Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-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)
(Name and Address of Agent for Service)
Sean O’Malley, Esq.
Senior Vice President and Deputy General Counsel
c/o SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
Registrant’s telephone number, including area code: 800-242-0134
Date of fiscal year end: December 31
Date of reporting period: December 31, 2020
Table of Contents
Item 1. Shareholder Reports.
(a) The Report to Shareholders is attached herewith.
(b) Not applicable.
Table of Contents
Annual Report
December 31, 2020
GE RSP Funds
U.S. Equity Fund
Income Fund
Table of Contents
GE RSP Funds
Annual Report
December 31, 2020
Page | ||||
Notes to Performance | 1 | |||
Manager Reviews and Schedules of Investments | 2 | |||
Financial Statements | ||||
39 | ||||
41 | ||||
42 | ||||
43 | ||||
Notes to Financial Statements | 44 | |||
Report of Independent Registered Public Accounting Firm | 52 | |||
Advisory Agreement Renewal | 53 | |||
Other Information | 56 | |||
Investment Team | 60 |
Table of Contents
GE RSP Funds
Notes to Performance — December 31, 2020 (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 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, 2020 (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 the 12-month period ended December 31, 2020 (the “Reporting Period”), the total return for the Fund was 23.82%, and the Index was 18.40%. 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.
After the COVID-driven market plunge early in 2020, the market recovered strongly finishing the year up significantly for the full year. The Fund outperformed the Index during the Reporting Period. In a volatile year, the Fund outperformed in eight of eleven sectors and had seven different industries represented in the top 10 stock contributors, a testament to strong stock-picks across the research and PM team. The primary drivers of the outperformance came from stock selection in the consumer discretionary and financials sectors, while healthcare holdings detracted from performance. In consumer discretionary, long-time Fund holding Amazon.com was a key beneficiary of pandemic driven lockdowns, which drove an increase in online spending. In addition, the Fund’s holdings in higher quality retailers like Lowes and Ross Stores did well in the market recovery. The Fund also largely avoided the worst-hit consumer segments such as cruise lines. Bank stocks were particularly weak during the Reporting Period as they were impacted by falling rates and economic headwinds. The Fund is overweight banks but has exposure to the specialty regional bank First Republic Bank, which significantly outperformed the weak performing major banks. The positive financials attribution was also helped by significant outperformance of holdings in S&P Global, MSCI and TradeWeb Markets. In healthcare, Merck and Boston Scientific dragged on performance. Both companies were negatively impacted by COVID-19 as they experienced pandemic related declines across drugs and medical device sales that we would expect to recover as pent-up demand for these products return. Within healthcare, these negatives were offset by a positive contribution from Gilead, which benefited from the COVID-19 treatment Remdesivir.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Amazon.com, Apple, and Microsoft. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Schlumberger, Chevron, and JPMorgan Chase.
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 (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 entire six-month period ended December 31, 2020.
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.
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | |||||||
Actual Fund Return | ||||||||
Beginning Account Value July 1, 2020 | $ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value December 31, 2020 | $ | 1,237.30 | $ | 1,024.43 | ||||
Expenses Paid During Period* | $ | 0.79 | $ | 0.71 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.14% (for the period July 1, 2020 - December 31, 2020), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). |
GE RSP U.S. Equity Fund | 3 |
Table of Contents
GE RSP U.S. Equity Fund
Performance Summary — December 31, 2020 (Unaudited)
Top Ten Largest Holdings
as of December 31, 2020 (as a % of Fair Value) (a)
Apple Inc. | 5.58 | % | ||
Microsoft Corp. | 5.55 | % | ||
Amazon.com Inc. | 5.04 | % | ||
JPMorgan Chase & Co. | 2.97 | % | ||
Alphabet Inc., Class A | 2.95 | % | ||
Facebook Inc., Class A | 2.57 | % | ||
Visa Inc., Class A | 2.48 | % | ||
The Walt Disney Co. | 2.01 | % | ||
QUALCOMM Inc. | 1.99 | % | ||
Merck & Company Inc. | 1.98 | % |
Sector Allocation
Portfolio Composition as a % of Fair Value of $6,172,766 (in thousands) as of December 31, 2020 (a)
Average Annual Total Return for the years ended December 31, 2020
(Inception date: 01/01/80)
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | |||||||||||||
GE RSP U.S. Equity Fund | 23.82 | % | 16.06 | % | 13.69 | % | $ | 36,084 | ||||||||
S&P 500® Index | 18.40 | % | 15.22 | % | 13.89 | % | $ | 36,700 |
(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, 2020 (Unaudited)
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, 2020
Number of Shares | Fair Value $ | |||||||
Common Stock - 99.1%† |
| |||||||
Aerospace & Defense - 0.5% |
| |||||||
Raytheon Technologies Corp. | 475,137 | 33,977,047 | ||||||
|
| |||||||
Air Freight & Logistics - 0.5% |
| |||||||
United Parcel Service Inc., Class B | 191,648 | 32,273,523 | ||||||
|
| |||||||
Apparel Retail - 1.3% |
| |||||||
Ross Stores Inc. | 656,090 | 80,574,413 | ||||||
|
| |||||||
Application Software - 2.1% |
| |||||||
Adobe Inc. (a) | 94,125 | 47,073,795 | ||||||
Intuit Inc. | 32,673 | 12,410,839 | ||||||
salesforce.com Inc. (a) | 260,523 | 57,974,183 | ||||||
Splunk Inc. (a) | 76,248 | 12,953,773 | ||||||
|
| |||||||
130,412,590 | ||||||||
|
| |||||||
Asset Management & Custody Banks - 0.3% |
| |||||||
The Blackstone Group Inc., Class A | 327,844 | 21,247,570 | ||||||
|
| |||||||
Automotive Retail - 0.5% |
| |||||||
O’Reilly Automotive Inc. (a) | 72,910 | 32,996,879 | ||||||
|
| |||||||
Biotechnology - 1.0% |
| |||||||
BioMarin Pharmaceutical Inc. (a) | 349,307 | 30,630,731 | ||||||
Vertex Pharmaceuticals Inc. (a) | 131,430 | 31,062,166 | ||||||
|
| |||||||
61,692,897 | ||||||||
|
| |||||||
Building Products - 1.4% |
| |||||||
Allegion PLC | 105,128 | 12,234,797 | ||||||
Trane Technologies PLC | 527,747 | 76,607,754 | ||||||
|
| |||||||
88,842,551 | ||||||||
|
| |||||||
Cable & Satellite - 1.7% |
| |||||||
Charter Communications Inc., Class A (a) | 94,551 | 62,550,214 | ||||||
Comcast Corp., Class A | 820,265 | 42,981,886 | ||||||
|
| |||||||
105,532,100 | ||||||||
|
| |||||||
Construction Materials - 1.0% |
| |||||||
Martin Marietta Materials Inc. | 211,180 | 59,968,785 | ||||||
|
| |||||||
Data Processing & Outsourced Services - 4.1% |
| |||||||
Fidelity National Information Services Inc. | 178,951 | 25,314,408 | ||||||
Mastercard Inc., Class A | 198,622 | 70,896,137 |
Number of Shares | Fair Value $ | |||||||
PayPal Holdings Inc. (a) | 37,885 | 8,872,667 | ||||||
Visa Inc., Class A | 700,602 | 153,242,676 | ||||||
|
| |||||||
258,325,888 | ||||||||
|
| |||||||
Diversified Banks - 2.9% |
| |||||||
JPMorgan Chase & Co. | 1,441,240 | 183,138,367 | ||||||
|
| |||||||
Diversified Support Services - 0.4% |
| |||||||
Cintas Corp. | 61,831 | 21,854,785 | ||||||
|
| |||||||
Electric Utilities - 1.0% |
| |||||||
American Electric Power Company Inc. | 37,121 | 3,091,066 | ||||||
NextEra Energy Inc. | 788,154 | 60,806,081 | ||||||
|
| |||||||
63,897,147 | ||||||||
|
| |||||||
Electronic Components - 2.5% |
| |||||||
Amphenol Corp., Class A | 496,033 | 64,866,235 | ||||||
Corning Inc. | 2,473,214 | 89,035,704 | ||||||
|
| |||||||
153,901,939 | ||||||||
|
| |||||||
Electronic Equipment & Instruments - 0.6% |
| |||||||
Keysight Technologies Inc. (a) | 276,824 | 36,565,682 | ||||||
|
| |||||||
Environmental & Facilities Services - 1.1% |
| |||||||
Waste Management Inc. | 556,202 | 65,592,902 | ||||||
|
| |||||||
Financial Exchanges & Data - 2.2% |
| |||||||
CME Group Inc. | 380,558 | 69,280,584 | ||||||
MSCI Inc. | 26,781 | 11,958,520 | ||||||
S&P Global Inc. | 135,186 | 44,439,694 | ||||||
Tradeweb Markets Inc., Class A | 205,866 | 12,856,331 | ||||||
|
| |||||||
138,535,129 | ||||||||
|
| |||||||
Footwear - 0.9% |
| |||||||
NIKE Inc., Class B | 384,540 | 54,400,874 | ||||||
|
| |||||||
Healthcare Equipment - 3.4% |
| |||||||
Becton Dickinson & Co. | 191,094 | 47,815,541 | ||||||
Boston Scientific Corp. (a) | 3,273,228 | 117,672,546 | ||||||
Medtronic PLC | 415,298 | 48,648,008 | ||||||
|
| |||||||
214,136,095 | ||||||||
|
| |||||||
Healthcare Facilities - 0.6% |
| |||||||
HCA Healthcare Inc. | 221,757 | 36,470,156 | ||||||
|
| |||||||
Healthcare Services - 0.9% |
| |||||||
Cigna Corp. | 204,255 | 42,521,806 | ||||||
Quest Diagnostics Inc. | 121,440 | 14,472,005 | ||||||
|
| |||||||
56,993,811 | ||||||||
|
|
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, 2020
Number of Shares | Fair Value $ | |||||||
Home Improvement Retail - 1.8% |
| |||||||
Lowe’s Companies Inc. | 590,948 | 94,853,063 | ||||||
The Home Depot Inc. | 72,590 | 19,281,356 | ||||||
|
| |||||||
114,134,419 | ||||||||
|
| |||||||
Hotels, Resorts & Cruise Lines - 0.2% |
| |||||||
Marriott International Inc., Class A | 105,526 | 13,920,990 | ||||||
|
| |||||||
Household Products - 1.6% |
| |||||||
Colgate-Palmolive Co. | 332,483 | 28,430,621 | ||||||
The Procter & Gamble Co. | 520,882 | 72,475,522 | ||||||
|
| |||||||
100,906,143 | ||||||||
|
| |||||||
Hypermarkets & Super Centers - 0.5% |
| |||||||
Walmart Inc. | 227,288 | 32,763,565 | ||||||
|
| |||||||
Industrial Conglomerates - 2.3% |
| |||||||
Honeywell International Inc. | 529,867 | 112,702,711 | ||||||
Roper Technologies Inc. | 77,457 | 33,390,938 | ||||||
|
| |||||||
146,093,649 | ||||||||
|
| |||||||
Industrial Gases - 0.9% |
| |||||||
Air Products & Chemicals Inc. | 209,097 | 57,129,482 | ||||||
|
| |||||||
Industrial Machinery - 0.5% |
| |||||||
Xylem Inc. | 295,518 | 30,080,777 | ||||||
|
| |||||||
Insurance Brokers - 0.3% |
| |||||||
Marsh & McLennan Companies Inc. | 157,911 | 18,475,587 | ||||||
|
| |||||||
Integrated Oil & Gas - 0.8% |
| |||||||
Chevron Corp. | 352,874 | 29,800,209 | ||||||
Exxon Mobil Corp. | 431,909 | 17,803,289 | ||||||
|
| |||||||
47,603,498 | ||||||||
|
| |||||||
Integrated Telecommunication Services - 0.4% |
| |||||||
AT&T Inc. | 795,352 | 22,874,323 | ||||||
|
| |||||||
Interactive Home Entertainment - 0.3% |
| |||||||
Activision Blizzard Inc. | 187,450 | 17,404,732 | ||||||
|
| |||||||
Interactive Media & Services - 6.8% |
| |||||||
Alphabet Inc., Class A (a) | 103,924 | 182,141,359 | ||||||
Alphabet Inc., Class C (a) | 48,420 | 84,826,030 | ||||||
Facebook Inc., Class A (a) | 580,649 | 158,610,081 | ||||||
|
| |||||||
425,577,470 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail - 5.0% |
| |||||||
Amazon.com Inc. (a) | 95,599 | 311,359,251 | ||||||
|
|
Number of Shares | Fair Value $ | |||||||
IT Consulting & Other Services - 0.4% |
| |||||||
Accenture PLC, Class A | 93,022 | 24,298,277 | ||||||
|
| |||||||
Life Sciences Tools & Services - 1.2% |
| |||||||
IQVIA Holdings Inc. (a) | 410,986 | 73,636,362 | ||||||
|
| |||||||
Managed Healthcare - 1.8% |
| |||||||
Centene Corp. (a) | 967,783 | 58,096,014 | ||||||
UnitedHealth Group Inc. | 145,509 | 51,027,096 | ||||||
|
| |||||||
109,123,110 | ||||||||
|
| |||||||
Movies & Entertainment - 2.4% |
| |||||||
Netflix Inc. (a) | 41,444 | 22,410,014 | ||||||
The Walt Disney Co. (a) | 684,347 | 123,989,989 | ||||||
|
| |||||||
146,400,003 | ||||||||
|
| |||||||
Multi-Line Insurance - 0.3% |
| |||||||
American International Group Inc. | 426,243 | 16,137,560 | ||||||
|
| |||||||
Multi-Sector Holdings - 1.1% |
| |||||||
Berkshire Hathaway Inc., Class B (a) | 303,941 | 70,474,800 | ||||||
|
| |||||||
Multi-Utilities - 2.0% |
| |||||||
CMS Energy Corp. | 442,613 | 27,003,819 | ||||||
Sempra Energy | 772,211 | 98,387,404 | ||||||
|
| |||||||
125,391,223 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services - 0.6% |
| |||||||
Schlumberger N.V. | 1,566,970 | 34,206,955 | ||||||
|
| |||||||
Oil & Gas Exploration & Production - 1.0% |
| |||||||
ConocoPhillips | 1,047,153 | 41,875,648 | ||||||
Pioneer Natural Resources Co. | 153,059 | 17,431,890 | ||||||
|
| |||||||
59,307,538 | ||||||||
|
| |||||||
Packaged Foods & Meats - 1.4% |
| |||||||
Mondelez International Inc., Class A | 1,519,289 | 88,832,828 | ||||||
|
| |||||||
Personal Products - 0.4% |
| |||||||
The Estee Lauder Companies Inc., Class A | 103,828 | 27,637,975 | ||||||
|
| |||||||
Pharmaceuticals - 4.8% |
| |||||||
Bristol-Myers Squibb Co. | 731,154 | 45,353,483 | ||||||
Elanco Animal Health Inc. (a) | 2,167,095 | 66,464,804 | ||||||
Johnson & Johnson | 233,900 | 36,811,182 |
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, 2020
Number of Shares | Fair Value $ | |||||||
Merck & Company Inc. | 1,494,693 | 122,265,887 | ||||||
Viatris Inc. (a) | 1,442,179 | 27,026,434 | ||||||
|
| |||||||
297,921,790 | ||||||||
|
| |||||||
Property & Casualty Insurance - 1.3% |
| |||||||
Chubb Ltd. | 481,837 | 74,164,351 | ||||||
The Progressive Corp. | 96,662 | 9,557,939 | ||||||
|
| |||||||
83,722,290 | ||||||||
|
| |||||||
Railroads - 0.7% |
| |||||||
Union Pacific Corp. | 210,694 | 43,870,705 | ||||||
|
| |||||||
Regional Banks - 3.2% |
| |||||||
First Republic Bank | 688,354 | 101,139,853 | ||||||
Regions Financial Corp. | 3,223,123 | 51,956,743 | ||||||
SVB Financial Group (a) | 120,319 | 46,663,318 | ||||||
|
| |||||||
199,759,914 | ||||||||
|
| |||||||
Restaurants - 0.9% |
| |||||||
Domino’s Pizza Inc. | 39,740 | 15,238,701 | ||||||
McDonald’s Corp. | 187,840 | 40,306,707 | ||||||
|
| |||||||
55,545,408 | ||||||||
|
| |||||||
Semiconductor Equipment - 1.8% |
| |||||||
Applied Materials Inc. | 1,315,277 | 113,508,405 | ||||||
|
| |||||||
Semiconductors - 4.6% |
| |||||||
Intel Corp. | 147,237 | 7,335,347 | ||||||
NVIDIA Corp. | 144,376 | 75,393,147 | ||||||
QUALCOMM Inc. | 807,492 | 123,013,331 | ||||||
Texas Instruments Inc. | 472,272 | 77,514,004 | ||||||
|
| |||||||
283,255,829 | ||||||||
|
| |||||||
Soft Drinks - 1.7% |
| |||||||
PepsiCo Inc. | 692,798 | 102,741,943 | ||||||
|
| |||||||
Specialized REITs - 0.4% |
| |||||||
American Tower Corp. | 119,666 | 26,860,230 | ||||||
|
| |||||||
Specialty Chemicals - 0.7% |
| |||||||
DuPont de Nemours Inc. | 431,438 | 30,679,556 | ||||||
Ecolab Inc. | 66,924 | 14,479,677 | ||||||
|
| |||||||
45,159,233 | ||||||||
|
| |||||||
Specialty Stores - 0.1% |
| |||||||
Tractor Supply Co. | 26,136 | 3,674,199 | ||||||
|
| |||||||
Systems Software - 6.8% |
| |||||||
Microsoft Corp. | 1,539,151 | 342,337,965 | ||||||
Oracle Corp. | 611,149 | 39,535,229 | ||||||
ServiceNow Inc. (a) | 76,684 | 42,209,174 | ||||||
|
| |||||||
424,082,368 | ||||||||
|
|
Number of Shares | Fair Value $ | |||||||
Technology Hardware, Storage & Peripherals - 5.5% |
| |||||||
Apple Inc. | 2,593,901 | 344,184,724 | ||||||
|
| |||||||
Trading Companies & Distributors - 1.3% |
| |||||||
United Rentals Inc. (a) | 338,359 | 78,468,836 | ||||||
|
| |||||||
Trucking - 0.1% |
| |||||||
Lyft Inc., Class A (a) | 75,981 | 3,732,946 | ||||||
|
| |||||||
Wireless Telecommunication Services - 0.3% |
| |||||||
T-Mobile US Inc. (a) | 157,032 | 21,175,765 | ||||||
|
| |||||||
Total Common Stock (Cost $3,681,452,262) |
| 6,172,766,232 | ||||||
|
| |||||||
Total Investments (Cost $3,681,452,262) |
| 6,172,766,232 | ||||||
Other Assets and Liabilities, net - 0.9% |
| 57,017,015 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| 6,229,783,247 | ||||||
|
|
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 Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s Supplemental Information Documents and Consolidated Profile for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) | Non-income producing security. |
† | Percentages are based on net assets as of December 31, 2020. |
Abbreviations:
REIT - Real Estate Investment Trust
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, 2020
The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:
Fund | Investments | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
GE RSP U.S. Equity Fund | Investments in Securities | |||||||||||||||||
Common Stock | $ | 6,172,766,232 | $ | — | $ | — | $ | 6,172,766,232 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments in Securities | $ | 6,172,766,232 | $ | — | $ | — | $ | 6,172,766,232 | ||||||||||
|
|
|
|
|
|
|
|
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, 2020 (Unaudited)
The GE RSP Income Fund (the “Fund”) seeks to provide the maximum income consistent with prudent investment management and the preservation of capital by investing at least 80% of its net assets under normal circumstances in debt securities. The Fund’s benchmark is the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”).
For the 12-month period ended December 31, 2020 (the “Reporting Period”), the total return for the Fund was 8.20% and the Index was 7.51%. 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.
Asset allocation and security selection, which each had a positive impact, and duration, which had a negative impact, were the primary drivers of Fund performance during the Reporting Period relative to the Index.
During the reporting period, the Fund increased its over-weight asset allocation to credit sectors from modest levels after credit spreads widened substantially in response to the COVID-19 global pandemic. The U.S. government responded with fiscal and monetary stimulus, which included a Federal Reserve program to temporarily buy U.S. corporate credit bonds, causing credit spreads to tighten significantly in the last three quarters of the Reporting Period. Given the timing of management’s allocation increase to credit, the Fund’s allocation to credit generated positive excess returns to the Index despite the fact that credit spreads widened during the Reporting Period.
Security selection in the investment-grade credit and agency MBS allocations generated positive excess returns relative to the Index, which was offset by security selection in the treasury allocation, which generated negative excess returns relative to the Index.
Over the course of the Reporting Period, the ten-year government interest rate decreased from 1.92% to 0.92%. During the first quarter of 2020, we had the view that the Phase One trade agreement between the U.S. and China coupled with pent up private investment would lead to above trend growth. As such, we felt that long-term interest rates were near a cyclical low and established a short duration position relative to the Index. The COVID-19 global pandemic caused interest rates to decline significantly, negatively impacting the Fund’s performance relative to the Index.
