UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08282

Loomis Sayles Funds I

(Exact name of registrant as specified in charter)

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

Coleen Downs Dinneen, Esq.

Natixis Distributors, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: December 31, 2008

ITEM 1. SCHEDULE OF INVESTMENTS

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

Loomis Sayles Bond Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 88.6% of Net Assets
NON-CONVERTIBLE BONDS – 84.6%
ABS Credit Card – 0.6%
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		$	113,710,000	$	74,236,654
MBNA Credit Card Master Note Trust, Series 03A5, 4.150%, 9/19/2012	EUR		300,000		402,453
					74,639,107
Aerospace & Defense – 0.1%
Bombardier, Inc., 6.300%, 5/01/2014, 144A			1,590,000		1,307,775
Bombardier, Inc., 6.750%, 5/01/2012, 144A			200,000		177,500
Bombardier, Inc., 7.350%, 12/22/2026	CAD		6,785,000		4,122,114
Bombardier, Inc., 7.450%, 5/01/2034, 144A			13,464,000		8,549,640
					14,157,029
Airlines – 1.3%
American Airlines, Inc., Series 1999-1, 7.324%, 4/15/2011			1,255,000		1,054,200
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011			1,522,568		913,541
Continental Airlines, Inc., Series 1997-4B, 6.900%, 7/02/2018			4,609,946		3,134,763
Continental Airlines, Inc., Series 1998-1, Class B, 6.748%, 9/15/2018			7,335,827		5,135,079
Continental Airlines, Inc., Series 1999-1B, 6.795%, 2/02/2020			4,220,894		2,490,328
Continental Airlines, Inc., Series 1999-1C, 6.954%, 2/02/2011			3,810,053		3,352,846
Continental Airlines, Inc., Series 1999-2, Class B, 7.566%, 9/15/2021			4,429,169		2,878,960
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			7,001,380		4,340,855
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			3,533,598		2,049,487
Continental Airlines, Inc., Series 96-A, Class B, 6.940%, 4/15/2015			271,410		223,913
Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016			7,542,014		5,203,990
Continental Airlines, Inc., Series A, 5.983%, 4/19/2022			17,701,000		11,859,670
Continental Airlines, Inc., Series B, 6.903%, 4/19/2022			23,877,000		11,699,730
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024			2,337,340		1,478,367
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			5,753,706		2,905,622
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			44,560,173		25,399,298
Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017			37,035,000		18,517,500
Qantas Airways Ltd., 5.125%, 6/20/2013, 144A			2,000,000		1,836,262
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			44,235,000		40,454,102
United Air Lines, Inc., 6.636%, 1/02/2024			26,136,569		15,289,893
					160,218,406
Automotive – 1.7%
Cummins, Inc., 6.750%, 2/15/2027			2,547,000		1,911,417
Cummins, Inc., 7.125%, 3/01/2028			3,000,000		2,332,860
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		9,800,000		9,535,737

1

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

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Automotive – continued
FCE Bank PLC, EMTN, 7.125%, 1/15/2013	EUR	6,550,000	$	6,191,279
Ford Motor Co., 6.375%, 2/01/2029		1,195,000		262,900
Ford Motor Co., 6.500%, 8/01/2018		2,240,000		537,600
Ford Motor Co., 6.625%, 2/15/2028		500,000		110,000
Ford Motor Co., 6.625%, 10/01/2028		62,410,000		13,730,200
Ford Motor Co., 7.125%, 11/15/2025		1,940,000		455,900
Ford Motor Co., 7.450%, 7/16/2031		114,720,000		32,121,600
Ford Motor Co., 7.500%, 8/01/2026		795,000		186,825
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		66,163,000		56,227,302
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		13,455,000		9,296,423
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011		18,760,000		13,704,349
Ford Motor Credit Co. LLC, 7.375%, 10/28/2009		500,000		439,111
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010		1,320,000		1,056,238
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		18,970,000		12,356,432
Ford Motor Credit Co. LLC, 8.625%, 11/01/2010		29,945,000		22,669,203
Ford Motor Credit Co. LLC, 9.750%, 9/15/2010		2,150,000		1,719,987
Ford Motor Credit Co. LLC, EMTN, 4.875%, 1/15/2010	EUR	12,200,000		10,514,332
General Motors Corp., 7.250%, 7/03/2013	EUR	2,805,000		779,818
General Motors Corp., 7.400%, 9/01/2025		9,790,000		1,468,500
General Motors Corp., 8.250%, 7/15/2023		73,625,000		11,043,750
General Motors Corp., 8.375%, 7/15/2033		3,445,000		559,812
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		6,041,000		3,020,500
				212,232,075
Banking – 4.1%
BAC Capital Trust VI, 5.625%, 3/08/2035		35,170,000		29,545,825
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW	38,370,000,000		31,106,036
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB	2,816,000,000		79,387,234
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW	48,070,000,000		39,221,578
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB	247,000,000		6,948,384
BNP Paribas SA, EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR	273,109,870,000		15,717,598
Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014		7,620,000		6,812,912
Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014		3,865,000		3,480,931
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		12,345,000		6,482,508
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL	241,667,000		83,137,075
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	248,433,920,000		13,780,105
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	699,525,000,000		38,801,176
JPMorgan Chase & Co., Zero Coupon Bond, 4/12/2012, 144A	IDR	599,419,948,640		25,230,631
JPMorgan Chase London, EMTN, Zero Coupon Bond, 10/21/2010, 144A	IDR	152,206,784,000		9,976,526
Kaupthing Bank, Zero Coupon Bond, 1/15/2010, 144A(c)		3,635,000		254,450
Kaupthing Bank, Series D, 5.750%, 10/04/2011, 144A(c)		52,942,000		3,705,940
Kaupthing Bank, Series E, 6.125%, 10/04/2016, 144A(c)		13,245,000		927,150
Kreditanstalt fuer Wiederaufbau, EMTN, 10.750%, 2/01/2010	ISK	95,000,000		559,002

2

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

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Banking – continued
Morgan Stanley, 5.375%, 10/15/2015		$	800,000	$	688,646
Morgan Stanley, 6.750%, 4/15/2011			310,000		305,017
Morgan Stanley, EMTN, 5.450%, 1/09/2017			295,000		243,163
Morgan Stanley, MTN, 6.250%, 8/09/2026			800,000		650,590
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017			1,495,000		1,240,822
Morgan Stanley, Series F, MTN, 6.625%, 4/01/2018			19,818,000		17,386,133
Rabobank Nederland, EMTN, 10.250%, 9/10/2009, 144A	ISK		4,660,000,000		26,900,405
Rabobank Nederland, EMTN, 12.500%, 2/17/2009	ISK		1,330,000,000		7,815,729
Rabobank Nederland, EMTN, 14.000%, 1/28/2009, 144A	ISK		9,244,000,000		54,897,255
					505,202,821
Brokerage – 0.6%
Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018			3,260,000		2,985,974
Bear Stearns Cos., Inc. (The), 5.300%, 10/30/2015			1,445,000		1,390,233
Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017			3,160,000		3,283,802
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018			18,735,000		20,530,862
Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037(c)			117,630,000		11,763
Lehman Brothers Holdings, Inc., MTN, (fixed rate to 5/03/2027, variable rate thereafter), 6.000%, 5/03/2032(c)			8,005,000		801
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			8,610,000		7,739,744
Merrill Lynch & Co., Inc., 10.710%, 3/08/2017	BRL		100,000,000		34,519,726
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR		4,887,000		4,311,286
					74,774,191
Building Materials – 0.7%
Owens Corning, Inc., 6.500%, 12/01/2016			24,725,000		17,906,018
Owens Corning, Inc., 7.000%, 12/01/2036			50,335,000		33,006,723
Ply Gem Industries, Inc., 9.000%, 2/15/2012(b)(d)			6,265,000		1,503,600
USG Corp., 6.300%, 11/15/2016			34,370,000		21,051,625
USG Corp., 7.750%, 1/15/2018			17,605,000		11,135,163
					84,603,129
Chemicals – 0.3%
Borden, Inc., 7.875%, 2/15/2023			29,454,000		3,534,480
Borden, Inc., 8.375%, 4/15/2016			2,886,000		288,600
Borden, Inc., 9.200%, 3/15/2021			11,255,000		1,688,250
Georgia Gulf Corp., 10.750%, 10/15/2016			960,000		230,400
Hercules, Inc., 6.500%, 6/30/2029(b)			19,619,000		10,398,070
Methanex Corp., 6.000%, 8/15/2015			10,555,000		6,926,666
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028			9,000,000		7,087,500
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018			9,095,000		6,730,300
					36,884,266
Construction Machinery – 0.3%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013			3,590,000		2,768,788
Joy Global, Inc., 6.625%, 11/15/2036			1,975,000		1,396,151
Toro Co., 6.625%, 5/01/2037(b)			27,030,000		16,218,000
United Rentals North America, Inc., 7.000%, 2/15/2014			26,139,000		15,944,790
United Rentals North America, Inc., 7.750%, 11/15/2013			2,335,000		1,517,750
					37,845,479
Consumer Cyclical Services – 1.0%
Western Union Co., 6.200%, 11/17/2036			154,180,000		119,468,686

