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: June 30, 2008

ITEM 1. SCHEDULE OF INVESTMENTS

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

Loomis Sayles Bond Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 92.6% of Net Assets
NON-CONVERTIBLE BONDS – 88.4%
ABS Credit Card – 0.6%
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		$	113,710,000	$	108,735,187
MBNA Credit Card Master Note Trust, Series 03A5, 4.150%, 4/19/2010	EUR		300,000		451,943
					109,187,130
Aerospace & Defense – 0.1%
Bombardier, Inc., 6.300%, 5/01/2014 144A			2,250,000		2,148,750
Bombardier, Inc., 7.350%, 12/22/2026	CAD		6,785,000		6,309,777
Bombardier, Inc., 7.450%, 5/01/2034, 144A			17,130,000		16,359,150
					24,817,677
Airlines – 1.2%
American Airlines, Inc., Series 1999-1, 7.324%, 10/15/2009			1,255,000		1,154,600
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011			2,251,517		2,037,623
Continental Airlines, Inc., Series 1997-4B, 6.900%, 1/02/2017			4,609,946		3,803,205
Continental Airlines, Inc., Series 1998-1, Class B, 6.748%, 3/15/2017			7,365,725		6,076,723
Continental Airlines, Inc., Series 1999-1B, 6.795%, 8/02/2018			4,300,766		3,397,605
Continental Airlines, Inc., Series 1999-1C, 6.954%, 8/02/2009			3,810,053		3,576,687
Continental Airlines, Inc., Series 1999-2, Class B, 7.566%, 3/15/2020			4,602,425		3,866,037
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 4/02/2018			7,124,614		5,913,430
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 12/15/2015			3,754,805		3,116,488
Continental Airlines, Inc., Series 96-A, Class B, 6.940%, 10/15/2013			335,683		315,542
Continental Airlines, Inc., Series 971A, 7.461%, 4/01/2015			7,632,142		6,754,446
Continental Airlines, Inc., Series A, 5.983%, 4/19/2022			25,816,000		21,362,740
Continental Airlines, Inc., Series B, 6.903%, 4/19/2022			23,152,000		17,132,480
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			45,181,831		36,145,465
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 8/10/2022			2,432,098		2,055,123
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 8/10/2022			5,816,598		4,595,113
Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017			37,035,000		29,998,350
Qantas Airways Ltd., 5.125%, 6/20/2013, 144A			2,000,000		1,844,950
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			44,235,000		40,099,381
United Air Lines, Inc., 6.636%, 7/02/2022			26,723,261		21,846,266
					215,092,254
Automotive – 1.8%
Cummins, Inc., 6.750%, 2/15/2027			2,547,000		2,230,021
Cummins, Inc., 7.125%, 3/01/2028			3,000,000		2,846,556
FCE Bank PLC, Series EMTN, 7.125%, 1/16/2012	EUR		9,800,000		12,497,993
FCE Bank PLC, Series EMTN, 7.125%, 1/15/2013	EUR		6,550,000		8,198,560
Ford Motor Co., 6.375%, 2/01/2029			1,195,000		627,375
Ford Motor Co., 6.500%, 8/01/2018(b)			2,240,000		1,299,200
Ford Motor Co., 6.625%, 2/15/2028			500,000		272,500

1

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Automotive – continued
Ford Motor Co., 6.625%, 10/01/2028		$	62,410,000	$	33,389,350
Ford Motor Co., 7.125%, 11/15/2025(b)			1,940,000		1,086,400
Ford Motor Co., 7.450%, 7/16/2031(b)			114,720,000		66,824,400
Ford Motor Co., 7.500%, 8/01/2026			795,000		453,150
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010			66,163,000		56,448,287
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			13,455,000		9,908,410
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011			18,760,000		14,538,268
Ford Motor Credit Co. LLC, 7.375%, 10/28/2009			500,000		455,390
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010			1,320,000		1,139,367
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016(b)			18,970,000		13,786,675
Ford Motor Credit Co. LLC, 8.625%, 11/01/2010			29,945,000		25,402,463
Ford Motor Credit Co. LLC, 9.750%, 9/15/2010			2,150,000		1,874,548
Ford Motor Credit Co. LLC, Series EMTN, 4.875%, 1/15/2010	EUR		12,200,000		16,134,975
General Motors Corp., 7.250%, 7/03/2013(b)(c)	EUR		2,805,000		3,003,108
General Motors Corp., 7.400%, 9/01/2025(b)			9,790,000		5,041,850
General Motors Corp., 8.250%, 7/15/2023(b)			73,625,000		42,886,562
General Motors Corp., 8.375%, 7/15/2033(b)			3,445,000		2,041,163
Goodyear Tire & Rubber Co., 7.000%, 3/15/2028(b)			6,041,000		5,044,235
					327,430,806
Banking – 4.9%
BAC Capital Trust VI, 5.625%, 3/08/2035			35,170,000		28,638,017
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		38,370,000,000		36,955,953
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		2,816,000,000		81,964,435
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		48,070,000,000		46,693,683
Barclays Financial LLC, Series EMTN, 4.100%, 3/22/2010, 144A	THB		247,000,000		7,179,743
BNP Paribas SA, Series EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		273,109,870,000		20,948,297
HSBC Bank USA, Zero Coupon Bond, 4/18/2012, 144A	MYR		108,110,000		30,724,084
HSBC Bank USA, 3.310%, 8/25/2010, 144A			41,250,000		48,398,625
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A			12,345,000		11,063,231
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL		241,667,000		115,389,020
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		699,525,000,000		55,066,729
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		248,433,920,000		19,537,900
JPMorgan Chase & Co., Zero Coupon Bond, 4/12/2012, 144A	IDR		599,419,948,660		41,270,259
JPMorgan Chase & Co., Series EMTN, Zero Coupon Bond, 6/08/2012, 144A	MYR		200,911,735		52,332,357
JPMorgan Chase London, Zero Coupon Bond, 10/21/2010, 144A	IDR		152,206,784,000		12,650,332
Kaupthing Bank, 3.413%, 1/15/2010, 144A(b)(d)			3,635,000		3,154,787
Kaupthing Bank, Series D, 5.750%, 10/04/2011, 144A			50,842,000		38,512,815
Kaupthing Bank, Series E, 6.125%, 10/04/2016, 144A(b)			13,245,000		8,675,475
Kreditanstalt fuer Wiederaufbau, Series EMTN, 10.000%, 10/27/2008	ISK		743,300,000		9,395,760

2

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Banking – continued
Kreditanstalt Fuer Wiederaufbau, Series EMTN, 10.750%, 2/01/2010	ISK	95,000,000	$	1,211,134
Rabobank Nederland, Series EMTN, 12.500%, 2/17/2009	ISK	1,330,000,000		17,007,206
Rabobank Nederland, Series EMTN, 14.000%, 1/28/2009, 144A	ISK	13,545,000,000		172,545,151
Washington Mutual, Inc., 4.625%, 4/01/2014		555,000		405,150
Washington Mutual, Inc., 5.500%, 8/24/2011		11,875,000		10,331,250
				870,051,393
Brokerage – 1.4%
Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		545,000		458,869
Bear Stearns Cos., Inc. (The), 5.300%, 10/30/2015		1,445,000		1,352,560
Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017		3,160,000		3,122,684
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		24,770,000		25,849,105
Lehman Brothers Holdings, Inc., (fixed rate to 5/3/2027, variable rate thereafter), 6.000%, 5/03/2032		4,655,000		3,558,943
Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037		104,480,000		89,936,175
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		27,574,000		21,899,436
Merrill Lynch & Co., Inc., 10.710%, 3/08/2017	BRL	100,000,000		49,747,365
Morgan Stanley, Series F, MTN, 6.625%, 4/01/2018		46,840,000		44,382,071
				240,307,208
Building Materials – 0.6%
Owens Corning, Inc., 6.500%, 12/01/2016		24,725,000		22,511,544
Owens Corning, Inc., 7.000%, 12/01/2036		50,335,000		42,050,262
Ply Gem Industries, Inc., 9.000%, 2/15/2012(b)		6,265,000		3,680,687
USG Corp., 6.300%, 11/15/2016		34,370,000		27,667,850
USG Corp., 8.000%, 1/15/2018		17,605,000		15,404,375
				111,314,718
Chemicals – 0.4%
Borden, Inc., 7.875%, 2/15/2023		29,454,000		17,672,400
Borden, Inc., 8.375%, 4/15/2016		2,785,000		1,865,950
Borden, Inc., 9.200%, 3/15/2021		11,255,000		7,090,650
Georgia Gulf Corp., 10.750%, 10/15/2016(b)		1,000,000		600,000
Hercules, Inc., 6.500%, 6/30/2029		19,619,000		15,891,390
Methanex Corp., 6.000%, 8/15/2015		10,555,000		9,820,456
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		9,000,000		8,910,000
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		9,095,000		9,288,269
				71,139,115
Construction Machinery – 0.3%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013		3,590,000		3,401,525
Joy Global, Inc., 6.625%, 11/15/2036		1,975,000		1,924,327
Toro Co., 6.625%, 5/01/2037		27,030,000		27,642,527
United Rentals North America, Inc., 7.000%, 2/15/2014		27,008,000		20,931,200
United Rentals North America, Inc., 7.750%, 11/15/2013(b)		5,720,000		4,576,000
				58,475,579
Consumer Cyclical Services – 0.8%
Western Union Co., 6.200%, 11/17/2036(b)		154,180,000		143,879,388
Containers & Packaging – 0.0%
Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR	2,500,000		3,699,960

3

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Distributors – 0.0%
ONEOK, Inc., 6.000%, 6/15/2035		$	3,805,000	$	3,365,964
Electric – 3.6%
AES Corp., 8.375%, 3/01/2011	GBP		1,990,000		3,884,504
AES Corp., 7.750%, 3/01/2014			4,875,000		4,807,969
Bruce Mansfield Unit, 6.850%, 6/01/2034			95,735,000		95,852,754
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036			64,200,000		54,385,104
Commonwealth Edison Co., 4.750%, 12/01/2011(c)			268,000		249,969
Dominion Resources, Inc., 5.950%, 6/15/2035			13,040,000		11,703,335
Dynegy Holdings, Inc., 7.125%, 5/15/2018			5,295,000		4,606,650
Dynegy Holdings, Inc., 7.625%, 10/15/2026			11,835,000		9,823,050
Dynegy Holdings, Inc., 7.750%, 6/01/2019			1,504,000		1,368,640
Dynegy Holdings, Inc., 8.375%, 5/01/2016(b)			2,000,000		1,940,000
Edison Mission Energy, 7.625%, 5/15/2027			23,200,000		20,822,000
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027(b)			11,581,000		12,620,557
Enersis SA, 7.400%, 12/01/2016			4,250,000		4,549,009
Illinois Power Co., 6.250%, 4/01/2018, 144A			3,105,000		2,989,050
ITC Holdings Corp., 5.875%, 9/30/2016, 144A			25,460,000		24,725,173
ITC Holdings Corp., 6.375%, 9/30/2036, 144A			37,955,000		34,473,577
MidAmerican Energy Holdings Co., 6.125%, 4/01/2036			6,540,000		6,280,133
MidAmerican Energy Holdings Co., 6.500%, 9/15/2037(b)			54,485,000		55,028,324
NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027			23,775,000		19,644,094
Nisource Finance Corp., 6.400%, 3/15/2018			63,435,000		61,223,275
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A			2,008,265		2,054,536
Quezon Power Philippines Co., 8.860%, 6/15/2017			6,063,750		5,972,794
Salton Sea Funding Corp., Series E, 8.300%, 5/30/2011			1,468,160		1,580,504
Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018			215,975		227,406
Southern California Edison Co., 7.625%, 1/15/2010(b)			2,000,000		2,090,650
SP Powerassets Ltd., Series EMTN, 3.730%, 10/22/2010	SGD		1,000,000		742,439
Texas-New Mexico Power Co., 6.250%, 1/15/2009			1,000,000		999,092
Toledo Edison Co., 6.150%, 5/15/2037			13,195,000		11,443,575
TXU Corp., Series P, 5.550%, 11/15/2014			62,401,000		48,852,058
TXU Corp., Series Q, 6.500%, 11/15/2024			139,336,000		102,802,379
TXU Corp., Series R, 6.550%, 11/15/2034			8,266,000		6,022,426
White Pine Hydro LLC, 6.310%, 7/10/2017(c)			9,175,000		8,853,875
White Pine Hydro LLC, 6.960%, 7/10/2037(c)			14,695,000		13,921,955
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)			5,000,000		4,754,915
					641,295,771
Entertainment – 0.6%
Six Flags, Inc., 9.625%, 6/01/2014(b)			11,190,000		6,210,450
Six Flags, Inc., 9.750%, 4/15/2013(b)			3,875,000		2,199,062
Time Warner, Inc., 6.500%, 11/15/2036			9,510,000		8,465,783
Time Warner, Inc., 6.625%, 5/15/2029			21,780,000		19,819,277
Time Warner, Inc., 6.950%, 1/15/2028(b)			8,805,000		8,448,618
Time Warner, Inc., 7.625%, 4/15/2031			5,885,000		5,974,723
Time Warner, Inc., 7.700%, 5/01/2032			3,785,000		3,875,094

4

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Entertainment – continued
Viacom, Inc., Class B, 6.875%, 4/30/2036		$	55,225,000	$	51,861,080
					106,854,087
Food & Beverage – 0.9%
Aramark Services, Inc., 5.000%, 6/01/2012			2,115,000		1,850,625
Corn Products International, Inc., 6.625%, 4/15/2037			31,590,000		31,890,989
Dole Food Co., Inc., 8.625%, 5/01/2009(b)			6,900,000		6,572,250
Kraft Foods, Inc., 6.500%, 8/11/2017			45,310,000		45,367,680
Kraft Foods, Inc., 6.500%, 11/01/2031			14,990,000		13,874,054
Kraft Foods, Inc., 7.000%, 8/11/2037			36,870,000		36,504,618
Sara Lee Corp., 6.125%, 11/01/2032			18,615,000		16,862,696
					152,922,912
Foreign Local Governments – 0.1%
Ontario Hydro, Zero Coupon Bond, 11/27/2020	CAD		1,507,000		827,823
Province of Alberta, 5.930%, 9/16/2016	CAD		18,999,126		20,176,301
					21,004,124
Government Guaranteed – 0.7%
Canada Housing Trust, 4.100%, 12/15/2008	CAD		130,265,000		128,373,047
Government Sponsored – 1.1%
Federal Home Loan Mortgage Corp., 4.625%, 10/25/2012(b)			32,925,000		33,739,993
Federal National Mortgage Association, 2.290%, 2/19/2009	SGD		145,900,000		107,588,958
Queensland Treasury Corp., 7.125%, 9/18/2017, 144A	NZD		60,170,000		46,033,688
					187,362,639
Health Insurance – 0.1%
CIGNA Corp., 6.150%, 11/15/2036			20,530,000		18,084,302
Healthcare – 4.7%
Boston Scientific Corp., 5.450%, 6/15/2014			3,710,000		3,422,475
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 SA, 6.000%, 10/15/2017			24,890,000		25,190,995
Covidien International Finance SA, 6.550%, 10/15/2037			25,070,000		25,285,853
HCA, Inc., 5.750%, 3/15/2014			12,820,000		10,672,650
HCA, Inc., 6.250%, 2/15/2013(b)			7,170,000		6,219,975
HCA, Inc., 6.300%, 10/01/2012			2,500,000		2,243,750
HCA, Inc., 6.375%, 1/15/2015(b)			16,825,000		13,964,750
HCA, Inc., 6.500%, 2/15/2016			63,515,000		52,876,238
HCA, Inc., 6.750%, 7/15/2013			3,040,000		2,667,600
HCA, Inc., 7.050%, 12/01/2027			24,130,000		18,273,456
HCA, Inc., 7.190%, 11/15/2015			19,290,000		16,615,750
HCA, Inc., 7.500%, 12/15/2023			23,600,000		19,189,608
HCA, Inc., 7.500%, 11/06/2033			19,830,000		15,269,100
HCA, Inc., 7.690%, 6/15/2025			65,058,000		53,202,351
HCA, Inc., 8.360%, 4/15/2024			37,729,000		32,113,114
HCA, Inc., Series MTN, 7.580%, 9/15/2025			17,960,000		14,567,284
HCA, Inc., Series MTN, 7.750%, 7/15/2036			11,516,000		9,107,256
Hospira, Inc., 6.050%, 3/30/2017			15,175,000		14,644,892
Medco Health Solutions, Inc., 7.125%, 3/15/2018(b)			250,270,000		259,903,893
Owens & Minor, Inc., 6.350%, 4/15/2016			4,710,000		4,626,105
Tenet Healthcare Corp., 6.500%, 6/01/2012(b)			3,660,000		3,449,550

5

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Healthcare – continued
Tenet Healthcare Corp., 6.875%, 11/15/2031		$	30,578,000	$	22,016,160
Tenet Healthcare Corp., 7.375%, 2/01/2013			2,236,000		2,101,840
Tenet Healthcare Corp., 9.250%, 2/01/2015(b)			560,000		548,800
WellPoint, Inc., 6.375%, 6/15/2037			191,190,000		172,526,032
					833,622,337
Home Construction – 1.5%
Centex Corp., 5.250%, 6/15/2015			5,110,000		4,036,900
D.R. Horton, Inc., 5.250%, 2/15/2015			70,845,000		56,321,775
D.R. Horton, Inc., 5.625%, 9/15/2014			7,235,000		5,860,350
D.R. Horton, Inc., 5.625%, 1/15/2016			26,345,000		20,549,100
D.R. Horton, Inc., 6.500%, 4/15/2016			1,975,000		1,626,906
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015			6,430,000		4,018,750
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016			19,270,000		11,947,400
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014			6,249,000		4,061,850
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014			4,050,000		2,632,500
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016(b)			1,650,000		1,097,250
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013(b)			2,865,000		1,833,600
K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012(b)			1,690,000		1,233,700
KB Home, 5.875%, 1/15/2015			895,000		742,850
Lennar Corp., 5.125%, 10/01/2010			3,495,000		3,040,650
Lennar Corp., 7.625%, 3/01/2009(b)			5,245,000		5,087,650
Lennar Corp., Series B, 5.500%, 9/01/2014			22,935,000		16,742,550
Lennar Corp., Series B, 5.600%, 5/31/2015			9,112,000		6,663,150
Lennar Corp., Series B, 6.500%, 4/15/2016			40,810,000		31,270,662
Pulte Homes, Inc., 5.200%, 2/15/2015			6,790,000		5,533,850
Pulte Homes, Inc., 6.000%, 2/15/2035(b)			63,520,000		49,545,600
Pulte Homes, Inc., 6.375%, 5/15/2033			17,205,000		13,333,875
Stanley-Martin Communities LLC, 9.750%, 8/15/2015			5,185,000		2,281,400
Toll Brothers Finance Corp., 5.150%, 5/15/2015			7,935,000		6,871,742
Toll Corp., 8.250%, 12/01/2011			5,550,000		5,369,625
					261,703,685
Independent Energy – 1.7%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			53,650,000		53,678,810
Anadarko Petroleum Corp., 6.450%, 9/15/2036			76,885,000		75,892,261
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		5,925,000		8,442,403
Chesapeake Energy Corp., 6.500%, 8/15/2017			3,820,000		3,571,700
Chesapeake Energy Corp., 6.875%, 11/15/2020			13,805,000		12,976,700
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			20,226,000		21,338,430
Pioneer Natural Resources Co., 5.875%, 7/15/2016			10,275,000		9,293,306
Pioneer Natural Resources Co., 6.875%, 5/01/2018			2,125,000		1,994,525
Pioneer Natural Resources Co., 7.200%, 1/15/2028			8,782,000		7,753,338
Questar Market Resources, Inc., 6.800%, 4/01/2018			51,725,000		50,539,618
Talisman Energy, Inc., 5.850%, 2/01/2037			12,155,000		10,472,712
Talisman Energy, Inc., 6.250%, 2/01/2038			32,435,000		29,814,771
XTO Energy, Inc., 6.100%, 4/01/2036			2,165,000		2,062,087
XTO Energy, Inc., 6.750%, 8/01/2037			11,225,000		11,382,307
					299,212,968
Industrial Other – 0.1%
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A			26,410,000		19,807,500

6

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Integrated Energy – 0.0%
PF Export Receivables Master Trust, 6.436%, 6/01/2015, 144A		$	1,694,564	$	1,736,928
Life Insurance – 0.5%
ASIF Global Financing XXVII, 2.380%, 2/26/2009, 144A	SGD		38,400,000		28,192,157
Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A			57,985,000		55,340,304
					83,532,461
Local Authorities – 1.4%
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		109,725,000		101,738,299
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046			182,875,000		154,148,995
					255,887,294
Media Cable – 2.3%
Comcast Corp., 5.500%, 3/15/2011			3,000,000		3,002,262
Comcast Corp., 5.650%, 6/15/2035(b)			70,675,000		60,055,092
Comcast Corp., 6.450%, 3/15/2037			59,810,000		55,664,629
Comcast Corp., 6.500%, 11/15/2035			37,670,000		35,810,044
Comcast Corp., 6.950%, 8/15/2037			195,555,000		192,345,747
CSC Holdings, Inc., 7.875%, 2/15/2018			1,550,000		1,441,500
Shaw Communications, Inc., 5.700%, 3/02/2017	CAD		12,775,000		11,829,622
Time Warner Cable, Inc., 6.750%, 7/01/2018			29,500,000		29,695,614
Virgin Media Finance PLC, 9.125%, 8/15/2016			500,000		468,750
Virgin Media Finance PLC, 9.750%, 4/15/2014	GBP		6,605,000		12,070,781
					402,384,041
Media Non-Cable – 0.9%
Clear Channel Communications, Inc., 4.900%, 5/15/2015			15,420,000		9,097,800
Clear Channel Communications, Inc., 5.500%, 9/15/2014			5,195,000		3,117,000
Clear Channel Communications, Inc., 5.500%, 12/15/2016			17,050,000		9,974,250
Clear Channel Communications, Inc., 5.750%, 1/15/2013			2,080,000		1,401,400
Clear Channel Communications, Inc., 6.875%, 6/15/2018(b)			1,095,000		646,050
News America, Inc., 6.150%, 3/01/2037			64,380,000		59,275,503
News America, Inc., 6.200%, 12/15/2034			17,665,000		16,290,345
News America, Inc., 6.400%, 12/15/2035			29,275,000		27,703,459
R.H. Donnelley Corp., 8.875%, 10/15/2017, 144A(b)			3,564,000		2,120,580
R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013			4,713,000		2,804,235
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013			2,305,000		1,371,475
R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016			927,000		556,200
Tribune Co., 5.250%, 8/15/2015(b)			42,540,000		16,909,650
					151,267,947
Metals & Mining – 0.4%
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A			13,180,000		12,521,000
Newmont Mining Corp., 5.875%, 4/01/2035			5,621,000		4,810,901
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR		3,450,000		5,105,945
United States Steel Corp., 6.050%, 6/01/2017			9,420,000		8,797,856
United States Steel Corp., 6.650%, 6/01/2037			7,865,000		6,928,853
United States Steel Corp., 7.000%, 2/01/2018			22,600,000		22,550,303
					60,714,858
Mortgage Related – 0.0%
Federal Home Loan Mortgage Corp., 5.000%, 12/01/2031			366,037		353,398

7

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – 4.5%
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		$	337,595,000		$	294,235,986
Countrywide Financial Corp., Series A, MTN, 3.079%, 12/19/2008(d)			5,670,000			5,528,528
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011			16,188,000			14,737,296
Hexion US Finance Corp/Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014			1,600,000			1,448,000
Residential Capital LLC, 8.125%, 11/21/2008(b)			1,280,000			1,120,000
Residential Capital LLC, 8.375%, 6/30/2010(b)			5,670,000			2,381,400
Residential Capital LLC, 8.500%, 6/01/2012			3,905,000			1,522,950
Residential Capital LLC, 8.500%, 4/17/2013(b)			165,035,000			64,363,650
Residential Capital LLC, 8.875%, 6/30/2015(b)			16,635,000			6,487,650
Residential Capital LLC, 9.625%, 5/15/2015, 144A			64,723,000			31,390,655
SLM Corp., 4.000%, 1/15/2010			10,300,000			9,595,078
SLM Corp., 6.000%, 12/15/2043			146,975	(†††)		2,562,877
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			72,710,000			62,869,719
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			53,696,000			45,435,998
SLM Corp., Series A, MTN, 5.000%, 6/15/2018			22,293,000			17,024,830
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			27,280,000			24,027,324
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			31,370,000			27,559,549
SLM Corp., Series A, MTN, 5.400%, 10/25/2011			1,750,000			1,598,081
SLM Corp., Series A, MTN, 5.625%, 8/01/2033			38,535,000			29,014,928
SLM Corp., Series A, MTN, 6.500%, 6/15/2010	NZD		1,010,000			685,424
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			124,665,000			119,595,622
SLM Corp., Series EMTN, 4.750%, 3/17/2014	EUR		7,200,000			8,916,368
SLM Corp., Series MTN, 5.050%, 11/14/2014			27,310,000			23,194,110
SLM Corp., Series MTN, 5.125%, 8/27/2012			1,925,000			1,674,973
						796,970,996
Non-Captive Diversified – 7.5%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015			8,278,000			5,701,770
CIT Group, Inc., 4.750%, 12/15/2010			125,000			101,943
CIT Group, Inc., 5.125%, 9/30/2014			13,445,000			9,629,968
CIT Group, Inc., 5.400%, 2/13/2012			2,155,000			1,710,689
CIT Group, Inc., 5.400%, 1/30/2016			1,558,000			1,072,984
CIT Group, Inc., 5.500%, 12/01/2014	GBP		29,029,000			39,244,421
CIT Group, Inc., 5.600%, 4/27/2011			10,435,000			8,321,172
CIT Group, Inc., 5.650%, 2/13/2017(b)			3,639,000			2,510,357
CIT Group, Inc., 5.800%, 10/01/2036			16,525,000			12,719,292
CIT Group, Inc., 5.850%, 9/15/2016			30,000			20,699
CIT Group, Inc., 7.625%, 11/30/2012			342,170,000			284,404,176
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036			545,000			410,554
CIT Group, Inc., Series EMTN, 3.800%, 11/14/2012	EUR		21,220,000			23,962,180
CIT Group, Inc., Series EMTN, 4.650%, 9/19/2016	EUR		20,750,000			21,410,323
CIT Group, Inc., Series EMTN, 5.000%, 5/13/2014	EUR		6,450,000			7,241,863
CIT Group, Inc., Series EMTN, 5.500%, 12/20/2016	GBP		16,050,000			21,181,853
CIT Group, Inc., Series GMTN, 4.250%, 2/01/2010			80,000			67,694
CIT Group, Inc., Series GMTN, 4.250%, 9/22/2011	EUR		25,450,000			30,165,973
CIT Group, Inc., Series GMTN, 5.000%, 2/13/2014			8,485,000			6,092,943
CIT Group, Inc., Series GMTN, 5.000%, 2/01/2015			1,555,000			1,075,223

8

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
CIT Group, Inc., Series MTN, 4.250%, 3/17/2015	EUR	29,270,000	$	31,128,345
General Electric Capital Corp., 6.500%, 9/28/2015	NZD	266,148,000		174,566,278
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD	15,000,000		10,559,292
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD	150,000,000		107,592,187
General Electric Capital Corp., Series EMTN, 6.750%, 9/26/2016	NZD	89,945,000		58,971,621
GMAC Canada Ltd., Series EMTN, 6.625%, 12/17/2010	GBP	500,000		791,173
GMAC LLC, 4.750%, 9/14/2009	EUR	11,200,000		14,636,097
GMAC LLC, 5.625%, 5/15/2009		1,085,000		1,004,600
GMAC LLC, 6.000%, 12/15/2011		82,230,000		56,585,999
GMAC LLC, 6.625%, 5/15/2012		32,245,000		22,120,618
GMAC LLC, 6.750%, 12/01/2014(b)		49,101,000		32,428,510
GMAC LLC, 6.875%, 9/15/2011		8,945,000		6,427,627
GMAC LLC, 6.875%, 8/28/2012		6,680,000		4,574,310
GMAC LLC, 7.000%, 2/01/2012		16,765,000		11,653,469
GMAC LLC, 8.000%, 11/01/2031		57,598,000		37,471,992
GMAC LLC, Series EMTN, 5.375%, 6/06/2011	EUR	69,210,000		71,918,721
GMAC LLC, Series EMTN, 5.750%, 9/27/2010	EUR	8,215,000		9,441,904
iStar Financial, Inc., 5.150%, 3/01/2012		52,875,000		43,621,875
iStar Financial, Inc., 5.375%, 4/15/2010(b)		6,905,000		6,214,500
iStar Financial, Inc., 5.500%, 6/15/2012		2,180,000		1,787,600
iStar Financial, Inc., 5.650%, 9/15/2011		30,335,000		25,936,425
iStar Financial, Inc., 5.800%, 3/15/2011		5,305,000		4,509,250
iStar Financial, Inc., 5.850%, 3/15/2017		6,565,000		5,194,556
iStar Financial, Inc., 5.875%, 3/15/2016(b)		11,605,000		9,142,709
iStar Financial, Inc., 6.050%, 4/15/2015		5,655,000		4,524,000
iStar Financial, Inc., 8.625%, 6/01/2013		46,795,000		42,817,425
iStar Financial, Inc., Series B, 5.125%, 4/01/2011		2,330,000		1,992,150
iStar Financial, Inc., Series B, 5.700%, 3/01/2014		7,645,000		6,421,800
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		60,205,000		49,368,100
Prologis, 5.625%, 11/15/2015		2,660,000		2,499,046
Prologis, 5.750%, 4/01/2016(b)		2,170,000		2,043,695
Simon Property Group LP, 5.750%, 12/01/2015		3,450,000		3,348,291
				1,338,340,242
Oil Field Services – 0.2%
North American Energy Partners, Inc., 8.750%, 12/01/2011		12,530,000		12,655,300
Weatherford International Ltd., 6.500%, 8/01/2036		20,375,000		19,936,550
				32,591,850
Packaging – 0.1%
Owens-Illinois, Inc., 7.800%, 5/15/2018		23,567,000		23,920,505
Paper – 2.5%
Abitibi-Consolidated, Inc., 7.400%, 4/01/2018		11,675,000		4,378,125
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028		14,820,000		5,483,400
Abitibi-Consolidated, Inc., 8.500%, 8/01/2029(b)		4,215,000		1,559,550
Abitibi-Consolidated, Inc., 8.850%, 8/01/2030(b)		47,185,000		17,694,375
Avenor, Inc., 10.850%, 11/30/2014	CAD	450,000		264,638
Bowater, Inc., 6.500%, 6/15/2013		3,880,000		2,444,400

9

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

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Paper – continued
Georgia-Pacific LLC, 7.250%, 6/01/2028	$	25,782,000	$	21,527,970
Georgia-Pacific LLC, 7.375%, 12/01/2025(b)		31,207,000		26,369,915
Georgia-Pacific LLC, 7.700%, 6/15/2015		95,000		89,775
Georgia-Pacific LLC, 7.750%, 11/15/2029		80,700,000		71,016,000
Georgia-Pacific LLC, 8.000%, 1/15/2024		21,284,000		19,687,700
Georgia-Pacific LLC, 8.875%, 5/15/2031(b)		27,237,000		25,194,225
International Paper Co., 4.250%, 1/15/2009		2,000,000		1,993,454
International Paper Co., 7.950%, 6/15/2018		211,360,000		210,183,571
Jefferson Smurfit Corp., 7.500%, 6/01/2013		5,520,000		4,554,000
Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(b)		1,000,000		800,000
Westvaco Corp., 7.950%, 2/15/2031		21,466,000		20,069,293
Westvaco Corp., 8.200%, 1/15/2030		17,890,000		17,319,273
				450,629,664
Pharmaceuticals – 1.8%
Astrazeneca PLC, 6.450%, 9/15/2037		214,650,000		218,523,789
Elan Financial PLC, 7.750%, 11/15/2011		65,846,000		63,870,620
Elan Financial PLC, 8.875%, 12/01/2013		41,925,000		42,029,812
				324,424,221
Pipelines – 2.1%
Colorado Interstate Gas Co., 5.950%, 3/15/2015		1,099,000		1,076,475
Colorado Interstate Gas Co., 6.800%, 11/15/2015		3,670,000		3,748,740
DCP Midstream LP, 6.450%, 11/03/2036, 144A		27,200,000		24,796,744
El Paso Corp., 6.950%, 6/01/2028(b)		11,959,000		11,014,263
El Paso Corp., 7.420%, 2/15/2037		2,045,000		1,960,090
El Paso Corp., 7.750%, 1/15/2032		1,500,000		1,502,676
El Paso Corp., 7.800%, 8/01/2031		1,000,000		1,007,062
Energy Transfer Partners LP, 6.125%, 2/15/2017		7,325,000		7,093,779
Energy Transfer Partners LP, 6.625%, 10/15/2036		14,235,000		13,249,895
Enterprise Products Operating LP, 6.300%, 9/15/2017		25,030,000		24,854,990
Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		778,000		674,998
Kinder Morgan Finance, 5.700%, 1/05/2016		14,160,000		12,602,400
Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		16,530,000		14,587,725
NGPL Pipeco LLC, 7.119%, 12/15/2017, 144A		117,630,000		120,225,036
ONEOK Partners LP, 6.650%, 10/01/2036		12,495,000		11,909,347
Plains All American Pipeline LP, 6.125%, 1/15/2017		28,845,000		28,347,280
Plains All American Pipeline LP, 6.650%, 1/15/2037		62,130,000		57,941,568
Southern Natural Gas Co., 7.350%, 2/15/2031		4,695,000		4,755,171
Tennessee Gas Pipeline Co., 7.000%, 10/15/2028(b)		7,900,000		7,704,530
Williams Cos., Inc., 7.500%, 1/15/2031		13,985,000		14,142,331
				363,195,100
Property & Casualty Insurance – 1.1%
Allstate Corp., 5.950%, 4/01/2036		7,745,000		6,829,177
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		46,320,000		44,968,892
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		34,729,000		34,432,310
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		49,522,000		41,551,682
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A(b)		9,760,000		4,050,400
St. Paul Travelers Co., Inc., 6.750%, 6/20/2036		6,850,000		6,901,902

10

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Property & Casualty Insurance – continued
Travelers Cos., Inc. (The), 6.250%, 6/15/2037(b)		$	42,880,000	$	39,859,276
Travelers Property Casualty Corp., 6.375%, 3/15/2033(b)			1,000,000		955,097
Willis North America, Inc., 6.200%, 3/28/2017			12,000,000		10,603,740
					190,152,476
Railroads – 0.4%
Canadian Pacific Railway Co., 5.750%, 3/15/2033			3,830,000		3,090,657
Canadian Pacific Railway Co., 5.950%, 5/15/2037			26,475,000		21,967,367
CSX Corp., 6.000%, 10/01/2036(b)			46,468,000		40,266,055
CSX Corp., 6.250%, 3/15/2018			5,000,000		4,813,225
Missouri Pacific Railroad Co., 5.000%, 1/01/2045			7,804,000		4,838,480
					74,975,784
REITs – 0.6%
Camden Property Trust, 5.700%, 5/15/2017			39,980,000		34,964,109
Colonial Realty LP, 6.050%, 9/01/2016			3,980,000		3,484,569
Duke Realty LP, 5.950%, 2/15/2017			5,705,000		5,269,024
ERP Operating LP, 5.125%, 3/15/2016			4,675,000		4,215,737
First Industrial LP, 5.950%, 5/15/2017			7,750,000		6,809,313
Highwoods Properties, Inc., 5.850%, 3/15/2017			56,685,000		48,955,717
Highwoods Properties, Inc., 7.500%, 4/15/2018			5,640,000		5,358,880
					109,057,349
Restaurants – 0.0%
McDonald’s Corp., Series EMTN, 3.628%, 10/10/2010	SGD		3,750,000		2,789,881
Retailers – 3.4%
Dillard’s, Inc., 6.625%, 1/15/2018			1,920,000		1,401,600
Dillard’s, Inc., 7.000%, 12/01/2028			4,255,000		2,680,650
Dillard’s, Inc., 7.130%, 8/01/2018			1,740,000		1,305,000
Dillard’s, Inc., 7.750%, 7/15/2026			7,182,000		5,027,400
Dillard’s, Inc., 7.750%, 5/15/2027			1,000,000		700,000
Foot Locker, Inc., 8.500%, 1/15/2022			14,269,000		13,341,515
Home Depot, Inc., 5.400%, 3/01/2016			1,528,000		1,403,091
Home Depot, Inc., 5.875%, 12/16/2036			167,955,000		137,206,806
J.C. Penney Corp., Inc., 5.750%, 2/15/2018			5,145,000		4,590,487
J.C. Penney Corp., Inc., 7.125%, 11/15/2023(b)			1,933,000		1,911,613
J.C. Penney Corp., Inc., 7.400%, 4/01/2037			4,645,000		4,170,583
J.C. Penney Corp., Inc., 7.625%, 3/01/2097			5,565,000		4,547,284
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			97,583,000		81,500,736
Lowes Cos., Inc., 6.650%, 9/15/2037			55,705,000		54,298,672
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			31,595,000		24,333,900
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027			11,098,000		9,098,607
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029			5,133,000		4,337,703
Marks & Spencer PLC, 7.125%, 12/01/2037, 144A			9,245,000		8,546,263
Target Corp., 6.500%, 10/15/2037			10,959,000		10,542,284
Target Corp., 7.000%, 1/15/2038			199,051,000		204,085,796
Toys R Us, Inc., 7.375%, 10/15/2018(b)			36,290,000		26,854,600
Toys R Us, Inc., 7.875%, 4/15/2013(b)			11,255,000		9,200,963
					611,085,553
Sovereigns – 12.5%
Canadian Government, 3.750%, 6/01/2012	CAD		108,410,000		107,519,075
Canadian Government, 4.000%, 6/01/2016	CAD		35,000,000		35,103,315

11

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Sovereigns – continued
Canadian Government, 4.250%, 9/01/2008	CAD	225,630,000		$	221,771,034
Canadian Government, 4.250%, 12/01/2008(b)	CAD	474,235,000			467,491,441
Canadian Government, 4.250%, 9/01/2009	CAD	73,725,000			73,115,505
Canadian Government, 5.250%, 6/01/2012	CAD	286,105,000			299,059,269
Canadian Government, 5.750%, 6/01/2033	CAD	48,845,000			60,063,974
Indonesia Treasury Bond, 9.500%, 7/15/2023	IDR	10,000,000,000			800,165
Indonesia Treasury Bond, 10.250%, 7/15/2027	IDR	25,000,000,000			2,094,940
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR	145,156,000,000			12,487,667
Indonesia Treasury Bond, Series ZC3, Zero Coupon Bond, 11/20/2012	IDR	378,003,000,000			23,737,153
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN	4,585,000	(††)		41,821,659
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN	42,372,800	(††)		366,942,507
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN	10,500,000	(††)		102,293,830
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD	165,565,000			157,543,668
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD	87,640,000			80,365,050
Republic of Brazil, 8.875%, 4/15/2024(b)		32,625,000			41,515,313
Republic of Brazil, 10.250%, 1/10/2028	BRL	97,695,000			51,495,400
Republic of Brazil, 12.500%, 1/05/2016(b)	BRL	17,305,000			10,739,657
Republic of Brazil, 12.500%, 1/05/2022	BRL	114,735,000			69,602,512
					2,225,563,134
Supermarkets – 0.8%
Albertson’s, Inc., 7.450%, 8/01/2029		100,465,000			95,035,872
Albertson’s, Inc., 7.750%, 6/15/2026		20,515,000			20,119,102
Albertson’s, Inc., 8.000%, 5/01/2031		9,680,000			9,900,994
Albertson’s, Inc., 8.700%, 5/01/2030		2,995,000			3,188,893
Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		17,485,000			14,995,835
					143,240,696
Supranational – 3.9%
Eurofima, Series EMTN, 10.000%, 11/03/2008	ISK	557,100,000			7,026,220
Eurofima, Series EMTN, 11.000%, 2/05/2010	ISK	290,000,000			3,712,374
European Investment Bank, Zero Coupon Bond, 9/12/2008, 144A	BRL	10,732,465			6,334,149
European Investment Bank, Zero Coupon Bond, 3/10/2021	AUD	148,280,000			59,635,303
European Investment Bank, 4.600%, 1/30/2037, 144A	CAD	200,000,000			188,845,739
European Investment Bank, Series EMTN, Zero Coupon Bond, 4/24/2013, 144A	IDR	615,006,960,000			38,241,159
Inter-American Development Bank, Series EMTN, Zero Coupon Bond, 5/11/2009	BRL	297,000,000			167,258,187
Inter-American Development Bank, Series EMTN, Zero Coupon Bond, 5/20/2013	IDR	345,270,000,000			21,558,779
Inter-American Development Bank, Series EMTN, 6.000%, 12/15/2017(b)	NZD	184,525,000			129,375,416
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK	2,126,200,000			27,077,138
Nordic Investment Bank, 13.000%, 9/12/2008	ISK	3,360,300,000			42,631,401

12

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Supranational – continued
Nordic Investment Bank, Series EMTN, 11.250%, 4/16/2009	ISK	89,400,000	$	1,132,332
				692,828,197
Technology – 2.5%
Affiliated Computer Services, Inc., 5.200%, 6/01/2015		115,000		98,038
Agilent Technologies, Inc., 6.500%, 11/01/2017		57,300,000		55,812,034
Amkor Technology, Inc., 7.125%, 3/15/2011(b)		8,785,000		8,411,637
Amkor Technology, Inc., 7.750%, 5/15/2013(b)		11,745,000		10,893,487
Arrow Electronics, Inc., 6.875%, 7/01/2013		14,165,000		14,466,799
Arrow Electronics, Inc., 6.875%, 6/01/2018		5,000,000		5,015,590
Avnet, Inc., 5.875%, 3/15/2014		36,145,000		34,804,418
Avnet, Inc., 6.000%, 9/01/2015		50,685,000		49,134,698
Avnet, Inc., 6.625%, 9/15/2016		15,225,000		15,218,271
Corning, Inc., 5.900%, 3/15/2014		9,330,000		9,362,450
Corning, Inc., 6.200%, 3/15/2016		5,155,000		5,326,311
Corning, Inc., 6.850%, 3/01/2029		10,321,000		10,096,818
Corning, Inc., 7.250%, 8/15/2036		5,645,000		5,726,113
Equifax, Inc., 7.000%, 7/01/2037		19,270,000		17,734,663
Freescale Semiconductor, Inc., 10.125%, 12/15/2016(b)		30,004,000		22,878,050
Lucent Technologies, Inc., 6.450%, 3/15/2029(b)		66,137,000		50,594,805
Lucent Technologies, Inc., 6.500%, 1/15/2028		2,216,000		1,695,240
Motorola, Inc., 5.220%, 10/01/2097		13,750,000		7,649,125
Motorola, Inc., 6.500%, 9/01/2025(b)		12,625,000		9,427,214
Motorola, Inc., 6.500%, 11/15/2028(b)		24,125,000		18,845,557
Motorola, Inc., 6.625%, 11/15/2037		26,570,000		20,902,778
Nortel Networks Corp., 1.750%, 4/15/2012		1,045,000		782,444
Nortel Networks Corp., 6.875%, 9/01/2023		18,422,000		13,079,620
Nortel Networks Ltd., 10.125%, 7/15/2013		22,825,000		22,311,437
Northern Telecom Capital Corp., 7.875%, 6/15/2026		12,035,000		8,605,025
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		5,060,000		5,451,270
Xerox Capital Trust I, 8.000%, 2/01/2027		25,440,000		24,830,992
Xerox Corp., Series MTN, 7.200%, 4/01/2016		615,000		634,452
				449,789,336
Textile – 0.1%
Kellwood Co., 7.625%, 10/15/2017(c)		11,070,000		7,140,150
Tobacco – 0.5%
Reynolds American, Inc., 6.750%, 6/15/2017		71,085,000		70,714,576
Reynolds American, Inc., 7.250%, 6/15/2037(b)		17,990,000		17,704,589
				88,419,165
Transportation Services – 0.7%
APL Ltd., 8.000%, 1/15/2024(c)		19,894,000		16,512,020
Atlas Air, Inc., Series 1999-1, Class A-1, 7.200%, 7/02/2020		13,753,912		12,791,139
Atlas Air, Inc., Series 1999-1A, 6.880%, 7/02/2009		1,153,157		1,078,201
Atlas Air, Inc., Series 1999-1B, 7.630%, 1/02/2015(e)		18,164,300		19,072,515
Atlas Air, Inc., Series 1999-1C, 8.770%, 1/02/2011(e)		15,689,997		14,905,497
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 1/02/2014(e)		9,260,147		10,371,365
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(e)		201,720		197,685

