UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08282

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: December 31, 2007

ITEM 1. SCHEDULE OF INVESTMENTS

PORTFOLIO OF INVESTMENTS – as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 93.3% of Net Assets
NON-CONVERTIBLE BONDS – 89.9%
Aerospace & Defense – 0.1%
Bombardier, Inc., 6.300%, 5/01/2014, 144A		$	150,000	$	146,625
Bombardier, Inc., 7.350%, 12/22/2026	CAD		6,785,000		6,496,606
Bombardier, Inc., 7.450%, 5/01/2034, 144A			17,130,000		16,873,050
					23,516,281
Airlines – 1.2%
American Airlines, Inc., 7.324%, 10/15/2009			1,255,000		1,239,312
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011			2,251,517		2,217,519
Continental Airlines, Inc., Series 1997-4B, 6.900%, 1/02/2017			5,211,769		5,003,298
Continental Airlines, Inc., Series 1998-1, Class B, 6.748%, 3/15/2017			9,275,633		8,858,230
Continental Airlines, Inc., Series 1999-1B, 6.795%, 8/02/2018			4,483,283		4,259,119
Continental Airlines, Inc., Series 1999-1C, 6.954%, 8/02/2009			5,173,814		5,083,272
Continental Airlines, Inc., Series 1999-2, Class B, 7.566%, 3/15/2020			4,623,933		4,485,215
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 4/02/2018			7,201,340		7,156,331
Continental Airlines, Inc., Series 2001-1B, 7.373%, 12/15/2015			3,754,805		3,614,000
Continental Airlines, Inc., Series 96-A, Class B, 6.940%, 10/15/2013			356,400		351,054
Continental Airlines, Inc., Series 971-A, Class B, 7.461%, 4/01/2015			7,968,815		7,749,673
Continental Airlines, Inc., Series A, 5.983%, 4/19/2022			8,500,000		7,944,015
Delta Air Lines, Inc., 6.821%, 8/10/2022, 144A			2,500,000		2,400,000
Delta Air Lines, Inc., 8.954%, 8/10/2014, 144A			46,030,000		45,109,400
Northwest Airlines, Inc., Series 07-1, 8.028%, 11/01/2017			37,035,000		35,738,775
Qantas Airways Ltd., 5.125%, 6/20/2013, 144A			2,000,000		2,016,808
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			44,235,000		45,505,606
United Air Lines, Inc.,, 6.636%, 7/02/2022			1,575,000		1,488,375
					190,220,002
Automotive – 2.1%
Cummins, Inc., 6.750%, 2/15/2027			2,547,000		2,593,467
Cummins, Inc., 7.125%, 3/01/2028			3,000,000		3,102,402
Ford Motor Co., 6.375%, 2/01/2029			1,195,000		794,675
Ford Motor Co., 6.500%, 8/01/2018(b)			2,240,000		1,649,200
Ford Motor Co., 6.625%, 2/15/2028			500,000		332,500
Ford Motor Co., 6.625%, 10/01/2028			62,410,000		41,502,650
Ford Motor Co., 7.125%, 11/15/2025			1,940,000		1,328,900
Ford Motor Co., 7.450%, 7/16/2031(b)			114,220,000		84,808,350
Ford Motor Co., 7.500%, 8/01/2026			795,000		564,450
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010			61,083,000		55,034,439
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			13,075,000		10,922,711
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011			18,760,000		16,249,143
Ford Motor Credit Co. LLC, 7.375%, 10/28/2009			500,000		470,623
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010			1,320,000		1,217,920
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016(b)			18,970,000		16,113,327
Ford Motor Credit Co. LLC, 8.625%, 11/01/2010			29,010,000		26,919,859
General Motors Corp., 7.400%, 9/01/2025			9,790,000		7,097,750

1

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Automotive – continued
General Motors Corp., 8.250%, 7/15/2023(b)		$	71,690,000	$	56,993,550
General Motors Corp., 8.375%, 7/15/2033(b)			3,445,000		2,773,225
Goodyear Tire & Rubber Co., 7.000%, 3/15/2028			4,901,000		4,263,870
					334,733,011
Banking – 5.0%
BAC Capital Trust VI, 5.625%, 3/08/2035			35,170,000		30,037,888
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		38,370,000,000		41,389,017
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		2,816,000,000		91,859,534
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		48,070,000,000		52,376,041
Barclays Financial LLC, Series EMTN, 4.100%, 3/22/2010, 144A	THB		247,000,000		8,043,953
BNP Paribas SA, Series EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		273,109,870		21,648,155
HSBC Bank USA, Zero Coupon Bond, 4/18/2012, 144A	MYR		108,110,000		28,823,885
HSBC Bank USA, 3.310%, 8/25/2010, 144A			41,250,000		47,025,000
ICICI Bank Ltd.,, 6.375%, 4/30/2022, 144A(c)			12,345,000		11,174,904
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		699,525,000,000		56,587,607
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		248,433,920		20,083,670
JPMorgan Chase & Co., Zero Coupon Bond, 4/12/2012, 144A	IDR		59,941,995		43,728,778
JPMorgan Chase & Co., Zero Coupon Bond, 10/01/2012, 144A	BRL		241,667,000		103,269,061
JPMorgan Chase & Co., Series EMTN, Zero Coupon Bond, 6/08/2012, 144A	MYR		200,911,735		51,707,281
JPMorgan Chase London, Zero Coupon Bond, 10/21/2010, 144A	IDR		152,206,784,000		12,840,953
Kreditanstalt fuer Wiederaufbau, Series EMTN, 10.000%, 10/27/2008	ISK		743,300,000		11,517,743
Rabobank Nederland, Series EMTN, 13.500%, 1/28/2008, 144A	ISK		11,530,000,000		183,269,557
					815,383,027
Brokerage – 0.3%
Merrill Lynch & Co., Inc., 10.710%, 3/08/2017	BRL		100,000,000		52,882,022
Building Materials – 0.5%
Owens Corning, Inc., 6.500%, 12/01/2016			17,070,000		15,631,665
Owens Corning, Inc., 7.000%, 12/01/2036			19,700,000		17,774,620
Ply Gem Industries, Inc., 9.000%, 2/15/2012(b)			1,925,000		1,491,875
USG Corp., 6.300%, 11/15/2016			34,370,000		31,049,617
USG Corp., 7.750%, 1/15/2018			17,605,000		17,508,261
					83,456,038
Chemicals – 0.5%
Borden, Inc., 7.875%, 2/15/2023			29,454,000		22,090,500
Borden, Inc., 8.375%, 4/15/2016			2,785,000		2,255,850
Borden, Inc., 9.200%, 3/15/2021			11,255,000		9,004,000
Hercules, Inc., 6.500%, 6/30/2029			19,619,000		16,087,580
Methanex Corp., 6.000%, 8/15/2015			10,555,000		10,300,297
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028			9,000,000		8,865,000

2

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Chemicals – continued
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		$	9,095,000	$	9,140,475
					77,743,702
Construction Machinery – 0.2%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013(b)			3,590,000		3,356,650
Joy Global, Inc., 6.625%, 11/15/2036			1,975,000		2,084,198
Toro Co., 6.625%, 5/01/2037			27,030,000		27,900,231
United Rentals North America, Inc., 7.000%, 2/15/2014			710,000		594,625
					33,935,704
Consumer Cyclical Services – 0.9%
Western Union Co., 6.200%, 11/17/2036(b)			154,180,000		147,978,418
Distributors – 0.0%
ONEOK, Inc., 6.000%, 6/15/2035			3,805,000		3,423,397
Electric – 2.8%
AES Corp., 7.750%, 3/01/2014(b)			4,875,000		4,911,562
AES Corp., 8.375%, 3/01/2011	GBP		1,990,000		3,925,643
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036			50,030,000		45,780,702
Commonwealth Edison Co., 4.750%, 12/01/2011(e)			335,000		302,947
Dominion Resources, Inc., 5.950%, 6/15/2035			13,040,000		12,186,558
Dynegy Holdings, Inc., 7.125%, 5/15/2018			5,295,000		4,686,075
Dynegy Holdings, Inc., 7.625%, 10/15/2026			11,835,000		10,059,750
Dynegy Holdings, Inc., 7.750%, 6/01/2019(b)			600,000		553,500
Dynegy Holdings, Inc., 8.375%, 5/01/2016			2,000,000		1,955,000
Edison Mission Energy, 7.625%, 5/15/2027			23,200,000		21,808,000
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027(b)			11,581,000		12,896,879
Energy Future Holdings Corp., Series P, 5.550%, 11/15/2014			22,255,000		17,763,563
Enersis SA, 7.400%, 12/01/2016			4,250,000		4,605,636
ITC Holdings Corp., 5.875%, 9/30/2016, 144A			25,460,000		25,528,004
ITC Holdings Corp., 6.375%, 9/30/2036, 144A			37,955,000		36,563,608
MidAmerican Energy Holdings Co., 6.125%, 4/01/2036(b)			6,540,000		6,524,422
MidAmerican Energy Holdings Co., 6.500%, 9/15/2037			54,485,000		56,897,923
NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027(b)			23,775,000		20,922,000
Nisource Finance Corp., 6.400%, 3/15/2018			63,435,000		63,292,335
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A			2,240,896		2,339,496
Quezon Power Philippines Co., 8.860%, 6/15/2017			6,300,000		6,300,000
Salton Sea Funding Corp., Series E, 8.300%, 5/30/2011			1,554,314		1,725,926
Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018			218,038		241,939
Southern California Edison Co., 7.625%, 1/15/2010			2,000,000		2,122,824
SP Powerassets Ltd., 3.730%, 10/22/2010	SGD		1,000,000		704,978
Texas-New Mexico Power Co., 6.250%, 1/15/2009			1,000,000		1,011,173
Toledo Edison Co., 6.150%, 5/15/2037			13,195,000		12,295,615
TXU Corp., Series Q, 6.500%, 11/15/2024			57,056,000		41,617,217
TXU Corp., Series R, 6.550%, 11/15/2034			6,429,000		4,652,719
White Pine Hydro LLC, 6.310%, 7/10/2017(e)			9,175,000		9,606,317
White Pine Hydro LLC, 6.960%, 7/10/2037(e)			14,695,000		15,198,906

3

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Electric – continued
White Pine Hydro LLC, 7.260%, 7/20/2015(e)		$	5,000,000	$	5,183,215
					454,164,432
Entertainment – 0.7%
Six Flags, Inc., 9.625%, 6/01/2014(b)			9,545,000		7,039,437
Six Flags, Inc., 9.750%, 4/15/2013(b)			3,875,000		2,906,250
Time Warner, Inc., 6.500%, 11/15/2036			9,510,000		9,253,297
Time Warner, Inc., 6.625%, 5/15/2029			21,780,000		21,442,933
Time Warner, Inc., 6.950%, 1/15/2028			8,805,000		8,984,895
Time Warner, Inc., 7.625%, 4/15/2031			5,885,000		6,512,459
Time Warner, Inc., 7.700%, 5/01/2032			3,785,000		4,205,343
Viacom, Inc., Class B, 6.875%, 4/30/2036			55,225,000		55,375,543
					115,720,157
Food & Beverage – 1.0%
Aramark Services, Inc., 5.000%, 6/01/2012			2,115,000		1,818,900
Corn Products International , Inc., 6.625%, 4/15/2037			31,590,000		32,907,240
Dole Food Co., Inc., 8.625%, 5/01/2009			2,580,000		2,489,700
Kraft Foods, Inc., 6.500%, 8/11/2017			45,310,000		46,875,279
Kraft Foods, Inc., 6.500%, 11/01/2031(b)			14,990,000		14,703,676
Kraft Foods, Inc., 7.000%, 8/11/2037			36,870,000		38,724,745
Sara Lee Corp., 6.125%, 11/01/2032(b)			18,615,000		17,627,158
					155,146,698
Foreign Local Governments – 0.1%
Ontario Hydro, Zero Coupon Bond, 11/27/2020	CAD		1,507,000		844,452
Province of Alberta, 5.930%, 9/16/2016	CAD		19,849,554		21,556,461
					22,400,913
Government Guaranteed – 0.8%
Canada Housing Trust, 4.100%, 12/15/2008	CAD		130,265,000		132,070,588
Government Sponsored – 0.8%
Federal Home Loan Mortgage Corp., 4.625%, 10/25/2012(b)			32,925,000		33,903,597
Federal National Mortgage Association, 2.290%, 2/19/2009	SGD		145,900,000		100,884,612
					134,788,209
Healthcare – 3.0%
Boston Scientific Corp., 5.450%, 6/15/2014			3,710,000		3,413,200
Boston Scientific Corp., 6.400%, 6/15/2016			14,305,000		13,446,700
Boston Scientific Corp., 7.000%, 11/15/2035			22,132,000		19,476,160
Covidien International Finance, 6.000%, 10/15/2017, 144A			24,890,000		25,754,529
Covidien International Finance, 6.550%, 10/15/2037, 144A			25,070,000		26,036,097
HCA, Inc., 5.750%, 3/15/2014			9,425,000		7,822,750
HCA, Inc., 6.250%, 2/15/2013			3,000,000		2,625,000
HCA, Inc., 6.300%, 10/01/2012(b)			2,500,000		2,225,000
HCA, Inc., 6.375%, 1/15/2015			10,625,000		8,978,125
HCA, Inc., 6.500%, 2/15/2016(b)			62,270,000		52,618,150
HCA, Inc., 7.050%, 12/01/2027			24,130,000		18,428,515
HCA, Inc., 7.190%, 11/15/2015			4,935,000		4,230,998
HCA, Inc., 7.500%, 12/15/2023			15,215,000		12,459,290
HCA, Inc., 7.500%, 11/06/2033			19,830,000		15,516,975
HCA, Inc., 7.580%, 9/15/2025			15,725,000		12,801,125
HCA, Inc., 7.690%, 6/15/2025			45,603,000		37,754,769
HCA, Inc., 7.750%, 7/15/2036			6,191,000		4,974,233

4

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Healthcare – continued
HCA, Inc., 8.360%, 4/15/2024	$	8,009,000	$	7,041,697
Hospira, Inc., 6.050%, 3/30/2017		15,175,000		15,247,886
Owens & Minor, Inc., 6.350%, 4/15/2016		4,710,000		4,806,574
Tenet Healthcare Corp., 6.875%, 11/15/2031		7,763,000		5,783,435
Tenet Healthcare Corp., 9.250%, 2/01/2015		560,000		518,000
WellPoint, Inc., 6.375%, 6/15/2037		191,190,000		187,817,217
				489,776,425
Healthcare Insurance – 0.1%
CIGNA Corp., 6.150%, 11/15/2036		20,530,000		19,048,042
Home Construction – 1.6%
Centex Corp., 5.250%, 6/15/2015		5,110,000		4,327,204
D.R. Horton, Inc., 5.250%, 2/15/2015		70,845,000		56,273,884
D.R. Horton, Inc., 5.625%, 9/15/2014		7,235,000		6,076,814
D.R. Horton, Inc., 5.625%, 1/15/2016		26,345,000		21,851,834
D.R. Horton, Inc., 6.500%, 4/15/2016(b)		1,975,000		1,713,555
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015		6,430,000		4,404,550
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016(b)		20,420,000		13,885,600
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014(b)		5,099,000		3,569,300
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		4,050,000		2,835,000
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016(b)		1,650,000		1,155,000
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013(b)		2,865,000		1,604,400
K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012		1,690,000		963,300
KB Home, 5.875%, 1/15/2015		895,000		771,937
Kimball Hill Homes, Inc., 10.500%, 12/15/2012(b)		2,565,000		820,800
Lennar Corp., Series B, 5.125%, 10/01/2010		3,495,000		2,999,049
Lennar Corp., Series B, 5.500%, 9/01/2014		18,630,000		14,115,262
Lennar Corp., Series B, 5.600%, 5/31/2015		8,112,000		6,181,522
Lennar Corp., Series B, 6.500%, 4/15/2016(b)		40,810,000		31,928,561
Pulte Homes, Inc., 5.200%, 2/15/2015		6,790,000		5,616,410
Pulte Homes, Inc., 6.000%, 2/15/2035(b)		63,520,000		47,895,287
Pulte Homes, Inc., 6.375%, 5/15/2033		17,205,000		13,034,078
Stanley-Martin Communities LLC, 9.750%, 8/15/2015		5,185,000		3,111,000
Toll Brothers Finance Corp., 5.150%, 5/15/2015(b)		7,935,000		7,200,695
				252,335,042
Independent Energy – 2.2%
Anadarko Petroleum Corp., 5.950%, 9/15/2016		53,650,000		54,628,039
Anadarko Petroleum Corp., 6.450%, 9/15/2036		76,885,000		78,294,763
Bruce Mansfield Unit, 6.850%, 6/01/2034		95,735,000		98,533,334
Chesapeake Energy Corp., 6.500%, 8/15/2017		3,820,000		3,686,300
Chesapeake Energy Corp., 6.875%, 11/15/2020		13,805,000		13,252,800
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A		40,310,000		40,259,613
Pioneer Natural Resources Co., 5.875%, 7/15/2016		10,275,000		9,458,569
Pioneer Natural Resources Co., 6.875%, 5/01/2018		1,550,000		1,498,889
Pioneer Natural Resources Co., 7.200%, 1/15/2028		5,165,000		4,655,251
Talisman Energy, Inc., 5.850%, 2/01/2037		12,155,000		11,364,828
Talisman Energy, Inc., 6.250%, 2/01/2038		32,435,000		31,609,821
XTO Energy, Inc., 6.100%, 4/01/2036		2,165,000		2,113,514
XTO Energy, Inc., 6.750%, 8/01/2037		11,225,000		12,040,272
				361,395,993

5

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Industrial Other – 0.2%
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A		$	26,410,000	$	25,876,888
Integrated Energy – 0.0%
PF Export Receivables Master Trust, 6.436%, 6/01/2015, 144A			1,815,600		1,830,760
Life Insurance – 0.5%
ASIF Global Financing XXVII, 2.380%, 2/26/2009, 144A	SGD		38,400,000		26,377,435
Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A			57,985,000		56,839,216
					83,216,651
Local Authorities – 1.7%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034			21,965,000		20,665,990
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		109,725,000		92,832,610
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046			183,475,000		159,250,796
					272,749,396
Media Cable – 2.5%
Comcast Corp., 5.500%, 3/15/2011			3,000,000		3,028,671
Comcast Corp., 5.650%, 6/15/2035			61,435,000		56,234,097
Comcast Corp., 6.450%, 3/15/2037			61,395,000		62,511,222
Comcast Corp., 6.500%, 11/15/2035			37,670,000		38,439,937
Comcast Corp., 6.950%, 8/15/2037			203,210,000		219,318,863
CSC Holdings, Inc., 7.875%, 2/15/2018			1,550,000		1,449,250
Shaw Communications, Inc., 5.700%, 3/02/2017	CAD		12,775,000		12,303,583
Virgin Media Finance Plc, 9.125%, 8/15/2016			500,000		495,000
Virgin Media Finance Plc, 9.750%, 4/15/2014	GBP		6,005,000		11,535,181
					405,315,804
Media Non-Cable – 1.0%
Clear Channel Communications, Inc., 4.900%, 5/15/2015(b)			13,770,000		10,044,389
Clear Channel Communications, Inc., 5.500%, 9/15/2014			4,165,000		3,174,709
Clear Channel Communications, Inc., 5.500%, 12/15/2016(b)			13,675,000		9,964,138
Clear Channel Communications, Inc., 5.750%, 1/15/2013			2,080,000		1,722,319
Clear Channel Communications, Inc., 6.875%, 6/15/2018			1,095,000		878,364
News America, Inc., 6.150%, 3/01/2037			64,380,000		62,190,372
News America, Inc., 6.200%, 12/15/2034			17,665,000		17,413,980
News America, Inc., 6.400%, 12/15/2035			29,275,000		29,615,937
Tribune Co., 5.250%, 8/15/2015(b)			40,425,000		23,663,218
					158,667,426
Metals & Mining – 0.3%
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A			13,180,000		10,807,600
Newmont Mining Corp., 5.875%, 4/01/2035(b)			5,621,000		4,941,719
United States Steel Corp., 6.050%, 6/01/2017			9,420,000		8,853,227
United States Steel Corp., 6.650%, 6/01/2037			5,525,000		4,928,543
United States Steel Corp., 7.000%, 2/01/2018			22,600,000		22,448,851
					51,979,940
Mortgage Related – 0.3%
Federal Home Loan Mortgage Corp., 5.000%, 12/01/2031			384,608		377,962
Queensland Treasury Corp., 7.125%, 9/18/2017, 144A	NZD		60,170,000		45,083,523
					45,461,485

6

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – 4.7%
American General Finance Corp., Series MTN, 6.900%, 12/15/2017		$	305,415,000	$	305,720,415
Countrywide Financial Corp., 2.619%, 5/15/2037, 144A(c)			36,649,000		26,742,775
Countrywide Financial Corp., Series A, 1.743%, 4/15/2037, 144A(c)			13,884,000		10,826,743
Countrywide Financial Corp., Series MTNA, 5.211%, 12/19/2008(c)			5,670,000		4,636,626
Countrywide Home Loans, Inc., 4.000%, 3/22/2011			16,188,000		11,688,610
Residential Capital LLC, 6.375%, 5/17/2013	GBP		57,435,000		62,881,573
Residential Capital LLC, 7.625%, 11/21/2008			1,280,000		1,017,600
Residential Capital LLC, 7.875%, 6/30/2010			5,670,000		3,628,800
Residential Capital LLC, 8.000%, 6/01/2012			3,905,000		2,401,575
Residential Capital LLC, 8.000%, 4/17/2013			165,035,000		101,496,525
Residential Capital LLC, 8.375%, 6/30/2015			16,635,000		10,064,175
Residential Capital LLC, Series EMTN, 9.375%, 7/01/2014	GBP		25,920,000		29,409,926
SLM Corp., 5.050%, 11/14/2014			26,324,000		22,752,992
SLM Corp., 6.500%, 6/15/2010	NZD		1,010,000		700,755
SLM Corp., Series A, 5.000%, 10/01/2013			40,775,000		35,739,614
SLM Corp., Series A, 5.000%, 6/15/2018			19,733,000		15,780,026
SLM Corp., Series A, 5.375%, 5/15/2014			28,800,000		25,605,302
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			53,696,000		45,793,184
SLM Corp., Series A, MTN, 5.625%, 8/01/2033			34,315,000		26,523,299
SLM Corp., Series EMTN, 4.750%, 3/17/2014	EUR		2,000,000		2,329,339
SLM Corp., Series MTNA, 5.375%, 1/15/2013			8,245,000		7,375,540
					753,115,394
Non-Captive Diversified – 4.2%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015			7,068,000		6,051,318
CIT Group, Inc., 5.000%, 2/13/2014(b)			4,550,000		4,005,565
CIT Group, Inc., 5.125%, 9/30/2014			10,370,000		9,134,622
CIT Group, Inc., 5.500%, 12/01/2014	GBP		19,185,000		32,188,047
CIT Group, Inc., 5.600%, 4/27/2011			10,435,000		10,047,621
CIT Group, Inc., 6.000%, 4/01/2036			500,000		404,420
CIT Group, Inc., 7.625%, 11/30/2012			342,170,000		346,825,565
CIT Group, Inc., Series EMTN, 5.500%, 12/20/2016	GBP		13,450,000		21,642,955
GMAC Canada Ltd., Series EMTN, 6.625%, 12/17/2010	GBP		500,000		865,911
GMAC LLC, 5.625%, 5/15/2009(b)			2,040,000		1,924,671
GMAC LLC, 6.000%, 12/15/2011			76,300,000		63,991,284
GMAC LLC, 6.625%, 5/15/2012			30,235,000		25,134,869
GMAC LLC, 6.750%, 12/01/2014			45,642,000		36,812,509
GMAC LLC, 6.875%, 9/15/2011			8,945,000		7,652,394
GMAC LLC, 6.875%, 8/28/2012			5,430,000		4,550,145
GMAC LLC, 7.000%, 2/01/2012			11,345,000		9,625,382
GMAC LLC, 8.000%, 11/01/2031(b)			40,030,000		33,580,166
iStar Financial, Inc., 5.150%, 3/01/2012			29,155,000		25,196,247
iStar Financial, Inc., 5.375%, 4/15/2010			6,905,000		6,392,435
iStar Financial, Inc., 5.650%, 9/15/2011			25,710,000		22,975,047
iStar Financial, Inc., 5.800%, 3/15/2011			5,305,000		4,752,442
iStar Financial, Inc., 5.950%, 10/15/2013			14,665,000		12,778,964
iStar Financial, Inc., Series B, 5.125%, 4/01/2011			2,330,000		2,077,016
					688,609,595

7

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Non-Captive Finance – 2.2%
General Electric Capital Corp., 6.500%, 9/28/2015	NZD	266,148,000	$	186,239,145
General Electric Capital Corp., Series EMTN, 1.725%, 6/27/2008	SGD	4,250,000		2,937,742
General Electric Capital Corp., Series EMTN, 6.750%, 9/26/2016	NZD	72,385,000		51,872,442
General Electric Capital Corp., Series GMTN, 2.960%, 5/18/2012	SGD	5,400,000		3,673,812
General Electric Capital Corp., Series GMTN, 3.485%, 3/08/2012	SGD	150,000,000		104,322,345
				349,045,486
Oil Field Services – 0.2%
North American Energy Partners, Inc., 8.750%, 12/01/2011		12,530,000		12,373,375
Weatherford International Ltd., 6.500%, 8/01/2036		20,375,000		20,347,371
				32,720,746
Packaging – 0.1%
Owens-Illinois, Inc., 7.800%, 5/15/2018		23,567,000		23,979,423
Paper – 1.4%
Abitibi-Consolidated, Inc., 7.400%, 4/01/2018		11,675,000		7,676,312
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028		14,820,000		9,521,850
Abitibi-Consolidated, Inc., 8.500%, 8/01/2029		4,215,000		2,876,738
Abitibi-Consolidated, Inc., 8.850%, 8/01/2030		47,185,000		32,321,725
Avenor, Inc., 10.850%, 11/30/2014	CAD	450,000		354,009
Bowater, Inc., 6.500%, 6/15/2013(b)		3,880,000		2,851,800
Georgia-Pacific Corp., 7.250%, 6/01/2028		25,782,000		22,688,160
Georgia-Pacific Corp., 7.375%, 12/01/2025(b)		31,207,000		27,462,160
Georgia-Pacific Corp., 7.700%, 6/15/2015		95,000		93,575
Georgia-Pacific Corp., 7.750%, 11/15/2029		80,700,000		73,840,500
Georgia-Pacific LLC, 8.000%, 1/15/2024(b)		20,258,000		18,839,940
Georgia-Pacific LLC, 8.875%, 5/15/2031(b)		24,697,000		23,832,605
International Paper Co., 4.250%, 1/15/2009		2,000,000		1,979,748
Jefferson Smurfit Corp., 7.500%, 6/01/2013(b)		4,990,000		4,777,925
				229,117,047
Pharmaceuticals – 2.2%
Astrazeneca Plc, 6.450%, 9/15/2037		228,855,000		250,750,931
Elan Financial Plc, 7.750%, 11/15/2011		64,556,000		60,682,640
Elan Financial Plc, 8.875%, 12/01/2013		41,925,000		41,296,125
				352,729,696
Pipelines – 2.8%
Colorado Interstate Gas Co., 5.950%, 3/15/2015		1,099,000		1,087,257
Colorado Interstate Gas Co., 6.800%, 11/15/2015		3,670,000		3,820,327
DCP Midstream LP, 6.450%, 11/03/2036, 144A		27,200,000		26,462,064
El Paso Corp., 6.950%, 6/01/2028		11,959,000		11,321,286
El Paso Corp., 7.420%, 2/15/2037		2,045,000		1,987,394
El Paso Corp., 7.750%, 1/15/2032		1,500,000		1,522,616
El Paso Corp., 7.800%, 8/01/2031		1,000,000		1,014,857
Energy Transfer Partners LP, 6.125%, 2/15/2017		7,325,000		7,122,998
Energy Transfer Partners LP, 6.625%, 10/15/2036		14,235,000		13,643,493
Enterprise Products Operating LP, 6.300%, 9/15/2017		25,030,000		25,609,645
Kinder Morgan Energy Partners, LP, 5.800%, 3/15/2035		778,000		704,265
Kinder Morgan Finance, 5.700%, 1/05/2016		14,160,000		12,817,646

8

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Pipelines – continued
Kinder Morgan Finance, 6.400%, 1/05/2036		$	78,104,000	$	64,502,267
Kinder Morgan, Inc., 6.670%, 11/01/2027			6,720,000		5,860,492
Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015			16,530,000		14,545,293
KN Capital Trust III, 7.630%, 4/15/2028			4,740,000		4,275,480
NGPL Pipeco LLC, 7.119%, 12/15/2017, 144A			117,630,000		120,611,685
ONEOK Partners LP, 6.650%, 10/01/2036			12,495,000		12,634,694
Plains All American Pipeline LP, 6.125%, 1/15/2017			28,845,000		29,233,196
Plains All American Pipeline LP, 6.650%, 1/15/2037			62,130,000		62,527,321
Southern Natural Gas Co., 7.350%, 2/15/2031			4,695,000		4,902,341
Tennessee Gas Pipeline Co., 7.000%, 10/15/2028(b)			7,900,000		7,974,916
Williams Cos., Inc., 7.500%, 1/15/2031			13,985,000		15,033,875
					449,215,408
Property & Casualty Insurance – 1.2%
Allstate Corp., 5.950%, 4/01/2036			7,745,000		7,267,451
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014			46,320,000		45,110,816
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015			34,729,000		33,617,012
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033			49,522,000		43,140,645
St. Paul Travelers Co., Inc., 6.750%, 6/20/2036			6,850,000		7,148,420
Travelers Cos., Inc., 6.250%, 6/15/2037			42,880,000		41,534,083
Travelers Property Casualty Corp., 6.375%, 3/15/2033			1,000,000		989,121
Willis North America, Inc., 6.200%, 3/28/2017			12,000,000		11,973,588
					190,781,136
Railroads – 0.3%
CSX Corp., 6.000%, 10/01/2036(b)			46,468,000		42,173,892
CSX Corp., 6.250%, 3/15/2018			5,000,000		5,025,535
Missouri Pacific Railroad Co., 5.000%, 1/01/2045			7,804,000		5,306,720
					52,506,147
Real Estate Investment Trusts – 0.4%
Colonial Realty LP, 6.050%, 9/01/2016			3,980,000		3,691,530
First Industrial LP, 5.950%, 5/15/2017			7,750,000		7,514,749
Highwoods Properties, Inc., 5.850%, 3/15/2017			43,105,000		40,557,408
Highwoods Properties, Inc., 7.500%, 4/15/2018			5,640,000		5,914,346
iStar Financial, Inc., Series REGS, 5.700%, 3/01/2014			5,855,000		4,902,421
					62,580,454
Restaurants – 0.0%
McDonald’s Corp., 3.628%, 10/10/2010	SGD		3,750,000		2,652,443
Retailers – 2.1%
Dillard’s, Inc., 6.625%, 1/15/2018			1,920,000		1,519,728
Dillard’s, Inc., 7.000%, 12/01/2028			4,255,000		3,106,150
Dillard’s, Inc., 7.130%, 8/01/2018			1,740,000		1,400,700
Dillard’s, Inc., 7.750%, 7/15/2026			7,182,000		5,530,140
Dillard’s, Inc., 7.750%, 5/15/2027			1,000,000		770,000
Foot Locker, Inc., 8.500%, 1/15/2022			14,269,000		13,127,480
Home Depot, Inc., 5.875%, 12/16/2036			129,734,000		109,482,652
J.C. Penney Co., Inc., Senior Note, 6.375%, 10/15/2036			86,998,000		77,742,631
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			1,933,000		1,992,546
Lowes Cos., Inc., 6.650%, 9/15/2037			55,705,000		56,495,677
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			25,305,000		22,054,725
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027			7,415,000		6,915,259

