Loomis Sayles Funds I

Gross expense ratio (before reductions and reimbursements)*

Institutional: 0.68%

Net expense ratio (after reductions and reimbursements)*

Institutional 0.40%

N-CSRS 1 dncsrs.htm LOOMIS SAYLES FUNDS I Loomis Sayles Funds I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08282

Loomis Sayles Funds I

(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: March 31, 2010

Item 1.

Reports to Stockholders.

The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

LOGO

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund



TABLE OF CONTENTS

Fund and Manager Review		1

Portfolio of Investments		7

Statements of Assets and Liabilities		19

Statements of Operations		20

Statements of Changes in Net Assets		21

Financial Highlights		23

Notes to Financial Statements		25

SEMI-ANNUAL REPORT

MARCH 31, 2010 (Unaudited)

FUND AND MANAGER REVIEW

Loomis Sayles Small Cap Growth Fund

LOGO

Mark F. Burns, CFA

Manager since January 2005

LOGO

John Slavik, CFA

Manager since April 2005

PORTFOLIO REVIEW

After finishing 2009 on a strong note, the stock market started off slowly in 2010, with investors digesting the extraordinary gains of the previous year while wondering whether signs of improved economic activity were sustainable. March data revealed a brighter employment picture, increased manufacturing activity and greater stability in housing—and the market responded accordingly. Strong fourth-quarter returns, combined with solid gains in March, led to solid six-month returns for all segments of the stock market.

For the six months ended March 31, 2010, Institutional Class shares of Loomis Sayles Small Cap Growth Fund returned 15.37%. The fund outperformed its benchmark, the Russell 2000 Growth Index, which returned 12.07% for the period.

WHAT WAS THE PRIMARY REASON FOR THE FUND’S OUTPERFORMANCE?

The fund’s outperformance was due primarily to a shift in investor focus to the type of companies we favor, particularly during the fourth quarter of 2009: companies with strong competitive positions that can sustain growth well into the future. Additionally, the fund’s performance benefited from strong stock selection across a diverse group of sectors, including healthcare, consumer discretionary, producer durables and energy.

WHICH FACTORS POSITIVELY CONTRIBUTED TO THE FUND’S PERFORMANCE?

Our healthcare holdings were the greatest contributors to performance. Leading stocks included Incyte, a biotechnology company, which signed large partnerships for two of its drugs, and SXC Health Solutions, a pharmacy benefit management services and healthcare IT company, which reported strong fourth-quarter results. Our position in IMAX, the leader in 3-D movies, led performance in the consumer discretionary sector, while Bucyrus International, an industrial, construction and mining company, reported better-than-expected earnings and drove results in producer durables.

WHICH FACTORS DETRACTED FROM THE FUND’S RESULTS?

Stock selection in the technology, materials and utilities sectors had a negative impact on the fund’s relative performance. Brocade, a provider of switching solutions for storage area networks, was among the largest detractors, after missing earnings estimates and issuing lower-than-expected guidance. We reduced the fund’s technology weight, primarily due to weak prospects for growth among specific communication equipment and software companies. Nevertheless, technology remains the fund’s largest sector weight.

WHAT IS YOUR OUTLOOK?

We believe the stock market has the potential to produce positive returns over the next 12 months, although overall gains may be modest and interrupted by periodic reversals. Corporate cost-cutting programs have been responsible for most of the earnings growth that has occurred up until now. We believe the economy has stabilized, setting the stage for revenue improvements that can drive future profit growth. However, improved earnings also can trigger talk of higher interest rates, which, in turn, could restrain overall market performance.

FUND FACTS

Symbol | Institutional: LSSIX;

Retail: LCGRX

Objective | Long-term capital growth from investments in common stocks or other equity securities

Strategy | Invests at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities of companies with market capitalizations that fall within the capitalization range of the Russell 2000 Index or is $3 billion or less at the time of investment. Unlike the Index, the Fund may invest in companies of any size.

Fund Inception Date | 12/31/96

Total Net Assets | $124.7 million

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2010


6 Months		1 Year		5 Years		10 Years		Since Inception
Loomis Sayles Small Cap Growth: Institutional
15.37	%	52.69	%	6.35	%	-7.16	%	3.11	%
Loomis Sayles Small Cap Growth: Retail
15.34		52.48		6.09		-7.39		2.86
Russell 2000 Growth Index^(c)
12.07		60.32		3.82		-1.53		3.28
Russell 2000 Index^(c)
13.07		62.76		3.36		3.68		6.22
Lipper Small-Cap Growth Funds Index^(c)
12.68		57.45		2.71		-1.59		4.61


Gross expense ratio (before reductions and reimbursements)*
Institutional: 1.01%				Retail: 1.43%
Net expense ratio (after reductions and reimbursements)*
Institutional: 1.00%				Retail: 1.25%

* As stated in the most recent prospectus. Expense reductions are contractual and are set to expire on 1/31/11.

CUMULATIVE PERFORMANCE

Inception to March 31, 2010^(a)(b)

LOGO

Data quoted reflects past performance and cannot guarantee future results. Average annual total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month end, please visit www.loomissayles.com. Current performance may be higher or lower than quoted.

Returns do not reflect the taxes that a shareholder would pay on fund distributions or the redemption of shares. Periods of less than one year are not annualized. Performance data reflects certain fee reductions and reimbursements, if any, without which performance would be lower.

(a) Cumulative performance is shown for the institutional class of shares. Performance of the retail class would be lower due to higher fees. (b) The mountain chart is based on the initial investment minimum of $100,000 for the institutional class. (c) See page 5 for a description of the indices.

WHAT YOU SHOULD KNOW

Small- and mid-cap stocks may be more volatile than larger, more established companies. The secondary market for these stocks may be less liquid, which could adversely impact the fund’s value. Growth funds involve increased risks, in part, because the value of the underlying securities is based on future expectations that may or may not be met.

The fund can invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the U.S. dollar and foreign currencies may cause the value of a fund’s investments to decline. Fund shares should be viewed as a long-term investment.

FUND AND MANAGER REVIEW

Loomis Sayles Small Cap Value Fund

LOGO

Joseph Gatz, CFA

Manager since January 2000

LOGO

Daniel Thelen, CFA

Manager since April 2000

PORTFOLIO REVIEW

After finishing 2009 on a strong note, the stock market started off slowly in 2010, as investors digested the extraordinary gains of the previous year while wondering whether improved economic activity was sustainable. March data revealed a brighter employment picture, increased manufacturing activity and greater stability in housing—and the market responded accordingly. Strong fourth-quarter returns, combined with solid gains in March, led to solid six-month returns for all segments of the stock market.

For the six months ended March 31, 2010, Institutional Class shares of Loomis Sayles Small Cap Value Fund returned 9.74%. The fund underperformed its benchmark, the Russell 2000 Value Index, which returned 14.01% for the period.

WHAT WAS THE PRIMARY REASON FOR THE FUND’S UNDERPERFORMANCE?

The fund underperformed its benchmark because of its focus on higher-quality stocks, which underperformed lower-quality stocks during the first quarter of 2010. In general, the small-cap market was led by low-priced stocks, the smallest market caps and low-quality companies.

WHICH FACTORS POSITIVELY CONTRIBUTED TO THE FUND’S PERFORMANCE?

In 2009, we made several additions to the portfolio early in the market recovery, emphasizing smaller-cap and more cyclical stocks poised for a recovery. These changes helped limit the negative impact of the low-quality rally in 2009. However, we backed off the strategy late last year and early in 2010, as better fundamentals emerged. Hence, we were surprised that low-quality stocks, a segment of the market that typically does not match up well with our strategy, continued to lead the market in 2010. Stock selection in the healthcare sector contributed positively. Perrigo, a store-brand over-the-counter pharmaceutical provider, was one of the fund’s top performers.

WHICH FACTORS DETRACTED FROM THE FUND’S RESULTS?

Stock selection was negative during the period, with the financial services, materials and processing and technology sectors detracting the most. In particular, our holdings among high-quality banks and non-credit-sensitive transaction processors did not keep pace with the index return of the financial services sector overall.

WHAT IS YOUR OUTLOOK?

FUND FACTS

Symbol | Institutional: LSSCX;

Retail: LSCRX; Admin: LSVAX

Objective | Long-term capital growth from investments in common stocks or other equity securities

Fund Inception Date | 5/13/91

Class Inception Date | Institutional: 5/13/91

Retail: 12/31/96

Admin: 1/2/98

Total Net Assets | $986.1 million

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2010


6 Months		1 Year		5 Years		10 Years		Since Fund Inception^(a)(b)
Loomis Sayles Small Cap Value: Institutional
9.74	%	53.29	%	4.38	%	8.24	%	12.17	%
Loomis Sayles Small Cap Value: Retail^(a)
9.53		52.84		4.11		7.97		11.97
Loomis Sayles Small Cap Value: Admin^(a)
9.45		52.42		3.84		7.70		11.62
Russell 2000 Value Index^(c)
14.01		65.07		2.75		8.90		11.43
Russell 2000 Index^(c)
13.07		62.76		3.36		3.68		9.09
Lipper Small-Cap Core Funds Index^(b)(c)
12.46		63.48		3.71		4.98		N/A


Gross expense ratio (before reductions and reimbursements)*
Institutional: 0.94%	Retail: 1.31%	Admin: 1.77%
Net expense ratio (after reductions and reimbursements)*
Institutional: 0.90%	Retail: 1.15%	Admin: 1.40%

* As stated in the most recent prospectus. Expense reductions are contractual and are set to expire on 1/31/11.

CUMULATIVE PERFORMANCE

Inception to March 31, 2010^(d)(e)

LOGO

(a) Prior to the inception of retail class shares (12/31/96) and admin class shares (1/2/98), performance is that of institutional class shares, restated to reflect the higher net expenses of the retail class shares and admin class shares, respectively. Since index performance data is not available coincident with the fund’s inception date, the beginning value of the index is the value as of the month end closest to the Fund’s inception date. (b) The Lipper Small-Cap Core Funds Index performance data is not available prior to January 1, 1992. (c) See page 5 for a description of the Indices. (d) Cumulative performance is shown for the institutional class of shares. Performance of the retail and admin classes would be lower due to higher fees and expenses. (e) The mountain chart is based on the initial investment minimum of $100,000 for the institutional class.

WHAT YOU SHOULD KNOW

Value stocks may fall out of favor with investors and underperform the overall equity market during any given period. Small- and mid-cap stocks may be more volatile than larger, more established companies. The secondary market for these stocks may be less liquid, which could adversely impact the Fund’s value.

ADDITIONAL INFORMATION

Index Definitions

Indices are unmanaged and do not have expenses that affect results, unlike mutual funds. Index returns are adjusted for the reinvestment of capital gain distributions and income dividends. It is not possible to invest directly in an index.

Lipper Small-Cap Core Funds Index is an unmanaged index which tracks the average performance of the 30 largest small-cap core funds according to Lipper Inc.

Lipper Small-Cap Growth Funds Index is an unmanaged index which tracks the average performance of the 30 largest small-cap growth funds according to Lipper Inc.

Source: Lipper, Inc.

Russell 2000 Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe.

Russell 2000 Growth Index is an unmanaged index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000 Value Index is an unmanaged index that measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Proxy Voting Information

A description of the funds’ proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis Sayles at 800-633-3330; (ii) on the funds’ website, www.loomissayles.com, and (iii) on the SEC’s website, www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12 months ended June 30, 2009 is available on (i) the funds’ website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

The funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1) transaction costs, including redemption fees and certain exchange fees; and (2) ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. These costs are described in more detail in the funds’ prospectus. The examples below are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each fund shows the actual amount of fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2009 through March 31, 2010. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual fund returns and expenses. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During the Period column as shown below for your class.

The second line in the table of each fund provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown reflect ongoing costs only, and do not include any transaction costs. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.

Loomis Sayles Small Cap Growth Fund


Institutional Class	Beginning Account Value 10/1/2009	Ending Account Value 3/31/2010	Expenses Paid During Period* 10/1/2009 – 3/31/2010
Actual	$1,000.00	$1,153.70	$5.37
Hypothetical (5% return before expenses)	$1,000.00	$1,019.95	$5.04

Retail Class
Actual	$1,000.00	$1,153.40	$6.71
Hypothetical (5% return before expenses)	$1,000.00	$1,018.70	$6.29
* Expenses are equal to the Fund's annualized expense ratio (after fee reduction/reimbursement): 1.00%, and 1.25% for Institutional and Retail Class, respectively, multiplied by the average account value over the period multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Small Cap Value Fund


Institutional Class	Beginning Account Value 10/1/2009	Ending Account Value 3/31/2010	Expenses Paid During Period* 10/1/2009 – 3/31/2010
Actual	$1,000.00	$1,097.40	$4.71
Hypothetical (5% return before expenses)	$1,000.00	$1,020.44	$4.53

Retail Class
Actual	$1,000.00	$1,095.30	$6.01
Hypothetical (5% return before expenses)	$1,000.00	$1,019.20	$5.79

Admin Class
Actual	$1,000.00	$1,094.50	$7.31
Hypothetical (5% return before expenses)	$1,000.00	$1,017.95	$7.04
* Expenses are equal to the Fund's annualized expense ratio (after fee reduction/reimbursement): 0.90%, 1.15% and 1.40%, for Institutional, Retail and Admin Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Small Cap Growth Fund


	Shares	Value (†)


COMMON STOCKS – 98.4% of Net Assets

Aerospace & Defense – 1.1%
Hexcel Corp.(b)	98,695	$	1,425,156

Air Freight & Logistics – 1.3%
Atlas Air Worldwide Holdings, Inc.(b)	30,970		1,642,958

Auto Components – 0.8%
Amerigon, Inc.(b)	103,402		1,045,394

Biotechnology – 4.8%
Alexion Pharmaceuticals, Inc.(b)	20,875		1,134,974
Alkermes, Inc.(b)	63,045		817,693
Cepheid, Inc.(b)	74,574		1,303,553
Clinical Data, Inc.(b)	44,662		866,443
Incyte Corp. Ltd.(b)	63,105		880,946
Regeneron Pharmaceuticals, Inc.(b)	35,363		936,766

			5,940,375

Building Products – 1.0%
Trex Company, Inc.(b)	60,972		1,298,094

Capital Markets – 3.5%
Evercore Partners, Inc., Class A	37,942		1,138,260
Greenhill & Co., Inc.	14,012		1,150,245
Harris & Harris Group, Inc.(b)	146,816		676,822
Stifel Financial Corp.(b)	27,137		1,458,614

			4,423,941

Commercial Banks – 1.1%
Signature Bank(b)	36,482		1,351,658

Commercial Services & Supplies – 1.9%
EnerNOC, Inc.(b)	35,814		1,062,960
Waste Connections, Inc.(b)	38,719		1,314,897

			2,377,857

Communications Equipment – 3.9%
Brocade Communications Systems, Inc.(b)	129,107		737,201
Ciena Corp.(b)	71,586		1,090,971
DG FastChannel, Inc.(b)	36,824		1,176,527
F5 Networks, Inc.(b)	20,451		1,257,941
Meru Networks, Inc.(b)	32,443		621,932

			4,884,572

Computers & Peripherals – 1.0%
Netezza Corp.(b)	96,525		1,234,555

Construction & Engineering – 1.6%
MasTec, Inc.(b)	82,678		1,042,570
Orion Marine Group, Inc.(b)	50,944		919,539

			1,962,109

Diversified Consumer Services – 1.9%
Grand Canyon Education, Inc.(b)	49,279		1,288,153
Lincoln Educational Services Corp.(b)	44,355		1,122,182

			2,410,335

Diversified Financial Services – 1.2%
MSCI, Inc.(b)	41,107		1,483,963

See accompanying notes to financial statements.


	Shares	Value (†)


COMMON STOCKS – continued

Electrical Equipment – 0.7%
Polypore International, Inc.(b)	48,328	$	843,807

Electronic Equipment Instruments & Components – 1.0%
IPG Photonics Corp.(b)	79,935		1,183,038

Energy Equipment & Services – 2.1%
Oceaneering International, Inc.(b)	21,284		1,351,321
Tesco Corp.(b)	109,132		1,273,571

			2,624,892

Food Products – 0.8%
Diamond Foods, Inc.	22,716		954,981

Health Care Equipment & Supplies – 8.6%
AGA Medical Holdings, Inc.(b)	77,807		1,264,364
Align Technology, Inc.(b)	67,002		1,295,819
DexCom, Inc.(b)	95,692		931,083
Electro-Optical Sciences, Inc.(b)	89,923		667,229
ev3, Inc.(b)	108,641		1,723,046
Insulet Corp.(b)	81,805		1,234,437
Masimo Corp.	40,848		1,084,514
ResMed, Inc.(b)	20,192		1,285,221
Volcano Corp.(b)	52,499		1,268,376

			10,754,089

Health Care Providers & Services – 3.8%
Bio-Reference Labs, Inc.(b)	28,706		1,262,203
Catalyst Health Solutions, Inc.(b)	30,466		1,260,683
Hanger Orthopedic Group, Inc.(b)	52,472		953,941
IPC The Hospitalist Co.(b)	35,350		1,241,138

			4,717,965

Health Care Technology – 3.0%
athenahealth, Inc.(b)	20,167		737,306
MedAssets, Inc.(b)	70,781		1,486,401
SXC Health Solutions Corp.(b)	22,366		1,504,784

			3,728,491

Hotels, Restaurants & Leisure – 3.2%
Bally Technologies, Inc.(b)	25,049		1,015,487
Buffalo Wild Wings, Inc.(b)	25,185		1,211,650
Life Time Fitness, Inc.(b)	21,218		596,226
Panera Bread Co., Class A(b)	15,062		1,152,092

			3,975,455

Household Durables – 1.2%
Tempur-Pedic International, Inc.(b)	50,944		1,536,471

Internet Software & Services – 6.3%
Constant Contact, Inc.(b)	43,221		1,003,592
DealerTrack Holdings, Inc.(b)	64,341		1,098,944
GSI Commerce, Inc.(b)	80,864		2,237,507
MercadoLibre, Inc.(b)	24,419		1,177,240
Monster Worldwide, Inc.(b)	73,769		1,225,303
WebMD Health Corp.(b)	24,175		1,121,236

			7,863,822

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


	Shares	Value (†)


COMMON STOCKS – continued

IT Services – 1.0%
CyberSource Corp.(b)	67,248	$	1,186,255

Machinery – 1.6%
Bucyrus International, Inc.	19,497		1,286,607
Energy Recovery, Inc.(b)	118,792		748,390

			2,034,997

Media – 1.0%
Imax Corp.(b)	70,645		1,270,904

Oil, Gas & Consumable Fuels – 3.9%
Brigham Exploration Co.(b)	66,566		1,061,728
Comstock Resources, Inc.(b)	35,998		1,144,736
Concho Resources, Inc.(b)	30,588		1,540,412
Rosetta Resources, Inc.(b)	46,797		1,102,069

			4,848,945

Pharmaceuticals – 2.5%
Eurand NV(b)	60,767		685,451
Inspire Pharmaceuticals, Inc.(b)	126,979		792,349
Nektar Therapeutics(b)	62,704		953,728
Somaxon Pharmaceuticals, Inc.(b)	72,623		628,189

			3,059,717

Professional Services – 2.8%
ICF International, Inc.(b)	45,951		1,141,423
IHS, Inc., Class A(b)	25,377		1,356,908
On Assignment, Inc.(b)	146,065		1,041,443

			3,539,774

Semiconductors & Semiconductor Equipment – 8.6%
Advanced Energy Industries, Inc.(b)	63,782		1,056,230
Cavium Network, Inc.(b)	38,857		965,985
Cymer, Inc.(b)	30,111		1,123,140
EZchip Semiconductor Ltd.(b)	33,071		651,168
Hittite Microwave Corp.(b)	27,778		1,221,399
Lam Research Corp.(b)	25,936		967,932
Netlogic Microsystems, Inc.(b)	37,519		1,104,184
Power Integrations, Inc.	22,697		935,116
Silicon Laboratories, Inc.(b)	28,733		1,369,702
Varian Semiconductor Equipment Associates, Inc.(b)	40,262		1,333,477

			10,728,333

Software – 10.1%
ArcSight, Inc.(b)	47,574		1,339,208
Ariba, Inc.(b)	113,825		1,462,651
Blackboard, Inc.(b)	35,419		1,475,556
Concur Technologies, Inc.(b)	32,457		1,331,062
Informatica Corp.(b)	66,675		1,790,891
Sourcefire, Inc.(b)	48,311		1,108,737
SuccessFactors, Inc.(b)	48,311		919,841
Tyler Technologies, Inc.(b)	33,004		618,495
Ultimate Software Group, Inc.(The)(b)	41,216		1,358,067
VanceInfo Technologies, Inc., ADR(b)	54,314		1,210,659

			12,615,167

See accompanying notes to financial statements.


	Shares		Value (†)


COMMON STOCKS – continued

Specialty Retail – 6.7%
DSW, Inc., Class A(b)		46,742	$	1,193,323
hhgregg, Inc.(b)		47,807		1,206,649
Hibbett Sports, Inc.(b)		45,651		1,167,753
Lumber Liquidators Holdings, Inc.(b)		42,881		1,143,636
Monro Muffler Brake, Inc.		35,978		1,286,573
Rue21, Inc.(b)		26,864		931,375
Ulta Salon, Cosmetics & Fragrance, Inc.(b)		61,026		1,380,408

				8,309,717

Textiles, Apparel & Luxury Goods – 3.4%
Lululemon Athletica, Inc.(b)		30,162		1,251,723
Phillips-Van Heusen Corp.		28,961		1,661,203
Volcom, Inc.(b)		65,310		1,274,851

				4,187,777

Transportation Infrastructure – 1.0%
Aegean Marine Petroleum Network, Inc.		44,019		1,249,259


TOTAL COMMON STOCKS
(Identified Cost $91,389,144)				122,694,823


	Principal Amount
SHORT-TERM INVESTMENTS – 2.9%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/10 at 0.000% to be repurchased at $3,674,633 on 4/01/10 collateralized by $3,745,000 Federal Home Loan Mortgage Corp., 2.000% due 3/29/13 valued at $3,749,681 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $3,674,633)	$	3,674,633		3,674,633


TOTAL INVESTMENTS – 101.3%

(Identified Cost $95,063,777)(a)				126,369,456
Other assets less liabilities—(1.3)%				(1,645,854	)


NET ASSETS – 100.0%			$	124,723,602


(†) See Note 2 of Notes to Financial Statements.
(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 March 31, 2010, the net unrealized appreciation on investments based on a cost of $95,063,349 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			$	32,331,929
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value				(1,025,822	)

Net unrealized appreciation			$	31,306,107

(b)

Non-income producing security.

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.

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

INDUSTRY SUMMARY AT MARCH 31, 2010 (Unaudited)


Software	10.1	%
Health Care Equipment & Supplies	8.6
Semiconductors & Semiconductor Equipment	8.6
Specialty Retail	6.7
Internet Software & Services	6.3
Biotechnology	4.8
Communications Equipment	3.9
Oil, Gas & Consumable Fuels	3.9
Health Care Providers & Services	3.8
Capital Markets	3.5
Textiles, Apparel & Luxury Goods	3.4
Hotels, Restaurants & Leisure	3.2
Health Care Technology	3.0
Professional Services	2.8
Pharmaceuticals	2.5
Energy Equipment & Services	2.1
Other Investments, less than 2% each	21.2
Short-Term Investments	2.9

Total Investments	101.3
Other assets less liabilities	(1.3	)

Net Assets	100.0	%

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Small Cap Value Fund


	Shares	Value (†)


COMMON STOCKS – 97.8% of Net Assets

Air Freight & Logistics – 1.2%
Atlas Air Worldwide Holdings, Inc.(b)	215,956	$	11,456,466

Auto Components – 1.3%
Goodyear Tire & Rubber Co. (The)(b)	445,746		5,634,229
Tenneco, Inc.(b)	284,295		6,723,577

			12,357,806

Building Products – 1.2%
Armstrong World Industries, Inc.(b)	197,748		7,180,230
Griffon Corp.(b)	348,440		4,341,562

			11,521,792

Capital Markets – 3.5%
Ares Capital Corp.	555,653		8,245,891
Fifth Street Finance Corp.	647,491		7,517,371
JMP Group, Inc.	161,713		1,374,560
Legg Mason, Inc.	85,230		2,443,544
Stifel Financial Corp.(b)	186,950		10,048,562
SWS Group, Inc.	432,968		4,992,121

			34,622,049

Chemicals – 3.6%
Calgon Carbon Corp.(b)	270,934		4,638,390
Ferro Corp.(b)	613,965		5,396,752
Koppers Holdings, Inc.	200,009		5,664,255
Minerals Technologies, Inc.	80,553		4,175,868
Olin Corp.	244,931		4,805,546
RPM International, Inc.	295,732		6,310,921
WR Grace & Co.(b)	154,875		4,299,330

			35,291,062

Commercial Banks – 6.7%
Cathay General Bancorp	308,253		3,591,147
First Financial Bancorp	482,716		8,587,518
First Horizon National Corp.(b)	536,247		7,534,270
First Midwest Bancorp, Inc.	355,187		4,812,784
Hancock Holding Co.	166,074		6,943,554
IBERIABANK Corp.	188,834		11,331,928
Prosperity Bancshares, Inc.	228,423		9,365,343
Signature Bank(b)	228,219		8,455,514
Sterling Bancshares, Inc.	941,772		5,255,088

			65,877,146

Commercial Services & Supplies – 4.2%
Brink’s Co. (The)	58,466		1,650,495
McGrath Rentcorp	147,833		3,581,994
Rollins, Inc.	665,046		14,418,197
Standard Parking Corp.(b)	497,373		8,166,865
Team, Inc.(b)	174,849		2,900,745
US Ecology, Inc.	150,555		2,423,935
Waste Connections, Inc.(b)	248,909		8,452,950

			41,595,181

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


	Shares	Value (†)


COMMON STOCKS – continued

Communications Equipment – 1.4%
ADTRAN, Inc.	295,065	$	7,774,963
Tekelec(b)	343,013		6,229,116

			14,004,079

Computers & Peripherals – 0.3%
Intevac, Inc.(b)	197,385		2,727,861

Construction & Engineering – 0.3%
MYR Group, Inc.(b)	195,627		3,190,676

Consumer Finance – 1.5%
Cash America International, Inc.	134,704		5,318,114
Dollar Financial Corp.(b)	392,286		9,438,401

			14,756,515

Containers & Packaging – 0.4%
Myers Industries, Inc.	336,928		3,531,005

Distributors – 0.4%
Core-Mark Holding Co., Inc.(b)	134,464		4,115,943

Diversified Financial Services – 1.4%
MarketAxess Holdings, Inc.	165,315		2,600,405
PHH Corp.(b)	459,820		10,837,957

			13,438,362

Electric Utilities – 2.2%
ALLETE, Inc.	203,571		6,815,557
ITC Holdings Corp.	147,590		8,117,450
UIL Holdings Corp.	257,628		7,084,770

			22,017,777

Electrical Equipment – 3.7%
Baldor Electric Co.	260,504		9,742,850
Encore Wire Corp.	163,553		3,401,902
General Cable Corp.(b)	152,990		4,130,730
GrafTech International Ltd.(b)	343,908		4,701,222
II-VI, Inc.(b)	282,201		9,549,682
Thomas & Betts Corp.(b)	123,425		4,843,197

			36,369,583

Electronic Equipment Instruments & Components – 1.7%
Littelfuse, Inc.(b)	37,667		1,431,723
Methode Electronics, Inc.	471,204		4,664,919
ScanSource, Inc.(b)	205,397		5,911,326
TTM Technologies, Inc.(b)	491,001		4,360,089

			16,368,057

Energy Equipment & Services – 2.2%
Dresser-Rand Group, Inc.(b)	238,477		7,492,947
Lufkin Industries, Inc.	78,784		6,235,754
Oceaneering International, Inc.(b)	127,450		8,091,800

			21,820,501

Food & Staples Retailing – 0.7%
BJ’s Wholesale Club, Inc.(b)	82,885		3,065,916
Spartan Stores, Inc.	282,047		4,067,118

			7,133,034

See accompanying notes to financial statements.


	Shares	Value (†)


COMMON STOCKS – continued

Food Products – 2.8%
Corn Products International, Inc.	128,224	$	4,444,244
Darling International, Inc.(b)	645,479		5,783,492
Fresh Del Monte Produce, Inc.(b)	186,239		3,771,340
Imperial Sugar Co.	147,879		2,293,603
J & J Snack Foods Corp.	190,066		8,262,169
Ralcorp Holdings, Inc.(b)	44,053		2,985,912

			27,540,760

Gas Utilities – 1.7%
UGI Corp.	644,457		17,103,889

Health Care Equipment & Supplies – 2.6%
Haemonetics Corp.(b)	126,173		7,210,787
Medical Action Industries, Inc.(b)	262,583		3,221,893
Teleflex, Inc.	146,254		9,370,494
West Pharmaceutical Services, Inc.	144,562		6,064,376

			25,867,550

Health Care Providers & Services – 1.6%
Almost Family, Inc.(b)	67,401		2,540,344
CorVel Corp.(b)	82,524		2,950,233
MEDNAX, Inc.(b)	119,792		6,970,696
MWI Veterinary Supply, Inc.(b)	79,972		3,230,869

			15,692,142

Hotels, Restaurants & Leisure – 2.1%
Bob Evans Farms, Inc.	181,897		5,622,436
California Pizza Kitchen, Inc.(b)	202,715		3,403,585
Dover Downs Gaming & Entertainment, Inc.	301,983		1,195,853
Isle of Capri Casinos, Inc.(b)	430,695		3,350,807
Wyndham Worldwide Corp.	286,963		7,383,558

			20,956,239

Household Durables – 1.4%
Jarden Corp.	197,326		6,568,982
Leggett & Platt, Inc.	349,731		7,568,179

			14,137,161

Industrial Conglomerates – 0.4%
Raven Industries, Inc.	123,702		3,647,972

Insurance – 5.2%
Aspen Insurance Holdings Ltd.	256,449		7,395,989
Assured Guaranty Ltd.	184,155		4,045,885
Hanover Insurance Group, Inc. (The)	134,037		5,845,354
HCC Insurance Holdings, Inc.	334,373		9,228,695
Primerica, Inc.(b)	53,340		800,100
ProAssurance Corp.(b)	123,616		7,236,481
Reinsurance Group of America, Inc.	139,456		7,324,229
RLI Corp.	113,569		6,475,704
Zenith National Insurance Corp.	78,015		2,989,535

			51,341,972

Internet & Catalog Retail – 0.5%
HSN, Inc.(b)	176,776		5,204,285

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


	Shares	Value (†)


COMMON STOCKS – continued

Internet Software & Services – 0.7%
AOL, Inc.(b)	127,486	$	3,222,846
IAC/InterActiveCorp(b)	172,647		3,925,993

			7,148,839

IT Services – 4.0%
Alliance Data Systems Corp.(b)	111,455		7,132,005
Broadridge Financial Solutions, Inc.	419,303		8,964,698
iGATE Corp.	456,216		4,438,982
Lender Processing Services, Inc.	217,332		8,204,283
NCI, Inc., Class A(b)	139,200		4,208,016
Wright Express Corp.(b)	214,667		6,465,770

			39,413,754

Life Sciences Tools & Services – 1.2%
Mettler-Toledo International, Inc.(b)	63,086		6,888,991
Pharmaceutical Product Development, Inc.	200,248		4,755,890

			11,644,881

Machinery – 4.9%
Actuant Corp., Class A	476,590		9,317,334
Albany International Corp., Class A	486,785		10,480,481
Altra Holdings, Inc.(b)	345,727		4,746,832
Harsco Corp.	90,868		2,902,324
John Bean Technologies Corp.	370,402		6,496,851
Middleby Corp. (The)(b)	42,038		2,420,968
RBC Bearings, Inc.(b)	146,570		4,671,186
Wabtec Corp.	169,822		7,152,903

			48,188,879

Marine – 0.6%
Kirby Corp.(b)	156,357		5,965,020

Media – 4.3%
Alloy, Inc.(b)	244,628		2,005,950
Arbitron, Inc.	163,892		4,369,361
John Wiley & Sons, Inc. Class A	231,322		10,011,616
Liberty Media–Starz, Series A(b)	135,351		7,400,993
Live Nation Entertainment, Inc.(b)	621,015		9,004,717
Madison Square Garden, Inc. Class A(b)	78,782		1,711,933
Scholastic Corp.	264,343		7,401,604

			41,906,174

Metals & Mining – 1.5%
Horsehead Holding Corp.(b)	429,497		5,085,245
Reliance Steel & Aluminum Co.	190,083		9,357,786

			14,443,031

Multi-Utilities & Unregulated Power – 0.5%
NorthWestern Corp.	193,268		5,181,515

Multiline Retail – 0.3%
Fred’s, Inc. Class A	213,784		2,561,132

Oil, Gas & Consumable Fuels – 3.8%
Arena Resources, Inc.(b)	169,513		5,661,734
Berry Petroleum Co., Class A	187,881		5,290,729
Cloud Peak Energy, Inc.(b)	219,099		3,645,807

See accompanying notes to financial statements.


	Shares	Value (†)

COMMON STOCKS – continued

Oil, Gas & Consumable Fuels – continued
Comstock Resources, Inc.(b)	196,822	$	6,258,940
Mariner Energy, Inc.(b)	360,308		5,393,811
Penn Virginia Corp.	459,007		11,245,671

			37,496,692

Paper & Forest Products – 0.6%
Clearwater Paper Corp.(b)	33,143		1,632,293
Deltic Timber Corp.	94,118		4,145,898

			5,778,191

Pharmaceuticals – 1.8%
Endo Pharmaceuticals Holdings, Inc.(b)	297,263		7,042,160
Obagi Medical Products, Inc.(b)	371,504		4,524,919
Perrigo Co.	109,497		6,429,664

			17,996,743

Professional Services – 0.2%
Navigant Consulting, Inc.(b)	159,540		1,935,220

Real Estate Management & Development – 0.6%
Forestar Group, Inc.(b)	332,824		6,283,717

REITs – 4.4%
American Campus Communities, Inc.	332,085		9,185,471
Capstead Mortgage Corp.	581,120		6,950,195
Chimera Investment Corp.	1,535,216		5,971,990
Digital Realty Trust, Inc.	133,573		7,239,656
National Retail Properties, Inc.	219,320		5,007,076
Potlatch Corp.	268,691		9,414,933

			43,769,321

Road & Rail – 1.0%
Con-way, Inc.	112,329		3,944,995
Genesee & Wyoming, Inc., Class A(b)	187,345		6,392,211

			10,337,206

Semiconductors & Semiconductor Equipment – 3.7%
Applied Micro Circuits Corp.(b)	339,295		2,928,116
Atmel Corp.(b)	1,369,402		6,888,092
Cohu, Inc.	251,428		3,462,164
LSI Corp.(b)	1,032,647		6,319,800
ON Semiconductor Corp.(b)	740,740		5,925,920
Teradyne, Inc.(b)	665,150		7,429,725
TriQuint Semiconductor, Inc.(b)	518,512		3,629,584

			36,583,401

Software – 2.2%
Progress Software Corp.(b)	156,761		4,926,998
Quest Software, Inc.(b)	272,667		4,850,746
Radiant Systems, Inc.(b)	209,408		2,988,252
Sybase, Inc.(b)	197,444		9,204,840

			21,970,836

Specialty Retail – 2.7%
Genesco, Inc.(b)	194,583		6,034,019
Jo-Ann Stores, Inc.(b)	183,120		7,687,378
Sally Beauty Holdings, Inc.(b)	1,014,346		9,047,966
Sonic Automotive, Inc., Class A(b)	382,036		4,202,396

			26,971,759

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


	Shares		Value (†)


COMMON STOCKS – continued

Textiles, Apparel & Luxury Goods – 1.2%
Fossil, Inc.(b)		248,694	$	9,385,712
Movado Group, Inc.(b)		208,947		2,356,922

				11,742,634

Thrifts & Mortgage Finance – 0.9%
Washington Federal, Inc.		412,680		8,385,658

Water Utilities – 0.5%
Middlesex Water Co.		272,189		4,640,823


TOTAL COMMON STOCKS
(Identified Cost $799,503,423)				964,032,291


	Principal Amount

SHORT-TERM INVESTMENTS – 2.2%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2010 at 0.000% to be repurchased at $21,709,598 on 4/01/2010 collateralized by $22,145,000 Federal Home Loan Mortgage Corp., 2.125% due 6/18/2013 valued at $22,145,000 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $21,709,598)	$	21,709,598		21,709,598


TOTAL INVESTMENTS – 100.0%
(Identified Cost $821,213,021)(a)				985,741,889
Other assets less liabilities—0.0%				336,164


NET ASSETS – 100.0%			$	986,078,053


(†) See Note 2 of Notes to Financial Statements.
(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 March 31, 2010, the net unrealized appreciation on investments based on a cost of $821,070,333 for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost			$	184,249,202
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value				(19,577,646	)

Net unrealized appreciation			$	164,671,556

(b) Non-income producing security.

REITs Real Estate Investment Trusts

See accompanying notes to financial statements.

INDUSTRY SUMMARY AT MARCH 31, 2010 (Unaudited)


Commercial Banks	6.7	%
Insurance	5.2
Machinery	4.9
REITs	4.4
Media	4.3
Commercial Services & Supplies	4.2
IT Services	4.0
Oil, Gas & Consumable Fuels	3.8
Semiconductors & Semiconductor Equipment	3.7
Electrical Equipment	3.7
Chemicals	3.6
Capital Markets	3.5
Food Products	2.8
Specialty Retail	2.7
Health Care Equipment & Supplies	2.6
Electric Utilities	2.2
Software	2.2
Energy Equipment & Services	2.2
Hotels, Restaurants & Leisure	2.1
Other Investments, less than 2% each	29.0
Short-Term Investments	2.2

Total Investments	100.0
Other assets less liabilities	0.0

Net Assets	100.0	%

See accompanying notes to financial statements.

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2010 (Unaudited)


	Small Cap Growth Fund			Small Cap Value Fund
Assets
Investments at cost	$	95,063,777		$	821,213,021
Net unrealized appreciation		31,305,679			164,528,868

Investments at value		126,369,456			985,741,889
Receivable for Fund shares sold		202,400			833,331
Receivable for securities sold		444,190			3,596,919
Dividends receivable		—			1,546,152

Total Assets		127,016,046			991,718,291


Liabilities
Payable for securities purchased		1,741,869			2,134,561
Payable for Fund shares redeemed		378,753			2,727,065
Management fees payable (Note 5)		79,109			569,757
Administrative fees payable (Note 5)		5,476			40,428
Deferred Trustees’ fees (Note 5)		45,702			104,756
Other accounts payable and accrued expenses		41,535			63,671

Total Liabilities		2,292,444			5,640,238

Net Assets	$	124,723,602		$	986,078,053

Net Assets consist of:
Paid-in capital	$	327,268,014		$	1,005,282,238
Accumulated net investment (loss)/Undistributed net investment income		(640,180	)		1,199,281
Accumulated net realized loss on investments		(233,209,911	)		(184,932,334	)
Net unrealized appreciation on investments		31,305,679			164,528,868

Net Assets	$	124,723,602		$	986,078,053


Computation of Net Asset Value and Offering Price:
Institutional Class:
Net assets	$	49,361,390		$	507,433,350

Shares of beneficial interest		3,693,875			22,467,275

Net asset value, offering and redemption price per share	$	13.36		$	22.59

Retail Class:
Net assets	$	75,362,212		$	405,023,043

Shares of beneficial interest		5,830,029			18,086,325

Net asset value, offering and redemption price per share	$	12.93		$	22.39

Admin Class:
Net assets	$	—		$	73,621,660

Shares of beneficial interest		—			3,344,579

Net asset value, offering and redemption price per share	$	—		$	22.01

See accompanying notes to financial statements.

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2010 (Unaudited)


	Small Cap Growth Fund			Small Cap Value Fund
Investment Income
Dividends	$	130,936		$	7,321,848


Expenses
Management fees (Note 5)		468,302			3,597,932
Service and distribution fees (Note 5)		99,753			661,073
Trustees’ fees and expenses (Note 5)		7,034			14,110
Administrative fees (Note 5)		30,217			232,150
Custodian fees and expenses		11,317			20,504
Transfer agent fees and expenses (Notes 5 and 6)		89,267			567,945
Audit and tax services fees		18,555			21,199
Legal fees		1,234			9,730
Shareholder reporting expenses		12,220			77,999
Registration fees		19,314			42,780
Fee/expense recovery (Note 5)		838			—
Miscellaneous expenses		4,968			18,307

Total expenses		763,019			5,263,729
Less fee reduction and/or expense reimbursement (Note 5)		(38,864	)		(285,128	)

Net expenses		724,155			4,978,601

Net investment income (loss)		(593,219	)		2,343,247


Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain on:
Investments		6,741,771			22,924,510

Net change in unrealized appreciation (depreciation) on:
Investments		11,955,656			62,191,872

Net realized and unrealized gain on investments		18,697,427			85,116,382


Net Increase in Net Assets Resulting from Operations	$	18,104,208		$	87,459,629

See accompanying notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS

Small Cap Growth Fund


	Six Months Ended March 31, 2010 (Unaudited)			Year Ended September 30, 2009
From Operations:
Net investment loss	$	(593,219	)	$	(794,013	)
Net realized gain (loss) on investments		6,741,771			(34,962,361	)
Net change in unrealized appreciation (depreciation) on investments		11,955,656			21,890,105

Net increase (decrease) in net assets resulting from operations		18,104,208			(13,866,269	)

From Distributions to Shareholders:
Net Investment Income
Institutional Class		—			—
Retail Class		—			—
Net Realized Capital gains
Institutional Class		—			—
Retail Class		—			—

Net Increase (Decrease) in Net Assets from Capital Share Transactions (Note 10)		(14,415,537	)		10,464,100

Net Increase (Decrease) in Net Assets		3,688,671			(3,402,169	)
Net Assets
Beginning of the period		121,034,931			124,437,100

End of the period	$	124,723,602		$	121,034,931

Accumulated Net Investment (Loss)	$	(640,180	)	$	(46,961	)

Small Cap Value Fund


	Six Months Ended March 31, 2010 (Unaudited)			Year Ended September 30, 2009
FROM OPERATIONS:
Net investment income	$	2,343,247		$	3,004,380
Net realized gain (loss) on investments		22,924,510			(157,922,333	)
Net change in unrealized appreciation (depreciation) on investments		62,191,872			76,497,968

Net increase (decrease) in net assets resulting from operations		87,459,629			(78,419,985	)

From Distributions to Shareholders:
Net Investment Income
Institutional Class		(1,798,397	)		(2,585,541	)
Retail Class		(522,660	)		(1,071,277	)
Admin Class		—			(9,660	)
Net Realized Capital Gain
Institutional Class		—			(167,987	)
Retail Class		—			(141,335	)
Admin Class		—			(24,687	)

Total distributions		(2,321,057	)		(4,000,487	)

Net Decrease in Net Assets from Capital Share Transactions (Note 10)		(66,962,560	)		(45,368,424	)

Redemption fees
Institutional Class		—			21,500
Retail Class		—			17,487
Admin Class		—			3,123

Total redemption fees		—			42,110

Net increase (decrease) in net assets		18,176,012			(127,746,786	)
Net Assets
Beginning of the period		967,902,041			1,095,648,827

End of the period	$	986,078,053		$	967,902,041

Undistributed Net Investment Income	$	1,199,281		$	1,177,091

See accompanying notes to financial statements.

THIS PAGE INTENTIONALLY LEFT BLANK

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.


			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment income (loss)^(a)(b)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income^(b)			Distributions from net realized capital gains			Total distributions
Small Cap Growth Fund

Institutional Class
3/31/2010^(g)	$	11.58	$	(0.05	)	$	1.83		$	1.78		$	—		$	—		$	—
9/30/2009		13.07		(0.07	)		(1.42	)		(1.49	)		—			—			—
9/30/2008		15.87		(0.07	)		(2.73	)		(2.80	)		—			—			—
9/30/2007		12.00		(0.06	)⁽ⁱ⁾		3.93			3.87			—			—			—
9/30/2006		11.08		(0.08	)		0.99			0.91			—			—			—
9/30/2005		8.96		(0.08	)		2.20			2.12			—			—			—

Retail Class
3/31/2010^(g)		11.21		(0.06	)		1.78			1.72			—			—			—
9/30/2009		12.69		(0.09	)		(1.39	)		(1.48	)		—			—			—
9/30/2008		15.45		(0.10	)		(2.66	)		(2.76	)		—			—			—
9/30/2007		11.71		(0.09	)⁽ⁱ⁾		3.83			3.74			—			—			—
9/30/2006		10.84		(0.11	)		0.97			0.86			—			—			—
9/30/2005		8.78		(0.11	)		2.17			2.06			—			—			—

Small Cap Value Fund

Institutional Class
3/31/2010^(g)	$	20.66	$	0.07		$	1.93		$	2.00		$	(0.07	)	$	—		$	(0.07	)
9/30/2009		22.01		0.09			(1.32	)		(1.23	)		(0.11	)		(0.01	)		(0.12	)
9/30/2008		28.77		0.11	^(j)		(4.03	)		(3.92	)		(0.06	)		(2.78	)		(2.84	)
9/30/2007		27.69		0.12	^(i)(k)		4.29			4.41			(0.17	)		(3.16	)		(3.33	)
9/30/2006		27.43		0.13			2.70			2.83			(0.15	)		(2.42	)		(2.57	)
9/30/2005		25.75		0.13			4.22			4.35			(0.02	)		(2.65	)		(2.67	)

Retail Class
3/31/2010^(g)		20.47		0.04			1.91			1.95			(0.03	)		—			(0.03	)
9/30/2009		21.79		0.04			(1.30	)		(1.26	)		(0.05	)		(0.01	)		(0.06	)
9/30/2008		28.52		0.05	^(j)		(4.00	)		(3.95	)		—			(2.78	)		(2.78	)
9/30/2007		27.46		0.04	^(i)(k)		4.28			4.32			(0.10	)		(3.16	)		(3.26	)
9/30/2006		27.23		0.06			2.67			2.73			(0.08	)		(2.42	)		(2.50	)
9/30/2005		25.62		0.06			4.20			4.26			—			(2.65	)		(2.65	)

Admin Class
3/31/2010^(g)		20.11		0.01			1.89			1.90			—			—			—
9/30/2009		21.40		0.00			(1.28	)		(1.28	)		(0.00	)		(0.01	)		(0.01	)
9/30/2008		28.13		(0.01	)^(j)		(3.94	)		(3.95	)		—			(2.78	)		(2.78	)
9/30/2007		27.14		(0.03	)^(i)(k)		4.22			4.19			(0.04	)		(3.16	)		(3.20	)
9/30/2006		26.94		(0.01	)		2.65			2.64			(0.02	)		(2.42	)		(2.44	)
9/30/2005		25.43		(0.00	)		4.16			4.16			—			(2.65	)		(2.65	)

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share, if applicable.

(c) Effective June 1, 2009, redemption fees were eliminated.

(d) Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

(e) Computed on an annualized basis for periods less than one year, if applicable.

(f) The investment adviser and/or administrator agreed to reimburse a portion of the Fund’s expenses and/or reduce its fees during the period. Without this reimbursement/fee reduction, if applicable, expenses would have been higher.

See accompanying notes to financial statements.


								Ratios to Average Net Assets:

Redemption fees^(b)(c)		Net asset value, end of the period		Total return (%)^(d)		Net assets, end of the period (000’s)		Net expenses (%)^(e)(f)		Gross expenses (%)^(e)		Net investment income (loss) (%)^(e)		Portfolio turnover rate (%)



$	—	$	13.36	15.37		$	49,361	1.00	^(h)	1.00	^(h)	(0.79	)	33
	—		11.58	(11.40	)		45,557	1.00		1.01		(0.68	)	107
	0.00		13.07	(17.64	)		44,540	1.00		1.01		(0.47	)	92
	0.00		15.87	32.25			28,088	1.00		1.23		(0.47	)	83
	0.01		12.00	8.30			20,414	1.00		1.38		(0.69	)	100
	0.00		11.08	23.66			15,785	1.00		1.70		(0.85	)	227


	—		12.93	15.34			75,362	1.25		1.35		(1.04	)	33
	—		11.21	(11.66	)		75,478	1.25		1.43		(0.93	)	107
	0.00		12.69	(17.86	)		79,897	1.25		1.42		(0.70	)	92
	0.00		15.45	31.94			20,924	1.25		1.50		(0.66	)	83
	0.01		11.71	8.03			2,981	1.25		1.92		(0.94	)	100
	0.00		10.84	23.46			3,592	1.25		1.87		(1.14	)	227




$	—	$	22.59	9.74		$	507,433	0.90		0.92		0.62		25
	0.00		20.66	(5.42	)		506,324	0.90		0.94		0.52		55
	0.00		22.01	(15.02	)		553,268	0.89		0.89		0.47		61
	0.00		28.77	17.02			534,776	0.89		0.89		0.43		57
	0.00		27.69	11.17			442,714	0.89	^(l)	0.89	^(l)	0.47		62
	0.00		27.43	17.99			403,110	0.90		0.93		0.48		59


	—		22.39	9.53			405,023	1.15		1.23		0.38		25
	0.00		20.47	(5.66	)		387,383	1.15		1.31		0.26		55
	0.00		21.79	(15.21	)		464,525	1.15		1.27		0.21		61
	0.00		28.52	16.74			465,055	1.15		1.24		0.15		57
	0.00		27.46	10.87			291,690	1.15		1.20		0.21		62
	0.00		27.23	17.69			235,948	1.15		1.20		0.24		59


	—		22.01	9.45			73,622	1.40		1.63		0.14		25
	0.00		20.11	(5.93	)		74,195	1.40		1.77		0.02		55
	0.00		21.40	(15.44	)		77,855	1.40		1.68		(0.04	)	61
	0.00		28.13	16.41			76,783	1.40		1.56		(0.10	)	57
	0.00		27.14	10.59			64,367	1.40		1.46		(0.04	)	62
	0.00		26.94	17.40			67,505	1.40		1.43		(0.01	)	59

(g) For the six months ended March 31, 2010 (Unaudited).

(h) Includes fee/expense recovery of less than 0.01%.

(i) Includes a non-recurring payment of $0.01 per share and $0.00 per share for Small Cap Growth Fund and Small Cap Value Fund, respectively.

(j) Includes a non-recurring dividend of $0.02 per share.

(k) Includes a non-recurring dividend of $0.05 per share.

(l) Includes fee/expense recovery of 0.02%.

See accompanying notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

1. Organization. Loomis Sayles Funds I and Loomis Sayles Funds II (the “Trusts” and each a “Trust”) are each organized as a Massachusetts business trust. Each Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trusts in multiple series. The financial statements for certain funds of the Trusts are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Loomis Sayles Funds I:

Loomis Sayles Small Cap Value Fund (the “Small Cap Value Fund”)

Loomis Sayles Funds II:

Loomis Sayles Small Cap Growth Fund (the “Small Cap Growth Fund”)

Each Fund offers Institutional Class Shares and Retail Class Shares. In addition, Small Cap Value Fund offers Admin Class Shares.

Most expenses of the Trusts can be directly attributed to a fund. Expenses which cannot be directly attributed to a fund are generally apportioned based on the relative net assets of each of the funds in the Trusts. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 service and distribution fees and transfer agent fees). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate dividends from net investment income on each class of shares.

2. Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions that have occurred through the date the financial statements were issued, and noted no items requiring recognition in the financial statements or additional disclosure in the Notes to Financial Statements.

a. Valuation. Equity securities, including shares of 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 Funds 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 Funds may be valued on the basis of a price provided by a principal market maker. Forward foreign currency contracts are valued 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 Funds’ 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 Funds 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 Funds 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 Funds calculate their net asset values.

b. Security Transactions and Related Investment Income. Security transactions are accounted for on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. Investment income is recorded net of foreign taxes withheld when applicable. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

c. Foreign Currency Translation. The books and records of the Funds 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. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from fluctuations which arise due to changes in market prices of investment securities. Such changes are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, at the end of the fiscal period, resulting from changes in exchange rates.

Each Fund may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

d. Federal and Foreign Income Taxes. Each Trust treats each fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2010 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign taxes on income and gains on investments that are accrued based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign governments may also impose taxes or other payments on investments with respect to foreign securities. Such taxes are accrued as applicable.

e. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes for items such as distribution redesignation and net operating losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to securities lending collateral gain/loss adjustment, deferred Trustees’ fees and wash sales. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2009 was as follows:


	2009 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	—	$	—
Small Cap Value Fund		3,669,309		331,178		4,000,487

Differences between these amounts and those reported in the Statements of Changes in Net Assets, if any, are primarily attributable to different book and tax treatment for short-term capital gains.

As of September 30, 2009, the capital loss carryforwards and post-October losses were as follows:


	Small Cap Growth Fund			Small Cap Value Fund
Capital loss carryforward:
Expires September 30, 2010	$	(138,314,515	)	$	—
Expires September 30, 2011		(59,283,040	)		—
Expires September 30, 2017		(14,995,800	)		(88,137,321	)

Total capital loss carryforward	$	(212,593,355	)	$	(88,137,321	)

Deferred net capital losses (post-October 2008)	$	(26,616,006	)	$	(110,445,559	)

f. Repurchase Agreements. It is each 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. 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. 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.

g. Securities Lending. The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, 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 Funds bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

As of March 31, 2010, there were no securities on loan.

h. Indemnifications. Under the Trusts’ organizational documents, their officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

3. Fair Value Measurements. In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

•

Level 1—quoted prices in active markets for identical assets or liabilities;

•

Level 2—prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, 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 asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities 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 Funds’ investments as of March 31, 2010, at value:

Small Cap Growth Fund

Asset Valuation Inputs


Description(a)	Level 1		Level 2		Level 3		Total
Common Stocks	$	122,694,823	$	—	$	—	$	122,694,823
Short-Term Investments		—		3,674,633		—		3,674,633

Total	$	122,694,823	$	3,674,633	$	—	$	126,369,456

(a)Major categories of the Fund’s investments are included in the Portfolio of Investments.

Small Cap Value Fund

Asset Valuation Inputs


Description(a)	Level 1		Level 2		Level 3		Total
Common Stocks	$	964,032,291	$	—	$	—	$	964,032,291
Short-Term Investments		—		21,709,598		—		21,709,598

Total	$	964,032,291	$	21,709,598	$	—	$	985,741,889

(a)Major categories of the Fund’s investments are included in the Portfolio of Investments.

4. Purchases and Sales of Securities. For the six months ended March 31, 2010, purchases and sales of securities (excluding short-term investments) were as follows:


Fund	Purchases		Sales
Small Cap Growth Fund	$	39,503,483	$	53,318,877
Small Cap Value Fund		232,048,082		276,558,127

5. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:


Fund		Percentage of Average Daily Net Assets
Small Cap Growth Fund		0.75%
Small Cap Value Fund		0.75%

Loomis Sayles has given binding undertakings to the Funds to reduce management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. These undertakings are in effect until January 31, 2011 and will be reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, are net of fee reductions and/or expense reimbursements, if any, pursuant to these undertakings.

For the six months ended March 31, 2010, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class		Retail Class		Admin Class
Small Cap Growth Fund	1.00	%	1.25	%	—
Small Cap Value Fund	0.90	%	1.15	%	1.40	%

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

Loomis Sayles shall be permitted to recover expenses it has borne under the expense limitation agreements (whether through reduction of its management fees or otherwise) on a class by class basis in later periods to the extent the expenses of a class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such reduced fees/expenses more than one year after the end of the fiscal year in which the fees/expenses were reduced.

For the six months ended March 31, 2010, the management fees for each Fund were as follows:


Fund	Management Fees		Percentage of Average Daily Net Assets
Small Cap Growth Fund	$	468,302	0.75%
Small Cap Value Fund		3,597,932	0.75%

For the six months ended March 31, 2010, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Institutional Class		Retail Class		Admin Class		Total
Small Cap Growth Fund	$	—	$	38,864	$	—	$	38,864
Small Cap Value Fund		46,436		154,439		84,253		285,128
¹ Expense reimbursements are subject to possible recovery until September 30, 2011.

For the six months ended March 31, 2010, expense reimbursements related to prior fiscal year were recovered as follows:


	Recovered Expenses
Fund	Institutional Class		Retail Class		Total
Small Cap Growth Fund	$	838	$	—	$	838

Certain officers and employees of Loomis Sayles are also officers or Trustees of the Trust. Loomis Sayles’ general partner is indirectly owned by Natixis Global Asset Management, L.P. (“Natixis US”), which is part of Natixis Global Asset Management, an international asset management group based in Paris, France.

b. Administrative Fees. Natixis Asset Management Advisors, L.P. (“Natixis Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Natixis Cash Management Trust, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I, Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), Hansberger International Series and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and the Hansberger International Series, 0.0500% of the next $15 billion, 0.0425% of the next $30 billion and 0.0375% of such assets in excess of $60 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and the Hansberger International Series of $10 million, which is reevaluated on an annual basis. New funds are subject to a fee for the first twelve months of operations of $75,000 plus $12,500 per additional class and an additional $75,000 if managed by multiple subadvisers.

For the six months ended March 31, 2010, each Fund paid the following for administrative fees to Natixis Advisors:


Fund	Administrative Fees
Small Cap Growth Fund	$	30,217
Small Cap Value Fund		232,150

c. Service and Distribution Fees. Natixis Distributors, L.P. (“Natixis Distributors”), a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, Natixis Distributors serves as principal underwriter of the Funds of the Trusts.

Pursuant to Rule 12b-1 under the 1940 Act, the Small Cap Growth Fund and Small Cap Value Fund have adopted a Distribution Plan relating to each Fund’s Retail Class shares (the “Retail Class Plan”), and the Small Cap Value Fund has adopted a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

Under the respective Retail Class Plan, each Fund pays Natixis Distributors a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Funds’ Retail Class shares, as compensation for services provided by Natixis Distributors in connection with the marketing or sale of Retail Class shares or for payments made by Natixis Distributors to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Retail Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

Under the Admin Class Plan, the Small Cap Value Fund pays Natixis Distributors a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Admin Class shares, as compensation for services provided by Natixis Distributors in connection with the marketing or sale of Admin Class shares or for payments made by Natixis Distributors to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Admin Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

In addition, the Admin Class shares of the Small Cap Value may pay Natixis Distributors an administrative service fee, at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

For the six months ended March 31, 2010 the Fund paid the following service and distribution fees:


	Service Fees		Distribution Fees
	Admin Class		Retail Class		Admin Class
Small Cap Growth Fund	$	—	$	99,753	$	—
Small Cap Value Fund		90,357		480,359		90,357

d. Sub-Transfer Agent Fees. Natixis Distributors has entered into agreements with financial intermediaries to provide certain recordkeeping, processing, shareholder communications and other services to customers of the intermediaries and has agreed to compensate the intermediaries for providing those services. Certain services would be provided by the Funds if the shares of those customers were registered directly with the Funds’ transfer agent. Accordingly, the Funds agreed to pay a portion of the intermediary fees attributable to shares of the Fund held by the intermediaries (which generally is a percentage of the value of shares held) not exceeding what the Funds would have paid its transfer agent had each customer’s shares been registered directly with the transfer agent instead of held through the intermediaries. Natixis Distributors pays the remainder of the fees.

For the six months ended March 31, 2010, the Funds paid the following sub-transfer agent fees, which are reflected in transfer agent fees and expenses in the Statements of Operations:


	Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class		Admin Class
Small Cap Growth Fund	$	16,330	$	21,614	$	—
Small Cap Value Fund		183,310		259,468		83,929

e. Trustees Fees and Expenses. The Funds do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distributors, Natixis US or their affiliates. Effective January 1, 2010, the Chairperson of the Board receives a retainer fee at the annual rate of $250,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $80,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairman receives an additional retainer fee at an annual rate of $15,000. Each Contract Review and Governance Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $7,500 for each Committee meeting that he or she attends in person and $3,750 for each meeting that he or she attends telephonically. Each member of the ad hoc Committee on Alternative Investments received a one-time fee of $10,000. The ad hoc Committee on Alternative Investments is not a standing committee. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

Series based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2010, the Chairperson of the Board received a retainer fee at the annual rate of $200,000. The Chairperson did not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attended. Each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $65,000. Each Independent Trustee also received a meeting attendance fee of $7,500 for each meeting of the Board of Trustees that he or she attended in person and $3,750 for each meeting of the Board of Trustees that he or she attended telephonically. In addition, each committee chairman received an additional retainer fee at the annual rate of $10,000. Each Contract Review and Governance Committee member was compensated $5,000 for each Committee meeting that he or she attended in person and $2,500 for each meeting that he or she attended telephonically. Each Audit Committee member was compensated $6,250 for each Committee meeting that he or she attended in person and $3,125 for each meeting that he or she attended telephonically.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts, and Hansberger International Series, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

6. Class-Specific Expenses. For the six months ended March 31, 2010, the Funds paid the following class-specific transfer agent fees and expenses (including sub-transfer agent fees):


	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Admin Class
Small Cap Growth Fund	$	17,579	$	71,688	$	—
Small Cap Value Fund		195,118		267,120		105,707

7. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and the Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each Fund that participates in the line of credit. Interest is charged to each participating fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

Prior to March 10, 2010, each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and the Hansberger International Series, participated in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each Fund that participated in the line of credit. Interest was charged to each participating fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 0.75%. In addition, a commitment fee of 0.125% per annum, payable at the end of each calendar quarter, was accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2010, the Funds had no borrowings under these agreements.

