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General Electric RSP U.s. Equity Fund

Filed: 6 Mar 19, 12:37pm
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORMN-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-01494

 

 

GENERAL ELECTRIC RSP U.S. EQUITY FUND

(Exact name of registrant as specified in charter)

 

 

1600 Summer Street, Stamford, Connecticut 06905

(Address of principal executive offices) (Zip code)

 

 

Joshua A. Weinberg, Esq.

Managing Director and Managing Counsel

c/o SSGA Funds Management, Inc.

One Iron Street

Boston, Massachusetts 02210

(Name and Address of Agent for Service)

 

 

Registrant’s telephone number, including area code:800-242-0134

Date of fiscal year end: December 31

Date of reporting period: December 31, 2018

 

 

 


Table of Contents

Item 1. Shareholder Reports.

 


Table of Contents

Annual Report

December 31, 2018

 

GE RSP Funds

U.S. Equity Fund

Income Fund

 

 

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a Fund’s annual and semi- annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.

 

LOGO


Table of Contents

GE RSP Funds

Annual Report

December 31, 2018

Table of Contents

 

 

     Page 
Notes to Performance     1 
Manager Reviews and Schedules of Investments     2 
Financial Statements    

Financial Highlights

     32 

Statements of Assets and Liabilities

     34 

Statements of Operations

     35 

Statements of Changes in Net Assets

     36 
Notes to Financial Statements     37 
Report of Independent Registered Public Accounting Firm     45 
Tax Information     46 
Advisory Agreement Renewal     47 
Additional Information     50 
Investment Team     53 


Table of Contents

GE RSP Funds

Notes to Performance — December 31, 2018 (Unaudited)

 

 

The information provided on the performance pages relates to the GE RSP U.S. Equity Fund and GE RSP Income Fund (each, a “Fund” and collectively, the “Funds”).

Total returns take into account changes in share price and assume reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund expenses.

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free (800) 242-0134 or visit the Funds’ website at http://www.ssga.com/geam for the most recent month-end performance data.

An investment in a Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in a Fund is subject to risk, including possible loss of principal invested.

The S&P® 500 Index is an unmanaged, market capitalization-weighted index of stocks of 500 large U.S. companies, which is widely used as a measure of large-cap stock market performance.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index of taxable investment grade debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of one year or more. This index is designed to represent the performance of the U.S. investment-grade first rate bond market.

The results shown for the foregoing indices assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, index returns do not reflect the actual cost of investing in the instruments that comprise an index.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

 

Notes to Performance  1 


Table of Contents

GE RSP U.S. Equity Fund

Management Discussion of Fund Performance — December 31, 2018 (Unaudited)

 

 

The GE RSP U.S. Equity Fund (the “Fund”) seeks to provide long-term growth of capital. The Fund’s benchmark is the S&P 500 Index (the “Index”).

For the12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was-3.05% and the Index was-4.38%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s preference for companies with sustainable earnings growth, positive sector allocation and positive stock selection were primary drivers of Fund performance during the Reporting Period relative to the Index. In a year where growth outperformed value, the Fund’s growth tilt contributed to its outperformance against the Index. In terms of sector positioning, the Fund benefited both from overweighting the outperforming technology sector and underweighting the consumer staples and industrials sectors, which lagged. Positive stock selection was concentrated in the financials and information technology sectors, with a modest drag from energy-sector and health care holdings trimming outperformance. In late-year volatility, the Fund’s quality bias contributed to down market protection against a falling Index in the fourth quarter.    

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Visa Inc., Boston Scientific Corp. and CME Group. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Applied Materials Inc., United Rentals Inc. and Schlumberger Limited.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

 

2 GE RSP U.S. Equity Fund


Table of Contents

GE RSP U.S. Equity Fund

Understanding Your Fund’s Expenses — December 31, 2018 (Unaudited)

 

 

As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in shares of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entiresix-month period ended December 31, 2018.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

July 1, 2018 - December 31, 2018

 

  Actual
Fund Return
  Hypothetical
5% Return
(2.5% for
the period)
 

Account value at the beginning of the period

 $1,000.00  $1,000.00 

Account value at the end of the period

 $938.60  $1,024.50 

Expenses paid during the period*

 $0.68  $0.71 

 

*

Expenses are equal to the Fund’s annualized expense ratio of 0.14% (for the period July 1, 2018-December 31, 2018), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

 

 

GE RSP U.S. Equity Fund  3 


Table of Contents

GE RSP U.S. Equity Fund

Performance Summary — December 31, 2018 (Unaudited)

 

 

Top Ten Largest Holdings

as of December 31, 2018 (as a % of Fair Value) (a)

 

Microsoft Corp.

  4.74

Amazon.com Inc.

  3.75

Visa Inc., Class A

  3.49

Apple Inc.

  3.26

JPMorgan Chase & Co.

  3.23

Alphabet Inc., Class A

  2.87

PepsiCo Inc.

  2.59

UnitedHealth Group Inc.

  2.33

Gilead Sciences Inc.

  1.99

Mondelez International Inc., Class A

  1.96

Sector Allocation

Portfolio Composition as a % of Fair Value of $4,514,611 (in thousands) as of December 31, 2018(a)

 

LOGO

Average Annual Total Return for the periods ended December 31, 2018

(Inception date: 01/01/80)

 

  One Year  Five Year  Ten Year  Ending Value
of a $10,000
Investment
 

GE RSP U.S. Equity Fund

  -3.05  7.38  12.47 $32,385 

S&P 500® Index

  -4.38  8.50  13.12 $34,304 
 

 

 

 

 

 

(a)

The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

 

4 GE RSP U.S. Equity Fund


Table of Contents

GE RSP U.S. Equity Fund

Performance Summary, continued — December 31, 2018 (Unaudited)

 

 

LOGO

 

 

See Notes to Performance beginning on page 1 for further information.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

 

GE RSP U.S. Equity Fund  5 


Table of Contents

GE RSP U.S. Equity Fund

Schedule of Investments — December 31, 2018

 

   Number
of Shares
     Fair
Value
$
 
      
Common Stock - 96.0%†

 

Aerospace & Defense - 1.4%

 

General Dynamics Corp.

   84,539      13,290,376 

Hexcel Corp.

   213,753      12,256,597 

Raytheon Co.

   155,290      23,813,722 

The Boeing Co.

   51,014      16,452,015 
      

 

 

 
     65,812,710 
      

 

 

 

Air Freight & Logistics - 0.5%

 

FedEx Corp.

   52,241      8,428,041 

United Parcel Service Inc., Class B

   143,125      13,958,981 
      

 

 

 
     22,387,022 
      

 

 

 

Airlines - 0.3%

 

Alaska Air Group Inc.

   136,272      8,292,151 

JetBlue Airways Corp. (a)

   287,814      4,622,293 
      

 

 

 
     12,914,444 
      

 

 

 

Application Software - 1.8%

 

Adobe Inc. (a)

   76,721      17,357,359 

Intuit Inc.

   55,471      10,919,466 

salesforce.com Inc. (a)

   417,649      57,205,384 
      

 

 

 
     85,482,209 
      

 

 

 

Auto Parts & Equipment - 0.3%

 

Aptiv PLC

   206,746      12,729,351 
      

 

 

 

Automotive Retail - 0.5%

 

AutoZone Inc. (a)

   25,379      21,276,231 
      

 

 

 

Biotechnology - 4.2%

 

Alexion Pharmaceuticals Inc. (a)

   166,487      16,209,174 

Biogen Inc. (a)

   203,735      61,307,936 

Gilead Sciences Inc.

   1,436,665      89,863,396 

Vertex Pharmaceuticals Inc. (a)

   192,086      31,830,571 
      

 

 

 
     199,211,077 
      

 

 

 

Building Products - 0.3%

 

Allegion PLC

   179,629      14,318,228 
      

 

 

 

Cable & Satellite - 2.0%

 

Charter Communications Inc., Class A (a)

   215,908      61,527,303 

Comcast Corp., Class A

   996,463      33,929,565 
      

 

 

 
     95,456,868 
      

 

 

 

Communications Equipment - 0.7%

 

Cisco Systems Inc.

   753,355      32,642,872 
      

 

 

 

Construction Materials - 0.1%

 

Vulcan Materials Co.

   32,333      3,194,500 
      

 

 

 

Consumer Finance - 0.3%

 

American Express Co.

   173,591      16,546,694 
      

 

 

 
   Number
of Shares
     Fair
Value
$
 

Data Processing & Outsourced Services - 3.9%

 

Mastercard Inc., Class A

   142,775      26,934,504 

Visa Inc., Class A

   1,192,745      157,370,775 
      

 

 

 
     184,305,279 
      

 

 

 

Diversified Banks - 4.1%

 

JPMorgan Chase & Co.

   1,494,178      145,861,656 

U.S. Bancorp

   218,701      9,994,636 

Wells Fargo & Co.

   843,313      38,859,863 
      

 

 

 
     194,716,155 
      

 

 

 

Diversified Chemicals - 0.6%

 

DowDuPont Inc.

   507,322      27,131,581 
      

 

 

 

Electric Utilities - 1.5%

 

American Electric Power Company Inc.

   177,513      13,267,321 

Duke Energy Corp.

   50,910      4,393,533 

Edison International

   93,197      5,290,794 

Exelon Corp.

   412,927      18,623,008 

NextEra Energy Inc.

   162,753      28,289,726 
      

 

 

 
     69,864,382 
      

 

 

 

Electrical Components & Equipment - 0.4%

 

Emerson Electric Co.

   355,729      21,254,808 
      

 

 

 

Electronic Components - 1.3%

 

Corning Inc.

   2,089,201      63,114,762 
      

 

 

 

Environmental & Facilities Services - 0.2%

 

Republic Services Inc.

   123,572      8,908,306 
      

 

 

 

Fertilizers & Agricultural Chemicals - 0.1%

 

The Mosaic Co.

   242,792      7,091,954 
      

 

 

 

Financial Exchanges & Data - 2.9%

 

CME Group Inc.

   336,799      63,358,628 

MSCI Inc.

   105,414      15,541,186 

S&P Global Inc.

   348,464      59,217,972 
      

 

 

 
     138,117,786 
      

 

 

 

Footwear - 0.7%

 

NIKE Inc., Class B

   446,289      33,087,866 
      

 

 

 

General Merchandise Stores - 0.4%

 

Dollar Tree Inc. (a)

   186,583      16,852,177 
      

 

 

 

Gold - 0.1%

 

Newmont Mining Corp.

   123,456      4,277,750 
      

 

 

 

Healthcare Distributors - 0.2%

 

Henry Schein Inc. (a)

   107,152      8,413,575 
      

 

 

 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

6 GE RSP U.S. Equity Fund


Table of Contents

GE RSP U.S. Equity Fund

Schedule of Investments, continued — December 31, 2018

 

   Number
of Shares
     Fair
Value
$
 
      

Healthcare Equipment - 1.9%

 

Becton Dickinson and Co.

   80,881      18,224,107 

Boston Scientific Corp. (a)

   1,161,561      41,049,566 

Medtronic PLC

   309,070      28,113,007 
      

 

 

 
     87,386,680 
      

 

 

 

Healthcare Services - 1.1%

 

Cigna Corp.

   131,654      25,003,728 

DaVita Inc. (a)

   273,197      14,058,717 

Quest Diagnostics Inc.

   164,784      13,721,564 
      

 

 

 
     52,784,009 
      

 

 

 

Healthcare Supplies - 0.4%

 

The Cooper Companies Inc.

   69,421      17,667,645 
      

 

 

 

Home Improvement Retail - 0.5%

 

The Home Depot Inc.

   149,591      25,702,726 
      

 

 

 

Hotels, Resorts & Cruise Lines - 0.3%

 

Marriott International Inc., Class A

   118,833      12,900,511 
      

 

 

 

Household Products - 1.0%

 

The Procter & Gamble Co.

   509,386      46,822,761 
      

 

 

 

Hypermarkets & Super Centers - 0.3%

 

Walmart Inc.

   166,144      15,476,314 
      

 

 

 

Independent Power Producers & Energy Traders - 0.1%

 

NRG Energy Inc.

   95,306      3,774,118 
      

 

 

 

Industrial Conglomerates - 1.2%

 

Honeywell International Inc.

   246,128      32,518,431 

Roper Technologies Inc.

   82,369      21,952,986 
      

 

 

 
     54,471,417 
      

 

 

 

Industrial Gases - 0.5%

 

Air Products & Chemicals Inc.

   112,737      18,043,557 

Linde PLC

   40,157      6,266,098 
      

 

 

 
     24,309,655 
      

 

 

 

Industrial Machinery - 2.6%

 

Ingersoll-Rand PLC

   666,974      60,848,038 

Xylem Inc.

   917,906      61,242,688 
      

 

 

 
     122,090,726 
      

 

 

 

Insurance Brokers - 0.3%

 

Marsh & McLennan Companies Inc.

   182,698      14,570,166 
      

 

 

 

Integrated Oil & Gas - 2.5%

 

Chevron Corp.

   666,512      72,509,840 

Exxon Mobil Corp.

   634,346      43,256,054 
      

 

 

 
     115,765,894 
      

 

 

 
   Number
of Shares
     Fair
Value
$
 

Integrated Telecommunication Services - 0.7%

 

AT&T Inc.

   347,587      9,920,133 

Verizon Communications Inc.

   446,665      25,111,506 
      

 

 

 
     35,031,639 
      

 

 

 

Interactive Home Entertainment - 0.3%

 

Activision Blizzard Inc.

   180,731      8,416,643 

Electronic Arts Inc. (a)

   91,671      7,233,758 
      

 

 

 
     15,650,401 
      

 

 

 

Interactive Media & Services - 5.7%

 

Alphabet Inc., Class A (a)

   124,007      129,582,355 

Alphabet Inc., Class C (a)

   66,255      68,614,340 

Facebook Inc., Class A (a)

   531,979      69,737,127 
      

 

 

 
     267,933,822 
      

 

 

 

Internet & Direct Marketing Retail - 4.4%

 

Amazon.com Inc. (a)

   112,591      169,108,304 

Booking Holdings Inc. (a)

   20,954      36,091,589 
      

 

 

 
     205,199,893 
      

 

 

 

Investment Banking & Brokerage - 1.0%

 

The Charles Schwab Corp.

   1,148,710      47,705,926 
      

 

 

 

IT Consulting & Other Services - 0.6%

 

Accenture PLC, Class A

   99,360      14,010,754 

International Business Machines Corp.

   141,551      16,090,102 
      

 

 

 
     30,100,856 
      

 

 

 

Life & Health Insurance - 0.3%

 

Prudential Financial Inc.

   156,604      12,771,056 
      

 

 

 

Life Sciences Tools & Services - 0.8%

 

IQVIA Holdings Inc. (a)

   199,661      23,194,618 

Thermo Fisher Scientific Inc.

   25,582      5,724,996 

Waters Corp. (a)

   46,340      8,742,041 
      

 

 

 
     37,661,655 
      

 

 

 

Managed Healthcare - 2.7%

 

Humana Inc.

   82,491      23,632,022 

UnitedHealth Group Inc.

   421,434      104,987,638 
      

 

 

 
     128,619,660 
      

 

 

 

Movies & Entertainment - 2.3%

 

Netflix Inc. (a)

   88,325      23,641,069 

The Walt Disney Co.

   788,415      86,449,705 
      

 

 

 
     110,090,774 
      

 

 

 

Multi-Line Insurance - 0.3%

 

American International Group Inc.

   150,290      5,922,929 

The Hartford Financial Services Group Inc.

   172,652      7,674,381 
      

 

 

 
     13,597,310 
      

 

 

 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

GE RSP U.S. Equity Fund  7 


Table of Contents

GE RSP U.S. Equity Fund

Schedule of Investments, continued — December 31, 2018

 

   Number
of Shares
     Fair
Value
$
 
      

Multi-Sector Holdings - 1.3%

 

Berkshire Hathaway Inc., Class B (a)

   296,548      60,549,171 
      

 

 

 

Multi-Utilities - 1.1%

 

Dominion Energy Inc.

   139,253      9,951,019 

Sempra Energy

   376,847      40,771,077 
      

 

 

 
     50,722,096 
      

 

 

 

Oil & Gas Equipment & Services - 0.9%

 

Schlumberger Ltd.

   1,208,586      43,605,783 
      

 

 

 

Oil & Gas Exploration & Production - 1.6%

 

Concho Resources Inc. (a)

   108,263      11,128,354 

ConocoPhillips

   264,457      16,488,894 

Diamondback Energy Inc.

   419,001      38,841,393 

EOG Resources Inc.

   90,341      7,878,638 
      

 

 

 
     74,337,279 
      

 

 

 

Oil & Gas Refining & Marketing - 0.3%

 

Marathon Petroleum Corp.

   203,902      12,032,257 
      

 

 

 

Packaged Foods & Meats - 2.1%

 

Mondelez International Inc., Class A

   2,212,506      88,566,615 

The Kraft Heinz Co.

   250,307      10,773,213 
      

 

 

 
     99,339,828 
      

 

 

 

Pharmaceuticals - 4.7%

 

Allergan PLC

   528,030      70,576,490 

Elanco Animal Health Inc. (a)

   339,283      10,697,593 

Johnson & Johnson

   429,149      55,381,679 

Merck & Company Inc.

   240,252      18,357,655 

Mylan N.V. (a)

   1,025,088      28,087,411 

Pfizer Inc.

   823,812      35,959,394 
      

 

 

 
     219,060,222 
      

 

 

 

Property & Casualty Insurance - 0.4%

 

Chubb Ltd.

   153,798      19,867,626 
      

 

 

 

Railroads - 0.5%

 

Union Pacific Corp.

   180,778      24,988,943 
      

 

 

 

Regional Banks - 1.6%

 

First Republic Bank

   893,347      77,631,854 
      

 

 

 

Restaurants - 1.1%

 

McDonald’s Corp.

   279,772      49,679,114 
      

 

 

 

Semiconductor Equipment - 1.6%

 

Applied Materials Inc.

   2,251,249      73,705,892 
      

 

 

 
   Number
of Shares
     Fair
Value
$
 

Semiconductors - 2.8%

 

Broadcom Inc.

   330,013      83,915,706 

Intel Corp.

   577,679      27,110,475 

NVIDIA Corp.

   138,805      18,530,468 
      

 

 

 
     129,556,649 
      

 

 

 

Soft Drinks - 2.5%

 

PepsiCo Inc.

   1,058,092      116,898,004 
      

 

 

 

Specialized REITs - 0.8%

 

American Tower Corp.

   240,187      37,995,182 
      

 

 

 

Specialty Chemicals - 0.8%

 

Albemarle Corp.

   311,544      24,010,696 

PPG Industries Inc.

   119,596      12,226,299 
      

 

 

 
     36,236,995 
      

 

 

 

Specialty Stores - 0.3%

 

Ulta Salon Cosmetics & Fragrance Inc. (a)

   50,362      12,330,632 
      

 

 

 

Steel - 0.0%*

 

Steel Dynamics Inc.

   66,898      2,009,616 
      

 

 

 

Systems Software - 5.8%

 

Microsoft Corp.

   2,109,197      214,231,139 

Oracle Corp.

   649,398      29,320,320 

Proofpoint Inc. (a)

   104,118      8,726,130 

Red Hat Inc. (a)

   30,347      5,330,147 

ServiceNow Inc. (a)

   81,348      14,484,011 
      

 

 

 
     272,091,747 
      

 

 

 

Technology Hardware, Storage & Peripherals - 3.1%

 

Apple Inc.

   933,087      147,185,143 
      

 

 

 

Tobacco - 0.5%

 

Philip Morris International Inc.

