LOOMIS SAYLES FUNDS II
                      LOOMIS SAYLES VALUE FUND (THE "FUND")

                        Supplement dated July 21, 2004 to
                 Loomis Sayles Funds II Equity Funds Prospectus
        dated February 1, 2004, as may be supplemented from time to time.

Effective  immediately,  Jeffrey  W.  Wardlow no longer  serves as  co-portfolio
manager of the Fund.  Warren  Koontz  and James  Carroll,  continue  to serve as
co-managers of the Fund.

The  following  information  replaces the paragraph on page 38 under the section
titled "Portfolio Managers" relating to the Fund:

LOOMIS SAYLES VALUE FUND Warren Koontz,  Vice  President of Loomis  Sayles,  has
served as portfolio  manager of the Fund since 2000.  Mr.  Koontz  joined Loomis
Sayles in 1995.  James Carroll,  Vice President of Loomis Sayles,  has served as
portfolio  manager of the Fund since 2002.  Mr.  Carroll joined Loomis Sayles in
1996.








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