frm11k2009.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, 2009
 
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, 2009 and 2008
4
     
 
Statements of Changes in Net Assets Available for Plan Benefits
for the Years Ended December 31, 2009 and 2008
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, 2009
15-21
     
B.
Exhibits
  
     
 
23
Consent of Independent Registered Public Accounting Firm
  
       
 
99(a)
GE S&S Program Mutual Funds 2009 Annual Report (incorporated by reference to the General Electric S&S Program Mutual Fund Form N-CSR for the year ended December 31, 2009, as filed with the Commission on March 8, 2010)
  
       
 
99(b)
GE Institutional International Equity Fund 2009 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2009, as filed with the Commission on December 7, 2009)
  
       
 
99(c)
GE Institutional Small-Cap Value Equity Fund 2009 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2009, as filed with the Commission on December 7, 2009)
  
       
 
99(d)
GE Institutional Strategic Investment Fund 2009 Annual Report (incorporated by reference to the GE Institutional Funds Form N-CSR for the year ended September 30, 2009, as filed with the Commission on December 7, 2009)
  


 
(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 22, 2010
  
/s/ Jamie S. Miller
     
Jamie S. Miller
Vice President and Controller



 
(3)
 



 
GE SAVINGS AND SECURITY PROGRAM
 
Financial Statements and Supplemental Schedule
 
December 31, 2009 and 2008
 
(With Independent Registered Public Accounting Firm’s Report Thereon)
 

 
 
 

GE SAVINGS AND SECURITY PROGRAM
 
December 31, 2009 and 2008
 
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, 2009 and 2008
4
   
Statements of Changes in Net Assets Available for Plan Benefits
for the Years Ended December 31, 2009 and 2008
5
   
Notes to Financial Statements
6-17
   
Supplemental Schedule: (i)
  
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
as of December 31, 2009
18-26


 


(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, 2009 and 2008, 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, 2009 and 2008, 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, 2009 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
KPMG LLIP
June 9, 2010

 
- 3 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Statements of Net Assets Available for Plan Benefits
 
December 31, 2009 and 2008
 
(in thousands)
 

               
2009
  
2008
Assets
          
                     
Investments, at fair value (notes 3 and 4)
$
16,884,096
$
15,292,581
Loans to participants
    
383,556
  
427,014
Accrued dividends and interest
  
43,395
  
121,011
Other assets
        
16,042
  
5,032
 
 Total assets
          
17,327,089
  
15,845,638
                     
Liabilities
          
                     
Other liabilities
      
7,318
  
282
 
Total liabilities
          
7,318
  
282
                     
Net assets available for plan benefits
$
17,319,771
$
15,845,356



 


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, 2009 and 2008
 
(in thousands)
 

               
2009
  
2008
Additions (reductions) to net assets attributed to:
        
 
Investment income:
        
   
Net appreciation (depreciation) in fair value of
        
   
  investments (note 3)
$
931,650
$
(11,466,233)
                     
   
Interest and dividend income:
        
     
General Electric Company Common Stock
  
232,976
  
 518,441
     
Registered investment companies
  
186,756
  
277,802
     
Other investments
  
28,448
  
70,257
               
1,379,830
  
(10,599,733)
                     
 
Interest on loans to participants
  
23,825
  
26,150
                     
 
Contributions:
        
   
Employee
  
909,969
  
 1,020,897
   
Employer
  
324,350
  
 350,516
             
1,234,319
  
 1,371,413
                     
     
Total additions (reductions)
      
2,637,974
  
(9,202,170)
                     
Deductions from net assets attributed to:
        
   
Participant withdrawals
  
1,163,559
  
 1,597,749
                     
     
Net increase (decrease)
      
1,474,415
  
(10,799,919)
                     
Net assets available for plan benefits:
        
 
Beginning of year
  
15,845,356
  
26,645,275
 
End of year
$
17,319,771
$
15,845,356



 
See accompanying notes to financial statements.
 

 
- 5 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2009 and 2008
(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 assets of the Plan are held and invested through the General Electric Savings and Security Trust (the “Trust”).
 
Historically, General Electric Company has performed all of the Plan’s administration and recordkeeping. On December 1, 2009, Fidelity Investmentsâ became the Plan’s recordkeeper and the Plan Trustees (all of whom are officers of GE Asset Management Incorporated (“GEAM”), a wholly owned subsidiary of General Electric Company) appointed Fidelity Management Trust Company (“FMTC”) as the directed Trustee of the Trust. The Plan was also amended and restated in its entirety and otherwise updated, generally effective December 1, 2009, primarily to:
 
·  
provide new investment options, “unitize” the GE stock fund and expand investment alternatives for matching contributions and loan repayments;
·  
expedite contribution and investment elections and increase investment switching opportunities;
·  
reduce restrictions on loans, regular in-service withdrawals and partial distributions; and
·  
incorporate regulatory changes and make other improvements and technical changes.

GEAM is the investment adviser to the Plan’s investment options, with the exception of the Index Funds, the GE Stock Fund and the U.S. Bond Fund (as defined below). BlackRock Institutional Trust Company (“BlackRock”) is the investment adviser to the Non-U.S. Equity Index Fund, U.S. Aggregate Bond Index Fund, U.S. Large-Cap Equity Index Fund, U.S. Mid-Cap Equity Index Fund, U.S. Small-Cap Equity Index Fund and the U.S. Treasury Inflation-Protected Securities Index Fund (collectively referred to herein as the “Index Funds”). These funds were established as investment options December 1, 2009. State Street Corporation is the custodian of all Plan assets except for the GE Stock Fund and the United States Savings Bonds. FMTC is the custodian of the GE Stock Fund. The Federal Reserve Bank is the custodian of the United States Savings Bonds.
 
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 Common Stock Fund (the “GE Stock Fund”) - GE Stock constitutes at least 98% of the assets of the GE Stock Fund and the remainder (up to 2%) is held in cash and cash equivalents to provide liquidity for participant directed transactions. Effective as of December 1, 2009, an investment in GE common stock (“GE Stock”) changed from an investment solely in GE Stock to an investment in a unitized stock fund.
 
