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: December 31, 2008

ITEM 1. SCHEDULE OF INVESTMENTS

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 39.7% of Net Assets
	Non-Convertible Bonds – 38.6%
		Argentina – 0.2%
$	570,000	Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A	$	296,400
		Australia – 0.1%
	230,000	New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010, (AUD)		168,997
		Austria – 0.2%
	30,000,000	Oesterreichische Kontrollbank AG, 1.800%, 3/22/2010, (JPY)		335,448
	95,000	Sappi Papier Holding AG, 7.500%, 6/15/2032, 144A		63,329
				398,777
		Bermuda – 0.1%
	385,000	Noble Group Ltd., 8.500%, 5/30/2013, 144A		265,650
		Brazil – 0.5%
	2,147,810	Brazil Notas do Tesouro Nacional, Series B, 6.000%, 8/15/2010, (BRL)		894,682
	36,000	Brazilian Government International Bond, 7.125%, 1/20/2037		40,860
	170,000	Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A		100,300
				1,035,842
		Canada – 0.2%
	100,000	Bombardier, Inc., 7.250%, 11/15/2016, (EUR), 144A		83,403
	200,000	Canadian Government, 4.500%, 6/01/2015, (CAD)		184,850
	25,000	Canadian Pacific Railway Ltd., MTN, 4.900%, 6/15/2010, (CAD), 144A		20,272
	50,000	Nortel Networks Ltd., 6.875%, 9/01/2023		3,000
	180,000	Shaw Communications, Inc., 6.150%, 5/09/2016, (CAD)		134,676
				426,201
		Cayman Islands – 0.6%
	360,000	DASA Finance Corp., 8.750%, 5/29/2018, 144A		272,700
	370,000	Embraer Overseas Ltd., 6.375%, 1/24/2017		264,550
	100,000	LPG International, Inc., 7.250%, 12/20/2015		90,000
	175,000	Odebrecht Finance Ltd., 7.500%, 10/18/2017, 144A		140,000
	536,000	Vale Overseas Ltd., 6.875%, 11/21/2036		486,527
				1,253,777
		Colombia – 0.2%
	40,000	Republic of Colombia, 8.125%, 5/21/2024		42,800
	20,000,000	Republic of Colombia, 9.850%, 6/28/2027, (COP)		8,847
	47,000,000	Republic of Colombia, 11.750%, 3/01/2010, (COP)		21,560
	685,000,000	Republic of Colombia, 12.000%, 10/22/2015, (COP)		334,951
				408,158
		France – 0.5%
	110,000	Alcatel-Lucent, EMTN, 6.375%, 4/07/2014, (EUR)		102,447
	100,000	BNP Paribas, (fixed rate to 4/12/2016, variable rate thereafter), 4.730%, 4/29/2049, (EUR)		90,576
	35,000	Lafarge SA, EMTN, 4.750%, 3/23/2020, (EUR)		31,332
	250,000	Lafarge SA, EMTN, 5.375%, 6/26/2017, (EUR)		241,605
	35,000	PPR SA, EMTN, 4.000%, 1/29/2013, (EUR)		41,495
	240,000	Veolia Environnement, EMTN, 4.000%, 2/12/2016, (EUR)		286,197
	25,000	Veolia Environnement, EMTN, 5.125%, 5/24/2022, (EUR)		28,796
	100,000	Wendel, 4.375%, 8/09/2017, (EUR)		72,568
	200,000	Wendel, 4.875%, 5/26/2016, (EUR)		145,200
				1,040,216
		Germany – 1.0%
	42,000,000	Kreditanstalt fuer Wiederaufbau, 1.350%, 1/20/2014, (JPY)		463,159
	30,000,000	Kreditanstalt fuer Wiederaufbau, 1.850%, 9/20/2010, (JPY)		337,728
	12,000,000	Kreditanstalt fuer Wiederaufbau, 2.050%, 2/16/2026, (JPY)		127,783
	740,000	Republic of Germany, 4.000%, 1/04/2037, (EUR)		1,102,122
				2,030,792
		Hong Kong – 0.2%
	410,000	HKCG Finance Ltd., 6.250%, 8/07/2018, 144A		429,227
		India – 0.2%
	500,000	Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021		333,167
	100,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		52,511
				385,678
		Indonesia – 0.3%
	700,000	Indonesia Government International Bond, 7.750%, 1/17/2038, 144A		581,000
		Ireland – 0.2%
	100,000	Depfa ACS Bank, EMTN, 4.875%, 5/21/2019, (EUR)		128,352
	555,000	Elan Financial PLC, 7.750%, 11/15/2011		327,450
				455,802
		Italy – 0.1%
	150,000	Finmeccanica SpA, EMTN, 4.875%, 3/24/2025, (EUR)		149,379

1

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)	Description	Value (†)
	Italy – continued
100,000	Telecom Italia SpA, EMTN, 5.375%, 1/29/2019, (EUR)	$	107,877
			257,256
	Japan – 1.0%
32,000,000	Japan Finance Corp. for Municipal Enterprises, 1.350%, 11/26/2013, (JPY)		360,095
40,000,000	Japan Finance Corp. for Small and Medium Enterprises, 1.100%, 9/20/2011, (JPY)		440,595
105,000,000	Japan Government, 0.900%, 9/15/2009, (JPY)		1,159,605
			1,960,295
	Korea – 0.3%
460,000	Hanarotelecom, Inc., 7.000%, 2/01/2012, 144A		377,200
140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		116,537
			493,737
	Luxembourg – 0.1%
125,000	Telecom Italia Capital, 6.000%, 9/30/2034		86,250
10,000	Telecom Italia Capital, 6.375%, 11/15/2033		7,000
			93,250
	Malaysia – 0.0%
200,000	Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A		66,000
	Mexico – 0.6%
340,000	Axtel SAB de CV, 7.625%, 2/01/2017, 144A		231,200
295,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		212,400
100,000(††)	Mexican Bonos, Series MI7, 9.000%, 12/24/2009, (MXN)		730,404
106,000	Mexico Government International Bond, Series A, MTN, 6.050%, 1/11/2040		102,820
			1,276,824
	Netherlands – 0.5%
50,000	Bite Finance International, 6.829%, 3/15/2014, (EUR), 144A(b)		20,156
150,000	Cemex Finance Europe BV, 4.750%, 3/05/2014, (EUR)		92,118
150,000	Koninklijke KPN NV, GMTN, 4.750%, 1/17/2017, (EUR)		185,640
100,000	Majapahit Holding BV, 7.250%, 6/28/2017, 144A		52,000
385,000	Netherlands Government Bond, 4.000%, 1/15/2037, (EUR)		558,122
50,000	OI European Group BV, 6.875%, 3/31/2017, (EUR), 144A		50,737
			958,773
	Norway – 0.4%
4,000,000	Norway Government Bond, 5.500%, 5/15/2009, (NOK)		574,005
955,000	Norway Government Bond, 6.500%, 5/15/2013, (NOK)		154,540
			728,545
	Poland – 0.3%
1,700,000	Poland Government Bond, 5.750%, 3/24/2010, (PLN)		574,784
	South Africa – 0.3%
130,000	Edcon Proprietary Ltd., 6.579%, 6/15/2014, (EUR), 144A(b)		72,283
450,000	Edcon Proprietary Ltd., 6.579%, 6/15/2014, (EUR)(b)		250,209
285,000	Republic of South Africa, EMTN, 4.500%, 4/05/2016, (EUR)		297,400
			619,892
	Spain – 0.2%
100,000	Santander Issuances SA Unipersonal, (fixed rate to 9/30/2014, variable rate thereafter), 4.500%, 9/30/2019, (EUR)		113,352
150,000	Santander Issuances SA Unipersonal, EMTN, (fixed rate to 5/29/2014, variable rate thereafter), 4.750%, 5/29/2019, (EUR)		179,075
			292,427
	Supranational – 1.3%
190,000,000	Asia Development Bank, 2.350%, 6/21/2027, (JPY)		2,077,414
42,000,000	European Investment Bank, 1.250%, 9/20/2012, (JPY)		464,056
			2,541,470
	Thailand – 0.1%
330,000	True Move Co. Ltd., 10.375%, 8/01/2014		119,163
100,000	True Move Co. Ltd., 10.375%, 8/01/2014, 144A		36,110
			155,273
	United Arab Emirates – 0.4%
400,000	Abu Dhabi National Energy Co., 6.500%, 10/27/2036, 144A		285,024
400,000	Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A		343,077
500,000	DP World Ltd., 6.850%, 7/02/2037, 144A		257,534
			885,635
	United Kingdom – 0.4%
60,000	BSKYB Finance UK PLC, 5.750%, 10/20/2017, (GBP)		72,662
100,000	Imperial Tobacco Finance PLC, EMTN, 4.375%, 11/22/2013, (EUR)		113,733
165,000	Lloyds TSB Bank PLC, (fixed rate to 5/12/2017, variable rate thereafter), 4.385%, 5/29/2049, (EUR)		131,399
250,000	Standard Chartered Bank, EMTN, 5.875%, 9/26/2017, (EUR)		287,707
65,000	United Kingdom Treasury, 5.250%, 6/07/2012, (GBP)		102,329
			707,830
	United States – 27.7%
500,000	Albertson’s, Inc., 7.450%, 8/01/2029		322,500
50,000	Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		26,500
15,000	Amkor Technology, Inc., 7.750%, 5/15/2013		8,550

2

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		United States – continued
$	100,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016	$	88,331
	780,000	Anadarko Petroleum Corp., 6.450%, 9/15/2036		615,291
	35,000	Anheuser Busch Cos., Inc., 6.500%, 5/01/2042		28,913
	610,000	Anheuser-Busch Cos., Inc., 4.950%, 1/15/2014		559,804
	105,000	Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037		94,559
	60,000	Arrow Electronics, Inc., 6.875%, 7/01/2013		54,251
	100,000	ASIF Global Financing XXVII, 2.380%, 2/26/2009, (SGD), 144A		50,471
	325,000	AT&T, Inc., 6.500%, 9/01/2037		350,022
	42,865	Atlas Air, Inc., Series B, 7.680%, 1/02/2014(c)		33,006
	145,000	Avnet, Inc., 6.000%, 9/01/2015		111,032
	310,000	Borden, Inc., 7.875%, 2/15/2023		37,200
	410,000	Borden, Inc., 8.375%, 4/15/2016		41,000
	5,000	Boston Scientific Corp., 5.450%, 6/15/2014		4,250
	30,000	Boston Scientific Corp., 6.400%, 6/15/2016		25,650
	60,000	Boston Scientific Corp., 7.000%, 11/15/2035		44,400
	50,000	Bristol-Myers Squibb Co., 4.625%, 11/15/2021, (EUR)		60,617
	700,000	Capital One Multi-Asset Execution Trust, Series 2005-A10, Class A, 1.275%, 9/15/2015(b)		493,164
	2,335,000	Capital One Multi-Asset Execution Trust, Series 2006-A5, Class A5, 1.255%, 1/15/2016(b)(d)		1,727,001
	250,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		208,507
	15,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		11,475
	70,000	Chesapeake Energy Corp., 6.875%, 1/15/2016		56,000
	75,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		54,000
	11,000	CIT Group, Inc., 5.400%, 2/13/2012		8,875
	112,000	CIT Group, Inc., 5.400%, 3/07/2013		84,586
	7,000	CIT Group, Inc., 5.400%, 1/30/2016		4,874
	25,000	CIT Group, Inc., 5.600%, 4/27/2011		21,107
	153,000	CIT Group, Inc., 5.800%, 10/01/2036		101,049
	1,656,332	CIT Group, Inc., 12.000%, 12/18/2018		1,275,376
	270,000	CIT Group, Inc., EMTN, 3.800%, 11/14/2012, (EUR)		211,256
	50,000	CIT Group, Inc., EMTN, 5.500%, 12/20/2016, (GBP)		38,705
	150,000	CIT Group, Inc., GMTN, 4.250%, 9/22/2011, (EUR)		123,443
	52,000	CIT Group, Inc., GMTN, 5.000%, 2/13/2014		37,794
	7,000	CIT Group, Inc., GMTN, 5.000%, 2/01/2015		4,928
	50,000	CIT Group, Inc., MTN, 4.250%, 3/17/2015, (EUR)		37,759
	28,000	CIT Group, Inc., MTN, 5.125%, 9/30/2014		19,985
	11,000	CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017		7,649
	706,000	CIT Group, Inc., Series A, MTN, 7.625%, 11/30/2012		595,983
	120,000	Citi Credit Card Issuance Trust, Series 2001-A4, Class A4, 5.375%, 4/10/2013, (EUR)		160,824
	5,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		550
	820,000	Clear Channel Communications, Inc., 5.500%, 12/15/2016		94,300
	75,000	Clear Channel Communications, Inc., 5.750%, 1/15/2013		10,875
	25,000	Colonial Realty LP, 6.050%, 9/01/2016		14,568
	35,000	Comcast Corp., 5.650%, 6/15/2035		31,116
	965,000	Comcast Corp., 6.950%, 8/15/2037		1,016,195
	131,515	Continental Airlines, Inc., Series 1999-1C, 6.954%, 2/02/2011		115,733
	90,000	Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		85,680
	190,000	CSX Corp., 6.250%, 3/15/2018		174,757
	265,000	Cummins, Inc., 5.650%, 3/01/2098		117,847
	160,000	Cummins, Inc., 7.125%, 3/01/2028		124,419
	10,000	D.R. Horton, Inc., 5.250%, 2/15/2015		6,300
	364,401	Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		184,023
	367,866	Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014		209,684
	50,000	Dillard’s, Inc., 6.625%, 1/15/2018		17,750
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		16,250
	15,000	ESI Tractebel Acquisition Corp., Series B, 7.990%, 12/30/2011		13,880
	250,000	Exelon Corp., 4.900%, 6/15/2015		204,957
	200,000	Federal National Mortgage Association, 2.290%, 2/19/2009, (SGD)		138,986

3

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		United States – continued
$	300,000	Florida Power & Light Co., 4.950%, 6/01/2035	$	291,926
	150,000	Foot Locker, Inc., 8.500%, 1/15/2022		114,000
	10,000	Ford Motor Co., 6.625%, 2/15/2028		2,200
	1,750,000	Ford Motor Co., 6.625%, 10/01/2028		385,000
	15,000	Ford Motor Co., 7.125%, 11/15/2025		3,525
	595,000	Ford Motor Co., 7.450%, 7/16/2031		166,600
	1,405,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		1,194,011
	2,250,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		1,554,586
	105,000	Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		68,394
	170,000	Ford Motor Credit Co. LLC, 8.625%, 11/01/2010		128,695
	390,000	Ford Motor Credit Co. LLC, 9.750%, 9/15/2010		311,998
	388,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		159,080
	150,000	General Electric Capital Corp., 5.625%, 5/01/2018		151,087
	8,000,000	General Electric Capital Corp., EMTN, 1.500%, 4/26/2012, (JPY)		76,117
	13,000,000	General Electric Capital Corp., GMTN, 1.450%, 11/10/2011, (JPY)		129,764
	100,000	General Electric Capital Corp., MTN, 5.875%, 1/14/2038		97,886
	750,000	General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015		730,528
	45,000	General Motors Corp., 7.400%, 9/01/2025		6,750
	710,000	General Motors Corp., 8.250%, 7/15/2023		106,500
	3,015,000	General Motors Corp., 8.375%, 7/15/2033		489,937
	115,000	Georgia Gulf Corp., 10.750%, 10/15/2016		27,600
	3,375,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		2,058,750
	35,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		22,050
	525,000	Georgia-Pacific LLC, 8.000%, 1/15/2024		354,375
	505,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		348,450
	288,000	GMAC LLC, 6.000%, 12/15/2011		232,975
	129,000	GMAC LLC, 6.625%, 5/15/2012		100,398
	257,000	GMAC LLC, 6.750%, 12/01/2014		176,564
	28,000	GMAC LLC, 6.875%, 9/15/2011		22,939
	60,000	GMAC LLC, 6.875%, 8/28/2012		46,055
	63,000	GMAC LLC, 7.000%, 2/01/2012		50,305
	63,000	GMAC LLC, 7.250%, 3/02/2011		54,142
	55,000	GMAC LLC, 7.500%, 12/31/2013		38,500
	129,000	GMAC LLC, 8.000%, 12/31/2018		64,500
	1,946,000	GMAC LLC, 8.000%, 11/01/2031		1,156,683
	150,000	Goldman Sachs Group, Inc. (The), 4.426%, 5/23/2016, (EUR)(b)		141,146
	150,000	Goldman Sachs Group, Inc. (The), 4.750%, 1/28/2014, (EUR)		173,523
	1,190,000	Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014		1,063,959
	605,000	Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014		544,881
	170,000	Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033		154,982
	285,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		231,382
	400,000	Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038, (GBP)		398,084
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		82,500
	25,000	GTE Corp., 6.940%, 4/15/2028		23,134
	20,000	HCA, Inc., 5.750%, 3/15/2014		12,100
	55,000	HCA, Inc., 6.250%, 2/15/2013		34,375
	90,000	HCA, Inc., 6.375%, 1/15/2015		54,900
	15,000	HCA, Inc., 6.500%, 2/15/2016		9,225
	40,000	HCA, Inc., 6.750%, 7/15/2013		25,200
	225,000	HCA, Inc., 7.050%, 12/01/2027		95,128
	245,000	HCA, Inc., 7.190%, 11/15/2015		135,701
	90,000	HCA, Inc., 7.500%, 12/15/2023		42,269
	250,000	HCA, Inc., 7.500%, 11/06/2033		116,250
	1,295,000	HCA, Inc., 7.690%, 6/15/2025		569,800
	395,000	HCA, Inc., 8.360%, 4/15/2024		181,700
	125,000	HCA, Inc., 8.750%, 11/01/2010, (GBP)		148,088
	110,000	HCA, Inc., MTN, 7.580%, 9/15/2025		50,814
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		33,254
	395,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		244,345
	260,000	Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		183,300
	25,000	Home Depot, Inc. (The), 5.400%, 3/01/2016		22,373

4

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		United States – continued
$	1,685,000	Home Depot, Inc. (The), 5.875%, 12/16/2036	$	1,321,212
	250,000	iStar Financial, Inc., 5.150%, 3/01/2012		78,750
	95,000	iStar Financial, Inc., 5.500%, 6/15/2012		29,925
	105,000	iStar Financial, Inc., 5.650%, 9/15/2011		33,600
	70,000	iStar Financial, Inc., 5.850%, 3/15/2017		21,000
	300,000	iStar Financial, Inc., 5.875%, 3/15/2016		85,500
	145,000	iStar Financial, Inc., 6.050%, 4/15/2015		42,775
	985,000	iStar Financial, Inc., 8.625%, 6/01/2013		305,350
	35,000	iStar Financial, Inc., Series B, 5.700%, 3/01/2014		10,850
	950,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		299,250
	5,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		3,319
	125,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		75,662
	15,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023		10,562
	5,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037		3,292
	5,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,300
	260,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		59,800
	15,000	K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		4,050
	250,000	Kellwood Co., 7.625%, 10/15/2017(e)		22,500
	150,000	Kraft Foods, Inc., 6.250%, 3/20/2015, (EUR)		209,925
	1,800,000	Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037(f)		180
	135,000	Lehman Brothers Holdings, Inc., (fixed rate to 5/03/2027, variable rate thereafter), MTN, 6.000%, 5/03/2032(f)		14
	30,000	Lennar Corp., Series B, 5.125%, 10/01/2010		24,300
	15,000	Lennar Corp., Series B, 5.500%, 9/01/2014		9,450
	1,090,000	Lennar Corp., Series B, 5.600%, 5/31/2015		664,900
	55,000	Lennar Corp., Series B, 6.500%, 4/15/2016		33,550
	15,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		7,575
	10,000	Level 3 Financing, Inc., 9.250%, 11/01/2014		5,800
	155,000	Lucent Technologies, Inc., 6.450%, 3/15/2029		62,000
	130,000	MBNA Credit Card Master Note Trust, 4.150%, 9/19/2012, (EUR)		174,396
	500,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		172,599
	150,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		132,329
	90,000	MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		87,853
	230,000	Morgan Stanley, 5.375%, 11/14/2013, (GBP)		272,103
	1,400,000	Morgan Stanley, 5.375%, 10/15/2015		1,205,131
	1,132,000	Morgan Stanley, 6.750%, 4/15/2011		1,113,804
	300,000	Morgan Stanley, EMTN, 5.450%, 1/09/2017		247,285
	500,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		406,619
	950,000	Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		788,482
	610,000	Morgan Stanley, Series F, MTN, 6.625%, 4/01/2018		535,147
	100,000	Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		74,000
	80,000	News America, Inc., 6.150%, 3/01/2037		74,642
	25,000	News America, Inc., 6.400%, 12/15/2035		23,106
	925,000	Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		388,500
	140,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		59,500
	230,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		96,600
	250,000	NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027		107,500
	35,000	Nortel Networks Capital Corp., 7.875%, 6/15/2026		2,100
	1,000,000	NRG Energy, Inc., 7.375%, 2/01/2016		930,000
	50,000	Ohio Edison Co., 6.875%, 7/15/2036		45,379
	150,000	Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014, (EUR)		162,636
	565,000	Owens Corning, Inc., 6.500%, 12/01/2016		409,177
	535,000	Owens Corning, Inc., 7.000%, 12/01/2036		350,821
	40,000	Owens-Illinois, Inc., 7.800%, 5/15/2018		35,600
	950,000	Petrobras International Finance Co., 5.875%, 3/01/2018		854,050
	200,000	Philip Morris International, Inc., GMTN, 5.875%, 9/04/2015, (EUR)		271,129
	50,000	Pulte Homes, Inc., 5.200%, 2/15/2015		34,000
	540,000	Pulte Homes, Inc., 6.000%, 2/15/2035		275,400
	695,000	Pulte Homes, Inc., 6.375%, 5/15/2033		368,350
	1,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		874,425
	650,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		390,000

5

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		United States – continued
$	400,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021	$	266,000
	60,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		37,500
	560,000	Qwest Corp., 6.875%, 9/15/2033		333,200
	115,000	Qwest Corp., 7.250%, 9/15/2025		77,050
	58,000	R.H. Donnelley Corp., 6.875%, 1/15/2013		7,830
	50,000	R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		6,750
	60,000	R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		8,100
	18,000	R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016		2,700
	735,000	R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017		110,250
	305,000	R.H. Donnelley, Inc., 11.750%, 5/15/2015, 144A		74,725
	155,000	RBS Capital Trust, (fixed rate to 1/12/2016, variable rate thereafter), 4.243%, 12/29/2049, (EUR)		94,026
	80,000	Reynolds American, Inc., 6.750%, 6/15/2017		63,503
	20,000	Reynolds American, Inc., 7.250%, 6/15/2037		13,467
	515,000	Six Flags, Inc., 9.625%, 6/01/2014		77,250
	1,600(†††)	SLM Corp., 6.000%, 12/15/2043		16,540
	120,000	SLM Corp., MTN, 5.050%, 11/14/2014		79,859
	30,000	SLM Corp., MTN, 5.125%, 8/27/2012		22,451
	10,000	SLM Corp., Series A, MTN, 4.000%, 1/15/2010		9,052
	10,000	SLM Corp., Series A, MTN, 4.500%, 7/26/2010		8,679
	228,000	SLM Corp., Series A, MTN, 5.000%, 10/01/2013		163,139
	10,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		6,600
	115,000	SLM Corp., Series A, MTN, 5.375%, 1/15/2013		84,309
	75,000	SLM Corp., Series A, MTN, 5.375%, 5/15/2014		50,616
	30,000	SLM Corp., Series A, MTN, 5.400%, 10/25/2011		22,693
	20,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		12,133
	625,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		494,138
	100,000	Southern Natural Gas Co., 7.350%, 2/15/2031		77,728
	294,000	Sprint Capital Corp., 6.875%, 11/15/2028		174,930
	420,000	Sprint Capital Corp., 6.900%, 5/01/2019		298,200
	26,000	Sprint Nextel Corp., 6.000%, 12/01/2016		18,330
	20,000	Tenet Healthcare Corp., 6.500%, 6/01/2012		15,200
	265,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		129,850
	23,000	Tenet Healthcare Corp., 7.375%, 2/01/2013		16,388
	240,000	Tennessee Gas Pipeline Co., 7.000%, 3/15/2027		185,292
	750,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		573,852
	250,000	Textron, Inc., 3.875%, 3/11/2013, (EUR)		264,619
	10,000	Time Warner, Inc., 6.500%, 11/15/2036		9,066
	395,000	Time Warner, Inc., 6.625%, 5/15/2029		350,283
	160,000	Time Warner, Inc., 6.950%, 1/15/2028		147,560
	115,000	Time Warner, Inc., 7.625%, 4/15/2031		113,023
	75,000	Time Warner, Inc., 7.700%, 5/01/2032		75,092
	105,000	Toll Brothers Finance Corp., 5.150%, 5/15/2015		75,436
	375,000	Toys R Us, Inc., 7.375%, 10/15/2018		135,000
	200,000	Transcontinental Gas Pipe Line Corp., 6.400%, 4/15/2016		182,575
	3,150,000	TXU Corp., Series P, 5.550%, 11/15/2014		1,471,768
	2,570,000	TXU Corp., Series Q, 6.500%, 11/15/2024		909,235
	30,000	TXU Corp., Series R, 6.550%, 11/15/2034		10,128
	1,540,000	U.S. Treasury Note, 1.125%, 12/15/2011		1,546,858
	515,000	U.S. Treasury Note, 2.625%, 5/31/2010(d)		530,550
	2,320,000	United Rentals North America, Inc., 7.000%, 2/15/2014		1,415,200
	840,000	United Rentals North America, Inc., 7.750%, 11/15/2013		546,000
	770,000	United States Steel Corp., 6.650%, 6/01/2037		392,963
	50,000	USG Corp., 6.300%, 11/15/2016		30,625
	230,000	USG Corp., 9.000%, 1/15/2018		145,475
	90,000	Verizon Communications, Inc., 5.850%, 9/15/2035		89,545
	256,000	Verizon Communications, Inc., 6.100%, 4/15/2018		255,076
	279,000	Verizon Communications, Inc., 6.400%, 2/15/2038		296,773
	5,000	Verizon Maryland, Inc., 5.125%, 6/15/2033		3,640
	250,000	Verizon New York, Inc., Series B, 7.375%, 4/01/2032		208,822
	220,000	Verizon Wireless Capital LLC, 8.750%, 12/18/2015, (EUR)		312,211
	775,000	Viacom, Inc., Class B, 6.875%, 4/30/2036		612,465

6

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		United States – continued
$	140,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(e)	$	76,546
	185,000	Wells Fargo & Co., 4.625%, 11/02/2035, (GBP)		220,312
	100,000	Williams Cos., Inc. (The), 7.500%, 1/15/2031		67,000
	310,000	Williams Cos., Inc. (The), 7.875%, 9/01/2021		237,150
	395,000	Xerox Corp., 6.350%, 5/15/2018		308,927
	125,000	Xerox Corp., 6.750%, 2/01/2017		90,704
	20,000	Xerox Corp., MTN, 7.200%, 4/01/2016		14,933
				55,282,784
		Uruguay – 0.4%
	35,933,705	Republic of Uruguay, 4.250%, 4/05/2027, (UYU)		770,914
		Total Non-Convertible Bonds (Identified Cost $100,982,188)		76,842,206
	Convertible Bonds – 1.1%
		United States – 1.1%
	430,000	iStar Financial, Inc., 4.383%, 10/01/2012(b)		124,700
	365,000	Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		164,706
	140,000	Level 3 Communications, Inc., 2.875%, 7/15/2010		86,975
	440,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		155,100
	185,000	Level 3 Communications, Inc., 5.250%, 12/15/2011		77,006
	95,000	Level 3 Communications, Inc., 6.000%, 9/15/2009		86,450
	145,000	Level 3 Communications, Inc., 6.000%, 3/15/2010		101,500
	200,000	NII Holdings, Inc., 3.125%, 6/15/2012		121,250
	500,000	Valeant Pharmaceuticals International, 3.000%, 8/16/2010		451,250
	80,000	Valeant Pharmaceuticals International, 4.000%, 11/15/2013		69,200
	583,000	Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		797,253
		Total Convertible Bonds (Identified Cost $2,896,816)		2,235,390
		Total Bonds and Notes (Identified Cost $103,879,004)		79,077,596
	Bank Loans – 0.0%
	United States – 0.0%
	1,958	Dole Food Co., Inc., LOC, 6.819%, 4/12/2013(g)		1,364
	1,276	Dole Food Co., Inc., Term Loan, 2.715%, 4/12/2013(g)		889
	6,262	Dole Food Co., Inc., Tranche C Term Loan, 4.701%, 4/12/2013(g)		4,362
	56,380	Hawaiian Telcom Communications, Inc., Term Loan C, 4.500%, 6/01/2014(g)		21,424
	163,848	Idearc, Inc., Term Loan B, 3.417%, 11/17/2014(g)		49,739
	7,314	Tribune Co., Tranche X, 7.084%, 6/04/2009(g)		2,038
				79,816
		Total Bank Loans (Identified Cost $191,578)		79,816
Shares
	Common Stocks – 55.6%
		Australia – 0.6%
	51,716	CSL Ltd/Australia		1,219,559
		Cayman Islands – 0.7%
	460,000	Tingyi (Cayman Islands) Holding Corp.		535,008
	2,187,000	Want Want China Holdings Ltd.		909,563
				1,444,571
		Chile – 0.7%
	57,993	Sociedad Quimica y Minera de Chile SA, Sponsored ADR		1,414,449
		China – 0.7%
	2,634,000	China South Locomotive and Rolling Stock Corp., Series H(c)		1,430,820
		Denmark – 1.9%
	71,619	Novo Nordisk A/S, Class B		3,694,384
		Finland – 0.8%
	105,653	Nokia Oyj, Sponsored ADR		1,648,187
		Germany – 1.3%
	33,925	Siemens AG (Registered)		2,553,991
		Hong Kong – 1.3%
	1,822,000	China Overseas Land & Investment Ltd.(c)		2,558,338
	72,880	China Overseas Land & Investment Ltd., (Rights)(c)		26,142
				2,584,480
		Japan – 1.7%
	8,700	Nintendo Co. Ltd.		3,324,719
		Mexico – 0.8%
	1,100,101	America Movil SAB de CV, Series L		1,688,064
		Spain – 0.9%
	100,333	Gamesa Corporation Tecnologica SA		1,829,392
		Switzerland – 2.5%
	99,270	ABB Ltd. (Registered)(c)		1,514,587
	31,945	Actelion Ltd. (Registered)(c)		1,807,177
	113,034	UBS AG(c)		1,644,571
				4,966,335
		Turkey – 0.4%
	32,913	BIM Birlesik Magazalar A/S		692,240
		United Kingdom – 2.3%
	268,215	Capita Group PLC		2,877,124
	138,728	Standard Chartered PLC		1,775,168
				4,652,292

7

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

Investments as of December 31, 2008 (Unaudited)

Shares	Description	Value (†)
	United States – 39.0%
38,786	Amazon.com, Inc.(c)	$	1,988,946
53,581	Amgen, Inc.(c)		3,094,303
46,776	Apple, Inc.(c)		3,992,332
67,238	AT&T, Inc.		1,916,283
628	Berkshire Hathaway, Inc., Class B(c)		2,018,392
10,422	BlackRock, Inc.		1,398,111
75,990	Broadcom Corp., Class A(c)		1,289,550
167,268	Charles Schwab Corp. (The)		2,704,724
28,870	Covidien Ltd.		1,046,249
40,262	Ecolab, Inc.		1,415,209
41,578	ExxonMobil Corp.		3,319,172
20,222	First Solar, Inc.(c)		2,789,827
16,160	Genentech, Inc.(c)		1,339,826
46,899	Gilead Sciences, Inc.(c)		2,398,415
37,519	Goodrich Corp.		1,388,953
6,099	Google, Inc. Class A(c)		1,876,357
74,379	Hewlett-Packard Co.		2,699,214
29,672	Jacobs Engineering Group, Inc.(c)		1,427,223
64,212	JPMorgan Chase & Co.		2,024,604
113,443	Lowe’s Cos., Inc.		2,441,293
17,503	MasterCard, Inc., Class A		2,501,704
75,469	McAfee, Inc.(c)		2,608,963
27,375	McDonald’s Corp.		1,702,451
65,827	Monsanto Co.		4,630,930
138,299	News Corp., Class A		1,257,138
84,710	Oracle Corp.(c)		1,501,908
31,297	PNC Financial Services Group, Inc.		1,533,553
122,855	QUALCOMM, Inc.		4,401,895
45,823	Range Resources Corp.		1,575,853
97,596	Southwestern Energy Co.(c)		2,827,356
43,906	Visa, Inc., Class A		2,302,870
71,052	Wal-Mart Stores, Inc.		3,983,175
86,013	Wells Fargo & Co.		2,535,663
50,518	XTO Energy, Inc.		1,781,770
			77,714,212
	Total Common Stocks (Identified Cost $141,589,131)		110,857,695
Preferred Stocks – 0.2%
	United States – 0.2%
12,940	Federal Home Loan Mortgage Corp., 8.375%(c)(h)		5,046
17,500	Federal National Mortgage Association, 8.250%(c)(h)		14,525
820	Lucent Technologies Capital Trust, 7.750%		251,732
682	Preferred Blocker, Inc., 9.000%		170,500
			441,803
	Total Preferred Stocks (Identified Cost $1,389,663)		441,803

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments – 3.6%
$	2,807	Repurchase Agreement with State Street Corp., dated 12/31/2008 at 0.010% to be repurchased at $2,807 on 1/02/2009, collateralized by $5,000 U.S. Treasury Bill, due 2/05/2009 valued at $5,000 including accrued interest(i)	$	2,807
	7,093,906	Tri-Party Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2008 at 0.000% to be repurchased at $7,093,906 on 1/02/2009, collateralized by $7,245,000 Federal Home Loan Bank Discount Note, due 3/31/2009 valued at $7,235,944 including accrued interest(i)		7,093,906
		Total Short-Term Investments (Identified Cost $7,096,713)		7,096,713
		Total Investments- 99.1% (Identified Cost $254,146,089)(a)		197,553,623
		Other assets less liabilities — 0.9%		1,736,492
		Net Assets — 100.0%	$	199,290,115

(‡) Principal amount stated 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. All forward foreign currency contracts are “marked-to-market” daily utilizing interpolated prices determined from information provided by an independent pricing service. 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.

