form11k61212.htm
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 11-K
 
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
(Mark One)
 
þ       Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required)
 
For the fiscal year ended December 31, 2011
 
OR
 
¨       Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required)
 
For the transition period from ___to ___
 
Commission file number 001-00035
 
A.       Full title of the plan and the address of the plan, if different from that of the issuer named below:
 
GE Savings and Security Program
 
B.       Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
 
General Electric Company
3135 Easton Turnpike
Fairfield, Connecticut 06828-0001

 
 

 
 

 
 
 
 
 


 
(1)
 
 


 
GE SAVINGS AND SECURITY PROGRAM
 
December 31, 2011 and 2010
 
Table of Contents
 

   
Page
Number(s)
     
A.
Financial Statements and Schedule:
  
     
 
Report of Independent Registered Public Accounting Firm
3
     
 
Financial Statements:
  
     
 
Statements of Net Assets Available for Plan Benefits
as of December 31, 2011 and 2010
4
     
 
Statements of Changes in Net Assets Available for Plan Benefits
for the Years Ended December 31, 2011 and 2010
5
     
 
Notes to Financial Statements:
6-18
     
 
Supplemental Schedule:
  
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
as of December 31, 2011
19-23
     
B.
Exhibits
  
     
 
23
Consent of Independent Registered Public Accounting Firm
  
       
 
99(a)
GE S&S U.S. Equity Fund 2011 Annual Report (incorporated by reference to the General Electric S&S U.S. Equity Fund Form N-CSR for the year ended December 31, 2011, as filed with the Commission on March 7, 2012)
  
       
 
99(b)
GE Institutional U.S. Equity Fund 2011 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2011, as filed with the Commission on December 8, 2011)
  
       
 
99(c)
GE Institutional S&P 500 Index Fund 2011 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2011, as filed with the Commission on December 8, 2011)
  
       
 
99(d)
GE Institutional U.S. Large-Cap Equity Fund 2011 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2011, as filed with the Commission on December 8, 2011)
  
       
 
 
99(e)
GE Institutional Premier Growth Equity Fund 2011 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2011, as filed with the Commission on December 8, 2011)
  
       
 
99(b)
GE Institutional Small-Cap Equity Fund 2011 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2011, as filed with the Commission on December 8, 2011)
  
       
 
99(c)
GE Institutional International Equity Fund 2011 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2011, as filed with the Commission on December 8, 2011)
  
       
 
99(d)
GE Institutional Strategic Investment Fund 2011 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2011, as filed with the Commission on December 8, 2011)
  
       

















(i)  
Schedules required by Form 5500 that are not applicable have not been included.

 
(2)
 
 


Report of Independent Registered Public Accounting Firm
 

 
General Electric Company, as Administrator
GE Savings and Security Program:

We have audited the accompanying statements of net assets available for plan benefits of the GE Savings and Security Program (the Plan) as of December 31, 2011 and 2010, and the related statements of changes in net assets available for plan 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 the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. 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 plan benefits of the Plan as of December 31, 2011 and 2010, and the changes in net assets available for plan benefits for the years then ended in conformity with U.S. 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 schedule H, line 4i - schedule of assets (held at end of year) as of December 31, 2011 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.



\s\ KPMG LLP                                                                                                                                         
June 25, 2012

 
(3)
 
 

GE SAVINGS AND SECURITY PROGRAM
 
Statements of Net Assets Available for Plan Benefits
 
December 31, 2011 and 2010
 
(in thousands)
 

 
 
 
 
 
 
 
2011 
  
2010 
   
           
      
Assets:
  
           
      
 
 
 
 
 
 
Investments at fair value (notes 3 and 4)
$
19,094,360 
 
$
19,201,212 
Notes receivables from participants
 
380,577 
 
 
386,775 
Accrued dividends and interest
 
68,200 
 
 
56,877 
Other assets
 
54,842 
 
 
34,248 
  Total assets
 
19,597,979 
 
 
19,679,112 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
  
 
    
 
 
 
 
 
 
 
Other liabilities
 
7,105 
 
 
5,220 
  Total liabilities
 
7,105 
 
 
5,220 
 
 
 
 
 
 
Net assets available for plan benefits
$
19,590,874 
 
$
19,673,892 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to financial statements.

 
(4)
 
 

 
GE SAVINGS AND SECURITY PROGRAM
 
Statements of Changes in Net Assets Available for Plan Benefits
 
Years Ended December 31, 2011 and 2010
 
(in thousands)
 

 
2011 
  
2010 
   
           
      
Additions to net assets attributed to:
  
           
      
  Investment income:
 
 
 
 
 
    Net appreciation (depreciation) in fair value of
 
 
 
 
 
       investments (note 3)
$
(375,014)
 
$
2,159,631 
    Interest and dividend income:
 
 
 
 
 
      General Electric Company Common Stock
 
234,884 
 
 
180,673 
      Registered investment companies
 
160,710 
 
 
136,675 
      Other investments
 
18,972 
 
 
20,289 
 
 
39,552 
 
 
2,497,268 
 
 
 
 
 
 
Interest on notes receivable from participants
  
21,305 
    
22,768 
 
 
 
 
 
 
Contributions:
 
 
 
 
 
  Employee
 
953,445 
 
 
917,725 
  Employer
 
340,827 
 
 
326,306 
 
 
1,294,272 
 
 
1,244,031 
 
 
 
 
 
 
 
 
 
 
 
 
    Total additions
 
1,355,129 
 
 
3,764,067 
 
 
 
 
 
 
Deductions from net assets attributed to:
 
 
 
 
 
  Participant withdrawals
 
1,438,147 
 
 
1,409,946 
 
 
 
 
 
 
    Net increase (decrease)
 
(83,018)
 
 
2,354,121 
 
 
 
 
 
 
Net assets available for plan benefits:
 
 
 
 
 
  Beginning of year
 
19,673,892 
 
 
17,319,771 
  End of year
$
19,590,874 
 
$
19,673,892 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to financial statements.


 
(5)
 
 

 
GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2011 and 2010
 

 
(1)
Description of the Plan
 
The GE Savings and Security Program (the “Plan”) is a defined contribution plan sponsored by General Electric Company (“the Company”). The Plan is subject to applicable provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The assets of the Plan are held and invested through the General Electric Savings and Security Trust (the “Trust”).
 
Fidelity Investmentsâ is the Plan’s recordkeeper.  The Plan Trustees (all of whom are officers of GE Asset Management Incorporated (“GEAM”), a wholly owned subsidiary of the Company) have appointed Fidelity Management Trust Company (“FMTC”) as the directed Trustee of the Trust.
 
GEAM is the investment adviser to seven of the Plan’s investment options, which include actively managed funds in equity and fixed income asset classes. BlackRock Institutional Trust Company (“BlackRock”) is the investment adviser to six of the Plan’s investment options, which include passively managed funds in equity and fixed income classes (collectively referred to herein as the “Index Funds”).  AllianceBernstein, L.P. (“AllianceBernstein”) is the investment adviser to the Plan’s suite of twelve Target Retirement Date Funds (as defined below).  The Target Retirement Date Funds became investment options in January 2011. State Street Bank and Trust Company is the custodian of all Plan assets except for the GE Stock Fund (as defined below), the Index Funds (as defined below), and the U.S. Bond Fund (as defined below). FMTC is the custodian of the GE Stock Fund.  Blackrock is the custodian of the Index Funds.  The Federal Reserve Bank is the custodian of the United States Savings Bonds in the U.S. Bond Fund.
 
The following description of the Plan is provided for general information purposes only. The complete terms of the Plan are provided in the GE Savings and Security Program document (the “Plan Document”). Additional Plan information including benefits, investment options, vesting provisions and effects of plan termination is included in Plan handbooks and other material distributed to participants.
 
Employee Contributions and Investment Options
 
Eligible employees of the Company and participating affiliates may participate in the Plan by investing up to 30% of their earnings in one or more of the following investment options:
 
(a)  
General Electric Common Stock Fund (the “GE Stock Fund”) - GE Stock constitutes at least 98% of the assets of the GE Stock Fund and the remainder (up to 2%) is held in cash and cash equivalents to provide liquidity for participant directed transactions.
 
(b)  
GE S&S Income Fund (the “Income Fund”) - a registered investment company managed by GEAM that invests primarily in a variety of investment grade debt securities such as U.S. Government securities, mortgage-backed securities, corporate bonds, and money market instruments. The Income Fund normally has a weighted average maturity of approximately five to ten years, but is subject to no limitation with respect to the maturities of the instruments in which it may invest.
 
(c)  
GE S&S U.S. Equity Fund (the “U.S. Equity Fund”), formerly known as the GE S&S Program Mutual Fund - a registered investment company managed by GEAM that invests primarily in equity securities of U.S. companies.
 
(d)  
GE Institutional International Equity Fund (the “International Fund”) – a registered investment company managed by GEAM that invests primarily in equity securities of companies in countries other than the United States.
 
(e)  
GE Institutional Small-Cap Equity Fund (the “Small-Cap Fund”) - a registered investment company managed by GEAM that invests primarily in equity securities of small-cap U.S. companies (those with market capitalizations in the same range as the companies in the Russell 2000 Index).
 
(f)  
GE Institutional Strategic Investment Fund (the “Strategic Investment Fund”) – a registered investment company managed by GEAM that invests primarily in a combination of equity securities (U.S. and Non-U.S.), investment grade debt securities and cash.
 