 
(b)
GE S&S Income Fund (the “Income Fund”) - a registered investment company that invests primarily in a variety of investment grade debt securities such as U.S. Government securities, mortgage-backed securities, corporate bonds, and money market instruments. The Income Fund normally has a weighted average maturity of approximately five to ten years, but is subject to no limitation with respect to the maturities of the instruments in which it may invest.
 
 
(c)
GE S&S Program Mutual Fund (the “Mutual Fund”) - a registered investment company that invests primarily in equity securities of U.S. companies.
 

 
- 6 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2009 and 2008
 
 
(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 United States.
 
 
(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.), investment grade debt securities and cash.
 
 
(g)
Non-U.S. Equity Index Fund – a collective trust fund that invests in foreign stocks in developed and emerging markets outside the United States.
 
 
(h)
U.S. Aggregate Bond Index Fund – a collective trust fund that invests in high-quality fixed income securities.
 
 
(i)
U.S. Large-Cap Equity Index Fund – a collective trust fund that invests in large companies within the United States. This fund replaced the Vanguardâ Institutional Index Fund as an investment option in the Plan effective  December 1, 2009.
 
 
(j)
U.S. Mid-Cap Equity Index Fund – a collective trust fund that invests in medium-sized companies within the United States.
 
 
(k)
U.S. Small-Cap Equity Index Fund – a collective trust fund that invests in smaller companies within the United States.
 
 
(l)
U.S. Treasury Inflation-Protected Securities Index Fund (the “U.S. TIPS Index Fund”) – a collective trust fund that invests in inflation-linked, fixed income securities issued by the United States government.
 
 
(m)
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.
 
 
(n)
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.
 
 
(o)
United States Savings Bonds (the “U.S. Bond Fund”) – comprises individual participants’ contributions that are directed to U.S. Treasury Series EE Savings Bonds, 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 have not yet been distributed are reinvested in bonds.
 

 

 
- 7 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2009 and 2008
 
The GE Stock Fund, Income Fund, Mutual Fund, International Fund, Small Cap Fund, Strategic Investment Fund, Index Funds, Short Term Fund, Money Market Fund and U.S. Bond Fund are collectively referred to herein as the “Funds”.
 
The Income Fund, Mutual Fund, International Fund, Small Cap Fund and Strategic Investment Fund are registered investment companies subject to specific disclosure and other requirements. Audited financial statements and prospectuses or other disclosure documents of the registered investment companies are distributed annually to participants. Collective investment fund profiles and other disclosure documents are distributed annually to participants for the Index Funds. The GE Stock Fund, Short Term Fund and Money Market Fund detailed information is contained in the S&S Program Supplemental Information document, which is distributed annually.
 
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 $16,500 and $15,500 in 2009 and 2008, respectively. For participants who were at least age 50 during the year, the 2009 and 2008 limits were generally $22,000 and $20,500, respectively.
 
Prior to December 2009, the Plan permitted participants to switch their investment balances up to 24 times each year. Effective December 2009, participants may make such switches (including rebalancing) up to 12 times each quarter. 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). Prior to December 2009, employer contributions were invested at the election of the participant in any one of the investment options except for the U.S. Bond Fund. Effective December 2009, participants are no longer limited to one investment option for employer contributions.
 
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, 2009 and 2008, transfers from other qualifying plans or arrangements accounted for $18.5 million and $40.8 million, respectively, and 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. 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.
 

 

 
- 8 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2009 and 2008
 
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. Prior to December 2009, the interest rates of individual loans were fixed for the shorter of the term of the loan or five years. Effective December 2009, the interest rates for new loans are fixed for the term of the loan.
 
A participant may have no more than two outstanding loans from the Plan at any time and prior to December 2009, could not obtain more than one such loan during any calendar year. Effective December 2009, this one loan per calendar year limit was removed.
 
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 with written notice and without penalty. Prior to December 2009, this repayment could not be made within three months of the date of the loan, but this restriction was removed effective December 2009.
 
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.
 
Administrative and Investment Advisory Costs
 
Administrative costs of the Plan and investment advisory costs for the GE Stock Fund, Short Term Fund and the Money Market Fund are generally borne by General Electric Company. For the registered investment companies and the Index Funds, 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.
 

 
- 9 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2009 and 2008


(2)
Summary of Significant Accounting Policies
 

(a)  
Basis of Accounting
 
The accompanying financial statements have been prepared on the accrual basis of accounting.
 
(b)  
Accounting Changes
 
The Financial Accounting Standards Board (FASB) has made the Accounting Standards Codification (ASC) effective for financial statements issued for interim and annual periods ending after September 15, 2009. The ASC combines all previously issued authoritative U.S. generally accepted accounting principles (GAAP) into one codified set of guidance organized by subject area. In these financial statements, references to previously issued accounting standards have been replaced with the relevant ASC references. Subsequent revisions to GAAP by the FASB will be incorporated into the ASC through issuance of Accounting Standards Updates (ASU).
 
(c)  
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 the GE Stock Fund, 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 risk. The Index Funds may use futures to manage risk. In addition, the Non-U.S. Equity Index Fund may use a variety of over the counter derivative instruments, including, without limitation, options, swaps and forward contracts. No investments are engaged in market-making or other speculative activities.
 
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 collective funds. A collective fund is a pool of investments from various investors to create a diversified fund.
 
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 GE Stock, Short Term, Money Market and Index Funds. Collective investment fund profiles and other disclosure documents are distributed annually to participants for the Index Funds. The GE Stock, Short Term and Money Market Fund detailed information is contained in the S&S Program Supplemental Information document, which is distributed annually.
 
 

 
- 10 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2009 and 2008
 

 
(d)           Fair Value Measurements
 
We adopted ASC 820, Fair Value Measurements and Disclosures, effective January 1, 2008 for all financial investments accounted for at fair value.
 
For financial assets and liabilities fair valued on a recurring basis, fair value is the price the Plan 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 inputs are observable or whose significant value drivers are observable.
 
Level 3 - Significant inputs to the valuation model are unobservable.
 
We maintain policies and procedures to value investments using the best and most relevant data available. In addition, we retained independent pricing vendors to assist in valuing certain investments.
 
