NVEST BALANCED FUND

                      (FORMERLY NEW ENGLAND BALANCED FUND)

    Supplement Dated February 28, 2000 to Nvest Stock Funds Class A, B, and C
 Prospectus and Nvest Stock and Star Funds Class Y Prospectus each dated May 3,
                       1999 (as revised February 1, 2000)

On February 25, 2000, the Board of Trustees (the "Board") of Nvest Funds Trust I
(the "Trust")  approved changes to the investment  strategies for Nvest Balanced
Fund (the "Fund") to add a growth-style component to the equity portfolio of the
Fund. The Fund's current strategy to invest  approximately  65% of its assets in
equity securities and approximately 35% of its assets in fixed-income securities
remains unchanged.  However,  beginning March 1, 2000, the Fund will liquidate a
portion  of its  existing  value-based  equity  portfolio  in order to  purchase
securities   that  are   considered  by  the  Fund's   adviser  to  have  growth
characteristics.  Thereafter,  net cash flow determined to be invested in equity
securities  will be allocated on a daily basis  equally to the growth  component
and the value component of the Fund's equity portfolio, unless Nvest Management,
L.P.  determines,  subject  to Board  review,  that a  different  allocation  is
necessary.  Although it is expected  that the  allocation  will be made equally,
because  the assets of each  component  of the  equity  portfolio  will  perform
differently  depending upon the investments held and changing market conditions,
the assets attributable to one component may be larger or smaller than the other
at various times.

Investment strategies and investment risks for the Fund's fixed-income portfolio
and value component of the equity portfolio remain unchanged. Additions to these
sections for the Fund's growth component are set forth below.

Loomis Sayles uses a flexible  approach to seek  investments  with the following
characteristics,  although  not all of the  companies  selected  will have these
attributes:

* Large to mid-market capitalization
* Superior earnings growth potential
* Leading  position  within  industry
* Undervalued  relative to future  growth prospects

*    Loomis  Sayles  selects  stocks  from  a  universe  of  approximately   500
     companies,  primarily  those  with a  large  to  mid-market  capitalization
     (currently in excess of $5 billion).  It then uses fundamental  analysis to
     identify  companies  with  leading  market  positions.  Valuation  analysis
     follows to find  undervalued  companies  with  positive  growth  catalysts.
     Portfolio  construction then balances opportunities with risks to produce a
     portfolio of about 50 stocks.

The Fund may also invest in Rule 144A securities and emerging market securities.
Rule  144A  securities  may be  more  illiquid  than  other  equity  securities.
Investments in emerging market securities may be subject to the risks of foreign
securities to a greater extent than those in more developed markets.

GROWTH  INVESTING:  Growth stocks may react  differently  to issuer,  political,
market, and economic developments than other types of stocks and the market as a
whole.  Growth  stocks tend to be more  expensive  relative to their  underlying
earnings or assets compared to other types of stocks and as a result, tend to be
sensitive  to changes in their  earnings and more  volatile  than other types of
stocks.

The Loomis Sayles Large Cap Growth Team will be managing the growth component of
the Fund's equity  portfolio.  Accordingly,  in the section  entitled  "Meet the
Fund's Portfolio Managers," the following text is added.

MARK B. BARIBEAU

Mark B.  Baribeau  has managed  the growth  component  of the equity  portion of
BALANCED FUND since March 2000. Mr.  Baribeau,  Vice President of Loomis Sayles,
joined the  company in 1989.  He also  serves as a  portfolio  manager of Loomis
Sayles Growth Fund. Mr. Baribeau,  a Chartered  Financial  Analyst,  received an
M.A. from  University of Maryland,  a B.A. from University of Vermont and has 14
years of investment experience.

PAMELA N. CZEKANSKI

Pamela N.  Czekanski has managed the growth  component of the equity  portion of
BALANCED FUND since March 2000. Ms. Czekanski,  Vice President of Loomis Sayles,
joined the company in 1995.  She also  serves as a  portfolio  manager of Loomis
Sayles Growth Fund. Ms. Czekanski,  a Chartered  Financial  Analyst,  received a
B.A. from Middlebury College and has 16 years of investment experience.
                                                                     SP96-0300R


RICHARD D. SKAGGS

Richard D.  Skaggs has  managed the growth  component  of the equity  portion of
BALANCED FUND since March 2000.  Mr.  Skaggs,  Vice  President of Loomis Sayles,
joined the  company in 1994.  He also  serves as a  portfolio  manager of Loomis
Sayles Growth Fund. Mr. Skaggs, a Chartered Financial Analyst, received a M.S.M.
and  a  B.S.   from  Oakland   University   and  has  13  years  of   investment
experience.




                             NVEST STAR VALUE FUND
            (FORMERLY, NVEST VALUE FUND AND NEW ENGLAND VALUE FUND)

    Supplement dated February 28, 2000 to Nvest Stock Funds Class A, B and C
 Prospectus and Nvest Stock and Star Funds Class Y Prospectus each dated May 3,
                       1999 (as revised February 1, 2000)

Effective February 28, 2000, the name of Nvest Value Fund changed to "Nvest Star
Value Fund" (the "Fund").  This change reflects the decision by the Fund's Board
of Trustees  (the  "Trustees")  of Nvest Funds Trust I (the  "Trust") to adopt a
multi-segment fund structure, also known as the "Star" concept.

Prior to February 28, 2000,  Loomis,  Sayles & Company,  L.P.  ("Loomis Sayles")
acted as subadviser to the Fund under a subadvisory  agreement  dated August 30,
1996, as amended May 1, 1998 (the "Previous Subadvisory Agreement"). On February
25, 2000,  the Trustees  voted to terminate the Previous  Subadvisory  Agreement
between  Loomis  Sayles and Nvest Funds  Management,  L.P.,  the Fund's  adviser
("Nvest  Management"),  effective at the close of business on February 25, 2000.
At the same time, the Trustees approved four new interim subadvisory  agreements
(the  "Interim  Agreements")  relating  to segments  of the Fund  between  Nvest
Management and each of Loomis Sayles, Vaughan, Nelson, Scarborough & McCullough,
L.P.  ("Vaughan  Nelson"),  Harris  Associates L.P.  ("Harris  Associates")  and
Westpeak  Investment  Advisors,  L.P.  ("Westpeak"),  respectively.  The Interim
Agreements  are effective on February 28, 2000 and will continue for a period of
150 days or until  shareholders of the Fund approve new  subadvisory  agreements
between Nvest  Management  and each of Loomis  Sayles,  Vaughan  Nelson,  Harris
Associates  and  Westpeak  (the  "Subadvisers"),  whichever  is less.  Under the
Interim  Agreements,  the Subadvisers to the segments of the Fund succeed Loomis
Sayles  as  subadviser  to the  Fund  and are  responsible  for  the  day-to-day
management of each respective Fund segment's  investment  operations  subject to
the oversight of Nvest Management. A special shareholder meeting will be held in
late April to vote on the approval of the four final subadvisory agreements each
relating to a segment of the Fund between Nvest  Management  and Loomis  Sayles,
Vaughan Nelson,  Harris Associates and Westpeak,  respectively,  which were also
approved  by  the  Trustees  on  February  25,  2000  (the  "Final   Subadvisory
Agreements").  The  Final  Subadvisory  Agreements  would  replace  the  Interim
Agreements upon shareholder  approval.  A notice of special  shareholder meeting
and a proxy  statement will be sent to shareholders in early March. In the event
that  the  Fund's  shareholders  do not  approve  any of the  Final  Subadvisory
Agreements,  shareholders  will be  notified  and  the  Trustees  will  consider
alternative  arrangements  for the management of the Fund  segment's  investment
portfolios.

