Supplement No. 1 dated December 6, 1996
to
Prospectus dated August 1, 1996
for
STATE STREET RESEARCH MANAGED ASSETS
a series of State Street Research Income Trust
Management of the Fund
Under the above caption at page 27 of the Prospectus, the seventh paragraph
is revised in its entirety as follows:
"Peter C. Bennett is primarily responsible for the day-to-day management
of the Fund's portfolio. Mr. Bennett has managed the Fund since December
1996. Mr. Bennett's principal occupation currently is Executive Vice
President and Director of State Street Research & Management Company. Mr.
Bennett also serves as Chief Investment Officer -- Equities and is a member
of the Management Committee of the Investment Manager. During the past five
years he has also served as Senior Vice President of the Investment Manager.
Mr. Bennett has investment discretion over the entire portfolio of the Fund,
makes investment decisions as to specific securities holdings, allocates and
continually adjusts such allocations of investments among equity and fixed
income securities and among different industry sectors. The portfolio
manager uses a team approach on behalf of the Fund and has delegated
purchase and sale authority for defined portions of the portfolio to other
officers of the Investment Manager. The team members focus on different
investment areas within the Fund's sectors, such as international
securities, high-yield high-risk securities, large- and small-capitalization
equities, investment grade debt, etc."
