Supplement dated June 1, 1999 to
                             New England Stock Funds
         Statement of Additional Information - Part I dated May 3, 1999

NEW ENGLAND EQUITY INCOME FUND
Effective June 1, 1999, Vaughan, Nelson, Scarborough & McCullough ("VNSM")
succeeds Loomis Sayles as the subadviser for Equity Income Fund, pursuant to an
Interim Subadvisory Agreement dated June 1, 1999. A special shareholder meeting
will be held in August to vote on the approval of a Final Subadvisory Agreement
for the Fund between VNSM and NEFM. The annual subadvisory fee rates payable by
the Fund to VNSM under the Interim Subadvisory Agreement and the Final
Subadvisory Agreement are identical to those previously paid to Loomis Sayles to
manage the portfolio of the Fund. In addition, VNSM has agreed to voluntarily
waive its subadvisory fee under the Interim Agreement until June 30, 1999.

NEFM and VNSM have each agreed to continue the binding undertaking currently in
effect to limit the amount of the Fund's total annual fund operating expenses to
1.50%, 2.25% and 2.25% of the average daily net assets of the Fund's Class A, B
and C shares, respectively ("Expense Caps"). Beginning July 1, 1999, VNSM and
NEFM will split any fee waivers required in proportion to the management and
subadvisory fees collected. NEFM will also bear any additional expense
reimbursement above the fee waivers required for the Fund to meet the Expense
Cap.

NEW ENGLAND GROWTH FUND
THE FIRST PARAGRAPH IN THE SECTION ENTITLED "MANAGEMENT FEES" ON PAGE VIII IS
REVISED TO READ AS FOLLOWS:

Pursuant to an advisory agreement dated August 30, 1996, as amended June 1,
1999, Capital Growth Management Limited Partnership ("CGM") has agreed to manage
the investment and reinvestment of the assets of the Growth Fund, subject to the
supervision of the Board of Trustees of New England Funds Trust I. Under the
advisory agreement, the Fund pays CGM an advisory fee at the annual rate of
0.75% of the first $200 million of the Fund's average daily net assets, 0.70% of
the next $300 million of such assets, 0.65% of such assets in excess of $500
million and 0.60% of such assets in excess of $2 billion. Prior to June 1, 1999,
CGM served as adviser to the Growth Fund pursuant to an advisory agreement
providing for an advisory fee at the annual rate of 0.75% of the first $200
million of the Fund's average daily net assets, 0.70% of the next $300 million
of such assets and 0.65% of such assets in excess of $500 million. Prior to
August 30, 1996, CGM served as adviser to the Growth Fund pursuant to an
advisory agreement providing for an advisory fee at the same rate as that in
effect prior to June 1, 1999.