[PricewaterhouseCoopers Logo]
Report of Independent Accountants
November 20, 1998
To the Shareholders and Trustees of
GE Institutional S&P 500 Index Fund
We have examined management's assertion about GE Institutional S&P 500 Fund's
(the Fund) compliance with the requirements of subsections (b) and (c) of Rule
17f-2 under the Investment Company Act of 1940 (the Act) as of August 31, 1998
included in the accompanying "Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940." Management is
responsible for the Fund's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Fund's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of August 31, 1998 with respect to agreement of purchases and sales
of securities and similar investments, without prior notice to management.
o Confirmation of all securities and similar investments held by institutions
in book entry form at the Depository Trust Company;
o Confirmation of all securities purchased/sold but not received/delivered
and investments purchased/sold on a forward commitment basis with brokers,
or the application of alternative audit procedures where confirmations from
brokers were not received;
o Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Fund and the Custodian;
o Agreement of investment purchases and sales or maturities during the period
from the books and records of the Fund to broker confirmations.
<PAGE>
[PricewaterhouseCoopers Logo]
To the Shareholders and Trustees of
GE Institutional S&P 500 Index Fund
November 20, 1998
Page 2
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
In our opinion, management's assertion that the Fund was in compliance with the
above mentioned provisions of Rule 17f-2 of the Investment Company Act of 1940
as of September 30, 1998 is fairly stated, in all material respects.
This report is intended solely for the information and use of management of the
Fund and Securities and Exchange Commission and should not be used for any other
purpose.
/s/ PricewaterhouseCoopers LLP
- ------------------------------
PricewaterhouseCoopers LLP
<PAGE>
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940
We, as members of management of one of the portfolios of GE Institutional Funds,
the S&P 500 Index Fund (the "Fund"), are responsible for complying with the
requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by
Registered Management Investment Companies, of the Investment Company Act of
1940. We are also responsible for establishing and maintaining an effective
internal control structure over compliance with those requirements. We have
performed an evaluation of the Fund's compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 as of August 31, 1998.
Based on this evaluation, we assert that the Fund was in compliance with those
provisions of Rule 17f-2 of the Investment Company Act of 1940 as of August 31,
1998 with respect to securities and similar investments reflected in the
investment account of the Fund.
GE Institutional Funds (S&P 500 Index Fund)
By: /s/ Michael Cosgrove
---------------------------
Michael Cosgrove, President
/s/ Jeffrey Groh
---------------------------
Jeffrey Groh, Treasurer
<PAGE>
[PricewaterhouseCoopers Logo]
Report of Independent Accountants
November 20, 1998
To the Shareholders and Trustees of
GE Institutional S&P 500 Index Fund
We have examined management's assertion about GE Institutional S&P 500 Fund's
(the Fund) compliance with the requirements of subsections (b) and (c) of Rule
17f-2 under the Investment Company Act of 1940 (the Act) as of May 29, 1998
included in the accompanying "Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940." Management is
responsible for the Fund's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Fund's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of May 29, 1998 with respect to agreement of purchases and sales of
securities and similar investments, without prior notice to management.
o Confirmation of all securities and similar investments held by institutions
in book entry form at the Depository Trust Company;
o Confirmation of all securities purchased/sold but not received/delivered
and investments purchased/sold on a forward commitment basis with brokers,
or the application of alternative audit procedures where confirmations from
brokers were not received;
o Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Fund and the Custodian;
o Agreement of investment purchases and sales or maturities during the period
from the books and records of the Fund to broker confirmations.
<PAGE>
[PricewaterhouseCoopers Logo]
To the Shareholders and Trustees of
GE Institutional S&P 500 Index Fund
November 20, 1998
Page 2
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
In our opinion, management's assertion that the Fund was in compliance with the
above mentioned provisions of Rule 17f-2 of the Investment Company Act of 1940
as of September 30, 1998 is fairly stated, in all material respects.
This report is intended solely for the information and use of management of the
Fund and Securities and Exchange Commission and should not be used for any other
purpose.
/s/ PricewaterhouseCoopers LLP
- ------------------------------
PricewaterhouseCoopers LLP
<PAGE>
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940
We, as members of management of one of the portfolios of GE Institutional Funds,
the S&P 500 Index Fund (the "Fund"), are responsible for complying with the
requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by
Registered Management Investment Companies, of the Investment Company Act of
1940. We are also responsible for establishing and maintaining an effective
internal control structure over compliance with those requirements. We have
performed an evaluation of the Fund's compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 as of May 29, 1998.
Based on this evaluation, we assert that the Fund was in compliance with those
provisions of Rule 17f-2 of the Investment Company Act of 1940 as of May 29,
1998 with respect to securities and similar investments reflected in the
investment account of the Fund.
GE Institutional Funds (S&P 500 Index Fund)
By: /s/ Michael Cosgrove
---------------------------
Michael Cosgrove, President
/s/ Jeffrey Groh
---------------------------
Jeffrey Groh, Treasurer
<PAGE>
[PricewaterhouseCoopers logo]
Report of Independent Accountants
November 20, 1998
To the Shareholders and Trustees of
GE Institutional S&P 500 Index Fund
We have examined management's assertion about GE Institutional S&P 500 Fund's
(the Fund) compliance with the requirements of subsections (b) and (c) of Rule
17f-2 under the Investment Company Act of 1940 (the Act) as of February 27, 1998
included in the accompanying "Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940." Management is
responsible for the Fund's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Fund's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of February 27, 1998 with respect to agreement of purchases and
sales of securities and similar investments, without prior notice to management.
o Confirmation of all securities and similar investments held by institutions
in book entry form at the Depository Trust Company;
o Confirmation of all securities purchased/sold but not received/delivered
and investments purchased/sold on a forward commitment basis with brokers,
or the application of alternative audit procedures where confirmations from
brokers were not received;
o Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Fund and the Custodian;
o Agreement of investment purchases and sales or maturities during the period
from the books and records of the Fund to broker confirmations.
<PAGE>
[PricewaterhouseCoopers logo]
To the Shareholders and Trustees of
GE Institutional S&P 500 Index Fund
November 20, 1998
Page 2
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
In our opinion, management's assertion that the Fund was in compliance with the
above mentioned provisions of Rule 17f-2 of the Investment Company Act of 1940
as of September 30, 1998 is fairly stated, in all material respects.
This report is intended solely for the information and use of management of the
Fund and Securities and Exchange Commission and should not be used for any other
purpose.
/s/ PricewaterhouseCoopers LLP
- ------------------------------
PricewaterhouseCoopers LLP
<PAGE>
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940
We, as members of management of one of the portfolios of GE Institutional Funds,
the S&P 500 Index Fund (the "Fund"), are responsible for complying with the
requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by
Registered Management Investment Companies, of the Investment Company Act of
1940. We are also responsible for establishing and maintaining an effective
internal control structure over compliance with those requirements. We have
performed an evaluation of the Fund's compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 as of February 27, 1998.
Based on this evaluation, we assert that the Fund was in compliance with those
provisions of Rule 17f-2 of the Investment Company Act of 1940 as of February
27, 1998 with respect to securities and similar investments reflected in the
investment account of the Fund.
GE Institutional Funds (S&P 500 Index Fund)
By: /s/ Michael Cosgrove
---------------------------
Michael Cosgrove, President
/s/ Jeffrey Groh
---------------------------
Jeffrey Groh, Treasurer