8

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

Investments as of December 31, 2008 (Unaudited)

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. At December 31, 2008 approximately 14% of the market value of investments was fair valued pursuant procedures approved by the Board of Trustees.

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.

(††) 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 unrealized gains on passive foreign investment companies. Amortization of premium on debt securities is excluded for tax purposes.):

At December 31, 2008, the net unrealized depreciation on investments based on a cost of $254,184,126 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	$	4,621,795
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(61,252,298	)
Net unrealized depreciation	$	(56,630,503	)

At September 30, 2008 post-October capital loss deferrals were $29,837,961. This amount may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Variable rate security. Rate as of December 31, 2008 is disclosed.

(c) Non-income producing security.

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

(e) Illiquid security. At December 31, 2008, the value of these securities amounted to$ 99,046 or 0.0% of net assets.

(f) Non-income producing due to bankruptcy filing.

(g) Variable rate security. Rate shown represents the weighted average rate at December 31, 2008.

(h) Future dividend payments have been eliminated as the issuer has been placed in conservatorship.

(i) It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 100% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held 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.

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 December 31, 2008, the total value of these securities amounted to $4,521,146 or 2.3% of net assets.
ADR	An American Depositary Receipt (ADR) 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
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
COP	Colombian Peso
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
PLN	Polish Zloty
SGD	Singapore Dollar
UYU	Uruguayan Peso

Fair Value Measurements

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective October 1, 2008. FAS 157 establishes a hierarchy for net asset value determination purposes in which various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1—quoted prices in active markets for identical investments;

9

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

Investments as of December 31, 2008 (Unaudited)

• Level 2—prices determined using other significant observable inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar investments, interest rates, credit risk, etc.);

• Level 3—prices determined using significant unobservable inputs for situations where quoted prices or observable inputs are unavailable such as when there is little or no market activity for an investment, (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of investments and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Other financial instruments are derivative instruments not reflected in investments carried at value and may include such instruments as futures contracts and forward contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2008:

Securities Purchased Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	90,997,491
Level 2—Other Significant Observable Inputs		102,225,485
Level 3—Significant Unobservable Inputs		4,330,647
Total	$	197,553,623
Forward Contracts Valuation Inputs	Other Financial Instruments
Level 1—Quoted Prices	$	—
Level 2—Other Significant Observable Inputs		(35,022	)
Level 3—Significant Unobservable Inputs		—
Total	$	(35,022	)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2008:

Assets	Investments in Securities
Balance as of September 30, 2008	$	2,942,969
Realized gain (loss)		(119,685	)
Change in unrealized appreciation (depreciation)		(2,511,918	)
Net purchases (sales)		1,502,602
Net reclassifications to/from level 3		2,516,679
Balance as of December 31, 2008	$	4,330,647

New Accounting Pronouncement

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 may have on the Fund’s financial statement disclosures.

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. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Risks may arise upon entering into these contracts 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 December 31, 2008, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date	Currency	Units	Value		Unrealized Appreciation (Depreciation)
Buy	6/15/2009	Chinese Yuan Renminbi	5,300,000	$	763,950	$	(46,200	)
Sell	6/15/2009	Chinese Yuan Renminbi	5,300,000		763,950		32,512
Sell	1/22/2009	Japanese Yen	57,000,000		629,009		(16,686	)
Sell	1/15/2009	Singapore Dollar	285,000		197,747		(4,648	)
Total						$	(35,022	)

Net Asset Summary at December 31, 2008 (Unaudited)

Biotechnology	4.9	%
Oil, Gas & Consumable Fuels	4.8
Banking	4.4
Chemicals	3.9
Software	3.7
Non-Captive Diversified	3.6
Computers & Peripherals	3.4
Electrical Equipment	3.1
Communication Equipment	3.0
Sovereigns	3.0
Commercial Banks	2.9
Capital Markets	2.9
Pharmaceuticals	2.7
IT Services	2.4
Treasuries	2.4
Automotive	2.4
Wirelines	2.4
Food & Staples Retailing	2.3
Other Investments, less than 2% each	37.3
Short-Term Investments	3.6
Total Investments	99.1
Other assets less liabilities (including open Forward Foreign Currency Contracts)	0.9
Net Assets	100.0	%

10

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

Investments as of December 31, 2008 (Unaudited)

Currency Exposure at December 31, 2008 as Percentage of Net Assets (Unaudited)

United States Dollar	74.1	%
Euro	6.1
Japanese Yen	4.7
British Pound	3.0
Hong Kong Dollar	2.7
Other, less than 2% each	8.5
Total Investments	99.1
Other assets less liabilities (including open Forward Foreign Currency Contracts)	0.9
Net Assets	100.0	%

11

LOOMIS SAYLES GROWTH FUND - PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2008 (Unaudited)

Shares		Description	Value (†)
	Common Stocks – 103.0% of Net Assets
		Air Freight & Logistics – 1.5%
	40,441	C.H. Robinson Worldwide, Inc.	$	2,225,468
		Biotechnology – 10.8%
	93,124	Amgen, Inc.(b)		5,377,911
	44,962	Celgene Corp.(b)		2,485,499
	19,603	Genentech, Inc.(b)		1,625,285
	44,048	Genzyme Corp.(b)		2,923,466
	67,670	Gilead Sciences, Inc.(b)		3,460,644
				15,872,805
		Capital Markets – 5.4%
	12,705	BlackRock, Inc.		1,704,376
	261,301	Charles Schwab Corp. (The)		4,225,237
	55,328	T. Rowe Price Group, Inc.		1,960,824
				7,890,437
		Chemicals – 6.6%
	53,483	Ecolab, Inc.		1,879,927
	82,408	Monsanto Co.		5,797,403
	35,143	Praxair, Inc.		2,086,089
				9,763,419
		Commercial Banks – 1.4%
	71,989	Wells Fargo & Co.		2,122,236
		Commercial Services & Supplies – 1.2%
	34,411	Stericycle, Inc.(b)		1,792,125
		Communications Equipment – 5.8%
	71,004	Juniper Networks, Inc.(b)		1,243,280
	202,771	QUALCOMM, Inc.		7,265,285
				8,508,565
		Computers & Peripherals – 8.4%
	74,114	Apple, Inc.(b)		6,325,630
	110,402	Hewlett-Packard Co.		4,006,488
	24,324	International Business Machines Corp.		2,047,108
				12,379,226
		Construction & Engineering – 1.8%
	55,289	Jacobs Engineering Group, Inc.(b)		2,659,401
		Diversified Consumer Services – 1.6%
	31,345	Apollo Group, Inc. Class A(b)		2,401,654
		Diversified Financial Services – 1.0%
	17,273	IntercontinentalExchange, Inc.(b)		1,423,986
		Electrical Equipment – 1.5%
	15,645	First Solar, Inc.(b)		2,158,384
		Food & Staples Retailing – 6.8%
	110,424	Kroger Co. (The)		2,916,298
	125,508	Wal-Mart Stores, Inc.		7,035,978
				9,952,276
		Food Products – 2.5%
	60,548	General Mills, Inc.		3,678,291
		Hotels, Restaurants & Leisure – 4.9%
	115,800	McDonald’s Corp.		7,201,602
		Internet & Catalog Retail – 3.4%
	96,912	Amazon.com, Inc.(b)		4,969,647
		Internet Software & Services – 3.0%
	14,523	Google, Inc. Class A(b)		4,468,001
		IT Services – 5.9%
	24,287	MasterCard, Inc., Class A		3,471,341
	100,061	Visa, Inc., Class A		5,248,199
				8,719,540
		Machinery – 1.9%
	74,665	Deere & Co.		2,861,163
		Oil, Gas & Consumable Fuels – 9.9%
	28,340	EOG Resources, Inc.		1,886,877
	49,683	ExxonMobil Corp.		3,966,194
	31,511	Range Resources Corp.		1,083,663
	175,313	Southwestern Energy Co.(b)		5,078,818
	74,270	XTO Energy, Inc.		2,619,503
				14,635,055
		Pharmaceuticals – 3.5%
	97,567	Abbott Laboratories		5,207,151
		Road & Rail – 1.2%
	52,961	CSX Corp.		1,719,644
		Semiconductors & Semiconductor Equipment – 2.7%
	99,337	Broadcom Corp., Class A(b)		1,685,749
	159,010	Intel Corp.		2,331,086
				4,016,835
		Software – 7.6%
	157,046	Activision Blizzard, Inc.(b)		1,356,877
	60,256	McAfee, Inc.(b)		2,083,050
	179,315	Microsoft Corp.		3,485,884
	241,320	Oracle Corp.(b)		4,278,604
				11,204,415
		Specialty Retail – 2.7%
	184,496	Lowe’s Cos., Inc.		3,970,354
		Total Common Stocks (Identified Cost $177,098,192)
				151,801,680
Principal Amount
	Short-Term Investment – 1.3%
$	1,944,142	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $1,944,142 on 1/02/2009 collateralized by $1,925,000 Federal National Mortgage Association, 4.600% due 11/10/2011 valued at $1,987,563 including accrued interest(c) (Identified Cost $1,944,142)		1,944,142
		Total Investments - 104.3% (Identified Cost $179,042,334)(a)		153,745,822
		Other assets less liabilities — (4.3)%		(6,313,541)
		Net Assets — 100.0%	$	147,432,281

1

LOOMIS SAYLES GROWTH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2008 (Unaudited)

(†) 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 December 31, 2008, the net unrealized depreciation on investments based on a cost of $179,042,334 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	$	2,469,578
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(27,766,090	)
Net unrealized depreciation	$	(25,296,512	)

At September 30, 2008, the Fund had a capital loss carryforward of approximately $15,874,639 of which $9,606,459 expires on September 30, 2010: $6,192,314 expires on September 30, 2011 and $75,866 expires on September 30, 2016. At September 30, 2008 post-October capital loss deferrals were $31,323,857. 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 carryforwards 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) It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. The repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. 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.

Fair Value Measurements

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective October 1, 2008. FAS 157 establishes a hierarchy for net asset value determination purposes in which various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1—quoted prices in active markets for identical investments;

• Level 2—prices determined using other significant observable inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar investments, interest rates, credit risk, etc.);

• Level 3—prices determined using significant unobservable inputs for situations where quoted prices or observable inputs are unavailable such as when there is little or no market activity for an investment, (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of investments and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2008:

Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	153,745,822
Level 2—Other Significant Observable Inputs		—
Level 3—Significant Unobservable Inputs		—
Total	$	153,745,822

2

LOOMIS SAYLES GROWTH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2008 (Unaudited)

New Accounting Pronouncement

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 may have on the Fund’s financial statement disclosures.

Net Asset Summary At December 31, 2008 (Unaudited)

Biotechnology	10.8	%
Oil, Gas & Consumable Fuels	9.9
Computers & Peripherals	8.4
Software	7.6
Food & Staples Retailing	6.8
Chemicals	6.6
IT Services	5.9
Communications Equipment	5.8
Capital Markets	5.4
Hotels, Restaurants & Leisure	4.9
Pharmaceuticals	3.5
Internet & Catalog Retail	3.4
Internet Software & Services	3.0
Semiconductors & Semiconductor Equipment	2.7
Specialty Retail	2.7
Food Products	2.5
Other Investments, less than 2% each	13.1
Short-Term Investment	1.3
Total Investments	104.3
Other Assets less liabilities	(4.3	)
Net Assets	100.0	%

3

LOOMIS SAYLES HIGH INCOME FUND - PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 84.9% of Net Assets
		ABS Car Loan — 0.8%
$	85,000	Capital One Auto Finance Trust, Series 2006-C, Class A4, 1.225%, 5/15/2013(b)	$	58,921
	275,000	Capital One Auto Finance Trust, Series 2007-C, Class A3B, 1.705%, 4/16/2012(b)		239,823
	100,000	Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014		72,036
				370,780
		Aerospace & Defense — 0.5%
	260,000	BE Aerospace, Inc., 8.500%, 7/01/2018		234,000
		Airlines — 0.2%
	62,381	Continental Airlines, Inc., Series 1997- 4, Class 4B, 6.900%, 7/02/2018		42,419
	27,077	Continental Airlines, Inc., Series 1999- 1, Class C, 6.954%, 2/02/2011		23,828
				66,247
		Automotive — 2.9%
	420,000	Ford Motor Co., 6.375%, 2/01/2029		92,400
	65,000	Ford Motor Co., 6.625%, 2/15/2028		14,300
	1,220,000	Ford Motor Co., 6.625%, 10/01/2028		268,400
	210,000	Ford Motor Co., 7.450%, 7/16/2031		58,800
	40,000	Ford Motor Co., 7.500%, 8/01/2026		9,400
	550,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		467,408
	635,000	Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		317,500
	85,000	Goodyear Tire & Rubber Co., 7.857%, 8/15/2011		70,550
	10,000	Goodyear Tire & Rubber Co., 9.000%, 7/01/2015		8,050
				1,306,808
		Banking — 4.2%
	400,000,000	Barclays Financial LLC, 144A, 4.470%, 12/04/2011 (KRW)		321,226
	250,000,000	Barclays Financial LLC, EMTN, 144A, 4.060%, 9/16/2010 (KRW)		202,671
	290,000	Citigroup, Inc., 5.000%, 9/15/2014		255,079
	340,000	Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014		303,988
	175,000	Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014		157,610
	1,436,358,000	JPMorgan Chase & Co., EMTN, 144A, Zero Coupon, 3/28/2011 (IDR)		79,672
	80,000	Morgan Stanley, 4.750%, 4/01/2014		60,951
	350,000	Morgan Stanley, 5.375%, 10/15/2015		301,283
	130,000	Morgan Stanley, 6.750%, 4/15/2011		127,910
	100,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		81,324
				1,891,714
		Biotechnology — 0.6%
	660,000	Affymetrix, Inc., Convertible, 3.500%, 1/15/2038		254,925
		Building Materials — 0.8%
	565,000	USG Corp., 6.300%, 11/15/2016		346,063
		Chemicals — 0.8%
	450,000	Borden, Inc., 7.875%, 2/15/2023		54,000
	550,000	Borden, Inc., 9.200%, 3/15/2021		82,500
	125,000	Georgia Gulf Corp., 10.750%, 10/15/2016		30,000
	380,000	Hercules, Inc., Subordinated Note, 6.500%, 6/30/2029(c)		201,400
				367,900
		Construction Machinery — 1.3%
	970,000	United Rentals North America, Inc., 7.000%, 2/15/2014		591,700
	15,000	United Rentals North America, Inc., 7.750%, 11/15/2013		9,750
				601,450
		Electric — 3.0%
	130,000	AES Corp. (The), 144A, 8.000%, 6/01/2020(d)		100,750
	375,000	Dynegy Holdings, Inc., 7.125%, 5/15/2018		228,750
	180,000	Dynegy Holdings, Inc., 7.625%, 10/15/2026		87,300
	165,000	Dynegy Holdings, Inc., 7.750%, 6/01/2019		113,850
	140,000	NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		60,200
	205,000	NRG Energy, Inc., 7.375%, 1/15/2017		188,600
	195,000	TXU Corp., Series P, 5.550%, 11/15/2014		91,109
	1,015,000	TXU Corp., Series Q, 6.500%, 11/15/2024		359,095
	370,000	TXU Corp., Series R, 6.550%, 11/15/2034		124,909
				1,354,563
		Entertainment — 0.1%
	70,000	Viacom, Inc., 6.125%, 10/05/2017		58,017
		Food & Beverage — 2.2%
	585,000	Aramark Services, Inc., 5.000%, 6/01/2012		456,300
	365,000	Dean Foods Co., 7.000%, 6/01/2016		310,250

1

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Food & Beverage — continued
$	230,000	Dole Food Co., Inc., 8.625%, 5/01/2009	$	208,150
				974,700
		Gaming — 0.4%
	45,000	Harrah’s Operating Co., Inc., 5.750%, 10/01/2017		7,200
	535,000	Harrah’s Operating Co., Inc., 144A, 10.750%, 2/01/2016		152,475
				159,675
		Government Guaranteed — 0.5%
	275,000	Canada Housing Trust, 3.550%, 9/15/2013 (CAD)		235,622
		Government Sponsored — 0.4%
	160,000	Federal Home Loan Mortgage Corp., 4.625%, 10/25/2012(d)		173,056
		Healthcare — 5.2%
	450,000	Advanced Medical Optics, Inc., Convertible, 3.250%, 8/01/2026(d)		157,500
	5,000	Boston Scientific Corp., 5.450%, 6/15/2014		4,250
	105,000	Boston Scientific Corp., 6.400%, 6/15/2016		89,775
	95,000	Boston Scientific Corp., 7.000%, 11/15/2035		70,300
	385,000	CHS/Community Health Systems, Inc., 8.875%, 7/15/2015		354,200
	150,000	HCA, Inc., 5.750%, 3/15/2014		90,750
	155,000	HCA, Inc., 6.250%, 2/15/2013		96,875
	10,000	HCA, Inc., 6.300%, 10/01/2012		7,050
	50,000	HCA, Inc., 6.375%, 1/15/2015		30,500
	205,000	HCA, Inc., 6.500%, 2/15/2016		126,075
	35,000	HCA, Inc., 7.050%, 12/01/2027		14,798
	440,000	HCA, Inc., 7.190%, 11/15/2015		243,709
	225,000	HCA, Inc., 7.500%, 12/15/2023		105,671
	700,000	HCA, Inc., 7.500%, 11/06/2033		325,500
	40,000	HCA, Inc., 7.690%, 6/15/2025		17,600
	40,000	HCA, Inc., 8.360%, 4/15/2024		18,400
	445,000	HCA, Inc., MTN, 7.580%, 9/15/2025		205,564
	40,000	HCA, Inc., MTN, 7.750%, 7/15/2036		17,736
	40,000	Life Technologies Corp., Convertible, 1.500%, 2/15/2024		30,000
	255,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		124,950
	190,000	Tenet Healthcare Corp., 7.375%, 2/01/2013		135,375
	60,000	Tenet Healthcare Corp., 9.875%, 7/01/2014		48,300
				2,314,878
		Home Construction — 5.1%
	375,000	Centex Corp., 5.250%, 6/15/2015		232,500
	350,000	D.R. Horton, Inc., 5.250%, 2/15/2015		220,500
	15,000	D.R. Horton, Inc., 6.500%, 4/15/2016		9,450
	410,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		295,200
	385,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015		100,100
	365,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.250%, 1/15/2016		83,950
	30,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.500%, 1/15/2014		8,100
	315,000	KB Home, 5.750%, 2/01/2014		198,450
	360,000	KB Home, Guaranteed Note, 5.875%, 1/15/2015		216,000
	590,000	KB Home, Guaranteed Note, 7.250%, 6/15/2018		345,150
	5,000	Lennar Corp., Series B, 5.125%, 10/01/2010		4,050
	580,000	Lennar Corp., Series B, Guaranteed Note, 5.600%, 5/31/2015		353,800
	155,000	Pulte Homes, Inc., 6.000%, 2/15/2035		79,050
	230,000	Pulte Homes, Inc., 6.375%, 5/15/2033		121,900
				2,268,200
		Independent Energy — 4.1%
	40,000	Chesapeake Energy Corp., Guaranteed Note, 6.375%, 6/15/2015		31,600
	640,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		489,600
	195,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		140,400
	40,000	Chesapeake Energy Corp., Convertible, 2.250%, 12/15/2038		17,950
	230,000	Connacher Oil and Gas Ltd., 144A, 10.250%, 12/15/2015		92,000
	275,000	Hilcorp Energy I LP, 144A, 7.750%, 11/01/2015		193,875
	215,000	PetroHawk Energy Corp., 144A, 7.875%, 6/01/2015		159,100
	355,000	Pioneer Natural Resources Co., 5.875%, 7/15/2016		246,296
	200,000	Pioneer Natural Resources Co., 6.875%, 5/01/2018		139,880
	505,000	Pioneer Natural Resources Co., 7.200%, 1/15/2028		317,782
				1,828,483

2

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Industrial Other — 0.1%
$	140,000	Ranhill Labuan Ltd., 144A, 12.500%, 10/26/2011	$	46,200
		Media Cable — 1.6%
	655,000	CSC Holdings, Inc., Senior Note, 7.625%, 7/15/2018		510,900
	250,000	CSC Holdings, Inc., Senior Note, 7.875%, 2/15/2018		196,250
	30,000	Virgin Media Finance PLC, 8.750%, 4/15/2014		22,500
				729,650
		Media Non-Cable — 1.0%
	25,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		2,750
	50,000	Clear Channel Communications, Inc., 5.500%, 12/15/2016		5,750
	475,000	Clear Channel Communications, Inc., 6.875%, 6/15/2018		57,000
	175,000	Intelsat Corp., 6.875%, 1/15/2028		98,875
	200,000	Intelsat Ltd, 6.500%, 11/01/2013		112,000
	85,000	R.H. Donnelley Corp., 6.875%, 1/15/2013		11,475
	25,000	R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		3,375
	160,000	R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		21,600
	615,000	R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016		92,250
	155,000	R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017		23,250
	235,000	Tribune Co., MTN, 5.250%, 8/15/2015(e)		10,575
				438,900
		Metals & Mining — 0.9%
	285,000	Steel Dynamics, Inc., 7.375%, 11/01/2012		208,050
	190,000	United States Steel Corp., 6.050%, 6/01/2017		124,226
	95,000	United States Steel Corp., 7.000%, 2/01/2018		64,746
				397,022
		Non-Captive Consumer — 1.6%
	60,000	SLM Corp., MTN, 5.050%, 11/14/2014		39,929
	50,000	SLM Corp., Series A, MTN, 4.000%, 1/15/2010		45,260
	20,000	SLM Corp., Series A, MTN, 5.000%, 10/01/2013		14,310
	10,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		6,600
	5,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		3,033
	735,000	SLM Corp., Series A, MTN, 6.500%, 6/15/2010 (NZD)		377,279
	245,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		193,702
	40,000	SLM Corp., Series A, MTN, 4.500%, 7/26/2010		34,715
				714,828
		Non-Captive Diversified — 5.1%
	95,000	CIT Group, Inc., 4.750%, 12/15/2010		83,625
	7,000	CIT Group, Inc., 5.400%, 2/13/2012		5,648
	20,000	CIT Group, Inc., 5.400%, 1/30/2016		13,926
	85,000	CIT Group, Inc., 5.800%, 10/01/2036		56,139
	8,000	CIT Group, Inc., 5.850%, 9/15/2016		5,633
	335,666	CIT Group, Inc., 12.000%, 12/18/2018		258,463
	44,000	CIT Group, Inc., GMTN, 5.000%, 2/13/2014		31,979
	20,000	CIT Group, Inc., GMTN, 5.000%, 2/01/2015		14,080
	32,000	CIT Group, Inc., MTN, 5.125%, 9/30/2014		22,839
	8,000	CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017		5,563
	1,300,000	General Electric Capital Corp., Series A, MTN, 2.960%, 5/18/2012 (SGD)		798,087
	22,000	GMAC LLC, 4.750%, 9/14/2009		20,240
	66,000	GMAC LLC, 5.375%, 6/06/2011		49,500
	172,000	GMAC LLC, 5.750%, 9/27/2010		151,360
	398,000	GMAC LLC, 6.000%, 12/15/2011		321,958
	208,000	GMAC LLC, 6.625%, 5/15/2012		161,882
	346,000	GMAC LLC, 6.750%, 12/01/2014		237,709
	24,000	GMAC LLC, 8.000%, 11/01/2031		14,265
	80,000	iStar Financial, Inc., 5.850%, 3/15/2017		24,000
	10,000	iStar Financial, Inc., 5.875%, 3/15/2016		2,850
	15,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		4,725
				2,284,471
		Oil & Gas — 0.3%
	240,000	SandRidge Energy, Inc., 144A, 8.000%, 6/01/2018		133,200
		Oil Field Services — 0.4%
	325,000	Basic Energy Services, Inc., 7.125%, 4/15/2016		185,250
		Packaging — 0.5%
	175,000	Owens-Illinois, Inc., Senior Note, 7.800%, 5/15/2018		155,750

3

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Packaging — continued
$	270,000	Stone Container Finance, 7.375%, 7/15/2014	$	44,550
				200,300
		Paper — 3.1%
	150,000	Bowater, Inc., 6.500%, 6/15/2013		15,000
	75,000	Georgia-Pacific Corp., 7.250%, 6/01/2028		45,750
	160,000	Georgia-Pacific Corp., 7.375%, 12/01/2025		102,400
	415,000	Georgia-Pacific Corp., 7.750%, 11/15/2029		261,450
	270,000	Georgia-Pacific Corp., 8.000%, 1/15/2024		182,250
	655,000	Georgia-Pacific Corp., 8.875%, 5/15/2031		451,950
	35,000	Georgia-Pacific LLC, 144A, 7.125%, 1/15/2017		29,400
	200,000	Georgia-Pacific LLC, 9.500%, 12/01/2011		189,000
	200,000	Jefferson Smurfit Corp., 7.500%, 6/01/2013		35,000
	485,000	Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017		87,300
				1,399,500
		Pharmaceuticals — 5.7%
	640,000	Elan Finance PLC, 8.875%, 12/01/2013		332,800
	1,190,000	Elan Finance PLC, Senior Note, 7.750%, 11/15/2011		702,100
	127,000	EPIX Pharmaceuticals, Inc., Senior Note, Convertible, 3.000%, 6/15/2024(c)(f)		25,400
	540,000	Human Genome Sciences, Inc., Convertible, 2.250%, 8/15/2012		147,150
	245,000	Incyte Corp., Convertible, 3.500%, 2/15/2011		130,156
	306,000	Nektar Therapeutics, Convertible, 3.250%, 9/28/2012		179,775
	190,000	Valeant Pharmaceuticals International, Subordinated Note, Convertible, 3.000%, 8/16/2010		171,475
	505,000	Valeant Pharmaceuticals International, Subordinated Note, Convertible, 4.000%, 11/15/2013		436,825
	305,000	Vertex Pharmaceuticals, Inc., Convertible, 4.750%, 2/15/2013		417,088
				2,542,769
		Pipelines — 1.4%
	415,000	El Paso Corp., 6.950%, 6/01/2028		250,871
	130,000	El Paso Natural Gas Co, 8.375%, 6/15/2032		112,176
	75,000	Kinder Morgan Finance Co., Guaranteed Note, 5.700%, 1/05/2016		55,875
	175,000	Knight, Inc., 6.500%, 9/01/2012		147,875
	35,000	MarkWest Energy Partners LP / Finance Corp., Series B, 8.750%, 4/15/2018		21,700
	20,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		15,303
	20,000	Tennessee Gas Pipeline Co., 7.500%, 4/01/2017		17,641
				621,441
		Refining — 0.7%
	375,000	Petroplus Finance Ltd., 144A, 7.000%, 5/01/2017		228,750
	150,000	Petroplus Finance Ltd., 144A, 6.750%, 5/01/2014		95,250
				324,000
		REITs — 1.0%
	665,000	Host Hotels & Resorts, Inc., Convertible, 144A, 2.625%, 4/15/2027		429,756
		Retailers — 1.7%
	500,000	Blockbuster, Inc., 9.000%, 9/01/2012		242,500
	250,000	Dillard’s, Inc., 6.625%, 1/15/2018		88,750
	105,000	Dillard’s, Inc., 7.130%, 8/01/2018		35,175
	30,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		16,289
	1,070,000	Toys R Us, Inc., 7.375%, 10/15/2018		385,200
	20,000	Toys R Us, Inc., 7.875%, 4/15/2013		7,800
				775,714
		Sovereigns — 4.0%
	148,500(††)	Mexican Fixed Rate Bonds, Series M-10, 9.000%, 12/20/2012 (MXN)		1,121,859
	44,200(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023 (MXN)		312,338
	350,000	New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010 (AUD)		257,170
	4,253,120	Republic of Uruguay, 4.250%, 4/05/2027 (UYU)		91,246
				1,782,613
		Supermarkets — 2.3%
	190,000	Albertson’s, Inc., 7.750%, 6/15/2026		115,900
	750,000	Albertson’s, Inc., Senior Note, 7.450%, 8/01/2029		483,750
	130,000	Albertson’s, Inc., Senior Note, 8.000%, 5/01/2031		78,000
	310,000	Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		164,300

4

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Supermarkets — continued
$	300,000	American Stores Co., 8.000%, 6/01/2026	$	187,500
				1,029,450
		Supranational — 2.8%
	9,210,000,000	European Investment Bank, EMTN, Zero Coupon, 4/24/2013 (IDR)(c)(d)		402,705
	700,000	Inter-American Development Bank, 11.500%, 2/05/2009 (ISK)		4,139
	1,900,000	Inter-American Development Bank, EMTN, Zero Coupon, 5/11/2009 (BRL)		743,460
	13,400,000	International Bank for Reconstruction & Development, 9.500%, 5/27/2010 (ISK)		76,918
	800,000	Nordic Investment Bank, EMTN, 11.250%, 4/16/2009 (ISK)		4,643
				1,231,865
		Technology — 5.0%
	300,000	Affiliated Computer Services, Inc., 5.200%, 6/01/2015		216,000
	515,000	Amkor Technology, Inc., 7.750%, 5/15/2013		293,550
	680,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		278,800
	345,000	JDS Uniphase Corp., Convertible, 1.000%, 5/15/2026		186,300
	465,000	Kulicke & Soffa Industries, Inc., Convertible, 0.875%, 6/01/2012		209,831
	35,000	Kulicke & Soffa Industries, Inc., Convertible, 1.000%, 6/30/2010		23,275
	1,040,000	Lucent Technologies, Inc., 6.450%, 3/15/2029		416,000
	175,000	Lucent Technologies, Inc., 6.500%, 1/15/2028		68,250
	50,000	Lucent Technologies, Inc., Series A, Convertible, 2.750%, 6/15/2023		41,500
	243,000	Maxtor Corp., Subordinated Note, Convertible, 5.750%, 3/01/2012(c)		182,250
	340,000	Nortel Networks Capital Corp., 7.875%, 6/15/2026		20,400
	280,000	Nortel Networks Corp., Convertible, 2.125%, 4/15/2014		39,200
	580,000	Nortel Networks Ltd., 6.875%, 9/01/2023		34,800
	475,000	Nortel Networks Ltd., 10.125%, 7/15/2013		118,750
	205,000	Seagate Technology HDD Holdings, 6.800%, 10/01/2016		106,600
	85,000	Unisys Corp., Senior Note, 8.000%, 10/15/2012		23,800
				2,259,306
		Textile — 0.3%
	375,000	Jones Apparel Group, Inc., 6.125%, 11/15/2034		150,000
		Transportation Services — 0.8%
	275,000	APL Ltd., Senior Note, 8.000%, 1/15/2024(c)		145,178
	300,000	Overseas Shipholding Group, Senior Note, 7.500%, 2/15/2024		199,500
				344,678
		Wireless — 2.7%
	5,000	ALLTEL Corp., 6.800%, 5/01/2029		4,350
	440,000	ALLTEL Corp., 7.875%, 7/01/2032		429,000
	255,000	Nextel Communications, Inc., Senior Note, Convertible, 5.250%, 1/15/2010		220,894
	48,000	Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		20,160
	14,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		5,950
	25,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		10,500
	365,000	NII Holdings, Inc., Convertible, 3.125%, 6/15/2012		221,281
	326,000	Sprint Capital Corp., 6.875%, 11/15/2028		193,970
	70,000	Sprint Capital Corp., 6.900%, 5/01/2019		49,700
	200,000	True Move Co. Ltd., 144A, 10.375%, 8/01/2014		72,220
				1,228,025
		Wirelines — 8.8%
	255,000	Bell Canada, Series M-17, 6.100%, 3/16/2035 (CAD)		158,587
	5,000	Bell Canada, 144A, 6.550%, 5/01/2029 (CAD)		3,281
	65,000	Cincinnati Bell Telephone Co., 6.300%, 12/01/2028		40,950
	250,000	Cincinnati Bell, Inc., 8.375%, 1/15/2014		192,500
	410,000	Embarq Corp., 7.995%, 6/01/2036		276,750
	285,000	Fairpoint Communications, Inc., 144A, 13.125%, 4/01/2018		136,800
	95,000	Frontier Communications Corp., 7.000%, 11/01/2025		46,788
	130,000	Frontier Communications Corp., 7.125%, 3/15/2019		87,100
	435,000	Frontier Communications Corp., 7.875%, 1/15/2027		252,300
	25,000	Frontier Communications Corp., 9.000%, 8/15/2031		15,750
	80,000	Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(e)		400
	490,000	Level 3 Communications, Inc., Convertible, 2.875%, 7/15/2010		304,412
	350,000	Level 3 Communications, Inc., Convertible, 6.000%, 9/15/2009		318,500