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 registered investment companies and the investment in GE stock as of December 31, 2008.
 
The Plan’s ownership in the collective funds and the GE Stock Fund are carried at fair value based on the investment’s net asset value per unit and included in Level 2.
 
When quoted market prices are unobservable, we obtain pricing information from an independent pricing vendor. The pricing vendor uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing vendor are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. Since many fixed income securities do not trade on a daily basis, the methodology of the pricing vendor uses available information as applicable such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. The pricing vendor considers available market observable inputs in determining the evaluation for a security. Thus, certain securities may not be priced using quoted prices, but rather determined from market observable information. These investments are included in Level 2 and primarily comprise securities in the Short Term Fund and the Money Market Fund. 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.
 

 
- 11 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2009 and 2008
 

 
 
(e)
Loans to Participants
 
Loans to participants equal the outstanding principal balance plus accrued interest, which approximates fair value.
 
(f)           Participant Withdrawals
 
Participant withdrawals are recorded when paid.
 
 
(g)
Management Estimates and Assumptions
 
The preparation of financial statements in conformity with GAAP 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.
 
 
(h)
Reclassifications
 
Certain prior year amounts have been reclassified to conform to current year presentation.
 

 
- 12 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2009 and 2008
 
 
(3)  
Investments
 
The following is a summary of the fair value of the Plan’s investments at December 31, 2009 and 2008:
 
     
2009
    
2008
  
     
 (in thousands)
  
               
GE Stock Fund (a)
  
$
6,979,372
(b)
$
6,973,690
(b)
Registered Investment Companies:
              
     GE S&S Income Fund
    
1,727,931
(b)
  
1,653,835
(b)
     GE S&S Program Mutual Fund
    
2,525,839
(b)
  
1,896,878
(b)
     GE Institutional International Equity Fund
    
1,200,123
(b)
  
906,666
(b)
     GE Institutional Small-Cap Equity Fund
    
585,060
    
406,984
  
     GE Institutional Strategic Investment Fund
    
406,599
    
296,825
  
     Vanguardâ Institutional Index Fund
    
—
    
559,611
  
          Total Registered Investment Companies
    
6,445,552
    
5,720,799
  
Collective Funds:
              
     GE Cash Plus Fund
    
8,865
    
25,013
  
     Non-U.S. Equity Index Fund
    
22,918
    
—
  
     U.S. Aggregate Bond Index Fund
    
14,499
    
—
  
     U.S. Large-Cap Equity Index Fund
    
790,875
    
—
  
     U.S. Mid-Cap Equity Index Fund
    
17,081
    
—
  
     U.S. Small-Cap Equity Index Fund
    
13,370
    
—
  
     U.S. Treasury Inflation-Protected Securities Index Fund
    
42,977
    
—
  
          Total Collective Funds
    
910,585
    
25,013
  
Other Investments:
              
     Short-Term Money Market Instruments
    
1,313,379
(b)
  
1,150,789
(b)
     U.S. Government and Agency Debt Obligations
    
1,004,840
(b)
  
1,251,833
(b)
     Other
    
230,368
    
170,457
  
          Total Other Investments
    
2,548,587
    
2,573,079
  
               
                    Total Investments at fair value
  
$
16,884,096
  
$
15,292,581
  
               
(a) Effective as of December 1, 2009, an investment in GE Stock changed from an investment solely in GE Stock to an
    investment in a unitized stock fund.
(b) Investments representing more than 5% of the Plan’s net assets.

 

 
- 13 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2009 and 2008


The Plan’s investments appreciated (depreciated) as follows:
 
     
2009
  
2008
     
  (in thousands)
GE Stock Fund (a)
  
$
(285,348)
$
(8,651,374)
Registered Investment Companies
    
 1,020,071
  
(2,839,444)
Collective Funds
    
265,234
  
—
Other Investments
    
(68,307)
  
24,585
   
$
931,650
$
(11,466,233)
           
(a)   Effective as of December 1, 2009, an investment in GE Stock changed from an investment solely in GE Stock to an
investment in a unitized stock fund.

 
The Funds, with the exception of the GE Stock Fund, Index Funds and U.S. Bond 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, 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 Vanguardâ Institutional Index Fund and the Income Fund participated in security lending programs. For more information, refer to the audited financial statements of the Vanguardâ Institutional Index Fund and the Income Fund.
 
The Funds, with the exception of the GE Stock Fund and U.S. Bond Fund 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 fifteen participant-directed fund elections. Additionally, the investments within each participant-directed fund election are further diversified into various financial instruments, with the exception of the GE Stock Fund and the U.S. Bond Fund, which invest in securities of a single issuer.
 
(4)
Fair Value Measurements
 
We adopted ASC 820 effective January 1, 2008 for all financial investments accounted for at fair value. This guidance establishes a new framework for measuring fair value and expands related disclosures. Broadly, the 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. It also establishes a three-level valuation hierarchy based upon observable and non-observable inputs.
 

 
- 14 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2009 and 2008


The following table presents the Plan’s investments measured at fair value on a recurring basis at December 31, 2009:

               
Level 1
  
Level 2
  
Level 3
  
Total
                   
(in thousands)
    
                             
GE Stock Fund
    
$
—
$
6,979,372
$
—
$
6,979,372
                             
Registered Investment Companies
  
6,445,552
  
—
  
—
  
6,445,552
                             
Collective Funds
    
—
  
 910,585
  
—
  
910,585
                             
Other Investments:
                  
 
Short-Term Money Market Instruments
  
—
  
1,313,379
  
—
  
1,313,379
 
U.S. Government and Agency Debt Obligations
—
  
996,670
  
8,170
  
1,004,840
 
Other
          
119,309
  
111,059
  
—
  
230,368
   
Total Other Investments
  
119,309
  
2,421,108
  
8,170
  
2,548,587
                             
     
Total investments at fair value
$
6,564,861
$
10,311,065
$
8,170
$
16,884,096

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
                             
Collective Funds
    
—
  
25,013
  
—
  
25,013
                             
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
 
Other
          
121,677
  
48,780
  
—
  
170,457
   
Total Other Investments
  
121,677
  
2,451,333
  
69
  
2,573,079
                             
     
Total investments at fair value
$
12,816,166
$
2,476,346
$
69
$
15,292,581


 

