Edgar Filing: GENERAL ELECTRIC CO

form11k2012.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, 2012

¨ 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

GE SAVINGS AND SECURITY PROGRAM

December 31, 2012 and 2011

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, 2012 and 2011	4

	Statements of Changes in Net Assets Available for Plan Benefits for the Years Ended December 31, 2012 and 2011	5

	Notes to Financial Statements	6-17

	Supplemental Schedule: (i)
	Schedule H, Line 4i- Schedule of Assets (Held at End of Year) as of December 31, 2012	18-23

B.	Exhibits

	23	Consent of Independent Registered Public Accounting Firm

(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 GE Savings and Security Program (the Plan) as of December 31, 2012 and 2011, 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, 2012 and 2011, 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 performed 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, 2012 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 21, 2013

(3)

GE SAVINGS AND SECURITY PROGRAM

Statements of Net Assets Available for Plan Benefits

December 31, 2012 and 2011

(in thousands)


	2012		2011

Assets:

Investments at fair value (notes 3 and 4)	$	21,785,877	$	19,094,360
Notes receivable from participants		405,249		380,577
Employer contribution receivable		2,113		-
Accrued dividends and interest		71,486		68,200
Other assets		34,391		54,842
Total assets		22,299,116		19,597,979


Liabilities:

Other liabilities		11,829		7,105
Total liabilities		11,829		7,105

Net assets available for plan benefits	$	22,287,287	$	19,590,874

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, 2012 and 2011

(in thousands)

	2012		2011

Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of
investments (note 3)	$	2,299,333	$	(375,014)
Interest and dividend income:
General Electric Company Common Stock		262,696		234,884
Registered investment companies		264,715		160,710
Other investments		12,287		18,972
		2,839,031		39,552

Interest on notes receivable from participants		19,828		21,305

Contributions:
Employee		983,332		953,445
Employer		387,722		340,827
		1,371,054		1,294,272


Total additions		4,229,913		1,355,129

Deductions from net assets attributed to:
Participant withdrawals		1,533,500		1,438,147

Net increase (decrease)		2,696,413		(83,018)

Net assets available for plan benefits:
Beginning of year		19,590,874		19,673,892
End of year	$	22,287,287	$	19,590,874

See accompanying notes to financial statements.

(5)

GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2012 and 2011

(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, N.A. (“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). 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”) - The GE Stock Fund is invested primarily in GE common stock, with the remainder held in cash or cash equivalents to provide for the GE Stock Fund’s estimated liquidity needs.

(b)

GE S&S Income Fund (the “Income Fund”) - The Income Fund managed by GEAM seeks a high interest rate of return over a long-term period consistent with the preservation of capital by investing at least 80% of its net assets in debt securities.

(c)

GE S&S U.S. Equity Fund (the “U.S. Equity Fund”) - The U.S. Equity Fund managed by GEAM seeks long-term growth of capital and income by investing at least 80% of its net assets in equity securities of U.S. companies, such as common and preferred stocks.

(d)

GE Institutional International Equity Fund (the “International Fund”) – The International Fund managed by GEAM seeks long-term growth of capital by investing at least 80% of its net assets in equity securities, such as common and preferred stocks. The International Fund invests primarily in companies in both developed and emerging market countries outside the United States.

(e)

GE Institutional Small-Cap Equity Fund (the “Small-Cap Fund”) – The Small-Cap Fund managed by GEAM seeks long-term growth of capital by investing at least 80% of its net assets in equity securities of smaller companies, such as common and preferred stocks.

(6)

GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2012 and 2011

(f)

GE Institutional Strategic Investment Fund (the “Strategic Investment Fund”) – The Strategic Investment Fund managed by GEAM seeks maximum total return (total return includes both income and capital appreciation) by investing primarily in a combination of U.S. and Non-U.S. equity and debt securities and cash.

(g)

Non-U.S. Equity Index Fund – A collective investment trust maintained and managed by BlackRock that seeks investment results that correspond generally to the investment performance of the Morgan Stanley Capital International All Country World Index (MSCI ACWI) ex-US Net Dividend Return Index by investing in a portfolio of international equity securities to approximate, as closely as practicable, the capitalization weighted total rates of return of the markets in certain countries for publicly traded equity securities.

(h)

U.S. Aggregate Bond Index Fund – A collective investment trust maintained and managed by BlackRock that seeks investment results that correspond generally to the investment performance of the Barclays U.S. Aggregate Bond Index by investing in a representative sample of securities that collectively has an investment profile similar to the index.

(i)

U.S. Large-Cap Equity Index Fund – A collective investment trust maintained and managed by BlackRock that seeks investment results that correspond generally to the investment performance of the S&P 500 Index by investing in large companies within the United States.

(j)

U.S. Mid-Cap Equity Index Fund – A collective investment trust maintained and managed by BlackRock that seeks investment results that correspond generally to the investment performance of the S&P Mid-Cap 400 Index by investing in medium-sized companies within the United States.

(k)

U.S. Small-Cap Equity Index Fund – A collective investment trust maintained and managed by BlackRock that seeks investment results that correspond generally to the investment performance of the Russell 2000 Index by investing in smaller companies within the United States.

(l)

U.S. Treasury Inflation-Protected Securities Index Fund (the “U.S. TIPS Index Fund”) – A collective investment trust maintained and managed by BlackRock that seeks investment results that correspond generally to the investment performance of the Barclays U.S. Treasury Inflation-Protected Securities Index by investing in substantially all of the securities that make up the index.

