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)
/x/ Annual report pursuant to Section 15(d) of the Securities Exchange Act of
1934 (No Fee Required)
For the fiscal year ended December 31, 2000
-----------------
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 1-35
----
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 06431
--------------------------------------------------
REQUIRED INFORMATION
A. Financial Statements and Schedule: Page
----
Independent Auditors' Report 3
Financial Statements:
Statements of Net Assets Available for Plan
Benefits as of December 31, 2000 and 1999 4
Statements of Changes in Net Assets Available for
Plan Benefits for the Years Ended December 31, 2000 and 1999 5
Notes to Financial Statements 6-10
Supplemental Schedule:
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) 11-16
As of December 31, 2000
B. Exhibits
23 Consent of Independent Auditors*
99(a) GE S&S Program Mutual Funds 2000 Annual Report (incorporated by
reference to the General Electric S&S Program Mutual Fund Form N-30D
for the year ended December 31, 2000, as filed with the Commission on
April 6, 2001)
99(b) GE Institutional International Equity Fund 2000 Annual Report
(incorporated by reference to the GE Institutional Funds Form N-30D for
the twelve-month period ended September 30, 2000, as filed with the
Commission on December 4, 2000)
*Filed electronically herewith.
SIGNATURES
The Plan. 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
(Name of Plan)
Date: June 21, 2001 /s/ Philip D. Ameen
------------- --------------------------------------
Philip D. Ameen
Vice President and Comptroller
GE SAVINGS AND SECURITY PROGRAM
Financial Statements and Supplemental Schedule
December 31, 2000 and 1999
(With Independent Auditors' Report Thereon)
2
GE SAVINGS AND SECURITY PROGRAM
December 31, 2000 and 1999
Table of Contents
Page
Number(s)
---------
Independent Auditors' Report 3
Financial Statements:
Statements of Net Assets Available for Plan
Benefits as of December 31, 2000 and 1999 4
Statements of Changes in Net Assets Available for
Plan Benefits for the Years Ended December 31, 2000 and 1999 5
Notes to Financial Statements 6-10
Supplemental Schedule (i):
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) 11-16
As of December 31, 2000
(i) Schedules required by Form 5500 that are not applicable have not been
included.
3
INDEPENDENT AUDITORS' REPORT
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, 2000
and 1999, 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 auditing standards generally accepted
in the United States of America. 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, 2000 and 1999, and the changes in net assets available for plan
benefits for the years then ended in conformity with accounting principles
generally accepted in the United States of America.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets held
at end of year 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, are fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ KPMG LLP
Albany, New York
May 4, 2001
4
GE SAVINGS AND SECURITY PROGRAM
Statements of Net Assets Available for Plan Benefits
December 31, 2000 and 1999
(in thousands)
2000 1999
----------- -----------
Assets
------
Investments at fair value (note 3) $29,841,338 $32,319,261
Accrued dividends and interest 79,685 68,741
Other assets 3,417 --
----------- -----------
Total assets 29,924,440 32,388,002
----------- -----------
Liabilities
-----------
Liability for collateral deposits (note 3) 61,153 5,540
Other liabilities 7,171 53,108
----------- -----------
Total liabilities 68,324 58,648
----------- -----------
Net assets available for plan benefits $29,856,116 $32,329,354
=========== ===========
See accompanying notes to financial statements.
5
GE SAVINGS AND SECURITY PROGRAM
Statements of Changes in Net Assets Available for Plan Benefits
Years Ended December 31, 2000 and 1999
(in thousands)
2000 1999
------------ ------------
Additions to net assets attributed to:
Investment income:
Net (depreciation) appreciation
in fair value of investments (note 3) $ (1,727,877) $ 8,274,493
Interest and dividend income:
General Electric Company common stock 276,075 235,656
Registered investment companies 368,700 726,036
Interest 160,240 159,178
------------ ------------
(922,862) 9,395,363
------------ ------------
Contributions:
Employee 794,170 682,878
Employer 259,157 228,840
------------ ------------
1,053,327 911,718
------------ ------------
Total additions 130,465 10,307,081
Deductions from net assets attributed to:
Participant withdrawals (2,603,703) (2,215,984)
------------ ------------
Net (decrease) increase (2,473,238) 8,091,097
Net assets available for plan benefits:
Beginning of year 32,329,354 24,238,257
------------ ------------
End of year $ 29,856,116 $ 32,329,354
============ ============
See accompanying notes to financial statements.