   357,858      23,890,600 
      

 

 

 

Trading Companies & Distributors - 1.4%

 

United Rentals Inc. (a)

   624,365      64,016,143 
      

 

 

 

Wireless Telecommunication Services - 0.2%

 

T-Mobile US Inc. (a)

   152,268      9,685,768 
      

 

 

 
Total Common Stock
(Cost $3,945,237,346)

 

     4,514,610,745 
      

 

 

 
Total Investments
(Cost $3,945,237,346)

 

     4,514,610,745 
Other Assets and Liabilities, net - 4.0%

 

     185,663,240 
      

 

 

 
NET ASSETS - 100.0%

 

     4,700,273,985 
      

 

 

 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

8 GE RSP U.S. Equity Fund


Table of Contents

GE RSP U.S. Equity Fund

Schedule of Investments, continued — December 31, 2018

 

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2018:

 

Fund  Investments  Level 1   Level 2   Level 3   Total 
GE RSP U.S. Equity Fund  

Investments in Securities

        
  

Common Stock

  $4,514,610,745   $                    —   $                    —   $4,514,610,745 
    

 

 

   

 

 

   

 

 

   

 

 

 
  

Total Investments in Securities

  $4,514,610,745   $   $   $4,514,610,745 
    

 

 

   

 

 

   

 

 

   

 

 

 

 

Affiliate Table

 

    Number
of Shares
Held at
12/31/17
   Value At
12/31/17
   Cost of
Purchases
   Proceeds
from
Shares Sold
   Number
of Shares
Held at
12/31/18
   Value at
12/31/18
   Dividend
Income
 

State Street Corporation (Time Deposit)

   172,823,564   $172,823,564   $18,007,908,066   $18,180,731,630       $   $192,259 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

GE RSP U.S. Equity Fund  9 


Table of Contents

GE RSP Income Fund

Management Discussion of Fund Performance — December 31, 2018 (Unaudited)

 

 

The GE RSP Income Fund (the “Fund”) seeks a high interest rate of return over the long term consistent with the preservation of capital. The Fund’s benchmark is the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”).

For the12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was-0.75% and the Index was 0.01%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The primary drivers of Fund underperformance relative to the Index were the Fund’s over-weights to both high yield and investment grade corporates. The Fund’s underweight to mortgage backed securities offset some underperformance versus the Index.

We expected the credit and economics cycles to continue, which they have. However, trade tensions between the U.S. & China, BREXIT, equity and commodity volatility weighed heavily on the credit markets causing high yield and investment grade corporate spreads to widen 183bps (108bps in December alone) and 47bps, respectively, negatively impacting the Fund’s performance.

The Fund had a large underweight in our mortgage backed securities position anticipating volatility in that asset class as the Federal Reserve would begin reducing its balance sheet exposure. Mortgage spreads did widen in the fourth quarter and we pared our position still maintaining an underweight. This activity provided positive excess returns.

The Fund used treasury futures, interest rate swaps and other derivatives in order to actively manage duration during the Reporting Period. The Fund’s use of these derivatives contributed to fund liquidity and key rate exposure management versus utilizing cash instruments only.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

 

10 GE RSP Income Fund


Table of Contents

GE RSP Income Fund

Understanding Your Fund’s Expenses — December 31, 2018 (Unaudited)

 

 

As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in shares of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entiresix-month period ended December 31, 2018.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

July 1, 2018 - December 31, 2018

 

  Actual
Fund Return
  Hypothetical
5% Return
(2.5% for
the period)
 

Account value at the beginning of the period

 $1,000.00  $1,000.00 

Account value at the end of the period

 $1,012.70  $1,024.30 

Expenses paid during the period*

 $0.91  $0.92 

 

*

Expenses are equal to the Fund’s annualized expense ratio of 0.18%** (for the period July 1, 2018-December 31, 2018), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

**

May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.

 

 

GE RSP Income Fund  11 


Table of Contents

GE RSP Income Fund

Performance Summary — December 31, 2018 (Unaudited)

 

 

Quality Ratings

as of December 31, 2018 as a % of Fair Value(a)

 

Moody’s / S&P /Rating*

 Percentage of
Fair Value
 

Aaa / AAA

  4.74

Aa / AA

  51.95

A / A

  9.07

Baa / BBB

  23.69

Ba / BB and lower

  10.18

NR / Other

  0.37

Sector Allocation

Portfolio Composition as a % of Fair Value of $1,955,483 (in thousands) on December 31, 2018(a)

 

LOGO

Average Annual Total Return for the periods ended December 31, 2018

Investment Class Shares (Inception date: 01/03/80)

 

  One Year  Five Year  Ten Year  Ending Value
of a $10,000
Investment
 

GE RSP Income Fund

  -0.75  2.55  4.11 $14,960 

Bloomberg Barclays U.S. Aggregate Bond Index

  0.01  2.52  3.48 $14,075 
 

 

 

 

(a)

The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.

 

*

Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standards of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings.

 

12 GE RSP Income Fund


Table of Contents

GE RSP Income Fund

Performance Summary, continued — December 31, 2018 (Unaudited)

 

 

 

LOGO

 

 

 

See Notes to Performance beginning on page 1 for further information.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

 

GE RSP Income Fund  13 


Table of Contents

GE RSP Income Fund

Schedule of Investments — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    
Bonds and Notes - 98.1%†

 

  

U.S. Treasuries - 26.7%

 

  

U.S. Treasury Bonds

 

  

2.25% 08/15/46

   14,668,000    12,534,109 

2.75% 11/15/42

   6,308,000    6,030,683 

3.13% 05/15/48

   9,535,300    9,716,543 

3.75% 11/15/43

   2,856,000    3,225,167 

4.50% 02/15/36

   16,141,800    19,897,133 

U.S. Treasury Notes

 

  

1.38% 12/15/19 (e)

   83,874,600    82,880,914 

1.50% 11/30/19 - 08/15/20 (e)

   111,363,500    110,023,916 

2.25% 03/31/20 (e)

   83,482,300    83,148,178 

2.75% 11/15/23

   91,483,100    92,498,172 

2.88% 11/30/25 - 08/15/28

   110,449,600    112,345,748 
    

 

 

 
     532,300,563 
    

 

 

 

Agency Mortgage Backed - 20.0%

 

  

Federal Home Loan Mortgage Corp.

 

  

4.05% 09/25/28 (h)

   9,122,000    9,606,966 

4.50% 06/01/33 - 02/01/35

   82,114    85,926 

5.00% 07/01/35

   727,293    773,604 

5.50% 05/01/20 - 04/01/39

   1,372,797    1,476,806 

6.00% 07/01/19 - 11/01/37

   2,651,409    2,910,577 

6.50% 07/01/29

   17,641    18,503 

7.00% 01/01/27 - 08/01/36

   592,354    654,513 

7.50% 01/01/28 - 09/01/33

   37,814    40,198 

8.00% 11/01/30

   3,288    3,578 

8.50% 04/01/30

   7,348    8,984 

Federal National Mortgage Assoc.

 

  

3.50% 08/01/45

   943,927    946,923 

4.00% 05/01/19 - 12/01/41

   13,222,409    13,609,332 

4.50% 05/01/19 - 02/01/40

   6,801,732    7,118,669 

5.00% 07/01/20 - 05/01/39

   2,399,430    2,550,044 

5.50% 06/01/20 - 01/01/39

   7,609,515    8,192,607 

6.00% 09/01/19 - 05/01/41

   12,586,844    13,886,555 

6.50% 05/01/21 - 08/01/36

   534,589    576,334 

7.00% 10/01/32 - 02/01/34

   44,028    46,528 

7.50% 11/01/22 - 12/01/33

   270,228    294,766 

8.00% 06/01/24 - 10/01/31

   105,919    113,670 

8.50% 04/01/30

   19,897    23,299 

9.00% 06/01/21 - 12/01/22

   15,687    16,457 

Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR

 

3.97% 04/01/37 (h)

   17,132    17,530 

Federal National Mortgage Assoc. TBA

 

  

2.50% TBA (c)

   41,948,000    40,977,994 

3.00% TBA (c)

   69,057,291    67,534,580 

3.50% TBA (c)

   41,397,000    41,384,001 

4.00% TBA (c)

   49,846,000    50,812,514 

4.50% TBA (c)

   14,087,000    14,582,862 

Government National Mortgage Assoc.

 

  

4.00% 01/20/41 - 04/20/43

   13,794,178    14,253,890 

4.50% 08/15/33 - 03/20/41

   5,652,553    5,915,881 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

5.00% 08/15/33

   282,348    294,849 

6.00% 04/15/27 - 09/15/36

   799,703    885,288 

6.50% 04/15/19 - 09/15/36

   674,246    725,966 

7.00% 03/15/26 - 10/15/36

   377,594    413,855 

7.50% 11/15/22 - 11/15/31

   137,826    145,217 

8.00% 12/15/29 - 05/15/30

   1,264    1,368 

9.00% 10/15/19 - 12/15/21

   10,077    10,366 

Government National Mortgage Assoc. 1.50% + 1 year CMT

 

3.13% 11/20/21 - 10/20/25 (h)

   6,136    6,216 

3.38% 01/20/24 - 03/20/24 (h)

   1,895    1,916 

3.63% 05/20/21 - 04/20/24 (h)

   1,475    1,490 

3.75% 08/20/23 - 09/20/24 (h)

   2,561    2,584 

Government National Mortgage Assoc. TBA

 

  

3.00% TBA (c)

   19,886,000    19,577,807 

3.50% TBA (c)

   78,509,000    79,050,712 
    

 

 

 
     399,551,725 
    

 

 

 

Agency Collateralized Mortgage Obligations - 0.8%

 

Federal Home Loan Mortgage Corp.

 

  

0.08% 09/25/43 (h)(g)(e)

   5,876,815    15,151 

3.86% 11/25/28 (h)

   3,888,000    4,037,187 

4.06% 10/25/28 (h)

   6,631,000    6,985,473 

Federal Home Loan Mortgage Corp. REMIC

 

  

3.50% 11/15/24 - 11/15/30 (g)(e)

   2,530,513    192,041 

5.50% 06/15/33 (g)(e)

   252,255    49,703 

7.50% 07/15/27 (g)(e)

   10,866    2,145 

Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR

 

4.14% 08/15/25 (h)(g)(e)

   976,421    50,342 

Federal Home Loan Mortgage Corp. STRIPS

 

  

1.47% 08/01/27 (d)(f)(e)

   7,097    6,237 

8.00% 02/01/23 - 07/01/24 (g)(e)

   21,774    3,043 

Federal National Mortgage Assoc. REMIC

 

  

0.51% 12/25/22 (d)(f)(e)

   5,438    5,329 

1.10% 12/25/42 (h)(g)(e)

   833,166    60,700 

5.00% 02/25/40 - 09/25/40 (g)(e)

   1,114,680    129,653 

8.00% 05/25/22 (g)(e)

   17    188 

Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR

 

3.49% 07/25/38 (h)(g)(e)

   330,531    43,133 

Federal National Mortgage Assoc. REMIC 6.20% - 1 month USD LIBOR

 

3.69% 06/25/48 (h)(g)(e)

   17,568,906    2,875,832 

Federal National Mortgage Assoc. STRIPS

 

  

1.87% 12/25/34 (d)(f)(e)

   235,890    197,007 

4.50% 08/25/35 - 01/25/36 (g)(e)

   593,087    73,622 

5.00% 03/25/38 - 05/25/38 (g)(e)

   327,576    70,049 

5.50% 12/25/33 (g)(e)

   90,426    19,883 

6.00% 01/25/35 (g)(e)

   343,002    79,671 

7.50% 11/25/23 (g)(e)

   73,018    8,841 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

14 GE RSP Income Fund


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

8.00% 08/25/23 - 07/25/24 (g)(e)

   44,163    6,270 

8.50% 07/25/22 (g)(e)

   11,058    944 

9.00% 05/25/22 (g)(e)

   9,047    701 

Government National Mortgage Assoc. REMIC

 

  

4.50% 05/20/38 - 08/16/39 (g)(e)

   715,116    50,015 

5.00% 09/20/38 (g)(e)

   183,303    5,481 

Government National Mortgage Assoc. REMIC 6.80% - 1 month USD LIBOR

 

4.34% 01/16/40 (h)(g)(e)

   1,907,519    318,317 
    

 

 

 
     15,286,958 
    

 

 

 

Asset Backed - 2.8%

 

  

American Express Credit Account Master Trust2017-6

 

2.04% 05/15/23 (e)

   13,794,124    13,588,902 

American Express Credit Account Master Trust2018-1

 

2.67% 10/17/22 (e)

   5,407,000    5,387,144 

American Express Credit Account Master Trust2018-8

 

3.18% 04/15/24 (e)

   11,065,000    11,145,912 

BA Credit Card Trust2018-A1

 

2.70% 07/17/23 (e)

   4,744,000    4,724,472 

BMW Floorplan Master Owner Trust2018-1

 

3.15% 05/15/23 (e)

   2,965,000    2,969,283 

Chase Funding Trust2004-1

 

4.99% 11/25/33 (i)(e)

   691,232    691,232 

Citibank Credit Card Issuance Trust2016-A1

 

1.75% 11/19/21 (e)

   16,512,000    16,340,337 

Irwin Home Equity Loan Trust2006-2 0.30% + 1 month USD LIBOR

 

2.81% 02/25/36 (h)(e)

   46,657    45,370 

Securitized Term Auto Receivables Trust2018-1A

 

  

3.30% 11/25/22 (e)

   1,400,000    1,400,822 
    

 

 

 
     56,293,474 
    

 

 

 

Corporate Notes - 43.2%

 

  

1011778 BC ULC/New Red Finance Inc.

 

  

4.25% 05/15/24 (b)

   790,000    725,481 

21st Century Fox America Inc.

 

  

3.38% 11/15/26 (e)

   206,000    203,192 

4.50% 02/15/21 (e)

   716,000    734,480 

4.75% 11/15/46 (e)

   136,000    145,187 

6.65% 11/15/37 (e)

   922,000    1,185,969 

Abbott Laboratories

 

  

2.90% 11/30/21 (e)

   2,763,000    2,736,945 

3.75% 11/30/26 (e)

   703,000    694,747 

4.90% 11/30/46 (e)

   855,000    898,810 

AbbVie Inc.

 

  

3.20% 05/14/26 (e)

   1,106,000    1,024,421 

4.45% 05/14/46 (e)

   878,000    771,744 

4.70% 05/14/45 (e)

   335,000    306,254 

4.88% 11/14/48

   319,000    297,707 

Acadia Healthcare Company Inc.

 

  

6.50% 03/01/24 (e)

   1,995,000    1,920,467 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

Activision Blizzard Inc.

 

  

2.30% 09/15/21 (e)

   4,113,000    4,002,977 

AES Corp.

 

  

4.88% 05/15/23 (e)

   2,065,000    2,019,405 

Aetna Inc.

 

  

3.50% 11/15/24 (e)

   992,000    957,875 

Aflac Inc.

 

  

4.00% 10/15/46 (e)

   280,000    257,272 

Alexandria Real Estate Equities Inc.

 

  

4.70% 07/01/30 (e)

   527,000    533,651 

Alibaba Group Holding Ltd.

 

  

3.40% 12/06/27 (e)

   545,000    504,534 

4.00% 12/06/37 (e)

   450,000    403,907 

4.20% 12/06/47 (e)

   339,000    301,052 

4.40% 12/06/57 (e)

   231,000    207,112 

4.50% 11/28/34 (e)

   949,000    920,748 

Alimentation Couche-Tard Inc.

 

  

2.70% 07/26/22 (e)(b)

   1,631,000    1,576,786 

4.50% 07/26/47 (e)(b)

   391,000    355,759 

Allergan Finance LLC

 

  

3.25% 10/01/22 (e)

   1,217,000    1,185,431 

4.63% 10/01/42 (e)

   167,000    153,121 

Allergan Funding SCS

 

  

3.00% 03/12/20 (e)

   2,070,000    2,061,989 

3.45% 03/15/22 (e)

   927,000    912,390 

Allergan Sales LLC

 

  

5.00% 12/15/21 (e)(b)

   2,662,000    2,740,210 

Altria Group Inc.

 

  

2.95% 05/02/23 (e)

   769,000    731,165 

3.88% 09/16/46 (e)

   16,000    12,200 

4.50% 05/02/43 (e)

   425,000    353,672 

Amazon.com Inc.

 

  

2.80% 08/22/24 (e)

   635,000    617,157 

3.15% 08/22/27 (e)

   600,000    578,838 

3.88% 08/22/37 (e)

   453,000    440,647 

4.05% 08/22/47 (e)

   455,000    445,909 

4.25% 08/22/57 (e)

   556,000    548,622 

Ameren Corp.

 

  

3.65% 02/15/26 (e)

   649,000    638,434 

America Movil SAB de C.V.

 

  

3.13% 07/16/22 (e)

   1,469,000    1,439,796 

5.00% 03/30/20 (e)

   2,443,000    2,485,557 

American Axle & Manufacturing Inc.

 

  

6.25% 04/01/25 (e)

   1,389,000    1,263,684 

American Campus Communities Operating Partnership LP

 

3.35% 10/01/20 (e)

   1,288,000    1,283,440 

4.13% 07/01/24 (e)

   561,000    562,655 

American Express Co.

 

  

3.00% 10/30/24

   1,615,000    1,545,151 

American International Group Inc.

 

  

4.50% 07/16/44 (e)

   1,148,000    1,020,469 

6.40% 12/15/20 (e)

   716,000    755,573 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

GE RSP Income Fund  15 


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter)

 

5.75% 04/01/48 (h)(e)

   655,000    573,184 

American Tower Corp. (REIT)

 

  

3.38% 10/15/26 (e)

   365,000    340,063 

3.40% 02/15/19 (e)

   3,356,000    3,354,154 

American Water Capital Corp.

 

  

2.95% 09/01/27 (e)

   1,033,000    973,530 

Amgen Inc.

 

  

2.20% 05/22/19 (e)

   2,918,000    2,907,378 

2.65% 05/11/22 (e)

   1,737,000    1,698,161 

3.20% 11/02/27 (e)

   800,000    751,960 

4.56% 06/15/48 (e)

   805,000    772,140 

AMN Healthcare Inc.

 

  

5.13% 10/01/24 (e)(b)

   2,374,000    2,273,912 

Anadarko Petroleum Corp.

 

  

4.85% 03/15/21 (e)

   117,000    119,484 

6.20% 03/15/40 (e)

   356,000    371,885 

Andeavor Logistics LP/Tesoro Logistics Finance Corp.

 

5.20% 12/01/47 (e)

   398,000    357,854 

5.25% 01/15/25 (e)

   6,756,000    6,747,352 

5.50% 10/15/19 (e)

   2,646,000    2,670,264 

6.25% 10/15/22 (e)

   1,810,000    1,845,005 

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.

 

4.70% 02/01/36 (b)

   477,000    440,109 

4.90% 02/01/46 (b)

   1,045,000    966,918 

Anheuser-Busch InBev Finance Inc.

 

  

2.65% 02/01/21 (e)

   461,000    453,131 

Anheuser-Busch InBev Worldwide Inc.

 

  

2.50% 07/15/22 (e)

   2,083,000    1,988,244 

4.00% 04/13/28 (e)

   416,000    397,941 

4.38% 04/15/38 (e)

   1,737,000    1,554,546 

4.60% 04/15/48 (e)

   471,000    421,488 

4.75% 04/15/58 (e)

   490,000    426,124 

Anthem Inc.

 

  

3.30% 01/15/23 (e)

   865,000    851,108 

ANZ New Zealand International Ltd.

 

  

3.45% 01/21/28 (e)(b)

   1,128,000    1,082,214 

Apache Corp.

 

  

4.38% 10/15/28

   441,000    411,638 

5.10% 09/01/40 (e)

   504,000    455,218 

Apple Inc.

 

  

2.50% 02/09/22 (e)

   837,000    825,131 

2.85% 05/11/24 (e)

   1,121,000    1,092,751 

3.35% 02/09/27 (e)

   621,000    606,618 

3.45% 02/09/45 (e)

   1,339,000    1,186,314 

3.85% 08/04/46 (e)

   1,587,000    1,492,812 

4.25% 02/09/47 (e)

   155,000    155,133 

4.65% 02/23/46 (e)

   206,000    217,804 

Applied Materials Inc.

 

  

4.35% 04/01/47 (e)

   625,000    611,288 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

Aptiv PLC

 

  

4.40% 10/01/46 (e)

   642,000    568,690 

Aramark Services Inc.

 

  

5.00% 02/01/28 (e)(b)

   1,236,000    1,155,944 

Archer-Daniels-Midland Co.

 

  

2.50% 08/11/26 (e)

   750,000    684,563 

Arconic Inc.

 

  

5.13% 10/01/24 (e)

   1,593,000    1,533,963 

6.15% 08/15/20 (e)

   715,000    729,472 

Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.