(m)

GE S&S Short-Term Interest Fund (the “ST Interest Fund”) – The ST Interest Fund managed by GEAM seeks to preserve principal and achieve a market-related interest rate of return by investing primarily in a variety of investment-grade debt securities, such as U.S. government securities, asset-backed securities, corporate bonds and money market instruments.

(n)

GE S&S Money Market Fund (the “Money Market Fund”) – The Money Market Fund managed by GEAM seeks a high level of current income consistent with the preservation of capital and maintenance of liquidity by investing primarily in short term, U.S. dollar denominated money market instruments.

(o)

United States Savings Bonds (the “U.S. Bond Fund”) – The Savings Bonds available under this option are Series “EE” Savings Bonds issued by the U.S. Treasury. The Savings Bonds mature 30 years after their issue date and earn interest based on market yields for Treasury securities. Each May 1 and November 1, the U.S. Government sets the rates for the Savings Bonds that apply for the next six months. Principal and accrued interest are credited when the Savings Bond is redeemed or on its maturity date. Until a Plan participant has accumulated sufficient funds to purchase a Savings Bond, the amounts in the participant’s account are invested in money market instruments and other short-term debt securities.

(7)

GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2012 and 2011

(p)

Target Retirement Date Funds (the “TRD Funds”) - The TRD Funds are daily valued separate accounts managed by AllianceBernstein. The investment objective of each TRD Fund is to seek the highest total return (total return includes capital appreciation and income) over time consistent with an appropriate degree of risk, and a specified allocation among various types of assets. To achieve its investment objective, each TRD Fund invests in a combination of underlying investment funds representing a variety of asset classes (the “Underlying Funds”). A TRD Fund’s asset allocation changes over time and is expected to gradually shift from a combination of Underlying Funds that emphasizes investment in stocks to a combination of Underlying Funds that is more conservative and invests in bonds, stocks, and short-term investments. Approximately 15 years after the target retirement date, the target asset allocation is expected to reach a “landing point” and become 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

The GE Stock Fund, Income Fund, U.S Equity Fund, International Fund, Small-Cap Fund, Strategic Investment Fund, Index Funds, ST Interest Fund, Money Market Fund, U.S. Bond Fund and the TRD 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. The following Plan information is available to participants and eligible employees upon request or may be obtained online at the Plan’s website: Audited financial statements and prospectuses or other disclosure documents of the registered investment companies; Fund profiles for the GE Stock Fund, ST Interest Fund, Income Fund, U.S. Equity Fund, Money Market Fund, U.S. Bond Fund, Index Funds and TRD Funds; and the Savings and Security Program Supplemental Information document containing certain information regarding all Funds. Certain of the above documents comprising this Plan information are also affirmatively provided to participants and eligible employees in compliance with the requirements of the Department of Labor.

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 $17,000 and $16,500 in 2012 and 2011, respectively. For participants who were at least age 50 during the year, the limit was generally $22,500 and $22,000 in 2012 and 2011, respectively. 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 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.

(8)

GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2012 and 2011

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.

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 the Company Retirement Contribution and an Additional Company Retirement Contribution (“ACRC”) equal to $600 per year, irrespective of any employee contributions. This ACRC will be credited to the participants’ accounts each January, beginning in 2013.

Hereinafter, the Company Retirement Contribution and the ACRC shall be referred to collectively as “Company Retirement Contributions” (“CRCs”).

These CRCs 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 CRCs in the TRD Fund consistent with the participant’s age.

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, 2012 and 2011, transfers from other qualifying plans or arrangements accounted for $63.3 million and $70.8 million, respectively, and are included in employee contributions in the Statements of Changes in Net Assets Available for Plan Benefits.

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 CRCs, which are not available for withdrawal during employment). 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 CRCs, which are not available for loans). 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.

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. A participant may have no more than two outstanding loans from the Plan at any time.

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.

(9)

GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2012 and 2011

Participant Accounts

Each participant’s account is credited with the participant’s contributions and CRCs (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 CRCs and related earnings generally become vested in those amounts once the participant completes three years of service.

Forfeitures

As of December 31, 2012, amounts totaling $2,332,568 attributable to certain non-vested CRCs and related earnings were utilized to reduce employer contributions in accordance with the terms of the Plan. As of December 31, 2011, these forfeited amounts totaled $205,577.

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, ST Interest Fund and the Money Market Fund are generally borne by the Company. For the registered investment companies, the Index Funds, and the TRD 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 TRD 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 TRD 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.

(10)

GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2012 and 2011

All portfolio securities of the Money Market Fund and any short-term money market instruments held by the ST Interest 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.

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.

(11)

GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2012 and 2011

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 ST Interest 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.

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

Loans to 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.

(12)

GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2012 and 2011

(3)	Investments

The following is a summary of the fair value of the Plan’s investments at December 31, 2012 and 2011.

