<PAGE>
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 (Fee Required)
For the fiscal year ended December 31, 1993
-----------------
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
--------------------------------------------------
(1)
<PAGE>
Required Information
A. Financial Statements and Schedules:
Independent Auditors' Report F-3 and F-4
Statements of Net Assets Available for Benefits F-5
Statements of Changes in Net Assets Available for
Benefits F-6
Notes to Financial Statements F-7 to F-27
Schedule I - Schedule of Assets Held for
Investment Purposes F-28 to F-36
Schedule II - Schedule of Assets Held for
Investment Purposes Which Were Both
Acquired and Disposed of Within the
Plan Year F-37
Schedule III - Schedule of Loans in Default F-38
B. Exhibits
(23) Consent of Independent Auditors
(99) GE S&S Program Mutual Funds 1993 Annual Report
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 29, 1994 P. D. Ameen
------------- --------------------------------------
Vice President and Comptroller and
Member of the Benefit Plans Investment
Committee
(2)
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Financial Statements and Supplemental Schedules
December 31, 1993 and 1992
(With Independent Auditors' Report Thereon)
F-1
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
December 31, 1993 and 1992
Table of Contents
Page
Number(s)
_________
Financial Statements and Supplemental Schedules
Independent Auditors' Report F-3 and F-4
Statements of Net Assets Available for Benefits
as of December 31, 1993 and 1992 F-5
Statements of Changes in Net Assets Available for
Benefits for the Years Ended December 31, 1993
and 1992 F-6
Notes to Financial Statements F-7 to F-27
Schedule of Assets Held for Investment Purposes F-28 to F-36
Schedule of Assets Held for Investment Purposes
Which Were Both Acquired and Disposed of Within
the Plan Year F-37
Schedule of Loans in Default F-38
F-2
<PAGE>
Independent Auditors' Report
The Pension Board of General Electric Company, as administrator
GE Savings and Security Program:
We have audited the accompanying statements of net assets available for
benefits of GE Savings and Security Program (the "Plan") as of December 31,
1993 and 1992, and the related statements of changes in net assets
available for benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Plan
as of December 31, 1993 and 1992, and the changes in net assets available
for benefits for the years then ended, in conformity with generally
accepted accounting principles.
F-3
<PAGE>
The Pension Board of General Electric Company, as administrator
GE Savings and Security Program
Page 2
Our 1993 audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information
included in Schedules I through III 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. The supplemental
schedules have been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial
statements as of and for the year ended December 31, 1993 taken as a whole.
KPMG Peat Marwick
March 11, 1994
F-4
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Statements of Net Assets Available for Benefits
December 31, 1993 and 1992
(in thousands)
Assets 1993 1992
______ ____ ____
Investments at fair value (Cost:
$7,238,221 and $6,407,653,
respectively) (note 3):
General Electric Company common stock $3,845,960 $2,979,182
Registered investment companies:
S&S Long Term Interest Fund 2,339,936 2,238,153
S&S Program Mutual Fund 910,199 729,121
U.S. Government and agency debt
obligations 234,953 732,153
Corporate bonds and notes 529,520 469,738
U.S. Savings Bonds (Series E & EE) 298,516 296,397
Short term money market instruments 784,461 364,934
_________ _________
8,943,545 7,809,678
Guaranteed investment contracts 78,030 161,167
_________ _________
Total investments 9,021,575 7,970,845
Loans to participants (note 4) 304,349 309,134
Accrued interest and dividends 38,694 21,955
Receivables for securities sold
but not delivered 42,002 -
Other assets 4,150 21,216
_________ _________
Total assets 9,410,770 8,323,150
_________ _________
Liabilities
___________
Advances (note 5) 29,258 46,459
Liability for collateral deposits 65,360 -
Payables for securities purchased but
not received 92,611 -
Other liabilities 2,847 1,677
_________ _________
Total liabilities 190,076 48,136
_________ _________
Net assets available for benefits
(note 9) $9,220,694 $8,275,014
========= =========
See accompanying notes to financial statements.
F-5
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Statements of Changes in Net Assets Available for Benefits
Years Ended December 31, 1993 and 1992
(in thousands)
1993 1992
____ ____
Additions to net assets attributed to:
Investment income:
Interest and dividend income:
General Electric Company common stock $ 93,668 $ 79,374
Registered investment companies 350,627 248,674
Interest 70,183 80,480
_________ _________
514,478 408,528
Net realized gains on sale and
appreciation in value of investments 675,572 299,455
_________ _________
1,190,050 707,983
_________ _________
Contributions and other additions:
Employee contributions 448,943 540,088
Employer contributions 179,712 222,681
Interest on loans to participants 25,899 26,901
_________ _________
654,554 789,670
_________ _________
Total additions 1,844,604 1,497,653
_________ _________
Deductions from net assets attributed to:
Withdrawals including transfers (note 6) (898,924) (820,926)
_________ _________
Total deductions (898,924) (820,926)
_________ _________
Net increase 945,680 676,727
Net assets available for benefits (note 9):
Beginning of year 8,275,014 7,598,287
_________ _________
End of year $9,220,694 $8,275,014
========= =========
See accompanying notes to financial statements.
F-6
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements
December 31, 1993 and 1992
(1) Description of the Plan
_______________________
GE Savings and Security Program (the "Plan") is a defined contribution plan
sponsored by General Electric Company and its participating affiliates (the
"Company"). The Plan is subject to applicable provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA").
The following description of the Plan is provided for general information
purposes only. A complete description of the Plan is provided in the GE
Savings and Security Plan document (the "Plan Document").
The Plan Document is available to each employee eligible to participate in
the Plan at any time upon request.
Employee Contributions and Investment Funds
___________________________________________
Eligible employees of the Company may participate in the Plan by investing
a portion of their earnings (generally up to 7% with Company partial
matching and an additional 10% without any Company matching) in one or more
of the following funds or investments through a trust established to
administer the investment of program funds:
(a) General Electric Company common stock (the "GE Stock Fund").
(b) S&S Long Term Interest Fund (the "LT Fund") -- consists of
investments in long term bonds and notes through a registered
investment company.
(c) S&S Program Mutual Fund (the "Mutual Fund") -- consists primarily of
investments in common stock through a registered investment company.
F-7
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
(d) S&S Short Term Interest Fund (the "ST Fund") -- consists primarily of
investments in securities of the U.S. Government and its agencies.
(e) S&S Money Market Fund (the "MM Fund") -- consists of investments in
short term money market instruments.
(f) 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.
An additional fund exists but is not available for new investment:
(a) S&S Holding Period Interest Fund (the "HP Fund") -- consists
primarily of investments in guaranteed investment contracts, bank
deposits, and commercial paper.
Eligible employees may elect to apply either 0.5% or 1.0% of earnings to
purchase life insurance. The benefit obligations of such purchased life
insurance contracts rest with the insurer. Life insurance contracts are
specifically allocated to the participants and not included in the Plan's
assets or changes in plan assets. Payments to insurance companies for life
insurance contracts were $12,850,121 and $15,325,489 in 1993 and 1992,
respectively. Total life insurance in force amounted to $4,639,880,825
and $5,809,349,651 at December 31, 1993 and 1992, respectively.
On April 30, 1993 the RCA Fixed Income Fund (the "RCA FI Fund") was
terminated. This fund consisted primarily of investments in guaranteed
investment contracts and short term investments. Unit holders were given
the option of switching their investments into any of the other funds
available for new investments, or absent any election made, to the MM fund.
F-8
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
Participants may elect up to six times a year to switch their investment in
an investment or fund (in increments of 10%, 25%, 50% or 100% of their
holdings) to another investment or fund that is presently available to
accept new funds.
The Internal Revenue Code sets out maximum limits on participant pre-tax
contributions. The limits were $8,994 and $8,728 for 1993 and 1992,
respectively.
Employer Contributions
______________________
The Plan generally provides for Company 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 investments
or funds available to accept new contributions.
Rollovers and Transfers from Other Qualified Plans
__________________________________________________
Subject to Company verification, participants may elect direct rollovers
made from other plans in accordance with section 401(a)(31) of the Internal
Revenue Code.
Withdrawals
___________
Subject to certain limitations, participants may elect retirement or other
termination withdrawals in either lump sum or installment payments and
currently employed participants may make withdrawals from their participant
accounts.
There are no tax penalties for withdrawals attributed to after-tax
contributions. Withdrawals by currently employed participants from pre-tax
savings are permitted, within certain limits, by the Internal Revenue Code.
F-9
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
Loans to Participants
_____________________
The Plan permits participants, under certain circumstances, to borrow from
their participant accounts. Plan loans cannot exceed 50% of the
participant's account value, as defined in the Plan Document. The interest
rate is based on the monthly average of the composite yield on seasoned
corporate bonds, as published by Moody's Investors Service Inc. in the
month preceding the loan application.
No loan shall be in an amount less than $500 or in an amount greater than
the lesser of (i) $50,000 (reduced by the highest outstanding balance of a
previous loan during the one-year period prior to the date of the new loan)
or (ii) 50% of the value of the participant's account (as defined in the
Plan Document) at the time the loan is made.
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 by the Company's Pension Board. 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 to the date of default as a withdrawal,
resulting in taxable income to the defaulting participant.
Vesting
_______
Participants are fully vested in their employee and employer contributions.
F-10
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
Plan Termination
________________
Although the Company has not expressed any intent to do so, it has the
right under the Plan to discontinue its contributions, and to terminate the
Plan subject to the provisions of ERISA.
Administrative Costs
____________________
Direct administrative costs of the Plan are generally borne by the Company.
Administrative costs include investment management, recordkeeping, and
transaction processing fees.
(2) Summary of Significant Accounting Policies
__________________________________________
(a) Basis of Accounting
___________________
The accompanying financial statements have been prepared on the
accrual basis of accounting.
F-11
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
(b) Investments
___________
Investments, except for guaranteed investment contracts, are carried
at fair value. General Electric Company common stock is valued at
the closing price on the New York Stock Exchange Composite
Transaction Tape. Investments in registered investment companies are
valued at the Plan's pro rata share of the current fair value of the
net assets of such companies. Long term U.S. Government, agency and
corporate debt, notes and bonds are valued at current quoted market
prices. Guaranteed investment contracts are carried at contract
value. Short term money market instruments, U.S. Government, agency
and corporate notes are valued at cost which approximates market.
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.
(c) Reclassifications
_________________
Certain reclassifications have been made to prior year amounts to
conform to the current year presentation.
F-12
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
(3) Investments
___________
The Plan held the following individual investments, by fund, whose
aggregate fair value equaled or exceeded 5% of the Plan's net assets at
December 31, 1993 and 1992:
Fair Value
____________
(in thousands)
1993
____
GE Stock Fund:
GE common stock 36,671,845 shs. $ 3,845,960
LT Fund:
S&S Long Term Interest Fund 201,025,469 shs. 2,339,936
Mutual Fund:
S&S Program Mutual Fund 24,593,313 shs. 910,199
_________
$ 7,096,095
=========
1992
____
GE Stock Fund:
GE common stock 34,844,227 shs. $ 2,979,182
LT Fund:
S&S Long Term Interest Fund 187,353,039 shs. 2,238,153
Mutual Fund:
S&S Program Mutual Fund 19,594,756 shs. 729,121
_________
$ 5,946,456
=========
F-13
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
The following summarizes the net assets and changes in net assets of
the S&S Long Term Interest Fund and the S&S Program Mutual Fund in
which the Plan has investments at December 31, 1993 and 1992,
respectively:
December 31, 1993
_________________
(in thousands except per share data)
S&S Long Term S&S Program
Interest Fund Mutual Fund
------------- ------------
Investments, at fair value:
Common and preferred stock $ - $1,699,629
Long term debt 3,164,894 47,149
Temporary investments 791,883 54,071
_________ _________
Total 3,956,777 1,800,849
Net other assets (liabilities) (718,683) 4,345
_________ _________
Net assets $3,238,094 $1,805,194
========= =========
Outstanding shares 278,299 48,781
Value per share $ 11.64 $ 37.01
========= =========
F-14
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
Year Ended December 31, 1993
____________________________
(in thousands)
S&S Long Term S&S Program
Interest Fund Mutual Fund
------------- -----------
Investment income $ 302,575 $ 185,047
Contributions and other
additions 481,063 282,233
Withdrawals and other
deductions (598,711) (232,750)
________ ________
Change in net assets $ 184,927 $ 234,530
======== ========
December 31, 1992
_________________
(in thousands except per share data)
S&S Long Term S&S Program
Interest Fund Mutual Fund
------------- -----------
Investments, at fair value:
Common and preferred stock $ - $1,436,467
Long term debt 3,034,288 51,859
Temporary investments 421,231 72,732
_________ _________
Total 3,455,519 1,561,058
Net other assets (liabilities) (402,352) 9,606
_________ _________
Net assets $3,053,167 $1,570,664
========= =========
Outstanding shares 258,218 42,210
Value per share $ 11.82 $ 37.21
====== ======
F-15
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
Year Ended December 31, 1992
____________________________
(in thousands)
S&S Long Term S&S Program
Interest Fund Mutual Fund
------------- -----------
Investment income $ 197,356 $ 116,949
Contributions and other
additions 641,262 269,941
Withdrawals and other
deductions (308,879) (183,317)
________ ________
Change in net assets $ 529,739 $ 203,573
======== ========
Audited financial statements of the S&S Long Term Interest Fund and
the S&S Program Mutual Fund are distributed annually to participants
as appropriate.
The ST Fund lends securities to certain brokers. All securities
loaned are collateralized by cash and securities, and supplemented by
letters of credit to achieve a ratio of greater than 100% of the value
of the securities loaned. The value of loaned securities, primarily
U.S. Treasury obligations, amounted to $65 million and $-0- million at
December 31, 1993 and 1992, respectively. The value of cash
collateral invested in short term investments is reflected as a
liability in the Plan's financial statements.
F-16
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
(4) Loans to Participants
_____________________
Outstanding loans to participants amounted to $304,349,603 and
$309,133,843 at December 31, 1993 and 1992, respectively. The
following table summarizes the changes in loans to participants.
Year Ended December 31
______________________
1993 1992
---- ----
(in thousands)
Loans made $ 150,804 $ 145,348
Interest paid by participants 25,899 26,901
________ ________
176,703 172,249
________ ________
Less: Loan payments
- Reinvested (161,406) (157,159)
- Withdrawals (20,082) (13,282)
________ ________
(181,488) (170,441)
________ ________
Net (decrease) increase
in loans to participants $ (4,785) $ 1,808
======== ========
F-17
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
(5) Advances
________
Plan operating procedures result in cash receipts from participating
companies in connection with the timing of employee and employer
contributions, interfund transfers, and participant withdrawals.
(6) Transfers
_________
Effective April 2, 1993, the Company transferred GE's Aerospace
business segment and certain other components to a new company
controlled by the shareholders of Martin Marietta Corporation ("MMC").
Under the terms of the agreement, each affected employee became an
employee of MMC as of the effective date and was permitted to exercise
their right to immediate distribution of their vested account balance
or a tax-free rollover of the taxable portion of their account balance
into an eligible retirement plan maintained by MMC or an individual
retirement account.
In connection with the termination agreement between the Company and
the Neutron Devices Department ("NDD") in May 1992, $22,638,000 of
assets were transferred from the Plan to a plan maintained by Martin
Marietta Corporation, the new plan sponsor for the affected employees
of NDD.
(7) Tax Status
__________
The Internal Revenue Service has determined and informed the Company
by a letter dated August 18, 1993, that the Plan is qualified and the
trust established under the Plan is tax-exempt, under the appropriate
sections of the Code. The plan has been amended since receiving the
determination letter. However, the plan's tax counsel believe such
amendment should not adversely affect the status of the determination
letter.
F-18
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
The portion of a participant's compensation contributed to the Plan as
a pre-tax contribution, and the Company's matching contribution are
not subject to Federal income tax when such contributions are credited
to participant accounts, subject to certain limitations. These
amounts and any investment earnings may be included in the
participant's gross taxable income for the year in which such amounts
are distributed as withdrawals from the Plan.
(8) Related Party Transactions
__________________________
The Plan holds shares of General Electric Company common stock and
recorded net realized gains on sale and appreciation in value on these
securities of $694,485,104 and $304,777,000 in 1993 and 1992,
respectively. In addition, the Plan recorded $93,668,077 and
$79,374,000 of dividend income on these securities in 1993 and 1992,
respectively.
(9) Net Assets Available for Benefits and Changes In Net
Assets Available for Benefits
____________________________________________________
The following pages summarize the net assets available for benefits
and changes in net assets available for benefits for each investment
fund or type of asset of the Plan as of and for the years ended
December 31, 1993 and 1992.