The total  investment  advisory fee to be paid by the Fund remains the same. The
changes  between  the Prior  Subadvisory  Agreement  and the  Interim  and Final
Subadvisory Agreements relate to the allocation of the total investment advisory
fee between  Nvest  Management  and a  Subadviser.  Whereas  under the  Previous
Subadvisory  Agreement,  the  Fund  paid  to  Loomis  Sayles,  the  Fund's  sole
subadviser,  a  subadvisory  fee rate equal to the annual  rate of 0.535% of the
first $200 million of the Fund's  average  daily net assets,  0.350% of the next
$300 million of the Fund's  average  daily net assets,  and 0.300% of the Fund's
average daily net assets in excess of $500 million, under the respective Interim
and Final Subadvisory Agreements, the Fund pays:

*    to Loomis  Sayles a  subadvisory  fee equal to the annual rate of 0.535% of
     the first $200  million of its Fund  segment's  average  daily net  assets,
     0.350% of the next $300  million of its Fund  segment's  average  daily net
     assets and 0.300% of its Fund segment's  average daily net assets in excess
     of $500 million;

*    to Vaughan  Nelson a subadvisory  fee equal to the annual rate of 0.500% of
     the first $25  million  of its Fund  segment's  average  daily net  assets,
     0.400% of the next $175  million of its Fund  segment's  average  daily net
     assets, 0.325% of the next $300 million of its Fund segment's average daily
     net  assets and 0.275% of its Fund  segment's  average  daily net assets in
     excess of $500 million;

*    to Harris  Associates a subadvisory  fee equal to the annual rate of 0.500%
     of the first $100 million of its Fund  segment's  average  daily net assets
     and 0.450% of its Fund segment's average daily net assets in excess of $100
     million; and

*    to  Westpeak a  subadvisory  fee equal to the  annual  rate of 0.50% of the
     first $25 million of its Fund segment's average daily net assets,  0.40% of
     the next $75 million of its Fund segment's average daily net assets,  0.35%
     of the next $100 million of its Fund segment's average daily net assets and
     0.30% of its Fund  segment's  average  daily  net  assets in excess of $200
     million.

In connection with the transition to the  multi-segment  fund  structure,  it is
expected that the Fund will incur higher custody and other related expenses.  As
a direct result, the Funds expense ratio will increase by approximately 0.07% to
0.10%.
                                                                     SP95-0300


In connection with these changes, the section entitled  "Investment  Strategies"
has been revised as follows to reflect the various  strategies  that may be used
by the Subadvisers.

Under normal market  conditions,  the Fund will invest  substantially all of its
assets in equity securities.  The Fund primarily invests in common stock of mid-
and large capitalization companies of various industries. The companies in which
the Fund invests are  value-oriented  according to one or more of the  following
measures:    price-to-earnings   ratio,   return-on-equity,    dividend   yield,
price-to-book value ratio, or price-to-sales  ratio. Nvest Management  allocates
capital invested in the Fund equally among Loomis Sayles, Vaughan Nelson, Harris
Associates,   and   Westpeak   (each  a   "Subadviser   and   collectively   the
"Subadvisers").  Each  Subadviser  manages its  segment of the Fund's  assets in
accordance  with  its own  investment  style  and  strategy.  Although  the Fund
primarily invests in common stock of mid- and large capitalization  companies of
various industries, it may also:

*    Hold  securities of foreign  issuers  traded over the counter or on foreign
     exchanges, and

*    Purchase U.S. government  securities,  certificates of deposit,  commercial
     paper,  and/or high  quality  debt  securities  or hold cash for  temporary
     defensive  purposes in response to adverse  market,  economic or  political
     conditions. These investments may prevent the Fund from achieving its goal.

The section entitled  "Investment Risks" is now entitled  "Principal  Investment
Risks of the Star Value Fund" and has been changed as follows:

EQUITY  SECURITIES:  Subject to market risks. This means that you may lose money
on  your  investment  due  to  unpredictable   drops  in  value  or  periods  of
below-average performance in a given stock or in the stock market as a whole.

FOREIGN SECURITIES:  May be affected by foreign currency  fluctuations;  and may
have higher volatility than U.S.  securities and limited  liquidity.  Political,
economic and  information  risks are also  associated  with foreign  securities.
These  investments  may also be affected by the  conversion  of the  currency of
several European countries to the "euro" currency.

The  following  subsection  entitled  "Star  Value  - Fund  More  On  Investment
Strategies" has been added to the end of the section called "Goals, Strategies &
Risks":

LOOMIS SAYLES

In managing its segment of the Fund, Loomis Sayles will use fundamental research
in a  value-oriented  selection  process to seek  companies  with the  following
characteristics,  relative to the Russell 1000 Value Index,  although not all of
the companies selected will have each of these attributes:

* Low  price-to-earnings  ratios  based on  earnings  estimates;
* Competitive return-on-equity;
* Competitive current and estimated dividend yield; and
* High five-year estimated earnings growth.

In selecting  investments  for its Fund  segment,  Loomis Sayles will employ the
following strategy:

*    It will start with a universe of approximately  1,400 companies,  primarily
     those with a market capitalization in excess of $2 billion.

*    Stocks will then be ranked using the Loomis  Sayles  proprietary  valuation
     model based on low  price-to-earnings  ratios,  earnings estimate revisions
     and quality.

*    Stocks that rank in the top third of the valuation  model will become prime
     candidates for purchase and receive a more intensive  fundamental  research
     effort.

*    Its segment's portfolio will be constructed by choosing approximately 60 to
     70  stocks  that  Loomis  Sayles  believes  offer the best  combination  of
     attractive valuation characteristics and positive fundamentals.

*    The  portfolio  construction  process  will also  attempt to minimize  risk
     through careful evaluation of diversification and other risk factors.

*    Loomis Sayles will generally sell a stock when its price objective has been
     attained,  if its  fundamentals  deteriorate,  or when a stock with greater
     potential is identified.



VAUGHAN NELSON

In  managing  its  segment  of  the  Fund,  Vaughan  Nelson  will  use  rigorous
fundamental  research  and active  management  to analyze a broad  selection  of
company  or  industry   sectors  and  to  seek   companies  with  the  following
characteristics,  although not all of the  companies  selected will have each of
these attributes:

* Low  price-to-sales  relative to market;
* Low  price-to-earnings  relative to market;
* High yield relative to market;  and
* Low  price-to-book  relative to market.

In selecting investments for its segment of the Fund, Vaughan Nelson will employ
the following strategy:

*    It will  use a  value-driven  investment  philosophy  that  selects  stocks
     selling  at a  relatively  low  value  based  on  the  four  aforementioned
     criteria.  It will  select  companies  that  Vaughan  Nelson  believes  are
     out-of-favor or misunderstood.