The Fund used treasury futures, interest rate swaps, options on treasury futures and index credit default swaps in order to actively manage duration and credit spread duration during the Reporting Period. The Fund’s use of options on treasury futures contributed to Fund performance relative to the Index, while its use of treasury futures, interest rate swaps, and index credit default swaps detracted from Fund performance relative to the Index.
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 (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 entire six-month period ended December 31, 2020.
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.
Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | |||||||
Actual Fund Return | ||||||||
Beginning Account Value July 1, 2020 | $ | 1,000.00 | $ | 1,000.00 | ||||
Ending Account Value December 31, 2020 | $ | 1,028.20 | $ | 1,024.28 | ||||
Expenses Paid During Period* | $ | 0.87 | $ | 0.87 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.17% (for the period July 1, 2020 - December 31, 2020), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). |
GE RSP Income Fund | 11 |
Table of Contents
GE RSP Income Fund
Performance Summary — December 31, 2020 (Unaudited)
Quality Ratings
as of December 31, 2020 as a % of Fair Value (a)
Moody’s / S&P /Rating* | Percentage of Fair Value | |||
Aaa / AAA | 8.4 | % | ||
Aa / AA | 44.9 | % | ||
A / A | 11.3 | % | ||
Baa / BBB | 30.7 | % | ||
Ba / BB and lower | 3.3 | % | ||
NR / Other | 1.4 | % | ||
|
| |||
100.0 | % | |||
|
|
Sector Allocation
Portfolio Composition as a % of Fair Value of $1,967,589 (in thousands) as of December 31, 2020 (a)
Average Annual Total Return for the years ended December 31, 2020
(Inception date: 01/03/80)
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | |||||||||||||
GE RSP Income Fund | 8.20 | % | 4.80 | % | 4.29 | % | $ | 15,221 | ||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | 7.51 | % | 4.44 | % | 3.84 | % | $ | 14,576 |
* | 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 standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. |
(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. |
12 | GE RSP Income Fund |
Table of Contents
GE RSP Income Fund
Performance Summary, continued — December 31, 2020 (Unaudited)
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Bonds and Notes - 94.3%† |
| |||||||
U.S. Treasuries - 12.4% |
| |||||||
1.25%, 05/15/50 (a) | 8,342,000 | 7,571,668 | ||||||
2.25%, 08/15/46 (a) | 14,668,000 | 16,753,606 | ||||||
3.00%, 08/15/48 (a) | 32,000,000 | 42,120,000 | ||||||
3.75%, 08/15/41 (a) | 4,853,300 | 6,895,478 | ||||||
0.25%, 07/31/25 (a) | 18,910,000 | 18,853,861 | ||||||
0.38%, 07/31/27 (a) | 88,561,500 | 87,385,293 | ||||||
0.63%, 08/15/30 (a) | 8,712,000 | 8,495,561 | ||||||
1.25%, 03/31/21 | 58,239,000 | 58,395,972 | ||||||
2.63%, 02/15/29 (a) | 11,129,000 | 12,775,744 | ||||||
|
| |||||||
259,247,183 | ||||||||
|
| |||||||
Agency Mortgage Backed - 26.4% |
| |||||||
Federal Home Loan Mortgage Corp. | ||||||||
3.00%, 04/01/43 - 10/01/49 (a) | 67,519,174 | 72,050,648 | ||||||
4.50%, 06/01/33 - 02/01/35 (a) | 67,875 | 76,081 | ||||||
5.00%, 07/01/35 (a) | 491,717 | 571,185 | ||||||
5.50%, 01/01/38 - 04/01/39 (a) | 900,189 | 1,061,443 | ||||||
6.00%, 06/01/33 - 11/01/37 (a) | 1,862,848 | 2,171,460 | ||||||
6.50%, 07/01/29 (a) | 14,326 | 15,593 | ||||||
7.00%, 01/01/27 - 08/01/36 (a) | 407,520 | 481,016 | ||||||
7.50%, 01/01/28 - 09/01/33 (a) | 30,984 | 34,537 | ||||||
8.00%, 11/01/30 (a) | 2,560 | 2,937 | ||||||
8.50%, 04/01/30 (a) | 5,739 | 7,367 | ||||||
3.00%, 03/01/50 (a) | 14,507,053 | 15,216,176 | ||||||
3.50%, 08/01/45 - 01/01/48 (a) | 56,945,195 | 61,943,444 | ||||||
4.00%, 01/01/41 - 01/01/50 (a) | 41,512,643 | 45,129,922 | ||||||
4.50%, 07/01/33 - 12/01/48 (a) | 18,961,749 | 20,996,542 | ||||||
5.00%, 03/01/34 - 05/01/39 (a) | 1,471,625 | 1,692,004 | ||||||
5.50%, 12/01/32 - 01/01/39 (a) | 4,902,042 | 5,703,525 | ||||||
6.00%, 03/01/21 - 05/01/41 (a) | 8,634,634 | 10,087,010 | ||||||
6.50%, 05/01/21 - 08/01/36 (a) | 294,368 | 330,055 | ||||||
7.00%, 10/01/32 - 02/01/34 (a) | 40,181 | 44,898 | ||||||
7.50%, 11/01/22 - 03/01/33 (a) | 176,368 | 199,744 |
Principal or Number of Shares | Fair Value $ | |||||||
8.00%, 06/01/24 - 10/01/31 (a) | 62,853 | 68,777 | ||||||
8.50%, 04/01/30 (a) | 13,933 | 16,892 | ||||||
9.00%, 06/01/21 - 12/01/22 (a) | 3,848 | 3,904 | ||||||
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR | ||||||||
5.85%, 09/25/46 (a)(b)(c) | 19,568,509 | 4,431,881 | ||||||
2.00%, TBA (d) | 82,164,083 | 85,754,283 | ||||||
3.00%, 12/20/42 - 05/20/45 (a) | 76,468,566 | 81,575,839 | ||||||
3.50%, 08/20/48 (a) | 16,000,815 | 17,123,396 | ||||||
4.00%, 01/20/41 - 04/20/43 (a) | 8,680,684 | 9,599,357 | ||||||
4.50%, 08/15/33 - 03/20/41 (a) | 3,386,553 | 3,806,825 | ||||||
5.00%, 08/15/33 (a) | 178,303 | 198,002 | ||||||
6.00%, 04/15/27 - 09/15/36 (a) | 572,472 | 656,224 | ||||||
6.50%, 01/15/24 - 09/15/36 (a) | 419,499 | 466,623 | ||||||
7.00%, 03/15/26 - 10/15/36 (a) | 290,505 | 327,562 | ||||||
7.50%, 11/15/22 - 11/15/31 (a) | 89,762 | 94,939 | ||||||
8.00%, 12/15/29 - 05/15/30 (a) | 1,111 | 1,238 | ||||||
9.00%, 12/15/21 (a) | 685 | 687 | ||||||
2.25%, 08/20/23 - 09/20/24 (a)(b) | 1,348 | 1,363 | ||||||
2.88%, 04/20/24 (a)(b) | 656 | 668 | ||||||
3.00%, 01/20/24 - 03/20/24 (a)(b) | 868 | 881 | ||||||
3.13%, 11/20/21 - 10/20/25 (a)(b) | 4,051 | 4,100 | ||||||
2.50% TBA (d) | 102,005,196 | 107,946,999 | ||||||
|
| |||||||
549,896,027 | ||||||||
|
| |||||||
Agency Collateralized Mortgage Obligations - 0.9% |
| |||||||
0.08%, 09/25/43 (a)(b)(c) | 4,560,168 | 14,546 | ||||||
2.51%, 07/25/29 (a) | 6,504,000 | 7,223,696 | ||||||
4.05%, 09/25/28 (a)(b) | 2,313,000 | 2,797,574 | ||||||
Federal Home Loan Mortgage Corp. REMIC | ||||||||
3.50%, 11/15/30 (a)(c) | 773,631 | 25,097 | ||||||
5.50%, 06/15/33 (a)(c) | 170,371 | 29,391 | ||||||
7.50%, 07/15/27 (a)(c) | 6,857 | 1,100 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Federal Home Loan Mortgage Corp. REMIC 6.15% - 1 month USD LIBOR | 15,768,648 | 2,716,620 | ||||||
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR | 202,110 | 4,849 | ||||||
Federal Home Loan Mortgage Corp. STRIPS | ||||||||
1.47%, 08/01/27 (a)(e)(f) | 4,611 | 4,411 | ||||||
8.00%, 02/01/23 - 07/01/24 (a)(c) | 10,583 | 1,007 | ||||||
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR | 15,564 | 15,939 | ||||||
Federal National Mortgage Assoc. REMIC | ||||||||
1.10%, 12/25/42 (a)(b)(c) | 650,481 | 23,334 | ||||||
5.00%, 02/25/40 - 09/25/40 (a)(c) | 529,160 | 60,241 | ||||||
1,008.00%, 05/25/22 (a)(c) | 4 | 21 | ||||||
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR | 207,689 | 37,565 | ||||||
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR | 24,327,518 | 5,404,471 | ||||||
Federal National Mortgage Assoc. STRIPS | ||||||||
1.87%, 12/25/34 (a)(e) | 157,465 | 144,136 | ||||||
4.50%, 08/25/35 - 01/25/36 (a)(c) | 374,790 | 51,145 | ||||||
5.00%, 03/25/38 - 05/25/38 (a)(c) | 222,365 | 38,967 | ||||||
5.50%, 12/25/33 (a)(c) | 62,621 | 10,075 | ||||||
6.00%, 01/25/35 (a)(c) | 243,573 | 46,147 | ||||||
7.50%, 11/25/23 (a)(c) | 29,710 | 2,198 | ||||||
8.00%, 08/25/23 - 07/25/24 (a)(c) | 19,292 | 2,009 | ||||||
8.50%, 07/25/22 (a)(c) | 2,031 | 58 | ||||||
9.00%, 05/25/22 (a)(c) | 1,222 | 24 | ||||||
Government National Mortgage Assoc. REMIC | 24,222 | 57 | ||||||
|
| |||||||
18,654,678 | ||||||||
|
|
Principal or Number of Shares | Fair Value $ | |||||||
Asset Backed - 2.0% |
| |||||||
Ally Auto Receivables Trust 2018-1 | 270,358 | 270,957 | ||||||
American Express Credit Account Master Trust 2018-8 | 5,865,000 | 5,985,990 | ||||||
BMW Floorplan Master Owner Trust 2018-1 | 2,965,000 | 2,995,038 | ||||||
CarMax Auto Owner Trust | 1,129,258 | 1,148,189 | ||||||
Chase Funding Trust 2004-1 | 480,908 | 480,908 | ||||||
Enterprise Fleet Financing 2019-1 LLC | 4,214,000 | 4,396,631 | ||||||
Ford Credit Auto Owner Trust 2020-B | 8,079,000 | 8,114,651 | ||||||
Irwin Home Equity Loan Trust 2006-2 0.30% + 1 month USD LIBOR | 5,365 | 5,335 | ||||||
Nissan Auto Lease Trust 2019-A | 2,576,928 | 2,591,781 | ||||||
Nissan Auto Lease Trust 2020-A | 2,092,702 | 2,102,270 | ||||||
Santander Retail Auto Lease Trust 2019-B | 7,900,000 | 8,045,281 | ||||||
Securitized Term Auto Receivables Trust 2018-1A | 1,400,000 | 1,419,968 | ||||||
Trillium Credit Card Trust II | 4,156,000 | 4,163,410 | ||||||
|
| |||||||
41,720,409 | ||||||||
|
| |||||||
Corporate Notes - 42.5% |
| |||||||
3M Co. | 1,208,000 | 1,350,834 | ||||||
Abbott Laboratories | ||||||||
3.75%, 11/30/26 (a) | 569,000 | 666,492 | ||||||
4.90%, 11/30/46 (a) | 497,000 | 734,029 | ||||||
AbbVie Inc. | ||||||||
2.60%, 11/21/24 | 1,229,000 | 1,317,254 | ||||||
2.95%, 11/21/26 | 1,704,000 | 1,887,010 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
3.20%, 05/14/26 (a) | 700,000 | 777,392 | ||||||
3.20%, 11/21/29 | 1,106,000 | 1,245,798 | ||||||
3.25%, 10/01/22 | 839,000 | 873,877 | ||||||
3.45%, 03/15/22 | 1,842,000 | 1,898,789 | ||||||
4.05%, 11/21/39 | 710,000 | 858,575 | ||||||
4.25%, 11/21/49 | 862,000 | 1,084,224 | ||||||
4.63%, 10/01/42 | 129,000 | 163,995 | ||||||
4.70%, 05/14/45 (a) | 248,000 | 323,506 | ||||||
4.88%, 11/14/48 (a) | 237,000 | 322,258 | ||||||
5.00%, 12/15/21 | 1,837,000 | 1,895,196 | ||||||
Advance Auto Parts Inc. | 2,852,000 | 3,285,675 | ||||||
Aetna Inc. | 640,000 | 702,835 | ||||||
Aircastle Ltd. | 986,000 | 1,044,509 | ||||||
Albemarle Wodgina Pty Ltd. | 1,416,000 | 1,509,739 | ||||||
Alcon Finance Corp. | ||||||||
2.60%, 05/27/30 (a)(g) | 560,000 | 595,801 | ||||||
3.80%, 09/23/49 (a)(g) | 793,000 | 937,802 | ||||||
Alexandria Real Estate Equities Inc. | ||||||||
1.88%, 02/01/33 (a) | 720,000 | 717,610 | ||||||
4.70%, 07/01/30 (a) | 433,000 | 537,552 | ||||||
Alibaba Group Holding Ltd. | ||||||||
3.40%, 12/06/27 (a) | 300,000 | 335,829 | ||||||
4.00%, 12/06/37 (a) | 450,000 | 530,820 | ||||||
4.20%, 12/06/47 (a) | 339,000 | 424,899 | ||||||
Alimentation Couche-Tard Inc. | ||||||||
2.70%, 07/26/22 (a)(g) | 1,104,000 | 1,140,012 | ||||||
2.95%, 01/25/30 (a)(g) | 818,000 | 892,921 | ||||||
3.80%, 01/25/50 (a)(g) | 1,015,000 | 1,198,593 | ||||||
Ally Financial Inc. | 829,000 | 964,343 | ||||||
Alphabet Inc. | 713,000 | 700,965 | ||||||
Altria Group Inc. | ||||||||
2.95%, 05/02/23 (a) | 513,000 | 541,041 | ||||||
3.40%, 05/06/30 (a) | 295,000 | 329,665 | ||||||
3.80%, 02/14/24 (a) | 448,000 | 489,368 | ||||||
4.25%, 08/09/42 (a) | 96,000 | 106,997 | ||||||
4.45%, 05/06/50 (a) | 470,000 | 555,606 | ||||||
4.50%, 05/02/43 (a) | 330,000 | 382,444 | ||||||
4.80%, 02/14/29 (a) | 993,000 | 1,190,627 | ||||||
Amazon.com Inc. | ||||||||
1.50%, 06/03/30 (a) | 529,000 | 538,628 | ||||||
2.50%, 06/03/50 (a) | 650,000 | 673,582 | ||||||
2.70%, 06/03/60 (a) | 505,000 | 539,497 | ||||||
3.15%, 08/22/27 (a) | 386,000 | 439,110 |
Principal or Number of Shares | Fair Value $ | |||||||
4.05%, 08/22/47 (a) | 342,000 | 451,844 | ||||||
4.25%, 08/22/57 (a) | 213,000 | 301,893 | ||||||
Ameren Corp. | ||||||||
2.50%, 09/15/24 (a) | 1,817,000 | 1,936,595 | ||||||
3.65%, 02/15/26 (a) | 435,000 | 490,871 | ||||||
America Movil SAB de C.V. | ||||||||
3.13%, 07/16/22 (a) | 1,469,000 | 1,527,084 | ||||||
4.38%, 04/22/49 (a) | 800,000 | 1,028,312 | ||||||
American Campus Communities Operating Partnership LP | ||||||||
4.13%, 07/01/24 (a) | 372,000 | 406,436 | ||||||
American Electric Power Company Inc. | 505,000 | 540,557 | ||||||
American Electric Power Company Inc. | 605,000 | 631,656 | ||||||
American Express Co. | 1,027,000 | 1,120,591 | ||||||
American International Group Inc. | ||||||||
4.25%, 03/15/29 (a) | 751,000 | 901,936 | ||||||
4.50%, 07/16/44 (a) | 717,000 | 917,194 | ||||||
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter) | 217,000 | 249,702 | ||||||
American Tower Corp. | ||||||||
1.50%, 01/31/28 | 2,057,000 | 2,070,268 | ||||||
2.90%, 01/15/30 (a) | 724,000 | 789,377 | ||||||
3.70%, 10/15/49 (a) | 408,000 | 462,395 | ||||||
3.80%, 08/15/29 (a) | 891,000 | 1,034,496 | ||||||
American Water Capital Corp. | 653,000 | 719,900 | ||||||
Amgen Inc. | ||||||||
2.45%, 02/21/30 (a) | 302,000 | 324,408 | ||||||
3.15%, 02/21/40 (a) | 1,215,000 | 1,325,298 | ||||||
3.38%, 02/21/50 (a) | 331,000 | 369,432 | ||||||
4.56%, 06/15/48 (a) | 595,000 | 783,145 | ||||||
4.66%, 06/15/51 (a) | 248,000 | 336,717 | ||||||
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. | ||||||||
3.65%, 02/01/26 (a) | 1,156,000 | 1,307,494 | ||||||
4.70%, 02/01/36 (a) | 367,000 | 465,242 | ||||||
4.90%, 02/01/46 (a) | 801,000 | 1,040,795 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Anheuser-Busch InBev Worldwide Inc. | ||||||||
3.50%, 06/01/30 (a) | 812,000 | 940,970 | ||||||
4.00%, 04/13/28 (a) | 263,000 | 309,775 | ||||||
4.35%, 06/01/40 (a) | 1,423,000 | 1,742,122 | ||||||
4.38%, 04/15/38 (a) | 1,280,000 | 1,580,467 | ||||||
4.50%, 06/01/50 (a) | 625,000 | 788,788 | ||||||
4.60%, 04/15/48 (a) | 461,000 | 581,432 | ||||||
4.75%, 04/15/58 (a) | 362,000 | 475,936 | ||||||
5.55%, 01/23/49 (a) | 1,276,000 | 1,809,764 | ||||||
Anthem Inc. | ||||||||
2.88%, 09/15/29 (a) | 404,000 | 447,907 | ||||||
3.30%, 01/15/23 (a) | 598,000 | 632,977 | ||||||
3.70%, 09/15/49 (a) | 404,000 | 481,592 | ||||||
ANZ New Zealand International Ltd. | 1,128,000 | 1,288,447 | ||||||
Apollo Management Holdings LP | 2,848,000 | 2,909,004 | ||||||
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter) | 965,000 | 984,406 | ||||||
Apple Inc. | ||||||||
2.20%, 09/11/29 (a) | 808,000 | 872,745 | ||||||
2.95%, 09/11/49 (a) | 534,000 | 598,587 | ||||||
3.35%, 02/09/27 (a) | 391,000 | 445,099 | ||||||
3.45%, 02/09/45 (a) | 1,358,000 | 1,646,969 | ||||||
3.85%, 08/04/46 (a) | 1,222,000 | 1,571,590 | ||||||
Applied Materials Inc. | 461,000 | 638,909 | ||||||
Aptiv PLC | 552,000 | 600,703 | ||||||
Archer-Daniels-Midland Co. | 476,000 | 519,187 | ||||||
Ares Capital Corp. | 4,062,000 | 4,298,165 | ||||||
Ascension Health | 649,000 | 964,654 | ||||||
AstraZeneca PLC | ||||||||
4.00%, 01/17/29 (a) | 370,000 | 441,521 | ||||||
4.38%, 08/17/48 (a) | 199,000 | 267,526 | ||||||
AT&T Inc. | ||||||||
2.30%, 06/01/27 (a) | 1,220,000 | 1,299,898 | ||||||
2.75%, 06/01/31 (a) | 2,441,000 | 2,608,355 | ||||||
3.30%, 02/01/52 (a) | 826,000 | 819,549 | ||||||
3.85%, 06/01/60 (a) | 1,140,000 | 1,201,024 |
Principal or Number of Shares | Fair Value $ | |||||||
4.35%, 03/01/29 (a) | 1,173,000 | 1,399,002 | ||||||
4.45%, 04/01/24 (a) | 551,000 | 615,076 | ||||||
4.50%, 05/15/35 (a) | 838,000 | 1,015,296 | ||||||
4.55%, 03/09/49 (a) | 452,000 | 539,376 | ||||||
4.75%, 05/15/46 (a) | 269,000 | 331,303 | ||||||
4.80%, 06/15/44 (a) | 566,000 | 703,006 | ||||||
4.85%, 03/01/39 (a) | 1,092,000 | 1,353,796 | ||||||
5.15%, 11/15/46 (a) | 147,000 | 189,848 | ||||||
5.25%, 03/01/37 (a) | 567,000 | 734,191 | ||||||
5.35%, 12/15/43 (a) | 626,000 | 796,253 | ||||||
5.45%, 03/01/47 (a) | 981,000 | 1,323,408 | ||||||
Athene Holding Ltd. | ||||||||
4.13%, 01/12/28 (a) | 626,000 | 696,682 | ||||||
6.15%, 04/03/30 (a) | 1,221,000 | 1,515,517 | ||||||
Avangrid Inc. | ||||||||
3.15%, 12/01/24 (a) | 1,078,000 | 1,175,139 | ||||||
Avery Dennison Corp. | ||||||||
2.65%, 04/30/30 (a) | 414,000 | 445,029 | ||||||
Baidu Inc. | ||||||||
2.38%, 10/09/30 (a) | 765,000 | 784,171 | ||||||
Bank of America Corp. | ||||||||
3.25%, 10/21/27 (a) | 355,000 | 397,554 | ||||||
3.95%, 04/21/25 (a) | 692,000 | 779,718 | ||||||
4.18%, 11/25/27 (a) | 1,209,000 | 1,402,500 | ||||||
4.25%, 10/22/26 (a) | 1,194,000 | 1,397,768 | ||||||