9

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Retailers – continued
Toys R Us, Inc., 7.375%, 10/15/2018		$	35,990,000		$	26,002,775
Toys R Us, Inc., 7.875%, 4/15/2013(b)			11,255,000			8,694,487
						334,834,950
Sovereigns – 15.4%
Canadian Government, 4.000%, 6/01/2016	CAD		35,000,000			35,537,261
Canadian Government, 4.250%, 9/01/2008	CAD		721,935,000			732,965,731
Canadian Government, 4.250%, 12/01/2008	CAD		474,235,000			482,019,191
Canadian Government, 4.250%, 9/01/2009	CAD		73,725,000			75,228,708
Canadian Government, 5.750%, 6/01/2033(b)	CAD		48,845,000			62,259,496
Canadian Government, Series WH31, 6.000%, 6/01/2008(b)	CAD		58,550,000			59,820,724
Indonesia Treasury Bond, Zero Coupon Bond, 11/20/2012	IDR		37,800,300			25,877,661
Indonesia Treasury Bond, 9.500%, 7/15/2023	IDR		1,000,000			967,846
Indonesia Treasury Bond, 10.250%, 7/15/2022	IDR		14,515,600			15,038,363
Indonesia Treasury Bond, 10.250%, 7/15/2027	IDR		2,500,000			2,554,796
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		4,585,000	(††)		41,593,217
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		42,372,800	(††)		380,661,429
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		10,500,000	(††)		100,081,086
New South Wales Treasury Corp., 6.000%, 5/01/2012	AUD		87,640,000			73,351,724
New South Wales Treasury Corp., 7.000%, 12/01/2010	AUD		165,565,000			144,325,657
Republic of Brazil, 8.875%, 4/15/2024(b)			32,625,000			41,596,875
Republic of Brazil, 10.250%, 1/10/2028(b)	BRL		96,195,000			51,880,449
Republic of Brazil, 12.500%, 1/05/2016(b)	BRL		17,305,000			10,596,882
Republic of Brazil, 12.500%, 1/05/2022	BRL		114,735,000			71,870,520
Republic of Peru, 6.438%, 3/07/2017(b)(c)			2,829,000			2,800,710
Republic of South Africa, 13.000%, 8/31/2010(b)	ZAR		500,585,000			79,317,491
						2,490,345,817
Supermarkets – 0.9%
Albertson’s, Inc., 6.625%, 6/01/2028			17,485,000			15,382,656
Albertson’s, Inc, 7.450%, 8/01/2029			95,790,000			92,192,032
Albertson’s, Inc., 7.750%, 6/15/2026			18,430,000			18,229,463
Albertson’s, Inc., 8.000%, 5/01/2031(b)			9,680,000			9,820,089
Albertson’s, Inc., 8.700%, 5/01/2030			2,995,000			3,190,837
						138,815,077
Supranational – 3.9%
Eurofima, Series EMTN, 10.000%, 11/03/2008	ISK		475,000,000			7,333,440
European Investment Bank, Zero Coupon Bond, 9/12/2008, 144A	BRL		10,732,465			5,579,507
European Investment Bank, Zero Coupon Bond, 3/10/2021	AUD		148,280,000			54,670,493
European Investment Bank, 4.600%, 1/30/2037, 144A	CAD		200,000,000			202,559,400
Inter-American Development Bank, Series EMTN, Zero Coupon Bond, 5/11/2009	BRL		297,000,000			138,071,629
Inter-American Development Bank, Series EMTN, 6.000%, 12/15/2017	NZD		184,525,000			127,586,785
Inter-American Development Bank, Series GMTN, 6.250%, 6/22/2016	NZD		17,875,000			12,593,511

10

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Supranational – continued
Nordic Invest Bank, 13.000%, 9/12/2008	ISK	5,343,100,000	$	84,060,486
				632,455,251
Technology – 2.6%
Affiliated Computer Services, Inc., 5.200%, 6/01/2015		115,000		99,044
Agilent Technologies, Inc., 6.500%, 11/01/2017		57,300,000		58,207,002
Amkor Technology, Inc., 7.125%, 3/15/2011(b)		8,785,000		8,367,713
Amkor Technology, Inc., 7.750%, 5/15/2013		11,545,000		10,881,162
Arrow Electronics, Inc., 6.875%, 7/01/2013		17,380,000		18,524,803
Arrow Electronics, Inc., 6.875%, 6/01/2018		5,000,000		5,322,740
Avnet, Inc., 5.875%, 3/15/2014		36,145,000		36,534,137
Avnet, Inc., 6.000%, 9/01/2015		50,685,000		50,596,200
Avnet, Inc., 6.625%, 9/15/2016		15,225,000		15,965,833
Corning, Inc., 5.900%, 3/15/2014		9,330,000		9,481,435
Corning, Inc., 6.200%, 3/15/2016		5,155,000		5,311,191
Corning, Inc., 6.850%, 3/01/2029		10,321,000		10,903,538
Corning, Inc., 7.250%, 8/15/2036		5,645,000		6,144,526
Equifax, Inc., 7.000%, 7/01/2037		19,270,000		18,284,282
Freescale Semiconductor, Inc., 10.125%, 12/15/2016(b)		28,089,000		23,173,425
Lucent Technologies, Inc., 6.450%, 3/15/2029(b)		65,637,000		54,232,571
Lucent Technologies, Inc., 6.500%, 1/15/2028		2,216,000		1,830,970
Motorola, Inc., 6.500%, 9/01/2025		10,200,000		9,905,302
Motorola, Inc., 6.500%, 11/15/2028		2,500,000		2,365,745
Nortel Networks Corp., 6.875%, 9/01/2023		16,932,000		13,376,280
Nortel Networks Ltd., 10.125%, 7/15/2013, 144A		17,805,000		18,339,150
Northern Telecom Capital Corp., 7.875%, 6/15/2026		8,695,000		7,129,900
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		5,400,000		6,035,299
Xerox Capital Trust I, 8.000%, 2/01/2027		25,440,000		25,407,844
Xerox Corp., 7.200%, 4/01/2016		615,000		658,889
				417,078,981
Textile – 0.1%
Kellwood Co., 7.625%, 10/15/2017(b)		11,070,000		8,634,600
Tobacco – 0.6%
Buckeye Ohio Tob Settlement, Series A-2, 5.875%, 6/01/2047		10,390,000		9,910,086
Reynolds American, Inc., 6.750%, 6/15/2017		71,085,000		72,401,708
Reynolds American, Inc., 7.250%, 6/15/2037		17,990,000		18,182,133
				100,493,927
Transportation Services – 0.7%
APL Ltd., 8.000%, 1/15/2024(e)		19,894,000		16,710,960
Atlas Air, Inc., Series 1999-1A, 6.880%, 7/02/2009		1,153,157		1,118,562
Atlas Air, Inc., Series 1999-1B, 7.630%, 1/02/2015(f)		18,164,300		20,888,945
Atlas Air, Inc., Series 1999-1C, 8.770%, 1/02/2011(f)		15,689,997		15,768,447
Atlas Air, Inc., Series 2000-1, 9.702%, 1/02/2008(f)		201,720		199,703
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 1/02/2014(f)		9,260,147		11,575,184
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(f)		39,925,752		46,713,129
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(f)		6,552,024		5,995,102
				118,970,032
Treasuries – 6.4%
U.S. Treasury Bonds, 4.500%, 2/15/2036(b)		458,390,000		460,717,704

11

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Treasuries – continued
U.S. Treasury Bonds, 5.375%, 2/15/2031(b)		$	503,135,000	$	566,852,520
					1,027,570,224
Wireless – 1.3%
ALLTEL Corp., 6.500%, 11/01/2013			2,880,000		2,304,000
ALLTEL Corp., 6.800%, 5/01/2029			10,985,000		7,689,500
ALLTEL Corp., 7.000%, 7/01/2012			19,920,000		17,181,000
ALLTEL Corp., 7.875%, 7/01/2032			90,844,000		69,495,660
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013(b)			5,780,000		5,694,005
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			35,275,000		33,157,407
Philippine Long Distance Telephone Co., 11.375%, 5/15/2012			925,000		1,110,000
Rogers Wireless, Inc., 6.375%, 3/01/2014			1,895,000		1,952,149
Rogers Wireless, Inc., 7.625%, 12/15/2011(b)	CAD		6,990,000		7,584,286
Sprint Capital Corp., 6.875%, 11/15/2028			8,496,000		8,057,292
Sprint Nextel Corp., 6.000%, 12/01/2016			15,184,000		14,543,129
True Move Co. Ltd., 10.750%, 12/16/2013, 144A			36,610,000		36,976,100
Vodafone Group Plc, 6.150%, 2/27/2037			2,655,000		2,622,131
					208,366,659
Wirelines – 5.8%
AT&T Corp., 6.500%, 3/15/2029			27,859,000		27,346,896
AT&T, Inc., 6.150%, 9/15/2034			14,755,000		14,730,300
AT&T, Inc., 6.500%, 9/01/2037			152,250,000		159,204,476
Bell Canada, 5.000%, 2/15/2017	CAD		7,738,000		6,508,246
Bell Canada, 6.550%, 5/01/2029, 144A	CAD		5,790,000		4,988,569
Bell Canada, 7.300%, 2/23/2032	CAD		11,405,000		10,608,805
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		45,500,000		37,408,704
BellSouth Corp., 6.000%, 11/15/2034(b)			26,970,000		26,225,062
Embarq Corp., 7.995%, 6/01/2036			8,735,000		9,205,257
GTE Corp., 6.940%, 4/15/2028			11,700,000		12,532,432
Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030			10,505,000		12,595,810
Koninklijke (Royal) KPN NV, Series EMTN, 5.750%, 3/18/2016	GBP		1,600,000		3,083,870
Koninklijke (Royal) KPN NV, Series GMTN, 4.000%, 6/22/2015	EUR		2,750,000		3,577,447
Level 3 Financing, Inc., 8.750%, 2/15/2017(b)			42,940,000		36,821,050
Level 3 Financing, Inc., 9.250%, 11/01/2014			17,580,000		15,909,900
New England Telephone & Telegraph, 7.875%, 11/15/2029			2,740,000		3,136,815
Qwest Capital Funding, Inc., 6.375%, 7/15/2008(b)			919,000		914,405
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			28,965,000		24,475,425
Qwest Capital Funding, Inc., 6.875%, 7/15/2028(b)			65,420,000		55,279,900
Qwest Capital Funding, Inc., 7.625%, 8/03/2021(b)			9,275,000		8,347,500
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			36,685,000		33,016,500
Qwest Corp., 6.875%, 9/15/2033(b)			21,960,000		20,258,100
Qwest Corp., 7.250%, 9/15/2025			9,880,000		9,287,200
Qwest Corp., 7.500%, 6/15/2023			3,260,000		3,121,450
Telecom Italia Capital, 6.000%, 9/30/2034			30,915,000		30,061,932
Telecom Italia Capital, 6.375%, 11/15/2033			26,400,000		26,440,656
Telefonica Emisiones SAU, 7.045%, 6/20/2036			174,550,000		195,109,546
Telus Corp., 4.950%, 3/15/2017	CAD		45,415,000		42,721,713

12

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Verizon Communications, 5.850%, 9/15/2035	$	87,716,000	$	85,801,511
Verizon Maryland, Inc., 5.125%, 6/15/2033		9,290,000		8,006,772
Verizon New York, Inc., Series B, 7.375%, 4/01/2032		17,475,000		19,184,876
				945,911,125
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $14,059,043,150)				14,555,746,069
CONVERTIBLE BONDS – 3.4%
Banking – 0.1%
Wells Fargo & Co., 4.661%, 5/01/2033(b)(c)		10,710,000		10,659,663
Healthcare – 0.1%
Invitrogen Corp., 1.500%, 2/15/2024		14,480,000		15,276,400
Independent Energy – 0.0%
Devon Energy Corp., 4.900%, 8/15/2008		1,400,000		2,441,250
Devon Energy Corp., 4.950%, 8/15/2008		2,600,000		4,533,750
				6,975,000
Industrial Other – 0.1%
Incyte Corp., 3.500%, 2/15/2011(b)		24,551,000		24,121,358
Media Non-Cable – 0.1%
Liberty Media LLC, 3.500%, 1/15/2031		7,815,448		6,936,210
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(d)		4,048,000		3,698,860
				10,635,070
Non-Captive Diversified – 0.3%
iStar Financial, Inc., 5.743%, 10/01/2012(b)(c)		60,135,000		53,219,475
Pharmaceuticals – 1.0%
Enzon Pharmaceuticals, Inc., 4.500%, 7/01/2008		21,410,000		21,249,425
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024		7,122,000		4,789,545
Human Genome Sciences, Inc., 2.250%, 8/15/2012		15,200,000		13,167,000
Nektar Therapeutics, 3.250%, 9/28/2012		26,120,000		21,549,000
Regeneron Pharmaceuticals, Inc., 5.500%, 10/17/2008		38,828,000		40,817,935
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		34,125,000		31,224,375
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		33,914,000		28,487,760
				161,285,040
Real Estate Investment Trusts – 0.1%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		21,410,000		18,278,788
Technology – 0.5%
Avnet, Inc., 2.000%, 3/15/2034		18,780,000		22,019,550
Ciena Corp., 3.750%, 2/01/2008		1,250,000		1,243,750
Kulicke & Soffa Industries, Inc., 0.500%, 11/30/2008		10,920,000		10,305,750
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		5,805,000		5,021,325
Maxtor Corp., 5.750%, 3/01/2012(e)		10,233,000		9,619,020
Nortel Networks Corp., 2.125%, 4/15/2014, 144A		34,235,000		26,532,125
Nortel Networks Corp., 4.250%, 9/01/2008		5,993,000		5,880,631
Richardson Electronics Ltd., 7.750%, 12/15/2011		395,000		367,350
				80,989,501
Textile – 0.1%
Dixie Yarns, Inc., 7.000%, 5/15/2012		165,000		155,100

13

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Textile – continued
Kellwood Co., (Step to 0.000% on 6/15/2011), 3.500%, 6/15/2034(d)	$	16,430,000	$	14,273,563
				14,428,663
Transportation Services – 0.0%
Builders Transportation, Inc., 8.000%, 8/15/2005(g)		1,000,000		—
Preston Corp., 7.000%, 5/01/2011		750,000		698,025
				698,025
Wireless – 0.1%
Nextel Communications, Inc., 5.250%, 1/15/2010		3,505,000		3,469,950
NII Holdings, Inc., 3.125%, 6/15/2012(b)		12,090,000		10,367,175
				13,837,125
Wirelines – 0.9%
Level 3 Communications, Inc., 2.875%, 7/15/2010		41,240,000		35,981,900
Level 3 Communications, Inc., 3.500%, 6/15/2012(b)		34,950,000		30,624,937
Level 3 Communications, Inc., 6.000%, 9/15/2009		36,610,000		34,047,300
Level 3 Communications, Inc., 6.000%, 3/15/2010(b)		42,392,000		37,728,880
				138,383,017
TOTAL CONVERTIBLE BONDS
(Identified Cost $550,584,345)				548,787,125
TOTAL BONDS AND NOTES
(Identified Cost $14,609,627,495)				15,104,533,194
	Shares
COMMON STOCKS – 0.2%
Biotechnology – 0.1%
Vertex Pharmaceuticals, Inc. (b)(f)		879,080		20,421,028
Communication Equipment – 0.1%
Corning, Inc.		630,490		15,125,456
TOTAL COMMON STOCKS
(Identified Cost $17,662,400)				35,546,484
PREFERRED STOCKS – 3.3%
CONVERTIBLE PREFERRED STOCKS – 1.4%
Automobiles – 0.4%
Ford Motor Co., Capital Trust II, 6.500%		1,940,230		63,057,475
Capital Markets – 0.1%
Newell Financial Trust I, 5.250%		207,122		9,449,941
Construction Materials – 0.0%
Williams Cos., Inc., 5.500%		25,000		4,184,375
Containers & Packaging – 0.2%
Owens-Illinois, Inc., 4.750%		661,928		33,083,162
Diversified Consumer Services – 0.1%
Six Flags, Inc., 7.250%(b)		517,100		7,420,385
Electric Utilities – 0.1%
AES Trust III, 6.750%(b)		214,225		9,972,174

14

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

	Shares	Value (†)
PREFERRED STOCKS – continued
Electric Utilities – continued
CMS Energy Trust I, 7.750%	207,375	$	10,109,531
			20,081,705
Machinery – 0.0%
United Rentals Trust, 6.500%	12,771		536,382
Oil, Gas & Consumable Fuels – 0.4%
Chesapeake Energy Corp., 4.500%(b)	87,351		9,608,610
Chesapeake Energy Corp., 5.000%(b)	360,780		42,617,138
El Paso Energy Capital Trust I, 4.750%	156,375		5,629,500
			57,855,248
Real Estate Investment Trusts (REITs) – 0.0%
FelCor Lodging Trust, Inc., Series A, 1.950%(b)	51,100		1,053,682
Semiconductors & Semiconductor Equipment – 0.1%
Lucent Technologies Capital Trust, 7.750%	24,695		21,549,474
TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $213,476,299)			218,271,829
NON-CONVERTIBLE PREFERRED STOCKS – 1.9%
Electric Utilities – 0.0%
Connecticut Light & Power Co., 1.900%	2,925		108,042
Entergy Arkansas, Inc., 4.320%	100		7,794
Entergy Mississippi, Inc., Zero Coupon Bond	5,000		404,531
Entergy New Orleans, Inc., 4.360%	665		48,815
Entergy New Orleans, Inc., 4.750%	200		15,356
MDU Resources Group, Inc., 5.100%	1,545		154,452
Public Service Co., 4.000%	360		27,743
Southern California Edison Co., 4.780%	50,100		1,052,100
Xcel Energy, Inc., 3.600%	1,100		73,700
			1,892,533
Thrifts & Mortgage Finance – 1.9%
Federal Home Loan Mortgage Corp., Zero Coupon Bond(b)	1,998,739		68,097,038
Federal Home Loan Mortgage Corp., 8.375%	3,049,402		79,741,862
Federal National Mortgage Association, 8.250%	6,085,000		156,688,750
			304,527,650
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $284,579,404)			306,420,183
TOTAL PREFERRED STOCKS
(Identified Cost $498,055,703)			524,692,012
CLOSED END INVESTMENT COMPANIES – 0.2%
BlackRock Senior High Income Fund, Inc.	203,625		1,099,575
Dreyfus High Yield Strategies Fund	330,054		1,234,402
DWS High Income Trust	86,158		413,558
Highland Credit Strategies Fund(b)	311,058		3,290,472
Morgan Stanley Emerging Markets Debt Fund, Inc.	356,954		3,462,454
Van Kampen High Income Trust II(b)	55,017		199,712
Western Asset High Income Opportunity Fund, Inc.	2,217,450		13,304,700

15

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

	Shares		Value (†)
CLOSED END INVESTMENT COMPANIES – continued
Western Asset Managed High Income Fund, Inc.(b)		1,369,100	$	7,858,634
TOTAL CLOSED END INVESTMENT COMPANIES
(Identified Cost $32,288,909)				30,863,507
	Shares/Principal Amount (‡)
SHORT-TERM INVESTMENTS – 11.0%
State Street Securities Lending Quality Trust(h)		1,622,093,879		1,622,093,879
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2007 at 3.250%, to be repurchased at $162,729,376 on 1/2/2008 collateralized by $28,840,000 Federal Home Loan Bank Discount Note, Zero Coupon due 3/24/2008 with a value of $28,551,600; $136,720,000 Federal Home Loan Bank, 2.750% due 3/14/2008 with a value of $137,403,600 including accrued interest(i)	$	162,700,000		162,700,000
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $1,784,793,879)				1,784,793,879
TOTAL INVESTMENTS – 108.0%
(Identified Cost $16,942,428,386)(a)				17,480,429,076
Other assets less liabilities—(8.0)%				(1,295,352,757	)
NET ASSETS – 100.0%			$	16,185,076,319

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

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

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

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of FAS 157 will have on the Fund’s financial statements.

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

16

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

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

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

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $16,957,394,720 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	$	899,312,643
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(376,278,287	)
Net unrealized appreciation	$	523,034,356

At September 30, 2007, the Fund had a capital loss carryover of approximately $4,753,778 of which $4,480,283 expires on September 30, 2011 and $273,495, expires on September 30, 2014. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) All or a portion of this security was on loan to brokers at December 31, 2007. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The market value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2007 were $1,608,745,423 and $1,662,093,879, respectively.

(c) Variable rate security. Rate as of December 31, 2007 is disclosed.

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

(e) Illiquid security.

(f) Non-income producing security.

(g) Non-income producing security due to default or bankruptcy filing.

(h) Represents investments of security lending collateral.

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

Key to Abbreviations:

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2007, the total value of these securities amounted to $1,713,107,859 or 10.6% of net assets.

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

GDS Global Depositary Shares is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described.

MTN Medium Term Note

Key to Abbreviations AUD: Australian Dollar; BRL: Brazilian Rea; CAD: Canadian Dollar; EUR:Euro; GBP: Great British Pound; IDR: Indonesian Rupiah; ISK: Iceland Krona; KRW: South Korean Won; MXN: Mexican Peso; MYR: Malaysian Ringgit;; NZD: New Zealand Dollar; SGD: Singapore Dollar; THB: Thailand Baht ; ZAR: South African Rand

17

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Bond Fund - continued

HOLDINGS AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)

Sovereigns	16.9
Wirelines	6.7
Treasuries	6.4
Banking	5.1
Non-Captive Consumer	4.7
Non-Captive Diversified	4.5
Supranational	3.9
Electric	2.8
Technology	3.3
Pharmaceuticals	3.3
Healthcare	3.1
Pipelines	2.8
Media Cable	2.5
Automotive	2.5
Independent Energy	2.2
Non-Captive Finance	2.2
Retailers	2.1
Other, less than 2% each	22.0

CURRENCY EXPOSURE AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	66.5	%
Canadian Dollar	11.9
Mexican Peso	3.2
Brazilian Real	2.7
New Zealand Dollar	2.6
Australian Dollar	2.3
Other, less than 2% each	7.8

18

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 90.1% of Net Assets
NON-CONVERTIBLE BONDS – 85.8%
Aerospace & Defense – 0.0%
Bombardier, Inc., 7.450%, 5/01/2034, 144A		$	175,000	$	172,375
Airlines – 0.5%
American Airlines, Inc., 7.324%, 4/15/2011			250,000		246,875
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011			34,639		34,115
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/21/2019			124,483		123,705
Continental Airlines, Inc., Series 2001-1B, 7.373%, 12/15/2015			203,816		196,173
Continental Airlines, Inc., Series 971-A, 7.461%, 10/01/2016			478,218		465,067
Delta Air Lines, Inc.,, 8.954%, 8/10/2014, 144A			1,940,000		1,901,200
					2,967,135
Asset-Backed Securities – 0.1%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			725,000		678,352
Ford Credit Auto Owner Trust, 4.380%, 1/15/2010			98,682		98,533
					776,885
Automotive – 2.2%
Cummins, Inc., 7.125%, 3/01/2028			2,400,000		2,481,922
DaimlerChrysler NA Holding Corp., 6.500%, 11/15/2013			200,000		209,001
Ford Motor Co., 6.375%, 2/01/2029			730,000		485,450
Ford Motor Co., 6.500%, 8/01/2018(b)			50,000		36,813
Ford Motor Co., 6.625%, 10/01/2028			2,435,000		1,619,275
Ford Motor Co., 7.125%, 11/15/2025			595,000		407,575
Ford Motor Co., 7.450%, 7/16/2031(b)			4,565,000		3,389,512
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010			55,000		49,554
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			110,000		91,893
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010			500,000		461,333
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016(b)			565,000		479,917
General Motors Corp., 7.400%, 9/01/2025			250,000		181,250
General Motors Corp., 8.250%, 7/15/2023			4,230,000		3,362,850
General Motors Corp., 8.375%, 7/15/2033(b)			55,000		44,275
Goodyear Tire & Rubber Co., 7.000%, 3/15/2028			375,000		326,250
					13,626,870
Banking – 5.6%
BAC Capital Trust VI, 5.625%, 3/08/2035			2,385,000		2,036,974
Bank of America Corp., 4.850%, 11/15/2014			500,000		483,512
Barclays Bank Plc, Series A, 5.340%, 5/12/2008(c)			1,000,000		987,460
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		2,340,000,000		2,524,115
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		175,000,000		5,708,600
Barclays Financial LLC, Series EMTN, 4.100%, 3/22/2010, 144A	THB		45,000,000		1,465,497
BNP Paribas SA, Series EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		18,710,000,000		1,483,055
HSBC Bank USA, 3.310%, 8/25/2010, 144A			5,000,000		5,700,000
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		13,692,036,000		1,107,608
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		17,920,000,000		1,448,672
JPMorgan Chase & Co., Zero Coupon Bond, 4/12/2012, 144A	IDR		21,194,634,240		1,546,187

1

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Banking – continued
JPMorgan Chase & Co., Zero Coupon Bond, 6/08/2012, Series EMTN, 144A	MYR	4,651,835	$	1,197,211
JPMorgan Chase & Co., Zero Coupon Bond, 10/01/2012, 144A(d)	BRL	16,585,000		7,087,097
JPMorgan Chase London, Zero Coupon Bond, 10/21/2010, 144A	IDR	18,824,303,000		1,588,116
				34,364,104
Building Materials – 0.6%
Owens Corning, Inc., 6.500%, 12/01/2016		805,000		737,170
Owens Corning, Inc., 7.000%, 12/01/2036		1,205,000		1,087,230
Ply Gem Industries, Inc., 9.000%, 2/15/2012(b)		250,000		193,750
USG Corp., 6.300%, 11/15/2016		1,680,000		1,517,700
				3,535,850
Chemicals – 1.3%
Borden, Inc., 7.875%, 2/15/2023		5,240,000		3,930,000
Borden, Inc., 8.375%, 4/15/2016		55,000		44,550
Borden, Inc., 9.200%, 3/15/2021		905,000		724,000
ICI Wilmington, Inc., 5.625%, 12/01/2013		115,000		118,265
Lubrizol Corp., 5.500%, 10/01/2014		365,000		362,379
Lubrizol Corp., 6.500%, 10/01/2034		1,170,000		1,149,477
Methanex Corp., 6.000%, 8/15/2015		1,565,000		1,527,235
				7,855,906
Construction Machinery – 0.2%
Toro Co., 6.625%, 5/01/2037		965,000		996,068
Diversified Manufacturing – 0.1%
General Electric Co., 5.000%, 2/01/2013		500,000		506,362
Electric – 3.9%
AES Corp., 7.750%, 3/01/2014		730,000		735,475
Calpine Corp., 8.500%, 7/15/2010, 144A(e)		215,000		230,050
Duke Energy Corp., 4.200%, 10/01/2008		85,000		84,466
Dynegy Holdings, Inc., 7.125%, 5/15/2018		380,000		336,300
Dynegy Holdings, Inc., 7.625%, 10/15/2026		810,000		688,500
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027(b)		1,589,000		1,769,549
Energy Future Holdings Corp., Series P, 5.550%, 11/15/2014		765,000		610,610
Energy Future Holdings Corp., Series Q, 6.500%, 11/15/2024		1,515,000		1,105,056
Enersis SA, 7.375%, 1/15/2014(b)		275,000		294,406
Enersis SA, 7.400%, 12/01/2016		4,000,000		4,334,716
Mackinaw Power LLC, 6.296%, 10/31/2023, 144A		4,100,745		4,389,027
National Rural Utilities Cooperative Finance Corp., 4.150%, 3/15/2008		400,000		398,951
NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027		695,000		611,600
Nisource Finance Corp., 6.400%, 3/15/2018		2,855,000		2,848,579
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A		940,236		981,607
Quezon Power Philippines Co., 8.860%, 6/15/2017		1,456,000		1,456,000
TXU Corp., Series R, 6.550%, 11/15/2034		1,275,000		922,728
White Pine Hydro LLC, 6.310%, 7/10/2017(f)		450,000		471,154

2

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (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(f)		$	670,000	$	692,975
White Pine Hydro LLC, 7.260%, 7/20/2015(f)			1,280,000		1,326,903
					24,288,652
Entertainment – 1.7%
Time Warner, Inc., 6.500%, 11/15/2036			910,000		885,436
Time Warner, Inc., 6.625%, 5/15/2029			2,065,000		2,033,042
Time Warner, Inc., 6.950%, 1/15/2028			875,000		892,877
Time Warner, Inc., 7.625%, 4/15/2031			730,000		807,833
Time Warner, Inc., 7.700%, 5/01/2032			1,155,000		1,283,269
Viacom, Inc., Class B, 6.875%, 4/30/2036			4,880,000		4,893,303
					10,795,760
Food & Beverage – 0.3%
Corn Products International, Inc., 6.625%, 4/15/2037			1,540,000		1,604,215
Sara Lee Corp., 6.125%, 11/01/2032			295,000		279,345
					1,883,560
Foreign Local Governments – 4.7%
Province of Alberta, 5.930%, 9/16/2016	CAD		1,000,669		1,086,718
Province of British Columbia, Zero Coupon Bond, 8/23/2013	CAD		11,700,000		9,299,304
Province of Ontario, 5.700%, 12/01/2008	CAD		18,145,000		18,653,159
					29,039,181
Healthcare – 2.0%
Boston Scientific Corp., 5.450%, 6/15/2014			290,000		266,800
Boston Scientific Corp., 6.400%, 6/15/2016			860,000		808,400
Boston Scientific Corp., 7.000%, 11/15/2035			860,000		756,800
HCA, Inc., 6.250%, 2/15/2013			1,000,000		875,000
HCA, Inc., 6.500%, 2/15/2016(b)			565,000		477,425
HCA, Inc., 7.050%, 12/01/2027			3,545,000		2,707,380
HCA, Inc., 7.500%, 12/15/2023			415,000		339,836
HCA, Inc., 7.500%, 11/06/2033			1,440,000		1,126,800
HCA, Inc., 7.580%, 9/15/2025			2,900,000		2,360,780
HCA, Inc., 7.690%, 6/15/2025			2,070,000		1,713,755
HCA, Inc., 7.750%, 7/15/2036			220,000		176,762
HCA, Inc., 8.360%, 4/15/2024			380,000		334,105
Owens & Minor, Inc., 6.350%, 4/15/2016			320,000		326,561
Tenet Healthcare Corp., 6.875%, 11/15/2031			85,000		63,325
					12,333,729
Home Construction – 1.1%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016			115,000		78,200
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014			155,000		108,500
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014			115,000		80,500
Kimball Hill Homes, Inc., 10.500%, 12/15/2012			130,000		41,600
Lennar Corp., Series B, 5.600%, 5/31/2015			500,000		381,011
Pulte Homes, Inc., 5.200%, 2/15/2015(b)			1,305,000		1,079,443
Pulte Homes, Inc., 6.000%, 2/15/2035			3,920,000		2,955,754
Pulte Homes, Inc., 6.375%, 5/15/2033			1,960,000		1,484,847
Stanley-Martin Communities LLC, 9.750%, 8/15/2015			370,000		222,000
Toll Brothers Finance Corp., 5.150%, 5/15/2015			565,000		512,715
					6,944,570

