The changes include adjustments to the Fund's distribution policy, investment objective, name, and certain principal investment strategies.

The changes are being made in response to evolving marketplace trends and investor needs. The adjustments will also further differentiate the Fund from other funds within the Loomis Sayles fixed income suite.

The changes will take effect on December 31, 2025.

The Fund will continue to distribute income dividends monthly and capital gains annually. However, the current income distribution rate, which fluctuates monthly, will be replaced with a targeted and predictable level of monthly distributions throughout the calendar year.

A managed payout aims to deliver consistent and predictable cash flows, reducing the volatility of income payouts. However, it's important to understand that the Fund's strategy to provide a specific and predictable level of monthly distributions may not always be successful. The income generated from debt securities and the availability of investment opportunities can vary based on market conditions. Additionally, the Fund might not always be effective in identifying income-producing securities and managing distributions, which could result in fluctuating dividend income. The Fund's investments come with various risks, including the possibility that the counterparty may not pay income when due, potentially affecting the level and predictability of dividend income. Tax and accounting considerations can also impact the Fund's ability to maintain predictable monthly distributions. The Fund does not guarantee that distributions will always be paid or that they will be at a predictable level.

Further, if the Fund's distributions exceed its taxable income and realized capital gains within a taxable year, some or all of the distributions made during that year may be classified as a return of capital to shareholders. Generally, a return of capital distribution is not taxable, but it will reduce each shareholder's cost basis in the Fund, leading to a higher reported capital gain or a lower reported capital loss when the shares on which the distribution was received are sold. 

Yes, the Fund's investment objective will be updated from: "The Fund seeks high total investment return through a combination of current income and capital appreciation" to "The Fund seeks to provide income with a secondary objective of capital appreciation".

The Fund's name will be changed from "Loomis Sayles Bond Fund" to "Loomis Sayles Income Fund" to align with the updated investment objective and emphasize the Fund's primary goal of generating regular income

The reference to the Fund’s ability to invest up to 20% of its assets in equity securities will be removed. Bank loans will move from a secondary to a principal investment strategy (no explicit limit).

There will be no significant changes to the Fund's investment philosophy and process. However, the team will place a greater emphasis on enhancing yield through portfolio construction, shifting towards higher coupon bonds, and actively reducing exposure to securities that may impact yield generation (e.g., defaulted securities and non-US-dollar-denominated securities).

The changes to the distribution policy, investment objective, Fund name, and certain investment strategies were approved by the Fund’s Board of Trustees on September 11, 2025. A prospectus supplement detailing the changes was filed with the SEC on September 16, 2025.

 Shareholders will receive notification of the changes through a prospectus supplement mailed immediately after the filing occurred.

Investors are encouraged to review the prospectus supplement and consult with their financial advisors to understand how the changes may impact their investment objectives and strategies.

Currently, there are no plans to change guidelines, etc. on any other funds that the team manages.