CDC NVEST LARGE CAP GROWTH FUND

Supplement  dated June 20, 2003 to the CDC Nvest Equity Funds Classes A, B and C
and Class Y  Prospectuses,  each dated May 1, 2003,  each as may be supplemented
from time to time

On June 12,  2003,  the Board of Trustees  (the  "Trustees")  of CDC Nvest Funds
Trust I approved  an  Agreement  and Plan of  Reorganization  (the  "Agreement")
between  CDC Nvest Large Cap Growth  Fund  ("Large Cap Growth  Fund") and Loomis
Sayles  Growth  Fund  ("Growth  Fund")  pursuant  to which the Growth Fund would
acquire  all assets and assume all  liabilities  of the Large Cap Growth Fund in
exchange  for shares of the  Growth  Fund,  to be  followed  immediately  by the
distribution  of Growth Fund shares to the  shareholders of the Large Cap Growth
Fund  in  complete  liquidation  of  the  Large  Cap  Growth  Fund.   Therefore,
shareholders  of the Large Cap Growth  Fund  would  become  shareholders  of the
Growth Fund by effectively  having their Large Cap Growth Fund shares  exchanged
for shares of the same class of the Growth Fund.  The  transaction is subject to
the approval of the shareholders of the Large Cap Growth Fund. A special meeting
of Large Cap Growth Fund  shareholders  ("Special  Meeting")  is scheduled to be
held on or about  November 11, 2003 to consider  the approval of the  Agreement.
Shareholders of the Growth Fund are not being asked to approve the transaction.

It is expected that the transaction will be treated as a tax-free reorganization
at both the fund and  shareholder  level.  If, as expected,  the  transaction is
tax-free,  the  Growth  Fund  will  inherit  any  unrealized   appreciation  (or
depreciation)  on assets  contributed  by the Large Cap Growth  Fund  (after the
realization  of any  gains or  losses  from the sale of  assets by the Large Cap
Growth Fund prior to the  transaction,  including  sales made in anticipation of
the  transaction).  In  addition,  Large Cap Growth Fund  shareholders  will own
shares  of the  Growth  Fund and  would  therefore  eventually  be  allocated  a
proportionate  share of any  taxable  gains  realized by the Growth Fund and not
distributed  to  Growth  Fund  shareholders  prior  to the  transaction.  On the
shareholder  level,  after the merger,  Large Cap Growth Fund  shareholders will
have the same aggregate tax basis in the Growth Fund shares they receive as they
will have had in the Large Cap Growth Fund shares they  exchange.  In  addition,
Large Cap Growth Fund shareholders will have a holding period in the Growth Fund
shares they receive in the exchange equal to the holding period of the Large Cap
Growth Fund shares exchanged  (provided that such  shareholders  have held their
Large Cap Growth Fund shares as capital  assets).  Shareholders  should  consult
their tax advisers regarding other possible tax consequences of the transaction,
including possible state and local tax consequences.

A notice of the Special Meeting,  a  Prospectus/Proxy  Statement  describing the
proposed  transaction and a proxy card are expected to be mailed to shareholders
of record as of  September  15, 2003 of the Large Cap Growth  Fund in  September
2003.  If the  Agreement is approved by Large Cap Growth Fund  shareholders  and
certain  other  conditions   required  by  the  Agreement  are  satisfied,   the
transaction  is expected to occur on or around  November 14, 2003  ("Transaction
Date").

Prior to the  Transaction  Date,  shareholders  may redeem their shares of their
Fund pursuant to the  procedures  set forth under in their Fund's  Prospectuses.
Such  redemptions  will be subject to any applicable  sales  charges,  including
contingent  deferred sales charges.  Shareholders may also exchange their shares
for shares of the same class of any other CDC Nvest Fund that offers that class,
as described  under "Fund Services - Exchanging  Shares" in the Large Cap Growth
Fund's  Prospectus.  Such an exchange will not result in any sales  charge.  For
federal  income tax  purposes,  an exchange of Fund shares for shares of another
mutual  fund  is  generally  treated  as a sale on  which a gain or loss  may be
recognized.  A shareholder  should  consult with his or her tax adviser for more
information on his or her own situation.

