GE LIFESTYLE FUNDS, N-30D, 2000-06-07

GE LIFESTYLE FUNDS
N-30D, 2000-06-07

Previous: DESSAUER GLOBAL EQUITY FUND, 24F-2NT, 2000-06-07

Next: STEINER LEISURE LTD, 4, 2000-06-07

GE LIFESTYLE FUNDS
SEMI-ANNUAL REPORT

GE STRATEGY FUNDS
GE CONSERVATIVE STRATEGY FUND
GE MODERATE STRATEGY FUND
GE AGGRESSIVE STRATEGY FUND

MARCH 31, 2000

[GE LOGO OMITTED]
WE BRING GOOD THINGS TO LIFE.
<PAGE>
GE LIFESTYLE FUNDS
--------------------------------------------------------------------------------

UNDERSTANDING YOUR REPORT
--------------------------------------------------------------------------------

A LETTER FROM THE PRESIDENT ................................ 1

PERFORMANCE SUMMARY

GE CONSERVATIVE STRATEGY FUND ......................... 2

GE MODERATE STRATEGY FUND ............................. 3

GE AGGRESSIVE STRATEGY FUND ........................... 4

PORTFOLIO MANAGER'S BIOGRAPHY ......................... 5

NOTES TO PERFORMANCE .................................. 5

FINANCIAL STATEMENTS
Financial Highlights .................................. 6
Statements of Net Assets, Operations,
and Changes in Net Assets .......................... 7

NOTES
Notes to Financial Statements ......................... 12

GE LIFESTYLE FUNDS'
INVESTMENT TEAM ............................................INSIDE BACK COVER

This report has been prepared for the shareholders of the GE LifeStyle Funds. It
is not authorized for use as an offer of sale, or a solicitation of an offer to
buy, the GE LifeStyle Funds unless accompanied or preceded by the current
Prospectus of the GE LifeStyle Funds and the current Prospectus of the
underlying GE Funds.

<PAGE>
A LETTER FROM THE PRESIDENT
--------------------------------------------------------------------------------

DEAR SHAREHOLDER:
We are pleased to provide you with the semi-annual report for the six-month
period ended March 31, 2000 for the GE LifeStyle Funds.

MARKET OVERVIEW
Over the past six months the U.S. equity markets have been particularly volatile
and narrowly focused on the technology sector. The S&P 500 had gains of 15% for
the quarter ended December 31, 1999 and 2.5% for the quarter ended March 31,
2000. Despite an environment in the U.S. of robust economic growth, low
inflation, solid corporate earnings, modestly higher interest rates, and
declining oil prices, the markets behaved much like a roller coaster during the
quarter. Even after Y2K fears subsided and despite strong fourth quarter
earnings results, the S&P 500 initially had declined by 16% through mid-February
as investors remained on the sidelines before the late quarter rally.
International equity markets have behaved in much the same way with areas like
technology, telecom, and media garnering investor attention.

The Federal Reserve increased interest rates three times during the six months
ended March 31, 2000 as the pace of economic activity rekindled fears of
inflation. These rate increases continue to have a significant impact on bond
values and bond returns as well as on the U.S. equity markets.

MARKET OUTLOOK
In general, the earnings for S&P 500 companies were very good for 1999, coming
in at $51 per share, which represented 14% growth over 1998. The 2000 consensus
earnings estimate for the S&P 500 is now approaching 11%, and 2001 consensus
earnings are estimated to be up approximately 8%. First quarter earnings are
anticipated to be strong given very few announcements regarding earnings
disappointments. Offsetting this positive outlook, the Federal Reserve's
commitment to a "gradual adjustment to a more balanced noninflationary growth"
scenario is likely to continue to challenge the U.S. equity markets over the
near term.

YEAR 2000
Lastly, a comment on the Year 2000 issue. To date, we have not experienced any
significant disruptions to our financial or operating activities caused by
failure of the computerized systems from Year 2000 issues but we continue to be
diligent in our review of systems.

Thank you for your continued investment in the GE LifeStyle Funds. We look
forward to helping you serve your financial needs in the future.

Sincerely,

/S/SIGNATURE
Michael J. Cosgrove

MIKE COSGROVE IS THE PRESIDENT OF THE ASSET MANAGEMENT SERVICES GROUP OF GE
FINANCIAL ASSURANCE HOLDINGS, INC., AND OF GE INVESTMENT DISTRIBUTORS, INC., THE
FUNDS' DISTRIBUTOR, AND SERVES AS A TRUSTEE OF THE GE PENSION TRUST AND GE'S
EMPLOYEE SAVINGS PROGRAM. PREVIOUSLY CHIEF FINANCIAL OFFICER OF GE INVESTMENTS
AND ASSISTANT TREASURER-GE COMPANY, MIKE JOINED GE IN 1970 AND HELD A NUMBER OF
MANAGERIAL POSITIONS IN FINANCE AND SALES IN THE INTERNATIONAL OPERATION AND IN
GE TRADING COMPANY. HE HAS A B.S. IN ECONOMICS FROM FORDHAM UNIVERSITY AND AN
M.B.A. FROM ST. JOHN'S UNIVERSITY.

1
<PAGE>
GE CONSERVATIVE STRATEGY FUND PERFORMANCE SUMMARY (UNAUDITED)
--------------------------------------------------------------------------------

CONSERVATIVE STRATEGY FUND COMPOSITE INDEX COMPOSITE INDEX (OLD)
1/5/98 10000.00 10000.00 10000.00
3/98 10629.97 10694.06 10705.33
6/98 10829.97 10918.29 10932.35
9/98 10320.00 10571.64 10647.53
12/98 11132.91 11541.31 11618.54
3/99 11312.47 11661.22 11786.33
6/99 11534.29 11960.37 12028.97
9/99 11396.97 11821.43 11989.07
12/99 12217.74 12640.32 12803.89
3/00 12541.02 12946.67 13005.62

PORTFOLIO ALLOCATION TO FUNDS AT 3/31/00*
--------------------------------------------------------------------------------
TARGET ACTUAL
------ ------
GE Fixed Income Fund 53.0% 52.2%
GE US Equity Fund 28.0% 27.8%
GE International Equity Fund 12.0% 11.9%
GE Small-Cap Value Equity Fund 5.0% 5.0%
Other 2.0% 3.1%
--------------------------------------------------------------------------------
Total 100.0% 100.0%
--------------------------------------------------------------------------------
* As a percentage of net assets

AGGREGATE TOTAL RETURNS:
--------------------------------------------------------------------------------

SIX ONE SINCE
MONTHS YEAR INCEPTION
--------------------------------------------------------------------------------
CONSERVATIVE STRATEGY FUND 10.04% 10.86% 10.65%
Composite Index** 9.52% 11.02% 12.25%
LB Aggregate Bond Index 2.08% 1.88% 4.42%
S&P 500 Index 17.78% 18.17% 23.29%
MSCI EAFE Index 16.87% 25.10% 20.67%
Russell 2000 Index 26.65% 37.29% 11.03%
90 Day T-Bill 2.73% 5.15% 5.00%
--------------------------------------------------------------------------------

** THE COMPOSITE INDEX IS DERIVED BY APPLYING EACH UNDERLYING GE FUND'S TARGET
ALLOCATIONS TO THE RESULTS OF THE BENCHMARKS FOR EACH UNDERLYING GE FUND.

***EFFECTIVE JANUARY 28, 2000, THE UNDERLYING GE FUNDS IN WHICH THE FUND MAY
INVEST AND THEIR TARGET ALLOCATIONS WERE CHANGED. THE COMPOSITE INDEX (OLD)
IS DERIVED BY APPLYING EACH UNDERLYING GE FUND'S PREVIOUS TARGET ALLOCATIONS
TO THE RESULTS OF THE BENCHMARKS FOR EACH UNDERLYING GE FUND.

The GE Conservative Strategy Fund returned 10.04% for the six-month period ended
March 31, 2000. The Fund outperformed its Composite Index** by 52 basis points
for this period.

The Fund allocates investments among underlying GE Funds within carefully
determined ranges. The Conservative Strategy Fund is designed for investors with
shorter investment time horizons and lower risk tolerances. The Fund normally
invests 38% to 52% of its net assets in equity funds and 48% to 58% in income
funds. Currently, approximately 45% of the fund is allocated to equity funds.
U.S. equity funds account for 33% of the Fund with 28% allocated to GE U.S.
Equity Fund and 5% to GE Small-Cap Value Equity Fund. GE International Equity
Fund accounts for 12% of the Fund. Approximately 55% of the Fund is allocated to
fixed income funds. The GE Fixed Income Fund accounts for 52% of the Fund and
the balance is allocated to the GEI Short-Term Investment Fund. Since the Fund
is invested in a number of underlying GE Funds, the results are compared to a
Composite Index which includes the benchmarks of each underlying GE Fund
weighted according to the target allocations, including: the S&P 500 Index, the
Russell 2000 Index, the MSCI EAFE Index, the Lehman Brothers Aggregate Bond
Index, and the 90 Day T-Bill.

The outperformance of the Fund relative to its Composite Index was due to solid
results in fixed income and U.S. equity funds, and above average performance in
GE International Equity Fund. More than half of the Fund is allocated to fixed
income funds. The Fixed Income markets continued to be challenged by the Federal
Reserve's mission to keep inflation low. The Fed raised interest rates several
times over the six-month period. As a result, the yield curve inverted with
short term rates rising to 6.48% and long term rates falling to 5.84% over this
period. The Fund's investments in income funds posted in-line results compared
to its benchmark. Poor results in the federal agency and mortgage backed sectors
detracted from performance while strong security selection in the corporate and
commercial mortgage backed sectors helped boost overall fixed income results.
The U.S. equity markets were volatile during this six-month period however solid
gains in core U.S. equity and above average returns in small-cap stocks provided
positive results for the U.S. equity portion of the Fund. The international
markets were also volatile during this period however strong stock selection in
Continental Europe helped deliver above average performance for this asset
class. We continue to believe that this investment strategy will provide solid
results especially when markets are reflecting economic uncertainty.

