Loomis Sayles Funds II

N-Q 1 dnq.htm LOOMIS SAYLES FUNDS II Loomis Sayles Funds II

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06241

Loomis Sayles Funds II

(Exact name of registrant as specified in charter)


399 Boylston Street, Boston, Massachusetts		02116
(Address of principal executive offices)		(Zip code)

Coleen Downs Dinneen, Esq.

Natixis Distributors, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 449-2810

Date of fiscal year end: September 30

Date of reporting period: June 30, 2008

ITEM 1.

SCHEDULE OF INVESTMENTS

PORTFOLIO OF INVESTMENTS – as of June 30, 2008 (Unaudited)

Loomis Sayles Mid Cap Growth Fund


	Shares	Value (†)
COMMON STOCKS – 91.8% of Net Assets
Beverages – 1.9%
Central European Distribution Corp.(b)(c)	44,409	$	3,292,927

Biotechnology – 1.4%
Myriad Genetics, Inc.(b)(c)	27,021		1,229,996
Onyx Pharmaceuticals, Inc.(c)	34,890		1,242,084

			2,472,080

Capital Markets – 5.1%
Eaton Vance Corp.(b)	76,153		3,027,843
Janus Capital Group, Inc.(b)	102,155		2,704,043
T. Rowe Price Group, Inc.(b)	53,117		2,999,517

			8,731,403

Chemicals – 5.4%
Agrium, Inc.	34,838		3,746,478
CF Industries Holdings, Inc.(b)	21,377		3,266,406
Intrepid Potash, Inc.(b)(c)	35,588		2,340,979

			9,353,863

Commercial Services & Supplies – 1.6%
Stericycle, Inc.(c)	53,757		2,779,237

Containers & Packaging – 1.7%
Crown Holdings, Inc.(c)	109,995		2,858,770

Electrical Equipment – 1.6%
First Solar, Inc.(b)(c)	10,042		2,739,658

Electronic Equipment & Instruments – 1.2%
Mettler-Toledo International, Inc.(c)	22,733		2,156,452

Energy Equipment & Services – 9.7%
Atwood Oceanics, Inc.(b)(c)	28,871		3,589,820
Complete Production Services, Inc.(b)(c)	75,784		2,760,053
Helmerich & Payne, Inc.	34,441		2,480,441
Nabors Industries Ltd.(b)(c)	85,656		4,216,845
National-Oilwell Varco, Inc.(b)(c)	40,472		3,590,676

			16,637,835

Health Care Equipment & Supplies – 2.3%
Intuitive Surgical, Inc.(b)(c)	8,380		2,257,572
NuVasive, Inc.(b)(c)	37,359		1,668,453

			3,926,025

Hotels, Restaurants & Leisure – 1.6%
Yum! Brands, Inc.(b)	78,107		2,740,775

Internet & Catalog Retail – 1.3%
Priceline.com, Inc.(b)(c)	20,154		2,326,981

Internet Software & Services – 3.1%
Akamai Technologies, Inc.(b)(c)	85,274		2,966,682

PORTFOLIO OF INVESTMENTS – as of June 30, 2008 (Unaudited)

Loomis Sayles Mid Cap Growth Fund - continued


	Shares	Value (†)
COMMON STOCKS – continued
Internet Software & Services – continued
Equinix, Inc.(b)(c)	26,166	$	2,334,531

			5,301,213

IT Services – 2.7%
MasterCard, Inc., Class A(b)	17,200		4,566,944

Life Sciences Tools & Services – 2.0%
Illumina, Inc.(b)(c)	39,520		3,442,587

Machinery – 4.3%
Bucyrus International, Inc., Class A(b)	54,283		3,963,744
Flowserve Corp.	25,184		3,442,653

			7,406,397

Metals & Mining – 9.0%
Cleveland-Cliffs, Inc.(b)	44,002		5,244,599
Freeport-McMoRan Copper & Gold, Inc.(b)	26,543		3,110,574
Steel Dynamics, Inc.(b)	66,397		2,594,131
United States Steel Corp.	24,167		4,465,578

			15,414,882

Multiline Retail – 2.6%
Big Lots, Inc.(b)(c)	72,842		2,275,584
Dollar Tree Stores, Inc.(c)	65,275		2,133,840

			4,409,424

Oil, Gas & Consumable Fuels – 19.7%
Alpha Natural Resources, Inc.(c)	62,075		6,473,802
Comstock Resources, Inc.(c)	42,891		3,621,287
Consol Energy, Inc.(b)	28,769		3,232,773
EXCO Resources, Inc.(c)	47,492		1,752,930
Massey Energy Co.(b)	32,991		3,092,906
Petrohawk Energy Corp.(b)(c)	127,568		5,907,674
SandRidge Energy, Inc.(c)	50,359		3,252,184
Southwestern Energy Co.(c)	68,947		3,282,567
Whiting Petroleum Corp.(b)(c)	31,416		3,332,609

			33,948,732

Pharmaceuticals – 1.6%
Elan Corp. PLC, ADR(c)	75,453		2,682,354

Semiconductors & Semiconductor Equipment – 3.5%
Broadcom Corp., Class A(b)(c)	97,699		2,666,206
Marvell Technology Group Ltd.(b)(c)	193,490		3,417,033

			6,083,239

Software – 4.1%
Ansys, Inc.(b)(c)	51,067		2,406,277
Concur Technologies, Inc.(b)(c)	41,649		1,383,997

PORTFOLIO OF INVESTMENTS – as of June 30, 2008 (Unaudited)

Loomis Sayles Mid Cap Growth Fund - continued


	Shares		Value (†)
COMMON STOCKS – continued
Software – continued
Salesforce.com, Inc.(b)(c)		48,179	$	3,287,253

				7,077,527

Specialty Retail – 1.9%
Ross Stores, Inc.(b)		91,150		3,237,648

Wireless Telecommunication Services – 2.5%
American Tower Corp., Class A(c)		53,181		2,246,897
Millicom International Cellular SA		19,758		2,044,953

				4,291,850

TOTAL COMMON STOCKS (Identified Cost $137,088,078)				157,878,803


	Shares/ Principal Amount
SHORT-TERM INVESTMENTS – 32.6%
State Street Navigator Securities Lending Prime Portfolio(d)		42,815,855		42,815,855
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2008 at 1.300% to be repurchased at $13,203,477 on 7/01/2008 collateralized by $12,545,000 Federal Home Loan Mortgage Corp., 5.500% due 8/23/2017 valued at $13,470,194, including accrued interest(e)	$	13,203,000		13,203,000

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $56,018,855)				56,018,855

TOTAL INVESTMENTS – 124.4% (Identified Cost $193,106,933)(a)				213,897,658
Other assets less liabilities—(24.4)%				(41,996,900	)

NET ASSETS – 100.0%			$	171,900,758

PORTFOLIO OF INVESTMENTS – as of June 30, 2008 (Unaudited)

Loomis Sayles Mid Cap Growth Fund - continued

†

Equity securities, including closed-end investment companies and exchange-traded funds, for which market quotations are readily available are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) are generally valued on the basis of evaluated bids furnished to the Fund by a pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s investment adviser using consistently applied procedures under the general supervision of the Board of Trustees. Investments in other open-end investment companies are valued at their net asset value each day.

The Fund may hold securities traded in foreign markets. Foreign securities are valued at the market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities are fair valued pursuant to procedures approved by the Board of Trustees. When fair valuing securities, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities market activity and/or significant events that occur after the close of the foreign market and before the Fund calculates its net asset value.

The books and records of the Fund are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.

(a)

Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):

At June 30, 2008, the net unrealized appreciation on investments based on a cost of $193,106,933 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	23,272,728
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(2,482,003	)

Net unrealized appreciation	$	20,790,725

At September 30, 2007, the Fund had a capital loss carryforward of approximately $88,120,634 of which, $66,978,246 expires on September 30, 2010 and $21,142,388 expires on September 30, 2011. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b)

All or a portion of this security was on loan to brokers at June 30, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned securities for non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at June 30, 2008 were $41,545,585 and $42,815,855, respectively.

(c)

Non-income producing security.

(d)

Represents investment of securities lending collateral.

(e)

The Fund, through its custodian, receives delivery of the underlying securities collateralizing repurchase agreements. It is the Fund’s policy that the market value of the collateral be at least equal to 100% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held at the custodian bank in a segregated account for the benefit of the Fund and on behalf of the counterparty. It is the Fund’s policy, regarding tri-party arrangements, that the market value of the collateral be at least equal to 102% of the repurchase price, including interest. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.


ADR		An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs are significantly influenced by trading on exchanges not located in the United States.

PORTFOLIO OF INVESTMENTS – as of June 30, 2008 (Unaudited)

Loomis Sayles Mid Cap Growth Fund - continued

New Accounting Pronouncements.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management has evaluated the impact the adoption of FAS 157 will have on the Fund’s financial statements and believes that such impact will be limited to expanded disclosure in the Fund’s financial statements regarding inputs used in determining the value of the Fund’s investments and will not have a material impact on the Fund’s net assets or results of operations.

In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”), was issued and will be effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of FAS 161 will have on the Fund’s financial statement disclosures.

Net Asset Summary at June 30, 2008 (Unaudited)


Oil, Gas & Consumable Fuels	19.7	%
Energy Equipment & Services	9.7
Metals & Mining	9.0
Chemicals	5.4
Capital Markets	5.1
Machinery	4.3
Software	4.1
Semiconductors & Semiconductor Equipment	3.5
Internet Software & Services	3.1
IT Services	2.7
Multiline Retail	2.6
Wireless Telecommunication Services	2.5
Health Care Equipment & Supplies	2.3
Life Sciences Tools & Services	2.0
Other Investments, less than 2% each	15.8
Short-Term Investments	32.6

Total Investments	124.4
Other assets less liabilities	(24.4	)

Net Assets	100.0	%

LOOMIS SAYLES GROWTH FUND - PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2008 (Unaudited)


Shares		Description	Value (†)
	Common Stocks – 98.4% of Net Assets
		Biotechnology – 4.1%
	77,929	Celgene Corp.(b)	$	4,977,325
	183,031	Gilead Sciences, Inc.(b)		9,691,492

				14,668,817

		Capital Markets – 7.4%
	45,395	BlackRock, Inc.(c)		8,034,915
	314,182	Charles Schwab Corp. (The)		6,453,298
	34,636	Goldman Sachs Group, Inc.		6,057,837
	104,671	T. Rowe Price Group, Inc.(c)		5,910,771

				26,456,821

		Chemicals – 5.2%
	92,727	Monsanto Co.		11,724,402
	46,762	Mosaic Co. (The)(b)		6,766,461

				18,490,863

		Communications Equipment – 6.7%
	187,168	Cisco Systems, Inc.(b)		4,353,528
	241,108	Corning, Inc.		5,557,539
	160,756	Juniper Networks, Inc.(b)		3,565,568
	233,076	QUALCOMM, Inc.		10,341,582

				23,818,217

		Computers & Peripherals – 8.1%
	83,685	Apple, Inc.(b)		14,012,217
	269,303	EMC Corp.(b)		3,956,061
	92,770	International Business Machines Corp.		10,996,028

				28,964,306

		Construction & Engineering – 1.5%
	28,499	Fluor Corp.		5,303,094

		Electrical Equipment – 1.9%
	24,877	First Solar, Inc.(b)		6,786,943

		Electronic Equipment & Instruments – 1.7%
	79,862	Amphenol Corp.		3,584,206
	63,582	Dolby Laboratories, Inc., Class A(b)		2,562,355

				6,146,561

		Energy Equipment & Services – 3.6%
	84,972	Transocean, Inc.(b)		12,948,883

		Food & Staples Retailing – 3.8%
	92,856	Costco Wholesale Corp.		6,512,920
	128,041	Wal-Mart Stores, Inc.		7,195,904

				13,708,824

		Health Care Equipment & Supplies – 1.9%
	24,766	Intuitive Surgical, Inc.(b)		6,671,960

		Hotels, Restaurants & Leisure – 2.3%
	97,962	McDonald’s Corp.		5,507,424
	77,810	Yum! Brands, Inc.		2,730,353

				8,237,777

		Internet & Catalog Retail – 4.5%
	113,369	Amazon.com, Inc.(b)(c)		8,313,349
	67,090	Priceline.com, Inc.(b)(c)		7,746,211

				16,059,560

		Internet Software & Services – 3.4%
	22,840	Google, Inc. Class A(b)		12,023,433

		IT Services – 5.9%
	44,267	MasterCard, Inc., Class A(c)		11,753,774
	116,467	Visa, Inc., Class A(b)		9,469,932

				21,223,706

		Life Sciences Tools & Services – 1.5%
	60,593	Illumina, Inc.(b)(c)		5,278,256

		Machinery – 7.1%
	50,507	Bucyrus International, Inc.		3,688,021
	91,519	Cummins, Inc.		5,996,325
	72,273	Flowserve Corp.		9,879,719
	45,644	SPX Corp.		6,012,684

				25,576,749

		Media – 1.5%
	170,166	Walt Disney Co. (The)		5,309,179

		Metals & Mining – 3.7%
	68,444	Freeport-McMoRan Copper & Gold, Inc.		8,020,952
	130,486	Steel Dynamics, Inc.		5,098,088

				13,119,040

		Oil, Gas & Consumable Fuels – 10.8%
	42,880	Apache Corp.		5,960,320
	50,793	Consol Energy, Inc.		5,707,609
	57,287	EOG Resources, Inc.		7,516,054
	203,378	Southwestern Energy Co.(b)		9,682,827
	139,697	XTO Energy, Inc.		9,570,642

				38,437,452

		Road & Rail – 1.6%
	94,044	CSX Corp.		5,906,904

		Semiconductors & Semiconductor Equipment – 1.7%
	224,944	Broadcom Corp., Class A(b)		6,138,722

		Software – 5.5%
	169,756	Activision, Inc.(b)		5,783,587
	413,800	Oracle Corp.(b)		8,689,800
	75,301	Salesforce.com, Inc.(b)		5,137,787

				19,611,174

		Specialty Retail – 1.6%
	181,842	Urban Outfitters, Inc.(b)(c)		5,671,652

		Textiles, Apparel & Luxury Goods – 1.4%
	84,449	Nike, Inc., Class B		5,034,005

		Total Common Stocks (Identified Cost $322,703,075)		351,592,898


Shares/ Principal Amount
	Short-Term Investments – 11.8%
	38,977,785	State Street Navigator Securities Lending Prime Portfolio(d)		38,977,785
$	3,041,000	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08 at 1.300% to be repurchased at $3,041,110 on 7/1/08 collateralized by $2,890,000 Federal Home Loan Mortgage Corporation, 5.500% due 8/23/2017 valued at $3,103,138 including accrued interest(e)		3,041,000

		Total Short-Term Investments (Identified Cost $42,018,785)		42,018,785

		Total Investments - 110.2% (Identified Cost $364,721,860)(a)		393,611,683
		Other assets less liabilities — (10.2)%		(36,381,234	)

		Net Assets — 100.0%	$	357,230,449

LOOMIS SAYLES GROWTH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

(†)

(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):

At June 30, 2008, the net unrealized appreciation on investments based on a cost of $364,721,860 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	40,468,846
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(11,579,023	)

Net unrealized appreciation	$	28,889,823

At September 30, 2007, the Fund had a capital loss carryover of approximately $18,851,895 of which $12,659,581 expires on September 30, 2010 and $6,192,314 expires on September 30, 2011. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations. A significant portion of the Fund’s capital loss carry forwards are a result of prior year mergers; accordingly, some of these losses have been limited under Section 382 of the Internal Revenue Code. The amounts presented above are net of the losses limited by Section 382 the Internal Revenue Code.

(b)	Non-income producing security.

(c)

(d)	Represents investment of securities lending collateral.

(e)

LOOMIS SAYLES GROWTH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

New Accounting Pronouncements

In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”), was issued and will be effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of FAS 161 will have on the Fund’s financial statement disclosures.

Net Asset Summary at June 30, 2008 (Unaudited)


Oil, Gas & Consumable Fuels	10.8	%
Computers & Peripherals	8.1
Capital Markets	7.4
Machinery	7.1
Communications Equipment	6.7
IT Services	5.9
Software	5.5
Chemicals	5.2
Internet & Catalog Retail	4.5
Biotechnology	4.1
Food & Staples Retailing	3.8
Metals & Mining	3.7
Energy Equipment & Services	3.6
Internet Software & Services	3.4
Hotels, Restaurants & Leisure	2.3
Other Investments, less than 2% each	16.3
Short-Term Investments	11.8

Total Investments	110.2
Other assets less liabilities	(10.2	)

Net Assets	100.0	%

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 87.8% of Net Assets
		ABS Car Loan — 0.8%
$	85,000	Capital One Auto Finance Trust, Series 2006-C, Class A4, 2.501%, 5/15/2013(b)	$	75,453
	275,000	Capital One Auto Finance Trust, Series 2007-C, Class A3B, 2.981%, 4/16/2012(b)		255,044
	100,000	Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014		72,819

				403,316

		Aerospace & Defense — 0.5%
	250,000	BE Aerospace, Inc., 8.500%, 7/01/2018		250,938

		Airlines — 0.2%
	62,381	Continental Airlines, Inc., Series 1997-4, Class 4B, 6.900%, 1/02/2017		51,464
	27,077	Continental Airlines, Inc., Series 1999-1, Class C, 6.954%, 8/02/2009		25,418

				76,882

		Automotive — 4.0%
	420,000	Ford Motor Co., 6.375%, 2/01/2029		220,500
	65,000	Ford Motor Co., 6.625%, 2/15/2028(c)		35,425
	1,220,000	Ford Motor Co., 6.625%, 10/01/2028		652,700
	210,000	Ford Motor Co., 7.450%, 7/16/2031		122,325
	40,000	Ford Motor Co., 7.500%, 8/01/2026		22,800
	550,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		469,243
	585,000	Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		488,475

				2,011,468

		Banking — 3.6%
	250,000,000	Barclays Financial LLC, 144A, 4.060%, 9/16/2010 (KRW)		240,787
	400,000,000	Barclays Financial LLC, 144A, 4.470%, 12/04/2011 (KRW)		389,886
	500,000	HSBC Bank USA, 144A, 3.310%, 8/25/2010		586,650
	1,436,358,000	JPMorgan Chase & Co., 144A, Zero Coupon, 3/28/2011 (IDR)		113,070
	500,000	Kaupthing Bank Hf, Series D, 144A, 5.750%, 10/04/2011		378,750
	25,000	Washington Mutual, Inc., 4.625%, 4/01/2014		18,250
	90,000	Washington Mutual, Inc., 5.500%, 8/24/2011		78,300

				1,805,693

		Biotechnology — 0.4%
	260,000	Affymetrix, Inc., Convertible, 3.500%, 1/15/2038		211,575

		Brokerage — 0.1%
	5,000	Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		4,210
	15,000	Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017		14,823
	55,000	Bear Stearns Cos., Inc. (The), Series B, MTN, 2.839%, 5/18/2010(b)		53,681

				72,714

		Building Materials — 0.8%
	505,000	USG Corp., 6.300%, 11/15/2016		406,525

		Chemicals — 2.0%
	450,000	Borden, Inc., 7.875%, 2/15/2023		270,000
	550,000	Borden, Inc., 9.200%, 3/15/2021		346,500
	130,000	Georgia Gulf Corp., 10.750%, 10/15/2016(c)		78,000
	380,000	Hercules, Inc., Subordinated Note, 6.500%, 6/30/2029		307,800

				1,002,300

		Construction Machinery — 0.9%
	535,000	United Rentals North America, Inc., 7.000%, 2/15/2014		414,625
	40,000	United Rentals North America, Inc., 7.750%, 11/15/2013(c)		32,000

				446,625

		Consumer Products — 1.2%
	9,210,000,000	European Investment Bank, Series EMTN, 144A, Zero Coupon, 4/24/2013 (IDR)		572,678
	25,000	GMAC LLC, 4.750%, 9/14/2009 (EUR)		32,670

				605,348

		Electric — 3.5%
	375,000	Dynegy Holdings, Inc., 7.125%, 5/15/2018(c)		326,250
	180,000	Dynegy Holdings, Inc., 7.625%, 10/15/2026		149,400
	165,000	Dynegy Holdings, Inc., 7.750%, 6/01/2019		150,150
	140,000	NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		115,675
	205,000	NRG Energy, Inc., 7.375%, 1/15/2017(c)		193,725
	195,000	TXU Corp., 5.550%, 11/15/2014		152,660
	590,000	TXU Corp., Series Q, 6.500%, 11/15/2024		435,303
	370,000	TXU Corp., Series R, 6.550%, 11/15/2034		269,574

				1,792,737

		Food & Beverage — 1.4%
	200,000	Aramark Services, Inc., 5.000%, 6/01/2012		175,000
	360,000	Dean Foods Co., 7.000%, 6/01/2016(c)		312,300

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Food & Beverage — continued
$	230,000	Dole Food Co., Inc., 8.625%, 5/01/2009(c)	$	219,075

				706,375

		Gaming — 0.9%
	45,000	Harrah’s Operating Co., Inc., 5.750%, 10/01/2017		23,850
	535,000	Harrah’s Operating Co., Inc., 144A, 10.750%, 2/01/2016		444,050

				467,900

		Government Guaranteed — 1.8%
	28,000,000	Kreditanstalt fuer Wiederaufbau, 1.850%, 9/20/2010 (JPY)		267,939
	1,205,000	Kreditanstalt fuer Wiederaufbau, 8.500%, 7/16/2010 (ZAR)		141,599
	51,000,000	Oesterreichische Kontrollbank AG, 1.800%, 3/22/2010 (JPY)		486,360

				895,898

		Government Sponsored — 0.3%
	160,000	Federal Home Loan Mortgage Corp., 4.625%, 10/25/2012		163,960

		Healthcare — 4.6%
	5,000	Boston Scientific Corp., 5.450%, 6/15/2014		4,613
	105,000	Boston Scientific Corp., 6.400%, 6/15/2016		98,700
	95,000	Boston Scientific Corp., 7.000%, 11/15/2035		83,600
	220,000	Community Health Systems, Inc., 8.875%, 7/15/2015		221,375
	25,000	HCA, Inc., 6.375%, 1/15/2015		20,750
	205,000	HCA, Inc., 6.500%, 2/15/2016(c)		170,663
	15,000	HCA, Inc., 7.050%, 12/01/2027		11,359
	150,000	HCA, Inc., 7.190%, 11/15/2015		129,205
	220,000	HCA, Inc., 7.500%, 12/15/2023		178,886
	700,000	HCA, Inc., 7.500%, 11/06/2033		539,000
	445,000	HCA, Inc., 7.580%, 9/15/2025		360,938
	35,000	HCA, Inc., 7.690%, 6/15/2025		28,622
	40,000	HCA, Inc., 7.750%, 7/15/2036		31,633
	40,000	HCA, Inc., 8.360%, 4/15/2024		34,046
	40,000	Invitrogen Corp., 1.500%, 2/15/2024		38,300
	35,000	Tenet Healthcare Corp., 6.500%, 6/01/2012(c)		32,988
	190,000	Tenet Healthcare Corp., 7.375%, 2/01/2013		178,600
	245,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		176,400

				2,339,678

		Home Construction — 4.9%
	410,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015(c)		412,050
	385,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015(c)		240,625
	365,000	K. Hovnanian Enterprises, Inc., Senior Note, 6.250%, 1/15/2016		226,300
	30,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.500%, 1/15/2014		19,500
	300,000	KB Home, 5.750%, 2/01/2014(c)		250,875
	100,000	KB Home, Guaranteed Note, 5.875%, 1/15/2015		83,000
	590,000	KB Home, Guaranteed Note, 7.250%, 6/15/2018		510,350
	580,000	Lennar Corp., Series B, Guaranteed Note, 5.600%, 5/31/2015		424,125
	5,000	Lennar Corp. Series B, 5.125%, 10/01/2010		4,350
	155,000	Pulte Homes, Inc., 6.000%, 2/15/2035(c)		120,900
	230,000	Pulte Homes, Inc., 6.375%, 5/15/2033		178,250

				2,470,325

		Independent Energy — 2.7%
	625,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		584,375
	175,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		164,500
	125,000	Hilcorp Energy I LP, 144A, 7.750%, 11/01/2015		120,000
	170,000	Pioneer Natural Resources Co., 6.875%, 5/01/2018		159,562
	385,000	Pioneer Natural Resources Co., 7.200%, 1/15/2028		339,904

				1,368,341

		Industrial Other — 0.2%
	140,000	Ranhill Labuan Ltd., 144A, 12.500%, 10/26/2011		105,000

		Media Cable — 0.9%
	255,000	CSC Holdings, Inc., Senior Note, 7.625%, 7/15/2018		234,600
	250,000	CSC Holdings, Inc., Senior Note, 7.875%, 2/15/2018		232,500

				467,100

		Media Non-Cable — 2.0%
	25,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		14,750
	50,000	Clear Channel Communications, Inc., 5.500%, 12/15/2016(c)		29,250
	475,000	Clear Channel Communications, Inc., 6.875%, 6/15/2018(c)		280,250

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Media Non-Cable — continued
$	140,000	Idearc, Inc., 8.000%, 11/15/2016	$	88,025
	175,000	Intelsat Corp., 6.875%, 1/15/2028		135,625
	85,000	R.H. Donnelley Corp., 6.875%, 1/15/2013		50,575
	10,000	R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		5,950
	115,000	R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016(c)		69,000
	155,000	R.H. Donnelley Corp., 144A, 8.875%, 10/15/2017(c)		92,225
	25,000	R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		14,875
	595,000	Tribune Co., 5.250%, 8/15/2015(c)		236,513

				1,017,038

		Metals & Mining — 0.9%
	285,000	Steel Dynamics, Inc., 144A, 7.375%, 11/01/2012		285,000
	195,000	Vale Overseas Ltd., 6.875%, 11/21/2036		181,103

				466,103

		Non-Captive Consumer — 2.1%
	70,000	Countrywide Financial Corp., Convertible, Zero Coupon, 4/15/2037		67,463
	60,000	Countrywide Financial Corp., Convertible, 0.426%, 5/15/2037(b)		56,175
	35,000	Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		31,863
	90,000	SLM Corp., Series A, MTN, 4.000%, 1/15/2010		83,841
	60,000	SLM Corp., MTN, 5.050%, 11/14/2014		50,957
	5,000	SLM Corp., MTN, 5.625%, 8/01/2033		3,765
	20,000	SLM Corp., Series A, MTN, 5.000%, 10/01/2013		17,293
	10,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		7,637
	735,000	SLM Corp., Series A, MTN, 6.500%, 6/15/2010 (NZD)		498,798
	245,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		235,037

				1,052,829

		Non-Captive Diversified — 5.6%
	95,000	CIT Group, Inc., 4.750%, 12/15/2010		77,477
	20,000	CIT Group, Inc., 5.400%, 2/13/2012		15,877
	65,000	CIT Group, Inc., 5.400%, 1/30/2016		44,765
	25,000	CIT Group, Inc., 5.650%, 2/13/2017		17,246
	280,000	CIT Group, Inc., 5.800%, 10/01/2036		215,516
	25,000	CIT Group, Inc., 5.850%, 9/15/2016		17,249
	25,000	CIT Group, Inc., GMTN, 5.000%, 2/13/2014		17,952
	65,000	CIT Group, Inc., GMTN, 5.000%, 2/01/2015		44,945
	50,000	CIT Group, Inc., MTN, 5.125%, 9/30/2014		35,813
	1,300,000	General Electric Capital Corp., Series A, MTN, 2.960%, 5/18/2012 (SGD)		915,139
	75,000	GMAC LLC, Series EMTN, 5.375%, 6/06/2011 (EUR)		77,935
	195,000	GMAC LLC, Series EMTN, 5.750%, 9/27/2010 (EUR)		224,123
	630,000	GMAC LLC, 6.000%, 12/15/2011		433,530
	330,000	GMAC LLC, 6.625%, 5/15/2012		226,386
	565,000	GMAC LLC, MTN, 6.750%, 12/01/2014		373,151
	40,000	GMAC LLC, 8.000%, 11/01/2031(c)		26,023
	80,000	iStar Financial, Inc., 5.850%, 3/15/2017		63,300
	10,000	iStar Financial, Inc., 5.875%, 3/15/2016		7,878
	15,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		12,300

				2,846,605

		Oil & Gas — 0.5%
	240,000	SandRidge Energy, Inc., 144A, 8.000%, 6/01/2018		241,200

		Packaging — 0.6%
	135,000	Owens-Illinois, Inc., Senior Note, 7.800%, 5/15/2018		137,025
	180,000	Stone Container Finance, 7.375%, 7/15/2014(c)		144,000

				281,025

		Paper — 4.0%
	485,000	Bowater, Inc., 6.500%, 6/15/2013(c)		305,550
	75,000	Georgia-Pacific Corp., 7.250%, 6/01/2028		62,625
	155,000	Georgia-Pacific Corp., 7.375%, 12/01/2025(c)		130,975
	375,000	Georgia-Pacific Corp., 7.750%, 11/15/2029		330,000
	270,000	Georgia-Pacific Corp., 8.000%, 1/15/2024		249,750
	530,000	Georgia-Pacific Corp., 8.875%, 5/15/2031		490,250
	110,000	Jefferson Smurfit Corp., 7.500%, 6/01/2013(c)		90,750
	485,000	Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(c)		388,000

				2,047,900

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)			Description	Value (†)
			Pharmaceuticals — 5.8%
$	110,000		Elan Finance PLC, 8.875%, 12/01/2013(c)	$	110,275
	1,145,000		Elan Finance PLC, Senior Note, 7.750%, 11/15/2011		1,110,650
	127,000		EPIX Pharmaceuticals, Inc., Senior Note, Convertible, 3.000%, 6/15/2024		76,835
	330,000		Human Genome Sciences, Inc., 2.250%, 8/15/2012		238,425
	245,000		Incyte Corp., Convertible, 3.500%, 2/15/2011		227,850
	96,000		Nektar Therapeutics, 3.250%, 9/28/2012		66,120
	190,000		Valeant Pharmaceuticals International, Subordinated Note, Convertible, 3.000%, 8/16/2010		174,088
	505,000		Valeant Pharmaceuticals International, Subordinated Note, Convertible, 4.000%, 11/15/2013		433,037
	305,000		Vertex Pharmaceuticals, Inc., Convertible, 4.750%, 2/15/2013		480,375

					2,917,655

			Pipelines — 0.8%
	415,000		El Paso Corp., 6.950%, 6/01/2028		382,216

			Property & Casualty Insurance — 0.1%
	80,000		MBIA Insurance Corp., 144A, (fixed rate to 1/15/13, variable rate thereafter) 14.000%, 1/15/2033		33,200

			Retailers — 3.0%
	500,000		Blockbuster, Inc., 9.000%, 9/01/2012(c)		408,750
	250,000		Dillard’s, Inc., 6.625%, 1/15/2018(c)		182,500
	105,000		Dillard’s, Inc., 7.130%, 8/01/2018		78,750
	30,000		Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		24,595
	1,070,000		Toys R Us, Inc., 7.375%, 10/15/2018		791,800
	20,000		Toys R Us, Inc., 7.875%, 4/15/2013(c)		16,350

					1,502,745

			Sovereigns — 4.3%
	44,200	(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023 (MXN)		382,766
	148,500	(††)	Mexican Fixed Rate Bonds, Series M-10, 9.000%, 12/20/2012 (MXN)		1,446,727
	1,050,000		Republic of South Africa, 13.000%, 8/31/2010 (ZAR)		137,018
	4,087,537		Republic of Uruguay, 4.250%, 4/05/2027 (UYU)		217,270

