UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
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| FORM 11-K |
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE
ACT OF 1934
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(Mark One) |
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þ Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required) |
| For the fiscal year ended December 31, 2001 |
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¨ 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 |
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GE Savings and Security Program |
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General Electric Company |
Required Information
| A. Financial Statements and Schedule: | Page | |||
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| Independent Auditors' Report | 3 | |||
| Financial Statements: | ||||
| Statements of Net Assets Available for Plan Benefits as of December 31, 2001 and 2000 |
4 | |||
| Statements of Changes in Net Assets Available
for Plan Benefits for the Years Ended December 31, 2001 and 2000 |
5 | |||
| Notes to Financial Statements | 6-11 | |||
| Supplemental Schedule: | ||||
| Schedule H, Line 4i –
Schedule of Assets (Held at End of
Year) As of December 31, 2001 |
12-19 | |||
| B. Exhibits | ||||
| 23 | Consent of Independent Auditors* | |||
| 99(a) | GE S&S Program Mutual Funds 2001 Annual Report
(incorporated by reference to the General Electric S&S Program Mutual Fund Form N-30D for the year ended December 31, 2001, as filed with the Commission on February 28, 2002) |
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| 99(b) | GE
Institutional International Equity Fund 2001 Annual Report
(incorporated by reference to the GE Institutional Funds Form N-30D for the year ended September 30, 2001, as filed with the Commission on November 30, 2001) |
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*Filed electronically herewith.
Signatures
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
| GE Savings and Security Program | ||
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(Name of Plan) |
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| Date: June 24, 2002 |
/s/ Philip D. Ameen |
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Philip D. Ameen Vice President and Comptroller |
GE SAVINGS AND SECURITY PROGRAM
Financial Statements and Supplemental Schedule
December 31, 2001 and 2000
(With Independent Auditors' Report Thereon)
GE SAVINGS AND SECURITY PROGRAM
December 31, 2001 and 2000
Table of Contents
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Page |
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Independent Auditors' Report |
3 |
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Financial Statements: |
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Statements of Net Assets Available for
Plan Benefits |
4 |
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Statements of Changes in Net Assets
Available for Plan Benefits |
5 |
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Notes to Financial Statements |
6-11 |
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Supplemental Schedule: (i) |
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Schedule H, Line 4i – Schedule of Assets
(Held at End of Year) |
12-19 |
(i) Schedules required by Form 5500 that are not applicable have not been included.
- 2 -
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, 2001 and 2000, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 2001 and 2000, and the changes in net assets available for plan benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.
Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule H, line 4i - schedule of assets (held at end of year) as of December 31, 2001 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
KPMG LLP
May 9, 2002
- 3 -
GE SAVINGS AND SECURITY PROGRAM
Statements of Net Assets Available for Plan Benefits
December 31, 2001 and 2000
(in thousands)
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Assets |
2001 |
2000 |
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Investments at fair value (note 3) |
$25,542,340 |
$29,841,338 |
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Accrued dividends and interest |
84,783 |
79,685 |
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Other assets |
501 |
3,417 |
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Total assets |
25,627,624 |
29,924,440 |
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Liabilities |
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Liability for collateral deposits (note 3) |
229,833 |
61,153 |
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Other liabilities |
6,635 |
7,171 |
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Total liabilities |
236,468 |
68,324 |
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Net assets available for plan benefits |
$25,391,156 |
$29,856,116 |
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See accompanying notes to financial statements.
- 4 -
GE SAVINGS AND SECURITY PROGRAM
Statements of Changes in Net Assets Available for Plan Benefits
Years Ended December 31, 2001 and 2000
(in thousands)
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2001 |
2000 |
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Additions (reductions) to net assets attributed to: |
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Investment income: |
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Net depreciation in fair value of investments (note 3) |
$(4,004,189) |
$(1,727,877) |
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Interest and dividend income: |
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General Electric Company common stock |
311,725 |
276,075 |
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Registered investment companies |
171,317 |
368,700 |
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Interest |
126,539 |
160,240 |
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(3,394,608) |
(922,862) |
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Contributions: |
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Employee |
805,642 |
794,170 |
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Employer |
273,890 |
259,157 |
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1,079,532 |
1,053,327 |
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Total (reductions) additions |
(2,315,076) |
130,465 |
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Deductions from net assets attributed to: |
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Participant withdrawals |
(2,149,884) |
(2,603,703) |
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Net decrease |
(4,464,960) |
(2,473,238) |
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Net assets available for plan benefits: |
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Beginning of year |
29,856,116 |
32,329,354 |
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End of year |
$25,391,156 |
$29,856,116 |
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See accompanying notes to financial statements.
