Long-term growth of capital.

The Fund invests at least 80% of its net assets in equity securities under normal market conditions. The Fund invests primarily in U.S. companies that the portfolio manager believes are undervalued by the market but have solid growth prospects. The portfolio manager employs a relative value approach to identify companies across all economic sectors which are undervalued relative to the market, their peers, their historical valuation or their growth rate. This approach results in a portfolio more broadly diversified across economic sectors and contrasts with other value investing approaches that focus on low stock prices and often result in a portfolio concentrated in fewer sectors. A company may be undervalued for reasons such as market overreaction to recent company, industry or economic problems. Stock selection is key to the performance of the Fund.

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

• Low prices in relation to their peers and the overall market
• The potential for long-term earnings growth
• Above-average dividend yields
• Expectation of income in future periods
• Strong management
• Financial strength
• Attractive upside potential and limited downside risk
• A catalyst such as changing industry fundamentals, introduction of a new product, a company restructuring, or a change in management.

We believe in a relative value approach to investing across all economic sectors, in which we target undervalued companies in relation to the market, their peer group, and their earnings potential. Relative value investment candidates will possess a catalyst to unlock shareholder value.

• Fundamental, bottom-up value discipline across sectors, leveraging broad GE resources
• Focus on unappreciated stocks with an identifiable catalyst
• Long-term focus: three- to four-year investment time horizon

Once a stock is identified as relatively undervalued, the team, supported by the research analysts, performs additional fundamental analysis to determine if there is a sufficient catalyst to unlock the hidden value (three to four-year time horizon). Once a stock is in the strategy, it may be sold when it achieves a predetermined price target or, in some cases, eliminated due to deteriorating fundamentals. The proceeds are then reinvested into what we believe to be more compelling relative value investments. The strategy is broadly diversified across all sectors and not just invested in out-of-favor value sectors.

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

The Fund is co-managed by Paul C. Reinhardt and Stephen V. Gelhaus. Messrs. Reinhardt and Gelhaus both manage the Fund as a collaborative team. Both portfolio managers have the authority to increase or decrease existing positions in the Fund; however, Mr. Reinhardt, as lead manager, is vested with the authority to purchase securities that are new to the Fund or to divest the Fund of its entire position in a security. Mr. Reinhardt also has veto authority over Mr. Gelhaus' trade decisions. Investment "universe" of +/-600 names Develop focused list of +/ 300 names representing "competitive winners" Screen for Undervalued vs. growth rate, peer group and market Catalyst to unlock value Research Direct with company Wall Street/ proprietary modeling GE Global Network * *In no case would GEAM seek to obtain inside information from the GE Network or any other source and trading would be appropriately restricted were such information to become available to GEAM. Buy Decision Attractive Valuation Solid Management Consistent Execution Strategic Direction Internal Analyst's Opinion Sell Decision Achieves Price Target Management Changes Fundamentals deteriorate Change In Strategic Direction Change In Analyst's Opinion

The principal risks of investing in the Fund are stock market risk and style risk (small-cap company risk). To the extent that the portfolio managers invest in foreign securities, debt securities, or initial public offerings of equity securities, the Fund would be subject to foreign exposure risk, interest rate risk, credit risk and initial public offerings risk. 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.