3

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Independent Energy – 2.8%
Anadarko Petroleum Corp., 5.950%, 9/15/2016		$	3,495,000	$	3,558,714
Anadarko Petroleum Corp., 6.450%, 9/15/2036			2,580,000		2,627,307
Bruce Mansfield Unit, 6.850%, 6/01/2034			4,255,000		4,379,374
Chesapeake Energy Corp., 6.500%, 8/15/2017			380,000		366,700
Chesapeake Energy Corp., 6.875%, 1/15/2016			200,000		198,000
Chesapeake Energy Corp., 6.875%, 11/15/2020(b)			900,000		864,000
Connacher Oil and Gas Ltd.,, 10.250%, 12/15/2015, 144A			1,580,000		1,578,025
Pioneer Natural Resources Co., 5.875%, 7/15/2016			435,000		400,436
Pioneer Natural Resources Co., 7.200%, 1/15/2028			1,465,000		1,320,415
Talisman Energy, Inc., 5.850%, 2/01/2037			550,000		514,245
Talisman Energy, Inc., 6.250%, 2/01/2038			1,485,000		1,447,220
XTO Energy, Inc., 6.100%, 4/01/2036			155,000		151,314
					17,405,750
Industrial Other – 0.2%
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A			1,575,000		1,543,207
Integrated Energy – 0.2%
PF Export Receivables Master Trust, 6.436%, 6/01/2015, 144A			1,513,000		1,525,634
Life Insurance – 2.3%
ASIF Global Financing XXVII, 2.380%, 2/26/2009, 144A	SGD		17,000,000		11,677,510
Hartford Life Insurance Co., 5.740%, 9/15/2011(c)			500,000		508,304
John Hancock Insurance Co., 5.390%, 4/15/2009(c)			500,000		498,870
Principal Life Income Funding Trust, 5.000%, 10/15/2014			500,000		499,099
Protective Life Secured Trust, 5.270%, 9/10/2014(c)			1,000,000		932,830
					14,116,613
Local Authorities – 1.8%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034			2,540,000		2,389,784
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046			7,970,000		6,917,721
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		2,150,000		1,819,003
					11,126,508
Lodging – 0.0%
Host Marriott LP, Series O, 6.375%, 3/15/2015			150,000		146,250
Media Cable – 3.3%
Comcast Corp., 5.650%, 6/15/2035			2,285,000		2,091,559
Comcast Corp., 6.450%, 3/15/2037			2,715,000		2,764,362
Comcast Corp., 6.500%, 11/15/2035			3,240,000		3,306,222
Comcast Corp., 6.950%, 8/15/2037			8,000,000		8,634,176
CSC Holdings, Inc., 6.750%, 4/15/2012			200,000		191,250
CSC Holdings, Inc., 7.625%, 4/01/2011			50,000		49,875
CSC Holdings, Inc., 7.875%, 2/15/2018			170,000		158,950
Rogers Cable, Inc., 5.500%, 3/15/2014			150,000		147,794
TCI Communications, Inc., 7.875%, 2/15/2026(b)			550,000		621,529
Time Warner Cable, Inc., 6.550%, 5/01/2037			1,500,000		1,531,044
Virgin Media Finance Plc, 9.125%, 8/15/2016			400,000		396,000
Virgin Media Finance Plc, 9.750%, 4/15/2014	GBP		250,000		480,232
					20,372,993

4

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
Media Non-Cable – 0.6%
Clear Channel Communications, Inc., 4.250%, 5/15/2009		$	85,000	$	80,696
News America, Inc., 6.150%, 3/01/2037			2,630,000		2,540,551
News America, Inc., 6.200%, 12/15/2034			795,000		783,703
					3,404,950
Mortgage Related – 0.0%
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039			95,000		91,064
Non-Captive Consumer – 1.1%
Countrywide Financial Corp., 1.743%, 4/15/2037, 144A(c)			96,000		74,861
Countrywide Financial Corp., 2.619%, 5/15/2037, 144A(c)			236,000		172,209
Countrywide Home Loans, Inc., 4.000%, 3/22/2011			84,000		60,652
HSBC Finance Corp., 6.500%, 11/15/2008			60,000		60,659
Residential Capital LLC, 7.875%, 5/17/2013	GBP		580,000		635,001
Residential Capital LLC, 8.000%, 6/01/2012			180,000		110,700
Residential Capital LLC, 8.000%, 4/17/2013			6,335,000		3,896,025
Residential Capital LLC, 8.375%, 6/30/2015			730,000		441,650
Residential Capital LLC, Series EMTN, 9.375%, 7/01/2014	GBP		560,000		635,400
SLM Corp., Series B, 5.690%, 9/15/2009(c)			500,000		470,415
					6,557,572
Non-Captive Diversified – 1.1%
CIT Group, Inc., 5.000%, 2/13/2014			290,000		255,300
CIT Group, Inc., 5.050%, 9/15/2014			500,000		441,794
CIT Group, Inc., 5.125%, 9/30/2014			475,000		418,413
CIT Group, Inc., 5.500%, 12/01/2014	GBP		650,000		1,090,552
CIT Group, Inc., 5.600%, 4/27/2011			625,000		601,798
CIT Group, Inc., 6.000%, 4/01/2036			830,000		671,338
CIT Group, Inc., Series EMTN, 5.500%, 12/20/2016	GBP		600,000		965,485
GMAC LLC, 5.625%, 5/15/2009			1,500,000		1,415,199
GMAC LLC, 6.000%, 12/15/2011			220,000		184,510
GMAC LLC, 6.125%, 1/22/2008(b)			500,000		500,074
GMAC LLC, 6.875%, 8/28/2012			355,000		297,477
GMAC LLC, 7.000%, 2/01/2012			400,000		339,370
					7,181,310
Non-Captive Finance – 1.3%
General Electric Capital Corp., 3.500%, 5/01/2008			150,000		149,352
General Electric Capital Corp., 6.500%, 9/28/2015	NZD		9,210,000		6,444,770
General Electric Capital Corp., Series EMTN, 1.725%, 6/27/2008	SGD		250,000		172,808
General Electric Capital Corp., Series EMTN, 6.750%, 9/26/2016	NZD		1,345,000		963,852
					7,730,782
Oil Field Services – 0.2%
North American Energy Partners, Inc., 8.750%, 12/01/2011			1,000,000		987,500
Packaging – 0.3%
Owens-Illinois, Inc., 7.800%, 5/15/2018(b)			2,000,000		2,035,000
Paper – 1.9%
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028			650,000		417,625

5

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Paper – continued
Georgia-Pacific Corp., 7.250%, 6/01/2028		$	2,000,000	$	1,760,000
Georgia-Pacific Corp., 7.375%, 12/01/2025(b)			2,868,000		2,523,840
Georgia-Pacific Corp., 7.750%, 11/15/2029			6,005,000		5,494,575
Georgia-Pacific Corp., 8.000%, 1/15/2024			132,000		122,760
International Paper Co., 4.000%, 4/01/2010			150,000		148,519
International Paper Co., 4.250%, 1/15/2009			700,000		692,912
Jefferson Smurfit Corp., 7.500%, 6/01/2013			335,000		320,763
					11,480,994
Pharmaceuticals – 0.4%
Elan Financial PLC, 7.750%, 11/15/2011			2,725,000		2,561,500
Pipelines – 2.3%
DCP Midstream LP, 6.450%, 11/03/2036, 144A			1,740,000		1,692,794
El Paso Corp., 6.950%, 6/01/2028			925,000		875,674
El Paso Corp., 7.800%, 8/01/2031			250,000		253,714
Enterprise Products Operating LP, 6.300%, 9/15/2017			1,550,000		1,585,895
Kinder Morgan Finance, 6.400%, 1/05/2036			2,290,000		1,891,199
Kinder Morgan, Inc., 6.500%, 9/01/2012			110,000		109,340
Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015			305,000		268,380
KN Capital Trust III, 7.630%, 4/15/2028			615,000		554,730
Plains All American Pipeline LP, 6.125%, 1/15/2017			1,785,000		1,809,022
Plains All American Pipeline LP, 6.650%, 1/15/2037			3,850,000		3,874,621
Williams Cos., Inc., 7.500%, 1/15/2031			1,000,000		1,075,000
					13,990,369
Property & Casualty Insurance – 1.1%
Allstate Corp., 5.950%, 4/01/2036			540,000		506,704
Axis Capital Holdings Ltd., 5.750%, 12/01/2014			80,000		78,418
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014			1,190,000		1,158,935
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015			775,000		750,185
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033			180,000		156,805
Travelers Cos., Inc. (The), 6.250%, 6/15/2037			1,925,000		1,864,578
Travelers Property Casualty Corp., 6.375%, 3/15/2033			1,400,000		1,384,770
White Mountains RE Group, 6.375%, 3/20/2017, 144A			750,000		726,655
					6,627,050
Railroads – 0.3%
CSX Corp., 6.000%, 10/01/2036(b)			1,575,000		1,429,454
Missouri Pacific Railroad Co., 5.000%, 1/01/2045			500,000		340,000
					1,769,454
Real Estate Investment Trusts – 0.5%
Colonial Realty LP, 4.750%, 2/01/2010			15,000		14,645
Highwoods Properties, Inc., 5.850%, 3/15/2017			1,870,000		1,759,479
Highwoods Properties, Inc., 7.500%, 4/15/2018			475,000		498,105
Realty Income Corp., 6.750%, 8/15/2019			1,000,000		1,031,619
					3,303,848
Restaurants – 0.1%
McDonald’s Corp., 3.628%, 10/10/2010	SGD		1,000,000		707,318
Retailers – 1.4%
Dillard’s, Inc., 7.750%, 7/15/2026			1,025,000		789,250
Foot Locker, Inc., 8.500%, 1/15/2022			1,100,000		1,012,000
Home Depot, Inc., 5.875%, 12/16/2036			2,825,000		2,384,020

6

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Retailers – continued
J.C. Penney Corp., Inc., 6.375%, 10/15/2036		$	1,110,000		$	991,912
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			575,000			592,713
Toys R Us, Inc., 7.375%, 10/15/2018			3,240,000			2,340,900
Toys R Us, Inc., 7.875%, 4/15/2013(b)			750,000			579,375
						8,690,170
Sovereigns – 14.8%
Canadian Government, 4.250%, 9/01/2008	CAD		40,820,000			41,443,705
Canadian Government, 4.250%, 9/01/2009	CAD		16,520,000			16,856,945
Canadian Government, Series WH31, 6.000%, 6/01/2008	CAD		800,000			817,363
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		2,915,000,000			301,998
Indonesia Treasury Bond, Series ZC3, Zero Coupon Bond, 11/20/2012	IDR		7,590,000,000			519,603
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		125,000	(††)		1,133,948
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		305,000	(††)		2,740,006
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		1,015,000	(††)		9,674,505
New South Wales Treasury Corp. Series 10RG, 7.000%, 12/01/2010	AUD		3,240,000			2,824,360
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		1,675,000			1,401,918
Republic of Brazil, 10.250%, 1/10/2028(b)	BRL		14,885,000			8,027,865
Republic of Brazil, 12.500%, 1/05/2022	BRL		625,000			391,503
Republic of South Africa, 13.000%, 8/31/2010	ZAR		34,225,000			5,422,937
						91,556,656
Supermarkets – 1.6%
Albertson’s, Inc., 6.625%, 6/01/2028			1,745,000			1,535,186
Albertson’s, Inc., 7.450%, 8/01/2029			6,515,000			6,270,290
Albertson’s, Inc., 7.750%, 6/15/2026			1,470,000			1,454,005
Albertson’s, Inc., 8.000%, 5/01/2031			565,000			573,177
Albertson’s, Inc., 8.700%, 5/01/2030			5,000			5,327
American Stores Co., 8.000%, 6/01/2026			25,000			25,064
						9,863,049
Supranational – 6.9%
European Investment Bank, 4.600%, 1/30/2037, 144A	CAD		6,000,000			6,076,782
Inter-American Development Bank, Series EMTN, Zero Coupon Bond, 5/11/2009	BRL		30,000,000			13,946,629
Inter-American Development Bank, Series EMTN, 6.000%, 12/15/2017	NZD		19,735,000			13,645,442
Nordic Invest Bank, 13.000%, 9/12/2008	ISK		564,900,000			8,887,307
						42,556,160
Technology – 2.5%
Agilent Technologies, Inc., 6.500%, 11/01/2017			2,365,000			2,402,436
Amkor Technology, Inc., 7.125%, 3/15/2011			725,000			690,562
Amkor Technology, Inc., 7.750%, 5/15/2013(b)			470,000			442,975
Arrow Electronics, Inc., 6.875%, 7/01/2013			3,500,000			3,730,541
Avnet, Inc., 6.000%, 9/01/2015			1,645,000			1,642,118
Avnet, Inc., 6.625%, 9/15/2016			130,000			136,326
Corning, Inc., 6.200%, 3/15/2016			250,000			257,575

7

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Corning, Inc., 6.850%, 3/01/2029		$	450,000	$	475,399
Corning, Inc., 7.250%, 8/15/2036			1,175,000		1,278,976
Lucent Technologies, Inc., 6.450%, 3/15/2029			250,000		206,563
Motorola, Inc., 5.800%, 10/15/2008(b)			500,000		505,701
Nortel Networks Corp., 6.875%, 9/01/2023			1,325,000		1,046,750
Nortel Networks Ltd., 10.125%, 7/15/2013, 144A			1,000,000		1,030,000
Northern Telecom Capital Corp., 7.875%, 6/15/2026			150,000		123,000
Samsung Electronics Co., Ltd., 7.700%, 10/01/2027, 144A			1,158,000		1,294,236
					15,263,158
Textile – 0.4%
Kellwood Co., 7.625%, 10/15/2017			3,250,000		2,535,000
Tobacco – 0.7%
Reynolds American, Inc., 6.750%, 6/15/2017			3,320,000		3,381,496
Reynolds American, Inc., 7.250%, 6/15/2037			810,000		818,651
					4,200,147
Transportation Services – 0.9%
APL Ltd., 8.000%, 1/15/2024(f)			2,500,000		2,100,000
Atlas Air, Inc., Series 1999-1B, 7.630%, 1/02/2015(g)			1,326,184		1,525,111
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 1/02/2014(g)			394,351		492,939
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(g)			1,500,291		1,755,341
					5,873,391
Treasuries – 2.9%
U.S. Treasury Bonds, 4.500%, 2/15/2036(b)			6,140,000		6,171,179
U.S. Treasury Bonds, 5.250%, 11/15/2028(b)			260,000		286,061
U.S. Treasury Bonds, 5.375%, 2/15/2031(b)			9,950,000		11,210,078
					17,667,318
Wireless – 1.4%
ALLTEL Corp., 6.800%, 5/01/2029			115,000		80,500
ALLTEL Corp., 7.000%, 7/01/2012			90,000		77,625
ALLTEL Corp., 7.875%, 7/01/2032			1,615,000		1,235,475
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			340,000		334,941
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			1,150,000		1,080,964
Philippine Long Distance Telephone Co., Series EMTN, 8.350%, 3/06/2017			3,914,000		4,344,540
Sprint Capital Corp., 6.125%, 11/15/2008			65,000		65,081
Sprint Capital Corp., 6.875%, 11/15/2028			677,000		642,042
Sprint Nextel Corp., 6.000%, 12/01/2016			898,000		860,098
					8,721,266
Wirelines – 6.2%
AT&T Corp., 6.500%, 3/15/2029			355,000		348,474
AT&T, Inc., 6.500%, 9/01/2037			6,600,000		6,901,475
Bell Canada, 5.000%, 2/15/2017	CAD		155,000		130,367
Bell Canada, 6.550%, 5/01/2029, 144A	CAD		195,000		168,009
Bell Canada, 7.300%, 2/23/2032	CAD		190,000		176,736
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		600,000		493,302
Embarq Corp., 7.082%, 6/01/2016			235,000		242,139
Embarq Corp., 7.995%, 6/01/2036			200,000		210,767
Level 3 Financing, Inc., 9.250%, 11/01/2014			500,000		452,500

8

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Qwest Capital Funding, Inc., 6.500%, 11/15/2018	$	3,305,000	$	2,792,725
Qwest Capital Funding, Inc., 6.875%, 7/15/2028		7,575,000		6,400,875
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		350,000		315,000
Qwest Capital Funding, Inc., 7.750%, 2/15/2031		775,000		697,500
Telecom Italia Capital, 6.000%, 9/30/2034		1,330,000		1,293,300
Telecom Italia Capital, 6.375%, 11/15/2033		1,320,000		1,322,033
Telefonica Emisiones SAU, 7.045%, 6/20/2036		11,330,000		12,664,515
Verizon Communications, 5.850%, 9/15/2035		3,975,000		3,888,242
				38,497,959
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $502,052,177)				530,176,947
CONVERTIBLE BONDS – 4.3%
Independent Energy – 0.9%
Devon Energy Corp., 4.900%, 8/15/2008		1,300,000		2,266,875
Devon Energy Corp., 4.950%, 8/15/2008		1,900,000		3,313,125
				5,580,000
Industrial Other – 0.2%
Incyte Corp., 3.500%, 2/15/2011		1,290,000		1,267,425
Media Non-Cable – 0.1%
Liberty Media LLC, 3.500%, 1/15/2031		208,635		185,163
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(d)		500,000		456,875
				642,038
Non-Captive Diversified – 0.1%
iStar Financial, Inc., 5.743%, 1/02/2008(b)(c)		380,000		336,300
Pharmaceuticals – 0.9%
Enzon Pharmaceuticals, Inc., 4.500%, 7/01/2008		1,795,000		1,781,537
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024		250,000		168,125
Nektar Therapeutics, 3.250%, 9/28/2012		1,065,000		878,625
Regeneron Pharmaceuticals, Inc., 5.500%, 10/17/2008		1,200,000		1,261,500
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		1,035,000		947,025
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		1,095,000		919,800
				5,956,612
Pipelines – 0.3%
CenterPoint Energy Resources Corp., 6.000%, 3/15/2012		1,884,950		1,847,251
Real Estate Investment Trusts – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		1,430,000		1,220,863
Technology – 0.5%
Avnet, Inc., 2.000%, 3/15/2034(b)		1,270,000		1,489,075
Kulicke & Soffa Industries, Inc., 0.500%, 11/30/2008		425,000		401,094
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		380,000		328,700
Maxtor Corp., 5.750%, 3/01/2012(f)		446,000		419,240
Nortel Networks Corp., 4.250%, 9/01/2008		263,000		258,069
Richardson Electronics Ltd., 7.750%, 12/15/2011		263,000		244,590
				3,140,768
Textile – 0.1%
Dixie Yarns, Inc., 7.000%, 5/15/2012		85,000		79,900

9

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Textile – continued
Kellwood Co., (Step to 0.000% on 6/15/2011), 3.500%, 6/15/2034(d)	$	500,000	$	434,375
				514,275
Wirelines – 1.0%
Level 3 Communications, Inc., 2.875%, 7/15/2010		3,870,000		3,376,575
Level 3 Communications, Inc., 6.000%, 9/15/2009		2,685,000		2,497,050
Level 3 Communications, Inc., 6.000%, 3/15/2010		125,000		111,250
				5,984,875
TOTAL CONVERTIBLE BONDS
(Identified Cost $23,577,617)				26,490,407
TOTAL BONDS AND NOTES
(Identified Cost $525,629,794)				556,667,354
	Shares
COMMON STOCKS – 0.8%
Communications Equipment – 0.8%
Corning, Inc.
(Identified Cost $1,552,214)		205,167		4,921,956
PREFERRED STOCKS – 1.8%
CONVERTIBLE PREFERRED STOCKS – 1.7%
Automobiles – 0.4%
Ford Motor Co., Capital Trust II, 6.500%		79,845		2,594,962
Capital Markets – 0.2%
Newell Financial Trust I, 5.250%		25,075		1,144,047
Containers & Packaging – 0.3%
Owens-Illinois, Inc., 4.750%		35,250		1,761,795
Electric Utilities – 0.1%
AES Trust III, 6.750%(b)		10,000		465,500
Machinery – 0.0%
United Rentals Trust, 6.500%		1,975		82,950
Oil, Gas & Consumable Fuels – 0.5%
Chesapeake Energy Corp., 4.500%(b)		775		85,250
Chesapeake Energy Corp., 5.000%		19,065		2,252,053
El Paso Energy Capital Trust I, 4.750%		20,200		727,200
				3,064,503
Real Estate Investment Trusts (REITs) – 0.0%
FelCor Lodging Trust, Inc., Series A, 1.950%(b)		2,500		51,550
Semiconductors & Semiconductor Equipment – 0.2%
Lucent Technologies Capital Trust, 7.750%		1,500		1,308,938
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $9,917,942)				10,474,245
NON-CONVERTIBLE PREFERRED STOCKS – 0.1%
Electric Utilities – 0.1%
Entergy New Orleans, Inc., 4.360%		90		6,607
Entergy New Orleans, Inc., 4.750%		2,876		220,823
MDU Resources Group, Inc., 5.100%		360		35,989
Public Service Electric & Gas Co., 4.180%(b)		1,950		146,269

10

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Shares		Value (†)
PREFERRED STOCKS – continued
Electric Utilities – continued
Union Electric Co., 4.500%		4,670	$	370,097
Xcel Energy, Inc., 4.110%		100		9,000
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $579,668)				788,785
TOTAL PREFERRED STOCKS
(Identified Cost $10,497,610)				11,263,030
	Shares/Principal Amount (‡)
SHORT-TERM INVESTMENTS – 10.6%
State Street Securities Lending Quality Trust(h)		42,860,881		42,860,881
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/07 at 3.250% to be repurchased at $22,324,030 on 1/02/08 collateralized by $22,405,000 Federal Home Loan Mortgage Corp., 5.750% due 4/15/08 with a value of $22,769,081, including accrued interest(i)	$	22,320,000		22,320,000
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $65,180,881)				65,180,881
TOTAL INVESTMENTS – 103.3%
(Identified Cost $602,860,499)(a)				638,033,221
Other assets less liabilities—(3.3)%				(20,317,731	)
NET ASSETS – 100.0%			$	617,715,490

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

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

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

11

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of FAS 157 will have on the Fund’s financial statements.

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

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

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $603,802,339 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	$	47,815,886
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(13,585,004	)
Net unrealized appreciation	$	34,230,882

(b) All or a portion of this security was on loan to brokers at December 31, 2007. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The market value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2007 were $42,544,214 and $42,860,881, respectively.

(c) Variable rate security. Rate as of December 31, 2007 is disclosed.

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

(e) Non-Income producing security due to default or bankruptcy filing.

(f) Illiquid security. At December 31, 2007, the value of these securities amounted to $5,010,272 or 0.8% of net assets.

(g) Non-income producing security.

(h) Represents investments of security lending collateral.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2007, the total value of these securities amounted to $67,311,202 or 10.9% of net assets.

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

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; GBP: Great British Pound; IDR: Indonesian Rupiah; ISK: Iceland Krona; KRW: South Korean Won; MXN: Mexican Peso; MYR: Malaysian Ringgit; NZD: New Zealand Dollar; SGD: Singapore Dollar; THB: Thailand Baht; ZAR: South African Rand

HOLDINGS AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)

Sovereigns	14.8	%	Independent Energy	3.0	%
Wirelines	7.2		Treasuries	2.9
Supranational	6.9		Pipelines	2.6
Banking	5.4		Non-Captive Diversified	2.5
Electric	4.6		Life Insurance	2.3
Foreign Local Governments	4.7		Automotive	2.2
Media Cable	3.2		Healthcare	2.0
Technology	3.0		Other, less than 2% each	25.4

12

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

CURRENCY EXPOSURE AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	58.0	%
Canadian Dollar	15.4
Brazilian Real	4.8
New Zealand Dollar	3.4
Mexican Peso	2.2
Singapore Dollar	2.0
Other, less than 2% each	6.9

13

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – 94.0% of Net Assets
NON-CONVERTIBLE BONDS – 94.0%
Argentina – 1.4%
Republic of Argentina, 2.000%, 9/30/2014(b)	ARS	26,922,928	$	6,052,503
Republic of Argentina, Discount Note, 5.830%, 12/31/2033, PIK	ARS	77,298,848		17,810,397
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		8,050,000		6,983,375
				30,846,275
Austria – 1.4%
Oesterreichische Kontrollbank AG, 1.800%, 3/22/2010	JPY	2,530,000,000		23,129,656
Sappi Papier Holding AG, 7.500%, 6/15/2032, 144A		7,350,000		6,414,315
				29,543,971
Belgium – 1.4%
Kingdom of Belgium, 5.500%, 9/28/2017	EUR	18,555,000		29,333,443
Bermuda – 0.2%
White Mountains RE Group, 6.375%, 3/20/2017, 144A		5,000,000		4,844,365
Brazil – 0.4%
Cosan Finance Ltd.,, 7.000%, 2/01/2017, 144A(c)		1,250,000		1,171,875
ISA Capital Do Brasil SA, 7.875%, 1/30/2012, 144A		1,100,000		1,122,000
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A(c)		1,170,000		1,162,688
Republic of Brazil, 10.250%, 1/10/2028(c)	BRL	9,750,000		5,258,427
				8,714,990
Canada – 1.4%
Bell Aliant Regional Communications, 5.410%, 9/26/2016	CAD	4,280,000		4,046,691
Bell Canada, 5.000%, 2/15/2017	CAD	4,035,000		3,393,742
Bell Canada, 6.550%, 5/01/2029, 144A	CAD	160,000		137,853
Bell Canada, 7.300%, 2/23/2032	CAD	385,000		358,123
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD	3,090,000		2,540,503
Canadian Government, 4.250%, 9/01/2009	CAD	600,000		612,238
Canadian Government, 4.500%, 6/01/2015	CAD	3,813,000		3,998,637
Kinder Morgan Finance, 5.700%, 1/05/2016		5,705,000		5,164,172
Kinder Morgan Finance, 6.400%, 1/05/2036		300,000		247,755
Province of Quebec, 1.600%, 5/09/2013	JPY	687,000,000		6,281,965
Shaw Communications, Inc., 5.700%, 3/02/2017	CAD	4,215,000		4,059,460
				30,841,139
Cayman Island – 0.8%
Embraer Overseas Ltd., 6.375%, 1/24/2017		5,580,000		5,294,304
LPG International, Inc., 7.250%, 12/20/2015		3,010,000		2,979,900
Odebrecht Finance Ltd., 7.500%, 10/18/2017, 144A		1,850,000		1,859,250
Vale Overseas Ltd., 6.875%, 11/21/2036		7,365,000		7,450,515
				17,583,969
Colombia – 0.5%
Republic of Colombia, 7.375%, 1/27/2017(c)		1,430,000		1,569,425
Republic of Colombia, 9.850%, 6/28/2027(c)	COP	3,195,000,000		1,578,138
Republic of Colombia, 11.750%, 3/01/2010	COP	3,090,000,000		1,587,545
Republic of Colombia, 12.000%, 10/22/2015(c)	COP	9,545,000,000		5,275,833
				10,010,941
Egypt – 0.5%
Republic of Egypt, Series REGS,, 8.750%, 7/18/2012, 144A	EGP	59,400,000		11,101,999
France – 3.7%
BNP Paribas, 4.730%, 4/29/2049(b)	EUR	2,900,000		3,788,392

1

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
France – continued
France Telecom SA, Series EMTN, 3.625%, 10/14/2015(c)	EUR	6,255,000	$	8,122,636
Government of France, 5.000%, 10/25/2016	EUR	28,000,000		42,813,610
Lafarge SA, Series EMTN, 4.750%, 3/23/2020(c)	EUR	3,335,000		4,200,620
Pinault Printemps Redoute SA, Series EMTN, 4.000%, 1/29/2013	EUR	3,235,000		4,371,337
Veolia Environnement, Series EMTN, 4.000%, 2/12/2016	EUR	975,000		1,276,627
Veolia Environnement, Series EMTN, 5.125%, 5/24/2022	EUR	3,970,000		5,158,172
Wendel, 4.375%, 8/09/2017	EUR	3,050,000		3,884,888
Wendel, 4.875%, 5/26/2016	EUR	3,300,000		4,470,778
				78,087,060
Germany – 14.6%
Bayerische Landesbank, Series EMTN, 3.125%, 2/10/2009	CHF	7,360,000		6,520,324
Bertelsmann AG, Series EMTN, 3.625%, 6/10/2015	EUR	4,170,000		5,316,524
Bundesrepublik Deutschland, Series 06, 3.750%, 1/04/2017	EUR	38,060,000		53,439,952
Bundesrepublik Deutschland, Series 97, 6.500%, 7/04/2027	EUR	5,040,000		9,121,704
Hypothekenbank in Essen AG, 3.000%, 9/28/2009	EUR	3,000,000		4,284,436
Kreditanstalt fuer Wiederaufbau, 2.500%, 10/11/2010	EUR	15,925,000		22,339,974
Kreditanstalt fuer Wiederaufbau, Series INTL, 1.850%, 9/20/2010(c)	JPY	2,214,000,000		20,338,934
Munchener Hypothekenbank eG, 5.000%, 1/16/2012	EUR	31,180,000		46,506,668
Republic of Germany, 3.250%, 4/17/2009	EUR	35,330,000		51,101,330
Republic of Germany, 4.000%, 4/13/2012	EUR	58,000,000		84,327,011
Republic of Germany, 4.000%, 1/04/2037	EUR	7,639,000		10,107,093
				313,403,950
India – 1.1%
Canara Bank, 6.365%, 11/28/2021(b)		17,350,000		15,300,878
ICICI Bank Ltd.,, 6.375%, 4/30/2022, 144A(b)		7,800,000		7,060,693
				22,361,571
Indonesia – 0.7%
Indonesia Treasury Bond, 11.000%, 12/15/2012	IDR	122,434,000,000		13,890,488
Ireland – 4.1%
Depfa ACS Bank, 0.750%, 9/22/2008	JPY	3,850,000,000		34,433,402
Depfa ACS Bank, Series EMTN, 1.875%, 5/07/2009	CHF	2,160,000		1,883,562
Republic of Ireland, 4.600%, 4/18/2016	EUR	35,070,000		52,104,693
				88,421,657
Japan – 6.5%
Development Bank of Japan, 1.750%, 3/17/2017(c)	JPY	8,640,000,000		78,542,445
Japan Government, 0.900%, 9/15/2009	JPY	6,650,000,000		59,717,316
				138,259,761
Korea – 0.6%
Hanarotelecom, Inc., 7.000%, 2/01/2012, 144A		1,610,000		1,642,200
SK Telecom Co., Ltd., 6.625%, 7/20/2027, 144A		11,225,000		11,889,453
				13,531,653
Luxembourg – 0.4%
Telecom Italia Capital, 5.250%, 10/01/2015		1,660,000		1,617,253
Telecom Italia Capital, 6.000%, 9/30/2034		2,020,000		1,964,260
Telecom Italia Capital, 6.375%, 11/15/2033		1,910,000		1,912,942
Telecom Italia Capital SA, 4.950%, 9/30/2014		3,990,000		3,842,697
				9,337,152