- 5 -
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements
December 31, 2001 and 2000
(1) Description of the Plan
GE Savings and Security Program (the "Plan") is a defined contribution plan sponsored by General Electric Company. The Plan is subject to applicable provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The Trustees of the Plan are officers of GE Asset Management Incorporated ("GEAM"), a wholly owned subsidiary of General Electric Company. GEAM is investment advisor to the Plan and provides investment management services, except for the investments in General Electric Company common stock and United States Savings Bonds. State Street Corporation and The Bank of New York are the primary custodians for Plan assets.
The following description of the Plan is provided for general information purposes only. The complete terms of the Plan are provided in the GE Savings and Security Program document (the "Plan Document"). Information concerning the Plan, including benefits, vesting provisions and effects of plan termination is included in plan handbooks and other material distributed to participants.
Employee Contributions and Investment Funds
Eligible employees of General Electric Company and its participating affiliates may participate in the Plan by investing a portion of their earnings (generally up to 7% with employer partial matching and an additional 10% without any employer matching) in one or more of the following funds or investments generally through a trust established to administer the investment of program funds:
(a) General Electric Company common stock (the "GE Stock Fund" or "GE common stock").
(b) S&S Long Term Interest Fund (the "LT Fund") – a registered investment company that invests primarily in a diversified portfolio of investment grade debt securities, such as U.S. Government securities, mortgage backed securities, asset-backed securities, corporate bonds and money market instruments.
(c) S&S Program Mutual Fund (the "Mutual Fund") – a registered investment company that invests primarily in a diversified portfolio of equity securities of U.S. companies.
(d) GE Institutional International Equity Fund (the "INT Fund") – a registered investment company that invests primarily in a diversified portfolio of equity securities of companies in countries other than the U.S.
(e) S&S Short Term Interest Fund (the "ST Fund") – invests primarily in a diversified portfolio of investment grade debt securities, such as U.S. Government securities, mortgage backed securities, asset-backed securities, corporate bonds and money market instruments.
(f) S&S Money Market Fund (the "MM Fund") – invests primarily in short-term, U.S. dollar denominated money market instruments and other debt instruments that mature in one year or less.
- 6 -
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements
December 31, 2001 and 2000
(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.
Participants may elect, up to twelve times a year, to switch their investment in an investment fund to another investment fund or split the amount equally between two other investment funds. The U.S. Bond Fund does not accept switches from other investment funds and U.S. Savings Bonds purchased with after-tax contributions after 1988 cannot be switched to another investment.
The Internal Revenue Code sets out maximum limits on participant pre-tax contributions. The limit was $10,500 for 2001 and 2000.
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 Qualifying Plans
Subject to General Electric Company approval, participants may elect to roll over amounts from other qualifying plans or arrangements in accordance with the Internal Revenue Code. For the years ended December 31, 2001 and 2000, transfers from other qualifying plans or arrangements accounted for $41.5 million and $72.0 million, respectively, which are shown as employee contributions in the statements of changes in net assets available for plan benefits.
Withdrawals
Subject to certain limitations prescribed by the Plan and the Internal Revenue Code, terminated participants may elect retirement or other termination withdrawals in either lump sum or partial payments and currently employed participants may make up to seven withdrawals per year or certain hardship withdrawals from their participant accounts. Partial payments on termination are generally limited to four per year and a minimum of $500 each.
Loans to Participants
The Plan permits participants, under certain circumstances, to borrow a minimum of $500 from their participant accounts. Subject to certain Internal Revenue Code and Plan limits, such loans cannot exceed the lesser of 50% of the participant's available account value, as defined in the Plan Document, or $50,000, adjusted for prior loans. The interest rate applicable to participant loans is based on the monthly average of the composite yield on corporate bonds, as published by Moody's Investors Service.
- 7 -
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements
December 31, 2001 and 2000
A participant may have no more than two outstanding loans from the Plan at any time and may not obtain more than one such loan during any calendar year.
Loans are repaid with interest in equal payments over the term of the loan by payroll deductions, personal check or other such methods as may be required. Participants may repay the entire principal amount by check with written notice and without penalty beginning three months after the date of the loan.
In the event of a loan default, the Plan will report the outstanding loan balance as a withdrawal.
Vesting
Participants are fully vested in their employee and employer contributions.
Plan Termination and Amendment
Although General Electric Company has not expressed any intent to do so, it has the right under the Plan (subject to applicable contractual requirements) to discontinue its contributions, and to terminate the Plan in accordance with the provisions of ERISA. If the Plan is terminated, each participant's interest will be payable in full according to the Plan provisions. General Electric Company also has the right under the Plan (subject to applicable contractual requirements) to amend or replace it for any reason.
Administrative and Investment Advisory Costs
Administrative costs of the plan are generally borne by General Electric Company. As investment adviser, GEAM is reimbursed for its costs incurred or receives a management fee for providing investment advisory services to the registered investment companies.
