High level of income consistent with prudent investment management and the preservation of capital.

GE Short-Term Government Fund invests at least 80% of its net assets in U.S. Government securities under normal market conditions. The Fund's investments may include mortgage-backed securities and repurchase agreements secured by U.S. Government securities. The Fund normally has a weighted average maturity of not more than three years.

The Fund invests in securities issued or secured by the:

• U.S. Treasury
• Government National Mortgage Association (Ginnie Mae)
• Federal National Mortgage Association (Fannie Mae)
• Federal Home Loan Mortgage Corporation (Freddie Mac)
• Other U.S. Government agencies and instrumentalities

The portfolio manager seeks to identify debt securities with characteristics such as:

• Attractive yields and prices
• The potential for capital appreciation
• Reasonable credit quality

The Fund also may invest to a lesser extent in a variety of debt securities, including corporate bonds, privately issued mortgage-backed securities, asset-backed securities and foreign securities. The portfolio managers may use various investment techniques to adjust the Fund's investment exposure, but there is no guarantee that these techniques will work.

The Fund's 80% investment policy may be changed by the Trustees on 60 days' notice to shareholders.

Emphasize a fundamental, bottom-up research process to identify relative value opportunities and enhance total return, while limiting volatility. Add value primarily through actively managing sector and security selection while controlling portfolio duration to within +/- 15% of the benchmark.

GEAM utilizes a disciplined team approach to actively manage duration, sector allocation and security selection within a risk-controlled environment. Although all fixed income decisions incorporate interest rate expectations, in our view, duration management is not a primary source of returns in the short-term duration strategy. The main drivers of performance are expected to be sector allocation and security selection. Sector portfolio managers provide a rigorous analysis of both fundamental and technical drivers of sector performance. Using this analysis against our current macro-economic view, the team collectively decides to over or underweight a sector versus the benchmark. Security selection within each sector is the responsibility of each sector portfolio manager. Individual securities are selected for investment by a relative value process, which incorporates current market valuations provided by GEAM traders and in-depth fundamental research provided by GEAM's fixed income research team. Investment decisions are viewed in a three to six month horizon.

¹The investment process is fluid and may change from time to time without prior public notice as market conditions and portfolio managers change.

The principal risks of investing in the Fund are interest rate risk, credit risk and prepayment risk. To the extent that the Fund invests in foreign securities and asset backed securities, the Fund would be subject to foreign exposure risk and asset-backed securities risk. The Fund may invest in derivative instruments that carry derivative instruments risk.

The Fund may also invest in U.S. Government securities. U.S. Government securities are securities that are issued and guaranteed as to principal and interest by the U.S. Government or one of its agencies or instrumentalities. Some U.S. Government securities are backed by the full faith and credit of the U.S. Government, such as U.S. Treasury bills and notes and obligations of Ginnie Mae. Other U.S. Government securities are backed by the issuer's right to borrow from the U.S. Treasury, such as Fannie Mae securities, while some are backed only by the credit of the issuing organization, such as obligations of Freddie Mac. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government.

The Fund's investment strategy may result in a high portfolio turnover rate, which may cause the Fund to experience increased transaction costs and shareholders to incur increased taxes on their investment in the Fund.

Please read the prospectus carefully for a complete description of the fund. Before investing in a mutual fund, you should carefully consider the Investment objectives, risks and charges and expenses of the fund.