F-19
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
Net Assets Available for Benefits
December 31, 1993
(in thousands except per unit data)
<TABLE>
<CAPTION>
GE LT Mutual ST MM
Assets Stock Fund Fund Fund Fund Fund
______ __________ ____ ____ ____ ____
<S> <C> <C> <C> <C> <C>
Investments, at fair value $3,845,960 $2,339,936 $910,199 $ 975,797 $526,151
Accrued dividends and interest 26,403 - - 9,146 3,122
Receivables for securities sold
but not delivered - - - 42,002 -
Other assets - - - 357 -
_________ _________ _______ _________ _______
Total assets 3,872,363 2,339,936 910,199 1,027,302 529,273
_________ _________ _______ _________ _______
Liabilities
___________
Advances (13,543) 17,365 (1,199) 3,892 9,722
Liability for collateral deposits - - 65,360 -
Payables for securities purchased
but not received - - 92,611 -
Other liabilities - - 1,672 -
_________ _________ _______ _________ _______
Total liabilities (13,543) 17,365 (1,199) 163,535 9,722
_________ _________ _______ _________ _______
Net assets available for benefits $3,885,906 $2,322,571 $911,398 $ 863,767 $519,551
========= ========= ======= ========= =======
Participant units outstanding 36,801 199,534 24,626 83,456 51,955
Participant unit value $ 104.88 $ 11.64 37.01 $ 10.35 $ 10.00
========= ========= ======= ========= =======
</TABLE>
F-20
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
Net Assets Available for Benefits, Continued
December 31, 1993
(in thousands except per unit data)
<TABLE>
<CAPTION>
Total
U.S. Bond RCA FI HP Investment
Assets Fund Fund Fund Funds
______ ________ ____ ____ ____
<S> <C> <C> <C> <C>
Investments, at fair value $308,256 $ - $107,449 $9,013,748
Accrued dividends and interest - - 21 38,692
Receivables for securities sold
but not delivered - - - 42,002
Other assets - - - 357
_______ ____ _______ _________
Total assets 308,256 - 107,470 9,094,799
_______ ____ _______ _________
Liabilities
___________
Advances - - 163 16,400
Liability for collateral deposits - - - 65,360
Payables for securities purchased
but not received - - - 92,611
Other liabilities - - 697 2,369
_______ ____ _______ _________
Total liabilities - - 860 176,740
_______ ____ _______ _________
Net assets available for benefits $308,256 $ - $106,610 $8,918,059
======= ==== ======= =========
Participant units outstanding * - 10,661
Participant unit value $ * $ - $ 10.00
=== ===== =====
<FN>
* Not applicable as values are determined by individual participants based upon the
time at which investments are made.
</TABLE>
F-21
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
Net Assets Available for Benefits
December 31, 1992
(in thousands except per unit data)
<TABLE>
<CAPTION>
GE LT Mutual ST MM
Assets Stock Fund Fund Fund Fund Fund
______ __________ ____ ____ ____ ____
<S> <C> <C> <C> <C> <C>
Investments, at fair value $2,979,182 $2,238,153 $729,121 $814,103 $412,858
Accrued dividends and interest 21,955 - - - -
Receivables for securities sold
but not delivered - - - - -
Other receivables - - - 16,904 1,364
_________ _________ _______ _______ _______
Total assets 3,001,137 2,238,153 729,121 831,007 414,222
_________ _________ _______ _______ _______
Liabilities
___________
Advances 15,643 16,462 (21,427) (3,147) 12,460
Liability for collateral deposits - - - - -
Payables for securities purchased
but not received - - - - -
Other liabilities - - - - -
_________ _________ _______ _______ _______
Total liabilities 15,643 16,462 (21,427) (3,147) 12,460
_________ _________ _______ _______ _______
Net assets available for benefits $2,985,494 2,221,691 750,548 834,154 401,762
========= ========= ======= ======= =======
Participant units outstanding 34,661 187,960 20,171 80,672 40,176
Participant unit value $ 85.50 $ 11.82 $ 37.21 $ 10.34 $ 10.00
===== ===== ===== ===== =====
</TABLE>
F-22
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
Net Assets Available for Benefits, Continued
December 31, 1992
(in thousands except per unit data)
<TABLE>
<CAPTION>
Total
RCA FI HP Investment
Assets U.S. Bonds Fund Fund Funds
______ __________ ____ ____ ____
<S> <C> <C> <C> <C>
Investments, at fair value $306,699 $286,430 $193,670 $7,960,216
Accrued dividends and interest - - - 21,955
Receivables for securities sold
but not delivered - - - -
Other assets - - - 18,268
_______ _______ _______ _________
Total assets 306,699 286,430 193,670 8,000,439
_______ _______ _______ _________
Liabilities
___________
Advances - 11,430 361 31,782
Liability for collateral deposits - - - -
Payables for securities purchased
but not received - - - -
Other liabilities - - 599 599
_______ _______ _______ _________
Total liabilities - 11,430 960 32,381
_______ _______ _______ _________
Net assets available for benefits $306,699 $275,000 $192,710 $7,968,058
======= ======= ======= =========
Participant units outstanding * 5,802 19,271
Participant unit value $ * $ 47.40 $ 10.00
=== ===== =====
<FN>
* Not applicable as values are determined by individual participants based upon the
time at which investments are made.
</TABLE>
F-23
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
Changes in Net Assets Available for Benefits
December 31, 1993
(in thousands)
<TABLE>
<CAPTION>
GE LT Mutual ST MM
Stock Fund Fund Fund Fund Fund
__________ ____ ____ ____ ____
<S> <C> <C> <C> <C> <C>
Income on investments:
Interest and dividends $ 93,668 $ 253,449 $ 97,178 $ 47,626 $ 15,902
Net realized gains (loss) on sale
and appreciation (depreciation)
in value of investments 694,485 (32,954) (6,454) 636 -
_________ _________ _______ ________ ________
Total investment income 788,153 220,495 90,724 48,262 15,902
_________ _________ _______ ________ ________
Contributions:
Employee 180,914 68,777 64,561 83,033 16,485
Employer 91,235 22,656 18,327 31,257 4,940
_________ _________ _______ ________ ________
Total contributions 272,149 91,433 82,888 114,290 21,425
_________ _________ _______ ________ ________
Withdrawals including transfers (272,966) (192,829) (78,606) (119,760) (123,591)
Net loan transactions 6,569 (14,359) 2,209 (9,728) 27,945
Interfund transfers 106,507 (3,860) 63,635 (3,451) 176,108
_________ _________ _______ ________ ________
Total deductions and other
changes in net assets (159,890) (211,048) (12,762) (132,939) 80,462
_________ _________ _______ ________ ________
Net increase (decrease) in net assets
available for benefits 900,412 100,880 160,850 29,613 117,789
Net assets available for benefits,
Beginning of year 2,985,494 2,221,691 750,548 834,154 401,762
_________ _________ _______ ________ ________
End of year $3,885,906 $2,322,571 $911,398 $863,767 $519,551
========= ========= ======= ======== ========
</TABLE>
F-24
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
Changes in Net Assets Available for Benefits, Continued
December 31, 1993
(in thousands)
<TABLE>
<CAPTION>
Total
U.S. Bond RCA FI HP Investment
Fund Fund Fund Funds
__________ ____ ____ ____
<S> <C> <C> <C> <C>
Income on investments:
Interest and dividends $ 356 $ - $ 6,349 $ 514,528
Net realized gains (loss) on sale
and appreciation (depreciation)
in value of investments 15,616 3,736 - 675,065
_______ ________ _______ _________
Total investment income 15,972 3,736 6,349 1,189,593
_______ ________ _______ _________
Contributions:
Employee 35,131 28 14 448,943
Employer 11,297 - - 179,712
_______ ________ _______ _________
Total contributions 46,428 28 14 628,655
_______ ________ _______ _________
Withdrawals including transfers (61,601) (20,200) (9,296) (878,849)
Net loan transactions (520) (223) (1,291) 10,602
Interfund transfers 1,278 (258,341) (81,876) -
_______ ________ _______ _________
Total deductions and other
changes in net assets (60,843) (278,764) (92,463) (868,247)
_______ ________ _______ _________
Net increase (decrease) in net assets
available for benefits 1,557 (275,000) (86,100) 950,001
Net assets available for benefits,
Beginning of year 306,699 275,000 192,710 7,968,058
_______ ________ _______ _________
End of year $308,256 $ - $106,610 $8,918,059
======= ======== ======= =========
</TABLE>
F-25
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
Changes in Net Assets Available for Benefits
December 31, 1992
(in thousands)
<TABLE>
<CAPTION>
GE LT Mutual ST MM
Stock Fund Fund Fund Fund Fund
__________ ____ ____ ____ ____
<S> <C> <C> <C> <C> <C>
Income on investments:
Interest and dividends $ 79,374 $ 179,549 $ 69,125 $ 51,675 $ 14,414
Net realized gains (loss) on sale
and appreciation (depreciation)
in value of investments 304,777 (38,532) (16,224) (4,711) -
_________ _________ _______ _______ _______
Total investment income 384,151 141,017 52,901 46,964 14,414
_________ _________ _______ _______ _______
Contributions:
Employee 205,895 87,613 67,480 115,062 26,212
Employer 107,876 28,641 19,892 43,609 8,147
_________ _________ _______ _______ _______
Total contributions 313,771 116,254 87,372 158,671 34,359
_________ _________ _______ _______ _______
Withdrawals including transfers (217,936) (178,765) (51,327) (98,510) (65,814)
Net loan transactions (1,910) (16,034) 728 (15,294) 48,712
Interfund transfers (106,673) 423,026 87,513 43,659 52,652
_________ _________ _______ _______ _______
Total deductions and other
changes in net assets (326,519) 228,227 36,914 (70,145) 35,550
_________ _________ _______ _______ _______
Net increase (decrease) in net assets
available for benefits 371,403 485,498 177,187 135,490 84,323
Net assets available for benefits,
Beginning of year 2,614,091 1,736,193 573,361 698,664 317,439
_________ _________ _______ _______ _______
End of year $2,985,494 $2,221,691 $750,548 $834,154 $401,762
========= ========= ======= ======= =======
</TABLE>
F-26
<PAGE>
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements (Continued)
Changes in Net Assets Available for Benefits, Continued
December 31, 1992
(in thousands)
<TABLE>
<CAPTION>
Total
RCA FI HP Investment
U.S. Bonds Fund Fund Funds
__________ ____ ____ ____
<S> <C> <C> <C> <C>
Income on investments:
Interest and dividends $ - $ - $ 13,476 $ 407,613
Net realized gains (loss) on sale
and appreciation (depreciation)
in value of investments 27,062 27,083 - 299,455
_______ ________ ________ _________
Total investment income 27,062 27,083 13,476 707,068
_______ ________ ________ _________
Contributions:
Employee 33,490 91 11 535,854
Employer 14,516 - - 222,681
_______ ________ ________ _________
Total contributions 48,006 91 11 758,535
_______ ________ ________ _________
Withdrawals including transfers (77,740) (101,872) (15,680) (807,644)
Net loan transactions (469) (1,785) (2,137) 11,811
Interfund transfers 16,770 (213,617) (303,330) -
_______ ________ ________ _________
Total deductions and other changes
in net assets (61,439) (317,274) (321,147) (795,833)
_______ ________ ________ _________
Net increase (decrease) in net assets
available for benefits 13,629 (290,100) (307,660) 669,770
Net assets available for benefits,
Beginning of year 293,070 565,100 500,370 7,298,288
_______ ________ ________ _________
End of year $306,699 $275,000 $192,710 $7,968,058
======= ======== ======== =========
</TABLE>
F-27
<PAGE>
<TABLE>
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Schedule of Assets Held for Investment Purposes
December 31, 1993
<CAPTION>
Description Cost Market
___________ ____ ______
<S> <C> <C>
Employer Securities
___________________
Corporate Stocks - Common
General Electric Company (36,671,845 shares) $ 2,170,929,245 $3,845,959,744
Shares of Registered Investment Companies
_________________________________________
S&S Long Term Interest Fund (201,025,469 units) 2,327,879,834 2,339,936,459
S&S Program Mutual Fund (24,593,313 units) 891,970,424 910,198,514
</TABLE>
F-28
<PAGE>
<TABLE>
Schedule I, Continued
GE SAVINGS AND SECURITY PROGRAM
Schedule of Assets Held for Investment Purposes
December 31, 1993
Description
___________
US Savings Bonds (Series E and EE)
__________________________________
Issuer Units Market
______ _____ _______
<S> <C> <C>
1959 US Savings Bond E Series 228 $ 31,861
1960 US Savings Bond E Series 160 21,737
1961 US Savings Bond E Series 127 17,001
1962 US Savings Bond E Series 180 23,680
1963 US Savings Bond E Series 264 34,111
1964 US Savings Bond E Series 300 38,068
1965 US Savings Bond E Series 346 39,339
1966 US Savings Bond E Series 484 53,340
1967 US Savings Bond E Series 899 96,314
1968 US Savings Bond E Series 1,478 153,916
1969 US Savings Bond E Series 1,768 178,253
1970 US Savings Bond E Series 2,152 208,449
1971 US Savings Bond E Series 2,892 248,572
1972 US Savings Bond E Series 3,596 295,251
1973 US Savings Bond E Series 5,451 433,674
1974 US Savings Bond E Series 9,148 691,664
1975 US Savings Bond E Series 12,368 902,275
1976 US Savings Bond E Series 17,102 1,203,913
1977 US Savings Bond E Series 25,777 1,723,447
1978 US Savings Bond E Series 43,006 2,558,292
1979 US Savings Bond E Series 73,630 4,194,933
1980 US Savings Bond EE Series 28,193 4,130,500
1981 US Savings Bond EE Series 27,424 3,583,857
1982 US Savings Bond EE Series 31,989 3,867,791
1983 US Savings Bond EE Series 57,942 6,174,299
1984 US Savings Bond EE Series 56,360 5,570,216
1985 US Savings Bond EE Series 74,152 6,799,773
</TABLE>
F-29
<PAGE>
<TABLE>
Schedule I, Continued
GE SAVINGS AND SECURITY PROGRAM
Schedule of Assets Held for Investment Purposes
December 31, 1993
<CAPTION>
US Savings Bonds (Series E and EE) (continued)
______________________________________________
Issuer Units Market
______ _____ _______
<S> <C> <C>
1986 US Savings Bond EE Series 162,142 $ 13,696,611
1987 US Savings Bond EE Series 178,250 13,357,879
1988 US Savings Bond EE Series 214,015 15,111,282
1989 US Savings Bond EE Series 316,869 20,064,171
1990 US Savings Bond EE Series 330,119 19,442,801
1991 US Savings Bond EE Series 929,222 51,896,017
1992 US Savings Bond EE Series 1,255,468 66,827,894
1993 US Savings Bond EE Series 1,079,950 54,845,505
</TABLE>
F-30
<PAGE>
<TABLE>
Schedule I, Continued
GE SAVINGS AND SECURITY PROGRAM
Schedule of Assets Held for Investment Purposes
December 31, 1993
<CAPTION>
Description
___________
Debt Securities
_______________
Issuer Rate/Yield Maturity Cost Market
______ __________ ________ ____ ______
<S> <C> <C> <C> <C>
Associates Corp North America 3.30% February 14, 1994 $ 1,493,950 $ 1,493,950
Bayerische Vereinbank AG 3.25 January 3, 1994 32,600,000 32,600,000
Beneficial Corp 3.33 May 27, 1994 3,000,000 3,000,000
Credit Suisse 3.44 May 16, 1994 15,000,000 15,000,000
Creditanstalt 3.27 April 11, 1994 5,747,317 5,747,317
Dresdner Bank AG 3.23 January 20, 1994 4,000,000 4,000,000
Federal Farm Cr Bk Cons Dsc NT 0.01 January 21, 1994 8,135,828 8,135,828
Federal Home Ln Bk Cons Dsc NT 0.01 January 6, 1994 9,995,625 9,995,625
Federal Home Ln Bk Cons Dsc NT 0.01 January 13, 1994 9,989,567 9,989,567
Federal Home Ln Bk Cons Dsc NT 0.01 January 18, 1994 9,984,983 9,984,983
Goldman Sachs Group LP 3.28 January 21, 1994 3,793,076 3,793,076
Goldman Sachs Group LP 3.40 January 21, 1994 4,990,556 4,990,556
Mitsubishi Bank 6.50 January 3, 1994 27,100,000 27,100,000
State Street Cayman Islands 2.50 January 3, 1994 550,000 550,000
Toronto Dominion Bk 5.50 January 3, 1994 40,000,000 40,000,000