3

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

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Containers & Packaging – 0.0%
Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR	2,500,000	$	2,710,596
Distributors – 0.0%
ONEOK, Inc., 6.000%, 6/15/2035		3,805,000		2,607,540
Electric – 3.9%
AES Corp. (The), 7.750%, 3/01/2014		4,875,000		4,290,000
AES Corp. (The), 8.375%, 3/01/2011	GBP	1,990,000		2,575,011
Bruce Mansfield Unit, 6.850%, 6/01/2034(b)		95,735,000		76,115,069
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036		64,200,000		49,658,251
Commonwealth Edison Co., 4.750%, 12/01/2011(b)		268,000		260,852
Dominion Resources, Inc., 5.950%, 6/15/2035		5,980,000		5,109,527
Dynegy Holdings, Inc., 7.125%, 5/15/2018		5,295,000		3,229,950
Dynegy Holdings, Inc., 7.625%, 10/15/2026		11,835,000		5,739,975
Dynegy Holdings, Inc., 7.750%, 6/01/2019		1,504,000		1,037,760
Dynegy Holdings, Inc., 8.375%, 5/01/2016		2,000,000		1,420,000
Edison Mission Energy, 7.625%, 5/15/2027		23,200,000		17,980,000
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		11,581,000		12,403,552
Enersis SA, 7.400%, 12/01/2016		4,250,000		4,274,744
Illinois Power Co., 6.250%, 4/01/2018		3,105,000		2,773,072
ITC Holdings Corp., 5.875%, 9/30/2016, 144A		25,460,000		24,278,885
ITC Holdings Corp., 6.375%, 9/30/2036, 144A		37,955,000		34,689,276
MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		6,540,000		6,081,167
MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		54,485,000		53,185,260
NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027		23,775,000		10,223,250
Nisource Finance Corp., 5.400%, 7/15/2014		525,000		359,235
Nisource Finance Corp., 6.400%, 3/15/2018		56,830,000		35,466,296
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A		1,764,592		1,728,559
Quezon Power Philippines Co., 8.860%, 6/15/2017		5,827,500		4,662,000
Salton Sea Funding Corp., Series E, 8.300%, 5/30/2011		1,382,006		1,370,660
Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018		213,911		181,551
Southern California Edison Co., 7.625%, 1/15/2010		2,000,000		2,046,478
SP Powerassets Ltd., EMTN, 3.730%, 10/22/2010	SGD	1,000,000		715,320
Texas-New Mexico Power Co., 6.250%, 1/15/2009		1,000,000		996,487
Toledo Edison Co., 6.150%, 5/15/2037		13,195,000		10,611,445
TXU Corp., Series P, 5.550%, 11/15/2014		62,401,000		29,155,494
TXU Corp., Series Q, 6.500%, 11/15/2024		139,336,000		49,295,405
TXU Corp., Series R, 6.550%, 11/15/2034		8,266,000		2,790,536
White Pine Hydro LLC, 6.310%, 7/10/2017(b)		9,175,000		8,373,270
White Pine Hydro LLC, 6.960%, 7/10/2037(b)		14,695,000		14,019,677
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(b)		5,000,000		4,585,860
				481,683,874
Entertainment – 0.4%
Six Flags, Inc., 9.625%, 6/01/2014		12,705,000		1,905,750
Six Flags, Inc., 9.750%, 4/15/2013		2,360,000		336,300
Viacom, Inc., Class B, 6.875%, 4/30/2036		55,225,000		43,643,047
				45,885,097

4

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

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Food & Beverage – 1.2%
Aramark Services, Inc., 5.000%, 6/01/2012		$	2,115,000	$	1,649,700
Corn Products International, Inc., 6.625%, 4/15/2037			31,590,000		26,900,812
Dole Food Co., Inc., 8.625%, 5/01/2009			6,900,000		6,244,500
Kraft Foods, Inc., 6.500%, 8/11/2017			42,568,000		42,786,885
Kraft Foods, Inc., 6.500%, 11/01/2031			14,990,000		14,386,892
Kraft Foods, Inc., 7.000%, 8/11/2037			36,870,000		37,416,708
Sara Lee Corp., 6.125%, 11/01/2032			18,615,000		15,295,499
					144,680,996
Foreign Local Governments – 0.1%
Ontario Hydro, Zero Coupon Bond, 11/27/2020	CAD		1,507,000		683,430
Province of Alberta, 5.930%, 9/16/2016	CAD		18,123,482		16,525,033
					17,208,463
Government Owned - No Guarantee – 0.1%
DP World Ltd., 6.850%, 7/02/2037, 144A			20,585,000		10,602,675
Government Sponsored – 0.3%
Queensland Treasury Corp., 7.125%, 9/18/2017, 144A	NZD		60,170,000		41,350,368
Health Insurance – 0.1%
CIGNA Corp., 6.150%, 11/15/2036			20,530,000		15,621,297
Healthcare – 5.3%
Boston Scientific Corp., 5.450%, 6/15/2014			3,710,000		3,153,500
Boston Scientific Corp., 6.400%, 6/15/2016			14,305,000		12,230,775
Boston Scientific Corp., 7.000%, 11/15/2035			22,132,000		16,377,680
HCA, Inc., 5.750%, 3/15/2014			12,995,000		7,861,975
HCA, Inc., 6.250%, 2/15/2013			7,795,000		4,871,875
HCA, Inc., 6.300%, 10/01/2012			2,500,000		1,762,500
HCA, Inc., 6.375%, 1/15/2015			17,365,000		10,592,650
HCA, Inc., 6.500%, 2/15/2016			63,515,000		39,061,725
HCA, Inc., 6.750%, 7/15/2013			3,040,000		1,915,200
HCA, Inc., 7.050%, 12/01/2027			26,685,000		11,282,151
HCA, Inc., 7.190%, 11/15/2015			19,440,000		10,767,485
HCA, Inc., 7.500%, 12/15/2023			24,325,000		11,424,261
HCA, Inc., 7.500%, 11/06/2033			19,830,000		9,220,950
HCA, Inc., 7.690%, 6/15/2025			65,753,000		28,931,320
HCA, Inc., 8.360%, 4/15/2024			38,219,000		17,580,740
HCA, Inc., MTN, 7.580%, 9/15/2025			18,003,000		8,316,324
HCA, Inc., MTN, 7.750%, 7/15/2036			11,606,000		5,145,961
Hospira, Inc., 6.050%, 3/30/2017			15,175,000		12,325,408
Medco Health Solutions, Inc., 7.125%, 3/15/2018			250,270,000		231,273,005
Owens & Minor, Inc., 6.350%, 4/15/2016(b)			4,710,000		3,969,004
Tenet Healthcare Corp., 6.500%, 6/01/2012			3,660,000		2,781,600
Tenet Healthcare Corp., 6.875%, 11/15/2031			30,578,000		14,983,220
Tenet Healthcare Corp., 7.375%, 2/01/2013			2,236,000		1,593,150
Tenet Healthcare Corp., 9.250%, 2/01/2015			560,000		450,800
WellPoint, Inc., 6.375%, 6/15/2037			191,190,000		177,627,364
					645,500,623
Home Construction – 1.6%
Centex Corp., 5.250%, 6/15/2015			5,110,000		3,168,200
D.R. Horton, Inc., 5.250%, 2/15/2015			70,845,000		44,632,350
D.R. Horton, Inc., 5.625%, 9/15/2014			7,235,000		4,992,150

5

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

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Home Construction – continued
D.R. Horton, Inc., 5.625%, 1/15/2016		$	26,345,000	$	16,860,800
D.R. Horton, Inc., 6.500%, 4/15/2016			1,975,000		1,244,250
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015			6,430,000		1,671,800
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016			19,270,000		4,432,100
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014			6,249,000		1,687,230
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014			4,050,000		1,093,500
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016			1,650,000		412,500
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013			2,865,000		630,300
K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012			1,690,000		490,100
KB Home, 5.875%, 1/15/2015			895,000		537,000
Lennar Corp., 7.625%, 3/01/2009			5,245,000		5,192,550
Lennar Corp., Series B, 5.125%, 10/01/2010			3,495,000		2,830,950
Lennar Corp., Series B, 5.500%, 9/01/2014			22,935,000		14,449,050
Lennar Corp., Series B, 5.600%, 5/31/2015			9,112,000		5,558,320
Lennar Corp., Series B, 6.500%, 4/15/2016			40,810,000		24,894,100
Pulte Homes, Inc., 5.200%, 2/15/2015			6,790,000		4,617,200
Pulte Homes, Inc., 6.000%, 2/15/2035			63,520,000		32,395,200
Pulte Homes, Inc., 6.375%, 5/15/2033			17,205,000		9,118,650
Toll Brothers Finance Corp., 5.150%, 5/15/2015			7,935,000		5,700,805
Toll Corp., 8.250%, 12/01/2011			5,550,000		5,050,500
					191,659,605
Independent Energy – 2.0%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			53,650,000		47,389,528
Anadarko Petroleum Corp., 6.450%, 9/15/2036			76,885,000		60,649,502
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		5,925,000		4,941,625
Chesapeake Energy Corp., 6.500%, 8/15/2017			2,615,000		2,000,475
Chesapeake Energy Corp., 6.875%, 11/15/2020			13,805,000		9,939,600
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			20,226,000		8,090,400
Pioneer Natural Resources Co., 5.875%, 7/15/2016			10,275,000		7,128,703
Pioneer Natural Resources Co., 6.875%, 5/01/2018			2,125,000		1,486,229
Pioneer Natural Resources Co., 7.200%, 1/15/2028			8,782,000		5,526,258
Questar Market Resources, Inc., 6.800%, 4/01/2018			51,725,000		49,770,260
Talisman Energy, Inc., 5.850%, 2/01/2037			12,155,000		8,454,848
Talisman Energy, Inc., 6.250%, 2/01/2038			32,435,000		23,550,794
XTO Energy, Inc., 6.100%, 4/01/2036			2,165,000		1,797,697
XTO Energy, Inc., 6.750%, 8/01/2037			11,225,000		10,512,931
					241,238,850
Industrial Other – 0.1%
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A			26,410,000		8,715,300
Integrated Energy – 0.0%
PF Export Receivables Master Trust, 6.436%, 6/01/2015, 144A			1,573,527		1,589,263
Life Insurance – 0.5%
ASIF Global Financing XXVII, 2.380%, 2/26/2009, 144A	SGD		38,400,000		19,380,919
Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A			57,985,000		42,624,774
					62,005,693
Local Authorities – 0.8%
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(b)			182,875,000		99,988,735