5

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	325,000	Level 3 Communications, Inc., Convertible, 6.000%, 3/15/2010	$	227,500
	45,000	Level 3 Communications, Inc., Convertible, 3.500%, 6/15/2012		15,863
	770,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		388,850
	125,000	Level 3 Financing, Inc., 9.250%, 11/01/2014		72,500
	1,890,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		1,181,250
	365,000	Qwest Capital Funding, Inc., Guaranteed Note, 6.875%, 7/15/2028		219,000
	10,000	Qwest Corp., 6.875%, 9/15/2033		5,950
				3,945,031
		Total Bonds and Notes (Identified Cost $55,358,912)		38,001,050
	Bank Loans — 0.3%
		Consumer Products — 0.0%
	24,871	Mega Bloks, Inc., Term Loan B, 8.750%, 7/26/2012(g)		6,218
		Food & Beverage — 0.0%
	1,306	Dole Food Co., Inc., LOC, 6.819%, 4/12/2013(g)		909
	850	Dole Food Co., Inc., Term Loan, 2.715%, 4/12/2013(g)		592
	4,165	Dole Food Co., Inc., Tranche C Term Loan, 4.701%, 4/12/2013(g)		2,902
				4,403
		Media Non-Cable — 0.2%
	114,227	Idearc, Inc., Term Loan B, 3.417%, 11/17/2014(g)		34,676
	224,012	Tribune Co., Tranche X, 7.084%, 6/04/2009(g)		62,403
				97,079
		Wirelines — 0.1%
	35,000	Hawaiian Telcom Communications, Inc., Term Loan C, 4.500%, 6/01/2014(g)		13,300
		Total Bank Loans (Identified Cost $364,967)		121,000
Shares
	Common Stocks — 1.1%
		Biotechnology — 0.5%
	8,147	Vertex Pharmaceuticals, Inc.(h)		247,506
		Chemicals — 0.0%
	1,087	Ashland, Inc.		11,424
		Household Durables — 0.1%
	1,775	KB Home		24,176
Shares		Description	Value (†)
		Pharmaceuticals — 0.5%
	6,875	Merck & Co., Inc.	$	209,000
		Thrifts & Mortgage Finance — 0.0%
	5,500	Federal Home Loan Mortgage Corp.		4,015
		Total Common Stocks (Identified Cost $591,204)		496,121
	Preferred Stocks — 2.1%
		Automotive — 0.0%
	5,816	General Motors Corp., Convertible, 6.250%		18,611
		Diversified Financial Services — 0.3%
	274	Preferred Blocker, Inc., 9.000%		68,500
	3,732	Sovereign Capital Trust IV, Convertible, 4.375%		70,908
				139,408
		Electric Utilities — 0.5%
	6,475	AES Trust III, Convertible, 6.750%		245,014
		Machinery — 0.1%
	2,550	United Rentals Trust I, Convertible, 6.500%		38,250
		Oil, Gas & Consumable Fuels — 0.5%
	9,500	El Paso Energy Capital Trust I, Convertible, 4.750%		242,844
		Semiconductors & Semiconductor Equipment — 0.6%
	799	Lucent Technologies Capital Trust I, Convertible, 7.750%		245,285
		Thrifts & Mortgage Finance — 0.1%
	300	Federal Home Loan Mortgage Corp., 5.000%(h)(i)		162
	7,900	Federal Home Loan Mortgage Corp., 5.570%(h)(i)		2,528
	2,850	Federal Home Loan Mortgage Corp., 5.660%(h)(i)		1,425
	1,000	Federal Home Loan Mortgage Corp., 5.700%(h)(i)		530
	1,800	Federal Home Loan Mortgage Corp., 5.790%(h)(i)		1,332
	650	Federal Home Loan Mortgage Corp., 5.810%(h)(i)		357
	1,400	Federal Home Loan Mortgage Corp., 5.900%(h)(i)		406
	350	Federal Home Loan Mortgage Corp., 6.000%(h)(i)		228
	600	Federal Home Loan Mortgage Corp., 6.420%(h)(i)		360
	1,350	Federal Home Loan Mortgage Corp., 6.550%(h)(i)		405
	7,400	Federal Home Loan Mortgage Corp., 8.375%(h)(i)		2,886

6

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

Investments as of December 31, 2008 (Unaudited)

Shares		Description	Value (†)
		Thrifts & Mortgage Finance — continued
	1,200	Federal National Mortgage Association, 4.750%(h)(i)	$	1,236
	200	Federal National Mortgage Association, 5.125%(h)(i)		200
	400	Federal National Mortgage Association, 5.375%(h)(i)		460
	350	Federal National Mortgage Association, 5.810%(h)(i)		427
	550	Federal National Mortgage Association, 6.750%(h)(i)		358
	10,250	Federal National Mortgage Association, 8.250%(h)(i)		8,507
				21,807
		Total Preferred Stocks (Identified Cost $2,156,144)		951,219
	Closed-End Investment Companies — 0.1%
	3,835	Morgan Stanley Emerging Markets Debt Fund, Inc.		27,113
	2,175	Western Asset High Income Opportunity Fund, Inc.		8,657
		Total Closed-End Investment Companies (Identified Cost $45,443)		35,770
Principal Amount (‡)
	Short-Term Investments — 8.9%
$	2,120	Repurchase Agreement with State Street Corp., dated 12/31/2008 at 0.001% to be repurchased at $2,120 on 1/02/2009, collateralized by $5,000 U.S Treasury Bill, due 2/05/2009 valued at $5,000 including accrued interest(j)		2,120
	3,983,099	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $3,983,099 on 1/02/2009, collateralized by $3,980,000 Federal Home Loan Bank, 2.275% due 4/24/2009 valued at $4,064,575, including accrued interest(j)		3,983,099
		Total Short-Term Investments (Identified Cost $3,985,219)		3,985,219
		Total Investments — 97.4% (Identified Cost $62,501,889)(a)		43,590,379
		Other assets less liabilities — 2.6%		1,186,922
		Net Assets — 100.0%	$	44,777,301

(‡) 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. Forward foreign currency contracts are valued at interpolated prices determined from information provided by an independent pricing service. 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.

7

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

Investments as of December 31, 2008 (Unaudited)

(††) Amount shown represents units. One unit represents a principal amount 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 December 31, 2008, the net unrealized depreciation on investments based on a cost of $62,515,881 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	$	771,280
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(19,696,782	)
Net unrealized depreciation	$	(18,925,502	)

At September 30, 2007, the Fund had a capital loss carryforward of approximately $70,201,356 of which $43,374,722 expires on September 30, 2009, $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 December 31, 2008 is disclosed.

(c) Illiquid security. At December 31, 2008, the value of these securities amounted to $956,933 or 2.1% of net assets.

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

(e) Non-income producing due to bankruptcy filing.

(f) Valued by management. At December 31, 2008, the value of these securities amounted to $25,400 or 0.1% of net assets.

(g) Variable rate security. Rate shown represents the weighted average rate at December 31, 2008.

(h) Non-income producing security.

(i) Future dividend payments have been eliminated as the issuer has been placed in conservatorship.

(j) It is the Fund’s policy that the market value of the collateral for repurchased agreements be at least equal to 100% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held 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.

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 December 31, 2008, the value of these amounted to $2,476,626 or 5.5% of net assets.

ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
LOC	Letter of Credit
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
IDR	Indonesian Rupiah
ISK	Icelandic Krona
KRW	South Korean Won
MXN	Mexican Peso
NZD	New Zealand Dollar
SGD	Singapore Dollar
UYU	Uruguayan Peso

Fair Value Measurements

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective October 1, 2008. FAS 157 establishes a hierarchy for net asset value determination purposes in which various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1—quoted prices in active markets for identical investments;

• Level 2—prices determined using other significant observable inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar investments, interest rates, credit risk, etc.);

• Level 3—prices determined using significant unobservable inputs for situations where quoted prices or observable inputs are unavailable such as when there is little or no market activity for an investment, (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of investments and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Other financial instruments are derivative instruments not reflected in investments carried at value and may include such instruments as futures contracts and forward contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2008:

Securities Purchased Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	4,789,271
Level 2—Other Significant Observable Inputs		35,783,977
Level 3—Significant Unobservable Inputs		3,017,131
Total	$	43,590,379
Forwards Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	—
Level 2—Other Significant Observable Inputs		(15,270	)
Level 3—Significant Unobservable Inputs		—
Total	$	(15,270	)

8

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

Investments as of December 31, 2008 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2008:

Assets	Investments in Securities
Balance as of September 30, 2008	$	2,758,373
Realized gain (loss)		(445,092	)
Change in unrealized appreciation (depreciation)		(1,871,004	)
Net purchases (sales)		539,615
Net reclassifications to/from Level 3		2,035,239
Balance as of December 31, 2008	$	3,017,131

New Accounting Pronouncement

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 may have on the Fund’s financial statement disclosures.

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. 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 December 31, 2008, the Fund had the following open forward foreign currency contracts:

At December 31, 2008, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date	Currency	Units	Value	Unrealized (Depreciation)
Sell	3/18/2009	Euro	169,000	234,331	$	(15,270	)

Net Asset Summary at December 31, 2008 (Unaudited)

Wirelines	8.8	%
Pharmaceuticals	6.2
Healthcare	5.2
Non-Captive Diversified	5.1
Home Construction	5.1
Technology	5.0
Banking	4.2
Independent Energy	4.1
Sovereigns	4.0
Paper	3.1
Electric	3.0
Automotive	2.9
Supranational	2.8
Wireless	2.7
Supermarkets	2.3
Food & Beverage	2.2
Other Investments, less than 2% each	21.8
Short-Term Investments	8.9
Total Investments	97.4
Other assets less liabilities (including open
Forward Foreign Currency Contract)	2.6
Net Assets	100.0	%

9

LOOMIS SAYLES INTERNATIONAL BOND FUND — PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)	Description	Value(†)
Bonds and Notes — 93.2% of Net Assets
Non-Convertible Bonds — 93.2%
	Australia — 0.9%
165,000	New South Wales Treasury Corp., 7.000%, 12/01/2010, (AUD)	$	121,237
	Austria — 2.9%
34,000,000	Oesterreichische Kontrollbank AG, 1.800%, 3/22/2010, (JPY)		380,174
	Belgium — 10.1%
110,000	Kingdom of Belgium, 3.750%, 3/28/2009, (EUR)		153,437
740,000	Kingdom of Belgium, 5.500%, 9/28/2017, (EUR)		1,161,983
			1,315,420
	Brazil — 0.0%
5,000	Republic of Brazil, 7.125%, 1/20/2037		5,675
	Canada — 2.1%
40,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		24,876
50,000	Bombardier, Inc., 144A, 7.250%, 11/15/2016, (EUR)		41,702
255,000	Canadian Government, 4.250%, 9/01/2009, (CAD)		211,137
			277,715
	Cayman Islands — 1.0%
60,000	DASA Finance Corp., 144A, 8.750%, 5/29/2018		45,450
100,000	Odebrecht Finance Ltd., 144A, 7.500%, 10/18/2017		80,000
			125,450
	France — 3.7%
45,000	Alcatel-Lucent, EMTN, 6.375%, 4/07/2014, (EUR)		41,910
50,000	Credit Agricole SA, 5.971%, 2/01/2018, (EUR)		69,992
35,000	France Telecom SA, EMTN, 3.625%, 10/14/2015, (EUR)		45,223
40,000	Lafarge SA, EMTN, 4.750%, 3/23/2020, (EUR)		35,808
50,000	Lafarge SA, EMTN, 5.375%, 6/26/2017, (EUR)		48,321
20,000	PPR, EMTN, 4.000%, 1/29/2013, (EUR)		23,711
50,000	Societe Generale, EMTN, 5.250%, 3/28/2013, (EUR)		70,827
35,000	Veolia Environnement, EMTN, 5.125%, 5/24/2022, (EUR)		40,315
10,000	Vivendi, 3.875%, 2/15/2012, (EUR)		13,187
50,000	Vivendi, 4.500%, 10/03/2013, (EUR)		62,255
50,000	Wendel, 4.875%, 5/26/2016, (EUR)		36,300
			487,849
	Germany — 18.9%
50,000	Bertelsmann AG, 3.625%, 10/06/2015, (EUR)		59,769
125,000	Hypothekenbank in Essen AG, 3.000%, 9/28/2009, (EUR)		173,934
21,000,000	Kreditanstalt fuer Wiederaufbau, 1.350%, 1/20/2014, (JPY)		231,580
11,000,000	Kreditanstalt fuer Wiederaufbau, 1.750%, 3/23/2010, (JPY)		123,032
24,000,000	Kreditanstalt fuer Wiederaufbau, 2.050%, 2/16/2026, (JPY)		255,565
185,000	Kreditanstalt fuer Wiederaufbau, 2.500%, 10/11/2010, (EUR)(b)		256,519
5,000,000	Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037, (JPY)		56,413
235,000	Muenchener Hypothekenbank eG, 5.000%, 1/16/2012, (EUR)		341,576
470,000	Republic of Germany, 3.750%, 1/04/2017, (EUR)(b)		692,496
190,000	Republic of Germany, 4.000%, 1/04/2037, (EUR)		282,977
			2,473,861
	India — 0.9%
100,000	Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021		66,633
100,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 144A, 6.375%, 4/30/2022		52,511
			119,144
	Ireland — 1.6%
30,000,000	Depfa ACS Bank, Series 686, 1.650%, 12/20/2016, (JPY)		213,541
	Italy — 0.4%
50,000	Finmeccanica SpA, 4.875%, 3/24/2025, (EUR)		49,793
	Japan — 4.0%
18,000,000	Development Bank of Japan, 1.750%, 6/21/2010, (JPY)		201,650
10,000,000	Japan Finance Corp. for Municipal Enterprises, 1.900%, 6/22/2018, (JPY)		113,367
21,340,800	Japan Government, 0.800%, 3/10/2016, (JPY)		202,108
			517,125
	Luxembourg — 0.7%
105,000	Telecom Italia Capital SA, 6.000%, 9/30/2034		72,450
35,000	Telecom Italia Capital SA, 6.375%, 11/15/2033		24,500
			96,950
	Mexico — 0.7%
10,000(††)	Mexican Fixed Rate Bonds, Series M- 20, 8.000%, 12/07/2023, (MXN)		70,665

1

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value(†)
		Mexico — continued
$	18,000	Mexican Government, 6.050%, 1/11/2040	$	17,460
				88,125
		Netherlands — 0.8%
	50,000	Cemex Finance Europe BV, 4.750%, 3/05/2014, (EUR)		30,706
	50,000	Koninklijke (Royal) KPN NV, GMTN, 4.750%, 1/17/2017, (EUR)		61,880
	10,000	Wolters Kluwer NV, 5.125%, 1/27/2014, (EUR)		12,821
				105,407
		Norway — 2.3%
	1,650,000	Norwegian Government, 5.500%, 5/15/2009, (NOK)		236,777
	400,000	Norwegian Government, 6.500%, 5/15/2013, (NOK)		64,729
				301,506
		Spain — 2.9%
	23,000,000	Instituto de Credito Oficial, EMTN, 0.800%, 9/28/2009, (JPY)		253,740
	100,000	Santander Issurance SA, EMTN, (fixed rate to 5/29/14, variable rate thereafter), 4.750%, 5/29/2019, (EUR)		119,384
				373,124
		Supranational — 14.1%
	87,100,000	European Investment Bank, 1.400%, 6/20/2017, (JPY)		936,559
	921,000,000	European Investment Bank, EMTN, Zero Coupon, 4/24/2013, (IDR)(c)		40,270
	28,000,000	Inter-American Development Bank, 1.900%, 7/08/2009, (JPY)		310,487
	50,000,000	Nordic Investment Bank, 1.700%, 4/27/2017, (JPY)(b)		556,167
				1,843,483
		Sweden — 0.9%
	100,000	Telefonaktiebolaget LM Ericsson, EMTN, 5.375%, 6/27/2017, (EUR)(b)		110,776
		Switzerland — 0.6%
	50,000	Credit Suisse London, EMTN, 6.125%, 8/05/2013, (EUR)		71,324
		United Arab Emirates — 0.9%
	100,000	Abu Dhabi National Energy Co., 144A, 6.500%, 10/27/2036(b)		71,256
	100,000	DP World Ltd., 144A, 6.850%, 7/02/2037(b)		51,507
				122,763
		United Kingdom — 8.6%
	50,000	BAT International Finance PLC, EMTN, 5.375%, 6/29/2017, (EUR)		60,420
	50,000	BP Capital Markets PLC, EMTN, 5.750%, 2/26/2010, (GBP)		73,819
	50,000	BSKYB Finance UK PLC, EMTN, 5.750%, 10/20/2017, (GBP)		60,552
	100,000	Imperial Tobacco Finance PLC, EMTN, 4.375%, 11/22/2013, (EUR)		113,733
	65,000	Lloyds TSB Group PLC, 5.875%, 7/08/2014, (EUR)		90,639
	50,000	Network Rail MTN Finance PLC, 4.875%, 3/06/2009, (GBP)		72,339
	100,000	Standard Chartered Bank, Series 17, 5.875%, 9/26/2017, (EUR)		115,083
	140,000	United Kingdom Treasury, 4.000%, 9/07/2016, (GBP)		215,961
	75,000	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)		116,113
	50,000	United Kingdom Treasury, 4.750%, 3/07/2020, (GBP)		80,579
	100,000	Vodafone Group PLC, EMTN, 5.375%, 6/06/2022, (EUR)		123,561
				1,122,799
		United States — 14.2%
	50,000	3M Co., 5.000%, 7/14/2014, (EUR)		70,096
	25,000	Ahold Finance USA, Inc., EMTN, 6.500%, 3/14/2017, (GBP)		29,833
	60,000	Albertson's, Inc., 8.000%, 5/01/2031(b)		36,000
	100,000	AT&T, Inc., EMTN, 6.125%, 4/02/2015, (EUR)		132,234
	50,000	Bristol-Myers Squibb Co., 4.625%, 11/15/2021, (EUR)		60,617
	50,000	Cargill, Inc., EMTN, 5.375%, 3/02/2037, (GBP)		52,006
	60,000	Chesapeake Energy Corp., 6.500%, 8/15/2017(b)		45,900
	50,000	CIT Group, Inc., EMTN, 3.800%, 11/14/2012, (EUR)		39,122
	50,000	CIT Group, Inc., GMTN, 4.250%, 9/22/2011, (EUR)		41,148
	60,000	CSX Corp., 5.600%, 5/01/2017(b)		53,303
	65,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		45,497
	60,000	Frontier Communications Corp., 6.250%, 1/15/2013(b)		51,000
	10,000,000	General Electric Capital Corp., GMTN, 1.450%, 11/10/2011, (JPY)		99,818
	50,000	Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038, (GBP)		49,761
	45,000	HCA, Inc., 8.360%, 4/15/2024		20,700
	60,000	Host Hotels & Resorts LP, 6.375%, 3/15/2015(b)		44,700
	50,000	Kraft Foods, Inc., 6.250%, 3/20/2015, (EUR)		69,975
	75,000	Level 3 Financing, Inc., 8.750%, 2/15/2017(b)		37,875
	100,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		88,219
	50,000	Morgan Stanley, 3.750%, 3/01/2013, (EUR)		52,738
	25,000	Morgan Stanley, 5.375%, 11/14/2013, (GBP)		29,576
	75,000	Motorola, Inc., 6.625%, 11/15/2037(b)		35,250

2

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)	Description	Value(†)
	United States — continued
50,000	Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014, (EUR)	$	54,212
100,000	Pfizer, Inc., 4.750%, 12/15/2014, (EUR)		141,029
50,000	Philip Morris International, Inc., GMTN, 5.875%, 9/04/2015, (EUR)		67,782
70,000	Qwest Corp., 6.875%, 9/15/2033(b)		41,650
70,000	SLM Corp., Series A, MTN, 4.500%, 7/26/2010(b)		60,751
100,000	Textron, Inc., 3.875%, 3/11/2013, (EUR)		105,848
95,000	Verizon Wireless Capital LLC, 8.750%, 12/18/2015, (EUR)		134,819
50,000	Wells Fargo & Co., 4.625%, 11/02/2035, (GBP)		59,544
			1,851,003
	Total Bonds and Notes (Identified Cost $12,957,081)		12,174,244
Short-Term Investments — 2.9%
375,559	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $375,559 on 1/02/2009, collateralized by $375,000 Federal National Mortgage Association, 4.600% due 11/10/2011 valued at $387,188 including accrued interest(d) (Identified Cost $375,559)		375,559
	Total Investments — 96.1% (Identified Cost $13,332,640)(a)		12,549,803
	Other assets less liabilities— 3.9%		509,949
	Net Assets — 100.0%	$	13,059,752

(‡) 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. Forward foreign currency contracts are valued at interpolated prices determined from information provided by an independent pricing service. 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.

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

3

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

Investments as of December 31, 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 December 31, 2008, the net unrealized depreciation on investments based on a cost of $13,350,324 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	$	534,811
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,335,332	)
Net unrealized depreciation	$	(800,521	)

	At September 30, 2008 post-October capital loss deferrals were $87,381. This amount 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 is held as collateral for open forward currency contracts.
(c)	Illiquidsecurity. At December 31, 2008, the value of this security amounted to $40,270 or 0.3% of net assets.
(d)	It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. The repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. 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.
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 December 31, 2008, the value of these securities amounted to $342,426 or 2.6% of net assets.
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone

Fair Value Measurements

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective October 1, 2008. FAS 157 establishes a hierarchy for net asset value determination purposes in which various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1—quoted prices in active markets for identical investments;

• Level 2—prices determined using other significant observable inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar investments, interest rates, credit risk, etc.);

• Level 3—prices determined using significant unobservable inputs for situations where quoted prices or observable inputs are unavailable such as when there is little or no market activity for an investment, (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of investments and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Other financial instruments are derivative instruments not reflected in investments carried at value and may include such instruments as futures contracts and forward contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2008:

Securities Purchased Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	375,559
Level 2—Other Significant Observable Inputs		12,045,491
Level 3—Significant Unobservable Inputs		128,753
Total	$	12,549,803
Forward Valuation Inputs	Other Financial Instruments
Level 1—Quoted Prices	$	—
Level 2—Other Significant Observable Inputs		72,830
Level 3—Significant Unobservable Inputs		—
Total	$	72,830

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2008:

Assets	Investments in Securities
Balance as of September 30, 2008	$	126,992
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(33,117	)
Net purchases (sales)		—
Net reclassifications to/from level 3		34,878
Balance as of December 31, 2008	$	128,753

4

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

Investments as of December 31, 2008 (Unaudited)

New Accounting Pronouncement

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 may have on the Fund’s financial statement disclosures.

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. 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 December 31, 2008, the Fund had the following open forward foreign currency contracts:

Contract To Buy/Sell	Delivery Date	Currency	Units	Value		Unrealized Appreciation (Depreciation)
Buy	6/15/2009	Chinese Yuan Renminbi	800,000	$	115,313	$	(6,974	)
Sell	6/15/2009	Chinese Yuan Renminbi	800,000		115,313		4,907
Buy	1/22/2009	Euro	609,000		845,892		61,603
Sell	1/22/2009	Euro	180,000		250,017		3,999
Buy	1/22/2009	Japanese Yen	15,000,000		165,529		9,295
Total						$	72.830

Net Asset Summary at December 31, 2008 (Unaudited)

Sovereigns	28.1	%
Banking	18.4
Supranational	14.1
Government Guaranteed	7.2
Telecommunications	4.4
Other Investments, less than 2% each	21.0
Short-Term Investments	2.9
Total Investments	96.1
Other assets less liabilities (including open Forward Foreign Currency Contracts)	3.9
Net Assets	100.0	%

Currency Exposure at December 31, 2008 as a Percentage of Net Assets (Unaudited)

Euro	43.4	%
Japanese Yen	30.1
United States Dollar	10.2
British Pound	6.5
Norwegian Krone	2.3
Other, less than 2% each	3.6
Total Investments	96.1
Other assets less than liabilities (including open Forward Foreign Currency Contracts)	3.9
Net Assets	100.0	%

5

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 91.9% of Net Assets
	Non-Convertible Bonds – 90.9%
		ABS Car Loan – 1.6%
$	60,855,000	ARG Funding Corp., Series 2005-2A, Class A5, 1.613%, 5/20/2011, 144A (b)	$	51,251,868
	26,520,000	Capital One Auto Finance Trust, Series 2006-C, Class A4, 1.225%, 5/15/2013 (b)		18,383,484
	7,199,000	Merrill Auto Trust Securitization Asset, Series 2008-1, Class B, 6.750%, 4/15/2015		5,982,096
				75,617,448
		ABS Credit Card – 1.8%
	9,995,000	American Express Issuance Trust, Series 2005-2, Class A, 1.265%, 8/15/2013 (b)		8,059,678
	24,955,000	Capital One Multi-Asset Execution Trust, Series 2005-A10, Class A, 1.275%, 9/15/2015 (b)		17,581,309
	2,550,000	Capital One Multi-Asset Execution Trust, Series 2006-C2, Class C, 1.495%, 6/16/2014 (b)		967,396
	29,215,000	Chase Issuance Trust, Series 2007-B1, Class B1, 1.445%, 4/15/2019 (b)		9,016,894
	4,000,000	Citibank Credit Card Issuance Trust, Series 2008-A1, Class A1, 5.350%, 2/07/2020		3,158,970
	29,395,000	Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		19,190,805
	10,000,000	MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 7/15/2014		5,296,967
	19,060,000	MBNA Credit Card Master Note Trust, Series 2005-B2, Class B, 1.375%, 12/17/2012 (b)		15,692,573
	5,000,000	World Financial Network Credit Card, Series 2008-B, Class M, 7.800%, 10/15/2013		4,631,543
				83,596,135
		Airlines – 1.5%
	37,300,000	Continental Airlines, Inc., Series 2007-1, Class A, 5.983%, 4/19/2022		24,991,000
	9,948,000	Continental Airlines, Inc., Series 2007-1, Class B, 6.903%, 4/19/2022		4,874,520
	701,713	Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016		484,182
	558,766	Continental Airlines, Inc., Series 991A, Class B, 6.545%, 8/02/2020		447,013
	860,141	Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		544,039
	19,586,576	Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		9,891,221
	11,415,000	Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017		5,707,500
	8,115,000	Qantas Airways Ltd., 6.050%, 4/15/2016, 144A		7,421,387
	30,028,035	United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024		17,566,400
				71,927,262
		Asset-Backed Securities – 0.4%
	16,965,000	CIT Equipment Collateral, Series 2008-VT1, Class A3, 6.590%, 12/22/2014		16,203,000
	446,778	Community Program Loan Trust, Series 1987-A, Class A4, 4.500%, 10/01/2018		447,605
	1,700,000	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		1,574,662
				18,225,267
		Automotive – 0.8%
	29,655,000	Cummins, Inc., 5.650%, 3/01/2098		13,187,756
	3,389,000	Cummins, Inc., 6.750%, 2/15/2027		2,543,302
	665,000	Cummins, Inc., 7.125%, 3/01/2028		517,117
	1,990,000	Ford Motor Co., 6.375%, 2/01/2029		437,800
	130,000	Ford Motor Co., 6.500%, 8/01/2018		31,200
	260,000	Ford Motor Co., 6.625%, 2/15/2028		57,200
	5,185,000	Ford Motor Co., 6.625%, 10/01/2028		1,140,700
	8,730,000	Ford Motor Co., 7.450%, 7/16/2031		2,444,400
	245,000	Ford Motor Co., 7.500%, 8/01/2026		57,575
	11,830,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		10,053,489
	345,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		238,370
	700,000	Ford Motor Credit Co. LLC, 7.375%, 10/28/2009		614,755
	1,540,000	Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		1,003,105
	935,000	Ford Motor Credit Co. LLC, 8.625%, 11/01/2010		707,821
	2,135,000	Ford Motor Credit Co. LLC, 9.750%, 9/15/2010		1,707,987
	575,000	General Motors Corp., 7.400%, 9/01/2025		86,250
	8,985,000	General Motors Corp., 8.250%, 7/15/2023		1,347,750
	245,000	General Motors Corp., 8.375%, 7/15/2033		39,813
				36,216,390

1

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Banking – 4.7%
$	2,595,000	BAC Capital Trust VI, 5.625%, 3/08/2035	$	2,180,023
	3,120,000,000	Barclays Financial LLC, 4.060%, 9/16/2010, (KRW), 144A		2,529,341
	180,000,000	Barclays Financial LLC, 4.160%, 2/22/2010, (THB), 144A		5,074,468
	3,500,000,000	Barclays Financial LLC, 4.460%, 9/23/2010, (KRW), 144A		2,855,742
	52,000,000	Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, (THB), 144A		1,462,818
	16,371,250,000	BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, (IDR), 144A		942,173
	9,860,000	Citibank NA, 15.000%, 7/02/2010, (BRL), 144A		4,395,438
	10,400,000	Citigroup, Inc., 5.000%, 9/15/2014		9,147,653
	13,400,000	Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014		11,980,712
	6,790,000	Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014		6,115,271
	25,000,000	HSBC Finance Corp., 6.375%, 11/27/2012		24,459,500
	700,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		367,578
	18,000,000	JPMorgan Chase & Co., Zero Coupon, 5/17/2010, (BRL), 144A		6,192,270
	22,683,264,000	JPMorgan Chase & Co., Zero Coupon, 3/28/2011, (IDR), 144A		1,258,193
	17,920,000,000	JPMorgan Chase & Co., Zero Coupon, 3/28/2011, (IDR), 144A		993,985
	68,827,366,920	JPMorgan Chase & Co., Zero Coupon, 4/12/2012, (IDR), 144A		2,897,064
	24,124,936,500	JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, (IDR), 144A		1,581,290
	1,700,000	Kaupthing Bank, 5.453%, 1/15/2010, 144A (b)(c)		119,000
	18,400,000	Kaupthing Bank, Series D, 5.750%, 10/04/2011, 144A (c)		1,288,000
	2,700,000	Kaupthing Bank, Series E, 6.125%, 10/04/2016, 144A (c)		189,000
	100,000	Keybank NA, 6.950%, 2/01/2028		76,766
	30,000,000	Kreditanstalt fuer Wiederaufbau, EMTN, 10.750%, 2/01/2010, (ISK)		176,527
	12,975,000	Morgan Stanley, 4.000%, 1/15/2010		12,598,154
	7,505,000	Morgan Stanley, 4.750%, 4/01/2014		5,717,977
	7,000,000	Morgan Stanley, 5.375%, 10/15/2015		6,025,656
	10,000,000	Morgan Stanley, 5.750%, 4/01/2009, (EUR)		13,234,658
	11,350,000	Morgan Stanley, 6.750%, 4/15/2011		11,167,560
	1,510,000	Morgan Stanley, EMTN, 5.450%, 1/09/2017		1,244,666
	6,400,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		5,204,723
	40,535,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		35,560,950
	11,800,000	Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017		9,744,263
	10,710,000	Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		8,889,097
	13,950,000	PNC Bank NA, 6.875%, 4/01/2018		14,842,354
	1,181,000,000	Rabobank Nederland, EMTN, 10.250%, 9/10/2009, (ISK), 144A		6,817,463
	330,000,000	Rabobank Nederland, EMTN, 12.500%, 2/17/2009, (ISK)		1,939,241
	516,000,000	Rabobank Nederland, EMTN, 14.000%, 1/28/2009, (ISK), 144A		3,064,364
				222,333,938
		Brokerage – 2.6%
	2,220,000	Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		2,033,393
	975,000	Bear Stearns Cos., Inc. (The), 5.300%, 10/30/2015		938,047
	2,150,000	Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017		2,234,233
	12,745,000	Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		13,966,685
	31,730,000	Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037 (c)		3,173
	2,520,000	Lehman Brothers Holdings, Inc., MTN, (fixed rate to 5/03/2027, variable rate thereafter), 6.000%, 5/03/2032 (c)		252
	109,500,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		98,432,287
	10,000,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		3,451,973
	3,200,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		2,823,023
				123,883,066
		Building Materials – 0.5%
	10,000,000	Masco Corp., 5.850%, 3/15/2017		6,468,460
	6,465,000	Owens Corning, Inc., 6.500%, 12/01/2016		4,681,998
	20,368,000	Owens Corning, Inc., 7.000%, 12/01/2036		13,356,133
	1,060,000	USG Corp., 6.300%, 11/15/2016		649,250
				25,155,841
		Chemicals – 1.9%
	22,665,000	Lubrizol Corp., 6.500%, 10/01/2034		18,392,693
	2,400,000	Methanex Corp., 6.000%, 8/15/2015		1,574,988
	68,560,000	PPG Industries, Inc., 6.650%, 3/15/2018		67,535,439
				87,503,120
		Commercial Mortgage-Backed Securities – 0.3%
	3,000,000	Bank of America-First Union NB Commercial Mortgage, Series 2001-3, Class A2, 5.464%, 4/11/2037		2,855,298
	5,110,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		3,379,913

