LOOMIS SAYLES AGGRESSIVE GROWTH FUND
                        LOOMIS SAYLES MID CAP GROWTH FUND
                       LOOMIS SAYLES SMALL CAP GROWTH FUND
                     LOOMIS SAYLES SMALL COMPANY GROWTH FUND

SUPPLEMENT DATED JANUARY 6, 2005 TO LOOMIS SAYLES RETAIL EQUITY FUNDS PROSPECTUS
AND LOOMIS SAYLES INSTITUTIONAL FUNDS PROSPECTUS, EACH DATED FEBRUARY 1, 2004


The "Portfolio  Managers"  sections of the Loomis Sayles Retail Equity Funds and
Loomis Sayles  Institutional Funds prospectuses,  respectively,  are amended and
restated  in  their  entirety  as  follows  with  regard  to the  Loomis  Sayles
Aggressive  Growth Fund,  Loomis Sayles Small Cap Growth Fund, Loomis Sayles Mid
Cap Growth Fund and Loomis Sayles Small Company Growth Fund:

LOOMIS SAYLES  AGGRESSIVE  GROWTH FUND Philip C. Fine,  Vice President of Loomis
Sayles,  has served as a  portfolio  manager of the Fund since  1999.  Mr.  Fine
joined Loomis Sayles in 1996.

LOOMIS  SAYLES  SMALL CAP GROWTH FUND Mark F. Burns,  Vice  President  of Loomis
Sayles,  has served as a portfolio  manager of the Fund since January 2005.  Mr.
Burns joined Loomis Sayles in 1999.

LOOMIS  SAYLES MID CAP GROWTH  FUND  Philip C. Fine,  Vice  President  of Loomis
Sayles,  has served as a portfolio  manager of the Fund since its  inception  in
2001. Mr. Fine joined Loomis Sayles in 1996.

LOOMIS SAYLES SMALL COMPANY GROWTH FUND Mark F. Burns,  Vice President of Loomis
Sayles,  has served as a portfolio  manager of the Fund since January 2005.  Mr.
Burns joined Loomis Sayles in 1999.


                                                                   M-LSSP18-0105