Edgar Filing: GENERAL ELECTRIC CO

Form 11-K

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, 2004

¨ Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required)

For the transition period from ___to ___

Commission file number 1-35

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

GE Savings and Security Program

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

General Electric Company

3135 Easton Turnpike

Fairfield, Connecticut 06828-0001

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, 2004 and 2003		4

	Statements of Changes in Net Assets Available for Plan Benefits for the Years Ended December 31, 2004 and 2003		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, 2004		12-21

B.	Exhibits

	23	Consent of Independent Registered Public Accounting Firm

	99(a)	GE S&S Program Mutual Funds 2004 Annual Report (incorporated by reference to the General Electric S&S Program Mutual Fund Form N-CSR for the year ended December 31, 2004, as filed with the Commission on March 8, 2005)

	99(b)	GE Institutional International Equity Fund 2003 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2004, as filed with the Commission on December 3, 2004)

	99(c)	GE Institutional Small-Cap Value Equity Fund 2003 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2004, as filed with the Commission on December 3, 2004)

	99(d)	GE Institutional Strategic Investment Fund 2003 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2004, as filed with the Commission on December 3, 2004)

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 14, 2005	/s/ Philip D. Ameen
		Philip D. Ameen Vice President and Comptroller

GE SAVINGS AND SECURITY PROGRAM

Financial Statements and Supplemental Schedule

December 31, 2004 and 2003

(With Independent Registered Public Accounting Firm’s Report Thereon)

GE SAVINGS AND SECURITY PROGRAM

December 31, 2004 and 2003

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, 2004 and 2003	4

Statements of Changes in Net Assets Available for Plan Benefits for the Years Ended December 31, 2004 and 2003	5

Notes to Financial Statements	6-11

Supplemental Schedule: ⁽ⁱ⁾
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2004	12-21

⁽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 GE Savings and Security Program (the Plan) as of December 31, 2004 and 2003, 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, 2004 and 2003, 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, 2004 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.

/s/ KPMG LLP

June 8, 2005

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GE SAVINGS AND SECURITY PROGRAM

Statements of Net Assets Available for Plan Benefits

December 31, 2004 and 2003

(in thousands)

Assets	2004		2003

Investments at fair value (note 3)	$	24,990,843	$	21,706,484
Accrued dividends and interest		98,061		90,926
Other assets		432		11,280
Total assets		25,089,336		21,808,690

Liabilities

Liability for collateral deposits (note 3)		273,023		122,125
Other liabilities		10,535		4,433
Total liabilities		283,558		126,558

Net assets available for plan benefits	$	24,805,778	$	21,682,132

See accompanying notes to financial statements.

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GE SAVINGS AND SECURITY PROGRAM

Statements of Changes in Net Assets Available for Plan Benefits

Years Ended December 31, 2004 and 2003

(in thousands)

	2004		2003

Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments (note 3)	$	2,721,303	$	3,544,086

Interest and dividend income:
General Electric Company Common Stock		376,437		352,212
Registered investment companies		193,152		128,607
Interest		75,790		75,130
		3,366,682		4,100,035
Contributions:
Employee		933,172		855,830
Employer		310,747		290,016
		1,243,919		1,145,846

Total additions		4,610,601		5,245,881

Deductions from net assets attributed to:
Participant withdrawals		1,486,955		1,249,678

Net increase		3,123,646		3,996,203

Net assets available for plan benefits:
Beginning of year		21,682,132		17,685,929

End of year	$	24,805,778	$	21,682,132

See accompanying notes to financial statements.

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GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2004 and 2003

(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 GE Savings and Security Trust are officers of GE Asset Management Incorporated (“GEAM”), a wholly owned subsidiary of General Electric Company. GEAM is investment adviser to each of the Plan’s investment options, except General Electric Company Common Stock, Vanguard Institutional Index Fund and the 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, 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 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 23% without any employer matching) in one or more of the following investment options generally through a trust established to administer the investment of program funds:

(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 Value 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)

Vanguard 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.

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GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2004 and 2003

(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”) - consists of individual participants’ investments in Series “EE” Savings Bonds issued by the U.S. Treasury, which mature in 30 years. 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.

Audited financial statements and prospectuses or other disclosure documents of the registered investment companies are distributed annually to participants.