6

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

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Media Cable – 3.1%
Comcast Corp., 5.500%, 3/15/2011		$	3,000,000		$	2,936,514
Comcast Corp., 5.650%, 6/15/2035			70,675,000			62,832,266
Comcast Corp., 6.450%, 3/15/2037			53,020,000			52,761,103
Comcast Corp., 6.500%, 11/15/2035			23,000,000			22,890,520
Comcast Corp., 6.950%, 8/15/2037			192,063,000			202,252,326
CSC Holdings, Inc., 7.875%, 2/15/2018			1,550,000			1,216,750
Shaw Communications, Inc., 5.700%, 3/02/2017	CAD		12,775,000			9,051,571
Time Warner Cable, Inc., 6.750%, 7/01/2018			26,541,000			25,553,808
Virgin Media Finance PLC, 9.125%, 8/15/2016			500,000			370,000
Virgin Media Finance PLC, 9.750%, 4/15/2014	GBP		6,605,000			6,694,921
						386,559,779
Media Non-Cable – 0.8%
Clear Channel Communications, Inc., 4.900%, 5/15/2015			20,075,000			2,208,250
Clear Channel Communications, Inc., 5.500%, 9/15/2014			5,195,000			623,400
Clear Channel Communications, Inc., 5.500%, 12/15/2016			17,050,000			1,960,750
Clear Channel Communications, Inc., 5.750%, 1/15/2013			2,080,000			301,600
Clear Channel Communications, Inc., 6.875%, 6/15/2018			1,095,000			131,400
News America, Inc., 6.150%, 3/01/2037			54,025,000			50,406,837
News America, Inc., 6.200%, 12/15/2034			17,665,000			16,120,143
News America, Inc., 6.400%, 12/15/2035			29,275,000			27,057,653
R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013			4,713,000			636,255
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013			2,740,000			369,900
R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016			927,000			139,050
R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017			3,564,000			534,600
Tribune Co., 5.250%, 8/15/2015(c)			16,405,000			738,225
						101,228,063
Metals & Mining – 0.3%
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A			13,180,000			5,008,400
Newmont Mining Corp., 5.875%, 4/01/2035			5,621,000			3,946,279
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR		3,450,000			3,500,839
United States Steel Corp., 6.050%, 6/01/2017			11,175,000			7,306,416
United States Steel Corp., 6.650%, 6/01/2037			7,865,000			4,013,832
United States Steel Corp., 7.000%, 2/01/2018			23,520,000			16,029,821
						39,805,587
Mortgage Related – 0.0%
Federal Home Loan Mortgage Corp., 5.000%, 12/01/2031			357,028			366,434
Non-Captive Consumer – 3.7%
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017			322,970,000			139,772,696
Hexion US Finance Corp/Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014			2,320,000			661,200
SLM Corp., 6.000%, 12/15/2043			146,975	(†††)		1,519,354
SLM Corp., EMTN, 4.750%, 3/17/2014	EUR		9,200,000			7,417,302
SLM Corp., MTN, 5.050%, 11/14/2014			27,310,000			18,174,505
SLM Corp., MTN, 5.125%, 8/27/2012			1,925,000			1,440,591
SLM Corp., Series A, MTN, 4.000%, 1/15/2010			5,285,000			4,783,945
SLM Corp., Series A, MTN, 4.500%, 7/26/2010			5,015,000			4,352,353
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			72,710,000			52,025,459
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			53,696,000			34,065,226

7

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

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – continued
SLM Corp., Series A, MTN, 5.000%, 6/15/2018		$	22,293,000	$	14,714,160
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			28,242,000		20,704,916
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			31,370,000		21,170,797
SLM Corp., Series A, MTN, 5.400%, 10/25/2011			1,750,000		1,323,760
SLM Corp., Series A, MTN, 5.625%, 8/01/2033			38,535,000		23,377,104
SLM Corp., Series A, MTN, 6.500%, 6/15/2010	NZD		8,020,000		4,116,699
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			124,665,000		98,562,767
					448,182,834
Non-Captive Diversified – 8.0%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015			8,278,000		5,811,595
CIT Group, Inc., 4.750%, 12/15/2010			125,000		110,033
CIT Group, Inc., 5.400%, 2/13/2012			652,000		526,038
CIT Group, Inc., 5.400%, 1/30/2016			471,000		327,952
CIT Group, Inc., 5.500%, 12/01/2014	GBP		29,029,000		22,403,129
CIT Group, Inc., 5.600%, 4/27/2011			10,435,000		8,810,166
CIT Group, Inc., 5.800%, 10/01/2036			4,995,000		3,298,968
CIT Group, Inc., 5.850%, 9/15/2016			10,000		7,041
CIT Group, Inc., 12.000%, 12/18/2018			181,458,000		139,722,660
CIT Group, Inc., EMTN, 3.800%, 11/14/2012	EUR		21,220,000		16,603,183
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR		21,200,000		16,007,230
CIT Group, Inc., EMTN, 5.000%, 5/13/2014	EUR		6,450,000		5,105,692
CIT Group, Inc., EMTN, 5.500%, 12/20/2016	GBP		16,050,000		12,424,223
CIT Group, Inc., GMTN, 4.250%, 2/01/2010			80,000		73,342
CIT Group, Inc., GMTN, 4.250%, 9/22/2011	EUR		25,450,000		20,944,240
CIT Group, Inc., GMTN, 5.000%, 2/13/2014			2,565,000		1,864,250
CIT Group, Inc., GMTN, 5.000%, 2/01/2015			471,000		331,584
CIT Group, Inc., MTN, 4.250%, 3/17/2015	EUR		29,270,000		22,103,926
CIT Group, Inc., MTN, 5.125%, 9/30/2014			4,064,000		2,900,623
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036			165,000		104,278
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017			1,100,000		764,886
CIT Group, Inc., Series A, MTN, 7.625%, 11/30/2012			103,421,000		87,304,802
General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012	AUD		44,475,000		29,741,318
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016(b)(j)	NZD		89,945,000		46,983,421
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD		15,000,000		9,208,693
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD		150,000,000		94,323,373
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015(b)(j)	NZD		266,148,000		138,645,317
GMAC LLC, 4.750%, 9/14/2009			10,727,000		9,868,840
GMAC LLC, 5.380%, 6/06/2011			61,815,000		46,361,250
GMAC LLC, 5.625%, 5/15/2009			1,085,000		1,042,648
GMAC LLC, 5.750%, 9/27/2010			7,263,000		6,391,440
GMAC LLC, 6.000%, 12/15/2011			52,258,000		42,273,587
GMAC LLC, 6.630%, 12/17/2010			464,000		361,920
GMAC LLC, 6.630%, 5/15/2012			20,417,000		15,890,143
GMAC LLC, 6.750%, 12/01/2014			30,148,000		20,712,279
GMAC LLC, 6.875%, 9/15/2011			5,664,000		4,640,289

8

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

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
GMAC LLC, 6.875%, 8/28/2012		$	4,229,000	$	3,246,096
GMAC LLC, 7.000%, 2/01/2012			10,615,000		8,476,077
GMAC LLC, 7.500%, 12/31/2013			23,566,000		16,496,200
GMAC LLC, 8.000%, 12/31/2018			44,928,000		22,464,000
GMAC LLC, 8.000%, 11/01/2031			35,366,000		21,021,197
International Lease Finance Corp., 4.750%, 7/01/2009			365,000		339,824
International Lease Finance Corp., 6.375%, 3/15/2009			210,000		201,614
International Lease Finance Corp., Series R, MTN, 5.625%, 9/15/2010			120,000		94,326
iStar Financial, Inc., 5.150%, 3/01/2012			52,875,000		16,655,625
iStar Financial, Inc., 5.375%, 4/15/2010			6,905,000		3,176,300
iStar Financial, Inc., 5.500%, 6/15/2012			3,865,000		1,217,475
iStar Financial, Inc., 5.650%, 9/15/2011			30,335,000		9,707,200
iStar Financial, Inc., 5.800%, 3/15/2011			5,305,000		1,856,750
iStar Financial, Inc., 5.850%, 3/15/2017			6,565,000		1,969,500
iStar Financial, Inc., 5.875%, 3/15/2016			11,605,000		3,307,425
iStar Financial, Inc., 6.050%, 4/15/2015			5,655,000		1,668,225
iStar Financial, Inc., 8.625%, 6/01/2013			46,795,000		14,506,450
iStar Financial, Inc., Series B, 5.125%, 4/01/2011			2,330,000		815,500
iStar Financial, Inc., Series B, 5.700%, 3/01/2014			7,645,000		2,369,950
iStar Financial, Inc., Series B, 5.950%, 10/15/2013			60,205,000		18,964,575
					982,548,668
Oil Field Services – 0.2%
North American Energy Partners, Inc., 8.750%, 12/01/2011			12,530,000		9,522,800
Transocean, Inc., 1.500%, 12/15/2037			1,640,000		1,262,800
Weatherford International Ltd., 6.500%, 8/01/2036			20,375,000		15,294,759
					26,080,359
Packaging – 0.1%
Owens-Illinois, Inc., 7.800%, 5/15/2018			18,644,000		16,593,160
Paper – 2.6%
Abitibi-Consolidated, Inc., 7.400%, 4/01/2018			11,675,000		875,625
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028			14,820,000		1,037,400
Abitibi-Consolidated, Inc., 8.500%, 8/01/2029			4,215,000		295,050
Abitibi-Consolidated, Inc., 8.850%, 8/01/2030			47,185,000		3,302,950
Avenor, Inc., 10.850%, 11/30/2014	CAD		450,000		65,759
Bowater, Inc., 6.500%, 6/15/2013			3,880,000		388,000
Georgia-Pacific LLC, 7.250%, 6/01/2028			25,782,000		15,727,020
Georgia-Pacific LLC, 7.375%, 12/01/2025			31,207,000		19,972,480
Georgia-Pacific LLC, 7.700%, 6/15/2015			95,000		72,200
Georgia-Pacific LLC, 7.750%, 11/15/2029			80,700,000		50,841,000
Georgia-Pacific LLC, 8.000%, 1/15/2024			21,284,000		14,366,700
Georgia-Pacific LLC, 8.875%, 5/15/2031			27,237,000		18,793,530
International Paper Co., 4.250%, 1/15/2009			2,000,000		1,999,310
International Paper Co., 7.950%, 6/15/2018			211,360,000		167,050,490
Jefferson Smurfit Corp., 7.500%, 6/01/2013			5,520,000		966,000
Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017			1,000,000		180,000
Westvaco Corp., 7.950%, 2/15/2031			21,466,000		14,790,632

