GE 2014 Annual Report Download - page 195

GE 2014 FORM 10-K 175
FINANCIAL STATEMENTS POSTRETIREMENT BENEFIT PLANS
According to statute, the aggregate holdings of all qualifying employer securities (e.g., GE common stock) and qualifying
employer real property may not exceed 10% of the fair value of trust assets at the time of purchase. GE securities represented
3.8% and 4.5% of trust assets at year-end 2014 and 2013, respectively.
The GE Pension Plan has a broadly diversified portfolio of investments in equities, fixed income, private equities, real estate
and hedge funds; these investments are both U.S. and non-U.S. in nature. As of December 31, 2014, U.S. government direct
and indirect obligations represented 16% of total GE Pension Plan assets. No other sector concentration of assets exceeded
15% of total GE Pension Plan assets.
The following tables present GE Pension Plan investments measured at fair value.
(In millions) Level 1 Level 2 Level 3 Total
December 31, 2014
Equity securities
U.S. equity securities(a) $ 11,493 $ 1,463 $ - $ 12,956
Non-U.S. equity securities(a) 7,021 2,132 - 9,153
Debt securities
Fixed income and cash investment funds 245 4,255 - 4,500
U.S. corporate(b) - 5,153 2 5,155
Residential mortgage-backed - 1,118 1 1,119
Non-U.S. Corporate - 1,097 3 1,100
U.S. government and federal agency - 2,468 - 2,468
Other debt securities(c) - 1,042 - 1,042
Private equities(a) - 32 5,217 5,249
Real estate(a) - - 3,129 3,129
Other investments(d) - 70 2,248 2,318
Total investments $ 18,759 $ 18,830 $ 10,600 $ 48,189
Other
(
e
)
91
Total assets $ 48,280
December 31, 2013
Equity securities
U.S. equity securities(a) $ 11,067 $ 1,568 $ - $ 12,635
Non-U.S. equity securities(a) 7,832 1,292 - 9,124
Debt securities
Fixed income and cash investment funds - 2,078 - 2,078
U.S. corporate(b) - 4,555 - 4,555
Residential mortgage-backed - 1,093 - 1,093
Non-U.S. Corporate - 1,269 - 1,269
U.S. government and federal agency - 5,253 - 5,253
Other debt securities(c) - 1,048 - 1,048
Private equities(a) - - 6,269 6,269
Real estate(a) - - 3,354 3,354
Other investments(d) - 169 1,622 1,791
Total investments $ 18,899 $ 18,325 $ 11,245 $ 48,469
Other
(
e
)
(
172
)
Total assets $ 48,297
(a) Included direct investments and investment funds.
(b) Primarily represented investment-grade bonds of U.S. issuers from diverse industries.
(c) Primarily represented investments in state and municipal debt, non-U.S. government bonds and commercial mortgage-backed securities.
(d) Substantially all represented hedge fund investments.
(e) Primarily represented net unsettled transactions related investment activity and cash balances.