Participants may elect, up to twenty-four times a year, to switch their investments from one investment option to another or split the amount equally between two other investment options. Prior to September 2, 2003, the maximum number of switches allowed annually was twelve. The U.S. Bond Fund does not accept switches from other investment options 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 generally $13,000 and $12,000 for 2004 and 2003, respectively.

Employer Contributions

The Plan generally provides for employer matching contributions of 50% of employees’ contributions of up to 7% of their earnings, which may be invested at the election of the participant in any one of the investment 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, 2004 and 2003, transfers from other qualifying plans or arrangements accounted for $54.2 million and $43.8 million, respectively, which are included in 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

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GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2004 and 2003

their participant accounts. Partial payments on termination are generally limited to four per year and a minimum of $500 each.

Loans to Participants

The Plan permits participants, under certain circumstances, to borrow a minimum of $500 from their participant accounts. Subject to certain Internal Revenue Code and Plan limits, such loans cannot exceed the lesser of 50% of the participant’s available account value, as defined in the Plan Document, or $50,000, adjusted for prior loans. The interest rate applicable to participant loans is based on the monthly average of the composite yield on corporate bonds, as published by Moody’s Investors Service.

A participant may have no more than two outstanding loans from the Plan at any time and may not obtain more than one such loan during any calendar year.

Loans are repaid with interest in equal payments over the term of the loan by payroll deductions, personal check or other such methods as may be required. Participants may repay the entire principal amount by check with written notice and without penalty beginning three months after the date of the loan.

In the event of a loan default, the Plan will report the 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) earnings. The benefit to which a participant is entitled is the value of the participant’s vested account.

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 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 it for any reason.

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 net appreciation in the fair value of investments on the Statements of Changes in Net Assets Available for Plan Benefits.

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GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2004 and 2003

(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 outstanding principal balance plus accrued interest approximates fair value. Short-term money market instruments, U.S. government, agency and corporate notes are valued at amortized cost, which approximates fair value. U.S. Savings Bonds are valued at the current cash redemption value published by the U.S. Treasury Department.

Investment transactions are recorded on a trade date basis. Dividends on General Electric Company Common Stock are recorded as of the record date. Dividends on the Registered Investment Companies are recorded on the payment date. Interest income is earned from settlement date and recognized on the accrual basis.

All investment options, except GE Common Stock, the Mutual Fund, the Money Market Fund and the U.S. Bond Fund, may use various financial instruments, particularly forward foreign currency contracts, options, and futures, commonly referred to as derivatives, to manage their risk. The eligible investment options do 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 eligible investment options which are distributed annually to participants, except the Short Term Fund whose detailed information is contained in the S&S Program Supplemental Information and distributed annually.

(c)	Participant Withdrawals

Participant withdrawals are recorded when paid.

(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.

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GE SAVINGS AND SECURITY PROGRAM

Notes to Financial Statements

December 31, 2004 and 2003

(3)	Investments

The following is a summary of the fair value of the Plan’s investments at December 31, 2004 and 2003.

	2004			2003
	(in thousands)

GE Common Stock	$	16,812,913	*	$	14,303,925	*
Registered Investment Companies
S&S Income Fund		1,792,659	*		1,793,878	*
S&S Program Mutual Fund		2,609,795	*		2,434,925	*
Other		959,839			539,034
Total Registered Investment Companies		5,362,293			4,767,837
Other Investments
Short-Term Money Market Instruments		1,106,892			976,183
U.S. Government and Agency Debt Obligations		1,022,219			1,001,306
Loans to Participants		387,886			365,797
Other		298,640			291,436
Total Investments at fair value	$	24,990,843		$	21,706,484

*Represents more than 5% of the Plan’s net assets

The Plan’s investments appreciated (depreciated) as follows:

	2004			2003
	(in thousands)

Common Stock	$	2,555,234		$	3,037,885
Registered Investment Companies		184,036			510,542
Other investments		(17,967	)		(4,341	)
	$	2,721,303		$	3,544,086

The Short Term 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 Short Term Fund may be exposed to the risk of reacquiring the securities at prevailing market prices in order to satisfy its obligations. The Short Term 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 Short Term 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 $267.9 million and $119.7 million at December 31, 2004 and 2003, 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, 2004 and 2003

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 (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’s exposure to a concentration of credit risk is limited by the opportunity to diversify investments across ten 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 Common Stock 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

In 2004, the Plan was amended to increase the employer matching contributions from 50% of employee contributions up to 7% of earnings to 50% of employee contributions up to 8% of earnings for certain eligible employees with a first day of work on or after January 1, 2005.