		2012			2011
		(in thousands)

	GE Common Stock	$	8,826,777	(a)	$	7,858,512	(a)
	Registered Investment Companies:
	GE S&S Income Fund		2,202,223	(a)		2,018,059	(a)
	GE S&S U.S. Equity Fund		2,747,989	(a)		2,468,500	(a)
	GE Institutional International Equity Fund		1,110,067	(a)		946,981
	GE Institutional Small-Cap Equity Fund		907,566			801,525
	GE Institutional Strategic Investment Fund		506,995			441,620
	Total Registered Investment Companies		7,474,840			6,676,685

	Collective Funds(b):
	GE Cash Plus Fund		19,687			5,554
	Non-U.S. Equity Index Fund		304,757			191,597
	U.S. Aggregate Bond Index Fund		257,057			166,087
	U.S. Large-Cap Equity Index Fund		1,471,527	(a)		1,122,405	(a)
	U.S. Mid-Cap Equity Index Fund		326,019			221,209
	U.S. Small-Cap Equity Index Fund		208,331			137,616
	U.S. Treasury Inflation-Protected Securities Index Fund		259,247			164,736
	Total Collective Funds		2,846,625			2,009,204

	Other Investments (b):
	Short-Term Money Market Instruments		929,536			1,000,538	(a)
	U.S. Treasury and U.S. Government Agency Debt Obligations		1,466,602	(a)		1,296,474	(a)
	Commercial Mortgage-Backed and Asset-Backed Securities		138,049			145,199
	U.S. Savings Bonds		103,448			107,748
	Total Other Investments		2,637,635			2,549,959

	Total investments at fair value	$	21,785,877		$	19,094,360


(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, 2012 and 2011

The Plan’s investments appreciated (depreciated) during 2012 and 2011 as follows.

	2012		2011

	(in thousands)

GE Common Stock	$	985,574	$	(414,741)
Registered Investment Companies		546,926		(504,922)
Collective Funds		564,427		395,637
Other Investments		202,406		149,012
	$	2,299,333	$	(375,014)

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 ST Interest Fund and the Money Market Fund. None of the funds participated in security lending programs as of December 31, 2012 and 2011.

The Funds, with the exception of the 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, 2012 and 2011

(4)	Fair Value Measurements

The Plan’s investments measured at fair value on a recurring basis at December 31, 2012 follow.

	Level 1		Level 2		Level 3		Total

	(in thousands)

GE Common Stock	$	8,826,777	$	-	$	-	$	8,826,777
Registered Investment Companies		7,474,840		-		-		7,474,840
Collective Funds		-		2,846,625		-		2,846,625
Other Investments:
Short-Term Money Market Instruments		66,596		862,940		-		929,536
U.S. Treasury and U.S. Government Agency
Debt Obligations		-		1,466,602		-		1,466,602
Commercial Mortgage-Backed and Asset-Backed
Securities		-		138,049		-		138,049
U.S. Savings Bonds		103,448		-		-		103,448
Total Other Investments		170,044		2,467,591		-		2,637,635
Total investments at fair value	$	16,471,661	$	5,314,216	$	-	$	21,785,877


The Plan’s investments measured at fair value on a recurring basis at December 31, 2011 follow:

	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

(15)

GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2012 and 2011

The changes in Level 3 investments measured on a recurring basis for the year ended December 31, 2012 follow.

				Net
		January 1,		realized				December 31,
(in thousands)		2012		gains		Sales		2012


Short-Term Money	$	29,175	$	825	$	(30,000)	$	-
Market Instruments


The changes in Level 3 investments measured on a recurring basis for the year ended December 31, 2011 follow.

				Net				Transfers
		January 1,		realized				out of		December 31,
(in thousands)		2011		losses		Purchases		Level 3(a)		2011


Short-Term Money	$	-	$	(833)	$	30,008	$	-	$	29,175
Market Instruments


Commercial Mortgage-
Backed and Asset - Backed Securities		9,981		-		-		(9,981)		-
	$	9,981	$	(833)	$	30,008	$	(9,981)	$	29,175

Transfers into and out of levels are considered to occur at the beginning of the period. There were no transfers between level one and level two during the years ended December 31, 2012 and 2011.

(5) Parties in Interest

The Plan’s recordkeeper, trustees, investment advisors and custodians described in Note 1, as well as the Company and Plan participants, are each a “party in interest” to the Plan as defined by ERISA. Transactions between the Plan and a party in interest are noted in the Schedule H, Line 4i - schedule of assets. Any fees paid by the Plan with respect to those or other transactions are described in the Savings and Security Program Supplemental Information document. KPMG LLP, the auditor of the Plan’s financial statements, is also a party in interest.

(6) 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. A request for a new determination letter for the Plan has been submitted to the Internal Revenue Service.

(16)

GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2012 and 2011

The portion of a participant’s compensation contributed to the Plan as a pre-tax contribution, the Company’s matching contribution, and CRCs 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 not 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, 2012, 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.

(7) Subsequent Events

Subsequent events after the balance sheet date through June 21, 2013, the date that the financial statements were issued, have been evaluated in the preparation of these financial statements.

(8)	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.

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 follows.


	December 31
		2012		2011
	(in thousands)

Total investments per the financial statements	$	21,785,877	$	19,094,360

Total notes receivable per financial statements		405,249		380,577
Deemed distributions		(8,142)		(8,138)
Total notes receivable per Form 5500		397,107		372,439

Total investments per Form 5500	$	22,182,984	$	19,466,799

A reconciliation of total deductions from net assets per the financial statements to the annual report filed on Form 5500, Schedule H as required by the Department of Labor follows.

