Supplement No. 1 dated July 1, 1996
to
Prospectus dated May 1, 1996
for
STATE STREET RESEARCH INVESTMENT TRUST
a series of State Street Research Master Investment Trust
Purchase of Shares--Alternative Purchase Program--General
Immediately after the third sentence of the last paragraph under the above
caption at page 12 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 15 of the Prospectus, the second
paragraph is revised in its entirety as follows:
"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
Under the above caption at page 19 of the Prospectus, the second
paragraph is revised in its entirety as follows:
"Shares of the Trust 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 Trust 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 Trust, (a) no sales charge is imposed by Summit
Cash Reserves, (b) no contingent deferred sales charge is imposed by the
Trust on the Trust shares redeemed, and (c) any applicable holding period of
the Trust shares redeemed is "tolled," that is, the holding period clock
stops running pending further transactions. Upon the acquisition of shares
of the Trust 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 Trust 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 Trust
Under the above caption at page 24 of the Prospectus, the seventh
paragraph is revised in its entirety as follows:
"The Trust is managed by John T. Wilson. Mr. Wilson has managed the Trust
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: 3233-960626(0797)SSR-LD SS-460E-596IBS
