diff --git a/include/boost/ref.hpp b/include/boost/ref.hpp
index e45dd17..9a6fbc5 100644
--- a/include/boost/ref.hpp
+++ b/include/boost/ref.hpp
@@ -12,7 +12,7 @@
 //  ref.hpp - ref/cref, useful helper functions
 //
 //  Copyright (C) 1999, 2000 Jaakko Järvi (jaakko.jarvi@cs.utu.fi)
-//  Copyright (C) 2001 Peter Dimov
+//  Copyright (C) 2001, 2002 Peter Dimov
 //  Copyright (C) 2002 David Abrahams
 //
 //  Permission to copy, use, modify, sell and distribute this software
@@ -31,8 +31,16 @@ template<class T> class reference_wrapper
 public:
     typedef T type;
 
+#if defined(BOOST_MSVC) && (BOOST_MSVC < 1300)
+
+    explicit reference_wrapper(T& t): t_(&t) {}
+
+#else
+
     explicit reference_wrapper(T& t): t_(addressof(t)) {}
 
+#endif
+
     operator T& () const { return *t_; }
 
     T& get() const { return *t_; }
diff --git a/include/boost/utility/addressof.hpp b/include/boost/utility/addressof.hpp
index 22da536..a434b8e 100644
--- a/include/boost/utility/addressof.hpp
+++ b/include/boost/utility/addressof.hpp
@@ -1,5 +1,6 @@
 // Copyright (C) 2002 Brad King (brad.king@kitware.com) 
 //                    Doug Gregor (gregod@cs.rpi.edu)
+//                    Peter Dimov
 //
 // Permission to copy, use, sell and distribute this software is granted
 // provided this copyright notice appears in all copies.
@@ -17,11 +18,12 @@
 
 namespace boost {
 
-template <typename T>
-inline T* addressof(T& v)
+// Do not make addressof() inline. Breaks MSVC 7. (Peter Dimov)
+
+template <typename T> T* addressof(T& v)
 {
   return reinterpret_cast<T*>(
-	   &const_cast<char&>(reinterpret_cast<const volatile char &>(v)));
+       &const_cast<char&>(reinterpret_cast<const volatile char &>(v)));
 }
 
 }