frm11k.htm

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 11-K
 
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
(Mark One)
 
þ       Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required)
 
For the fiscal year ended December 31, 2008
 
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 001-00035
 
A.       Full title of the plan and the address of the plan, if different from that of the issuer named below:
 
GE Savings and Security Program
 
B.       Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
 
General Electric Company
3135 Easton Turnpike
Fairfield, Connecticut 06828-0001

 
 
 
 
 
 

 
- 1 -
 
 
Required Information
 

   
Page
Number(s)
     
A.
Financial Statements and Schedule:
  
     
 
Report of Independent Registered Public Accounting Firm
3
     
 
Financial Statements:
  
     
 
Statements of Net Assets Available for Plan Benefits
as of December 31, 2008 and 2007
4
     
 
Statements of Changes in Net Assets Available for Plan Benefits
for the Years Ended December 31, 2008 and 2007
5
     
 
Notes to Financial Statements:
6-14
     
 
Supplemental Schedule:
  
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
as of December 31, 2008
15-21
     
B.
Exhibits
  
     
 
23
Consent of Independent Registered Public Accounting Firm
  
       
 
99(a)
GE S&S Program Mutual Funds 2008 Annual Report (incorporated by reference to the General Electric S&S Program Mutual Fund Form N-CSR for the year ended December 31, 2008, as filed with the Commission on March 9, 2009)
  
       
 
99(b)
GE Institutional International Equity Fund 2008 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2008, as filed with the Commission on December 12, 2008)
  
       
 
99(c)
GE Institutional Small-Cap Value Equity Fund 2008 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2008, as filed with the Commission on December 12, 2008)
  
       
 
99(d)
GE Institutional Strategic Investment Fund 2008 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2008, as filed with the Commission on December 12, 2008)
  


 
 
 
- 2 -
 
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 24, 2009
  
/s/ Jamie S. Miller
     
Jamie S. Miller
Vice President and Controller



 
 

 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
- 3 -
 
 
 
 
 
 
GE SAVINGS AND SECURITY PROGRAM
 
 
Financial Statements and Supplemental Schedule
 
December 31, 2008 and 2007
 
(With Independent Registered Public Accounting Firm’s Report Thereon)
 

 
 
 

GE SAVINGS AND SECURITY PROGRAM
 
December 31, 2008 and 2007
 
Table of Contents
 



 
Page
Number(s)
   
Report of Independent Registered Public Accounting Firm
3
   
Financial Statements:
  
Statements of Net Assets Available for Plan Benefits
as of December 31, 2008 and 2007
4
   
Statements of Changes in Net Assets Available for Plan Benefits
for the Years Ended December 31, 2008 and 2007
5
   
Notes to Financial Statements
6-14
   
Supplemental Schedule: (i)
  
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
as of December 31, 2008
15-21




(i) Schedules required by Form 5500 that are not applicable have not been included.

 
 
- 2 -
 

 
Report of Independent Registered Public Accounting Firm



General Electric Company, as Administrator
GE Savings and Security Program:

We have audited the accompanying statements of net assets available for plan benefits of the GE Savings and Security Program (the Plan) as of December 31, 2008 and 2007, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 2008 and 2007, and the changes in net assets available for plan benefits for the years then ended in conformity with U.S. generally accepted accounting principles.

Our audits were 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, 2008 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.





June 12, 2009

 
 
- 3 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Statements of Net Assets Available for Plan Benefits
 
December 31, 2008 and 2007
 
(in thousands)
 



Assets
  
2008
    
2007
  
             
Investments at fair value (note 3)
   $ 15,292,581     $ 26,329,101  
Loans to participants
     427,014       467,591  
Accrued dividends and interest
     121,011       124,088  
Other assets
     5,032       –  
Total assets
     15,845,638       26,920,780  
                 
Liabilities
                
                 
Liability for collateral deposits (note 3)
     –       273,086  
Other liabilities
     282       2,419  
Total liabilities
     282       275,505  
                 
Net assets available for plan benefits
   $ 15,845,356     $ 26,645,275  


 


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, 2008 and 2007
 
(in thousands)
 



   
2008
    
2007
  
             
Additions (reductions) to net assets attributed to:
            
Investment income:
            
Net appreciation (depreciation) in fair value of
            
investments (note 3)
   $ (11,466,233 )   $ 36,710  
                 
Interest and dividend income:
                
General Electric Company Common Stock
     518,441       478,841  
Registered investment companies
     277,802       678,939  
Other investments
     70,257       116,751  
      (10,599,733 )     1,311,241  
                 
Interest on loans to participants
     26,150       26,331  
                 
Contributions:
                
Employee
     1,020,897       1,014,699  
Employer
     350,516       341,869  
      1,371,413       1,356,568  
                 
Total additions (reductions)
     (9,202,170 )     2,694,140  
                 
Deductions from net assets attributed to:
                
Participant withdrawals
     1,597,749       2,241,855  
                 
Net increase (decrease)
     (10,799,919 )     452,285  
                 
Net assets available for plan benefits:
                
Beginning of year
     26,645,275       26,192,990  
                 
End of year
   $ 15,845,356     $ 26,645,275  

 

 
See accompanying notes to financial statements.
 

 
 
- 5 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2008 and 2007

(1)
Description of the Plan
 
The 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, as amended (“ERISA”). The Trustees of the GE Savings and Security Trust are officers of GE Asset Management Incorporated (“GEAM”), a wholly owned subsidiary of General Electric Company. GEAM is the investment adviser to each of the Plan’s investment options, except General Electric Company Common Stock, Vanguardâ Institutional Index Fund and the United States Savings Bonds. State Street Corporation, Vanguardâ, and The Bank of New York Mellon are the 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”). Additional Plan information including benefits, investment options, vesting provisions and effects of plan termination is included in Plan handbooks and other material distributed to participants.
 
Employee Contributions and Investment Options
 
Eligible employees of General Electric Company and participating affiliates may participate in the Plan by investing up to 30% of their earnings in one or more of the following investment options:
 
 
(a)
General Electric Company Common Stock (“GE Common Stock”).
 
 
(b)
GE S&S Income Fund (the “Income Fund”) - a registered investment company that invests primarily in a variety of investment grade debt securities with a weighted average maturity that is normally about five to ten years.
 
 
(c)
GE S&S Program Mutual Fund (the “Mutual Fund”) - a registered investment company that invests primarily in equity securities of U.S. companies.
 