 

4.25% 09/15/22 (e)(b)

   1,350,000    1,278,437 

Ascension Health

 

  

4.85% 11/15/53 (e)

   649,000    702,958 

Ashland LLC

 

  

4.75% 08/15/22

   790,000    776,523 

AstraZeneca PLC

 

  

2.38% 11/16/20 (e)

   534,000    525,039 

3.38% 11/16/25 (e)

   832,000    805,817 

3.50% 08/17/23

   883,000    874,576 

4.00% 01/17/29

   588,000    584,049 

4.38% 08/17/48

   639,000    606,187 

AT&T Inc.

 

  

3.00% 06/30/22 (e)

   794,000    775,015 

3.80% 03/15/22 (e)

   1,895,000    1,903,016 

4.10% 02/15/28

   1,359,000    1,306,529 

4.45% 04/01/24 (e)

   818,000    829,984 

4.50% 05/15/35 (e)

   1,138,000    1,031,551 

4.55% 03/09/49

   614,000    528,949 

4.75% 05/15/46 (e)

   364,000    323,560 

4.80% 06/15/44 (e)

   766,000    687,094 

5.00% 03/01/21

   1,372,000    1,418,744 

5.15% 11/15/46

   198,000    184,358 

5.25% 03/01/37 (e)

   767,000    752,028 

5.45% 03/01/47 (e)

   1,332,000    1,298,820 

Athene Holding Ltd.

 

  

4.13% 01/12/28 (e)

   943,000    856,150 

Avangrid Inc.

 

  

3.15% 12/01/24 (e)

   1,705,000    1,644,558 

Baidu Inc.

 

  

2.88% 07/06/22 (e)

   911,000    886,804 

Bank of America Corp.

 

  

2.65% 04/01/19 (e)

   2,328,000    2,325,253 

3.25% 10/21/27 (e)

   517,000    478,597 

3.95% 04/21/25 (e)

   1,010,000    978,821 

4.25% 10/22/26 (e)

   1,743,000    1,695,556 

Bank of America Corp. (2.37% fixed rate until 07/21/20; 0.66% + 3 month USD LIBOR thereafter)

 

2.37% 07/21/21 (h)(e)

   1,570,000    1,543,341 

Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter)

 

3.12% 01/20/23 (h)(e)

   919,000    903,028 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

16 GE RSP Income Fund


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)

 

3.37% 01/23/26 (h)(e)

   1,942,000    1,856,338 

Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)

 

3.42% 12/20/28 (h)(e)

   1,281,000    1,192,970 

Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)

 

3.95% 01/23/49 (h)(e)

   1,180,000    1,050,353 

Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)

 

4.24% 04/24/38 (h)(e)

   1,339,000    1,269,506 

Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)

 

4.27% 07/23/29 (h)(e)

   534,000    531,223 

Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)

 

4.44% 01/20/48 (h)(e)

   255,000    246,310 

Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter)

 

4.34% 10/05/28 (h)

   2,053,000    2,043,905 

Barclays PLC

 

  

4.38% 01/12/26 (e)

   911,000    870,160 

4.84% 05/09/28 (e)

   478,000    437,924 

Barclays PLC (4.97% fixed rate until 05/16/28; 1.90% + 3 month USD LIBOR thereafter)

 

4.97% 05/16/29 (h)(e)

   709,000    682,015 

Barrick North America Finance LLC

 

  

5.70% 05/30/41 (e)

   180,000    190,019 

BAT Capital Corp.

 

  

2.30% 08/14/20

   3,768,000    3,679,301 

2.76% 08/15/22

   1,160,000    1,095,028 

3.56% 08/15/27

   2,072,000    1,836,496 

4.39% 08/15/37

   394,000    323,789 

4.54% 08/15/47

   542,000    433,725 

Bausch Health Companies Inc.

 

  

7.00% 03/15/24 (e)(b)

   3,583,000    3,629,292 

Baxalta Inc.

 

  

2.88% 06/23/20 (e)

   404,000    399,596 

Bayer US Finance II LLC

 

  

3.50% 06/25/21 (e)(b)

   3,724,000    3,702,587 

3.88% 12/15/23 (e)(b)

   1,139,000    1,117,894 

4.70% 07/15/64 (e)(b)

   268,000    222,721 

Becton Dickinson and Co.

 

  

2.89% 06/06/22 (e)

   1,241,000    1,201,437 

3.70% 06/06/27 (e)

   1,286,000    1,217,996 

3.73% 12/15/24 (e)

   60,000    58,015 

4.67% 06/06/47 (e)

   116,000    109,155 

4.69% 12/15/44 (e)

   174,000    163,741 

Berkshire Hathaway Energy Co.

 

  

2.40% 02/01/20 (e)

   1,791,000    1,779,054 

3.25% 04/15/28 (e)

   637,000    606,322 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

3.80% 07/15/48 (e)

   482,000    431,082 

6.13% 04/01/36 (e)

   490,000    584,418 

Berkshire Hathaway Inc.

 

  

4.50% 02/11/43 (e)

   271,000    281,450 

Berry Global Inc.

 

  

5.13% 07/15/23 (e)

   2,045,000    2,024,979 

BHP Billiton Finance USA Ltd.

 

  

5.00% 09/30/43 (e)

   284,000    310,250 

Biogen Inc.

 

  

2.90% 09/15/20 (e)

   516,000    512,703 

BNP Paribas S.A.

 

  

5.00% 01/15/21 (e)

   675,000    697,214 

BNP Paribas S.A. (5.13% fixed rate until 11/15/27; 2.84% + USD 5 year Swap Rate thereafter)

 

5.13% 12/31/99 (h)(e)(b)

   600,000    519,960 

Boston Scientific Corp.

 

  

4.00% 03/01/28 (e)

   1,006,000    978,868 

BP Capital Markets America Inc.

 

  

3.02% 01/16/27

   3,166,000    2,971,924 

3.22% 11/28/23

   788,000    777,543 

Brighthouse Financial Inc.

 

  

3.70% 06/22/27 (e)

   120,000    101,377 

4.70% 06/22/47 (e)

   71,000    52,748 

Brixmor Operating Partnership LP

 

  

3.90% 03/15/27 (e)

   395,000    374,413 

Broadcom Corp./Broadcom Cayman Finance Ltd.

 

  

2.20% 01/15/21 (e)

   650,000    635,226 

2.65% 01/15/23 (e)

   309,000    286,384 

3.13% 01/15/25 (e)

   360,000    323,057 

3.88% 01/15/27 (e)

   135,000    121,046 

Brown-Forman Corp.

 

  

4.00% 04/15/38 (e)

   273,000    267,049 

Buckeye Partners LP

 

  

5.60% 10/15/44 (e)

   179,000    154,194 

Bunge Limited Finance Corp.

 

  

3.75% 09/25/27 (e)

   462,000    410,736 

Burlington Northern Santa Fe LLC

 

  

3.75% 04/01/24

   1,983,000    2,033,348 

4.15% 12/15/48 (e)

   971,000    947,725 

C&W Senior Financing DAC

 

  

7.50% 10/15/26 (b)

   500,000    483,120 

Campbell Soup Co.

 

  

3.30% 03/15/21 (e)

   2,085,000    2,073,366 

Canadian Natural Resources Ltd.

 

  

3.85% 06/01/27 (e)

   277,000    262,072 

4.95% 06/01/47 (e)

   234,000    225,152 

Capital One Financial Corp.

 

  

3.75% 07/28/26 (e)

   438,000    400,332 

4.20% 10/29/25 (e)

   551,000    529,687 

Cardinal Health Inc.

 

  

2.62% 06/15/22 (e)

   616,000    594,138 

3.08% 06/15/24 (e)

   479,000    452,463 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

GE RSP Income Fund  17 


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

Caterpillar Financial Services Corp.

 

  

2.55% 11/29/22 (e)

   1,510,000    1,466,104 

Caterpillar Inc.

 

  

3.80% 08/15/42 (e)

   351,000    327,013 

Catholic Health Initiatives

 

  

4.35% 11/01/42 (e)

   1,029,000    912,919 

CBL & Associates LP

 

  

4.60% 10/15/24 (e)

   2,771,000    2,042,116 

CBS Corp.

 

  

2.50% 02/15/23 (e)

   925,000    870,749 

2.90% 01/15/27 (e)

   480,000    424,334 

CCO Holdings LLC/CCO Holdings Capital Corp.

 

  

5.00% 02/01/28 (e)(b)

   2,374,000    2,183,866 

Celgene Corp.

 

  

3.45% 11/15/27 (e)

   75,000    68,278 

4.35% 11/15/47 (e)

   103,000    87,221 

4.55% 02/20/48 (e)

   951,000    826,505 

5.00% 08/15/45 (e)

   255,000    235,434 

Cenovus Energy Inc.

 

  

4.25% 04/15/27 (e)

   517,000    470,775 

4.45% 09/15/42 (e)

   287,000    220,295 

5.40% 06/15/47 (e)

   163,000    140,478 

CenterPoint Energy Inc.

 

  

2.50% 09/01/22 (e)

   2,469,000    2,359,648 

3.60% 11/01/21

   1,097,000    1,096,210 

CenturyLink Inc.

 

  

5.63% 04/01/25

   790,000    696,085 

5.80% 03/15/22 (e)

   1,127,000    1,082,360 

CF Industries Inc.

 

  

7.13% 05/01/20 (e)

   1,426,000    1,467,226 

Charter Communications Operating LLC/Charter Communications Operating Capital

 

3.58% 07/23/20 (e)

   970,000    968,778 

4.91% 07/23/25 (e)

   379,000    376,199 

5.38% 05/01/47 (e)

   582,000    523,381 

5.75% 04/01/48 (e)

   405,000    378,922 

6.38% 10/23/35 (e)

   155,000    158,754 

6.48% 10/23/45 (e)

   335,000    340,333 

Chevron Corp.

 

  

2.42% 11/17/20 (e)

   716,000    709,449 

3.19% 06/24/23 (e)

   726,000    724,780 

Church & Dwight Company Inc.

 

  

2.45% 08/01/22 (e)

   583,000    562,892 

Cigna Corp.

 

  

4.13% 11/15/25 (b)

   1,469,000    1,465,871 

4.38% 10/15/28 (b)

   588,000    590,781 

4.80% 08/15/38 (b)

   441,000    433,798 

4.90% 12/15/48 (b)

   478,000    467,408 

Cigna Corp.

 

  

3.20% 09/17/20 (b)

   1,895,000    1,887,799 

3.40% 09/17/21 (b)

   948,000    946,066 

3.75% 07/15/23 (b)

   881,000    878,842 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

Cigna Holding Co.

 

  

3.25% 04/15/25 (e)

   744,000    707,894 

3.88% 10/15/47 (e)

   589,000    493,770 

Cimarex Energy Co.

 

  

3.90% 05/15/27 (e)

   146,000    136,068 

Cinemark USA Inc.

 

  

4.88% 06/01/23 (e)

   1,452,000    1,393,920 

Cisco Systems Inc.

 

  

5.90% 02/15/39 (e)

   576,000    711,734 

Citibank NA

 

  

2.85% 02/12/21 (e)

   2,278,000    2,258,068 

3.05% 05/01/20

   2,362,000    2,356,945 

Citigroup Inc.

 

  

2.70% 10/27/22 (e)

   1,102,000    1,062,008 

2.75% 04/25/22

   3,658,000    3,551,991 

2.90% 12/08/21 (e)

   1,570,000    1,541,834 

4.40% 06/10/25 (e)

   1,009,000    991,322 

4.45% 09/29/27 (e)

   1,354,000    1,305,148 

4.65% 07/30/45 - 07/23/48 (e)

   1,733,000    1,693,590 

4.75% 05/18/46 (e)

   603,000    559,132 

Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)

 

2.88% 07/24/23 (h)(e)

   357,000    345,137 

Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)

 

3.88% 01/24/39 (h)(e)

   444,000    396,994 

Citigroup Inc. (4.28% fixed rate until 04/24/47; 1.84% + 3 month USD LIBOR thereafter)

 

4.28% 04/24/48 (h)(e)

   481,000    448,754 

CME Group Inc.

 

  

3.75% 06/15/28 (e)

   640,000    648,275 

CMS Energy Corp.

 

  

4.88% 03/01/44 (e)

   1,517,000    1,595,884 

CNA Financial Corp.

 

  

3.45% 08/15/27 (e)

   507,000    471,566 

5.88% 08/15/20 (e)

   2,390,000    2,478,526 

CNH Industrial Capital LLC

 

  

3.38% 07/15/19 (e)

   1,072,000    1,069,106 

4.38% 11/06/20 (e)

   847,000    851,692 

4.88% 04/01/21 (e)

   1,054,000    1,062,717 

CNH Industrial N.V.

 

  

4.50% 08/15/23 (e)

   1,491,000    1,500,826 

CNOOC Nexen Finance 2014 ULC

 

  

4.25% 04/30/24

   2,095,000    2,130,175 

Columbia Pipeline Group Inc.

 

  

3.30% 06/01/20 (e)

   883,000    880,166 

Comcast Corp.

 

  

3.38% 08/15/25 (e)

   415,000    404,376 

3.97% 11/01/47 (e)

   2,150,000    1,930,464 

4.15% 10/15/28

   2,496,000    2,533,490 

4.20% 08/15/34 (e)

   732,000    706,805 

4.25% 10/15/30

   891,000    900,658 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

18 GE RSP Income Fund


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

4.60% 08/15/45 (e)

   523,000    516,232 

4.70% 10/15/48

   535,000    541,361 

Commonwealth Bank of Australia

 

  

4.32% 01/10/48 (e)(b)

   301,000    262,340 

Conagra Brands Inc.

 

  

3.80% 10/22/21

   2,010,000    2,010,040 

4.30% 05/01/24

   2,103,000    2,092,149 

5.30% 11/01/38

   503,000    476,396 

5.40% 11/01/48

   839,000    773,659 

Conagra Brands Inc. 0.75% + 3 month USD LIBOR

 

3.22% 10/22/20 (h)

   1,435,000    1,427,638 

Concho Resources Inc.

 

  

3.75% 10/01/27 (e)

   253,000    238,458 

4.30% 08/15/28 (e)

   1,226,000    1,199,445 

4.88% 10/01/47 (e)

   368,000    351,146 

ConocoPhillips Co.

 

  

4.30% 11/15/44

   954,000    940,911 

Consolidated Edison Company of New York Inc.

 

  

2.90% 12/01/26 (e)

   1,365,000    1,282,445 

3.88% 06/15/47 (e)

   569,000    521,517 

Constellation Brands Inc.

 

  

2.70% 05/09/22 (e)

   1,240,000    1,197,356 

4.50% 05/09/47 (e)

   243,000    217,721 

Continental Resources Inc.

 

  

4.50% 04/15/23 (e)

   830,000    814,770 

Corning Inc.

 

  

4.38% 11/15/57 (e)

   536,000    449,843 

Corporation Andina de Fomento

 

  

2.20% 07/18/20

   1,710,000    1,683,991 

4.38% 06/15/22

   4,065,000    4,213,698 

Crane Co.

 

  

4.20% 03/15/48 (e)

   383,000    354,631 

Credit Suisse Group AG

 

  

4.28% 01/09/28 (e)(b)

   846,000    815,493 

Credit Suisse Group Funding Guernsey Ltd.

 

  

3.13% 12/10/20 (e)

   1,407,000    1,394,450 

3.80% 06/09/23 (e)

   937,000    920,275 

CRH America Finance Inc.

 

  

3.40% 05/09/27 (e)(b)

   739,000    677,286 

CSX Corp.

 

  

4.50% 08/01/54 (e)

   623,000    589,900 

CVS Health Corp.

 

  

2.25% 08/12/19 (e)

   1,864,000    1,853,916 

3.13% 03/09/20 (e)

   5,590,000    5,579,044 

3.35% 03/09/21 (e)

   3,654,000    3,642,965 

3.70% 03/09/23 (e)

   1,128,000    1,116,923 

3.88% 07/20/25 (e)

   502,000    489,555 

4.10% 03/25/25 (e)

   1,300,000    1,286,727 

4.30% 03/25/28 (e)

   476,000    465,842 

4.78% 03/25/38 (e)

   624,000    599,733 

5.00% 12/01/24 (e)

   1,227,000    1,277,687 

5.05% 03/25/48 (e)

   693,000    676,112 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

5.13% 07/20/45 (e)

   255,000    248,653 

D.R. Horton Inc.

 

  

2.55% 12/01/20 (e)

   1,751,000    1,706,350 

Dana Financing Luxembourg Sarl

 

  

6.50% 06/01/26 (e)(b)

   1,945,000    1,867,978 

Dell International LLC/EMC Corp.

 

  

3.48% 06/01/19 (b)(e)

   2,931,000    2,924,024 

5.45% 06/15/23 (b)(e)

   799,000    814,189 

6.02% 06/15/26 (b)(e)

   392,000    393,858 

8.10% 07/15/36 (b)(e)

   133,000    143,883 

8.35% 07/15/46 (b)(e)

   307,000    332,595 

Deutsche Bank AG

 

  

2.70% 07/13/20 (e)

   1,407,000    1,364,635 

3.30% 11/16/22 (e)

   1,183,000    1,096,333 

3.70% 05/30/24 (e)

   485,000    440,123 

Deutsche Bank AG (4.88% fixed rate until 12/01/27; 2.55% + USD 5 yearMid-Market Swap Rate thereafter)

 

4.88% 12/01/32 (h)(e)

   2,096,000    1,642,321 

Deutsche Telekom International Finance BV

 

  

2.49% 09/19/23 (e)(b)

   758,000    715,643 

Devon Energy Corp.

 

  

4.00% 07/15/21 (e)

   2,282,000    2,286,998 

5.00% 06/15/45 (e)

   365,000    322,817 

Dexia Credit Local S.A.

 

  

2.25% 01/30/19 (b)

   6,894,000    6,892,070 

Diageo Investment Corp.

 

  

2.88% 05/11/22 (e)

   1,323,000    1,307,958 

Diamondback Energy Inc.

 

  

4.75% 11/01/24 (b)

   1,970,000    1,901,621 

Discover Bank

 

  

3.10% 06/04/20 (e)

   2,108,000    2,093,118 

Discovery Communications LLC

 

  

2.20% 09/20/19 (e)

   1,609,000    1,594,664 

3.95% 03/20/28 (e)

   919,000    851,775 

5.00% 09/20/37 (e)

   366,000    338,052 

5.20% 09/20/47 (e)

   201,000    185,129 

DISH DBS Corp.

 

  

5.88% 07/15/22 (e)

   1,188,000    1,088,160 

Dollar Tree Inc.

 

  

3.70% 05/15/23 (e)

   1,128,000    1,105,496 

4.00% 05/15/25 (e)

   1,063,000    1,021,692 

Dominion Energy Inc.

 

  

2.58% 07/01/20 (e)

   1,098,000    1,081,486 

DowDuPont Inc.

 

  

3.77% 11/15/20

   3,657,000    3,690,754 

5.32% 11/15/38

   794,000    818,765 

5.42% 11/15/48

   794,000    826,880 

DTE Energy Co.

 

  

2.85% 10/01/26 (e)

   611,000    562,303 

3.85% 12/01/23 (e)

   666,000    669,397 

Duke Energy Carolinas LLC

 

  

3.95% 03/15/48 (e)

   641,000    613,193 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

GE RSP Income Fund  19 


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

Duke Energy Corp.

 

  

1.80% 09/01/21

   1,553,000    1,484,093 

3.55% 09/15/21

   942,000    944,543 

3.75% 09/01/46 (e)

   441,000    383,339 

Duke Energy Progress LLC

 

  

4.15% 12/01/44 (e)

   613,000    597,939 

Duke Realty LP

 

  

3.25% 06/30/26 (e)

   713,000    677,414 

3.38% 12/15/27 (e)

   519,000    492,578 

Duquesne Light Holdings Inc.

 

  

3.62% 08/01/27 (e)(b)

   1,453,000    1,367,505 

Eastman Chemical Co.

 

  

3.50% 12/01/21

   1,140,000    1,145,426 

3.60% 08/15/22 (e)

   445,000    444,617 

4.50% 01/15/21

   2,022,000    2,050,793 

Eaton Corp.

 

  

3.10% 09/15/27 (e)

   791,000    746,301 

Ecolab Inc.

 

  

3.25% 12/01/27 (e)

   463,000    444,962 

3.95% 12/01/47 (e)

   411,000    385,945 

Ecopetrol S.A.

 

  

5.88% 05/28/45

   905,000    854,094 

Edison International

 

  

4.13% 03/15/28 (e)

   839,000    795,573 

EI du Pont de Nemours & Co. 0.53% + 3 month USD LIBOR

 

3.07% 05/01/20 (h)(e)

   1,509,000    1,510,418 

Electricite de France S.A.