*    Vaughan Nelson will start with an investment  universe of 5,000 securities.
     It will then use value-driven  screens to create a research universe of 300
     to 400 companies with market capitalizations of at least $2 billion.

*    It will then use  fundamental  analysis  to build a  portfolio  of 50 to 60
     securities  consisting  of what it believes to be quality  companies.  This
     fundamental  analysis  will focus on the  strength of a  company's  balance
     sheet, cash flow growth, dividend coverage and management.

*    Vaughan  Nelson will  generally  sell a stock when its  relative  valuation
     reverts to its historical  average,  when the issuer shows a  deteriorating
     financial condition, or when it has repeated negative earnings surprises.

HARRIS ASSOCIATES

The segment of the Fund managed by Harris  Associates  will invest  primarily in
common stock of mid- and large capitalization  companies which Harris Associates
believes are trading at a substantial  discount to the  company's  true business
value. Harris Associates  value-oriented investment philosophy is based upon its
belief that over time a stock's  discounted  market price and its true  business
value will converge.  Harris Associates  believes that this philosophy  provides
the best opportunity to achieve  long-term  capital growth while also protecting
from downside risk.

In making investment decisions for constructing a concentrated portfolio, Harris
Associates will generally employ the following:

*    It will use a fundamental  bottom-up investment approach,  which means that
     it will focus on individual companies rather than macroeconomic  factors or
     specific industries.  Each company will be analyzed on a case-by-case basis
     to select  those  which meet  Harris  Associates  standards  of quality and
     value.

*    Once  Harris  Associates  determines  that a stock  sells at a  significant
     discount to its true business value and has other attractive qualities such
     as positive  free cash flow,  it will  consider  that stock for purchase by
     analyzing the quality and motivation of the company's management as well as
     the company's market position within its industry.

*    Investments  are   continuously   monitored  for  changes  in  a  company's
     fundamentals by both analysts and portfolio  managers.  A senior  committee
     sets specific "buy" and "sell" targets for each company.  Harris Associates
     will  generally buy a stock when it sells for a price below 60% of its true
     business  worth,  and will generally sell a stock when it approaches 90% of
     its true business worth.

WESTPEAK

In managing  its segment of the Fund,  Westpeak  will  construct a portfolio  of
recognizable,  large and mid  capitalization  stocks that exhibit good  relative
value and reasonable growth potential.  Westpeak believes risk and return can be
accurately  measured and controlled through thoughtful  portfolio  construction.
Therefore, their focus will be on the aggregate characteristics of the portfolio
and not just individual stocks. The portfolio will emphasize the characteristics
that  Westpeak  feels are most likely to be rewarded by the



market in the period  ahead  based upon  current and  historical  probabilities.
Using  proprietary   quantitative   research  based  on  economic,   market  and
company-specific information, Westpeak will analyze each stock and rank it based
on characteristics such as:

* Earnings-to-price  ratios;
* Earnings  growth  rates;
* Positive  earnings surprises;
* Book-to-price ratios; and
* Dividend yield.

In selecting  investments for its segment of the Fund,  Westpeak will employ the
following process:

*    It will start with an initial  universe of  approximately  2,100  stocks of
     mainly  large  capitalization   companies  and  will  eliminate  stocks  of
     companies below a $1.6 billion market capitalization  threshold.  This will
     create an overall universe of about 1,000 stocks.

*    Next,  it will  screen  these  stocks  using  fundamental  growth and value
     criteria and will calculate a "fundamental  rank" for each stock. This rank
     will reflect a historical  analysis of the company using  approximately  70
     growth, value and industry characteristics.

*    All of the  stocks  will  then be  screened  using  Wall  Street  analysts'
     historical and projected  earnings  estimates for the company and each will
     be assigned an "expectations rank." This rank will account for the companys
     recent and  historical  earnings  revisions  and the  potential  for future
     "positive  earnings  surprises"(whether  its business has the  potential to
     improve in the near future).

*    The  fundamental  and  expectations  ranks for each  stock are  placed in a
     valuation matrix to evaluate whether to buy, sell or hold a stock.

*    The final step is the use of computer  technology  to arrange the  selected
     stocks into an optimal  portfolio  using their  respective  fundamental and
     expectations ranks and risk characteristics.

The desired  result is a portfolio  of 75 to 150 stocks,  with a dividend  yield
that  approximates  that of the S&P 500  Index,  which  Westpeak  believes  will
produce the highest  long-term  returns  consistent  with the  portfolio's  risk
parameters.

The following  descriptions revise existing text for a subadviser or is added to
the subsections entitled "Subadvisers" in the Nvest Stock Funds Class A, B and C
Prospectus  and  "Subadvisers  of the Star  Funds" in Nvest Stock and Star Funds
Class Y Prospectus:

LOOMIS SAYLES,  located at One Financial Center,  Boston,  Massachusetts  02111,
serves as subadviser to Nvest Balanced Fund, Nvest International Equity Fund and
segments of Nvest Star Advisers  Fund,  Nvest Star Small Cap Fund and Nvest Star
Value Fund.  Founded in 1926, Loomis Sayles is one of Americas oldest investment
advisory firms and had $68 billion in assets under management as of December 31,
1999.  Loomis  Sayles,  a subsidiary of Nvest  Companies,  is well known for its
professional research staff, which is one of the largest in the industry.

WESTPEAK,  located at 1011 Walnut Street,  Boulder,  Colorado  80302,  serves as
subadviser  to Nvest Growth and Income  Fund,  Nvest  Capital  Growth Fund and a
segment  of the  Nvest  Star  Value  Fund.  Westpeak  is a  subsidiary  of Nvest
Companies.  Founded in 1991,  Westpeak has  approximately  $10 billion in assets
under management as of December 31, 1999.

HARRIS ASSOCIATES, located at Two North LaSalle Street, Chicago, Illinios 60602,
serves as subadviser to segments of Nvest Star Advisers,  Nvest Star  Worldwide,
Nvest Star Small Cap and Nvest Star Value Funds. Harris Associates, a subsidiary
of Nvest  Companies,  manages  over $12.6  billion in assets as of December  31,
1999, and together with its predecessor, has managed mutual funds since 1970. It
also  manages   investments  for  other  mutual  funds  as  well  as  assets  of
individuals,  trusts,  retirement plans,  endowments,  foundations,  and several
private partnerships.

VAUGHAN NELSON,  located at 6300 Chase Tower,  Houston,  Texas 77002,  serves as
subadviser to a segment of Nvest Star Value Fund. Vaughan Nelson is a subsidiary
of Nvest  Companies.  Originally  incorporated  in 1970,  Vaughan Nelson focuses
primarily on managing equity and  fixed-income  funds for clients who consist of
foundations,    university    endowments    and   corporate    retirement    and
family/individual  core  funds.  As of December  31,  1999,  Vaughan  Nelson had
approximately $4.4 billion in assets under management.



The following text has been revised in the subsection  entitled "Meet the Funds'
Portfolio Managers" within the section entitled "Management Team":

GERALD H. SCRIVER

Gerald  Scriver has managed  Nvest Growth and Income Fund since May 1995,  Nvest
Capital Growth Fund since  February 1998 and the Westpeak  segment of Nvest Star
Value Fund since  February 28, 2000.  Mr. Scriver  founded  Westpeak  Investment
Advisors in 1991 and is its President and Chief Executive  Officer.  Mr. Scriver
is a graduate of the State  University  of N.Y. at Buffalo and has over 33 years
of investment experience.