9

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

Loomis Sayles Bond Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Paper – continued
Westvaco Corp., 8.200%, 1/15/2030	$	17,890,000	$	13,615,793
				324,339,939
Pharmaceuticals – 1.4%
Astrazeneca PLC, 6.450%, 9/15/2037		82,240,000		93,480,563
Elan Financial PLC, 7.750%, 11/15/2011		71,241,000		42,032,190
Elan Financial PLC, 8.875%, 12/01/2013		57,880,000		30,097,600
				165,610,353
Pipelines – 2.2%
Colorado Interstate Gas Co., 5.950%, 3/15/2015		1,099,000		914,788
Colorado Interstate Gas Co., 6.800%, 11/15/2015		20,000		17,230
DCP Midstream LP, 6.450%, 11/03/2036, 144A		27,200,000		19,757,699
El Paso Corp., 6.950%, 6/01/2028		11,959,000		7,229,311
El Paso Corp., 7.420%, 2/15/2037		2,045,000		1,232,284
El Paso Corp., 7.750%, 1/15/2032		1,500,000		973,682
El Paso Corp., MTN, 7.800%, 8/01/2031		1,000,000		651,503
Energy Transfer Partners LP, 6.125%, 2/15/2017		7,325,000		6,049,183
Energy Transfer Partners LP, 6.625%, 10/15/2036		11,435,000		8,003,951
Enterprise Products Operating LLP, 6.300%, 9/15/2017		25,030,000		21,184,591
Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		778,000		541,641
Kinder Morgan Finance, 5.700%, 1/05/2016		14,160,000		10,549,200
Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		15,370,000		11,450,650
NGPL Pipeco LLC, 7.119%, 12/15/2017, 144A		116,125,000		104,535,028
ONEOK Partners LP, 6.650%, 10/01/2036		9,450,000		7,322,096
Plains All American Pipeline LP, 6.125%, 1/15/2017		28,845,000		22,937,284
Plains All American Pipeline LP, 6.650%, 1/15/2037		62,130,000		42,749,789
Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		5,290,000		4,047,570
Williams Cos., Inc. (The), 7.500%, 1/15/2031		6,555,000		4,391,850
				274,539,330
Property & Casualty Insurance – 1.4%
Allstate Corp., 5.950%, 4/01/2036		7,745,000		6,556,871
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		46,320,000		41,094,085
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		34,729,000		30,934,023
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		49,522,000		36,482,808
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		8,590,000		4,380,900
St. Paul Travelers Co., Inc., 6.750%, 6/20/2036		6,850,000		7,131,193
Travelers Cos., Inc. (The), MTN, 6.250%, 6/15/2037		42,880,000		41,227,876
Travelers Property Casualty Corp., 6.375%, 3/15/2033		1,000,000		946,377
Willis North America, Inc., 6.200%, 3/28/2017		12,000,000		8,313,420
				177,067,553
Railroads – 0.5%
Canadian Pacific Railway Co., 5.750%, 3/15/2033		3,830,000		2,648,135
Canadian Pacific Railway Co., 5.950%, 5/15/2037		24,475,000		17,259,427
CSX Corp., 6.000%, 10/01/2036		40,924,000		32,413,281
CSX Corp., 6.250%, 3/15/2018		5,000,000		4,598,870
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(b)		7,804,000		3,667,880
				60,587,593
REITs – 0.7%
Camden Property Trust, 5.700%, 5/15/2017		39,980,000		25,987,000

10

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

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
REITs – continued
Colonial Realty LP, 6.050%, 9/01/2016		$	3,980,000	$	2,319,170
Duke Realty LP, 5.950%, 2/15/2017			5,705,000		2,850,241
ERP Operating LP, 5.125%, 3/15/2016			4,675,000		3,307,609
First Industrial LP, 5.950%, 5/15/2017			7,750,000		3,963,862
Highwoods Properties, Inc., 5.850%, 3/15/2017			56,685,000		35,065,001
Highwoods Properties, Inc., 7.500%, 4/15/2018			5,640,000		3,659,864
Prologis, 5.625%, 11/15/2015			2,660,000		1,303,400
Prologis, 5.750%, 4/01/2016			2,170,000		1,082,209
Simon Property Group LP, 5.250%, 12/01/2016			3,825,000		2,444,110
Simon Property Group LP, 5.750%, 12/01/2015			3,450,000		2,253,519
					84,235,985
Restaurants – 0.0%
McDonald’s Corp., EMTN, 3.628%, 10/10/2010	SGD		3,750,000		2,687,366
Retailers – 4.2%
Dillard’s, Inc., 6.625%, 1/15/2018			1,920,000		681,600
Dillard’s, Inc., 7.000%, 12/01/2028			4,255,000		1,382,875
Dillard’s, Inc., 7.130%, 8/01/2018			1,740,000		582,900
Dillard’s, Inc., 7.750%, 7/15/2026			7,182,000		2,262,330
Dillard’s, Inc., 7.750%, 5/15/2027			1,000,000		315,000
Foot Locker, Inc., 8.500%, 1/15/2022			14,269,000		10,844,440
Home Depot, Inc. (The), 5.400%, 3/01/2016			2,998,000		2,682,970
Home Depot, Inc. (The), 5.875%, 12/16/2036			167,556,000		131,380,995
J.C. Penney Corp., Inc., 5.750%, 2/15/2018			5,145,000		3,415,266
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			97,583,000		59,066,795
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			1,933,000		1,361,105
J.C. Penney Corp., Inc., 7.400%, 4/01/2037			4,645,000		3,058,212
J.C. Penney Corp., Inc., 7.625%, 3/01/2097			5,565,000		3,672,689
Lowe’s Cos., Inc., 5.500%, 10/15/2035			1,470,000		1,185,260
Lowe’s Cos., Inc., 6.650%, 9/15/2037			54,235,000		51,699,785
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			34,372,000		19,355,079
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027			14,133,000		7,673,767
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029			2,098,000		1,144,652
Macy’s Retail Holdings, Inc., 7.875%, 7/15/2015			1,485,000		1,069,592
Marks & Spencer PLC, 7.125%, 12/01/2037, 144A			9,245,000		4,388,823
Target Corp., 6.500%, 10/15/2037			10,959,000		9,410,175
Target Corp., 7.000%, 1/15/2038			190,270,000		176,341,285
Toys R Us, Inc., 7.375%, 10/15/2018			39,765,000		14,315,400
Toys R Us, Inc., 7.875%, 4/15/2013			11,255,000		4,389,450
					511,680,445
Sovereigns – 10.2%
Canadian Government, 3.750%, 6/01/2012	CAD		108,410,000		94,298,698
Canadian Government, 3.750%, 6/01/2019	CAD		21,730,000		18,980,702
Canadian Government, 4.250%, 9/01/2009	CAD		73,725,000		61,043,344
Canadian Government, 4.250%, 6/01/2018	CAD		297,760,000		272,393,115
Canadian Government, 5.250%, 6/01/2012	CAD		286,105,000		260,412,331
Indonesia Treasury Bond, 9.500%, 7/15/2023	IDR		10,000,000,000		743,211
Indonesia Treasury Bond, 10.250%, 7/15/2027	IDR		25,000,000,000		1,940,138
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		145,156,000,000		11,516,597

11

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

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Sovereigns – continued
Indonesia Treasury Bond, Series ZC3, Zero Coupon Bond, 11/20/2012	IDR	378,003,000,000	$	22,251,095
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN	28,555,700(††)		201,787,977
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN	9,140,000(††)		69,049,124
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD	110,475,000		81,173,776
Republic of Brazil, 8.875%, 4/15/2024		32,625,000		40,455,000
Republic of Brazil, 10.250%, 1/10/2028	BRL	97,695,000		37,703,902
Republic of Brazil, 12.500%, 1/05/2016	BRL	17,305,000		7,791,702
Republic of Brazil, 12.500%, 1/05/2022	BRL	114,735,000		50,922,266
Republic of Iceland, 7.000%, 3/17/2010	ISK	1,246,995,000		6,928,987
Republic of Iceland, 8.500%, 6/12/2009	ISK	1,670,290,000		9,693,647
				1,249,085,612
Supermarkets – 0.8%
Albertson’s, Inc., 7.450%, 8/01/2029		100,180,000		64,616,100
Albertson’s, Inc., 7.750%, 6/15/2026		20,515,000		12,514,150
Albertson’s, Inc., 8.000%, 5/01/2031		9,680,000		5,808,000
Albertson’s, Inc., 8.700%, 5/01/2030		2,995,000		1,931,775
Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		17,485,000		9,267,050
American Stores Co., Series B, MTN, 7.100%, 3/20/2028		13,145,000		7,821,275
				101,958,350
Supranational – 4.2%
Eurofima, EMTN, 11.000%, 2/05/2010	ISK	290,000,000		1,720,304
European Investment Bank, Zero Coupon Bond, 3/10/2021	AUD	148,280,000		57,793,895
European Investment Bank, 4.600%, 1/30/2037, 144A	CAD	200,000,000		160,602,673
European Investment Bank, 11.250%, 2/14/2013	BRL	11,505,000		5,180,210
European Investment Bank, EMTN, Zero Coupon Bond, 4/24/2013(b)	IDR	615,006,960,000		26,891,038
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/11/2009	BRL	297,000,000		116,214,623
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/20/2013	IDR	345,270,000,000		17,592,932
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD	184,525,000		117,500,907
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK	2,126,200,000		12,204,641
Nordic Investment Bank, EMTN, 11.250%, 4/16/2009	ISK	89,400,000		518,866
				516,220,089
Technology – 2.4%
Affiliated Computer Services, Inc., 5.200%, 6/01/2015		115,000		82,800
Agilent Technologies, Inc., 6.500%, 11/01/2017		59,316,000		40,773,996
Alcatel-Lucent, EMTN, 6.375%, 4/07/2014	EUR	500,000		465,666
Amkor Technology, Inc., 7.125%, 3/15/2011		8,785,000		5,907,913
Amkor Technology, Inc., 7.750%, 5/15/2013		11,745,000		6,694,650
Arrow Electronics, Inc., 6.875%, 7/01/2013		14,165,000		12,807,851
Arrow Electronics, Inc., 6.875%, 6/01/2018		5,000,000		4,082,135
Avnet, Inc., 5.875%, 3/15/2014		36,145,000		30,368,162
Avnet, Inc., 6.000%, 9/01/2015		50,685,000		38,811,431

