CDC NVEST EQUITY FUNDS
                             CDC NVEST INCOME FUNDS

Supplement  dated February 27, 2004 to CDC Nvest Equity Funds Classes A, B and C
Prospectus,  CDC Nvest Equity Funds Class Y  Prospectus,  CDC Nvest Income Funds
Classes A, B and C Prospectus  and CDC Nvest Income Funds Class Y Prospectus all
dated February 1, 2004, each as may be supplemented from time to time

EFFECTIVE  MAY 1,  2004,  CLASS A SHARES  AND CLASS Y SHARES  OF  LOOMIS  SAYLES
INTERNATIONAL  EQUITY FUND,  LOOMIS SAYLES STRATEGIC INCOME FUND,  LOOMIS SAYLES
HIGH  INCOME  FUND AND  LOOMIS  SAYLES  CORE PLUS BOND  FUND (THE  "FUNDS")  ARE
IMPLEMENTING THE FOLLOWING REDEMPTION FEE POLICY:

Shareholders  will be  charged a 2%  redemption  fee if they  redeem,  including
redeeming by exchange, class A shares or class Y shares of these Funds within 60
days of their acquisition  (including  acquisition by exchange).  The redemption
fee is intended to offset the costs to the Funds of short-term trading,  such as
portfolio  transaction  and  market  impact  costs  associated  with  redemption
activity and administrative  costs associated with processing  redemptions.  The
redemption  fee is  deducted  from  the  shareholder's  redemption  or  exchange
proceeds and is paid to the Fund.

The "first-in,  first-out" (FIFO) method is used to determine the holding period
of redeemed  or exchange  shares,  which  means that if you  acquired  shares on
different  days, the shares  acquired first will be redeemed or exchanged  first
for purposes of determining  whether the  redemption fee applies.  A new holding
period begins with each purchase or exchange.

The Funds currently do not impose a redemption fee on a redemption of:

|X|  shares acquired by reinvestment of dividends or distributions of a Fund; or

|X|  shares  held in an account of certain  retirement  plans or profit  sharing
     plans or purchased through certain intermediaries; or

|X|  shares redeemed as part of a systematic withdrawal plan.

The Funds may modify or eliminate these waivers at any time.

The ability of a Fund to assess a redemption fee on  transactions  by underlying
shareholders  of omnibus and other  accounts  maintained by brokers,  retirement
plan accounts and fee-based program accounts may be limited.

                                                                      SP221-0204


                             CDC NVEST EQUITY FUNDS
                              CDC NVEST STAR FUNDS

Supplement  dated February 27, 2004 to CDC Nvest Equity Funds Classes A, B and C
Prospectus,  CDC Nvest  Equity  Funds Class Y  Prospectus,  CDC Nvest Star Funds
Classes A, B and C Prospectus  and CDC Nvest Star Funds Class Y  Prospectus  all
dated May 1, 2003, each as may be supplemented from time to time

EFFECTIVE  MAY 1,  2004,  CLASS A SHARES  AND CLASS Y SHARES  OF CDC NVEST  STAR
INTERNATIONAL  FUND, CDC NVEST STAR SMALL CAP FUND, CGM ADVISOR  TARGETED EQUITY
FUND, AND HARRIS  ASSOCIATES  FOCUSED VALUE FUND (THE "FUNDS") ARE  IMPLEMENTING
THE FOLLOWING REDEMPTION FEE POLICY:

Shareholders  will be  charged a 2%  redemption  fee if they  redeem,  including
redeeming by exchange, class A shares or class Y shares of these Funds within 60
days of their acquisition  (including  acquisition by exchange).  The redemption
fee is intended to offset the costs to the Funds of short-term trading,  such as
portfolio  transaction  and  market  impact  costs  associated  with  redemption
activity and administrative  costs associated with processing  redemptions.  The
redemption  fee is  deducted  from  the  shareholder's  redemption  or  exchange
proceeds and is paid to the Fund.

The "first-in,  first-out" (FIFO) method is used to determine the holding period
of redeemed  or exchange  shares,  which  means that if you  acquired  shares on
different  days, the shares  acquired first will be redeemed or exchanged  first
for purposes of determining  whether the  redemption fee applies.  A new holding
period begins with each purchase or exchange.

The Funds currently do not impose a redemption fee on a redemption of:

|X|  shares acquired by reinvestment of dividends or distributions of a Fund; or

|X|  shares  held in an account of certain  retirement  plans or profit  sharing
     plans or purchased through certain intermediaries; or

|X|  shares redeemed as part of a systematic withdrawal plan.

The Funds may modify or eliminate these waivers at any time.

The ability of a Fund to assess a redemption fee on  transactions  by underlying
shareholders  of omnibus and other  accounts  maintained by brokers,  retirement
plan accounts and fee-based program accounts may be limited.

                                                                      SP222-0204