LAURIANN KLOPPENBURG

Lauriann  Kloppenburg has co-managed Nvest Star Value Fund since August 1998 and
the Loomis Sayles  segment of Nvest Star Value Fund since February 28, 2000. Ms.
Kloppenburg is Vice President and Director of Equity  Research at Loomis Sayles.
She is also a Chartered  Financial Analyst.  Ms.  Kloppenburg  received her B.A.
from Wellesley College and has over 16 years of investment experience.

JEFFREY W. WARDLOW

Jeffrey  Wardlow has  co-managed  Nvest Star Value Fund since August  1998,  the
equity  portion of Nvest  Balanced  Fund since August 1998 and the Loomis Sayles
segment of Nvest Star Value Fund since  February 28,  2000.  Mr.  Wardlow,  Vice
President of Loomis Sayles, joined the company over 10 years ago. Mr. Wardlow, a
Chartered Financial Analyst and Chartered  Investment  Counselor,  received both
his B.B.A.  and his M.B.A.  from Michigan State University and has over 16 years
of investment experience.

The following  text has been added to the  subsection  entitled "Meet the Funds'
Portfolio Managers":

JEAN MALO

Jean Malo has  co-managed  Nvest  Equity  Income  Fund  since  June 1999 and the
Vaughan  Nelson  segment of Nvest Star Value Fund since  February 28, 2000.  Mr.
Malo is Principal and Chief  Investment  Officer of Vaughan  Nelson  joining the
company in 1997.  Previously,  he was a Senior Vice  President at Daniel Breen &
Co.,  which was merged into Vaughan Nelson in 1997. Mr. Malo joined Daniel Breen
& Co. in 1989. Mr. Malo, a Chartered Financial Analyst,  received an M.B.A. from
EESEC,  Paris  France and has 22 years of  investment  management  and  research
experience.

MARGARET M. BUESCHER

Margaret  Buescher has  co-managed  Nvest Equity Income Fund since June 1999 and
the Vaughan Nelson segment of Nvest Star Value Fund since February 28, 2000. Ms.
Buescher,  Principal  of  Vaughan  Nelson,  joined  the  company  in 1994.  From
1980-1994,  she was Managing Director and Senior Portfolio Manager for the Texas
Commerce  Investment  Management  Company.  Ms. Buescher,  a Chartered Financial
Analyst,  received a B.A. from  Vanderbilt  University  and has over 24 years of
investment management and research experience.

ROBERT M. LEVY

Bob Levy has been the lead  manager  of the Harris  Associates  segment of Nvest
Star Value Fund since February 28, 2000. Mr. Levy is a Partner and President and
Chief Executive Officer of Harris  Associates.  Mr. Levy, a Chartered  Financial
Analyst,  received a B.A.  from  Vanderbilt  University  and an M.B.A.  from the
Wharton  School of  Business,  University  of  Pennsylvania  and has 23 years of
investment experience. Mr. Levy joined Harris Associates in 1985.

FLOYD J. BELLMAN

Floyd  Bellman has assisted in managing the Harris  Associates  segment of Nvest
Star Value Fund since February 28, 2000. Mr. Bellman is a Portfolio  Manager and
Vice President in charge of Harris Associates  Investment  Advisory  Department.
Mr.  Bellman,  a  Chartered  Financial  Analyst,  received  a  B.B.A.  from  the
University of Wisconsin and has 19 years of investment  experience.  Mr. Bellman
joined Harris Associates in 1995.




                               NVEST BALANCED FUND
                      (FORMERLY NEW ENGLAND BALANCED FUND)

                             NVEST STAR VALUE FUND
            (FORMERLY, NVEST VALUE FUND AND NEW ENGLAND VALUE FUND)

    Supplement dated February 28, 2000 to Nvest Stock Funds Class A, B and C
 Prospectus and Nvest Stock and Star Funds Class Y Prospectus each dated May 3,
                       1999 (as revised February 1, 2000)

NVEST BALANCED FUND

On February 25, 2000, the Board of Trustees (the "Board") of Nvest Funds Trust I
(the "Trust")  approved changes to the investment  strategies for Nvest Balanced
Fund (the "Fund") to add a growth-style component to the equity portfolio of the
Fund. The Fund's current strategy to invest  approximately  65% of its assets in
equity securities and approximately 35% of its assets in fixed-income securities
remains unchanged.  However,  beginning March 1, 2000, the Fund will liquidate a
portion  of its  existing  value-based  equity  portfolio  in order to  purchase
securities   that  are   considered  by  the  Fund's   adviser  to  have  growth
characteristics.  Thereafter,  net cash flow determined to be invested in equity
securities  will be allocated on a daily basis  equally to the growth  component
and the value component of the Fund's equity portfolio, unless Nvest Management,
L.P.  determines,  subject  to Board  review,  that a  different  allocation  is
necessary.  Although it is expected  that the  allocation  will be made equally,
because  the assets of each  component  of the  equity  portfolio  will  perform
differently  depending upon the investments held and changing market conditions,
the assets attributable to one component may be larger or smaller than the other
at various times.

Investment strategies and investment risks for the Fund's fixed-income portfolio
and value component of the equity portfolio remain unchanged. Additions to these
sections for the Fund's growth component are set forth below.

Loomis Sayles uses a flexible  approach to seek  investments  with the following
characteristics,  although  not all of the  companies  selected  will have these
attributes:

* Large to mid-market  capitalization
* Superior  earnings growth  potential
* Leading  position  within  industry
* Undervalued  relative  to future  growth prospects

*    Loomis  Sayles  selects  stocks  from  a  universe  of  approximately   500
     companies,  primarily  those  with a  large  to  mid-market  capitalization
     (currently in excess of $5 billion).  It then uses fundamental  analysis to
     identify  companies  with  leading  market  positions.  Valuation  analysis
     follows to find  undervalued  companies  with  positive  growth  catalysts.
     Portfolio  construction then balances opportunities with risks to produce a
     portfolio of about 50 stocks.

The Fund may also invest in Rule 144A securities and emerging market securities.
Rule  144A  securities  may be  more  illiquid  than  other  equity  securities.
Investments in emerging market securities may be subject to the risks of foreign
securities to a greater extent than those in more developed markets.

GROWTH  INVESTING:  Growth stocks may react  differently  to issuer,  political,
market, and economic developments than other types of stocks and the market as a
whole.  Growth  stocks tend to be more  expensive  relative to their  underlying
earnings or assets compared to other types of stocks and as a result, tend to be
sensitive  to changes in their  earnings and more  volatile  than other types of
stocks.

The Loomis Sayles Large Cap Growth Team will be managing the growth component of
the Fund's equity  portfolio.  Accordingly,  in the section  entitled  "Meet the
Fund's Portfolio Managers," the following text is added.

MARK B. BARIBEAU

Mark B.  Baribeau  has managed  the growth  component  of the equity  portion of
Balanced Fund since March 2000. Mr.  Baribeau,  Vice President of Loomis Sayles,
joined the  company in 1989.  He also  serves as a  portfolio  manager of Loomis
Sayles Growth Fund. Mr. Baribeau,  a Chartered  Financial  Analyst,  received an
M.A. from  University of Maryland,  a B.A. from University of Vermont and has 14
years of investment experience.