12

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

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Avnet, Inc., 6.625%, 9/15/2016	$	15,225,000	$	12,572,244
Corning, Inc., 5.900%, 3/15/2014		9,330,000		8,139,203
Corning, Inc., 6.200%, 3/15/2016		5,155,000		4,406,334
Corning, Inc., 6.850%, 3/01/2029		10,321,000		7,974,345
Corning, Inc., 7.250%, 8/15/2036		5,645,000		4,547,589
Equifax, Inc., 7.000%, 7/01/2037		19,270,000		12,056,969
Freescale Semiconductor, Inc., 10.125%, 12/15/2016		30,004,000		12,301,640
Lucent Technologies, Inc., 6.450%, 3/15/2029		67,137,000		26,854,800
Lucent Technologies, Inc., 6.500%, 1/15/2028		2,216,000		864,240
Motorola, Inc., 5.220%, 10/01/2097		13,750,000		4,572,081
Motorola, Inc., 6.500%, 9/01/2025		12,730,000		6,300,675
Motorola, Inc., 6.500%, 11/15/2028		24,125,000		10,657,798
Motorola, Inc., 6.625%, 11/15/2037		26,570,000		12,487,900
Nortel Networks Capital Corp., 7.875%, 6/15/2026		12,035,000		722,100
Nortel Networks Corp., 1.750%, 4/15/2012		1,045,000		148,913
Nortel Networks Ltd., 6.875%, 9/01/2023		18,422,000		1,105,320
Nortel Networks Ltd., 10.125%, 7/15/2013		22,825,000		5,706,250
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		4,807,000		5,017,407
Xerox Capital Trust I, 8.000%, 2/01/2027		25,440,000		17,372,722
Xerox Corp., MTN, 7.200%, 4/01/2016		615,000		459,178
				294,262,312
Textile – 0.0%
Kellwood Co., 7.625%, 10/15/2017(b)		11,070,000		996,300
Tobacco – 1.3%
Altria Group, Inc., 8.500%, 11/10/2013		81,665,000		84,584,034
Reynolds American, Inc., 6.750%, 6/15/2017		71,085,000		56,426,278
Reynolds American, Inc., 7.250%, 6/15/2037		17,990,000		12,113,908
				153,124,220
Transportation Services – 0.7%
APL Ltd., 8.000%, 1/15/2024(b)		20,144,000		10,634,420
Atlas Air, Inc., Series 1999-1, Class A-1, 7.200%, 7/02/2020		12,925,532		9,047,872
Atlas Air, Inc., Series 1999-1A, 6.880%, 1/02/2011		1,153,157		945,588
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016(e)		18,164,300		13,623,225
Atlas Air, Inc., Series 1999-1C, 8.770%, 7/02/2012(e)		15,689,997		8,629,498
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017(e)		9,260,147		8,056,328
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(e)		201,720		100,860
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(e)		39,925,752		30,742,829
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(e)		6,552,024		3,079,452
				84,860,072
Wireless – 1.7%
ALLTEL Corp., 6.800%, 5/01/2029		12,987,000		11,298,690
ALLTEL Corp., 7.875%, 7/01/2032		79,364,000		77,379,900
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		38,219,000		16,051,980
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		19,620,000		8,338,500
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		53,743,000		22,572,060
Rogers Wireless, Inc., 6.375%, 3/01/2014		1,895,000		1,801,381

13

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

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Wireless – continued
Rogers Wireless, Inc., 7.625%, 12/15/2011	CAD	6,990,000	$	5,874,941
Sprint Capital Corp., 6.875%, 11/15/2028		29,301,000		17,434,095
Sprint Capital Corp., 6.900%, 5/01/2019		31,405,000		22,297,550
Sprint Nextel Corp., 6.000%, 12/01/2016		15,184,000		10,704,720
True Move Co. Ltd., 10.750%, 12/16/2013, 144A		36,610,000		15,010,100
Vodafone Group PLC, 6.150%, 2/27/2037		2,120,000		2,095,476
				210,859,393
Wirelines – 7.0%
AT&T Corp., 6.500%, 3/15/2029		27,859,000		26,983,475
AT&T, Inc., 6.150%, 9/15/2034		14,755,000		15,165,041
AT&T, Inc., 6.500%, 9/01/2037		149,750,000		161,279,253
AT&T, Inc., 6.700%, 11/15/2013		66,840,000		70,805,083
Bell Canada, MTN, 5.000%, 2/15/2017	CAD	7,738,000		5,294,998
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD	5,790,000		3,798,981
Bell Canada, MTN, 7.300%, 2/23/2032	CAD	12,705,000		9,056,622
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD	45,750,000		28,452,461
BellSouth Corp., 6.550%, 6/15/2034		1,525,000		1,546,349
Embarq Corp., 7.995%, 6/01/2036		8,735,000		5,896,125
GTE Corp., 6.940%, 4/15/2028		11,700,000		10,826,829
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(c)		640,000		3,200
Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030		10,505,000		11,865,303
Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016	GBP	1,600,000		2,166,839
Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015	EUR	2,750,000		3,382,841
Level 3 Financing, Inc., 8.750%, 2/15/2017		43,605,000		22,020,525
Level 3 Financing, Inc., 9.250%, 11/01/2014		17,580,000		10,196,400
New England Telephone & Telegraph, 7.875%, 11/15/2029		2,740,000		2,408,304
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		29,990,000		19,643,450
Qwest Capital Funding, Inc., 6.875%, 7/15/2028		63,647,000		38,188,200
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		15,025,000		9,991,625
Qwest Capital Funding, Inc., 7.750%, 2/15/2031		40,120,000		25,075,000
Qwest Corp., 6.875%, 9/15/2033		40,555,000		24,130,225
Qwest Corp., 7.200%, 11/10/2026		1,505,000		970,725
Qwest Corp., 7.250%, 9/15/2025		9,920,000		6,646,400
Qwest Corp., 7.500%, 6/15/2023		3,275,000		2,292,500
Telecom Italia Capital, 6.000%, 9/30/2034		39,294,000		27,112,860
Telecom Italia Capital, 6.375%, 11/15/2033		26,400,000		18,480,000
Telefonica Emisiones SAU, 7.045%, 6/20/2036		153,292,000		167,322,970
Telus Corp., 4.950%, 3/15/2017	CAD	45,415,000		31,503,920
Verizon Communications, 5.850%, 9/15/2035		70,136,000		69,781,813
Verizon Maryland, Inc., 5.125%, 6/15/2033		10,290,000		7,491,346
Verizon New York, Inc., Series B, 7.375%, 4/01/2032		17,475,000		14,596,693
				854,376,356
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $13,608,963,089)				10,400,930,316
CONVERTIBLE BONDS – 2.9%
Healthcare – 0.2%
Affymetrix, Inc., 3.500%, 1/15/2038		18,449,000		7,125,926

14

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

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Healthcare – continued
Life Technologies Corp., 1.500%, 2/15/2024	$	14,480,000	$	10,860,000
				17,985,926
Industrial Other – 0.1%
Incyte Corp., 3.500%, 2/15/2011		24,551,000		13,042,719
Media Non-Cable – 0.0%
Liberty Media LLC, 3.500%, 1/15/2031		10,159,813		2,933,646
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(f)		4,048,000		1,983,520
				4,917,166
Non-Captive Diversified – 0.1%
iStar Financial, Inc., 4.383%, 10/01/2012(g)		60,445,000		17,529,050
Pharmaceuticals – 0.9%
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024(b)(j)		7,122,000		1,424,400
Human Genome Sciences, Inc., 2.250%, 8/15/2012		50,150,000		13,665,875
Nektar Therapeutics, 3.250%, 9/28/2012		26,120,000		15,345,500
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		34,125,000		30,797,812
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		33,914,000		29,335,610
Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		11,035,000		15,090,363
				105,659,560
REITs – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		29,380,000		18,986,825
Technology – 0.3%
Avnet, Inc., 2.000%, 3/15/2034		18,780,000		18,474,825
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		10,025,000		4,523,781
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		5,915,000		3,933,475
Maxtor Corp., 5.750%, 3/01/2012(b)		9,467,000		7,100,250
Nortel Networks Corp., 2.125%, 4/15/2014		49,636,000		6,949,040
Richardson Electronics Ltd., 7.750%, 12/15/2011		395,000		335,750
				41,317,121
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		144,000		129,600
Transportation Services – 0.0%
Preston Corp., 7.000%, 5/01/2011		602,000		451,500
Wireless – 0.1%
Nextel Communications, Inc., 5.250%, 1/15/2010		3,505,000		3,036,206
NII Holdings, Inc., 3.125%, 6/15/2012		21,974,000		13,321,738
				16,357,944
Wirelines – 1.0%
Level 3 Communications, Inc., 2.875%, 7/15/2010		41,240,000		25,620,350
Level 3 Communications, Inc., 3.500%, 6/15/2012		46,770,000		16,486,425
Level 3 Communications, Inc., 5.250%, 12/15/2011		19,145,000		7,969,106
Level 3 Communications, Inc., 6.000%, 9/15/2009		39,230,000		35,699,300
Level 3 Communications, Inc., 6.000%, 3/15/2010		43,124,000		30,186,800
				115,961,981
TOTAL CONVERTIBLE BONDS (Identified Cost $573,523,005)				352,339,392