 

  

2.15% 01/22/19 (b)

   3,444,000    3,441,624 

5.00% 09/21/48 (b)

   500,000    443,715 

Eli Lilly & Co.

 

  

3.70% 03/01/45 (e)

   157,000    147,739 

EMC Corp.

 

  

2.65% 06/01/20 (e)

   3,569,000    3,427,382 

Emera US Finance LP

 

  

4.75% 06/15/46 (e)

   223,000    214,383 

Enbridge Energy Partners LP

 

  

5.50% 09/15/40 (e)

   146,000    150,005 

Encana Corp.

 

  

3.90% 11/15/21 (e)

   1,379,000    1,378,628 

Endo Dac/Endo Finance LLC/Endo Finco Inc.

 

  

5.88% 10/15/24 (e)(b)

   1,075,000    1,012,435 

Enel Finance International N.V.

 

  

3.63% 05/25/27 (e)(b)

   1,011,000    888,234 

Energy Transfer LP

 

  

4.25% 03/15/23

   910,000    877,586 

5.88% 01/15/24 (e)

   8,695,000    8,860,901 

7.50% 10/15/20

   1,590,000    1,661,550 

Energy Transfer Operating LP

 

  

4.95% 06/15/28 (e)

   422,000    413,961 

Energy Transfer Operating LP

 

  

5.80% 06/15/38 (e)

   658,000    637,003 

6.13% 12/15/45 (e)

   289,000    280,212 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

6.50% 02/01/42 (e)

   842,000    849,081 

Energy Transfer Partners LP/Regency Energy Finance Corp.

 

4.50% 11/01/23 (e)

   631,000    629,441 

EnLink Midstream Partners LP

 

  

4.15% 06/01/25 (e)

   1,584,000    1,425,648 

Entergy Louisiana LLC

 

  

3.05% 06/01/31 (e)

   791,000    713,703 

4.00% 03/15/33 (e)

   434,000    437,298 

Enterprise Products Operating LLC

 

  

4.25% 02/15/48 (e)

   1,581,000    1,414,505 

Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)

 

5.25% 08/16/77 (h)(e)

   482,000    401,728 

EOG Resources Inc.

 

  

4.10% 02/01/21 (e)

   1,825,000    1,849,473 

4.15% 01/15/26 (e)

   1,330,000    1,356,507 

EPR Properties

 

  

4.95% 04/15/28 (e)

   720,000    712,793 

EQM Midstream Partners LP

 

  

4.75% 07/15/23 (e)

   294,000    292,457 

5.50% 07/15/28 (e)

   294,000    288,764 

EQT Corp.

 

  

3.90% 10/01/27 (e)

   503,000    434,974 

ERP Operating LP

 

  

4.50% 07/01/44 (e)

   356,000    358,232 

Exelon Corp.

 

  

3.50% 06/01/22 (e)

   958,000    936,148 

4.45% 04/15/46 (e)

   1,032,000    982,897 

Express Scripts Holding Co.

 

  

3.40% 03/01/27 (e)

   789,000    732,066 

Exxon Mobil Corp.

 

  

2.22% 03/01/21 (e)

   876,000    864,901 

FedEx Corp.

 

  

4.10% 02/01/45 (e)

   1,313,000    1,127,985 

FirstEnergy Corp.

 

  

3.90% 07/15/27 (e)

   375,000    363,255 

4.85% 07/15/47 (e)

   503,000    501,164 

Florida Power & Light Co.

 

  

4.13% 02/01/42 (e)

   608,000    611,745 

Ford Motor Co.

 

  

4.35% 12/08/26 (e)

   828,000    738,949 

Ford Motor Credit Company LLC

 

  

3.10% 05/04/23

   1,844,000    1,669,613 

3.22% 01/09/22 (e)

   354,000    332,066 

3.34% 03/18/21

   849,000    821,713 

3.34% 03/28/22 (e)

   1,106,000    1,043,810 

3.81% 01/09/24

   945,000    866,045 

Frontier Communications Corp.

 

  

7.13% 03/15/19 (e)

   1,745,000    1,689,003 

General Dynamics Corp.

 

  

2.13% 08/15/26 (e)

   1,224,000    1,104,427 

2.88% 05/11/20 (e)

   1,925,000    1,926,328 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

20 GE RSP Income Fund


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

3.00% 05/11/21 (e)

   2,696,000    2,698,723 

3.50% 05/15/25 (e)

   1,171,000    1,172,932 

General Mills Inc.

 

  

3.20% 04/16/21 (e)

   1,825,000    1,814,853 

3.70% 10/17/23 (e)

   1,063,000    1,058,078 

4.55% 04/17/38 (e)

   478,000    437,499 

4.70% 04/17/48 (e)

   432,000    393,185 

General Motors Co.

 

  

5.20% 04/01/45 (e)

   157,000    130,181 

5.40% 04/01/48

   397,000    348,173 

General Motors Financial Company Inc.

 

  

2.35% 10/04/19 (e)

   1,934,000    1,912,784 

3.15% 01/15/20 (e)

   1,797,000    1,785,517 

3.20% 07/13/20 (e)

   1,009,000    998,648 

3.45% 01/14/22

   2,283,000    2,209,419 

3.55% 04/09/21 (e)

   2,606,000    2,573,633 

5.25% 03/01/26 (e)

   794,000    779,335 

Georgia-Pacific LLC

 

  

3.60% 03/01/25 (e)(b)

   418,000    417,904 

Gilead Sciences Inc.

 

  

2.55% 09/01/20 (e)

   675,000    669,452 

2.95% 03/01/27 (e)

   214,000    198,941 

3.50% 02/01/25 (e)

   567,000    553,880 

3.65% 03/01/26 (e)

   568,000    557,475 

4.15% 03/01/47 (e)

   851,000    781,371 

4.80% 04/01/44 (e)

   359,000    358,429 

GlaxoSmithKline Capital Inc.

 

  

3.38% 05/15/23 (e)

   1,242,000    1,248,210 

3.63% 05/15/25 (e)

   1,171,000    1,177,686 

GlaxoSmithKline Capital PLC

 

  

3.13% 05/14/21 (e)

   1,348,000    1,349,752 

Glencore Finance Canada Ltd.

 

  

4.95% 11/15/21 (e)(b)

   773,000    792,402 

Glencore Funding LLC

 

  

2.50% 01/15/19 (e)(b)

   3,663,000    3,661,864 

Gray Escrow Inc.

 

  

7.00% 05/15/27 (b)

   792,000    771,060 

Grupo Televisa SAB

 

  

5.00% 05/13/45 (e)

   382,000    333,902 

H&E Equipment Services Inc.

 

  

5.63% 09/01/25 (e)

   2,965,000    2,716,889 

Halliburton Co.

 

  

3.80% 11/15/25 (e)

   733,000    710,753 

5.00% 11/15/45 (e)

   477,000    468,085 

HCA Inc.

 

  

4.75% 05/01/23 (e)

   4,352,000    4,285,937 

5.88% 02/15/26

   808,000    810,860 

HD Supply Inc.

 

  

5.38% 10/15/26 (b)

   790,000    766,300 

Hess Corp.

 

  

5.60% 02/15/41 (e)

   233,000    205,077 

5.80% 04/01/47 (e)

   146,000    131,223 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

Hewlett Packard Enterprise Co.

 

  

6.35% 10/15/45 (e)

   257,000    240,498 

Highwoods Realty LP

 

  

4.13% 03/15/28 (e)

   651,000    638,794 

Hilcorp Energy I LP/Hilcorp Finance Co.

 

  

5.75% 10/01/25 (b)

   2,392,000    2,131,439 

6.25% 11/01/28 (b)

   640,000    562,720 

HSBC Holdings PLC

 

  

4.25% 03/14/24 (e)

   625,000    623,956 

HSBC Holdings PLC (3.95% fixed rate until 05/18/23; 0.99% + 3 month USD LIBOR thereafter)

 

3.95% 05/18/24 (h)(e)

   953,000    947,463 

HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.35% + 3 month USD LIBOR thereafter)

 

4.29% 09/12/26 (h)

   1,513,000    1,486,538 

HSBC Holdings PLC (4.58% fixed rate until 06/19/28; 1.53% + 3 month USD LIBOR thereafter)

 

4.58% 06/19/29 (h)(e)

   433,000    429,281 

HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + USD 5 yearMid-Market Swap Rate thereafter)

 

6.00% 12/31/99 (h)(e)

   1,018,000    928,477 

HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 yearMid-Market Swap Rate thereafter)

 

6.50% 12/31/99 (h)(e)

   1,302,000    1,193,023 

Hughes Satellite Systems Corp.

 

  

6.63% 08/01/26

   790,000    725,757 

Hyundai Capital America

 

  

3.10% 04/05/22 (e)(b)

   762,000    744,482 

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

 

6.00% 08/01/20 (e)

   2,142,000    2,138,637 

ING Bank N.V.

 

  

2.70% 08/17/20 (e)(b)

   1,400,000    1,384,740 

Ingersoll-Rand Luxembourg Finance S.A.

 

  

3.55% 11/01/24 (e)

   958,000    948,880 

Intel Corp.

 

  

2.60% 05/19/26 (e)

   1,329,000    1,247,825 

2.88% 05/11/24 (e)

   748,000    729,524 

International Business Machines Corp.

 

  

3.30% 01/27/27 (e)

   835,000    802,602 

International Paper Co.

 

  

4.40% 08/15/47 (e)

   793,000    671,980 

Interstate Power & Light Co.

 

  

3.40% 08/15/25 (e)

   2,782,000    2,695,925 

Intesa Sanpaolo S.p.A.

 

  

3.88% 07/14/27 (e)

   698,000    598,514 

j2 Cloud Services LLC/j2 GlobalCo-Obligor Inc.

 

  

6.00% 07/15/25 (e)(b)

   1,274,000    1,247,985 

Jabil Inc.

 

  

3.95% 01/12/28 (e)

   999,000    886,892 

JBS USA LUX S.A./JBS USA Finance Inc.

 

  

6.75% 02/15/28 (e)(b)

   1,582,000    1,545,408 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

GE RSP Income Fund  21 


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

Jefferies Group LLC

 

  

5.13% 01/20/23 (e)

   685,000    703,303 

6.50% 01/20/43 (e)

   580,000    567,356 

Johnson & Johnson

 

  

3.63% 03/03/37 (e)

   551,000    529,660 

Johnson Controls International PLC

 

  

4.50% 02/15/47 (e)

   339,000    312,307 

JPMorgan Chase & Co.

 

  

2.30% 08/15/21 (e)

   1,407,000    1,370,221 

2.55% 10/29/20 (e)

   1,589,000    1,570,488 

3.13% 01/23/25

   1,348,000    1,284,994 

3.30% 04/01/26 (e)

   732,000    696,535 

3.63% 12/01/27 (e)

   517,000    482,196 

JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter)

 

3.51% 01/23/29 (h)(e)

   606,000    571,143 

JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)

 

3.88% 07/24/38 (h)(e)

   1,526,000    1,381,289 

JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)

 

3.90% 01/23/49 (h)(e)

   330,000    289,813 

JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)

 

4.01% 04/23/29 (h)(e)

   770,000    755,432 

JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter)

 

4.03% 07/24/48 (h)(e)

   616,000    552,293 

JPMorgan Chase & Co. (4.63% fixed rate until 11/01/22; 2.58% + 3 month USD LIBOR thereafter)

 

4.63% 12/31/99 (h)(e)

   951,000    813,999 

JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)

 

6.10% 10/29/49 (h)(e)

   2,079,000    2,063,657 

JPMorgan Chase & Co. 3.47% + 3 month USD LIBOR

 

5.99% 12/29/49 (h)(e)

   924,000    912,496 

Keurig Dr Pepper Inc.

 

  

3.55% 05/25/21 (e)(b)

   5,772,000    5,764,150 

4.06% 05/25/23 (e)(b)

   1,240,000    1,236,268 

4.50% 11/15/45

   478,000    419,966 

4.60% 05/25/28 (e)(b)

   1,170,000    1,166,034 

Kimberly-Clark Corp.

 

  

3.95% 11/01/28

   1,983,000    2,039,476 

Kinder Morgan Energy Partners LP

 

  

3.50% 03/01/21 (e)

   2,693,000    2,683,978 

4.70% 11/01/42

   199,000    176,417 

5.30% 09/15/20 (e)

   921,000    946,687 

6.38% 03/01/41 (e)

   340,000    362,267 

Kinder Morgan Inc.

 

  

3.05% 12/01/19 (e)

   537,000    533,859 

4.30% 03/01/28 (e)

   672,000    658,311 

5.05% 02/15/46 (e)

   340,000    316,115 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

5.55% 06/01/45 (e)

   398,000    396,515 

Kraft Heinz Foods Co.

 

  

4.38% 06/01/46 (e)

   661,000    546,911 

Kreditanstalt fuer Wiederaufbau

 

  

2.00% 10/04/22

   1,948,000    1,903,332 

L Brands Inc.

 

  

5.25% 02/01/28 (e)

   2,372,000    2,027,443 

L3 Technologies Inc.

 

  

3.85% 12/15/26

   1,010,000    976,832 

Lamb Weston Holdings Inc.

 

  

4.63% 11/01/24 (e)(b)

   2,391,000    2,330,484 

Lee Enterprises Inc.

 

  

9.50% 03/15/22 (e)(b)

   1,525,000    1,553,167 

Lennar Corp.

 

  

4.75% 05/30/25 - 11/29/27 (e)

   3,676,000    3,383,910 

Lincoln National Corp.

 

  

3.63% 12/12/26 (e)

   471,000    453,992 

3.80% 03/01/28 (e)

   676,000    651,231 

4.35% 03/01/48 (e)

   595,000    540,855 

Lloyds Banking Group PLC

 

  

3.75% 01/11/27 (e)

   574,000    525,486 

Lloyds Banking Group PLC (2.91% fixed rate until 11/07/22; 0.81% + 3 month USD LIBOR thereafter)

 

2.91% 11/07/23 (h)(e)

   982,000    928,589 

Lockheed Martin Corp.

 

  

3.55% 01/15/26 (e)

   726,000    719,531 

3.80% 03/01/45 (e)

   308,000    282,097 

Lowe’s Companies Inc.

 

  

3.70% 04/15/46 (e)

   403,000    329,070 

LYB International Finance BV

 

  

4.88% 03/15/44 (e)

   257,000    233,824 

LYB International Finance II BV

 

  

3.50% 03/02/27 (e)

   288,000    262,941 

Macy’s Retail Holdings Inc.

 

  

4.30% 02/15/43 (e)

   203,000    149,909 

Marathon Oil Corp.

    

2.70% 06/01/20 (e)

   2,105,000    2,070,520 

3.85% 06/01/25 (e)

   394,000    369,414 

Marsh & McLennan Companies Inc.

 

  

3.50% 03/10/25 (e)

   806,000    788,123 

Masco Corp.

 

  

3.50% 11/15/27 (e)

   372,000    342,489 

McDonald’s Corp.

 

  

3.70% 01/30/26 (e)

   379,000    372,307 

3.80% 04/01/28

   1,030,000    1,009,688 

4.88% 12/09/45 (e)

   330,000    332,620 

McKesson Corp.

 

  

3.65% 11/30/20

   4,572,000    4,590,699 

Medtronic Inc.

 

  

2.50% 03/15/20 (e)

   2,028,000    2,019,259 

4.63% 03/15/45 (e)

   855,000    898,998 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

22 GE RSP Income Fund


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

Memorial Sloan-Kettering Cancer Center

 

  

4.13% 07/01/52 (e)

   884,000    877,034 

Merck & Company Inc.

 

  

2.75% 02/10/25 (e)

   1,463,000    1,415,657 

MetLife Inc.

 

  

4.05% 03/01/45 (e)

   210,000    193,956 

4.72% 12/15/44 (e)

   603,000    615,386 

MGM Resorts International

 

  

4.63% 09/01/26 (e)

   1,303,000    1,171,058 

Microsoft Corp.

 

  

2.40% 08/08/26 (e)

   913,000    851,646 

3.45% 08/08/36 (e)

   474,000    450,054 

3.50% 02/12/35

   625,000    600,181 

3.70% 08/08/46 (e)

   1,959,000    1,880,797 

4.00% 02/12/55 (e)

   792,000    779,922 

4.10% 02/06/37 (e)

   242,000    248,619 

4.50% 02/06/57 (e)

   283,000    304,635 

Mizuho Financial Group Inc.

 

  

2.63% 04/12/21 (e)(b)

   3,788,000    3,720,195 

Mizuho Financial Group Inc. (3.92% fixed rate until 09/11/23; 1.00% + 3 month USD LIBOR thereafter)

 

3.92% 09/11/24 (h)

   1,513,000    1,529,371 

Molina Healthcare Inc.

 

  

4.88% 06/15/25 (e)(b)

   1,807,000    1,650,405 

Molson Coors Brewing Co.

 

  

2.10% 07/15/21 (e)

   1,168,000    1,125,275 

4.20% 07/15/46 (e)

   357,000    296,667 

Morgan Stanley

 

  

2.45% 02/01/19 (e)

   4,972,000    4,969,116 

2.63% 11/17/21 (e)

   1,619,000    1,578,930 

2.65% 01/27/20 (e)

   1,510,000    1,499,385 

2.75% 05/19/22 (e)

   3,678,000    3,574,869 

3.63% 01/20/27 (e)

   862,000    819,581 

3.70% 10/23/24 (e)

   785,000    772,746 

3.95% 04/23/27 (e)

   2,075,000    1,954,028 

4.10% 05/22/23 (e)

   1,902,000    1,906,299 

4.38% 01/22/47 (e)

   786,000    744,460 

Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter)

 

3.97% 07/22/38 (h)(e)

   509,000    464,127 

MPLX LP

 

  

3.38% 03/15/23 (e)

   615,000    597,350 

4.50% 04/15/38 (e)

   582,000    511,118 

4.70% 04/15/48 (e)

   523,000    451,673 

5.50% 02/15/49

   991,000    960,467 

MUFG Bank Ltd.

 

  

2.30% 03/10/19 (e)(b)

   3,669,000    3,663,900 

MUFG Bank Ltd.

 

  

2.30% 03/05/20 (e)(b)

   1,948,000    1,927,585 

Murphy Oil Corp.

 

  

5.75% 08/15/25 (e)

   5,261,000    4,933,029 

Mylan Inc.

 

  

4.55% 04/15/28 (e)(b)

   278,000    259,171 

5.20% 04/15/48 (e)(b)

   491,000    417,978 

Mylan N.V.

 

  

3.15% 06/15/21 (e)

   711,000    696,880 

3.95% 06/15/26 (e)

   411,000    370,882 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

National Retail Properties Inc.

 

  

4.00% 11/15/25 (e)

   862,000    853,992 

Navient Corp.

 

  

6.75% 06/15/26 (e)

   1,455,000    1,207,766 

8.00% 03/25/20 (e)

   1,270,000    1,291,641 

Newell Brands Inc.

 

  

3.85% 04/01/23 (e)

   315,000    310,892 

4.20% 04/01/26 (e)

   285,000    277,080 

Newfield Exploration Co.

 

  

5.38% 01/01/26 (e)

   2,373,000    2,348,843 

5.75% 01/30/22

   2,383,000    2,418,745 

Newmark Group Inc.

 

  

6.13% 11/15/23 (b)

   600,000    576,240 

Newmont Mining Corp.

 

  

4.88% 03/15/42 (e)

   637,000    602,271 

Nexen Energy ULC

 

  

6.40% 05/15/37

   540,000    661,176 

NGPL PipeCo LLC

 

  

4.88% 08/15/27 (e)(b)

   2,206,000    2,093,009 

Noble Energy Inc.

 

  

3.90% 11/15/24 (e)

   578,000    557,591 

5.05% 11/15/44 (e)

   210,000    182,864 

Nordstrom Inc.

 

  

5.00% 01/15/44 (e)

   46,000    39,542 

Norfolk Southern Corp.

 

  

3.95% 10/01/42

   694,000    635,413 

Northern States Power Co.

 

  

2.20% 08/15/20 (e)

   2,941,000    2,900,591 

Northrop Grumman Corp.