2

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Mexico – 0.6%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A		$	3,920,000	$	3,920,000
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015(c)			8,210,000		8,271,575
					12,191,575
Netherlands – 1.5%
Bite Finance Internation,, 8.448%, 3/15/2014, 144A(b)	EUR		2,820,000		3,731,298
Excelcomindo Finance Co., 7.125%, 1/18/2013, 144A			1,460,000		1,434,450
Kingdom of Netherlands, 5.500%, 1/15/2028	EUR		12,995,000		21,074,338
Koninklijke (Royal) KPN NV, 4.750%, 1/17/2017	EUR		1,600,000		2,144,117
Majapahit Holding BV, 7.250%, 6/28/2017, 144A			3,340,000		3,198,050
					31,582,253
Poland – 0.5%
Republic of Poland, Series 2BR, 1.020%, 6/09/2009	JPY		1,200,000,000		10,747,871
Singapore – 1.4%
Government of Singapore, 3.625%, 7/01/2011	SGD		9,640,000		7,054,214
Government of Singapore, 4.625%, 7/01/2010	SGD		29,950,000		22,197,913
SP Powerassets Ltd., 3.730%, 10/22/2010	SGD		2,340,000		1,649,649
					30,901,776
South Africa – 1.1%
Edcon Proprietary Ltd.,, 8.198%, 6/15/2014, 144A(b)	EUR		8,335,000		10,175,468
Republic of South Africa, 4.500%, 4/05/2016	EUR		9,090,000		12,329,167
					22,504,635
Spain – 0.9%
Instituto de Credito Oficial, Series EMTN, 0.800%, 9/28/2009	JPY		1,565,000,000		14,005,010
Telefonica Emisiones SAU, 6.221%, 7/03/2017			4,610,000		4,789,753
					18,794,763
Supranational – 3.0%
European Investment Bank, 1.250%, 9/20/2012(c)	JPY		2,400,000,000		21,731,929
European Investment Bank, 1.400%, 6/20/2017(c)	JPY		2,810,000,000		24,966,026
European Investment Bank, Series EMTN, 6.500%, 8/12/2014	PLN		43,400,000		18,318,705
					65,016,660
Sweden – 2.4%
Government of Sweden, Series 1048, 4.000%, 12/01/2009	SEK		323,850,000		49,986,101
Stena AB, 7.000%, 12/01/2016			1,445,000		1,389,006
					51,375,107
United Kingdom – 3.5%
BSKYB Finance UK Plc, 5.750%, 10/20/2017	GBP		3,270,000		6,254,686
JPMorgan Chase London, Zero Coupon Bond, 10/21/2010, 144A	IDR		75,579,375,000		6,376,268
Lloyds TSB Bank PLC, 4.385%, 5/29/2049(b)	EUR		3,065,000		3,815,477
Network Rail MTN Finance Plc, Series EMTN, 4.875%, 3/06/2009	GBP		6,200,000		12,324,370
Standard Chartered Bank, 6.750%, 4/27/2009	GBP		800,000		1,604,438
United Kingdom Treasury, 5.000%, 3/07/2025	GBP		18,385,000		38,845,719
United Kingdom Treasury, 5.250%, 6/07/2012	GBP		2,520,000		5,176,685
					74,397,643
United States – 38.5%
Ahold Finance USA, Inc., Series EMTN, 6.500%, 3/14/2017	GBP		4,490,000		8,736,695

3

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Albertson’s, Inc., 6.625%, 6/01/2028		$	830,000	$	730,203
Albertson’s, Inc., 7.750%, 6/15/2026			50,000		49,456
Albertson’s, Inc., Series MTNC, 7.450%, 8/01/2029(c)			5,544,000		5,335,762
ALLTEL Corp., 6.500%, 11/01/2013			1,335,000		1,068,000
ALLTEL Corp., 6.800%, 5/01/2029			1,595,000		1,116,500
ALLTEL Corp., 7.000%, 7/01/2012			2,865,000		2,471,062
ALLTEL Corp., 7.875%, 7/01/2032			3,035,000		2,321,775
American Express Co., 6.150%, 8/28/2017			2,955,000		3,032,640
ASIF Global Financing XXVII, 2.380%, 2/26/2009, 144A	SGD		16,300,000		11,196,672
Bank of America, 5.300%, 3/15/2017			15,925,000		15,485,088
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		6,820,000,000		7,356,609
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		3,250,000,000		3,541,130
Barclays Financial LLC, 4.910%, 3/23/2009, 144A(b)	KRW		4,844,220,000		5,336,120
Bristol Myers Squibb Co., 4.625%, 11/15/2021	EUR		3,700,000		4,778,731
Cardinal Health, Inc., 6.000%, 6/15/2017, 144A			4,570,000		4,642,224
Cargill, Inc., 5.600%, 9/15/2012, 144A			5,595,000		5,686,702
Chesapeake Energy Corp., 6.500%, 8/15/2017			1,990,000		1,920,350
Chesapeake Energy Corp., 6.875%, 11/15/2020			5,615,000		5,390,400
CIT Group, Inc., 5.500%, 12/01/2014	GBP		10,325,000		17,322,991
CIT Group, Inc., Series EMTN, 5.500%, 12/20/2016	GBP		350,000		563,200
Citi Credit Card Issuance Trust, 5.375%, 4/10/2013	EUR		5,130,000		7,583,977
Citigroup, Inc., 5.000%, 9/15/2014			19,620,000		18,694,799
Comcast Corp., 4.950%, 6/15/2016			6,300,000		5,932,483
Comcast Corp., 5.900%, 3/15/2016			3,360,000		3,380,466
Comcast Corp., 6.950%, 8/15/2037			3,444,000		3,717,013
Community Health Systems, Inc., 8.875%, 7/15/2015			3,490,000		3,555,437
Corning, Inc., 5.900%, 3/15/2014			1,675,000		1,702,187
Corning, Inc., 6.200%, 3/15/2016			3,670,000		3,781,197
Couche-Tard US/Finance, 7.500%, 12/15/2013			3,775,000		3,765,562
CSX Corp., 5.600%, 5/01/2017			859,000		826,943
CSX Corp., 6.000%, 10/01/2036(c)			7,016,000		6,367,651
CVS Caremark Corp., 5.750%, 6/01/2017			14,845,000		14,940,542
DaimlerChrysler NA Holding, 4.875%, 6/15/2010			3,285,000		3,270,401
Delta Air Lines, Inc., 6.821%, 8/10/2022, 144A			7,790,000		7,478,400
Energy Future Holdings Corp., Series P, 5.550%, 11/15/2014			1,390,000		1,109,474
Energy Future Holdings Corp., Series Q, 6.500%, 11/15/2024			7,060,000		5,149,635
Erac USA Finance Co., 6.375%, 10/15/2017, 144A			4,730,000		4,569,714
Federal Home Loan Mortgage Corp., 4.000%, 12/01/2019			147,512		141,616
Federal Home Loan Mortgage Corp., 4.000%, 2/01/2020			231,616		222,360
Federal Home Loan Mortgage Corp., 4.000%, 9/01/2020			978,007		937,348
Federal Home Loan Mortgage Corp., 4.500%, 9/01/2020			4,563,268		4,484,305
Federal Home Loan Mortgage Corp., 4.500%, 4/01/2035			5,104,083		4,833,928
Federal Home Loan Mortgage Corp., 5.000%, 4/01/2020			3,362,960		3,366,259
Federal Home Loan Mortgage Corp., 5.000%, 7/01/2035			20,970,224		20,473,919
Federal Home Loan Mortgage Corp., 5.000%, 8/01/2035			7,582,495		7,403,039
Federal Home Loan Mortgage Corp., 5.500%, 5/01/2020			1,830,935		1,853,541

4

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Federal Home Loan Mortgage Corp., 5.500%, 1/01/2021		$	1,206,288	$	1,221,181
Federal Home Loan Mortgage Corp., 5.500%, 4/01/2037			56,492,921		56,383,407
Federal Home Loan Mortgage Corp., 6.000%, 5/01/2018			634,531		649,975
Federal Home Loan Mortgage Corp., 6.000%, 10/01/2020			1,114,678		1,139,842
Federal Home Loan Mortgage Corp., 6.500%, 8/01/2035			775,575		798,201
Federal Home Loan Mortgage Corp., 6.500%, 10/01/2035			949,680		977,385
Federal National Mortgage Association, 1.750%, 3/26/2008	JPY		2,310,000,000		20,716,264
Federal National Mortgage Association, 2.290%, 2/19/2009	SGD		16,200,000		11,201,718
Federal National Mortgage Association, 4.500%, 6/01/2019			4,562,174		4,487,044
Federal National Mortgage Association, 4.500%, 9/01/2035			2,030,743		1,923,050
Federal National Mortgage Association, 5.000%, 10/01/2019			1,532,011		1,534,837
Federal National Mortgage Association, 5.000%, 10/01/2019			406,433		407,183
Federal National Mortgage Association, 5.000%, 4/01/2020			393,378		393,764
Federal National Mortgage Association, 5.000%, 6/01/2020			729,514		730,230
Federal National Mortgage Association, 5.000%, 7/01/2035(d)			4,100,178		4,002,890
Federal National Mortgage Association, 5.000%, 9/01/2035(d)			10,058,045		9,819,392
Federal National Mortgage Association, 5.000%, 5/01/2036			872,995		852,281
Federal National Mortgage Association, 5.000%, 3/01/2037(d)			7,585,897		7,401,925
Federal National Mortgage Association, 5.500%, 11/01/2016			477,565		484,941
Federal National Mortgage Association, 5.500%, 5/01/2020			2,033,818		2,060,955
Federal National Mortgage Association, 5.500%, 9/01/2020			784,205		795,183
Federal National Mortgage Association, 5.500%, 11/01/2034			1,459,020		1,459,100
Federal National Mortgage Association, 5.500%, 6/01/2035			6,455,678		6,451,740
Federal National Mortgage Association, 5.500%, 9/01/2035			3,962,790		3,960,373
Federal National Mortgage Association, 5.500%, 12/01/2035			19,265,936		19,254,184
Federal National Mortgage Association, 5.500%, 4/01/2036			14,109,050		14,100,444
Federal National Mortgage Association, 5.500%, 6/01/2037			8,844,230		8,834,263
Federal National Mortgage Association, 6.000%, 6/01/2017			1,112,114		1,137,232
Federal National Mortgage Association, 6.000%, 11/01/2017			797,773		817,814
Federal National Mortgage Association, 6.000%, 9/01/2021			2,520,765		2,581,214
Federal National Mortgage Association, 6.000%, 11/01/2034			2,542,171		2,585,025
Federal National Mortgage Association, 6.000%, 4/01/2035			3,035,739		3,086,913
Federal National Mortgage Association, 6.000%, 5/01/2035			3,157,109		3,207,797
Federal National Mortgage Association, 6.000%, 8/01/2037			14,424,819		14,649,250
Federal National Mortgage Association, 6.500%, 3/01/2033			1,656,249		1,715,642
Federal National Mortgage Association, 6.500%, 6/01/2035			460,163		473,585
Federal National Mortgage Association, 6.500%, 7/01/2035			197,261		203,014
Federal National Mortgage Association, 6.500%, 10/01/2035			1,438,522		1,482,668
Ford Motor Credit Co., 5.700%, 1/15/2010			10,030,000		9,036,809
General Electric Capital Corp., 0.750%, 2/05/2009(c)	JPY		1,365,000,000		12,182,339

5

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
United States – continued
General Electric Capital Corp., 2.250%, 2/09/2009	CHF	10,980,000	$	9,612,977
General Electric Capital Corp., Series EMTN, 0.550%, 10/14/2008	JPY	560,000,000		4,998,058
General Electric Capital Corp., Series EMTN, 1.725%, 6/27/2008	SGD	2,250,000		1,555,275
Georgia-Pacific Corp., 7.125%, 1/15/2017, 144A		1,860,000		1,808,850
Georgia-Pacific Corp., 7.250%, 6/01/2028		4,540,000		3,995,200
Georgia-Pacific LLC, 8.000%, 1/15/2024		180,000		167,400
Georgia-Pacific LLC, 8.875%, 5/15/2031		1,405,000		1,355,825
Goldman Sachs Group, Inc., 5.004%, 5/23/2016(b)	EUR	8,500,000		11,636,882
Government National Mortgage Association, 5.500%, 11/20/2034		525,516		526,720
Government National Mortgage Association, 5.500%, 2/20/2036		1,563,174		1,566,439
Government National Mortgage Association, 6.000%, 10/20/2035		981,102		1,001,789
Government National Mortgage Association, 6.000%, 5/15/2037		2,738,238		2,803,799
Government National Mortgage Association, 6.500%, 7/20/2037		4,407,229		4,550,799
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		11,075,000		11,093,810
HCA, Inc., 5.750%, 3/15/2014		265,000		219,950
HCA, Inc., 6.375%, 1/15/2015		1,170,000		988,650
HCA, Inc., 6.500%, 2/15/2016(c)		2,360,000		1,994,200
HCA, Inc., 7.580%, 9/15/2025		25,000		20,352
HCA, Inc., 7.690%, 6/15/2025		50,000		41,395
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		5,680,000		5,580,600
Home Depot, Inc., 5.875%, 12/16/2036		4,310,000		3,637,213
Hospira, Inc., 5.550%, 3/30/2012		3,120,000		3,172,647
Hospira, Inc., 6.050%, 3/30/2017		890,000		894,275
Host Hotels & Resorts LP, 6.875%, 11/01/2014		4,255,000		4,233,725
Host Marriott LP, Series O, 6.375%, 3/15/2015		1,060,000		1,033,500
Host Marriott LP, Series Q, 6.750%, 6/01/2016		2,195,000		2,162,075
HSBC Bank USA, Zero Coupon Bond, 4/18/2012, 144A	MYR	7,370,000		1,964,962
HSBC Bank USA, Zero Coupon Bond, 5/17/2012, 144A	MYR	36,855,000		9,784,908
HSBC Bank USA, 3.310%, 8/25/2010, 144A		11,760,000		13,406,400
JPMorgan Chase & Co., Zero Coupon Bond, 10/22/2012, 144A	KRW	11,947,200,000		9,871,230
JPMorgan Chase & Co., Zero Coupon Bond, 11/01/2012, 144A	MYR	16,825,000		4,240,592
JPMorgan Chase & Co., 5.125%, 9/15/2014		15,965,000		15,648,558
JPMorgan Chase & Co., Series EMTN, Zero Coupon Bond, 6/08/2012, 144A	MYR	67,400,675		17,346,451
JPMorgan Chase & Co., Series EMTN, Zero Coupon Bond, 9/10/2012, 144A	MYR	12,911,029		3,276,754
JPMorgan Chase And Co., Zero Coupon Bond, 11/01/2012, 144A	KRW	2,381,600,000		1,973,366
Kraft Foods, Inc., 6.000%, 2/11/2013		7,055,000		7,253,281
Kraft Foods, Inc., 6.875%, 2/01/2038		8,065,000		8,372,994
L-3 Communications Corp., 5.875%, 1/15/2015		1,935,000		1,867,275

6

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
L-3 Communications Corp., 6.125%, 7/15/2013		$	830,000	$	815,475
L-3 Communications Corp., 6.125%, 1/15/2014			280,000		274,400
Lucent Technologies, Inc., 6.450%, 3/15/2029			7,950,000		6,568,687
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039(b)			5,755,000		5,805,657
Morgan Stanley, 5.375%, 11/14/2013	GBP		2,010,000		3,820,377
Motorola, Inc., 6.625%, 11/15/2037			6,000,000		5,804,976
National Semiconductor Corp., 6.150%, 6/15/2012			9,275,000		9,454,768
News America, Inc., 6.150%, 3/01/2037			5,730,000		5,535,117
NGPL Pipeco LLC, 6.514%, 12/15/2012, 144A			8,320,000		8,447,479
Nisource Finance Corp., 6.400%, 3/15/2018			5,925,000		5,911,675
Owens & Minor, Inc., 6.350%, 4/15/2016			5,630,000		5,745,438
Petrobras International Finance Co., 5.875%, 3/01/2018			3,100,000		3,082,950
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			855,000		722,475
Qwest Capital Funding, Inc., 6.875%, 7/15/2028(c)			250,000		211,250
Qwest Capital Funding, Inc., 7.250%, 2/15/2011(c)			1,035,000		1,019,475
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			1,340,000		1,206,000
Qwest Corp., 6.500%, 6/01/2017			734,000		702,805
Qwest Corp., 6.875%, 9/15/2033			1,815,000		1,674,337
Qwest Corp., 7.250%, 9/15/2025			1,656,000		1,556,640
Qwest Corp., 7.250%, 10/15/2035			2,630,000		2,465,625
R.H. Donnelley Corp., 6.875%, 1/15/2013(c)			1,250,000		1,118,750
R.H. Donnelley Corp., 8.875%, 10/15/2017, 144A			470,000		434,750
R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013			4,535,000		4,058,825
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013			3,970,000		3,553,150
RBS Capital Trust, 4.243%, 1/12/2016(b)	EUR		2,830,000		3,479,517
Reynolds American, Inc., 6.750%, 6/15/2017			9,755,000		9,935,692
SLM Corp., Series A, 5.000%, 10/01/2013			4,740,000		4,154,648
Sprint Nextel Corp., 6.000%, 12/01/2016			6,775,000		6,489,048
SUPERVALU, Inc., 7.500%, 11/15/2014			1,735,000		1,778,375
Texas Competitive Electric Holdings Co. LLC, 10.250%, 11/01/2015, 144A			2,225,000		2,202,750
Time Warner, Inc., 6.625%, 5/15/2029			7,255,000		7,142,722
Time Warner, Inc., 6.950%, 1/15/2028			2,055,000		2,096,986
TXU Corp., Series R, 6.550%, 11/15/2034(c)			2,700,000		1,954,012
U.S. Treasury Notes, 4.500%, 3/31/2012(c)			9,720,000		10,158,916
U.S. Treasury Notes, 5.000%, 7/31/2008(c)(d)			16,885,000		17,032,744
Union Pacific Corp., 5.375%, 6/01/2033(c)			1,198,000		1,049,746
Union Pacific Corp., 5.450%, 1/31/2013			2,535,000		2,557,108
Union Pacific Corp., 5.650%, 5/01/2017			4,190,000		4,135,949
Wells Fargo & Co, 4.625%, 11/02/2035	GBP		7,180,000		12,154,308
					824,798,338
Uruguay – 0.9%
Republic of Uruguay, 4.250%, 4/05/2027	UYU		424,205,392		19,836,412
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $1,949,466,449)					2,012,261,417
TOTAL BONDS AND NOTES
(Identified Cost $1,949,466,499)					2,012,261,417

7

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Global Bond Fund - continued

	Shares (‡)		Value (†)
PREFERRED STOCKS – 0.8%
NON-CONVERTIBLE PREFERRED STOCKS – 0.8%
United States – 0.8%
Federal Home Loan Mortgage Corp., 8.375%, 12/31/2012		345,775	$	9,042,016
Federal National Mortgage Association, 8.250%, 12/31/2010		275,000		7,081,250
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $15,737,421)				16,123,266
Total Preferred Stocks
(Identified Cost $15,737,421)				16,123,266
	Shares/Principal Amount (‡)
SHORT-TERM INVESTMENTS – 7.8%
State Street Securities Lending Quality Trust(e)		120,225,777		120,225,777
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation dated 12/31/07 at 3.250% to be repurchased at $47,641,600 on 1/02/08 collateralized by $7,630,000 Federal Home Loan Mortgage Corp., 5.750% due 4/15/2008 with a value of $7,553,700 including accrued interest and $40,380,000 Federal Home Loan Bank Discount Note, Zero Coupon due 3/24/2008 with a value of $41,036,175(f)	$	47,633,000		47,633,000
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $167,858,777)				167,858,777
TOTAL INVESTMENTS – 102.6%
(Identified Cost $2,133,062,647)(a)				2,196,243,460
Other assets less liabilities—(2.6)%				(55,568,708	)
NET ASSETS – 100.0%			$	2,140,674,752

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

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

8

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Global Bond Fund - continued

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

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of FAS 157 will have on the Fund’s financial statements.

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

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

At December 31, 2007, the net unrealized appreciation on investments

based on a cost of $2,137,620,402 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	$	78,902,467
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(20,279,409	)
Net unrealized appreciation	$	58,623,058

At September 30, 2007, the Fund had a capital loss carryover of approximately $6,544,259 of which $1,046,616 expires on September 30, 2014 and $5,497,643 expires on September 30, 2015. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Variable rate security. Rate as of December 31, 2007 is disclosed.

(c) All or a portion of this security was on loan to brokers at December 31, 2007. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The market value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2007 were $118,154,993 and $120,225,777, respectively.

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

(e) Represents investments of security lending collateral.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2007, the total value of these securities amounted to $214,372,263 or 10.0% of total net assets.

EMTN Euro Medium Term Note

MTN Medium Term Note

PIK Payment-in-Kind

Key to Abbreviations: ARS: Argentine Peso; BRL: Brazilian Real; CAD: Canadian Dollar; CHF: Swiss Franc; COP: Colombian Peso; EGP: Egyptian Pound; EUR: Euro; GBP: British Pound; IDR: Indonesian Rupiah; IDR: Indonesian Rupiah; JPY: Japanese Yen; KRW: South Korean Won; MYR: Malaysian Ringgit; PLN: Polish Zloty; SEK: Swedish Krona; SGD: Singapore Dollar; UYU: Uruguayan Peso

9

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Global Bond Fund - continued

At December 31, 2007, open futures contracts sold were as follows:

Futures	Expiration Date	Contracts	Aggregated Face Value		Market Value		Unrealized Appreciation
U.S. Treasury Bond	03/19/2008	150	$	17,650,432	$	17,456,250	$	297,307

HOLDINGS AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)

Sovereigns	18.9	%
Treasuries	13.5
Banking	13.7
Mortgage Related	13.0
Supranational	3.0
Government Guaranteed	2.7
Government Sponsored	2.6
Wirelines	2.3
Non-Captive Diversified	2.1
Other, less than 2% each	23.0

10

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – 93.4% of Net Assets
NON-CONVERTIBLE BONDS – 88.3%
Aerospace & Defense – 2.0%
Bombardier, Inc., 7.450%, 5/01/2034, 144A	$	1,670,000	$	1,644,950
Airlines – 2.7%
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011		112,576		110,876
Continental Airlines, Inc., Series 1997-4B, 6.900%, 1/02/2017		95,208		91,400
Continental Airlines, Inc., Series 1998-1, Class B, 6.748%, 9/15/2018		276,637		264,188
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019		15,560		15,463
Continental Airlines, Inc., Series 2001-1B, 7.373%, 12/15/2015		74,637		71,838
Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016		185,356		180,259
Delta Air Lines, Inc., 6.821%, 8/10/2022, 144A		250,000		240,000
Delta Air Lines, Inc., 8.021%, 8/10/2022, 144A(b)		770,000		746,900
Northwest Airlines, Inc., Series 07-1, 8.028%, 11/01/2017(b)		540,000		521,100
				2,242,024
Automotive – 5.1%
Cummins, Inc., 6.750%, 2/15/2027		139,000		141,536
Cummins, Inc., 7.125%, 3/01/2028		150,000		155,120
Ford Motor Co., 6.625%, 2/15/2028		165,000		109,725
Ford Motor Co., 6.625%, 10/01/2028		1,470,000		977,550
Ford Motor Co., 7.125%, 11/15/2025		35,000		23,975
Ford Motor Co., 7.450%, 7/16/2031(b)		695,000		516,037
Ford Motor Co., 7.500%, 8/01/2026		110,000		78,100
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		825,000		689,196
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011		370,000		320,479
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016(b)		100,000		84,941
General Motors Corp., 7.400%, 9/01/2025		45,000		32,625
General Motors Corp., 8.250%, 7/15/2023(b)		1,060,000		842,700
General Motors Corp., 8.375%, 7/15/2033(b)		25,000		20,125
Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		320,000		278,400
Tenneco Automotive, Inc., 8.625%, 11/15/2014(b)		10,000		9,825
				4,280,334
Brokerage – 0.7%
Nuveen Investments, Inc., 10.500%, 11/15/2015, 144A		550,000		547,937
Building Materials – 0.7%
Owens Corning, Inc., 6.500%, 12/01/2016		85,000		77,838
Owens Corning, Inc., 7.000%, 12/01/2036		130,000		117,294
Texas Industries, Inc., 7.250%, 7/15/2013		70,000		68,600
USG Corp., 6.300%, 11/15/2016		365,000		329,739
				593,471
Chemicals – 3.8%
Basell AF SCA, 8.375%, 8/15/2015, 144A		200,000		161,500
Borden, Inc., 7.875%, 2/15/2023		610,000		457,500
Borden, Inc., 8.375%, 4/15/2016		175,000		141,750
Borden, Inc., 9.200%, 3/15/2021		220,000		176,000
Chemtura Corp., 6.875%, 6/01/2016		365,000		343,100
Georgia Gulf Corp., 10.750%, 10/15/2016(b)		335,000		224,450

1

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Chemicals – continued
Hercules, Inc., 6.500%, 6/30/2029	$	675,000	$	553,500
LPG International, Inc., 7.250%, 12/20/2015		100,000		99,000
Methanex Corp., 6.000%, 8/15/2015		150,000		146,380
Montell Finance Co. BV, 8.100%, 3/15/2027, 144A		290,000		220,400
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		235,000		231,475
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		275,000		276,375
Nalco Finance Holdings, Inc., (step to 9.000% on 2/1/2009), Zero Coupon, 2/01/2014(c)		43,000		39,560
Polyone Corp., 8.875%, 5/01/2012(b)		80,000		81,400
				3,152,390
Consumer Cyclical Services – 0.2%
KAR Holdings, Inc., 10.000%, 5/01/2015, 144A		165,000		147,263
Consumer Products – 0.3%
Church & Dwight Co., Inc., 6.000%, 12/15/2012		195,000		190,612
Jostens IH Corp., 7.625%, 10/01/2012		25,000		25,125
				215,737
Electric – 6.5%
AES Corp., 7.750%, 3/01/2014		160,000		161,200
Allegheny Energy Supply Co., LLC, 7.800%, 3/15/2011		40,000		41,700
Allegheny Generating Co., 6.875%, 9/01/2023		100,000		98,500
Dynegy Holdings, Inc., 7.125%, 5/15/2018		195,000		172,575
Dynegy Holdings, Inc., 7.500%, 6/01/2015		100,000		93,500
Dynegy Holdings, Inc., 7.625%, 10/15/2026		325,000		276,250
Dynegy Holdings, Inc., 7.750%, 6/01/2019		350,000		322,875
Dynegy Holdings, Inc., 8.375%, 5/01/2016(b)		280,000		273,700
Edison Mission Energy, 7.625%, 5/15/2027		525,000		493,500
Edison Mission Energy, 7.750%, 6/15/2016		515,000		530,450
Energy Future Holdings Corp., Series P, 5.550%, 11/15/2014		155,000		123,718
Energy Future Holdings Corp., Series Q, 6.500%, 11/15/2024		945,000		689,292
Enersis SA, 7.375%, 1/15/2014		50,000		53,528
Enersis SA, 7.400%, 12/01/2016		175,000		189,644
NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027		460,000		404,800
NSG Holdings LLC, 7.750%, 12/15/2025, 144A		355,000		355,888
Reliant Energy, Inc., 7.875%, 6/15/2017(b)		410,000		405,900
TXU Corp., Series R, 6.550%, 11/15/2034		515,000		372,710
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(d)		365,000		378,375
				5,438,105
Food & Beverage – 1.7%
Aramark Services, Inc., 5.000%, 6/01/2012		950,000		817,000
Cosan Finance Ltd.,, 7.000%, 2/01/2017, 144A(b)		105,000		98,438
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A(b)		110,000		109,312
Sara Lee Corp., 6.125%, 11/01/2032		425,000		402,447
				1,427,197
Gaming – 0.3%
Harrah’s Operating Co., Inc., 5.750%, 10/01/2017		350,000		241,500
Healthcare – 4.9%
Boston Scientific Corp., 5.450%, 6/15/2014		20,000		18,400
Boston Scientific Corp., 6.400%, 6/15/2016		135,000		126,900

2

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Healthcare – continued
Boston Scientific Corp., 7.000%, 11/15/2035	$	250,000	$	220,000
Community Health Systems, Inc., 8.875%, 7/15/2015		870,000		886,313
DaVita, Inc., 7.250%, 3/15/2015		155,000		155,388
HCA, Inc., 5.750%, 3/15/2014		10,000		8,300
HCA, Inc., 6.375%, 1/15/2015		510,000		430,950
HCA, Inc., 6.500%, 2/15/2016(b)		720,000		608,400
HCA, Inc., 7.050%, 12/01/2027		430,000		328,399
HCA, Inc., 7.500%, 12/15/2023		30,000		24,566
HCA, Inc., 7.500%, 11/06/2033		840,000		657,300
HCA, Inc., 7.690%, 6/15/2025		160,000		132,464
HCA, Inc., 8.360%, 4/15/2024		40,000		35,169
HCA, Inc., Series MTN, 7.580%, 9/15/2025		200,000		162,812
HCA, Inc., Series MTN, 7.750%, 7/15/2036		20,000		16,069
Tenet Healthcare Corp., 6.875%, 11/15/2031		450,000		335,250
				4,146,680
Home Construction – 4.1%
Centex Corp., 5.250%, 6/15/2015		125,000		105,851
D.R. Horton, Inc., 5.625%, 9/15/2014		65,000		54,595
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		1,030,000		1,037,725
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015		15,000		10,275
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016(b)		730,000		496,400
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014(b)		105,000		73,500
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		130,000		91,000
K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012		10,000		5,700
KB Home, 5.750%, 2/01/2014		90,000		77,625
KB Home, 5.875%, 1/15/2015		390,000		336,375
KB Home, 6.250%, 6/15/2015(b)		265,000		230,550
KB Home, 7.250%, 6/15/2018		290,000		262,450
Lennar Corp., Series B, 5.600%, 5/31/2015		250,000		190,506
Pulte Homes, Inc., 6.000%, 2/15/2035		475,000		358,159
Pulte Homes, Inc., 6.375%, 5/15/2033		100,000		75,758
Toll Brothers Finance Corp., 5.150%, 5/15/2015		40,000		36,298
				3,442,767
Independent Energy – 5.7%
Chesapeake Energy Corp., 6.500%, 8/15/2017		570,000		550,050
Chesapeake Energy Corp., 6.875%, 1/15/2016		100,000		99,000
Chesapeake Energy Corp., 6.875%, 11/15/2020		405,000		388,800
Encore Acquisition Co., 6.000%, 7/15/2015		275,000		247,500
Encore Acquisition Co., 7.250%, 12/01/2017		115,000		109,538
Forest Oil Corp., 7.250%, 6/15/2019, 144A		715,000		718,575
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		430,000		422,475
Hilcorp Energy I LP, 9.000%, 6/01/2016, 144A(b)		185,000		191,475
Pioneer Natural Resources Co., 5.875%, 7/15/2016		20,000		18,411
Pioneer Natural Resources Co., 7.200%, 1/15/2028		1,640,000		1,478,143
Swift Energy Co., 7.125%, 6/01/2017		600,000		570,000
Swift Energy Co., 7.625%, 7/15/2011		20,000		20,100
				4,814,067
Industrial Other – 1.0%
Baldor Electric Co., 8.625%, 2/15/2017		325,000		334,750
Chart Industries, Inc., 9.125%, 10/15/2015		305,000		312,625

