SUPPLEMENT DATED JULY 1, 2004 TO THE STATEMENT OF ADDITIONAL INFORMATION -
       PART II FOR CDC NVEST FUNDS TRUST I, CDC NVEST FUNDS TRUST II AND
                 LOOMIS SAYLES FUNDS II DATED FEBRUARY 1, 2004,
                       AS SUPPLEMENTED FROM TIME TO TIME


EFFECTIVE JULY 1, 2004, THE SECOND PARAGRAPH IN THE SECTION ENTITLED "MANAGEMENT
OF THE TRUSTS; TRUSTEE FEES" IS REPLACED WITH THE FOLLOWING TEXT:

     Each Independent Trustee receives, in the aggregate,  a retainer fee at the
annual rate of $50,000 and meeting attendance fees of $5,000 for each meeting of
the Board of Trustees that he or she attends.  Each committee  chairman receives
an additional  retainer fee at the annual rate of $7,000.  Each Committee member
is compensated  $3,750 per Committee meeting that he or she attends.  These fees
are  allocated  among the  mutual  fund  portfolios  in the CDC Nvest and Loomis
Sayles  Funds Trusts  based on a formula  that takes into  account,  among other
factors, the relative net assets of each mutual fund portfolio. In addition, for
oversight of the AEW Real Estate  Income Fund each  Trustee  receives a retainer
fee at the annual  rate of $2,000 and meeting  attendance  fees of $375 for each
meeting of the Board of Trustees that he or she attends.  Each committee  member
receives an additional  retainer fee at the annual rate of $2,000.  Furthermore,
each committee  chairman receives an additional  retainer fee (beyond the $2,000
fee) at the annual rate of $1,000.  The retainer fees for AEW Real Estate Income
Fund assume four Committee  meetings per year. Each Trustee is compensated  $200
per Committee meeting that he or she attends in excess of four per year.

THE  SIXTH  PARAGRAPH  IN  THE  SECTION  ENTITLED  "MANAGEMENT  OF  THE  TRUSTS;
DISTRIBUTION AGREEMENTS AND RULE 12B-1 PLANS" IS DELETED.







                                                                      SP235-0704