 
(6)
 
 


 
GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2011 and 2010
 

 

 
(g)  
Non-U.S. Equity Index Fund – a collective trust fund managed by Blackrock that invests in foreign stocks in developed and emerging markets outside the United States that seeks investment results that correspond generally to the investment performance of the Morgan Stanley Capital International All Country World Index (MSCI ACWI) ex-USA.
 
(h)  
U.S. Aggregate Bond Index Fund – a collective trust fund managed by Blackrock that invests in high-quality fixed income securities that seeks investment results that correspond generally to the investment performance of the Barclays Capital U.S. Aggregate (US Agg) Bond Index.
 
(i)  
U.S. Large-Cap Equity Index Fund – a collective trust fund managed by Blackrock  that invests in large companies within the United States that seeks investment results that correspond generally to the investment performance of the S&P 500 Index.
 
(j)  
U.S. Mid-Cap Equity Index Fund – a collective trust fund managed by Blackrock that invests in medium-sized companies within the United States that seeks investment results that correspond generally to the investment performance of the S&P Mid-Cap 400 Index.
 
(k)  
U.S. Small-Cap Equity Index Fund – a collective trust fund managed by Blackrock that invests in smaller companies within the United States that seeks investment results that correspond generally to the investment performance of the Russell 2000 Index.
 
(l)  
U.S. Treasury Inflation-Protected Securities Index Fund (the “U.S. TIPS Index Fund”) – a collective trust fund managed by Blackrock that invests in inflation-linked, fixed income securities issued by the United States government that seeks investment results that correspond generally to the investment performance of the Barclays Capital U.S. Treasury Inflation-Protected Securities (TIPS) Index.
 
(m)  
GE S&S Short-Term Interest Fund (the “Short Term Fund”) – invests primarily in a variety of investment grade debt securities with a weighted average maturity that is normally not more than three years.  The fund is managed by GEAM.
 
(n)  
GE S&S Money Market Fund (the “Money Market Fund”) – invests primarily in short-term, U.S. dollar denominated money market instruments and other debt instruments that mature in one year or less.  The fund is managed by GEAM.
 
(o)  
United States Savings Bonds (the “U.S. Bond Fund”) – comprises individual participants’ contributions that are directed to U.S. Treasury Series EE Savings Bonds, bonds that mature in 30 years. Individual funds being accumulated for bond purchase are invested in short-term instruments. Effective July 1, 1995, only after-tax contributions are permitted to be invested in the U.S. Bond Fund. Bonds acquired with after-tax contributions held by the Trustees shall be distributed to participants as soon as practicable after the end of the second calendar year following the year in which the bonds were acquired. Proceeds from bonds acquired before July 1, 1995 that have matured but have not yet been distributed are reinvested in bonds.
 
(p)  
Target Retirement Date Funds - daily valued separate accounts managed by AllianceBernstein that invest in a combination of the Index Funds and the Money Market Fund representing a variety of asset classes.  Each Target Retirement Date Fund is expected to become more conservative in its asset allocation over time, until approximately 15 years after the target retirement date (the year when a participant expects to retire and begin withdrawing money from his or her investment in the fund), at which time the fund is expected to reach its final and most conservative asset allocation and then becomes static.  The suite of Target Retirement Date Funds includes the following:
 
2000 Target Retirement Date Fund                                           2020 Target Retirement Date Fund            2040 Target Retirement Date Fund
 
2005 Target Retirement Date Fund                                           2025 Target Retirement Date Fund              2045 Target Retirement Date Fund
 
2010 Target Retirement Date Fund                                           2030 Target Retirement Date Fund            2050 Target Retirement Date Fund
 
2015 Target Retirement Date Fund                                           2035 Target Retirement Date Fund            2055 Target Retirement Date Fund
 


 
(7)
 
 
 

 
GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2011 and 2010
 

 

The GE Stock Fund, Income Fund, U.S Equity Fund, International Fund, Small-Cap Fund, Strategic Investment Fund, Index Funds, Short Term Fund, Money Market Fund, U.S. Bond Fund and the Target Retirement Date Funds are collectively referred to herein as the “Funds”.
 
The Income Fund, U.S. Equity Fund, International Fund, Small-Cap Fund and Strategic Investment Fund are registered investment companies subject to specific disclosure and other requirements.  Audited financial statements and prospectuses or other disclosure documents of the registered investment companies are distributed annually to participants and eligible employees. Fund profiles for the GE Stock Fund, Short Term Fund, Income Fund, U.S. Equity Fund, Money Market Fund, U.S. Bond Fund, Index Funds and Target Retirement Date Funds are distributed annually to participants and eligible employees.  The Savings and Security Program Supplemental Information document containing additional information regarding all Funds is also distributed annually to participants and eligible employees.
 
The Plan permits participants to invest compensation on which income taxes have and have not been paid (“after-tax” and “pre-tax”, respectively). The United States Internal Revenue Code limits the amount of pre-tax contributions that can be made each year. The limit for participants under age 50 was generally $16,500 in 2011 and 2010. For participants who were at least age 50 during the year, the 2011 and 2010 limit was generally $22,000.  Effective January 1, 2010, the Plan also permits participants to make Roth contributions, which are combined with pre-tax contributions for purposes of these limits.
 
Participants may switch their investment balances (including rebalancing) up to 12 times each quarter. Restrictions on such switches include a prohibition against switching balances into the U.S. Bond Fund, a prohibition against switching balances out of U.S Savings Bonds held in custody that were purchased with after-tax contributions and certain restrictions on a participant’s ability to engage in frequent trading in response to Securities and Exchange Commission requirements governing mutual funds.
 
Employer Contributions
 
The Plan generally provides for employer matching contributions of 50% of employees’ contributions of up to 7% of their earnings, that is, a 3.5% maximum matching contribution. For certain eligible employees whose first day of work was on or after January 1, 2005, such matching contributions are generally 50% of employees’ contributions of up to 8% of earnings, that is, a 4% maximum matching contribution.
 
Effective January 1, 2011, the Plan was amended to give certain eligible salaried employees whose first day of work is on or after that date an employer contribution generally equal to 3% of their earnings, irrespective of any employee contributions.  This Company Retirement Contribution is in addition to the employer matching contribution.  These Company Retirement Contributions can be invested in any of the available investment options, with the exception of the U.S. Bond Fund.  A participant who does not have a regular investment on file will be electing to invest the Company Retirement Contributions in the Target Retirement Date Fund consistent with the participant’s age.

See Note 6 for additional employer contributions effective January 1, 2012 for certain eligible production employees whose first day of work is on or after that date.
 
Rollovers and Transfers from Other Qualifying Plans
 
Subject to Company approval, participants may elect to roll over amounts from other qualifying plans or arrangements in accordance with the Internal Revenue Code. For the years ended December 31, 2011 and 2010, transfers from other qualifying plans or arrangements accounted for $70.8 million and $31.7 million, respectively, and are included in employee contributions in the Statements of Changes in Net Assets Available for Plan Benefits.

 
(8)
 
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2011 and 2010
 
 

 

 
Withdrawals
 
Subject to certain limitations prescribed by the Plan and the Internal Revenue Code, terminated participants may elect retirement or other termination withdrawals in either lump sum or partial payments. Currently, employed participants may make up to seven withdrawals per year and certain hardship withdrawals from their participant accounts (except with respect to amounts attributable to any Company Retirement Contributions, as described above). Partial payments on termination are generally limited to four per year and a minimum of $500.
 
Notes Receivable from Participants
 
The Plan permits participants, under certain circumstances, to borrow a minimum of $500 from their participant accounts (except with respect to amounts attributable to any Company Retirement Contributions, as described above). Subject to certain Internal Revenue Code and Plan limits, a participant may not borrow more than the lesser of 50% of that participant’s available account value, as defined in the Plan Document, or $50,000, adjusted for prior loans. The term of any loan is up to 4.5 years unless the loan is used to acquire a principal residence for which a term of up to 15 years may be permissible. The interest rate applicable to participant loans is based on the monthly average of the composite yield on corporate bonds, published by Moody’s Investors Service. Prior to December 2009, the interest rates of individual loans were fixed for the shorter of the term of the loan or five years.  Effective December 2009, the interest rates for new loans are fixed for the term of the loan.
 
A participant may have no more than two outstanding loans from the Plan at any time.
 
Loans are repaid with interest in equal payments over the term of the loan by payroll deductions, personal check or other such methods as may be required. Participants may repay the entire principal amount with written notice and without penalty.
 
In the event of a loan default, the amount of the outstanding balance will be reported to the Internal Revenue Service in the year of the default as ordinary income.
 
Participant Accounts
 
Each participant’s account is credited with the participant’s contributions and Company Retirement Contributions (as applicable) and allocation of (a) employer matching contributions and (b) investment results. The benefit to which a participant is entitled is the value of the participant’s vested account.
 
Vesting
 
Participants are fully vested in their employee contributions, employer matching contributions and related investment results.  Participants receiving Company Retirement Contributions and related earnings generally become vested in those amounts once the participant completes three years of service.
 
Forfeitures
 
As of December 31, 2011, amounts totaling $205,577 attributable to certain non-vested Company Retirement Contributions and related earnings were utilized to reduce employer contributions in accordance with the terms of the Plan.  There were no forfeited amounts in 2010.

