425 1 a2149917z425.txt 425 Filed by State Street Research Securities 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 Securities Trust SEC File No. 33-74628 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. Proposed Fund Line-Up and Portfolio Management Teams
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.
*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