STATE STREET RESEARCH LAUNCHES HEALTH SCIENCES FUND

State Street Research Health Sciences Fund is managed by Dr. John Borzilleri, an experienced physician who is also an expert equity analyst. Dr. Borzilleri uses his understanding of the latest scientific and medical developments to evaluate the investment potential of companies involved in this segment of the market. The Fund seeks to provide long-term growth of capital by investing in healthcare and related industries. While focused on one sector, State Street Research Health Sciences Fund invests in a variety of industries within the sector including pharmaceutical companies, biotechnology firms, medical equipment manufacturers and distributors and healthcare providers.

"This fund's investment holdings are focused in the healthcare industry*a sector that doesn't tend to be very cyclical because of the constant demand for its products and services," stated Kevin Wilkins, Executive Vice President, Head of Retail Marketing and Client Services Group. "The industry is experiencing significant growth due to favorable demographics, major innovations in the diagnosis and treatment of illness and disease, as well as unprecedented research into human gene make-up. Uniquely positioned, the fund is under the management and care of an experienced doctor and equity analyst, which we believe provide positive prospects for the fund."

The launch of the Health Sciences Fund comes at a critical and opportune time when the world's population is growing older, led by the baby-boom generation. As these boomers age, they'll spend more on healthcare creating a higher demand for medical, health and pharmaceutical products and services, which should benefit the Health Sciences Fund overall. Funds with a focus on this industry are performing exceptionally well.

The Health Sciences Fund is just one of several new aggressive funds that State Street Research has rolled out to investors in recent months. In July, the firm launched State Street Research Concentrated International Fund and State Street Research Concentrated Growth Fund, two high-octane, aggressive growth funds focusing on 25-35 of the fund manager's top investment picks. These new funds represent a few examples of State Street Research's commitment to product development and to enhancing an already strong mutual fund product line.

State Street Research Health Sciences Fund may be suitable for investors who are seeking a non-diversified sector fund, which strives for aggressive long-term growth, as a complement to a well-diversified portfolio. Because the fund's investments are focused in one market sector, there may be increased exposure to market volatility. A minimum initial investment of $2,500 is required for new accounts and $1,000 for accounts that use the automatic investing programs.

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 September 30, 2000, State Street Research managed $55 billion in assets, of which $34 billion represented institutional client assets and $21 billion represented mutual funds and variable annuity portfolios. The firm manages: money for 10 of the 12 largest U.S. corporate pension plans, union programs, 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.

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A prospectus for State Street Research Health Sciences Fund is available through your financial professional or by calling 1-87-SSR-FUNDS (1-877-8637). The prospectus contains more complete information, including sales charges and expenses. Please read the prospectus carefully before investing.