6
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements
December 31, 2000 and 1999
(1) Description of the Plan
-----------------------
GE Savings and Security Program (the "Plan") is a defined contribution plan
sponsored by General Electric Company. The Plan is subject to applicable
provisions of the Employee Retirement Income Security Act of 1974
("ERISA"). The Trustees of the Plan are officers of GE Asset Management
Incorporated ("GEAM"), a wholly owned subsidiary of General Electric
Company. GEAM is investment advisor to the Plan and provides investment
management services, except for the investments in General Electric Company
common stock and United States Savings Bonds. State Street Bank and Trust
Company and The Bank of New York are the primary custodians for Plan
assets.
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"). Information
concerning the Plan, including benefits, vesting provisions and effects of
plan termination is included in plan handbooks and other material
distributed to participants.
Employee Contributions and Investment Funds
-------------------------------------------
Eligible employees of General Electric Company and its participating
affiliates may participate in the Plan by investing a portion of their
earnings (generally up to 7% with employer partial matching and an
additional 10% without any employer matching) in one or more of the
following funds or investments generally through a trust established to
administer the investment of program funds:
(a) General Electric Company common stock (the "GE Stock Fund" or "GE
common stock").
(b) S&S Long Term Interest Fund (the "LT Fund") -- a registered investment
company that invests primarily in a diversified portfolio of
investment grade debt securities, such as U.S. Government securities,
mortgage backed securities, asset-backed securities, corporate bonds
and money market instruments.
(c) S&S Program Mutual Fund (the "Mutual Fund") -- a registered investment
company that invests primarily in a diversified portfolio of equity
securities of U.S. companies.
(d) GE Institutional International Equity Fund (the "INT Fund") -- a
registered investment company that invests primarily in a diversified
portfolio of equity securities of companies in countries other than
the U.S.
(e) S&S Short Term Interest Fund (the "ST Fund") -- invests primarily in a
diversified portfolio of investment grade debt securities, such as
U.S. Government securities, mortgage backed securities, asset-backed
securities, corporate bonds and money market instruments.
(f) S&S Money Market Fund (the "MM Fund") -- invests primarily in
short-term, U.S. dollar denominated money market instruments and other
debt instruments that mature in one year or less.
(g) United States Savings Bonds ("U.S. Bond Fund")-- consists of
individual participants' investments in U.S. Savings Bonds. Pending
accumulation of sufficient individual funds, investments are made in
short-term money market instruments. Only participant after-tax
contributions may be invested in the U.S. Bond Fund.
7
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements
December 31, 2000 and 1999
Participants may elect, up to twelve times a year, to switch their
investment in an investment fund to another investment fund or split the
amount equally between two other investment funds. The U.S. Bond Fund does
not accept switches from other investment funds and U.S. Savings Bonds
purchased with after-tax contributions after 1988 cannot be switched to
another investment.
The Internal Revenue Code sets out maximum limits on participant pre-tax
contributions. The limit was $10,500 and $10,000 for 2000 and 1999,
respectively.
Employer Contributions
----------------------
The Plan generally provides for employer matching contributions of 50% of
employees' contributions of up to 7% of their earnings which may be
invested at the election of the participant in any one of the investment
funds except for the U.S. Bond Fund.
Rollovers and Transfers from Other Qualified Plans
--------------------------------------------------
Subject to General Electric Company approval, participants may elect to
roll over amounts from other qualified plans or arrangements in accordance
with the Internal Revenue Code. For the years ended December 31, 2000 and
1999, transfers from other qualified plans accounted for $72.0 million and
$51.9 million, respectively, which are shown as 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 and
currently employed participants may make up to seven withdrawals per year
or certain hardship withdrawals from their participant accounts. Partial
payments on termination are generally limited to four per year and a
minimum of $500 each.