13

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Transportation Services – continued
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(e)		$	39,925,752	$	42,720,554
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(e)			6,552,024		5,503,701
					123,152,677
Treasuries – 3.7%
U.S. Treasury Bonds, 4.500%, 2/15/2036(b)			218,105,000		216,554,491
U.S. Treasury Bonds, 4.750%, 2/15/2037(b)			170,000,000		175,551,520
U.S. Treasury Bonds, 5.375%, 2/15/2031(b)			245,380,000		272,640,246
					664,746,257
Wireless – 1.7%
ALLTEL Corp., 6.500%, 11/01/2013(b)			2,880,000		2,887,200
ALLTEL Corp., 6.800%, 5/01/2029			12,987,000		11,883,105
ALLTEL Corp., 7.000%, 3/15/2016(b)			3,125,000		3,156,250
ALLTEL Corp., 7.875%, 7/01/2032			92,074,000		93,455,110
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			29,849,000		24,774,670
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			16,950,000		14,322,750
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			49,753,000		39,926,782
Rogers Wireless, Inc., 6.375%, 3/01/2014			1,895,000		1,897,194
Rogers Wireless, Inc., 7.625%, 12/15/2011(b)	CAD		6,990,000		7,293,812
Sprint Capital Corp., 6.875%, 11/15/2028			42,331,000		35,240,557
Sprint Capital Corp., 6.900%, 5/01/2019			31,405,000		27,557,888
Sprint Nextel Corp., 6.000%, 12/01/2016			15,184,000		13,058,240
True Move Co. Ltd., 10.750%, 12/16/2013, 144A			36,610,000		31,896,463
Vodafone Group PLC, 6.150%, 2/27/2037			2,655,000		2,428,043
					309,778,064
Wirelines – 5.1%
AT&T Corp., 6.500%, 3/15/2029			27,859,000		26,452,009
AT&T, Inc., 6.150%, 9/15/2034			14,755,000		13,786,659
AT&T, Inc., 6.500%, 9/01/2037			152,250,000		147,350,443
Bell Canada, 6.550%, 5/01/2029, 144A	CAD		5,790,000		4,553,869
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		45,750,000		34,287,599
Bell Canada, Series MTN, 5.000%, 2/15/2017	CAD		7,738,000		6,162,019
Bell Canada, Series MTN, 7.300%, 2/23/2032	CAD		11,405,000		9,714,103
BellSouth Corp., 6.000%, 11/15/2034(b)			26,970,000		24,698,128
Embarq Corp., 7.995%, 6/01/2036			8,735,000		8,263,153
GTE Corp., 6.940%, 4/15/2028			11,700,000		11,582,977
Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030			10,505,000		12,076,832
Koninklijke (Royal) KPN NV, Series EMTN, 5.750%, 3/18/2016	GBP		1,600,000		2,888,564
Koninklijke (Royal) KPN NV, Series GMTN, 4.000%, 6/22/2015	EUR		2,750,000		3,803,114
Level 3 Financing, Inc., 8.750%, 2/15/2017(b)			43,605,000		37,500,300
Level 3 Financing, Inc., 9.250%, 11/01/2014(b)			17,580,000		15,997,800
New England Telephone & Telegraph, 7.875%, 11/15/2029			2,740,000		2,929,539
Qwest Capital Funding, Inc., 6.375%, 7/15/2008			919,000		919,000
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			29,990,000		24,591,800
Qwest Capital Funding, Inc., 6.875%, 7/15/2028(b)			66,907,000		53,525,600
Qwest Capital Funding, Inc., 7.625%, 8/03/2021(b)			15,025,000		12,959,062
Qwest Capital Funding, Inc., 7.750%, 2/15/2031(b)			40,120,000		34,202,300
Qwest Corp., 6.875%, 9/15/2033			29,405,000		24,259,125

14

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Qwest Corp., 7.200%, 11/10/2026		$	1,505,000	$	1,264,200
Qwest Corp., 7.250%, 9/15/2025			9,920,000		8,779,200
Qwest Corp., 7.500%, 6/15/2023			4,455,000		3,964,950
Telecom Italia Capital, 6.000%, 9/30/2034			30,915,000		26,457,521
Telecom Italia Capital, 6.375%, 11/15/2033			26,400,000		23,503,101
Telefonica Emisiones SAU, 7.045%, 6/20/2036			174,550,000		179,131,937
Telus Corp., 4.950%, 3/15/2017	CAD		45,415,000		41,330,901
Verizon Communications, 5.850%, 9/15/2035			87,716,000		77,311,567
Verizon Maryland, Inc., 5.125%, 6/15/2033			10,290,000		7,946,010
Verizon New York, Inc., Series B, 7.375%, 4/01/2032			17,475,000		17,751,717
					899,945,099
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $16,111,840,148)					15,727,617,887
CONVERTIBLE BONDS – 3.3%
Healthcare – 0.1%
Affymetrix, Inc., 3.500%, 1/15/2038			13,582,000		11,052,352
Invitrogen Corp., 1.500%, 2/15/2024			14,480,000		13,864,600
					24,916,952
Independent Energy – 0.1%
Devon Energy Corp., 4.900%, 8/15/2008(b)			1,400,000		2,600,500
Devon Energy Corp., 4.950%, 8/15/2008(b)			2,600,000		4,829,500
					7,430,000
Industrial Other – 0.1%
Incyte Corp., 3.500%, 2/15/2011(b)			24,551,000		22,832,430
Media Non-Cable – 0.1%
Liberty Media LLC, 3.500%, 1/15/2031			10,195,931		5,837,170
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(f)			4,048,000		3,638,140
					9,475,310
Non-Captive Consumer – 0.2%
Countrywide Financial Corp., Series A, Zero Coupon Bond, 4/15/2037			11,242,000		10,834,477
Countrywide Financial Corp., Series B, 0.426%, 5/15/2037(b)(d)			33,004,000		30,899,995
					41,734,472
Non-Captive Diversified – 0.3%
iStar Financial, Inc., 3.291%, 10/01/2012(b)(d)			60,445,000		47,147,100
Pharmaceuticals – 0.8%
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024			7,122,000		4,308,810
Human Genome Sciences, Inc., 2.250%, 8/15/2012			47,645,000		34,423,513
Nektar Therapeutics, 3.250%, 9/28/2012			26,120,000		17,990,150
Valeant Pharmaceuticals International, 3.000%, 8/16/2010			34,125,000		31,267,031
Valeant Pharmaceuticals International, 4.000%, 11/15/2013			33,914,000		29,081,255
Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013(b)			11,035,000		17,380,125
					134,450,884
REITs – 0.1%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A			28,630,000		23,154,513
Technology – 0.5%
Avnet, Inc., 2.000%, 3/15/2034			18,780,000		19,413,825

15

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

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Kulicke & Soffa Industries, Inc., 0.500%, 11/30/2008	$	10,920,000	$	10,565,100
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		9,485,000		7,386,444
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		5,805,000		5,108,400
Maxtor Corp., 5.750%, 3/01/2012(c)		9,467,000		8,898,980
Nortel Networks Corp., 2.125%, 4/15/2014		49,136,000		32,921,120
Richardson Electronics Ltd., 7.750%, 12/15/2011		395,000		325,875
				84,619,744
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		144,000		130,500
Transportation Services – 0.0%
Builders Transportation, Inc., 8.000%, 8/15/2005(g)		1,000,000		—
Preston Corp., 7.000%, 5/01/2011		602,000		558,355
				558,355
Wireless – 0.1%
Nextel Communications, Inc., 5.250%, 1/15/2010		3,505,000		3,382,325
NII Holdings, Inc., 3.125%, 6/15/2012(b)		21,974,000		18,513,095
				21,895,420
Wirelines – 0.9%
Level 3 Communications, Inc., 2.875%, 7/15/2010		41,240,000		34,486,950
Level 3 Communications, Inc., 3.500%, 6/15/2012(b)		46,770,000		37,942,163
Level 3 Communications, Inc., 5.250%, 12/15/2011		19,145,000		17,350,156
Level 3 Communications, Inc., 6.000%, 9/15/2009		39,230,000		37,366,575
Level 3 Communications, Inc., 6.000%, 3/15/2010(b)		43,124,000		40,105,320
				167,251,164
TOTAL CONVERTIBLE BONDS
(Identified Cost $611,778,449)				585,596,844
MUNICIPALS – 0.9%
Alabama – 0.0%
Alabama Public School & College Authority ( Capital Improvement), 4.500%, 12/01/2026		4,640,000		4,487,437
California – 0.4%
San Diego Unified School District (Election 1998), 4.500%, 7/01/2029, Series F-1 (FSA insured)		4,870,000		4,518,727
San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), 3.750%, 8/01/2028, Series C (MBIA insured)		2,165,000		1,751,138
San Jose Redevelopment Agency Tax Allocation (Merged Area), 3.750%, 8/01/2028, Series C (MBIA insured)		5,425,000		4,420,181
State of California, 4.500%, 8/01/2027 (AMBAC insured)		7,340,000		6,943,640
State of California, 4.500%, 10/01/2029		20,455,000		18,828,418
State of California, 4.500%, 8/01/2030 (AMBAC insured)		5,945,000		5,440,329
State of California, 4.500%, 8/01/2030		5,140,000		4,710,810
State of California (Various Purpose), 3.250%, 12/01/2027 (MBIA insured)		3,805,000		2,904,509
State of California (Various Purpose), 4.500%, 12/01/2033 (AMBAC insured)		17,945,000		16,140,451
University of California Regents Medical Center, 4.750%, 5/15/2031, Series A (MBIA insured)		1,260,000		1,205,707
				66,863,910

16

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

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
District Of Columbia – 0.0%
District of Columbia, 4.750%, 6/01/2036, Series A (FGIC insured)	$	4,640,000	$	4,347,030
Florida – 0.1%
Florida State Turnpike Authority (Department of Transportation), 3.500%, 7/01/2027, Series A (MBIA insured)		4,640,000		3,745,176
Jea, Florida Water & Sewer Systems Revenue, 4.750%, 10/01/2041, Series B (MBIA insured)		7,355,000		6,888,546
				10,633,722
Illinois – 0.1%
Chicago Board of Education, 4.750%, 12/01/2031, Series B (FSA insured)		8,020,000		7,864,172
Chicago O’Hare International Airport, 4.500%, 1/01/2038, Series A (FSA insured)		2,440,000		2,189,070
				10,053,242
Louisiana – 0.0%
State of Louisiana, 3.250%, 5/01/2026, Series C (FSA insured)		4,640,000		3,681,051
Massachusetts – 0.0%
Massachusetts School Building Authority, 4.750%, 8/15/2032, Series A (AMBAC insured)		4,645,000		4,540,394
Michigan – 0.1%
Grosse Pointe Public School System, 3.000%, 5/01/2027 (FGIC insured)		2,800,000		2,044,952
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034		21,455,000		19,643,769
				21,688,721
Nebraska – 0.1%
Omaha Public Power District, 4.500%, 2/01/2034, Series AA (FGIC insured)		11,595,000		10,485,822
Ohio – 0.0%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047		10,390,000		8,669,624
Texas – 0.1%
Harris County, TX, 4.500%, 10/01/2031, Series B		13,125,000		12,400,369
Wisconsin – 0.0%
Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2026 (FSA insured)		3,170,000		2,654,083
Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2029 (FSA insured)		3,415,000		2,751,534
Wisconsin Housing & Economic Development Authority, 4.900%, 11/01/2035, Series E		1,185,000		1,125,086
				6,530,703
TOTAL MUNICIPALS
(Identified Cost $164,871,119)				164,382,025
TOTAL BONDS AND NOTES
(Identified Cost $16,888,489,716)				16,477,596,756
BANK LOANS – 1.6%
Automotive – 0.5%
Chrysler LLC, First Lien Term Loan, 6.480%, 8/03/2013(h)		163,408,392		84,019,693

17

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

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BANK LOANS – continued
Consumer Products – 0.0%
Mega Bloks, Inc., Term Loan B, 8.250%, 7/26/2012(h)	$	8,495,000	$	7,305,700
Electric – 0.3%
Calpine Corp., First Priority Term Loan, 5.685%, 3/29/2014(h)		29,611,200		28,217,105
TXU Tech Co., Term Loan B2, 6.234%, 10/10/2014(h)		27,426,830		25,369,817
				53,586,922
Food & Beverage – 0.1%
Dole Food Co., Inc., LOC, 4.710%, 4/12/2013(h)		982,833		912,040
Dole Food Co., Inc., Term Loan, 4.866%, 4/12/2013(h)		2,573,631		2,388,252
Dole Food Co., Inc., Tranche C Term Loan, 4.793%, 4/12/2013(h)		5,354,900		4,969,187
				8,269,479
Healthcare – 0.1%
Community Health System, Term Loan B, 4.859%, 7/25/2014(h)		4,170,000		3,925,471
HCA, Inc., Term Loan B, 5.051%, 11/17/2013(h)		11,665,783		10,944,604
				14,870,075
Media Non-Cable – 0.2%
Idearc, Inc., Term Loan B, 4.787%, 11/17/2014(h)		33,339,460		26,629,894
Tribune Co., Tranche X, 5.478%, 5/17/2009(h)		5,670,000		5,421,937
				32,051,831
Oil Field Services – 0.0%
Dresser, Inc., Second Lien Term Loan, 8.469%, 5/04/2015(h)		3,515,000		3,367,089
Dresser, Inc., Term Loan B, 5.215%, 5/05/2014(h)		1,741,254		1,670,977
				5,038,066
Paper – 0.1%
Georgia Pacific Corp., First Lien Term Loan, 4.449%, 12/20/2012(h)		21,007,244		19,777,480
Georgia Pacific Corp., Term Loan B2, 4.465%, 12/29/2012(h)		2,920,177		2,754,691
				22,532,171
Technology – 0.1%
Freescale Semiconductor, Inc., Term Loan B, 4.209%, 12/01/2013(h)		2,338,131		2,114,840
Nuance Communications, Inc., Term Loan B2, 4.990%, 3/31/2013(h)		16,417,085		15,568,815
				17,683,655
Wireless – 0.1%
ALLTEL Corp., Term Loan B2, 5.564%, 5/16/2015(h)		15,740,702		15,542,054
Wirelines – 0.1%
Hawaiian Telecom Communications, Inc., Term Loan C, 5.310%, 6/01/2014(h)		23,831,579		19,608,862
TOTAL BANK LOANS
(Identified Cost $299,579,396)				280,508,508

18

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

Loomis Sayles Bond Fund - continued

	Shares	Value (†)
COMMON STOCKS – 0.4%
Biotechnology – 0.2%
Vertex Pharmaceuticals, Inc.(b)(e)	879,080	$	29,422,808
Communications Equipment – 0.1%
Corning, Inc.	630,490		14,532,794
Containers & Packaging – 0.1%
Owens-Illinois, Inc.(b)(e)	639,339		26,654,043
TOTAL COMMON STOCKS
(Identified Cost $42,506,343)			70,609,645
PREFERRED STOCKS – 3.0%
CONVERTIBLE PREFERRED STOCKS – 1.3%
Automotive – 0.3%
Ford Motor Co., Capital Trust II, 6.500%(b)	1,957,035		54,112,018
General Motors Corp., 6.250%(b)	104,656		1,387,738
			55,499,756
Capital Markets – 0.1%
Newell Financial Trust I, 5.250%	207,122		9,320,490
Construction Materials – 0.0%
Williams Cos., Inc., 5.500%	25,000		4,701,563
Diversified Consumer Services – 0.0%
Six Flags, Inc., 7.250%(b)	517,100		4,834,885
Diversified Financial Services – 0.0%
Cit Group, Inc., 8.750%	12,500		511,000
Sovereign Capital Trust, 4.375%	174,788		5,374,731
			5,885,731
Electric Utilities – 0.2%
AES Trust III, 6.750%(b)	346,577		16,808,984
CMS Energy Trust I, 7.750%(b)	207,375		9,331,875
			26,140,859
Machinery – 0.0%
United Rentals Trust, 6.500%	206,396		6,604,672
Oil, Gas & Consumable Fuels – 0.5%
Chesapeake Energy Corp., 4.500%(b)	87,351		14,063,511
Chesapeake Energy Corp., 5.000%(b)	360,780		65,842,350
El Paso Energy Capital Trust I, 4.750%	189,879		7,785,039
			87,690,900
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 1.950%(b)	53,600		1,026,440
Semiconductors & Semiconductor Equipment – 0.2%
Lucent Technologies Capital Trust, 7.750%(b)	42,548		32,336,480
TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $225,730,114)			234,041,776
NON-CONVERTIBLE PREFERRED STOCKS – 1.7%
Banking – 0.1%
Bank of America Corp., 7.250%	5,922		5,240,970

19

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

Loomis Sayles Bond Fund - continued

	Shares	Value (†)
PREFERRED STOCKS – continued
Banking – continued
CIT Group, Inc., 6.350%	368,875	$	4,703,156
			9,944,126
Capital Markets – 0.2%
Lehman Brothers Holdings Capital Trust I, Zero Coupon	55,575		893,090
Lehman Brothers Holdings, Inc., 5.670%	103,114		3,100,638
Lehman Brothers Holdings, Inc., 5.940%	109,313		3,490,364
Lehman Brothers Holdings, Inc., 6.500%	479,083		8,187,529
Lehman Brothers Holdings, Inc., 7.250%	14,490		11,656,191
Lehman Brothers Holdings, Inc., 7.950%(b)	195,569		3,979,829
Merrill Lynch & Co., Inc., Zero Coupon	53,000		893,580
			32,201,221
Electric Utilities – 0.0%
Connecticut Light & Power Co., 1.900%	2,925		102,284
Entergy Arkansas, Inc., 4.320%	100		7,722
Entergy Mississippi, Inc., Zero Coupon	5,000		401,250
Entergy New Orleans, Inc., 4.360%	665		47,194
Entergy New Orleans, Inc., 4.750%	200		14,631
MDU Resources Group, Inc., 5.100%	1,318		131,883
Public Service Co., 4.000%	360		27,551
Southern California Edison Co., 4.780%(b)	50,100		1,032,060
Xcel Energy, Inc., 3.600%	1,100		77,825
			1,842,400
Thrifts & Mortgage Finance – 1.4%
Federal Home Loan Mortgage Corp., Zero Coupon(b)	1,998,739		32,779,320
Federal Home Loan Mortgage Corp., Zero Coupon	531,400		9,559,886
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(b)	3,049,402		74,100,469
Federal National Mortgage Association, 5.125%(b)	131,150		4,164,012
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(b)	6,085,000		139,650,750
			260,254,437
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $343,729,972)			304,242,184
TOTAL PREFERRED STOCKS
(Identified Cost $569,460,086)			538,283,960
CLOSED END INVESTMENT COMPANIES – 0.2%
BlackRock Senior High Income Fund, Inc.	199,071		939,615
Dreyfus High Yield Strategies Fund	1,033,274		3,699,121
DWS High Income Trust	177,909		818,382
Highland Credit Strategies Fund(b)	860,000		11,506,800
Morgan Stanley Emerging Markets Debt Fund, Inc.	356,954		3,319,672
Van Kampen High Income Trust II(b)	141,611		467,316
Western Asset High Income Opportunity Fund, Inc.	2,217,450		12,506,418

20

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

Loomis Sayles Bond Fund - continued

	Shares		Value (†)
CLOSED END INVESTMENT COMPANIES – continued
Western Asset Managed High Income Fund, Inc.(b)		1,369,100	$	7,817,561
TOTAL CLOSED END INVESTMENT COMPANIES
(Identified Cost $45,128,723)				41,074,885
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 8.3%
Repurchase Agreement with State Street Corp. dated 6/30/2008 at 1.300%, to be repurchased at $747,998 on 7/1/2008 collateralized by $755,000 U.S. Treasury Bill, Zero Coupon due 9/18/2008 valued at $752,029 including accrued interest(i)	$	747,971		747,971
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2008 at 1.300%, to be repurchased at $88,618,200 on 7/1/2008 collateralized by $35,000,000 Federal Home Loan Mortgage Corp., 5.000% due 4/01/2014 valued at $35,437,500; $5,000,000 Federal Farm Credit Bank., 4.875% due 12/16/2015 valued at $5,112,500; $50,000,000 U.S. Treasury Note, 5.000% due 7/31/2008 valued at $51,090,000 including accrued interest(i)		88,615,000		88,615,000
	Shares
State Street Navigator Securities Lending Prime Portfolio(j)		1,388,415,223		1,388,415,223
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $1,477,778,194)				1,477,778,194
TOTAL INVESTMENTS – 106.1%
(Identified Cost $19,322,942,458)(a)				18,885,851,948
Other assets less liabilities—(6.1)%				(1,080,264,884	)
TOTAL NET ASSETS – 100.0%			$	17,805,587,064

21

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

Loomis Sayles Bond 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 the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. Futures 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.

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

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

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

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

At June 30, 2008, the net unrealized depreciation on investments based on a cost of $19,327,399,471 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	$	640,736,357
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,082,283,880	)
Net unrealized depreciation	$	(441,547,523	)

At September 30, 2007, the Fund had a capital loss carryforward 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 June 30, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned securities for non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at June 30, 2008 were $1,355,903,477 and $1,388,415,223, respectively.

(c) Illiquid security. At June 30, 2008, the value of these securities amounted to $63,334,972 or 0.4% of net assets.

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

(e) Non-income producing security.

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

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

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

22

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

Loomis Sayles Bond Fund - continued

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

(j) Represents investment of securities lending collateral.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2008, the total value of these securities amounted to $1,607,440,235 or 9.0% of net assets.

AMBAC American Municipal Bond Assurance Corp.

EMTN Euro Medium Term Note

FGIC Financial Guarantee Insurance Company

FSA Financial Security Assurance, Inc.

GMTN Global Medium Term Note

LOC Letter of Credit

MBIA Municipal Bond Investor Assurance Corp.

MTN Medium Term Note

REITs Real Estate Investment Trusts

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; EUR: Euro; GBP: 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

New Accounting Pronouncements

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

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

Unfunded Loan Commitments

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

Borrower	Unfunded Loan Commitment
Community Health System, Inc.	$	210,000

23

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

Loomis Sayles Bond Fund - continued

NET ASSET SUMMARY AT JUNE 30, 2008 (Unaudited)

Sovereigns	12.5	%
Non-Captive Diversified	7.8
Wirelines	6.1
Banking	5.0
Healthcare	4.9
Non-Captive Consumer	4.7
Electric	3.9
Supranational	3.9
Treasuries	3.7
Retailers	3.4
Technology	3.1
Paper	2.6
Automotive	2.6
Pharmaceuticals	2.6
Media Cable	2.3
Pipelines	2.1
Other Investments, less than 2% each	26.6
Short-Term Investments	8.3
Total Investments	106.1
Other asset less liabilities	(6.1	)
Net Assets	100.0	%

CURRENCY EXPOSURE AT JUNE 30, 2008 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	78.4	%
Canadian Dollar	9.7
Mexican Peso	2.9
Brazilian Real	2.6
New Zealand Dollar	2.3
Australian Dollar	2.2
Other Investments, less than 2% each	8.0
Total Investments	106.1
Other asset less liabilities	(6.1	)
Net Assets	100.0	%

24

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

Loomis Sayles Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 93.7% of Net Assets
NON-CONVERTIBLE BONDS – 89.9%
Aerospace & Defense – 0.0%
Bombardier, Inc., 7.450%, 5/01/2034, 144A		$	175,000	$	167,125
Airlines – 0.5%
American Airlines, Inc., Series 1999-1, 7.324%, 4/15/2011			250,000		230,000
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011			34,639		31,348
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			123,157		102,220
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 12/15/2015			203,816		169,167
Continental Airlines, Inc., Series 971A, 7.461%, 4/01/2015			458,014		405,343
Delta Air Lines, Inc., Class C, Series 2007-1, 8.954%, 8/10/2014			1,904,253		1,523,402
United Air Lines, Inc., 6.636%, 7/02/2022			1,259,797		1,029,884
					3,491,364
Asset-Backed Securities – 0.1%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			725,000		648,099
Ford Credit Auto Owner Trust, 4.380%, 1/15/2010			48,348		48,405
					696,504
Automotive – 1.9%
Cummins, Inc., 7.125%, 3/01/2028			2,400,000		2,277,245
FCE Bank PLC, Series EMTN, 7.125%, 1/16/2012	EUR		300,000		382,592
FCE Bank PLC, Series EMTN, 7.125%, 1/15/2013	EUR		200,000		250,338
Ford Motor Co., 6.375%, 2/01/2029			730,000		383,250
Ford Motor Co., 6.500%, 8/01/2018(b)			50,000		29,000
Ford Motor Co., 6.625%, 10/01/2028			2,435,000		1,302,725
Ford Motor Co., 7.125%, 11/15/2025(b)			595,000		333,200
Ford Motor Co., 7.450%, 7/16/2031			5,065,000		2,950,362
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010			750,000		639,877
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			230,000		169,375
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010			500,000		431,578
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			565,000		410,621
General Motors Corp., 7.400%, 9/01/2025			250,000		128,750
General Motors Corp., 8.250%, 7/15/2023(b)			4,435,000		2,583,387
General Motors Corp., 8.375%, 7/15/2033			275,000		162,938
Goodyear Tire & Rubber Co., 7.000%, 3/15/2028			375,000		313,125
					12,748,363
Banking – 6.2%
BAC Capital Trust VI, 5.625%, 3/08/2035			2,385,000		1,942,043
Bank of America Corp., 4.850%, 11/15/2014			500,000		465,049
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		2,340,000,000		2,253,764
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		175,000,000		5,093,671
Barclays Financial LLC, Series EMTN, 4.100%, 3/22/2010, 144A	THB		45,000,000		1,308,050
BNP Paribas SA, Series EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		18,710,000,000		1,435,110
Citibank Credit Card Issuance Trust, Series 2008-C6, 6.300%, 6/20/2014			4,265,000		4,078,406
HSBC Bank USA, 3.310%, 8/25/2010, 144A			5,000,000		5,866,500
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL		16,585,000		7,918,859

1

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Banking – continued
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	13,692,036,000	$	1,077,839
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	17,920,000,000		1,409,305
JPMorgan Chase & Co., Zero Coupon Bond, 4/12/2012, 144A	IDR	21,194,634,240		1,459,257
JPMorgan Chase & Co., 1.000%, 6/08/2012, Series EMTN, 144A	MYR	4,651,835		1,211,684
JPMorgan Chase London, Zero Coupon Bond, 10/21/2010, 144A	IDR	18,824,303,000		1,564,541
Kaupthing Bank, 3.413%, 1/15/2010, 144A(c)		200,000		173,578
Kaupthing Bank, 5.750%, 10/04/2011, 144A		2,700,000		2,045,250
Kaupthing Bank, 6.125%, 10/04/2016, 144A		500,000		327,500
Rabobank Nederland, Series EMTN, 12.500%, 2/17/2009	ISK	70,000,000		895,116
Rabobank Nederland, Series EMTN, 14.000%, 1/28/2009, 144A	ISK	48,000,000		611,456
				41,136,978
Brokerage – 0.8%
Lehman Brothers Holdings, Inc., (fixed rate to 5/03/2027, variable rate thereafter) 6.000%, 5/03/2032		170,000		129,972
Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037		3,940,000		3,391,544
Morgan Stanley, Series F, MTN, 6.625%, 4/01/2018		1,745,000		1,653,431
				5,174,947
Building Materials – 0.5%
Owens Corning, Inc., 6.500%, 12/01/2016		805,000		732,934
Owens Corning, Inc., 7.000%, 12/01/2036		1,205,000		1,006,667
Ply Gem Industries, Inc., 9.000%, 2/15/2012(b)		250,000		146,875
USG Corp., 6.300%, 11/15/2016		1,680,000		1,352,400
				3,238,876
Chemicals – 1.0%
Borden, Inc., 7.875%, 2/15/2023		5,240,000		3,144,000
Borden, Inc., 8.375%, 4/15/2016		55,000		36,850
Borden, Inc., 9.200%, 3/15/2021		905,000		570,150
ICI Wilmington, Inc., 5.625%, 12/01/2013		115,000		116,296
Lubrizol Corp., 5.500%, 10/01/2014		365,000		348,527
Lubrizol Corp., 6.500%, 10/01/2034		1,170,000		1,063,666
Methanex Corp., 6.000%, 8/15/2015		1,565,000		1,456,088
				6,735,577
Construction Machinery – 0.1%
Toro Co., 6.625%, 5/01/2037		965,000		986,868
Distributors – 0.1%
ONEOK, Inc., 6.000%, 6/15/2035		1,000,000		884,616
Diversified Manufacturing – 0.1%
General Electric Co., 5.000%, 2/01/2013		500,000		503,599
Electric – 3.4%
AES Corp., 7.750%, 3/01/2014		730,000		719,962
Duke Energy Carolinas, 4.200%, 10/01/2008		85,000		85,122
Dynegy Holdings, Inc., 7.125%, 5/15/2018		380,000		330,600
Dynegy Holdings, Inc., 7.625%, 10/15/2026		810,000		672,300
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		1,589,000		1,731,635

2

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Electric – continued
Enersis SA, 7.375%, 1/15/2014		$	275,000	$	292,096
Enersis SA, 7.400%, 12/01/2016			4,000,000		4,281,420
Mackinaw Power LLC, 6.296%, 10/31/2023, 144A			4,100,745		4,108,372
NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027			695,000		574,244
Nisource Finance Corp., 6.400%, 3/15/2018			2,855,000		2,755,458
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A			842,629		862,043
Quezon Power Philippines Co., 8.860%, 6/15/2017			1,401,400		1,380,379
TXU Corp., Series P, 5.550%, 11/15/2014			765,000		598,898
TXU Corp., Series Q, 6.500%, 11/15/2024			1,515,000		1,117,770
TXU Corp., Series R, 6.550%, 11/15/2034			1,275,000		928,937
White Pine Hydro LLC, 6.310%, 7/10/2017(d)			450,000		434,250
White Pine Hydro LLC, 6.960%, 7/10/2037(d)			670,000		634,754
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(d)			1,280,000		1,217,258
					22,725,498
Entertainment – 1.5%
Six Flags, Inc., 9.625%, 6/01/2014(b)			100,000		55,500
Time Warner, Inc., 6.500%, 11/15/2036			910,000		810,080
Time Warner, Inc., 6.625%, 5/15/2029			2,065,000		1,879,100
Time Warner, Inc., 6.950%, 1/15/2028			875,000		839,584
Time Warner, Inc., 7.625%, 4/15/2031			730,000		741,130
Time Warner, Inc., 7.700%, 5/01/2032			1,155,000		1,182,493
Viacom, Inc., Class B, 6.875%, 4/30/2036			4,880,000		4,582,745
					10,090,632
Food & Beverage – 0.3%
Corn Products International, Inc., 6.625%, 4/15/2037			1,540,000		1,554,673
Dole Food Co., Inc., 8.625%, 5/01/2009			165,000		157,163
Sara Lee Corp., 6.125%, 11/01/2032			295,000		267,230
					1,979,066
Foreign Local Governments – 4.2%
Province of Alberta, 5.930%, 9/16/2016	CAD		957,797		1,017,141
Province of British Columbia, Zero Coupon Bond, 8/23/2013	CAD		11,700,000		9,323,398
Province of Ontario, 5.700%, 12/01/2008	CAD		18,145,000		17,982,359
					28,322,898
Healthcare – 2.4%
Boston Scientific Corp., 5.450%, 6/15/2014			290,000		267,525
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., 5.750%, 3/15/2014			70,000		58,275
HCA, Inc., 6.250%, 2/15/2013			1,160,000		1,006,300
HCA, Inc., 6.375%, 1/15/2015			260,000		215,800
HCA, Inc., 6.500%, 2/15/2016(b)			610,000		507,825
HCA, Inc., 6.750%, 7/15/2013			115,000		100,912
HCA, Inc., 7.050%, 12/01/2027			3,545,000		2,684,600
HCA, Inc., 7.190%, 11/15/2015			560,000		482,365
HCA, Inc., 7.500%, 12/15/2023			690,000		561,052
HCA, Inc., 7.500%, 11/06/2033			1,440,000		1,108,800

3

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Healthcare – continued
HCA, Inc., 7.580%, 9/15/2025		$	2,930,000	$	2,376,511
HCA, Inc., 7.690%, 6/15/2025			2,660,000		2,175,263
HCA, Inc., 7.750%, 7/15/2036			430,000		340,059
HCA, Inc., 8.360%, 4/15/2024			1,510,000		1,285,240
Owens & Minor, Inc., 6.350%, 4/15/2016			320,000		314,300
Tenet Healthcare Corp., 6.500%, 6/01/2012			105,000		98,963
Tenet Healthcare Corp., 6.875%, 11/15/2031			1,075,000		774,000
Tenet Healthcare Corp., 7.375%, 2/01/2013			85,000		79,900
					16,002,890
Home Construction – 1.2%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016			115,000		71,300
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014			155,000		100,750
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014			115,000		74,750
Lennar Corp., 5.600%, 5/31/2015			1,700,000		1,243,125
Lennar Corp., 7.625%, 3/01/2009			470,000		455,900
Pulte Homes, Inc., 5.200%, 2/15/2015			1,305,000		1,063,575
Pulte Homes, Inc., 6.000%, 2/15/2035			3,920,000		3,057,600
Pulte Homes, Inc., 6.375%, 5/15/2033			1,960,000		1,519,000
Stanley-Martin Communities LLC, 9.750%, 8/15/2015			370,000		162,800
Toll Brothers Finance Corp., 5.150%, 5/15/2015			565,000		489,292
					8,238,092
Independent Energy – 3.0%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			3,495,000		3,496,877
Anadarko Petroleum Corp., 6.450%, 9/15/2036			2,580,000		2,546,687
Bruce Mansfield Unit, 6.850%, 6/01/2034			4,255,000		4,260,234
Chesapeake Energy Corp., 6.500%, 8/15/2017			380,000		355,300
Chesapeake Energy Corp., 6.875%, 1/15/2016			200,000		193,000
Chesapeake Energy Corp., 6.875%, 11/15/2020			900,000		846,000
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			792,000		835,560
Pioneer Natural Resources Co., 5.875%, 7/15/2016			435,000		393,439
Pioneer Natural Resources Co., 7.200%, 1/15/2028			1,465,000		1,293,400
Questar Market Resources, Inc., 6.800%, 4/01/2018			3,820,000		3,732,457
Talisman Energy, Inc., 5.850%, 2/01/2037			550,000		473,878
Talisman Energy, Inc., 6.250%, 2/01/2038			1,485,000		1,365,036
XTO Energy, Inc., 6.100%, 4/01/2036			155,000		147,632
					19,939,500
Industrial Other – 0.2%
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A			1,575,000		1,181,250
Integrated Energy – 0.2%
PF Export Receivables Master Trust, 6.436%, 6/01/2015, 144A			1,412,136		1,447,440
Life Insurance – 2.2%
ASIF Global Financing XXVII, 2.380%, 2/26/2009, 144A	SGD		17,000,000		12,480,903
Hartford Life Insurance Co., 6.140%, 9/15/2011(c)			500,000		497,631
John Hancock Insurance Co., 5.790%, 4/15/2009(c)			500,000		502,775
Principal Life Income Funding Trust, 5.000%, 10/15/2014			500,000		469,702
Protective Life Secured Trust, 5.670%, 9/10/2014(c)			1,000,000		980,680
					14,931,691

4

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Local Authorities – 1.3%
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD	2,150,000		$	1,993,505
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		7,910,000			6,667,497
					8,661,002
Lodging – 0.0%
Host Marriott LP, Series O, 6.375%, 3/15/2015		150,000			132,750
Media Cable – 3.8%
Comcast Corp., 5.650%, 6/15/2035		2,660,000			2,260,298
Comcast Corp., 6.450%, 3/15/2037		2,645,000			2,461,678
Comcast Corp., 6.500%, 11/15/2035		3,240,000			3,080,025
Comcast Corp., 6.950%, 8/15/2037		7,695,000			7,568,717
CSC Holdings, Inc., 6.750%, 4/15/2012		200,000			188,000
CSC Holdings, Inc., 7.625%, 4/01/2011		50,000			49,000
CSC Holdings, Inc., 7.875%, 2/15/2018		170,000			158,100
Rogers Cable, Inc., 5.500%, 3/15/2014		150,000			144,395
TCI Communications, Inc., 7.875%, 2/15/2026		550,000			597,054
Time Warner Cable, Inc., 6.550%, 5/01/2037		1,500,000			1,381,502
Time Warner Cable, Inc., 6.750%, 7/01/2018		6,500,000			6,543,101
Virgin Media Finance PLC, 9.125%, 8/15/2016		400,000			375,000
Virgin Media Finance PLC, 9.750%, 4/15/2014	GBP	250,000			456,880
					25,263,750
Media Non-Cable – 0.5%
Clear Channel Communications, Inc., 4.250%, 5/15/2009		85,000			82,025
Clear Channel Communications, Inc., 5.500%, 12/15/2016		50,000			29,250
News America, Inc., 6.150%, 3/01/2037		2,630,000			2,421,475
News America, Inc., 6.200%, 12/15/2034		795,000			733,135
					3,265,885
Mortgage Related – 0.0%
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		95,000			89,109
Non-Captive Consumer – 2.1%
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		84,000			76,472
HSBC Finance Corp., 6.500%, 11/15/2008		60,000			60,480
Residential Capital LLC, 8.500%, 6/01/2012		180,000			70,200
Residential Capital LLC, 8.500%, 4/17/2013		6,335,000			2,470,650
Residential Capital LLC, 8.875%, 6/30/2015		730,000			284,700
Residential Capital LLC, 9.625%, 5/15/2015, 144A		884,000			428,740
SLM Corp., 4.000%, 1/15/2010		930,000			866,352
SLM Corp., 5.125%, 8/27/2012		420,000			365,449
SLM Corp., Series A, MTN, 5.000%, 10/01/2013		1,600,000			1,383,462
SLM Corp., Series A, MTN, 5.375%, 1/15/2013		900,000			792,690
SLM Corp., Series A, MTN, 5.375%, 5/15/2014		235,000			206,455
SLM Corp., Series A, MTN, 5.400%, 10/25/2011		405,000			369,842
SLM Corp., Series A, MTN, 6.000%, 12/15/2043		31,725	(†††)		553,204
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		5,840,000			5,602,522
SLM Corp., Series B, 6.090%, 9/15/2009(c)		500,000			483,100
					14,014,318
Non-Captive Diversified – 4.5%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015		770,000			530,365

5

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
CIT Group, Inc., 4.750%, 12/15/2010		$	135,000	$	110,099
CIT Group, Inc., 5.050%, 9/15/2014			500,000		338,387
CIT Group, Inc., 5.125%, 9/30/2014			2,460,000		1,761,973
CIT Group, Inc., 5.400%, 2/13/2012			30,000		23,815
CIT Group, Inc., 5.400%, 1/30/2016			355,000		244,486
CIT Group, Inc., 5.500%, 12/01/2014	GBP		800,000		1,081,523
CIT Group, Inc., 5.600%, 4/27/2011			625,000		498,393
CIT Group, Inc., 5.650%, 2/13/2017			1,005,000		693,297
CIT Group, Inc., 5.800%, 10/01/2036			1,150,000		885,155
CIT Group, Inc., 5.850%, 9/15/2016			30,000		20,699
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036			875,000		659,146
CIT Group, Inc., Series EMTN, 3.800%, 11/14/2012	EUR		750,000		846,920
CIT Group, Inc., Series EMTN, 4.650%, 9/19/2016	EUR		700,000		722,276
CIT Group, Inc., Series EMTN, 5.000%, 5/13/2014	EUR		550,000		617,523
CIT Group, Inc., Series EMTN, 5.500%, 12/20/2016	GBP		600,000		791,845
CIT Group, Inc., Series GMTN, 4.250%, 2/01/2010			85,000		71,925
CIT Group, Inc., Series GMTN, 4.250%, 9/22/2011	EUR		400,000		474,121
CIT Group, Inc., Series GMTN, 5.000%, 2/13/2014			1,185,000		850,930
CIT Group, Inc., Series GMTN, 5.000%, 2/01/2015			870,000		601,572
CIT Group, Inc., Series MTN, 4.250%, 3/17/2015	EUR		1,000,000		1,063,490
General Electric Capital Corp., 6.500%, 9/28/2015	NZD		9,210,000		6,040,832
General Electric Capital Corp., Series EMTN, 6.750%, 9/26/2016	NZD		1,345,000		881,837
GMAC LLC, 4.750%, 9/14/2009	EUR		960,000		1,254,523
GMAC LLC, 5.625%, 5/15/2009(b)			800,000		740,719
GMAC LLC, 5.750%, 9/27/2010	EUR		350,000		402,272
GMAC LLC, 6.000%, 12/15/2011			940,000		646,854
GMAC LLC, 6.875%, 8/28/2012			355,000		243,096
GMAC LLC, 7.000%, 2/01/2012			400,000		278,043
GMAC LLC, 8.000%, 11/01/2031			295,000		191,920
GMAC LLC, Series EMTN, 5.375%, 6/06/2011	EUR		2,565,000		2,665,388
iStar Financial, Inc., 5.650%, 9/15/2011			135,000		115,425
iStar Financial, Inc., 5.700%, 3/01/2014, Series B			95,000		79,800
iStar Financial, Inc., 5.875%, 3/15/2016			30,000		23,635
iStar Financial, Inc., 5.950%, 10/15/2013, Series B			1,245,000		1,020,900
iStar Financial, Inc., 6.050%, 4/15/2015			30,000		24,000
iStar Financial, Inc., 8.625%, 6/01/2013			2,495,000		2,282,925
Prologis, 5.625%, 11/15/2015			100,000		93,949
Prologis, 5.750%, 4/01/2016(b)			80,000		75,344
					29,949,402
Oil Field Services – 0.2%
North American Energy Partners, Inc., 8.750%, 12/01/2011			1,000,000		1,010,000
Packaging – 0.3%
Owens-Illinois, Inc., 7.800%, 5/15/2018			2,000,000		2,030,000
Paper – 1.9%
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028			650,000		240,500
Georgia-Pacific Corp., 7.250%, 6/01/2028			2,000,000		1,670,000
Georgia-Pacific Corp., 7.375%, 12/01/2025(b)			2,868,000		2,423,460

