Long-term growth of capital and future income.

The Fund seeks to achieve its investment objectives by investing at least 80% of its net assets under normal circumstances in common and preferred stocks and other types of equity securities. 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 investing approaches that focus on low absolute valuations 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 events. In seeking to satisfy the Fund’s 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:

• Low valuations in relation to their peers and the overall market
• The potential for long-term earnings growth
• Above-average dividend yields
• High quality management focused on generating shareholder value
• Financial strength (favorable debt ratios and other financial characteristics)
• 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.

The Fund also may invest to a lesser extent in foreign (non-U.S.) securities and debt securities. The portfolio manager may use various investment techniques (which may involve the use of derivative instruments such as swaps, options, futures and options on futures) to adjust the Fund’s investment exposure, but there is no guarantee that these techniques will work.

• Bottom-up stock selection with long term investment horizon (three to four years)
• Invest in relative values across all sectors
• Utilize high-conviction internal analyst recommendations
• Leverage insights from GE’s Global Network

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, if there are management changes, a change in the company's strategic direction, or in some cases, eliminated due to deteriorating fundamentals. The proceeds are then reinvested into what we believe to be more compelling large cap core investments.

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 +/-750 names Develop focused list of +/ 400 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 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.