Loans to Participants
---------------------
The Plan permits participants, under certain circumstances, to borrow a
minimum of $500 from their participant accounts. Subject to certain
Internal Revenue Code and Plan limits, such loans cannot exceed the lesser
of 50% of the participant's available account value, as defined in the Plan
Document, or $50,000, adjusted for prior loans. The interest rate
applicable to participant loans is based on the monthly average of the
composite yield on corporate bonds, as published by Moody's Investors
Service.
A participant may have no more than two outstanding loans from the Plan at
any time and may not obtain more than one such loan during any calendar
year.
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 by check with
written notice and without penalty beginning three months after the date of
the loan.
In the event of a loan default, the Plan will report the amount of the loan
principal and accrued interest as a withdrawal.
8
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements
December 31, 2000 and 1999
Vesting
-------
Participants are fully vested in their employee and employer contributions.
Plan Termination and Amendment
------------------------------
Although General Electric Company has not expressed any intent to do so, it
has the right under the Plan (subject to applicable contractual
requirements) 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. General Electric Company also has the right under the Plan
(subject to applicable contractual requirements) to amend or replace it for
any reason.
Administrative and Investment Advisory Costs
--------------------------------------------
Administrative costs of the plan are generally borne by General Electric
Company. As investment adviser GEAM is reimbursed for its costs incurred in
providing investment advisory services to the registered investment
companies.
(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 stated at fair value. General Electric Company
common stock is valued at the New York Stock Exchange closing price.
Investments in registered investment companies are valued at the
closing price on NASDAQ. Long-term U.S. government, agency and
corporate debt, notes, bonds, and loans secured by mortgages are
valued at current quoted market prices. Loans to participants bear
interest at market rates and cost plus accrued interest approximates
fair value. Short-term money market instruments, U.S. government,
agency and corporate notes are valued at amortized cost, which
approximates fair value. U.S. Savings Bonds are valued at the current
cash redemption value published by the U.S. Treasury Department.
Investment transactions are recorded on a trade date basis. Dividends
on General Electric Company common stock are recorded as of the record
date. Interest income is earned from settlement date and recognized on
the accrual basis.
The LT Fund may use various financial instruments, particularly
forward foreign currency contracts, options, and futures, commonly
referred to as derivatives, to manage its risk. The LT Fund does not
engage in market-making or other speculative activities in the
derivatives markets. Established practices require that derivative
financial instruments relate to specific asset, liability, or equity
transactions or to currency exposures. More detailed information
regarding these financial instruments, as well as the strategies and
policies for their use, is contained in the audited financial
statements of the LT Fund which are distributed annually to
participants.
9
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements
December 31, 2000 and 1999
(c) New Accounting Pronouncements
----------------------------
Effective for the year ended December 31, 1999, the Plan adopted the
provisions of Statement of Position (SOP) 99-3, Accounting for and
Reporting of Certain Defined Contribution Plan Investments and Other
Disclosure Matters. The impact of this SOP on the Plan's financial
statements was the elimination of certain disclosures related to
participant-directed investments.
In June 1998, the Financial Accounting Standards Board issued SFAS No.
133, "Accounting for Derivative Instruments and Hedging Activities"
("SFAS No. 133"). SFAS No. 133 requires that an entity recognize all
derivatives and measure those instruments at fair value. SFAS No. 133
is effective for fiscal years beginning after June 15, 2000. Pursuant
to SFAS No. 137, the Plan is required to adopt SFAS No. 133 effective
January 1, 2001. Management has determined that the adoption of SFAS
No. 133 would not have a material impact on the Plan's financial
statements.
(d) Management Estimates and Assumptions
------------------------------------
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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.
(3) Investments
-----------
The Plan held the following individual investments whose aggregate fair
value equaled or exceeded 5% of the Plan's net assets at December 31, 2000
and 1999:
Fair Value
----------
(in thousands)
2000
----
GE common stock 481,758,262 shares $23,094,771
S&S Long Term Interest Fund 143,263,464 shares 1,585,927
S&S Program Mutual Fund 52,503,290 shares 2,607,317
1999
----
GE common stock (ii) 466,804,059 shares $24,079,309
S&S Long Term Interest Fund 170,667,974 shares 1,826,147
S&S Program Mutual Fund 52,926,454 shares 2,887,138
(ii) Number of shares has been adjusted for the 3-for-1 stock split
effective April 27, 2000.
