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Previous: GENERAL DEVICES INC, PRE 14A, DEF 14A, 2000-06-12 |
Next: GENERAL ELECTRIC CO, 11-K, EX-23, 2000-06-12 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
(Mark One)
[x] Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required)
For the fiscal year ended December 31, 1999
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
- 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
- Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
General Electric Company
3135 Easton Turnpike, Fairfield, Connecticut 06431
Required Information
|
A. Financial Statements and Schedules: |
Page | ||
| Independent Auditors' Report | 3 | ||
| Statements of Net Assets Available for Plan Benefits as of December 31, 1999 and 1998 | 4 | ||
| Statements of Changes in Net Assets Available for Plan Benefits for the Years Ended December 31, 1999 and 1998 | 5 | ||
| Notes to Financial Statements | 6-10 | ||
| Schedule I: Form 5500, Schedule H, Line 4i - Schedule of Assets Held for Investment Purposes - Assets Held at the End of the Plan Year | 11-18 | ||
| Schedule II: Form 5500, Schedule H, Line 4j - Schedule of Reportable Transactions | 19 | ||
| B. Exhibits | |||
|
23 |
Consent of Independent Auditors | ||
| 99(a) | GE S&S Program Mutual Funds 1999 Annual Report | ||
| 99(b) |
GE Institutional International Equity Fund 1999 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) |
||
| June 12, 2000
|
/s/ Philip D. Ameen
|
|
| Date |
Philip D. Ameen Vice President and Comptroller |
<PAGE>
1
GE SAVINGS AND SECURITY PROGRAM
Financial Statements and Supplemental Schedules
December 31, 1999 and 1998
(With Independent Auditors' Report Thereon)
<PAGE>
2
GE SAVINGS AND SECURITY PROGRAM
December 31, 1999 and 1998
Table of Contents
Page
Number(s)
---------
Independent Auditors' Report 3
Statements of Net Assets Available for Plan
Benefits as of December 31, 1999 and 1998 4
Statements of Changes in Net Assets Available for
Plan Benefits for the Years Ended December 31, 1999 and 1998 5
Notes to Financial Statements 6-10
Schedule I: Form 5500, Schedule H, Line 4i - Schedule
of Assets Held for Investment Purposes
- Assets Held at the End of the Plan Year 11-18
Schedule II: Form 5500, Schedule H, Line 4j - Schedule
of Reportable Transactions 19
<PAGE>
3
INDEPENDENT AUDITORS' REPORT
General Electric Company, as administrator
GE Savings and Security Program:
We have audited the accompanying statements of net assets available for plan
benefits of GE Savings and Security Program (the "Plan") as of December 31, 1999
and 1998, and the related statements of changes in net assets available for plan
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with 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 plan benefits of the Plan as
of December 31, 1999 and 1998, and the changes in net assets available for plan
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information included in
Schedules I and II 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. These supplemental schedules are the responsibility of the Plan's
management. The supplemental schedules have been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
KPMG LLP
April 21, 2000
<PAGE>
4
GE SAVINGS AND SECURITY PROGRAM
Statements of Net Assets Available for Plan Benefits
December 31, 1999 and 1998
(in thousands)
1999 1998
----------- -----------
ASSETS
------
Investments at fair value (Cost: $15,126,153 and
$12,642,406, respectively) (note 3) $32,319,261 $24,204,883
Accrued dividends and interest 68,741 63,306
----------- -----------
Total assets 32,388,002 24,268,189
----------- -----------
LIABILITIES
-----------
Liability for collateral deposits (note 3) 5,540 --
Other liabilities 53,108 29,932
----------- -----------
Total liabilities 58,648 29,932
----------- -----------
Net assets available for plan benefits $32,329,354 $24,238,257
=========== ===========
See accompanying notes to financial statements.
<PAGE>
5
GE SAVINGS AND SECURITY PROGRAM
Statements of Changes in Net Assets Available for Plan Benefits
Years Ended December 31, 1999 and 1998
(in thousands)
1999 1998
----------- -----------
Additions to net assets attributed to:
Investment income:
Net realized and unrealized appreciation
in value of investments $ 8,274,493 $ 4,960,118
Interest and dividend income:
General Electric Company common stock 235,656 214,260
Registered investment companies 726,036 479,882
Interest 159,178 144,142
----------- -----------
9,395,363 5,798,402
----------- -----------
Contributions:
Employee 682,878 628,390
Employer 228,840 211,218
----------- -----------
911,718 839,608
----------- -----------
Total additions 10,307,081 6,638,010
Deductions from net assets attributed to:
Participant withdrawals (2,215,984) (1,467,707)
----------- -----------
Net increase 8,091,097 5,170,303
Net assets available for plan benefits:
Beginning of year 24,238,257 19,067,954
----------- -----------
End of year $32,329,354 $24,238,257
=========== ===========
See accompanying notes to financial statements.