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15% + SOFR thereafter) | ||||||||
2.59%, 04/29/31 (a)(b) | 3,454,000 | 3,696,471 | ||||||
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter) | ||||||||
3.12%, 01/20/23 (a)(b) | 675,000 | 694,508 | ||||||
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter) | ||||||||
3.37%, 01/23/26 (a)(b) | 513,000 | 563,613 | ||||||
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter) | 737,000 | 831,321 | ||||||
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter) | ||||||||
3.56%, 04/23/27 (a)(b) | 2,027,000 | 2,289,375 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.51% + 3 month USD LIBOR thereafter) | ||||||||
3.71%, 04/24/28 (a)(b) | 1,631,000 | 1,859,829 | ||||||
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter) | ||||||||
3.95%, 01/23/49 (a)(b) | 349,000 | 433,999 | ||||||
4.24%, 04/24/38 (a)(b) | 1,016,000 | 1,254,577 | ||||||
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter) | ||||||||
4.27%, 07/23/29 (a)(b) | 367,000 | 436,759 | ||||||
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.66% + 3 month USD LIBOR thereafter) | ||||||||
4.30%, 12/31/99 (a)(b) | 1,625,000 | 1,668,631 | ||||||
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter) | ||||||||
4.44%, 01/20/48 (a)(b) | 515,000 | 681,824 | ||||||
Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter) | ||||||||
4.34%, 10/05/28 (a)(b) | 1,347,000 | 1,476,676 | ||||||
Barclays PLC | ||||||||
4.38%, 01/12/26 (a) | 911,000 | 1,049,089 | ||||||
4.84%, 05/09/28 (a) | 478,000 | 552,166 | ||||||
Barclays PLC (2.65% fixed rate until 06/24/30; 1.90% + 1 year CMT Rate thereafter) | ||||||||
2.65%, 06/24/31 (a)(b) | 2,060,000 | 2,148,353 | ||||||
Barclays PLC (2.85% fixed rate until 05/07/25; 2.45% + 3 month USD LIBOR thereafter) | ||||||||
2.85%, 05/07/26 (a)(b) | 1,320,000 | 1,417,759 |
Principal or Number of Shares | Fair Value $ | |||||||
Barclays PLC (4.97% fixed rate until 05/16/28; 1.90% + 3 month USD LIBOR thereafter) | ||||||||
4.97%, 05/16/29 (a)(b) | 709,000 | 852,856 | ||||||
Barrick North America Finance LLC | ||||||||
5.70%, 05/30/41 (a) | 134,000 | 193,110 | ||||||
BAT Capital Corp. | ||||||||
2.26%, 03/25/28 (a) | 620,000 | 641,161 | ||||||
2.73%, 03/25/31 (a) | 1,236,000 | 1,279,544 | ||||||
3.56%, 08/15/27 (a) | 542,000 | 604,254 | ||||||
3.73%, 09/25/40 (a) | 775,000 | 810,634 | ||||||
3.98%, 09/25/50 (a) | 1,236,000 | 1,286,775 | ||||||
4.39%, 08/15/37 (a) | 910,000 | 1,018,426 | ||||||
4.54%, 08/15/47 (a) | 409,000 | 454,137 | ||||||
4.70%, 04/02/27 (a) | 609,000 | 718,090 | ||||||
4.91%, 04/02/30 (a) | 813,000 | 981,828 | ||||||
BAT International Finance PLC | ||||||||
1.67 %, 03/25/26 (a) | 620,000 | 635,686 | ||||||
Baxter International Inc. | ||||||||
3.95%, 04/01/30 (a)(g) | 340,000 | 406,280 | ||||||
Bayer US Finance II LLC | ||||||||
3.50%, 06/25/21 (a)(g) | 1,803,000 | 1,823,951 | ||||||
3.88%, 12/15/23 (a)(g) | 608,000 | 662,836 | ||||||
Becton Dickinson and Co. | ||||||||
2.89%, 06/06/22 (a) | 714,000 | 736,955 | ||||||
3.70%, 06/06/27 (a) | 530,000 | 606,341 | ||||||
3.73%, 12/15/24 (a) | 34,000 | 37,659 | ||||||
4.67%, 06/06/47 (a) | 87,000 | 113,929 | ||||||
4.69%, 12/15/44 (a) | 101,000 | 130,420 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
3.25%, 04/15/28 (a) | 402,000 | 458,513 | ||||||
3.70%, 07/15/30 (a)(g) | 905,000 | 1,071,728 | ||||||
3.80%, 07/15/48 (a) | 355,000 | 424,491 | ||||||
4.25%, 10/15/50 (a)(g) | 607,000 | 783,097 | ||||||
6.13%, 04/01/36 (a) | 362,000 | 534,555 | ||||||
Berkshire Hathaway Finance Corp. | ||||||||
1.45%, 10/15/30 (a) | 822,000 | 832,908 | ||||||
2.85%, 10/15/50 (a) | 915,000 | 981,337 | ||||||
4.25%, 01/15/49 (a) | 521,000 | 690,257 | ||||||
Berkshire Hathaway Inc. | ||||||||
4.50%, 02/11/43 (a) | 211,000 | 286,496 | ||||||
Berry Global Inc. | ||||||||
4.88%, 07/15/26 (g) | 1,644,000 | 1,765,081 | ||||||
BHP Billiton Finance USA Ltd. | ||||||||
5.00%, 09/30/43 (a) | 211,000 | 310,033 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Biogen Inc. | ||||||||
2.25%, 05/01/30 (a) | 386,000 | 401,621 | ||||||
3.15%, 05/01/50 (a) | 250,000 | 258,205 | ||||||
Block Financial LLC | ||||||||
3.88%, 08/15/30 (a) | 375,000 | 404,678 | ||||||
BNP Paribas S.A. (2.82% fixed rate until 11/19/24; 1.11% + 3 month USD LIBOR thereafter) | ||||||||
2.82%, 11/19/25 (a)(b)(g) | 1,007,000 | 1,074,096 | ||||||
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 (a)(b)(g) | 600,000 | 622,584 | ||||||
Boardwalk Pipelines LP | ||||||||
4.80%, 05/03/29 (a) | 797,000 | 912,557 | ||||||
Boston Scientific Corp. | ||||||||
4.70%, 03/01/49 (a) | 328,000 | 447,458 | ||||||
BP Capital Markets America Inc. | ||||||||
3.00%, 02/24/50 (a) | 975,000 | 1,003,138 | ||||||
3.02%, 01/16/27 (a) | 2,002,000 | 2,212,530 | ||||||
BP Capital Markets PLC (4.38% Fixed rate until 06/22/25; 4.04% + 5 year CMT Rate thereafter) | ||||||||
4.38%, 12/31/99 (a)(b) | 1,220,000 | 1,300,654 | ||||||
BP Capital Markets PLC (4.88% Fixed rate until 03/22/30; 4.40% + 5 year CMT Rate thereafter) | ||||||||
4.88%, 12/31/99 (a)(b) | 1,220,000 | 1,355,664 | ||||||
BPCE S.A. | ||||||||
4.50%, 03/15/25 (a)(g) | 2,060,000 | 2,327,409 | ||||||
Brighthouse Financial Inc. | ||||||||
3.70%, 06/22/27 (a) | 46,000 | 50,004 | ||||||
4.70%, 06/22/47 (a) | 24,000 | 25,218 | ||||||
Bristol-Myers Squibb Co. | ||||||||
1.45%, 11/13/30 | 2,415,000 | 2,424,877 | ||||||
2.35%, 11/13/40 | 488,000 | 499,492 | ||||||
2.55%, 11/13/50 | 588,000 | 600,889 | ||||||
3.20%, 06/15/26 (a) | 1,202,000 | 1,352,478 | ||||||
3.40%, 07/26/29 (a) | 773,000 | 898,589 | ||||||
3.45%, 11/15/27 (a) | 51,000 | 58,750 | ||||||
4.13%, 06/15/39 (a) | 632,000 | 810,211 | ||||||
4.25%, 10/26/49 (a) | 632,000 | 852,600 | ||||||
4.35%, 11/15/47 (a) | 84,000 | 113,070 | ||||||
4.55%, 02/20/48 (a) | 223,000 | 309,464 |
Principal or Number of Shares | Fair Value $ | |||||||
5.00%, 08/15/45 (a) | 207,000 | 298,666 | ||||||
Brixmor Operating Partnership LP | ||||||||
3.90%, 03/15/27 (a) | 261,000 | 290,289 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd. | ||||||||
2.65%, 01/15/23 (a) | 211,000 | 219,672 | ||||||
3.13%, 01/15/25 (a) | 230,000 | 248,651 | ||||||
3.88%, 01/15/27 (a) | 87,000 | 97,604 | ||||||
Broadcom Inc. | ||||||||
3.15%, 11/15/25 (a) | 1,610,000 | 1,758,200 | ||||||
4.15%, 11/15/30 (a) | 1,225,000 | 1,416,455 | ||||||
4.30%, 11/15/32 (a) | 815,000 | 965,995 | ||||||
Brown-Forman Corp. | ||||||||
4.00%, 04/15/38 (a) | 202,000 | 249,963 | ||||||
Bunge Limited Finance Corp. | ||||||||
3.75%, 09/25/27 (a) | 291,000 | 332,782 | ||||||
Burlington Northern Santa Fe LLC | ||||||||
4.15%, 12/15/48 (a) | 717,000 | 954,485 | ||||||
4.55%, 09/01/44 (a) | 1,080,000 | 1,468,746 | ||||||
C&W Senior Financing DAC | ||||||||
7.50%, 10/15/26 (a)(g) | 500,000 | 531,800 | ||||||
Cameron LNG LLC | ||||||||
3.30%, 01/15/35 (a)(g) | 395,000 | 444,466 | ||||||
Canadian Natural Resources Ltd. | ||||||||
3.85%, 06/01/27 (a) | 702,000 | 788,676 | ||||||
4.95%, 06/01/47 (a) | 173,000 | 218,167 | ||||||
Cantor Fitzgerald LP | ||||||||
4.88%, 05/01/24 (a)(g) | 1,946,000 | 2,163,427 | ||||||
Capital One Financial Corp. | ||||||||
3.75%, 07/28/26 (a) | 1,189,000 | 1,344,486 | ||||||
4.75%, 07/15/21 (a) | 1,654,000 | 1,692,290 | ||||||
Cardinal Health Inc. | ||||||||
2.62%, 06/15/22 (a) | 415,000 | 427,251 | ||||||
3.08%, 06/15/24 (a) | 301,000 | 323,744 | ||||||
Carrier Global Corp. | ||||||||
2.72%, 02/15/30 | 770,000 | 823,161 | ||||||
3.38%, 04/05/40 | 535,000 | 586,638 | ||||||
3.58%, 04/05/50 | 770,000 | 861,230 | ||||||
Caterpillar Inc. | ||||||||
3.25%, 09/19/49 - 04/09/50 (a) | 1,176,000 | 1,380,049 | ||||||
3.80%, 08/15/42 (a) | 259,000 | 326,726 | ||||||
Celulosa Arauco y Constitucion S.A. | ||||||||
4.20%, 01/29/30 (a)(g) | 1,291,000 | 1,461,012 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Centene Corp. | ||||||||
3.38%, 02/15/30 (a) | 1,097,000 | 1,153,847 | ||||||
4.25%, 12/15/27 (a) | 3,230,000 | 3,437,850 | ||||||
5.38%, 08/15/26 (g) | 4,892,000 | 5,172,752 | ||||||
CenterPoint Energy Inc. | ||||||||
2.50%, 09/01/22 (a) | 1,670,000 | 1,726,346 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
4.46%, 07/23/22 (a) | 1,140,000 | 1,201,594 | ||||||
4.80%, 03/01/50 (a) | 407,000 | 483,390 | ||||||
4.91%, 07/23/25 (a) | 241,000 | 279,796 | ||||||
5.05%, 03/30/29 (a) | 1,415,000 | 1,714,966 | ||||||
5.75%, 04/01/48 (a) | 876,000 | 1,144,844 | ||||||
6.38%, 10/23/35 (a) | 116,000 | 159,049 | ||||||
6.48%, 10/23/45 (a) | 248,000 | 350,295 | ||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
5.88%, 03/31/25 (a) | 1,590,000 | 1,850,251 | ||||||
Chevron Corp. | ||||||||
1.55%, 05/11/25 (a) | 408,000 | 424,675 | ||||||
2.24%, 05/11/30 (a) | 816,000 | 874,972 | ||||||
2.98%, 05/11/40 (a) | 595,000 | 659,284 | ||||||
3.08%, 05/11/50 (a) | 1,015,000 | 1,133,105 | ||||||
Choice Hotels International Inc. | ||||||||
3.70%, 01/15/31 (a) | 860,000 | 950,119 | ||||||
Chubb INA Holdings Inc. | ||||||||
1.38%, 09/15/30 (a) | 3,430,000 | 3,418,578 | ||||||
4.35%, 11/03/45 (a) | 572,000 | 774,225 | ||||||
Cigna Corp. | ||||||||
2.40%, 03/15/30 (a) | 730,000 | 776,917 | ||||||
3.25%, 04/15/25 (a) | 471,000 | 517,478 | ||||||
3.40%, 09/17/21 - 03/15/50 (a) | 1,412,000 | 1,523,487 | ||||||
3.75%, 07/15/23 (a) | 371,000 | 400,706 | ||||||
3.88%, 10/15/47 (a) | 201,000 | 238,382 | ||||||
4.13%, 11/15/25 (a) | 928,000 | 1,067,571 | ||||||
4.38%, 10/15/28 (a) | 370,000 | 446,720 | ||||||
4.80%, 08/15/38 (a) | 324,000 | 421,343 | ||||||
4.90%, 12/15/48 (a) | 163,000 | 223,905 | ||||||
Cisco Systems Inc. | ||||||||
5.90%, 02/15/39 (a) | 424,000 | 650,145 | ||||||
Citigroup Inc. | ||||||||
4.40%, 06/10/25 (a) | 5,037,000 | 5,774,266 | ||||||
4.45%, 09/29/27 (a) | 900,000 | 1,062,981 | ||||||
4.65%, 07/23/48 (a) | 1,072,000 | 1,477,741 | ||||||
4.75%, 05/18/46 (a) | 482,000 | 639,913 | ||||||
5.50%, 09/13/25 (a) | 2,140,000 | 2,573,650 |
Principal or Number of Shares | Fair Value $ | |||||||
Citigroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter) | ||||||||
1.68%, 05/15/24 (a)(b) | 4,079,000 | 4,204,796 | ||||||
Citigroup Inc. (2.88%, fixed rate until 07/24/22; 0.95%, + 3 month USD LIBOR thereafter) | ||||||||
2.88%, 07/24/23 (a)(b) | 261,000 | 270,908 | ||||||
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | ||||||||
2.98%, 11/05/30 (a)(b) | 750,000 | 826,087 | ||||||
Citigroup Inc. (3.88%, fixed rate until 01/24/38; 1.17%, + 3 month USD LIBOR thereafter) | ||||||||
3.88%, 01/24/39 (a)(b) | 355,000 | 424,978 | ||||||
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | ||||||||
4.70%, 12/31/99 (a)(b) | 1,659,000 | 1,703,959 | ||||||
CME Group Inc. | ||||||||
3.75%, 06/15/28 (a) | 443,000 | 525,766 | ||||||
CMS Energy Corp. | ||||||||
4.88%, 03/01/44 (a) | 1,200,000 | 1,591,584 | ||||||
CNA Financial Corp. | ||||||||
3.45%, 08/15/27 (a) | 336,000 | 380,355 | ||||||
3.90%, 05/01/29 (a) | 791,000 | 938,877 | ||||||
CNH Industrial Capital LLC | ||||||||
1.95%, 07/02/23 (a) | 1,315,000 | 1,355,712 | ||||||
4.88%, 04/01/21 (a) | 785,000 | 792,560 | ||||||
CNOOC Finance 2014 ULC | ||||||||
4.25%, 04/30/24 (a) | 2,095,000 | 2,274,479 | ||||||
CNOOC Petroleum North America ULC | ||||||||
6.40%, 05/15/37 (a) | 540,000 | 743,099 | ||||||
Comcast Corp. | ||||||||
2.65%, 08/15/62 (a) | 1,035,000 | 1,035,362 | ||||||
2.80%, 01/15/51 (a) | 680,000 | 708,247 | ||||||
3.10%, 04/01/25 (a) | 680,000 | 747,850 | ||||||
3.20%, 07/15/36 (a) | 740,000 | 838,516 | ||||||
3.25%, 11/01/39 (a) | 1,191,000 | 1,346,390 | ||||||
3.38%, 08/15/25 (a) | 262,000 | 292,321 | ||||||
3.45%, 02/01/50 (a) | 578,000 | 678,994 | ||||||
3.97%, 11/01/47 (a) | 1,261,000 | 1,577,650 | ||||||
4.15%, 10/15/28 (a) | 813,000 | 975,039 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
4.60%, 08/15/45 (a) | 385,000 | 515,580 | ||||||
4.70%, 10/15/48 (a) | 394,000 | 547,049 | ||||||
CommonSpirit Health | ||||||||
4.35%, 11/01/42 (a) | 1,029,000 | 1,206,009 | ||||||
Conagra Brands Inc. | ||||||||
5.30%, 11/01/38 (a) | 371,000 | 497,548 | ||||||
5.40%, 11/01/48 (a) | 325,000 | 463,496 | ||||||
Concho Resources Inc. | ||||||||
3.75%, 10/01/27 (a) | 171,000 | 195,581 | ||||||
4.30%, 08/15/28 (a) | 574,000 | 679,978 | ||||||
4.88%, 10/01/47 (a) | 286,000 | 389,272 | ||||||
ConocoPhillips Co. | ||||||||
4.30%, 11/15/44 (a) | 746,000 | 941,497 | ||||||
Consolidated Edison Company of New York Inc. | ||||||||
2.90%, 12/01/26 (a) | 912,000 | 996,615 | ||||||
3.35%, 04/01/30 (a) | 350,000 | 400,593 | ||||||
3.88%, 06/15/47 (a) | 418,000 | 494,143 | ||||||
3.95%, 04/01/50 (a) | 580,000 | 706,051 | ||||||
Constellation Brands Inc. | ||||||||
3.15%, 08/01/29 (a) | 1,668,000 | 1,857,018 | ||||||
3.70%, 12/06/26 (a) | 651,000 | 746,105 | ||||||
4.50%, 05/09/47 (a) | 599,000 | 759,466 | ||||||
Continental Resources Inc. | 2,697,000 | 2,779,420 | ||||||
Corning Inc. | 406,000 | 500,180 | ||||||
Corporate Nacional del Cobre de Chile | 1,200,000 | 1,209,432 | ||||||
Corporate Office Properties LP | 880,000 | 917,057 | ||||||
Costco Wholesale Corp. | 815,000 | 845,041 | ||||||
Credit Suisse AG | 1,080,000 | 1,184,587 | ||||||
Credit Suisse Group AG | ||||||||
3.80%, 06/09/23 (a) | 937,000 | 1,009,224 | ||||||
4.28%, 01/09/28 (a)(g) | 846,000 | 980,446 | ||||||
Credit Suisse Group AG (4.19%, fixed rate until 04/01/30; 3.73% + SOFR thereafter) | 2,228,000 | 2,621,398 | ||||||
Crown Castle International Corp. | ||||||||
3.30%, 07/01/30 (a) | 2,238,000 | 2,512,446 | ||||||
4.15%, 07/01/50 (a) | 340,000 | 412,026 | ||||||
5.20%, 02/15/49 (a) | 524,000 | 713,468 |
Principal or Number of Shares | Fair Value $ | |||||||
CSX Corp. | 1,191,000 | 1,590,803 | ||||||
CubeSmart LP | 948,000 | 1,117,455 | ||||||
Cummins Inc. | ||||||||
1.50%, 09/01/30 (a) | 828,000 | 832,869 | ||||||
2.60%, 09/01/50 (a) | 828,000 | 842,970 | ||||||
CVS Health Corp. | ||||||||
3.00%, 08/15/26 (a) | 811,000 | 898,385 | ||||||
3.25%, 08/15/29 (a) | 671,000 | 755,620 | ||||||
3.35%, 03/09/21 (a) | 586,000 | 589,106 | ||||||
3.63%, 04/01/27 (a) | 760,000 | 865,207 | ||||||
3.75%, 04/01/30 (a) | 555,000 | 647,063 | ||||||
3.88%, 07/20/25 (a) | 336,000 | 380,507 | ||||||
4.25%, 04/01/50 (a) | 405,000 | 506,554 | ||||||
4.30%, 03/25/28 (a) | 169,000 | 200,307 | ||||||
4.78%, 03/25/38 (a) | 496,000 | 628,124 | ||||||
5.00%, 12/01/24 (a) | 777,000 | 892,113 | ||||||
5.13%, 07/20/45 (a) | 482,000 | 646,666 | ||||||
5.30%, 12/05/43 (a) | 816,000 | 1,104,725 | ||||||
D.R. Horton Inc. | 2,039,000 | 2,199,612 | ||||||
Dell International LLC/EMC Corp. | ||||||||
4.00%, 07/15/24 (a)(g) | 994,000 | 1,096,670 | ||||||
5.45%, 06/15/23 (a)(g) | 538,000 | 595,200 | ||||||
6.02%, 06/15/26 (a)(g) | 249,000 | 303,959 | ||||||
8.10%, 07/15/36 (a)(g) | 100,000 | 147,019 | ||||||
8.35%, 07/15/46 (a)(g) | 235,000 | 354,389 | ||||||
Deutsche Bank AG | ||||||||
3.30%, 11/16/22 (a) | 875,000 | 913,981 | ||||||
3.70%, 05/30/24 (a) | 357,000 | 384,471 | ||||||
Deutsche Telekom AG | 309,000 | 356,651 | ||||||
Deutsche Telekom International Finance BV | 758,000 | 793,133 | ||||||
Devon Energy Corp. | 269,000 | 315,392 | ||||||
DH Europe Finance II Sarl | ||||||||
2.60%, 11/15/29 (a) | 694,000 | 758,965 | ||||||
3.25%, 11/15/39 (a) | 396,000 | 450,597 | ||||||
3.40%, 11/15/49 (a) | 197,000 | 233,599 | ||||||
Diamondback Energy Inc. | ||||||||
2.88%, 12/01/24 (a) | 994,000 | 1,044,068 | ||||||
3.25%, 12/01/26 (a) | 695,000 | 742,781 | ||||||
3.50%, 12/01/29 (a) | 595,000 | 635,972 | ||||||
5.38%, 05/31/25 (a) | 2,385,000 | 2,476,202 | ||||||
Digital Realty Trust LP | 1,300,000 | 1,490,931 | ||||||
Discover Bank | 535,000 | 569,850 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Discovery Communications LLC | ||||||||