					2,183,781

			Supermarkets — 2.4%
	190,000		Albertson’s, Inc., 7.750%, 6/15/2026		186,333
	750,000		Albertson’s, Inc., Senior Note, 7.450%, 8/01/2029		709,470
	130,000		Albertson’s, Inc., Senior Note, 8.000%, 5/01/2031		132,968
	245,000		Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		210,122

					1,238,893

			Supranational — 2.5%
	700,000		Eurofima, Series EMTN, 10.000%, 11/03/2008 (ISK)		8,828
	1,900,000		Inter-American Development Bank, Series EMTN, Zero Coupon, 5/11/2009 (BRL)		1,070,002
	13,400,000		International Bank for Reconstruction & Development, 9.500%, 5/27/2010 (ISK)		170,649
	800,000		Nordic Investment Bank, Series EMTN, 11.250%, 4/16/2009 (ISK)		10,133

					1,259,612

			Technology — 4.8%
	75,000		Amkor Technology, Inc., 7.750%, 5/15/2013		69,563
	325,000		Freescale Semiconductor, Inc., 10.125%, 12/15/2016(c)		247,812
	345,000		JDS Uniphase Corp., Convertible, 1.000%, 5/15/2026(c)		266,944
	150,000		Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		116,812
	35,000		Kulicke & Soffa Industries, Inc., Convertible, 1.000%, 6/30/2010		30,800
	1,015,000		Lucent Technologies, Inc., 6.450%, 3/15/2029(c)		776,475
	243,000		Maxtor Corp., Subordinated Note, 5.750%, 3/01/2012(d)		228,420
	580,000		Nortel Networks Corp., 6.875%, 9/01/2023(c)		411,800
	280,000		Nortel Networks Corp., Convertible, 2.125%, 4/15/2014(c)		187,600
	40,000		Northern Telecom Capital Corp., 7.875%, 6/15/2026		28,600
	85,000		Unisys Corp., Senior Note, 8.000%, 10/15/2012		73,100

					2,437,926

			Telecommunications — 0.1%
	30,000		Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		24,900
	5,000		Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		4,013

					28,913

			Textile — 0.5%
	375,000		Jones Apparel Group, Inc., 6.125%, 11/15/2034		255,000

			Transportation Services — 1.0%
	275,000		APL Ltd., Senior Note, 8.000%, 1/15/2024(d)		228,250

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Transportation Services — continued
$	300,000	Overseas Shipholding Group, Senior Note, 7.500%, 2/15/2024	$	275,250

				503,500

		Wireless — 2.0%
	5,000	ALLTEL Corp., 6.800%, 5/01/2029		4,575
	440,000	ALLTEL Corp., 7.875%, 7/01/2032		446,600
	230,000	NII Holdings, Inc., Convertible, 3.125%, 6/15/2012(c)		193,775
	193,000	Sprint Capital Corp., 6.875%, 11/15/2028		160,672
	70,000	Sprint Capital Corp., 6.900%, 5/01/2019		61,425
	200,000	True Move Co. Ltd., 144A, 10.375%, 8/01/2014		170,000

				1,037,047

		Wirelines — 9.1%
	255,000	Bell Canada, Series M-17, 6.100%, 3/16/2035 (CAD)		191,111
	5,000	Bell Canada, 144A, 6.550%, 5/01/2029 (CAD)		3,933
	65,000	Cincinnati Bell Telephone Co., 6.300%, 12/01/2028		52,000
	50,000	Cincinnati Bell, Inc., 8.375%, 1/15/2014		48,375
	95,000	Citizens Communications Co., 7.000%, 11/01/2025		69,825
	130,000	Citizens Communications Co., 7.125%, 3/15/2019		116,350
	315,000	Citizens Communications Co., 7.875%, 1/15/2027		275,625
	410,000	Embarq Corp., 7.995%, 6/01/2036		387,853
	205,000	Fairpoint Communications, Inc., 144A, 13.125%, 4/01/2018		200,900
	80,000	Hawaiian Telcom Communications, Inc., 12.500%, 5/01/2015(c)		20,000
	490,000	Level 3 Communications, Inc., Convertible, 2.875%, 7/15/2010		409,762
	350,000	Level 3 Communications, Inc., Convertible, 6.000%, 9/15/2009		333,375
	320,000	Level 3 Communications, Inc., Convertible, 6.000%, 3/15/2010		297,600
	45,000	Level 3 Communications, Inc., Convertible, 3.500%, 6/15/2012(c)		36,506
	145,000	Level 3 Financing, Inc., 8.750%, 2/15/2017(c)		124,700
	125,000	Level 3 Financing, Inc., 9.250%, 11/01/2014(c)		113,750
	1,890,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		1,611,225
	375,000	Qwest Capital Funding, Inc., Guaranteed Note, 6.875%, 7/15/2028(c)		300,000

				4,592,890

		Total Bonds and Notes (Identified Cost $46,404,482)		44,396,776

	Bank Loans — 0.2% of Net Assets
		Consumer Products — 0.0%
	25,000	Mega Bloks, Inc., Term Loan B, 8.250%, 7/26/2012(e)		21,500

		Food & Beverage — 0.0%
	2,734	Dole Food Co., Inc., LOC, Zero Coupon, 4/12/2013(f)		2,538
	1,568	Dole Food Co., Inc., Term Loan, Zero Coupon, 4/12/2013(f)		1,455
	3,916	Dole Food Co., Inc., Tranche C Term Loan, Zero Coupon, 4/12/2013(f)		3,634

				7,627

		Media Non-Cable — 0.1%
	74,810	Idearc, Inc., Term Loan B, 4.787%, 11/17/2014(e)		59,755
	10,000	Tribune Co., Tranche X, 5.478%, 5/17/2009(e)		9,562

				69,317

		Wireless — 0.1%
	35,000	Hawaiian Telecom Communications, Inc., Term Loan C, 5.310%, 6/01/2014(e)		28,798

		Total Bank Loans (Identified Cost $127,178)		127,242


Shares
	Common Stocks — 1.8%
		Biotechnology — 0.5%
	8,147	Vertex Pharmaceuticals, Inc.(c)(g)		272,680

		Chemicals — 0.4%
	11,695	Hercules, Inc.(c)		197,996

		Household Durables — 0.1%
	1,775	KB Home(c)		30,051

		Pharmaceuticals — 0.6%
	6,875	Merck & Co., Inc.		259,119
	1,717	Teva Pharmaceutical Industries Ltd., Sponsored ADR		78,639

				337,758

		Thrifts & Mortgage Finance — 0.2%
	5,500	Federal Home Loan Mortgage Corp.(c)		90,200

		Total Common Stocks (Identified Cost $854,067)		928,685

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Shares		Description	Value (†)
	Preferred Stocks — 2.3%
		Automotive — 0.1%
	5,816	General Motors Corp., Convertible(c), 6.250%,	$	77,120

		Banking — 0.2%
	3,732	Sovereign Capital Trust IV, Convertible, 4.375%		114,759

		Electric Utilities — 0.6%
	6,475	AES Trust III, Convertible, 6.750%		314,038

		Machinery — 0.2%
	2,550	United Rentals Trust I, Convertible, 6.500%		81,600

		Oil, Gas & Consumable Fuels — 0.8%
	9,500	El Paso Energy Capital Trust I, Convertible, 4.750%		389,500

		Technology — 0.4%
	249	Lucent Technologies Capital Trust I, Convertible, 7.750%(c)		189,240

		Total Preferred Stocks (Identified Cost $1,135,972)		1,166,257

	Closed-End Investment Companies — 0.1%
	3,835	Morgan Stanley Emerging Markets Debt Fund, Inc.		35,665
	2,175	Western Asset High Income Opportunity Fund, Inc.		12,267

		Total Closed-End Investment Companies (Identified Cost $45,443)		47,932


Shares/ Principal Amount
	Short-Term Investments — 18.6%
	6,338,840	State Street Navigator Securities Lending Prime Portfolio(h)		6,338,840
$	464	Repurchase Agreement with State Street Corp., dated 6/30/2008 at 1.300% to be repurchased at $464 on 7/01/2008, collateralized by $5,000 U.S. Treasury Bill, due 9/18/2008 valued at $4,980 including accrued interest(i)		464
$	3,048,663	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2008 at 1.300% to be repurchased at $3,048,773 on 7/01/2008, collateralized by $3,005,000 Federal Farm Credit Bank., 5.850% due 3/16/2016 valued at $3,110,175, including accrued interest(i)		3,048,663

		Total Short-Term Investments (Identified Cost $9,387,967)		9,387,967

		Total Investments — 110.8% (Identified Cost $57,955,109)(a)		56,054,859
		Other assets less liabilities—(10.8)%		(5,473,559	)

		Net Assets — 100%	$	50,581,300

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

(‡)	Principal amount is in U.S. dollars unless otherwise noted.

(†)

Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) are generally valued on the basis of evaluated bids furnished to the Fund by a pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional size-trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Equity securities, including closed-end investment companies and exchange-traded funds, for which market quotations are readily available, are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s investment adviser using consistently applied procedures under the general supervision of the Board of Trustees. Investments in other open-end investment companies are valued at their net asset value each day.

(††)	Amount shown represents units, One unit represents a principal of 100.

(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securites is excluded for tax purposes.):

At June 30, 2008, the net unrealized depreciation on investments based on a cost of $57,972,281 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	2,188,085
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(4,105,507	)

Net unrealized depreciation	$	(1,917,422	)

At September 30, 2007, the Fund had a capital loss carryover of approximately $81,303,223 of which $11,101,868 expires on September 30, 2008, $43,374,721 expires on September 30, 2009 and $26,826,634 expires on September 30, 2010. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b)	Variable rate security. Rate as of June 30, 2008 is disclosed.

(c)

All or a portion of this security was on loan to brokers at June 30, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at June 30, 2008 were $6,184,196 and $6,338,840, respectively.

(d)	Illiquid security. At June 30, 2008, the value of these securities amounted to $456,670 or 0.9% of net assets.

(e)	Variable rate security. Rate shown represents the weighted average rate at June 30, 2008.

(f)	The security has not settled. Contract rates do not take effect until settlement date.

(g)	Non-income producing security.

(h)	Represents investment of securities lending collateral.

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

(i)


144A		Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $3,977,329 or 7.9% of net assets.

ADR		An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs are significantly influenced by trading on exchanges not located in the United States.

EMTN		Euro Medium Term Note
GMTN		Global Medium Term Note
LOC		Letter of Credit
MTN		Medium Term Note
BRL		Brazilian Real
CAD		Canadian Dollar
EUR		Euro
IDR		Indonesian Rupiah
ISK		Iceland Krona
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
NZD		New Zealand Dollar
SGD		Singapore Dollar
UYU		Uruguayan Peso
ZAR		South African Rand

New Accounting Pronouncements

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management has evaluated the impact the adoption of FAS 157 will have on the Fund’s financial statements and believes that such impact will be limited to expanded disclosure in the Fund’s financial statements regarding inputs used in determining the value of the Fund’s investments and will not have a material impact on the Fund’s net assets or results of operations.

Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell generally are used to hedge a Fund’s investments against currency fluctuation. Also, a contract to buy or sell may offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end.

All contracts are “marked-to-market” daily at the applicable exchange rates and any gains or losses are recorded for financial statement purposes as unrealized until settlement date. Risks may arise upon entering into these contrasts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. At June 30, 2008, the Fund had the following open forward foreign currency contracts:


Contract to Buy/Sell	Delivery Date	Currency	Units	Value		Unrealized Depreciation
Sell	9/17/2008	Euro	225,000	$	349,933	$	(2,907	)

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

Net Asset Summary at June 30, 2008 (Unaudited)


Wirelines	9.1	%
Pharmaceuticals	6.4
Non-Captive Diversified	5.6
Technology	5.2
Home Construction	4.9
Healthcare	4.6
Sovereigns	4.3
Automotive	4.1
Paper	4.0
Banking	3.8
Electric	3.5
Retailers	3.0
Independent Energy	2.7
Supranational	2.5
Supermarkets	2.4
Chemicals	2.4
Media Non-Cable	2.1
Wireless	2.1
Non-Captive Consumer	2.1
Other Investments, less than 2% each	17.4
Short-Term Investments	18.6

Total Investments	110.8
Other assets less liabilities	(10.8	)

Net Assets	100.0	%

LOOMIS SAYLES INTERNATIONAL BOND FUND — PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
Bonds and Notes — 94.0% of Net Assets
Non-Convertible Bonds — 94.0%
		Austria — 0.8%
105,000		Oesterreichische Kontrollbank AG, 2.750%, 6/14/2011, (CHF)	$	101,038

		Belgium — 7.5%
110,000		Kingdom of Belgium, 3.750%, 3/28/2009, (EUR)		172,114
460,000		Kingdom of Belgium, 5.500%, 9/28/2017, (EUR)		755,941

				928,055

		Canada — 2.9%
40,000		Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		29,978
50,000		Bombardier, Inc., 144A, 7.250%, 11/15/2016, (EUR)		75,180
255,000		Canadian Government, 4.250%, 9/01/2009, (CAD)(d)		252,892

				358,050

		Cayman Islands — 0.5%
60,000		DASA Finance Corp., 144A, 8.750%, 5/29/2018		61,050

		France — 3.7%
45,000		Alcatel-Lucent, Series EMTN, 6.375%, 4/07/2014, (EUR)		59,514
50,000		Credit Agricole SA, 5.971%, 2/01/2018, (EUR)		78,493
35,000		France Telecom SA, Series EMTN, 3.625%, 10/14/2015, (EUR)		48,048
50,000		France Telecom SA, Series EMTN, 4.750%, 2/21/2017, (EUR)		72,070
40,000		Lafarge SA, Series EMTN, 4.750%, 3/23/2020, (EUR)		51,285
20,000		PPR, Series EMTN, 4.000%, 1/29/2013, (EUR)		28,021
35,000		Veolia Environnement, Series EMTN, 5.125%, 5/24/2022, (EUR)		48,854
10,000		Vivendi, 3.875%, 2/15/2012, (EUR)		14,350
50,000		Wendel, 4.875%, 5/26/2016, (EUR)		57,345

				457,980

		Germany — 22.9%
50,000		Bertelsmann AG, 3.625%, 10/06/2015, (EUR)		65,489
205,000		Hypothekenbank in Essen AG, Series REGS, 3.000%, 9/28/2009, (EUR)		314,609
24,000,000		Kreditanstalt fuer Wiederaufbau, 2.050%, 2/16/2026, (JPY)		220,998
275,000		Kreditanstalt fuer Wiederaufbau, 2.500%, 10/11/2010, (EUR)		410,786
5,000,000		Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037, (JPY)		48,272
225,000		Muenchener Hypothekenbank eG, 5.000%, 1/16/2012, (EUR)		352,106
610,000		Republic of Germany, 3.750%, 1/04/2017, (EUR)(d)		901,628
95,000		Republic of Germany, 4.000%, 4/13/2012, (EUR)		145,992
265,000		Republic of Germany, 4.000%, 1/04/2037, (EUR)		360,803

				2,820,683

		Ireland — 1.5%
20,000,000		Depfa ACS Bank, Series 686, 1.650%, 12/20/2016, (JPY)		182,547

		Japan — 5.2%
26,000,000		Development Bank of Japan, 1.750%, 6/21/2010, (JPY)		248,147
20,000,000		Japan Finance Corp. for Municipal Enterprises, 1.900%, 6/22/2018, (JPY)		189,877
20,987,200		Japan Government, 0.800%, 3/10/2016, (JPY)		195,177

				633,201

		Mexico — 0.7%
10,000	(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		86,599

		Netherlands — 0.7%
50,000		Cemex Finance Europe BV, 4.750%, 3/05/2014, (EUR)		67,015
10,000		Wolters Kluwer NV, 5.125%, 1/27/2014, (EUR)		14,912

				81,927

		Singapore — 6.7%
290,000		Government of Singapore, 3.625%, 7/01/2011, (SGD)		224,305
770,000		Government of Singapore, 4.625%, 7/01/2010, (SGD)		602,277

				826,582

		Spain — 1.8%
23,000,000		Instituto de Credito Oficial, Series EMTN, 0.800%, 9/28/2009, (JPY)		216,046

		Supranational — 12.9%
80,100,000		European Investment Bank, 1.400%, 6/20/2017, (JPY)		740,295
921,000,000		European Investment Bank, Series EMTN, 144A, Zero Coupon, 4/24/2013, (IDR)		57,268
43,000,000		Inter-American Development Bank, 1.900%, 7/08/2009, (JPY)		408,688
40,000,000		Nordic Investment Bank, 1.700%, 4/27/2017, (JPY)		379,354

				1,585,605

		United Kingdom — 8.1%
50,000		BAT International Finance PLC, Series EMTN, 5.375%, 6/29/2017, (EUR)		72,473
50,000		BP Capital Markets PLC, Series EMTN, 5.750%, 2/26/2010, (GBP)		98,840

LOOMIS SAYLES INTERNATIONAL BOND FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United Kingdom — continued
	50,000	BSKYB Finance UK PLC, Series EMTN, 5.750%, 10/20/2017, (GBP)	$	86,429
	500,000	HSBC Bank PLC, 144A, Zero Coupon, 6/04/2013, (MYR)		125,448
	65,000	Lloyds TSB Group PLC, 5.875%, 7/08/2014, (EUR)		100,116
	50,000	Network Rail MTN Finance PLC, Series EMTN, 4.875%, 3/06/2009, (GBP)		98,855
	100,000	Standard Chartered Bank, Series 17, 5.875%, 9/26/2017, (EUR)		145,587
	70,000	United Kingdom Treasury, 4.000%, 9/07/2016, (GBP)		129,082
	75,000	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)		137,796

				994,626

		United States — 18.1%
	50,000	3M Co., 5.000%, 7/14/2014, (EUR)		75,404
	25,000	Ahold Finance USA, Inc., Series EMTN, 6.500%, 3/14/2017, (GBP)		46,808
	60,000	Albertson’s, Inc., Senior Note, 8.000%, 5/01/2031		61,370
	60,000	ALLTEL Corp., 7.000%, 7/01/2012		61,200
	100,000	AT&T, Inc., Series EMTN, 6.125%, 4/02/2015, (EUR)(d)		155,855
	97,930,000	Barclays Financial LLC, 144A, 4.741%, 3/23/2009, (KRW)		94,536
	50,000	Bristol-Myers Squibb Co., 4.625%, 11/15/2021, (EUR)		66,928
	50,000	Cargill, Inc., Series EMTN, 5.375%, 3/02/2037, (GBP)		81,308
	60,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		56,100
	50,000	CIT Group, Inc., Series EMTN, 3.800%, 11/14/2012, (EUR)		56,461
	50,000	CIT Group, Inc., Series GMTN, 4.250%, 9/22/2011, (EUR)		59,265
	60,000	Citizens Communications Co., 6.250%, 1/15/2013		55,650
	60,000	CSX Corp., 5.600%, 5/01/2017		55,348
	50,000	Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038, (GBP)		97,122
	45,000	HCA, Inc., 8.360%, 4/15/2024		38,302
	60,000	Host Hotels & Resorts LP, 6.375%, 3/15/2015		53,100
	400,000	HSBC Bank USA, 144A, Zero Coupon, 5/17/2012, (MYR)		112,575
	100,000	HSBC Bank USA,144A, Zero Coupon, 11/28/2011		68,150
	91,600,000	JPMorgan Chase & Co., 144A, Zero Coupon, 11/01/2012, (KRW)		63,224
	336,500	JPMorgan Chase & Co., Series EMTN, 144A, Zero Coupon, 11/01/2012, (MYR)		85,971
	25,000	Lehman Brothers Holdings, Inc., Series EMTN, 5.000%, 1/26/2010, (GBP)		46,890
	75,000	Level 3 Financing, Inc., 8.750%, 2/15/2017(c)		64,500
	50,000	Morgan Stanley, 3.750%, 3/01/2013, (EUR)		68,704
	25,000	Morgan Stanley, 5.375%, 11/14/2013, (GBP)		44,683
	75,000	Motorola, Inc., 6.625%, 11/15/2037(c)		59,003
	50,000	Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014, (EUR)		73,999
	100,000	Pfizer, Inc., 4.750%, 12/15/2014, (EUR)		151,155
	70,000	Qwest Corp., 6.875%, 9/15/2033		57,750
	70,000	SLM Corp., 4.500%, 7/26/2010(c)		64,772
	50,000	Textron, Inc., 3.875%, 3/11/2013, (EUR)		71,608
	50,000	Wells Fargo & Co., 4.625%, 11/02/2035, (GBP)		79,372

				2,227,113

		Total Bonds and Notes (Identified Cost $11,686,122)		11,561,102


Shares/ Principal Amount (‡)
	Short-Term Investments — 4.0%
$	146,160	State Street Navigator Securities Lending Prime Portfolio(e)		146,160
	347,000	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2008 at 1.300% to be repurchased at $347,013 on 7/1/2008, collateralized by $330,000 Federal Home Loan Mortgage Corp., 5.500% due 8/23/2017 valued at $354,338 including accrued interest(f)		347,000

		Total Short-Term Investments (Identified Cost $493,160)		493,160

		Total Investments — 98.0% (Identified Cost $12,179,282)(a)		12,054,262
		Other assets less liabilities—2.0%		247,427

		Net Assets — 100%	$	12,301,689

(‡)	Principal amount is in U.S. dollars unless otherwise noted.

LOOMIS SAYLES INTERNATIONAL BOND FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

(†)

Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) are generally valued on the basis of evaluated bids furnished to the Fund by a pricing service recommended by the investment adviser and the subadvisers and approved by the Board of Trustees, which service determines valuations for normal, institutional size-trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Equity securities, including closed-end investment companies and exchange-traded funds, for which market quotations are readily available, are valued at market value, as reported by pricing services recommended by the investment adviser and the subadvisers and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s investment adviser using consistently applied procedures under the general supervision of the Board of Trustees. Investments in other open-end investment companies are valued at their net asset value each day.

(††)	Amount shown represents units. One unit represents a principal of 100.

(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):

At June 30, 2008, the net unrealized depreciation on investments based on a cost of $12,197,580 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	92,336
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(235,654	)

Net unrealized depreciation	$	(143,318	)

(b)	Variable rate security. Rate as of June 30, 2008 is disclosed.

(c)

(d)	All or a portion of this security is held as collateral for open forward contracts.

(e)	Represents investment of securities lending collateral.

LOOMIS SAYLES INTERNATIONAL BOND FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

(f)


144A		Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At June 30, 2008, the total value of these amounted to $743,402 or 6.0% of net assets.
EMTN		Euro Medium Term Note
GMTN		Global Medium Term Note
CAD		Canadian Dollar
CHF		Swiss Franc
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
MYR		Malaysian Ringgit
SGD		Singapore Dollar

New Accounting Pronouncements

In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”) was issued and will be effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of FAS 161 will have on the Fund’s financial statement disclosures.

Forward Foreign Currency Contracts


Contract to Buy/Sell	Delivery Date	Currency	Units	Value		Unrealized Appreciation (Depreciation)
Buy	9/12/2008	Iceland Krona	7,944,000	$	99,814	$	184

Sell	9/12/2008	Euro	64,000		100,389		(759	)

Buy	9/17/2008	Euro	412,000		646,089		2,413

Sell	9/17/2008	Canadian Dollar	300,000		293,908		(1,336	)

Buy	9/17/2008	Iceland Krona	5,500,000		69,061		(1,040	)

Buy	6/15/2009	Chinese Yuan Renminbi	800,000		123,940		1,653

Net Asset Summary at June 30, 2008 (Unaudited)


Sovereigns	33.8	%
Banking	20.1
Supranational	12.9
Brokerage	3.3
Telecommunications	3.2
Government Guaranteed	2.0
Other Investments, less than 2% each	18.7
Short-Term Investments	4.0

Total Investments	98.0
Other assets less liabilities	2.0

Net Assets	100.0	%

LOOMIS SAYLES INTERNATIONAL BOND FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

Currency Exposure at June 30, 2008 as a Percentage of Net Assets (Unaudited)


Euro	42.2	%
Japanese Yen	23.0
United States Dollar	10.2
British Pound	7.7
Singapore Dollar	6.7
Malaysian Ringgit	2.6
Canadian Dollar	2.3
Other, less than 2% each	3.3

Total Investments	98.0
Other assets less liabilities	2.0

Net Assets	100.0	%

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2008 (Unaudited)


Principal Amount		Description	Value (†)
	Bonds and Notes – 96.6% of Net Assets
	Non-Convertible Bonds – 95.0%
		ABS Car Loan – 0.9%
$	19,100,000	ARG Funding Corp., Series 2005-2A, Class A5, 2.642%, 5/20/2011, 144A (b)	$	17,494,475
	26,520,000	Capital One Auto Finance Trust, Series 2006-C, Class A4, 2.501%, 5/15/2013 (b)		23,541,282

				41,035,757

		ABS Credit Card – 1.8%
	29,080,000	Chase Issuance Trust, Series 2007-B1, Class B1, 2.721%, 4/15/2019 (b)		23,217,763
	27,750,000	Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		26,535,938
	10,000,000	MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 7/15/2014		9,860,008
	19,060,000	MBNA Credit Card Master Note Trust, Series 2005-B2, Class B, 2.651%, 12/17/2012 (b)		18,356,230

				77,969,939

		ABS Other – 0.4%
	16,965,000	CIT Equipment Collateral, Series 2008-VT1, Class A3, 6.590%, 12/22/2014		16,855,576

		Airlines – 1.9%
	710,099	Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016		628,438
	22,350,000	Continental Airlines, Inc., Series A, 5.983%, 4/19/2022		18,494,625
	9,788,000	Continental Airlines, Inc., Series B, 6.903%, 4/19/2022		7,243,120
	895,012	Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 8/10/2022		756,285
	19,800,670	Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 8/10/2022		15,642,530
	11,415,000	Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017		9,246,150
	8,115,000	Qantas Airways Ltd., 6.050%, 4/15/2016, 144A		7,356,312
	30,702,080	United Air Lines, Inc., 6.636%, 7/02/2022		25,098,950

				84,466,410

		Asset-Backed Securities – 0.0%
	504,318	Community Program Loan Trust, Series 1987-A, Class A4, 4.500%, 10/01/2018		498,641
	1,700,000	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		1,519,680

				2,018,321

		Automotive – 0.9%
	10,665,000	Cummins, Inc., 5.650%, 3/01/2098		7,322,749
	3,389,000	Cummins, Inc., 6.750%, 2/15/2027		2,967,232
	665,000	Cummins, Inc., 7.125%, 3/01/2028		630,987
	1,990,000	Ford Motor Co., 6.375%, 2/01/2029		1,044,750
	130,000	Ford Motor Co., 6.500%, 8/01/2018 (c)		75,400
	260,000	Ford Motor Co., 6.625%, 2/15/2028 (c)		141,700
	5,185,000	Ford Motor Co., 6.625%, 10/01/2028		2,773,975
	8,730,000	Ford Motor Co., 7.450%, 7/16/2031		5,085,225
	245,000	Ford Motor Co., 7.500%, 8/01/2026		139,650
	11,830,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		10,093,001
	345,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013 (c)		254,062
	700,000	Ford Motor Credit Co. LLC, 7.375%, 10/28/2009		637,545
	1,540,000	Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		1,119,213
	935,000	Ford Motor Credit Co. LLC, 8.625%, 11/01/2010		793,164
	2,135,000	Ford Motor Credit Co. LLC, 9.750%, 9/15/2010		1,861,470
	575,000	General Motors Corp., 7.400%, 9/01/2025		296,125
	8,985,000	General Motors Corp., 8.250%, 7/15/2023 (c)		5,233,763
	245,000	General Motors Corp., 8.375%, 7/15/2033 (c)		145,163

				40,615,174

		Banking – 2.7%
	2,595,000	BAC Capital Trust VI, 5.625%, 3/08/2035		2,113,041
	3,120,000,000	Barclays Financial LLC, 4.060%, 9/16/2010, (KRW), 144A		3,005,019
	180,000,000	Barclays Financial LLC, 4.160%, 2/22/2010, (THB), 144A		5,239,204
	3,500,000,000	Barclays Financial LLC, 4.460%, 9/23/2010, (KRW), 144A		3,399,790
	52,000,000	Barclays Financial LLC, Series EMTN, 4.100%, 3/22/2010, (THB), 144A		1,511,525
	16,371,250,000	BNP Paribas SA, Series EMTN, Zero Coupon, 6/13/2011, (IDR), 144A		1,255,721
	9,860,000	Citibank NA, 15.000%, 7/02/2010, (BRL), 144A		6,437,877
	20,990,000	HSBC Bank USA, Zero Coupon, 4/18/2012, (MYR), 144A		5,965,207
	28,000,000	HSBC Bank USA, Zero Coupon, 5/17/2012, (MYR), 144A		7,880,275
	4,500,000	HSBC Bank USA, 3.310%, 8/25/2010, 144A		5,279,850
	700,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		627,320
	18,000,000	JPMorgan Chase & Co., Zero Coupon, 5/17/2010, (BRL), 144A		8,594,481

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount		Description	Value (†)
		Banking – continued
$	22,683,264,000	JPMorgan Chase & Co., Zero Coupon, 3/28/2011, (IDR), 144A	$	1,785,630
	17,920,000,000	JPMorgan Chase & Co., Zero Coupon, 3/28/2011, (IDR), 144A		1,409,305
	68,827,366,920	JPMorgan Chase & Co., Zero Coupon, 4/12/2012, (IDR), 144A		4,738,787
	24,108,050	JPMorgan Chase & Co., Series EMTN, Zero Coupon, 6/08/2012, (MYR), 144A		6,279,529
	24,124,936,500	JPMorgan Chase London, Zero Coupon, 10/21/2010, (IDR), 144A		2,005,091
	1,700,000	Kaupthing Bank, 3.413%, 1/15/2010, 144A (b)(c)		1,475,416
	17,900,000	Kaupthing Bank, Series D, 5.750%, 10/04/2011, 144A		13,559,250
	2,700,000	Kaupthing Bank, Series E, 6.125%, 10/04/2016, 144A (c)		1,768,500
	100,000	Keybank NA, 6.950%, 2/01/2028		89,676
	329,700,000	Kreditanstalt fuer Wiederaufbau, Series EMTN, 10.000%, 10/27/2008, (ISK)		4,167,607
	30,000,000	Kreditanstalt Fuer Wiederaufbau, Series EMTN, 10.750%, 2/01/2010, (ISK)		382,463
	13,950,000	PNC Bank NA, 6.875%, 4/01/2018		13,838,330
	330,000,000	Rabobank Nederland, Series EMTN, 12.500%, 2/17/2009, (ISK)		4,219,833
	1,176,000,000	Rabobank Nederland, Series EMTN, 14.000%, 1/28/2009, (ISK), 144A		14,980,664

				122,009,391

		Brokerage – 4.0%
	370,000	Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		311,526
	975,000	Bear Stearns Cos., Inc. (The), 5.300%, 10/30/2015		912,627
	2,150,000	Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017		2,124,611
	16,850,000	Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		17,584,070
	25,655,000	Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037		22,083,773
	1,120,000	Lehman Brothers Holdings, Inc., Series MTN, 6.000%, (fixed rate to 5/3/2027, variable rate thereafter), 5/03/2032		856,287
	109,500,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		86,965,557
	10,000,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		4,974,736
	43,590,000	Morgan Stanley, Series F, MTN, 6.625%, 4/01/2018		41,302,615

				177,115,802

		Building Materials – 0.7%
	10,000,000	Masco Corp., 5.850%, 3/15/2017 (c)		9,063,910
	6,465,000	Owens Corning, Inc., 6.500%, 12/01/2016		5,886,234
	20,368,000	Owens Corning, Inc., 7.000%, 12/01/2036		17,015,590
	1,060,000	USG Corp., 6.300%, 11/15/2016		853,300