10
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements
December 31, 2000 and 1999
The Plan's investments (depreciated) appreciated as follows:
2000 1999
----------- -----------
(in thousands)
GE common stock $(1,514,192) $ 8,526,017
S&S Long Term Interest Fund 51,271 (148,284)
S&S Program Mutual Fund (240,732) (107,717)
GE Institutional - International Equity Fund (42,943) 14,823
U.S. Savings Bonds 8,541 9,851
Other Investments 10,178 (20,197)
----------- -----------
$(1,727,877) $ 8,274,493
=========== ===========
The ST 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, the ST Fund may be exposed to the
risk of reacquiring the securities at prevailing market prices in order to
satisfy its obligations. The ST 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 ST
Fund monitors the market value of the securities loaned on a daily basis
with additional collateral obtained or refunded as necessary. The value of
loaned securities, primarily U.S. Treasury obligations, amounted to $61.2
million and $5.5 million at December 31, 2000 and 1999, respectively. The
value of cash collateral obtained and reinvested in short-term investments
is reflected as a liability in the Plan's financial statements.
Audited financial statements of the LT Fund, the Mutual Fund and the INT
Fund are distributed annually to participants.
(4) Tax Status
----------
The Internal Revenue Service has determined and informed General Electric
Company by a letter dated September 2, 1998, that the Plan is qualified
under the appropriate sections of the Internal Revenue Code. The Plan has
been amended since that date. However, counsel for the Plan has no reason
to believe that those amendments have adversely affected the validity of
the determination letter and a request for a new determination letter for
the Plan will be submitted to the Internal Revenue Service.
The portion of a participant's compensation contributed to the Plan as a
pre-tax contribution and General Electric 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 earnings may be included in the participant's gross taxable
income for the year in which such amounts are withdrawn from the Plan.
11
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
As of December 31, 2000
Description
-----------
Cost Market
-------------- ---------------
Employer Securities
-------------------
Corporate Stocks - Common
-------------------------
* GENERAL ELECTRIC COMPANY (481,758,262 shares) $9,707,272,314 $23,094,770,961
-------------- ---------------
Registered Investment Companies **
----------------------------------
S&S LONG TERM INTEREST FUND (143,263,464 shares) 1,619,062,410 1,585,926,602
S&S PROGRAM MUTUAL FUND (52,503,290 shares) 2,595,260,709 2,607,316,915
GE INSTITUTIONAL - INTERNATIONAL
EQUITY FUND (13,427,965 shares) 180,730,230 153,347,611
-------------- ---------------
Total Registered Investment Companies 4,395,053,349 4,346,591,128
-------------- ---------------
12
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
As of December 31, 2000
Description
-----------
Rate of
Interest Maturity Cost Market
-------- -------- ---- ------
Short-Term Money Market Instruments
-----------------------------------
Interest Bearing Cash
---------------------
BANC ONE FINANCIAL CORP 6.560% 01/08/01 $ 2,327,028 $ 2,327,028
BANK OF AMERICA CORP 6.520 02/09/01 46,439,648 46,439,648
BANK OF MONTREAL 6.680 01/05/01 27,700,000 27,700,000
BANK OF MONTREAL 6.640 01/05/01 11,190,000 11,190,000
BANK OF NOVA SCOTIA 6.491 02/15/01 42,055,977 42,055,977
BANK ONE NA 6.650 01/08/01 60,000,000 60,000,000
BARCLAYS US FUNDING CORP 6.500 01/08/01 41,660,000 41,660,000
BAYERISCHE HYPOTHEKEN BANK 6.600 01/08/01 39,110,000 39,110,000
CANADIAN IMPERIAL BANK OF COMMERCE 6.530 02/07/01 39,110,000 39,110,000
CHASE MANHATTAN CORP 6.470 02/28/01 37,653,371 37,653,371
CITIBANK CAPITAL MARKETS 6.510 02/14/01 26,259,387 26,259,387
CITIBANK CAPITAL MARKETS 6.500 02/16/01 15,470,433 15,470,433
DEUTSCHE BANK AG 6.520 01/30/01 47,747,893 47,747,893
DRESDNER BANK AG 6.580 01/26/01 39,478,776 39,478,776
GOLDMAN SACHS GROUP LP 6.450 02/16/01 37,686,817 37,686,817
MERRILL LYNCH & CO INC 6.550 01/16/01 40,888,104 40,888,104
MORGAN STANLEY DEAN WITTER 6.500 02/16/01 40,480,967 40,480,967
NATIONAL AUSTRALIA FUNDING CORP 6.630 01/02/01 4,699,134 4,699,134
ROYAL BANK OF CANADA 6.600 02/20/01 40,580,000 40,580,000
TORONTO-DOMINION BANK 6.600 02/15/01 41,000,000 41,000,000
WACHOVIA CORP 6.470 02/09/01 28,548,486 28,548,486
WELLS FARGO & CO 6.520 02/02/01 37,829,479 37,829,479
----------- -----------
Total Interest Bearing Cash 747,915,500 747,915,500
Other **
-----
GEI SHORT TERM INVESTMENT FUND Variable N/A 52,068,006 52,068,006
----------- -----------
Total Short-Term Money Market Instruments 799,983,506 799,983,506
----------- -----------
See accompanying notes to Schedule of Assets on page 16.
