STATE STREET RESEARCH & MANAGEMENT COMPANY NAMES DIRECTOR OF FIXED INCOME RESEARCH

In the new position, D'Vari, will be responsible for coordinating, integrating and communicating fixed income philosophy and strategy to the firm's Bond Policy, fixed income department and clients. He will also direct and assess quantitative needs across all research and portfolio management disciplines to continue to produce efficient, high quality products and superior investment results.

"Ron brings a wealth of experience in management and investing to this newly created position." stated Marinella. "This will bring a sense of cohesion to the entire fixed income effort." "His expertise and dedication to our business will bring us to the next level."

D'Vari joined State Street Research & Management Company in 1994, as a quantitative analyst. In 1999, he rose to senior vice president and head of the fixed income group's quantitative research, as well as a portfolio manager for the structured-long duration team. Previously, he worked at McDonnell Douglas and served as an adjunct professor at the University of California at Los Angeles and the University of Southern California. Ron holds B.S., M.S., Ph.D and M.B.A. degrees from the University of California at Los Angeles.

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, one of the world's largest financial services companies. As of March 31, 2001, State Street Research managed $49 billion in assets, of which over $31 billion represented institutional clients and $18 billion represented mutual fund and variable annuity portfolios. The firm manages money for 11 of the 15 largest U.S. corporate pension plans, union programs, public employee pension plans, mutual funds for over 530,000 shareholder accounts, as well as individually managed accounts for affluent investors. The firm's Web site address is www.ssrfunds.com.