2.95%, 03/20/23 (a) | 1,066,000 | 1,122,573 | ||||||
3.95%, 03/20/28 (a) | 581,000 | 666,128 | ||||||
4.95%, 05/15/42 (a) | 206,000 | 248,417 | ||||||
5.00%, 09/20/37 (a) | 269,000 | 341,859 | ||||||
Dollar General Corp. | ||||||||
3.50%, 04/03/30 (a) | 1,034,000 | 1,190,268 | ||||||
4.13%, 04/03/50 (a) | 704,000 | 895,432 | ||||||
Dollar Tree Inc. | 671,000 | 757,418 | ||||||
Dominion Energy Inc. | ||||||||
3.07%, 08/15/24 (a)(h) | 730,000 | 788,860 | ||||||
3.38%, 04/01/30 (a) | 1,195,000 | 1,360,531 | ||||||
Dover Corp. | 818,000 | 887,121 | ||||||
DTE Energy Co. | ||||||||
2.85%, 10/01/26 (a) | 384,000 | 421,716 | ||||||
3.85%, 12/01/23 (a) | 419,000 | 455,968 | ||||||
Duke Energy Carolinas LLC | 474,000 | 593,652 | ||||||
Duke Energy Corp. | ||||||||
3.55%, 09/15/21 (a) | 638,000 | 647,021 | ||||||
3.75%, 09/01/46 (a) | 324,000 | 376,041 | ||||||
Duke Energy Corp. | 1,202,000 | 1,298,364 | ||||||
Duke Energy Progress LLC | 451,000 | 574,971 | ||||||
Duke Realty LP | ||||||||
3.05%, 03/01/50 (a) | 360,000 | 390,917 | ||||||
3.25%, 06/30/26 (a) | 473,000 | 528,984 | ||||||
3.38%, 12/15/27 (a) | 370,000 | 416,431 | ||||||
DuPont de Nemours Inc. | ||||||||
2.17%, 05/01/23 (a) | 1,185,000 | 1,200,654 | ||||||
5.32%, 11/15/38 (a) | 298,000 | 403,912 | ||||||
5.42%, 11/15/48 (a) | 298,000 | 431,176 | ||||||
Duquesne Light Holdings Inc. | 1,252,000 | 1,387,191 | ||||||
DXC Technology Co. | 1,632,000 | 1,744,102 | ||||||
Eastman Chemical Co. | ||||||||
3.50%, 12/01/21 (a) | 833,000 | 855,966 | ||||||
3.60%, 08/15/22 (a) | 326,000 | 339,549 | ||||||
4.65%, 10/15/44 (a) | 809,000 | 1,023,037 | ||||||
Eaton Corp. | 502,000 | 562,396 |
Principal or Number of Shares | Fair Value $ | |||||||
Ecolab Inc. | ||||||||
1.30%, 01/30/31 (a) | 831,000 | 822,457 | ||||||
2.13%, 08/15/50 (a) | 1,655,000 | 1,580,144 | ||||||
Edison International | ||||||||
4.95%, 04/15/25 (a) | 1,360,000 | 1,549,938 | ||||||
5.75%, 06/15/27 (a) | 240,000 | 287,266 | ||||||
EI du Pont de Nemours & Co. | 612,000 | 651,284 | ||||||
Eli Lilly & Co. | 732,000 | 955,604 | ||||||
Emera US Finance LP 4.75%, 06/15/46 (a) | 166,000 | 211,960 | ||||||
Emerson Electric Co. | ||||||||
1.80%, 10/15/27 (a) | 533,000 | 562,752 | ||||||
2.75%, 10/15/50 (a) | 407,000 | 432,206 | ||||||
Empower Finance 2020 LP | ||||||||
1.36%, 09/17/27 (a)(g) | 1,230,000 | 1,242,472 | ||||||
1.78%, 03/17/31 (a)(g) | 2,056,000 | 2,103,021 | ||||||
Enbridge Energy Partners LP | 112,000 | 138,421 | ||||||
Enbridge Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter) | 2,066,000 | 2,325,035 | ||||||
Enel Finance International N.V. | 1,011,000 | 1,148,183 | ||||||
Energy Transfer Operating LP | ||||||||
4.25%, 03/15/23 (a) | 784,000 | 832,788 | ||||||
4.50%, 04/15/24 (a) | 624,000 | 683,642 | ||||||
4.95%, 06/15/28 (a) | 267,000 | 307,221 | ||||||
5.30%, 04/15/47 (a) | 825,000 | 908,036 | ||||||
6.13%, 12/15/45 (a) | 215,000 | 254,018 | ||||||
6.50%, 02/01/42 (a) | 623,000 | 761,917 | ||||||
Energy Transfer Operating LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter) | 2,488,000 | 2,302,345 | ||||||
Energy Transfer Partners LP/Regency Energy Finance Corp. | 398,000 | 431,034 | ||||||
Entergy Louisiana LLC | ||||||||
3.05%, 06/01/31 (a) | 620,000 | 701,629 | ||||||
4.00%, 03/15/33 (a) | 320,000 | 398,864 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Enterprise Products Operating LLC | 1,168,000 | 1,369,714 | ||||||
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter) | 378,000 | 382,729 | ||||||
EOG Resources Inc. | ||||||||
4.15%, 01/15/26 (a) | 413,000 | 479,898 | ||||||
4.38%, 04/15/30 (a) | 905,000 | 1,103,068 | ||||||
4.95%, 04/15/50 (a) | 809,000 | 1,098,622 | ||||||
5.10%, 01/15/36 (a) | 332,000 | 413,074 | ||||||
Equinix Inc. | ||||||||
1.25%, 07/15/25 (a) | 1,095,000 | 1,116,418 | ||||||
2.15%, 07/15/30 (a) | 1,160,000 | 1,181,912 | ||||||
Equinor ASA | 435,000 | 484,011 | ||||||
ERP Operating LP | 276,000 | 364,624 | ||||||
Essex Portfolio LP | 445,000 | 476,902 | ||||||
Eversource Energy | 807,000 | 925,306 | ||||||
Exelon Corp. | ||||||||
3.50%, 06/01/22 (a) | 647,000 | 672,964 | ||||||
4.05%, 04/15/30 (a) | 1,221,000 | 1,445,615 | ||||||
4.45%, 04/15/46 (a) | 761,000 | 971,470 | ||||||
4.70%, 04/15/50 (a) | 814,000 | 1,078,933 | ||||||
Exxon Mobil Corp. | ||||||||
2.61%, 10/15/30 (a) | 2,446,000 | 2,671,105 | ||||||
3.45%, 04/15/51 (a) | 1,270,000 | 1,449,654 | ||||||
FedEx Corp. | ||||||||
3.80%, 05/15/25 (a) | 3,258,000 | 3,680,497 | ||||||
4.10%, 02/01/45 (a) | 1,791,000 | 2,123,320 | ||||||
FirstEnergy Transmission LLC | 741,000 | 864,977 | ||||||
Fiserv Inc. | ||||||||
3.50%, 07/01/29 (a) | 543,000 | 623,712 | ||||||
4.40%, 07/01/49 (a) | 324,000 | 431,856 | ||||||
Florida Power & Light Co. | ||||||||
2.85%, 04/01/25 (a) | 1,465,000 | 1,598,813 | ||||||
4.13%, 02/01/42 (a) | 447,000 | 568,656 | ||||||
Ford Motor Co. | 525,000 | 559,818 | ||||||
Ford Motor Credit Company LLC | ||||||||
3.10%, 05/04/23 (a) | 1,436,000 | 1,448,737 | ||||||
3.22%, 01/09/22 (a) | 354,000 | 358,283 | ||||||
3.34%, 03/18/21 - 03/28/22 (a) | 1,955,000 | 1,971,578 |
Principal or Number of Shares | Fair Value $ | |||||||
3.81%, 01/09/24 (a) | 945,000 | 969,060 | ||||||
5.88%, 08/02/21 (a) | 2,613,000 | 2,669,807 | ||||||
Fox Corp. | 826,000 | 940,591 | ||||||
General Dynamics Corp. | 620,000 | 845,525 | ||||||
General Mills Inc. | ||||||||
2.88%, 04/15/30 (a) | 455,000 | 504,786 | ||||||
4.55%, 04/17/38 (a) | 353,000 | 455,585 | ||||||
4.70%, 04/17/48 (a) | 134,000 | 187,802 | ||||||
General Motors Co. | ||||||||
5.20%, 04/01/45 (a) | 118,000 | 142,791 | ||||||
5.40%, 10/02/23 - 04/01/48 (a) | 511,000 | 612,616 | ||||||
6.13%, 10/01/25 (a) | 1,224,000 | 1,486,144 | ||||||
6.80%, 10/01/27 (a) | 655,000 | 842,553 | ||||||
General Motors Financial Company Inc. | ||||||||
3.45%, 01/14/22 - 04/10/22 (a) | 2,754,000 | 2,828,906 | ||||||
3.55%, 04/09/21 (a) | 1,834,000 | 1,847,553 | ||||||
4.20%, 11/06/21 (a) | 3,039,000 | 3,129,441 | ||||||
5.25%, 03/01/26 (a) | 503,000 | 591,442 | ||||||
Georgia-Pacific LLC | ||||||||
1.75%, 09/30/25 (a)(g) | 1,632,000 | 1,707,692 | ||||||
3.60%, 03/01/25 (a)(g) | 2,599,000 | 2,893,441 | ||||||
Gilead Sciences Inc. | ||||||||
1.20%, 10/01/27 (a) | 580,000 | 584,217 | ||||||
1.65%, 10/01/30 (a) | 480,000 | 480,970 | ||||||
2.60%, 10/01/40 (a) | 618,000 | 624,236 | ||||||
2.80%, 10/01/50 (a) | 618,000 | 617,085 | ||||||
2.95%, 03/01/27 (a) | 135,000 | 149,095 | ||||||
3.50%, 02/01/25 (a) | 355,000 | 392,534 | ||||||
3.65%, 03/01/26 (a) | 356,000 | 403,661 | ||||||
4.15%, 03/01/47 (a) | 302,000 | 369,618 | ||||||
4.80%, 04/01/44 (a) | 265,000 | 349,723 | ||||||
GlaxoSmithKline Capital Inc. | ||||||||
3.38%, 05/15/23 (a) | 785,000 | 840,939 | ||||||
3.63%, 05/15/25 (a) | 742,000 | 836,115 | ||||||
GlaxoSmithKline Capital PLC | 925,000 | 1,075,664 | ||||||
Glencore Finance Canada Ltd. | ||||||||
4.25%, 10/25/22 (a)(g) | 1,578,000 | 1,678,866 | ||||||
4.95%, 11/15/21 (a)(g) | 625,000 | 647,831 | ||||||
Glencore Funding LLC | 821,000 | 839,111 | ||||||
Gray Oak Pipeline LLC | ||||||||
2.00%, 09/15/23 (a)(g) | 2,055,000 | 2,090,449 | ||||||
2.60%, 10/15/25 (a)(g) | 1,480,000 | 1,532,126 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Grupo Televisa SAB | 382,000 | 460,902 | ||||||
Halliburton Co. | ||||||||
3.80%, 11/15/25 (a) | 29,000 | 32,515 | ||||||
5.00%, 11/15/45 (a) | 360,000 | 424,642 | ||||||
HCA Inc. | ||||||||
4.13%, 06/15/29 (a) | 429,000 | 498,048 | ||||||
4.50%, 02/15/27 (a) | 814,000 | 947,333 | ||||||
Health Care Service Corp. | ||||||||
2.20%, 06/01/30 (a)(g) | 2,036,000 | 2,125,604 | ||||||
3.20%, 06/01/50 (a)(g) | 408,000 | 437,400 | ||||||
Healthcare Trust of America Holdings LP | 665,000 | 664,993 | ||||||
Hess Corp. | ||||||||
5.60%, 02/15/41 (a) | 173,000 | 209,427 | ||||||
5.80%, 04/01/47 (a) | 109,000 | 137,531 | ||||||
Hewlett Packard Enterprise Co. | 191,000 | 252,143 | ||||||
Highwoods Realty LP | ||||||||
4.13%, 03/15/28 (a) | 490,000 | 547,350 | ||||||
4.20%, 04/15/29 (a) | 1,190,000 | 1,356,838 | ||||||
Honeywell International Inc. | 929,000 | 1,037,953 | ||||||
Hormel Foods Corp. | 1,653,000 | 1,709,086 | ||||||
HSBC Holdings PLC | 625,000 | 689,813 | ||||||
HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% + SOFR thereafter) | 2,935,000 | 3,005,146 | ||||||
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.35% + 3 month USD LIBOR thereafter) | 2,006,000 | 2,287,261 | ||||||
HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + USD 5 year Mid-Market Swap Rate thereafter) | 1,018,000 | 1,107,207 | ||||||
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 year Mid-Market Swap Rate thereafter) | ||||||||
6.50%, 12/31/99 (a)(b) | 1,302,000 | 1,462,146 |
Principal or Number of Shares | Fair Value $ | |||||||
Huntington Bancshares Inc. | ||||||||
2.55%, 02/04/30 (a) | 1,622,000 | 1,742,677 | ||||||
Hyundai Capital America | ||||||||
3.10%, 04/05/22 (a)(g) | 546,000 | 561,796 | ||||||
Imperial Brands Finance PLC | ||||||||
3.13%, 07/26/24 (a)(g) | 844,000 | 903,612 | ||||||
3.50%, 02/11/23 - 07/26/26 (a)(g) | 2,895,000 | 3,056,698 | ||||||
ING Groep N.V. | ||||||||
4.10%, 10/02/23 (a) | 2,509,000 | 2,757,491 | ||||||
Ingredion Inc. | ||||||||
2.90%, 06/01/30 (a) | 834,000 | 920,102 | ||||||
3.90%, 06/01/50 (a) | 413,000 | 493,002 | ||||||
Intel Corp. | ||||||||
2.45%, 11/15/29 (a) | 1,562,000 | 1,688,834 | ||||||
2.60%, 05/19/26 (a) | 838,000 | 913,294 | ||||||
2.88%, 05/11/24 (a) | 475,000 | 512,297 | ||||||
3.10%, 02/15/60 (a) | 742,000 | 801,315 | ||||||
Intercontinental Exchange Inc. | ||||||||
1.85%, 09/15/32 (a) | 414,000 | 417,180 | ||||||
2.65%, 09/15/40 (a) | 414,000 | 424,644 | ||||||
3.00%, 09/15/60 (a) | 785,000 | 817,860 | ||||||
International Business Machines Corp. | ||||||||
3.45%, 02/19/26 (a) | 807,000 | 914,605 | ||||||
4.15%, 05/15/39 (a) | 727,000 | 921,538 | ||||||
4.25%, 05/15/49 (a) | 727,000 | 953,337 | ||||||
International Paper Co. | ||||||||
4.40%, 08/15/47 (a) | 598,000 | 781,155 | ||||||
Interstate Power & Light Co. | ||||||||
3.40%, 08/15/25 (a) | 2,263,000 | 2,498,375 | ||||||
ITC Holdings Corp. | ||||||||
2.95%, 05/14/30 (a)(g) | 2,039,000 | 2,233,521 | ||||||
JAB Holdings BV | ||||||||
2.20%, 11/23/30 (g) | 750,000 | 752,280 | ||||||
Jabil Inc. | ||||||||
3.95%, 01/12/28 (a) | 630,000 | 715,075 | ||||||
Jefferies Group LLC | ||||||||
5.13%, 01/20/23 (a) | 474,000 | 518,106 | ||||||
John Deere Capital Corp. | ||||||||
2.45%, 01/09/30 (a) | 1,987,000 | 2,173,361 | ||||||
Johnson & Johnson | ||||||||
3.63%, 03/03/37 (a) | 407,000 | 499,352 | ||||||
Johnson Controls International PLC | ||||||||
4.50%, 02/15/47 (a) | 260,000 | 341,310 | ||||||
JPMorgan Chase & Co. | ||||||||
3.30%, 04/01/26 (a) | 1,361,000 | 1,523,980 | ||||||
3.63%, 12/01/27 (a) | 345,000 | 391,955 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter) | ||||||||
2.96%, 05/13/31 (a)(b) | 1,330,000 | 1,455,951 | ||||||
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter) | ||||||||
3.51%, 01/23/29 (a)(b) | 394,000 | 449,030 | ||||||
JPMorgan Chase & Co. (3.68% fixed rate until 04/30/21; 3.47% + 3 month USD LIBOR thereafter) | ||||||||
3.68%, 12/29/49 (a)(b) | 562,000 | 557,976 | ||||||
JPMorgan Chase & Co. (3.88%, fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter) | ||||||||
3.88%, 07/24/38 (a)(b) | 875,000 | 1,063,291 | ||||||
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter) | ||||||||
3.90%, 01/23/49 (a)(b) | 888,000 | 1,120,798 | ||||||
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter) | ||||||||
3.96%, 01/29/27 (a)(b) | 1,461,000 | 1,679,639 | ||||||
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter) | ||||||||
4.01%, 04/23/29 (a)(b) | 601,000 | 705,231 | ||||||
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter) | ||||||||
4.03%, 07/24/48 (a)(b) | 585,000 | 742,745 | ||||||
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + SOFR thereafter) | ||||||||
4.49%, 03/24/31 (a)(b) | 3,291,000 | 4,057,704 |
Principal or Number of Shares | Fair Value $ | |||||||
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter) | ||||||||
4.60%, 12/31/99 (a)(b) | 1,627,000 | 1,676,331 | ||||||
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter) | ||||||||
6.10%, 10/29/49 (a)(b) | 1,384,000 | 1,515,397 | ||||||
Kaiser Foundation Hospitals | ||||||||
3.27%, 11/01/49 (a) | 846,000 | 966,386 | ||||||
Keurig Dr Pepper Inc. | ||||||||
3.20%, 05/01/30 (a) | 912,000 | 1,034,846 | ||||||
3.80%, 05/01/50 (a) | 1,302,000 | 1,558,286 | ||||||
4.50%, 11/15/45 (a) | 353,000 | 451,893 | ||||||
4.60%, 05/25/28 (a) | 177,000 | 215,931 | ||||||
KeyCorp | ||||||||
2.25%, 04/06/27 (a) | 2,428,000 | 2,599,514 | ||||||
Kinder Morgan Energy Partners LP | ||||||||
3.50%, 03/01/21 (a) | 1,951,000 | 1,951,000 | ||||||
4.70%, 11/01/42 (a) | 148,000 | 169,479 | ||||||
5.00%, 03/01/43 (a) | 318,000 | 375,956 | ||||||
6.38%, 03/01/41 (a) | 269,000 | 353,200 | ||||||
Kinder Morgan Inc. | ||||||||
5.05%, 02/15/46 (a) | 251,000 | 305,705 | ||||||
KLA Corp. | ||||||||
3.30%, 03/01/50 (a) | 810,000 | 913,931 | ||||||
4.10%, 03/15/29 (a) | 1,627,000 | 1,949,927 | ||||||
4.65%, 11/01/24 (a) | 791,000 | 900,894 | ||||||
Kohl’s Corp. | ||||||||
9.50%, 05/15/25 (a) | 410,000 | 531,372 | ||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
2.00%, 10/04/22 (a) | 1,948,000 | 2,009,615 | ||||||
L3Harris Technologies Inc. | ||||||||
3.85%, 12/15/26 (a) | 656,000 | 758,539 | ||||||
Las Vegas Sands Corp. | ||||||||
3.50%, 08/18/26 (a) | 594,000 | 636,839 | ||||||
Lear Corp. | ||||||||
4.25%, 05/15/29 (a) | 947,000 | 1,079,949 | ||||||
5.25%, 05/15/49 (a) | 417,000 | 510,345 | ||||||
Leidos Inc. | ||||||||
2.95%, 05/15/23 (a)(g) | 1,628,000 | 1,713,079 | ||||||
3.63%, 05/15/25 (a)(g) | 480,000 | 536,621 | ||||||
4.38%, 05/15/30 (a)(g) | 1,617,000 | 1,938,314 | ||||||
Liberty Mutual Group Inc. | ||||||||
3.95%, 05/15/60 (a)(g) | 409,000 | 490,518 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Life Storage LP | ||||||||
2.20%, 10/15/30 (a) | 1,150,000 | 1,174,874 | ||||||
Lincoln National Corp. | ||||||||
3.63%, 12/12/26 (a) | 311,000 | 356,058 | ||||||
4.35%, 03/01/48 (a) | 441,000 | 563,285 | ||||||
Lloyds Banking Group PLC | ||||||||
3.75%, 01/11/27 (a) | 574,000 | 651,588 | ||||||
Lloyds Banking Group PLC (2.44% fixed rate until 02/05/25; 1.00% + 1 year CMT Rate thereafter) | ||||||||
2.44%, 02/05/26 (a)(b) | 800,000 | 845,760 | ||||||
Lloyds Banking Group PLC (2.91% fixed rate until 11/07/22; 0.81% + 3 month USD LIBOR thereafter) | ||||||||
2.91%, 11/07/23 (a)(b) | 982,000 | 1,024,147 | ||||||
Lloyds Banking Group PLC (3.87% fixed rate until 07/09/24; 3.50% + 1 year CMT Rate thereafter) | ||||||||
3.87%, 07/09/25 (a)(b) | 2,390,000 | 2,635,166 | ||||||
Lockheed Martin Corp. | ||||||||
3.55%, 01/15/26 (a) | 458,000 | 520,430 | ||||||
3.80%, 03/01/45 (a) | 231,000 | 287,724 | ||||||
4.50%, 05/15/36 (a) | 742,000 | 979,915 | ||||||
Lowe’s Companies Inc. | ||||||||
1.30%, 04/15/28 (a) | 540,000 | 543,208 | ||||||
1.70%, 10/15/30 (a) | 414,000 | 418,475 | ||||||
3.00%, 10/15/50 (a) | 824,000 | 883,822 | ||||||
3.70%, 04/15/46 (a) | 296,000 | 352,876 | ||||||
4.05%, 05/03/47 (a) | 343,000 | 428,832 | ||||||
LYB International Finance BV | 195,000 | 245,745 | ||||||
LYB International Finance II BV | 188,000 | 210,816 | ||||||
LYB International Finance III LLC | ||||||||
1.25%, 10/01/25 (a) | 510,000 | 518,961 | ||||||
3.63%, 04/01/51 (a) | 824,000 | 899,940 | ||||||
3.80%, 10/01/60 (a) | 412,000 | 441,310 | ||||||
Marathon Oil Corp. | 249,000 | 266,853 | ||||||