6

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Paper – continued
Georgia-Pacific Corp., 7.750%, 11/15/2029		$	6,005,000	$	5,284,400
Georgia-Pacific Corp., 8.000%, 1/15/2024			132,000		122,100
International Paper Co., 4.250%, 1/15/2009			700,000		697,709
Jefferson Smurfit Corp., 7.500%, 6/01/2013(b)			335,000		276,375
Westvaco Corp., 7.950%, 2/15/2031			1,045,000		977,006
Westvaco Corp., 8.200%, 1/15/2030			745,000		721,233
					12,412,783
Pharmaceuticals – 1.3%
Elan Financial PLC, 7.750%, 11/15/2011			4,135,000		4,010,950
Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013			2,770,000		4,362,750
					8,373,700
Pipelines – 1.6%
DCP Midstream LP, 6.450%, 11/03/2036, 144A			1,740,000		1,586,262
El Paso Corp., 6.950%, 6/01/2028			925,000		851,927
El Paso Corp., 7.800%, 8/01/2031			250,000		251,766
Enterprise Products Operating LP, 6.300%, 9/15/2017			1,550,000		1,539,162
Kinder Morgan, Inc., 6.500%, 9/01/2012			90,000		87,750
Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015			305,000		269,162
Plains All American Pipeline LP, 6.125%, 1/15/2017			1,785,000		1,754,200
Plains All American Pipeline LP, 6.650%, 1/15/2037			3,850,000		3,590,456
Williams Cos., Inc., 7.500%, 1/15/2031			1,000,000		1,011,250
					10,941,935
Property & Casualty Insurance – 1.2%
Allstate Corp., 5.950%, 4/01/2036			540,000		476,147
Axis Capital Holdings Ltd., 5.750%, 12/01/2014			80,000		75,974
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014			1,190,000		1,155,289
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015			775,000		768,379
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033			180,000		151,030
MBIA Insurance Corp., (fixed rate to 1/15/13, variable rate thereafter) 14.000%, 1/15/2033, 144A(b)			1,485,000		616,275
Travelers Cos., Inc. (The), 6.250%, 6/15/2037			1,925,000		1,789,391
Travelers Property Casualty Corp., 6.375%, 3/15/2033			1,400,000		1,337,136
White Mountains RE Group, 6.375%, 3/20/2017, 144A			2,140,000		1,914,788
					8,284,409
Railroads – 0.3%
CSX Corp., 6.000%, 10/01/2036(b)			1,575,000		1,364,789
Missouri Pacific Railroad Co., 5.000%, 1/01/2045			500,000		310,000
					1,674,789
REITs – 0.8%
Camden Property Trust, 5.700%, 5/15/2017			1,495,000		1,307,437
Colonial Realty LP, 4.750%, 2/01/2010			15,000		14,605
Duke Realty LP, 5.950%, 2/15/2017			210,000		193,952
ERP Operating LP, 5.125%, 3/15/2016			70,000		63,123
Highwoods Properties, Inc., 5.850%, 3/15/2017			2,560,000		2,210,931
Highwoods Properties, Inc., 7.500%, 4/15/2018			475,000		451,324
Realty Income Corp., 6.750%, 8/15/2019			1,000,000		941,847
					5,183,219
Restaurants – 0.1%
McDonald’s Corp., 3.628%, 10/10/2010	SGD		1,000,000		743,968

7

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Retailers – 1.3%
Dillard’s, Inc., 7.750%, 7/15/2026		$	1,025,000		$	717,500
Foot Locker, Inc., 8.500%, 1/15/2022			1,100,000			1,028,500
Home Depot, Inc., 5.875%, 12/16/2036			2,825,000			2,307,816
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			1,110,000			927,065
J.C. Penney Corp., Inc., 7.125%, 11/15/2023(b)			575,000			568,638
Toys R Us, Inc., 7.375%, 10/15/2018			3,240,000			2,397,600
Toys R Us, Inc., 7.875%, 4/15/2013(b)			750,000			613,125
						8,560,244
Sovereigns – 14.0%
Canadian Government, 3.750%, 6/01/2012	CAD		14,255,000			14,137,851
Canadian Government, 4.250%, 9/01/2008	CAD		12,760,000			12,541,765
Canadian Government, 4.250%, 9/01/2009	CAD		16,520,000			16,383,427
Canadian Government, 5.250%, 6/01/2012	CAD		22,355,000			23,367,190
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		2,915,000,000			250,776
Indonesia Treasury Bond, Series ZC3, Zero Coupon Bond, 11/20/2012	IDR		7,590,000,000			476,623
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		125,000	(††)		1,140,176
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		305,000	(††)		2,641,257
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		1,015,000	(††)		9,888,404
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		3,240,000			3,083,028
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		1,675,000			1,535,959
Republic of Brazil, 10.250%, 1/10/2028	BRL		14,885,000			7,845,939
Republic of Brazil, 12.500%, 1/05/2022	BRL		625,000			379,148
						93,671,543
Supermarkets – 1.5%
Albertson’s, Inc., 6.625%, 6/01/2028			1,745,000			1,496,582
Albertson’s, Inc., 7.450%, 8/01/2029			6,515,000			6,162,929
Albertson’s, Inc., 7.750%, 6/15/2026			1,470,000			1,441,632
Albertson’s, Inc., 8.000%, 5/01/2031			565,000			577,899
Albertson’s, Inc., 8.700%, 5/01/2030			5,000			5,324
American Stores Co., 8.000%, 6/01/2026			25,000			25,275
						9,709,641
Supranational – 6.6%
Eurofima, Series EMTN, 10.000%, 11/03/2008	ISK		4,400,000			55,493
Eurofima, Series EMTN, 11.000%, 2/05/2010	ISK		20,000,000			256,026
European Investment Bank, 4.600%, 1/30/2037, 144A	CAD		6,000,000			5,665,372
Inter-American Development Bank, Series EMTN, Zero Coupon Bond, 5/11/2009	BRL		30,000,000			16,894,766
Inter-American Development Bank, Series EMTN, 6.000%, 12/15/2017	NZD		19,735,000			13,836,737
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK		210,000,000			2,674,348
Nordic Investment Bank, 13.000%, 9/12/2008	ISK		355,300,000			4,507,615

8

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Supranational – continued
Nordic Investment Bank, Series EMTN, 11.250%, 4/16/2009	ISK	4,800,000	$	60,796
				43,951,153
Technology – 2.3%
Agilent Technologies, Inc., 6.500%, 11/01/2017		2,365,000		2,303,586
Amkor Technology, Inc., 7.125%, 3/15/2011		725,000		694,187
Amkor Technology, Inc., 7.750%, 5/15/2013		470,000		435,925
Arrow Electronics, Inc., 6.875%, 7/01/2013		2,850,000		2,910,722
Avnet, Inc., 6.000%, 9/01/2015		1,645,000		1,594,684
Avnet, Inc., 6.625%, 9/15/2016		130,000		129,943
Corning, Inc., 6.200%, 3/15/2016		250,000		258,308
Corning, Inc., 6.850%, 3/01/2029		450,000		440,226
Corning, Inc., 7.250%, 8/15/2036		1,175,000		1,191,884
Lucent Technologies, Inc., 6.450%, 3/15/2029		250,000		191,250
Motorola, Inc., 5.220%, 10/01/2097		515,000		286,494
Motorola, Inc., 5.800%, 10/15/2008(b)		500,000		502,115
Motorola, Inc., 6.500%, 11/15/2028		815,000		636,648
Motorola, Inc., 6.625%, 11/15/2037		995,000		782,772
Nortel Networks Corp., 6.875%, 9/01/2023		1,325,000		940,750
Nortel Networks Ltd., 10.125%, 7/15/2013		1,000,000		977,500
Northern Telecom Capital Corp., 7.875%, 6/15/2026		150,000		107,250
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		1,158,000		1,247,544
				15,631,788
Textile – 0.3%
Kellwood Co., 7.625%, 10/15/2017(d)		3,250,000		2,096,250
Tobacco – 0.6%
Reynolds American, Inc., 6.750%, 6/15/2017		3,320,000		3,302,700
Reynolds American, Inc., 7.250%, 6/15/2037		810,000		797,149
				4,099,849
Transportation Services – 0.8%
APL Ltd., 8.000%, 1/15/2024(d)		2,500,000		2,075,000
Atlas Air, Inc., Series 1999-1B, 7.630%, 1/02/2015(e)		1,326,184		1,392,493
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 1/02/2014(e)		394,351		441,673
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(e)		1,500,291		1,605,312
				5,514,478
Treasuries – 6.3%
U.S. Treasury Bonds, 4.500%, 2/15/2036(b)		5,180,000		5,143,176
U.S. Treasury Bonds, 4.750%, 2/15/2037(b)		30,000,000		30,979,680
U.S. Treasury Bonds, 5.250%, 11/15/2028(b)		260,000		281,836
U.S. Treasury Bonds, 5.375%, 2/15/2031(b)		4,855,000		5,394,361
				41,799,053
Wireless – 1.1%
ALLTEL Corp., 6.800%, 5/01/2029		150,000		137,250
ALLTEL Corp., 7.875%, 7/01/2032		1,615,000		1,639,225
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		830,000		688,900
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		630,000		532,350
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		1,565,000		1,255,913
Sprint Capital Corp., 6.875%, 11/15/2028		1,827,000		1,520,977

9

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wireless – continued
Sprint Capital Corp., 6.900%, 5/01/2019		$	1,150,000	$	1,009,125
Sprint Nextel Corp., 6.000%, 12/01/2016			898,000		772,280
					7,556,020
Wirelines – 5.3%
AT&T Corp., 6.500%, 3/15/2029			355,000		337,071
AT&T, Inc., 6.500%, 9/01/2037			6,600,000		6,387,605
Bell Canada, 5.000%, 2/15/2017	CAD		155,000		123,432
Bell Canada, 6.550%, 5/01/2029, 144A	CAD		195,000		153,369
Bell Canada, 7.300%, 2/23/2032	CAD		190,000		161,831
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		600,000		449,673
Embarq Corp., 7.082%, 6/01/2016			235,000		223,192
Embarq Corp., 7.995%, 6/01/2036			200,000		189,196
Level 3 Financing, Inc., 9.250%, 11/01/2014			500,000		455,000
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			3,305,000		2,710,100
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			7,575,000		6,060,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			350,000		301,875
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			775,000		660,688
Telecom Italia Capital, 6.000%, 9/30/2034			1,330,000		1,138,234
Telecom Italia Capital, 6.375%, 11/15/2033			1,320,000		1,175,155
Telefonica Emisiones SAU, 7.045%, 6/20/2036			11,330,000		11,627,413
Verizon Communications, 5.850%, 9/15/2035			3,975,000		3,503,505
					35,657,339
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $597,986,194)					600,902,151
CONVERTIBLE BONDS – 3.5%
Independent Energy – 0.9%
Devon Energy Corp., 4.900%, 8/15/2008			1,300,000		2,414,750
Devon Energy Corp., 4.950%, 8/15/2008			1,900,000		3,529,250
					5,944,000
Industrial Other – 0.2%
Incyte Corp., 3.500%, 2/15/2011			1,290,000		1,199,700
Media Non-Cable – 0.1%
Liberty Media LLC, 3.500%, 1/15/2031			457,403		261,863
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(f)			500,000		449,375
					711,238
Non-Captive Consumer – 0.0%
Countrywide Financial Corp., Series A, Zero Coupon Bond, 4/15/2037			78,000		75,173
Countrywide Financial Corp., Series B, 0.426%, 5/15/2037(c)			213,000		199,421
					274,594
Non-Captive Diversified – 0.0%
iStar Financial, Inc., 3.198%, 10/01/2012(c)			380,000		296,400
Pharmaceuticals – 0.4%
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024			250,000		151,250
Human Genome Sciences, Inc., 2.250%, 8/15/2012			100,000		72,250
Nektar Therapeutics, 3.250%, 9/28/2012			1,065,000		733,519
Valeant Pharmaceuticals International, 3.000%, 8/16/2010			1,035,000		948,319

10

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

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Pharmaceuticals – continued
Valeant Pharmaceuticals International, 4.000%, 11/15/2013	$	1,095,000	$	938,962
				2,844,300
Pipelines – 0.3%
CenterPoint Energy Resources Corp., 6.000%, 3/15/2012		1,676,000		1,650,860
REITs – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		1,430,000		1,156,513
Technology – 0.5%
Avnet, Inc., 2.000%, 3/15/2034		1,270,000		1,312,862
Kulicke & Soffa Industries, Inc., 0.500%, 11/30/2008		425,000		411,188
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		690,000		537,337
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		380,000		334,400
Maxtor Corp., 5.750%, 3/01/2012(d)		408,000		383,520
Nortel Networks Corp., 2.125%, 4/15/2014		248,000		166,160
Richardson Electronics Ltd., 7.750%, 12/15/2011		263,000		216,975
				3,362,442
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		74,000		67,063
Wirelines – 0.9%
Level 3 Communications, Inc., 2.875%, 7/15/2010		3,870,000		3,236,287
Level 3 Communications, Inc., 6.000%, 9/15/2009		2,685,000		2,557,463
Level 3 Communications, Inc., 6.000%, 3/15/2010(b)		125,000		116,250
				5,910,000
TOTAL CONVERTIBLE BONDS
(Identified Cost $21,207,176)				23,417,110
MUNICIPALS – 0.3%
Michigan – 0.3%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034		2,480,000		2,270,638
TOTAL MUNICIPALS
(Identified Cost $2,479,855)				2,270,638
TOTAL BONDS AND NOTES
(Identified Cost $621,673,225)				626,589,899
BANK LOANS – 0.3%
Consumer Products – 0.0%
Mega Bloks, Inc. Term Loan B, 8.250%, 7/16/2012(g)		335,000		288,100
Food & Beverage – 0.0%
Dole Food Co., Inc., LOC, 4/12/2013(h)		36,744		34,097
Dole Food Co., Inc., Term Loan, 4/12/2013(h)		21,073		19,555
Dole Food Co., Inc., Tranche C Term Loan, 4/12/2013(h)		52,199		48,439
				102,091
Media Non-Cable – 0.2%
Idearc, Inc., Term Loan B, 4.787%, 11/17/2014(g)		1,211,924		968,025
Tribune Co., Tranche X, 5.478%, 5/17/2009(g)		205,000		196,031
				1,164,056

11

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

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BANK LOANS – continued
Wirelines – 0.1%
Hawaiian Telecom Communications, Inc., Term Loan C, 5.310%, 6/01/2014(g)	$	475,000	$	390,835
TOTAL BANK LOANS
(Identified Cost $ 1,944,326)				1,945,082
	Shares
COMMON STOCKS – 0.9%
Communications Equipment – 0.7%
Corning, Inc.		205,167		4,729,099
Containers & Packaging – 0.2%
Owens-Illinois, Inc.(e)		35,353		1,473,867
TOTAL COMMON STOCKS
(Identified Cost $3,058,544)				6,202,966
PREFERRED STOCKS – 2.4%
CONVERTIBLE PREFERRED STOCKS – 1.9%
Automotive – 0.3%
Ford Motor Co., Capital Trust II, 6.500%(b)		79,845		2,207,714
Capital Markets – 0.2%
Newell Financial Trust I, 5.250%		25,075		1,128,375
Diversified Financial Services – 0.1%
Sovereign Capital Trust, 4.375%		30,343		933,047
Electric Utilities – 0.1%
AES Trust III, 6.750%(b)		10,000		485,000
Machinery – 0.1%
United Rentals Trust, 6.500%		30,199		966,368
Oil, Gas & Consumable Fuels – 0.7%
Chesapeake Energy Corp., 4.500%(b)		775		124,775
Chesapeake Energy Corp., 5.000%(b)		19,065		3,479,363
El Paso Energy Capital Trust I, 4.750%		20,200		828,200
				4,432,338
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 1.950%		2,500		47,875
Semiconductors & Semiconductor Equipment – 0.4%
Lucent Technologies Capital Trust, 7.750%		3,122		2,372,720
TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $11,684,473)				12,573,437
NON-CONVERTIBLE PREFERRED STOCKS – 0.5%
Banking – 0.1%
Bank of America Corp., 7.250%		622		550,470
Capital Markets – 0.3%
Lehman Brothers Holdings, Inc., Zero Coupon		2,075		33,345
Lehman Brothers Holdings, Inc., 5.670%		3,878		116,611
Lehman Brothers Holdings, Inc., 5.940%		4,120		131,552

12

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

Loomis Sayles Fixed Income Fund - continued

	Shares		Value (†)
PREFERRED STOCKS – continued
Capital Markets – continued
Lehman Brothers Holdings, Inc., 6.500%		18,030		308,133
Lehman Brothers Holdings, Inc., 7.250%		1,201		966,120
Lehman Brothers Holdings, Inc., 7.950%(b)		7,357		149,715
Merrill Lynch & Co., Inc., Zero Coupon		5,000		84,300
				1,789,776
Electric Utilities – 0.1%
Entergy New Orleans, Inc., 4.360%		90		6,387
Entergy New Orleans, Inc., 4.750%		2,876		210,398
MDU Resources Group, Inc., 5.100%		307		30,719
Public Service Electric & Gas Co., 4.180%(b)		1,950		144,690
Union Electric Co., 4.500%		4,670		359,590
Xcel Energy, Inc., 4.110%(b)		100		8,200
				759,984
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $3,117,938)				3,100,230
TOTAL PREFERRED STOCKS
(Identified Cost $14,802,411)				15,673,667
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 10.0%
Repurchase Agreement with State Street Corp., dated 6/30/2008 at 1.300%, to be repurchased at $6,620 on 7/1/2008 collateralized by $10,000 U.S. Treasury Bill, Zero Coupon due 9/18/2008 valued at $9,961 including accrued interest(i)	$	6,620		6,620
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2008 at 1.300% to be repurchased at $8,354,302 on 7/01/2008 collateralized by $8,305,000 Federal Home Loan Mortgage Corp., 6.000% due 8/15/2013 with a value of $8,523,006, including accrued interest(i)		8,354,000		8,354,000
	Shares
State Street Navigator Securities Lending Prime Portfolio(j)		58,768,804		58,768,804
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $67,129,424)				67,129,424
TOTAL INVESTMENTS – 107.3%
(Identified Cost $708,607,930)(a)				717,541,038
Other assets less liabilities—(7.3)%				(48,706,001	)
NET ASSETS – 100.0%			$	668,835,037

13

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

Loomis Sayles 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 the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. 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.

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

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

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

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

At June 30, 2008, the net unrealized appreciation on investments based on a cost of $709,343,556 for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	40,235,328
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(32,037,846	)
Net unrealized appreciation	$	8,197,482

(b) All or a portion of this security was on loan to brokers at June 30, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned securities for non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at June 30, 2008 were $57,461,713 and $58,768,804, respectively.

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

(d) Illiquid security. At June 30, 2008, the value of these securities amounted to $6,841,032 or 1.0% of net assets.

(e) Non-income producing security.

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

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

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

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

(j) Represents investment of securities lending collateral.

14

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

Loomis Sayles Fixed Income Fund - continued

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2008, the total value of these securities amounted to $67,607,920 or 10.1% of net assets.

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

LOC Letter of Credit

MTN Medium Term Note

REITs Real Estate Investment Trusts

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; 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

New Accounting Pronouncements

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

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

NET ASSET SUMMARY AT JUNE 30, 2008 (Unaudited)

Sovereigns	14.0	%
Supranational	6.6
Wirelines	6.3
Banking	6.3
Treasuries	6.2
Non-Captive Diversified	4.5
Foreign Local Governments	4.2
Independent Energy	3.9
Media Cable	3.8
Electric	3.4
Technology	2.8
Healthcare	2.4
Life Insurance	2.2
Automotive	2.2
Non-Captive Consumer	2.1
Other Investments, less than 2% each	26.4
Short-Term Investments	10.0
Total Investments	107.3
Other assets less liabilities	(7.3	)
Net Assets	100.0	%

15

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

Loomis Sayles Fixed Income Fund - continued

CURRENCY EXPOSURE AT JUNE 30, 2008 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	73.4	%
Canadian Dollar	15.1
Brazilian Real	4.9
New Zealand Dollar	3.1
Mexican Peso	2.0
Singapore Dollar	2.0
Other, less than 2% each	6.8
Total Investments	107.3
Other assets less liabilities	(7.3	)
Net Assets	100.0	%

16

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

Loomis Sayles Global Bond Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 93.0% of Net Assets
NON-CONVERTIBLE BONDS – 93.0%
Argentina – 0.2%
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		$	8,050,000	$	6,198,500
Austria – 1.5%
Oesterreichische Kontrollbank AG, 1.800%, 3/22/2010	JPY		2,530,000,000		24,127,267
Oesterreichische Kontrollbank AG, 2.750%, 6/14/2011	CHF		7,360,000		7,082,301
Sappi Papier Holding AG, 7.500%, 6/15/2032, 144A			7,350,000		5,659,500
					36,869,068
Belgium – 1.6%
Kingdom of Belgium, 5.500%, 9/28/2017	EUR		25,555,000		41,995,785
Bermuda – 0.4%
Noble Group Ltd., 8.500%, 5/30/2013, 144A			5,500,000		5,417,500
White Mountains RE Group, 6.375%, 3/20/2017, 144A			5,000,000		4,473,805
					9,891,305
Brazil – 0.3%
ISA Capital Do Brasil SA, 7.875%, 1/30/2012, 144A			1,100,000		1,138,500
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A			1,170,000		1,123,200
Republic of Brazil, 10.250%, 1/10/2028	BRL		9,750,000		5,139,261
					7,400,961
Canada – 2.4%
Bell Aliant Regional Communications, 5.410%, 9/26/2016	CAD		4,280,000		3,784,591
Bell Canada, 6.550%, 5/01/2029, 144A	CAD		160,000		125,841
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		3,090,000		2,315,818
Bell Canada, Series MTN, 5.000%, 2/15/2017	CAD		4,035,000		3,213,201
Bell Canada, Series MTN, 7.300%, 2/23/2032	CAD		385,000		327,920
Bombardier, Inc., 7.250%, 11/15/2016, 144A	EUR		1,000,000		1,503,601
Canadian Government, 4.250%, 9/01/2009	CAD		600,000		595,040
Canadian Government, 4.500%, 6/01/2015	CAD		3,813,000		3,946,232
Canadian Pacific Railway Co., 5.750%, 3/15/2033			810,000		653,638
Canadian Pacific Railway Co., 5.950%, 5/15/2037			1,745,000		1,447,896
Export Development Canada, 3.500%, 5/16/2013(b)			28,000,000		27,444,760
Kinder Morgan Finance, 5.700%, 1/05/2016			5,705,000		5,077,450
Province of Quebec, 1.600%, 5/09/2013	JPY		687,000,000		6,530,230
Shaw Communications, Inc., 5.700%, 3/02/2017	CAD		4,215,000		3,903,081
					60,869,299
Cayman Islands – 0.8%
Embraer Overseas Ltd., 6.375%, 1/24/2017(b)			5,580,000		5,440,500
LPG International, Inc., 7.250%, 12/20/2015			3,010,000		3,081,488
Odebrecht Finance Ltd., 7.500%, 10/18/2017, 144A			4,650,000		4,789,500
Vale Overseas Ltd., 6.875%, 11/21/2036			8,765,000		8,140,362
					21,451,850
Colombia – 0.3%
Republic of Colombia, 9.850%, 6/28/2027	COP		3,195,000,000		1,303,045
Republic of Colombia, 11.750%, 3/01/2010	COP		3,090,000,000		1,614,842
Republic of Colombia, 12.000%, 10/22/2015(b)	COP		9,545,000,000		4,788,213
					7,706,100
France – 7.5%
Alcatel-Lucent, Series EMTN, 6.375%, 4/07/2014	EUR		5,005,000		6,619,307
BNP Paribas, (fixed rate to 4/12/2016, variable rate thereafter), 4.730%, 4/29/2049	EUR		3,100,000		4,015,677

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2008 (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	EUR	4,035,000	$	5,539,223
France Telecom SA, Series EMTN, 4.750%, 2/21/2017	EUR	9,705,000		13,988,731
Government of France, 5.000%, 10/25/2016	EUR	63,070,000		100,727,579
Lafarge SA, Series EMTN, 4.750%, 3/23/2020(b)	EUR	3,335,000		4,275,879
Lafarge SA, Series EMTN, 5.375%, 6/26/2017	EUR	2,950,000		4,153,498
PPR SA, Series EMTN, 4.000%, 1/29/2013	EUR	3,235,000		4,532,434
Veolia Environnement, 6.000%, 6/01/2018(b)		15,465,000		15,429,508
Veolia Environnement, Series EMTN, 4.000%, 2/12/2016	EUR	2,255,000		3,147,376
Veolia Environnement, Series EMTN, 5.125%, 5/24/2022	EUR	3,970,000		5,541,381
Vivendi, 3.875%, 2/15/2012	EUR	2,405,000		3,451,255
Wendel, 4.375%, 8/09/2017	EUR	4,550,000		4,648,595
Wendel, 4.875%, 5/26/2016	EUR	10,150,000		11,641,093
WPP Finance SA, 5.250%, 1/30/2015	EUR	2,400,000		3,383,024
				191,094,560
Germany – 12.0%
Bertelsmann AG, Series EMTN, 3.625%, 10/06/2015	EUR	9,620,000		12,599,988
Bundesrepublik Deutschland, Series 06, 3.750%, 1/04/2017	EUR	38,060,000		56,255,684
Bundesrepublik Deutschland, Series 97, 6.500%, 7/04/2027	EUR	5,040,000		9,421,265
Kreditanstalt fuer Wiederaufbau, 2.500%, 10/11/2010(b)	EUR	15,925,000		23,788,235
Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037	JPY	1,140,000,000		11,006,118
Kreditanstalt fuer Wiederaufbau, Series INTL, 1.850%, 9/20/2010	JPY	2,214,000,000		21,186,303
Munchener Hypothekenbank eG, 5.000%, 1/16/2012	EUR	31,180,000		48,794,038
Republic of Germany, 3.250%, 4/17/2009	EUR	15,690,000		24,442,766
Republic of Germany, 3.750%, 7/04/2013	EUR	32,000,000		48,395,351
Republic of Germany, Series 150, 4.000%, 4/13/2012	EUR	24,605,000		37,811,948
Republic of Germany, 4.000%, 1/04/2037	EUR	7,639,000		10,400,669
				304,102,365
India – 0.9%
Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021(b)		17,350,000		15,668,108
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		7,800,000		6,990,134
				22,658,242
Indonesia – 1.0%
Indonesia Government International Bond, 7.750%, 1/17/2038, 144A		13,125,000		12,337,500
Indonesia Treasury Bond, 11.000%, 12/15/2012	IDR	122,434,000,000		12,375,581
				24,713,081
Ireland – 1.3%
Depfa ACS Bank, Series EMTN, 1.650%, 12/20/2016	JPY	3,300,000,000		30,120,297
Depfa ACS Bank, Series EMTN, 1.875%, 5/07/2009	CHF	2,160,000		2,089,344
				32,209,641
Italy – 0.1%
Telecom Italia SpA, Series EMTN, 5.375%, 1/29/2019	EUR	1,500,000		2,068,073
Japan – 3.6%
Development Bank of Japan, 1.750%, 3/17/2017	JPY	4,800,000,000		46,073,536
Japan Finance Corp. for Municipal Enterprises, 1.900%, 6/22/2018	JPY	2,670,000,000		25,348,542

2

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

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Japan – continued
Japan Government, 0.900%, 9/15/2009	JPY	1,996,300,000	$	18,836,266
				90,258,344
Korea – 0.5%
Hanarotelecom, Inc., 7.000%, 2/01/2012, 144A		1,610,000		1,605,975
SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		11,225,000		10,747,814
				12,353,789
Luxembourg – 0.3%
Telecom Italia Capital, 5.250%, 10/01/2015		1,660,000		1,519,159
Telecom Italia Capital, 6.375%, 11/15/2033		1,910,000		1,700,414
Telecom Italia Capital SA, 4.950%, 9/30/2014		3,990,000		3,651,859
				6,871,432
Mexico – 0.5%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A		3,920,000		4,013,100
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015(b)		8,210,000		8,251,050
				12,264,150
Netherlands – 2.6%
Bite Finance International, 8.458%, 3/15/2014, 144A(c)	EUR	2,820,000		3,551,962
Cemex Finance Europe, 4.750%, 3/05/2014	EUR	12,717,000		17,044,538
Excelcomindo Finance Co., 7.125%, 1/18/2013, 144A		1,460,000		1,458,175
Kingdom of Netherlands, 5.500%, 1/15/2028	EUR	12,995,000		21,650,149
Koninklijke KPN NV, 6.500%, 1/15/2016	EUR	400,000		630,297
Koninklijke KPN NV, Series GMTN, 4.750%, 1/17/2017	EUR	6,400,000		8,890,484
Linde Finance BV, Series EMTN, 4.750%, 4/24/2017	EUR	3,865,000		5,605,967
Majapahit Holding BV, 7.250%, 6/28/2017, 144A		3,340,000		2,989,300
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR	1,000,000		1,479,984
Wolters Kluwer NV, 5.125%, 1/27/2014	EUR	1,635,000		2,438,051
				65,738,907
Poland – 0.4%
Republic of Poland, Series 2BR, 1.020%, 6/09/2009	JPY	1,200,000,000		11,281,605
Singapore – 1.7%
Government of Singapore, 3.625%, 7/01/2011	SGD	8,840,000		6,837,425
Government of Singapore, 4.625%, 7/01/2010	SGD	45,450,000		35,549,981
SP Powerassets Ltd., Series EMTN, 3.730%, 10/22/2010	SGD	2,340,000		1,737,307
				44,124,713
South Africa – 0.8%
Edcon Proprietary Ltd., 8.208%, 6/15/2014, 144A(c)	EUR	8,335,000		8,595,598
Republic of South Africa, 4.500%, 4/05/2016	EUR	9,090,000		12,272,334
				20,867,932
Supranational – 6.0%
Asia Development Bank, 2.350%, 6/21/2027	JPY	1,700,000,000		16,385,480
European Investment Bank, 1.250%, 9/20/2012(b)	JPY	2,124,000,000		20,023,328
European Investment Bank, 1.400%, 6/20/2017(b)	JPY	6,650,000,000		61,460,191
European Investment Bank, 2.625%, 5/16/2011		28,000,000		27,440,896
European Investment Bank, Series EMTN, Zero Coupon Bond, 4/24/2013, 144A	IDR	90,681,660,000		5,638,590
European Investment Bank, Series EMTN, 6.500%, 8/12/2014	PLN	43,400,000		20,550,365
				151,498,850
United Arab Emirates – 0.8%
DP World Ltd., 6.850%, 7/02/2037, 144A		23,150,000		19,864,367

3

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

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United Kingdom – 3.9%
British Sky Broadcasting Group PLC, 6.100%, 2/15/2018, 144A		$	9,150,000	$	9,000,635
BSKYB Finance UK PLC, 5.750%, 10/20/2017	GBP		3,270,000		5,652,478
FCE Bank PLC, Series EMTN, 7.125%, 1/15/2013	EUR		1,250,000		1,564,611
HSBC Bank, Zero Coupon Bond, 6/04/2013, 144A	MYR		31,000,000		7,777,751
JPMorgan Chase London, Zero Coupon Bond, 10/21/2010, 144A	IDR		75,579,375,000		6,281,613
Lloyds TSB Bank PLC, (fixed rate to 5/12/2017, variable rate thereafter), 4.385%, 5/29/2049	EUR		5,225,000		6,418,559
Lloyds TSB Group PLC, 5.875%, 7/08/2014	EUR		1,235,000		1,902,196
Network Rail MTN Finance PLC, Series EMTN, 4.875%, 3/06/2009	GBP		6,200,000		12,257,994
Rexam PLC, 6.750%, 6/01/2013, 144A			13,775,000		13,753,456
Standard Chartered Bank, Series EMTN, 6.750%, 4/27/2009	GBP		800,000		1,582,360
United Kingdom Treasury, 5.000%, 3/07/2025	GBP		13,585,000		26,637,149
United Kingdom Treasury, 5.250%, 6/07/2012	GBP		2,520,000		5,024,229
Vodafone Group PLC, 5.750%, 3/15/2016			435,000		426,284
					98,279,315
United States – 40.7%
Ahold Finance USA, Inc., Series EMTN, 6.500%, 3/14/2017	GBP		5,960,000		11,159,137
Albertson’s, Inc., 7.450%, 8/01/2029			5,544,000		5,244,402
Albertson’s, Inc., 7.750%, 6/15/2026			50,000		49,035
Albertson’s, Inc., 8.000%, 5/01/2031			1,000,000		1,022,830
Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			830,000		711,841
ALLTEL Corp., 6.500%, 11/01/2013			1,335,000		1,338,338
ALLTEL Corp., 6.800%, 5/01/2029			1,595,000		1,459,425
ALLTEL Corp., 7.000%, 7/01/2012			2,865,000		2,922,300
ALLTEL Corp., 7.000%, 3/15/2016			160,000		161,600
ALLTEL Corp., 7.875%, 7/01/2032			3,220,000		3,268,300
American Express Co., 6.150%, 8/28/2017			995,000		971,859
American Express Co., 7.000%, 3/19/2018			4,845,000		4,904,482
ASIF Global Financing XXVII, 2.380%, 2/26/2009, 144A	SGD		16,300,000		11,966,983
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		6,820,000,000		6,568,663
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		3,250,000,000		3,156,948
Barclays Financial LLC, 4.741%, 3/23/2009, 144A(c)	KRW		4,844,220,000		4,676,348
Biogen Idec, Inc., 6.000%, 3/01/2013			10,850,000		10,766,596
Bristol-Myers Squibb Co., 4.625%, 11/15/2021	EUR		3,700,000		4,952,674
Cargill, Inc., 5.600%, 9/15/2012, 144A			5,595,000		5,638,137
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		250,000		356,220
Chesapeake Energy Corp., 6.500%, 8/15/2017			1,990,000		1,860,650
Chesapeake Energy Corp., 6.875%, 11/15/2020			5,615,000		5,278,100
CIT Group, Inc., 5.500%, 12/01/2014	GBP		11,655,000		15,756,441
CIT Group, Inc., Series EMTN, 3.800%, 11/14/2012	EUR		1,100,000		1,242,149
CIT Group, Inc., Series EMTN, 4.650%, 9/19/2016	EUR		1,000,000		1,031,823
CIT Group, Inc., Series EMTN, 5.000%, 5/13/2014	EUR		450,000		505,246
CIT Group, Inc., Series EMTN, 5.500%, 12/20/2016	GBP		4,150,000		5,476,928
CIT Group, Inc., Series GMTN, 4.250%, 9/22/2011	EUR		2,100,000		2,489,137
CIT Group, Inc., Series MTN, 4.250%, 3/17/2015	EUR		1,200,000		1,276,188
Citi Credit Card Issuance Trust, 5.375%, 4/10/2013	EUR		5,130,000		7,772,272
Citigroup, Inc., 5.000%, 9/15/2014			19,620,000		18,171,338

4

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

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Citizens Communications Co., 6.250%, 1/15/2013		$	11,175,000	$	10,364,812
Citizens Communications Co., 7.125%, 3/15/2019			1,205,000		1,078,475
Citizens Communications Co., 9.000%, 8/15/2031			1,795,000		1,615,500
Comcast Corp., 4.950%, 6/15/2016			6,300,000		5,800,920
Comcast Corp., 5.900%, 3/15/2016			3,360,000		3,283,016
Comcast Corp., 6.950%, 8/15/2037			3,444,000		3,387,481
Community Health Systems, Inc., 8.875%, 7/15/2015			3,490,000		3,511,813
Corning, Inc., 5.900%, 3/15/2014			1,675,000		1,680,826
Corning, Inc., 6.200%, 3/15/2016			3,670,000		3,791,961
Couche-Tard US/Finance, 7.500%, 12/15/2013(b)			3,775,000		3,727,813
CSX Corp., 5.600%, 5/01/2017			859,000		792,397
CSX Corp., 6.000%, 10/01/2036(b)			5,358,000		4,642,884
CVS Caremark Corp., 5.750%, 6/01/2017			20,796,000		20,453,927
Delta Air Lines, Inc., Class A, Series 2007-1, 6.821%, 8/10/2022			7,578,417		6,403,762
Delta Air Lines, Inc., Class B, Series 2007-1, 8.021%, 8/10/2022			2,045,504		1,615,948
Energy Transfer Partners LP, 6.700%, 7/01/2018			9,230,000		9,290,004
Erac USA Finance Co., 6.375%, 10/15/2017, 144A			4,730,000		4,226,728
Erac USA Finance Co., 7.000%, 10/15/2037, 144A			8,251,000		6,863,025
Federal Home Loan Mortgage Corp., 4.000%, 12/01/2019			138,423		131,087
Federal Home Loan Mortgage Corp., 4.000%, 9/01/2020			909,481		856,163
Federal Home Loan Mortgage Corp., 4.500%, 9/01/2020			4,154,092		4,040,373
Federal Home Loan Mortgage Corp., 5.000%, 4/01/2020			3,095,475		3,072,774
Federal Home Loan Mortgage Corp., 5.000%, 7/01/2035(d)			19,906,359		19,141,597
Federal Home Loan Mortgage Corp., 5.500%, 5/01/2020			1,664,945		1,682,392
Federal Home Loan Mortgage Corp., 5.500%, 1/01/2021			1,069,515		1,080,723
Federal Home Loan Mortgage Corp., 5.500%, 4/01/2037(d)			52,351,828		51,656,530
Federal Home Loan Mortgage Corp., 6.000%, 5/01/2018			554,114		567,781
Federal Home Loan Mortgage Corp., 6.000%, 10/01/2020			1,023,545		1,048,901
Federal Home Loan Mortgage Corp., 6.500%, 8/01/2035			722,990		746,925
Federal Home Loan Mortgage Corp., 6.500%, 10/01/2035			868,426		897,175
Federal National Mortgage Association, 2.290%, 2/19/2009	SGD		16,200,000		11,946,135
Federal National Mortgage Association, 4.500%, 6/01/2019(d)			4,195,940		4,092,878
Federal National Mortgage Association, 5.000%, 10/01/2019			1,369,406		1,364,256
Federal National Mortgage Association, 5.000%, 10/01/2019			375,406		373,994
Federal National Mortgage Association, 5.000%, 4/01/2020			354,770		352,549
Federal National Mortgage Association, 5.000%, 6/01/2020			664,807		660,645
Federal National Mortgage Association, 5.000%, 9/01/2035(d)			9,564,058		9,199,615
Federal National Mortgage Association, 5.000%, 5/01/2036			832,392		800,673
Federal National Mortgage Association, 5.500%, 11/01/2016			426,927		434,260
Federal National Mortgage Association, 5.500%, 5/01/2020			1,852,751		1,874,154
Federal National Mortgage Association, 5.500%, 9/01/2020			709,915		719,891

5

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

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Federal National Mortgage Association, 5.500%, 11/01/2034		$	1,366,710	$	1,352,589
Federal National Mortgage Association, 5.500%, 6/01/2035			6,007,591		5,939,888
Federal National Mortgage Association, 5.500%, 9/01/2035			3,759,349		3,716,983
Federal National Mortgage Association, 5.500%, 12/01/2035			18,242,523		18,036,938
Federal National Mortgage Association, 5.500%, 4/01/2036(d)			13,208,612		13,059,757
Federal National Mortgage Association, 5.500%, 6/01/2037(d)			8,581,148		8,469,211
Federal National Mortgage Association, 6.000%, 6/01/2017			898,270		922,711
Federal National Mortgage Association, 6.000%, 11/01/2017			722,091		742,716
Federal National Mortgage Association, 6.000%, 9/01/2021			2,189,734		2,247,488
Federal National Mortgage Association, 6.000%, 11/01/2034			2,301,073		2,330,510
Federal National Mortgage Association, 6.000%, 4/01/2035			2,770,917		2,806,365
Federal National Mortgage Association, 6.000%, 5/01/2035			2,889,918		2,922,373
Federal National Mortgage Association, 6.000%, 8/01/2037			13,797,031		13,936,112
Federal National Mortgage Association, 6.500%, 3/01/2033			1,566,354		1,627,998
Federal National Mortgage Association, 6.500%, 6/01/2035			439,555		453,557
Federal National Mortgage Association, 6.500%, 7/01/2035			175,466		181,056
Federal National Mortgage Association, 6.500%, 10/01/2035			1,324,454		1,368,715
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			7,295,000		5,372,118
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			2,735,000		1,987,694
Ford Motor Credit Co. LLC, Series EMTN, 4.875%, 1/15/2010	EUR		1,750,000		2,314,443
General Electric Capital Corp., 0.750%, 2/05/2009(b)	JPY		1,365,000,000		12,779,477
General Electric Capital Corp., 2.250%, 2/09/2009	CHF		10,980,000		10,691,653
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD		800,000		563,162
General Electric Capital Corp., Series EMTN, 1.500%, 4/26/2012	JPY		276,000,000		2,519,243
General Electric Capital Corp., Series EMTN, 1.000%, 3/21/2012	JPY		2,035,000,000		18,260,687
Georgia-Pacific Corp., 7.125%, 1/15/2017, 144A			1,860,000		1,748,400
Georgia-Pacific LLC, 7.250%, 6/01/2028			4,540,000		3,790,900
Georgia-Pacific LLC, 8.000%, 1/15/2024			180,000		166,500
Georgia-Pacific LLC, 8.875%, 5/15/2031			1,805,000		1,669,625
Goldman Sachs Group, Inc. (The), 5.208%, 5/23/2016(c)	EUR		8,500,000		12,209,387
Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038	GBP		3,500,000		6,798,511
Goldman Sachs Group, Inc. (The), 7.250%, 4/10/2028	GBP		2,050,000		4,176,358
Government National Mortgage Association, 5.500%, 11/20/2034			489,335		487,063
Government National Mortgage Association, 5.500%, 2/20/2036			1,442,336		1,434,582
Government National Mortgage Association, 6.000%, 10/20/2035			894,347		907,966
Government National Mortgage Association, 6.000%, 5/15/2037			2,466,432		2,507,475
Government National Mortgage Association, 6.500%, 7/20/2037			3,695,476		3,817,521

6

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

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		$	11,075,000	$	11,052,257
Harley-Davidson Funding Corp., Series C, 6.800%, 6/15/2018, 144A			13,795,000		13,629,929
HCA, Inc., 5.750%, 3/15/2014			265,000		220,613
HCA, Inc., 6.375%, 1/15/2015			1,170,000		971,100
HCA, Inc., 6.500%, 2/15/2016(b)			2,360,000		1,964,700
HCA, Inc., 7.580%, 9/15/2025			614,000		498,013
HCA, Inc., 7.690%, 6/15/2025			625,000		511,105
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A			5,680,000		5,452,800
Home Depot, Inc., 5.875%, 12/16/2036			5,400,000		4,411,400
Hospira, Inc., 6.050%, 3/30/2017			790,000		762,403
Host Hotels & Resorts LP, 6.875%, 11/01/2014			4,255,000		3,914,600
Host Marriott LP, Series O, 6.375%, 3/15/2015			6,040,000		5,345,400
Host Marriott LP, Series Q, 6.750%, 6/01/2016			3,745,000		3,323,688
HSBC Bank USA, Zero Coupon Bond, 4/18/2012, 144A	MYR		7,370,000		2,094,501
HSBC Bank USA, Zero Coupon Bond, 5/17/2012, 144A	MYR		36,855,000		10,372,413
HSBC Bank USA, 3.310%, 8/25/2010, 144A			11,760,000		13,798,008
International Paper Co., 7.950%, 6/15/2018			7,630,000		7,587,531
JPMorgan Chase & Co., Zero Coupon Bond, 11/01/2012, 144A	MYR		16,825,000		4,298,549
JPMorgan Chase & Co., Zero Coupon Bond, 11/01/2012, 144A	KRW		2,381,600,000		1,643,817
JPMorgan Chase & Co., 5.125%, 9/15/2014			15,965,000		15,523,296
JPMorgan Chase & Co., 5.150%, 10/01/2015			6,000,000		5,777,124
JPMorgan Chase & Co., (fixed rate to 4/30/2018, variable rate thereafter), 7.900%, 12/31/2049			13,425,000		12,587,817
JPMorgan Chase & Co., Series 2007-27, EMTN, Zero Coupon Bond, 10/22/2012, 144A	KRW		11,947,200,000		8,222,159
JPMorgan Chase & Co., Series EMTN, Zero Coupon Bond, 6/08/2012, 144A	MYR		67,400,675		17,556,148
JPMorgan Chase & Co., Series EMTN, Zero Coupon Bond, 9/10/2012, 144A	MYR		12,911,029		3,325,454
Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018			10,800,000		10,521,932
KLA-Tencor Corp., 6.900%, 5/01/2018			9,750,000		9,558,569
Kraft Foods, Inc., 6.000%, 2/11/2013			4,831,000		4,880,866
Kraft Foods, Inc., 6.875%, 2/01/2038			8,065,000		7,840,833
L-3 Communications Corp., 5.875%, 1/15/2015			1,935,000		1,785,038
L-3 Communications Corp., 6.125%, 7/15/2013			830,000		784,350
L-3 Communications Corp., 6.125%, 1/15/2014			280,000		262,500
Lehman Brothers Holdings, Inc., 5.750%, 1/03/2017			5,610,000		4,950,640
Lehman Brothers Holdings, Inc., 6.500%, 7/19/2017			15,905,000		14,714,018
Level 3 Financing, Inc., 8.750%, 2/15/2017			570,000		490,200
Lucent Technologies, Inc., 6.450%, 3/15/2029			7,950,000		6,081,750
Medco Health Solutions, Inc., 7.125%, 3/15/2018			9,465,000		9,829,346
Merrill Lynch & Co., Inc., Series MTN, 6.875%, 4/25/2018			16,910,000		16,093,687
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039(c)			5,755,000		5,731,216
Morgan Stanley, 4.750%, 4/01/2014			9,080,000		8,273,968
Morgan Stanley, 5.375%, 11/14/2013	GBP		2,010,000		3,592,502
Motorola, Inc., 6.625%, 11/15/2037			6,000,000		4,720,236

