NVEST HIGH INCOME FUND

               Supplement dated May 31, 2000 to Nvest Bond Funds
        Classes A, B and C and Class Y Prospectus Each dated May 1, 2000

Effective May 22, Michael Millhouse and Curt Mitchell replace Gary Goodenough as
portfolio managers of the Fund.

Accordingly,  Mr.  Goodenough's  biographical  information in the section of the
Prospectuses  entitled "Meet the Funds' Portfolio Managers" is replaced with the
following:

MICHAEL J. MILLHOUSE
Michael  Millhouse has co-managed HIGH INCOME FUND since May 2000. Mr. Millhouse
is Executive Vice  President,  Chief  Investment  Officer and Director of Loomis
Sayles.  He began his  investment  career in 1978 and has been at Loomis  Sayles
since 1992. Mr.  Millhouse is also a Chartered  Financial  Analyst and Chartered
Investment  Counselor.  He received a B.S. and an M.B.A. from Indiana University
and has 23 years of investment experience.

CURT A. MITCHELL
Curt Mitchell has co-managed  HIGH INCOME FUND since May 2000.  Mr.  Mitchell is
Vice President,  Portfolio Manager and Manager of Fixed Income Trading of Loomis
Sayles.  He began his  investment  career in 1986 and has been at Loomis  Sayles
since 1995.  Prior to joining  Loomis  Sayles,  he was a Fixed Income  Portfolio
Manager with Firstar Investment Research & Management  Company.  Mr. Mitchell is
also a Chartered Financial Analyst and Chartered Investment Counselor. He has an
M.B.A. from the University of Illinois, a B.S. from Illinois Wesleyan University
and 14 years of investment experience.