Masco Corp. | 237,000 | 268,229 | ||||||
Mastercard Inc. | ||||||||
3.30%, 03/26/27 (a) | 695,000 | 792,960 | ||||||
3.85%, 03/26/50 (a) | 270,000 | 348,978 |
Principal or Number of Shares | Fair Value $ | |||||||
McCormick & Company Inc. | ||||||||
2.50%, 04/15/30 (a) | 742,000 | 794,816 | ||||||
3.25%, 11/15/25 (a) | 4,625,000 | 5,086,159 | ||||||
McDonald’s Corp. | ||||||||
3.60%, 07/01/30 (a) | 1,220,000 | 1,429,181 | ||||||
3.63%, 09/01/49 (a) | 495,000 | 581,244 | ||||||
3.70%, 01/30/26 (a) | 246,000 | 279,601 | ||||||
3.80%, 04/01/28 (a) | 665,000 | 778,097 | ||||||
4.20%, 04/01/50 (a) | 602,000 | 771,884 | ||||||
4.88%, 12/09/45 (a) | 250,000 | 339,068 | ||||||
Medtronic Inc. | 91,000 | 129,304 | ||||||
Memorial Sloan-Kettering Cancer Center | 884,000 | 1,161,222 | ||||||
Merck & Company Inc. | ||||||||
1.45%, 06/24/30 (a) | 1,070,000 | 1,082,273 | ||||||
2.45%, 06/24/50 (a) | 1,015,000 | 1,051,286 | ||||||
2.75%, 02/10/25 (a) | 925,000 | 1,006,039 | ||||||
4.00%, 03/07/49 (a) | 276,000 | 364,582 | ||||||
MetLife Inc. | ||||||||
4.05%, 03/01/45 (a) | 164,000 | 210,022 | ||||||
4.72%, 12/15/44 (a) | 467,000 | 639,571 | ||||||
Microchip Technology Inc. | 4,069,000 | 4,261,179 | ||||||
Micron Technology Inc. | 1,165,000 | 1,214,874 | ||||||
Microsoft Corp. | ||||||||
2.40%, 08/08/26 (a) | 578,000 | 630,517 | ||||||
2.68%, 06/01/60 (a) | 336,000 | 365,202 | ||||||
3.45%, 08/08/36 (a) | 349,000 | 430,094 | ||||||
3.50%, 02/12/35 (a) | 461,000 | 567,025 | ||||||
3.70%, 08/08/46 (a) | 1,651,000 | 2,089,307 | ||||||
3.95%, 08/08/56 (a) | 490,000 | 671,050 | ||||||
4.10%, 02/06/37 (a) | 113,000 | 147,759 | ||||||
Mitsubishi UFJ Financial Group Inc. | 2,310,000 | 2,475,558 | ||||||
Mizuho Financial Group Inc. (3.92% fixed rate until 09/11/23; 1.00% + 3 month USD LIBOR thereafter) | 1,310,000 | 1,423,066 | ||||||
Molson Coors Beverage Co. | ||||||||
2.10%, 07/15/21 (a) | 790,000 | 795,791 | ||||||
4.20%, 07/15/46 (a) | 264,000 | 302,034 | ||||||
Morgan Stanley | ||||||||
3.63%, 01/20/27 (a) | 576,000 | 660,528 | ||||||
3.95%, 04/23/27 (a) | 1,148,000 | 1,327,467 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
4.35%, 09/08/26 (a) | 1,634,000 | 1,922,908 | ||||||
4.38%, 01/22/47 (a) | 612,000 | 831,659 | ||||||
5.00%, 11/24/25 (a) | 3,673,000 | 4,385,856 | ||||||
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter) | 2,626,000 | 2,809,295 | ||||||
Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter) | 1,015,000 | 1,179,684 | ||||||
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) | 546,000 | 675,484 | ||||||
MPLX LP | ||||||||
1.75%, 03/01/26 (a) | 720,000 | 744,674 | ||||||
2.65%, 08/15/30 (a) | 940,000 | 987,423 | ||||||
3.38%, 03/15/23 (a) | 385,000 | 407,484 | ||||||
5.20%, 12/01/47 (a) | 291,000 | 353,702 | ||||||
5.25%, 01/15/25 (a) | 5,203,000 | 5,346,603 | ||||||
MPLX LP (1.34% fixed rate until 02/01/2021; 1.10% + 3 month USD LIBOR) | 1,542,000 | 1,542,401 | ||||||
Mylan Inc. | 372,000 | 489,437 | ||||||
National Oilwell Varco Inc. | 1,217,000 | 1,271,582 | ||||||
National Retail Properties Inc. | 599,000 | 669,137 | ||||||
Natwest Group PLC (3.75% fixed rate until 11/01/24; 2.10% + 5 year CMT Rate thereafter) | 575,000 | 613,698 | ||||||
Natwest Group PLC (4.52% fixed rate until 06/25/23; 1.55% + 3 month USD LIBOR thereafter) | 953,000 | 1,040,504 | ||||||
Newmont Corp. | 470,000 | 636,488 | ||||||
NextEra Energy Capital Holdings Inc. | 1,111,000 | 1,242,876 |
Principal or Number of Shares | Fair Value $ | |||||||
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter) | 741,000 | 869,734 | ||||||
NIKE Inc. | 402,000 | 496,546 | ||||||
Nippon Life Insurance Co. (3.40% fixed rate until 01/23/30; 2.61% + 5 year CMT Rate thereafter) | 1,000,000 | 1,083,480 | ||||||
NiSource Inc. | ||||||||
3.60%, 05/01/30 (a) | 834,000 | 966,564 | ||||||
3.95%, 03/30/48 (a) | 243,000 | 298,674 | ||||||
Noble Energy Inc. | ||||||||
3.85%, 01/15/28 (a) | 1,477,000 | 1,710,425 | ||||||
3.90%, 11/15/24 (a) | 363,000 | 403,500 | ||||||
4.20%, 10/15/49 (a) | 407,000 | 528,872 | ||||||
5.05%, 11/15/44 (a) | 157,000 | 220,299 | ||||||
Nomura Holdings Inc. | ||||||||
2.65%, 01/16/25 (a) | 820,000 | 874,997 | ||||||
3.10%, 01/16/30 (a) | 792,000 | 864,436 | ||||||
Norfolk Southern Corp. | 512,000 | 620,401 | ||||||
Northrop Grumman Corp. | ||||||||
3.85%, 04/15/45 (a) | 129,000 | 156,353 | ||||||
4.03%, 10/15/47 (a) | 139,000 | 173,799 | ||||||
Novartis Capital Corp. | ||||||||
2.20%, 08/14/30 (a) | 1,215,000 | 1,306,708 | ||||||
3.00%, 11/20/25 (a) | 79,000 | 87,458 | ||||||
NRG Energy Inc. | ||||||||
2.00%, 12/02/25 (g) | 1,230,000 | 1,274,686 | ||||||
2.45%, 12/02/27 (g) | 825,000 | 866,052 | ||||||
Nucor Corp. | 709,000 | 836,769 | ||||||
Nutrien Ltd. | ||||||||
4.00%, 12/15/26 (a) | 284,000 | 329,957 | ||||||
4.90%, 06/01/43 (a) | 507,000 | 651,875 | ||||||
NVIDIA Corp. | ||||||||
2.85%, 04/01/30 (a) | 410,000 | 461,246 | ||||||
3.50%, 04/01/50 (a) | 975,000 | 1,181,934 | ||||||
NXP BV/NXP Funding LLC/NXP USA Inc. | 815,000 | 876,264 | ||||||
Occidental Petroleum Corp. | ||||||||
2.90%, 08/15/24 (a) | 481,000 | 463,607 | ||||||
4.85%, 03/15/21 (a) | 86,000 | 86,025 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Oklahoma Gas & Electric Co. | 680,000 | 773,514 | ||||||
Oncor Electric Delivery Company LLC | 214,000 | 264,703 | ||||||
ONEOK Inc. | 757,000 | 857,446 | ||||||
Oracle Corp. | ||||||||
2.40%, 09/15/23 (a) | 339,000 | 356,597 | ||||||
2.65%, 07/15/26 (a) | 847,000 | 928,244 | ||||||
2.95%, 04/01/30 (a) | 1,221,000 | 1,364,797 | ||||||
3.60%, 04/01/50 (a) | 814,000 | 950,231 | ||||||
3.80%, 11/15/37 (a) | 257,000 | 308,914 | ||||||
4.00%, 07/15/46 - 11/15/47 (a) | 1,219,000 | 1,496,548 | ||||||
4.13%, 05/15/45 (a) | 234,000 | 290,754 | ||||||
Otis Worldwide Corp. | ||||||||
2.06%, 04/05/25 (a) | 1,005,000 | 1,065,913 | ||||||
2.57%, 02/15/30 (a) | 500,000 | 536,745 | ||||||
3.36%, 02/15/50 (a) | 475,000 | 551,784 | ||||||
Ovintiv Exploration Inc. | 4,004,000 | 4,284,801 | ||||||
Owens Corning | 352,000 | 424,801 | ||||||
Pacific Gas & Electric Co. | 1,220,000 | 1,220,451 | ||||||
Pacific Gas & Electric Co. | ||||||||
2.10%, 08/01/27 (a) | 680,000 | 691,757 | ||||||
3.30%, 08/01/40 (a) | 1,220,000 | 1,222,196 | ||||||
3.50%, 08/01/50 (a) | 530,000 | 525,755 | ||||||
PacifiCorp | ||||||||
2.70%, 09/15/30 (a) | 740,000 | 815,214 | ||||||
6.25%, 10/15/37 (a) | 1,156,000 | 1,736,555 | ||||||
Parker-Hannifin Corp. | 730,000 | 828,419 | ||||||
PartnerRe Finance B LLC (4.50% fixed rate until 04/01/30; 3.82% + 5 year CMT Rate thereafter) | 2,875,000 | 2,997,245 | ||||||
PayPal Holdings Inc. | ||||||||
2.65%, 10/01/26 (a) | 1,072,000 | 1,178,021 | ||||||
3.25%, 06/01/50 (a) | 613,000 | 704,447 | ||||||
PepsiCo Inc. | ||||||||
1.63%, 05/01/30 (a) | 785,000 | 805,441 | ||||||
2.63%, 07/29/29 (a) | 1,049,000 | 1,159,114 | ||||||
3.45%, 10/06/46 (a) | 269,000 | 323,666 | ||||||
Perrigo Finance Unlimited Co. | ||||||||
3.15%, 06/15/30 (a) | 740,000 | 793,421 | ||||||
4.38%, 03/15/26 (a) | 500,000 | 566,405 |
Principal or Number of Shares | Fair Value $ | |||||||
Petroleos Mexicanos | ||||||||
5.35%, 02/12/28 (a) | 434,000 | 428,631 | ||||||
5.63%, 01/23/46 (a) | 293,000 | 251,737 | ||||||
6.35%, 02/12/48 (a) | 471,000 | 425,125 | ||||||
6.49%, 01/23/27 (a) | 490,000 | 517,112 | ||||||
6.50%, 03/13/27 (a) | 1,170,000 | 1,233,484 | ||||||
7.69%, 01/23/50 (a) | 879,000 | 887,526 | ||||||
Pfizer Inc. | ||||||||
2.63%, 04/01/30 (a) | 542,000 | 601,073 | ||||||
2.70%, 05/28/50 (a) | 1,443,000 | 1,547,112 | ||||||
3.45%, 03/15/29 (a) | 403,000 | 470,410 | ||||||
3.60%, 09/15/28 (a) | 929,000 | 1,095,087 | ||||||
3.90%, 03/15/39 (a) | 457,000 | 570,034 | ||||||
4.13%, 12/15/46 (a) | 314,000 | 413,824 | ||||||
4.40%, 05/15/44 (a) | 186,000 | 250,369 | ||||||
Philip Morris International Inc. | ||||||||
1.50%, 05/01/25 (a) | 617,000 | 639,286 | ||||||
2.10%, 05/01/30 (a) | 415,000 | 432,260 | ||||||
3.38%, 08/15/29 (a) | 601,000 | 689,341 | ||||||
4.13%, 03/04/43 (a) | 234,000 | 287,088 | ||||||
Phillips 66 | 4,068,000 | 4,126,172 | ||||||
Phillips 66 Partners LP | ||||||||
3.15%, 12/15/29 (a) | 2,204,000 | 2,299,918 | ||||||
3.75%, 03/01/28 (a) | 301,000 | 327,380 | ||||||
4.68%, 02/15/45 (a) | 420,000 | 456,049 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
3.55%, 12/15/29 (a) | 1,180,000 | 1,235,472 | ||||||
3.65%, 06/01/22 (a) | 1,147,000 | 1,181,766 | ||||||
PPL Capital Funding Inc. | 707,000 | 781,991 | ||||||
Precision Castparts Corp. | 473,000 | 594,736 | ||||||
Prologis LP | 727,000 | 889,034 | ||||||
Prudential Financial Inc. | 826,000 | 1,006,894 | ||||||
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter) | 956,000 | 1,103,539 | ||||||
Public Service Company of Colorado | 869,000 | 1,014,584 | ||||||
Public Service Electric & Gas Co. | 1,299,000 | 1,356,364 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
PVH Corp. | 1,610,000 | 1,812,361 | ||||||
QUALCOMM Inc. | ||||||||
1.30%, 05/20/28 (a)(g) | 323,000 | 326,392 | ||||||
1.65%, 05/20/32 (a)(g) | 50,000 | 50,172 | ||||||
3.25%, 05/20/27 (a) | 57,000 | 64,728 | ||||||
4.30%, 05/20/47 (a) | 140,000 | 188,297 | ||||||
Quest Diagnostics Inc. | 288,000 | 317,771 | ||||||
Ralph Lauren Corp. | 290,000 | 295,327 | ||||||
Raytheon Technologies Corp. | ||||||||
3.13%, 05/04/27 (a) | 1,226,000 | 1,368,854 | ||||||
3.50%, 03/15/27 | 633,000 | 722,114 | ||||||
3.65%, 08/16/23 (a) | 32,000 | 34,505 | ||||||
3.95%, 08/16/25 (a) | 370,000 | 424,231 | ||||||
4.13%, 11/16/28 (a) | 151,000 | 180,105 | ||||||
4.15%, 05/15/45 (a) | 496,000 | 626,458 | ||||||
4.45%, 11/16/38 (a) | 391,000 | 497,141 | ||||||
4.50%, 06/01/42 (a) | 345,000 | 449,977 | ||||||
Realty Income Corp. | ||||||||
3.00%, 01/15/27 (a) | 234,000 | 258,771 | ||||||
3.25%, 01/15/31 (a) | 785,000 | 891,367 | ||||||
Regeneron Pharmaceuticals Inc. | ||||||||
1.75%, 09/15/30 (a) | 1,445,000 | 1,424,264 | ||||||
2.80%, 09/15/50 (a) | 645,000 | 624,637 | ||||||
Reliance Steel & Aluminum Co. | 1,505,000 | 1,549,051 | ||||||
Reynolds American Inc. | 41,000 | 46,737 | ||||||
Rio Tinto Finance USA PLC | 304,000 | 396,595 | ||||||
Rockwell Automation Inc. | 563,000 | 761,660 | ||||||
Rogers Communications Inc. | 215,000 | 294,851 | ||||||
Roper Technologies Inc. | 854,000 | 939,298 | ||||||
Ross Stores Inc. | 298,000 | 352,311 | ||||||
Royalty Pharma PLC | ||||||||
0.75%, 09/02/23 (a)(g) | 665,000 | 668,358 | ||||||
1.20%, 09/02/25 (a)(g) | 885,000 | 899,107 | ||||||
1.75%, 09/02/27 (a)(g) | 565,000 | 580,899 | ||||||
2.20%, 09/02/30 (a)(g) | 243,000 | 249,466 | ||||||
3.30%, 09/02/40 (a)(g) | 331,000 | 348,513 | ||||||
3.55%, 09/02/50 (a)(g) | 250,000 | 266,418 |
Principal or Number of Shares | Fair Value $ | |||||||
RPM International Inc. | 449,000 | 497,618 | ||||||
Ryder System Inc. | 2,081,000 | 2,286,582 | ||||||
Sabine Pass Liquefaction LLC | ||||||||
4.20%, 03/15/28 (a) | 405,000 | 464,774 | ||||||
4.50%, 05/15/30 (a)(g) | 465,000 | 552,764 | ||||||
5.00%, 03/15/27 (a) | 239,000 | 282,065 | ||||||
5.88%, 06/30/26 (a) | 1,212,000 | 1,465,769 | ||||||
Santander Holdings USA Inc. | 418,000 | 476,089 | ||||||
Santander UK Group Holdings PLC | 1,003,000 | 1,119,037 | ||||||
Saudi Arabian Oil Co. | ||||||||
3.50%, 04/16/29 (a)(g) | 1,243,000 | 1,381,296 | ||||||
4.38%, 04/16/49 (a)(g) | 256,000 | 310,313 | ||||||
Schlumberger Holdings Corp. | 922,000 | 1,040,117 | ||||||
Selective Insurance Group Inc. | 341,000 | 429,343 | ||||||
Sempra Energy | ||||||||
3.80%, 02/01/38 (a) | 311,000 | 359,401 | ||||||
4.00%, 02/01/48 (a) | 337,000 | 400,521 | ||||||
Shell International Finance BV | ||||||||
2.38%, 08/21/22 (a) | 1,083,000 | 1,120,483 | ||||||
3.13%, 11/07/49 (a) | 1,588,000 | 1,757,328 | ||||||
3.75%, 09/12/46 (a) | 237,000 | 286,490 | ||||||
4.13%, 05/11/35 (a) | 331,000 | 414,170 | ||||||
Shire Acquisitions Investments Ireland DAC | ||||||||
2.40%, 09/23/21 (a) | 206,000 | 208,563 | ||||||
2.88%, 09/23/23 (a) | 573,000 | 607,334 | ||||||
3.20%, 09/23/26 (a) | 224,000 | 250,504 | ||||||
Simon Property Group LP | 564,000 | 624,252 | ||||||
Societe Generale S.A. (1.49% fixed rate until 12/14/25; 1.10% + 1 year CMT Rate thereafter) | 2,066,000 | 2,084,677 | ||||||
Southern California Edison Co. | ||||||||
2.40%, 02/01/22 (a) | 908,000 | 923,490 | ||||||
4.00%, 04/01/47 (a) | 1,466,000 | 1,724,192 |
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, 2020
Principal or Number of Shares | Fair Value $ | |||||||
4.20%, 03/01/29 (a) | 1,113,000 | 1,304,247 | ||||||
Southern Company Gas Capital Corp. | ||||||||
3.95%, 10/01/46 (a) | 797,000 | 937,583 | ||||||
4.40%, 05/30/47 (a) | 126,000 | 158,354 | ||||||
Southern Copper Corp. | 525,000 | 760,478 | ||||||
Southwest Airlines Co. | 1,213,000 | 1,236,860 | ||||||
Southwestern Electric Power Co. | 634,000 | 688,847 | ||||||
Spectra Energy Partners LP | ||||||||
3.38%, 10/15/26 (a) | 170,000 | 189,865 | ||||||
4.50%, 03/15/45 (a) | 127,000 | 149,208 | ||||||
Spirit Realty LP | 949,000 | 1,067,312 | ||||||
Standard Chartered PLC (2.82% fixed rate until 01/30/25; 1.21% + 3 month USD LIBOR thereafter) | 1,510,000 | 1,599,860 | ||||||
Starbucks Corp. | 489,000 | 581,661 | ||||||
Steel Dynamics Inc. | ||||||||
3.25%, 10/15/50 (a) | 417,000 | 433,367 | ||||||
3.45%, 04/15/30 (a) | 612,000 | 692,760 | ||||||
Stryker Corp. | ||||||||
1.95%, 06/15/30 (a) | 1,629,000 | 1,676,094 | ||||||
2.90%, 06/15/50 (a) | 740,000 | 784,652 | ||||||
Sumitomo Mitsui Financial Group Inc. | 3,952,000 | 4,192,163 | ||||||
Suncor Energy Inc. | 186,000 | 210,773 | ||||||
Sunoco Logistics Partners Operations LP | 525,000 | 566,916 | ||||||
Sysco Corp. | ||||||||
3.25%, 07/15/27 (a) | 478,000 | 533,438 | ||||||
5.95%, 04/01/30 (a) | 240,000 | 315,509 | ||||||
6.60%, 04/01/50 (a) | 200,000 | 306,998 | ||||||
T-Mobile USA Inc. | ||||||||
3.50%, 04/15/25 (a)(g) | 1,003,000 | 1,109,729 | ||||||
3.75%, 04/15/27 (a)(g) | 1,832,000 | 2,089,341 | ||||||
3.88%, 04/15/30 (a)(g) | 500,000 | 578,045 | ||||||
4.50%, 04/15/50 (a)(g) | 240,000 | 297,406 |
Principal or Number of Shares | Fair Value $ | |||||||
Takeda Pharmaceutical Company Ltd. | ||||||||
2.05%, 03/31/30 (a) | 200,000 | 204,302 | ||||||
3.03%, 07/09/40 (a) | 300,000 | 317,082 | ||||||
3.18%, 07/09/50 (a) | 300,000 | 319,095 | ||||||
3.38%, 07/09/60 (a) | 300,000 | 330,933 | ||||||
4.00%, 11/26/21 (a) | 2,490,000 | 2,561,065 | ||||||
Tampa Electric Co. | 960,000 | 1,209,917 | ||||||
Target Corp. | 502,000 | 554,795 | ||||||
Teck Resources Ltd. | ||||||||
3.90%, 07/15/30 | 825,000 | 918,497 | ||||||
5.40%, 02/01/43 (a) | 490,000 | 581,949 | ||||||
Telefonica Emisiones S.A. | 813,000 | 940,397 | ||||||
Texas Instruments Inc. | 629,000 | 788,363 | ||||||
The Allstate Corp. | 292,000 | 386,132 | ||||||
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) | 1,069,000 | 1,144,856 | ||||||
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter) | 1,038,000 | 1,103,145 | ||||||
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter) | 1,036,000 | 1,038,694 | ||||||
The Boeing Co. | ||||||||
2.70%, 02/01/27 (a) | 1,519,000 | 1,579,213 | ||||||
2.95%, 02/01/30 (a) | 493,000 | 509,801 | ||||||
3.25%, 03/01/28 (a) | 249,000 | 263,684 | ||||||
3.55%, 03/01/38 (a) | 335,000 | 342,749 | ||||||
3.75%, 02/01/50 (a) | 437,000 | 457,015 | ||||||
5.04%, 05/01/27 (a) | 2,232,000 | 2,611,552 | ||||||
5.15%, 05/01/30 (a) | 1,607,000 | 1,945,097 | ||||||
5.81%, 05/01/50 (a) | 1,428,000 | 1,966,385 | ||||||
The Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT Rate thereafter) | 2,058,000 | 2,160,427 |
See Notes to Schedules of Investments and Notes to Financial Statements.
