NVEST STAR ADVISERS FUND

  Supplement dated February 23, 2001 to Nvest Star Funds Class A, B and C and
                  Class Y Prospectuses each dated May 1, 2000

On February 23, 2001, the Board of Trustees (the "Board") of Nvest Funds Trust I
(the "Trust") approved Loomis, Sayles & Company, L.P. ("Loomis Sayles") as the
new subadviser for the segment of Nvest Star Advisers Fund (the "Fund")
currently managed by Janus Capital Corporation ("Janus"). An interim subadvisory
agreement (the "Interim Agreement") and a new subadvisory agreement (the "New
Subadvisory Agreement"), each relating to the Fund, between Nvest Funds
Management, L.P. ("Nvest Management"), the Fund's adviser, and Loomis Sayles
were also approved by the Board. The Interim Agreement is effective March 1,
2001 and will continue in effect for 150 days or, if earlier, until shareholders
of the Fund approve the new Subadvisory Agreement. Under the Interim Agreement,
Loomis Sayles is responsible for day-to-day management of its segment's
investment operations under the oversight of Nvest Management.

Notice of a special shareholder meeting and a proxy statement will be sent to
shareholders in March. The special shareholder meeting will be held on April 20,
2001 to vote on the approval of the New Subadvisory Agreement. The New
Subadvisory Agreement would replace the Interim Agreement, effective May 1,
2001. In the event that the Fund's shareholders do not approve the New
Subadvisory Agreement at the special shareholder meeting, shareholders will be
notified and the Board will consider alternative arrangements for the management
of the segment's investment portfolio.

The annual subadvisory fee rates payable to Loomis Sayles under the Interim
Agreement and the New Subadvisory Agreement are identical to those previously
paid to Janus to manage the segment. Loomis Sayles has agreed to waive their
subadvisory fee through April 30, 2001.

PROSPECTUS CHANGES
------------------

Loomis Sayles intends to manage the segment using a mid-cap growth style.
Accordingly, effective March 1, 2001, the subsection entitled "Janus" within the
section entitled "Star Advisers Fund - More on Investment Strategies" of the
Prospectuses is revised by replacing such subsection with the text set forth
below:

The segment of the Star Advisers Fund managed by Loomis Sayles will invest
primarily in common stocks with market capitalizations, at the time of
investment, within the capitalization range of companies included in the Russell
Midcap Growth Index. Loomis Sayles seeks securities with the following
characteristics:

o    Annual earnings growth of at least 25%
o    Attractive valuation relative to both competitors and their own operating
     history
o    Strong management team
o    Competitive barriers to entry within the company's industry

In making investment decisions, Loomis Sayles employs the following methods:

o    Loomis Sayles uses a bottom-up, fundamental research process to build the
     segment's portfolio. This research consists of broad, in-depth coverage,
     including regular contact with company management, near- and long-term
     projections of company fundamentals and evaluations of potential earnings
     growth.
o    It looks for growth-oriented stocks of well-managed companies that
     typically have the characteristics listed above. The market capitalization
     of these companies will generally be within the range of companies included
     in the Russell Midcap Growth Index.
o    Analysts and portfolio managers continuously monitor investments. The
     analysts and portfolio managers will evaluate the companies as to whether
     they continue to possess the same fundamental characteristics for growth
     which made them candidates for investment originally.
o    Loomis Sayles will sell a position if earnings or fundamentals deteriorate,
     if there is a significant change in management or when other more favorable
     opportunities arise.

In the section entitled "Meet the Funds' Portfolio Managers," the following text
replaces the biographical information for Warren Lammert and Michael Dugas, the
previous managers.

CHRISTOPHER R. ELY
Christopher R. Ely has co-managed the Loomis Sayles segment of the Star Advisers
Fund since March 2001. Mr. Ely, Vice President of Loomis Sayles, joined the firm
in 1996. He also co-manages the Loomis Sayles segment of Nvest Star Small Cap
Fund. Prior to joining Loomis Sayles, Mr. Ely was Senior Vice President and
Portfolio Manager at Keystone



Investment Management Company, Inc. He holds a B.A. from Brown University and an
M.B.A. from Babson College. He has 22 years of investment management experience.

PHILIP C. FINE
Philip C. Fine, Ph.D., has co-managed the Loomis Sayles segment of the Star
Advisers Fund since March 2001. Mr. Fine, Vice President of Loomis Sayles,
joined the firm in 1996. He also co-manages the Loomis Sayles segment of Nvest
Star Small Cap Fund. Prior to joining Loomis Sayles, Mr. Fine was a Vice
President and Portfolio Manager at Keystone Investment Management Company, Inc.
He received an A.B. and a Ph.D. from Harvard University. He has over 12 years of
investment management experience.