(2) Summary of Significant Accounting Policies
(a) Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting.
(b) Investments
Plan investments are stated at fair value. General Electric Company common stock is valued at the New York Stock Exchange closing price. Investments in registered investment companies are valued at the closing price on NASDAQ. Long-term U.S. government, agency and corporate debt, notes, bonds, and loans secured by mortgages are valued at current quoted market prices. Loans to participants bear interest at market rates and cost plus accrued interest approximates fair value. Short-term money market instruments, U.S. government, agency and corporate notes are valued at amortized cost, which approximates fair value. U.S. Savings Bonds are valued at the current cash redemption value published by the U.S. Treasury Department.
- 8 -
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements
December 31, 2001 and 2000
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) Accounting Change
At January 1, 2001, the Plan adopted Statement of Financial Accounting Standards (SFAS) 133, Accounting for Derivative Instruments and Hedging Activities, as amended. SFAS No. 133 requires that an entity recognize all derivatives and measure those instruments at fair value. Prior to adoption, the Plan's derivatives, if any, were carried at fair value. As a result, the adoption of SFAS No. 133 had no impact on the Plan's financial statements.
(d) Management Estimates and Assumptions
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
- 9 -
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements
December 31, 2001 and 2000
(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, 2001 and 2000:
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Number of shares |
Fair Value |
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2001 |
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(in thousands) | ||
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GE common stock |
466,575,268 |
$18,700,696 |
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S&S Long Term Interest Fund |
147,693,485 |
1,661,537 |
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S&S Program Mutual Fund |
52,800,240 |
2,324,791 |
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2000 |
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GE common stock |
481,758,262 |
$23,094,771 |
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S&S Long Term Interest Fund |
143,263,464 |
1,585,927 |
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S&S Program Mutual Fund |
52,503,290 |
2,607,317 |
The Plan's investments (depreciated) appreciated as follows:
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2001 |
2000 |
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GE common stock |
$(3,726,681) |
$(1,514,192) |
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S&S Long Term Interest Fund |
25,511 |
51,271 |
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S&S Program Mutual Fund |
(298,726) |
(240,732) |
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GE Institutional – International Equity Fund |
(31,306) |
(42,943) |
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U.S. Savings Bonds |
7,975 |
8,541 |
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Other Investments |
19,038 |
10,178 |
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$(4,004,189) |
$(1,727,877) |
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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 $229.8 million and $61.2 million at December 31, 2001 and 2000, respectively. The value of cash collateral obtained and reinvested in short-term investments is reflected as a liability in the Plan's financial statements.
- 10 -
GE SAVINGS AND SECURITY PROGRAM
Notes to Financial Statements
December 31, 2001 and 2000
Audited financial statements of the LT Fund, the Mutual Fund and the INT Fund are distributed annually to participants.
The Plan offers a number of investment options including GE common stock and a variety of pooled investment funds, some of which are registered investment companies. The investment funds include U.S. equities, international equities, and fixed income securities. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk. Due to the level of risk associated with certain investment securities, it is reasonable to expect that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant account balances.
The Plan's exposure to a concentration of credit risk is limited by the diversification of investments across seven participant-directed fund elections. Additionally, the investments within each participant-directed fund election are further diversified into varied financial instruments, with the exception of the GE Stock Fund and the U.S. Bond Fund, which invest in securities of a single issuer.
(4) Tax Status
The Internal Revenue Service has notified General Electric Company by a letter dated April 30, 2002, that the Plan is qualified under the appropriate sections of the Internal Revenue Code. The Plan has been amended since that letter was issued. However, counsel for the Plan has no reason to believe that those amendments have adversely affected the validity of the determination letter.
The portion of a participant's compensation contributed to the Plan as a pre-tax contribution and General Electric Company's matching contribution are not subject to Federal income tax when such contributions are credited to participant accounts, subject to certain limitations. These amounts and any investment earnings may be included in the participant's gross taxable income for the year in which such amounts are withdrawn from the Plan.
(5) Plan Amendments
The Plan was amended primarily to comply with the requirements of the Economic Growth and Tax Relief Reconciliation Act in 2001. The amendments are generally effective January 1, 2002.
