<PAGE>
SUPPLEMENT NO. 1 DATED MAY 14, 1996
TO
PROSPECTUS DATED MARCH 1, 1996
FOR
STATE STREET RESEARCH INTERNATIONAL EQUITY FUND
STATE STREET RESEARCH FIXED INCOME FUND
Series of State Street Research Portfolios, Inc.
MANAGEMENT OF THE FUNDS
The seventh paragraph under "Management of the Funds," is revised in its
entirety as follows:
The International Equity Fund is managed by Rosamunde M. Price, Steven J.
Brunnock and Ian R. Vose. Mrs. Price's and Mr. Brunnock's principal occupation
is as a portfolio manager with GFM. They have managed the Fund since its
inception in January 1992 and have been with GFM since its formation in 1990.
Mr. Vose's principal occupation is Chief Executive and Chief Investment
Officer of GFM. For the five years prior to joining GFM, Mrs. Price served as
Chief Investment Manager (Equities) at Deutsche Bank Capital Management (UK)
Ltd., Senior Fund Manager at Nippon Credit International Ltd. and Investment
Director of the Civil Aviation Authority Pension Fund. For the five years
prior to joining GFM, Mr. Brunnock served as United Kingdom Portfolio Manager
of MGM Assurance plc. before which he was a Portfolio Manager for Philips
Electronics Pension Fund. Prior to joining GFM as a Portfolio Manager in 1992,
Mr. Vose served as Director of MG International Fund Management and Chief
Investment Officer of MG-Tokai Bank Fund Management.
Control Number: 3164-960514 (0697)SSR-LD IE/F-453E-596IBS
<PAGE>
SUPPLEMENT NO. 1 DATED MAY 14, 1996
TO
STATEMENT OF ADDITIONAL INFORMATION DATED MARCH 1, 1996
FOR
STATE STREET RESEARCH INTERNATIONAL EQUITY FUND
STATE STREET RESEARCH INTERNATIONAL FIXED INCOME FUND
Series of State Street Research Portfolios, Inc.
INVESTMENT PRACTICES AND POLICIES -
MONEY MARKET INSTRUMENTS -
BANK MONEY MARKET INSTRUMENTS:
Subsection "Bank Money Market Instruments" under "Money Market Instruments"
at page B-2 of Statement of Additional Information is revised in its entirety
as follows:
These include certificates of deposit and bankers' acceptances. Certificates
of deposit are generally short-term, interest-bearing negotiable certificates
issued by commercial banks or savings and loan associations against funds
deposited in the issuing institution. A banker's acceptance is a time draft
drawn on a commercial bank by a borrower, usually in connection with an
international commercial transaction (to finance the import, export, transfer
or storage of goods). The borrower is liable for payment as well as the bank,
which unconditionally guarantees to pay the draft at its face amount on the
maturity date. Most acceptances have maturities of six months or less and are
traded in secondary markets prior to maturity. A Fund will not invest in any
security issued by a commercial bank or a savings and loan association unless
the bank or association is organized and located in the United States, has
total assets of at least $1 billion and is a member of the Federal Deposit
Insurance Corporation; provided that this limitation shall not prohibit
investment in foreign branches of banks or agencies which meet the foregoing
requirements. Negotiable time deposits with maturities of thirty days or less
may be purchased for each Fund without limit. There is no limit on the amount
of non-negotiable time deposits maturing in seven days or less. Non-negotiable
time deposits with maturities exceeding seven days may be purchased for each
Fund, subject to each Fund's 10% limit on its aggregate holdings of illiquid
securities.
Control Number :3165-960514 (0697) SSR-LD IE/F-454E-596