8. Brokerage Commission Recapture. Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains in the Statements of Operations. For the six months ended March 31, 2010, amounts rebated under these agreements were as follows:


Fund	Rebates
Small Cap Growth Fund	$	6,525
Small Cap Value Fund		53,322

9. Concentration of Ownership. At March 31, 2010, the Loomis Sayles Funded Pension Plan and the Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of beneficial interest in the Funds as follows:


Fund	Pension Plan	Profit Sharing Retirement Plan
Small Cap Growth Fund	365,070	397,390
Small Cap Value Fund	360,114	784,294

From time to time, the Funds may have a concentration of several shareholders having a significant percentage of shares outstanding. Investment activities of these shareholders could have material impacts on the Funds. As of March 31, 2010, Small Cap Growth Fund had shareholders that held greater than 5% of the fund’s outstanding shares. Such ownership may be beneficially held by individuals or entities other than the owner of record. The number of greater than 5% shareholders and the aggregate percentage of net assets represented by such ownership was as follows:


Fund	Number of Greater Than 5% Shareholders	Percentage of Ownership
Small Cap Growth Fund	1	7.77%

10. Capital Shares. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:


	Small Cap Growth Fund

	Six Months Ended March 31, 2010					Year Ended September 30, 2009

Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	438,005		$	5,443,350		1,974,319		$	19,253,187
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	(679,124	)		(8,083,408	)	(1,447,130	)		(13,740,063	)

Net change	(241,119	)	$	(2,640,058	)	527,189		$	5,513,124


Retail Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	988,405		$	11,767,651		3,127,117		$	30,016,606
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	(1,889,534	)		(23,543,130	)	(2,692,237	)		(25,065,630	)

Net change	(901,129	)	$	(11,775,479	)	434,880		$	4,950,976

Increase (decrease) from capital share transactions	(1,142,248	)	$	(14,415,537	)	962,069		$	10,464,100


	Small Cap Value Fund

	Six Months Ended March 31, 2010					Year Ended September 30, 2009

Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	1,429,802		$	30,263,216		5,487,523		$	94,433,600
Issued in connection with the reinvestment of distributions	80,409			1,643,559		156,833			2,488,947
Redeemed	(3,549,030	)		(74,103,038	)	(6,270,554	)		(105,527,302	)

Net change	(2,038,819	)	$	(42,196,263	)	(626,198	)	$	(8,604,755	)

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

10. Capital Shares – continued


	Small Cap Value Fund—continued

	Six Months Ended March 31, 2010					Year Ended September 30, 2009

Retail Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	1,012,390		$	21,392,927		4,033,997		$	70,124,577
Issued in connection with the reinvestment of distributions	25,691			521,021		76,628			1,206,896
Redeemed	(1,879,123	)		(39,444,773	)	(6,502,104	)		(108,566,266	)

Net change	(841,042	)	$	(17,530,825	)	(2,391,479	)	$	(37,234,793	)


Admin Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	493,279		$	10,172,635		1,211,062		$	19,455,331
Issued in connection with the reinvestment of distributions	—			—		1,691			26,231
Redeemed	(837,460	)		(17,408,107	)	(1,162,021	)		(19,010,438	)

Net change	(344,181	)	$	(7,235,472	)	50,732		$	471,124

Increase (decrease) from capital share transactions	(3,224,042	)	$	(66,962,560	)	(2,966,945	)	$	(45,368,424	)

Loomis Sayles Bond Fund

Loomis Sayles Fixed Income Fund

Loomis Sayles Global Bond Fund

Loomis Sayles Inflation Protected Securities Fund

Loomis Sayles Institutional High Income Fund

Loomis Sayles Intermediate Duration Fixed Income Fund

Loomis Sayles Investment Grade Fixed Income Fund



TABLE OF CONTENTS

Fund and Manager Reviews		1

Portfolio of Investments		18

Statements of Assets and Liabilities		109

Statements of Operations		111

Statements of Changes in Net Assets		113

Financial Highlights		117

Notes to Financial Statements		123

SEMI-ANNUAL REPORT

MARCH 31, 2010 (Unaudited)

FUND AND MANAGER REVIEW

Loomis Sayles Bond Fund

Daniel Fuss, CFA, CIC

Manager since May 1991

LOGO

Matthew Eagan, CFA

Associate Manager since February 2007

LOGO

Kathleen Gaffney, CFA

Manager since October 1997

LOGO

Elaine Stokes

Associate Manager since February 2007

PORTFOLIO REVIEW

As attention shifted from economic recovery to economic growth, overdue optimism began to displace lingering economic pessimism among investors. But the transition was far from smooth. Increased anxiety over sovereign debt solvency in the Middle East and Europe, as well as China's lending restrictions, percolated through the global credit markets. In the United States, unsteady economic readings and the risk of financial regulatory reform pushed some market participants into defensive mode. Despite these challenges, liquidity conditions, declining corporate default rates, low short-term interest rates and improving economic trends drove corporate bond prices higher.

For the six months ended March 31, 2010, Institutional Class shares of Loomis Sayles Bond Fund returned 9.48%. The fund outperformed its benchmark, the Barclays Capital U.S. Government/Credit Bond Index, which returned 1.34% for the period.

WHAT WAS THE PRIMARY REASON FOR THE FUND’S OUTPERFORMANCE?

Security selection among corporate and high-yield credit and non-U.S. dollar and convertible bonds drove outperformance. Strong corporate earnings and better-than-expected fourth quarter GDP growth buoyed returns for investment-grade industrial, financial and electric utility holdings.

WHICH FACTORS POSITIVELY CONTRIBUTED TO THE FUND’S PERFORMANCE?

Despite short periods of muted performance, the high-yield sector garnered the most gains for the fund, led by financial and industrial names. Investments denominated in the Canadian dollar, Indonesian rupiah and Mexican peso benefited from asset and currency appreciation.

The equity market rally provided support for convertible bonds, particularly in the auto, pharmaceuticals and technology industries. Our modest exposure to preferred and equity securities also generated positive results.

WHICH FACTORS DETRACTED FROM THE FUND’S RESULTS?

There were few areas of weakness during the period. Our slight underweight allocation to investment-grade credit detracted from excess performance, while currency weakness hurt holdings denominated in Icelandic krona and Norwegian krone.

WHAT IS YOUR OUTLOOK?

The fund is positioned to take advantage of a gradual economic recovery and positive fundamental trends. We believe short-term interest rates in the United States will remain low for the foreseeable future, but acknowledge the continuing pressures that the ever-increasing U.S. Treasury issuance will place on longer-term rates. In our opinion, there remains ample opportunity for corporate

FUND FACTS

Symbol | Institutional: LSBDX;

Retail: LSBRX; Admin: LBFAX

Objective | High total investment return through a combination of current income and capital appreciation

Strategy | Invests primarily in investment-grade fixed-income securities, although it may invest up to 35% of assets in lower-rated fixed-income securities and up to 20% of its assets in preferred stocks. The Fund may invest any portion of its assets in Canadian securities and up to 20% of assets in other foreign securities, including emerging markets securities.

Fund Inception Date | 5/16/91

Class Inception Date Institutional: 5/16/91; Retail: 12/31/96; Admin: 1/2/98

Total Net Assets | $19,326.46 million

bond yield spreads to tighten further. Within corporate credit, we are advocating a strategy of specific (fundamental credit) risk instead of market (interest rate) risk. We continue to see opportunity in the convertible market and have focused on increasing our exposure. We continue to add opportunistically to non-U.S. dollar denominated securities, with a focus on credits and countries in which we anticipate fundamental improvements will continue to emerge. We believe that in a rising-rate environment, research and security selection will continue to prove key to successful portfolio management.

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2010


6 Months		1 Year		5 Years		10 Years		Since Fund Inception^(a)
Loomis Sayles Bond: Institutional
9.48	%	44.16	%	7.45	%	9.04	%	10.41	%
Loomis Sayles Bond: Retail^(c)
9.34		43.65		7.14		8.74		10.12
Loomis Sayles Bond: Admin^(c)
9.23		43.28		6.87		8.47		9.66
Barclays Capital U.S. Government/Credit Bond Index^(d)
1.34		7.51		5.17		6.22		6.84
Lipper BBB-Rated Funds Index^(d)
4.64		23.73		4.77		5.85		6.67


Gross expense ratio (before reductions and reimbursements)*
Institutional: 0.65%	Retail: 0.96	%	Admin: 1.25	%
Net expense ratio (after reductions and reimbursements)*
Institutional: 0.65%	Retail: 0.95	%	Admin: 1.20	%

* As stated in the most recent prospectus

Expense reductions are contractual and are set to expire on 1/31/11.

CUMULATIVE PERFORMANCE^(e)

Inception to March 31, 2010 ^(b)

Data quoted reflects past performance and cannot guarantee future results. Average annual total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month-end, please visit www.loomissayles.com. Current performance may be higher or lower than quoted.

(a) Inception dates of the Institutional, Retail and Admin Classes of shares are May 16, 1991, December 31, 1996 and January 2, 1998, respectively. (b) The mountain chart is based on the initial minimum investment of $100,000 for the Institutional Class. (c) Prior to the inception of Retail Class shares (12/31/96) and Admin Class shares (1/2/98), performance is that of Institutional Class shares, restated to reflect the higher net expenses of the Retail Class shares and Admin Class shares, respectively. (d) See page 15 for a description of the indices. Index performance data is not available coincident with the fund’s inception date; the beginning value of the index is the value as of the month end closest to the fund’s inception date. (e) Cumulative performance is shown for the Institutional Class of shares. Performance of the Retail and Admin Classes would be lower, due to higher fees.

WHAT YOU SHOULD KNOW

The fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. Fund shares should be viewed as a long-term investment. Securities issued by U.S. government agencies are not insured by and may not be guaranteed by the U.S. government. The fund can invest a significant percentage of assets in foreign securities and the value of fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the U.S. dollar and foreign currencies may cause the value of the fund’s investments to decline. Accordingly, the purchase of fund shares should be viewed as a long-term investment.

FUND AND MANAGER REVIEW

Loomis Sayles Fixed Income Fund

Daniel Fuss, CFA, CIC

Manager since January 1995

LOGO

Matthew Eagan, CFA

Associate Manager since
February 2007

LOGO

Kathleen Gaffney, CFA

Associate Manager since February 2007

LOGO

Elaine Stokes

Associate Manager since February 2007

PORTFOLIO REVIEW

A technical rally and improving economic conditions caused yield spreads for high-yield and investment-grade bonds to tighten to their narrowest point of the past year. An improving macroeconomic environment and brisk new issuance stoked investor appetite for risk, spurring a rally in the high-yield sector throughout the six-month period. High-yield industrials fared particularly well, with cyclical names outperforming their non-cyclical counterparts. U.S. Treasury securities lagged as investors dug deep into risky assets in their search for yield.

For the six months ended March 31, 2010, Loomis Sayles Fixed Income Fund returned 8.68%. The fund outperformed its benchmark, the Barclays Capital U.S. Government/Credit Bond Index, which returned 1.34% for the period.

WHAT WAS THE PRIMARY REASON FOR THE FUND’S OUTPERFORMANCE?

Tactical security selection and positioning within high-yield and investment-grade industrial securities drove outperformance. High-yield securities in the telecommunication and technology sectors contributed to relative outperformance. Higher-beta, consumer-related issues were the primary sources of excess return in the investment-grade corporate space. Investment-grade financials also posted solid returns during the latter half of the period.

WHICH FACTORS POSITIVELY CONTRIBUTED TO THE FUND’S PERFORMANCE?

Convertibles traded up with the equity market and added substantially to performance. Certain technology, auto and pharmaceutical issues were among the top contributors within the sector. Non-U.S. dollar denominated investments were also a major source of positive performance. A rally among oil and industrial materials prices lifted the Canadian dollar, Indonesian rupiah and Mexican peso.

WHICH FACTORS DETRACTED FROM THE FUND’S RESULTS?

Our longer-than-benchmark duration detracted from performance as the yield curve steepened. Uncertainty regarding the health of conservatorship mortgage institutions weighed on government-related holdings, and our security selection and long duration stance within the sector caused this position to lag. A small allocation to the Icelandic krona also detracted.

WHAT IS YOUR OUTLOOK?

FUND FACTS

Symbol | LSFIX

Objective | High total investment return through a combination of current income and capital appreciation

Strategy | Invests primarily in fixed-income securities, may invest up to 35% of its assets in lower-rated fixed-income securities and up to 20% of its assets in preferred stocks. The Fund may invest any portion of its assets in Canadian securities and up to 20% of assets in other foreign securities, including emerging markets securities.

Fund Inception Date | 1/17/95

Fund Registration Date | 3/7/97

Total Net Assets | $788.64 million

opinion, there remains ample opportunity for corporate bond yield spreads to tighten further. Within corporate credit, we are advocating a strategy of specific (fundamental credit) risk instead of market (interest rate) risk. We continue to see opportunity in the convertible market and have focused on increasing our exposure. We continue to add opportunistically to non-U.S. dollar denominated securities, with a focus on credits and countries in which we anticipate fundamental improvements will continue to emerge. We believe that in a rising-rate environment, research and security selection will continue to prove key to successful portfolio management.

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2010


6 Months	1 Year	5 Years	10 Years	Since Registration^(a)	Since Fund Inception^(a)
Loomis Sayles Fixed Income: Institutional
8.68%	40.49%	8.15%	9.58%	9.05%	10.27%
Barclays Capital U.S. Government/Credit Bond Index^(b)
1.34	7.51	5.17	6.22	6.22	6.66
Lipper BBB-Rated Funds Index^(b)
4.64	23.73	4.77	5.85	5.68	6.40


Gross expense ratio (before reductions and reimbursements)*
Institutional: 0.58%
Net expense ratio (after reductions and reimbursements)*
Institutional: 0.58%

* As stated in the most recent prospectus

Expense reductions are contractual and are set to expire on 1/31/11.

CUMULATIVE PERFORMANCE

Registration to March 31, 2010^(c)

Inception to March 31, 2010^(c)

(a) Shares of the fund were registered for offer and sale under the Securities Act of 1933 on March 7, 1997. In accordance with regulations, performance information is provided for the period beginning on March 7, 1997 (“Registration”). Performance from inception is also provided for the convenience of our long-term shareholders. Since index performance data is not available coincident with the fund’s inception and registration dates, comparative performance is presented from the month end closest to the fund’s inception and registration dates. (b) See page 15 for a description of the indices. (c) The mountain chart is based on the fund’s minimum initial investment of $3,000,000.

WHAT YOU SHOULD KNOW

FUND AND MANAGER REVIEW

Loomis Sayles Global Bond Fund

LOGO

Ken Buntrock, CFA, CIC

Manager since September 2000

LOGO

David Rolley, CFA

Manager since September 2000

LOGO

Lynda Schweitzer, CFA

Manager since February 2007

PORTFOLIO REVIEW

Recent economic releases support a picture of ongoing global economic recovery. Nevertheless, sovereign difficulties in Southern Europe, Dubai and elsewhere and an unclear regulatory picture in the United States reminded investors of the inherent risks present in over-leveraged economies. Still, lower-quality securities outperformed for the period.

For the six months ended March 31, 2010, Institutional Class shares of Loomis Sayles Global Bond Fund returned 1.69%. The fund outperformed its benchmark, the Barclays Capital Global Aggregate Bond Index, which returned -1.12% for the period.

WHAT WAS THE PRIMARY REASON FOR THE FUND’S OUTPERFORMANCE?

In this challenging market, the fund outperformed its benchmark by remaining constructive on sectors that trade on their yield relationship to U.S. Treasuries. In particular, strong security selection among corporate bonds generated excess return.

WHICH FACTORS POSITIVELY CONTRIBUTED TO THE FUND’S PERFORMANCE?

The fund’s out-of-benchmark exposure to high-yield and emerging markets was another positive contributor to relative and absolute performance, as investors continued to look for higher-yielding assets. From a currency perspective, our bearish view of the Japanese yen, expressed through our underweight position, contributed positively to performance, as the currency depreciated significantly against the U.S. dollar during the period. Our overweight in the Korean won also helped. Additionally, the Mexican peso posted a strong gain versus the U.S. dollar, fueled by the recovery in energy-related asset prices.

WHICH FACTORS DETRACTED FROM THE FUND’S RESULTS?

A steepening yield curve hurt the fund’s relative performance, because the portfolio was positioned with a more aggressive duration in the corporate sector. In addition, our relative overweight in the Norwegian krone dampened relative returns, as the currency weakened against the U.S. dollar. Nevertheless, we continue to view Norway favorably due to its mix of sound fiscal policies and exposure to energy-related resources. In terms of industries, life insurance was among the best absolute performers during the period but was a detractor from relative performance given our underweight in this sector. Similarly, our underweight in the auto sector detracted, albeit on a marginal basis.

WHAT IS YOUR OUTLOOK?

Relative growth momentum currently gives the United States a timing edge for the first major rate hike among the G-4 nations. We expect the recovery to continue to expand this year, but we worry that fiscal headwinds may limit the pace of expansion in 2011. Within the fund, we favor underweighting the G-4 and overweighting the emerging markets and other smaller markets. We have

FUND FACTS

Symbol | Institutional: LSGBX;

Retail: LSGLX

Objective | High total investment return through a combination of high current income and capital appreciation

Strategy | Invests primarily in investment grade fixed-income securities worldwide, although it may invest up to 20% of assets in lower-rated fixed-income securities.

Fund Inception Date | 5/10/91

Class Inception Date Institutional: 5/10/91; Retail: 12/31/96

Total Net Assets | $2,120.65 million

boosted our non-Japan Asian overweights, adding the Malaysian ringgit and Indian rupee. In Europe, we reduced exposure to the euro and added the Swiss franc.

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2010


6 Months	1 Year		5 Years		10 Years		Since Inception^{^(a)}
Loomis Sayles Global Bond: Institutional
1.69%	27.21	%	5.44	%	7.99	%	8.18	%
Loomis Sayles Global Bond: Retail^(b)
1.47	26.78		5.12		7.69		7.97
Barclays Capital Global Aggregate Bond Index^(c)
-1.12	10.23		4.94		6.46		6.91
Lipper Global Income Funds Index^(c)
3.74	21.85		4.89		6.19		6.16


Gross expense ratio (before reductions and reimbursements)*
Institutional: 0.68%	Retail: 1.02	%
Net expense ratio (after reductions and reimbursements)*
Institutional: 0.68%	Retail: 1.00	%

* As stated in the most recent prospectus

Expense reductions are contractual and are set to expire on 1/31/11.

CUMULATIVE PERFORMANCE^(d)

Inception to March 31, 2010 ^(e)

LOGO

Data quoted reflects past performance and cannot guarantee future results. Average annual total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month-end, please visit www.loomissayles.com. Current performance may be higher or lower than quoted.

(a) Since index performance data is not available coincident with the fund’s inception date, the beginning value of the index is the value as of the month end closest to the fund’s inception date. (b) Prior to the inception of Retail Class shares (12/31/96), performance is that of Institutional Class shares, restated to reflect the higher net expenses of the Retail Class shares. (c) See page 15 for a description of the indices. (d) Cumulative performance is shown for the Institutional Class. Performance of the Retail Class would be lower due to higher fees. (e) The mountain chart is based on the Institutional Class minimum initial investment of $100,000.

WHAT YOU SHOULD KNOW

FUND AND MANAGER REVIEW

Loomis Sayles Inflation Protected Securities Fund

LOGO

John Hyll

Manager since January 2003

LOGO

Cliff Rowe, CFA

Manager since January 2003

PORTFOLIO REVIEW

The real yield on 10-year Treasury inflation-protected securities (TIPS) rose from 1.54% at the end of September 2009 to 1.62% at the end of the first quarter of 2010. Conversely, the real yield on five-year TIPS trended significantly downward, from 0.88% to 0.42% during the same six-month period. This steepening of the real yield curve was aided by the Federal Reserve Board, which maintained the federal funds rate target in a range between 0% and 0.25%, fueling expectations that excess liquidity eventually may contribute to incremental increases in inflation.

For the six months ended March 31, 2010, Loomis Sayles Inflation Protected Securities Fund returned 2.62%. The fund outperformed its benchmark, the Barclays Capital U.S. TIPS Index, which returned 2.34% for the period.

WHAT WAS THE PRIMARY REASON FOR THE FUND’S OUTPERFORMANCE?

The fund’s outperformance primarily was due to its shorter-duration TIPS positions and security selection across other sectors. Shorter-duration securities composed the majority of the fund’s TIPS allocation and provided a notable contribution to returns during the period, as inflation expectations began to play out in the market.

WHICH FACTORS POSITIVELY CONTRIBUTED TO THE FUND’S PERFORMANCE?

In addition to duration positioning and security selection, rising commodity prices and macroeconomic growth expectations in the United States contributed to favorable returns for our positions denominated in the Canadian dollar and Mexican peso. Additionally, ample new issuance spurred continued spread compression, aiding our high-yield allocations in the industrial, consumer cyclical and communication segments, where security selection contributed notably to performance.

WHICH FACTORS DETRACTED FROM THE FUND’S RESULTS?

With the yield curve steepening during the period, our longer duration TIPS weighed on performance. Security selection among consumer non-cyclical names was also a detriment to overall performance. Returns from our preferred shares underperformed; but because of the relatively small size of these allocations, the overall effect was minimal.

WHAT IS YOUR OUTLOOK?

Looking ahead, we believe TIPS should offer defensive positioning in the current market environment, where prolonged low rates, oversupply and a relatively weak U.S. dollar suggest inflation may return to more “normal” levels within the next couple years. Demand for risk likely will remain relatively strong in 2010. Reduced volatility and tighter credit spreads however, may diminish investors’ abilities to achieve excess returns similar to those enjoyed last year, placing a premium on opportunistic allocation.

FUND FACTS

Symbol | LSGSX

Objective | High total investment return through a combination of current income and capital appreciation

Strategy | Invests primarily in inflation-protected securities with emphasis on debt securities issued by the US Treasury

Fund Inception Date | 5/20/91

Total Net Assets | $15.03 million

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2010


6 Months		1 Year		5 Years		10 Years		Since Inception^(a)
Loomis Sayles Inflation Protected Securities: Institutional
2.62	%	9.15	%	4.31	%	5.79	%	7.19	%
Barclays Capital U.S. TIPS Index^(b)
2.34		6.18		4.82		7.30		N/A
Lipper Treasury Inflation Protected Securities Funds Index^(b)
2.66		7.94		4.18		N/A		N/A


Gross expense ratio (before reductions and reimbursements)*
Institutional: 1.11%
Net expense ratio (after reductions and reimbursements)*
Institutional: 0.40%

* As stated in the most recent prospectus

Expense reductions are contractual and are set to expire on 1/31/11.

CUMULATIVE PERFORMANCE

Inception to March 31, 2010^(c)

For illustrative purposes, the chart above reflects the growth of a hypothetical investment of $100,000 in the fund, since its inception. The chart above also reflects the growth of a hypothetical investment in the former primary benchmark of the fund, the Barclays Capital U.S. Government Bond Index (the “Former Benchmark”), compared to the performance of the fund from the fund’s inception date through December 31, 2004. On December 15, 2004, in connection with a change of the fund’s investment objective, the fund changed its primary benchmark to the Barclays Capital U.S. TIPS Index (the “New Benchmark”). Since index performance data is not available coincident with the date of the fund’s strategy change, comparative data for the fund’s New Benchmark begins on December 31, 2004. The chart above reflects the growth of a hypothetical investment in the New Benchmark, compared to the performance of the fund, from December 31, 2004, through March 31, 2010. The chart above also compares the performance of the fund to the Lipper Treasury Inflation Protected Securities funds Index from December 31, 2004 through March 31, 2010. The performance of the New Benchmark and of the Lipper Treasury Inflation Protected Securities funds Index was linked to the performance of the Former Benchmark as of December 31, 2004.

(a) Since index performance data is not available coincident with the fund’s inception date, comparative performance is presented from the month end closest to the fund’s inception date. (b) See page 15 for a description of the indices. Return data is not available for the Barclays Capital U.S. TIPS Index prior to March 1, 1997. Similarly, return data is not available for the Lipper Treasury Inflation Protected Securities funds Index prior to July 1, 2003. (c) The mountain chart is based on the fund’s minimum initial investment of $100,000.

WHAT YOU SHOULD KNOW

Securities issued by U.S. government agencies are not insured by and may not be guaranteed by the U.S. government. The fund can invest a significant percentage of assets in foreign securities and the value of fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the U.S. dollar and foreign currencies may cause the value of the fund’s investments to decline. Accordingly, the purchase of fund shares should be viewed as a long-term investment.

Effective December 15, 2004, the fund’s name and investment strategy changed. The fund’s strategy emphasizes inflation-protected debt securities issued by the U.S. Treasury (TIPS). The principal value of these types of securities are periodically adjusted according to the rate of inflation and repayment of the original bonds is guaranteed by the U.S. government.

FUND AND MANAGER REVIEW

Loomis Sayles Institutional High Income Fund

Daniel Fuss, CFA, CIC

Manager since June 1996

LOGO

Matthew Eagan, CFA

Associate Manager since
February 2007

LOGO

Kathleen Gaffney, CFA

Associate Manager since February 2007

LOGO

Elaine Stokes

Associate Manager since February 2007

PORTFOLIO REVIEW

The momentum of the high-yield rally that emerged in early 2009 carried into the first three months of 2010. High-yield credits posted positive returns for the 13th consecutive month. Strong fundamentals and gradually improving economic prospects continued to fuel investors’ appetites for risk, which was met with record new issuance. Yield spreads among high-yield securities continued tightening toward long-term averages as technical strength, improved maturity profiles and cost-cutting initiatives among highly-leveraged companies helped valuations.

For the six months ended March 31, 2010, Loomis Sayles Institutional High Income Fund returned 12.43% . The fund outperformed its benchmark, the Barclays Capital U.S. Corporate High-Yield Bond Index, which returned 11.10% for the period.

WHAT WAS THE PRIMARY REASON FOR THE FUND’S OUTPERFORMANCE?

Security selection accounted for the fund’s outperformance relative to the benchmark.

In particular, our out-of-benchmark convertible holdings, including equity-sensitive healthcare and automotive securities, generated the greatest relative returns.

WHICH FACTORS POSITIVELY CONTRIBUTED TO THE FUND’S PERFORMANCE?

In addition to positive security selection, high-yield industrial credits also generated strong performance. In terms of quality, securities rated B and Ba were among the leading performers, as investors remained bullish in their reach for yield. In terms of industry, consumer cyclical and non-cyclical, basic industry and communication holdings experienced credit appreciation. These GDP-sensitive industries benefited from positive growth projections and improving consumer sentiment. The fund experienced the greatest non-U.S. dollar-based returns from the Indonesian rupiah, Mexican peso and certain euro-denominated credits.

WHICH FACTORS DETRACTED FROM THE FUND’S RESULTS?

Our underweight in high-yield financials detracted from relative performance, but absolute returns were sharply positive. Agency preferred securities experienced absolute return losses due to mounting foreclosures in the housing market. In addition, U.S. Treasury and sovereign credits posted lackluster relative returns, as investors moved away from lower-yielding asset classes.

WHAT IS YOUR OUTLOOK?

FUND FACTS

Symbol | LSHIX

Objective | High total investment return through a combination of current income and capital appreciation

Strategy | Invests in primarily lower-rated fixed-income securities and other securities that are expected to produce a relatively high level of income, (including income-producing preferred and common stocks).

The Fund may invest any portion of its assets in Canadian securities and up to 50% of assets in other foreign securities, including emerging markets securities.

Fund Inception Date | 6/5/96

Fund Registration Date | 3/7/97

Total Net Assets | $372.91 million

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2010


6 Months	1 Year	5 Years	10 Years	Since Registration^(a)	Since Inception^(a)
Loomis Sayles Institutional High Income: Institutional
12.43%	56.97%	9.58%	9.22%	8.39%	8.47%
Barclays Capital U.S. Corporate High-Yield Bond Index^(b)
11.10	56.18	7.78	7.45	6.56	7.02
Lipper High Current Yield Funds Index^(b)
10.76	51.20	5.52	4.76	4.64	5.20


Gross expense ratio (before reductions and reimbursements)*
Institutional: 0.74%
Net expense ratio (after reductions and reimbursements)*
Institutional: 0.74%

* As stated in the most recent prospectus

Expense reductions are contractual and are set to expire on 1/31/11.

CUMULATIVE PERFORMANCE

Registration to March 31, 2010^(c)

Inception to March 31, 2010^(c)

WHAT YOU SHOULD KNOW

FUND AND MANAGER REVIEW

Loomis Sayles Intermediate Duration Fixed Income Fund*

LOGO

Neil Burke

Manager since December 2005

LOGO

Cliff Rowe, CFA

Manager since December 2005

LOGO

Richard Raczkowski

Manager since December 2005

PORTFOLIO REVIEW

While fiscal woes weighed on many developed government markets, an encouraging economic outlook continued to stimulate investor appetite for higher-risk, higher-yielding instruments. The spur of new issuance and strong demand for risk caused corporate spreads to tighten during the six-month period. Corporate and non-agency securitized debt posted solid returns in this environment. By contrast, with risk assets in favor, U.S. Treasury securities lagged during the period.

For the six months ended March 31, 2010, Loomis Sayles Intermediate Duration Fixed Income Fund returned 4.42%. The fund outperformed its benchmark, the Barclays Capital U.S. Intermediate Government/Credit Bond Index, which returned 1.85% for the period.

WHAT WAS THE PRIMARY REASON FOR THE FUND’S OUTPERFORMANCE?

Security selection, an overweight in corporate credit and exposure to high-yield and commercial mortgage-backed securities (CMBS) drove the fund’s outperformance during the period.

WHICH FACTORS POSITIVELY CONTRIBUTED TO THE FUND’S PERFORMANCE?

Within investment-grade credit, our overweight position and security selection among technology and communication names drove results. In addition, strong security selection among high-yield finance, consumer cyclical and technology companies generated excess returns, as credit spreads continued to tighten on steady investor demand. Despite subpar fundamentals in the commercial real estate space, CMBS spreads continued to tighten due to the impact of government support and strong investor demand.

WHICH FACTORS DETRACTED FROM THE FUND’S RESULTS?

While our underweight position in the U.S. Treasury sector aided the fund’s relative performance, U.S. Treasury returns, in general, remained depressed due to oversupply and lagging demand. And despite a positive performance contribution, our security selection among investment-grade financials detracted from overall returns, as our allocations to the banking sector lagged the market.

WHAT IS YOUR OUTLOOK?

Looking ahead, we believe the better returns in fixed-income portfolios may come from balancing the challenges of a low-yield environment with the opportunities of an economy that is growing, albeit slowly. In our opinion, this means bulking up portfolios with yield-advantaged strategies where possible, boosting exposure to less market-sensitive sectors or issuers and gradually guarding against a shift upward in rates. In particular, we believe corporate bonds still offer attractive return potential. Fundamentals appear strong, with companies well positioned to generate earnings growth amid low rates, contained costs and improved productivity. Speculative-grade corporates could benefit from these same fundamental trends, but with less interest-rate sensitivity.

*	Effective on or about May 28, 2010, the fund’s name and investment strategy will change. The fund’s new name will be Loomis Sayles Intermediate Duration Bond Fund.

FUND FACTS

Symbol | LSDIX

Objective | Above-average total return through a combination of current income and capital appreciation

Strategy | Invests only in investment-grade fixed-income securities. The Fund’s weighted average duration generally is two to five years

Fund Inception Date | 1/28/98

Total Net Assets | $32.01 million

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2010


6 Months		1 Year		5 Years		10 Years		Since Inception^(a)
Loomis Sayles Intermediate Duration Fixed Income Fund: Institutional
4.42	%	19.53	%	6.12	%	6.24	%	5.79	%
Barclays Capital U.S. Intermediate Government/Credit Bond Index^(b)
1.85		6.92		5.16		5.93		5.60
Lipper Intermediate Investment Grade Debt Funds Index^(b)
4.35		16.91		4.87		5.84		5.40

* As stated in the most recent prospectus

Expense reductions are contractual and are set to expire on 1/31/11.

CUMULATIVE PERFORMANCE

Inception to March 31, 2010^(c)

Data quoted reflects past performance and cannot guarantee future results. Average annual total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month-end, please visit www.loomissayles.com. Current performance may be higher or lower than quoted.

(a) Since index performance data is not available coincident with the fund’s inception date, comparative performance is presented from the month end closest to the fund’s inception date. (b) See page 15 for a description of the indices. (c) The mountain chart is based on the fund’s minimum initial investment of $2,000,000.

WHAT YOU SHOULD KNOW

If the credit rating of a security held by the fund falls below investment grade, the fund may continue to hold it if Loomis Sayles believes the investment is appropriate. The secondary market for securities that fall below investment grade may lack liquidity and such securities may incur greater risk of default, which may adversely affect the value of the fund. Foreign countries may have different accounting standards than those of the U.S. Securities issued by U.S. government agencies are not insured by and may not be guaranteed by the U.S. government. The fund can invest a significant percentage of assets in foreign securities and the value of fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the U.S. dollar and foreign currencies may cause the value of the fund’s investments to decline. The fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. Accordingly, the purchase of fund shares should be viewed as a long-term investment.

FUND AND MANAGER REVIEW

Loomis Sayles Investment Grade Fixed Income Fund

LOGO

Daniel Fuss, CFA, CIC

Manager since July 1994

LOGO

Matthew Eagan, CFA

Associate Manager
since September 2006

LOGO

Kathleen Gaffney, CFA

Associate Manager since
September 2006

Elaine Stokes

Associate Manager since
September 2006

PORTFOLIO REVIEW

Fiscal woes rained on most developed government markets, but a slightly sunnier economic outlook led many investors to move into higher-risk, higher-yielding instruments. The strong demand for risk caused corporate yield spreads to tighten. Corporate and securitized debt posted solid returns in this environment. By contrast, with riskier assets in favor, U.S. Treasury securities lagged during the period.

For the six months ended March 31, 2010, Loomis Sayles Investment Grade Fixed Income Fund returned 6.35% The fund outperformed its benchmark, the Barclays Capital U.S. Government/Credit Bond Index, which returned 1.34% for the period.

WHAT WAS THE PRIMARY REASON FOR THE FUND’S OUTPERFORMANCE?

Positioning and security selection were the primary drivers of the fund’s outperformance.

WHICH FACTORS POSITIVELY CONTRIBUTED TO THE FUND’S PERFORMANCE?

Within the investment-grade corporate segment, industrials were among the top-performing sectors, driven by prudent security selection in transportation, technology, consumer cyclicals and capital goods. Additionally, non-U.S. dollar denominated issues were leading contributors to fund performance.

Declining default rates, strong supply and demand technicals and favorable market conditions benefited high-yield securities during the period, and the fund’s high-yield positioning posted robust returns. Our allocation to commercial mortgage-backed securities (CMBS) rallied on persistent government support and increasing investor demand. Exposure to preferred stocks and convertible bonds boosted performance, due to equity market strength.

WHICH FACTORS DETRACTED FROM THE FUND’S RESULTS?

Regulatory and political risks abroad and lackluster U.S. economic data contributed to some weakness in returns from non-U.S. dollar and high-yield holdings from late January through mid-February. Overall non U.S. dollar positions benefited the fund; however, some currencies, including the Brazilian real and the Norwegian krone, traded lower during this period. The portfolio’s longer-than-benchmark duration also weighed on returns, as the yield curve shifted throughout the period.

WHAT IS YOUR OUTLOOK?

The fund is positioned to take advantage of a gradual economic recovery and positive fundamental trends. We believe short-term interest rates in the U.S. will remain low for the foreseeable future, but acknowledge the continuing pressures that the ever-increasing U.S. Treasury issuance will place on longer-term rates. In our opinion, there remains ample opportunity for corporate bond yield spreads to tighten further. Within corporate credit, we are advocating a strategy of specific

FUND FACTS

Symbol | LSIGX

Objective | Above-average total investment return through a combination of current income and capital appreciation

Strategy | Invests in primarily investment-grade fixed-income securities, although it may invest up to 10% of its assets in lower rated fixed-income securities and up to 10% of its assets in preferred stocks. The Fund may invest any portion of its assets in securities of Canadian issuers and up to 20% of assets in securities of other foreign issuers, including emerging markets.

Fund Inception Date | 7/1/94

Fund Registration Date | 3/7/97

Total Net Assets | $507.76 million

(fundamental credit) risk instead of market (interest rate) risk. We continue to see opportunity in the convertible market and have focused on increasing our exposure. We continue to add opportunistically to non-U.S. dollar denominated securities, with a focus on credits and countries in which we anticipate fundamental improvements will continue to emerge. We believe that in a rising-rate environment, research and security selection will continue to prove key to successful portfolio management.

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2010


6 Months	1 Year	5 Years	10 Years	Since Registration^(a)	Since Inception^(a)
Loomis Sayles Investment Grade Fixed Income: Institutional
6.35%	31.33%	7.60%	9.70%	8.93%	9.94%
Barclays Capital U.S. Government/Credit Bond Index^(b)
1.34	7.51	5.17	6.22	6.22	6.59
Lipper BBB-Rated Funds Index^(b)
4.64	23.73	4.77	5.85	5.68	6.31

* As stated in the most recent prospectus

Expense reductions are contractual and are set to expire on 1/31/11.

CUMULATIVE PERFORMANCE

Registration to March 31, 2010^(c)

LOGO

Inception to March 31, 2010^(c)

LOGO

WHAT YOU SHOULD KNOW

The fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. fund shares should be viewed as a long-term investment. Securities issued by U.S. government agencies are not insured by and may not be guaranteed by the U.S. government. The fund can invest a significant percentage of assets in foreign securities and the value of fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the U.S. dollar and foreign currencies may cause the value of the fund’s investments to decline. The fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. Accordingly, the purchase of fund shares should be viewed as a long-term investment.

ADDITIONAL INFORMATION

Index Definitions

Indexes are unmanaged and do not have expenses that affect results, unlike mutual funds. Index returns are adjusted for the reinvestment of capital gain distributions and income dividends. It is not possible to invest directly in an index.

Lipper BBB-Rated Funds Index is an unmanaged index which tracks the average performance of the 30 largest BBB-rated funds according to Lipper Inc.

Lipper Global Income Funds Index is an unmanaged index which tracks the average performance of the 30 largest global income funds according to Lipper Inc.

Lipper High Current Yield Funds Index is an unmanaged index which tracks the average performance of the 30 largest high current yield funds according to Lipper Inc.

Lipper Intermediate Investment Grade Debt Funds Index is an unmanaged index which tracks the average performance of the 30 largest intermediate investment grade debt funds according to Lipper Inc.

Lipper Treasury Inflation Protected Securities Funds Index is an unmanaged index which tracks the average performance of the 30 largest treasury inflation protected securities funds according to Lipper Inc.

Source: Lipper, Inc.

Barclays Capital U.S. Government/Credit Bond Index is an unmanaged index that includes U.S. Treasuries, government-related issues, and investment grade U.S. corporate securities.

Barclays Capital U.S. Intermediate Government/Credit Bond Index is an unmanaged index that includes U.S. Treasuries, government-related issues, and investment grade U.S. corporate securities with remaining maturities of one to ten years.

Barclays Capital Global Aggregate Bond Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-rate debt markets.

Barclays Capital U.S. Corporate High-Yield Bond Index is an unmanaged index that covers the U.S.-dollar denominated, non-investment grade, fixed-rate, taxable corporate bond market.

Barclays Capital U.S. TIPS Index is an unmanaged index that tracks inflation protected securities issued by the U.S. Treasury.

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis Sayles at 800-633-3330; (ii) on the Funds’ website, www.loomissayles.com, and (iii) on the SEC’s website, www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12 months ended June 30, 2009 is available on (i) the Funds’ website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other Fund expenses. These costs are described in more detail in each Fund’s prospectus. The examples below are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each Class of Fund shares shows the actual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2009 through March 31, 2010. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual Fund returns and expenses. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your Class.

The second line in the table for each Class of Fund shares provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Loomis Sayles Bond Fund


Institutional Class	Beginning Account Value 10/1/2009	Ending Account Value 3/31/2010	Expenses Paid During Period* 10/1/2009 – 3/31/2010
Actual	$1,000.00	$1,094.80	$3.29
Hypothetical (5% return before expenses)	$1,000.00	$1,021.79	$3.18

Retail Class
Actual	$1,000.00	$1,093.40	$4.91
Hypothetical (5% return before expenses)	$1,000.00	$1,020.24	$4.73

Admin Class
Actual	$1,000.00	$1,092.30	$6.26
Hypothetical (5% return before expenses)	$1,000.00	$1,018.95	$6.04
* Expenses are equal to the Fund’s annualized expense ratio: 0.63%, 0.94% and 1.20% for Institutional, Retail and Admin Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Fixed Income Fund


Institutional Class	Beginning Account Value 10/1/2009	Ending Account Value 3/31/2010	Expenses Paid During Period* 10/1/2009 – 3/31/2010
Actual	$1,000.00	$1,086.80	$3.02
Hypothetical (5% return before expenses)	$1,000.00	$1,022.04	$2.92
* Expenses are equal to the Fund’s annualized expense ratio: 0.58%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Global Bond Fund


Institutional Class	Beginning Account Value 10/1/2009	Ending Account Value 3/31/2010	Expenses Paid During Period* 10/1/2009 – 3/31/2010
Actual	$1,000.00	$1,016.90	$3.32
Hypothetical (5% return before expenses)	$1,000.00	$1,021.64	$3.33

Retail Class
Actual	$1,000.00	$1,014.70	$5.02
Hypothetical (5% return before expenses)	$1,000.00	$1,019.95	$5.04
* Expenses are equal to the Fund’s annualized expense ratio: 0.66% and 1.00%, for the Institutional and Retail Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Inflation Protected Securities Fund


Institutional Class	Beginning Account Value 10/1/2009	Ending Account Value 3/31/2010	Expenses Paid During Period* 10/1/2009 – 3/31/2010
Actual	$1,000.00	$1,026.20	$2.02
Hypothetical (5% return before expenses)	$1,000.00	$1,022.94	$2.02
* Expenses are equal to the Fund’s annualized expense ratio (after fee reduction/reimbursement): 0.40%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Institutional High Income Fund


Institutional Class	Beginning Account Value 10/1/2009	Ending Account Value 3/31/2010	Expenses Paid During Period* 10/1/2009 – 3/31/2010
Actual	$1,000.00	$1,124.30	$3.71
Hypothetical (5% return before expenses)	$1,000.00	$1,021.44	$3.53
* Expenses are equal to the Fund’s annualized expense ratio: 0.70%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Intermediate Duration Fixed Income Fund


Institutional Class	Beginning Account Value 10/1/2009	Ending Account Value 3/31/2010	Expenses Paid During Period* 10/1/2009 – 3/31/2010
Actual	$1,000.00	$1,044.20	$2.04
Hypothetical (5% return before expenses)	$1,000.00	$1,022.94	$2.02
* Expenses are equal to the Fund’s annualized expense ratio (after fee reduction/reimbursement): 0.40%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Investment Grade Fixed Income Fund


Institutional Class	Beginning Account Value 10/1/2009	Ending Account Value 3/31/2010	Expenses Paid During Period* 10/1/2009 – 3/31/2010
Actual	$1,000.00	$1,063.50	$2.47
Hypothetical (5% return before expenses)	$1,000.00	$1,022.54	$2.42
* Expenses are equal to the Fund’s annualized expense ratio: 0.48%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Bond Fund


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – 93.5% of Net Assets

NON-CONVERTIBLE BONDS – 84.7%

ABS Car Loan – 0.1%
Avis Budget Rental Car Funding AESOP LLC, Series 2007-2A, Class A, 0.380%, 8/20/2013, 144A(b)		$	16,340,000	$	15,407,676


ABS Credit Card – 0.6%
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014			113,710,000		120,307,659
MBNA Credit Card Master Note Trust, Series 03A5, 4.150%, 9/19/2012	EUR		300,000		405,640

					120,713,299


Aerospace & Defense – 0.1%
Bombardier, Inc., 6.300%, 5/01/2014, 144A			1,590,000		1,649,625
Bombardier, Inc., 7.350%, 12/22/2026	CAD		2,120,000		2,041,913
Bombardier, Inc., 7.450%, 5/01/2034, 144A			13,664,000		12,570,880

					16,262,418

Airlines – 1.8%
American Airlines Pass Through Trust, Series 1993-A6, 8.040%, 9/16/2011			978,168		929,260
American Airlines Pass Through Trust, Series 2009-1A, 10.375%, 7/02/2019			3,401,411		3,937,133
Continental Airlines Pass Through Trust, Series 1996-1, Class A, 6.940%, 4/15/2015			207,165		212,344
Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016			10,219,854		10,092,106
Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018			2,754,751		2,658,334
Continental Airlines Pass Through Trust, Series 1998-1, Class B, 6.748%, 9/15/2018			4,047,298		3,905,642
Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020			11,145,607		10,393,279
Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021			6,524,279		6,198,065
Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022			2,964,564		3,009,033
Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022			2,449,488		2,449,488
Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019			7,804,448		7,414,226
Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022			3,044,514		2,831,398
Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017			3,846,521		3,634,963
Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023			17,701,000		17,391,232
Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 4/19/2022			26,727,000		24,321,570
Continental Airlines Pass Through Trust, Series 2009-1, Class A, 9.000%, 7/08/2016			24,922,821		26,916,647
Continental Airlines Pass Through Trust, Series 2009-2, Class A, 7.250%, 11/10/2019			29,625,000		31,698,750
Delta Air Lines, Inc., 9.500%, 9/15/2014, 144A			3,145,000		3,306,181

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Bond Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Airlines – continued
Delta Air Lines, Inc., Series 2001-1, Class A-2, 7.111%, 3/18/2013		$	2,000,000	$	2,090,000
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024			3,107,868		3,107,868
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			5,078,412		4,672,139
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			37,649,632		35,232,149
Delta Air Lines, Inc., Series B, 9.750%, 12/17/2016			10,000,000		10,300,000
Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA insured) 6.264%, 5/20/2023			3,672,060		3,488,457
Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 11/01/2017			33,049,695		30,232,869
Qantas Airways Ltd., 5.125%, 6/20/2013, 144A			2,000,000		2,041,904
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			44,235,000		45,710,060
UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024			24,435,206		22,602,565
UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018			16,780,000		18,038,500

					338,816,162

Automotive – 3.1%
ArvinMeritor, Inc., 8.125%, 9/15/2015			385,000		371,525
Cummins, Inc., 6.750%, 2/15/2027			3,172,000		3,027,588
Cummins, Inc., 7.125%, 3/01/2028			3,000,000		2,965,389
FCE Bank PLC, EMTN, 4.625%, 10/25/2010	NOK		4,570,000		753,567
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		9,800,000		13,534,193
FCE Bank PLC, EMTN, 7.125%, 1/15/2013	EUR		6,550,000		9,067,930
FCE Bank PLC, EMTN, 7.875%, 2/15/2011	GBP		8,550,000		13,249,679
Ford Motor Co., 6.375%, 2/01/2029			1,945,000		1,580,313
Ford Motor Co., 6.500%, 8/01/2018			2,611,000		2,480,450
Ford Motor Co., 6.625%, 2/15/2028			500,000		420,000
Ford Motor Co., 6.625%, 10/01/2028			62,705,000		52,672,200
Ford Motor Co., 7.125%, 11/15/2025			1,960,000		1,670,900
Ford Motor Co., 7.450%, 7/16/2031			119,879,000		113,285,655
Ford Motor Co., 7.500%, 8/01/2026			1,410,000		1,251,375
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			13,765,000		14,243,141
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011			31,140,000		32,195,366
Ford Motor Credit Co. LLC, 7.500%, 8/01/2012			8,785,000		9,096,701
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010			1,320,000		1,332,276
Ford Motor Credit Co. LLC, 8.000%, 6/01/2014			70,695,000		74,424,585
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			19,570,000		20,619,402
Ford Motor Credit Co. LLC, 8.625%, 11/01/2010			29,945,000		30,671,735
Ford Motor Credit Co. LLC, 8.700%, 10/01/2014			152,395,000		165,243,422
Ford Motor Credit Co. LLC, 9.750%, 9/15/2010			2,150,000		2,201,548
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			6,041,000		5,210,363
Goodyear Tire & Rubber Co. (The), 10.500%, 5/15/2016			14,150,000		15,282,000
TRW Automotive, Inc., 7.000%, 3/15/2014, 144A			1,700,000		1,674,500
TRW Automotive, Inc., 7.250%, 3/15/2017, 144A			3,700,000		3,570,500
TRW Automotive, Inc., 8.875%, 12/01/2017, 144A			6,400,000		6,632,000

					598,728,303

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Banking – 6.4%
AgriBank FCB, 9.125%, 7/15/2019, 144A(c)		$	100,540,000	$	114,380,336
Associates Corp. of North America, 6.950%, 11/01/2018			33,073,000		34,853,849
BAC Capital Trust VI, 5.625%, 3/08/2035			35,170,000		29,039,060
Bank of America Corp., 5.420%, 3/15/2017			2,682,000		2,650,476
Bank of America Corp., 6.000%, 9/01/2017			7,290,000		7,581,790
Bank of America NA, 5.300%, 3/15/2017			12,823,000		12,693,500
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		38,510,000,000		34,102,750
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		48,070,000,000		42,648,577
Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018			3,260,000		3,179,188
Bear Stearns Cos., Inc. (The), 5.300%, 10/30/2015			1,445,000		1,538,330
Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017			3,160,000		3,490,903
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018			18,135,000		20,958,438
BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, 144A	IDR		274,980,870,000		27,496,576
Capital One Financial Corp., 6.150%, 9/01/2016			3,223,000		3,343,779
Citigroup, Inc., 5.000%, 9/15/2014			66,710,000		66,616,006
Citigroup, Inc., 5.850%, 12/11/2034			1,445,000		1,312,074
Citigroup, Inc., 5.875%, 2/22/2033			33,485,000		28,892,398
Citigroup, Inc., 6.000%, 10/31/2033			15,880,000		13,923,870
Citigroup, Inc., 6.125%, 5/15/2018			43,650,000		44,601,090
Citigroup, Inc., 6.125%, 8/25/2036			8,805,000		7,683,569
Citigroup, Inc., 6.375%, 8/12/2014			72,120,000		77,046,012
Citigroup, Inc., EMTN, (fixed rate to 11/30/2012, variable rate thereafter), 3.625%, 11/30/2017	EUR		4,900,000		6,095,642
Citigroup, Inc., MTN, 5.500%, 10/15/2014			87,000,000		90,036,822
First Niagara Finance Group, Inc., 6.750%, 3/19/2020			14,370,000		14,521,661
Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036			900,000		870,237
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			54,175,000		54,106,956
Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020			4,065,000		4,027,403
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A			12,345,000		11,623,225
JPMorgan Chase & Co., Zero Coupon, 5/17/2010, 144A	BRL		241,667,000		132,564,545
JPMorgan Chase & Co., Zero Coupon, 3/28/2011, 144A	IDR		250,225,920,000		25,664,690
JPMorgan Chase & Co., Zero Coupon, 4/12/2012, 144A	IDR		599,419,948,660		56,928,262
JPMorgan Chase & Co., EMTN, Zero Coupon, 3/28/2011, 144A	IDR		748,342,518,000		76,754,555
JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, 144A	IDR		153,708,294,250		16,283,839
Merrill Lynch & Co., Inc., 5.700%, 5/02/2017			4,825,000		4,796,026
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			6,110,000		5,621,762
Merrill Lynch & Co., Inc., 10.710%, 3/08/2017	BRL		100,400,000		55,045,407
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR		4,887,000		6,284,723
Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018			8,660,000		9,332,614

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Bond Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Banking – continued
Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		$	3,600,000	$	3,095,248
Merrill Lynch & Co., Inc., Series C, MTN, 6.400%, 8/28/2017			1,970,000		2,076,234
Morgan Stanley, 4.750%, 4/01/2014			38,951,000		39,771,970
Morgan Stanley, GMTN, 5.125%, 11/30/2015	GBP		7,500,000		11,662,223
Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018			11,700,000		12,478,974
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017			4,400,000		4,500,052
Morgan Stanley, Series F, MTN, 5.625%, 9/23/2019			9,600,000		9,566,150
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017			7,795,000		8,008,349

					1,239,750,140

Brokerage – 0.0%
Jefferies Group, Inc., 8.500%, 7/15/2019			5,915,000		6,561,764

Building Materials – 0.8%
Masco Corp., 4.800%, 6/15/2015			4,805,000		4,635,614
Masco Corp., 5.850%, 3/15/2017			3,285,000		3,201,715
Masco Corp., 6.125%, 10/03/2016			19,873,000		19,816,700
Masco Corp., 6.500%, 8/15/2032			2,900,000		2,489,056
Owens Corning, Inc., 6.500%, 12/01/2016			26,195,000		27,722,561
Owens Corning, Inc., 7.000%, 12/01/2036			51,180,000		50,145,448
USG Corp., 6.300%, 11/15/2016			35,370,000		31,656,150
USG Corp., 9.500%, 1/15/2018			17,605,000		17,803,056

					157,470,300

Chemicals – 0.9%
Borden, Inc., 7.875%, 2/15/2023			30,054,000		21,338,340
Borden, Inc., 8.375%, 4/15/2016			2,886,000		2,395,380
Borden, Inc., 9.200%, 3/15/2021			11,305,000		9,100,525
Chevron Phillips Chemical Co. LLC, 8.250%, 6/15/2019, 144A			51,205,000		61,129,399
Hercules, Inc., 6.500%, 6/30/2029			19,619,000		15,695,200
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014			34,640,000		35,332,800
Methanex Corp., 6.000%, 8/15/2015			10,565,000		9,546,492
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028			9,415,000		10,081,949
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018			3,995,000		4,471,444

					169,091,529

Construction Machinery – 0.8%
Case New Holland, Inc., 7.750%, 9/01/2013, 144A			70,082,000		72,710,075
Joy Global, Inc., 6.625%, 11/15/2036			1,975,000		1,880,773
RSC Equipment Rental, Inc., 9.500%, 12/01/2014			2,345,000		2,321,550
Toro Co., 6.625%, 5/01/2037(c)			27,030,000		23,853,137
United Rentals North America, Inc., 7.000%, 2/15/2014			27,184,000		25,145,200
United Rentals North America, Inc., 7.750%, 11/15/2013			21,831,000		20,957,760

					146,868,495

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Consumer Cyclical Services – 0.8%
ServiceMaster Co. (The), 7.100%, 3/01/2018		$	1,000,000	$	850,000
ServiceMaster Co. (The), 7.450%, 8/15/2027			4,930,000		3,759,125
Western Union. (The), 6.200%, 11/17/2036			154,180,000		156,797,051

					161,406,176

Consumer Products – 0.2%
Acco Brands Corp., 7.625%, 8/15/2015			495,000		463,444
Snap-on, Inc., 6.700%, 3/01/2019			7,210,000		7,650,617
Whirlpool Corp., MTN, 8.000%, 5/01/2012			14,465,000		15,897,903
Whirlpool Corp., MTN, 8.600%, 5/01/2014			8,680,000		10,073,461

					34,085,425

Distributors – 0.0%
EQT Corp., 8.125%, 6/01/2019			1,775,000		2,108,769
ONEOK, Inc., 6.000%, 6/15/2035			3,805,000		3,630,476

					5,739,245

Diversified Manufacturing – 0.7%
Textron Financial Corp., 5.400%, 4/28/2013			1,435,000		1,474,435
Textron Financial Corp., Series E, MTN, 5.125%, 8/15/2014			550,000		523,447
Textron, Inc., 3.875%, 3/11/2013	EUR		14,050,000		18,719,506
Textron, Inc., 5.600%, 12/01/2017			7,145,000		7,196,537
Textron, Inc., 6.200%, 3/15/2015			38,705,000		40,994,981
Textron, Inc., 7.250%, 10/01/2019			27,740,000		29,970,019
Textron, Inc., EMTN, 6.625%, 4/07/2020	GBP		23,658,000		33,208,418

					132,087,343

Electric – 2.9%
AES Corp. (The), 7.750%, 3/01/2014			4,875,000		4,984,688
AES Corp. (The), 8.375%, 3/01/2011(c)	GBP		2,090,000		3,235,004
AES Ironwood LLC, 8.857%, 11/30/2025			12,913,812		12,655,536
AES Red Oak LLC, Series A, 8.540%, 11/30/2019			1,547,631		1,582,453
Bruce Mansfield Unit, 6.850%, 6/01/2034(c)			95,219,290		96,594,256
Calpine Corp., 7.250%, 10/15/2017, 144A			5,385,000		5,290,762
CE Generation LLC, 7.416%, 12/15/2018			4,856,325		4,911,483
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036			64,200,000		61,571,138
Commonwealth Edison Co., 4.750%, 12/01/2011(c)			201,000		201,412
Dynegy Holdings, Inc., 7.125%, 5/15/2018			5,295,000		3,759,450
Dynegy Holdings, Inc., 7.625%, 10/15/2026			11,835,000		7,574,400
Dynegy Holdings, Inc., 7.750%, 6/01/2019			1,504,000		1,135,520
Dynegy Holdings, Inc., 8.375%, 5/01/2016			2,000,000		1,660,000
Edison Mission Energy, 7.625%, 5/15/2027			23,200,000		14,848,000
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027			11,581,000		12,696,459
Energy Future Holdings Corp., 10.000%, 1/15/2020, 144A			7,425,000		7,786,969
Enersis SA, 7.400%, 12/01/2016			4,250,000		4,654,791
Illinois Power Co., 6.250%, 4/01/2018			3,105,000		3,308,949
ITC Holdings Corp., 5.875%, 9/30/2016, 144A			25,460,000		26,561,654
ITC Holdings Corp., 6.375%, 9/30/2036, 144A			37,955,000		37,993,031
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027			23,775,000		12,363,000

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Bond Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Electric – continued
NiSource Finance Corp., 6.400%, 3/15/2018		$	57,010,000	$	61,126,749
NiSource Finance Corp., 6.800%, 1/15/2019			1,235,000		1,342,591
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A			1,128,213		1,157,761
Quezon Power Philippines Co., 8.860%, 6/15/2017			5,236,875		5,315,428
Salton Sea Funding Corp., Series E, 8.300%, 5/30/2011			1,222,006		1,265,754
Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018			212,143		232,888
SP Powerassets Ltd., EMTN, 3.730%, 10/22/2010	SGD		1,000,000		725,290
Toledo Edison Co., 6.150%, 5/15/2037			10,765,000		10,853,639
TXU Corp., Series P, 5.550%, 11/15/2014			70,980,000		51,815,400
TXU Corp., Series Q, 6.500%, 11/15/2024			140,586,000		73,104,720
TXU Corp., Series R, 6.550%, 11/15/2034			9,406,000		4,844,090
White Pine Hydro LLC, 6.310%, 7/10/2017(c)			9,175,000		8,955,259
White Pine Hydro LLC, 6.960%, 7/10/2037(c)			14,695,000		13,185,530
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)			5,000,000		4,270,850

					563,564,904

Entertainment – 0.1%
Time Warner, Inc., 6.625%, 5/15/2029			15,000		15,816
Time Warner, Inc., 7.625%, 4/15/2031			10,000		11,421
Viacom, Inc., 6.875%, 4/30/2036			18,785,000		19,915,575

					19,942,812

Financial Other – 0.2%
National Life Insurance Co., 10.500%, 9/15/2039, 144A			38,476,000		41,184,364

Food & Beverage – 0.3%
Anheuser-Busch Cos., Inc., 6.500%, 5/01/2042			15,000		15,774
ARAMARK Corp., 5.000%, 6/01/2012			2,115,000		2,083,275
Corn Products International, Inc., 6.625%, 4/15/2037			31,590,000		30,014,007
Sara Lee Corp., 6.125%, 11/01/2032			18,615,000		18,290,317

					50,403,373

Government Owned – No Guarantee – 0.1%
DP World Ltd., 6.850%, 7/02/2037, 144A			26,185,000		22,485,400

Government Sponsored – 0.3%
Queensland Treasury Corp., 7.125%, 9/18/2017, 144A	NZD		84,345,000		63,320,058

Health Insurance – 1.1%
CIGNA Corp., 6.150%, 11/15/2036			20,530,000		20,013,794
CIGNA Corp., 6.350%, 3/15/2018			2,500,000		2,693,100
WellPoint, Inc., 6.375%, 6/15/2037			191,190,000		196,303,376

					219,010,270

Healthcare – 3.0%
Boston Scientific Corp., 5.125%, 1/12/2017			7,100,000		6,664,096
Boston Scientific Corp., 5.450%, 6/15/2014			3,725,000		3,751,004
Boston Scientific Corp., 6.000%, 1/15/2020			15,410,000		14,557,688
Boston Scientific Corp., 6.400%, 6/15/2016			7,230,000		7,373,523

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Healthcare – continued
Boston Scientific Corp., 7.000%, 11/15/2035		$	22,142,000	$	19,919,297
HCA, Inc., 5.750%, 3/15/2014			13,400,000		12,646,250
HCA, Inc., 6.250%, 2/15/2013			7,800,000		7,741,500
HCA, Inc., 6.300%, 10/01/2012			2,500,000		2,496,875
HCA, Inc., 6.375%, 1/15/2015			17,380,000		16,511,000
HCA, Inc., 6.500%, 2/15/2016			63,735,000		60,468,581
HCA, Inc., 6.750%, 7/15/2013			3,045,000		3,045,000
HCA, Inc., 7.050%, 12/01/2027			26,900,000		22,999,500
HCA, Inc., 7.190%, 11/15/2015			20,165,000		19,055,925
HCA, Inc., 7.500%, 12/15/2023			26,949,000		24,658,335
HCA, Inc., 7.500%, 11/06/2033			19,870,000		17,286,900
HCA, Inc., 7.690%, 6/15/2025			67,411,000		62,355,175
HCA, Inc., 8.360%, 4/15/2024			43,224,000		40,954,740
HCA, Inc., MTN, 7.580%, 9/15/2025			21,924,000		19,841,220
HCA, Inc., MTN, 7.750%, 7/15/2036			12,066,000		10,618,080
Hospira, Inc., 6.050%, 3/30/2017			15,175,000		16,299,043
Medco Health Solutions, Inc., 7.125%, 3/15/2018			130,935,000		149,280,565
Owens & Minor, Inc., 6.350%, 4/15/2016(c)			4,710,000		4,524,906
Tenet Healthcare Corp., 6.875%, 11/15/2031			30,578,000		24,921,070
Tenet Healthcare Corp., 7.375%, 2/01/2013			2,236,000		2,258,360
Tenet Healthcare Corp., 9.250%, 2/01/2015			560,000		587,300

					570,815,933

Home Construction – 0.6%
D.R. Horton, Inc., 6.500%, 4/15/2016			1,975,000		1,979,937
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015			6,430,000		5,079,700
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016			19,270,000		14,837,900
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014			6,249,000		5,014,822
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014			4,050,000		3,402,000
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016			1,650,000		1,295,250
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013			2,865,000		2,478,225
K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012			1,690,000		1,559,025
KB Home, 5.875%, 1/15/2015			895,000		848,013
Lennar Corp., Series B, 5.125%, 10/01/2010			3,495,000		3,516,844
Pulte Group, Inc., 5.200%, 2/15/2015			6,007,000		5,759,211
Pulte Group, Inc., 6.000%, 2/15/2035			63,855,000		49,487,625
Pulte Group, Inc., 6.375%, 5/15/2033			17,240,000		13,792,000
Toll Brothers Finance Corp., 5.150%, 5/15/2015			8,100,000		8,082,812

					117,133,364

Independent Energy – 1.3%
Anadarko Petroleum Corp., 6.450%, 9/15/2036			80,585,000		82,127,397
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		5,925,000		7,762,526
Chesapeake Energy Corp., 6.500%, 8/15/2017			2,615,000		2,530,013
Chesapeake Energy Corp., 6.875%, 11/15/2020			13,805,000		13,425,362
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			20,226,000		20,579,955
Connacher Oil and Gas Ltd., 11.750%, 7/15/2014, 144A			3,640,000		4,022,200
Penn Virginia Corp., 10.375%, 6/15/2016			2,500,000		2,712,500
Pioneer Natural Resources Co., 5.875%, 7/15/2016			10,275,000		10,111,319
Pioneer Natural Resources Co., 6.875%, 5/01/2018			2,125,000		2,123,812
Pioneer Natural Resources Co., 7.200%, 1/15/2028			8,782,000		8,304,874

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Bond Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Independent Energy – continued
Questar Market Resources, Inc., 6.800%, 4/01/2018		$	51,955,000	$	56,868,488
Talisman Energy, Inc., 5.850%, 2/01/2037			12,190,000		11,685,054
Talisman Energy, Inc., 6.250%, 2/01/2038			32,560,000		33,131,982

					255,385,482

Industrial Other – 0.1%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013			755,000		761,606
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A			26,410,000		24,429,250

					25,190,856

Integrated Energy – 0.0%
PF Export Receivables Master Trust, Series A, 6.436%, 6/01/2015, 144A			1,270,936		1,296,355

Life Insurance – 0.7%
American International Group, Inc., Series G, MTN, 5.600%, 10/18/2016			3,245,000		3,020,349
American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018			34,220,000		31,796,060
American International Group, Inc., Series MP, GMTN, 5.450%, 5/18/2017			7,075,000		6,508,604
American International Group, Inc., Series MPLE, 4.900%, 6/02/2014	CAD		4,145,000		3,754,640
ASIF III Jersey Ltd., Series 2003-G, EMTN, 4.750%, 9/11/2013	EUR		6,655,000		8,838,344
MetLife, Inc., 10.750%, 8/01/2069			12,020,000		15,493,203
Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A			57,985,000		50,279,895
Unum Group, 7.125%, 9/30/2016			9,965,000		10,832,314

					130,523,409

Local Authorities – 0.1%
Ontario Hydro, Zero Coupon, 11/27/2020	CAD		1,507,000		913,741
Province of Alberta, 5.930%, 9/16/2016	CAD		15,337,670		16,805,822
Province of British Columbia, 5.750%, 1/09/2012	CAD		730,000		768,985
Province of Ontario, 4.400%, 12/02/2011	CAD		760,000		781,161
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		60,000		55,784

					19,325,493

Media Cable – 1.9%
Comcast Corp., 5.650%, 6/15/2035			46,380,000		42,939,207
Comcast Corp., 6.450%, 3/15/2037			10,060,000		10,244,762
Comcast Corp., 6.500%, 11/15/2035			16,205,000		16,598,392
Comcast Corp., 6.950%, 8/15/2037			192,208,000		207,934,074
CSC Holdings LLC, 7.875%, 2/15/2018			1,550,000		1,627,500
CSC Holdings LLC, 8.500%, 4/15/2014, 144A			15,000,000		15,975,000
Shaw Communications, Inc., 5.650%, 10/01/2019	CAD		37,585,000		38,094,941
Time Warner Cable, Inc., 6.750%, 7/01/2018			26,541,000		29,655,878
Virgin Media Finance PLC, 9.125%, 8/15/2016			1,700,000		1,806,250
Virgin Media Finance PLC, 9.750%, 4/15/2014	GBP		1,388,187		2,175,036

					367,051,040

See accompanying notes to financial statements.


