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Filed by State Street Research Capital Trust
Pursuant to Rule 425 Under the Securities Act of 1933 and
Deemed filed pursuant to Rule 14a-2 of the
Securities Exchange Act of 1934
Subject Company: State Street Research Capital Trust
SEC File No. 2-86271
This filing relates to the proposed reorganizations 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 a notice sent to certain broker-dealers describing the new fund
line-up and portfolio management teams that will result from the proposed
reorganizations.
Important Information:
Proposed Fund Line-up and Portfolio Management Teams
State Street Research (SSR) shareholders were sent a prospectus/proxy statement
soliciting their approval of 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.
The grid on the next page outlines the proposed fund line-up and portfolio
management teams. These reorganizations are subject to shareholder approval and
the closing of BlackRock's acquisition of SSRM, which is expected to occur in
early 2005.
We appreciate your patience and understanding during this period of transition
and thank you for your continued support.
IF YOU NEED FURTHER INFORMATION, PLEASE CALL US AT 1-800-882-0052,
MENU OPTION 5, EXT. 1400
ADDITIONAL INFORMATION AND WHERE TO FIND IT
BlackRock Funds ("BlackRock") has filed Combined Prospectus/Proxy Statements
with the Securities and Exchange Commission (SEC) 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 BlackRock and certain
State Street Research ("SSR") funds and other relevant materials regarding the
proposed reorganizations (the "Reorganizations") of certain series of SSR funds
into certain series of BlackRock funds. The Combined Prospectus/Proxy
Statements, of which this Questions and Answers summary is a part, is being
sent, simultaneously with the summary, to security holders of SSR 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 on 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 USE WITH BROKER/DEALERS ONLY.
NO PORTION OF THIS PUBLICATION MAY BE SHOWN OR DISTRIBUTED TO
THE PUBLIC OR USED IN ORAL OR WRITTEN FORM IN SOLICITING SALES.
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Proposed Fund Line-Up and Portfolio Management Teams
<Table>
<Caption>
SSR FUND MERGE INTO INVESTMENT STYLE BENCHMARK FOR BLK FUND PM TEAM SURVIVING TRACK RECORD
SSR ASSET BLK Balanced Keep existing 60% S&P 500, Merged team led by Andrew Damm SSR Asset Allocation
ALLOCATION strategy 40% Lehman US (BLK) & Linda Zhang (SSR)
Aggregate
SSR AURORA BLK Aurora Keep active Russell 2500(R) Merged team led by Wayne SSR Aurora
fundamental Value Archambo (BLK)
SSR EMERGING BLK Small/Mid Keep active Russell 2500(R) Consolidate under merged team SSR Emerging Growth
GROWTH Growth fundamental Growth led by Neil Wagner (BLK) &
Eileen Leary (SSR)
SSR GLOBAL BLK Global Keep active Lipper Natural SSR energy team led by Dan SSR Global Resources
RESOURCES Resources fundamental Resources and Rice & Denis Walsh
S&P 500
SSR BLK Keep relative Lehman BLK fixed income team led by BLK Intermediate
GOVERNMENT Intermediate value Intermediate Scott Amero, Keith Anderson & Government Income
INCOME Government Government Todd Kopstein
SSR HEALTH BLK Health Keep active Lipper Merged team led by Erin Xie SSR Health Sciences
SCIENCES Sciences fundamental Health/Bio- (SSR) & Thomas Callan (BLK)
technology and
S&P 500
SSR HIGH BLK High Yield Keep relative Lehman US BLK fixed income team led by BLK High Yield
INCOME value Corporate HY Scott Amero & Jeff Gary
SSR BLK Select Change to S&P 500 BLK quantitative equity team BLK Select Equity
INVESTMENT Equity active quant led by David Byrket & Fred
TRUST Herrmann
SSR LARGE-CAP BLK Select Change to S&P 500 BLK quantitative equity team BLK Select Equity
ANALYST Equity active quant led by David Byrket & Fred
Herrmann
SSR LARGE-CAP BLK Large-Cap Change to Russell 1000(R) BLK quantitative equity team BLK Large-Cap Value
VALUE Value active quant Value led by David Byrket & Fred
Herrmann
SSR LEGACY BLK Legacy Keep active Russell 1000(R) SSR large-cap growth team led SSR Legacy
fundamental Growth by Ed Dowd & Jeff Lindsey
SSR MID-CAP BLK Mid-Cap Keep active Russell Midcap(R) Merged team led by Eileen BLK Mid-Cap Growth
GROWTH Growth fundamental Growth Leary (SSR) & Neil Wagner
(BLK)
SSR MID-CAP BLK Mid-Cap Keep active Russell Midcap(R) Merged team led by Anthony SSR Mid-Cap Value
VALUE Value fundamental Value Forcione (SSR) & Wayne
Archambo (BLK)
SSR MONEY BLK Money Keep relative N/A BLK Advisors & BLK BLK Money Market
MARKET Market value Institutional Management Corp.
</Table>
*SSR: State Street Research; BLK: BlackRock
The information above is as of November 2004 and is subject to change. The
reorganizations are subject to shareholder approval and the closing of
BlackRock's acquisition of SSRM.
FOR USE WITH BROKER/DEALERS ONLY.
NO PORTION OF THIS PUBLICATION MAY BE SHOWN OR DISTRIBUTED TO THE PUBLIC OR USED
IN ORAL OR WRITTEN FORM IN SOLICITING SALES.
Member NASD, SIPC
(C)2004 State Street Research Investment Services, Inc.
One Financial Center
Boston, MA 02111-2690
www.ssrfunds.com
CONTROL NUMBER:(exp0205) SSR-LD SSR-9123-1104