 
(d)
GE Institutional International Equity Fund (the “International Fund”) - a registered investment company that invests primarily in equity securities of companies in countries other than the U.S.
 
 
(e)
GE Institutional Small-Cap Equity Fund (the “Small Cap Fund”) - a registered investment company that invests primarily in equity securities of small-cap U.S. companies (those with market capitalizations in the same range as the companies in the Russell 2000 Index).
 
 
(f)
GE Institutional Strategic Investment Fund (the “Strategic Investment Fund”) - a registered investment company that invests primarily in a combination of equity securities (U.S. and Non-U.S.) and investment grade debt securities.
 
 
(g)
Vanguardâ Institutional Index Fund (the “Index Fund”) - a registered investment company that employs a passive management strategy designed to track the performance of the Standard and Poor’s 500 Index, which is composed primarily of equity securities of large U.S. companies.
 

 
 
- 6 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2008 and 2007
 
 
(h)
GE S&S Short-Term Interest Fund (the “Short Term Fund”) - invests primarily in a variety of investment grade debt securities with a weighted average maturity that is normally not more than three years.
 
 
(i)
GE S&S Money Market Fund (the “Money Market Fund”) - invests primarily in short-term, U.S. dollar denominated money market instruments and other debt instruments that mature in one year or less.
 
 
(j)
United States Savings Bonds (the “U.S. Bond Fund”) - comprises individual participants’ contributions that are directed to U.S. Treasury Series EE Savings Bonds (Series E before 1980), bonds that mature in 30 years. Individual funds being accumulated for bond purchase are invested in short-term instruments. Effective July 1, 1995, only after-tax contributions are permitted to be invested in the U.S. Bond Fund. Bonds acquired with after-tax contributions held by the Trustees shall be distributed to participants as soon as practicable after the end of the second calendar year following the year in which the bonds were acquired. Proceeds from bonds acquired before July 1, 1995 that have matured but not yet distributed are reinvested in bonds.
 
The Income Fund, Mutual Fund, International Fund, Small Cap Fund, Strategic Investment Fund, Index Fund, Short Term Fund and Money Market Fund are collectively referred to herein as the “Funds”.
 
Audited financial statements and prospectuses or other disclosure documents of the registered investment companies are distributed annually to participants.
 
The Plan permits participants to invest compensation on which income taxes have and have not been paid (“after-tax” and “pre-tax”, respectively). The United States Internal Revenue Code limits pre-tax contributions. The limits for participants under age 50 were generally $15,500 in both 2008 and 2007. For participants who were at least age 50 during the year, the 2008 and 2007 limits were generally $20,500.
 
The Plan generally permits participants to switch their investment balances up to 24 times each year. Restrictions on such switches include a prohibition against switching balances into the U.S. Bond Fund, a prohibition against switching balances out of U.S Savings Bonds held in custody that were purchased with after-tax contributions and certain restrictions on a participant’s ability to engage in frequent trading in response to Securities and Exchange Commission requirements governing mutual funds.
 
Employer Contributions
 
The Plan generally provides for employer matching contributions of 50% of employees’ contributions of up to 7% of their earnings, that is, a 3.5% maximum matching contribution. For certain eligible employees whose first day of work was on or after January 1, 2005, such matching contributions are generally 50% of employees’ contributions of up to 8% of earnings (4% maximum). Employer contributions are invested at the election of the participant in any one of the investment options 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, 2008 and 2007, transfers from other qualifying plans or arrangements accounted for $40.8 million and $49.6 million, respectively, and are included in employee contributions in the Statements of Changes in Net Assets Available for Plan Benefits.
 

 
 
- 7 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2008 and 2007
 
Withdrawals
 
Subject to certain limitations prescribed by the Plan and the Internal Revenue Code, terminated participants may elect retirement or other termination withdrawals in either lump sum or partial payments. Currently, employed participants may make up to seven withdrawals per year and certain hardship withdrawals from their participant accounts. Partial payments on termination are generally limited to four per year and a minimum of $500.
 
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, a participant may not borrow more than the lesser of 50% of that participant’s available account value, as defined in the Plan Document, or $50,000, adjusted for prior loans. The interest rate applicable to participant loans is based on the monthly average of the composite yield on corporate bonds, published by Moody’s Investors Service. The interest rates of individual loans are fixed for the shorter of the term of the loan or five years.
 
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.
 
Participant Accounts
 
Each participant’s account is credited with the participant’s contributions and allocation of (a) employer matching contributions and (b) investment results. The benefit to which a participant is entitled is the value of the participant’s vested account.
 
Vesting
 
Participants are fully vested in their accounts, including employee and employer contributions and investment results.
 
Plan Termination and Amendment
 
Although General Electric Company has not expressed any intent to do so, it has the right under the Plan, to the extent permitted by law, to discontinue its contributions and to terminate the Plan in accordance with the provisions of ERISA. If the Plan is terminated, each participant’s interest will be payable in full according to the Plan provisions. General Electric Company also has the right under the Plan, to the extent permitted by law, to amend or replace the Plan for any reason.
 

 
 
- 8 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2008 and 2007
 
Administrative and Investment Advisory Costs
 
Administrative costs of the Plan and investment advisory costs for the Short Term Fund and the Money Market Fund are generally borne by General Electric Company. For the registered investment companies, investment advisers are reimbursed for costs incurred or receive a management fee for providing investment advisory services. These reimbursed costs and management fees are reflected in the interest and dividend income on the Statements of Changes in Net Assets Available for Plan Benefits.
 
(2)
Summary of Significant Accounting Policies
 
(a)  
Basis of Accounting
 
The accompanying financial statements have been prepared on the accrual basis of accounting.
 
 
(b)  
Investments
 
 
Plan investments are reported at fair value.  See notes 3 and 4 for additional information.
 
Investment transactions are recorded on a trade date basis. Dividends are recorded on the ex-dividend date. Interest income is earned from settlement date and recognized on the accrual basis. The net appreciation (depreciation) in the fair value of investments consists of the realized gains or losses on the sales of investments and the unrealized appreciation (depreciation) of investments.
 
Investments other than GE Common Stock, the Mutual Fund, the Money Market Fund and the U.S. Bond Fund may use various financial instruments such as options and futures, commonly referred to as derivatives, to manage their risk. No investments are engaged in market-making or other speculative activities. Established practices require that derivative financial instruments relate to specific asset, liability or equity transactions.
 
