LOOMIS SAYLES AGGRESSIVE GROWTH FUND
                       LOOMIS SAYLES SMALL CAP GROWTH FUND
                       LOOMIS SAYLES SMALL CAP VALUE FUND
                      LOOMIS SAYLES TAX-MANAGED EQUITY FUND
                            LOOMIS SAYLES VALUE FUND
                          LOOMIS SAYLES WORLDWIDE FUND
                                  (the "Funds")

   Supplement dated November 23, 2005 to the Loomis Sayles Funds Retail Equity
  Prospectus dated February 1, 2005, as may be supplemented from time to time


                                    ALL FUNDS

The last paragraph of the sub-section  "Principal Investment  Strategies" within
the  "Risk/Return  Summary" section of the prospectus is amended and restated as
follows with regard to the Loomis Sayles  Aggressive  Growth Fund, Loomis Sayles
Small Cap Growth Fund,  Loomis  Sayles  Tax-Managed  Equity Fund,  Loomis Sayles
Value Fund and Loomis Sayles Worldwide Fund:

A "snapshot"  of the Fund's  investments  may be found in the current  annual or
semiannual  report. In addition,  a list of the Fund's full portfolio  holdings,
which is updated monthly after an aging period of at least 30 days, is available
on the Fund's website at www.loomissayles.com  (click on "Mutual Funds" and then
"Fund Holdings"). These holdings will remain accessible on the website until the
Fund files its Form N-CSR or Form N-Q with the SEC for the period that  includes
the date of the information.  In addition,  a list of the Fund's top 10 holdings
as of the month-end is generally  available within 5 days after the month-end on
the Fund's website at www.loomissayles.com  (click on "Mutual Funds," then "Fund
Profiles," then the name of the Fund and scroll down to "Holdings/Allocations").

The last paragraph of the sub-section  "Principal Investment  Strategies" within
the  "Risk/Return  Summary" section of the prospectus is amended and restated as
follows with regard to the Loomis Sayles Small Cap Value Fund:

A "snapshot"  of the Fund's  investments  may be found in the current  annual or
semiannual  report. In addition,  a list of the Fund's full portfolio  holdings,
which is updated monthly after an aging period of at least 60 days, is available
on the Fund's website at www.loomissayles.com  (click on "Mutual Funds" and then
"Fund Holdings"). These holdings will remain accessible on the website until the
Fund files its Form N-CSR or Form N-Q with the SEC for the period that  includes
the date of the information.  In addition,  a list of the Fund's top 10 holdings
as of the month-end is generally  available within 5 days after the month-end on
the Fund's website at www.loomissayles.com  (click on "Mutual Funds," then "Fund
Profiles," then the name of the Fund and scroll down to "Holdings/Allocations").


                          LOOMIS SAYLES WORLDWIDE FUND

At a meeting held on November 18, 2005,  the Board of Trustees of Loomis  Sayles
Funds II approved a change in the name of the Loomis  Sayles  Worldwide  Fund to
the "Loomis  Sayles Global Markets  Fund,"  effective  February 1, 2006. On such
date,  Institutional  Class shares of the Fund will be  redesignated  as Class Y
shares of the Fund.  Expenses relating to this class will not change as a result
of the  redesignation.  Effective  February 1, 2006,  the Fund will no longer be
offered through this prospectus.

Effective  February 1, 2006, the primary broad based index for the Loomis Sayles
Worldwide  Fund will change  from the  Standard & Poor's 500 Index to the Morgan
Stanley  Capital   International   World  Index.   The  Morgan  Stanley  Capital
International  World Index measures global developed market equity  performance.
The average annual total returns for the one-year, five-year and since inception
(5/1/96)  periods for the Morgan Stanley Capital  International  World Index for
the period ended December 31, 2004 are 15.25%,  -2.05% and 6.68%,  respectively.
Also effective  February 1, 2006, a secondary  broad based index,  the Citigroup
World Government Bond Index,  will be added. The Citigroup World Government Bond
Index measures the most  significant and liquid  government bond indices located
around the world which carry at least an investment  grade  rating.  The average
annual total returns for the one-year,  five-year and since  inception  (5/1/96)
periods  for the  Citigroup  World  Government  Bond Index for the period  ended
December 31, 2004 are 10.35%, 8.79% and 6.93%, respectively.

