497 1 d497.txt PROSPECTUS SUPPLEMENT AEW REAL ESTATE FUND CGM ADVISOR TARGETED EQUITY FUND Supplement dated May 19, 2006 to the IXIS Advisor Equity Funds Class Y Prospectus, dated May 1, 2006, as may be supplemented from time to time The financial highlights tables within the section "Financial Performance" on pages 42 and 43 are amended and restated with respect to the AEW Real Estate Fund and CGM Advisor Targeted Equity Fund as follows:
Income (loss) from investment operations: Less distributions: ---------------------------------------------- ------------------------------------- Net asset Net Net realized Dividends Distributions value, investment and Total from from net from net beginning of income unrealized investment investment realized Total Redemption period (loss)(b) gain (loss) operations income capital gains distributions fees ------------ ---------- ------------ ---------- ---------- ------------- ------------- ---------- AEW REAL ESTATE FUND -------------------- Class Y 1/31/2006 $16.45 $ 0.25 $ 5.32 $ 5.57 $(0.28) $(1.49) $(1.77) $ -- 1/31/2005 14.83 0.38 2.28 2.66 (0.40) (0.64) (1.04) -- 1/31/2004 10.80 0.40 4.40 4.80 (0.53) (0.24) (0.77) -- 1/31/2003 11.21 0.42 (0.22) 0.20 (0.45) (0.16) (0.61) -- 1/31/2002 10.49 0.58 0.81 1.39 (0.56) (0.11) (0.67) -- CGM ADVISOR TARGETED EQUITY FUND -------------------------------- Class Y 12/31/2005 $ 9.23 $ 0.10 $ 1.14 $ 1.24 $(0.05) $ -- $(0.05) $0.00(a) 12/31/2004 8.07 0.04 1.12 1.16 -- -- -- 0.00(a) 12/31/2003 5.63 0.01 2.43 2.44 -- -- -- -- 12/31/2002 7.85 (0.02) (2.20) (2.22) -- -- -- -- 12/31/2001 9.37 0.01 (1.50) (1.49) (0.03) -- (0.03) --
-------- (a)Amount rounds to less than $0.01 per share. (b)Per share net investment income (loss) has been calculated using the average shares outstanding during the period. (c)Had certain expenses not been reduced during the period, total return would have been lower. (d)The investment advisor agreed to reimburse a portion of the Fund's expenses and/or waive its advisory fee during the period. Without this waiver, expense ratios would have been higher. (e)Represents total expenses prior to advisory fee waiver and/or reimbursement of a portion of the Fund's expenses. Ratios to average net assets: ------------------------------------
Net asset value, Total Net assets, end Gross Net investment Portfolio end of return of period expenses Net expenses income turnover rate period (%) (000's) (%)(e) (%)(d) (loss)(%) (%) --------- ------ --------------- -------- ------------ -------------- ------------- $20.25 35.1(c) $19,015 1.28 1.25 1.35 15 16.45 17.9(c) 9,964 1.37 1.25 2.38 20 14.83 45.5(c) 7,210 1.55 1.25 2.98 18 10.80 1.5(c) 1,521 1.77 1.25 3.72 35 11.21 13.5(c) 611 4.45 1.25 5.35 36 $10.42 13.4 $11,181 1.07 N/A 0.99 196 9.23 14.4 9,145 1.08 N/A 0.51 265 8.07 43.3 7,773 1.03 N/A 0.16 261 5.63 (28.3) 5,522 0.92 N/A (0.31) 223 7.85 (15.9) 8,785 0.87 N/A 0.13 243