollover contribution
equal to the taxable portion of cash proceeds received from a previous
employer's qualified savings plan ("Rollover Contributions").
- 8 -
<PAGE>9
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
Employer Contributions
---------------------
Saturn matched employee contributions through January 1, 1992. Matching
contributions were invested 100% in General Motors Corporation common
stock.
Investment Options
------------------
The following Investment Options are available under the Plan:
o Option 1 General Motors Common Stock, $1-2/3 Par Value.
--------
o Option 2 Income Fund. The fund is managed by insurance companies which
--------
guarantee earnings at a specified annual interest rate over a specified
period of time.
As of December 31, 1994, the annual rates of return, contract periods,
fund managers, and investment contracts are as follows:
Period Annual
of Rate
Contri- of Contract Fund Investment
bution Return Period Manager Contracts
- ------ ------ ----------------------------- ------------------- ----------
1993 6.23% Jan. 1, 1993 to Dec. 31, 1997 Principal Mutual $6,728,183
1992 7.38% Jan. 1, 1992 to Dec. 31, 1997 Provident National 3,554,454
1991 8.90% Jan. 1, 1991 to Dec. 31, 1995 Prudential Life 1,741,661
1990 8.70% Jan. 1, 1990 to Dec. 31, 1994 Aetna Capital Mgmt. 827,901
1994 5.72% Jan. 1, 1994 to Dec. 31, 1994 Metropolitan Life 11,201,915
1988 6.77% Jan. 1, 1992 to Dec. 31, 1996 New York Life 165,071
----------
$24,219,185
==========
o Option 3 Equity Index Fund consists of a portfolio of common stocks
--------
which is designed to match the performance of the "Standard & Poor's 500
Index".
Vesting
-------
Employee contributions vest immediately. Saturn matching contributions
and earnings thereon vest fully upon the attainment of 5 years of service,
death, Total and Permanent Disability or retirement.
Distributions
-------------
Employees may withdraw their Tax-Deferred Savings after they reach age 59-
1/2 or prior to age 59-1/2 for Financial Hardship, as defined in the
Plan's "Complete Text". After-Tax Savings and related earnings may be
withdrawn any time upon Employee request. Upon termination of employment,
a final distribution of assets is made unless termination is by
retirement, or the Participants account exceeds $3,500. In those
instances, distribution may be deferred until April 1 of the year after
the Participant reaches the age of 70-1/2.
The distributions payable to Participants included in net assets available
for benefits were $0 and $29,855 as of December 31, 1994 and 1993,
respectively.
Transfers
---------
Employees may transfer assets between Investment Options once per month,
with certain limitations.
- 9 -
<PAGE>10
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
Loans
-----
Employees may borrow once per calendar year from both their Tax-Deferred
and After-Tax Savings assets. The amount and term of the loans are
limited under the Plan. Interest is charged at a rate equal to the
prevailing prime lending rate. Interest paid on the loans is credited
back to the borrowing Employee's account in the Plan. No earnings will
accrue to the assets liquidated for the loan.
Termination of the Plan
-----------------------
Although it has not expressed any intent to do so, Saturn has the right
under the Plan to terminate the Plan subject to the provisions of ERISA.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant accounting policies followed in the preparation of the
accompanying financial statements are as follows:
o Investments are stated as follows:
- General Motors common stock, $1-2/3 par value - at quoted market
value.
- Income Fund - guaranteed investment contracts at cost plus
accumulated interest as determined by the investment managers.
- Equity Index Fund - at the estimated market prices of the assets in
the Fund as determined by the investment manager.
o General Motors common stock, $1-2/3 par value, acquired by the Trustee
for purposes of the Plan may be obtained by purchases on the open
market or from the Corporation by subscription or purchase. Such stock
acquired by the Trustee on the open market is credited to the
Participants' accounts at the average per share cost of such purchases
(excluding brokerage commissions, transfer taxes, etc.) made for each
month. Stock obtained by the Trustee directly from the Corporation is
credited to Participants' accounts either at the average per share cost
to the Trustee of the open market purchases of the stock acquired for a
particular month or, in those months in which the Trustee acquires no
stock on the open market, at the average of the daily mean high and low
market prices of the stock as reported on the Composite Tape of
Transactions for such month.
o Securities transactions are recorded on the date the trades are
executed.
o Net appreciation (depreciation) in value of investments held, sold, or
distributed represents the change in the market value of the Plan's
investments during the year.
o Investment income is recognized as earned.
VOTING RIGHTS
Voting rights are extended to Participants in proportion to their ownership
interest in General Motors common stock, $1-2/3 par value.