2

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Commercial Mortgage-Backed Securities – continued
$	1,722,840	CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020	$	1,337,355
	3,815,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.819%, 6/15/2049 (b)		2,694,251
	1,880,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		1,329,099
	1,340,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		922,566
				12,518,482
		Construction Machinery – 0.1%
	6,935,000	Toro Co., 6.625%, 5/01/2037 (d)		4,161,000
		Consumer Cyclical Services – 0.3%
	19,330,000	Western Union Co., 6.200%, 11/17/2036		14,978,140
		Distributors – 1.3%
	61,345,000	Equitable Resources, Inc., 6.500%, 4/01/2018		57,300,156
	5,865,000	ONEOK, Inc., 6.000%, 6/15/2035		4,019,244
				61,319,400
		Electric – 5.8%
	40,400,000	AmerenEnergy Generating Co., Series H, 7.000%, 4/15/2018		37,163,677
	500,000	Baltimore Gas & Electric Co., 5.200%, 6/15/2033		353,280
	11,360,000	Bruce Mansfield Unit, 6.850%, 6/01/2034 (d)		9,031,882
	2,000,000	Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017		1,621,506
	26,290,000	Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036		20,335,131
	895,000	Commonwealth Edison Co., 4.700%, 4/15/2015		802,308
	1,700,000	Commonwealth Edison Co., 5.875%, 2/01/2033		1,420,936
	2,750,000	Constellation Energy Group, Inc., 4.550%, 6/15/2015		2,088,471
	960,000	Dominion Resources, Inc., 5.950%, 6/15/2035		820,259
	5,500,000	Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		5,890,643
	1,000,000	Empresa Nacional de Electricidad SA (Endesa-Chile), 8.350%, 8/01/2013		1,056,046
	3,681,000	Exelon Corp., 4.900%, 6/15/2015		3,017,794
	47,570,000	Illinois Power Co., 6.250%, 4/01/2018		42,484,719
	1,905,000	ITC Holdings Corp., 5.875%, 9/30/2016, 144A		1,816,625
	2,830,000	ITC Holdings Corp., 6.375%, 9/30/2036, 144A		2,586,501
	9,757,409	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A		7,967,022
	1,500,000	MidAmerican Energy Holdings Co., 5.875%, 10/01/2012		1,496,268
	1,000,000	MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		929,842
	7,185,000	MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		7,013,602
	24,635,000	Nisource Finance Corp., 6.400%, 3/15/2018		15,374,137
	21,585,000	Nisource Finance Corp., 6.800%, 1/15/2019		13,571,633
	1,565,000	Ohio Edison Co., 6.875%, 7/15/2036		1,420,363
	37,000	Quezon Power Philippines Co., 8.860%, 6/15/2017		29,600
	51,115,000	Southwestern Electric Power Co., 6.450%, 1/15/2019		50,009,638
	500,000	SP Powerassets Ltd., EMTN, 3.730%, 10/22/2010, (SGD)		357,660
	8,785,000	Toledo Edison Co., 6.150%, 5/15/2037		7,064,915
	29,000,000	Virginia Electric and Power Co., 8.875%, 11/15/2038		36,701,327
	1,075,000	White Pine Hydro LLC, 6.310%, 7/10/2017 (d)		981,064
	1,600,000	White Pine Hydro LLC, 6.960%, 7/10/2037 (d)		1,526,470
				274,933,319
		Entertainment – 0.3%
	3,565,000	Time Warner, Inc., 6.500%, 11/15/2036		3,231,983
	1,805,000	Time Warner, Inc., 6.625%, 5/15/2029		1,600,661
	755,000	Time Warner, Inc., 6.950%, 1/15/2028		696,297
	505,000	Time Warner, Inc., 7.625%, 4/15/2031		496,319
	330,000	Time Warner, Inc., 7.700%, 5/01/2032		330,407
	3,695,000	Viacom, Inc., 6.125%, 10/05/2017		3,062,479
	2,655,000	Viacom, Inc., 6.250%, 4/30/2016		2,200,711
	4,490,000	Viacom, Inc., Class B, 6.875%, 4/30/2036		3,548,344
				15,167,201
		Food & Beverage – 1.3%
	6,845,000	Anheuser-Busch Cos., Inc., 5.950%, 1/15/2033		5,684,560
	8,760,000	Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037		7,888,906
	2,500,000	Cargill, Inc., EMTN, 5.375%, 3/02/2037, (GBP)		2,600,301
	1,525,000	Cia Brasileira de Bebidas, 8.750%, 9/15/2013		1,601,250
	6,080,000	Corn Products International, Inc., 6.625%, 4/15/2037		5,177,491
	9,925,000	Kraft Foods, Inc., 6.500%, 8/11/2017		9,976,034

3

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Food & Beverage – continued
$	21,385,000	Kraft Foods, Inc., 6.500%, 11/01/2031	$	20,524,596
	8,080,000	Kraft Foods, Inc., 7.000%, 8/11/2037		8,199,810
				61,652,948
		Foreign Agency – 0.0%
	220,000	Alberta Municipal Funding Corp., 5.700%, 9/01/2011, (CAD)		193,878
		Foreign Local Governments – 0.0%
	27,436	Province of Alberta, 5.930%, 9/16/2016, (CAD)		25,016
	500,000	Province of Nova Scotia, 6.600%, 6/01/2027, (CAD)		483,795
				508,811
		Government Owned - No Guarantee – 1.3%
	3,820,000	Abu Dhabi National Energy Co., 6.500%, 10/27/2036, 144A		2,721,975
	37,780,000	Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A		32,403,604
	51,020,000	DP World Ltd., 6.850%, 7/02/2037, 144A		26,278,769
				61,404,348
		Government Sponsored – 0.2%
	15,000,000	Queensland Treasury Corp., 7.125%, 9/18/2017, (NZD), 144A		10,308,385
		Health Insurance – 0.1%
	5,455,000	CIGNA Corp., 6.150%, 11/15/2036		4,150,715
		Healthcare – 3.1%
	7,535,000	Covidien International Finance SA, 6.000%, 10/15/2017		7,433,323
	7,590,000	Covidien International Finance SA, 6.550%, 10/15/2037		7,700,746
	9,480,000	HCA, Inc., 5.750%, 3/15/2014		5,735,400
	1,950,000	HCA, Inc., 6.250%, 2/15/2013		1,218,750
	3,930,000	HCA, Inc., 6.300%, 10/01/2012		2,770,650
	3,810,000	HCA, Inc., 6.375%, 1/15/2015		2,324,100
	4,015,000	HCA, Inc., 6.500%, 2/15/2016		2,469,225
	365,000	HCA, Inc., 6.750%, 7/15/2013		229,950
	3,000,000	HCA, Inc., 7.050%, 12/01/2027		1,268,370
	2,290,000	HCA, Inc., 7.190%, 11/15/2015		1,268,392
	2,155,000	HCA, Inc., 7.500%, 12/15/2023		1,012,098
	1,310,000	HCA, Inc., 7.500%, 11/06/2033		609,150
	3,890,000	HCA, Inc., 7.690%, 6/15/2025		1,711,600
	4,255,000	HCA, Inc., 8.360%, 4/15/2024		1,957,300
	1,225,000	HCA, Inc., MTN, 7.580%, 9/15/2025		565,878
	3,135,000	HCA, Inc., MTN, 7.750%, 7/15/2036		1,390,021
	2,865,000	Hospira, Inc., 6.050%, 3/30/2017		2,327,005
	57,190,000	Medco Health Solutions, Inc., 7.125%, 3/15/2018		52,848,936
	530,000	Owens & Minor, Inc., 6.350%, 4/15/2016 (d)		446,618
	24,355,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		18,555,855
	565,000	UnitedHealth Group, Inc., 6.500%, 6/15/2037		474,234
	4,556,000	UnitedHealth Group, Inc., 6.625%, 11/15/2037		3,840,430
	3,042,000	UnitedHealth Group, Inc., 6.875%, 2/15/2038		2,663,606
	27,070,000	WellPoint, Inc., 6.375%, 6/15/2037		25,149,708
				145,971,345
		Home Construction – 0.4%
	850,000	Centex Corp., 5.250%, 6/15/2015		527,000
	3,685,000	D.R. Horton, Inc., 5.250%, 2/15/2015		2,321,550
	2,050,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		1,476,000
	2,605,000	Lennar Corp., Series B, 5.600%, 5/31/2015		1,589,050
	1,870,000	Lennar Corp., Series B, 6.500%, 4/15/2016		1,140,700
	2,945,000	Pulte Homes, Inc., 5.200%, 2/15/2015		2,002,600
	250,000	Pulte Homes, Inc., 5.250%, 1/15/2014		178,750
	9,400,000	Pulte Homes, Inc., 6.000%, 2/15/2035		4,794,000
	3,645,000	Pulte Homes, Inc., 6.375%, 5/15/2033		1,931,850
	3,605,000	Toll Brothers Finance Corp., 5.150%, 5/15/2015		2,589,969
				18,551,469
		Hybrid ARMs – 0.0%
	144,968	Wells Fargo Mortgage Backed Securities Trust, 6.033%, 9/25/2036 (b)		86,981
		Independent Energy – 1.9%
	4,020,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		3,550,902
	15,375,000	Anadarko Petroleum Corp., 6.450%, 9/15/2036		12,128,323
	10,875,000	Apache Corp., 6.000%, 1/15/2037		10,545,215
	1,940,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		1,618,017
	500,000	Devon Financing Corp. LLC, 7.875%, 9/30/2031		550,552
	48,640,000	Questar Market Resources, Inc., 6.800%, 4/01/2018		46,801,846
	3,585,000	Talisman Energy, Inc., 5.850%, 2/01/2037		2,493,676
	5,500,000	Talisman Energy, Inc., 6.250%, 2/01/2038		3,993,506
	160,000	XTO Energy, Inc., 6.100%, 4/01/2036		132,855

4

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Independent Energy – continued
$	6,230,000	XTO Energy, Inc., 6.750%, 8/01/2037	$	5,834,794
				87,649,686
		Integrated Energy – 0.0%
	1,468,625	PF Export Receivables Master Trust, 6.436%, 6/01/2015, 144A		1,483,312
		Life Insurance – 0.3%
	15,400,000	ASIF Global Financing XXVII, 2.380%, 2/26/2009, (SGD), 144A		7,772,556
	9,260,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		6,807,026
				14,579,582
		Local Authorities – 1.0%
	7,070,000	Manitoba (Province of), GMTN, 6.375%, 9/01/2015, (NZD)		4,375,247
	30,440,000	Quebec Province, Series QC, 6.750%, 11/09/2015, (NZD)		18,801,210
	19,325,000	Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011, (AUD)		14,026,254
	14,895,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046 (d)		8,143,990
				45,346,701
		Media Cable – 3.1%
	16,501,000	Comcast Corp., 5.650%, 6/15/2035		14,669,901
	2,195,000	Comcast Corp., 6.450%, 3/15/2037		2,184,282
	4,610,000	Comcast Corp., 6.500%, 11/15/2035		4,588,056
	32,715,000	Comcast Corp., 6.950%, 8/15/2037		34,450,596
	4,100,000	Cox Communications, Inc., Class A, 6.250%, 6/01/2018, 144A		3,639,127
	3,750,000	Cox Communications, Inc., Class A, 6.750%, 3/15/2011		3,650,314
	4,190,000	Time Warner Cable, Inc., 5.850%, 5/01/2017		3,827,787
	79,880,000	Time Warner Cable, Inc., 6.750%, 7/01/2018		76,908,863
	350,000	Virgin Media Finance PLC, 9.750%, 4/15/2014, (GBP)		354,765
				144,273,691
		Media Non-Cable – 0.5%
	2,500,000	Clear Channel Communications, Inc., 4.250%, 5/15/2009		2,200,000
	1,000,000	Clear Channel Communications, Inc., 5.750%, 1/15/2013		145,000
	7,700,000	News America, Inc., 6.150%, 3/01/2037		7,184,316
	4,095,000	News America, Inc., 6.200%, 12/15/2034		3,736,880
	9,760,000	News America, Inc., 6.400%, 12/15/2035		9,020,758
	1,005,000	R.H. Donnelley Corp., 6.875%, 1/15/2013		135,675
	1,665,000	R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		224,775
	1,950,000	R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		263,250
	1,760,000	R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016		264,000
	555,000	R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017		83,250
				23,257,904
		Metals & Mining – 0.9%
	3,605,000	Barrick Gold Finance Co., 5.800%, 11/15/2034		2,610,658
	12,775,000	Newmont Mining Corp., 5.875%, 4/01/2035		8,968,816
	1,500,000	Teck Cominco Ltd., 7.000%, 9/15/2012		825,000
	1,985,000	United States Steel Corp., 6.050%, 6/01/2017		1,297,829
	4,712,000	United States Steel Corp., 6.650%, 6/01/2037		2,404,727
	31,890,000	United States Steel Corp., 7.000%, 2/01/2018		21,734,311
	3,735,000	Vale Overseas Ltd., 6.875%, 11/21/2036		3,390,259
				41,231,600
		Mortgage Related – 0.1%
	178,514	Federal Home Loan Mortgage Corp., 5.000%, 12/01/2031		183,217
	4,465,000	Federal Home Loan Mortgage Corp., MTN, 5.000%, 12/14/2018		4,628,039
	33,384	Federal National Mortgage Association, 6.000%, 7/01/2029		34,601
				4,845,857
		Non-Captive Consumer – 1.9%
	7,450,000	American Express Centurion Bank, Series BKN1, 6.000%, 9/13/2017		6,977,171
	5,000,000	American General Finance Corp., Series I, MTN, 5.400%, 12/01/2015		1,867,895
	88,895,000	American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		38,471,356
	984,000	Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		936,763
	63,775(†††)	SLM Corp., 6.000%, 12/15/2043		659,274
	6,200,000	SLM Corp., EMTN, 4.750%, 3/17/2014, (EUR)		4,998,617
	630,000	SLM Corp., MTN, 5.050%, 11/14/2014		419,258
	310,000	SLM Corp., MTN, 5.125%, 8/27/2012		231,991
	105,000	SLM Corp., Series A, MTN, 4.000%, 1/15/2010		95,045
	95,000	SLM Corp., Series A, MTN, 4.500%, 7/26/2010		82,447
	3,190,000	SLM Corp., Series A, MTN, 5.000%, 10/01/2013		2,282,509

5

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Non-Captive Consumer – continued
$	2,120,000	SLM Corp., Series A, MTN, 5.000%, 4/15/2015	$	1,344,947
	960,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		633,634
	1,680,000	SLM Corp., Series A, MTN, 5.375%, 1/15/2013		1,231,650
	1,470,000	SLM Corp., Series A, MTN, 5.375%, 5/15/2014		992,065
	300,000	SLM Corp., Series A, MTN, 5.400%, 10/25/2011		226,930
	690,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		418,586
	7,590,000	SLM Corp., Series A, MTN, 6.500%, 6/15/2010, (NZD)		3,895,978
	31,335,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		24,774,109
				90,540,225
		Non-Captive Diversified – 4.7%
	152,000	CIT Group, Inc., 5.400%, 2/13/2012		122,635
	7,550,000	CIT Group, Inc., 5.500%, 12/01/2014, (GBP)		5,826,712
	42,720,000	CIT Group, Inc., 12.000%, 12/18/2018		32,894,400
	1,750,000	CIT Group, Inc., EMTN, 3.800%, 11/14/2012, (EUR)		1,369,254
	350,000	CIT Group, Inc., EMTN, 4.650%, 9/19/2016, (EUR)		264,270
	2,050,000	CIT Group, Inc., EMTN, 5.000%, 5/13/2014, (EUR)		1,622,739
	4,250,000	CIT Group, Inc., EMTN, 5.500%, 12/20/2016, (GBP)		3,289,903
	5,450,000	CIT Group, Inc., GMTN, 4.250%, 9/22/2011, (EUR)		4,485,112
	137,000	CIT Group, Inc., GMTN, 5.000%, 2/13/2014		99,572
	1,450,000	CIT Group, Inc., MTN, 4.250%, 3/17/2015, (EUR)		1,095,001
	236,000	CIT Group, Inc., MTN, 5.125%, 9/30/2014		168,442
	717,000	CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		453,133
	26,521,000	CIT Group, Inc., Series A, MTN, 7.625%, 11/30/2012		22,388,206
	7,515,000	General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012, (AUD)		5,025,430
	3,410,000	General Electric Capital Corp., 5.625%, 5/01/2018		3,434,719
	2,355,000	General Electric Capital Corp., MTN, 5.875%, 1/14/2038		2,305,215
	14,535,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD) (d)(e)		7,592,462
	6,200,000	General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012, (SGD)		3,806,260
	13,400,000	General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012, (SGD)		8,426,221
	4,200,000	General Electric Capital Corp., Series A, GMTN, 6.625%, 2/04/2010, (NZD)		2,343,962
	13,460,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD) (d)(e)		7,575,024
	17,060,000	General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015		16,617,088
	22,137,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD) (d)(e)		11,531,897
	1,345,000	GMAC LLC, 6.000%, 12/15/2011		1,066,635
	1,310,000	GMAC LLC, 6.625%, 5/15/2012		1,009,628
	1,670,000	GMAC LLC, 6.750%, 12/01/2014		1,141,689
	1,500,000	GMAC LLC, 6.875%, 9/15/2011		1,214,462
	400,000	GMAC LLC, 6.875%, 8/28/2012		303,310
	1,210,000	GMAC LLC, 7.000%, 2/01/2012		956,166
	3,143,000	GMAC LLC, 7.500%, 12/31/2013		2,200,100
	5,665,000	GMAC LLC, 8.000%, 12/31/2018		2,832,500
	2,335,000	GMAC LLC, 8.000%, 11/01/2031		1,366,206
	2,805,000	GMAC LLC, EMTN, 4.750%, 9/14/2009, (EUR)		3,392,207
	5,045,000	GMAC LLC, EMTN, 5.375%, 6/06/2011, (EUR)		4,838,831
	380,000	GMAC LLC, EMTN, 5.750%, 9/27/2010, (EUR)		441,063
	6,820,000	International Lease Finance Corp., 3.500%, 4/01/2009		6,475,631
	8,250,000	International Lease Finance Corp., 4.750%, 7/01/2009		7,680,956
	9,590,000	International Lease Finance Corp., 5.000%, 4/15/2010		7,783,724
	4,751,000	International Lease Finance Corp., 6.375%, 3/15/2009		4,561,283
	3,280,000	International Lease Finance Corp., 6.375%, 3/25/2013		2,228,091
	16,000,000	International Lease Finance Corp., EMTN, 6.625%, 12/07/2009, (GBP)		19,200,686
	655,000	International Lease Finance Corp., Series R, MTN, 5.550%, 9/05/2012		451,837
	2,755,000	International Lease Finance Corp., Series R, MTN, 5.625%, 9/15/2010		2,165,568
	5,225,000	iStar Financial, Inc., 5.150%, 3/01/2012		1,645,875
	1,000,000	iStar Financial, Inc., 5.375%, 4/15/2010		460,000
	330,000	iStar Financial, Inc., 5.500%, 6/15/2012		103,950

6

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Non-Captive Diversified – continued
$	3,700,000	iStar Financial, Inc., 5.650%, 9/15/2011	$	1,184,000
	765,000	iStar Financial, Inc., 5.800%, 3/15/2011		267,750
	385,000	iStar Financial, Inc., 5.850%, 3/15/2017		115,500
	1,605,000	iStar Financial, Inc., 5.875%, 3/15/2016		457,425
	745,000	iStar Financial, Inc., 6.050%, 4/15/2015		219,775
	535,000	iStar Financial, Inc., 8.625%, 6/01/2013		165,850
	335,000	iStar Financial, Inc., Series B, 5.125%, 4/01/2011		117,250
	254,000	iStar Financial, Inc., Series B, 5.700%, 3/01/2014		78,740
	5,680,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		1,789,200
				220,653,545
		Oil Field Services – 0.1%
	600,000	Transocean Ltd., 7.375%, 4/15/2018		580,706
	3,840,000	Weatherford International Ltd., 6.500%, 8/01/2036		2,882,546
				3,463,252
		Paper – 2.0%
	1,395,000	Bowater, Inc., 6.500%, 6/15/2013		139,500
	575,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		350,750
	2,460,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		1,574,400
	285,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		179,550
	1,340,000	Georgia-Pacific LLC, 8.000%, 1/15/2024		904,500
	2,280,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		1,573,200
	750,000	International Paper Co., 4.000%, 4/01/2010		721,731
	300,000	International Paper Co., 5.250%, 4/01/2016		202,607
	989,000	International Paper Co., 5.500%, 1/15/2014		739,410
	87,495,000	International Paper Co., 7.950%, 6/15/2018		69,152,548
	22,860,000	Weyerhaeuser Co., 6.875%, 12/15/2033		15,181,212
	5,055,000	Weyerhaeuser Co., 7.375%, 3/15/2032		3,281,959
				94,001,367
		Pharmaceuticals – 1.3%
	20,830,000	Astrazeneca PLC, 6.450%, 9/15/2037		23,677,044
	800,000	Elan Financial PLC, 7.750%, 11/15/2011		472,000
	2,280,000	Elan Financial PLC, 8.875%, 12/01/2013		1,185,600
	28,670,000	Johnson & Johnson, 5.950%, 8/15/2037		35,001,741
	500,000	Schering-Plough Corp., 5.550%, 12/01/2013		503,656
				60,840,041
		Pipelines – 4.5%
	1,174,000	Colorado Interstate Gas Co., 5.950%, 3/15/2015		977,216
	125,000	Colorado Interstate Gas Co., 6.800%, 11/15/2015		107,687
	2,010,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		1,460,036
	2,470,000	El Paso Corp., 6.950%, 6/01/2028		1,493,135
	1,000,000	El Paso Corp., 12.000%, 12/12/2013		980,000
	540,000	Energy Transfer Partners LP, 6.125%, 2/15/2017		445,947
	1,605,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		1,123,423
	9,455,000	Enterprise Products Operating LLP, 6.300%, 9/15/2017		8,002,409
	4,390,000	Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		3,056,305
	82,600,000	Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018		70,496,209
	310,000	Kinder Morgan Finance Co., 5.700%, 1/05/2016		230,950
	320,000	Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		238,400
	31,430,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		28,293,097
	5,430,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		4,423,414
	4,665,000	ONEOK Partners LP, 6.650%, 10/01/2036		3,614,559
	10,115,000	Panhandle Eastern Pipeline Co., 6.200%, 11/01/2017		7,771,648
	48,630,000	Panhandle Eastern Pipeline Co., 7.000%, 6/15/2018		38,831,395
	2,130,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		1,693,757
	16,025,000	Plains All American Pipeline LP, 6.500%, 5/01/2018		12,779,905
	4,595,000	Plains All American Pipeline LP, 6.650%, 1/15/2037		3,161,682
	4,215,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		3,340,210
	2,415,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		1,847,803
	20,000,000	Texas Eastern Transmission LP, 6.000%, 9/15/2017, 144A		17,925,800
				212,294,987
		Property & Casualty Insurance – 1.2%
	3,460,000	Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		3,069,636
	12,652,000	Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		11,269,465
	26,460,000	Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		19,493,055
	965,000	MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		492,150

7

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Property & Casualty Insurance – continued
$	15,875,000	Travelers Cos., Inc. (The), MTN, 6.250%, 6/15/2037	$	15,263,352
	2,830,000	Travelers Property Casualty Corp., 6.375%, 3/15/2033		2,678,247
	675,000	White Mountains RE Group, 6.375%, 3/20/2017, 144A		558,197
	4,830,000	Willis North America, Inc., 6.200%, 3/28/2017		3,346,152
				56,170,254
		Railroads – 1.0%
	2,390,000	Canadian Pacific Railway Co., 5.750%, 3/15/2033		1,652,491
	15,830,000	Canadian Pacific Railway Co., 5.950%, 5/15/2037		11,163,094
	5,000,000	Canadian Pacific Railway Ltd., MTN, 4.900%, 6/15/2010, (CAD), 144A		4,054,435
	1,550,000	CSX Corp., 6.150%, 5/01/2037		1,240,327
	18,555,000	CSX Corp., 6.250%, 3/15/2018		17,066,407
	10,105,000	CSX Corp., MTN, 6.000%, 10/01/2036		8,003,524
	195,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2020 (d)		117,000
	243,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2030 (d)		119,070
	1,738,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045 (d)		816,860
	1,700,000	Union Pacific Corp., 5.375%, 6/01/2033		1,357,552
				45,590,760
		Refining – 0.1%
	3,740,000	Valero Energy Corp., 6.625%, 6/15/2037		2,750,781
		REITs – 0.9%
	12,015,000	Camden Property Trust, 5.700%, 5/15/2017		7,809,750
	4,000,000	Colonial Realty LP, 4.800%, 4/01/2011		3,188,796
	625,000	Colonial Realty LP, 5.500%, 10/01/2015		371,369
	525,000	Colonial Realty LP, 6.050%, 9/01/2016		305,921
	4,230,000	Duke Realty LP, 5.950%, 2/15/2017		2,113,325
	20,000,000	Duke Realty LP, 6.500%, 1/15/2018		10,384,200
	5,000,000	Equity One, Inc., 6.000%, 9/15/2017		2,821,620
	1,010,000	ERP Operating LP, 5.125%, 3/15/2016		714,585
	2,420,000	ERP Operating LP, 5.750%, 6/15/2017		1,670,405
	10,500,000	First Industrial LP, 5.950%, 5/15/2017		5,370,393
	3,500,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		2,165,079
	2,195,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		1,424,362
	575,000	ProLogis, 5.625%, 11/15/2015		281,750
	470,000	ProLogis, 5.750%, 4/01/2016		234,395
	7,075,000	Realty Income Corp., 6.750%, 8/15/2019		4,094,409
	745,000	Simon Property Group LP, 5.750%, 12/01/2015		486,629
				43,436,988
		Restaurants – 0.0%
	1,000,000	McDonald’s Corp., 3.628%, 10/10/2010, (SGD)		716,631
		Retailers – 2.5%
	1,415,000	Home Depot, Inc. (The), 5.400%, 3/01/2016		1,266,312
	32,022,000	Home Depot, Inc. (The), 5.875%, 12/16/2036		25,108,514
	8,170,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		5,423,271
	16,260,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		9,842,145
	12,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023		8,450
	7,385,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037		4,862,195
	8,845,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		5,837,364
	200,000	Lowe’s Cos., Inc., 5.500%, 10/15/2035		161,260
	4,000,000	Lowe’s Cos., Inc., 5.800%, 10/15/2036		3,277,612
	3,375,000	Lowe’s Cos., Inc., 6.650%, 9/15/2037		3,217,236
	17,730,000	Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		9,983,869
	10,695,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		5,807,043
	2,750,000	Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		1,500,378
	8,240,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		3,911,726
	2,078,000	Target Corp., 6.500%, 10/15/2037		1,784,318
	37,872,000	Target Corp., 7.000%, 1/15/2038		35,099,580
				117,091,273
		Sovereigns – 16.2%
	26,235,000	Canadian Government, 2.750%, 12/01/2010, (CAD)		21,911,803
	50,600,000	Canadian Government, 3.750%, 9/01/2011, (CAD)		43,562,727
	133,990,000	Canadian Government, 3.750%, 6/01/2012, (CAD)		116,549,050
	23,725,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		20,723,293
	4,250,000	Canadian Government, 4.000%, 6/01/2016, (CAD)		3,828,821
	38,265,000	Canadian Government, 4.250%, 9/01/2009, (CAD)		31,682,924
	187,955,000	Canadian Government, 4.250%, 6/01/2018, (CAD)		171,942,665
	275,170,000	Canadian Government, 5.250%, 6/01/2012, (CAD)		250,459,310

8

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)	Description	Value (†)
	Sovereigns – continued
9,600,000	Canadian Government, 5.500%, 6/01/2010, (CAD)	$	8,267,042
3,430,000	Canadian Government, 5.750%, 6/01/2033, (CAD)		3,778,168
4,200,900(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		29,685,531
770,000(††)	Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012, (MXN)		5,817,049
29,165,000	New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010, (AUD)		21,429,583
7,630,000	New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012, (AUD)		5,546,741
20,000,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		14,545,959
325,000	Republic of Brazil, 8.875%, 4/15/2024		403,000
24,705,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		9,534,520
250,000	Republic of Brazil, 11.000%, 8/17/2040		326,250
6,285,000	Republic of Brazil, 12.500%, 1/05/2022, (BRL)		2,789,440
80,350,000	Republic of Iceland, 7.000%, 3/17/2010, (ISK)		446,469
107,700,000	Republic of Iceland, 8.500%, 6/12/2009, (ISK)		625,045
			763,855,390
	Supermarkets – 0.4%
1,900,000	Albertson’s, Inc., 7.450%, 8/01/2029		1,225,500
1,000,000	Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		530,000
4,220,000	American Stores Co., Series B, MTN, 7.100%, 3/20/2028		2,510,900
3,340,000	Kroger Co., 6.400%, 8/15/2017		3,368,267
11,100,000	Safeway, Inc., 6.350%, 8/15/2017		10,974,470
			18,609,137
	Supranational – 1.9%
90,000,000	Eurofima, EMTN, 11.000%, 2/05/2010, (ISK)		533,888
113,651,400,000	European Investment Bank, EMTN, Zero Coupon, 4/24/2013, (IDR) (d)		4,969,381
15,500,000	European Investment Bank, EMTN, 4.600%, 1/30/2037, (CAD), 144A		12,446,707
19,934,000	European Investment Bank, EMTN, 7.000%, 1/18/2012, (NZD)		12,521,190
22,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 5/11/2009, (BRL)		8,608,491
331,380,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013, (IDR)		16,885,179
418,960,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 9/23/2013, (IDR)		20,548,258
13,265,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		8,446,820
429,100,000	International Bank for Reconstruction & Development, 9.500%, 5/27/2010, (ISK)		2,463,085
26,200,000	Nordic Investment Bank, EMTN, 11.250%, 4/16/2009, (ISK)		152,061
			87,575,060
	Technology – 4.2%
8,895,000	Agilent Technologies, Inc., 6.500%, 11/01/2017		6,114,450
2,035,000	Arrow Electronics, Inc., 6.875%, 7/01/2013		1,840,027
2,000,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		1,632,854
9,000,000	Avnet, Inc., 5.875%, 3/15/2014		7,561,584
6,230,000	Avnet, Inc., 6.000%, 9/01/2015		4,770,548
1,540,000	Avnet, Inc., 6.625%, 9/15/2016		1,271,675
260,000	Corning, Inc., 6.850%, 3/01/2029		200,884
6,650,000	Corning, Inc., 7.250%, 8/15/2036		5,357,213
56,440,000	Dun & Bradstreet Corp., 6.000%, 4/01/2013		53,310,233
8,915,000	Equifax, Inc., 7.000%, 7/01/2037		5,577,991
1,660,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		680,600
7,965,000	Intuit, Inc., 5.750%, 3/15/2017		5,890,094
55,000,000	KLA-Tencor Corp., 6.900%, 5/01/2018		41,598,205
38,725,000	Koninklijke (Royal) Philips Electronics N.V., 6.875%, 3/11/2038		36,756,608
4,700,000	Lucent Technologies, Inc., 6.450%, 3/15/2029		1,880,000
4,680,000	Motorola, Inc., 5.220%, 10/01/2097		1,556,170
1,730,000	Motorola, Inc., 6.500%, 9/01/2025		856,258
4,150,000	Motorola, Inc., 6.500%, 11/15/2028		1,833,362
6,145,000	Motorola, Inc., 6.625%, 11/15/2037		2,888,150
1,625,000	Motorola, Inc., 8.000%, 11/01/2011		1,356,017
2,774,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		2,895,421
8,880,000	Xerox Corp., 6.350%, 5/15/2018		6,944,995
7,265,000	Xerox Corp., 6.750%, 2/01/2017		5,271,731
			198,045,070
	Textile – 0.2%
25,000	Kellwood Co., 7.625%, 10/15/2017 (d)		2,250