30 | GE RSP Income Fund |
Table of Contents
GE RSP Income Fund
Schedule of Investments, continued — December 31, 2020
Principal or Number of Shares | Fair Value $ | |||||||
The Cleveland Electric Illuminating Co. | 1,964,000 | 2,265,533 | ||||||
The Clorox Co. | 1,140,000 | 1,173,391 | ||||||
The Coca-Cola Co. | ||||||||
2.60%, 06/01/50 (a) | 1,633,000 | 1,715,989 | ||||||
2.75%, 06/01/60 (a) | 830,000 | 893,761 | ||||||
The Dow Chemical Co. | ||||||||
2.10%, 11/15/30 (a) | 623,000 | 637,659 | ||||||
3.60%, 11/15/50 (a) | 623,000 | 698,539 | ||||||
4.25%, 10/01/34 (a) | 551,000 | 665,228 | ||||||
5.55%, 11/30/48 (a) | 447,000 | 643,188 | ||||||
The Estee Lauder Companies Inc. | ||||||||
2.38%, 12/01/29 (a) | 630,000 | 681,729 | ||||||
3.13%, 12/01/49 (a) | 500,000 | 577,075 | ||||||
The George Washington University | 905,000 | 1,138,888 | ||||||
The Goldman Sachs Group Inc. | ||||||||
2.60%, 02/07/30 (a) | 735,000 | 790,764 | ||||||
3.50%, 04/01/25 - 11/16/26 (a) | 2,364,000 | 2,645,962 | ||||||
3.85%, 01/26/27 (a) | 3,156,000 | 3,606,330 | ||||||
4.25%, 10/21/25 (a) | 818,000 | 937,060 | ||||||
5.15%, 05/22/45 (a) | 320,000 | 448,032 | ||||||
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter) | 1,118,000 | 1,140,729 | ||||||
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter) | 1,208,000 | 1,250,703 | ||||||
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter) | 470,000 | 543,945 | ||||||
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter) | 490,000 | 597,462 |
Principal or Number of Shares | Fair Value $ | |||||||
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter) | 780,000 | 923,738 | ||||||
The Hartford Financial Services Group Inc. | 1,760,000 | 1,921,216 | ||||||
The Hartford Financial Services Group Inc. (2.35% fixed rate until 02/01/2021; 2.13% + 3 month USD LIBOR) | 1,075,000 | 940,550 | ||||||
The Home Depot Inc. | ||||||||
2.70%, 04/15/30 (a) | 467,000 | 520,738 | ||||||
3.35%, 04/15/50 (a) | 812,000 | 968,716 | ||||||
3.50%, 09/15/56 (a) | 446,000 | 551,162 | ||||||
3.90%, 12/06/28 - 06/15/47 (a) | 923,000 | 1,148,438 | ||||||
4.50%, 12/06/48 (a) | 364,000 | 511,533 | ||||||
The Kroger Co. | ||||||||
2.20%, 05/01/30 (a) | 735,000 | 772,860 | ||||||
2.95%, 11/01/21 (a) | 1,341,000 | 1,366,828 | ||||||
4.65%, 01/15/48 (a) | 310,000 | 406,453 | ||||||
The Mosaic Co. | ||||||||
5.63%, 11/15/43 (a) | 130,000 | 168,373 | ||||||
The Sherwin-Williams Co. | ||||||||
2.75%, 06/01/22 (a) | 17,000 | 17,508 | ||||||
3.45%, 06/01/27 (a) | 7,000 | 7,933 | ||||||
4.50%, 06/01/47 (a) | 116,000 | 154,491 | ||||||
The Southern Co. | ||||||||
3.25%, 07/01/26 (a) | 290,000 | 325,209 | ||||||
4.40%, 07/01/46 (a) | 115,000 | 144,691 | ||||||
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter) | 1,101,000 | 1,245,209 | ||||||
The Travelers Companies Inc. | 730,000 | 767,427 | ||||||
The Walt Disney Co. | ||||||||
2.65%, 01/13/31 (a) | 1,195,000 | 1,310,043 | ||||||
3.38%, 11/15/26 (a) | 179,000 | 201,898 | ||||||
3.60%, 01/13/51 (a) | 1,221,000 | 1,480,023 | ||||||
4.75%, 11/15/46 (a) | 119,000 | 160,945 | ||||||
6.65%, 11/15/37 (a) | 795,000 | 1,251,203 |
See Notes to Schedules of Investments and Notes to Financial Statements.
GE RSP Income Fund | 31 |
Table of Contents
GE RSP Income Fund
Schedule of Investments, continued — December 31, 2020
Principal or Number of Shares | Fair Value $ | |||||||
The Williams Companies Inc. | ||||||||
3.75%, 06/15/27 (a) | 195,000 | 223,006 | ||||||
4.85%, 03/01/48 (a) | 405,000 | 499,049 | ||||||
4.90%, 01/15/45 (a) | 953,000 | 1,134,766 | ||||||
5.40%, 03/04/44 (a) | 135,000 | 166,609 | ||||||
Thermo Fisher Scientific Inc. | ||||||||
4.13%, 03/25/25 (a) | 42,000 | 47,781 | ||||||
4.50%, 03/25/30 (a) | 275,000 | 343,173 | ||||||
Time Warner Cable LLC | ||||||||
4.50%, 09/15/42 (a) | 118,000 | 137,478 | ||||||
6.55%, 05/01/37 (a) | 360,000 | 494,093 | ||||||
Total Capital International S.A. | ||||||||
3.46%, 02/19/29 (a) | 1,569,000 | 1,816,651 | ||||||
Trane Technologies Luxembourg Finance S.A. | ||||||||
3.55%, 11/01/24 (a) | 604,000 | 667,426 | ||||||
3.80%, 03/21/29 (a) | 1,113,000 | 1,305,872 | ||||||
TransCanada PipeLines Ltd. | ||||||||
4.25%, 05/15/28 (a) | 1,128,000 | 1,334,683 | ||||||
4.88%, 01/15/26 (a) | 201,000 | 239,031 | ||||||
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter) | 1,592,000 | 1,727,861 | ||||||
Transcontinental Gas Pipe Line Company LLC | 530,000 | 607,990 | ||||||
Truist Bank (3.50% fixed rate until 08/02/21; 0.59% + 3 month USD LIBOR thereafter) | 811,000 | 825,760 | ||||||
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter) | 2,197,000 | 2,311,991 | ||||||
TSMC Global Ltd. |
| |||||||
0.75%, 09/28/25 (a)(g) | 4,091,000 | 4,082,327 | ||||||
1.00%, 09/28/27 (a)(g) | 566,000 | 560,595 | ||||||
1.38%, 09/28/30 (a)(g) | 1,066,000 | 1,048,198 | ||||||
TWDC Enterprises 18 Corp. | 261,000 | 332,083 |
Principal or Number of Shares | Fair Value $ | |||||||
Tyco Electronics Group S.A. | 539,000 | 597,573 | ||||||
Tyson Foods Inc. | ||||||||
4.00%, 03/01/26 (a) | 1,569,000 | 1,803,267 | ||||||
4.55%, 06/02/47 (a) | 149,000 | 197,541 | ||||||
U.S. Bancorp (5.13% fixed rate until 02/01/21; 3.49% + 3 month USD LIBOR thereafter) | 1,379,000 | 1,378,490 | ||||||
UBS Group AG (2.86% fixed rate until 08/15/22; 0.95% + 3 month USD LIBOR thereafter) | 890,000 | 922,957 | ||||||
UBS Group AG (3.13% fixed rate until 08/13/29; 1.47% + 3 month USD LIBOR thereafter) | 1,291,000 | 1,443,945 | ||||||
UDR Inc. | ||||||||
2.10%, 08/01/32 (a) | 1,030,000 | 1,049,570 | ||||||
3.00%, 08/15/31 (a) | 655,000 | 722,458 | ||||||
UniCredit S.p.A. (2.57% fixed rate until 09/22/25; 2.30% + 1 year CMT Rate thereafter) | 2,140,000 | 2,182,821 | ||||||
Union Pacific Corp. | ||||||||
3.50%, 06/08/23 (a) | 871,000 | 933,607 | ||||||
3.60%, 09/15/37 (a) | 171,000 | 198,476 | ||||||
4.10%, 09/15/67 (a) | 303,000 | 379,859 | ||||||
4.30%, 03/01/49 (a) | 438,000 | 573,583 | ||||||
UnitedHealth Group Inc. | ||||||||
2.00%, 05/15/30 (a) | 1,285,000 | 1,364,310 | ||||||
4.45%, 12/15/48 (a) | 879,000 | 1,212,686 | ||||||
4.75%, 07/15/45 (a) | 760,000 | 1,068,370 | ||||||
Unum Group | 414,000 | 469,368 | ||||||
Utah Acquisition Sub Inc. | ||||||||
3.15%, 06/15/21 (a) | 501,000 | 505,805 | ||||||
3.95%, 06/15/26 (a) | 162,000 | 185,369 | ||||||
Vale S.A. | 235,000 | 315,441 | ||||||
Valero Energy Corp. | ||||||||
2.85%, 04/15/25 (a) | 819,000 | 873,791 | ||||||
4.00%, 04/01/29 (a) | 1,080,000 | 1,215,367 |
See Notes to Schedules of Investments and Notes to Financial Statements.
32 | GE RSP Income Fund |
Table of Contents
GE RSP Income Fund
Schedule of Investments, continued — December 31, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Ventas Realty LP | 611,000 | 672,198 | ||||||
VEREIT Operating Partnership LP | 770,000 | 804,858 | ||||||
Verizon Communications Inc. | ||||||||
3.00%, 03/22/27 (a) | 2,848,000 | 3,156,324 | ||||||
4.33%, 09/21/28 (a) | 664,000 | 798,340 | ||||||
4.40%, 11/01/34 (a) | 1,278,000 | 1,595,481 | ||||||
4.52%, 09/15/48 (a) | 496,000 | 642,300 | ||||||
4.67%, 03/15/55 (a) | 413,000 | 553,304 | ||||||
4.86%, 08/21/46 (a) | 1,670,000 | 2,243,361 | ||||||
5.25%, 03/16/37 (a) | 401,000 | 547,301 | ||||||
ViacomCBS Inc. | ||||||||
2.90%, 01/15/27 (a) | 301,000 | 330,344 | ||||||
3.45%, 10/04/26 (a) | 387,000 | 418,289 | ||||||
3.70%, 06/01/28 (a) | 370,000 | 422,536 | ||||||
5.25%, 04/01/44 (a) | 134,000 | 174,542 | ||||||
Virginia Electric & Power Co. | 813,000 | 1,036,616 | ||||||
Visa Inc. | ||||||||
2.00%, 08/15/50 (a) | 1,035,000 | 984,533 | ||||||
2.05%, 04/15/30 (a) | 775,000 | 828,707 | ||||||
2.70%, 04/15/40 (a) | 843,000 | 920,977 | ||||||
Vistra Operations Company LLC | 2,041,000 | 2,211,342 | ||||||
Vodafone Group PLC | ||||||||
4.38%, 05/30/28 (a) | 562,000 | 674,012 | ||||||
5.25%, 05/30/48 (a) | 295,000 | 409,584 | ||||||
Volkswagen Group of America Finance LLC | ||||||||
1.63%, 11/24/27 (g) | 2,067,000 | 2,087,277 | ||||||
Vornado Realty LP | ||||||||
3.50%, 01/15/25 (a) | 373,000 | 393,813 | ||||||
Vulcan Materials Co. | ||||||||
3.90%, 04/01/27 (a) | 245,000 | 285,614 | ||||||
Walmart Inc. | ||||||||
3.63%, 12/15/47 (a) | 373,000 | 472,509 | ||||||
3.70%, 06/26/28 (a) | 777,000 | 914,545 | ||||||
3.95%, 06/28/38 (a) | 362,000 | 460,920 | ||||||
4.05%, 06/29/48 (a) | 491,000 | 664,559 | ||||||
WEC Energy Group Inc. | ||||||||
3.55%, 06/15/25 (a) | 460,000 | 512,845 | ||||||
Wells Fargo & Co. | ||||||||
4.15%, 01/24/29 (a) | 1,510,000 | 1,791,237 | ||||||
4.75%, 12/07/46 (a) | 1,699,000 | 2,224,603 | ||||||
Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter) | ||||||||
1.65%, 06/02/24 (a)(b) | 1,060,000 | 1,089,542 |
Principal or Number of Shares | Fair Value $ | |||||||
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter) | ||||||||
2.19%, 04/30/26 (a)(b) | 1,270,000 | 1,336,713 | ||||||
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | ||||||||
2.39%, 06/02/28 (a)(b) | 1,315,000 | 1,399,423 | ||||||
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | ||||||||
3.07%, 04/30/41 (a)(b) | 1,700,000 | 1,843,225 | ||||||
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter) | ||||||||
3.20%, 06/17/27 (a)(b) | 3,985,000 | 4,421,676 | ||||||
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter) | ||||||||
5.88%, 12/29/49 (a)(b) | 782,000 | 880,313 | ||||||
Western Midstream Operating LP | ||||||||
5.38%, 06/01/21 (a) | 1,488,000 | 1,500,514 | ||||||
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter) | ||||||||
2.89%, 02/04/30 (a)(b) | 1,625,000 | 1,704,040 | ||||||
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter) | ||||||||
4.11%, 07/24/34 (a)(b) | 910,000 | 1,033,896 | ||||||
Willis North America Inc. | ||||||||
3.60%, 05/15/24 (a) | 599,000 | 654,258 | ||||||
3.88%, 09/15/49 (a) | 823,000 | 1,007,574 | ||||||
WPP Finance 2010 | ||||||||
3.75%, 09/19/24 (a) | 350,000 | 388,175 | ||||||
WRKCo Inc. | ||||||||
3.00%, 09/15/24 (a) | 507,000 | 545,177 | ||||||
Xcel Energy Inc. | ||||||||
3.40%, 06/01/30 (a) | 1,015,000 | 1,166,326 | ||||||
Zoetis Inc. | ||||||||
3.00%, 09/12/27 (a) | 237,000 | 265,298 | ||||||
3.90%, 08/20/28 (a) | 557,000 | 656,608 | ||||||
|
| |||||||
885,672,974 | ||||||||
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
GE RSP Income Fund | 33 |
Table of Contents
GE RSP Income Fund
Schedule of Investments, continued — December 31, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Non-Agency Collateralized Mortgage Obligations - 8.5% |
| |||||||
Banc of America Commercial Mortgage Trust 2015-UBS7 | ||||||||
4.36%, 09/15/48 (a)(b) | 2,456,000 | 2,182,086 | ||||||
Banc of America Commercial Mortgage Trust 2016-UBS10 | ||||||||
4.90%, 07/15/49 (a)(b) | 2,522,000 | 2,375,941 | ||||||
BANK 2017-BNK7 | ||||||||
3.18%, 09/15/60 (a) | 20,509,000 | 22,815,955 | ||||||
BANK 2018-BNK15 | ||||||||
4.41%, 11/15/61 (a)(b) | 8,550,000 | 10,302,548 | ||||||
BANK 2019-BNK17 | ||||||||
4.52%, 04/15/52 (a)(b) | 1,053,000 | 1,206,554 | ||||||
BX Commercial Mortgage Trust 2018-IND 0.75% + 1 month USD LIBOR | ||||||||
0.91%, 11/15/35 (a)(b)(g) | 1,935,943 | 1,935,236 | ||||||
Cantor Commercial Real Estate Lending 2019-CF | ||||||||
3 3.01%, 01/15/53 (a) | 4,022,000 | 4,480,809 | ||||||
CD 2019-CD8 Mortgage Trust | ||||||||
2.91%, 08/15/57 (a) | 7,323,000 | 8,104,127 | ||||||
CFCRE Commercial Mortgage Trust 2016-C7 | ||||||||
4.43%, 12/10/54 (b) | 2,447,000 | 2,194,519 | ||||||
Citigroup Commercial Mortgage Trust 2015-GC35 | ||||||||
4.49%, 11/10/48 (a)(b) | 2,448,000 | 2,217,264 | ||||||
Citigroup Commercial Mortgage Trust 2015-P1 | ||||||||
3.72%, 09/15/48 (a) | 12,152,000 | 13,658,908 | ||||||
Citigroup Commercial Mortgage Trust 2016-P5 | ||||||||
2.94%, 10/10/49 (a) | 3,484,742 | 3,809,990 | ||||||
Citigroup Commercial Mortgage Trust 2016-P6 | ||||||||
4.03%, 12/10/49 (a)(b) | 2,942,926 | 3,268,573 | ||||||
COMM 2012-CCRE3 Mortgage Trust | ||||||||
3.92%, 10/15/45 (g) | 1,602,000 | 1,575,327 | ||||||
COMM 2013-LC13 Mortgage Trust | ||||||||
4.56%, 08/10/46 (a)(b)(g) | 1,375,000 | 1,484,607 | ||||||
COMM 2014-CR14 Mortgage Trust | ||||||||
4.53%, 02/10/47 (a)(b) | 1,940,000 | 2,117,308 |
Principal or Number of Shares | Fair Value $ | |||||||
CSAIL 2015-C3 Commercial Mortgage Trust | ||||||||
4.13%, 08/15/48 (a)(b) | 1,822,454 | 1,724,922 | ||||||
CSAIL 2016-C7 Commercial Mortgage Trust | ||||||||
4.34%, 11/15/49 (b) | 4,077,000 | 4,102,917 | ||||||
GS Mortgage Securities Trust 2012-GCJ9 | ||||||||
1.93%, 11/10/45 (a)(b)(c) | 5,346,465 | 143,664 | ||||||
GS Mortgage Securities Trust 2014-GC24 | ||||||||
4.51%, 09/10/47 (a)(b) | 3,298,000 | 3,269,675 | ||||||
GS Mortgage Securities Trust 2015-GS1 | ||||||||
4.42%, 11/10/48 (a)(b) | 3,270,000 | 2,856,931 | ||||||
GS Mortgage Securities Trust 2016-GS3 | ||||||||
2.85%, 10/10/49 (a) | 2,912,000 | 3,171,824 | ||||||
GS Mortgage Securities Trust 2017-GS8 | ||||||||
3.47%, 11/10/50 (a) | 7,000,045 | 7,956,579 | ||||||
GS Mortgage Securities Trust 2018-GS9 | ||||||||
4.14%, 03/10/51 (a)(b) | 2,609,000 | 3,017,259 | ||||||
GS Mortgage Securities Trust 2019-GC42 | ||||||||
2.75%, 09/01/52 (a) | 13,110,000 | 14,252,118 | ||||||
GS Mortgage Securities Trust 2019-GSA1 | ||||||||
3.05%, 11/10/52 (a) | 6,397,000 | 7,176,811 | ||||||
Impac CMB Trust 2004-5 0.72% + 1 month USD LIBOR | ||||||||
0.87,% 10/25/34 (a)(b) | 317,823 | 311,436 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 | ||||||||
1.49%, 12/15/47 (a)(b)(c) | 4,558,056 | 104,151 | ||||||
JPMBB Commercial Mortgage Securities Trust 2013-C12 | ||||||||
4.04%, 07/15/45 (a)(b) | 1,010,000 | 1,071,962 | ||||||
JPMBB Commercial Mortgage Securities Trust 2015-C32 | ||||||||
4.65%, 11/15/48 (a)(b) | 2,174,000 | 1,770,714 |
See Notes to Schedules of Investments and Notes to Financial Statements.