3

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Industrial Other – continued
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A	$	155,000	$	151,871
				799,246
Lodging – 0.6%
Host Marriott LP, Series M, 7.000%, 8/15/2012		175,000		175,000
Host Marriott LP, Series O, 6.375%, 3/15/2015		50,000		48,750
Royal Caribbean Cruises Ltd., 7.250%, 6/15/2016		315,000		309,656
				533,406
Media Cable – 2.5%
Charter Communications Operating LLC/CAP, 8.000%, 4/30/2012, 144A		170,000		164,050
Comcast Corp., 5.650%, 6/15/2035		80,000		73,227
CSC Holdings, Inc., 6.750%, 4/15/2012		215,000		205,594
CSC Holdings, Inc., 7.625%, 7/15/2018		1,260,000		1,157,625
CSC Holdings, Inc., 7.875%, 2/15/2018		310,000		289,850
Virgin Media Finance PLC, 8.750%, 4/15/2014		30,000		29,775
Virgin Media Finance PLC, 9.125%, 8/15/2016		175,000		173,250
				2,093,371
Media Non-Cable – 2.4%
Clear Channel Communications, Inc., 4.900%, 5/15/2015		5,000		3,647
Clear Channel Communications, Inc., 5.500%, 12/15/2016		390,000		284,169
Clear Channel Communications, Inc., 5.750%, 1/15/2013		75,000		62,103
EchoStar DBS Corp., 7.125%, 2/01/2016		275,000		280,500
Idearc, Inc., 8.000%, 11/15/2016		455,000		417,463
Intelsat Corp., 6.875%, 1/15/2028		235,000		195,050
R.H. Donnelley Corp., 8.875%, 10/15/2017, 144A		160,000		148,000
R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		405,000		362,475
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		340,000		304,300
				2,057,707
Metals & Mining – 2.3%
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A		765,000		627,300
International Steel Group, Inc., 6.500%, 4/15/2014		75,000		77,012
Novelis, Inc., 7.250%, 2/15/2015		70,000		65,800
Peabody Energy Corp., 7.375%, 11/01/2016		110,000		112,750
United States Steel Corp., 6.050%, 6/01/2017		80,000		75,187
United States Steel Corp., 6.650%, 6/01/2037		275,000		245,312
Vale Overseas Ltd., 6.875%, 11/21/2036		740,000		748,592
				1,951,953
Non-Captive Consumer – 1.7%
Countrywide Financial Corp., SeriesA, MTN, 5.211%, 12/19/2008(e)		30,000		24,532
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011(b)		88,000		63,541
Residential Capital LLC, 7.625%, 11/21/2008		5,000		3,975
Residential Capital LLC, 7.875%, 6/30/2010		15,000		9,600
Residential Capital LLC, 8.000%, 6/01/2012		80,000		49,200
Residential Capital LLC, 8.000%, 4/17/2013		570,000		350,550
Residential Capital LLC, 8.375%, 6/30/2015		120,000		72,600
SLM Corp., MTN, 5.050%, 11/14/2014		50,000		43,217
SLM Corp., Series A, MTN, 5.000%, 10/01/2013		55,000		48,208

4

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – continued
SLM Corp., Series A, MTN, 5.000%, 6/15/2018	$	65,000	$	51,979
SLM Corp., Series A, MTN, 5.375%, 5/15/2014		70,000		62,235
SLM Corp., Series A, MTN, 5.625%, 8/01/2033		850,000		656,996
				1,436,633
Non-Captive Diversified – 2.9%
GMAC LLC, 6.000%, 12/15/2011		450,000		377,406
GMAC LLC, 6.625%, 5/15/2012		772,000		641,777
GMAC LLC, 6.750%, 12/01/2014		982,000		792,031
GMAC LLC, 6.875%, 9/15/2011		175,000		149,711
GMAC LLC, 6.875%, 8/28/2012		55,000		46,088
GMAC LLC, 7.000%, 2/01/2012		60,000		50,906
GMAC LLC, 8.000%, 11/01/2031(b)		120,000		100,665
iStar Financial, Inc., 5.150%, 3/01/2012		130,000		112,348
iStar Financial, Inc., 5.650%, 9/15/2011		45,000		40,213
iStar Financial, Inc., 5.800%, 3/15/2011		20,000		17,917
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		130,000		113,281
				2,442,343
Oil Field Services – 1.5%
Basic Energy Services, Inc., 7.125%, 4/15/2016		330,000		310,200
Grant Prideco, Inc., 6.125%, 8/15/2015		230,000		240,350
North American Energy Partners, Inc., 8.750%, 12/01/2011		620,000		612,250
Pride International, Inc., 7.375%, 7/15/2014		85,000		87,337
				1,250,137
Packaging – 1.6%
Owens-Illinois, Inc., 7.500%, 5/15/2010		500,000		506,250
Owens-Illinois, Inc., 7.800%, 5/15/2018(b)		825,000		839,437
				1,345,687
Paper – 3.6%
Abitibi-Consolidated, Inc., 6.000%, 6/20/2013(b)		75,000		51,094
Abitibi-Consolidated, Inc., 7.400%, 4/01/2018		40,000		26,300
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028		250,000		160,625
Abitibi-Consolidated, Inc., 8.500%, 8/01/2029		25,000		17,062
Abitibi-Consolidated, Inc., 8.850%, 8/01/2030		190,000		130,150
Bowater, Inc., 6.500%, 6/15/2013(b)		435,000		319,725
Domtar Corp., 5.375%, 12/01/2013		250,000		225,625
Georgia-Pacific Corp., 7.250%, 6/01/2028		215,000		189,200
Georgia-Pacific Corp., 7.375%, 12/01/2025(b)		495,000		435,600
Georgia-Pacific Corp., 7.700%, 6/15/2015		125,000		123,125
Georgia-Pacific Corp., 7.750%, 11/15/2029		525,000		480,375
Georgia-Pacific Corp., 8.000%, 1/15/2024		260,000		241,800
Georgia-Pacific LLC, 8.875%, 5/15/2031		225,000		217,125
Mercer International, Inc., 9.250%, 2/15/2013		140,000		128,100
Sappi Papier Holding AG, 7.500%, 6/15/2032, 144A		290,000		253,082
				2,998,988
Pharmaceuticals – 1.8%
Elan Financial PLC, 7.750%, 11/15/2011		800,000		752,000
Elan Financial PLC, 8.875%, 12/01/2013		770,000		758,450
				1,510,450

5

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Pipelines – 3.0%
El Paso Corp., 6.375%, 2/01/2009	$	240,000	$	241,189
El Paso Corp., 6.950%, 6/01/2028		250,000		236,669
Kinder Morgan Energy Partners, LP, 5.800%, 3/15/2035		60,000		54,313
Kinder Morgan Finance, 5.700%, 1/05/2016		130,000		117,676
Kinder Morgan Finance, 6.400%, 1/05/2036		600,000		495,511
Kinder Morgan, Inc., 6.670%, 11/01/2027		100,000		87,210
Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		225,000		197,985
KN Capital Trust III, 7.630%, 4/15/2028		35,000		31,570
Tennessee Gas Pipeline Co., 7.000%, 10/15/2028(b)		150,000		151,422
Williams Cos., Inc., 7.500%, 1/15/2031		235,000		252,625
Williams Cos., Inc., 7.750%, 6/15/2031		85,000		93,075
Williams Partners LP, 7.250%, 2/01/2017		530,000		545,900
				2,505,145
Refining – 0.6%
Petroplus Finance Ltd., 6.750%, 5/01/2014, 144A		500,000		465,625
Petroplus Finance Ltd., 7.000%, 5/01/2017, 144A		75,000		68,625
				534,250
Restaurants – 0.1%
Denny’s Corp. Holdings, Inc., 10.000%, 10/01/2012		120,000		115,350
Retailers – 3.2%
Dillard’s, Inc., 6.625%, 1/15/2018		155,000		122,686
Dillard’s, Inc., 7.000%, 12/01/2028		480,000		350,400
Dillard’s, Inc., 7.130%, 8/01/2018		175,000		140,875
Dillard’s, Inc., 7.875%, 1/01/2023		75,000		58,500
Foot Locker, Inc., 8.500%, 1/15/2022		280,000		257,600
Home Depot, Inc., 5.875%, 12/16/2036		745,000		628,706
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		180,000		167,869
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		300,000		274,753
Toys R Us, Inc., 7.375%, 10/15/2018		985,000		711,663
				2,713,052
Sovereigns – 0.4%
Republic of Brazil, 8.250%, 1/20/2034		235,000		297,275
Supermarkets – 2.3%
Albertson’s, Inc., 6.625%, 6/01/2028		605,000		532,257
Albertson’s, Inc., 7.450%, 8/01/2029		1,075,000		1,034,622
Albertson’s, Inc., 7.750%, 6/15/2026		220,000		217,606
Albertson’s, Inc., 8.000%, 5/01/2031		30,000		30,434
American Stores Co., 8.000%, 6/01/2026		70,000		70,179
Couche-Tard US/Finance, 7.500%, 12/15/2013		40,000		39,900
				1,924,998
Technology – 6.5%
Activant Solutions, Inc., 9.500%, 5/01/2016		90,000		77,850
Flextronics International Ltd., 6.250%, 11/15/2014		380,000		361,950
Freescale Semiconductor, Inc., 10.125%, 12/15/2016(b)		480,000		396,000
Lucent Technologies, Inc., 6.450%, 3/15/2029		3,020,000		2,495,275
Lucent Technologies, Inc., 6.500%, 1/15/2028		290,000		239,612
Nortel Networks Corp., 6.875%, 9/01/2023(b)		125,000		98,750
Nortel Networks Ltd., 10.125%, 7/15/2013, 144A		370,000		381,100
Northern Telecom Capital Corp., 7.875%, 6/15/2026		860,000		705,200

6

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Technology – continued
Seagate Technology HDD Holdings, 6.800%, 10/01/2016	$	750,000	$	731,250
Unisys Corp, 8.000%, 10/15/2012		15,000		13,125
				5,500,112
Transportation Services – 1.4%
APL Ltd., 8.000%, 1/15/2024(d)		185,000		155,400
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(f)		34,292		40,122
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(f)		347,188		317,678
Overseas Shipholding Group, 7.500%, 2/15/2024		155,000		148,219
Stena AB, 7.000%, 12/01/2016		525,000		504,656
Stena AB, 7.500%, 11/01/2013		45,000		44,381
				1,210,456
Wireless – 2.0%
ALLTEL Corp., 6.500%, 11/01/2013		5,000		4,000
ALLTEL Corp., 6.800%, 5/01/2029(b)		15,000		10,500
ALLTEL Corp., 7.000%, 7/01/2012(b)		20,000		17,250
ALLTEL Corp., 7.875%, 7/01/2032		170,000		130,050
Philippine Long Distance Telephone Co., 8.350%, 3/06/2017		150,000		166,500
Rogers Wireless, Inc., 6.375%, 3/01/2014		400,000		412,063
Sprint Capital Corp., 6.875%, 11/15/2028		501,000		475,130
Sprint Nextel Corp., 6.000%, 12/01/2016		502,000		480,812
				1,696,305
Wirelines – 8.2%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A		765,000		765,000
Cincinnati Bell Telephone Co., 6.300%, 12/01/2028(b)		185,000		160,487
Cincinnati Bell, Inc., 8.375%, 1/15/2014		800,000		780,000
Citizens Communications Co., 7.000%, 11/01/2025(b)		15,000		12,488
Citizens Communications Co., 7.125%, 3/15/2019		325,000		308,750
Citizens Communications Co., 7.450%, 7/01/2035		325,000		270,562
Citizens Communications Co., 7.875%, 1/15/2027		540,000		514,350
Hanarotelecom, Inc., 7.000%, 2/01/2012, 144A		785,000		800,700
L-3 Communications Corp., Series B, 6.375%, 10/15/2015		25,000		24,625
Level 3 Financing, Inc., 8.750%, 2/15/2017		790,000		677,425
Level 3 Financing, Inc., 9.250%, 11/01/2014(b)		835,000		755,675
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		830,000		701,350
Qwest Capital Funding, Inc., 6.875%, 7/15/2028(b)		495,000		418,275
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		315,000		283,500
Qwest Capital Funding, Inc., 7.750%, 2/15/2031		280,000		252,000
Qwest Corp., 6.875%, 9/15/2033		150,000		138,375
Qwest Corp., 7.250%, 9/15/2025		10,000		9,400
				6,872,962
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $77,460,167)				74,124,248
CONVERTIBLE BONDS – 5.1%
Healthcare – 0.1%
Invitrogen Corp., 1.500%, 2/15/2024		50,000		52,750
Industrial Other – 0.2%
Incyte Corp., 3.500%, 2/15/2011(b)		185,000		181,763

7

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Media Non-Cable – 0.4%
Liberty Media LLC, 3.500%, 1/15/2031	$	154,390	$	137,021
Sinclair Broadcast Group, Inc., (step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(c)		190,000		173,612
				310,633
Non-Captive Consumer – 0.2%
Countrywide Financial Corp., 1.743%, 4/15/2037, 144A(e)		66,000		51,467
Countrywide Financial Corp., 2.619%, 5/15/2037, 144A(e)		196,000		143,021
				194,488
Pharmaceuticals – 1.5%
Enzon Pharmaceuticals, Inc., 4.500%, 7/01/2008		95,000		94,287
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024		45,000		30,263
Human Genome Sciences, Inc., 2.250%, 8/15/2012		275,000		238,219
Nektar Therapeutics, 3.250%, 9/28/2012		205,000		169,125
Regeneron Pharmaceuticals, Inc., 5.500%, 10/17/2008(b)		160,000		168,200
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		180,000		164,700
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		510,000		428,400
				1,293,194
Real Estate Investment Trusts – 0.3%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A(b)		330,000		281,738
Technology – 0.5%
JDS Uniphase Corp., 1.000%, 5/15/2026		200,000		160,000
Kulicke & Soffa Industries, Inc., 0.500%, 11/30/2008		50,000		47,187
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		45,000		38,925
Maxtor Corp., 5.750%, 3/01/2012(d)		134,000		125,960
				372,072
Textile – 0.4%
Jones Apparel Group, Inc., 6.125%, 11/15/2034(b)		425,000		325,667
Wirelines – 1.5%
Level 3 Communications, Inc., 2.875%, 7/15/2010		270,000		235,575
Level 3 Communications, Inc., 6.000%, 9/15/2009(b)		105,000		97,650
Level 3 Communications, Inc., 6.000%, 3/15/2010		1,062,000		945,180
				1,278,405
TOTAL CONVERTIBLE BONDS
(Identified Cost $4,445,143)				4,290,710
TOTAL BONDS AND NOTES
(Identified Cost $81,905,310)				78,414,958
	Shares
COMMON STOCKS – 0.5%
Chemicals – 0.5%
Hercules, Inc.(b)
(Identified Cost $367,916)		20,651		399,597

8

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Shares		Value (†)
COMMON STOCKS – continued
TOTAL COMMON STOCKS
(Identified Cost $367,916)			$	399,597
PREFERRED STOCKS – 1.8%
CONVERTIBLE PREFERRED STOCKS – 1.8%
Automotive – 0.2%
Ford Motor Co., Capital Trust II, 6.500%(b)		6,225		202,313
Capital Markets – 0.1%
Newell Financial Trust I, 5.250%(b)		1,675		76,422
Electric Utilities – 0.4%
AES Trust III, 6.750%(b)		7,975		371,236
Hotels, Restaurant & Leisure – 0.0%
Six Flags, Inc., 7.250%(b)		2,100		30,135
Oil, Gas & Consumable Fuels – 0.8%
Chesapeake Energy Corp., 5.000%(b)		3,260		385,087
El Paso Energy Capital Trust I, 4.750%		8,050		289,800
				674,887
Packaging & Containers – 0.2%
Owens-Illinois, Inc., 4.750%		3,500		174,930
TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $1,501,250)				1,529,923
TOTAL PREFERRED STOCKS
(Identified Cost $1,501,250)				1,529,923
	Shares/Principal Amount
SHORT-TERM INVESTMENTS – 13.7%
State Street Securities Lending Quality Trust(g)		9,449,960		9,449,960
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/07 at 3.250% to be repurchased at $2,056,371 on 1/02/08 collateralized by $2,090,000 Federal Home Loan Bank, 2.750% due 3/14/08 with a value of $2,100,450 including accrued interest(h)	$	2,056,000		2,056,000
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $11,505,960)				11,505,960
TOTAL INVESTMENTS – 109.4%
(Identified Cost $95,280,436)(a)				91,850,438
Other assets less liabilities – (9.4)%				(7,860,893	)
NET ASSETS – 100.0%			$	83,989,545

9

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

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

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

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of FAS 157 will have on the Fund’s financial statements.

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

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

At December 31, 2007, the net unrealized depreciation on investments based on a cost of $95,294,706 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	$	1,112,025
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(4,556,293	)
Net unrealized depreciation	$	(3,444,268	)

(b) All or a portion of this security was on loan to brokers at December 31, 2007. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The market value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2007 were $9,251,042 and $9,449,960, respectively.

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

(d) Illiquid security.

(e) Variable rate security. Rate as of December 31, 2007 is disclosed.

(f) Non-income producing security.

(g) Represents investments of security lending collateral.

10

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2007, the total value of these securities amounted to $9,906,692 or 11.8% of net assets.

MTN Medium Term Note

HOLDINGS AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)

Wirelines	9.7	%
Technology	7.0
Electric	6.5
Independent Energy	5.7
Automotive	5.3
Healthcare	5.0
Chemicals	4.3
Home Construction	4.1
Paper	3.6
Pharmaceuticals	3.3
Retailers	3.2
Pipelines	3.0
Non-Captive Diversified	2.9
Media Non-Cable	2.8
Airlines	2.7
Media Cable	2.5
Metals & Mining	2.3
Supermarkets	2.3
Wireless	2.0
Aerospace & Defense	2.0
Other, less than 2% each	15.5

11

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 98.1% of Net Assets
Automotive – 1.7%
Ford Motor Co., 6.625%, 2/15/2028		$	20,000	$	13,300
Ford Motor Co., 6.625%, 10/01/2028			185,000		123,025
Ford Motor Co., 7.450%, 7/16/2031			140,000		103,950
Ford Motor Co., 7.500%, 8/01/2026			15,000		10,650
					250,925
Brokerage – 0.7%
Goldman Sachs Group, Inc., 6.750%, 10/01/2037			100,000		97,978
Construction Machinery – 1.2%
Joy Global, Inc., 6.625%, 11/15/2036			165,000		174,123
Electric – 0.6%
Energy Future Holdings Corp., Series Q, 6.500%, 11/15/2024			10,000		7,294
Texas Competitive Electric Holdings Co., 10.250%, 11/01/2015, 144A			80,000		79,200
					86,494
Food & Beverage – 0.5%
Dean Foods Co., 6.900%, 10/15/2017			75,000		64,875
Independent Energy – 0.2%
Chesapeake Energy Corp., 6.500%, 8/15/2017			35,000		33,775
Lodging – 0.3%
Royal Caribbean Cruises Ltd., 7.500%, 10/15/2027			50,000		45,587
Metals & Mining – 0.3%
United States Steel Corp., 6.650%, 6/01/2037			55,000		49,063
Non-Captive Consumer – 1.1%
Residential Capital LLC, 8.000%, 4/17/2013			50,000		30,750
SLM Corp., 5.050%, 11/14/2014			25,000		21,609
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			30,000		26,295
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			45,000		38,377
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			5,000		4,445
SLM Corp., Series A, MTN, 5.625%, 8/01/2033			45,000		34,782
					156,258
Non-Captive Diversified – 2.7%
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD		300,000		208,645
General Electric Capital Corp., Series GMTN, 2.960%, 5/18/2012	SGD		200,000		136,067
iStar Financial, Inc., 5.125%, 4/01/2011			5,000		4,457
iStar Financial, Inc., 5.150%, 3/01/2012			20,000		17,284
iStar Financial, Inc., 5.375%, 4/15/2010			5,000		4,629
iStar Financial, Inc., 5.650%, 9/15/2011			10,000		8,936
iStar Financial, Inc., 5.950%, 10/15/2013			5,000		4,357
					384,375

1

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Paper – 0.5%
Georgia-Pacific Corp., 7.700%, 6/15/2015		$	70,000		$	68,950
Pipelines – 0.2%
Colorado Interstate Gas Co., 5.950%, 3/15/2015			3,000			2,968
Southern Natural Gas Co., 7.350%, 2/15/2031			30,000			31,325
						34,293
Sovereigns – 1.0%
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		15,000	(††)		136,074
Technology – 1.3%
Agilent Technologies, Inc., 6.500%, 11/01/2017			105,000			106,662
Lucent Technologies, Inc., 6.450%, 3/15/2029			90,000			74,362
Lucent Technologies, Inc., 6.500%, 1/15/2028			15,000			12,394
						193,418
Textile – 0.1%
Jones Apparel Group, Inc., 6.125%, 11/15/2034			10,000			7,663
Treasuries – 82.4%
U.S. Treasury Inflation Index Bonds, 2.000%, 1/15/2026(b)			168,419			167,735
U.S. Treasury Inflation Index Bonds, 2.375%, 1/15/2017(b)			751,093			792,579
U.S. Treasury Inflation Index Bonds, 2.375%, 1/15/2025(b)			764,768			802,887
U.S. Treasury Inflation Index Bonds, 2.500%, 7/15/2016(b)			294,835			314,414
U.S. Treasury Inflation Index Bonds, 3.375%, 4/15/2032(b)			1,483,045			1,899,456
U.S. Treasury Inflation Index Notes, 0.875%, 4/15/2010(b)			887,762			884,780
U.S. Treasury Inflation Index Notes, 1.625%, 1/15/2015(b)			607,248			609,667
U.S. Treasury Inflation Index Notes, 1.875%, 7/15/2013(b)			580,135			597,811
U.S. Treasury Inflation Index Notes, 1.875%, 7/15/2015(b)			596,120			607,623
U.S. Treasury Inflation Index Notes, 2.000%, 4/15/2012(b)			108,105			112,041
U.S. Treasury Inflation Index Notes, 2.000%, 1/15/2014(b)			706,681			729,925
U.S. Treasury Inflation Index Notes, 2.000%, 7/15/2014(b)			653,932			675,645
U.S. Treasury Inflation Index Notes, 2.000%, 1/15/2016(b)			436,837			448,304
U.S. Treasury Inflation Index Notes, 2.375%, 4/15/2011(b)			399,977			416,913
U.S. Treasury Inflation Index Notes, 2.375%, 1/15/2027			290,077			306,757
U.S. Treasury Inflation Index Notes, 2.625%, 7/15/2017(b)			771,143			832,051
U.S. Treasury Inflation Index Notes, 3.000%, 7/15/2012(b)			714,612			773,958
U.S. Treasury Inflation Index Notes, 3.375%, 1/15/2012(b)			194,139			211,778
U.S. Treasury Inflation Index Notes, 3.500%, 1/15/2011			336,109			361,474
U.S. Treasury Inflation Index Notes, 4.250%, 1/15/2010(b)			291,816			311,377
						11,857,175
Wireless – 0.9%
ALLTEL Corp., 7.875%, 7/01/2032			20,000			15,300
Sprint Capital Corp., 6.875%, 11/15/2028			120,000			113,804
						129,104

2

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – 2.4%
AT&T Corp., 8.000%, 11/15/2031		$	80,000	$	98,246
Bell Canada, 5.000%, 2/15/2017	CAD		30,000		25,232
Bell Canada, 6.550%, 5/01/2029, 144A	CAD		5,000		4,308
Bell Canada, 7.300%, 2/23/2032	CAD		15,000		13,953
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		35,000		28,776
Embarq Corp., 7.995%, 6/01/2036			165,000		173,883
					344,398
TOTAL BONDS AND NOTES
(Identified Cost $13,851,921)					14,114,528
		Shares
PREFERRED STOCKS – 0.8%
NON-CONVERTIBLE PREFERRED STOCKS – 0.8%
Thrifts & Mortgage Finance – 0.8%
Federal Home Loan Mortgage Corp., 8.375%			1,160		30,334
Federal National Mortgage Association, 8.250%			3,500		90,125
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $116,500)					120,459
TOTAL PREFERRED STOCKS
(Identified Cost $116,500)					120,459
SHORT-TERM INVESTMENT – 25.3%
State Street Securities Lending Quality Trust(c) (Identified Cost $3,646,553)			3,646,553		3,646,553
TOTAL INVESTMENTS – 124.2%
(Identified Cost $17,614,974)(a)					17,881,540
Other assets less liabilities—(24.2)%					(3,485,664	)
NET ASSETS – 100.0%				$	14,395,876

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

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

3

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund - continued

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

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of FAS 157 will have on the Fund’s financial statements.

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

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

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

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $17,694,985 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	$	296,911
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(110,356	)
Net unrealized appreciation	$	186,555

At September 30, 2007, the Fund had a capital loss carryover of approximately $177,178 of which $22,173 expires on September 30, 2014 and $155,055 expires on September 30, 2015. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) All or a portion of this security was on loan to brokers at December 31, 2007. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The market value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2007 were $3,598,477 and $3,646,553, respectively.

(c) Represents investments of security lending collateral.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2007, the total value of these securities amounted to $83,508 or 0.6% of net assets.

MTN Medium Term Note

Key to Abbreviations: CAD: Canadian Dollar, MXN: Mexican Peso; SGD: Singapore Dollar

HOLDINGS AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)

Treasuries	82.4	%
Non-Captive Diversified	2.7
Wirelines	2.4
Other, less than 2% each	11.4

4

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Institutional High Income Fund

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – 88.1% of Net Assets
NON-CONVERTIBLE BONDS – 79.6%
Aerospace & Defense – 1.0%
Bombardier, Inc., 7.350%, 12/22/2026	CAD	600,000	$	574,497
Bombardier, Inc., 7.450%, 5/01/2034, 144A		1,500,000		1,477,500
				2,051,997
Airlines – 0.6%
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011		34,639		34,116
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 4/02/2018		336,104		334,003
Continental Airlines, Inc., Series 2001-1B, 7.373%, 12/15/2015		180,851		174,069
Delta Air Lines, Inc., Class C, 8.954%, 8/10/2014, 144A		600,000		588,000
				1,130,188
Automotive – 5.8%
Cummins, Inc., 7.125%, 3/01/2028		350,000		361,947
Ford Motor Co., 6.500%, 8/01/2018(b)		20,000		14,725
Ford Motor Co., 6.625%, 2/15/2028		30,000		19,950
Ford Motor Co., 6.625%, 10/01/2028		1,510,000		1,004,150
Ford Motor Co., 7.125%, 11/15/2025		190,000		130,150
Ford Motor Co., 7.450%, 7/16/2031		1,685,000		1,251,112
Ford Motor Co., 7.500%, 8/01/2026		30,000		21,300
Ford Motor Credit Co., 5.700%, 1/15/2010		2,745,000		2,473,185
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016(b)		940,000		798,446
General Motors Corp., 7.400%, 9/01/2025(b)		5,110,000		3,704,750
General Motors Corp., 8.250%, 7/15/2023(b)		645,000		512,775
Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		1,700,000		1,479,000
				11,771,490
Banking – 3.3%
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB	50,000,000		1,631,028
Barclays Financial LLC, Series EMTN, 4.100%, 3/22/2010, 144A	THB	11,000,000		358,233
BNP Paribas SA, Series EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR	10,477,600,000		830,511
HSBC Bank USA, 3.310%, 8/25/2010, 144A		500,000		570,000
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	6,846,018,000		553,804
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	5,376,000,000		434,602
JPMorgan Chase & Co., Zero Coupon Bond, 5/07/2012, 144A	BRL	2,200,000		940,103
JPMorgan Chase London, Zero Coupon Bond, 10/21/2010, 144A	IDR	9,533,078,500		804,260
Rabobank Nederland, Series EMTN, 13.500%, 1/28/2008, 144A	ISK	40,000,000		635,801
				6,758,342
Building Materials – 0.1%
Ply Gem Industries, Inc., 9.000%, 2/15/2012(b)		125,000		96,875
Chemicals – 3.2%
Borden, Inc., 7.875%, 2/15/2023		1,474,000		1,105,500
Borden, Inc., 9.200%, 3/15/2021		2,541,000		2,032,800
Georgia Gulf Corp., 10.750%, 10/15/2016		350,000		234,500
Hercules, Inc., 6.500%, 6/30/2029		1,743,000		1,429,260
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		1,405,000		1,383,925

1

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Chemicals – continued
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018	$	400,000	$	402,000
				6,587,985
Construction Machinery – 0.1%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013(b)		300,000		280,500
Electric – 5.8%
AES Corp., 7.750%, 3/01/2014		1,185,000		1,193,888
AES Corp. (The),, 7.750%, 10/15/2015, 144A		645,000		654,675
AES Corp. (The),, 8.000%, 10/15/2017, 144A		1,285,000		1,313,913
Dynegy Holdings, Inc., 7.125%, 5/15/2018		100,000		88,500
Dynegy Holdings, Inc., 7.625%, 10/15/2026		490,000		416,500
Dynegy Holdings, Inc., 7.750%, 6/01/2019		1,250,000		1,153,125
Dynegy Holdings, Inc., 8.375%, 5/01/2016(b)		250,000		244,375
Energy Future Holdings Corp., Series P, 5.550%, 11/15/2014		920,000		734,328
Energy Future Holdings Corp., Series Q, 6.500%, 11/15/2024		1,515,000		1,105,056
NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027		1,685,000		1,482,800
NRG Energy, Inc., 7.375%, 2/01/2016		575,000		560,625
Quezon Power Philippines Co., 8.860%, 6/15/2017		400,000		400,000
Reliant Energy, Inc., 7.875%, 6/15/2017(b)		1,025,000		1,014,750
TXU Corp., Series R, 6.550%, 11/15/2034		420,000		303,957
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)		1,000,000		1,036,643
				11,703,135
Entertainment – 0.0%
Six Flags, Inc., 9.625%, 6/01/2014(b)		40,000		29,500
Food & Beverage – 0.3%
Sara Lee Corp., 6.125%, 11/01/2032		690,000		653,384
Healthcare – 3.4%
HCA, Inc., 6.375%, 1/15/2015		500,000		422,500
HCA, Inc., 6.500%, 2/15/2016(b)		540,000		456,300
HCA, Inc., 7.050%, 12/01/2027		1,000,000		763,718
HCA, Inc., 7.500%, 12/15/2023		370,000		302,986
HCA, Inc., 7.500%, 11/06/2033		2,120,000		1,658,900
HCA, Inc., 7.580%, 9/15/2025		560,000		455,875
HCA, Inc., 7.690%, 6/15/2025		620,000		513,299
HCA, Inc., 7.750%, 7/15/2036		155,000		124,536
Tenet Healthcare Corp., 6.875%, 11/15/2031		2,855,000		2,126,975
				6,825,089
Home Construction – 1.6%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015		185,000		126,725
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016(b)		1,133,000		770,440
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014(b)		360,000		252,000
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		272,000		190,400
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016(b)		755,000		528,500
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013(b)		10,000		5,600
KB Home, 7.250%, 6/15/2018		1,260,000		1,140,300
Lennar Corp., Series B, 5.500%, 9/01/2014		40,000		30,306