				32,819,034

		Chemicals – 2.1%
	22,665,000	Lubrizol Corp., 6.500%, 10/01/2034		20,605,114
	2,400,000	Methanex Corp., 6.000%, 8/15/2015		2,232,979
	68,560,000	PPG Industries, Inc., 6.650%, 3/15/2018		69,875,530

				92,713,623

		Construction Machinery – 0.2%
	6,935,000	Toro Co., 6.625%, 5/01/2037		7,092,154

		Consumer Cyclical Services – 0.4%
	19,330,000	Western Union Co., 6.200%, 11/17/2036		18,038,582

		Distributors – 1.5%
	61,345,000	Equitable Resources, Inc., 6.500%, 4/01/2018		61,433,459
	5,865,000	ONEOK, Inc., 6.000%, 6/15/2035		5,188,273

				66,621,732

		Electric – 6.0%
	40,400,000	Ameren Energy Generating Co., Series G, 7.000%, 4/15/2018, 144A		40,456,318
	500,000	Baltimore Gas & Electric Co., 5.200%, 6/15/2033		390,465
	11,360,000	Bruce Mansfield Unit, 6.850%, 6/01/2034		11,373,973
	26,290,000	Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036		22,270,785
	895,000	Commonwealth Edison Co., 4.700%, 4/15/2015 (c)		831,428
	1,700,000	Commonwealth Edison Co., 5.875%, 2/01/2033		1,537,097
	2,750,000	Constellation Energy Group, Inc., 4.550%, 6/15/2015		2,449,851
	960,000	Dominion Resources, Inc., 5.950%, 6/15/2035		861,595
	5,500,000	Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		5,993,702
	1,000,000	Empresa Nacional de Electricidad SA (Endesa-Chile), 8.350%, 8/01/2013		1,106,268
	47,570,000	Illinois Power Co., 6.250%, 4/01/2018, 144A		45,793,593
	1,905,000	ITC Holdings Corp., 5.875%, 9/30/2016, 144A		1,850,018
	2,830,000	ITC Holdings Corp., 6.375%, 9/30/2036, 144A		2,570,418
	10,206,405	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A		10,225,389
	1,500,000	MidAmerican Energy Holdings Co., 5.875%, 10/01/2012		1,542,807
	1,000,000	MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		960,265

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount		Description	Value (†)
		Electric – continued
$	7,185,000	MidAmerican Energy Holdings Co., 6.500%, 9/15/2037	$	7,256,649
	27,500,000	Nisource Finance Corp., 6.400%, 3/15/2018		26,541,185
	21,585,000	Nisource Finance Corp., 6.800%, 1/15/2019 (c)		21,167,309
	38,500	Quezon Power Philippines Co., 8.860%, 6/15/2017		37,923
	51,115,000	Southwestern Electric Power Co., 6.450%, 1/15/2019		50,813,064
	500,000	SP Powerassets Ltd., 3.730%, 10/22/2010, (SGD)		371,219
	6,570,000	Toledo Edison Co., 6.150%, 5/15/2037		5,697,938
	1,075,000	White Pine Hydro LLC, 6.310%, 7/10/2017 (d)		1,037,375
	1,600,000	White Pine Hydro LLC, 6.960%, 7/10/2037 (d)		1,515,830

				264,652,464

		Entertainment – 0.2%
	3,565,000	Time Warner, Inc., 6.500%, 11/15/2036		3,173,556
	1,805,000	Time Warner, Inc., 6.625%, 5/15/2029		1,642,507
	755,000	Time Warner, Inc., 6.950%, 1/15/2028		724,441
	505,000	Time Warner, Inc., 7.625%, 4/15/2031		512,699
	330,000	Time Warner, Inc., 7.700%, 5/01/2032		337,855
	3,590,000	Viacom, Inc., Class B, 6.875%, 4/30/2036		3,371,322

				9,762,380

		Food & Beverage – 1.4%
	6,845,000	Anheuser-Busch Cos, Inc., 5.950%, 1/15/2033		6,044,163
	8,760,000	Anheuser-Busch Cos, Inc., 6.450%, 9/01/2037		8,372,230
	2,500,000	Cargill, Inc., 5.375%, 3/02/2037, (GBP)		4,065,414
	1,525,000	Cia Brasileira de Bebidas, 8.750%, 9/15/2013		1,723,250
	6,080,000	Corn Products International, Inc., 6.625%, 4/15/2037		6,137,930
	9,925,000	Kraft Foods, Inc., 6.500%, 8/11/2017		9,937,635
	21,385,000	Kraft Foods, Inc., 6.500%, 11/01/2031 (c)		19,792,972
	8,080,000	Kraft Foods, Inc., 7.000%, 8/11/2037		7,999,927

				64,073,521

		Foreign Agency – 0.0%
	220,000	Alberta Municipal Funding Corp., 5.700%, 9/01/2011, (CAD)		227,465

		Foreign Local Governments – 0.0%
	28,763	Province of Alberta, 5.930%, 9/16/2016, (CAD)		30,545
	500,000	Province of Nova Scotia, 6.600%, 6/01/2027, (CAD)		598,725

				629,270

		Government Guaranteed – 1.0%
	45,000,000	Canada Housing Trust, 4.100%, 12/15/2008, (CAD)		44,346,425

		Government Owned - No Guarantee – 0.8%
	39,780,000	DP World Ltd., 6.850%, 7/02/2037, 144A		34,134,104

		Government Sponsored – 0.3%
	15,000,000	Queensland Treasury Corp., 7.125%, 9/18/2017, (NZD), 144A		11,475,907

		Health Insurance – 0.1%
	5,455,000	CIGNA Corp., 6.150%, 11/15/2036 (c)		4,805,157

		Healthcare – 3.6%
	7,535,000	Covidien International Finance SA, 6.000%, 10/15/2017		7,626,121
	7,590,000	Covidien International Finance SA, 6.550%, 10/15/2037		7,655,350
	9,130,000	HCA, Inc., 5.750%, 3/15/2014		7,600,725
	1,305,000	HCA, Inc., 6.250%, 2/15/2013		1,132,087
	3,250,000	HCA, Inc., 6.300%, 10/01/2012		2,916,875
	3,565,000	HCA, Inc., 6.375%, 1/15/2015		2,958,950
	4,015,000	HCA, Inc., 6.500%, 2/15/2016		3,342,487
	365,000	HCA, Inc., 6.750%, 7/15/2013		320,287
	3,000,000	HCA, Inc., 7.050%, 12/01/2027		2,271,876
	2,290,000	HCA, Inc., 7.190%, 11/15/2015		1,972,528
	1,910,000	HCA, Inc., 7.500%, 12/15/2023		1,553,057
	250,000	HCA, Inc., 7.500%, 11/06/2033		192,500
	1,225,000	HCA, Inc., 7.580%, 9/15/2025		993,593
	3,890,000	HCA, Inc., 7.690%, 6/15/2025		3,181,118
	1,640,000	HCA, Inc., 7.750%, 7/15/2036		1,296,969
	3,830,000	HCA, Inc., 8.360%, 4/15/2024		3,259,912
	2,865,000	Hospira, Inc., 6.050%, 3/30/2017		2,764,917
	57,190,000	Medco Health Solutions, Inc., 7.125%, 3/15/2018		59,391,472
	530,000	Owens & Minor, Inc., 6.350%, 4/15/2016		520,560
	24,355,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		20,158,439
	565,000	UnitedHealth Group, Inc., 6.500%, 6/15/2037		515,223
	2,810,000	UnitedHealth Group, Inc., 6.625%, 11/15/2037		2,587,816
	27,070,000	WellPoint, Inc., 6.375%, 6/15/2037		24,427,427

				158,640,289

		Home Construction – 0.6%
	850,000	Centex Corp., 5.250%, 6/15/2015		671,500

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount		Description	Value (†)
		Home Construction – continued
$	3,685,000	D.R. Horton, Inc., 5.250%, 2/15/2015	$	2,929,575
	2,050,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		2,060,250
	2,605,000	Lennar Corp., Series B, 5.600%, 5/31/2015		1,904,906
	1,870,000	Lennar Corp., Series B, 6.500%, 4/15/2016		1,432,888
	2,945,000	Pulte Homes, Inc., 5.200%, 2/15/2015		2,400,175
	250,000	Pulte Homes, Inc., 5.250%, 1/15/2014		208,750
	9,400,000	Pulte Homes, Inc., 6.000%, 2/15/2035		7,332,000
	3,645,000	Pulte Homes, Inc., 6.375%, 5/15/2033		2,824,875
	3,605,000	Toll Brothers Finance Corp., 5.150%, 5/15/2015		3,121,944

				24,886,863

		Hybrid ARMS – 0.0%
	160,196	Wells Fargo Mortgage Backed Securities Trust, 6.025%, 9/25/2036 (b)		155,529

		Independent Energy – 2.1%
	4,020,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		4,022,159
	13,905,000	Anadarko Petroleum Corp., 6.450%, 9/15/2036		13,725,459
	10,875,000	Apache Corp., 6.000%, 1/15/2037		10,670,887
	1,190,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		1,695,605
	500,000	Devon Financing Corp. LLC, 7.875%, 9/30/2031		590,549
	48,640,000	Questar Market Resources, Inc., 6.800%, 4/01/2018		47,525,317
	3,585,000	Talisman Energy, Inc., 5.850%, 2/01/2037		3,088,825
	3,515,000	Talisman Energy, Inc., 6.250%, 2/01/2038		3,231,044
	160,000	XTO Energy, Inc., 6.100%, 4/01/2036		152,395
	6,230,000	XTO Energy, Inc., 6.750%, 8/01/2037		6,317,307

				91,019,547

		Integrated Energy – 0.0%
	1,581,593	PF Export Receivables Master Trust, 6.436%, 6/01/2015, 144A		1,621,133

		Life Insurance – 0.5%
	15,400,000	ASIF Global Financing XXVII, 2.380%, 2/26/2009, (SGD), 144A		11,306,229
	9,260,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		8,837,652

				20,143,881

		Local Authorities – 0.7%
	19,325,000	Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011, (AUD)		17,918,365
	14,895,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		12,555,294

				30,473,659

		Media Cable – 3.0%
	16,501,000	Comcast Corp., 5.650%, 6/15/2035		14,021,494
	2,195,000	Comcast Corp., 6.450%, 3/15/2037		2,042,867
	4,610,000	Comcast Corp., 6.500%, 11/15/2035		4,382,381
	32,715,000	Comcast Corp., 6.950%, 8/15/2037		32,178,114
	3,750,000	Cox Communications, Inc., Class A, 6.750%, 3/15/2011 (c)		3,870,154
	75,000,000	Time Warner Cable, Inc., 6.750%, 7/01/2018		75,497,325
	350,000	Virgin Media Finance PLC, 9.750%, 4/15/2014, (GBP)		639,632

				132,631,967

		Media Non-Cable – 0.6%
	2,500,000	Clear Channel Communications, Inc., 4.250%, 5/15/2009		2,412,500
	1,000,000	Clear Channel Communications, Inc., 5.750%, 1/15/2013		673,750
	7,700,000	News America, Inc., 6.150%, 3/01/2037		7,089,490
	4,095,000	News America, Inc., 6.200%, 12/15/2034		3,776,335
	9,760,000	News America, Inc., 6.400%, 12/15/2035		9,236,064
	1,005,000	R.H. Donnelley Corp., 6.875%, 1/15/2013		597,975
	555,000	R.H. Donnelley Corp., 8.875%, 10/15/2017, 144A		330,225
	1,665,000	R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		990,675
	1,950,000	R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		1,160,250
	1,760,000	R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016		1,056,000

				27,323,264

		Metals & Mining – 1.2%
	12,775,000	Newmont Mining Corp., 5.875%, 4/01/2035		10,933,867
	1,500,000	Teck Cominco Ltd., 7.000%, 9/15/2012		1,601,940
	1,985,000	United States Steel Corp., 6.050%, 6/01/2017		1,853,901
	4,712,000	United States Steel Corp., 6.650%, 6/01/2037		4,151,145
	31,890,000	United States Steel Corp., 7.000%, 2/01/2018		31,819,874
	3,735,000	Vale Overseas Ltd., 6.875%, 11/21/2036		3,468,825

				53,829,552

		Mortgage Related – 0.1%
	3,000,000	Bank of America-First Union NB Commercial Mortgage, Series 2001-3, Class A2, 5.464%, 4/11/2037		3,004,024
	1,837,510	CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020		1,724,962
	183,018	Federal Home Loan Mortgage Corp., 5.000%, 12/01/2031		176,699

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount			Description	Value (†)
			Mortgage Related – continued
$	35,979		Federal National Mortgage Association, 6.000%, 7/01/2029	$	36,642

					4,942,327

			Non-Captive Consumer – 3.2%
	88,895,000		American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		77,477,771
	400,000		Countrywide Financial Corp., Series A, MTN, 3.079%, 12/19/2008 (b)		390,020
	1,170,000		Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		1,065,149
	180,000		Residential Capital LLC, 8.125%, 11/21/2008 (c)		157,500
	840,000		Residential Capital LLC, 8.375%, 6/30/2010 (c)		352,800
	20,645,000		Residential Capital LLC, 8.500%, 4/17/2013		8,051,550
	385,000		Residential Capital LLC, 8.875%, 6/30/2015		150,150
	10,807,000		Residential Capital LLC, 9.625%, 5/15/2015, 144A		5,241,395
	200,000		SLM Corp., 4.000%, 1/15/2010		186,312
	5,150,000		SLM Corp., 6.500%, 6/15/2010, (NZD)		3,494,982
	3,190,000		SLM Corp., Series A, MTN, 5.000%, 10/01/2013		2,758,278
	2,090,000		SLM Corp., Series A, MTN, 5.000%, 4/15/2015		1,768,497
	960,000		SLM Corp., Series A, MTN, 5.000%, 6/15/2018		733,138
	1,370,000		SLM Corp., Series A, MTN, 5.375%, 1/15/2013		1,206,651
	1,470,000		SLM Corp., Series A, MTN, 5.375%, 5/15/2014		1,291,442
	300,000		SLM Corp., Series A, MTN, 5.400%, 10/25/2011		273,957
	690,000		SLM Corp., Series A, MTN, 5.625%, 8/01/2033		519,535
	30,945,000		SLM Corp., Series A, MTN, 8.450%, 6/15/2018		29,686,653
	3,200,000		SLM Corp., Series EMTN, 4.750%, 3/17/2014, (EUR)		3,962,830
	630,000		SLM Corp., Series MTN, 5.050%, 11/14/2014		535,053
	310,000		SLM Corp., Series MTN, 5.125%, 8/27/2012		269,736
	23,775	(†††)	SLM Corp., Series MTN, 6.000%, 12/15/2043		414,576

					139,987,975

			Non-Captive Diversified – 4.0%
	780,000		CIT Group, Inc., 5.125%, 9/30/2014		558,674
	500,000		CIT Group, Inc., 5.400%, 2/13/2012		396,911
	7,550,000		CIT Group, Inc., 5.500%, 12/01/2014, (GBP)		10,206,875
	87,745,000		CIT Group, Inc., 7.625%, 11/30/2012		72,931,714
	2,370,000		CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		1,785,345
	1,750,000		CIT Group, Inc., Series EMTN, 3.800%, 11/14/2012, (EUR)		1,976,146
	350,000		CIT Group, Inc., Series EMTN, 4.650%, 9/19/2016, (EUR)		361,138
	2,050,000		CIT Group, Inc., Series EMTN, 5.000%, 5/13/2014, (EUR)		2,301,677
	4,250,000		CIT Group, Inc., Series EMTN, 5.500%, 12/20/2016, (GBP)		5,608,902
	5,450,000		CIT Group, Inc., Series GMTN, 4.250%, 9/22/2011, (EUR)		6,459,904
	450,000		CIT Group, Inc., Series GMTN, 5.000%, 2/13/2014		323,138
	1,450,000		CIT Group, Inc., Series MTN, 4.250%, 3/17/2015, (EUR)		1,542,060
	21,120,000		General Electric Capital Corp., 6.500%, 9/28/2015, (NZD)		13,852,593
	4,200,000		General Electric Capital Corp., 6.625%, 2/04/2010, (NZD)		3,100,834
	6,200,000		General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012, (SGD)		4,364,507
	13,400,000		General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012, (SGD)		9,611,569
	12,325,000		General Electric Capital Corp., Series EMTN, 6.750%, 9/26/2016, (NZD)		8,080,774
	2,055,000		GMAC LLC, 4.750%, 9/14/2009, (EUR)		2,685,462
	1,345,000		GMAC LLC, 6.000%, 12/15/2011		925,552
	1,310,000		GMAC LLC, 6.625%, 5/15/2012		898,682
	1,670,000		GMAC LLC, 6.750%, 12/01/2014		1,102,943
	1,500,000		GMAC LLC, 6.875%, 9/15/2011		1,077,858
	400,000		GMAC LLC, 6.875%, 8/28/2012		273,911
	1,210,000		GMAC LLC, 7.000%, 2/01/2012		841,079
	2,335,000		GMAC LLC, 8.000%, 11/01/2031		1,519,100
	5,045,000		GMAC LLC, Series EMTN, 5.375%, 6/06/2011, (EUR)		5,242,450
	380,000		GMAC LLC, Series EMTN, 5.750%, 9/27/2010, (EUR)		436,753
	5,225,000		iStar Financial, Inc., 5.150%, 3/01/2012		4,310,625
	1,000,000		iStar Financial, Inc., 5.375%, 4/15/2010 (c)		900,000
	310,000		iStar Financial, Inc., 5.500%, 6/15/2012		254,200
	3,700,000		iStar Financial, Inc., 5.650%, 9/15/2011		3,163,500
	765,000		iStar Financial, Inc., 5.800%, 3/15/2011		650,250
	385,000		iStar Financial, Inc., 5.850%, 3/15/2017		304,631

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount		Description	Value (†)
		Non-Captive Diversified – continued
$	1,605,000	iStar Financial, Inc., 5.875%, 3/15/2016	$	1,264,459
	745,000	iStar Financial, Inc., 6.050%, 4/15/2015		596,000
	535,000	iStar Financial, Inc., 8.625%, 6/01/2013		489,525
	335,000	iStar Financial, Inc., Series B, 5.125%, 4/01/2011		286,425
	254,000	iStar Financial, Inc., Series B, 5.700%, 3/01/2014		213,360
	5,680,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		4,657,600
	575,000	Prologis, 5.625%, 11/15/2015		540,207
	470,000	Prologis, 5.750%, 4/01/2016 (c)		442,644
	745,000	Simon Property Group LP, 5.750%, 12/01/2015		723,037

				177,263,014

		Oil Field Services – 0.1%
	600,000	Transocean Sedco Forex, Inc., 7.375%, 4/15/2018		653,472
	3,840,000	Weatherford International Ltd., 6.500%, 8/01/2036		3,757,367

				4,410,839

		Paper – 2.3%
	1,395,000	Bowater, Inc., 6.500%, 6/15/2013		878,850
	575,000	Georgia-Pacific Corp., 7.250%, 6/01/2028		480,125
	2,460,000	Georgia-Pacific Corp., 7.375%, 12/01/2025 (c)		2,078,700
	285,000	Georgia-Pacific Corp., 7.750%, 11/15/2029		250,800
	1,340,000	Georgia-Pacific LLC, 8.000%, 1/15/2024		1,239,500
	2,280,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		2,109,000
	750,000	International Paper Co., 4.000%, 4/01/2010		726,094
	300,000	International Paper Co., 5.250%, 4/01/2016		256,441
	989,000	International Paper Co., 5.500%, 1/15/2014		908,803
	74,330,000	International Paper Co., 7.950%, 6/15/2018		73,916,279
	22,860,000	Weyerhaeuser Co., 6.875%, 12/15/2033		21,225,076

				104,069,668

		Pharmaceuticals – 1.2%
	20,830,000	Astrazeneca PLC, 6.450%, 9/15/2037		21,205,919
	28,670,000	Johnson & Johnson, 5.950%, 8/15/2037		29,763,875
	500,000	Schering-Plough Corp., 5.550%, 12/01/2013		503,312

				51,473,106

		Pipelines – 5.5%
	1,174,000	Colorado Interstate Gas Co., 5.950%, 3/15/2015		1,149,938
	125,000	Colorado Interstate Gas Co., 6.800%, 11/15/2015		127,682
	2,010,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		1,832,406
	2,470,000	El Paso Corp., 6.950%, 6/01/2028		2,274,875
	540,000	Energy Transfer Partners LP, 6.125%, 2/15/2017		522,954
	1,605,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		1,493,929
	9,455,000	Enterprise Products Operating LP, 6.300%, 9/15/2017		9,388,890
	4,390,000	Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		3,808,795
	82,600,000	Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018		80,473,298
	310,000	Kinder Morgan Finance, 5.700%, 1/05/2016		275,900
	320,000	Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		282,400
	31,430,000	NGPL Pipeco LLC, 7.119%, 12/15/2017, 144A		32,123,377
	4,665,000	ONEOK Partners LP, 6.650%, 10/01/2036		4,446,347
	10,115,000	Panhandle Eastern Pipeline Co., 6.200%, 11/01/2017		9,580,817
	48,630,000	Panhandle Eastern Pipeline Co., 7.000%, 6/15/2018		48,531,086
	2,130,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		2,093,247
	16,025,000	Plains All American Pipeline LP, 6.500%, 5/01/2018, 144A		15,965,227
	4,595,000	Plains All American Pipeline LP, 6.650%, 1/15/2037		4,285,233
	4,215,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		4,026,737
	2,415,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		2,355,246
	20,000,000	Texas Eastern Transmission LP, 6.000%, 9/15/2017, 144A		19,878,000

				244,916,384

		Property & Casualty Insurance – 1.1%
	3,460,000	Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		3,359,075
	12,652,000	Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		12,543,914
	10,125,000	Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		8,495,432
	15,875,000	Travelers Cos., Inc. (The), 6.250%, 6/15/2037		14,756,670
	2,830,000	Travelers Property Casualty Corp., 6.375%, 3/15/2033		2,702,924
	675,000	White Mountains RE Group, 6.375%, 3/20/2017, 144A		603,964
	4,830,000	Willis North America, Inc., 6.200%, 3/28/2017 (c)		4,268,005

				46,729,984

		Railroads – 1.1%
	1,530,000	Canadian Pacific Railway Co., 5.750%, 3/15/2033		1,234,649

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount			Description	Value (†)
			Railroads – continued
$	15,830,000		Canadian Pacific Railway Co., 5.950%, 5/15/2037	$	13,134,784
	5,000,000		Canadian Pacific Railway Ltd., 4.900%, 6/15/2010, (CAD), 144A		4,902,030
	10,105,000		CSX Corp., 6.000%, 10/01/2036 (c)		8,756,316
	18,555,000		CSX Corp., 6.250%, 3/15/2018		17,861,878
	195,000		Missouri Pacific Railroad Co., 4.750%, 1/01/2020		156,000
	243,000		Missouri Pacific Railroad Co., 4.750%, 1/01/2030		199,260
	1,738,000		Missouri Pacific Railroad Co., 5.000%, 1/01/2045		1,077,560
	1,700,000		Union Pacific Corp., 5.375%, 6/01/2033		1,457,568

					48,780,045

			REITs – 1.5%
	12,015,000		Camden Property Trust, 5.700%, 5/15/2017		10,507,598
	4,000,000		Colonial Realty LP, 4.800%, 4/01/2011		3,773,180
	625,000		Colonial Realty LP, 5.500%, 10/01/2015		550,094
	525,000		Colonial Realty LP, 6.050%, 9/01/2016		459,648
	4,230,000		Duke Realty LP, 5.950%, 2/15/2017		3,906,743
	20,000,000		Duke Realty LP, 6.500%, 1/15/2018		19,044,540
	5,000,000		Equity One, Inc., 6.000%, 9/15/2017		4,393,230
	1,010,000		ERP Operating LP, 5.125%, 3/15/2016		910,780
	2,420,000		ERP Operating LP, 5.750%, 6/15/2017		2,233,742
	10,500,000		First Industrial LP, 5.950%, 5/15/2017		9,225,520
	3,500,000		Highwoods Properties, Inc., 5.850%, 3/15/2017		3,022,758
	2,195,000		Highwoods Properties, Inc., 7.500%, 4/15/2018		2,085,592
	7,075,000		Realty Income Corp., 6.750%, 8/15/2019		6,663,568

					66,776,993

			Restaurants – 0.0%
	1,000,000		McDonald’s Corp., 3.628%, 10/10/2010, (SGD)		743,968

			Retailers – 3.2%
	50,000		Home Depot, Inc., 5.400%, 3/01/2016		45,913
	31,427,000		Home Depot, Inc., 5.875%, 12/16/2036		25,673,533
	8,170,000		J.C. Penney Corp., Inc., 5.750%, 2/15/2018		7,289,462
	15,655,000		J.C. Penney Corp., Inc., 6.375%, 10/15/2036		13,074,962
	12,000		J.C. Penney Corp., Inc., 7.125%, 11/15/2023		11,867
	7,385,000		J.C. Penney Corp., Inc., 7.400%, 4/01/2037		6,630,733
	8,845,000		J.C. Penney Corp., Inc., 7.625%, 3/01/2097		7,227,444
	7,575,000		Lowes Cos., Inc., 6.650%, 9/15/2037		7,383,762
	17,730,000		Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		13,655,327
	6,715,000		Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		5,505,239
	6,730,000		Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		5,687,267
	8,240,000		Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		7,617,221
	2,078,000		Target Corp., 6.500%, 10/15/2037		1,998,984
	37,872,000		Target Corp., 7.000%, 1/15/2038		38,829,934

					140,631,648

			Sovereigns – 13.8%
	133,990,000		Canadian Government, 3.750%, 6/01/2012, (CAD)		132,888,856
	4,250,000		Canadian Government, 4.000%, 6/01/2016, (CAD)		4,262,545
	26,235,000		Canadian Government, 4.250%, 9/01/2008, (CAD)		25,786,301
	5,600,000		Canadian Government, 4.250%, 12/01/2008, (CAD)		5,520,369
	38,265,000		Canadian Government, 4.250%, 9/01/2009, (CAD)		37,948,658
	275,170,000		Canadian Government, 5.250%, 6/01/2012, (CAD)		287,629,154
	9,600,000		Canadian Government, 5.500%, 6/01/2010, (CAD)		9,802,883
	3,430,000		Canadian Government, 5.750%, 6/01/2033, (CAD)		4,217,820
	4,200,900	(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		36,379,205
	770,000	(††)	Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012, (MXN)		7,501,548
	29,165,000		New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010, (AUD)		27,752,007
	15,145,000		New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012, (AUD)		13,887,822
	325,000		Republic of Brazil, 8.875%, 4/15/2024 (c)		413,562
	24,705,000		Republic of Brazil, 10.250%, 1/10/2028, (BRL)		13,022,098
	250,000		Republic of Brazil, 11.000%, 8/17/2040		330,625
	6,285,000		Republic of Brazil, 12.500%, 1/05/2022, (BRL)		3,812,714

					611,156,167

			Supermarkets – 0.4%
	1,000,000		Albertson’s, Inc., 6.625%, 6/01/2028		857,640
	1,900,000		Albertson’s, Inc., 7.450%, 8/01/2029		1,797,324
	3,340,000		Kroger Co., 6.400%, 8/15/2017		3,406,656

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount		Description	Value (†)
		Supermarkets – continued
$	11,100,000	Safeway, Inc., 6.350%, 8/15/2017	$	11,423,776

				17,485,396

		Supranational – 1.8%
	80,900,000	Eurofima, Series EMTN, 10.000%, 11/03/2008, (ISK)		1,020,322
	90,000,000	Eurofima, Series EMTN, 11.000%, 2/05/2010, (ISK)		1,152,116
	15,500,000	European Investment Bank, 4.600%, 1/30/2037, (CAD), 144A		14,635,545
	113,651,400,000	European Investment Bank, Series EMTN, Zero Coupon, 4/24/2013, (IDR), 144A		7,066,849
	22,000,000	Inter-American Development Bank, Series EMTN, Zero Coupon, 5/11/2009, (BRL)		12,389,495
	331,380,000,000	Inter-American Development Bank, Series EMTN, Zero Coupon, 5/20/2013, (IDR)		20,691,482
	13,265,000	Inter-American Development Bank, Series EMTN, 6.000%, 12/15/2017, (NZD)		9,300,446
	429,100,000	International Bank for Reconstruction & Development, 9.500%, 5/27/2010, (ISK)		5,464,585
	643,900,000	Nordic Investment Bank, 13.000%, 9/12/2008, (ISK)		8,169,020
	26,200,000	Nordic Investment Bank, Series EMTN, 11.250%, 4/16/2009, (ISK)		331,847


				80,221,707

		Technology – 4.9%
	8,895,000	Agilent Technologies, Inc., 6.500%, 11/01/2017		8,664,015
	2,035,000	Arrow Electronics, Inc., 6.875%, 7/01/2013		2,078,358
	2,000,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		2,006,236
	9,000,000	Avnet, Inc., 5.875%, 3/15/2014		8,666,199
	6,230,000	Avnet, Inc., 6.000%, 9/01/2015		6,039,443
	1,540,000	Avnet, Inc., 6.625%, 9/15/2016		1,539,319
	260,000	Corning, Inc., 6.850%, 3/01/2029		254,352
	6,650,000	Corning, Inc., 7.250%, 8/15/2036		6,745,554
	56,440,000	Dun & Bradstreet Corp., 6.000%, 4/01/2013		56,227,052
	8,915,000	Equifax, Inc., 7.000%, 7/01/2037		8,204,697
	1,660,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016 (c)		1,265,750
	2,965,000	Intuit, Inc., 5.750%, 3/15/2017		2,784,927
	55,000,000	KLA-Tencor Corp., 6.900%, 5/01/2018		53,920,130
	38,725,000	Koninklijke (Royal) Philips Electronics N.V., 6.875%, 3/11/2038		39,980,426
	4,700,000	Lucent Technologies, Inc., 6.450%, 3/15/2029		3,595,500
	4,680,000	Motorola, Inc., 5.220%, 10/01/2097		2,603,484
	1,000,000	Motorola, Inc., 6.500%, 9/01/2025		746,710
	4,150,000	Motorola, Inc., 6.500%, 11/15/2028		3,241,826
	6,145,000	Motorola, Inc., 6.625%, 11/15/2037		4,834,308
	1,625,000	Motorola, Inc., 8.000%, 11/01/2011 (c)		1,659,442
	2,920,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		3,145,792

				218,203,520

		Textile – 0.3%
	25,000	Kellwood Co., 7.625%, 10/15/2017 (d)		16,125
	15,228,000	VF Corp., 6.450%, 11/01/2037		14,405,277

				14,421,402

		Tobacco – 0.2%
	8,305,000	Reynolds American, Inc., 6.750%, 6/15/2017		8,261,722
	2,035,000	Reynolds American, Inc., 7.250%, 6/15/2037		2,002,715

				10,264,437

		Transportation Services – 0.8%
	8,390,000	Erac USA Finance Co., 6.375%, 10/15/2017, 144A		7,497,304
	2,310,000	Erac USA Finance Co., 6.700%, 6/01/2034, 144A		1,891,846
	31,995,000	Erac USA Finance Co., 7.000%, 10/15/2037, 144A		26,612,833

				36,001,983

		Treasuries – 6.4%
	279,500,000	U.S. Treasury Notes, 4.250%, 11/15/2017 (c)		285,504,778