All portfolio securities of the Money Market Fund and any short-term money market instruments held by the Short Term Fund with remaining maturities of sixty days or less at the time of purchase are valued on the basis of amortized cost, which approximates fair value.
 
The Plan invests in a collective fund. A collective fund is a pool of investments from various investors to create a diversified fund. Generally, a collective fund other than a bank common fund or a master trust that includes assets contributed from employee benefit plans is referred to as a 103-12 entity under ERISA.
 
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 eligible investment options, which are distributed annually to participants, except the Short Term and the Money Market Funds whose detailed information is contained in the S&S Program Supplemental Information document and distributed annually.
 
(c)  
Loans to Participants
 
Loans to participants equal the outstanding principal balance plus accrued interest, which approximates fair value.
 

 
 
- 9 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2008 and 2007
 
 
(d)  
Participant Withdrawals
 
Participant withdrawals are recorded when paid.
 
(e)  
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.
 
(f)  
Reclassifications
 
Certain prior year amounts have been reclassified to conform to current year presentation.
 
(3)  
Investments
 
The following is a summary of the fair value of the Plan’s investments at December 31, 2008 and 2007:

 
 
2008
  
2007
  
 
(in thousands)
  
             
GE Common Stock
$
6,973,690
*
$
15,255,430
*
Registered Investment Companies:
            
GE S&S Income Fund
  
1,653,835
*
  
1,772,997
*
GE S&S Program Mutual Fund
  
1,896,878
*
  
3,078,545
*
GE Institutional International Equity Fund
  
906,666
*
  
1,828,429
*
GE Institutional Small-Cap Equity Fund
  
406,984
    
659,434
  
GE Institutional Strategic Investment Fund
  
296,825
    
376,095
  
Vanguardâ Institutional Index Fund
  
559,611
    
807,271
  
Total Registered Investment Companies
  
5,720,799
    
8,522,771
  
Other Investments:
            
Short-Term Money Market Instruments
  
1,150,789
*
  
1,054,829
  
U.S. Government and Agency Debt Obligations
  
1,251,833
*
  
872,516
  
Collective Fund **
  
25,013
    
336,918
  
Other
  
170,457
    
286,637
  
Total Investments at fair value
$
15,292,581
  
$
26,329,101
  

*      Investments representing more than 5% of the Plan’s net assets.
**    Qualifying 103-12 investments under ERISA.

The Plan’s investments appreciated (depreciated) as follows:
 
 
2008
  
2007
  
 
(in thousands)
  
             
GE Common Stock
$
(8,651,374
)
$
(24,179
)
Registered Investment Companies
  
(2,839,444
)
  
54,312
  
Other Investments
  
24,585
    
6,577
  
 
$
(11,466,233
)
$
36,710
  


 
 
- 10 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2008 and 2007

 
The Funds may, from time to time, lend securities to certain unrelated brokers. In the event the counterparty does not meet its contracted obligation to return securities used, a Fund may be exposed to the risk of reacquiring the securities at prevailing market prices in order to satisfy its obligations. In a securities loan arrangement, a Fund receives collateral in the form of cash or securities, which may be supplemented by letters of credit, in an amount generally in excess of the market value of securities loaned. The Funds monitor the market value of the securities loaned on a daily basis with additional collateral obtained or refunded as necessary. The value of cash collateral obtained and reinvested in short-term investments is reflected as a liability in the Plan’s financial statements.  As of December 31, 2008, the Short Term Fund no longer participated in security lending programs.  For the Short Term Fund, the value of loaned securities, primarily U.S. Treasury obligations, amounted to $268 million at December 31, 2007.  As of December 31, 2008 and 2007, the Index Fund participated in security lending programs.  As of December 31, 2007, the Income Fund participated in security lending programs. As of December 31, 2008, the Income Fund no longer participated in security lending programs.  For more information, refer to the audited financial statements of the Income Fund and the Index Fund, respectively.
 
The Plan’s investment funds include investments in U.S. equities, international equities and fixed income securities. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonable to expect that changes in the values of investment securities will occur (including in the near term) and that such changes could materially affect participant account balances and the Statements of Net Assets Available for Plan Benefits. The Plan offers alternatives that may mitigate participant risks, including the opportunity to diversify investments across ten participant-directed fund elections. Additionally, the investments within each participant-directed fund election are further diversified into various financial instruments, with the exception of GE Common Stock and the U.S. Bond Fund, which invest in securities of a single issuer.
 
(4)
Fair Value Measurements
 
Effective January 1, 2008, the Plan adopted Financial Accounting Standards Board Statement of Financial Accounting Standards 157, Fair Value Measurements (“SFAS 157”), for all financial instruments accounted for at fair value on a recurring basis. SFAS 157 establishes a new framework for measuring fair value and expands related disclosures.  Broadly, the SFAS 157 framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.  SFAS 157 establishes a three-level valuation hierarchy based upon observable and non-observable inputs.
 
For financial assets and liabilities, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date.  In the absence of active markets for the identical assets and liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date.
 
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions.  Preference is given to observable inputs.  These two types of inputs create the following fair value hierarchy:
 
Level 1 - Quoted prices for identical investments in active markets.

Level 2 - Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose significant value drivers are observable.

Level 3 - Significant inputs to the valuation model are unobservable.


 
 
- 11 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2008 and 2007
 

We maintain policies and procedures to value investments using the best and most relevant data available.   We perform periodic reviews of the methodologies used by independent pricing services including obtaining price validation for certain securities.  The following section describes the valuation methodologies we use to measure investments at fair value.
 
When available, we use quoted market prices to determine the fair value of investment securities, and they are included in Level 1.  Level 1 securities primarily include GE Common Stock and registered investment companies.    
 
When quoted market prices are unobservable, we use quotes from independent pricing vendors based on recent trading activity and other relevant information including market interest rate curves, referenced credit spreads and estimated prepayment rates where applicable.  These investments are included in Level 2 and primarily comprise our portfolio of long-term US government, agency and corporate debt, notes, bonds and mortgage-backed securities.  In infrequent circumstances, our pricing vendors may provide us with valuations that are based on significant unobservable inputs, and in those circumstances we classify the investment securities in Level 3.
 
The Plan’s ownership in the collective fund is carried at fair value based on the investment’s net asset value per unit and included in Level 2.