 

  

2.08% 10/15/20 (e)

   614,000    602,432 

2.55% 10/15/22 (e)

   560,000    542,354 

3.25% 01/15/28 (e)

   691,000    645,608 

3.85% 04/15/45 (e)

   173,000    152,669 

4.03% 10/15/47 (e)

   588,000    534,298 

Novartis Capital Corp.

 

  

3.00% 11/20/25 (e)

   123,000    119,225 

Nucor Corp.

 

  

3.95% 05/01/28 (e)

   1,120,000    1,108,587 

4.13% 09/15/22 (e)

   634,000    652,678 

Nutrien Ltd.

 

  

4.00% 12/15/26 (e)

   442,000    427,666 

4.90% 06/01/43 (e)

   634,000    608,069 

NXP BV/NXP Funding LLC

 

  

4.13% 06/01/21 (b)

   2,369,000    2,344,552 

Occidental Petroleum Corp.

 

  

4.10% 02/15/47 (e)

   432,000    406,387 

4.20% 03/15/48 (e)

   463,000    442,142 

Olin Corp.

 

  

5.00% 02/01/30 (e)

   2,373,000    2,075,663 

Omnicom Group Inc./Omnicom Capital Inc.

 

  

3.63% 05/01/22 (e)

   941,000    928,362 

Oncor Electric Delivery Company LLC

 

  

3.80% 09/30/47 (e)

   253,000    238,417 

Oracle Corp.

 

  

2.40% 09/15/23 (e)

   539,000    517,424 

3.25% 11/15/27 (e)

   872,000    841,000 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

GE RSP Income Fund  23 


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

3.80% 11/15/37 (e)

   348,000    325,119 

4.00% 07/15/46 - 11/15/47 (e)

   1,405,000    1,309,099 

4.13% 05/15/45 (e)

   316,000    299,552 

Oshkosh Corp.

 

  

5.38% 03/01/25 (e)

   917,000    922,053 

Owens Corning

 

  

4.40% 01/30/48 (e)

   477,000    365,234 

Owens-Brockway Glass Container Inc.

 

  

6.38% 08/15/25 (e)(b)

   1,300,000    1,288,573 

Pacific Gas & Electric Co.

 

  

3.40% 08/15/24 (e)

   4,159,000    3,623,612 

PacifiCorp

 

  

6.25% 10/15/37 (e)

   1,563,000    1,941,606 

Packaging Corporation of America

 

  

3.40% 12/15/27 (e)

   366,000    342,195 

Parker-Hannifin Corp.

 

  

3.25% 03/01/27 (e)

   1,501,000    1,437,973 

Party City Holdings Inc.

 

  

6.63% 08/01/26 (e)(b)

   1,835,000    1,668,822 

Penske Automotive Group Inc.

 

  

5.38% 12/01/24 (e)

   1,993,000    1,866,225 

PepsiCo Inc.

 

  

3.45% 10/06/46 (e)

   365,000    326,660 

Perrigo Finance Unlimited Co.

 

  

3.50% 03/15/21 (e)

   768,000    754,844 

3.90% 12/15/24 (e)

   1,009,000    967,752 

Petroleos Mexicanos

 

  

4.50% 01/23/26

   844,000    730,414 

5.35% 02/12/28

   434,000    379,728 

5.38% 03/13/22

   1,678,000    1,650,279 

5.63% 01/23/46

   544,000    412,129 

6.35% 02/12/48

   471,000    376,263 

6.38% 01/23/45

   735,000    594,314 

6.50% 03/13/27

   1,170,000    1,102,503 

6.75% 09/21/47

   1,179,000    976,967 

Pfizer Inc.

 

  

3.00% 12/15/26 (e)

   435,000    419,862 

3.20% 09/15/23

   882,000    884,267 

3.60% 09/15/28

   1,470,000    1,475,454 

4.13% 12/15/46 (e)

   426,000    427,589 

4.40% 05/15/44 (e)

   252,000    262,229 

Philip Morris International Inc.

 

  

4.13% 03/04/43 (e)

   788,000    700,091 

Phillips 66

 

  

3.90% 03/15/28 (e)

   1,066,000    1,025,727 

Phillips 66 Partners LP

 

  

3.75% 03/01/28 (e)

   480,000    443,386 

4.68% 02/15/45 (e)

   571,000    507,984 

Pilgrim’s Pride Corp.

 

  

5.88% 09/30/27 (e)(b)

   2,769,000    2,524,276 

Pioneer Natural Resources Co.

 

  

3.95% 07/15/22

   1,505,000    1,508,642 

Plains All American Pipeline LP/PAA Finance Corp.

 

4.70% 06/15/44 (e)

   337,000    281,146 

5.75% 01/15/20 (e)

   1,282,000    1,307,666 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

PNC Bank NA

 

  

2.40% 10/18/19 (e)

   1,179,000    1,171,891 

PPL Capital Funding Inc.

 

  

3.10% 05/15/26 (e)

   1,117,000    1,047,310 

Precision Castparts Corp.

 

  

4.38% 06/15/45 (e)

   840,000    839,177 

Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter)

 

5.70% 09/15/48 (h)

   1,274,000    1,172,551 

Public Service Company of Colorado

 

  

3.70% 06/15/28 (e)

   1,377,000    1,390,949 

Public Service Electric & Gas Co.

 

  

2.38% 05/15/23 (e)

   2,055,000    1,985,294 

PulteGroup Inc.

 

  

5.50% 03/01/26 (e)

   1,700,000    1,640,500 

QUALCOMM Inc.

 

  

2.90% 05/20/24 (e)

   76,000    72,336 

3.00% 05/20/22 (e)

   457,000    450,209 

3.25% 05/20/27 (e)

   90,000    83,734 

4.30% 05/20/47 (e)

   190,000    169,129 

Quicken Loans Inc.

 

  

5.25% 01/15/28 (b)

   1,580,000    1,418,003 

Range Resources Corp.

 

  

5.00% 08/15/22 (e)

   2,374,000    2,125,490 

Realty Income Corp.

 

  

3.00% 01/15/27 (e)

   349,000    323,973 

Republic Services Inc.

 

  

3.38% 11/15/27 (e)

   354,000    339,458 

Reynolds American Inc.

 

  

4.45% 06/12/25 (e)

   67,000    64,443 

Rio Tinto Finance USA PLC

 

  

4.13% 08/21/42 (e)

   415,000    399,965 

Roche Holdings Inc.

 

  

2.25% 09/30/19 (e)(b)

   1,195,000    1,186,862 

Rockwell Collins Inc.

 

  

3.50% 03/15/27 (e)

   1,002,000    943,133 

Rogers Communications Inc.

 

  

5.00% 03/15/44 (e)

   289,000    300,323 

Royal Bank of Scotland Group PLC (4.52% fixed rate until 06/25/23; 1.55% + 3 month USD LIBOR thereafter)

 

4.52% 06/25/24 (h)(e)

   953,000    933,778 

RPM International Inc.

 

  

3.75% 03/15/27 (e)

   657,000    625,057 

Ryder System Inc.

 

  

2.45% 09/03/19 (e)

   3,608,000    3,587,182 

Sabine Pass Liquefaction LLC

 

  

4.20% 03/15/28 (e)

   641,000    609,892 

5.00% 03/15/27 (e)

   377,000    379,473 

salesforce.com Inc.

 

  

3.25% 04/11/23 (e)

   1,128,000    1,132,501 

3.70% 04/11/28 (e)

   1,490,000    1,496,541 

Santander Holdings USA Inc.

 

  

2.65% 04/17/20 (e)

   2,848,000    2,811,688 

3.70% 03/28/22 (e)

   2,492,000    2,447,244 

4.40% 07/13/27 (e)

   631,000    595,651 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

24 GE RSP Income Fund


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

Santander UK Group Holdings PLC

 

  

4.75% 09/15/25 (e)(b)

   1,205,000    1,136,014 

Schlumberger Holdings Corp.

 

  

3.00% 12/21/20 (e)(b)

   1,044,000    1,035,220 

3.63% 12/21/22 (b)

   3,259,000    3,244,106 

4.00% 12/21/25 (e)(b)

   1,516,000    1,494,821 

Sempra Energy

 

  

3.80% 02/01/38 (e)

   423,000    364,131 

4.00% 02/01/48 (e)

   459,000    387,410 

Shell International Finance BV

 

  

2.38% 08/21/22

   1,599,000    1,553,540 

3.75% 09/12/46 (e)

   319,000    295,544 

4.13% 05/11/35 (e)

   450,000    448,097 

Shire Acquisitions Investments Ireland DAC

 

2.40% 09/23/21 (e)

   1,118,000    1,080,223 

2.88% 09/23/23 (e)

   904,000    854,208 

3.20% 09/23/26 (e)

   350,000    319,039 

Siemens Financieringsmaatschappij N.V.

 

  

2.00% 09/15/23 (b)

   2,355,000    2,206,776 

3.40% 03/16/27 (e)(b)

   916,000    893,127 

Simon Property Group LP

 

  

3.38% 06/15/27 (e)

   845,000    810,178 

Sinclair Television Group Inc.

 

  

5.38% 04/01/21 (e)

   1,980,000    1,973,545 

Sirius XM Radio Inc.

 

  

5.00% 08/01/27 (b)

   790,000    721,507 

SM Energy Co.

 

  

5.63% 06/01/25

   808,000    702,960 

Smithfield Foods Inc.

 

  

2.70% 01/31/20 (e)(b)

   650,000    641,901 

4.25% 02/01/27 (e)(b)

   770,000    703,603 

South Carolina Electric & Gas Co.

 

  

4.10% 06/15/46 (e)

   438,000    415,623 

Southern California Edison Co.

 

  

2.40% 02/01/22 (e)

   1,240,000    1,194,418 

Southern Company Gas Capital Corp.

 

  

4.40% 05/30/47

   166,000    154,551 

Southern Copper Corp.

 

  

5.88% 04/23/45 (e)

   525,000    533,757 

Southwestern Electric Power Co.

 

  

2.75% 10/01/26 (e)

   1,003,000    923,643 

Spectra Energy Partners LP

 

  

3.38% 10/15/26 (e)

   265,000    248,281 

4.50% 03/15/45 (e)

   168,000    153,663 

Sprint Corp.

 

  

7.63% 02/15/25 (e)

   2,824,000    2,850,630 

Standard Industries Inc.

 

  

5.38% 11/15/24 (e)(b)

   4,068,000    3,830,063 

Starbucks Corp.

 

  

4.00% 11/15/28 (e)

   757,000    748,802 

Steel Dynamics Inc.

 

  

5.13% 10/01/21

   790,000    794,511 

Sumitomo Mitsui Financial Group Inc.

 

  

2.78% 07/12/22

   2,056,000    2,002,770 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

Suncor Energy Inc.

 

  

4.00% 11/15/47 (e)

   252,000    223,446 

Sunoco Logistics Partners Operations LP

 

  

5.30% 04/01/44

   709,000    625,983 

Syngenta Finance N.V.

 

  

3.70% 04/24/20 (e)(b)

   1,865,000    1,865,783 

3.93% 04/23/21 (e)(b)

   2,625,000    2,584,391 

4.44% 04/24/23 (e)(b)

   1,063,000    1,022,447 

5.18% 04/24/28 (e)(b)

   663,000    610,968 

Sysco Corp.

 

  

3.25% 07/15/27 (e)

   756,000    707,336 

T-Mobile USA Inc.

 

  

4.50% 02/01/26 (e)

   2,951,000    2,725,691 

Takeda Pharmaceutical Company Ltd.

 

  

3.80% 11/26/20 (b)

   1,529,000    1,540,039 

4.00% 11/26/21 (b)

   3,160,000    3,199,658 

Tampa Electric Co.

 

  

4.35% 05/15/44 (e)

   1,148,000    1,140,217 

Target Corp.

 

  

2.50% 04/15/26 (e)

   791,000    738,193 

Teck Resources Ltd.

 

  

5.40% 02/01/43 (e)

   2,199,000    1,911,569 

6.00% 08/15/40

   1,186,000    1,094,263 

Telecom Italia S.p.A.

 

  

5.30% 05/30/24 (e)

   3,912,000    3,709,945 

Telefonica Emisiones SA

 

  

4.10% 03/08/27 (e)

   965,000    932,296 

Tenet Healthcare Corp.

 

  

4.63% 07/15/24

   825,000    768,479 

4.75% 06/01/20 (e)

   2,622,000    2,619,981 

6.00% 10/01/20 (e)

   2,630,000    2,651,803 

Teva Pharmaceutical Finance Netherlands III BV

 

  

1.70% 07/19/19 (e)

   4,645,000    4,569,890 

2.20% 07/21/21 (e)

   715,000    656,156 

2.80% 07/21/23 (e)

   3,958,000    3,407,165 

Texas Instruments Inc.

 

  

4.15% 05/15/48 (e)

   509,000    508,165 

The Allstate Corp.

 

  

4.20% 12/15/46 (e)

   378,000    367,272 

The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)

 

5.75% 08/15/53 (h)(e)

   1,608,000    1,558,393 

The Bank of New York Mellon Corp. (2.66% fixed rate until 05/16/22; 0.63% + 3 month USD LIBOR thereafter)

 

2.66% 05/16/23 (h)(e)

   893,000    870,479 

The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter)

 

4.63% 12/29/49 (h)(e)

   1,558,000    1,396,872 

The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter)

 

4.65% 12/31/99 (h)(e)

   1,454,000    1,286,819 

The Boeing Co.

 

  

3.25% 03/01/28 (e)

   943,000    923,612 

3.55% 03/01/38 (e)

   1,204,000    1,123,019 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

GE RSP Income Fund  25 


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

The Chemours Co.

 

  

5.38% 05/15/27

   790,000    711,774 

The Dow Chemical Co.

 

  

4.25% 10/01/34 (e)

   731,000    662,118 

5.55% 11/30/48 (b)

   793,000    806,132 

The George Washington University

 

  

4.13% 09/15/48

   905,000    904,692 

The Goldman Sachs Group Inc.

 

  

3.85% 01/26/27 (e)

   1,069,000    1,007,297 

4.25% 10/21/25 (e)

   1,227,000    1,172,914 

4.80% 07/08/44 (e)

   944,000    898,480 

5.15% 05/22/45 (e)

   413,000    389,166 

The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter)

 

2.91% 06/05/23 (h)(e)

   1,692,000    1,617,687 

The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter)

 

3.81% 04/23/29 (h)(e)

   606,000    564,404 

The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)

 

4.02% 10/31/38 (h)(e)

   632,000    555,263 

The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter)

 

4.22% 05/01/29 (h)(e)

   850,000    818,933 

The Hartford Financial Services Group Inc. 2.13% + 3 month USD LIBOR

 

4.74% 02/12/47 (h)(e)(b)

   1,075,000    860,065 

The Home Depot Inc.

 

  

3.35% 09/15/25 (e)

   433,000    427,765 

3.50% 09/15/56 (e)

   607,000    509,844 

3.90% 12/06/28

   1,191,000    1,218,417 

3.90% 06/15/47 (e)

   657,000    621,522 

4.50% 12/06/48

   991,000    1,023,753 

The Interpublic Group of Companies Inc.

 

  

3.75% 10/01/21

   1,893,000    1,904,737 

The Korea Development Bank

 

  

3.38% 09/16/25

   920,000    905,188 

The Kroger Co.

 

  

2.95% 11/01/21 (e)

   1,942,000    1,910,559 

4.65% 01/15/48 (e)

   414,000    373,353 

The Mosaic Co.

 

  

5.63% 11/15/43 (e)

   169,000    170,715 

The Sherwin-Williams Co.

 

  

2.25% 05/15/20 (e)

   1,318,000    1,297,347 

2.75% 06/01/22 (e)

   493,000    476,519 

3.45% 06/01/27 (e)

   15,000    13,964 

4.50% 06/01/47 (e)

   153,000    137,954 

The Southern Co.

 

  

1.85% 07/01/19 (e)

   4,873,000    4,836,989 

3.25% 07/01/26 (e)

   460,000    430,160 

4.40% 07/01/46 (e)

   154,000    141,916 

The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter)

 

3.63% 09/15/31 (h)(e)

   1,653,000    1,561,027 

The Walt Disney Co.

 

  

4.13% 06/01/44 (e)

   354,000    350,364 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

The Williams Companies Inc.

 

  

3.75% 06/15/27 (e)

   305,000    286,761 

3.90% 01/15/25 (e)

   507,000    492,038 

4.85% 03/01/48 (e)

   547,000    497,059 

4.90% 01/15/45 (e)

   261,000    236,628 

5.40% 03/04/44 (e)

   181,000    173,443 

Time Warner Cable LLC

 

  

4.50% 09/15/42 (e)

   157,000    124,785 

6.55% 05/01/37 (e)

   488,000    493,324 

TransCanada PipeLines Ltd.

 

  

4.25% 05/15/28

   1,785,000    1,766,722 

4.88% 01/15/26

   316,000    326,874 

Transcontinental Gas Pipe Line Company LLC

 

  

4.00% 03/15/28

   803,000    775,738 

Tyco Electronics Group S.A.

 

  

2.35% 08/01/19 (e)

   2,716,000    2,701,985 

3.13% 08/15/27 (e)

   847,000    786,414 

Tyson Foods Inc.

 

  

2.65% 08/15/19 (e)

   526,000    523,281 

4.55% 06/02/47 (e)

   201,000    176,782 

U.S. Bancorp

 

  

3.15% 04/27/27

   1,228,000    1,178,696 

U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter)

 

5.13% 12/29/49 (h)(e)

   2,552,000    2,532,452 

UBS Group Funding Switzerland AG (2.86% fixed rate until 08/15/22; 0.95% + 3 month USD LIBOR thereafter)

 

2.86% 08/15/23 (h)(b)

   2,210,000    2,120,362 

Union Pacific Corp.

 

  

3.20% 06/08/21 (e)

   1,906,000    1,912,919 

3.50% 06/08/23 (e)

   1,381,000    1,384,604 

3.60% 09/15/37 (e)

   228,000    203,953 

4.10% 09/15/67 (e)

   414,000    348,079 

United Rentals North America Inc.

 

  

4.88% 01/15/28

   808,000    709,295 

United Technologies Corp.

 

  

3.65% 08/16/23

   1,470,000    1,464,443 

3.75% 11/01/46

   595,000    508,969 

3.95% 08/16/25

   588,000    583,943 

4.13% 11/16/28

   236,000    233,845 

4.15% 05/15/45 (e)

   672,000    601,306 

4.45% 11/16/38

   531,000    512,282 

4.50% 06/01/42 (e)

   468,000    444,778 

UnitedHealth Group Inc.

 

  

4.45% 12/15/48

   790,000    813,732 

4.75% 07/15/45 (e)

   749,000    792,097 

Vale Overseas Ltd.

 

  

4.38% 01/11/22 (e)

   106,000    107,943 

6.25% 08/10/26 (e)

   541,000    585,903 

6.88% 11/10/39 (e)

   393,000    454,037 

Vale S.A.

 

  

5.63% 09/11/42 (e)

   235,000    237,399 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

26 GE RSP Income Fund


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

Valero Energy Partners LP

 

  

4.38% 12/15/26

   1,528,000    1,501,413 

Ventas Realty LP

 

  

3.25% 10/15/26 (e)

   869,000    808,283 

Verizon Communications Inc.

 

  

3.38% 02/15/25 (e)

   874,000    847,806 

4.33% 09/21/28

   1,049,000    1,052,839 

4.40% 11/01/34 (e)

   728,000    702,680 

4.67% 03/15/55 (e)

   562,000    517,349 

4.86% 08/21/46 (e)

   2,922,000    2,875,073 

5.01% 04/15/49 (e)

   379,000    377,613 

5.25% 03/16/37 (e)

   543,000    568,488 

Viacom Inc.

 

  

3.45% 10/04/26 (e)

   516,000    477,238 

4.38% 03/15/43

   623,000    503,446 

5.25% 04/01/44 (e)

   179,000    161,000 

Virgin Media Finance PLC

 

  

5.75% 01/15/25 (e)(b)

   2,126,000    2,000,077 

Virginia Electric & Power Co.

 

  

4.00% 11/15/46 (e)

   1,102,000    1,043,803 

Visa Inc.

 

  

3.15% 12/14/25 (e)

   443,000    435,115 

4.30% 12/14/45 (e)

   475,000    491,891 

Vodafone Group PLC

 

  

4.38% 05/30/28 (e)

   1,297,000    1,257,234 

5.25% 05/30/48 (e)

   391,000    366,371 

Volkswagen Group of America Finance LLC

 

  

4.00% 11/12/21 (b)

   2,739,000    2,735,658 

Vornado Realty LP

 

  

3.50% 01/15/25 (e)

   567,000    545,930 

Vulcan Materials Co.