Advanta Corp 5.13 November 15, 1996 9,990,041 9,961,500
Arkla Inc 9.88 April 15, 1997 3,278,032 3,262,500
Associates Corp North Amer 8.63 June 15, 1997 2,338,542 2,322,957
CHC Secs Corp II 5.26 September 25, 2023 11,756,789 11,732,171
Chase Manhattan Corp 7.50 December 1, 1997 20,796,522 21,136,800
Chrysler Financial Corp Mtn 6.18 August 25, 1998 5,113,315 5,067,400
Chrysler Financial Corp 6.50 June 15, 1998 3,993,535 4,091,520
Citicorp Mtn Bk Entry 7.57 February 24, 1995 9,995,918 10,363,900
Citizens & Southn Corp GA 5.25 December 19, 1997 5,955,790 5,957,940
Countrywide Fdg Corp Mtn 5.34 April 1, 1996 10,000,000 10,099,600
Discover Cr Corp Mtn Bk Entry 3.53 June 30, 1995 4,969,844 4,939,500
Discover Cr Corp Mtn Bk Entry 3.58 July 24, 1995 4,972,360 4,925,650
Federal Home Ln PC 7.50 November 1, 2008 8,052,232 8,045,208
Federal Home Ln Mtg PC Gtd 7.50 September 15, 2020 9,712,188 9,794,500
</TABLE>
F-31
<PAGE>
<TABLE>
Schedule I, Continued
GE SAVINGS AND SECURITY PROGRAM
Schedule of Assets Held for Investment Purposes
December 31, 1993
<CAPTION>
Debt Securities (continued)
___________________________
Issuer Rate/Yield Maturity Cost Market
______ __________ ________ ____ ______
<S> <C> <C> <C> <C>
Federal Home Ln Mtg PC Gtd 8.00% April 15, 2005 $ 12,694,906 $ 12,418,516
Federal Home Ln Mtg PC Gtd 0.01 July 15, 2019 3,232,636 3,642,528
FHLMC TBA Arm Jan 3.73 January 1, 1999 9,084,953 9,043,290
Federal Natl Mtg Assn REMIC 1.00 March 25, 2018 10,039,118 10,801,982
Federal Natl Mtg Assn REMIC 1.00 July 25, 2021 6,071,820 6,713,558
Federal Natl Mtg Assn Gtd 7.84 April 25, 2020 2,011,294 1,992,149
Federal Natl Mtg Assn Gtd 0.01 August 25, 2023 7,524,635 7,494,842
First Chicago Corp Mtn Bk Ent 7.02 March 6, 1995 4,997,210 5,167,150
First Chicago Master Tr 3.51 February 15, 2000 10,017,433 10,024,000
First Chicago Master Tr 3.51 April 15, 2000 12,094,755 12,078,220
First Deposit 4.90 June 15, 2000 14,995,525 15,070,200
First USA Cr Card Master Tr 3.61 February 15, 2000 13,001,673 13,019,500
First USA Cr Card Master Tr 3.34 April 15, 1999 4,947,680 4,950,000
Ford Cr Auto Ln Master Tr 6.88 January 15, 1999 12,135,915 12,621,600
Ford Motor Cr Co 6.25 February 26, 1998 10,390,802 10,243,200
GNMA II 30Yr Feb TBA 4.50 January 20, 1999 20,538,438 20,495,900
General Motors Accep Corp Mtn 8.35 September 5, 1996 12,897,549 13,307,951
General Motors Accep Corp Mtn 6.75 July 10, 1997 9,263,129 9,522,644
GNMA Delay 30Yr Feb TBA Arm 1.00 January 1, 1999 21,140,625 21,106,800
Green Tree Financial Corp 3.81 July 15, 2018 4,664,228 4,678,223
Hartford Life Ins Co 9.11 September 13, 1995 33,330,446 33,330,446
Household Affinity Credit Card 3.51 September 15, 2000 9,991,170 9,997,000
Household Fin Corp 8.25 March 1, 1998 5,513,599 5,507,084
Home Equity Loan 4.65 December 20, 2010 9,743,543 9,696,171
ITT Financial Corp 7.13 October 1, 1994 4,019,215 4,090,080
Inter Amern Dev Bk 11.63 December 1, 1994 15,239,887 15,272,423
Lehman Bros 5.04 December 15, 2003 2,500,000 2,500,000
Lockheed Corp 3.95 May 11, 1995 9,994,834 10,027,600
</TABLE>
F-32
<PAGE>
<TABLE>
Schedule I, Continued
GE SAVINGS AND SECURITY PROGRAM
Schedule of Assets Held for Investment Purposes
December 31, 1993
<CAPTION>
Debt Securities (continued)
___________________________
Issuer Rate/Yield Maturity Cost Market
______ __________ ________ ____ ______
<S> <C> <C> <C> <C>
MBNA Cr Card Tr 0.75% October 31, 1995 $ 17,330,852 $ 16,730,001
MBNA Master Cr Card Tr 3.61 March 15, 2000 41,588,057 41,587,395
MBNA Master Cr Card Tr 3.46 July 15, 1998 4,998,490 4,999,500
Marathon Oil Co 9.50 March 1, 1994 17,967,930 17,934,120
Merrill Lynch & Co Inc 5.00 December 15, 1996 5,000,000 5,004,000
National City Corp 5.25 January 31, 1997 7,492,963 7,462,500
Nationsbank Cr Card Master Tr 4.75 September 15, 1998 15,485,477 15,458,150
News Amer Hldgs Inc 12.00 December 15, 2001 5,945,472 6,037,100
Salomon Bros Mtg Secs II Inc 8.13 November 1, 2012 2,658,842 2,634,762
Sears Roebuck & Co 9.25 April 15, 1998 24,657,315 24,830,960
Security Pac Corp 5.25 August 15, 1996 5,247,129 5,273,500
Shearson Lehman Bros Inc New 6.00 December 30, 1994 2,847,027 2,885,112
Society Student Loan Trust 4.65 April 25, 2003 27,264,890 27,363,200
Standard Cr Card Master Tr I 5.88 July 7, 1995 10,152,108 10,218,000
Standard Cr Card Master Tr I 5.50 February 7, 2000 9,985,500 9,990,000
Tennessee Valley Auth Disc Nts 4.00 July 20, 1995 14,974,889 14,962,500
Texas Utils Elec Co 5.88 April 1, 1998 4,997,023 5,063,000
Time Warner Inc 6.05 July 1, 1995 12,000,000 12,102,600
Toronto Dominion Bk Ont 9.90 February 1, 1999 4,030,126 4,018,600
United States Treas Notes 4.13 June 30, 1995 1,899,663 1,903,268
United States Treas Notes 4.38 August 15, 1996 63,505,901 63,475,823
United States Treas Notes 9.38 April 15, 1996 47,751,078 48,293,976
United States Treas Notes 8.75 October 15, 1997 9,748,383 9,730,362
Bank of Nova Scotia 3.22 January 5, 1994 4,000,000 4,000,000
Bank of Nova Scotia 3.19 January 20,1994 8,000,000 8,000,000
Bayerische Vereinsbank AG 3.25 January 3, 1994 6,800,000 6,800,000
Commerzebank 3.44 January 3, 1994 8,000,000 8,000,000
J P Morgan & Co Inc 3.15 January 19, 1994 4,992,125 4,992,125
Morgan Stanley Group Inc 3.45 January 7, 1994 7,995,400 7,995,400
National Australia FDG 3.33 January 24, 1994 7,982,980 7,982,980
</TABLE>
F-33
<PAGE>
<TABLE>
Schedule I, Continued
GE SAVINGS AND SECURITY PROGRAM
Schedule of Assets Held for Investment Purposes
December 31, 1993
<CAPTION>
Debt Securities (continued)
___________________________
Issuer Rate/Yield Maturity Cost Market
______ __________ ________ ____ ______
<S> <C> <C> <C> <C>
Societe Generale 3.39% March 4, 1994 $ 3,500,000 $ 3,500,000
Union Bank Switzerland 4.00 January 3, 1994 4,998,889 4,998,889
Union Bank Switzerland 3.25 January 4, 1994 7,997,833 7,997,833
Abbey Natl Plc 3.20 April 6, 1994 17,153,911 17,153,911
Associates Corp North America 3.30 February 14, 1994 24,899,167 24,899,167
Bank of Montreal 3.20 January 18, 1994 15,000,000 15,000,000
Bank of Nova Scotia 3.25 January 21, 1994 25,000,000 25,000,000
Bankers Trust Co 3.20 January 21, 1994 24,955,556 24,955,556
Bayerische Vereinsbank AG 3.25 January 10, 1994 25,000,000 25,000,000
Commonwealth Bk Australia 3.20 January 27, 1994 24,942,222 24,942,222
Commerzebank 3.20 January 25, 1994 25,000,000 25,000,000
Credit Suisse 3.20 February 7, 1994 19,000,000 19,000,000
Credit Agricole 3.35 January 10, 1994 25,000,000 25,000,000
Dai Ichi Kangyo 6.50 January 3, 1994 12,500,000 12,500,000
Dresdner Bk AG 3.18 January 24, 194 25,000,000 25,000,000
Goldman Sachs Group LP 3.22 February 2, 1994 24,928,444 24,928,444
Hessische Landes Bk Girozentra 3.34 April 25, 1994 10,000,816 10,000,816
Kredietbank 3.20 January 26, 1994 2,995,467 2,995,467
Kredietbank 3.37 January 26, 1994 22,000,150 22,000,150
Merrill Lynch & Co Inc 3.22 February 3, 1994 24,926,208 24,926,208
J P Morgan & Co Inc 3.15 January 19, 1994 10,183,935 10,183,935
Morgan Stanley Group Inc 3.30 January 13, 1994 24,972,500 24,972,500
National Australia Fdg 3.19 January 7, 1994 21,588,516 21,588,516
Royal Bank of Canada 3.31 January 18, 1994 4,500,000 4,500,000
Royal Bank of Canada 3.32 January 18, 1994 20,000,000 20,000,000
San Paolo 3.23 January 20, 1994 24,957,382 24,957,382
Societe Generale 3.36 May 3, 1994 11,000,000 11,000,000
Societe Generale 3.50 May 17, 1994 14,000,000 14,000,000
Toronto Dominion Bk 3.23 January 28, 1994 24,939,438 24,939,438
</TABLE>
F-34
<PAGE>
<TABLE>
Schedule I, Continued
GE SAVINGS AND SECURITY PROGRAM
Schedule of Assets Held for Investment Purposes
December 31, 1993
<CAPTION>
Debt Securities (continued)
___________________________
Issuer Rate/Yield Maturity Cost Market
______ __________ ________ ____ ______
<S> <C> <C> <C> <C>
Union Bank Switzerland 3.30% January 3, 1994 $ 9,498,258 $ 9,498,258
Union Bank Switzerland 3.23 March 15, 1994 12,200,000 12,200,000
Commerzebank 3.44 January 3, 1994 2,000,000 2,000,000
Union Bank Switzerland 4.00 January 3, 1994 2,699,400 2,699,400
Union Bank Switzerland 3.25 January 4, 1994 4,998,646 4,998,646
Morgan Stanley Group Inc. 3.45 January 7, 1994 4,797,240 4,797,240
National Australia FDG 3.33 January 24, 1994 2,993,618 2,993,618
Investment Contracts
____________________
Aetna GIC 6114 9 8.10 January 1, 1994 1,056,320 1,056,320
Bank of NE 1988 9.07 January 1, 1995 9,774,475 9,774,475
Bank of NE 1987 7.90 January 1, 1994 3,872,442 3,872,442
Citibank GIC 8227 3 8.65 January 1, 1995 9,784,702 9,784,702
Mass Mutual GIC 5026 7.95 January 1, 1994 3,421,259 3,421,259
Met Life GAC 8.74 January 5, 1995 34,921,954 34,921,954
Pacific Mut GIC 25543 2 9.05 January 1, 1995 3,456,755 3,456,755
Prudential GIC 4497 216 9.03 January 1, 1995 8,351,002 8,351,002
Prudential GIC 4497 215 7.90 January 1, 1994 3,390,866 3,390,866
_____________
$9,021,392,813
=============
</TABLE>
F-35
<PAGE>
<TABLE>
Schedule I, Continued
GE SAVINGS AND SECURITY PROGRAM
Schedule of Assets Held for Investment Purposes
December 31, 1993
<CAPTION>
Description
___________
Loans to Participants Rate Term Cost Market
_____________________ ____ ________ ____ ______
<S> <C> <C> <C> <C>
Various 6.97 - 12.50% 12-54 months, or $304,349,603 $304,349,603
5-15 years for
principal residence
loans
</TABLE>
F-36
<PAGE>
<TABLE>
Schedule II
GE SAVINGS AND SECURITY PROGRAM
Schedule of Assets Held for Investment Purposes Which Were
Both Acquired and Disposed of Within the Plan Year
Year Ended December 31, 1993
<CAPTION>
Description of Investment, Including
Identity of Issuer, Borrower, Maturity Date, Rate of Interest, Costs of Proceeds of
Lessor, or Similar Party Collateral, Par or Maturity Value Acquisitions Dispositions
_____________________________ __________________________________________ _____________ _____________
<S> <C> <C> <C> <C> <C>
Chrysler Financial Grp April 15, 1996 6.00% $ 10,000,000 $ 9,977,500 $10,210,100
General Motors Accep Corp Mtn January 27, 1995 5.95% 5,000,000 5,000,850 5,091,350
General Motors Accep Corp Mtn October 3, 1994 4.75% 13,000,000 12,688,000 12,899,900
__________ __________
$27,666,350 $28,201,350
========== ==========
</TABLE>
F-37
<PAGE>
<TABLE>
Schedule III
GE SAVINGS AND SECURITY PROGRAM
Schedule of Loans in Default
December 31, 1993
<CAPTION>
Detailed Description
of Loan Including
Dates of Making and
Maturity, Interest
Rate, the Type and
Value of Collateral,
Any Renegotiation of
Amount Received During the Loan and the Terms
Identity and Reporting Year Unpaid of the Renegotiation Amount Overdue
Address of Original Amount ------------------------ Balance at and Other Materials ---------------------
Obligor of Loan Principal Interest End of Year Items Principal Interest
(a) (b) (c) (d) (e) (f) (g) (h) (i)
------------ --------------- ----------- ----------- ------------- ---------------------- ------------ --------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Various plan $282,977,903 $55,945,757 $13,472,485 $164,686,188 Varies according to $7,277,366 $343,923
participants term and type of loan
</TABLE>
F-38
<PAGE>
Exhibit 23
Consent of Independent Auditors
The Board of Directors
General Electric Company
We consent to incorporation by reference in the Registration
Statements of General Electric Company on Form S-8 (Nos. 33-24679
and 33-47500) of our report dated March 11, 1994, relating to the
financial statements and supplemental schedules of GE Savings and
Security Program as of and for the years ended December 31, 1993 and
1992, and of our report dated January 28, 1994, relating to the
financial statements of GE S&S Program Mutual Fund and GE S&S Long
Term Interest Fund as of December 31, 1993, and for each of the two
years in the period then ended appearing in the annual report on
Form 11-K of General Electric Company for the year ended December
31, 1993.
We also consent to the reference to our firm under the heading
"Experts" in the above referenced Registration Statement
No. 33-47500.
KPMG Peat Marwick
-----------------
Stamford, Connecticut
June 29, 1994
<PAGE>
Exhibit 99
S&S Program Funds
- ---------------------------------------------------------------------------
S&S PROGRAM MUTUAL FUND had a total return for 1993 of 11.5%, compared with
10.1% for the S&P 500. Performance was due to strength in financial, capital
goods and technology stocks. S&S LONG TERM INTEREST FUND posted a total
investment return for the year of 9.8%. This Fund outperformed its Lipper
composite peer group average by 14% for the year.
ANNUAL REPORT DECEMBER 31, 1993
- -------------------------
<PAGE>
SUMMARY DATA
(Dollars and units in millions except per unit data)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31
1993 1992 1991 AVERAGE ANNUAL TOTAL RETURN (A) 1993 5-YEAR 10-YEAR
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <S> <C> <C> <C>
S&S PROGRAM MUTUAL FUND S&S PROGRAM MUTUAL FUND 11.5% 14.5% 13.3%
Net Assets $1,805.2 $1,570.7 $1,367.1 Lipper/WSJ Growth and
Net Asset Value (per unit) $ 37.01 $ 37.21 $ 37.97 Income Funds 11.6% 13.3% 13.0%
Number of Units Outstanding 48.8 42.2 36.0 S&P 500 (reinvested) (b) 10.1% 14.5% 14.9%
- ----------------------------------------------------------------------------------------------------------------------------
S&S LONG TERM INTEREST FUND S&S LONG TERM INTEREST FUND 9.8% 11.3% 11.9%
Net Assets $3,238.1 $3,053.2 $2,523.4 Lipper composite peer group* 8.6% 9.9% 10.7%
Net Asset Value (per unit) $ 11.64 $ 11.82 $ 12.03 Lehman Brothers Aggregate
Number of Units Outstanding 278.3 258.2 209.8 Bond Index (b) 9.7% 11.3% 11.9%
<CAPTION>
FOR INFORMATIONAL PURPOSES ONLY (d)
Average Annual Total Return(a)
(Unaudited) 1993 5-Year 10-Year
---------------------------------------------------------------
<S> <C> <C> <C>
S&S Short Term Interest Fund 5.8% 8.4% -
S&S Money Market Fund 3.3% 6.4% 6.7%(c)
GE Common Stock 26.0% 22.1% 17.2%
U.S. Savings Bonds (e) 4.0%(f) 6.0% 7.5%
<FN>
AS AN ADDITIONAL FEATURE TO THE 1993 ANNUAL REPORT, THE SCHEDULES OF
INVESTMENTS FOR THE S&S SHORT-TERM INTEREST FUND AND S&S MONEY MARKET FUND
HAVE BEEN INCLUDED AS SUPPLEMENTAL INFORMATION. THESE SCHEDULES HAVE NOT
BEEN AUDITED.
* Lipper composite peer group based on a blend of Lipper indices to
conform with the S&S Funds objectives. (Consistently applied each year.)
(a) Funds' Average Annual Total Returns for periods ended December 31, 1993
are historical and assume changes in share price, reinvestment of
dividends and capital gains. Past performance is no guarantee of future
results. A Fund's net asset value and investment performance may
fluctuate daily depending upon market conditions. Redemptions are made
at current net asset value which may be more or less than the original
investment.
(b) The Standard & Poor's Composite Index of 500 Stocks (S&P 500), and
Lehman Brothers Aggregate Bond Index (LBKL) are unmanaged indices and do
not reflect the actual cost of investing in the instruments that
comprise each index. The S&P 500 Index is a composite of the prices of
500 widely held stocks recognized by investors to be representative of
the stock market in general. The Lehman Brothers Aggregate Bond Index is
a composite index of short-, medium- and long-term bond performance and
is widely recognized as a barometer of the bond market in general.