The following table presents the Plan’s investments measured at fair value on a recurring basis at December 31, 2008:

 
Level 1
  
Level 2
  
Level 3
  
Total
 
(in thousands)
                       
GE Common Stock
$
6,973,690
  
$
–
  
$
–
  
$
6,973,690
                       
Registered Investment Companies
  
5,720,799
    
–
    
–
    
5,720,799
                       
Other Investments:
                      
Short-Term Money Market Instruments
  
–
    
1,150,789
    
–
    
1,150,789
U.S. Government and Agency Debt Obligations
  
–
    
1,251,764
    
69
    
1,251,833
Collective Fund
  
–
    
25,013
    
–
    
25,013
U.S. Savings Bonds and other
  
121,677
    
48,780
    
–
    
170,457
Total Investments at fair value
$
12,816,166
  
$
2,476,346
  
$
69
  
$
15,292,581

 

 
 
- 12 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2008 and 2007
 

 
The following table presents the changes in Level 3 investments measured on a recurring basis for the year ended December 31, 2008:
 
(In thousands)
January 1,
2008
  
Net
realized/
unrealized
gains
(losses)
included in
earnings
  
Purchases,
issuances
and
settlements
  
Transfers
in and/or
out of
Level 3(a)
  
December 31,
2008
  
Net change in
unrealized
gains (losses)
relating to
investments
still held at
December 31,
2008(b)
                                       
U.S. Government
                                      
   and Agency Debt
                                      
   Obligations
$
158,045
  
$
1,245
  
$
(159,221
)
$
–
  
$
69
    
$
4
  

(a)
Transfers in and out of Level 3 are considered to occur at the beginning of the period.  There were no transfers during the period.
 
(b)
Represented the amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to investments classified as Level 3 that are still held at December 31, 2008.

 
 (5)
Tax Status
 
 
The Internal Revenue Service has notified General Electric Company by a letter dated June 27, 2006, 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. A request for a new determination letter for the Plan has been submitted to the Internal Revenue Service.
 
The portion of a participant’s compensation contributed to the Plan as a pre-tax contribution and General Electric Company’s matching contribution are not subject to Federal income tax when such contributions are credited to participant accounts, subject to certain limitations. These amounts and any investment results may be included in the participant’s gross taxable income for the year in which such amounts are withdrawn from the Plan.
 
(6)
Plan Amendments
 
In 2007, the Plan was amended to comply with the new Internal Revenue Code section 415 regulations and to add a small sum cash out provision.
 

 
- 13 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2008 and 2007
 

 
(7)           Reconciliation of Financial Statements to Form 5500
 
 
Loans to participants are classified as investments per Form 5500 instructions.  The following is a reconciliation of total investments per the financial statements to the annual report filed on Form 5500, Schedule H as required by the Department of Labor:
 
 
December 31
  
 
2008
  
2007
  
 
(in thousands)
  
             
Total investments per financial statements
$
15,292,581
  
$
26,329,101
  
Loans to participants
  
427,014
    
467,591
  
Total investments per Form 5500
$
15,719,595
  
$
26,796,692
  


 
 
- 14 -
 

GE SAVINGS AND SECURITY PROGRAM

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

As of December 31, 2008

Description
  
 Shares
  
* Cost
  
Fair Value
Corporate Stocks - Common
            
 
**   General Electric Company
  
 430,474,712
$
10,584,314,294
$
  6,973,690,326
               
Registered Investment Companies
            
 
*** GE S&S Income Fund
  
 157,508,064
  
      1,775,779,960
  
   1,653,834,672
 
*** GE S&S Program Mutual Fund
  
    67,384,653
  
      3,016,482,366
  
   1,896,877,982
 
*** GE Institutional International Equity Fund
  
 102,332,553
  
      1,442,440,692
  
      906,666,420
 
*** GE Institutional Small-Cap Equity Fund
  
   45,883,209
  
         647,558,244
  
      406,984,064
 
*** GE Institutional Strategic Investment Fund
  
   34,196,375
  
         393,364,774
  
      296,824,535
 
       Vanguard® Institutional Index Fund
  
     6,779,878
  
         774,374,021
  
      559,611,130
 
           Total Registered Investment Companies
      
  8,050,000,057
  
5,720,798,803

 
 

 
   
 See accompanying notes to schedule of assets on page 21.     (continued)
 
                                                                                                                                                                                                          
 
- 15 -
 

GE SAVINGS AND SECURITY PROGRAM

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

As of December 31, 2008

Description
Rate of Interest
Maturity
  
     * Cost
  
       Fair Value
  
Short-Term Money Market Instruments
              
 
Interest Bearing Cash and Cash Equivalents
              
 
Abbey National PLC
    0.130 %
01/02/2009
$
         49,099,830
$
       49,099,830
(a)
 
Abbey National PLC
1.500
  03/02/2009
  
       13,057,275
  
       13,057,275
(a)
 
Bank Of Montreal
1.000
01/12/2009
  
         35,584,281
  
         35,584,281
(a)
 
Bank Of Nova Scotia
1.400
01/07/2009
  
         32,490,000
  
         32,490,000
  
 
Bank of America Corporation
3.100
02/12/2009
  
         51,234,031
  
         51,234,031
(a)
 
Barclays Bank Repo
0.040
01/02/2009
  
         14,600,000
  
         14,600,000
  
 
Barclays Bank PLC
2.250
02/10/2009
  
         47,270,000
  
         47,270,000
  
 
Barclays Bank PLC
2.419
02/26/2009
  
         17,818,392
  
         17,818,392
  
 
BNP Paribas NY Branch
1.680
02/05/2009
  
         21,950,000
  
         21,950,000
  
 
BNP Paribas NY Branch
2.380
01/06/2009
  
         39,210,000
  
         39,210,000
  
 
BP Capital Markets PLC
1.580
01/08/2009
  
         46,365,751
  
         46,365,751
(a)
 
Calyon North America
0.250
01/02/2009
  
         15,999,889
  
         15,999,889
(a)
 
Calyon NY Branch
3.880
01/27/2009
  
         45,820,000
  
         45,820,000
  
 
CBA (DE) Finance Inc
1.080
03/17/2009
  
         24,165,505
  
         24,165,505
(a)
 
CBA (DE) Finance Inc
1.830
01/28/2009
  
         36,839,368
  
         36,839,368
(a)
 