9

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Textile – continued
$	15,228,000	VF Corp., 6.450%, 11/01/2037	$	11,980,111
				11,982,361
		Tobacco – 2.4%
	100,000,000	Altria Group, Inc., 8.500%, 11/10/2013		103,574,400
	8,305,000	Reynolds American, Inc., 6.750%, 6/15/2017		6,592,393
	2,035,000	Reynolds American, Inc., 7.250%, 6/15/2037		1,370,306
				111,537,099
		Transportation Services – 0.5%
	8,620,000	Erac USA Finance Co., 6.375%, 10/15/2017, 144A		5,982,383
	2,310,000	Erac USA Finance Co., 6.700%, 6/01/2034, 144A		1,155,855
	32,261,000	Erac USA Finance Co., 7.000%, 10/15/2037, 144A		17,768,585
				24,906,823
		Wireless – 1.5%
	8,650,000	Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		3,633,000
	1,220,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		518,500
	15,710,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		6,598,200
	6,512,000	Sprint Capital Corp., 6.875%, 11/15/2028		3,874,640
	2,375,000	Sprint Capital Corp., 6.900%, 5/01/2019		1,686,250
	93,000	Sprint Nextel Corp., 6.000%, 12/01/2016		65,565
	32,100,000	Verizon Wireless Capital LLC, 8.500%, 11/15/2018, 144A		37,610,832
	1,654,000	Vodafone Group PLC, 5.000%, 9/15/2015		1,516,725
	13,415,000	Vodafone Group PLC, 6.150%, 2/27/2037		13,259,815
				68,763,527
		Wirelines – 5.3%
	19,610,000	AT&T Corp., 6.500%, 3/15/2029		18,993,717
	1,205,000	AT&T, Inc., 6.150%, 9/15/2034		1,238,487
	14,830,000	AT&T, Inc., 6.500%, 9/01/2037		15,971,762
	32,800,000	AT&T, Inc., 6.700%, 11/15/2013		34,745,762
	1,590,000	Bell Canada, MTN, 5.000%, 2/15/2017, (CAD)		1,088,013
	415,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		295,828
	3,250,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		2,021,213
	6,415,000	BellSouth Corp., 6.000%, 11/15/2034		6,301,204
	1,710,000	BellSouth Corp., 6.550%, 6/15/2034		1,733,938
	350,000	GTE Corp., 6.940%, 4/15/2028		323,880
	1,625,000	Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030		1,835,423
	65,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		32,825
	560,000	Level 3 Financing, Inc., 9.250%, 11/01/2014		324,800
	1,845,000	New England Telephone & Telegraph, 7.875%, 11/15/2029		1,621,650
	1,735,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,136,425
	2,815,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		1,689,000
	4,465,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		2,969,225
	970,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		606,250
	340,000	Qwest Corp., 6.500%, 6/01/2017		251,600
	10,720,000	Qwest Corp., 6.875%, 9/15/2033		6,378,400
	890,000	Qwest Corp., 7.200%, 11/10/2026		574,050
	1,050,000	Qwest Corp., 7.250%, 9/15/2025		703,500
	4,295,000	Qwest Corp., 7.250%, 10/15/2035		2,684,375
	1,815,000	Qwest Corp., 7.500%, 6/15/2023		1,270,500
	11,215,000	Telecom Italia Capital, 6.000%, 9/30/2034		7,738,350
	4,180,000	Telecom Italia Capital, 6.375%, 11/15/2033		2,926,000
	17,170,000	Telecom Italia Capital SA, 4.875%, 10/01/2010		15,538,850
	865,000	Telecom Italia Capital SA, 5.250%, 11/15/2013		659,562
	10,520,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		11,482,906
	4,265,000	Telefonica Europe BV, 7.750%, 9/15/2010		4,330,519
	1,000,000	Telekom Malaysia Berhad, 7.875%, 8/01/2025, 144A		1,007,097
	14,445,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		10,020,348
	7,175,000	Verizon Communications, Inc., 5.850%, 9/15/2035		7,138,766
	3,676,000	Verizon Communications, Inc., 6.100%, 4/15/2018		3,662,733
	3,999,000	Verizon Communications, Inc., 6.400%, 2/15/2038		4,253,744
	37,120,000	Verizon Communications, Inc., 8.950%, 3/01/2039		47,947,533
	5,674,000	Verizon Maryland, Inc., 5.125%, 6/15/2033		4,130,797
	14,540,000	Verizon New England, Inc., 6.500%, 9/15/2011		14,433,524
	8,041,000	Verizon New England, Inc., Series C, 4.750%, 10/01/2013		7,128,909

10

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Wirelines – continued
$	3,730,000	Verizon New York, Inc., Series B, 7.375%, 4/01/2032	$	3,115,632
				250,307,097
		Total Non-Convertible Bonds (Identified Cost $4,974,419,659)		4,276,164,890
	Convertible Bonds – 0.3%
		Media Non-Cable – 0.0%
	538,653	Liberty Media LLC, 3.500%, 1/15/2031		155,536
		Non-Captive Diversified – 0.0%
	9,920,000	iStar Financial, Inc., 4.383%, 10/01/2012 (b)		2,876,800
		Oil Field Services – 0.0%
	630,000	Transocean Ltd., 1.500%, 12/15/2037		485,100
		Pharmaceuticals – 0.1%
	3,997,000	Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		5,465,897
	360,000	Watson Pharmaceuticals, Inc., 1.750%, 3/15/2023		334,800
				5,800,697
		Technology – 0.0%
	710,000	Avnet, Inc., 2.000%, 3/15/2034		698,463
		Wireless – 0.1%
	5,200,000	NII Holdings, Inc., 3.125%, 6/15/2012		3,152,500
		Wirelines – 0.1%
	2,735,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		964,087
	230,000	Level 3 Communications, Inc., 5.250%, 12/15/2011		95,738
	275,000	Level 3 Communications, Inc., 6.000%, 9/15/2009		250,250
	3,760,000	Level 3 Communications, Inc., 6.000%, 3/15/2010		2,632,000
				3,942,075
		Total Convertible Bonds (Identified Cost $27,062,281)		17,111,171
	Municipals – 0.7%
		Alabama – 0.0%
	1,025,000	Alabama Public School & College Authority (Capital Improvement), 4.500%, 12/01/2026		920,655
		California – 0.3%
	1,075,000	San Diego Unified School District (Election 1998), 4.500%, 7/01/2029, Series F-1, (FSA insured)		911,299
	1,305,000	San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), 3.750%, 8/01/2028, Series C, (MBIA insured)		789,916
	480,000	San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), 3.750%, 8/01/2028, Series C, (Registered), (MBIA insured)		305,981
	1,620,000	State of California, 4.500%, 8/01/2027, (AMBAC insured)		1,335,447
	4,515,000	State of California, 4.500%, 10/01/2029		3,646,359
	1,315,000	State of California, 4.500%, 8/01/2030, (AMBAC insured)		1,048,200
	1,135,000	State of California, 4.500%, 8/01/2030		904,720
	840,000	State of California (Various Purpose), 3.250%, 12/01/2027, (MBIA insured)		548,587
	3,965,000	State of California (Various Purpose), 4.500%, 12/01/2033, (AMBAC insured)		3,055,905
	280,000	University of California Regents Medical Center, 4.750%, 5/15/2031, Series A, (MBIA insured)		241,545
				12,787,959
		District Of Columbia – 0.0%
	1,025,000	District of Columbia, 4.750%, 6/01/2036, Series A, (FGIC insured)		851,078
		Florida – 0.1%
	1,025,000	Florida State Turnpike Authority (Department of Transportation), 3.500%, 7/01/2027, Series A, (MBIA insured)		740,532
	1,625,000	Jacksonville Electric Authority, Florida Water & Sewer Systems Revenue, 4.750%, 10/01/2041, Series B, (MBIA insured)		1,341,080
				2,081,612
		Illinois – 0.0%
	1,770,000	Chicago Board of Education, 4.750%, 12/01/2031, Series B, (FSA insured)		1,547,104
	540,000	Chicago O’Hare International Airport, 4.500%, 1/01/2038, Series A, (FSA insured)		419,520
				1,966,624
		Louisiana – 0.0%
	1,025,000	State of Louisiana, 3.250%, 5/01/2026, Series C, (FSA insured)		721,426
		Massachusetts – 0.0%
	1,025,000	Massachusetts School Building Authority, 4.750%, 8/15/2032, Series A, (AMBAC insured)		895,830
		Michigan – 0.0%
	620,000	Grosse Pointe Public School System, 3.000%, 5/01/2027, (FGIC insured)		432,096
	2,665,000	Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034 (d)		1,546,393
				1,978,489
		Nebraska – 0.1%
	2,560,000	Omaha Public Power District, 4.500%, 2/01/2034, Series AA, (FGIC insured)		2,150,272

11

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Ohio – 0.1%
$	6,570,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047 (d)	$	3,566,919
		Texas – 0.1%
	2,920,000	Harris County, TX, 4.500%, 10/01/2031, Series B		2,616,349
		Wisconsin – 0.0%
	700,000	Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2026, (FSA insured)		542,059
	755,000	Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2029, (FSA insured)		555,657
	260,000	Wisconsin Housing & Economic Development Authority, 4.900%, 11/01/2035, Series E		204,870
				1,302,586
		Total Municipals (Identified Cost $38,649,416)		31,839,799
		Total Bonds and Notes (Identified Cost $5,040,131,356)		4,325,115,860
	Short-Term Investments – 9.3%
	436,722,212	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $436,722,212 on 1/02/2009 collateralized by $30,000,000 Federal Home Loan Mortgage Corp., 5.400% due 6/15/2010 valued at $30,712,500; $780,000 Federal Home Loan Mortgage Corp., 2.680% due 11/16/2009 valued at $793,650; $26,080,000 Federal Home Loan Bank, 2.750% due 6/18/2010 valued at $26,797,200; $156,000,000 Federal National Mortgage Association, 7.125% due 6/15/2010 valued at $155,220,000; $1,870,000 Federal National Mortgage Association, 3.530% due 8/25/2010 valued at $1,923,763; $75,000,000 Federal National Mortgage Association, 2.500% due 6/10/2010 valued at $75,375,000; $50,000,000 Federal Home Loan Mortgage Corp., 2.375% due 5/28/2010 valued at $50,812,500; $99,000,000 Federal National Mortgage Association, 2.375% due 5/20/2010 valued at $103,826,250, including accrued interest (f) (Identified Cost $436,722,212)		436,722,212
		Total Investments – 101.2% (Identified Cost $5,476,853,568)(a)		4,761,838,072
		Other assets less liabilities — (1.2)%		(58,699,755)
		Net Assets — 100.0% $		4,703,138,317

(‡) 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.

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.

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

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

12

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

Investments as of December 31, 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 December 31, 2008, the net unrealized depreciation on investments based on a cost of $5,481,425,648 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	$	95,452,781
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(815,040,357	)
Net unrealized depreciation	$	(719,587,576	)

(b)	Variable rate security. Rate as of December 31, 2008 is disclosed.
(c)	Non-income producing due to bankruptcy filing.
(d)	Illiquid security. At December 31, 2008, the value of these securities amounted to 62,128,280 or 1.3% of net assets.
(e)	Valued by management. At December 31, 2008, the value of these securities amounted to $26,699,383 or 0.6% of net assets.
(f)	It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. The repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. 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.
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 December 31, 2008, the total value of these securities amounted to $347,812,289 or 7.4% of net assets.
ABS	Asset-Backed Securities
AMBAC	American Municipal Bond Assurance Corp.
ARM	Adjustable Rate Mortgages
EMTN	Euro Medium Term Note
FGIC	Financial Guaranty 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	Icelandic Krona
KRW	South Korean Won
MXN	Mexican Peso
NZD	New Zealand Dollar
SGD	Singapore Dollar
THB	Thai Baht

Fair Value Measurements

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective October 1, 2008. FAS 157 establishes a hierarchy for net asset value determination purposes in which various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1—quoted prices in active markets for identical investments;

• Level 2—prices determined using other significant observable inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar investments, interest rates, credit risk, etc.);

• Level 3—prices determined using significant unobservable inputs for situations where quoted prices or observable inputs are unavailable such as when there is little or no market activity for an investment, (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of investments and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2008:

Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	436,722,212
Level 2—Other Significant Observable Inputs		4,144,456,444
Level 3—Significant Unobservable Inputs		180,659,416
Total	$	4,761,838,072

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2008:

Assets	Investments in Securities
Balance as of September 30, 2008	$	108,924,567
Realized gain (loss)		397
Change in unrealized appreciation (depreciation)		(49,294,686	)
Net purchases (sales)		44,076,068
Net reclassifications to/from Level 3		76,953,070
Balance as of December 31, 2008	$	180,659,416

New Accounting Pronouncement

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 may have on the Fund’s financial statement disclosures.

13

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

Investments as of December 31, 2008 (Unaudited)

Net Asset Summary at December 31, 2008 (Unaudited)

Sovereigns	16.2	%
Electric	5.8
Wirelines	5.4
Non-Captive Diversified	4.7
Banking	4.7
Pipelines	4.5
Technology	4.2
Healthcare	3.1
Media Cable	3.1
Brokerage	2.6
Retailers	2.5
Tobacco	2.4
Paper	2.0
Other Investments, less than 2% each	30.7
Short-Term Investments	9.3
Total Investments	101.2
Other assets less liabilities	(1.2	)
Net Assets	100.0	%

Currency Exposure at December 31, 2008 as a Percentage of Net Assets (Unaudited)

United States Dollar	78.0	%
Canadian Dollar	15.0
Other, less than 2% each	8.2
Total Investments	101.2
Other assets less liabilities	(1.2	)
Net Assets	100.0	%

14

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount		Description	Value (†)
	Bonds and Notes — 87.4% of Net Assets
		ABS Car Loan — 0.6%
$	429,000	USAA Auto Owner Trust, Series 2008-3, Class A3, 4.280%, 10/15/2012	$	402,724
	758,996	USAA Auto Owner Trust, Series 2008-1, Class A2, 4.270%, 10/15/2010		754,626
				1,157,350
		ABS Credit Card — 2.8%
	1,150,000	Capital One Multi-Asset Execution Trust, Series 2008-A6, Class A6, 2.295%, 3/17/2014(b)		1,001,563
	2,000,000	Citibank Credit Card Issuance Trust, Series 2008-A3, Class A3, 1.764%, 5/18/2011(b)		1,970,425
	3,000,000	Citibank Credit Card Issuance Trust, Series 2006-A8, Class A8, 4.793%, 12/17/2018(b)		1,896,557
	600,000	Discover Card Master Trust, Series 2008-A3, Class A3, 5.100%, 10/15/2013		563,890
				5,432,435
		ABS Home Equity — 0.7%
	1,035,000	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		617,895
	1,450,300	Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021		822,320
				1,440,215
		Asset-Backed Securities — 1.1%
	187,354	Americredit Automobiles Receivables Trust, Series 2007-DF, Class A2A, 5.660%, 1/06/2011		187,265
	210,353	Americredit Prime Automobile, Series 2007-2M, Class A2B, 2.258%, 11/08/2010(b)		206,548
	272,787	CNH Equipment Trust, Series 2007-B, Class A2A, 5.460%, 6/15/2010		272,223
	65,521	Residential Funding Mortgage Securities II, Series 2004-HI3, Class A4, 4.630%, 1/25/2020		64,674
	660,000	Residential Funding Mortgage Securities II, Series 2005-HI3, Class A4, 5.490%, 9/25/2035		625,215
	784,341	Residential Funding Mortgage Securities II, Series 2002-HI5, Class A7, 5.700%, 1/25/2028		778,192
				2,134,117
		Automotive — 0.7%
	380,000	Honda Auto Receivables Owner Trust, Series 2008-1, Class A2, 3.770%, 9/20/2010		374,425
	565,000	Merrill Auto Trust Securitization, Series 2008-1, Class 3A3, 5.500%, 3/15/2012		548,682
	425,000	Nissan Auto Receivables Owner Trust, Series 2008-B, Class A3, 4.460%, 4/16/2012		397,828
				1,320,935
		Collateralized Mortgage Obligation — 0.1%
	132,049	Federal Home Loan Mortgage Corp., Series 3145, Class KA, 5.000%, 8/15/2024		134,273
		Commercial Mortgage-Backed Securities — 7.0%
	1,120,000	Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A2, 5.522%, 7/10/2046		941,483
	1,005,000	Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		787,809
	790,000	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2B, 5.205%, 12/11/2049		655,248
	1,400,000	Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.768%, 6/10/2046(b)		1,141,030
	1,535,000	Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		1,393,297
	1,850,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A2, 5.381%, 3/10/2039		1,458,279
	1,800,000	GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039		1,496,949
	1,590,000	LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class A2, 5.300%, 11/15/2038		1,302,667
	975,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-4, Class A2, 5.112%, 12/12/2049		770,709
	3,325,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039		2,883,480
	905,000	Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.742%, 8/12/2041(b)		777,674
				13,608,625
		Government Sponsored — 4.8%
	5,000,000	Federal Home Loan Banks, 3.375%, 6/24/2011		5,232,275
	3,950,000	Federal Home Loan Banks, 5.000%, 9/18/2009		4,070,842
				9,303,117

1

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount		Description	Value (†)
		Hybrid ARMs — 0.8%
$	498,646	JPMorgan Mortgage Trust, Series 2006-A7, Class 1A3, 5.879%, 1/25/2037(b)	$	452,828
	1,812,161	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.591%, 7/25/2035(b)		1,087,297
				1,540,125
		Mortgage Related — 58.5%
	3,000,000	Federal Home Loan Banks, 3.375%, 10/20/2010		3,120,030
	4,500,000	Federal Home Loan Banks, 3.625%, 9/16/2011		4,761,486
	6,500,000	FHLMC, 3.875%, 6/29/2011		6,917,385
	1,600,000	FHLMC, 4.125%, 10/18/2010		1,683,899
	759,225	FHLMC, 4.500%, 5/01/2034		771,196
	9,863,516	FHLMC 5.000%, with various maturities from 2019 to 2030(c)		10,143,973
	23,475,027	FHLMC 5.500%, with various maturities from 2011 to 2023(c)		24,603,095
	4,966,144	FHLMC 6.000%, with various maturities from 2019 to 2021(c)		5,149,997
	8,375,046	FHLMC 6.500%, with various maturities from 2014 to 2034(c)		8,716,757
	193,361	FHLMC, 7.000%, 2/01/2016		202,829
	26,364	FHLMC 7.500%, with various maturities from 2012 to 2026(c)		27,564
	14,311	FHLMC, 8.000%, 9/01/2015		15,212
	4,669	FHLMC, 10.000%, 7/01/2019		5,300
	162,098	FHLMC 11.500%, with various maturities from 2015 to 2020(c)		179,136
	11,330,277	FNMA 4.000%, with various maturities from 2018 to 2019(c)		11,574,974
	985,413	FNMA, 4.500%, 9/01/2019		1,011,104
	3,500,000	FNMA, 5.000%, 10/15/2011		3,823,397
	2,201,865	FNMA 5.500%, with various maturities from 2017 to 2036(c)		2,265,797
	16,964,980	FNMA 6.000%, with various maturities from 2017 to 2034(c)		17,618,785
	2,876,237	FNMA, 6.042%, 2/01/2037(b)		2,944,494
	5,908,409	FNMA 6.500%, with various maturities from 2017 to 2037(c)		6,146,766
	600,000	FNMA, 6.625%, 9/15/2009		624,530
	274,675	FNMA, 7.000%, 12/01/2022		290,315
	440,200	FNMA 7.500%, with various maturities from 2015 to 2032(c)		464,624
	72,636	FNMA 8.000%, with various maturities from 2015 to 2016(c)		76,729
	109,172	GNMA, 6.000%, 12/15/2031		113,146
	406,866	GNMA, 6.500%, 5/15/2031		429,062
	315,714	GNMA, 7.000%, 10/15/2028		334,270
	1,307	GNMA, 9.500%, 8/15/2009		1,341
	5,540	GNMA 12.500%, with various maturities from 2014 to 2015(c)		6,545
	58,098	GNMA 16.000%, with various maturities from 2011 to 2012(c)		67,496
	25,769	GNMA 17.000%, with various maturities in 2011(c)		29,920
				114,121,154
		Treasuries — 10.3%
	15,069,900	U.S. Treasury Inflation Indexed Bond, 1.375%, 7/15/2018		14,093,883
	4,360,000	U.S. Treasury Note, 3.625%, 12/31/2012		4,804,175
	1,030,000	U.S. Treasury Note, 4.500%, 11/30/2011		1,134,528
				20,032,586
		Total Bonds and Notes (Identified Cost $168,890,798)		170,224,932
	Short-Term Investments — 12.4%
	4,500,000	Federal Home Loan Bank, Discount Notes, 0.970%, 2/02/2009(d)		4,496,000
	1,500,000	Federal Home Loan Bank, Discount Notes, 2.279%, 4/20/2009(d)		1,499,325
	3,700,000	Federal Home Loan Bank, Discount Notes, 2.342%, 3/04/2009(d)		3,699,560
	3,680,000	Federal Home Loan Mortgage Corp., Discount Notes, 2.345%, 3/09/2009(d)		3,679,529

2

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount		Description	Value (†)
	Short-Term Investments — continued
$	4,600,000	Federal National Mortgage Association, Discount Notes, 2.676%, 2/02/2009(d)	$	4,599,959
	1,760,000	Federal National Mortgage Association, Discount Notes, 3.022%, 8/07/2009(d)		1,754,695
	4,531,530	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $4,531,530 on 1/02/2009, collateralized by $4,450,000 Federal National Mortgage Association, 4.330% due 7/28/2011 valued at $4,622,438 including accrued interest(e)		4,531,530
		Total Short-Term Investments (Identified Cost $24,181,981)		24,260,598
		Total Investments — 99.8% (Identified Cost $193,072,779)(a)		194,485,530
		Other assets less liabilities — 0.2%		393,383
		Net Assets — 100.0%	$	194,878,913

(†) 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 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.

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.

3

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

Investments as of December 31, 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 December 31, 2008, the net unrealized appreciation on investments based on a cost of $193,192,790 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	$	4,617,616
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(3,324,876	)
Net unrealized appreciation	$	1,292,740

At September 30, 2008, the Fund had a capital loss carryforward of approximately $12,633,127 of which $4,128,091 expires on September 30, 2009, $663,109 expires on September 30, 2010, $425,323 expire on September 30, 2011, $193,904 expire on September 30, 2012, $2,770,324 expire on September 30, 2014, $4,336,746 expire on September 30, 2015, $115,630 expire on September 30, 2016. 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 December 31, 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 Schedule of Investments.

(d) Rate represents discount rate at time of purchase.

(e) It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. The repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. 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.

ABS	Asset-Backed Securities
ARM	Adjustable Rate Mortgage
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association

Fair Value Measurements

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective October 1, 2008. FAS 157 establishes a hierarchy for net asset value determination purposes in which various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1—quoted prices in active markets for identical investments;

• Level 2—prices determined using other significant observable inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar investments, interest rates, credit risk, etc.);

• Level 3—prices determined using significant unobservable inputs for situations where quoted prices or observable inputs are unavailable such as when there is little or no market activity for an investment, (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of investments and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2008:

Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	4,531,530
Level 2—Other Significant Observable Inputs		187,426,488
Level 3—Significant Unobservable Inputs		2,527,512
Total	$	194,485,530

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2008:

Assets	Investments in Securities
Balance as of September 30, 2008	$	743,234
Realized gain (loss)		4,779
Change in unrealized appreciation (depreciation)		(1,101,730	)
Net purchases (sales)		(229,417	)
Net reclassifications to/from Level 3		3,110,646
Balance as of December 31, 2008	$	2,527,512

New Accounting Pronouncement

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 may have on the Fund’s financial statement disclosures.

4

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

Investments as of December 31, 2008 (Unaudited)

Net Asset Summary at December 31, 2008 (Unaudited)

Mortgage Related	58.5	%
Treasuries	10.3
Commercial Mortgage-Backed Securities	7.0
Government Sponsored	4.8
ABS Credit Card	2.8
Other Investments, less than 2% each	4.0
Short-Term Investments	12.4
Total Investments	99.8
Other assets less liabilities	0.2
Net Assets	100.0	%

5

PORTFOLIO OF INVESTMENTS – as of December 31, 2008 (Unaudited)

Loomis Sayles Mid Cap Growth Fund

	Shares	Value (†)
COMMON STOCKS – 97.1% of Net Assets
Air Freight & Logistics – 1.6%
C.H. Robinson Worldwide, Inc.	26,533	$	1,460,111
Beverages – 1.6%
Molson Coors Brewing Co., Class B	29,408		1,438,639
Biotechnology – 6.9%
Alexion Pharmaceuticals, Inc.(b)	33,658		1,218,083
Genzyme Corp.(b)	21,739		1,442,817
Myriad Genetics, Inc.(b)	22,863		1,514,902
Onyx Pharmaceuticals, Inc.(b)	33,592		1,147,503
OSI Pharmaceuticals, Inc.(b)	26,777		1,045,642
			6,368,947
Capital Markets – 4.5%
Eaton Vance Corp.	82,348		1,730,131
T. Rowe Price Group, Inc.	67,586		2,395,248
			4,125,379
Commercial Services & Supplies – 5.2%
Stericycle, Inc.(b)	39,951		2,080,648
Tetra Tech, Inc.(b)	57,479		1,388,118
Waste Connections, Inc.(b)	41,434		1,308,071
			4,776,837
Communications Equipment – 1.7%
Juniper Networks, Inc.(b)	89,623		1,569,299
Construction & Engineering – 6.4%
Aecom Technology Corp.(b)	68,887		2,116,898
Granite Construction, Inc.	40,948		1,798,846
URS Corp.(b)	49,085		2,001,195
			5,916,939
Diversified Consumer Services – 7.7%
Apollo Group, Inc. Class A(b)	39,015		2,989,329
DeVry, Inc.	26,259		1,507,529
Strayer Education, Inc.	11,973		2,567,131
			7,063,989
Diversified Financial Services – 1.7%
IntercontinentalExchange, Inc.(b)	18,428		1,519,204
Food & Staples Retailing – 1.9%
BJ’s Wholesale Club, Inc.(b)	52,059		1,783,541
Health Care Equipment & Supplies – 3.0%
C.R. Bard, Inc.	20,944		1,764,742
NuVasive, Inc.(b)	28,119		974,323
			2,739,065
Health Care Providers & Services – 2.2%
Express Scripts, Inc.(b)	36,579		2,011,113

1

PORTFOLIO OF INVESTMENTS – as of December 31, 2008 (Unaudited)

Loomis Sayles Mid Cap Growth Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Hotels, Restaurants & Leisure – 2.0%
Yum! Brands, Inc.	59,162	$	1,863,603
Household Products – 1.6%
Church & Dwight Co., Inc.	25,280		1,418,714
Insurance – 3.1%
Arch Capital Group Ltd.(b)	20,269		1,420,857
Fairfax Financial Holdings Ltd.	4,577		1,434,478
			2,855,335
Internet & Catalog Retail – 1.0%
Priceline.com, Inc.(b)	12,982		956,124
IT Services – 1.7%
MasterCard, Inc., Class A	10,839		1,549,218
Life Sciences Tools & Services – 1.6%
Illumina, Inc.(b)	56,371		1,468,465
Machinery – 1.7%
Wabtec Corp.	39,342		1,563,845
Metals & Mining – 8.2%
Agnico-Eagle Mines Ltd.	29,835		1,531,431
Kinross Gold Corp.	131,248		2,417,588
Nucor Corp.	48,995		2,263,569
Steel Dynamics, Inc.	118,235		1,321,867
			7,534,455
Multiline Retail – 7.0%
Dollar Tree, Inc.(b)	86,935		3,633,883
Family Dollar Stores, Inc.	53,775		1,401,914
Kohl’s Corp.(b)	37,631		1,362,242
			6,398,039
Oil, Gas & Consumable Fuels – 6.6%
Concho Resources, Inc.(b)	60,021		1,369,679
Petrohawk Energy Corp.(b)	94,471		1,476,582
Range Resources Corp.	44,046		1,514,742
Southwestern Energy Co.(b)	58,768		1,702,509
			6,063,512
Semiconductors & Semiconductor Equipment – 3.4%
Broadcom Corp. Class A(b)	103,681		1,759,467
Marvell Technology Group Ltd.(b)	209,865		1,399,799
			3,159,266
Software – 5.6%
Ansys, Inc.(b)	34,981		975,620
Citrix Systems, Inc.(b)	39,496		930,921
Informatica Corp.(b)	75,018		1,029,997

2

PORTFOLIO OF INVESTMENTS – as of December 31, 2008 (Unaudited)

Loomis Sayles Mid Cap Growth Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Software – continued
McAfee, Inc.(b)	64,060	$	2,214,554
			5,151,092
Specialty Retail – 1.6%
Ross Stores, Inc.	50,216		1,492,922
Textiles, Apparel & Luxury Goods – 1.4%
Coach, Inc.(b)	62,754		1,303,401
Thrifts & Mortgage Finance – 4.3%
Hudson City Bancorp, Inc.	128,619		2,052,759
People’s United Financial, Inc.	104,786		1,868,335
			3,921,094
Wireless Telecommunication Services – 1.9%
American Tower Corp., Class A(b)	58,190		1,706,131
TOTAL COMMON STOCKS (Identified Cost $96,688,963)			89,178,279

	Principal Amount
SHORT-TERM INVESTMENTS – 3.2%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $2,918,605 on 01/02/2009 collateralized by $2,885,000 Federal National Mortgage Association, 4.600% due 11/10/2011 valued at $2,978,763, including accrued interest(c) (Identified Cost $2,918,605)	$	2,918,605		2,918,605
TOTAL INVESTMENTS – 100.3% (Identified Cost $99,607,568)(a)				92,096,884
Other assets less liabilities—(0.3)%				(270,171	)
NET ASSETS – 100.0%			$	91,826,713

(†) 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 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.

3

PORTFOLIO OF INVESTMENTS – as of December 31, 2008 (Unaudited)

Loomis Sayles Mid Cap Growth Fund - continued

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 December 31, 2008, the net unrealized depreciation on investments based on a cost of $99,607,568 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	$	3,291,071
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(10,801,755	)
Net unrealized depreciation	$	(7,510,684	)

At September 30, 2008, the Fund had a capital loss carryforward of approximately $86,273,160 of which, $65,130,772 expires on September 30, 2010 and $21,142,388 expires on September 30, 2011. At September 30, 2008 post-October capital loss deferrals were $18,347,531. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Non-income producing security.

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

Fair Value Measurements

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective October 1, 2008. FAS 157 establishes a hierarchy for net asset value determination purposes in which various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1—quoted prices in active markets for identical investments;

• Level 2—prices determined using other significant observable inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar investments, interest rates, credit risk, etc.);

• Level 3—prices determined using significant unobservable inputs for situations where quoted prices or observable inputs are unavailable such as when there is little or no market activity for an investment (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of investments and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2008:

Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	92,096,884
Level 2—Other Significant Observable Inputs		—
Level 3—Significant Unobservable Inputs		—
Total	$	92,096,884

New Accounting Pronouncement

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 may have on the Fund’s financial statement disclosures.