 
(9)
 
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2011 and 2010
 
 



Plan Termination and Amendment

Although the Company has not expressed any intent to do so, it has the right under the Plan, to the extent permitted by law, to discontinue its contributions and to terminate the Plan in accordance with the provisions of ERISA. If the Plan is terminated, each participant’s interest will be payable in full according to the Plan provisions. The Company also has the right under the Plan, to the extent permitted by law, to amend or replace the Plan for any reason.
 
Administrative and Investment Advisory Costs
 
Administrative costs of the Plan and investment advisory costs for the GE Stock Fund, Short Term Fund and the Money Market Fund are generally borne by the Company.  For the registered investment companies, the Index Funds, and the Target Retirement Date Funds, investment advisers receive a management fee for providing investment advisory services. These management fees are reflected in interest and dividend income for the registered investment companies and in net appreciation in fair value of investments for the Index Funds and Target Retirement Date Funds on the Statements of Changes in Net Assets Available for Plan Benefits.
 
(2)
Summary of Significant Accounting Policies
 
 
(a)
Basis of Accounting
 
The accompanying financial statements have been prepared on the accrual basis of accounting.
 
 
(b)
Investments
 
 
Plan investments are reported at fair value.  See notes 3 and 4 for additional information.
 
Investment transactions are recorded on a trade date basis. Dividends are recorded on the ex-dividend date. Interest income is earned from settlement date and recognized on the accrual basis. The net appreciation (depreciation) in the fair value of investments consists of the realized gains or losses on the sales of investments and the net unrealized appreciation (depreciation) of investments.
 
Investments other than the GE Stock Fund, the U.S. Equity Fund, the Money Market Fund and the U.S. Bond Fund may use various financial instruments such as options and futures, commonly referred to as derivatives, to manage risk.  The Index Funds and the Target Retirement Date Funds may use futures to manage risk.  In addition, the Non-U.S. Equity Index Fund may use a variety of over-the-counter derivative instruments, including, without limitation, options, swaps, and forward contracts.  No investments are engaged in market-making or other speculative activities.
 
All portfolio securities of the Money Market Fund and any short-term money market instruments held by the Short Term Fund with remaining maturities of sixty days or less at the time of purchase are valued on the basis of amortized cost, which approximates fair value.  
 
The Plan invests in collective funds. A collective fund is a pool of investments from various investors to create a diversified fund.
 
More detailed information regarding these financial instruments, as well as the strategies and policies for their use, is contained in the documents described above under “Employee Contributions and Investment Options” in note 1.

 
(10)
 
 

 
 

 
GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2011 and 2010
 
 

 

 
(c)           Fair Value Measurements
 
For financial assets and liabilities, fair value is the price the Plan would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date.  In the absence of active markets for the identical assets and liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date.
 
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions.  Preference is given to observable inputs.  These two types of inputs create the following fair value hierarchy:
 
Level 1 - Quoted prices for identical investments in active markets.

Level 2 - Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 - Significant inputs to the valuation model are unobservable.

The Company maintains policies and procedures to value investments using the best and most relevant data available.   In addition, the Company retains independent pricing vendors to assist in valuing certain investments.

The following section describes the valuation methodologies used to measure investments at fair value.
 
When available, quoted market prices are used to determine the fair value of investment securities, and they are included in Level 1.  Level 1 securities include GE common stock, registered investment companies, certain short-term money market instruments, and U.S. Savings Bonds.
 
The Plan’s ownership in the collective funds is carried at fair value based on the investment’s net asset value per unit and is included in Level 2.

When quoted market prices are unobservable, pricing information is obtained from an independent pricing vendor. The pricing vendor uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing vendor are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. Since many fixed income securities do not trade on a daily basis, the methodology of the pricing vendor uses available information as applicable such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. The pricing vendor considers available market observable inputs in determining the evaluation for a security. Thus, certain securities may not be priced using quoted prices, but rather determined from market observable information. These investments are included in Level 2 and primarily comprise securities in the Short Term Fund.
 
The Money Market Fund securities are typically valued on the basis of amortized cost which approximates fair value and these are included in Level 2.  If it is determined that amortized cost does not approximate fair value, securities may be valued based on dealer supplied valuations or quotations. In these infrequent circumstances, the pricing service may provide the Plan with valuations that are based on significant unobservable inputs, and in those circumstances, the investment securities are classified in Level 3.

 
(11)
 
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2011 and 2010
 



Plan securities that are valued using techniques other than market quotations, particularly securities that are “fair valued,” are subject to valuation risk. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Annually, the Company conducts a review of the plan’s primary pricing vendor to validate that the inputs used in that vendor’s pricing process are deemed to be market observable as defined in the standard.  While the Company is not provided access to proprietary models of the vendor, the Company’s review has included on-site walkthroughs of pricing processes, methodologies and control procedures for each asset class for which prices were provided.  The Company’s review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations.  The Company believes that the prices received from the pricing vendor are representative of prices that would be received to sell the assets at the measurement date (exit price).
 
The Plan may use non-binding broker quotes as its primary basis for valuation when there is limited, or no, relevant market activity for a specific instrument or for other instruments that share similar characteristics. The Company has not adjusted the prices obtained from the brokers. Investment securities priced using non-binding broker quotes are included in Level 3. As is the case with the primary pricing vendor, third-party brokers do not provide access to their proprietary valuation models, inputs and assumptions.
 
(d)   Notes Receivable from Participants
 
     Notes receivable from participants are recorded at the outstanding principal balance plus accrued interest.
 
(e)           Participant Withdrawals
 
Participant withdrawals are recorded when paid.
 
 
(f)
Management Estimates and Assumptions
 
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
 
 
(g)
Reclassifications
 
Certain prior year amounts have been reclassified to conform to current year presentation.
 

 
(12)
 
 


GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2011 and 2010
 

 
 
 
 
 
 
 
 
 
(3)
Investments
 
 
 
  
 
The following is a summary of the fair value of the Plan’s investments at December 31, 2011 and 2010:
 
 
 
 
 
 
 
 
 
2011 
 
  
2010 
 
 
    
           
 
      
 
 
 
(in thousands) 
 
 
 
 
 
 
 
 
 
 
 
GE Common Stock
$
7,858,512 
(a)
 
$
8,174,128 
(a)
 
Registered Investment Companies:
 
 
 
 
 
 
 
 
     GE S&S Income Fund
 
2,018,059 
(a)
 
 
1,897,737 
(a)
 
     GE S&S U.S. Equity Fund
 
2,468,500 
(a)
 
 
2,695,572 
(a)
 
     GE Institutional International Equity Fund
 
946,981 
 
 
 
1,201,170 
(a)
 
     GE Institutional Small-Cap Equity Fund
 
801,525 
 
 
 
795,980 
 
 
     GE Institutional Strategic Investment Fund
 
441,620 
 
 
 
467,382 
 
 
          Total Registered Investment Companies
 
6,676,685 
 
 
 
7,057,841 
 
 
 
 
 
 
 
 
 
 
 
Collective Funds(b):
 
 
 
 
 
 
 
 
     GE Cash Plus Fund
  
5,554 
 
    
13,298 
 
 
     Non-U.S. Equity Index Fund
 
191,597 
 
 
 
114,015 
 
 
     U.S. Aggregate Bond Index Fund
 
166,087 
 
 
 
75,588 
 
 
     U.S. Large-Cap Equity Index Fund
 
1,122,405 
(a)
 
 
958,228 
 
 
     U.S. Mid-Cap Equity Index Fund
 
221,209 
 
 
 
130,861 
 
 
     U.S. Small-Cap Equity Index Fund
 
137,616 
 
 
 
83,642 
 
 
     U.S. Treasury Inflation-Protected Securities Index Fund
 
164,736 
 
 
 
70,072 
 
 
          Total Collective Funds
 
2,009,204 
 
 
 
1,445,704 
 
 
 
 
 
 
 
 
 
 
 
Other Investments(b):
 
 
 
 
 
 
 
 
     Short-Term Money Market Instruments
 
1,000,538 
(a)
 
 
1,243,567 
(a)
 
     U.S. Treasury and U.S. Government Agency Debt
 
 
 
 
 
 
 
 
         Obligations
 
1,296,474 
(a)
 
 
984,038 
(a)
 
     Commercial Mortgage-Backed and Asset-Backed
 
 
 
 
 
 
 
 
          Securities
 
145,199 
 
 
 
183,803 
 
 
     U.S. Savings Bonds
 
107,748 
 
 
 
112,131 
 
 
          Total Other Investments
 
2,549,959 
 
 
 
2,523,539 
 
 
            Total investments at fair value
$
19,094,360 
 
 
$
19,201,212 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Investments representing more than 5% of the Plan’s net assets.
 
 
 
 
 
 
 
(b)
Target Retirement Date Funds are separate accounts that invest in a combination of Index Funds and the Money Market Fund representing a variety of asset classes.  See Note 1(p).

