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Goldman Sachs to Rub Out Five Global Sector Funds

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Sept. 13, 2002 — Loomis Sayles & Co. said veteran bond fund manager Dan Fuss has relinquished his duties as chief iSept. 16, 2002 — Goldman Sachs Group (GS) will liquidate five of its global sector mutual funds on or about October 30, according to an SEC filing dated September 12.

The funds are being liquidated “because they have not reached an net asset level that would be required to sustain their operating costs,” said a Goldman Sachs shareholder representative.

The following funds will be affected: Goldman Sachs Global Consumer Growth Fund (GGCAX); Goldman Sachs Global Financial Services Fund (GGFAX); Goldman Sachs Global Health Sciences Fund (GHSAX); Goldman Sachs Global Infrastructure and Resources Fund (GIRAX); and Goldman Sachs Global Technology Fund (GGTAX).

As of June 30, these five portfolios totaled about $21 million assets. Year to date through September 13, these funds have declined anywhere from 16% to 45%.

Launched in March 2001, the five funds are managed by various international equity teams based in London, Tampa, Fla. And Tokyo.

The offshore versions of these funds will stay open, the representative noted.

Goldman Sachs noted that its two other sector funds, the Goldman Sachs Internet Tollkeeper/A (GITAX) and the Goldman Sachs Real Estate Securities/A (GREAX), will remain open.