	December 31
		2012		2011
	(in thousands)

Total deductions from net assets per financial statements	$	1,533,500	$	1,438,147
Deemed distributions offset against plan assets		(1,583)		(1,752)
New deemed distributions		1,587		1,706
Total expenses per Form 5500	$	1,533,504	$	1,438,101

(17)

GE SAVINGS AND SECURITY PROGRAM

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

As of December 31, 2012


Description			Shares		Cost (a)		Fair Value
Corporate Stocks - Common
GE Common Stock				420,522,952	$	8,936,731,127	$	8,826,776,762	(i)

Registered Investment Companies
GE S&S Income Fund				187,423,272		2,092,032,036		2,202,223,448	(c)(i)
GE S&S U.S. Equity Fund				61,877,712		2,321,839,104		2,747,989,203	(c)(i)
GE Institutional International Equity Fund				99,557,546		1,092,596,181		1,110,066,634	(c)(i)
GE Institutional Small-Cap Equity Fund				57,007,912		728,250,266		907,565,953	(c)(i)
GE Institutional Strategic Investment Fund				42,929,314		459,863,194		506,995,195	(c)(i)
Total Registered Investment Companies						6,694,580,781		7,474,840,433

Collective Funds
GE Cash Plus Fund						19,686,552		19,686,552	(c)(d)(i)
Non-U.S. Equity Index Fund						281,399,996		304,756,577
U.S. Aggregate Bond Index Fund						241,258,279		257,056,790
U.S. Large-Cap Equity Index Fund						1,185,926,944		1,471,527,137
U.S. Mid-Cap Equity Index Fund						281,884,863		326,018,784
U.S. Small-Cap Equity Index Fund						183,480,999		208,331,497
U.S. Treasury Inflation-Protected Securities Index Fund						236,086,417		259,246,853
Total Collective Funds						2,429,724,050		2,846,624,190

Other Investments
	Rate of
	Interest		Maturity		Cost (a)		Fair Value

Short-Term Money Market Instruments
Australia and New Zealand Banking Group Ltd	0.180	%		02/07/2013	$	33,243,849	$	33,243,849	(e)
Bank of Montreal	0.200			01/03/2013		23,050,000		23,050,000
Bank of Nova Scotia	0.291			06/13/2013		33,350,000		33,350,000	(f)
Barclays Bank Money Market	0.200			01/02/2013		37,500,000		37,500,000
BHP Fin USA	0.140			01/28/2013		7,999,160		7,999,160	(l)(e)
BHP Fin USA	0.170			01/14/2013		22,098,643		22,098,643	(e)
Chevron Corp	0.120			01/17/2013		11,199,403		11,199,403	(l)(e)
Chevron Corp	0.120			01/17/2013		22,198,816		22,198,816	(l)(e)
Commonwealth Bank Australia	0.233			05/08/2013		30,999,391		30,999,391	(f)
Deutsche Bank Secuities, Inc. Gov Agcy Repo	0.200			01/02/2013		4,900,000		4,900,000
DNB Norbank	0.230			03/18/2013		22,139,245		22,139,245	(e)
Glaxosmithkline	0.150			01/04/2013		30,899,614		30,899,614	(e)
Goldman Sachs & Co. Gov Agcy Repo	0.200			01/02/2013		35,800,000		35,800,000
HSBC Americas, Inc	0.200			03/25/2013		40,650,000		40,650,000	(f)
HSBC Securities (USA) Inc. Gov Agcy Repo	0.160			01/02/2013		17,130,000		17,130,000
Inter-American Development Bank	0.150			02/07/2013		26,545,907		26,545,907	(f)
Inter-American Development Bank	0.140			02/19/2013		9,798,133		9,798,133	(f)
IBM Corp	0.070			01/03/2013		17,299,933		17,299,933	(e)
Johnson & Johnson	0.700			05/15/2013		8,916,421		8,916,421
JP Morgan Chase & Co.	0.180			01/02/2013		9,900,000		9,900,000
JP Morgan Chase & Co.	0.220			03/12/2013		14,050,000		14,050,000
JP Morgan Chase & Co.	0.252			04/08/2013		17,738,043		17,738,043	(e)
JP Morgan Chase Repo	0.180			01/02/2013		13,200,000		13,200,000
KFW Government Guarantee	0.312			02/22/2013		8,756,680		8,756,680	(f)
KFW International Finance, Inc	0.200			03/07/2013		25,040,954		25,040,954	(l)(e)
National Australia Bank	0.242			04/30/2013		31,350,000		31,350,000	(f)
Nordea Bank	0.360			02/19/2013		23,154,402		23,154,402
Novartis Corp	1.900			04/24/2013		10,703,839		10,703,839

(18)

See accompanying notes to schedule of assets on page 23 (continued)

GE SAVINGS AND SECURITY PROGRAM

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

As of December 31, 2012



Other Investments continued
	Rate of
Description	Interest		Maturity		Cost (a)		Fair Value
Short-Term Money Market Instruments
Proctor Gamble and Co.	0.150	%		01/10/2013	$	16,999,363	$	16,999,363	(e)
Royal Bank of Canada	0.433			04/10/2013		19,850,000		19,850,000	(f)
Sanofi	0.510			03/28/2013		21,623,728		21,623,728	(f)
Skandin Ens Banken	0.300			04/08/2013		25,049,999		25,049,999
Standard Chartered Bank	0.480			01/10/2013		30,850,000		30,850,000
State Street Corp	0.010			01/02/2013		161,316		161,316	(j)(i)
Svenska Handelsbanken	0.235			02/01/2013		15,746,813		15,746,813	(l)(e)
Svenska Handelsbanken	0.280			04/15/2013		19,250,000		19,250,000
Toronto-Dominion Bank	0.200			01/16/2013		26,650,000		26,650,000
Walmart Stores, Inc.	0.100			01/24/2013		30,498,051		30,498,051	(e)
Westpac Banking Corp	0.310			02/11/2013		33,350,000		33,350,000	(f)
World Bank Discount Notes	0.100			01/07/2013		33,299,445		33,299,445	(e)
Fidelity Institutional Money Market
Government Portfolio (Class I)						66,594,859		66,594,859	(b)(i)
Total Short-Term Money Market Instruments						929,536,007		929,536,007

