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Select Fund Status Reaffirmed for SSgA Growth & In

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May 21, 2002 — Standard & Poor’s reaffirmed its Select Fund designation for SSgA:Growth and Income Fund (SSGWX), citing confidence in the fund’s new team and its commitment to a disciplined investment process.

The fund had been placed on a Select Fund watch list in October 2001 following the departure of its lead manager, Emerson Tuttle.

Since Tuttle’s departure, a team approach has been adopted, led by Kimberly Gluck, CFA, and two experienced portfolio managers have been added to the group.

Standard & Poor’s noted that the new team “continues to use the same disciplined investment process instilled by (Tuttle) but has eliminated the reliance on any individual for investment decisions.

Standard & Poor’s said it expected the fund would benefit from the combined resources of the team’s seasoned managers, analysts and strategists, adding that it believed the team is “focused on understanding the risk characteristics at a stock, industry and portfolio level, while emphasizing control of risk through diversification.”