		Principal Amount (‡)			Value (†)


BONDS AND NOTES – continued

Media Non-Cable – 0.6%
Clear Channel Communications, Inc., 4.400%, 5/15/2011		$	1,645,000		$	1,550,412
Clear Channel Communications, Inc., 5.000%, 3/15/2012			4,645,000			4,110,825
Clear Channel Communications, Inc., 6.250%, 3/15/2011			6,840,000			6,617,700
Clear Channel Communications, Inc., 7.650%, 9/15/2010			195,000			194,269
News America, Inc., 6.150%, 3/01/2037			54,025,000			53,252,497
News America, Inc., 6.200%, 12/15/2034			17,785,000			17,738,421
News America, Inc., 6.400%, 12/15/2035			26,660,000			27,223,912

						110,688,036

Metals & Mining – 0.4%
Alcoa, Inc., 5.720%, 2/23/2019			11,557,000			11,235,276
Alcoa, Inc., 5.870%, 2/23/2022			4,935,000			4,534,431
Alcoa, Inc., 5.950%, 2/01/2037			2,050,000			1,680,850
Alcoa, Inc., 6.750%, 1/15/2028			6,490,000			6,003,380
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A			13,180,000			12,125,600
Rio Tinto Alcan, Inc., 5.750%, 6/01/2035			1,840,000			1,801,533
Teck Resources Ltd., 10.250%, 5/15/2016			1,730,000			2,058,700
Teck Resources Ltd., 10.750%, 5/15/2019			1,000,000			1,225,000
United States Steel Corp., 6.050%, 6/01/2017			11,175,000			10,755,938
United States Steel Corp., 6.650%, 6/01/2037			9,625,000			8,277,500
United States Steel Corp., 7.000%, 2/01/2018			23,520,000			23,167,200

						82,865,408

Mortgage Related – 0.0%
FHLMC, 5.000%, 12/01/2031			279,044			290,359

Non-Captive Consumer – 4.0%
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017			322,970,000			282,892,330
Residential Capital LLC, 8.375%, 6/30/2010			5,000			4,825
Residential Capital LLC, 9.625%, 5/15/2015			53,320,000			52,520,200
SLM Corp., 6.000%, 5/10/2012	AUD		1,305,000			1,087,302
SLM Corp., 6.000%, 12/15/2043			150,125	(††)		2,671,850
SLM Corp., EMTN, 4.750%, 3/17/2014	EUR		9,200,000			11,525,100
SLM Corp., MTN, 5.050%, 11/14/2014			27,310,000			25,272,264
SLM Corp., MTN, 5.125%, 8/27/2012			4,875,000			4,844,044
SLM Corp., MTN, 8.000%, 3/25/2020			1,280,000			1,246,412
SLM Corp., Series A, MTN, 4.500%, 7/26/2010			8,090,000			8,127,238
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			76,745,000			73,319,026
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			57,166,000			52,051,987
SLM Corp., Series A, MTN, 5.000%, 6/15/2018			23,623,000			19,491,715
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			28,262,000			27,912,880
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			34,835,000			32,995,329
SLM Corp., Series A, MTN, 5.400%, 10/25/2011			1,785,000			1,801,747
SLM Corp., Series A, MTN, 5.625%, 8/01/2033			38,535,000			29,734,569
SLM Corp., Series A, MTN, 6.500%, 6/15/2010(c)	NZD		8,020,000			5,698,105
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			140,870,000			142,470,424

						775,667,347

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Bond Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Non-Captive Diversified – 7.3%
CIT Group, Inc., 7.000%, 5/01/2013		$	25,935,178	$	25,221,961
CIT Group, Inc., 7.000%, 5/01/2014			38,902,776		36,763,123
CIT Group, Inc., 7.000%, 5/01/2015			38,902,776		36,276,839
CIT Group, Inc., 7.000%, 5/01/2016			97,012,976		89,494,470
CIT Group, Inc., 7.000%, 5/01/2017			101,008,173		93,180,040
General Electric Capital Australia Funding Pty, EMTN, 8.000%, 2/13/2012	AUD		44,525,000		42,267,452
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD		89,985,000		64,106,075
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD		15,000,000		10,747,664
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD		150,000,000		108,560,349
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014	NZD		60,880,000		45,688,078
General Electric Capital Corp., Series A, MTN, 0.551%, 5/13/2024(b)			22,590,000		19,090,289
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD		266,643,000		189,672,342
General Motors Acceptance Corp. of Canada Ltd., EMTN, 7.125%, 9/13/2011	AUD		7,270,000		6,558,317
GMAC, Inc., 5.375%, 6/06/2011			61,815,000		61,583,194
GMAC, Inc., 5.750%, 9/27/2010			7,263,000		7,292,052
GMAC, Inc., 6.000%, 4/01/2011			945,000		943,819
GMAC, Inc., 6.000%, 12/15/2011			53,975,000		54,109,937
GMAC, Inc., 6.625%, 12/17/2010, 144A			464,000		466,900
GMAC, Inc., 6.625%, 5/15/2012			20,691,000		20,897,910
GMAC, Inc., 6.750%, 12/01/2014			30,190,000		30,039,050
GMAC, Inc., 6.875%, 9/15/2011			8,439,000		8,576,134
GMAC, Inc., 6.875%, 8/28/2012			10,000		10,113
GMAC, Inc., 6.875%, 8/28/2012			4,229,000		4,287,149
GMAC, Inc., 7.000%, 2/01/2012			10,637,000		10,823,147
GMAC, Inc., 7.250%, 3/02/2011			25,000		25,438
GMAC, Inc., 7.500%, 12/31/2013			23,588,000		24,000,790
GMAC, Inc., 8.000%, 12/31/2018			44,981,000		44,306,285
GMAC, Inc., 8.000%, 11/01/2031			35,442,000		33,847,110
GMAC, Inc., 8.300%, 2/12/2015, 144A			72,545,000		76,172,250
International Lease Finance Corp., 6.375%, 3/25/2013			15,925,000		15,562,818
International Lease Finance Corp., 8.625%, 9/15/2015, 144A			33,965,000		34,720,959
International Lease Finance Corp., Series R, MTN, 5.625%, 9/15/2010			120,000		120,847
International Lease Finance Corp., Series R, MTN, 5.625%, 9/20/2013			3,390,000		3,197,695
International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014			3,545,000		3,285,534
iStar Financial, Inc., 5.150%, 3/01/2012			52,875,000		46,265,625
iStar Financial, Inc., 5.375%, 4/15/2010			6,905,000		6,887,738
iStar Financial, Inc., 5.500%, 6/15/2012			3,865,000		3,348,056
iStar Financial, Inc., 5.650%, 9/15/2011			30,335,000		27,680,687
iStar Financial, Inc., 5.800%, 3/15/2011			5,305,000		5,033,119
iStar Financial, Inc., 5.850%, 3/15/2017			6,565,000		4,858,100
iStar Financial, Inc., 5.875%, 3/15/2016			11,605,000		8,703,750

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Non-Captive Diversified – continued
iStar Financial, Inc., 6.050%, 4/15/2015		$	5,655,000	$	4,156,425
iStar Financial, Inc., 8.625%, 6/01/2013			46,795,000		40,009,725
iStar Financial, Inc., Series B, 5.125%, 4/01/2011			2,330,000		2,099,913
iStar Financial, Inc., Series B, 5.700%, 3/01/2014			7,645,000		6,077,775
iStar Financial, Inc., Series B, 5.950%, 10/15/2013			60,205,000		48,164,000

					1,405,181,043

Oil Field Services – 1.6%
Allis-Chalmers Energy, Inc., 8.500%, 3/01/2017			10,680,000		9,451,800
Allis-Chalmers Energy, Inc., 9.000%, 1/15/2014			11,660,000		11,193,600
Nabors Industries, Inc., 6.150%, 2/15/2018			15,693,000		16,717,863
Nabors Industries, Inc., 9.250%, 1/15/2019			163,850,000		203,809,574
North American Energy Partners, Inc., 8.750%, 12/01/2011			2,226,000		2,226,000
Rowan Cos., Inc., 7.875%, 8/01/2019			23,050,000		26,399,603
Weatherford International Ltd., 6.500%, 8/01/2036			25,600,000		25,437,312
Weatherford International Ltd., 6.800%, 6/15/2037			4,250,000		4,361,647
Weatherford International Ltd., 7.000%, 3/15/2038			13,670,000		14,453,264

					314,050,663

Packaging – 0.2%
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR		3,450,000		4,706,341
Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR		2,500,000		3,444,159
Owens-Illinois, Inc., 7.800%, 5/15/2018			18,644,000		19,249,930

					27,400,430

Paper – 2.9%
Fibria Overseas Finance Ltd., 9.250%, 10/30/2019, 144A			32,370,000		36,901,800
Georgia-Pacific LLC, 7.250%, 6/01/2028			26,262,000		25,999,380
Georgia-Pacific LLC, 7.375%, 12/01/2025			31,317,000		31,160,415
Georgia-Pacific LLC, 7.700%, 6/15/2015			470,000		498,200
Georgia-Pacific LLC, 7.750%, 11/15/2029			80,840,000		80,840,000
Georgia-Pacific LLC, 8.000%, 1/15/2024			21,749,000		23,053,940
Georgia-Pacific LLC, 8.875%, 5/15/2031			27,237,000		29,552,145
International Paper Co., 6.875%, 11/01/2023			4,447,000		4,576,808
International Paper Co., 7.950%, 6/15/2018			216,710,000		253,191,178
International Paper Co., 8.700%, 6/15/2038			10,392,000		12,837,705
Jefferson Smurfit Corp., 7.500%, 6/01/2013(d)			5,540,000		4,875,200
Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(d)			1,115,000		995,138
Stone Container Finance, 7.375%, 7/15/2014(d)			90,000		83,250
Westvaco Corp., 7.950%, 2/15/2031			24,586,000		26,564,632
Westvaco Corp., 8.200%, 1/15/2030			25,389,000		27,909,315

					559,039,106

Pharmaceuticals – 0.3%
Elan Finance PLC/Elan Finance Corp., 8.875%, 12/01/2013			58,330,000		60,079,900

Pipelines – 2.1%
DCP Midstream LP, 6.450%, 11/03/2036, 144A			27,325,000		27,093,366
El Paso Corp., 6.950%, 6/01/2028			12,209,000		11,026,143
El Paso Corp., 7.420%, 2/15/2037			2,045,000		1,807,310

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Bond Fund – continued


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Pipelines – continued
El Paso Corp., GMTN, 7.750%, 1/15/2032	$	1,500,000	$	1,473,915
El Paso Corp., GMTN, 7.800%, 8/01/2031		1,000,000		982,827
Energy Transfer Partners LP, 6.125%, 2/15/2017		7,325,000		7,872,478
Energy Transfer Partners LP, 6.625%, 10/15/2036		11,435,000		11,513,204
Enterprise Products Operating LLP, 6.300%, 9/15/2017		25,030,000		27,494,980
Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		7,500,000		8,935,748
Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		843,000		792,310
Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014, 144A(c)		59,207,124		64,767,857
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		116,405,000		130,539,477
ONEOK Partners LP, 6.650%, 10/01/2036		9,450,000		9,852,088
Plains All American Pipeline LP, 6.125%, 1/15/2017		28,845,000		30,974,799
Plains All American Pipeline LP, 6.650%, 1/15/2037		62,130,000		64,425,082
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		5,572,000		5,286,435
Williams Cos., Inc. (The), Series A, 7.500%, 1/15/2031		4,928,000		5,414,803

				410,252,822

Property & Casualty Insurance – 0.8%
Hanover Insurance Group, Inc., 7.500%, 3/01/2020		4,090,000		4,194,909
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		46,320,000		47,913,315
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		34,729,000		36,777,698
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		51,522,000		45,381,917
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		8,600,000		5,848,000
White Mountains RE Group, 6.375%, 3/20/2017, 144A		75,000		73,120
Willis North America, Inc., 6.200%, 3/28/2017		12,000,000		12,157,104
XL Capital Ltd., 6.250%, 5/15/2027		6,575,000		6,199,351
XL Capital Ltd., 6.375%, 11/15/2024		2,110,000		2,008,859

				160,554,273

Railroads – 0.2%
Canadian Pacific Railway Co., 5.750%, 3/15/2033		2,680,000		2,527,982
Canadian Pacific Railway Co., 5.950%, 5/15/2037		15,464,000		14,944,626
CSX Corp., MTN, 6.000%, 10/01/2036		23,143,000		22,990,904
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		7,944,000		4,766,400
Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		63,300		59,439

				45,289,351

Refining – 0.0%
Valero Energy Corp., 6.625%, 6/15/2037		1,782,000		1,694,782

REITs – 1.3%
Camden Property Trust, 5.000%, 6/15/2015		2,565,000		2,555,120
Camden Property Trust, 5.700%, 5/15/2017		40,075,000		39,408,553

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

REITs – continued
Duke Realty LP, 5.950%, 2/15/2017		$	5,720,000	$	5,623,646
ERP Operating LP, 5.125%, 3/15/2016			4,680,000		4,812,842
ERP Operating LP, 5.375%, 8/01/2016			3,000,000		3,104,019
First Industrial LP, 5.950%, 5/15/2017			7,750,000		6,230,333
Highwoods Properties, Inc., 5.850%, 3/15/2017			57,890,000		55,332,767
Highwoods Properties, Inc., 7.500%, 4/15/2018			5,640,000		5,723,923
ProLogis, 5.625%, 11/15/2015			6,022,000		5,970,482
ProLogis, 5.625%, 11/15/2016			6,110,000		5,910,282
ProLogis, 5.750%, 4/01/2016			6,375,000		6,244,861
ProLogis, 6.625%, 5/15/2018			1,377,000		1,368,390
ProLogis, 7.375%, 10/30/2019			3,020,000		3,100,096
Simon Property Group LP, 5.250%, 12/01/2016			4,505,000		4,464,392
Simon Property Group LP, 5.750%, 12/01/2015			9,032,000		9,554,926
Simon Property Group LP, 5.875%, 3/01/2017			3,145,000		3,249,483
Simon Property Group LP, 6.100%, 5/01/2016			2,325,000		2,447,623
Simon Property Group LP, 6.125%, 5/30/2018			1,690,000		1,748,393
WEA Finance LLC/WT Finance Australia Property Ltd., 6.750%, 9/02/2019, 144A			68,360,000		72,945,862

					239,795,993

Restaurants – 0.0%
McDonald’s Corp., EMTN, 3.628%, 10/10/2010	SGD		3,750,000		2,715,373

Retailers – 1.3%
Dillard’s, Inc., 6.625%, 1/15/2018			1,920,000		1,776,000
Dillard’s, Inc., 7.000%, 12/01/2028			4,680,000		3,744,000
Dillard’s, Inc., 7.130%, 8/01/2018			1,740,000		1,635,600
Dillard’s, Inc., 7.750%, 7/15/2026			7,182,000		6,104,700
Dillard’s, Inc., 7.750%, 5/15/2027			1,000,000		845,000
Foot Locker, Inc., 8.500%, 1/15/2022			14,269,000		13,198,825
Home Depot, Inc. (The), 5.875%, 12/16/2036			16,415,000		15,929,559
J.C. Penney Corp., Inc., 5.750%, 2/15/2018			5,160,000		5,166,450
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			98,218,000		91,465,512
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			2,798,000		2,822,483
J.C. Penney Corp., Inc., 7.625%, 3/01/2097			5,580,000		5,049,900
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			29,732,000		27,353,440
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027			14,133,000		12,719,700
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029			2,098,000		1,993,100
Macy’s Retail Holdings, Inc., 8.875%, 7/15/2015			1,485,000		1,678,050
Marks & Spencer PLC, 7.125%, 12/01/2037, 144A			9,245,000		9,364,954
Toys R Us, Inc., 7.375%, 10/15/2018			39,965,000		38,366,400
Toys R Us, Inc., 7.875%, 4/15/2013			11,255,000		11,536,375

					250,750,048

Sovereigns – 4.7%
Indonesia Treasury Bond, 9.500%, 7/15/2023	IDR		10,000,000,000		1,094,521
Indonesia Treasury Bond, 10.250%, 7/15/2027	IDR		25,000,000,000		2,784,527
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		145,156,000,000		16,906,530
Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024	IDR		498,832,000,000		56,029,038
Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030	IDR		317,658,000,000		35,440,467
Indonesia Treasury Bond, Series ZC3, Zero Coupon, 11/20/2012	IDR		378,003,000,000		34,205,336

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Bond Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Sovereigns – continued
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN	5,258,000	(†††)	$	42,519,045
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN	28,585,700	(†††)		231,552,551
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN	4,557,000	(†††)		39,662,624
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD	110,620,000			103,281,911
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD	15,305,000			14,231,920
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD	95,840,000			85,687,331
Republic of Brazil, 10.250%, 1/10/2028	BRL	98,690,000			56,050,215
Republic of Brazil, 12.500%, 1/05/2016	BRL	17,305,000			11,068,933
Republic of Brazil, 12.500%, 1/05/2022	BRL	114,735,000			75,324,381
Republic of Croatia, 6.750%, 11/05/2019, 144A		26,800,000			29,491,765
Republic of Iceland, 7.250%, 5/17/2013	ISK	4,616,100,000			20,471,400
Republic of Iceland, 8.000%, 7/22/2011	ISK	2,470,000,000			10,993,326
Republic of Iceland, 13.750%, 12/10/2010	ISK	7,027,535,000			32,077,336
Republic of Venezuela, 7.000%, 3/16/2015	EUR	5,980,000			7,208,624

					906,081,781

Supermarkets – 0.7%
American Stores Co., 7.900%, 5/01/2017		3,000,000			2,792,190
American Stores Co., Series B, MTN, 7.100%, 3/20/2028		13,145,000			10,581,725
New Albertson’s, Inc., 7.450%, 8/01/2029		100,590,000			84,998,550
New Albertson’s, Inc., 7.750%, 6/15/2026		20,550,000			17,467,500
New Albertson’s, Inc., 8.000%, 5/01/2031		9,715,000			8,354,900
New Albertson’s, Inc., 8.700%, 5/01/2030		2,995,000			2,785,350
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		17,575,000			13,313,063

					140,293,278

Supranational – 1.9%
European Investment Bank, Zero Coupon, 3/10/2021	AUD	149,830,000			63,905,505
European Investment Bank, 11.250%, 2/14/2013	BRL	11,505,000			6,874,793
European Investment Bank, EMTN, Zero Coupon, 4/24/2013, 144A	IDR	837,962,640,000			75,218,186
European Investment Bank, EMTN, 7.000%, 1/18/2012	NZD	16,500,000			12,268,906
Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013	IDR	345,270,000,000			29,660,702
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD	185,840,000			132,577,617
International Bank for Reconstruction & Development, 1.430%, 3/05/2014	SGD	40,000,000			27,808,885
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK	2,126,200,000			9,298,150

					357,612,744

Technology – 2.4%
Agilent Technologies, Inc., 6.500%, 11/01/2017		65,276,000			70,524,778
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		67,787,000			47,789,835

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Technology – continued
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		$	3,916,000	$	2,750,990
Alcatel-Lucent, EMTN, 6.375%, 4/07/2014	EUR		1,000,000		1,367,534
Amkor Technology, Inc., 7.750%, 5/15/2013			11,495,000		11,581,212
Arrow Electronics, Inc., 6.875%, 7/01/2013			12,960,000		14,319,206
Arrow Electronics, Inc., 6.875%, 6/01/2018			2,630,000		2,811,341
Avnet, Inc., 5.875%, 3/15/2014			36,145,000		38,532,666
Avnet, Inc., 6.000%, 9/01/2015			50,915,000		53,616,703
Avnet, Inc., 6.625%, 9/15/2016			15,245,000		16,298,399
Corning, Inc., 5.900%, 3/15/2014			9,330,000		10,149,585
Corning, Inc., 6.200%, 3/15/2016			5,155,000		5,628,647
Corning, Inc., 6.850%, 3/01/2029			10,821,000		11,264,888
Corning, Inc., 7.250%, 8/15/2036			5,645,000		6,048,115
Eastman Kodak Co., 7.250%, 11/15/2013			3,640,000		3,467,100
Equifax, Inc., 7.000%, 7/01/2037			15,578,000		16,636,992
Freescale Semiconductor, Inc., 8.875%, 12/15/2014			430,000		410,650
Freescale Semiconductor, Inc., 10.125%, 12/15/2016			6,016,000		5,324,160
Motorola, Inc., 5.220%, 10/01/2097			13,780,000		9,449,649
Motorola, Inc., 6.000%, 11/15/2017			929,000		961,404
Motorola, Inc., 6.500%, 9/01/2025			15,055,000		14,619,609
Motorola, Inc., 6.500%, 11/15/2028			32,140,000		30,171,779
Motorola, Inc., 6.625%, 11/15/2037			31,925,000		29,961,996
Motorola, Inc., 7.500%, 5/15/2025			250,000		257,625
Nortel Networks Capital Corp., 7.875%, 6/15/2026(d)			12,015,000		8,650,800
Nortel Networks Corp., 1.750%, 4/15/2012(d)			1,045,000		786,362
Nortel Networks Ltd., 6.875%, 9/01/2023(d)			18,622,000		5,772,820
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A			4,554,000		4,985,701
Xerox Capital Trust I, 8.000%, 2/01/2027			30,805,000		30,223,186
Xerox Corp., 5.500%, 5/15/2012			7,110,000		7,541,591
Xerox Corp., 6.350%, 5/15/2018			40,000		43,331
Xerox Corp., MTN, 7.200%, 4/01/2016			615,000		687,278

					462,635,932

Tobacco – 0.5%
Altria Group, Inc., 9.700%, 11/10/2018			1,450,000		1,782,962
Reynolds American, Inc., 6.750%, 6/15/2017			71,085,000		76,138,006
Reynolds American, Inc., 7.250%, 6/15/2037			17,990,000		18,310,366

					96,231,334

Transportation Services – 0.5%
APL Ltd., 8.000%, 1/15/2024(c)			20,469,000		15,300,577
Atlas Air, Inc., Series 1999-1, Class A-1, 7.200%, 7/02/2020			11,833,119		11,241,463
Atlas Air, Inc., Series 1999-1A, 6.880%, 1/02/2011			816,948		780,185
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016			15,520,193		13,269,765
Atlas Air, Inc., Series 1999-1C, 8.770%, 7/02/2012(e)			15,689,997		12,238,198
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017			8,554,310		8,383,224
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(e)			201,720		166,419
Atlas Air, Inc., Series B, 7.680%, 7/02/2015			33,829,841		31,969,200

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Bond Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Transportation Services – continued
Atlas Air, Inc., Series C, 8.010%, 7/02/2011(e)		$	6,552,024	$	5,372,660
Erac USA Finance Co., 7.000%, 10/15/2037, 144A			2,675,000		2,757,772

					101,479,463

Treasuries – 17.8%
Canadian Government, 1.000%, 9/01/2011	CAD		421,197,000		412,654,039
Canadian Government, 1.250%, 12/01/2011	CAD		17,205,000		16,853,497
Canadian Government, 2.000%, 9/01/2012	CAD		587,055,000		577,564,090
Canadian Government, 2.750%, 12/01/2010	CAD		245,000		244,554
Canadian Government, 3.500%, 6/01/2013	CAD		228,647,000		232,782,524
Canadian Government, 3.750%, 6/01/2012	CAD		412,215,000		421,813,666
Canadian Government, 3.750%, 6/01/2019	CAD		246,645,000		246,088,886
Canadian Government, 4.250%, 6/01/2018	CAD		297,760,000		309,290,449
Canadian Government, 5.250%, 6/01/2012	CAD		431,800,000		455,336,108
New Zealand Government, 6.000%, 12/15/2017	NZD		33,000,000		23,851,070
New Zealand Government, 6.500%, 4/15/2013	NZD		107,540,000		80,531,418
Norwegian Government, 4.250%, 5/19/2017	NOK		668,075,000		117,714,496
Norwegian Government, 5.000%, 5/15/2015	NOK		319,620,000		58,395,131
Norwegian Government, 6.000%, 5/16/2011	NOK		530,990,000		92,951,840
Norwegian Government, 6.500%, 5/15/2013	NOK		379,945,000		71,052,758
U.S. Treasury Bond, 4.375%, 11/15/2039			160,000,000		151,300,000
U.S. Treasury Bond, 4.625%, 2/15/2040			142,380,000		140,333,288
U.S. Treasury Note, 3.125%, 5/15/2019			40,000,000		38,096,880

					3,446,854,694

Utility Other – 0.0%
Listrindo Capital BV, 9.250%, 1/29/2015, 144A			4,800,000		5,201,568

Wireless – 1.1%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			38,644,000		36,711,800
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			20,563,000		20,048,925
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			57,512,000		53,629,940
Rogers Wireless, Inc., 6.375%, 3/01/2014			1,895,000		2,103,009
Sprint Capital Corp., 6.875%, 11/15/2028			29,984,000		24,137,120
Sprint Capital Corp., 6.900%, 5/01/2019			23,845,000		21,818,175
Sprint Capital Corp., 8.750%, 3/15/2032			8,390,000		7,781,725
Sprint Nextel Corp., 6.000%, 12/01/2016			15,252,000		13,764,930
True Move Co. Ltd., 10.750%, 12/16/2013, 144A			25,875,000		27,007,031

					207,002,655

Wirelines – 3.1%
AT&T Corp., 6.500%, 3/15/2029			27,859,000		28,323,493
AT&T, Inc., 6.450%, 6/15/2034			35,000		35,700
AT&T, Inc., 6.500%, 9/01/2037			19,230,000		19,940,337
Axtel SAB de CV, 9.000%, 9/22/2019, 144A			8,395,000		8,562,900
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		5,790,000		5,903,674
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		12,705,000		14,098,653
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		45,835,000		45,253,742
BellSouth Telecommunications, Inc., 7.000%, 12/01/2095			3,940,000		3,929,977
Embarq Corp., 7.995%, 6/01/2036			8,735,000		8,856,801

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Wirelines – continued
Frontier Communications Corp., 9.000%, 8/15/2031		$	730,000	$	711,750
GTE Corp., 6.940%, 4/15/2028			17,975,000		18,871,791
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(d)			640,000		64
Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016	GBP		1,600,000		2,594,389
Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015	EUR		2,750,000		3,849,155
Level 3 Financing, Inc., 8.750%, 2/15/2017			43,605,000		39,898,575
Level 3 Financing, Inc., 9.250%, 11/01/2014			17,580,000		17,140,500
New England Telephone & Telegraph, 7.875%, 11/15/2029			2,905,000		3,184,417
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			30,365,000		28,391,275
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			64,147,000		57,411,565
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			15,925,000		15,606,500
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			40,420,000		38,399,000
Qwest Corp., 6.875%, 9/15/2033			40,555,000		39,135,575
Qwest Corp., 7.200%, 11/10/2026			1,505,000		1,448,562
Qwest Corp., 7.250%, 9/15/2025			10,620,000		10,726,200
Qwest Corp., 7.500%, 6/15/2023			2,890,000		2,890,000
Telecom Italia Capital SA, 6.000%, 9/30/2034			39,844,000		35,347,206
Telecom Italia Capital SA, 6.375%, 11/15/2033			26,495,000		24,544,253
Telus Corp., 4.950%, 3/15/2017	CAD		45,415,000		46,060,688
Telus Corp., Series CG, 5.050%, 12/04/2019	CAD		27,020,000		26,652,337
Verizon Communications, Inc., 5.850%, 9/15/2035			30,182,000		29,375,175
Verizon Maryland, Inc., 5.125%, 6/15/2033			10,305,000		8,389,280
Verizon New York, Inc., Series B, 7.375%, 4/01/2032			10,310,000		11,083,497
Verizon Pennsylvania, Inc., 6.000%, 12/01/2028			7,860,000		7,034,661

					603,651,692


TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $15,408,816,336)					16,382,981,463


CONVERTIBLE BONDS – 7.7%

Airlines – 0.1%
AMR Corp., 6.250%, 10/15/2014			11,290,000		13,054,063
UAL Corp., 4.500%, 6/30/2021			610,000		601,765

					13,655,828

Automotive – 1.4%
ArvinMeritor, Inc., 4.000%, 2/15/2027			1,555,000		1,312,031
Ford Motor Co., 4.250%, 11/15/2016			176,290,000		263,773,913
Navistar International Corp., 3.000%, 10/15/2014			12,335,000		13,753,525

					278,839,469

Diversified Manufacturing – 0.1%
Trinity Industries, Inc., 3.875%, 6/01/2036			23,832,000		18,678,330

Electric – 0.0%
CMS Energy Corp., 5.500%, 6/15/2029			1,000,000		1,193,750

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Bond Fund – continued


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Healthcare – 0.3%
Affymetrix, Inc., 3.500%, 1/15/2038	$	18,449,000	$	16,557,977
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(f)		19,105,000		17,098,975
Life Technologies Corp., 1.500%, 2/15/2024		14,480,000		16,977,800
LifePoint Hospitals, Inc., 3.250%, 8/15/2025		285,000		277,519
LifePoint Hospitals, Inc., 3.500%, 5/15/2014		2,510,000		2,503,725
Omnicare, Inc., 3.250%, 12/15/2035		3,107,000		2,629,299

				56,045,295

Independent Energy – 0.0%
Penn Virginia Corp., 4.500%, 11/15/2012		4,290,000		4,032,600

Life Insurance – 0.0%
MetLife, Inc., 6.400%, 12/15/2066		1,500,000		1,342,500

Lodging – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		32,045,000		30,683,088

Media Non-Cable – 0.0%
Liberty Media LLC, 3.500%, 1/15/2031		10,145,962		6,062,213

Metals & Mining – 0.2%
Steel Dynamics, Inc., 5.125%, 6/15/2014		1,255,000		1,543,650
United States Steel Corp., 4.000%, 5/15/2014		16,535,000		34,744,169

				36,287,819

Non-Captive Diversified – 0.2%
iStar Financial, Inc., 0.751%, 10/01/2012(b)		60,585,000		46,074,892

Oil Field Services – 0.1%
Transocean, Inc., Series B, 1.500%, 12/15/2037		2,015,000		1,967,144
Transocean, Inc., Series C, 1.500%, 12/15/2037		11,525,000		11,035,187

				13,002,331

Pharmaceuticals – 0.9%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		940,000		1,880,000
Human Genome Sciences, Inc., 2.250%, 8/15/2012		51,585,000		92,788,519
Kendle International, Inc., 3.375%, 7/15/2012		4,120,000		3,893,400
Nektar Therapeutics, 3.250%, 9/28/2012		26,120,000		25,956,750
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		34,079,000		47,455,007

				171,973,676

REITs – 0.2%
ProLogis, 1.875%, 11/15/2037		9,525,000		8,977,312
ProLogis, 2.250%, 4/01/2037		8,740,000		8,499,650
ProLogis, 3.250%, 3/15/2015		28,230,000		28,371,150

				45,848,112

Technology – 2.8%
Advanced Micro Devices, Inc., 5.750%, 8/15/2012		9,062,000		9,028,018
Advanced Micro Devices, Inc., 6.000%, 5/01/2015		6,115,000		5,862,756
Alcatel-Lucent USA, Inc., Series B, 2.875%, 6/15/2025		3,760,000		3,257,100
Ciena Corp., 0.250%, 5/01/2013		330,000		273,900
Ciena Corp., 0.875%, 6/15/2017		44,624,000		30,121,200

See accompanying notes to financial statements.


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Technology – continued
Ciena Corp., 4.000%, 3/15/2015	$	8,680,000	$	8,983,800
Intel Corp., 2.950%, 12/15/2035		5,596,000		5,491,075
Intel Corp., 3.250%, 8/01/2039, 144A		343,275,000		411,500,906
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		10,025,000		9,248,062
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		5,915,000		5,737,550
Maxtor Corp., 5.750%, 3/01/2012(c)		7,312,000		7,092,640
Nortel Networks Corp., 2.125%, 4/15/2014(d)		49,636,000		37,351,090
Richardson Electronics Ltd., 7.750%, 12/15/2011		326,000		326,000

				534,274,097

Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		123,000		106,549

Wireless – 0.1%
NII Holdings, Inc., 3.125%, 6/15/2012		21,974,000		20,737,963

Wirelines – 1.1%
Level 3 Communications, Inc., 3.500%, 6/15/2012		48,075,000		44,289,094
Level 3 Communications, Inc., 5.250%, 12/15/2011		20,240,000		19,708,700
Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		64,473,000		77,045,235
Level 3 Communications, Inc., 10.000%, 5/01/2011		3,655,000		3,755,512
Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		48,975,000		58,525,125
Qwest Communications International, Inc., 3.500%, 11/15/2025		700,000		787,500

				204,111,166


TOTAL CONVERTIBLE BONDS
(Identified Cost $1,211,862,592)				1,482,949,678


MUNICIPALS – 1.1%

California – 0.3%
San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), Series C, (MBIA insured), 3.750%, 8/01/2028		5,425,000		4,255,478
San Jose California Redevelopment Agency Tax Allocation (Merged Area), Series C, (Registered), (MBIA insured), 3.750%, 8/01/2028		2,165,000		1,816,630
State of California, (AMBAC insured), 4.500%, 8/01/2027		7,340,000		6,624,864
State of California, 4.500%, 10/01/2029		20,455,000		17,918,989
State of California, (AMBAC insured), 4.500%, 8/01/2030		5,945,000		5,173,339
State of California, 4.500%, 8/01/2030		5,140,000		4,472,828
State of California (Various Purpose), (MBIA insured), 3.250%, 12/01/2027		3,805,000		2,861,132
State of California (Various Purpose), (AMBAC insured), 4.500%, 12/01/2033		17,945,000		15,207,670

				58,330,930

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Bond Fund – continued


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Illinois – 0.0%
Chicago O’Hare International Airport, Series A , (AGMC insured), 4.500%, 1/01/2038	$	2,440,000	$	2,310,363

Michigan – 0.1%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(c)		21,265,000		17,079,197

Ohio – 0.0%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(c)		10,390,000		7,539,711

Virginia – 0.7%
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)		178,970,000		130,329,533


TOTAL MUNICIPALS
(Identified Cost $272,572,597)				215,589,734


TOTAL BONDS AND NOTES
(Identified Cost $16,893,251,525)				18,081,520,875


BANK LOANS – 0.6%

Chemicals – 0.0%
Hexion Specialty Chemicals, Inc., Extended Term Loan C1, 4.063%, 5/05/2015(g)		5,487,333		5,167,531
Hexion Specialty Chemicals, Inc., Extended Term Loan C2, 4.063%, 5/05/2015(g)		1,188,106		1,118,863

				6,286,394

Media Non-Cable – 0.0%
Tribune Company, Term Loan X, 5.000%, 6/04/2009(d)(g)(h)		4,666,005		2,904,588

Oil Field Services – 0.2%
ATP Oil & Gas Corp., Tranche B-1 Term Loan, 11.250%, 7/15/2014(g)		18,802,737		19,002,610
ATP Oil & Gas Corp., Tranche B2 Term Loan, 12.250%, 1/15/2011(g)		2,661,013		2,689,299
Dresser, Inc., 2nd Lien Term Loan, 6.000%, 5/04/2015(g)		3,515,000		3,333,978
Dresser, Inc., Term Loan, 2.500%, 5/04/2014(g)		1,734,381		1,664,382

				26,690,269

Printing & Publishing – 0.2%
SuperMedia, Inc., Exit Term Loan, 11.000%, 12/31/2015(g)		35,116,026		33,043,127
SuperMedia, Inc., Exit Term Loan, 12/31/2015(l)		7,145,000		6,723,231

				39,766,358

Wirelines – 0.2%
FairPoint Communications, Inc., Initial Term Loan A, 4.750%, 3/31/2014(d)(g)		5,859,871		4,816,873
FairPoint Communications, Inc., Initial Term Loan B, 5.000%, 3/31/2015(d)(g)		17,739,671		14,580,945
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(g)(i)		24,447,064		17,357,415
Level 3 Financing, Inc., Tranche A Term Loan, 2.501%, 3/13/2014(g)		7,875,000		7,311,465

				44,066,698


TOTAL BANK LOANS
(Identified Cost $114,222,729)				119,714,307

See accompanying notes to financial statements.


	Shares	Value (†)


PREFERRED STOCKS – 1.8%

CONVERTIBLE PREFERRED STOCKS – 1.1%

Automotive – 0.5%
Ford Motor Co. Capital Trust II, 6.500%(e)	1,991,786	$	92,418,871

Capital Markets – 0.1%
Newell Financial Trust I, 5.250%	266,041		10,708,150


Commercial Banks – 0.0%
Wells Fargo & Co., Series L, Class A, 7.500%	8,193		8,004,561

Diversified Financial Services – 0.1%
Sovereign Capital Trust IV, 4.375%	304,895		9,756,640

Electric Utilities – 0.1%
AES Trust III, 6.750%	346,577		15,660,948
CMS Energy Trust I, 7.750%(c)(j)	208,375		7,293,125

			22,954,073

Hotels, Restaurants & Leisure – 0.0%
Six Flags, Inc., 7.250%(e)	1		1

Machinery – 0.0%
United Rentals Trust, 6.500%	226,267		6,816,293

Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp., 4.500%	87,351		7,304,290
El Paso Energy Capital Trust I, 4.750%	189,879		7,096,728
Williams Cos., Inc., 5.500%	25,000		2,665,625

			17,066,643

REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%(e)	53,600		970,160

Semiconductors & Semiconductor Equipment – 0.2%
Lucent Technologies Capital Trust, 7.750%	44,266		35,235,736


TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $189,456,242)			203,931,128


NON-CONVERTIBLE PREFERRED STOCKS – 0.7%

Banking – 0.2%
GMAC, Inc., Series G, 7.000%, 144A	52,843		40,279,577

Diversified Financial Services – 0.1%
Bank of America Corp., 6.375%	53,000		1,101,340
Bank of America Corp., Series L, 7.250%	21,799		21,308,523

			22,409,863

Electric Utilities – 0.0%
Connecticut Light & Power Co., 1.900%	2,925		100,912
Entergy Arkansas, Inc., 4.320%	100		6,881
Entergy Mississippi, Inc., 4.360%	5,000		353,907
Entergy New Orleans, Inc., 4.360%	665		45,095
Entergy New Orleans, Inc., 4.750%	200		14,775
MDU Resources Group, Inc., 5.100%	867		86,077
Public Service Company of Oklahoma, 4.000%	360		22,860
Southern California Edison Co., 4.780%	50,100		1,052,100
Xcel Energy, Inc., 3.600%	1,100		75,900

			1,758,507

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Bond Fund – continued


	Shares	Value (†)


PREFERRED STOCKS – continued

REITs – 0.0%
Highwoods Properties, Inc., 8.625%	2,318	$	2,452,009
ProLogis, Series C, 8.540%	169,007		8,164,728

			10,616,737

Software – 0.2%
Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(f)	38,000		38,225,625

Thrifts & Mortgage Finance – 0.2%
Countrywide Capital IV, 6.750%	534,725		11,480,546
Federal Home Loan Mortgage Corp., 5.000%(e)(k)	104,800		162,440
Federal Home Loan Mortgage Corp., 5.570%(e)(k)	2,451,457		2,083,738
Federal Home Loan Mortgage Corp., 5.660%(e)(k)	624,479		523,938
Federal Home Loan Mortgage Corp., 5.700%(e)(k)	171,050		297,627
Federal Home Loan Mortgage Corp., 5.790%(e)(k)	399,250		646,785
Federal Home Loan Mortgage Corp., 5.810%(e)(k)	115,450		188,183
Federal Home Loan Mortgage Corp., 5.900%(e)(k)	310,023		278,711
Federal Home Loan Mortgage Corp., 6.000%(e)(k)	134,800		249,380
Federal Home Loan Mortgage Corp., 6.420%(e)(k)	125,980		240,622
Federal Home Loan Mortgage Corp., 6.550%(e)(k)	541,540		536,125
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(e)(k)	5,366,843		6,815,891
Federal National Mortgage Association, 4.750%(e)(k)	270,954		365,788
Federal National Mortgage Association, 5.125%(e)(k)	204,700		309,096
Federal National Mortgage Association, 5.375%(e)(k)	146,350		250,257
Federal National Mortgage Association, 5.810%(e)(k)	79,850		135,745
Federal National Mortgage Association, 6.750%(e)(k)	123,143		114,523
Federal National Mortgage Association, 8.250%(e)(k)	250,000		300,000
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(e)(k)	9,415,246		11,957,362

			36,936,757


TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $486,838,323)			150,227,066


TOTAL PREFERRED STOCKS
(Identified Cost $676,294,565)			354,158,194


COMMON STOCKS – 0.7%

Biotechnology – 0.3%
Vertex Pharmaceuticals, Inc.(e)	1,409,794		57,618,281

Containers & Packaging – 0.1%
Owens-Illinois, Inc.(e)	645,508		22,941,354

Electronic Equipment Instruments & Components – 0.1%
Corning, Inc.	630,490		12,742,203

Media – 0.0%
Dex One Corp.(e)	38,708		1,080,727

Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp.	1,026,979		24,277,784

Thrifts & Mortgage Finance – 0.1%
Federal Home Loan Mortgage Corp.(e)(k)	6,751,988		8,575,025


TOTAL COMMON STOCKS
(Identified Cost $190,713,520)			127,235,374

See accompanying notes to financial statements.


	Shares		Value (†)


CLOSED END INVESTMENT COMPANIES – 0.2%
Dreyfus High Yield Strategies Fund		1,033,274	$	4,484,409
DWS High Income Trust		88,954		810,371
Highland Credit Strategies Fund		860,000		6,794,000
Morgan Stanley Emerging Markets Debt Fund, Inc.		356,954		3,726,600
Western Asset High Income Opportunity Fund, Inc.		2,217,450		14,102,982
Western Asset Managed High Income Fund, Inc.		1,218,442		7,615,262


TOTAL CLOSED END INVESTMENT COMPANIES
(Identified Cost $42,611,404)				37,533,624


WARRANTS – 0.1%

PHARMACEUTICALS – 0.1%
Valeant Pharmaceuticals International, Expiration 8/16/2010(c)(e)(j) (Identified Cost $0)		862,648		9,747,923


	Principal Amount (‡)

SHORT-TERM INVESTMENTS – 1.5%
Repurchase Agreement with State Street Corporation dated 3/31/2010 at 0.000%, to be repurchased at $758,687 on 4/01/2010 collateralized by $775,000 U.S. Treasury Bill, due 7/08/2010 valued at $774,705 including accrued interest (Note 2 of Notes to Financial Statements)	$	758,687		758,687
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2010 at 0.000%, to be repurchased at $291,822,246 on 4/01/2010 collateralized by $210,000,000 Federal Home Loan Bank, 0.750% due 3/25/2011 valued at $210,525,000; $1,070,000 Federal National Mortgage Association, 5.125% due 4/15/2011 valued at $1,145,435; $84,930,000 Federal National Mortgage Association, 1.750% due 3/23/2011 valued at $85,991,625 including accrued interest (Note 2 of Notes to Financial Statements)		291,822,246		291,822,246


TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $292,580,933)				292,580,933


TOTAL INVESTMENTS – 98.4%
(Identified Cost $18,209,674,676)(a)				19,022,491,230
Other assets less liabilities—1.6%				303,967,156


NET ASSETS – 100.0%			$	19,326,458,386


(‡) Principal amount stated in U.S. dollars unless otherwise noted.
(†) See Note 2 of Notes to Financial Statements.
(††) Amount shown represents units. One unit represents a principal amount of 25.
(†††)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 March 31, 2010, the net unrealized appreciation on investments based on a cost of $18,248,973,771 for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost			$	1,671,388,364
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value				(897,870,905	)

Net unrealized appreciation			$	773,517,459

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Bond Fund – continued

(b)

Variable rate security. Rate as of March 31, 2010 is disclosed.

(c)

Illiquid security. At March 31, 2010, the value of these securities amounted to $674,445,557 or 3.5% of net assets.

(d)

The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.

(e)

Non-income producing security.

(f)

Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

(g)

Variable rate security. Rate shown represents the weighted average rate at March 31, 2010.

(h)

Issuer has filed for bankruptcy.

(i)

All or a portion of interest payment is paid-in-kind.

(j)

Fair valued security by the Fund’s investment adviser. At March 31, 2010 the value of these securities amounted to $17,041,048 or 0.1% of net assets.

(k)

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

(l)

All or a portion of this security has not settled. Contract rates are not determined and do not take effect until settlement date.

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 March 31, 2010, the total value of these securities amounted to $2,334,024,506 or 12.1% of net assets.

ABS

Asset-Backed Securities

AGMC

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

EMTN

Euro Medium Term Note

FGIC

Financial Guaranty Insurance Company

FHLMC

Federal Home Loan Mortgage Corp.

GMTN

Global Medium Term Note

MBIA

Municipal Bond Investor Assurance Corp.

MTN

Medium Term Note

REITs

Real Estate Investment Trusts

Key to Abbreviations: 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; NOK: Norwegian Krone; NZD: New Zealand Dollar; SGD: Singapore Dollar

INDUSTRY SUMMARY AT MARCH 31, 2010 (Unaudited)


Treasuries	17.8	%
Non-Captive Diversified	7.5
Banking	6.6
Technology	5.2
Automotive	5.0
Sovereigns	4.7
Wirelines	4.4
Non-Captive Consumer	4.0
Healthcare	3.3
Electric	2.9
Paper	2.9
Pipelines	2.1
Other Investments, less than 2% each	30.5
Short-Term Investments	1.5

Total Investments	98.4
Other assets less liabilities	1.6

Net Assets	100.0	%

CURRENCY EXPOSURE AT MARCH 31, 2010 AS A PERCENTAGE OF NET ASSETS (Unaudited)


United States Dollar	68.8	%
Canadian Dollar	14.9
New Zealand Dollar	3.2
Indonesian Rupiah	2.3
Other, less than 2% each	9.2

Total Investments	98.4
Other assets less liabilities	1.6

Net Assets	100.0	%

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – 93.5% of Net Assets

NON-CONVERTIBLE BONDS – 86.6%

ABS Credit Card – 0.6%
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		$	4,265,000	$	4,512,463

ABS Other – 0.1%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			725,000		656,586

Aerospace & Defense – 0.0%
Bombardier, Inc., 7.450%, 5/01/2034, 144A			175,000		161,000

Airlines – 0.7%
American Airlines Pass Through Trust, Series 1993-A6, 8.040%, 9/16/2011			15,049		14,296
American Airlines Pass Through Trust, Series 2009-1A, 10.375%, 7/02/2019			988,147		1,143,780
Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016			425,470		420,152
Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019			115,186		109,427
Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017			183,735		173,629
Delta Air Lines, Inc., 9.500%, 9/15/2014, 144A			610,000		641,263
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			1,586,797		1,484,909
Delta Air Lines, Inc., Series B, 9.750%, 12/17/2016			500,000		515,000
UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024			1,151,933		1,065,538

					5,567,994

Automotive – 4.1%
Cummins, Inc., 7.125%, 3/01/2028			2,400,000		2,372,311
FCE Bank PLC, EMTN, 4.625%, 10/25/2010	NOK		50,000		8,245
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		300,000		414,312
FCE Bank PLC, EMTN, 7.125%, 1/15/2013	EUR		200,000		276,883
FCE Bank PLC, EMTN, 7.875%, 2/15/2011	GBP		300,000		464,901
Ford Motor Co., 6.375%, 2/01/2029			730,000		593,125
Ford Motor Co., 6.500%, 8/01/2018			1,030,000		978,500
Ford Motor Co., 6.625%, 10/01/2028			3,160,000		2,654,400
Ford Motor Co., 7.125%, 11/15/2025			595,000		507,237
Ford Motor Co., 7.450%, 7/16/2031			8,720,000		8,240,400
Ford Motor Co., 7.500%, 8/01/2026			1,625,000		1,442,187
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			230,000		237,989
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011			140,000		144,745
Ford Motor Credit Co. LLC, 7.500%, 8/01/2012			1,355,000		1,403,077
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010			500,000		504,650
Ford Motor Credit Co. LLC, 8.000%, 6/01/2014			10,915,000		11,490,832
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			565,000		595,297
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			375,000		323,438

					32,652,529

Banking – 6.5%
AgriBank FCB, 9.125%, 7/15/2019, 144A(b)			4,330,000		4,926,068

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Banking – continued
Associates Corp. of North America, 6.950%, 11/01/2018		$	1,710,000	$	1,802,077
BAC Capital Trust VI, 5.625%, 3/08/2035			2,385,000		1,969,240
Bank of America Corp., 4.850%, 11/15/2014			500,000		499,479
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		2,340,000,000		2,072,200
BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, 144A	IDR		18,710,000,000		1,870,897
Citigroup, Inc., 5.000%, 9/15/2014			6,020,000		6,011,518
Citigroup, Inc., 5.850%, 12/11/2034			135,000		122,581
Citigroup, Inc., 5.875%, 2/22/2033			3,075,000		2,653,252
Citigroup, Inc., 6.000%, 10/31/2033			1,460,000		1,280,154
Citigroup, Inc., 6.125%, 8/25/2036			795,000		693,747
Citigroup, Inc., EMTN, (fixed rate to 11/30/2012, variable rate thereafter), 3.625%, 11/30/2017	EUR		200,000		248,802
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			1,470,000		1,468,154
Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020			1,955,000		1,936,918
JPMorgan Chase & Co., Zero Coupon, 5/17/2010, 144A	BRL		16,585,000		9,097,572
JPMorgan Chase & Co., Zero Coupon, 3/28/2011, 144A	IDR		17,920,000,000		1,837,984
JPMorgan Chase & Co., Zero Coupon, 4/12/2012, 144A	IDR		21,194,634,240		2,012,902
JPMorgan Chase & Co., EMTN, Zero Coupon, 3/28/2011, 144A	IDR		24,502,029,000		2,513,077
JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, 144A	IDR		18,824,303,000		1,994,245
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			600,000		552,055
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR		1,000,000		1,286,008
Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034			300,000		257,937
Morgan Stanley, 4.750%, 4/01/2014			1,795,000		1,832,833
Morgan Stanley, EMTN, 5.450%, 1/09/2017			370,000		375,145
Morgan Stanley, GMTN, 5.125%, 11/30/2015	GBP		350,000		544,237
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017			800,000		818,191
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017			625,000		642,106

					51,319,379

Building Materials – 1.1%
Masco Corp., 4.800%, 6/15/2015			860,000		829,683
Masco Corp., 5.850%, 3/15/2017			240,000		233,915
Masco Corp., 6.125%, 10/03/2016			2,600,000		2,592,634
Masco Corp., 6.500%, 8/15/2032			305,000		261,780
Owens Corning, Inc., 6.500%, 12/01/2016			805,000		851,944
Owens Corning, Inc., 7.000%, 12/01/2036			2,050,000		2,008,562
USG Corp., 6.300%, 11/15/2016			1,680,000		1,503,600

					8,282,118

Chemicals – 1.5%
Borden, Inc., 7.875%, 2/15/2023			5,240,000		3,720,400
Borden, Inc., 8.375%, 4/15/2016			55,000		45,650

See accompanying notes to financial statements.