 
- 15 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2009 and 2008


The following table presents the changes in Level 3 investments measured on a recurring basis for the year ended December 31, 2009:
 
                       
Net change in
       
Net
              
unrealized
       
realized/
              
gains (losses)
       
unrealized
              
relating to
       
gains
  
Purchases,
  
Transfers
      
investments
       
(losses)
  
issuances
  
in and/or
      
still held at
(in thousands)
  
January 1,
  
included in
  
and
  
out of
  
December 31,
  
December 31,
   
2009
  
earnings
  
settlements
  
Level 3(a)
  
2009
  
2009(b)
                         
U.S. Government and Agency Debt Obligations
                        
$
69
$
(51)
$
8,152
$
—
$
8,170
$
4
 

 
The following table presents the changes in Level 3 investments measured on a recurring basis for the year ended December 31, 2008:
 
                       
Net change in
       
Net
              
unrealized
       
realized/
              
gains (losses)
       
unrealized
              
relating to
       
gains
  
Purchases,
  
Transfers
      
investments
       
(losses)
  
issuances
  
in and/or
      
still held at
(in thousands)
  
January 1,
  
included in
  
and
  
out of
  
December 31,
  
December 31,
   
2008
  
earnings
  
settlements
  
Level 3(a)
  
2008
  
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, 2009 and December 31, 2008, respectively.
 

 
- 16 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Notes to Financial Statements
 
December 31, 2009 and 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 and restated since that letter was issued. However, counsel for the Plan has no reason to believe that those changes 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)           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
                 
2009
  
2008
                 
(in thousands)
                       
Total investments per financial statements
  
$
       16,884,096
$
       15,292,581
Loans to participants
    
            383,556
  
            427,014
Total investments per Form 5500
  
$
       17,267,652
$
       15,719,595

 

 
- 17 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2009

Description
  
 Shares
  
Cost (a)
    
 Fair Value
                 
GE Stock Fund
              
 
Common Stock – 99.2%
              
 
  General Electric Company (g)
  
457,526,825
$
10,198,065,092
  
$
6,922,380,862
 
Short- Term Investments- 0.8%
              
 
  Fidelity Institutional Money Market
              
   Government Portfolio (Class I) (b)
56,991,385
56,991,385
  
56,991,385
 
           Total GE Stock Fund
      
10,255,056,477
    
6,979,372,247
                 
                 
Registered Investment Companies
              
 
  GE S&S Income Fund (c)
  
159,256,346
  
1,732,592,040
    
1,727,931,356
 
  GE S&S Program Mutual Fund (c)
  
68,525,190
  
2,504,190,461
    
2,525,838,506
 
  GE Institutional International Equity Fund (c)
108,412,150
  
1,214,546,777
    
1,200,122,499
 
  GE Institutional Small-Cap Equity Fund (c)
50,698,456
  
552,742,165
    
585,060,178
 
  GE Institutional Strategic Investment Fund (c)
39,209,193
  
406,192,864
    
406,599,336
 
           Total Registered Investment Companies
    
6,410,264,307
    
6,445,551,875
                 
Collective Funds
              
 
  GE Cash Plus Fund (c) (d)
      
8,864,545
    
8,864,545
 
  Non U.S. Equity Index Fund
      
22,604,673
    
22,918,484
 
  U.S. Aggregate Bond Index Fund
      
14,583,530
    
14,498,711
 
  U.S. Large Cap Equity Index Fund
      
776,096,179
    
790,874,843
 
  U.S. Mid Cap Equity Index Fund
      
16,784,546
    
17,081,274
 
  U.S. Small Cap Equity Index Fund
      
13,051,554
    
13,369,825
 
  U.S. TIPS Index Fund
      
43,494,762
    
42,976,942
 
           Total Collective Funds
      
895,479,789
    
910,584,624

See accompanying notes to schedule of assets on page 26.
(continued)

 

 
- 18 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2009

Description
Rate of Interest
  
Maturity
Cost (a)
  
Fair Value
  
Short-Term Money Market Instruments
              
Interest Bearing Cash and Cash Equivalents
              
 
Abbey National Treasury
0.661
%
2/25/2010
$   37,500,000
$
    37,500,000
  
 
Allied Irish Banks NA
0.530
  
3/3/2010
55,450,158
  
55,450,158
(e)
 
Australia and New Zealand Bank
0.210
  
1/7/2010
15,999,440
  
15,999,440
(e)
 
Australia and New Zealand Bank
0.350
  
5/25/2010
30,003,592
  
30,003,592
  
 
Banco Bilbao Vizcaya
0.215
  
2/17/2010
22,375,157
  
22,375,157
  
 
Bank of America Corporation
0.150
  
1/8/2010
46,698,638
  
46,698,638
(e)
 
Bank Of Ireland
0.100
  
1/4/2010
55,790,000
  
55,790,000
  
 
Bank Of Montreal
0.190
  
2/22/2010
31,150,000
  
31,150,000
  
 
Bank Of Nova Scotia
0.233
  
12/17/2010
29,000,000
  
29,000,000
  
 
Bank Of Nova Scotia
0.434
  
1/15/2010
31,380,000
  
31,380,000
  
 
Barclays Bank PLC
0.440
  
5/3/2010
15,750,000
  
15,750,000
  
 
Barclays Bank PLC
0.700
  
4/15/2010
46,450,000
  
46,450,000
  
 
Barclays Repurchase Agreement
0.010
  
1/4/2010
40,220,000
  
40,220,000
  
 
BNP Paribas
0.200
  
3/1/2010
31,000,000
  
31,000,000
  
 
BNP Paribas
0.310
  
1/14/2010
23,930,000
  
23,930,000
  
 
Calyon
0.280
  
2/26/2010
12,136,378
  
12,136,378
(e)
 
Calyon
0.600
  
1/5/2010
35,480,000
  
35,480,000
  
 
CBA (DE) Finance Inc
0.280
  
6/10/2010
55,480,871
  
55,480,871
(e)
 