<PAGE>
6
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements
December 31, 1999 and 1998
(1) Description of the Plan
-----------------------
GE Savings and Security Program (the "Plan") is a defined contribution
plan sponsored by General Electric Company (the "Company"). The Plan is
subject to applicable provisions of the Employee Retirement Income
Security Act of 1974 ("ERISA"). The Trustees of the Plan are officers of
GE Asset Management Incorporated (GEAM) successor by merger to General
Electric Investment Corporation, a wholly owned subsidiary of General
Electric Company. GEAM is investment advisor to the Plan and provides
investment management services, except for the investments in General
Electric Company common stock and United States Savings Bonds. State
Street Bank and Trust Company and The Bank of New York are the primary
custodians for Plan assets.
The following description of the Plan is provided for general information
purposes only. The complete terms of the Plan are provided in the GE
Savings and Security Program document (the "Plan Document"). Information
concerning the Plan, including benefits, vesting provisions and effects
of plan termination is included in plan handbooks and other material
distributed to participants.
Employee Contributions and Investment Funds
-------------------------------------------
Eligible employees of the Company and its participating affiliates may
participate in the Plan by investing a portion of their earnings
(generally up to 7% with employer partial matching and an additional 10%
without any employer matching) in one or more of the following funds or
investments generally through a trust established to administer the
investment of program funds:
(a) General Electric Company common stock (the "GE Stock Fund" or "GE
common stock").
(b) S&S Long Term Interest Fund (the "LT Fund") -- consists primarily
of investments in long and medium-term bonds and short-term 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.
(d) GE Institutional International Equity Fund (the "INT Fund") --
consists primarily of investments in equity securities of
non-domestic corporations through a registered investment company.
(e) S&S Short Term Interest Fund (the "ST Fund")-- consists primarily
of investments in securities of the U.S. government and its
agencies and corporate bonds.
(f) S&S Money Market Fund (the "MM Fund") -- consists of investments
in short-term money market instruments.
(g) United States Savings Bonds ("U.S. Bond Fund")-- consists of
individual participants' investments in U.S. Savings Bonds.
Pending accumulation of sufficient individual funds, investments
are made in short-term money market instruments. Only participant
after-tax contributions may be invested in the U.S. Bond Fund.
(continued)
<PAGE>
7
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements, continued
Participants may elect, up to twelve times a year, to switch their
investment in an investment fund (in increments of 10%) to another
investment fund or split the amount equally between two other investment
funds. The U.S. Bond Fund does not accept switches from other investment
funds and U.S. Savings Bonds purchased with after-tax contributions after
1988 cannot be switched to another investment.
The Internal Revenue Code sets out maximum limits on participant pre-tax
contributions. The limit was $10,000 for 1999 and 1998.
Employer Contributions
----------------------
The Plan generally provides for employer matching contributions of 50% of
employees' contributions of up to 7% of their earnings which may be
invested at the election of the participant in any one of the investment
funds except for the U.S. Bond Fund.
Rollovers and Transfers from Other Qualified Plans
--------------------------------------------------
Subject to Company approval, participants may elect to roll over amounts
from other qualified plans or arrangements in accordance with the
Internal Revenue Code. For the years ended December 31, 1999 and 1998,
transfers from other qualified plans accounted for $51.9 million and
$54.1 million, respectively, which are shown as employee contributions in
the statements of changes in net assets available for plan benefits.
Withdrawals
-----------
Subject to certain limitations prescribed by the Plan and the Internal
Revenue Code, terminated participants may elect retirement or other
termination withdrawals in either lump sum or partial payments and
currently employed participants may make up to seven withdrawals per year
or certain hardship withdrawals from their participant accounts. Partial
payments on termination are generally limited to four per year and a
minimum of $500 each.
Loans to Participants
---------------------
The Plan permits participants, under certain circumstances, to borrow a
minimum of $500 from their participant accounts. Subject to certain
Internal Revenue Code and Plan limits, such loans cannot exceed 50% of
the participant's available account value, as defined in the Plan
Document (or, if less, $50,000 adjusted for prior loans). The interest
rate applicable to participant loans is based on the monthly average of
the composite yield on corporate bonds, as published by Moody's Investors
Service.
A participant may have no more than two outstanding loans from the Plan
at any time and may not obtain more than one such loan during any
calendar year.
Loans are repaid with interest in equal payments over the term of the
loan by payroll deductions, personal check or other such methods as may
be required. Participants may repay the entire principal amount by check
with written notice and without penalty beginning three months after the
date of the loan.