4

PORTFOLIO OF INVESTMENTS – as of December 31, 2008 (Unaudited)

Loomis Sayles Mid Cap Growth Fund - continued

NET ASSET SUMMARY AT DECEMBER 31, 2008 (Unaudited)
Metals & Mining	8.2	%
Diversified Consumer Services	7.7
Multiline Retail	7.0
Biotechnology	6.9
Oil, Gas & Consumable Fuels	6.6
Construction & Engineering	6.4
Software	5.6
Commercial Services & Supplies	5.2
Capital Markets	4.5
Thrifts & Mortgage Finance	4.3
Semiconductors & Semiconductor Equipment	3.4
Insurance	3.1
Health Care Equipment & Supplies	3.0
Health Care Providers & Services	2.2
Hotels, Restaurants & Leisure	2.0
Other Investments, less than 2% each	21.0
Short-Term Investments	3.2
Total Investments	100.3
Other assets less liabilities	(0.3	)
Net Assets	100.0	%

5

LOOMIS SAYLES RESEARCH FUND - PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2008 (Unaudited)

Shares	Description	Value (†)
Common Stocks – 98.1% of Net Assets
	Aerospace & Defense – 5.1%
2,582	General Dynamics Corp.	$	148,697
4,780	Lockheed Martin Corp.		401,902
5,745	Precision Castparts Corp.		341,713
4,339	Rockwell Collins, Inc.		169,612
2,648	United Technologies Corp.		141,933
			1,203,857
	Beverages – 0.8%
10,940	Dr Pepper Snapple Group, Inc.(b)		177,775
	Biotechnology – 5.2%
4,735	Amgen, Inc.(b)		273,446
5,247	Celgene Corp.(b)		290,054
4,375	Genzyme Corp.(b)		290,369
6,914	Gilead Sciences, Inc.(b)		353,582
			1,207,451
	Capital Markets – 2.0%
2,545	Goldman Sachs Group, Inc.		214,773
6,755	State Street Corp.		265,674
			480,447
	Chemicals – 2.0%
5,461	Ecolab, Inc.		191,954
1,410	Monsanto Co.		99,193
2,966	Praxair, Inc.		176,062
			467,209
	Commercial Banks – 3.4%
5,492	PNC Financial Services Group, Inc.		269,108
17,611	Wells Fargo & Co.		519,172
			788,280
	Communications Equipment – 3.6%
23,732	Cisco Systems, Inc.(b)		386,832
5,796	F5 Networks, Inc.(b)		132,496
8,906	QUALCOMM, Inc.		319,102
			838,430
	Computers & Peripherals – 6.2%
6,976	Apple, Inc.(b)		595,402
23,331	Hewlett-Packard Co.		846,682
			1,442,084
	Construction & Engineering – 0.4%
2,190	Jacobs Engineering Group, Inc.(b)		105,339
	Containers & Packaging – 1.0%
6,427	Owens-Illinois, Inc.(b)		175,650
2,316	Pactiv Corp.(b)		57,622
			233,272
	Diversified Financial Services – 4.3%
24,099	Bank of America Corp.		339,314
587	CME Group, Inc.		122,161
17,002	JPMorgan Chase & Co.		536,073
			997,548
	Diversified Telecommunication Services – 3.6%
16,106	AT&T, Inc.		459,021
4,337	Embarq Corp.		155,959
6,599	Verizon Communications, Inc.		223,706
			838,686
	Electric Utilities – 1.7%
6,878	American Electric Power Co., Inc.		228,900
3,112	Exelon Corp.		173,058
			401,958
	Energy Equipment & Services – 1.5%
9,500	Halliburton Co.		172,710
4,172	Schlumberger Ltd.		176,601
			349,311
	Food & Staples Retailing – 7.0%
22,733	Kroger Co. (The)		600,379
18,371	Wal-Mart Stores, Inc.		1,029,878
			1,630,257
	Food Products – 1.5%
7,959	Kellogg Co.		349,002
	Health Care Equipment & Supplies – 1.1%
4,823	Baxter International, Inc.		258,465
	Health Care Providers & Services – 1.2%
6,698	Medco Health Solutions, Inc.(b)		280,713
	Hotels, Restaurants & Leisure – 2.1%
7,874	McDonald’s Corp.		489,684
	Household Products – 3.1%
11,581	Procter & Gamble Co. (The)		715,937
	Insurance – 3.4%
3,320	Chubb Corp. (The)		169,320
12,636	Metlife, Inc.		440,491
4,128	Travelers Cos., Inc. (The)		186,586
			796,397
	Machinery – 3.3%
3,937	Cummins, Inc.		105,236
7,815	Danaher Corp.		442,407
4,593	Eaton Corp.		228,318
			775,961
	Media – 1.1%
10,999	DIRECTV Group, Inc. (The)(b)		251,987
	Multi-Utilities & Unregulated Power – 2.4%
8,598	PG&E Corp.		332,829
7,724	Public Service Enterprise Group, Inc.		225,309
			558,138
	Multiline Retail – 2.3%
5,894	Dollar Tree, Inc.(b)		246,369
7,964	Kohl’s Corp.(b)		288,297
			534,666
	Oil, Gas & Consumable Fuels – 11.9%
7,900	Chevron Corp.		584,363
14,931	ExxonMobil Corp.		1,191,942
4,846	Marathon Oil Corp.		132,586
6,592	Occidental Petroleum Corp.		395,454
9,884	Petrohawk Energy Corp.(b)		154,487
9,049	XTO Energy, Inc.		319,158
			2,777,990
	Pharmaceuticals – 6.7%
3,782	Allergan, Inc.		152,490
15,951	Bristol-Myers Squibb Co.		370,861
2,942	Johnson & Johnson		176,020
9,786	Merck & Co., Inc.		297,494
20,309	Pfizer, Inc.		359,672
5,962	Wyeth		223,635
			1,580,172
	Road & Rail – 2.1%
3,339	Burlington Northern Santa Fe Corp.		252,796
5,080	Union Pacific Corp.		242,824
			495,620

1

LOOMIS SAYLES RESEARCH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2008 (Unaudited)

Shares	Description	Value (†)
	Semiconductors & Semiconductor Equipment – 0.8%
23,460	NVIDIA Corp.(b)	$	189,322
	Software – 4.6%
11,552	McAfee, Inc.(b)		399,353
35,360	Microsoft Corp.		687,398
			1,086,751
	Specialty Retail – 2.7%
10,138	Bed Bath & Beyond, Inc.(b)		257,708
28,726	Gap, Inc. (The)		384,641
			642,349
	Total Common Stocks (Identified Cost $26,699,205)		22,945,058

Principal Amount
	Short-Term Investment – 2.8%
$	654,943	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $654,943 on 1/02/2009 collateralized by $650,000 Federal National Mortgage Association, 4.600% due 11/10/2011 valued at $671,125 including accrued interest(c) (Identified Cost $654,943)		654,943
		Total Investments - 100.9% (Identified Cost $27,354,148)(a)		23,600,001
		Other assets less liabilities — (0.9)%		(222,081)
		Net Assets — 100.0%	$	23,377,920

(†) 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.

2

LOOMIS SAYLES RESEARCH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 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 December 31, 2008, the net unrealized depreciation on investments based on a cost of $27,371,582 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	$	400,488
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(4,172,069	)
Net unrealized depreciation	$	(3,771,581	)

At September 30, 2008 post-October capital loss deferrals were $1,121,319. This amount may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Non-income producing security.

(c) It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. The repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. 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.

Fair Value Measurements

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective October 1, 2008. FAS 157 establishes a hierarchy for net asset value determination purposes in which various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1—quoted prices in active markets for identical investments;

• Level 2—prices determined using other significant observable inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar investments, interest rates, credit risk, etc.);

• Level 3—prices determined using significant unobservable inputs for situations where quoted prices or observable inputs are unavailable such as when there is little or no market activity for an investment, (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of investments and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2008:

Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	23,600,001
Level 2—Other Significant Observable Inputs		—
Level 3—Significant Unobservable Inputs		—
Total	$	23,600,001

New Accounting Pronouncement

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 may have on the Fund’s financial statement disclosures.

Net Asset Summary At December 31, 2008 (Unaudited)
Oil, Gas & Consumable Fuels	11.9	%
Food & Staples Retailing	7.0
Pharmaceuticals	6.7
Computers & Peripherals	6.2
Biotechnology	5.2
Aerospace & Defense	5.1
Software	4.6
Diversified Financial Services	4.3
Diversified Telecommunication Services	3.6
Communications Equipment	3.6
Insurance	3.4
Commercial Banks	3.4
Machinery	3.3
Household Products	3.1
Specialty Retail	2.7
Multi-Utilities & Unregulated Power	2.4
Multiline Retail	2.3
Road & Rail	2.1
Hotels, Restaurants & Leisure	2.1
Capital Markets	2.0
Chemicals	2.0
Other Investments, less than 2% each	11.1
Short-Term Investment	2.8
Total Investments	100.9
Other Assets less liabilities	(0.9	)
Net Assets	100.0	%

3

PORTFOLIO OF INVESTMENTS – as of December 31, 2008 (Unaudited)

Loomis Sayles Small Cap Growth Fund

	Shares	Value (†)
COMMON STOCKS – 96.0% of Net Assets
Aerospace & Defense – 4.3%
Aerovironment, Inc.(b)	26,480	$	974,729
Curtiss-Wright Corp.	29,192		974,721
Moog, Inc., Class A(b)	24,085		880,788
Orbital Sciences Corp.(b)	59,926		1,170,355
			4,000,593
Beverages – 0.7%
Heckmann Corp.(b)	112,538		635,840
Biotechnology – 5.8%
Alexion Pharmaceuticals, Inc.(b)	18,783		679,757
BioMarin Pharmaceutical, Inc.(b)	36,990		658,422
Cubist Pharmaceuticals, Inc.(b)	26,419		638,283
Genomic Health, Inc.(b)	33,460		651,801
Isis Pharmaceuticals, Inc.(b)	51,044		723,804
Onyx Pharmaceuticals, Inc.(b)	22,043		752,989
Osiris Therapeutics, Inc.(b)	31,147		596,776
Regeneron Pharmaceuticals, Inc.(b)	37,355		685,838
			5,387,670
Capital Markets – 3.7%
Greenhill & Co., Inc.	12,805		893,405
KBW, Inc.(b)	34,552		794,696
Riskmetrics Group, Inc.(b)	45,470		677,048
Stifel Financial Corp.(b)	22,740		1,042,629
			3,407,778
Commercial Banks – 3.0%
IBERIABANK Corp.	12,600		604,800
PrivateBankcorp, Inc.	25,892		840,454
Signature Bank(b)	28,265		810,923
Texas Capital Bancshares, Inc.(b)	41,501		554,453
			2,810,630
Commercial Services & Supplies – 7.8%
Clean Harbors, Inc.(b)	17,531		1,112,167
FTI Consulting, Inc.(b)	15,934		711,931
Hill International, Inc.(b)	146,910		1,034,246
ICF International, Inc.(b)	70,612		1,734,937
Sykes Enterprises, Inc.(b)	36,090		690,041
Team, Inc.(b)	42,646		1,181,294
Waste Connections, Inc.(b)	22,006		694,729
			7,159,345
Communications Equipment – 4.4%
Brocade Communications Systems, Inc.(b)	204,029		571,281
DG FastChannel, Inc.(b)	71,034		886,504
F5 Networks, Inc.(b)	32,608		745,419
Neutral Tandem, Inc.(b)	58,070		941,896
Riverbed Technology, Inc.(b)	77,147		878,704
			4,023,804

1

PORTFOLIO OF INVESTMENTS – as of December 31, 2008 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Construction & Engineering – 2.7%
MasTec, Inc.(b)	107,110	$	1,240,334
Construction & Engineering – continued
Northwest Pipe Co.(b)	30,451		1,297,517
			2,537,851
Diversified Consumer Services – 3.8%
American Public Education, Inc.(b)	24,727		919,597
Capella Education Co.(b)	14,478		850,727
DeVry, Inc.	17,459		1,002,321
Grand Canyon Education, Inc.(b)	40,861		767,370
			3,540,015
Diversified Telecommunication Services – 2.3%
Cbeyond, Inc.(b)	58,957		942,133
NTELOS Holdings Corp.	47,853		1,180,055
			2,122,188
Electric Utilities – 1.3%
ITC Holdings Corp.	27,151		1,185,956
Electrical Equipment – 0.7%
Energy Conversion Devices, Inc.(b)	23,916		602,922
Electronic Equipment & Instruments – 1.1%
IPG Photonics Corp.(b)	78,253		1,031,375
Energy Equipment & Services – 3.7%
Dresser-Rand Group, Inc.(b)	29,707		512,446
Hornbeck Offshore Services, Inc.(b)	38,884		635,365
IHS, Inc., Class A(b)	24,896		931,608
Oceaneering International, Inc.(b)	20,728		604,014
Tesco Corp.(b)	101,586		725,324
			3,408,757
Food Products – 1.2%
Green Mountain Coffee Roasters, Inc.(b)	27,803		1,075,976
Health Care Equipment & Supplies – 4.4%
Masimo Corp.(b)	25,243		752,999
Merit Medical Systems, Inc.(b)	50,149		899,171
Natus Medical, Inc.(b)	67,580		875,161
NuVasive, Inc.(b)	20,344		704,920
SonoSite, Inc.(b)	44,565		850,300
			4,082,551
Health Care Providers & Services – 7.8%
Bio-Reference Labs, Inc.(b)	28,561		749,155
CardioNet, Inc.(b)	54,666		1,347,517
Catalyst Health Solutions, Inc.(b)	57,959		1,411,302
Gentiva Health Services, Inc.(b)	47,701		1,395,731

2

PORTFOLIO OF INVESTMENTS – as of December 31, 2008 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Health Care Providers & Services – continued
MWI Veterinary Supply, Inc.(b)	22,645	$	610,509
Psychiatric Solutions, Inc.(b)	28,788		801,746
Sun Healthcare Group, Inc.(b)	100,982		893,691
			7,209,651
Health Care Technology – 2.1%
MedAssets, Inc.(b)	61,180		893,228
Phase Forward, Inc.(b)	81,879		1,025,125
			1,918,353
Hotels, Restaurants & Leisure – 1.2%
Buffalo Wild Wings, Inc.(b)	26,362		676,185
Morgans Hotel Group(b)	87,700		408,682
			1,084,867
Insurance – 1.6%
AmTrust Financial Services, Inc.	65,114		755,322
Arch Capital Group Ltd.(b)	10,145		711,165
			1,466,487
Internet Software & Services – 4.1%
Ariba, Inc.(b)	141,661		1,021,376
Constant Contact, Inc.(b)	70,291		931,356
SkillSoft PLC, ADR(b)	142,582		1,018,035
Vocus, Inc.(b)	45,814		834,273
			3,805,040
IT Services – 1.8%
CyberSource Corp.(b)	59,823		717,278
Syntel, Inc.	39,693		917,702
			1,634,980
Life Sciences Tools & Services – 1.4%
Icon PLC, Sponsored ADR(b)	35,267		694,407
Luminex Corp.(b)	29,145		622,537
			1,316,944
Machinery – 3.3%
Energy Recovery, Inc.(b)	87,240		661,279
ESCO Technologies, Inc.(b)	19,577		801,678
Freightcar America, Inc.	34,006		621,290
Valmont Industries, Inc.	15,124		928,009
			3,012,256
Oil, Gas & Consumable Fuels – 4.0%
Arena Resources, Inc.(b)	30,355		852,672
Comstock Resources, Inc.(b)	21,983		1,038,697
Concho Resources, Inc.(b)	39,989		912,549
Goodrich Petroleum Corp.(b)	28,569		855,641
			3,659,559

3

PORTFOLIO OF INVESTMENTS – as of December 31, 2008 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Pharmaceuticals – 3.0%
Auxilium Pharmaceuticals, Inc.(b)	26,627	$	757,272
Eurand NV(b)	72,632		625,361
Questcor Pharmaceuticals, Inc.(b)	55,102		513,000
Viropharma, Inc.(b)	70,602		919,238
			2,814,871
Professional Services – 1.1%
Huron Consulting Group, Inc.(b)	18,110		1,037,160
Semiconductors & Semiconductor Equipment – 5.0%
Cavium Network, Inc.(b)	64,411		676,960
Lam Research Corp.(b)	36,098		768,165
Netlogic Microsystems, Inc.(b)	42,052		925,564
Power Integrations, Inc.	32,009		636,339
Silicon Laboratories, Inc.(b)	32,174		797,272
Varian Semiconductor Equipment Associates, Inc.(b)	42,694		773,615
			4,577,915
Software – 5.8%
Blackboard, Inc.(b)	40,021		1,049,751
Concur Technologies, Inc.(b)	22,305		732,050
Informatica Corp.(b)	74,986		1,029,558
NetScout Systems, Inc.(b)	57,593		496,452
Solera Holdings, Inc.(b)	47,468		1,143,979
Tyler Technologies, Inc.(b)	76,678		918,602
			5,370,392
Specialty Retail – 2.3%
Gymboree Corp.(b)	28,430		741,739
Hibbett Sports, Inc.(b)	44,245		695,089
Ulta Salon, Cosmetics & Fragrance, Inc.(b)	80,195		664,014
			2,100,842
Textiles, Apparel & Luxury Goods – 0.6%
True Religion Apparel, Inc.(b)	41,962		522,007
TOTAL COMMON STOCKS (Identified Cost $105,568,200)			88,544,575

	Principal Amount
SHORT-TERM INVESTMENTS – 4.5%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/08 at 0.000% to be repurchased at $4,144,775 on 1/02/09 collateralized by $4,095,000 Federal National Mortgage Association, 4.600% due 11/10/11 valued at $4,228,088 including accrued interest(c) (Identified Cost $4,144,775)	$	4,144,775	4,144,775

4

PORTFOLIO OF INVESTMENTS – as of December 31, 2008 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

TOTAL INVESTMENTS – 100.5% (Identified Cost $109,712,975)(a)	$	92,689,350
Other assets less liabilities—(0.5)%		(468,033	)
NET ASSETS – 100.0%	$	92,221,317

(†) 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 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. The prices provided by the principal market markers may differ from the value that would be realized if the securities were sold. 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.

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 and non-taxable dividends.):

At December 31, 2008, the net unrealized depreciation on investments based on a cost of $109,791,438 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	$	2,930,736
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(20,032,824	)
Net unrealized depreciation	$	(17,102,088	)

At September 30, 2008, the Fund had a capital loss carryforward of approximately $197,597,555 of which $138,314,515 expires on September 30, 2010 and $59,283,040 expires on September 30, 2011. At September 30, 2008 post-October capital loss deferrals were $7,364,469. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Non-income producing security.

(c) It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. The repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. 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 (ADR) 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.

5

PORTFOLIO OF INVESTMENTS – as of December 31, 2008 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

Fair Value Measurements

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective October 1, 2008. FAS 157 establishes a hierarchy for net asset value determination purposes in which various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1—quoted prices in active markets for identical investments;

• Level 2—prices determined using other significant observable inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar investments, interest rates, credit risk, etc.);

• Level 3—prices determined using significant unobservable inputs for situations where quoted prices or observable inputs are unavailable such as when there is little or no market activity for an investment (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of investments and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2008:

Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	92,689,350
Level 2—Other Significant Observable Inputs		—
Level 3—Significant Unobservable Inputs		—
Total	$	92,689,350

New Accounting Pronouncement

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 may have on the Fund’s financial statement disclosures.

NET ASSET SUMMARY AT DECEMBER 31, 2008 (Unaudited)
Health Care Providers & Services	7.8	%
Commercial Services & Supplies	7.8
Biotechnology	5.8
Software	5.8
Semiconductors & Semiconductor Equipment	5.0
Health Care Equipment & Supplies	4.4
Communications Equipment	4.4
Aerospace & Defense	4.3
Internet Software & Services	4.1
Oil, Gas & Consumable Fuels	4.0
Diversified Consumer Services	3.8
Energy Equipment & Services	3.7
Capital Markets	3.7
Machinery	3.3
Pharmaceuticals	3.0
Commercial Banks	3.0
Construction & Engineering	2.7
Diversified Telecommunication Services	2.3
Specialty Retail	2.3
Health Care Technology	2.1
Other Investments, less than 2% each	12.7
Short-Term Investments	4.5
Total Investments	100.5
Other assets less liabilities	(0.5	)
Net Assets	100.0	%

6

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 85.6% of Net Assets
	Non-Convertible Bonds — 81.3%
		ABS Credit Card — 0.6%
$	80,700,000	Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014	$	52,685,762
		Aerospace & Defense — 0.1%
	1,380,000	Bombardier, Inc., 144A, 6.300%, 5/01/2014		1,135,050
	2,795,000	Bombardier, Inc., 7.350%, 12/22/2026, (CAD)		1,698,056
	11,700,000	Bombardier, Inc., 144A, 7.450%, 5/01/2034		7,429,500
				10,262,606
		Airlines — 1.4%
	825,000	American Airlines, Inc., Series 1999-1, Class B, 7.324%, 4/15/2011		693,000
	673,443	American Airlines, Inc., Series 93A6, 8.040%, 4/15/2011		404,066
	190,344	Continental Airlines, Inc., Series 1996-1, Class A, 6.940%, 4/15/2015		157,034
	5,589,326	Continental Airlines, Inc., Series 1997-4, Class 4B, 6.900%, 7/02/2018		3,800,741
	5,653,378	Continental Airlines, Inc., Series 1998-1, Class 1B, 6.748%, 9/15/2018		3,957,365
	6,519,752	Continental Airlines, Inc., Series 1999-1, Class B, 6.795%, 2/02/2020		3,846,654
	1,748,369	Continental Airlines, Inc., Series 1999-1, Class C, 6.954%, 2/02/2011		1,538,565
	4,159,411	Continental Airlines, Inc., Series 1999-2, Class B, 7.566%, 9/15/2021		2,703,617
	7,323,915	Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019		4,540,827
	2,398,957	Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017		1,391,395
	11,915,000	Continental Airlines, Inc., Series 2007-1, Class A, 5.983%, 4/19/2022		7,983,050
	16,802,000	Continental Airlines, Inc., Series 2007-1, Class B, 6.903%, 4/19/2022		8,232,980
	5,377,930	Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016		3,710,772
	934,936	Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		591,347
	9,589,511	Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		4,842,703
	32,444,801	Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014		18,493,537
	26,990,000	Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017		13,495,000
	1,500,000	Qantas Airways Ltd., 144A, 5.125%, 6/20/2013		1,377,197
	32,710,000	Qantas Airways Ltd., 144A, 6.050%, 4/15/2016		29,914,178
	19,114,804	United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024		11,182,160
				122,856,188
		Automotive — 1.8%
	1,853,000	Cummins, Inc., 6.750%, 2/15/2027		1,390,599
	2,145,000	Cummins, Inc., 7.125%, 3/01/2028		1,667,995
	6,500,000	FCE Bank PLC, EMTN, 7.125%, 1/16/2012, (EUR)		6,324,724
	4,500,000	FCE Bank PLC, EMTN, 7.125%, 1/15/2013, (EUR)		4,253,551
	17,816,000	Ford Motor Co., 6.375%, 2/01/2029		3,919,520
	1,705,000	Ford Motor Co., 6.500%, 8/01/2018		409,200
	500,000	Ford Motor Co., 6.625%, 2/15/2028		110,000
	73,114,000	Ford Motor Co., 6.625%, 10/01/2028		16,085,080
	1,940,000	Ford Motor Co., 7.125%, 11/15/2025		455,900
	86,090,000	Ford Motor Co., 7.450%, 7/16/2031		24,105,200
	800,000	Ford Motor Co., 7.500%, 8/01/2026		188,000
	46,872,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		39,833,232
	10,685,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		7,382,555
	15,465,000	Ford Motor Credit Co. LLC, 7.250%, 10/25/2011		11,297,322
	1,030,000	Ford Motor Credit Co. LLC, 7.875%, 6/15/2010		824,185
	14,595,000	Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		9,506,701
	10,625,000	Ford Motor Credit Co. LLC, 8.625%, 11/01/2010		8,043,422
	1,645,000	Ford Motor Credit Co. LLC, 9.750%, 9/15/2010		1,315,990
	7,640,000	Ford Motor Credit Co. LLC, EMTN, 4.875%, 1/15/2010, (EUR)		6,584,385
	2,005,000	General Motors Corp., 7.250%, 7/03/2013, (EUR)		557,410
	7,365,000	General Motors Corp., 7.400%, 9/01/2025		1,104,750
	52,725,000	General Motors Corp., 8.250%, 7/15/2023		7,908,750
	2,530,000	General Motors Corp., 8.375%, 7/15/2033		411,125

1

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Automotive — continued
$	4,977,000	Goodyear Tire & Rubber Co., 7.000%, 3/15/2028	$	2,488,500
				156,168,096
		Banking — 4.7%
	22,125,000	BAC Capital Trust VI, 5.625%, 3/08/2035		18,586,903
	1,006,000,000	Barclays Financial LLC, 144A, 4.160%, 2/22/2010, (THB)		28,360,638
	56,650,000,000	Barclays Financial LLC, 144A, 4.470%, 12/04/2011, (KRW)		45,493,609
	17,310,000,000	Barclays Financial LLC, EMTN, 144A, 4.060%, 9/16/2010, (KRW)		14,032,981
	135,000,000	Barclays Financial LLC, EMTN, 144A, 4.100%, 3/22/2010, (THB)		3,797,700
	21,340,000,000	Barclays Financial LLC, EMTN, 144A, 4.460%, 9/23/2010, (KRW)		17,411,868
	224,520,000,000	BNP Paribas SA, MTN, 144A, Zero Coupon, 6/13/2011, (IDR)		12,921,229
	18,650,000	Citibank NA, 144A, 15.000%, 7/02/2010, (BRL)		8,313,885
	2,540,000	Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014		2,270,971
	1,285,000	Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014		1,157,308
	119,806,078	HSBC Bank USA, 144A, Zero Coupon, 11/28/2011(b)		74,747,012
	9,090,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 144A, 6.375%, 4/30/2022		4,773,268
	109,312,000,000	JPMorgan Chase & Co., 144A, Zero Coupon, 3/28/2011, (IDR)		6,063,306
	229,157,783,660	JPMorgan Chase & Co., 144A, Zero Coupon, 4/12/2012, (IDR)		9,645,651
	599,726,100,000	JPMorgan Chase & Co., EMTN, 144A, Zero Coupon, 3/28/2011, (IDR)		33,265,541
	92,000,000	JPMorgan Chase Bank, 144A, Zero Coupon, 5/17/2010, (BRL)		31,649,381
	76,496,404,750	JPMorgan Chase Bank, EMTN, 144A, Zero Coupon, 10/21/2010, (IDR)		5,014,023
	2,500,000	Kaupthing Bank Hf, 144A, 5.453%, 1/15/2010(b)(c)		175,000
	36,300,000	Kaupthing Bank Hf, Series D, 144A, 5.750%, 10/04/2011(c)		2,541,000
	9,300,000	Kaupthing Bank Hf, Series E, 144A, 6.125%, 10/04/2016(c)		651,000
	60,000,000	Kreditanstalt fuer Wiederaufbau, EMTN, 10.750%, 2/01/2010, (ISK)		353,054
	500,000	Morgan Stanley, 5.375%, 10/15/2015		430,404
	205,000	Morgan Stanley, 6.750%, 4/15/2011		201,705
	110,000	Morgan Stanley, EMTN, 5.450%, 1/09/2017		90,671
	600,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		487,943
	14,065,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		12,339,084
	910,000	Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		755,283
	3,283,000,000	Rabobank Nederland, EMTN, 144A, 10.250%, 9/10/2009, (ISK)		18,951,508
	460,000,000	Rabobank Nederland, EMTN, 12.500%, 2/17/2009, (ISK)		2,703,184
	6,990,000,000	Rabobank Nederland, EMTN, 144A, 14.000%, 1/28/2009, (ISK)		41,511,446
				398,696,556
		Brokerage — 0.2%
	91,745,000	Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037(c)		9,174
	7,370,000	Lehman Brothers Holdings, Inc., MTN, (fixed rate to 5/03/2027, variable rate thereafter), 6.000%, 5/03/2032(c)		737
	51,500,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		17,777,659
	3,450,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		3,043,572
				20,831,142
		Building Materials — 0.9%
	17,995,000	Owens Corning, Inc., 6.500%, 12/01/2016		13,032,105
	35,725,000	Owens Corning, Inc., 7.000%, 12/01/2036		23,426,347
	4,538,000	Ply Gem Industries, Inc., 9.000%, 2/15/2012(d)(e)		1,089,120
	43,962,000	USG Corp., 6.300%, 11/15/2016		26,926,725
	12,880,000	USG Corp., 9.000%, 1/15/2018		8,146,600
				72,620,897
		Chemicals — 0.3%
	23,584,000	Borden, Inc., 7.875%, 2/15/2023		2,830,080
	6,920,000	Borden, Inc., 8.375%, 4/15/2016		692,000
	8,757,000	Borden, Inc., 9.200%, 3/15/2021		1,313,550
	6,490,000	Georgia Gulf Corp., 10.750%, 10/15/2016		1,557,600
	14,550,000	Hercules, Inc., Subordinated Note, 6.500%, 6/30/2029(e)		7,711,500
	1,650,000	Koppers Holdings, Inc., (Step to 9.875% on 11/15/2009), Zero Coupon, 11/15/2014(f)		1,278,750
	5,350,000	Methanex Corp., Senior Note, 6.000%, 8/15/2015		3,510,911
	6,465,000	Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		5,091,187
	5,820,000	Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		4,306,800
				28,292,378
		Construction Machinery — 0.2%
	2,590,000	Great Lakes Dredge & Dock Corp., Senior Subordinated Note, 7.750%, 12/15/2013		1,997,537
	1,425,000	Joy Global, Inc., 6.625%, 11/15/2036		1,007,350