 

  

3.90% 04/01/27 (e)

   385,000    365,261 

Wabtec Corp.

 

  

3.45% 11/15/26 (e)

   249,000    222,300 

Walgreens Boots Alliance Inc.

 

  

4.65% 06/01/46 (e)

   257,000    232,007 

Walmart Inc.

 

  

3.63% 12/15/47 (e)

   505,000    467,403 

3.70% 06/26/28 (e)

   1,227,000    1,244,522 

3.95% 06/28/38 (e)

   490,000    486,908 

4.05% 06/29/48 (e)

   532,000    528,558 

Warner Media LLC

 

  

5.35% 12/15/43 (e)

   755,000    724,347 

WEC Energy Group Inc.

 

  

3.55% 06/15/25 (e)

   861,000    836,969 

WellCare Health Plans Inc.

 

  

5.25% 04/01/25 (e)

   1,667,000    1,604,804 

Wells Fargo & Co.

 

  

2.63% 07/22/22 (e)

   2,768,000    2,669,542 

3.90% 05/01/45 (e)

   49,000    44,971 

4.75% 12/07/46 (e)

   1,969,000    1,900,321 

Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)

 

5.88% 12/29/49 (h)(e)

   1,173,000    1,160,472 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

Wells Fargo & Co. (5.90% fixed rate until 06/15/24; 3.11% + 3 month USD LIBOR thereafter)

 

5.90% 12/29/49 (h)(e)

   1,260,000    1,199,646 

Wells Fargo & Co. 3.77% + 3 month USD LIBOR

 

  

6.56% 03/29/49 (h)(e)

   1,704,000    1,694,015 

Wells Fargo Bank NA

 

  

2.60% 01/15/21 (e)

   8,927,000    8,810,949 

Western Gas Partners LP

 

  

4.00% 07/01/22 (e)

   2,242,000    2,212,226 

5.38% 06/01/21 (e)

   415,000    427,545 

Westlake Chemical Corp.

 

  

3.60% 08/15/26 (e)

   536,000    492,788 

4.38% 11/15/47 (e)

   153,000    127,004 

5.00% 08/15/46 (e)

   278,000    254,081 

Willis North America Inc.

 

  

3.60% 05/15/24 (e)

   900,000    876,501 

WPP Finance 2010

 

  

3.75% 09/19/24 (e)

   556,000    518,325 

WRKCo Inc.

 

  

3.00% 09/15/24 (e)(b)

   691,000    649,588 

Xilinx Inc.

 

  

2.95% 06/01/24 (e)

   602,000    574,760 

XPO Logistics Inc.

 

  

6.50% 06/15/22 (e)(b)

   923,000    914,019 

Yamana Gold Inc.

 

  

4.63% 12/15/27 (e)

   923,000    853,295 

Zoetis Inc.

 

  

3.00% 09/12/27 (e)

   375,000    346,290 

3.90% 08/20/28

   881,000    870,569 
    

 

 

 
     859,937,672 
    

 

 

 

Non-Agency Collateralized Mortgage Obligations - 3.0%

 

BANK 2018-BNK11

 

  

4.36% 03/15/61 (h)(e)

   1,248,000    1,264,233 

BXP Trust2017-GM

 

  

3.38% 06/13/39 (e)

   6,314,000    6,174,182 

Citigroup Commercial Mortgage Trust2016-P5

 

  

2.94% 10/10/49 (e)

   3,484,742    3,330,441 

Citigroup Commercial Mortgage Trust2016-P6

 

  

3.72% 12/10/49 (h)(e)

   4,760,458    4,797,061 

4.03% 12/10/49 (h)(e)

   2,942,926    2,962,339 

Citigroup Commercial Mortgage Trust2018-C5

 

  

4.51% 06/10/51 (e)

   2,218,000    2,266,771 

COMM 2013-LC13 Mortgage Trust

 

  

4.56% 08/10/46 (h)(e)(b)

   1,375,000    1,420,722 

COMM 2014-CR14 Mortgage Trust

 

  

4.53% 02/10/47 (h)(e)

   1,940,000    2,005,037 

GS Mortgage Securities Trust 2012-GCJ9

 

  

1.96% 11/10/45 (h)(g)(e)

   5,721,218    362,885 

GS Mortgage Securities Trust2016-GS3

 

  

2.85% 10/10/49 (e)

   2,912,000    2,762,115 

GS Mortgage Securities Trust2017-GS5

 

  

3.67% 03/10/50 (e)

   3,557,532    3,553,748 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

GE RSP Income Fund  27 


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 
    

GS Mortgage Securities Trust2017-GS8

 

  

3.47% 11/10/50 (e)

   7,000,045    6,884,495 

GS Mortgage Securities Trust2018-GS9

 

  

4.14% 03/10/51 (h)(e)

   2,609,000    2,646,474 

Impac CMB Trust2004-5 0.72% + 1 month USD LIBOR

 

3.23% 10/25/34 (h)(e)

   582,704    566,182 

JP Morgan Chase Commercial Mortgage Securities Corp.2012-LC9

 

1.53% 12/15/47 (h)(g)(e)

   6,261,226    278,126 

JPMBB Commercial Mortgage Securities Trust2013-C12

 

4.03% 07/15/45 (h)(e)

   1,010,000    1,022,966 

LB-UBS Commercial Mortgage Trust2004-C8

 

  

0.32% 12/15/39 (h)(g)(e)(b)

   625,746    593 

LB-UBS Commercial Mortgage Trust2007-C6

 

  

6.11% 07/15/40 (e)(b)

   98,790    99,336 

6.11% 07/15/40 (h)(e)

   44,740    44,988 

Morgan Stanley Bank of America Merrill Lynch Trust2015-C21

 

0.94% 03/15/48 (h)(g)(e)

   30,472,536    1,337,143 

Morgan Stanley Capital I Trust 2006-IQ11

 

  

6.25% 10/15/42 (h)(e)

   2,300,000    2,346,573 

Morgan Stanley Capital I Trust2006-T21

 

  

5.24% 10/12/52 (h)(e)

   205,215    206,992 

UBS Commercial Mortgage Trust2018-C12

 

  

4.79% 08/15/51 (h)(e)

   1,869,000    1,928,596 

Wells Fargo Commercial Mortgage Trust2015-C26

 

1.23% 02/15/48 (h)(g)(e)

   24,537,133    1,405,129 

Wells Fargo Commercial Mortgage Trust2018-AUS

 

4.06% 07/17/36 (h)(e)(b)

   3,109,000    3,157,874 

WFRBS Commercial Mortgage Trust2013-C17

 

  

4.26% 12/15/46 (e)

   1,880,000    1,918,918 

WFRBS Commercial Mortgage Trust 2014-LC14

 

  

4.35% 03/15/47 (h)(e)

   4,333,000    4,408,626 
    

 

 

 
     59,152,545 
    

 

 

 

Sovereign Bonds - 0.8%

 

  

Government of Chile

 

  

3.63% 10/30/42

   150,000    137,439 

3.86% 06/21/47

   860,000    803,025 

Government of Colombia

 

  

2.63% 03/15/23

   711,000    671,518 

3.88% 04/25/27

   1,185,000    1,133,879 

5.00% 06/15/45

   1,271,000    1,211,924 

Government of Indonesia

 

  

3.50% 01/11/28

   578,000    534,956 

4.35% 01/11/48

   232,000    211,744 

Government of Mexico

 

  

3.60% 01/30/25

   1,402,000    1,341,195 

4.00% 10/02/23

   620,000    617,433 

4.60% 02/10/48

   972,000    863,340 

4.75% 03/08/44

   2,068,000    1,877,227 

Government of Oman

 

4.13% 01/17/23 (b)

   1,561,000    1,432,389 
   

Principal
Amount ($)

or Number

of Shares

   

Fair
Value

$

 

Government of Panama

 

4.00% 09/22/24

   1,263,000    1,272,662 

4.50% 05/15/47

   530,000    515,722 

Government of Peru

 

5.63% 11/18/50

   884,000    1,037,242 

Government of Philippines

 

3.95% 01/20/40

   835,000    815,470 

Government of Uruguay

 

5.10% 06/18/50

   884,133    868,997 
    

 

 

 
     15,346,162 
    

 

 

 

Municipal Bonds and Notes - 0.8%

 

  

American Municipal Power Inc.

 

6.27% 02/15/50 (e)

   1,080,000    1,340,280 

Metropolitan St. Louis Sewer District

 

5.00% 05/01/47

   3,595,000    4,067,419 

New Jersey Transportation Trust Fund Authority

 

6.88% 12/15/39 (e)

   880,000    891,951 

Port Authority of New York & New Jersey

 

4.46% 10/01/62 (e)

   4,095,000    4,166,294 

State of California

 

4.60% 04/01/38

   1,840,000    1,897,684 

5.70% 11/01/21 (e)

   2,075,000    2,231,766 

State of Illinois

 

5.10% 06/01/33 (e)

   745,000    710,305 

The University of Texas System

 

3.35% 08/15/47 (e)

   1,025,000    928,107 
    

 

 

 
     16,233,806 
    

 

 

 

FNMA (TBA) - 0.0%*

 

  

Lehman

 

5.50% TBA (j)(k)(e)

   1,140,372    28,395 
    

 

 

 
Total Bonds and Notes
(Cost $1,969,528,290)
     1,954,131,300 
    

 

 

 
Domestic Equity - 0.1%

 

  

Preferred Stock - 0.1%

 

  

Wells Fargo & Co. 3.09% + 3 month USD LIBOR
(Cost $1,375,850) (h)(e)

   55,034    1,352,185 
    

 

 

 
Total Investments in Securities
(Cost $1,970,904,140)

 

   1,955,483,485 
    

 

 

 
Total Investments
(Cost $1,970,904,140)
     1,955,483,485 
Other Assets and Liabilities, net - 1.8%

 

   36,685,968 
    

 

 

 
NET ASSETS - 100.0%     1,992,169,453 
    

 

 

 
 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

28 GE RSP Income Fund


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

 

Other Information:

Centrally Cleared Credit Default Swaps - Sell Protection

 

Reference
Entity
  Counterparty  Notional
Amount
(000s omitted)
  Contract
Annual
Fixed Rate/
Payment
Frequency
  Termination
Date
  Market
Value
  Unamortized
Upfront
Payments
Received
  Unrealized
Depreciation
 

Markit CDX North America High Yield Index

 

  Intercontinental Exchange  $22,433   
5.00%/
Quarterly

 
  12/20/23  $455,413  $1,233,213  $(777,800
          

 

 

 

Centrally Cleared Interest Rate Swaps

 

Counterparty Notional
Amount
(000s
omitted)
 Fund Pays/
Receives
Fixed
Rate/
Payment
Frequency
  Floating Rate  Contract
Annual
Fixed
Rate
  Termination
Date
  Market
Value
  Unamortized
Upfront
Payments
Received
  Unrealized
Depreciation
 

CME Group, Inc.

 $95,585  
Receives/
Quarterly

 
  
3 Month U.S. Dollar
LIBOR
 
 
  3.05%   11/19/21  $(1,231,470 $  $(1,231,470

CME Group, Inc.

 95,608  
Receives/
Quarterly

 
  
3 Month U.S. Dollar
LIBOR
 
 
  3.06%   11/19/21   (1,243,690     (1,243,690
        

 

 

 
        $(2,475,160
        

 

 

 

The Fund had the following long futures contracts open at December 31, 2018:

 

Description  Expiration
date
   Number
of
Contracts
   Notional
Amount
   Value   Unrealized
Appreciation
 

Ultra Long-Term U.S. Treasury Bond Futures

   March 2019    487   $75,118,911   $78,239,594   $3,120,683 

2 Yr. U.S. Treasury Notes Futures

   March 2019    1,797    379,042,540    381,525,562    2,483,022 

5 Yr. U.S. Treasury Notes Futures

   March 2019    685    77,510,246    78,560,938    1,050,692 

10 Yr. U.S. Treasury Notes Futures

   March 2019    1,039    124,129,691    126,774,234    2,644,543 
          

 

 

 
          $9,298,940 
          

 

 

 

The Fund had the following short futures contracts open at December 31, 2018:

 

Description  Expiration
date
   Number
of
Contracts
   Notional
Amount
   Value   Unrealized
Depreciation
 

U.S. Long Bond Futures

   March 2019    147   $(20,464,827  $(21,462,000  $(997,173

10 Yr. U.S. Treasury Ultra Futures

   March 2019    559    (70,658,636   (72,713,672   (2,055,036
          

 

 

 
  $(3,052,209
          

 

 

 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

GE RSP Income Fund  29 


Table of Contents

GE RSP Income Fund

Schedule of Investments, continued — December 31, 2018

 

During the period ended December 31, 2018, average notional values related to derivative contracts were as follows:

 

   

Purchased

Put

Options

 

Purchased

Call

Options

  

Written

Put

Options

  

Written

Call

Options

  

Long

Futures

Contracts

  

Short

Futures

Contracts

  

Credit

Default

Swap

Contracts

  

Interest

Rate

Swap

Contracts

 

Average Notional Value

 $— $267,383  $  $126,055  $677,847,743  $215,132,620  $40,444,417  $201,111,666 

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2018:

 

Fund  Investments  Level 1  Level 2  Level 3   Total 
GE RSP Income Fund  

Investments in Securities

      
  

U.S. Treasuries

  $  $532,300,563  $   $532,300,563 
  

Agency Mortgage Backed

      399,551,725       399,551,725 
  

Agency Collateralized Mortgage Obligations

      15,286,958       15,286,958 
  

Asset Backed

      56,293,474       56,293,474 
  

Corporate Notes

      859,937,672       859,937,672 
  

Non-Agency Collateralized Mortgage Obligations

      59,152,545       59,152,545 
  

Sovereign Bonds

      15,346,162       15,346,162 
  

Municipal Bonds and Notes

      16,233,806       16,233,806 
  

FNMA (TBA)

         28,395    28,395 
  

Preferred Stock

   1,352,185          1,352,185 
    

 

 

  

 

 

  

 

 

   

 

 

 
  

Total Investments in Securities

  $1,352,185  $1,954,102,905  $28,395   $1,955,483,485 
    

 

 

  

 

 

  

 

 

   

 

 

 
  

Other Financial Instruments

      
  

Credit Default Swap Contracts — Unrealized Depreciation

  $  $(777,800 $   $(777,800
  

Interest Rate Swap Contracts — Unrealized Depreciation

      (2,475,160      (2,475,160
  

Long Futures Contracts — Unrealized Appreciation

   9,298,940          9,298,940 
  

Short Futures Contracts — Unrealized Depreciation

   (3,052,209         (3,052,209
    

 

 

  

 

 

  

 

 

   

 

 

 
  

Total Other Financial Instruments

  $6,246,731  $(3,252,960 $   $2,993,771 
    

 

 

  

 

 

  

 

 

   

 

 

 

 

Affiliate Table

   Number
of Shares
Held at
12/31/17
  Value At
12/31/17
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Number
of Shares
Held at
12/31/18
  Value at
12/31/18
  Dividend
Income
 

State Street Corporation (Time Deposit)

  82,636,353  $82,636,353  $14,541,016,515  $14,623,652,868     $        —  $155,203 

 

See Notes to Schedules of Investments and Notes to Financial Statements.

 

30 GE RSP Income Fund


Table of Contents

GE RSP Funds

Notes to Schedules of Investments — December 31, 2018

 

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Funds’ future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Funds’ Supplemental Information Documents and Consolidated Profile for complete descriptions of investment objectives, policies, risks and permissible investments.

 

(a)

Non-income producing security.

(b)

Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, these securities amounted to $149,763,485 or 9.02% of the net assets of the GE RSP Income Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Trustees.

(c)

Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (“TBA”) in the future.

(d)

Coupon amount represents effective yield.

(e)

At December 31, 2018, all or a portion of this security was pledged to cover collateral requirements for current or potential holdings of futures, TBAs and/or swap contracts.

(f)

Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the “principal only” holder.

(g)

Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding.

(h)

Variable Rate Security—Interest rate shown is rate in effect at December 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(i)

Step coupon bond.

(j)

Security is in default.

(k)

Security is fair valued by the Oversight Committee, in accordance with the procedures approved by the Board of Trustees. Security value is determined based on level 3 inputs.

Percentages are based on net assets as of December 31, 2018.

*

Less than 0.05%

Abbreviations:

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

 

 

 

Notes to Schedules of Investments  31 


Table of Contents

GE RSP U.S. Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

 

   12/31/18  12/31/17   12/31/16   12/31/15*  12/31/14* 

Net asset value, beginning of period

 $52.45  $49.27   $47.59   $54.31  $54.73 
 

 

 

  

 

 

   

 

 

   

 

 

  

 

 

 

Income/(loss) from investment operations:

 

Net investment income

  0.77(a)    0.76(a)     0.92    0.92   0.93 

Net realized and unrealized gains/(losses) on investments

  (2.41  9.35    3.92    (1.94  6.40 
 

 

 

  

 

 

   

 

 

   

 

 

  

 

 

 

Total income/(loss) from investment operations

  (1.64  10.11    4.84    (1.02  7.33 
 

 

 

  

 

 

   

 

 

   

 

 

  

 

 

 

Less distributions from:

 

Net investment income

  0.81   0.81    0.91    0.92   0.92 

Net realized gains

  3.95   6.12    2.25    4.78   6.83 
 

 

 

  

 

 

   

 

 

   

 

 

  

 

 

 

Total distributions

  4.76   6.93    3.16    5.70   7.75 
 

 

 

  

 

 

   

 

 

   

 

 

  

 

 

 

Net asset value, end of period

 $46.05  $52.45   $49.27   $47.59  $54.31 
 

 

 

  

 

 

   

 

 

   

 

 

  

 

 

 

Total Return(b)

  (3.05)%   20.50   10.13   (2.05)%   13.27

Ratios/Supplemental Data:

 

Net assets, end of period (in thousands)

 $4,700,274  $5,435,513   $4,914,567   $4,941,537  $5,445,144 

Ratios to average net assets:

 

Gross expenses

  0.14  0.14   0.16   0.16  0.14

Net investment income

  1.41  1.39   1.79   1.62  1.58

Portfolio turnover rate

  40  77   38   37  41

 

(a) Per share values have been calculated using the average share method.
(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions. Past performance does not guarantee future results.
* Beginning with year ended December 31, 2016, the Funds were audited by BBD, LLP. The previous years were audited by another independent registered public accounting firm.

 

The accompanying Notes are an integral part of these financial statements.

 

32 Financial Highlights


Table of Contents

GE RSP Income Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

 

   12/31/18  12/31/17   12/31/16   12/31/15*   12/31/14* 

Net asset value, beginning of period

 $11.55  $11.38   $11.36   $11.67   $11.33 
 

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Income/(loss) from investment operations:

 

Net investment income

  0.32(a)    0.29(a)     0.31    0.33    0.30 

Net realized and unrealized gains/(losses) on investments

  (0.40  0.16    0.09    (0.29   0.35 
 

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Total income/(loss) from investment operations

  (0.08  0.45    0.40    0.04    0.65 
 

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions from:

 

Net investment income

  0.33   0.28    0.29    0.33    0.31 

Net realized gains

         0.09    0.02    0.00(b)  
 

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

  0.33   0.28    0.38    0.35    0.31 
 

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

 $11.14  $11.55   $11.38   $11.36   $11.67 
 

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(c)

  (0.75)%   3.99   3.50   0.34   5.83

Ratios/Supplemental Data:

 

Net assets, end of period (in thousands)

 $1,992,169  $2,329,674   $2,427,975   $2,471,886   $2,613,303 

Ratios to average net assets:

 

Gross expenses

  0.17  0.16   0.21   0.18   0.11

Net investment income

  2.86  2.55   2.66   2.79   2.68

Portfolio turnover rate

  223  297   242   271   319

 

(a) Per share values have been calculated using the average share method.
(b) Rounds to less than $0.005.
(c) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions. Past performance does not guarantee future results.
* Beginning with year ended December 31, 2016, the Funds were audited by BBD, LLP. The previous years were audited by another independent registered public accounting firm.

 

The accompanying Notes are an integral part of these financial statements.