DAVID L. SMITH
David L. Smith has co- managed the Loomis Sayles segment of the Star Advisers
Fund since March 2001. Mr. Smith, Vice President of Loomis Sayles, joined the
firm in 1996. He also co-manages the Loomis Sayles segment of Nvest Star Small
Cap Fund. Prior to joining Loomis Sayles, Mr. Smith was a Vice President and
Portfolio Manager at Keystone Investment Management Company, Inc. He holds a
M.B.A. from Cornell University and a B.A. from the University of Massachusetts
at Amherst. He has 17 years of investment management experience.


Also effective March 1, 2001, Michael Nance assumes portfolio manager
responsibility for the segment of Star Advisers Fund managed by Frederick R.
Kobrick of Kobrick Funds LLC. Accordingly, in the section entitled "Meet the
Funds' Portfolio Managers," the biographical information on Mr. Kobrick is
replaced with the following:

MICHAEL E. NANCE
Michael Nance has managed the Kobrick segment of the Star Advisers Fund since
March 2001. Mr. Nance, Senior Vice President of Kobrick, joined the company in
June 1999. He also manages the Kobrick Growth Fund. Prior to joining Kobrick, he
was a Senior Vice President at Putnam Investments, where he was a co-manager of
the Putnam Voyager Fund, as well as other institutional accounts. Mr. Nance
joined Putnam in 1994 as an Assistant Vice President and equity analyst in the
Global Equity Research Group. Mr. Nance received an M.B.A. from the University
of Chicago Graduate School of Business and a B.S. in Industrial Engineering from
Drexel University. He has 8 years of investment management experience.

In conjunction with this portfolio manager change, the subsection entitled
"Kobrick" within the section entitled "Star Advisers Fund - More on Investment
Strategies" of the Prospectuses are replaced as of March 1, 2001 with the text
set forth below.

The segment of the Star Advisers Fund managed by Kobrick will, under normal
conditions, invest substantially in equity securities of large capitalization
companies that Kobrick expects will have better than average long-term growth
potential. The Fund normally concentrates its investment in a core group of 20
to 40 larger, more established, companies in a variety of industries. Kobrick
seeks to invest in companies, which offer the greatest potential for profitable
expansion and sustained growth, and considers a variety of factors, including
any one or more of the following

o    The strength of a company's management team
o    Expected growth in earning
o    Compelling valuations
o    Competitive position and business strategy

In making investment decisions, Kobrick employs the following four-part
investment approach:

o    SCREENING: Kobrick analyzes thousands of companies in order to find a
     select group that has the potential to meet its buy disciplines described
     below.

o    PORTFOLIO CONSTRUCTION: Kobrick applies buy disciplines, which emphasize
     strong management, compelling valuations and high earnings growth. At the
     core of this approach is regular contact with a company's management team
     to assess its ability to execute the company's strategy. Kobrick considers
     potential risk in selecting securities to construct a diversified portfolio
     that limits volatility.

o    PORTFOLIO SUPERVISION: Kobrick closely monitors each holding in the Fund's
     portfolio to determine whether it continues to possess the factors
     identified when the original investment was made. This process includes
     continuous review of absolute and relative valuations, evaluation of
     management's execution of the company's strategy and assessment of the
     company's prospects relative to the overall economic, political and
     financial environment.

o    PORTFOLIO REALIGNMENT: Kobrick will generally sell a position when its
     target price, which is continuously evaluated, is reached, when there is a
     change in a company's management or strategy, or when a company fails to
     execute its strategy.

                                                                    SP126 - 0201




                              NVEST BALANCED FUND

  Supplement dated February 23, 2001 to Nvest Stock Funds Class A, B and C and
                  Class Y Prospectuses each dated May 1, 2000

On February 23, 2001, the Board of Trustees (the "Board") of Nvest Funds Trust I
(the "Trust") approved Jurika & Voyles, L.P. ("Jurika & Voyles") as the new
subadviser for the equity value component of the Nvest Balanced Fund (the
"Fund"), replacing Loomis, Sayles & Company, L.P. ("Loomis Sayles"). Two interim
subadvisory agreements (the "Interim Agreements") relating to the Fund, the
first between Nvest Funds Management, L.P. ("Nvest Management"), the Fund's
adviser, and Loomis Sayles (for the fixed-income component and the equity growth
component of the Fund, which Loomis Sayles will continue to manage) and the
second between Nvest Management and Jurika & Voyles (to effectuate the change to
the equity value component) were also approved by the Board. Each Interim
Agreement is effective March 1, 2001 and will continue in effect for its
particular component for 150 days or, if earlier, until shareholders of the Fund
approve a new subadvisory agreement (each, a "New Subadvisory Agreement") for
the component between Nvest Management and Loomis Sayles or Jurika & Voyles, as
the case may be. Under the Interim Agreements, Jurika & Voyles is responsible
for day-to-day management of the equity value component's investment operations
under the oversight of Nvest Management and Loomis Sayles will continue as
subadviser of the fixed-income and equity growth components of the Fund. The
Interim Agreements will also include the addition of language used in funds with
multiple managers.