		Wireless – 0.9%
	1,000,000	America Movil SAB de CV, 4.125%, 3/01/2009		1,001,670
	1,700,000	Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		1,411,000
	635,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		536,575
	14,820,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		11,893,050
	9,397,000	Sprint Capital Corp., 6.875%, 11/15/2028		7,823,002
	2,375,000	Sprint Capital Corp., 6.900%, 5/01/2019		2,084,063
	93,000	Sprint Nextel Corp., 6.000%, 12/01/2016		79,980
	5,345,000	Vodafone Group PLC, 5.000%, 9/15/2015		5,057,236
	12,805,000	Vodafone Group PLC, 6.150%, 2/27/2037		11,710,390

				41,596,966

		Wirelines – 2.6%
	19,610,000	AT&T Corp., 6.500%, 3/15/2029		18,619,617

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount	Description	Value (†)
	Wirelines – continued
$1,205,000	AT&T, Inc., 6.150%, 9/15/2034	$	1,125,918
14,830,000	AT&T, Inc., 6.500%, 9/01/2037		14,352,756
1,590,000	Bell Canada, 5.000%, 2/15/2017, (CAD)		1,266,168
415,000	Bell Canada, 7.300%, 2/23/2032, (CAD)		353,472
3,250,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		2,435,731
8,125,000	BellSouth Corp., 6.000%, 11/15/2034		7,440,574
350,000	GTE Corp., 6.940%, 4/15/2028		346,499
1,625,000	Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030		1,868,144
65,000	Level 3 Financing, Inc., 8.750%, 2/15/2017 (c)		55,900
560,000	Level 3 Financing, Inc., 9.250%, 11/01/2014 (c)		509,600
620,000	New England Telephone & Telegraph, 7.875%, 11/15/2029		662,889
1,735,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,422,700
2,955,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028 (c)		2,364,000
4,465,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		3,851,062
1,140,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		971,850
340,000	Qwest Corp., 6.500%, 6/01/2017		303,450
8,275,000	Qwest Corp., 6.875%, 9/15/2033		6,826,875
890,000	Qwest Corp., 7.200%, 11/10/2026		747,600
1,050,000	Qwest Corp., 7.250%, 9/15/2025		929,250
4,295,000	Qwest Corp., 7.250%, 10/15/2035		3,607,800
2,470,000	Qwest Corp., 7.500%, 6/15/2023		2,198,300
2,905,000	Telecom Italia Capital, 6.000%, 9/30/2034		2,486,143
2,850,000	Telecom Italia Capital, 6.375%, 11/15/2033		2,537,267
10,520,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		10,796,150
1,000,000	Telekom Malaysia Berhad, 7.875%, 8/01/2025, 144A		1,134,581
14,445,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		13,145,984
7,175,000	Verizon Communications, 5.850%, 9/15/2035		6,323,937
5,674,000	Verizon Maryland, Inc., 5.125%, 6/15/2033		4,381,503
1,330,000	Verizon New York, Inc., Series B, 7.375%, 4/01/2032		1,351,061

			114,416,781

	Total Non-Convertible Bonds (Identified Cost $4,298,703,195)		4,214,202,960

Convertible Bonds – 0.7%
	Independent Energy – 0.1%
$500,000	Devon Energy Corp., 4.900%, 8/15/2008		928,750
1,750,000	Devon Energy Corp., 4.950%, 8/15/2008		3,250,625

			4,179,375

	Media Non-Cable – 0.0%
540,568	Liberty Media LLC, 3.500%, 1/15/2031		309,475

	Non-Captive Consumer – 0.1%
810,000	Countrywide Financial Corp., Series A, Zero Coupon, 4/15/2037		780,637
2,260,000	Countrywide Financial Corp., Series B, 0.426%, 5/15/2037 (b)		2,115,925

			2,896,562

	Non-Captive Diversified – 0.2%
9,920,000	iStar Financial, Inc., 3.291%, 10/01/2012 (b)(c)		7,737,600

	Pharmaceuticals – 0.1%
3,997,000	Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013 (c)		6,295,275
360,000	Watson Pharmaceuticals, Inc., 1.750%, 3/15/2023		342,900

			6,638,175

	Technology – 0.0%
710,000	Avnet, Inc., 2.000%, 3/15/2034		733,963

	Wireless – 0.1%
5,200,000	NII Holdings, Inc., 3.125%, 6/15/2012		4,381,000

	Wirelines – 0.1%
2,735,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		2,218,769
230,000	Level 3 Communications, Inc., 5.250%, 12/15/2011		208,438
275,000	Level 3 Communications, Inc., 6.000%, 9/15/2009		261,937
3,760,000	Level 3 Communications, Inc., 6.000%, 3/15/2010 (c)		3,496,800

			6,185,944

	Total Convertible Bonds (Identified Cost $31,286,861)		33,062,094

Municipals – 0.9%
	Alabama – 0.0%
1,025,000	Alabama Public School & College Authority ( Capital Improvement), 4.500%, 12/01/2026		991,298

	California – 0.3%
1,075,000	San Diego Unified School District (Election 1998), 4.500%, 7/01/2029, Series F-1, (FSA insured)		997,460
480,000	San Jose California Redevelpoment Agency Tax Allocation (Merged Area Redevelopment), 3.750%, 8/01/2028, Series C, (MBIA insured)		388,243

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount		Description	Value (†)
		California – continued
$	1,305,000	San Jose Redevelopment Agency Tax Allocation (Merged Area), 3.750%, 8/01/2028, Series C, (MBIA insured)	$	1,063,288
	1,620,000	State of California, 4.500%, 8/01/2027, (AMBAC insured)		1,532,520
	4,515,000	State of California, 4.500%, 10/01/2029		4,155,967
	1,315,000	State of California, 4.500%, 8/01/2030, (AMBAC insured)		1,203,370
	1,135,000	State of California, 4.500%, 8/01/2030		1,040,227
	840,000	State of California (Various Purpose), 3.250%, 12/01/2027, (MBIA insured)		641,206
	3,965,000	State of California (Various Purpose), 4.500%, 12/01/2033, (AMBAC insured)		3,566,280
	280,000	University of California Regents Medical Center, 4.750%, 5/15/2031, Series A, (MBIA insured)		267,935

				14,856,496

		District Of Columbia – 0.0%
	1,025,000	District of Columbia, 4.750%, 6/01/2036, Series A, (FGIC insured)		960,282

		Florida – 0.1%
	1,025,000	Florida State Turnpike Authority (Department of Transportation), 3.500%, 7/01/2027, Series A, (MBIA insured)		827,329
	1,625,000	Jea, Florida Water & Sewer Systems Revenue, 4.750%, 10/01/2041, Series B, (MBIA insured)		1,521,942

				2,349,271

		Illinois – 0.1%
	1,770,000	Chicago Board of Education, 4.750%, 12/01/2031, Series B, (FSA insured)		1,735,609
	540,000	Chicago O’Hare International Airport, 4.500%, 1/01/2038, Series A, (FSA insured)		484,466

				2,220,075

		Louisiana – 0.0%
	1,025,000	State of Louisiana, 3.250%, 5/01/2026, Series C, (FSA insured)		813,163

		Massachusetts – 0.0%
	1,025,000	Massachusetts School Building Authority, 4.750%, 8/15/2032, Series A, (AMBAC insured)		1,001,917

		Michigan – 0.1%
	620,000	Grosse Pointe Public School System, 3.000%, 5/01/2027, (FGIC insured)		452,811
	2,665,000	Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034		2,440,021

				2,892,832

		Nebraska – 0.1%
	2,560,000	Omaha Public Power District, 4.500%, 2/01/2034, Series AA, (FGIC insured)		2,315,110

		Ohio – 0.1%
	6,570,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047		5,482,139

		Texas – 0.1%
	2,920,000	Harris County, TX, 4.500%, 10/01/2031, Series B		2,758,787

		Wisconsin – 0.0%
	700,000	Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2026, (FSA insured)		586,075
	755,000	Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2029, (FSA insured)		608,319
	260,000	Wisconsin Housing & Economic Development Authority, 4.900%, 11/01/2035, Series E		246,854

				1,441,248

		Total Municipals (Identified Cost $38,597,760)		38,082,618

		Total Bonds and Notes (Identified Cost $4,368,587, 816)		4,285,347,672


Shares/ Principal Amount
	Short-Term Investments – 8.8% of Net Assets
$	324,132,504	State Street Navigator Securities Lending Prime Portfolio(e)		324,132,504
	68,273,000	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation,, dated 6/30/08 at 1.300% to be repurchased at $68,275,465 on 7/01/08 collateralized by $9,735,000 Federal Farm Credit Bank, 5.850% due 3/16/2016 valued at $10,075,725; $50,000,000 Federal Home Loan Mortgage Corp., 5.750% due 6/27/2016 valued at $50,500,000; $8,445,000 Federal Home Loan Mortgage Corp., 5.500% due 8/23/2017 valued at $9,067,819 including accrued interest(f)		68,273,000

		Total Short-Term Investments (Identified Cost $392,405,504)		392,405,504

		Total Investments - 105.4% (Identified Cost $4,760,993,320)(a)		4,677,753,176
		Other assets less liabilities — (5.4)%		(240,379,492	)

		Net Assets — 100.0%	$	4,437,373,684

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

(†)

(††)	Amount shown represents units. One unit represents a principal amount of 100.

(†††)

Amount shown represents units. One unit represents a principal amount of 25.

(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):

At June 30, 2008, the net unrealized depreciation on investments based on a cost of $4,762,644,723 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	73,364,943
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(158,256,490	)

Net unrealized depreciation	$	(84,891,547	)

At September 30, 2007, the Fund had capital loss carryforward of approximately $1,968,385 of which $215,200 expires on September 30, 2014 and $1,753,185 expires on September 30, 2015. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b)	Variable rate security. Rate as of June 30, 2008 is disclosed.

(c)

(d)	Illiquid Security. At June 30, 2008, the value of these securities amounted to $2,569,330 or 0.1% of net assets.

(e)	Represents investment of securities lending collateral.

(f)

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


144A		Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2008, the total value of these securities amounted to $444,825,321 or 10.0% of net assets.

ABS		Asset-Back Securities
AMBAC		American Municipal Bond Assurance Corp.
EMTN		Euro Medium Term Note
FGIC		Financial Guarantee Insurance Company
FSA		Financial Security Assurance, Inc.
GMTN		Global Medium Term Note
MBIA		Municipal Bond Investors Assurance Corp.
MTN		Medium Term Note
REITs		Real Estate Investment Trusts

AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
ISK		Iceland Krona
KRW		South Korean Won
MXN		Mexican Peso
MYR		Malaysian Ringgit
NZD		New Zealand Dollar
SGD		Singapore Dollar
THB		Thailand Baht

New Accounting Pronouncements

In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”) was issued and will be effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of FAS 161 will have on the Fund’s financial statement disclosures.

Net Asset Summary at June 30, 2008 (Unaudited)


Sovereigns	13.8	%
Treasuries	6.4
Electric	6.0
Pipelines	5.5
Technology	4.9
Non-Captive Diversified	4.2
Brokerage	4.0
Healthcare	3.6
Non-Captive Consumer	3.3
Retailers	3.2
Media Cable	3.0
Banking	2.7
Wirelines	2.7
Paper	2.3
Independent Energy	2.2
Chemicals	2.1
Other Investments, less than 2% each	26.7
Short-Term Investments	8.8

Total Investments	105.4
Other assets less liabilities	(5.4	)

Net Assets	100.0	%

Currency Exposure at June 30, 2008 as a Percentage of Net Assets (Unaudited)


United States Dollar	83.3	%
Canadian Dollar	13.3
Other Investments, less than 2% each	8.8

Total Investments	105.4
Other assets less than liabilities	(5.4	)

Net Assets	100.0	%

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND — PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2008 (Unaudited)


Principal Amount		Description	Value (†)
	Bonds and Notes — 98.9% of Net Assets
		ABS Credit Card — 3.4%
$	1,150,000	Capital One Multi-Asset Execution Trust, Series 2008-A6, Class A6, 3.571%, 3/17/2014(b)	$	1,159,842
	2,000,000	Citibank Credit Card Issuance Trust, Series 2008-A3, Class A3, 3.361%, 5/18/2011(b)		2,008,800
	600,000	Discover Card Master Trust, Series 2008-A3, Class A3, 5.100%, 10/15/2013		604,246

				3,772,888

		Agency — 3.8%
	4,200,000	Federal Home Loan Bank, 3.625%, 11/14/2008		4,216,027

		Asset-Backed Securities — 5.3%
	666,005	Americredit Automobiles Receivables Trust, Series 2007-DF, Class A2A, 5.660%, 1/06/2011		668,967
	493,595	Americredit Prime Automobile, Series 2007-2M, Class A2B, 2.828%, 11/08/2010(b)		489,837
	731,938	CNH Equipment Trust, Series 2007-B, Class A2A, 5.460%, 6/15/2010		737,421
	1,035,000	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		800,640
	1,814,933	Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021		1,639,626
	169,929	Residential Funding Mortgage Securities II, Series 2004-HI3, Class A4, 4.630%, 1/25/2020		164,195
	660,000	Residential Funding Mortgage Securities II, Series 2005-HI3, Class A4, 5.490%, 9/25/2035		488,194
	853,476	Residential Funding Mortgage Securities II, Series 2002-HI5, Class A7, 5.700%, 1/25/2028		805,663

				5,794,543

		Automotive — 1.8%
	380,000	Honda Auto Receivables Owner Trust, Series 2008-1, Class A2, 3.770%, 9/20/2010		380,695
	425,000	Nissan Auto Receivables Owner Trust, Series 2008-B, Class A3, 4.460%, 4/16/2012		426,683
	1,200,000	USAA Auto Owner Trust, 4.270%, 10/15/2010		1,206,448

				2,013,826

		Collateralized Mortgage Obligation — 0.1%
	159,998	Federal Home Loan Mortgage Corporation, Series 3145, Class KA, 5.000%, 8/15/2024		162,022

		Hybrid ARMs — 2.3%
	816,100	JPMorgan Mortgage Trust, Series 2006-A7, Class 1A3, 5.937%, 1/25/2037(b)		813,331
	1,865,357	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.589%, 7/25/2035(b)		1,709,680

				2,523,011

		Mortgage Backed Securities — 2.7%
	1,400,000	Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.768%, 6/10/2046(b)		1,369,274
	1,560,000	GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039		1,546,983

				2,916,257

		Mortgage Related — 71.9%
	782,178	FHLMC, 4.500%, 5/01/2034		727,930
	8,491,647	FHLMC, 5.000%, with various maturities from 2019 to 2030(c)		8,454,333
	2,287,921	FHLMC, 5.500%, 12/01/2034		2,262,540
	5,319,949	FHLMC, 6.000%, with various maturities from 2019 to 2021(c)		5,451,874
	9,135,857	FHLMC, 6.500%, with various maturities from 2014 to 2034(c)		9,482,329
	222,416	FHLMC, 7.000%, 2/01/2016		233,642
	31,751	FHLMC, 7.500%, with various maturities from 2012 to 2026(c)		33,208
	16,130	FHLMC, 8.000%, with various maturities from 2010 to 2015(c)		17,114
	5,560	FHLMC, 10.000%, 7/01/2019		6,297
	201,415	FHLMC, 11.500%, with various maturities from 2015 to 2020(c)		219,606
	12,045,117	FNMA, 4.000%, with various maturities from 2018 to 2019(c)		11,434,714
	2,507,791	FNMA, 4.500%, with various maturities from 2019 to 2035(c)		2,376,637
	1,895,333	FNMA, 5.000%, 6/01/2035		1,823,111
	4,205,086	FNMA, 5.500%, with various maturities from 2017 to 2036(c)		4,181,095
	18,613,863	FNMA, 6.000%, with various maturities from 2017 to 2034(c)		19,090,189
	3,100,644	FNMA, 6.045%, 2/01/2037(b)		3,172,203

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND — PORTFOLIO OF INVESTMENTS (CONTINUED)

Investments as of June 30, 2008 (Unaudited)


Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	6,330,177	FNMA, 6.500%, with various maturities from 2017 to 2037(c)	$	6,536,997
	600,000	FNMA, 6.625%, 9/15/2009(d)		626,042
	282,462	FNMA, 7.000%, 12/01/2022		299,205
	512,235	FNMA, 7.500%, with various maturities from 2015 to 2032(c)		546,730
	82,361	FNMA, 8.000%, with various maturities from 2015 to 2016(c)		86,906
	117,549	GNMA, 6.000%, 12/15/2031		119,909
	442,502	GNMA, 6.500%, 5/15/2031		459,466
	325,681	GNMA, 7.000%, 10/15/2028		347,277
	5,040	GNMA, 9.000%, with various maturities from 2008 to 2009(c)		5,098
	2,595	GNMA, 9.500%, 8/15/2009		2,672
	7,280	GNMA, 12.500%, with various maturities from 2014 to 2015(c)		8,404
	71,298	GNMA, 16.000%, with various maturities from 2011 to 2012(c)		81,544
	30,049	GNMA, 17.000%, with various maturities in 2011(c)		34,591
	985,000	Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		982,977

				79,104,640

		Treasuries — 7.6%
	4,285,000	U.S. Treasury Notes, 4.250%, 11/15/2017(d)		4,377,059
	640,000	U.S. Treasury Notes, 4.500%, 11/30/2011(d)		669,550
	360,000	U.S. Treasury Notes, 3.625%, 12/31/2012(d)		365,484
	3,015,000	U.S. Treasury STRIPS, Zero Coupon, 11/15/2009		2,911,574

				8,323,667

		Total Bonds and Notes (Identified Cost $109,820,462)		108,826,881


Shares/ Principal Amount
	Short-Term Investments — 3.4%
$	3,000,385	State Street Navigator Securities Lending Prime Portfolio(e)		3,000,385
	693,442	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2008 at 1.300% to be repurchased at $693,467 on 7/01/2008, collateralized by $685,000 Federal Farm Credit Bank, 5.850% due 3/16/2016 valued at $708,975 including accrued interest(f)		693,442

		Total Short-Term Investments (Identified Cost $3,693,827)		3,693,827

		Total Investments — 102.3% (Identified Cost $113,514,289)(a)		112,520,708
		Other assets less liabilities—(2.3)%		(2,489,216	)

		Net Assets — 100%	$	110,031,492

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

(†)

(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):

At June 30, 2008, the net unrealized depreciation on investments based on a cost of $113,585,251 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	413,843
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,478,386	)

Net unrealized depreciation	$	(1,064,543	)

At September 30, 2007, the Fund had a capital loss carryover of approximately $16,683,265 of which $4,165,768 expires on September 30, 2008, $4,128,091 expires on September 30, 2009, $663,109 expires on September 30, 2010, $425,323 expires on September 30, 2011, $193,904 expires on September 30, 2012, $2,770,324 expires on September 30, 2014 and $4,336,746 expires on September 30, 2015. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations. The Fund also had deferred net capital losses (post – October 2006) of $368,090.

(b)	Variable rate security. Rate as of June 30, 2008 is disclosed.

(c)

The Fund’s investment in mortgage related securities of the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

(d)

(e)	Represents investment of securities lending collateral.

(f)


ARM		Adjustable Rate Mortgage
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
STRIPS		Separate Trading of Registered Interest and Principal of Securities

New Accounting Pronouncements

Net Asset Summary at June 30, 2008 (Unaudited)


Mortgage Related	71.9	%
Treasuries	7.6
Asset-Backed Securities	5.3
Agency	3.8
ABS Credit Card	3.4
Mortgage Backed Securities	2.7
Hybrid ARMs	2.3
Other Investments, less than 2% each	1.9
Short-Term Investments	3.4

Total Investments	102.3
Other assets less liabilities	(2.3	)

Net Assets	100.0	%

LOOMIS SAYLES RESEARCH FUND - PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2008 (Unaudited)


Shares	Description	Value (†)
Common Stocks – 99.8% of Net Assets
	Aerospace & Defense – 2.7%
3,590	Boeing Co.	$	235,935
3,331	Lockheed Martin Corp.		328,636
1,596	Precision Castparts Corp.		153,807

			718,378

	Biotechnology – 3.1%
4,237	Celgene Corp.(b)		270,617
4,009	Genzyme Corp.(b)		288,728
4,865	Gilead Sciences, Inc.(b)		257,602

			816,947

	Capital Markets – 2.8%
2,126	Goldman Sachs Group, Inc.		371,837
5,748	State Street Corp.		367,815

			739,652

	Chemicals – 1.9%
2,551	Monsanto Co.		322,548
756	Potash Corp. of Saskatchewan, Inc.		172,799

			495,347

	Commercial Banks – 2.4%
6,718	PNC Financial Services Group, Inc.(c)		383,598
10,976	Wells Fargo & Co.		260,680

			644,278

	Communications Equipment – 5.1%
21,819	Cisco Systems, Inc.(b)		507,510
11,244	Corning, Inc.		259,174
2,820	Harris Corp.(c)		142,382
6,130	QUALCOMM, Inc.		271,988
1,465	Research In Motion Ltd.(b)		171,259

			1,352,313

	Computers & Peripherals – 7.0%
4,006	Apple, Inc.(b)		670,765
15,136	Dell, Inc.(b)(c)		331,176
19,435	Hewlett-Packard Co.		859,221

			1,861,162

	Consumer Finance – 0.9%
6,456	American Express Co.		243,198

	Containers & Packaging – 1.1%
5,471	Owens-Illinois, Inc.(b)		228,086
3,402	Pactiv Corp.(b)(c)		72,224

			300,310

	Diversified Financial Services – 2.9%
13,226	Bank of America Corp.(c)		315,705
13,743	JPMorgan Chase & Co.		471,522

			787,227

	Diversified Telecommunication Services – 3.2%
21,528	AT&T, Inc.		725,278
3,837	Verizon Communications, Inc.		135,830

			861,108

	Electric Utilities – 3.4%
2,923	Exelon Corp.		262,953
5,402	FirstEnergy Corp.		444,747
2,959	FPL Group, Inc.(c)		194,051

			901,751

	Electrical Equipment – 1.0%
5,438	Emerson Electric Co.		268,909

	Energy Equipment & Services – 4.1%
9,108	Halliburton Co.(c)		483,362
5,773	Nabors Industries Ltd.(b)(c)		284,205
3,126	Schlumberger Ltd.		335,826

			1,103,393

	Food & Staples Retailing – 7.3%
10,344	Costco Wholesale Corp.(c)		725,528
18,758	Kroger Co. (The)		541,544
12,007	Wal-Mart Stores, Inc.		674,793

			1,941,865

	Health Care Equipment & Supplies – 4.0%
4,624	Baxter International, Inc.		295,658
2,034	Becton, Dickinson & Co.		165,364
2,037	C.R. Bard, Inc.		179,154
9,131	Covidien Ltd.		437,284

			1,077,460

	Health Care Providers & Services – 0.9%
5,212	Medco Health Solutions, Inc.(b)(c)		246,006

	Household Products – 3.2%
13,885	Procter & Gamble Co. (The)		844,347

	Insurance – 6.0%
5,597	ACE Ltd.(c)		308,339
3,650	Aflac, Inc.		229,220
10,069	Chubb Corp. (The)(c)		493,482
10,742	Metlife, Inc.		566,855

			1,597,896

	Internet & Catalog Retail – 1.7%
3,860	Priceline.com, Inc.(b)(c)		445,676

	Internet Software & Services – 0.9%
6,618	Akamai Technologies, Inc.(b)(c)		230,240

	Machinery – 5.4%
7,353	Danaher Corp.(c)		568,387
4,229	Deere & Co.(c)		305,038
1,641	Eaton Corp.		139,436
1,521	Flowserve Corp.		207,920
1,597	SPX Corp.		210,373

			1,431,154

	Media – 3.8%
15,839	DIRECTV Group, Inc. (The)(b)(c)		410,388
17,219	News Corp., Class A		258,974
11,305	Walt Disney Co. (The)(c)		352,716

			1,022,078

	Metals & Mining – 0.8%
5,851	Steel Dynamics, Inc.(c)		228,599

	Multi-Utilities & Unregulated Power – 0.7%
4,277	Public Service Enterprise Group, Inc.(c)		196,443

	Oil, Gas & Consumable Fuels – 11.0%
6,212	Chevron Corp.		615,796
4,293	ConocoPhillips		405,216
1,287	Devon Energy Corp.		154,646
13,819	ExxonMobil Corp.		1,217,869
2,254	Occidental Petroleum Corp.		202,544
5,032	XTO Energy, Inc.(c)		344,742

			2,940,813

	Pharmaceuticals – 3.9%
6,631	Johnson & Johnson		426,639
8,721	Merck & Co., Inc.		328,694
5,771	Wyeth		276,777

			1,032,110

LOOMIS SAYLES RESEARCH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Shares		Description	Value (†)
		Road & Rail – 2.3%
	2,846	Burlington Northern Santa Fe Corp.(c)	$	284,287
	4,325	Union Pacific Corp.		326,537

				610,824

		Semiconductors & Semiconductor Equipment – 0.9%
	3,719	MEMC Electronic Materials, Inc.(b)(c)		228,867

		Software – 2.6%
	5,925	McAfee, Inc.(b)(c)		201,628
	23,137	Oracle Corp.(b)		485,877

				687,505

		Specialty Retail – 2.1%
	2,340	Autozone, Inc.(b)		283,163
	8,556	Urban Outfitters, Inc.(b)(c)		266,862

				550,025

		Textiles, Apparel & Luxury Goods – 0.7%
	2,752	VF Corp.(c)		195,887

		Total Common Stocks (Identified Cost $26,567,416)		26,601,768


Shares/ Principal Amount
	Short-Term Investments – 25.5%
$	6,664,917	State Street Navigator Securities Lending Prime Portfolio(d)		6,664,917
	122,000	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2008 at 1.300% to be repurchased at $122,004 on 7/1/2008 collateralized by $120,000 Federal Home Loan Mortgage Corp., 5.500% due 8/23/2017 valued at $128,850 including accrued interest(e)		122,000

		Total Short-Term Investments (Identified Cost $6,786,917)		6,786,917

		Total Investments - 125.2% (Identified Cost $33,354,333)(a)		33,388,685
		Other assets less liabilities — (25.3)%		(6,727,939	)

		Net Assets — 100.0%	$	26,660,746

(†)

(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):

At June 30, 2008, the net unrealized appreciation on investments based on a cost of $33,354,333 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	1,686,300
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,651,948	)

Net unrealized appreciation	$	34,352

LOOMIS SAYLES RESEARCH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

(b)	Non-income producing security.

(c)

(d)	Represents investment of securities lending collateral.

(e)

New Accounting Pronouncements

Net Asset Summary at June 30, 2008 (Unaudited)


Oil, Gas & Consumable Fuels	11.0	%
Food & Staples Retailing	7.3
Computers & Peripherals	7.0
Insurance	6.0
Machinery	5.4
Communications Equipment	5.1
Energy Equipment & Services	4.1
Health Care Equipment & Supplies	4.0
Pharmaceuticals	3.9
Media	3.8
Electric Utilities	3.4
Diversified Telecommunication Services	3.2
Household Products	3.2
Biotechnology	3.1
Diversified Financial Services	2.9
Capital Markets	2.8
Aerospace & Defense	2.7
Software	2.6
Commercial Banks	2.4
Road & Rail	2.3
Specialty Retail	2.1
Other Investments, less than 2% each	11.5
Short-Term Investments	25.5

Total Investments	125.3
Other assets less liabilities	(25.3	)

Net Assets	100.0	%

PORTFOLIO OF INVESTMENTS – as of June 30, 2008 (Unaudited)

Loomis Sayles Small Cap Growth Fund


	Shares	Value (†)
COMMON STOCKS – 96.3% of Net Assets
Aerospace & Defense – 2.4%
Curtiss-Wright Corp.(b)	28,087	$	1,256,612
Moog, Inc., Class A(b)(c)	23,174		863,000
Orbital Sciences Corp.(b)(c)	43,474		1,024,248

			3,143,860

Biotechnology – 3.6%
BioMarin Pharmaceutical, Inc.(b)(c)	25,839		748,814
Myriad Genetics, Inc.(b)(c)	13,815		628,859
Rigel Pharmaceuticals, Inc.(b)(c)	39,893		903,976
Third Wave Technologies(b)(c)	104,500		1,166,220
United Therapeutics Corp.(c)	11,643		1,138,103

			4,585,972

Capital Markets – 0.7%
Stifel Financial Corp.(c)	26,779		920,930

Commercial Banks – 1.5%
PrivateBankcorp, Inc.(b)	31,564		958,914
Westamerica Bancorporation(b)	18,579		977,070

			1,935,984

Commercial Services & Supplies – 8.2%
Clean Harbors, Inc.(b)(c)	20,147		1,431,646
FTI Consulting, Inc.(b)(c)	31,495		2,156,148
Geo Group, Inc. (The)(b)(c)	57,078		1,284,255
ICF International, Inc.(b)(c)	81,844		1,360,247
Innerworkings, Inc.(b)(c)	96,265		1,151,329
Team, Inc.(b)(c)	46,466		1,594,713
Waste Connections, Inc.(b)(c)	50,389		1,608,921

			10,587,259

Communications Equipment – 3.3%
Brocade Communications Systems, Inc.(b)(c)	171,726		1,415,022
DG FastChannel, Inc.(b)(c)	68,344		1,178,934
Foundry Networks, Inc.(b)(c)	90,034		1,064,202
Sonus Networks, Inc.(b)(c)	176,339		603,079

			4,261,237

Construction & Engineering – 1.7%
Northwest Pipe Co.(b)(c)	38,431		2,144,450

Diversified Consumer Services – 3.2%
American Public Education, Inc.(b)(c)	37,531		1,465,210
Capella Education Co.(b)(c)	22,907		1,366,402
DeVry, Inc.(b)	23,459		1,257,872

			4,089,484

Diversified Financial Services – 0.5%
Heckmann Corp.(c)	77,006		689,974

PORTFOLIO OF INVESTMENTS – as of June 30, 2008 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued


	Shares	Value (†)
COMMON STOCKS – continued
Diversified Telecommunication Services – 1.1%
NTELOS Holdings Corp.(b)	56,441	$	1,431,908

Electric Utilities – 1.0%
ITC Holdings Corp.(b)	26,124		1,335,198

Electrical Equipment – 0.9%
Woodward Governor Co.(b)	31,155		1,110,987

Electronic Equipment & Instruments – 1.1%
IPG Photonics Corp.(b)(c)	75,290		1,416,205

Energy Equipment & Services – 7.7%
Exterran Holdings, Inc.(b)(c)	19,431		1,389,122
Hornbeck Offshore Services, Inc.(b)(c)	23,885		1,349,741
IHS, Inc., Class A(b)(c)	23,954		1,667,199
Mitcham Industries, Inc.(c)	63,594		1,086,186
T-3 Energy Services, Inc.(c)	25,188		2,001,690
Tesco Corp.(b)(c)	37,766		1,206,624
Trico Marine Services, Inc.(b)(c)	33,441		1,217,921

			9,918,483

Food Products – 1.0%
Flowers Foods, Inc.(b)	45,442		1,287,826

Health Care Equipment & Supplies – 7.6%
Conceptus, Inc.(b)(c)	62,182		1,149,745
Insulet Corp.(b)(c)	58,491		920,063
Masimo Corp.(b)(c)	36,611		1,257,588
Natus Medical, Inc.(b)(c)	82,055		1,718,232
NuVasive, Inc.(b)(c)	36,634		1,636,075
Quidel Corp.(b)(c)	61,271		1,012,197
RTI Biologics, Inc.(c)	114,532		1,002,155
SonoSite, Inc.(c)	37,608		1,053,400