 

Financial Highlights  33 


Table of Contents

GE RSP Funds

Statements of Assets and Liabilities — December 31, 2018

 

    GE RSP
U.S. Equity Fund
   GE RSP
Income Fund
 

Assets

    

Investments in securities, at fair value (cost $3,945,237,346 and $1,970,904,140, respectively)

  $4,514,610,745   $1,955,483,485 

Cash, interest-bearing

   182,579,577    344,018,423 

Cash collateral on deposit with broker for swap contracts

       1,883,195 

Receivable for investments sold

       156,992,345 

Income receivables

   5,836,198    12,919,400 

Receivable for accumulated variation margin on futures contracts

       6,254,991 

Receivable for accumulated variation margin on swap contracts

       492,801 

Other Receivable

       274,000 
  

 

 

   

 

 

 

Total assets

   4,703,026,520    2,478,318,640 
  

 

 

   

 

 

 

Liabilities

    

Distribution payable to shareholders

       183,866 

Net collateral amount owed to broker for futures contracts outstanding

       5,474,958 

Net collateral amount owed to brokers for pending investment trades

       2,848,000 

Payable for investments purchased

       473,698,087 

Payable for fund shares redeemed

   2,014,202    961,746 

Payable for accumulated variation margin on swap contracts

       2,552,179 

Payable to the Adviser

   496,106    219,351 

Payable for custody, fund accounting andsub-administration fees

   26,487    14,839 

Accrued other expenses

   215,740    196,161 
  

 

 

   

 

 

 

Total liabilities

   2,752,535    486,149,187 
  

 

 

   

 

 

 
    

Net Assets

  $4,700,273,985   $1,992,169,453 
  

 

 

   

 

 

 

Net Assets Consist of:

    

Capital paid in

  $4,150,621,082   $2,066,620,521 

Total accumulated earnings (loss)

  $549,652,903   $(74,451,068
  

 

 

   

 

 

 

Net Assets

  $4,700,273,985   $1,992,169,453 
  

 

 

   

 

 

 
    

Shares outstanding ($25.00 and $10.00 par value, respectively; unlimited shares authorized)

   102,065,970    178,902,451 

Net asset value per share

  $46.05   $11.14 

 

The accompanying Notes are an integral part of these financial statements.

 

34 Statements of Assets and Liabilities


Table of Contents

GE RSP Funds

Statements of Operations — For the year ended December 31, 2018

 

    

GE RSP

U.S. Equity Fund

   

GE RSP

Income Fund

 

Investment Income

 

Income

 

Dividend

  $83,030,397   $83,460 

Interest

   216,945    64,475,727 

Income from affiliated investments

   192,259    155,203 
  

 

 

   

 

 

 

Total income

   83,439,601    64,714,390 
  

 

 

   

 

 

 

Expenses

 

Advisory and administration fees

   6,446,638    2,768,812 

Transfer agent fees

   411,062    391,488 

Custody, fund accounting andsub-administration fees

   328,803    283,046 

Professional fees

   45,774    55,023 

Other expenses

   332,899    200,921 
  

 

 

   

 

 

 

Total Expenses

   7,565,176    3,699,290 
  

 

 

   

 

 

 

Net investment income

  $75,874,425   $61,015,100 
  

 

 

   

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments

 

Realized gain (loss) on:

 

Unaffiliated investments

  $363,000,975   $(44,328,533

Futures

       (7,919,335

Written options

       1,256,781 

Swap contracts

       2,993,730 

Foreign currency transactions

   (7,631    

Increase (decrease) in unrealized appreciation/depreciation on:

 

Unaffiliated investments

   (564,798,619   (35,844,978

Futures

       5,892,435 

Swap contracts

       (2,579,777
  

 

 

   

 

 

 

Net realized and unrealized gain (loss) on investments

   (201,805,275   (80,529,677
  

 

 

   

 

 

 

Net Decrease in Net Assets Resulting from Operations

  $(125,930,850  $(19,514,577
  

 

 

   

 

 

 

 

The accompanying Notes are an integral part of these financial statements.

 

Statements of Operations  35 


Table of Contents

GE RSP Funds

Statements of Changes in Net Assets

 

   GE RSP U.S. Equity Fund   GE RSP Income Fund 
    

Year Ended

December 31,
2018

   

Year Ended

December 31,
2017

   

Year Ended

December 31,
2018

   

Year Ended

December 31,
2017

 

Increase (Decrease) in Net Assets

 

Operations:

 

Net investment income

  $75,874,425   $73,331,708   $61,015,100   $61,250,219 

Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions

   362,993,344    589,564,812    (47,997,357   3,404,533 

Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts

   (564,798,619   312,351,199    (32,532,320   28,374,489 
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from operations

   (125,930,850   975,247,719    (19,514,577   93,029,241 
  

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders:

 

Distributions to shareholders

   (443,121,714   (639,820,599   (62,721,395   (58,342,653
  

 

 

   

 

 

   

 

 

   

 

 

 

Increase (decrease) in net assets from operations and distributions

   (569,052,564   335,427,120    (82,235,972   34,686,588 
  

 

 

   

 

 

   

 

 

   

 

 

 

Share transactions:

 

Proceeds from sale of shares

   34,257,404    63,469,221    26,902,668    49,857,089 

Value of distributions reinvested

   419,958,737    606,140,697    60,440,705    56,333,920 

Cost of shares redeemed

   (620,402,579   (484,090,590   (342,612,172   (239,178,639
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from share transactions

   (166,186,438   185,519,328    (255,268,799   (132,987,630
  

 

 

   

 

 

   

 

 

   

 

 

 

Total increase (decrease) in net assets

   (735,239,002   520,946,448    (337,504,771   (98,301,042

Net Assets

 

Beginning of year

   5,435,512,987    4,914,566,539    2,329,674,224    2,427,975,266 
  

 

 

   

 

 

   

 

 

   

 

 

 

End of year

  $4,700,273,985   $5,435,512,987   $1,992,169,453   $2,329,674,224 
  

 

 

   

 

 

   

 

 

   

 

 

 

Changes in Fund Shares

 

Shares sold

   629,193    1,164,531    2,387,909    4,329,637 

Issued for distributions reinvested

   9,185,449    11,534,548    5,407,714    4,887,562 

Shares redeemed

   (11,381,645   (8,812,363   (30,637,415   (20,768,695
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in fund shares

   (1,567,003   3,886,716    (22,841,792   (11,551,496
  

 

 

   

 

 

   

 

 

   

 

 

 

For the year ended December 31, 2017, the source of distributions paid to shareholders was (See Note 10 in the Notes to Financial Statements):

 

Net investment income

  $(74,706,277    $(58,342,653

Net realized gains

   (565,114,322      
  

 

 

     

 

 

 

Total distributions

   (639,820,599     (58,342,653
  

 

 

     

 

 

 

Undistributed net investment income as of December 31, 2017:

  $     $1,465,427 

 

The accompanying Notes are an integral part of these financial statements.

 

36 Statements of Changes in Net Assets


Table of Contents

GE RSP Funds

Notes to Financial Statements — December 31, 2018

 

 

1. Organization of the Funds

The GE RSP U.S. Equity Fund and GE RSP Income Fund (each, a “Fund” and collectively, the “Funds”) are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), asopen-end management investment companies. The Funds are two of the investment options offered under the GE Retirement Savings Plan (the “RSP” or the “Plan”). The Plan, through a trust, owns 70% of the GE RSP U.S. Equity Fund and 75% of the GE RSP Income Fund. The Funds operate as Employees’ Securities Companies (as defined in the 1940 Act) and as such are exempt from certain provisions of the 1940 Act.

 

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation  Each Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees (the “Board”). The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value each Fund’s investments by major category are as follows:

 

  

Equity investments (including preferred stocks) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

 

  

Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.

 

  

Debt obligations (including short term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

 

  

Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

 

  

Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third–party valuation the agreements will be fair valued.

 

  

Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board.

 

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In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

 

  

Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;

 

  

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

 

  

Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments according to the fair value hierarchy as of December 31, 2018 is disclosed in each Fund’s Schedule of Investments.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source, if any.

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Expenses  Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund that incurs such expenses. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund.

Distributions  The GE RSP Income Fund declares investment income dividends daily and pays them monthly. The GE RSP U.S. Equity Fund declares and pays dividends from investment income annually.

Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

 

3. Securities and Other Investments

Delayed Delivery Transactions and When-Issued Securities  During the fiscal year ended December 31, 2018, the GE RSP Income Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund’s Schedule of Investments. The Fund may receive

 

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GE RSP Funds

Notes to Financial Statements, continued — December 31, 2018

 

 

compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

To-Be-Announced Transactions  The GE RSP Income Fund may seek to obtain exposure to U.S. agency mortgage pass-through securities through the use of“to-be-announced” or “TBA transactions.” “TBA” refers to a commonly used mechanism for the forward settlement of U.S. agency mortgage pass-through securities. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, coupon, and price.

The GE RSP Income Fund may use TBA transactions to “roll over” such agreements prior to the settlement date. This type of TBA transaction is sometimes known as a “TBA roll.” In a TBA roll, the Fund generally will sell the obligation to purchase the pools stipulated in the TBA agreement prior to the settlement date and will enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities. The Fund may also enter into TBA agreements and settle such transactions on the stipulated settlement date by accepting actual receipt or delivery of the pools of mortgage pass-through securities.

Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. To minimize this risk, the Fund will enter into TBA transactions only with established counterparties. The Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.

 

4. Derivative Financial Instruments

Futures Contracts  The GE RSP Income Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate the movement of the assets underlying such contracts.

For the fiscal year ended December 31, 2018 the GE RSP Income Fund entered into futures contracts in order to manage exposure to interest rates.

Options on Futures Contracts  The GE RSP Income Fund may purchase and write options, including options on futures contracts, subject to certain limitations. Writing puts and buying calls tend to increase a Fund’s exposure to the underlying instrument while buying puts and writing calls tend to decrease a Fund’s exposure to the underlying instrument. A Fund will not enter into a transaction involving options for speculative purposes. The Fund’s risks in using these contracts include changes in the value of the underlying instruments,non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts.

When the Fund writes an option, the amount of the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss. When an option is exercised, the proceeds from the sale of the underlying instrument or the cost basis of the securities purchased is adjusted by the original premium received or paid. In return for a premium paid, call and put options on futures contracts give the holder the right, but not the obligation, to purchase or sell, respectively, a position in a particular futures contract at a specified exercise price.

 

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Notes to Financial Statements, continued — December 31, 2018

 

 

For the fiscal year ended December 31, 2018, the GE RSP Income Fund purchased and wrote options in order to manage exposure to interest rates.

Credit Default Swaps  During the fiscal year ended December 31, 2018, the GE RSP Income Fund engaged in credit default swaps to manage credit risk. When a Fund is the buyer in a credit default swap contract, a Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, a Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, a Fund loses its investment and recovers nothing. However, if a credit event occurs, a Fund receives full notional value for a referenced debt obligation that may have little or no value. When a Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, a Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that a Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by a Fund for the same referenced obligation.

As the seller, a Fund may create economic leverage to its portfolio because, in addition to its total net assets, a Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. A Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically fornon-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. A Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. A Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if a Fund had invested in the referenced debt obligation directly. If a Fund is a buyer of a credit default swap and no credit event occurs, a Fund will not earn any return on its investment. If a Fund is a seller of a credit default swap, a Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject a Fund to the risk that the counterparty to the transaction may not fulfill its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

Interest Rate Swaps  Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments.

During the fiscal year ended December 31, 2018, the GE RSP Income Fund entered into interest rate swaps in order to manage exposure to interest rates.

 

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GE RSP Funds

Notes to Financial Statements, continued — December 31, 2018

 

 

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 2018 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives

 

    

Interest

Rate

Contracts

Risk

   

Foreign

Exchange

Contracts

Risk

   

Credit

Contracts

Risk

   

Equity

Contracts

Risk

   

Commodity

Contracts

Risk

   Total 

GE RSP Income Fund

            

Futures Contracts

  $6,254,991   $   $   $   $   $6,254,991 

Swap Contracts

           492,801            492,801 

Liability Derivatives

 

    

Interest

Rate

Contracts

Risk

  

Foreign

Exchange

Contracts

Risk

   

Credit

Contracts

Risk

   

Equity

Contracts

Risk

   

Commodity

Contracts

Risk

   Total 

GE RSP Income Fund

           

Swap Contracts

  $(2,552,179 $   $   $   $   $(2,552,179

Realized Gain (Loss)

 

    

Interest

Rate

Contracts

Risk

  

Foreign

Exchange

Contracts

Risk

   

Credit

Contracts

Risk

  

Equity

Contracts

Risk

   

Commodity

Contracts

Risk

   Total 

GE RSP Income Fund

          

Futures Contracts

  $(7,919,335 $   $  $   $   $(7,919,335

Swap Contracts

   3,140,820       (147,090          2,993,730 

Purchased Option Contracts(a)

   (2,786,963                 (2,786,963

Written Option Contracts

   1,256,781                  1,256,781 

 

 (a)

Purchased options are included in net realized gain (loss) from investments.

Net Change in Unrealized Appreciation (Depreciation)

 

    

Interest

Rate

Contracts

Risk

  

Foreign

Exchange

Contracts

Risk

   

Credit

Contracts

Risk

  

Equity

Contracts

Risk

   

Commodity

Contracts

Risk

   Total 

GE RSP Income Fund

          

Futures Contracts

  $5,892,435  $   $  $   $   $5,892,435 

Swap Contracts

   (1,951,910      (627,867          (2,579,777

 

5. Fees and Transactions with Affiliates

Advisory Fee  SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of each Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of each Fund. The Management Fee is stated in the following schedule:

 

Fund  

Average Daily

Net Assets of Fund

  Management Fee 

GE RSP U.S. Equity Fund

  All Assets   0.12

GE RSP Income Fund

  All Assets   0.13

 

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Custody, Fund Accounting andSub-Administration Fees  State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant andsub-administrator to the Funds. Amounts paid by the Funds to State Street for performing such services are included custody, fund accounting andsub-administration fees on the Statements of Operations.

 

6. Investment Transactions

Purchases and sales of investments (excludingin-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2018 were as follows:

 

   U.S. Government
Securities
   Non-U.S. Government
Securities
 
Fund  Purchases   Sales   Purchases   Sales 

GE RSP U.S. Equity Fund

  $   $   $2,089,394,963   $2,616,854,962 

GE RSP Income Fund

   3,616,046,415    3,872,752,122    723,748,146    707,531,327 

 

7. Income Taxes

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed each Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded onex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book- tax differences. These adjustments have no impact on net asset values or results of operations. Temporarybook-tax differences will reverse in the future. Thesebook-tax differences are primarily due to differing treatments for bond basis adjustments, swap contracts, futures contracts, foreign currency gains and losses, distributionre-designations, return of capital adjustments, and wash sale loss deferrals.

The tax character of distributions paid during the fiscal year ended December 31, 2018 was as follows:

 

Fund  Exempt
Income
   Ordinary
Income
   Long-Term
Capital Gains
   Return of
Capital
   Total 

GE RSP U.S. Equity Fund

  $   $76,725,374   $366,396,340   $   $443,121,714 

GE RSP Income Fund

       62,721,395            62,721,395 

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

 

Fund  Exempt
Income
   Ordinary
Income
   Long-Term
Capital Gains
   Return of
Capital
   Total 

GE RSP U.S. Equity Fund

  $   $189,794,874   $450,025,725   $   $639,820,599 

GE RSP Income Fund

       58,342,653            58,342,653 

At December 31, 2018, the components of distributable earnings on a tax basis were as follows:

 

   Undistributed
Ordinary Income
  Capital Loss
Carryforwards
  Undistributed
Long Term Gain
  Net Unrealized
Gains (Losses)
  Total 

GE RSP U.S. Equity Fund

 $530,630  $  $  $549,122,273  $549,652,903 

GE RSP Income Fund

     (50,687,800     (23,763,268  (74,451,068

 

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GE RSP Funds

Notes to Financial Statements, continued — December 31, 2018

 

 

As of December 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

 

Fund  

Non-Expiring

Short Term

   

Non-Expiring

Long Term

 

GE RSP Income Fund

  $14,869,646   $35,818,154 

As of December 31, 2018, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

 

    Tax
Cost
   Gross
Unrealized
Appreciation
   Gross
Unrealized
Depreciation
   Net Unrealized
Appreciation
(Depreciation)
 

GE RSP U.S. Equity Fund

  $3,965,488,472   $823,133,360   $274,011,087   $549,122,273 

GE RSP Income Fund

   1,978,081,681    17,829,591    37,434,016    (19,604,425

 

8. Risks

Concentration Risk  As a result of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.

Interest Rate Risk  Is the risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Although governmental financial regulators, including the U.S. Federal Reserve, have taken steps to maintain historically low interest rates, the U.S. Federal Reserve has recently begun to raise interest rates and may continue to do so. Thus, the Funds currently faces a heightened level of interest rate risk.

Market and Credit Risk  In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

 

9. Line of Credit

The Funds and other affiliated funds (each, a “Participant” and collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires October 10, 2019 unless extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operation expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and1-month LIBOR rate.

The Funds had no outstanding loans as of December 31, 2018.

 

10. New and Recent Accounting Pronouncements

In August 2018, the Securities and Exchange Commission released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The Funds have adopted the Final Rule for the current period with the most notable impacts being that the Funds are no longer required to present components of distributable earnings on the Statements of Assets and Liabilities or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”)No. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20): Premium Amortization on Purchased Callable Debt

 

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Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.

 

11. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

 

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GE RSP Funds

Report of Independent Registered Public Accounting Firm

 

 

LOGO

To the Board of Trustees and the Shareholders of

GE RSP U.S. Equity Fund and GE RSP Income Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of GE RSP U.S. Equity Fund and GE RSP Income Fund (each a“Fund” and collectively the“Funds”), including the schedules of investments, as of December 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the three-year period then ended, and the related notes (collectively referred to as the“financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2018, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and their financial highlights for each of the years in the three-year period then ended, in conformity with accounting principles generally accepted in the United States of America. The financial highlights for each of the years presented through December 31, 2015 were audited by other auditors, whose report dated February 22, 2016 expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018 by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

LOGO

BBD, LLP

We have served as the auditor of one or more of the Funds in General Electric RSP Funds since 2016.

Philadelphia, Pennsylvania

February 25, 2019

 

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GE RSP Funds

Tax Information — December 31, 2018 (Unaudited)

 

 

For federal income tax purposes, the following information is furnished with respect to the distributions paid from the Funds during the fiscal year ended December 31, 2018.

Dividends Received Deduction

The GE RSP U.S. Equity Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Qualified Dividend Income

A portion of dividends distributed by the GE RSP U.S. Equity Fund during the fiscal year ended December 31, 2018 is considered qualified dividend income and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. The GE RSP U.S. Equity Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Long Term Capital Gain Distributions

Long term capital gains dividends were paid from the GE RSP U.S. Equity Fund during the year ended December 31, 2018 in the amount of $366,396,340.

 

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GE RSP Funds

Advisory Agreement Renewal (Unaudited)

 

 

Disclosure for the Boards of Trustees’ Consideration of the Renewal of the Investment Advisory and Administration Agreement with SSGA Funds Management, Inc.

At meetings of the Board of Trustees (each, a “Board” and together, the “Boards”) held on May��15, 2018 and June 7, 2018 (the “Board Meetings”), the members of the Board of each Fund considered and unanimously approved the continuance for an additional year of the investment advisory and administration agreement (the “Investment Advisory and Administration Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) on behalf of each Fund.

In considering whether to approve the continuance for an additional year of the Investment Advisory and Administration Agreement, the Board members considered and discussed a substantial amount of information and analysis provided by the Adviser. The Board members also considered detailed information regarding performance and expenses of other investment companies, including those with similar investment strategies and sizes, which was prepared by an independent third party provider, Broadridge Financial Solutions, Inc. (“Broadridge”). The Board members reviewed the fees charged by the Adviser for other mutual funds and investment products other than mutual funds that employ similar investment strategies as the Funds. The Board members had the opportunity to ask questions and request additional information in connection with its considerations.

Before approving the continuance of the Investment Advisory and Administration Agreement, the Board members reviewed the information provided with management of the Adviser. The Board members also reviewed a memorandum prepared by legal counsel discussing the legal standards for the consideration of the proposed continuance. The Board members discussed the proposed continuance of the Investment Advisory and Administration Agreement in detail during private sessions in advance of, and at, the Board Meetings at which no representatives of the Adviser were present. The Board members requested, and received and considered, additional information from the Adviser following the May 15, 2018 Board Meeting and prior to the June 7, 2018 Board Meeting.