PAMELA N. CZEKANSKI

Pamela N.  Czekanski has managed the growth  component of the equity  portion of
Balanced Fund since March 2000. Ms. Czekanski,  Vice President of Loomis Sayles,
joined the company in 1995.  She also  serves as a  portfolio  manager of Loomis
Sayles
                                                                   SP94-0300



Growth Fund. Ms. Czekanski, a Chartered Financial Analyst,  received a B.A. from
Middlebury College and has 16 years of investment experience.

RICHARD D. SKAGGS

Richard D.  Skaggs has  managed the growth  component  of the equity  portion of
Balanced Fund since March 2000.  Mr.  Skaggs,  Vice  President of Loomis Sayles,
joined the  company in 1994.  He also  serves as a  portfolio  manager of Loomis
Sayles Growth Fund. Mr. Skaggs, a Chartered Financial Analyst, received a M.S.M.
and a B.S. from Oakland University and has 13 years of investment experience.

NVEST STAR VALUE FUND

Effective February 28, 2000, the name of Nvest Value Fund changed to "Nvest Star
Value Fund" (the "Fund").  This change reflects the decision by the Fund's Board
of Trustees  (the  "Trustees")  of Nvest Funds Trust I (the  "Trust") to adopt a
multi-segment fund structure, also known as the "Star" concept.

Prior to February 28, 2000,  Loomis,  Sayles & Company,  L.P.  ("Loomis Sayles")
acted as subadviser to the Fund under a subadvisory  agreement  dated August 30,
1996, as amended May 1, 1998 (the "Previous Subadvisory Agreement"). On February
25, 2000,  the Trustees  voted to terminate the Previous  Subadvisory  Agreement
between  Loomis  Sayles and Nvest Funds  Management,  L.P.,  the Fund's  adviser
("Nvest  Management"),  effective at the close of business on February 25, 2000.
At the same time, the Trustees approved four new interim subadvisory  agreements
(the  "Interim  Agreements")  relating  to segments  of the Fund  between  Nvest
Management and each of Loomis Sayles, Vaughan, Nelson, Scarborough & McCullough,
L.P.  ("Vaughan  Nelson"),  Harris  Associates L.P.  ("Harris  Associates")  and
Westpeak  Investment  Advisors,  L.P.  ("Westpeak"),  respectively.  The Interim
Agreements  are effective on February 28, 2000 and will continue for a period of
150 days or until  shareholders of the Fund approve new  subadvisory  agreements
between Nvest  Management  and each of Loomis  Sayles,  Vaughan  Nelson,  Harris
Associates  and  Westpeak  (the  "Subadvisers"),  whichever  is less.  Under the
Interim Agreements,  the Subadvisers to the segment's of the Fund succeed Loomis
Sayles  as  subadviser  to the  Fund  and are  responsible  for  the  day-to-day
management of each respective Fund segments investment operations subject to the
oversight of Nvest  Management.  A special  shareholder  meeting will be held in
late April to vote on the approval of the four final subadvisory agreements each
relating to a segment of the Fund between Nvest  Management  and Loomis  Sayles,
Vaughan Nelson,  Harris Associates and Westpeak,  respectively,  which were also
approved  by  the  Trustees  on  February  25,  2000  (the  "Final   Subadvisory
Agreements").  The  Final  Subadvisory  Agreements  would  replace  the  Interim
Agreements upon shareholder  approval.  A notice of special  shareholder meeting
and a proxy  statement will be sent to shareholders in early March. In the event
that  the  Fund's  shareholders  do not  approve  any of the  Final  Subadvisory
Agreements,  shareholders  will be  notified  and  the  Trustees  will  consider
alternative  arrangements  for the management of the Fund  segment's  investment
portfolios.

The total  investment  advisory fee to be paid by the Fund remains the same. The
changes  between  the Prior  Subadvisory  Agreement  and the  Interim  and Final
Subadvisory Agreements relate to the allocation of the total investment advisory
fee between  Nvest  Management  and a  Subadviser.  Whereas  under the  Previous
Subadvisory  Agreement,  the  Fund  paid  to  Loomis  Sayles,  the  Fund's  sole
subadviser,  a  subadvisory  fee rate equal to the annual  rate of 0.535% of the
first $200 million of the Fund's  average  daily net assets,  0.350% of the next
$300 million of the Fund's  average  daily net assets,  and 0.300% of the Fund's
average daily net assets in excess of $500 million, under the respective Interim
and Final Subadvisory Agreements, the Fund pays:

*    to Loomis  Sayles a  subadvisory  fee equal to the annual rate of 0.535% of
     the first $200  million of its Fund  segment's  average  daily net  assets,
     0.350% of the next $300  million of its Fund  segment's  average  daily net
     assets and 0.300% of its Fund segment's  average daily net assets in excess
     of $500 million;

*    to Vaughan  Nelson a subadvisory  fee equal to the annual rate of 0.500% of
     the first $25  million  of its Fund  segment's  average  daily net  assets,
     0.400% of the next $175  million of its Fund  segment's  average  daily net
     assets, 0.325% of the next $300 million of its Fund segment's average daily
     net  assets and 0.275% of its Fund  segment's  average  daily net assets in
     excess of $500 million;

*    to Harris  Associates a subadvisory  fee equal to the annual rate of 0.500%
     of the first $100 million of its Fund  segment's  average  daily net assets
     and 0.450% of its Fund segment's average daily net assets in excess of $100
     million; and

*    to  Westpeak a  subadvisory  fee equal to the  annual  rate of 0.50% of the
     first $25 million of its Fund segment's average daily net assets,  0.40% of
     the next $75 million of its Fund segment's average daily net assets,  0.35%
     of the next $100 million of its Fund segment's average daily net assets and
     0.30% of its Fund  segment's  average  daily  net  assets in excess of $200
     million.

In connection with the transition to the  multi-segment  fund  structure,  it is
expected that the Fund will incur higher custody and other related expenses.  As
a direct result,  the Fund's expense ratio will increase by approximately  0.07%
to 0.10%.




In connection with these changes, the section entitled  "Investment  Strategies"
has been revised as follows to reflect the various  strategies  that may be used
by the Subadvisers.

Under normal market  conditions,  the Fund will invest  substantially all of its
assets in equity securities.  The Fund primarily invests in common stock of mid-
and large capitalization companies of various industries. The companies in which
the Fund invests are  value-oriented  according to one or more of the  following
measures:    price-to-earnings   ratio,   return-on-equity,    dividend   yield,
price-to-book value ratio, or price-to-sales  ratio. Nvest Management  allocates
capital invested in the Fund equally among Loomis Sayles, Vaughan Nelson, Harris
Associates,   and   Westpeak   (each  a   "Subadviser   and   collectively   the
"Subadvisers").  Each  Subadviser  manages its  segment of the Fund's  assets in
accordance  with  its own  investment  style  and  strategy.  Although  the Fund
primarily invests in common stock of mid- and large capitalization  companies of
various industries, it may also:

*    Hold  securities of foreign  issuers  traded over the counter or on foreign
     exchanges, and

*    Purchase U.S. government  securities,  certificates of deposit,  commercial
     paper,  and/or high  quality  debt  securities  or hold cash for  temporary
     defensive  purposes in response to adverse  market,  economic or  political
     conditions. These investments may prevent the Fund from achieving its goal.