			9,749,455

Health Care Providers & Services – 6.5%
athenahealth, Inc.(c)	36,836		1,133,075
Bio-Reference Labs, Inc.(c)	29,233		652,188
CardioNet, Inc.(b)(c)	40,331		1,074,015
HealthExtras, Inc.(b)(c)	59,817		1,802,885
MWI Veterinary Supply, Inc.(b)(c)	33,848		1,120,707
Psychiatric Solutions, Inc.(b)(c)	36,081		1,365,305
Sun Healthcare Group, Inc.(b)(c)	86,148		1,153,522

			8,301,697

Health Care Technology – 1.5%
Phase Forward, Inc.(b)(c)	71,518		1,285,179
Trizetto Group(b)(c)	31,022		663,250

			1,948,429

Hotels, Restaurants & Leisure – 0.9%
Panera Bread Co., Class A(b)(c)	24,757		1,145,259

PORTFOLIO OF INVESTMENTS - as of June 30, 2008 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued


	Shares	Value (†)
COMMON STOCKS – continued
Insurance – 2.5%
AmTrust Financial Services, Inc.(b)	66,449	$	837,257
Arch Capital Group Ltd.(c)	21,763		1,443,322
eHealth, Inc.(b)(c)	52,284		923,336

			3,203,915

Internet Software & Services – 5.9%
Ariba, Inc.(b)(c)	136,296		2,004,914
Bankrate, Inc.(b)(c)	18,012		703,729
Constant Contact, Inc.(b)(c)	55,777		1,051,396
SkillSoft PLC, ADR(c)	121,667		1,099,870
VistaPrint Ltd.(b)(c)	42,124		1,127,238
Vocus, Inc.(b)(c)	49,929		1,606,216

			7,593,363

IT Services – 1.1%
Syntel, Inc.(b)	40,645		1,370,549

Life Sciences Tools & Services – 2.7%
Icon PLC, Sponsored ADR(c)	20,058		1,514,780
Luminex Corp.(c)	32,901		676,116
Parexel International Corp.(c)	48,423		1,274,009

			3,464,905

Machinery – 4.0%
ESCO Technologies, Inc.(b)(c)	26,143		1,226,630
Freightcar America, Inc.(b)	30,178		1,071,319
Kadant, Inc.(c)	48,652		1,099,535
Kaydon Corp.(b)	21,432		1,101,819
RBC Bearings, Inc.(b)(c)	18,428		614,021

			5,113,324

Media – 2.6%
Knology, Inc.(b)(c)	93,634		1,029,038
Morningstar, Inc.(b)(c)	20,744		1,494,190
RHI Entertainment, Inc.(c)	65,360		849,026

			3,372,254

Oil, Gas & Consumable Fuels – 5.9%
Arena Resources, Inc.(c)	26,324		1,390,434
Carrizo Oil & Gas, Inc.(c)	18,429		1,254,831
Foundation Coal Holdings, Inc.(b)	16,082		1,424,543
Goodrich Petroleum Corp.(b)(c)	12,929		1,072,073
Petroleum Development Corp.(b)(c)	18,366		1,221,155
Rex Energy Corp.(b)(c)	46,477		1,226,993

			7,590,029

Personal Products – 0.5%
Bare Escentuals, Inc.(b)(c)	35,706		668,773

PORTFOLIO OF INVESTMENTS - as of June 30, 2008 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued


	Shares		Value (†)
COMMON STOCKS – continued
REITs – 0.7%
BioMed Realty Trust, Inc.(b)		36,241	$	888,992

Road & Rail – 0.7%
Kansas City Southern(b)(c)		19,853		873,333

Semiconductors & Semiconductor Equipment – 4.2%
ATMI, Inc.(b)(c)		46,762		1,305,595
Cavium Network, Inc.(b)(c)		61,972		1,301,412
Netlogic Microsystems, Inc.(b)(c)		46,723		1,551,204
Varian Semiconductor Equipment Associates, Inc.(b)(c)		35,055		1,220,615

				5,378,826

Software – 7.3%
Advent Software, Inc.(b)(c)		28,220		1,018,178
Blackbaud, Inc.(b)		58,152		1,244,453
Blackboard, Inc.(c)		38,506		1,472,084
Informatica Corp.(b)(c)		87,661		1,318,421
Solera Holdings, Inc.(c)		50,824		1,405,792
Tyler Technologies, Inc.(b)(c)		123,128		1,670,847
Ultimate Software Group, Inc.(b)(c)		35,315		1,258,273

				9,388,048

Specialty Retail – 1.8%
Aeropostale, Inc.(b)(c)		37,612		1,178,384
Gymboree Corp.(b)(c)		27,355		1,096,115

				2,274,499

Textiles, Apparel & Luxury Goods – 0.8%
True Religion Apparel, Inc.(b)(c)		40,373		1,075,940

Wireless Telecommunication Services – 1.2%
SBA Communications Corp., Class A(c)		41,983		1,511,808

TOTAL COMMON STOCKS (Identified Cost $119,837,930)				123,773,155


	Shares/ Principal Amount

SHORT-TERM INVESTMENTS – 31.4%
State Street Navigator Securities Lending Prime Portfolio(d)	$	32,916,487		32,916,487
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08 at 1.300% to be repurchased at $7,520,272 on 7/01/08 collateralized by $7,145,000 Federal Home Loan Mortgage Corp., 5.500% due 8/23/17 valued at $7,671,944 including accrued interest(e)		7,520,000		7,520,000

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $40,436,487)				40,436,487

TOTAL INVESTMENTS – 127.7% (Identified Cost $160,274,417)(a)			$	164,209,642
Other assets less liabilities—(27.7)%				(35,658,954	)

NET ASSETS – 100.0%			$	128,550,688

PORTFOLIO OF INVESTMENTS - as of June 30, 2008 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

(†)

(a)

Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):

At June 30, 2008, the net unrealized appreciation on investments based on a cost of $160,274,417 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	10,373,274
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(6,438,049	)

Net unrealized appreciation	$	3,935,225

At September 30, 2007, the Fund had a capital loss carryforward of approximately $198,807,284 of which $139,524,244 expires on September 30, 2010 and $59,283,040 expires on September 30, 2011. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b)

(c)

Non-income producing security.

(d)

Represents investment of securities lending collateral.

PORTFOLIO OF INVESTMENTS - as of June 30, 2008 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

(e)


ADR		An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs are significantly influenced by trading on exchanges not located in the United States.
REITs		Real Estate Investment Trusts

New Accounting Pronouncement

NET ASSET SUMMARY AT JUNE 30, 2008 (Unaudited)


Commercial Services & Supplies	8.2	%
Energy Equipment & Services	7.7
Health Care Equipment & Supplies	7.6
Software	7.3
Health Care Providers & Services	6.5
Internet Software & Services	5.9
Oil, Gas & Consumable Fuels	5.9
Semiconductors & Semiconductor Equipment	4.2
Machinery	4.0
Biotechnology	3.6
Communications Equipment	3.3
Diversified Consumer Services	3.2
Life Sciences Tools & Services	2.7
Media	2.6
Insurance	2.5
Aerospace & Defense	2.4
Other Investments, less than 2% each	18.7
Short-Term Investments	31.4

Total Investments	127.7
Other assets less liabilities	(27.7	)

Net Assets	100.0	%

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 90.3% of Net Assets
	Non-Convertible Bonds — 85.8%
		Australia — 2.5%
$	119,520,000	New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010, (AUD)	$	113,729,467
	61,765,000	New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012, (AUD)		56,637,920
	1,500,000	Qantas Airways Ltd., 144A, 5.125%, 6/20/2013		1,383,712
	32,710,000	Qantas Airways Ltd., 144A, 6.050%, 4/15/2016		29,651,877
	50,000,000	Queensland Treasury Corp., 144A, 7.125%, 9/18/2017, (NZD)		38,253,023
	79,205,000	Queensland Treasury Corp. Series 11G, 6.000%, 6/14/2011, (AUD)		73,439,799

				313,095,798

		Bermuda — 0.1%
	11,855,000	Weatherford International Ltd., 6.500%, 8/01/2036		11,599,892

		Brazil — 1.6%
	9,922,000	Republic of Brazil, 8.250%, 1/20/2034		12,199,099
	6,000,000	Republic of Brazil, 8.875%, 4/15/2024(b)		7,635,000
	56,700,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		29,886,782
	140,235,000	Republic of Brazil, 12.500%, 1/05/2016, (BRL)(b)		87,031,253
	107,840,000	Republic of Brazil, 12.500%, 1/05/2022, (BRL)(b)		65,419,749

				202,171,883

		Canada — 9.0%
	250,000	Abitibi-Consolidated, Inc., 6.000%, 6/20/2013		112,500
	8,125,000	Abitibi-Consolidated, Inc., 7.400%, 4/01/2018		3,046,875
	12,310,000	Abitibi-Consolidated, Inc., 7.500%, 4/01/2028		4,554,700
	2,960,000	Abitibi-Consolidated, Inc., 8.500%, 8/01/2029		1,095,200
	39,846,000	Abitibi-Consolidated, Inc., 8.850%, 8/01/2030(b)		14,942,250
	9,785,000	Algoma Acquistion Corp., 144A, 9.875%, 6/15/2015		9,295,750
	750,000	Avenor, Inc., 10.850%, 11/30/2014, (CAD)		441,064
	4,370,000	Bell Canada, 144A, 6.550%, 5/01/2029, (CAD)		3,437,030
	5,925,000	Bell Canada, (MTN), 5.000%, 2/15/2017, (CAD)		4,718,269
	8,445,000	Bell Canada, (MTN), 7.300%, 2/23/2032, (CAD)		7,192,950
	33,640,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		25,211,690
	1,950,000	Bombardier, Inc., 144A, 6.300%, 5/01/2014		1,862,250
	2,795,000	Bombardier, Inc., 7.350%, 12/22/2026, (CAD)		2,599,238
	15,600,000	Bombardier, Inc., 144A, 7.450%, 5/01/2034		14,898,000
	121,095,000	Canada Housing Trust, 4.100%, 12/15/2008, (CAD)		119,336,231
	28,000,000	Canadian Government, 3.750%, 6/01/2012, (CAD)		27,769,893
	14,525,000	Canadian Government, 4.000%, 6/01/2016, (CAD)		14,567,876
	137,895,000	Canadian Government, 4.250%, 9/01/2008, (CAD)		135,536,572
	436,930,000	Canadian Government, 4.250%, 12/01/2008, (CAD)		430,716,913
	21,565,000	Canadian Government, 4.250%, 9/01/2009, (CAD)		21,386,719
	62,140,000	Canadian Government, 5.250%, 6/01/2012, (CAD)		64,953,576
	35,580,000	Canadian Government, 5.750%, 6/01/2033, (CAD)		43,752,199
	2,700,000	Canadian Pacific Railway Co., 5.750%, 3/15/2033		2,178,792
	18,680,000	Canadian Pacific Railway Co., 5.950%, 5/15/2037		15,499,543
	6,067,000	CIT Group Funding Co., Canada, 5.200%, 6/01/2015		4,178,865
	15,054,000	Connacher Oil and Gas Ltd., 144A, 10.250%, 12/15/2015		15,881,970
	335,000	GMAC Canada Ltd., Series E, (MTN), 6.625%, 12/17/2010, (GBP)		530,086
	945,000	GMAC Canada Ltd., 7.750%, 9/26/2008, (NZD)		691,455
	9,790,000	Kinder Morgan Finance Co. ULC, Guaranteed Note, 5.700%, 1/05/2016		8,713,100
	5,350,000	Methanex Corp., Senior Note, 6.000%, 8/15/2015		4,977,683
	11,770,000	Nortel Networks Corp., 6.875%, 9/01/2023		8,356,700
	25,890,000	Nortel Networks Ltd., 10.125%, 7/15/2013		25,307,475
	22,930,000	North American Energy Partners, Inc., Senior Note, 8.750%, 12/01/2011		23,159,300
	2,525,000	Rogers Wireless Communications, Inc., Senior Secured Note, 6.375%, 3/01/2014		2,527,924
	2,085,000	Rogers Wireless Communications, Inc., Senior Note, 7.625%, 12/15/2011, (CAD)(b)		2,175,622
	10,000,000	Shaw Communications, Inc., 5.700%, 3/02/2017, (CAD)		9,259,978
	9,170,000	Talisman Energy, Inc., 5.850%, 2/01/2037		7,900,844
	24,260,000	Talisman Energy, Inc., 6.250%, 2/01/2038		22,300,180
	31,690,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		28,840,169

				1,133,907,431

		Cayman Islands — 0.1%
	4,875,000	Empresa-Chile Overseas Co., 7.875%, 2/01/2027(b)		5,312,600

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)			Description	Value (†)
			Cayman Islands — continued
$	555,000		Enersis SA, Cayman Island, 7.400%, 12/01/2016	$	594,047

					5,906,647

			Chile — 0.0%
	250,000		Empresa Nacional de Electricidad SA, Chile, 8.350%, 8/01/2013		276,567

			France — 0.1%
	224,520,000,000		BNP Paribas SA, Series E, (MTN), 144A, Zero Coupon, 6/13/2011, (IDR)		17,221,317

			Germany — 0.1%
	565,300,000		Kreditanstalt fuer Wiederaufbau, Series E, (MTN), 10.000%, 10/27/2008, (ISK)		7,145,732
	60,000,000		Kreditanstalt fuer Wiederaufbau, Series E, (MTN), 10.750%, 2/01/2010, (ISK)		764,927

					7,910,659

			Iceland — 0.3%
	2,500,000		Kaupthing Bank Hf, 144A, 3.413%, 1/15/2010(c)		2,169,730
	34,900,000		Kaupthing Bank Hf, 144A, 5.750%, 10/04/2011		26,436,750
	9,300,000		Kaupthing Bank Hf, 144A, 6.125%, 10/04/2016		6,091,500

					34,697,980

			India — 0.1%
	9,090,000		ICICI Bank Ltd., 144A, (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022		8,146,194

			Indonesia — 0.2%
	104,626,000,000		Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		9,000,900
	10,000,000,000		Indonesia Treasury Bond, Series FR47, 10.000%, 2/15/2028, (IDR)		817,703
	272,460,000,000		Indonesia Treasury Bond, Series ZCE, Zero Coupon, 11/20/2012, (IDR)		17,109,453

					26,928,056

			Ireland — 0.6%
	32,520,000		Elan Finance PLC, 8.875%, 12/01/2013		32,601,300
	46,945,000		Elan Finance PLC, Senior Note, 7.750%, 11/15/2011		45,536,650

					78,137,950

			Korea — 0.0%
	5,470,000		Hanarotelecom, Inc., 144A, 7.000%, 2/01/2012		5,456,325
	300,000		Samsung Electronics Co. Ltd., 144A, 7.700%, 10/01/2027		323,198

					5,779,523

			Luxembourg — 0.6%
	18,130,000		Covidien International Finance SA, 6.000%, 10/15/2017		18,349,246
	18,265,000		Covidien International Finance SA, 6.550%, 10/15/2037		18,422,262
	23,000,000		Telecom Italia Capital, 6.000%, 9/30/2034		19,683,745
	19,635,000		Telecom Italia Capital, 6.375%, 11/15/2033		17,480,432

					73,935,685

			Malaysia — 0.1%
	20,000,000		Ranhill Labuan Ltd., 144A, 12.500%, 10/26/2011		15,000,000

			Mexico — 2.6%
	11,265,000		Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015(b)		11,321,325
	3,245,000	(††)	Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015, (MXN)		29,598,971
	27,728,881	(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		240,128,222
	4,738,000	(††)	Mexican Fixed Rate Bonds, Series M-10, 9.000%, 12/20/2012, (MXN)		46,158,873

					327,207,391

			Netherlands — 1.2%
	1,800,000		Koninklijke (Royal) KPN NV, Series G, (MTN), 4.000%, 6/22/2015, (EUR)		2,489,311
	1,120,000		Koninklijke (Royal) KPN NV, Series E, (MTN), 5.750%, 3/18/2016, (GBP)		2,021,995
	8,098,000		Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030		9,309,680
	2,450,000		OI European Group BV, 144A, 6.875%, 3/31/2017, (EUR)		3,625,961
	460,000,000		Rabobank Nederland, Series E, (MTN), 12.500%, 2/17/2009, (ISK)		5,882,191
	9,984,000,000		Rabobank Nederland, 144A, 14.000%, 1/28/2009, (ISK)		127,182,782

					150,511,920

			Philippines — 0.0%
	1,597,750		Quezon Power (Philippines) Ltd., Senior Secured Note, 8.860%, 6/15/2017		1,573,784

			Singapore — 0.0%
	1,050,000		SP PowerAssets Ltd., Series E, (MTN), 3.730%, 10/22/2010, (SGD)		779,561

			Spain — 0.9%
	113,785,000		Telefonica Emisiones SAU, Guaranteed Note, 7.045%, 6/20/2036		116,771,856

			Supranational — 2.7%
	403,600,000		Eurofima, Series E, (MTN), 10.000%, 11/03/2008, (ISK)		5,090,257
	175,000,000		Eurofima, 11.000%, 2/05/2010, (ISK)		2,240,226
	128,250,000		European Investment Bank, Senior Note, Zero Coupon, 3/10/2021, (AUD)		51,579,630
	15,543,570		European Investment Bank, 144A, Zero Coupon, 9/12/2008, (BRL)		9,173,596

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Supranational — continued
$	413,529,000,000	European Investment Bank, Series EMTN, 144A, Zero Coupon, 4/24/2013, (IDR)	$	25,713,251
	134,330,000	European Investment Bank, Series EMTN, 144A, 4.600%, 1/30/2037, (CAD)		126,838,241
	80,000,000	Inter-American Development Bank, Series E, (MTN), Zero Coupon, 5/11/2009, (BRL)		45,052,710
	244,840,000,000	Inter-American Development Bank, Zero Coupon, 5/20/2013, (IDR)		15,287,895
	24,450,000	Inter-American Development Bank, Series E, (MTN), 6.000%, 12/15/2017, (NZD)		17,142,549
	1,385,900,000	International Bank for Reconstruction & Development, 9.500%, 5/27/2010, (ISK)		17,649,424
	62,300,000	Nordic Investment Bank, Series E, (MTN), 11.250%, 4/16/2009, (ISK)		789,086
	2,314,500,000	Nordic Investment Bank, 13.000%, 9/12/2008, (ISK)		29,363,562

				345,920,427

		Thailand — 0.2%
	28,355,000	True Move Co. Ltd., 144A, 10.750%, 12/16/2013		24,704,294

		United Kingdom — 1.6%
	159,095,000	Astrazeneca PLC, 6.450%, 9/15/2037		161,966,188
	6,500,000	FCE Bank PLC, Series E, (MTN), 7.125%, 1/16/2012, (EUR)		8,289,485
	4,500,000	FCE Bank PLC, Series E, (MTN), 7.125%, 1/15/2013, (EUR)		5,632,599
	76,496,404,750	JPMorgan Chase Bank, 144A, Zero Coupon, 10/21/2010, (IDR)		6,357,830
	6,365,000	Marks & Spencer PLC, 144A, 7.125%, 12/01/2037		5,883,933
	1,000,000	Virgin Media Finance PLC, 9.125%, 8/15/2016		937,500
	5,070,000	Virgin Media Finance PLC, 9.750%, 4/15/2014, (GBP)		9,265,535
	1,605,000	Vodafone Group PLC, 6.150%, 2/27/2037		1,467,800

				199,800,870

		United States — 61.2%
	5,565,000	AES Corp. (The), 8.375%, 3/01/2011, (GBP)		10,862,949
	4,020,000	AES Corp. (The), Senior Note, 7.750%, 3/01/2014		3,964,725
	1,190,000	Affiliated Computer Services, Inc., 5.200%, 6/01/2015		1,014,475
	41,705,000	Agilent Technologies, Inc., 6.500%, 11/01/2017		40,622,005
	19,060,000	Albertson’s, Inc., 7.750%, 6/15/2026		18,692,180
	72,866,000	Albertson’s, Inc., Senior Note, 7.450%, 8/01/2029		68,928,321
	4,895,000	Albertson’s, Inc., Senior Note, 8.000%, 5/01/2031		5,006,753
	1,510,000	Albertson’s, Inc., Senior Note, 8.700%, 5/01/2030		1,607,756
	13,242,000	Albertson’s, Inc., Series C, (MTN), 6.625%, 6/01/2028		11,356,869
	4,785,000	Allstate Corp., 5.950%, 4/01/2036		4,219,188
	2,075,000	ALLTEL Corp., 6.500%, 11/01/2013		2,080,188
	9,475,000	ALLTEL Corp., 6.800%, 5/01/2029		8,669,625
	2,225,000	ALLTEL Corp., 7.000%, 3/15/2016		2,247,250
	67,525,000	ALLTEL Corp., Senior Note, 7.875%, 7/01/2032		68,537,875
	825,000	American Airlines, Inc., Series 1999-1, Class B, 7.324%, 4/15/2011		759,000
	995,863	American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011		901,256
	239,505,000	American General Finance Corp., 6.900%, 12/15/2017		208,744,175
	6,950,000	Amkor Technology, Inc., Senior Note, 7.125%, 3/15/2011(b)		6,654,625
	10,070,000	Amkor Technology, Inc., 7.750%, 5/15/2013		9,339,925
	37,190,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		37,209,971
	45,910,000	Anadarko Petroleum Corp., 6.450%, 9/15/2036		45,317,210
	10,503,000	APL Ltd., Senior Note, 8.000%, 1/15/2024(d)		8,717,490
	2,085,000	Aramark Services, Inc., 5.000%, 6/01/2012		1,824,375
	4,640,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		4,654,468
	8,000,000	ASIF Global Financing, 144A, 2.380%, 2/26/2009, (SGD)		5,873,366
	10,245,000	AT&T Corp., 6.500%, 3/15/2029		9,727,587
	8,500,000	AT&T, Inc., 6.150%, 9/15/2034		7,942,162
	127,100,000	AT&T, Inc., 6.500%, 9/01/2037		123,009,795
	17,574,841	Atlas Air, Inc., Series 1998-1, Class 1B, 7.680%, 1/02/2014(e)		18,805,080
	9,713,324	Atlas Air, Inc., Series 1999-1, Class A1, 7.200%, 1/02/2019		9,033,391
	320,321	Atlas Air, Inc., Series 1999-1, Class A2, 6.880%, 7/02/2009		299,500
	12,740,207	Atlas Air, Inc., Series 1999-1, Class B, 7.630%, 1/02/2015(e)		13,377,218
	4,744,556	Atlas Air, Inc., Series 1999-1, Class C, 8.770%, 1/02/2011(e)		4,507,328
	5,323,737	Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017(e)		5,962,585
	6,862,758	Atlas Air, Inc., Series C, 8.010%, 1/02/2010(e)		5,764,717
	30,125,000	Avnet, Inc., 5.875%, 3/15/2014		29,007,694
	35,630,000	Avnet, Inc., 6.000%, 9/01/2015		34,540,185

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	11,345,000	Avnet, Inc., 6.625%, 9/15/2016	$	11,339,986
	22,125,000	BAC Capital Trust VI, 5.625%, 3/08/2035		18,015,812
	17,310,000,000	Barclays Financial LLC, 144A, 4.060%, 9/16/2010, (KRW)		16,672,076
	1,006,000,000	Barclays Financial LLC, 144A, 4.160%, 2/22/2010, (THB)		29,281,329
	21,340,000,000	Barclays Financial LLC, 144A, 4.460%, 9/23/2010, (KRW)		20,729,003
	56,650,000,000	Barclays Financial LLC, 144A, 4.470%, 12/04/2011, (KRW)		55,217,571
	135,000,000	Barclays Financial LLC, Series E, (MTN), 144A, 4.100%, 3/22/2010, (THB)		3,924,151
	380,000	Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		319,945
	1,004,000	Bear Stearns Cos., Inc. (The), 5.300%, 10/30/2015		939,772
	2,220,000	Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017		2,193,784
	17,430,000	Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		18,189,338
	15,195,000	BellSouth Corp., 6.000%, 11/15/2034(b)		13,915,019
	23,584,000	Borden, Inc., 7.875%, 2/15/2023		14,150,400
	6,920,000	Borden, Inc., 8.375%, 4/15/2016		4,636,400
	8,757,000	Borden, Inc., 9.200%, 3/15/2021		5,516,910
	2,765,000	Boston Scientific Corp., 5.450%, 6/15/2014		2,550,713
	10,590,000	Boston Scientific Corp., 6.400%, 6/15/2016		9,954,600
	16,510,000	Boston Scientific Corp., 7.000%, 11/15/2035		14,528,800
	2,685,000	Bowater, Inc., 6.500%, 6/15/2013(b)		1,691,550
	71,400,000	Bruce Mansfield Unit, 6.850%, 6/01/2034		71,487,822
	27,950,000	Camden Property Trust, 5.700%, 5/15/2017		24,443,393
	2,840,000	Centex Corp., 5.250%, 6/15/2015		2,243,600
	4,185,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		5,963,115
	21,390,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		19,999,650
	22,690,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		21,328,600
	15,325,000	CIGNA Corp., 6.150%, 11/15/2036		13,499,363
	425,000	Cincinnati Bell, Inc., 8.375%, 1/15/2014(b)		411,188
	15,060,000	CIT Group, Inc., Series EMTN, 3.800%, 11/14/2012, (EUR)		17,006,147
	18,360,000	CIT Group, Inc., Series GMTN, 4.250%, 9/22/2011, (EUR)		21,762,171
	14,650,000	CIT Group, Inc., Series E, (MTN), 4.650%, 9/19/2016, (EUR)		15,116,204
	90,000	CIT Group, Inc., 4.750%, 12/15/2010		73,399
	4,855,000	CIT Group, Inc., Series G, (MTN), 5.000%, 5/13/2014, (EUR)		5,451,045
	1,525,000	CIT Group, Inc., 5.400%, 2/13/2012		1,210,580
	1,205,000	CIT Group, Inc., 5.400%, 1/30/2016		829,875
	20,350,000	CIT Group, Inc., Series E, Senior Note, (MTN), 5.500%, 12/01/2014, (GBP)		27,511,247
	10,500,000	CIT Group, Inc., Series E, (MTN), 5.500%, 12/20/2016, (GBP)		13,857,287
	2,000,000	CIT Group, Inc., 5.600%, 4/27/2011		1,594,858
	2,395,000	CIT Group, Inc., 5.650%, 2/13/2017(b)		1,652,186
	11,845,000	CIT Group, Inc., 5.800%, 10/01/2036		9,117,096
	20,000	CIT Group, Inc., 5.850%, 9/15/2016		13,799
	246,450,000	CIT Group, Inc., 7.625%, 11/30/2012(b)		204,843,818
	60,000	CIT Group, Inc., (GMTN), 4.250%, 2/01/2010		50,770
	6,330,000	CIT Group, Inc., (GMTN), 5.000%, 2/13/2014		4,545,472
	1,125,000	CIT Group, Inc., (GMTN), 5.000%, 2/01/2015		777,895
	20,730,000	CIT Group, Inc., (MTN), 4.250%, 3/17/2015, (EUR)		22,046,142
	10,140,000	CIT Group, Inc., (MTN), 5.125%, 9/30/2014		7,262,765
	3,090,000	CIT Group, Inc., Series A, (MTN), 6.000%, 4/01/2036		2,327,728
	80,700,000	Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		77,169,375
	18,650,000	Citibank NA, 144A, 15.000%, 7/02/2010, (BRL)		12,177,120
	35,260,000	Citizens Communications Co., 7.875%, 1/15/2027		30,852,500
	10,685,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		6,304,150
	4,970,000	Clear Channel Communications, Inc., 5.500%, 9/15/2014		2,982,000
	14,910,000	Clear Channel Communications, Inc., 5.500%, 12/15/2016(b)		8,722,350
	2,080,000	Clear Channel Communications, Inc., 5.750%, 1/15/2013		1,401,400
	585,000	Clear Channel Communications, Inc., 6.875%, 6/15/2018		345,150
	32,125,000	Cleveland Electric Illuminating Co., 5.950%, 12/15/2036		27,213,730
	2,935,000	Colonial Realty LP, 6.050%, 9/01/2016		2,569,651
	766,000	Colorado Interstate Gas Co., 5.950%, 3/15/2015		750,300
	2,670,000	Colorado Interstate Gas Co., 6.800%, 11/15/2015		2,727,285
	49,030,000	Comcast Corp., 5.650%, 6/15/2035		41,662,556

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	33,675,000	Comcast Corp., 6.450%, 3/15/2037	$	31,341,019
	20,175,000	Comcast Corp., 6.500%, 11/15/2035		19,178,859
	166,000,000	Comcast Corp., 6.950%, 8/15/2037		163,275,774
	16,802,000	Continental Airlines, Inc., Series B, 6.903%, 4/19/2022		12,433,480
	5,589,326	Continental Airlines, Inc., Series 1997-4, Class 4B, 6.900%, 1/02/2017		4,611,194
	5,676,419	Continental Airlines, Inc., Series 1998-1, Class 1B, 6.748%, 3/15/2017		4,683,046
	6,643,125	Continental Airlines, Inc., Series 1999-1, Class B, 6.795%, 8/02/2018		5,248,069
	1,748,369	Continental Airlines, Inc., Series 1999-1, Class C, 6.954%, 8/02/2009		1,641,282
	4,322,115	Continental Airlines, Inc., Series 1999-2, Class B, 7.566%, 3/15/2020		3,630,577
	7,452,827	Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019		6,185,846
	2,549,134	Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017		2,115,781
	235,419	Continental Airlines, Inc., Series 96-A, 6.940%, 10/15/2013		221,293
	5,442,198	Continental Airlines, Inc., Series 971A, 7.461%, 4/01/2015		4,816,345
	17,945,000	Continental Airlines, Inc., Series A, 5.983%, 4/19/2022		14,849,487
	23,710,000	Corn Products International, Inc., 6.625%, 4/15/2037		23,935,909
	6,225,000	Corning, Inc., 5.900%, 3/15/2014		6,246,651
	6,220,000	Corning, Inc., 6.200%, 3/15/2016		6,426,703
	6,150,000	Corning, Inc., 6.850%, 3/01/2029(b)		6,016,416
	4,725,000	Corning, Inc., 7.250%, 8/15/2036		4,792,894
	4,110,000	Countrywide Financial Corp., 3.079%, 12/19/2008(c)		4,007,451
	11,799,000	Countrywide Home Loans, Inc., Series L, (MTN), 4.000%, 3/22/2011		10,741,621
	400,000	CSC Holdings, Inc., Senior Note, 7.875%, 2/15/2018		372,000
	250,000	CSC Holdings, Inc., Series B, Senior Note, 8.125%, 7/15/2009		251,875
	37,345,000	CSX Corp., 6.000%, 10/01/2036(b)		32,360,675
	5,000,000	CSX Corp., 6.250%, 3/15/2018		4,813,225
	2,145,000	Cummings Engine, Inc., 7.125%, 3/01/2028		2,035,288
	1,853,000	Cummins, Inc., 6.750%, 2/15/2027		1,622,390
	19,745,000	DCP Midstream LP, 144A, 6.450%, 11/03/2036		18,000,431
	21,290,000	Dean Foods Co., 7.000%, 6/01/2016(b)		18,469,075
	972,839	Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 8/10/2022		822,049
	9,694,331	Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 8/10/2022		7,658,521
	32,897,438	Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014		26,317,951
	8,758,000	Dillard’s, Inc., 6.625%, 1/15/2018(b)		6,393,340
	4,187,000	Dillard’s, Inc., 7.130%, 8/01/2018		3,140,250
	1,500,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,050,000
	425,000	Dillard’s, Inc., 7.875%, 1/01/2023		310,250
	3,325,000	Dillard’s, Inc., Class A, 7.000%, 12/01/2028		2,094,750
	1,935,000	Dole Food Co., Inc., 8.625%, 5/01/2009(b)		1,843,088
	8,180,000	Dominion Resources, Inc., Senior Note, Series B, 5.950%, 6/15/2035		7,341,509
	7,955,000	Domtar Corp., 5.375%, 12/01/2013		7,040,175
	43,470,000	DR Horton, Inc., Senior Note, 5.250%, 2/15/2015		34,558,650
	4,335,000	DR Horton, Inc., 5.625%, 9/15/2014		3,511,350
	16,160,000	DR Horton, Inc., Guaranteed Note, 5.625%, 1/15/2016		12,604,800
	1,625,000	DR Horton, Inc., 6.500%, 4/15/2016		1,338,594
	4,030,000	Duke Realty LP, 5.950%, 2/15/2017		3,722,027
	11,275,000	Dynegy Holdings, Inc., 7.125%, 5/15/2018(b)		9,809,250
	1,000,000	Dynegy Holdings, Inc., 7.500%, 6/01/2015		922,500
	10,185,000	Dynegy Holdings, Inc., 7.625%, 10/15/2026		8,453,550
	500,000	Dynegy Holdings, Inc., 7.750%, 6/01/2019		455,000
	7,455,000	Dynegy Holdings, Inc., 8.375%, 5/01/2016		7,231,350
	95,200,000	Edison Mission Energy, 7.625%, 5/15/2027(b)		85,442,000
	15,685,000	El Paso Corp., 6.950%, 6/01/2028		14,445,916
	1,500,000	El Paso Corp., 7.420%, 2/15/2037		1,437,719
	750,000	El Paso Corp., Senior Note, (MTN), 7.800%, 8/01/2031		755,297