In the event of a loan default, as defined by the Internal Revenue
Service, the Plan will report the amount of the loan principal and
accrued interest as a withdrawal.
(continued)
<PAGE>
8
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements, continued
Vesting
-------
Participants are fully vested in their employee and employer
contributions.
Plan Termination and Amendment
------------------------------
Although the Company has not expressed any intent to do so, it has the
right under the Plan (subject to applicable contractual requirements) to
discontinue its contributions, and to terminate the Plan in accordance
with the provisions of ERISA. If the Plan is terminated, each
participant's interest will be payable in full according to the Plan
provisions. The Company also has the right under the Plan (subject to
applicable contractual requirements) to amend or replace it for any
reason.
Administrative Costs
--------------------
Direct administrative costs of the Plan are generally borne by the
Company.
(2) Summary of Significant Accounting Policies
------------------------------------------
(a) Basis of Accounting
-------------------
The accompanying financial statements have been prepared on the
accrual basis of accounting.
(b) Investments
-----------
Plan investments are stated at fair value. General Electric
Company common stock is valued at the New York Stock Exchange
Composite Transactions closing price. Investments in registered
investment companies are valued at the closing price on NASDAQ.
Long-term U.S. government, agency and corporate debt, notes,
bonds, and loans secured by mortgages are valued at current quoted
market prices. Loans to participants bear interest at market rates
and cost plus accrued interest approximates fair value. Short-term
money market instruments, U.S. government, agency and corporate
notes are valued at amortized cost, which approximates fair value.
U.S. Savings Bonds are valued at the current cash redemption value
published by the U.S. Treasury Department.
Investment transactions are recorded on a trade date basis.
Dividends on General Electric Company common stock are recorded as
of the record date. Interest income is earned from settlement date
and recognized on the accrual basis.
The LT Fund may use various financial instruments, particularly
forward foreign currency contracts, options, and futures, commonly
referred to as derivatives, to manage its risk. The LT Fund does
not engage in market-making or other speculative activities in the
derivatives markets. Established practices require that derivative
financial instruments relate to specific asset, liability, or
equity transactions or to currency exposures. More detailed
information regarding these financial instruments, as well as the
strategies and policies for their use, is contained in the audited
financial statements of the LT Fund which are distributed annually
to participants.
(c) New Accounting Pronouncement
----------------------------
Effective for the year ended December 31, 1999, the Plan adopted
the provisions of Statement of Position (SOP) 99-3, "ACCOUNTING
FOR AND REPORTING OF CERTAIN DEFINED CONTRIBUTION PLAN INVESTMENTS
(continued)
<PAGE>
9
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements, continued
AND OTHER DISCLOSURE MATTERS." The impact of this SOP on the
Plan's financial statements was the elimination of certain
disclosures related to participant-directed investments.
(d) Management Estimates and Assumptions
------------------------------------
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect reported amounts and
related disclosures. Actual results could differ from those
estimates.
(e) Reclassifications
-----------------
Certain prior year amounts have been reclassified to conform to
current year presentation.
(3) Investments
-----------
The Plan held the following individual investments whose aggregate fair
value equaled or exceeded 5% of the Plan's net assets at December 31,
1999 and 1998:
Fair Value
----------
(in thousands)
1999
----
GE common stock 155,601,353 shares $24,079,309
S&S Long Term Interest Fund 170,667,974 shares 1,826,147
S&S Program Mutual Fund 52,926,454 shares 2,887,138
1998
----
GE common stock 163,011,314 shares $16,627,154
S&S Long Term Interest Fund 185,191,643 shares 2,135,262
S&S Program Mutual Fund 43,514,903 shares 2,499,060
The ST Fund may, from time to time, lend securities to certain unrelated
brokers. In the event the counterparty does not meet its contracted
obligation to return securities used, the ST Fund may be exposed to the
risk of reacquiring the securities at prevailing market prices in order
to satisfy its obligations. The ST Fund receives collateral in the form
of cash or securities, which may be supplemented by letters of credit, in
an amount generally in excess of the market value of securities loaned.
The ST Fund monitors the market value of the securities loaned on a daily
basis with additional collateral obtained or refunded as necessary. The
value of loaned securities, primarily U.S. Treasury obligations, amounted
to $5.5 million and zero at December 31, 1999 and 1998, respectively. The
value of cash collateral obtained and reinvested in short-term
investments is reflected as a liability in the Plan's financial
statements.
Audited financial statements of the LT Fund, the Mutual Fund and the INT
Fund are distributed annually to participants.
(continued)
<PAGE>
10
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements, continued
(4) Loans to Participants
---------------------
The following table summarizes the changes in loans to participants.