U.S. Treasury and U.S. Government Agency Debt Obligations
Federal Home Loan Mortgage Corp.	0.010			01/09/2013		17,749,487		17,749,487	(e)
Federal Home Loan Mortgage Corp.	0.010			01/18/2013		21,798,522		21,798,522	(e)
Federal Home Loan Mortgage Corp.	0.010			01/22/2013		15,698,828		15,698,828	(e)
Federal Home Loan Mortgage Corp.	0.010			01/23/2013		26,947,859		26,947,859	(e)
Federal Home Loan Mortgage Corp.	0.010			01/28/2013		44,645,312		44,645,312	(e)
Federal Home Loan Mortgage Corp.	0.010			02/01/2013		25,847,106		25,847,106	(e)
Federal Home Loan Mortgage Corp.	0.010			02/04/2013		33,545,279		33,545,279	(e)
Federal Home Loan Mortgage Corp.	0.010			02/19/2013		22,295,144		22,295,144	(e)
Federal Home Loan Mortgage Corp.	0.010			03/13/2013		22,494,786		22,494,786	(e)
Federal Home Loan Mortgage Corp.	0.010			03/18/2013		21,346,710		21,346,710	(e)
Federal Home Loan Mortgage Corp.	0.010			03/20/2013		47,991,680		47,993,664	(e)
Federal Home Loan Mortgage Corp.	0.010			05/17/2013		16,293,534		16,293,534	(e)
Federal Home Loan Mortgage Corp.	0.150			02/06/2013		11,850,000		11,850,000
Federal Home Loan Mortgage Corp.	0.159			06/17/2013		11,099,725		11,099,725	(f)
Federal Home Loan Mortgage Corp.	0.171			03/21/2013		53,261,301		53,261,301	(f)
Federal Home Loan Mortgage Corp.	0.250			04/18/2013		33,553,359		33,553,359
Federal Home Loan Mortgage Corp.	1.321			12/25/2018		20,343,809		20,315,048
Federal Home Loan Mortgage Corp.	1.337			06/25/2016		2,362,761		2,361,841
Federal Home Loan Mortgage Corp.	1.383			03/25/2018		10,099,132		10,111,380
Federal Home Loan Mortgage Corp.	1.573			01/25/2022		7,058,709		7,046,674
Federal Home Loan Mortgage Corp.	1.603			01/25/2022		22,585,492		22,547,273
Federal Home Loan Mortgage Corp.	1.891			12/25/2020		2,871,694		2,868,016
Federal Home Loan Mortgage Corp.	7.000			10/01/2023		7,648		8,442	(h)
Federal Home Loan Mortgage Corp.	7.000			11/01/2031		49,376		54,938	(h)
Federal Home Loan Mortgage Corp.	7.000			04/01/2032		431,097		473,874	(h)
Federal Home Loan Mortgage Corp.	7.000			04/01/2032		278,384		306,052	(h)
Federal Home Loan Mortgage Corp.	7.000			06/01/2032		60,769		65,796	(h)
Federal Home Loan Mortgage Corp.	7.000			04/01/2036		497,831		555,805	(h)
Federal Home Loan Mortgage Corp.	7.500			01/01/2027		23,819		22,454	(h)
Federal Home Loan Mortgage Corp.	7.500			01/01/2027		217,525		243,526	(h)
Federal Home Loan Mortgage Corp.	8.000			05/01/2031		29,837		28,551
Federal Home Loan Mortgage Corp.	8.500			03/01/2027		64,800		72,796	(h)
Federal Home Loan Mortgage Corp. Non Gold Pool	9.250			12/01/2016		15,436		13,879	(h)
Federal Home Loan Mortgage Corp. REMIC (Series 2090) (Class PG)	6.000			10/15/2013		395		335	(g)(h)(k)
Federal Home Loan Mortgage Corp. REMIC (Series 2090) (Class PN)	6.000			10/15/2013		389		331	(g)(h)(k)

(19)

See accompanying notes to schedule of assets on page 23 (continued)