- 11 -
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year)
As of December 31, 2001
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Description |
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Employer Securities |
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Cost |
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Market |
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Corporate Stocks - Common |
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* GENERAL ELECTRIC COMPANY |
(466,575,268 shares) |
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$9,933,912,834 |
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$18,700,696,426 |
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Registered Investment Companies ** |
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S&S LONG TERM INTEREST FUND |
(147,693,485 shares) |
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1,669,488,815 |
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1,661,537,295 |
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S&S PROGRAM MUTUAL FUND |
(52,800,240 shares) |
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2,572,867,743 |
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2,324,790,765 |
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GE
INSTITUTIONAL - INTERNATIONAL |
(13,362,819 shares) |
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166,011,626 |
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121,868,459 |
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Total Registered Investment Companies |
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4,408,368,184 |
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4,108,196,519 |
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-12-
(continued)
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year)
As of December 31, 2001
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Description |
Rate of |
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Maturity |
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Cost |
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Market |
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Short-Term Money Market Instruments |
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Interest Bearing Cash |
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ABBEY NATIONAL BANK |
1.900 |
% |
01/25/2002 |
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$ 9,000,000 |
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$ 9,000,000 |
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ABBEY NATL TREASURY |
2.170 |
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01/25/2002 |
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40,600,000 |
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40,600,000 |
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BANK NOVA SCOTIA |
1.850 |
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03/04/2002 |
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39,870,000 |
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39,870,000 |
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BANK OF MONTREAL |
2.270 |
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01/10/2002 |
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2,000,000 |
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2,000,000 |
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BANK OF MONTREAL |
2.310 |
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01/10/2002 |
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45,340,000 |
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45,340,000 |
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BARCLAYS US FUNDING CORP. |
1.870 |
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02/08/2002 |
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47,905,253 |
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47,905,253 |
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BAYERISCHE HYPOTHEKEN BANK |
2.000 |
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01/14/2002 |
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4,000,000 |
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4,000,000 |
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BAYERISCHE HYPOTHEKEN BANK |
2.320 |
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01/14/2002 |
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46,120,000 |
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46,120,000 |
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CANADIAN IMPERIAL BANK OF COMMERCE |
1.870 |
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02/28/2002 |
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47,770,000 |
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47,770,000 |
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CITICORP |
1.790 |
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01/14/2002 |
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43,152,089 |
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43,152,089 |
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CREDIT SUISSE |
1.810 |
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01/11/2002 |
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43,158,290 |
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43,158,290 |
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DEUTSCHE BANK AG |
1.965 |
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01/22/2002 |
|
3,995,415 |
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3,995,415 |
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DEUTSCHE BANK AG |
2.250 |
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01/22/2002 |
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46,600,000 |
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46,600,000 |
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DEXIA BANK NY |
1.800 |
|
03/19/2002 |
|
36,000,000 |
|
36,000,000 |
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GOLDMAN SACHS GROUP LP |
1.900 |
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01/23/2002 |
|
16,081,306 |
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16,081,306 |
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GOLDMAN SACHS GROUP LP |
2.250 |
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01/23/2002 |
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35,750,775 |
|
35,750,775 |
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JP MORGAN CHASE |
2.020 |
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02/19/2002 |
|
49,862,528 |
|
49,862,528 |
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MORGAN STANLEY DEAN WITTER |
1.800 |
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01/18/2002 |
|
42,413,917 |
|
42,413,917 |
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NATIONAL AUSTRALIA FUNDING CORP. |
2.010 |
|
02/27/2002 |
|
50,807,788 |
|
50,807,788 |
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ROYAL BANK OF CANADA |
1.950 |
|
01/28/2002 |
|
4,000,000 |
|
4,000,000 |
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ROYAL BANK OF CANADA |
2.089 |
|
01/28/2002 |
|
46,327,303 |
|
46,327,303 |
|
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SAN PAOLO U.S. FINANCE COMPANY |
1.880 |
|
01/04/2002 |
|
29,995,300 |
|
29,995,300 |
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SOCIETE GENERAL NORTH AMERICA INC |
1.770 |
|
03/25/2002 |
|
44,736,689 |
|
44,736,689 |
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TORONTO-DOMINION BANK |
1.920 |
|
01/14/2002 |
|
3,100,000 |
|
3,100,000 |
|
|
TORONTO-DOMINION BANK |
2.310 |
|
01/14/2002 |
|
46,980,777 |
|
46,980,777 |
|
|
UBS FIN INC |
1.800 |
|
01/02/2002 |
|
39,048,048 |
|
39,048,048 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Bearing Cash |
|
|
|
|
864,615,478 |
|
864,615,478 |
|
|
|
|
|
|
|
|
|
|
|
|
Other ** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEI SHORT TERM INVESTMENT FUND |
Variable |
|
N/A |
|
188,828,692 |
|
188,828,692 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Money Market Instruments |
|
|
|
|
1,053,444,170 |
|
1,053,444,170 |
|
|
|
|
See accompanying notes to Schedule of Assets on page 19.