Notice of a special shareholder meeting and a proxy statement will be sent to
shareholders in March. The special shareholder meeting will be held on April 20,
2001 to vote on the approval of the New Subadvisory Agreements, which were also
approved by the Board on February 23, 2001. The New Subadvisory Agreements would
replace the Interim Agreements. In the event that the Fund's shareholders do not
approve a New Subadvisory Agreement at the special shareholder meeting,
shareholders will be notified and the Board will consider alternative
arrangements for the management of the Funds' investment portfolio.

The annual subadvisory fee rates payable to Loomis Sayles and Jurika & Voyles
under the Interim Agreements and the New Subadvisory Agreements are identical to
those previously paid to Loomis Sayles to manage the Fund. The total management
fee rate for the Fund will not change as a result of the changes discussed
above.

PROSPECTUS CHANGES
------------------

In connection with the above changes, the fund summary for the Balanced Fund
found at page 7 of both the Class A, B and C and Class Y Prospectuses is revised
as follows effective March 1, 2001.

The last sentence of the first paragraph under "Principal Investment Strategies"
and the subsection "Equity Securities" are revised as follows.

In managing their particular components, Jurika & Voyles and Loomis Sayles use a
flexible approach to seek investments with the following characteristics,
although not all of the companies selected will have these attributes:

EQUITY SECURITIES (GROWTH AND VALUE COMPONENTS):
o    discounted price compared to its current value for future growth prospects
     (growth/value)
o    leading position within industry (growth/value)
o    below-average price-to-earnings ratios (value)
o    superior earnings growth potential (growth)

In addition, the first sentence and the first two bulleted paragraphs after the
subsection "Fixed-Income securities" are revised as follows:

In order to maintain a balanced, flexible portfolio of investments, Loomis
Sayles and Jurika & Voyles employ the following strategies:

o    The Fund will always invest a minimum of 50% of its assets in equity
     securities and a minimum of 25% in fixed income securities. The Loomis
     Sayles Global Allocation Committee will recommend the Fund's asset
     allocation regularly. Net cash flow will be allocated in accordance with
     the asset allocation determinations and then the equity portion will be
     allocated equally to the growth and value components.





o    For the value component, Jurika & Voyles selects stocks of companies that
     it believes are undervalued based upon their current operations and have
     the potential for future earnings growth. Using this value style, Jurika &
     Voyles generally will seek to invest in 45-60 medium and large
     capitalization companies with a forward price-to-earnings ratio at or below
     the market and long term growth estimates that are near or above the
     market.

Jurika & Voyles will follow the same guidelines as Loomis Sayles when selling a
stock, but will also sell a stock when a change occurs in the original
investment, such as a merger or a regulatory change.

Portfolio managers from Jurika & Voyles will be managing the component.
Accordingly, in the section entitled "Meet the Fund's Portfolio Managers," the
following text replaces the biographical information for Jeff Wardlow and Gregg
Watkins, the previous managers.

NICHOLAS E. MOORE
Nicholas Moore has managed the value component of the equity portion of BALANCED
FUND since March 2001. Mr. Moore, Vice President, Principal and Analyst, Equity
Research of Jurika & Voyles, joined the company in June 1998. Prior to joining
Jurika & Voyles, Mr. Moore was a Vice President and Portfolio Manager at Orbitex
Management. He was formerly with the Franklin Templeton Group. Mr. Moore has a
B.A. from Menlo College in California and 14 years of investment experience.

GUY ELLIFFE
Guy Elliffe has managed the value component of the equity portion of BALANCED
FUND since March 2001. Mr. Elliffe, Senior Vice President and Director of
Research of Jurika & Voyles, joined the company in 1995. Previously, he served
as Managing Director of Equities at National Mutual Funds Management. He is also
a Chartered Financial Analyst. Mr. Elliffe earned a B.A. (Hons) from the
University of Otago (New Zealand) and a Certificate of Finance and Investment
from the Institute of Actuaries in London and has over 20 years of investment
experience.

ERIC HULL
Eric Hull has managed the value component of the equity portion of BALANCED FUND
since March 2001. Mr. Hull, Senior Research Analyst of Jurika & Voyles, joined
the company in 1994. Prior to joining Jurika & Voyles, Mr. Hull held positions
in both investment management and investment banking. Mr. Hull, a Certified
Financial Analyst, has a B.S. in Business Administration from the University of
California at Berkeley and 15 years of investment experience.


                                                                    SP127 - 0201