13
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
As of December 31, 2000
Description
-----------
Rate of
Interest Maturity Cost Market
-------- -------- ---- ------
U.S. Government Securities
--------------------------
U.S. Government and Agency Debt Obligations
-------------------------------------------
FEDERAL AGRICULTURAL MORTGAGE CORP 6.550% 02/01/01 $59,193,906 $59,193,906(a)
FEDERAL FARM CREDIT BANK 6.510 01/26/01 22,399,766 22,399,766(a)
FEDERAL FARM CREDIT BANK 6.520 01/24/01 7,697,274 7,697,274(a)
FEDERAL HOME LOAN BANK 5.250 04/25/02 25,549,270 25,750,298
FEDERAL HOME LOAN BANK 6.750 05/01/02 21,748,091 22,038,840
FEDERAL HOME LOAN BANK 6.470 03/07/01 30,101,982 30,101,982(a)
FEDERAL HOME LOAN MORTGAGE CORP 8.000 10/15/10 22,727,277 23,032,523
FEDERAL HOME LOAN MORTGAGE CORP 6.610 02/14/01 33,377,066 33,377,066(a)
FEDERAL HOME LOAN MORTGAGE CORP 7.375 05/15/03 13,283,675 13,621,108
FEDERAL HOME LOAN MORTGAGE CORP. REMIC N/A 07/15/06 6,813 92,780(b)
FEDERAL HOME LOAN MORTGAGE CORP. REMIC N/A 09/15/05 1,110 21,739(b)
FEDERAL HOME LOAN MORTGAGE CORP 8.000 08/01/03 3,352,549 3,261,020
FEDERAL HOME LOAN MORTGAGE CORP 7.500 11/01/08 702,010 670,781
FEDERAL HOME LOAN MORTGAGE CORP 6.000 12/01/08 312,537 317,551
FEDERAL NATIONAL MORTGAGE ASSOC 6.520 03/29/01 40,420,054 40,420,054(a)
FEDERAL NATIONAL MORTGAGE ASSOC 5.750 04/15/03 31,809,007 32,706,259
FEDERAL NATIONAL MORTGAGE ASSOC 7.125 02/15/05 28,795,970 30,253,536
FEDERAL NATIONAL MORTGAGE ASSOC 5.125 02/13/04 22,331,611 22,792,900
FEDERAL NATIONAL MORTGAGE ASSOC 6.750 08/15/02 20,019,126 20,331,200
FEDERAL NATIONAL MORTGAGE ASSOC 6.510 03/22/01 19,717,778 19,717,778(a)
FEDERAL NATIONAL MORTGAGE ASSOC 6.250 11/15/02 14,893,480 15,171,150
FEDERAL NATIONAL MORTGAGE ASSOC 6.520 05/03/01 9,991,324 9,991,324(a)
FEDERAL NATIONAL MORTGAGE ASSOC 6.500 03/01/01 949,939 949,939(a)
FEDERAL NATIONAL MORTGAGE ASSOC 7.000 06/18/13 3,318,303 3,389,881
FEDERAL NATIONAL MORTGAGE ASSOC 9.000 03/01/11 18,666,104 18,571,336
FEDERAL NATIONAL MORTGAGE ASSOC 9.000 08/01/10 8,624,555 8,431,129
FEDERAL NATIONAL MORTGAGE ASSOC 6.590 09/01/02 5,186,015 5,178,236
FEDERAL NATIONAL MORTGAGE ASSOC 6.000 05/01/01 5,753 5,921
FEDERAL NATIONAL MORTGAGE ASSOC. REMIC 6.137 01/01/01 9,339,901 9,302,727
GOVERNMENT NATIONAL MORTGAGE ASSOC 9.000 01/01/01 47,021,880 47,530,072
GOVERNMENT NATIONAL MORTGAGE ASSOC 9.000 11/15/17 26,704,984 26,718,153
GOVERNMENT NATIONAL MORTGAGE ASSOC 7.500 12/15/12 25,566,616 26,218,640
GOVERNMENT NATIONAL MORTGAGE ASSOC 9.000 12/15/09 12,396,676 11,987,517
GOVERNMENT NATIONAL MORTGAGE ASSOC 9.000 8/15/09 8,842,402 8,542,971
GOVERNMENT NATIONAL MORTGAGE ASSOC 9.500 12/15/09 17,178,705 16,678,406