SEE NOTES TO PERFORMANCE. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

2
<PAGE>
GE MODERATE STRATEGY FUND PERFORMANCE SUMMARY (UNAUDITED)
--------------------------------------------------------------------------------

[LINE GRAPH OMITTED]

MODERATE STRATEGY FUND COMPOSITE INDEX COMPOSITE INDEX (OLD)
1/5/98 10000.00 10000.00 10000.00
3/98 10880.00 10911.57 10947.00
6/98 11080.05 10988.50 11192.16
9/98 10220.06 10146.49 10563.10
12/98 11416.37 11477.16 11945.28
3/99 11717.36 11659.00 12204.93
6/99 12115.11 12252.51 12588.58
9/99 11857.11 11981.13 12468.76
12/99 13100.38 13261.12 13687.97
3/00 13428.17 13601.28 13905.79

PORTFOLIO ALLOCATION TO FUNDS AT 3/31/00*
--------------------------------------------------------------------------------
TARGET ACTUAL
------ ------
GE US Equity Fund 34.0% 34.0%
GE Fixed Income Fund 28.0% 28.0%
GE International Equity Fund 16.0% 15.8%
GE Small-Cap Value Equity Fund 12.0% 12.0%
GE High Yield Fund 5.0% 5.0%
GE Emerging Markets Fund 3.0% 2.9%
Other 2.0% 2.3%
--------------------------------------------------------------------------------
Total 100.0% 100.0%
--------------------------------------------------------------------------------
* As a percentage of net assets

AGGREGATE TOTAL RETURNS:
--------------------------------------------------------------------------------

SIX ONE SINCE
MONTHS YEAR INCEPTION
--------------------------------------------------------------------------------
MODERATE STRATEGY FUND 13.25% 14.60% 14.08%
Composite Index** 13.52% 16.66% 14.75%
S&P 500 Index 17.78% 18.17% 23.29%
LB Aggregate Bond Index 2.08% 1.88% 4.42%
MSCI EAFE Index 16.87% 25.10% 20.67%
Russell 2000 Index 26.65% 37.29% 11.03%
CS First Boston High Yield Index 0.99% 0.62% 1.13%
MSCI EMF Index 28.48% 51.59% 11.38%
90 Day T-Bill 2.73% 5.15% 5.00%
--------------------------------------------------------------------------------

** THE COMPOSITE INDEX IS DERIVED BY APPLYING EACH UNDERLYING GE FUND'S TARGET
ALLOCATIONS TO THE RESULTS OF THE BENCHMARKS FOR EACH UNDERLYING GE FUND.

The GE Moderate Strategy Fund returned 13.25% for the six-month period ended
March 31, 2000. The fund slightly underperformed its Composite Index by 27**
basis points for this period.

The Fund allocates investments among underlying GE Funds within carefully
determined ranges. The Fund is designed for investors with intermediate
investment time horizons and moderate-to-high risk tolerances. The Fund normally
invests 55% to 75% of its net assets in equity funds and 25% to 41% in income
funds. Currently, approximately 65% of the fund is allocated to equity funds.
U.S. equity funds account for 46% of the Fund with 34% allocated to GE U.S.
Equity Fund and 12% to GE Small-Cap Value Equity Fund. GE International Equity
Fund and GE Emerging Markets Fund account for 16% and 3% of the Fund
respectively. Approximately 35% of the Fund is allocated to fixed income funds.
The GE Fixed Income Fund and GE High Yield Fund account for 28% and 5% of the
Fund, respectively, and the balance is allocated to the GEI Short-Term
Investment Fund. Since the Fund is invested in a number of underlying GE Funds,
the results are compared to a Composite Index which includes the benchmarks of
each underlying GE Fund weighted according to the target allocations, including:
the S&P 500 Index, the Russell 2000 Index, the MSCI EAFE Index, the MSCI EMF
Index, the Lehman Brothers Aggregate Bond Index, the CS First Boston High Yield
Index, and the 90 Day T-Bill.

The slight underperformance of the Fund relative to its Composite Index was due
to the asset allocation strategy of the Fund. The Fund's moderate weighting in
equity funds relative to fixed income funds and a slight underperformance in the
GE U.S. Equity Fund muted returns for the period when compared to its benchmark.
The U.S. equity markets were volatile during this six-month period with
investors focusing almost exclusively on the technology industry. The GE U.S.
Equity Fund underperformed its respective benchmark due to an underweighting in
the technology sector. Valuations for many technology issues were at
historically high levels and hard to justify on an earnings basis. Returns for
the Fund's small-cap stocks were very strong during this period and helped to
boost overall performance for the U.S. equity portion of the Fund. The
international markets were also volatile during this period, however, strong
stock selection in Continental Europe and in the emerging markets provided above
average performance for this asset class.

The Fixed Income markets continued to be challenged by the Federal Reserve's
mission to keep inflation low. The Fed raised interest rates several times over
the six-month period. As a result, the yield curve inverted with short term
rates rising to 6.48% and long term rates falling to 5.84% over this period. The
Fund's investments in income funds posted solid results. The investment in the
GE High Yield Fund had particularly strong performance due to good security
selection in the international bond markets and an overweight in the
telecommunications sector. We continue to believe that this investment strategy
will provide solid results in both up and down markets due to the balanced
diversification between equities and fixed income.

SEE NOTES TO PERFORMANCE. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

3
<PAGE>
GE AGGRESSIVE STRATEGY FUND PERFORMANCE SUMMARY (UNAUDITED)
--------------------------------------------------------------------------------

[LINE GRAPH OMITTED]

AGGRESSIVE STRATEGY FUND COMPOSITE INDEX COMPOSITE INDEX (OLD)
1/5/98 10000.00 10000.00 10000.00
3/98 11110.07 11087.18 11179.57
6/98 11330.08 11038.14 11440.65
9/98 10150.10 9778.87 10469.17
12/98 11664.74 11380.14 12240.96
3/99 12056.03 11579.83 12589.95
6/99 12627.11 12428.73 13112.59
9/99 12267.54 12043.20 12916.04
12/99 13954.01 13716.65 14550.84
3/00 14359.58 14115.80 14779.75

PORTFOLIO ALLOCATION TO FUNDS AT 3/31/00*
--------------------------------------------------------------------------------
TARGET ACTUAL
------ ------
GE US Equity Fund 38.0% 37.5%
GE Small-Cap Value Equity Fund 20.0% 19.3%
GE International Equity Fund 19.0% 18.5%
GE Fixed Income Fund 9.0% 9.7%
GE High Yield Fund 7.0% 6.9%
GE Emerging Markets Fund 5.0% 4.7%
Other 2.0% 3.4%
--------------------------------------------------------------------------------
Total 100.0% 100.0%
--------------------------------------------------------------------------------
* As a percentage of net assets

AGGREGATE TOTAL RETURNS:
--------------------------------------------------------------------------------

SIX ONE SINCE
MONTHS YEAR INCEPTION
--------------------------------------------------------------------------------
AGGRESSIVE STRATEGY FUND 17.05% 19.11% 17.55%
Composite Index** 17.21% 21.90% 16.67%
S&P 500 Index 17.78% 18.17% 23.29%
Russell 2000 Index 26.65% 37.29% 11.03%
MSCI EAFE Index 16.87% 25.10% 20.67%
LB Aggregate Bond Index 2.08% 1.88% 4.42%
CS First Boston High Yield Index 0.99% 0.62% 1.13%
MSCI EMF Index 28.48% 51.59% 11.38%
90 Day T-Bill 2.73% 5.15% 5.00%
--------------------------------------------------------------------------------

** THE COMPOSITE INDEX IS DERIVED BY APPLYING EACH UNDERLYING GE FUND'S TARGET
ALLOCATIONS TO THE RESULTS OF THE BENCHMARKS FOR EACH UNDERLYING GE FUND.

The GE Aggressive Strategy Fund returned 17.05% for the six-month period ended
March 31, 2000. The Fund underperformed its Composite Index** by 16 basis points
for this period.

The Fund allocates investments among underlying GE Funds within carefully
determined ranges. The Fund is designed for investors with long investment time
horizons and high risk tolerances. The Fund normally invests 74% to 91% of its
net assets in equity funds and 7% to 22% in income funds. Currently,
approximately 80% of the fund is allocated to equity funds. U.S. equity funds
account for 57% of the Fund with 38% allocated to GE U.S. Equity Fund and 19% to
GE Small-Cap Value Equity Fund. GE International Equity Fund and GE Emerging
Markets Fund account for 18% and 5% of the Fund respectively. Approximately 20%
of the Fund is allocated to fixed income funds. The GE Fixed Income Fund and GE
High Yield Fund account for 10% and 7% of the Fund, respectively, and the
balance is allocated to the GEI Short-Term Investment Fund. Since the Fund is
invested in a number of underlying GE Funds, the results are compared to a
Composite Index which includes the benchmarks of each underlying GE Fund
weighted according to the target allocations, including: the S&P 500 Index, the
Russell 2000 Index, the MSCI EAFE Index, the MSCI EMF Index, the Lehman Brothers
Aggregate Bond Index, the CS First Boston High Yield Index, and the 90 Day
T-Bill.

The underperformance of the Fund relative to its composite benchmark was due to
the asset allocation strategy of the Fund. More than 80% of the Fund is
allocated to equity funds with approximately half of that allocation in U.S.
equity funds. The U.S. equity markets were volatile during this six-month period
with investors focusing almost exclusively on the technology industry. The GE
U.S. Equity Fund slightly underperformed its respective benchmark due to an
underweighting in the technology sector. Valuations for many technology issues
were at historically high levels and hard to justify on an earnings basis.
Returns for the Fund's investment in the GE Small-Cap Value Equity Fund were
very strong during this period and helped to boost overall performance for the
U.S. equity portion of the Fund. The international markets were also volatile
during this period, however, strong stock selection in Continental Europe and in
the emerging markets provided above average performance for this asset class.

The Fixed Income markets continued to be challenged by the Federal Reserve's
mission to keep inflation low. The Fed raised interest rates several times over
the six-month period. As a result, the yield curve inverted with short term
rates rising to 6.48% and long term rates falling to 5.84% over this period. The
Fund's investments in income funds posted solid results. The investment in the
GE High Yield Fund had particularly strong performance due to good security
selection in the international bond markets and an overweight in the
telecommunications sector. We believe this investment strategy will provide
positive results in strong equity markets, and conversely, when markets retreat,
the fixed income allocation is likely to cushion negative returns.

