<Page>

Filed by State Street Research Exchange Trust
Pursuant to Rule 425 under the Securities Act of 1933 and
deemed filed pursuant to Rule 14a-12 of the
Securities Exchange Act of 1934
Subject Company: State Street Research Exchange Trust
SEC File No. 811-4256

This filing relates to the proposed reorganization of certain series of State
Street Research trusts ("State Street Research") into certain series of the
BlackRock Funds ("BlackRock") pursuant to Agreements and Plans of
Reorganization, forms of which are on file with the U.S. Securities and
Exchange Commission as appendices to the Combined Prospectus/Proxy Statements
on Form N-14 filed by BlackRock on November 8, 2004, and which are
incorporated by reference into this filing.

The following is an outline that was distributed by State Street Research to
certain State Street Research and PFPC Inc. employees.

PROXY/PROSPECTUS STATEMENT MAILING
FOR INTERNAL USE ONLY

STATE STREET RESEARCH
<Table>
<Caption>

MIGRATION ACTIVITY
Transition.......................................................2
Proxy Mailing....................................................2

FUND IMPACT
Mappings.........................................................5
Product Details .................................................7

BLACKROCK REORGANIZATION STICKER MAILING.................................20
</Table>

ADDITIONAL INFORMATION AND WHERE TO FIND IT

BlackRock Funds ("BlackRock") has filed Combined Prospectus/Proxy Statements
with the Securities and Exchange Commission. Registration Statements on Form
N-14 (Nos. 333-119445, 333-119446, 333-119447, 333-119457, 333-119448,
333-119449, 333-119450, 333-119451, 333-119452, 333-119453, 333-119454,
333-119456, 333-119458, 333-119459 and 333-119461), of certain BlackRock and
State Street Research ("SSR") funds and other relevant materials regarding the
proposed reorganizations (the "Reorganizations") of certain series of SSR trusts
into certain series of BlackRock funds. The Combined Prospectus/Proxy Statements
were sent to security holders of SSR funds seeking their approval of the
reorganizations. WE URGE YOU TO READ THE COMBINED PROSPECTUS/PROXY STATEMENTS
FILED BY BLACKROCK WITH THE SEC ON NOVEMBER 8, 2004 AND THE OTHER RELEVANT
MATERIALS FILED BY BLACKROCK OR SSR WITH THE SEC BEFORE VOTING OR MAKING ANY
INVESTMENT DECISION WITH RESPECT TO THE REORGANIZATIONS, BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT BLACKROCK, SSR AND THE REORGANIZATIONS. You may
obtain a free copy of these materials and other documents filed by BlackRock or
SSR with the SEC at the SEC's website at www.sec.gov. In addition, the documents
filed with the SEC by BlackRock may be obtained free of charge by directing such
request to: BlackRock Funds, Bellevue Park Corporate Center, 100 Bellevue
Parkway, Wilmington, Delaware, 19809, (800) 441-7762. Documents filed with the
SEC by SSR may be obtained free of charge by directing such request to: State
Street Research, One Financial Center, Boston, Massachusetts, 02111, (877)
773-8637.

FOR INTERNAL USE ONLY. NO PORTION OF THIS PUBLICATION MAY BE SHOWN OR
DISTRIBUTED TO THE PUBLIC OR USED IN WRITTEN FORM IN SOLICITING SALES.

<Page>

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TRANSITION

1. WHEN IS THE BLACKROCK ACQUISITION OF THE SSR BUSINESS EXPECTED TO
CLOSE?
The transaction is expected to close in the first quarter of 2005.

PROXY MAILINGS

2. ARE BLACKROCK SHAREHOLDERS AND SSR SHAREHOLDERS BEING PROXIED?
SSR shareholders are being proxied. BlackRock shareholders are not
required to approve the fund reorganization.

3. WHY ARE SHAREHOLDERS BEING SENT A PROSPECTUS/PROXY STATEMENT?
SSR shareholders will be sent prospectus/proxy statements asking them
to vote on the reorganization of SSR funds into BlackRock funds in
connection with BlackRock's recent agreement to acquire the parent
company of State Street Research & Management Company ("SSRM"), the
investment adviser to the SSR funds, from MetLife, Inc.

4. WHEN IS THE SSR PROXY MAILING TAKING PLACE?
The proxy is expected to mail the week of November 8, 2004.

5. WHEN IS THE SSR SHAREHOLDER MEETING AND WHY IS IT BEING HELD?
The shareholder meeting is scheduled for December 27, 2004. SSR fund
shareholders will be asked to cast their vote for the proposed
reorganization of SSR funds into BlackRock funds.

6. HOW DO I VOTE MY PROXY?
You may cast your vote by mail, by telephone, online via the Internet
or by attending the shareholder meeting. To vote by mail, please mark
your vote on the proxy card and sign, date and return the card in the
postage-paid envelope provided. To vote online or via telephone, please
have the voting form in hand and call the number or go to the website
address on the proxy form and follow the instructions, if they appear
on the form. It is very important that voting instructions be received
no later than December 24, 2004.

7. WHAT IS THE PURPOSE OF THIS PARTICULAR PROXY SOLICITATION?
After thoughtful review and consideration, the SSR Board of Trustees
has determined that the proposed reorganizations is in the best
interest of SSR funds and its shareholders, and recommends that
shareholders carefully consider and approve the proposal.

FOR INTERNAL USE ONLY. NO PORTION OF THIS PUBLICATION MAY BE SHOWN OR
DISTRIBUTED TO THE PUBLIC OR USED IN WRITTEN FORM IN SOLICITING SALES.