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Chemicals – continued
Borden, Inc., 9.200%, 3/15/2021	$	905,000	$	728,525
Chevron Phillips Chemical Co. LLC, 8.250%, 6/15/2019, 144A		3,440,000		4,106,731
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014		1,255,000		1,280,100
ICI Wilmington, Inc., 5.625%, 12/01/2013		115,000		122,950
Methanex Corp., 6.000%, 8/15/2015		1,565,000		1,414,128

				11,418,484

Commercial Mortgage-Backed Securities – 0.1%
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		95,000		95,915
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		1,000,000		916,799

				1,012,714

Construction Machinery – 0.4%
Toro Co., 6.625%, 5/01/2037(b)		965,000		851,583
United Rentals North America, Inc., 7.000%, 2/15/2014		295,000		272,875
United Rentals North America, Inc., 7.750%, 11/15/2013		1,800,000		1,728,000

				2,852,458

Distributors – 0.1%
ONEOK, Inc., 6.000%, 6/15/2035		1,000,000		954,133

Diversified Manufacturing – 0.4%
Textron, Inc., 5.600%, 12/01/2017		245,000		246,767
Textron, Inc., 6.200%, 3/15/2015		1,635,000		1,731,735
Textron, Inc., 7.250%, 10/01/2019		1,290,000		1,393,703

				3,372,205

Electric – 3.8%
AES Corp. (The), 7.750%, 3/01/2014		730,000		746,425
Bruce Mansfield Unit, 6.850%, 6/01/2034(b)		4,219,957		4,280,893
Dynegy Holdings, Inc., 7.125%, 5/15/2018		380,000		269,800
Dynegy Holdings, Inc., 7.625%, 10/15/2026		810,000		518,400
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		1,589,000		1,742,049
Energy Future Holdings Corp., 10.000%, 1/15/2020, 144A		2,890,000		3,030,887
Enersis SA, 7.375%, 1/15/2014		275,000		304,051
Enersis SA, 7.400%, 12/01/2016		4,000,000		4,380,980
Mackinaw Power LLC, 6.296%, 10/31/2023, 144A		3,738,663		3,736,232
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		695,000		361,400
NiSource Finance Corp., 5.250%, 9/15/2017		250,000		251,257
NiSource Finance Corp., 6.150%, 3/01/2013		850,000		926,505
NiSource Finance Corp., 6.400%, 3/15/2018		2,855,000		3,061,162
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A		473,375		485,773
Quezon Power Philippines Co., 8.860%, 6/15/2017		1,210,300		1,228,455
TXU Corp., Series P, 5.550%, 11/15/2014		765,000		558,450
TXU Corp., Series Q, 6.500%, 11/15/2024		1,515,000		787,800
TXU Corp., Series R, 6.550%, 11/15/2034		1,675,000		862,625
White Pine Hydro LLC, 6.310%, 7/10/2017(b)		450,000		439,223

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Electric – continued
White Pine Hydro LLC, 6.960%, 7/10/2037(b)	$	670,000	$	601,178
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(b)		1,280,000		1,093,338

				29,666,883

Entertainment – 1.2%
Time Warner, Inc., 6.625%, 5/15/2029		2,065,000		2,177,297
Time Warner, Inc., 7.625%, 4/15/2031		730,000		833,747
Time Warner, Inc., 7.700%, 5/01/2032		1,155,000		1,333,069
Viacom, Inc., 6.875%, 4/30/2036		4,880,000		5,173,703

				9,517,816

Food & Beverage – 0.2%
Corn Products International, Inc., 6.625%, 4/15/2037		1,540,000		1,463,171
Sara Lee Corp., 6.125%, 11/01/2032		295,000		289,854

				1,753,025

Government Owned – No Guarantee – 0.2%
DP World Ltd., 6.850%, 7/02/2037, 144A		2,000,000		1,717,426

Health Insurance – 0.3%
CIGNA Corp., 6.350%, 3/15/2018		2,000,000		2,154,480

Healthcare – 2.7%
Boston Scientific Corp., 5.125%, 1/12/2017		425,000		398,907
Boston Scientific Corp., 5.450%, 6/15/2014		290,000		292,024
Boston Scientific Corp., 6.400%, 6/15/2016		435,000		443,635
Boston Scientific Corp., 7.000%, 11/15/2035		860,000		773,670
HCA, Inc., 5.750%, 3/15/2014		455,000		429,406
HCA, Inc., 6.250%, 2/15/2013		2,345,000		2,327,412
HCA, Inc., 6.375%, 1/15/2015		410,000		389,500
HCA, Inc., 6.500%, 2/15/2016		610,000		578,738
HCA, Inc., 6.750%, 7/15/2013		115,000		115,000
HCA, Inc., 7.050%, 12/01/2027		3,545,000		3,030,975
HCA, Inc., 7.190%, 11/15/2015		820,000		774,900
HCA, Inc., 7.500%, 12/15/2023		1,475,000		1,349,625
HCA, Inc., 7.500%, 11/06/2033		1,440,000		1,252,800
HCA, Inc., 7.690%, 6/15/2025		2,660,000		2,460,500
HCA, Inc., 8.360%, 4/15/2024		2,220,000		2,103,450
HCA, Inc., MTN, 7.580%, 9/15/2025		2,930,000		2,651,650
HCA, Inc., MTN, 7.750%, 7/15/2036		430,000		378,400
Owens & Minor, Inc., 6.350%, 4/15/2016(b)		320,000		307,425
Tenet Healthcare Corp., 6.875%, 11/15/2031		1,075,000		876,125
Tenet Healthcare Corp., 7.375%, 2/01/2013		85,000		85,850

				21,019,992

Home Construction – 1.0%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		115,000		88,550
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		155,000		124,388
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		115,000		96,600
Lennar Corp., Series B, 5.600%, 5/31/2015		1,700,000		1,615,000
Pulte Group, Inc., 5.200%, 2/15/2015		1,152,000		1,104,480
Pulte Group, Inc., 6.000%, 2/15/2035		3,920,000		3,038,000
Pulte Group, Inc., 6.375%, 5/15/2033		1,960,000		1,568,000
Toll Brothers Finance Corp., 5.150%, 5/15/2015		565,000		563,801

				8,198,819

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Independent Energy – 2.3%
Anadarko Petroleum Corp., 5.950%, 9/15/2016		$	3,230,000	$	3,518,991
Anadarko Petroleum Corp., 6.450%, 9/15/2036			2,845,000		2,899,453
Chesapeake Energy Corp., 6.500%, 8/15/2017			380,000		367,650
Chesapeake Energy Corp., 6.875%, 1/15/2016			200,000		197,500
Chesapeake Energy Corp., 6.875%, 11/15/2020			900,000		875,250
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			792,000		805,860
Connacher Oil and Gas Ltd., 11.750%, 7/15/2014, 144A			525,000		580,125
Penn Virginia Corp., 10.375%, 6/15/2016			500,000		542,500
Pioneer Natural Resources Co., 5.875%, 7/15/2016			435,000		428,071
Pioneer Natural Resources Co., 7.200%, 1/15/2028			1,465,000		1,385,407
Questar Market Resources, Inc., 6.800%, 4/01/2018			3,820,000		4,181,265
Talisman Energy, Inc., 5.850%, 2/01/2037			550,000		527,217
Talisman Energy, Inc., 6.250%, 2/01/2038			1,485,000		1,511,087

					17,820,376

Industrial Other – 0.2%
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A			1,575,000		1,456,875

Integrated Energy – 0.1%
PF Export Receivables Master Trust, Series A, 6.436%, 6/01/2015, 144A			1,059,113		1,080,295

Life Insurance – 0.8%
American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018			695,000		645,770
American International Group, Inc., Series MP, GMTN, 5.450%, 5/18/2017			175,000		160,990
Hartford Life Insurance Co., 4.830%, 9/15/2011(c)			500,000		490,095
MetLife, Inc., 10.750%, 8/01/2069			3,385,000		4,363,103
Protective Life Secured Trust, 4.360%, 9/10/2014(c)			1,000,000		987,840

					6,647,798

Local Authorities – 4.2%
Province of Alberta, 5.930%, 9/16/2016	CAD		773,212		847,225
Province of British Columbia, Zero Coupon, 8/23/2013	CAD		11,700,000		10,485,937
Province of Ontario, Canada, 4.200%, 3/08/2018	CAD		19,825,000		19,802,943
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		2,150,000		1,998,915

					33,135,020

Lodging – 0.0%
Host Marriott LP, Series O, 6.375%, 3/15/2015			150,000		148,875

Media Cable – 3.0%
Comcast Corp., 5.650%, 6/15/2035			1,720,000		1,592,398
Comcast Corp., 6.450%, 3/15/2037			500,000		509,183
Comcast Corp., 6.500%, 11/15/2035			2,275,000		2,330,228
Comcast Corp., 6.950%, 8/15/2037			7,695,000		8,324,590
CSC Holdings LLC, 6.750%, 4/15/2012			26,000		27,203
CSC Holdings LLC, 7.875%, 2/15/2018			170,000		178,500
CSC Holdings LLC, 8.500%, 4/15/2014, 144A			1,000,000		1,065,000

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


		Principal Amount (‡)			Value (†)


BONDS AND NOTES – continued

Media Cable – continued
TCI Communications, Inc., 7.875%, 2/15/2026		$	550,000		$	630,421
Time Warner Cable, Inc., 6.550%, 5/01/2037			1,500,000			1,533,161
Time Warner Cable, Inc., 6.750%, 7/01/2018			6,500,000			7,262,846
Virgin Media Finance PLC, 9.125%, 8/15/2016			400,000			425,000
Virgin Media Finance PLC, 9.750%, 4/15/2014	GBP		52,543			82,325

						23,960,855

Media Non-Cable – 1.2%
Clear Channel Communications, Inc., 4.400%, 5/15/2011			810,000			763,425
Clear Channel Communications, Inc., 5.000%, 3/15/2012			2,190,000			1,938,150
Clear Channel Communications, Inc., 6.250%, 3/15/2011			3,385,000			3,274,987
Clear Channel Communications, Inc., 7.650%, 9/15/2010			90,000			89,662
News America, Inc., 6.150%, 3/01/2037			2,630,000			2,592,394
News America, Inc., 6.200%, 12/15/2034			795,000			792,918

						9,451,536

Metals & Mining – 0.2%
Alcoa, Inc., 5.720%, 2/23/2019			1,500,000			1,458,243
Alcoa, Inc., 5.870%, 2/23/2022			300,000			275,649

						1,733,892

Non-Captive Consumer – 2.0%
SLM Corp., 6.000%, 12/15/2043			31,725	(††)		564,626
SLM Corp., MTN, 5.125%, 8/27/2012			760,000			755,174
SLM Corp., Series A, MTN, 4.500%, 7/26/2010			730,000			733,360
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			1,665,000			1,590,673
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			200,000			182,108
SLM Corp., Series A, MTN, 5.000%, 6/15/2018			145,000			119,642
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			2,920,000			2,883,929
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			235,000			222,589
SLM Corp., Series A, MTN, 5.400%, 10/25/2011			405,000			408,800
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			7,986,000			8,076,729

						15,537,630

Non-Captive Diversified – 5.1%
CIT Group, Inc., 7.000%, 5/01/2013			870,554			846,614
CIT Group, Inc., 7.000%, 5/01/2014			1,305,836			1,234,015
CIT Group, Inc., 7.000%, 5/01/2015			1,305,836			1,217,692
CIT Group, Inc., 7.000%, 5/01/2016			2,176,397			2,007,726
CIT Group, Inc., 7.000%, 5/01/2017			3,046,961			2,810,822
General Electric Capital Australia Funding Pty, EMTN, 8.000%, 2/13/2012	AUD		830,000			787,917
General Electric Capital Corp., 5.625%, 5/01/2018			35,000			36,575
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			170,000			161,627
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD		1,345,000			958,189
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014	NZD		3,920,000			2,941,808
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015			1,145,000			1,203,191

See accompanying notes to financial statements.


		Principal Amount (‡)	Value (†)


BONDS AND NOTES – continued

Non-Captive Diversified – continued
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD	9,210,000	$	6,551,390
GMAC, Inc., 5.375%, 6/06/2011		2,268,000		2,259,495
GMAC, Inc., 5.750%, 9/27/2010		309,000		310,236
GMAC, Inc., 6.000%, 12/15/2011		1,305,000		1,308,262
GMAC, Inc., 6.875%, 8/28/2012		224,000		227,080
GMAC, Inc., 7.000%, 2/01/2012		253,000		257,428
GMAC, Inc., 7.500%, 12/31/2013		682,000		693,935
GMAC, Inc., 8.000%, 12/31/2018		1,460,000		1,438,100
GMAC, Inc., 8.000%, 11/01/2031		181,000		172,855
GMAC, Inc., 8.300%, 2/12/2015, 144A		6,055,000		6,357,750
International Lease Finance Corp., 8.625%, 9/15/2015, 144A		2,905,000		2,969,657
iStar Financial, Inc., 5.500%, 6/15/2012		85,000		73,631
iStar Financial, Inc., 5.650%, 9/15/2011		135,000		123,188
iStar Financial, Inc., 5.875%, 3/15/2016		30,000		22,500
iStar Financial, Inc., 6.050%, 4/15/2015		30,000		22,050
iStar Financial, Inc., 8.625%, 6/01/2013		2,495,000		2,133,225
iStar Financial, Inc., Series B, 5.700%, 3/01/2014		95,000		75,525
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		1,245,000		996,000

				40,198,483

Oil Field Services – 0.1%
Allis-Chalmers Energy, Inc., 8.500%, 3/01/2017		420,000		371,700
Allis-Chalmers Energy, Inc., 9.000%, 1/15/2014		490,000		470,400
North American Energy Partners, Inc., 8.750%, 12/01/2011		280,000		280,000

				1,122,100

Packaging – 0.3%
Owens-Illinois, Inc., 7.800%, 5/15/2018		2,000,000		2,065,000

Paper – 1.7%
Georgia-Pacific LLC, 7.250%, 6/01/2028		2,000,000		1,980,000
Georgia-Pacific LLC, 7.375%, 12/01/2025		2,868,000		2,853,660
Georgia-Pacific LLC, 7.750%, 11/15/2029		6,005,000		6,005,000
Georgia-Pacific LLC, 8.000%, 1/15/2024		132,000		139,920
Jefferson Smurfit Corp., 7.500%, 6/01/2013(d)		335,000		294,800
Westvaco Corp., 7.950%, 2/15/2031		1,045,000		1,129,100
Westvaco Corp., 8.200%, 1/15/2030		1,080,000		1,187,209

				13,589,689

Pharmaceuticals – 0.0%
Elan Finance PLC/Elan Finance Corp., 8.875%, 12/01/2013		335,000		345,050

Pipelines – 1.8%
DCP Midstream LP, 6.450%, 11/03/2036, 144A		1,740,000		1,725,250
El Paso Corp., 6.950%, 6/01/2028		925,000		835,382
El Paso Corp., 12.000%, 12/12/2013		2,195,000		2,568,150
El Paso Corp., GMTN, 7.800%, 8/01/2031		250,000		245,707
Enterprise Products Operating LLP, 6.300%, 9/15/2017		1,550,000		1,702,646
Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		300,000		357,430

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Pipelines – continued
Plains All American Pipeline LP, 6.125%, 1/15/2017		$	1,785,000	$	1,916,797
Plains All American Pipeline LP, 6.650%, 1/15/2037			3,850,000		3,992,219
Williams Cos., Inc. (The), Series A, 7.500%, 1/15/2031			741,000		814,198

					14,157,779

Property & Casualty Insurance – 1.3%
Axis Capital Holdings Ltd., 5.750%, 12/01/2014			80,000		83,434
Hanover Insurance Group, Inc., 7.500%, 3/01/2020			2,645,000		2,712,844
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014			1,190,000		1,230,934
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015			775,000		820,718
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033			180,000		158,549
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A			1,545,000		1,050,600
White Mountains RE Group, 6.375%, 3/20/2017, 144A			2,140,000		2,086,356
XL Capital Ltd., 6.250%, 5/15/2027			1,430,000		1,348,300
XL Capital Ltd., 6.375%, 11/15/2024			1,135,000		1,080,595

					10,572,330

Railroads – 0.2%
CSX Corp., MTN, 6.000%, 10/01/2036			1,072,000		1,064,955
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(b)			500,000		300,000

					1,364,955

REITs – 1.6%
Camden Property Trust, 5.700%, 5/15/2017			1,495,000		1,470,138
Duke Realty LP, 5.950%, 2/15/2017			210,000		206,463
ERP Operating LP, 5.125%, 3/15/2016			70,000		71,987
Highwoods Properties, Inc., 5.850%, 3/15/2017			3,485,000		3,331,054
Highwoods Properties, Inc., 7.500%, 4/15/2018			475,000		482,068
ProLogis, 5.625%, 11/15/2015			100,000		99,144
ProLogis, 5.750%, 4/01/2016			80,000		78,367
Realty Income Corp., 6.750%, 8/15/2019			1,000,000		1,043,557
Simon Property Group LP, 5.250%, 12/01/2016			1,125,000		1,114,859
Simon Property Group LP, 5.300%, 5/30/2013			685,000		724,812
Simon Property Group LP, 5.750%, 12/01/2015			350,000		370,264
Simon Property Group LP, 5.875%, 3/01/2017			200,000		206,644
Simon Property Group LP, 6.100%, 5/01/2016			290,000		305,295
WEA Finance LLC/WT Finance Australia Property Ltd., 6.750%, 9/02/2019, 144A			2,960,000		3,158,569

					12,663,221

Restaurants – 0.1%
McDonald’s Corp., EMTN, 3.628%, 10/10/2010	SGD		1,000,000		724,099

Retailers – 1.9%
Dillard’s, Inc., 7.750%, 7/15/2026			1,025,000		871,250
Foot Locker, Inc., 8.500%, 1/15/2022			1,100,000		1,017,500
Home Depot, Inc. (The), 5.875%, 12/16/2036			6,693,000		6,495,068

See accompanying notes to financial statements.


		Principal Amount (‡)			Value (†)


BONDS AND NOTES – continued

Retailers – continued
J.C. Penney Corp., Inc., 6.375%, 10/15/2036		$	2,110,000		$	1,964,938
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			575,000			580,031
Toys R Us, Inc., 7.375%, 10/15/2018			3,240,000			3,110,400
Toys R Us, Inc., 7.875%, 4/15/2013			750,000			768,750

						14,807,937

Sovereigns – 4.6%
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		2,915,000,000			339,514
Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024	IDR		33,387,000,000			3,750,043
Indonesia Treasury Bond, Series ZC3, Zero Coupon, 11/20/2012	IDR		7,590,000,000			686,816
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		578,000	(†††)		4,674,022
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		125,000	(†††)		1,055,808
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		305,000	(†††)		2,470,589
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		501,000	(†††)		4,360,539
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		3,240,000			3,025,071
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		845,000			785,755
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		4,280,000			3,826,605
Republic of Brazil, 10.250%, 1/10/2028	BRL		14,885,000			8,453,820
Republic of Brazil, 12.500%, 1/05/2022	BRL		625,000			410,317
Republic of Iceland, 7.250%, 5/17/2013	ISK		212,600,000			942,835
Republic of Iceland, 8.000%, 7/22/2011	ISK		113,800,000			506,494
Republic of Iceland, 13.750%, 12/10/2010	ISK		168,580,000			769,487

						36,057,715

Supermarkets – 1.1%
American Stores Co., 8.000%, 6/01/2026			25,000			21,938
New Albertson’s, Inc., 7.450%, 8/01/2029			6,515,000			5,505,175
New Albertson’s, Inc., 7.750%, 6/15/2026			1,470,000			1,249,500
New Albertson’s, Inc., 8.000%, 5/01/2031			565,000			485,900
New Albertson’s, Inc., 8.700%, 5/01/2030			5,000			4,650
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			1,745,000			1,321,837

						8,589,000

Supranational – 3.4%
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD		19,735,000			14,078,881
International Bank for Reconstruction & Development, 1.430%, 3/05/2014	SGD		17,000,000			11,818,776
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK		210,000,000			918,358

						26,816,015

Technology – 2.2%
Agilent Technologies, Inc., 6.500%, 11/01/2017			5,215,000			5,634,333

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Technology – continued
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		$	250,000	$	176,250
Amkor Technology, Inc., 7.750%, 5/15/2013			530,000		533,975
Arrow Electronics, Inc., 6.875%, 7/01/2013			2,850,000		3,148,900
Avnet, Inc., 6.000%, 9/01/2015			1,645,000		1,732,289
Avnet, Inc., 6.625%, 9/15/2016			130,000		138,983
Corning, Inc., 6.200%, 3/15/2016			250,000		272,970
Corning, Inc., 6.850%, 3/01/2029			450,000		468,459
Corning, Inc., 7.250%, 8/15/2036			1,175,000		1,258,908
Freescale Semiconductor, Inc., 8.875%, 12/15/2014			120,000		114,600
Motorola, Inc., 5.220%, 10/01/2097			515,000		353,162
Motorola, Inc., 6.500%, 11/15/2028			815,000		765,090
Motorola, Inc., 6.625%, 11/15/2037			995,000		933,819
Nortel Networks Capital Corp., 7.875%, 6/15/2026(d)			150,000		108,000
Nortel Networks Ltd., 6.875%, 9/01/2023(d)			1,325,000		410,750
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A			1,042,200		1,140,996

					17,191,484

Tobacco – 0.6%
Reynolds American, Inc., 6.750%, 6/15/2017			3,320,000		3,555,999
Reynolds American, Inc., 7.250%, 6/15/2037			810,000		824,424

					4,380,423

Transportation Services – 0.6%
APL Ltd., 8.000%, 1/15/2024(b)			2,500,000		1,868,750
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016			1,133,136		968,832
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017			364,292		357,006
Atlas Air, Inc., Series B, 7.680%, 7/02/2015			1,271,225		1,201,308

					4,395,896

Treasuries – 16.9%
Canadian Government, 1.000%, 9/01/2011	CAD		920,000		901,340
Canadian Government, 1.250%, 12/01/2011	CAD		490,000		479,989
Canadian Government, 2.000%, 9/01/2012	CAD		19,910,000		19,588,115
Canadian Government, 2.750%, 12/01/2010	CAD		12,760,000		12,736,758
Canadian Government, 3.500%, 6/01/2013	CAD		2,860,000		2,911,729
Canadian Government, 3.750%, 9/01/2011	CAD		18,145,000		18,459,253
Canadian Government, 3.750%, 6/01/2012	CAD		14,255,000		14,586,936
Canadian Government, 3.750%, 6/01/2019	CAD		7,385,000		7,368,349
Canadian Government, 4.250%, 6/01/2018	CAD		9,615,000		9,987,331
Canadian Government, 5.250%, 6/01/2012	CAD		22,355,000		23,573,503
Norwegian Government, 4.250%, 5/19/2017	NOK		56,415,000		9,940,296
Norwegian Government, 5.000%, 5/15/2015	NOK		9,425,000		1,721,964
Norwegian Government, 6.000%, 5/16/2011	NOK		11,705,000		2,049,005
Norwegian Government, 6.500%, 5/15/2013	NOK		8,410,000		1,572,737
U.S. Treasury Bond, 4.375%, 11/15/2039			8,145,000		7,702,116

					133,579,421

Utility Other – 0.0%
Listrindo Capital BV, 9.250%, 1/29/2015, 144A			200,000		216,732

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Wireless – 1.2%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		$	4,585,000	$	4,355,750
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			745,000		726,375
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			1,745,000		1,627,212
Rogers Cable, Inc., 5.500%, 3/15/2014			150,000		161,296
Sprint Capital Corp., 6.875%, 11/15/2028			1,262,000		1,015,910
Sprint Capital Corp., 6.900%, 5/01/2019			870,000		796,050
Sprint Capital Corp., 8.750%, 3/15/2032			300,000		278,250
Sprint Nextel Corp., 6.000%, 12/01/2016			898,000		810,445

					9,771,288

Wirelines – 2.9%
AT&T Corp., 6.500%, 3/15/2029			355,000		360,919
AT&T, Inc., 6.500%, 9/01/2037			845,000		876,214
Axtel SAB de CV, 9.000%, 9/22/2019, 144A			355,000		362,100
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		195,000		198,828
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		690,000		765,688
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		600,000		592,391
Embarq Corp., 7.082%, 6/01/2016			235,000		255,950
Embarq Corp., 7.995%, 6/01/2036			200,000		202,789
GTE Corp., 6.940%, 4/15/2028			350,000		367,462
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(d)			75,000		8
Level 3 Financing, Inc., 9.250%, 11/01/2014			500,000		487,500
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			3,305,000		3,090,175
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			7,205,000		6,448,475
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			350,000		343,000
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			775,000		736,250
Qwest Corp., 6.875%, 9/15/2033			790,000		762,350
Qwest Corp., 7.200%, 11/10/2026			1,780,000		1,713,250
Qwest Corp., 7.250%, 9/15/2025			1,220,000		1,232,200
Telecom Italia Capital SA, 6.000%, 9/30/2034			1,330,000		1,179,896
Telecom Italia Capital SA, 6.375%, 11/15/2033			1,320,000		1,222,812
Verizon Communications, Inc., 5.850%, 9/15/2035			1,710,000		1,664,288

					22,862,545


TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $629,277,245)					683,234,818


CONVERTIBLE BONDS – 5.9%

Airlines – 0.3%
AMR Corp., 6.250%, 10/15/2014			1,860,000		2,150,625

Automotive – 0.6%
Ford Motor Co., 4.250%, 11/15/2016			2,925,000		4,376,531

Construction Machinery – 0.0%
United Rentals North America, Inc., 1.875%, 10/15/2023			50,000		49,500

Electric – 0.1%
CMS Energy Corp., 5.500%, 6/15/2029			500,000		596,875

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Healthcare – 0.1%
Affymetrix, Inc., 3.500%, 1/15/2038	$	604,000	$	542,090

Life Insurance – 0.1%
MetLife, Inc., 6.400%, 12/15/2066		1,000,000		895,000

Lodging – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		1,430,000		1,369,225

Media Non-Cable – 0.0%
Liberty Media LLC, 3.500%, 1/15/2031		450,750		269,323

Metals & Mining – 0.4%
Steel Dynamics, Inc., 5.125%, 6/15/2014		235,000		289,050
United States Steel Corp., 4.000%, 5/15/2014		1,540,000		3,235,925

				3,524,975

Non-Captive Diversified – 0.0%
iStar Financial, Inc., 0.751%, 10/01/2012(c)		380,000		288,990

Oil Field Services – 0.0%
Transocean, Inc., Series C, 1.500%, 12/15/2037		360,000		344,700

Pharmaceuticals – 0.4%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		175,000		350,000
Human Genome Sciences, Inc., 2.250%, 8/15/2012		205,000		368,744
Nektar Therapeutics, 3.250%, 9/28/2012		1,065,000		1,058,344
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		1,095,000		1,524,787

				3,301,875

REITs – 0.5%
ProLogis, 1.875%, 11/15/2037		2,505,000		2,360,962
ProLogis, 2.250%, 4/01/2037		1,515,000		1,473,338

				3,834,300

Technology – 2.2%
Advanced Micro Devices, Inc., 6.000%, 5/01/2015		1,480,000		1,418,950
Alcatel-Lucent USA, Inc., Series B, 2.875%, 6/15/2025		5,000		4,331
Intel Corp., 2.950%, 12/15/2035		2,785,000		2,732,781
Intel Corp., 3.250%, 8/01/2039, 144A		7,000,000		8,391,250
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		3,585,000		3,307,163
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		380,000		368,600
Maxtor Corp., 5.750%, 3/01/2012(b)		315,000		305,550
Nortel Networks Corp., 2.125%, 4/15/2014(d)		248,000		186,620
Richardson Electronics Ltd., 7.750%, 12/15/2011		217,000		217,000

				16,932,245

Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		63,000		54,574

Wirelines – 1.0%
Level 3 Communications, Inc., 3.500%, 6/15/2012		1,930,000		1,778,013
Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(b)		3,040,000		3,632,800
Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(b)		1,990,000		2,378,050
Qwest Communications International, Inc., 3.500%, 11/15/2025		250,000		281,250

				8,070,113


TOTAL CONVERTIBLE BONDS
(Identified Cost $38,092,018)				46,600,941

See accompanying notes to financial statements.


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

MUNICIPALS – 1.0%

Michigan – 0.3%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(b)	$	2,435,000	$	1,955,695

Virginia – 0.7%
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(b)		7,725,000		5,625,499


TOTAL MUNICIPALS
(Identified Cost $10,140,336)				7,581,194


TOTAL BONDS AND NOTES
(Identified Cost $677,509,599)				737,416,953


BANK LOANS – 0.2%

Media Non-Cable – 0.0%
Tribune Company, Term Loan X, 5.000%, 6/04/2009(d)(f)(g)		74,971		46,670


Printing & Publishing – 0.1%
SuperMedia, Inc., Exit Term Loan, 11.000%, 12/31/2015(g)		652,809		614,273


Wirelines – 0.1%
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(g)(h)		487,268		345,960
Level 3 Financing, Inc., Tranche A Term Loan, 2.501%, 3/13/2014(g)		345,000		320,312

				666,272


TOTAL BANK LOANS
(Identified Cost $1,385,935)				1,327,215


	Shares
PREFERRED STOCKS – 2.5%

CONVERTIBLE PREFERRED STOCKS – 1.5%

Automotive – 0.5%
Ford Motor Co. Capital Trust II, 6.500%(e)		81,667		3,789,349

Capital Markets – 0.1%
Newell Financial Trust I, 5.250%		25,075		1,009,269


Diversified Financial Services – 0.2%
Sovereign Capital Trust IV, 4.375%		55,343		1,770,976

Electric Utilities – 0.1%
AES Trust III, 6.750%		10,000		451,875

Machinery – 0.1%
United Rentals Trust, 6.500%		30,199		909,745

Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp., 4.500%		775		64,805
El Paso Energy Capital Trust I, 4.750%		20,200		754,975

				819,780

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


	Shares	Value (†)


PREFERRED STOCKS – continued

REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%(e)	2,500	$	45,250

Semiconductors & Semiconductor Equipment – 0.4%
Lucent Technologies Capital Trust, 7.750%	3,715		2,957,140


TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $10,708,194)			11,753,384


NON-CONVERTIBLE PREFERRED STOCKS – 1.0%

Banking – 0.1%
GMAC, Inc., Series G, 7.000%, 144A	1,121		854,482

Diversified Financial Services – 0.3%
Bank of America Corp., 6.375%	5,000		103,900
Bank of America Corp., Series L, 7.250%	2,844		2,780,010

			2,883,910

Electric Utilities – 0.1%
Entergy New Orleans, Inc., 4.360%	90		6,103
Entergy New Orleans, Inc., 4.750%	2,876		212,464
MDU Resources Group, Inc., 5.100%	202		20,055
Union Electric Co., 4.500%	4,670		364,260
Xcel Energy, Inc., 4.110%	100		7,500

			610,382

Software – 0.4%
Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(k)	3,000		3,017,813

Thrifts & Mortgage Finance – 0.1%
Countrywide Capital IV, 6.750%	20,975		450,333
Federal Home Loan Mortgage Corp., 5.000%(e)(i)	4,150		6,433
Federal Home Loan Mortgage Corp., 5.570%(e)(i)	63,750		54,187
Federal Home Loan Mortgage Corp., 5.660%(e)(i)	18,900		15,857
Federal Home Loan Mortgage Corp., 5.700%(e)(i)	6,550		11,397
Federal Home Loan Mortgage Corp., 5.790%(e)(i)	12,100		19,602
Federal Home Loan Mortgage Corp., 5.810%(e)(i)	4,250		6,928
Federal Home Loan Mortgage Corp., 5.900%(e)(i)	9,400		8,451
Federal Home Loan Mortgage Corp., 6.000%(e)(i)	5,350		9,897
Federal Home Loan Mortgage Corp., 6.420%(e)(i)	3,800		7,258
Federal Home Loan Mortgage Corp., 6.550%(e)(i)	24,825		24,577
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(e)(i)	88,575		112,490
Federal National Mortgage Association, 4.750%(e)(i)	8,200		11,070
Federal National Mortgage Association, 5.125%(e)(i)	2,900		4,379
Federal National Mortgage Association, 5.375%(e)(i)	5,800		9,918
Federal National Mortgage Association, 5.810%(e)(i)	2,400		4,080
Federal National Mortgage Association, 6.750%(e)(i)	3,750		3,488
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(e)(i)	119,675		151,987

			912,332


TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $11,895,284)			8,278,919


TOTAL PREFERRED STOCKS
(Identified Cost $22,603,478)			20,032,303

See accompanying notes to financial statements.


	Shares		Value (†)


COMMON STOCKS – 1.5%

Biotechnology – 0.7%
Vertex Pharmaceuticals, Inc.(e)		127,420	$	5,207,655

Containers & Packaging – 0.1%
Owens-Illinois, Inc.(e)		35,353		1,256,446

Electronic Equipment Instruments & Components – 0.5%
Corning, Inc.		205,167		4,146,425

Oil, Gas & Consumable Fuels – 0.2%
Chesapeake Energy Corp.		54,259		1,282,683


TOTAL COMMON STOCKS
(Identified Cost $7,824,021)				11,893,209


WARRANTS – 0.0%

Pharmaceuticals – 0.0%
Valeant Pharmaceuticals International, Expiration 8/16/2010(b)(e)(j) (Identified Cost $0)		26,098		294,907


	Principal Amount

SHORT-TERM INVESTMENTS – 1.2%
Repurchase Agreement with State Street Corporation, dated 3/31/2010 at 0.000%, to be repurchased at $20,724 on 4/01/2010 collateralized by $25,000 U.S. Treasury Bill, due 7/08/2010 valued at $24,990 including accrued interest (Note 2 of Notes to Financial Statements)	$	20,724		20,724
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2010 at 0.000% to be repurchased at $9,047,051, on 4/01/2010 collateralized by $9,030,000 Federal Home Loan Mortgage Corp., 4.250% due 12/12/2018 valued at $9,233,175 including accrued interest (Note 2 of Notes to Financial Statements)		9,047,951		9,047,951


TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $9,068,675)				9,068,675


TOTAL INVESTMENTS – 98.9%
(Identified Cost $718,391,708)(a)				780,033,262
Other assets less liabilities—1.1%				8,604,803


NET ASSETS – 100.0%			$	788,638,065


(†) See Note 2 of Notes to Financial Statements.
(‡) Principal amount stated in U.S. dollars unless otherwise noted.
(††) Amount shown represents units. One unit represents a principal amount of 25.
(†††)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 March 31, 2010, the net unrealized appreciation on investments based on a cost of $720,177,669 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			$	80,235,300
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value				(20,379,707	)

Net unrealized appreciation			$	59,855,593

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

(b)

Illiquid security. At March 31, 2010, the value of these securities amounted to $28,860,959 or 3.7% of net assets.

(c)

Variable rate security. Rate as of March 31, 2010 is disclosed.

(d)

The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.

(e)

Non-income producing security.

(f)

Issuer has filed for bankruptcy.

(g)

Variable rate security. Rate shown represents the weighted average rate at March 31, 2010.

(h)

All or a portion of interest payment is paid-in-kind.

(i)

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

(j)

Fair valued security by the Fund’s investment adviser. At March 31, 2010 the value of these securities amounted to $294,907 or 0.0% of net assets.

(k)

Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

144A

ABS

Asset-Backed Securities

EMTN

Euro Medium Term Note

GMTN

Global Medium Term Note

MTN

Medium Term Note

REITs

Real Estate Investment Trusts

INDUSTRY SUMMARY AT MARCH 31, 2010 (Unaudited)


Treasuries	16.9	%
Banking	6.6
Automotive	5.2
Non-Captive Diversified	5.1
Sovereigns	4.6
Technology	4.4
Local Authorities	4.2
Wirelines	4.0
Electric	3.9
Supranational	3.4
Media Cable	3.0
Healthcare	2.8
Independent Energy	2.3
REITs	2.1
Non-Captive Consumer	2.0
Other Investments, less than 2% each	27.2
Short-Term Investments	1.2

Total Investments	98.9
Other assets less liabilities	1.1

Net Assets	100.0	%

CURRENCY EXPOSURE AT MARCH 31, 2010 AS A PERCENTAGE OF NET ASSETS (Unaudited)


United States Dollar	65.9	%
Canadian Dollar	18.2
New Zealand Dollar	3.1
Brazilian Real	2.3
Other, less than 2% each	9.4

Total Investments	98.9
Other assets less liabilities	1.1

Net Assets	100.0	%

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Global Bond Fund


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – 95.0% of Net Assets

NON-CONVERTIBLE BONDS – 94.8%

Argentina – 0.4%
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		$	8,320,000	$	7,893,600

Australia – 0.7%
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		16,675,000		15,568,847
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		445,000		397,860

					15,966,707

Belgium – 0.6%
Kingdom of Belgium, 5.500%, 9/28/2017	EUR		8,130,000		12,803,599

Bermuda – 0.6%
Noble Group Ltd., 8.500%, 5/30/2013, 144A			4,805,000		5,399,619
White Mountains RE Group, 6.375%, 3/20/2017, 144A			6,905,000		6,731,912

					12,131,531

Brazil – 1.5%
Banco Nacional de Desenvolvimento Economico e Social, 6.500%, 6/10/2019, 144A			7,000,000		7,472,500
NET Servicos de Comunicacao SA, 7.500%, 1/27/2020, 144A			3,800,000		4,009,000
Republic of Brazil, 10.250%, 1/10/2028	BRL		29,000,000		16,470,324
Telemar Norte Leste SA, 9.500%, 4/23/2019, 144A			3,200,000		3,800,000

					31,751,824

Canada – 5.3%
Bell Aliant Regional Communications, 5.410%, 9/26/2016	CAD		4,440,000		4,573,464
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		1,240,000		1,266,200
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		160,000		163,141
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		3,180,000		3,528,825
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		3,090,000		3,050,814
Canadian Government, 4.500%, 6/01/2015	CAD		35,598,000		37,733,565
Canadian Pacific Railway Co., 5.950%, 5/15/2037			1,745,000		1,686,392
Corus Entertainment, Inc., 7.250%, 2/10/2017, 144A	CAD		10,595,000		10,622,540
Pacific Rubiales Energy Corp., 8.750%, 11/10/2016, 144A			3,800,000		4,123,000
Province of Ontario Canada, 2.950%, 2/05/2015			9,015,000		9,039,007
Province of Quebec Canada, 1.600%, 5/09/2013	JPY		766,000,000		8,354,144
Province of Quebec Canada, EMTN, 3.375%, 6/20/2016	EUR		11,000,000		15,099,966
Shaw Communications, Inc., 6.500%, 6/02/2014	CAD		1,550,000		1,683,932
Teck Resources Ltd., 9.750%, 5/15/2014			9,345,000		11,073,825

					111,998,815

Cayman Islands – 1.7%
CCL Finance Ltd., 9.500%, 8/15/2014, 144A			5,000,000		5,750,000
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A			1,170,000		1,234,350
Petrobras International Finance Co., 5.875%, 3/01/2018			15,600,000		16,291,844

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Global Bond Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Cayman Islands – continued
Vale Overseas Ltd., 6.875%, 11/21/2036		$	6,716,000	$	6,948,038
Voto-Votorantim Ltd., 6.750%, 4/05/2021, 144A			6,700,000		6,616,250

					36,840,482

Colombia – 0.2%
Empresas Publicas de Medellin ESP, 7.625%, 7/29/2019, 144A			4,500,000		4,972,500

Denmark – 1.9%
Denmark Government Bond, 4.000%, 11/15/2015	DKK		210,000,000		40,809,220

France – 1.9%
Government of France, 5.000%, 10/25/2016	EUR		10,070,000		15,417,471
Lafarge SA, EMTN, 4.750%, 3/23/2020	EUR		3,435,000		4,447,874
Lafarge SA, EMTN, 5.375%, 6/26/2017	EUR		3,000,000		4,131,394
Wendel, 4.375%, 8/09/2017	EUR		4,650,000		5,150,030
Wendel, 4.875%, 5/26/2016	EUR		10,250,000		12,253,472

					41,400,241

Germany – 16.1%
Bertelsmann AG, EMTN, 3.625%, 10/06/2015	EUR		5,100,000		6,772,043
Bundesobligation, 4.000%, 10/11/2013	EUR		70,085,000		102,495,375
Bundesrepublik Deutschland, Series 06, 3.750%, 1/04/2017	EUR		19,780,000		28,572,886
Bundesrepublik Deutschland, Series 09, 3.250%, 1/04/2020	EUR		71,000,000		97,116,942
Bundesrepublik Deutschland, Series 153, 4.250%, 7/04/2017	EUR		7,700,000		11,436,786
Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037	JPY		1,140,000,000		12,327,437
Landesbank Baden-Wuerttemberg, Series 14, 3.750%, 2/12/2014	EUR		8,720,000		12,481,576
Muenchener Hypothekenbank eG, 5.000%, 1/16/2012	EUR		11,515,000		16,545,674
Republic of Germany, 3.750%, 7/04/2013	EUR		29,340,000		42,448,019
Republic of Germany, 4.000%, 1/04/2037	EUR		7,639,000		10,551,829

					340,748,567

Hungary – 0.3%
Republic of Hungary, 6.250%, 1/29/2020			6,065,000		6,451,741

India – 1.2%
Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021			17,500,000		17,419,727
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A			7,940,000		7,475,772

					24,895,499

Indonesia – 0.7%
Indonesia Government International Bond, 7.750%, 1/17/2038, 144A			9,000,000		10,440,000
Indonesia Government International Bond, 11.500%, 9/15/2019	IDR		42,900,000,000		5,439,863

					15,879,863

Ireland – 1.8%
Depfa ACS Bank, EMTN, 1.650%, 12/20/2016	JPY		4,140,000,000		37,668,465

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Italy – 0.4%
Finmeccanica SpA, EMTN, 4.875%, 3/24/2025	EUR	4,850,000		$	6,575,324
Telecom Italia SpA, EMTN, 5.375%, 1/29/2019	EUR	1,500,000			2,092,590

					8,667,914

Japan – 6.1%
Development Bank of Japan, 1.750%, 3/17/2017	JPY	400,000,000			4,491,757
Japan Finance Organization for Municipal Enterprises, 1.350%, 11/26/2013	JPY	1,000,000,000			11,052,840
Japan Finance Organization for Municipal Enterprises, 1.550%, 2/21/2012	JPY	1,200,000,000			13,115,953
Japan Government, 1.300%, 3/20/2019	JPY	3,666,000,000			39,458,771
Japan Government, 1.400%, 6/20/2011	JPY	3,212,100,000			34,873,978
Japan Government Five Year Bond, 0.700%, 6/20/2014	JPY	1,500,000,000			16,205,920
Nomura Holdings, Inc., 6.700%, 3/04/2020		9,705,000			10,071,985

					129,271,204

Jersey – 0.3%
WPP PLC, 6.000%, 4/04/2017	GBP	4,550,000			7,237,700

Korea – 0.7%
SK Broadband Co. Ltd., 7.000%, 2/01/2012, 144A		1,610,000			1,696,618
SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		11,600,000			12,222,015

					13,918,633

Lithuania – 0.3%
Lithuania Government International Bond, 7.375%, 2/11/2020, 144A		6,600,000			7,224,037

Luxembourg – 0.7%
ArcelorMittal, 7.000%, 10/15/2039		13,800,000			14,172,352

Mexico – 2.7%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A		3,160,000			3,160,000
Axtel SAB de CV, 9.000%, 9/22/2019, 144A		4,715,000			4,809,300
Corp. GEO SAB de CV, 8.875%, 9/25/2014, 144A		2,026,000			2,172,885
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		8,400,000			8,526,000
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN	700,000	(††)		5,912,526
Mexican Fixed Rate Bonds, Series M-10, 8.500%, 12/13/2018	MXN	1,537,500	(††)		13,200,334
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN	1,373,000	(††)		11,121,703
Mexichem SAB de CV, 8.750%, 11/06/2019, 144A		6,800,000			7,378,000

					56,280,748

Netherlands – 1.6%
Kingdom of Netherlands, 5.500%, 1/15/2028(b)	EUR	12,995,000			21,397,105
Majapahit Holding BV, 7.250%, 6/28/2017, 144A		3,440,000			3,663,600
Majapahit Holding BV, 7.750%, 1/20/2020, 144A		7,000,000			7,595,000
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR	1,000,000			1,364,157

					34,019,862

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Global Bond Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

New Zealand – 0.7%
BNZ International Funding Ltd., 2.625%, 6/05/2012		$	14,700,000	$	15,053,932

Norway – 2.8%
Norwegian Government, 4.250%, 5/19/2017	NOK		40,055,000		7,057,672
Norwegian Government, 5.000%, 5/15/2015	NOK		60,020,000		10,965,759
Norwegian Government, 6.000%, 5/16/2011	NOK		61,705,000		10,801,697
Norwegian Government, 6.500%, 5/15/2013(b)	NOK		158,360,000		29,614,588

					58,439,716

Poland – 0.3%
Poland Government International Bond, 3.000%, 9/23/2014	CHF		5,900,000		5,743,883

Singapore – 1.1%
Prime Dig Pte Ltd., 11.750%, 11/03/2014, 144A			5,300,000		5,737,250
Singapore Government, 2.250%, 7/01/2013	SGD		24,355,000		18,159,156

					23,896,406

South Africa – 0.4%
Edcon Proprietary Ltd., 3.900%, 6/15/2014, 144A(c)	EUR		8,495,000		8,748,754

Supranational – 1.3%
Asia Development Bank, 2.350%, 6/21/2027	JPY		1,700,000,000		18,808,030
European Investment Bank, EMTN, Zero Coupon, 4/24/2013, 144A	IDR		90,681,660,000		8,139,873
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK		8,000,000		34,985

					26,982,888

Sweden – 3.1%
Nordea Bank AB, 3.700%, 11/13/2014, 144A			5,500,000		5,541,585
Sweden Government Bond, 4.500%, 8/12/2015(b)	SEK		142,500,000		21,701,223
Sweden Government Bond, 5.500%, 10/08/2012(b)	SEK		250,275,000		38,003,978

					65,246,786

United Arab Emirates – 1.8%
Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A			6,800,000		7,329,679
Dolphin Energy Ltd., 5.888%, 6/15/2019, 144A			5,544,000		5,696,460
DP World Ltd., 6.850%, 7/02/2037, 144A			29,110,000		24,997,136

					38,023,275

United Kingdom – 3.8%
British Sky Broadcasting Group PLC, EMTN, 6.000%, 5/21/2027	GBP		950,000		1,474,291
Rexam PLC, 6.750%, 6/01/2013, 144A			13,775,000		15,108,640
United Kingdom Treasury, 4.750%, 3/07/2020	GBP		40,070,000		64,560,969

					81,143,900

United States – 31.8%
AES Corp. (The), 8.750%, 5/15/2013, 144A			6,125,000		6,216,875
AES Corp. (The), 9.375%, 9/15/2010			3,000,000		3,082,500
Ahold Finance USA, Inc., EMTN, 6.500%, 3/14/2017	GBP		6,055,000		10,009,721

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

United States – continued
American Express Issuance Trust, Series 2005-2, Class A, 0.300%, 8/15/2013(c)		$	815,000	$	810,956
American Home Mortgage Investment Trust, Series 2007-2, Class 12A1, 0.516%, 3/25/2037(c)			278,725		113,142
American Stores Co., Series B, MTN, 7.100%, 3/20/2028			2,250,000		1,811,250
Arch Western Finance LLC, 6.750%, 7/01/2013			1,635,000		1,641,131
Avis Budget Rental Car Funding AESOP LLC, 5.680%, 2/20/2014, 144A			10,200,000		10,793,362
Bank of America Credit Card Trust, Series 2007-B2, Class B2, 0.430%, 6/15/2016(c)			1,265,000		1,193,998
Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041			300,000		308,884
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044			200,000		192,698
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.908%, 6/11/2040(c)			100,000		98,711
Boston Scientific Corp., 4.500%, 1/15/2015			3,710,000		3,555,549
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014			385,000		403,653
Capital One Multi-Asset Execution Trust, Series 2004-B7, Class B7, 1.167%, 8/17/2017(c)	EUR		4,150,000		4,942,614
Capital One Multi-Asset Execution Trust, Series 2005-A10, Class A, 0.310%, 9/15/2015(c)			840,000		831,288
Centre Point Funding LLC, Series 2010-1A, Class 1, 5.430%, 7/20/2016, 144A			3,000,000		3,000,592
Chase Issuance Trust, Series 2007-B1, Class B1, 0.480%, 4/15/2019(c)			1,000,000		914,966
Chesapeake Energy Corp., 7.500%, 9/15/2013			265,000		268,313
Chesapeake Energy Corp., 7.500%, 6/15/2014			2,600,000		2,639,000
Chrysler Financial Lease Trust, Series 2010-A, Class B, 3.460%, 9/16/2013, 144A			9,650,000		9,642,658
Citi Credit Card Issuance Trust, Series 2001-A4, Class A4, 5.375%, 4/10/2013	EUR		5,130,000		7,077,959
Citibank Credit Card Issuance Trust, Series 2005-C1, Class C1, 5.500%, 3/24/2017			100,000		100,649
Citigroup, Inc., MTN, 5.500%, 10/15/2014			1,500,000		1,552,359
Comcast Corp., 4.950%, 6/15/2016			6,300,000		6,567,794
Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022			772,800		784,392
Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019			1,557,895		1,480,000
Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017			517,562		489,096
Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023			4,000,000		3,930,000
Corning, Inc., 7.250%, 8/15/2036			740,000		792,844
Couche-Tard US/Finance, 7.500%, 12/15/2013			3,775,000		3,831,625
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.998%, 9/15/2039(c)			900,000		818,598
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040			1,675,000		1,500,982
Crown Castle Towers LLC, 4.523%, 1/15/2035			6,300,000		6,385,157

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Global Bond Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

United States – continued
CSC Holdings LLC, 8.500%, 4/15/2014, 144A		$	8,590,000	$	9,148,350
CSX Corp., 6.150%, 5/01/2037			7,000,000		7,054,985
CSX Corp., MTN, 6.000%, 10/01/2036			5,554,000		5,517,499
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024			6,720,512		6,720,512
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			1,785,908		1,643,036
DISH DBS Corp., 6.625%, 10/01/2014			3,350,000		3,375,125
DISH DBS Corp., 7.000%, 10/01/2013			4,585,000		4,768,400
Embarq Corp., 7.995%, 6/01/2036			6,047,000		6,131,319
Erac USA Finance Co., 6.375%, 10/15/2017, 144A			7,181,000		7,769,505
Erac USA Finance Co., 6.700%, 6/01/2034, 144A			120,000		116,043
Erac USA Finance Co., 7.000%, 10/15/2037, 144A			7,530,000		7,763,001
Frontier Communications Corp., 6.250%, 1/15/2013			10,195,000		10,296,950
Frontier Communications Corp., 6.625%, 3/15/2015			480,000		471,600
General Electric Capital Corp., EMTN, 1.000%, 3/21/2012	JPY		888,000,000		9,437,391
General Electric Capital Corp., Series A, GMTN, 5.250%, 4/15/2013			230,000		230,689
Georgia-Pacific LLC, 7.250%, 6/01/2028			4,540,000		4,494,600
Georgia-Pacific LLC, 8.000%, 1/15/2024			180,000		190,800
Georgia-Pacific LLC, 8.875%, 5/15/2031			1,805,000		1,958,425
Goldman Sachs Group, Inc. (The), 1.011%, 5/23/2016(c)	EUR		5,800,000		7,192,633
Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038	GBP		1,250,000		2,013,002
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037			11,037,552		11,230,007
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049			1,000,000		972,052
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039			700,000		680,749
GTE Corp., 6.940%, 4/15/2028			355,000		372,711
HCA, Inc., 5.750%, 3/15/2014			3,535,000		3,336,156
HCA, Inc., 6.250%, 2/15/2013			1,270,000		1,260,475
HCA, Inc., 6.375%, 1/15/2015			1,205,000		1,144,750
HCA, Inc., 6.500%, 2/15/2016			2,440,000		2,314,950
HCA, Inc., 6.750%, 7/15/2013			770,000		770,000
HCA, Inc., 7.500%, 11/06/2033			525,000		456,750
HCA, Inc., 7.690%, 6/15/2025			635,000		587,375
HCA, Inc., 8.750%, 9/01/2010			1,500,000		1,530,000
HCA, Inc., MTN, 7.580%, 9/15/2025			624,000		564,720
HCA, Inc., MTN, 7.750%, 7/15/2036			165,000		145,200
Hertz Vehicle Financing LLC, Series 2009-2A, Class A1, 4.260%, 3/25/2014, 144A			5,400,000		5,558,347
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A			5,680,000		5,609,000
Home Depot, Inc. (The), 5.875%, 12/16/2036			5,772,000		5,601,305
Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A			7,295,000		7,372,663
IPALCO Enterprises, Inc., 7.250%, 4/01/2016, 144A			1,875,000		1,945,313

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

United States – continued
JPMorgan Chase & Co., 5.150%, 10/01/2015		$	6,000,000	$	6,331,980
JPMorgan Chase Bank NA, EMTN, Zero Coupon, 10/17/2011, 144A	IDR		26,740,000,000		2,661,805
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 6.006%, 6/15/2049(c)			1,900,000		1,821,906
Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018			10,800,000		11,583,486
L-3 Communications Corp., 5.875%, 1/15/2015			4,510,000		4,588,925
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 6.080%, 6/15/2038(c)			300,000		315,201
Marriott Vacation Club Owner Trust, Series 2009-2A, Class A, 4.809%, 7/20/2031, 144A			6,619,063		6,632,163
MBNA Credit Card Master Note Trust, Series 2002-A2, Class A, 5.600%, 7/17/2014	EUR		3,000,000		4,264,395
Merrill Auto Trust Securitization, Series 2008-1, Class A4A, 6.150%, 4/15/2015			8,155,000		8,713,469
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR		7,950,000		10,223,766
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051			1,000,000		916,799
Morgan Stanley, 4.750%, 4/01/2014			6,665,000		6,805,478
Morgan Stanley, 5.375%, 11/14/2013	GBP		2,070,000		3,317,141
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041			100,000		100,840
Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.802%, 6/11/2042(c)			700,000		723,860
Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.458%, 1/11/2043(c)			200,000		210,672
Motorola, Inc., 5.220%, 10/01/2097			60,000		41,145
Motorola, Inc., 6.500%, 9/01/2025			125,000		121,385
Motorola, Inc., 6.500%, 11/15/2028			115,000		107,958
Motorola, Inc., 6.625%, 11/15/2037			6,120,000		5,743,693
Nabors Industries, Inc., 6.150%, 2/15/2018			6,360,000		6,775,353
National Semiconductor Corp., 6.150%, 6/15/2012			9,275,000		10,029,864
News America, Inc., 6.150%, 3/01/2037			3,730,000		3,676,665
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			5,525,000		5,248,750
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			540,000		503,550
NiSource Finance Corp., 6.400%, 3/15/2018			6,105,000		6,545,848
Nissan Master Owner Trust Receivables, Series 2010-AA, Class A, 1.380%, 1/15/2015, 144A(c)			5,995,000		6,011,634
Owens & Minor, Inc., 6.350%, 4/15/2016(d)			7,740,000		7,435,834
Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR		2,170,000		2,989,530
ProLogis, 6.625%, 5/15/2018			15,685,000		15,586,922
Questar Market Resources, Inc., 6.800%, 3/01/2020			4,495,000		4,889,755
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			855,000		799,425
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			365,000		326,675
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			3,410,000		3,239,500

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Global Bond Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

United States – continued
Qwest Corp., 6.875%, 9/15/2033		$	2,635,000	$	2,542,775
Qwest Corp., 7.200%, 11/10/2026			100,000		96,250
Qwest Corp., 7.250%, 9/15/2025			1,656,000		1,672,560
Qwest Corp., 7.250%, 10/15/2035			5,165,000		4,984,225
Qwest Corp., 7.500%, 6/15/2023			5,285,000		5,285,000
Qwest Corp., 7.625%, 6/15/2015			2,487,000		2,717,048
Reynolds American, Inc., 6.750%, 6/15/2017			5,565,000		5,960,582
Rowan Cos., Inc., 7.875%, 8/01/2019			10,745,000		12,306,453
Sierra Receivables Funding Co., Series 2009-2A, 4.520%, 8/20/2026, 144A			3,766,713		3,774,429
Sierra Receivables Funding Co., Series 2009-3A, Class A1, 7.620%, 7/20/2026, 144A			8,926,634		9,030,798
Simon Property Group LP, 5.875%, 3/01/2017			50,000		51,661
Simon Property Group LP, 6.125%, 5/30/2018			5,240,000		5,421,052
Simon Property Group LP, 10.350%, 4/01/2019			120,000		150,884
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			6,610,000		6,314,923
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.396%, 7/25/2036(c)			989,723		706,283
Sprint Capital Corp., 8.375%, 3/15/2012			4,309,000		4,481,360
Steel Dynamics, Inc., 7.375%, 11/01/2012			6,635,000		6,900,400
SUPERVALU, Inc., 7.500%, 11/15/2014			1,430,000		1,451,450
Textron, Inc., 3.875%, 3/11/2013	EUR		11,350,000		15,122,163
Time Warner, Inc., 6.950%, 1/15/2028			2,795,000		3,038,464
U.S. Treasury Note, 1.000%, 7/31/2011			79,905,000		80,316,990
U.S. Treasury Note, 1.000%, 10/31/2011			39,785,000		39,923,332
U.S. Treasury Note, 2.625%, 6/30/2014			44,295,000		44,949,060
Viacom, Inc., 6.875%, 4/30/2036			1,545,000		1,637,986
Virgin Media Secured Finance PLC, 6.500%, 1/15/2018, 144A			6,600,000		6,616,500
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048			300,000		297,849
WEA Finance LLC, 7.125%, 4/15/2018, 144A			148,000		160,113
WEA Finance LLC/WT Finance Australia Property Ltd., 6.750%, 9/02/2019, 144A			235,000		250,765
Wells Fargo & Co., 4.625%, 11/02/2035	GBP		7,780,000		10,409,547
World Financial Network Credit Card Master Trust, Series 2008-A, Class M, 5.230%, 6/15/2014(c)			2,000,000		2,027,476

					673,413,454


TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $1,951,801,089)					2,009,698,098


CONVERTIBLE BONDS – 0.2%

United States – 0.2%
ERP Operating LP, 3.850%, 8/15/2026			1,500,000		1,507,500
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(e)			3,820,000		3,418,900


TOTAL CONVERTIBLE BONDS
(Identified Cost $4,036,701)					4,926,400


TOTAL BONDS AND NOTES
(Identified Cost $1,955,837,790)					2,014,624,498

See accompanying notes to financial statements.


	Shares		Value (†)


PREFERRED STOCKS – 0.1%

NON-CONVERTIBLE PREFERRED STOCKS – 0.1%

United States – 0.1%
Federal Home Loan Mortgage Corp., 5.000%(f)(g)		1,000	$	1,550
Federal Home Loan Mortgage Corp., 5.570%(f)(g)		33,383		28,376
Federal Home Loan Mortgage Corp., 5.660%(f)(g)		5,433		4,558
Federal Home Loan Mortgage Corp., 6.420%(f)(g)		2,889		5,518
Federal Home Loan Mortgage Corp., 6.550%(f)(g)		1,755		1,737
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(f)(g)		552,117		701,189
Federal National Mortgage Association, 4.750%(f)(g)		6,159		8,315
Federal National Mortgage Association, 5.125%(f)(g)		650		981
Federal National Mortgage Association, 5.375%(f)(g)		1,350		2,308
Federal National Mortgage Association, 6.750%(f)(g)		2,802		2,606
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(f)(g)		1,085,090		1,378,064


TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $38,335,382)				2,135,202


TOTAL PREFERRED STOCKS
(Identified Cost $38,335,382)				2,135,202


	Principal Amount (‡)

SHORT-TERM INVESTMENTS – 1.2%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation dated 3/31/2010 at 0.000% to be repurchased at $26,256,060 on 4/01/2010 collateralized by $26,750,000 Federal Home Loan Mortgage Corp., 2.000% due 3/29/2013 valued at $26,783,438 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $26,256,060)	$	26,256,060		26,256,060


TOTAL INVESTMENTS – 96.3%
(Identified Cost $2,020,429,232)(a)				2,043,015,760
Other assets less liabilities—3.7%				77,632,464


NET ASSETS – 100.0%			$	2,120,648,224


(‡) Principal amount stated in U.S. dollars unless otherwise noted.
(†) See Note 2 of Notes to Financial Statements.
(††)Amount shown represents units. One unit represents a principal amount of 100.

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Global Bond Fund – continued


(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
At March 31, 2010, the net unrealized appreciation on investments based on a cost of $2,026,769,382 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	$	82,181,283
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(65,934,905	)

Net unrealized appreciation	$	16,246,378

(b)

All or a portion of this security is held as collateral for forward foreign currency contracts.

(c)

Variable rate security. Rate as of March 31, 2010 is disclosed.

(d)

Illiquid security. At March 31, 2010, the value of this security amounted to $7,435,834 or 0.4% of net assets.

(e)

Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

(f)

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

(g)

Non-income producing security.

144A

EMTN

Euro Medium Term Note

GMTN

Global Medium Term Note

MTN

Medium Term Note

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; CHF: Swiss Franc; DKK: Danish Krone; EUR: Euro; GBP: British Pound; IDR: Indonesian Rupiah; ISK: Icelandic Krona; JPY: Japanese Yen; MXN: Mexican Peso; NOK: Norwegian Krone; SEK: Swedish Krona; SGD: Singapore Dollar

At March 31, 2010, the Fund had the following open forward foreign currency contracts:


Contract to Buy/Sell	Delivery Date	Currency	Units	Notional Value		Unrealized Appreciation (Depreciation)
Buy¹	11/16/2010	Chinese Renminbi	138,000,000	$	20,285,666	$	(648,800	)
Buy²	09/23/2010	Indian Rupee	949,000,000		20,825,179		122,735
Sell²	06/14/2010	Japanese Yen	1,520,000,000		16,264,501		666,565
Buy³	09/22/2010	Malaysian Ringgit	69,000,000		20,952,265		162,871
Buy⁴	04/13/2010	Singapore Dollar	29,000,000		20,729,003		(149,327	)
Buy²	06/14/2010	South Korean Won	21,500,000,000		18,952,088		56,803
Buy⁴	06/14/2010	South Korean Won	43,930,000,000		38,723,964		110,973
Buy⁵	06/14/2010	South Korean Won	47,700,000,000		42,047,190		120,496

Total						$	442,316

¹Counterparty

is Morgan Stanley & Co., Inc.

²Counterparty

is UBS.

³Counterparty

is JPMorgan Chase Bank.

⁴Counterparty

is Barclays Bank PLC.

⁵Counterparty is Credit Suisse.

INDUSTRY SUMMARY AT MARCH 31, 2010 (Unaudited)


Treasuries	41.4	%
Banking	7.4
Sovereigns	5.0
Wirelines	3.2
Government Guaranteed	2.6
Government Owned – No Guarantee	2.3
Metals & Mining	2.2
ABS Car Loan	2.1
Other Investments, less than 2% each	28.9
Short-Term Investments	1.2

Total Investments	96.3
Other assets less liabilities (including open forward foreign currency contracts)	3.7

Net Assets	100.0	%

See accompanying notes to financial statements.