SEE NOTES TO PERFORMANCE. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

4
<PAGE>
GE LIFESTYLE FUNDS PORTFOLIO MANAGER'S BIOGRAPHY
--------------------------------------------------------------------------------

PERFORMANCE SUMMARIES ON THE PRECEDING PAGES ARE PRESENTED BY EUGENE K. BOLTON,
EXECUTIVE VICE PRESIDENT, GE ASSET MANAGEMENT.

GENE BOLTON IS RESPONSIBLE FOR THE MANAGEMENT OF THE GE LIFESTYLE FUNDS. AS THE
CHAIRMAN OF THE ASSET ALLOCATION COMMITTEE AT GE ASSET MANAGEMENT, GENE WORKS
CLOSELY WITH THE PORTFOLIO MANAGERS OF THE UNDERLYING GE FUNDS. HE ALSO HAS
OVERALL MANAGEMENT RESPONSIBILITY OF THE U.S. EQUITY INVESTMENT PROCESS AT GE
ASSET MANAGEMENT AND MANAGES TOTAL ASSETS OF APPROXIMATELY $40 BILLION,
INCLUDING RESPONSIBILITY FOR OVERSEEING THE PORTFOLIO MANAGEMENT OF THE GE U.S.
EQUITY FUND. GENE JOINED GE IN 1964. AFTER COMPLETING GE'S FINANCIAL MANAGEMENT
PROGRAM, HE HELD A NUMBER OF FINANCIAL AND STRATEGIC PLANNING POSITIONS IN THE
U.S. AND EUROPE. JOINING GE ASSET MANAGEMENT IN 1984 AS CHIEF FINANCIAL OFFICER,
HE MOVED TO EQUITIES AS A PORTFOLIO MANAGER IN 1986 AND WAS NAMED TO HIS PRESENT
POSITION IN 1991. GENE IS A TRUSTEE OF THE GE PENSION TRUST AND GE'S EMPLOYEE
SAVINGS PROGRAM. HE ALSO SERVES AS A TRUSTEE OF THE INVESTMENT MANAGEMENT
WORKSHOP, SPONSORED BY THE ASSOCIATION FOR INVESTMENT MANAGEMENT AND RESEARCH.
GENE IS A GRADUATE OF MUNDELEIN COLLEGE WITH A B.A. IN BUSINESS MANAGEMENT.

NOTES TO PERFORMANCE (UNAUDITED)
--------------------------------------------------------------------------------

Total returns are historical and assume changes in share price, reinvestment of
dividends and capital gains, if any. Past performance is not indicative of
future results of the fund. Investment returns and net asset value on an
investment will fluctuate and you may have a gain or loss when you sell your
shares. Periods less than one year are not annualized.

The Adviser has agreed to limit certain expenses of both the GE LifeStyle Funds
and certain underlying GE Funds on an annualized basis through January 28, 2001.
If GE Asset Management had not reduced certain expenses during the periods
shown, the performance returns would have been lower.

The Standard & Poor's ("S&P") 500 Composite Stock Price Index of stocks (S&P
500), Morgan Stanley Capital International Europe, Australasia, Far East Index
(MSCI EAFE), the Lehman Brothers Aggregate Bond Index (LB Aggregate), the
Russell 2000 Index (Russell 2000), the Morgan Stanley Capital International
Emerging Markets Free Index (MSCI EMF), the Credit Suisse First Boston High
Yield Index (CS First Boston High Yield), and the 90 Day T-Bill are unmanaged
indices and do not reflect the actual cost of investing in the instruments that
comprise each index.

The S&P 500 Index is a capitalization-weighted index of 500 widely held stocks
recognized by investors to be representative of the U.S. stock market in
general. The MSCI EAFE is a composite of 989 foreign securities traded in 20
developed markets representing Europe, Australasia and the Far East. The LB
Aggregate is composite of short-, medium-, and long-term bond performance and is
widely recognized as a barometer of the bond market in general. The Russell 2000
measures the performance of the smallest companies in the Russell 3000 Index,
which represents approximately 10% of the total market capitalization of the
Russell 3000 Index. The Russell 3000 Index measures the performance of the 3000
largest U.S. companies based on total market capitalization, representing
approximately 98% of the investable U.S. equity market. The MSCI EMF is a
composite of securities available to non-domestic investors traded in 25
emerging markets. The CS First Boston High Yield is a composite of below
investment-grade corporate bonds issued in the United States. The 90 Day T-Bill
is the average return on three month U.S. Treasury Bills. The results shown for
the foregoing indices assume reinvestment of net dividends or interest.

Total returns for the Composite Index are derived by applying the fund's target
allocations to the results of the corresponding benchmarks for the underlying GE
Funds; for GE U.S. Equity Fund and GE Small-Cap Value Equity Fund, the S&P 500
and the Russell 2000; for the GE International Equity Fund and GE Emerging
Markets Fund, the MSCI EAFE and the MSCI EMF; and for the GE Fixed Income Fund,
GE High Yield Fund and GEI Short-Term Investment Fund, the LB Aggregate, the CS
First Boston High Yield and the 90 Day T-Bill.

5
<PAGE>
FINANCIAL HIGHLIGHTS
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
GE CONSERVATIVE GE MODERATE GE AGGRESSIVE
STRATEGY STRATEGY STRATEGY
FUND FUND FUND
3/31/00 9/30/99 9/30/98(A) 3/31/00 9/30/99 9/30/98(A) 3/31/00 9/30/99 9/30/98(A)
-----------------------------------------------------------------------------------------------------------------------------------
INCEPTION DATE -- -- 1/5/98 -- -- 1/5/98 -- -- 1/5/98

<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ......... $10.79 $10.32 $ 10.00 $11.03 $10.22 $10.00 $11.60 $10.15 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(d) .................. 0.20 0.27 0.31 0.17 0.22 0.61 0.13 0.18 0.34
Net realized and unrealized gains
(losses) on investments ................ 0.85 0.78 0.01(c) 1.26 1.36 (0.39) 1.82 1.87 (0.19)(c)
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME FROM INVESTMENT OPERATIONS ...... 1.05 1.05 0.32 1.43 1.58 0.22 1.95 2.05 0.15
-----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS FROM:
Net investment income ..................... 0.28 0.36 0.00 0.26 0.40 0.00 0.17 0.31 0.00
Net realized gains ........................ 0.31 0.22 0.00 0.32 0.37 0.00 0.28 0.29 0.00
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS .......................... 0.59 0.58 0.00 0.58 0.77 0.00 0.45 0.60 0.00
-----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD ............... $11.25 $10.79 $ 10.32 $11.88 $11.03 $ 10.22 $13.10 $11.60 $10.15
-----------------------------------------------------------------------------------------------------------------------------------

TOTAL RETURN(B) .............................. 10.04% 10.44% 3.20% 13.25% 16.02% 2.20% 17.05% 20.86% 1.50%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) .. $3,125 $2,058 $ 979 $42,515 $32,319 $25,148 $10,216 $5,100 $2,939
Ratios to average net assets:
Net investment income* ................. 3.74% 3.39% 5.85% 2.90% 2.83% 7.39% 2.06% 2.07% 5.79%
Net expenses* .......................... 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
Gross expenses* ........................ 1.69% 0.79% 5.65% 0.33% 0.24% 0.33% 0.76% 0.41% 1.80%
Portfolio turnover rate ................... 58% 71% 67% 50% 41% 22% 53% 27% 28%
-----------------------------------------------------------------------------------------------------------------------------------

<FN>
NOTES TO FINANCIAL HIGHLIGHTS
-----------------------------

(a) INFORMATION IS FOR THE PERIOD JANUARY 5, 1998, INCEPTION OF INVESTMENT
OPERATIONS, THROUGH SEPTEMBER 30, 1998.

(b) TOTAL RETURNS ARE HISTORICAL AND ASSUME CHANGES IN SHARE PRICE,
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS, AND ASSUME NO SALES CHARGE.
HAD THE ADVISER NOT ABSORBED A PORTION OF EXPENSES OF THE FUNDS AND OF THE
UNDERLYING GE FUNDS, TOTAL RETURNS WOULD HAVE BEEN LOWER. PERIODS LESS THAN
ONE YEAR ARE NOT ANNUALIZED.

(c) AS A RESULT OF THE TIMING OF PURCHASES AND SALES OF FUND SHARES, PER SHARE
AMOUNTS DO NOT ACCORD WITH AGGREGATE AMOUNTS APPEARING IN THE STATEMENT OF
OPERATIONS.

(d) RECOGNITION OF NET INVESTMENT INCOME IS AFFECTED BY THE TIMING OF THE
DECLARATION OF DIVIDENDS BY THE UNDERLYING GE FUNDS IN WHICH THE FUNDS
INVEST.

* ANNUALIZED FOR PERIODS LESS THAN ONE YEAR.
</FN>
</TABLE>

------------
See Notes to Financial Statements.

6
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
GE CONSERVATIVE STRATEGY FUND
MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------------------------------
INVESTMENTS -- 98.6%
------------------------------------------------------------------------------------------------------
<S> <C> <C>
GE Small-Cap Value Fund (Class A) ....................... 11,156 $ 154,734
GE U.S. Equity Fund (Class A) ........................... 26,269 867,944
GE International Equity Fund (Class A) .................. 16,980 372,875
GE Fixed Income Fund (Class A) .......................... 140,464 1,630,783
GEI Short-Term Investment Fund .......................... 55,680 55,680

TOTAL INVESTMENTS
(COST $2,983,909) .................................... 3,082,016
------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.4%
------------------------------------------------------------------------------------------------------
Other Assets ............................................ 44,740
Liabilities ............................................. (1,806)
------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES ............................ 42,934
------------------------------------------------------------------------------------------------------
NET ASSETS-- 100% ....................................... $3,124,950
------------------------------------------------------------------------------------------------------

NET ASSETS CONSIST OF:
------------------------------------------------------------------------------------------------------
Capital paid in ......................................... $2,938,602
Undistributed net investment income ..................... 21,400
Accumulated net realized gain ........................... 66,841
Net unrealized appreciation on investments .............. 98,107
------------------------------------------------------------------------------------------------------
NET ASSETS .............................................. $3,124,950
------------------------------------------------------------------------------------------------------

Shares outstanding (par value $.001) .................... 277,714
Net asset value per share ............................... $11.25
</TABLE>

--------------
See Notes to Financial Statements.