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	1,000,000	El Paso Energy Corp., (MTN), 7.750%, 1/15/2032	$	1,001,784
	5,330,000	Embarq Corp., 7.995%, 6/01/2036		5,042,084
	5,255,000	Energy Transfer Partners LP, 6.125%, 2/15/2017		5,089,121
	11,315,000	Energy Transfer Partners LP, 6.625%, 10/15/2036(b)		10,531,968
	13,175,000	Enterprise Products Operating LP, 6.300%, 9/15/2017		13,082,880
	14,385,000	Equifax, Inc., 7.000%, 7/01/2037		13,238,875
	3,300,000	ERP Operating LP, 5.125%, 3/15/2016		2,975,815
	23,725,000	Federal Home Loan Mortgage Corp., 4.625%, 10/25/2012(b)		24,312,265
	35,900,000	Federal National Mortgage Association, 2.290%, 2/19/2009, (SGD)		26,473,225
	17,816,000	Ford Motor Co., 6.375%, 2/01/2029		9,353,400
	1,705,000	Ford Motor Co., 6.500%, 8/01/2018(b)		988,900
	500,000	Ford Motor Co., 6.625%, 2/15/2028		272,500
	73,114,000	Ford Motor Co., 6.625%, 10/01/2028		39,115,990
	1,940,000	Ford Motor Co., 7.125%, 11/15/2025(b)		1,086,400
	86,090,000	Ford Motor Co., 7.450%, 7/16/2031(b)		50,147,425
	800,000	Ford Motor Co., 7.500%, 8/01/2026		456,000
	1,645,000	Ford Motor Credit Co LLC, 9.750%, 9/15/2010		1,434,248
	46,872,000	Ford Motor Credit Co., 5.700%, 1/15/2010		39,989,784
	14,595,000	Ford Motor Credit Co., 8.000%, 12/15/2016		10,607,091
	7,640,000	Ford Motor Credit Co. LLC, Series E, (MTN), 4.875%, 1/15/2010, (EUR)		10,104,197
	10,685,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		7,868,552
	15,465,000	Ford Motor Credit Co. LLC, 7.250%, 10/25/2011		11,984,772
	1,030,000	Ford Motor Credit Co. LLC, 7.875%, 6/15/2010		889,052
	10,625,000	Ford Motor Credit Co. LLC, 8.625%, 11/01/2010		9,013,230
	29,605,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016(b)		22,573,812
	65,300,000	General Electric Capital Corp., Series G, (MTN), 2.960%, 5/18/2012, (SGD)		45,968,119
	243,057,000	General Electric Capital Corp., 6.500%, 9/28/2015, (NZD)		159,420,908
	30,350,000	General Electric Capital Corp., Series A, (MTN), 6.625%, 2/04/2010, (NZD)		22,407,216
	3,100,000	General Electric Capital Corp., Series E, (MTN), 6.125%, 5/17/2012, (GBP)		6,069,966
	79,035,000	General Electric Capital Corp., Series E, (MTN), 6.750%, 9/26/2016, (NZD)		51,818,578
	115,000,000	General Electric Capital Corp., Series G, (MTN), 3.485%, 3/08/2012, (SGD)		82,487,343
	2,005,000	General Motors Corp., 7.250%, 7/03/2013, (EUR)(b)		2,146,607
	7,365,000	General Motors Corp., 7.400%, 9/01/2025		3,792,975
	52,725,000	General Motors Corp., 8.250%, 7/15/2023(b)		30,712,312
	2,530,000	General Motors Corp., 8.375%, 7/15/2033(b)		1,499,025
	6,745,000	Georgia Gulf Corp., 10.750%, 10/15/2016(b)		4,047,000
	11,720,000	Georgia-Pacific Corp., 7.250%, 6/01/2028		9,786,200
	11,605,000	Georgia-Pacific Corp., 7.375%, 12/01/2025		9,806,225
	120,000	Georgia-Pacific Corp., 7.700%, 6/15/2015(b)		113,400
	42,425,000	Georgia-Pacific Corp., 7.750%, 11/15/2029		37,334,000
	15,555,000	Georgia-Pacific Corp., 8.000%, 1/15/2024		14,388,375
	18,378,000	Georgia-Pacific Corp., 8.875%, 5/15/2031		16,999,650
	7,890,000	GMAC LLC, 4.750%, 9/14/2009, (EUR)		10,310,608
	48,515,000	GMAC LLC, Series E, (MTN), 5.375%, 6/06/2011, (EUR)		50,413,766
	3,835,000	GMAC LLC, 5.750%, 9/27/2010, (EUR)		4,407,754
	54,470,000	GMAC LLC, 6.000%, 12/15/2011		37,483,149
	24,015,000	GMAC LLC, 6.625%, 5/15/2012		16,474,698
	36,174,000	GMAC LLC, (MTN), 6.750%, 12/01/2014		23,890,937
	6,585,000	GMAC LLC, 6.875%, 9/15/2011		4,731,797
	4,655,000	GMAC LLC, 6.875%, 8/28/2012		3,187,637
	12,165,000	GMAC LLC, 7.000%, 2/01/2012		8,455,977
	42,272,000	GMAC LLC, 8.000%, 11/01/2031(b)		27,501,233
	4,977,000	Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		4,155,795
	2,590,000	Great Lakes Dredge & Dock Corp., Senior Subordinated Note, 7.750%, 12/15/2013		2,454,025
	5,790,000	GTE Corp., 6.940%, 4/15/2028		5,732,088
	2,835,000	HCA, Inc., 6.250%, 2/15/2013		2,459,363
	16,565,000	HCA, Inc., 6.375%, 1/15/2015		13,748,950
	49,350,000	HCA, Inc., 6.500%, 2/15/2016(b)		41,083,875

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	2,074,000	HCA, Inc., 6.750%, 7/15/2013	$	1,819,935
	14,405,000	HCA, Inc., 7.050%, 12/01/2027		10,908,791
	10,694,000	HCA, Inc., 7.190%, 11/15/2015		9,211,448
	16,802,000	HCA, Inc., 7.500%, 12/15/2023		13,662,025
	18,745,000	HCA, Inc., 7.500%, 11/06/2033		14,433,650
	13,545,000	HCA, Inc., 7.580%, 9/15/2025		10,986,295
	43,253,000	HCA, Inc., 7.690%, 6/15/2025		35,370,919
	8,112,000	HCA, Inc., 7.750%, 7/15/2036		6,415,254
	27,255,000	HCA, Inc., 8.360%, 4/15/2024		23,198,148
	17,510,000	HCA, Inc., Senior Note, 5.750%, 3/15/2014		14,577,075
	14,550,000	Hercules, Inc., Subordinated Note, 6.500%, 6/30/2029		11,785,500
	1,000,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014		905,000
	45,430,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		39,235,392
	6,495,000	Hilcorp Energy I LP, 144A, 7.750%, 11/01/2015		6,235,200
	1,050,000	Home Depot, Inc., 5.400%, 3/01/2016		964,166
	121,465,000	Home Depot, Inc., 5.875%, 12/16/2036		99,227,917
	11,370,000	Hospira, Inc., 6.050%, 3/30/2017		10,972,812
	66,372,000	HSBC Bank PLC, 144A, Zero Coupon, 4/18/2012, (MYR)		18,862,445
	16,050,000	HSBC Bank USA, 144A, 3.310%, 8/25/2010		18,831,465
	119,806,078	HSBC Bank USA,144A, Zero Coupon, 11/28/2011(c)		81,647,842
	920,000	Idearc, Inc., 8.000%, 11/15/2016		578,450
	225,000	Intelsat Corp., 6.875%, 1/15/2028		174,375
	149,788,000	International Paper Co., 7.950%, 6/15/2018		148,954,280
	34,782,000	iStar Financial, Inc., 5.150%, 3/01/2012		28,695,150
	5,255,000	iStar Financial, Inc., 5.375%, 4/15/2010(b)		4,729,500
	1,660,000	iStar Financial, Inc., 5.500%, 6/15/2012		1,361,200
	19,110,000	iStar Financial, Inc., 5.650%, 9/15/2011		16,339,050
	1,530,000	iStar Financial, Inc., 5.700%, 3/01/2014		1,285,200
	4,040,000	iStar Financial, Inc., 5.800%, 3/15/2011		3,434,000
	4,815,000	iStar Financial, Inc., 5.850%, 3/15/2017		3,809,869
	8,815,000	iStar Financial, Inc., 5.875%, 3/15/2016		6,944,677
	4,300,000	iStar Financial, Inc., 6.050%, 4/15/2015		3,440,000
	35,130,000	iStar Financial, Inc., 8.625%, 6/01/2013		32,143,950
	1,780,000	iStar Financial, Inc., Series B, 5.125%, 4/01/2011		1,521,900
	44,610,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		36,580,200
	5,310,000	ITC Holdings Corp., 144A, 6.375%, 9/30/2036		4,822,940
	3,685,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		3,287,842
	72,355,000	J.C. Penney Corp., Inc., Senior Note, 6.375%, 10/15/2036		60,430,462
	350,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023(b)		346,128
	3,330,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037		2,989,890
	3,985,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,256,231
	3,995,000	Jefferson Smurfit Corp., 7.500%, 6/01/2013		3,295,875
	1,425,000	Joy Global, Inc., 6.625%, 11/15/2036		1,388,439
	599,726,100,000	JPMorgan Chase & Co., 144A Zero Coupon, 3/28/2011 , (IDR)		47,210,543
	109,312,000,000	JPMorgan Chase & Co., 144A Zero Coupon, 3/28/2011 , (IDR)		8,596,760
	229,157,783,660	JPMorgan Chase & Co., 144A, Zero Coupon, 4/12/2012, (IDR)		15,777,588
	150,760,200	JPMorgan Chase & Co., Series E, (MTN),144A, Zero Coupon, 6/08/2012, (MYR)		39,269,168
	92,000,000	JPMorgan Chase Bank, 144A, Zero Coupon, 5/17/2010, (BRL)		43,927,346
	1,235,000	K Hovnanian Enterprises, Inc., 8.875%, 4/01/2012(b)		901,550
	4,830,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.250%, 1/15/2015		3,018,750
	16,075,000	K. Hovnanian Enterprises, Inc., Senior Note, 6.250%, 1/15/2016		9,966,500
	6,040,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.375%, 12/15/2014		3,926,000
	2,490,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.500%, 1/15/2014		1,618,500
	6,290,000	K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016(b)		4,182,850
	1,935,000	K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013(b)		1,238,400
	1,685,000	KB Home, 5.750%, 2/01/2014(b)		1,409,081
	10,360,000	KB Home, 7.750%, 2/01/2010		10,559,948
	8,340,000	KB Home, Guaranteed Note, 5.875%, 1/15/2015		6,922,200

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	5,805,000	KB Home, Guaranteed Note, 6.250%, 6/15/2015(b)	$	4,876,200
	11,315,000	KB Home, Guaranteed Note, 7.250%, 6/15/2018		9,787,475
	7,515,000	Kellwood Co., 7.625%, 10/15/2017(d)		4,847,175
	500,000	Kinder Morgan Energy Partners, LP, 5.800%, 3/15/2035		433,804
	11,288,000	Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		9,961,660
	1,650,000	Koppers Holdings, Inc., (Step to 9.875% on 11/15/2009), Zero Coupon, 11/15/2014(f)		1,493,250
	37,705,000	Kraft Foods, Inc., 6.500%, 8/11/2017		37,752,998
	30,680,000	Kraft Foods, Inc., 7.000%, 8/11/2037		30,375,961
	3,295,000	Lehman Brothers Holdings, Inc., (fixed rate to 5/3/2027, variable rate thereafter), 6.000%, 5/03/2032		2,519,166
	74,080,000	Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037		63,767,916
	5,970,000	Lennar Corp., Series B, Guaranteed Note, 5.600%, 5/31/2015		4,365,563
	23,885,000	Lennar Corp., Series A, 6.500%, 4/15/2016		18,301,881
	3,495,000	Lennar Corp., 7.625%, 3/01/2009		3,390,150
	2,720,000	Lennar Corp. Series B, 5.125%, 10/01/2010		2,366,400
	16,755,000	Lennar Corp., Series B, 5.500%, 9/01/2014		12,231,150
	32,435,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		27,894,100
	13,010,000	Level 3 Financing, Inc., 9.250%, 11/01/2014		11,839,100
	41,535,000	Lowes Cos., Inc., 6.650%, 9/15/2037		40,486,407
	41,104,000	Lucent Technologies, Inc., 6.450%, 3/15/2029(b)		31,444,560
	2,840,000	Lucent Technologies, Inc., 6.500%, 1/15/2028		2,172,600
	17,705,000	Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		13,636,072
	8,855,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		7,259,701
	5,785,000	Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		4,888,684
	2,660,000	Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		2,582,410
	11,710,000	Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		11,609,961
	9,075,000	Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033(b)		7,614,424
	6,910,000	MBIA Insurance Co., 144A, (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033(b)		2,867,650
	1,250,000	McDonalds Corp., Series E, (MTN), 3.628%, 10/10/2010, (SGD)		929,960
	176,070,000	Medco Health Solutions, Inc., 7.125%, 3/15/2018		182,847,639
	51,500,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)(b)		25,619,893
	1,000,000	MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		960,265
	40,255,000	MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		40,656,423
	1,153,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045		714,860
	33,015,000	Morgan Stanley, Inc., Series F, (MTN), 6.625%, 4/01/2018		31,282,538
	6,465,000	Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		6,400,350
	5,820,000	Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		5,943,675
	9,739,000	Motorola, Inc., 5.220%, 10/01/2097		5,417,806
	9,275,000	Motorola, Inc., 6.500%, 9/01/2025		6,925,735
	17,028,000	Motorola, Inc., 6.500%, 11/15/2028(b)		13,301,644
	18,715,000	Motorola, Inc., 6.625%, 11/15/2037(b)		14,723,203
	3,346,000	New England Telephone & Telegraph Co., 7.875%, 11/15/2029		3,577,460
	54,190,000	News America, Inc., 6.150%, 3/01/2037		49,893,437
	11,140,000	News America, Inc., 6.200%, 12/15/2034		10,273,107
	14,360,000	News America, Inc., 6.400%, 12/15/2035		13,589,126
	20,220,000	Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		16,782,600
	12,171,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		10,284,495
	35,995,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		28,885,987
	31,735,000	NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		26,221,044
	84,710,000	NGPL Pipeco LLC, 144A, 7.119%, 12/15/2017		86,578,787
	48,500,000	Nisource Finance Corp., 6.400%, 3/15/2018		46,808,999
	9,365,000	Northern Telecom Capital Corp., 7.875%, 6/15/2026		6,695,975
	26,990,000	Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017(b)		21,861,900
	2,500,000	NRG Energy, Inc., 7.250%, 2/01/2014		2,387,500
	5,000,000	NRG Energy, Inc., 7.375%, 2/01/2016		4,706,250
	4,530,000	ONEOK Partners LP, 6.650%, 10/01/2036		4,317,674
	3,260,000	Owens & Minor, Inc., 6.350%, 4/15/2016		3,201,933
	1,750,000	Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014, (EUR)		2,589,972
	17,995,000	Owens Corning, Inc., 6.500%, 12/01/2016		16,384,034
	35,725,000	Owens Corning, Inc., 7.000%, 12/01/2036		29,844,951

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)			Description	Value (†)
			United States — continued
$	42,043,000		Owens-Illinois, Inc., Senior Note, 7.800%, 5/15/2018	$	42,673,645
	7,175,000		Pioneer Natural Resources Co., 5.875%, 7/15/2016		6,489,486
	1,760,000		Pioneer Natural Resources Co., 6.875%, 5/01/2018		1,651,936
	4,798,000		Pioneer Natural Resources Co., 7.200%, 1/15/2028		4,235,996
	20,770,000		Plains All American Pipeline LP, 6.125%, 1/15/2017		20,411,614
	44,730,000		Plains All American Pipeline LP, 6.650%, 1/15/2037		41,714,572
	4,538,000		Ply Gem Industries, Inc., 9.000%, 2/15/2012(b)		2,666,075
	1,880,000		Prologis, 5.625%, 11/15/2015		1,766,243
	1,535,000		Prologis, 5.750%, 4/01/2016(b)		1,445,655
	4,240,000		Pulte Homes, Inc., 5.200%, 2/15/2015		3,455,600
	46,260,000		Pulte Homes, Inc., 6.000%, 2/15/2035(b)		36,082,800
	13,190,000		Pulte Homes, Inc., 6.375%, 5/15/2033		10,222,250
	32,155,000		Qwest Capital Funding, Inc., 7.750%, 2/15/2031		27,412,137
	16,335,000		Qwest Capital Funding, Inc., Guaranteed Note, 6.500%, 11/15/2018		13,394,700
	44,630,000		Qwest Capital Funding, Inc., Guaranteed Note, 6.875%, 7/15/2028(b)		35,704,000
	10,675,000		Qwest Capital Funding, Inc., Guaranteed Note, 7.625%, 8/03/2021		9,207,187
	24,615,000		Qwest Corp., 6.875%, 9/15/2033		20,307,375
	1,290,000		Qwest Corp., 7.200%, 11/10/2026		1,083,600
	3,689,000		Qwest Corp., 7.250%, 9/15/2025		3,264,765
	3,543,000		Qwest Corp., 7.500%, 6/15/2023		3,153,270
	1,560,000		R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		928,200
	470,000		R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016		282,000
	4,845,000		R.H. Donnelley Corp., 144A, 8.875%, 10/15/2017		2,882,775
	4,335,000		R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		2,579,325
	25,230,000		Reliant Energy, Inc., Senior Note, 7.875%, 6/15/2017(b)		24,662,325
	895,000		Residential Capital LLC, 8.125%, 11/21/2008(b)		783,125
	4,170,000		Residential Capital LLC, 8.375%, 6/30/2010(b)		1,751,400
	2,740,000		Residential Capital LLC, 8.500%, 6/01/2012		1,068,600
	121,645,000		Residential Capital LLC, 8.500%, 4/17/2013		47,441,550
	12,335,000		Residential Capital LLC, 8.875%, 6/30/2015(b)		4,810,650
	45,208,000		Residential Capital LLC, 144A, 9.625%, 5/15/2015		21,925,880
	52,930,000		Reynolds American, Inc., 6.750%, 6/15/2017		52,654,182
	13,400,000		Reynolds American, Inc., 7.250%, 6/15/2037		13,187,409
	14,120,000		Sara Lee Corp., 6.125%, 11/01/2032		12,790,828
	2,435,000		Simon Property Group LP, 5.750%, 12/01/2015		2,363,214
	10,690,000		Six Flags, Inc., 9.625%, 6/01/2014(b)		5,932,950
	2,785,000		Six Flags, Inc., 9.750%, 4/15/2013(b)		1,580,488
	7,160,000		SLM Corp., Series A, (MTN), 4.000%, 1/15/2010		6,669,977
	20,590,000		SLM Corp., (MTN), 5.050%, 11/14/2014		17,486,881
	109,950	(†††)	SLM Corp., 6.000%, 12/15/2043		1,917,253
	1,450,000		SLM Corp., (MTN), 5.125%, 8/27/2012		1,261,668
	51,943,000		SLM Corp., Series A, (MTN), 5.000%, 10/01/2013		44,913,242
	37,670,000		SLM Corp., Series A, (MTN), 5.000%, 4/15/2015		31,875,262
	13,370,000		SLM Corp., Series A, (MTN), 5.000%, 6/15/2018		10,210,468
	19,605,000		SLM Corp., Series A, (MTN), 5.375%, 1/15/2013		17,267,437
	22,420,000		SLM Corp., Series A, (MTN), 5.375%, 5/15/2014		19,696,687
	1,390,000		SLM Corp., Series A, (MTN), 5.400%, 10/25/2011		1,269,333
	28,150,000		SLM Corp., Series A, (MTN), 5.625%, 8/01/2033		21,195,542
	6,100,000		SLM Corp., Series A, (MTN), 6.500%, 6/15/2010, (NZD)		4,139,687
	88,180,000		SLM Corp., Series A, (MTN), 8.450%, 6/15/2018		84,594,248
	4,700,000		SLM Corp., Series E, (MTN), Series 7, 4.750%, 3/17/2014, (EUR)		5,820,407
	100,000		Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017		80,000
	2,550,000		Southern Natural Gas Co., 7.350%, 2/15/2031		2,582,681
	30,186,000		Sprint Capital Corp., 6.875%, 11/15/2028		25,129,845
	23,865,000		Sprint Capital Corp., 6.900%, 5/01/2019		20,941,537
	11,309,000		Sprint Nextel Corp., 6.000%, 12/01/2016		9,725,740
	4,035,000		Stanley-Martin Communities LLC, 9.750%, 8/15/2015(b)		1,775,400
	7,793,000		Target Corp., 6.500%, 10/15/2037		7,496,671
	140,992,000		Target Corp., 7.000%, 1/15/2038		144,558,252

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	1,900,000	Tenet Healthcare Corp., 6.500%, 6/01/2012(b)	$	1,790,750
	31,009,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		22,326,480
	1,570,000	Tenet Healthcare Corp., 7.375%, 2/01/2013		1,475,800
	4,480,000	Tenet Healthcare Corp., 9.250%, 2/01/2015(b)		4,390,400
	7,872,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028(b)		7,677,223
	20,000,000	Time Warner Cable, Inc., 6.750%, 7/01/2018		20,132,620
	9,240,000	Time Warner, Inc., 6.500%, 11/15/2036(b)		8,225,430
	11,145,000	Time Warner, Inc., 6.625%, 5/15/2029		10,141,683
	4,795,000	Time Warner, Inc., 6.950%, 1/15/2028		4,600,922
	3,150,000	Time Warner, Inc., 7.625%, 4/15/2031		3,198,025
	2,025,000	Time Warner, Inc., 7.700%, 5/01/2032		2,073,201
	8,785,000	Toledo Edison Co., 6.150%, 5/15/2037		7,618,932
	4,245,000	Toll Brothers Financial Corp., 5.150%, 5/15/2015		3,676,187
	5,245,000	Toll Corp., 8.250%, 12/01/2011		5,074,538
	32,675,000	Toys R Us, Inc., 7.375%, 10/15/2018		24,179,500
	8,355,000	Toys R Us, Inc., 7.875%, 4/15/2013(b)		6,830,213
	31,135,000	Travelers Cos., Inc. (The), (MTN), 6.250%, 6/15/2037		28,941,664
	4,000,000	Travelers Cos., Inc. (The), 6.750%, 6/20/2036		4,030,308
	1,000,000	Travelers Property Casualty Corp., 6.375%, 3/15/2033(b)		955,097
	36,340,000	Tribune Co., 5.250%, 8/15/2015(b)		14,445,150
	46,215,000	TXU Corp., 5.550%, 11/15/2014		36,180,476
	101,030,000	TXU Corp., Series Q, 6.500%, 11/15/2024(b)		74,540,136
	6,245,000	TXU Corp., Series R, 6.550%, 11/15/2034		4,549,970
	109,685,000	U.S. Treasury Bond, 4.500%, 2/15/2036(b)		108,905,249
	150,750,000	U.S. Treasury Bond, 5.375%, 2/15/2031(b)		167,497,420
	19,543,878	United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024		15,977,120
	19,344,000	United Rentals North America, Inc., 7.000%, 2/15/2014		14,991,600
	3,995,000	United Rentals North America, Inc., 7.750%, 11/15/2013(b)		3,196,000
	7,000,000	United States Steel Corp., 6.050%, 6/01/2017		6,537,685
	5,850,000	United States Steel Corp., 6.650%, 6/01/2037		5,153,692
	16,435,000	United States Steel Corp., 7.000%, 2/01/2018		16,398,859
	36,947,000	USG Corp., 6.300%, 11/15/2016		29,742,335
	12,880,000	USG Corp., 8.000%, 1/15/2018		11,270,000
	51,815,000	Verizon Global Funding Corp., Senior Note, 5.850%, 9/15/2035		45,668,964
	6,230,000	Verizon Maryland, Inc., Series B, 5.125%, 6/15/2033		4,810,850
	12,050,000	Verizon New York, Inc., Series A, 7.375%, 4/01/2032		12,240,812
	32,790,000	Viacom, Inc., Senior Note, 6.875%, 4/30/2036		30,792,663
	131,890,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		111,172,719
	395,000	Washington Mutual, Inc., 4.625%, 4/01/2014		288,350
	8,380,000	Washington Mutual, Inc., 5.500%, 8/24/2011		7,290,600
	50,000,000	WellPoint, Inc., 6.375%, 6/15/2037(b)		45,119,000
	101,985,000	Western Union Co., 6.200%, 11/17/2036		95,171,484
	14,140,000	Westvaco Corp., 7.950%, 2/15/2031		13,219,967
	12,655,000	Westvaco Corp., 8.200%, 1/15/2030		12,251,280
	7,300,000	White Pine Hydro LLC, 6.310%, 7/10/2017(d)		7,044,500
	10,935,000	White Pine Hydro LLC, 6.960%, 7/10/2037(d)		10,359,753
	4,000,000	White Pine Hydro LLC, 7.260%, 7/20/2015(d)		3,803,932
	600,000	Williams Cos., Inc., 7.875%, 9/01/2021		636,000
	965,000	Williams Cos., Inc., Senior Note, 7.750%, 6/15/2031		1,003,600
	8,600,000	Williams Cos., Inc., Series A, 7.500%, 1/15/2031		8,696,750
	11,205,000	Willis North America, Inc., 6.200%, 3/28/2017		9,901,242
	10,270,000	Woolworth Corp., 8.500%, 1/15/2022		9,602,450
	18,050,000	Xerox Capital Trust I, Guaranteed Note, 8.000%, 2/01/2027		17,617,901
	1,730,000	Xerox Corp., (MTN), 7.200%, 4/01/2016(b)		1,784,720
	8,885,000	XTO Energy, Inc., 6.750%, 8/01/2037		9,009,514

				7,738,552,118

		Total Non-Convertible Bonds (Identified Cost $11,210,530,769)		10,840,537,803

	Convertible Bonds — 3.6%
		Canada — 0.2%
	745,000	Nortel Networks Corp., 1.750%, 4/15/2012		557,819

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Canada — continued
$	30,767,000	Nortel Networks Corp., 2.125%, 4/15/2014(b)	$	20,613,890

				21,171,709

		United States — 3.4%
	25,280,000	Affymetrix Inc, 3.500%, 1/15/2038		20,571,600
	12,755,000	Avnet, Inc., 2.000%, 3/15/2034		13,185,481
	200,000	Builders Transport, Inc., Subordinated Note, 6.500%, 5/01/2011(g)		—
	1,000,000	Builders Transport, Inc., Subordinated Note, 8.000%, 8/15/2005(g)		—
	8,330,000	Countrywide Financial Corp., Zero Coupon, 4/15/2037		8,028,038
	23,395,000	Countrywide Financial Corp., 0.426%, 5/15/2037(b)(c)		21,903,569
	121,000	Dixie Group, Inc., Subordinated Note, 7.000%, 5/15/2012		109,656
	5,111,000	EPIX Pharmaceuticals, Inc., Senior Note, Convertible, 3.000%, 6/15/2024		3,092,155
	21,763,000	Host Hotels & Resorts, Inc., 144A, 2.625%, 4/15/2027		17,600,826
	35,275,000	Human Genome Sciences, Inc., 2.250%, 8/15/2012		25,486,187
	30,860,000	Incyte Corp., 3.500%, 2/15/2011(b)		28,699,800
	12,005,000	Invitrogen Corp., 1.500%, 2/15/2024		11,494,787
	44,035,000	iStar Financial, Inc., 3.198%, 10/01/2012(c)		34,347,300
	6,365,000	Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		4,956,744
	6,670,000	Kulicke & Soffa Industries, Inc., 0.500%, 11/30/2008		6,453,225
	3,790,000	Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		3,335,200
	35,110,000	Level 3 Communications, Inc., 2.875%, 7/15/2010		29,360,737
	33,440,000	Level 3 Communications, Inc., 3.500%, 6/15/2012(b)		27,128,200
	12,604,000	Level 3 Communications, Inc., 5.250%, 12/15/2011		11,422,375
	28,648,000	Level 3 Communications, Inc., 6.000%, 9/15/2009		27,287,220
	35,920,000	Level 3 Communications, Inc., 6.000%, 3/15/2010(b)		33,405,600
	7,846,542	Liberty Media LLC, 3.500%, 1/15/2031		4,492,146
	4,196,000	Maxtor Corp., Subordinated Note, 5.750%, 3/01/2012(d)		3,944,240
	24,081,000	Nektar Therapeutics, 3.250%, 9/28/2012		16,585,789
	625,000	Nextel Communications, Inc., Senior Note, 5.250%, 1/15/2010		603,125
	15,695,000	NII Holdings, Inc., 3.125%, 6/15/2012(b)		13,223,037
	403,000	Preston Corp., Subordinated Note, 7.000%, 5/01/2011		373,783
	311,000	Richardson Electronics Ltd., 7.750%, 12/15/2011		256,575
	7,716,000	Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(f)		6,934,755
	22,735,000	Valeant Pharmaceuticals International, Subordinated Note, 3.000%, 8/16/2010		20,830,944
	28,222,000	Valeant Pharmaceuticals International, Subordinated Note, 4.000%, 11/15/2013		24,200,365
	11,035,000	Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		17,380,125

				436,693,584

		Total Convertible Bonds (Identified Cost $481,768,302)		457,865,293

	Municipals — 0.9%
		United States — 0.9%
	3,270,000	Alabama Public School & College Authority ( Capital Improvement), 4.500%, 12/01/2026		3,162,482
	5,650,000	Chicago Board of Education, Series B, (FSA insured), 4.750%, 12/01/2031		5,540,221
	1,725,000	Chicago O’Hare International Airport, Series A, (FSA insured), 4.500%, 1/01/2038		1,547,601
	9,320,000	County of Harris TX, Series B, 4.500%, 10/01/2031		8,805,443
	3,270,000	District of Columbia, Series A, (FGIC insured), 4.750%, 6/01/2036		3,063,532
	3,270,000	Florida State Turnpike Authority (Department of Transportation), Series A, (MBIA insured), 3.500%, 7/01/2027		2,639,381
	4,645,000	Green Bay Wisconsin Water System Revenue, (FSA insured), 3.500%, with various maturities to 2029		3,813,039
	1,975,000	Grosse Pointe Public School System, (FGIC insured), 3.000%, 5/01/2027		1,442,422
	5,185,000	Jea, Florida Water & Sewer Systems Revenue, (MBIA insured), 4.750%, 10/01/2041		4,856,167
	3,275,000	Massachusetts School Building Authority, Series A, (AMBAC insured), 4.750%, 8/15/2032		3,201,247
	13,095,000	Michigan Tobacco Settlement Finance Authority, Taxable Turbo Series A, 7.309%, 6/01/2034		11,989,520
	8,175,000	Omaha Public Power District, Series AA, (FGIC insured), 4.500%, 2/01/2034		7,392,980