Results shown assume the reinvestment of interest.
(c) Fund's Average Annual Total Return since inception.
(d) Represents the performance of the other investment alternatives of the
GE Savings & Security Program.
(e) Based on minimum guaranteed rate assuming bonds are held until maturity.
(f) If bonds were purchased during the period 1/1/93 through 2/28/93, the
1993 Average Annual Total Return would be based upon a minimum
guaranteed rate (assuming the bonds are held until maturity) of 6.0%.
</TABLE>
<PAGE>
A LETTER FROM THE PRESIDENT
- ---------------------------------------------------------------------------
In 1993, the long-struggling U.S. recovery finally found its footing and
gained momentum. Driven by low interest rates and pent-up demand, real GDP
gained a very respectable 2.9% for the year. The declining federal defense
budget, slow job growth, weak overseas demand and low oil prices meanwhile
kept the economy from overheating and held inflation firmly in check.
Business confidence grew steadily through the second half of the year as a
result of the positive economic climate and improving confidence in the
Clinton Administration.
For the financial markets, 1993 proved to be a strong year with superb all-
around performance. Investors saw the stock market continue its steady
upward climb, with the Dow reaching 3754 by year end and the S&P 500
finishing with a total return of 10.1%. The long bull market extended itself
through 1993 to a record 40 months without a major correction. It was
foreign stocks, however, which proved to be the top performing asset class,
with the MSCI EAFE and World indexes recording 32.6% and 22.5% returns,
respectively. The bond markets also enjoyed a good year as a result of lower
interest rates, with the Lehman Brothers Aggregate Bond Index gaining 9.7%.
Looking ahead as we begin 1994, the fundamentals look very good for the U.S.
economy. The fourth quarter of 1993 showed an impressive acceleration of
growth without significant inflationary pressure and set a very positive
tone for the new year. Overall, the financial markets should continue to
fare well, although probably falling short of the levels set in 1993. We
expect that the stock market will continue to be supported by economic
expansion and the fruits of corporate restructuring. Investor nervousness
and high valuations will, however, constrain major gains and could leave the
market vulnerable to exogenous shocks. Our outlook is therefore one of
cautious optimism, and we will be looking to individual company earnings to
be the key performance driver. Overseas equity markets continue to offer
growth potential and good value, making this year's prospects again look
bright. With the Fed standing poised to attack any sign of inflation with
modest interest rate hikes, fixed income markets will have difficulty
duplicating the past year's performance. 1994 is likely to see taxable bonds
trade within a relatively narrow range and earn their coupons.
On behalf of the team at GE Investments, it is our pleasure to serve you and
we will continue to be dedicated to helping you meet your financial goals.
Sincerely,
Dale F. Frey
Chairman of the Board and President
General Electric Investment Corporation
- 1 -
<PAGE>
A MESSAGE FROM THE MANAGERS
- ---------------------------------------------------------------------------
S&S PROGRAM MUTUAL FUND
- ---------------------------------------------------------------------------
Eugene K. Bolton, Portfolio Manager
The Fund achieved a total return of 11.5% in 1993, compared with 10.1% for
the S&P 500 Index. Our Lipper/WSJ peer group of Growth and Income Funds had
an average return of 11.6% for the year.
Your Fund outperformed the S&P 500 during the year due to an overweighting
in financial, capital goods and technology stocks, and an underweighting in
consumer-related companies. It is our belief that the economy will be driven
by investment and capital spending over the next few years, and that
consumer stocks will continue to underperform. We further believe that many
of the companies which grew by raising prices in the 1980's will not be able
to do so in the future. The stock market continues to be supported by
steadily rising profits. This may continue with the benefit of low interest
rates and ongoing productivity gains (an area where U.S. companies are
outpacing their European and Japanese counterparts). Our best estimate is
that company profits will rise 10-12% in 1994 and price/earnings ratios will
be flat to down slightly. Earnings momentum will be key to individual stock
performance, and volatility will remain high at the stock level. Whether
high volatility will return to the stock market as a whole will depend on
money flow and interest rates, and perhaps some unexpected event from
outside the financial world. Money pouring into mutual funds has so far
offset new equity offerings, but supply-demand balance remains a question
for 1994.
We continue to seek investment in carefully researched larger companies that
offer a balance of value and growth.
PORTFOLIO COMPOSITION
Capital Goods 14.3%
Financial Services 15.2%
Other 4.8%
Transportation 3.5%
Energy & Basic Materials 15.3%
Utilities 9.0%
Technology 8.0%
Consumer 29.9%
INVESTMENT OBJECTIVES
The objective of the S&S Program Mutual Fund is long-term growth of capital
and income. The Fund invests principally in domestic common stocks or in
securities convertible into common stocks. Cash, preferred stocks and bonds
can also be held.
<TABLE>
$10,000 INVESTMENT COMPARISON
<CAPTION>
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
S&S Program Mutual Fund $10,406 $13,232 $15,442 $15,411 $17,722 $23,057 $22,411 $28,955 $31,301 $34,900
S&P 500 10,620 13,987 16,560 17,421 20,331 26,694 25,840 33,721 36,317 39,985
</TABLE>
AVERAGE ANNUAL TOTAL RETURN
- ------------------------------------------------------------
1 Yr. 5 Yr. 10 Yr.
S&S Program
Mutual Fund 11.5% 14.5% 13.3%
S&P 500 Index* 10.1% 14.5% 14.9%
* The S&P 500 Index is a composite of the prices of 500 widely held U.S.
stocks.
The performance data quoted is past performance, which is not necessarily
indicative of future performance.
- 2 -
<PAGE>
- ---------------------------------------------------------------------------
S&S LONG TERM INTEREST FUND
- ---------------------------------------------------------------------------
Robert A. MacDougall, Portfolio Manager
For 1993, the Fund posted a total investment return of 9.8%, which compares
favorably with the 8.6% average of our Lipper composite peer group and the
9.7% return of the Lehman Brothers Aggregate Bond Index. The S&S Long Term
Interest Fund ranks in the top ten percent of its peers over a ten year
period and in the top twenty percent over the past five years.
The bond market rallied sharply during the first three quarters of 1993. The
modest growth environment proved particularly favorable for intermediate and
long maturities, as rates fell more than 125 basis points (1.25%). Rates on
shorter maturities fell considerably less as the Fed maintained a steady
policy. The rally stalled during the fourth quarter amid signs of
strengthening economic growth and fears of rising inflation.
Longer maturity government bonds demonstrated strong performance as the
Treasury elected to shift new supply from long to short maturities, while
investor demand for long paper remained strong. The Fund took advantage of
this supply/demand imbalance by emphasizing long maturities. Corporate bonds
were the best-performing sector as the financial restructuring of the last
several years paid dividends in the form of improved profitability and
healthier balance sheets. The Fund overweighted short to intermediate
maturity corporate bonds to capture favorable supply and credit trends and
earn incremental yield. The mortgage-backed sector posted disappointing
returns for the first three quarters, as lower rates led to higher than
anticipated prepayments. The sector staged a strong comeback during the
fourth quarter, but it was not enough to offset the earlier
underperformance. The Fund was generally neutral to underweighted in this
sector.
For 1994, we expect a market environment where earning incremental yield
will be more important than anticipating the direction of rates.
PORTFOLIO COMPOSITION
Mortgage Backed 27.5%
Corporate Notes 22.3%
Cash & Other 2.3%
U.S. Government 39.7%
Asset Backed 8.2%
INVESTMENT OBJECTIVES
The objective of the S&S Long Term Interest Fund is to achieve a high level
of income consistent with prudent management and preservation of capital.
The Fund invests principally in obligations of the U.S. Government and high
grade corporate bonds and notes.
<TABLE>
$10,000 INVESTMENT COMPARISON
<CAPTION>
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
S&S Long Term Interest Fund $11,820 $14,149 $16,738 $16,855 $18,102 $20,727 $22,675 $26,303 $28,118 $30,874
Lehman Brothers Aggregate
Bond Index 11,520 14,066 16,218 16,672 17,989 20,597 22,451 26,049 27,971 30,684
AVERAGE ANNUAL TOTAL RETURN
- ------------------------------------------------------------
1 Yr. 5 Yr. 10 Yr.
S&S Long Term
Interest Fund 9.8% 11.3% 11.9%
Lehman Brothers
Aggregate Bond
Index* 9.7% 11.3% 11.9%
* The Lehman Brothers Aggregate Bond Index is a composite of short, medium
and long-term bond performance.
The performance data quoted is past performance, which is not necessarily
indicative of future performance.
- 3 -
<PAGE>
FINANCIAL HIGHLIGHTS -
Selected data based on a unit outstanding during the year
- ---------------------------------------------------------------------------
</TABLE>
<TABLE>
S&S PROGRAM MUTUAL FUND
<CAPTION>
1993 1992 1991 1990 1989
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $37.21 $37.97 $31.87 $35.33 $29.63
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 1.04 1.09 1.18 1.27 1.36
Net realized and unrealized gains
(losses) on investments 3.23 2.00 8.13 (2.29) 7.43
------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 4.27 3.09 9.31 (1.02) 8.79
------ ------ ------ ------ ------
LESS DISTRIBUTIONS FROM:
Net investment income 1.04 1.09 1.18 1.33 1.36
Capital gains 3.43 2.76 2.03 1.11 1.73
------ ------ ------ ------ ------
Total distributions 4.47 3.85 3.21 2.44 3.09
------ ------ ------ ------ ------
NET ASSET VALUE, END OF YEAR $37.01 $37.21 $37.97 $31.87 $35.33
====== ====== ====== ====== ======
TOTAL RETURN 11.5% 8.1% 29.2% (2.8)% 30.1%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year
(in thousands) $1,805,194 $1,570,664 $1,367,091 $1,045,073 $1,062,324
Ratio of net investment income
to average net assets 2.67% 2.91% 3.24% 3.73% 3.79%
Ratio of expenses to average net assets .11% .11% .14% .21% .24%
Portfolio turnover rate 37% 40% 29% 23% 27%
</TABLE>
- 4 -
<PAGE>
- ---------------------------------------------------------------------------
S&S LONG TERM INTEREST FUND
<TABLE>
1993 1992 1991 1990 1989
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $11.82 $12.03 $11.28 $11.26 $10.83
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.77 0.89 0.97 0.89 1.00
Net realized and unrealized gains
(losses) on investments 0.36 (0.10) 0.75 0.10 0.51
------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 1.13 0.79 1.72 0.99 1.51
------ ------ ------ ------ ------
LESS DISTRIBUTIONS FROM:
Net investment income 0.77 0.89 0.97 0.97 1.00
Capital gains 0.54 0.11 0.00 0.00 0.08
------ ------ ------ ------ ------
Total distributions 1.31 1.00 0.97 0.97 1.08
------ ------ ------ ------ ------
NET ASSET VALUE, END OF YEAR $11.64 $11.82 $12.03 $11.28 $11.26
====== ====== ====== ====== ======
TOTAL RETURN 9.8% 6.9% 16.0% 9.4% 14.5%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year
(in thousands) $3,238,094 $3,053,167 $2,523,428 $1,859,019 $1,396,257
Ratio of net investment income
to average net assets 6.36% 7.55% 8.60% 8.95% 9.15%
Ratio of expenses to average net assets .07% .07% .06% .12% .18%
Portfolio turnover rate 154% 45% 65% 214% 387%
</TABLE>
- 5 -
<PAGE>
STATEMENTS OF ASSETS
AND LIABILITIES
- ---------------------------------------------------------------------------
<TABLE>
December 31, 1993 (Amounts in thousands) S&S PROGRAM S&S LONG TERM
MUTUAL FUND INTEREST FUND
<S> <C> <C>
ASSETS
Investments in securities, at market
(Cost $1,467,444 and $3,111,131, respectively) $1,746,778 $3,164,894
Temporary investments (at amortized cost) 54,071 791,883
Cash 12 5
Foreign currency (Cost $188 and $0, respectively) 187 0
Receivable for investments sold 5,169 28,514
Dividends receivable 3,832 0
Interest receivable 928 48,496
Tax reclaim receivable 41 0
Receivable for fund units sold 0 54,200
---------- ----------
TOTAL ASSETS 1,811,018 4,087,992
---------- ----------
LIABILITIES
Distributions payable to shareholders 23 457
Payable upon return of securities loaned 0 470,313
Payable for investments purchased 4,784 377,020
Payable for fund units repurchased 133 97
Payable to investment advisor 492 540
Accrued expenses 392 1,471
---------- ----------
TOTAL LIABILITIES 5,824 849,898
---------- ----------
NET ASSETS $1,805,194 $3,238,094
========== ==========
NET ASSETS CONSIST OF:
Capital paid in $1,532,597 $3,159,556
Accumulated net realized gain (loss) (6,687) 24,775
Net unrealized appreciation (depreciation) on:
Investments 279,334 53,763
Foreign denominated assets and liabilities (50) 0
---------- ----------
NET ASSETS $1,805,194 $3,238,094
========== ==========
Units outstanding ($25.00 and $10.00 par value,
respectively) 48,781 278,299
Net asset value, offering and redemption price per unit $37.01 $11.64
</TABLE>
- -------------------
See Notes to Financial Statements
- 6 -
<PAGE>
STATEMENTS OF OPERATIONS
- ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Year ended December 31, 1993 (Amounts in thousands) S&S PROGRAM S&S LONG TERM
MUTUAL FUND INTEREST FUND
<S> <C> <C>
INVESTMENT INCOME
INCOME:
Dividends $42,113 $0
Less: Foreign taxes withheld (359) 0
Interest 5,811 209,256
-------- --------
TOTAL INCOME 47,565 209,256
-------- --------
EXPENSES:
Administrative expenses 1,071 1,178
Unitholder servicing agent expenses 163 153
Transfer agent expenses 357 478
Custody and accounting 183 389
Professional fees 27 51
Registration, filing and printing 28 37
Miscellaneous expenses 19 43
-------- --------
TOTAL EXPENSES 1,848 2,329
-------- --------
NET INVESTMENT INCOME 45,717 206,927
-------- --------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain on investments 146,889 166,686
Increase in unrealized appreciation
(depreciation) on:
Investments (7,511) (71,038)
Foreign denominated assets and liabilities (48) 0
-------- --------
Net realized and unrealized gain
(loss) on investments 139,330 95,648
-------- --------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $185,047 $302,575
======== ========
</TABLE>
- -------------------
See Notes to Financial Statements
- 7 -
<PAGE>
STATEMENTS OF CHANGES
IN NET ASSETS
- ---------------------------------------------------------------------------
For the Years Ended December 31, 1993 and 1992
(Amounts in thousands)
<TABLE>
<CAPTION>
S&S PROGRAM S&S LONG TERM
MUTUAL FUND INTEREST FUND
--------------------------- ------------------------
1993 1992 1993 1992
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS:
Net investment income $ 45,717 $ 41,840 $ 206,927 $ 218,462
Net realized gain on investment
transactions 146,889 107,898 166,686 25,844
Net increase (decrease) in unrealized
appreciation (7,559) (32,789) (71,038) (46,950)
---------- ---------- ---------- ----------
Net increase from operations 185,047 116,949 302,575 197,356
---------- ---------- ---------- ----------
DISTRIBUTIONS TO UNITHOLDERS FROM:
Net investment income (45,727) (41,817) (206,927) (219,190)
Net realized gain on investment
transactions (150,638) (106,134) (142,008) (27,753)
---------- ---------- ---------- ----------
(196,365) (147,951) (348,935) (246,943)
---------- ---------- ---------- ----------
Decrease in net assets from
operations and distributions (11,318) (31,002) (46,360) (49,587)
UNIT TRANSACTIONS:
Proceeds from sale of units 100,491 133,678 141,734 384,516
Value of distributions reinvested 181,742 136,263 339,329 256,746
Cost of units redeemed (36,385) (35,366) (249,776) (61,936)
---------- ---------- ---------- ----------
245,848 234,575 231,287 579,326
---------- ---------- ---------- ----------
TOTAL INCREASE IN NET ASSETS 234,530 203,573 184,927 529,739
NET ASSETS
Beginning of year 1,570,664 1,367,091 3,053,167 2,523,428
---------- ---------- ---------- ----------
End of year $1,805,194 $1,570,664 $3,238,094 $3,053,167
========== ========== ========== ==========
Undistributed net investment income,
end of year $0 $50 $0 $(728)
CHANGES IN FUND UNITS
- ------------------------------------------------------------------------------------------------------------
Units sold by subscription 2,591 3,463 12,048 32,042
Issued for distributions reinvested 4,903 3,659 28,393 21,630
Units redeemed (923) (919) (20,360) (5,208)
---------- ---------- ---------- ----------
NET INCREASE IN FUND UNITS 6,571 6,203 20,081 48,464
========== ========== ========== ==========
</TABLE>
- -------------------
See Notes to Financial Statements
- 8 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
December 31, 1993
- ---------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION OF THE FUNDS
The GE S&S Program Funds (the "Funds") are registered under the Investment
Company Act of 1940 (as amended) ("the 1940 Act") as diversified, open-end
management investment companies. The Funds are two of the investment options
offered under the GE Savings & Security Program ("Program"). The Program,
through a trust, owns 50% of the S&S Program Mutual Fund and 72% of the S&S
Long-Term Interest Fund. The Funds operate as Employees' Securities
Companies (as defined in the 1940 Act) and as such are exempt from certain
provisions of the 1940 Act. The following summarizes the significant
accounting policies of the Funds.