2

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Construction Machinery — continued
$	18,243,000	United Rentals North America, Inc., 7.000%, 2/15/2014	$	11,128,230
	1,630,000	United Rentals North America, Inc., 7.750%, 11/15/2013		1,059,500
				15,192,617
		Consumer Cyclical Services — 0.9%
	101,985,000	Western Union Co., 6.200%, 11/17/2036		79,024,607
		Containers & Packaging — 0.0%
	1,750,000	Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014, (EUR)		1,897,417
		Electric — 4.6%
	5,565,000	AES Corp. (The), 8.375%, 3/01/2011, (GBP)		7,200,973
	4,020,000	AES Corp. (The), Senior Note, 7.750%, 3/01/2014		3,537,600
	71,400,000	Bruce Mansfield Unit, 6.850%, 6/01/2034(e)		56,767,284
	32,125,000	Cleveland Electric Illuminating Co., 5.950%, 12/15/2036		24,848,463
	3,755,000	Dominion Resources, Inc., Series B, 5.950%, 6/15/2035		3,208,407
	11,275,000	Dynegy Holdings, Inc., 7.125%, 5/15/2018		6,877,750
	1,000,000	Dynegy Holdings, Inc., 7.500%, 6/01/2015		700,000
	10,185,000	Dynegy Holdings, Inc., 7.625%, 10/15/2026		4,939,725
	500,000	Dynegy Holdings, Inc., 7.750%, 6/01/2019		345,000
	7,455,000	Dynegy Holdings, Inc., 8.375%, 5/01/2016		5,293,050
	95,200,000	Edison Mission Energy, 7.625%, 5/15/2027		73,780,000
	250,000	Empresa Nacional de Electricidad SA, (Endesa-Chile), 8.350%, 8/01/2013		264,011
	4,875,000	Empresa-Chile Overseas Co., 7.875%, 2/01/2027		5,221,252
	555,000	Enersis SA, Cayman Island, 7.400%, 12/01/2016		558,231
	5,310,000	ITC Holdings Corp., 144A, 6.375%, 9/30/2036		4,853,117
	1,000,000	MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		929,842
	40,255,000	MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		39,294,717
	31,735,000	NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		13,646,050
	43,450,000	Nisource Finance Corp., 6.400%, 3/15/2018		27,116,146
	2,500,000	NRG Energy, Inc., 7.250%, 2/01/2014		2,337,500
	5,000,000	NRG Energy, Inc., 7.375%, 2/01/2016		4,650,000
	1,535,500	Quezon Power (Philippines) Ltd., Senior Secured Note, 8.860%, 6/15/2017		1,228,400
	25,230,000	Reliant Energy, Inc., Senior Note, 7.875%, 6/15/2017		20,436,300
	1,050,000	SP PowerAssets Ltd., EMTN, 3.730%, 10/22/2010, (SGD)		751,086
	8,785,000	Toledo Edison Co., 6.150%, 5/15/2037		7,064,915
	46,215,000	TXU Corp., Series P, 5.550%, 11/15/2014		21,592,942
	101,030,000	TXU Corp., Series Q, 6.500%, 11/15/2024		35,743,202
	6,245,000	TXU Corp., Series R, 6.550%, 11/15/2034		2,108,262
	7,300,000	White Pine Hydro LLC, 6.310%, 7/10/2017(e)		6,662,111
	10,935,000	White Pine Hydro LLC, 6.960%, 7/10/2037(e)		10,432,471
	4,000,000	White Pine Hydro LLC, 7.260%, 7/20/2015(e)		3,668,688
				396,057,495
		Entertainment — 0.3%
	12,440,000	Six Flags, Inc., 9.625%, 6/01/2014		1,866,000
	1,035,000	Six Flags, Inc., 9.750%, 4/15/2013		147,487
	32,790,000	Viacom, Inc., Class B, 6.875%, 4/30/2036		25,913,183
				27,926,670
		Food & Beverage — 1.3%
	2,085,000	Aramark Services, Inc., 5.000%, 6/01/2012		1,626,300
	23,710,000	Corn Products International, Inc., 6.625%, 4/15/2037		20,190,511
	11,290,000	Dean Foods Co., 7.000%, 6/01/2016		9,596,500
	1,935,000	Dole Food Co., Inc., 8.625%, 5/01/2009		1,751,175
	35,447,000	Kraft Foods, Inc., 6.500%, 8/11/2017		35,629,269
	30,680,000	Kraft Foods, Inc., 7.000%, 8/11/2037		31,134,923
	14,120,000	Sara Lee Corp., 6.125%, 11/01/2032		11,602,065
				111,530,743
		Government Owned - No Guarantee — 0.3%
	26,435,000	Abu Dhabi National Energy Co., 144A, 7.250%, 8/01/2018		22,673,088
	10,300,000	DP World Ltd., 144A, 6.850%, 7/02/2037		5,305,200
				27,978,288
		Government Sponsored — 0.4%
	50,000,000	Queensland Treasury Corp., 144A, 7.125%, 9/18/2017, (NZD)		34,361,283
		Health Insurance — 0.1%
	15,325,000	CIGNA Corp., 6.150%, 11/15/2036		11,660,808
		Healthcare — 4.6%
	2,765,000	Boston Scientific Corp., 5.450%, 6/15/2014		2,350,250
	8,230,000	Boston Scientific Corp., 6.400%, 6/15/2016		7,036,650

3

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	16,510,000	Boston Scientific Corp., 7.000%, 11/15/2035	$	12,217,400
	17,785,000	HCA, Inc., 5.750%, 3/15/2014		10,759,925
	3,800,000	HCA, Inc., 6.250%, 2/15/2013		2,375,000
	17,035,000	HCA, Inc., 6.375%, 1/15/2015		10,391,350
	49,350,000	HCA, Inc., 6.500%, 2/15/2016		30,350,250
	2,074,000	HCA, Inc., 6.750%, 7/15/2013		1,306,620
	14,405,000	HCA, Inc., 7.050%, 12/01/2027		6,090,290
	10,694,000	HCA, Inc., 7.190%, 11/15/2015		5,923,225
	17,172,000	HCA, Inc., 7.500%, 12/15/2023		8,064,847
	18,745,000	HCA, Inc., 7.500%, 11/06/2033		8,716,425
	43,253,000	HCA, Inc., 7.690%, 6/15/2025		19,031,320
	27,895,000	HCA, Inc., 8.360%, 4/15/2024		12,831,700
	13,545,000	HCA, Inc., MTN, 7.580%, 9/15/2025		6,256,991
	8,112,000	HCA, Inc., MTN, 7.750%, 7/15/2036		3,596,763
	11,370,000	Hospira, Inc., 6.050%, 3/30/2017		9,234,919
	176,070,000	Medco Health Solutions, Inc., 7.125%, 3/15/2018		162,705,230
	3,260,000	Owens & Minor, Inc., 6.350%, 4/15/2016(e)		2,747,124
	1,900,000	Tenet Healthcare Corp., 6.500%, 6/01/2012		1,444,000
	31,009,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		15,194,410
	1,570,000	Tenet Healthcare Corp., 7.375%, 2/01/2013		1,118,625
	4,480,000	Tenet Healthcare Corp., 9.250%, 2/01/2015		3,606,400
	50,000,000	WellPoint, Inc., 6.375%, 6/15/2037		46,453,100
				389,802,814
		Home Construction — 1.8%
	2,840,000	Centex Corp., 5.250%, 6/15/2015		1,760,800
	43,470,000	D.R. Horton, Inc., 5.250%, 2/15/2015		27,386,100
	4,335,000	D.R. Horton, Inc., 5.625%, 9/15/2014		2,991,150
	1,625,000	D.R. Horton, Inc., 6.500%, 4/15/2016		1,023,750
	16,160,000	D.R. Horton, Inc., Guaranteed Note, 5.625%, 1/15/2016		10,342,400
	11,265,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		8,110,800
	6,290,000	K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		1,572,500
	1,935,000	K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013		425,700
	1,235,000	K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012		358,150
	4,830,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.250%, 1/15/2015		1,255,800
	16,075,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.250%, 1/15/2016		3,697,250
	6,040,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.375%, 12/15/2014		1,630,800
	2,490,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.500%, 1/15/2014		672,300
	1,685,000	KB Home, 5.750%, 2/01/2014		1,061,550
	8,340,000	KB Home, Guaranteed Note, 5.875%, 1/15/2015		5,004,000
	5,805,000	KB Home, Guaranteed Note, 6.250%, 6/15/2015		3,541,050
	11,315,000	KB Home, Guaranteed Note, 7.250%, 6/15/2018		6,619,275
	3,495,000	Lennar Corp., 7.625%, 3/01/2009		3,460,050
	23,885,000	Lennar Corp., Series A, 6.500%, 4/15/2016		14,569,850
	2,720,000	Lennar Corp., Series B, 5.125%, 10/01/2010		2,203,200
	16,755,000	Lennar Corp., Series B, 5.500%, 9/01/2014		10,555,650
	5,970,000	Lennar Corp., Series B, 5.600%, 5/31/2015		3,641,700
	4,240,000	Pulte Homes, Inc., 5.200%, 2/15/2015		2,883,200
	46,260,000	Pulte Homes, Inc., 6.000%, 2/15/2035		23,592,600
	13,190,000	Pulte Homes, Inc., 6.375%, 5/15/2033		6,990,700
	4,245,000	Toll Brothers Financial Corp., 5.150%, 5/15/2015		3,049,769
	5,245,000	Toll Corp., 8.250%, 12/01/2011		4,772,950
				153,173,044
		Independent Energy — 1.8%
	37,190,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		32,850,262
	45,910,000	Anadarko Petroleum Corp., 6.450%, 9/15/2036		36,215,369
	4,185,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		3,490,414
	14,650,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		11,207,250
	22,690,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		16,336,800
	15,054,000	Connacher Oil and Gas Ltd., 144A, 10.250%, 12/15/2015		6,021,600
	6,495,000	Hilcorp Energy I LP, 144A, 7.750%, 11/01/2015		4,578,975

4

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	7,175,000	Pioneer Natural Resources Co., 5.875%, 7/15/2016	$	4,977,950
	1,760,000	Pioneer Natural Resources Co., 6.875%, 5/01/2018		1,230,947
	4,798,000	Pioneer Natural Resources Co., 7.200%, 1/15/2028		3,019,242
	9,170,000	Talisman Energy, Inc., 5.850%, 2/01/2037		6,378,524
	24,260,000	Talisman Energy, Inc., 6.250%, 2/01/2038		17,614,992
	8,885,000	XTO Energy, Inc., 6.750%, 8/01/2037		8,321,371
				152,243,696
		Industrial Other — 0.1%
	20,000,000	Ranhill Labuan Ltd., 144A, 12.500%, 10/26/2011		6,600,000
		Life Insurance — 0.1%
	8,000,000	ASIF Global Financing XXVII, 144A, 2.380%, 2/26/2009, (SGD)		4,037,691
		Local Authorities — 0.8%
	131,890,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(e)		72,112,176
		Media Cable — 3.0%
	49,030,000	Comcast Corp., 5.650%, 6/15/2035		43,589,190
	12,560,000	Comcast Corp., 6.500%, 11/15/2035		12,500,214
	161,264,000	Comcast Corp., 6.950%, 8/15/2037		169,819,378
	400,000	CSC Holdings, Inc., Senior Note, 7.875%, 2/15/2018		314,000
	250,000	CSC Holdings, Inc., Series B, Senior Note, 8.125%, 7/15/2009		248,750
	10,000,000	Shaw Communications, Inc., 5.700%, 3/02/2017, (CAD)		7,085,379
	17,959,000	Time Warner Cable, Inc., 6.750%, 7/01/2018		17,291,015
	1,000,000	Virgin Media Finance PLC, 9.125%, 8/15/2016		740,000
	5,070,000	Virgin Media Finance PLC, 9.750%, 4/15/2014, (GBP)		5,139,023
				256,726,949
		Media Non-Cable — 0.9%
	14,215,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		1,563,650
	4,970,000	Clear Channel Communications, Inc., 5.500%, 9/15/2014		596,400
	14,910,000	Clear Channel Communications, Inc., 5.500%, 12/15/2016		1,714,650
	2,080,000	Clear Channel Communications, Inc., 5.750%, 1/15/2013		301,600
	585,000	Clear Channel Communications, Inc., 6.875%, 6/15/2018		70,200
	225,000	Intelsat Corp., 6.875%, 1/15/2028		127,125
	46,000,000	News America, Inc., 6.150%, 3/01/2037		42,919,288
	11,140,000	News America, Inc., 6.200%, 12/15/2034		10,165,773
	14,360,000	News America, Inc., 6.400%, 12/15/2035		13,272,345
	4,335,000	R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		585,225
	1,910,000	R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		257,850
	470,000	R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016		70,500
	4,845,000	R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017		726,750
	13,985,000	Tribune Co., MTN, 5.250%, 8/15/2015(c)		629,325
				73,000,681
		Metals & Mining — 0.3%
	9,785,000	Algoma Acquistion Corp., 144A, 9.875%, 6/15/2015		3,718,300
	2,450,000	OI European Group BV, 144A, 6.875%, 3/31/2017, (EUR)		2,486,103
	7,000,000	United States Steel Corp., 6.050%, 6/01/2017		4,576,726
	5,850,000	United States Steel Corp., 6.650%, 6/01/2037		2,985,495
	16,435,000	United States Steel Corp., 7.000%, 2/01/2018		11,201,110
				24,967,734
		Non-Captive Consumer — 3.7%
	4,900,000	American General Finance Corp., MTN, 5.750%, 9/15/2016		1,844,718
	229,130,000	American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		99,161,277
	1,575,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014		448,875
	109,950(†††)	SLM Corp., 6.000%, 12/15/2043		1,136,608
	4,700,000	SLM Corp., EMTN, 4.750%, 3/17/2014, (EUR)		3,789,274
	20,590,000	SLM Corp., MTN, 5.050%, 11/14/2014		13,702,419
	1,450,000	SLM Corp., MTN, 5.125%, 8/27/2012		1,085,121
	3,675,000	SLM Corp., Series A, MTN, 4.000%, 1/15/2010		3,326,584
	3,485,000	SLM Corp., Series A, MTN, 4.500%, 7/26/2010		3,024,516
	51,943,000	SLM Corp., Series A, MTN, 5.000%, 10/01/2013		37,166,255
	37,670,000	SLM Corp., Series A, MTN, 5.000%, 4/15/2015		23,898,187
	13,370,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		8,824,668
	19,605,000	SLM Corp., Series A, MTN, 5.375%, 1/15/2013		14,372,916
	22,420,000	SLM Corp., Series A, MTN, 5.375%, 5/15/2014		15,130,675

5

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Non-Captive Consumer — continued
$	1,390,000	SLM Corp., Series A, MTN, 5.400%, 10/25/2011	$	1,051,443
	28,150,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		17,077,085
	6,100,000	SLM Corp., Series A, MTN, 6.500%, 6/15/2010, (NZD)		3,131,155
	88,180,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		69,716,960
				317,888,736
		Non-Captive Diversified — 9.0%
	6,067,000	CIT Group Funding Co. of Canada, 5.200%, 6/01/2015		4,259,356
	90,000	CIT Group, Inc., 4.750%, 12/15/2010		79,224
	461,000	CIT Group, Inc., 5.400%, 2/13/2012		371,938
	365,000	CIT Group, Inc., 5.400%, 1/30/2016		254,145
	2,000,000	CIT Group, Inc., 5.600%, 4/27/2011		1,688,580
	3,581,000	CIT Group, Inc., 5.800%, 10/01/2036		2,365,086
	7,000	CIT Group, Inc., 5.850%, 9/15/2016		4,929
	132,159,009	CIT Group, Inc., 12.000%, 12/18/2018		101,762,437
	15,060,000	CIT Group, Inc., EMTN, 3.800%, 11/14/2012, (EUR)		11,783,409
	15,150,000	CIT Group, Inc., EMTN, 4.650%, 9/19/2016, (EUR)		11,439,129
	4,855,000	CIT Group, Inc., EMTN, 5.000%, 5/13/2014, (EUR)		3,843,122
	10,500,000	CIT Group, Inc., EMTN, 5.500%, 12/20/2016, (GBP)		8,127,996
	60,000	CIT Group, Inc., GMTN, 4.250%, 2/01/2010		55,007
	18,360,000	CIT Group, Inc., GMTN, 4.250%, 9/22/2011, (EUR)		15,109,479
	1,914,000	CIT Group, Inc., GMTN, 5.000%, 2/13/2014		1,391,101
	341,000	CIT Group, Inc., GMTN, 5.000%, 2/01/2015		240,064
	20,730,000	CIT Group, Inc., MTN, 4.250%, 3/17/2015, (EUR)		15,654,745
	3,065,000	CIT Group, Inc., MTN, 5.125%, 9/30/2014		2,187,601
	20,350,000	CIT Group, Inc., MTN, 5.500%, 12/01/2014, (GBP)		15,705,111
	934,000	CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		590,274
	724,000	CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017		503,434
	74,490,000	CIT Group, Inc., Series A, MTN, 7.625%, 11/30/2012		62,882,149
	3,100,000	General Electric Capital Corp., EMTN, 6.125%, 5/17/2012, (GBP)		4,470,495
	65,300,000	General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012, (SGD)		40,088,512
	79,035,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)(e)(j)		41,284,504
	30,350,000	General Electric Capital Corp., Series A, GMTN, 6.625%, 2/04/2010, (NZD)		16,937,914
	115,000,000	General Electric Capital Corp., Series A, MTN, 3.485%, 3/08/2012, (SGD)		72,314,586
	243,057,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)(e)(j)		126,616,449
	7,187,000	GMAC LLC, 4.750%, 9/14/2009		6,612,040
	43,074,000	GMAC LLC, 5.380%, 6/06/2011		32,305,500
	3,390,000	GMAC LLC, 5.750%, 9/27/2010		2,983,200
	34,490,000	GMAC LLC, 6.000%, 12/15/2011		27,900,341
	311,000	GMAC LLC, 6.630%, 12/17/2010		242,580
	15,206,000	GMAC LLC, 6.630%, 5/15/2012		11,834,526
	22,211,000	GMAC LLC, 6.750%, 12/01/2014		15,259,401
	4,169,687	GMAC LLC, 6.875%, 9/15/2011		3,416,058
	2,947,000	GMAC LLC, 6.875%, 8/28/2012		2,262,058
	7,702,000	GMAC LLC, 7.000%, 2/01/2012		6,150,047
	17,038,000	GMAC LLC, 7.500%, 12/31/2013		11,926,600
	32,711,000	GMAC LLC, 8.000%, 12/31/2018		16,355,500
	25,955,000	GMAC LLC, 8.000%, 11/01/2031		15,427,392
	34,782,000	iStar Financial, Inc., 5.150%, 3/01/2012		10,956,330
	5,255,000	iStar Financial, Inc., 5.375%, 4/15/2010		2,417,300
	3,010,000	iStar Financial, Inc., 5.500%, 6/15/2012		948,150
	19,110,000	iStar Financial, Inc., 5.650%, 9/15/2011		6,115,200
	1,530,000	iStar Financial, Inc., 5.700%, 3/01/2014		474,300
	4,040,000	iStar Financial, Inc., 5.800%, 3/15/2011		1,414,000
	4,815,000	iStar Financial, Inc., 5.850%, 3/15/2017		1,444,500
	8,815,000	iStar Financial, Inc., 5.875%, 3/15/2016		2,512,275
	4,300,000	iStar Financial, Inc., 6.050%, 4/15/2015		1,268,500
	35,130,000	iStar Financial, Inc., 8.625%, 6/01/2013		10,890,300
	1,780,000	iStar Financial, Inc., Series B, 5.125%, 4/01/2011		623,000

6

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Non-Captive Diversified — continued
$	44,610,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013	$	14,052,150
				767,802,024
		Oil Field Services — 0.3%
	22,930,000	North American Energy Partners, Inc., Senior Note, 8.750%, 12/01/2011		17,426,800
	11,855,000	Weatherford International Ltd., 6.500%, 8/01/2036		8,899,110
				26,325,910
		Packaging — 0.4%
	33,261,000	Owens-Illinois, Inc., Senior Note, 7.800%, 5/15/2018		29,602,290
		Paper — 2.5%
	250,000	Abitibi-Consolidated, Inc., 6.000%, 6/20/2013		21,875
	8,125,000	Abitibi-Consolidated, Inc., 7.400%, 4/01/2018		609,375
	12,310,000	Abitibi-Consolidated, Inc., 7.500%, 4/01/2028		861,700
	2,960,000	Abitibi-Consolidated, Inc., 8.500%, 8/01/2029		207,200
	39,846,000	Abitibi-Consolidated, Inc., 8.850%, 8/01/2030		2,789,220
	750,000	Avenor, Inc., 10.850%, 11/30/2014, (CAD)		109,599
	2,685,000	Bowater, Inc., 6.500%, 6/15/2013		268,500
	7,955,000	Domtar Corp., 5.375%, 12/01/2013		4,932,100
	11,720,000	Georgia-Pacific Corp., 7.250%, 6/01/2028		7,149,200
	11,605,000	Georgia-Pacific Corp., 7.375%, 12/01/2025		7,427,200
	120,000	Georgia-Pacific Corp., 7.700%, 6/15/2015		91,200
	42,425,000	Georgia-Pacific Corp., 7.750%, 11/15/2029		26,727,750
	15,555,000	Georgia-Pacific Corp., 8.000%, 1/15/2024		10,499,625
	18,378,000	Georgia-Pacific Corp., 8.875%, 5/15/2031		12,680,820
	149,788,000	International Paper Co., 7.950%, 6/15/2018		118,386,444
	3,995,000	Jefferson Smurfit Corp., 7.500%, 6/01/2013		699,125
	100,000	Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017		18,000
	14,140,000	Westvaco Corp., 7.950%, 2/15/2031		9,742,827
	12,655,000	Westvaco Corp., 8.200%, 1/15/2030		9,631,518
				212,853,278
		Pharmaceuticals — 0.9%
	20,522,000	Astrazeneca PLC, 6.450%, 9/15/2037		23,326,947
	41,300,000	Elan Finance PLC, 8.875%, 12/01/2013		21,476,000
	50,820,000	Elan Finance PLC, Senior Note, 7.750%, 11/15/2011		29,983,800
				74,786,747
		Pipelines — 2.2%
	766,000	Colorado Interstate Gas Co., 5.950%, 3/15/2015		637,605
	340,000	Colorado Interstate Gas Co., 6.800%, 11/15/2015		292,907
	19,745,000	DCP Midstream LP, 144A, 6.450%, 11/03/2036		14,342,492
	15,685,000	El Paso Corp., 6.950%, 6/01/2028		9,481,708
	1,500,000	El Paso Corp., 7.420%, 2/15/2037		903,876
	750,000	El Paso Corp., MTN, 7.800%, 8/01/2031		488,627
	1,000,000	El Paso Energy Corp., MTN, 7.750%, 1/15/2032		649,121
	5,255,000	Energy Transfer Partners LP, 6.125%, 2/15/2017		4,339,721
	9,115,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		6,380,062
	13,175,000	Enterprise Products Operating LLP, 6.300%, 9/15/2017		11,150,898
	500,000	Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		348,099
	4,663,000	Kinder Morgan Finance Co. ULC, Guaranteed Note, 5.700%, 1/05/2016		3,473,935
	10,498,000	Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		7,821,010
	81,710,000	NGPL Pipeco LLC, 144A, 7.119%, 12/15/2017		73,554,852
	3,425,000	ONEOK Partners LP, 6.650%, 10/01/2036		2,653,776
	20,770,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		16,516,117
	44,730,000	Plains All American Pipeline LP, 6.650%, 1/15/2037		30,777,371
	5,272,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		4,033,797
	600,000	Williams Cos., Inc., 7.875%, 9/01/2021		459,000
	965,000	Williams Cos., Inc., Senior Note, 7.750%, 6/15/2031		661,025
	4,030,000	Williams Cos., Inc., Series A, 7.500%, 1/15/2031		2,700,100
				191,666,099
		Property & Casualty Insurance — 0.8%
	4,785,000	Allstate Corp., 5.950%, 4/01/2036		4,050,952
	2,660,000	Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		2,359,894
	11,710,000	Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		10,430,401
	9,075,000	Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		6,685,543

7

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Property & Casualty Insurance — continued
$	6,080,000	MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 144A, 14.000%, 1/15/2033	$	3,100,800
	4,000,000	Travelers Cos., Inc. (The), 6.750%, 6/20/2036		4,164,200
	31,135,000	Travelers Cos., Inc. (The), MTN, 6.250%, 6/15/2037		29,935,400
	1,000,000	Travelers Property Casualty Corp., 6.375%, 3/15/2033		946,377
	11,205,000	Willis North America, Inc., 6.200%, 3/28/2017		7,762,656
				69,436,223
		Railroads — 0.5%
	2,700,000	Canadian Pacific Railway Co., 5.750%, 3/15/2033		1,866,832
	16,410,000	Canadian Pacific Railway Co., 5.950%, 5/15/2037		11,572,102
	5,000,000	CSX Corp., 6.250%, 3/15/2018		4,598,870
	32,889,000	CSX Corp., MTN, 6.000%, 10/01/2036		26,049,272
	1,153,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(e)		541,910
				44,628,986
		REITs — 0.7%
	27,950,000	Camden Property Trust, 5.700%, 5/15/2017		18,167,500
	2,935,000	Colonial Realty LP, 6.050%, 9/01/2016		1,710,242
	4,030,000	Duke Realty LP, 5.950%, 2/15/2017		2,013,404
	3,300,000	ERP Operating LP, 5.125%, 3/15/2016		2,334,783
	45,430,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		28,102,726
	1,880,000	ProLogis, 5.625%, 11/15/2015		921,200
	1,535,000	ProLogis, 5.750%, 4/01/2016		765,526
	1,500,000	Simon Property Group LP, 5.250%, 12/01/2016		958,475
	2,435,000	Simon Property Group LP, 5.750%, 12/01/2015		1,590,527
				56,564,383
		Restaurants — 0.0%
	1,250,000	McDonald’s Corp., EMTN, 3.628%, 10/10/2010, (SGD)		895,789
		Retailers — 4.3%
	8,758,000	Dillard’s, Inc., 6.625%, 1/15/2018		3,109,090
	4,187,000	Dillard’s, Inc., 7.130%, 8/01/2018		1,402,645
	1,500,000	Dillard’s, Inc., 7.750%, 7/15/2026		472,500
	425,000	Dillard’s, Inc., 7.875%, 1/01/2023		133,875
	3,325,000	Dillard’s, Inc., Class A, 7.000%, 12/01/2028		1,080,625
	2,045,000	Home Depot, Inc., 5.400%, 3/01/2016		1,830,111
	122,318,000	Home Depot, Inc., 5.875%, 12/16/2036		95,909,789
	3,685,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		2,446,114
	350,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023		246,449
	3,330,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037		2,192,432
	3,985,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		2,629,949
	72,355,000	J.C. Penney Corp., Inc., Senior Note, 6.375%, 10/15/2036		43,796,337
	1,095,000	Lowe’s Cos., Inc., 5.500%, 10/15/2035		882,897
	40,440,000	Lowe’s Cos., Inc., 6.650%, 9/15/2037		38,549,632
	17,705,000	Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		9,969,792
	12,275,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		6,664,932
	2,365,000	Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		1,290,325
	6,365,000	Marks & Spencer PLC, 144A, 7.125%, 12/01/2037		3,021,618
	7,793,000	Target Corp., 6.500%, 10/15/2037		6,691,623
	134,773,000	Target Corp., 7.000%, 1/15/2038		124,906,943
	32,675,000	Toys R Us, Inc., 7.375%, 10/15/2018		11,763,000
	8,355,000	Toys R Us, Inc., 7.875%, 4/15/2013		3,258,450
	10,270,000	Woolworth Corp., 8.500%, 1/15/2022		7,805,200
				370,054,328
		Sovereigns — 7.7%
	130,000,000	Canadian Government, 2.750%, 12/01/2010, (CAD)		108,577,643
	28,000,000	Canadian Government, 3.750%, 6/01/2012, (CAD)		24,355,350
	19,555,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		17,080,885
	21,565,000	Canadian Government, 4.250%, 9/01/2009, (CAD)		17,855,541
	25,445,000	Canadian Government, 4.250%, 6/01/2018, (CAD)		23,260,172
	62,140,000	Canadian Government, 5.250%, 6/01/2012, (CAD)		56,559,732
	2,724,600,000	Indonesia Treasury Bond, Zero Coupon, 11/20/2012, (IDR)		16,038,320
	10,000,000,000	Indonesia Treasury Bond, 10.000%, 2/15/2028, (IDR)		757,661
	104,626,000,000	Indonesia Treasury Bond, 10.250%, 7/15/2022, (IDR)		8,300,969
	4,125,000(††)	Mexican Fixed Rate Bonds, Series M-10, 9.000%, 12/20/2012, (MXN)		31,162,761

8

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)	Description	Value (†)
	Sovereigns — continued
18,686,981(††)	Mexican Fixed Rate Bonds, Series M-20, Series M-20, 8.000%, 12/07/2023, (MXN)	$	132,050,977
79,755,000	New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010, (AUD)		58,601,625
9,922,000	Republic of Brazil, 8.250%, 1/20/2034		12,129,645
6,000,000	Republic of Brazil, 8.875%, 4/15/2024		7,440,000
56,700,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		21,882,504
140,235,000	Republic of Brazil, 12.500%, 1/05/2016, (BRL)		63,141,831
107,840,000	Republic of Brazil, 12.500%, 1/05/2022, (BRL)		47,862,093
894,675,000	Republic of Iceland, 7.000%, 3/17/2010, (ISK)		4,971,304
1,198,590,000	Republic of Iceland, 8.500%, 6/12/2009, (ISK)		6,956,103
			658,985,116
	Supermarkets — 0.8%
72,681,000	Albertson’s, Inc., 7.450%, 8/01/2029		46,879,245
19,060,000	Albertson’s, Inc., 7.750%, 6/15/2026		11,626,600
4,895,000	Albertson’s, Inc., 8.000%, 5/01/2031		2,937,000
1,510,000	Albertson’s, Inc., 8.700%, 5/01/2030		973,950
13,242,000	Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		7,018,260
			69,435,055
	Supranational — 3.0%
175,000,000	Eurofima, EMTN, 11.000%, 2/05/2010, (ISK)		1,038,115
128,250,000	European Investment Bank, Zero Coupon, 3/10/2021, (AUD)		49,986,963
16,375,000	European Investment Bank, 11.250%, 2/14/2013, (BRL)		7,372,963
413,529,000,000	European Investment Bank, EMTN, Zero Coupon, 4/24/2013, (IDR)(e)		18,081,461
134,330,000	European Investment Bank, EMTN, 144A, 4.600%, 1/30/2037, (CAD)		107,868,785
80,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 5/11/2009, (BRL)		31,303,602
244,840,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013, (IDR)		12,475,609
24,450,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		15,569,149
1,385,900,000	International Bank for Reconstruction & Development, 9.500%, 5/27/2010, (ISK)		7,955,231
62,300,000	Nordic Investment Bank, EMTN, 11.250%, 4/16/2009, (ISK)		361,581
			252,013,459
	Technology — 2.5%
1,190,000	Affiliated Computer Services, Inc., 5.200%, 6/01/2015		856,800
41,705,000	Agilent Technologies, Inc., 6.500%, 11/01/2017		28,668,142
300,000	Alcatel-Lucent, EMTN, 6.375%, 4/07/2014, (EUR)		279,400
10,070,000	Amkor Technology, Inc., 7.750%, 5/15/2013		5,739,900
6,950,000	Amkor Technology, Inc., Senior Note, 7.125%, 3/15/2011		4,673,875
4,640,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		3,788,221
30,125,000	Avnet, Inc., 5.875%, 3/15/2014		25,310,302
35,630,000	Avnet, Inc., 6.000%, 9/01/2015		27,283,245
11,345,000	Avnet, Inc., 6.625%, 9/15/2016		9,368,283
6,225,000	Corning, Inc., 5.900%, 3/15/2014		5,430,497
6,220,000	Corning, Inc., 6.200%, 3/15/2016		5,316,663
6,150,000	Corning, Inc., 6.850%, 3/01/2029		4,751,693
4,725,000	Corning, Inc., 7.250%, 8/15/2036		3,806,441
14,385,000	Equifax, Inc., 7.000%, 7/01/2037		9,000,493
29,605,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		12,138,050
41,104,000	Lucent Technologies, Inc., 6.450%, 3/15/2029		16,441,600
2,840,000	Lucent Technologies, Inc., 6.500%, 1/15/2028		1,107,600
9,739,000	Motorola, Inc., 5.220%, 10/01/2097		3,238,363
9,345,000	Motorola, Inc., 6.500%, 9/01/2025		4,625,280
17,028,000	Motorola, Inc., 6.500%, 11/15/2028		7,522,528
18,715,000	Motorola, Inc., 6.625%, 11/15/2037		8,796,050
9,365,000	Nortel Networks Capital Corp., 7.875%, 6/15/2026		561,900
11,770,000	Nortel Networks Ltd., 6.875%, 9/01/2023		706,200
25,890,000	Nortel Networks Ltd., 10.125%, 7/15/2013		6,472,500
285,000	Samsung Electronics Co. Ltd., 144A, 7.700%, 10/01/2027		297,475
18,050,000	Xerox Capital Trust I, Guaranteed Note, 8.000%, 2/01/2027		12,326,164
1,730,000	Xerox Corp., MTN, 7.200%, 4/01/2016		1,291,672
			209,799,337