7
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
GE MODERATE STRATEGY FUND
MARCH 31, 2000 (UNAUDITED)

--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
NUMBER
OF SHARES VALUE
---------------------------------------------------------------------------------------------------
INVESTMENTS -- 99.8%
---------------------------------------------------------------------------------------------------
<S> <C> <C>
GE Emerging Markets Fund (Class A) ........................ 60,544 $ 1,219,956
GE High Yield Fund (Class A) .............................. 225,618 2,111,789
GE Small-Cap Value Fund (Class A) ......................... 368,720 5,114,151
GE U.S. Equity Fund (Class A) ............................. 437,918 14,468,794
GE International Equity Fund (Class A) .................... 305,409 6,706,782
GE Fixed Income Fund (Class A) ............................ 1,026,530 11,918,010
GEI Short-Term Investment Fund ............................ 896,155 896,155

TOTAL INVESTMENTS (COST $40,435,632) ...................... 42,435,637
---------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.2%
---------------------------------------------------------------------------------------------------
Other Assets .............................................. 92,515
Liabilities ............................................... (12,709)
---------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES .............................. 79,806
---------------------------------------------------------------------------------------------------
NET ASSETS-- 100% ......................................... $42,515,443
---------------------------------------------------------------------------------------------------

NET ASSETS CONSIST OF:
---------------------------------------------------------------------------------------------------
Capital paid in ........................................... $36,824,995
Undistributed net investment income ....................... 187,800
Accumulated net realized gain ............................. 3,502,643
Net unrealized appreciation on investments ................ 2,000,005
---------------------------------------------------------------------------------------------------
NET ASSETS ................................................ $42,515,443
---------------------------------------------------------------------------------------------------

Shares outstanding (par value $.001) ...................... 3,579,715
Net asset value per share ................................. $11.88
</TABLE>

------------
See Notes to Financial Statements.

8
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
GE AGGRESSIVE STRATEGY FUND
MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
NUMBER
OF SHARES VALUE
------------------------------------------------------------------------------------------------
INVESTMENTS -- 99.2%
------------------------------------------------------------------------------------------------
<S> <C> <C>
GE Emerging Markets Fund (Class A) ....................... 23,788 $ 479,330
GE High Yield Fund (Class A) ............................. 74,857 700,658
GE Small-Cap Value Fund (Class A) ........................ 142,052 1,970,261
GE U.S. Equity Fund (Class A) ............................ 116,006 3,832,837
GE International Equity Fund (Class A) ................... 85,958 1,887,629
GE Fixed Income Fund (Class A) ........................... 85,635 994,219
GEI Short-Term Investment Fund ........................... 271,115 271,115

TOTAL INVESTMENTS
(COST $9,540,085) ...................................... 10,136,049
------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.8%
------------------------------------------------------------------------------------------------
Other Assets ............................................. 99,701
Liabilities .............................................. (20,056)
------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES ............................. 79,645
------------------------------------------------------------------------------------------------
NET ASSETS-- 100% ........................................ $10,215,694
------------------------------------------------------------------------------------------------

NET ASSETS CONSIST OF:
------------------------------------------------------------------------------------------------
Capital paid in .......................................... $8,998,846
Undistributed net investment income ...................... 18,874
Accumulated net realized gain ............................ 602,010
Net unrealized appreciation on investments ............... 595,964
------------------------------------------------------------------------------------------------
NET ASSETS ............................................... $10,215,694
------------------------------------------------------------------------------------------------

Shares outstanding (par value $.001) ..................... 779,576
Net asset value per share ................................ $13.10
</TABLE>

--------------
See Notes to Financial Statements.

9
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
GE CONSERVATIVE GE MODERATE GE AGGRESSIVE
STRATEGY STRATEGY STRATEGY
FUND FUND FUND
------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
INCOME:
<S> <C> <C> <C>
Dividends .......................... $47,716 $530,049 $73,958
Interest ........................... 1,818 20,683 5,537
------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME .......................... 49,534 550,732 79,495
------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Transfer agent fees ................ 18,551 19,052 19,052
Trustees' fees ..................... 223 3,462 547
Advisory fees ...................... 2,515 35,521 7,049
------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES BEFORE REIMBURSEMENT ... 21,289 58,035 26,648
------------------------------------------------------------------------------------------------------------------------
Less: Expenses reimbursed by
the Adviser ..................... (18,774) (22,514) (19,599)
------------------------------------------------------------------------------------------------------------------------
Net expenses ....................... 2,515 35,521 7,049
------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME ................. 47,019 515,211 72,446
------------------------------------------------------------------------------------------------------------------------

NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Realized gain on investments ....... 92,165 3,692,679 673,745
Change in unrealized
appreciation on investments ..... 108,609 242,217 372,276
------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain
on investments .................. 200,774 3,934,896 1,046,021
------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS .......... $247,793 $4,450,107 $1,118,467
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
</TABLE>

--------------
See Notes to Financial Statements.

10
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
GE CONSERVATIVE GE MODERATE GE AGGRESSIVE
STRATEGY STRATEGY STRATEGY
FUND FUND FUND
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
03/31/00 ENDED 03/31/00 ENDED 03/31/00 ENDED
(UNAUDITED) 09/30/99 (UNAUDITED) 09/30/99 (UNAUDITED) 09/30/99
-------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income ............. $ 47,019 $ 46,746 $ 515,211 $ 898,635 $ 72,446 $ 85,581
Net realized gain on investments .. 92,165 40,254 3,692,679 821,926 673,745 79,806
Net increase in unrealized
appreciation/depreciation ....... 108,609 15,087 242,217 2,645,102 372,276 439,566
---------------------------------------------------------------------------------------------------------------------------------
Net increase
from operations ................. 247,793 102,087 4,450,107 4,365,663 1,118,467 604,953
---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ............. (55,000) (34,875) (750,000) (1,128,888) (82,000) (92,813)
Net realized gains ................ (61,144) (20,720) (930,211) (1,040,888) (137,471) (86,167)
---------------------------------------------------------------------------------------------------------------------------------
Total distributions .................. (116,144) (55,595) (1,680,211) (2,169,776) (219,471) (178,980)
---------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from
operations and distributions ...... 131,649 46,492 2,769,896 2,195,887 898,996 425,973
---------------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Proceeds from sale of shares ...... 2,255,207 2,552,168 9,736,061 9,594,164 5,417,052 3,330,453
Value of distributions reinvested . 116,142 55,595 1,680,227 2,169,776 219,467 178,980
Cost of shares redeemed ........... (1,436,496) (1,574,974) (3,989,657) (6,788,532) (1,419,431) (1,775,136)
---------------------------------------------------------------------------------------------------------------------------------
Net increase from
share transactions ............ 934,853 1,032,789 7,426,631 4,975,40 4,217,088 1,734,297
---------------------------------------------------------------------------------------------------------------------------------
TOTAL INCREASE IN NET ASSETS ......... 1,066,502 1,079,281 10,196,527 7,171,295 5,116,084 2,160,270
---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS
Beginning of period .................. 2,058,448 979,167 32,318,916 25,147,621 5,099,610 2,939,340
---------------------------------------------------------------------------------------------------------------------------------
End of period ........................ $3,124,950 $2,058,448 $42,515,443 $32,318,916 $10,215,694 $5,099,610
---------------------------------------------------------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME,
END OF PERIOD ........................ $ 21,400 $ 29,381 $ 187,800 $ 422,589 $ 18,874 $ 28,428
---------------------------------------------------------------------------------------------------------------------------------

CHANGES IN FUND SHARES

Shares sold by subscription ............. 207,022 237,203 848,410 882,119 434,729 291,454
Issued for distributions reinvested ..... 10,834 5,403 150,020 211,685 18,048 16,981
Shares redeemed ......................... (130,962) (146,687) (349,232) (624,941) (112,703) (158,651)
---------------------------------------------------------------------------------------------------------------------------------
Net increase in fund shares ............. 86,894 95,919 649,198 468,863 340,074 149,784
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

-------------
See Notes to Financial Statements.

11
<PAGE>
NOTES TO FINANCIAL STATEMENTS MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

1. ORGANIZATION OF THE FUNDS

GE LifeStyle Funds ("LifeStyle Funds" or the "Trust") is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end,
management investment company. The Trust was organized as a Massachusetts
business trust on June 21, 1996, and is authorized to issue an unlimited number
of shares. It is currently comprised of six investment funds (each a "Fund" and
collectively the "Funds"), three of which are included in a separate semi-annual
report. Each Fund operates as a "fund-of-funds" in that it makes investments in
a select group of underlying GE Funds ("Underlying Funds") and cash suited to
the Fund's particular investment objective. The objectives of the funds are as
follows:

GE Conservative Strategy Fund's investment objective is income and long-term
growth of capital. The Fund seeks to achieve its investment objective by
investing among the underlying GE Funds within carefully determined ranges. The
Fund normally invests 38% to 52% of its net assets in equity funds and 48% to
58% in income funds.

GE Moderate Strategy Fund's investment objective is long-term growth of capital
with a moderate level of current income. The Fund seeks to achieve its
investment objective by investing among the underlying GE Funds within carefully
determined ranges. The Fund normally invests 55% to 75% of its net assets in
equity funds and 25% to 41% in income funds.

GE Aggressive Strategy Fund's investment objective is capital appreciation. The
Fund seeks to achieve its investment objective by investing among the underlying
GE Funds within carefully determined ranges. The Fund normally invests 74% to
91% of its net assets in equity funds and 9% to 22% in income funds.

GE Investment Management Incorporated, the GE Lifestyle Funds' investment
advisor and a wholly owned subsidiary of General Electric Company, changed its
name to GE Asset Management Incorporated ("GEAM") effective January 28, 2000.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions at
the date of the financial statements. Actual results may differ from those
estimates.

The following summarizes the significant accounting policies of the Trust:

SECURITY VALUATION AND TRANSACTIONS
Investments in the Underlying Funds are valued at the closing net asset value
per share of each Underlying Fund as reported on each business day. Short-term
investments maturing within 60 days are valued at amortized cost or original
cost plus accrued interest, both of which approximate current value.

Security transactions are accounted for as of the trade date. Capital gain
distribution from investments in the Underlying Funds are included in the
Statement of Operations in realized gain/loss on investments. Realized gains and
losses on investments sold are recorded on the basis of specific identified cost
for both financial statement and federal tax purposes.