SECURITY VALUATION AND TRANSACTIONS
Securities for which exchange quotations are readily available are valued at
the last sale price, or if no sales occurred on that day, at the quoted bid
price. Certain fixed income securities are valued by a pricing service based
upon a computerized matrix system and/or appraisals, both of which consider
market transactions and dealer supplied valuations.
Temporary investments maturing within 60 days are valued at amortized cost
or original cost plus accrued interest, each of which approximates current
value.
Portfolio positions which cannot be valued as set forth above are valued at
fair value under procedures approved by the Trustees.
The accounting records of the Funds are maintained in U.S. dollars.
Investment securities and other assets and liabilities denominated in
foreign currency are translated to U.S. dollars at the mean between the bid
and offered quotations of currencies against U.S. dollars as last quoted by
a recognized dealer.
Transactions are accounted for as of trade date. Cost is determined and
gains and losses are based upon the first in first out method for both
financial statement and federal tax purposes.
The Funds may invest in securities that trade in other than normal
settlement terms. This may increase the risk if the other party to the
transaction fails to deliver and causes the Fund to subsequently invest at
less advantageous yields.
INCOME TAXES
It is each fund's policy to comply with all sections of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of
its taxable income to its unitholders. Therefore, no provision for federal
income tax has been made.
INVESTMENT INCOME
Corporate actions (including cash dividends) are recorded net of
nonrebateable tax withholdings on the ex-dividend date, except for certain
foreign securities for which corporate actions are recorded as soon after
the ex-dividend date as such information becomes available. Interest income
is recorded on the accrual basis. All discounts and premiums on taxable
bonds are amortized to call or maturity date.
EXPENSES
Most expenses of the Funds are directly identifiable to an individual Fund.
Expenses which are not readily identifiable to a specific Fund are allocated
in such a manner as deemed equitable by the Trustees, taking into
consideration the nature and type of expense and the relative sizes of the
Funds.
- 9 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS - (Continued)
- ---------------------------------------------------------------------------
DISTRIBUTIONS TO UNITHOLDERS
The S&S Long Term Interest Fund declares daily dividends (paid monthly)
equivalent to net investment income. The S&S Program Mutual Fund declares
and pays dividends from net investment income annually. Both Funds declare
and pay net realized capital gain distributions annually. Income
distributions and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments for the deferral of wash sales.
CHANGE IN ACCOUNTING FOR DISTRIBUTIONS TO UNITHOLDERS
(Dollars in thousands)
Effective for the year ended December 31, 1993, the Funds adopted Statement
of Position 93-2: "Determination, Disclosure, and Financial Statement
Presentation of Income, Capital Gain, and Return of Capital Distributions by
Investment Companies". As a result of this Statement, the Funds changed the
classification of distributions to unitholders to better disclose the
differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, the components of
net assets have been adjusted as follows:
UNDISTRIBUTED ACCUMULATED
NET INVESTMENT NET REALIZED CAPITAL
INCOME GAIN (LOSS) PAID IN
- --------------------------------------------------------------------------
S&S Program
Mutual Fund ($40) $1,885 ($1,845)
S&S Long Term
Interest Fund 728 62 (790)
Net investment income, realized gains, net assets and net asset value per
unit were not affected by this change.
OTHER
Included in realized gain/loss, unrealized appreciation/depreciation and
dividend and interest income is the impact of changes in foreign exchange
rates.
There are certain additional risks involved when investing in foreign
securities that are not inherent in domestic securities. These risks may
involve foreign currency exchange rate fluctuations, adverse political and
economic developments and the imposition of unfavorable foreign governmental
laws and restrictions.
The Funds may loan securities to established and recognized U.S. and foreign
brokers and banks and receive a lenders fee. These fees are included in
interest income. The loans of securities are collateralized by cash, letters
of credit or Government securities. The collateral is segregated and
maintained at all times with the custodian and must be equal to the current
value of the securities loaned. In the event the counterparty (borrower)
does not meet its contracted obligation to return the securities, the Funds
may be exposed to the risk of loss of reacquiring the loaned securities at
prevailing market prices.
2. COST OF SERVICES
During 1993 the Funds incurred expenses for the cost of services directed by
General Electric Company's wholly owned subsidiary, General Electric
Investment Corporation ("GEIC"), as Investment Adviser ("Investment
Advisor") and for services GEIC rendered as unitholder servicing agent.
These expenses are included as administrative expenses and unitholder
servicing agent fees in the Statement of Operations. The Trustees received
no compensation as Trustees for the S&S Funds.
- 10 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS - (Continued)
- ---------------------------------------------------------------------------
3. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION
(Dollars in thousands)
Aggregate gross unrealized appreciation/(depreciation) of investments for
each Fund at December 31, 1993 for federal tax purposes were as follows:
GROSS GROSS NET
UNREALIZED UNREALIZED UNREALIZED
APPRECIATION DEPRECIATION APPRECIATION
- --------------------------------------------------------------------------
S&S Program
Mutual Fund $318,110 $38,776 $279,334
S&S Long Term
Interest Fund 69,106 15,343 53,763
The aggregate cost of each Fund's investments was substantially the same for
book and federal income tax purposes at December 31, 1993.
4. INVESTMENT TRANSACTIONS
(Dollars in thousands)
Purchases and sales of securities, other than U.S. Government obligations,
short-term securities and options, for the year ended December 31, 1993
were:
PURCHASES SALES
- --------------------------------------------------------------------
S&S Program
Mutual Fund $628,884 $600,977
S&S Long Term
Interest Fund 3,469,114 2,783,545
Purchases and sales of U.S. Government obligations for the year ended
December 31, 1993 were:
PURCHASES SALES
- --------------------------------------------------------------------
S&S Program
Mutual Fund - -
S&S Long Term
Interest Fund $1,479,303 $1,898,818
5. SECURITY LENDING
At December 31, 1993 the S&S Long Term Interest Fund loaned securities
having a value, including accrued interest, of approximately $463,100,000
and received $486,141,000 in cash and letters of credit as collateral for
the loans. The net profit earned on lending activities is included in
interest income in the Statement of Operations for the year ended December
31, 1993 and amounted to $1,775,000. Cash collateral received is invested in
temporary investments at December 31, 1993.
- 11 -
<PAGE>
SCHEDULES OF INVESTMENTS December 31, 1993
(Dollars in Thousands)
- ---------------------------------------------------------------------------
S&S PROGRAM MUTUAL FUND
- --------------------------------------------------------------------
Number
of Shares Value
- --------------------------------------------------------------------
COMMON STOCK - 89.5%
- --------------------------------------------------------------------
AEROSPACE - 2.2%
BE Aerospace Inc. 143,038 $ 1,448 (a)
General Dynamics Corp. 13,783 1,271
Honeywell Inc. 41,531 1,422
Lockheed Corp. 71,741 4,896
Martin Marietta Corp. 75,514 3,360
Raytheon Co. 209,233 13,809
Rockwell International Corp. 120,822 4,486
TRW Inc. 9,308 645
United Technologies Corp. 145,571 9,025
40,362
AUTOMOTIVE - 2.1%
Arvin Industries Inc. 67,882 2,172
Chrysler Corp. 101,944 5,429
Ford Motor Co. 118,084 7,616
General Motors Corp. 144,055 7,905
General Motors Corp.
(Class H) 48,066 1,869
Goodyear Tire & Rubber Co. 181,234 8,291
Magna International Inc. 49,084 2,442
Mascotech Inc. 100,939 2,814
38,538
BANKS & FINANCIAL SERVICES - 9.7%
American Express Co. 271,851 8,393
Banc One Corp. 84,953 3,324
Bank of New York Inc. 21,143 1,205
Bankatlantic Federal
Savings Bank 60,869 837
Banque National Paris 21,710 1,057 (a)
Banque National Paris
(Warrants) 11,842 20 (a)
BayBanks Inc. 41,534 2,108
Beneficial Corp. 350,010 13,388
Block H & R Inc. 11,328 462
Boatmen's Bancshares Inc. 162,352 4,850
Chemical Bank Corp. 72,873 2,924
Continental Bank Corp. 79,289 2,091
Corporacion Bancaria
de Espana ADR 65,370 1,381
Countrywide Credit Industries 48,895 1,228
Crestar Financial Corp. 48,066 2,013
Cullen Frost Bankers Inc. 19,107 674
Dean Witter Discover & Co. 166,131 5,752
Deutsche Bank AG 3,776 1,918
Edwards A G Inc. 52,860 1,520
Equitable Cos. Inc. (Series B) 115,011 3,105
Federal National Mortgage
Assoc. 311,008 24,414
First Bank Systems Inc. 96,281 2,961
First Chicago Corp. 37,757 1,633
First Fidelity Bancorp 113,840 5,180
First Interstate Bancorp 33,982 2,179
First United Bank Group Inc. 18,879 498
Firstar Corp. 32,093 991
Golden West Financial Corp. 47,194 1,841
Hibernia Corp. (Class A) 18,879 146
Itel Corp. 76,906 2,153 (a)
Liberty Bancorp Inc. 13,215 370
Mellon Bank Corp. 49,828 2,641
Meridian Bancorp Inc. 24,543 699
Merrill Lynch & Co. Inc. 185,010 7,770
MGIC Investment Corp. 95,145 2,783
Morgan (J.P.) & Co. Inc. 135,283 9,385
National City Corp. 54,748 1,341
Nationsbank Corp. 117,610 5,763
North American Mortgage Co. 39,199 995
Norwest Corp. 73,060 1,781
PNC Bank Corp. 43,419 1,259
Price T Rowe & Associates Inc. 41,532 1,204
Primerica Corp. 387,936 15,081
Rollins Inc. 18,878 514
Salomon Inc. 7,551 612 (a)
Shawmut National Corp. 20,007 435
Signet Banking Corp. 151,027 5,248
Standard Federal Bank 119,878 3,596
- -----------------------
See Notes to Schedule of Investments
- 12 -
<PAGE>
Number
of Shares Value
- --------------------------------------------------------------------
State Street Boston Corp. 21,901 $ 821
Student Loan Marketing Assoc. 3,398 152
Transamerica Corp. 142,172 8,068
UJB Financial Corp. 33,982 807
Union Planters Corp. 50,972 1,281
Wells Fargo & Co. 13,216 1,710
White River Corp. 10,194 352 (a)
174,914
BROADCASTING, ENTERTAINMENT & MEDIA - 4.0%
Acclaim Entertainment Inc. 78,052 1,660 (a)
Capital Cities/ABC Inc. 4,908 3,041
CBS Inc. 13,216 3,813
Comcast Corp. (Class A) 222,496 8,010
Disney (Walt) Co. 37,757 1,609
Donnelley (R.R.) & Sons Co. 106,664 3,320
Dun & Bradstreet Corp. 113,324 6,984
Gannett Inc. 154,521 8,846
GC Cos Inc. 4,531 157 (a)
Interpublic Group Cos. Inc. 10,573 338
King World Productions Inc. 44,654 1,714 (a)
Knight Ridder Inc. 10,516 628
Liberty Media Corp. 71,738 2,089 (a)
Newbridge Networks Corp. 33,646 1,842 (a)
News Corp. Ltd. 36,050 1,902
Northern Telecom Ltd. 75,513 2,331
Paramount Communications 22,654 1,753
Reuters Holdings 52,860 1,398
Reuters Holdings PLC ADR
(Class B) 67,961 5,369
Rio Hotel & Casino Inc. 134,586 2,153 (a)
Tele Communications Inc.
(Class A) 124,598 3,769 (a)
Time Warner Inc. 212,377 9,398
72,124
BUILDING MATERIALS & CONSTRUCTION - 0.5%
Schuler Homes Inc. 83,065 2,326 (a)
Sherwin Williams Co. 52,873 1,890
Stanley Works 89,026 3,962
8,178
CHEMICAL - 3.0%
Air Products & Chemicals Inc. 173,316 7,670
American Cyanamid Co. 60,726 3,051
Cabot Corp. 43,260 2,331
Du Pont de Nemours (E.I.) 139,701 6,741
Ferro Corp. 74,570 2,386
FMC Corp. 77,029 3,630 (a)
Hercules Inc. 28,840 3,259
IMC Fertilizer Group Inc. 39,079 1,773
Imperial Chemical Inds PLC 72,521 3,427
Lubrizol Corp. 115,158 3,930
Minerals Technologies Inc. 72,099 2,091
Monsanto Co. 28,840 2,116
Morton International Inc. 54,747 5,119
Unifi Inc. 90,617 2,435
Witco Corp. 118,936 3,791
53,750
CONSUMER RELATED - 8.0%
American Stores Co. 75,514 3,247
Black & Decker Corp. 115,530 2,282
Colgate Palmolive Co. 241,254 15,048
Conagra Inc. 42,020 1,108
Cott Corp. 37,753 920
CPC International Inc. 32,092 1,528
Dole Food Inc. 73,372 1,963
Eastman Kodak Co. 282,939 15,845
General Mills Inc. 137,435 8,349
Harman International
Industries Inc. 86,519 2,487 (a)
Host Marriott Corp. 66,076 603
Marriot International Inc. 66,076 1,916
McDonalds Corp. 249,003 14,193
Nestle SA 9,844 8,505
Newell Co. 22,656 915
Nine West Group Inc. 67,293 1,985 (a)
Pepsico Inc. 563,206 23,021
Philip Morris Cos. Inc. 286,679 15,982
Procter & Gamble Co. 262,746 14,977
Promus Cos Inc. 61,285 2,804 (a)
Ralston Purina Co. 9,440 375
- -----------------------
See Notes to Schedule of Investments
- 13 -
<PAGE>
SCHEDULE OF INVESTMENTS - (Continued) December 31, 1993
(Dollars in Thousands)
- ---------------------------------------------------------------------------
Number
of Shares Value
- --------------------------------------------------------------------
Ryans Family Steak
Houses Inc. 15,481 $ 139 (a)
Scholastic Corp. 5,664 246 (a)
Stanhome Inc. 94,019 3,185
Wal Mart Stores Inc. 83,065 2,077
143,700
DIVERSIFIED MANUFACTURING - 6.1%
Alco Standard Corp. 86,269 4,724
Allied Signal Inc. 221,401 17,491
Canadian Pacific Ltd. 372,839 6,059
Dover Corp. 50,975 3,097
Grupo Carso SA de C V ADR 164,998 3,589(a,b)
Hanson PLC ADR 126,483 2,530
ITT Corp. 243,602 22,229
Litton Inds Inc. 59,090 3,804 (a)
Loews Corp. 166,698 15,503
Minnesota Mining &
Manufacturing 135,925 14,782
Teleflex Inc. 39,645 1,467
Tenneco Inc. 25,108 1,321
Textron Inc. 120,661 7,029
Trinova Corp. 41,532 1,303
Tyco Interest Ltd. 46,624 2,407
Welbilt Corp. 101,003 1,995 (a)
109,330
DRUGS, HEALTH CARE & COSMETICS - 8.5%
Abbott Laboratories 477,561 14,089
Allergan Inc. 152,916 3,461
American Home Products
Corp. 210,192 13,610
Arbor Drugs Inc. 16,991 348
