"They did decide to take some time apart due to their upcoming work schedule, and they remain very close," the couple's representative, Robin Baum, told the magazine. "It was a mutual decision."
Bloom, 28, has starred most recently in the "The Lord of the Rings" trilogy and last year's "Troy."
Bosworth, 22, who starred in the 2002 film "Blue Crush," played Sandra Dee in last year's "Beyond the Sea," about the 1950s crooner Bobby Darin.
The couple began dating in the spring of 2002.