CURRENCY EXPOSURE AT MARCH 31, 2010 AS A PERCENTAGE OF NET ASSETS (Unaudited)


United States Dollar	43.6	%
European Euro	23.1
Japanese Yen	9.7
British Pound	4.7
Canadian Dollar	3.0
Swedish Krona	2.8
Norwegian Krone	2.8
Other, less than 2% each	6.6

Total Investments	96.3
Other assets less liabilities (including open forward foreign currency contracts)	3.7

Net Assets	100.0	%

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund


		Principal Amount (‡)			Value (†)


BONDS AND NOTES – 96.6% of Net Assets

NON-CONVERTIBLE BONDS – 96.6%

Banking – 1.0%
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033		$	10,000		$	9,884
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			145,000			144,818

						154,702

Construction Machinery – 1.1%
Joy Global, Inc., 6.625%, 11/15/2036			165,000			157,128

Food & Beverage – 0.8%
Bottling Group LLC, 5.125%, 1/15/2019			40,000			41,911
Dean Foods Co., 6.900%, 10/15/2017			75,000			71,625

						113,536

Home Construction – 0.1%
Masco Corp., 7.125%, 3/15/2020			10,000			10,102

Independent Energy – 0.2%
Chesapeake Energy Corp., 6.500%, 8/15/2017			35,000			33,862

Lodging – 0.3%
Royal Caribbean Cruises Ltd., 7.500%, 10/15/2027			50,000			44,125

Media Non-Cable – 0.2%
CBS Corp., 5.500%, 5/15/2033			30,000			25,734

Metals & Mining – 0.8%
Alcoa, Inc., 5.950%, 2/01/2037			85,000			69,694
United States Steel Corp., 6.650%, 6/01/2037			55,000			47,300

						116,994

Paper – 0.5%
Georgia-Pacific LLC, 7.700%, 6/15/2015			70,000			74,200

Pipelines – 0.2%
Colorado Interstate Gas Co., 5.950%, 3/15/2015			3,000			3,162
Southern Natural Gas Co., 7.350%, 2/15/2031			30,000			31,763

						34,925

Sovereigns – 0.8%
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		15,000	(††)		126,697

Technology – 1.3%
Agilent Technologies, Inc., 6.500%, 11/01/2017			105,000			113,443
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029			90,000			63,450
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028			15,000			10,537

						187,430

Textile – 0.1%
Jones Apparel Group, Inc., 6.125%, 11/15/2034			10,000			8,150

Tobacco – 1.1%
Altria Group, Inc., 9.950%, 11/10/2038			130,000			170,711

Treasuries – 84.5%
U.S. Treasury Inflation Indexed Bond, 1.375%, 7/15/2018			371,758			372,019

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Treasuries – continued
U.S. Treasury Inflation Indexed Bond, 1.625%, 1/15/2018		$	522,276	$	534,313
U.S. Treasury Inflation Indexed Bond, 1.750%, 1/15/2028			470,566		445,457
U.S. Treasury Inflation Indexed Bond, 2.000%, 1/15/2026			147,370		146,599
U.S. Treasury Inflation Indexed Bond, 2.125%, 2/15/2040			215,520		213,651
U.S. Treasury Inflation Indexed Bond, 2.375%, 1/15/2017			795,034		858,450
U.S. Treasury Inflation Indexed Bond, 2.375%, 1/15/2025			729,888		764,045
U.S. Treasury Inflation Indexed Bond, 2.500%, 7/15/2016			295,034		322,324
U.S. Treasury Inflation Indexed Bond, 3.375%, 4/15/2032			1,226,743		1,487,617
U.S. Treasury Inflation Indexed Note, 0.625%, 4/15/2013			266,516		271,638
U.S. Treasury Inflation Indexed Note, 1.625%, 1/15/2015			544,651		568,990
U.S. Treasury Inflation Indexed Note, 1.875%, 7/15/2013			678,310		717,684
U.S. Treasury Inflation Indexed Note, 1.875%, 7/15/2015			885,543		937,153
U.S. Treasury Inflation Indexed Note, 2.000%, 1/15/2014			744,588		790,602
U.S. Treasury Inflation Indexed Note, 2.000%, 7/15/2014			844,831		898,755
U.S. Treasury Inflation Indexed Note, 2.000%, 1/15/2016			911,511		967,057
U.S. Treasury Inflation Indexed Note, 2.375%, 1/15/2027			419,004		436,681
U.S. Treasury Inflation Indexed Note, 2.625%, 7/15/2017			804,950		884,690
U.S. Treasury Inflation Indexed Note, 3.000%, 7/15/2012			1,012,217		1,090,348

					12,708,073

Wireless – 0.8%
ALLTEL Corp., 7.875%, 7/01/2032			20,000		23,964
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			20,000		19,000
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			5,000		4,875
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			10,000		9,325
Sprint Capital Corp., 6.875%, 11/15/2028			85,000		68,425

					125,589

Wirelines – 2.8%
AT&T Corp., 8.000%, 11/15/2031			80,000		97,260
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		30,000		30,634
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		5,000		5,098
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		15,000		16,646

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Wirelines – continued
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		35,000	$	34,556
BellSouth Telecommunications, Inc., 7.000%, 12/01/2095			70,000		69,822
Embarq Corp., 7.995%, 6/01/2036			165,000		167,301

					421,317


TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $14,212,544)					14,513,275


TOTAL BONDS AND NOTES
(Identified Cost $14,212,544)					14,513,275


		Shares

PREFERRED STOCKS – 0.0%

NON-CONVERTIBLE PREFERRED STOCKS – 0.0%

Thrifts & Mortgage Finance – 0.0%
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(b)(c)			1,160		1,473
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(b)(c)			3,500		4,445


TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $116,500)					5,918


TOTAL PREFERRED STOCKS
(Identified Cost $116,500)					5,918


		Principal Amount (‡)

SHORT-TERM INVESTMENTS – 3.1%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2010 at 0.000% to be repurchased at $470,655 on 4/01/2010 collateralized by $480,000 Federal Home Loan Mortgage Corp., 2.000% due 3/29/2013 valued at $480,600 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $470,655)		$	470,655		470,655


TOTAL INVESTMENTS – 99.7%
(Identified Cost $14,799,699)(a)					14,989,848
Other assets less liabilities—0.3%					43,454


NET ASSETS – 100.0%				$	15,033,302


(‡) Principal amount stated in U.S. dollars unless otherwise noted.
(†) See Note 2 of Notes to Financial Statements.
(††)Amount shown represents units. One unit represents a principal amount of 100.

See accompanying notes to financial statements.


(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 March 31, 2010, the net unrealized appreciation on investments based on a cost of $14,896,370 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	$	333,097
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(239,619	)

Net unrealized appreciation	$	93,478

(b)

Non-income producing security.

(c)

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

144A

Securities exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2010, the total value of this security amounted to $5,098 or 0.0% of net assets.

MTN

Medium Term Note

Key to Abbreviations: CAD: Canadian Dollar; MXN: Mexican Peso

INDUSTRY SUMMARY AT MARCH 31, 2010 (Unaudited)


Treasuries	84.5	%
Wirelines	2.8
Other Investments, less than 2% each	9.3
Short-Term Investments	3.1

Total Investments	99.7
Other assets less liabilities	0.3

Net Assets	100.0	%

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – 89.5% of Net Assets

NON-CONVERTIBLE BONDS – 68.5%

ABS Home Equity – 0.5%
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.396%, 7/25/2036(b)		$	2,762,018	$	1,971,023

Aerospace & Defense – 0.6%
Bombardier, Inc., 7.350%, 12/22/2026	CAD		190,000		183,002
Bombardier, Inc., 7.450%, 5/01/2034, 144A			2,175,000		2,001,000

					2,184,002

Airlines – 1.0%
American Airlines Pass Through Trust, Series 1993-A6, 8.040%, 9/16/2011			15,049		14,296
Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022			350,202		350,202
Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019			311,003		295,453
Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017			163,032		154,066
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			423,201		389,345
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			490,762		459,250
United Air Lines, Inc., 9.875%, 8/01/2013, 144A			1,970,000		2,068,500

					3,731,112

Automotive – 3.2%
Cummins, Inc., 6.750%, 2/15/2027			500,000		477,237
Cummins, Inc., 7.125%, 3/01/2028			350,000		345,962
FCE Bank PLC, EMTN, 4.625%, 10/25/2010	NOK		150,000		24,734
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		150,000		207,156
Ford Motor Co., 6.500%, 8/01/2018			20,000		19,000
Ford Motor Co., 6.625%, 2/15/2028			30,000		25,200
Ford Motor Co., 6.625%, 10/01/2028			1,510,000		1,268,400
Ford Motor Co., 7.125%, 11/15/2025			190,000		161,975
Ford Motor Co., 7.450%, 7/16/2031			1,685,000		1,592,325
Ford Motor Co., 7.500%, 8/01/2026			30,000		26,625
Ford Motor Credit Co. LLC, 7.500%, 8/01/2012			555,000		574,692
Ford Motor Credit Co. LLC, 8.000%, 6/01/2014			2,795,000		2,942,453
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			940,000		990,406
Ford Motor Credit Co. LLC, 8.700%, 10/01/2014			1,250,000		1,355,387
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			2,090,000		1,802,625

					11,814,177

Banking – 1.5%
BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, 144A	IDR		10,477,600,000		1,047,703
JPMorgan Chase & Co., Zero Coupon, 5/17/2010, 144A	BRL		2,200,000		1,206,793
JPMorgan Chase & Co., Zero Coupon, 3/28/2011, 144A	IDR		5,376,000,000		551,395
JPMorgan Chase & Co., EMTN, Zero Coupon, 3/28/2011, 144A	IDR		18,504,768,000		1,897,961
JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, 144A	IDR		9,533,078,500		1,009,933

					5,713,785

See accompanying notes to financial statements.


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Building Materials – 1.7%
Masco Corp., 5.850%, 3/15/2017	$	440,000	$	428,845
Masco Corp., 6.125%, 10/03/2016		750,000		747,875
Masco Corp., 6.500%, 8/15/2032		670,000		575,057
Owens Corning, Inc., 7.000%, 12/01/2036		1,225,000		1,200,238
USG Corp., 6.300%, 11/15/2016		3,250,000		2,908,750
USG Corp., 9.500%, 1/15/2018		620,000		626,975

				6,487,740

Chemicals – 2.3%
Borden, Inc., 7.875%, 2/15/2023		1,824,000		1,295,040
Borden, Inc., 9.200%, 3/15/2021		2,641,000		2,126,005
Hercules, Inc., 6.500%, 6/30/2029		2,558,000		2,046,400
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014		2,920,000		2,978,400

				8,445,845

Commercial Mortgage-Backed Securities – 0.3%
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		555,000		497,340
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 6.006%, 6/15/2049(b)		415,000		397,943
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		205,000		197,487

				1,092,770

Construction Machinery – 2.0%
RSC Equipment Rental, Inc., 9.500%, 12/01/2014		295,000		292,050
Terex Corp., 8.000%, 11/15/2017		1,200,000		1,167,000
United Rentals North America, Inc., 7.000%, 2/15/2014		4,215,000		3,898,875
United Rentals North America, Inc., 7.750%, 11/15/2013		1,085,000		1,041,600
United Rentals North America, Inc., 10.875%, 6/15/2016		965,000		1,049,437

				7,448,962

Consumer Cyclical Services – 0.1%
ServiceMaster Co. (The), 7.100%, 3/01/2018		135,000		114,750
ServiceMaster Co. (The), 7.450%, 8/15/2027		90,000		68,625

				183,375

Consumer Products – 0.2%
Acco Brands Corp., 7.625%, 8/15/2015		945,000		884,756

Electric – 2.8%
AES Corp. (The), 7.750%, 10/15/2015		645,000		656,287
AES Ironwood LLC, 8.857%, 11/30/2025		326,371		319,844
Calpine Corp., 7.250%, 10/15/2017, 144A		365,000		358,613
Dynegy Holdings, Inc., 7.125%, 5/15/2018		100,000		71,000
Dynegy Holdings, Inc., 7.625%, 10/15/2026		490,000		313,600
Dynegy Holdings, Inc., 7.750%, 6/01/2019		1,250,000		943,750
Dynegy Holdings, Inc., 8.375%, 5/01/2016		250,000		207,500
Midwest Generation LLC, Series B, 8.560%, 1/02/2016		346,527		354,774

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Electric – continued
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027	$	1,685,000	$	876,200
NRG Energy, Inc., 7.375%, 2/01/2016		575,000		570,688
NRG Energy, Inc., 8.500%, 6/15/2019		180,000		182,250
Quezon Power Philippines Co., 8.860%, 6/15/2017		748,125		759,347
RRI Energy, Inc., 7.875%, 6/15/2017		1,025,000		919,937
Texas Competitive Electric Holdings Co. LLC, Series A, 10.250%, 11/01/2015		2,090,000		1,452,550
TXU Corp., Series P, 5.550%, 11/15/2014		920,000		671,600
TXU Corp., Series Q, 6.500%, 11/15/2024		1,515,000		787,800
TXU Corp., Series R, 6.550%, 11/15/2034		420,000		216,300
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)		1,000,000		854,170

				10,516,210

Food & Beverage – 0.2%
ARAMARK Corp., 5.000%, 6/01/2012		475,000		467,875
Smithfield Foods, Inc., 7.750%, 7/01/2017		255,000		250,538

				718,413

Government Owned – No Guarantee – 0.1%
DP World Ltd., 6.850%, 7/02/2037, 144A		200,000		171,743

Healthcare – 4.5%
HCA, Inc., 5.750%, 3/15/2014		410,000		386,937
HCA, Inc., 6.250%, 2/15/2013		30,000		29,775
HCA, Inc., 6.300%, 10/01/2012		625,000		624,219
HCA, Inc., 6.375%, 1/15/2015		560,000		532,000
HCA, Inc., 6.500%, 2/15/2016		550,000		521,812
HCA, Inc., 6.750%, 7/15/2013		20,000		20,000
HCA, Inc., 7.050%, 12/01/2027		1,000,000		855,000
HCA, Inc., 7.190%, 11/15/2015		965,000		911,925
HCA, Inc., 7.500%, 12/15/2023		865,000		791,475
HCA, Inc., 7.500%, 11/06/2033		4,200,000		3,654,000
HCA, Inc., 7.690%, 6/15/2025		1,370,000		1,267,250
HCA, Inc., 8.360%, 4/15/2024		375,000		355,313
HCA, Inc., MTN, 7.580%, 9/15/2025		560,000		506,800
HCA, Inc., MTN, 7.750%, 7/15/2036		1,520,000		1,337,600
Tenet Healthcare Corp., 6.875%, 11/15/2031		5,914,000		4,819,910
Tenet Healthcare Corp., 9.250%, 2/01/2015		300,000		314,625

				16,928,641

Home Construction – 1.0%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015		185,000		146,150
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		1,068,000		822,360
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		425,000		341,062
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		272,000		228,480
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		755,000		592,675
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013		10,000		8,650
KB Home, 7.250%, 6/15/2018		1,260,000		1,206,450
Pulte Group, Inc., 6.000%, 2/15/2035		400,000		310,000

				3,655,827

See accompanying notes to financial statements.


		Principal Amount (‡)	Value (†)


BONDS AND NOTES – continued

Independent Energy – 1.9%
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR	250,000	$	327,533
Chesapeake Energy Corp., 6.500%, 8/15/2017		1,110,000		1,073,925
Chesapeake Energy Corp., 6.875%, 11/15/2020		1,415,000		1,376,088
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A		704,000		716,320
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		985,000		972,688
Pioneer Natural Resources Co., 5.875%, 7/15/2016		335,000		329,663
Pioneer Natural Resources Co., 6.875%, 5/01/2018		910,000		909,491
Pioneer Natural Resources Co., 7.200%, 1/15/2028		920,000		870,016
Swift Energy Co., 7.125%, 6/01/2017		415,000		394,250

				6,969,974

Industrial Other – 0.0%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013		65,000		65,569

Life Insurance – 0.6%
MetLife, Inc., 10.750%, 8/01/2069		1,810,000		2,333,003

Local Authorities – 3.3%
Province of Ontario, Canada, 4.200%, 3/08/2018	CAD	12,200,000		12,186,426

Metals & Mining – 2.5%
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A		1,245,000		1,145,400
United States Steel Corp., 6.050%, 6/01/2017		4,740,000		4,562,250
United States Steel Corp., 6.650%, 6/01/2037		2,020,000		1,737,200
United States Steel Corp., 7.000%, 2/01/2018		2,035,000		2,004,475

				9,449,325

Non-Captive Consumer – 2.0%
American General Finance Corp., MTN, 5.750%, 9/15/2016		700,000		599,883
Residential Capital LLC, 9.625%, 5/15/2015		740,000		728,900
SLM Corp., Series A, MTN, 5.000%, 4/15/2015		750,000		682,906
SLM Corp., Series A, MTN, 5.000%, 6/15/2018		115,000		94,888
SLM Corp., Series A, MTN, 6.500%, 6/15/2010(c)	NZD	4,720,000		3,353,498
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		2,020,000		2,042,949

				7,503,024

Non-Captive Diversified – 5.9%
CIT Group, Inc., 7.000%, 5/01/2013		596,573		580,167
CIT Group, Inc., 7.000%, 5/01/2014		894,866		845,648
CIT Group, Inc., 7.000%, 5/01/2015		894,866		834,463
CIT Group, Inc., 7.000%, 5/01/2016		2,021,450		1,864,788
CIT Group, Inc., 7.000%, 5/01/2017		5,013,031		4,624,521
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD	250,000		178,102
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD	3,035,000		2,158,900
GMAC, Inc., 6.625%, 12/17/2010, 144A		23,000		23,144
GMAC, Inc., 6.625%, 5/15/2012		47,000		47,470
GMAC, Inc., 6.750%, 12/01/2014		149,000		148,255
GMAC, Inc., 6.875%, 8/28/2012		94,000		95,293
GMAC, Inc., 7.000%, 2/01/2012		110,000		111,925
GMAC, Inc., 7.500%, 12/31/2013		314,000		319,495
GMAC, Inc., 8.000%, 12/31/2018		585,000		576,225

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Non-Captive Diversified – continued
GMAC, Inc., 8.000%, 11/01/2031	$	208,000	$	198,640
GMAC, Inc., 8.300%, 2/12/2015, 144A		2,955,000		3,102,750
International Lease Finance Corp., 4.750%, 1/13/2012		375,000		366,264
International Lease Finance Corp., 5.000%, 4/15/2010		550,000		550,050
International Lease Finance Corp., 5.000%, 9/15/2012		455,000		437,240
International Lease Finance Corp., 5.125%, 11/01/2010		1,245,000		1,246,473
International Lease Finance Corp., Series Q, MTN, 5.250%, 1/10/2013		320,000		305,085
International Lease Finance Corp., Series R, MTN, 5.625%, 9/15/2010		250,000		251,764
International Lease Finance Corp., Series R, MTN, 6.625%, 11/15/2013		820,000		798,081
iStar Financial, Inc., 5.500%, 6/15/2012		65,000		56,306
iStar Financial, Inc., 5.650%, 9/15/2011		100,000		91,250
iStar Financial, Inc., 5.875%, 3/15/2016		20,000		15,000
iStar Financial, Inc., 6.050%, 4/15/2015		20,000		14,700
iStar Financial, Inc., 8.625%, 6/01/2013		1,770,000		1,513,350
iStar Financial, Inc., Series B, 5.700%, 3/01/2014		70,000		55,650
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		565,000		452,000

				21,862,999

Oil Field Services – 0.2%
Complete Production Services, Inc., 8.000%, 12/15/2016		595,000		589,050
North American Energy Partners, Inc., 8.750%, 12/01/2011		5,000		5,000

				594,050

Packaging – 0.4%
Owens-Illinois, Inc., 7.800%, 5/15/2018		1,555,000		1,605,538

Paper – 4.1%
Georgia-Pacific LLC, 7.250%, 6/01/2028		1,240,000		1,227,600
Georgia-Pacific LLC, 7.750%, 11/15/2029		3,620,000		3,620,000
Georgia-Pacific LLC, 8.000%, 1/15/2024		1,270,000		1,346,200
Georgia-Pacific LLC, 8.875%, 5/15/2031		4,890,000		5,305,650
Jefferson Smurfit Corp., 7.500%, 6/01/2013(d)		515,000		453,200
Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(d)		2,800,000		2,499,000
Stone Container Finance, 7.375%, 7/15/2014(d)		980,000		906,500

				15,358,150

Pharmaceuticals – 0.5%
Valeant Pharmaceuticals International, 8.375%, 6/15/2016, 144A		1,890,000		1,975,050

Pipelines – 1.9%
El Paso Corp., 6.950%, 6/01/2028		1,430,000		1,291,456
El Paso Corp., 7.420%, 2/15/2037		1,055,000		932,377
El Paso Corp., GMTN, 7.750%, 1/15/2032		2,210,000		2,171,568
El Paso Corp., GMTN, 7.800%, 8/01/2031		550,000		540,555

See accompanying notes to financial statements.


		Principal Amount (‡)			Value (†)


BONDS AND NOTES – continued

Pipelines – continued
El Paso Corp., GMTN, 8.050%, 10/15/2030		$	1,105,000		$	1,103,089
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A			1,000,000			948,750

						6,987,795

Property & Casualty Insurance – 0.1%
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A			690,000			469,200

Railroads – 0.1%
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)			314,000			188,400
Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)			30,000			28,170

						216,570

REITs – 0.1%
Highwoods Properties, Inc., 5.850%, 3/15/2017			470,000			449,238

Retailers – 3.5%
Dillard’s, Inc., 6.625%, 1/15/2018			430,000			397,750
Dillard’s, Inc., 7.000%, 12/01/2028			450,000			360,000
Dillard’s, Inc., 7.130%, 8/01/2018			750,000			705,000
Dillard’s, Inc., 7.750%, 7/15/2026			1,570,000			1,334,500
Foot Locker, Inc., 8.500%, 1/15/2022			1,679,000			1,553,075
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			3,653,000			3,360,760
Macy’s Retail Holdings, Inc., 7.000%, 2/15/2028			295,000			272,875
Toys R Us, Inc., 7.375%, 10/15/2018			5,185,000			4,977,600
Toys R Us, Inc., 7.875%, 4/15/2013			197,000			201,925

						13,163,485

Sovereigns – 4.0%
Indonesia Government International Bond, 6.625%, 2/17/2037, 144A			3,132,000			3,202,470
Indonesia Government International Bond, 7.750%, 1/17/2038, 144A			650,000			754,000
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		1,881,000,000			219,083
Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024	IDR		24,214,000,000			2,719,728
Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030	IDR		6,561,000,000			731,998
Indonesia Treasury Bond, Series ZC3, Zero Coupon, 11/20/2012	IDR		4,897,000,000			443,127
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		208,681	(††)		1,687,508
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		95,000	(††)		769,528
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		180,000	(††)		1,566,661
Republic of Brazil, 10.250%, 1/10/2028	BRL		4,170,000			2,368,319
Republic of Iceland, 7.250%, 5/17/2013	ISK		49,000,000			217,304
Republic of Iceland, 8.000%, 7/22/2011	ISK		26,100,000			116,164
Republic of Iceland, 13.750%, 12/10/2010	ISK		17,615,000			80,404

						14,876,294

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


		Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Supermarkets – 1.0%
American Stores Co., 8.000%, 6/01/2026		$	110,000	$	96,525
American Stores Co., Series B, MTN, 7.100%, 3/20/2028			1,865,000		1,501,325
New Albertson’s, Inc., 7.450%, 8/01/2029			1,525,000		1,288,625
New Albertson’s, Inc., 8.000%, 5/01/2031			480,000		412,800
New Albertson’s, Inc., 8.700%, 5/01/2030			180,000		167,400
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			240,000		181,800

					3,648,475

Supranational – 0.3%
European Investment Bank, EMTN, Zero Coupon, 4/24/2013, 144A	IDR		1,639,380,000		147,156
Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013	IDR		8,600,000,000		738,790
International Bank for Reconstruction & Dvelopment, 9.500%, 5/27/2010	ISK		42,500,000		185,858

					1,071,804

Technology – 3.1%
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029			6,580,000		4,638,900
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028			3,055,000		2,146,137
Corning, Inc., 6.850%, 3/01/2029			801,000		833,858
Eastman Kodak Co., 7.250%, 11/15/2013			960,000		914,400
Freescale Semiconductor, Inc., 8.875%, 12/15/2014			60,000		57,300
Freescale Semiconductor, Inc., 10.125%, 12/15/2016			210,000		185,850
Motorola, Inc., 5.220%, 10/01/2097			80,000		54,860
Motorola, Inc., 6.500%, 9/01/2025			190,000		184,505
Motorola, Inc., 6.500%, 11/15/2028			700,000		657,133
Motorola, Inc., 6.625%, 11/15/2037			70,000		65,696
Nortel Networks Capital Corp., 7.875%, 6/15/2026(d)			2,275,000		1,638,000
Nortel Networks Ltd., 6.875%, 9/01/2023(d)			1,000,000		310,000

					11,686,639

Textile – 0.2%
Jones Apparel Group, Inc., 6.125%, 11/15/2034			890,000		725,350

Transportation Services – 1.5%
APL Ltd., 8.000%, 1/15/2024(c)			2,685,000		2,007,038
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016			339,941		290,650
Atlas Air, Inc., Series 1999-1C, 8.770%, 7/02/2012(e)			399,542		311,642
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(e)			40,344		33,284
Atlas Air, Inc., Series B, 7.680%, 7/02/2015			1,870,517		1,767,638
Atlas Air, Inc., Series C, 8.010%, 7/02/2011(e)			289,324		237,245
Teekay Corp., 8.500%, 1/15/2020			740,000		773,300

					5,420,797

Treasuries – 1.0%
Canadian Government, 2.000%, 9/01/2012	CAD		3,935,000		3,871,383

See accompanying notes to financial statements.


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Wireless – 2.0%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015	$	1,995,000	$	1,895,250
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		765,000		745,875
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		805,000		750,662
Sprint Capital Corp., 6.875%, 11/15/2028		1,525,000		1,227,625
Sprint Capital Corp., 6.900%, 5/01/2019		615,000		562,725
Sprint Capital Corp., 8.750%, 3/15/2032		215,000		199,413
True Move Co. Ltd., 10.750%, 12/16/2013, 144A		1,960,000		2,045,750

				7,427,300

Wirelines – 6.3%
Axtel SAB de CV, 9.000%, 9/22/2019, 144A		410,000		418,200
FairPoint Communications, Inc., 13.125%, 4/02/2018(d)		5,334,157		866,801
Frontier Communications Corp., 7.875%, 1/15/2027		3,180,000		2,862,000
Frontier Communications Corp., 9.000%, 8/15/2031		2,330,000		2,271,750
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(d)		50,000		5
Level 3 Financing, Inc., 8.750%, 2/15/2017		590,000		539,850
Level 3 Financing, Inc., 9.250%, 11/01/2014		1,675,000		1,633,125
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,439,000		1,345,465
Qwest Capital Funding, Inc., 6.875%, 7/15/2028		800,000		716,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		1,385,000		1,357,300
Qwest Capital Funding, Inc., 7.750%, 2/15/2031		5,332,000		5,065,400
Qwest Corp., 6.500%, 6/01/2017		210,000		218,662
Qwest Corp., 6.875%, 9/15/2033		1,936,000		1,868,240
Qwest Corp., 7.200%, 11/10/2026		1,500,000		1,443,750
Qwest Corp., 7.250%, 9/15/2025		645,000		651,450
Qwest Corp., 7.250%, 10/15/2035		1,407,000		1,357,755
Qwest Corp., 7.500%, 6/15/2023		985,000		985,000

				23,600,753


TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $226,501,703)				255,466,572


CONVERTIBLE BONDS – 21.0%

Airlines – 0.2%
AMR Corp., 6.250%, 10/15/2014		520,000		601,250
UAL Corp., 4.500%, 6/30/2021		175,000		172,638

				773,888

Automotive – 1.4%
Ford Motor Co., 4.250%, 11/15/2016		3,530,000		5,281,762

Construction Machinery – 0.0%
United Rentals North America, Inc., 1.875%, 10/15/2023		40,000		39,600

Diversified Manufacturing – 0.2%
Trinity Industries, Inc., 3.875%, 6/01/2036		840,000		658,350

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Electric – 0.1%
CMS Energy Corp., 5.500%, 6/15/2029	$	250,000	$	298,438

Healthcare – 3.1%
Affymetrix, Inc., 3.500%, 1/15/2038		1,216,000		1,091,360
Health Management Associates, Inc., 3.750%, 5/01/2028, 144A		3,325,000		3,728,156
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(f)		2,470,000		2,210,650
LifePoint Hospitals, Inc., 3.250%, 8/15/2025		345,000		335,944
LifePoint Hospitals, Inc., 3.500%, 5/15/2014		860,000		857,850
Omnicare, Inc., 3.250%, 12/15/2035		3,833,000		3,243,676

				11,467,636

Independent Energy – 0.8%
Chesapeake Energy Corp., 2.250%, 12/15/2038		3,885,000		2,826,337
Penn Virginia Corp., 4.500%, 11/15/2012		280,000		263,200

				3,089,537

Lodging – 0.6%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		2,514,000		2,407,155

Media Non-Cable – 0.0%
Liberty Media LLC, 3.500%, 1/15/2031		61,466		36,726

Metals & Mining – 1.7%
Steel Dynamics, Inc., 5.125%, 6/15/2014		1,250,000		1,537,500
United States Steel Corp., 4.000%, 5/15/2014		2,280,000		4,790,850

				6,328,350

Oil Field Services – 0.3%
Transocean, Inc., Series B, 1.500%, 12/15/2037		1,120,000		1,093,400

Pharmaceuticals – 4.5%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		2,215,000		4,430,000
Human Genome Sciences, Inc., 2.250%, 8/15/2012		3,325,000		5,980,844
Kendle International, Inc., 3.375%, 7/15/2012		2,715,000		2,565,675
Nektar Therapeutics, 3.250%, 9/28/2012		2,091,000		2,077,931
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		1,165,000		1,622,262

				16,676,712

Technology – 5.8%
Advanced Micro Devices, Inc., 5.750%, 8/15/2012		1,214,000		1,209,447
Advanced Micro Devices, Inc., 6.000%, 5/01/2015		1,960,000		1,879,150
Alcatel-Lucent USA, Inc., Series B, 2.875%, 6/15/2025		1,835,000		1,589,569
Ciena Corp., 0.250%, 5/01/2013		540,000		448,200
Ciena Corp., 0.875%, 6/15/2017		2,920,000		1,971,000
Ciena Corp., 4.000%, 3/15/2015		175,000		181,125
Intel Corp., 3.250%, 8/01/2039, 144A		5,750,000		6,892,812
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		3,020,000		2,785,950
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		490,000		475,300
Maxtor Corp., 5.750%, 3/01/2012(c)		1,150,000		1,115,500
Nortel Networks Corp., 2.125%, 4/15/2014(d)		795,000		598,238
Richardson Electronics Ltd., 7.750%, 12/15/2011		109,000		109,000
Teradyne, Inc., 4.500%, 3/15/2014		1,050,000		2,275,875

				21,531,166

See accompanying notes to financial statements.


	Principal Amount (‡)		Value (†)


BONDS AND NOTES – continued

Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012	$	16,000	$	13,860

Wireless – 0.4%
NII Holdings, Inc., 2.750%, 8/15/2025		255,000		258,825
NII Holdings, Inc., 3.125%, 6/15/2012		1,280,000		1,208,000

				1,466,825

Wirelines – 1.9%
Level 3 Communications, Inc., 3.500%, 6/15/2012		1,955,000		1,801,044
Level 3 Communications, Inc., 5.250%, 12/15/2011		590,000		574,513
Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		2,210,000		2,640,950
Level 3 Communications, Inc., 10.000%, 5/01/2011		805,000		827,137
Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		1,190,000		1,422,050

				7,265,694


TOTAL CONVERTIBLE BONDS
(Identified Cost $57,102,057)				78,429,099


TOTAL BONDS AND NOTES
(Identified Cost $283,603,760)				333,895,671


BANK LOANS – 0.6%

Chemicals – 0.0%
Hexion Specialty Chemicals, Inc., Extended Term Loan C1, 4.063%, 5/05/2015(g)		137,183		129,188
Hexion Specialty Chemicals, Inc., Extended Term Loan C2, 4.063%, 5/05/2015(g)		29,703		27,972

				157,160

Media Non-Cable – 0.0%
Tribune Company, Term Loan X, 5.000%, 6/04/2009(d)(g)(h)		25,600		15,936

Paper – 0.4%
Smurfit-Stone Container Enterprises, Inc., CAD Revolver, 3.057%, 11/01/2009(g)(h)(l)		213,344		211,934
Smurfit-Stone Container Enterprises, Inc., Offering-CL Deposit, 4.500%, 11/01/2010(g)		129,110		128,256
Smurfit-Stone Container Enterprises, Inc., Revolver, 2.841%, 11/02/2009(g)(h)(l)		642,772		638,523
Smurfit-Stone Container Enterprises, Inc., Tranche B Term Loan, 2.500%, 11/01/2011(g)		146,930		145,959
Smurfit-Stone Container Enterprises, Inc., Tranche C Term Loan, 2.500%, 11/01/2011(g)		276,940		275,110
Smurfit-Stone Container Enterprises, Inc., Tranche C1 Term Loan, 2.500%, 11/01/2011(g)		83,731		83,178

				1,482,960

Printing & Publishing – 0.1%
SuperMedia, Inc., Exit Term Loan, 11.000%, 12/31/2015(g)		207,184		194,954

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


	Principal Amount (‡)		Value (†)


BANK LOANS – continued

Wirelines – 0.1%
FairPoint Communications, Inc., Initial Term Loan A, 4.750%, 3/31/2014(d)(g)	$	80,000	$	65,761
FairPoint Communications, Inc., Initial Term Loan B, 5.000%, 3/31/2015(d)(g)		160,000		131,510
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(g)(i)		159,003		112,892
Level 3 Financing, Inc., Tranche A Term Loan, 2.501%, 3/13/2014(g)		70,000		64,991

				375,154


TOTAL BANK LOANS
(Identified Cost $2,166,349)				2,226,164


	Shares

COMMON STOCKS – 3.2%

Biotechnology – 1.8%
Vertex Pharmaceuticals, Inc.(e)		165,617		6,768,767

Containers & Packaging – 0.4%
Owens-Illinois, Inc.(e)		40,621		1,443,670


Electronic Equipment Instruments & Components – 0.4%
Corning, Inc.		69,766		1,409,971

Food Products – 0.0%
ConAgra Foods, Inc.		3,100		77,717

Household Durables – 0.0%
KB Home		6,775		113,481

Media – 0.1%
Dex One Corp.(e)		6,409		178,939

Oil, Gas & Consumable Fuels – 0.0%
Chesapeake Energy Corp.		2,846		67,280

Pharmaceuticals – 0.3%
Bristol-Myers Squibb Co.		43,200		1,153,440

REITs – 0.2%
Apartment Investment & Management Co.		6,185		113,866
Associated Estates Realty Corp.		32,565		449,071
Developers Diversified Realty Corp.		7,868		95,754

				658,691


TOTAL COMMON STOCKS
(Identified Cost $7,154,997)				11,871,956


PREFERRED STOCKS – 1.8%

CONVERTIBLE PREFERRED STOCKS – 1.2%

Automotive – 0.4%
Ford Motor Co. Capital Trust II, 6.500%(e)		32,158		1,492,131

Commercial Banks – 0.0%
Wells Fargo & Co., Series L, Class A, 7.500%		138		134,826

See accompanying notes to financial statements.


	Shares	Value (†)


PREFERRED STOCKS – continued

Diversified Financial Services – 0.1%
Sovereign Capital Trust IV, 4.375%	14,200	$	454,400

Electric Utilities – 0.3%
AES Trust III, 6.750%	17,119		773,565
CMS Energy Trust I, 7.750%(c)(k)	4,150		145,250

			918,815

Hotels, Restaurants & Leisure – 0.0%
Six Flags, Inc., 7.250%(e)	9		4

Machinery – 0.1%
United Rentals Trust, 6.500%	14,328		431,631

Oil, Gas & Consumable Fuels – 0.1%
El Paso Energy Capital Trust I, 4.750%	5,700		213,038

REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%(e)	1,100		19,910

Semiconductors & Semiconductor Equipment – 0.2%
Lucent Technologies Capital Trust, 7.750%	1,150		915,400


TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $4,143,880)			4,580,155


NON-CONVERTIBLE PREFERRED STOCKS – 0.6%

Banking – 0.1%
GMAC, Inc., Series G, 7.000%, 144A	448		341,488

Diversified Financial Services – 0.1%
Bank of America Corp., 6.375%	18,000		374,040

REITs – 0.0%
ProLogis, Series C, 8.540%	3,363		162,466

Thrifts & Mortgage Finance – 0.4%
Countrywide Capital IV, 6.750%	7,075		151,900
Federal Home Loan Mortgage Corp., 5.000%(e)(j)	1,350		2,093
Federal Home Loan Mortgage Corp., 5.570%(e)(j)	31,000		26,350
Federal Home Loan Mortgage Corp., 5.660%(e)(j)	986,100		827,338
Federal Home Loan Mortgage Corp., 5.700%(e)(j)	2,200		3,828
Federal Home Loan Mortgage Corp., 5.790%(e)(j)	7,100		11,502
Federal Home Loan Mortgage Corp., 5.810%(e)(j)	1,600		2,608
Federal Home Loan Mortgage Corp., 5.900%(e)(j)	4,700		4,225
Federal Home Loan Mortgage Corp., 6.000%(e)(j)	1,700		3,145
Federal Home Loan Mortgage Corp., 6.420%(e)(j)	151,250		288,887
Federal Home Loan Mortgage Corp., 6.550%(e)(j)	4,150		4,109
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(e)(j)	28,100		35,687
Federal National Mortgage Association, 4.750%(e)(j)	4,850		6,547
Federal National Mortgage Association, 5.125%(e)(j)	900		1,359
Federal National Mortgage Association, 5.375%(e)(j)	1,850		3,164
Federal National Mortgage Association, 5.810%(e)(j)	1,400		2,380
Federal National Mortgage Association, 6.750%(e)(j)	2,200		2,046
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(e)(j)	73,150		92,900

			1,470,068

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


	Shares		Value (†)


PREFERRED STOCKS – continued

TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $3,238,733)			$	2,348,062


TOTAL PREFERRED STOCKS
(Identified Cost $7,382,613)				6,928,217


CLOSED END INVESTMENT COMPANIES – 0.2%
Dreyfus High Yield Strategies Fund		78,008		338,555
DWS High Income Trust		11,261		102,589
Highland Credit Strategies Fund		31,505		248,889


TOTAL CLOSED END INVESTMENT COMPANIES
(Identified Cost $871,590)				690,033


WARRANTS – 0.1%

Pharmaceuticals – 0.1%
Valeant Pharmaceuticals International, Expiration 8/16/2010(c)(e)(k) (Identified Cost $0)		31,159		352,097


	Principal Amount (‡)

SHORT-TERM INVESTMENTS – 2.8%
Repurchase Agreement with State Street Corporation, dated 3/31/2010 at 0.000% to be repurchased at $6,161 on 4/01/2010 collateralized by $10,000 U.S. Treasury Bill, due 7/08/2010 with a value of $9,996 including accrued interest (Note 2 of Notes to Financial Statements)	$	6,161		6,161
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2010 at 0.000% to be repurchased at $10,345,973 on 4/01/2010 collateralized by $10,540,000 Federal Home Loan Mortgage Corp., 2.000% due 3/29/2013 with a value of $10,553,175 including accrued interest (Note 2 of Notes to Financial Statements)		10,345,973		10,345,973


TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $10,352,134)				10,352,134


TOTAL INVESTMENTS – 98.2%
(Identified Cost $311,531,443)(a)				366,316,272
Other assets less liabilities—1.8%				6,591,781


NET ASSETS – 100.0%			$	372,908,053

(‡)

Principal amount stated in U.S. dollars unless otherwise noted.

(†)

See Note 2 of Notes to Financial Statements.

(††)

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 March 31, 2010, the net unrealized appreciation on investments based on a cost of $311,570,405 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	$	65,353,399
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(10,607,532	)

Net unrealized appreciation	$	54,745,867

See accompanying notes to financial statements.

(b)

Variable rate security. Rate as of March 31, 2010 is disclosed.

(c)

Illiquid security. At March 31, 2010, the value of these securities amounted to $12,107,123 or 3.2% of net assets.

(d)

The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.

(e)

Non-income producing security.

(f)

Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

(g)

Variable rate security. Rate shown represents the weighted average rate at March 31, 2010.

(h)

Issuer has filed for bankruptcy.

(i)

All or a portion of interest payment is paid-in-kind.

(j)

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

(k)

Fair valued security by the Fund’s investment adviser. At March 31, 2010 the value of these securities amounted to $497,347 or 0.1% of net assets.

(l)

The issuer is in default with respect to principal payments.

144A

ABS

Asset-Backed Securities

EMTN

Euro Medium Term Note

GMTN

Global Medium Term Note

MTN

Medium Term Note

REITs

Real Estate Investment Trusts

Key to Abbreviations: BRL: Brazilian Real; CAD: Canadian Dollar; EUR: Euro; IDR: Indonesian Rupiah; ISK: Icelandic Krona; MXN: Mexican Peso; NOK: Norwegian Krone; NZD: New Zealand Dollar

INDUSTRY SUMMARY AT MARCH 31, 2010 (Unaudited)


Technology	8.9	%
Wirelines	8.3
Healthcare	7.6
Non-Captive Diversified	5.9
Pharmaceuticals	5.4
Automotive	5.0
Paper	4.5
Metals & Mining	4.2
Sovereigns	4.0
Retailers	3.5
Local Authorities	3.3
Electric	2.9
Independent Energy	2.7
Wireless	2.4
Chemicals	2.3
Non-Captive Consumer	2.0
Construction Machinery	2.0
Other Investments, less than 2% each	20.5
Short-Term Investments	2.8

Total Investments	98.2
Other assets less liabilities	1.8

Net Assets	100.0	%

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund


	Principal Amount		Value (†)


BONDS AND NOTES – 95.4% of Net Assets

NON-CONVERTIBLE BONDS – 95.4%

ABS Car Loan – 0.4%
Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class A, 4.640%, 5/20/2016, 144A	$	120,000	$	119,988

ABS Credit Card – 3.2%
BA Credit Card Trust, Series 2008-A5, Class A5, 1.430%, 12/16/2013(b)		260,000		262,497
Capital One Multi-Asset Execution Trust, Series 2004-A4, Class A4, 0.450%, 3/15/2017(b)		60,000		59,234
Chase Issuance Trust, Series 2007-A16, Class A16, 0.557%, 6/16/2014(b)		315,000		315,119
Discover Card Master Trust I, Series 2007-3, Class A2, 0.280%, 10/16/2014(b)		150,000		148,481
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 0.490%, 8/16/2021(b)		140,000		133,557
MBNA Credit Card Master Note Trust, Series 2004-B1, Class B1, 4.450%, 8/15/2016		110,000		112,634

				1,031,522

ABS Home Equity – 0.4%
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		109,159		87,983
GSAMP Trust, Series 2005-WMC3, Class A2B, 0.486%, 12/25/2035(b)		55,831		44,009

				131,992

Aerospace & Defense – 1.0%
General Dynamics Corp., 5.250%, 2/01/2014		155,000		170,300
Goodrich Corp., 4.875%, 3/01/2020		155,000		156,113

				326,413

Airlines – 0.5%
Delta Air Lines, Inc., Series A, 7.750%, 12/17/2019		150,000		157,500

Automotive – 0.8%
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		235,000		243,163

Banking – 10.2%
American Express Co., 5.500%, 9/12/2016		85,000		88,772
American Express Co., 6.150%, 8/28/2017		120,000		129,532
Bank of America Corp., 5.650%, 5/01/2018		205,000		207,392
Barclays Bank PLC, 5.000%, 9/22/2016		150,000		154,180
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		325,000		375,599
Citigroup, Inc., 6.010%, 1/15/2015		540,000		567,307
Credit Suisse NY, 6.000%, 2/15/2018		110,000		116,466
Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018		220,000		232,778
Merrill Lynch & Co., Inc., 5.450%, 2/05/2013		350,000		370,303
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		405,000		416,085
Nomura Holdings, Inc., 5.000%, 3/04/2015		60,000		61,333
Royal Bank of Scotland PLC (The), 4.875%, 3/16/2015		150,000		149,963
Wells Fargo & Co., 3.625%, 4/15/2015		405,000		401,839

				3,271,549

Chemicals – 0.2%
RPM International, Inc., 6.125%, 10/15/2019		70,000		72,788

See accompanying notes to financial statements.


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Collateralized Mortgage Obligations – 1.1%
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 5.960%, 7/25/2021(b)	$	181,736	$	132,212
Federal Home Loan Mortgage Corp., 5.000%, 8/15/2024		206,047		211,125

				343,337

Commercial Mortgage-Backed Securities – 9.2%
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		490,000		502,648
Banc of America Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		255,000		242,103
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.908%, 6/11/2040(b)		250,000		246,777
Citigroup Commercial Mortgage Trust, Series 2006-C5, Class A4, 5.431%, 10/15/2049		45,000		45,201
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		265,000		256,521
Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4, 6.010%, 12/10/2049(b)		140,000		139,977
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, 6.085%, 7/10/2038(b)		165,000		168,204
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		50,000		48,603
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB19, Class A4, 5.937%, 2/12/2049(b)		85,000		84,479
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		210,000		202,304
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.594%, 2/12/2039(b)		320,000		330,482
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 6.104%, 6/12/2046(b)		210,000		220,755
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.915%, 8/12/2041(b)		205,000		211,202
Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044		70,000		62,769
Morgan Stanley Capital I, Series 2007-IQ15, Class A4, 6.076%, 6/11/2049(b)		200,000		197,552

				2,959,577

Construction Machinery – 0.6%
Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014		90,000		101,425
John Deere Capital Corp., MTN, 4.500%, 4/03/2013		90,000		96,088

				197,513

Consumer Products – 0.8%
Hasbro, Inc., 6.125%, 5/15/2014		50,000		54,859
Koninklijke (Royal) Philips Electronics NV, 4.625%, 3/11/2013		175,000		187,035

				241,894

Distributors – 0.1%
EQT Corp., 8.125%, 6/01/2019		40,000		47,522

Diversified Manufacturing – 0.2%
Tyco International Finance SA, 4.125%, 10/15/2014		65,000		67,209

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund – continued


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Electric – 4.3%
Carolina Power & Light Co., 6.500%, 7/15/2012	$	5,000	$	5,495
Consolidated Edison Co. of NY, Inc., 7.125%, 12/01/2018		125,000		147,477
Duke Energy Corp., 5.625%, 11/30/2012		150,000		164,272
FPL Group Capital, Inc., 0.650%, 11/09/2012(b)		140,000		139,998
NiSource Finance Corp., 6.125%, 3/01/2022		75,000		78,250
Nisource Finance Corp., 7.875%, 11/15/2010		145,000		150,562
Pacific Gas & Electric Co., 6.250%, 12/01/2013		135,000		152,417
Southern California Edison Co., 5.750%, 3/15/2014		165,000		183,303
Southern Co., 0.649%, 10/21/2011(b)		115,000		115,637
Virginia Electric and Power Co., 5.100%, 11/30/2012		205,000		223,126

				1,360,537

Entertainment – 1.7%
Time Warner, Inc., 5.875%, 11/15/2016		165,000		180,269
Viacom, Inc., 6.875%, 4/30/2036		205,000		217,338
Walt Disney Co., 5.700%, 7/15/2011		145,000		153,704

				551,311

Environmental – 0.1%
Waste Management, Inc., 6.375%, 3/11/2015		40,000		44,762

Food & Beverage – 2.9%
Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037		200,000		213,139
General Mills, Inc., 5.650%, 9/10/2012		225,000		245,271
HJ Heinz Finance Co., 6.000%, 3/15/2012		100,000		108,097
Kellogg Co., 5.125%, 12/03/2012		175,000		189,527
Kraft Foods, Inc., 6.125%, 8/23/2018		145,000		158,015

				914,049

Government Owned – No Guarantee – 1.0%
Federal National Mortgage Association, 5.375%, 6/12/2017		150,000		166,098
Petrobras International Finance Co., 5.750%, 1/20/2020		150,000		153,673

				319,771

Health Insurance – 1.1%
UnitedHealth Group, Inc., 4.875%, 2/15/2013		180,000		192,498
WellPoint, Inc., 5.250%, 1/15/2016		100,000		105,426
WellPoint, Inc., 6.000%, 2/15/2014		35,000		38,476

				336,400

Healthcare – 1.9%
Express Scripts, Inc., 6.250%, 6/15/2014		20,000		22,159
Hospira, Inc., 5.550%, 3/30/2012		250,000		265,869
Life Technologies Corp., 4.400%, 3/01/2015		85,000		85,591
McKesson Corp., 6.500%, 2/15/2014		45,000		50,262
Medco Health Solutions, Inc., 6.125%, 3/15/2013		170,000		186,486

				610,367

Home Construction – 0.1%
Masco Corp., 7.125%, 3/15/2020		30,000		30,305

Hybrid ARMs – 0.6%
FHLMC, 2.798%, 1/01/2035(b)		186,419		191,585

Independent Energy – 1.6%
Devon Energy Corp., 5.625%, 1/15/2014		125,000		136,706
EnCana Corp., 6.500%, 5/15/2019		80,000		89,228

See accompanying notes to financial statements.


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Independent Energy – continued
Talisman Energy, Inc., 5.850%, 2/01/2037	$	15,000	$	14,379
Talisman Energy, Inc., 6.250%, 2/01/2038		55,000		55,966
Talisman Energy, Inc., 7.750%, 6/01/2019		25,000		29,789
XTO Energy, Inc., 4.900%, 2/01/2014		5,000		5,436
XTO Energy, Inc., 5.750%, 12/15/2013		170,000		189,395

				520,899

Integrated Energy – 1.3%
BP Capital Markets PLC, 3.875%, 3/10/2015		190,000		197,330
ConocoPhillips, 5.750%, 2/01/2019		130,000		141,713
Hess Corp., 7.000%, 2/15/2014		35,000		39,954
Marathon Oil Corp., 6.500%, 2/15/2014		35,000		39,241

				418,238

Media Cable – 1.8%
Comcast Corp., 4.950%, 6/15/2016		160,000		166,801
Cox Communications, Inc., 5.450%, 12/15/2014		215,000		232,403
Time Warner Cable, Inc., 6.200%, 7/01/2013		170,000		187,594

				586,798

Media Non-Cable – 1.1%
CBS Corp., 5.750%, 4/15/2020		30,000		30,129
Reed Elsevier Capital, Inc., 7.750%, 1/15/2014		125,000		143,853
Thomson Reuters Corp., 5.950%, 7/15/2013		175,000		193,405

				367,387

Metals & Mining – 1.6%
ArcelorMittal, 9.850%, 6/01/2019		135,000		171,585
United States Steel Corp., 6.050%, 6/01/2017		175,000		168,437
Vale Overseas Ltd., 6.250%, 1/23/2017		165,000		178,891

				518,913

Mortgage Related – 3.3%
FHLMC, 4.500%, 12/01/2019		10,964		11,524
FHLMC, 5.500%, 3/01/2013		5,014		5,396
FHLMC, 6.000%, 11/01/2012		7,793		8,215
FHLMC, 6.500%, 1/01/2024		3,229		3,547
FHLMC, 8.000%, 7/01/2025		349		403
FNMA, 5.500%, with various maturities from 2017 to 2020(c)		912,670		984,383
FNMA, 6.000%, 9/01/2021		5,810		6,282
FNMA, 7.500%, 6/01/2016		1,805		1,982
FNMA, 8.000%, 6/01/2015		2,491		2,728
GNMA, 6.500%, 12/15/2023		8,360		9,007
GNMA, 8.500%, 9/15/2022		1,828		2,110
GNMA, 9.500%, 1/15/2019		6,125		7,058

				1,042,635

Non-Captive Consumer – 0.6%
HSBC Finance Corp., 4.750%, 4/15/2010		205,000		205,197

Non-Captive Diversified – 2.0%
General Electric Capital Corp., MTN, 5.500%, 1/08/2020		475,000		484,626
iStar Financial, Inc., 5.150%, 3/01/2012		170,000		148,750

				633,376

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund – continued


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Oil Field Services – 0.4%
Halliburton Co., 6.150%, 9/15/2019	$	110,000	$	123,294

Pharmaceuticals – 0.5%
Eli Lilly & Co., 4.200%, 3/06/2014		155,000		164,327
Schering-Plough Corp., 5.300%, 12/01/2013		5,000		5,554

				169,881

Pipelines – 1.8%
Energy Transfer Partners LP, 6.000%, 7/01/2013		170,000		183,772
Kinder Morgan Energy Partners LP, 5.000%, 12/15/2013		185,000		198,335
Spectra Energy Capital LLC, 5.668%, 8/15/2014		175,000		188,408

				570,515

Property & Casualty Insurance – 0.1%
Willis North America, Inc., 7.000%, 9/29/2019		15,000		15,708

Railroads – 1.3%
Burlington Northern Santa Fe Corp., 7.000%, 2/01/2014		175,000		200,129
CSX Corp., 6.150%, 5/01/2037		30,000		30,236
Union Pacific Corp., 5.750%, 11/15/2017		160,000		171,478

				401,843

Refining – 0.5%
Valero Energy Corp., 9.375%, 3/15/2019		125,000		148,817

REITs – 2.0%
Colonial Realty LP, 4.800%, 4/01/2011		36,000		35,454
ERP Operating LP, 6.625%, 3/15/2012		165,000		176,907
Federal Realty Investment Trust, 5.400%, 12/01/2013		105,000		110,504
ProLogis, 6.875%, 3/15/2020		135,000		133,344
Simon Property Group LP, 5.300%, 5/30/2013		170,000		179,881

				636,090

Retailers – 0.4%
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012		130,000		136,500

Supermarkets – 0.5%
Kroger Co., 6.200%, 6/15/2012		50,000		54,279
Kroger Co., 6.400%, 8/15/2017		35,000		38,912
Kroger Co., 6.750%, 4/15/2012		65,000		71,018

				164,209

Technology – 4.7%
Agilent Technologies, Inc., 6.500%, 11/01/2017		120,000		129,649
Cisco Systems, Inc., 2.900%, 11/17/2014		280,000		283,504
Corning, Inc., 6.200%, 3/15/2016		45,000		49,135
Equifax, Inc., 7.000%, 7/01/2037		65,000		69,419
IBM International Group Capital, 5.050%, 10/22/2012		230,000		249,720
National Semiconductor Corp., 6.600%, 6/15/2017		175,000		190,003
Oracle Corp., 4.950%, 4/15/2013		170,000		184,683
Pitney Bowes, Inc., 5.250%, 1/15/2037		95,000		98,392
Xerox Corp., 4.250%, 2/15/2015		145,000		146,197
Xerox Corp., 6.400%, 3/15/2016		80,000		87,801

				1,488,503

Tobacco – 1.1%
Altria Group, Inc., 9.700%, 11/10/2018		115,000		141,407
Philip Morris International, Inc., 6.875%, 3/17/2014		185,000		211,847

				353,254

See accompanying notes to financial statements.


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Treasuries – 21.0%
U.S. Treasury Note, 1.125%, 6/30/2011	$	2,750,000	$	2,769,982
U.S. Treasury Note, 2.750%, 2/28/2013		1,165,000		1,205,684
U.S. Treasury Note, 2.750%, 2/15/2019		795,000		737,921
U.S. Treasury Note, 2.875%, 6/30/2010		225,000		226,503
U.S. Treasury Note, 4.250%, 8/15/2014		680,000		737,375
U.S. Treasury Note, 4.875%, 7/31/2011		980,000		1,035,470

				6,712,935

Wireless – 1.5%
America Movil SAB de CV, 3.625%, 3/30/2015, 144A		150,000		150,509
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		5,000		4,662
Sprint Nextel Corp., 6.000%, 12/01/2016		170,000		153,425
Vodafone Group PLC, 5.350%, 2/27/2012		175,000		186,588

				495,184

Wirelines – 3.9%
AT&T, Inc., 5.800%, 2/15/2019		295,000		315,339
Embarq Corp., 7.995%, 6/01/2036		155,000		157,161
Qwest Corp., 6.875%, 9/15/2033		260,000		250,900
Telecom Italia Capital SA, 4.950%, 9/30/2014		185,000		189,779
Telefonica Emisiones SAU, 4.949%, 1/15/2015		125,000		131,994
Verizon Communications, Inc., 6.350%, 4/01/2019		175,000		193,761

				1,238,934


TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $29,003,621)				30,520,164


TOTAL BONDS AND NOTES
(Identified Cost $29,003,621)				30,520,164


SHORT-TERM INVESTMENTS – 4.1%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2010 at 0.000% to be repurchased at $1,315,782 on 4/1/2010 collateralized by $1,345,000 Federal Home Loan Mortgage Corp., 2.125% due 6/18/2013 valued at $1,345,000 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,315,782)		1,315,782		1,315,782


TOTAL INVESTMENTS – 99.5%
(Identified Cost $30,319,403)(a)				31,835,946
Other assets less liabilities—0.5%				172,852


NET ASSETS – 100.0%			$	32,008,798


(†) See Note 2 of Notes to Financial Statements.
(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 March 31, 2010, the net unrealized appreciation on investments based on a cost of $30,379,315 for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost			$	1,634,296
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value				(177,665	)

Net unrealized appreciation			$	1,456,631

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund – continued

(b)

Variable rate security. Rate as of March 31, 2010 is disclosed.

(c)

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

144A

ABS

Asset-Backed Securities

ARMs

Adjustable Rate Mortgages

FHLMC

Federal Home Loan Mortgage Corp.

FNMA

Federal National Mortgage Association

GNMA

Government National Mortgage Association

MTN

Medium Term Note

REITs

Real Estate Investment Trusts

INDUSTRY SUMMARY AT MARCH 31, 2010 (Unaudited)


Treasuries	21.0	%
Banking	10.2
Commercial Mortgage-Backed Securities	9.2
Technology	4.7
Electric	4.3
Wirelines	3.9
Mortgage Related	3.3
ABS Credit Card	3.2
Food & Beverage	2.9
REITs	2.0
Non-Captive Diversified	2.0
Other Investments, less than 2% each	28.7
Short-Term Investments	4.1

Total Investments	99.5
Other assets less liabilities	0.5

Net Assets	100.0	%

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund


		Principal Amount (‡)		Value (†)

BONDS AND NOTES – 94.8% of Net Assets

NON-CONVERTIBLE BONDS – 92.6%

ABS Home Equity – 0.0%
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021		$	362,635	$	92,037

ABS Other – 1.9%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			2,500,000		2,264,090
Sierra Receivables Funding Co., Series 2009-3A, Class A1, 7.620%, 7/20/2026, 144A			1,610,227		1,629,017
SVO VOI Mortgage Corp., Series 2009-BA, Class NT, 5.810%, 12/20/2028, 144A			4,702,322		4,741,236
Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A			988,856		968,845

					9,603,188

Aerospace & Defense – 0.0%
Boeing Capital Corp., 6.500%, 2/15/2012			165,000		180,253

Airlines – 3.7%
American Airlines Pass Through Trust, Series 2009-1A, 10.375%, 7/02/2019			665,385		770,184
Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022			350,202		350,202
Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 4/19/2022			1,095,000		1,075,838
Continental Airlines Pass Through Trust, Series 2009-1, Class A, 9.000%, 7/08/2016			4,898,931		5,290,845
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			2,069,453		1,903,897
Delta Air Lines, Inc., Series A, 7.750%, 12/17/2019			5,360,000		5,628,000
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			3,455,000		3,570,210

					18,589,176

Automotive – 0.7%
Cummins, Inc., 5.650%, 3/01/2098			1,930,000		1,193,147
Ford Motor Co., 6.375%, 2/01/2029			2,665,000		2,165,313
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			300,000		316,087

					3,674,547

Banking – 6.8%
Associates Corp. of North America, 6.950%, 11/01/2018			2,670,000		2,813,769
BAC Capital Trust VI, 5.625%, 3/08/2035			1,045,000		862,832
Bank of America Corp., 5.420%, 3/15/2017			230,000		227,297
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		940,000,000		832,422
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		1,950,000,000		1,730,075
Bear Stearns Co., Inc. (The), 5.550%, 1/22/2017			230,000		238,934
BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, 144A	IDR		7,484,000,000		748,359
Citibank NA, 15.000%, 7/02/2010, 144A	BRL		4,000,000		2,279,551
Citigroup, Inc., 5.850%, 12/11/2034			85,000		77,181
Citigroup, Inc., 5.875%, 2/22/2033			185,000		159,627
Citigroup, Inc., 6.125%, 8/25/2036			2,515,000		2,194,682

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


		Principal Amount (‡)		Value (†)

BONDS AND NOTES – continued

Banking – continued
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		$	2,420,000	$	2,416,960
Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020			870,000		861,953
JPMorgan Chase & Co., Zero Coupon, 5/17/2010, 144A	BRL		8,035,000		4,407,536
JPMorgan Chase & Co., Zero Coupon, 3/28/2011, 144A	IDR		5,376,000,000		551,395
JPMorgan Chase & Co., 4.750%, 5/01/2013			60,000		63,953
JPMorgan Chase & Co., EMTN, Zero Coupon, 3/28/2011, 144A	IDR		8,972,574,000		920,282
JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, 144A	IDR		9,533,078,500		1,009,933
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			2,870,000		2,640,664
Merrill Lynch & Co., Inc., Series C, MTN, 5.000%, 1/15/2015			235,000		240,374
Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034			1,700,000		1,461,645
Morgan Stanley, EMTN, 5.450%, 1/09/2017			260,000		263,616
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017			1,100,000		1,125,013
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017			695,000		714,022
National City Bank of Indiana, 4.250%, 7/01/2018			420,000		395,409
Standard Chartered Bank, 6.400%, 9/26/2017, 144A			300,000		317,617
Standard Chartered PLC, 5.500%, 11/18/2014, 144A			4,500,000		4,838,693
Washington Mutual Finance Corp., 6.875%, 5/15/2011			135,000		141,880

					34,535,674

Brokerage – 0.8%
Jefferies Group, Inc., 8.500%, 7/15/2019			3,450,000		3,827,233

Building Materials – 1.5%
Masco Corp., 4.800%, 6/15/2015			1,175,000		1,133,579
Masco Corp., 5.850%, 3/15/2017			730,000		711,492
Masco Corp., 6.125%, 10/03/2016			1,695,000		1,690,198
Masco Corp., 6.500%, 8/15/2032			200,000		171,659
Masco Corp., 7.750%, 8/01/2029			375,000		358,127
Owens Corning, Inc., 6.500%, 12/01/2016			1,235,000		1,307,019
Owens Corning, Inc., 7.000%, 12/01/2036			2,255,000		2,209,417

					7,581,491

Chemicals – 1.8%
Chevron Phillips Chemical Co. LLC, 8.250%, 6/15/2019, 144A			4,450,000		5,312,486
Methanex Corp., 6.000%, 8/15/2015			980,000		885,524
PPG Industries, Inc., 6.650%, 3/15/2018			2,410,000		2,682,749

					8,880,759

Collateralized Mortgage Obligations – 0.1%
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035			675,000		697,835

See accompanying notes to financial statements.