Astra AB 28,318 632
Avon Products Inc. 115,159 5,600
Bausch & Lomb Inc. 40,856 2,094
Baxter International Inc. 141,120 3,440
Bristol-Myers Squibb Co. 244,382 14,205
FHP International Corp. 52,861 1,427 (a)
Fisher Scientific International
Inc. 61,455 2,174
Gillette Co. 9,440 563
Health Care & Retirement
Corp. 37,757 840 (a)
Healthtrust Inc. 60,411 1,608 (a)
International Flavours 3,398 387
Johnson & Johnson 294,436 13,176
Kendall International Inc. 14,065 647 (a)
Lilly Eli & Co. 117,483 6,976
Merck & Co. Inc. 332,261 11,421
Pfizer Inc. 174,626 12,049
Physician Corp. America 107,384 2,685 (a)
Roche Holdings AG 1,189 5,052
Schering AG 2,643 1,727
Schering Plough Corp. 67,962 4,655
Smithkline Beecham PLC ADR 396,174 10,845
Takecare Inc. 159,681 9,122 (a)
Teva Pharmaceutical Inds Ltd. 76,906 2,317
United Healthcare Corp. 28,840 2,188
Upjohn Company 33,038 962
Warner Lambert Co. 77,401 5,225
153,525
ELECTRICAL & ELECTRONICS - 5.6%
Alcatel Alsthom 30,864 4,401
Alcatel Alsthom ADR 19,365 555
AMP Inc. 91,355 5,767
Amphenol Corp. 105,673 1,744 (a)
Applied Materials Inc. 158,578 6,145 (a)
Arrow Electronics Inc. 72,099 3,010 (a)
BBC Brown Boveri 5,667 4,144
Commonwealth Edison Co. 190,674 5,387
Emerson Electric Co. 254,416 15,329
Hewlett Packard Co. 120,636 9,530
Hubbell Inc. (Class B) 118,628 6,421
Intel Corp. 350,999 21,762
Loral Corp. 62,486 2,359
Molex Inc. 32,419 1,094
Motorola Inc. 24,033 2,220
National Semiconductor Corp. 37,757 609 (a)
Perkin Elmer Corp. 108,389 4,173
Texas Instruments Inc. 27,373 1,738
Thermo Electron Corp. 67,460 2,833 (a)
Varian Associates Inc. 45,308 2,718
101,939
- -----------------------
See Notes to Schedule of Investments
- 14 -
<PAGE>
Number
of Shares Value
- --------------------------------------------------------------------
ELECTRIC UTILITIES - 2.2%
Baltimore Gas & Electric Co. 119,309 $ 3,027
Central & South West Corp. 149,139 4,511
CMS Energy Corp. 176,459 4,434
Dominion Resources Inc. 60,411 2,741
Houston Industries Inc. 118,934 5,664
NIPSCO Industries Inc. 126,316 4,153
Pinnacle West Capital Corp. 190,168 4,255
Southern Co. 210,494 9,288
Texas Utilities Co. 58,361 2,524
40,597
ENERGY & ENERGY RELATED - 9.4%
Amoco Corp. 252,970 13,376
Anadarko Petroleum Co. 182,874 8,298
Apache Corp. 67,293 1,573
Ashland Oil Co. 52,873 1,804
Atlantic Richfield Co. 103,831 10,928
Baker Hughes Inc. 113,270 2,265
British Petroleum PLC ADR 54,746 3,504
Burlington Resources Inc. 207,947 8,812
Chevron Corp. 88,540 7,714
Dresser Industries Inc. 215,577 4,473
Eastern Enterprises 69,134 1,763
McDermott International Inc. 169,815 4,500
Mobil Corp. 132,149 10,440
Occidental Petroleum Corp. 159,694 2,735
Oryx Energy Co. 41,533 716
Pennzoil Co. 89,435 4,762
Phillips Petroleum Co. 238,757 6,924
Royal Dutch Petroleum Co. 328,268 34,263
Santa Fe Energy Resources
Inc. 358,786 3,229
Schlumberger Ltd. 312,261 18,462
Societe Nationale Elf Aquitai 79,370 2,798
Texaco Inc. 108,927 7,039
Unocal Corp. 171,817 4,789
USX Marathon Group 311,456 5,139
170,306
FOREST PRODUCTS, PAPER & PACKAGING - 1.6%
Champion International Corp. 198,001 6,608
Georgia Pacific Corp. 59,311 4,078
Kimberly Clark Corp. 45,309 2,350
Mead Corp. 139,701 6,287
Temple Inland Inc. 83,065 4,184
Weyerhaeuser Co. 130,265 5,813
29,320
INDUSTRIAL PRODUCTS & SERVICES - 0.9%
Browning-Ferris Industries Inc. 82,500 2,124
Flightsafety International Inc. 10,949 375
Fluor Corp. 75,885 3,073
Waste Management
International PLC ADR 16,992 297 (a)
Wheelabrator Technologies
Inc. 110,803 1,967
WMX Technologies Inc. 288,841 7,618
15,454
INSURANCE - 4.0%
Allstate Corp. 45,309 1,337
American International
Group Inc. 154,164 13,528
Capital Holding Corp. 228,549 8,485
Chubb Corp. 43,420 3,381
CMAC Investment Corp. 60,411 1,676
Continental Corp. 102,715 2,838
Fund American Cos. Inc. 20,388 1,600 (a)
General Reinsurance Corp. 74,871 8,011
Jefferson Pilot Corp. 15,104 708
Life Partners Group Inc. 34,358 691
Life USA Holdings Inc. 37,757 713 (a)
Lincoln National Corp. 147,254 6,406
Marsh & McLennan Cos. 55,692 4,525
Navigators Group Inc. 12,544 439 (a)
NWNL Cos. Inc. 95,730 3,063
St. Paul Cos. Inc. 75,515 6,787
TIG Holdings Inc. 212,352 4,804
UNUM Corp. 62,300 3,271
72,263
- -----------------------
See Notes to Schedule of Investments
- 15 -
<PAGE>
SCHEDULE OF INVESTMENTS - (Continued) December 31, 1993
(Dollars in Thousands)
- ---------------------------------------------------------------------------
Number
of Shares Value
- --------------------------------------------------------------------
MACHINERY & MACHINE TOOLS - 1.2%
Briggs & Stratton Corp. 33,646 $ 2,776
Caterpillar Inc. 21,971 1,955
Cooper Industries Inc. 98,858 4,869
Danaher Corp. 26,430 1,008
Deere & Co. 45,307 3,353
Ingersoll Rand Co. 105,719 4,044
Kennametal Inc. 47,753 2,125
Navistar International
Corp. Inc. 61,355 1,450 (a)
21,580
MERCHANDISING - 5.8%
American Greetings Corp. 89,090 3,029
Baker J. Inc. 96,133 1,682
Barnes & Noble Inc. 45,663 1,136 (a)
Blockbuster Entertainment
Corp. 57,679 1,766
Charming Shoppes Inc. 390,297 4,635
Circuit City Stores Inc. 240,325 5,227
CML Group Inc. 86,519 2,044
CUC International Inc. 120,153 4,326 (a)
Dayton Hudson Corp. 37,757 2,520
Duracell International Inc. 28,317 1,016
Federated Department
Stores Inc. 254,712 5,285 (a)
Harcourt General Inc. 45,309 1,642
Hasbro Inc. 135,727 4,920
Home Depot Inc. 24,216 957
K Mart Corp. 37,757 802
Limited Inc. 283,197 4,850
May Department Stores Co. 43,043 1,695
Melville Corp. 84,953 3,451
Phillips Van Heusen Corp. 60,028 2,251
Reebok International Ltd. 75,514 2,265
Rite Aid Corp. 130,556 2,073
Russell Corp. 7,551 213
Sears Roebuck & Co. 415,173 21,900
Sun Television & Appliances 110,552 2,349
Talbots Inc. 83,289 2,207 (a)
TJX Cos. Inc. 462,956 13,484
Toys 'R Us 160,525 6,561 (a)
Warnaco Group Inc. 37,757 1,147 (a)
105,433
METALS - 0.9%
Alcan Aluminum Ltd. 49,084 1,019
Allegheny Ludlum Corp. 96,133 2,296
American Barrick Res. Corp. 124,597 3,551
Birmingham Steel Corp. 151,027 4,191
Magma Copper Co. 93,377 1,237 (a)
Placer Dome Inc. 41,530 1,033
Reynolds Metals Co. 21,898 994
Wheeling Pittsburgh Corp. 120,821 2,069 (a)
16,390
NATURAL GAS - 0.6%
Associated Natural Gas Corp. 37,758 1,194
Consolidated Natural Gas Co. 75,513 3,549
Enserch Corp. 183,596 2,983
Nabors Industries Inc. 181,234 1,427 (a)
Questar Corp. 45,308 1,495
10,648
OFFICE EQUIPMENT & SUPPLIES - 4.1%
Apple Computer 96,280 2,816
Automatic Data Processing Inc. 164,382 9,082
Compaq Computer Corp. 43,595 3,226 (a)
Compuware Corp. 77,402 2,012 (a)
Dell Computer Corp. 28,318 641 (a)
Equifax Inc. 65,313 1,788
First Financial Management
Corp. 175,572 9,964
Informix Corp. 96,133 2,043 (a)
International Business
Machines 168,936 9,545
Microsoft Corp. 18,879 1,522 (a)
Novell Inc. 90,619 1,880 (a)
Pitney Bowes Inc. 443,531 18,351
Silicon Graphics Inc. 86,520 2,141 (a)
Sun Microsystems Inc. 75,513 2,199 (a)
Tandem Computers Inc. 32,020 348 (a)
Tech Data Corp. 86,519 3,115 (a)
Teradyne Inc. 91,326 2,534 (a)
73,207
- -----------------------
See Notes to Schedule of Investments
- 16 -
<PAGE>
Number
of Shares Value
- --------------------------------------------------------------------
TELEPHONE & UTILITIES - 6.0%
American Telephone &
Telegraph 639,990 $ 33,599
GTE Corp. 421,289 14,745
International Cabletel Inc. 8,306 195 (a)
McCaw Cellular
Communications Inc.
(Class A) 45,308 2,288 (a)
MCI Communications Corp. 645,324 18,230
NYNEX Corp. 191,201 7,672
Pacific Telesis Group 202,000 10,908
Pactel Corp. 126,208 3,139 (a)
Rochester Telephone Corp. 83,388 3,763
Southwestern Bell Corp. 170,863 7,091
Sprint Corp. 128,521 4,466
United States West Inc. 54,749 2,512
108,608
TRANSPORTATION - 3.1%
Burlington Northern Inc. 135,925 7,867
CSX Corp. 31,151 2,523
Interpool Inc. 81,178 1,624 (a)
Kansas City Southern
Industries 220,877 11,375
Kirby Corp. 100,939 2,158 (a)
Roadway Services Inc. 14,420 865
Santa Fe Pacific Corp. 115,359 2,567
Singapore Airlines Ltd. 187,828 1,576
TNT Freightways Corp. 97,335 2,628
Union Pacific Corp. 310,173 19,425
Xtra Corp. 51,431 2,456
55,064
TOTAL COMMON STOCK
(COST $1,350,082) 1,615,230
CONVERTIBLE PREFERRED STOCK - 4.7%
- --------------------------------------------------------------------
Alco Std. Corp.
(Series AA), 2.375% 52,366 3,613
Alexander & Alexander Services Inc.
(Series A), 3.625% 64,263 2,859 (b)
AMR Corp. (Series A), 3.00% 52,859 2,775 (b)
Burlington Northern Inc.
(Series A), 6.25% 25,679 1,753
Chemical Bank Corp., 10.00% 88,566 7,395 (b)
Citicorp, 1.217% 245,419 4,878
Citicorp, 5.375% 7,951 869
Conagra Inc. (Series E),
1.687% 66,834 2,089
Cooper Industries Inc., 1.60% 121,359 3,504
Ford Motor Co. (Series A),
4.20% 110,824 12,024
K Mart Corp. (Series A),
3.41% 151,027 6,702
Kaufman & Broad Home Corp.
(Series B), 1.52% 44,402 982
Magma Copper Co. (Series E),
6.00% 15,907 923
Magma Copper Co., 5.625% 21,731 1,209
McDermott International Inc.,
2.875% 22,097 1,066 (b)
National City Corp., 8.00% 61,764 4,231
Newmont Mining, 2.75% 37,757 2,586 (b)
Occidental Petroleum Corp.,
3.875% 73,027 3,743 (b)
Sears Roebuck & Co. (Series A),
3.75% 273,737 15,398
Tenneco Inc. (Series A),
2.80% 75,513 3,162
Unocal Corp., 7.00% 46,688 2,638 (b)
TOTAL CONVERTIBLE PREFERRED STOCK
(COST $72,426) 84,399
Principal
Amount Value
- --------------------------------------------------------------------
CONVERTIBLE BONDS - 1.1%
- --------------------------------------------------------------------
Ames Department Stores Inc.
7.375%, 01/01/97 $ 79 16
Astra AB
9.25%, 08/30/94 1,370 822
Banco Nacional de Mexico SA
7.00%, 12/15/99 3,735 4,706 (b)
Delta Air Lines Inc.
3.23%, 06/15/03 5,304 4,402
- -----------------------
See Notes to Schedule of Investments
- 17 -
<PAGE>
SCHEDULE OF INVESTMENTS - (Continued) December 31, 1993
(Dollars in Thousands)
- ---------------------------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------------------
Henderson Capital
International Ltd.
4.00%, 10/28/96 $ 1,885 $ 1,838 (b)
Home Depot Inc.
4.50%, 02/15/97 1,087 1,293
Lend Lease Finance
International Ltd.
4.75%, 06/01/03 885 1,007 (b)
Manpower Inc.
6.25%, 10/01/02 2,343 2,647 (b)
Rothschild (L.F.) Holdings Inc.
13.62%, 02/15/94 16 0
Shangri Louisiana Asia
2.875%, 12/16/01 1,608 1,508 (b)
Thermo Electronics
4.875%, 08/01/97 1,579 2,195
TOTAL CONVERTIBLE BONDS
(COST $19,916) 20,434
NOTES - 1.5%
- --------------------------------------------------------------------
U.S. Treasury Notes
8.50%, 08/15/95
(Cost $25,020) 25,000 26,715
TOTAL INVESTMENTS IN SECURITIES
(COST $1,467,444) 1,746,778
TEMPORARY INVESTMENTS - 3.0%
- --------------------------------------------------------------------
Bayerische Vereinsbank AG
3.25%, 01/03/94 $ 2,790 $ 2,790
Federal Home Loan Bank
3.18%, 01/18/94 5,000 4,993
Federal Home Loan Mortgage Corp.
3.12%, 01/13/94 15,000 14,984
Federal Home Loan Mortgage Corp.
3.15%, 01/04/94 10,000 9,998
Federal National Mortgage Assoc.
3.08%, 01/03/94 21,310 21,306
TOTAL TEMPORARY INVESTMENTS
(COST $54,071) 54,071
OTHER ASSETS AND
LIABILITIES, NET 0.2% 4,345
----------
NET ASSETS - 100% $1,805,194
==========
-18-
<PAGE>
- ---------------------------------------------------------------------------
S&S LONG TERM INTEREST FUND
- ---------------------------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------------------
BONDS AND NOTES - 97.7%
- --------------------------------------------------------------------
U.S. GOVERNMENTS - 39.7%
U.S. Treasury Bonds
Coupon Maturity
- ------ --------
7.125% 02/15/23 $79,000 $ 85,431 (c)
7.625% 11/15/22 25,000 28,535
8.125% 08/15/19 144,645 172,196
9.875% 11/15/15 91,500 126,870
10.375% 11/15/12 125,250 172,943
585,975
U.S. Treasury Notes
Coupon Maturity
- ------ --------
3.875% 10/31/95 33,700 33,542 (c)
4.375% 08/15/96 15,000 14,977 (c)
6.25% 02/15/03 85,822 88,692 (c)
7.50% 01/31/96 43,150 45,881
7.75% 02/15/01 31,000 34,938
7.875% 02/15/96-04/15/98 139,500 153,473
7.875% 02/15/96 110,000 117,838 (c)
8.50% 11/15/00 56,000 65,415
8.75% 10/15/97 100,000 113,078 (c)
667,834
Federal Agencies
Federal National Mortgage Assoc.
8.20%, 12/23/96 10,000 11,000
Tennessee Valley Authority
7.75%, 12/15/22 19,000 19,783
30,783
TOTAL U.S. GOVERNMENTS
(COST $1,266,532) 1,284,592
MORTGAGE BACKED - 27.5%
Federal Home Loan Mortgage Corp.
Coupon Maturity
- ------ --------
3.733% TBA $33,790 $ 34,334(d,h)
6.25% 11/01/12 692 702
6.75% 10/01/03-03/01/06 976 999
7.00% 02/01/09-06/01/23 1,440 1,481
7.25% 04/01/04 2,574 2,666
7.50% 12/01/05-06/01/08 1,627 1,689
7.75% 05/01/08 1,395 1,461
8.00% 12/01/00-05/01/09 41,681 43,519
8.25% 05/01/12 1,096 1,144
8.50% 08/01/01-11/01/10 37,691 39,604
8.75% 08/01/05-03/15/21 10,707 10,892
9.00% 10/01/09 1,539 1,629
140,120
Federal National Mortgage Assoc.
Coupon Maturity
- ------ --------
6.50% TBA 157,480 156,593 (d)
7.00% 07/01/23 586 596
7.50% 04/01/22-10/25/23 11,806 12,226
7.816% 04/25/20 7,625 7,969
8.00% TBA 35,130 36,844 (d)
8.50% 08/01/11 1,913 2,020
9.50% 07/25/10 15,000 15,135
231,383
Government National Mortgage Assoc.
Coupon Maturity
- ------ --------
6.50% 06/15/08-07/15/08 21,962 22,355
6.50% TBA 19,550 19,421 (d)
7.00% 10/15/23 10,548 10,741
7.50% 07/15/08-09/15/23 67,617 70,498
8.00% 03/15/23-07/15/23 23,640 24,921
8.00% TBA 96,000 101,290 (d)
8.25% 05/15/08 685 732
8.50% 02/15/17-03/15/23 30,760 32,661
9.00% 06/15/16-01/15/21 39,389 42,165
324,784
- -----------------------
See Notes to Schedule of Investments
- 19 -
<PAGE>
SCHEDULE OF INVESTMENTS - (Continued) December 31, 1993
(Dollars in Thousands)
- ---------------------------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS
American Housing Trust VIII-M
11.00%, 01/25/21 $ 7 $ 2,989 (f)
CMC Securities Corp. 1993-IA1
5.26%, 09/25/23 4,855 5,060 (h)
Residential Resources Inc. 8C
8.00%, 10/01/18 4,710 4,965
Salomon Brothers Mortgage
Securities Inc. 1984-1Z
8.125%, 11/01/12 9,564 10,046
Federal Home Loan Mortgage Corp.
Coupon Maturity
- ------ --------
7.00% 05/15/99-12/15/06 28,478 29,163
8.25% 07/15/19 6,000 6,168
9.50% 05/15/18 8,500 8,878
10.00% 10/15/19 6,500 6,833
51,042
Federal National Mortgage Assoc.