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	3,435,000	San Diego Unified School District (Election 1998), Series F-1, (FSA insured), 4.500%, 7/01/2029	$	3,187,233
	1,530,000	San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), Series C, 3.750%, 8/01/2028		1,237,525
	4,170,000	San Jose Redevelopment Agency Tax Allocation (Merged Area), Series C, (MBIA insured), 3.750%, 8/01/2028		3,397,633
	5,175,000	State of California, (AMBAC insured), 4.500%, 8/01/2027		4,895,550
	14,415,000	State of California, 4.500%, 10/01/2029		13,268,719
	4,190,000	State of California, (AMBAC insured), 4.500%, 8/01/2030		3,834,311
	3,620,000	State of California, 4.500%, 8/01/2030		3,317,730
	2,680,000	State of California (Various Purpose), (MBIA insured), 3.250%, 12/01/2027		2,045,751
	12,645,000	State of California (Various Purpose), (AMBAC insured), 4.500%, 12/01/2033		11,373,419
	3,270,000	State of Louisiana, Series C, (FSA insured), 3.250%, 5/01/2026		2,594,189
	895,000	University of California Regents Medical Center, Series A, (MBIA insured), 4.750%, 5/15/2031		856,434
	835,000	Wisconsin Housing & Economic Development Authority, Series E, 4.900%, 11/01/2035		792,782

		Total Municipals (Identified Cost $107,414,102)		108,255,311

		Total Bonds and Notes (Identified Cost $11,799,713,173)		11,406,658,407

	Bank Loans — 1.5%
		United States — 1.5%
	11,123,960	ALLTEL Corp., Term Loan B 2, 5.564%, 5/16/2015(h)		10,983,576
	20,885,050	Calpine Corp., First Priority Term Loan, 5.685%, 3/29/2014(h)		19,901,782
	115,888,090	Chrysler LLC, First Lien Term Loan, 6.480%, 8/03/2013(h)		59,586,179
	2,964,059	Community Health System, Inc., Term Loan B, 4.859%, 7/25/2014(h)		2,790,247
	477,925	Dole Food Co., Inc., LOC, 4.710%, 4/12/2013(h)		443,500
	686,330	Dole Food Co., Inc., Term Loan, 4.866%, 4/12/2013(h)		636,894
	2,551,279	Dole Food Co., Inc., Tranche C Term Loan, 4.793%, 4/12/2013(h)		2,367,510
	2,485,000	Dresser, Inc., Second Lien Term Loan, 8.469%, 5/04/2015(h)		2,380,431
	1,235,249	Dresser, Inc., Term Loan B, 5.215%, 5/04/2014(h)		1,185,394
	1,641,667	Freescale Semiconductor, Inc., Term Loan B, 4.209%, 12/01/2013(h)		1,484,887
	14,809,082	Georgia-Pacific Corp., First Lien Term Loan, 4.449%, 12/20/2012(h)		13,942,158
	2,054,571	Georgia-Pacific Corp., Term Loan B2, 4.465%, 12/29/2012(h)		1,938,138
	16,722,131	Hawaiian Telecom Communications, Inc., Term Loan C, 5.310%, 6/01/2014(h)		13,759,137
	8,233,207	HCA, Inc., Term Loan B, 5.051%, 11/17/2013(h)		7,724,230
	23,556,034	Idearc, Inc., Term Loan B, 4.787%, 11/17/2014(h)		18,815,382
	6,000,000	Mega Bloks, Inc., Term Loan B, 8.250%, 7/26/2012(h)		5,160,000
	11,566,583	Nuance Communications, Inc., Term Loan B2, 4.990%, 3/31/2013(h)		10,968,938
	4,000,000	Tribune Co., Tranche X, 5.478%, 5/17/2009(h)		3,825,000
	19,337,581	TXU Tech Co., Term Loan B2, 6.234%, 10/10/2014(h)		17,887,263

		Total Bank Loans (Identified Cost $ 209,334,432)		195,780,646


Shares
	Common Stocks — 2.6%
		Israel — 0.0%
	2,288	Teva Pharmaceutical Industries Ltd., Sponsored ADR		104,790

		United States — 2.6%
	209,757	Apartment Investment & Management Co., (REIT), Class A(b)		7,144,324
	889,730	Associated Estates Realty Corp., (REIT)(b)		9,529,008
	7,238,800	Bristol-Myers Squibb Co.(b)		148,612,564
	53,260	Chesapeake Energy Corp.(b)		3,513,030
	2,309,175	ConAgra Foods, Inc.(b)		44,520,894
	41,343	Corning, Inc.		952,956
	182,500	Developers Diversified Realty Corp.(b), (REIT)		6,334,575
	282,500	Duke Energy Corp.(b)		4,909,850
	460,000	Equity Residential, (REIT)(b)		17,604,200
	1,450,636	Federal Home Loan Mortgage Corp.(b)		23,790,430
	477,725	KB Home(b)		8,087,884
	549,450	Lennar Corp., Class A(b)		6,780,213
	460,656	Owens-Illinois, Inc.(e)		19,204,749
	117,700	Simon Property Group, Inc., (REIT)(b)		10,580,053
	141,249	Spectra Energy Corp.(b)		4,059,496

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Shares		Description	Value (†)
		United States — continued
	359,449	Vertex Pharmaceuticals, Inc.(b)(e)	$	12,030,758

				327,654,984

		Total Common Stocks (Identified Cost $378,589,790)		327,759,774

	Preferred Stocks — 2.9%
		United States — 2.9%
	366,477	AES Trust III, Convertible, 6.750%(b)	$	17,774,135
	3,215	Bank of America Corp., 7.250%		2,845,275
	52,020	Chesapeake Energy Corp., 4.500%(b)		8,375,220
	278,685	Chesapeake Energy Corp., Convertible, 5.000%		50,860,012
	261,646	CIT Group, Inc., 6.350%		3,335,987
	5,000	CIT Group, Inc., 8.750%		204,400
	107,725	CMS Energy Trust I, Convertible, 7.750%		4,847,625
	158,777	El Paso Energy Capital Trust I, Convertible, 4.750%		6,509,857
	393	Entergy New Orleans, Inc., 4.750%		28,750
	2,200,803	Federal Home Loan Mortgage Corp., Series Z, (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(b)		53,479,513
	373,500	Federal Home Loan Mortgage Corp., 5.570%		6,719,265
	92,200	Federal National Mortgage Association, 5.125%(b)		2,927,350
	4,385,000	Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(b)		100,635,750
	42,700	FelCor Lodging Trust, Inc., (REIT) Convertible, 7.800%		817,705
	1,458,359	Ford Motor Co. Capital Trust II, Convertible, 6.500%(b)		40,323,626
	79,502	General Motors Corp., 6.250%(b)		1,054,197
	73,204	Lehman Brothers Holdings, Inc., 5.670%		2,201,244
	77,610	Lehman Brothers Holdings, Inc., 5.940%		2,478,087
	39,450	Lehman Brothers Holdings, Inc., 6.000%		633,962
	340,116	Lehman Brothers Holdings, Inc., 6.500%		5,812,582
	10,160	Lehman Brothers Holdings, Inc., 7.250%		8,173,009
	138,842	Lehman Brothers Holdings, Inc., 7.950%(b)		2,825,435
	30,436	Lucent Technologies Capital Trust I, Convertible, 7.750%		23,131,360
	35,000	Merrill Lynch & Co., Inc., 6.375%		590,100
	81,975	Newell Financial Trust I, Convertible, 5.250%		3,688,875
	332,275	Six Flags, Inc., 7.250%(b)		3,106,771
	119,508	Sovereign Capital Trust, 4.375%		3,674,871
	171,240	United Rentals Trust I, Convertible, 6.500%		5,479,680

		Total Preferred Stocks (Identified Cost $370,192,046)		362,534,643

	Closed-End Investment Companies — 0.3%
		United States — 0.3%
	199,046	BlackRock Senior High Income Fund, Inc.		939,497
	1,033,275	Dreyfus High Yield Strategies		3,699,125
	177,910	DWS High Income Trust		818,386
	860,000	Highland Credit Strategies Fund(b)		11,506,800
	110,211	Morgan Stanley Emerging Markets Debt Fund, Inc.		1,024,962
	141,612	Van Kampen High Income Trust II(b)		467,320
	2,055,800	Western Asset High Income Opportunity Fund, Inc.		11,594,712
	1,368,400	Western Asset Managed High Income Fund, Inc.(b)		7,813,564

		Total Closed-End Investment Companies (Identified Cost $41,292,759)		37,864,366


Principal Amount / Shares
	Short-Term Investments — 6.8%
$	587,285	Repurchase Agreement with State Street Corp., dated 6/30/2008 at 1.300% to be repurchased at $587,306 on 7/01/2008, collateralized by $590,000 United States Treasury Bill, due 9/18/2008 valued at $587,678 including accrued interest(i)		587,285
	787,926,526	State Street Navigator Securities Lending Prime Portfolio(j)		787,926,526
	70,881,300	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2008 at 1.300% to be repurchased at $70,883,859 on 7/01/2008, collateralized by $9,980,000 Federal Farm Credit Bank, 4.875% due 12/16/2015 valued at $10,204,550 and $62,485,000 Federal Home Loan Bank Discount Note, Zero Coupon due 9/17/2008 valued at $62,094,469 including accrued interest(i)		70,881,300

		Total Short-Term Investments (Identified Cost $859,395,111)		859,395,111

		Total Investments — 104.4% (Identified Cost $13,658,517,311)(a)		13,189,992,947
		Other assets less liabilities—(4.4)%		(553,339,647	)

		Net Assets — 100%	$	12,636,653,300

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

(‡)	Principal amount is in U.S. dollars unless otherwise noted.

(†)

(††)	Amount shown represents units. One unit represents a principal amount of 100.

(†††)

Amount shown represents units. One unit represents a principal amount of 25.

(a)

Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales and return of capital dividends received from the Fund’s investments in REITs. Amortization of premium on debt securities is excluded for tax purposes.): At June 30, 2008, the net unrealized depreciation on investments based on a cost of $ 13,661,682,743 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	408,978,550
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(880,668,346	)

Net unrealized depreciation	$	(471,689,796	)

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

(b)

(c)	Variable rate security. Rate as of June 30, 2008 is disclosed.

(d)	Illiquid security. At June 30, 2008, the value of these securities amounted to $38,717,090 or 0.3% of net assets.

(e)	Non-income producing security.

(f)	Step Bond: Coupon rate is a fixed rate for an initial period and then resets at a specified date and rate.

(g)	Bankrupt issuer. Security remains in the Portfolio of Investments pending final resolution of bankruptcy proceedings.

(h)	Variable rate security. Rate shown represents the weighted average rate at June 30, 2008.

(i)

(j)	Represents investment of securities lending collateral.


144A		Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At June 30, 2008, the value of these securities amounted to $1,103,900,776 or 8.7% of net assets.
ADR		An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs are significantly influenced by trading on exchanges not located in the United States.

AMBAC		American Municipal Bond Assurance Corp.
EMTN		Euro Medium Term Note
FGIC		Financial Guarantee Insurance Company
FSA		Financial Security Assurance, Inc.
GMTN		Global Medium Term Note
LOC		Letter of Credit
MBIA		Municipal Bond Investors Assurance Corp.
MTN		Medium Term Note
REITs		Real Estate Investment Trusts
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
ISK		Iceland Krona
KRW		South Korean Won
MXN		Mexican Peso
MYR		Malaysian Ringgit
NZD		New Zealand Dollar
SGD		Singapore Dollar
THB		Thailand Baht

New Accounting Pronouncements

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

Unfunded Loan Commitment

As of June 30, 2008, the Fund had one unfunded loan commitment which could be funded at the option of the following Borrower, pursuant to the loan agreement:


Borrower	Unfunded Loan Commitment
Community Health Systems, Inc.	$	150,489

Net Asset Summary at June 30, 2008 (Unaudited)


Sovereigns	13.0	%
Non-Captive Diversified	8.5
Wirelines	5.8
Pharmaceuticals	5.6
Banking	4.9
Non-Captive Consumer	4.7
Electric	4.5
Retailers	3.5
Healthcare	3.0
Supranational	2.7
Technology	2.5
Paper	2.4
Media Cable	2.3
Automotive	2.3
Treasuries	2.2
Pipelines	2.0
Other Investments, less than 2% each	27.7
Short-Term Investments	6.8

Total Investments	104.4
Other assets less liabilities	(4.4	)

Net Assets	100.0	%

PORTFOLIO OF INVESTMENTS – as of June 30, 2008 (Unaudited)

Loomis Sayles Tax-Managed Equity Fund


	Shares	Value (†)
COMMON STOCKS – 95.9% of Net Assets
Aerospace & Defense – 4.8%
Boeing Co.(b)	1,851	$	121,648
United Technologies Corp.	2,850		175,845

			297,493

Beverages – 3.1%
PepsiCo, Inc.	3,016		191,787

Capital Markets – 7.4%
Franklin Resources, Inc.(b)	1,860		170,469
Goldman Sachs Group, Inc.	673		117,708
State Street Corp.	2,645		169,253

			457,430

Chemicals – 4.8%
Ecolab, Inc.	3,248		139,632
Praxair, Inc.	1,663		156,721

			296,353

Communications Equipment – 8.7%
Cisco Systems, Inc.(b)(c)	9,332		217,062
Corning, Inc.	8,588		197,954
Harris Corp.(b)	2,467		124,559

			539,575

Computers & Peripherals – 8.6%
Apple, Inc.(c)	1,202		201,263
EMC Corp.(b)(c)	8,901		130,756
Hewlett-Packard Co.	4,553		201,288

			533,307

Diversified Telecommunication Services – 2.4%
AT&T, Inc.	4,379		147,528

Energy Equipment & Services – 2.2%
Transocean, Inc.(b)(c)	881		134,256

Food & Staples Retailing – 2.3%
Costco Wholesale Corp.(b)	2,068		145,050

Health Care Equipment & Supplies – 5.3%
Covidien Ltd.	3,174		152,003
Hologic, Inc.(b)(c)	3,319		72,354
Zimmer Holdings, Inc.(c)	1,520		103,436

			327,793

Hotels, Restaurants & Leisure – 1.3%
Marriott International, Inc., Class A(b)	3,174		83,286

Household Products – 2.2%
Colgate-Palmolive Co.(b)	1,924		132,948

Insurance – 5.7%
Aflac, Inc.(b)	3,204		201,211

PORTFOLIO OF INVESTMENTS – as of June 30, 2008 (Unaudited)

Loomis Sayles Tax-Managed Equity Fund - continued


	Shares	Value (†)
COMMON STOCKS – continued
Insurance – continued
Everest Re Group Ltd.	1,868	$	148,898

			350,109

IT Services – 2.2%
Broadridge Financial Solutions, Inc.(b)	6,543		137,730

Machinery – 9.6%
Danaher Corp.(b)	2,552		197,270
Eaton Corp.	2,260		192,032
Joy Global, Inc.(b)	1,828		138,617
Terex Corp.(b)(c)	1,298		66,678

			594,597

Media – 2.6%
DIRECTV Group, Inc. (The)(b)(c)	6,268		162,404

Oil, Gas & Consumable Fuels – 10.7%
ConocoPhillips(b)	2,222		209,735
Devon Energy Corp.	1,924		231,188
ExxonMobil Corp.	2,494		219,796

			660,719

Personal Products – 1.9%
Alberto-Culver Co.(b)	4,368		114,747

Pharmaceuticals – 4.7%
Abbott Laboratories	3,055		161,823
Novartis AG, ADR	2,386		131,326

			293,149

Semiconductors & Semiconductor Equipment – 1.8%
Texas Instruments, Inc.(b)	3,998		112,584

Specialty Retail – 1.4%
Gap, Inc. (The)(b)	5,166		86,117

Wireless Telecommunication Services – 2.2%
NII Holdings, Inc.(c)	2,886		137,056

TOTAL COMMON STOCKS (Identified Cost $4,946,031)			5,936,018

SHORT-TERM INVESTMENT – 26.3%
State Street Navigator Securities Lending Prime Portfolio(d) (Identified Cost $1,629,503)	1,629,503		1,629,503
TOTAL INVESTMENTS – 122.2% (Identified Cost $6,575,534)(a)			7,565,521
Other assets less liabilities—(22.2)%			(1,372,076	)

NET ASSETS – 100.0%		$	6,193,445

PORTFOLIO OF INVESTMENTS – as of June 30, 2008 (Unaudited)

Loomis Sayles Tax-Managed Equity Fund

(†)

Equity securities, including closed-end investment companies and exchange-traded funds, for which market quotations are readily available are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) are generally valued on the basis of evaluated bids furnished to the Fund by a pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s adviser using consistently applied procedures under the general supervision of the Board of Trustees. Investments in other open-end investment companies are valued at their net asset value each day.

(a)

Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):

At June 30, 2008, the net unrealized appreciation on investments based on cost of $6,575,534 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	1,271,115
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(281,128	)

Net unrealized appreciation	$	989,987

At September 30, 2007, the Fund had a capital loss carryforward of approximately $3,482,772 of which $1,693,070 expires on September 30, 2010, $1,662,157 expires on September 30, 2011, $110,150 expires on September 30, 2012 and $17,395 expires on September 30, 2013. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b)

(c)

Non-income producing security.

(d)

Represents investment of security lending collateral.

ADR

An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs are significantly influenced by trading on exchanges not located in the United States.

PORTFOLIO OF INVESTMENTS – as of June 30, 2008 (Unaudited)

Loomis Sayles Tax-Managed Equity Fund - continued

New Accounting Pronouncements

NET ASSET SUMMARY AT JUNE 30, 2008 (Unaudited)


Oil, Gas & Consumable Fuels	10.7	%
Machinery	9.6
Communications Equipment	8.7
Computers & Peripherals	8.6
Capital Markets	7.4
Insurance	5.7
Health Care Equipment & Supplies	5.3
Aerospace & Defense	4.8
Chemicals	4.8
Pharmaceuticals	4.7
Beverages	3.1
Media	2.6
Diversified Telecommunication Services	2.4
Food & Staples Retailing	2.3
IT Services	2.2
Wireless Telecommunication Services	2.2
Energy Equipment & Services	2.2
Household Products	2.2
Other Investments, less than 2% each	6.4
Short-Term Investment	26.3

Total Investments	122.2
Other assets less liabilities	(22.2	)

Net Assets	100.0	%

LOOMIS SAYLES VALUE FUND - PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2008 (Unaudited)


Shares	Description	Value (†)
Common Stocks – 93.0% of Net Assets
	Aerospace & Defense – 2.8%
105,445	Northrop Grumman Corp.	$	7,054,271
57,290	United Technologies Corp.		3,534,793

			10,589,064

	Beverages – 2.4%
213,666	Dr Pepper Snapple Group, Inc.(b)		4,482,712
86,075	Molson Coors Brewing Co., Class B		4,676,455

			9,159,167

	Capital Markets – 4.8%
125,343	Ameriprise Financial, Inc.		5,097,700
168,146	Bank of New York Mellon Corp.		6,360,963
63,372	Merrill Lynch & Co., Inc.		2,009,526
128,182	Morgan Stanley		4,623,525

			18,091,714

	Chemicals – 3.1%
113,657	E.I. du Pont de Nemours & Co.		4,874,749
70,449	Praxair, Inc.		6,639,114

			11,513,863

	Commercial Banks – 2.6%
92,196	PNC Financial Services Group, Inc.		5,264,391
158,739	U.S. Bancorp(c)		4,427,231

			9,691,622

	Communications Equipment – 0.7%
113,414	Nokia Oyj, Sponsored ADR		2,778,643

	Computers & Peripherals – 3.3%
144,317	Hewlett-Packard Co.		6,380,255
49,670	International Business Machines Corp.		5,887,385

			12,267,640

	Construction & Engineering – 1.2%
62,567	Foster Wheeler Ltd.(b)		4,576,776

	Consumer Finance – 0.6%
165,971	Discover Financial Services		2,185,838

	Containers & Packaging – 2.5%
112,336	Owens-Illinois, Inc.(b)		4,683,288
228,288	Pactiv Corp.(b)		4,846,554

			9,529,842

	Diversified Financial Services – 4.5%
158,957	Bank of America Corp.		3,794,304
259,118	Citigroup, Inc.		4,342,818
202,851	JPMorgan Chase & Co.		6,959,818
38,691	Leucadia National Corp.		1,816,155

			16,913,095

	Diversified Telecommunication Services – 3.9%
439,358	AT&T, Inc.		14,801,971

	Electric Utilities – 1.9%
81,497	Exelon Corp.		7,331,470

	Electrical Equipment – 2.2%
123,565	ABB Ltd., Sponsored ADR(b)		3,499,361
76,083	General Cable Corp.(b)(c)		4,629,650

			8,129,011

	Energy Equipment & Services – 5.3%
182,418	BJ Services Co.		5,826,431
171,681	Halliburton Co.		9,111,111
78,464	Tidewater, Inc.(c)		5,102,514

			20,040,056

	Food & Staples Retailing – 1.7%
112,967	Wal-Mart Stores, Inc.		6,348,745

	Food Products – 2.4%
246,025	ConAgra Foods, Inc.		4,743,362
152,223	Kraft Foods, Inc., Class A		4,330,744

			9,074,106

	Gas Utilities – 1.5%
82,366	Equitable Resources, Inc.		5,688,196

	Health Care Equipment & Supplies – 1.9%
153,330	Covidien Ltd.		7,342,974

	Health Care Providers & Services – 0.7%
97,417	UnitedHealth Group, Inc.		2,557,196

	Hotels, Restaurants & Leisure – 1.7%
112,926	McDonald’s Corp.		6,348,700

	Household Durables – 0.9%
79,135	Sony Corp., Sponsored ADR		3,461,365

	Independent Power Producers & Energy Traders – 1.2%
106,722	NRG Energy, Inc.(b)(c)		4,578,374

	Industrial Conglomerates – 2.8%
194,053	General Electric Co.		5,179,274
50,037	Siemens AG, Sponsored ADR		5,510,575

			10,689,849

	Insurance – 6.5%
148,342	Allstate Corp.		6,762,912
140,307	American International Group, Inc.		3,712,523
1,603	Berkshire Hathaway, Inc., Class B(b)		6,431,236
82,366	Metlife, Inc.		4,346,454
52,106	Prudential Financial, Inc.		3,112,812

			24,365,937

	IT Services – 1.1%
193,000	Broadridge Financial Solutions, Inc.		4,062,650

	Media – 6.5%
263,516	Comcast Corp., Class A		4,998,898
237,680	DIRECTV Group, Inc. (The)(b)(c)		6,158,289
394,893	News Corp., Class A		5,939,191
503,575	Time Warner, Inc.		7,452,910

			24,549,288

	Multi-Utilities & Unregulated Power – 1.2%
115,832	PG&E Corp.(c)		4,597,372

	Oil, Gas & Consumable Fuels – 8.5%
156,489	ExxonMobil Corp.		13,791,376
135,784	Spectra Energy Corp.		3,902,432
123,288	Total SA, Sponsored ADR		10,512,768
56,661	XTO Energy, Inc.(c)		3,881,845

			32,088,421

	Paper & Forest Products – 0.9%
68,294	Weyerhaeuser Co.(c)		3,492,555

	Personal Products – 1.0%
82,939	Estee Lauder Cos., Inc./The, Class A(c)		3,852,517

	Pharmaceuticals – 7.2%
209,198	Bristol-Myers Squibb Co.		4,294,835
91,009	Johnson & Johnson		5,855,519
87,280	Novartis AG, ADR		4,803,891
268,625	Pfizer, Inc.		4,692,879
391,355	Schering-Plough Corp.		7,705,780

			27,352,904

	Semiconductors & Semiconductor Equipment – 1.2%
236,099	Applied Materials, Inc.		4,507,130

	Software – 1.3%
182,944	Microsoft Corp.		5,032,789

LOOMIS SAYLES VALUE FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Shares		Description	Value (†)
		Specialty Retail – 1.0%
	222,630	Gap, Inc. (The)	$	3,711,242

		Total Common Stocks (Identified Cost $373,989,518)		351,302,082


Principal Amount/ Shares
	Short-Term Investments – 11.3%
$	11,043,000	General Electric Capital Corp., Commercial Paper, 0.800%, 7/1/2008(d)		11,043,000
	31,538,386	State Street Navigator Securities Lending Prime Portfolio(e)		31,538,386

		Total Short-Term Investments (Identified Cost $42,581,386)		42,581,386

		Total Investments - 104.3% (Identified Cost $416,570,904)(a)		393,883,468
		Other assets less liabilities — (4.3)%		(16,357,465	)

		Net Assets — 100.0%	$	377,526,003

(†)

(a)

Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.): At June 30, 2008, the net unrealized depreciation on investments based on a cost of $416,570,904 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	22,843,935
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(45,531,371	)

Net unrealized depreciation	$	(22,687,436	)

LOOMIS SAYLES VALUE FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

(b)	Non-income producing security.

(c)

(d)	Interest rate represents annualized yield at time of purchase; not a coupon rate.

(e)	Represents investment of securities lending collateral.


ADR		An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs are significantly influenced by trading on exchanges not located in the United States.

New Accounting Pronouncements

Net Asset Summary at June 30, 2008 (Unaudited)


Oil, Gas & Consumable Fuels	8.5	%
Pharmaceuticals	7.2
Media	6.5
Insurance	6.5
Energy Equipment & Services	5.3
Capital Markets	4.8
Diversified Financial Services	4.5
Diversified Telecommunication Services	3.9
Computers & Peripherals	3.3
Chemicals	3.1
Aerospace & Defense	2.8
Industrial Conglomerates	2.8
Commercial Banks	2.6
Containers & Packaging	2.5
Beverages	2.4
Food Products	2.4
Electrical Equipment	2.2
Other Investments, less than 2% each	21.7
Short-Term Investments	11.3

Total Investments	104.3
Other assets less liabilities	(4.3	)

Net Assets	100.0	%

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value(†)
	Bonds and Notes – 26.6% of Net Assets
	Non-Convertible Bonds – 25.8%
		Argentina – 0.1%
$	68,750	Republic of Argentina, 3.092%, 8/03/2012(b)	$	58,318
	570,000	Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		438,900

				497,218

		Australia – 0.2%
	925,000	New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010, (AUD)		880,185

		Austria – 0.0%
	95,000	Sappi Papier Holding AG, 7.500%, 6/15/2032, 144A		73,150

		Bermuda – 0.1%
	385,000	Noble Group Ltd., 8.500%, 5/30/2013, 144A		379,225

		Brazil – 0.4%
	2,096,229	Brazil Notas do Tesouro Nacional, Series B, 6.000%, 8/15/2010, (BRL)		1,239,830
	170,000	Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A(c)		163,200

				1,403,030

		Canada – 0.1%
	100,000	Bombardier, Inc., 7.250%, 11/15/2016, (EUR), 144A		150,360
	25,000	Canadian Pacific Railway Ltd., 4.900%, 6/15/2010, (CAD), 144A		24,510
	100,000	GMAC Canada Ltd., Series EMTN, 6.625%, 12/17/2010, (GBP)		158,235
	50,000	Nortel Networks Corp., 6.875%, 9/01/2023		35,500
	180,000	Shaw Communications, Inc., 6.150%, 5/09/2016, (CAD)		172,847

				541,452

		Cayman Islands – 0.4%
	360,000	DASA Finance Corp., 8.750%, 5/29/2018, 144A		366,300
	370,000	Embraer Overseas Ltd., 6.375%, 1/24/2017		360,750
	100,000	LPG International, Inc., 7.250%, 12/20/2015(c)		102,375
	175,000	Odebrecht Finance Ltd., 7.500%, 10/18/2017, 144A		180,250
	781,000	Vale Overseas Ltd., 6.875%, 11/21/2036		725,342

				1,735,017

		Colombia – 0.2%
	40,000	Republic of Colombia, 8.125%, 5/21/2024(c)		46,100
	45,000,000	Republic of Colombia, 9.850%, 6/28/2027, (COP)		18,353
	94,000,000	Republic of Colombia, 11.750%, 3/01/2010, (COP)		49,125
	1,361,000,000	Republic of Colombia, 12.000%, 10/22/2015, (COP)		682,740

				796,318

		France – 0.4%
	135,000	Alcatel-Lucent, Series EMTN, 6.375%, 4/07/2014, (EUR)		178,543
	100,000	BNP Paribas, (fixed rate to 4/12/2016, variable rate thereafter) 4.730%, 4/29/2049, (EUR)		129,538
	1,665,190,000	BNP Paribas SA, Series EMTN, Zero Coupon, 6/13/2011, (IDR), 144A		127,725
	35,000	Lafarge SA, Series EMTN, 4.750%, 3/23/2020, (EUR)		44,874
	250,000	Lafarge SA, Series EMTN, 5.375%, 6/26/2017, (EUR)		351,991
	35,000	PPR SA, Series EMTN, 4.000%, 1/29/2013, (EUR)		49,037
	240,000	Veolia Environnement, Series EMTN, 4.000%, 2/12/2016, (EUR)		334,976
	25,000	Veolia Environnement, Series EMTN, 5.125%, 5/24/2022, (EUR)		34,895
	100,000	Wendel, 4.375%, 8/09/2017, (EUR)		102,167
	200,000	Wendel, 4.875%, 5/26/2016, (EUR)		229,381

				1,583,127

		Germany – 0.5%
	12,000,000	Kreditanstalt fuer Wiederaufbau, 2.050%, 2/16/2026, (JPY)		110,499
	1,025,000	Republic of Germany, 4.000%, 1/04/2037, (EUR)		1,395,560
	445,000	Republic of Germany, Series 150, 4.000%, 4/13/2012, (EUR)		683,858

				2,189,917

		India – 0.1%
	500,000	Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter) 6.365%, 11/28/2021		451,531
	100,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter) 6.375%, 4/30/2022, 144A		89,617

				541,148

		Indonesia – 0.2%
	405,000	Indonesia Government International Bond, 7.750%, 1/17/2038, 144A		380,700
	2,959,000,000	Indonesia Treasury Bond, 11.000%, 12/15/2012, (IDR)		299,095

				679,795

		Ireland – 0.2%
	100,000	Depfa ACS Bank, 4.875%, 5/21/2019, (EUR)		154,295
	20,000,000	Depfa ACS Bank, Series EMTN, 1.650%, 12/20/2016, (JPY)		182,547
	555,000	Elan Financial PLC, 7.750%, 11/15/2011		538,350

				875,192

		Italy – 0.0%
	100,000	Telecom Italia SpA, 5.375%, 1/29/2019, (EUR)		137,872

		Japan – 0.3%
	145,000,000	Japan Government, 0.900%, 9/15/2009, (JPY)		1,368,160

		Korea – 0.2%
	460,000	Hanarotelecom, Inc., 7.000%, 2/01/2012, 144A		458,850

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)			Description	Value(†)
			Korea – continued
$	140,000		SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A	$	134,048

					592,898

			Luxembourg – 0.0%
	10,000		Telecom Italia Capital, 6.000%, 9/30/2034		8,558
	10,000		Telecom Italia Capital, 6.375%, 11/15/2033		8,903