Credit Agricole SA
0.304
  
5/28/2010
3,839,561
  
3,839,561
(e)
 
Danske Corporation
0.190
  
3/15/2010
37,785,436
  
37,785,436
(e)
 
Danske Corporation
0.480
  
1/19/2010
24,894,024
  
24,894,024
(e)
 
Deutsche Bank AG
0.500
  
1/6/2010
26,790,000
  
26,790,000
  
 
Deutsche Government Agency Repurchase Agreement
0.010
  
1/4/2010
61,200,000
  
61,200,000
  
 
Eksportfinans ASA
0.080
  
1/4/2010
39,429,737
  
39,429,737
(e)
 
European Investment Bank Global BD
5.000
  
2/8/2010
3,858,460
  
3,858,460
  
 
Her Majesty Canada
0.300
  
1/21/2010
12,397,933
  
12,397,933
(e)
 
HSBC Americas Inc
0.100
  
1/4/2010
13,019,892
  
13,019,892
(e)
 
HSBC Americas Inc
0.240
  
4/14/2010
36,524,902
  
36,524,902
(e)
 
HSBC Repurchase Agreement
0.010
  
1/4/2010
22,400,000
  
22,400,000
  
 
International Bank
0.010
  
2/26/2010
26,593,793
  
26,593,793
(e)
 
KFW Medium Term Notes
0.333
  
1/21/2010
17,953,868
  
17,953,868
  
 
National Australia Bank
0.180
  
2/23/2010
27,100,000
  
27,100,000
  
 
Nordea North America
0.230
  
2/5/2010
31,742,900
  
31,742,900
(e)
 
Procter and Gamble
0.285
  
5/7/2010
9,170,000
  
9,170,000
  
 
Rabobank Nederland
0.258
  
7/23/2010
18,148,823
  
18,148,823
(e)
 
Rabobank Nederland
0.382
  
4/26/2010
29,860,000
  
29,860,000
  

See accompanying notes to schedule of assets on page 26.
(continued)

 
- 19 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2009

Description
Rate of Interest
  
Maturity
Cost (a)
  
Fair Value
  
Short-Term Money Market Instruments
              
Interest Bearing Cash and Cash Equivalents, continued
              
 
Royal Bank of Canada
0.357
%
1/26/2010
$   56,430,000
$
    56,430,000
  
 
Societe Generale North America
0.290
  
5/17/2010
24,872,721
  
24,872,721
(e)
 
Societe Generale North America
0.340
  
2/2/2010
34,239,649
  
34,239,649
(e)
 
State Street Cayman Islands
0.010
  
1/4/2010
155,386
  
155,386
  
 
Svenska Handelsban
0.370
  
2/11/2010
46,600,530
  
46,600,530
  
 
Toronto Dominion
0.330
  
5/17/2010
23,550,888
  
23,550,888
  
 
Toronto Dominion
0.500
  
2/8/2010
14,482,352
  
14,482,352
(e)
 
Toyota Motor Corporation
0.180
  
2/3/2010
36,443,986
  
36,443,986
(e)
 
Westpac Banking Corporation
0.304
  
10/6/2010
18,099,862
  
18,099,862
(e)
 
Total Short-Term Money Market Instruments
    
1,313,378,937
  
1,313,378,937
  
                 
U.S. Government and Agency Debt Obligations
              
 
Federal Home Loan Bank
2.750
  
3/12/2010
18,188,960
  
18,188,960
  
 
Federal Home Loan Mortgage Corporation
0.139
  
2/4/2010
54,470,000
  
54,470,000
  
 
Federal Home Loan Mortgage Corporation
1.183
  
12/15/2031
3,521,157
  
3,537,726
  
 
Federal Home Loan Mortgage Corporation
2.375
  
5/28/2010
40,443,813
  
40,443,813
  
 
Federal Home Loan Mortgage Corporation
4.875
  
2/9/2010
7,922,273
  
7,922,273
  
 
Federal Home Loan Mortgage Corporation
5.125
  
4/18/2011
70,478,010
  
72,930,697
  
 
Federal Home Loan Participation Certificate Pool
6.000
  
10/15/2013
10,830
  
17,562
(f)
 
Federal Home Loan Participation Certificate Pool
6.000
  
10/15/2013
17,850
  
17,453
(f)
 
Federal Home Loan Participation Certificate Pool
7.000
  
10/1/2023
14,339
  
15,145
  
 
Federal Home Loan Participation Certificate Pool
7.000
  
11/1/2031
103,760
  
107,832
  
 
Federal Home Loan Participation Certificate Pool
7.000
  
4/1/2032
485,406
  
500,950
  
 
Federal Home Loan Participation Certificate Pool
7.000
  
4/1/2032
357,793
  
369,305
  
 
Federal Home Loan Participation Certificate Pool
7.000
  
6/1/2032
145,869
  
152,422
  
 
Federal Home Loan Participation Certificate Pool
7.000
  
4/1/2036
945,646
  
999,501
  
 
Federal Home Loan Participation Certificate Pool
7.500
  
1/1/2016
207,066
  
213,475
  
 
Federal Home Loan Participation Certificate Pool
7.500
  
1/1/2027
26,325
  
27,618
  
 
Federal Home Loan Participation Certificate Pool
7.500
  
1/1/2027
315,048
  
333,766
  
 
Federal Home Loan Participation Certificate Pool
8.000
  
5/1/2031
31,788
  
34,314
  
 
Federal Home Loan Participation Certificate Pool
8.500
  
3/1/2027
97,424
  
101,894
  
 
Federal Home Loan Participation Certificate Pool
9.250
  
12/1/2016
32,802
  
29,149
  
 
Federal National Mortgage Association
0.100
  
5/25/2018
126,973
  
39,572
(f)
 
Federal National Mortgage Association
5.500
  
6/25/2025
498,997
  
506,020
  
 
Federal National Mortgage Association
5.968
  
7/25/2038
1,472,937
  
1,530,075
(f)
 
Federal National Mortgage Association
6.968
  
8/25/2037
3,967,114
  
4,178,882
(f)

See accompanying notes to schedule of assets on page 26.
(continued)

