SUPPLEMENT DATED JULY 31, 2000 TO THE

       STATEMENT OF ADDITIONAL INFORMATION - PART II DATED MAY 1, 2000 FOR
       NVEST FUNDS TRUST I, NVEST FUNDS TRUST II AND NVEST FUNDS TRUST III

                                     AND THE

           STATEMENT OF ADDITIONAL INFORMATION DATED NOVEMBER 1, 1999
                         AS REVISED FEBRUARY 1, 2000 FOR
                         NVEST KOBRICK INVESTMENT TRUST

Effective July 31, 2000, the following information replaces the fourth paragraph
under the section entitled  "Management of the Trusts - Distribution  Agreements
and Rule 12b-1 Plans" in the Statement of Additional Information - Part II dated
May 1, 2000 for Nvest  Funds Trust I, Nvest Funds Trust II and Nvest Funds Trust
III and under the section entitled "Distribution Agreement and Rule 12b-1 Plans"
in the Statement of  Additional  Information  dated  November 1, 1999 as revised
February 1, 2000 for Nvest Kobrick Investment Trust.

     Under the Plans, each Fund pays the Distributor a monthly service fee at an
annual  rate  not to  exceed  0.25%  of the  Fund's  average  daily  net  assets
attributable  to the Class A,  Class B and  Class C  shares.  In the case of the
Class B shares, the Distributor pays investment dealers the first year's service
fee at the time of sale, in the amount of up to 0.25% of the amount invested. In
the case of Class C shares, the Distributor retains the first year's service fee
of 0.25% assessed against such shares. For Class A and, after the first year for
Class B and Class C shares,  the  Distributor may pay up to the entire amount of
this fee to  securities  dealers who are  dealers of record with  respect to the
Fund's shares, on a quarterly basis,  unless other arrangements are made between
the Distributor and the securities  dealer,  for providing  personal services to
investors in shares of the Fund and/or the maintenance of shareholder  accounts.
This service fee will accrue to securities  dealers of record  immediately  with
respect to reinvested  income  dividends and capital gain  distributions  of the
Fund's Class A and Class B shares.