9

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Textile — 0.0%
$	7,515,000	Kellwood Co., 7.625%, 10/15/2017(e)	$	676,350
		Tobacco — 1.6%
	78,335,000	Altria Group, Inc., 8.500%, 11/10/2013		81,135,006
	52,930,000	Reynolds American, Inc., 6.750%, 6/15/2017		42,015,093
	13,400,000	Reynolds American, Inc., 7.250%, 6/15/2037		9,023,145
				132,173,244
		Transportation Services — 0.5%
	10,503,000	APL Ltd., Senior Note, 8.000%, 1/15/2024(e)		5,544,744
	17,574,841	Atlas Air, Inc., Series 1998-1, Class 1B, 7.680%, 1/02/2014(g)		13,532,627
	9,128,302	Atlas Air, Inc., Series 1999-1, Class A1, 7.200%, 1/02/2019		6,389,812
	320,321	Atlas Air, Inc., Series 1999-1, Class A2, 6.880%, 7/02/2009		262,664
	12,740,207	Atlas Air, Inc., Series 1999-1, Class B, 7.630%, 1/02/2015(g)		9,555,155
	4,744,556	Atlas Air, Inc., Series 1999-1, Class C, 8.770%, 1/02/2011(g)		2,609,506
	5,323,737	Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017(g)		4,631,651
	6,862,758	Atlas Air, Inc., Series C, 8.010%, 1/02/2010(g)		3,225,496
				45,751,655
		Wireless — 1.8%
	8,524,000	ALLTEL Corp., 6.800%, 5/01/2029		7,415,880
	58,210,000	ALLTEL Corp., Senior Note, 7.875%, 7/01/2032		56,754,750
	29,340,000	Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		12,322,800
	14,066,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		5,978,050
	38,855,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		16,319,100
	2,085,000	Rogers Wireless, Inc., 7.625%, 12/15/2011, (CAD)		1,752,397
	2,525,000	Rogers Wireless, Inc., Senior Secured Note, 6.375%, 3/01/2014		2,400,257
	20,886,000	Sprint Capital Corp., 6.875%, 11/15/2028		12,427,170
	23,865,000	Sprint Capital Corp., 6.900%, 5/01/2019		16,944,150
	11,309,000	Sprint Nextel Corp., 6.000%, 12/01/2016		7,972,845
	28,355,000	True Move Co. Ltd., 144A, 10.750%, 12/16/2013		11,625,550
	1,285,000	Vodafone Group PLC, 6.150%, 2/27/2037		1,270,135
				153,183,084
		Wirelines — 6.6%
	10,245,000	AT&T Corp., 6.500%, 3/15/2029		9,923,030
	7,605,000	AT&T, Inc, 6.700%, 11/15/2013		8,056,144
	8,500,000	AT&T, Inc., 6.150%, 9/15/2034		8,736,215
	125,100,000	AT&T, Inc., 6.500%, 9/01/2037		134,731,449
	4,370,000	Bell Canada, 144A, 6.550%, 5/01/2029, (CAD)		2,867,279
	5,925,000	Bell Canada, MTN, 5.000%, 2/15/2017, (CAD)		4,054,390
	8,445,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		6,019,927
	33,640,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		20,921,110
	860,000	Bell South Corp., 6.550%, 6/15/2034		872,039
	425,000	Cincinnati Bell, Inc., 8.375%, 1/15/2014		327,250
	5,330,000	Embarq Corp., 7.995%, 6/01/2036		3,597,750
	35,260,000	Frontier Communications Corp., 7.875%, 1/15/2027		20,450,800
	5,790,000	GTE Corp., 6.940%, 4/15/2028		5,357,892
	525,000	Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(c)		2,625
	8,098,000	Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030		9,146,618
	1,800,000	Koninklijke (Royal) KPN NV, EMTN, 4.000%, 6/22/2015, (EUR)		2,214,223
	1,120,000	Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016, (GBP)		1,516,788
	32,435,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		16,379,675
	13,010,000	Level 3 Financing, Inc., 9.250%, 11/01/2014		7,545,800
	3,346,000	New England Telephone & Telegraph Co., 7.875%, 11/15/2029		2,940,943
	32,155,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		20,096,875
	16,335,000	Qwest Capital Funding, Inc., Guaranteed Note, 6.500%, 11/15/2018		10,699,425
	42,460,000	Qwest Capital Funding, Inc., Guaranteed Note, 6.875%, 7/15/2028		25,476,000
	10,675,000	Qwest Capital Funding, Inc., Guaranteed Note, 7.625%, 8/03/2021		7,098,875
	32,400,000	Qwest Corp., 6.875%, 9/15/2033		19,278,000
	1,290,000	Qwest Corp., 7.200%, 11/10/2026		832,050
	3,689,000	Qwest Corp., 7.250%, 9/15/2025		2,471,630
	2,598,000	Qwest Corp., 7.500%, 6/15/2023		1,818,600
	5,470,000	SK Broadband Co. Ltd., 144A, 7.000%, 2/01/2012		4,485,400

10

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	23,000,000	Telecom Italia Capital, 6.000%, 9/30/2034	$	15,870,000
	19,635,000	Telecom Italia Capital, 6.375%, 11/15/2033		13,744,500
	89,992,000	Telefonica Emisiones SAU, Guaranteed Note, 7.045%, 6/20/2036		98,229,058
	31,690,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		21,983,028
	41,882,000	Verizon Global Funding Corp., Senior Note, 5.850%, 9/15/2035		41,670,496
	6,230,000	Verizon Maryland, Inc., Series B, 5.125%, 6/15/2033		4,535,577
	12,050,000	Verizon New York, Inc., Series A, 7.375%, 4/01/2032		10,065,245
				564,016,706
		Total Non-Convertible Bonds (Identified Cost $9,403,882,078)		6,949,247,137
	Convertible Bonds — 3.2%
		Healthcare — 0.2%
	26,280,000	Affymetrix, Inc., 3.500%, 1/15/2038		10,150,650
	12,005,000	Life Technologies Corp., 1.500%, 2/15/2024		9,003,750
				19,154,400
		Industrial Other — 0.2%
	30,860,000	Incyte Corp., 3.500%, 2/15/2011		16,394,375
		Media Non-Cable — 0.1%
	7,818,747	Liberty Media LLC, 3.500%, 1/15/2031		2,257,663
	7,716,000	Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(f)		3,780,840
				6,038,503
		Non-Captive Diversified — 0.1%
	44,035,000	iStar Financial, Inc., 4.383%, 10/01/2012(b)		12,770,150
		Pharmaceuticals — 1.0%
	5,111,000	EPIX Pharmaceuticals, Inc., Senior Note, 3.000%, 6/15/2024(e)(j)		1,022,200
	36,525,000	Human Genome Sciences, Inc., 2.250%, 8/15/2012		9,953,063
	24,081,000	Nektar Therapeutics, 3.250%, 9/28/2012		14,147,588
	22,735,000	Valeant Pharmaceuticals International, Subordinated Note, 3.000%, 8/16/2010		20,518,337
	28,222,000	Valeant Pharmaceuticals International, Subordinated Note, 4.000%, 11/15/2013		24,412,030
	11,035,000	Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		15,090,362
				85,143,580
		REITs — 0.2%
	22,413,000	Host Hotels & Resorts, Inc., 144A, 2.625%, 4/15/2027		14,484,401
		Technology — 0.3%
	12,755,000	Avnet, Inc., 2.000%, 3/15/2034		12,547,731
	7,105,000	Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		3,206,131
	3,880,000	Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		2,580,200
	4,196,000	Maxtor Corp., Subordinated Note, 5.750%, 3/01/2012(e)		3,147,000
	745,000	Nortel Networks Corp., 1.750%, 4/15/2012		106,163
	30,767,000	Nortel Networks Corp., 2.125%, 4/15/2014		4,307,380
	311,000	Richardson Electronics Ltd., 7.750%, 12/15/2011		264,350
				26,158,955
		Textile — 0.0%
	121,000	Dixie Group, Inc., Subordinated Note, 7.000%, 5/15/2012		108,900
		Transportation Services — 0.0%
	403,000	Preston Corp., Subordinated Note, 7.000%, 5/01/2011		302,250
		Wireless — 0.1%
	625,000	Nextel Communications, Inc., Senior Note, 5.250%, 1/15/2010		541,406
	15,695,000	NII Holdings, Inc., 3.125%, 6/15/2012		9,515,094
				10,056,500
		Wirelines — 1.0%
	35,110,000	Level 3 Communications, Inc., 2.875%, 7/15/2010		21,812,088
	33,440,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		11,787,600
	12,604,000	Level 3 Communications, Inc., 5.250%, 12/15/2011		5,246,415
	28,648,000	Level 3 Communications, Inc., 6.000%, 9/15/2009		26,069,680
	35,920,000	Level 3 Communications, Inc., 6.000%, 3/15/2010		25,144,000
				90,059,783
		Total Convertible Bonds (Identified Cost $455,653,068)		280,671,797
	Municipals — 1.1%
		Alabama — 0.0%
	3,270,000	Alabama Public School & College Authority (Capital Improvement), 4.500%, 12/01/2026		2,937,114
		California — 0.5%
	3,435,000	San Diego Unified School District (Election 1998), Series F-1, (FSA insured), 4.500%, 7/01/2029		2,911,918

11

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		California — continued
$	1,530,000	San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), Series C, (MBIA insured), 3.750%, 8/01/2028	$	975,314
	4,170,000	San Jose California Redevelopment Agency Tax Allocation (Merged Area), Series C, (MBIA insured), 3.750%, 8/01/2028		2,524,101
	5,175,000	State of California, (AMBAC insured), 4.500%, 8/01/2027		4,266,011
	14,415,000	State of California, 4.500%, 10/01/2029		11,641,698
	4,190,000	State of California, (AMBAC insured), 4.500%, 8/01/2030		3,339,891
	3,620,000	State of California, 4.500%, 8/01/2030		2,885,538
	2,680,000	State of California (Various Purpose), (MBIA insured), 3.250%, 12/01/2027		1,750,254
	12,645,000	State of California (Various Purpose), (AMBAC insured), 4.500%, 12/01/2033		9,745,755
	895,000	University of California Regents Medical Center, Series A, (MBIA insured), 4.750%, 5/15/2031		772,081
				40,812,561
		District of Columbia — 0.0%
	3,270,000	District of Columbia, Series A, (FGIC insured), 4.750%, 6/01/2036		2,715,146
		Florida — 0.1%
	3,270,000	Florida State Turnpike Authority (Department of Transportation), Series A, (MBIA insured), 3.500%, 7/01/2027		2,362,477
	5,185,000	Jacksonville Electric Authority, Florida Water & Sewer Systems Revenue, (MBIA insured), 4.750%, 10/01/2041		4,279,077
				6,641,554
		Illinois — 0.1%
	5,650,000	Chicago Board of Education, Series B, (FSA insured), 4.750%, 12/01/2031		4,938,496
	1,725,000	Chicago O’Hare International Airport, Series A, (FSA insured), 4.500%, 1/01/2038		1,340,135
				6,278,631
		Louisiana — 0.0%
	3,270,000	State of Louisiana, Series C, (FSA insured), 3.250%, 5/01/2026		2,301,524
		Massachusetts — 0.0%
	3,275,000	Massachusetts School Building Authority, Series A, (AMBAC insured), 4.750%, 8/15/2032		2,862,285
		Michigan — 0.1%
	1,975,000	Grosse Pointe Public School System, (FGIC insured), 3.000%, 5/01/2027		1,376,437
	13,095,000	Michigan Tobacco Settlement Finance Authority, Taxable Turbo Series A, 7.309%, 6/01/2034(e)		7,598,505
				8,974,942
		Nebraska — 0.1%
	8,175,000	Omaha Public Power District, Series AA, (FGIC insured), 4.500%, 2/01/2034		6,866,591
		Texas — 0.1%
	9,320,000	County of Harris TX, Series B, 4.500%, 10/01/2031		8,350,813
		Wisconsin — 0.1%
	2,235,000	Green Bay Wisconsin Water System Revenue, (FSA insured), 3.500%, 11/01/2026		1,730,717
	2,410,000	Green Bay Wisconsin Water System Revenue, (FSA insured), 3.500%, 11/01/2029		1,773,688
	835,000	Wisconsin Housing & Economic Development Authority, Series E, 4.900%, 11/01/2035		657,946
				4,162,351
		Total Municipals (Identified Cost $107,559,350)		92,903,512
		Total Bonds and Notes (Identified Cost $9,967,094,496)		7,322,822,446
	Bank Loans — 0.7%
		Automotive — 0.3%
	115,304,271	Chrysler LLC, First Lien Term Loan, 6.200%, 8/03/2013(h)		24,790,418
		Consumer Products — 0.0%
	5,969,152	Mega Brands, Inc., Term Loan B, 8.750%, 7/26/2012(h)		1,492,288
		Food & Beverage — 0.0%
	361,942	Dole Food Co., Inc., LOC, 6.819%, 4/12/2013(h)		252,154
	518,392	Dole Food Co., Inc., Term Loan, 2.715%, 4/12/2013(h)		361,148
	2,344,632	Dole Food Co., Inc., Tranche C Term Loan, 4.701%, 4/12/2013(h)		1,633,435
				2,246,737
		Media Non-Cable — 0.1%
	31,027,629	Idearc, Inc., Term Loan B, 3.417%, 11/17/2014(h)		9,419,057
	2,797,946	Tribune Co., Tranche X, 7.084%, 6/04/2009(h)		779,424
				10,198,481
		Oil Field Services — 0.0%
	2,485,000	Dresser, Inc., Second Lien Term Loan, 7.986%, 5/04/2015(h)		1,283,925

12

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

Investments as of December 31, 2008 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Oil Field Services — continued
$	1,230,373	Dresser, Inc., Term Loan B, 4.409%, 5/04/2014(h)	$	766,928
				2,050,853
		Paper — 0.1%
	4,760,453	Georgia-Pacific Corp., First Lien Term Loan, 4.108%, 12/20/2012(h) 3,891,670
	1,828,924	Georgia-Pacific Corp., Term Loan B2, 3.312%, 12/20/2012(h)		1,495,145
				5,386,815
		Technology — 0.1%
	11,508,166	Nuance Communications, Inc., Incremental Term Loan, 2.470%, 3/31/2013(h)		7,595,390
		Wirelines — 0.1%
	16,722,131	Hawaiian Telcom Communications, Inc., Term Loan C, 4.500%, 6/01/2014(h)		6,354,410
		Total Bank Loans (Identified Cost $149,419,556)		60,115,392
Shares
	Common Stocks — 3.5%
		Biotechnology — 0.1%
	359,449	Vertex Pharmaceuticals, Inc.(g)		10,920,061
		Communications Equipment — 0.0%
	41,343	Corning, Inc.		393,999
		Containers & Packaging — 0.2%
	460,656	Owens-Illinois, Inc.(g)		12,589,728
		Electric Utilities — 0.1%
	282,500	Duke Energy Corp.		4,240,325
		Food Products — 0.4%
	2,309,175	ConAgra Foods, Inc.		38,101,388
		Household Durables — 0.1%
	477,725	KB Home		6,506,614
	549,450	Lennar Corp., Class A		4,763,732
				11,270,346
		Oil, Gas & Consumable Fuels — 0.2%
	846,398	Chesapeake Energy Corp.		13,686,256
	141,249	Spectra Energy Corp.		2,223,259
				15,909,515
		Pharmaceuticals — 2.0%
	7,238,800	Bristol-Myers Squibb Co.		168,302,100
	2,288	Teva Pharmaceutical Industries Ltd., Sponsored ADR		97,400
				168,399,500
		REITs — 0.4%
	253,268	Apartment Investment & Management Co., Class A		2,925,245
	889,730	Associated Estates Realty Corp.		8,123,235
	182,500	Developers Diversified Realty Corp.		890,600
	460,000	Equity Residential		13,717,200
	117,700	Simon Property Group, Inc.		6,253,401
				31,909,681
		Thrifts & Mortgage Finance — 0.0%
	4,794,025	Federal Home Loan Mortgage Corp. (g)(i)		3,499,638
		Total Common Stocks (Identified Cost $433,087,909)		297,234,181
	Preferred Stocks — 1.2%
		Automotive — 0.2%
	1,458,359	Ford Motor Co. Capital Trust II Convertible, 6.500%		13,168,982
	79,502	General Motors Corp., Convertible, 6.250%		254,406
				13,423,388
		Banking — 0.1%
	11,795	Bank of America Corp., Convertible, 7.250%		7,666,750
		Capital Markets — 0.0%
	73,204	Lehman Brothers Holdings, Inc., 5.670%(c)		293
	77,610	Lehman Brothers Holdings, Inc., 5.940%(c)		8
	39,450	Lehman Brothers Holdings, Inc., 6.000%(c)		197
	340,116	Lehman Brothers Holdings, Inc., 6.500%(c)		510
	28,950	Lehman Brothers Holdings, Inc., 7.250%(c)		14,475
	357,592	Lehman Brothers Holdings, Inc., 7.950%(c)		536
	35,000	Merrill Lynch & Co., Inc., 6.375%		522,550
	81,975	Newell Financial Trust I, Convertible, 5.250%		2,049,375
				2,587,944
		Commercial Banks — 0.1%
	5,933	Wachovia Corp., Series L, Class A, 7.500%		4,449,750
		Diversified Consumer Services — 0.0%
	332,275	Six Flags, Inc., 7.250%		239,238
		Diversified Financial Services — 0.2%
	552,770	CIT Group, Inc., 6.350%		7,130,733
	5,000	CIT Group, Inc., Convertible, 8.750%		144,300
	36,912	Preferred Blocker, Inc., 9.000%		9,228,000
	129,508	Sovereign Capital Trust IV, Convertible, 4.375%		2,460,652
				18,963,685
		Electric Utilities — 0.2%
	370,577	AES Trust III, Convertible, 6.750%		14,022,634
	107,725	CMS Energy Trust I, Convertible, 7.750%(e)(j)		3,231,750
	393	Entergy New Orleans, Inc., 4.750%		33,012
				17,287,396

13

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

Investments as of December 31, 2008 (Unaudited)

Shares		Description	Value (†)
		Machinery — 0.0%
	171,240	United Rentals Trust I, Convertible, 6.500%	$	2,568,600
		Oil, Gas & Consumable Fuels — 0.1%
	52,020	Chesapeake Energy Corp., Convertible, 4.500%		3,108,195
	158,777	El Paso Energy Capital Trust I, Convertible, 4.750%		4,058,737
				7,166,932
		REITs — 0.0%
	42,700	FelCor Lodging Convertible, 7.800%		288,225
		Semiconductors & Semiconductor Equipment — 0.1%
	32,320	Lucent Technologies Capital Trust I, Convertible, 7.750%		9,921,917
		Thrifts & Mortgage Finance — 0.2%
	389,800	Countrywide Capital IV, 6.750%		6,470,680
	75,100	Federal Home Loan Mortgage Corp., 5.000%(g)(i)		40,554
	1,741,500	Federal Home Loan Mortgage Corp., 5.570%(g)(i)		557,280
	444,350	Federal Home Loan Mortgage Corp., 5.660%(g)(i)		222,175
	120,695	Federal Home Loan Mortgage Corp., 5.700%(g)(i)		63,968
	283,000	Federal Home Loan Mortgage Corp., 5.790%(g)(i)		209,420
	81,450	Federal Home Loan Mortgage Corp., 5.810%(g)(i)		44,798
	219,750	Federal Home Loan Mortgage Corp., 5.900%(g)(i)		63,706
	96,600	Federal Home Loan Mortgage Corp., 6.000%(g)(i)		62,790
	89,300	Federal Home Loan Mortgage Corp., 6.420%(g)(i)		53,580
	392,116	Federal Home Loan Mortgage Corp., 6.550%(g)(i)		117,635
	3,856,103	Federal Home Loan Mortgage Corp., 8.375%(g)(i)		1,503,880
	192,100	Federal National Mortgage Association, 4.750%(g)(i)		197,863
	144,900	Federal National Mortgage Association, 5.125%(g)(i)		144,900
	104,850	Federal National Mortgage Association, 5.375%(g)(i)		120,577
	56,600	Federal National Mortgage Association, 5.810%(g)(i)		69,052
	87,300	Federal National Mortgage Association, 6.750%(g)(i)		56,745
	6,747,525	Federal National Mortgage Association, 8.250%(g)(i)		5,600,446
				15,600,049
		Total Preferred Stocks (Identified Cost $499,510,896)		100,163,874
	Closed-End Investment Companies — 0.3%
	199,046	BlackRock Senior High Income Fund, Inc.		477,711
	1,033,275	Dreyfus High Yield Strategies		2,304,203
	177,910	DWS High Income Trust		515,939
	860,000	Highland Credit Strategies Fund		4,902,000
	110,211	Morgan Stanley Emerging Markets Debt Fund, Inc.		779,192
	141,612	Van Kampen High Income Trust II		252,069
	2,055,800	Western Asset High Income Opportunity Fund, Inc.		8,182,084
	1,368,400	Western Asset Managed High Income Fund, Inc.		5,829,384
		Total Closed-End Investment Companies (Identified Cost $41,292,759)		23,242,582
Shares/ Principal Amount (‡)
	Short-Term Investments — 6.3%
	946,700	State Street Navigator Securities Lending Prime Portfolio(l)		946,700
$	604,854	Repurchase Agreement with State Street Corp., dated 12/31/2008 at 0.010% to be repurchased at $604,854 on 1/02/2009, collateralized by $604,854 U.S. Treasury Bond, due 2/05/2009 valued at $604,984 including accrued interest (k)		604,854
	538,555,285	Tri-Party Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2008 at 0.000% to be repurchased at $538,555,285 on 1/02/2008, collateralized by $100,000,000 Federal Home Loan Bank Discount Notes, due 5/20/2009 valued at $99,875,000; $150,000,000 Federal Home Loan Bank, 4.250% due 5/15/2009 valued at $153,000,000; $64,705,000 Federal Home Loan Bank, 5.250% due 6/12/2009 valued at $66,241,744; $31,160,000 Federal Home Loan Bank, 5.375% due 7/17/2009 valued at $32,718,000; $147,850,000 Federal Home Loan Bank, 2.275% due 4/24/2009 valued at $150,991,813; $6,785,000 Federal Home Loan Mortgage Corp., 6.625% due 9/15/2009 valued at $7,175,138; $39,380,000 Federal Home Loan Bank Discount Notes, due 3/31/2009 valued at $39,330,775 including accrued interest (k)	$	538,555,285
		Total Short-Term Investments (Identified Cost $540,106,839)		540,106,839

14

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

Investments as of December 31, 2008 (Unaudited)

Total Investments — 97.6% (Identified Cost $11,630,512,455)(a)		8,343,685,314
Other assets less liabilities—2.4%		204,816,833
Net Assets — 100.0%	$	8,548,502,147

(‡) 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.

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.

(††) 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 December 31, 2008, the net unrealized depreciation on investments based on a cost of $11,635,396,103 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	$	88,429,933
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(3,380,140,722	)
Net unrealized depreciation	$	(3,291,710,789	)

(b) Variable rate security. Rate as of December 31, 2008 is disclosed.

(c) Non-income producing due to bankruptcy filing.

(d) All or a portion of this security was on loan to brokers at December 31, 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 (including accrued interest) 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 (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) 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 (including accrued interest) of the security on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2008 were $701,250 and $946,700, respectively.

(e) Illiquid security. At December 31, 2008, the value of these securities amounted to $365,703,597 or 4.3% of net assets.

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

76

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

Investments as of December 31, 2008 (Unaudited)

(g)	Non-income producing security.
(h)	Variable rate security. Rate shown represents the weighted average rate at December 31, 2008.
(i)	Future dividend payments have been eliminated as the issuer has been placed in conservatorship.
(j)	Valued by management. At December 31, 2008, the value of these securities amounted to $172,154,903 or 2.0% of net assets.
(k)	It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 100% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held 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.
(l)	Represents investment of security 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 December 31, 2008, the value of these securities amounted to $729,459,980 or 8.5% 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.
ABS	Asset-Backed 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
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	Icelandic Krona
KRW	South Korean Won
MXN	Mexican Peso
NZD	New Zealand Dollar
SGD	Singapore Dollar
THB	Thailand Baht

Fair Value Measurements

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective October 1, 2008. FAS 157 establishes a hierarchy for net asset value determination purposes in which various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1—quoted prices in active markets for identical investments;

• Level 2—prices determined using other significant observable inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar investments, interest rates, credit risk, etc.);

• Level 3—prices determined using significant unobservable inputs for situations where quoted prices or observable inputs are unavailable such as when there is little or no market activity for an investment, (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of investments and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2008:

Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	920,740,354
Level 2—Other Significant Observable Inputs		6,779,804,326
Level 3—Significant Unobservable Inputs		643,140,634
Total	$	8,343,685,314

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2008:

Assets	Investments in Securities
Balance as of September 30, 2008	$	217,545,454
Realized gain (loss)		(18,663,910	)
Change in unrealized appreciation (depreciation)		(184,308,058	)
Net purchases (sales)		128,344,951
Net reclassifications to/from Level 3		500,222,197
Balance as of December 31, 2008	$	643,140,634

New Accounting Pronouncement

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 may have on the Fund’s financial statement disclosures.

16

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

Investments as of December 31, 2008 (Unaudited)

Net Asset Summary at December 31, 2008 (Unaudited)

Non-Captive Diversified	9.1	%
Wirelines	7.7
Sovereigns	7.7
Healthcare	4.8
Banking	4.8
Electric	4.6
Retailers	4.3
Pharmaceuticals	3.9
Non Captive Consumer	3.7
Media Cable	3.0
Supranational	3.0
Technology	2.9
Paper	2.5
Automotive	2.3
Pipelines	2.2
Other Investments, less than 2% each	24.8
Short-Term Investments	6.3
Total Investments	97.6
Other assets less liabilities	2.4
Net Assets	100.0	%

Currency Exposure at December 31, 2008 as a Percentage of Net Assets (Unaudited)

United States Dollar	77.4	%
Canadian Dollar	4.9
New Zealand Dollar	2.8
Brazilian Real	2.7
Other, less than 2% each	9.8
Total Investments	97.6
Other assets less liabilities	2.4
Net Assets	100.0	%

17

LOOMIS SAYLES VALUE FUND – PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2008 (Unaudited)

Shares	Description	Value (†)
Common Stocks – 94.3% of Net Assets
	Aerospace & Defense – 4.3%
104,340	Goodrich Corp.	$	3,862,667
158,899	Northrop Grumman Corp.		7,156,811
87,553	United Technologies Corp.		4,692,841
			15,712,319
	Beverages – 3.5%
251,667	Dr Pepper Snapple Group, Inc.(b)		4,089,588
115,753	Molson Coors Brewing Co., Class B		5,662,637
137,394	Pepsi Bottling Group, Inc. (The)		3,092,739
			12,844,964
	Capital Markets – 3.8%
168,565	Ameriprise Financial, Inc.		3,937,679
169,489	Bank of New York Mellon Corp.		4,801,623
124,463	State Street Corp.		4,895,130
			13,634,432
	Chemicals – 2.5%
176,208	E.I. du Pont de Nemours & Co.		4,458,063
76,728	Praxair, Inc.		4,554,574
			9,012,637
	Commercial Banks – 4.0%
98,587	PNC Financial Services Group, Inc.		4,830,763
213,478	U.S. Bancorp		5,339,085
146,407	Wells Fargo & Co.		4,316,078
			14,485,926
	Communications Equipment – 1.2%
286,610	Nokia Oyj, Sponsored ADR		4,471,116
	Computers & Peripherals – 2.9%
194,081	Hewlett-Packard Co.		7,043,200
40,409	International Business Machines Corp.		3,400,821
			10,444,021
	Consumer Finance – 0.6%
223,203	Discover Financial Services		2,127,125
	Containers & Packaging – 2.5%
210,147	Owens-Illinois, Inc.(b)		5,743,317
130,009	Pactiv Corp.(b)		3,234,624
			8,977,941
	Diversified Financial Services – 4.4%
316,848	Bank of America Corp.		4,461,220
299,766	JPMorgan Chase & Co.		9,451,622
94,917	Leucadia National Corp.(b)		1,879,356
			15,792,198
	Diversified Telecommunication Services – 5.4%
560,373	AT&T, Inc.		15,970,631
126,725	CenturyTel, Inc.		3,463,394
			19,434,025
	Electric Utilities – 1.1%
120,054	American Electric Power Co., Inc.		3,995,397
	Electrical Equipment – 0.9%
227,916	ABB Ltd., Sponsored ADR		3,421,019
	Energy Equipment & Services – 1.2%
105,520	Tidewater, Inc.		4,249,290
	Food & Staples Retailing – 1.6%
105,381	Wal-Mart Stores, Inc.		5,907,659
	Food Products – 2.6%
282,261	ConAgra Foods, Inc.		4,657,307
180,645	Kraft Foods, Inc., Class A		4,850,318
			9,507,625
	Gas Utilities – 1.5%
166,033	Equitable Resources, Inc.		5,570,407
	Health Care Equipment & Supplies – 1.3%
125,060	Covidien Ltd.		4,532,174
	Health Care Providers & Services – 1.9%
256,136	UnitedHealth Group, Inc.		6,813,218
	Hotels, Restaurants & Leisure – 1.7%
98,770	McDonald’s Corp.		6,142,506
	Household Durables – 0.6%
196,485	Pulte Homes, Inc.		2,147,581
	Industrial Conglomerates – 3.3%
424,096	General Electric Co.		6,870,355
67,289	Siemens AG, Sponsored ADR		5,097,142
			11,967,497
	Insurance – 6.8%
199,495	Allstate Corp.		6,535,456
2,206	Berkshire Hathaway, Inc., Class B(b)		7,090,084
181,350	Metlife, Inc.		6,321,861
102,851	Travelers Cos., Inc. (The)		4,648,865
			24,596,266
	Media – 5.4%
176,689	Comcast Corp., Class A		2,982,510
319,641	DIRECTV Group, Inc. (The)(b)		7,322,975
256,216	News Corp., Class A		2,329,004
677,232	Time Warner, Inc.		6,812,954
			19,447,443
	Multi-Utilities & Unregulated Power – 2.8%
142,851	PG&E Corp.		5,529,762
156,065	Public Service Enterprise Group, Inc.		4,552,416
			10,082,178
	Oil, Gas & Consumable Fuels – 10.1%
183,434	ExxonMobil Corp.		14,643,536
129,347	Royal Dutch Shell PLC ADR		6,847,630
165,800	Total SA, Sponsored ADR		9,168,740
170,947	XTO Energy, Inc.		6,029,301
			36,689,207
	Paper & Forest Products – 0.9%
103,616	Weyerhaeuser Co.		3,171,686
	Personal Products – 0.9%
107,957	Estee Lauder Cos., Inc. (The), Class A		3,342,349
	Pharmaceuticals – 11.3%
327,114	Bristol-Myers Squibb Co.		7,605,401
100,345	Johnson & Johnson		6,003,641
107,585	Novartis AG, ADR		5,353,430
355,880	Pfizer, Inc.		6,302,635
460,001	Schering-Plough Corp.		7,833,817
210,644	Wyeth		7,901,257
			41,000,181
	Semiconductors & Semiconductor Equipment – 1.1%
404,625	Applied Materials, Inc.		4,098,851
	Software – 1.3%
246,030	Microsoft Corp.		4,782,823
	Specialty Retail – 0.9%
246,326	Gap, Inc. (The)		3,298,305
	Total Common Stocks (Identified Cost $435,396,332)		341,700,366

1

LOOMIS SAYLES VALUE FUND – PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2008 (Unaudited)

Principal Amount		Description	Value (†)
	Short-Term Investments – 4.0%
$	14,523,657	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $14,523,657 on 1/02/2009 collateralized by $14,350,000 Federal National Mortgage Association, 4.600% due 11/10/2011 with a value of $14,816,375, including accrued interest(c) (Identified Cost $14,523,657)	$	14,523,657
		Total Investments - 98.3% (Identified Cost $449,919,989)(a)		356,224,023
		Other assets less liabilities — 1.7%		6,040,793
		Net Assets — 100.0%	$	362,264,816

(†) 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 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 December 31, 2008, the net unrealized depreciation on investments based on a cost of $449,919,989 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	$	3,156,790
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(96,852,756	)
Net unrealized depreciation	$	(93,695,966	)

At September 30, 2008 post-October capital loss deferrals were $12,052,896. This amount may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Non-income producing security.

(c) It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. The repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. 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.

Fair Value Measurements

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective October 1, 2008. FAS 157 establishes a hierarchy for net asset value determination purposes in which various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1—quoted prices in active markets for identical investments;

• Level 2—prices determined using other significant observable inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar investments, interest rates, credit risk, etc.);

• Level 3—prices determined using significant unobservable inputs for situations where quoted prices or observable inputs are unavailable such as when there is little or no market activity for an investment, (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of investments and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

2

LOOMIS SAYLES VALUE FUND – PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2008 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2008:

Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	356,224,023
Level 2—Other Significant Observable Inputs		—
Level 3—Significant Unobservable Inputs		—
Total	$	356,224,023

New Accounting Pronouncement

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 may have on the Fund’s financial statement disclosures.

Net Asset Summary at December 31, 2008 (Unaudited)
Pharmaceuticals	11.3	%
Oil, Gas & Consumable Fuels	10.1
Insurance	6.8
Media	5.4
Diversified Telecommunication Services	5.4
Diversified Financial Services	4.4
Aerospace & Defense	4.3
Commercial Banks	4.0
Capital Markets	3.8
Beverages	3.5
Industrial Conglomerates	3.3
Computers & Peripherals	2.9
Multi-Utilities & Unregulated Power	2.8
Food Products	2.6
Chemicals	2.5
Containers & Packaging	2.5
Other Investments, less than 2% each	18.7
Short-Term Investments	4.0
Total Investments	98.3
Other assets less liabilities	1.7
Net Assets	100.0	%

3

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 have materially affected, or are 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:	February 26, 2009

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:	February 26, 2009
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	February 26, 2009