 
(13)
 
 


GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2011 and 2010
 

 
 
 
The Plan’s investments appreciated (depreciated) as follows:
 
 
 
 
 
 
 
 
 
2011 
 
  
2010 
 
   
           
 
      
 
 
(in thousands) 
 
 
 
 
 
 
 
 
 
GE Common Stock
$
(414,741)
 
 
$
1,191,049 
 
Registered Investment Companies
 
(504,922)
 
 
 
480,020 
 
Collective Funds
 
395,637 
 
 
 
441,793 
 
Other Investments
 
149,012 
 
 
 
46,769 
 
 
$
(375,014)
 
 
$
2,159,631 
 
 
 
 
 
 
 
 
 


The Funds, with the exception of the GE Stock Fund, Index Funds, and U.S. Bond Fund may, from time to time, lend securities to certain unrelated brokers. In the event the counterparty does not meet its contracted obligation to return securities used, a Fund may be exposed to the risk of reacquiring the securities at prevailing market prices in order to satisfy its obligations. In a securities loan arrangement, a Fund receives collateral in the form of cash or securities, which may be supplemented by letters of credit, in an amount generally in excess of the market value of securities loaned. The Funds monitor the market value of the securities loaned on a daily basis with additional collateral obtained or refunded as necessary. The value of cash collateral obtained and reinvested in short-term investments is reflected as a liability in the Plan’s financial statements for any securities lending activities related to the Short-Term Fund and the Money Market Fund.  None of the funds participated in security lending programs as of December 31, 2011 and 2010.
 
The Funds, with the exception of the GE Stock Fund and U.S. Bond Fund include investments in U.S. equities, international equities and fixed income securities. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonable to expect that changes in the values of investment securities will occur (including in the near term) and that such changes could materially affect participant account balances and the Statements of Net Assets Available for Plan Benefits. The Plan offers alternatives that may mitigate participant risks, including the opportunity to diversify investments across multiple participant-directed fund elections including active and passively managed funds covering multiple asset classes.  Additionally, the investments within each participant-directed fund election are further diversified into various financial instruments, with the exception of the GE Stock Fund and the U.S. Bond Fund, which primarily invest in securities of a single issuer.
 
 

 
(14)
 
 


GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2011 and 2010
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(4)
Fair Value Measurements
 
 
 
 
 
The following table presents the Plan’s investments measured at fair value on a recurring basis at December 31, 2011:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
  
Level 2
 
Level 3
  
Total
 
 
    
           
 
      
 
  
           
      
 
 
 
(in thousands) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GE Common Stock
$
7,858,512 
 
 
$
-
 
$
-
 
$
7,858,512 
 
 
Registered Investment Companies
 
6,676,685 
 
 
 
-
 
 
-
 
 
6,676,685 
 
 
Collective Funds
 
-
 
 
 
2,009,204 
 
 
-
 
 
2,009,204 
 
 
Other Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Short-Term Money Market Instruments
 
61,796 
 
 
 
909,567 
 
 
29,175 
 
 
1,000,538 
 
 
     U.S. Treasury and U.S. Government Agency
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         Debt Obligations
 
-
 
 
 
1,296,474 
 
 
-
 
 
1,296,474 
 
 
     Commercial Mortgage-Backed and Asset-Backed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
          Securities
 
-
 
 
 
145,199 
 
 
-
 
 
145,199 
 
 
     U.S. Savings Bonds
 
107,748 
 
 
 
-
 
 
-
 
 
107,748 
 
 
Total Other Investments
 
169,544 
 
 
 
2,351,240 
 
 
29,175 
 
 
2,549,959 
 
 
          Total investments at fair value
$
14,704,741 
 
 
$
4,360,444 
 
$
29,175 
 
$
19,094,360 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table presents the Plan’s investments measured at fair value on a recurring basis at December 31, 2010:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
  
Level 2
 
Level 3
  
Total
 
 
    
           
 
      
 
  
           
      
 
 
 
(in thousands) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GE Common Stock
$
8,174,128 
 
 
$
-
 
$
-
 
$
8,174,128 
 
 
Registered Investment Companies
 
7,057,841 
 
 
 
-
 
 
-
 
 
7,057,841 
 
 
Collective Funds
 
-
 
 
 
1,445,704 
 
 
-
 
 
1,445,704 
 
 
Other Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Short-Term Money Market Instruments
 
63,694 
 
 
 
1,179,873 
 
 
-
 
 
1,243,567 
 
 
     U.S. Treasury and U.S. Government Agency
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         Debt Obligations
 
-
 
 
 
984,038 
 
 
-
 
 
984,038 
 
 
     Commercial Mortgage-Backed and Asset-Backed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
          Securities
 
-
 
 
 
173,822 
 
 
9,981 
 
 
183,803 
 
 
     U.S. Savings Bonds
 
112,131 
 
 
 
-
 
 
-
 
 
112,131 
 
 
Total Other Investments
 
175,825 
 
 
 
2,337,733 
 
 
9,981 
 
 
2,523,539 
 
 
          Total investments at fair value
$
15,407,794 
 
 
$
3,783,437 
 
$
9,981 
 
$
19,201,212 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
(15)
 
 


GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2011 and 2010
 

 
 
 
 
 
 
 
 
 
 
 
The following table presents the changes in Level 3 investments measured on a recurring basis for the year ended December 31, 2011:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net
 
 
Net
 
 
 
 
 
 
 
 
Transfers
 
 
Transfers
 
 
 
 
 
 
 
January 1,
 
 
realized
 
 
unrealized
 
 
 
 
 
 
 
 
into
 
 
out of
 
 
December 31,
 
 
(in thousands) 
 
2011 
  
 
gains
 
 
(losses)
  
 
Purchases
 
 
Sales
  
 
Level 3
(a)
 
Level 3
(a)
 
2011 
 
 
    
           
      
 
  
           
      
 
  
           
      
 
  
           
      
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Money  Market
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Instruments
$
-
 
$
-
 
$
(833)
 
$
30,008 
 
$
-
 
$
-
 
$
-
 
$
29,175 
( b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage- Backed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
and Asset-Backed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities
 
9,981 
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
 
(9,981)
 
 
-
 
 
 
$
9,981 
 
$
-
 
$
(833)
 
$
30,008 
 
$
-
 
$
-
 
$
(9,981)
 
$
29,175 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table presents the changes in Level 3 investments measured on a recurring basis for the year ended December 31, 2010:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net
 
 
Net
 
 
 
 
 
 
 
 
Transfers
 
 
Transfers
 
 
 
 
 
 
 
January 1,
 
 
realized
 
 
unrealized
 
 
 
 
 
 
 
 
into
 
 
out of
 
 
December 31,
 
 
(in thousands) 
 
2011 
  
 
gains
 
 
(losses)
  
 
Purchases
 
 
Sales
  
 
Level 3
(a)
 
Level 3
(a)
 
2011 
 
 
    
           
      
 
  
           
      
 
  
           
      
 
  
           
      
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
and U.S.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations
$
8,170 
 
$
170 
 
$
-
 
$
-
 
$
(8,301)
 
$
-
 
$
(39)
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Backed and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset-Backed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities
 
-
 
 
-
 
 
(101)
 
 
10,082 
 
 
-
 
 
-
 
 
-
 
 
9,981 
 
 
 
$
8,170 
 
$
170 
 
$
(101)
 
$
10,082 
 
$
(8,301)
 
$
-
 
$
(39)
 
$
9,981 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Transfers into and out of Level 3 are considered to occur at the beginning of the period.
(b)
Represents fair value securities which were redeemed in March 2012.
 

 
(16)
 
 


GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2011 and 2010
 

 
(5)           Tax Status

The Internal Revenue Service has notified the Company by a letter dated August 19, 2010, that the Plan is qualified under the appropriate sections of the Internal Revenue Code. The Plan has been amended and restated since that letter was issued. However, counsel for the Plan has no reason to believe that those changes have adversely affected the validity of the determination letter.

The portion of a participant’s compensation contributed to the Plan as a pre-tax contribution and the Company’s matching contribution are not subject to Federal income tax when such contributions are credited to participant accounts, subject to certain limitations. These amounts and any investment results may be included in the participant’s gross taxable income for the year in which such amounts are withdrawn from the Plan.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) of the Plan if the Plan has taken an uncertain position that more likely than not would be sustained upon examination by the Internal Revenue Service.  The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that, as of December 31, 2011, there are no uncertain positions taken or expected to be taken that would require recognition of the material liability (or asset) or disclosure in the Plan’s financial statements.

(6)           Plan Amendments

Effective January 1, 2012, the Plan was amended to give certain eligible production employees, whose first day of work was on or after that date, both a Company Retirement Contribution (as described in note 1) and an Additional Company Retirement Contribution equal to $600 per year, irrespective of any employee contributions.  This Additional Company Retirement Contribution will be credited to the participants’ accounts each January, beginning in 2013. Like Company Retirement Contributions, Additional Company Retirement Contributions are not available for loans or withdrawals during employment.  A participant generally becomes vested in any Additional Company Retirement Contributions and related earnings once the participant completes three years of service.  The Additional Company Retirement Contribution can be invested in any of the available investment options, with the exception of the U.S. Bond Fund.  A participant who does not have a regular investment election on file will be electing to invest the Additional Company Retirement Contribution in the Target Retirement Date Fund consistent with the participant’s age.

(7)
Reconciliation of Financial Statements to Form 5500
 
Notes receivable from participants are classified as investments per Form 5500 instructions. In addition, any deemed distributions are not considered to be plan assets per Form 5500 and are excluded from notes receivable from participants.  However, these distributions remain a plan asset for purposes of these financial statements until offset against plan assets.
 