<Page>

FOR INTERNAL USE ONLY

8. HOW WILL SHAREHOLDERS BENEFIT IF THE PROPOSAL IS APPROVED?
The Board believes that shareholders will benefit from:

o similarities between the investment objectives and policies of
each BlackRock fund and the respective SSR fund;

o the fact that BlackRock has committed to maintain the combined
fund's net operating expense ratio at a level no greater than
that of the SSR fund until February 1, 2007;

o the combined fund family's having access to significantly more
investment professionals and related resources; and

o the same level of services shareholders currently receive, in
addition to a broader array of investment options offered by a
larger fund family.

9. HOW WILL THE REORGANIZATIONS AFFECT ME?
If the proposed reorganizations are approved, the assets and certain
stated liabilities of the SSR fund will be combined with those of the
respective BlackRock fund, an account will be set up in your name at
BlackRock and you will receive shares of the BlackRock fund. You would
receive shares of the BlackRock fund with an aggregate value equivalent
to the net asset value of your SSR fund shares at the time of the
transaction.

10. WILL SSR PORTFOLIO MANAGERS CONTINUE TO MANAGE ALL MUTUAL FUNDS?
The SSR Trusts' Board believes that the combined fund family will have
access to significantly more investment professionals and related
resources. In some cases, the combined fund portfolio management team
is expected to be led by current SSR managers; in other cases, the team
is expected to be led by BlackRock managers; and in other cases, the
team is expected to be led by a merged group of SSR and BlackRock
managers.

11. WILL I HAVE TO PAY ANY SALES LOAD, COMMISSION OR OTHER SIMILAR FEE IN
CONNECTION WITH THE REORGANIZATION?
You will pay no sales load, commission or other similar fee in
connection with the reorganizations. As more fully discussed in the
prospectus/proxy statement, the holding period with respect to any
contingent deferred sales charge applicable to shares of the BlackRock
fund received by you in the reorganization will relate back to their
original acquisition of shares of the SSR fund and, as such, will be
measured from the earlier of the time (i) you purchased the shares
from the SSR fund or (ii) you purchased your shares of any other SSR
fund and subsequently exchanged them for shares of the SSR fund.

12. HOW DO OPERATING EXPENSES PAID BY THE BLACKROCK FUND COMPARE TO THOSE
PAYABLE BY THE SSR FUND?
Following the reorganization, the BlackRock fund's contracted combined
advisory, administration and 12b-1 fees will be higher. However,
BlackRock has committed to maintain the combined fund's net operating
expense ratio at a level that is no greater than that of the SSR fund
for the year ended March 31, 2004, until February 1, 2007.

For B Class shareholders, the fund operating expenses for the year
ended March 31, 2004, were adjusted to reflect the elimination of a 25
basis points voluntary waiver of 12b-1 fees by SSR.

FOR INTERNAL USE ONLY. NO PORTION OF THIS PUBLICATION MAY BE SHOWN OR
DISTRIBUTED TO THE PUBLIC OR USED IN WRITTEN FORM IN SOLICITING SALES.

<Page>

FOR INTERNAL USE ONLY

13. WHAT WILL I HAVE TO DO TO OPEN AN ACCOUNT IN THE BLACKROCK FUND? WHAT
HAPPENS TO MY ACCOUNT IF THE REORGANIZATION IS APPROVED?
There is no need for you to establish an account with BlackRock. If
the reorganization is approved, an account will be set up in your name
and your shares automatically will be converted into shares of the
BlackRock fund, and we will send you written confirmation that this
change has taken place. You will receive the same or similar class of
shares of the BlackRock fund, except that holders of SSR fund Class B,
R & E shares will receive the BlackRock fund Investor A shares, equal
in value to your shares. No certificates for shares will be issued in
connection with the reorganization. If you currently hold certificates
representing your shares of the SSR fund, it is not necessary to
surrender such certificates.

14. WILL I HAVE TO PAY ANY FEDERAL TAXES AS A RESULT OF THE REORGANIZATION?
The reorganization is expected to qualify as a "reorganization" within
the meaning of Section 368(a) of the Internal Revenue Code of 1986, as
amended. If the reorganization so qualifies, neither the fund nor its
shareholders will not recognize any gain or loss in the transactions
contemplated by the reorganization.

15. WHAT IF I REDEEM OR EXCHANGE MY SHARES BEFORE THE REORGANIZATION TAKES
PLACE?
If you choose to redeem or exchange your shares before the
reorganization takes place, the redemption or exchange will be treated
as a normal redemption or exchange of shares and, generally, will be a
taxable transaction, and, in the case of redemption, any applicable
contingent deferred sales charges will be applied.

16. WHEN WILL THE REORGANIZATIONS OCCUR?
If approved by shareholders, the reorganizations are expected to occur
in the first quarter of 2005 along with BlackRock's acquisition of SSRM
Holdings, Inc. The reorganization will not take place in the event that
for any reason BlackRock does not acquire SSRM Holdings, Inc.

17. WHOM DO I CONTACT FOR FURTHER INFORMATION?
You can contact your financial adviser for further information. You may
also call BlackRock toll-free at 1-888-825-2267.

FOR INTERNAL USE ONLY. NO PORTION OF THIS PUBLICATION MAY BE SHOWN OR
DISTRIBUTED TO THE PUBLIC OR USED IN WRITTEN FORM IN SOLICITING SALES.