-13-
(continued)
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year)
As of December 31, 2001
|
Description |
Rate of |
|
Maturity |
|
Cost |
|
Market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government and Agency Debt Obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEDERAL FARM CREDIT BANK |
4.460 |
% |
02/04/2002 |
|
$11,083,489 |
|
$11,083,489 |
(a) |
|
|
FEDERAL HOME LOAN BANK |
4.900 |
|
02/07/2002 |
|
16,719,496 |
|
16,719,496 |
(a) |
|
|
FEDERAL HOME LOAN MORTGAGE CORP. REMIC |
N/A |
|
09/15/2005 |
|
551 |
|
3,745 |
(b) |
|
|
FEDERAL HOME LOAN MORTGAGE CORP. REMIC |
N/A |
|
07/15/2006 |
|
3,384 |
|
10,356 |
(b) |
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
6.000 |
|
12/01/2008 |
|
136,541 |
|
143,297 |
|
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
7.500 |
|
11/01/2008 |
|
361,493 |
|
348,258 |
|
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
8.000 |
|
08/01/2003 |
|
705,139 |
|
687,682 |
|
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
6.590 |
|
09/01/2002 |
|
869,992 |
|
869,992 |
|
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
1.970 |
|
11/07/2002 |
|
12,782,828 |
|
12,782,828 |
(a) |
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
5.500 |
|
07/15/2006 |
|
13,773,962 |
|
13,567,092 |
|
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
7.375 |
|
05/15/2003 |
|
13,215,663 |
|
13,940,852 |
|
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
6.875 |
|
01/15/2005 |
|
13,909,926 |
|
14,434,346 |
|
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
8.000 |
|
10/15/2010 |
|
21,129,008 |
|
21,942,660 |
|
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
3.450 |
|
01/03/2002 |
|
39,992,444 |
|
39,992,444 |
(a) |
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
3.500 |
|
09/15/2003 |
|
41,804,370 |
|
41,787,660 |
|
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
4.500 |
|
06/15/2003 |
|
43,569,155 |
|
44,461,189 |
|
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
1.760 |
|
04/29/2002 |
|
61,843,214 |
|
61,843,214 |
(a) |
|
|
FEDERAL HOME LOAN MORTGAGE CORP. |
3.640 |
|
03/15/2002 |
|
8,438,639 |
|
8,438,639 |
(a) |
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
7.000 |
|
06/18/2013 |
|
2,588,893 |
|
2,697,766 |
|
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
5.500 |
|
02/15/2006 |
|
4,026,045 |
|
4,090,331 |
|
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
9.000 |
|
08/01/2010 |
|
6,278,835 |
|
6,392,220 |
|
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
4.440 |
|
03/22/2002 |
|
8,914,000 |
|
8,914,000 |
(a) |
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
9.000 |
|
03/01/2011 |
|
13,054,098 |
|
13,393,084 |
|
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
6.250 |
|
11/15/2002 |
|
14,948,861 |
|
15,555,450 |
|
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
2.520 |
|
08/23/2002 |
|
19,974,732 |
|
19,974,732 |
(a) |
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
3.380 |
|
05/03/2002 |
|
20,417,595 |
|
20,417,595 |
(a) |
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
2.190 |
|
04/18/2002 |
|
20,864,555 |
|
20,864,556 |
(a) |
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
1.830 |
|
05/30/2002 |
|
21,834,279 |
|
21,834,279 |
(a) |
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
6.000 |
|
12/15/2005 |
|
36,209,719 |
|
37,119,201 |
|
See accompanying notes to Schedule of Assets on page 19.
