Mutual Fund Summary Prospectus (497k)

GE Institutional Funds		Summary Prospectus January 28, 2013 (as amended on November 11, 2013)

S&P 500 Index Fund

Investment Class   GIDIX      Service Class   GIDSX

 

Before you invest, you may want to review the Fund’s Statutory Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s 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 [e-mail]. The Fund’s Statutory Prospectus and Statement of Additional Information, both dated January 28, 2013, are incorporated by reference into this Summary Prospectus.

 

Investment Objectives

Growth of capital and accumulation of income that corresponds to the investment return of the S&P 500 ^® Composite Stock Index (S&P 500 ^® Index).

 

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)

 

		Investment Class				Service Class
Management Fees 1			0.15%				0.15%
Distribution and/or Service (12b-1) Fees			N/A				0.25%
Other Expenses			0.01%				0.01%
Acquired Fund Fees and Expenses			0.01%				0.01%
Total Annual Fund Operating Expenses			0.17%				0.42%
Expenses Reimbursed/Fees Waived by Adviser 2			0.01%				0.01%
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement			0.16%				0.41%

1	The Fund’s management fee is a ”unitary” fee that includes most operating expenses payable by the Fund.

 

2

GE Asset Management has entered into a contractual arrangement with GE Institutional Funds (the “Trust”) to waive a portion of its management fee charged to the Fund in an amount equal to the management fee payable to GE Asset Management by the GE Institutional Money Market Fund with respect to the Fund’s cash holdings invested in the GE Institutional Money Market Fund, if any. Such contractual management fee waiver arrangement will extend through January 28, 2014, and can be changed or terminated only with the approval of the Trust’s Board of Trustees and GE Asset Management.

 

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 Fund’s operating expenses remain the same, taking into account the fee waiver in the first year only for each of the time periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

		1 Year				3 Years				5 Years				10 Years
Investment Class			$16				$54				$95				$216
Service Class			$42				$134				$234				$529

 

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 Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 11% of the average value of its portfolio.

 

 

 

---

  

 

 

Principal Investment Strategies

The Fund seeks to replicate the return of the S&P 500 ^® Index while holding transaction costs low and minimizing portfolio turnover. The portfolio manager attempts to achieve a correlation between the Fund’s total return and that of the S&P 500 ^® Index of at least 0.95, without taking expenses into account.

The Fund is not managed according to traditional methods of “active” investment management, which involve the buying and selling of securities based upon economic, financial and market analysis and investment judgment. Instead, the Fund utilizes a passive investment approach, attempting to replicate the investment performance of the S&P 500 ^® Index through automated statistical analytic procedures. To the extent that the Fund is unable to purchase all 500 stocks of the S&P 500 ^® Index, the Fund will purchase a representative sample of the stocks listed in the S&P 500 ^® Index in proportion to their weightings. However in some cases, the Fund’s weightings in particular industry segments represented in the S&P 500 ^® Index may differ from those of the S&P 500 ^® Index.

The Fund also may invest to a lesser extent in debt securities, securities of foreign (non-U.S.) issuers and other securities that are not in the S&P 500 ^® Index. All securities held by the Fund are acquired to seek to fulfill its investment objective. The portfolio managers 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 securities comprising the index. The Fund will not adopt a temporary defensive strategy in times of declining stock prices and therefore you will bear the risk of such declines.

 

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.

Passive Strategy Risk: The Fund utilizes a passive investment strategy, which attempts to replicate the composition of an unmanaged index of securities. The ability of the Fund to achieve significant correlation between the performance of the Fund and the index may be affected by changes in the securities markets, changes in the composition of the index, the timing of purchases and redemptions of Fund shares and fees and expenses of the Fund. Any performance better than the index would be unusual and temporary.

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.

 

2

---

GE Institutional Funds Summary Prospectus

January 28, 2013 (as amended on November 11, 2013)

 

 

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 Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with the returns of a broad-based securities market index. Past performance assumes the reinvestment of all dividend income and capital gains distributions. The Fund’s 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 Fund’s website at www.geam.com or call 1-800-242-0134.

Calendar Year Total Returns (%)

The bar chart shows the performance of the Fund’s Investment Class shares.

 

Highest/Lowest quarterly results during this time period were:

 

Highest		16.07%		(quarter ended June 30, 2009)
Lowest		-21.93%		(quarter ended December 31, 2008)

Average Annual Total Returns (%)

(for the periods ended December 31, 2012)

 

		1 Year				5 Years				10 Years				Since Inception (11/30/97 for Index)
Investment Class (inception 11/25/97)
Return Before Taxes			15.85				1.62				6.99				4.57
Return After Taxes on Distributions			15.06				0.77				6.22				3.73
Return After Taxes on Distributions and Sale of Fund Shares			10.31				0.84				5.66				3.50
Service Class (inception 9/30/05)
Return Before Taxes			15.56				1.34				—				3.93
S&P 500 ® Index (does not reflect fees, expenses or taxes)			16.00				1.66				7.10				4.57

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 investor’s 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

Investment Sub-Adviser

SSgA Funds Management, Inc. (SSgA FM)

Portfolio Managers

The primary individual portfolio managers for the Fund are:

 

Portfolio Manager		Portfolio manager experience in this Fund		Primary title with Investment Sub-Adviser
Karl Schneider		12 years		Vice President of SSgA FM
John Tucker, CFA		6 years		Senior Managing Director of SSgA FM

 

 

3

---

  

 

 

Purchase and Sale of Fund Shares

 

		Purchase Minimum
Eligible Investors		Initial Investment		Subsequent Investments
• Direct institutional investors ( i.e. , institutional investors purchasing shares for their own accounts directly through GE Investment Distributors, Inc., the Fund’s principal distributor).		$5 million		None
• GE affiliated retirement plans. • Retirement plans that participate in GE Asset Management’s 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.		None		None

You may sell (redeem) all or part of your Fund shares on any business day through the following options:

 

•

Sending a written request by mail to:

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

 

•

Calling us at 1-800-242-0134.

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 Fund’s 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 intermediary’s website for more information.

 

GEINS SP SP 11-2013

 

4