7

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

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Nabors Industries, Inc., 6.150%, 2/15/2018, 144A		$	6,235,000	$	6,302,120
National Semiconductor Corp., 6.150%, 6/15/2012			9,275,000		9,362,742
News America, Inc., 6.150%, 3/01/2037			5,730,000		5,275,685
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			5,475,000		4,544,250
NGPL Pipeco LLC, 6.514%, 12/15/2012, 144A			8,320,000		8,446,955
NGPL Pipeco LLC, 7.119%, 12/15/2017, 144A			1,740,000		1,778,386
NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A			1,740,000		1,822,057
Nisource Finance Corp., 6.400%, 3/15/2018			5,925,000		5,718,419
Owens & Minor, Inc., 6.350%, 4/15/2016			5,630,000		5,529,718
Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR		2,170,000		3,211,565
Petrobras International Finance Co., 5.875%, 3/01/2018			15,600,000		15,006,326
Prologis, 6.625%, 5/15/2018			15,685,000		15,450,635
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			855,000		701,100
Qwest Capital Funding, Inc., 6.875%, 7/15/2028(b)			250,000		200,000
Qwest Capital Funding, Inc., 7.250%, 2/15/2011			1,435,000		1,391,950
Qwest Capital Funding, Inc., 7.750%, 2/15/2031(b)			1,845,000		1,572,863
Qwest Corp., 6.500%, 6/01/2017			734,000		655,095
Qwest Corp., 6.875%, 9/15/2033			1,815,000		1,497,375
Qwest Corp., 7.200%, 11/10/2026			100,000		84,000
Qwest Corp., 7.250%, 9/15/2025			1,656,000		1,465,560
Qwest Corp., 7.250%, 10/15/2035			5,165,000		4,338,600
Qwest Corp., 7.500%, 6/15/2023			5,285,000		4,703,650
R.H. Donnelley Corp., 6.875%, 1/15/2013			1,950,000		1,160,250
R.H. Donnelley Corp., 8.875%, 10/15/2017, 144A			925,000		550,375
R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013			4,535,000		2,698,325
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013			4,300,000		2,558,500
RBS Capital Trust, (fixed rate to 1/12/2016, variable rate thereafter), 4.243%, 1/12/2016	EUR		4,485,000		5,272,757
Reynolds American, Inc., 6.750%, 6/15/2017			9,755,000		9,704,167
SLM Corp., 4.000%, 1/15/2010			2,815,000		2,622,344
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			6,465,000		5,590,053
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			325,000		285,523
SLM Corp., Series A, MTN, 5.400%, 10/25/2011			535,000		488,556
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			5,825,000		5,588,132
Sprint Nextel Corp., 6.000%, 12/01/2016			6,775,000		5,826,500
SUPERVALU, Inc., 7.500%, 11/15/2014			1,735,000		1,737,169
Textron, Inc., 3.875%, 3/11/2013	EUR		4,000,000		5,728,621
Time Warner, Inc., 6.625%, 5/15/2029			7,255,000		6,601,876
Time Warner, Inc., 6.950%, 1/15/2028			2,055,000		1,971,824
TXU Corp., Series P, 5.550%, 11/15/2014			1,390,000		1,088,193
TXU Corp., Series Q, 6.500%, 11/15/2024			12,560,000		9,266,793
TXU Corp., Series R, 6.550%, 11/15/2034(b)			2,700,000		1,967,161
U.S. Treasury Notes, 2.875%, 1/31/2013(b)			23,280,000		22,881,702
U.S. Treasury Notes, 5.000%, 7/31/2008(b)(d)			885,000		887,213
Union Pacific Corp., 5.375%, 6/01/2033			1,198,000		1,027,157
Union Pacific Corp., 5.650%, 5/01/2017			4,190,000		4,075,399
UnitedHealth Group, Inc., 5.800%, 3/15/2036			2,495,000		2,065,092
Unitedhealth Group, Inc., 6.000%, 2/15/2018			23,035,000		22,282,516

8

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

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
United States – continued
Wells Fargo & Co., 4.625%, 11/02/2035	GBP	12,030,000	$	19,096,953
				1,032,785,563
Uruguay – 0.9%
Republic of Uruguay, 4.250%, 4/05/2027	UYU	442,115,091		23,500,321
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $2,326,026,065)				2,358,918,118
CONVERTIBLE BONDS – 0.0%
United States – 0.0%
Level 3 Communications, Inc., 3.500%, 6/15/2012		700,000		567,875
TOTAL CONVERTIBLE BONDS
(Identified Cost $573,495)				567,875
TOTAL BONDS AND NOTES
(Identified Cost $2,326,599,560)				2,359,485,993
		Shares
PREFERRED STOCKS – 2.6%
NON-CONVERTIBLE PREFERRED STOCKS – 2.6%
United States – 2.6%
Bank of America Corp., 8.200%		1,091,125		27,070,811
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(b)		505,450		12,282,435
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(b)		998,425		22,913,854
Merrill Lynch & Co., Inc., 8.625%(b)		179,000		4,152,800
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $69,882,711)				66,419,900
TOTAL PREFERRED STOCKS
(Identified Cost $69,882,711)				66,419,900
		Principal Amount (‡)
SHORT-TERM INVESTMENTS – 7.4%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation dated 6/30/08 at 1.300% to be repurchased at $25,628,925 on 7/01/08 collateralized by $25,260,000 Federal Farm Credit Bank, 5.850% due 3/16/2016 valued at $26,144,100 including accrued interest(e)		25,628,000		25,628,000
		Shares
State Street Navigator Securities Lending Prime Portfolio(f)		161,864,679		161,864,679
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $187,492,679)				187,492,679

9

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

Loomis Sayles Global Bond Fund - continued

TOTAL INVESTMENTS – 103.0%
(Identified Cost $2,583,974,950)(a)		2,613,398,572
Other assets less liabilities – (3.0)%		(74,853,158	)
NET ASSETS – 100.0%	$	2,538,545,414

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

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

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 purpose.):

At June 30, 2008, the net unrealized appreciation on investments based on a cost of $2,589,222,038 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	$	86,283,306
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(62,106,772	)
Net unrealized appreciation	$	24,176,534

At September 30, 2007, the Fund had a capital loss carryforward 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.

10

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

Loomis Sayles Global Bond Fund - continued

(b) All or a portion of this security was on loan to brokers at June 30, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned securities for non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at June 30, 2008 were $158,570,517 and $161,864,679, respectively.

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

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

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

(f) Represents investment of securities lending collateral.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2008, the total value of these securities amounted to $290,654,804 or 11.4% of net assets.

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

MTN Medium Term Note

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

New Accounting Pronouncements

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

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

Forward Foreign Currency Contracts

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

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

11

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

Loomis Sayles Global Bond Fund - continued

Contract to Buy/Sell	Delivery Date	Currency	Units	Value		Unrealized Appreciation (Depreciation)
Buy	9/17/2008	Colombian Peso	17,480,000,000	$	8,948,699	$	(74,401	)
Sell	9/17/2008	Colombian Peso	17,480,000,000		8,948,699		1,097,278
Sell	9/12/2008	Euro	13,794,000		21,637,050		(163,666	)
Buy	9/12/2008	Iceland Krona	1,712,180,250		21,512,937		39,554
Buy	9/17/2008	Iceland Krona	1,164,000,000		14,615,881		(220,177	)

Futures Contracts

The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy and sell a particular commodity, instrument or index (e.g., an interest-bearing security) for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker as “initial margin” an amount of cash or short-term high-quality securities. As the value of the contract changes, the value of the futures contract position increases or declines. At the end of each trading day, the amount of such increase or decline is received or paid, respectively, by and to the holders of these positions. The amount received or paid is known as “variation margin.” Realized gain or loss on a futures position is equal to the net variation margin received or paid over the time the position is held, plus or minus the amount received or paid when the position is closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise such as illiquidity in the futures market, which may limit the Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

At June 30, 2008, open futures contracts sold were as follows:

Futures	Expiration Date	Contracts	Notional Value		Unrealized Depreciation
U.S. Treasury Note	9/19/2008	150	$	17,339,063	$	(266,290	)

NET ASSET SUMMARY AT JUNE 30, 2008 (Unaudited)

Sovereigns	12.6	%
Banking	11.3
Treasuries	10.6
Mortgage Related	10.2
Supranational	4.7
Non-Captive Diversified	3.5
Brokerage	3.4
Wirelines	3.3
Government Sponsored	2.5
Other Investments, less than 2% each	33.5
Short-Term Investments	7.4
Total Investments	103.0
Other assets less liabilities	(3.0	)
Net Assets	100.0	%

12

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

Loomis Sayles High Income Opportunities Fund

	Principal Amount		Value (†)
BONDS AND NOTES – 90.9% of Total Net Assets
NON-CONVERTIBLE BONDS – 86.2%
ABS Car Loan – 0.9%
Capital One Auto Finance Trust, 2.981%, 4/16/2012, Class A(b)	$	500,000	$	463,717
Capital One Auto Finance Trust, Series 2006-C, Class A4, 2.501%, 5/15/2013(b)		170,000		150,906
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014		185,000		134,715
				749,338
Aerospace & Defense – 1.9%
Bombardier, Inc., 7.450%, 5/01/2034, 144A		1,670,000		1,594,850
Airlines – 2.2%
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011		112,576		101,881
Continental Airlines, Inc., Series 1997-4B, 6.900%, 7/02/2018		84,214		69,477
Continental Airlines, Inc., Series 1998-1, Class B, 6.748%, 9/15/2013		219,676		181,232
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019		15,395		12,778
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017		74,637		61,949
Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016		177,525		157,109
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		243,210		205,512
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		746,463		589,706
Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017(c)		540,000		437,400
				1,817,044
Automotive – 4.1%
Cummins, Inc., 6.750%, 2/15/2027		139,000		121,701
Ford Motor Co., 6.625%, 2/15/2028		165,000		89,925
Ford Motor Co., 6.625%, 10/01/2028		1,470,000		786,450
Ford Motor Co., 7.125%, 11/15/2025(c)		35,000		19,600
Ford Motor Co., 7.450%, 7/16/2031(c)		695,000		404,837
Ford Motor Co., 7.500%, 8/01/2026		110,000		62,700
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		825,000		607,539
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011		370,000		286,736
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		100,000		72,676
General Motors Corp., 7.400%, 9/01/2025		45,000		23,175
General Motors Corp., 8.250%, 7/15/2023(c)		1,060,000		617,450
General Motors Corp., 8.375%, 7/15/2033(c)		25,000		14,813
Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		320,000		267,200
				3,374,802
Banking – 0.2%
Washington Mutual, Inc., 4.625%, 4/01/2014		50,000		36,500
Washington Mutual, Inc., 5.500%, 8/24/2011		190,000		165,300
				201,800
Brokerage – 0.8%
Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		5,000		4,210
Bear Stearns Cos., Inc. (The), 5.300%, 10/30/2015		5,000		4,680
Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017		10,000		9,882
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		105,000		109,574

1

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

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Brokerage – continued
Bear Stearns Cos., Inc. (The), Series MTN, 2.839%, 5/18/2010(b)	$	50,000	$	48,801
Nuveen Investments, Inc., 10.500%, 11/15/2015, 144A		550,000		507,375
				684,522
Building Materials – 0.7%
Owens Corning, Inc., 6.500%, 12/01/2016		85,000		77,391
Owens Corning, Inc., 7.000%, 12/01/2036		130,000		108,603
Texas Industries, Inc., 7.250%, 7/15/2013		70,000		69,650
USG Corp., 6.300%, 11/15/2016		365,000		293,825
				549,469
Chemicals – 3.4%
Basell AF SCA, 8.375%, 8/15/2015, 144A		200,000		127,000
Borden, Inc., 7.875%, 2/15/2023		610,000		366,000
Borden, Inc., 8.375%, 4/15/2016		175,000		117,250
Borden, Inc., 9.200%, 3/15/2021		220,000		138,600
Chemtura Corp., 6.875%, 6/01/2016		365,000		315,725
Georgia Gulf Corp., 10.750%, 10/15/2016(c)		335,000		201,000
Hercules, Inc., 6.500%, 6/30/2029		675,000		546,750
LPG International, Inc., 7.250%, 12/20/2015		100,000		102,375
Methanex Corp., 6.000%, 8/15/2015		150,000		139,561
Montell Finance Co., 8.100%, 3/15/2027, 144A		290,000		174,000
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		235,000		232,650
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		275,000		280,844
Nalco Finance Holdings, Inc., (step to 9.000% on 2/1/2009), Zero Coupon Bond, 2/01/2014(c)(d)		43,000		39,560
Polyone Corp., 8.875%, 5/01/2012		80,000		80,000
				2,861,315
Construction Machinery – 0.4%
United Rentals North America, Inc., 7.000%, 2/15/2014		385,000		298,375
Consumer Cyclical Services – 0.2%
Kar Holdings, Inc., 10.000%, 5/01/2015		165,000		138,600
Consumer Products – 0.3%
Church & Dwight Co., Inc., 6.000%, 12/15/2012		195,000		187,200
Jostens IH Corp., 7.625%, 10/01/2012		25,000		24,563
				211,763
Electric – 7.2%
AES Corp. (The), 7.750%, 3/01/2014		160,000		157,800
Allegheny Generating Co., 6.875%, 9/01/2023		100,000		98,715
Dynegy Holdings, Inc., 7.125%, 5/15/2018		195,000		169,650
Dynegy Holdings, Inc., 7.500%, 6/01/2015		100,000		92,250
Dynegy Holdings, Inc., 7.625%, 10/15/2026		325,000		269,750
Dynegy Holdings, Inc., 7.750%, 6/01/2019		350,000		318,500
Dynegy Holdings, Inc., 8.375%, 5/01/2016(c)		280,000		271,600
Edison Mission Energy, 7.625%, 5/15/2027		525,000		471,187
Edison Mission Energy, 7.750%, 6/15/2016		515,000		512,425
Enersis SA, 7.375%, 1/15/2014		50,000		53,108
Enersis SA, 7.400%, 12/01/2016		175,000		187,312
NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027		460,000		380,075

2

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

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Electric – continued
NRG Energy, Inc., 7.375%, 1/15/2017	$	435,000	$	411,075
NSG Holdings LLC, 7.750%, 12/15/2025, 144A		355,000		349,675
Reliant Energy, Inc., 7.875%, 6/15/2017(c)		410,000		400,775
TXU Corp., Series P, 5.550%, 11/15/2014		160,000		125,260
TXU Corp., Series Q, 6.500%, 11/15/2024		1,415,000		1,043,990
TXU Corp., Series R, 6.550%, 11/15/2034		515,000		375,218
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(e)		365,000		347,109
				6,035,474
Food & Beverage – 1.6%
Aramark Services, Inc., 5.000%, 6/01/2012		950,000		831,250
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A(c)		110,000		105,600
Sara Lee Corp., 6.125%, 11/01/2032		425,000		384,993
				1,321,843
Gaming – 0.4%
Harrah’s Operating Co., Inc., 5.750%, 10/01/2017		350,000		185,500
Harrah’s Operating Co., Inc., 10.750%, 2/01/2016, 144A		220,000		182,600
				368,100
Healthcare – 5.3%
Alliance Imaging, Inc., 7.250%, 12/15/2012(c)		320,000		300,800
Boston Scientific Corp., 5.450%, 6/15/2014		20,000		18,450
Boston Scientific Corp., 6.400%, 6/15/2016		135,000		126,900
Boston Scientific Corp., 7.000%, 11/15/2035		250,000		220,000
Community Health Systems, Inc., 8.875%, 7/15/2015		870,000		875,437
DASA Finance Corp., 8.750%, 5/29/2018, 144A(c)		200,000		203,500
HCA, Inc., 5.750%, 3/15/2014		15,000		12,487
HCA, Inc., 6.375%, 1/15/2015		510,000		423,300
HCA, Inc., 6.500%, 2/15/2016		720,000		599,400
HCA, Inc., 7.050%, 12/01/2027		430,000		325,636
HCA, Inc., 7.500%, 12/15/2023		30,000		24,394
HCA, Inc., 7.500%, 11/06/2033		840,000		646,800
HCA, Inc., 7.690%, 6/15/2025		160,000		130,843
HCA, Inc., 8.360%, 4/15/2024		40,000		34,046
HCA, Inc., Series MTN, 7.580%, 9/15/2025		200,000		162,219
HCA, Inc., Series MTN, 7.750%, 7/15/2036		20,000		15,817
Tenet Healthcare Corp., 6.875%, 11/15/2031		450,000		324,000
				4,444,029
Home Construction – 4.0%
Centex Corp., 5.250%, 6/15/2015		125,000		98,750
D.R. Horton, Inc., 5.625%, 9/15/2014		65,000		52,650
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015(c)		1,030,000		1,035,150
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015		15,000		9,375
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016(c)		690,000		427,800
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		145,000		94,250
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		130,000		84,500
K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012(c)		10,000		7,300
KB Home, 5.750%, 2/01/2014(c)		90,000		75,263
KB Home, 5.875%, 1/15/2015		390,000		323,700
KB Home, 6.250%, 6/15/2015(c)		265,000		222,600

3

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

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Home Construction – continued
KB Home, 7.250%, 6/15/2018	$	290,000	$	250,850
Lennar Corp., Series B, 5.600%, 5/31/2015		250,000		182,812
Pulte Homes, Inc., 6.000%, 2/15/2035		475,000		370,500
Pulte Homes, Inc., 6.375%, 5/15/2033		100,000		77,500
Toll Brothers Finance Corp., 5.150%, 5/15/2015		40,000		34,640
				3,347,640
Independent Energy – 5.7%
Chesapeake Energy Corp., 6.500%, 8/15/2017		570,000		532,950
Chesapeake Energy Corp., 6.875%, 1/15/2016		100,000		96,500
Chesapeake Energy Corp., 6.875%, 11/15/2020		405,000		380,700
Encore Acquisition Co., 6.000%, 7/15/2015		275,000		258,500
Encore Acquisition Co., 7.250%, 12/01/2017(c)		115,000		112,125
Forest Oil Corp., 7.250%, 6/15/2019		715,000		686,400
Hilcorp Energy I LP, 9.000%, 6/01/2016, 144A		185,000		188,238
Hilcorp Energy I LP, 144A, 7.750%, 11/01/2015		430,000		412,800
Pioneer Natural Resources Co., 5.875%, 7/15/2016		20,000		18,089
Pioneer Natural Resources Co., 7.200%, 1/15/2028		1,640,000		1,447,902
Swift Energy Co., 7.125%, 6/01/2017		600,000		553,500
Swift Energy Co., 7.625%, 7/15/2011		20,000		19,900
				4,707,604
Industrial Other – 0.9%
Baldor Electric Co., 8.625%, 2/15/2017		325,000		326,625
Chart Industries, Inc., 9.125%, 10/15/2015		305,000		316,437
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A		155,000		116,250
				759,312
Lodging – 0.6%
Host Marriott LP, Series M, 7.000%, 8/15/2012(c)		175,000		165,375
Host Marriott LP, Series O, 6.375%, 3/15/2015		50,000		44,250
Royal Caribbean Cruises Ltd., 7.250%, 6/15/2016(c)		315,000		275,625
				485,250
Media Cable – 3.4%
Charter Communications Operating LLC/CAP, 8.000%, 4/30/2012, 144A		170,000		160,650
Comcast Corp., 5.650%, 6/15/2035		80,000		67,979
CSC Holdings, Inc., 6.750%, 4/15/2012		215,000		202,100
CSC Holdings, Inc., 7.625%, 7/15/2018		1,260,000		1,159,200
CSC Holdings, Inc., 7.875%, 2/15/2018		310,000		288,300
Virgin Media Finance PLC, 8.750%, 4/15/2014		870,000		817,800
Virgin Media Finance PLC, 9.125%, 8/15/2016		175,000		164,062
				2,860,091
Media Non-Cable – 1.9%
Clear Channel Communications, Inc., 4.900%, 5/15/2015		5,000		2,950
Clear Channel Communications, Inc., 5.500%, 12/15/2016(c)		390,000		228,150
Clear Channel Communications, Inc., 5.750%, 1/15/2013		75,000		50,531
EchoStar DBS Corp., 7.125%, 2/01/2016		275,000		253,688
Idearc, Inc., 8.000%, 11/15/2016		455,000		286,081
Intelsat Corp., 6.875%, 1/15/2028		235,000		182,125

4

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

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Media Non-Cable – continued
R.H. Donnelley Corp., 144A, 8.875%, 10/15/2017	$	160,000	$	95,200
R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		405,000		240,975
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		340,000		202,300
Tribune Co., 5.250%, 8/15/2015		70,000		27,825
				1,569,825
Metals & Mining – 1.4%
International Steel Group, Inc., 6.500%, 4/15/2014(c)		75,000		76,036
Novelis, Inc., 7.250%, 2/15/2015		70,000		66,150
United States Steel Corp., 6.050%, 6/01/2017		80,000		74,716
United States Steel Corp., 6.650%, 6/01/2037		275,000		242,268
Vale Overseas Ltd., 6.875%, 11/21/2036		740,000		687,264
				1,146,434
Non-Captive Consumer – 2.1%
Countrywide Financial Corp., Series A, MTN, 3.079%, 12/19/2008(b)		30,000		29,251
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		88,000		80,114
SLM Corp., Series MTN, 5.050%, 11/14/2014		60,000		50,957
SLM Corp., Series A, MTN, 5.000%, 10/01/2013		55,000		47,557
SLM Corp., Series A, MTN, 5.000%, 6/15/2018		65,000		49,640
SLM Corp., Series A, MTN, 5.375%, 5/15/2014		70,000		61,497
SLM Corp., Series A, MTN, 5.625%, 8/01/2033		850,000		640,008
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		805,000		772,265
				1,731,289
Non-Captive Diversified – 4.6%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015		288,000		198,370
CIT Group, Inc., 4.750%, 12/15/2010		148,000		120,701
CIT Group, Inc., 5.400%, 2/13/2012		36,000		28,578
CIT Group, Inc., 5.400%, 1/30/2016		218,000		150,135
CIT Group, Inc., 5.650%, 2/13/2017		342,000		235,928
CIT Group, Inc., 5.800%, 10/01/2036		480,000		369,456
CIT Group, Inc., 5.850%, 9/15/2016		35,000		24,149
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		32,000		24,106
CIT Group, Inc., Series GMTN, 4.250%, 2/01/2010		95,000		80,386
CIT Group, Inc., Series GMTN, 5.000%, 2/13/2014		42,000		30,160
CIT Group, Inc., Series GMTN, 5.000%, 2/01/2015		290,000		200,524
GMAC LLC, 6.000%, 12/15/2011		500,000		344,071
GMAC LLC, 6.625%, 5/15/2012		852,000		584,486
GMAC LLC, 6.750%, 12/01/2014		1,010,000		667,049
GMAC LLC, 6.875%, 9/15/2011		175,000		125,750
GMAC LLC, 6.875%, 8/28/2012		65,000		44,511
GMAC LLC, 7.000%, 2/01/2012		100,000		69,511
GMAC LLC, 7.250%, 3/02/2011		100,000		73,501
GMAC LLC, 8.000%, 11/01/2031(c)		230,000		149,633
iStar Financial, Inc., 5.150%, 3/01/2012		130,000		107,250
iStar Financial, Inc., 5.650%, 9/15/2011		45,000		38,475
iStar Financial, Inc., 5.800%, 3/15/2011		20,000		17,000

5

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

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
iStar Financial, Inc., Series B, 5.950%, 10/15/2013	$	190,000	$	155,800
				3,839,530
Oil Field Services – 1.4%
Basic Energy Services, Inc., 7.125%, 4/15/2016		330,000		320,925
Grant Prideco, Inc., 6.125%, 8/15/2015		205,000		208,181
North American Energy Partners, Inc., 8.750%, 12/01/2011		620,000		626,200
				1,155,306
Packaging – 2.1%
Owens-Illinois, Inc., 7.500%, 5/15/2010(c)		500,000		508,750
Owens-Illinois, Inc., 7.800%, 5/15/2018(c)		825,000		837,375
Stone Container Finance, 7.375%, 7/15/2014		500,000		400,000
				1,746,125
Paper – 3.5%
Abitibi-Consolidated, Inc., 6.000%, 6/20/2013(c)		75,000		33,750
Abitibi-Consolidated, Inc., 7.400%, 4/01/2018		40,000		15,000
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028		250,000		92,500
Abitibi-Consolidated, Inc., 8.500%, 8/01/2029(c)		25,000		9,250
Abitibi-Consolidated, Inc., 8.850%, 8/01/2030		190,000		71,250
Bowater, Inc., 6.500%, 6/15/2013		435,000		274,050
Domtar Corp., 5.375%, 12/01/2013		250,000		221,250
Georgia-Pacific LLC, 7.250%, 6/01/2028		215,000		179,525
Georgia-Pacific LLC, 7.375%, 12/01/2025(c)		495,000		418,275
Georgia-Pacific LLC, 7.700%, 6/15/2015		125,000		118,125
Georgia-Pacific LLC, 7.750%, 11/15/2029		525,000		462,000
Georgia-Pacific LLC, 8.000%, 1/15/2024		260,000		240,500
Georgia-Pacific LLC, 8.875%, 5/15/2031		225,000		208,125
Mercer International, Inc., 9.250%, 2/15/2013		140,000		131,250
Sappi Papier Holding AG, 7.500%, 6/15/2032, 144A		290,000		223,300
Westvaco Corp., 7.950%, 2/15/2031		140,000		130,891
Westvaco Corp., 8.200%, 1/15/2030		95,000		91,969
				2,921,010
Pharmaceuticals – 1.9%
Elan Financial PLC, 7.750%, 11/15/2011		800,000		776,000
Elan Financial PLC, 8.875%, 12/01/2013		770,000		771,925
				1,547,925
Pipelines – 1.3%
El Paso Corp., 6.950%, 6/01/2028		250,000		230,250
Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		60,000		52,056
Kinder Morgan Finance, 5.700%, 1/05/2016		130,000		115,700
Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		225,000		198,563
Tennessee Gas Pipeline Co., 7.000%, 10/15/2028(c)		150,000		146,289
Williams Cos., Inc., 7.500%, 1/15/2031		235,000		237,644
Williams Cos., Inc., 7.750%, 6/15/2031		85,000		88,400
				1,068,902
Refining – 0.6%
Petroplus Finance Ltd., 6.750%, 5/01/2014, 144A(c)		500,000		452,500
Petroplus Finance Ltd., 7.000%, 5/01/2017, 144A		75,000		66,187
				518,687

6

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

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Retailers – 3.2%
Dillard’s, Inc., 6.625%, 1/15/2018	$	155,000	$	113,150
Dillard’s, Inc., 7.000%, 12/01/2028		480,000		302,400
Dillard’s, Inc., 7.130%, 8/01/2018		175,000		131,250
Dillard’s, Inc., 7.875%, 1/01/2023		75,000		54,750
Foot Locker, Inc., 8.500%, 1/15/2022		280,000		261,800
Home Depot, Inc., 5.875%, 12/16/2036		785,000		641,287
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		180,000		147,571
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		300,000		253,519
Toys R Us, Inc., 7.375%, 10/15/2018		985,000		728,900
				2,634,627
Supermarkets – 2.3%
Albertson’s, Inc., 7.450%, 8/01/2029		1,075,000		1,016,907
Albertson’s, Inc., 7.750%, 6/15/2026		220,000		215,754
Albertson’s, Inc., 8.000%, 5/01/2031		30,000		30,685
Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		605,000		518,872
American Stores Co., 8.000%, 6/01/2026		70,000		70,771
Couche-Tard US/Finance, 7.500%, 12/15/2013		40,000		39,500
				1,892,489
Technology – 6.3%
Activant Solutions, Inc., 9.500%, 5/01/2016		90,000		71,100
Flextronics International Ltd., 6.250%, 11/15/2014(c)		380,000		355,300
Freescale Semiconductor, Inc., 10.125%, 12/15/2016(c)		480,000		366,000
Lucent Technologies, Inc., 6.450%, 3/15/2029		3,020,000		2,310,300
Lucent Technologies, Inc., 6.500%, 1/15/2028		290,000		221,850
Motorola, Inc., 6.500%, 9/01/2025		160,000		119,474
Nortel Networks Corp., 6.875%, 9/01/2023		125,000		88,750
Nortel Networks Ltd., 10.125%, 7/15/2013		370,000		361,675
Northern Telecom Capital Corp., 7.875%, 6/15/2026		860,000		614,900
Seagate Technology HDD Holdings, 6.800%, 10/01/2016		750,000		684,375
Unisys Corp, 8.000%, 10/15/2012		15,000		12,900
				5,206,624
Textile – 0.3%
Jones Apparel Group, Inc., 6.125%, 11/15/2034		425,000		289,000
Transportation Services – 0.7%
APL Ltd., 8.000%, 1/15/2024(e)		185,000		153,550
Atlas Air, Inc., Series B, 7.680%, 1/02/2014		34,292		36,693
Atlas Air, Inc., Series C, 8.010%, 1/02/2010		347,188		291,638
Overseas Shipholding Group, 7.500%, 2/15/2024		155,000		142,213
				624,094
Wireless – 1.3%
ALLTEL Corp., 6.500%, 11/01/2013		5,000		5,013
ALLTEL Corp., 6.800%, 5/01/2029		15,000		13,725
ALLTEL Corp., 7.000%, 7/01/2012		5,000		5,100
ALLTEL Corp., 7.875%, 7/01/2032		170,000		172,550
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		85,000		70,550
Sprint Capital Corp., 6.875%, 11/15/2028		501,000		417,082
Sprint Nextel Corp., 6.000%, 12/01/2016		502,000		431,720
				1,115,740

7

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

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Wirelines – 7.1%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A	$	765,000	$	783,169
Cincinnati Bell Telephone Co., 6.300%, 12/01/2028		185,000		148,000
Cincinnati Bell, Inc., 8.375%, 1/15/2014(c)		800,000		774,000
Citizens Communications Co., 7.000%, 11/01/2025		15,000		11,025
Citizens Communications Co., 7.125%, 3/15/2019		325,000		290,875
Citizens Communications Co., 7.450%, 7/01/2035		325,000		238,875
Citizens Communications Co., 7.875%, 1/15/2027		540,000		472,500
L-3 Communications Corp., Series B, 6.375%, 10/15/2015		25,000		23,375
Level 3 Financing, Inc., 8.750%, 2/15/2017		790,000		679,400
Level 3 Financing, Inc., 9.250%, 11/01/2014		835,000		759,850
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		860,000		705,200
Qwest Capital Funding, Inc., 6.875%, 7/15/2028(c)		495,000		396,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		315,000		271,687
Qwest Capital Funding, Inc., 7.750%, 2/15/2031		280,000		238,700
Qwest Corp., 6.875%, 9/15/2033		150,000		123,750
Qwest Corp., 7.250%, 9/15/2025		10,000		8,850
				5,925,256
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $79,540,141)				71,744,084
CONVERTIBLE BONDS – 4.7%
Healthcare – 0.5%
Affymetrix, Inc., 3.500%, 1/15/2038		480,000		390,600
Invitrogen Corp., 1.500%, 2/15/2024		50,000		47,875
				438,475
Industrial Other – 0.2%
Incyte Corp., 3.500%, 2/15/2011		185,000		172,050
Media Non-Cable – 0.3%
Liberty Media LLC, 3.500%, 1/15/2031		153,854		88,081
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(d)		190,000		170,763
				258,844
Non-Captive Consumer – 0.3%
Countrywide Financial Corp., Series A, Zero Coupon Bond, 4/15/2037		54,000		52,043
Countrywide Financial Corp., Series B, 0.426%, 5/15/2037(b)(c)		176,000		164,780
				216,823
Non-Captive Diversified – 0.0%
iStar Financial, Inc., 3.291%, 10/01/2012(b)		5,000		3,900
Pharmaceuticals – 1.0%
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024		45,000		27,225
Human Genome Sciences, Inc., 2.250%, 8/15/2012		275,000		198,687
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		180,000		164,925
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		510,000		437,325
				828,162
REITs – 0.4%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		435,000		351,806

8

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

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Technology – 0.4%
JDS Uniphase Corp., 1.000%, 5/15/2026(c)	$	200,000	$	154,750
Kulicke & Soffa Industries, Inc., 0.500%, 11/30/2008		50,000		48,375
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		45,000		39,600
Maxtor Corp., 5.750%, 3/01/2012(e)		123,000		115,620
				358,345
Wirelines – 1.6%
Level 3 Communications, Inc., 2.875%, 7/15/2010		270,000		225,787
Level 3 Communications, Inc., 6.000%, 9/15/2009		105,000		100,013
Level 3 Communications, Inc., 6.000%, 3/15/2010(c)		1,062,000		987,660
				1,313,460
TOTAL CONVERTIBLE BONDS
(Identified Cost $4,146,083)				3,941,865
TOTAL BONDS AND NOTES
(Identified Cost $83,686,224)				75,685,949
BANK LOANS – 0.3%
Consumer Products – 0.0%
Mega Bloks, Inc., Term Loan B, 8.250%, 7/26/2012(f)		45,000		38,700
Food & Beverage – 0.0%
Dole Food Co., Inc., LOC, Zero Coupon Bond, 4/12/2013(g)		4,273		3,965
Dole Food Co., Inc., Term Loan, Zero Coupon Bond, 4/12/2013(g)		2,450		2,274
Dole Food Co., Inc., Tranche C Term Loan, Zero Coupon Bond, 4/12/2013(g)		6,131		5,689
				11,928
Media Non-Cable – 0.2%
Idearc, Inc., Term Loan B, 4.786%, 11/17/2014(f)		154,608		123,493
Tribune Co., Tranche X, 5.478%, 5/17/2009(f)		25,000		23,906
				147,399
Wirelines – 0.1%
Hawaiian Telecom Communications, Inc., Term Loan C, 5.310%, 6/01/2014(f)		60,000		49,369
TOTAL BANK LOANS
(Identified Cost $247,403)				247,396
	Shares
COMMON STOCKS – 0.6%
Chemicals – 0.4%
Hercules, Inc.(c)		20,651		349,621
Containers & Packaging – 0.2%
Owens-Illinois, Inc.(h)		3,321		138,453

9

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

Loomis Sayles High Income Opportunities Fund - continued

	Shares		Value(†)
TOTAL COMMON STOCKS
(Identified Cost $513,304)				488,074
PREFERRED STOCKS – 1.9%
Automotive – 0.2%
Ford Motor Co., Capital Trust II, 6.500%(c)		6,225		172,121
Capital Markets – 0.1%
Lehman Brothers Holdings Capital Trust I, 6.000%		250	$	4,018
Lehman Brothers Holdings, Inc., 5.940%		201		6,418
Lehman Brothers Holdings, Inc., 6.500%		1,182		20,200
Lehman Brothers Holdings, Inc., 5.670%		230		6,916
Lehman Brothers Holdings, Inc., 7.950%(c)		439		8,934
Newell Financial Trust I, 5.250%		1,675		75,375
				121,861
Diversified Consumer Services – 0.0%
Six Flags, Inc., 7.250%(c)		2,100		19,635
Electric Utilities – 0.5%
AES Trust III, 6.750%(c)		7,975		386,787
Oil, Gas & Consumable Fuels – 1.1%
Chesapeake Energy Corp., 5.000%		3,260		594,950
El Paso Energy Capital Trust I, 4.750%		8,050		330,050
				925,000
TOTAL PREFERRED STOCKS
(Identified Cost $1,404,540)				1,625,404
	Principal Amount
SHORT-TERM INVESTMENTS – 19.0%
Repurchase Agreement with State Street Corp. dated 6/30/2008 at 1.300%, to be repurchased at $841 on 7/1/2008 collateralized by $5,000 United States Treasury Bill, Zero Coupon due 9/18/2008 valued at $4,980 including accrued interest(i)	$	841		841
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08 at 1.300% to be repurchased at $5,369,194 on 7/01/08 collateralized by $5,340,000 Federal Home Loan Mortgage Corp., 6.000% due 8/15/13 valued at $5,480,175 including accrued interest(i)		5,369,000		5,369,000
	Shares
State Street Navigator Securities Lending Prime Portfolio(j)		10,444,125		10,444,125
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $15,813,966)				15,813,966

10

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

Loomis Sayles High Income Opportunities Fund - continued

	Value (†)
TOTAL INVESTMENTS – 112.7%
(Identified Cost $101,665,437)(a)		93,860,789
Other assets less liabilities—(12.7)%		(10,594,204	)
NET ASSETS – 100.0%	$	83,266,585

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

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 June 30, 2008, the net unrealized depreciation on investments based on a cost of $101,683,866 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	$	879,565
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(8,702,642	)
Net unrealized depreciation	$	(7,823,077	)

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

(c) All or a portion of this security was on loan to brokers at June 30, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned securities for non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at June 30, 2008 were $10,221,382 and $10,444,125, respectively.

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

(e) Illiquid Security. At June 30, 2008, the value of these securities amounted to $616,279 or 0.7% of net assets.

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

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

(h) Non-income producing security.

11

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

Loomis Sayles High Income Opportunities Fund - continued

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

(j) 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 June 30, 2008, the total value of these securities amounted to $6,094,700 or 7.3% of net assets.

GMTN Global Medium Term Note

LOC Letter of Credit

MTN Medium Term Note

REITs Real Estate Investment Trusts

New Accounting Pronouncements

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

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

NET ASSET SUMMARY AT JUNE 30, 2008 (Unaudited)

Wirelines	8.8	%
Electric	7.2
Technology	6.7
Healthcare	5.8
Independent Energy	5.7
Non-Captive Diversified	4.6
Automotive	4.3
Home Construction	4.0
Chemicals	3.8
Paper	3.5
Media Cable	3.4
Retailers	3.2
Pharmaceuticals	2.9
Media Non-Cable	2.4
Non-Captive Consumer	2.4
Supermarkets	2.3
Airlines	2.2
Packaging	2.1
Other Investments, less than 2% each	18.4
Short-Term Investments	19.0
Total Investments	112.7
Other assets less liabilities	(12.7	)
Net Assets	100.0	%

12

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

Loomis Sayles Inflation Protected Securities Fund

		Principal Amount (‡)		Value(†)
BONDS AND NOTES – 94.5% of Net Assets
Automotive – 1.2%
Ford Motor Co., 6.625%, 2/15/2028		$	20,000	$	10,900
Ford Motor Co., 6.625%, 10/01/2028			185,000		98,975
Ford Motor Co., 7.450%, 7/16/2031			140,000		81,550
Ford Motor Co., 7.500%, 8/01/2026			15,000		8,550
					199,975
Brokerage – 0.5%
Goldman Sachs Group, Inc., 6.750%, 10/01/2037			100,000		91,475
Construction Machinery – 0.9%
Joy Global, Inc., 6.625%, 11/15/2036			165,000		160,767
Electric – 0.5%
Energy Future Holdings Corp., Series Q, 6.500%, 11/15/2024			10,000		7,378
Texas Competitive Electric Holdings Co., 10.250%, 11/01/2015, 144A			80,000		78,400
					85,778
Food & Beverage – 0.4%
Dean Foods Co., 6.900%, 10/15/2017			75,000		64,500
Independent Energy – 0.2%
Chesapeake Energy Corp., 6.500%, 8/15/2017			35,000		32,725
Lodging – 0.2%
Royal Caribbean Cruises Ltd., 7.500%, 10/15/2027			50,000		40,250
Metals & Mining – 0.3%
United States Steel Corp., 6.650%, 6/01/2037			55,000		48,453
Non-Captive Consumer – 0.7%
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			30,000		25,940
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			45,000		38,078
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			5,000		4,392
SLM Corp., Series A, MTN, 5.625%, 8/01/2033			45,000		33,883
SLM Corp., Series MTN, 5.050%, 11/14/2014			25,000		21,232
					123,525
Non-Captive Diversified – 2.9%
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD		200,000		140,791
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD		300,000		215,184
iStar Financial, Inc., 5.150%, 3/01/2012			40,000		33,000
iStar Financial, Inc., 5.375%, 4/15/2010			5,000		4,500
iStar Financial, Inc., 5.500%, 6/15/2012			5,000		4,100
iStar Financial, Inc., 5.650%, 9/15/2011			20,000		17,100
iStar Financial, Inc., 5.850%, 3/15/2017			10,000		7,913
iStar Financial, Inc., 5.875%, 3/15/2016			20,000		15,756
iStar Financial, Inc., 6.050%, 4/15/2015			5,000		4,000
iStar Financial, Inc., Series B, 5.125%, 4/01/2011			5,000		4,275
iStar Financial, Inc., Series B, 5.700%, 3/01/2014			5,000		4,200

1

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

Loomis Sayles Inflation Protected Securities Fund - continued

		Principal Amount (‡)			Value(†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		$	55,000		$	45,100
						495,919
Paper – 0.4%
Georgia-Pacific Corp., 7.700%, 6/15/2015			70,000			66,150
Pipelines – 0.2%
Colorado Interstate Gas Co., 5.950%, 3/15/2015			3,000			2,939
Southern Natural Gas Co., 7.350%, 2/15/2031			30,000			30,384
						33,323
Sovereigns – 0.8%
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		15,000	(††)		136,821
Technology – 1.1%
Agilent Technologies, Inc., 6.500%, 11/01/2017			105,000			102,273
Lucent Technologies, Inc., 6.450%, 3/15/2029			90,000			68,850
Lucent Technologies, Inc., 6.500%, 1/15/2028			15,000			11,475
						182,598
Textile – 0.0%
Jones Apparel Group, Inc., 6.125%, 11/15/2034			10,000			6,800
Treasuries – 81.6%
U.S. Treasury Inflation Index Bonds, 1.625%, 1/15/2018(b)			1,291,777			1,312,263
U.S. Treasury Inflation Index Bonds, 2.000%, 1/15/2026(b)			173,142			171,668
U.S. Treasury Inflation Index Bonds, 2.375%, 1/15/2017(b)			772,154			835,796
U.S. Treasury Inflation Index Bonds, 2.375%, 1/15/2025(b)			786,214			824,541
U.S. Treasury Inflation Index Bonds, 2.500%, 7/15/2016(b)			303,103			331,188
U.S. Treasury Inflation Index Bonds, 3.375%, 4/15/2032(b)			1,524,637			1,918,540
U.S. Treasury Inflation Index Notes, 1.625%, 1/15/2015(b)			624,275			644,710
U.S. Treasury Inflation Index Notes, 1.875%, 7/15/2013(b)			947,221			1,001,391
U.S. Treasury Inflation Index Notes, 1.875%, 7/15/2015(b)			612,837			641,707
U.S. Treasury Inflation Index Notes, 2.000%, 4/15/2012(b)			111,136			117,249
U.S. Treasury Inflation Index Notes, 2.000%, 1/15/2014(b)			726,494			771,276
U.S. Treasury Inflation Index Notes, 2.000%, 7/15/2014(b)			672,270			713,919
U.S. Treasury Inflation Index Notes, 2.000%, 1/15/2016(b)			1,038,854			1,094,206
U.S. Treasury Inflation Index Notes, 2.375%, 4/15/2011(b)			411,194			435,705
U.S. Treasury Inflation Index Notes, 2.375%, 1/15/2027(b)			420,691			441,035
U.S. Treasury Inflation Index Notes, 2.625%, 7/15/2017(b)			1,481,909			1,636,814
U.S. Treasury Inflation Index Notes, 3.000%, 7/15/2012(b)			734,648			806,793
U.S. Treasury Inflation Index Notes, 3.375%, 1/15/2012(b)			199,582			220,320
						13,919,121
Wireless – 0.7%
ALLTEL Corp., 7.875%, 7/01/2032			20,000			20,300
Sprint Capital Corp., 6.875%, 11/15/2028			120,000			99,900
						120,200

2

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

Loomis Sayles Inflation Protected Securities Fund - continued

		Principal Amount (‡)		Value(†)
BONDS AND NOTES – continued
Wirelines – 1.9%
AT&T Corp., 8.000%, 11/15/2031		$	80,000	$	91,840
Bell Canada, 5.000%, 2/15/2017	CAD		30,000		23,890
Bell Canada, 6.550%, 5/01/2029, 144A	CAD		5,000		3,933
Bell Canada, 7.300%, 2/23/2032	CAD		15,000		12,776
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		35,000		26,231
Embarq Corp., 7.995%, 6/01/2036			165,000		156,087
					314,757
TOTAL BONDS AND NOTES
(Identified Cost $15,836,689)					16,123,137
		Shares
PREFERRED STOCKS – 0.6%
NON-CONVERTIBLE PREFERRED STOCKS – 0.6%
Thrifts & Mortgage Finance – 0.6%
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%			1,160		28,188
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%			3,500		80,325
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $116,500)					108,513
TOTAL PREFERRED STOCKS
(Identified Cost $116,500)					108,513
SHORT-TERM INVESTMENTS – 24.5%
State Street Navigator Securities Lending Prime Portfolio(c)
(Identified Cost $4,173,341)			4,173,341		4,173,341
TOTAL INVESTMENTS – 119.6%
(Identified Cost $20,126,530)(a)					20,404,991
Other assets less liabilities—(19.6)%					(3,344,576	)
NET ASSETS – 100.0%				$	17,060,415

(‡) 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 the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s investment adviser using consistently applied procedures under the general supervision of the Board of Trustees. Investments in other open-end investment companies are valued at their net asset value each day.