	Principal Amount (‡)		Value (†)

BONDS AND NOTES – continued

Commercial Mortgage-Backed Securities – 5.2%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.350%, 9/10/2047(b)	$	160,000	$	166,539
Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041		600,000		617,767
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4, 5.537%, 10/12/2041		360,000		367,859
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		600,000		578,093
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.908%, 6/11/2040(b)		407,000		401,754
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		155,000		157,875
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.960%, 6/10/2046(b)		480,000		495,496
Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.912%, 6/15/2039(b)		3,525,000		3,175,298
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.998%, 9/15/2039(b)		2,030,000		1,846,394
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		685,000		613,834
Crown Castle Towers LLC, 6.113%, 1/15/2040		3,125,000		3,268,875
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		1,500,000		1,458,078
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		1,003,000		975,416
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		805,000		812,756
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4, 5.560%, 11/10/2039		350,000		346,495
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP6, Class A4, 5.475%, 4/15/2043		1,180,000		1,211,175
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A4, 6.064%, 4/15/2045(b)		1,100,000		1,135,615
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 6.006%, 6/15/2049(b)		4,055,000		3,888,330
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		1,405,000		1,353,510
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5, 4.739%, 7/15/2030		480,000		489,597
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 6.080%, 6/15/2038(b)		380,000		399,255
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4, 5.372%, 9/15/2039		390,000		396,763
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 6.104%, 6/12/2046(b)		235,000		247,036

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


		Principal Amount (‡)		Value (†)

BONDS AND NOTES – continued

Commercial Mortgage-Backed Securities – continued
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042		$	350,000	$	356,379
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047			425,000		438,819
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041			300,000		302,521
Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.458%, 1/11/2043(b)			800,000		842,688
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048			200,000		198,566

					26,542,783

Consumer Products – 0.3%
Hasbro, Inc., 6.600%, 7/15/2028			605,000		615,233
Snap-on, Inc., 6.700%, 3/01/2019			780,000		827,667

					1,442,900

Distributors – 1.2%
EQT Corp., 8.125%, 6/01/2019			3,000,000		3,564,117
Equitable Resources, Inc., 6.500%, 4/01/2018			2,150,000		2,318,670

					5,882,787

Diversified Manufacturing – 0.9%
Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 8/15/2018			545,000		612,883
Textron, Inc., 3.875%, 3/11/2013	EUR		700,000		932,644
Textron, Inc., 6.200%, 3/15/2015			1,095,000		1,159,786
Textron, Inc., 7.250%, 10/01/2019			860,000		929,135
Textron, Inc., EMTN, 6.625%, 4/07/2020	GBP		540,000		757,991

					4,392,439

Electric – 3.2%
AmerenEnergy Generating Co., Series H, 7.000%, 4/15/2018			2,800,000		2,988,513
Baltimore Gas & Electric Co., 5.200%, 6/15/2033			500,000		440,720
Bruce Mansfield Unit, 6.850%, 6/01/2034(c)			1,537,235		1,559,432
Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017			1,185,000		1,238,153
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036			960,000		920,690
Commonwealth Edison Co., 4.700%, 4/15/2015			555,000		583,872
Commonwealth Edison Co., 4.750%, 12/01/2011(c)			31,000		31,064
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027			1,000,000		1,096,318
Illinois Power Co., 6.250%, 4/01/2018			3,385,000		3,607,340
NiSource Finance Corp., 6.125%, 3/01/2022			2,000,000		2,086,670
NiSource Finance Corp., 6.150%, 3/01/2013			195,000		212,551
NiSource Finance Corp., 6.400%, 3/15/2018			1,255,000		1,345,625

					16,110,948

Entertainment – 0.6%
Time Warner, Inc., 6.625%, 5/15/2029			870,000		917,312
Time Warner, Inc., 7.625%, 4/15/2031			245,000		279,819
Time Warner, Inc., 7.700%, 5/01/2032			160,000		184,668
Viacom, Inc., 6.875%, 4/30/2036			1,325,000		1,404,745

					2,786,544

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)

BONDS AND NOTES – continued

Financial Other – 1.1%
Cantor Fitzgerald LP, 7.875%, 10/15/2019, 144A(c)		$	2,645,000	$	2,650,681
National Life Insurance Co., 10.500%, 9/15/2039, 144A			2,500,000		2,675,978

					5,326,659

Food & Beverage – 1.2%
Anheuser-Busch Cos., Inc., 5.375%, 11/15/2014, 144A			2,955,000		3,200,578
Anheuser-Busch Cos., Inc., 5.950%, 1/15/2033			995,000		988,757
Cia Brasileira de Bebidas, 8.750%, 9/15/2013			1,025,000		1,210,781
Corn Products International, Inc., 6.625%, 4/15/2037			500,000		475,056
Kraft Foods, Inc., 6.250%, 6/01/2012			210,000		229,819

					6,104,991

Government Guaranteed – 0.5%
Instituto de Credito Oficial, MTN, 6.125%, 2/27/2014	AUD		3,000,000		2,680,058

Government Owned – No Guarantee – 1.2%
Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A			2,565,000		2,764,798
DP World Ltd., 6.850%, 7/02/2037, 144A			3,800,000		3,263,110

					6,027,908

Health Insurance – 0.5%
CIGNA Corp., 6.350%, 3/15/2018			2,515,000		2,709,259
CIGNA Corp., 7.875%, 5/15/2027			20,000		22,279
CIGNA Corp., 8.500%, 5/01/2019			45,000		54,551

					2,786,089


Healthcare – 1.2%
Boston Scientific Corp., 6.000%, 1/15/2020			855,000		807,711
Covidien International Finance SA, 6.000%, 10/15/2017			900,000		986,980
Express Scripts, Inc., 6.250%, 6/15/2014			1,115,000		1,235,345
Express Scripts, Inc., 7.250%, 6/15/2019			670,000		775,654
HCA, Inc., 5.750%, 3/15/2014			1,020,000		962,625
HCA, Inc., 6.250%, 2/15/2013			195,000		193,538
HCA, Inc., 6.375%, 1/15/2015			95,000		90,250
HCA, Inc., 6.500%, 2/15/2016			55,000		52,181
HCA, Inc., 6.750%, 7/15/2013			30,000		30,000
HCA, Inc., 7.050%, 12/01/2027			100,000		85,500
HCA, Inc., 7.190%, 11/15/2015			190,000		179,550
HCA, Inc., 7.500%, 12/15/2023			75,000		68,625
HCA, Inc., 7.690%, 6/15/2025			175,000		161,875
HCA, Inc., 8.360%, 4/15/2024			305,000		288,988
HCA, Inc., MTN, 7.580%, 9/15/2025			10,000		9,050
HCA, Inc., MTN, 7.750%, 7/15/2036			305,000		268,400

					6,196,272

Home Construction – 1.7%
Lennar Corp., Series B, 5.600%, 5/31/2015			1,250,000		1,187,500
Lennar Corp., Series B, 6.500%, 4/15/2016			770,000		742,087
Pulte Group, Inc., 5.200%, 2/15/2015			1,116,000		1,069,965

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


		Principal Amount (‡)		Value (†)

BONDS AND NOTES – continued

Home Construction – continued
Pulte Group, Inc., 6.000%, 2/15/2035		$	3,340,000	$	2,588,500
Pulte Group, Inc., 6.375%, 5/15/2033			1,455,000		1,164,000
Toll Brothers Finance Corp., 5.150%, 5/15/2015			1,725,000		1,721,340

					8,473,392

Hybrid ARMs – 0.2%
FNMA, 5.718%, 9/01/2036(b)			261,209		273,800
FNMA, 6.015%, 2/01/2037(b)			270,315		285,244
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.593%, 7/25/2035(b)			363,151		304,139
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 2.940%, 10/25/2035(b)			223,870		202,601

					1,065,784

Independent Energy – 1.3%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			1,260,000		1,372,733
Anadarko Petroleum Corp., 6.450%, 9/15/2036			1,320,000		1,345,265
Questar Market Resources, Inc., 6.050%, 9/01/2016			125,000		133,735
Questar Market Resources, Inc., 6.800%, 4/01/2018			3,365,000		3,683,235
Talisman Energy, Inc., 5.850%, 2/01/2037			15,000		14,379

					6,549,347

Life Insurance – 0.2%
American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018			440,000		408,833
American International Group, Inc., Series MP, GMTN, 5 .450%, 5/18/2017			110,000		101,194
ASIF III Jersey Ltd., Series 2003-G, EMTN, 4.750%, 9/11/2013	EUR		355,000		471,467

					981,494


Local Authorities – 1.2%
Manitoba (Province of), GMTN, 6.375%, 9/01/2015	NZD		4,635,000		3,379,663
Province of Alberta, 5.930%, 9/16/2016	CAD		348,267		381,604
Quebec Province, Series QC, 6.750%, 11/09/2015	NZD		1,185,000		876,602
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		1,735,000		1,613,078

					6,250,947

Lodging – 0.4%
Wyndham Worldwide Corp., 6.000%, 12/01/2016			570,000		564,667
Wyndham Worldwide Corp., 7.375%, 3/01/2020			1,205,000		1,221,288

					1,785,955

Media Cable – 1.5%
Comcast Corp., 5.650%, 6/15/2035			1,355,000		1,254,477
Comcast Corp., 6.450%, 3/15/2037			235,000		239,316
Comcast Corp., 6.500%, 11/15/2035			1,100,000		1,126,703
Comcast Corp., 6.950%, 8/15/2037			1,925,000		2,082,500
Time Warner Cable, Inc., 6.750%, 7/01/2018			2,500,000		2,793,402

					7,496,398

See accompanying notes to financial statements.


		Principal Amount (‡)		Value (†)

BONDS AND NOTES – continued

Media Non-Cable – 0.6%
News America Holdings, 8.150%, 10/17/2036		$	240,000	$	279,555
News America, Inc., 6.200%, 12/15/2034			950,000		947,512
News America, Inc., 6.400%, 12/15/2035			1,805,000		1,843,179

					3,070,246

Metals & Mining – 0.0%
Teck Cominco Ltd., 7.000%, 9/15/2012			100,000		107,625

Mortgage Related – 0.3%
Federal National Mortgage Association, 7.000%, 4/25/2020			34,681		37,892
FHLMC, 5.500%, 8/01/2033			407,495		432,524
FHLMC, 10.000%, with various maturities to 2018(d)			4,800		5,382
FNMA, 5.000%, 6/01/2020			232,692		247,593
FNMA, 5.500%, 7/01/2033			448,522		476,001
FNMA, 6.000%, with various maturities from 2018 to 2033(d)			442,694		480,531
GNMA, 10.000%, with various maturities to 2018(d)			63,662		71,988

					1,751,911

Non-Captive Consumer – 1.5%
American General Finance Corp., Series H, MTN, 5.375%, 10/01/2012			45,000		42,333
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017			2,815,000		2,465,684
HSBC Finance Corp., 8.000%, 7/15/2010			205,000		209,057
SLM Corp., MTN, 5.050%, 11/14/2014			470,000		434,931
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			240,000		218,530
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			995,000		982,709
SLM Corp., Series A, MTN, 6.500%, 6/15/2010(c)	NZD		970,000		689,172
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			2,385,000		2,412,096

					7,454,512

Non-Captive Diversified – 3.1%
CIT Group, Inc., 7.000%, 5/01/2013			112,988		109,881
CIT Group, Inc., 7.000%, 5/01/2014			169,485		160,163
CIT Group, Inc., 7.000%, 5/01/2015			169,485		158,045
CIT Group, Inc., 7.000%, 5/01/2016			282,478		260,586
CIT Group, Inc., 7.000%, 5/01/2017			395,473		364,824
General Electric Capital Australia Funding Pty, EMTN, 8.000%, 2/13/2012	AUD		670,000		636,029
General Electric Capital Corp., 5.625%, 5/01/2018			65,000		67,926
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			300,000		285,225
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD		470,000		334,832
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014	NZD		1,405,000		1,054,398
General Electric Capital Corp., Series A, MTN, 0.551%, 5/13/2024(b)			655,000		553,525
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015			2,230,000		2,343,333
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD		5,650,000		4,019,039

See accompanying notes to financial statements.

100

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


	Principal Amount (‡)		Value (†)

BONDS AND NOTES – continued

Non-Captive Diversified – continued
GMAC, Inc., 6.000%, 12/15/2011	$	763,000	$	764,907
GMAC, Inc., 7.500%, 12/31/2013		41,000		41,718
GMAC, Inc., 8.000%, 12/31/2018		97,000		95,545
International Lease Finance Corp., 6.375%, 3/25/2013		4,355,000		4,255,954
International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		315,000		291,945

				15,797,875

Oil Field Services – 0.3%
Rowan Cos., Inc., 7.875%, 8/01/2019		1,090,000		1,248,398
Weatherford International Ltd., 6.500%, 8/01/2036		235,000		233,507
Weatherford International Ltd., 6.800%, 6/15/2037		105,000		107,758

				1,589,663

Paper – 0.3%
Georgia-Pacific LLC, 7.250%, 6/01/2028		1,500,000		1,485,000
Westvaco Corp., 8.200%, 1/15/2030		200,000		219,854

				1,704,854

Pharmaceuticals – 1.4%
Elan Finance PLC/Elan Finance Corp., 8.875%, 12/01/2013		170,000		175,100
Roche Holdings, Inc., 5.000%, 3/01/2014, 144A		6,500,000		7,020,838

				7,195,938

Pipelines – 3.3%
CenterPoint Energy Resources Corp., 6.250%, 2/01/2037		335,000		325,760
DCP Midstream LP, 6.450%, 11/03/2036, 144A		635,000		629,617
El Paso Corp., 6.950%, 6/01/2028		350,000		316,091
Enterprise Products Operating LLP, 6.300%, 9/15/2017		680,000		746,967
Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		200,000		238,287
Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014		145,000		153,928
Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018		5,300,000		5,684,488
Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014, 144A(c)		3,923,600		4,292,104
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		965,000		1,082,175
Panhandle Eastern Pipeline Co., 8.125%, 6/01/2019		2,000,000		2,329,040
Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		810,000		843,671
Spectra Energy Capital LLC, 5.500%, 3/01/2014		230,000		245,082

				16,887,210

Property & Casualty Insurance – 2.1%
Hanover Insurance Group, Inc., 7.500%, 3/01/2020		1,695,000		1,738,477
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		65,000		67,236

See accompanying notes to financial statements.

101


		Principal Amount (‡)		Value (†)

BONDS AND NOTES – continued

Property & Casualty Insurance – continued
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		$	1,842,000	$	1,950,661
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033			2,465,000		2,171,236
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A			60,000		40,800
Progressive Corp., 7.000%, 10/01/2013			150,000		164,775
Willis North America, Inc., 6.200%, 3/28/2017			225,000		227,946
Willis North America, Inc., 7.000%, 9/29/2019			805,000		842,985
XL Capital Ltd., 6.250%, 5/15/2027			2,015,000		1,899,877
XL Capital Ltd., 6.375%, 11/15/2024			1,595,000		1,518,545

					10,622,538

Railroads – 1.0%
Canadian Pacific Railway Co., 5.950%, 5/15/2037			135,000		130,466
Canadian Pacific Railway Co., 7.250%, 5/15/2019			2,500,000		2,840,103
Canadian Pacific Railway Ltd., MTN, 4.900%, 6/15/2010, 144A	CAD		1,000,000		991,936
CSX Corp., 6.250%, 3/15/2018			670,000		723,966
CSX Corp., MTN, 6.000%, 10/01/2036			144,000		143,054
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)			190,000		114,000

					4,943,525

Refining – 0.8%
Valero Energy Corp., 9.375%, 3/15/2019			3,500,000		4,166,876

REITs – 2.0%
Camden Property Trust, 5.000%, 6/15/2015			365,000		363,594
Camden Property Trust, 5.700%, 5/15/2017			780,000		767,029
Colonial Realty LP, 4.800%, 4/01/2011			531,000		522,950
Duke Realty LP, 5.950%, 2/15/2017			90,000		88,484
Equity One, Inc., 6.000%, 9/15/2017			1,000,000		967,993
ERP Operating LP, 5.125%, 3/15/2016			30,000		30,852
ERP Operating LP, 5.750%, 6/15/2017			180,000		186,042
Federal Realty Investment Trust, 5.650%, 6/01/2016			1,350,000		1,349,082
Highwoods Properties, Inc., 5.850%, 3/15/2017			80,000		76,466
Highwoods Properties, Inc., 7.500%, 4/15/2018			1,075,000		1,090,996
ProLogis, 5.625%, 11/15/2015			55,000		54,529
ProLogis, 5.625%, 11/15/2016			240,000		232,155
ProLogis, 5.750%, 4/01/2016			265,000		259,590
ProLogis, 7.375%, 10/30/2019			785,000		805,820
Realty Income Corp., 6.750%, 8/15/2019			500,000		521,779
Simon Property Group LP, 5.250%, 12/01/2016			155,000		153,603
Simon Property Group LP, 5.300%, 5/30/2013			1,200,000		1,269,744
Simon Property Group LP, 5.750%, 12/01/2015			475,000		502,501
Simon Property Group LP, 5.875%, 3/01/2017			740,000		764,584
Simon Property Group LP, 6.100%, 5/01/2016			360,000		378,987

					10,386,780

See accompanying notes to financial statements.

102

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


		Principal Amount (‡)			Value (†)

BONDS AND NOTES – continued

Restaurants – 0.1%
Darden Restaurants, Inc., 6.000%, 8/15/2035		$	610,000		$	574,445

Retailers – 0.6%
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			230,000			214,187
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			2,803,000			2,578,760

						2,792,947

Sovereigns – 3.2%
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		262,000	(††)		2,118,674
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		140,000	(††)		1,134,041
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		227,000	(††)		1,975,733
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		2,625,000			2,450,868
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		685,000			636,973
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		4,000,000			3,576,266
Republic of Croatia, 6.750%, 11/05/2019, 144A			3,100,000			3,411,361
Republic of Iceland, 7.250%, 5/17/2013	ISK		101,800,000			451,461
Republic of Iceland, 8.000%, 7/22/2011	ISK		54,600,000			243,010
Republic of Iceland, 13.750%, 12/10/2010	ISK		66,380,000			302,993

						16,301,380

Supranational – 1.4%
Inter-American Development Bank, EMTN, Zero Coupon, 9/23/2013	IDR		45,300,000,000			3,776,037
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD		4,375,000			3,121,110

						6,897,147

Technology – 3.1%
Avnet, Inc., 6.000%, 9/01/2015			1,970,000			2,074,534
Avnet, Inc., 6.625%, 9/15/2016			270,000			288,656
Corning, Inc., 6.750%, 9/15/2013			1,250,000			1,387,385
Corning, Inc., 6.850%, 3/01/2029			210,000			218,614
Corning, Inc., 7.000%, 5/15/2024			810,000			867,909
Corning, Inc., 7.250%, 8/15/2036			3,565,000			3,819,580
Dun & Bradstreet Corp. (The), 6.000%, 4/01/2013			1,970,000			2,128,114
International Business Machines Corp., 4.750%, 11/29/2012			795,000			860,072
Intuit, Inc., 5.750%, 3/15/2017			635,000			671,166
KLA-Tencor Corp., 6.900%, 5/01/2018			1,130,000			1,225,795
Motorola, Inc., 5.220%, 10/01/2097			1,000,000			685,751
Motorola, Inc., 6.500%, 9/01/2025			470,000			456,408
Motorola, Inc., 6.500%, 11/15/2028			215,000			201,834
Motorola, Inc., 6.625%, 11/15/2037			120,000			112,621
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A			450,000			492,658
Tyco Electronics Group SA, 6.550%, 10/01/2017			360,000			396,067

						15,887,164

See accompanying notes to financial statements.

103


		Principal Amount (‡)		Value (†)

BONDS AND NOTES – continued

Tobacco – 0.2%
Reynolds American, Inc., 6.750%, 6/15/2017		$	735,000	$	787,247
Reynolds American, Inc., 7.250%, 6/15/2037			195,000		198,472

					985,719

Transportation Services – 2.5%
APL Ltd., 8.000%, 1/15/2024(c)			100,000		74,750
Atlas Air, Inc., Series B, 7.680%, 7/02/2015			2,905,657		2,745,846
Erac USA Finance Co., 6.700%, 6/01/2034, 144A			945,000		913,843
Erac USA Finance Co., 7.000%, 10/15/2037, 144A			8,661,000		8,928,997

					12,663,436

Treasuries – 18.8%
Canadian Government, 1.000%, 9/01/2011	CAD		5,950,000		5,829,319
Canadian Government, 1.250%, 12/01/2011	CAD		135,000		132,242
Canadian Government, 2.000%, 9/01/2012	CAD		4,407,000		4,335,752
Canadian Government, 2.750%, 12/01/2010	CAD		5,410,000		5,400,146
Canadian Government, 3.500%, 6/01/2013	CAD		804,000		818,542
Canadian Government, 3.750%, 9/01/2011	CAD		2,000,000		2,034,638
Canadian Government, 3.750%, 6/01/2012	CAD		9,485,000		9,705,864
Canadian Government, 3.750%, 6/01/2019	CAD		31,580,000		31,508,796
Canadian Government, 4.000%, 6/01/2016	CAD		1,000,000		1,033,200
Canadian Government, 5.250%, 6/01/2012	CAD		16,420,000		17,315,004
New Zealand Government, 6.500%, 4/15/2013	NZD		2,390,000		1,789,753
Norwegian Government, 4.250%, 5/19/2017	NOK		23,620,000		4,161,833
Norwegian Government, 6.500%, 5/15/2013	NOK		50,000,000		9,350,400
U.S. Treasury Note, 3.125%, 5/15/2019			2,000,000		1,904,844
U.S. Treasury Note, 4.250%, 11/15/2013			330,000		357,457

					95,677,790

Wireless – 0.4%
ALLTEL Corp., 7.875%, 7/01/2032			705,000		844,719
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			60,000		57,000
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			165,000		160,875
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			510,000		475,575
Sprint Capital Corp., 6.875%, 11/15/2028			234,000		188,370
Sprint Nextel Corp., 6.000%, 12/01/2016			366,000		330,315

					2,056,854

Wirelines – 4.7%
AT&T Corp., 6.500%, 3/15/2029			1,310,000		1,331,842
AT&T, Inc., 6.150%, 9/15/2034			1,785,000		1,763,360
AT&T, Inc., 6.500%, 9/01/2037			120,000		124,433
BellSouth Corp., 6.000%, 11/15/2034			530,000		511,680
BellSouth Telecommunications, Inc., 5.850%, 11/15/2045			2,000,000		1,742,206
Deutsche Telekom International Finance BV, 6.000%, 7/08/2019			8,170,000		8,754,335
GTE Corp., 6.940%, 4/15/2028			205,000		215,228
New England Telephone & Telegraph, 7.875%, 11/15/2029			2,170,000		2,378,721

See accompanying notes to financial statements.

104

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


	Principal Amount (‡)		Value (†)

BONDS AND NOTES – continued

Wirelines – continued
Qwest Capital Funding, Inc., 6.500%, 11/15/2018	$	500,000	$	467,500
Telecom Italia Capital SA, 6.000%, 9/30/2034		1,880,000		1,667,823
Verizon Communications, Inc., 5.850%, 9/15/2035		1,600,000		1,557,229
Verizon Maryland, Inc., 5.125%, 6/15/2033		290,000		236,088
Verizon New England, Inc., Series C, 4.750%, 10/01/2013		1,000,000		1,056,527
Verizon New York, Inc., Series B, 7.375%, 4/01/2032		915,000		983,647
Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		695,000		622,021
Verizon Virginia, Inc., Series A, 4.625%, 3/15/2013		505,000		529,691

				23,942,331


TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $422,501,896)				470,004,654


CONVERTIBLE BONDS – 1.5%

Automotive – 0.3%
Ford Motor Co., 4.250%, 11/15/2016		1,035,000		1,548,619

Oil Field Services – 0.1%
Transocean, Inc., Series C, 1.500%, 12/15/2037		240,000		229,800

REITs – 0.0%
ERP Operating LP, 3.850%, 8/15/2026		180,000		180,900

Technology – 1.1%
Intel Corp., 2.950%, 12/15/2035		90,000		88,312
Intel Corp., 3.250%, 8/01/2039, 144A		4,700,000		5,634,125
Maxtor Corp., 5.750%, 3/01/2012(c)		42,000		40,740
Richardson Electronics Ltd., 7.750%, 12/15/2011		36,000		36,000

				5,799,177


TOTAL CONVERTIBLE BONDS
(Identified Cost $6,268,062)				7,758,496


MUNICIPALS – 0.7%

Michigan – 0.2%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(c)		1,065,000		855,365

Ohio – 0.1%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(c)		750,000		544,253

Virginia – 0.4%
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)		2,815,000		2,049,939


TOTAL MUNICIPALS
(Identified Cost $4,598,825)				3,449,557


TOTAL BONDS AND NOTES
(Identified Cost $433,368,783)				481,212,707

See accompanying notes to financial statements.

105


	Shares	Value (†)


PREFERRED STOCKS – 1.3%

NON-CONVERTIBLE PREFERRED STOCKS – 0.9%

Banking – 0.0%
GMAC, Inc., Series G, 7.000%, 144A	161	$	122,722

Diversified Financial Services – 0.2%
Bank of America Corp., Series L, 7.250%	940		918,850

Electric Utilities – 0.1%
Connecticut Light & Power Co., 2.200%	263		9,895
MDU Resources Group, Inc., 5.100%	202		20,055
San Diego Gas & Electric Co., 4.500%	100		1,700
Union Electric Co., 4.500%	3,160		246,480

			278,130

Software – 0.6%
Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(g)	3,000		3,017,813

Thrifts & Mortgage Finance – 0.0%
Federal Home Loan Mortgage Corp., 5.000%(e)(f)	1,850		2,868
Federal Home Loan Mortgage Corp., 5.570%(e)(f)	28,450		24,182
Federal Home Loan Mortgage Corp., 5.660%(e)(f)	8,500		7,131
Federal Home Loan Mortgage Corp., 5.700%(e)(f)	2,900		5,046
Federal Home Loan Mortgage Corp., 5.790%(e)(f)	5,400		8,748
Federal Home Loan Mortgage Corp., 5.810%(e)(f)	1,900		3,097
Federal Home Loan Mortgage Corp., 5.900%(e)(f)	4,200		3,776
Federal Home Loan Mortgage Corp., 6.000%(e)(f)	2,400		4,440
Federal Home Loan Mortgage Corp., 6.420%(e)(f)	1,700		3,247
Federal Home Loan Mortgage Corp., 6.550%(e)(f)	11,075		10,964
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(e)(f)	39,400		50,038
Federal National Mortgage Association, 4.750%(e)(f)	3,650		4,928
Federal National Mortgage Association, 5.125%(e)(f)	1,300		1,963
Federal National Mortgage Association, 5.375%(e)(f)	2,600		4,446
Federal National Mortgage Association, 5.810%(e)(f)	1,050		1,785
Federal National Mortgage Association, 6.750%(e)(f)	1,650		1,535
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(e)(f)	53,575		68,040

			206,234


TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $6,525,832)			4,543,749


CONVERTIBLE PREFERRED STOCKS – 0.4%

Capital Markets – 0.3%
Newell Financial Trust I, 5.250%	33,050		1,330,262

Diversified Financial Services – 0.1%
Sovereign Capital Trust IV, 4.375%	25,000		800,000


TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $1,794,828)			2,130,262


TOTAL PREFERRED STOCKS
(Identified Cost $8,320,660)			6,674,011

See accompanying notes to financial statements.

106

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


	Shares		Value (†)


COMMON STOCKS – 0.1%

Biotechnology – 0.1%
Vertex Pharmaceuticals, Inc.(f)
(Identified Cost $ $302,522)		13,708	$	560,246


	Principal Amount (‡)

SHORT-TERM INVESTMENTS – 2.4%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2010 at 0.000% to be repurchased at $12,073,542 on 4/01/2010 collateralized by $12,320,000 Federal Home Loan Mortgage Corp., 2.125% due 6/18/2013 valued at $12,320,000 including accrued interest (Identified Cost $12,073,542) (Note 2 of Notes to Financial Statements)	$	12,073,542		12,073,542


TOTAL INVESTMENTS – 98.6%
(Identified Cost $454,065,507)(a)				500,520,506
Other assets less liabilities—1.4%				7,241,357


TOTAL NET ASSETS – 100.0%			$	507,761,863

(‡)

Principal amount stated in U.S. dollars unless otherwise noted.

(†)

See Note 2 of Notes to Financial Statements.

(††)

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 March 31, 2010, the net unrealized appreciation on investments based on a cost of $455,404,712 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	$	51,839,550
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(6,723,756	)

Net unrealized appreciation	$	45,115,794

(b)

Variable rate security. Rate as of March 31, 2010 is disclosed.

(c)

Illiquid security. At March 31, 2010, the value of these securities amounted to $12,901,500 or 2.5% of net assets.

(d)

(e)

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

(f)

Non-income producing security.

(g)

Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

144A

ABS

Asset-Backed Securities

ARMs

Adjustable Rate Mortgages

EMTN

Euro Medium Term Note

FHLMC

Federal Home Loan Mortgage Corp.

FNMA

Federal National Mortgage Association

GMTN

Global Medium Term Note

GNMA

Government National Mortgage Association

MTN

Medium Term Note

REITs

Real Estate Investment Trusts

See accompanying notes to financial statements.

107

INDUSTRY SUMMARY AT MARCH 31, 2010 (Unaudited)


Treasuries	18.8	%
Banking	6.8
Commercial Mortgage-Backed Securities	5.2
Wirelines	4.7
Technology	4.2
Airlines	3.7
Pipelines	3.3
Sovereigns	3.2
Electric	3.2
Non-Captive Diversified	3.1
Transportation Services	2.5
Property & Casualty Insurance	2.1
REITs	2.0
Other Investments, less than 2% each	33.4
Short-Term Investments	2.4

Total Investments	98.6
Other assets less liabilities	1.4

Net Assets	100.0	%

CURRENCY EXPOSURE AT MARCH 31, 2010 AS A PERCENTAGE OF NET ASSETS (Unaudited)


United States Dollar	70.1	%
Canadian Dollar	15.7
New Zealand Dollar	3.0
Norwegian Krone	2.7
Australian Dollar	2.3
Other, less than 2% each	4.8

Total Investments	98.6
Other assets less liabilities	1.4

Net Assets	100.0	%

See accompanying notes to financial statements.

108

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2010 (Unaudited)


	Bond Fund			Fixed Income Fund

Assets
Investments at cost	$	18,209,674,676		$	718,391,708
Net unrealized appreciation		812,816,554			61,641,554

Investments at value		19,022,491,230			780,033,262
Cash		927,569			47,400
Collateral received on open forward foreign currency contracts (Note 2)		—			—
Foreign currency at value (identified cost $14,615,474, $358,781, $36,764,830, $0, $225,228, $0 and $173,179)		13,840,659			312,237
Receivable for Fund shares sold		45,676,001			42,051
Receivable for securities sold		21,268,167			742,944
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			—
Dividends and interest receivable		287,150,507			11,055,655
Tax reclaims receivable		346,490			14,594
Receivable from investment adviser (Note 6)		—			—

Total Assets		19,391,700,623			792,248,143


Liabilities
Payable for securities purchased		11,763,332			170,103
Payable for Fund shares redeemed		42,346,939			2,961,042
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			—
Due to broker (Note 2)		—			—
Management fees payable (Note 6)		8,756,586			335,957
Administrative fees payable (Note 6)		791,492			32,572
Deferred Trustees’ fees (Note 6)		625,991			80,515
Foreign taxes payable (Note 2)		150,197			7,043
Other accounts payable and accrued expenses		807,700			22,846

Total Liabilities		65,242,237			3,610,078

Net Assets	$	19,326,458,386		$	788,638,065

Net Assets consist of:
Paid-in capital	$	19,221,253,596		$	730,562,924
Undistributed net investment income/(Distributions in excess of net investment income)		(20,691,032	)		11,068,431
Accumulated net realized gain (loss) on investments, futures contracts, swap agreements and foreign currency transactions		(685,706,751	)		(14,552,646	)
Net unrealized appreciation on investments and foreign currency translations		811,602,573			61,559,356

Net Assets	$	19,326,458,386		$	788,638,065


Computation of Net Asset Value and Offering Price:
Institutional Class:
Net assets	$	10,994,927,778		$	788,638,065

Shares of beneficial interest		796,686,934			59,303,275

Net asset value, offering and redemption price per share	$	13.80		$	13.30

Retail Class:
Net assets	$	8,082,342,388		$	—

Shares of beneficial interest		587,709,711			—

Net asset value, offering and redemption price per share	$	13.75		$	—

Admin Class:
Net assets	$	249,188,220		$	—

Shares of beneficial interest		18,161,848			—

Net asset value, offering and redemption price per share	$	13.72		$	—

See accompanying notes to financial statements.

109


Global Bond Fund			Inflation Protected Securities Fund			Institutional High Income Fund		Intermediate Duration Fixed Income Fund			Investment Grade Fixed Income Fund


$	2,020,429,232		$	14,799,699		$	311,531,443	$	30,319,403		$	454,065,507
	22,586,528			190,149			54,784,829		1,516,543			46,454,999
	2,043,015,760			14,989,848			366,316,272		31,835,946			500,520,506
	88,916			—			42,336		—			48,060
	704,861			—			—		—			—

	37,307,501			—			221,283		—			159,684
	5,111,235			2,416			—		—			—
	50,824,882			—			1,360,650		—			133,808
	1,240,443			—			—		—			—
	29,135,124			107,994			5,245,331		267,680			7,210,400
	2,438			—			2,319		276			22,589
	—			5,725			—		84			—
	2,167,431,160			15,105,983			373,188,191		32,103,986			508,095,047


	42,000,328			—			—		29,963			57,865
	1,917,173			6,305			5,872		—			—
	798,127			—			—		—			—
	704,861			—			—		—			—
	1,077,028			—			192,076		—			173,387
	86,858			595			15,518		1,306			21,013
	140,151			39,909			52,012		42,222			58,255
	25			—			1,587		—			2,763
	58,385			25,872			13,073		21,697			19,901
	46,782,936			72,681			280,138		95,188			333,184
$	2,120,648,224		$	15,033,302		$	372,908,053	$	32,008,798		$	507,761,863

$	2,171,235,331		$	15,609,412		$	299,075,158	$	31,670,378		$	454,156,037

	(9,254,546	)		(67,588	)		6,093,060		5,887			(552,915	)

	(64,483,930	)		(698,766	)		12,970,180		(1,184,010	)		7,709,032
	23,151,369			190,244			54,769,655		1,516,543			46,449,709
$	2,120,648,224		$	15,033,302		$	372,908,053	$	32,008,798		$	507,761,863



$	1,134,458,419		$	15,033,302		$	372,908,053	$	32,008,798		$	507,761,863
	70,943,397			1,422,980			48,029,986		3,147,227			39,592,816
$	15.99		$	10.56		$	7.76	$	10.17		$	12.82

$	986,189,805		$	—		$	—	$	—		$	—
	62,209,107			—			—		—			—
$	15.85		$	—		$	—	$	—		$	—

$	—		$	—		$	—	$	—		$	—
	—			—			—		—			—
$	—		$	—		$	—	$	—		$	—

See accompanying notes to financial statements.

110

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2010 (Unaudited)


	Bond Fund			Fixed Income Fund

Investment Income
Interest	$	599,736,016		$	24,312,787
Dividends		12,265,808			615,374
Less net foreign taxes withheld		—			—

		612,001,824			24,928,161


Expenses
Management fees (Note 6)		48,369,372			1,945,866
Service and distribution fees (Note 6)		10,372,931			—
Trustees’ fees and expenses (Note 6)		156,559			12,651
Administrative fees (Note 6)		4,555,417			188,325
Custodian fees and expenses		514,925			33,401
Transfer agent fees and expenses (Notes 6 and 7)		6,191,829			1,429
Audit and tax services fees		27,646			22,080
Legal fees		191,474			8,025
Shareholder reporting expenses		852,267			1,817
Registration fees		266,440			14,935
Fee/expense recovery (Note 6)		373,663			—
Miscellaneous expenses		291,836			14,050

Total expenses		72,164,359			2,242,579
Less fee reduction and/or expense reimbursement (Note 6)		—			—

Net expenses		72,164,359			2,242,579

Net investment income		539,837,465			22,685,582


Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Agreements and Foreign Currency Transactions
Net Realized Gain (Loss) on:
Investments		177,882,960			7,402,154
Futures contracts		—			—
Swap agreements		—			—
Foreign currency transactions		1,939,347			102,504

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		987,664,144			34,822,640
Futures contracts		—			—
Swap agreements		—			—
Foreign currency translations		(4,803,184	)		(199,586	)

Net realized and unrealized gain (loss) on investments, futures contracts, swap agreements and foreign currency transactions		1,162,683,267			42,127,712


Net Increase in Net Assets Resulting from Operations	$	1,702,520,732		$	64,813,294

See accompanying notes to financial statements.

111


Global Bond Fund			Inflation Protected Securities Fund			Institutional High Income Fund			Intermediate Duration Fixed Income Fund			Investment Grade Fixed Income Fund


$	43,104,073		$	235,561		$	15,957,294		$	658,522		$	15,076,012
	—			—			735,616			—			167,241
	(54,897	)		—			(48,733	)		(7	)		—
	43,049,176			235,561			16,644,177			658,515			15,243,253


	5,657,723			17,697			1,268,082			37,975			1,036,179
	1,221,380			—			—			—			—
	22,759			6,176			9,742			6,324			10,480
	500,075			3,426			102,272			7,351			125,359
	95,174			8,893			42,570			9,920			23,077
	625,691			3,653			3,844			657			1,036
	26,154			19,839			21,158			19,738			20,510
	20,902			144			4,662			298			5,507
	92,893			522			3,153			653			1,317
	67,210			14,927			19,421			12,562			14,452
	98,062			—			—			—			—
	33,257			2,241			8,700			2,461			9,950
	8,461,280			77,518			1,483,604			97,939			1,247,867
	—			(49,203	)		—			(37,179	)		—
	8,461,280			28,315			1,483,604			60,760			1,247,867
	34,587,896			207,246			15,160,573			597,755			13,995,386



	36,324,186			67,836			23,490,487			117,210			9,789,515
	—			—			—			32,937			—
	(790,118	)		—			—			—			—
	4,847,535			1,328			(5,014	)		—			65,249


	(41,801,974	)		79,626			11,634,742			587,107			7,736,469
	—			—			—			(21,914	)		—
	197,561			—			—			—			—
	(2,137,960	)		(1,106	)		(25,439	)		—			(75,319	)

	(3,360,770	)		147,684			35,094,776			715,340			17,515,914

$	31,227,126		$	354,930		$	50,255,349		$	1,313,095		$	31,511,300

See accompanying notes to financial statements.

112

STATEMENTS OF CHANGES IN NET ASSETS

Bond Fund


	Six Months Ended March 31, 2010 (Unaudited)			Year Ended September 30, 2009
From Operations:
Net investment income	$	539,837,465		$	1,080,512,433
Net realized gain (loss) on investments and foreign currency transactions		179,822,307			(1,010,333,974	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		982,860,960			2,913,600,501

Net increase in net assets resulting from operations		1,702,520,732			2,983,778,960

From Distributions to Shareholders:
Net Investment Income
Institutional Class		(323,072,649	)		(619,050,919	)
Retail Class		(224,648,447	)		(461,177,153	)
Admin Class		(6,450,080	)		(13,908,985	)
Net Realized Capital Gains
Institutional Class		—			(64,404,701	)
Retail Class		—			(54,894,455	)
Admin Class		—			(1,827,140	)

Total distributions		(554,171,176	)		(1,215,263,353	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions (Note 11)		(550,332,488	)		2,269,216,544

Net increase in net assets		598,017,068			4,037,732,151
Net Assets
Beginning of the period		18,728,441,318			14,690,709,167

End of the period	$	19,326,458,386		$	18,728,441,318

Distributions in Excess of Net Investment Income	$	(20,691,032	)	$	(6,357,321	)

Fixed Income Fund


	Six Months Ended March 31, 2010 (Unaudited)			Year Ended September 30, 2009
From Operations:
Net investment income	$	22,685,582		$	45,139,932
Net realized gain (loss) on investments and foreign currency transactions		7,504,658			(23,048,485	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		34,623,054			107,846,442

Net increase in net assets resulting from operations		64,813,294			129,937,889

From Distributions to Shareholders:
Net Investment Income
Institutional Class		(42,551,309	)		(44,598,886	)
Net Realized Capital Gains
Institutional Class		—			(12,700,279	)

Total distributions		(42,551,309	)		(57,299,165	)

Net Increase in Net Assets from Capital Share Transactions (Note 11)		4,420,652			64,830,887

Net increase in net assets		26,682,637			137,469,611
Net Assets
Beginning of the period		761,955,428			624,485,817

End of the period	$	788,638,065		$	761,955,428

Undistributed Net Investment Income	$	11,068,431		$	30,934,158

See accompanying notes to financial statements.

113

Global Bond Fund


	Six Months Ended March 31, 2010 (Unaudited)			Year Ended September 30, 2009
From Operations:
Net investment income	$	34,587,896		$	77,247,236
Net realized gain (loss) on investments, swap agreements and foreign currency transactions		40,381,603			(92,453,436	)
Net change in unrealized appreciation (depreciation) on investments, swap agreements and foreign currency translations		(43,742,373	)		268,906,689

Net increase in net assets resulting from operations		31,227,126			253,700,489

From Distributions to Shareholders:
Net Investment Income
Institutional Class		(25,104,924	)		(55,958,395	)
Retail Class		(21,094,296	)		(50,692,695	)
Net Realized Capital Gains
Institutional Class		—			—
Retail Class		—			—

Total distributions		(46,199,220	)		(106,651,090	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions (Note 11)		184,413,871			(426,483,756	)

Net increase (decrease) in net assets		169,441,777			(279,434,357	)
Net Assets
Beginning of the period		1,951,206,447			2,230,640,804

End of the period	$	2,120,648,224		$	1,951,206,447

Undistributed Net Investment Income/(Distributions in Excess of Net Investment Income)	$	(9,254,546	)	$	2,356,778

Inflation Protected Securities Fund


	Six Months Ended March 31, 2010 (Unaudited)			Year Ended September 30, 2009
From Operations:
Net investment income	$	207,246		$	118,144
Net realized gain (loss) on investments and foreign currency transactions		69,164			(514,279	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		78,520			1,234,805

Net increase in net assets resulting from operations		354,930			838,670

From Distributions to Shareholders:
Net Investment Income
Institutional Class		(238,407	)		(145,315	)
Net Realized Capital Gains
Institutional Class		—			—

Total distributions		(238,407	)		(145,315	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions (Note 11)		940,790			(2,750,472	)

Net increase (decrease) in net assets		1,057,313			(2,057,117	)
Net Assets
Beginning of the period		13,975,989			16,033,106

End of the period	$	15,033,302		$	13,975,989

Distributions in Excess of Net Investment Income	$	(67,588	)	$	(36,427	)

See accompanying notes to financial statements.

114

STATEMENTS OF CHANGES IN NET ASSETS – continued

Institutional High Income Fund


	Six Months Ended March 31, 2010 (Unaudited)			Year Ended September 30, 2009
From Operations:
Net investment income	$	15,160,573		$	27,703,156
Net realized gain (loss) on investments and foreign currency transactions		23,485,473			(10,766,213	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		11,609,303			78,711,449

Net increase in net assets resulting from operations		50,255,349			95,648,392

From Distributions to Shareholders:
Net Investment Income
Institutional Class		(30,543,921	)		(17,646,157	)
Net Realized Capital Gains
Institutional Class		(11,736	)		(3,337,874	)

Total distributions		(30,555,657	)		(20,984,031	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions (Note 11)		(105,307,638	)		169,650,687

Net increase (decrease) in net assets		(85,607,946	)		244,315,048
Net Assets
Beginning of the period		458,515,999			214,200,951

End of the period	$	372,908,053		$	458,515,999

Undistributed Net Investment Income	$	6,093,060		$	21,476,408

Intermediate Duration Fixed Income Fund


	Six Months Ended March 31, 2010 (Unaudited)			Year Ended September 30, 2009
From Operations:
Net investment income	$	597,755		$	1,406,865
Net realized gain (loss) on investments and futures contracts		150,147			(271,669	)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		565,193			2,844,302

Net increase in net assets resulting from operations		1,313,095			3,979,498

From Distributions to Shareholders:
Net Investment Income
Institutional Class		(654,312	)		(1,361,910	)
Net Realized Capital gains
Institutional Class		—			—

Total distributions		(654,312	)		(1,361,910	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions (Note 11)		3,322,686			(7,338,103	)

Net increase (decrease) in net assets		3,981,469			(4,720,515	)
Net Assets
Beginning of the period		28,027,329			32,747,844

End of the period	$	32,008,798		$	28,027,329

Undistributed Net Investment Income	$	5,887		$	62,444

See accompanying notes to financial statements.

115

Investment Grade Fixed Income Fund


	Six Months Ended March 31, 2010 (Unaudited)			Year Ended September 30, 2009
From Operations:
Net investment income	$	13,995,386		$	22,961,017
Net realized gain (loss) on investments and foreign currency transactions		9,854,764			(3,520,541	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		7,661,150			69,572,140

Net increase in net assets resulting from operations		31,511,300			89,012,616

From Distributions to Shareholders:
Net Investment Income
Institutional Class		(14,360,842	)		(25,648,228	)
Net Realized Capital Gains
Institutional Class		—			(3,479,011	)

Total distributions		(14,360,842	)		(29,127,239	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions (Note 11)		(34,892,560	)		187,755,770

Net increase (decrease) in net assets		(17,742,102	)		247,641,147
Net Assets
Beginning of the period		525,503,965			277,862,818

End of the period	$	507,761,863		$	525,503,965

Distributions in Excess of Net Investment Income	$	(552,915	)	$	(187,459	)

See accompanying notes to financial statements.

116

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.


		Income (Loss) from Investment Operations:					Less Distributions:
	Net asset value, beginning of the period	Net investment income^(a)	Net realized and unrealized gain (loss)		Total from investment operations		Dividends from net investment income		Distributions from net realized capital gains		Total distributions
Bond Fund

Institutional Class
3/31/2010^(g)	12.99	0.39	0.82		1.21		(0.40	)	—		(0.40	)
9/30/2009	11.89	0.85	1.23		2.08		(0.87	)	(0.11	)	(0.98	)
9/30/2008	14.71	0.96	(2.77	)	(1.81	)	(1.01	)	—		(1.01	)
9/30/2007	14.13	0.83	0.58		1.41		(0.83	)	—		(0.83	)
9/30/2006	13.81	0.72	0.47		1.19		(0.87	)	—		(0.87	)
9/30/2005	13.46	0.67	0.57		1.24		(0.89	)	—		(0.89	)

Retail Class
3/31/2010 ^{^(g)}	12.94	0.37	0.82		1.19		(0.38	)	—		(0.38	)
9/30/2009	11.85	0.82	1.22		2.04		(0.84	)	(0.11	)	(0.95	)
9/30/2008	14.67	0.92	(2.77	)	(1.85	)	(0.97	)	—		(0.97	)
9/30/2007	14.10	0.79	0.57		1.36		(0.79	)	—		(0.79	)
9/30/2006	13.78	0.69	0.47		1.16		(0.84	)	—		(0.84	)
9/30/2005	13.44	0.64	0.57		1.21		(0.87	)	—		(0.87	)

Admin Class
3/31/2010 ^{^(g)}	12.91	0.35	0.82		1.17		(0.36	)	—		(0.36	)
9/30/2009	11.82	0.79	1.22		2.01		(0.81	)	(0.11	)	(0.92	)
9/30/2008	14.64	0.88	(2.76	)	(1.88	)	(0.94	)	—		(0.94	)
9/30/2007	14.07	0.75	0.58		1.33		(0.76	)	—		(0.76	)
9/30/2006	13.75	0.65	0.48		1.13		(0.81	)	—		(0.81	)
9/30/2005	13.42	0.60	0.56		1.16		(0.83	)	—		(0.83	)

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share, if applicable.

(c) Effective June 2, 2008, redemption fees were eliminated.

(d) Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

(e) The investment adviser and/or administrator agreed to reimburse a portion of the Fund’s expenses and/or reduce its fees during the period. Without this reimbursement/fee reduction, if applicable, expenses would have been higher.

(f) Computed on an annualized basis for periods less than one year, if applicable.

(g) For the six months ended March 31, 2010 (Unaudited).

(h) Effective July 1, 2007, the Fund decreased its net expense limitations to 0.70%, 0.95% and 1.20% from 0.75%, 1.00% and 1.25% for the Institutional Class, Retail Class and Admin Class, respectively.

(i) Includes fee/expense recovery of 0.02%.

(j) Includes fee/expense recovery of 0.01% and 0.02% for the Retail Class and Admin Class, respectively.

(k) Includes fee/expense recovery of less than 0.01%.

See accompanying notes to financial statements.

117


								Ratios to Average Net Assets:
Redemption fees^(b)(c)		Net asset value, end of the period		Total return (%)^(d)		Net assets, end of the period (000’s)		Net expenses (%)^(e)(f)		Gross expenses (%)^(f)		Net investment income (%)^(f)	Portfolio turnover rate (%)



$	—	$	13.80	9.48		$	10,994,928	0.63		0.63		5.87	14
	—		12.99	19.84			10,855,818	0.65		0.65		7.69	39
	0.00		11.89	(13.14	)		7,616,621	0.64		0.64		6.78	26
	0.00		14.71	10.28			7,716,061	0.67	^(h)	0.67		5.75	20
	0.00		14.13	9.00			4,742,622	0.75	⁽ⁱ⁾	0.75	⁽ⁱ⁾	5.20	26
	0.00		13.81	9.46			3,303,997	0.75		0.79		4.91	22


	—		13.75	9.34			8,082,342	0.94	^(j)	0.94	^(j)	5.56	14
	—		12.94	19.46			7,646,591	0.95		0.96		7.44	39
	0.00		11.85	(13.44	)		6,863,594	0.94	^(k)	0.94	^(k)	6.49	26
	0.00		14.67	9.93			6,432,333	0.97	^(h)	0.97		5.49	20
	0.00		14.10	8.79			2,232,632	1.00		1.01		4.99	26
	0.00		13.78	9.19			707,394	1.00		1.05		4.64	22


	—		13.72	9.23			249,188	1.20	^(j)	1.20	^(j)	5.30	14
	—		12.91	19.21			226,032	1.20		1.25		7.22	39
	0.00		11.82	(13.69	)		210,494	1.20		1.24		6.23	26
	0.00		14.64	9.66			193,850	1.23	^(h)(k)	1.23	^(k)	5.20	20
	0.00		14.07	8.51			106,941	1.25		1.29		4.71	26
	0.00		13.75	8.86			64,263	1.25		1.31		4.39	22

See accompanying notes to financial statements.

118

FINANCIAL HIGHLIGHTS – continued

For a share outstanding throughout each period.


			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
Fixed Income Fund

Institutional Class
3/31/2010^(f)	$	12.94	$	0.38	$	0.71		$	1.09		$	(0.73	)	$	—		$	(0.73	)
9/30/2009		12.15		0.78		1.15			1.93			(0.89	)		(0.25	)		(1.14	)
9/30/2008		14.49		0.88		(2.14	)		(1.26	)		(1.06	)		(0.02	)		(1.08	)
9/30/2007		13.89		0.83		0.67			1.50			(0.90	)		—			(0.90	)
9/30/2006		13.88		0.74		0.30			1.04			(1.03	)		—			(1.03	)
9/30/2005		13.93		0.75		0.58			1.33			(1.38	)		—			(1.38	)

Global Bond Fund

Institutional Class
3/31/2010^(f)	$	16.09	$	0.28	$	(0.01	)	$	0.27		$	(0.37	)	$	—			(0.37	)
9/30/2009		14.42		0.67		1.89			2.56			(0.89	)		—			(0.89	)
9/30/2008		15.83		0.70		(1.30	)		(0.60	)		(0.81	)		—			(0.81	)
9/30/2007		15.43		0.60		0.70			1.30			(0.90	)		—			(0.90	)
9/30/2006		15.57		0.48		0.16			0.64			(0.70	)		(0.08	)		(0.78	)
9/30/2005		15.59		0.44		0.05			0.49			(0.46	)		(0.05	)		(0.51	)

Retail Class
3/31/2010^(f)		15.96		0.25		(0.02	)		0.23			(0.34	)		—			(0.34	)
9/30/2009		14.31		0.62		1.88			2.50			(0.85	)		—			(0.85	)
9/30/2008		15.71		0.64		(1.29	)		(0.65	)		(0.75	)		—			(0.75	)
9/30/2007		15.29		0.54		0.70			1.24			(0.82	)		—			(0.82	)
9/30/2006		15.43		0.44		0.15			0.59			(0.65	)		(0.08	)		(0.73	)
9/30/2005		15.46		0.40		0.05			0.45			(0.43	)		(0.05	)		(0.48	)

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share, if applicable.

(c) Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

(d) The investment adviser and/or administrator agreed to reimburse a portion of the Fund’s expenses and/or reduce its fees during the period. Without this reimbursement/fee reduction, if applicable, expenses would have been higher.

(e) Computed on an annualized basis for periods less than one year, if applicable.

(f) For the six months ended March 31, 2010 (Unaudited).

(g) Includes fee/expense recovery of less than 0.01% and 0.03% for Fixed Income Fund and Global Bond Fund, respectively.

(h) Effective June 2, 2008, redemption fees were eliminated.

(i) Includes fee/expense recovery of 0.02%.

See accompanying notes to financial statements.

119


									Ratios to Average Net Assets:
Redemption fees^(b)			Net asset value, end of the period		Total return (%)^(c)		Net assets, end of the period (000’s)		Net expenses (%)^(d)(e)		Gross expenses (%)^(e)		Net investment income (%)^(e)	Portfolio turnover rate (%)



$	—		$	13.30	8.68		$	788,638	0.58		0.58		5.83	10
	—			12.94	19.55			761,955	0.58		0.58		7.11	29
	—			12.15	(9.42	)		624,486	0.58		0.58		6.43	30
	—			14.49	11.31			605,100	0.60		0.60		5.96	22
	—			13.89	8.06			456,011	0.60	^(g)	0.60	^(g)	5.48	40
	—			13.88	9.90			444,552	0.65		0.65		5.47	34




$	—		$	15.99	1.69		$	1,134,458	0.66		0.66		3.51	42
	—			16.09	19.19			1,032,465	0.68		0.68		4.76	75
	0.00	^(h)		14.42	(4.14	)		1,157,175	0.64		0.64		4.36	60
	0.00			15.83	8.70			996,046	0.68		0.68		3.84	95
	0.00			15.43	4.32			643,991	0.74	^(g)	0.74	^(g)	3.21	77
	0.00			15.57	3.05			553,704	0.75		0.80		2.75	63


	—			15.85	1.47			986,190	1.00	⁽ⁱ⁾	1.00	⁽ⁱ⁾	3.17	42
	—			15.96	18.81			918,742	1.00		1.02		4.46	75
	0.00	^(h)		14.31	(4.45	)		1,073,466	1.00	⁽ⁱ⁾	1.00	⁽ⁱ⁾	4.02	60
	0.00			15.71	8.36			874,575	1.00		1.04		3.53	95
	0.00			15.29	4.03			540,697	1.00		1.09		2.93	77
	0.00			15.43	2.84			699,498	1.00		1.09		2.57	63

See accompanying notes to financial statements.

120

FINANCIAL HIGHLIGHTS – continued

For a share outstanding throughout each period.


			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment income^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains^(b)			Total distributions
Inflation Protected Securities Fund

Institutional Class
3/31/2010^(f)	$	10.46	$	0.16		$	0.11		$	0.27		$	(0.17	)	$	—		$	(0.17	)
9/30/2009		9.86		0.09	^(g)		0.61			0.70			(0.10	)		—			(0.10	)
9/30/2008		10.31		0.73			(0.43	)		0.30			(0.75	)		—			(0.75	)
9/30/2007		10.30		0.47			0.03			0.50			(0.49	)		—			(0.49	)
9/30/2006		10.84		0.52			(0.38	)		0.14			(0.63	)		(0.05	)		(0.68	)
9/30/2005		11.02		0.42			(0.08	)		0.34			(0.52	)		—			(0.52	)

Institutional High Income Fund

Institutional Class
3/31/2010^(f)	$	7.40	$	0.27		$	0.61		$	0.88		$	(0.52	)	$	(0.00	)	$	(0.52	)
9/30/2009		6.87		0.57			0.54			1.11			(0.49	)		(0.09	)		(0.58	)
9/30/2008		8.45		0.60			(1.52	)		(0.92	)		(0.51	)		(0.15	)		(0.66	)
9/30/2007		8.11		0.55			0.30			0.85			(0.51	)		—			(0.51	)
9/30/2006		7.80		0.50			0.34			0.84			(0.53	)		—			(0.53	)
9/30/2005		7.50		0.55			0.39			0.94			(0.64	)		—			(0.64	)

Intermediate Duration Fixed Income Fund

Institutional Class
3/31/2010^(f)	$	9.95	$	0.20		$	0.24		$	0.44		$	(0.22	)	$	—		$	(0.22	)
9/30/2009		8.95		0.48			0.98			1.46			(0.46	)		—			(0.46	)
9/30/2008		9.47		0.47			(0.50	)		(0.03	)		(0.49	)		—			(0.49	)
9/30/2007		9.50		0.45			(0.01	)		0.44			(0.47	)		—			(0.47	)
9/30/2006		9.60		0.42			(0.07	)		0.35			(0.45	)		—			(0.45	)
9/30/2005		9.92		0.40			(0.25	)		0.15			(0.45	)		(0.02	)		(0.47	)

Investment Grade Fixed Income Fund

Institutional Class
3/31/2010^(f)	$	12.39	$	0.34		$	0.44		$	0.78		$	(0.35	)	$	—		$	(0.35	)
9/30/2009		11.36		0.67			1.31			1.98			(0.81	)		(0.14	)		(0.95	)
9/30/2008		12.96		0.76			(1.47	)		(0.71	)		(0.89	)		—			(0.89	)
9/30/2007		12.63		0.70			0.53			1.23			(0.90	)		—			(0.90	)
9/30/2006		13.28		0.60			0.22			0.82			(0.92	)		(0.55	)		(1.47	)
9/30/2005		13.54		0.57			0.27			0.84			(0.83	)		(0.27	)		(1.10	)

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share, if applicable.

(c) Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

(e) Computed on an annualized basis for periods less than one year, if applicable.

(f) For the six months ended March 31, 2010 (Unaudited).

(g) Includes income reductions resulting from principal deflation adjustments during the period in the amount of $0.14 per share and 1.44% of average net assets. See Note 2 of Notes to Financial Statements.

(h) Effective July 1, 2005, the Inflation Protected Securities Fund and the Intermediate Duration Fixed Income Fund decreased their net expense limitations to 0.40% and 0.40%, respectively, from 0.50% and 0.45%, respectively.

(i) Includes fee/expense recovery of 0.01%.

(j) Includes fee/expense recovery of less than 0.01%.

See accompanying notes to financial statements.

121


						Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%)^(c)		Net assets, end of the period (000’s)		Net expenses (%)^(d)(e)		Gross expenses (%)^(e)		Net investment income (%)^(e)		Portfolio turnover rate (%)



$	10.56	2.62		$	15,033	0.40		1.10		2.93		20
	10.46	7.21			13,976	0.40		1.11		0.88	^(g)	12
	9.86	2.64			16,033	0.40		0.95		6.85		22
	10.31	5.05			13,468	0.40		1.28		4.60		26
	10.30	1.48			9,053	0.40		1.69		4.96		41
	10.84	3.12			9,298	0.49	^(h)	1.54		3.81		141




$	7.76	12.43		$	372,908	0.70		0.70		7.17		9
	7.40	20.82			458,516	0.72		0.72		9.54		37
	6.87	(11.70	)		214,201	0.72		0.72		7.70		35
	8.45	10.81			187,568	0.75	⁽ⁱ⁾	0.75	⁽ⁱ⁾	6.60		31
	8.11	11.56			141,318	0.75		0.79		6.40		23
	7.80	12.99			110,533	0.75		0.82		7.24		22




$	10.17	4.42		$	32,009	0.40		0.64		3.94		24
	9.95	16.99			28,027	0.40		0.68		5.24		52
	8.95	(0.46	)		32,748	0.40		0.59		5.00		65
	9.47	4.76			31,445	0.40		0.61		4.71		87
	9.50	3.82			41,851	0.40		0.62		4.48		62
	9.60	1.50			40,628	0.44	^(h)	0.68		4.10		50




$	12.82	6.35		$	507,762	0.48		0.48		5.40		13
	12.39	19.35			525,504	0.49		0.49		6.10		22
	11.36	(6.00	)		277,863	0.50		0.50		5.98		32
	12.96	10.19			261,741	0.53		0.53		5.52		23
	12.63	6.81			173,549	0.55	^(j)	0.55	^(j)	4.79		50
	13.28	6.42			186,749	0.55		0.58		4.28		42

See accompanying notes to financial statements.