The section entitled  "Investment Risks" is now entitled  "Principal  Investment
Risks of the Star Value Fund" and has been changed as follows:

EQUITY  SECURITIES:  Subject to market risks. This means that you may lose money
on  your  investment  due  to  unpredictable   drops  in  value  or  periods  of
below-average performance in a given stock or in the stock market as a whole.

FOREIGN SECURITIES:  May be affected by foreign currency  fluctuations;  and may
have higher volatility than U.S.  securities and limited  liquidity.  Political,
economic and  information  risks are also  associated  with foreign  securities.
These  investments  may also be affected by the  conversion  of the  currency of
several European countries to the "euro" currency.

The  following   subsection   entitled  "Star  Value  Fund  More  On  Investment
Strategies" has been added to the end of the section called "Goals, Strategies &
Risks":

LOOMIS SAYLES

In managing its segment of the Fund, Loomis Sayles will use fundamental research
in a  value-oriented  selection  process to seek  companies  with the  following
characteristics,  relative to the Russell 1000 Value Index,  although not all of
the companies selected will have each of these attributes:

* Low  price-to-earnings  ratios  based on  earnings  estimates;
* Competitive return-on-equity;
* Competitive current and estimated dividend yield; and
* High five-year estimated earnings growth.

In selecting  investments  for its Fund  segment,  Loomis Sayles will employ the
following strategy:

*    It will start with a universe of approximately  1,400 companies,  primarily
     those with a market capitalization in excess of $2 billion.

*    Stocks will then be ranked using the Loomis  Sayles  proprietary  valuation
     model based on low  price-to-earnings  ratios,  earnings estimate revisions
     and quality.

*    Stocks that rank in the top third of the valuation  model will become prime
     candidates for purchase and receive a more intensive  fundamental  research
     effort.

*    Its segment's portfolio will be constructed by choosing approximately 60 to
     70  stocks  that  Loomis  Sayles  believes  offer the best  combination  of
     attractive valuation characteristics and positive fundamentals.

*    The  portfolio  construction  process  will also  attempt to minimize  risk
     through careful evaluation of diversification and other risk factors.



*    Loomis Sayles will generally sell a stock when its price objective has been
     attained,  if its  fundamentals  deteriorate,  or when a stock with greater
     potential is identified.

VAUGHAN NELSON

In  managing  its  segment  of  the  Fund,  Vaughan  Nelson  will  use  rigorous
fundamental  research  and active  management  to analyze a broad  selection  of
company  or  industry   sectors  and  to  seek   companies  with  the  following
characteristics,  although not all of the  companies  selected will have each of
these attributes:

* Low price-to-sales  relative to market;
* Low  price-to-earnings  relative to market;
* High yield relative to market;  and
* Low  price-to-book  relative to market.

In selecting investments for its segment of the Fund, Vaughan Nelson will employ
the following strategy:

*    It will  use a  value-driven  investment  philosophy  that  selects  stocks
     selling  at a  relatively  low  value  based  on  the  four  aforementioned
     criteria.  It will  select  companies  that  Vaughan  Nelson  believes  are
     out-of-favor or misunderstood.

*    Vaughan Nelson will start with an investment  universe of 5,000 securities.
     It will then use value-driven  screens to create a research universe of 300
     to 400 companies with market capitalizations of at least $2 billion.

*    It will then use  fundamental  analysis  to build a  portfolio  of 50 to 60
     securities  consisting  of what it believes to be quality  companies.  This
     fundamental  analysis  will focus on the  strength of a  company's  balance
     sheet, cash flow growth, dividend coverage and management.

*    Vaughan  Nelson will  generally  sell a stock when its  relative  valuation
     reverts to its historical  average,  when the issuer shows a  deteriorating
     financial condition, or when it has repeated negative earnings surprises.

HARRIS ASSOCIATES

The segment of the Fund managed by Harris  Associates  will invest  primarily in
common stock of mid- and large capitalization  companies which Harris Associates
believes are trading at a  substantial  discount to the companys  true  business
value. Harris Associates' value-oriented investment philosophy is based upon its
belief that over time a stocks  discounted  market  price and its true  business
value will converge.  Harris Associates  believes that this philosophy  provides
the best opportunity to achieve  long-term  capital growth while also protecting
from downside risk.

In making investment decisions for constructing a concentrated portfolio, Harris
Associates will generally employ the following:

*    It will use a fundamental  bottom-up investment approach,  which means that
     it will focus on individual companies rather than macroeconomic  factors or
     specific industries.  Each company will be analyzed on a case-by-case basis
     to select  those which meet  Harris  Associates'  standards  of quality and
     value.

*    Once  Harris  Associates  determines  that a stock  sells at a  significant
     discount to its true business value and has other attractive qualities such
     as positive  free cash flow,  it will  consider  that stock for purchase by
     analyzing the quality and motivation of the companys  management as well as
     the company's market position within its industry.

*    Investments  are   continuously   monitored  for  changes  in  a  company's
     fundamentals by both analysts and portfolio  managers.  A senior  committee
     sets specific "buy" and "sell" targets for each company.  Harris Associates
     will  generally buy a stock when it sells for a price below 60% of its true
     business  worth,  and will generally sell a stock when it approaches 90% of
     its true business worth.

WESTPEAK

In managing  its segment of the Fund,  Westpeak  will  construct a portfolio  of
recognizable,  large and mid  capitalization  stocks that exhibit good  relative
value and reasonable growth potential.  Westpeak believes risk and return can be
accurately  measured and controlled through thoughtful  portfolio  construction.
Therefore, their focus will be on the aggregate characteristics of the portfolio
and




not just individual stocks. The portfolio will emphasize the characteristics
that  Westpeak  feels are most likely to be rewarded by the market in the period
ahead  based  upon  current  and  historical  probabilities.  Using  proprietary
quantitative   research   based  on   economic,   market  and   company-specific
information,   Westpeak   will   analyze   each  stock  and  rank  it  based  on
characteristics such as:

* Earnings-to-price  ratios;
* Earnings  growth  rates;
* Positive  earnings surprises;
* Book-to-price ratios; and
* Dividend yield.

In selecting  investments for its segment of the Fund,  Westpeak will employ the
following process:

*    It will start with an initial  universe of  approximately  2,100  stocks of
     mainly  large  capitalization   companies  and  will  eliminate  stocks  of
     companies below a $1.6 billion market capitalization  threshold.  This will
     create an overall universe of about 1,000 stocks.

*    Next,  it will  screen  these  stocks  using  fundamental  growth and value
     criteria and will calculate a "fundamental  rank" for each stock. This rank
     will reflect a historical  analysis of the company using  approximately  70
     growth, value and industry characteristics.

*    All of the  stocks  will  then be  screened  using  Wall  Street  analysts'
     historical and projected  earnings  estimates for the company and each will
     be  assigned  an  "expectations  rank."  This  rank  will  account  for the
     company's  recent and historical  earnings  revisions and the potential for
     future "positive earnings surprises"(whether its business has the potential
     to improve in the near future).

*    The  fundamental  and  expectations  ranks for each  stock are  placed in a
     valuation matrix to evaluate whether to buy, sell or hold a stock.

