Supplement No. 1 dated November 15, 1996
to
Prospectus dated March 1, 1996 for:
STATE STREET RESEARCH GOVERNMENT INCOME FUND
a series of State Street Research Financial Trust
and
Prospectus dated May 1, 1996 for:
STATE STREET RESEARCH TAX-EXEMPT FUND
STATE STREET RESEARCH NEW YORK TAX-FREE FUND
series of State Street Research Tax-Exempt Trust
Purchase of Shares --
Class A Shares -- Initial Sales Charges --
Sales Charges
The second paragraph under the above caption is hereby revised in its
entirety as follows:
"On any sale of Class A shares to a single investor in the amount of
$1,000,000 or more, the Distributor may pay the authorized securities dealer a
commission based on the aggregate of such sales as follows:
Amount of Sale Commission
- -------------- ----------
(a) $1 million to $3 million 1.00%
(b) Next $2 million 0.50%
(c) Amount over $5 million 0.25%"