GOVERNMENT NATIONAL MORTGAGE ASSOC 7.500 02/15/09 7,650,477 7,773,884
U.S. TREASURY NOTES 5.750 10/31/02 50,425,781 50,445,500
----------- -----------
Total U.S. Government and Agency Debt Obligations 670,309,767 674,685,147
----------- -----------
See accompanying notes to Schedule of Assets on page 16.
14
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
As of December 31, 2000
Description
-----------
Units Cost Market
----- ---- ------
U.S. Savings Bonds (Series E and EE)
------------------------------------
1961 US SAVINGS BOND E SERIES 38 $ 713 $ 7,494
1962 US SAVINGS BOND E SERIES 89 1,669 17,561
1963 US SAVINGS BOND E SERIES 94 1,763 18,392
1964 US SAVINGS BOND E SERIES 130 2,438 24,943
1965 US SAVINGS BOND E SERIES 140 2,625 22,794
1971 US SAVINGS BOND E SERIES 1,237 23,194 149,699
1972 US SAVINGS BOND E SERIES 1,574 29,513 186,382
1973 US SAVINGS BOND E SERIES 2,322 43,538 271,585
1974 US SAVINGS BOND E SERIES 3,476 65,175 388,539
1975 US SAVINGS BOND E SERIES 4,627 86,756 508,928
1976 US SAVINGS BOND E SERIES 5,842 109,538 622,569
1977 US SAVINGS BOND E SERIES 8,042 150,788 813,925
1978 US SAVINGS BOND E SERIES 13,368 250,650 1,073,902
1979 US SAVINGS BOND E SERIES 20,896 391,800 1,614,220
1980 US SAVINGS BOND EE SERIES 8,170 408,500 1,805,701
1981 US SAVINGS BOND EE SERIES 8,520 426,000 1,654,827
1982 US SAVINGS BOND EE SERIES 9,660 483,000 1,754,365
1983 US SAVINGS BOND EE SERIES 17,966 898,300 2,717,644
1984 US SAVINGS BOND EE SERIES 19,241 962,050 2,645,842
1985 US SAVINGS BOND EE SERIES 27,049 1,352,450 3,476,214
1986 US SAVINGS BOND EE SERIES 73,805 3,690,250 8,981,176
1987 US SAVINGS BOND EE SERIES 79,533 3,976,650 8,493,776
1988 US SAVINGS BOND EE SERIES 93,235 4,661,750 9,570,798
1989 US SAVINGS BOND EE SERIES 134,337 6,716,850 13,057,734
1990 US SAVINGS BOND EE SERIES 138,772 6,938,600 12,706,308
1991 US SAVINGS BOND EE SERIES 147,096 7,354,800 12,711,079
1992 US SAVINGS BOND EE SERIES 227,901 11,395,050 18,524,564
1993 US SAVINGS BOND EE SERIES 165,347 8,267,350 12,062,564
1994 US SAVINGS BOND EE SERIES 138,361 6,918,050 9,485,355
1995 US SAVINGS BOND EE SERIES 56,302 2,815,100 3,686,842
1996 US SAVINGS BOND EE SERIES 515 25,750 30,617
1997 US SAVINGS BOND EE SERIES 790 39,500 45,866
1998 US SAVINGS BOND EE SERIES 222,659 11,132,950 12,389,882
1999 US SAVINGS BOND EE SERIES 227,260 11,363,000 12,044,053
2000 US SAVINGS BOND EE SERIES 235,613 11,780,650 11,930,240
----------- -----------
Total U.S. Saving Bonds (Series E and EE) 102,766,760 165,496,380
----------- -----------
Total U.S. Government Securities 773,076,527 840,181,527
----------- -----------
See accompanying notes to Schedule of Assets on page 16.