In 2003, the Plan was amended to increase the number of permissible investment switches from twelve to twenty-four (effective September 2, 2003), to raise the maximum participant savings rate generally from 17% to 30% (effective January 1, 2004) and make certain other changes.

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GE SAVINGS AND SECURITY PROGRAM

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

As of December 31, 2004

Description	Shares		Cost		Market

Corporate Stocks - Common
* General Electric Company		460,622,391	$	10,449,339,982	$	16,812,913,337

Registered Investment Companies
** GE S&S Income Fund		155,624,951		1,779,230,350		1,792,658,697
** GE S&S Program Mutual Fund		57,536,634		2,643,400,439		2,609,794,875
** GE Institutional International Equity Fund		27,297,174		282,792,777		311,184,795
** GE Institutional Small-Cap Value Equity Fund		16,463,083		203,919,553		224,055,957
** GE Institutional Strategic Investment Fund		8,192,887		83,482,720		90,203,367
Vanguard Institutional Index Fund		3,020,515		293,616,990		334,395,216
Total Registered Investment Companies				5,286,442,829		5,362,292,907

See accompanying notes to schedule of assets on page 21

(continued)

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GE SAVINGS AND SECURITY PROGRAM

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

As of December 31, 2004

Description	Rate of Interest			Maturity		Cost		Market

Short-Term Money Market Instruments
Interest Bearing Cash and Cash Equivalents
Abbey National PLC.		2.170	%		01/04/2005	$	52,810,448	$	52,810,448
Bank of America Corp.		2.110			02/02/2005		45,444,606		45,444,606
Bank of Montreal		2.270			02/01/2005		49,450,000		49,450,000
Barclays PLC.		2.340			02/28/2005		50,349,464		50,349,464
Calyon		2.185			01/19/2005		52,650,000		52,650,000
Canadian Imperial Holdings Inc.		2.250			01/12/2005		4,996,563		4,996,563
Credit Suisse First Boston		1.950			01/03/2005		45,805,037		45,805,037
Deutsche Bank AG		2.250			01/03/2005		27,616,548		27,616,548
Deutsche Bank AG		2.320			01/06/2005		29,240,784		29,240,784
Dexia Bank Belgium		2.235			01/05/2005		49,250,000		49,250,000
HBOS PLC.		2.310			02/09/2005		48,590,000		48,590,000
HSBC Holdings PLC.		2.340			01/20/2005		48,589,917		48,589,917
ING Group		2.280			02/04/2005		48,684,939		48,684,939
Jupiter Securitization Corp.		2.345			01/18/2005		48,496,238		48,496,238
Morgan Stanley Dean Witter & Co.		2.340			01/25/2005		48,843,685		48,843,685
Morgan Stanley Dean Witter & Co.		2.200			01/03/2005		15,538,101		15,538,101
National Australia Bank Ltd.		2.290			01/04/2005		14,997,138		14,997,138
Rabobank USA Financial Corp.		2.160			01/18/2005		52,846,042		52,846,042
UBS AG		2.200			01/06/2005		50,954,426		50,954,426
Wells Fargo Bank		2.320			01/07/2005		48,650,000		48,650,000
Total Interest Bearing Cash and Cash Equivalents							833,803,936		833,803,936

Other
** GEI Short Term Investment Fund		variable			n/a		223,087,520		223,087,520
Barclays PLC - Repurchase Agreement		2.250			01/03/2005		50,000,000		50,000,000
Total Other							273,087,520		273,087,520
Total Short-Term Money Market Instruments							1,106,891,456		1,106,891,456

See accompanying notes to schedule of assets on page 21

(continued)

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GE SAVINGS AND SECURITY PROGRAM

