Mutual Fund Summary Prospectus (497k)
November 08 2013 - 3:30PM
Edgar (US Regulatory)
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GE Institutional Funds
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Summary Prospectus
January 28, 2013 (as amended on November 11, 2013)
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Premier Growth Equity Fund
Investment Class
GEIPX
Service Class
GEPSX
Before you invest, you may
want to review the Funds Statutory Prospectus, which contains more information about the Fund and its risks. You can find the Funds Statutory Prospectus, Statement of Additional Information and other information about the Fund online at
www.geam.com/prospectus. You can also get this information at no cost by calling 1-800-242-0134 or by sending an email request to gefunds@ge.com. The Funds Statutory Prospectus and Statement of Additional Information, both dated January 28,
2013, are incorporated by reference into this Summary Prospectus.
Investment Objectives
Long-term
growth of capital and future income.
Fees and Expenses of the Fund
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees
(fees paid directly from your investment): N/A
Annual Fund Operating Expenses
(expenses that you pay
each year as a percentage of the value of your investment)
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Investment Class
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Service Class
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Management Fees
1
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0.38%
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0.38%
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Distribution and/or Service
(12b-1)
Fees
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N/A
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0.25%
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Other Expenses
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Total Annual Fund Operating Expenses
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0.38%
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0.63%
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1
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The Funds management fee is a unitary fee that includes most operating expenses payable by the Fund. The rate fluctuates based upon the average daily net assets
of the Fund, and may be higher or lower than shown above.
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Expense Example
The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the Fund for each of the time periods indicated and then redeem all of your shares at the end of those periods or continue to hold them. The example also assumes that
your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Investment Class
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$39
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$122
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$213
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$480
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Service Class
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$64
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$202
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$351
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$786
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, affect the Funds
performance. During the most recent fiscal year, the Funds portfolio turnover rate was 15% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its investment objectives by investing at least 80% of its net assets under normal circumstances in equity securities, such as common and preferred stocks.
The Fund invests primarily in a limited number of large and medium sized companies (meaning companies with a market capitalization of $2 billion or more) that the
portfolio manager believes have above-average growth histories and/or growth potential. The portfolio manager selects equity securities
from a number of industries based on the merits of individual companies. In seeking to satisfy the
Funds investment objective with respect to future income, the portfolio manager will also consider companies that have the potential to pay dividends in the future. Stock selection is key to the performance of the Fund.
The portfolio manager seeks to identify securities of companies with characteristics such as:
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above-average annual growth rates
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financial strength (favorable debt ratios and other financial characteristics)
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leadership in their respective industries
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high quality management focused on generating shareholder value
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The portfolio manager may consider selling a security when one of these characteristics no longer applies, or when valuation becomes excessive and more attractive alternatives are identified.
The Fund also may invest to a lesser extent in securities
of foreign (non-U.S.) issuers and debt securities. The portfolio manager may also invest in various types of derivatives (such as options, futures
and options on futures) to gain exposure to certain types of securities as an alternative to investing directly in such securities.
Principal Risks
The principal risks of investing in the Fund are:
Securities Market Risk
is the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to
factors affecting particular companies or the securities markets generally. A general downturn in the securities markets may cause multiple asset classes to decline in value simultaneously, although equity securities generally have greater price
volatility than fixed income securities. Negative conditions and price declines may occur unexpectedly and dramatically. In addition, the Fund could be forced to sell portfolio securities at an inopportune time in order to meet unusually large or
frequent redemption requests in times of overall market turmoil or declining prices for the securities.
Growth Investing Risk
is the risk of
investing in growth stocks that may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing companys growth potential. Growth-oriented funds will typically underperform when value investing is
in favor.
Mid-Cap Company Risk
is the risk that investing in securities of mid-cap companies could entail greater risks than investments in
larger, more established companies. Mid-cap companies tend to have more narrow product lines, more limited financial resources and a more limited trading market for their stocks, as compared with larger companies. As a result, their stock prices may
decline more significantly or more rapidly than stocks of larger companies as market conditions change.
Diversification Risk:
Although the Fund
is a diversified fund, it may invest in securities of a limited number of issuers in an effort to achieve a potentially greater investment return than a fund that invests in a larger number of issuers. As a result, price movements of a single
issuers securities will have a greater impact on the Funds net asset value, causing it to fluctuate more than that of a more widely diversified fund.
Foreign Investment Risk
is the risk that investing in securities of foreign (non-U.S.) issuers may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively
in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, nationalization, expropriation or confiscatory taxation, currency blockages and political changes or diplomatic developments. The costs
of investing in many foreign markets are higher than the U.S. and investments may be less liquid. Recently, additional risks have arisen related to the high levels of debt of various European countries such as Greece, Italy and Spain. One or more
member states might exit the European Union, placing its currency and banking system in jeopardy. These problems, and related political and monetary efforts to address these problems, may increase the potential for market declines in one or more
member states that can spread to global markets. These increased risks may persist and may result in greater volatility in the securities markets and the potential for impaired liquidity and valuation.
Currency Risk
is the risk that the dollar value of foreign investments will change in response to changes in currency exchange rates. If a foreign currency
weakens against the U.S. dollar, the U.S. dollar value of an investment denominated in that currency would also decline.