Chase Bank USA
2.500
02/06/2009
  
         45,820,000
  
         45,820,000
  
 
ConocoPhillips
1.300
01/29/2009
  
         31,967,644
  
         31,967,644
(a)
 
Danske Corporation
1.300
01/12/2009
  
         28,168,806
  
         28,168,806
(a)
 
Danske Corporation
1.490
02/17/2009
  
         33,145,397
  
         33,145,397
(a)
 
Deutsche Bank
0.050
01/02/2009
  
         29,200,000
  
         29,200,000
  
 
Goldman Sachs Inc
0.005
01/02/2009
  
         54,600,000
  
         54,600,000
  
 
HSBC Americas Inc
0.300
01/21/2009
  
         26,455,590
  
         26,455,590
(a)
 
HSBC Americas Inc
1.870
01/21/2009
  
         30,897,867
  
         30,897,867
(a)
 
ING (US) Funding LLC
1.900
01/15/2009
  
         40,050,385
  
         40,050,385
(a)
 
Lloyds Bank PLC NY Branch
2.050
03/02/2009
  
         35,249,970
  
         35,249,970
  
 
Rabobank Nederland NY
3.800
01/05/2009
  
         38,000,000
  
         38,000,000
(a)
 
Rabobank Nederland NV
0.500
03/19/2009
  
         25,700,000
  
         25,700,000
  
 
Royal Bank Of Scotland PLC
2.740
01/30/2009
  
         40,590,210
  
         40,590,210
(a)
 
Royal Bank Of Canada
1.690
02/04/2009
  
         47,470,000
  
         47,470,000
  
 
Societe Generale North Amer
1.390
03/16/2009
  
         16,073,942
  
         16,073,942
(a)
 
Societe Generale NY
2.200
03/03/2009
  
         47,980,000
  
         47,980,000
  
 
   State Street Cayman Islands
0.010
01/02/2009
  
         19,820,737
  
         19,820,737
  
 
Toronto-Dominion
1.750
01/22/2009
  
         30,390,000
  
         30,390,000
  
 
Westpac Banking Corporation
1.900
02/18/2009
  
         37,704,240
  
         37,704,240
(a)
Total Short-Term Money Market Instruments
      
         1,150,789,110
  
  1,150,789,110
  
                 
Collective Fund ****
              
 
***GE Cash Plus Fund
Variable
N/A
  
25,013,077
  
25,013,077
  





 
   
 See accompanying notes to schedule of assets on page 21.     (continued)
 

                                                                                   
 
- 16 -
 

GE SAVINGS AND SECURITY PROGRAM

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

As of December 31, 2008

Description
Rate of Interest
 Maturity
  
* Cost
  
Fair Value
    
U.S. Government and Agency Debt Obligations
                
 
Freddie Mac Discount Notes
    0.010 %
02/02/2009
$
      25,288,935
$
        25,288,935
(a)
  
 
Federal Home Loan Bank Discount Notes
0.010
05/15/2009
  
         26,455,359
  
         26,455,359
(a)
  
 
Federal Home Loan Mortgage Discount Notes
0.010
01/12/2009
  
         34,549,402
  
         34,549,402
(a)
  
 
Federal Home Loan Mortgage Discount Notes
0.010
03/11/2009
  
         30,874,175
  
         30,874,175
(a)
  
 
Federal Home Loan Bank Construction Discount Notes
0.010
01/14/2009
  
         36,748,124
  
         36,748,124
(a)
  
 
Federal Home Loan Bank Construction Discount Notes
0.010
02/23/2009
  
         30,704,729
  
         30,704,729
(a)
  
 
Federal National Mortgage Association Discount Notes
0.010
01/20/2009
  
         39,959,889
  
         39,959,889
(a)
  
 
Federal National Mortgage Association Discount Notes
0.010
03/02/2009
  
         34,790,724
  
         34,790,724
(a)
  
 
Federal National Mortgage Association Discount Notes
0.010
03/09/2009
  
         34,372,699
  
         34,372,699
(a)
  
 
Federal Home Loan Banks
2.520
04/21/2009
  
         22,787,721
  
         22,787,721
    
 
Federal Home Loan Participation Certificate Pool
7.000
10/01/2023
  
                16,361
  
                16,198
    
 
Federal Home Loan Participation Certificate Pool
7.000
11/01/2031
  
              118,606
  
              117,658
    
 
Federal Home Loan Participation Certificate Pool
7.000
04/01/2032
  
              507,357
  
              500,057
    
 
Federal Home Loan Participation Certificate Pool
7.000
04/01/2032
  
              365,851
  
              360,640
    
 
Federal Home Loan Participation Certificate Pool
7.000
06/01/2032
  
              179,349
  
              177,529
    
 
Federal Home Loan Participation Certificate Pool
7.000
04/01/2036
  
           1,048,646
  
           1,059,870
    
 
Federal Home Loan Participation Certificate Pool
7.500
01/01/2016
  
              385,053
  
              388,971
    
 
Federal Home Loan Participation Certificate Pool
7.500
01/01/2027
  
              332,459
  
              332,036
    
 
Federal Home Loan Participation Certificate Pool
7.500
01/01/2027
  
                27,036
  
                26,698
    
 
Federal Home Loan Participation Certificate Pool
8.000
05/01/2031
  
                32,320
  
                32,460
    
 
Federal Home Loan Participation Certificate Pool
8.500
03/01/2027
  
              101,069
  
                99,116
    
 
Federal Home Loan Participation Certificate Pool
9.250
12/01/2016
  
                44,374
  
                40,125
    
 
Federal Home Loan Mortgage Corporation
1.545
12/15/2030
  
           3,557,739
  
           3,583,953
    
 
Federal Home Loan Mortgage Corporation
3.250
07/15/2023
  
              441,860
  
              446,519
    
 
Federal Home Loan Mortgage Corporation
5.000
11/15/2022
  
           2,968,925
  
           2,994,988
    
 
Federal Home Loan Mortgage Corporation
5.000
07/15/2028
  
         13,744,500
  
         13,682,680
    
 
Federal Home Loan Mortgage Corporation
5.000
07/15/2031
  
         30,249,335
  
         30,364,108
    
 
Federal Home Loan Mortgage Corporation
5.125
04/18/2011
  
       138,761,201
  
       144,838,058
    
 
Federal Home Loan Mortgage Corporation
5.500
12/25/2029
  
           9,795,197
  
           9,983,263
    
 
Federal Home Loan Mortgage Participation Certificate Guaranteed
6.000
10/15/2013
  
                64,099
  
                71,359
(b)
  
