IXIS INCOME DIVERSIFIED PORTFOLIO

                        IXIS U.S. DIVERSIFIED PORTFOLIO

        Supplement dated October 5, 2006 to the Statement of Additional
Information-Part I for IXIS Advisor Funds Trust I, IXIS Advisor Funds Trust II,
IXIS Advisor Funds Trust III and IXIS Advisor Funds Trust IV and the Statement
   of Additional Information - Part II for IXIS Advisor Funds Trust I, IXIS
  Advisor Funds Trust II, IXIS Advisor Funds Trust III and IXIS Advisor Funds
            Trust IV dated May 1, 2006, each as may be revised and
                        supplemented from time to time

On September 15, 2006, the Board of Trustees of IXIS Advisor Funds Trust I (the
"Trust") approved a new subadvisory agreement (the "New Subadvisory Agreement")
among the Trust, on behalf of IXIS U.S. Diversified Portfolio (the
"Portfolio"), IXIS Asset Management Advisors, L.P. ("IXIS Advisors") and
BlackRock Investment Management, LLC ("BlackRock"). This change of subadviser
took effect on October 2, 2006.

Pursuant to an exemptive order granted to IXIS Advisors and the Trust by the
Securities and Exchange Commission, shareholder approval of the New Subadvisory
Agreement will not be sought because, other than by reason of its service as a
subadviser to the Portfolio, BlackRock is not an affiliate of IXIS Advisors or
the Trust. Shareholders of the Portfolio will be furnished with an information
statement containing important information about BlackRock and the new
subadvisory arrangement within 90 days of the change.

Under the New Subadvisory Agreement, BlackRock will assume portfolio management
responsibility for the segment of the Portfolio previously managed by Fund
Asset Management, L.P., doing business as Mercury Advisors ("Mercury"). The
annualized fee rate payable to BlackRock for its subadvisory services will be
identical to the fee rate paid to Mercury.

IXIS Advisor U.S Diversified Portfolio Statement of Additional
Information-Part I

Effective on October 2, 2006, all references to Mercury are replaced with
BlackRock, except for references to Mercury relating to pre-October 2006 items.

Effective October 2, 2006, the following information replaces the information
with regard to Mercury and IXIS U.S. Diversified Portfolio within the
sub-section "Subadvisory Fees" within the section "Fund Charges and Expenses":

             Date of
           Subadvisory   Subadvisory fee payable to subadviser
Subadviser  Agreement  (as a % of average daily net assets of the Discipline)
---------- ----------- ------------------------------------------------------
BlackRock   10/02/06   0.45%       of the first $250 million
                       0.40%       of amounts in excess of $250 million

IXIS Advisor Funds Statement of Additional Information-Part II

Effective October 1, 2006, Mark G. Adams no longer serves as a co-manager of
the team that manages the Active Dividend Equity Discipline of the IXIS Income
Diversified Portfolio. Kevin H. Maeda and Serena V. Ng continue to serve as
co-managers of this portion of the Portfolio.

Effective October 2, 2006, all references to Mercury Advisors, with regard to
the current management of the discipline of IXIS U.S. Equity Diversified
Portfolio are replaced with BlackRock, except for references to Mercury
Advisors relating to pre-October 2006 items.

The information in the sub-section "Information About the Organization and
Ownership of the Advisers and Subadvisers of the Funds" with regard to Mercury
is replaced with the following:

BlackRock Investment Management, LLC, is an indirect wholly-owned subsidiary of
BlackRock, Inc. On September 29, 2006, BlackRock, Inc. and Merrill Lynch & Co.,
Inc. ("Merrill Lynch") combined Merrill Lynch Investment Managers, L.P. and
certain affiliates (including Fund Asset Management, L.P. which conducted
certain business under the name "Mercury Advisors") with BlackRock, Inc. to
create a new asset management company that is one of the world's largest asset
management firms with over $1 trillion in assets under management. As a result
of that transaction, Merrill Lynch, a financial services holding company owns
approximately 49% of BlackRock, Inc., The PNC Financial Services Group, Inc.
("PNC") owns approximately 34%, and approximately 17% is held by employees and
public shareholders. Merrill Lynch and PNC may be deemed to control BlackRock,
Inc.