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

As of December 31, 2004

Description	Rate of Interest			Maturity		Cost		Market

U. S. Government and Agency Debt Obligations
Federal Agricultural Mortgage Corp.		1.430	%		04/01/2005	$	25,700,000	$	25,700,000
Federal Home Loan Bank System		1.780			05/27/2005		13,030,000		13,030,000
Federal Home Loan Bank System		1.875			06/15/2006		30,745,199		30,454,583
Federal Home Loan Bank System		2.500			12/15/2005		21,023,939		20,902,592
Federal Home Loan Mortgage Corp.		2.000			07/15/2006		185		267	(b	)
Federal Home Loan Mortgage Corp.		2.150			01/26/2005		49,925,694		49,925,694	(a	)
Federal Home Loan Mortgage Corp.		2.350			03/08/2005		23,927,043		23,927,043	(a	)
Federal Home Loan Mortgage Corp.		3.709			07/25/2022		843,585		828,300
Federal Home Loan Mortgage Corp.		5.000			04/01/2013		25,679,063		24,942,678
Federal Home Loan Mortgage Corp.		5.000			11/15/2012		174,059		173,135	(b	)
Federal Home Loan Mortgage Corp.		5.250			01/15/2006		15,479,969		15,340,275
Federal Home Loan Mortgage Corp.		6.000			10/01/2017		693,208		692,587
Federal Home Loan Mortgage Corp.		6.000			10/15/2013		256,512		327,445	(b	)
Federal Home Loan Mortgage Corp.		6.000			12/01/2008		7,441		7,721
Federal Home Loan Mortgage Corp.		6.000			12/01/2018		246,615		248,816
Federal Home Loan Mortgage Corp.		6.500			05/01/2013		1,342,277		1,337,414
Federal Home Loan Mortgage Corp.		6.500			12/01/2033		3,326,048		3,301,967
Federal Home Loan Mortgage Corp.		7.000			03/15/2007		1,461,693		1,389,885
Federal Home Loan Mortgage Corp.		7.000			04/01/2032		1,675,717		1,662,471
Federal Home Loan Mortgage Corp.		7.000			06/01/2032		441,906		439,277
Federal Home Loan Mortgage Corp.		7.000			10/01/2023		105,856		106,978
Federal Home Loan Mortgage Corp.		7.000			11/01/2031		260,589		260,180
Federal Home Loan Mortgage Corp.		7.000			11/01/2033		479,893		476,050
Federal Home Loan Mortgage Corp.		7.500			01/01/2027		988,492		1,002,594
Federal Home Loan Mortgage Corp.		7.500			11/01/2008		33,036		32,669
Federal Home Loan Mortgage Corp.		8.000			05/01/2031		161,059		163,890
Federal Home Loan Mortgage Corp.		8.500			03/01/2027		164,869		164,363
Federal Home Loan Mortgage Corp.		9.250			12/01/2016		483,215		461,082
Federal National Mortgage Assoc.		1.408			07/25/2044		6,699,169		4,347,882	(b	)
Federal National Mortgage Assoc.		1.890			02/23/2005		33,228,268		33,228,268	(a	)
Federal National Mortgage Assoc.		2.140			01/03/2005		44,864,694		44,864,690	(a	)
Federal National Mortgage Assoc.		2.160			02/04/2005		39,918,779		39,918,778	(a	)
Federal National Mortgage Assoc.		2.219			06/25/2043		22,328,949		9,258,150	(b	)
Federal National Mortgage Assoc.		2.570			12/25/2042		15,126,795		15,368,049

See accompanying notes to schedule of assets on page 21

(continued)

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GE SAVINGS AND SECURITY PROGRAM