15

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

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
MUNICIPALS – 1.1%
Alabama – 0.0%
Alabama Public School & College Authority (Capital Improvement), 4.500%, 12/01/2026	$	4,640,000	$	4,167,648
California – 0.5%
San Diego Unified School District (Election 1998), 4.500%, 7/01/2029, Series F-1 (FSA insured)		4,870,000		4,128,396
San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), 3.750%, 8/01/2028, Series C (MBIA insured)		5,425,000		3,283,753
San Jose California Redevelopment Agency Tax Allocation (Merged Area), 3.750%, 8/01/2028, Series C, (MBIA insured)		2,165,000		1,380,101
State of California, 4.500%, 8/01/2027 (AMBAC insured)		7,340,000		6,050,729
State of California, 4.500%, 10/01/2029		20,455,000		16,519,663
State of California, 4.500%, 8/01/2030 (AMBAC insured)		5,945,000		4,738,819
State of California, 4.500%, 8/01/2030		5,140,000		4,097,145
State of California (Various Purpose), 3.250%, 12/01/2027 (MBIA insured)		3,805,000		2,484,969
State of California (Various Purpose), 4.500%, 12/01/2033 (AMBAC insured)		17,945,000		13,830,570
University of California Regents Medical Center, 4.750%, 5/15/2031, Series A (MBIA insured)		1,260,000		1,086,952
				57,601,097
District Of Columbia – 0.0%
District of Columbia, 4.750%, 6/01/2036, Series A (FGIC insured)		4,640,000		3,852,685
Florida – 0.1%
Florida State Turnpike Authority (Department of Transportation), 3.500%, 7/01/2027, Series A (MBIA insured)		4,640,000		3,352,261
Jacksonville Electric Authority, Florida Water & Sewer Systems Revenue, 4.750%, 10/01/2041, Series B (MBIA insured)		7,355,000		6,069,934
				9,422,195
Illinois – 0.1%
Chicago Board of Education, 4.750%, 12/01/2031, Series B (FSA insured)		8,020,000		7,010,041
Chicago O’Hare International Airport, 4.500%, 1/01/2038, Series A (FSA insured)		2,440,000		1,895,612
				8,905,653
Louisiana – 0.0%
State of Louisiana, 3.250%, 5/01/2026, Series C (FSA insured)		4,640,000		3,265,771
Massachusetts – 0.0%
Massachusetts School Building Authority, 4.750%, 8/15/2032, Series A (AMBAC insured)		4,645,000		4,059,637
Michigan – 0.1%
Grosse Pointe Public School System, 3.000%, 5/01/2027 (FGIC insured)		2,800,000		1,951,404
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(b)		21,455,000		12,449,479
				14,400,883

16

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

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Nebraska – 0.1%
Omaha Public Power District, 4.500%, 2/01/2034, Series AA (FGIC insured)	$	11,595,000	$	9,739,220
Ohio – 0.0%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(b)		10,390,000		5,640,835
Texas – 0.1%
Harris County, TX, 4.500%, 10/01/2031, Series B		13,125,000		11,760,131
Wisconsin – 0.1%
Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2026 (FSA insured)		3,170,000		2,454,753
Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2029 (FSA insured)		3,415,000		2,513,337
Wisconsin Housing & Economic Development Authority, 4.900%, 11/01/2035, Series E		1,185,000		933,733
				5,901,823
TOTAL MUNICIPALS (Identified Cost $165,084,978)				138,717,578
TOTAL BONDS AND NOTES (Identified Cost $14,347,571,072)				10,891,987,286
BANK LOANS – 0.7%
Automotive – 0.3%
Chrysler LLC, First Lien Term Loan, 6.200%, 8/03/2013(h)		162,585,176		34,955,813
Consumer Products – 0.0%
Mega Brands, Inc., Term Loan B, 8.750%, 7/26/2012(h)		8,451,324		2,112,831
Food & Beverage – 0.0%
Dole Food Co., Inc., LOC, 6.819%, 4/12/2013(h)		819,260		570,754
Dole Food Co., Inc., Term Loan, 2.715%, 4/12/2013(h)		1,603,017		1,116,774
Dole Food Co., Inc., Tranche C Term Loan, 4.701%, 4/12/2013(h)		5,545,546		3,863,415
				5,550,943
Media Non-Cable – 0.1%
Idearc, Inc., Term Loan B, 3.417%, 11/17/2014(h)		43,686,570		13,261,932
Tribune Co., Tranche X, 7.084%, 6/04/2009(h)		4,666,005		1,299,809
				14,561,741
Oil Field Services – 0.0%
Dresser, Inc., Second Lien Term Loan, 7.986%, 5/04/2015(h)		3,515,000		1,816,095
Dresser, Inc., Term Loan B, 4.409%, 5/04/2014(h)		1,734,381		1,081,092
				2,897,187
Paper – 0.1%
Georgia Pacific Corp., First Lien Term Loan, 4.108%, 12/20/2012(h)		6,752,940		5,520,529
Georgia Pacific Corp., Term Loan B2, 3.312%, 12/20/2012(h)		2,599,463		2,125,060
				7,645,589
Technology – 0.1%
Nuance Communications, Inc., Incremental Term Loan, 2.470%, 3/31/2013(h)		16,334,171		10,780,553

17

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

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BANK LOANS – continued
Wirelines – 0.1%
Hawaiian Telcom Communications, Inc., Term Loan C, 4.500%, 6/01/2014(h)	$	23,831,579	$	9,056,000
TOTAL BANK LOANS (Identified Cost $214,866,637)				87,560,657
	Shares
PREFERRED STOCKS – 1.2%
CONVERTIBLE PREFERRED STOCKS – 0.7%
Automotive – 0.2%
Ford Motor Co. Capital Trust II, 6.500%		1,957,035		17,672,026
General Motors Corp., 6.250%		104,656		334,899
				18,006,925
Capital Markets – 0.0%
Newell Financial Trust I, 5.250%		207,122		5,178,050
Commercial Banks – 0.1%
Wachovia Corp., Series L, Class A, 7.500%		8,193		6,144,750
Construction Materials – 0.0%
Williams Cos., Inc., 5.500%		25,000		1,693,750
Diversified Consumer Services – 0.0%
Six Flags, Inc., 7.250%		517,100		372,312
Diversified Financial Services – 0.0%
CIT Group, Inc., 8.750%		12,500		360,750
Sovereign Capital Trust, 4.375%		195,788		3,719,972
				4,080,722
Electric Utilities – 0.2%
AES Trust III, 6.750%		346,577		13,114,474
CMS Energy Trust I, 7.750%(b)(j)		207,375		6,221,250
				19,335,724
Machinery – 0.0%
United Rentals Trust, 6.500%		206,396		3,095,940
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp., 4.500%		87,351		5,219,222
El Paso Energy Capital Trust I, 4.750%		189,879		4,853,782
				10,073,004
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 1.950%		53,600		361,800
Semiconductors & Semiconductor Equipment – 0.1%
Lucent Technologies Capital Trust, 7.750%		44,211		13,572,335
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $196,650,286)				81,915,312
NON-CONVERTIBLE PREFERRED STOCKS – 0.5%
Banking – 0.1%
Bank of America Corp., 7.250%		16,772		10,901,800
Capital Markets – 0.0%
Lehman Brothers Holdings Capital Trust I, 6.000%(c)		55,575		278
Lehman Brothers Holdings, Inc., 5.670%(c)		103,114		412

18

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

Loomis Sayles Bond Fund - continued

	Shares	Value (†)
PREFERRED STOCKS – continued
Capital Markets – continued
Lehman Brothers Holdings, Inc., 5.940%(c)	109,313	$	11
Lehman Brothers Holdings, Inc., 6.500%(c)	479,083		719
Lehman Brothers Holdings, Inc., 7.250%(c)	40,860		20,430
Lehman Brothers Holdings, Inc., 7.950%(c)	513,734		771
Merrill Lynch & Co., Inc., 6.375%	53,000		791,290
			813,911
Diversified Financial Services – 0.2%
CIT Group, Inc., Series A, 6.350%	779,310		10,053,099
Preferred Blocker, Inc., 9.000%	52,781		13,195,250
			23,248,349
Electric Utilities – 0.0%
Connecticut Light & Power Co., 1.900%	2,925		87,750
Entergy Arkansas, Inc., 4.320%	100		7,641
Entergy Mississippi, Inc., 4.360%	5,000		389,219
Entergy New Orleans, Inc., 4.360%	665		51,267
Entergy New Orleans, Inc., 4.750%	200		16,800
MDU Resources Group, Inc., 5.100%	1,091		109,373
Public Service Company of Oklahoma., 4.000%	360		32,625
Southern California Edison Co., 4.780%	50,100		1,002,000
Xcel Energy, Inc., 3.600%	1,100		68,750
			1,765,425
Thrifts & Mortgage Finance – 0.2%
Countrywide Capital IV, 6.750%	534,725		8,876,435
Federal Home Loan Mortgage Corp., 5.000%(e)(i)	104,800		56,592
Federal Home Loan Mortgage Corp., 5.570%(e)(i)	2,451,457		784,466
Federal Home Loan Mortgage Corp., 5.660%(e)(i)	624,479		312,239
Federal Home Loan Mortgage Corp., 5.700%(e)(i)	171,050		90,656
Federal Home Loan Mortgage Corp., 5.790%(e)(i)	399,250		295,445
Federal Home Loan Mortgage Corp., 5.810%(e)(i)	115,450		63,498
Federal Home Loan Mortgage Corp., 5.900%(e)(i)	310,023		89,876
Federal Home Loan Mortgage Corp., 6.000%(e)(i)	134,800		87,620
Federal Home Loan Mortgage Corp., 6.420%(e)(i)	125,980		75,588
Federal Home Loan Mortgage Corp., 6.550%(e)(i)	541,540		162,462
Federal Home Loan Mortgage Corp., 8.375%(e)(i)	5,365,743		2,092,640
Federal National Mortgage Association, 4.750%(e)(i)	270,954		279,083
Federal National Mortgage Association, 5.125%(e)(i)	204,700		204,700
Federal National Mortgage Association, 5.375%(e)(i)	146,350		168,302
Federal National Mortgage Association, 5.810%(e)(i)	79,850		97,417
Federal National Mortgage Association, 6.750%(e)(i)	123,143		80,043
Federal National Mortgage Association, 8.250%(e)(i)	9,414,046		7,813,658
			21,630,720
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $500,670,301)			58,360,205
TOTAL PREFERRED STOCKS (Identified Cost $697,320,587)			140,275,517