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2008 (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.

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 June 30, 2008, the net unrealized appreciation on investments based on a cost of $20,216,165 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	$	412,297
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(223,471	)
Net unrealized appreciation	$	188,826

At September 30, 2007, the Fund had a capital loss carryforward of approximately $177,178 of which $22,173 expires on September 30, 2014 and $155,005 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 June 30, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned securities for non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at June 30, 2008 were $4,103,923 and $4,173,341, respectively.

(c) Represents investment of securities lending collateral.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2008, the total value of these securities amounted to $82,333 or 0.5% of net assets.

GMTN Global Medium Term Note

MTN Medium Term Note

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

New Accounting Pronouncements

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

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

4

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

Loomis Sayles Inflation Protected Securities Fund - continued

NET ASSET SUMMARY AT JUNE 30, 2008 (Unaudited)

Treasuries	81.6	%
Non-Captive Diversified	2.9
Other Investments, less than 2% each	10.6
Short-Term Investments	24.5
Total Investments	119.6
Other assets less liabilities	(19.6	)
Net Assets	100.0	%

5

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

Loomis Sayles Institutional High Income Fund

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – 89.0% of Total Net Assets
NON-CONVERTIBLE BONDS – 81.7%
Aerospace & Defense – 0.9%
Bombardier, Inc., 7.350%, 12/22/2026	CAD	600,000	$	557,976
Bombardier, Inc., 7.450%, 5/01/2034, 144A		1,500,000		1,432,500
				1,990,476
Airlines – 0.6%
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011		34,639		31,348
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019		332,523		275,994
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 12/15/2015		180,851		150,106
Delta Air Lines, Inc., Class C, Series 2007-1, 8.954%, 8/10/2014		588,944		471,156
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 8/10/2022		484,717		382,926
				1,311,530
Automotive – 4.7%
Cummins, Inc., 7.125%, 3/01/2028		350,000		332,098
FCE Bank PLC, Series EMTN, 7.125%, 1/16/2012	EUR	150,000		191,296
Ford Motor Co., 6.500%, 8/01/2018(b)		20,000		11,600
Ford Motor Co., 6.625%, 2/15/2028		30,000		16,350
Ford Motor Co., 6.625%, 10/01/2028		1,510,000		807,850
Ford Motor Co., 7.125%, 11/15/2025(b)		190,000		106,400
Ford Motor Co., 7.450%, 7/16/2031		1,685,000		981,512
Ford Motor Co., 7.500%, 8/01/2026		30,000		17,100
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		2,980,000		2,542,447
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		940,000		683,156
Ford Motor Credit Co. LLC, 8.625%, 11/01/2010		70,000		59,381
Ford Motor Credit Co. LLC, 9.750%, 9/15/2010		155,000		135,142
Ford Motor Credit Co. LLC, Series EMTN, 4.875%, 1/15/2010	EUR	130,000		171,930
General Motors Corp., 7.400%, 9/01/2025		5,110,000		2,631,650
General Motors Corp., 8.250%, 7/15/2023(b)		645,000		375,713
Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		2,090,000		1,745,150
				10,808,775
Banking – 3.9%
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB	50,000,000		1,455,334
Barclays Financial LLC, Series EMTN, 4.100%, 3/22/2010, 144A	THB	11,000,000		319,746
BNP Paribas SA, Series EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR	10,477,600,000		803,661
HSBC Bank USA, 3.310%, 8/25/2010, 144A		500,000		586,650
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL	2,200,000		1,050,437
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	5,376,000,000		422,792
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	6,846,018,000		538,920
JPMorgan Chase London, Zero Coupon Bond, 10/21/2010, 144A	IDR	9,533,078,500		792,321
Kaupthing Bank, 3.413%, 1/15/2010, 144A(b)(d)		200,000		173,578
Kaupthing Bank, Series D, 5.750%, 10/04/2011, 144A		1,600,000		1,212,000
Rabobank Nederland, Series EMTN, 14.000%, 1/28/2009, 144A	ISK	40,000,000		509,546

1

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

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Banking – continued
Washington Mutual, Inc., 4.625%, 4/01/2014	$	505,000	$	368,650
Washington Mutual, Inc., 5.500%, 8/24/2011		950,000		826,500
				9,060,135
Brokerage – 0.0%
Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		10,000		8,419
Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017		5,000		4,941
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		10,000		10,436
				23,796
Building Materials – 0.6%
Ply Gem Industries, Inc., 9.000%, 2/15/2012(b)		125,000		73,438
USG Corp., 6.300%, 11/15/2016		1,545,000		1,243,725
				1,317,163
Chemicals – 2.7%
Borden, Inc., 7.875%, 2/15/2023		1,824,000		1,094,400
Borden, Inc., 9.200%, 3/15/2021		2,641,000		1,663,830
Georgia Gulf Corp., 10.750%, 10/15/2016(b)		500,000		300,000
Hercules, Inc., 6.500%, 6/30/2029		1,743,000		1,411,830
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		1,405,000		1,390,950
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		400,000		408,500
				6,269,510
Construction Machinery – 0.8%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013		300,000		284,250
United Rentals North America, Inc., 7.000%, 2/15/2014		1,480,000		1,147,000
United Rentals North America, Inc., 7.750%, 11/15/2013(b)		430,000		344,000
				1,775,250
Electric – 4.4%
AES Corp. (The), 7.750%, 3/01/2014		1,185,000		1,168,706
AES Corp. (The), 7.750%, 10/15/2015		645,000		635,325
Dynegy Holdings, Inc., 7.125%, 5/15/2018		100,000		87,000
Dynegy Holdings, Inc., 7.625%, 10/15/2026		490,000		406,700
Dynegy Holdings, Inc., 7.750%, 6/01/2019		1,250,000		1,137,500
Dynegy Holdings, Inc., 8.375%, 5/01/2016		250,000		242,500
NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027		1,685,000		1,392,231
NRG Energy, Inc., 7.375%, 2/01/2016		575,000		541,219
Quezon Power Philippines Co., 8.860%, 6/15/2017		385,000		379,225
Reliant Energy, Inc., 7.875%, 6/15/2017(b)		1,025,000		1,001,938
TXU Corp., Series P, 5.550%, 11/15/2014		920,000		720,243
TXU Corp., Series Q, 6.500%, 11/15/2024		1,515,000		1,117,770
TXU Corp., Series R, 6.550%, 11/15/2034		420,000		306,003
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(e)		1,000,000		950,983
				10,087,343
Entertainment – 0.0%
Six Flags, Inc., 9.625%, 6/01/2014(b)		140,000		77,700
Food & Beverage – 0.8%
Chiquita Brands International, Inc., 7.500%, 11/01/2014(b)		805,000		656,075
Dean Foods Co., 7.000%, 6/01/2016(b)		225,000		195,187
Dole Food Co., Inc., 7.250%, 6/15/2010(b)		415,000		375,575
Dole Food Co., Inc., 8.625%, 5/01/2009		50,000		47,625

2

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

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Food & Beverage – continued
Sara Lee Corp., 6.125%, 11/01/2032	$	690,000	$	625,048
				1,899,510
Healthcare – 3.3%
HCA, Inc., 5.750%, 3/15/2014		10,000		8,325
HCA, Inc., 6.250%, 2/15/2013		10,000		8,675
HCA, Inc., 6.375%, 1/15/2015		545,000		452,350
HCA, Inc., 6.500%, 2/15/2016		550,000		457,875
HCA, Inc., 6.750%, 7/15/2013		20,000		17,550
HCA, Inc., 7.050%, 12/01/2027		1,000,000		757,292
HCA, Inc., 7.190%, 11/15/2015		185,000		159,353
HCA, Inc., 7.500%, 12/15/2023		395,000		321,182
HCA, Inc., 7.500%, 11/06/2033		2,120,000		1,632,400
HCA, Inc., 7.690%, 6/15/2025		800,000		654,214
HCA, Inc., 8.360%, 4/15/2024		170,000		144,696
HCA, Inc., Series MTN, 7.580%, 9/15/2025		560,000		454,214
HCA, Inc., Series MTN, 7.750%, 7/15/2036		180,000		142,350
Tenet Healthcare Corp., 6.875%, 11/15/2031		3,355,000		2,415,600
				7,626,076
Home Construction – 2.3%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015		185,000		115,625
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		1,068,000		662,160
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		425,000		276,250
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		272,000		176,800
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		755,000		502,075
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013(b)		10,000		6,400
KB Home, 7.250%, 6/15/2018		1,260,000		1,089,900
Lennar Corp., 7.625%, 3/01/2009		766,000		743,020
Lennar Corp., Series B, 5.500%, 9/01/2014		95,000		69,350
Lennar Corp., Series B, 5.600%, 5/31/2015		2,000,000		1,462,500
Pulte Homes, Inc., 6.000%, 2/15/2035		400,000		312,000
				5,416,080
Independent Energy – 1.5%
Chesapeake Energy Corp., 6.500%, 8/15/2017		155,000		144,925
Chesapeake Energy Corp., 6.875%, 11/15/2020		515,000		484,100
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A		249,000		262,695
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		985,000		945,600
Pioneer Natural Resources Co., 6.875%, 5/01/2018		820,000		769,652
Pioneer Natural Resources Co., 7.200%, 1/15/2028		920,000		812,238
				3,419,210
Media Cable – 0.3%
Virgin Media Finance PLC, 9.125%, 8/15/2016		685,000		642,188
Media Non-Cable – 1.7%
Clear Channel Communications, Inc., 4.900%, 5/15/2015		705,000		415,950
Clear Channel Communications, Inc., 5.500%, 9/15/2014		500,000		300,000
Clear Channel Communications, Inc., 5.500%, 12/15/2016		1,285,000		751,725
Clear Channel Communications, Inc., 5.750%, 1/15/2013		225,000		151,594
Clear Channel Communications, Inc., 6.875%, 6/15/2018		790,000		466,100
Idearc, Inc., 8.000%, 11/15/2016		1,598,000		1,004,742
R.H. Donnelley Corp.,, 8.875%, 10/15/2017, 144A		1,460,000		868,700

3

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

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Media Non-Cable – continued
Tribune Co., 5.250%, 8/15/2015		$	160,000	$	63,600
					4,022,411
Metals & Mining – 0.8%
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A			1,245,000		1,182,750
Ryerson, Inc., 12.000%, 11/01/2015, 144A			775,000		769,188
					1,951,938
Non-Captive Consumer – 3.3%
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011			120,000		109,246
Hexion US Finance Corp/Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014			1,475,000		1,334,875
Residential Capital LLC, 8.500%, 6/01/2012			90,000		35,100
Residential Capital LLC, 8.500%, 4/17/2013			1,990,000		776,100
Residential Capital LLC, 8.875%, 6/30/2015			255,000		99,450
Residential Capital LLC, 9.625%, 5/15/2015, 144A			1,026,000		497,610
SLM Corp., 6.500%, 6/15/2010	NZD		4,720,000		3,203,168
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			1,620,000		1,554,124
					7,609,673
Non-Captive Diversified – 6.0%
CIT Group, Inc., 4.750%, 12/15/2010			205,000		167,187
CIT Group, Inc., 5.400%, 2/13/2012			50,000		39,691
CIT Group, Inc., 5.400%, 1/30/2016			290,000		199,721
CIT Group, Inc., 5.650%, 2/13/2017			565,000		389,764
CIT Group, Inc., 5.800%, 10/01/2036			660,000		508,002
CIT Group, Inc., 5.850%, 9/15/2016			50,000		34,498
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036			70,000		52,732
CIT Group, Inc., Series EMTN, 3.800%, 11/14/2012	EUR		300,000		338,768
CIT Group, Inc., Series EMTN, 4.650%, 9/19/2016	EUR		1,050,000		1,083,414
CIT Group, Inc., Series EMTN, 5.000%, 5/13/2014	EUR		200,000		224,554
CIT Group, Inc., Series EMTN, 5.500%, 12/20/2016	GBP		300,000		395,922
CIT Group, Inc., Series GMTN, 4.250%, 2/01/2010			130,000		110,002
CIT Group, Inc., Series GMTN, 4.250%, 9/22/2011	EUR		1,750,000		2,074,281
CIT Group, Inc., Series GMTN, 5.000%, 2/13/2014			60,000		43,085
CIT Group, Inc., Series GMTN, 5.000%, 2/01/2015			427,000		295,254
CIT Group, Inc., Series MTN, 4.250%, 3/17/2015	EUR		1,260,000		1,339,997
General Electric Capital Corp., 6.500%, 9/28/2015	NZD		3,035,000		1,990,654
General Electric Capital Corp., Series EMTN, 6.750%, 9/26/2016	NZD		250,000		163,910
GMAC Canada Ltd., Series EMTN, 6.625%, 12/17/2010	GBP		25,000		39,559
GMAC LLC, 6.000%, 12/15/2011			1,380,000		949,637
GMAC LLC, 6.625%, 5/15/2012			75,000		51,451
GMAC LLC, 6.750%, 12/01/2014			244,000		161,149
GMAC LLC, 6.875%, 9/15/2011			85,000		61,079
GMAC LLC, 6.875%, 8/28/2012			150,000		102,717
GMAC LLC, 7.000%, 2/01/2012			175,000		121,644
GMAC LLC, 8.000%, 11/01/2031			340,000		221,197
GMAC LLC, Series EMTN, 5.375%, 6/06/2011	EUR		400,000		415,655
iStar Financial, Inc., 5.650%, 9/15/2011			100,000		85,500
iStar Financial, Inc., 5.875%, 3/15/2016			20,000		15,756

4

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

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
iStar Financial, Inc., 6.050%, 4/15/2015	$	20,000	$	16,000
iStar Financial, Inc., 8.625%, 6/01/2013		1,770,000		1,619,550
iStar Financial, Inc., Series B, 5.700%, 3/01/2014		70,000		58,800
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		565,000		463,300
				13,834,430
Packaging – 1.0%
Owens-Illinois, Inc., 7.800%, 5/15/2018		1,555,000		1,578,325
Stone Container Finance, 7.375%, 7/15/2014(b)		980,000		784,000
				2,362,325
Paper – 2.8%
Abitibi Consolidated Co. of Canada, 15.500%, 7/15/2010, 144A		110,000		86,350
Abitibi-Consolidated, Inc., 6.000%, 6/20/2013		250,000		112,500
Abitibi-Consolidated, Inc., 7.400%, 4/01/2018		15,000		5,625
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028		140,000		51,800
Abitibi-Consolidated, Inc., 8.500%, 8/01/2029		15,000		5,550
Abitibi-Consolidated, Inc., 8.850%, 8/01/2030		90,000		33,750
Georgia-Pacific Corp., 7.250%, 6/01/2028		1,240,000		1,035,400
Georgia-Pacific Corp., 7.750%, 11/15/2029		1,165,000		1,025,200
Georgia-Pacific LLC, 8.000%, 1/15/2024		250,000		231,250
Georgia-Pacific LLC, 8.875%, 5/15/2031		765,000		707,625
Jefferson Smurfit Corp., 7.500%, 6/01/2013(b)		515,000		424,875
Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(b)		2,800,000		2,240,000
Westvaco Corp., 7.950%, 2/15/2031		320,000		299,179
Westvaco Corp., 8.200%, 1/15/2030		200,000		193,619
				6,452,723
Pharmaceuticals – 1.9%
Elan Financial PLC, 7.750%, 11/15/2011		3,590,000		3,482,300
Elan Financial PLC, 8.875%, 12/01/2013		830,000		832,075
				4,314,375
Pipelines – 2.6%
Colorado Interstate Gas Co., 5.950%, 3/15/2015		22,000		21,549
El Paso Corp., 6.950%, 6/01/2028		15,000		13,815
El Paso Corp., 7.420%, 2/15/2037		1,055,000		1,011,195
El Paso Corp., 7.800%, 8/01/2031		500,000		503,531
Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		50,000		44,125
Southern Natural Gas Co., 7.350%, 2/15/2031		95,000		96,217
Tennessee Gas Pipeline Co., 7.000%, 10/15/2028(b)		890,000		867,979
Williams Cos., Inc., 7.500%, 1/15/2031		3,375,000		3,412,969
				5,971,380
Property & Casualty Insurance – 0.1%
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A(b)		675,000		280,125
Railroads – 0.1%
Missouri Pacific Railroad Co., 4.750%, 1/01/2020		30,000		24,000
Missouri Pacific Railroad Co., 5.000%, 1/01/2045		314,000		194,680
				218,680
Retailers – 3.4%
Dillard’s, Inc., 6.625%, 1/15/2018		500,000		365,000

5

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

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Retailers – continued
Dillard’s, Inc., 7.000%, 12/01/2028		$	450,000		$	283,500
Dillard’s, Inc., 7.130%, 8/01/2018			750,000			562,500
Dillard’s, Inc., 7.750%, 7/15/2026			1,500,000			1,050,000
Foot Locker, Inc., 8.500%, 1/15/2022			1,679,000			1,569,865
Toys R Us, Inc., 7.375%, 10/15/2018			5,185,000			3,836,900
Toys R Us, Inc., 7.875%, 4/15/2013(b)			197,000			161,047
						7,828,812
Sovereigns – 3.0%
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		1,881,000,000			161,821
Indonesia Treasury Bond, Series ZC3, Zero Coupon Bond, 11/20/2012	IDR		4,897,000,000			307,513
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		95,000	(††)		822,687
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		365,000	(††)		3,555,928
Republic of Brazil, 10.250%, 1/10/2028	BRL		4,170,000			2,198,023
						7,045,972
Supermarkets – 1.1%
Albertson’s, Inc., 7.450%, 8/01/2029			1,525,000			1,442,589
Albertson’s, Inc., 8.000%, 5/01/2031			480,000			490,958
Albertson’s, Inc., 8.700%, 5/01/2030			180,000			191,653
Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			240,000			205,834
American Stores Co., 8.000%, 6/01/2026			110,000			111,211
						2,442,245
Supranational – 3.5%
Inter-American Development Bank, Series EMTN, Zero Coupon Bond, 5/11/2009	BRL		11,000,000			6,194,748
Inter-American Development Bank, Series EMTN, Zero Coupon Bond, 5/20/2013	IDR		8,600,000,000			536,987
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK		42,500,000			541,237
Nordic Investment Bank, 13.000%, 9/12/2008	ISK		71,100,000			902,030
						8,175,002
Technology – 3.9%
Affiliated Computer Services, Inc., 5.200%, 6/01/2015			100,000			85,250
Amkor Technology, Inc., 7.125%, 3/15/2011			400,000			383,000
Amkor Technology, Inc., 7.750%, 5/15/2013			1,600,000			1,484,000
Corning, Inc., 6.850%, 3/01/2029			701,000			685,774
Freescale Semiconductor, Inc., 10.125%, 12/15/2016(b)			1,047,000			798,338
Lucent Technologies, Inc., 6.450%, 3/15/2029			4,115,000			3,147,975
Motorola, Inc., 5.220%, 10/01/2097			80,000			44,504
Motorola, Inc., 6.500%, 11/15/2028			70,000			54,681
Motorola, Inc., 6.625%, 11/15/2037			70,000			55,069
Nortel Networks Corp., 6.875%, 9/01/2023			1,000,000			710,000
Northern Telecom Capital Corp., 7.875%, 6/15/2026			2,280,000			1,630,200
						9,078,791
Textile – 0.4%
Jones Apparel Group, Inc., 6.125%, 11/15/2034			890,000			605,200
Kellwood Co., 7.625%, 10/15/2017(e)			500,000			322,500
						927,700

6

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

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Transportation Services – 2.4%
APL Ltd., 8.000%, 1/15/2024(e)		$	2,685,000	$	2,228,550
Atlas Air, Inc., Series 1999-1B, 7.630%, 1/02/2015(f)			397,855		417,748
Atlas Air, Inc., Series 1999-1C, 8.770%, 1/02/2011(f)			399,542		379,564
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(f)			40,344		39,537
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(f)			2,207,572		2,362,102
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(f)			289,324		243,032
					5,670,533
Treasuries – 10.2%
U.S. Treasury Bonds, 4.500%, 2/15/2036(b)			8,220,000		8,161,564
U.S. Treasury Bonds, 4.750%, 2/15/2037(b)			15,000,000		15,489,840
					23,651,404
Wireless – 2.6%
ALLTEL Corp., 7.875%, 7/01/2032			625,000		634,375
Fairpoint Communications, Inc., 13.125%, 4/01/2018, 144A			720,000		705,600
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			1,835,000		1,523,050
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			700,000		591,500
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			705,000		565,763
Sprint Capital Corp., 6.875%, 11/15/2028			1,045,000		869,962
Sprint Capital Corp., 6.900%, 5/01/2019			815,000		715,163
True Move Co. Ltd., 10.750%, 12/16/2013, 144A			600,000		522,750
					6,128,163
Wirelines – 4.1%
Bell Canada, 5.000%, 2/15/2017	CAD		105,000		83,615
Bell Canada, 7.300%, 2/23/2032	CAD		275,000		234,229
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		220,000		164,880
Citizens Communications Co., 7.875%, 1/15/2027			860,000		752,500
Level 3 Financing, Inc., 8.750%, 2/15/2017			95,000		81,700
Level 3 Financing, Inc., 9.250%, 11/01/2014			290,000		263,900
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			1,034,000		847,880
Qwest Capital Funding, Inc., 6.875%, 7/15/2028(b)			800,000		640,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			290,000		250,125
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			1,550,000		1,321,375
Qwest Corp., 6.500%, 6/01/2017			210,000		187,425
Qwest Corp., 6.875%, 9/15/2033			1,566,000		1,291,950
Qwest Corp., 7.200%, 11/10/2026			500,000		420,000
Qwest Corp., 7.250%, 9/15/2025			515,000		455,775
Qwest Corp., 7.250%, 10/15/2035			1,407,000		1,181,880
Qwest Corp., 7.500%, 6/15/2023			1,510,000		1,343,900
					9,521,134
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $194,241,848)					189,212,558
CONVERTIBLE BONDS – 7.3%
Healthcare – 0.4%
Affymetrix, Inc., 3.500%, 1/15/2038			1,216,000		989,520
Industrial Other – 0.4%
Incyte Corp., 3.500%, 2/15/2011			1,100,000		1,023,000
Media Non-Cable – 0.1%
Liberty Media LLC, 3.500%, 1/15/2031			62,373		35,709

7

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

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Media Non-Cable – continued
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(c)	$	155,000	$	139,306
				175,015
Non-Captive Consumer – 0.2%
Countrywide Financial Corp., Series A, Zero Coupon Bond, 4/15/2037		108,000		104,085
Countrywide Financial Corp., Series B, 0.426%, 5/15/2037(d)		292,000		273,385
				377,470
Pharmaceuticals – 2.8%
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024		230,000		139,150
Human Genome Sciences, Inc., 2.250%, 8/15/2012		980,000		708,050
Nektar Therapeutics, 3.250%, 9/28/2012		1,180,000		812,725
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		1,230,000		1,126,987
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		980,000		840,350
Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		1,805,000		2,842,875
				6,470,137
REITs – 0.3%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		920,000		744,050
Technology – 1.3%
Kulicke & Soffa Industries, Inc., 0.500%, 11/30/2008		595,000		575,662
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		130,000		101,238
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		350,000		308,000
Maxtor Corp., 5.750%, 3/01/2012(e)		1,489,000		1,399,660
Nortel Networks Corp., 2.125%, 4/15/2014(b)		795,000		532,650
Richardson Electronics Ltd., 7.750%, 12/15/2011		132,000		108,900
				3,026,110
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		19,000		17,219
Transportation Services – 0.0%
Builders Transportation, Inc., 8.000%, 8/15/2005(g)		75,000		—
Wirelines – 1.8%
Level 3 Communications, Inc., 2.875%, 7/15/2010		2,005,000		1,676,681
Level 3 Communications, Inc., 3.500%, 6/15/2012		155,000		125,744
Level 3 Communications, Inc., 6.000%, 9/15/2009		1,820,000		1,733,550
Level 3 Communications, Inc., 6.000%, 3/15/2010(b)		575,000		534,750
				4,070,725
TOTAL CONVERTIBLE BONDS
(Identified Cost $16,573,571)				16,893,246
TOTAL BONDS AND NOTES
(Identified Cost $210,815,419)				206,105,804
BANK LOANS – 0.3%
Consumer Products – 0.0%
Mega Bloks, Inc., Term Loan B, 8.250%, 7/26/2012(h)		100,000		86,000
Food & Beverage – 0.0%
Dole Food Co., Inc., LOC, 4/12/2013(i)		12,817		11,893
Dole Food Co., Inc., Term Loan, 4/12/2013(i)		7,351		6,822

8

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

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BANK LOANS – continued
Food & Beverage – continued
Dole Food Co., Inc., Tranche C Term Loan, 4/12/2013(i)	$	18,242	$	16,928
				35,643
Media Non-Cable – 0.2%
Idearc, Inc., Term Loan B, 4.787%, 11/17/2014(h)		379,038		302,757
Tribune Co., Tranche X, 5.478%, 5/17/2009(h)		70,000		66,937
				369,694
Wirelines – 0.1%
Hawaiian Telecom Communications, Inc., Term Loan C, 5.310%, 6/01/2014(h)		155,000		127,536
TOTAL BANK LOANS
(Identified Cost $618,054)				618,873
	Shares
COMMON STOCKS – 3.4%
Biotechnology – 1.2%
Vertex Pharmaceuticals, Inc.(b)(f)		82,587		2,764,187
Communications Equipment – 0.7%
Corning, Inc.		69,766		1,608,106
Containers & Packaging – 0.7%
Owens-Illinois, Inc.(f)		40,621		1,693,489
Food Products – 0.0%
ConAgra Foods, Inc.(b)		3,100		59,768
Household Durables – 0.1%
KB Home(b)		6,775		114,701
Pharmaceuticals – 0.4%
Bristol-Myers Squibb Co.		43,200		886,896
REITs - Apartments – 0.2%
Apartment Investment & Management Co.(b)		4,462		151,976
Associated Estates Realty Corp.(b)		32,565		348,771
				500,747
REITs – Shopping Malls – 0.1%
Developers Diversified Realty Corp.(b)		7,125		247,309
TOTAL COMMON STOCKS
(Identified Cost $5,133,326)				7,875,203
PREFERRED STOCKS – 2.0%
CONVERTIBLE PREFERRED STOCKS – 1.8%
Automotive – 0.4%
Ford Motor Co., Capital Trust II, 6.500%(b)		27,177		751,444
General Motors Corp., 6.250%(b)		11,236		148,989
				900,433
Diversified Consumer Services – 0.2%
Six Flags, Inc., 7.250%(b)		39,950		373,533
Electric Utilities – 0.4%
AES Trust III, 6.750%		17,119		830,271
CMS Energy Trust I, 7.750%		4,150		186,750
				1,017,021
Machinery – 0.2%
United Rentals Trust, 6.500%		14,328		458,496

9

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

Loomis Sayles Institutional High Income Fund - continued

	Shares		Value (†)
Oil, Gas & Consumable Fuels – 0.2%
Chesapeake Energy Corp., 5.000%(b)		1,000	$	182,500
El Paso Energy Capital Trust I, 4.750%		5,700		233,700
				416,200
REITs - Hotels – 0.0%
FelCor Lodging Trust, Inc., Series A, 1.950%		1,100		21,065
Semiconductors & Semiconductor Equipment – 0.4%
Lucent Technologies Capital Trust, 7.750%		1,150		874,000
TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $4,857,673)				4,060,748
Non-Convertible Preferred Stocks – 0.2%
Capital Markets – 0.2%
Lehman Brothers Holdings Capital Trust I, 6.000%		725		11,651
Lehman Brothers Holdings, Inc., 5.670%		1,362		40,955
Lehman Brothers Holdings, Inc., 5.940%		1,535		49,013
Lehman Brothers Holdings, Inc., 6.500%		6,334		108,248
Lehman Brothers Holdings, Inc., 7.950%(b)		2,586		52,625
Merrill Lynch & Co., Inc., 6.375%		18,000		303,480
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $590,361)				565,972
TOTAL PREFERRED STOCKS
(Identified Cost $5,448,034)				4,626,720
CLOSED END INVESTMENT COMPANIES – 1.4%
Western Asset High Income Opportunity Fund, Inc.		176,050		992,922
Western Asset Managed High Income Fund, Inc.(b)		222,550		1,270,760
BlackRock Senior High Income Fund, Inc.		15,920		75,142
DWS High Income Trust		22,522		103,601
Dreyfus High Yield Strategies Fund		78,008		279,269
Highland Credit Strategies Fund(b)		31,505		421,537
Van Kampen High Income Trust II(b)		42,002		138,607
TOTAL CLOSED END INVESTMENT COMPANIES
(Identified Cost $3,511,223)				3,281,838
	Principal Amount (‡)/Shares
SHORT-TERM INVESTMENTS – 16.0%
Repurchase Agreement with State Street Corp. dated 6/30/08 at 1.300% to be repurchased at $2,119 on 7/01/08 collateralized by $5,000 Treasury Bill, Zero Coupon due 9/18/08 with a value of $4,980, including accrued interest(j)	$	2,119		2,119
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08 at 1.300% to be repurchased at $5,976,216 on 7/01/08 collateralized by $5,890,000 Federal Farm Credit Bank, 5.850% due 3/16/16 with a value of $6,096,150, including accrued interest(j)		5,976,000		5,976,000
State Street Navigator Securities Lending Prime Portfolio(k)		31,182,549		31,182,549
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $37,160,668)				37,160,668

10

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

Loomis Sayles Institutional High Income Fund - continued

	Value (†)
TOTAL INVESTMENTS – 112.1%
(Identified Cost $262,686,724)(a)		259,669,106
Other assets less liabilities—(12.1)%		(27,951,328	)
NET ASSETS – 100.0%	$	231,717,778

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

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

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

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

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

(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 June 30, 2008, the net unrealized depreciation on investments based on a cost of $262,692,719 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	$	13,752,834
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(16,776,447	)
Net unrealized depreciation	$	(3,023,613	)

(b) All or a portion of this security was on loan to brokers at June 30, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned securities for non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at June 30, 2008 were $30,437,544 and $31,182,549, respectively.

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

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

(e) Illiquid security. At June 30, 2008, the value of these securities amounted to $4,901,693 or 2.1% of net assets.

(f) Non-income producing security.

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

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

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

11

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

Loomis Sayles Institutional High Income Fund - continued

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

(k) 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 June 30, 2008, the total value of these securities amounted to $16,162,903 or 7.0% of net assets.

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

MTN Medium Term Note

LOC Letter of Credit

REITs Real Estate Investment Trusts

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

New Accounting Pronouncements

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

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

12

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

Loomis Sayles Institutional High Income Fund - continued

NET ASSET SUMMARY AT JUNE 30, 2008 (Unaudited)

Treasuries	10.2	%
Non-Captive Diversified	6.0
Technology	5.2
Automotive	5.1
Pharmaceuticals	5.0
Electric	4.4
Banking	3.9
Healthcare	3.7
Supranational	3.5
Non-Captive Consumer	3.5
Retailers	3.4
Sovereigns	3.0
Paper	2.8
Chemicals	2.7
Wireless	2.6
Pipelines	2.6
Transportation Services	2.5
Home Construction	2.3
Media Non-Cable	2.0
Other Investments, less than 2% each	21.7
Short-Term Investments	16.0
Total Investments	112.1
Other assets less liabilities	(12.1	)
Net Assets	100.0	%

13

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

Loomis Sayles Intermediate Duration Fixed Income Fund

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – 96.1% of Total Net Assets
NON-CONVERTIBLE BONDS – 96.1%
ABS Credit Card – 2.3%
BA Credit Card Trust, Series 2008-A5, Class A5, 3.671%, 12/16/2013(b)	$	260,000	$	263,860
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		255,000		243,844
Discover Card Master Trust I, 2.521%, 10/16/2014(b)		150,000		143,542
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 2.731%, 8/16/2021(b)		140,000		127,534
				778,780
Aerospace & Defense – 0.0%
Boeing Capital Corp., 6.100%, 3/01/2011(c)		5,000		5,266
Asset-Backed Securities – 3.3%
Americredit Automobile Receivables Trust, Series 2004-DF, Class A4, 3.430%, 7/06/2011		82,729		82,436
Capital Auto Receivables Asset Trust, Series 2004-2, Class A4, 3.750%, 7/15/2009		16,018		16,020
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A2, 3.872%, 3/25/2020		61,765		59,294
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		135,000		104,431
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021		310,051		280,103
Ford Credit Auto Owner Trust, 4.380%, 1/15/2010		163,462		163,654
Navistar Financial Corp. Owner Trust, Series 2004-B, Class A4, 3.530%, 10/15/2012		189,941		190,032
USAA Auto Owner Trust, Series 2004-3, Class A4, 3.530%, 6/15/2011		178,323		178,497
USAA Auto Owner Trust, Series 2006-1, Class A3, 5.010%, 9/15/2010		70,985		71,445
				1,145,912
Automotive – 0.5%
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013(c)		235,000		173,057
Banking – 7.8%
Bank of America Corp., 5.650%, 5/01/2018		345,000		322,088
Bank One Corp., 5.900%, 11/15/2011(c)		5,000		5,094
Citigroup, Inc., 5.300%, 10/17/2012		425,000		414,565
Credit Suisse NY, 6.000%, 2/15/2018		110,000		105,921
HSBC Finance Corp., 4.750%, 4/15/2010(c)		350,000		349,261
JPMorgan Chase & Co., 5.600%, 6/01/2011		475,000		481,508
Suntrust Banks, Inc., 5.250%, 11/05/2012		190,000		185,770
Wachovia Corp., 5.300%, 10/15/2011		530,000		518,223
Wells Fargo & Co., 5.250%, 10/23/2012		305,000		306,710
				2,689,140
Brokerage – 5.6%
Bear Stearns Cos., Inc., 5.350%, 2/01/2012		130,000		127,730
Goldman Sachs Group, Inc., 4.500%, 6/15/2010		300,000		300,403
Goldman Sachs Group, Inc., 5.300%, 2/14/2012		10,000		10,065
Goldman Sachs Group, Inc., 5.450%, 11/01/2012		270,000		269,323
Lehman Brothers Holdings, Inc., Series I, MTN, 6.200%, 9/26/2014		100,000		95,447
Lehman Brothers Holdings, Inc., Series I, MTN, 5.250%, 2/06/2012		265,000		250,778

1

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

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Brokerage – continued
Lehman Brothers Holdings, Inc., Series MTN, 5.625%, 1/24/2013		$	175,000	$	165,638
Merrill Lynch & Co., Inc., 5.450%, 2/05/2013			350,000		330,121
Morgan Stanley, 5.300%, 3/01/2013			400,000		385,423
					1,934,928
Chemicals – 0.5%
Lubrizol Corp., 4.625%, 10/01/2009			5,000		4,976
PPG Industries, Inc., 5.750%, 3/15/2013			170,000		172,849
					177,825
Construction Machinery – 0.7%
Caterpillar Financial Services, Series MTN, 4.850%, 12/07/2012			160,000		159,526
Deere John Capital Corp., Series MTN, 4.500%, 4/03/2013(c)			90,000		88,876
					248,402
Consumer Products – 1.0%
Koninklijke (Royal) Philips Electronics NV, 4.625%, 3/11/2013(c)			175,000		172,376
Newell Rubberamid, Inc., 5.500%, 4/15/2013			170,000		167,247
					339,623
Diversified Manufacturing – 0.5%
Honeywell International, Inc., 4.250%, 3/01/2013			175,000		172,519
Electric – 2.1%
Carolina Power & Light Co., 6.500%, 7/15/2012			5,000		5,246
Duke Energy Corp., 5.625%, 11/30/2012(c)			300,000		308,682
Nisource Finance Corp., 7.875%, 11/15/2010			145,000		150,367
Pacific Gas & Electric Co., 3.600%, 3/01/2009(c)			5,000		4,996
Virginia Electric and Power Co., 5.100%, 11/30/2012			260,000		260,130
					729,421
Entertainment – 1.7%
Time Warner, Inc., 5.875%, 11/15/2016			225,000		212,165
Time Warner, Inc., 6.500%, 11/15/2036			45,000		40,059
Walt Disney Co., 5.700%, 7/15/2011(c)			315,000		329,062
					581,286
Food & Beverage – 1.5%
General Mills, Inc., 5.650%, 9/10/2012			225,000		229,424
HJ Heinz Finance Co., 6.000%, 3/15/2012			100,000		102,903
Kellogg Co., 5.125%, 12/03/2012			175,000		177,301
Kraft Foods, Inc., 5.625%, 11/01/2011			5,000		5,045
					514,673
Government Sponsored – 1.1%
Federal National Mortgage Association, 2.290%, 2/19/2009	SGD		500,000		368,708
Healthcare – 2.0%
Hospira, Inc., 5.550%, 3/30/2012			250,000		245,607
Medco Health Solutions, Inc., 6.125%, 3/15/2013			170,000		170,566
UnitedHealth Group, Inc., 4.875%, 2/15/2013			180,000		174,175
WellPoint, Inc., 5.250%, 1/15/2016			100,000		93,990
					684,338
Healthcare Insurance – 0.5%
Aetna, Inc., 7.875%, 3/01/2011			170,000		181,409

2

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

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Hybrid ARMS – 1.3%
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 6.359%, 9/25/2036(b)	$	567,806	$	447,620
Independent Energy – 0.0%
XTO Energy, Inc., 4.900%, 2/01/2014(c)		5,000		4,890
Media Cable – 2.2%
Comcast Cable Communications, 7.125%, 6/15/2013		195,000		205,578
Comcast Corp., 4.950%, 6/15/2016		160,000		147,325
Cox Communications, Inc., 4.625%, 1/15/2010		5,000		4,972
Cox Communications, Inc., 5.450%, 12/15/2014		215,000		206,608
Time Warner Cable, Inc., 6.200%, 7/01/2013		170,000		172,867
				737,350
Media Non-Cable – 0.5%
Thomson Reuters Corp., 5.950%, 7/15/2013(c)		175,000		175,703
Metals & Mining – 0.9%
United States Steel Corp., 6.050%, 6/01/2017		175,000		163,442
Vale Overseas Ltd., 6.250%, 1/23/2017		165,000		159,716
				323,158
Mortgage Related – 22.0%
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.740%, 5/10/2045(b)		205,000		200,176
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		490,000		481,010
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		140,000		139,299
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 6.014%, 7/25/2021(b)		279,896		242,053
Federal Home Loan Mortgage Corp., 4.500%, 12/01/2019		15,940		15,544
Federal Home Loan Mortgage Corp., 5.000%, 5/01/2019		5,991		5,977
Federal Home Loan Mortgage Corp., 5.000%, 1/01/2020		7,233		7,198
Federal Home Loan Mortgage Corp., 5.000%, 8/15/2024		542,035		548,892
Federal Home Loan Mortgage Corp., 5.500%, 3/01/2013		10,863		11,002
Federal Home Loan Mortgage Corp., 5.500%, 8/01/2022		199,283		200,644
Federal Home Loan Mortgage Corp., 6.000%, 11/01/2012		18,573		19,183
Federal Home Loan Mortgage Corp., 6.343%, 1/01/2035(b)		272,572		276,797
Federal Home Loan Mortgage Corp., 6.500%, 1/01/2024		4,524		4,716
Federal Home Loan Mortgage Corp., 7.000%, 2/01/2009		263		265
Federal Home Loan Mortgage Corp., 8.000%, 7/01/2025		497		539
Federal National Mortgage Association, 4.500%, 12/01/2019		20,020		19,528
Federal National Mortgage Association, 5.000%, 1/01/2019(d)		330,453		330,037
Federal National Mortgage Association, 5.000%, 2/01/2019(d)		469,143		467,379
Federal National Mortgage Association, 5.500%, 1/01/2017		52,105		53,000
Federal National Mortgage Association, 5.500%, 1/01/2017		58,783		59,719
Federal National Mortgage Association, 5.500%, 2/01/2017		31,624		32,168
Federal National Mortgage Association, 5.500%, 8/01/2017(d)		715,511		726,907
Federal National Mortgage Association, 5.500%, 9/01/2017		159,189		161,725
Federal National Mortgage Association, 5.500%, 11/01/2017		1,080		1,098

3

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

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Federal National Mortgage Association, 5.500%, 1/01/2020		$	693,662	$	703,410
Federal National Mortgage Association, 5.500%, 3/01/2020			580,524		587,230
Federal National Mortgage Association, 6.000%, 9/01/2021			9,925		10,187
Federal National Mortgage Association, 7.500%, 6/01/2016			2,791		2,913
Federal National Mortgage Association, 8.000%, 6/01/2015			4,051		4,273
Government National Mortgage Association, 6.500%, 12/15/2023			11,095		11,495
Government National Mortgage Association, 8.500%, 9/15/2022			3,277		3,612
Government National Mortgage Association, 9.500%, 1/15/2019			7,917		8,793
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039			205,000		192,288
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039			410,000		406,579
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A2, 5.861%, 4/15/2045(b)			375,000		377,046
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030			230,000		224,229
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.424%, 2/12/2039(b)			320,000		307,074
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.909%, 6/12/2046(b)			210,000		206,890
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047			330,000		311,271
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.742%, 8/12/2041(b)			205,000		205,779
					7,567,925
Non-Captive Consumer – 0.9%
American Express Co., 5.500%, 9/12/2016			85,000		80,743
American Express Co., 6.150%, 8/28/2017			45,000		43,953
American General Finance Corp., Series H, MTN, 5.375%, 10/01/2012			5,000		4,655
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			10,000		8,647
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			10,000		8,785
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			170,000		163,087
					309,870
Non-Captive Diversified – 3.6%
CIT Group, Inc., 5.650%, 2/13/2017(c)			255,000		175,911
CIT Group, Inc., 5.850%, 9/15/2016(c)			20,000		13,799
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD		500,000		358,641
General Electric Capital Corp., Series A, GMTN, 5.250%, 10/19/2012			345,000		348,363
International Lease Finance Corp., Series Q, MTN, 5.750%, 6/15/2011(c)			205,000		190,882
iStar Financial, Inc., 5.150%, 3/01/2012			170,000		140,250
					1,227,846
Oil Field Services – 0.5%
Weatherford International Ltd., 5.150%, 3/15/2013			175,000		173,981
Pharmaceuticals – 0.7%
Abbott Laboratories, 5.150%, 11/30/2012			240,000		247,035

4

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

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Pharmaceuticals – continued
Schering-Plough Corp., 5.550%, 12/01/2013	$	5,000	$	5,033
				252,068
Pipelines – 1.5%
Energy Transfer Partners LP, 6.000%, 7/01/2013		170,000		171,528
Kinder Morgan Energy Partners LP, 5.000%, 12/15/2013		185,000		177,305
Spectra Energy Capital LLC, 5.668%, 8/15/2014		175,000		170,969
				519,802
Railroads – 1.6%
Burlington Northern Santa Fe Corp., 6.125%, 3/15/2009		205,000		206,880
Canadian Pacific Railway Co., 5.750%, 5/15/2013		170,000		169,020
Union Pacific Corp., 5.750%, 11/15/2017		160,000		157,377
				533,277
REITs – 3.3%
Camden Property Trust, 4.375%, 1/15/2010(c)		5,000		4,873
Colonial Realty LP, 4.750%, 2/01/2010		55,000		53,550
Colonial Realty LP, 4.800%, 4/01/2011		125,000		117,912
Developers Diversified Realty Corp., 3.875%, 1/30/2009		10,000		9,881
ERP Operating LP, 6.625%, 3/15/2012		165,000		167,570
Federal Realty Investment Trust, 5.400%, 12/01/2013		215,000		203,705
First Industrial LP, 5.250%, 6/15/2009		10,000		9,907
ProLogis Trust, 5.500%, 4/01/2012(c)		410,000		400,385
Simon Property Group LP, 5.300%, 5/30/2013		170,000		167,251
				1,135,034
Retailers – 1.1%
CVS Caremark Corp., 5.750%, 6/01/2017		160,000		157,368
J.C. Penney Corp., Inc., 5.750%, 2/15/2018		50,000		44,611
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012		205,000		190,488
				392,467
Supermarkets – 0.6%
Kroger Co., 6.200%, 6/15/2012		50,000		51,499
Kroger Co., 6.400%, 8/15/2017		35,000		35,699
Kroger Co., 6.750%, 4/15/2012		115,000		121,105
				208,303
Technology – 4.5%
Agilent Technologies, Inc., 6.500%, 11/01/2017		120,000		116,884
Corning, Inc., 6.200%, 3/15/2016		45,000		46,495
Equifax, Inc., 7.000%, 7/01/2037		85,000		78,228
IBM International Group Capital, 5.050%, 10/22/2012(c)		230,000		234,883
Jabil Circuit, Inc., 5.875%, 7/15/2010		350,000		341,687
National Semiconductor Corp., 6.600%, 6/15/2017		175,000		172,904
Oracle Corp., 4.950%, 4/15/2013(c)		170,000		171,643
Pitney Bowes, Inc., 5.250%, 1/15/2037		225,000		221,438
Xerox Corp., 6.400%, 3/15/2016		170,000		169,694
				1,553,856
Treasuries – 16.4%
U.S. STRIPS, Zero Coupon Bond, 2/15/2015		535,000		418,314
U.S. Treasury Notes, 2.750%, 2/28/2013(c)		1,560,000		1,522,950
U.S. Treasury Notes, 3.375%, 11/30/2012(c)		835,000		838,653
U.S. Treasury Notes, 4.000%, 2/15/2015(c)(d)		1,015,000		1,043,310

5

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

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Treasuries – continued
U.S. Treasury Notes, 4.250%, 8/15/2014(c)	$	230,000	$	240,296
U.S. Treasury Notes, 4.750%, 5/15/2014(c)		175,000		187,606
U.S. Treasury Notes, 4.750%, 8/15/2017(c)		1,310,000		1,387,781
				5,638,910
Wireless – 1.0%
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		5,000		4,013
Sprint Nextel Corp., 6.000%, 12/01/2016		170,000		146,200
Vodafone Group Plc, 5.350%, 2/27/2012(c)		175,000		175,642
				325,855
Wirelines – 2.4%
AT&T, Inc., 5.100%, 9/15/2014		180,000		176,449
Embarq Corp., 7.995%, 6/01/2036		155,000		146,627
Qwest Corp., 5.625%, 11/15/2008		110,000		109,725
Telecom Italia Capital SA, 4.950%, 9/30/2014		185,000		169,322
Verizon New England, Inc., 6.500%, 9/15/2011		5,000		5,139
Verizon Virginia, Inc., Series A, 4.625%, 3/15/2013		230,000		222,337
				829,599
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $33,835,534)				33,082,801
TOTAL BONDS AND NOTES
(Identified Cost $33,835,534)				33,082,801
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 24.6%
Federal National Mortgage Association, Discount Notes, Zero Coupon, 7/07/08		635,000		634,780
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08 at 1.300% to be repurchased at $458,017 on 7/01/08 collateralized by $440,000 Federal Home Loan Mortgage Corp. 5.500% due 8/23/17 valued at $472,450 including accrued interest(e)		458,000		458,000
	Shares
State Street Navigator Securities Lending Prime Portfolio(f)		7,373,196		7,373,196
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $8,465,976)				8,465,976
TOTAL INVESTMENTS – 120.7%
(Identified Cost $42,301,510)(a)				41,548,777
Other assets less liabilities – (20.7)%				(7,108,605	)
NET ASSETS – 100.0%			$	34,440,172

6

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

Loomis Sayles Intermediate Duration 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 the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. 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.