REPURCHASE AGREEMENTS
Each of the Funds may enter into repurchase agreements. The Funds' custodian
takes possession of the collateral pledged for investments in repurchase
agreements on behalf of the Funds. The Funds value the underlying collateral
daily on a mark-to-market basis to determine that the value, including accrued
interest, is at least equal to 102% of the repurchase price. In the event the
seller defaults and the value of the security declines, or if the seller enters
an insolvency proceeding, realization of the collateral by the Funds may be
delayed or limited.

INCOME TAXES
The Funds intend to comply with all sections of the Internal Revenue Code
applicable to regulated investment companies and to distribute substantially all
of their taxable net investment income and net realized capital gains to their
shareholders and, therefore, no provision for federal income tax has been made.
Each Fund is treated as a separate taxpayer for federal income tax purposes. Any
net capital and currency losses incurred after October 31, within each Fund's
tax year, are deemed to arise on the first day of the Fund's next tax year if
the Fund so elects to defer such losses. No such net capital and currency losses
incurred during the Funds' tax year.

12
<PAGE>
NOTES TO FINANCIAL STATEMENTS MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

DISTRIBUTIONS TO SHAREHOLDERS
The Funds declare and pay dividends of investment income and net realized
capital gains annually. The character of income and gains to be distributed is
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles. Reclassifications are made to the
Funds' capital accounts to reflect income and gains available for distribution
(or available capital loss carryovers) under income tax regulations. These
reclassifications have no impact on net investment income, realized gains or
losses, or net asset value of the Funds. The calculation of net investment
income per share in the Financial Highlights table excludes these adjustments.

INVESTMENT INCOME
Income and capital gain distributions, if any, are recorded on the ex-dividend
date. Interest income is recorded on the accrual basis.

EXPENSES
The Funds pay a fee to GEAM for the Funds' advisory and administration services.
This fee includes any normal operating expenses payable by the Funds, except for
fees paid to the Trust's independent Trustees and transfer agent. Until further
notice, GEAM has agreed to reimburse the Funds for Trustee and transfer agency
costs.

3. FEES AND COMPENSATION PAID TO AFFILIATES

ADVISORY AND ADMINISTRATION FEES
Compensation of GEAM for investment advisory and administrative services, is
paid monthly based on the average daily net assets of each Fund. The advisory
and administration fees payable to GEAM for each Fund are calculated at the
annual rate of 0.20%.

TRUSTEES COMPENSATION
The Funds pay no compensation to their Trustees who are employees of GEAM.
Trustees who are not such officers or employees receive an annual fee of $2,000
and an additional fee of $500 for each Trustees' meeting attended in person.

OTHER
For the period ended March 31, 2000, the Trust was informed that GE Investment
Distributors, Inc., acting as underwriter, did not receive commissions from the
sale of shares.

4. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION

Aggregate gross unrealized appreciation/(depreciation) of investments for each
Fund at March 31, 2000, were as follows:

GROSS GROSS NET
UNREALIZED UNREALIZED UNREALIZED
APPRECIATION DEPRECIATION APPRECIATION
--------------------------------------------------------------------------------
GE Conservative Strategy Fund $ 107,446 $ 9,339 $ 98,107

GE Moderate Strategy Fund 2,596,247 596,242 2,000,005

GE Aggressive Strategy Fund 643,664 47,700 595,964

The aggregate cost of each Fund's investments was substantially the same for
book and federal income tax purposes at March 31, 2000.

5. INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of the Underlying Funds,
excluding short-term securities, for the period ended March 31, 2000, were as
follows:

PURCHASES SALES
-----------------------------------------------------------
GE Conservative Strategy Fund $ 2,271,224 $ 1,434,667

GE Moderate Strategy Fund 24,310,104 17,293,494

GE Aggressive Strategy Fund 7,705,684 3,648,759

13
<PAGE>
NOTES TO FINANCIAL STATEMENTS MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

6. BENEFICIAL INTEREST

The schedule below shows the number of shareholders each owning 5% or more of a
Fund and the total percentage of the fund held by such shareholders at March
31, 2000.

5% OR GREATER SHAREHOLDERS
---------------------------------------------------------
% OF
NUMBER FUND HELD
---------------------------------------------------------
GE Conservative Strategy Fund 4 93.94%
GE Moderate Strategy Fund 3 95.73%
GE Aggressive Strategy Fund 4 89.83%

Investment activities of these shareholders could have a material impact on
these funds.

14
<PAGE>
[This page is left intentionally blank]

15
<PAGE>
[This page is left intentionally blank]

16
<PAGE>
GE LIFESTYLE FUNDS' INVESTMENT TEAM
--------------------------------------------------------------------------------

PORTFOLIO MANAGER
GE LIFESTYLE FUNDS
Eugene K. Bolton

PORTFOLIO MANAGERS OF THE
UNDERLYING FUNDS
GE INTERNATIONAL EQUITY FUND
Team led by Ralph R. Layman

GE SMALL-CAP VALUE EQUITY FUND
Senior Investment Committee:
Jack Feiler
Martin L. Berman
Steven E. Berman
Richard Meisenberg -
Palisade Capital Management, L.L.C.

GE HIGH YIELD FUND
Robert E. Angevine
Thomas L. Bennett
Stephen F. Esser -
Miller Anderson & Sherrerd, LLP

GE EMERGING MARKETS FUND
Team led by Ralph R. Layman

GE U.S. EQUITY FUND
Team led by Eugene K. Bolton

GE FIXED INCOME FUND
Team led by Robert A. MacDougall

INVESTMENT ADVISER
AND ADMINISTRATOR
GE Asset Management Incorporated

TRUSTEES
Michael J. Cosgrove
John R. Costantino
Alan M. Lewis
William J. Lucas
Robert P. Quinn

SECRETARY
Matthew J. Simpson

TREASURER
Michael J. Tansley

ASSISTANT TREASURER
Michael M. D'Ambrosio

DISTRIBUTOR
GE Investment Distributors, Inc.
Member NASD and SIPC

COUNSEL
Willkie Farr & Gallagher LLP

CUSTODIAN
State Street Bank & Trust Company

INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP

OFFICERS OF THE INVESTMENT ADVISER
John H. Myers, CHAIRMAN OF THE BOARD AND PRESIDENT
Eugene K. Bolton, EVP, DOMESTIC EQUITIES
Michael J. Cosgrove, EVP, MUTUAL FUNDS
John J. Walker, EVP, CHIEF FINANCIAL OFFICER
Ralph R. Layman, EVP, INTERNATIONAL EQUITIES
Alan M. Lewis, EVP, GENERAL COUNSEL AND SECRETARY
Robert A. MacDougall, EVP, FIXED INCOME
Geoffrey R. Norman, EVP, MARKETING
Don W. Torey, EVP, ALTERNATIVE INVESTMENTS AND REAL ESTATE
<PAGE>

INVESTMENT ADVISER
GE ASSET MANAGEMENT INCORPORATED
3003 SUMMER STREET
STAMFORD, CT 06905

DISTRIBUTOR
GE INVESTMENT DISTRIBUTORS, INC.
MEMBER NASD AND SIPC
777 LONG RIDGE ROAD
STAMFORD, CT 06927

[GE LOGO OMITTED]
WE BRING GOOD THINGS TO LIFE.

<PAGE>
GE LIFESTYLE FUNDS
SEMI-ANNUAL REPORT

GE ALLOCATION FUNDS
GE CONSERVATIVE ALLOCATION FUND
GE MODERATE ALLOCATION FUND
GE AGGRESSIVE ALLOCATION FUND
MARCH 31, 2000

[GE LOGO OMITTED]
WE BRING GOOD THINGS TO LIFE.
<PAGE>
GE LIFESTYLE FUNDS
--------------------------------------------------------------------------------

UNDERSTANDING YOUR REPORT
--------------------------------------------------------------------------------
A LETTER FROM THE PRESIDENT ............................................ 1

PERFORMANCE SUMMARY

GE CONSERVATIVE ALLOCATION FUND ................................... 2

GE MODERATE ALLOCATION FUND ....................................... 3

GE AGGRESSIVE ALLOCATION FUND ..................................... 4

PORTFOLIO MANAGER'S BIOGRAPHY ..................................... 5

NOTES TO PERFORMANCE .............................................. 5

FINANCIAL STATEMENTS
Financial Highlights .............................................. 6
Statements of Net Assets, Operations,
and Changes in Net Assets ...................................... 7

NOTES
Notes to Financial Statements ..................................... 12

GE LIFESTYLE FUNDS'
INVESTMENT TEAM ........................................... INSIDE BACK COVER

<PAGE>
A LETTER FROM THE PRESIDENT
--------------------------------------------------------------------------------

DEAR SHAREHOLDER:
We are pleased to provide you with the semi-annual report for the six-month
period ended March 31, 2000 for the GE LifeStyle Funds.

Thank you for your continued investment in the GE LifeStyle Funds. We look
forward to helping you serve your financial needs in the future.

Sincerely,

/S/SIGNATURE
Michael J. Cosgrove

1
<PAGE>
GE CONSERVATIVE ALLOCATION FUND PERFORMANCE SUMMARY (UNAUDITED)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
--------------------------------------------------------------------------------
[LINE GRAPH OMITTED]
CONSERVATIVE ALLOCATION FUND COMPOSITE INDEX COMPOSITE INDEX (OLD)
12/31/98 10000.00 10000.00 10000.00
3/99 10160.00 10103.89 10144.42
6/99 10390.00 10363.09 10353.26
9/99 10270.00 10242.71 10318.91
12/99 11002.56 10952.24 11020.23
3/00 11258.67 11217.68 11193.85

PORTFOLIO ALLOCATION TO FUNDS AT 3/31/00*
--------------------------------------------------------------------------------

TARGET ACTUAL
------ ------
GE Fixed Income Fund 53.0% 53.0%
GE U.S. Equity Fund 28.0% 27.7%
GE International Equity Fund 12.0% 12.1%
GE Small-Cap Value Equity Fund 5.0% 5.1%
Other 2.0% 2.1%
--------------------------------------------------------------------------------
Total 100.0% 100.0%
--------------------------------------------------------------------------------
* As a percentage of net assets

AGGREGATE TOTAL RETURNS:
--------------------------------------------------------------------------------

SIX ONE SINCE
MONTHS YEAR INCEPTION
--------------------------------------------------------------------------------

CONSERVATIVE ALLOCATION FUND 9.63% 10.81% 9.94%
Composite Index** 9.52% 11.02% 9.63%
LB Aggregate Bond Index 2.08% 1.88% 1.09%
S&P 500 Index 17.78% 18.17% 18.86%
MSCI EAFE Index 16.87% 25.10% 20.96%
Russell 2000 Index 26.65% 37.29% 23.11%
90 Day T-Bill 2.73% 5.15% 5.03%
--------------------------------------------------------------------------------

** THE COMPOSITE INDEX IS DERIVED BY APPLYING EACH UNDERLYING GE FUND'S TARGET
ALLOCATIONS TO THE RESULTS OF THE BENCHMARKS FOR EACH UNDERLYING GE FUND.