Year Ended December 31
----------------------
1999 1998
--------- ---------
(in thousands)
Loan balance - beginning of year $ 428,467 $ 411,689
Loans made 209,071 212,084
Less: Loan repayments
- Reinvestments (185,971) (182,485)
- Withdrawals (13,999) (12,821)
--------- ---------
Loan balance - end of year $ 437,568 $ 428,467
========= =========
(5) Tax Status
----------
The Internal Revenue Service has determined and informed the Company by a
letter dated September 2, 1998, that the Plan is qualified under the
appropriate sections of the Internal Revenue Code.
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 withdrawn from the
Plan.
(6) General Electric Company Common Stock
-------------------------------------
The Plan holds shares of General Electric Company common stock and
records dividend income, net realized gains on sale and net unrealized
appreciation in the value of these securities. Such net realized gains
and net unrealized appreciation were $8.5 billion and $4.8 billion for
the years ended December 31, 1999 and 1998, respectively.
<PAGE>
11
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Form 5500, Schedule H, Line 4i - Schedule of Assets Held
for Investment Purposes
Assets Held at the End of the Plan Year
Description
-----------
Employer Securities Cost Market
------------------- ---- ------
CORPORATE STOCKS - COMMON
GENERAL ELECTRIC COMPANY (155,601,353 shares) $7,109,290,232 $24,079,309,397
-------------- ---------------
Shares of Registered Investment Companies
S&S LONG TERM INTEREST FUND (170,667,974 shares) 1,937,495,748 1,826,147,320
S&S PROGRAM MUTUAL FUND (52,926,454 shares) 2,618,587,227 2,887,138,150
GE INSTITUTIONAL - INTERNATIONAL EQUITY FUND (8,916,686 shares) 117,251,488 130,986,106
-------------- ---------------
Total Registered Investment Companies 4,673,334,463 4,844,271,576
-------------- ---------------
See accompanying notes to Schedule of Assets on page 18.
(continued)
<PAGE>
12
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Form 5500, Schedule H, Line 4i - Schedule of Assets Held
for Investment Purposes, continued
Assets Held at the End of the Plan Year
Description
----------- Rate of
Interest Maturity Cost Market
-------- -------- ---- ------
U.S. Government and Agency Debt Obligations
-------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.620% 04/17/2000 $78,037,183 $ 78,037,183 (a)
FEDERAL HOME LOAN BANK 5.640% 02/23/2000 74,078,071 74,078,071 (a)
FEDERAL NATIONAL MORTGAGE ASSOC 5.625% 03/15/2001 70,218,451 68,998,910
UNITED STATES TREASURY NOTES 5.875% 10/31/2001 68,461,126 67,922,813
FEDERAL HOME LOAN BANK 5.550% 02/04/2000 66,653,238 66,653,238 (a)
FEDERAL HOME LOAN MORTGAGE CORP 5.350% 01/21/2000 54,739,101 54,739,101 (a)
FEDERAL HOME LOAN BANK 5.750% 04/12/2000 52,161,319 52,161,319
FEDERAL HOME LOAN BANK 6.000% 11/15/2001 50,722,485 50,426,987
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.750% 04/10/2000 50,334,096 50,334,096 (a)
FEDERAL HOME LOAN BANK 5.600% 02/25/2000 49,584,063 49,584,063 (a)
UNITED STATES TREASURY NOTES 5.625% 09/30/2001 47,688,894 47,322,000
FEDERAL HOME LOAN BANK 5.250% 04/25/2002 39,351,821 38,308,680
UNITED STATES TREASURY NOTES 6.625% 03/31/2002 37,253,892 36,520,182
UNITED STATES TREASURY NOTES 5.875% 06/30/2000 34,314,299 34,314,299
UNITED STATES TREASURY NOTES 5.875% 09/30/2002 34,145,348 33,110,148
UNITED STATES TREASURY NOTES 6.250% 05/31/2000 32,385,011 32,385,011
UNITED STATES TREASURY NOTES 5.750% 06/30/2001 32,375,652 32,092,957
UNITED STATES TREASURY NOTES 4.875% 03/31/2001 29,674,391 29,255,309
FEDERAL NATIONAL MORTGAGE ASSOC 9.000% 03/01/2011 25,331,710 25,044,366
FEDERAL HOME LOAN BANK 5.640% 05/05/2000 24,690,197 24,690,197 (a)
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.670% 01/21/2000 23,917,558 23,917,558 (a)
FEDERAL FARM CREDIT BANK 5.580% 02/22/2000 21,422,647 21,422,647 (a)