In advance of the Board Meetings, and in response to their detailed requests, the Board members received from the Adviser written responses to their inquiries, which included substantial exhibits and other materials related to the Adviser’s business and the services it provides to each Fund. The Board members took into account their experience as Board members.

During the Board Meetings, the Board members had an opportunity to discuss this information with SSGA FM representatives, including senior executives, representatives from the legal, compliance and finance departments, and investment personnel. The Board members posed questions to these representatives and engaged in significant discussions.

In reaching their determinations relating to the continuance of the Investment Advisory and Administration Agreement, the Boards considered those factors they deemed relevant, including the factors discussed below. In their deliberations, the Boards did not identify any single factor that was dispositive and each Board member may have attributed different weights to the various factors. The Board members evaluated the information provided to them, as well as the presentations and discussions that occurred at the Board Meetings, for each Fund on aFund-by-Fund basis, and their determinations were made separately in respect of each Fund.

The material factors and conclusions that formed the basis for each Board’s determinations to approve the continuance of the Investment Advisory and Administration Agreement on behalf of each Fund are as discussed below.

The Nature, Extent and Quality of Services Provided.

The Board members reviewed the services provided by the Adviser. In connection with their consideration of the Adviser’s services, the Board members considered the Adviser’s management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. The Board members evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries, as well as sector, credit quality and interest rate exposure (all as applicable). The Board members also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Funds and the extensive experience and resources committed by the Adviser to the evaluation of the Funds’ portfolios. The Board members considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. The Board members also considered the significant risks assumed by the Adviser in connection with the services provided to the Funds, including operational, enterprise, regulatory, litigation and compliance risks. The Board members also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Funds by senior management.

 

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GE RSP Funds

Advisory Agreement Renewal (Unaudited), continued

 

 

The Board members had previously reviewed the compliance programs of SSGA FM and various affiliated service providers (“Affiliated Service Providers”). Among other things, the Board members considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.

In light of the foregoing and other relevant information, the Board members concluded that the services provided by the Adviser continue to be satisfactory.

Investment Performance.

The Board members considered the investment performance of each of the Funds for various periods. The Board members reviewed detailed comparisons of the performance of the Funds with the relevant securities indices and peer and category groupings of mutual funds prepared by Broadridge with respect to various periods. The Board members also engaged in detailed discussions with SSGA FM management about its investment processes and performance results. These discussions focused on each Fund’s investment objective, the number and experience of portfolio management and supporting research personnel, each Fund’s investment style and approach employed, the likely market cycles for each Fund’s investment style and, in some instances, relative underperformance of the GE RSP U.S. Equity Fund in certain periods and plans to seek to improve relative performance and the competitive performance of the GE RSP Income Fund for the 3 year and 5 year periods. The Board members discussed SSGA FM’s investment approach with respect to each of the Funds and the reasons for the GE RSP U.S. Equity Fund’s relative underperformance in certain periods.

Taking these factors into consideration, the Board members concluded that each Fund’s performance, or the Adviser’s explanation for relative underperformance and plans for improvement, as applicable, was acceptable overall.

Cost of the Services Provided And Profits Realized From The Relationships with the Funds.

The Board members considered the management fees paid to the Adviser by the Funds. The Board members reviewed the level of profits realized by the Adviser and the Affiliated Service Providers in providing investment advisory and other services to the Funds. Information also was presented regarding the financial condition of the Adviser for various past periods. The Board members also considered the Adviser’s statements concerning its significant investment in supporting registered investment companies. The Board members also considered the various risks borne by SSGA FM and the Affiliated Service Providers in connection with their various roles in servicing the Funds, including enterprise, litigation, business, operational and entrepreneurial risk.

The Board members concluded that the profitability of the Adviser and the profitability range of each of the Affiliated Service Providers with respect to its services to each of the Funds, were reasonable in relation to the services provided.

The Extent to Which Economies of Scale Would Be Realized as the Funds Grow and Whether Fee Levels Would Reflect Such Economies of Scale.

The Boards considered the extent to which the Adviser and the Affiliated Service Providers, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Boards acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Funds. The Boards concluded that, in light of, among other considerations, the current size of each of the Funds, the level of profitability of the Adviser and the Affiliated Service Providers with respect to the Funds, and/or the comparative management fees and expense ratios of the Funds, it does not appear that the Adviser or the Affiliated Service Providers has realized benefits from economies of scale in managing the assets of the Funds to such an extent that previously agreed management fees should be reduced or that breakpoints in such fees should be implemented for the Funds at this time.

Comparison of Services to be Rendered and Fees to be Paid.

The Boards discussed the services provided to the Funds by the Adviser and the fees charged to the Funds for those services. As part of its review, each Board considered each Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to the expense ratios of a group of comparable mutual funds selected by Broadridge, and the related Broadridge analysis for the Funds. The Boards also considered the comparability of the fees charged and the services provided to the Funds by the Adviser to the fees charged and services provided to other clients of the Adviser.

 

48 Advisory Agreement Renewal


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GE RSP Funds

Advisory Agreement Renewal (Unaudited), continued

 

 

Among other information, the Board members considered that each Fund’s expense ratios and advisory fee were the lowest or among the lowest in the applicable Broadridge peer group ranges. The Boards also considered the Funds’ comparatively lower historical fee structure overall relative to advisers of other comparable industry peer group funds and noted that the Funds have generally benefitted from not having a high management fee rate since their inception.

In light of the foregoing, the Boards determined that the management fees, considered in relation to the services provided to the Funds, supported the Boards’ approval of the continuance of the Investment Advisory and Administration Agreement.

Fall-Out Benefits.

The Boards considered actual and potential financial benefits that the Adviser may derive from its relationships with the Funds, including the custody, fund accounting andsub-administration services being provided to the Funds by an affiliate of the Adviser and, to the extent applicable, soft dollar commission benefits generated through Fund portfolio transactions. The Boards noted, however, that each Fund benefits from the vast array of resources available through SSGA FM, and that each Fund represents only a small portion of the assets managed by SSGA FM.

Conclusion.

No single factor was determinative to the Boards’ decision. Based on their discussion and such other matters as were deemed relevant, the Board members approved the continuance of the Investment Advisory and Administration Agreement for the Funds.

 

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GE RSP Funds

Additional Information — December 31, 2018 (Unaudited)

 

 

      
Name,
Address
and Age
 Position(s) Held
with Fund
 Term of
Office and
Length of
Time Served
 Principal Occupation(s)
During Past 5 years
 Number of
Portfolios
in Fund
Complex
Overseen
by Trustee
  Other Directorships
Held by Trustee/Officer

INTERESTED TRUSTEES

Matthew Zakrzewski

c/o SSGA Funds Management, Inc.

1600 Summer St.

Stamford, CT 06905

 

YOB: 1960

 Chairman of the Board of Trustees 

Term: Indefinite

Served: Since
2013

 Managing Director, Benefit Plans since July 2016; Executive Vice President and Chief Financial Officer of GEAM from August 2013 to June 2016; formerly, Chief Financial Officer for GE Ventures from 2012 to 2013 and Chief Financial Officer for GE Risk, Insurance and Corporate Financing from 2006 to 2012.  2  GE Asset Management Limited; GE Investment Distributors, Inc. (“GEID”); GE Pension Trust Limited; Common Investment Fund.
 

Scott Silberstein

c/o SSGA Funds Management, Inc.

1600 Summer St.

Stamford, CT 06905

 

YOB: 1964

 Trustee 

Term: Indefinite

Served: Since July 2016

 Executive Counsel, GE since 2016; Senior Vice President & Deputy General Counsel of GEAM from 1995 – 2016.  2  GEAM; GE Asset Management Limited; GE International Management Incorporated; GE International Management II Incorporated; GEID.
 

Gregory Bouleris

c/o SSGA Funds Management, Inc.

1600 Summer St.

Stamford, CT 06905

 

YOB: 1966

 Trustee 

Term: Indefinite

Served: Since July 2016

 Investment Oversight Leader, GE since 2016; Multi-Manager Programs Leader from 2015 – 2016; Senior Vice-President Product Management 2008 – 2015.  2  GEID.
 

Vaidheesh Krishnamurti

c/o SSGA Funds Management, Inc.

1600 Summer St.

Stamford, CT 06905

 

YOB: 1966

 Trustee 

Term: Indefinite

Served: Since July 2016

 Chief Financial Officer of Benefit Plans since May 2016; Manager, Financial Planning and Analysis at GEAM from December 2014 to May 2016; Manager, Investment Performance at GEAM from May 2012 to December 2014; Operational Controller/Senior Analyst at GEAM from June 2008 to May 2012.  2   
 

Pamela Westmoreland

c/o SSGA Funds Management, Inc.

1600 Summer St.

Stamford, CT 06905

 

YOB: 1958

 Trustee 

Term: Indefinite

Served: Since July 2016

 Senior Vice President and Risk and Asset Allocation Leader at GEAM from 2016 to present; Head of Fixed Income Credit Research at GEAM from 2013 to 2016; Fixed Income Strategist from 2012 to 2013; Team Leader, Fixed Income Research from 2007 to 2012.  2   

 

50 Additional Information


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GE RSP Funds

Additional Information, continued — December 31, 2018 (Unaudited)

 

 

      
Name,
Address
and Age
 Position(s) Held
with Fund
 Term of
Office and
Length of
Time Served
 Principal Occupation(s)
During Past 5 years
 Number of
Portfolios
in Fund
Complex
Overseen
by Officer
  Other Directorships
Held by Officer

EXECUTIVE OFFICERS

Ellen M. Needham

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

 

YOB: 1967

 President Term: Indefinite Served: Since September 2018 President and Director, SSGA FM (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).*  N/A  N/A
 

Arthur A. Jensen

SSGA Funds Management, Inc.

1600 Summer Street

Stamford, CT 06905

 

YOB: 1966

 Treasurer Term: Indefinite Served: Since June 2011 Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011– July 2016); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 – July 2016).  N/A  N/A
 

Brian Harris

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

 

YOB: 1973

 Chief Compliance Officer and Anti-Money Laundering Officer Term: Indefinite Served: Since December 2016 Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (2013 – Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).  N/A  N/A
 

Bruce S. Rosenberg SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

 

YOB: 1961

 Assistant Treasurer 

Term: Indefinite

Served: Since March 2017

 Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).  N/A  N/A
       

Ann M. Carpenter SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

 

YOB: 1966

 Assistant Treasurer 

Term: Indefinite

Served: Since March 2017

 Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present)*; Managing Director, State Street Global Advisors. (2005 – present).*  N/A  N/A

 

Additional Information  51 


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GE RSP Funds

Additional Information, continued — December 31, 2018 (Unaudited)

 

 

      
Name,
Address
and Age
 Position(s) Held
with Fund
 Term of
Office and
Length of
Time Served
 Principal Occupation(s)
During Past 5 years
 Number of
Portfolios
in Fund
Complex
Overseen
by Officer
  Other Directorships
Held by Officer

EXECUTIVE OFFICERS (continued)

Chad C. Hallett SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

 

YOB: 1969

 Assistant Treasurer 

Term: Indefinite

Served: Since March 2017

 Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*  N/A  N/A
 

Darlene Anderson-Vasquez SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

 

YOB: 1968

 Assistant Treasurer 

Term: Indefinite

Served: Since March 2017

 Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).  N/A  N/A
 

Daniel G. Plourde

SSGA Funds Management, Inc.

One Iron Street

Boston, MA 02210

 

YOB: 1980

 Assistant Treasurer 

Term: Indefinite

Served: Since June 2017

 Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).  N/A  N/A
 

Jesse D. Hallee

State Street Bank and Trust Company

100 Summer Street, Floor 7

Mail Stop SUM0703

Boston, MA 02111

 

YOB: 1976

 Secretary 

Term: Indefinite

Served: Since March 2017

 Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007 – 2013).  N/A  N/A

 

*

Served in various capacities and/or with various affiliated entities during noted time period.

 

52 Additional Information


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GE RSP Funds

Investment Team

 

 

Investment Adviser

SSGA Funds Management, Inc.

Board of Trustees

Matthew Zakrzewski,Chairman

Scott Silberstein

Gregory Bouleris

Pamela Westmoreland

Vaidheesh Krishnamurti

Portfolio Managers

GE RSP U.S. Equity Fund

David B. Carlson

Paul Nestro

Christopher Sierakowski

GE RSP Income Fund

Matthew Nest

Mark H. Johnson

Independent Registered Public Accounting Firm

BBD, LLP

Custodian

State Street Bank & Trust Company

Shareholder Servicing Agent

Address all inquiriesinside the Plan to:

GE Retirement Savings Plan Service Center

c/o Fidelity Investments

P.O. Box 770003

Cincinnati, OH 45277-0065

Address all inquiriesoutside the Plan to:

GE RSP Mutual Funds

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201-0701

 

 

Investment Team  53 


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GE RSP Funds

Shareholder Services

 

 

INSIDE THE RETIREMENT SAVINGS PLAN

Shares or units heldinside the Plan have been credited to your account as a result of contributions and investment earnings. For a statement summarizing your account balance in the Plan, please refer to your GE RSP Retirement Savings Statement, which is provided quarterly and is available online at any time or upon request. You may obtain additional information and process transactions on investments heldinside the Plan by calling:

GE Retirement Savings Plan Service Center:  1-877-55-GERSP (1-877-554-3777)

or visitOneHR.ge.com > Retirement (or RSP) > My GE RSP

OUTSIDE THE RETIREMENT SAVINGS PLAN

If shares of the GE RSP U.S. Equity and the GE RSP Income Funds have been distributed to you from the Plan, information on these investments may be obtained by calling:

SSGA Funds Management, Inc.:  1-800-242-0134

or visitwww.ssga.com/geam

 

54 Shareholder Services


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GE RSP Funds

1600 Summer Street

Stamford, CT 06905

Or at:

PO Box 7900

Stamford, CT 06904-7900

www.ssga.com/geam

 

 

Proxy Voting Policies and Procedures and Record

The Funds have adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Funds have adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Funds’ website at http://www.ssga.com/geam, and (iii) on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

The Funds file their complete schedules of investments with the SEC for the first, second and third quarters of each fiscal year on Form N-Q. For the fourth quarter, the complete schedules of investments are available in the Funds’ annual financial statements. The Funds’ Forms N-Q are available (i) without charge, upon request, by calling 1-800-242-013, (ii) on the Funds’ website at http://www.ssga.com/geam, and (iii) on the SEC’s website at www.sec.gov.


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Item 2. Code of Ethics.

As of the end of the period covered by this report, General Electric RSP U.S. Equity Fund (the “Registrant” or the “Fund”) has adopted a code of ethics, as defined in Item 2(b) of FormN-CSR, that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code”). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the “SEC”) and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of FormN-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 13(a)(1) to this FormN-CSR.

Item 3. Audit Committee Financial Expert.

The Fund’s Board of Trustees (the “Board”) has determined that the Fund has the following “audit committee financial experts” as defined in Item 3(b) of FormN-CSR serving on its audit committee (the “Audit Committee”): Mr. Matthew Zakrzewski and Mr. Vaidheesh Krishnamurti. Each of the “audit committee financial experts” are deemed to be “interested persons” of the Registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (15 U.S.C.80a-2(a)(19)).

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.


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Item 4. Principal Accountant Fees and Services.

 

 (a)

Audit Fees

 

     

For the fiscal years ended December 31, 2018 and December 31, 2017, the aggregate audit fees billed for professional services rendered BBD, LLP (“BBD”), the Registrant’s principal accountant, for the audit of the Registrant’s annual financial statements, or services that are normally provided by BBD in connection with the Registrant’s statutory and regulatory filings and engagements were $19,000 and $23,000, respectively.

 

 (b)

Audit-Related Fees

 

     

For the fiscal years ended December 31, 2018 and December 31, 2017, there were no fees for assurance and related services by BBD reasonably related to the performance of the audit of the Fund’s financial statements that were not reported under paragraph (a) of this Item.

 

 (c)

Tax Fees

 

     

For the fiscal years ended December 31, 2018 and December 31, 2017, there were no fees for professional services rendered by BBD for tax compliance, tax advice or tax planning.

 

 (d)

All Other Fees

 

     

For the fiscal years ended December 31, 2018 and December 31, 2017, there were no fees billed for professional services rendered by BBD for products and services provided by BBD to the Fund, other than the services reported in paragraphs (a) through (c). The fees billed for Security Counts under Rule17f-2, which were previously reported under paragraph (d) this Item, are now reported under paragraph (a) of this Item.

 

 (e)(1)

Audit CommitteePre-Approval Policies and Procedures

 

     

The Audit Committee of the General Electric RSP Funds (the “Funds”) Board of Trustees is responsible for, among other things, the appointment, compensation and oversight of the work of the Funds’ Auditor. As part of this responsibility and to ensure that the Auditor’s independence is not impaired, the Audit Committee(1) pre-approves the audit andnon-audit services provided to the Funds by the Auditor, and (2) allnon-audit services provided to the Funds’ investment adviser and Covered Affiliates (as defined in the Audit Committee Charter) that provide ongoing services to the Funds if the services directly impact the Funds’ operations or financial reporting, in accordance with the Audit Committee Charter. The following excerpt from the Audit Committee Charter sets forth thepre-approval policies and procedures:

 

     

Pre-Approval of Audit Related Services and PermissibleNon-Audit Services. The Audit Committee shallpre-approve both audit (including audit, review, and attest) services and permissiblenon-audit services provided to the Fund and, if the nature of the engagement relates directly to the operations and financial reporting of the Fund, permissiblenon-audit services provided to any Covered Affiliate.


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The Audit Committee may determine to delegate the authority to grantpre-approvals to one or more Audit Committee members, each acting on behalf of the Audit Committee. In this event, the member of the Audit Committee so delegated shall report each delegatedpre-approval to the Audit Committee at its next regularly scheduled meeting. The Audit Committee may also adopt and follow, in lieu of explicitpre-approval described above, written policies and procedures detailed as to the particular service, designed to safeguard the continued independence of the Auditor, consistent with the requirements of the 1940 Act and SEC regulations thereunder.

 

     

Notwithstanding the foregoing, thepre-approval requirement concerning permissiblenon-audit services provided to the Fund or any Covered Affiliate is waived if: (1) the aggregate amount of all suchnon-audit services provided constitutes no more than five percent (5%) of the total amount of revenues paid to the Auditor by the Fund and the Covered Affiliates during the fiscal year in which the services are provided that would have to bepre-approved by the Audit Committee, (2) thenon-audit services were not recognized asnon-audit services at the time of the engagement, and (3) suchnon-audit services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or one or more designated members of the Audit Committee prior to the completion of the audit.

 

 (e)(2)

Percentages of Services

 

     

None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X during the period of time for which such rule was effective.

 

 (f)

Not applicable.

 

 (g)

Total Fees Paid By Adviser and Certain Affiliates

 

     

For the fiscal years ended December 31, 2018 and December 31, 2017, the aggregatenon-audit fees billed by BBD for services rendered to the Fund and SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Funds were $0 and $0, respectively.

 

 (h)

BBD notified the Fund’s Audit Committee of allnon-audit services that were rendered by BBD to the Adviser and any entity controlling, controlled by, or under common control with BBD that provides services to the Fund, which services were not required to bepre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X, allowing the Fund’s Audit Committee to consider whether such services were compatible with maintaining BBD’s independence.


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Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this FormN-CSR.

(b) Not applicable to the Registrant.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the 1940 Act) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on FormN-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter of the period covered by this FormN-CSR filing that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.


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Item 12.Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

Item 13. Exhibits.

 

(a)(1) Code of Ethics pursuant to Item 2 of FormN-CSR is attached hereto.
(a)(2) Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required byRule 30a-2(a) under the 1940 Act are attached hereto.
(a)(3) Not applicable to the Registrant.
(a)(4) Not applicable.
(b) Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required byRule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.


Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: GENERAL ELECTRIC RSP U.S. EQUITY FUND

 

By: 

/s/ Ellen M. Needham

 Ellen M. Needham
 President
Date: March 6, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By: 

/s/ Ellen M. Needham

 Ellen M. Needham
 President (Principal Executive Officer)
Date: March 6, 2019

 

By: 

/s/ Arthur A. Jensen

 Arthur A. Jensen
 Treasurer (Principal Financial and Accounting Officer)
Date: March 6, 2019