                                                                   M-LSSP43-1105


                           LOOMIS SAYLES RESEARCH FUND
                            LOOMIS SAYLES GROWTH FUND
                        LOOMIS SAYLES CORE PLUS BOND FUND
                         LOOMIS SAYLES HIGH INCOME FUND
                    LOOMIS SAYLES INVESTMENT GRADE BOND FUND
              LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND
                LOOMIS SAYLES MASSACHUSETTS TAX FREE INCOME FUND
                       LOOMIS SAYLES MUNICIPAL INCOME FUND
                       LOOMIS SAYLES STRATEGIC INCOME FUND

     Supplement dated November 23, 2005 to the IXIS Advisor Equity Funds Classes
A, B, and C  Prospectus  dated  February  1, 2005 as revised  May 1, 2005,  IXIS
Advisor  Equity Funds Class Y Prospectus  dated  February 1, 2005,  IXIS Advisor
Income and Tax Free Income Funds Classes A, B and C Prospectus dated February 1,
2005 as revised May 1, 2005, IXIS Advisor Income and Tax Free Income Funds Class
Y Prospectus dated February 1, 2005 and the Loomis Sayles  Investment Grade Bond
Fund Class J shares  Prospectus  dated February 1, 2005,  each as may be revised
and supplemented from time to time


THE LAST PARAGRAPH OF THE SUB-SECTION  "PRINCIPAL INVESTMENT  STRATEGIES" WITHIN
THE  "GOALS,  STRATEGIES  & RISKS"  SECTION OF EACH  PROSPECTUS  IS AMENDED  AND
RESTATED AS FOLLOWS WITH REGARD TO EACH FUND:

A "snapshot"  of the Fund's  investments  may be found in the current  annual or
semiannual  report. In addition,  a list of the Fund's full portfolio  holdings,
which is updated monthly after an aging period of at least 30 days, is available
on the Fund's website at  www.ixisadvisorfunds.com  (click on "Fund Information"
and then  "Portfolio  Holdings").  These holdings will remain  accessible on the
website  until the Fund  files  its Form  N-CSR or Form N-Q with the SEC for the
period that  includes the date of the  information.  In addition,  a list of the
Fund's top 10 holdings as of the month-end is generally  available within 5 days
after the month-end on the Fund's website at www.ixisadvisorfunds.com  (click on
"Fund  Information,"  then  "Our  fund  line-up,"  then the name of the Fund and
scroll down to "Portfolio Highlights").

                                                                      SP285-1105

                        LOOMIS SAYLES RETAIL INCOME FUNDS
                        LOOMIS SAYLES INSTITUTIONAL FUNDS
                      LOOMIS SAYLES SECURITIZED ASSET FUND

   Supplement dated November 23, 2005 to the Loomis Sayles Retail Income Funds
Prospectus dated February 1, 2005, Loomis Sayles Institutional Funds Prospectus
dated February 1, 2005 and Loomis Sayles Securitized Asset Fund Prospectus dated
    July 1, 2005, each as may be revised and supplemented from time to time

THE LAST PARAGRAPH OF THE SUB-SECTION  "PRINCIPAL INVESTMENT  STRATEGIES" WITHIN
THE "RISK/RETURN  SUMMARY" SECTION OF EACH PROSPECTUS IS AMENDED AND RESTATED AS
FOLLOWS WITH REGARD TO THE LOOMIS  SAYLES BOND FUND,  LOOMIS  SAYLES GLOBAL BOND
FUND, LOOMIS SAYLES FIXED INCOME FUND, LOOMIS SAYLES  INSTITUTIONAL  HIGH INCOME
FUND,  LOOMIS  SAYLES  INTERMEDIATE  DURATION  FIXED INCOME FUND,  LOOMIS SAYLES
INVESTMENT GRADE FIXED INCOME FUND, LOOMIS SAYLES INFLATION PROTECTED SECURITIES
FUND AND LOOMIS SAYLES SECURITIZED ASSET FUND:

A "snapshot"  of the Fund's  investments  may be found in the current  annual or
semiannual  report. In addition,  a list of the Fund's full portfolio  holdings,
which is updated monthly after an aging period of at least 30 days, is available
on the Fund's website at www.loomissayles.com  (click on "Mutual Funds" and then
"Fund Holdings"). These holdings will remain accessible on the website until the
Fund files its Form N-CSR or Form N-Q with the SEC for the period that  includes
the date of the information.  In addition,  a list of the Fund's top 10 holdings
as of the month-end is generally  available within 5 days after the month-end on
the Fund's website at www.loomissayles.com  (click on "Mutual Funds," then "Fund
Profiles," then the name of the Fund and scroll down to "Holdings/Allocations").

                                                                    MLSSP44-1105