Fleet Financial's Galaxy Small Company Index Fund Now Linked To S&P SmallCap 600 Index

Business Wire, July 10, 1997

NEW YORK--(BUSINESS WIRE)--July 10, 1997--Standard & Poor's Financial Information Services announced today Galaxy Small Company Index Fund has now linked its $348 million in assets to the S&P SmallCap 600 Index. Galaxy Small Company Index Fund is now the largest publicly offered mutual fund indexed to the S&P SmallCap 600. Murphy van der Velde, Managing Director of Fleet Investment Advisors said, "We believe the S&P SmallCap 600's composition and low historical turnover will prove beneficial to Galaxy shareholders."

The S&P SmallCap 600 Index, designed to track the performance of smaller stocks, is growing in popularity among investors. Currently, almost $3 billion is indexed to the SmallCap 600, nearly triple the figure of a year ago. Index funds seek to match the performance of a market index by investing in all or a representative sample of the securities in the index. Indexing is a "passive" investment approach emphasizing diversification and low portfolio turnover.

"We are pleased Galaxy's shareholders are joining the increasing number of investors using the S&P benchmark," said Elliott Shurgin, vice president and general manager of Standard & Poor's index services unit.

Fleet Financial Group's Galaxy Mutual Funds offer a variety of 28 money market, bond, tax free bond and stock mutual funds, as well as the Galaxy Annuity. Galaxy Funds are managed by Fleet Investment Advisors, Inc., a leading investment firm which currently manages over $10.6 billion in Galaxy Fund assets. Information on Galaxy Funds may be obtained by calling 1-800-628-0414.

Standard & Poor's Financial Information Services, a division of The McGraw-Hill Companies, provides financial, economic and investment information, as well as analytical services, to the global financial community and commodity trading markets. The group calculates and maintains the S&P 500, S&P MidCap 400, S&P SmallCap 600 and REIT Composite Indices and supports the Financial Times/S&P Actuaries World Indices.

CONTACT: William Jordan

Standard & Poor's

212-208-5222