<Page>

FOR INTERNAL USE ONLY

MAPPINGS

18. WHAT MUTUAL FUND CONSOLIDATION ACTIVITY IS TAKING PLACE? WHAT ARE THE
FUND MAPPINGS?
See grid on next page.

19. WHAT WILL HAPPEN WITH ALL FUND INVESTMENT HISTORY IF THE FUNDS ARE
REORGANIZED?
Eighteen months of history will be available to fund representatives to
assist shareholders researching any inquiries.

20. HOW CAN I GET INFORMATION ON BLACKROCK'S HISTORICAL
PERFORMANCE/RETURNS?
Mutual fund shareholders can get historical performance information
calling BlackRock toll-free at 1-888-825-2267.

FOR INTERNAL USE ONLY. NO PORTION OF THIS PUBLICATION MAY BE SHOWN OR
DISTRIBUTED TO THE PUBLIC OR USED IN WRITTEN FORM IN SOLICITING SALES.

<Page>

FOR INTERNAL USE ONLY

- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR FUND MERGE INTO INVESTMENT STYLE BENCHMARK FOR BLK PM TEAM
FUND
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Asset Allocation BLK Balanced Keep existing 60% S&P 500 Merged team led by
strategy 40% Lehman US Andrew Damm (BLK) &
Aggregate Linda Zhang (SSR)
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Aurora BLK Aurora Keep active Russell 2500 Value Merged team led by Wayne
fundamental Archambo (BLK)
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Emerging Growth BLK Emerging Keep active Russell 2500 Consolidate under merged
Growth fundamental Growth team led by Neil Wagner
(BLK) & Eileen Leary
(SSR)
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Exchange BLK Exchange Keep existing No benchmark SSR large-cap growth
strategy team led by Ed Dowd &
Jeff Lindsey
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Global Resources BLK Global Keep active Wilshire 5000 SSR energy team led by
Resources fundamental Modified Energy Dan Rice & Denis Walsh
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Government Income BLK Keep relative value Lehman BLK fixed income team
Intermediate intermediate Gov't led by Scott Amero,
Government Keith Anderson & Todd
Kopstein
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Health Sciences BLK Health Keep active Lipper Health/Bio Merged team led by Erin
Sciences fundamental Funds Index Xie (SSR) & Thomas
Callan (BLK)
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR High Income BLK High Yield Keep relative value Lehman US BLK fixed income team
Corporate HY led by Scott Amero &
Jeff Gary
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Investment Trust BLK Select Change to active S&P 500 BLK quantitative equity
Equity quant team led by David Byrket
& Fred Herrmann
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Large-Cap Analyst BLK Select Change to active S&P 500 BLK quantitative equity
Equity quant team led by David Byrket
& Fred Herrmann
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Large-Cap Value BLK Large-Cap Change to active Russell 1000 Value BLK quantitative equity
Value quant team led by David Byrket
& Fred Herrmann
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Legacy BLK Legacy Keep active Russell 1000 Growth SSR large-cap growth
fundamental team led by Ed Dowd &
Jeff Lindsey
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Mid-Cap Growth BLK Mid-Cap Keep active Russell Midcap Merged team led by
Growth fundamental Growth Eileen Leary (SSR) &
Neil Wagner (BLK)
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Mid-Cap Value BLK Mid-Cap Keep active Russell Midcap Merged team led by
Value fundamental Value Anthony Forcione (SSR) &
Wayne Archambo (BLK)
- ----------------------- ----------------- -------------------- -------------------- --------------------------
SSR Money Market BLK Money Market Keep relative value Lipper Money BLK Institutional
Market Funds Management Corp.
Index
- ----------------------- ----------------- -------------------- -------------------- --------------------------
</Table>

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DISTRIBUTED TO THE PUBLIC OR USED IN WRITTEN FORM IN SOLICITING SALES.

<Page>

FOR INTERNAL USE ONLY

PRODUCT DETAILS

ASSET ALLOCATION

21. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR ASSET ALLOCATION
FUND?
The fund seeks to provide a high total return while attempting to limit
investment risk and preserve capital. The fund uses an asset allocation
strategy, investing varying percentages of its portfolio in three major
categories, including stocks, bonds and, to a lesser extent, money
market instruments.

22. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK BALANCED FUND?
The fund seeks to maximize total return, consistent with income
generation and prudent investment management. The fund invests
primarily in a blend of equity and fixed income securities selected to
deliver returns through the combination of capital appreciation and
current income.

23. WHAT DO THE TWO FUNDS HAVE IN COMMON?
The funds share similar investment objectives and seek to provide broad
exposure to equity and fixed income securities through an actively
managed asset allocation strategy.

24. WHAT ARE THE PRIMARY DIFFERENCES BETWEEN THE TWO FUNDS?
The funds differ in their approach to diversification and security
selection. The SSR fund has the flexibility to allocate assets across a
broad array of equity and fixed income styles. Security selection in
the SSR fund is driven primarily by individual investment team members
responsible for specific mandates. In contrast, the BLK fund is limited
to investment in primarily large-cap stocks and investment-grade bonds.
The BLK fund's security selection is driven by a multi-factor
quantitative model.

25. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund will maintain the SSR fund's approach to
diversification and security selection.

26. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
SSR Asset Allocation Fund's track record will be maintained.

27. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization, the team will be led by R. Andrew Damm,
Managing Director of BlackRock Advisors since 1995 and Linda Zhang,
Vice President and Head of SSR Quantitative Strategy since 2003.