15
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
As of December 31, 2000
Description
-----------
Rate of
Interest Maturity Cost Market
-------- -------- ---- ------
Corporate Debt Instruments - Preferred
--------------------------------------
AIG SUNAMERICA GBL FIN I 7.400% 05/05/03 $7,500,000 $7,715,670
BANK ONE CORP 6.896 01/07/02 7,495,624 7,494,000
BANK ONE CORP 6.400 08/01/02 2,898,288 2,904,930
CITIGROUP INC 7.450 06/06/02 5,198,901 5,295,940
DAIMLERCHRYSLER AG 6.700 09/16/02 5,000,000 4,967,500
DEUTSCHE TELEKOM AG 7.750 06/15/05 4,567,758 4,590,752
FORD MOTOR CREDIT CO 7.500 06/15/03 8,087,853 8,287,353
GENERAL MOTORS ACCEPTANCE CORP 5.750 11/10/03 6,978,835 7,149,975
GOLDMAN SACHS GROUP L.P. 7.875 01/15/03 7,353,046 7,501,797
HOLMES FINANCING PLC 6.938 07/15/05 2,000,000 1,999,688
MERRILL LYNCH & CO 5.710 01/15/02 4,538,332 4,545,446
MIDAMERICAN ENERGY CO 7.375 08/01/02 4,991,014 5,017,290
MORGAN STANLEY CAPITAL I 7.125 01/15/03 4,399,333 4,478,892
PHARMACIA CORP 5.375 12/01/01 9,167,504 9,061,606
TYCO INTERNATIONAL GROUP S.A 6.875 09/05/02 1,977,335 2,014,060
TYCO INTERNATIONAL LTD 6.500 11/01/01 8,787,631 8,713,309
WORLDCOM INC 6.125 08/15/01 4,962,290 4,938,566
WORLDCOM INC 7.875 05/15/03 4,693,580 4,710,262
----------- -----------
Total Corporate Debt Instruments - Preferred 100,597,324 101,387,036
----------- -----------
Corporate Debt Instruments - Other
----------------------------------
DOMINION RESOURCES INC 7.600 07/15/03 4,549,531 4,673,533
FEDERATED DEPARTMENT STORES INC 6.125 09/01/01 4,479,988 4,429,376
GEORGIA-PACIFIC GROUP 9.950 06/15/02 1,602,980 1,578,712
INTERNATIONAL PAPER CO 8.000 07/08/03 1,821,266 1,893,365
OCCIDENTAL PETROLEUM CORP 6.750 11/15/02 4,954,782 5,047,412
QWEST CORP 7.625 06/09/03 7,060,976 7,188,462
RAYTHEON CO (CLASS B) 5.950 03/15/01 3,749,351 3,740,663
RAYTHEON CO (CLASS B) 7.900 03/01/03 1,997,465 2,055,894
TIME WARNER PASS-THROUGH ASSET TRUST 6.100 12/30/01 2,144,963 2,130,242
UNION OIL CO 6.375 02/01/04 3,661,676 3,743,663
----------- -----------
Total Corporate Debt Instruments - Other 36,022,978 36,481,322
----------- -----------
Loans to Participants
---------------------
1 month to
* VARIOUS 6.72-12.5 15 years 453,812,662 453,812,662
----------- -----------
See accompanying notes to Schedule of Assets on page 16.