*    The final step is the use of computer  technology  to arrange the  selected
     stocks into an optimal  portfolio  using their  respective  fundamental and
     expectations ranks and risk characteristics.

The desired  result is a portfolio  of 75 to 150 stocks,  with a dividend  yield
that  approximates  that of the S&P 500  Index,  which  Westpeak  believes  will
produce  the highest  long-term  returns  consistent  with the  portfolios  risk
parameters.

The following  descriptions revise existing text for a subadviser or is added to
the subsections entitled "Subadvisers" in the Nvest Stock Funds Class A, B and C
Prospectus  and  "Subadvisers  of the Star  Funds" in Nvest Stock and Star Funds
Class Y Prospectus:

LOOMIS SAYLES,  located at One Financial Center,  Boston,  Massachusetts  02111,
serves as subadviser to Nvest Balanced Fund, Nvest International Equity Fund and
segments of Nvest Star Advisers  Fund,  Nvest Star Small Cap Fund and Nvest Star
Value Fund.  Founded in 1926, Loomis Sayles is one of Americas oldest investment
advisory firms and had $68 billion in assets under management as of December 31,
1999.  Loomis  Sayles,  a subsidiary of Nvest  Companies,  is well known for its
professional research staff, which is one of the largest in the industry.

WESTPEAK,  located at 1011 Walnut Street,  Boulder,  Colorado  80302,  serves as
subadviser  to Nvest Growth and Income  Fund,  Nvest  Capital  Growth Fund and a
segment  of the  Nvest  Star  Value  Fund.  Westpeak  is a  subsidiary  of Nvest
Companies.  Founded in 1991,  Westpeak has  approximately  $10 billion in assets
under management as of December 31, 1999.

HARRIS ASSOCIATES, located at Two North LaSalle Street, Chicago, Illinios 60602,
serves as subadviser to segments of Nvest Star Advisers,  Nvest Star  Worldwide,
Nvest Star Small Cap and Nvest Star Value Funds. Harris Associates, a subsidiary
of Nvest  Companies,  manages  over $12.6  billion in assets as of December  31,
1999, and together with its predecessor, has managed mutual funds since 1970. It
also  manages   investments  for  other  mutual  funds  as  well  as  assets  of
individuals,  trusts,  retirement plans,  endowments,  foundations,  and several
private partnerships.

VAUGHAN NELSON,  located at 6300 Chase Tower,  Houston,  Texas 77002,  serves as
subadviser to a segment of Nvest Star Value Fund. Vaughan Nelson is a subsidiary
of Nvest  Companies.  Originally  incorporated  in 1970,  Vaughan Nelson focuses
primarily on managing equity and  fixed-income  funds for clients who consist of
foundations,    university    endowments    and   corporate    retirement    and
family/individual  core  funds.  As of December  31,  1999,  Vaughan  Nelson had
approximately $4.4 billion in assets under management.

The following text has been revised in the  subsection  entitled "Meet the Funds
Portfolio Managers" within the section entitled "Management Team":

GERALD H. SCRIVER

Gerald  Scriver has managed  Nvest Growth and Income Fund since May 1995,  Nvest
Capital Growth Fund since  February 1998 and the Westpeak  segment of Nvest Star
Value Fund since  February 28, 2000.  Mr. Scriver  founded  Westpeak  Investment
Advisors in 1991 and is its President and Chief Executive  Officer.  Mr. Scriver
is a graduate of the State  University  of N.Y. at Buffalo and has over 33 years
of investment experience.

LAURIANN KLOPPENBURG

Lauriann  Kloppenburg has co-managed Nvest Star Value Fund since August 1998 and
the Loomis Sayles  segment of Nvest Star Value Fund since February 28, 2000. Ms.
Kloppenburg is Vice President and Director of Equity  Research at Loomis Sayles.
She is also a Chartered  Financial Analyst.  Ms.  Kloppenburg  received her B.A.
from Wellesley College and has over 16 years of investment experience.

JEFFREY W. WARDLOW

Jeffrey  Wardlow has  co-managed  Nvest Star Value Fund since August  1998,  the
equity  portion of Nvest  Balanced  Fund since August 1998 and the Loomis Sayles
segment of Nvest Star Value Fund since  February 28,  2000.  Mr.  Wardlow,  Vice
President of Loomis Sayles, joined the company over 10 years ago. Mr. Wardlow, a
Chartered Financial Analyst and Chartered  Investment  Counselor,  received both
his B.B.A.  and his M.B.A.  from Michigan State University and has over 16 years
of investment experience.

The following  text has been added to the  subsection  entitled "Meet the Funds'
Portfolio Managers":

JEAN MALO

Jean Malo has  co-managed  Nvest  Equity  Income  Fund  since  June 1999 and the
Vaughan  Nelson  segment of Nvest Star Value Fund since  February 28, 2000.  Mr.
Malo is Principal and Chief  Investment  Officer of Vaughan  Nelson  joining the
company in 1997.  Previously,  he was a Senior Vice  President at Daniel Breen &
Co.,  which was merged into Vaughan Nelson in 1997. Mr. Malo joined Daniel Breen
& Co. in 1989. Mr. Malo, a Chartered Financial Analyst,  received an M.B.A. from
EESEC,  Paris  France and has 22 years of  investment  management  and  research
experience.

MARGARET M. BUESCHER

Margaret  Buescher has  co-managed  Nvest Equity Income Fund since June 1999 and
the Vaughan Nelson segment of Nvest Star Value Fund since February 28, 2000. Ms.
Buescher,  Principal  of  Vaughan  Nelson,  joined  the  company  in 1994.  From
1980-1994,  she was Managing Director and Senior Portfolio Manager for the Texas
Commerce  Investment  Management  Company.  Ms. Buescher,  a Chartered Financial
Analyst,  received a B.A. from  Vanderbilt  University  and has over 24 years of
investment management and research experience.

ROBERT M. LEVY

Bob Levy has been the lead  manager  of the Harris  Associates  segment of Nvest
Star Value Fund since February 28, 2000. Mr. Levy is a Partner and President and
Chief Executive Officer of Harris  Associates.  Mr. Levy, a Chartered  Financial
Analyst,  received a B.A.  from  Vanderbilt  University  and an M.B.A.  from the
Wharton  School of  Business,  University  of  Pennsylvania  and has 23 years of
investment experience. Mr. Levy joined Harris Associates in 1985.

FLOYD J. BELLMAN

Floyd  Bellman has assisted in managing the Harris  Associates  segment of Nvest
Star Value Fund since February 28, 2000. Mr. Bellman is a Portfolio  Manager and
Vice President in charge of Harris Associates  Investment  Advisory  Department.
Mr.  Bellman,  a  Chartered  Financial  Analyst,  received  a  B.B.A.  from  the
University of Wisconsin and has 19 years of investment  experience.  Mr. Bellman
joined Harris Associates in 1995.



