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GE to Axe Three Funds

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Dec. 17, 2002 — Genl Electric (GE) plans to eliminate three retail mutual funds because they have failed to attract investments.

The company’s GE Asset Management unit will liquidate GE Funds:High Yield Fund/A (GEHAX), GE Funds:S&P 500 Index Fund (GESPX), and GE Funds:Europe Equity Fund/A (GEUAX). The offerings have combined assets of about $58 million, a spokesman for the unit said.

“We just haven’t seen (an adequate) level of investor interest” in the funds, the spokesman, Tim Benedict, said.

The liquidations, which are expected to be completed by February 28, will leave GE with 17 retail funds, he said.

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