Effective  October 15, 2003, CDC IXIS Asset Management  Distributors,  L.P., the
distributor for the Large Cap Growth Fund, will no longer accept new investments
for the Large Cap Growth  Fund.  Effective  November  12,  2003,  CDC IXIS Asset
Management Distributors,  L.P. will no longer accept additional investments from
current  shareholders  of  the  Large  Cap  Growth  Fund,  including  additional
investments through automatic or systematic investment plans.

PROSPECTUS CHANGES

Effective May 30, 2003 Brian A. Grove no longer serves as  co-portfolio  manager
of the Large Cap Growth Fund.  William R. Berger and Curt E. Rohrman continue to
serve as co-portfolio managers of the Large Cap Growth Fund.

                                                                      SP189-0603




                         CDC NVEST TAX FREE INCOME FUNDS

Supplement  dated June 20, 2003 to the CDC Nvest Income Funds Classes A, B and C
and Class Y  Prospectuses  and CDC Nvest Tax Free Income  Funds  Classes A and B
Prospectus,  each dated May 1, 2003,  each as may be  supplemented  from time to
time

CDC NVEST BOND INCOME FUND
CDC NVEST GOVERNMENT SECURITIES FUND
CDC NVEST MASSACHUSETTS TAX FREE INCOME FUND

On June 12,  2003,  the Board of Trustees  (the  "Trustees")  of CDC Nvest Funds
Trust I and CDC Nvest  Funds  Trust II (the "CDC  Nvest  Trusts")  approved  the
recommendation of CDC IXIS Asset Management Advisers, L.P. ("CDC IXIS Advisers")
to amend the advisory  arrangements  for CDC Nvest Bond Income  Fund,  CDC Nvest
Government Securities Fund and CDC Nvest Massachusetts Tax Free Income Fund (the
"Funds").  Under the Funds'  current  advisory  arrangements,  CDC IXIS Advisers
serves as each Fund's  investment  adviser and  Loomis,  Sayles & Company,  L.P.
("Loomis Sayles") as each Fund's subadviser.

Under the new  arrangements,  Loomis Sayles will serve as each Fund's investment
adviser and will continue to manage the Funds' investment  portfolios.  CDC IXIS
Advisers will continue to provide certain  administrative and oversight services
to the  Funds.  The  aggregate  fees to be paid to  Loomis  Sayles  and CDC IXIS
Advisers  for these  services  will be the same as the  aggregate  advisory  and
subadvisory fees currently paid by the Funds. These changes,  which are expected
to be  effective  September  2003,  will not result in any changes to the Funds'
investment  objectives and strategies or portfolio management personnel or fees,
nor will they result in any changes to the type or level of services provided to
the Funds.


CDC NVEST HIGH INCOME FUND
CDC NVEST LIMITED TERM U.S. GOVERNMENT INCOME FUND
CDC NVEST STRATEGIC INCOME FUND
CDC NVEST MUNICIPAL INCOME FUND

On June 12,  2003,  the Board of Trustees  (the  "Trustees")  of CDC Nvest Funds
Trust I and CDC Nvest  Funds  Trust II (the "CDC  Nvest  Trusts")  approved  the
reorganization (the "Reorganization") of CDC Nvest Municipal Income Fund and CDC
Nvest  Strategic  Income Fund, each a series of CDC Nvest Funds Trust I, and CDC
Nvest High Income Fund and CDC Nvest Limited Term U.S.  Government  Fund, each a
series of CDC Nvest Funds Trust II, into newly  created  series of Loomis Sayles
Funds, a Massachusetts business trust (the "Loomis Sayles Trust").  Effective on
or about September 12, 2003 (the "Effective  Date"),  CDC Nvest Municipal Income
Fund, CDC Nvest Strategic  Income Fund, CDC Nvest High Income Fund and CDC Nvest
Limited Term U.S.  Government Fund (the "Predecessor  Funds") will each cease to
be series of the CDC Nvest  Trusts  and will each  become a series of the Loomis
Sayles Trust (the "New Funds").  Consequently,  shareholders  of the Predecessor
Funds will become shareholders of the same class of shares of the New Funds.

Each  Predecessor  Fund  and its  corresponding  New  Fund  will  have  the same
investment objective and strategies,  fees and expenses and portfolio management
personnel.  Each  Predecessor  Fund is  advised  by CDC  IXIS  Asset  Management
Advisers,  L.P. and is subadvised  by Loomis,  Sayles & Company,  L.P.  ("Loomis
Sayles").  Each New Fund will have  Loomis  Sayles  as its  investment  adviser;
however,  this change will not result in any change to the  personnel  providing
portfolio management services to the New Funds.