UNITED STATES TREASURY NOTES 5.500% 03/31/2000 20,419,435 20,419,435
UNITED STATES TREASURY NOTES 6.500% 05/31/2002 20,485,119 20,096,800
GOVERNMENT NATIONAL MORTGAGE ASSOC 9.500% 12/15/2009 16,297,614 16,127,454
UNITED STATES TREASURY NOTES 5.750% 11/30/2002 15,772,580 15,407,292
GOVERNMENT NATIONAL MORTGAGE ASSOC 9.000% 12/15/2009 15,576,430 15,161,528
FEDERAL HOME LOAN BANK 5.625% 03/19/2001 15,347,747 14,991,629
GOVERNMENT NATIONAL MORTGAGE ASSOC 9.000% 08/15/2009 13,499,079 13,306,164
FEDERAL HOME LOAN BANK 5.590% 03/15/2000 12,804,125 12,804,125 (a)
FEDERAL AGRICULTURAL MORTGAGE CORP 5.650% 01/18/2000 11,923,555 11,923,555 (a)
FEDERAL NATIONAL MORTGAGE ASSOC 9.000% 08/01/2010 11,630,845 11,473,394
FEDERAL NATIONAL MORTGAGE ASSOC. REMIC 6.171% 05/25/2014 11,255,377 10,810,902
UNITED STATES TREASURY NOTES 5.500% 07/31/2001 9,432,250 9,348,129
FEDERAL NATIONAL MORTGAGE ASSOC 6.590% 09/01/2002 9,191,114 9,110,692
FED HOME LOAN MORTGAGE CORP 8.000% 08/01/2003 6,860,766 6,733,432
See accompanying notes to Schedule of Assets on page 18.
(continued)
<PAGE>
13
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Form 5500, Schedule H, Line 4i - Schedule of Assets Held
for Investment Purposes, continued
Assets Held at the End of the Plan Year
Description
----------- Rate of
Interest Maturity Cost Market
-------- -------- ---- ------
U.S. Government and Agency Debt Obligations (continued)
-------------------------------------------------------
FED HOME LOAN MORTGAGE CORP 5.929% 05/25/2006 $6,812,313 $6,728,921
FEDERAL HOME LOAN MORTGAGE CORP 5.320% 01/27/2000 5,678,676 5,678,676 (a)
FEDERAL HOME LOAN MORTGAGE CORP 5.370% 04/13/2000 5,516,524 5,516,524 (a)
UNITED STATES TREASURY NOTES 5.875% 11/30/2001 5,428,002 5,410,098
FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.680% 02/07/2000 3,977,081 3,977,081 (a)
FEDERAL NATIONAL MORTGAGE ASSOC 7.110% 11/17/2006 2,744,841 2,733,507
GOVERNMENT NATIONAL MORTGAGE ASSOC 9.500% 12/15/2009 2,646,457 2,619,192
GOVERNMENT NATIONAL MORTGAGE ASSOC 9.500% 12/15/2009 2,575,653 2,549,130
UNITED STATES TREASURY NOTES 5.250% 05/31/2001 1,261,215 1,246,821
FED HOME LOAN MORTGAGE CORP 7.500% 12/01/2006 1,063,981 1,026,194
FEDERAL NATIONAL MORTGAGE ASSOC 6.554% 09/17/2004 1,027,940 1,026,030
FED HOME LOAN MORTGAGE CORP 6.000% 12/01/2008 584,278 585,923
FEDERAL NATIONAL MORTGAGE ASSOC 7.000% 06/18/2020 430,828 430,154
FEDERAL HOME LOAN MORTGAGE CORP. REMIC N/A 07/15/2006 10,768 198,230 (b)
FEDERAL NATIONAL MORTGAGE ASSOC 6.000% 05/01/2001 129,073 132,265
FEDERAL NATIONAL MORTGAGE ASSOC. REMIC N/A 11/25/2006 56,257 55,630 (b)
FEDERAL HOME LOAN MORTGAGE CORP. REMIC N/A 09/15/2005 1,778 49,652 (b)
------------- -------------
Total U.S. Government and Agency Debt Obligations 1,227,982,254 1,218,997,694
------------- -------------
Loans to Participants
---------------------
VARIOUS 6.72-12.5% 1 month to 437,568,379 437,568,379
15 years ------------- -------------
Corporate Bonds and Notes - Preferred
-------------------------------------
AT + T UNIVERSAL CARD MASTER TRUST 5.950% 10/17/2002 14,513,104 14,222,980
CHEMICAL MASTER CREDIT CARD TRUST I 5.550% 09/15/2003 12,609,648 12,499,718
PREMIER AUTO TRUST 5.770% 01/06/2002 9,749,983 9,722,505
FLEET CREDIT CARD LLC 6.450% 10/30/2000 9,784,377 9,716,265
CALIFORNIA INFRASTRUCTURE 6.160% 06/25/2003 9,802,062 9,682,288
CARCO AUTO LOAN MASTER TRUST 5.650% 03/15/2003 9,732,628 9,627,534
CIT RV TRUST 5.780% 07/15/2008 9,738,237 9,548,244
DISCOVER CARD MASTER TRUST I 5.750% 10/16/2003 9,753,848 9,545,683
DISCOVER CARD MASTER TRUST I 5.900% 10/15/2004 9,733,601 9,505,859
DISCOVER CARD MASTER TRUST I 5.300% 08/15/2004 9,679,917 9,365,024
PREMIER AUTO TRUST 5.780% 04/08/2003 9,390,094 9,116,906
MONSANTO CO 5.375% 12/01/2001 9,161,421 8,914,944
See accompanying notes to Schedule of Assets on page 18.