122

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

1. Organization. Loomis Sayles Funds I (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. Shares of certain funds in the Trust were first registered under the Securities Act of 1933 (the “1933 Act”) effective March 7, 1997 (subsequent to their commencement of investment operations). The financial statements for certain funds of the Trust are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Loomis Sayles Bond Fund (the “Bond Fund”)

Loomis Sayles Fixed Income Fund (the “Fixed Income Fund”)

Loomis Sayles Global Bond Fund (the “Global Bond Fund”)

Loomis Sayles Inflation Protected Securities Fund (the “Inflation Protected Securities Fund”)

Loomis Sayles Institutional High Income Fund (the “Institutional High Income Fund”)

Loomis Sayles Intermediate Duration Fixed Income Fund (the “Intermediate Duration Fixed Income Fund”)

Loomis Sayles Investment Grade Fixed Income Fund (the “Investment Grade Fixed Income Fund”)

Each Fund offers Institutional Class Shares. Bond Fund and Global Bond Fund also offer Retail Class Shares. In addition, Bond Fund offers Admin Class Shares.

Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed to a fund are generally apportioned based on the relative net assets of each of the funds in the Trust. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 service and distribution fees and transfer agent fees). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate dividends from net investment income on each class of shares.

a. Valuation. 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 Funds 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 shares of 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 Funds may be valued on the basis of a price provided by a principal market maker. Forward foreign currency contracts are valued utilizing interpolated prices determined from information provided by an independent pricing service. Futures contracts are valued at their most recent settlement price. Credit default swaps are valued based on prices supplied by a pricing service, if available, or quotations obtained from broker-dealers. 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 Funds’ 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.

123

b. Security Transactions and Related Investment Income. Security transactions are accounted for on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. Investment income is recorded net of foreign taxes withheld when applicable. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class-specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

Certain Funds may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

d. Forward Foreign Currency Contracts. Each Fund that may invest in foreign investments 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 reflected in the Funds’ Statements of Assets and Liabilities. 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. Certain contracts may require the movement of cash or securities to or from the counterparty as collateral for the Funds’ or counterparty’s net obligations under the contracts.

e. Futures Contracts. The Funds may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular commodity, instrument or index (e.g., an interest-bearing security) for a specified price on a specified future date.

124

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker as “initial margin” an amount of cash or liquid securities. As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin”, are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of the collateral held. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset (liability) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

Futures contracts are exchange-traded. Exchange-traded futures have standardized contracts and are settled through a clearing house with fulfillment guaranteed by the credit of the exchange. Therefore, counterparty credit risks to the Funds are limited.

At March 31, 2010, there were no open futures contracts.

f. Swap Agreements. Each Fund may enter into credit default swaps. A credit default swap is an agreement between two parties (the “protection buyer” and “protection seller”) to exchange the credit risk of an issuer (“reference obligation”) for a specified time period. The reference obligation may be one or more debt securities or an index of such securities. The Funds may be either the protection buyer or the protection seller. The protection buyer is obligated to pay the protection seller a stream of payments (“fees”) over the term of the contract, provided that no credit event, such as a default or a downgrade in credit rating, occurs on the reference obligation. If a credit event occurs, the protection seller must pay the protection buyer the agreed upon notional value (“par value”) of the reference obligation in exchange for the reference obligation (or may pay the difference between the par value and market value of the reference obligation). The Funds may also make upfront payments as the protection buyer or receive upfront payments as the protection seller.

The notional amounts of credit default swaps are not recorded in the financial statements. Credit default swaps are marked-to-market daily. Fluctuations in the value of credit default swaps are recorded in the Statement of Operations as change in unrealized appreciation (depreciation) on swap agreements. Fees are accrued in accordance with the terms of the agreement and are recorded in the Statement of Operations as realized gain or loss when received or paid. Upfront fees received or paid by the Funds are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Funds as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

Credit default swaps are privately negotiated and traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. Counterparty risk is managed through the posting of collateral and, as a result, the risk of loss to a Fund from counterparty default should be limited to the extent a Fund is undercollateralized. In addition to collateral requirements, the Funds also require counterparties to meet minimum credit quality requirements. The Funds cover their net obligations under outstanding credit default swaps by segregating liquid assets in the form of collateral.

At March 31, 2010, there were no open credit default swaps.

g. Federal and Foreign Income Taxes. The Trust treats each fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2010 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

125

h. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes for items such as foreign currency transactions, defaulted bond adjustments, discount adjustments on inflation-protected securities, paydown gains and losses, premium amortization accruals, dividend redesignations, return of capital and capital gain distributions from REITs. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales, premium amortization accruals, securities lending collateral gain/loss adjustments, forward contracts mark to market, futures contracts mark to market, defaulted bond interest, REIT basis adjustments and adjustments to inflation-protected securities. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2009 was as follows:


	2009 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Bond Fund	$	1,098,166,549	$	117,096,804	$	1,215,263,353
Fixed Income Fund		48,541,199		8,757,966		57,299,165
Global Bond Fund		106,651,090		—		106,651,090
Inflation Protected Securities Fund		145,315		—		145,315
Institutional High Income Fund		19,751,808		1,232,223		20,984,031
Intermediate Duration Fixed Income Fund		1,361,910		—		1,361,910
Investment Grade Fixed Income Fund		26,583,130		2,544,109		29,127,239

Differences between these amounts and those reported in the Statements of Changes in Net Assets, if any, are primarily attributable to different book and tax treatment for short-term capital gains.

As of September 30, 2009, the capital loss carryforwards and post-October losses were as follows:


Capital loss carryforward:	Bond Fund			Fixed Income Fund			Global Bond Fund			Inflation Protected Securities Fund
Expires September 30, 2013	$	—		$	—		$	—		$	—
Expires September 30, 2014		—			—			(1,046,616	)		(19,853	)
Expires September 30, 2015		—			—			(5,497,643	)		(155,005	)
Expires September 30, 2016		—			—			(3,309,847	)		—
Expires September 30, 2017		(73,277,381	)		(129,506	)		(21,329,772	)		(110,122	)

Total capital loss carryforward		(73,277,381	)		(129,506	)		(31,183,878	)		(284,980	)

Deferred net capital losses (post-October 2008)		(708,591,846	)		(19,706,451	)		(67,714,661	)		(364,539	)


Capital loss carryforward:	Institutional High Income Fund			Intermediate Duration Fixed Income Fund			Investment Grade Fixed Income Fund
Expires September 30, 2013	$	—		$	(3,797	)	$	—
Expires September 30, 2014		—			(186,919	)		—
Expires September 30, 2015		—			(326,220	)		—
Expires September 30, 2016		—			(222,423	)		—
Expires September 30, 2017		—			(460,684	)		—

Total capital loss carryforward		—			(1,200,043	)		—

Deferred net capital losses (post-October 2008)		(9,779,704	)		(93,838	)		(1,345,945	)

i. Repurchase Agreements. It is each 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. Certain repurchase agreements are tri-party arrangements whereby the

126

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

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.

j. Delayed Delivery Commitments. Purchases of delayed delivery instruments may have a similar effect on a Fund’s net asset value as if the Fund had created a degree of leverage in its portfolio. The price of the underlying instruments and the date when they will be paid for are fixed at the time the transaction is negotiated. If a Fund enters into such a transaction, collateral consisting of liquid securities or cash and cash equivalents will be maintained in an amount at least equal to the commitment with the custodian and/or broker. Losses may arise due to changes in the market value of the underlying instruments or if the counterparty does not perform under the contract.

k. Securities Lending. The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, 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 Funds bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

As of March 31, 2010, there were no securities on loan.

l. Indemnifications. Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

m. Due to/from Brokers. Transactions and positions in forward foreign currency contracts and credit default swaps are primarily maintained, cleared and held by registered U.S. broker/dealers pursuant to customer agreements between the Fund and the various broker/dealers. Due to/from brokers’ balances in the Statement of Assets and Liabilities represent cash and/or securities received or paid as collateral for forward foreign currency contracts and/or credit default swaps. In certain circumstances the Fund’s use of cash and/or securities held at brokers is restricted by regulation or broker mandated limits.

•

Level 1—quoted prices in active markets for identical assets or liabilities;

•

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

127

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2010, at value:

Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Chemicals	$	—	$	147,753,189	$	21,338,340	$	169,091,529
Integrated Energy		—		—		1,296,355		1,296,355
Non-Captive Diversified		—		1,401,024,618		4,156,425		1,405,181,043
Property & Casualty Insurance		—		154,706,273		5,848,000		160,554,273
All Other Non-Convertible Bonds(a)		—		14,646,858,263		—		14,646,858,263

Total Non-Convertible Bonds		—		16,350,342,343		32,639,120		16,382,981,463

Convertible Bonds(a)		—		1,482,949,678		—		1,482,949,678
Municipals(a)		—		215,589,734		—		215,589,734

Total Bonds and Notes		—		18,048,881,755		32,639,120		18,081,520,875
Bank Loans(a)		—		119,714,307		—		119,714,307

Preferred Stocks
Convertible Preferred Stocks
Automotive		92,418,871		—		—		92,418,871
Capital Markets		—		10,708,150		—		10,708,150
Commercial Banks		8,004,561		—		—		8,004,561
Diversified Financial Services		—		9,756,640		—		9,756,640
Electric Utilities		—		15,660,948		7,293,125		22,954,073
Hotels, Restaurants & Leisure		1		—		—		1
Machinery		—		6,816,293		—		6,816,293
Oil, Gas & Consumable Fuels		7,304,290		9,762,353		—		17,066,643
REITs		—		970,160		—		970,160
Semiconductors & Semiconductor Equipment		—		35,235,736		—		35,235,736

Total Convertible Preferred Stocks		107,727,723		88,910,280		7,293,125		203,931,128

Non-Convertible Preferred Stocks
Banking		—		40,279,577		—		40,279,577
Diversified Financial Services		1,101,340		21,308,523		—		22,409,863
Electric Utilities		1,128,000		630,507		—		1,758,507
REITs		8,164,728		2,452,009		—		10,616,737
Software		—		38,225,625		—		38,225,625
Thrifts & Mortgage Finance		21,256,885		15,679,872		—		36,936,757

Total Non-Convertible Preferred Stocks		31,650,953		118,576,113		—		150,227,066

Total Preferred Stocks		139,378,676		207,486,393		7,293,125		354,158,194

Common Stocks(a)		127,235,374		—		—		127,235,374
Closed End Investment Companies		37,533,624		—		—		37,533,624
Warrants(a)		—		—		9,747,923		9,747,923
Short-Term Investments		—		292,580,933		—		292,580,933

Total	$	304,147,674	$	18,668,663,388	$	49,680,168	$	19,022,491,230

(a) Major categories of the Fund’s investments are included in the Portfolio of Investments.

128

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

Fixed Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Chemicals	$	—	$	7,698,084	$	3,720,400	$	11,418,484
Integrated Energy		—		—		1,080,295		1,080,295
Non-Captive Diversified		—		40,176,433		22,050		40,198,483
Property & Casualty Insurance		—		9,521,730		1,050,600		10,572,330
All Other Non-Convertible Bonds(a)		—		619,965,226		—		619,965,226

Total Non-Convertible Bonds		—		677,361,473		5,873,345		683,234,818

Convertible Bonds(a)		—		46,600,941		—		46,600,941
Municipals(a)		—		7,581,194		—		7,581,194

Total Bonds and Notes		—		731,543,608		5,873,345		737,416,953

Bank Loans(a)		—		1,327,215		—		1,327,215

Preferred Stocks
Convertible Preferred Stocks
Automotive		3,789,349		—		—		3,789,349
Capital Markets		—		1,009,269		—		1,009,269
Diversified Financial Services		—		1,770,976		—		1,770,976
Electric Utilities		—		451,875		—		451,875
Machinery		—		909,745		—		909,745
Oil, Gas & Consumable Fuels		64,805		754,975		—		819,780
REITs		—		45,250		—		45,250
Semiconductors & Semiconductor Equipment		—		2,957,140		—		2,957,140

Total Convertible Preferred Stocks		3,854,154		7,899,230		—		11,753,384

Non-Convertible Preferred Stocks
Banking		—		854,482		—		854,482
Diversified Financial Services		103,900		2,780,010		—		2,883,910
Electric Utilities		371,760		238,622		—		610,382
Software		—		3,017,813		—		3,017,813
Thrifts & Mortgage Finance		657,273		255,059		—		912,332

Total Non-Convertible Preferred Stocks		1,132,933		7,145,986		—		8,278,919

Total Preferred Stocks		4,987,087		15,045,216		—		20,032,303

Common Stocks(a)		11,893,209		—		—		11,893,209
Warrants(a)		—		—		294,907		294,907
Short-Term Investments		—		9,068,675		—		9,068,675

Total	$	16,880,296	$	756,984,714	$	6,168,252	$	780,033,262

(a) Major categories of the Fund’s investments are included in the Portfolio of Investments.

129

Global Bond Fund

Asset Valuation Inputs


Description(a)	Level 1		Level 2		Level 3		Total
Bonds and Notes	$	—	$	2,014,624,498	$	—	$	2,014,624,498
Preferred Stocks		722,467		1,412,735		—		2,135,202
Short-Term Investments		—		26,256,060		—		26,256,060

Total Investments		722,467		2,042,293,293		—		2,043,015,760

Forward Foreign Currency Contracts (unrealized appreciation)		—		1,240,443		—		1,240,443

Total	$	722,467	$	2,043,533,736	$	—	$	2,044,256,203

Liability Valuation Inputs


Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(798,127	)	$	—	$	(798,127	)

(a) Major categories of the Fund’s investments and forward foreign currency contracts are included in the Portfolio of Investments.

Inflation Protected Securities Fund

Asset Valuation Inputs


Description(a)	Level 1		Level 2		Level 3		Total
Bonds and Notes	$	—	$	14,513,275	$	—	$	14,513,275
Preferred Stocks		1,473		4,445		—		5,918
Short-Term Investments		—		470,655		—		470,655

Total	$	1,473	$	14,988,375	$	—	$	14,989,848

(a) Major categories of the Fund’s investments are included in the Portfolio of Investments.

Institutional High Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Chemicals	$	—	$	7,150,805	$	1,295,040	$	8,445,845
Non-Captive Diversified		—		21,848,299		14,700		21,862,999
Property & Casualty Insurance		—		—		469,200		469,200
Wirelines		—		22,733,952		866,801		23,600,753
All Other Non-Convertible Bonds(a)		—		201,087,775		—		201,087,775

Total Non-Convertible Bonds		—		252,820,831		2,645,741		255,466,572

Convertible Bonds(a)		—		78,429,099		—		78,429,099

Total Bonds and Notes		—		331,249,930		2,645,741		333,895,671

Bank Loans(a)		—		2,226,164		—		2,226,164

Common Stocks(a)		11,871,956		—		—		11,871,956

Preferred Stocks
Convertible Preferred Stocks
Automotive		1,492,131		—		—		1,492,131
Commercial Banks		134,826		—		—		134,826
Diversified Financial Services		—		454,400		—		454,400
Electric Utilities		—		773,565		145,250		918,815
Hotels, Restaurants & Leisure		4		—		—		4

130

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

Institutional High Income Fund

Asset Valuation Inputs – continued


Description	Level 1		Level 2		Level 3		Total
Preferred Stocks – continued
Convertible Preferred Stocks – continued
Machinery	$	—	$	431,631	$	—	$	431,631
Oil, Gas & Consumable Fuels		—		213,038		—		213,038
REITs		—		19,910		—		19,910
Semiconductors & Semiconductor Equipment		—		915,400		—		915,400

Total Convertible Preferred Stocks		1,626,961		2,807,944		145,250		4,580,155

Non-Convertible Preferred Stocks
Banking		—		341,488		—		341,488
Diversified Financial Services		374,040		—		—		374,040
REITs		162,466		—		—		162,466
Thrifts & Mortgage Finance		515,146		954,922		—		1,470,068

Total Non-Convertible Preferred Stocks		1,051,652		1,296,410		—		2,348,062

Total Preferred Stocks		2,678,613		4,104,354		145,250		6,928,217

Closed End Investment Companies		690,033		—		—		690,033
Warrants(a)		—		—		352,097		352,097
Short-Term Investments		—		10,352,134		—		10,352,134

Total	$	15,240,602	$	347,932,582	$	3,143,088	$	366,316,272

(a) Major categories of the Fund’s investments are included in the Portfolio of Investments.

Intermediate Duration Fixed Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	—	$	119,988	$	119,988
All Other Non-Convertible Bonds(a)		—		30,400,176		—		30,400,176

Total Non-Convertible Bonds		—		30,400,176		119,988		30,520,164

Total Bonds and Notes		—		30,400,176		119,988		30,520,164

Short-Term Investments		—		1,315,782		—		1,315,782

Total	$	—	$	31,715,958	$	119,988	$	31,835,946

(a) Major categories of the Fund’s investments are included in the Portfolio of Investments.

Investment Grade Fixed Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	—	$	92,037	$	92,037
Hybrid ARMs		—		761,645		304,139		1,065,784
Property & Casualty Insurance		—		10,581,738		40,800		10,622,538
All Other Non-Convertible Bonds(a)		—		458,224,295		—		458,224,295

Total Non-Convertible Bonds		—		469,567,678		436,976		470,004,654

131

Investment Grade Fixed Income Fund

Asset Valuation Inputs – continued


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes – continued
Convertible Bonds(a)	$	—	$	7,758,496	$	—	$	7,758,496
Municipals(a)		—		3,449,557		—		3,449,557

Total Bonds and Notes		—		480,775,731		436,976		481,212,707

Preferred Stocks
Non-Convertible Preferred Stocks
Banking		—		122,722		—		122,722
Diversified Financial Services		—		918,850		—		918,850
Electric Utilities		248,180		29,950		—		278,130
Software		—		3,017,813		—		3,017,813
Thrifts & Mortgage Finance		92,141		114,093		—		206,234

Total Non-Convertible Preferred Stocks		340,321		4,203,428		—		4,543,749

Convertible Preferred Stocks(a)		—		2,130,262		—		2,130,262

Total Preferred Stocks		340,321		6,333,690		—		6,674,011

Common Stocks(a)		560,246		—		—		560,246

Short-Term Investments		—		12,073,542		—		12,073,542

Total	$	900,567	$	499,182,963	$	436,976	$	500,520,506

(a) Major categories of the Fund’s investments are included in the Portfolio of Investments.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of March 31, 2010:

Bond Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases (Sales)			Net Transfers into/(out of) Level 3			Balance as of March 31, 2010
Bonds and Notes
Non-Convertible Bonds
Airlines	$	4,164,511	$	—	$	30,899	$	669,850		$	(193,121	)	$	(4,672,139	)	$	—
Automotive		3,570,396		29,578		—		118,982			—			(3,718,956	)		—
Chemicals		25,744,100		107,442		—		6,982,703			—			(11,495,905	)		21,338,340
Diversified Manufacturing		30,625,436		246,600		—		1,493,379			843,003			(33,208,418	)		—
Integrated Energy		1,447,652		—		—		(30,260	)		(121,037	)		—			1,296,355
Non-Captive Consumer		5,428,994		188,763		—		80,348			—			(5,698,105	)		—
Non-Captive Diversified		4,017,538		142,546		—		1,527,861			2,072,059			(3,603,579	)		4,156,425
Property & Casualty Insurance		—		2,367		—		2,061,633			—			3,784,000			5,848,000
Supranational		45,293,529		—		—		11,699,942			18,224,715			(75,218,186	)		—
Technology		225,000		789		—		31,837			—			(257,626	)		—
Convertible Bonds
Technology		7,657,650		93,331		61,155		383,504			(1,103,000	)		(7,092,640	)		—
Wirelines		68,341,380		94,656		—		8,609,199			—			(77,045,235	)		—
Preferred Stocks
Convertible Preferred Stocks
Electric Utilities		7,293,125		—		—		—			—			—			7,293,125
REITs		616,400		—		—		353,760			—			(970,160	)		—
Warrants
Pharmaceuticals		—		—		—		9,747,923			—			—			9,747,923

Total	$	204,425,711	$	906,072	$	92,054	$	43,730,661		$	19,722,619		$	(219,196,949	)	$	49,680,168

132

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

Fixed Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases (Sales)			Net Transfers into/(out of) Level 3			Balance as of March 31, 2010
Bonds and Notes
Non-Convertible Bonds
Automotive	$	2,281,964	$	5,347	$	—	$	93,245		$	—		$	(2,380,556	)	$	—
Chemicals		3,531,800		14,544		—		948,231			—			(774,175	)		3,720,400
Integrated Energy		1,206,376		—		693		(25,910	)		(100,864	)		—			1,080,295
Life Insurance		450,000		2,167		—		37,928			—			(490,095	)		—
Non-Captive Diversified		250,188		765		—		240,976			(485,554	)		15,675			22,050
Property & Casualty Insurance		—		272		—		370,528			—			679,800			1,050,600
Convertible Bonds
Technology		330,330		3,498		2,587		17,135			(48,000	)		(305,550	)		—
Wirelines		3,222,400		4,463		—		405,937			—			(3,632,800	)		—
Preferred Stocks
Convertible Preferred Stocks
REITs		28,750		—		—		16,500			—			(45,250	)		—
Warrants
Pharmaceuticals		—		—		—		294,907			—			—			294,907

Total	$	11,301,808	$	31,056	$	3,280	$	2,399,477		$	(634,418	)	$	(6,932,951	)	$	6,168,252

Institutional High Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Net Purchases (Sales)			Net Transfers into/(out of) Level 3			Balance as of March 31, 2010
Bonds and Notes
Non-Convertible Bonds
Airlines	$	347,042	$	—	$	2,575	$	55,821	$	(16,093	)	$	(389,345	)	$	—
Automotive		355,516		1,304		—		13,876		—			(370,696	)		—
Chemicals		2,658,860		19,808		—		742,378		—			(2,126,006	)		1,295,040
Non-Captive Consumer		3,195,119		30,316		—		128,063		—			(3,353,498	)		—
Non-Captive Diversified		—		169		—		4,081		—			10,450			14,700
Property & Casualty Insurance		—		175		—		165,425		—			303,600			469,200
Supranational		120,736		6,520		—		19,900		—			(147,156	)		—
Wirelines		—		13,789		—		199,577		—			653,435			866,801
Convertible Bonds
Technology		1,204,840		28,644		20,741		35,275		(174,000	)		(1,115,500	)		—
Wirelines		2,342,600		3,245		—		295,105		—			(2,640,950	)		—

133

Institutional High Income Fund

Asset Valuation Inputs – continued


Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Net Purchases (Sales)			Net Transfers into/(out of) Level 3			Balance as of March 31, 2010
Preferred Stocks
Convertible Preferred Stocks
Electric Utilities	$	145,250	$	—	$	—	$	—	$	—		$	—		$	145,250
REITs		12,650		—		—		7,260		—			(19,910	)		—
Warrants
Pharmaceuticals		—		—		—		352,097		—			—			352,097

Total	$	10,382,613	$	103,970	$	23,316	$	2,018,858	$	(190,093	)	$	(9,195,576	)	$	3,143,088

Intermediate Duration Fixed Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Net Purchases (Sales)			Net Transfers into/(out of) Level 3		Balance as of March 31, 2010
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	—	$	—		$	3	$	119,985		$	—	$	119,988
ABS Home Equity		92,043		—		(27,868	)		81,718		(145,893	)		—		—

Total	$	92,043	$	—	$	(27,868	)	$	81,721	$	(25,908	)	$	—	$	119,988

Investment Grade Fixed Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Net Purchases (Sales)			Net Transfers into/(out of) Level 3			Balance as of March 31, 2010
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	106,635	$	—	$	(70,494	)	$	111,055	$	(178,261	)	$	123,102		$	92,037
ABS Other		2,345,000		—		94			18,696		(734,773	)		(1,629,017	)		—
Airlines		1,697,038		—		—			285,556		(78,697	)		(1,903,897	)		—
Diversified Manufacturing		716,291		6,299		—			35,400		—			(757,990	)		—
Hybrid ARMs		—		—		277			19,427		(14,884	)		299,319			304,139
Non-Captive Consumer		656,624		347		—			32,201		—			(689,172	)		—
Property & Casualty Insurance		—		18		—			14,382		—			26,400			40,800
Convertible Bonds
Technology		43,680		1,084		633			1,342		(6,000	)		(40,739	)		—

Total	$	5,565,268	$	7,748	$	(69,490	)	$	518,059	$	(1,012,615	)	$	(4,571,994	)	$	436,976

134

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

4. Derivatives. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Funds currently use include forward foreign currency contracts, futures contracts and swaps (including credit default swaps).

The Funds are subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Funds may enter into forward foreign currency contracts for hedging purposes to protect the value of the Funds’ holdings of foreign securities. The Funds may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the funds. During the six months ended March 31, 2010, Global Bond Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies, and Inflation Protected Securities Fund engaged in forward foreign currency transactions for hedging purposes.

The Funds are subject to the risk that changes in interest rates will affect the value of the Funds’ investments in fixed income securities. The Funds will be subject to increased interest rate risk to the extent that they invest in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Funds may use futures contracts to manage the Funds’ duration in order to control interest rate risk without having to buy or sell portfolio securities. Intermediate Duration Fixed Income Fund engaged in futures contract transactions during the six months ended March 31, 2010.

The Funds are subject to the risk that companies in which the Funds invest will fail financially or otherwise be unwilling or unable to meet their obligations to the Funds. The Funds may use credit default swaps to reduce their credit exposure to issuers of bonds they hold without having to sell the bonds. As a protection buyer, the Funds have the ability to hedge the downside risk of an issuer or group of issuers. As a protection seller, the Funds have the ability to gain exposure to an issuer or group of issuers whose bonds are unavailable or in short supply in the cash bond market, as well as realize additional income in the form of the fees paid by the protection buyer. Global Bond Fund engaged in credit default swap transactions as a protection buyer during the six months ended March 31, 2010.

Each Fund is party to agreements with counterparties that govern transactions in forward foreign currency contracts and swap transactions. These agreements contain contingent features that allow the counterparties to terminate open contracts early if the net asset value of a Fund declines beyond a certain threshold. If such contingent features were to be triggered, the counterparties could request immediate settlement of open contracts at current fair value.

The following is a summary of derivative instruments for Global Bond Fund as of March 31, 2010:


Asset Derivatives		Forwards
Foreign exchange contracts		$1,240,443

Statements of Assets and Liabilities Location		Unrealized appreciation on forward foreign currency contracts


Liability Derivatives		Forwards
Foreign exchange contracts		$ (798,127)

Statements of Assets and Liabilities Location		Unrealized depreciation on forward foreign currency contracts

Transactions in derivative instruments for Global Bond Fund during the six months ended March 31, 2010 were as follows:


Realized Gain (Loss)	Forwards	Swaps
Foreign exchange contracts	$5,074,948	$ —
Credit contracts	—	(790,118)

Statements of Operations Location	Included in Net realized gain (loss) on foreign currency transactions	Net realized gain (loss) on swap agreements

135


Change in Unrealized Appreciation (Depreciation)	Forwards	Swaps
Foreign exchange contracts	$(1,079,229)	$ —
Credit contracts	—	197,561

Statements of Operations Location	Included in Net change in unrealized appreciation (depreciation) on foreign currency translations	Net change in unrealized appreciation (depreciation) on swap agreements

Transactions in derivative instruments for Inflation Protected Securities Fund during the six months ended March 31, 2010 were as follows:


Realized Gain (Loss)		Forwards
Foreign exchange contracts		$1,234

Statements of Operations Location		Included in Net realized gain (loss) on foreign currency transactions


Change in Unrealized Appreciation (Depreciation)		Forwards
Foreign exchange contracts		$(1,234)

Statements of Operations Location		Included in Net change in unrealized appreciation (depreciation) on foreign currency translations

Transactions in derivative instruments for Intermediate Duration Fixed Income Fund during the six months ended March 31, 2010 were as follows:


Realized Gain (Loss)		Futures
Interest rate contracts		$32,937

Statements of Operations Location		Net realized gain (loss) on futures contracts


Change in Unrealized Appreciation (Depreciation)		Futures
Interest rate contracts		$(21,914)

Statements of Operations Location		Net change in unrealized appreciation (depreciation) on futures contracts

Volume of derivative activity for Global Bond Fund, Inflation Protected Securities Fund and Intermediate Duration Fixed Income Fund based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the six months ended March 31, 2010:


	Percentage of Net Assets
Global Bond Fund	Forwards	Swaps
Average Notional Amount Outstanding	5.67%	1.45%
Highest Notional Amount Outstanding	9.37%	1.74%
Lowest Notional Amount Outstanding	3.59%	0.00%
Notional Amount Outstanding as of March 31, 2010	9.37%	0.00%

136

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)


		Percentage of Net Assets

Inflation Protected Securities Fund		Forwards*
Average Notional Amount Outstanding		0.57%
Highest Notional Amount Outstanding		0.00%
Lowest Notional Amount Outstanding		0.00%
Notional Amount Outstanding as of March 31, 2010		0.00%

Intermediate Duration Fixed Income Fund		Futures*
Average Notional Amount Outstanding		0.72%
Highest Notional Amount Outstanding		0.00%
Lowest Notional Amount Outstanding		0.00%
Notional Amount Outstanding as of March 31, 2010		0.00%

* Contracts outstanding at September 30, 2009 were closed during the first month of the period and are included in average notional amount outstanding.

5. Purchases and Sales of Securities. For the six months ended March 31, 2010, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:


	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Bond Fund	$	293,032,225	$	12,572	$	2,222,270,898	$	2,631,417,450
Fixed Income Fund		7,750,681		—		70,230,254		89,569,877
Global Bond Fund		164,052,015		86,280,456		844,603,368		745,673,121
Inflation Protected Securities Fund		3,573,856		2,629,681		34,992		103,000
Institutional High Income Fund		—		—		35,173,061		155,502,805
Intermediate Duration Fixed Income Fund		5,186,428		1,356,277		5,576,333		5,489,633
Investment Grade Fixed Income Fund		—		7,232,914		62,613,443		77,353,482

6. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Separate management agreements for each Fund in effect for the six months ended March 31, 2010, provided for fees at the following annual percentage rates of each Fund’s average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $1 Billion	Next $1 Billion	Next $1 Billion	Next $12 Billion	Over $15 Billion
Bond Fund	0.60%	0.60%	0.60%	0.50%	0.49%
Fixed Income Fund	0.50%	0.50%	0.50%	0.50%	0.50%
Global Bond Fund	0.60%	0.50%	0.48%	0.48%	0.48%
Inflation Protected Securities Fund	0.25%	0.25%	0.25%	0.25%	0.25%
Institutional High Income Fund	0.60%	0.60%	0.60%	0.60%	0.60%
Intermediate Duration Fixed Income Fund	0.25%	0.25%	0.25%	0.25%	0.25%
Investment Grade Fixed Income Fund	0.40%	0.40%	0.40%	0.40%	0.40%

Loomis Sayles has given binding undertakings to the Funds to reduce management fees and/or reimburse certain expenses to limit the Fund’s operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expense. These undertakings are in effect until January 31, 2011 and will be reevaluated on an annual basis. Management fee payables, as reflected on the Statements of Assets and Liabilities, are net of fee reductions and/or expense reimbursements, if any, pursuant to these undertakings.

137

For the six months ended March 31, 2010, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class	Retail Class	Admin Class
Bond Fund	0.70%	0.95%	1.20%
Fixed Income Fund	0.65%	—	—
Global Bond Fund	0.75%	1.00%	—
Inflation Protected Securities Fund	0.40%	—	—
Institutional High Income Fund	0.75%	—	—
Intermediate Duration Fixed Income Fund	0.40%	—	—
Investment Grade Fixed Income Fund	0.55%	—	—

For the six months ended March 31, 2010, the management fees for each Fund were as follows:


Fund	Management Fees		Percentage of Average Daily Net Assets
Bond Fund	$	48,369,372	0.51%
Fixed Income Fund		1,945,866	0.50%
Global Bond Fund		5,657,723	0.55%
Inflation Protected Securities Fund		17,697	0.25%
Institutional High Income Fund		1,268,082	0.60%
Intermediate Duration Fixed Income Fund		37,975	0.25%
Investment Grade Fixed Income Fund		1,036,179	0.40%

For the six months ended March 31, 2010, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Institutional Class		Retail Class		Admin Class		Total
Inflation Protected Securities Fund	$	49,203	$	—	$	—	$	49,203
Intermediate Duration Fixed Income Fund		37,179		—		—		37,179

¹Expense reimbursements are subject to possible recovery until September 30, 2011.

For the six months ended March 31, 2010, expense reimbursements related to the prior fiscal year were recovered as follows:


	Recovered Expenses
Fund	Institutional Class		Retail Class		Admin Class		Total
Bond Fund	$	—	$	356,045	$	17,618	$	373,663
Global Bond Fund		—		98,062		—		98,062

138

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

For the six months ended March 31, 2010, each Fund paid the following for administrative fees to Natixis Advisors:


Fund	Administrative Fees
Bond Fund	$	4,555,417
Fixed Income Fund		188,325
Global Bond Fund		500,075
Inflation Protected Securities Fund		3,426
Institutional High Income Fund		102,272
Intermediate Duration Fixed Income Fund		7,351
Investment Grade Fixed Income Fund		125,359

c. Service and Distribution Fees. Natixis Distributors, L.P. (“Natixis Distributors”), a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trust. Pursuant to this agreement, Natixis Distributors serves as principal underwriter of the Funds of the Trust.

Pursuant to Rule 12b-1 under the 1940 Act, the Bond Fund and the Global Bond Fund have adopted a Distribution Plan relating to each Fund’s Retail Class shares (the “Retail Class Plan”), and the Bond Fund has adopted a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

Under the Admin Class Plan, the Bond Fund pays Natixis Distributors a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Admin Class shares, as compensation for services provided by Natixis Distributors in connection with the marketing or sale of Admin Class shares or for payments made by Natixis Distributors to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Admin Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

In addition, the Admin Class shares of the Bond Fund may pay Natixis Distributors an administrative service fee, at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

For the six months ended March 31, 2010, the Funds paid the following service and distribution fees:


	Service Fees				Distribution Fees
Fund	Retail Class		Admin Class		Retail Class		Admin Class
Bond Fund	$	—	$	292,894	$	9,787,143	$	292,894
Global Bond Fund		—		—		1,221,380		—

139

customers were registered directly with the Funds’ transfer agent. Accordingly, the Funds agreed to pay a portion of the intermediary fees attributable to shares of the Fund held by the intermediaries (which generally is a percentage of the value of shares held) not exceeding what the Funds would have paid its transfer agent had each customer’s shares been registered directly with the transfer agent instead of held through the intermediaries. Natixis Distributors pays the remainder of the fees.

For the six months ended March 31, 2010, the Funds paid the following sub-transfer agent fees, which are reflected in transfer agent fees and expenses in the Statements of Operations.


	Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class		Admin Class
Bond Fund	$	2,317,782	$	3,049,520	$	110,673
Fixed Income Fund		—		—		—
Global Bond Fund		135,266		454,166		—
Inflation Protected Securities Fund		2,864		—		—
Institutional High Income Fund		2,502		—		—
Intermediate Duration Fixed Income Fund		419		—		—
Investment Grade Fixed Income Fund		—		—		—

e. Trustees Fees and Expenses. The Funds do not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distributors, Natixis US or their affiliates. Effective January 1, 2010, the Chairperson of the Board receives a retainer fee at the annual rate of $250,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $80,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairman receives an additional retainer fee at an annual rate of $15,000. Each Contract Review and Governance Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $7,500 for each Committee meeting that he or she attends in person and $3,750 for each meeting that he or she attends telephonically. Each member of the ad hoc Committee on Alternative Investments received a one-time fee of $10,000. The ad hoc Committee on Alternative Investments is not a standing committee. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2010, the Chairperson of the Board received a retainer fee at the annual rate of $200,000. The Chairperson did not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attended. Each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $65,000. Each Independent Trustee also received a meeting attendance fee of $7,500 for each meeting of the Board of Trustees that he or she attended in person and $3,750 for each meeting of the Board of Trustees that he or she attended telephonically. In addition, each committee chairman received an additional retainer fee at an annual rate of $10,000. Each Contract Review and Governance Committee member was compensated $5,000 for each Committee meeting that he or she attended in person and $2,500 for each meeting that he or she attended telephonically. Each Audit Committee member was compensated $6,250 for each Committee meeting that he or she attended in person and $3,125 for each meeting that he or she attended telephonically.

f. Payments by Affiliates. For the six months ended March 31, 2010, Loomis Sayles reimbursed the Bond Fund and Institutional High Income Fund $111,332 and $2,783, respectively, for losses incurred in connection with a trading error.

140

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

7. Class-Specific Expenses. For the six months ended March 31, 2010, the Funds paid the following class-specific transfer agent fees and expenses (including sub-transfer agent fees):


	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Admin Class
Bond Fund	$	2,487,526	$	3,589,530	$	114,773
Fixed Income Fund		1,429		—		—
Global Bond Fund		139,917		485,774		—
Inflation Protected Securities Fund		3,653		—		—
Institutional High Income Fund		3,844		—		—
Intermediate Duration Fixed Income Fund		657		—		—
Investment Grade Fixed Income Fund		1,036		—		—

8. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and the Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each Fund that participates in the line of credit. Interest is charged to each participating fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2010, the Funds had no borrowings under these agreements.

9. Concentration of Risk. Each Fund may purchase investments of foreign issuers. Investing in securities of foreign issuers involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. Government. These risks include revaluation of currencies and the risk of expropriation. Moreover, the markets for securities of many foreign issuers may be less liquid and the prices of such securities may be more volatile than those of comparable U.S. companies and the U.S. Government.

10. Concentration of Ownership. At March 31, 2010, Loomis Sayles Distributors, L.P. and Loomis Sayles Trust Co. LLC owned 253,748 shares, equal to 17.83% of Inflation Protected Securities Fund’s shares outstanding. At March 31, 2010, Loomis Sayles Funded Pension Plan and Trust and Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of beneficial interest in the Funds as follows:


Fund	Pension Plan		Profit Sharing Retirement Plan
Bond Fund	$	953,963	$	2,151,095
Fixed Income Fund		—		—
Global Bond Fund		—		460,861
Inflation Protected Securities Fund		—		291,081
Institutional High Income Fund		—		1,288,427
Intermediate Duration Fixed Income Fund		—		55,828
Investment Grade Fixed Income Fund		—		—

From time to time, the Funds may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have material impacts on the Funds. As of March 31, 2010, certain Funds had shareholders that held greater than 5% of the fund’s outstanding shares. Such ownership may be beneficially held by

141

individuals or entities other than the owner of record. The number of greater than 5% shareholders and the aggregate percentage of net assets represented by such ownership was as follows:


Fund	Number of Greater Than 5% Shareholders	Percentage of Ownership
Fixed Income Fund	3	18.30%
Global Bond Fund	1	9.77%
Inflation Protected Securities Fund	3	23.80%
Institutional High Income Fund	2	10.56%
Intermediate Duration Fixed Income Fund	4	88.91%
Investment Grade Fixed Income Fund	4	32.69%

11. Capital Shares. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:


	Bond Fund

	Six Months Ended March 31, 2010					Year Ended September 30, 2009

Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	127,766,300		$	1,705,394,940		447,762,869		$	4,881,257,039
Issued in connection with the reinvestment of distributions	21,210,947			283,260,609		54,809,548			585,511,507
Issued from subscriptions-in-kind*	—			—		2,661,512			27,012,678
Redeemed	(188,217,120	)		(2,507,113,893	)	(310,096,324	)		(3,370,767,748	)

Net change	(39,239,873	)	$	(518,458,344	)	195,137,605		$	2,123,013,476

Issued in exchange for portfolio securities contributed to the Fund in-kind by shareholders on February 11, 2009 and March 6, 2009. Contributions included $8,628,801 of securities and $120,933 in receivables on February 11, 2009, and $17,854,274 of securities and $408,670 in receivables on March 6, 2009. These securities contributed on both dates were part of a portfolio that was previously managed by Loomis Sayles.



Retail Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	85,477,108		$	1,141,153,059		262,029,984		$	2,844,963,241
Issued in connection with the reinvestment of distributions	15,886,787			211,461,547		45,692,554			482,421,382
Redeemed	(104,486,984	)		(1,393,384,305	)	(296,153,704	)		(3,178,299,099	)

Net change	(3,123,089	)	$	(40,769,699	)	11,568,834		$	149,085,524


Admin Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	3,428,540		$	45,574,958		6,268,750		$	68,449,514
Issued in connection with the reinvestment of distributions	437,031			5,804,546		1,328,590			13,943,089
Redeemed	(3,207,770	)		(42,483,949	)	(7,894,921	)		(85,275,059	)

Net change	657,801		$	8,895,555		(297,581	)	$	(2,882,456	)

Increase (decrease) from capital share transactions	(41,705,161	)	$	(550,332,488	)	206,408,858		$	2,269,216,544

142

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)


	Fixed Income Fund

	Six Months Ended March 31, 2010					Year Ended September 30, 2009

Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	3,949,580		$	51,634,810		12,051,705		$	127,636,419
Issued in connection with the reinvestment of distributions	2,880,044			36,461,361		5,247,998			48,963,816
Redeemed	(6,411,128	)		(83,675,519	)	(9,798,873	)		(111,769,348	)

Increase (decrease) from capital share transactions	418,496		$	4,420,652		7,500,830		$	64,830,887


	Global Bond Fund

	Six Months Ended March 31, 2010					Year Ended September 30, 2009

Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	14,053,535		$	227,002,898		19,335,028		$	274,432,928
Issued in connection with the reinvestment of distributions	1,406,240			22,657,900		3,749,367			50,235,682
Issued from subscriptions-in-kind*	—			—		6,336,840			91,884,176
Redeemed	(8,679,085	)		(140,108,093	)	(45,498,904	)		(622,417,697	)

Net change	6,780,690		$	109,552,705		(16,077,669	)	$	(205,864,911	)

*	Issued in exchange for portfolio securities contributed to the Fund in-kind by shareholders on June 11, 2009. Contributions included $90,341,115 of securities and $1,543,061 in receivables. These securities contributed were part of a portfolio that was previously managed by Loomis Sayles.



Retail Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	15,213,936		$	243,806,181		19,906,248		$	283,551,918
Issued in connection with the reinvestment of distributions	1,269,824			20,290,543		3,660,217			48,438,738
Redeemed	(11,857,336	)		(189,235,558	)	(41,022,745	)		(552,609,501	)

Net change	4,626,424		$	74,861,166		(17,456,280	)	$	(220,618,845	)

Increase (decrease) from capital share transactions	11,407,114		$	184,413,871		(33,533,949	)	$	(426,483,756	)


	Inflation Protected Securities Fund

	Six Months Ended March 31, 2010					Year Ended September 30, 2009

Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	523,007		$	5,570,448		390,294		$	3,782,304
Issued in connection with the reinvestment of distributions	19,227			203,650		12,682			124,583
Redeemed	(454,770	)		(4,833,308	)	(693,739	)		(6,657,359	)

Increase (decrease) from capital share transactions	87,464		$	940,790		(290,763	)	$	(2,750,472	)

143


	Institutional High Income Fund

	Six Months Ended March 31, 2010					Year Ended September 30, 2009

Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	4,678,636		$	35,003,496		39,568,017		$	226,395,012
Issued in connection with the reinvestment of distributions	3,532,180			25,502,337		3,472,385			16,528,551
Redeemed	(22,149,785	)		(165,813,471	)	(12,239,881	)		(73,272,876	)

Increase (decrease) from capital share transactions	(13,938,969	)	$	(105,307,638	)	30,800,521		$	169,650,687


	Intermediate Duration Fixed Income Fund

	Six Months Ended March 31, 2010					Year Ended September 30, 2009

Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	333,242		$	3,356,550		100,635		$	921,405
Issued in connection with the reinvestment of distributions	56,158			565,879		127,709			1,149,588
Redeemed	(59,687	)		(599,743	)	(1,067,803	)		(9,409,096	)

Increase (decrease) from capital share transactions	329,713		$	3,322,686		(839,459	)	$	(7,338,103	)


	Investment Grade Fixed Income Fund

	Six Months Ended March 31, 2010					Year Ended September 30, 2009

Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	2,137,955		$	26,986,539		20,294,294		$	215,850,024
Issued in connection with the reinvestment of distributions	817,108			10,272,520		2,114,771			22,338,478
Redeemed	(5,761,289	)		(72,151,619	)	(4,465,866	)		(50,432,732	)

Increase (decrease) from capital share transactions	(2,806,226	)	$	(34,892,560	)	17,943,199		$	187,755,770

12. Subsequent Event. Effective on or about May 28, 2010, Loomis Sayles Intermediate Duration Fixed Income Fund will change its name to Loomis Sayles Intermediate Duration Bond Fund, and the Fund’s principal investment strategies will be amended to limit the Fund’s holdings of non-investment grade securities to 10% of the Fund’s net assets and to eliminate the Fund’s ability to invest in non-U.S. dollar denominated securities.

144

LOGO

Loomis Sayles High Income Opportunities Fund

Loomis Sayles Securitized Asset Fund



TABLE OF CONTENTS

Fund and Manager Review		1

Portfolio of Investments		6

Statements of Assets and Liabilities		23

Statements of Operations		24

Statements of Changes in Net Assets		25

Financial Highlights		27

Notes to Financial Statements		29

SEMI-ANNUAL REPORT

MARCH 31, 2010 (Unaudited)

FUND AND MANAGER REVIEW

Loomis Sayles High Income Opportunities Fund

LOGO

Matthew Eagan, CFA

Manager Since April 2004

LOGO

Kathleen Gaffney, CFA

Manager Since April 2004

LOGO

Dan Fuss, CFA, CIC

Manager Since April 2004

LOGO

Elaine Stokes

Manager Since April 2004

KEY FUND FACTS

Symbol | LSIOX

Objective | High current income. Capital appreciation is the Fund’s secondary objective.

Strategy | Invests substantially all of its assets, and may invest up to 100% of its assets, in high income securities. High income securities are fixed-income securities that Loomis Sayles believes have the potential to generate relatively high levels of current income.

Fund Inception Date | 4/12/04

Total Net Assets | $64.6 million

PORTFOLIO REVIEW

The momentum of the high-yield rally that emerged in early-2009 carried through the final quarter of the year and into the first three months of 2010. Strong fundamentals and improving economic prospects continued to fuel investor appetites for risk. Spreads among high-yield securities continued to narrow toward long-term averages, as technical strength, improved maturity profiles and cost-cutting initiatives among highly leveraged companies helped valuations. Additionally, declining default projections helped improve investor confidence, as primary markets continued to provide ample supply.

For the six months ended March 31, 2010, Loomis Sayles High Income Opportunities Fund returned 11.91%. The fund outperformed its benchmark, the Barclays Capital U.S. Corporate High-Yield Bond Index, which returned 11.10% for the period.

WHAT WAS THE PRIMARY REASON FOR THE FUND’S OUTPERFORMANCE?

Favorable security selection primarily accounted for the fund’s outperformance relative to its benchmark. In particular, strong credit selection among below investment-grade industrials contributed the most to overall portfolio performance, and our high-yield holdings in the consumer cyclical, non-cyclical and basic industry sectors continued to drive excess performance.

WHICH FACTORS POSITIVELY CONTRIBUTED TO THE FUND’S PERFORMANCE?

Security selection within convertibles contributed significantly to portfolio performance, propelled by the strong underlying equity performance of our automotive and pharmaceutical holdings. In addition, out-of-benchmark allocations to investment-grade financials and commercial mortgage-backed securities also helped boost relative performance. Our maturity strategy also was effective, as efforts to trade shorter-term maturities in favor of intermediate-term maturities helped boost the fund’s yield.

WHICH FACTORS DETRACTED FROM THE FUND’S RESULTS?

Although returns from below investment-grade financial, banking and insurance credits were positive throughout the period, our underweight allocations dragged down relative performance. In addition, a steepening yield curve weighed on returns. From a broader perspective, uncertainty surrounding credit issues in Greece and Dubai created high levels of volatility during the period.

WHAT IS YOUR OUTLOOK?

opinion, there remains ample opportunity for corporate bond yield spreads to tighten further. Within corporate credit, we are advocating a strategy of specific (fundamental credit) risk instead of market (interest rate) risk. We continue to see opportunity in the convertible market and have focused on increasing our exposure. We continue to add opportunistically to non-U.S.-dollar-denominated securities, with a focus on credits and countries in which we anticipate fundamental improvements will continue to emerge. We believe that in a rising-rate environment, research and security selection will continue to prove key to successful portfolio management.

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2010


6 Months		1 Year		5 Years		Since Inception^(a)

Loomis Sayles High Income Opportunities Fund
11.91	%	59.90	%	7.44	%	8.08	%

Barclays Capital U.S. Corporate High-Yield Bond Index^(b)
11.10		56.18		7.78		7.62

Lipper High Current Yield Funds Index^(b)
10.76		51.20		5.52		5.75

Expense Ratio^(c)
Institutional Class: 0.00%

CUMULATIVE PERFORMANCE

Inception to March 31, 2010

Data quoted reflects past performance and cannot guarantee future results. Total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than quoted.

Returns do not reflect the taxes that a shareholder would pay on fund distributions or the redemption of shares. Periods of less than one year are not annualized.

(a) Since Index performance data is not available coincident with the fund’s inception date, the beginning value of the Index is the value of the month-end closest to the fund’s inception date. (b) See page 5 for a description of the Indices. (c) The amount shown under Expense Ratio is 0.00% to reflect the fact that the fund does not pay any advisory, administration or distribution and service fees, and that Loomis Sayles has agreed to pay certain expenses of the fund.

WHAT YOU SHOULD KNOW

High yield securities are subject to a high degree of market and credit risk. The secondary market for these securities may lack liquidity, which may adversely affect the value of the Fund. Securities issued by U.S. government agencies are not insured by and may not be guaranteed by the U.S. government.

Because the fund can invest a significant percentage of assets in foreign securities, the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the U.S. dollar and foreign currencies may cause the value of a fund’s investments to decline. Funds that invest in securities denominated in, or receive revenues in, foreign currency are subject to currency risk. Accordingly, the purchase of fund shares should be viewed as a long-term investment.

Because the fund can invest a significant percentage of assets in debt securities that are rated below investment grade, the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. These events could reduce or eliminate the capacity of issuers of these securities to make principal and interest payments. Lower-rated debt securities have speculative characteristics because of the credit risk of their issuers and may be subject to greater price volatility than higher-rated investments. In addition, the secondary market for these securities may lack liquidity which, in turn, may adversely affect the value of these securities and that of the fund. Accordingly, the purchase of fund shares should be viewed as a long-term investment.

FUND AND MANAGER REVIEW

Loomis Sayles Securitized Asset Fund

LOGO

Clifton Rowe, CFA

Manager since March 2006

LOGO

Fan Hu, CFA

Manager since April 2006

(see special note on pg4)

LOGO

Alessandro Pagani, CFA

Manager since February 2010

KEY FUND FACTS

Symbol | LSSAX

Objective | High level of current income consistent with capital preservation.

Strategy | Invest at least 80% of its net assets (plus any borrowings made for investment purposes) in a diversified portfolio of securitized assets, such as mortgage-backed and other asset-backed securities.

Fund Inception Date | 3/2/06

Total Net Assets | $646.8 million

PORTFOLIO REVIEW

Mounting concerns about real estate values and the mortgage market caused mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) to become significantly undervalued during the first two quarters of 2009. In particular, MBS and CMBS issued by non-government-sponsored entities (GSEs) suffered the most, because they did not benefit from implied government support. Beginning in mid-2009 and continuing through the first quarter of 2010, investors began to recognize compelling values among these securities. As a result, risk preferences shifted away from safety and toward higher-quality non-GSE securities, and a rally ensued among non-GSE issues. CMBS posted robust returns, as weak fundamentals were less dire than prior expectations and as future expectations continued to improve. CMBS continued to see good demand coupled with low supply, which bolstered price movement leading to significant gains throughout the period.

For the six months ended March 31, 2010, Loomis Sayles Securitized Asset Fund returned 8.67%. The fund outperformed its benchmark, the Barclays Capital U.S. Securitized Bond Index, which returned 2.94% for the period.

WHAT WAS THE PRIMARY REASON FOR THE FUND’S OUTPERFORMANCE?

The fund’s holdings in sectors offering yield advantages relative to Treasuries, such as CMBS, ABS and non-GSE MBS, made the greatest contributions to performance.

WHICH FACTORS POSITIVELY CONTRIBUTED TO THE FUND’S PERFORMANCE?

A combination of rising prices and significant yield advantages led to strong overall performance. In addition, our consumer ABS, backed by automobile and credit card loans, performed well as loan delinquencies stabilized at a level that we believe is well within the credit support provided by these securities. Our overweighted positions in CMBS and ABS also contributed to the fund’s outperformance.

WHICH FACTORS DETRACTED FROM THE FUND’S RESULTS?

Although we reduced our position in GSE MBS, exposure to this sector detracted from performance. As risk appetites improved, investors shifted away from lower-risk GSE MBS, causing these securities to underperform on a relative basis. In addition, our position in longer-term securities detracted from results. Yields among securities with maturities of 10 years and longer increased more than yields on shorter-term (one- to seven-year) securities.

WHAT IS YOUR OUTLOOK?

Looking ahead, we expect our mortgage positions to benefit from a relatively stable interest-rate environment.

Our forecast calls for interest rates to increase gradually over the intermediate term. We will continue to take advantage of the steep yield curve, focusing on capturing income opportunities rather than price appreciation. We are maintaining our overweights in CMBS and ABS. Although we expect fundamental weakness to persist in the mortgage and consumer loan markets, we believe that the securities we hold are well protected from credit risk through credit enhancements and that they offer compelling value and attractive yields.

Special Note: Effective May 10, 2010, Fan Hu has left her position as Co-Portfolio Manager of the Fund.

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2010


6 Months	1 Year		3 Years		Since Inception^{^(a)}

Loomis Sayles Securitized Asset Fund
8.67%	26.96	%	7.90	%	7.40	%

Barclays Capital U.S. Securitized Bond Index^(b)
2.94	7.99		6.55		6.28

Lipper U.S. Mortgage Funds Index^(b)
2.94	8.82		5.52		5.45

Expense Ratio^(c)
Institutional Class: 0.00%

CUMULATIVE PERFORMANCE

Inception to March 31, 2010

LOGO

Returns do not reflect the taxes that a shareholder would pay on fund distributions or the redemption of shares. Periods of less than one year are not annualized.

(a) Since index performance data is not available coincident with the fund’s inception date, the beginning value of the Index is the value of the month-end closest to the fund’s inception date. (b) See page 5 for a description of the indices. (c) The amount shown under Expense Ratio is 0.00% to reflect the fact that the fund does not pay any advisory, administration or distribution and service fees, and that Loomis Sayles has agreed to pay certain expenses of the fund.

WHAT YOU SHOULD KNOW

High-yield securities are subject to a high degree of market and credit risk. The secondary market for these securities may lack liquidity, which may adversely affect the value of the fund. Securities issued by U.S. government agencies are not insured by and may not be guaranteed by the U.S. government.

ADDITIONAL INFORMATION

Index Definitions

Lipper High Current Yield Funds Index is an unmanaged index which tracks the average performance of the 30 largest high current yield funds according to Lipper Inc.

Lipper U.S. Mortgage Funds Index is an unmanaged index which tracks the average performance of the 30 largest U.S. mortgage funds according to Lipper Inc.

Source: Lipper, Inc.

Barclays Capital U.S. Corporate High-Yield Bond Index is an unmanaged index that covers the U.S.-dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market.

Barclays Capital U.S. Securitized Bond Index is an unmanaged index of asset-backed securities, collateralized mortgage-backed securities (ERISA-eligible), and fixed-rate mortgage-backed securities.

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis Sayles at 800-633-3330; (ii) on the Funds’ website, www.loomissayles.com, and (iii) on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2009 is available on (i) the Funds’ website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

UNDERSTANDING FUND EXPENSES

Typically, mutual fund shareholders incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution fees (12b-1 fees), and other fund expenses. However, the Funds are unlike other mutual funds; they do not charge any fees or expenses.

You should be aware that shares in the Funds are available only to institutional investment advisory clients of Loomis, Sayles & Company, L.P. (“Loomis Sayles”) and Natixis Asset Management Advisors, L.P. (“Natixis Advisors”) and to participants in “wrap fee” programs sponsored by broker dealers and investment advisers that may be affiliated or unaffiliated with the Funds, Loomis Sayles or Natixis Advisors. The institutional investment advisory clients of Loomis Sayles and Natixis Advisors pay Loomis Sayles or Natixis Advisors a fee for their investment advisory services, while participants in “wrap fee” programs pay a “wrap fee” to the program’s sponsor. The “wrap fee” program sponsors, in turn, pay a fee to Natixis Advisors. “Wrap fee” program participants should read carefully the wrap fee brochure provided to them by their program’s sponsor and the fees paid by such sponsor to Natixis Advisors. Shareholders pay no additional fees or expenses to purchase shares of the Funds. However, shareholders will indirectly pay a proportionate share of those costs, such as brokerage commissions, taxes and extraordinary expenses, that are borne by the Funds through a reduction in each Fund’s net asset value.

The first line in each Fund’s table below shows the actual amount of Fund expenses ($0) you would have paid on a $1,000 investment in the Fund from October 1, 2009 through March 31, 2010. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual Fund returns and expenses.

The second line in each Fund’s table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio (0%) and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Loomis Sayles High Income Opportunities Fund


Institutional Class	Beginning Account Value 10/1/2009	Ending Account Value 3/31/2010	Expenses Paid During Period* 10/1/2009 – 3/31/2010
Actual	$1,000.00	$1,119.10	$0.00
Hypothetical (5% return before expenses)	$1,000.00	$1,024.93	$0.00
* Expenses are equal to the Fund’s annualized expense ratio: 0.00%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Securitized Asset Fund


Institutional Class	Beginning Account Value 10/1/2009	Ending Account Value 3/31/2010	Expenses Paid During Period* 10/1/2009 – 3/31/2010
Actual	$1,000.00	$1,086.70	$0.00
Hypothetical (5% return before expenses)	$1,000.00	$1,024.93	$0.00
* Expenses are equal to the Fund’s annualized expense ratio: 0.00%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund


	Principal Amount		Value (†)


BONDS AND NOTES – 95.0% of Net Assets

NON-CONVERTIBLE BONDS – 84.1%

ABS Car Loan – 0.4%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 7.750%, 5/15/2016	$	60,000	$	58,800
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 9.625%, 3/15/2018, 144A		170,000		177,650

				236,450

ABS Home Equity – 1.2%
Asset Backed Funding Certificates, Series 2006-HE1, Class A2B, 0.356%, 1/25/2037(b)		250,000		121,534
Fremont Home Loan Trust, Series 2004-D, Class M2, 0.846%, 11/25/2034(b)		250,000		152,871
GSAMP Trust, Series 2006-HE5, Class A2C, 0.396%, 8/25/2036(b)		275,000		107,379
Park Place Securities, Inc., Series 2005-WCW3, Class M1, 0.726%, 8/25/2035(b)		450,000		211,716
Park Place Securities, Inc., Series 2004-WCW2, Class M2, 0.896%, 10/25/2034(b)		75,000		42,102
Structured Asset Securities Corp., Series 2007-EQ1, Class A2, 0.336%, 3/25/2037(b)		223,172		141,789

				777,391

ABS Other – 0.1%
Diamond Resorts Owner Trust, Series 2009-1, Class B, 12.000%, 3/20/2026, 144A		85,038		79,023

Aerospace & Defense – 1.3%
Bombardier, Inc., 7.450%, 5/01/2034, 144A		885,000		814,200

Airlines – 3.2%
American Airlines Pass Through Trust, Series 1993-A6, 8.040%, 9/16/2011		48,908		46,463
Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		164,911		162,850
Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		50,324		48,562
Continental Airlines Pass Through Trust, Series 1998-1, Class B, 6.748%, 9/15/2018		117,894		113,768
Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		128,161		119,510
Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		14,398		13,678
Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		67,283		63,583
Delta Air Lines, Inc., 9.500%, 9/15/2014, 144A		220,000		231,275
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		210,674		210,674
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		651,730		599,591
Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 11/01/2017		481,891		440,820

				2,050,774

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Automotive – 3.1%
Cummins, Inc., 6.750%, 2/15/2027	$	139,000	$	132,672
Ford Motor Co., 6.625%, 2/15/2028		165,000		138,600
Ford Motor Co., 7.125%, 11/15/2025		35,000		29,837
Ford Motor Co., 7.450%, 7/16/2031		775,000		732,375
Ford Motor Co., 7.500%, 8/01/2026		110,000		97,625
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		225,000		237,065
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		320,000		276,000
Goodyear Tire & Rubber Co. (The), 10.500%, 5/15/2016		125,000		135,000
TRW Automotive, Inc., 7.250%, 3/15/2017, 144A		200,000		193,000

				1,972,174

Building Materials – 1.7%
Masco Corp., 4.800%, 6/15/2015		110,000		106,122
Masco Corp., 6.500%, 8/15/2032		155,000		133,036
Owens Corning, Inc., 7.000%, 12/01/2036		130,000		127,372
Texas Industries, Inc., 7.250%, 7/15/2013		70,000		68,775
USG Corp., 6.300%, 11/15/2016		720,000		644,400
USG Corp., 9.500%, 1/15/2018		30,000		30,338

				1,110,043

Chemicals – 1.6%
Georgia Gulf Corp., 9.000%, 1/15/2017, 144A		60,000		62,775
Hercules, Inc., 6.500%, 6/30/2029		675,000		540,000
Koppers, Inc., 7.875%, 12/01/2019, 144A		110,000		113,300
LBI Escrow Corp., 8.000%, 11/01/2017, 144A		165,000		171,188
Methanex Corp., 6.000%, 8/15/2015		150,000		135,539

				1,022,802

Collateralized Mortgage Obligations – 2.6%
Adjustable Rate Mortgage Trust, Series 2005-10, Class 5A1, 0.506%, 1/25/2036(b)		174,629		101,701
Banc America Alternative Loan Trust, Series 2005-10, Class 1CB1, 0.646%, 11/25/2035(b)		81,863		52,184
Banc of America Funding Corp., Series 2005-5, Class 1A11, 5.500%, 9/25/2035		150,754		132,499
Bear Stearns Alt-A Trust, Series 2005-5, Class 1A1, 0.466%, 7/25/2035(b)		104,983		69,786
GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 3.399%, 11/25/2035(b)		174,911		148,745
Impac CMB Trust, Series 2005-3, Class A1, 0.486%, 8/25/2035(b)		211,830		138,871
Lehman Mortgage Trust, Series 2005-3, Class 1A6, 0.746%, 1/25/2036(b)		276,926		174,423
Lehman Mortgage Trust, Series 2006-6, Class 5A1, 0.746%, 12/25/2036(b)		225,928		163,315
Lehman Mortgage Trust, Series 2007-8, Class 2A1, 6.500%, 9/25/2037		309,178		225,700
Master Adjustable Rate Mortgages Trust, Series 2005-2, Class 5A1, 3.004%, 3/25/2035(b)		126,193		105,733
Morgan Stanley Mortgage Loan Trust, Series 2007-15AR, Class 2A1, 5.632%, 11/25/2037(b)		216,942		144,203
Residential Accredit Loans, Inc., Series 2006-QA9, Class A1, 0.426%, 11/25/2036(b)		427,174		213,659

				1,670,819

See accompanying notes to financial statements.