 
- 20 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2009

Description
Rate of Interest
  
Maturity
Cost (a)
  
Fair Value
  
U.S. Government and Agency Debt Obligations, continued
              
 
Federal National Mortgage Association
0.217
%
2/12/2010
$    18,170,430
$
    18,170,430
  
 
Federal National Mortgage Association 2006
6.308
  
7/25/2036
4,013,680
  
3,593,076
(f)
 
Federal National Mortgage Association Discount Notes
0.010
  
1/20/2010
46,097,810
  
46,097,810
(e)
 
Federal National Mortgage Association Discount Notes
0.010
  
2/1/2010
15,999,036
  
15,999,036
(e)
 
Federal National Mortgage Association Guaranteed
1.408
  
7/25/2044
8,391,662
  
2,057,058
(f)
 
Federal National Mortgage Association Pool
2.413
  
5/1/2033
2,061,692
  
2,024,901
  
 
Federal National Mortgage Association Pool
2.819
  
12/1/2032
657,545
  
668,019
  
 
Federal National Mortgage Association Pool
3.099
  
6/1/2033
201,239
  
201,952
  
 
Federal National Mortgage Association Pool
3.219
  
6/1/2033
567,879
  
567,204
  
 
Federal National Mortgage Association Pool
3.271
  
7/1/2033
1,465,828
  
1,449,728
  
 
Federal National Mortgage Association Pool
3.290
  
6/1/2033
1,533,515
  
1,526,197
  
 
Federal National Mortgage Association Pool
3.438
  
7/1/2033
3,502,440
  
3,517,127
  
 
Federal National Mortgage Association Pool
3.520
  
7/1/2033
203,011
  
207,196
  
 
Federal National Mortgage Association Pool
3.521
  
6/1/2033
402,038
  
393,367
  
 
Federal National Mortgage Association Pool
3.557
  
6/1/2033
344,484
  
343,688
  
 
Federal National Mortgage Association Pool
3.750
  
5/1/2033
260,002
  
261,846
  
 
Federal National Mortgage Association Pool
3.794
  
6/1/2033
1,886,700
  
1,888,852
  
 
Federal National Mortgage Association Pool
7.000
  
4/1/2011
2,747
  
2,621
  
 
Federal National Mortgage Association Pool
7.000
  
2/1/2017
112,827
  
116,788
  
 
Federal National Mortgage Association Pool
7.000
  
3/1/2017
101,285
  
103,807
  
 
Federal National Mortgage Association Pool
7.000
  
3/1/2017
66,282
  
67,933
  
 
Federal National Mortgage Association Pool
7.000
  
3/1/2017
76,062
  
78,048
  
 
Federal National Mortgage Association Pool
7.000
  
3/1/2017
343,829
  
356,005
  
 
Federal National Mortgage Association Pool
7.000
  
4/1/2017
257,112
  
263,825
  
 
Federal National Mortgage Association Pool
7.000
  
4/1/2017
58,905
  
60,443
  
 
Federal National Mortgage Association Pool
7.000
  
4/1/2017
291,115
  
301,424
  
 
Federal National Mortgage Association Pool
7.000
  
5/1/2017
73,458
  
75,375
  
 
Federal National Mortgage Association Pool
7.000
  
5/1/2017
177,178
  
180,895
  
 
Federal National Mortgage Association Pool
7.000
  
7/1/2017
198,690
  
203,638
  
 
Federal National Mortgage Association Pool
7.000
  
7/1/2017
574,282
  
589,710
  
 
Federal National Mortgage Association Pool
7.000
  
2/1/2019
15,378
  
15,733
  
 
Federal National Mortgage Association Pool
7.000
  
3/1/2029
126,674
  
135,541
  
 
Federal National Mortgage Association Pool
7.000
  
6/1/2031
127,819
  
134,210
  
 
Federal National Mortgage Association Pool
7.000
  
10/1/2031
278,021
  
299,804
  
 
Federal National Mortgage Association Pool
7.000
  
1/1/2032
80,018
  
83,237
  

See accompanying notes to schedule of assets on page 26.
(continued)

 
- 21 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2009

Description
Rate of Interest
  
Maturity
Cost (a)
  
Fair Value
  
U.S. Government and Agency Debt Obligations, continued
              
 
Federal National Mortgage Association Pool
7.000
%
10/1/2032
$         115,227
$
    119,161
  