					17,461

			Malaysia – 0.0%
	200,000		Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A		150,000

			Mexico – 0.3%
	340,000		Axtel SAB de CV, 7.625%, 2/01/2017, 144A		348,075
	295,000		Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		296,475
	75,000	(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		649,489

					1,294,039

			Netherlands – 0.3%
	50,000		Bite Finance International, 8.458%, 3/15/2014, (EUR), 144A(b)		62,978
	150,000		Cemex Finance Europe BV, 4.750%, 3/05/2014, (EUR)		201,044
	230,000		Excelcomindo Finance Co., 7.125%, 1/18/2013, 144A		229,713
	50,000		Koninklijke KPN NV, Series GMTN, 4.750%, 1/17/2017, (EUR)		69,457
	100,000		Majapahit Holding BV, 7.250%, 6/28/2017, 144A		89,500
	385,000		Netherlands Government Bond, 4.000%, 1/15/2037, (EUR)		517,118
	50,000		OI European Group BV, 6.875%, 3/31/2017, (EUR), 144A		73,999

					1,243,809

			Poland – 0.3%
	2,600,000		Poland Government Bond, 5.750%, 3/24/2010, (PLN)		1,196,625

			Singapore – 0.5%
	2,705,000		Government of Singapore, 4.625%, 7/01/2010, (SGD)		2,115,791

			South Africa – 0.3%
	130,000		Edcon Proprietary Ltd., 8.208%, 6/15/2014, (EUR), 144A(b)		134,065
	450,000		Edcon Proprietary Ltd., 8.208%, 6/15/2014, (EUR)(b)		464,069
	285,000		Republic of South Africa, 4.500%, 4/05/2016, (EUR)		384,776

					982,910

			Supranational – 0.8%
	190,000,000		Asia Development Bank, 2.350%, 6/21/2027, (JPY)(i)		1,831,318
	59,000,000		European Investment Bank, 1.250%, 9/20/2012, (JPY)		556,204
	40,000,000		European Investment Bank, 1.400%, 6/20/2017, (JPY)		369,685
	530,000		European Investment Bank, Series EMTN, 6.500%, 8/12/2014, (PLN)		250,961

					3,008,168

			Thailand – 0.1%
	330,000		True Move Co. Ltd., 10.375%, 8/01/2014		284,828
	100,000		True Move Co. Ltd., 10.375%, 8/01/2014, 144A		85,000

					369,828

			United Arab Emirates – 0.1%
	500,000		DP World Ltd., 6.850%, 7/02/2037, 144A		429,036

			United Kingdom – 0.4%
	60,000		BSKYB Finance UK PLC, 5.750%, 10/20/2017, (GBP)		103,715
	100,000		FCE Bank PLC, Series EMTN, 7.875%, 2/15/2011, (GBP)		168,311
	1,500,000		HSBC Bank, Zero Coupon, 6/04/2013, (MYR), 144A		376,343
	1,229,424,500		JPMorgan Chase London, Zero Coupon, 10/21/2010, (IDR), 144A		102,181
	165,000		Lloyds TSB Bank PLC, (fixed rate to 5/12/2017, variable rate thereafter) 4.385%, 5/29/2049, (EUR)		202,692
	250,000		Standard Chartered Bank, 5.875%, 9/26/2017, (EUR)		363,966
	65,000		United Kingdom Treasury, 5.250%, 6/07/2012, (GBP)		129,593

					1,446,801

			United States – 18.8%
	50,000		Albertson’s, Inc., 6.625%, 6/01/2028		42,882
	500,000		Albertson’s, Inc., 7.450%, 8/01/2029		472,980
	15,000		Amkor Technology, Inc., 7.750%, 5/15/2013		13,912
	100,000		Anadarko Petroleum Corp., 5.950%, 9/15/2016		100,054
	75,000		Anadarko Petroleum Corp., 6.450%, 9/15/2036		74,032
	60,000		Arrow Electronics, Inc., 6.875%, 7/01/2013		61,278
	100,000		ASIF Global Financing XXVII, 2.380%, 2/26/2009, (SGD), 144A		73,417
	325,000		AT&T, Inc., 6.500%, 9/01/2037		314,541
	42,865		Atlas Air, Inc., Series B, 7.680%, 1/02/2014(d)		45,866
	145,000		Avnet, Inc., 6.000%, 9/01/2015		140,565
	349,720,000		Barclays Financial LLC, Zero Coupon, 3/23/2009, (KRW), 144A		337,601
	110,000,000		Barclays Financial LLC, 4.060%, 9/16/2010, (KRW), 144A		105,946
	220,000,000		Barclays Financial LLC, 4.460%, 9/23/2010, (KRW), 144A		213,701
	310,000		Borden, Inc., 7.875%, 2/15/2023		186,000
	410,000		Borden, Inc., 8.375%, 4/15/2016		274,700

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value(†)
		United States – continued
$	5,000	Boston Scientific Corp., 5.450%, 6/15/2014	$	4,613
	30,000	Boston Scientific Corp., 6.400%, 6/15/2016		28,200
	60,000	Boston Scientific Corp., 7.000%, 11/15/2035		52,800
	50,000	Bristol-Myers Squibb Co., 4.625%, 11/15/2021, (EUR)		66,928
	250,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		356,220
	15,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		14,025
	70,000	Chesapeake Energy Corp., 6.875%, 1/15/2016		67,550
	75,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		70,500
	25,000	CIT Group, Inc., 5.125%, 9/30/2014		17,906
	35,000	CIT Group, Inc., 5.400%, 2/13/2012		27,784
	20,000	CIT Group, Inc., 5.400%, 1/30/2016		13,774
	25,000	CIT Group, Inc., 5.600%, 4/27/2011		19,936
	35,000	CIT Group, Inc., 5.650%, 2/13/2017		24,145
	505,000	CIT Group, Inc., 5.800%, 10/01/2036		388,698
	2,702,000	CIT Group, Inc., 7.625%, 11/30/2012		2,245,843
	270,000	CIT Group, Inc., Series EMTN, 3.800%, 11/14/2012, (EUR)		304,891
	50,000	CIT Group, Inc., Series EMTN, 5.500%, 12/20/2016, (GBP)		65,987
	150,000	CIT Group, Inc., Series GMTN, 4.250%, 9/22/2011, (EUR)		177,796
	55,000	CIT Group, Inc., Series GMTN, 5.000%, 2/13/2014		39,495
	20,000	CIT Group, Inc., Series GMTN, 5.000%, 2/01/2015		13,829
	50,000	CIT Group, Inc., Series MTN, 4.250%, 3/17/2015, (EUR)		53,174
	120,000	Citi Credit Card Issuance Trust, 5.375%, 4/10/2013, (EUR)		181,808
	5,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		2,950
	820,000	Clear Channel Communications, Inc., 5.500%, 12/15/2016		479,700
	75,000	Clear Channel Communications, Inc., 5.750%, 1/15/2013		50,531
	25,000	Colonial Realty LP, 6.050%, 9/01/2016		21,888
	35,000	Comcast Corp., 5.650%, 6/15/2035		29,741
	965,000	Comcast Corp., 6.950%, 8/15/2037		949,163
	131,515	Continental Airlines, Inc., Series 1999-1C, 6.954%, 8/02/2009		123,459
	30,000	Countrywide Financial Corp., Series A, MTN, 3.079%, 12/19/2008(b)		29,251
	90,000	Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		81,935
	190,000	CSX Corp., 6.250%, 3/15/2018		182,903
	265,000	Cummins, Inc., 5.650%, 3/01/2098		181,953
	160,000	Cummins, Inc., 7.125%, 3/01/2028		151,816
	10,000	D.R. Horton, Inc., 5.250%, 2/15/2015		7,950
	368,385	Delta Air Lines, Inc., Class B, Series 2007-1, 8.021%, 8/10/2022		291,024
	372,998	Delta Air Lines, Inc., Class C, Series 2007-1, 8.954%, 8/10/2014		298,398
	50,000	Dillard’s, Inc., 6.625%, 1/15/2018(c)		36,500
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		31,500
	16,000	ESI Tractebel Acquisition Corp., Series B, 7.990%, 12/30/2011		16,280
	200,000	Federal National Mortgage Association, 2.290%, 2/19/2009, (SGD)		147,483
	150,000	Foot Locker, Inc., 8.500%, 1/15/2022		140,250
	10,000	Ford Motor Co., 6.625%, 2/15/2028		5,450
	1,750,000	Ford Motor Co., 6.625%, 10/01/2028		936,250
	15,000	Ford Motor Co., 7.125%, 11/15/2025(c)		8,400
	595,000	Ford Motor Co., 7.450%, 7/16/2031		346,587
	1,405,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		1,198,704
	2,250,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		1,656,925
	105,000	Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		76,310
	170,000	Ford Motor Credit Co. LLC, 8.625%, 11/01/2010		144,212
	390,000	Ford Motor Credit Co. LLC, 9.750%, 9/15/2010		340,034
	388,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016(c)		295,850
	8,000,000	General Electric Capital Corp. Series EMTN, 1.500%, 4/26/2012, (JPY)		73,022
	45,000	General Motors Corp., 7.400%, 9/01/2025		23,175
	710,000	General Motors Corp., 8.250%, 7/15/2023		413,575
	3,015,000	General Motors Corp., 8.375%, 7/15/2033		1,786,387
	120,000	Georgia Gulf Corp., 10.750%, 10/15/2016		72,000
	3,375,000	Georgia-Pacific Corp., 7.250%, 6/01/2028		2,818,125

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value(†)
		United States – continued
$	35,000	Georgia-Pacific Corp., 7.750%, 11/15/2029	$	30,800
	525,000	Georgia-Pacific LLC, 8.000%, 1/15/2024		485,625
	505,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		467,125
	455,000	GMAC LLC, 6.000%, 12/15/2011		313,105
	205,000	GMAC LLC, 6.625%, 5/15/2012		140,633
	420,000	GMAC LLC, 6.750%, 12/01/2014		277,387
	45,000	GMAC LLC, 6.875%, 9/15/2011		32,336
	95,000	GMAC LLC, 6.875%, 8/28/2012		65,054
	100,000	GMAC LLC, 7.000%, 2/01/2012		69,511
	100,000	GMAC LLC, 7.250%, 3/02/2011		73,501
	3,170,000	GMAC LLC, 8.000%, 11/01/2031		2,062,332
	150,000	Goldman Sachs Group, Inc. (The), 5.208%, 5/23/2016, (EUR)(b)		215,460
	400,000	Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038, (GBP)		776,973
	165,000	Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		137,775
	25,000	GTE Corp., 6.940%, 4/15/2028		24,750
	20,000	HCA, Inc., 5.750%, 3/15/2014		16,650
	55,000	HCA, Inc., 6.250%, 2/15/2013		47,712
	90,000	HCA, Inc., 6.375%, 1/15/2015		74,700
	15,000	HCA, Inc., 6.500%, 2/15/2016		12,488
	40,000	HCA, Inc., 6.750%, 7/15/2013		35,100
	225,000	HCA, Inc., 7.050%, 12/01/2027		170,391
	245,000	HCA, Inc., 7.190%, 11/15/2015		211,035
	90,000	HCA, Inc., 7.500%, 12/15/2023		73,181
	250,000	HCA, Inc., 7.500%, 11/06/2033		192,500
	110,000	HCA, Inc., 7.580%, 9/15/2025		89,221
	1,295,000	HCA, Inc., 7.690%, 6/15/2025		1,059,010
	75,000	HCA, Inc., 7.750%, 7/15/2036		59,313
	395,000	HCA, Inc., 8.360%, 4/15/2024		336,205
	395,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		341,140
	260,000	Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		249,600
	25,000	Home Depot, Inc., 5.400%, 3/01/2016		22,956
	1,285,000	Home Depot, Inc., 5.875%, 12/16/2036		1,049,750
	960,000	HSBC Bank USA, Zero Coupon, 4/18/2012, (MYR), 144A		272,825
	500,000	HSBC Bank USA, Zero Coupon, 5/17/2012, (MYR), 144A		140,719
	100,000	HSBC Bank USA, 3.310%, 8/25/2010, 144A		117,330
	250,000	iStar Financial, Inc., 5.150%, 3/01/2012		206,250
	60,000	iStar Financial, Inc., 5.500%, 6/15/2012		49,200
	105,000	iStar Financial, Inc., 5.650%, 9/15/2011		89,775
	35,000	iStar Financial, Inc., Series B, 5.700%, 3/01/2014,		29,400
	70,000	iStar Financial, Inc., 5.850%, 3/15/2017		55,387
	300,000	iStar Financial, Inc., 5.875%, 3/15/2016		236,347
	950,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013,		779,000
	145,000	iStar Financial, Inc., 6.050%, 4/15/2015		116,000
	985,000	iStar Financial, Inc., 8.625%, 6/01/2013		901,275
	5,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		4,461
	125,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		104,399
	15,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023		14,834
	5,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037		4,489
	5,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		4,086
	780,965	JPMorgan Chase & Co., Series EMTN, Zero Coupon, 6/08/2012, (MYR), 144A		203,421
	260,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		161,200
	15,000	K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		9,750
	250,000	Kellwood Co., 7.625%, 10/15/2017(e)		161,250
	225,000	Lehman Brothers Holdings, Inc., 5.000%, 1/26/2010, (GBP)		422,008
	75,000	Lehman Brothers Holdings, Inc., (fixed rate to 5/03//2027, variable rate thereafter) 6.000%, 5/03/2032		57,341
	1,530,000	Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037		1,317,021
	30,000	Lennar Corp., 5.125%, 10/01/2010		26,100
	1,090,000	Lennar Corp., 5.600%, 5/31/2015		797,062
	15,000	Lennar Corp., Series B, 5.500%, 9/01/2014		10,950
	55,000	Lennar Corp., Series B, 6.500%, 4/15/2016		42,144
	15,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		12,900

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value(†)
		United States – continued
$	10,000	Level 3 Financing, Inc., 9.250%, 11/01/2014	$	9,100
	155,000	Lucent Technologies, Inc., 6.450%, 3/15/2029		118,575
	130,000	MBNA Credit Card Master Note Trust, Series 03A5, 4.150%, 4/19/2010, (EUR)		195,842
	500,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		248,737
	90,000	MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		90,897
	230,000	Morgan Stanley, 5.375%, 11/14/2013, (GBP)		411,082
	100,000	Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		102,125
	80,000	News America, Inc., 6.150%, 3/01/2037		73,657
	25,000	News America, Inc., 6.400%, 12/15/2035		23,658
	305,000	Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		253,150
	115,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		97,175
	185,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		148,462
	250,000	NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027		206,562
	170,000	Northern Telecom Capital Corp., 7.875%, 6/15/2026		121,550
	1,000,000	NRG Energy, Inc., 7.375%, 2/01/2016		941,250
	100,000	Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014, (EUR)		147,998
	565,000	Owens Corning, Inc., 6.500%, 12/01/2016		514,420
	535,000	Owens Corning, Inc., 7.000%, 12/01/2036		446,943
	40,000	Owens-Illinois, Inc., 7.800%, 5/15/2018		40,600
	950,000	Petrobras International Finance Co., 5.875%, 3/01/2018		913,847
	50,000	Pulte Homes, Inc., 5.200%, 2/15/2015		40,750
	540,000	Pulte Homes, Inc., 6.000%, 2/15/2035		421,200
	695,000	Pulte Homes, Inc., 6.375%, 5/15/2033		538,625
	1,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,094,700
	670,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		536,000
	400,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		345,000
	60,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		51,150
	325,000	Qwest Corp., 6.875%, 9/15/2033		268,125
	115,000	Qwest Corp., 7.250%, 9/15/2025		101,775
	58,000	R.H. Donnelley Corp., 6.875%, 1/15/2013		34,510
	735,000	R.H. Donnelley Corp., 8.875%, 10/15/2017, 144A		437,325
	50,000	R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		29,750
	60,000	R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		35,700
	18,000	R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016		10,800
	155,000	RBS Capital Trust, (fixed rate to 1/12/2016, variable rate thereafter) 4.243%, 12/29/2049, (EUR)		182,225
	5,000	Residential Capital LLC, 8.375%, 6/30/2010(c)		2,100
	195,000	Residential Capital LLC, 8.500%, 6/01/2012		76,050
	345,000	Residential Capital LLC, 8.500%, 4/17/2013		134,550
	175,000	Residential Capital LLC, 8.875%, 6/30/2015		68,250
	80,000	Reynolds American, Inc., 6.750%, 6/15/2017		79,583
	20,000	Reynolds American, Inc., 7.250%, 6/15/2037		19,683
	415,000	Six Flags, Inc., 9.625%, 6/01/2014(c)		230,325
	100,000	Six Flags, Inc., 9.750%, 4/15/2013(c)		56,750
	20,000	SLM Corp., 4.000%, 1/15/2010		18,631
	30,000	SLM Corp., 5.125%, 8/27/2012		26,103
	228,000	SLM Corp., Series A, MTN, 5.000%, 10/01/2013		197,143
	10,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		7,637
	85,000	SLM Corp., Series A, MTN, 5.375%, 1/15/2013		74,865
	75,000	SLM Corp., Series A, MTN, 5.375%, 5/15/2014		65,890
	30,000	SLM Corp., Series A, MTN, 5.400%, 10/25/2011		27,396
	20,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		15,059
	1,600(†††)	SLM Corp., Series A, MTN, 6.000%, 12/15/2043		27,900
	595,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		570,805
	120,000	SLM Corp., Series MTN, 5.050%, 11/14/2014		101,915
	434,000	Sprint Capital Corp., 6.875%, 11/15/2028		361,305
	420,000	Sprint Capital Corp., 6.900%, 5/01/2019		368,550
	26,000	Sprint Nextel Corp., 6.000%, 12/01/2016		22,360
	20,000	Tenet Healthcare Corp., 6.500%, 6/01/2012		18,850
	265,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		190,800
	23,000	Tenet Healthcare Corp., 7.375%, 2/01/2013		21,620

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount (‡)		Description	Value(†)
		United States – continued
$	750,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028(c)	$	731,443
	10,000	Time Warner, Inc., 6.500%, 11/15/2036		8,902
	395,000	Time Warner, Inc., 6.625%, 5/15/2029		359,441
	160,000	Time Warner, Inc., 6.950%, 1/15/2028		153,524
	115,000	Time Warner, Inc., 7.625%, 4/15/2031		116,753
	75,000	Time Warner, Inc., 7.700%, 5/01/2032		76,785
	105,000	Toll Brothers Finance Corp., 5.150%, 5/15/2015		90,930
	375,000	Toys R Us, Inc., 7.375%, 10/15/2018		277,500
	200,000	Transcontinental Gas Pipe Line Corp., 6.400%, 4/15/2016		199,750
	3,150,000	TXU Corp., Series P, 5.550%, 11/15/2014		2,466,050
	2,570,000	TXU Corp., Series Q, 6.500%, 11/15/2024		1,896,151
	30,000	TXU Corp., Series R, 6.550%, 11/15/2034		21,857
	1,215,000	U.S Treasury Bonds, 3.500%, 2/15/2018(c)		1,169,532
	3,700,000	U.S. Treasury Bonds, 4.250%, 11/15/2017(c)		3,779,491
	3,385,000	U.S. Treasury Bonds, 4.500%, 2/15/2036(c)		3,360,936
	8,000,000	U.S. Treasury Bonds, 4.750%, 2/15/2037(c)		8,261,248
	785,000	U.S Treasury Notes, 2.625%, 5/31/2010(c)		785,491
	1,110,000	United Rentals North America, Inc., 7.000%, 2/15/2014		860,250
	2,050,000	United Rentals North America, Inc., 7.750%, 11/15/2013(c)		1,640,000
	770,000	United States Steel Corp., 6.650%, 6/01/2037		678,349
	50,000	USG Corp., 6.300%, 11/15/2016		40,250
	230,000	USG Corp., 7.750%, 1/15/2018		201,250
	90,000	Verizon Communications, 5.850%, 9/15/2035		79,325
	5,000	Verizon Maryland, Inc., 5.125%, 6/15/2033		3,861
	250,000	Verizon New York, Inc., Series B, 7.375%, 4/01/2032		253,959
	70,000	Viacom, Inc., Class B, 6.875%, 4/30/2036		65,736
	140,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		118,009
	185,000	Wells Fargo & Co., 4.625%, 11/02/2035, (GBP)		293,677
	100,000	Williams Cos., Inc., 7.500%, 1/15/2031		101,125
	20,000	Xerox Corp., 7.200%, 4/01/2016		20,633

				75,832,894

		Uruguay – 0.5%
	34,534,733	Republic of Uruguay, 4.250%, 4/05/2027, (UYU)		1,835,670

		Total Non-Convertible Bonds (Identified Cost $108,389,543)		104,196,736

	Convertible Bonds – 0.8%
		United States – 0.8%
	95,000	Builders Transportation, Inc., 8.000%, 8/15/2005(f)		—
	56,000	Countrywide Financial Corp., Series A, Zero Coupon, 4/15/2037		53,970
	178,000	Countrywide Financial Corp., Series B, 0.426%, 5/15/2037(b)		166,652
	430,000	iStar Financial, Inc., 3.291%, 10/01/2012(b)		335,400
	365,000	Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		284,244
	140,000	Level 3 Communications, Inc., 2.875%, 7/15/2010		117,075
	440,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		356,950
	185,000	Level 3 Communications, Inc., 5.250%, 12/15/2011		167,656
	95,000	Level 3 Communications, Inc., 6.000%, 9/15/2009		90,488
	145,000	Level 3 Communications, Inc., 6.000%, 3/15/2010		134,850
	200,000	NII Holdings, Inc., 3.125%, 6/15/2012		168,500
	500,000	Valeant Pharmaceuticals International, 3.000%, 8/16/2010		458,125
	80,000	Valeant Pharmaceuticals International, 4.000%, 11/15/2013		68,600
	583,000	Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		918,225

		Total Convertible Bonds (Identified Cost $3,148,369)		3,320,735

		Total Bonds and Notes (Identified Cost $111,537,912)		107,517,471

	Bank Loans – 0.0%
		United States – 0.0%
	56,380	Hawaiian Telecom Communication, Inc., Term Loan C, 5.310%, 6/01/2014(g)		46,390
	124,684	Idearc, Inc., Term Loan B, 4.787%, 11/17/2014(g)		99,591
	20,000	Tribune Co., Tranche X, 5.478%, 5/17/2009(g)		19,125
	4,101	Dole Food Co., Inc., LOC, 4/12/2013(h)		3,805
	2,353	Dole Food Co., Inc., Term Loan, 4/12/2013(h)		2,183
	5,889	Dole Food Co., Inc., Tranche C Term Loan, 4/12/2013(h)		5,465

		Total Bank Loans (Identified Cost $175,400)		176,559

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Shares	Description	Value (†)
Common Stocks – 68.4%
	Argentina – 1.3%
71,063	Tenaris SA ADR	$	5,294,193

	Brazil – 2.5%
76,686	Cia Siderurgica Nacional SA		3,419,322
195,470	Petroleo Brasileiro SA		6,883,090

			10,302,412

	Canada – 3.2%
37,955	Potash Corp. of Saskatchewan, Inc.		8,675,374
35,876	Research In Motion Ltd.(d)		4,193,905

			12,869,279

	China – 2.0%
362,425	China Mobile Ltd.		4,864,773
1,416,500	Li Ning Co. Ltd.		3,282,589

			8,147,362

	Finland – 0.9%
147,260	Nokia OYJ ADR		3,607,870

	France – 3.8%
91,719	ArcelorMittal(c)		9,086,601
31,665	Total SA		2,695,272
39,143	UBISOFT Entertainment(d)		3,423,126

			15,204,999

	Germany – 1.0%
36,836	Siemens AG (Registered)		4,083,638

	Hong Kong – 0.8%
299,700	Esprit Holdings Ltd.		3,120,627

	India – 0.8%
197,996	Bharti Airtel Ltd.(d)		3,327,742

	Indonesia – 1.1%
5,067,000	Bumi Resources TBK PT		4,522,066

	Japan – 2.4%
11,300	Nintendo Co. Ltd.		6,407,926
437	Sumitomo Mitsui Financial Group, Inc.(c)		3,286,328

			9,694,254

	Mexico – 1.2%
1,788,328	America Movil SAB de CV, Series L(c)		4,725,246

	Spain – 1.4%
112,122	Gamesa Corporation Tecnologica SA		5,489,124

	Switzerland – 4.0%
314,558	ABB Ltd.(d)		8,873,765
78,566	Actelion Ltd.(c)(d)		4,190,987
47,330	Julius Baer Holding, Ltd., Registered		3,174,090

			16,238,842

	United Kingdom – 5.0%
312,532	Capita Group PLC		4,263,380
494,544	Man Group PLC		6,109,304
11,006	Rio Tinto PLC		5,447,970
160,632	Standard Chartered plc		4,549,040

			20,369,694

	United States – 37.0%
60,262	Apple, Inc.(d)		10,090,269
89,642	AT&T, Inc.		3,020,039
127,958	BJ Services Co.(c)		4,086,978
23,774	BlackRock, Inc.(c)		4,207,998
214,119	Broadcom Corp., Class A(d)		5,843,307
93,015	Covidien Ltd.		4,454,488
61,826	Cummins, Inc.		4,050,840
26,683	ExxonMobil Corp.		2,351,573
18,625	First Solar, Inc.(d)		5,081,272
40,058	Flowserve Corp.(c)		5,475,929
18,559	Fluor Corp.		3,453,459
55,993	Freeport-McMoRan Copper & Gold, Inc.(c)		6,561,820
52,479	General Cable Corp.(c)(d)		3,193,347
102,130	Gilead Sciences, Inc.(d)		5,407,783
21,096	Goldman Sachs Group, Inc.		3,689,690
16,307	Google, Inc. Class A(d)		8,584,331
14,174	Intuitive Surgical, Inc.(d)		3,818,476
121,242	JPMorgan Chase & Co.		4,159,813
33,736	MasterCard, Inc., Class A(c)		8,957,583
99,039	McDonald’s Corp.		5,567,973
76,554	Monsanto Co.		9,679,488
192,762	News Corp., Class A		2,899,140
179,928	Oracle Corp.(d)		3,778,488
26,934	Priceline.com, Inc.(c)(d)		3,109,800
171,234	QUALCOMM, Inc.		7,597,653
167,162	Southwestern Energy Co.(d)		7,958,583
45,650	Transocean, Inc.(d)		6,956,603
70,254	Visa, Inc., Class A(d)		5,712,353

			149,749,076

	Total Common Stocks (Identified Cost $266,024,286)		276,746,424

Preferred Stocks – 0.2%
	United States – 0.2%
10,540	Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter) 8.375%		256,122
15,000	Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter) 8.250%		344,250
245	Lucent Technologies Capital Trust, 7.750%		186,200

	Total Preferred Stocks (Identified Cost $835,144)		786,572

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)


Principal Amount(‡)/ Shares		Description	Value(†)
	Short-Term Investments – 17.7%
$	742	Repurchase Agreement with State Street Corp. dated 6/30/2008 at 1.300%, to be repurchased at $742 on 7/1/2008 collateralized by $5,000 United States Treasury Bill, Zero Coupon due 9/18/2008 valued at $4,980 including accrued interest(j)	$	742
	12,189,000	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08 at 1.300% to be repurchased at $12,189,440 on 7/1/08 collateralized by $12,115,000 Federal Home Loan Mortgage Corp., 6.000% due 8/15/2013 valued at $12,433,019 including accrued interest(j)		12,189,000
	59,548,212	State Street Navigator Securities Lending Prime Portfolio(k)		59,548,212

		Total Short-Term Investments (Identified Cost $71,737,954)		71,737,954

		Total Investments - 112.9% (Identified Cost $450,310,696)(a)		456,964,980
		Other assets less liabilities — (12.9)%		(52,361,838	)

		Net Assets — 100.0%	$	404,603,142

(‡)	Principal amount stated in U.S. dollars unless otherwise noted.

(†)

(††)	Amount shown represents units. One unit represents a principal amount of 100.

(†††)

Amount shown represents units. One unit represents a principal amount of 25.

(a)

Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales and gains realized from passive foreign investment companies. Amortization of premium on debt securities is excluded for tax purpose.):

At June 30, 2008, the net unrealized appreciation on investments based on a cost of $450,382,676 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	27,891,991
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(21,309,687	)

Net unrealized appreciation	$	6,582,304

(b)	Variable rate security. Rate as of June 30, 2008 is disclosed.

(c)

(d)	Non-income producing security.

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

(e)	Illiquid Security. At June 30, 2008, the value of these securities amounted to $161,250 or 0.04% of net assets.

(f)	Bankrupt issuer. Security remains in the Portfolio of Investments pending final resolution of bankruptcy proceedings.

(g)	Rate shown represents the weighted average rate at June 30, 2008.

(h)	All or a portion of this security has not settled. Contract rates do not take effect until settlement date.

(i)	All or a portion of this security is held as collateral open forward contracts.

(j)

(k)	Represents investment of securities lending collateral.


144A		Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2008, the total value of these securities amounted to $7,199,610 or 1.8% of net assets.
ADR		An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs are significantly influenced by trading on exchanges not located in the United States.
EMTN		Euro Medium Term Note
GMTN		Global Medium Term Note
MTN		Medium Term Note

AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
COP		Colombian Peso
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
MYR		Malaysian Ringgit
PLN		Polish Zloty
SGD		Singapore Dollar
UYU		Uruguayan Peso

New Accounting Pronouncements

Forward Foreign Currency Contracts


Contract to Buy/Sell	Delivery Date	Currency	Units	Value	Unrealized Appreciation (Depreciation)
Sell	9/17/2008	Canadian Dollar	225,000	220,431	(1,002	)
Buy	6/15/2009	Chinese Yuan Renminbi	5,300,000	821,100	10,950
Sell	9/17/2008	Colombian Peso	1,680,000,000	860,058	105,459
Buy	9/17/2008	Colombian Peso	1,680,000,000	860,058	(7,151	)
Sell	9/17/2008	Euro	1,230,000	1,928,858	(7,709	)
Sell	9/17/2008	Japanese Yen	57,000,000	539,094	7,926

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2008 (Unaudited)

Net Asset Summary at June 30, 2008 (Unaudited)


Metals & Mining	6.4	%
Oil, Gas & Consumable Fuels	6.0
Treasuries	5.6
Electrical Equipment	5.6
Chemicals	4.7
Capital Markets	4.2
Energy Equipment & Services	4.0
Communications Equipment	3.8
IT Services	3.6
Software	3.4
Wireless Telecommunication Services	3.2
Computers & Peripherals	2.5
Biotechnology	2.4
Machinery	2.4
Non-Captive Diversified	2.3
Internet Software & Services	2.1
Sovereigns	2.1
Health Care Equipment & Supplies	2.0
Other Investments, less than 2% each	28.9
Short-Term Investments	17.7

Total Investments	112.9
Other asset less liabilities	(12.9	)

Net Assets	100.0	%

ITEM 2.

CONTROLS AND PROCEDURES.

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3.

EXHIBITS



(a)(1)		Certification for the Principal Executive Officer pursuant to Rule 30a-2(a) of the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith.

(a)(2)		Certification for the Principal Financial Officer pursuant to Rule 30a-2(a) of the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Loomis Sayles Funds II

By:		/s/ Robert J. Blanding
Name:		Robert J. Blanding
Title:		Chief Executive Officer
Date:		August 26, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:		/s/ Robert J. Blanding
Name:		Robert J. Blanding
Title:		Chief Executive Officer
Date:		August 26, 2008



By:		/s/ Michael C. Kardok
Name:		Michael C. Kardok
Title:		Treasurer
Date:		August 26, 2008