(continued)
<PAGE>
14
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Form 5500, Schedule H, Line 4i - Schedule of Assets Held
for Investment Purposes, continued
Assets Held at the End of the Plan Year
Description
----------- Rate of
Interest Maturity Cost Market
-------- -------- ---- ------
Corporate Bonds and Notes - Preferred (continued)
-------------------------------------------------
TYCO INTERNATIONAL LTD 6.500% 11/01/2001 $8,859,446 $8,587,843
PREMIER AUTO TRUST 6.270% 04/08/2003 6,976,700 6,931,213
DISCOVER CARD MASTER TRUST I 5.800% 09/16/2003 6,975,797 6,930,000
FORD MOTOR CREDIT CORP 6.500% 02/28/2002 6,051,668 5,937,000
FORD MOTOR CREDIT CORP 5.650% 10/15/2001 5,372,587 5,362,795
MCI WORLDCOM INC 6.125% 08/15/2001 4,981,217 4,896,491
CITIBANK CREDIT CARD MASTER TRUST I 5.850% 04/10/2003 4,787,574 4,645,621
MERRILL LYNCH + CO 5.710% 01/15/2002 4,505,225 4,467,122
MORGAN STANLEY DEAN WITTER & CO 7.125% 01/15/2003 4,399,039 4,396,524
AMERICAN EXPRESS MASTER TRUST 5.375% 07/15/2001 4,238,903 4,173,789
GREEN TREE FINANCIAL CORP 6.900% 04/15/2018 4,265,289 4,163,514
CARNIVAL CORP 5.650% 10/15/2000 3,989,391 3,962,760
MBNA MASTER CREDIT CARD TRUST II 6.723% 10/15/2003 3,007,969 3,008,430
ELECTRONIC DATA SYSTEMS CORP 6.850% 05/15/2000 2,999,796 3,006,600
BANK ONE CORP 6.400% 08/01/2002 2,897,291 2,850,874
PROVIDENT BANK HOME EQUITY LOAN TRUST 7.180% 04/21/2013 2,329,031 2,293,878
CAPITAL AUTO RECEIVABLES ASSET 5.580% 06/15/2002 1,999,646 1,958,125
ADVANTA MORTGAGE LOAN TRUST CORP 6.300% 07/25/2025 1,976,017 1,936,843
LG&E CAPITAL CORP 5.750% 11/01/2001 1,525,000 1,491,465
CAPITAL ASSET RESEARCH FUNDING LP 6.400% 12/15/2004 1,449,275 1,440,829
----------- -----------
Total Corporate Bonds and Notes - Preferred 207,235,781 203,909,666
----------- -----------
Corporate Bonds and Notes - All Other
-------------------------------------
CLEVELAND ELECTRIC CO. TOLEDO EDISON 7.190% 07/01/2000 5,890,950 5,798,208
FEDERATED DEPARTMENT STORES INC 6.125% 09/01/2001 4,479,974 4,402,630
PETROLEOS MEXICANOS 7.600% 06/15/2000 4,000,000 3,997,280
USA WASTE SERVICES INC 6.125% 07/15/2001 3,995,603 3,807,000
RAYTHEON CO 5.950% 03/15/2001 3,746,214 3,688,988
CONSECO INC 6.400% 06/15/2001 3,478,038 3,374,452
See accompanying notes to Schedule of Assets on page 18.