2

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Home Construction – continued
Pulte Homes, Inc., 6.000%, 2/15/2035		$	400,000	$	301,608
					3,345,879
Independent Energy – 1.8%
Chesapeake Energy Corp., 6.500%, 8/15/2017			155,000		149,575
Chesapeake Energy Corp., 6.875%, 11/15/2020			515,000		494,400
Connacher Oil and Gas Ltd.,, 10.250%, 12/15/2015, 144A			495,000		494,381
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A			985,000		967,763
Pioneer Natural Resources Co., 6.875%, 5/01/2018			820,000		792,961
Pioneer Natural Resources Co., 7.200%, 1/15/2028			920,000		829,202
					3,728,282
Media Cable – 0.3%
Virgin Media Finance Plc, 9.125%, 8/15/2016			685,000		678,150
Media Non-Cable – 1.2%
Clear Channel Communications, Inc., 4.900%, 5/15/2015			500,000		364,720
Clear Channel Communications, Inc., 5.500%, 9/15/2014			455,000		346,817
Clear Channel Communications, Inc., 5.500%, 12/15/2016			365,000		265,953
Clear Channel Communications, Inc., 5.750%, 1/15/2013			225,000		186,309
R.H. Donnelley Corp., 8.875%, 10/15/2017, 144A			1,460,000		1,350,500
					2,514,299
Metals & Mining – 0.9%
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A			1,245,000		1,020,900
Ryerson, Inc., 12.000%, 11/01/2015, 144A			775,000		765,312
					1,786,212
Non-Captive Consumer – 3.1%
Countrywide Home Loans, Inc., 4.000%, 3/22/2011			120,000		86,646
Residential Capital LLC, 6.375%, 5/17/2013	GBP		1,020,000		1,116,727
Residential Capital LLC, 6.500%, 6/01/2012			90,000		55,350
Residential Capital LLC, 8.000%, 4/17/2013			1,990,000		1,223,850
Residential Capital LLC, 8.375%, 6/30/2015			255,000		154,275
Residential Capital LLC, Series EMTN, 9.375%, 7/01/2014	GBP		305,000		346,066
SLM Corp., 6.500%, 6/15/2010	NZD		4,720,000		3,274,816
					6,257,730
Non-Captive Diversified – 1.8%
General Electric Capital Corp., 6.500%, 9/28/2015	NZD		3,035,000		2,123,765
General Electric Capital Corp., Series EMTN, 6.750%, 9/26/2016	NZD		250,000		179,155
GMAC Canada Ltd., Series EMTN, 6.625%, 12/17/2010	GBP		25,000		43,296
GMAC LLC, 6.000%, 12/15/2011			680,000		570,302
GMAC LLC, 6.625%, 5/15/2012			75,000		62,349
GMAC LLC, 6.750%, 12/01/2014			244,000		196,798
GMAC LLC, 6.875%, 9/15/2011			85,000		72,717
GMAC LLC, 6.875%, 8/28/2012			150,000		125,695
GMAC LLC, 7.000%, 2/01/2012			175,000		148,474
GMAC LLC, 8.000%, 11/01/2031(b)			245,000		205,524
					3,728,075
Packaging – 0.8%
Owens-Illinois, Inc., 7.800%, 5/15/2018			1,555,000		1,582,213
Paper – 1.8%
Abitibi-Consolidated, Inc., 5.250%, 6/20/2008(b)			200,000		191,500

3

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Paper – continued
Abitibi-Consolidated, Inc., 6.000%, 6/20/2013(b)		$	250,000		$	170,312
Abitibi-Consolidated, Inc., 7.400%, 4/01/2018			15,000			9,863
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028			140,000			89,950
Abitibi-Consolidated, Inc., 8.500%, 8/01/2029			15,000			10,237
Abitibi-Consolidated, Inc., 8.850%, 8/01/2030			90,000			61,650
Georgia-Pacific Corp., 7.250%, 6/01/2028			1,240,000			1,091,200
Georgia-Pacific Corp., 7.750%, 11/15/2029			1,165,000			1,065,975
Georgia-Pacific LLC, 8.000%, 1/15/2024			250,000			232,500
Georgia-Pacific LLC, 8.875%, 5/15/2031			765,000			738,225
						3,661,412
Pharmaceuticals – 2.1%
Elan Financial Plc, 7.750%, 11/15/2011			3,590,000			3,374,600
Elan Financial Plc, 8.875%, 12/01/2013			830,000			817,550
						4,192,150
Pipelines – 3.1%
Colorado Interstate Gas Co., 5.950%, 3/15/2015			22,000			21,765
El Paso Corp., 6.950%, 6/01/2028			15,000			14,200
El Paso Corp., 7.420%, 2/15/2037			1,055,000			1,025,282
El Paso Corp., 7.800%, 8/01/2031			500,000			507,428
Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015			50,000			43,997
KN Capital Trust III, 7.630%, 4/15/2028			10,000			9,020
Southern Natural Gas Co., 7.350%, 2/15/2031			95,000			99,195
Tennessee Gas Pipeline Co., 7.000%, 10/15/2028(b)			890,000			898,440
Williams Cos., Inc., 7.500%, 1/15/2031			3,375,000			3,628,125
						6,247,452
Railroads – 0.1%
Missouri Pacific Railroad Co., 4.750%, 1/01/2020			30,000			26,550
Missouri Pacific Railroad Co., 5.000%, 1/01/2045			314,000			213,520
						240,070
Retailers – 3.9%
Dillard’s, Inc., 6.625%, 1/15/2018			500,000			395,762
Dillard’s, Inc., 7.000%, 12/01/2028			450,000			328,500
Dillard’s, Inc., 7.130%, 8/01/2018			750,000			603,750
Dillard’s, Inc., 7.750%, 7/15/2026			1,500,000			1,155,000
Foot Locker, Inc., 8.500%, 1/15/2022			1,679,000			1,544,680
Toys R Us, Inc., 7.375%, 10/15/2018			5,185,000			3,746,162
Toys R Us, Inc., 7.875%, 4/15/2013(b)			197,000			152,183
						7,926,037
Sovereigns – 4.1%
Indonesia Treasury Bond, Zero Coupon Bond, 11/20/2012	IDR		4,897,000,000			335,243
Indonesia Treasury Bond, 10.250%, 7/15/2022	IDR		1,881,000,000			194,874
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		95,000	(††)		853,445
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		365,000	(††)		3,479,009
Republic of Brazil, 10.250%, 1/10/2028(b)	BRL		4,170,000			2,248,989
Republic of South Africa, 13.000%, 8/31/2010	ZAR		8,190,000			1,297,702
						8,409,262

4

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Supermarkets – 1.1%
Albertson’s, Inc., 6.625%, 6/01/2028		$	240,000	$	211,143
Albertson’s, Inc., 8.000%, 5/01/2031			480,000		486,947
Albertson’s, Inc., 8.700%, 5/01/2030			180,000		191,770
Albertson’s, Inc., Series MTNC, 7.450%, 8/01/2029			1,310,000		1,260,795
American Stores Co., 8.000%, 6/01/2026			110,000		110,282
					2,260,937
Supranational – 3.4%
Inter-American Development Bank, Series EMTN, Zero Coupon Bond, 5/11/2009	BRL		11,000,000		5,113,764
Nordic Invest Bank, 13.000%, 9/12/2008	ISK		113,000,000		1,777,776
					6,891,540
Technology – 4.4%
Affiliated Computer Services, Inc., 5.200%, 6/01/2015			100,000		86,125
Amkor Technology, Inc., 7.750%, 5/15/2013			1,600,000		1,508,000
Corning, Inc., 6.850%, 3/01/2029			701,000		740,566
Freescale Semiconductor, Inc., 10.125%, 12/15/2016(b)			805,000		664,125
Lucent Technologies, Inc., 6.450%, 3/15/2029			4,115,000		3,400,019
Nortel Networks Corp., 6.875%, 9/01/2023			1,000,000		790,000
Northern Telecom Capital Corp., 7.875%, 6/15/2026			2,225,000		1,824,500
					9,013,335
Textile – 0.2%
Kellwood Co., 7.625%, 10/15/2017			500,000		390,000
Transportation Services – 3.0%
APL Ltd., 8.000%, 1/15/2024(c)			2,685,000		2,255,400
Atlas Air, Inc., Series 1999-1B, 7.630%, 1/02/2015(d)			397,855		457,533
Atlas Air, Inc., Series 1999-1C, 8.770%, 1/02/2011(d)			399,542		401,539
Atlas Air, Inc., Series 2000-1, 9.702%, 1/02/2008(d)			40,344		39,941
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(d)			2,207,572		2,582,859
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(d)			289,324		264,731
					6,002,003
Treasuries – 14.2%
U.S. Treasury Bonds, 4.500%, 2/15/2036(b)			9,735,000		9,784,434
U.S. Treasury Bonds, 4.750%, 2/15/2037(b)			18,220,000		19,068,360
					28,852,794
Wireless – 0.5%
ALLTEL Corp., 7.875%, 7/01/2032			625,000		478,125
True Move Co. Ltd., 10.750%, 12/16/2013, 144A			600,000		606,000
					1,084,125
Wirelines – 2.6%
Bell Canada, 5.000%, 2/15/2017	CAD		105,000		88,313
Bell Canada, 7.300%, 2/23/2032	CAD		275,000		255,802
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		220,000		180,877
Citizens Communications Co., 7.875%, 1/15/2027			860,000		819,150
Level 3 Financing, Inc., 8.750%, 2/15/2017			95,000		81,463
Level 3 Financing, Inc., 9.250%, 11/01/2014(b)			290,000		262,450
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			964,000		814,580
Qwest Capital Funding, Inc., 6.875%, 7/15/2028(b)			800,000		676,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			290,000		261,000

5

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Qwest Capital Funding, Inc., 7.750%, 2/15/2031	$	1,550,000	$	1,395,000
Qwest Corp., 6.875%, 9/15/2033		190,000		175,275
Qwest Corp., 7.250%, 9/15/2025		15,000		14,100
Qwest Corp., 7.250%, 10/15/2035		225,000		210,937
				5,234,947
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $156,854,378)				161,915,389
CONVERTIBLE BONDS – 8.5%
Industrial Other – 0.5%
Incyte Corp., 3.500%, 2/15/2011		1,100,000		1,080,750
Media Non-Cable – 0.1%
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(f)		155,000		141,631
Non-Captive Consumer – 0.2%
Countrywide Financial Corp., Series A, 1.743%, 4/15/2037(e), 144A		132,000		102,934
Countrywide Financial Corp., Series B, 2.619%, 5/15/2037(e), 144A		324,000		236,423
				339,357
Pharmaceuticals – 3.1%
Enzon Pharmaceuticals, Inc., 4.500%, 7/01/2008		800,000		794,000
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024		230,000		154,675
Human Genome Sciences, Inc., 2.250%, 8/15/2012		775,000		671,344
Nektar Therapeutics, 3.250%, 9/28/2012		1,180,000		973,500
Regeneron Pharmaceuticals, Inc., 5.500%, 10/17/2008		1,600,000		1,682,000
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		1,230,000		1,125,450
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		980,000		823,200
				6,224,169
Real Estate Investment Trusts – 0.4%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A(b)		920,000		785,450
Technology – 1.5%
Kulicke & Soffa Industries, Inc., 0.500%, 11/30/2008		595,000		561,531
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		350,000		302,750
Maxtor Corp., 5.750%, 3/01/2012(c)		1,629,000		1,531,260
Nortel Networks Corp.,, 2.125%, 4/15/2014, 144A		795,000		616,125
Richardson Electronics, Ltd., 7.750%, 12/15/2011		132,000		122,760
				3,134,426
Textile – 0.7%
Dixie Yarns, Inc., 7.000%, 5/15/2012		22,000		20,680
Kellwood Co., (Step to 0.000% on 6/16/2011), 3.500%, 6/15/2034(f)		1,600,000		1,390,000
				1,410,680
Transportation Services – 0.0%
Builders Transportation, Inc., 8.000%, 8/15/2005(g)		75,000		—
Wirelines – 2.0%
Level 3 Communications, Inc., 2.875%, 7/15/2010		2,005,000		1,749,362
Level 3 Communications, Inc., 3.500%, 6/15/2012(b)		155,000		135,819
Level 3 Communications, Inc., 6.000%, 9/15/2009(b)		1,820,000		1,692,600

6

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Level 3 Communications, Inc., 6.000%, 3/15/2010	$	575,000	$	511,750
				4,089,531
TOTAL CONVERTIBLE BONDS
(Identified Cost $17,231,258)				17,205,994
TOTAL BONDS AND NOTES
(Identified Cost $174,085,636)				179,121,383
	Shares
COMMON STOCKS – 2.2%
BIOTECHNOLOGY – 0.9%
Vertex Pharmaceuticals, Inc.(b)		82,587		1,918,496
COMMUNICATIONS EQUIPMENT – 0.8%
Corning, Inc.		69,766		1,673,686
FOOD PRODUCTS – 0.0%
ConAgra Foods, Inc.		3,100		73,749
HOUSEHOLD DURABLES – 0.1%
KB Home(b)		6,775		146,340
Real Estate Investment Trusts (REITs) – 0.4%
Apartment Investment & Management Co.(b)		4,275		148,471
Associated Estates Realty Corp.(b)		32,565		307,414
Developers Diversified Realty Corp.		7,125		272,816
TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS)
(Identified Cost $609,954)				728,701
TOTAL COMMON STOCKS
(Identified Cost $2,744,146)				4,540,972
PREFERRED STOCKS – 2.9%
CONVERTIBLE PREFERRED STOCKS – 2.9%
Automobiles – 0.4%
Ford Motor Co., Capital Trust II, 6.500%		26,900		874,250
Containers & Packaging – 1.0%
Owens-Illinois, Inc., 4.750%		42,800		2,139,144
Diversified Consumer Services – 0.3%
Six Flags, Inc., 7.250%(b)		39,950		573,282
Electric Utilities – 0.5%
AES Trust III, 6.750%(b)		15,975		743,636
CMS Energy Trust I, 7.750%		4,150		202,313
				945,949
Machinery – 0.1%
United Rentals Trust, 6.500%		4,937		207,354
Oil, Gas & Consumable Fuels – 0.2%
Chesapeake Energy Corp., 5.000%		1,000		118,125
El Paso Energy Capital Trust I, 4.750%		5,700		205,200
				323,325

7

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Shares (‡)		Value (†)
PREFERRED STOCKS – continued
Real Estate Investment Trusts (REITs) – 0.0%
FelCor Lodging Trust, Inc., Series A, 1.950%(b)		1,100	$	22,682
Semiconductors & Semiconductor Equipment – 0.4%
Lucent Technologies Capital Trust, 7.750%		1,000		872,625
TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $5,611,773)				5,958,611
TOTAL PREFERRED STOCKS
(Identified Cost $5,611,773)				5,958,611
CLOSED END INVESTMENT COMPANIES – 1.3%
Western Asset High Income Opportunity Fund, Inc.		176,050		1,056,300
Western Asset Managed High Income Fund, Inc.		222,550		1,277,437
BlackRock Senior High Income Fund, Inc.		16,550		89,370
DWS High Income Trust		10,906		52,349
Dreyfus High Yield Strategies Fund		24,918		93,193
Highland Credit Strategies Fund(b)		7,509		118,793
Highland Credit Strategies Fund(b)		3,886		1,749
Van Kampen High Income Trust II(b)		16,318		59,234
TOTAL CLOSED END INVESTMENT COMPANIES
(Identified Cost $2,812,894)				2,748,425
	Shares/Principal Amount
SHORT-TERM INVESTMENTS – 26.8%
State Street Securities Lending Quality Trust(h)		46,840,868		46,840,868
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/07 at 3.250% to be repurchased at $7,796,371 on 1/02/08 collateralized by $7,710,000 Federal Home Loan Bank, 2.750% due 3/14/08 with a value of $7,748,550, including accrued interest(i)	$	7,595,000		7,595,000
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $54,435,868)				54,435,868
TOTAL INVESTMENTS – 121.3%
(Identified Cost $239,690,317)(a)				246,805,259
Other assets less liabilities—(21.3)%				(43,408,422	)
TOTAL NET ASSETS – 100.0%			$	203,396,837

8

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

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

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

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

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of FAS 157 will have on the Fund’s financial statements.

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

(††) Amount shown represents unit. One unit represent 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. Amortization of premium on debt securities is excluded for tax purposes.):

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $239,758,538 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	$	14,385,393
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(7,338,672	)
Net unrealized appreciation	$	7,046,721

(b) All or a portion of this security was on loan to brokers at December 31, 2007. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The market value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2007 were $46,223,232 and $46,840,868, respectively.

(c) Illiquid security. At December 31, 2007, the value of these securities amounted to 4,823,303 or 2.8% of net assets.

(d) Non-income producing security.

(e) Variable rate security. Rate as of December 31, 2007 is disclosed.

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

9

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

(g) Non-income producing security due to default or bankruptcy filing.

(h) Represents investments of security lending collateral.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2007, the total value of these securities amounted to $17,738,218 or 8.7% of net assets.

EMTN Euro Medium Term Note

Key to Abbreviations: BRL: Brazilian Real; CAD: Canadian Dollar; GBP: Great British Pound; IDR: Indonesian Rupiah; ISK: Iceland Krona; MXN: Mexican Peso; NZD: New Zealand Dollar; THB: Thailand Baht; ZAR: South African Rand

HOLDINGS AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)

Treasuries	14.2	%
Technology	7.1
Electric	6.3
Automotive	6.2
Pharmaceuticals	6.1
Wirelines	4.6
Sovereigns	4.1
Retailers	3.9
Supranational	3.4
Healthcare	3.4
Banking	3.3
Non-Captive Consumer	3.2
Chemicals	3.2
Pipelines	3.2
Transportation Services	3.0
Other, less than 25 each	19.3

10

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – 98.5% of Net Assets
NON-CONVERTIBLE BONDS – 98.5%
Aerospace & Defense – 0.0%
Boeing Capital Corp., 6.100%, 3/01/2011(b)	$	5,000	$	5,241
Asset-Backed Securities – 6.8%
Americredit Automobile Receivables Trust, Series 2004-DF, Class A4, 3.430%, 7/06/2011		115,580		114,539
Capital Auto Receivables Asset Trust, Series 2004-2, Class A4, 3.750%, 7/15/2009		25,000		24,894
Countrywide Asset Backed Certificates, Series 2004-S1, Class A2, 3.872%, 3/25/2020		68,454		66,386
Countrywide Asset Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		135,000		104,183
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021		391,340		381,986
DaimlerChrysler Auto Trust, Series 2004-C, Class A4, 3.280%, 12/08/2009		138,282		137,368
Ford Credit Auto Owner Trust, 4.380%, 1/15/2010		333,640		333,135
Honda Auto Receivables Owner Trust, Series 2004-3, Class A4, 3.280%, 2/18/2010		258,331		257,038
John Deere Owner Trust, Series 2005-A, Class A3, 3.980%, 6/15/2009		1,045		1,045
Navistar Financial Corp. Owner Trust, Series 2004-B, Class A3, 3.130%, 5/15/2009		113		113
Navistar Financial Corp. Owner Trust, Series 2004-B, Class A4, 3.530%, 10/15/2012		280,000		277,132
USAA Auto Owner Trust, Series 2004-3, Class A4, 3.530%, 6/15/2011		320,219		318,495
USAA Auto Owner Trust, Series 2006-1, Class A3, 5.010%, 9/15/2010		126,936		127,149
WFS Financial Owner Trust, Series 2004-2, Class A4, 3.540%, 11/21/2011		229,716		228,854
				2,372,317
Automotive – 0.6%
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013(b)		235,000		196,317
Banking – 9.5%
Bank of America Corp., 6.250%, 4/01/2008		450,000		451,915
Bank One Corp., 5.900%, 11/15/2011		5,000		5,191
Capital One Bank, 5.125%, 2/15/2014(b)		320,000		298,019
Citigroup, Inc., 5.300%, 10/17/2012		670,000		678,717
HSBC Finance Corp., 4.750%, 4/15/2010(b)		350,000		348,083
JPMorgan Chase & Co., 5.600%, 6/01/2011(b)		475,000		490,157
Suntrust Banks, Inc., 5.250%, 11/05/2012		190,000		191,445
Wachovia Corp., 5.300%, 10/15/2011(b)		530,000		531,178
Washington Mutual, Inc., 4.375%, 1/15/2008		5,000		4,985
Wells Fargo & Co., 5.250%, 10/23/2012		305,000		310,073
				3,309,763
Brokerage – 5.3%
Bear Stearns Cos., Inc., 5.350%, 2/01/2012(b)		265,000		258,091
Goldman Sachs Group, Inc., 4.500%, 6/15/2010		300,000		299,013
Goldman Sachs Group, Inc., 5.300%, 2/14/2012(b)		10,000		10,114
Goldman Sachs Group, Inc., 5.450%, 11/01/2012		270,000		275,255
Lehman Brothers Holdings, Inc., 6.200%, 9/26/2014		100,000		101,847

1

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Brokerage – continued
Lehman Brothers Holdings, Inc., Series I, 5.250%, 2/06/2012	$	265,000	$	262,214
Merrill Lynch & Co., Inc., Series C, 4.250%, 2/08/2010(b)		225,000		220,567
Morgan Stanley, 5.300%, 3/01/2013		400,000		398,994
				1,826,095
Chemicals – 0.0%
Lubrizol Corp., 4.625%, 10/01/2009		5,000		5,021
Construction Machinery – 0.5%
Caterpillar Financial Services, Series MTN, 4.850%, 12/07/2012(b)		160,000		160,276
Electric – 2.1%
Carolina Power & Light Co., 6.500%, 7/15/2012		5,000		5,322
Duke Energy Carolinas, 4.200%, 10/01/2008		5,000		4,969
Duke Energy Corp., 5.625%, 11/30/2012(b)		300,000		311,365
Nisource Finance Corp., 7.875%, 11/15/2010		145,000		153,819
Pacific Gas & Electric Co., 3.600%, 3/01/2009		5,000		4,946
Virginia Electric and Power Co., 5.100%, 11/30/2012		260,000		261,117
				741,538
Entertainment – 1.7%
Time Warner, Inc., 5.875%, 11/15/2016(b)		225,000		223,618
Time Warner, Inc., 6.500%, 11/15/2036		45,000		43,785
Walt Disney Co., 5.700%, 7/15/2011		315,000		328,346
				595,749
Food & Beverage – 1.5%
General Mills, Inc., 5.650%, 9/10/2012		225,000		228,671
HJ Heinz Finance Co., 6.000%, 3/15/2012(b)		100,000		102,594
Kellogg Co., 5.125%, 12/03/2012		175,000		176,466
Kraft Foods, Inc., 5.625%, 11/01/2011		5,000		5,113
				512,844
Healthcare – 1.0%
Hospira, Inc., 5.550%, 3/30/2012		250,000		254,218
WellPoint, Inc., 5.250%, 1/15/2016		100,000		96,818
				351,036
Healthcare Insurance – 0.5%
Aetna, Inc., 7.875%, 3/01/2011		170,000		184,085
Home Construction – 0.0%
Pulte Homes, Inc., 4.875%, 7/15/2009		5,000		4,631
Hybrid ARMS – 1.7%
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 6.368%, 9/25/2036(c)		595,508		596,562
Independent Energy – 0.0%
XTO Energy, Inc., 4.900%, 2/01/2014		5,000		4,855
Industrial Other – 0.7%
IDEX Corp., 6.875%, 2/15/2008		250,000		250,524

2

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Media Cable – 1.7%
Comcast Cable Communications, 7.125%, 6/15/2013	$	195,000	$	208,468
Comcast Corp., 6.300%, 11/15/2017		160,000		166,004
Cox Communications, Inc., 4.625%, 1/15/2010		5,000		4,961
Cox Communications, Inc., 5.450%, 12/15/2014		215,000		210,707
				590,140
Metals & Mining – 0.9%
United States Steel Corp., 6.050%, 6/01/2017		175,000		164,471
Vale Overseas Ltd., 6.250%, 1/23/2017		165,000		165,512
				329,983
Mortgage Related – 26.6%
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.930%, 5/10/2045(c)		205,000		211,878
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		490,000		496,946
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		140,000		141,051
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 6.032%, 7/25/2021(c)		314,522		293,607
Federal Home Loan Mortgage Corp., 4.500%, 12/01/2019		17,367		17,070
Federal Home Loan Mortgage Corp., 5.000%, 5/01/2019		6,319		6,335
Federal Home Loan Mortgage Corp., 5.000%, 1/01/2020		7,940		7,955
Federal Home Loan Mortgage Corp., 5.000%, 8/15/2024		640,575		642,955
Federal Home Loan Mortgage Corp., 5.500%, 3/01/2013		13,037		13,205
Federal Home Loan Mortgage Corp., 5.500%, 8/01/2022		229,680		232,445
Federal Home Loan Mortgage Corp., 6.000%, 11/01/2012		21,790		22,362
Federal Home Loan Mortgage Corp., 6.500%, 1/01/2024		4,990		5,183
Federal Home Loan Mortgage Corp., 6.588%, 1/01/2035(c)		366,556		369,297
Federal Home Loan Mortgage Corp., 7.000%, 2/01/2009		560		565
Federal Home Loan Mortgage Corp., 8.000%, 7/01/2025		512		548
Federal National Mortgage Association, 4.500%, 12/01/2019		21,815		21,456
Federal National Mortgage Association, 5.000%, 1/01/2019(d)		357,224		358,117
Federal National Mortgage Association, 5.000%, 2/01/2019		513,052		513,998
Federal National Mortgage Association, 5.500%, 1/01/2017		59,113		60,026
Federal National Mortgage Association, 5.500%, 1/01/2017		70,537		71,603
Federal National Mortgage Association, 5.500%, 2/01/2017		35,470		36,018
Federal National Mortgage Association, 5.500%, 8/01/2017		789,869		801,812
Federal National Mortgage Association, 5.500%, 9/01/2017		179,662		182,378
Federal National Mortgage Association, 5.500%, 11/01/2017		1,402		1,423
Federal National Mortgage Association, 5.500%, 1/01/2020		737,651		747,977
Federal National Mortgage Association, 5.500%, 3/01/2020		600,039		608,045
Federal National Mortgage Association, 6.000%, 9/01/2021		11,603		11,881
Federal National Mortgage Association, 6.000%, 7/01/2037(d)		1,022,468		1,038,377
Federal National Mortgage Association, 7.500%, 6/01/2016		3,141		3,271
Federal National Mortgage Association, 8.000%, 6/01/2015		4,618		4,861
Government National Mortgage Association, 6.500%, 12/15/2023		12,167		12,627

3

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Government National Mortgage Association, 8.500%, 9/15/2022		$	3,335	$	3,632
Government National Mortgage Association, 9.500%, 1/15/2019			8,850		9,700
GS Mortgage Securities Corporation. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039			205,000		196,507
GS Mortgage Securities Corporation. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039			410,000		414,053
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A2, 6.051%, 4/15/2045(c)			375,000		383,900
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030			230,000		226,096
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.606%, 2/12/2039(c)			320,000		324,398
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 6.105%, 6/12/2046(c)			210,000		219,178
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047			330,000		320,418
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.915%, 8/12/2041(c)			205,000		209,250
					9,242,404
Non-Captive Consumer – 1.0%
American Express Co., 6.150%, 8/28/2017			130,000		133,416
American General Finance Corp., Series H, 5.375%, 10/01/2012(b)			5,000		4,939
Residential Capital LLC, 8.000%, 4/17/2013(b)			345,000		212,175
					350,530
Non-Captive Diversified – 3.3%
CIT Group, Inc., 5.125%, 9/30/2014(b)			5,000		4,404
CIT Group, Inc., 5.650%, 2/13/2017(b)			320,000		280,909
CIT Group, Inc., 5.850%, 9/15/2016(b)			20,000		17,658
General Electric Capital Corp., Series GMTN, 3.485%, 3/08/2012	SGD		500,000		347,741
International Lease Finance Corp., 5.750%, 6/15/2011(b)			205,000		207,571
iStar Financial, Inc., 5.150%, 3/01/2012(b)			350,000		302,476
					1,160,759
Paper – 0.0%
MeadWestvaco Corp., 6.850%, 4/01/2012			5,000		5,281
Pharmaceuticals – 0.7%
Abbott Laboratories, 5.150%, 11/30/2012(b)			240,000		245,291
Schering-Plough Corp., 5.300%, 12/01/2013			5,000		5,059
					250,350
Pipelines – 1.0%
Kinder Morgan Energy Partners LP, 5.000%, 12/15/2013			185,000		179,483
Spectra Energy Capital LLC, 5.668%, 8/15/2014			175,000		173,905
					353,388
Railroads – 1.7%
Burlington Northern Santa Fe Corp., 6.125%, 3/15/2009			205,000		207,703
CSX Corp., 6.750%, 3/15/2011			200,000		209,871

4

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Railroads – continued
Union Pacific Corp., 5.750%, 11/15/2017	$	160,000	$	159,392
				576,966
BONDS AND NOTES – continued
Real Estate Investment Trusts – 3.2%
Camden Property Trust, 4.375%, 1/15/2010(b)		5,000		4,876
Colonial Realty LP, 4.750%, 2/01/2010		55,000		53,697
Developers Diversified Realty Corp., 3.875%, 1/30/2009		10,000		9,771
ERP Operating LP, 6.625%, 3/15/2012		10,000		10,381
Federal Realty Investment Trust, 5.400%, 12/01/2013		215,000		212,545
First Industrial LP, 5.250%, 6/15/2009		10,000		10,042
ProLogis Trust, 5.500%, 4/01/2012		410,000		408,580
Simon Property Group LP, 3.750%, 1/30/2009		400,000		394,723
Simon Property Group LP, 4.600%, 6/15/2010		5,000		4,970
Simon Property Group LP, 4.875%, 3/18/2010		5,000		5,006
				1,114,591
Retailers – 1.2%
CVS Caremark Corp., 5.750%, 6/01/2017		160,000		161,030
J.C. Penney Co., Inc., 5.750%, 2/15/2018		50,000		46,966
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012		205,000		199,730
				407,726
Supermarkets – 0.6%
Kroger Co., 6.200%, 6/15/2012		50,000		52,101
Kroger Co., 6.375%, 3/01/2008		10,000		10,018
Kroger Co., 6.400%, 8/15/2017		35,000		36,607
Kroger Co., 6.750%, 4/15/2012		115,000		122,067
				220,793
Technology – 4.1%
Agilent Technologies, Inc., 6.500%, 11/01/2017		120,000		121,900
Corning, Inc., 6.200%, 3/15/2016		45,000		46,363
Equifax, Inc., 7.000%, 7/01/2037		85,000		80,652
IBM International Group Capital, 5.050%, 10/22/2012		230,000		234,298
Jabil Circuit, Inc., 5.875%, 7/15/2010		350,000		354,179
National Semiconductor Corp., 6.600%, 6/15/2017		175,000		181,459
Pitney Bowes, Inc., 5.250%, 1/15/2037		225,000		221,787
Xerox Corp., 6.400%, 3/15/2016		170,000		173,958
				1,414,596
Treasuries – 17.6%
U.S. STRIPS, Zero Coupon Bond, 2/15/2015		275,000		208,135
U.S. Treasury Notes, 4.000%, 11/15/2012(b)		240,000		246,469
U.S. Treasury Notes, 4.000%, 2/15/2015(b)		320,000		324,525
U.S. Treasury Notes, 4.250%, 8/15/2014(b)		400,000		413,594
U.S. Treasury Notes, 4.625%, 11/15/2016(b)(d)		655,000		685,959
U.S. Treasury Notes, 4.625%, 2/15/2017(b)		650,000		679,555
U.S. Treasury Notes, 4.750%, 11/15/2008(b)		985,000		996,081
U.S. Treasury Notes, 4.750%, 8/15/2017(b)		2,415,000		2,550,655
				6,104,973
Wireless – 1.0%
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		5,000		4,700
Sprint Nextel Corp., 6.000%, 12/01/2016		170,000		162,825

5

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wireless – continued
Vodafone Group Plc, 5.350%, 2/27/2012	$	175,000	$	176,221
				343,746
Wirelines – 2.0%
AT&T, Inc., 5.100%, 9/15/2014		180,000		178,138
Embarq Corp., 7.995%, 6/01/2036		155,000		163,345
Qwest Corp., 5.625%, 11/15/2008		110,000		109,450
Verizon New England, Inc., 6.500%, 9/15/2011		5,000		5,250
Verizon Virginia, Inc., 4.625%, 3/15/2013		230,000		222,160
				678,343
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $34,335,619)				34,261,423
TOTAL BONDS AND NOTES
(Identified Cost $34,335,619)				34,261,423
	Shares/Principal Amount (‡)
SHORT-TERM INVESTMENTS – 26.0%
State Street Securities Lending Quality Trust(e)		8,826,459		8,826,459
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/07 at 3.250% to be repurchased at $209,308 on 1/02/08 collateralized by $210,000 Federal Home Loan Mortgage Corp. 5.750% due 4/15/08 with value of $213,413 including accrued interest(f)	$	209,000		209,000
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $9,035,459)				9,035,459
TOTAL INVESTMENTS – 124.5%
(Identified Cost $43,371,078)(a)				43,296,882
Other assets less liabilities—(24.5)%				(8,525,949	)
NET ASSETS – 100.0%			$	34,770,933

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

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

6

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

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

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of FAS 157 will have on the Fund’s financial statements.