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 June 30, 2008, the net unrealized depreciation on investments based on a cost of $42,355,658 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	$	157,215
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(964,096	)
Net unrealized depreciation	$	(806,881	)

At September 30, 2007, the Fund had a capital loss carryforward 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 be extent provided by regulations.

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

(c) All or a portion of this security was on loan to brokers at June 30, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned securities for non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at June 30, 2008 were $7,235,448 and $7,373,196, respectively.

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

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

7

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

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

(f) Represents investments of security lending collateral.

GMTN Global Medium Term Note

MTN Medium Term Note

REITs Real Estate Investment Trusts

STRIPS Separate Trading of Registered Interest and Principal of Securities

Key to Abbreviations:

SGD Singapore Dollar

New Accounting Pronouncements

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

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

Futures Contracts

The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy and sell a particular commodity, instrument or index (e.g., an interest-bearing security) for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker as “initial margin” an amount of cash or short-term high-quality securities. As the value of the contract changes, the value of the futures contract position increases or declines. At the end of each trading day, the amount of such increase or decline is received or paid, respectively, by and to the holders of these positions. The amount received or paid is known as “variation margin.” Realized gain or loss on a futures position is equal to the net variation margin received or paid over the time the position is held, plus or minus the amount received or paid when the position is closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise such as illiquidity in the futures market, which may limit the Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates. At June 30, 2008, open futures contracts purchased were as follows:

Futures	Expiration Date	Contracts	Notional Value		Unrealized Appreciation
10 Year U.S. Treasury Note	9/19/2008	9	$	1,025,297	$	12,429

NET ASSET SUMMARY AT JUNE 30, 2008 (Unaudited)

Mortgage Related	22.0	%
Treasuries	16.4
Banking	7.8
Brokerage	5.6
Technology	4.5
Non-Captive Diversified	3.6
Asset-Backed Securities	3.3
REITs	3.3
Wirelines	2.4
ABS Credit Card	2.3
Media Cable	2.2
Electric	2.1
Healthcare	2.0
Other Investments, less than 2% each	18.6
Short-Term Investments	24.6
Total Investments	120.7
Other assets less liabilities	(20.7	)
Net Assets	100.0	%

8

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2008 (Unaudited)

Principal Amount		Description	Value (†)
	Bonds and Notes – 96.6% of Net Assets
	Non-Convertible Bonds – 95.0%
		ABS Car Loan – 0.9%
$	19,100,000	ARG Funding Corp., Series 2005-2A, Class A5,
		2.642%, 5/20/2011, 144A (b)	$	17,494,475
	26,520,000	Capital One Auto Finance Trust, Series 2006-C, Class A4,
		2.501%, 5/15/2013 (b)		23,541,282
				41,035,757
		ABS Credit Card – 1.8%
	29,080,000	Chase Issuance Trust, Series 2007-B1, Class B1,
		2.721%, 4/15/2019 (b)		23,217,763
	27,750,000	Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6,
		6.300%, 6/20/2014		26,535,938
	10,000,000	MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1,
		6.800%, 7/15/2014		9,860,008
	19,060,000	MBNA Credit Card Master Note Trust, Series 2005-B2, Class B,
		2.651%, 12/17/2012 (b)		18,356,230
				77,969,939
		ABS Other – 0.4%
	16,965,000	CIT Equipment Collateral, Series 2008-VT1, Class A3,
		6.590%, 12/22/2014		16,855,576
		Airlines – 1.9%
	710,099	Continental Airlines, Inc., Series 971A,
		7.461%, 10/01/2016		628,438
	22,350,000	Continental Airlines, Inc., Series A,
		5.983%, 4/19/2022		18,494,625
	9,788,000	Continental Airlines, Inc., Series B,
		6.903%, 4/19/2022		7,243,120
	895,012	Delta Air Lines, Inc., Series 2007-1, Class A,
		6.821%, 8/10/2022		756,285
	19,800,670	Delta Air Lines, Inc., Series 2007-1, Class B,
		8.021%, 8/10/2022		15,642,530
	11,415,000	Northwest Airlines, Inc., Series 07-1, Class B,
		8.028%, 11/01/2017		9,246,150
	8,115,000	Qantas Airways Ltd.,
		6.050%, 4/15/2016, 144A		7,356,312
	30,702,080	United Air Lines, Inc.,
		6.636%, 7/02/2022		25,098,950
				84,466,410
		Asset-Backed Securities – 0.0%
	504,318	Community Program Loan Trust, Series 1987-A, Class A4,
		4.500%, 10/01/2018		498,641
	1,700,000	Community Program Loan Trust, Series 1987-A, Class A5,
		4.500%, 4/01/2029		1,519,680
				2,018,321
		Automotive – 0.9%
	10,665,000	Cummins, Inc.,
		5.650%, 3/01/2098		7,322,749
	3,389,000	Cummins, Inc.,
		6.750%, 2/15/2027		2,967,232
	665,000	Cummins, Inc.,
		7.125%, 3/01/2028		630,987
	1,990,000	Ford Motor Co.,
		6.375%, 2/01/2029		1,044,750
	130,000	Ford Motor Co.,
		6.500%, 8/01/2018 (c)		75,400
	260,000	Ford Motor Co.,
		6.625%, 2/15/2028 (c)		141,700
	5,185,000	Ford Motor Co.,
		6.625%, 10/01/2028		2,773,975
	8,730,000	Ford Motor Co.,
		7.450%, 7/16/2031		5,085,225
	245,000	Ford Motor Co.,
		7.500%, 8/01/2026		139,650
	11,830,000	Ford Motor Credit Co. LLC,
		5.700%, 1/15/2010		10,093,001
	345,000	Ford Motor Credit Co. LLC,
		7.000%, 10/01/2013 (c)		254,062
	700,000	Ford Motor Credit Co. LLC,
		7.375%, 10/28/2009		637,545
	1,540,000	Ford Motor Credit Co. LLC,
		8.000%, 12/15/2016		1,119,213
	935,000	Ford Motor Credit Co. LLC,
		8.625%, 11/01/2010		793,164
	2,135,000	Ford Motor Credit Co. LLC,
		9.750%, 9/15/2010		1,861,470
	575,000	General Motors Corp.,
		7.400%, 9/01/2025		296,125
	8,985,000	General Motors Corp.,
		8.250%, 7/15/2023 (c)		5,233,763
	245,000	General Motors Corp.,
		8.375%, 7/15/2033 (c)		145,163
				40,615,174
		Banking – 2.7%
	2,595,000	BAC Capital Trust VI,
		5.625%, 3/08/2035		2,113,041
	3,120,000,000	Barclays Financial LLC,
		4.060%, 9/16/2010, (KRW), 144A		3,005,019
	180,000,000	Barclays Financial LLC,
		4.160%, 2/22/2010, (THB), 144A		5,239,204
	3,500,000,000	Barclays Financial LLC,
		4.460%, 9/23/2010, (KRW), 144A		3,399,790
	52,000,000	Barclays Financial LLC, Series EMTN,
		4.100%, 3/22/2010, (THB), 144A		1,511,525
	16,371,250,000	BNP Paribas SA, Series EMTN,
		Zero Coupon, 6/13/2011, (IDR), 144A		1,255,721
	9,860,000	Citibank NA,
		15.000%, 7/02/2010, (BRL), 144A		6,437,877
	20,990,000	HSBC Bank USA,
		Zero Coupon, 4/18/2012, (MYR), 144A		5,965,207
	28,000,000	HSBC Bank USA, Zero Coupon,
		5/17/2012, (MYR), 144A		7,880,275
	4,500,000	HSBC Bank USA,
		3.310%, 8/25/2010, 144A		5,279,850
	700,000	ICICI Bank Ltd.,
		(fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		627,320
	18,000,000	JPMorgan Chase & Co.,
		Zero Coupon, 5/17/2010, (BRL), 144A		8,594,481

1

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

Investments as of June 30, 2008 (Unaudited)

Principal Amount		Description	Value (†)
		Banking – continued
$	22,683,264,000	JPMorgan Chase & Co.,
		Zero Coupon, 3/28/2011, (IDR), 144A	$	1,785,630
	17,920,000,000	JPMorgan Chase & Co.,
		Zero Coupon, 3/28/2011, (IDR), 144A		1,409,305
	68,827,366,920	JPMorgan Chase & Co.,
		Zero Coupon, 4/12/2012, (IDR), 144A		4,738,787
	24,108,050	JPMorgan Chase & Co., Series EMTN,
		Zero Coupon, 6/08/2012, (MYR), 144A		6,279,529
	24,124,936,500	JPMorgan Chase London,
		Zero Coupon, 10/21/2010, (IDR), 144A		2,005,091
	1,700,000	Kaupthing Bank,
		3.413%, 1/15/2010, 144A (b)(c)		1,475,416
	17,900,000	Kaupthing Bank, Series D,
		5.750%, 10/04/2011, 144A		13,559,250
	2,700,000	Kaupthing Bank, Series E,
		6.125%, 10/04/2016, 144A (c)		1,768,500
	100,000	Keybank NA,
		6.950%, 2/01/2028		89,676
	329,700,000	Kreditanstalt fuer Wiederaufbau, Series EMTN,
		10.000%, 10/27/2008, (ISK)		4,167,607
	30,000,000	Kreditanstalt Fuer Wiederaufbau, Series EMTN,
		10.750%, 2/01/2010, (ISK)		382,463
	13,950,000	PNC Bank NA,
		6.875%, 4/01/2018		13,838,330
	330,000,000	Rabobank Nederland, Series EMTN,
		12.500%, 2/17/2009, (ISK)		4,219,833
	1,176,000,000	Rabobank Nederland, Series EMTN,
		14.000%, 1/28/2009, (ISK), 144A		14,980,664
				122,009,391
		Brokerage – 4.0%
	370,000	Bear Stearns Cos., Inc. (The),
		4.650%, 7/02/2018		311,526
	975,000	Bear Stearns Cos., Inc. (The),
		5.300%, 10/30/2015		912,627
	2,150,000	Bear Stearns Cos., Inc. (The),
		6.400%, 10/02/2017		2,124,611
	16,850,000	Bear Stearns Cos., Inc. (The),
		7.250%, 2/01/2018		17,584,070
	25,655,000	Lehman Brothers Holdings, Inc.,
		6.875%, 7/17/2037		22,083,773
	1,120,000	Lehman Brothers Holdings, Inc., Series MTN,
		6.000%, (fixed rate to 5/3/2027, variable rate thereafter), 5/03/2032		856,287
	109,500,000	Merrill Lynch & Co., Inc.,
		6.110%, 1/29/2037		86,965,557
	10,000,000	Merrill Lynch & Co., Inc.,
		10.710%, 3/08/2017, (BRL)		4,974,736
	43,590,000	Morgan Stanley, Series F, MTN,
		6.625%, 4/01/2018		41,302,615
				177,115,802
		Building Materials – 0.7%
	10,000,000	Masco Corp.,
		5.850%, 3/15/2017 (c)		9,063,910
	6,465,000	Owens Corning, Inc.,
		6.500%, 12/01/2016		5,886,234
	20,368,000	Owens Corning, Inc.,
		7.000%, 12/01/2036		17,015,590
	1,060,000	USG Corp.,
		6.300%, 11/15/2016		853,300
				32,819,034
		Chemicals – 2.1%
	22,665,000	Lubrizol Corp.,
		6.500%, 10/01/2034		20,605,114
	2,400,000	Methanex Corp.,
		6.000%, 8/15/2015		2,232,979
	68,560,000	PPG Industries, Inc.,
		6.650%, 3/15/2018		69,875,530
				92,713,623
		Construction Machinery – 0.2%
	6,935,000	Toro Co.,
		6.625%, 5/01/2037		7,092,154
		Consumer Cyclical Services – 0.4%
	19,330,000	Western Union Co.,
		6.200%, 11/17/2036		18,038,582
		Distributors – 1.5%
	61,345,000	Equitable Resources, Inc.,
		6.500%, 4/01/2018		61,433,459
	5,865,000	ONEOK, Inc.,
		6.000%, 6/15/2035		5,188,273
				66,621,732
		Electric – 6.0%
	40,400,000	Ameren Energy Generating Co., Series G,
		7.000%, 4/15/2018, 144A		40,456,318
	500,000	Baltimore Gas & Electric Co.,
		5.200%, 6/15/2033		390,465
	11,360,000	Bruce Mansfield Unit,
		6.850%, 6/01/2034		11,373,973
	26,290,000	Cleveland Electric Illuminating Co. (The),
		5.950%, 12/15/2036		22,270,785
	895,000	Commonwealth Edison Co.,
		4.700%, 4/15/2015 (c)		831,428
	1,700,000	Commonwealth Edison Co.,
		5.875%, 2/01/2033		1,537,097
	2,750,000	Constellation Energy Group, Inc.,
		4.550%, 6/15/2015		2,449,851
	960,000	Dominion Resources, Inc.,
		5.950%, 6/15/2035		861,595
	5,500,000	Empresa Nacional de Electricidad SA (Endesa-Chile),
		7.875%, 2/01/2027		5,993,702
	1,000,000	Empresa Nacional de Electricidad SA (Endesa-Chile),
		8.350%, 8/01/2013		1,106,268
	47,570,000	Illinois Power Co.,
		6.250%, 4/01/2018, 144A		45,793,593
	1,905,000	ITC Holdings Corp.,
		5.875%, 9/30/2016, 144A		1,850,018
	2,830,000	ITC Holdings Corp.,
		6.375%, 9/30/2036, 144A		2,570,418
	10,206,405	Mackinaw Power LLC,
		6.296%, 10/31/2023, 144A		10,225,389
	1,500,000	MidAmerican Energy Holdings Co.,
		5.875%, 10/01/2012		1,542,807
	1,000,000	MidAmerican Energy Holdings Co.,
		6.125%, 4/01/2036		960,265

2

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

Investments as of June 30, 2008 (Unaudited)

Principal Amount		Description	Value (†)
		Electric – continued
$	7,185,000	MidAmerican Energy Holdings Co.,
		6.500%, 9/15/2037	$	7,256,649
	27,500,000	Nisource Finance Corp.,
		6.400%, 3/15/2018		26,541,185
	21,585,000	Nisource Finance Corp.,
		6.800%, 1/15/2019 (c)		21,167,309
	38,500	Quezon Power Philippines Co.,
		8.860%, 6/15/2017		37,923
	51,115,000	Southwestern Electric Power Co.,
		6.450%, 1/15/2019		50,813,064
	500,000	SP Powerassets Ltd.,
		3.730%, 10/22/2010, (SGD)		371,219
	6,570,000	Toledo Edison Co.,
		6.150%, 5/15/2037		5,697,938
	1,075,000	White Pine Hydro LLC,
		6.310%, 7/10/2017 (d)		1,037,375
	1,600,000	White Pine Hydro LLC,
		6.960%, 7/10/2037 (d)		1,515,830
				264,652,464
		Entertainment – 0.2%
	3,565,000	Time Warner, Inc.,
		6.500%, 11/15/2036		3,173,556
	1,805,000	Time Warner, Inc.,
		6.625%, 5/15/2029		1,642,507
	755,000	Time Warner, Inc.,
		6.950%, 1/15/2028		724,441
	505,000	Time Warner, Inc.,
		7.625%, 4/15/2031		512,699
	330,000	Time Warner, Inc.,
		7.700%, 5/01/2032		337,855
	3,590,000	Viacom, Inc., Class B,
		6.875%, 4/30/2036		3,371,322
				9,762,380
		Food & Beverage – 1.4%
	6,845,000	Anheuser-Busch Cos, Inc.,
		5.950%, 1/15/2033		6,044,163
	8,760,000	Anheuser-Busch Cos, Inc.,
		6.450%, 9/01/2037		8,372,230
	2,500,000	Cargill, Inc.,
		5.375%, 3/02/2037, (GBP)		4,065,414
	1,525,000	Cia Brasileira de Bebidas,
		8.750%, 9/15/2013		1,723,250
	6,080,000	Corn Products International, Inc.,
		6.625%, 4/15/2037		6,137,930
	9,925,000	Kraft Foods, Inc.,
		6.500%, 8/11/2017		9,937,635
	21,385,000	Kraft Foods, Inc.,
		6.500%, 11/01/2031 (c)		19,792,972
	8,080,000	Kraft Foods, Inc.,
		7.000%, 8/11/2037		7,999,927
				64,073,521
		Foreign Agency – 0.0%
	220,000	Alberta Municipal Funding Corp.,
		5.700%, 9/01/2011, (CAD)		227,465
		Foreign Local Governments – 0.0%
	28,763	Province of Alberta,
		5.930%, 9/16/2016, (CAD)		30,545
	500,000	Province of Nova Scotia,
		6.600%, 6/01/2027, (CAD)		598,725
				629,270
		Government Guaranteed – 1.0%
	45,000,000	Canada Housing Trust,
		4.100%, 12/15/2008, (CAD)		44,346,425
		Government Owned - No Guarantee – 0.8%
	39,780,000	DP World Ltd.,
		6.850%, 7/02/2037, 144A		34,134,104
		Government Sponsored – 0.3%
	15,000,000	Queensland Treasury Corp.,
		7.125%, 9/18/2017, (NZD), 144A		11,475,907
		Health Insurance – 0.1%
	5,455,000	CIGNA Corp.,
		6.150%, 11/15/2036 (c)		4,805,157
		Healthcare – 3.6%
	7,535,000	Covidien International Finance SA,
		6.000%, 10/15/2017		7,626,121
	7,590,000	Covidien International Finance SA,
		6.550%, 10/15/2037		7,655,350
	9,130,000	HCA, Inc.,
		5.750%, 3/15/2014		7,600,725
	1,305,000	HCA, Inc.,
		6.250%, 2/15/2013		1,132,087
	3,250,000	HCA, Inc.,
		6.300%, 10/01/2012		2,916,875
	3,565,000	HCA, Inc.,
		6.375%, 1/15/2015		2,958,950
	4,015,000	HCA, Inc.,
		6.500%, 2/15/2016		3,342,487
	365,000	HCA, Inc.,
		6.750%, 7/15/2013		320,287
	3,000,000	HCA, Inc.,
		7.050%, 12/01/2027		2,271,876
	2,290,000	HCA, Inc.,
		7.190%, 11/15/2015		1,972,528
	1,910,000	HCA, Inc.,
		7.500%, 12/15/2023		1,553,057
	250,000	HCA, Inc.,
		7.500%, 11/06/2033		192,500
	1,225,000	HCA, Inc.,
		7.580%, 9/15/2025		993,593
	3,890,000	HCA, Inc.,
		7.690%, 6/15/2025		3,181,118
	1,640,000	HCA, Inc.,
		7.750%, 7/15/2036		1,296,969
	3,830,000	HCA, Inc.,
		8.360%, 4/15/2024		3,259,912
	2,865,000	Hospira, Inc.,
		6.050%, 3/30/2017		2,764,917
	57,190,000	Medco Health Solutions, Inc.,
		7.125%, 3/15/2018		59,391,472
	530,000	Owens & Minor, Inc.,
		6.350%, 4/15/2016		520,560
	24,355,000	UnitedHealth Group, Inc.,
		5.800%, 3/15/2036		20,158,439
	565,000	UnitedHealth Group, Inc.,
		6.500%, 6/15/2037		515,223
	2,810,000	UnitedHealth Group, Inc.,
		6.625%, 11/15/2037		2,587,816
	27,070,000	WellPoint, Inc.,
		6.375%, 6/15/2037		24,427,427
				158,640,289
		Home Construction – 0.6%
	850,000	Centex Corp.,
		5.250%, 6/15/2015		671,500

3

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

Investments as of June 30, 2008 (Unaudited)

Principal Amount		Description	Value (†)
		Home Construction – continued
$	3,685,000	D.R. Horton, Inc.,
		5.250%, 2/15/2015	$	2,929,575
	2,050,000	Desarrolladora Homex SAB de CV,
		7.500%, 9/28/2015		2,060,250
	2,605,000	Lennar Corp., Series B,
		5.600%, 5/31/2015		1,904,906
	1,870,000	Lennar Corp., Series B,
		6.500%, 4/15/2016		1,432,888
	2,945,000	Pulte Homes, Inc.,
		5.200%, 2/15/2015		2,400,175
	250,000	Pulte Homes, Inc.,
		5.250%, 1/15/2014		208,750
	9,400,000	Pulte Homes, Inc.,
		6.000%, 2/15/2035		7,332,000
	3,645,000	Pulte Homes, Inc.,
		6.375%, 5/15/2033		2,824,875
	3,605,000	Toll Brothers Finance Corp.,
		5.150%, 5/15/2015		3,121,944
				24,886,863
		Hybrid ARMS – 0.0%
	160,196	Wells Fargo Mortgage Backed Securities Trust,
		6.025%, 9/25/2036 (b)		155,529
		Independent Energy – 2.1%
	4,020,000	Anadarko Petroleum Corp.,
		5.950%, 9/15/2016		4,022,159
	13,905,000	Anadarko Petroleum Corp.,
		6.450%, 9/15/2036		13,725,459
	10,875,000	Apache Corp.,
		6.000%, 1/15/2037		10,670,887
	1,190,000	Chesapeake Energy Corp.,
		6.250%, 1/15/2017, (EUR)		1,695,605
	500,000	Devon Financing Corp. LLC,
		7.875%, 9/30/2031		590,549
	48,640,000	Questar Market Resources, Inc.,
		6.800%, 4/01/2018		47,525,317
	3,585,000	Talisman Energy, Inc.,
		5.850%, 2/01/2037		3,088,825
	3,515,000	Talisman Energy, Inc.,
		6.250%, 2/01/2038		3,231,044
	160,000	XTO Energy, Inc.,
		6.100%, 4/01/2036		152,395
	6,230,000	XTO Energy, Inc.,
		6.750%, 8/01/2037		6,317,307
				91,019,547
		Integrated Energy – 0.0%
	1,581,593	PF Export Receivables Master Trust,
		6.436%, 6/01/2015, 144A		1,621,133
		Life Insurance – 0.5%
	15,400,000	ASIF Global Financing XXVII,
		2.380%, 2/26/2009, (SGD), 144A		11,306,229
	9,260,000	Mutual of Omaha Insurance Co.,
		6.800%, 6/15/2036, 144A		8,837,652
				20,143,881
		Local Authorities – 0.7%
	19,325,000	Queensland Treasury Corp., Series 11G,
		6.000%, 6/14/2011, (AUD)		17,918,365
	14,895,000	Virginia Tobacco Settlement Financing Corp., Series A-1,
		6.706%, 6/01/2046		12,555,294
				30,473,659
		Media Cable – 3.0%
	16,501,000	Comcast Corp.,
		5.650%, 6/15/2035		14,021,494
	2,195,000	Comcast Corp.,
		6.450%, 3/15/2037		2,042,867
	4,610,000	Comcast Corp.,
		6.500%, 11/15/2035		4,382,381
	32,715,000	Comcast Corp.,
		6.950%, 8/15/2037		32,178,114
	3,750,000	Cox Communications, Inc., Class A,
		6.750%, 3/15/2011 (c)		3,870,154
	75,000,000	Time Warner Cable, Inc.,
		6.750%, 7/01/2018		75,497,325
	350,000	Virgin Media Finance PLC,
		9.750%, 4/15/2014, (GBP)		639,632
				132,631,967
		Media Non-Cable – 0.6%
	2,500,000	Clear Channel Communications, Inc.,
		4.250%, 5/15/2009		2,412,500
	1,000,000	Clear Channel Communications, Inc.,
		5.750%, 1/15/2013		673,750
	7,700,000	News America, Inc.,
		6.150%, 3/01/2037		7,089,490
	4,095,000	News America, Inc.,
		6.200%, 12/15/2034		3,776,335
	9,760,000	News America, Inc.,
		6.400%, 12/15/2035		9,236,064
	1,005,000	R.H. Donnelley Corp.,
		6.875%, 1/15/2013		597,975
	555,000	R.H. Donnelley Corp.,
		8.875%, 10/15/2017, 144A		330,225
	1,665,000	R.H. Donnelley Corp., Series A-1,
		6.875%, 1/15/2013		990,675
	1,950,000	R.H. Donnelley Corp., Series A-2,
		6.875%, 1/15/2013		1,160,250
	1,760,000	R.H. Donnelley Corp., Series A-3,
		8.875%, 1/15/2016		1,056,000
				27,323,264
		Metals & Mining – 1.2%
	12,775,000	Newmont Mining Corp.,
		5.875%, 4/01/2035		10,933,867
	1,500,000	Teck Cominco Ltd.,
		7.000%, 9/15/2012		1,601,940
	1,985,000	United States Steel Corp.,
		6.050%, 6/01/2017		1,853,901
	4,712,000	United States Steel Corp.,
		6.650%, 6/01/2037		4,151,145
	31,890,000	United States Steel Corp.,
		7.000%, 2/01/2018		31,819,874
	3,735,000	Vale Overseas Ltd.,
		6.875%, 11/21/2036		3,468,825
				53,829,552
		Mortgage Related – 0.1%
	3,000,000	Bank of America-First Union NB Commercial Mortgage, Series 2001-3, Class A2,
		5.464%, 4/11/2037		3,004,024
	1,837,510	CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1,
		5.000%, 8/25/2020		1,724,962
	183,018	Federal Home Loan Mortgage Corp.,
		5.000%, 12/01/2031		176,699

4

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

Investments as of June 30, 2008 (Unaudited)

Principal Amount			Description	Value (†)
			Mortgage Related – continued
$	35,979		Federal National Mortgage Association,
			6.000%, 7/01/2029	$	36,642
					4,942,327
			Non-Captive Consumer – 3.2%
	88,895,000		American General Finance Corp., Series J, MTN,
			6.900%, 12/15/2017		77,477,771
	400,000		Countrywide Financial Corp., Series A, MTN,
			3.079%, 12/19/2008 (b)		390,020
	1,170,000		Countrywide Home Loans, Inc., Series L, MTN,
			4.000%, 3/22/2011		1,065,149
	180,000		Residential Capital LLC,
			8.125%, 11/21/2008 (c)		157,500
	840,000		Residential Capital LLC,
			8.375%, 6/30/2010 (c)		352,800
	20,645,000		Residential Capital LLC,
			8.500%, 4/17/2013		8,051,550
	385,000		Residential Capital LLC,
			8.875%, 6/30/2015		150,150
	10,807,000		Residential Capital LLC,
			9.625%, 5/15/2015, 144A		5,241,395
	200,000		SLM Corp.,
			4.000%, 1/15/2010		186,312
	5,150,000		SLM Corp.,
			6.500%, 6/15/2010, (NZD)		3,494,982
	3,190,000		SLM Corp., Series A, MTN,
			5.000%, 10/01/2013		2,758,278
	2,090,000		SLM Corp., Series A, MTN,
			5.000%, 4/15/2015		1,768,497
	960,000		SLM Corp., Series A, MTN,
			5.000%, 6/15/2018		733,138
	1,370,000		SLM Corp., Series A, MTN,
			5.375%, 1/15/2013		1,206,651
	1,470,000		SLM Corp., Series A, MTN,
			5.375%, 5/15/2014		1,291,442
	300,000		SLM Corp., Series A, MTN,
			5.400%, 10/25/2011		273,957
	690,000		SLM Corp., Series A, MTN,
			5.625%, 8/01/2033		519,535
	30,945,000		SLM Corp., Series A, MTN,
			8.450%, 6/15/2018		29,686,653
	3,200,000		SLM Corp., Series EMTN,
			4.750%, 3/17/2014, (EUR)		3,962,830
	630,000		SLM Corp., Series MTN,
			5.050%, 11/14/2014		535,053
	310,000		SLM Corp., Series MTN,
			5.125%, 8/27/2012		269,736
	23,775	(†††)	SLM Corp., Series MTN,
			6.000%, 12/15/2043		414,576
					139,987,975
			Non-Captive Diversified – 4.0%
	780,000		CIT Group, Inc.,
			5.125%, 9/30/2014		558,674
	500,000		CIT Group, Inc.,
			5.400%, 2/13/2012		396,911
	7,550,000		CIT Group, Inc.,
			5.500%, 12/01/2014, (GBP)		10,206,875
	87,745,000		CIT Group, Inc.,
			7.625%, 11/30/2012		72,931,714
	2,370,000		CIT Group, Inc., Series A, GMTN,
			6.000%, 4/01/2036		1,785,345
	1,750,000		CIT Group, Inc., Series EMTN,
			3.800%, 11/14/2012, (EUR)		1,976,146
	350,000		CIT Group, Inc., Series EMTN,
			4.650%, 9/19/2016, (EUR)		361,138
	2,050,000		CIT Group, Inc., Series EMTN,
			5.000%, 5/13/2014, (EUR)		2,301,677
	4,250,000		CIT Group, Inc., Series EMTN,
			5.500%, 12/20/2016, (GBP)		5,608,902
	5,450,000		CIT Group, Inc., Series GMTN,
			4.250%, 9/22/2011, (EUR)		6,459,904
	450,000		CIT Group, Inc., Series GMTN,
			5.000%, 2/13/2014		323,138
	1,450,000		CIT Group, Inc., Series MTN,
			4.250%, 3/17/2015, (EUR)		1,542,060
	21,120,000		General Electric Capital Corp.,
			6.500%, 9/28/2015, (NZD)		13,852,593
	4,200,000		General Electric Capital Corp.,
			6.625%, 2/04/2010, (NZD)		3,100,834
	6,200,000		General Electric Capital Corp., Series A, GMTN,
			2.960%, 5/18/2012, (SGD)		4,364,507
	13,400,000		General Electric Capital Corp., Series A, GMTN,
			3.485%, 3/08/2012, (SGD)		9,611,569
	12,325,000		General Electric Capital Corp., Series EMTN,
			6.750%, 9/26/2016, (NZD)		8,080,774
	2,055,000		GMAC LLC,
			4.750%, 9/14/2009, (EUR)		2,685,462
	1,345,000		GMAC LLC,
			6.000%, 12/15/2011		925,552
	1,310,000		GMAC LLC,
			6.625%, 5/15/2012		898,682
	1,670,000		GMAC LLC,
			6.750%, 12/01/2014		1,102,943
	1,500,000		GMAC LLC,
			6.875%, 9/15/2011		1,077,858
	400,000		GMAC LLC,
			6.875%, 8/28/2012		273,911
	1,210,000		GMAC LLC,
			7.000%, 2/01/2012		841,079
	2,335,000		GMAC LLC,
			8.000%, 11/01/2031		1,519,100
	5,045,000		GMAC LLC, Series EMTN,
			5.375%, 6/06/2011, (EUR)		5,242,450
	380,000		GMAC LLC, Series EMTN,
			5.750%, 9/27/2010, (EUR)		436,753
	5,225,000		iStar Financial, Inc.,
			5.150%, 3/01/2012		4,310,625
	1,000,000		iStar Financial, Inc.,
			5.375%, 4/15/2010 (c)		900,000
	310,000		iStar Financial, Inc.,
			5.500%, 6/15/2012		254,200
	3,700,000		iStar Financial, Inc.,
			5.650%, 9/15/2011		3,163,500
	765,000		iStar Financial, Inc.,
			5.800%, 3/15/2011		650,250
	385,000		iStar Financial, Inc.,
			5.850%, 3/15/2017		304,631

5

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

Investments as of June 30, 2008 (Unaudited)

Principal Amount		Description	Value (†)
		Non-Captive Diversified – continued
$	1,605,000	iStar Financial, Inc.,
		5.875%, 3/15/2016	$	1,264,459
	745,000	iStar Financial, Inc.,
		6.050%, 4/15/2015		596,000
	535,000	iStar Financial, Inc.,
		8.625%, 6/01/2013		489,525
	335,000	iStar Financial, Inc., Series B,
		5.125%, 4/01/2011		286,425
	254,000	iStar Financial, Inc., Series B,
		5.700%, 3/01/2014		213,360
	5,680,000	iStar Financial, Inc., Series B,
		5.950%, 10/15/2013		4,657,600
	575,000	Prologis,
		5.625%, 11/15/2015		540,207
	470,000	Prologis,
		5.750%, 4/01/2016 (c)		442,644
	745,000	Simon Property Group LP,
		5.750%, 12/01/2015		723,037
				177,263,014
		Oil Field Services – 0.1%
	600,000	Transocean Sedco Forex, Inc.,
		7.375%, 4/15/2018		653,472
	3,840,000	Weatherford International Ltd.,
		6.500%, 8/01/2036		3,757,367
				4,410,839
		Paper – 2.3%
	1,395,000	Bowater, Inc.,
		6.500%, 6/15/2013		878,850
	575,000	Georgia-Pacific Corp.,
		7.250%, 6/01/2028		480,125
	2,460,000	Georgia-Pacific Corp.,
		7.375%, 12/01/2025 (c)		2,078,700
	285,000	Georgia-Pacific Corp.,
		7.750%, 11/15/2029		250,800
	1,340,000	Georgia-Pacific LLC,
		8.000%, 1/15/2024		1,239,500
	2,280,000	Georgia-Pacific LLC,
		8.875%, 5/15/2031		2,109,000
	750,000	International Paper Co.,
		4.000%, 4/01/2010		726,094
	300,000	International Paper Co.,
		5.250%, 4/01/2016		256,441
	989,000	International Paper Co.,
		5.500%, 1/15/2014		908,803
	74,330,000	International Paper Co.,
		7.950%, 6/15/2018		73,916,279
	22,860,000	Weyerhaeuser Co.,
		6.875%, 12/15/2033		21,225,076
				104,069,668
		Pharmaceuticals – 1.2%
	20,830,000	Astrazeneca PLC,
		6.450%, 9/15/2037		21,205,919
	28,670,000	Johnson & Johnson,
		5.950%, 8/15/2037		29,763,875
	500,000	Schering-Plough Corp.,
		5.550%, 12/01/2013		503,312
				51,473,106
		Pipelines – 5.5%
	1,174,000	Colorado Interstate Gas Co.,
		5.950%, 3/15/2015		1,149,938
	125,000	Colorado Interstate Gas Co.,
		6.800%, 11/15/2015		127,682
	2,010,000	DCP Midstream LP,
		6.450%, 11/03/2036, 144A		1,832,406
	2,470,000	El Paso Corp.,
		6.950%, 6/01/2028		2,274,875
	540,000	Energy Transfer Partners LP,
		6.125%, 2/15/2017		522,954
	1,605,000	Energy Transfer Partners LP,
		6.625%, 10/15/2036		1,493,929
	9,455,000	Enterprise Products Operating LP,
		6.300%, 9/15/2017		9,388,890
	4,390,000	Kinder Morgan Energy Partners LP,
		5.800%, 3/15/2035		3,808,795
	82,600,000	Kinder Morgan Energy Partners LP,
		5.950%, 2/15/2018		80,473,298
	310,000	Kinder Morgan Finance,
		5.700%, 1/05/2016		275,900
	320,000	Kinder Morgan, Inc., Senior Note,
		5.150%, 3/01/2015		282,400
	31,430,000	NGPL Pipeco LLC,
		7.119%, 12/15/2017, 144A		32,123,377
	4,665,000	ONEOK Partners LP,
		6.650%, 10/01/2036		4,446,347
	10,115,000	Panhandle Eastern Pipeline Co.,
		6.200%, 11/01/2017		9,580,817
	48,630,000	Panhandle Eastern Pipeline Co.,
		7.000%, 6/15/2018		48,531,086
	2,130,000	Plains All American Pipeline LP,
		6.125%, 1/15/2017		2,093,247
	16,025,000	Plains All American Pipeline LP,
		6.500%, 5/01/2018, 144A		15,965,227
	4,595,000	Plains All American Pipeline LP,
		6.650%, 1/15/2037		4,285,233
	4,215,000	Southern Natural Gas Co.,
		5.900%, 4/01/2017, 144A		4,026,737
	2,415,000	Tennessee Gas Pipeline Co.,
		7.000%, 10/15/2028		2,355,246
	20,000,000	Texas Eastern Transmission LP,
		6.000%, 9/15/2017, 144A		19,878,000
				244,916,384
		Property & Casualty Insurance – 1.1%
	3,460,000	Marsh & McLennan Cos., Inc.,
		5.375%, 7/15/2014		3,359,075
	12,652,000	Marsh & McLennan Cos., Inc.,
		5.750%, 9/15/2015		12,543,914
	10,125,000	Marsh & McLennan Cos., Inc.,
		5.875%, 8/01/2033		8,495,432
	15,875,000	Travelers Cos., Inc. (The),
		6.250%, 6/15/2037		14,756,670
	2,830,000	Travelers Property Casualty Corp.,
		6.375%, 3/15/2033		2,702,924
	675,000	White Mountains RE Group,
		6.375%, 3/20/2017, 144A		603,964
	4,830,000	Willis North America, Inc.,
		6.200%, 3/28/2017 (c)		4,268,005
				46,729,984
		Railroads – 1.1%
	1,530,000	Canadian Pacific Railway Co.,
		5.750%, 3/15/2033		1,234,649

6

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

Investments as of June 30, 2008 (Unaudited)