(continued)
<PAGE>
15
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Form 5500, Schedule H, Line 4i - Schedule of Assets Held
for Investment Purposes, continued
Assets Held at the End of the Plan Year
Description
----------- Rate of
Interest Maturity Cost Market
-------- -------- ---- ------
Corporate Bonds and Notes - All Other (continued)
-------------------------------------------------
KOREA DEVELOPMENT BANK 9.600% 12/01/2000 $3,060,601 $3,048,750
TIME WARNER PASS-THROUGH ASSET TRUST 6.100% 12/30/2001 2,149,674 2,097,564
NIAGARA MOHAWK POWER CORP 9.500% 06/01/2000 2,022,428 2,022,220
KROGER CO 6.340% 06/01/2001 1,927,881 1,910,374
US WEST CAPITAL FUNDING INC 6.875% 08/15/2001 1,698,220 1,684,445
GEORGIA-PACIFIC GROUP 9.950% 06/15/2002 1,639,609 1,629,836
WESTINGHOUSE ELECTRIC CORP 8.875% 06/01/2001 923,861 920,322
----------- -----------
Total Corporate Bonds and Notes - All Other 39,013,053 38,382,069
----------- -----------
Total Corporate Bonds and Notes 246,248,834 242,291,735
----------- -----------
See accompanying notes to Schedule of Assets on page 18.
(continued)
<PAGE>
16
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Form 5500, Schedule H, Line 4i - Schedule of Assets Held
for Investment Purposes, continued
Assets Held at the End of the Plan Year
Description
-----------
Units Cost Market
----- ---- ------
U.S. Savings Bonds (Series E and EE)
------------------------------------
1960 US SAVINGS BOND E SERIES 72 $ 1,350 $ 13,527
1961 US SAVINGS BOND E SERIES 60 1,125 11,366
1962 US SAVINGS BOND E SERIES 106 1,988 19,893
1963 US SAVINGS BOND E SERIES 128 2,400 23,606
1964 US SAVINGS BOND E SERIES 169 3,169 30,570
1965 US SAVINGS BOND E SERIES 172 3,225 26,568
1970 US SAVINGS BOND E SERIES 1,084 20,325 145,618
1971 US SAVINGS BOND E SERIES 1,485 27,844 172,083
1972 US SAVINGS BOND E SERIES 1,841 34,519 209,535
1973 US SAVINGS BOND E SERIES 2,688 50,400 302,164
1974 US SAVINGS BOND E SERIES 4,251 79,706 456,660
1975 US SAVINGS BOND E SERIES 5,491 102,956 571,445
1976 US SAVINGS BOND E SERIES 7,015 131,531 704,525
1977 US SAVINGS BOND E SERIES 9,652 180,975 920,842
1978 US SAVINGS BOND E SERIES 15,597 292,444 1,200,338
1979 US SAVINGS BOND E SERIES 26,041 488,269 1,933,547
1980 US SAVINGS BOND EE SERIES 10,075 503,750 2,105,063
1981 US SAVINGS BOND EE SERIES 10,463 523,150 1,946,931
1982 US SAVINGS BOND EE SERIES 11,729 586,450 2,016,529
1983 US SAVINGS BOND EE SERIES 21,869 1,093,450 3,151,187
1984 US SAVINGS BOND EE SERIES 24,700 1,235,000 3,245,664
1985 US SAVINGS BOND EE SERIES 32,432 1,621,600 4,006,345
1986 US SAVINGS BOND EE SERIES 85,232 4,261,600 9,960,014
1987 US SAVINGS BOND EE SERIES 91,365 4,568,250 9,376,662
1988 US SAVINGS BOND EE SERIES 107,603 5,380,150 10,466,986
1989 US SAVINGS BOND EE SERIES 154,589 7,729,450 14,167,654
1990 US SAVINGS BOND EE SERIES 159,790 7,989,500 13,792,969
1991 US SAVINGS BOND EE SERIES 168,880 8,444,000 13,754,217
1992 US SAVINGS BOND EE SERIES 266,542 13,327,100 20,414,652
1993 US SAVINGS BOND EE SERIES 193,391 9,669,550 13,428,335
1994 US SAVINGS BOND EE SERIES 157,871 7,893,550 10,330,175
1995 US SAVINGS BOND EE SERIES 65,444 3,272,200 3,966,624
1996 US SAVINGS BOND EE SERIES 611 30,550 34,817
1997 US SAVINGS BOND EE SERIES 248,151 12,407,550 13,794,642
1998 US SAVINGS BOND EE SERIES 232,551 11,627,550 12,325,782
1999 US SAVINGS BOND EE SERIES 239,406 11,970,300 12,094,653
----------- -----------
Total US Savings Bonds (Series E and EE) 115,556,926 181,122,188
----------- -----------
See accompanying notes to Schedule of Assets on page 18.