 
Federal National Mortgage Association Pool
7.000
  
4/1/2033
205,994
  
213,771
  
 
Federal National Mortgage Association Pool
7.000
  
11/1/2033
595,054
  
615,892
  
 
Federal National Mortgage Association Pool
7.000
  
3/1/2034
138,327
  
142,794
  
 
Federal National Mortgage Association Pool
7.000
  
6/1/2034
216,740
  
226,318
  
 
Federal National Mortgage Association Pool
7.000
  
1/1/2035
290,024
  
303,470
  
 
Federal National Mortgage Association Pool
7.000
  
5/1/2035
594,496
  
619,811
  
 
Federal National Mortgage Association Pool
7.000
  
5/1/2035
804,759
  
840,274
  
 
Federal National Mortgage Association Pool
7.000
  
1/1/2036
937,670
  
995,329
  
 
Federal National Mortgage Association Pool
7.000
  
4/1/2036
1,327,087
  
1,414,980
  
 
Federal National Mortgage Association Pool
7.500
  
4/1/2016
53,358
  
54,471
  
 
Federal National Mortgage Association Pool
7.500
  
11/1/2021
107,303
  
112,043
  
 
Federal National Mortgage Association Pool
7.500
  
11/1/2022
155,425
  
165,609
  
 
Federal National Mortgage Association Pool
7.500
  
3/1/2023
42,600
  
44,807
  
 
Federal National Mortgage Association Pool
7.500
  
1/1/2025
305,871
  
325,576
  
 
Federal National Mortgage Association Pool
7.500
  
5/1/2026
51,557
  
55,110
  
 
Federal National Mortgage Association Pool
7.500
  
7/1/2027
357,394
  
381,231
  
 
Federal National Mortgage Association Pool
7.500
  
10/1/2030
109,300
  
114,462
  
 
Federal National Mortgage Association Pool
7.500
  
1/1/2031
53,474
  
57,270
  
 
Federal National Mortgage Association Pool
7.500
  
2/1/2031
176,184
  
188,943
  
 
Federal National Mortgage Association Pool
7.500
  
1/1/2032
94,642
  
100,386
  
 
Federal National Mortgage Association Pool
7.500
  
4/1/2032
172,903
  
185,551
  
 
Federal National Mortgage Association Pool
7.500
  
6/1/2032
157,755
  
166,086
  
 
Federal National Mortgage Association Pool
7.500
  
7/1/2032
108,973
  
116,013
  
 
Federal National Mortgage Association Pool
7.500
  
4/1/2033
83,338
  
87,718
  
 
Federal National Mortgage Association Pool
7.500
  
11/1/2033
32,079
  
33,819
  
 
Federal National Mortgage Association Pool
7.500
  
3/1/2034
559,167
  
589,067
  
 
Federal National Mortgage Association Pool
7.500
  
5/1/2034
431,285
  
449,309
  
 
Federal National Mortgage Association Pool
8.000
  
3/1/2032
233,392
  
250,640
  
 
Federal National Mortgage Association Pool
8.000
  
5/1/2032
32,018
  
33,147
  
 
Federal National Mortgage Association Pool
8.000
  
11/1/2033
84,689
  
89,457
  
 
Federal National Mortgage Association Pool
8.500
  
6/1/2028
159,738
  
168,515
  
 
Federal National Mortgage Association Pool
8.500
  
8/1/2029
462,654
  
489,410
  
 
Federal National Mortgage Association Pool
8.500
  
8/1/2030
121,058
  
126,176
  
 
Federal National Mortgage Association Pool
9.000
  
3/1/2011
66,992
  
65,743
  

See accompanying notes to schedule of assets on page 26.
(continued)

 
- 22 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2009

Description
Rate of Interest
  
Maturity
Cost (a)
  
Fair Value
  
U.S. Government and Agency Debt Obligations, continued
              
 
Federal National Mortgage Association Pool
9.000
%
12/1/2031
$         187,146
$
201,161
  
 
Federal National Mortgage Association Pool
9.500
  
9/1/2021
186,078
  
184,331
  
 
Government National Mortgage Association 2009
7.316
  
3/20/2039
4,135,020
  
3,951,639
(f)
 
Government National Mortgage Association Pool
7.000
  
12/15/2018
246,812
  
246,985
  
 
Government National Mortgage Association Pool
7.000
  
11/15/2023
326,555
  
338,392
  
 
Government National Mortgage Association Pool
7.000
  
3/15/2031
196,922
  
208,753
  
 
Government National Mortgage Association Pool
7.000
  
5/15/2032
289,855
  
305,632
  
 
Government National Mortgage Association Pool
7.000
  
11/15/2032
204,432
  
212,744
  
 
Government National Mortgage Association Pool
7.500
  
12/15/2012
176,558
  
176,837
  
 
Government National Mortgage Association Pool
7.500
  
12/15/2018
280,275
  
279,443
  
 
Government National Mortgage Association Pool
7.500
  
1/15/2031
385,309
  
412,076
  
 
Government National Mortgage Association Pool
7.500
  
1/15/2031
54,793
  
58,600
  
 
Government National Mortgage Association Pool
7.500
  
3/15/2031
28,332
  
30,300
  
 
Government National Mortgage Association Pool
7.500
  
5/15/2031
128,818
  
137,767
  
 
Government National Mortgage Association Pool
7.500
  
7/15/2031
290,590
  
310,778
  
 
Government National Mortgage Association Pool
7.500
  
9/15/2031
339,314
  
362,886
  
 
Government National Mortgage Association Pool
9.000
  
11/15/2017
84,792
  
81,721
  
 
U.S. Treasury Notes
0.010
  
1/21/2010
45,000,000
  
45,000,000
  
 
U.S. Treasury Notes
1.250
  
11/30/2010
291,974,004
  
292,744,012
  
 
U.S. Treasury Notes
1.375
  
2/15/2012
62,971,055
  
62,586,917
  
 
U.S. Treasury Notes
1.375
  
10/15/2012
123,808,261
  
123,563,921
  
 
U.S. Treasury Notes
2.625
  
5/31/2010
5,002,881
  
5,049,415
  
 
U.S. Treasury Notes
4.750
  
2/15/2010
13,557,372
  
13,560,606
  
 
When Issued Treasury Notes
1.000
  
10/31/2011
42,438,100
  
42,288,106
  
 
When Issued Treasury Notes
2.125
  
11/30/2014
95,219,383
  
93,899,904
  
 
Total U.S. Government and Agency Debt Obligations
    
1,009,554,037
  
1,004,840,213
  
                 
Other
              
 
     Commercial Mortgage-Backed and Asset-Backed Securities
              
 
BA Credit Card Trust
0.253
  
6/17/2013
22,239,844
  
22,301,854
  
 
Bank of America Auto Trust
2.670
  
12/15/2016
9,090,000
  
8,933,964
  
 
Bear Stearns
5.462
  
4/12/2038
1,313,567
  
1,315,170
  
 
Bear Stearns
5.478
  
10/12/2041
6,059,562
  
6,488,437
  
 
Bear Stearns
6.460
  
10/15/2036
4,755,234
  
4,724,399
  
 
Citigroup
5.205
  
12/11/2049
7,262,719
  
7,356,146
  

See accompanying notes to schedule of assets on page 26.
(continued)

 
- 23 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2009

Description
Rate of Interest
  
Maturity
Cost (a)
  
Fair Value
  
Commercial Mortgage-Backed and Asset-Backed Securities, continued
            
 
Commercial Mortgage
                5.597
%
12/10/2049
$         3,013,711
$
    2,971,234
  