                            NVEST STAR WORLDWIDE FUND
                   (FORMERLY NEW ENGLAND STAR WORLDWIDE FUND)

    Supplement Dated February 28, 2000 to Nvest Star Funds Class A, B, and C
 Prospectus and Nvest Stock and Star Funds Class Y Prospectus each dated May 3,
                       1999 (as revised February 1, 2000)

On February 25, 2000, the Board of Trustees of Nvest Funds Trust I (the "Trust")
approved a new interim Subadvisory  Agreement (the "Interim Agreement") relating
to Nvest Star Worldwide Fund (the "Fund") between Nvest Funds  Management,  L.P.
("Nvest  Management"),  the Fund's adviser, and Loomis,  Sayles & Company,  L.P.
("Loomis  Sayles").  The Interim Agreement is effective as of February 28, 2000,
and will continue to be in effect for a period of 150 days or until shareholders
of the Fund approve a new  Subadvisory  Agreement  between Nvest  Management and
Loomis  Sayles,  whichever  occurs first.  Under the Interim  Agreement,  Loomis
Sayles  succeeds Janus Capital  Corporation,  ("Janus") as the subadviser of the
segment  of  the  Fund  previously  managed  by  Janus  (the  "Segment")  and is
responsible  for day-to-day  management of the Segment's  investment  operations
under the oversight of Nvest Management.  A special  shareholder meeting will be
held in April to vote on the approval of a second,  final Subadvisory  Agreement
for the Fund between Nvest Management and Loomis Sayles, which was also approved
by the  Board of  Trustees  of the  Trust  on  February  25,  2000  (the  "Final
Subadvisory  Agreement").  The Final  Subadvisory  Agreement  would  replace the
Interim  Agreement.  A notice of the  special  shareholder  meeting  and a proxy
statement  will be sent to  shareholders  in early March.  In the event that the
Fund's shareholders do not approve the Final Subadvisory Agreement between Nvest
Management and Loomis Sayles at the special  shareholder  meeting,  shareholders
will  be  notified  and  the  Board  of  Trustees  will   consider   alternative
arrangements for the management of the Segment's investment portfolio.

The annual  subadvisory  fee rates  payable to Loomis  Sayles  under the Interim
Agreement and the Final Subadvisory  Agreement are identical to those previously
paid to Janus to manage the Segment, which are 0.65% of the first $50 million of
the Segment's average daily net assets, 0.60% of such assets between $50 million
and $100 million and 0.55% of such assets in excess of $100 million.

In conjunction  with Loomis Sayles becoming a subadviser to the Fund, the Fund's
Board of Trustees approved  amendments to the Segment's  investment  strategies,
which  will be  effective  at the  close  of  business  on  February  25,  2000.
Accordingly,  the subsection  entitled "Janus" within the section entitled "Star
Worldwide Fund - More on Investment  Strategies"  page of the  Prospectuses  are
revised as of such date by  replacing  such  subsection  with the text set forth
below.

LOOMIS SAYLES

The segment of the Star  Worldwide  Fund managed by Loomis Sayles will invest at
least 65% of its assets in equity securities of companies  headquartered outside
of the United States. The segment will hold securities from at least 3 different
countries  including  those within emerging  markets.  The segment will focus on
securities  with large market  capitalization  but may invest in securities with
any size  capitalization.  The  securities  selected  by Loomis  Sayles  for the
segment typically have the following characteristics:

* strong,  competitive  position in a particular  industry
* strong distribution channels
* strong pricing power
* improving business or financial fundamentals

In making investment  decisions,  Loomis Sayles employs the following methods:

*    Loomis Sayles uses a bottom-up,  fundamental  research process to build the
     segment's portfolio.

*    It  looks  for  growth-oriented   stocks  of  well-managed  companies  that
     typically have the characteristics listed above.

*    In addition to its bottom-up approach to security selection,  an overlay of
     country and industry macro- economic data is used to provide guidelines for
     portfolio weighting with a view towards minimizing portfolio risk.

The strong  Loomis Sayles  research  team is combined  with a global  network of
research  contacts to provide a steady stream of information and ideas.

*    Loomis  Sayles  will  sell a  position  when  the  fundamental  outlook  is
     deteriorating or when other more favorable opportunities arise. SP92-0200


In the section entitled "Meet the Funds'  Investment  Adviser and  Subadvisers,"
the first sentence of the text entitled "Janus" under the heading  "Subadvisers"
is revised to read as follows:

Janus Capital, located at 100 Fillmore Street, Denver, Colorado 80206, serves as
subadviser  to a segment of the Star Advisers  Fund.  In this same section,  the
first  sentence  of the text  entitled  "Loomis  Sayles"  is  revised to read as
follows:

Loomis Sayles,  located at One Financial Center, Boston,  Massachusetts,  02111,
serves as subadviser to a segment of the Star Advisers Fund, Star Small Cap Fund
and Star Worldwide Fund.

In the section entitled "Meet the Funds'  Portfolio  Managers," the biographical
information  on Helen Young  Hayes and  Laurence  Chang under the heading  "Star
Advisers Fund" is replaced with the following:

ALEXANDER MUROMCEW

Alexander  Muromcew  has served as  co-portfolio  manager for the Loomis  Sayles
segment of Nvest Star  Worldwide  Fund since  February  28,  2000.  He is also a
co-portfolio   manager  for  Nvest  International  Equity  Fund,  Loomis  Sayles
International   Equity  Fund,  Loomis  Sayles  Emerging  Markets  Fund  and  the
International  Equities sector of Loomis Sayles Worldwide Fund. Prior to joining
Loomis  Sayles,  Mr.  Muromcew  was a portfolio  manager at  Nicholas  Applegate
Capital  Management  since 1996. Prior to 1996, Mr. Muromcew held positions with
Jardine Fleming Securities in Japan,  Emerging Markets Investors Corporation and
Teton Partners L.P. He received a M.B.A.  from Stanford  University and his B.A.
from Dartmouth College.

JOHN TRIBOLET

John Tribolet has served as  co-portfolio  manager for the Loomis Sayles segment
of Nvest Star  Worldwide Fund since February 28, 2000. He is also a co-portfolio
manager for Nvest International  Equity Fund, Loomis Sayles International Equity
Fund, Loomis Sayles Emerging Markets Fund and the International  Equities sector
of Loomis Sayles  Worldwide Fund.  Prior to joining Loomis Sayles,  Mr. Tribolet
was a portfolio  manager for  European  Equities at Nicholas  Applegate  Capital
Management  since 1997.  From 1995 to 1997 he was a full time M.B.A.  student at
the University of Chicago. Prior to 1995, he spent three years in the investment
banking  industry,  most recently at Paine Webber Inc. He received his B.S. from
Columbia University.

ESWAR MENON

Eswar Menon has served as co-portfolio  manager for the Loomis Sayles segment of
Nvest Star  Worldwide  Fund since  February 28, 2000. He is also a  co-portfolio
manager for Nvest International  Equity Fund, Loomis Sayles International Equity
Fund, Loomis Sayles Emerging Markets Fund and the International  Equities sector
of Loomis Sayles Worldwide Fund.  Prior to joining Loomis Sayles,  Mr. Menon was
the  Portfolio  Manager for  Emerging  Countries at Nicholas  Applegate  Capital
Management  since 1995.  Prior to his  position at  Nicholas  Applegate  Capital
Management,  he spent five years with Koeneman Capital Management and Integrated
Device  Technology.  Mr. Menon received a M.B.A.  from the University of Chicago
and a M.S. from the University of  California.  He received his B.S. from Indian
Institute of Technology, Madras, India.