-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, rDp6LWYdOmrQUieb3oy6xt2i8tScaQSbOTpbkFEdhRSBKuzCpxetCQqkgd2qyKxW 5gXf2KOS18EyhKeTjsOZEw== 0000040730-95-000004.txt : 199506280000040730-95-000004.hdr.sgml : 19950628 ACCESSION NUMBER: 0000040730-95-000004 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950627 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MOTORS CORP CENTRAL INDEX KEY: 0000040730 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 380572515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00143 FILM NUMBER: 95549550 BUSINESS ADDRESS: STREET 1: 3044 W GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48202 BUSINESS PHONE: 3135565000 11-K 1 l:\secfiles\11_k\sat_1_94\isp_rep.doc 17 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 - 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) - 2 - 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 - 3 - 4 SATURN INDIVIDUAL SAVINGS PLAN FOR REPRESENTED MEMBERS STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1994
Supplemental Fund Information ----------------------------------------- GM Common Stock, $1-2/3 Equity Index Total Par Value Income Fund Fund ---------- ------------- ------------- ------------ 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.
- 4 - 5 SATURN INDIVIDUAL SAVINGS PLAN FOR REPRESENTED MEMBERS STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1993
Supplemental Fund Information ----------------------------------------- GM Common Stock, $1-2/3 Equity Index Total Par Value Income Fund Fund ----------- ------------- ----------- ------------ 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.
- 5 - 6 SATURN INDIVIDUAL SAVINGS PLAN FOR REPRESENTED MEMBERS STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 1994
Supplemental Fund Information ------------------------------------------ GM Common Stock, $1-2/3 Income Equity Index Total Par Value Fund Fund ----------- ------------- ------------ ------------ 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 -
7 SATURN INDIVIDUAL SAVINGS PLAN FOR REPRESENTED MEMBERS STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 1993
Supplemental Fund Information ------------------------------------------ GM Common Stock, $1-2/3 Income Equity Index Total Par Value Fund Fund ----------- ------------- ---------- ------------ 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.
- 7 - 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 - 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 - 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 - 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 - 11 - 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 - 13 SATURN INDIVIDUAL SAVINGS PLAN FOR REPRESENTED MEMBERS Line 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1994
Column A Column B Column C Column D Column E - --------- ---------------- -------------------------------- ---------- ---------- Identity of Issue, Borrower, Lessor, or Current Similar Party Description of Investment Cost Value - --------- ---------------- -------------------------------- ---------- ---------- * 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.
- 13 - 14 SATURN INDIVIDUAL SAVINGS PLAN FOR REPRESENTED MEMBERS Line 27d-SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1994 SERIES REPORTABLE TRANSACTIONS
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) - --------------- ----------------- ---------- ---------- ------ ----------- ---------- ----------- --------- 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
- 14 - 15 SATURN INDIVIDUAL SAVINGS PLAN FOR REPRESENTED MEMBERS Line 27d-SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1994 SERIES REPORTABLE TRANSACTIONS (Concluded)
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) - --------------- ----------------- ---------- ---------- ------ ----------- ---------- ----------- --------- 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 -
- 15 - 16 SATURN INDIVIDUAL SAVINGS PLAN FOR REPRESENTED MEMBERS Line 27d-SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1994 SINGLE REPORTABLE TRANSACTIONS
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) - --------------- ----------------- ---------- ---------- ------ ----------- ---------- ----------- --------- 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 -
- 16 - EX-23 2 L:\secfiles\11-K\sat_1_94\isp23.doc1 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 - 17 - -----END PRIVACY-ENHANCED MESSAGE-----