*** EFFECTIVE JANUARY 28, 2000, THE UNDERLYING GE FUNDS IN WHICH THE FUND MAY
INVEST AND THEIR TARGET ALLOCATIONS WERE CHANGED. THE COMPOSITE INDEX (OLD)
IS DERIVED BY APPLYING EACH UNDERLYING GE FUND'S PREVIOUS TARGET
ALLOCATIONS TO THE RESULTS OF THE BENCHMARKS FOR EACH UNDERLYING GE FUND.

The GE Conservative Allocation Fund returned 9.63% for the six-month period
ended March 31, 2000. The Fund outperformed its Composite Index** by 11 basis
points for this period.

The Fund allocates investments among underlying GE Funds within carefully
determined ranges. The Conservative Allocation Fund is designed for investors
with shorter investment time horizons and lower risk tolerances. The Fund
normally invests 38% to 52% of its net assets in equity funds and 48% to 58% in
income funds. Currently, approximately 45% of the fund is allocated to equity
funds. U.S. equity funds account for 33% of the Fund with 28% allocated to GE
U.S. Equity Fund and 5% to GE Small-Cap Value Equity Fund. GE International
Equity Fund accounts for 12% of the Fund. Approximately 55% of the Fund is
allocated to fixed income funds. The GE Fixed Income Fund accounts for 53% of
the Fund and the balance is allocated to the GEI Short-Term Investment Fund.
Since the Fund is invested in a number of underlying GE Funds, the results are
compared to a Composite Index which includes the benchmarks of each underlying
GE Fund weighted according to the target allocations, including: the S&P 500
Index, the Russell 2000 Index, the MSCI EAFE Index, the Lehman Brothers
Aggregate Bond Index, and the 90 Day T-Bill.

2
<PAGE>
GE MODERATE ALLOCATION FUND PERFORMANCE SUMMARY (UNAUDITED)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
--------------------------------------------------------------------------------
[LINE GRAPH OMITTED]
MODERATE ALLOCATION FUND COMPOSITE INDEX COMPOSITE INDEX (OLD)
12/31/98 10000.00 10000.00 10000.00
3/99 10240.00 10158.43 10217.37
6/99 10600.00 10675.56 10538.54
9/99 10390.00 10439.10 10438.23
12/99 11475.80 11554.35 11458.90
3/00 11761.17 11850.73 11641.25

PORTFOLIO ALLOCATION TO FUNDS AT 3/31/00*
--------------------------------------------------------------------------------
TARGET ACTUAL
------ ------
GE US Equity Fund 34.0% 34.4%
GE Fixed Income Fund 28.0% 27.6%
GE International Equity Fund 16.0% 15.9%
GE Small-Cap Value Equity Fund 12.0% 11.8%
GE High Yield Fund 5.0% 4.8%
GE Emerging Markets Fund 3.0% 2.9%
Other 2.0% 2.6%
--------------------------------------------------------------------------------
Total 100.0% 100.0%
--------------------------------------------------------------------------------
* As a percentage of net assets

AGGREGATE TOTAL RETURNS:
--------------------------------------------------------------------------------

SIX ONE SINCE
MONTHS YEAR INCEPTION
--------------------------------------------------------------------------------

MODERATE ALLOCATION FUND 13.20% 14.86% 13.84%
Composite Index** 13.52% 16.66% 14.56%
S&P 500 Index 17.78% 18.17% 18.86%
LB Aggregate Bond Index 2.08% 1.88% 1.09%
MSCI EAFE Index 16.87% 25.10% 20.96%
Russell 2000 Index 26.65% 37.29% 23.11%
CS First Boston High Yield Index 0.99% 0.62% 2.03%
MSCI EMF Index 28.48% 51.59% 53.24%
90 Day T-Bill 2.73% 5.15% 5.03%
--------------------------------------------------------------------------------

** THE COMPOSITE INDEX IS DERIVED BY APPLYING EACH UNDERLYING GE FUND'S TARGET
ALLOCATIONS TO THE RESULTS OF THE BENCHMARKS FOR EACH UNDERLYING GE FUND.

*** EFFECTIVE JANUARY 28, 2000, THE UNDERLYING GE FUNDS IN WHICH THE FUND MAY
INVEST AND THEIR TARGET ALLOCATIONS WERE CHANGED. THE COMPOSITE INDEX (OLD)
IS DERIVED BY APPLYING EACH UNDERLYING GE FUND'S PREVIOUS TARGET
ALLOCATIONS TO THE RESULTS OF THE BENCHMARKS FOR EACH UNDERLYING GE FUND.

The GE Moderate Allocation Fund returned 13.20% for the six-month period ended
March 31, 2000. The Fund underperformed its Composite Index** by 32 basis points
for this period.

The Fund allocates investments among underlying GE Funds within carefully
determined ranges. The Fund is designed for investors with intermediate
investment time horizons and moderate-to-high risk tolerances. The Fund normally
invests 55% to 75% of its net assets in equity funds and 25% to 41% in income
funds. Currently, approximately 65% of the fund is allocated to equity funds.
U.S. equity funds account for 46% of the Fund with 34% allocated to GE U.S.
Equity Fund and 12% to GE Small-Cap Value Equity Fund. GE International Equity
Fund and GE Emerging Markets Fund account for 16% and 3% of the Fund
respectively. Approximately 35% of the Fund is allocated to fixed income funds.
The GE Fixed Income Fund and GE High Yield Fund account for 28% and 5% of the
Fund, respectively, and the balance is allocated to the GEI Short-Term
Investment Fund. Since the Fund is invested in a number of underlying GE Funds,
the results are compared to a Composite Index which includes the benchmarks of
each underlying GE Fund weighted according to the target allocations, including:
the S&P 500 Index, the Russell 2000 Index, the MSCI EAFE Index, the MSCIEMF
Index, the Lehman Brothers Aggregate Bond Index, the CS First Boston High Yield
Index, and the 90 Day T-Bill.

SEE NOTES TO PERFORMANCE. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

3
<PAGE>
GE AGGRESSIVE ALLOCATION FUND PERFORMANCE SUMMARY (UNAUDITED)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
--------------------------------------------------------------------------------
[LINE GRAPH OMITTED]
AGGRESSIVE ALLOCATION FUND COMPOSITE INDEX COMPOSITE INDEX (OLD)
12/31/98 10000.00 10000.00 10000.00
3/99 10340.00 10175.48 10285.11
6/99 10870.00 10921.42 10712.06
9/99 10560.00 10582.65 10551.49
12/99 12021.65 12053.15 11887.01
3/00 12325.48 12403.89 12074.02

PORTFOLIO ALLOCATION TO FUNDS AT 3/31/00*
--------------------------------------------------------------------------------
TARGET ACTUAL
------ ------
GE US Equity Fund 38.0% 37.9%
GE Small-Cap Value Equity Fund 20.0% 20.2%
GE International Equity Fund 19.0% 19.0%
GE Fixed Income Fund 9.0% 8.9%
GE High Yield Fund 7.0% 6.8%
GE Emerging Markets Fund 5.0% 4.9%
Other 2.0% 2.3%
--------------------------------------------------------------------------------
Total 100.0% 100.0%
--------------------------------------------------------------------------------
* As a percentage of net assets

AGGREGATE TOTAL RETURNS:
--------------------------------------------------------------------------------

SIX ONE SINCE
MONTHS YEAR INCEPTION
--------------------------------------------------------------------------------

AGGRESSIVE ALLOCATION FUND 16.72% 19.20% 18.19%
Composite Index** 17.21% 21.90% 18.82%
S&P 500 Index 17.78% 18.17% 18.86%
Russell 2000 Index 26.65% 37.29% 23.11%
MSCI EAFE Index 16.87% 25.10% 20.96%
LB Aggregate Bond Index 2.08% 1.88% 1.09%
CS First Boston High Yield Index 0.99% 0.62% 2.03%
MSCI EMF Index 28.48% 51.59% 53.24%
90 Day T-Bill 2.73% 5.15% 5.03%
--------------------------------------------------------------------------------

** THE COMPOSITE INDEX IS DERIVED BY APPLYING EACH UNDERLYING GE FUND'S TARGET
ALLOCATIONS TO THE RESULTS OF THE BENCHMARKS FOR EACH UNDERLYING GE FUND.

*** EFFECTIVE JANUARY 28, 2000, THE UNDERLYING GE FUNDS IN WHICH THE FUND MAY
INVEST AND THEIR TARGET ALLOCATIONS WERE CHANGED. THE COMPOSITE INDEX (OLD)
IS DERIVED BY APPLYING EACH UNDERLYING GE FUND'S PREVIOUS TARGET
ALLOCATIONS TO THE RESULTS OF THE BENCHMARKS FOR EACH UNDERLYING GE FUND.

SEE NOTES TO PERFORMANCE. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

4
<PAGE>
GE LIFESTYLE FUNDS PORTFOLIO MANAGER'S BIOGRAPHY
--------------------------------------------------------------------------------

PERFORMANCE SUMMARIES ON THE PRECEDING PAGES ARE PRESENTED BY EUGENE K. BOLTON,
EXECUTIVE VICE PRESIDENT, GE ASSET MANAGEMENT.