34 | GE RSP Income Fund |
Table of Contents
GE RSP Income Fund
Schedule of Investments, continued — December 31, 2020
Principal or Number of Shares | Fair Value $ | |||||||
MASTR Alternative Loan Trust 2003-5 | ||||||||
5.00%, 08/25/18 (a)(c) | 9,379 | 99 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 | ||||||||
4.12%, 02/15/46 (b) | 3,391,000 | 2,910,567 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 | ||||||||
0.88%, 03/15/48 (a)(b)(c) | 27,925,828 | 796,880 | ||||||
Morgan Stanley Capital I Trust 2006-IQ11 | ||||||||
5.99%, 10/15/42 (a)(b) | 258,064 | 256,595 | ||||||
Morgan Stanley Capital I Trust 2016-UBS12 | ||||||||
4.03%, 12/15/49 (b) | 3,468,000 | 3,235,788 | ||||||
UBS Commercial Mortgage Trust 2012-C1 | ||||||||
5.57%, 05/10/45 (a)(b)(g) | 2,236,000 | 2,151,462 | ||||||
UBS Commercial Mortgage Trust 2018-C12 | ||||||||
4.79%, 08/15/51 (a)(b) | 1,869,000 | 2,150,654 | ||||||
UBS-Barclays Commercial Mortgage Trust 2013-C6 | ||||||||
3.88%, 04/10/46 (b)(g) | 8,161,000 | 8,162,290 | ||||||
Wells Fargo Commercial Mortgage Trust 2014-LC16 | ||||||||
4.32%, 08/15/50 | 8,162,000 | 8,031,237 | ||||||
Wells Fargo Commercial Mortgage Trust 2015-C26 | ||||||||
1.21%, 02/15/48 (a)(b)(c) | 21,816,816 | 901,486 | ||||||
Wells Fargo Commercial Mortgage Trust 2019-C50 | ||||||||
4.35%, 05/15/52 (a) | 1,505,000 | 1,492,523 | ||||||
WFRBS Commercial Mortgage Trust 2012-C10 | ||||||||
3.74%, 12/15/45 (a) | 2,166,000 | 2,027,382 | ||||||
WFRBS Commercial Mortgage Trust 2013-C17 | ||||||||
4.26%, 12/15/46 (a) | 1,880,000 | 2,037,884 |
Principal or Number of Shares | Fair Value $ | |||||||
WFRBS Commercial Mortgage Trust 2014-C20 | ||||||||
4.38%, 05/15/47 | 3,259,000 | 3,322,656 | ||||||
WFRBS Commercial Mortgage Trust 2014-LC14 | ||||||||
4.35%, 03/15/47 (a)(b) | 4,333,000 | 4,721,073 | ||||||
|
| |||||||
176,859,291 | ||||||||
|
| |||||||
Sovereign Bonds - 1.2% |
| |||||||
Government of Chile |
| |||||||
2.55%, 01/27/32 (a) | 2,507,000 | 2,698,986 | ||||||
3.63%, 10/30/42 (a) | 150,000 | 175,763 | ||||||
3.86%, 06/21/47 (a) | 860,000 | 1,050,550 | ||||||
Government of Colombia | ||||||||
2.63%, 03/15/23 (a) | 711,000 | 734,911 | ||||||
3.88%, 04/25/27 (a) | 1,185,000 | 1,319,438 | ||||||
5.00%, 06/15/45 (a) | 1,271,000 | 1,555,018 | ||||||
Government of Indonesia | ||||||||
3.50%, 01/11/28 (a) | 578,000 | 647,857 | ||||||
4.35%, 01/11/48 (a) | 232,000 | 277,423 | ||||||
Government of Mexico | ||||||||
3.60%, 01/30/25 (a) | 1,402,000 | 1,561,337 | ||||||
4.00%, 10/02/23 (a) | 620,000 | 678,838 | ||||||
4.60%, 02/10/48 (a) | 972,000 | 1,141,779 | ||||||
4.75%, 03/08/44 (a) | 2,068,000 | 2,459,659 | ||||||
Government of Panama | ||||||||
3.16%, 01/23/30 (a) | 1,217,000 | 1,351,186 | ||||||
3.87%, 07/23/60 (a) | 826,000 | 973,738 | ||||||
4.50%, 05/15/47 (a) | 530,000 | 683,159 | ||||||
Government of Peru | ||||||||
1.86%, 12/01/32 | 1,230,000 | 1,245,129 | ||||||
2.78%, 12/01/60 | 2,055,000 | 2,078,201 | ||||||
5.63%, 11/18/50 (a) | 884,000 | 1,390,143 | ||||||
Government of Philippines | 835,000 | 994,694 | ||||||
Government of Qatar | ||||||||
3.38%, 03/14/24 (a)(g) | 1,045,000 | 1,133,418 | ||||||
4.82%, 03/14/49 (a)(g) | 275,000 | 375,205 | ||||||
Government of Uruguay | 884,133 | 1,241,504 | ||||||
|
| |||||||
25,767,936 | ||||||||
|
| |||||||
Municipal Bonds and Notes - 0.4% |
| |||||||
American Municipal Power Inc. | 1,080,000 | 1,533,481 | ||||||
Board of Regents of the University of Texas System | 1,025,000 | 1,230,769 |
See Notes to Schedules of Investments and Notes to Financial Statements.
GE RSP Income Fund | 35 |
Table of Contents
GE RSP Income Fund
Schedule of Investments, continued — December 31, 2020
Principal or Number of Shares | Fair Value $ | |||||||
Port Authority of New York & New Jersey | 1,870,000 | 2,487,736 | ||||||
State of California | 1,840,000 | 2,212,342 | ||||||
State of Illinois | 745,000 | 801,777 | ||||||
|
| |||||||
8,266,105 | ||||||||
|
| |||||||
FNMA (TBA) - 0.0%* |
| |||||||
Lehman | 1,140,372 | 26,343 | ||||||
|
| |||||||
Total Bonds and Notes (Cost $1,840,896,894) |
| 1,966,110,946 | ||||||
|
|
Principal or Number of Shares | Fair Value $ | |||||||
Domestic Equity - 0.1% |
| |||||||
Preferred Stock - 0.1% |
| |||||||
Wells Fargo & Co. 5.85%, 3.09% + 3 month USD LIBOR | 55,034 | 1,477,663 | ||||||
|
| |||||||
Total Investments (Cost $1,842,272,744) |
| 1,967,588,609 | ||||||
Other Assets and Liabilities, net - 5.6% |
| 117,226,653 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| 2,084,815,262 | ||||||
|
|
Other Information:
Centrally Cleared Credit Default Swaps
Reference Entity | Counterparty | Notional Amount (000s omitted) | Contract Annual Fixed Rate/ Payment Frequency | Termination Date | Market Value | Unamortized Upfront Payments Received (Paid) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Sell Protection |
| |||||||||||||||||||||||||
Markit CDX North America High Yield Index | Intercontinental Exchange | $ | 47,320 | 5.00%/Quarterly | 06/20/25 | $ | 4,391,155 | $ | (2,639,569 | ) | $ | 7,030,723 | ||||||||||||||
|
|
The Fund had the following long futures contracts open at December 31, 2020:
Description | Expiration date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Ultra Long-Term U.S. Treasury Bond Futures | March 2021 | 220 | $ | 47,631,202 | $ | 46,984,385 | $ | (646,817 | ) | |||||||||||
U.S. Long Bond Futures | March 2021 | 103 | 17,954,870 | 17,838,313 | (116,557 | ) | ||||||||||||||
2 Yr. U.S. Treasury Notes Futures | March 2021 | 543 | 119,877,388 | 119,990,273 | 112,885 | |||||||||||||||
|
| |||||||||||||||||||
$ | (650,489 | ) | ||||||||||||||||||
|
|
The Fund had the following short futures contracts open at December 31, 2020:
Description | Expiration date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
5 Yr. U.S. Treasury Notes Futures | March 2021 | 332 | $ | (41,783,831 | ) | $ | (41,886,469 | ) | $ | (102,638 | ) | |||||||||
10 Yr. U.S. Treasury Ultra Futures | March 2021 | 442 | (69,321,988 | ) | (69,110,844 | ) | 211,144 | |||||||||||||
10 Yr. U.S. Treasury Notes Futures | March 2021 | 398 | (54,904,176 | ) | (54,955,094 | ) | (50,918 | ) | ||||||||||||
|
| |||||||||||||||||||
$ | 57,588 | |||||||||||||||||||
|
| |||||||||||||||||||
$ | (592,901 | ) | ||||||||||||||||||
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
36 | GE RSP Income Fund |
Table of Contents
GE RSP Income Fund
Schedule of Investments, continued — December 31, 2020
During the period ended December 31, 2020 average notional values related to derivative contracts were as follows:
Purchased | Purchased Call Options | Written Put Options | Written Call Contracts | Long Futures Contracts | Short Futures Contracts | Credit Default Swap Contracts | Interest Rate Swap Contracts | |||||||||||||||||||||||||
Average Notional Value | $ | — | $ | 318,246 | $ | — | $ | — | $ | 314,287,668 | $ | 149,126,443 | $ | 133,487,169 | $ | 72,305,650 |
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 Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s Supplemental Information Documents and Consolidated Profile for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) | At December 31, 2020, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs. |
(b) | Variable Rate Security—Interest rate shown is rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
(c) | 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. |
(d) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (“TBA”) in the future. |
(e) | 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. |
(f) | Coupon amount represents effective yield. |
(g) | 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, 2020, these securities amounted to $151,102,929 or 7.25% 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. |
(h) | Step coupon bond. |
(i) | Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Fund’s Board of Trustees. Security value is determined based on level 3 inputs. |
† | Percentages are based on net assets as of December 31, 2020. |
* | 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
SOFR - Secured Overnight Financing Rate
STRIPS - Separate Trading of Registered Interest and Principal of Security
TBA - To Be Announced
See Notes to Schedules of Investments and Notes to Financial Statements.
GE RSP Income Fund | 37 |
Table of Contents
GE RSP Income Fund
Schedule of Investments, continued — December 31, 2020
The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:
Fund | Investments | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
GE RSP Income Fund | Investments in Securities | |||||||||||||||||
U.S. Treasuries | $ | — | $ | 259,247,183 | $ | — | $ | 259,247,183 | ||||||||||
Agency Mortgage Backed | — | 549,896,027 | — | 549,896,027 | ||||||||||||||
Agency Collateralized Mortgage Obligations | — | 18,654,678 | — | 18,654,678 | ||||||||||||||
Asset Backed | — | 41,720,409 | — | 41,720,409 | ||||||||||||||
Corporate Notes | — | 885,672,974 | — | 885,672,974 | ||||||||||||||
Non-Agency Collateralized Mortgage Obligations | — | 176,859,291 | — | 176,859,291 | ||||||||||||||
Sovereign Bonds | — | 25,767,936 | — | 25,767,936 | ||||||||||||||
Municipal Bonds and Notes | — | 8,266,105 | — | 8,266,105 | ||||||||||||||
FNMA (TBA) | — | — | 26,343 | 26,343 | ||||||||||||||
Preferred Stock | 1,477,663 | — | — | 1,477,663 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments in Securities | $ | 1,477,663 | $ | 1,966,084,603 | $ | 26,343 | $ | 1,967,588,609 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
Other Financial Instruments | ||||||||||||||||||
Credit Default Swap Contracts - Unrealized Appreciation | $ | — | $ | 7,030,723 | $ | — | $ | 7,030,723 | ||||||||||
Long Futures Contracts - Unrealized Appreciation | 112,885 | — | — | 112,885 | ||||||||||||||
Long Futures Contracts - Unrealized Depreciation | (763,374 | ) | — | — | (763,374 | ) | ||||||||||||
Short Futures Contracts - Unrealized Appreciation | 211,144 | — | — | 211,144 | ||||||||||||||
Short Futures Contracts - Unrealized Depreciation | (153,556 | ) | — | — | (153,556 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Other Financial Instruments | $ | (592,901 | ) | $ | 7,030,723 | $ | — | $ | 6,437,822 | |||||||||
|
|
|
|
|
|
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
38 | GE RSP Income Fund |
Table of Contents
GE RSP U.S. Equity Fund
Selected data based on a share outstanding throughout the fiscal years indicated
12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | 12/31/16 | ||||||||||||||||
Net asset value, beginning of period | $ | 57.30 | $ | 46.05 | $ | 52.45 | $ | 49.27 | $ | 47.59 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income/(loss) from investment operations: |
| |||||||||||||||||||
Net investment income | 0.77 | (a) | 0.78 | (a) | 0.77 | (a) | 0.76 | (a) | 0.92 | |||||||||||
Net realized and unrealized gains/(losses) on investments | 12.86 | 14.07 | (2.41 | ) | 9.35 | 3.92 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total income/(loss) from investment operations | 13.63 | 14.85 | (1.64 | ) | 10.11 | 4.84 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | 0.81 | 0.77 | 0.81 | 0.81 | 0.91 | |||||||||||||||
Net realized gains | 3.73 | 2.83 | 3.95 | 6.12 | 2.25 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | 4.54 | 3.60 | 4.76 | 6.93 | 3.16 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 66.39 | $ | 57.30 | $ | 46.05 | $ | 52.45 | $ | 49.27 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(b) | 23.82 | % | 32.22 | % | (3.05 | )% | 20.50 | % | 10.13 | % | ||||||||||
Ratios/Supplemental Data: |
| |||||||||||||||||||
Net assets, end of period (in thousands) | $ | 6,229,783 | $ | 5,541,415 | $ | 4,700,274 | $ | 5,435,513 | $ | 4,914,567 | ||||||||||
Ratios to average net assets: |
| |||||||||||||||||||
Gross expenses | 0.14 | % | 0.14 | % | 0.14 | % | 0.14 | % | 0.16 | % | ||||||||||
Net investment income | 1.29 | % | 1.44 | % | 1.41 | % | 1.39 | % | 1.79 | % | ||||||||||
Portfolio turnover rate | 37 | % | 31 | % | 40 | % | 77 | % | 38 | % |
(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. |
The accompanying Notes are an integral part of these financial statements.
Financial Highlights | 39 |
Table of Contents
GE RSP Income Fund
Financial Highlights
Selected data based on a share outstanding throughout the fiscal years indicated
12/31/20 | 12/31/19 | 12/31/18 | 12/31/17 | 12/31/16 | ||||||||||||||||
Net asset value, beginning of period | $ | 11.85 | $ | 11.14 | $ | 11.55 | $ | 11.38 | $ | 11.36 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income/(loss) from investment operations: |
| |||||||||||||||||||
Net investment income | 0.26 | (a) | 0.31 | (a) | 0.32 | (a) | 0.29 | (a) | 0.31 | |||||||||||
Net realized and unrealized gains/(losses) on investments | 0.69 | 0.72 | (0.40 | ) | 0.16 | 0.09 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total income/(loss) from investment operations | 0.95 | 1.03 | (0.08 | ) | 0.45 | 0.40 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | 0.34 | 0.32 | 0.33 | 0.28 | 0.29 | |||||||||||||||
Net realized gains | 0.04 | — | — | — | 0.09 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | 0.38 | 0.32 | 0.33 | 0.28 | 0.38 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 12.42 | $ | 11.85 | $ | 11.14 | $ | 11.55 | $ | 11.38 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(b) | 8.20 | % | 9.38 | % | (0.75 | )% | 3.99 | % | 3.50 | % | ||||||||||
Ratios/Supplemental Data: |
| |||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,084,815 | $ | 2,024,704 | $ | 1,992,169 | $ | 2,329,674 | $ | 2,427,975 | ||||||||||
Ratios to average net assets: |
| |||||||||||||||||||
Gross expenses | 0.17 | % | 0.17 | % | 0.17 | % | 0.16 | % | 0.21 | % | ||||||||||
Net investment income | 2.16 | % | 2.67 | % | 2.86 | % | 2.55 | % | 2.66 | % | ||||||||||
Portfolio turnover rate | 110 | %(c) | 422 | % | 223 | % | 297 | % | 242 | % |
(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. |
(c) | The portfolio turnover calculated for the period ended 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 304%. |
The accompanying Notes are an integral part of these financial statements.