-14-
(continued)
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year)
As of December 31, 2001
|
Description |
Rate of |
|
Maturity |
|
Cost |
|
Market |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government and Agency Debt Obligations (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
2.380 |
% |
03/14/2002 |
|
$41,802,600 |
|
$41,802,600 |
(a) |
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
4.375 |
|
10/15/2006 |
|
47,802,111 |
|
47,017,440 |
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
7.000 |
|
07/15/2005 |
|
49,262,708 |
|
50,571,399 |
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. |
7.125 |
|
02/15/2005 |
|
53,730,563 |
|
56,211,288 |
|
|
FEDERAL NATIONAL MORTGAGE ASSOC. REMIC |
6.123 |
|
05/25/2014 |
|
5,259,595 |
|
5,344,638 |
|
|
GOVERNMENT NATIONAL MORTGAGE ASSOC. |
9.500 |
|
12/15/2009 |
|
1,548,623 |
|
1,549,297 |
|
|
GOVERNMENT NATIONAL MORTGAGE ASSOC. |
9.500 |
|
12/15/2009 |
|
1,648,469 |
|
1,678,705 |
|
|
GOVERNMENT NATIONAL MORTGAGE ASSOC. |
9.000 |
|
08/15/2009 |
|
5,336,195 |
|
5,295,743 |
|
|
GOVERNMENT NATIONAL MORTGAGE ASSOC. |
7.500 |
|
02/15/2009 |
|
5,414,503 |
|
5,668,310 |
|
|
GOVERNMENT NATIONAL MORTGAGE ASSOC. |
9.000 |
|
12/15/2009 |
|
9,358,998 |
|
9,386,191 |
|
|
GOVERNMENT NATIONAL MORTGAGE ASSOC. |
9.500 |
|
12/15/2009 |
|
9,634,042 |
|
9,729,636 |
|
|
GOVERNMENT NATIONAL MORTGAGE ASSOC. |
7.500 |
|
12/15/2012 |
|
18,693,800 |
|
19,658,970 |
|
|
GOVERNMENT NATIONAL MORTGAGE ASSOC. |
9.000 |
|
11/15/2017 |
|
20,054,387 |
|
20,802,988 |
|
|
GOVERNMENT NATIONAL MORTGAGE ASSOC. |
9.000 |
|
12/15/2009 |
|
35,564,226 |
|
36,354,304 |
|
|
STUDENT LOAN MARKETING ASSOC. |
5.000 |
|
06/30/2004 |
|
59,687,627 |
|
60,641,965 |
|
|
UNITED STATES TREASURY NOTES |
5.750 |
|
11/15/2005 |
|
65,138,176 |
|
65,952,821 |
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Government and Agency Debt Obligations |
|
|
|
|
899,387,529 |
|
911,976,748 |
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to Schedule of Assets on page 19.
-15-
(continued)
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year)
As of December 31, 2001
|
Description |
|
|
|
|
|
|
|
|
|
|
Units |
|
Cost |
|
Market |
|
|
U.S. Savings Bonds (Series E and EE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1962 US SAVINGS BOND E SERIES |
|
72 |
$ |
1,350 |
$ |
14,782 |
|
|
1963 US SAVINGS BOND E SERIES |
|
74 |
|
1,388 |
|
15,230 |
|
|
1964 US SAVINGS BOND E SERIES |
|
112 |
|
2,100 |
|
22,799 |
|
|
1965 US SAVINGS BOND E SERIES |
|
114 |
|
2,138 |
|
19,591 |
|
|
1972 US SAVINGS BOND E SERIES |
|
1,363 |
|
25,556 |
|
167,903 |
|
|
1973 US SAVINGS BOND E SERIES |
|
2,018 |
|
37,838 |
|
245,578 |
|
|
1974 US SAVINGS BOND E SERIES |
|
2,955 |
|
55,406 |
|
343,644 |
|
|
1975 US SAVINGS BOND E SERIES |
|
3,966 |
|
74,363 |
|
453,849 |
|
|
1976 US SAVINGS BOND E SERIES |
|
4,827 |
|
90,506 |
|
543,645 |
|
|
1977 US SAVINGS BOND E SERIES |
|
6,607 |
|
123,881 |
|
709,460 |
|
|
1978 US SAVINGS BOND E SERIES |
|
11,136 |
|
208,800 |
|
935,067 |
|
|
1979 US SAVINGS BOND E SERIES |
|
17,192 |
|
322,350 |
|
1,381,865 |
|
|
1980 US SAVINGS BOND EE SERIES |
|
7,007 |
|
350,350 |
|
1,630,801 |
|
|
1981 US SAVINGS BOND EE SERIES |
|
7,512 |
|
375,600 |
|
1,517,803 |
|
|
1982 US SAVINGS BOND EE SERIES |
|
8,513 |
|
425,650 |
|
1,613,500 |
|
|
1983 US SAVINGS BOND EE SERIES |
|
15,403 |
|
770,150 |
|
2,452,687 |
|
|
1984 US SAVINGS BOND EE SERIES |
|
16,286 |
|
814,300 |
|
2,354,942 |
|
|
1985 US SAVINGS BOND EE SERIES |
|
23,837 |
|