 

 
(17)
 
 


GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2011 and 2010
 

 
 
 
The following is a reconciliation of investments per the financial statements to the annual report filed on Form 5500, Schedule H as required by the Department of Labor:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31
 
 
2011 
 
  
2010 
 
   
           
 
      
 
 
(in thousands) 
 
               
Total investments per the financial statements
$
19,094,360 
 
 
$
19,201,212 
 
               
Total notes receivable per financial statements
 
380,577 
 
 
 
386,775 
 
Deemed distributions
 
(8,138)
 
 
 
(8,184)
 
  Total notes receivable per Form 5500
 
372,439 
 
 
 
378,591 
 
Total investments per Form 5500
$
19,466,799 
 
 
$
19,579,803 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a reconciliation of total deductions to net assets per the financial statements at December 31, 2011 and 2010 to the annual report filed on Form 5500, Schedule H as required by the Department of Labor:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31
 
 
2011 
 
  
2010 
 
   
           
 
      
 
 
(in thousands) 
 
 
 
 
 
 
 
 
 
Total deductions from net assets per financial statements
$
1,438,147 
 
 
$
1,409,946  
 
Deemed distributions offset against plan assets
 
(1,752)
 
 
 
-  
 
New deemed distributions
 
1,706 
 
 
 
8,184  
 
Total deductions from net assets per Form 5500
$
1,438,101 
 
 
$
1,418,130 
 
 

 
(18)
 
 


GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2011
 

 

 
 
 
 
 
 
 
 
 
 
 
 
Description
 
 
Shares
 
Cost (a)
  
Fair Value
 
Corporate Stocks - Common
 
 
    
 
  
           
      
 
  GE Common Stock
 
 
 
438,777,903 
 
$
9,373,037,151 
 
$
7,858,512,243 
(i)
 
 
 
 
 
 
 
 
 
 
 
 
Registered Investment Companies
 
 
 
 
 
 
 
 
 
 
 
  GE S&S Income Fund
 
 
 
172,927,045 
 
 
1,904,887,772 
 
 
2,018,058,612 
(c)
  GE S&S U.S. Equity Fund
 
 
 
63,703,221 
 
 
2,354,074,230 
 
 
2,468,499,802 
(c)
  GE Institutional International Equity Fund
 
 
 
100,422,150 
 
 
1,111,395,765 
 
 
946,980,870 
(c)
  GE Institutional Small-Cap Equity Fund
 
 
 
53,222,117 
 
 
634,049,985 
 
 
801,525,082 
(c)
  GE Institutional Strategic Investment Fund
 
 
 
41,388,967 
 
 
436,178,254 
 
 
441,620,307 
(c)
 
 
 
 
 
 
 
6,440,586,006 
 
 
6,676,684,673 
 
Collective Funds
 
 
 
 
 
 
 
 
 
 
 
GE Cash Plus Fund
 
 
 
 
 
 
5,554,282 
 
 
5,554,282 
(c)(d)
Non-U.S. Equity Index Fund
 
 
 
 
 
 
209,860,564 
 
 
191,597,042 
 
U.S. Aggregate Bond Index Fund
 
 
 
 
 
 
156,156,970 
 
 
166,087,126 
 
U.S. Large-Cap Equity Index Fund
 
 
 
 
 
 
993,278,043 
 
 
1,122,405,345 
 
U.S. Mid-Cap Equity Index Fund
 
 
 
 
 
 
214,494,084 
 
 
221,208,426 
 
U.S. Small-Cap Equity Index Fund
 
 
 
 
 
 
134,549,626 
 
 
137,616,242 
 
U.S. Treasury Inflation-Protected Securities Index Fund
 
 
 
 
 
 
151,271,548 
 
 
164,735,944 
 
  Total Collective Funds
 
 
 
 
 
 
1,865,165,117 
 
 
2,009,204,407 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rate of
 
 
 
 
 
 
 
 
 
 
Other Investments
Interest
 
Maturity
 
Cost (a)
  
Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term Money Market Instruments
 
 
 
 
 
 
 
 
 
 
 
Australia and New Zealand Banking Group Ltd
0.310 
%
 
02/28/12
 
$
 18,490,760 
 
$
 18,490,760 
(e)(l)
Australia and New Zealand Banking Group Ltd
0.320 
 
 
02/07/12
 
 
 19,893,455 
 
 
 19,893,455 
(e)
Bank of Montreal/Chicago, IL
0.444 
 
 
09/26/12
 
 
 16,250,000 
 
 
 16,250,000 
(f)
Bank of Nova Scotia
0.290 
 
 
01/13/12
 
 
 30,500,000 
 
 
 30,500,000 
 
Barclays Bank PLC
0.510 
 
 
02/06/12
 
 
 23,750,000 
 
 
 23,750,000 
 
Barclays Bank U.S. Treasury Repo
0.020 
 
 
01/03/12
 
 
 76,800,000 
 
 
 76,800,000 
 
Commonwealth Bank of Australia
0.499 
 
 
05/21/12
 
 
 37,650,000 
 
 
 37,650,000 
(e)(f)
Credit Suisse Group AG
0.431 
 
 
02/14/12
 
 
 22,638,096 
 
 
 22,638,096 
(e)
Deutsche Bank Secuities, Inc. Gov Agency Repo
0.050 
 
 
01/03/12
 
 
 41,700,000 
 
 
 41,700,000 
 
Eksportfinans Asa
0.666 
 
 
03/15/12
 
 
 10,001,529 
 
 
 9,725,000 
(f)(m)
Eksportfinans Asa
0.679 
 
 
03/19/12
 
 
 20,003,219 
 
 
 19,450,000 
(f)(m)
Goldman Sachs & Co. Gov Agency Repo
0.090 
 
 
01/03/12
 
 
 84,100,000 
 
 
 84,100,000 
 
HSBC Holdings PLC
0.120 
 
 
01/23/12
 
 
 41,546,953 
 
 
 41,546,953 
(e)
HSBC Securities (USA) Inc. Gov Agency Repo
0.020 
 
 
01/03/12
 
 
 45,820,000 
 
 
 45,820,000 
 
HSBC Securities (USA) Inc. US Treasury Repo
0.000 
 
 
01/03/12
 
 
 17,300,000 
 
 
 17,300,000 
 
International Bank for Reconstruction and Development
0.050 
 
 
02/01/12
 
 
 40,348,263 
 
 
 40,348,263 
(e)
Johnson & Johnson
0.070 
 
 
04/02/12
 
 
 36,893,399 
 
 
 36,893,399 
(e)(l)
JP Morgan Chase & Co.
0.010 
 
 
01/04/12
 
 
 41,399,966 
 
 
 41,399,966 
(e)
JP Morgan Chase & Co.
0.776 
 
 
06/15/12
 
 
 13,215,107 
 
 
 13,215,107 
(f)
National Australia Bank Ltd
0.200 
 
 
01/06/12
 
 
 35,749,007 
 
 
 35,749,007 
(e)
Nestle SA
0.050 
 
 
02/03/12
 
 
 28,148,710 
 
 
 28,148,710 
(e)
Nordea Bank
0.350 
 
 
01/11/12
 
 
 16,449,977 
 
 
 16,449,977 
 
Novartis Corp
0.060 
 
 
01/04/12
 
 
 16,749,916 
 
 
 16,749,916 
(e)
Proctor Gamble and Co.
0.060 
 
 
03/20/12
 
 
 14,398,104 
 
 
 14,398,104 
(e)
Rabobank Nederland NV
0.350 
 
 
01/12/12
 
 
 29,346,861 
 
 
 29,346,861 
(e)
Royal Bank of Canada/ New York, NY
0.540 
 
 
03/12/12
 
 
 21,150,000 
 
 
 21,150,000 
(f)
Standard Chartered PLC
0.430 
 
 
02/10/12
 
 
 30,350,000 
 
 
 30,350,000 
 
State Street Corp
0.010 
 
 
01/03/12
 
 
 154,001 
 
 
 154,001 
(j)
Svenska Handelsbanken
0.425 
 
 
02/13/12
 
 
 25,000,149 
 
 
 25,000,149 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to schedule of assets on page 23.
(Continued)

 
(19)
 
 

 
 
GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Investments continued
 
 
 
 
 
 
 
 
 
 
 
 
Rate of
 
 
 
 
 
 
 
 
 
 
Description
Interest
 
Maturity
 
Cost (a)
  
Fair Value
 
Short-Term Money Market Instruments
 
 
 
 
 
 
 
 
 
 
 
Toronto-Dominion Bank
0.305 
%
 
02/08/12
 
$
30,100,000 
 
 $
30,100,000 
(f)
Westpac Banking Corp
0.473 
 
 
05/11/12
 
 
27,750,000 
 
 
27,750,000 
(f)
Westpac Banking Corp
1.129 
 
 
02/21/12
 
 
25,923,986 
 
 
25,923,986 
(f)(l)
Fidelity Institutional Money Market Government Portfolio (Class I)
 
 
 
 
 
 
61,796,149 
 
 
61,796,149 
(b)
  Total Short-Term Money Market Instruments
 
 
 
 
 
 
1,001,367,607 
 
 
1,000,537,859 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and U.S. Government Agency Debt Obligations
0.010 
 
