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NEW ENGLAND STAR ADVISERS FUND
Supplement dated September 1, 1997 to
New England Stock Funds Class Y Prospectus dated September 1, 1997
In the "Fund Management -- Star Funds" section of the Prospectus, in the 6th
paragraph beginning on page 35, the information in respect of the Star Advisers
Fund regarding the subadvisory fees paid by NEFM to Harris Associates, Founders
and Loomis Sayles reflects subadvisory agreements between NEFM and each of these
subadvisers which have been approved by the Board of Trustees of New England
Funds Trust I, but are subject to approval by the Fund's shareholders before
such agreements take effect. A meeting of the Fund's shareholders has been
called for October 17, 1997 for the purpose of voting on such approval. Until
such time as these approvals are obtained, NEFM pays Harris Associates a
subadvisory fee at the annual rate of 0.55% of the first $50 million of the
average daily net assets of the segment of the Fund managed by Harris
Associates, 0.50% of the next $200 million of such assets and 0.475% of such
assets in excess of $250 million, and NEFM pays each of Founders and Loomis
Sayles a subadvisory fee at the annual rate of 0.55% of the first $50 million of
the average daily net assets of the segment of the Fund managed by such
subadvisor and 0.50% of such assets in excess of $50 million. Each of Founders
and Loomis Sayles has voluntarily agreed, until further notice to the Fund, to
waive a portion of its subadvisory fee equal to 0.025% annually of the excess,
if any, of the average daily net assets of the segment of the Fund managed by
such subadviser over $250 million. Thus, after giving effect to these waivers by
Founders and Loomis Sayles, NEFM is in effect paying subadvisory fees at the
same rate to all three subadvisers.
Harris Associates began managing its segment of the Fund on July 25, 1997
pursuant to a subadvisory agreement which took effect on such date and which
continues in effect for a period of up to 120 days or until the Fund's
shareholders approve the proposed new subadvisory agreement between NEFM and
Harris Associates, whichever occurs first. In the event that the Fund's
shareholders do not approve the new subadvisory agreement between NEFM and
Harris Associates at the shareholder meeting scheduled for October 17, 1997,
then the Board of Trustees of New England Funds Trust I will consider
alternative arrangements for the management of this segment of the Fund's
investment portfolio.