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

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

At December 31, 2007, the net unrealized depreciation on investments based on a cost of $43,423,561 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	$	382,336
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(509,015	)
Net unrealized depreciation	$	(126,679	)

At September 30, 2007, the Fund had a capital loss carryover of approximately $516,936 of which $3,797 expires on September 30, 2013, $186,919 expires on September 30, 2014 and $326,220 expires on September 30, 2015. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) All or a portion of this security was on loan to brokers at December 31, 2007. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The market value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2007 were $8,702,693 and $8,826,459, respectively.

(c) Variable rate security. Rate as of December 31, 2007 is disclosed.

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

(e) Represents investments of security lending collateral.

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

GMTN Global Medium Term Note

MTN Medium Term Note

STRIPS Separate Trading of Registered Interest and Principal of Securities

Key to Abbreviations:

SGD Singapore Dollar

7

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

At December 31, 2007, open futures contracts purchased were as follows:

Futures	Expiration Date	Contracts	Aggregated Face Value		Market Value		Unrealized Appreciation
10 Year U.S. Treasury Note	3/19/2008	9	$	1,019,240	$	1,020,516	$	1,276

HOLDINGS AT DECEMBER 31, 2007 AS A PERCENTAGE ON NET ASSETS (Unaudited)

Mortgage Related	26.6	%	Non-Captive Diversified	3.3	%
Treasuries	17.6		Real Estate Investment Trusts	3.2
Banking	9.5		Electric	2.1
Asset-Backed Securities	6.8		Wirelines	2.0
Brokerage	5.3		Other, less than 2% each	18.0
Technology	4.1

8

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 93.6% of Net Assets
NON-CONVERTIBLE BONDS – 92.8%
Aerospace & Defense – 0.1%
Boeing Capital Corp., 6.500%, 2/15/2012		$	165,000	$	177,137
Airlines – 2.2%
Delta Air Lines, Inc., 8.021%, 8/10/2022, 144A			2,445,000		2,371,650
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			3,455,000		3,554,241
					5,925,891
Asset-Backed Securities – 1.6%
CNH Equipment Trust, Series 2004-A, Series A4B, 3.480%, 9/15/2011			317,270		315,913
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			2,500,000		2,339,147
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021			453,381		442,545
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021			455,000		324,087
Countrywide Asset-Backed Certificates, Series 2006-S4, Class A3, 5.804%, 7/25/2034(c)			500,000		419,743
Navistar Financial Corp. Owner Trust, Series 2005-A, Class A3, 4.220%, 2/15/2010			164,283		163,526
Onyx Acceptance Grantor Trust, Series 2004-B, Class A4, 3.890%, 2/15/2011			305,879		304,377
USAA Auto Owner Trust, Series 2004-2, Class A4, 3.580%, 2/15/2011			49,571		49,526
					4,358,864
Automotive – 0.7%
Ford Motor Co., 6.375%, 2/01/2029			2,665,000		1,772,225
Ford Motor Credit Co. LLC, 7.375%, 10/28/2009			150,000		141,187
					1,913,412
Banking – 8.4%
BAC Capital Trust VI, 5.625%, 3/08/2035			1,045,000		892,510
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		940,000,000		1,013,961
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		70,000,000		2,283,440
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		1,950,000,000		2,124,678
Barclays Financial LLC, Series EMTN, 4.100%, 3/22/2010, 144A	THB		17,000,000		553,632
BNP Paribas SA, Series EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		7,484,000,000		593,222
Citibank NA, 15.000%, 7/02/2010, 144A	BRL		4,000,000		2,466,742
Countrywide Financial Corp., 6.250%, 5/15/2016(d)			230,000		132,381
HSBC Bank USA, Zero Coupon Bond, 4/18/2012, 144A	MYR		2,015,000		537,232
HSBC Bank USA, 3.310%, 8/25/2010, 144A			2,000,000		2,280,000
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		8,972,574,000		725,830
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		5,376,000,000		434,602
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL		8,035,000		3,433,513
JPMorgan Chase & Co., 6.750%, 2/01/2011			60,000		63,000
JPMorgan Chase & Co., Series EMTN, Zero Coupon Bond, 6/08/2012, 144A	MYR		1,663,795		428,199
JPMorgan Chase London, Zero Coupon Bond, 10/21/2010, 144A	IDR		9,533,078,500		804,260

1

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Banking – continued
Rabobank Nederland, Series EMTN, 13.500%, 1/28/2008, 144A	ISK	220,000,000	$	3,496,904
Washington Mutual Finance Corp., 6.875%, 5/15/2011		135,000		142,221
				22,406,327
Brokerage – 0.3%
Bear Stearns Co., Inc. (The), 5.550%, 1/22/2017(d)		230,000		206,129
Lehman Brothers Holdings, Inc., Series G, MTN, 3.950%, 11/10/2009		230,000		224,188
Merrill Lynch & Co., Inc., Series C, MTN, 5.000%, 1/15/2015		235,000		221,611
Morgan Stanley, 4.750%, 4/01/2014		245,000		229,529
				881,457
Building Materials – 0.2%
Masco Corp., 5.850%, 3/15/2017		500,000		485,097
Chemicals – 1.0%
Lubrizol Corp., 6.500%, 10/01/2034		1,680,000		1,650,531
Methanex Corp., 6.000%, 8/15/2015		980,000		956,352
				2,606,883
Construction Machinery – 0.0%
John Deere Capital Corp., 3.900%, 1/15/2008		60,000		59,979
Diversified Manufacturing – 0.1%
General Electric Co., 5.000%, 2/01/2013		310,000		313,944
Electric – 3.4%
Bruce Mansfield Unit, 6.850%, 6/01/2034		1,550,000		1,595,306
Cleveland Electric Illuminating Co., 5.950%, 12/15/2036		960,000		878,462
Commonwealth Edison Co., 4.700%, 4/15/2015		555,000		522,763
Commonwealth Edison Co., 4.750%, 12/01/2011(e)		51,000		46,120
Commonwealth Edison Co., 5.875%, 2/01/2033		1,180,000		1,094,496
Dominion Resources, Inc., 5.950%, 6/15/2035		385,000		359,803
Duke Energy Carolinas, 4.200%, 10/01/2008		460,000		457,109
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027(d)		1,000,000		1,113,624
MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		445,000		443,940
MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		1,035,000		1,080,836
Nisource Finance Corp., 6.150%, 3/01/2013		195,000		201,020
Nisource Finance Corp., 6.400%, 3/15/2018		1,255,000		1,252,178
				9,045,657
Entertainment – 1.3%
Time Warner, Inc., 6.500%, 11/15/2036		410,000		398,933
Time Warner, Inc., 6.625%, 5/15/2029		870,000		856,536
Time Warner, Inc., 6.950%, 1/15/2028		375,000		382,661
Time Warner, Inc., 7.625%, 4/15/2031		245,000		271,122
Time Warner, Inc., 7.700%, 5/01/2032		160,000		177,769
Viacom, Inc., Class B, 6.875%, 4/30/2036		1,325,000		1,328,612
				3,415,633
Food & Beverage – 1.4%
Anheuser-Busch Cos, Inc., 5.950%, 1/15/2033(d)		995,000		1,006,657
Anheuser-Busch Cos, Inc., 6.450%, 9/01/2037(d)		1,270,000		1,376,558
Cia Brasileira de Bebidas, 8.750%, 9/15/2013		1,025,000		1,165,938

2

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Food & Beverage – continued
Kraft Foods, Inc., 6.250%, 6/01/2012		$	210,000	$	218,157
					3,767,310
Foreign Local Governments – 1.0%
Province of Alberta, 5.000%, 12/16/2008	CAD		2,000,000		2,044,136
Province of Alberta, 5.930%, 9/16/2016	CAD		450,718		489,476
					2,533,612
Government Owned—No Guarantee – 0.0%
Pemex Project Funding Master Trust, 6.125%, 8/15/2008			11,000		11,034
Healthcare – 1.2%
Covidien International Finance, 6.000%, 10/15/2017, 144A			900,000		931,261
Covidien International Finance, 6.550%, 10/15/2037, 144A			900,000		934,682
HCA, Inc., 5.750%, 3/15/2014			1,000,000		830,000
HCA, Inc., 6.250%, 2/15/2013			150,000		131,250
HCA, Inc., 7.050%, 12/01/2027			100,000		76,372
HCA, Inc., 7.750%, 7/15/2036			250,000		200,865
					3,104,430
Home Construction – 3.1%
Centex Corp., 5.250%, 6/15/2015			380,000		321,788
Lennar Corp., Series B, 5.600%, 5/31/2015			1,250,000		952,528
Lennar Corp., Series B, 6.500%, 4/15/2016(d)			770,000		602,426
Pulte Homes, Inc., 5.200%, 2/15/2015			1,265,000		1,046,356
Pulte Homes, Inc., 6.000%, 2/15/2035			3,340,000		2,518,423
Pulte Homes, Inc., 6.375%, 5/15/2033			1,455,000		1,102,272
Toll Brothers Finance Corp., 5.150%, 5/15/2015			1,725,000		1,565,368
					8,109,161
Hybrid ARMS – 0.7%
Federal National Mortgage Association, 6.050%, 2/01/2037(c)			457,747		467,695
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 6.368%, 9/25/2036(c)			607,744		608,820
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.588%, 7/25/2035(c)			436,493		436,219
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 4.995%, 10/25/2035(c)			369,666		371,673
					1,884,407
Independent Energy – 1.9%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			1,365,000		1,389,884
Anadarko Petroleum Corp., 6.450%, 9/15/2036			1,215,000		1,237,278
Apache Corp., 6.000%, 1/15/2037			1,940,000		1,924,137
Talisman Energy, Inc., 5.850%, 2/01/2037			15,000		14,025
XTO Energy, Inc., 6.100%, 4/01/2036			65,000		63,454
XTO Energy, Inc., 6.750%, 8/01/2037			435,000		466,594
					5,095,372
Local Authorities – 1.9%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034			1,110,000		1,044,355
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		1,735,000		1,467,893
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046			2,900,000		2,517,113
					5,029,361

3

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Media Cable – 2.6%
Comcast Corp., 5.650%, 6/15/2035	$	1,980,000	$	1,812,379
Comcast Corp., 6.450%, 3/15/2037		1,265,000		1,287,999
Comcast Corp., 6.500%, 11/15/2035		1,570,000		1,602,089
Comcast Corp., 6.950%, 8/15/2037		2,000,000		2,158,544
				6,861,011
Media Non-Cable – 1.2%
Clear Channel Communications, Inc., 5.750%, 1/15/2013		250,000		207,010
News America, Inc., 6.200%, 12/15/2034		950,000		936,500
News America, Inc., 6.400%, 12/15/2035		1,980,000		2,003,059
				3,146,569
Metals & Mining – 0.0%
Teck Cominco Ltd., 7.000%, 9/15/2012		100,000		108,667
Mortgage Related – 7.7%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.353%, 9/10/2047(c)		160,000		159,314
Banc of America Commercial Mortgage, Inc., Series 2006-1, Class A2, 5.334%, 9/10/2045, Class A(c)		220,000		221,359
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A2, 5.270%, 12/11/2040		280,000		281,324
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4, 5.537%, 10/12/2041		360,000		365,581
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		155,000		156,164
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.961%, 6/10/2046(c)		480,000		497,157
CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020		368,870		358,146
Federal Home Loan Mortgage Corp., 4.000%, 7/01/2019		351,633		337,579
Federal Home Loan Mortgage Corp., 4.500%, 4/01/2019		730,671		718,177
Federal Home Loan Mortgage Corp., 5.000%, 5/01/2034		221,118		216,046
Federal Home Loan Mortgage Corp., 5.500%, 8/01/2033		559,997		559,836
Federal Home Loan Mortgage Corp., 5.500%, 2/01/2037		676,434		675,123
Federal Home Loan Mortgage Corp., 6.000%, 2/01/2020		266,712		272,726
Federal Home Loan Mortgage Corp., 6.000%, 6/01/2035		467,721		475,689
Federal Home Loan Mortgage Corp., 6.500%, 10/15/2008		70,375		70,242
Federal Home Loan Mortgage Corp., 10.000%, 8/01/2018		3,888		4,459
Federal Home Loan Mortgage Corp., 10.000%, 10/01/2018		2,654		3,035
Federal Home Loan Mortgage Corp., 10.250%, 12/01/2009		5,395		5,495

4

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035	$	675,000	$	674,073
Federal National Mortgage Association, 4.000%, 1/01/2020		186,962		179,332
Federal National Mortgage Association, 4.500%, 3/01/2035		288,529		273,637
Federal National Mortgage Association, 4.500%, 9/01/2035		400,188		378,966
Federal National Mortgage Association, 5.000%, 2/01/2018		120,688		120,979
Federal National Mortgage Association, 5.000%, 6/01/2020		349,919		350,262
Federal National Mortgage Association, 5.000%, 4/01/2034		210,831		205,943
Federal National Mortgage Association, 5.000%, 5/01/2034		225,718		220,485
Federal National Mortgage Association, 5.000%, 5/01/2035		387,365		378,173
Federal National Mortgage Association, 5.000%, 6/01/2035		270,591		264,170
Federal National Mortgage Association, 5.000%, 6/01/2035		159,695		155,905
Federal National Mortgage Association, 5.000%, 8/01/2035		391,662		382,369
Federal National Mortgage Association, 5.500%, 9/01/2016		87,357		88,706
Federal National Mortgage Association, 5.500%, 8/01/2019		55,543		56,320
Federal National Mortgage Association, 5.500%, 12/01/2032		125,038		125,261
Federal National Mortgage Association, 5.500%, 1/01/2033		290,246		290,763
Federal National Mortgage Association, 5.500%, 6/01/2033		424,469		425,355
Federal National Mortgage Association, 5.500%, 7/01/2033		619,433		619,892
Federal National Mortgage Association, 5.500%, 9/01/2034		245,977		245,990
Federal National Mortgage Association, 5.500%, 3/01/2035		82,733		82,738
Federal National Mortgage Association, 5.500%, 3/01/2035		72,043		71,999
Federal National Mortgage Association, 5.500%, 5/01/2035		82,058		82,008
Federal National Mortgage Association, 5.500%, 8/01/2035		156,394		156,298
Federal National Mortgage Association, 5.500%, 12/01/2035		350,929		350,715
Federal National Mortgage Association, 5.500%, 1/01/2036		19,033		19,021

5

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Federal National Mortgage Association, 5.500%, 2/01/2036	$	8,020	$	8,015
Federal National Mortgage Association, 5.500%, 4/01/2036		444,842		444,571
Federal National Mortgage Association, 5.500%, 6/01/2036		105,750		105,636
Federal National Mortgage Association, 5.743%, 9/01/2036(c)		510,753		517,549
Federal National Mortgage Association, 6.000%, 12/01/2018		32,668		33,485
Federal National Mortgage Association, 6.000%, 12/01/2020		39,350		40,289
Federal National Mortgage Association, 6.000%, 3/01/2021		408,336		418,594
Federal National Mortgage Association, 6.000%, 10/01/2028		30,067		30,748
Federal National Mortgage Association, 6.000%, 10/01/2033		687,660		699,687
Federal National Mortgage Association, 6.500%, 2/01/2011		5,774		5,900
Federal National Mortgage Association, 6.500%, 10/01/2031		93,358		96,540
Federal National Mortgage Association, 6.500%, 10/01/2033		52,819		54,540
Federal National Mortgage Association, 6.500%, 10/01/2033		103,174		106,536
Federal National Mortgage Association, 6.500%, 10/01/2033		69,402		71,664
Federal National Mortgage Association, 6.500%, 11/01/2033		97,966		101,158
Federal National Mortgage Association, 7.000%, 4/25/2020		51,690		54,178
Government National Mortgage Association, 6.500%, 2/20/2028		171,052		177,482
Government National Mortgage Association, 7.000%, 11/20/2025		6,324		6,698
Government National Mortgage Association, 10.000%, 5/15/2018		16,154		18,643
Government National Mortgage Association, 10.000%, 8/15/2018		10,181		11,750
Government National Mortgage Association, 10.000%, 12/15/2018		50,917		58,761
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		485,000		485,824
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		805,000		771,651
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4, 5.560%, 11/10/2039		350,000		355,458
JP Morgan Chase Commercial Mortgage Securities Corp.,Series 2006-LDP7, Class A4, 6.065%, 4/15/2045(c)		600,000		624,277

6

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5, 4.739%, 7/15/2030		$	480,000	$	460,271
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.883%, 6/15/2038(c)			180,000		187,844
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4, 5.372%, 9/15/2039			390,000		391,343
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A2, 5.303%, 2/15/2040			915,000		917,577
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039(c)			335,000		337,949
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 6.105%, 6/12/2046(c)			235,000		245,270
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042			350,000		340,688
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047			425,000		412,660
Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021			387,457		387,636
					20,557,684
Non-Captive Consumer – 1.4%
American General Finance Corp., Series H, 5.375%, 10/01/2012			45,000		44,456
American General Finance Corp., Series MTN, 6.900%, 12/15/2017			2,355,000		2,357,355
Countrywide Financial Corp., Series A, MTN, 5.211%, 12/19/2008(c)			50,000		40,887
Countrywide Home Loans, Inc., 4.000%, 3/22/2011			144,000		103,976
HSBC Finance Corp., 8.000%, 7/15/2010			205,000		218,504
Residential Capital LLC, 8.000%, 6/01/2012			380,000		233,700
Residential Capital LLC, 8.375%, 6/30/2015			155,000		93,775
SLM Corp., 6.500%, 6/15/2010	NZD		970,000		673,003
					3,765,656
Non-Captive Diversified – 3.4%
CIT Group, Inc., 5.650%, 2/13/2017			15,000		13,168
CIT Group, Inc., 5.800%, 7/28/2011(d)			240,000		231,079
CIT Group, Inc., 5.850%, 9/15/2016			15,000		13,243
CIT Group, Inc., 6.000%, 4/01/2036			925,000		748,178
GMAC LLC, 5.625%, 5/15/2009			2,500,000		2,358,665
General Electric Capital Corp., 6.500%, 9/28/2015	NZD		5,535,000		3,873,160
General Electric Capital Corp., Series EMTN, 6.750%, 9/26/2016	NZD		400,000		286,647
General Electric Capital Corp., Series A, MTN, 6.000%, 6/15/2012			735,000		770,528
International Lease Finance Corp., 4.350%, 9/15/2008			50,000		49,656
International Lease Finance Corp., 6.375%, 3/15/2009			725,000		733,197
					9,077,521
Oil Field Services – 0.1%
Weatherford International Ltd., 6.500%, 8/01/2036			195,000		194,736
Paper – 1.1%
Georgia-Pacific Corp., 7.250%, 6/01/2028			1,500,000		1,320,000

7

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Paper – continued
International Paper Co., 4.000%, 4/01/2010		$	500,000		$	495,064
International Paper Co., 4.250%, 1/15/2009			1,000,000			989,874
						2,804,938
Pipelines – 1.4%
DCP Midstream LP, 6.450%, 11/03/2036, 144A			635,000			617,773
El Paso Corp., 6.950%, 6/01/2028			350,000			331,336
Enterprise Products Operating LP, 6.300%, 9/15/2017			680,000			695,747
Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014			145,000			141,281
NGPL Pipeco LLC, 7.119%, 12/15/2017, 144A			965,000			989,461
Southern Natural Gas Co., 5.900%, 4/01/2017, 144A			810,000			796,689
Spectra Energy Capital LLC, 5.500%, 3/01/2014			230,000			229,352
						3,801,639
Property & Casualty Insurance – 1.8%
Allstate Corp., 5.950%, 4/01/2036			470,000			441,020
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014			65,000			63,303
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015			1,842,000			1,783,021
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033(d)			2,360,000			2,055,893
Progressive Corp., 7.000%, 10/01/2013			150,000			166,467
Willis North America, Inc., 6.200%, 3/28/2017			225,000			224,505
						4,734,209
Railroads – 1.1%
Canadian Pacific Railway Ltd., 4.900%, 6/15/2010, 144A	CAD		1,000,000			1,007,528
Canadian Pacific Railway Ltd., 5.950%, 5/15/2037			115,000			103,677
CSX Corp., 6.000%, 10/01/2036			210,000			190,594
CSX Corp., 6.250%, 3/15/2018			670,000			673,422
Missouri Pacific Railroad Co., 5.000%, 1/01/2045			190,000			129,200
Union Pacific Corp., 3.875%, 2/15/2009			325,000			322,229
Union Pacific Corp., 5.375%, 6/01/2033			415,000			363,643
						2,790,293
Real Estate Investment Trusts – 1.8%
Colonial Realty LP, 4.800%, 4/01/2011			1,840,000			1,795,168
Colonial Realty LP, 5.500%, 10/01/2015			290,000			262,911
Equity One, Inc., 6.000%, 9/15/2017			1,000,000			938,572
Highwoods Properties, Inc., 7.500%, 4/15/2018			1,075,000			1,127,291
Realty Income Corp., 6.750%, 8/15/2019			500,000			515,810
						4,639,752
Retailers – 1.3%
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			230,000			205,531
Lowes Cos., Inc., 6.650%, 9/15/2037			975,000			988,839
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012			355,000			345,875
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			2,275,000			1,982,790
						3,523,035
Sovereigns – 13.4%
Canadian Government, 4.000%, 6/01/2016	CAD		1,000,000			1,015,350
Canadian Government, 4.250%, 9/01/2008	CAD		17,300,000			17,564,334
Canadian Government, 4.250%, 9/01/2009	CAD		4,070,000			4,153,012
Canadian Government, Series WH31, 6.000%, 6/01/2008	CAD		2,050,000			2,094,492
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		140,000	(††)		1,257,708

8

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Sovereigns – continued
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN	460,000	(††)	$	4,384,505
New South Wales Treasury Corp. Series 10RG, 7.000%, 12/01/2010	AUD	2,625,000			2,288,254
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD	1,355,000			1,134,089
Republic of South Africa, 13.000%, 8/31/2010	ZAR	10,135,000			1,605,887
					35,497,631
Supranational – 3.4%
European Investment Bank, 4.600%, 1/30/2037, 144A	CAD	1,900,000			1,924,314
Inter-American Development Bank, Series EMTN, Zero Coupon Bond, 5/11/2009	BRL	9,000,000			4,183,989
Inter-American Development Bank, Series EMTN, 6.000%, 12/15/2017	NZD	4,375,000			3,025,022
					9,133,325
Technology – 2.6%
Avnet, Inc., 6.000%, 9/01/2015		1,970,000			1,966,549
Avnet, Inc., 6.625%, 9/15/2016		270,000			283,138
Corning, Inc., 6.850%, 3/01/2029		10,000			10,564
Corning, Inc., 7.250%, 8/15/2036		1,565,000			1,703,487
International Business Machines Corp., 4.750%, 11/29/2012		795,000			800,842
Intuit, Inc., 5.750%, 3/15/2017		635,000			624,717
Motorola, Inc., 5.220%, 10/01/2097		1,000,000			739,569
Motorola, Inc., 6.500%, 9/01/2025		190,000			184,510
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		500,000			558,824
					6,872,200
Textile – 0.3%
Kellwood Co., 7.625%, 10/15/2017		1,000,000			780,000
Tobacco – 0.6%
Buckeye Ohio Tobacco Settlement, Series A-2, 5.875%, 6/01/2047		750,000			715,358
Reynolds American, Inc., 6.750%, 6/15/2017		735,000			748,614
Reynolds American, Inc., 7.250%, 6/15/2037		195,000			197,083
					1,661,055
Transportation Services – 1.5%
APL Ltd., 8.000%, 1/15/2024(e)		100,000			84,000
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(f)		3,429,237			4,012,207
					4,096,207
Treasuries – 8.2%
U.S. Treasury Bonds, 4.750%, 2/15/2037(d)		6,500,000			6,802,653
U.S. Treasury Bonds, 5.375%, 2/15/2031(d)		12,260,000			13,812,619
U.S. Treasury Bonds, 6.000%, 2/15/2026(d)		330,000			390,535
U.S. Treasury Notes, 4.250%, 11/15/2013(d)		330,000			342,143
U.S. Treasury STRIPS, Zero Coupon Bond, 2/15/2036(d)		1,885,000			539,266
					21,887,216
Wireless – 1.4%
America Movil SAB de CV, 4.125%, 3/01/2009		500,000			496,853
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		140,000			137,917
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		470,000			441,785
Sprint Capital Corp., 6.875%, 11/15/2028		359,000			340,462

9

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wireless – continued
Sprint Nextel Corp., 6.000%, 12/01/2016	$	366,000	$	350,552
Telephonic Emisones SAU, 6.421%, 6/20/2016		185,000		194,687
Vodafone Group Plc, 6.150%, 2/27/2037		1,725,000		1,703,645
				3,665,901
Wirelines – 6.0%
AT&T Corp., 6.500%, 3/15/2029		1,310,000		1,285,920
AT&T, Inc., 6.150%, 9/15/2034		545,000		544,088
AT&T, Inc., 6.500%, 9/01/2037		965,000		1,009,079
BellSouth Corp., 6.000%, 11/15/2034(d)		1,875,000		1,823,211
GTE Corp., 6.940%, 4/15/2028		50,000		53,557
New England Telephone & Telegraph, 7.875%, 11/15/2029		570,000		652,549
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		500,000		422,500
Telefonica Emisiones SAU, 7.045%, 6/20/2036		4,075,000		4,554,978
Verizon Communications, 5.850%, 9/15/2035		3,715,000		3,633,917
Verizon Maryland, Inc., 5.125%, 6/15/2033		290,000		249,942
Verizon New York, Inc., Series B, 7.375%, 4/01/2032		1,110,000		1,218,610
Verizon Virginia, Inc., Series A, 4.625%, 3/15/2013		505,000		487,786
				15,936,137
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $235,361,099)				246,660,350
CONVERTIBLE BONDS – 0.8%
Independent Energy – 0.5%
Devon Energy Corp., 4.900%, 8/15/2008		200,000		348,750
Devon Energy Corp., 4.950%, 8/15/2008(d)		500,000		871,875
				1,220,625
Non-Captive Consumer – 0.1%
Countrywide Financial Corp., Series A, 1.743%, 4/15/2037, 144A(c)		122,000		95,135
Countrywide Financial Corp., Series B, 2.619%, 5/15/2037, 144A(c)		294,000		214,532
				309,667
Pharmaceuticals – 0.0%
Watson Pharmaceuticals, Inc., 1.750%, 3/15/2023		125,000		118,438
Technology – 0.2%
Avnet, Inc., 2.000%, 3/15/2034(d)		430,000		504,175
Maxtor Corp., 5.750%, 3/01/2012(e)		59,000		55,460
Richardson Electronics, Ltd., 7.750%, 12/15/2011		44,000		40,920
				600,555
Transportation Services – 0.0%
Builders Transportation, Inc., 6.500%, 5/01/2011(g)		129,000		—
TOTAL CONVERTIBLE BONDS
(Identified Cost $1,772,388)				2,249,285
TOTAL BONDS AND NOTES
(Identified Cost $237,133,487)				248,909,635

10

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Shares		Value (†)
PREFERRED STOCKS – 0.7%
NON-CONVERTIBLE PREFERRED STOCKS – 0.1%
Electric Utilities – 0.1%
Connecticut Light & Power Co., 2.200%		263	$	11,243
MDU Resources Group, Inc., 5.100%		360		35,989
Public Service Electric & Gas Co., 4.080%(d)		400		30,392
San Diego Gas & Electric Co., 4.500%		100		1,670
Union Electric Co., 4.500%		3,160		250,430
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $226,958)				329,724
CONVERTIBLE PREFERRED STOCKS – 0.6%
Capital Markets – 0.6%
Newell Financial Trust I, 5.250%, 12/01/2027
(Identified Cost $1,294,828)		33,050		1,507,906
TOTAL PREFERRED STOCKS
(Identified Cost $1,521,786)				1,837,630
	Shares/Principal Amount (‡)
SHORT-TERM INVESTMENTS – 15.9%
State Street Securities Lending Quality Trust(h)		29,708,590		29,708,590
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/07 at 3.250% to be repurchased at $12,434,245 on 1/02/08 collateralized by $12,595,000 Federal Home Loan Bank, 4.125% due 4/18/08 with a value of $12,684,613 including accrued interest(i)	$	12,432,000		12,432,000
Total Short-Term Investments
(Identified Cost $42,140,590)				42,140,590
TOTAL INVESTMENTS – 110.2%
(Identified Cost $280,795,863)(a)				292,887,855
Other assets less liabilities—(10.2)%				(27,014,835	)
NET ASSETS – 100.0%			$	265,873,020

11

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

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

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

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

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of FAS 157 will have on the Fund’s financial statements.

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

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

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

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $281,081,377 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	$	16,558,519
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(4,752,041	)
Net unrealized appreciation	$	11,806,478

At September 30, 2007, the Fund had a capital loss carryover of approximately $332,729 of which $309,092 expires on September 30, 2014 and $23,637 expires on September 30, 2015. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

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

(c) Variable rate security. Rate as of December 31, 2007 is disclosed.

(d) All or a portion of this security was on loan to brokers at December 31, 2007. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The market value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2007 were $29,350,938 and $29,708,590, respectively.

12

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

(e) Illiquid security.

(f) Non-income producing security.

(g) Non-income producing security due to default or bankruptcy filing.

(h) Represents investments of security lending collateral.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2007, the total value of these securities amounted to $35,172,305 or 13.2% of net assets.