16
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
As of December 31, 2000
Description
-----------
Rate of
Interest Maturity Cost Market
-------- -------- ---- ------
Loans Secured by Mortgages
--------------------------
ADVANTA MORTGAGE LOAN TRUST CORP 6.300% 07/25/25 $ 1,644,340 $ 1,637,435
ARRAN MASTER TRUST 6.720 03/15/05 3,500,000 3,500,000
ASSET SECURITIZATION CORP 6.500 02/14/41 8,569,385 8,548,967
ASSOCIATES CREDIT CARD MASTER TRUST 6.795 09/18/06 10,000,000 10,000,000
CALIFORNIA INFRASTRUCTURE 6.160 06/25/03 3,257,552 3,228,366
CAPITAL ASSET RESEARCH FUNDING L.P. 6.400 03/15/01 1,054,686 1,042,254
CAPITAL AUTO RECEIVABLES ASSET TRUST 6.460 07/15/06 2,999,592 3,032,790
CAPITAL AUTO RECEIVABLES ASSET TRUST 5.580 06/15/02 1,095,258 1,092,023
CARCO AUTO LOAN MASTER TRUST 5.650 03/15/03 9,732,628 9,715,311
CHEMICAL MASTER CREDIT CARD TRUST I 5.550 09/15/03 12,650,000 12,645,952
CIT RV TRUST 5.780 07/15/08 9,738,237 9,694,344
CITIBANK CREDIT CARD MASTER TRUST I 5.850 04/10/03 4,787,574 4,689,707
COPMU CREDIT CARD MASTER TRUST 6.930 03/15/07 3,000,000 2,999,063
DISCOVER CARD MASTER TRUST I 5.900 10/15/04 9,733,601 9,721,833
DISCOVER CARD MASTER TRUST I 5.750 10/16/03 9,753,848 9,660,680
DISCOVER CARD MASTER TRUST I 5.300 08/15/04 9,679,917 9,604,221
DISCOVER CARD MASTER TRUST I 5.800 09/16/03 6,982,339 6,989,010
FIRST DEPOSIT MASTER TRUST SERIES 1996-1 6.880 08/15/07 6,012,188 6,009,360
FORD CREDIT AUTO OWNER TRUST 7.090 11/17/03 10,083,867 10,254,701
FORD CREDIT AUTO OWNER TRUST 7.030 01/15/03 6,554,753 6,640,010
GREEN TREE FINC. SVCS. CORP. SERIES 1993-1 6.900 04/15/18 3,121,008 3,076,234
GS MORTGAGE SECURITIES CORP 6.940 07/13/30 2,328,550 2,313,526
LEHMAN FHA TITLE I LOAN TRUST 7.300 05/25/17 511,491 507,515
MBNA MASTER CREDIT CARD TRUST II 6.790 11/15/05 4,000,000 4,000,000
METRIS MASTER TRUST 6.896 01/22/07 4,000,000 4,000,000
PREMIER AUTO TRUST 5.780 04/08/03 9,390,094 9,278,203
PREMIER AUTO TRUST 6.270 04/08/03 6,976,700 6,990,535
PREMIER AUTO TRUST 5.770 01/06/02 242,544 242,544
PROVIDENT BANK HOME EQUITY LOAN TRUST 7.180 04/21/13 1,866,259 1,885,605
PROVIDIAN GATEWAY MASTER TRUST 6.930 03/15/07 5,000,000 5,000,000
--------------- ---------------
Total Loans Secured by Mortgages 168,266,411 168,000,189
--------------- ---------------
Other
-----
NON-INTEREST BEARING CASH N/A N/A 129,516 129,516
--------------- ---------------
Total Investments $16,434,214,587 $29,841,337,847
=============== ===============
Notes to Schedule of Assets
* Represents a party in interest to the Plan.
** Funds managed by GEAM, a wholly owned subsidiary of General Electric
Company.
(a) These are discounted instruments. The indicated rate of interest represents
effective yield.
(b) These are interest only investments. The rate of interest is not
applicable.