 
Ford Credit Floorplan Master Owner Trust 2009
                1.783
  
09/15/2012
12,600,000
  
12,621,756
  
 
Ford Credit Auto Owner Trust 2009
                4.500
  
07/15/2014
421,969
  
420,114
  
 
GS Mortgage Securities Corp. II (Class A)
                5.479
  
11/10/2039
8,892,773
  
9,088,654
  
 
Honda Auto Receivables Owner Trust
                3.300
  
09/15/2015
3,599,347
  
3,683,768
  
 
Hertz Vehicle Financing LLC
                4.260
  
03/25/2013
579,290
  
573,013
  
 
Hertz Vehicle Financing LLC
                5.290
  
03/25/2016
20,215,469
  
19,954,842
  
 
Morgan Stanley Capital I
                5.283
  
12/15/2043
1,244,482
  
1,265,706
  
 
Volkswagen Auto Lease Trust
                4.590
  
03/17/2014
9,426,445
  
9,360,314
  
 
Total Commercial Mortgage-Backed and Asset-Backed Securities
  
110,714,412
  
111,059,371
  
                 
                 
U.S. Savings Bonds - Held in trust
    
Units
Cost (a)
  
Fair Value
  
 
1980 U.S. Savings Bond EE Series
    
3338
166,900
  
1,065,995
  
 
1981 U.S. Savings Bond EE Series
    
3579
178,950
  
992,381
  
 
1982 U.S. Savings Bond EE Series
    
3829
191,450
  
1,000,234
  
 
1983 U.S. Savings Bond EE Series
    
6698
334,900
  
1,405,811
  
 
1984 U.S. Savings Bond EE Series
    
7953
397,650
  
1,523,147
  
 
1985 U.S. Savings Bond EE Series
    
11,680
584,000
  
2,144,212
  
 
1986 U.S. Savings Bond EE Series
    
39,808
1,990,400
  
6,911,502
  
 
1987 U.S. Savings Bond EE Series
    
42,347
2,117,350
  
6,457,994
  
 
1988 U.S. Savings Bond EE Series
    
48,733
2,436,650
  
7,145,180
  
 
1989 U.S. Savings Bond EE Series
    
67,990
3,399,500
  
9,580,625
  
 
1990 U.S. Savings Bond EE Series
    
70,985
3,549,250
  
9,608,254
  
 
1991 U.S. Savings Bond EE Series
    
73,583
3,679,150
  
9,579,991
  
 
1992 U.S. Savings Bond EE Series
    
105,292
5,264,600
  
13,166,676
  
 
1993 U.S. Savings Bond EE Series
    
78,460
3,923,000
  
8,013,954
  
 
1994 U.S. Savings Bond EE Series
    
64,619
3,230,950
  
6,047,433
  
 
1995 U.S. Savings Bond EE Series
    
23,893
1,194,650
  
2,134,653
  
 
1996 U.S. Savings Bond EE Series
    
87
4,350
  
7,065
  
 
1997 U.S. Savings Bond EE Series
    
188
9,400
  
15,191
  
 
1998 U.S. Savings Bond EE Series
    
328
16,400
  
25,390
  
 
1999 U.S. Savings Bond EE Series
    
496
24,800
  
36,680
  
 
2000 U.S. Savings Bond EE Series
    
723
36,150
  
50,862
  
 
2001 U.S. Savings Bond EE Series
    
884
44,200
  
59,039
  

See accompanying notes to schedule of assets on page 26.
(continued)

 
- 24 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2009
 

 

Description
            
U.S. Savings Bonds - Held in trust, continued
    
Units
Cost (a)
  
Fair Value
 
2002 U.S. Savings Bond EE Series
    
           1,046  $
              52,300
 $
            66,829
 
2003 U.S. Savings Bond EE Series
    
       1,702
              85,100
  
            104,979
 
2004 U.S. Savings Bond EE Series
    
       2,607
            130,350
  
            156,433
 
2005 U.S. Savings Bond EE Series
    
       3,676
            183,800
  
            212,223
 
2006 U.S. Savings Bond EE Series
    
       4,776
            238,800
  
            266,785
 
2007 U.S. Savings Bond EE Series
    
       6,804
            340,200
  
            366,561
 
2008 U.S. Savings Bond EE Series
    
       8,072
            403,600
  
            413,431
 
2009 U.S. Savings Bond EE Series
    
     14,488
            724,400
  
            724,400
         
       34,933,200
  
       89,283,910
               
U.S. Savings Bonds - Held in custody
            
 
2007 U.S. Savings Bond EE Series
    
   174,933
         8,746,650
  
         9,442,060
 
2008 U.S. Savings Bond EE Series
    
   177,496
         8,874,800
  
         9,116,450
 
2009 U.S. Savings Bond EE Series
    
   185,390
         9,269,500
  
         9,269,500
         
       26,890,950
  
       27,828,010
               
Short- Term Investments
    
Shares
Cost (a)
  
Fair Value
 
 Fidelity Institutional Money Market
    
2,196,970
2,196,970
  
2,196,970
 
     Government Portfolio (Class I) (b)
  
               
 
Total U.S. Savings Bonds
      
64,021,120
  
119,308,890
               
               
Total Other
      
174,735,532
  
230,368,261
               
 
   Total Investments
      
20,058,469,079
  
16,884,096,157
               
  Loans to Participants
Rate of Interest
  
Maturity
Cost (a)
  
Fair Value
               
       
1 month -
      
 
   Various (60,124 loans) (g)
5.350 - 8.050
%
15 years
–
  
383,555,513
  
 
 
              
 
   Total Loans to Participants
      
–
  
383,555,513
  
                 
 
 Total Assets (Held at End of Year)
  
$
20,058,469,079
$
17,267,651,670
  

See accompanying notes to schedule of assets on page 26.
(continued)


 
- 25 -
 

GE SAVINGS AND SECURITY PROGRAM
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
As of December 31, 2009

Notes to Schedule of Assets:
(a)
Cost of securities, including cost of General Electric 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 participant investment switches and is decreased for withdrawals on an average cost basis by individual participant.
(b)
Funds managed by an affiliate of FMTC.
(c)
Funds managed by GEAM, a wholly owned subsidiary of General Electric Company.
(d)
GE Cash Plus Fund is a holding of the Short Term Fund.
(e)
Rate of interest is based on computed effective yield.
(f)
Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgages.
(g)
Represents a party-in-interest to the Plan.




See accompanying Report of Independent Registered Public Accounting Firm.

 
- 26 -