REPORT OF INDEPENDENT ACCOUNTANTS
November 14, 2000
To the Board of Trustees of
GE Institutional S&P 500 Index Fund
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, about GE Institutional S&P 500 Index Fund's (the "Fund's")
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, 2000. 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 conducted in accordance with attestation 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, 2000, and with respect to
agreement of security purchases and sales, for the period from July 31, 2000
(the date of our last examination), through August 31, 2000.
- Confirmation of all securities held by institutions in book entry form at the
Depository Trust Company. For such securities, review of all reconciliations
of the investment positions recorded at the Custodian to the positions held in
omnibus form for the Custodian's account at the Depository Trust Company,
observing no unresolved differences.
- Confirmation of all securities hypothecated, pledged, placed in escrow, or out
for transfer with brokers, pledgees and/or transfer agents;
- Reconciliation of all such securities to the books and records of the Fund and
the Custodian; and
- Agreement of security purchases and security sales or maturities since our
last report from the books and records of the Fund to broker confirmations.
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 GE Institutional S&P 500 Index
Fund was in compliance with the requirements of subsections (b) and (c) of Rule
17f-2 of the Investment Company Act of 1940 as of August 31, 2000 with respect
to securities reflected in the investment account of the Fund is fairly stated,
in all material respects.
This report is intended solely for the information and use of the Board of
Directors, management, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
/s/ PRICEWATERHOUSECOOPERS L.L.P
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MANAGEMENT ASSERTION 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 GE Institutional 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 Rule
17f-2 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,
2000, and from July 31, 2000 through August 31, 2000.
Based on this evaluation, we assert that the Fund was in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of August 31, 2000, and from July 31, 2000 through August 31,
2000, with respect to securities reflected in the investment account of the
Fund.
GE Institutional Funds (GE Institutional S&P 500 Index Fund),
By:
/s/ MICHAEL J. COSGROVE
----------------------------
Michael J. Cosgrove
President
/s/ MICHAEL TANSLEY
----------------------------
Michael Tansley
Treasurer