40 | Financial Highlights |
Table of Contents
GE RSP Funds
Statements of Assets and Liabilities — December 31, 2020
GE RSP U.S. Equity Fund | GE RSP Income Fund | |||||||
Assets | ||||||||
Investments in securities, at fair value (cost $3,681,452,262 and $1,842,272,744, respectively) | $ | 6,172,766,232 | $ | 1,967,588,609 | ||||
Cash, interest bearing | 54,349,439 | 302,038,315 | ||||||
Net cash at broker for futures contracts | — | 439,862 | ||||||
Income receivables | 6,410,995 | 10,343,435 | ||||||
Receivable for fund shares sold | — | 308,934 | ||||||
Receivable for accumulated variation margin on swap contracts | — | 4,453,725 | ||||||
Other assets | 5,338 | 2,098 | ||||||
|
|
|
| |||||
Total assets | 6,233,532,004 | 2,285,174,978 | ||||||
|
|
|
| |||||
Liabilities | ||||||||
Distribution payable to shareholders | 755,988 | 150,048 | ||||||
Net cash collateral on swap contracts due to broker | — | 4,329,530 | ||||||
Payable for investments purchased | — | 194,853,229 | ||||||
Payable for fund shares redeemed | 2,134,376 | 49,772 | ||||||
Payable for accumulated variation margin on futures contracts | — | 589,686 | ||||||
Payable to the Adviser | 622,458 | 228,788 | ||||||
Payable for custody, fund accounting and sub-administration fees | 38,212 | 16,519 | ||||||
Accrued other expenses | 197,723 | 142,144 | ||||||
|
|
|
| |||||
Total liabilities | 3,748,757 | 200,359,716 | ||||||
|
|
|
| |||||
Net Assets | $ | 6,229,783,247 | $ | 2,084,815,262 | ||||
|
|
|
| |||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 3,766,100,559 | $ | 1,939,401,107 | ||||
Total distributable earnings (loss) | $ | 2,463,682,688 | $ | 145,414,155 | ||||
|
|
|
| |||||
Net Assets | $ | 6,229,783,247 | $ | 2,084,815,262 | ||||
|
|
|
| |||||
Shares outstanding ($25.00 and $10.00 par value, respectively; unlimited shares authorized) | 93,838,310 | 167,898,075 | ||||||
Net asset value per share | $ | 66.39 | $ | 12.42 |
The accompanying Notes are an integral part of these financial statements.
Statements of Assets and Liabilities | 41 |
Table of Contents
GE RSP Funds
Statements of Operations — For the year ended December 31, 2020
GE RSP U.S. Equity Fund | GE RSP Income Fund | |||||||
Investment Income | ||||||||
Income | ||||||||
Dividend | $ | 77,666,037 | $ | — | ||||
Interest | 56,934 | 47,977,847 | ||||||
Less: Foreign taxes withheld | (1,376 | ) | (75 | ) | ||||
|
|
|
| |||||
Total income | 77,721,595 | 47,977,772 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Advisory and administration fees | 6,523,574 | 2,675,312 | ||||||
Transfer agent fees | 517,929 | 478,304 | ||||||
Custody, fund accounting and sub-administration fees | 340,023 | 286,272 | ||||||
Professional fees | 17,452 | 33,784 | ||||||
Other expenses | 139,336 | 39,536 | ||||||
|
|
|
| |||||
Total Expenses | 7,538,314 | 3,513,208 | ||||||
|
|
|
| |||||
Net investment income | $ | 70,183,281 | $ | 44,464,564 | ||||
|
|
|
| |||||
Net Realized and Unrealized Gain (Loss) on Investments | ||||||||
Realized gain (loss) on: | ||||||||
Investments | $ | 328,591,241 | $ | 67,651,614 | ||||
Futures | — | (2,465,063 | ) | |||||
Swap contracts | — | (18,558,979 | ) | |||||
Foreign currency transactions | (34 | ) | — | |||||
Increase (decrease) in unrealized appreciation/depreciation on: | ||||||||
Investments | 799,903,293 | 60,489,495 | ||||||
Futures | — | (1,233,001 | ) | |||||
Swap contracts | — | 9,163,864 | ||||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments | 1,128,494,500 | 115,047,930 | ||||||
|
|
|
| |||||
Net Increase in Net Assets Resulting from Operations | $ | 1,198,677,781 | $ | 159,512,494 | ||||
|
|
|
|
The accompanying Notes are an integral part of these financial statements.
42 | Statements of Operations |
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, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||
Increase (Decrease) in Net Assets |
| |||||||||||||||
Operations: |
| |||||||||||||||
Net investment income | $ | 70,183,281 | $ | 75,533,364 | $ | 44,464,564 | $ | 54,095,486 | ||||||||
Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions | 328,591,207 | 246,992,970 | 46,627,572 | 51,428,998 | ||||||||||||
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts | 799,903,293 | 1,122,037,278 | 68,420,358 | 75,572,625 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) from operations | 1,198,677,781 | 1,444,563,612 | 159,512,494 | 181,097,109 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to shareholders: |
| |||||||||||||||
Total distributions | (400,316,279 | ) | (328,895,329 | ) | (64,080,587 | ) | (56,663,793 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (decrease) in assets from operations and distributions | 798,361,502 | 1,115,668,283 | 95,431,907 | 124,433,316 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Share transactions: |
| |||||||||||||||
Proceeds from sale of shares | 55,418,614 | 20,879,021 | 48,154,654 | 34,357,470 | ||||||||||||
Value of distributions reinvested | 379,700,260 | 311,798,754 | 61,957,884 | 54,586,248 | ||||||||||||
Cost of shares redeemed | (545,111,984 | ) | (607,205,188 | ) | (145,433,304 | ) | (180,842,366 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) from share transactions | (109,993,110 | ) | (274,527,413 | ) | (35,320,766 | ) | (91,898,648 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | 688,368,392 | 841,140,870 | 60,111,141 | 32,534,668 | ||||||||||||
Net Assets |
| |||||||||||||||
Beginning of year | 5,541,414,855 | 4,700,273,985 | 2,024,704,121 | 1,992,169,453 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 6,229,783,247 | $ | 5,541,414,855 | $ | 2,084,815,262 | $ | 2,024,704,121 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Fund Shares |
| |||||||||||||||
Shares sold | 914,306 | 404,270 | 3,948,098 | 2,956,246 | ||||||||||||
Issued for distributions reinvested | 5,739,128 | 5,422,709 | 5,055,918 | 4,688,763 | ||||||||||||
Shares redeemed | (9,524,851 | ) | (11,183,222 | ) | (12,024,475 | ) | (15,628,926 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease in fund shares | (2,871,417 | ) | (5,356,243 | ) | (3,020,459 | ) | (7,983,917 | ) | ||||||||
|
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|
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The accompanying Notes are an integral part of these financial statements.
Statements of Changes in Net Assets | 43 |
Table of Contents
GE RSP Funds
Notes to Financial Statements — December 31, 2020
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”), as open-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 69% of the GE RSP U.S. Equity Fund and 76% 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 and registered investment companies that are exchange-traded funds) 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 |
44 | Notes to Financial Statements |
Table of Contents
GE RSP Funds
Notes to Financial Statements, continued — December 31, 2020
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. |
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 Fund values its 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 the Fund’s investments according to the fair value hierarchy as of December 31, 2020 is disclosed in the 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 the ex-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.
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.
Notes to Financial Statements | 45 |
Table of Contents
GE RSP Funds
Notes to Financial Statements, continued — December 31, 2020
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, 2020, 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 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. Securities deposited, if any, are designated on the Summary Schedule of Investments and cash deposited, if any, is included in Net Cash at broker on the Statement of Assets and Liabilities. 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.
46 | Notes to Financial Statements |
Table of Contents
GE RSP Funds
Notes to Financial Statements, continued — December 31, 2020
For the fiscal year ended December 31, 2020, 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 the Fund’s exposure to the underlying instrument while buying puts and writing calls tend to decrease the Fund’s exposure to the underlying instrument. The 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.
For the fiscal year ended December 31, 2020, the GE RSP Income Fund purchased and wrote options in order to hedge against changes in market conditions and interest rates.
Credit Default Swaps During the fiscal year ended December 31, 2020, 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 for non-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
Notes to Financial Statements | 47 |
Table of Contents
GE RSP Funds
Notes to Financial Statements, continued — December 31, 2020
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, 2020, the GE RSP Income Fund entered into interest rate swaps in order to manage exposure to interest rates.
The following tables summarize the value of the Fund’s derivative instruments as of December 31, 2020 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 | ||||||||||||||||||||||||
Swap Contracts | $ | — | $ | — | $ | 4,453,725 | $ | — | $ | — | $ | 4,453,725 |
Liability 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 | $ | (589,686 | ) | $ | — | $ | — | $ | — | $ | — | $ | (589,686 | ) |
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 | $ | (2,465,063 | ) | $ | — | $ | — | $ | — | $ | — | $ | (2,465,063 | ) | ||||||||||
Swap Contracts | (8,948,084 | ) | — | (9,610,895 | ) | — | — | (18,558,979 | ) | |||||||||||||||
Purchased Option Contracts(a) | 1,513,451 | — | — | — | — | 1,513,451 |
(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 | $ | (1,233,001 | ) | $ | — | $ | — | $ | — | $ | — | $ | (1,233,001 | ) | ||||||||||
Swap Contracts | 4,815,201 | — | 4,348,663 | — | — | 9,163,864 |
48 | Notes to Financial Statements |
Table of Contents
GE RSP Funds
Notes to Financial Statements, continued — December 31, 2020
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 | % |
Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Funds. Amounts paid by the Funds to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statements of Operations.
Other Transactions with Affiliates During the fiscal year ended December 31, 2019, the Adviser reimbursed the GE RSP U.S. Equity Fund in the amount totaling $34,143 due to a separate compliance and trading matter.
6. | Investment Transactions |
Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the year ended, December 31, 2020 were as follows:
U.S. Government Obligations | Non-U.S. Government Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
GE RSP U.S. Equity Fund | $ | — | $ | — | $ | 1,983,052,635 | $ | 2,415,118,000 | ||||||||
GE RSP Income Fund | 5,012,909,572 | 5,450,673,411 | 820,987,910 | 472,169,540 |
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 on ex-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. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for bond basis adjustments, swap contracts, futures contracts, foreign currency gains and losses, distribution re-designations, return of capital adjustments, and wash sale loss deferrals.
Notes to Financial Statements | 49 |
Table of Contents
GE RSP Funds
Notes to Financial Statements, continued — December 31, 2020
The tax character of distributions paid during the fiscal year ended December 31, 2020 was as follows:
Fund | Exempt Income | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total | |||||||||||||||
GE RSP U.S. Equity Fund | $ | — | $ | 96,916,006 | $ | 303,400,273 | $ | — | $ | 400,316,279 | ||||||||||
GE RSP Income Fund | — | 59,629,980 | 4,450,607 | — | 64,080,587 |
The tax character of distributions paid during the fiscal year ended December 31, 2019, was as follows:
Fund | Exempt Income | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total | |||||||||||||||
GE RSP U.S. Equity Fund | $ | — | $ | 74,112,841 | $ | 254,782,488 | $ | — | $ | 328,895,329 | ||||||||||
GE RSP Income Fund | — | 56,663,793 | — | — | 56,663,793 |
At December 31, 2020, 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 | $ | 5,331,293 | $ | — | $ | 155,077 | $ | 2,458,196,318 | $ | 2,463,682,688 | ||||||||||
GE RSP Income Fund | 29,116,361 | — | 1,687,425 | 114,610,369 | 145,414,155 |
As of December 31, 2020, gross unrealized appreciation and gross unrealized depreciation of investments 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 | $ | 3,714,569,914 | $ | 2,532,332,228 | $ | 74,135,910 | $ | 2,458,196,318 | ||||||||
GE RSP Income Fund | 1,842,010,807 | 136,788,640 | 4,773,016 | 132,015,624 |
8. | Risks |
Concentration Risk As a result of a Fund’s ability to invest a large percentage of its 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 a Fund’s investments more than if a Fund was 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. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund’s investments.
Credit Risk A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.
Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses,
50 | Notes to Financial Statements |
Table of Contents
GE RSP Funds
Notes to Financial Statements, continued — December 31, 2020
and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.
9. | Line of Credit |
The Funds and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of 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 in October 2021 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 1.25% plus the New York Fed Bank Rate. Prior to October 8, 2020, interest was calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.
The Funds had no outstanding loans as of December 31, 2020.
10. | New Accounting Pronouncement |
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848)”. In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the guidance.
11. | Subsequent Events |
Proposed reorganization of the Funds: On January 19, 2021, the Board of Trustees of each Fund approved the reorganization of that Fund into a corresponding newly organized series of State Street Institutional Investment Trust (each, a “State Street Fund”), as lised in the table below.
RSP Fund | Corresponding New State Street Fund | |
General Electric RSP U.S. Equity Fund | State Street U.S. Core Equity Fund | |
General Electric RSP Income Fund | State Street Income Fund |
The reorganization of each Fund into the corresponding State Street Fund is subject to approval of the holders of a majority of the units of that Fund. If required approval is obtained, and other customary closing conditions are satisfied, each reorganization is expected to be completed sometime in May 2021.
Notes to Financial Statements | 51 |
Table of Contents
GE RSP Funds
Report of Independent Registered Public Accounting Firm
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of General Electric RSP U.S. Equity Fund and General Electric RSP Income Fund, (each a “Fund” and collectively the “Funds”), including the schedules of investments, as of December 31, 2020, 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, the financial highlights for each of the years in the five-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, 2020, 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 five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.
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, 2020 by correspondence with the custodian, 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.
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 22, 2021
52 | Report of Independent Registered Public Accounting Firm |
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GE RSP Funds
Advisory Agreement Renewal (Unaudited)
Disclosure for the Boards of Trustees’ Consideration of the Continuance of the Investment Advisory and Administration Agreement with SSGA Funds Management, Inc.
At meetings of the Boards of Trustees (each, a “Board” and together, the “Boards”) of the General Electric RSP U.S. Equity Fund (the “GE RSP U.S. Equity Fund”) and the General Electric RSP Income Fund (the “GE RSP Income Fund,” together with GE RSP U.S. Equity Fund, each, a “Fund” and together, the “Funds”), held on May 18, 2020 and June 15, 2020 (the “Board Meetings”), a majority of the members of the Board of each Fund considered and 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, at the Boards’ request, 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 a similar investment strategy as either of 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 18, 2020 Board Meeting and prior to the June 15, 2020 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 a Fund-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
Advisory Agreement Renewal | 53 |
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GE RSP Funds
Advisory Agreement Renewal (Unaudited), continued
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 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 reputational and entrepreneurial risks. Further, the Board members considered material enhancements made to the risk management processes and systems over the past year. 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.
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. The Board members also considered the performance of certain portions of the business continuity plan which had been invoked in response to the coronavirus disease of 2019.
In light of the foregoing and other relevant information, the Board members concluded that the services provided by the Adviser continue to be satisfactory.
Fund Performance.
The Board members considered the investment performance of each Fund 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 Income Fund in certain periods and plans to seek to improve relative performance and the competitive performance of the GE U.S. Equity Fund for certain periods. The Board members took into account management’s discussion of each Fund’s performance.
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 reputational and entrepreneurial risks.
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.
54 | Advisory Agreement Renewal |
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GE RSP Funds
Advisory Agreement Renewal (Unaudited), continued
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. 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 and sub-administration services being provided to the Funds by an affiliate of the Adviser and, with respect to the GE RSP U.S. Equity Fund, 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
Other Information — December 31, 2020 (Unaudited)
Tax Information
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, 2020.
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, 2020 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 and GE RSP Income Fund during the year ended December 31, 2020 in the amount of $303,400,273 and $4,450,607, respectively.
56 | Other Information |
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GE RSP Funds
Other Information, continued — December 31, 2020 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted and implemented a liquidity risk management program (the “Program”). SSGA FM has been designated by the Board to administer the Funds’ Program. The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period October 2019 through September 2020. As reported to the Board, the Program supported each Fund’s ability to honor redemption requests timely and SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s Supplemental Information Documents and Consolidated Profile for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
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
Following the Funds’ first, second and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to their reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling 1-800-242-0134.
Other Information | 57 |
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GE RSP Funds
Other Information, continued — December 31, 2020 (Unaudited)
Name, Address and Age | Position(s) Held with Funds | 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 | ||||||||||||
Harshal Chaudhari c/o General Electric Company 901 Main Avenue, The Towers at Merritt River, Norwalk, CT 06351
YOB: 1975 | Chairman of the Board of Trustees | Term: Indefinite Served: Since January 2020 | Chief Investment Officer – Pensions, GE since 2019; Chief Analytics Officer, IBM from 2019 – 2019; Chief Investment Officer –Retirement Funds, IBM from 2016 – 2019; Chief Financial Officer – IBM Analytics Solutions, IBM from 2014-2019. | 2 | ||||||||
Scott Silberstein c/o General Electric Company 901 Main Avenue, The Towers at Merritt River, Norwalk, CT 06351
YOB: 1964 | Trustee | Term: Indefinite Served: Since July 2016 | Executive Counsel, GE since 2016; Senior Vice President & Deputy General Counsel of GEAM since 1995. | 2 | GEAM; GE Asset Management Limited; GE International Management Incorporated; GE International Management II Incorporated. | |||||||
Gregory Bouleris c/o General Electric Company 901 Main Avenue, The Towers at Merritt River, Norwalk, CT 06351
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 | ||||||||
Vaidheesh Krishnamurti c/o General Electric Company 901 Main Avenue, The Towers at Merritt River, Norwalk, CT 06351
YOB: 1978 | 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 |
58 | Other Information |
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GE RSP Funds
Other Information, continued — December 31, 2020 (Unaudited)
Name, Address and Year of Birth | Position(s) Held with Funds | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 years | |||
OFFICERS | ||||||
Ellen M. Needham SSGA Funds Management, Inc. One Iron Street Boston, MA 02210
YOB: 1967 | President | Term: Indefinite Served: Since September 2018 | Chairman, SSGA Funds Management, Inc. (March 2020 – present); President and Director, SSGA Funds Management, Inc. (2001 – present); Senior Managing Director, State Street Global Advisors (1992 – present)*; Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 – present). | |||
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); Mutual Funds Controller at GE Asset Management Incorporated (April 2011 – July 2016). | |||
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). | |||
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). | |||
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 (April 2005 –present).* | |||
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).* | |||
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). | |||
David Barr SSGA Funds Management, Inc. One Iron Street Boston, MA 02210
YOB: 1974 | Secretary | Term: Indefinite Served: Since December 2020 | Vice President and Senior Counsel, State Street Global Advisors (October 2019 – present); Vice President at Eaton Vance Corp. (October 2010 – October 2019). |
* | Served in various capacities and/or with various affiliated entities during noted time period. |
Other Information | 59 |
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Investment Team
Investment Adviser
SSGA Funds Management, Inc.
Board of Trustees
Harshal Chaudhari, Chairman
Scott Silberstein
Gregory Bouleris
Vaidheesh Krishnamurti
Portfolio Managers
GE RSP U.S. Equity Fund
Michael Solecki
Paul Nestro
Christopher Sierakowski
GE RSP Income Fund
Matthew Nest
James Palmieri
Independent Registered Public Accounting Firm
BBD, LLP
Custodian
State Street Bank & Trust Company
Shareholder Servicing Agent
Address all inquiries inside the Plan to:
GE Retirement Savings Plan Service Center
c/o Fidelity Investments
P.O. Box 770003
Cincinnati, OH 45277-0065
Address all inquiries outside the Plan to:
GE RSP Mutual Funds
U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701
60 | Investment Team |
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GE RSP Funds
Shareholder Services
INSIDE THE RETIREMENT SAVINGS PLAN
Shares or units held inside 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 held inside the Plan by calling:
GE Retirement Savings Plan Service Center: 1-877-55-GERSP (1-877-554-3777)
or visit OneHR.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 visit www.ssga.com/geam
Shareholder Services | 61 |
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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
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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 Form N-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 Form N-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 Form N-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 expert” as defined in Item 3(b) of Form N-CSR serving on its audit committee (the “Audit Committee”): Mr. Vaidheesh Krishnamurti. The “audit committee financial expert” is deemed to be an “interested person” 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.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees |
For the fiscal years ended December 31, 2020 and December 31, 2019, 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 $19,000, respectively.
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(b) | Audit-Related Fees |
For the fiscal years ended December 31, 2020 and December 31, 2019, 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, 2020 and December 31, 2019, 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, 2020 and December 31, 2019, 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).
(e)(1) | Audit Committee Pre-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 and non-audit services provided to the Funds by the Auditor, and (2) all non-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 the pre-approval policies and procedures:
Pre-Approval of Audit Related Services and Permissible Non-Audit Services. The Audit Committee shall pre-approve both audit (including audit, review, and attest) services and permissible non-audit services provided to the Fund and, if the nature of the engagement relates directly to the operations and financial reporting of the Fund, permissible non-audit services provided to any Covered Affiliate.
The Audit Committee may determine to delegate the authority to grant pre-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 delegated pre-approval to the Audit Committee at its next regularly scheduled meeting. The Audit Committee may also adopt and follow, in lieu of explicit pre-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.
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Notwithstanding the foregoing, the pre-approval requirement concerning permissible non-audit services provided to the Fund or any Covered Affiliate is waived if: (1) the aggregate amount of all such non-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 be pre-approved by the Audit Committee, (2) the non-audit services were not recognized as non-audit services at the time of the engagement, and (3) such non-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 Rule 2-01 of Regulation S-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, 2020 and December 31, 2019, the aggregate non-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 all non-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 be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Fund’s Audit Committee to consider whether such services were compatible with maintaining BBD’s independence. |
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 Form N-CSR. |
(b) | Not applicable to the Registrant. |
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Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-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 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 Rule 30a-3(c) under the 1940 Act) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-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 Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-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 Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-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 Form N-CSR is attached hereto. |
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(a)(2) |
(a)(3) | Not applicable to the Registrant. |
(a)(4) | Not applicable. |
(b) |
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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 5, 2021 |
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 5, 2021 | |
By: | /s/ Arthur A. Jensen | |
Arthur A. Jensen | ||
Treasurer (Principal Financial and Accounting Officer) | ||
Date: | March 5, 2021 |