1,191,850 |
|
3,191,187 |
|
|
1986 US SAVINGS BOND EE SERIES |
|
67,431 |
|
3,371,550 |
|
8,544,564 |
|
|
1987 US SAVINGS BOND EE SERIES |
|
72,909 |
|
3,645,450 |
|
8,152,281 |
|
|
1988 US SAVINGS BOND EE SERIES |
|
85,092 |
|
4,254,600 |
|
9,088,616 |
|
|
1989 US SAVINGS BOND EE SERIES |
|
123,358 |
|
6,167,900 |
|
12,658,016 |
|
|
1990 US SAVINGS BOND EE SERIES |
|
127,432 |
|
6,371,600 |
|
12,378,556 |
|
|
1991 US SAVINGS BOND EE SERIES |
|
135,447 |
|
6,772,350 |
|
12,417,546 |
|
|
1992 US SAVINGS BOND EE SERIES |
|
211,659 |
|
10,582,950 |
|
18,252,391 |
|
|
1993 US SAVINGS BOND EE SERIES |
|
150,292 |
|
7,514,600 |
|
11,549,409 |
|
|
1994 US SAVINGS BOND EE SERIES |
|
127,353 |
|
6,367,650 |
|
9,182,804 |
|
|
1995 US SAVINGS BOND EE SERIES |
|
51,724 |
|
2,586,200 |
|
3,562,675 |
|
|
1996 US SAVINGS BOND EE SERIES |
|
430 |
|
21,500 |
|
26,887 |
|
|
1997 US SAVINGS BOND EE SERIES |
|
668 |
|
33,400 |
|
40,896 |
|
|
1998 US SAVINGS BOND EE SERIES |
|
1,163 |
|
58,150 |
|
68,023 |
|
|
1999 US SAVINGS BOND EE SERIES |
|
216,250 |
|
10,812,500 |
|
12,095,456 |
|
|
2000 US SAVINGS BOND EE SERIES |
|
222,489 |
|
11,124,450 |
|
11,880,516 |
|
|
2001 US SAVINGS BOND EE SERIES |
|
236,988 |
|
11,849,400 |
|
11,998,898 |
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Saving Bond (Series E and EE) |
|
|
|
96,407,826 |
|
159,511,867 |
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Government Securities |
|
|
|
995,795,355 |
|
1,071,488,615 |
|
|
|
|
See accompanying notes to Schedule of Assets on page 19.
-16-
(continued)
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year)
As of December 31, 2001
|
Description |
Rate of |
|
Maturity |
|
Cost |
|
Market |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Debt Instruments - Preferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANK ONE CORP. |
6.400 |
% |
08/01/2002 |
$ |
2,899,349 |
$ |
2,968,092 |
|
|
BANK ONE CORP. |
2.581 |
|
01/07/2002 |
|
7,499,930 |
|
7,500,083 |
|
|
GOLDMAN SACHS GROUP LP |
7.875 |
|
01/15/2003 |
|
7,330,364 |
|
7,591,282 |
|
|
MERRILL LYNCH & CO |
5.710 |
|
01/15/2002 |
|
4,573,632 |
|
4,580,399 |
|
|
MIDAMERICAN ENERGY CO |
7.375 |
|
08/01/2002 |
|
4,996,569 |
|
5,136,405 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Debt Instruments - Preferred |
|
|
|
|
27,299,844 |
|
27,776,261 |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Debt Instruments - Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DAIMLERCHRYSLER AG |
1.990 |
|
09/16/2002 |
|
5,000,000 |
|
4,962,835 |
|
|
GEORGIA-PACIFIC GROUP |
9.950 |
|
06/15/2002 |
|
1,563,705 |
|
1,578,434 |
|
|
OCCIDENTAL PETROLEUM CORP. |
6.750 |
|
11/15/2002 |
|
4,991,151 |
|
5,166,805 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Debt Instruments - Other |
|
|
|
|
11,554,856 |
|
11,708,074 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans to Participants |
|
|
|
|
|
|
|
|
|
|
|
|
1 Month to |
|
|
|
|
|
|
* VARIOUS (71,439 loans) |
6.000-12.000 |
|
15 years |
|
433,797,511 |
|
433,797,511 |
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to Schedule of Assets on page 19.
-17-
(continued)
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year)
As of December 31, 2001
|
Description |
Rate of |
|
Maturity |
|
Cost |
|
Market |
|
|
|
|
|
|
|
|
|
|
|
|
Loans Secured by Mortgages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADVANTA MORTGAGE LOAN TRUST |
6.300 |
% |
07/25/2025 |
|
$ 1,236,640 |
|
$ 1,269,883 |
|
|
ARRAN MASTER TRUST |
2.010 |
|
03/15/2005 |
|
3,500,000 |
|
3,497,795 |