Principal Amount			Description	Value (†)
			Railroads – continued
$	15,830,000		Canadian Pacific Railway Co.,
			5.950%, 5/15/2037	$	13,134,784
	5,000,000		Canadian Pacific Railway Ltd.,
			4.900%, 6/15/2010, (CAD), 144A		4,902,030
	10,105,000		CSX Corp.,
			6.000%, 10/01/2036 (c)		8,756,316
	18,555,000		CSX Corp.,
			6.250%, 3/15/2018		17,861,878
	195,000		Missouri Pacific Railroad Co.,
			4.750%, 1/01/2020		156,000
	243,000		Missouri Pacific Railroad Co.,
			4.750%, 1/01/2030		199,260
	1,738,000		Missouri Pacific Railroad Co.,
			5.000%, 1/01/2045		1,077,560
	1,700,000		Union Pacific Corp.,
			5.375%, 6/01/2033		1,457,568
					48,780,045
			REITs – 1.5%
	12,015,000		Camden Property Trust,
			5.700%, 5/15/2017		10,507,598
	4,000,000		Colonial Realty LP,
			4.800%, 4/01/2011		3,773,180
	625,000		Colonial Realty LP,
			5.500%, 10/01/2015		550,094
	525,000		Colonial Realty LP,
			6.050%, 9/01/2016		459,648
	4,230,000		Duke Realty LP,
			5.950%, 2/15/2017		3,906,743
	20,000,000		Duke Realty LP,
			6.500%, 1/15/2018		19,044,540
	5,000,000		Equity One, Inc.,
			6.000%, 9/15/2017		4,393,230
	1,010,000		ERP Operating LP,
			5.125%, 3/15/2016		910,780
	2,420,000		ERP Operating LP,
			5.750%, 6/15/2017		2,233,742
	10,500,000		First Industrial LP,
			5.950%, 5/15/2017		9,225,520
	3,500,000		Highwoods Properties, Inc.,
			5.850%, 3/15/2017		3,022,758
	2,195,000		Highwoods Properties, Inc.,
			7.500%, 4/15/2018		2,085,592
	7,075,000		Realty Income Corp.,
			6.750%, 8/15/2019		6,663,568
					66,776,993
			Restaurants – 0.0%
	1,000,000		McDonald’s Corp.,
			3.628%, 10/10/2010, (SGD)		743,968
			Retailers – 3.2%
	50,000		Home Depot, Inc.,
			5.400%, 3/01/2016		45,913
	31,427,000		Home Depot, Inc.,
			5.875%, 12/16/2036		25,673,533
	8,170,000		J.C. Penney Corp., Inc.,
			5.750%, 2/15/2018		7,289,462
	15,655,000		J.C. Penney Corp., Inc.,
			6.375%, 10/15/2036		13,074,962
	12,000		J.C. Penney Corp., Inc.,
			7.125%, 11/15/2023		11,867
	7,385,000		J.C. Penney Corp., Inc.,
			7.400%, 4/01/2037		6,630,733
	8,845,000		J.C. Penney Corp., Inc.,
			7.625%, 3/01/2097		7,227,444
	7,575,000		Lowes Cos., Inc.,
			6.650%, 9/15/2037		7,383,762
	17,730,000		Macy’s Retail Holdings, Inc.,
			6.375%, 3/15/2037		13,655,327
	6,715,000		Macy’s Retail Holdings, Inc.,
			6.790%, 7/15/2027		5,505,239
	6,730,000		Macy’s Retail Holdings, Inc.,
			6.900%, 4/01/2029		5,687,267
	8,240,000		Marks & Spencer PLC,
			7.125%, 12/01/2037, 144A		7,617,221
	2,078,000		Target Corp.,
			6.500%, 10/15/2037		1,998,984
	37,872,000		Target Corp.,
			7.000%, 1/15/2038		38,829,934
					140,631,648
			Sovereigns – 13.8%
	133,990,000		Canadian Government,
			3.750%, 6/01/2012, (CAD)		132,888,856
	4,250,000		Canadian Government, 4.000%,
			6/01/2016, (CAD)		4,262,545
	26,235,000		Canadian Government,
			4.250%, 9/01/2008, (CAD)		25,786,301
	5,600,000		Canadian Government,
			4.250%, 12/01/2008, (CAD)		5,520,369
	38,265,000		Canadian Government,
			4.250%, 9/01/2009, (CAD)		37,948,658
	275,170,000		Canadian Government,
			5.250%, 6/01/2012, (CAD)		287,629,154
	9,600,000		Canadian Government,
			5.500%, 6/01/2010, (CAD)		9,802,883
	3,430,000		Canadian Government,
			5.750%, 6/01/2033, (CAD)		4,217,820
	4,200,900	(††)	Mexican Fixed Rate Bonds, Series M-20,
			8.000%, 12/07/2023, (MXN)		36,379,205
	770,000	(††)	Mexican Fixed Rate Bonds, Series MI-10,
			9.000%, 12/20/2012, (MXN)		7,501,548
	29,165,000		New South Wales Treasury Corp., Series 10RG,
			7.000%, 12/01/2010, (AUD)		27,752,007
	15,145,000		New South Wales Treasury Corp., Series 12RG,
			6.000%, 5/01/2012, (AUD)		13,887,822
	325,000		Republic of Brazil,
			8.875%, 4/15/2024 (c)		413,562
	24,705,000		Republic of Brazil,
			10.250%, 1/10/2028, (BRL)		13,022,098
	250,000		Republic of Brazil,
			11.000%, 8/17/2040		330,625
	6,285,000		Republic of Brazil,
			12.500%, 1/05/2022, (BRL)		3,812,714
					611,156,167
			Supermarkets – 0.4%
	1,000,000		Albertson’s, Inc.,
			6.625%, 6/01/2028		857,640
	1,900,000		Albertson’s, Inc.,
			7.450%, 8/01/2029		1,797,324
	3,340,000		Kroger Co.,
			6.400%, 8/15/2017		3,406,656

7

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

Investments as of June 30, 2008 (Unaudited)

Principal Amount		Description	Value (†)
		Supermarkets – continued
$	11,100,000	Safeway, Inc.,
		6.350%, 8/15/2017	$	11,423,776
				17,485,396
		Supranational – 1.8%
	80,900,000	Eurofima, Series EMTN,
		10.000%, 11/03/2008, (ISK)		1,020,322
	90,000,000	Eurofima, Series EMTN,
		11.000%, 2/05/2010, (ISK)		1,152,116
	15,500,000	European Investment Bank,
		4.600%, 1/30/2037, (CAD), 144A		14,635,545
	113,651,400,000	European Investment Bank, Series EMTN,
		Zero Coupon, 4/24/2013, (IDR), 144A		7,066,849
	22,000,000	Inter-American Development Bank, Series EMTN,
		Zero Coupon, 5/11/2009, (BRL)		12,389,495
	331,380,000,000	Inter-American Development Bank, Series EMTN,
		Zero Coupon, 5/20/2013, (IDR)		20,691,482
	13,265,000	Inter-American Development Bank, Series EMTN,
		6.000%, 12/15/2017, (NZD)		9,300,446
	429,100,000	International Bank for Reconstruction & Development,
		9.500%, 5/27/2010, (ISK)		5,464,585
	643,900,000	Nordic Investment Bank,
		13.000%, 9/12/2008, (ISK)		8,169,020
	26,200,000	Nordic Investment Bank, Series EMTN,
		11.250%, 4/16/2009, (ISK)		331,847
				80,221,707
		Technology – 4.9%
	8,895,000	Agilent Technologies, Inc.,
		6.500%, 11/01/2017		8,664,015
	2,035,000	Arrow Electronics, Inc.,
		6.875%, 7/01/2013		2,078,358
	2,000,000	Arrow Electronics, Inc.,
		6.875%, 6/01/2018		2,006,236
	9,000,000	Avnet, Inc.,
		5.875%, 3/15/2014		8,666,199
	6,230,000	Avnet, Inc.,
		6.000%, 9/01/2015		6,039,443
	1,540,000	Avnet, Inc.,
		6.625%, 9/15/2016		1,539,319
	260,000	Corning, Inc.,
		6.850%, 3/01/2029		254,352
	6,650,000	Corning, Inc.,
		7.250%, 8/15/2036		6,745,554
	56,440,000	Dun & Bradstreet Corp.,
		6.000%, 4/01/2013		56,227,052
	8,915,000	Equifax, Inc.,
		7.000%, 7/01/2037		8,204,697
	1,660,000	Freescale Semiconductor, Inc.,
		10.125%, 12/15/2016 (c)		1,265,750
	2,965,000	Intuit, Inc.,
		5.750%, 3/15/2017		2,784,927
	55,000,000	KLA-Tencor Corp.,
		6.900%, 5/01/2018		53,920,130
	38,725,000	Koninklijke (Royal) Philips Electronics N.V.,
		6.875%, 3/11/2038		39,980,426
	4,700,000	Lucent Technologies, Inc.,
		6.450%, 3/15/2029		3,595,500
	4,680,000	Motorola, Inc.,
		5.220%, 10/01/2097		2,603,484
	1,000,000	Motorola, Inc.,
		6.500%, 9/01/2025		746,710
	4,150,000	Motorola, Inc.,
		6.500%, 11/15/2028		3,241,826
	6,145,000	Motorola, Inc.,
		6.625%, 11/15/2037		4,834,308
	1,625,000	Motorola, Inc.,
		8.000%, 11/01/2011 (c)		1,659,442
	2,920,000	Samsung Electronics Co. Ltd.,
		7.700%, 10/01/2027, 144A		3,145,792
				218,203,520
		Textile – 0.3%
	25,000	Kellwood Co.,
		7.625%, 10/15/2017 (d)		16,125
	15,228,000	VF Corp.,
		6.450%, 11/01/2037		14,405,277
				14,421,402
		Tobacco – 0.2%
	8,305,000	Reynolds American, Inc.,
		6.750%, 6/15/2017		8,261,722
	2,035,000	Reynolds American, Inc.,
		7.250%, 6/15/2037		2,002,715
				10,264,437
		Transportation Services – 0.8%
	8,390,000	Erac USA Finance Co.,
		6.375%, 10/15/2017, 144A		7,497,304
	2,310,000	Erac USA Finance Co.,
		6.700%, 6/01/2034, 144A		1,891,846
	31,995,000	Erac USA Finance Co.,
		7.000%, 10/15/2037, 144A		26,612,833
				36,001,983
		Treasuries – 6.4%
	279,500,000	U.S. Treasury Notes,
		4.250%, 11/15/2017 (c)		285,504,778
		Wireless – 0.9%
	1,000,000	America Movil SAB de CV,
		4.125%, 3/01/2009		1,001,670
	1,700,000	Nextel Communications, Inc., Series D,
		7.375%, 8/01/2015		1,411,000
	635,000	Nextel Communications, Inc., Series E,
		6.875%, 10/31/2013		536,575
	14,820,000	Nextel Communications, Inc., Series F,
		5.950%, 3/15/2014		11,893,050
	9,397,000	Sprint Capital Corp.,
		6.875%, 11/15/2028		7,823,002
	2,375,000	Sprint Capital Corp.,
		6.900%, 5/01/2019		2,084,063
	93,000	Sprint Nextel Corp.,
		6.000%, 12/01/2016		79,980
	5,345,000	Vodafone Group PLC,
		5.000%, 9/15/2015		5,057,236
	12,805,000	Vodafone Group PLC,
		6.150%, 2/27/2037		11,710,390
				41,596,966
		Wirelines – 2.6%
	19,610,000	AT&T Corp.,
		6.500%, 3/15/2029		18,619,617

8

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

Investments as of June 30, 2008 (Unaudited)

Principal Amount		Description	Value (†)
		Wirelines – continued
$	1,205,000	AT&T, Inc.,
		6.150%, 9/15/2034	$	1,125,918
	14,830,000	AT&T, Inc.,
		6.500%, 9/01/2037		14,352,756
	1,590,000	Bell Canada,
		5.000%, 2/15/2017, (CAD)		1,266,168
	415,000	Bell Canada,
		7.300%, 2/23/2032, (CAD)		353,472
	3,250,000	Bell Canada, Series M-17,
		6.100%, 3/16/2035, (CAD)		2,435,731
	8,125,000	BellSouth Corp.,
		6.000%, 11/15/2034		7,440,574
	350,000	GTE Corp.,
		6.940%, 4/15/2028		346,499
	1,625,000	Koninklijke (Royal) KPN NV,
		8.375%, 10/01/2030		1,868,144
	65,000	Level 3 Financing, Inc.,
		8.750%, 2/15/2017 (c)		55,900
	560,000	Level 3 Financing, Inc.,
		9.250%, 11/01/2014 (c)		509,600
	620,000	New England Telephone & Telegraph,
		7.875%, 11/15/2029		662,889
	1,735,000	Qwest Capital Funding, Inc.,
		6.500%, 11/15/2018		1,422,700
	2,955,000	Qwest Capital Funding, Inc.,
		6.875%, 7/15/2028 (c)		2,364,000
	4,465,000	Qwest Capital Funding, Inc.,
		7.625%, 8/03/2021		3,851,062
	1,140,000	Qwest Capital Funding, Inc.,
		7.750%, 2/15/2031		971,850
	340,000	Qwest Corp.,
		6.500%, 6/01/2017		303,450
	8,275,000	Qwest Corp.,
		6.875%, 9/15/2033		6,826,875
	890,000	Qwest Corp.,
		7.200%, 11/10/2026		747,600
	1,050,000	Qwest Corp.,
		7.250%, 9/15/2025		929,250
	4,295,000	Qwest Corp.,
		7.250%, 10/15/2035		3,607,800
	2,470,000	Qwest Corp.,
		7.500%, 6/15/2023		2,198,300
	2,905,000	Telecom Italia Capital,
		6.000%, 9/30/2034		2,486,143
	2,850,000	Telecom Italia Capital,
		6.375%, 11/15/2033		2,537,267
	10,520,000	Telefonica Emisiones SAU,
		7.045%, 6/20/2036		10,796,150
	1,000,000	Telekom Malaysia Berhad,
		7.875%, 8/01/2025, 144A		1,134,581
	14,445,000	Telus Corp.,
		4.950%, 3/15/2017, (CAD)		13,145,984
	7,175,000	Verizon Communications,
		5.850%, 9/15/2035		6,323,937
	5,674,000	Verizon Maryland, Inc.,
		5.125%, 6/15/2033		4,381,503
	1,330,000	Verizon New York, Inc., Series B,
		7.375%, 4/01/2032		1,351,061
				114,416,781
		Total Non-Convertible Bonds
		(Identified Cost $4,298,703,195)		4,214,202,960
	Convertible Bonds – 0.7%
		Independent Energy – 0.1%
	500,000	Devon Energy Corp.,
		4.900%, 8/15/2008		928,750
	1,750,000	Devon Energy Corp.,
		4.950%, 8/15/2008		3,250,625
				4,179,375
		Media Non-Cable – 0.0%
	540,568	Liberty Media LLC,
		3.500%, 1/15/2031		309,475
		Non-Captive Consumer – 0.1%
	810,000	Countrywide Financial Corp., Series A,
		Zero Coupon, 4/15/2037		780,637
	2,260,000	Countrywide Financial Corp., Series B,
		0.426%, 5/15/2037 (b)		2,115,925
				2,896,562
		Non-Captive Diversified – 0.2%
	9,920,000	iStar Financial, Inc.,
		3.291%, 10/01/2012 (b)(c)		7,737,600
		Pharmaceuticals – 0.1%
	3,997,000	Vertex Pharmaceuticals, Inc.,
		4.750%, 2/15/2013 (c)		6,295,275
	360,000	Watson Pharmaceuticals, Inc.,
		1.750%, 3/15/2023		342,900
				6,638,175
		Technology – 0.0%
	710,000	Avnet, Inc.,
		2.000%, 3/15/2034		733,963
		Wireless – 0.1%
	5,200,000	NII Holdings, Inc.,
		3.125%, 6/15/2012		4,381,000
		Wirelines – 0.1%
	2,735,000	Level 3 Communications, Inc.,
		3.500%, 6/15/2012		2,218,769
	230,000	Level 3 Communications, Inc.,
		5.250%, 12/15/2011		208,438
	275,000	Level 3 Communications, Inc.,
		6.000%, 9/15/2009		261,937
	3,760,000	Level 3 Communications, Inc.,
		6.000%, 3/15/2010 (c)		3,496,800
				6,185,944
		Total Convertible Bonds
		(Identified Cost $31,286,861)		33,062,094
	Municipals – 0.9%
		Alabama – 0.0%
	1,025,000	Alabama Public School & College Authority ( Capital Improvement),
		4.500%, 12/01/2026		991,298
		California – 0.3%
	1,075,000	San Diego Unified School District (Election 1998),
		4.500%, 7/01/2029, Series F-1, (FSA insured)		997,460
	480,000	San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment),
		3.750%, 8/01/2028, Series C, (MBIA insured)		388,243

9

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

Investments as of June 30, 2008 (Unaudited)

Principal Amount		Description	Value (†)
		California – continued
$	1,305,000	San Jose Redevelopment Agency Tax Allocation (Merged Area),
		3.750%, 8/01/2028, Series C, (MBIA insured)	$	1,063,288
	1,620,000	State of California,
		4.500%, 8/01/2027, (AMBAC insured)		1,532,520
	4,515,000	State of California,
		4.500%, 10/01/2029		4,155,967
	1,315,000	State of California,
		4.500%, 8/01/2030, (AMBAC insured)		1,203,370
	1,135,000	State of California,
		4.500%, 8/01/2030		1,040,227
	840,000	State of California (Various Purpose),
		3.250%, 12/01/2027, (MBIA insured)		641,206
	3,965,000	State of California (Various Purpose),
		4.500%, 12/01/2033, (AMBAC insured)		3,566,280
	280,000	University of California Regents Medical Center,
		4.750%, 5/15/2031, Series A, (MBIA insured)		267,935
				14,856,496
		District Of Columbia – 0.0%
	1,025,000	District of Columbia,
		4.750%, 6/01/2036, Series A, (FGIC insured)		960,282
		Florida – 0.1%
	1,025,000	Florida State Turnpike Authority (Department of Transportation),
		3.500%, 7/01/2027, Series A, (MBIA insured)		827,329
	1,625,000	Jea, Florida Water & Sewer Systems Revenue,
		4.750%, 10/01/2041, Series B, (MBIA insured)		1,521,942
				2,349,271
		Illinois – 0.1%
	1,770,000	Chicago Board of Education,
		4.750%, 12/01/2031, Series B, (FSA insured)		1,735,609
	540,000	Chicago O’Hare International Airport,
		4.500%, 1/01/2038, Series A, (FSA insured)		484,466
				2,220,075
		Louisiana – 0.0%
	1,025,000	State of Louisiana,
		3.250%, 5/01/2026, Series C, (FSA insured)		813,163
		Massachusetts – 0.0%
	1,025,000	Massachusetts School Building Authority,
		4.750%, 8/15/2032, Series A, (AMBAC insured)		1,001,917
		Michigan – 0.1%
	620,000	Grosse Pointe Public School System,
		3.000%, 5/01/2027, (FGIC insured)		452,811
	2,665,000	Michigan Tobacco Settlement Finance Authority,
		7.309%, 6/01/2034		2,440,021
				2,892,832
		Nebraska – 0.1%
	2,560,000	Omaha Public Power District,
		4.500%, 2/01/2034, Series AA, (FGIC insured)		2,315,110
		Ohio – 0.1%
	6,570,000	Buckeye Tobacco Settlement Financing Authority, Series A-2,
		5.875%, 6/01/2047		5,482,139
		Texas – 0.1%
	2,920,000	Harris County, TX,
		4.500%, 10/01/2031, Series B		2,758,787
		Wisconsin – 0.0%
	700,000	Green Bay Wisconsin Water System Revenue,
		3.500%, 11/01/2026, (FSA insured)		586,075
	755,000	Green Bay Wisconsin Water System Revenue,
		3.500%, 11/01/2029, (FSA insured)		608,319
	260,000	Wisconsin Housing & Economic Development Authority,
		4.900%, 11/01/2035, Series E		246,854
				1,441,248
		Total Municipals
		(Identified Cost $38,597,760)		38,082,618
		Total Bonds and Notes
		(Identified Cost $4,368,587, 816)		4,285,347,672

Shares/ Principal Amount
	Short-Term Investments – 8.8% of Net Assets
	324,132,504	State Street Navigator Securities Lending Prime Portfolio(e)		324,132,504
$	68,273,000	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation,, dated 6/30/08 at 1.300% to be repurchased at $68,275,465 on 7/01/08 collateralized by $9,735,000 Federal Farm Credit Bank, 5.850% due 3/16/2016 valued at $10,075,725; $50,000,000 Federal Home Loan Mortgage Corp., 5.750% due 6/27/2016 valued at $50,500,000; $8,445,000 Federal Home Loan Mortgage Corp., 5.500% due 8/23/2017 valued at $9,067,819 including accrued interest(f)		68,273,000
		Total Short-Term Investments
		(Identified Cost $392,405,504)		392,405,504
		Total Investments - 105.4%
		(Identified Cost $4,760,993,320)(a)		4,677,753,176
		Other assets less liabilities — (5.4)%		(240,379,492	)
		Net Assets — 100.0%	$	4,437,373,684

10

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

Investments as of June 30, 2008 (Unaudited)

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

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

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

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

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

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

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

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	73,364,943
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(158,256,490	)
Net unrealized depreciation	$	(84,891,547	)

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

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

(c) All or a portion of this security was on loan to brokers at June 30, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned securities for non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at June 30, 2008 were $319,082,025 and $324,132,504, respectively.

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

(e) Represents investment of securities lending collateral.

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

11

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

Investments as of June 30, 2008 (Unaudited)

144A	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2008, the total value of these securities amounted to $444,825,321 or 10.0% of net assets.
ABS	Asset-Back Securities
AMBAC	American Municipal Bond Assurance Corp.
EMTN	Euro Medium Term Note
FGIC	Financial Guarantee Insurance Company
FSA	Financial Security Assurance, Inc.
GMTN	Global Medium Term Note
MBIA	Municipal Bond Investors Assurance Corp.
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
ISK	Iceland Krona
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
SGD	Singapore Dollar
THB	Thailand Baht

New Accounting Pronouncements

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

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

Net Asset Summary at June 30, 2008 (Unaudited)

Sovereigns	13.8	%
Treasuries	6.4
Electric	6.0
Pipelines	5.5
Technology	4.9
Non-Captive Diversified	4.2
Brokerage	4.0
Healthcare	3.6
Non-Captive Consumer	3.3
Retailers	3.2
Media Cable	3.0
Banking	2.7
Wirelines	2.7
Paper	2.3
Independent Energy	2.2
Chemicals	2.1
Other Investments, less than 2% each	26.7
Short-Term Investments	8.8
Total Investments	105.4
Other assets less liabilities	(5.4	)
Net Assets	100.0	%

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

United States Dollar	83.3	%
Canadian Dollar	13.3
Other Investments, less than 2% each	8.8
Total Investments	105.4
Other assets less than liabilities	(5.4	)
Net Assets	100.0	%

12

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

Loomis Sayles Investment Grade Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 89.7% of Net Assets
NON-CONVERTIBLE BONDS – 88.3%
ABS Auto Loan – 0.1%
ARG Funding Corp., Series 2005-2A, Class A5, 2.642%, 5/20/2011, 144A(b)		$	300,000	$	274,782
Aerospace & Defense – 0.1%
Boeing Capital Corp., 6.500%, 2/15/2012(c)			165,000		175,118
Airlines – 1.7%
Delta Air Lines, Inc., Class B, Series 2007-1, 8.021%, 8/10/2022			2,370,264		1,872,509
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			3,455,000		3,131,985
					5,004,494
Asset-Backed Securities – 1.1%
CNH Equipment Trust, Series 2004-A, Series A4B, 3.480%, 9/15/2011			171,209		171,276
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			2,500,000		2,234,824
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021			359,206		324,509
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021			455,000		209,784
Countrywide Asset-Backed Certificates, Series 2006-S4, Class A3, 5.804%, 7/25/2034			500,000		344,321
Navistar Financial Corp. Owner Trust, Series 2005-A, Class A3, 4.220%, 2/15/2010			54,329		54,446
					3,339,160
Automotive – 0.5%
Ford Motor Co., 6.375%, 2/01/2029			2,665,000		1,399,125
Ford Motor Credit Co. LLC, 7.375%, 10/28/2009			150,000		136,617
General Motors Corp., 8.250%, 7/15/2023(c)			50,000		29,125
					1,564,867
Banking – 7.2%
BAC Capital Trust VI, 5.625%, 3/08/2035			1,045,000		850,916
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		940,000,000		905,358
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		70,000,000		2,037,468
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		1,950,000,000		1,894,169
Barclays Financial LLC, Series EMTN, 4.100%, 3/22/2010, 144A	THB		17,000,000		494,152
BNP Paribas SA, Series EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		7,484,000,000		574,044
Citibank NA, 15.000%, 7/02/2010, 144A	BRL		4,000,000		2,611,715
Countrywide Financial Corp., 6.250%, 5/15/2016(c)			230,000		204,779
HSBC Bank USA, Zero Coupon Bond, 4/18/2012, 144A	MYR		2,015,000		572,649
HSBC Bank USA, 3.310%, 8/25/2010, 144A			2,000,000		2,346,600
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL		8,035,000		3,836,481
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		8,972,574,000		706,323
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		5,376,000,000		422,791
JPMorgan Chase & Co., 6.750%, 2/01/2011			60,000		62,275
JPMorgan Chase & Co., Series EMTN, Zero Coupon Bond, 6/08/2012, 144A	MYR		1,663,795		433,376
JPMorgan Chase London, Zero Coupon Bond, 10/21/2010, 144A	IDR		9,533,078,500		792,321

1

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Banking – continued
Rabobank Nederland, Series EMTN, 14.000%, 1/28/2009, 144A	ISK	220,000,000	$	2,802,505
Washington Mutual Finance Corp., 6.875%, 5/15/2011		135,000		138,489
				21,686,411
Brokerage – 2.7%
Bear Stearns Co., Inc. (The), 5.550%, 1/22/2017(c)		230,000		212,572
Lehman Brothers Holdings, Inc., (fixed rate to 5/3/2027, variable rate thereafter), 6.000%, 5/03/2032		70,000		53,518
Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037		1,650,000		1,420,317
Lehman Brothers Holdings, Inc., Series G, MTN, 3.950%, 11/10/2009		230,000		222,512
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		3,670,000		2,914,736
Merrill Lynch & Co., Inc., Series C, MTN, 5.000%, 1/15/2015		235,000		214,131
Morgan Stanley, 4.750%, 4/01/2014		245,000		223,251
Morgan Stanley, Series F, MTN, 6.625%, 4/01/2018		3,045,000		2,885,214
				8,146,251
Building Materials – 0.2%
Masco Corp., 5.850%, 3/15/2017		500,000		453,195
Chemicals – 1.7%
Lubrizol Corp., 6.500%, 10/01/2034		2,005,000		1,822,777
Methanex Corp., 6.000%, 8/15/2015		980,000		911,800
PPG Industries, Inc., 6.650%, 3/15/2018		2,410,000		2,456,243
				5,190,820
Distributors – 0.7%
Equitable Resources, Inc., 6.500%, 4/01/2018		2,150,000		2,153,100
Diversified Manufacturing – 0.1%
General Electric Co., 5.000%, 2/01/2013		310,000		312,231
Electric – 5.1%
Ameren Energy Generating Co., 7.000%, 4/15/2018, 144A		2,800,000		2,803,903
Baltimore Gas & Electric Co., 5.200%, 6/15/2033		500,000		390,466
Bruce Mansfield Unit, 6.850%, 6/01/2034		1,550,000		1,551,906
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036		960,000		813,235
Commonwealth Edison Co., 4.700%, 4/15/2015		555,000		515,578
Commonwealth Edison Co., 4.750%, 12/01/2011(d)		41,000		38,242
Commonwealth Edison Co., 5.875%, 2/01/2033		1,180,000		1,066,926
Dominion Resources, Inc., 5.950%, 6/15/2035		385,000		345,536
Duke Energy Carolinas, 4.200%, 10/01/2008		460,000		460,660
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		1,000,000		1,089,764
Illinois Power Co., 6.250%, 4/01/2018, 144A		3,385,000		3,258,594
MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		445,000		427,318
MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		1,035,000		1,045,321
Nisource Finance Corp., 6.150%, 3/01/2013		195,000		194,487
Nisource Finance Corp., 6.400%, 3/15/2018		1,255,000		1,211,243
				15,213,179
Entertainment – 1.1%
Time Warner, Inc., 6.500%, 11/15/2036		410,000		364,981
Time Warner, Inc., 6.625%, 5/15/2029		870,000		791,679

2

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Entertainment – continued
Time Warner, Inc., 6.950%, 1/15/2028		$	375,000	$	359,822
Time Warner, Inc., 7.625%, 4/15/2031			245,000		248,735
Time Warner, Inc., 7.700%, 5/01/2032			160,000		163,809
Viacom, Inc., Class B, 6.875%, 4/30/2036			1,325,000		1,244,290
					3,173,316
Food & Beverage – 1.5%
Anheuser-Busch Cos, Inc., 5.950%, 1/15/2033			995,000		878,589
Anheuser-Busch Cos, Inc., 6.450%, 9/01/2037(c)			1,270,000		1,213,782
Cia Brasileira de Bebidas, 8.750%, 9/15/2013			1,025,000		1,158,250
Kraft Foods, Inc., 6.250%, 6/01/2012			210,000		214,534
Kraft Foods, Inc., 6.500%, 11/01/2031			960,000		888,532
					4,353,687
Foreign Local Governments – 0.8%
Province of Alberta, 5.000%, 12/16/2008	CAD		2,000,000		1,977,974
Province of Alberta, 5.930%, 9/16/2016	CAD		431,408		458,137
					2,436,111
Government Owned - No Guarantee – 0.0%
Pemex Project Funding Master Trust, 6.125%, 8/15/2008			11,000		11,044
Healthcare – 1.3%
Covidien International Finance SA, 6.000%, 10/15/2017			900,000		910,884
Covidien International Finance SA, 6.550%, 10/15/2037			900,000		907,749
HCA, Inc., 5.750%, 3/15/2014			1,020,000		849,150
HCA, Inc., 6.250%, 2/15/2013			195,000		169,162
HCA, Inc., 6.375%, 1/15/2015			95,000		78,850
HCA, Inc., 6.500%, 2/15/2016			55,000		45,788
HCA, Inc., 6.750%, 7/15/2013			30,000		26,325
HCA, Inc., 7.050%, 12/01/2027			100,000		75,729
HCA, Inc., 7.190%, 11/15/2015			190,000		163,660
HCA, Inc., 7.500%, 12/15/2023			75,000		60,984
HCA, Inc., 7.580%, 9/15/2025			10,000		8,111
HCA, Inc., 7.690%, 6/15/2025			175,000		143,109
HCA, Inc., 7.750%, 7/15/2036			305,000		241,205
HCA, Inc., 8.360%, 4/15/2024			305,000		259,601
					3,940,307
Home Construction – 2.7%
Centex Corp., 5.250%, 6/15/2015			380,000		300,200
Lennar Corp., Series B, 5.600%, 5/31/2015			1,250,000		914,062
Lennar Corp., Series B, 6.500%, 4/15/2016			770,000		590,013
Pulte Homes, Inc., 5.200%, 2/15/2015			1,265,000		1,030,975
Pulte Homes, Inc., 6.000%, 2/15/2035			3,340,000		2,605,200
Pulte Homes, Inc., 6.375%, 5/15/2033			1,455,000		1,127,625
Toll Brothers Finance Corp., 5.150%, 5/15/2015			1,725,000		1,493,857
					8,061,932
Hybrid ARMS – 0.5%
Federal National Mortgage Association, 6.045%, 2/01/2037(b)			425,579		435,400
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 6.365%, 9/25/2036(b)			579,473		456,818

3

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Hybrid ARMS – continued
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.589%, 7/25/2035(b)		$	431,105	$	395,126
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 4.995%, 10/25/2035(b)			339,335		323,818
					1,611,162
Independent Energy – 2.8%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			1,365,000		1,365,733
Anadarko Petroleum Corp., 6.450%, 9/15/2036			1,215,000		1,199,312
Apache Corp., 6.000%, 1/15/2037			1,940,000		1,903,588
Questar Market Resources, Inc., 6.800%, 4/01/2018			3,365,000		3,287,885
Talisman Energy, Inc., 5.850%, 2/01/2037			15,000		12,924
XTO Energy, Inc., 6.100%, 4/01/2036			65,000		61,910
XTO Energy, Inc., 6.750%, 8/01/2037			435,000		441,096
					8,272,448
Local Authorities – 1.3%
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		1,735,000		1,608,712
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046			2,880,000		2,427,610
					4,036,322
Media Cable – 2.9%
Comcast Corp., 5.650%, 6/15/2035			2,090,000		1,775,948
Comcast Corp., 6.450%, 3/15/2037			1,230,000		1,144,750
Comcast Corp., 6.500%, 11/15/2035			1,570,000		1,492,481
Comcast Corp., 6.950%, 8/15/2037			1,925,000		1,893,409
Time Warner Cable, Inc., 6.750%, 7/01/2018			2,500,000		2,516,578
					8,823,166
Media Non-Cable – 1.0%
Clear Channel Communications, Inc., 5.750%, 1/15/2013			250,000		168,437
News America, Inc., 6.200%, 12/15/2034			950,000		876,073
News America, Inc., 6.400%, 12/15/2035			1,980,000		1,873,710
					2,918,220
Metals & Mining – 0.0%
Teck Cominco Ltd., 7.000%, 9/15/2012			100,000		106,796
Mortgage Related – 6.4%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.180%, 9/10/2047(b)			160,000		153,787
Banc of America Commercial Mortgage, Inc., Series 2006-1, Class A2, 5.334%, 9/10/2045, Class A			220,000		218,628
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A2, 5.270%, 12/11/2040			280,000		279,810
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4, 5.537%, 10/12/2041			360,000		344,453
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046			155,000		154,224
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.768%, 6/10/2046(b)			480,000		469,465
CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020			334,093		313,629
Federal Home Loan Mortgage Corp., 4.000%, 7/01/2019			333,785		316,094

4

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Federal Home Loan Mortgage Corp., 4.500%, 4/01/2019	$	674,727	$	657,943
Federal Home Loan Mortgage Corp., 5.000%, 5/01/2034		211,742		204,208
Federal Home Loan Mortgage Corp., 5.500%, 8/01/2033		530,247		525,359
Federal Home Loan Mortgage Corp., 5.500%, 2/01/2037		613,385		605,238
Federal Home Loan Mortgage Corp., 6.000%, 2/01/2020		229,893		235,582
Federal Home Loan Mortgage Corp., 6.000%, 6/01/2035		432,333		439,215
Federal Home Loan Mortgage Corp., 6.500%, 10/15/2008		19,134		19,114
Federal Home Loan Mortgage Corp., 10.000%, 8/01/2018		3,698		4,181
Federal Home Loan Mortgage Corp., 10.000%, 10/01/2018		2,461		2,776
Federal Home Loan Mortgage Corp., 10.250%, 12/01/2009		2,715		2,747
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035		675,000		668,884
Federal National Mortgage Association, 4.000%, 1/01/2020		179,970		170,544
Federal National Mortgage Association, 4.500%, 3/01/2035		273,541		254,550
Federal National Mortgage Association, 4.500%, 9/01/2035		381,402		353,944
Federal National Mortgage Association, 5.000%, 2/01/2018		114,168		114,060
Federal National Mortgage Association, 5.000%, 6/01/2020		328,828		326,769
Federal National Mortgage Association, 5.000%, 4/01/2034		203,109		195,687
Federal National Mortgage Association, 5.000%, 5/01/2034		208,721		201,093
Federal National Mortgage Association, 5.000%, 5/01/2035		373,865		359,618
Federal National Mortgage Association, 5.000%, 6/01/2035		262,604		252,597
Federal National Mortgage Association, 5.000%, 6/01/2035		151,686		145,906
Federal National Mortgage Association, 5.000%, 8/01/2035		373,300		359,075
Federal National Mortgage Association, 5.500%, 9/01/2016		77,099		78,423
Federal National Mortgage Association, 5.500%, 8/01/2019		51,153		51,872

5

PORTFOLIO OF INVESTMENTS – as of June 30, 2008 (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%, 12/01/2032	$	119,954	$	119,015
Federal National Mortgage Association, 5.500%, 1/01/2033		264,020		261,953
Federal National Mortgage Association, 5.500%, 6/01/2033		394,206		391,348
Federal National Mortgage Association, 5.500%, 7/01/2033		581,291		576,375
Federal National Mortgage Association, 5.500%, 9/01/2034		230,949		228,563
Federal National Mortgage Association, 5.500%, 3/01/2035		79,590		78,768
Federal National Mortgage Association, 5.500%, 3/01/2035		66,065		65,321
Federal National Mortgage Association, 5.500%, 5/01/2035		79,241		78,348
Federal National Mortgage Association, 5.500%, 8/01/2035		149,018		147,339
Federal National Mortgage Association, 5.500%, 12/01/2035		330,671		326,945
Federal National Mortgage Association, 5.500%, 1/01/2036		17,753		17,553
Federal National Mortgage Association, 5.500%, 2/01/2036		7,642		7,556
Federal National Mortgage Association, 5.500%, 4/01/2036		416,452		411,759
Federal National Mortgage Association, 5.500%, 6/01/2036		98,066		96,838
Federal National Mortgage Association, 5.734%, 9/01/2036(b)		450,882		461,182
Federal National Mortgage Association, 6.000%, 12/01/2018		29,529		30,227
Federal National Mortgage Association, 6.000%, 12/01/2020		36,129		37,082
Federal National Mortgage Association, 6.000%, 3/01/2021		349,032		359,001
Federal National Mortgage Association, 6.000%, 10/01/2028		29,519		30,063
Federal National Mortgage Association, 6.000%, 10/01/2033		634,888		644,200
Federal National Mortgage Association, 6.500%, 2/01/2011		4,452		4,633
Federal National Mortgage Association, 6.500%, 10/01/2031		92,607		96,194
Federal National Mortgage Association, 6.500%, 10/01/2033		44,576		46,218
Federal National Mortgage Association, 6.500%, 10/01/2033		90,802		94,149

6

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Federal National Mortgage Association, 6.500%, 10/01/2033	$	63,938	$	66,294
Federal National Mortgage Association, 6.500%, 11/01/2033		91,416		94,785
Federal National Mortgage Association, 7.000%, 4/25/2020		45,048		47,263
Government National Mortgage Association, 6.500%, 2/20/2028		153,550		159,258
Government National Mortgage Association, 7.000%, 11/20/2025		5,840		6,224
Government National Mortgage Association, 10.000%, 5/15/2018		15,606		17,429
Government National Mortgage Association, 10.000%, 8/15/2018		9,909		11,110
Government National Mortgage Association, 10.000%, 12/15/2018		49,017		54,959
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		485,000		484,004
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		805,000		755,082
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4, 5.560%, 11/10/2039		350,000		335,066
JP Morgan Chase Commercial Mortgage Securities Corp.,Series 2006-LDP7, Class A4, 5.875%, 4/15/2045(b)		600,000		589,370
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5, 4.739%, 7/15/2030		480,000		449,923
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.883%, 6/15/2038(b)		180,000		177,253
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4, 5.372%, 9/15/2039		390,000		368,998
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A2, 5.303%, 2/15/2040		915,000		892,460
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039(b)		335,000		333,616
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.909%, 6/12/2046(b)		235,000		231,520
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042		350,000		332,343
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047		425,000		400,880
Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021		345,121		303,707
				19,201,649
Non-Captive Consumer – 1.9%
American General Finance Corp., Series H, 5.375%, 10/01/2012		45,000		41,894
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		2,815,000		2,453,456
Countrywide Financial Corp., Series A, MTN, 3.079%, 12/19/2008(b)		50,000		48,752
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		144,000		131,095

7

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – continued
HSBC Finance Corp., 8.000%, 7/15/2010		$	205,000	$	214,369
Residential Capital LLC, 8.500%, 6/01/2012			380,000		148,200
Residential Capital LLC, 8.875%, 6/30/2015(c)			155,000		60,450
SLM Corp., 6.500%, 6/15/2010	NZD		970,000		658,278
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			1,905,000		1,827,535
					5,584,029
Non-Captive Diversified – 3.3%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015			180,000		123,981
CIT Group, Inc., 5.000%, 2/13/2014			235,000		168,750
CIT Group, Inc., 5.000%, 2/01/2015			55,000		38,030
CIT Group, Inc., 5.125%, 9/30/2014			450,000		322,312
CIT Group, Inc., 5.400%, 2/13/2012			30,000		23,815
CIT Group, Inc., 5.400%, 1/30/2016			60,000		41,322
CIT Group, Inc., 5.650%, 2/13/2017			215,000		148,317
CIT Group, Inc., 5.800%, 7/28/2011(c)			240,000		194,153
CIT Group, Inc., 5.800%, 10/01/2036			610,000		469,517
CIT Group, Inc., 5.850%, 9/15/2016			15,000		10,350
CIT Group, Inc., 6.000%, 4/01/2036			925,000		696,812
General Electric Capital Corp., 6.500%, 9/28/2015	NZD		5,535,000		3,630,402
General Electric Capital Corp., Series A, MTN, 6.000%, 6/15/2012			735,000		759,539
General Electric Capital Corp., Series EMTN, 6.750%, 9/26/2016	NZD		400,000		262,256
GMAC LLC, 5.625%, 5/15/2009(c)			1,330,000		1,231,446
GMAC LLC, 6.000%, 12/15/2011			1,205,000		829,212
International Lease Finance Corp., 4.350%, 9/15/2008			50,000		49,918
International Lease Finance Corp., 6.375%, 3/15/2009			725,000		721,500
Prologis, 5.625%, 11/15/2015			40,000		37,580
Prologis, 5.750%, 4/01/2016(c)			35,000		32,963
Simon Property Group LP, 5.750%, 12/01/2015			55,000		53,378
					9,845,553
Oil Field Services – 0.1%
Weatherford International Ltd., 6.500%, 8/01/2036			195,000		190,804
Paper – 0.9%
Georgia-Pacific Corp., 7.250%, 6/01/2028			1,500,000		1,252,500
International Paper Co., 4.000%, 4/01/2010			500,000		484,063
International Paper Co., 4.250%, 1/15/2009			1,000,000		996,727
					2,733,290
Pipelines – 3.0%
DCP Midstream LP, 6.450%, 11/03/2036, 144A			635,000		578,894
El Paso Corp., 6.950%, 6/01/2028			350,000		322,351
Enterprise Products Operating LP, 6.300%, 9/15/2017			680,000		675,245
Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014			145,000		136,399
Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018			5,300,000		5,163,541
NGPL Pipeco LLC, 7.119%, 12/15/2017, 144A			965,000		986,289
Southern Natural Gas Co., 5.900%, 4/01/2017, 144A			810,000		773,821

8

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Pipelines – continued
Spectra Energy Capital LLC, 5.500%, 3/01/2014(c)		$	230,000		$	223,278
						8,859,818
Property & Casualty Insurance – 1.6%
Allstate Corp., 5.950%, 4/01/2036			470,000			414,424
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014			65,000			63,104
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015			1,842,000			1,826,264
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033			2,360,000			1,980,170
Progressive Corp., 7.000%, 10/01/2013			150,000			158,983
Willis North America, Inc., 6.200%, 3/28/2017			225,000			198,820
						4,641,765
Railroads – 0.9%
Canadian Pacific Railway Co., 5.950%, 5/15/2037			115,000			95,420
Canadian Pacific Railway Ltd., 4.900%, 6/15/2010, 144A	CAD		1,000,000			980,406
CSX Corp., 6.000%, 10/01/2036(c)			210,000			181,972
CSX Corp., 6.250%, 3/15/2018			670,000			644,972
Missouri Pacific Railroad Co., 5.000%, 1/01/2045			190,000			117,800
Union Pacific Corp., 3.875%, 2/15/2009			325,000			324,465
Union Pacific Corp., 5.375%, 6/01/2033			415,000			355,818
						2,700,853
Real Estate Investment Trusts – 1.8%
Camden Property Trust, 5.700%, 5/15/2017			640,000			559,706
Colonial Realty LP, 4.800%, 4/01/2011			1,840,000			1,735,663
Colonial Realty LP, 5.500%, 10/01/2015			290,000			255,243
Duke Realty LP, 5.950%, 2/15/2017			90,000			83,122
Equity One, Inc., 6.000%, 9/15/2017			1,000,000			878,646
ERP Operating LP, 5.125%, 3/15/2016			30,000			27,053
ERP Operating LP, 5.750%, 6/15/2017(c)			180,000			166,146
Highwoods Properties, Inc., 5.850%, 3/15/2017			80,000			69,092
Highwoods Properties, Inc., 7.500%, 4/15/2018			1,075,000			1,021,418
Realty Income Corp., 6.750%, 8/15/2019			500,000			470,923
						5,267,012
Retailers – 1.1%
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			230,000			192,095
Lowes Cos., Inc., 6.650%, 9/15/2037			975,000			950,385
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012			355,000			329,869
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			2,275,000			1,752,164
						3,224,513
Sovereigns – 11.8%
Canadian Government, 3.750%, 6/01/2012	CAD		3,340,000			3,312,552
Canadian Government, 4.000%, 6/01/2016	CAD		1,000,000			1,002,952
Canadian Government, 4.250%, 9/01/2008	CAD		5,410,000			5,317,473
Canadian Government, 4.250%, 9/01/2009	CAD		4,070,000			4,036,353
Canadian Government, 5.250%, 6/01/2012	CAD		11,565,000			12,088,640
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		140,000	(††)		1,212,380
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		460,000	(††)		4,481,444
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		2,625,000			2,497,823