Credit Risk
is the risk
that the issuer or guarantor of a fixed income security, or the counterparty of a derivatives contract or repurchase agreement, is unable or unwilling (or is perceived to be unable or unwilling) to make timely payment of principal and/or interest,
or to otherwise honor its obligations.
Interest Rate Risk
is the risk that fixed income securities will decline in value because of changes in
interest rates. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.
Derivatives Risk
is a combination of several risks, including the risks that: (1) an investment in a derivative instrument will not correlate well with the performance of the securities or asset class to
which the Fund seeks exposure, (2) a derivative instrument entailing leverage may result in a loss greater than the principal amount invested, and (3) derivatives not traded on an exchange may be subject to credit risk, as well as liquidity risk and
the related risk that the instrument is difficult or impossible to value accurately. The methodology the Fund uses to establish the fair value of a derivative may result in a value materially different from the value obtained using an alternative
methodology.
It is possible to lose money on an investment in the Fund, and this risk of loss may be heightened if you hold shares of the Fund for a
shorter period. An investment in the 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.
Performance
The bar chart and the Average Annual Total Returns table below provide some indication of the risks of investing in the Fund by showing changes in the Funds
performance from year to year and by showing how the Funds average annual returns compare with the returns of two broad-based securities market indices. Past performance assumes the reinvestment of all dividend income and capital gains
distributions. The Funds past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. For updated performance information, please visit the Funds website at www.geam.com or call
1-800-242-0134.
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GE Institutional Funds Summary Prospectus
January 28, 2013 (as amended on November 11, 2013)
Calendar Year Total Returns (%)
The bar chart shows the performance of the Funds Investment Class shares.
Highest/Lowest quarterly results during this time period were:
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Highest
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20.39%
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(quarter ended June 30, 2009)
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Lowest
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-27.16%
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(quarter ended December 31, 2008)
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Average Annual Total Returns (%)
(for the periods ended December 31, 2012)
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1 Year
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5 Years
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10 Years
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Since
Inception
(10/31/99
for each
Index)
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Investment Class
(inception 10/29/99)
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Return Before Taxes
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21.31
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4.03
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7.13
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3.57
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Return After Taxes on Distributions
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20.76
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3.13
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6.38
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2.89
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Return After Taxes on Distributions and Sale of Fund Shares
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13.85
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2.99
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5.93
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2.76
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Service Class
(inception 1/3/01)
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Return Before Taxes
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21.08
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3.79
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6.81
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3.05
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S&P 500
®
Index
(does not reflect fees, expenses or taxes)
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16.00
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1.66
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7.10
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2.23
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Russell 1000 Growth Index
(does not
reflect fees, expenses or taxes)
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15.25
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3.12
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7.52
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0.52
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After-tax
returns are
calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax
returns depend on an investors tax situation
and may differ from those shown.
After-tax
returns shown are not relevant to investors who hold their Fund shares through
tax-deferred
arrangements, such as 401(k) plans
or individual retirement accounts.
After-tax
returns are shown for Investment Class shares only and
after-tax
returns for Service Class shares will vary.
Portfolio Management
Investment Adviser
GE Asset Management Incorporated
Portfolio Manager
The primary individual
portfolio manager for the Fund is:
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Portfolio Manager
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Portfolio manager
experience in
this Fund
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Primary title
with
Investment Adviser
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David B. Carlson
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13 years
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Chief Investment Officer
U.S. Equities
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Purchase and Sale of Fund
Shares
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Purchase Minimum
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Eligible Investors
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Initial
Investment
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Subsequent
Investments
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Direct institutional investors
(
i.e.,
institutional investors purchasing shares for their own accounts directly through GE Investment Distributors, Inc., the Funds principal distributor).
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$5 million
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None
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GE affiliated retirement plans.
Retirement plans that participate in GE Asset Managements defined contribution full service
program.
Investment only defined contribution plans with a minimum plan asset size of $25 million at
time of investment.
Investment only defined contribution plans of any asset size that invest through
an authorized retirement plan platform that aggregates trades for plan participants through omnibus or pooled account arrangements.
Qualified college savings plans.
Investors who invest
through authorized
broker-
dealers or other financial intermediaries that have entered into a distribution agreement, service agreement or other type of arrangement with GE Asset Management, GE Investment
Distributors, Inc. or the Fund as of January 29, 2008.
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None
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None
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You may sell (redeem) all or part of your Fund shares on any business day through the following options:
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Sending a written request by mail to:
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GE Institutional Funds
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701, Milwaukee, WI 53201-0701
Overnight Delivery
:
GE Institutional Funds
c/o U.S. Bancorp Fund Services, LLC
615 East Michigan Street, Milwaukee, WI 53202-5207; or
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Calling us at 1-800-242-0134.
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Tax Information
Dividends and capital gains distributions you receive from the Fund are subject to federal income
taxes and may also be subject to state and local taxes, unless you are investing through a
tax-deferred
arrangement, such as a 401(k) plan or an individual retirement account.
Payments to Broker-Dealers and Other Financial Intermediaries
If
you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Funds distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These
payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediarys website for more
information.
GEINS SP PGE 11-2013
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