(continued)
<PAGE>
17
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Form 5500, Schedule H, Line 4i - Schedule of Assets Held
for Investment Purposes, continued
Assets Held at the End of the Plan Year
Description
-----------
Short Term Money Market Instruments
-----------------------------------
Rate of
Interest Maturity Cost Market
-------- -------- ---- ------
Interest Bearing Time Deposits and Commercial Paper
---------------------------------------------------
DRESDNER BANK AG 5.810% 02/28/2000 $103,373,226 $103,373,226
SOCIETE GENERALE NORTH AMERICA INC 5.810% 02/25/2000 97,685,143 97,685,143
MERRILL LYNCH & CO. INC 5.850% 02/04/2000 96,285,070 96,285,070
HALIFAX BUILDING SOCIETY 5.780% 02/22/2000 84,022,599 84,022,599
DEUTSCHE BANK AG 6.080% 01/14/2000 82,000,000 82,000,000
BANK OF NOVA SCOTIA 5.910% 03/15/2000 77,694,534 77,694,534
ROYAL BANK OF CANADA 4.750% 01/03/2000 75,370,000 75,370,000
REPUBLIC NATIONAL BANK NEW YORK NY 5.250% 01/03/2000 75,130,000 75,130,000
BANK OF AMERICA 6.040% 01/07/2000 69,499,966 69,499,966
MORGAN STANLEY DEAN WITTER 5.920% 01/12/2000 69,374,282 69,374,282
FIRST UNION CORP 6.002% 01/31/2000 69,023,034 69,023,034
ABBEY NATIONAL PLC 5.800% 02/29/2000 67,799,345 67,799,345
MORGAN (J.P.) & CO. INC 5.970% 01/14/2000 65,857,715 65,857,715
CREDIT SUISSE 5.930% 01/10/2000 65,253,119 65,253,119
BAYERISCHE HYPOTHEKEN BANK 6.090% 01/28/2000 63,300,000 63,300,000
BAYERISCHE HYPOTHEKEN BANK 6.060% 01/10/2000 50,000,000 50,000,000
WORLD BANK 5.540% 01/31/2000 42,306,094 42,306,094 (a)
RABOBANK USA FINANCIAL CORP 4.500% 01/03/2000 22,570,000 22,570,000
CANADIAN IMPERIAL BANK OF COMMERCE 4.875% 01/03/2000 2,860,000 2,860,000
UBS FINANCE DELAWARE INC 5.930% 03/30/2000 847,392 847,392
------------- -------------
Total Interest Bearing Time Deposits and Commercial Paper 1,280,251,519 1,280,251,519
Short-Term Investment Fund
--------------------------
GEI SHORT TERM INVESTMENT FUND Variable N/A 13,201,738 13,201,738
Non-Interest Bearing Cash
-------------------------
NON-INTEREST BEARING CASH N/A N/A 80,988 80,988
------------- -------------
Total Short-Term Money Market Instruments 1,293,534,245 1,293,534,245
------------- -------------
See accompanying notes to Schedule of Assets on page 18.
(continued)
<PAGE>
18
Schedule I
GE SAVINGS AND SECURITY PROGRAM
Form 5500, Schedule H, Line 4i - Schedule of Assets Held
for Investment Purposes, continued
Assets Held at the End of the Plan Year
Description
----------- Rate of
Interest Maturity Cost Market
-------- -------- ---- ------
Loans Secured by Mortgages
--------------------------
ASSET SECURITIZATION CORP 6.500% 02/14/2041 $10,757,128 $10,487,112
GS MORTGAGE SECURITIES CORP 6.940% 07/13/2030 8,362,107 8,171,591
VORNADO FINANCE CORP 6.360% 12/01/2000 2,003,438 1,993,750
LEHMAN FHA TITLE I LOAN TRUST 7.300% 05/25/2017 901,781 900,970
DLJ COML MORTGAGE ACCEPTANCE CORP 6.783% 02/08/2000
613,135 612,751
--------------- ---------------
Total Loans Secured by Mortgages 22,637,589 22,166,174
--------------- ---------------
Total Investments $15,126,152,922 $32,319,261,388
=============== ===============
Notes to Schedule of Assets
---------------------------
(a) These are discounted instruments. The indicated rate of interest represents
effective yield.
(b) These are interest only and principal only investments. The rate of
interest is not applicable.
<PAGE>
19
Schedule II
GE SAVINGS AND SECURITY PROGRAM
Form 5500, Schedule H, Line 4j - Schedule of Reportable Transactions
Year Ended December 31, 1999
A. Single Transaction in Excess of 5% ($1,213,409,450) of the Current Value of
Plan Assets at the Beginning of the Plan Year: NONE
B. Series of Non-Security Transactions With the Same Party, Aggregating over
5% ($1,213,409,450) of Current Value of Plan Assets at the Beginning of the
Year: NONE
C. Series of Transactions with Respect to Securities of the Same Issuer,
Aggregating over 5% ($1,213,409,450) of the Current Value of Plan Assets at
the Beginning of the Plan Year: NONE
D. Securities Transactions within the Plan Year with or in Conjunction with a
Person in an Amount in Excess of 5% ($1,213,409,450) of the Current Value
of Plan Assets at the Beginning of the Plan Year: NONE
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