19

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

Loomis Sayles Bond Fund - continued

	Shares		Value (†)
COMMON STOCKS – 0.6%
Biotechnology – 0.2%
Vertex Pharmaceuticals, Inc.(e)		879,080	$	26,706,450
Communications Equipment – 0.1%
Corning, Inc.		630,490		6,008,570
Containers & Packaging – 0.2%
Owens-Illinois, Inc.(e)		639,339		17,473,135
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp.		1,026,780		16,603,033
Thrifts & Mortgage Finance – 0.0%
Federal Home Loan Mortgage Corp.(i)		6,751,988		4,928,951
TOTAL COMMON STOCKS (Identified Cost $170,032,707)				71,720,139
CLOSED END INVESTMENT COMPANIES – 0.2%
BlackRock Senior High Income Fund, Inc.		199,071		477,770
Dreyfus High Yield Strategies Fund		1,033,274		2,304,201
DWS High Income Trust		177,909		515,936
Highland Credit Strategies Fund		860,000		4,902,000
Morgan Stanley Emerging Markets Debt Fund, Inc.		356,954		2,523,665
Van Kampen High Income Trust II		141,611		252,068
Western Asset High Income Opportunity Fund, Inc.		2,217,450		8,825,451
Western Asset Managed High Income Fund, Inc.		1,369,100		5,832,366
TOTAL CLOSED END INVESTMENT COMPANIES (Identified Cost $45,128,723)				25,633,457
	Shares/Principal Amount (‡)
SHORT-TERM INVESTMENTS – 7.2%
State Street Navigator Securities Lending Prime Portfolio(k)		1,547,880		1,547,880
Repurchase Agreement with State Street Corp. dated 12/31/2008 at 0.010%, to be repurchased at $982,359 on 1/02/2009 collateralized by $985,000 U.S. Treasury Bill, due 2/05/2009 valued at $984,973 including accrued interest(l)	$	982,358		982,358

20

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

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
SHORT-TERM INVESTMENTS – continued
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000%, to be repurchased at $879,745,442 on 1/02/2009 collateralized by $300,000,000 Federal Home Loan Mortgage Corp Discount Notes, due 6/22/2009 valued at $299,250,000; $84,955,000 Federal Home Loan Bank, 5.250% due 6/12/2009 valued at $86,972,681; $18,840,000 Federal Home Loan Bank, 5.375% due 7/17/2009 valued at $19,782,000; $100,000,000 Federal Home Loan Mortgage Corp., 4.250% due 7/15/2009 valued at $104,000,000; $305,000 Federal Home Loan Bank Discount Notes, due 3/31/2009 valued at $304,619; $150,000,000 Federal Home Loan Bank, 4.500% due 4/06/2009 valued at $153,187,500; $79,340,000 Federal Home Loan Bank, 2.275% due 4/24/2009 valued at $81,025,974; $50,000,000 Federal Home Loan Bank, 3.400% due 4/02/2009 valued at $52,875,000; $100,000,000 Federal National Mortgage Association Discount Notes, due 3/31/2009 valued at $99,950,000 including accrued interest(l)	$	879,745,442	$	879,745,442
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $882,275,680)				882,275,680
TOTAL INVESTMENTS – 98.5% (Identified Cost $16,357,195,406)(a)				12,099,452,736
Other assets less liabilities—1.5%				190,031,269
NET ASSETS – 100.0%			$	12,289,484,005

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

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

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

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.

21

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

Loomis Sayles Bond Fund - continued

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

At December 31, 2008, the net unrealized depreciation on investments based on a cost of $16,364,878,400 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	$	152,573,731
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(4,417,999,395	)
Net unrealized depreciation	$	(4,265,425,664	)

(b) Illiquid security. At December 31, 2008, the value of these securities amounted to $496,086,727 or 4.0% of net assets.

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

(d) All or a portion of this security was on loan to brokers at December 31, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value (including accrued interest) of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2008 were $1,306,250 and $1,547,880, respectively.

(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 as of December 31, 2008 is disclosed.

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

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

(j) Valued by management. At December 31, 2008, the value of these securities amounted to $193,274,388 or 1.6% of net assets.

(k) Represents investment of securities lending collateral.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, the total value of these securities amounted to $1,026,837,424 or 8.4% of net assets.

ABS Asset-Backed Securities

AMBAC American Municipal Bond Assurance Corp.

EMTN Euro Medium Term Note

FGIC Financial Guaranty 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: British Pound; IDR: Indonesian Rupiah; ISK: Icelandic Krona; KRW: South Korean Won; MXN: Mexican Peso; NZD: New Zealand Dollar; SGD: Singapore Dollar; THB: Thai Baht

22

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

Loomis Sayles Bond Fund - continued

Fair Value Measurements

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

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

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

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

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

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

Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	1,058,666,000
Level 2 - Other Significant Observable Inputs		10,126,419,033
Level 3 – Significant Unobservable Inputs		914,367,703
Total	$	12,099,452,736

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

Assets	Investments in Securities
Balance as of September 30, 2008	$	327,930,892
Realized gain (loss)		(26,884,096	)
Change in unrealized appreciation (depreciation)		(261,194,613	)
Net purchases (sales)		178,069,521
Net reclassifications to/from Level 3		696,445,999
Balance as of December 31, 2008	$	914,367,703

New Accounting Pronouncement

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

23

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

Loomis Sayles Bond Fund - continued

NET ASSET SUMMARY AT DECEMBER 31, 2008 (Unaudited)

Sovereigns	10.2	%
Non-Captive Diversified	8.1
Wirelines	8.1
Healthcare	5.5
Supranational	4.2
Banking	4.2
Retailers	4.2
Electric	3.9
Non-Captive Consumer	3.7
Media Cable	3.1
Technology	2.8
Paper	2.7
Pharmaceuticals	2.3
Pipelines	2.2
Automotive	2.2
Independent Energy	2.0
Other Investments, less than 2% each	21.9
Short-Term Investments	7.2
Total Investments	98.5
Other assets less liabilities	1.5
Net Assets	100.0	%

CURRENCY EXPOSURE AT DECEMBER 31, 2008 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	75.1	%
Canadian Dollar	8.0
New Zealand Dollar	2.8
Brazilian Real	2.7
Mexican Peso	2.2
Other, less than 2% each	7.7
Total Investments	98.5
Other assets less liabilities	1.5
Net Assets	100.0	%

24

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

Loomis Sayles Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 91.9% of Net Assets
NON-CONVERTIBLE BONDS – 88.2%
ABS Credit Card – 0.5%
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		$	4,265,000	$	2,784,446
Aerospace & Defense – 0.0%
Bombardier, Inc., 7.450%, 5/01/2034, 144A			175,000		111,125
Airlines – 0.5%
American Airlines, Inc., Series 1999-1, 7.324%, 4/15/2011			250,000		210,000
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011			23,424		14,054
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			121,026		75,036
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			191,808		111,249
Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016			452,605		312,298
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			1,878,052		1,070,490
United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024			1,232,139		720,801
					2,513,928
Asset-Backed Securities – 0.1%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			725,000		671,547
Automotive – 1.3%
Cummins, Inc., 7.125%, 3/01/2028			2,400,000		1,866,288
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		300,000		291,910
FCE Bank PLC, EMTN, 7.125%, 1/15/2013	EUR		200,000		189,047
Ford Motor Co., 6.375%, 2/01/2029			730,000		160,600
Ford Motor Co., 6.500%, 8/01/2018			50,000		12,000
Ford Motor Co., 6.625%, 10/01/2028			2,435,000		535,700
Ford Motor Co., 7.125%, 11/15/2025			595,000		139,825
Ford Motor Co., 7.450%, 7/16/2031			5,065,000		1,418,200
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010			750,000		637,373
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			230,000		158,913
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010			500,000		400,090
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			565,000		368,022
General Motors Corp., 7.400%, 9/01/2025			250,000		37,500
General Motors Corp., 8.250%, 7/15/2023			4,435,000		665,250
General Motors Corp., 8.375%, 7/15/2033			275,000		44,688
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			375,000		187,500
					7,112,906
Banking – 6.6%
BAC Capital Trust VI, 5.625%, 3/08/2035			2,385,000		2,003,605
Bank of America Corp., 4.850%, 11/15/2014			500,000		452,632
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		2,340,000,000		1,897,006
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		175,000,000		4,933,511
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB		45,000,000		1,265,900
BNP Paribas SA, EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		18,710,000,000		1,076,769
Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014			3,855,000		3,446,690
Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014			1,955,000		1,760,730
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033			560,000		510,528
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			910,000		738,800

1

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Banking – continued
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL	16,585,000	$	5,705,489
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	17,920,000,000		993,985
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	13,692,036,000		759,468
JPMorgan Chase & Co., Zero Coupon Bond, 4/12/2012, 144A	IDR	21,194,634,240		892,119
JPMorgan Chase London, EMTN, Zero Coupon Bond, 10/21/2010, 144A	IDR	18,824,303,000		1,233,855
Kaupthing Bank, Zero Coupon Bond, 1/15/2010, 144A(b)		200,000		14,000
Kaupthing Bank, Series D, 5.750%, 10/04/2011, 144A(b)		2,700,000		189,000
Kaupthing Bank, Series E, 6.125%, 10/04/2016, 144A(b)		500,000		35,000
Morgan Stanley, 5.375%, 10/15/2015		1,700,000		1,463,374
Morgan Stanley, 6.750%, 4/15/2011		1,290,000		1,269,265
Morgan Stanley, EMTN, 5.450%, 1/09/2017		370,000		304,984
Morgan Stanley, MTN, 6.250%, 8/09/2026		400,000		325,295
Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		1,795,000		1,574,736
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017		500,000		412,893
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		925,000		767,732
Rabobank Nederland, EMTN, 10.250%, 9/10/2009, 144A	ISK	360,000,000		2,078,143
Rabobank Nederland, EMTN, 12.500%, 2/17/2009	ISK	70,000,000		411,354
				36,516,863
Brokerage – 0.2%
Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037(b)		4,895,000		489
Lehman Brothers Holdings, Inc., MTN, (fixed rate to 5/03/2027, variable rate thereafter), 6.000%, 5/03/2032(b)		390,000		39
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR	1,000,000		882,195
				882,723
Building Materials – 0.4%
Owens Corning, Inc., 6.500%, 12/01/2016		805,000		582,987
Owens Corning, Inc., 7.000%, 12/01/2036		1,205,000		790,168
Ply Gem Industries, Inc., 9.000%, 2/15/2012(c)(d)		250,000		60,000
USG Corp., 6.300%, 11/15/2016		1,680,000		1,029,000
				2,462,155
Chemicals – 0.6%
Borden, Inc., 7.875%, 2/15/2023		5,240,000		628,800
Borden, Inc., 8.375%, 4/15/2016		55,000		5,500
Borden, Inc., 9.200%, 3/15/2021		905,000		135,750
ICI Wilmington, Inc., 5.625%, 12/01/2013		115,000		110,871
Lubrizol Corp., 5.500%, 10/01/2014		365,000		331,819
Lubrizol Corp., 6.500%, 10/01/2034		1,170,000		949,457
Methanex Corp., 6.000%, 8/15/2015		1,565,000		1,027,024
				3,189,221
Commercial Mortgage-Backed Securities – 0.1%
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		95,000		76,629
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		1,000,000		688,482
				765,111