 
02/17/2012
 
 
 20,349,867 
 
 
 20,349,867 
(e)
  Federal Home Loan Bank Discount Notes
0.010 
 
 
02/29/2012
 
 
 12,599,794 
 
 
 12,599,794 
(e)
  Federal Home Loan Bank Discount Notes
0.010 
 
 
05/18/2012
 
 
 19,993,867 
 
 
 19,993,867 
(e)
  Federal Home Loan Bank Discount Notes
0.020 
 
 
01/27/2012
 
 
 23,999,705 
 
 
 23,999,705 
(e)
  Federal Home Loan Bank Discount Notes
0.020 
 
 
02/01/2012
 
 
 23,999,628 
 
 
 23,999,628 
(e)
  Federal Home Loan Bank Discount Notes
0.020 
 
 
03/09/2012
 
 
 10,299,708 
 
 
 10,299,708 
(e)
  Federal Home Loan Bank Discount Notes
0.258 
 
 
02/16/2012
 
 
 8,250,264 
 
 
 8,250,264 
(f)
  Federal Home Loan Banks
0.010 
 
 
01/17/2012
 
 
 24,549,073 
 
 
 24,549,073 
(e)
  Federal Home Loan Mortgage Corp
0.010 
 
 
02/27/2012
 
 
 20,097,454 
 
 
 20,097,454 
(e)
  Federal Home Loan Mortgage Corp
0.010 
 
 
05/01/2012
 
 
 12,997,815 
 
 
 12,997,815 
(e)
  Federal Home Loan Mortgage Corp
0.210 
 
 
05/01/2012
 
 
 20,157,764 
 
 
 20,157,764 
(f)
  Federal Home Loan Mortgage Corp
0.241 
 
 
04/03/2012
 
 
 41,059,786 
 
 
 41,059,786 
(f)
  Federal Home Loan Mortgage Corp
7.000 
 
 
10/01/2023
 
 
 10,514 
 
 
 11,395 
(h)
  Federal Home Loan Mortgage Corp.
7.000 
 
 
11/01/2031
 
 
 63,474 
 
 
 68,784 
(h)
  Federal Home Loan Mortgage Corp.
7.000 
 
 
04/01/2032
 
 
 770,959 
 
 
 830,949 
(h)
  Federal Home Loan Mortgage Corp.
7.000 
 
 
06/01/2032
 
 
 80,026 
 
 
 86,396 
(h)
  Federal Home Loan Mortgage Corp.
7.000 
 
 
04/01/2036
 
 
 506,158 
 
 
 560,449 
(h)
  Federal Home Loan Mortgage Corp.
7.500 
 
 
01/01/2016
 
 
 34,079 
 
 
 33,354 
(h)
  Federal Home Loan Mortgage Corp.
7.500 
 
 
01/01/2027
 
 
 300,685 
 
 
 327,925 
(h)
  Federal Home Loan Mortgage Corp.
8.000 
 
 
05/01/2031
 
 
 30,554 
 
 
 29,260 
 
  Federal Home Loan Mortgage Corp.
8.500 
 
 
03/01/2027
 
 
 85,569 
 
 
 94,608 
(h)
  Federal Home Loan Mortgage Corp.
9.250 
 
 
12/01/2016
 
 
 18,718 
 
 
 16,868 
(h)
  Federal Home Loan Mortgage Corp. Non Gold Pool
6.000 
 
 
10/15/2013
 
 
 3,153 
 
 
 2,852 
(g)(h)(k)
  Federal Home Loan Mortgage Corp. REMIC (Series 2090) (Class PG)
6.000 
 
 
10/15/2013
 
 
 3,447 
 
 
 2,831 
(g)(h)(k)
  Federal Home Loan Mortgage Corp. REMIC (Series 2090) (Class PN)
1.228 
 
 
12/15/2031
 
 
 1,960,479 
 
 
 1,988,142 
(f)(h)
  Federal Home Loan Mortgage Corp. REMIC (Series 2412) (Class OF)
0.010 
 
 
01/17/2012
 
 
 19,699,912 
 
 
 19,699,912 
(e)
  Federal National Mortgage Assoc.
0.010 
 
 
04/02/2012
 
 
 40,196,918 
 
 
 40,196,918 
(e)
  Federal National Mortgage Assoc.
0.050 
 
 
05/09/2012
 
 
 49,990,146 
 
 
 49,996,350 
(e)
  Federal National Mortgage Assoc.
0.100 
 
 
03/14/2012
 
 
 27,994,606 
 
 
 27,994,606 
(e)
  Federal National Mortgage Assoc.
0.284 
 
 
07/26/2012
 
 
 40,733,163 
 
 
 40,733,163 
(f)
  Federal National Mortgage Assoc.
0.315 
 
 
10/18/2012
 
 
 11,363,843 
 
 
 11,363,843 
(f)
  Federal National Mortgage Assoc.
1.913 
 
 
05/01/2033
 
 
 1,490,097 
 
 
 1,489,786 
(f)
  Federal National Mortgage Assoc.
2.096 
 
 
06/01/2033
 
 
 88,056 
 
 
 88,862 
(f)
  Federal National Mortgage Assoc.
2.135 
 
 
06/01/2033
 
 
 102,799 
 
 
 104,766 
(f)
  Federal National Mortgage Assoc.
2.165 
 
 
06/01/2033
 
 
 1,440,889 
 
 
 1,464,354 
(f)
  Federal National Mortgage Assoc.
2.310 
 
 
12/01/2032
 
 
 480,660 
 
 
 490,907 
(f)
  Federal National Mortgage Assoc.
2.313 
 
 
07/01/2033
 
 
 1,095,306 
 
 
 1,129,307 
(f)
  Federal National Mortgage Assoc.
2.380 
 
 
07/01/2033
 
 
 2,786,374 
 
 
 2,864,013 
(f)(h)
  Federal National Mortgage Assoc.
2.388 
 
 
05/01/2033
 
 
 95,988 
 
 
 98,087 
(f)
  Federal National Mortgage Assoc.
2.395 
 
 
07/01/2033
 
 
 191,319 
 
 
 191,416 
(f)
  Federal National Mortgage Assoc.
2.415 
 
 
06/01/2033
 
 
 1,209,717 
 
 
 1,232,780 
(f)
  Federal National Mortgage Assoc.
2.594 
 
 
06/01/2033
 
 
 377,969 
 
 
 382,136 
(f)
  Federal National Mortgage Assoc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to schedule of assets on page 23.
(Continued)

 
(20)
 
 

 
 
GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Investments continued
 
 
 
 
 
 
 
 
 
 
 
 
Rate of
 
 
 
 
 
 
 
 
 
 
Description
Interest
 
Maturity
 
Cost (a)
  
Fair Value
 
U.S. Treasury and U.S. Government Agency Debt Obligations
 
 
 
 
 
 
 
 
 
 
 