9

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Sovereigns – continued
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD	1,355,000	$	1,242,522
				35,192,139
Supranational – 3.3%
European Investment Bank, 4.600%, 1/30/2037, 144A	CAD	1,900,000		1,794,034
Inter-American Development Bank, Series EMTN, Zero Coupon Bond, 5/11/2009	BRL	9,000,000		5,068,430
Inter-American Development Bank, Series EMTN, 6.000%, 12/15/2017	NZD	4,375,000		3,067,430
				9,929,894
Technology – 4.2%
Avnet, Inc., 6.000%, 9/01/2015		1,970,000		1,909,744
Avnet, Inc., 6.625%, 9/15/2016		270,000		269,881
Corning, Inc., 6.850%, 3/01/2029		10,000		9,783
Corning, Inc., 7.250%, 8/15/2036		1,565,000		1,587,487
Dun & Bradstreet Corp., 6.000%, 4/01/2013		1,970,000		1,962,567
International Business Machines Corp., 4.750%, 11/29/2012		795,000		806,003
Intuit, Inc., 5.750%, 3/15/2017		635,000		596,435
KLA-Tencor Corp., 6.900%, 5/01/2018		1,370,000		1,343,101
Koninklijke (Royal) Philips Electronics N.V., 6.875%, 3/11/2038		2,745,000		2,833,990
Motorola, Inc., 5.220%, 10/01/2097		1,000,000		556,300
Motorola, Inc., 6.500%, 9/01/2025		190,000		141,875
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		500,000		538,663
				12,555,829
Textile – 0.2%
Kellwood Co., 7.625%, 10/15/2017(d)		1,000,000		645,000
Tobacco – 0.3%
Reynolds American, Inc., 6.750%, 6/15/2017		735,000		731,170
Reynolds American, Inc., 7.250%, 6/15/2037		195,000		191,906
				923,076
Transportation Services – 1.3%
APL Ltd., 8.000%, 1/15/2024(d)		100,000		83,000
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(e)		3,429,237		3,669,284
				3,752,284
Treasuries – 3.1%
U.S. Treasury Bonds, 4.750%, 2/15/2037(c)		1,390,000		1,435,392
U.S. Treasury Bonds, 5.375%, 2/15/2031(c)		5,985,000		6,649,897
U.S. Treasury Bonds, 6.000%, 2/15/2026(c)		330,000		386,487
U.S. Treasury Notes, 4.250%, 11/15/2013(c)		330,000		344,386
U.S. Treasury STRIPS, Zero Coupon Bond, 2/15/2036(c)		1,885,000		536,707
				9,352,869
Wireless – 1.1%
America Movil SAB de CV, 4.125%, 3/01/2009		500,000		500,835
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		140,000		118,300
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		470,000		377,175
Sprint Capital Corp., 6.875%, 11/15/2028		359,000		298,867
Sprint Nextel Corp., 6.000%, 12/01/2016		366,000		314,760
Telefonica Emisones SAU, 6.421%, 6/20/2016		185,000		187,789

10

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wireless – continued
Vodafone Group PLC, 6.150%, 2/27/2037	$	1,725,000	$	1,577,542
				3,375,268
Wirelines – 4.9%
AT&T Corp., 6.500%, 3/15/2029		1,310,000		1,243,840
AT&T, Inc., 6.150%, 9/15/2034		545,000		509,233
AT&T, Inc., 6.500%, 9/01/2037		965,000		933,945
BellSouth Corp., 6.000%, 11/15/2034(c)		1,875,000		1,717,055
GTE Corp., 6.940%, 4/15/2028		50,000		49,500
New England Telephone & Telegraph, 7.875%, 11/15/2029		570,000		609,430
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		500,000		410,000
Telefonica Emisiones SAU, 7.045%, 6/20/2036		4,075,000		4,181,969
Verizon Communications, 5.850%, 9/15/2035		3,715,000		3,274,345
Verizon Maryland, Inc., 5.125%, 6/15/2033		290,000		223,940
Verizon New York, Inc., Series B, 7.375%, 4/01/2032		1,110,000		1,127,577
Verizon Virginia, Inc., Series A, 4.625%, 3/15/2013		505,000		488,175
				14,769,009
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $265,905,734)				264,002,773
CONVERTIBLE BONDS – 0.9%
Independent Energy – 0.4%
Devon Energy Corp., 4.900%, 8/15/2008		200,000		371,500
Devon Energy Corp., 4.950%, 8/15/2008		500,000		928,750
				1,300,250
Non-Captive Consumer – 0.1%
Countrywide Financial Corp., Series A, Zero Coupon Bond, 4/15/2037		99,000		95,411
Countrywide Financial Corp., Series B, 0.426%, 5/15/2037(b)(c)		265,000		248,107
				343,518
Pharmaceuticals – 0.2%
Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		298,000		469,350
Watson Pharmaceuticals, Inc., 1.750%, 3/15/2023(c)		125,000		119,062
				588,412
Technology – 0.2%
Avnet, Inc., 2.000%, 3/15/2034		430,000		444,513
Maxtor Corp., 5.750%, 3/01/2012(d)		54,000		50,760
Richardson Electronics Ltd., 7.750%, 12/15/2011		44,000		36,300
				531,573
Transportation Services – 0.0%
Builders Transportation, Inc., 6.500%, 5/01/2011(f)		129,000		—
TOTAL CONVERTIBLE BONDS
(Identified Cost $2,027,892)				2,763,753
MUNICIPALS – 0.5%
Michigan – 0.3%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034		1,085,000		993,404
Ohio – 0.2%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047		750,000		625,815

11

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Shares		Value (†)
Municipal – continued
TOTAL MUNICIPALS
(Identified Cost $1,813,145)			$	1,619,219
TOTAL BONDS AND NOTES
(Identified Cost $269,746,771)				268,385,745
PREFERRED STOCKS – 0.9%
NON-CONVERTIBLE PREFERRED STOCKS – 0.4%
Banking – 0.2%
Bank of America Corp., 7.25		540		477,900
Brokerage – 0.1%
Lehman Brothers Holdings, Inc., 7.250%		509		409,455
Diversified Financial Services – 0.0%
CIT Group, Inc., 6.350%		5,691		72,560
Electric Utilities – 0.1%
Connecticut Light & Power Co., 2.200%		263		9,468
MDU Resources Group, Inc., 5.100%		307		30,719
Public Service Electric & Gas Co., 4.080%(c)		400		29,016
San Diego Gas & Electric Co., 4.500%		100		1,580
Union Electric Co., 4.500%		3,160		243,320
				314,103
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $1,278,047)				1,274,018
CONVERTIBLE PREFERRED STOCKS – 0.5%
Consumer Products – 0.5%
Newell Financial Trust I, 5.250%, 12/01/2027
(Identified Cost $1,294,828)		33,050		1,487,250
TOTAL PREFERRED STOCKS
(Identified Cost $2,572,875)				2,761,268
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 5.3%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08 at 1.300% to be repurchased at $1,400,051 on 7/01/08 collateralized by $1,330,000 Federal Home Loan Mortgage Corp., 5.500% due 8/23/2017 with a value of $1,428,088 including accrued interest(g)	$	1,400,000		1,400,000
	Shares
State Street Navigator Securities Lending Prime Portfolio(h)		14,434,648		14,434,648
Total Short-Term Investments
(Identified Cost $15,834,648)				15,834,648

12

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Value (†)
TOTAL INVESTMENTS – 95.9%
(Identified Cost $288,154,294)(a)		286,981,661
Other assets less liabilities—4.1%		12,168,411
NET ASSETS – 100.0%	$	299,150,072

(‡) 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 adviser using consistently applied procedures under the general supervision of the Board of Trustees. Investments in other open-end investment companies are valued at their net asset value each day.

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

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

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

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

At June 30, 2008, the net unrealized depreciation on investments based on a cost of $288,286,226 for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	10,907,600
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(12,212,165	)
Net unrealized depreciation	$	(1,304,565	)

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

13

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

(c) All or a portion of this security was on loan to brokers at June 30, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned securities for non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at June 30, 2008 were $14,244,042 and $14,434,648, respectively.

(d) Illiquid security. At June 30, 2008, the value of these securities amounted to $817,002 or 0.3% of net assets.

(e) Non-income producing security.

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

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

(h) 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 June 30, 2008, the total value of these securities amounted to $35,551,323 or 11.9% of total net assets.

EMTN Euro Medium Term Note

MTN Medium Term Note

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

New Accounting Pronouncement

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

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

14

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

NET ASSET SUMMARY AT JUNE 30, 2008 (Unaudited)

Sovereigns	11.8	%
Banking	7.4
Mortgage Related	6.4
Electric	5.1
Wirelines	4.9
Technology	4.4
Supranational	3.3
Non-Captive Diversified	3.3
Independent Energy	3.2
Treasuries	3.1
Pipelines	3.0
Media Cable	2.9
Brokerage	2.8
Home Construction	2.7
Other Investments, less than 2% each	26.3
Short-Term Investments	5.3
Total Investments	95.9
Other assets less liabilities	4.1
Net Assets	100.0	%

CURRENCY EXPOSURE AT JUNE 30, 2008 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	71.6	%
Canadian Dollar	10.4
Brazilian Real	3.8
New Zealand Dollar	2.5
Other Investments, less than 2% each	7.6
Total Investments	95.9
Other assets less liabilities	4.1
Net Assets	100.0	%

15

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

Loomis Sayles Securitized Asset Fund

	Principal Amount		Value (†)
BONDS AND NOTES – 148.6% of Net Assets
NON-CONVERTIBLE BONDS – 148.6%
ABS Car Loan – 3.3%
Americredit Prime Automobile Receivables, Series 2007-2M, Class A2B, 2.828%, 11/08/2010(b)(c)	$	1,368,422	$	1,358,003
ARG Funding Corp., Series 2005-2A, Class A5, 2.642%, 5/20/2011, 144A(b)(c)		500,000		457,970
Capital Auto Receivables Asset Trust, Series 2008-1, Class A2B, 3.171%, 9/15/2010(b)(c)		3,000,000		3,005,135
Capital One Auto Finance Trust, Series 2006-C, Class A4, 2.501%, 5/15/2013(b)(c)		845,000		750,090
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014(c)		800,000		582,552
Daimler Chrysler Auto Trust, Series 2008-A, Class A2B, 3.298%, 10/08/2010(b)(c)		5,000,000		5,008,012
Nissan Auto Receivables Owner Trust, Series 2005-A, Class A4, 3.820%, 7/15/2010(c)		166,335		166,555
Nissan Auto Receivables Owner Trust, Seriess 2008-B, Class A3, 4.460%, 4/16/2012(c)		1,330,000		1,335,266
				12,663,583
ABS Credit Card – 7.0%
BA Credit Card Trust, Series 2006-C4, Class C4, 2.701%, 11/15/2011(b)(c)		2,000,000		1,957,926
BA Credit Card Trust, Series 2008-A5, Class A5, 3.671%, 12/16/2013(b)(c)		3,645,000		3,699,108
Bank One Issuance Trust, Series 2004-C2, Class C2, 3.271%, 2/15/2017(b)(c)		2,310,000		1,933,903
Capital One Multi-Asset Execution Trust, Series 2007-A5, Class A5, 2.511%, 7/15/2020(b)(c)		2,140,000		1,956,445
Chase Issuance Trust, Series 2007-B1, Class B1, 2.721%, 4/15/2019(b)		2,300,000		1,836,343
Citibank Credit Card Issuance Trust, Series 2005-C2, Class C2, 2.951%, 3/24/2017(b)(c)		1,150,000		917,194
Citibank Credit Card Issuance Trust, Series 2006-C4, Class C4, 2.668%, 1/09/2012(b)(c)		300,000		289,205
Citibank Credit Card Issuance Trust, Series 2007-A8, Class A8, 5.650%, 9/20/2019(c)		4,215,000		4,141,156
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014(c)		1,895,000		1,812,094
Discover Card Master Trust, Series 2008-A3, Class A3, 5.100%, 10/15/2013(c)		3,650,000		3,675,831
MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 7/15/2014(c)		1,000,000		986,001
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 2.731%, 8/16/2021(b)(c)		1,490,000		1,357,326
World Financial Network Credit Card Master Trust, Series 2004-A, Class C, 3.471%, 3/15/2013(b)(c)		2,000,000		1,936,921
				26,499,453
ABS Home Equity – 0.8%
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A1, 2.593%, 6/25/2021(b)(c)		3,645,387		3,016,737
ABS Other – 0.8%
CIT Equipment Collateral, Series 2008-VT1, Class A3, 6.590%, 12/22/2014(c)		3,020,000		3,000,521
Asset-Backed Securities – 2.7%
Chase Issuance Trust, Series 2005-A9, Class A9, 2.491%, 11/15/2011(b)(c)		500,000		497,461

1

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

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Asset-Backed Securities – continued
CNH Equipment Trust, Series 2004-A, Series A4B, 3.480%, 9/15/2011(c)	$	2,639,938	$	2,640,965
CNH Equipment Trust, Series 2007-B, Class A2A, 5.460%, 6/15/2010(c)		538,656		542,690
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035(c)		995,000		769,698
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021(c)		688,162		621,692
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021(c)		895,000		412,652
Countrywide Asset-Backed Certificates, Series 2006-S7, Class A3, 5.712%, 11/25/2035(c)		2,355,000		1,248,139
Discover Card Master Trust, Series 2007-A1, Class A1, 5.650%, 3/16/2020(c)		3,305,000		3,213,886
Residential Asset Mortgage Products, Inc., Series 2004-RZ1, Class AI5, 4.070%, 7/25/2032(c)		250,290		247,663
				10,194,846
Hybrid ARMs – 12.9%
Countrywide Home Loans, Series 2004-HYB4, Class 6A2, 5.452%, 4/20/2035(b)(c)		720,574		542,171
Federal Home Loan Mortgage Corp., 5.949%, 11/01/2036(b)(c)		7,275,099		7,259,807
Federal National Mortgage Association, 6.045%, 2/01/2037(b)(c)		8,177,864		8,366,598
First Horizon Alternative Mortgage Securities, Series 2006-AA3, Class A1, 6.316%, 6/25/2036(b)(c)		6,230,092		4,954,736
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 6.359%, 9/25/2036(b)(c)		6,992,570		5,512,469
JPMorgan Mortgage Trust, Series 2006-A7, Class 1A3, 5.909%, 1/25/2037(b)(c)		1,090,194		1,086,496
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.589%, 7/25/2035(b)(c)		1,065,326		976,417
Washington Mutual Mortgage Pass Through Certificates, Series 2007-HY6, Class 2A1, 5.695%, 6/25/2037(b)(c)		7,457,107		6,913,213
Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY2, Class 2A2, 6.412%, 11/25/2036(b)(c)		12,686,867		12,403,829
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 4.996%, 10/25/2035(b)(c)		937,798		894,915
				48,910,651
Mortgage Related – 121.1%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A2, 5.165%, 9/10/2047(c)		120,000		119,665
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.180%, 9/10/2047(b)(c)		189,000		181,661
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.740%, 5/10/2045(b)(c)		350,000		341,763
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A2, 5.522%, 7/10/2046(c)		460,000		457,066
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049(c)		5,375,000		5,276,382
Bank of America-First Union NB Commercial Mortgage, Series 2001-3, Class A2, 5.464%, 4/11/2037(c)		430,000		430,577

2

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

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Bear Stearns Commercial Mortgage Securities, Series 2001-TOP2, Class A2, 6.480%, 2/15/2035(c)	$	175,000	$	179,532
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A2, 5.270%, 12/11/2040(c)		1,601,000		1,599,914
Bear Stearns Commercial Mortgage Securities, Series 2005-T18, Class A2, 4.556%, 2/13/2042(c)		171,000		170,195
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class A2, 5.688%, 9/11/2038(c)		1,000,000		1,000,215
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044(c)		225,000		208,115
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.712%, 6/11/2040(b)(c)		150,000		142,693
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046(c)		1,057,000		1,051,707
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A5, 5.617%, 10/15/2048(c)		5,000,000		4,804,588
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.768%, 6/10/2046(b)(c)		250,000		244,513
Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.500%, 6/25/2036(c)		1,324,443		1,098,460
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 6.014%, 7/25/2021(b)(c)		1,409,357		1,218,807
CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020(c)		324,070		304,221
Federal Home Loan Mortgage Corp., 4.500%, 6/01/2021(c)		3,858,782		3,753,148
Federal Home Loan Mortgage Corp., 5.000%, 7/01/2020(c)		60,580		60,288
Federal Home Loan Mortgage Corp., 5.000%, 10/01/2020(c)		379,210		376,429
Federal Home Loan Mortgage Corp., 5.000%, 7/01/2035(c)		642,589		617,902
Federal Home Loan Mortgage Corp., 5.000%, 9/01/2035(c)		825,682		793,961
Federal Home Loan Mortgage Corp., 5.000%, 12/01/2035(c)		162,336		156,100
Federal Home Loan Mortgage Corp., 5.000%, 2/01/2036(c)		313,684		301,633
Federal Home Loan Mortgage Corp., 5.000%, 2/01/2036(c)		687,947		661,517
Federal Home Loan Mortgage Corp., 5.500%, 9/01/2021(c)		8,235,343		8,295,907
Federal Home Loan Mortgage Corp., 5.500%, 12/01/2021(c)		3,678,126		3,705,176
Federal Home Loan Mortgage Corp., 5.500%, 5/01/2035(c)		460,811		455,267
Federal Home Loan Mortgage Corp., 5.500%, 7/01/2037(c)		4,019,283		3,963,390
Federal Home Loan Mortgage Corp., 5.500%, 7/01/2037(c)		1,843,572		1,817,935
Federal Home Loan Mortgage Corp., 5.500%, 8/01/2037(c)		4,676,100		4,611,073
Federal Home Loan Mortgage Corp., 5.975%, 2/01/2037(b)(c)		9,453,947		9,653,497
Federal Home Loan Mortgage Corp., 6.000%, 6/01/2037(c)		4,527,096		4,577,937
Federal Home Loan Mortgage Corp., 6.000%, 6/01/2037(c)		11,132,141		11,257,161
Federal Home Loan Mortgage Corp., 6.000%, 8/01/2037(c)		4,595,110		4,646,715
Federal Home Loan Mortgage Corp., 6.000%, 10/01/2037(c)		4,468,979		4,519,168
Federal Home Loan Mortgage Corp., 6.000%, 11/01/2037(c)		6,858,846		6,935,874
Federal Home Loan Mortgage Corp., 6.000%, 12/01/2037(c)		1,887,310		1,908,506

3

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

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Federal Home Loan Mortgage Corp., 6.343%, 1/01/2035(b)(c)	$	401,462	$	407,685
Federal Home Loan Mortgage Corp., 6.500%, 1/01/2038(c)		205,899		212,458
Federal Home Loan Mortgage Corp. (TBA), 6.000%, 10/01/2035(d)		17,000,000		17,170,000
Federal Home Loan Mortgage Corp., Series 2613, Class HI, 5.500%, 2/15/2033(c)		1,025,293		255,162
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035(c)		2,797,000		2,771,657
Federal National Mortgage Association, 4.500%, 7/01/2020(c)		977,898		953,878
Federal National Mortgage Association, 4.500%, 3/01/2021(c)		629,454		609,076
Federal National Mortgage Association, 4.500%, 10/01/2035(c)		858,723		796,902
Federal National Mortgage Association, 5.500%, 5/01/2035(c)		156,252		154,491
Federal National Mortgage Association, 5.500%, 12/01/2035(c)		233,484		230,852
Federal National Mortgage Association, 5.500%, 4/01/2036(c)		159,071		157,080
Federal National Mortgage Association, 5.500%, 4/01/2036(c)		378,704		373,963
Federal National Mortgage Association, 5.500%, 4/01/2036(c)		80,407		79,400
Federal National Mortgage Association, 5.500%, 4/01/2036(c)		2,439,782		2,412,287
Federal National Mortgage Association, 5.500%, 5/01/2036(c)		403,646		398,592
Federal National Mortgage Association, 5.500%, 5/01/2036(c)		651,778		643,618
Federal National Mortgage Association, 5.500%, 6/01/2036(c)		817,891		807,651
Federal National Mortgage Association, 5.500%, 6/01/2036(c)		1,439,668		1,421,644
Federal National Mortgage Association, 5.500%, 6/01/2036(c)		594,114		586,676
Federal National Mortgage Association, 5.500%, 6/01/2036(c)		4,042,167		3,991,561
Federal National Mortgage Association, 5.500%, 8/01/2036(c)		642,163		634,124
Federal National Mortgage Association, 5.500%, 9/01/2036(c)		1,442,305		1,424,248
Federal National Mortgage Association, 5.500%, 12/01/2036(c)		8,401,993		8,296,804
Federal National Mortgage Association, 5.500%, 6/01/2037(c)		3,222,219		3,180,186
Federal National Mortgage Association, 5.733%, 9/01/2036(b)(c)		4,384,495		4,484,649
Federal National Mortgage Association, 6.000%, 5/01/2021(c)		208,353		213,848
Federal National Mortgage Association, 6.000%, 10/01/2034(c)		75,097		76,058

4

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

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Federal National Mortgage Association, 6.000%, 4/01/2036(c)	$	307,806	$	310,974
Federal National Mortgage Association, 6.000%, 6/01/2036(c)		5,250,013		5,304,051
Federal National Mortgage Association, 6.000%, 6/01/2036(c)		1,774,687		1,792,954
Federal National Mortgage Association, 6.000%, 9/01/2036(c)		1,253,584		1,266,487
Federal National Mortgage Association, 6.000%, 10/01/2036(c)		1,522,880		1,538,555
Federal National Mortgage Association, 6.000%, 11/01/2036(c)		4,195,061		4,238,240
Federal National Mortgage Association, 6.000%, 1/01/2037(c)		958,276		968,139
Federal National Mortgage Association, 6.000%, 10/01/2037(c)		6,156,981		6,219,047
Federal National Mortgage Association, 7.000%, 12/01/2037(c)		219,023		229,829
Federal National Mortgage Association (TBA), 5.000%, 2/01/2019(d)		32,515,000		32,149,206
Federal National Mortgage Association (TBA), 5.000%, 9/01/2034(d)		15,900,000		15,239,164
Federal National Mortgage Association (TBA), 5.500%, 3/01/2035(d)		12,000,000		11,827,500
Federal National Mortgage Association (TBA), 6.000%, 10/01/2035(d)		49,000,000		49,428,750
Federal National Mortgage Association (TBA), 6.500%, 12/01/2034(d)		53,450,000		55,020,094
Federal National Mortgage Association, Series 2003-26, Class 0I, 5.500%, 11/25/2032(c)		23,713,072		4,250,184
Federal National Mortgage Association, Series 2004-2, Class QK, 4.000%, 9/25/2017(c)		10,000,000		9,772,965
Government National Mortgage Association, 5.500%, 8/15/2033(c)		81,364		81,311
Government National Mortgage Association, 5.500%, 12/15/2035(c)		368,123		367,307
Government National Mortgage Association, 5.500%, 9/15/2036(c)		2,355,771		2,349,047
Government National Mortgage Association, 6.000%, 6/15/2036(c)		223,420		227,205
Government National Mortgage Association, 6.000%, 5/15/2037(c)		356,360		362,290
Government National Mortgage Association, 6.000%, 11/15/2037(c)		5,639,123		5,732,962
Government National Mortgage Association, 6.500%, 9/15/2036(c)		965,444		998,798
Government National Mortgage Association, 6.500%, 2/15/2037(c)		1,002,086		1,036,405
Government National Mortgage Association, 6.500%, 7/20/2037(c)		3,104,523		3,207,052
Government National Mortgage Association (TBA), 5.500%, 5/01/2035(d)		24,130,000		24,009,350
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037(c)		305,000		304,374

5

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

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A2, 5.381%, 3/10/2039(c)	$	2,005,000	$	1,960,952
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039(c)		5,000,000		4,658,965
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, 5.396%, 8/10/2038(c)		125,000		122,412
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A2, 4.475%, 7/10/2039(c)		1,130,000		1,119,793
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039(c)		7,495,000		7,030,234
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A2, 5.506%, 4/10/2038(c)		500,000		499,440
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039(c)		4,449,000		4,411,875
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC, Class A3, 6.260%, 3/15/2033(c)		179,156		182,790
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A4, 5.179%, 12/15/2044(b)(c)		7,000,000		6,742,367
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A2, 5.861%, 4/15/2045(b)(c)		1,065,000		1,070,812
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049(c)		4,085,000		3,785,660
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030(c)		275,000		268,100
LB-UBS Commercial Mortgage Trust, Series 2006-C3, Class A4, 5.661%, 3/15/2039(c)		2,440,000		2,364,969
LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class A2, 5.300%, 11/15/2038(c)		2,460,000		2,424,377
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A2, 5.303%, 2/15/2040(c)		11,060,000		10,787,549
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.613%, 5/12/2039(b)(c)		1,000,000		1,000,439
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039(c)		4,895,000		4,874,770
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.424%, 2/12/2039(b)(c)		1,000,000		959,605
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.909%, 6/12/2046(b)(c)		250,000		246,298
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4, 5.414%, 7/12/2046(c)		1,000,000		948,477
Morgan Stanley Capital I, Class A, 5.328%, 11/12/2041(c)		5,000,000		4,712,340
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042(c)		5,280,000		5,013,635
Morgan Stanley Capital I, Series 2005-HQ7, Class A4, 5.208%, 11/14/2042(b)(c)		5,965,000		5,812,624
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047(c)		1,267,000		1,195,093
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.742%, 8/12/2041(b)(c)		555,000		557,110
Residential Accredit Loans, Inc., Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021(c)		711,238		649,836
Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021(c)		3,060,074		2,692,865

6

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

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
Residential Accredit Loans, Inc., Series 2006-QS6, Class 2A1, 6.000%, 6/25/2021(c)	$	161,956	$	141,711
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A2, 4.380%, 10/15/2041(c)		79,033		78,502
				459,189,048
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $571,752,206)				563,474,839
TOTAL BONDS AND NOTES
(Identified Cost $571,752,206)				563,474,839
SHORT-TERM INVESTMENTS – 5.0%
Federal Home Loan Bank, Discount Notes, Zero Coupon, 7/14/2008(c)		14,000,000		13,989,131
Federal Home Loan Mortgage Corp., Discount Notes, Zero Coupon, 8/04/2008(c)		1,000,000		997,894
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation dated 6/30/08 at 1.300% to be repurchased at $3,880,140 on 7/01/08 collateralized by $3,690,000 Federal Home Loan Mortgage Corp., 5.500% due 8/23/17 valued at $3,962,138 including accrued interest(e)		3,880,000		3,880,000
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $18,867,113)				18,867,025
TOTAL INVESTMENTS – 153.6%
(Identified Cost $590,619,319)(a)				582,341,864
Other assets less liabilities—(53.6)%				(203,113,378	)
NET ASSETS – 100.0%			$	379,228,486

7

PORTFOLIO OF INVESTMENTS – as of June 30, 2008 (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 the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. 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.

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 June 30, 2008, the net unrealized depreciation on investments based on a cost of $590,619,319 for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	2,430,070
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(10,707,525	)
Net unrealized depreciation	$	(8,277,455	)

(b) Variable rate security. Rate as of June 30, 2008 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 100% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held at the custodian bank in a segregated account for the benefit of the Fund and on behalf of the counterparty. It is the Fund’s policy, regarding tri-party arrangements, that the market value of the collateral be at least equal to 102% of the repurchase price, including interest. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2008, the total value of these securities amounted to $457,970 or 0.1% of net assets.

ARM Adjustable Rate Mortgages.

TBA To Be Announced.

8

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

Loomis Sayles Securitized Asset Fund - continued

New Accounting Pronouncements

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

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

Futures Contracts

The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy and sell a particular commodity, instrument or index (e.g., an interest-bearing security) for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker as “initial margin” an amount of cash or short-term high-quality securities. As the value of the contract changes, the value of the futures contract position increases or declines. At the end of each trading day, the amount of such increase or decline is received or paid, respectively, by and to the holders of these positions. The amount received or paid is known as “variation margin.” Realized gain or loss on a futures position is equal to the net variation margin received or paid over the time the position is held, plus or minus the amount received or paid when the position is closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise such as illiquidity in the futures market, which may limit the Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

At June 30, 2008, open futures contracts sold were as follows:

Futures	Expiration Date	Contracts	Notional Value		Unrealized Depreciation
10 Year U.S. Treasury Note	9/19/2008	288	$	32,809,500	$	(284,433	)
5 Year U.S. Treasury Note	9/30/2008	237	$	26,201,461		(109,676	)
Total unrealized depreciation					$	(394,109	)

NET ASSET SUMMARY AT JUNE 30, 2008 (Unaudited)

Mortgage Related	121.1	%
Hybrid ARMs	12.9
ABS Credit Card	7.0
ABS Car Loan	3.3
Asset-Backed Securities	2.7
Other Investments, less than 2% each	1.6
Short-Term Investments	5.0
Total Investments	153.6
Other assets less liabilities	(53.6	)
Net Assets	100.0	%

9

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

Loomis Sayles Small Cap Value Fund

	Shares	Value (†)
COMMON STOCKS – 94.8% of Net Assets
Aerospace & Defense – 2.5%
BE Aerospace, Inc.(c)	176,055	$	4,100,321
Ducommun, Inc.(c)	193,763		4,448,798
Moog, Inc., Class A(c)	207,859		7,740,669
Teledyne Technologies, Inc.(c)	224,212		10,939,304
			27,229,092
Air Freight & Logistics – 1.2%
Atlas Air Worldwide Holdings, Inc.(c)	128,703		6,365,650
Hub Group, Inc., Class A(c)	216,068		7,374,401
			13,740,051
Auto Components – 0.8%
Federal Mogul Corp.(c)	239,496		3,863,071
Gentex Corp.(b)	344,462		4,974,031
			8,837,102
Building Products – 0.6%
Armstrong World Industries, Inc.(b)	221,564		6,474,100
Capital Markets – 1.6%
Investment Technology Group, Inc.(c)	183,377		6,135,795
JMP Group, Inc.(b)	305,261		2,017,775
Stifel Financial Corp.(b)(c)	273,959		9,421,450
			17,575,020
Chemicals – 2.4%
Cytec Industries, Inc.	109,210		5,958,498
FMC Corp.	92,041		7,127,655
Minerals Technologies, Inc.	66,995		4,260,212
Solutia, Inc.(c)	324,973		4,166,154
Zep, Inc.(b)	305,482		4,545,572
			26,058,091
Commercial Banks – 6.2%
Bank of the Ozarks, Inc.(b)	372,083		5,529,153
BOK Financial Corp.(b)	130,036		6,950,424
CVB Financial Corp.(b)	497,771		4,698,958
Hancock Holding Co.(b)	219,735		8,633,388
IBERIABANK Corp.(b)	121,849		5,418,625
Old National Bancorp(b)	361,146		5,149,942
Pennsylvania Commerce Bancorp, Inc.(b)(c)	115,948		2,788,549
Prosperity Bancshares, Inc.(b)	269,743		7,210,230
Signature Bank(b)(c)	230,268		5,931,704
Sterling Bancshares, Inc.(b)	795,116		7,227,605
SVB Financial Group(b)(c)	185,550		8,926,811
			68,465,389
Commercial Services & Supplies – 6.1%
ABM Industries, Inc.(b)	379,835		8,451,329
American Ecology Corp.(b)	237,298		7,007,410
Geo Group, Inc. (The)(c)	334,866		7,534,485
McGrath Rentcorp(b)	333,227		8,194,052

1

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

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Commercial Services & Supplies – continued
Rollins, Inc.(b)	988,223	$	14,645,465
Standard Parking Corp.(b)(c)	599,291		10,907,096
Waste Connections, Inc.(c)	333,003		10,632,786
			67,372,623
Communications Equipment – 3.4%
ADC Telecommunications, Inc.(c)	252,324		3,726,826
ADTRAN, Inc.	377,343		8,995,857
Anaren, Inc.(b)(c)	333,242		3,522,368
Black Box Corp.	57,753		1,570,304
CommScope, Inc.(b)(c)	159,586		8,421,353
Emulex Corp.(c)	347,628		4,049,866
Tekelec(b)(c)	446,067		6,561,646
			36,848,220
Computers & Peripherals – 0.6%
Intevac, Inc.(c)	246,558		2,781,174
Teradata Corp.(c)	146,892		3,399,081
			6,180,255
Construction & Engineering – 0.4%
Granite Construction, Inc.(b)	149,248		4,705,789
Construction Materials – 0.5%
Texas Industries, Inc.(b)	102,318		5,743,109
Consumer Finance – 0.6%
Dollar Financial Corp.(b)(c)	425,551		6,430,076
Containers & Packaging – 1.3%
Greif, Inc.	52,033		3,331,673
Myers Industries, Inc.	518,884		4,228,905
Rock-Tenn Co., Class A(b)	225,657		6,767,453
			14,328,031
Distributors – 0.1%
Core-Mark Holding Co., Inc.(b)(c)	61,813		1,619,501
Diversified Consumer Services – 0.4%
Hillenbrand, Inc.	214,876		4,598,346
Diversified Financial Services – 0.6%
PHH Corp.(c)	418,797		6,428,534
Electric Utilities – 2.2%
ALLETE, Inc.(b)	186,952		7,851,984
ITC Holdings Corp.(b)	143,317		7,324,932
Portland General Electric Co.(b)	412,939		9,299,386
			24,476,302
Electrical Equipment – 2.4%
Acuity Brands, Inc.(b)	151,654		7,291,524

2

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

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Electrical Equipment – continued
General Cable Corp.(b)(c)	120,827	$	7,352,323
II-VI, Inc.(b)(c)	148,389		5,181,744
Polypore International, Inc.(b)(c)	243,829		6,176,189
			26,001,780
Electronic Equipment & Instruments – 4.0%
Anixter International, Inc.(b)(c)	56,600		3,367,134
Daktronics, Inc.	194,546		3,923,993
Excel Technology, Inc.(b)(c)	177,860		3,969,835
Littelfuse, Inc.(c)	363,936		11,482,181
Plexus Corp.(b)(c)	237,049		6,561,516
Rofin-Sinar Technologies, Inc.(b)(c)	91,139		2,752,398
Scansource, Inc.(b)(c)	248,057		6,638,005
Vishay Intertechnology, Inc.(c)	553,426		4,908,889
			43,603,951
Energy Equipment & Services – 4.0%
Dresser-Rand Group, Inc.(c)	228,181		8,921,877
Exterran Holdings, Inc.(b)(c)	82,930		5,928,666
Helix Energy Solutions Group, Inc.(b)(c)	143,411		5,971,634
Newpark Resources(b)(c)	443,003		3,482,003
Oceaneering International, Inc.(c)	129,178		9,953,165
Superior Well Services, Inc.(b)(c)	147,827		4,687,594
TETRA Technologies, Inc.(b)(c)	203,787		4,831,790
			43,776,729
Food & Staples Retailing – 0.9%
Spartan Stores, Inc.	427,132		9,824,036
Food Products – 1.0%
J & J Snack Foods Corp.	156,781		4,297,367
Ralcorp Holdings, Inc.(b)(c)	128,047		6,330,644
			10,628,011
Gas Utilities – 1.6%
UGI Corp.	608,151		17,460,015
Health Care Equipment & Supplies – 1.6%
Hill-Rom Holdings, Inc.(b)	228,056		6,152,951
Medical Action Industries, Inc.(b)(c)	243,213		2,522,119
West Pharmaceutical Services, Inc.(b)	194,431		8,414,973
			17,090,043
Health Care Providers & Services – 3.0%
Amedisys, Inc.(b)(c)	120,408		6,070,971
CorVel Corp.(c)	176,297		5,971,179
Healthspring, Inc.(c)	200,968		3,392,340
inVentiv Health, Inc.(b)(c)	231,633		6,437,081
MWI Veterinary Supply, Inc.(b)(c)	132,450		4,385,420
Skilled Healthcare Group, Inc., Class A(b)(c)	523,033		7,019,103
			33,276,094

3

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

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Hotels, Restaurants & Leisure – 1.4%
Bob Evans Farms, Inc.(b)	234,743	$	6,713,650
CEC Entertainment, Inc.(b)(c)	136,917		3,835,045
Cosi, Inc.(b)(c)	1,371,708		3,442,987
Dover Downs Gaming & Entertainment, Inc.(b)	301,983		1,938,731
			15,930,413
Industrial Conglomerates – 0.7%
Teleflex, Inc.	138,221		7,683,705
Insurance – 4.0%
American Equity Investment Life Holding Co.(b)	660,089		5,379,725
American Physicians Capital, Inc.	106,522		5,159,926
Delphi Financial Group, Inc.	158,253		3,661,974
Employers Holdings, Inc.	370,547		7,670,323
Fidelity National Financial, Inc.(b)	335,416		4,226,242
Navigators Group, Inc.(c)	113,510		6,135,215
ProAssurance Corp.(b)(c)	106,352		5,116,595
RLI Corp.(b)	132,883		6,573,722
			43,923,722
Internet Software & Services – 0.5%
United Online, Inc.(b)	510,314		5,118,449
IT Services – 3.8%
Alliance Data Systems Corp.(b)(c)	230,706		13,046,424
Broadridge Financial Solutions, Inc.	638,435		13,439,057
Perot Systems Corp., Class A(c)	451,776		6,781,158
Wright Express Corp.(c)	354,690		8,796,312
			42,062,951
Leisure Equipment & Products – 0.4%
Steinway Musical Instruments, Inc.(b)(c)	166,957		4,407,665
Life Sciences Tools & Services – 1.2%
PerkinElmer, Inc.	265,715		7,400,163
Varian, Inc.(c)	107,740		5,501,204
			12,901,367
Machinery – 4.0%
Actuant Corp., Class A(b)	336,409		10,546,422
CLARCOR, Inc.(b)	134,652		4,726,285
Commercial Vehicle Group, Inc.(b)(c)	226,267		2,115,597
Harsco Corp.	149,251		8,120,747
Nordson Corp.	46,509		3,390,041
RBC Bearings, Inc.(c)	214,959		7,162,434
Wabtec Corp.	168,474		8,191,206
			44,252,732
Media – 2.5%
A H Belo Corp., Class A(b)	348,730		1,987,761
Alloy, Inc.(c)	244,628		1,768,660

4

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

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Media – continued
Interactive Data Corp.	376,369	$	9,458,153
John Wiley & Sons, Inc., Class A	325,934		14,676,808
			27,891,382
Metals & Mining – 1.5%
Haynes International, Inc.(b)(c)	82,724		4,760,766
Reliance Steel & Aluminum Co.(b)	146,038		11,258,070
			16,018,836
Multi-Utilities & Unregulated Power – 0.4%
NorthWestern Corp.	187,673		4,770,648
Multiline Retail – 0.5%
Dollar Tree Stores, Inc.(c)	172,968		5,654,324
Oil, Gas & Consumable Fuels – 4.9%
Cano Petroleum, Inc.(c)	279,916		2,222,533
Frontier Oil Corp.	126,645		3,028,082
Mariner Energy, Inc.(b)(c)	314,503		11,627,176
Parallel Petroleum Corp.(c)	402,715		8,106,653
Penn Virginia Corp.	234,137		17,658,612
St. Mary Land & Exploration Co.	125,970		8,142,701
Venoco, Inc.(c)	144,976		3,364,893
			54,150,650
Personal Products – 1.0%
Alberto-Culver Co.	397,873		10,452,124
Pharmaceuticals – 1.5%
Perrigo Co.(b)	245,376		7,795,596
Sciele Pharma, Inc.(b)(c)	442,600		8,564,310
			16,359,906
REITs – 2.9%
American Campus Communities, Inc.	65,489		1,823,214
Capstead Mortgage Corp.	471,737		5,118,346
Health Care REIT, Inc.	179,262		7,977,159
Kite Realty Group Trust	428,513		5,356,413
Potlatch Corp.	265,711		11,988,880
			32,264,012
Real Estate Management & Development – 0.6%
Forestar Real Estate Group, Inc.(b)(c)	352,262		6,710,591
Road & Rail – 1.9%
Con-way, Inc.(b)	142,658		6,742,017
Genesee & Wyoming, Inc., Class A(c)	176,455		6,002,999
Ryder System, Inc.(b)	112,257		7,732,262
			20,477,278

5

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

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Semiconductors & Semiconductor Equipment – 2.5%
Cohu, Inc.(b)	269,694	$	3,959,108
Diodes, Inc.(b)(c)	211,991		5,859,431
Exar Corp.(b)(c)	433,857		3,271,282
ON Semiconductor Corp.(b)(c)	499,633		4,581,635
Verigy Ltd.(c)	450,714		10,235,715
			27,907,171
Software – 2.8%
Epicor Software Corp.(b)(c)	132,743		917,254
Intervoice, Inc.(b)(c)	354,374		2,019,932
Mentor Graphics Corp.(c)	335,840		5,306,272
Progress Software Corp.(c)	330,751		8,457,303
Quest Software, Inc.(c)	186,183		2,757,370
Radiant Systems, Inc.(c)	355,826		3,818,013
Sybase, Inc.(c)	244,124		7,182,128
			30,458,272
Specialty Retail – 2.0%
Genesco, Inc.(b)(c)	306,731		9,468,786
Jo-Ann Stores, Inc.(b)(c)	195,109		4,493,360
Sally Beauty Holdings, Inc.(b)(c)	1,163,335		7,515,144
			21,477,290
Textiles, Apparel & Luxury Goods – 2.3%
Carter’s, Inc.(c)	240,180		3,319,287
FGX International Holdings Ltd.(c)	267,471		2,150,467
Fossil, Inc.(b)(c)	311,617		9,058,706
Hanesbrands, Inc.(b)(c)	377,891		10,255,962
			24,784,422
Thrifts & Mortgage Finance – 0.8%
Beneficial Mutual Bancorp, Inc.(b)(c)	466,175		5,160,558
Westfield Financial, Inc.(b)	372,965		3,375,333
			8,535,891
Water Utilities – 0.7%
American States Water Co.(b)	118,803		4,150,977
Middlesex Water Co.(b)	201,311		3,339,749
			7,490,726
TOTAL COMMON STOCKS
(Identified Cost $1,003,978,600)			1,040,454,817
EXCHANGE TRADED FUND – 0.7%
Diversified Financial Services – 0.7%
iShares Russell 2000 Value Index Fund(b)
(Identified Cost $8,149,628)	121,444		7,772,416

6

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

Loomis Sayles Small Cap Value Fund - continued

	Shares/ Principal Amount		Value (†)
SHORT-TERM INVESTMENTS – 30.0%
State Street Navigator Securities Lending Prime Portfolio(e)		260,955,001	$	260,955,001
General Electric Capital Corp., Commercial Paper, 0.800%, 7/1/2008(d)	$	67,679,000		67,679,000
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $328,634,001)				328,634,001
TOTAL INVESTMENTS – 125.5%
(Identified Cost $1,340,762,229)(a)				1,376,861,234
Other assets less liabilities—(25.5)%				(279,536,175	)
NET ASSETS – 100.0%			$	1,097,325,059

(†) Equity securities, including closed-end investment companies and exchange-traded funds, for which market quotations are readily available are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Markets 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 the net asset value each day.

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

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

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

At June 30, 2008, the net unrealized appreciation on investments based on a cost of $1,340,762,229 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	$	114,437,004
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(78,337,999	)
Net unrealized appreciation	$	36,099,005

7

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

Loomis Sayles Small Cap Value Fund - continued

(b) All or a portion of this security was on loan to brokers at June 30, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned non-U.S. equities; and at least 100% of the market value of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at June 30, 2008 were $251,780,737 and $260,955,001, respectively.

(c) Non-income producing security.

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

(e) Represents investment of securities lending collateral.

REITs Real Estate Investment Trusts

New Accounting Pronouncements

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

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

NET ASSET SUMMARY AT JUNE 30, 2008 (Unaudited)

Commercial Banks	6.2	%
Commercial Services & Supplies	6.1
Oil, Gas & Consumable Fuels	4.9
Machinery	4.0
Insurance	4.0
Energy Equipment & Services	4.0
Electronic Equipment & Instruments	4.0
IT Services	3.8
Communications Equipment	3.4
Health Care Providers & Services	3.0
REITs	2.9
Software	2.8
Semiconductors & Semiconductor Equipment	2.5
Media	2.5
Aerospace & Defense	2.5
Chemicals	2.4
Electrical Equipment	2.4
Textiles, Apparel & Luxury Goods	2.3
Electric Utilities	2.2
Specialty Retail	2.0
Other Investments, less than 2% each	27.6
Short-Term Investments	30.0
Total Investments	125.5
Other assets less liabilities	(25.5	)
Net Assets	100.0	%

8

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS

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

SIGNATURES

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

Loomis Sayles Funds I
By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	President and Chief Executive Officer
Date:	August 26, 2008

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

By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	President and Chief Executive Officer
Date:	August 26, 2008
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	August 26, 2008