Each Reorganization is subject several conditions, including the approval of the
shareholders of the relevant Predecessor Fund. A special meeting of shareholders
of the Funds ("Special  Meeting") is scheduled to be held on or about August 28,
2003 to consider  the  approval of the  Reorganization.  A notice of the Special
Meeting, a Proxy Statement  describing the proposed transaction and a proxy card
are expected to be mailed to  shareholders  of record as of June 30, 2003 of the
Predecessor Funds in early July 2003.






It is expected  that the  Reorganizations  will be tax free to each  Predecessor
Fund,  its  shareholders,   and  its   corresponding  New  Fund.   Assuming  the
Reorganizations are tax free, the following tax consequences will apply:

     o    Predecessor Fund  shareholders (1) will not recognize any gain or loss
          on the New Fund  shares  received  in exchange  for  Predecessor  Fund
          shares;  (2) will  have the same  aggregate  tax basis in the New Fund
          shares  they  receive  as they will have had in the  Predecessor  Fund
          shares they will exchange; and (3) will have a holding period in their
          New  Fund  shares  that  will  include  the  holding   period  of  the
          Predecessor Fund shares they exchange (provided that such shareholders
          held their Predecessor shares as capital assets).

     o    The  Predecessor  Fund  will not  recognize  any gain or loss upon the
          transfer of its assets to the New Fund in exchange for Successor  Fund
          shares and the assumption of the New Fund's  liabilities,  or upon the
          distribution   of  the  New  Fund  shares  to  its   shareholders   in
          liquidation.

     o    The New Fund (1) will not  recognize any gain or loss upon the receipt
          of the  Predecessor  Fund's assets in exchange for the New Fund shares
          and the assumption of the  Predecessor  Fund's  liabilities;  (2) will
          have the  same  tax  basis in the  Predecessor  Fund's  assets  as the
          Predecessor  Fund  had in such  assets;  and (3) will  have a  holding
          period for the  Predecessor  Fund's  assets that  includes the holding
          period that the Predecessor Fund had in such assets.

Shareholders  should  consult their tax advisers  regarding  other  possible tax
consequences  of the  Reorganizations,  including  possible  state and local tax
consequences.


                                                                      SP190-0603


                           CDC NVEST BOND INCOME FUND
                      CDC NVEST GOVERNMENT SECURITIES FUND
                  CDC NVEST MASSACHUSETTS TAX FREE INCOME FUND

Supplement  dated June 20, 2003 to the CDC Nvest Income Funds Classes A, B and C
and Class Y  Prospectuses  and CDC Nvest Tax Free Income  Funds  Classes A and B
Prospectus,  each dated May 1, 2003,  each as may be  supplemented  from time to
time

On June 12,  2003,  the Board of Trustees  (the  "Trustees")  of CDC Nvest Funds
Trust I and CDC Nvest  Funds  Trust II (the "CDC  Nvest  Trusts")  approved  the
recommendation of CDC IXIS Asset Management Advisers, L.P. ("CDC IXIS Advisers")
to amend the advisory  arrangements  for CDC Nvest Bond Income  Fund,  CDC Nvest
Government Securities Fund and CDC Nvest Massachusetts Tax Free Income Fund (the
"Funds").  Under the Funds'  current  advisory  arrangements,  CDC IXIS Advisers
serves as each Fund's  investment  adviser and  Loomis,  Sayles & Company,  L.P.
("Loomis Sayles") as each Fund's subadviser.

Under the new  arrangements,  Loomis Sayles will serve as each Fund's investment
adviser and will continue to manage the Funds' investment  portfolios.  CDC IXIS
Advisers will continue to provide certain  administrative and oversight services
to the  Funds.  The  aggregate  fees to be paid to  Loomis  Sayles  and CDC IXIS
Advisers  for these  services  will be the same as the  aggregate  advisory  and
subadvisory fees currently paid by the Funds. These changes,  which are expected
to be  effective  September  2003,  will not result in any changes to the Funds'
investment  objectives and strategies or portfolio management personnel or fees,
nor will they result in any changes to the type or level of services provided to
the Funds.



                                                                      SP192-0603