|
|
ASSET SECURITIZATION CORP. |
6.500 |
|
02/14/2041 |
|
6,140,550 |
|
6,268,822 |
|
|
CAPITAL ASSET RESEARCH FUNDING LP |
6.400 |
|
12/15/2004 |
|
762,215 |
|
762,266 |
|
|
CAPITAL AUTO RECEIVABLES ASSET TRUST |
6.460 |
|
07/15/2006 |
|
2,999,592 |
|
3,096,540 |
|
|
CAPITAL AUTO RECEIVABLES ASSET TRUST |
4.600 |
|
09/15/2005 |
|
14,458,508 |
|
14,735,235 |
|
|
CHASE CREDIT CARD MASTER TRUST |
1.996 |
|
02/15/2007 |
|
10,000,000 |
|
10,005,584 |
|
|
CIT RV TRUST |
5.780 |
|
07/15/2008 |
|
4,821,754 |
|
4,876,504 |
|
|
COMPU CREDIT CARD MASTER TRUST |
2.116 |
|
03/15/2007 |
|
3,000,000 |
|
3,000,025 |
|
|
DISCOVER CARD MASTER TRUST I |
5.900 |
|
10/15/2004 |
|
9,733,601 |
|
9,834,357 |
|
|
DISCOVER CARD MASTER TRUST I |
5.300 |
|
11/16/2006 |
|
18,966,057 |
|
19,438,045 |
|
|
FIRST USA CREDIT CARD MASTER TRUST |
2.010 |
|
11/20/2006 |
|
1,000,000 |
|
1,000,310 |
|
|
FORD CREDIT AUTO OWNERS TRUST |
1.986 |
|
07/17/2006 |
|
600,000 |
|
600,155 |
|
|
FORD CREDIT AUTO OWNERS TRUST |
4.720 |
|
12/15/2005 |
|
2,664,469 |
|
2,699,450 |
|
|
FORD CREDIT AUTO OWNERS TRUST |
4.310 |
|
06/15/2005 |
|
3,549,803 |
|
3,593,820 |
|
|
FORD CREDIT AUTO OWNERS TRUST |
1.986 |
|
08/15/2004 |
|
3,900,000 |
|
3,900,000 |
|
|
FORD CREDIT AUTO OWNERS TRUST |
7.090 |
|
11/17/2003 |
|
7,804,208 |
|
8,014,782 |
|
|
GREEN TREE FINL. SVCS. CORP. SERIES 1993-1 |
6.900 |
|
04/15/2018 |
|
2,161,361 |
|
2,205,296 |
|
|
GS MORTGAGE SECURITIES CORP. |
6.940 |
|
07/13/2030 |
|
1,559,255 |
|
1,581,122 |
|
|
HOLMES FINANCING PLC |
2.570 |
|
07/15/2005 |
|
2,000,000 |
|
1,990,140 |
|
|
LEHMAN FHA TITLE I LOAN TRUST |
7.300 |
|
05/25/2017 |
|
290,330 |
|
294,016 |
|
|
MBNA CREDIT CARD TRUST |
2.026 |
|
02/15/2007 |
|
7,000,000 |
|
7,034,225 |
|
|
MBNA MASTER CARD TRUST II |
1.976 |
|
11/15/2005 |
|
4,000,000 |
|
4,001,240 |
|
|
MELLON BANK PREMIER FINANCIAL MASTR TRUST |
2.050 |
|
06/15/2006 |
|
2,000,000 |
|
2,001,402 |
|
|
METRIS MASTER TRUST |
2.143 |
|
01/22/2007 |
|
4,000,000 |
|
4,002,528 |
|
|
PREMIER AUTO TRUST |
6.270 |
|
04/08/2003 |
|
1,778,289 |
|
1,793,425 |
|
|
PROVIDENT BANK HOME EQUITY LOAN TRUST |
7.180 |
|
04/21/2013 |
|
1,315,996 |
|
1,371,599 |
|
|
PROVIDIAN GATEWAY MASTER TRUST |
2.116 |
|
03/15/2007 |
|
5,000,000 |
|
5,000,891 |
|
See accompanying notes to Schedule of Assets on page 19.
-18-
(continued)
GE SAVINGS AND SECURITY PROGRAM
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year)
As of December 31, 2001
|
Description |
Rate of |
Maturity |
|
Cost |
|
Market |
||||
|
|
|
|
|
|
|
|
|
|||
|
Loans Secured by Mortgages (continued) |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
SUPERIOR WHOLESALE INVENTORY FINANCING TRUST |
1.986 |
% |
01/16/2006 |
$ |
5,000,000 |
$ |
4,997,070 |
|||
|
TOYOTA AUTO RECEIVABLES |
1.966 |
|
12/15/2005 |
|
2,000,000 |
|
2,000,017 |
|||
|
|
|
|
|
|
|
|||||
|
Total Loans Secured by Mortgages |
|
|
|
|
133,242,628 |
|
134,866,544 |
|||
|
|
|
|
|
|
|
|||||
|
Other |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Non-Interest Bearing Cash |
N/A |
|
N/A |
|
365,392 |
|
365,392 |
|||
|
|
|
|
|
|
|
|||||
|
Total Investments |
|
|
|
$ |
16,997,780,774 |
$ |
25,542,339,512 |
|||
|
|
|
|
|
|
|
|||||
Notes to Schedule of Assets:
* Represents a party in interest to the Plan.
** Funds managed by GEAM, a wholly owned subsidiary of General
Electric Company.
(a) These are discounted instruments. The
indicated rate of interest represents effective yield.
(b) These are interest only investments. The rate
of interest is not applicable.
-19-