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

As of December 31, 2004

Description	Rate of Interest			Maturity		Cost		Market

U. S. Government and Agency Debt Obligations, continued
Federal National Mortgage Assoc.		3.056	%		07/25/2037	$	3,436,431	$	3,413,118
Federal National Mortgage Assoc.		3.279			10/25/2042		8,755,072		8,639,732
Federal National Mortgage Assoc.		3.300			07/01/2033		3,098,099		3,063,325
Federal National Mortgage Assoc.		3.368			06/01/2033		2,378,915		2,360,227
Federal National Mortgage Assoc.		3.460			06/25/2043		16,325,383		16,219,974
Federal National Mortgage Assoc.		3.502			05/01/2033		1,819,878		1,779,292
Federal National Mortgage Assoc.		3.777			06/01/2033		3,923,425		3,811,809
Federal National Mortgage Assoc.		4.003			07/01/2033		14,351,882		14,034,662
Federal National Mortgage Assoc.		4.055			06/01/2033		8,000,253		7,742,491
Federal National Mortgage Assoc.		4.120			07/01/2033		9,777,544		9,496,067
Federal National Mortgage Assoc.		4.152			06/01/2033		6,598,386		6,410,428
Federal National Mortgage Assoc.		4.286			05/01/2033		8,890,799		8,615,522
Federal National Mortgage Assoc.		4.353			06/01/2033		2,682,778		2,642,988
Federal National Mortgage Assoc.		4.375			10/15/2006		11,931,194		12,237,817
Federal National Mortgage Assoc.		4.500			06/25/2043		5,094,336		5,010,938
Federal National Mortgage Assoc.		4.607			12/01/2032		3,202,128		3,190,035
Federal National Mortgage Assoc.		5.170			02/25/2044		16,877,004		16,845,826
Federal National Mortgage Assoc.		5.228			06/01/2033		2,527,159		2,477,698
Federal National Mortgage Assoc.		5.500			02/15/2006		15,366,494		15,195,389
Federal National Mortgage Assoc.		6.000			01/25/2034		18,231,036		18,008,068
Federal National Mortgage Assoc.		6.000			02/01/2018		1,470,139		1,463,109
Federal National Mortgage Assoc.		6.000			04/01/2033		540,269		535,903
Federal National Mortgage Assoc.		6.000			08/25/2028		22,037,274		21,728,128
Federal National Mortgage Assoc.		6.000			11/01/2018		1,149,307		1,143,302
Federal National Mortgage Assoc.		6.000			11/01/2033		1,080,459		1,078,521
Federal National Mortgage Assoc.		6.000			12/15/2005		9,762,337		9,970,542
Federal National Mortgage Assoc.		6.500			04/01/2033		726,009		723,072
Federal National Mortgage Assoc.		6.500			05/01/2017		1,216,509		1,214,920
Federal National Mortgage Assoc.		6.500			05/01/2033		1,454,047		1,441,964
Federal National Mortgage Assoc.		6.500			08/01/2022		1,130,683		1,135,619
Federal National Mortgage Assoc.		6.500			10/01/2017		162,995		163,825
Federal National Mortgage Assoc.		6.500			11/01/2023		1,468,609		1,480,626
Federal National Mortgage Assoc.		7.000			01/01/2032		343,742		342,761
Federal National Mortgage Assoc.		7.000			02/01/2017		163,568		164,884
Federal National Mortgage Assoc.		7.000			02/01/2019		43,449		43,345

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, 2004

Description	Rate of Interest			Maturity		Cost		Market

U. S. Government and Agency Debt Obligations, continued
Federal National Mortgage Assoc.		7.000	%		03/01/2017	$	2,497,165	$	2,508,575
Federal National Mortgage Assoc.		7.000			03/01/2029		300,142		306,883
Federal National Mortgage Assoc.		7.000			03/01/2034		902,973		894,297
Federal National Mortgage Assoc.		7.000			04/01/2011		427,745		418,793
Federal National Mortgage Assoc.		7.000			04/01/2017		2,054,538		2,061,259
Federal National Mortgage Assoc.		7.000			04/01/2033		2,066,279		2,054,368
Federal National Mortgage Assoc.		7.000			05/01/2017		1,347,835		1,344,191
Federal National Mortgage Assoc.		7.000			06/01/2031		257,621		256,940
Federal National Mortgage Assoc.		7.000			06/01/2034		1,017,814		1,021,177
Federal National Mortgage Assoc.		7.000			07/01/2017		2,515,744		2,514,604
Federal National Mortgage Assoc.		7.000			07/15/2005		66,091,406		66,298,269
Federal National Mortgage Assoc.		7.000			10/01/2031		859,192		880,056
Federal National Mortgage Assoc.		7.000			10/01/2032		202,417		200,658
Federal National Mortgage Assoc.		7.000			11/01/2033		1,594,539		1,581,163
Federal National Mortgage Assoc.		7.500			01/01/2025		456,648		464,957
Federal National Mortgage Assoc.		7.500			01/01/2031		95,007		96,369
Federal National Mortgage Assoc.		7.500			01/01/2032		649,797		659,818
Federal National Mortgage Assoc.		7.500			02/01/2031		304,310		308,636
Federal National Mortgage Assoc.		7.500			03/01/2023		49,958		50,426
Federal National Mortgage Assoc.		7.500			03/01/2034		10,177,620		10,138,389
Federal National Mortgage Assoc.		7.500			04/01/2016		183,538		182,019
Federal National Mortgage Assoc.		7.500			04/01/2032		294,267		298,483
Federal National Mortgage Assoc.		7.500			04/01/2032		648,231		657,517
Federal National Mortgage Assoc.		7.500			04/01/2033		398,616		397,325
Federal National Mortgage Assoc.		7.500			05/01/2026		347,711		353,160
Federal National Mortgage Assoc.		7.500			05/01/2034		1,844,174		1,835,585
Federal National Mortgage Assoc.		7.500			06/01/2031		2,993,220		2,989,921
Federal National Mortgage Assoc.		7.500			06/01/2032		403,817		401,840
Federal National Mortgage Assoc.		7.500			07/01/2027		699,145		708,632
Federal National Mortgage Assoc.		7.500			07/01/2032		446,458		449,249
Federal National Mortgage Assoc.		7.500			10/01/2030		175,728		174,089
Federal National Mortgage Assoc.		7.500			11/01/2021		498,915		500,639
Federal National Mortgage Assoc.		7.500			11/01/2022		275,168		281,777
Federal National Mortgage Assoc.		7.500			11/01/2030		2,550,069		2,548,787
Federal National Mortgage Assoc.		7.500			11/01/2033		856,430		855,023