- 10 -
<PAGE>11
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
SHARE/UNIT VALUES
The number of shares/units credited to Participants and the value of each
share/unit, at market, as of December 31, 1994 and 1993 and at the end of each
quarter within the fiscal years then ended are as follows:
December 31 September 30
------------------------ ------------------------
Shares/Units Equity Per Shares/Units Equity Per
Fiscal Year 1994 Outstanding Share/Unit Outstanding Share/Unit
- ---------------- ------------ ---------- ------------ ----------
General Motors common
stock, $1-2/3 par value.. 306,531 $42.125 232,283 $46.875
Income Fund................ 141,412 171.126 133,411 168.662
Equity Index Fund.......... 226,282 70.561 66,203 209.662
June 30 March 31
------------------------ ------------------------
Shares/Units Equity Per Shares/Units Equity Per
Fiscal Year 1994 Outstanding Share/Unit Outstanding Share/Unit
- ---------------- ------------ ---------- ------------ ----------
General Motors common
stock, $1-2/3 par value.. 218,209 $50.250 196,650 $53.875
Income Fund................ 120,858 165.622 118,262 162.979
Equity Index Fund.......... 65,070 200.465 62,904 199.410
December 31 September 30
------------------------ ------------------------
Shares/Units Equity Per Shares/Units Equity Per
Fiscal Year 1993 Outstanding Share/Unit Outstanding Share/Unit
- ---------------- ------------ ---------- ------------ ----------
General Motors common
stock, $1-2/3 par value.. 180,388 $54.875 179,946 $41.750
Income Fund................ 114,925 160.406 103,483 157.546
Equity Index Fund.......... 59,710 207.303 53,001 202.473
June 30 March 31
------------------------ ------------------------
Shares/Units Equity Per Shares/Units Equity Per
Fiscal Year 1993 Outstanding Share/Unit Outstanding Share/Unit
- ---------------- ------------ ---------- ------------ ----------
General Motors common
stock, $1-2/3 par value.. 193,177 $44.500 214,431 $37.625
Income Fund................ 88,048 154.736 78,566 152.007
Equity Index Fund.......... 45,789 197.452 39,220 196.496
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<PAGE>12
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
INVESTMENTS
The table below details the investment managers, the investment types and the
carrying value of investments as of December 31, 1994 and 1993.
Investment Manager Investment Type 1994 1993
- -------------------- ----------------------- ------------ ------------
National Bank of GM Common Stock, $1-2/3
Detroit, N.A. par value (306,531 and
180,388 shares in 1994
and 1993, respectively) $12,912,618* $9,899,670*
Metropolitan Life Investment Contract,
GIC 5.72% 11,201,915* -
Provident National Investment Contract,
Assurance GIC 7.38% 3,554,454* 4,910,727*
Prudential Life Ins. Investment Contract,
GIC 8.90% 1,741,661 2,368,359*
Aetna Capital Mgt. Investment Contract,
GIC 8.70% 827,901 1,130,869
Provident National Investment Contract,
Assurance GIC 8.85% - 396,181
New York Life Investment Contract,
GIC 6.77% 165,071 230,690
Principal Mutual Investment Contract,
Life GIC 6.23% 6,728,183* 9,389,141*
State Street Bank Equity Index Fund 15,967,122* 12,377,516*
Loans to Participants 5,237,905* 3,429,759*
---------- ----------
TOTAL $58,336,830 $44,132,912
========== ==========
* Represents 5% or more of Plan assets.
FEDERAL INCOME TAXES
The Plan was submitted to the Internal Revenue Service (the "IRS") and has
received a favorable determination as to its tax-qualified status in 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 has been
determined to be exempt from United States Federal income taxes under Section
501(a) of the Code.
The United States Federal income tax status of the Employee with respect to
the Plan is described (1) in the Complete Text of the Plan, and (2) included
with the confirmation letters sent to the Participant for withdrawals and
distributions of assets.
* * * * * * *
- 12 -
<PAGE>13
<TABLE>
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
Line 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
<CAPTION>
Column A Column B Column C Column D Column E
- --------- ---------------- -------------------------------- ---------- ----------
Identity of
Issue, Borrower,
Lessor, or Current
Similar Party Description of Investment Cost Value
- --------- ---------------- -------------------------------- ---------- ----------
<S> <C> <C> <C> <C>
* National Bank General Motors common stock,
of Detroit $1-2/3 par value (306,531 shares) $12,597,559 $12,912,618
---------- ----------
Income Fund Guaranteed Investment
Contracts:
Contract Rate
---------- -----
* Metropolitan Life 13653A 5.72% 11,201,915 11,201,915
Provident
National 027-04419-02A 7.38% 3,554,454 3,554,454
Prudential Life
Insurance GA-6666-211 8.90% 1,741,661 1,741,661
Aetna Capital
Management LT-13648 8.70% 827,901 827,901
New York Life
Insurance GA-06493 6.77% 165,071 165,071
Principal Mutual
Life Ins. 4-6016 6.23% 6,728,183 6,728,183
---------- ----------
Total Guaranteed
Investment Contracts 24,219,185 24,219,185
---------- ----------
State Street
Bank and Trust Equity Index
Co. Fund 15,755,750 15,967,122
---------- ----------
Loans to
Participants 6-8.5% 5,237,905 5,237,905
---------- ----------
Total Investments $57,810,399 $58,336,830
========== ==========
* Denotes party in interest to the Plan.