NOTES TO PERFORMANCE (UNAUDITED)
--------------------------------------------------------------------------------

5
<PAGE>
FINANCIAL HIGHLIGHTS
SELECTED DATA BASED ON A SHARE OUTSTANDING THROUGHOUT THE PERIOD INDICATED
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
GE CONSERVATIVE GE MODERATE GE AGGRESSIVE
ALLOCATION ALLOCATION ALLOCATION
FUND FUND FUND
3/31/00 9/30/99(a) 3/31/00 9/30/99(a) 3/31/00 9/30/99(a)
-----------------------------------------------------------------------------------------------------------------------

INCEPTION DATE -- 12/31/98 -- 12/31/98 -- 12/31/98
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............ $10.27 $10.00 $10.39 $10.00 $10.56 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (d) ....................... 0.16 0.13 0.15 0.08 0.12 0.03
Net realized and unrealized gains on investments 0.82 0.14(c) 1.20 0.31(c) 1.63 0.53(c)
-----------------------------------------------------------------------------------------------------------------------
TOTAL INCOME FROM INVESTMENT OPERATIONS ......... 0.98 0.27 1.35 0.39 1.75 0.56
-----------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS FROM:
Net investment income ........................ 0.26 -- 0.19 -- 0.13 --
Net realized gains ........................... -- -- 0.01 -- 0.01 --
-----------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS ............................. 0.26 -- 0.20 -- 0.14 --
-----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD .................. $10.99 $10.27 $11.54 $10.39 $12.17 $10.56
-----------------------------------------------------------------------------------------------------------------------

TOTAL RETURN (B) ................................ 9.63% 2.70% 13.20% 3.90% 16.72% 5.60%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) ..... $46,850 $ 841 $18,655 $8,422 $23,733 $7,339
Ratios to average net assets:
Net investment income* ....................... 3.78% 3.09% 2.96% 1.98% 2.07% 0.99%
Net expenses* ................................ 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
Gross expenses* .............................. 0.74% 2.47% 0.64% 0.45% 0.63% 0.61%
Portfolio turnover rate ...................... 28% 140% 53% 18% 53% 10%
-----------------------------------------------------------------------------------------------------------------------

<FN>
NOTES TO FINANCIAL HIGHLIGHTS
-----------------------------

(a) INFORMATION IS FOR THE PERIOD DECEMBER 31, 1998, INCEPTION OF INVESTMENT
OPERATIONS, THROUGH SEPTEMBER 30, 1999.

(b) TOTAL RETURNS ARE HISTORICAL AND ASSUME CHANGES IN SHARE PRICE, REINVESTMENT
OF DIVIDENDS AND CAPITAL GAINS, AND ASSUME NO SALES CHARGE. HAD THE ADVISER
NOT ABSORBED A PORTION OF EXPENSES OF THE FUNDS AND OF THE UNDERLYING GE
FUNDS, TOTAL RETURNS WOULD HAVE BEEN LOWER. PERIODS LESS THAN ONE YEAR ARE
NOT ANNUALIZED.

(c) AS A RESULT OF THE TIMING OF PURCHASES AND SALES OF FUND SHARES, PER SHARE
AMOUNTS DO NOT ACCORD WITH AGGREGATE AMOUNTS APPEARING IN THE STATEMENT OF
OPERATIONS.

(d) RECOGNITION OF NET INVESTMENT INCOME IS AFFECTED BY THE TIMING OF THE
DECLARATION OF DIVIDENDS BY THE UNDERLYING GE FUNDS IN WHICH THE FUNDS
INVEST.

* ANNUALIZED FOR PERIODS LESS THAN ONE YEAR.
</FN>
</TABLE>

See Notes to Financial Statements.

6
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
GE CONSERVATIVE ALLOCATION FUND
MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
NUMBER
OF SHARES VALUE
-------------------------------------------------------------------------------------------------------

INVESTMENTS -- 100.0%
-------------------------------------------------------------------------------------------------------
<S> <C> <C>
GE Small-Cap Value Fund (Class Y) ............................ 170,396 $ 2,370,214
GE U.S. Equity Fund (Class Y) ................................ 394,244 12,978,524
GE International Equity Fund (Class Y) ....................... 256,488 5,676,085
GE Fixed Income Fund (Class Y) ............................... 2,138,034 24,822,573
GEI Short-Term Investment Fund ............................... 980,718 980,718

TOTAL INVESTMENTS (COST $45,539,361) ......................... 46,828,114
-------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.0%
-------------------------------------------------------------------------------------------------------
Other Assets ................................................. 28,609
Liabilities .................................................. (6,665)
-------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES ................................. 21,944
-------------------------------------------------------------------------------------------------------
NET ASSETS-- 100% ............................................ $46,850,058
-------------------------------------------------------------------------------------------------------

NET ASSETS CONSIST OF:
-------------------------------------------------------------------------------------------------------
Capital paid in .............................................. $45,332,289
Undistributed net investment income .......................... 130,177
Accumulated net realized gain ................................ 98,839
Net unrealized appreciation on investments ................... 1,288,753
-------------------------------------------------------------------------------------------------------
NET ASSETS ................................................... $46,850,058
-------------------------------------------------------------------------------------------------------

Shares outstanding (par value $.001) ......................... 4,264,820
Net asset value per share .................................... $10.99
</TABLE>

-----------
See Notes to Financial Statements.

7
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
GE MODERATE ALLOCATION FUND
MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
NUMBER
OF SHARES VALUE
-------------------------------------------------------------------------------------------------

INVESTMENTS -- 100.0%
-------------------------------------------------------------------------------------------------
<S> <C> <C>
GE Emerging Markets Fund (Class Y) ............................. 26,472 $ 534,995
GE High Yield Fund (Class Y) ................................... 95,852 897,175
GE Small-Cap Value Fund (Class Y) .............................. 58,779 2,208,616
GE U.S. Equity Fund (Class Y) .................................. 94,872 6,415,202
GE International Equity Fund (Class Y) ......................... 34,077 2,967,135
GE Fixed Income Fund (Class Y) ................................. 43,144 5,144,901
GEI Short-Term Investment Fund ................................. 78,479 478,479

TOTAL INVESTMENTS (COST $18,059,329) ................................ 18,646,503
-------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.0%
-------------------------------------------------------------------------------------------------
Other Assets ........................................................ 10,891
Liabilities ......................................................... (2,822)
-------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES ........................................ 8,069
-------------------------------------------------------------------------------------------------
NET ASSETS-- 100% ................................................... $18,654,572
-------------------------------------------------------------------------------------------------

NET ASSETS CONSIST OF:
-------------------------------------------------------------------------------------------------
Capital paid in ..................................................... $17,617,762
Undistributed net investment income ................................. 59,439
Accumulated net realized gain ....................................... 390,197
Net unrealized appreciation on investments .......................... 587,174
-------------------------------------------------------------------------------------------------
NET ASSETS .......................................................... $18,654,572
-------------------------------------------------------------------------------------------------

Shares outstanding (par value $.001) ................................ 1,616,090
Net asset value per share ........................................... $11.54
</TABLE>

----------------
See Notes to Financial Statements.

8
<PAGE>
STATEMENT OF NET ASSETS
--------------------------------------------------------------------------------
GE AGGRESSIVE ALLOCATION FUND
MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
NUMBER
OF SHARES VALUE
-----------------------------------------------------------------------------------------------
INVESTMENTS -- 100.0%
-----------------------------------------------------------------------------------------------
<S> <C> <C>
GE Emerging Markets Fund (Class Y) ...................... 57,129 $ 1,154,569
GE High Yield Fund (Class Y) ............................ 172,686 1,616,340
GE Small-Cap Value Fund (Class Y) ....................... 344,937 4,798,079
GE U.S. Equity Fund (Class Y) ........................... 273,086 8,989,994
GE International Equity Fund (Class Y) .................. 203,175 4,496,262
GE Fixed Income Fund (Class Y) .......................... 182,391 2,117,554
GEI Short-Term Investment Fund .......................... 550,591 550,591

TOTAL INVESTMENTS (COST $22,880,936) .................... 23,723,389
-----------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.0%
-----------------------------------------------------------------------------------------------
Other Assets ............................................ 14,554
Liabilities ............................................. (5,089)
-----------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES ............................ 9,465
-----------------------------------------------------------------------------------------------
NET ASSETS-- 100% ....................................... $23,732,854
-----------------------------------------------------------------------------------------------

NET ASSETS CONSIST OF:
-----------------------------------------------------------------------------------------------
Capital paid in ......................................... $22,388,449
Undistributed net investment income ..................... 30,372
Accumulated net realized gain ........................... 471,580
Net unrealized appreciation on investments .............. 842,453
-----------------------------------------------------------------------------------------------
NET ASSETS .............................................. $23,732,854
-----------------------------------------------------------------------------------------------

Shares outstanding (par value $.001) .................... 1,949,937
Net asset value per share ............................... $12.17
</TABLE>

------------
See Notes to Financial Statements.9
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
GE CONSERVATIVE GE MODERATE GE AGGRESSIVE
ALLOCATION ALLOCATION ALLOCATION
FUND FUND FUND
---------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
INCOME:
<S> <C> <C> <C>
Dividends ................................. $143,469 $148,673 $105,622
Interest .................................. 4,627 5,191 5,799
---------------------------------------------------------------------------------------------------------------------
TOTAL INCOME ................................. 148,096 153,864 111,421
---------------------------------------------------------------------------------------------------------------------
EXPENSES:
Transfer agent fees ....................... 20,055 20,556 20,556
Trustees' fees ............................ 90 904 789
Advisory fees ............................. 7,449 9,743 9,818
---------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES BEFORE REIMBURSEMENT .......... 27,594 31,203 31,163
---------------------------------------------------------------------------------------------------------------------
Less: Expenses reimbursed by
the Adviser ............................ (20,145) (21,460) (21,345)
---------------------------------------------------------------------------------------------------------------------
Net expenses .............................. 7,449 9,743 9,818
---------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME ........................ 140,647 144,121 101,603
---------------------------------------------------------------------------------------------------------------------

NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS
Realized gain on investments .............. 99,436 393,714 472,158
Change in unrealized appreciation
on investments ......................... 1,309,187 809,417 1,119,289
---------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain
on investments ......................... 1,408,623 1,203,131 1,591,447
---------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ................. $1,549,270 $1,347,252 $1,693,050
---------------------------------------------------------------------------------------------------------------------
</TABLE>

-------------------
See Notes to Financial Statements.