 
Federal National Mortgage Association
0.100
05/25/2018
  
              132,189
  
                68,764
(b)
  
 
Federal National Mortgage Association
0.921
01/25/2031
  
         14,956,309
  
         15,045,922
    
 
Federal National Mortgage Association
5.000
08/25/2021
  
              406,463
  
              414,212
    
 
Federal National Mortgage Association
5.000
02/25/2022
  
              553,138
  
              563,752
    
 
Federal National Mortgage Association
5.000
11/25/2027
  
           9,020,391
  
           9,188,085
    
 
Federal National Mortgage Association
5.000
08/25/2029
  
                18,402
  
                18,510
    
 
Federal National Mortgage Association
5.500
06/25/2025
  
           1,654,925
  
           1,682,859
    
 
Federal National Mortgage Association
6.250
04/25/2033
  
         10,092,010
  
         10,251,515
    
 
Federal National Mortgage Association Guaranteed
1.408
07/25/2044
  
           7,577,483
  
           1,396,857
(b)
  
 
Federal National Mortgage Association Guaranteed
5.500
02/25/2031
  
           1,561,963
  
           1,567,570
    
 
Federal National Mortgage Association Pool
3.188
05/01/2033
  
           2,321,278
  
           2,191,571
    
 
Federal National Mortgage Association Pool
4.280
06/01/2033
  
           2,466,542
  
           2,398,170
    
 
Federal National Mortgage Association Pool
4.358
06/01/2033
  
              621,625
  
              591,772
    
 
Federal National Mortgage Association Pool
4.658
07/01/2033
  
           4,335,651
  
           4,250,836
    
 
Federal National Mortgage Association Pool
4.672
12/01/2032
  
          674,657
  
            650,458
    
 
Federal National Mortgage Association Pool
4.674
07/01/2033
  
           1,815,430
  
           1,766,904
    
 

 
   
 See accompanying notes to schedule of assets on page 21.     (continued)

 
 
- 17 -
 

GE SAVINGS AND SECURITY PROGRAM

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

As of December 31, 2008

 
Description
Rate of Interest
Maturity
  
* Cost
  
Fair Value
  
 
U.S. Government and Agency Debt Obligations, continued
              
 
Federal National Mortgage Association Pool
    4.902 %
06/01/2033
$
        438,055
$
              424,063
  