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, 2004

Description	Rate of Interest			Maturity		Cost		Market

U. S. Government and Agency Debt Obligations, continued
Federal National Mortgage Assoc.		8.000	%		01/01/2034	$	1,309,972	$	1,301,592
Federal National Mortgage Assoc.		8.000			02/01/2032		302,575		306,641
Federal National Mortgage Assoc.		8.000			03/01/2032		670,819		676,710
Federal National Mortgage Assoc.		8.000			05/01/2032		221,014		224,001
Federal National Mortgage Assoc.		8.000			07/01/2009		733,538		704,977
Federal National Mortgage Assoc.		8.000			11/01/2033		506,571		505,295
Federal National Mortgage Assoc.		8.500			02/01/2032		277,381		282,552
Federal National Mortgage Assoc.		8.500			03/01/2032		62,901		63,846
Federal National Mortgage Assoc.		8.500			06/01/2028		1,283,157		1,293,306
Federal National Mortgage Assoc.		8.500			08/01/2029		1,848,421		1,873,926
Federal National Mortgage Assoc.		8.500			08/01/2030		219,850		218,302
Federal National Mortgage Assoc.		8.500			09/01/2032		152,558		153,749
Federal National Mortgage Assoc.		8.500			10/01/2033		533,201		533,589
Federal National Mortgage Assoc.		9.000			03/01/2011		3,320,528		3,412,755
Federal National Mortgage Assoc.		9.000			08/01/2010		1,345,425		1,335,628
Federal National Mortgage Assoc.		9.000			12/01/2031		304,946		309,972
Federal National Mortgage Assoc.		9.500			09/01/2021		599,168		582,421
Federal National Mortgage Assoc.		14.630			05/25/2018		200,352		149,783	(a,b	)
Government National Mortgage Assoc.		6.500			01/15/2034		3,803,351		3,767,552
Government National Mortgage Assoc.		6.500			02/15/2034		1,058,351		1,043,236
Government National Mortgage Assoc.		6.500			03/15/2024		863,089		850,264
Government National Mortgage Assoc.		6.500			03/15/2033		636,725		631,015
Government National Mortgage Assoc.		6.500			04/15/2017		245,070		244,881
Government National Mortgage Assoc.		6.500			04/15/2034		1,342,333		1,357,944
Government National Mortgage Assoc.		6.500			10/15/2033		1,203,767		1,193,492
Government National Mortgage Assoc.		6.500			11/15/2016		905,584		904,856
Government National Mortgage Assoc.		6.500			11/15/2033		1,360,332		1,348,125
Government National Mortgage Assoc.		6.500			12/15/2024		1,718,568		1,719,970
Government National Mortgage Assoc.		6.500			12/15/2029		1,094,903		1,092,879
Government National Mortgage Assoc.		7.000			03/15/2031		771,824		779,896
Government National Mortgage Assoc.		7.000			05/15/2032		680,669		687,199
Government National Mortgage Assoc.		7.000			11/15/2023		701,264		701,023
Government National Mortgage Assoc.		7.000			11/15/2032		650,262		647,923
Government National Mortgage Assoc.		7.000			12/15/2018		825,359		815,543
Government National Mortgage Assoc.		7.500			01/15/2031		1,531,116		1,554,395