  Federal National Mortgage Assoc.
2.638 
%
 
06/01/2033
 
$
 528,462 
 
$
 538,478 
(f)
  Federal National Mortgage Assoc.
7.000 
 
 
02/01/2017
 
 
 79,734 
 
 
 83,720 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
03/01/2017
 
 
 356,653 
 
 
 373,163 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
04/01/2017
 
 
 268,293 
 
 
 280,467 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
05/01/2017
 
 
 182,690 
 
 
 188,890 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
07/01/2017
 
 
 518,558 
 
 
 539,870 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
02/01/2019
 
 
 8,890 
 
 
 9,001 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
03/01/2029
 
 
 99,123 
 
 
 111,321 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
06/01/2031
 
 
 70,263 
 
 
 77,006 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
10/01/2031
 
 
 266,882 
 
 
 300,392 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
01/01/2032
 
 
 47,629 
 
 
 52,041 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
10/01/2032
 
 
 59,961 
 
 
 65,133 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
04/01/2033
 
 
 129,941 
 
 
 141,260 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
11/01/2033
 
 
 532,729 
 
 
 577,606 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
03/01/2034
 
 
 47,409 
 
 
 51,444 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
06/01/2034
 
 
 146,245 
 
 
 159,642 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
01/01/2035
 
 
 194,147 
 
 
 212,373 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
05/01/2035
 
 
 1,096,432 
 
 
 1,190,367 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
01/01/2036
 
 
 473,798 
 
 
 523,239 
(h)
  Federal National Mortgage Assoc.
7.000 
 
 
04/01/2036
 
 
 868,213 
 
 
 963,451 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
04/01/2036
 
 
 38,887 
 
 
 39,490 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
11/01/2021
 
 
 50,915 
 
 
 54,000 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
11/01/2022
 
 
 27,906 
 
 
 26,529 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
03/01/2023
 
 
 38,699 
 
 
 36,704 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
01/01/2025
 
 
 275,728 
 
 
 305,210 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
05/01/2026
 
 
 45,728 
 
 
 51,192 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
07/01/2027
 
 
 129,303 
 
 
 143,509 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
10/01/2030
 
 
 50,805 
 
 
 51,174 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
01/01/2031
 
 
 49,926 
 
 
 49,263 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
02/01/2031
 
 
 146,924 
 
 
 166,953 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
04/01/2032
 
 
 166,627 
 
 
 175,002 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
06/01/2032
 
 
 144,195 
 
 
 160,882 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
07/01/2032
 
 
 54,664 
 
 
 53,573 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
04/01/2033
 
 
 80,688 
 
 
 80,143 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
11/01/2033
 
 
 30,994 
 
 
 29,388 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
03/01/2034
 
 
 417,071 
 
 
 465,440 
(h)
  Federal National Mortgage Assoc.
7.500 
 
 
05/01/2034
 
 
 417,980 
 
 
 465,156 
(h)
  Federal National Mortgage Assoc.
8.000 
 
 
03/01/2032
 
 
 225,809 
 
 
 256,001 
 
  Federal National Mortgage Assoc.
8.000 
 
 
05/01/2032
 
 
 31,003 
 
 
 29,648 
 
  Federal National Mortgage Assoc.
8.000 
 
 
11/01/2033
 
 
 81,220 
 
 
 81,083 
 
  Federal National Mortgage Assoc.
8.500 
 
 
06/01/2028
 
 
 87,336 
 
 
 91,031 
(h)
  Federal National Mortgage Assoc.
8.500 
 
 
08/01/2029
 
 
 241,716 
 
 
 258,772 
(h)
  Federal National Mortgage Assoc.
8.500 
 
 
08/01/2030
 
 
 110,580 
 
 
 121,487 
(h)
  Federal National Mortgage Assoc.
9.000 
 
 
12/01/2031
 
 
 177,253 
 
 
 182,135 
 
  Federal National Mortgage Assoc.
9.500 
 
 
09/01/2021
 
 
 55,306 
 
 
 50,289 
 
  Federal National Mortgage Assoc. REMIC
4.500 
 
 
02/25/2040
 
 
 18,113,071 
 
 
 18,765,655 
 
  Federal National Mortgage Assoc. REMIC
5.000 
 
 
02/25/2040
 
 
 573,220 
 
 
 680,946 
(g)(k)
  Federal National Mortgage Assoc. REMIC (Series 2003)
1.408 
 
 
07/25/2044
 
 
 1,244,647 
 
 
 1,192,584 
(g)(h)
  Federal National Mortgage Assoc.Remic Class QA
0.100 
 
 
05/25/2018
 
 
 12,647 
 
 
 20,299 
(f)(g)(h)
  Federal National Mortgage Assoc. Whole Loan
1.075 
 
 
11/25/2033
 
 
 509,493 
 
 
 383,510 
(f)(g)(h)
  Government National Mortgage Assoc.
4.500 
 
 
02/20/2038
 
 
 1,598,189 
 
 
 1,374,908 
(g)(k)
  Government National Mortgage Assoc.
4.500 
 
 
03/20/2038
 
 
 2,061,473 
 
 
 1,835,572 
(g)(k)
  Government National Mortgage Assoc.
4.500 
 
 
04/20/2038
 
 
 2,012,453 
 
 
 1,832,643 
(g)(k)
  Government National Mortgage Assoc.
4.500 
 
 
01/20/2040
 
 
 2,782,258 
 
 
 2,471,014 
(g)(k)
 
See accompanying notes to schedule of assets on page 23.
(Continued)
 
 
(21)
 
 

 
 
GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Investments continued
 
 
 
 
 
 
 
 
 
 
 
 
Rate of
 
 
 
 
 
 
 
 
 
 
Description
Interest
 
Maturity
 
Cost (a)
  
Fair Value
 
U.S. Treasury and U.S. Government Agency Debt Obligations
 
 
 
 
 
 
 
 
 
 
 
  Government National Mortgage Assoc.
7.000 
%
 
12/15/2018
 
$
 202,550 
 
$
 205,155 
 
  Government National Mortgage Assoc.
7.000 
 
 
11/15/2023
 
 
 255,820 
 
 
 276,436 
 
  Government National Mortgage Assoc.
7.000 
 
 
03/15/2031
 
 
 153,589 
 
 
 171,570 
 
  Government National Mortgage Assoc.
7.000 
 
 
05/15/2032
 
 
 160,856 
 
 
 179,565 
 
  Government National Mortgage Assoc.
7.000 
 
 
11/15/2032
 
 
 122,497 
 
 
 134,958 
 
  Government National Mortgage Assoc.
7.500 
 
 
12/15/2012
 
 
 4,977 
 
 
 5,003 
(h)
  Government National Mortgage Assoc.
7.500 
 
 
12/15/2018
 
 
 175,557 
 
 
 181,353 
(h)
  Government National Mortgage Assoc.
7.500 
 
 
01/15/2031
 
 
 319,324 
 
 
 353,570 
(h)
  Government National Mortgage Assoc.
7.500 
 
 
03/15/2031
 
 
 16,471 
 
 
 16,651 
(h)
  Government National Mortgage Assoc.
7.500 
 
 
05/15/2031
 
 
 122,317 
 
 
 130,546 
(h)
  Government National Mortgage Assoc.
7.500 
 
 
07/15/2031
 
 
 252,880 
 
 
 286,606 
(h)
  Government National Mortgage Assoc.
7.500 
 
 
09/15/2031
 
 
 325,760 
 
 
 369,418 
(h)
  Government National Mortgage Assoc.
9.000 
 
 
11/15/2017
 
 
 37,114 
 
 
 36,452 
 
  U.S. Treasury Bills
0.020 
 
 
04/26/2012
 
 
 104,992,106 
 
 
 104,994,855 
(e)
  U.S. Treasury Bonds
3.750 
 
 
08/15/2041
 
 
 527,452 
 
 
 553,823 
 
  U.S. Treasury Note
0.625 
 
 
06/30/2012
 
 
 31,635,233 
 
 
 31,635,233 
 
  U.S. Treasury Notes
0.070 
 
 
06/30/2012
 
 
 74,881,525 
 
 
 75,090,651 
(e)(h)
  U.S. Treasury Notes
0.070 
 
 
12/31/2012
 
 
 109,158,381 
 
 
 109,756,638 
(e)(h)
  U.S. Treasury Notes
0.240 
 
 
10/31/2013
 
 
 97,218,828 
 
 
 97,211,163 
(e)
  U.S. Treasury Notes
0.500 
 
 
05/31/2013
 
 
 56,121,748 
 
 
 56,245,302 
(e)(h)
  U.S. Treasury Notes
0.800 
 
 
10/31/2016
 
 
 120,092,553 
 
 
 120,765,955 
(e)(h)
  U.S. Treasury Notes
0.875 
 
 
01/31/2012
 
 
 22,963,055 
 
 
 22,963,055 
 
  U.S. Treasury Notes
1.000 
 
 
03/31/2012
 
 
 40,848,415 
 
 
 40,848,415 
 
  U.S. Treasury Notes
1.000 
 
 
04/30/2012
 
 
 40,122,089 
 
 
 40,122,089 
 
  U.S. Treasury Notes
1.125 
 
 
01/15/2012
 
 
 19,958,308 
 
 
 19,958,308 
 
  U.S. Treasury Notes
2.000 
 
 
11/15/2021
 
 
 48,010,992 
 
 
 48,596,035 
 
  U.S. Treasury Notes
2.375 
 
 
02/28/2015
 
 
 44,475,073 
 
 
 45,035,885 
(h)
    Total U.S. Treasury and U.S. Government Agency Debt Obligations
 
 
 
 
 
 
 1,292,776,538 
 
 
 1,296,474,483 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial Mortgage-Backed and Asset-Backed Securities
 
 
 
 
 
 
 
 
 
 
 
  Ally Master Owner Trust
2.150 
%
 
01/15/2016
 
$
 24,511,177 
 
$
 24,286,212 
 
  Ally Master Owner Trust
3.870 
 
 
04/15/2015
 
 
 3,878,320 
 
 
 3,797,190 
(h)(l)
  Avis Budget Rental Car Funding AESOP LLC
9.310 
 
 
10/20/2013
 
 
 10,133,828 
 
 
 9,897,057 
(l)
  Bank of America Merrill Lynch Commercial Mortgage, Inc
5.790 
 
 
03/11/2032
 
 
 414,566 
 
 
 405,098 
(l)
  Bank of America Merrill Lynch Commercial Mortgage, Inc
5.860 
 
 
03/11/2032
 
 
 382,335 
 
 
 373,493 
(l)
  Bank of America Merrill Lynch Commercial Mortgage, Inc
6.770 
 
 
03/11/2032
 
 
 973,097 
 
 
 952,773 
(l)
  Bank of America Merrill Lynch Commercial Mortgage, Inc
7.226 
 
 
10/11/2037
 
 
 305,447 
 
 
 297,932 
(l)
  Citigroup Commercial Mortgage Trust
0.348 
 
 
04/15/2022
 
 
 296,786 
 
 
 319,075 
(e)(f)(h)(l)
  Ford Credit Floorplan Master Owner Trust
2.928 
 
 
12/15/2014
 
 
 9,248,906 
 
 
 9,131,033 
(f)(l)
  Greenwich Capital Commercial Funding Corp.
5.597 
 
 
12/10/2049
 
 
 3,013,711 
 
 
 3,077,949 
(h)
  Hertz Vehicle Financing LLC
5.020 
 
 
02/25/2015
 
 
 5,252,344 
 
 
 5,237,983 
(l)
  Hertz Vehicle Financing LLC
5.290 
 
 
03/25/2016
 
 
 20,644,562 
 
 
 22,117,663 
(h)(l)
  JP Morgan Chase Commercial Mortgage Securities Corp.
3.853 
 
 
06/15/2043
 
 
 9,784,671 
 
 
 10,131,475 
(l)
  Lehman Brothers Floating Rate Commercial Mortgage Trust
0.578 
 
 
06/15/2022
 
 
 4,475,035 
 
 
 4,922,210 
(e)(f)(h)(l)
  Morgan Stanley Capital
4.660 
 
 
09/13/2045
 
 
 3,220,609 
 
 
 3,194,991 
 
  Morgan Stanley Capital
4.700 
 
 
07/15/2056
 
 
 22,382,452 
 
 
 22,518,005 
 
  Nissan Auto Lease Trust
0.920 
 
 
02/16/2015
 
 
 4,749,110 
 
 
 4,731,308 
(e)
  UBS Commercial Mortgage
4.954 
 
 
09/15/2030
 
 
 5,189,311 
 
 
 5,294,469 
 
  Vendee Mortgage Trust
0.370 
 
 
04/15/2040
 
 
 1,214,731 
 
 
 1,267,423 
(f)(g)
  Vendee Mortgage Trust
0.581 
 
 
09/15/2046
 
 
 1,277,318 
 
 
 1,141,510 
(f)(g)(h)
  Vendee Mortgage Trust (Class IO)
0.842 
 
 
05/15/2033
 
 
 1,557,502 
 
 
 2,251,219 
(f)(g)(h)
  Vendee Mortgage Trust (Series 1996) (Class IO)
0.207 
 
 
10/15/2026
 
 
 172,207 
 
 
 102,838 
(f)(g)
  Volkswagon Credit Auto Master Trust
0.974 
 
 
09/20/2016
 
 
 9,750,000 
 
 
 9,749,938 
(e)(f)(l)
    Total Commercial Mortgage-Backed and Asset-Backed Securities
 