GE SAVINGS AND SECURITY PROGRAM

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

As of December 31, 2012

Other Investments continued
	Rate of
Description	Interest		Maturity		Cost (a)		Fair Value
U.S. Treasury and U.S. Government Agency Debt Obligations
Federal Home Loan Mortgage Corp. REMIC (Series 2412) (Class OF)	1.159	%		12/15/2031	$	1,432,855	$	1,461,301	(h)(f)
Federal National Mortgage Assoc.	0.010			01/17/2013		22,198,915		22,198,915	(e)
Federal National Mortgage Assoc.	0.010			02/06/2013		39,895,680		39,895,680	(e)
Federal National Mortgage Assoc.	0.010			02/13/2013		24,446,349		24,446,349	(e)
Federal National Mortgage Assoc.	0.010			02/20/2013		33,344,210		33,344,210	(e)
Federal National Mortgage Assoc.	0.010			03/06/2013		27,243,616		27,243,616	(e)
Federal National Mortgage Assoc.	0.010			03/20/2013		8,798,475		8,798,475	(e)
Federal National Mortgage Assoc.	0.010			04/01/2013		7,996,800		7,996,800
Federal National Mortgage Assoc.	0.100			05/25/2018		11,041		11,722	(g)(h)(f)(k)
Federal National Mortgage Assoc.	1.788			05/01/2033		1,266,620		1,272,905	(f)
Federal National Mortgage Assoc.	2.010			06/01/2033		97,896		99,797	(f)
Federal National Mortgage Assoc.	2.290			06/01/2033		1,391,252		1,427,674	(f)
Federal National Mortgage Assoc.	2.376			12/01/2032		460,748		479,409	(f)
Federal National Mortgage Assoc.	2.514			06/01/2033		508,561		523,408	(f)
Federal National Mortgage Assoc.	2.590			05/01/2033		92,761		95,706	(f)
Federal National Mortgage Assoc.	2.617			06/01/2033		232,019		238,138	(f)
Federal National Mortgage Assoc.	2.635			07/01/2033		1,055,107		1,094,586	(f)
Federal National Mortgage Assoc.	2.645			07/01/2033		184,976		185,182	(f)
Federal National Mortgage Assoc.	2.675			07/01/2033		2,253,424		2,334,171	(f)
Federal National Mortgage Assoc.	2.710			06/01/2033		922,347		939,973	(f)
Federal National Mortgage Assoc.	2.765			06/01/2033		6,682		6,560	(f)
Federal National Mortgage Assoc.	7.000			02/01/2017		62,506		64,452	(h)
Federal National Mortgage Assoc.	7.000			03/01/2017		38,502		39,310	(h)
Federal National Mortgage Assoc.	7.000			03/01/2017		26,725		27,285	(h)
Federal National Mortgage Assoc.	7.000			03/01/2017		43,627		44,594	(h)
Federal National Mortgage Assoc.	7.000			03/01/2017		174,099		179,572	(h)
Federal National Mortgage Assoc.	7.000			04/01/2017		81,112		82,910	(h)
Federal National Mortgage Assoc.	7.000			04/01/2017		31,172		31,863	(h)
Federal National Mortgage Assoc.	7.000			04/01/2017		67,065		69,173	(h)
Federal National Mortgage Assoc.	7.000			05/01/2017		47,442		47,930	(h)
Federal National Mortgage Assoc.	7.000			05/01/2017		70,066		70,434	(h)
Federal National Mortgage Assoc.	7.000			07/01/2017		93,137		95,090	(h)
Federal National Mortgage Assoc.	7.000			07/01/2017		201,182		205,793	(h)
Federal National Mortgage Assoc.	7.000			02/01/2019		5,267		5,214	(h)
Federal National Mortgage Assoc.	7.000			03/01/2029		95,601		110,297	(h)
Federal National Mortgage Assoc.	7.000			06/01/2031		48,141		54,215	(h)
Federal National Mortgage Assoc.	7.000			10/01/2031		260,687		301,504	(h)
Federal National Mortgage Assoc.	7.000			01/01/2032		13,893		15,629	(h)
Federal National Mortgage Assoc.	7.000			04/01/2033		127,292		142,736	(h)
Federal National Mortgage Assoc.	7.000			11/01/2033		426,384		476,854	(h)
Federal National Mortgage Assoc.	7.000			03/01/2034		45,834		49,917	(h)
Federal National Mortgage Assoc.	7.000			06/01/2034		143,365		161,720	(h)
Federal National Mortgage Assoc.	7.000			01/01/2035		160,010		180,872	(h)
Federal National Mortgage Assoc.	7.000			05/01/2035		336,217		379,320	(h)
Federal National Mortgage Assoc.	7.000			05/01/2035		553,315		625,177	(h)
Federal National Mortgage Assoc.	7.000			01/01/2036		392,318		450,640	(h)
Federal National Mortgage Assoc.	7.000			04/01/2036		520,866		601,769	(h)
Federal National Mortgage Assoc.	7.500			04/01/2016		30,704		30,870	(h)
Federal National Mortgage Assoc.	7.500			11/01/2021		36,975		39,187	(h)
Federal National Mortgage Assoc.	7.500			11/01/2022		15,956		15,165	(h)
Federal National Mortgage Assoc.	7.500			01/01/2025		256,485		287,342	(h)
Federal National Mortgage Assoc.	7.500			05/01/2026		24,276		26,552	(h)

(20)

See accompanying notes to schedule of assets on page 23 (continued)