Coupon Maturity
- ------ --------
6.25% 07/25/07 3,500 3,495
7.00% 01/25/21 10,000 10,263
7.25% 01/25/19 5,400 5,507
7.50% 09/25/05-11/25/16 35,514 36,211
7.95% 11/25/19 14,000 14,413
8.00% 11/25/17 8,800 9,199
8.50% 07/25/18 17,000 17,794
8.75% 06/25/18 10,000 10,516
8.80% 04/25/17 12,000 12,537
119,935
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS 194,037
TOTAL MORTGAGE BACKED
(COST $873,408) 890,324
ASSET BACKED - 8.2%
American Express Master Trust 1993-1A
5.375%, 07/15/01 15,650 15,245
Capital Auto Receivable 1993-1A6
4.90%, 02/15/98 20,000 20,073
First Chicago Master Trust 1993-HA
3.512%, 04/15/00 5,000 4,991 (g)
First Deposit 1993-1A
4.90%, 06/15/00 20,000 20,094
First USA Credit Card Master
Trust 1993-2A
3.462%, 04/15/99 18,000 18,000 (g)
General Motors
Acceptance Corp. 1992-DA
5.55%, 05/15/97 8,563 8,697
Green Tree Financial Corp.
3.812%, 07/15/18 10,784 10,817 (g)
Household Affinity Credit
Card Trust 1993-1A
3.512%, 09/15/00 37,900 37,889 (g)
Household Finance Corp. 1991-1A3
8.15%, 03/19/96 18,097 19,004
MBNA Master Credit
Card Trust 1993-1A
3.612%, 03/15/00 20,000 20,018 (g)
MBNA Master Credit Card
Trust 1993-2A
3.462%, 07/15/98 50,000 49,995 (g)
Nationsbank Credit Card
Master Trust 1993-1A
4.75%, 09/15/98 22,500 22,439
Standard Credit Card
Trust 1991-1A
8.50%, 08/07/97 6,400 6,940
Standard Credit Card
Trust 1993-3A
5.50%, 02/07/00 10,000 9,990
US Auto Receivables
Trust 1991-2A
8.00%, 03/15/96 3,137 3,239
TOTAL ASSET BACKED
(COST $266,730) 267,431
- -----------------------
See Notes to Schedule of Investments
- 20 -
<PAGE>
- ---------------------------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------------------
CORPORATE NOTES - 22.3%
Aetna Life Assurance
5.195%, 09/15/96 $ 7,446 $ 10,083(i,j)
Arkla Inc.
8.00%, 01/15/97 5,209 5,208
Arkla Inc.
9.875%, 04/15/97 4,770 5,187
Associates Corp. North America
7.50%, 10/15/96 5,000 5,307
Associates Corp. North America
12.40%, 10/01/95 5,000 5,642
Bergen Brunswig Corp.
5.625%, 01/15/96 5,000 4,998
Caterpillar Financial Services
8.95%, 05/21/00 13,500 15,607
Centel Capital Corp.
9.00%, 10/15/19 6,540 7,956
Chase Manhattan Corp.
4.35%, 07/15/03 10,000 10,050 (g)
Chase Manhattan Corp.
7.58%, 07/23/99 13,800 14,884
Chase Manhattan Corp.
7.59%, 01/30/96 19,500 20,528
Chemical Banking Corp.
8.50%, 02/15/02 6,900 7,786
Chrysler Corp.
13.00%, 03/01/97 9,355 10,244
Chrysler Financial Corp.
6.50%, 06/15/98 20,000 20,458
Citicorp
8.55%, 03/17/97 13,000 14,198
Citicorp
8.625%, 12/01/02 4,000 4,510
Citicorp
9.00%, 04/15/99 8,100 9,211
Citicorp
9.75%, 08/01/99 5,000 5,888
Citicorp
10.15%, 02/15/98 4,000 4,634
Cleveland Electric
Illuminating Co.
7.42%, 08/01/01 20,000 20,336
Commonwealth Edison Co.
9.05%, 10/15/99 10,000 11,391
Countrywide Funding Corp.
6.88%, 08/03/98 6,700 7,015
Delta Air Lines Inc.
7.79%, 12/01/98 4,000 4,016
Electrolux AB
7.00%, 01/29/98 20,000 20,633
Ford Motor Credit Corp.
3.65%, 06/02/98 23,000 23,177 (g)
Ford Motor Credit Corp.
8.25%, 05/15/96 11,605 12,453
Ford Motor Credit Corp.
8.875%, 08/01/96 13,285 14,520
Ford Motor Credit Corp.
9.20%, 05/01/95 25,000 26,573
General Motors Acceptance Corp.
5.65%, 06/18/96 15,000 15,146
General Motors Acceptance Corp.
6.10%, 09/11/97 13,600 13,777
General Motors Acceptance Corp.
7.50%, 01/29/98 20,000 21,179
General Motors Acceptance Corp.
7.65%, 02/03/97 14,000 14,854
General Motors Acceptance Corp.
7.85%, 11/17/97 16,000 17,135
General Motors Acceptance Corp.
9.45%, 05/18/95 12,000 12,772
Goldman Sachs Group L P
6.875%, 09/15/99 10,000 10,237 (b)
Grace (WR) & Co.
7.40%, 02/01/00 10,000 10,477
Gulf Utilities Co.
7.46%, 11/01/99 5,000 5,307
Korea Electric Power Corp.
6.375%, 12/01/03 15,000 14,570
Lehman Brothers
5.04%, 12/15/03 18,000 18,000
- -----------------------
See Notes to Schedule of Investments
- 21 -
<PAGE>
SCHEDULE OF INVESTMENTS - (Continued) December 31, 1993
(Dollars in Thousands)
- ---------------------------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------------------
Lockheed Corp.
5.65%, 04/01/97 $ 15,000 $ 15,215
Long Island Lighting Co.
7.30%, 07/15/99 5,000 5,071
Long Island Lighting Co.
7.50%, 03/01/07 16,500 16,728
Manitoba Province Canada
6.875%, 09/15/02 5,000 5,191
Massachusetts Mutual
Life Insurance
5.27%, 12/16/96 9,905 12,352 (j)
McDonnell Douglas Corp.
8.25%, 07/01/00 10,000 10,785
McDonnell Douglas Corp.
9.25%, 04/01/02 5,000 5,662
NCNB Corp.
9.125%, 10/15/01 6,400 7,450
News America Holdings Inc.
7.50%, 03/01/00 25,000 25,985
News America Holdings Inc.
12.00%, 12/15/01 10,000 12,074
Ontario Province Canada
7.375%, 01/27/03 10,000 10,629
Ontario Province Canada
8.00%, 10/17/01 5,500 6,076
Paine Webber Group Inc.
8.62%, 05/06/97 5,000 5,477
Paine Webber Group Inc.
8.76%, 03/11/97 10,000 10,970
Petroliam Nasional Berha
6.875%, 07/01/03 14,000 14,272 (b)
RJR Nabisco Inc.
8.75%, 08/15/05 10,000 9,753
Sears Roebuck & Co.
9.03%, 03/21/95 3,000 3,165
Sears Roebuck & Co.
9.43%, 05/24/95 3,000 3,200
Southern California Gas Co.
6.50%, 12/15/97 6,960 7,151
Super Value Store
5.875%, 11/15/95 2,500 2,552
Texas Utilities Electric Co.
5.875%, 04/01/98 10,000 10,126
Time Warner Inc.
6.05%, 07/01/95 20,000 20,171 (b)
Toledo Edison Co.
7.38%, 03/31/00 11,000 10,990
USX Marathon Group
6.375%, 07/15/98 5,000 4,879
USX Marathon Group
8.875%, 09/15/97 10,000 10,676
TOTAL CORPORATE NOTES
(COST $704,461) 722,547
TOTAL INVESTMENTS IN SECURITIES
(COST $3,111,131) 3,164,894
TEMPORARY INVESTMENTS - 24.5%
- --------------------------------------------------------------------
Abbey National PLC
3.22%, 03/22/94 25,000 24,821
Algemene Bank Nederland N.V.
3.22%, 01/19/94 9,700 9,700
Bank of New York
3.33%, 01/10/94 15,000 15,000
Bank of Nova Scotia
3.23%, 01/19/94 20,000 20,000
Bank of Nova Scotia
3.25%, 01/21/94 2,600 2,600
Bank of Nova Scotia
3.31%, 01/18/94 37,500 37,500
Bankers Trust Co.
3.22%, 01/21/94 1,600 1,597
Bayerische Landesbank
3.438%, 04/18/94 19,000 19,000
Bayerische Vereinsbank AG
3.15%, 01/10/94 9,700 9,692
Bayerische Vereinsbank AG
3.25%, 01/10/94 2,000 2,000
Bear Stearns & Co.
3.33%, 01/18/94 51,700 51,619
Beneficial Corp.
3.33%, 05/27/94 16,500 16,500
C.S. First Boston Inc.
3.29%, 01/18/94 15,000 14,977
- -----------------------
See Notes to Schedule of Investments
- 22 -
<PAGE>
- ---------------------------------------------------------------------------
Principal
Amount Value
- --------------------------------------------------------------------
Commerzebank
3.20%, 01/25/94 $ 2,400 $ 2,400
Commonwealth Bank Australia
3.25%, 01/27/94 2,000 1,995
Credit Agricole
3.14%, 01/10/94 9,700 9,692
Credit Agricole
3.35%, 01/10/94 2,000 2,000
Credit Italiano
3.29%, 01/18/94 15,000 14,977
Credit Suisse
3.438%, 05/16/94 30,000 30,000
Dresdner Bank AG
3.18%, 01/24/94 2,500 2,500
Dresdner Bank AG
3.23%, 01/20/94 20,000 20,000
Dresdner Bank AG
3.50%, 01/03/94 36,000 36,000
Eiger Capital Corp.
3.32%, 01/21/94 45,300 45,216
Federal Farm Credit Bank
3.13%, 01/21/94 12,000 11,979
Federal Farm Credit Bank
3.13%, 01/26/94 10,000 9,978
Federal Farm Credit Bank
3.186%, 01/27/94 27,000 26,940
Federal Farm Credit Bank
3.30%, 01/03/94 36,840 36,840
Federal Home Loan Bank
3.13%, 01/13/94 40,000 39,958
Federal Home Loan Bank
3.15%, 01/06/94 10,000 9,996
Federal Home Loan Bank
3.18%, 01/18/94 59,300 59,211
Federal Home Loan
Mortgage Corp.
3.12%, 01/13/94 21,400 21,378
Federal Home Loan
Mortgage Corp.
3.14%, 01/20/94 25,935 25,892
Goldman Sachs Group LP
3.25%, 02/02/94 2,600 2,592
Kredietbank
3.25%, 01/18/94 2,000 1,997
Kredietbank
3.37%, 01/26/94 15,500 15,500
Merrill Lynch & Co. Inc.
3.25%, 02/03/94 1,800 1,795
Mitsubishi Bank
2.813%, 01/03/94 19,600 19,600
Mitsubishi Bank
3.25%, 02/18/94 11,200 11,200
Mitsubishi Bank
3.34%, 01/18/94 50,000 50,000
Mitsubishi Bank
6.50%, 01/03/94 700 700
Morgan Stanley Group Inc.
3.30%, 01/13/94 1,450 1,448
Royal Bank of Canada
3.18%, 01/20/94 9,700 9,700
Royal Bank of Canada
3.32%, 01/18/94 2,500 2,500
San Paolo
3.25%, 01/20/94 2,500 2,496
Societe Generale
3.30%, 01/13/94 9,000 9,000
Societe Generale
3.36%, 05/03/94 3,000 3,000
Toronto Dominion Bank
3.25%, 01/28/94 1,400 1,397
Toronto Dominion Bank
5.50%, 01/03/94 27,000 27,000
TOTAL TEMPORARY INVESTMENTS
(COST $791,883) 791,883
OTHER ASSETS AND
LIABILITIES (22.2%) (718,683)
----------
NET ASSETS - 100% $3,238,094
==========
- -----------------------
See Notes to Schedule of Investments
- 23 -
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
- ---------------------------------------------------------------------------
(a) Non-income producing security.
(b) 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.
(c) Securities on loan.
(d) Settlement is on a delayed delivery or when issued basis with final
maturity to be announced (TBA) in the future.
(e) Principal only.
(f) Interest only security. The coupon amount represents effective yield.
(g) Floating rate coupon. The stated rate represents the rate at December
31, 1993.
(h) Adjustable rate mortgage coupon. The stated rate represents the rate at
December 31, 1993.
(i) For zero coupon bonds and guaranteed insurance contracts, coupon amounts
represent effective yields and disclosed principal amounts represent
adjusted costs.
(j) Restricted security.
- ---------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
TO THE BOARD OF TRUSTEES AND UNITHOLDERS
OF THE GE S&S PROGRAM FUNDS:
We have audited the accompanying statements of assets and liabilities of the
GE S&S Program Mutual Fund and GE S&S Long Term Interest Fund, including the
schedules of investments as of December 31, 1993, and the related statements
of operations for the year then ended, the statements of changes in net
assets for each of the years in the two-year period then ended, and the
financial highlights for each of the years of the five-year period then
ended. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express
an opinion on these financial statements and financial highlights based upon
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1993, by correspondence with the
custodian and brokers. 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 and financial highlights referred
to above present fairly, in all material respects, the financial position of
GE S&S Program Mutual Fund and GE S&S Long Term Interest Fund as of December
31, 1993, the results of their operations for the year then ended, the
changes in their net assets for each of the years in the two-year period
then ended, and their financial highlights for each of the years in the five-
year period then ended, in conformity with generally accepted accounting
principles.
KPMG Peat Marwick
New York, New York
January 28, 1994
- 24 -
<PAGE>
GE S&S PROGRAM SUPPLEMENTAL INFORMATION
- ---------------------------------------------------------------------------
The following information is provided for participants in the GE Savings &
Security Program and supplements the description of the Program as it
appears in the GE Employee Benefits Summary Plan Description booklet as it
was amended in 1992 (GE Benefits Handbook).
THE SCHEDULES OF INVESTMENTS FOR THE S&S SHORT-TERM INTEREST FUND AND S&S
MONEY MARKET FUND HAVE BEEN INCLUDED AS AN ADDITIONAL FEATURE TO THE
SUPPLEMENTAL INFORMATION THIS YEAR.
Following the Schedules of Investments are two tables designed to illustrate
the relative market value of investments offered under the Program.
Performance data information is based upon historical earnings and is not
intended to indicate future performance. The notes are an integral part of
these tables.
The Supplemental Information and Schedules of Investments have not been
audited.
- 25 -
<PAGE>
SCHEDULE OF INVESTMENTS - (Continued) December 31, 1993
(Dollars in Thousands) (Unaudited)
- ---------------------------------------------------------------------------
S&S SHORT TERM INTEREST FUND
- ---------------------------------------------------------------------------
Principal
Amount Value
- ---------------------------------------------------------------------------
BONDS AND NOTES - 92.2%
U.S. GOVERNMENTS - 16.0%
U.S. Treasury Notes
Coupon Maturity
- ------ --------
4.125% 06/30/95 $ 1,900 $ 1,903
4.375% 08/15/96 63,575 63,476(c)
8.75% 10/15/97 8,605 9,730
9.375% 04/15/96 43,600 48,294
123,403
Federal Agency -
Tennessee Valley Authority
3.995%, 07/20/95 15,000 14,963
TOTAL U.S. GOVERNMENTS
(COST $137,880) 138,366
MORTGAGE BACKED - 14.5%
Federal Home Loan Mortgage Corp.
Coupon Maturity
- ------ --------
3.733% TBA 8,900 9,043(d,h)
7.50% 11/01/08 7,751 8,045
17,088
Federal National Mortgage Assoc.
7.841%, 04/25/20 1,906 1,992
Government National Mortgage Assoc.
Coupon Maturity
- ------ --------
4.50% TBA 20,500 20,496(d)
5.50% TBA 20,500 21,107(d)
41,603
COLLATERALIZED MORTGAGE OBLIGATIONS
CMC Securities Corp. 1993-IA1
5.26%, 09/25/23 11,254 11,732(h)
Salomon Brothers Mortgage
Securities Inc. 1984-1Z
8.125%, 11/01/12 2,508 2,635
Federal Home Loan Mortgage Corp.
Coupon Maturity
- ------ --------
5.31% 07/15/19 3,233 3,643(e,i)
7.50% 09/15/20 9,500 9,794
8.00% 04/15/05 12,125 12,420
25,857
Federal National Mortgage Assoc.
Coupon Maturity
- ------ --------
4.30% 03/25/18 10,039 10,802(e,i)
4.60% 07/25/21 6,072 6,714(e,i)
5.35% 08/25/23 7,525 7,495(e,i)
25,011
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS 65,235
TOTAL MORTGAGE BACKED
(COST $124,519) 125,918
ASSET BACKED - 25.2%
First Chicago Master Trust
3.512%, 02/15/00 10,000 10,024(g)
First Chicago Master Trust 1993-HA
3.512%, 04/15/00 12,100 12,078(g)
First Deposit 1993-1A
4.90%, 06/15/00 15,000 15,070
First USA Credit Card Master Trust
3.612%, 02/15/00 13,000 13,020(g)
First USA Credit Card Master
Trust 1993-2A
3.338%, 04/15/99 4,950 4,950(g)
Ford Credit Auto Loan Master Trust
6.875%, 01/15/99 12,000 12,622
Green Tree Financial Corp.