 
 
 
 
 
 142,828,025 
 
 
 145,198,844 
 
 
See accompanying notes to schedule of assets on page 23.
(Continued)

 
(22)
 
 

 
 
GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Investments continued
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description
 
 
Units
 
Cost (a)
  
Fair Value
 
U.S. Savings Bonds - Held in trust
 
 
 
 
 
 
 
 
 
 
 
  1982 U.S. SAVINGS BOND EE SERIES
 
 
 
 3,398 
 
$
 169,900 
 
$
 961,176 
 
  1983 U.S. SAVINGS BOND EE SERIES
 
 
 
 5,758 
 
 
 287,900 
 
 
 1,279,234 
 
  1984 U.S. SAVINGS BOND EE SERIES
 
 
 
 6,952 
 
 
 347,600 
 
 
 1,437,160 
 
  1985 U.S. SAVINGS BOND EE SERIES
 
 
 
 9,998 
 
 
 499,900 
 
 
 1,986,884 
 
  1986 U.S. SAVINGS BOND EE SERIES
 
 
 
 35,676 
 
 
 1,783,800 
 
 
 6,705,678 
 
  1987 U.S. SAVINGS BOND EE SERIES
 
 
 
 37,649 
 
 
 1,882,450 
 
 
 6,215,752 
 
  1988 U.S. SAVINGS BOND EE SERIES
 
 
 
 41,968 
 
 
 2,098,400 
 
 
 6,660,781 
 
  1989 U.S. SAVINGS BOND EE SERIES
 
 
 
 58,874 
 
 
 2,943,700 
 
 
 8,979,951 
 
  1990 U.S. SAVINGS BOND EE SERIES
 
 
 
 61,610 
 
 
 3,080,500 
 
 
 9,027,624 
 
  1991 U.S. SAVINGS BOND EE SERIES
 
 
 
 62,920 
 
 
 3,146,000 
 
 
 8,867,114 
 
  1992 U.S. SAVINGS BOND EE SERIES
 
 
 
 91,568 
 
 
 4,578,400 
 
 
 12,394,491 
 
  1993 U.S. SAVINGS BOND EE SERIES
 
 
 
 67,766 
 
 
 3,388,300 
 
 
 7,371,339 
 
  1994 U.S. SAVINGS BOND EE SERIES
 
 
 
 55,316 
 
 
 2,765,800 
 
 
 5,530,490 
 
  1995 U.S. SAVINGS BOND EE SERIES
 
 
 
 19,393 
 
 
 969,650 
 
 
 1,839,444 
 
  1996 U.S. SAVINGS BOND EE SERIES
 
 
 
 85 
 
 
 4,250 
 
 
 7,151 
 
  1997 U.S. SAVINGS BOND EE SERIES
 
 
 
 165 
 
 
 8,250 
 
 
 13,838 
 
  1998 U.S. SAVINGS BOND EE SERIES
 
 
 
 233 
 
 
 11,650 
 
 
 18,726 
 
  1999 U.S. SAVINGS BOND EE SERIES
 
 
 
 387 
 
 
 19,350 
 
 
 29,706 
 
  2000 U.S. SAVINGS BOND EE SERIES
 
 
 
 601 
 
 
 30,050 
 
 
 43,885 
 
  2001 U.S. SAVINGS BOND EE SERIES
 
 
 
 749 
 
 
 37,450 
 
 
 51,931 
 
  2002 U.S. SAVINGS BOND EE SERIES
 
 
 
 901 
 
 
 45,050 
 
 
 59,743 
 
  2003 U.S. SAVINGS BOND EE SERIES
 
 
 
 1,570 
 
 
 78,500 
 
 
 100,602 
 
  2004 U.S. SAVINGS BOND EE SERIES
 
 
 
 2,343 
 
 
 117,150 
 
 
 145,999 
 
  2005 U.S. SAVINGS BOND EE SERIES
 
 
 
 2,971 
 
 
 148,550 
 
 
 183,482 
 
  2006 U.S. SAVINGS BOND EE SERIES
 
 
 
 4,128 
 
 
 206,400 
 
 
 249,509 
 
  2007 U.S. SAVINGS BOND EE SERIES
 
 
 
 5,892 
 
 
 294,600 
 
 
 339,742 
 
  2008 U.S. SAVINGS BOND EE SERIES
 
 
 
 6,604 
 
 
 330,200 
 
 
 351,549 
 
  2009 U.S. SAVINGS BOND EE SERIES
 
 
 
 11,996 
 
 
 599,800 
 
 
 611,935 
 
  2010 U.S. SAVINGS BOND EE SERIES
 
 
 
 16,974 
 
 
 848,700 
 
 
 862,025 
 
  2011 U.S. SAVINGS BOND EE SERIES
 
 
 
 16,295 
 
 
 814,750 
 
 
 814,750 
 
 
 
 
 
 
 
 
 31,537,000 
 
 
 83,141,691 
 
U.S. Savings Bonds - Held in custody
 
 
 
 
 
 
 
 
 
 
 
  2007 U.S. SAVINGS BOND EE SERIES
 
 
 
 11 
 
 
 550 
 
 
 642 
 
  2009 U.S. SAVINGS BOND EE SERIES
 
 
 
 164,679 
 
 
 8,233,950 
 
 
 8,419,916 
 
  2010 U.S. SAVINGS BOND EE SERIES
 
 
 
 160,059 
 
 
 8,002,950 
 
 
 8,128,573 
 
  2011 U.S. SAVINGS BOND EE SERIES
 
 
 
 161,134 
 
 
 8,056,700 
 
 
 8,056,700 
 
 
 
 
 
 485,883 
 
 
 24,294,150 
 
 
 24,605,831 
 
    Total U.S. Savings Bonds
 
 
 
 
 
 
 55,831,150 
 
 
 107,747,522 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Total Other Investments
 
 
 
 
 
 
 2,492,803,320 
 
 
 2,549,958,708 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Total Investments
 
 
 
 
 
 
 20,171,591,594 
 
 
 19,094,360,031 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rate of
 
 
 
 
 
 
 
 
 
 
Notes Receivable from Participants
Interest
 
Maturity
 
Cost (a)
  
Fair Value
 
  Various 54,311 notes receivables
1.00-10.50%
 
 
1 month - 15 yrs.
 
$
 - 
 
$
 372,439,118 
(i)
  Total Notes Receivable from Participants
 
 
 
 
 
 
 - 
 
 
    372,439,118 
 
    Total Asseets (Held at End of Year)
 
 
 
 
 
$
 20,171,591,594 
 
$
 19,466,799,149 
 
 
 
 
Notes to Schedule of Assets:

(a)  
Cost of securities is the price at which underlying shares in the investment options were purchased, including shares purchased with reinvested interest and dividends. In addition, cost of securities includes gains and losses on realized participant investment switches and is decreased for withdrawals on an average cost basis by individual participant.
(b)  
Funds managed by an affiliate of FMTC.
(c)  
Funds managed by GEAM, a wholly owned subsidiary of the Company.
(d)  
GE Cash Plus Fund is a holding of the Short Term Fund.
(e)  
Rate of interest is based on computed effective yield.
(f)  
Variable or floating security. The stated rate represents the rate at December 31, 2011.
(g)  
Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.
(h)  
At December 31, 2011, all or a portion of this security was reserved and/or pledged to cover collateral requirements for futures.
(i)  
Represents a party-in-interest to the Plan.
(j)  
State Street Bank and Trust Company is one of the custodians of the Plan. In addition, State Street Bank and Trust Company also serves as accounting agent for some of the Plan's investment options.
(k)  
Coupon amount represents the coupon of the underlying mortgage securities on which monthly interest payments are based.
(l)  
Pursuant to Rule 144A of the Securities Act of 1933, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid using procedures established by the Board of Trustees.
(m)  
Fair Valued security in accordance with procedures established by the GEAM Valuation Committee.

See accompanying Report of Independent Registered Public Accounting Firm.

 
(23)
 
 

 
 
 







Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 

 
   
General Electric Company
(Registrant)
 
 
 
 
 
 
 
 
  
June  25, 2012
    \s\ Jamie S. Miller  
Date
  
Jamie S. Miller
Vice President and Controller
Duly Authorized Officer and Principal Accounting Officer
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
(24)