EMTN Euro Medium Term Note

MTN Medium Term Note

STRIPS Separate Trading of Registered Interest and Principal of Securities

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; IDR: Indonesian Rupiah; KRW: South Korean Won; MXN: Mexican Peso; MYR: Malaysian Ringgit; NZD: New Zealand Dollar; THB: Thailand Baht; ZAR: South African Rand

HOLDINGS AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)

Sovereigns	13.4	%
Banking	8.4
Treasuries	8.2
Mortgage Related	7.7
Wirelines	6.0
Supranational	3.4
Non-Captive Diversified	3.4
Electric	3.4
Home Construction	3.1
Technology	2.8
Media Cable	2.6
Independent Energy	2.4
Airlines	2.2
Other, less than 2% each	27.5

CURRENCY EXPOSURE AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	66.7	%
Canadian Dollar	11.4
Brazilian Real	3.8
New Zealand Dollar	3.0
Mexican Peso	2.1
Other, less than 2% each	7.5

13

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Securitized Asset Fund

	Principal Amount		Value (†)
BONDS AND NOTES – 153.8% of Net Assets
NON-CONVERTIBLE BONDS – 153.8%
ABS Car Loan – 0.5%
Americredit Prime Automobile Receivables, Series 2007-2M, Class A2B, 5.623%, 11/08/2010(b)(c)	$	1,705,000	$	1,703,819
ABS Credit Card – 1.2%
Citibank Credit Card Issuance Trust, Series 2007-A8, Class A8, 5.650%, 9/20/2019(c)		4,215,000		4,219,218
ABS Home Equity – 1.3%
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A1, 4.975%, 6/25/2021(b)(c)		4,949,983		4,710,854
Asset-Backed Securities – 3.8%
Chase Issuance Trust, Series 2005-A9, Class A9, 5.048%, 11/15/2011(b)(c)		500,000		498,179
CNH Equipment Trust, Series 2004-A, Series A4B, 3.480%, 9/15/2011(c)		4,892,098		4,871,178
CNH Equipment Trust, Series 2007-B, Class A2A, 5.460%, 6/15/2010(c)		850,000		855,144
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035(c)		995,000		767,866
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021(c)		868,583		847,823
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021(c)		895,000		637,489
Countrywide Asset-Backed Certificates, Series 2006-S7, Class A3, 5.712%, 11/25/2035(b)(c)		2,355,000		1,727,001
Discover Card Master Trust, Series 2007-A1, Class A1, 5.650%, 3/16/2020(c)		3,305,000		3,300,824
Residential Asset Mortgage Products, Inc., Series 2004-RZ1, Class AI5, 4.070%, 7/25/2032(b)(c)		250,290		248,028
				13,753,532
Auto Loan – 0.1%
Nissan Auto Receivables Owner Trust, Series 2005-A, Class A4, 3.820%, 7/15/2010(c)		276,443		274,412
Hybrid ARMs – 16.9%
Countrywide Home Loans, Series 2004-HYB4, Class 6A2, 5.455%, 4/20/2035(b)(c)		829,894		825,767
Federal Home Loan Mortgage Corp., 5.952%, 11/01/2036(b)(c)		8,560,449		8,804,061
Federal National Mortgage Association, 6.050%, 2/01/2037(b)(c)		8,796,007		8,987,171
First Horizon Alternative Mortgage Securities, Series 2006-AA3, Class A1, 6.320%, 6/25/2036(b)(c)		6,689,695		6,695,707
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 6.368%, 9/25/2036(b)(c)		7,333,717		7,346,706
JPMorgan Mortgage Trust, Series 2006-A7, Class 1A3, 5.925%, 1/25/2037(b)(c)		1,644,877		1,651,462
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.588%, 7/25/2035(b)(c)		1,078,640		1,077,964
Washington Mutual Mortgage Pass Through Certificates, Series 2007-HY6, Class 2A1, 5.700%, 6/25/2037(b)(c)		7,970,564		7,863,724
Washington Mutual Mortgage Pass-Through Certificates, Series 2003-AR5, Class A6, 3.695%, 6/25/2033(b)(c)		914,536		911,614
Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY2, Class 2A2, 6.408%, 11/25/2036(b)(c)		15,124,022		15,414,915

1

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Hybrid ARMS – continued
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 4.996%, 10/25/2035(b)(c)	$	1,021,621	$	1,027,169
				60,606,260
Mortgage Related – 130.0%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A2, 5.165%, 9/10/2047(b)(c)		120,000		120,310
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.353%, 9/10/2047(b)(c)		189,000		188,189
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.930%, 5/10/2045(b)(c)		350,000		361,743
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A2, 5.522%, 7/10/2046(c)		460,000		465,182
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049(c)		5,375,000		5,451,198
Bank of America-First Union NB Commercial Mortgage, Series 2001-3, Class A2, 5.464%, 4/11/2037(c)		430,000		439,609
Bear Stearns Commercial Mortgage Securities, Series 2001-TOP2, Class A2, 6.480%, 2/15/2035(c)		175,000		183,408
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A2, 5.270%, 12/11/2040(c)		1,601,000		1,608,573
Bear Stearns Commercial Mortgage Securities, Series 2005-T18, Class A2, 4.556%, 2/13/2042(b)(c)		171,000		169,542
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class A2, 5.688%, 9/11/2038(b)(c)		1,000,000		1,016,547
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044(c)		225,000		224,654
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.902%, 6/11/2040(b)(c)		150,000		154,348
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046(c)		1,057,000		1,064,938
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A5, 5.617%, 10/15/2048(c)		5,000,000		5,097,306
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.768%, 6/10/2046(b)(c)		250,000		258,936
Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.500%, 6/25/2036(c)		1,425,640		1,318,271
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 6.030%, 7/25/2021(b)(c)		1,583,710		1,478,396
CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020(c)		357,804		347,401
Federal Home Loan Mortgage Corp., 4.500%, 6/01/2021(c)		4,155,314		4,083,410
Federal Home Loan Mortgage Corp., 5.000%, 7/01/2020(c)		66,209		66,330
Federal Home Loan Mortgage Corp., 5.000%, 10/01/2020(c)		405,108		405,505
Federal Home Loan Mortgage Corp., 5.000%, 7/01/2035(c)		679,012		662,941
Federal Home Loan Mortgage Corp., 5.000%, 9/01/2035(c)		857,718		837,418
Federal Home Loan Mortgage Corp., 5.000%, 12/01/2035(c)		172,615		168,530
Federal Home Loan Mortgage Corp., 5.000%, 2/01/2036(c)		316,198		308,715
Federal Home Loan Mortgage Corp., 5.000%, 2/01/2036(c)		706,155		689,443
Federal Home Loan Mortgage Corp., 5.500%, 9/01/2021(c)		9,733,501		9,852,655
Federal Home Loan Mortgage Corp., 5.500%, 12/01/2021(c)		4,418,797		4,472,890

2

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Federal Home Loan Mortgage Corp., 5.500%, 5/01/2035(c)	$	495,168	$	494,338
Federal Home Loan Mortgage Corp., 5.500%, 7/01/2037(c)		4,346,006		4,337,034
Federal Home Loan Mortgage Corp., 5.500%, 7/01/2037(c)		1,974,257		1,970,181
Federal Home Loan Mortgage Corp., 5.500%, 8/01/2037(c)		4,946,396		4,936,185
Federal Home Loan Mortgage Corp., 5.987%, 2/01/2037(b)(c)		9,800,068		9,954,271
Federal Home Loan Mortgage Corp., 6.000%, 6/01/2037(c)		4,930,321		5,003,949
Federal Home Loan Mortgage Corp., 6.000%, 6/01/2037(c)		12,461,486		12,647,582
Federal Home Loan Mortgage Corp., 6.000%, 8/01/2037(c)		4,994,912		5,069,505
Federal Home Loan Mortgage Corp., 6.000%, 10/01/2037(c)		4,954,166		5,028,150
Federal Home Loan Mortgage Corp., 6.000%, 11/01/2037(c)		7,732,835		7,848,315
Federal Home Loan Mortgage Corp., 6.519%, 1/01/2035(b)(c)		539,889		543,926
Federal Home Loan Mortgage Corp. (TBA), 5.500%, 11/01/2034(d)		49,000,000		48,892,788
Federal Home Loan Mortgage Corp. (TBA), 6.000%, 8/01/2035(d)		19,000,000		19,279,072
Federal Home Loan Mortgage Corp. (TBA), 6.500%, 6/01/2034(d)		240,000		246,675
Federal Home Loan Mortgage Corp., Series 2613, Class HI, 5.500%, 2/15/2033(c)		1,025,293		193,804
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035(c)		2,797,000		2,793,158
Federal National Mortgage Association, 4.500%, 7/01/2020(c)		1,062,065		1,044,575
Federal National Mortgage Association, 4.500%, 3/01/2021(c)		696,790		685,503
Federal National Mortgage Association, 4.500%, 10/01/2035(c)		890,729		843,493
Federal National Mortgage Association, 5.500%, 5/01/2035(c)		165,224		165,123
Federal National Mortgage Association, 5.500%, 12/01/2035(c)		249,006		248,854
Federal National Mortgage Association, 5.500%, 3/01/2036(c)		171,986		171,800
Federal National Mortgage Association, 5.500%, 4/01/2036(c)		418,646		418,194
Federal National Mortgage Association, 5.500%, 4/01/2036(c)		87,179		87,085
Federal National Mortgage Association, 5.500%, 4/01/2036(c)		2,606,104		2,604,514
Federal National Mortgage Association, 5.500%, 5/01/2036(c)		436,905		436,433
Federal National Mortgage Association, 5.500%, 5/01/2036(c)		683,633		682,894
Federal National Mortgage Association, 5.500%, 6/01/2036(c)		882,255		881,302
Federal National Mortgage Association, 5.500%, 6/01/2036(c)		1,552,478		1,550,801

3

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Federal National Mortgage Association, 5.500%, 6/01/2036(c)	$	627,982	$	627,304
Federal National Mortgage Association, 5.500%, 6/01/2036(c)		4,388,926		4,384,184
Federal National Mortgage Association, 5.500%, 8/01/2036(c)		733,146		732,354
Federal National Mortgage Association, 5.500%, 9/01/2036(c)		1,677,370		1,675,557
Federal National Mortgage Association, 5.500%, 12/01/2036(c)		9,484,316		9,474,069
Federal National Mortgage Association, 5.500%, 6/01/2037(c)		3,321,006		3,317,264
Federal National Mortgage Association, 5.743%, 9/01/2036(b)(c)		4,966,696		5,032,783
Federal National Mortgage Association, 6.000%, 5/01/2021(c)		229,713		235,221
Federal National Mortgage Association, 6.000%, 10/01/2034(c)		82,745		84,140
Federal National Mortgage Association, 6.000%, 4/01/2036(c)		342,433		347,807
Federal National Mortgage Association, 6.000%, 6/01/2036(c)		5,826,076		5,917,509
Federal National Mortgage Association, 6.000%, 9/01/2036(c)		1,347,005		1,368,144
Federal National Mortgage Association, 6.000%, 10/01/2036(c)		1,801,662		1,829,937
Federal National Mortgage Association, 6.000%, 11/01/2036(c)		4,591,133		4,663,185
Federal National Mortgage Association, 6.000%, 1/01/2037(c)		1,087,992		1,105,066
Federal National Mortgage Association, 6.000%, 10/01/2037(c)		6,592,453		6,695,023
Federal National Mortgage Association, 7.000%, 12/01/2037(c)		241,024		250,724
Federal National Mortgage Association (TBA), 5.500%, 9/01/2034(d)		12,000,000		11,985,000
Federal National Mortgage Association (TBA), 6.000%, 9/01/2035(d)		51,000,000		51,780,912
Federal National Mortgage Association (TBA), 6.500%, 10/01/2034(d)		53,450,000		54,936,551
Federal National Mortgage Association, Series 2003-26, Class 0I, 5.500%, 11/25/2032(c)		25,909,407		4,236,159
Federal National Mortgage Association, Series 2004-2, Class QK, 4.000%, 9/25/2017(c)		10,000,000		9,763,415
Government National Mortgage Association, 5.500%, 8/15/2033(c)		87,991		88,679
Government National Mortgage Association, 5.500%, 12/15/2035(c)		370,754		373,577
Government National Mortgage Association, 5.500%, 9/15/2036(c)		2,603,665		2,622,927
Government National Mortgage Association, 6.000%, 6/15/2036(c)		234,662		240,297

4

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Government National Mortgage Association, 6.000%, 5/15/2037(c)	$	395,632	$	405,104
Government National Mortgage Association, 6.500%, 9/15/2036(c)		1,178,878		1,217,782
Government National Mortgage Association, 6.500%, 2/15/2037(c)		1,172,303		1,210,855
Government National Mortgage Association, 6.500%, 7/20/2037(c)		3,702,458		3,823,070
Government National Mortgage Association (TBA), 5.500%, 3/01/2034(d)		10,130,000		10,202,814
Government National Mortgage Association (TBA), 6.000%, 10/01/2034(d)		6,000,000		6,142,500
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037(c)		305,000		305,518
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A2, 5.381%, 3/10/2039(c)		2,005,000		2,015,405
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039(c)		5,000,000		5,029,519
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, 5.396%, 8/10/2038(b)(c)		125,000		127,643
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A2, 4.475%, 7/10/2039, Class A(c)		1,130,000		1,117,037
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039(c)		7,495,000		7,184,502
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A2, 5.506%, 4/10/2038(b)(c)		500,000		505,592
GS Mortgage Securities Corporation. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039(c)		4,449,000		4,492,979
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC, Class A3, 6.260%, 3/15/2033(c)		184,018		190,885
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A4, 5.345%, 12/15/2044(b)(c)		7,000,000		6,970,822
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A2, 6.051%, 4/15/2045(b)(c)		1,065,000		1,090,276
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049(c)		4,085,000		4,088,786
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030(c)		275,000		270,332
LB-UBS Commercial Mortgage Trust, Series 2006-C3, Class A4, 5.661%, 3/15/2039(b)(c)		2,440,000		2,498,956
LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class A2, 5.300%, 11/15/2038(c)		2,460,000		2,469,879
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A2, 5.303%, 2/15/2040(c)		10,820,000		10,850,477
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.797%, 5/12/2039(b)(c)		1,000,000		1,015,927
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039(b)(c)		4,895,000		4,938,087
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.606%, 2/12/2039(b)(c)		1,000,000		1,013,745
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 6.105%, 6/12/2046(b)(c)		250,000		260,926
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4, 5.414%, 7/12/2046(b)(c)		1,000,000		1,005,623

5

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Morgan Stanley Capital I, Class A, 5.328%, 11/12/2041(c)	$	5,000,000	$	4,998,208
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042(c)		5,280,000		5,139,521
Morgan Stanley Capital I, Series 2005-HQ7, Class A4, 5.374%, 11/14/2042(b)(c)		5,965,000		5,925,411
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047(c)		1,267,000		1,230,211
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.915%, 8/12/2041(b)(c)		555,000		566,506
Residential Accredit Loans, Inc., Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021(c)		800,210		794,132
Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021(c)		3,435,455		3,437,035
Residential Accredit Loans, Inc., Series 2006-QS6, Class 2A1, 6.000%, 6/25/2021(c)		181,489		181,659
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A2, 4.380%, 10/15/2041(c)		80,650		79,726
				467,121,130
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $548,373,349)				552,389,225
TOTAL BONDS AND NOTES
(Identified Cost $548,373,349)				552,389,225
SHORT-TERM INVESTMENTS – 2.0%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation dated 12/31/07 at 3.250% to be repurchased at $2,354,425 on 1/02/08 collateralized by $2,390,000 Federal Home Loan Bank, 2.750% due 3/14/08 with a value of $2,401,950 including accrued interest(e)		2,354,000		2,354,000
Federal Home Loan Mortgage Corp., Discount Notes, 1/14/2008		2,000,000		1,996,945
Federal National Mortgage Association, Discount Notes, Zero Coupon, 1/02/2008 (c)		1,750,000		1,750,000
Federal National Mortgage Association, Discount Notes, Zero Coupon, 1/14/2008		1,250,000		1,248,366
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $7,345,895)				7,349,311
TOTAL INVESTMENTS – 155.8%
(Identified Cost $555,719,244)(a)				559,738,536
Other assets less liabilities—(55.8)%				(200,493,101	)
NET ASSETS – 100.0%			$	359,245,435

6

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

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

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of FAS 157 will have on the Fund’s financial statements.

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

(a) Federal Tax Information(Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes):

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $555,719,244 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	$	6,273,827
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(2,254,535	)
Net unrealized appreciation	$	4,019,292

(b) Variable rate security. Rate as of December 31, 2007 is disclosed.

(c) All or a portion of this security has been segregated to cover requirements on TBA obligations and future contracts.

(d) Delayed Delivery. The Fund may purchase or sell securities on a when issued or forward commitment basis. Payment and delivery may take place a month or more after the date of the transaction. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract. Collateral consisting of liquid securities or cash and cash equivalents is maintained in an amount at least equal to these commitments with the custodian.

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

ARM Adjustable Rate Mortgage.

TBA To Be Announced.

7

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

At December 31, 2007, open futures contracts sold short were as follows:

Futures	Expiration Date	Contracts	Aggregated Face Value		Market Value		Unrealized Depreciation
10 Year U.S. Treasury Note	3/19/2008	413	$	46,780,968	$	46,830,328	$	(49,361	)
5 Year U.S. Treasury Note	3/31/2008	282	$	31,041,374	$	31,099,313	$	(57,938	)
Total unrealized depreciation							$	(107,299	)

HOLDINGS AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)

Mortgage Related	130.8	%
Hybrid ARMS	16.9
Asset-Backed Securities	3.8
Other, less than 2% each	3.1

8

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Value Fund

	Shares	Value (†)
COMMON STOCKS – 95.3% of Net Assets
Aerospace & Defense – 3.0%
AAR Corp.(b)(c)	240,362	$	9,140,967
Moog, Inc., Class A(b)(c)	250,546		11,477,512
Teledyne Technologies, Inc.(c)	210,408		11,221,059
			31,839,538
Air Freight & Logistics – 0.6%
Hub Group, Inc., Class A(c)	232,924		6,191,120
Auto Components – 0.5%
Gentex Corp.	293,044		5,207,392
Automobiles – 0.2%
Winnebago Industries, Inc.(b)	117,687		2,473,781
Building Products – 0.8%
Armstrong World Industries, Inc.(c)	202,079		8,105,389
Capital Markets – 1.2%
Investment Technology Group, Inc.(c)	79,626		3,789,402
JMP Group, Inc.(b)	349,813		2,966,414
Stifel Financial Corp.(b)(c)	116,865		6,143,593
			12,899,409
Chemicals – 2.7%
Cytec Industries, Inc.	166,244		10,237,305
FMC Corp.	140,832		7,682,386
Minerals Technologies, Inc.	94,458		6,323,963
Scotts Miracle-Gro Co., Class A	89,890		3,363,684
Zep, Inc.(b)(c)	91,179		1,264,653
			28,871,991
Commercial Banks – 6.6%
Colonial BancGroup, Inc. (The)(b)	378,014		5,118,310
CVB Financial Corp.(b)	325,846		3,369,248
East West Bancorp, Inc.(b)	151,343		3,667,041
First Community Bancorp(b)	126,481		5,216,076
First Midwest Bancorp, Inc.(b)	189,069		5,785,511
First State Bancorporation(b)	304,567		4,233,481
Hancock Holding Co.(b)	154,240		5,891,968
IBERIABANK Corp.(b)	149,863		7,006,095
Pennsylvania Commerce Bancorp, Inc.(b)(c)	103,495		2,882,336
Prosperity Bancshares, Inc.(b)	240,770		7,076,230
Signature Bank(b)(c)	238,646		8,054,302
Sterling Bancshares, Inc.	709,709		7,920,353
United Community Banks, Inc.(b)	199,904		3,158,483
			69,379,434
Commercial Services & Supplies – 5.6%
ABM Industries, Inc.	268,232		5,469,250
American Ecology Corp.(b)	211,811		4,973,322
Angelica Corp.(b)	15,086		288,143
Geo Group, Inc. (The)(c)	176,946		4,954,488
McGrath Rentcorp(b)	290,997		7,493,173

1

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Commercial Services & Supplies – continued
Rollins, Inc.(b)	808,634	$	15,525,763
Standard Parking Corp.(b)(c)	236,434		11,464,685
Waste Connections, Inc.(c)	272,791		8,429,242
			58,598,066
Communications Equipment – 2.0%
ADTRAN, Inc.	240,518		5,142,275
Anaren, Inc.(b)(c)	359,272		5,924,395
CommScope, Inc.(b)(c)	72,997		3,592,183
Harris Stratex Networks, Inc., Class A(b)(c)	393,146		6,565,538
			21,224,391
Computers & Peripherals – 0.6%
Electronics for Imaging, Inc.(c)	270,458		6,079,896
Construction & Engineering – 0.3%
Michael Baker Corp.(c)	68,308		2,807,459
Construction Materials – 0.7%
Texas Industries, Inc.(b)	99,890		7,002,289
Consumer Finance – 1.4%
Dollar Financial Corp.(b)(c)	302,094		9,271,265
First Cash Financial Services, Inc.(b)(c)	392,990		5,769,093
			15,040,358
Containers & Packaging – 1.1%
Greif, Inc.	84,101		5,497,682
Rock-Tenn Co., Class A	226,356		5,751,706
			11,249,388
Distributors – 0.2%
Core-Mark Holding Co., Inc.(b)(c)	56,386		1,619,406
Diversified Consumer Services – 1.7%
INVESTools, Inc.(b)(c)	533,544		9,465,071
Jackson Hewitt Tax Service, Inc.(b)	264,902		8,410,638
			17,875,709
Diversified Telecommunication Services – 0.1%
SureWest Communications(b)	88,341		1,510,631
Electric Utilities – 1.7%
ALLETE, Inc.(b)	166,873		6,604,834
ITC Holdings Corp.	120,353		6,790,316
Portland General Electric Co.	158,641		4,407,047
			17,802,197

2

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Electrical Equipment – 3.4%
Acuity Brands, Inc.	135,367	$	6,091,515
Belden, Inc.(b)	117,038		5,208,191
General Cable Corp.(b)(c)	131,439		9,631,850
Hubbell, Inc., Class B	68,188		3,518,501
II-VI, Inc.(b)(c)	248,714		7,598,212
Polypore International, Inc.(b)(c)	238,306		4,170,355
			36,218,624
Electronic Equipment & Instruments – 4.5%
Agilysys, Inc.(b)	438,676		6,632,781
Anixter International, Inc.(b)(c)	92,021		5,730,148
Excel Technology, Inc.(c)	158,757		4,302,315
Ingram Micro, Inc.(c)	392,211		7,075,486
Littelfuse, Inc.(c)	307,383		10,131,344
Rofin-Sinar Technologies, Inc.(c)	91,973		4,424,821
Vishay Intertechnology, Inc.(c)	504,753		5,759,232
X-Rite, Inc.(b)(c)	316,207		3,674,325
			47,730,452
Energy Equipment & Services – 3.4%
Dresser-Rand Group, Inc.(c)	203,672		7,953,392
Exterran Holdings, Inc.(b)(c)	75,638		6,187,188
Helix Energy Solutions Group, Inc.(c)	285,862		11,863,273
Oceaneering International, Inc.(c)	100,072		6,739,849
TETRA Technologies, Inc.(b)(c)	181,899		2,832,168
			35,575,870
Food & Staples Retailing – 1.8%
Casey’s General Stores, Inc.	182,396		5,400,746
Spartan Stores, Inc.(b)	369,970		8,453,814
Winn-Dixie Stores, Inc.(b)(c)	319,169		5,384,381
			19,238,941
Food Products – 1.3%
J & J Snack Foods Corp.	163,413		5,111,558
Ralcorp Holdings, Inc.(c)	142,987		8,692,180
			13,803,738
Gas Utilities – 1.4%
UGI Corp.	542,827		14,792,036
Health Care Equipment & Supplies – 1.4%
Orthofix International NV(c)	119,618		6,934,255
West Pharmaceutical Services, Inc.(b)	191,376		7,767,952
			14,702,207
Health Care Providers & Services – 1.7%
CorVel Corp.(c)	204,411		4,705,541
Healthspring, Inc.(c)	179,383		3,417,246
inVentiv Health, Inc.(c)	209,822		6,496,089

3

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Health Care Providers & Services – continued
Skilled Healthcare Group, Inc., Class A(b)(c)	210,826	$	3,084,385
			17,703,261
Hotels, Restaurants & Leisure – 1.7%
Ambassadors International, Inc.(b)(c)	144,372		2,104,944
Bob Evans Farms, Inc.(b)	209,530		5,642,643
CEC Entertainment, Inc.(c)	255,138		6,623,382
Cosi, Inc.(b)(c)	1,347,608		3,018,642
McCormick & Schmick’s Seafood Restaurants, Inc.(b)(c)	65,243		778,349
			18,167,960
Industrial Conglomerates – 0.7%
Teleflex, Inc.	75,772		4,774,394
Walter Industries, Inc.	77,292		2,777,101
			7,551,495
Insurance – 6.0%
American Equity Investment Life Holding Co.(b)	545,081		4,518,721
American Physicians Capital, Inc.	84,891		3,519,581
Delphi Financial Group, Inc.	207,167		7,308,852
Employers Holdings, Inc.	245,063		4,095,003
First Mercury Financial Corp.(c)	226,818		5,534,359
Midland Co. (The)(b)	122,262		7,909,129
National Financial Partners Corp.(b)	253,756		11,573,811
Navigators Group, Inc.(c)	101,319		6,585,735
ProAssurance Corp.(c)	94,930		5,213,555
RLI Corp.(b)	118,611		6,735,919
			62,994,665
Internet Software & Services – 0.4%
United Online, Inc.	348,373		4,117,769
IT Services – 2.9%
Broadridge Financial Solutions, Inc.	503,376		11,290,724
Perot Systems Corp., Class A(c)	341,576		4,611,276
Wright Express Corp.(c)	401,288		14,241,711
			30,143,711
Leisure Equipment & Products – 0.4%
Steinway Musical Instruments, Inc.(b)(c)	163,932		4,519,605
Life Sciences Tools & Services – 0.7%
PerkinElmer, Inc.	275,579		7,170,566
Machinery – 5.2%
Actuant Corp., Class A(b)	262,530		8,928,645
Barnes Group, Inc.(b)	147,604		4,928,498
CLARCOR, Inc.(b)	148,690		5,645,759
Commercial Vehicle Group, Inc.(b)(c)	206,368		2,992,336
Harsco Corp.	133,221		8,535,469
Mueller Water Products, Inc., Class A(b)	372,290		3,544,201

4

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Machinery – continued
Nordson Corp.	107,402	$	6,225,020
RBC Bearings, Inc.(c)	169,100		7,349,086
Wabtec Corp.	176,190		6,067,984
			54,216,998
Media – 3.2%
Alloy, Inc.(c)	227,725		2,145,170
Belo Corp., Class A	292,882		5,107,862
Interactive Data Corp.	251,125		8,289,636
John Wiley & Sons, Inc., Class A	290,926		12,463,270
Live Nation, Inc.(b)(c)	158,956		2,308,041
National CineMedia, Inc.(b)	128,596		3,241,905
			33,555,884
Metals & Mining – 1.2%
Haynes International, Inc.(b)(c)	53,143		3,693,439
Reliance Steel & Aluminum Co.(b)	156,692		8,492,706
			12,186,145
Multi-Utilities & Unregulated Power – 0.5%
NorthWestern Corp.(b)	167,516		4,941,722
Multiline Retail – 0.7%
Dollar Tree Stores, Inc.(c)	300,159		7,780,121
Oil, Gas & Consumable Fuels – 2.8%
ATP Oil & Gas Corp.(c)	88,927		4,494,371
Mariner Energy, Inc.(b)(c)	280,723		6,422,942
Parallel Petroleum Corp.(b)(c)	300,965		5,306,013
Penn Virginia Corp.	195,166		8,515,092
St. Mary Land & Exploration Co.	112,441		4,341,347
			29,079,765
Personal Products – 1.1%
Alberto-Culver Co.	454,085		11,143,246
Pharmaceuticals – 1.4%
Perrigo Co.	226,301		7,922,798
Sciele Pharma, Inc.(c)	330,230		6,753,203
			14,676,001
Real Estate Investment Trusts (REITs) – 2.4%
Corporate Office Properties Trust REIT	131,452		4,140,738
Health Care REIT, Inc.(b)	123,992		5,541,203
Kite Realty Group Trust REIT	382,486		5,840,561
LaSalle Hotel Properties REIT(b)	124,628		3,975,633
Potlatch Corp. REIT	126,676		5,629,481
			25,127,616
Road & Rail – 0.9%
Avis Budget Group, Inc.(c)	228,563		2,971,319

5

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Road & Rail – continued
Genesee & Wyoming, Inc., Class A(b)(c)	149,255	$	3,607,493
Ryder System, Inc.	59,685		2,805,792
			9,384,604
Semiconductors & Semiconductor Equipment – 2.2%
Cohu, Inc.(b)	270,801		4,143,255
Diodes, Inc.(b)(c)	133,190		4,005,023
Exar Corp.(b)(c)	404,379		3,222,901
Fairchild Semiconductor International, Inc., Class A(c)	285,240		4,116,013
Verigy Ltd.(c)	298,400		8,107,528
			23,594,720
Software – 4.2%
Epicor Software Corp.(b)(c)	473,589		5,578,879
Intervoice, Inc.(c)	457,335		3,654,107
MicroStrategy, Inc., Class A(c)	44,223		4,205,607
Parametric Technology Corp.(c)	205,972		3,676,600
Progress Software Corp.(c)	264,537		8,909,606
Quest Software, Inc.(c)	322,603		5,948,799
Radiant Systems, Inc.(b)(c)	331,720		5,715,536
Sybase, Inc.(c)	239,014		6,235,875
			43,925,009
Specialty Retail – 2.0%
Borders Group, Inc.(b)	440,447		4,690,761
Jo-Ann Stores, Inc.(b)(c)	203,862		2,666,515
Sally Beauty Holdings, Inc.(b)(c)	715,737		6,477,420
Sonic Automotive, Inc., Class A(b)	396,806		7,682,164
			21,516,860
Textiles, Apparel & Luxury Goods – 2.6%
Carter’s, Inc.(b)(c)	186,876		3,616,051
FGX International Holdings Ltd.(c)	110,083		1,304,483
Fossil, Inc.(c)	305,349		12,818,551
Hanesbrands, Inc.(c)	337,301		9,164,468
			26,903,553
Trading Companies & Distributors – 0.5%
Genesis Lease Ltd., ADR	304,637		5,714,990
Water Utilities – 0.7%
American States Water Co.(b)	106,044		3,995,738

6

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares		Value (†)
COMMON STOCKS – continued
Water Utilities – continued
Middlesex Water Co.(b)		179,689	$	3,405,106
				7,400,844
TOTAL COMMON STOCKS
(Identified Cost $896,183,626)				991,356,822
EXCHANGE TRADED FUND– 1.0%
Diversified Financial Services – 1.0%
iShares Russell 2000 Value Index Fund(b)
(Identified Cost $11,484,376)		148,664		10,477,839
	Shares/Principal Amount
SHORT-TERM INVESTMENTS – 29.3%
State Street Securities Lending Quality Trust(d)		249,788,040		249,788,040
State Street Boston Corp., 1.5009%, 1/02/2008(e)	$	58,398,000		58,395,567
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $308,183,607)				308,183,607
TOTAL INVESTMENTS – 124.6%
(Identified Cost $1,215,851,609)(a)				1,310,018,268
Other assets less liabilities—(24.6)%				(258,805,718	)
NET ASSETS – 100.0%			$	1,051,212,550

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

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

7

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of FAS 157 will have on the Fund’s financial statements.

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

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

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $1,215,851,609 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	$	153,382,554
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(59,215,895	)
Net unrealized appreciation	$	94,166,659

(b) All or a portion of this security was on loan to brokers at December 31, 2007. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The market value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2007 were $242,691,390 and $249,788,040, respectively.

(c) Non-income producing security.

(d) Represents investments of security lending collateral.

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

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.

REIT Real Estate Investment Trust.

8

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

HOLDINGS AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS ( Unaudited)

Commercial Banks	6.6	%
Insurance	6.0
Commercial Services & Supplies	5.6
Machinery	5.2
Electronic Equipment & Instruments	4.5
Software	4.2
Electrical Equipment	3.4
Energy Equipment & Services	3.4
Media	3.2
Aerospace & Defense	3.0
IT Services	2.9
Oil, Gas & Consumable Fuels	2.8
Chemicals	2.7
Textiles, Apparel & Luxury Goods	2.6
Real Estate Investment Trusts	2.4
Semiconductors & Semiconductor Equipment	2.2
Specialty Retail	2.0
Communications Equipment	2.0
Other, less than 2% each	30.6

9

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS

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

SIGNATURES

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

Loomis Sayles Funds I
By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	President and Chief Executive Officer
Date:	February 22, 2008

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

By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	President and Chief Executive Officer
Date:	February 22, 2008

By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	February 22, 2008