HARRIS ASSOCIATES FOCUSED VALUE FUND
                                IXIS VALUE FUND

 Supplement dated October 27, 2006, to the IXIS Advisor Equity Funds Class ABC
    Prospectus (the "Prospectus") dated May 1, 2006, as may be revised and
                        supplemented from time to time

Effective October 31, 2006, Michael J. Mangan will succeed Floyd J. Bellman as
a co-manager of the Harris Associates Focused Value Fund and the Harris
Associates segment of the IXIS Value Fund. All references to Floyd J. Bellman
are replaced with Michael J. Mangan. In addition, in the subsection "Harris
Associates" within the section "Meet the Funds' Portfolio Managers" the
paragraph regarding Mr. Bellman is removed and the paragraph regarding
Mr. Mangan is replaced with the following paragraph:

Michael J. Mangan

Michael J. Mangan has co-managed the Harris Associates Large Cap Value Fund
since July 2002, the IXIS U.S. Diversified Portfolio since May 2005, the Harris
Associates Focused Value Fund since October 2006 and the Harris Associates
segment of the IXIS Value Fund since October 2006. He also co-manages the large
cap value disciplines of IXIS Equity Diversified Portfolio and IXIS Moderate
Diversified Portfolio. Mr. Mangan, a Partner of Harris Associates, joined the
firm in 1997. He received a B.B.A. from the University of Iowa and an M.B.A.
from Northwestern University. Mr. Mangan is a CPA, holds the designation of
Chartered Financial Analyst and has over 17 years of investment experience.



Supplement dated October 27, 2006, to 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, as
               may be revised and supplemented from time to time

Effective October 31, 2006, the following information updates information
regarding Michael J. Mangan in the sub-section "Portfolio Managers' Management
of Other Accounts" within the section "Portfolio Management Information." All
references to Floyd J. Bellman are removed.

The following table provides information relating to other accounts managed by
Michael J. Mangan as of September 30, 2006:



                                                                    Other Pooled Investment
                                 Registered Investment Companies           Vehicles                     Other Accounts
                                 -------------------------------  ------------------------------ -----------------------------
                                                  Advisory fee is     Other      Advisory fee is                Advisory fee is
                                 Other Accounts     based on         Accounts      based on      Other Accounts    based on
                                    Managed       performance        Managed     performance        Managed      performance
                                 ---------------- --------------  -------------- --------------- -------------- --------------
                                 # of    Total    # of    Total   # of   Total   # of    Total   # of   Total   # of    Total
Name of Portfolio Manager (Firm) Accts   Assets   Accts   Assets  Accts  Assets  Accts   Assets  Accts  Assets  Accts   Assets
- -------------------------------- -----  --------  -----   ------  ----- -------- -----   ------  ----- -------- -----  --------
                                                                                   
Michael J. Mangan (Harris          4    $  2.776    0       $0      3   $  151.1   0       $0     153  $    2.6   1    $  6.776
Associates)                              billion                         million                        billion         million


Effective October 31, 2006, the following information updates information
regarding Michael J. Mangan in the sub-section "Portfolio Managers' Ownership
of Fund Shares" within the section "Portfolio Management Information." All
references to Floyd J. Bellman are removed.

The following table sets forth the dollar range* of equity securities of the
Funds beneficially owned by Michael J. Mangan as of September 30, 2006:



Name of Portfolio Manager   Fund(s) Managed                          Dollar Range of Equity Securities Invested
- -------------------------   --------------------------------------   ------------------------------------------
                                                               
Michael J. Mangan           Harris Associates Focused Value Fund                        A**
                            Harris Associates Large Cap Value Fund                      A**
                            IXIS Equity Diversified Portfolio                           A**
                            IXIS Moderate Diversified Portfolio                         A**
                            IXIS U.S. Diversified Portfolio                             A**
                            IXIS Value Fund                                             A**


* A. None                    E. $100,001 - $500,000
  B. $1 - 10,000             F. $500,001 - $1,000,000
  C. $10,001 - $50,000       G. over $1,000,000
  D. $50,001 - $100,000

**- Michael J. Mangan - D, in other funds and pooled vehicles managed in a
similar style to the Harris Associates Focused Value Fund, Harris Associates
Large Cap Value Fund and the Harris-managed segments of the IXIS Equity
Diversified Portfolio, IXIS Moderate Diversified Portfolio, IXIS U.S.
Diversified Portfolio and IXIS Value Fund.