3.813%, 07/15/18 4,664 4,678(g)
Home Equity Loan
4.65%, 12/20/10 9,760 9,696
Household Affinity Credit
Card Trust 1993-1A
3.512%, 09/15/00 10,000 9,997(g)
- -----------------------
See Notes to Schedule of Investments
- 26 -
<PAGE>
Principal
Amount Value
- ---------------------------------------------------------------------------
MBNA Master Credit Card Trust
8.75%, 10/31/95 $ 16,667 $ 16,730
MBNA Master Credit Card
Trust 1993-1A
3.612%, 03/15/00 41,550 41,587(g)
MBNA Master Credit Card
Trust 1993-2A
3.462%, 07/15/98 5,000 5,000(g)
Nationsbank Credit Card
Master Trust 1993-1A
4.75%, 09/15/98 15,500 15,458
Society Student Loan Trust
4.649%, 04/25/03 27,200 27,363(g)
Standard Credit Card Trust
5.875%, 07/07/95 10,000 10,218
Standard Credit Card Trust 1993-3A
5.50%, 02/07/00 10,000 9,990
TOTAL ASSET BACKED
(COST $218,398) 218,481
CORPORATE NOTES - 36.5%
Advanta Corp.
5.125%, 11/15/96 10,000 9,962
Arkla Inc.
9.875%, 04/15/97 3,000 3,263
Associates Corp. North America
8.625%, 06/15/97 2,100 2,322
Chase Manhattan Corp.
7.50%, 12/01/97 20,000 21,136
Chrysler Financial Corp.
6.18%, 08/25/98 5,000 5,067
Chrysler Financial Corp.
6.50%, 06/15/98 4,000 4,092
Citicorp
7.57%, 02/24/95 10,000 10,364
Citizens & Southern Corp.
5.25%, 12/19/97 6,000 5,957(g)
Countrywide Funding Corp.
5.34%, 04/01/96 10,000 10,100
Discover Credit Corp.
3.53%, 06/30/95 5,000 4,939(g)
Discover Credit Corp.
3.58%, 07/24/95 5,000 4,926(g)
First Chicago Corp.
7.02%, 03/06/95 5,000 5,167
Ford Motor Credit Corp.
6.25%, 02/26/98 10,000 10,243
General Motors Acceptance Corp.
6.75%, 07/10/97 9,200 9,523
General Motors Acceptance Corp.
8.35%, 09/05/96 12,375 13,308
Hartford Life Insurance Co.
9.11%, 09/13/95 33,330 33,330(i,j)
Household Finance Corp.
8.25%, 03/01/98 5,475 5,507
Intermediate American
Development Bank
11.625%, 12/01/94 14,320 15,271
ITT Financial Corp.
7.125%, 10/01/94 4,000 4,090
Lehman Brothers
5.04%, 12/15/03 2,500 2,500
Lockheed Corp.
3.95%, 05/11/95 10,000 10,028(g)
Marathon Oil Co.
9.50%, 03/01/94 17,816 17,934
Merrill Lynch & Co. Inc.
5.00%, 12/15/96 5,000 5,004
Metropolitan Life GAC 114815
8.74%, 01/05/95 34,922 34,922(i,j)
National City Corp.
5.25%, 01/31/97 7,500 7,463
News America Holdings Inc.
12.00%, 12/15/01 5,000 6,037
Sears Roebuck & Co.
9.25%, 04/15/98 22,000 24,831
Security Pacific Corp.
5.25%, 08/15/96 5,300 5,274(g)
Shearson Lehman Brothers
6.00%, 12/30/94 2,850 2,885
Texas Utilities Electric Co.
5.875%, 04/01/98 5,000 5,063
- -----------------------
See Notes to Schedule of Investments
- 27 -
<PAGE>
SCHEDULE OF INVESTMENTS - (Continued) December 31, 1993
(Dollars in Thousands) (Unaudited)
- ---------------------------------------------------------------------------
Principal
Amount Value
- ---------------------------------------------------------------------------
Time Warner Inc.
6.05%, 07/01/95 $ 12,000 $ 12,103 (b)
Toronto Dominion Bank
9.90%, 02/01/99 4,000 4,019
TOTAL CORPORATE NOTES
(COST $314,656) 316,630
TOTAL INVESTMENTS IN SECURITIES
(COST $795,453) 799,395
TEMPORARY INVESTMENTS - 20.3%
- ---------------------------------------------------------------------------
Associates Corp. North America
3.30%, 02/14/94 1,500 1,494
Bayerische Vereinsbank AG
3.25%, 01/03/94 32,600 32,600
Beneficial Corp.
3.33%, 05/27/94 3,000 3,000
Credit Suisse
3.438%, 05/16/94 15,000 15,000
Creditanstalt
3.27%, 04/11/94 5,800 5,747
Dresdner Bank AG
3.23%, 01/20/94 4,000 4,000
Federal Farm Credit Bank
3.13%, 01/21/94 8,150 8,136
Federal Home Loan Bank
3.13%, 01/13/94 10,000 9,990
Federal Home Loan Bank
3.15%, 01/06/94 10,000 9,996
Federal Home Loan Bank
3.18%, 01/18/94 10,000 9,985
Goldman Sachs Group LP
3.28%, 01/21/94 3,800 3,793
Goldman Sachs Group LP
3.40%, 01/21/94 5,000 4,991
Mitsubishi Bank
6.50%, 01/03/94 27,100 27,100
State Street Cayman Islands
2.50%, 01/03/94 550 550
Toronto Dominion Bank
5.50%, 01/03/94 40,000 40,000
TOTAL TEMPORARY INVESTMENTS
(COST $176,382) 176,382
OTHER ASSETS AND
LIABILITIES (12.5%) (108,480)
-----------
NET ASSETS - 100% $ 867,297
===========
- -----------------------
See Notes to Schedule of Investments
- 28 -
<PAGE>
- ---------------------------------------------------------------------------
S&S MONEY MARKET FUND
- ---------------------------------------------------------------------------
Principal Amortized
Amount Cost
- ---------------------------------------------------------------------------
SHORT TERM INVESTMENTS - 99.4%
- ---------------------------------------------------------------------------
COMMERCIAL PAPER - 47.5%
Abbey National PLC
3.20%, 04/06/94 $ 17,300 $ 17,154
Associates Corp. North America
3.30%, 02/14/94 25,000 24,899
Bankers Trust Co.
3.20%, 01/21/94 25,000 24,956
Commonwealth Bank Australia
3.20%, 01/27/94 25,000 24,942
Goldman Sachs Group LP
3.22%, 02/02/94 25,000 24,928
Kredietbank
3.20%, 01/18/94 3,000 2,996
Merrill Lynch & Co. Inc.
3.22%, 02/03/94 25,000 24,926
Morgan (J.P.) & Co. Inc.
3.15%, 01/19/94 10,200 10,184
Morgan Stanley Group Inc.
3.30%, 01/13/94 25,000 24,973
National Australia Funding
3.19%, 01/07/94 21,600 21,589
San Paolo
3.23%, 01/20/94 25,000 24,957
Toronto Dominion Bank
3.23%, 01/28/94 25,000 24,939
TOTAL COMMERCIAL PAPER
(COST $251,443) 251,443
BANKER'S ACCEPTANCES - 1.8%
Union Bank Switzerland
3.30%, 01/03/94
(Cost $9,498) 9,500 9,498
CERTIFICATES OF DEPOSIT - 47.7%
Bank of Montreal NY
3.20%, 01/18/94 15,000 15,000
Bank of Nova Scotia
3.25%, 01/21/94 25,000 25,000
Bayerische Vereinsbank AG
3.25%, 01/10/94 25,000 25,000
Commerzebank
3.20%, 01/25/94 25,000 25,000
Credit Agricole
3.35%, 01/10/94 25,000 25,000
Credit Suisse
3.20%, 02/07/94 19,000 19,000
Dresdner Bank AG
3.18%, 01/24/94 25,000 25,000
Hessische Landes Bank
3.34%, 04/25/94 10,000 10,001
Kredietbank
3.37%, 01/26/94 22,000 22,000
Royal Bank of Canada
3.31%, 01/18/94 4,500 4,500
Royal Bank of Canada
3.32%, 01/18/94 20,000 20,000
Societe Generale
3.36%, 05/03/94 11,000 11,000
Societe Generale
3.50%, 05/17/94 14,000 14,000
Union Bank Switzerland
3.23%, 03/15/94 12,200 12,200
TOTAL CERTIFICATES OF DEPOSIT
(COST $252,701) 252,701
TIME DEPOSITS - 2.4%
Dai Ichi Kangyo
6.50%, 01/03/94
(Cost $12,500) 12,500 12,500
TOTAL SHORT TERM INVESTMENTS
(COST $526,142) 526,142
OTHER ASSETS AND
LIABILITIES, NET 0.6% 3,132
-----------
NET ASSETS - 100% $ 529,274
===========
- -----------------------
See Notes to Schedule of Investments
- 29 -
<PAGE>
GE S&S PROGRAM SUPPLEMENTAL INFORMATION
(Unaudited)
- ---------------------------------------------------------------------------
Investment at $100 per Month
The first table illustrates the cumulative value at each year end of an
assumed investment in the amount of $100 per month. The table covers an
investment beginning January 1, 1991, in U.S. Savings Bonds ("Bonds"), GE
Common Stock ("Stock"), S&S Program Mutual Fund ("Mutual Fund"), S&S Short-
Term Interest Fund ("ST Fund"), S&S Long-Term Interest Fund("LT Fund"), and
S&S Money Market Fund ("MM Fund").
<TABLE>
VALUE OF INVESTMENT OF $100 PER MONTH (a)
Investment Beginning January 1, 1991
<CAPTION>
BONDS STOCK MUTUAL FUND
--------------------------- --------------------------- --------------------------
CUMULATIVE REDEMPTION MARKET VALUE VALUE
AMOUNT VALUE INCLUDING INCLUDING
AT YEAR INVESTED CUMULATIVE INCLUDING CUMULATIVE REINVESTED CUMULATIVE REINVESTED
ENDED IN EACH ACCRUED ACCRUED REINVESTED DIVIDENDS REINVESTED DISTRIBUTIONS
DEC. 31 MEDIA INTEREST INTEREST DIVIDENDS (b) (c) DISTRIBUTIONS (b) (d)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1991 $1,200 $18 $1,218 $12 $1,338 $ 97 $1,348
1992 2,400 97 2,497 62 2,874 344 2,736
1993 3,600 272 3,872 157 4,978 799 4,315
<CAPTION>
ST FUND LT FUND MM FUND
--------------------------- --------------------------- --------------------------
CUMULATIVE VALUE
AMOUNT VALUE INCLUDING VALUE
AT YEAR INVESTED CUMULATIVE INCLUDING CUMULATIVE REINVESTED CUMULATIVE INCLUDING
ENDED IN EACH ACCRUED REINVESTED REINVESTED DISTRIBUTIONS ACCRUED REINVESTED
DEC. 31 MEDIA INTEREST INTEREST DISTRIBUTIONS (b) (d) INTEREST INTEREST
(b) (d)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1991 $1,200 $ 49 $1,280 $ 57 $1,319 $40 $1,240
1992 2,400 182 2,601 232 2,664 115 2,515
1993 3,600 367 3,985 633 4,166 219 3,819
<FN>
NOTES:
(a) The Program provides for Proportionate Company Payments in addition to
Employee Contributions. The amounts shown are simply for illustrative
purposes and do not reflect any such Proportionate Company Payments.
(b) Cumulative values include the year-end market value of Stock and the
Unit Price of Mutual Fund, ST Fund, and LT Fund Units purchased
through the reinvestment of income and dividends, as the case may be.
Capital gains distributions of $2.03, $2.76, and $3.43 per unit were
paid on Mutual Fund Units in 1991, 1992, and 1993, respectively, and
capital gain distributions of $0.11 and $0.54 per unit were paid on LT
Fund Units in 1992 and 1993, respectively.
(c) The market value of Stock is based on the closing price as of year
end, as reported by the Consolidated Tape of New York Stock Exchange
listed shares.
(d) The value of Mutual Fund, ST Fund, and LT Fund Units is based on the
Unit Price as of year end. Unit Price, which is equal to the net asset
value per Unit, is determined in accordance with Section III of the
Rules of the Funds. Effective January 1, 1989 the HP Fund was
discontinued as an employee savings option. As provided by the Plan,
employee contributions, plus accumulated interest, for the year 1989
will be converted into LT Fund Units as of January 1, 1994. The HP
Fund rate was 5.6% in 1993.
</TABLE>
- 30 -
<PAGE>
- ---------------------------------------------------------------------------
$1,000 Investment
This table illustrates the value at year end of an assumed investment of
$1,000 beginning January 1, 1991 in Bonds, Stock, Mutual Fund, ST Fund, LT
Fund, and MM Fund.
<TABLE>
VALUE OF INVESTMENT OF $1,000
Investment Beginning January 1, 1991
<CAPTION>
Bonds Stock Mutual Fund
--------------------------- --------------------------- --------------------------
Redemption Market Value Value
Value Including Including
At Year Cumulative Including Cumulative Reinvested Cumulative Reinvested
Ended Accrued Accrued Reinvested Dividends Reinvested Distributions
Dec. 31 Interest Interest Dividends (b)(c) Distributions (b)(d)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1991 $39 $1,039 $28 $1,032 $102 $1,305
1992 91 1,091 68 1,414 234 1,411
1993 126 1,126 115 1,623 404 1,573
<CAPTION>
ST Fund LT Fund MM Fund
--------------------------- --------------------------- --------------------------
Value Value Redemption
Including Including Value
At Year Cumulative Reinvested Cumulative Reinvested Cumulative Including
Ended Accrued Interest Reinvested Distributions Accrued Reinvested
Dec. 31 Interest (b)(d) Distributions (b)(d) Interest Interest
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1991 $77 $1,119 $89 $1,155 $66 $1,066
1992 154 1,189 190 1,235 109 1,109
1993 222 1,259 333 1,356 146 1,046
</TABLE>
GE S&S Program Mutual Fund and S&S Long Term Interest Fund Operating
Expenses (as a percentage of average net assets) for the year ended
December 31, 1993:
Mutual Fund LT Fund
- ------------------------------------------------------------------------
Management expenses .06% .04%
Other Expenses .05% .03%
--- ----
Total Fund operating expenses .11% .07%
==== ====
The following expenses would be paid on a $1,000 investment assuming 5%
annual return:
1 Year 3 Years 5 Years 10 Years
- ------------------------------------------------------------------------
Mutual Fund $1 $4 $6 $14
LT Fund 1 2 4 9
The purpose of this table is to assist the investor in understanding the
expenses that an investor in the Fund will bear indirectly. This example
should not be considered a representation of past or future expenses. Actual
expenses may be greater or lesser than those shown.
- 31 -
<PAGE>
GE S&S PROGRAM FUNDS INVESTMENT TEAM
- ---------------------------------------------------------------------------
PORTFOLIO MANAGERS
S&S PROGRAM MUTUAL FUND
Eugene K. Bolton
S&S LONG TERM INTEREST FUND
Robert A. MacDougall
TRUSTEES
Dale F. Frey
Chairman of the Board and President, General Electric
Investment Corporation
Eugene K. Bolton
Michael J. Cosgrove
Ralph R. Layman
Alan M. Lewis
John H. Myers
Donald W. Torey
Officers of the General Electric Investment Corporation
SECRETARY
Alan M. Lewis
INVESTMENT ADVISOR
General Electric Investment Corporation
INDEPENDENT AUDITORS
KPMG Peat Marwick
CUSTODIAN
State Street Bank & Trust Company
UNITHOLDER SERVICING AGENT
Address all inquiries to:
Unitholder Servicing Agent
P.O. Box 120065
Stamford, CT 06912-0065
- 32 -
<PAGE>
GE S&S PROGRAM FUNDS SERVICES
- ---------------------------------------------------------------------------
TOLL-FREE SERVICES FOR OUR UNITHOLDERS
OUTSIDE THE TRUST
Units held outside the Trust were previously distributed to you in the form
of securities. Your account balance is evidenced by annual or semi-annual
statements of account issued by GE Investments in Stamford, CT.
GE Inquiry Center 1-800-242-0134
(203) 326-4040
(Dial Comm) 8*225-4040
- ---------------------------------------------------------------
1 2 3
INFORMATION SPECIFIC ACCOUNT TRANSACTION
ONLY INFORMATION PROCESSING
1 1 1
Transfer Account Redemption
by Mail Balance
2 2 2
Redeem Last Duplicate
by Mail Transaction Tax Forms
3 3
Change Duplicate
Address Statement
4
Price Quotes
for Last Day
of Business
- ---------------------------------------------------------------
AUDIO RESPONSE SYSTEM:
To obtain information and process account transactions on you S&S Funds held
OUTSIDE the Trust:
* Call 1-800-242-0134
* Press 1, on your touch-tone phone to gain access.
* Press 3, for information on your S&S Funds held outside the Trust.
* Then select from the options illustrated to the left.
PERSONALIZED SERVICES:
Please press zero (0) on your touch-tone phone, or if you have a rotary dial
phone please hold to speak directly to an Inquiry Specialist in order to
obtain the the following information on your S&S Funds held OUTSIDE the
Trust:
* Account Balance Information
* Statement Information
* 1099 Information
* Change of Address
* Change of Income Election
* Duplicate Statements
* Outstanding Check Information
INSIDE THE TRUST
Units held inside the Trust have been credited to your account by the
Savings & Security Program, as the result of payroll deductions. If you are
a current employee, the annual "Your Personal Share" statement summarizes
your account balance.
For Savings & Security Program Participants to obtain information and
process account transactions on your S&S Funds held INSIDE the Trust:
GE S&S TRANSACTION DAILY VALUE, YIELDS/
PROCESSING CENTER 1-800-432-4313 PERFORMANCE 1-800-843-3359