Mr. Damm is a member of the Portfolio Risk Management Group and the
Asset Allocation Committee. His primary responsibility is the oversight
of the risk management of domestic equity portfolios. Prior to this, he
was the equity product strategist and lead portfolio manager for
BlackRock's Large Cap Growth and Core Equity Portfolios.

Ms. Zhang is also a portfolio manager and a key member of the portfolio
management team for SSR Asset Allocation Fund. Prior to joining SSR,
she served as an associate portfolio manager for the North American
Fixed Income Team at Baring Asset Management.

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DISTRIBUTED TO THE PUBLIC OR USED IN WRITTEN FORM IN SOLICITING SALES.

<Page>

FOR INTERNAL USE ONLY

AURORA

28. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR AURORA FUND?
The fund seeks to provide high total return, consisting principally of
capital appreciation. The fund seeks to achieve its investment
objective by investing at least 65% of its total assets in small-cap
value stocks.

29. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK AURORA FUND?
They are substantially similar to those of the SSR fund.

30. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment objectives will be the
substantially similar to those of SSR Aurora Fund; however, it will
include the flexibility to invest in mid-cap. As a result, the combined
fund's benchmark will change to the Russell 2500(R) Value Index.

31. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
SSR Aurora Fund's track record will be maintained.

32. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization, the combined fund will be led by Wayne
Archambo, CFA, Managing Director at BlackRock Advisors since January
2002.

Before joining BlackRock, Mr. Archambo was a founding partner and
Manager of Boston Partners Asset Management, LP, and manager of small-
and mid-cap value equity products since the firm's inception in 1995.

EMERGING GROWTH

33. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR EMERGING GROWTH
FUND?
The fund seeks to provide growth of capital by investing at least 65%
of its total assets in emerging growth companies, with an emphasis on
small-cap companies.

34. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK EMERGING GROWTH
FUND?
They are similar to that of the SSR fund.

35. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment strategy will be similar to
that described above; however, with a greater focus on small- and
mid-cap growth companies.

36. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
SSR Emerging Growth Fund's track record will be maintained.

37. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization, the combined fund management team will be
led by Eileen Leary, CFA, Managing Director of SSR, and Neil Wagner,
Managing Director of BlackRock.

FOR INTERNAL USE ONLY. NO PORTION OF THIS PUBLICATION MAY BE SHOWN OR
DISTRIBUTED TO THE PUBLIC OR USED IN WRITTEN FORM IN SOLICITING SALES.

<Page>

FOR INTERNAL USE ONLY

Ms. Leary joined SSR in 1989, has been an investment professional since
1993 and has been responsible for the day-to-day portfolio management
of SSR Mid-Cap Growth Fund since 2002.

Prior to joining BlackRock in April 2002, Mr. Wagner was a portfolio
manager at MFS Investment Management since 1998. Prior to that, he was
a senior research analyst at DFS Advisors LLC from 1997 to 1998 and an
associate at Berkshire Partners from 1995 to 1997.

EXCHANGE

38. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR EXCHANGE FUND?
The fund seeks long-term growth of capital and consequent long-term
growth of income by investing largely in a diversified and supervised
portfolio of common stocks, or securities convertible into common
stocks, believed to have growth potential over time.

39. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK EXCHANGE FUND?
They are substantially similar to that of the SSR fund.

40. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment strategies will be
substantially similar to that described above.

41. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
SSR Exchange Fund's track record will be maintained.

42. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization, the combined fund management team will be
led by Edward Dowd and Jeffrey Lindsey.

Jeffrey Lindsey, CFA, and Edward Dowd are co-portfolio managers of the
SSR fund. They have been responsible for the day-to-day management of
the SSR fund since December 2002. A managing director, Mr. Lindsey
joined the firm in 2002. During the past five years, he has also served
as a managing director and Senior Vice President at Putnam Investments.

A Vice President, Mr. Dowd joined the firm in 2002. During the past
five years he has also served as a Vice President at Independence
Investment LLC and as an equity research associate at Donaldson, Lufkin
& Jenrette.

GLOBAL RESOURCES

43. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR GLOBAL RESOURCES
FUND?
The fund seeks to provide long-term growth of capital by investing at
least 80% of its net assets in securities of energy and natural
resources companies and companies in associated businesses, as well as
utilities.

44. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK GLOBAL RESOURCES
FUND?
They are similar to that of the SSR fund.

45. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment strategies will be similar to
that described above.

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DISTRIBUTED TO THE PUBLIC OR USED IN WRITTEN FORM IN SOLICITING SALES.

<Page>

FOR INTERNAL USE ONLY

46. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
SSR Global Resources Fund's track record will be maintained.

48. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization, the combined fund management team will be
led by Daniel Rice, Senior Vice President, and Denis Walsh, CFA,
Managing Director.

Daniel J. Rice has been portfolio manager since the SSR fund's
inception in March 1990. He joined the firm in 1984 and has worked as
an investment professional since 1979.

Denis Walsh has been an energy analyst for the SSR fund since joining
the firm in 1999; he has worked as an investment professional since
1982.

GOVERNMENT INCOME

49. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR GOVERNMENT INCOME
FUND?
The fund seeks to achieve high current income by investing at least 80%
of its net assets in U.S. government securities, including those issued
by the U.S. Treasury, the Government National Mortgage Association
(Ginnie Mae), the Federal National Mortgage Association (Fannie Mae),
the Federal Home Loan Mortgage Corporation (Freddie Mac) and the
Resolution Funding Corporation.

50. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK INTERMEDIATE
GOVERNMENT FUND?
The fund's investment objective is to seek to maximize total return,
consistent with income generation and prudent investment management.
The fund invests primarily in the highest-rated government and agency
bonds and maintains an average portfolio duration that is within +/-20%
of the Lehman Brothers Intermediate Government Index.

51. WHAT DO THE TWO FUNDS HAVE IN COMMON?
The funds attempt to provide diversified exposure to high-quality fixed
income securities issued primarily by the U.S. government and its
agencies.

52. WHAT ARE THE PRIMARY DIFFERENCES BETWEEN THE TWO FUNDS?
The SSR fund may invest in non-U.S. securities. While the BlackRock
fund may invest 20% of its assets in other securities, typically it
will not invest in non-U.S. securities. The funds also differ with
regard to their guidelines for average maturity and duration. The SSR
fund generally invests in securities with medium- to long-term
maturities, while the BlackRock fund maintains a dollar-weighted
average maturity of 3 to 10 years.

53. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment strategy will be similar to
that of the BlackRock fund.

54. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
BLK Intermediate Government Fund's track record will be maintained.

55. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization, the combined fund will be managed by a
team of investment professionals at BlackRock Fund Management (BFM).
The following individuals with day-to-day

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<Page>

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responsibility are: Scott Amero, Managing Director of BFM since 1990;
Keith Anderson, Managing Director of BFM since 1988; and Todd
Kopstein, Managing Director of BFM since 2003.

Mr. Kopstein spent two years as an analyst in the Account Management
Group followed by one and one-half years with BlackRock Solutions. He
became a portfolio manager specializing in short-duration securities in
1998. Scott Amero has been a member of the team managing the BlackRock
fund since 1992, Keith Anderson since 1992 and Todd Kopstein since
1998. Scott Amero has been a portfolio co-manager since inception,
Keith Anderson since 1999 and Todd Kopstein since January 2003.

HEALTH SCIENCES

56. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR HEALTH SCIENCES
FUND?
The fund seeks to provide long-term growth of capital by investing at
least 80% of its total assets in securities of companies in health
sciences and related industries. The fund invests in health care
companies comparable in size to those in the health care sector of the
Russell 3000(R) Index or in similar companies, including foreign
companies.

57. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK HEALTH SCIENCES
FUND?
They are similar to those of the SSR fund.

58. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment strategies will be
substantially similar to the objectives of the SSR fund.

59. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
SSR Health Sciences Fund's track record will be maintained.

60. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization, the combined fund management team will be
led by Thomas Callan and Erin Xie, PhD.

Mr. Callan, Managing Director and senior portfolio manager, is a member
of the global small-capitalization equity team. He is a lead manager
for all global small-capitalization portfolios and is a member of the
Equity Investment Strategy Group. Before becoming part of BlackRock's
global small-capitalization team in 1998, Mr. Callan was with the PNC
Asset Management Group, which he joined in 1994. Mr. Callan began his
career at PNC Bank as a personal trust portfolio manager in 1998 and
became a research analyst in 1992.

Erin Xie, senior vice president, Ph.D. is the portfolio manager of the
SSR fund. Ms. Xie has assisted with the management of the SSR fund
since 2001 and became a portfolio manager in July 2003. Ms. Xie joined
SSR in 2001 as an equity analyst covering the health care sector.
Prior to joining the firm, Ms. Xie was an Associate in Pharmaceutical
Equity Research at Sanford Berstein.

HIGH INCOME

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61. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR HIGH INCOME FUND?
The fund seeks, primarily, high current income and, secondarily,
capital appreciation, from investments in fixed income securities. The
fund invests at least 80% of its net assets in lower-quality
securities--primarily "junk bonds."

62. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK HIGH YIELD FUND?
The fund seeks to maximize total return, consistent with income
generation and prudent investment management. The fund invests
primarily in non-investment-grade bonds with maturities of ten years or
less. The fund normally invests at least 80% of its assets in
high-yield bonds, including convertible and preferred securities.

63. WHAT DO THE TWO FUNDS HAVE IN COMMON?
The funds attempt to provide both income and capital appreciation
through diversified exposure to non-investment-grade bonds. Each fund
invests at least 80% of its assets in non-investment-grade bonds issued
by companies believed to possess adequate cash flows, attractive
valuations and strong management teams.

64. WHAT ARE THE PRIMARY DIFFERENCES BETWEEN THE TWO FUNDS?
While both funds invest primarily in non-investment-grade bonds, they
have different benchmarks: the Credit Suisse First Boston Global High
Yield Index II for the SSR fund, versus the Lehman Brothers U.S.
Corporate High Yield Index for the BlackRock fund.

The SSR fund has greater flexibility with regard to its investable
universe. It may invest without limit in non-U.S. securities, while the
BlackRock fund is limited to investing 10% of its assets in non-U.S.
securities that are not U.S. dollar-denominated. The SSR fund may
invest up to 20% of its assets in CCC/Caa or lower-rated securities,
while the BlackRock fund is limited to investing 10% of its assets in
these types of securities.

The funds also differ with regard to their guidelines for maturity. The
SSR fund may invest in bonds of any maturity, although it generally
invests in those with medium- to long-term maturities. The BlackRock
fund invests primarily in bonds with maturities of ten years or less.

65. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment strategy will be similar to
those of the BlackRock fund.

66. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
BLK High Yield Fund's track record will be maintained.

67. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization, the combined fund will be managed by a
team of investment professionals at BlackRock Financial Management,
Inc. (BFM), including the following individuals with day-to-day
responsibility: Jeff Gary, Managing Director of BFM since 2003, and
Scott Amero, Managing Director of BFM since 1990.

Jeff Gary is the head of the high yield team. Prior to joining BFM, he
was a Managing Director and portfolio manager with AIG (American
General) Investment Group. Jeff Gary and Scott Amero have been
portfolio managers since September 2003, and Scott Amero has been part
of the portfolio management team since the BlackRock fund's inception.

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INVESTMENT TRUST

68. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR INVESTMENT TRUST?
The fund seeks to provide long-term growth of capital and, secondarily,
long-term growth of income. The fund seeks to achieve its investment
objective by investing at least 65% of its net assets in stocks and
convertible securities that have long-term growth potential.

69. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK SELECT EQUITY FUND?
The fund seeks long-term capital appreciation by investing at least 80%
of its net assets in equity securities.

70. WHAT DO THE TWO FUNDS HAVE IN COMMON?
The funds share similar investment objectives and a common benchmark,
the S&P 500 Index. In addition, both funds invest primarily in a
diverse portfolio of large-cap stocks.

71. WHAT ARE THE PRIMARY DIFFERENCES BETWEEN THE TWO FUNDS?
While both funds seek to provide long-term growth of capital or capital
appreciation, the SSR fund also seeks secondarily to provide long-term
growth of income.

In addition, though both funds are actively managed, they use unique
criteria to identify promising stocks. The SSR fund looks at
fundamental business prospects to identify stocks that have long-term
growth potential. The BlackRock fund uses a multi-factor quantitative
model to identify stocks with rising earnings expectations that sell at
low relative valuations, then selects stocks from this universe that it
believes offer the maximum return per unit of risk. The BlackRock fund
rebalances the portfolio regularly, selling a stock when it no longer
offers an appropriate risk/return tradeoff.

72. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment strategy will be similar to
that of the BlackRock fund.

73. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
BLK Select Equity Fund's track record will be maintained.

74. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization, the combined fund will be managed by
BlackRock Advisors, including the following individuals with day-to-day
responsibility: David E. Byrket, CFA, Managing Director, and Frederick
W. Herrmann, CFA, Managing Director at BlackRock Advisors.

Mr. Byrket and Mr. Herrmann have managed BlackRock's Large Cap Value
Equity Portfolio, Large Cap Growth Equity Portfolio, Select Equity
Portfolio and the equity portion of BlackRock's Balanced Portfolio, as
well as institutional accounts at BlackRock, since March 2003. Prior to
joining BlackRock in 2003, both Mr. Byrket and Mr. Herrmann were
Managing Directors at Weiss, Peck, and Greer, LLC, where they were
responsible for managing quantitative equity portfolios for
institutional and high-net worth accounts and mutual funds since 1996.

LARGE-CAP ANALYST

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75. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR LARGE-CAP ANALYST
FUND?
The fund seeks to provide long-term growth of capital. The SSR fund
seeks to achieve its investment objective by investing at least 80% of
its net assets in large-cap stocks and convertible securities of U.S.
and foreign companies.

76. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK SELECT EQUITY FUND?
The fund seeks to provide long-term capital appreciation by investing
at least 80% of its net assets in equity securities.

77. WHAT DO THE TWO FUNDS HAVE IN COMMON?
The funds share similar investment objectives and seek to maintain
sector allocations similar to those of their respective benchmarks. In
pursuing their objective, both funds invest at least 80% of the net
assets primarily in a diverse portfolio of large-cap stocks.

78. WHAT ARE THE PRIMARY DIFFERENCES BETWEEN THE TWO FUNDS?
While both funds invest primarily in large-cap stocks, they have
different benchmarks: the Russell 1000(R) Index for the SSR fund,
versus the S&P 500 Index for the BlackRock fund.

Though both funds are actively managed, they use unique criteria to
identify promising stocks. The SSR fund looks at fundamental business
prospects to identify stocks that have long-term growth potential. The
BlackRock fund uses a multi-factor quantitative model to identify
stocks with rising earnings expectations that sell at low relative
valuations, then selects stocks from this universe that it believes
offer the maximum return per unit of risk. The BlackRock fund
rebalances the portfolio regularly, selling a stock when it no longer
offers an appropriate risk/return tradeoff.

The SSR fund has greater flexibility with regard to its investable
universe. It must invest at least 80% of its net assets in large-cap
stocks and convertible securities of U.S. and foreign companies, while
the BlackRock fund must invest at least 80% of its net assets in
large-cap stocks and convertible securities of U.S. companies.

79. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment strategy will be similar to
that of the BlackRock fund.

80. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
BLK Select Equity Fund's track record will be maintained.

81. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization the combined fund will be managed by
BlackRock Advisors, including the following individuals with day-to-day
responsibility: David E. Byrket, CFA, Managing Director, and Frederick
W. Herrmann, CFA, Managing Director at BlackRock Advisors.

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LARGE-CAP VALUE

82. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR LARGE-CAP VALUE
FUND?
The fund seeks to provide long-term growth of capital, and,
secondarily, income. The fund seeks to achieve its investment objective
by investing at least 80% of its net assets in large-cap stocks and
convertible securities.

83. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK LARGE-CAP VALUE
FUND?
The fund seeks long-term capital appreciation and, secondarily, current
income. The fund seeks to achieve its investment objective by investing
at least 80% of its net assets in equity securities issued by U.S.
large-cap value companies (defined as those with market capitalizations
equal to those within the universe of Russell 1000(R) Value Index
stocks).

84. WHAT DO THE TWO FUNDS HAVE IN COMMON?
The funds share similar investment objectives and a common benchmark,
the Russell 1000 Value Index. In pursuing their objective, the funds
invest primarily in a diverse portfolio of large-cap stocks. In
constructing the portfolio, the funds employ a value approach, seeking
stocks trading at a temporary discount to estimates of fair value.

85. WHAT ARE THE PRIMARY DIFFERENCES BETWEEN THE TWO FUNDS?
The funds each use unique criteria to identify promising stocks and
also differ in their sector weightings relative to the benchmark.

86. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment objectives and strategy will
be similar to the objectives of the BlackRock fund.

87. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
BLK Large-Cap Value Fund's track record will be maintained.

88. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization, the combined fund will be managed by a
team of investment professionals at BlackRock Advisors, including the
following individuals with day-to-day responsibility: David E. Byrket,
CFA, Managing Director, and Frederick W. Herrmann, CFA, Managing
Director at BlackRock Advisors.

LEGACY

89. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR LEGACY FUND?

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The fund seeks to provide long-term growth of capital by investing at
least 65% of its total assets in stocks and convertible securities of
mid- and large-size companies. In managing its portfolio, the fund
employs a tax-managed strategy.

90. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK LEGACY FUND?
They are substantially similar to those of the SSR fund.

91. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment objectives will be
substantially similar to the objectives of the SSR fund. However, prior
to the reorganization, the SSR Trust Board changed the SSR fund's
management style to NON-tax-managed. This change will be effective when
the funds are combined. The resulting combined fund will not be
tax-managed.

92. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
SSR Legacy Fund's track record will be maintained.

93. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization, the combined fund management team will be
led by Edward Dowd and Jeffrey Lindsey, CFA. Jeff Lindsey and Ed Dowd
are co-portfolio managers of the SSR fund. They have been responsible
for the day-to-day management of the SSR fund since December 2002.

Mr. Lindsey joined State Street Research in 2002. During the past five
years, he has also served as a Managing Director and Senior Vice
President at Putnam Investments.

MID-CAP GROWTH

94. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR MID-CAP GROWTH
FUND?
The fund seeks to provide long-term growth of capital by investing at
least 80% of its net assets in mid-cap stocks.

95. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK MID-CAP GROWTH
FUND?
The fund seeks to provide long-term capital appreciation by investing
at least 80% of its net assets in equity securities issued by U.S.
mid-cap growth companies which the fund management team believes have
above-average earnings growth potential.

96. WHAT DO THE TWO FUNDS HAVE IN COMMON?
The funds share similar investment objectives and a common benchmark,
the Russell Midcap(R) Growth Index. In pursuing their objective, the
funds invest primarily in a diverse portfolio of mid-cap stocks
utilizing active, fundamental security selection.

97. WHAT ARE THE PRIMARY DIFFERENCES BETWEEN THE TWO FUNDS?
While both funds invest primarily in mid-cap stocks, they use slightly
different definitions for capitalization range. The SSR fund considers
mid-cap growth stocks to be those of companies who are comparable in
size to the companies comprising the Russell Midcap Growth Index

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(currently ranging from $527 million to $13.1 billion), the S&P MidCap
400 Index (currently ranging from $340 million to $14.3 billion) or a
similar index. The BlackRock fund currently considers mid-cap growth
stocks to be those of companies with market capitalizations between $1
billion and $10 billion. The difference in market cap definition is not
expected to have a material impact on the primary investment strategy
of the combined fund.

The SSR fund has greater flexibility with regard to its investable
universe. It must invest at least 80% of its net assets in mid-cap
stocks and convertible securities of U.S. and foreign companies, but
also may invest up to 20% of its assets in other securities, including
other stocks and bonds. The BlackRock fund must invest at least 80% of
its assets in U.S. mid-cap stocks. While it may invest up to 20% of its
assets in other securities, it typically will not invest in bonds.

98. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment strategy will be similar to
that of the BlackRock fund.

99. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
BLK Mid-Cap Growth Fund's track record will be maintained.

100. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization, the fund management team will be led by
Eileen M. Leary, CFA, and Neil Wagner.

Eileen M. Leary, CFA, has been responsible for the day-to-day portfolio
management of the SSR fund since October 2002. A Senior Vice President,
Ms. Leary joined the firm in 1989 and has been an investment
professional since 1993.

MID-CAP VALUE

101. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR MID-CAP VALUE FUND?
The fund seeks to provide long-term growth of capital. The fund invests
at least 80% of its net assets in mid-cap stocks and convertible
securities.

102. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK MID-CAP VALUE FUND?
The fund seeks to provide long-term capital appreciation. The fund's
strategy consists of investing at least 80% of its net assets in equity
securities issued by U.S. mid-cap value companies (those with market
capitalizations between $1 billion and $10 billion).

103. WHAT DO THE TWO FUNDS HAVE IN COMMON?
The funds share similar investment objectives and a common benchmark,
the Russell Midcap(R) Value Index.