</TABLE>
- 13 -
<PAGE>14
<TABLE>
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
Line 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1994
SERIES REPORTABLE TRANSACTIONS
<CAPTION>
Column A Column B Column C Column D Col E Column F Column G Column H Column I
- --------------- ----------------- ---------- ---------- ------ ----------- ---------- ---------- ---------
Expense Current
Incurred Value of
Identity of Purchase Selling Lease With Cost of Asset on Net Gain
Party/Broker Description Price Price Rental Transaction Asset Trans. Date (Loss)
- --------------- ----------------- ---------- ---------- ------ ----------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Morgan Guaranty General Motors
Common Stock,
$1-2/3 par value $3,206,293 $- $- $- $3,206,293 $3,206,293 $-
Smith Barney, General Motors
Inc. Common Stock, 1,098,389 - - - 1,098,389 1,098,389 -
$1-2/3 par value - 189,166 - - 203,500 189,166 (14,334)
Buckingham General Motors
Research Common Stock,
Group, Inc. $1-2/3 par value 946,816 - - - 946,816 946,816 -
Dain Bosworth, General Motors
Inc. Common Stock,
$1-2/3 par value 754,570 - - - 754,570 754,570 -
Standard &
Poor's General Motors
Securities, Common Stock,
Inc. $1-2/3 par value 437,573 - - - 437,573 437,573 -
Paine Webber, General Motors
Jackson and Common Stock,
Curtis $1-2/3 par value - 287,272 - - 218,790 287,272 68,482
</TABLE>
- 14 -
<PAGE>15
<TABLE>
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
Line 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1994
SERIES REPORTABLE TRANSACTIONS (Concluded)
<CAPTION>
Column A Column B Column C Column D Col E Column F Column G Column H Column I
- --------------- ----------------- ---------- ---------- ------ ----------- ---------- ---------- ---------
Expense Current
Incurred Value of
Identity of Purchase Selling Lease With Cost of Asset on Net Gain
Party/Broker Description Price Price Rental Transaction Asset Trans. Date (Loss)
- --------------- ----------------- ---------- ---------- ------ ----------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fox-Pitt, General Motors
Kelton, Inc. Common Stock, $154,306 $- $- $- $154,306 $154,306 $-
$1-2/3 par value - 63,866 - - 56,388 63,866 7,478
Scott and
Stringfellow General Motors
Investment Common Stock,
Corp. $1-2/3 par value 108,671 - - - 108,671 108,671 -
Vector General Motors
Securities Common Stock,
International $1-2/3 par value - 68,031 - - 74,588 68,031 (6,557)
---------- --------- ----- ----- ---------- --------------------
6,706,618 608,335 - - 7,259,884 7,314,953 55,069
National Bank NBD Employee 8,345,309 - - - 8,345,309 8,345,309 -
of Detroit Money Market Fund - 8,528,768 - - 8,528,768 8,528,768 -
Wells Fargo 3,319,613 - - - 3,319,613 3,319,613 -
Trust Company Money Market Fund - 3,882,936 - - 3,882,936 3,882,936 -
Wells Fargo 3,117,362 - - - 3,117,362 3,117,362 -
Trust Company Equity Index Fund - 14,886,203 - - 13,810,257 14,886,203 1,075,946
State Street
Bank and Trust 15,841,195 - - - 15,841,195 15,841,195 -
Company Equity Index Fund - 86,362 - - 74,632 86,362 11,730
Metropolitan Guaranteed Invest. 11,227,835 - - - 11,227,835 11,227,835 -
Life Ins. Co. Contract, 5.72% - 25,920 - - 25,920 25,920 -
Principal Mutual Guaranteed Invest. 488,938 - - - 488,938 488,938 -
Life Ins. Co. Contract, 6.23% - 3,149,846 - - 3,149,846 3,149,846 -
</TABLE>
- 15 -
<PAGE>16
<TABLE>
SATURN INDIVIDUAL SAVINGS PLAN
FOR REPRESENTED MEMBERS
Line 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1994
SINGLE REPORTABLE TRANSACTIONS
<CAPTION>
Column A Column B Column C Column D Col E Column F Column G Column H Column I
- --------------- ----------------- ---------- ---------- ------ ----------- ---------- ---------- ---------
Expense Current
Incurred Value of
Identity of Purchase Selling Lease With Cost of Asset on Net Gain
Party/Broker Description Price Price Rental Transaction Asset Trans. Date (Loss)
- --------------- ----------------- ---------- ---------- ------ ----------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Wells Fargo
Trust Company Equity index Fund $- $14,476,367 $- $- $13,435,954 $14,476,367$1,040,413
State Street
Bank and
Trust Co. Equity Index Fund 14,461,510 - - - 14,461,510 14,461,510 -
</TABLE>
- 16 -
L:\secfiles\11-K\sat_1_94\isp23.doc1
<PAGE>1
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in Registration Statement
No. 33-43746 of General Motors Corporation on Form S-8 of our report dated
June 2, 1995 appearing in this Annual Report on Form 11-K of the Saturn
Individual Savings Plan for Represented Members for the years ended
December 31, 1994 and 1993.
s/DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Nashville, Tennessee
June 27, 1995
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