GE SAVINGS AND SECURITY PROGRAM

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

As of December 31, 2012

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.	7.500	%		07/01/2027	$	91,311	$	93,774	(h)
Federal National Mortgage Assoc.	7.500			10/01/2030		28,729		27,572	(h)
Federal National Mortgage Assoc.	7.500			01/01/2031		47,902		47,070	(h)
Federal National Mortgage Assoc.	7.500			02/01/2031		125,904		146,625	(h)
Federal National Mortgage Assoc.	7.500			04/01/2032		81,025		80,630	(h)
Federal National Mortgage Assoc.	7.500			06/01/2032		83,667		91,369	(h)
Federal National Mortgage Assoc.	7.500			04/01/2033		79,214		78,469	(h)
Federal National Mortgage Assoc.	7.500			11/01/2033		30,397		28,802	(h)
Federal National Mortgage Assoc.	7.500			03/01/2034		409,322		469,212	(h)
Federal National Mortgage Assoc.	7.500			05/01/2034		271,954		281,719	(h)
Federal National Mortgage Assoc.	8.000			03/01/2032		221,469		257,744
Federal National Mortgage Assoc.	8.000			05/01/2032		30,424		29,073
Federal National Mortgage Assoc.	8.000			11/01/2033		79,227		78,788
Federal National Mortgage Assoc.	8.500			06/01/2028		60,596		58,602
Federal National Mortgage Assoc.	8.500			08/01/2029		163,096		173,758
Federal National Mortgage Assoc.	8.500			08/01/2030		53,064		55,485
Federal National Mortgage Assoc.	9.000			12/01/2031		170,530		174,241
Federal National Mortgage Assoc.	9.500			09/01/2021		45,052		40,606
Federal National Mortgage Assoc. REMIC	4.500			02/25/2040		11,245,256		11,659,093
Federal National Mortgage Assoc. REMIC	5.000			02/25/2040		261,344		347,395	(g)(k)
Government National Mortgage Assoc.	4.500			03/20/2038		1,200,856		1,144,115	(g)(k)
Government National Mortgage Assoc.	4.500			04/20/2038		1,306,793		1,207,434	(g)(k)
Government National Mortgage Assoc.	7.000			12/15/2018		148,010		149,861
Government National Mortgage Assoc.	7.000			11/15/2023		241,408		264,635
Government National Mortgage Assoc.	7.000			03/15/2031		149,621		169,749
Government National Mortgage Assoc.	7.000			05/15/2032		157,372		178,159
Government National Mortgage Assoc.	7.000			11/15/2032		115,165		128,674
Government National Mortgage Assoc.	7.500			12/15/2018		153,190		157,899	(h)
Government National Mortgage Assoc.	7.500			01/15/2031		241,819		280,113	(h)
Government National Mortgage Assoc.	7.500			01/15/2031		51,107		49,887	(h)
Government National Mortgage Assoc.	7.500			03/15/2031		16,076		16,198	(h)
Government National Mortgage Assoc.	7.500			05/15/2031		83,157		83,492	(h)
Government National Mortgage Assoc.	7.500			07/15/2031		197,974		229,641	(h)
Government National Mortgage Assoc.	7.500			09/15/2031		275,631		320,315	(h)
Government National Mortgage Assoc.	9.000			11/15/2017		26,530		26,241
U.S. Treasury Bills	0.010			01/24/2013		15,849,696		15,849,696	(e)
U.S. Treasury Bills	0.010			05/23/2013		114,954,639		114,956,645	(e)
U.S. Treasury Notes	0.125			07/31/2014		165,237,946		165,318,797	(e)(h)
U.S. Treasury Notes	0.250			09/30/2014		109,873,475		109,940,820	(e)(h)
U.S. Treasury Notes	0.250			10/31/2014		8,948,137		8,949,094	(e)(h)
U.S. Treasury Notes	0.375			06/15/2015		17,421,153		17,407,648	(e)
U.S. Treasury Notes	0.500			05/31/2013		40,453,988		40,453,988
U.S. Treasury Notes	0.500			07/31/2017		37,654,829		37,816,519	(e)
U.S. Treasury Notes	0.625			04/30/2013		29,549,600		29,549,600
U.S. Treasury Notes	0.625			09/30/2017		29,314,593		29,296,360	(e)
U.S. Treasury Notes	0.750			06/30/2017		22,355,183		22,461,992	(e)
U.S. Treasury Notes	1.375			01/15/2013		41,319,099		41,319,099
U.S. Treasury Notes	1.375			03/15/2013		40,049,523		40,049,523
U.S. Treasury Notes	1.375			05/15/2013		26,272,816		26,272,816
U.S. Treasury Notes	1.625			08/15/2022		28,247,063		28,318,447
U.S. Treasury Notes	2.375			02/28/2015		43,838,756		44,356,070	(e)
U.S. Treasury Notes	2.750			08/15/2042		1,331,534		1,303,594
U.S. Treasury Notes	3.000			05/15/2042		1,876,360		1,829,675
Total U.S. Treasury and U.S. Government Agency Debt Obligations						1,464,180,672		1,466,602,413

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See accompanying notes to schedule of assets on page 23 (continued)

GE SAVINGS AND SECURITY PROGRAM

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

As of December 31, 2012

Other Investments continued
	Rate of
Description	Interest		Maturity		Cost (a)		Fair Value
Commercial Mortgage-Backed and Asset-Backed Securities
Ally Master Owner Trust	2.150	%		01/15/2016	$	24,511,177	$	24,420,858
Ally Master Owner Trust	3.870			04/15/2015		3,878,320		3,767,996	(l)(h)
American Express	1.290			03/15/2018		5,998,687		6,034,052	(l)
Bank of America Commercial Mortgage	5.790			03/11/2032		400,343		377,117	(l)
Bank of America Commercial Mortgage	5.860			03/11/2032		369,218		347,469	(l)
Bank of America Commercial Mortgage	6.770			03/11/2032		939,712		874,007	(l)
Bank of America Commercial Mortgage	7.226			10/11/2037		299,700		278,231	(l)
Capital One	0.489			01/15/2019		9,873,438		9,891,010	(e)(f)
Ford Credit Floorplan Master Owner Trust	2.400			11/15/2017		2,849,890		2,969,082
Greenwich Capital Commercial Funding Corp. (Class A2)	5.597			12/10/2049		1,996,692		2,023,695	(h)
Hertz Vehicle Financing LLC	5.020			02/25/2015		5,252,344		5,136,445	(l)
Hertz Vehicle Financing LLC	5.290			03/25/2016		20,644,562		22,221,057	(l)(h)
Hyundai Auto Receivables Trust	1.420			02/15/2019		3,999,070		3,999,392
JP Morgan Chase Commercial Mortgage Securities Corp.	3.853			06/15/2043		9,567,612		10,065,251	(l)
Morgan Stanley Capital	4.660			09/13/2045		3,220,609		3,137,261
Morgan Stanley Capital	4.700			07/15/2056		22,382,452		22,522,133
Nissan Auto Lease Trust	0.920			02/16/2015		4,749,110		4,769,138	(e)
UBS Commercial Mortgage	4.954			09/15/2030		5,189,311		5,297,975
Vendee Mortgage Trust (Series 1996) (Class IO)	0.207			10/15/2026		141,536		98,659	(g)(k)
Volkswagon Credit Auto Master Trust	0.891			9/20/2016		9,750,000		9,818,299	(l)(e)f)
Total Commercial Mortgage-Backed and Asset-Backed Securities					$	136,013,783	$	138,049,127


