STATE STREET RESEARCH'S NEW MUTUAL FUND STATEMENTS EARN DALBAR COMMUNICATIONS SEAL

DALBAR formally recognized the new statement for achieving a standard of excellence in the financial services industry, noting that it is significantly better than the average mutual fund statement. The improved version now ranks 10th in the list of mutual fund statements rated by Dalbar, a significant leap from its previous rank of 64th.

DALBAR, Inc., a Boston-based firm with offices in the United States and Canada, has a long history of creating an awareness of excellence in the financial industry by evaluating, rating and ranking industry efforts.

Prominently featured on the first page of the statement is important portfolio information such as account value, additions and change in value. Other notable features include a bar graph which tracks the value of investments over time; an allocation overview which includes definitions of fund objectives; and a historical fund performance chart detailing short- and long-term performance for the funds in the portfolio. Investors will start receiving the new statements in January 2001.

"We are excited that DALBAR has recognized State Street Research for providing its investors with one of the most comprehensive statements in the industry," said Kevin Wilkins, Executive Vice President, Head of Retail Marketing and Client Services Group. "While investors are using the Internet more frequently for their financial and investment information, they still prefer to have a tangible, hard copy version of their statement.

They also want personalized information and specific to funds in their portfolio. We believe that this new statement answers the sophisticated needs of our clients."

"We are delighted to announce that the State Street Research Mutual Fund statement has achieved the DALBAR Communications Seal," said Lou Harvey, President, DALBAR, Inc. "The State Street Research statement excels in its orderly presentation of the answers investors need most, 'How much money do I have?' combined with a comprehensive review of the investor's portfolio. State Street Research has taken a bold step into the ranks of industry leaders with its new mutual fund statement."

State Street Research & Management Company, with a money management history dating back to 1924, is one of the nation's first investment management organizations. The Boston-based firm is a subsidiary of MetLife. As of October 31, 2000, State Street Research managed $54 billion in assets, of which $34 billion represented institutional clients and $20 billion represented mutual fund and variable annuity portfolios. The firm is managing money for 10 of the 12 largest U.S. corporate pension plans, union programs, and public employee pension plans; mutual funds for over 530,000 shareholder accounts; and individually managed accounts for affluent investors. The firm's Web site address is www.ssrfunds.com.

# # #

The DALBAR awards recognize quality shareholder service and should not be considered a rating of fund performance. The survey included mutual fund complexes that volunteered or were otherwise selected to participate and was not industry-wide.