SSgA Team Pilots Enterprise International Fund

June 18, 2002 -- A team of portfolio managers from State Street Global Advisors began running the Enterprise Grp Internatl Growth Fund/A (ENIGX) Monday.

The team, which also oversees the SSgA:International Growth Opportunities Fund (SINGX), replaced Fabrizio Pierallini of Vontobel USA Inc., who has left that firm, said Herb Williamson, a vice president with Enterprise Capital Management Inc.

Under its new managers, Williamson said, the Enterprise International Growth fund will continue to invest in large-cap growth stocks, but it will hold only about 35 stocks, as opposed to the 60-70 it held under Pierallini.

Pierallini had overseen the portfolio since April 1999, when Enterprise hired Vontobel to replace Brinson Partners as the fund's outside manager. The fund was up 4.5% this year through the end of last month, while the average international fund had gained 2.9%. Enterprise International Growth lost 30.1% last year, compared to a loss of 22% by its peers.

The SSgA fund, which is also classified as an international fund by Standard & Poor's, was down 4.5% this year through May after losing 23.3% last year.

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