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Commercial Mortgage-Backed Securities – 1.2%
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.867%, 4/10/2049(b)	$	50,000	$	47,990
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		100,000		96,349
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.908%, 6/11/2040(b)		25,000		24,678
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.998%, 9/15/2039(b)		100,000		90,955
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 6.006%, 6/15/2049(b)		450,000		431,504
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		100,000		96,335

				787,811

Construction Machinery – 1.2%
Oshkosh Corp., 8.250%, 3/01/2017, 144A		65,000		67,112
RSC Equipment Rental, Inc./RSC Holdings III LLC, 10.250%, 11/15/2019, 144A		180,000		180,450
Terex Corp., 8.000%, 11/15/2017		140,000		136,150
United Rentals North America, Inc., 7.000%, 2/15/2014		400,000		370,000

				753,712

Consumer Cyclical Services – 0.0%
KAR Auction Services, Inc., 10.000%, 5/01/2015		4,000		4,200

Consumer Products – 0.0%
Jostens IH Corp., 7.625%, 10/01/2012		25,000		25,063

Electric – 6.0%
AES Corp. (The), 8.000%, 10/15/2017		20,000		20,300
AES Corp. (The), 8.000%, 6/01/2020		325,000		323,781
CE Generation LLC, 7.416%, 12/15/2018		54,750		55,372
Dynegy Holdings, Inc., 7.125%, 5/15/2018		195,000		138,450
Dynegy Holdings, Inc., 7.625%, 10/15/2026		325,000		208,000
Dynegy Holdings, Inc., 7.750%, 6/01/2019		350,000		264,250
Dynegy Holdings, Inc., 8.375%, 5/01/2016		280,000		232,400
Edison Mission Energy, 7.625%, 5/15/2027		525,000		336,000
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		460,000		239,200
NSG Holdings LLC, 7.750%, 12/15/2025, 144A		355,000		319,500
RRI Energy, Inc., 7.875%, 6/15/2017		345,000		309,638
TXU Corp., Series P, 5.550%, 11/15/2014		160,000		116,800
TXU Corp., Series Q, 6.500%, 11/15/2024		1,415,000		735,800
TXU Corp., Series R, 6.550%, 11/15/2034		515,000		265,225
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)		365,000		311,772

				3,876,488

Food & Beverage – 0.2%
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A		110,000		116,050

Gaming – 0.7%
MGM MIRAGE, 7.500%, 6/01/2016		290,000		241,425
MGM MIRAGE, 7.625%, 1/15/2017		145,000		120,712
MGM MIRAGE, 9.000%, 3/15/2020, 144A		115,000		118,450

				480,587

Government Owned – No Guarantee – 0.4%
DP World Ltd., 6.850%, 7/02/2037, 144A		300,000		257,614

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Healthcare – 6.0%
HCA, Inc., 5.750%, 3/15/2014	$	15,000	$	14,156
HCA, Inc., 6.375%, 1/15/2015		510,000		484,500
HCA, Inc., 6.500%, 2/15/2016		720,000		683,100
HCA, Inc., 7.050%, 12/01/2027		430,000		367,650
HCA, Inc., 7.500%, 12/15/2023		30,000		27,450
HCA, Inc., 7.500%, 11/06/2033		840,000		730,800
HCA, Inc., 7.690%, 6/15/2025		160,000		148,000
HCA, Inc., 8.360%, 4/15/2024		40,000		37,900
HCA, Inc., MTN, 7.580%, 9/15/2025		200,000		181,000
HCA, Inc., MTN, 7.750%, 7/15/2036		20,000		17,600
Quintiles Transnational Corp., 9.500%, 12/30/2014, 144A(d)		330,000		336,600
Tenet Healthcare Corp., 6.875%, 11/15/2031		1,015,000		827,225

				3,855,981

Home Construction – 2.9%
Corporacion GEO SAB de CV, 8.875%, 9/25/2014, 144A		175,000		187,687
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		305,000		309,575
KB Home, 5.875%, 1/15/2015		390,000		369,525
KB Home, 6.250%, 6/15/2015		265,000		254,400
KB Home, 7.250%, 6/15/2018		290,000		277,675
Pulte Group, Inc., 6.000%, 2/15/2035		475,000		368,125
Pulte Group, Inc., 6.375%, 5/15/2033		100,000		80,000

				1,846,987

Independent Energy – 4.7%
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		595,000		587,562
Pioneer Natural Resources Co., 5.875%, 7/15/2016		20,000		19,681
Pioneer Natural Resources Co., 6.875%, 5/01/2018		260,000		259,855
Pioneer Natural Resources Co., 7.200%, 1/15/2028		1,640,000		1,550,899
Swift Energy Co., 7.125%, 6/01/2017		620,000		589,000

				3,006,997

Industrial Other – 0.7%
Chart Industries, Inc., 9.125%, 10/15/2015		305,000		304,238
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A		155,000		143,375

				447,613

Lodging – 0.6%
Host Marriott LP, Series O, 6.375%, 3/15/2015		50,000		49,625
Royal Caribbean Cruises Ltd., 7.250%, 6/15/2016		315,000		311,063

				360,688

Media Cable – 2.1%
CSC Holdings LLC, 7.625%, 7/15/2018		640,000		668,800
Virgin Media Finance PLC, 8.375%, 10/15/2019		300,000		308,250
Virgin Media Finance PLC, 8.750%, 4/15/2014		183,000		187,346
Virgin Media Finance PLC, 9.125%, 8/15/2016		175,000		185,938

				1,350,334

Media Non-Cable – 0.9%
Intelsat Corp., 6.875%, 1/15/2028		235,000		202,100
Intelsat Subsidiary Holding Co. SA, 8.500%, 1/15/2013		405,000		411,075

				613,175

See accompanying notes to financial statements.


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Metals & Mining – 1.4%
Prime Dig Pte Ltd., 11.750%, 11/03/2014, 144A	$	400,000	$	433,000
Steel Dynamics, Inc., 6.750%, 4/01/2015		130,000		130,975
United States Steel Corp., 6.050%, 6/01/2017		80,000		77,000
United States Steel Corp., 6.650%, 6/01/2037		275,000		236,500

				877,475

Non-Captive Consumer – 2.9%
SLM Corp., Series A, MTN, 5.000%, 6/15/2018		65,000		53,633
SLM Corp., Series A, MTN, 5.625%, 8/01/2033		850,000		655,881
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		1,135,000		1,147,895

				1,857,409

Non-Captive Diversified – 5.1%
CIT Group, Inc., 7.000%, 5/01/2016		45,000		41,513
CIT Group, Inc., 7.000%, 5/01/2017		190,000		175,275
GMAC, Inc., 6.750%, 12/01/2014		1,375,000		1,368,125
GMAC, Inc., 6.875%, 8/28/2012		41,000		41,564
GMAC, Inc., 7.000%, 2/01/2012		63,000		64,102
GMAC, Inc., 7.250%, 3/02/2011		63,000		64,102
GMAC, Inc., 8.000%, 11/01/2031		331,000		316,105
GMAC, Inc., 8.300%, 2/12/2015, 144A		95,000		99,750
International Lease Finance Corp., Series Q, MTN, 5.250%, 1/10/2013		330,000		314,619
International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		185,000		171,459
International Lease Finance Corp., Series R, MTN, 6.625%, 11/15/2013		340,000		330,912
iStar Financial, Inc., 5.150%, 3/01/2012		130,000		113,750
iStar Financial, Inc., 5.650%, 9/15/2011		45,000		41,063
iStar Financial, Inc., 5.800%, 3/15/2011		20,000		18,975
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		190,000		152,000

				3,313,314

Oil Field Services – 1.4%
Basic Energy Services, Inc., 7.125%, 4/15/2016		680,000		591,600
Complete Production Services, Inc., 8.000%, 12/15/2016		35,000		34,650
North American Energy Partners, Inc., 8.750%, 12/01/2011		5,000		5,000
Parker Drilling Co., 9.125%, 4/01/2018, 144A		65,000		66,544
Pioneer Drilling Co., 9.875%, 3/15/2018, 144A		235,000		232,650

				930,444

Paper – 2.4%
Fibria Overseas Finance Ltd., 9.250%, 10/30/2019, 144A		125,000		142,500
Georgia-Pacific LLC, 7.250%, 6/01/2028		215,000		212,850
Georgia-Pacific LLC, 7.375%, 12/01/2025		495,000		492,525
Westvaco Corp., 7.950%, 2/15/2031		190,000		205,291
Westvaco Corp., 8.200%, 1/15/2030		455,000		500,167

				1,553,333

Refining – 0.9%
Petroplus Finance Ltd., 6.750%, 5/01/2014, 144A		500,000		450,000
Petroplus Finance Ltd., 7.000%, 5/01/2017, 144A		150,000		129,000

				579,000

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


	Principal Amount		Value (†)


BONDS AND NOTES – continued

REITs – 0.1%
Felcor Lodging LP, 10.000%, 10/01/2014	$	55,000	$	56,650

Retailers – 3.9%
Dillard’s, Inc., 6.625%, 1/15/2018		155,000		143,375
Dillard’s, Inc., 7.000%, 12/01/2028		480,000		384,000
Dillard’s, Inc., 7.130%, 8/01/2018		175,000		164,500
Dillard’s, Inc., 7.875%, 1/01/2023		75,000		66,562
Foot Locker, Inc., 8.500%, 1/15/2022		280,000		259,000
J.C. Penney Corp., Inc., 6.375%, 10/15/2036		40,000		37,250
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		60,000		55,200
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		180,000		162,000
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		300,000		285,000
Toys R Us, Inc., 7.375%, 10/15/2018		985,000		945,600

				2,502,487

Supermarkets – 2.5%
American Stores Co., 8.000%, 6/01/2026		70,000		61,425
New Albertson’s, Inc., 7.450%, 8/01/2029		1,075,000		908,375
New Albertson’s, Inc., 7.750%, 6/15/2026		220,000		187,000
New Albertson’s, Inc., 8.000%, 5/01/2031		30,000		25,800
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		605,000		458,287

				1,640,887

Technology – 6.2%
Activant Solutions, Inc., 9.500%, 5/01/2016		90,000		86,400
Advanced Micro Devices, Inc., 8.125%, 12/15/2017, 144A		190,000		195,700
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		3,020,000		2,129,100
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		290,000		203,725
First Data Corp., 9.875%, 9/24/2015		570,000		491,625
Motorola, Inc., 6.500%, 9/01/2025		165,000		160,228
Nortel Networks Capital Corp., 7.875%, 6/15/2026(e)		860,000		619,200
Nortel Networks Ltd., 6.875%, 9/01/2023(e)		125,000		38,750
Xerox Capital Trust I, 8.000%, 2/01/2027		90,000		88,300

				4,013,028

Textile – 0.5%
Jones Apparel Group, Inc., 6.125%, 11/15/2034		425,000		346,375

Transportation Services – 1.1%
APL Ltd., 8.000%, 1/15/2024(c)		185,000		138,287
Atlas Air, Inc., Series B, 7.680%, 7/02/2015		29,057		27,458
Atlas Air, Inc., Series C, 8.010%, 7/02/2011(f)		347,188		284,695
Overseas Shipholding Group, 7.500%, 2/15/2024		155,000		134,850
Teekay Corp., 8.500%, 1/15/2020		130,000		135,850

				721,140

Wireless – 3.6%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		170,000		161,500
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		40,000		39,000
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		520,000		484,900
NII Capital Corp., 8.875%, 12/15/2019, 144A		125,000		129,375
NII Capital Corp., 10.000%, 8/15/2016, 144A		760,000		832,200
Sprint Capital Corp., 6.875%, 11/15/2028		311,000		250,355
Sprint Nextel Corp., 6.000%, 12/01/2016		502,000		453,055

				2,350,385

See accompanying notes to financial statements.


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Wirelines – 9.3%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A	$	765,000	$	765,000
Cincinnati Bell Telephone Co., 6.300%, 12/01/2028		185,000		142,450
FairPoint Communications, Inc., 13.125%, 4/02/2018(e)		257,785		41,890
Frontier Communications Corp., 7.000%, 11/01/2025		15,000		12,488
Frontier Communications Corp., 7.125%, 3/15/2019		80,000		76,000
Frontier Communications Corp., 7.450%, 7/01/2035		325,000		258,375
Frontier Communications Corp., 7.875%, 1/15/2027		805,000		724,500
Global Crossing Ltd., 12.000%, 9/15/2015, 144A		500,000		555,000
Level 3 Financing, Inc., 8.750%, 2/15/2017		790,000		722,850
Level 3 Financing, Inc., 9.250%, 11/01/2014		835,000		814,125
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,030,000		963,050
Qwest Capital Funding, Inc., 6.875%, 7/15/2028		480,000		429,600
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		315,000		308,700
Qwest Corp., 6.875%, 9/15/2033		190,000		183,350
Qwest Corp., 7.250%, 9/15/2025		10,000		10,100

				6,007,478


TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $55,168,159)				54,266,381


CONVERTIBLE BONDS – 10.9%

Automotive – 1.7%
Ford Motor Co., 4.250%, 11/15/2016		640,000		957,600
Navistar International Corp., 3.000%, 10/15/2014		115,000		128,225

				1,085,825

Diversified Manufacturing – 0.4%
Trinity Industries, Inc., 3.875%, 6/01/2036		330,000		258,638

Electric – 0.6%
CMS Energy Corp., 5.500%, 6/15/2029		330,000		393,938

Healthcare – 1.5%
Affymetrix, Inc., 3.500%, 1/15/2038		480,000		430,800
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(g)		445,000		398,275
LifePoint Hospitals, Inc., 3.500%, 5/15/2014		165,000		164,587

				993,662

Independent Energy – 0.1%
Penn Virginia Corp., 4.500%, 11/15/2012		90,000		84,600

Lodging – 0.7%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		435,000		416,512

Media Non-Cable – 0.1%
Liberty Media LLC, 3.500%, 1/15/2031		151,616		90,590

Metals & Mining – 0.4%
Peabody Energy Corp., 4.750%, 12/15/2066		230,000		248,975

Non-Captive Diversified – 0.0%
iStar Financial, Inc., 0.751%, 10/01/2012(b)		5,000		3,803


Pharmaceuticals – 1.0%
Human Genome Sciences, Inc., 2.250%, 8/15/2012		325,000		584,594
Kendle International, Inc., 3.375%, 7/15/2012		50,000		47,250

				631,844

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Technology – 2.5%
Advanced Micro Devices, Inc., 6.000%, 5/01/2015	$	250,000	$	239,687
Ciena Corp., 0.250%, 5/01/2013		5,000		4,150
Ciena Corp., 0.875%, 6/15/2017		450,000		303,750
Ciena Corp., 4.000%, 3/15/2015		30,000		31,050
Intel Corp., 2.950%, 12/15/2035		380,000		372,875
Intel Corp., 3.250%, 8/01/2039, 144A		440,000		527,450
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		45,000		43,650
Maxtor Corp., 5.750%, 3/01/2012(c)		95,000		92,150

				1,614,762

Wirelines – 1.9%
Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		1,014,000		1,211,730


TOTAL CONVERTIBLE BONDS
(Identified Cost $5,871,470)				7,034,879


TOTAL BONDS AND NOTES
(Identified Cost $61,039,629)				61,301,260


BANK LOANS – 0.2%

Food & Beverage – 0.0%
Dole Food Co., Inc., Credit Link Deposit, 7.887%, 4/12/2013(h)		2,041		2,041

Media Non-Cable – 0.1%
Tribune Co., Term Loan X, 5.000%, 6/04/2009(e)(h)(i)		181,970		113,276

Wirelines – 0.1%
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(d)(h)		61,550		43,700


TOTAL BANK LOANS
(Identified Cost $234,687)				159,017


		Shares

PREFERRED STOCKS – 2.4%

Automotive – 0.4%
Ford Motor Co. Capital Trust II, 6.500%		6,225		288,840

Banking – 0.5%
GMAC, Inc., Series G, 7.000%, 144A		428		326,243

Capital Markets – 0.3%
Newell Financial Trust I, 5.250%		5,724		230,391

Electric Utilities – 0.6%
AES Trust III, 6.750%		7,975		360,370


Hotels, Restaurants & Leisure – 0.0%
Six Flags, Inc., 7.250%(f)		2		1

Oil, Gas & Consumable Fuels – 0.5%
El Paso Energy Capital Trust I, 4.750%		8,050		300,869

Thrifts & Mortgage Finance – 0.1%
Federal Home Loan Mortgage Corp., 5.000%(f)(j)		500		775
Federal Home Loan Mortgage Corp., 5.570%(f)(j)		7,750		6,587

See accompanying notes to financial statements.


	Shares		Value (†)


PREFERRED STOCKS – continued

Thrifts & Mortgage Finance – continued
Federal Home Loan Mortgage Corp., 5.660%(f)(j)		2,300	$	1,930
Federal Home Loan Mortgage Corp., 5.700%(f)(j)		800		1,392
Federal Home Loan Mortgage Corp., 5.790%(f)(j)		1,450		2,349
Federal Home Loan Mortgage Corp., 5.810%(f)(j)		550		897
Federal Home Loan Mortgage Corp., 5.900%(f)(j)		1,100		989
Federal Home Loan Mortgage Corp., 6.000%(f)(j)		650		1,202
Federal Home Loan Mortgage Corp., 6.420%(f)(j)		450		860
Federal Home Loan Mortgage Corp., 6.550%(f)(j)		1,550		1,534
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(f)(j)		9,450		12,001
Federal National Mortgage Association, 4.750%(f)(j)		1,000		1,350
Federal National Mortgage Association, 5.125%(f)(j)		350		529
Federal National Mortgage Association, 5.375%(f)(j)		700		1,197
Federal National Mortgage Association, 5.810%(f)(j)		300		510
Federal National Mortgage Association, 6.750%(f)(j)		450		419
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(f)(j)		14,200		18,034

				52,555


TOTAL PREFERRED STOCKS
(Identified Cost $1,768,628)				1,559,269


COMMON STOCKS – 0.5%

Media – 0.1%
Dex One Corp.(f)		2,895		80,828

Oil, Gas & Consumable Fuels – 0.4%
Chesapeake Energy Corp.		9,278		219,332


TOTAL COMMON STOCKS
(Identified Cost $1,211,864)				300,160


		Principal Amount

SHORT-TERM INVESTMENTS – 0.0%
Repurchase Agreement with State Street Corporation, dated 3/31/2010 at 0.000%, to be repurchased at $338 on 4/01/2010 collateralized by $5,000 U.S. Treasury Bill, due 7/08/2010 valued at $4,998 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $338)	$	338		338


TOTAL INVESTMENTS – 98.1%
(Identified Cost $64,255,146)(a)				63,320,044
Other assets less liabilities—1.9%				1,242,403


NET ASSETS – 100.0%			$	64,562,447


(†) See Note 2 of Notes to Financial Statements.
(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 March 31, 2010, the net unrealized depreciation on investments based on a cost of $64,309,056 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			$	4,120,367
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value				(5,109,379)

Net unrealized depreciation			$	(989,012)

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

(b)

Variable rate security. Rate as of March 31, 2010 is disclosed.

(c)

Illiquid security. At March 31, 2010, the value of these securities amounted to $1,753,939 or 2.7% of net assets.

(d)

All or a portion of interest payment is paid-in-kind.

(e)

The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.

(f)

Non-income producing security.

(g)

Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

(h)

Variable rate security. Rate shown represents the weighted average rate at March 31, 2010.

(i)

Issuer has filed for bankruptcy.

(j)

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

144A

ABS

Asset-Backed Securities

MTN

Medium Term Note

REITs

Real Estate Investment Trusts

INDUSTRY SUMMARY AT MARCH 31, 2010 (Unaudited)


Wirelines	11.3	%
Technology	8.7
Healthcare	7.5
Electric	6.6
Automotive	5.2
Non-Captive Diversified	5.1
Independent Energy	4.8
Retailers	3.9
Wireless	3.6
Airlines	3.2
Non-Captive Consumer	2.9
Home Construction	2.9
Collateralized Mortgage Obligations	2.6
Supermarkets	2.5
Paper	2.4
Media Cable	2.1
Other Investments, less than 2% each	22.8
Short-Term Investments	0.0

Total Investments	98.1
Other assets less liabilities	1.9

Net Assets	100.0	%

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Securitized Asset Fund


	Principal Amount		Value (†)


BONDS AND NOTES – 97.1% of Net Assets

ABS Car Loan – 6.2%
ARI Fleet Lease Trust, Series 2010-A, Class A, 1.680%, 8/15/2018, 144A(b)	$	3,830,994	$	3,830,962
Avis Budget Rental Car Funding AESOP LLC, Series 2009-1A, Class A, 9.310%, 10/20/2013, 144A		2,800,000		3,156,827
Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class A, 4.640%, 5/20/2016, 144A		2,895,000		2,894,711
Capital One Auto Finance Trust, Series 2006-C, Class A4, 0.260%, 5/15/2013(b)		661,922		657,122
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014		800,000		838,760
CarMax Auto Owner Trust, Series 2009-2, Class A3, 1.740%, 4/15/2014		1,500,000		1,507,089
Centre Point Funding LLC, Series 2010-1A, Class 1, 5.430%, 7/20/2016, 144A		920,000		920,181
Chrysler Financial Lease Trust, Series 2010-A, Class B, 3.460%, 9/16/2013, 144A		1,475,000		1,473,878
Chrysler Financial Lease Trust, Series 2010-A, Class C, 4.490%, 9/16/2013, 144A		2,195,000		2,193,234
Daimler Chrysler Auto Trust, Series 2008-B, Class A4A, 5.320%, 11/10/2014		1,135,000		1,197,330
Hertz Vehicle Financing LLC, Series 2009-2A, Class A1, 4.260%, 3/25/2014, 144A		1,390,000		1,430,760
Hertz Vehicle Financing LLC, Series 2009-2A, Class A2, 5.290%, 3/25/2016, 144A		3,040,000		3,172,780
Merrill Auto Trust Securitization Asset, Series 2008-1, Class B, 6.750%, 4/15/2015		1,305,000		1,351,222
Navistar Financial Dealer Note Master Trust, Series 2010-1, Class A, 1.896%, 1/26/2015, 144A(b)		5,755,000		5,754,985
Nissan Auto Receivables Owner Trust, Series 2008-B, Class A3, 4.460%, 4/16/2012		1,124,655		1,147,875
Nissan Master Owner Trust Receivables, Series 2010-AA, Class A, 1.380%, 1/15/2015, 144A(b)		8,490,000		8,513,557

				40,041,273

ABS Credit Card – 5.1%
Capital One Multi-Asset Execution Trust, Series 2004-A4, Class A4, 0.450%, 3/15/2017(b)		1,895,000		1,870,814
Capital One Multi-Asset Execution Trust, Series 2007-A5, Class A5, 0.270%, 7/15/2020(b)		2,670,000		2,538,415
Chase Issuance Trust, Series 2007-B1, Class B1, 0.480%, 4/15/2019(b)		2,300,000		2,104,421
Chase Issuance Trust, Series 2007-C1, Class C1, 0.690%, 4/15/2019(b)		1,750,000		1,564,810
Citibank Credit Card Issuance Trust, Series 2005-C2, Class C2, 0.717%, 3/24/2017(b)		1,150,000		1,037,400
Citibank Credit Card Issuance Trust, Series 2007-A8, Class A8, 5.650%, 9/20/2019		4,215,000		4,664,404
Discover Card Master Trust, Series 2007-A1, Class A1, 5.650%, 3/16/2020		3,305,000		3,620,852
GE Capital Credit Card Master Note Trust, Series 2007-2, Class B, 0.410%, 3/15/2015(b)		1,335,000		1,267,570
GE Capital Credit Card Master Note Trust, Series 2009-4, Class B, 5.390%, 11/15/2017, 144A		2,815,000		2,818,386

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


	Principal Amount		Value (†)


BONDS AND NOTES – continued

ABS Credit Card – continued
GE Capital Credit Card Master Note Trust, Series 2010-2, Class A, 4.470%, 3/16/2020	$	4,975,000	$	4,973,483
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 0.490%, 8/16/2021(b)		1,490,000		1,421,424
MBNA Credit Card Master Note Trust, Series 2004-C2, Class C2, 1.130%, 11/15/2016(b)		3,130,000		2,900,411
World Financial Network Credit Card Master Trust, Series 2006-A, Class A, 0.360%, 2/15/2017, 144A(b)		1,520,000		1,448,568
World Financial Network Credit Card Master Trust, Series 2008-A, Class M, 5.230%, 6/15/2014(b)		706,000		715,699

				32,946,657

ABS Home Equity – 1.6%
Bear Stearns Asset Backed Securities Trust, Series 2006-HE3, Class A3, 0.526%, 4/25/2036(b)		2,228,800		1,060,776
Bear Stearns Asset Backed Securities Trust, Series 2007-HE5, Class 1A2, 0.426%, 6/25/2047(b)		2,495,000		1,449,683
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH1, Class A2, 0.346%, 1/25/2037(b)		1,331,398		1,241,723
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		804,541		648,470
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A1, 0.356%, 6/25/2021(b)		1,206,363		906,312
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021		713,316		181,039
Countrywide Asset-Backed Certificates, Series 2006-S7, Class A3, 5.712%, 11/25/2035		1,874,222		597,041
GSAMP Trust, Series 2005-WMC3, Class A2B, 0.486%, 12/25/2035(b)		1,395,769		1,100,211
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.396%, 7/25/2036(b)		2,472,006		1,764,065
Soundview Home Equity Loan Trust, Series 2006-WF2, Class A2C, 0.386%, 12/25/2036(b)		1,750,000		1,349,337

				10,298,657

ABS Other – 1.6%
CIT Equipment Collateral, Series 2008-VT1, Class A3, 6.590%, 12/22/2014		2,848,007		2,920,653
Marriott Vacation Club Owner Trust, Series 2009-2A, Class A, 4.809%, 7/20/2031, 144A		1,618,987		1,622,191
Sierra Receivables Funding Co., Series 2007-1A, Class A2, 0.390%, 3/20/2019, 144A(b)		2,063,007		1,917,479
Sierra Receivables Funding Co., Series 2009-1A, Class A1, 9.790%, 12/22/2025, 144A		304,924		315,594
Sierra Receivables Funding Co., Series 2009-3A, Class A1, 7.620%, 7/20/2026, 144A		1,078,063		1,090,643
Sierra Receivables Funding Co., Series 2010-1A, Class A1, 4.480%, 7/20/2026, 144A		2,400,000		2,400,000

				10,266,560

Collateralized Mortgage Obligations – 3.3%
Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.500%, 6/25/2036		1,156,329		668,647
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 5.960%, 7/25/2021(b)		915,092		665,730

See accompanying notes to financial statements.


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Collateralized Mortgage Obligations – continued
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035(d)	$	2,797,000	$	2,891,623
Federal National Mortgage Association, Series 2003-26, Class OI, 5.500%, 11/25/2032(d)(e)		13,609,409		1,539,937
Federal National Mortgage Association, Series 2004-2, Class QK, 4.000%, 9/25/2017(d)		10,000,000		10,421,843
First Horizon Alternative Mortgage Securities, Series 2006-AA3, Class A1, 6.234%, 6/25/2036(b)		4,937,154		2,981,669
Residential Accredit Loans, Inc., Series 2006-QS6, Class 2A1, 6.000%, 6/25/2021		115,261		95,378
Residential Accredit Loans, Inc., Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021		508,881		409,092
Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021		2,184,660		1,917,039

				21,590,958

Commercial Mortgage-Backed Securities – 26.9%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A2, 5.165%, 9/10/2047		120,000		121,889
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.350%, 9/10/2047(b)		189,000		196,724
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.928%, 5/10/2045(b)		350,000		362,661
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A2, 5.522%, 7/10/2046		460,000		472,340
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		5,375,000		5,513,743
Banc of America Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		6,017,000		5,712,669
Bank of America-First Union NB Commercial Mortgage, Series 2001-3, Class A2, 5.464%, 4/11/2037		425,751		441,761
Bear Stearns Commercial Mortgage Securities, Series 2001-TOP2, Class A2, 6.480%, 2/15/2035		172,277		177,407
Bear Stearns Commercial Mortgage Securities, Series 2005-T18, Class A2, 4.556%, 2/13/2042		132,888		133,882
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		2,725,000		2,625,505
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.908%, 6/11/2040(b)		1,200,000		1,184,531
Citigroup Commercial Mortgage Trust, Series 2006-C5, Class A4, 5.431%, 10/15/2049		7,500,000		7,533,450
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A5, 5.617%, 10/15/2048		5,000,000		5,116,073
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		7,500,000		7,260,033
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.960%, 6/10/2046(b)		250,000		258,071
Credit Suisse Mortgage Capital Certificates, Series 2006-C3, Class A3, 6.019%, 6/15/2038(b)		4,585,000		4,627,819
Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049		5,250,000		4,687,913
Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.912%, 6/15/2039(b)		2,342,000		2,109,659

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Commercial Mortgage-Backed Securities – continued
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.998%, 9/15/2039(b)	$	5,000,000	$	4,547,769
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		5,000,000		4,480,542
Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 6.422%, 2/15/2041(b)		1,508,000		1,391,556
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		7,510,000		7,300,111
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		8,745,000		8,504,499
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, 5.396%, 8/10/2038		125,000		130,372
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A2, 4.475%, 7/10/2039		760,965		761,082
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		4,515,000		4,558,501
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A2, 5.506%, 4/10/2038		500,000		509,225
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A4, 5.553%, 4/10/2038		6,730,000		6,763,865
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4, 5.560%, 11/10/2039		7,500,000		7,424,881
GS Mortgage Securities Trust, Series 2007-GG10, Class A4, 5.999%, 8/10/2045(b)		7,500,000		6,948,871
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC, Class A3, 6.260%, 3/15/2033		164,138		167,918
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A4, 5.344%, 12/15/2044(b)		3,420,000		3,540,396
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-CB15, Class A4, 5.814%, 6/12/2043		7,500,000		7,737,947
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class A4, 5.440%, 6/12/2047		3,200,000		3,127,663
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		7,585,000		7,307,029
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030		275,000		280,746
LB-UBS Commercial Mortgage Trust, Series 2006-C3, Class A4, 5.661%, 3/15/2039		2,440,000		2,498,484
LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class A3, 5.347%, 11/15/2038		7,500,000		7,527,601
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.793%, 5/12/2039(b)		1,000,000		1,025,163
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.594%, 2/12/2039(b)		1,000,000		1,032,756
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 6.104%, 6/12/2046(b)		250,000		262,804
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4, 5.414%, 7/12/2046		1,000,000		1,003,709
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		2,525,000		2,314,916
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042		5,280,000		5,376,230
Morgan Stanley Capital I, Series 2005-HQ7, Class A4, 5.378%, 11/14/2042(b)		5,965,000		6,121,902

See accompanying notes to financial statements.


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Commercial Mortgage-Backed Securities – continued
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041	$	5,000,000	$	5,042,023
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.915%, 8/12/2041(b)		555,000		571,790
Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049		2,305,000		2,113,916
Morgan Stanley Capital I, Series 2007-IQ15, Class A4, 6.076%, 6/11/2049(b)		7,381,000		7,290,672
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A2, 4.380%, 10/15/2041		24,200		24,658
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class A4, 5.418%, 1/15/2045		7,600,000		7,704,070

				173,929,797

Hybrid ARMs – 4.4%
Countrywide Home Loans, Series 2004-HYB5, Class 6A2, 3.601%, 4/20/2035(b)		556,364		190,758
FHLMC, 2.798%, 1/01/2035(b)(d)		274,570		282,180
FHLMC, 5.964%, 2/01/2037(b)(d)		6,954,880		7,371,439
FHLMC, 5.987%, 11/01/2036(b)(d)		4,436,642		4,637,309
FNMA, 5.718%, 9/01/2036(b)(d)		2,540,061		2,662,503
FNMA, 6.015%, 2/01/2037(b)(d)		5,194,334		5,481,208
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.593%, 7/25/2035(b)		897,401		751,574
Washington Mutual Mortgage Pass Through Certificates, Series 2007-HY2, Class 2A2, 6.397%, 11/25/2036(b)		9,673,365		6,915,538
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 2.940%, 10/25/2035(b)		618,696		559,916

				28,852,425

Mortgage Related – 48.0%
FHLMC, 5.000%, with various maturities from 2035 to 2036(d)(f)		1,897,069		1,964,213
FHLMC, 5.500%, 5/01/2035(d)		347,600		367,973
FHLMC, 6.000%, with various maturities from 2036 to 2037(d)(f)		18,412,168		19,794,731
FHLMC, 6.500%, 1/01/2038(d)		106,486		115,938
FHLMC (TBA), 5.000%, with various maturities from 2019 to 2036(c)(f)		58,780,000		61,034,450
FHLMC (TBA), 5.500%, 7/01/2035(c)		40,000,000		42,237,520
FHLMC (TBA), 6.000%, 12/01/2035(c)		20,000,000		21,459,380
FNMA, 4.500%, 10/01/2035(d)		633,350		639,467
FNMA, 5.500%, with various maturities from 2034 to 2036(d)(f)		14,519,489		15,357,401
FNMA, 6.000%, with various maturities from 2034 to 2037(d)(f)		9,424,530		10,059,985
FNMA, 7.000%, 12/01/2037(d)		122,743		136,255
FNMA (TBA), 6.000%, 12/01/2035(c)		1,295,000		1,375,533
FNMA (TBA), 6.500%, 3/01/2035(c)		12,000,000		13,005,000
GNMA, 4.500%, 3/15/2039(d)		18,745,037		19,005,522
GNMA, 5.500%, with various maturities from 2033 to 2036(d)(f)		1,496,559		1,589,887
GNMA, 6.000%, 6/15/2036(d)		127,690		136,877
GNMA, 6.500%, 9/15/2036(d)		414,033		447,206

See accompanying notes to financial statements.

PORTFOLIO OF INVESTMENTS – as of March 31, 2010 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


	Principal Amount		Value (†)


BONDS AND NOTES – continued

Mortgage Related – continued
GNMA (TBA), 4.500%, 3/01/2039(c)	$	65,000,000	$	65,761,735
GNMA (TBA), 5.500%, 6/01/2036(c)		34,000,000		35,960,304

				310,449,377


TOTAL BONDS AND NOTES
(Identified Cost $624,180,130)				628,375,704


SHORT-TERM INVESTMENTS – 41.7%
Federal National Mortgage Association Discount Note, 0.520%, 4/01/2010(d)(g)		1,000,000		1,000,000
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2010 at 0.000% to be repurchased at $267,052,874 on 4/01/2010 collateralized by $68,395,000 Federal Home Loan Mortgage Corp., 2.125% due 6/18/2013 valued at $68,395,000; $202,735,000 Federal Home Loan Mortgage Corp., 2.250% due 1/29/2013 valued at $204,002,094 including accrued interest (Note 2 of Notes to Financial Statements)(d)		267,052,874		267,052,874
U.S. Treasury Bill, 0.101%, 6/17/2010(g)		1,385,000		1,384,571


TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $269,437,387)				269,437,445


TOTAL INVESTMENTS – 138.8%
(Identified Cost $893,617,517)(a)				897,813,149
Other assets less liabilities—(38.8)%				(251,038,158)


NET ASSETS – 100.0%			$	646,774,991

(†) See Note 2 of Notes to Financial Statements.
(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 March 31, 2010, the net unrealized appreciation on investments based on a cost of $893,617,517 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			$	15,851,792
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value				(11,656,160)

Net unrealized appreciation			$	4,195,632

(b)

Variable rate security. Rate as of March 31, 2010 is disclosed.

(c)

Delayed delivery. See Note 2 of Notes to Financial Statements.

(d)

All or a portion of this security has been segregated to cover requirements on TBA obligations.

(e)

Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.

(f)

(g)

Rate represents discount rate at time of purchase; not a coupon rate.

144A

ABS

Asset-Backed Securities

ARMs

Adjustable Rate Mortgages

FHLMC

Federal Home Loan Mortgage Corp.

FNMA

Federal National Mortgage Association

GNMA

Government National Mortgage Association

TBA

To Be Announced

See accompanying notes to financial statements.

INDUSTRY SUMMARY AT MARCH 31, 2010 (Unaudited)


Mortgage Related	48.0	%
Commercial Mortgage-Backed Securities	26.9
ABS Car Loan	6.2
ABS Credit Card	5.1
Hybrid ARMs	4.4
Collateralized Mortgage Obligations	3.3
Other Investments, less than 2% each	3.2
Short-Term Investments	41.7

Total Investments	138.8
Other assets less liabilities	(38.8	)

Net Assets	100.0	%

See accompanying notes to financial statements.

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2010 (Unaudited)


	High Income Opportunities Fund			Securitized Asset Fund
Assets
Investments at cost	$	64,254,808		$	626,564,643
Repurchase agreement(s) at cost		338			267,052,874
Net unrealized appreciation (depreciation)		(935,102	)		4,195,632

Investments at value		63,320,044			897,813,149
Receivable for Fund shares sold		61,462			2,012,321
Receivable for securities sold		634,751			—
Dividends and interest receivable		1,137,286			2,085,880

Total Assets		65,153,543			901,911,350


Liabilities
Payable for securities purchased		278,541			12,055,598
Payable for delayed delivery securities purchased (Note 2)		—			242,113,492
Payable for Fund shares redeemed		11,819			967,269
Payable to custodian bank		300,736			—

Total Liabilities		591,096			255,136,359

Net Assets	$	64,562,447		$	646,774,991

Net Assets consist of:
Paid-in capital	$	70,770,320		$	644,755,605
Undistributed net investment income		402,640			1,446,690
Accumulated net realized loss on investments and futures contracts		(5,675,411	)		(3,622,936	)
Net unrealized appreciation (depreciation) on investments		(935,102	)		4,195,632

Net Assets	$	64,562,447		$	646,774,991


Computation of Net Asset Value and Offering Price:
Institutional Class:
Net assets	$	64,562,447		$	646,774,991

Shares of beneficial interest		6,640,690			61,273,570

Net asset value, offering and redemption price per share	$	9.72		$	10.56

See accompanying notes to financial statements.

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2010 (Unaudited)


	High Income Opportunities Fund		Securitized Asset Fund
Investment Income
Interest	$	2,931,029	$	7,984,323
Dividends		46,783		—

Net investment income		2,977,812		7,984,323


Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts
Net realized gain (loss) on:
Investments		2,159,369		(856,037	)
Futures contracts		—		(612,603	)

Net change in unrealized appreciation (depreciation) on:
Investments		3,134,941		16,882,533
Futures contracts		—		300,688

Net realized and unrealized gain on investments and futures contracts		5,294,310		15,714,581


Net Increase in Net Assets Resulting from Operations	$	8,272,122	$	23,698,904

See accompanying notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS

High Income Opportunities Fund


	Six Months Ended March 31, 2010 (Unaudited)			Year Ended September 30, 2009
From Operations:
Net investment income	$	2,977,812		$	6,530,967
Net realized gain (loss) on investments		2,159,369			(7,702,420	)
Net change in unrealized appreciation (depreciation) on investments		3,134,941			15,284,070

Net increase in net assets resulting from operations		8,272,122			14,112,617

From Distributions to Shareholders:
Net Investment Income
Institutional Class		(3,147,490	)		(6,616,136	)
Net Realized Capital Gains
Institutional Class		—			(85,819	)

Total distributions		(3,147,490	)		(6,701,955	)

Net Decrease in Net Assets from Capital Share Transactions (Note 9)		(12,271,704	)		(651,439	)

Net increase (decrease) in net assets		(7,147,072	)		6,759,223
Net Assets
Beginning of the period		71,709,519			64,950,296

End of the period	$	64,562,447		$	71,709,519

Undistributed Net Investment Income	$	402,640		$	572,318

Securitized Asset Fund


	Six Months Ended March 31, 2010 (Unaudited)			Year Ended September 30, 2009
From Operations:
Net investment income	$	7,984,323		$	15,843,704
Net realized gain (loss) on investments and futures contracts		(1,468,640	)		8,228,422
Net change in unrealized appreciation (depreciation) on investments and futures contracts		17,183,221			5,344,115

Net increase in net assets resulting from operations		23,698,904			29,416,241

From Distributions to Shareholders:
Net Investment Income
Institutional Class		(8,206,530	)		(18,247,123	)
Net Realized Capital Gains
Institutional Class		(4,702,129	)		(1,038,001	)

Total distributions		(12,908,659	)		(19,285,124	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions (Note 9)		345,516,708			(101,717,022	)

Net increase (decrease) in net assets		356,306,953			(91,585,905	)
Net Assets
Beginning of the period		290,468,038			382,053,943

End of the period	$	646,774,991		$	290,468,038

Undistributed Net Investment Income	$	1,446,690		$	1,668,897

See accompanying notes to financial statements.

THIS PAGE INTENTIONALLY LEFT BLANK

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.


			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains^(b)
High Income Opportunities Fund

Institutional Class
3/31/2010^(f)	$	9.07	$	0.38	$	0.67		$	1.05		$	(0.40	)	$	—
9/30/2009		8.26		0.79		0.84			1.63			(0.81	)		(0.01	)
9/30/2008		10.42		0.82		(2.09	)		(1.27	)		(0.82	)		(0.07	)
9/30/2007		10.39		0.77		0.01	^(g)		0.78			(0.75	)		(0.00	)
9/30/2006		10.50		0.76		(0.10	)		0.66			(0.73	)		(0.04	)
9/30/2005		10.32		0.78		0.17			0.95			(0.77	)		—

Securitized Asset Fund

Institutional Class
3/31/2010^(f)	$	10.16	$	0.27	$	0.59		$	0.86		$	(0.29	)	$	(0.17	)
9/30/2009		9.60		0.50		0.66			1.16			(0.57	)		(0.03	)
9/30/2008		10.07		0.55		(0.45	)		0.10			(0.57	)		—
9/30/2007		10.13		0.55		(0.10	)		0.45			(0.51	)		(0.00	)
9/30/2006^(h)		10.00		0.30		0.02			0.32			(0.19	)		—

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share, if applicable.

(c) Periods less than one year, if applicable, are not annualized.

(d) Loomis Sayles has agreed to pay, without reimbursement from the Fund, all expenses associated with the operations of the Fund.

(e) Computed on an annualized basis for periods less than one year, if applicable.

(f) For the six months ended March 31, 2010 (Unaudited).

(g) The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

(h) For the period March 2, 2006 (commencement of operations) through September 30, 2006.

See accompanying notes to financial statements.


									Ratios to Average Net Assets:
Total distributions			Net asset value, end of the period		Total return (%)^(c)		Net assets, end of the period (000’s)		Net expenses (%)^(d)	Gross expenses (%)^(d)	Net investment income (%)^(e)	Portfolio turnover rate (%)



$	(0.40	)	$	9.72	11.91		$	64,562	—	—	8.23	18
	(0.82	)		9.07	23.06			71,710	—	—	10.86	34
	(0.89	)		8.26	(13.24	)		64,950	—	—	8.47	24
	(0.75	)		10.42	7.68			84,073	—	—	7.35	29
	(0.77	)		10.39	6.64			42,847	—	—	7.36	26
	(0.77	)		10.50	9.45			13,115	—	—	7.40	22




$	(0.46	)	$	10.56	8.67		$	646,775	—	—	5.16	158
	(0.60	)		10.16	12.97			290,468	—	—	5.42	390
	(0.57	)		9.60	0.92			382,054	—	—	5.55	430
	(0.51	)		10.07	4.58			347,153	—	—	5.43	73
	(0.19	)		10.13	3.28			70,993	—	—	3.02	55

See accompanying notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 (Unaudited)

1. Organization. Loomis Sayles Funds I (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trust are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Loomis Sayles High Income Opportunities Fund (the “High Income Opportunities Fund”)

Loomis Sayles Securitized Asset Fund (the “Securitized Asset Fund”)

Each Fund offers Institutional Class Shares. The Funds’ shares are offered exclusively to investors in “wrap fee” programs approved by Natixis Asset Management Advisors, L.P. (“Natixis Advisors”) and/or Loomis, Sayles & Company, L.P. (“Loomis Sayles”) and to institutional advisory clients of Natixis Advisors or Loomis Sayles that, in each case, meet the Funds’ policies as established by Loomis Sayles.

2. Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. Each Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions that have occurred through the date the financial statements were issued, and noted no items requiring recognition in the financial statements or additional disclosure in the Notes to Financial Statements.

a. Valuation. 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 Funds 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 shares of 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 Funds may be valued on the basis of a price provided by a principal market maker. Forward foreign currency contracts are valued utilizing interpolated prices determined from information provided by an independent pricing service. Futures contracts are valued at their most recent settlement price. 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 Funds’ 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 High Income Opportunities 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.

b. Security Transactions and Related Investment Income. Security transactions are accounted for on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Investment income is recorded net of foreign taxes withheld when applicable. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis.

c. Foreign Currency Translation. The books and records of the Funds 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. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the High Income Opportunities Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, at the end of the fiscal period, resulting from changes in exchange rates.

The High Income Opportunities Fund may use foreign currency exchange contracts to facilitate transactions in foreign denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

d. Forward Foreign Currency Contracts. The High Income Opportunities 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 can offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss reflected in the Fund’s Statements of Assets and Liabilities. The U.S. dollar value of the currencies the 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. Certain contracts may require the movement of cash or securities to or from the counterparty as collateral for the Funds’ or counterparty’s net obligations under the contracts. At March 31, 2010, there were no open forward foreign currency contracts.

e. Futures Contracts. The Funds may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular commodity, instrument or index (e.g., an interest-bearing security) for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker as “initial margin” an amount of cash or short-term high-quality securities (such as U.S. Treasury bills or high-quality tax-exempt bonds acceptable to the broker). As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin”, are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of the collateral held. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset (liability) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract, certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

At March 31, 2010, there were no open futures contracts.

f. Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis each Fund’s tax positions for the open tax years as of March 31, 2010 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

The High Income Opportunities Fund may be subject to foreign taxes on income and gains on investments that are accrued based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign governments may also impose taxes or other payments on investments with respect to foreign securities. Such taxes are accrued as applicable.

g. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes for items such as premium amortization, defaulted bonds, distribution redesignations and paydown gains and losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to defaulted bond income accruals, premium amortization accruals, securities lending collateral gain/loss adjustments, wash sales and futures contracts marked to market. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2009 was as follows:


	2009 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
High Income Opportunities Fund	$	6,616,163	$	85,792	$	6,701,955
Securitized Asset Fund		19,285,124		—		19,285,124

Differences between these amounts and those reported in the Statements of Changes in Net Assets, if any, are primarily attributable to different book and tax treatment for short-term capital gains.

As of September 30, 2009, the capital loss carryforwards and post-October losses were as follows:


	High Income Opportunities Fund			Securitized Asset Fund
Capital loss carryforward:
Expires September 30, 2017	$	(811,815	)	$	—
Deferred net capital losses (post-October 2008)		(6,438,019	)		(2,470,121	)

h. Repurchase Agreements. It is each 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. 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. 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.

i. Delayed Delivery Commitments. Purchases of delayed delivery instruments may have a similar effect on a Fund’s net asset value as if the Fund had created a degree of leverage in its portfolio. The price of the underlying instruments and the date when they will be paid for are fixed at the time the transaction is negotiated. If a Fund enters into such a transaction, collateral consisting of liquid securities or cash and cash equivalents will be maintained in an amount at least equal to the commitment with the custodian and/or broker. Losses may arise due to changes in the market value of the underlying instruments or if the counterparty does not perform under the contract.

j. Securities Lending. The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, 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 Funds bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

As of March 31, 2010, there were no securities on loan.

k. Indemnifications. Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

•

Level 1 – quoted prices in active markets for identical assets or liabilities;

•

Level 2 – prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, 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 asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities 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.

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2010, at value:

High Income Opportunities Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Wirelines	$	—	$	5,965,588	$	41,890	$	6,007,478
All Other Non-Convertible Bonds(a)				48,258,903		—		48,258,903

Total Non-Convertible Bonds		—		54,224,491		41,890		54,266,381

Convertible Bonds(a)		—		7,034,879		—		7,034,879

Total Bonds and Notes		—		61,259,370		41,890		61,301,260

Bank Loans(a)		—		159,017		—		159,017

Preferred Stocks
Automotive		288,840		—		—		288,840
Banking		—		326,243		—		326,243
Capital Markets		—		230,391		—		230,391
Electric Utilities		—		360,370		—		360,370
Hotels, Restaurants & Leisure		1		—		—		1
Oil, Gas & Consumable Fuels		—		300,869		—		300,869
Thrifts & Mortgage Finance		23,481		29,074		—		52,555

Total Preferred Stocks		312,322		1,246,947		—		1,559,269

Common Stocks(a)		300,160		—		—		300,160
Short-Term Investments		—		338		—		338

Total	$	612,482	$	62,665,672	$	41,890	$	63,320,044

(a)

Major categories of the Fund’s investments are included in the Portfolio of Investments.

Securitized Asset Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
ABS Car Loan	$	—	$	37,146,562	$	2,894,711	$	40,041,273
ABS Credit Card		—		32,946,657		—		32,946,657
ABS Home Equity		—		10,117,618		181,039		10,298,657
ABS Other		—		7,866,560		2,400,000		10,266,560
Collateralized Mortgage Obligations		—		21,590,958		—		21,590,958
Commercial Mortgage-Backed Securities		—		173,929,797		—		173,929,797
Hybrid ARMs		—		28,100,851		751,574		28,852,425
Mortgage Related		—		310,449,377		—		310,449,377

Total Bonds and Notes		—		622,148,380		6,227,324		628,375,704

Short-Term Investments		—		269,437,445		—		269,437,445

Total	$	—	$	891,585,825	$	6,227,324	$	897,813,149

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of March 31, 2010:

High Income Opportunities Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases (Sales)			Net Transfers into/(out of) Level 3			Balance as of March 31, 2010
Bonds and Notes
Non-Convertible Bonds
Airlines	$	534,446	$	—	$	—	$	89,929		$	(24,784	)	$	(599,591	)	$	—
Collateralized Mortgage Obligations		57,083		—		1,824		(1,438	)		(5,286	)		(52,183	)		—
Electric		257,001		—		8,908		(7,121	)		(258,788	)		—			—
Technology		112,500		404		45,763		(27,119	)		(131,548	)		—			—
Wirelines		—		711		—		9,600			—			31,579			41,890
Convertible Bonds
Technology		99,190		776		555		5,629			(14,000	)		(92,150	)		—
Wirelines		1,074,840		1,489		—		135,402			—			(1,211,731	)		—

Total	$	2,135,060	$	3,380	$	57,050	$	204,882		$	(434,406	)	$	(1,924,076	)	$	41,890

Securitized Asset Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Net Purchases (Sales)			Net Transfers into/(out of) Level 3			Balance as of March 31, 2010
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	—	$	—		$	74	$	2,894,637		$	—		$	2,894,711
ABS Home Equity		2,352,830		—		(523,689	)		2,823,719		(700,155	)		(3,771,666	)		181,039
ABS Other		1,570,000		—		64			12,963		1,907,616			(1,090,643	)		2,400,000
Collateralized Mortgage Obligations		1		—		(6,746	)		6,745		—			—			—
Hybrid ARMs		136,111		—		965			140,382		(74,790	)		548,906			751,574

Total	$	4,058,942	$	—	$	(529,406	)	$	2,983,883	$	4,027,308		$	(4,313,403	)	$	6,227,324

The Funds are subject to the risk that changes in interest rates will affect the value of the Funds’ investments in fixed income securities. The Funds will be subject to increased interest rate risk to the extent that they invest in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Funds may use futures contracts to manage the Funds’ duration in order to control interest rate risk without having to buy or sell portfolio securities. Securitized Asset Fund engaged in futures contract transactions during the six months ended March 31, 2010.

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

Transactions in derivative instruments for Securitized Asset Fund during the six months ended March 31, 2010 were as follows:


Realized Gain (Loss)		Futures
Interest rate contracts		$(612,603)
Statements of Operations Location		Net realized gain (loss) on futures contracts

Change in Unrealized Appreciation (Depreciation)		Futures
Interest rate contracts		$300,688
Statements of Operations Location		Net change in unrealized appreciation (depreciation) on futures contracts

Volume of derivative activity for Securitized Asset Fund, based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the six months ended March 31, 2010:


		Percentage of Net Assets
		Futures
Average Notional Amount Outstanding		5.97%
Highest Notional Amount Outstanding		8.33%
Lowest Notional Amount Outstanding		0.00%
Notional Amount Outstanding as of March 31, 2010		0.00%

5. Purchases and Sales of Securities. For the six months ended March 31, 2010, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:


	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
High Income Opportunities Fund	$	—	$	—	$	12,504,176	$	24,694,453
Securitized Asset Fund		730,341,711		609,045,157		154,134,212		39,026,308

6. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Loomis Sayles has agreed to pay, without reimbursement from the Funds or the Trust, the following expenses of the Funds: compensation to Trustees of the Trust who are not “interested persons” (as defined in the 1940 Act) of the Trust; registration, filing and other fees in connection with requirements of regulatory authorities; the charges and expenses of any entity appointed by the Funds for custodial, paying agent, shareholder servicing and plan agent services; charges and expenses of the independent registered public accounting firm retained by the Funds; charges and expenses of any transfer agents and registrars appointed by the Funds; any cost of certificates representing shares of the Funds; legal fees and expenses in connection with the day-to-day affairs of the Funds, including registering and qualifying its shares with Federal and State regulatory authorities; expenses of meetings of shareholders and Trustees of the Trust; the costs of services, including services of counsel, required in connection with the preparation of the Funds’ registration statements and prospectuses, including amendments and revisions thereto, annual, semi-annual and other periodic reports of the Funds, and notices and proxy solicitation material furnished to shareholders of the Funds or regulatory authorities, and any costs of printing or mailing these items; and the Funds’ expenses of bookkeeping, accounting and financial reporting, including related clerical expenses.

Loomis Sayles serves as investment adviser to each Fund. Under the terms of each management agreement, Loomis Sayles does not charge the Funds an investment advisory fee, also known as a management fee, or any other fee for those services or for bearing those expenses. Although the Funds do not compensate Loomis Sayles directly for services under the advisory agreement, Loomis Sayles will typically receive an advisory fee from the sponsors of “wrap programs,” who in turn charge the programs’ participants.

b. Administrative Fees. Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis US. Loomis Sayles has agreed to pay, without reimbursement from the Trust or Funds, fees to Natixis Advisors for services to the Funds.

c. Service and Distribution Fees. Each Fund has entered into a distribution agreement with Natixis Distributors, L.P. (“Natixis Distributors”), a wholly-owned subsidiary of Natixis US. Pursuant to the agreements, Natixis Distributors serves as principal underwriter of the Funds of the Trust. Natixis Distributors currently is not paid a fee for serving as distributor for the Funds. Loomis Sayles has agreed to reimburse Natixis Distributors to the extent that Natixis Distributors incurs expenses in connection with any redemption of Fund shares.

d. Trustees Fees and Expenses. The Funds do not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distributors, Natixis US or their affiliates. Effective January 1, 2010, the Chairperson of the Board receives a retainer fee at the annual rate of $250,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $80,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairman receives an additional retainer fee at an annual rate of $15,000. Each Contract Review and Governance Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $7,500 for each Committee meeting that he or she attends in person and $3,750 for each meeting that he or she attends telephonically. Each member of the ad hoc Committee on Alternative Investments received a one-time fee of $10,000. The ad hoc Committee on Alternative Investments is not a standing committee. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2010, the Chairperson of the Board received a retainer fee at the annual rate of $200,000. The Chairperson did not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attended. Each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $65,000. Each Independent Trustee also received a meeting attendance fee of $7,500 for each meeting of the Board of Trustees that he or she attended in person and $3,750 for each meeting of the Board of Trustees that he or she attended telephonically. In addition, each committee chairman received an additional retainer fee at an annual rate of $10,000. Each Contract Review and Governance Committee member was compensated $5,000 for each Committee meeting that he or she attended in person and $2,500 for each meeting that he or she attended telephonically. Each Audit Committee member was compensated $6,250 for each Committee meeting that he or she attended in person and $3,125 for each meeting that he or she attended telephonically.

7. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and the Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each fund that participates in the line of credit. Interest is charged to each participating fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2010, the Funds had no borrowings under these agreements.

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2010 (Unaudited)

8. Concentration of Ownership. From time to time, the Funds may have a concentration of several shareholders having a significant percentage of shares outstanding. Investment activities of these shareholders could have material impacts on the Funds. As of March 31, 2010, High Income Opportunities Fund had shareholders that held greater than 5% of the Fund’s outstanding shares. Such ownership may be beneficially held by individuals or entities other than the owner of record. The number of greater than 5% shareholders and the aggregate percentage of net assets represented by such ownership was as follows:


Fund	Number of Greater Than 5% Shareholders	Percentage of Ownership
High Income Opportunities Fund	4	38.60%

9. Capital Shares. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:


	High Income Opportunities Fund

	Six Months Ended March 31, 2010					Year Ended September 30, 2009

Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	373,090		$	3,498,333		2,086,936		$	14,390,117
Issued in connection with the reinvestment of distributions	282,048			2,605,154		644,493			4,654,487
Redeemed	(1,923,839	)		(18,375,191	)	(2,683,261	)		(19,696,043	)

Increase (decrease) from capital share transactions	(1,268,701	)	$	(12,271,704	)	48,168		$	(651,439	)


	Securitized Asset Fund

	Six Months Ended March 31, 2010					Year Ended September 30, 2009

Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	37,473,419		$	395,278,662		8,990,651		$	82,673,361
Issued in connection with the reinvestment of distributions	31,394			320,883		97,452			860,439
Redeemed	(4,825,275	)		(50,082,837	)	(20,298,880	)		(185,250,822	)

Increase (decrease) from capital share transactions	32,679,538		$	(345,516,708	)	(11,210,777	)	$	(101,717,022	)

Item 2.

Code of Ethics.

Not applicable.

Item 3.

Audit Committee Financial Expert.

Not applicable.

Item 4.

Principal Accountant Fees and Services.

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees.

Item 11.

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-CSR 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 was no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Exhibits.



(a)	(1)	Not applicable.

(a)	(2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

(a)	(3)	Not applicable.

(b)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

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 I

By:		/s/ ROBERT J. BLANDING
Name:		Robert J. Blanding
Title:		President and Chief Executive Officer

Date:		May 20, 2010

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:		President and Chief Executive Officer

Date:		May 20, 2010

By:		/s/ MICHAEL C. KARDOK
Name:		Michael C. Kardok
Title:		Treasurer

Date:		May 20, 2010