			Units		Cost (a)		Fair Value
U.S. Savings Bonds - Held in trust
1983 U.S. SAVINGS BOND EE SERIES				5,402		270,100		1,244,385
1984 U.S. SAVINGS BOND EE SERIES				6,595		329,750		1,418,385
1985 U.S. SAVINGS BOND EE SERIES				9,434		471,700		1,950,402
1986 U.S. SAVINGS BOND EE SERIES				33,630		1,681,500		6,577,087
1987 U.S. SAVINGS BOND EE SERIES				35,283		1,764,150		6,060,001
1988 U.S. SAVINGS BOND EE SERIES				39,020		1,951,000		6,443,894
1989 U.S. SAVINGS BOND EE SERIES				54,596		2,729,800		8,664,828
1990 U.S. SAVINGS BOND EE SERIES				57,234		2,861,700		8,724,758
1991 U.S. SAVINGS BOND EE SERIES				58,427		2,921,350		8,565,957
1992 U.S. SAVINGS BOND EE SERIES				83,591		4,179,550		11,771,416
1993 U.S. SAVINGS BOND EE SERIES				62,761		3,138,050		7,103,566
1994 U.S. SAVINGS BOND EE SERIES				51,224		2,561,200		5,328,548
1995 U.S. SAVINGS BOND EE SERIES				17,673		883,650		1,783,525
1996 U.S. SAVINGS BOND EE SERIES				84		4,200		7,159
1997 U.S. SAVINGS BOND EE SERIES				142		7,100		12,038
1998 U.S. SAVINGS BOND EE SERIES				233		11,650		18,936
1999 U.S. SAVINGS BOND EE SERIES				380		19,000		29,505
2000 U.S. SAVINGS BOND EE SERIES				572		28,600		42,260
2001 U.S. SAVINGS BOND EE SERIES				679		33,950		47,621
2002 U.S. SAVINGS BOND EE SERIES				836		41,800		56,074
2003 U.S. SAVINGS BOND EE SERIES				1,461		73,050		94,678
2004 U.S. SAVINGS BOND EE SERIES				2,182		109,100		137,438
2005 U.S. SAVINGS BOND EE SERIES				2,622		131,100		166,522
2006 U.S. SAVINGS BOND EE SERIES				3,813		190,650		238,656
2007 U.S. SAVINGS BOND EE SERIES				5,461		273,050		328,468
2008 U.S. SAVINGS BOND EE SERIES				5,980		299,000		324,669
2009 U.S. SAVINGS BOND EE SERIES				10,962		548,100		564,235
2010 U.S. SAVINGS BOND EE SERIES				15,993		799,650		822,548
2011 U.S. SAVINGS BOND EE SERIES				14,783		739,150		747,025
2012 U.S. SAVINGS BOND EE SERIES				15,983		799,150		799,150
						29,851,800		80,073,734

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See accompanying notes to schedule of assets on page 23 (continued)

GE SAVINGS AND SECURITY PROGRAM

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

As of December 31, 2012

Other Investments continued
		Units		Cost (a)		Fair Value

U.S. Savings Bonds - Held in custody
2009 U.S. SAVINGS BOND EE SERIES		63	$	3,150	$	3,242
2010 U.S. SAVINGS BOND EE SERIES		151,189		7,559,450		7,772,949
2011 U.S. SAVINGS BOND EE SERIES		151,714		7,585,700		7,663,999
2012 U.S. SAVINGS BOND EE SERIES		158,688		7,934,400		7,934,400
				23,082,700		23,374,590
Total U.S. Savings Bonds				52,934,500		103,448,324

Total Other Investments				2,582,664,962		2,637,635,871

Total Investments				20,643,700,920		21,785,877,256

	Rate of
Notes Receivable from Participants	Interest	Maturity		Cost (a)		Fair Value

Various (53,736 notes receivable)	3.92-9.26%	1 month - 15 years	$	-	$	397,106,876	(i)
				-
Total Notes Receivable from Participants				-		397,106,876

Total Assets (Held at End of Year)			$	20,643,700,920	$	22,182,984,132




See accompanying Report of Independent Registered Public Accounting Firm

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 GE S&S Short-Term Interest 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, 2012.

(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, 2012, 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.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

		GE Savings and Security Program
June 21, 2013		/s/ Jan R. Hauser
Date		Jan R. Hauser Vice President and Controller

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