10
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
GE CONSERVATIVE GE MODERATE GE AGGRESSIVE
ALLOCATION ALLOCATION ALLOCATION
FUND FUND FUND

SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
03/31/00 ENDED 03/31/00 ENDED 03/31/00 ENDED
(UNAUDITED) 09/30/99* (UNAUDITED) 09/30/99* (UNAUDITED) 09/30/99*
---------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income ........................ $ 140,647 $ 10,530 $ 144,121 $ 62,318 $ 101,603 $ 18,769
Net realized gain (loss) on investments ...... 99,436 (597) 393,714 7,164 472,158 8,059
Net increase in unrealized
appreciation/depreciation .................. 1,309,187 (20,434) 809,417 (222,243) 1,119,289 (276,836)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from operations ...... 1,549,270 (10,501) 1,347,252 (152,761) 1,693,050 (250,008)
---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ........................ (21,000) -- (147,000) -- (90,000) --
Net realized gains ........................... -- -- (10,861) -- (8,637) --
---------------------------------------------------------------------------------------------------------------------------------
Total distributions ............................. (21,000) -- (157,681) -- (98,637) --
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
operations and distributions ................. 1,528,270 (10,501) 1,189,571 (152,761) 1,594,413 (250,008)
---------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Proceeds from sale of shares ................. 46,093,290 1,484,866 11,156,794 10,125,126 16,617,447 8,108,990
Value of distributions reinvested ............ 21,000 -- 157,679 -- 98,632 --
Cost of shares redeemed ...................... (1,633,810) (633,057) (2,271,597)(1,550,240) (1,917,085) (519,535)
---------------------------------------------------------------------------------------------------------------------------------
Net increase from share transactions ......... 44,480,480 851,809 9,042,876 8,574,886 14,798,994 7,589,455
---------------------------------------------------------------------------------------------------------------------------------
TOTAL INCREASE IN NET ASSETS .................... 46,008,750 841,308 10,232,447 8,422,125 16,393,407 7,339,447

NET ASSETS
Beginning of period ............................. 841,308 -- 8,422,125 -- 7,339,447 --
---------------------------------------------------------------------------------------------------------------------------------
End of period ................................... $46,850,058 $841,308 $18,654,572 $8,422,125 $23,732,854$7,339,447
---------------------------------------------------------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME,
END OF PERIOD ................................... $130,177 $10,530 $59,439 $62,318 $30,372 $18,769
---------------------------------------------------------------------------------------------------------------------------------

CHANGES IN FUND SHARES

Shares sold by subscription ........................ 4,331,985 142,946 1,002,853 958,519 1,412,369 742,852
Issued for distributions reinvested ................ 1,998 -- 14,492 -- 8,713 --
Shares redeemed .................................... (151,056) (61,053) (211,225) (147,730) (166,024) (47,973)
---------------------------------------------------------------------------------------------------------------------------------
Net increase in fund shares ........................ 4,182,927 81,893 806,120 810,789 1,255,058 694,879
---------------------------------------------------------------------------------------------------------------------------------

<FN>
* FOR THE PERIOD DECEMBER 31, 1998 (INCEPTION) THROUGH SEPTEMBER 30, 1999.
</FN>
</TABLE>

---------------
See Notes to Financial Statements.

11
<PAGE>
NOTES TO FINANCIAL STATEMENTS MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

1. ORGANIZATION OF THE FUNDS

GE Conservative Allocation Fund's investment objective is income and long-term
growth of capital. The Fund seeks to achieve its investment objective by
investing among the underlying GE Funds within carefully determined ranges. The
Fund normally invests 38% to 52% of its net assets in equity funds and 48% to
58% in income funds.

GE Moderate Allocation Fund's investment objective is long-term growth of
capital with a moderate level of current income. The Fund seeks to achieve its
investment objective by investing among the underlying GE Funds within carefully
determined ranges. The Fund normally invests 55% to 75% of its net assets in
equity funds and 25% to 41% in income funds.

GE Aggressive Allocation Fund's investment objective is capital appreciation.
The Fund seeks to achieve its investment objective by investing among the
underlying GE Funds within carefully determined ranges. The Fund normally
invests 74% to 91% of its net assets in equity funds and 9% to 22% in income
funds.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following summarizes the significant accounting policies of the Trust:

REPURCHASE AGREEMENTS
Each of the Funds may enter into repurchase agreements. The Funds' custodian
takes possession of the collateral pledged for investments in repurchase
agreements on behalf of the Funds. The Funds value the underlying collateral
daily on a mark-to-market basis to determine that the value, including accrued
interest, is at least equal to 102% of the repurchase price. In the event the
seller defaults and the value of the security declines, or if the seller enters
insolvency proceeding, realization of the collateral by the Funds may be delayed
or limited.

INCOME TAXES
The Funds intend to comply with all sections of the Internal Revenue Code
applicable to regulated investment companies and to distribute substantially all
of their taxable net investment income and net realized capital gains to their
shareholders and, therefore, no provision for federal income tax has been made.
Each Fund is treated as a separate taxpayer for federal income tax purposes. Any
net capital and currency losses incurred after October 31, within each Fund's
tax year, are deemed to arise on the first day of the Fund's next tax year if
the Fund so elects to defer such losses. The Funds incurred and elected to defer
losses after October 31, 1998, as follows:

FUND CURRENCY CAPITAL
--------------------------------------------------------------------------------
GE Conservative Allocation Fund $ -- $ 196

12
<PAGE>
NOTES TO FINANCIAL STATEMENTS MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

DISTRIBUTIONS TO SHAREHOLDERS
The Funds declare and pay dividends of investment income and net realized
capital gains annually. The character of income and gains to be distributed is
determined in accordance with income tax regulations, which may differ from
generally accepted accounting principles. Reclassifications are made to the
Funds' capital accounts to reflect income and gains available for distribution
(or available capital loss carryovers) under income tax regulations. These
reclassifications have no impact on net investment income, realized gains or
losses, or net asset value of the Funds. The calculation of net investment
income per share in the Financial Highlights table excludes these adjustments.

INVESTMENT INCOME
Income and capital gain distributions, if any, are recorded on the ex-dividend
date. Interest income is recorded on the accrual basis.

3. FEES AND COMPENSATION PAID TO AFFILIATES

ADVISORY AND ADMINISTRATION FEES
Compensation of GEAM for investment advisory and administrative services is paid
monthly based on the average daily net assets of each Fund. The advisory and
administration fees payable to GEAM for each Fund are calculated at the annual
rate of 0.20%.

OTHER
For the period ended March 31, 2000, the Trust was informed that GE Investment
Distributors, Inc., acting as underwriter, did not receive commissions from the
sale of shares.

4. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION

Aggregate gross unrealized appreciation/(depreciation) of investments for each
Fund at March 31, 2000 were as follows:

GE Moderate Allocation Fund 665,659 78,485 587,174

GE Aggressive Allocation Fund 932,571 90,118 842,453

The aggregate cost of each Fund's investments was substantially the same for
book and federal income tax purposes at March 31, 2000.

5. INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of the Underlying Funds,
excluding short-term securities, for the period ended March 31, 2000, were as
follows:

PURCHASES SALES
--------------------------------------------------------------------------------
GE Conservative Allocation Fund $45,711,257 $2,076,445

GE Moderate Allocation Fund 13,931,852 5,114,791

GE Aggressive Allocation Fund 19,750,324 5,085,118

13
<PAGE>
NOTES TO FINANCIAL STATEMENTS MARCH 31, 2000 (UNAUDITED)
--------------------------------------------------------------------------------

6. BENEFICIAL INTEREST

The schedule below shows the number of shareholders each owning 5% or more of a
Fund. The total percentage of a Fund held by such shareholders as well as the
percentage of a Fund held by certain directly and indirectly owned subsidiaries
of General Electric Company and their respective investment plans ("GE
Affiliates") at March 31, 2000 are:

5% OR GREATER SHAREHOLDERS
--------------------------
% OF % OF FUND HELD
NUMBER FUND HELD BY GE AFFILIATES*
----------------------------------------------------------------------------

GE Conservative Allocation Fund 1 97.68% 97.68%

GE Moderate Allocation Fund 3 90.23% 23.32%

GE Aggressive Allocation Fund 3 92.13% 92.13%

Investment activities of these shareholders could have a material impact on
these funds.

*INCLUDED IN THE 5% OR GREATER SHAREHOLDERS PERCENTAGE.

14
<PAGE>

[This page is left intentionally blank]

15
<PAGE>

[This page is left intentionally blank]

16
<PAGE>
GE LIFESTYLE FUNDS' INVESTMENT TEAM
--------------------------------------------------------------------------------

PORTFOLIO MANAGER
GE LIFESTYLE FUNDS
Eugene K. Bolton

PORTFOLIO MANAGERS OF THE
UNDERLYING FUNDS
GE INTERNATIONAL EQUITY FUND
Team led by Ralph R. Layman

GE SMALL-CAP VALUE EQUITY FUND
Senior Investment Committee:
Jack Feiler
Martin L. Berman
Steven E. Berman
Richard Meisenberg -
Palisade Capital Management, L.L.C.

GE HIGH YIELD FUND
Robert E. Angevine
Thomas L. Bennett
Stephen F. Esser -
Miller Anderson & Sherrerd, LLP

GE EMERGING MARKETS FUND
Team led by Ralph R. Layman

GE U.S. EQUITY FUND
Team led by Eugene K. Bolton

GE FIXED INCOME FUND
Team led by Robert A. MacDougall

INVESTMENT ADVISER
AND ADMINISTRATOR
GE Asset Management Incorporated

TRUSTEES
Michael J. Cosgrove
John R. Costantino
Alan M. Lewis
William J. Lucas
Robert P. Quinn

SECRETARY
Matthew J. Simpson

TREASURER
Michael J. Tansley

ASSISTANT TREASURER
Michael M. D'Ambrosio

DISTRIBUTOR
GE Investment Distributors, Inc.
Member NASD and SIPC

COUNSEL
Willkie Farr & Gallagher LLP

CUSTODIAN
State Street Bank & Trust Company

INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP

DISTRIBUTOR
GE INVESTMENT DISTRIBUTORS, INC.
MEMBER NASD AND SIPC
777 LONG RIDGE ROAD
STAMFORD, CT 06927

[GE LOGO OMITTED]

WE BRING GOOD THINGS TO LIFE.