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, 2004

Description	Rate of Interest			Maturity		Cost		Market

U. S. Government and Agency Debt Obligations, continued
Government National Mortgage Assoc.		7.500	%		02/15/2009	$	1,164,017	$	1,200,614
Government National Mortgage Assoc.		7.500			03/15/2031		160,704		163,148
Government National Mortgage Assoc.		7.500			05/15/2031		722,455		733,439
Government National Mortgage Assoc.		7.500			07/15/2031		743,178		754,477
Government National Mortgage Assoc.		7.500			09/15/2031		640,742		650,484
Government National Mortgage Assoc.		7.500			11/15/2027		338,487		339,239
Government National Mortgage Assoc.		7.500			12/15/2012		4,544,210		4,768,519
Government National Mortgage Assoc.		7.500			12/15/2018		862,325		847,689
Government National Mortgage Assoc.		8.000			03/15/2032		213,397		216,912
Government National Mortgage Assoc.		9.000			08/15/2009		1,036,269		992,877
Government National Mortgage Assoc.		9.000			11/15/2017		6,261,687		6,477,152
Government National Mortgage Assoc.		9.000			12/15/2009		13,998,254		14,266,195
Government National Mortgage Assoc.		9.500			12/15/2009		491,932		484,583
Government National Mortgage Assoc.		9.500			12/15/2009		3,531,260		3,543,378
U.S. Treasury Notes		2.875			11/30/2006		123,925,090		123,676,632
U.S. Treasury Notes		3.125			05/15/2007		49,908,013		49,800,584
U.S. Treasury Notes		3.375			09/15/2009		106,346,325		105,228,269
Total U.S. Government and Agency Debt Obligations							1,041,498,934		1,022,219,003

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, 2004

Description	Units		Cost		Market

U.S. Savings Bonds
1965 U.S. Savings Bond E Series		72	$	1,350	$	13,920
1975 U.S. Savings Bond E Series		2,857		53,569		368,257
1976 U.S. Savings Bond E Series		3,437		64,444		435,995
1977 U.S. Savings Bond E Series		4,803		90,056		589,950
1978 U.S. Savings Bond E Series		7,725		144,844		731,024
1979 U.S. Savings Bond E Series		11,898		223,088		1,076,999
1980 U.S. Savings Bond EE Series		5,068		253,400		1,327,925
1981 U.S. Savings Bond EE Series		5,354		267,700		1,217,749
1982 U.S. Savings Bond EE Series		6,046		302,300		1,294,666
1983 U.S. Savings Bond EE Series		10,743		537,150		1,900,589
1984 U.S. Savings Bond EE Series		12,043		602,150		1,924,566
1985 U.S. Savings Bond EE Series		18,181		909,050		2,737,676
1986 U.S. Savings Bond EE Series		55,812		2,790,600		7,948,431
1987 U.S. Savings Bond EE Series		59,843		2,992,150		7,487,310
1988 U.S. Savings Bond EE Series		69,300		3,465,000		8,335,638
1989 U.S. Savings Bond EE Series		103,466		5,173,300		11,956,134
1990 U.S. Savings Bond EE Series		105,995		5,299,750		11,770,447
1991 U.S. Savings Bond EE Series		112,321		5,616,050		11,997,901
1992 U.S. Savings Bond EE Series		171,873		8,593,650		17,621,558
1993 U.S. Savings Bond EE Series		123,270		6,163,500		10,617,769
1994 U.S. Savings Bond EE Series		97,801		4,890,050		7,761,563
1995 U.S. Savings Bond EE Series		38,962		1,948,100		2,952,815
1996 U.S. Savings Bond EE Series		297		14,850		20,457
1997 U.S. Savings Bond EE Series		457		22,850		31,171
1998 U.S. Savings Bond EE Series		826		41,300		53,872
1999 U.S. Savings Bond EE Series		1,042		52,100		64,928
2000 U.S. Savings Bond EE Series		1,310		65,500		77,192
2001 U.S. Savings Bond EE Series		1,580		79,000		88,262
2002 U.S. Savings Bond EE Series		221,616		11,080,800		11,877,160
2003 U.S. Savings Bond EE Series		226,622		11,331,100		11,721,708
2004 U.S. Savings Bond EE Series		251,230		12,561,500		12,561,500
Total U.S. Savings Bonds				85,630,251		148,565,132

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, 2004

Description	Rate of Interest			Maturity		Cost		Market

Corporate Notes
American Express Credit Corp.		2.381	%		10/05/2005	$	23,047,085	$	23,047,085
International Lease Finance Corp.		3.370			07/15/2005		2,414,127		2,416,104
Marsh & McLennan Cos. Inc.		2.193			07/13/2007		1,501,086		1,465,557
Merrill Lynch & Co. Inc.		2.708			01/14/2005		4,000,000		4,000,332
Total Corporate Notes							30,962,298		30,929,078

