SUPPLEMENT NO. 1 DATED JULY 1, 1996
TO
PROSPECTUS DATED NOVEMBER 1, 1995
FOR
STATE STREET RESEARCH EQUITY INVESTMENT FUND
A SERIES OF STATE STREET RESEARCH EQUITY TRUST
Purchase of Shares--Alternative Purchase Program--General
Immediately after the third sentence of the last paragraph under the above
caption at page 20 of the Prospectus, the following is added:
"The Distributor may also compensate brokers for maintaining investments
over a period of years."
Purchase of Shares--Alternative Purchase Program--Class C Shares--Institutional;
No Sales Charge
Under the above caption at page 23 of the Prospectus, the second and
third paragraphs are deleted, and the following is inserted in their place:
"In general, Class C shares are only available for new investments by
certain large institutions, and employee benefit plans which acquire shares
through programs or products sponsored by Metropolitan Life Insurance
Company ("Metropolitan") and/or its affiliates, for which Class C shares
have been designated. Information on the availability of Class C shares and
further conditions and limitations is available from the Distributor."
Shareholder Services--Exchange Privilege
Immediately following the first paragraph under the above caption at page
28 of the Prospectus, the following is inserted:
"Shares of the Fund may also be acquired or redeemed in exchange for shares
of the Summit Cash Reserves Fund ("Summit Cash Reserves") by customers of
Merrill Lynch, Pierce, Fenner & Smith Incorporated (subject to completion of
steps necessary to implement the program). The Fund and Summit Cash Reserves
are related mutual funds for purposes of investment and investor services.
Upon the acquisition of shares of Summit Cash Reserves by exchange for
redeemed shares of the Fund, (a) no sales charge is imposed by Summit Cash
Reserves, (b) no contingent deferred sales charge is imposed by the Fund on
the Fund shares redeemed, and (c) any applicable holding period of the Fund
shares redeemed is "tolled," that is, the holding period clock stops running
pending further transactions. Upon the acquisition of shares of the Fund by
exchange for redeemed shares of Summit Cash Reserves, (a) the acquisition of
Class A shares shall be subject to the initial sales charges or contingent
deferred sales charges applicable to an initial investment in such Class A
shares, unless a prior Class A sales charge has been paid indirectly, and
(b) the acquisition of Class B or Class D shares of the Fund shall restart
any holding period previously tolled, or shall be subject to the contingent
deferred sales charge applicable to an initial investment in such shares."
Management of the Funds
Under the above caption at page 32 of the Prospectus, the eighth
paragraph is revised in its entirety as follows:
"The Equity Investment Fund is managed by John T. Wilson. Mr. Wilson has
managed the Fund since July 1996. His principal occupation currently is Vice
President of State Street Research & Management Company. During the past
five years he has also served as an analyst and portfolio manager at Phoenix
Home Life Mutual Insurance Company and, from 1995 to 1996, as a Vice
President of Phoenix Investment Counsel, Inc."
CONTROL NUMBER: 3232-960626(0797)SSR-LD EIV-461E-596IBS