 
Federal National Mortgage Association Pool
4.994
05/01/2033
  
              430,022
  
              417,921
  
 
Federal National Mortgage Association Pool
5.020
07/01/2033
  
              207,545
  
              206,242
  
 
Federal National Mortgage Association Pool
5.103
06/01/2033
  
              239,861
  
              230,108
  
 
Federal National Mortgage Association Pool
5.290
06/01/2033
  
           1,734,338
  
           1,694,609
  
 
Federal National Mortgage Association Pool
5.670
05/01/2037
  
         16,376,276
  
         16,646,960
  
 
Federal National Mortgage Association Pool
5.950
06/01/2033
  
              644,052
  
              615,579
  
 
Federal National Mortgage Association Pool
7.000
04/01/2011
  
                12,680
  
                11,884
  
 
Federal National Mortgage Association Pool
7.000
02/01/2017
  
              124,522
  
              124,415
  
 
Federal National Mortgage Association Pool
7.000
03/01/2017
  
              382,056
  
              381,840
  
 
Federal National Mortgage Association Pool
7.000
03/01/2017
  
              158,937
  
              157,235
  
 
Federal National Mortgage Association Pool
7.000
03/01/2017
  
                84,657
  
                83,849
  
 
Federal National Mortgage Association Pool
7.000
03/01/2017
  
                75,094
  
                74,290
  
 
Federal National Mortgage Association Pool
7.000
04/01/2017
  
              355,348
  
              355,147
  
 
Federal National Mortgage Association Pool
7.000
04/01/2017
  
              289,885
  
              287,118
  
 
Federal National Mortgage Association Pool
7.000
04/01/2017
  
                75,577
  
                74,856
  
 
Federal National Mortgage Association Pool
7.000
05/01/2017
  
              197,638
  
              193,688
  
 
Federal National Mortgage Association Pool
7.000
05/01/2017
  
              130,146
  
              128,184
  
 
Federal National Mortgage Association Pool
7.000
07/01/2017
  
              695,728
  
              689,595
  
 
Federal National Mortgage Association Pool
7.000
07/01/2017
  
              235,727
  
              233,202
  
 
Federal National Mortgage Association Pool
7.000
02/01/2019
  
                18,279
  
                17,987
  
 
Federal National Mortgage Association Pool
7.000
03/01/2029
  
              130,377
  
              133,103
  
 
Federal National Mortgage Association Pool
7.000
06/01/2031
  
              130,467
  
              130,123
  
 
Federal National Mortgage Association Pool
7.000
10/01/2031
  
              282,976
  
              289,850
  
 
Federal National Mortgage Association Pool
7.000
01/01/2032
  
                83,101
  
                82,886
  
 
Federal National Mortgage Association Pool
7.000
10/01/2032
  
              117,464
  
              116,474
  
 
Federal National Mortgage Association Pool
7.000
04/01/2033
  
              331,775
  
              329,535
  
 
Federal National Mortgage Association Pool
7.000
11/01/2033
  
              674,953
  
              668,626
  
 
Federal National Mortgage Association Pool
7.000
03/01/2034
  
              141,095
  
              139,405
  
 
Federal National Mortgage Association Pool
7.000
06/01/2034
  
              339,582
  
              338,911
  
 
Federal National Mortgage Association Pool
7.000
01/01/2035
  
              293,811
  
              293,840
  
 
Federal National Mortgage Association Pool
7.000
05/01/2035
  
              687,059
  
              687,360
  
 
Federal National Mortgage Association Pool
7.000
05/01/2035
  
              817,613
  
              819,187
  
 
Federal National Mortgage Association Pool
7.000
01/01/2036
  
              950,559
  
              968,224
  
 
Federal National Mortgage Association Pool
7.000
04/01/2036
  
           1,455,815
  
           1,489,618
  
 
Federal National Mortgage Association Pool
7.000
02/01/2038
  
           7,931,041
  
           8,032,487
  
 
Federal National Mortgage Association Pool
7.000
03/01/2038
  
           7,860,487
  
           7,961,031
  
 
Federal National Mortgage Association Pool
7.000
04/01/2038
  
           7,772,621
  
           7,872,040
  
 
Federal National Mortgage Association Pool
7.500
04/01/2016
  
              59,760
  
                58,375
  
 
Federal National Mortgage Association Pool
7.500
11/01/2021
  
              165,536
  
              162,979
  
 
Federal National Mortgage Association Pool
7.500
11/01/2022
  
              169,403
  
              170,210
  
 
Federal National Mortgage Association Pool
7.500
03/01/2023
  
                44,323
  
                43,961
  
 
Federal National Mortgage Association Pool
7.500
01/01/2025
  
              352,999
  
              354,893
  
 
Federal National Mortgage Association Pool
7.500
05/01/2026
  
                54,166
  
                54,521
  
 
Federal National Mortgage Association Pool
7.500
07/01/2027
  
              368,803
  
              370,453
  
 
Federal National Mortgage Association Pool
7.500
10/01/2030
  
              112,076
  
              110,185
  
 
Federal National Mortgage Association Pool
7.500
01/01/2031
  
                85,453
  
                86,095
  
 
Federal National Mortgage Association Pool
7.500
02/01/2031
  
              188,242
  
              189,525
  
 

 
   
 See accompanying notes to schedule of assets on page 21.   
 (continued)

 
 
- 18 -
 

GE SAVINGS AND SECURITY PROGRAM

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

As of December 31, 2008

 
Description
Rate of Interest
Maturity
  
* Cost
  
Fair Value
  
 
U.S. Government and Agency Debt Obligations, continued
              
 
Federal National Mortgage Association Pool
     7.500 %
01/01/2032
$
              185,874
$
185,468
  
 
Federal National Mortgage Association Pool
7.500
04/01/2032
  
              175,684
  
177,016
  
 
Federal National Mortgage Association Pool
7.500
04/01/2032
  
        136,881
  
137,919
  
 
Federal National Mortgage Association Pool
7.500
06/01/2032
  
              160,644
  
158,794
  
 
Federal National Mortgage Association Pool
7.500
07/01/2032
  
              112,528
  
112,479
  
 
Federal National Mortgage Association Pool
7.500
04/01/2033
  
                84,478
  
83,338
  
 
Federal National Mortgage Association Pool
7.500
11/01/2033
  
              173,303
  
171,238
  
 
Federal National Mortgage Association Pool
7.500
03/01/2034
  
              566,771
  
559,612
  
 
Federal National Mortgage Association Pool
7.500
05/01/2034
  
              594,621
  
585,762
  
 
Federal National Mortgage Association Pool
8.000
03/01/2032
  
              236,707
  
235,535
  
 
Federal National Mortgage Association Pool
8.000
05/01/2032
  
                32,461
  
32,190
  
 
Federal National Mortgage Association Pool
8.000
11/01/2033
  
                86,195
  
84,864
  
 
Federal National Mortgage Association Pool
8.500
06/01/2028
  
              307,502
  
304,187
  
 
Federal National Mortgage Association Pool
8.500
08/01/2029
  
              607,838
  
601,129
  
 
Federal National Mortgage Association Pool
8.500
08/01/2030
  
              125,617
  
122,690
  
 
Federal National Mortgage Association Pool
9.000
03/01/2011
  
              365,625
  
372,114
  
 
Federal National Mortgage Association Pool
9.000
12/01/2031
  
              191,488
  
193,906
  
 
Federal National Mortgage Association Pool
9.500
09/01/2021
  
              199,549
  
189,820
  
 
Government National Mortgage Association Pool
7.000
03/15/2031
  
              202,562
  
203,876
  
 
Government National Mortgage Association Pool
7.000
12/15/2018
  
              322,705
  
316,070
  
 
Government National Mortgage Association Pool
7.000
11/15/2023
  
              339,631
  
337,297
  
 
Government National Mortgage Association Pool
7.000
05/15/2032
  
              450,866
  
451,235
  
 
Government National Mortgage Association Pool
7.000
11/15/2032
  
              210,088
  
207,513
  
 
Government National Mortgage Association Pool
7.500
02/15/2009
  
                     122
  
121
  
 
Government National Mortgage Association Pool
7.500
12/15/2012
  
              404,114
  
414,542
  
 
Government National Mortgage Association Pool
7.500
12/15/2018
  
              405,642
  
395,514
  
 
Government National Mortgage Association Pool
7.500
11/15/2027
  
                48,324
  
47,747
  
 
Government National Mortgage Association Pool
7.500
01/15/2031
  
              431,059
  
433,771
  
 
Government National Mortgage Association Pool
7.500
01/15/2031
  
              116,936
  
117,671
  
 
Government National Mortgage Association Pool
7.500
03/15/2031
  
                46,722
  
47,016
  
 
Government National Mortgage Association Pool
7.500
05/15/2031
  
              241,838
  
243,359
  
 
Government National Mortgage Association Pool
7.500
07/15/2031
  
              296,451
  
298,316
  
 
Government National Mortgage Association Pool
7.500
09/15/2031
  
              345,483
  
347,657
  
 
Government National Mortgage Association Pool
9.000
08/15/2009
  
                28,715
  
27,389
  
 
Government National Mortgage Association Pool
9.000
12/15/2009
  
              128,516
  
124,247
  
 
Government National Mortgage Association Pool
9.000
12/15/2009
  
                22,743
  
21,212
  
 
Government National Mortgage Association Pool
9.000
11/15/2017
  
              209,574
  
203,126
  
 
Government National Mortgage Association Pool
9.500
12/15/2009
  
              147,274
  
136,489
  
 
Government National Mortgage Association Pool
9.500
12/15/2009
  
                29,579
  
27,641
  
 
Government National Mortgage Association Pool
9.500
12/15/2009
  
                28,785
  
26,899
  
 
Federal National Mortgage Association
0.010
06/10/2009
  
         47,969,587
  
47,969,587
(a)
 