Loans to Participants
* Various (62,471 loans)		5.840-8.410			1 month - 15 years		387,885,669		387,885,669

Loans Secured by Mortgages and Other Assets
Aesop Funding II LLC (Class A)		2.660			11/20/2006		7,015,784		7,004,375
Banc of America Large Loan		2.523			06/15/2018		2,699,266		2,699,267
CDC Mortgage Capital Trust (Class A)		2.908			03/25/2033		182,148		182,794
Cendant Mortgage Corp.		7.483			04/25/2031		2,916,097		2,890,723
Centex Home Equity		2.668			06/25/2034		1,240,824		1,239,228
Chase Funding Mortgage Loan Asset-Backed Certificates		2.548			01/25/2025		1,329,747		1,329,773
Citibank Credit Card Issuance Trust (Class C)		6.650			05/15/2008		2,713,280		2,601,875
Crusade Global Trust (Class A)		2.700			09/18/2034		444,679		445,590
First Horizon Asset Back Trust (Class A)		2.638			02/25/2034		3,020,044		3,019,102
Fleet Credit Card Master Trust II (Class A)		5.600			12/15/2008		7,385,252		7,091,494
Ford Credit Floorplan Master Owner Trust (Class A)		2.443			07/15/2009		7,000,000		7,005,236
GMAC Mortgage Corp. Loan Trust (Class A)		2.498			06/25/2034		1,250,000		1,250,486
Greenwich Capital Commercial Funding Corp.		1.144			11/05/2013		2,403,368		2,402,036
GSAA Trust		2.568			05/25/2034		7,860,823		7,840,623
GSAA Trust		2.818			05/25/2034		2,545,798		2,550,000
Hertz Vehicle Financing LLC		2.508			05/25/2008		3,000,820		3,001,005
Interstar Millennium Trust (Class A)		2.680			03/14/2036		458,518		458,695
LB-UBS Commercial Mortgage Trust		3.790			10/17/2013		4,168,269		3,890,433	(a	)
LB-UBS Commercial Mortgage Trust		3.680			07/15/2037		2,076,453		2,126,980	(a	)
LB-UBS Commercial Mortgage Trust		1.368			07/15/2035		3,014,563		3,013,433	(a	)
Long Beach Mortgage Loan Trust		2.688			11/25/2034		7,799,521		7,799,663
Morgan Stanley Capital I Inc.		4.130			12/15/2041		4,249,887		4,279,298	(a	)
Morgan Stanley Capital I Inc.		1.128			04/15/2038		3,950,815		3,841,341
National RMBS Trust		2.620			03/20/2034		916,616		916,434

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, 2004

Description	Rate of Interest			Maturity		Cost		Market

Loans Secured by Mortgages and Other Assets, continued
Option One Mortgage Loan Trust (Class A)		2.838	%		02/25/2033	$	4,506,133	$	4,507,235
Provident Bank Home Equity Loan Trust (Class A)		7.180			04/25/2013		390,536		389,101
Providian Gateway Master Trust (Class A)		2.683			03/16/2009		15,038,672		15,029,819
RAAC Series		2.608			03/25/2022		4,664,834		4,661,188
Residential Accredit Loans Inc.		2.718			03/25/2034		2,623,674		2,619,388
Residential Asset Mortgage Products Inc.		2.528			12/25/2022		1,386,224		1,386,240
Residential Funding Mortgage Securities II (Class A)		2.628			02/25/2034		1,045,755		1,042,933
Sears Credit Account Master Trust (Class A)		2.783			11/17/2009		1,000,000		1,000,700
Sequoia Mortgage Trust (Class A)		2.690			07/20/2034		2,734,616		2,730,287
Thornburg Mortgage Securities Trust (Class A)		2.758			04/25/2043		2,703,919		2,707,934
Wachovia Asset Securitization Inc. (Class A)		2.638			06/25/2034		2,394,589		2,394,589
World Omni Auto Receivables Trust (Class B)		2.350			09/15/2009		1,717,810		1,704,642
Total Loans Secured by Mortgages and Other Assets							119,849,334		119,053,940

Other
* Cash		n/a			n/a		92,409		92,409

Total Investments						$	18,508,593,162	$	24,990,842,931

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) Coupon represents 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 –