104. WHAT ARE THE PRIMARY DIFFERENCES BETWEEN THE TWO FUNDS?
While both funds invest primarily in mid-cap stocks, they use slightly
different definitions for this cap range. The SSR fund considers
mid-cap value stocks to be those of companies that are comparable in
size to the companies comprising the Russell Midcap Value Index
(currently

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ranging from $527 million to $14.9 billion) or a similar index. The
BlackRock fund considers mid-cap value stocks to be those of companies
with market capitalization between $1 billion and $10 billion.

105. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment strategy will consist of
investing at least 80% of its net assets in equity securities issued by
mid-cap value companies (companies that are comparable in size to the
companies comprising the Russell Midcap Value Index or a similar
index). The combined fund will primarily buy common stocks but also
will be able to invest in preferred stock and securities convertible
into common and preferred stock.

106. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
SSR Mid-Cap Value Fund's track record will be maintained.

107. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
The BlackRock Fund is lead managed by Wayne J. Archambo, Managing
Director of BlackRock Advisors, and Anthony Forcione, Vice President of
SSR.

Mr. Archambo was a founding partner and manager of Boston Partners
Asset Management, LP's small- and mid-cap value equity products since
the firm's inception in 1995. He has been the BlackRock fund's manager
since January 2002.

Mr. Forcione has assisted with the management of the SSR fund since
2000. Mr. Forcione, a Vice President, joined SSRM in 1992. In early
1996, he joined SSRM's Central Equity Research group as a research
associate, became an equity analyst in 1997 and joined the large-cap
and mid-cap value teams in 1999.

MONEY MARKET

108. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR SSR MONEY MARKET FUND?
The fund seeks to provide a high level of current income consistent
with the preservation of capital and maintenance of liquidity. The fund
invests at least 95% of its total assets in high-quality securities
called "first tier" securities. These include U.S. government
securities and corporate securities that, at the time of purchase, are
rated by such firms as Standard & Poor's and Moody's in their highest
short-term major rating categories, or are unrated securities that are
considered equivalent by the investment manager.

109. WHAT ARE THE CURRENT OBJECTIVE AND STRATEGY FOR BLK MONEY MARKET FUND?
The fund seeks to provide as high a level of current income as is
consistent with maintaining liquidity and stability of principal. The
fund's strategy consists of investing in a broad range of

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short-term, high-quality, U.S. dollar-denominated instruments,
including government, bank, commercial and other obligations.

110. WHAT DO THE TWO FUNDS HAVE IN COMMON?
The funds have similar investment objectives and invest in a broad
range of high-quality, short-term instruments. The funds are managed to
maintain a dollar-weighted average maturity of 90 days or less and a
net asset value of $1.00 per share.

111. WHAT ARE THE PRIMARY DIFFERENCES BETWEEN THE TWO FUNDS?
The funds differ slightly with regard to their guidelines for quality.
The SSR fund must invest at least 95% of its assets in "first tier"
securities and up to 5% in "second tier" securities, while the
BlackRock fund can purchase securities from either of these categories
without limit.

112. HOW WILL THE COMBINED FUND BE MANAGED?
The combined fund's principal investment strategy will be similar to
that of the BlackRock fund.

113. WHICH FUND'S TRACK RECORD WILL BE MAINTAINED?
BLK Money Market Fund's track record will be maintained.

114. WHO WILL COMPRISE THE PORTFOLIO MANAGEMENT TEAM? WHAT ARE THEIR
BACKGROUNDS?
Following the reorganization, BlackRock Institutional Management
Corporation, as subadvisor, will be responsible for the day-to-day
management of the combined fund.

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BLACKROCK REORGANIZATION STICKER MAILING

115. CAN YOU TELL ME OR SEND ME MORE INFORMATION ABOUT THE ACQUISITION OF
STATE STREET RESEARCH & MANAGEMENT COMPANY BY BLACKROCK? On August 26,
2004, BlackRock, Inc. and MetLife, Inc. announced in a press release
that they had entered into an agreement under which BlackRock will
acquire from MetLife the holding company of State Street Research &
Management Company. Closing is expected in early 2005 pending required
regulatory and fund shareholder approvals and other closing conditions.
No further information is available at this time.

116. CAN YOU SEND ME A COPY OF THE PRESS RELEASE?
Yes. (TAKE NAME AND ADDRESS. ENCLOSE COVER LETTER ACKNOWLEDGING ONLY
THAT YOU ARE PROVIDING THE
INFORMATION THEY REQUESTED AND YOUR TOLL FREE NUMBER.)

117. CAN YOU SEND ME A COPY OF THE PROSPECTUS FOR THE BLACKROCK FUNDS
REFERRED TO IN THE PROSPECTUS STICKER?
You should contact BlackRock directly by calling 1-888-825-2267.

118. IN THE MEANTIME, CAN YOU PROVIDE ME WITH INFORMATION ABOUT A
PARTICULAR SSR FUND?
Yes, we can send you a current prospectus. (TAKE NAME AND ADDRESS AND
FOLLOW NORMAL PROCEDURE FOR SENDING OUT PROSPECTUSES.)

119. CAN YOU TELL ME OR SEND ME MORE INFORMATION ABOUT THE COMBINATION OF
THE STATE STREET RESEARCH FUNDS AND THE BLACKROCK FUNDS? Yes (FULFILL
WITH N-14). A combined prospectus/proxy statement related to the
proposed fund reorganizations is expected to be mailed in early
November to shareholders of the SSR funds, in anticipation of a
shareholder meeting in late December 2004.

120. CAN YOU SEND ME INFORMATION ON A PARTICULAR BLACKROCK FUND?
You should contact BlackRock directly by calling 1-888-825-2267.

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