Federal National Mortgage Association
2.875
10/12/2010
  
       200,253,183
  
206,291,800
  
 
U.S. Treasury Notes
1.750
11/15/2011
  
     68,889,926
  
69,281,876
  
 
U.S. Treasury Notes
2.625
05/31/2010
  
           5,009,759
  
5,150,975
  
 
U.S. Treasury Notes
4.750
02/15/2010
  
           8,212,338
  
8,579,983
  
 
U.S. Treasury Notes
4.875
08/15/2009
  
       134,252,668
  
134,550,932
  
 
U.S. Treasury Notes
1.250
11/30/2010
  
       138,174,446
  
138,572,555
  
 
Total U.S. Government and Agency Debt Obligations
      
1,243,552,932
  
1,251,832,946
  
 

 
   
 See accompanying notes to schedule of assets on page 21.     (continued)

 
- 19 -
 

GE SAVINGS AND SECURITY PROGRAM

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

As of December 31, 2008


 
Other
  
         Units
  
     * Cost
  
             Fair Value
  
 
U.S. Savings Bonds – Held in trust
              
 
     1979 U.S. Savings Bond E Series
  
7,496
$
         140,550
$
              794,970
  
 
     1980 U.S. Savings Bond EE Series
  
3,603
  
        180,150
  
             1,105,692
  
 
     1981 U.S. Savings Bond EE Series
  
3,848
  
         192,400
  
             1,025,543
  
 
     1982 U.S. Savings Bond EE Series
  
4,191
  
         209,550
  
             1,052,098
  
 
     1983 U.S. Savings Bond EE Series
  
7,286
  
         364,300
  
             1,487,279
  
 
     1984 U.S. Savings Bond EE Series
  
8,484
  
         424,200
  
             1,568,500
  
 
     1985 U.S. Savings Bond EE Series
  
12,844
  
         642,200
  
             2,266,759
  
 
     1986 U.S. Savings Bond EE Series
  
42,230
  
      2,111,500
  
             7,047,408
  
 
     1987 U.S. Savings Bond EE Series
  
44,906
  
      2,245,300
  
             6,582,502
  
 
     1988 U.S. Savings Bond EE Series
  
51,619
  
      2,580,950
  
             7,275,238
  
 
     1989 U.S. Savings Bond EE Series
  
72,088
  
      3,604,400
  
             9,761,859
  
 
     1990 U.S. Savings Bond EE Series
  
75,872
  
      3,793,600
  
             9,872,189
  
 
     1991 U.S. Savings Bond EE Series
  
79,985
  
      3,999,250
  
           10,010,480
  
 
     1992 U.S. Savings Bond EE Series
  
112,980
  
      5,649,000
  
           13,579,557
  
 
     1993 U.S. Savings Bond EE Series
  
83,475
  
      4,173,750
  
             8,294,541
  
 
     1994 U.S. Savings Bond EE Series
  
68,801
  
      3,440,050
  
             6,279,146
  
 
     1995 U.S. Savings Bond EE Series
  
26,130
  
      1,306,500
  
             2,278,256
  
 
     1996 U.S. Savings Bond EE Series
  
104
  
             5,200
  
                    8,239
  
 
     1997 U.S. Savings Bond EE Series
  
200
  
           10,000
  
                  15,777
  
 
     1998 U.S. Savings Bond EE Series
  
333
  
           16,650
  
                  25,172
  
 
     1999 U.S. Savings Bond EE Series
  
526
  
           26,300
  
                  37,993
  
 
     2000 U.S. Savings Bond EE Series
  
739
  
           36,950
  
                  50,779
  
 
     2001 U.S. Savings Bond EE Series
  
884
  
           44,200
  
                  57,660
  
 
     2002 U.S. Savings Bond EE Series
  
1,124
  
           56,200
  
                  70,121
  
 
     2003 U.S. Savings Bond EE Series
  
1,821
  
           91,050
  
                109,732
  
 
     2004 U.S. Savings Bond EE Series
  
2,747
  
         137,350
  
                159,851
  
 
     2005 U.S. Savings Bond EE Series
  
3,987
  
         199,350
  
                222,828
  
 
     2006 U.S. Savings Bond EE Series
  
5,083
  
254,150
  
274,132
  
 
     2007 U.S. Savings Bond EE Series
  
7,393
  
369,650
  
385,083
  
 
     2008 U.S. Savings Bond EE Series
  
9,252
  
462,600
  
462,600
  
         
36,767,300
  
92,161,984
  
 
U.S. Savings Bonds – Held in custody
              
 
        2006 U.S. Savings Bond EE Series
  
192,513
  
9,625,650
  
10,395,871
  
 
        2007 U.S. Savings Bond EE Series
  
184,604
  
9,230,200
  
9,632,906
  
 
        2008 U.S. Savings Bond EE Series
  
189,725
  
9,486,250
  
9,486,250
  
         
28,342,100
  
29,515,027
  
                 
 
           Total U.S. Savings Bonds
      
     65,109,400
  
        121,677,011
  
                 

 
 
   
 See accompanying notes to schedule of assets on page 21.     (continued)

 
 
- 20 -
 

GE SAVINGS AND SECURITY PROGRAM

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

As of December 31, 2008

Description
  
Rate of Interest
 Maturity
  
 * Cost
  
 Fair Value
Corporate Notes
              
Toyota Motor Car Corporation
  
    1.215 %
09/15/2009
$
         45,260,000
$
        45,260,000
               
Other
              
State Street Bank
  
0.938
12/31/2030
  
           3,520,150
  
             3,520,150
Total Other
        
113,889,550
  
170,457,161
               
Total Investments at fair value
        
21,167,559,020
  
15,292,581,423
               
Loans to Participants
              
               
**  Various (60,299 loans)
  
5.350 - 8.050
1 month –
15 years
  
       –
  
427,013,815
               
Total Loans to Participants
        
       –
  
427,013,815
               
               
Total Assets (Held at End of Year)
      
$
21,167,559,020
$
15,719,595,238
               


Notes to Schedule of Assets:

*
Cost of securities, including cost of GE Common Stock, is the price at which underlying shares in the investment options were purchased, including shares purchased with reinvested interest and dividends. In addition, cost of securities includes gains and  losses realized on participant investment switches and is decreased for withdrawals on an average cost basis by individual participant.
**
Represents a party in interest to the Plan.
***
Funds managed by GEAM, a wholly owned subsidiary of General Electric Company.
****
103-12 investment in Collective funds; GE Cash Plus Fund is a holding of the Short Term Fund.
   
(a)
Rate of interest is based on computed effective yield.
(b)
Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgages.


See accompanying Report of Independent Registered Public Accounting Firm.

 

 
- 21 -