2

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Construction Machinery – 0.1%
Toro Co., 6.625%, 5/01/2037(c)		$	965,000	$	579,000
Distributors – 0.1%
ONEOK, Inc., 6.000%, 6/15/2035			1,000,000		685,293
Electric – 3.9%
AES Corp. (The), 7.750%, 3/01/2014			730,000		642,400
Bruce Mansfield Unit, 6.850%, 6/01/2034(c)			4,255,000		3,382,980
Dynegy Holdings, Inc., 7.125%, 5/15/2018			380,000		231,800
Dynegy Holdings, Inc., 7.625%, 10/15/2026			810,000		392,850
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027			1,589,000		1,701,860
Enersis SA, 7.375%, 1/15/2014			275,000		286,396
Enersis SA, 7.400%, 12/01/2016			4,000,000		4,023,288
Mackinaw Power LLC, 6.296%, 10/31/2023, 144A			3,920,347		3,201,002
NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027			695,000		298,850
Nisource Finance Corp., 5.250%, 9/15/2017			250,000		151,544
Nisource Finance Corp., 6.400%, 3/15/2018			2,855,000		1,781,740
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A			740,388		725,270
Quezon Power Philippines Co., 8.860%, 6/15/2017			1,346,800		1,077,440
TXU Corp., Series P, 5.550%, 11/15/2014			765,000		357,429
TXU Corp., Series Q, 6.500%, 11/15/2024			1,515,000		535,989
TXU Corp., Series R, 6.550%, 11/15/2034			1,275,000		430,430
White Pine Hydro LLC, 6.310%, 7/10/2017(c)			450,000		410,678
White Pine Hydro LLC, 6.960%, 7/10/2037(c)			670,000		639,210
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)			1,280,000		1,173,980
					21,445,136
Entertainment – 1.7%
Six Flags, Inc., 9.625%, 6/01/2014			100,000		15,000
Time Warner, Inc., 6.500%, 11/15/2036			910,000		824,994
Time Warner, Inc., 6.625%, 5/15/2029			2,065,000		1,831,228
Time Warner, Inc., 6.950%, 1/15/2028			875,000		806,967
Time Warner, Inc., 7.625%, 4/15/2031			730,000		717,451
Time Warner, Inc., 7.700%, 5/01/2032			1,155,000		1,156,424
Viacom, Inc., Class B, 6.875%, 4/30/2036			4,880,000		3,856,552
					9,208,616
Food & Beverage – 0.3%
Corn Products International, Inc., 6.625%, 4/15/2037			1,540,000		1,311,404
Dole Food Co., Inc., 8.625%, 5/01/2009			165,000		149,325
Sara Lee Corp., 6.125%, 11/01/2032			295,000		242,394
					1,703,123
Foreign Local Governments – 1.6%
Province of Alberta, 5.930%, 9/16/2016	CAD		913,654		833,072
Province of British Columbia, Zero Coupon Bond, 8/23/2013	CAD		11,700,000		8,165,548
					8,998,620
Government Owned - No Guarantee – 0.1%
DP World Ltd., 6.850%, 7/02/2037, 144A			1,500,000		772,602
Healthcare – 2.1%
Boston Scientific Corp., 5.450%, 6/15/2014			290,000		246,500

3

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

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Healthcare – continued
Boston Scientific Corp., 6.400%, 6/15/2016	$	860,000	$	735,300
Boston Scientific Corp., 7.000%, 11/15/2035		860,000		636,400
HCA, Inc., 5.750%, 3/15/2014		455,000		275,275
HCA, Inc., 6.250%, 2/15/2013		2,345,000		1,465,625
HCA, Inc., 6.375%, 1/15/2015		410,000		250,100
HCA, Inc., 6.500%, 2/15/2016		610,000		375,150
HCA, Inc., 6.750%, 7/15/2013		115,000		72,450
HCA, Inc., 7.050%, 12/01/2027		3,545,000		1,498,791
HCA, Inc., 7.190%, 11/15/2015		560,000		310,174
HCA, Inc., 7.500%, 12/15/2023		840,000		394,507
HCA, Inc., 7.500%, 11/06/2033		1,440,000		669,600
HCA, Inc., 7.690%, 6/15/2025		2,660,000		1,170,400
HCA, Inc., 8.360%, 4/15/2024		1,775,000		816,500
HCA, Inc., MTN, 7.580%, 9/15/2025		2,930,000		1,353,487
HCA, Inc., MTN, 7.750%, 7/15/2036		430,000		190,657
Owens & Minor, Inc., 6.350%, 4/15/2016(c)		320,000		269,656
Tenet Healthcare Corp., 6.500%, 6/01/2012		105,000		79,800
Tenet Healthcare Corp., 6.875%, 11/15/2031		1,075,000		526,750
Tenet Healthcare Corp., 7.375%, 2/01/2013		85,000		60,563
				11,397,685
Home Construction – 1.1%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		115,000		26,450
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		155,000		41,850
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		115,000		31,050
Lennar Corp., 7.625%, 3/01/2009		470,000		465,300
Lennar Corp., Series B, 5.600%, 5/31/2015		1,700,000		1,037,000
Pulte Homes, Inc., 5.200%, 2/15/2015		1,305,000		887,400
Pulte Homes, Inc., 6.000%, 2/15/2035		3,920,000		1,999,200
Pulte Homes, Inc., 6.375%, 5/15/2033		1,960,000		1,038,800
Toll Brothers Finance Corp., 5.150%, 5/15/2015		565,000		405,917
				5,932,967
Independent Energy – 2.4%
Anadarko Petroleum Corp., 5.950%, 9/15/2016		3,495,000		3,087,165
Anadarko Petroleum Corp., 6.450%, 9/15/2036		2,580,000		2,035,192
Chesapeake Energy Corp., 6.500%, 8/15/2017		380,000		290,700
Chesapeake Energy Corp., 6.875%, 1/15/2016		200,000		160,000
Chesapeake Energy Corp., 6.875%, 11/15/2020		900,000		648,000
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A		792,000		316,800
Pioneer Natural Resources Co., 5.875%, 7/15/2016		435,000		301,799
Pioneer Natural Resources Co., 7.200%, 1/15/2028		1,465,000		921,882
Questar Market Resources, Inc., 6.800%, 4/01/2018		3,820,000		3,675,638
Talisman Energy, Inc., 5.850%, 2/01/2037		550,000		382,572
Talisman Energy, Inc., 6.250%, 2/01/2038		1,485,000		1,078,247
XTO Energy, Inc., 6.100%, 4/01/2036		155,000		128,704
				13,026,699
Industrial Other – 0.1%
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A		1,575,000		519,750

4

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Integrated Energy – 0.2%
PF Export Receivables Master Trust, 6.436%, 6/01/2015, 144A		$	1,311,273		$	1,324,385
Life Insurance – 1.9%
ASIF Global Financing XXVII, 2.380%, 2/26/2009, 144A	SGD		17,000,000			8,580,094
Hartford Life Insurance Co., 5.860%, 9/15/2011(e)			500,000			431,550
John Hancock Insurance Co., 5.510%, 4/15/2009(e)			500,000			474,770
Principal Life Income Funding Trust, 5.000%, 10/15/2014			500,000			461,042
Protective Life Secured Trust, 5.390%, 9/10/2014(e)			1,000,000			624,780
						10,572,236
Local Authorities – 4.0%
Province of Ontario, Canada, 4.200%, 3/08/2018	CAD		19,825,000			16,204,147
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		2,150,000			1,560,489
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)			7,910,000			4,324,872
						22,089,508
Lodging – 0.0%
Host Marriott LP, Series O, 6.375%, 3/15/2015			150,000			111,750
Media Cable – 4.6%
Comcast Corp., 5.650%, 6/15/2035			2,660,000			2,364,822
Comcast Corp., 6.450%, 3/15/2037			2,645,000			2,632,084
Comcast Corp., 6.500%, 11/15/2035			3,240,000			3,224,578
Comcast Corp., 6.950%, 8/15/2037			7,695,000			8,103,235
CSC Holdings, Inc., 6.750%, 4/15/2012			200,000			183,000
CSC Holdings, Inc., 7.625%, 4/01/2011			50,000			47,125
CSC Holdings, Inc., 7.875%, 2/15/2018			170,000			133,450
Rogers Cable, Inc., 5.500%, 3/15/2014			150,000			138,383
TCI Communications, Inc., 7.875%, 2/15/2026			550,000			570,708
Time Warner Cable, Inc., 6.550%, 5/01/2037			1,500,000			1,437,197
Time Warner Cable, Inc., 6.750%, 7/01/2018			6,500,000			6,258,232
Virgin Media Finance PLC, 9.125%, 8/15/2016			400,000			296,000
Virgin Media Finance PLC, 9.750%, 4/15/2014	GBP		250,000			253,404
						25,642,218
Media Non-Cable – 0.6%
Clear Channel Communications, Inc., 4.250%, 5/15/2009			85,000			74,800
Clear Channel Communications, Inc., 4.900%, 5/15/2015			785,000			86,350
Clear Channel Communications, Inc., 5.500%, 12/15/2016			50,000			5,750
News America, Inc., 6.150%, 3/01/2037			2,630,000			2,453,863
News America, Inc., 6.200%, 12/15/2034			795,000			725,475
						3,346,238
Non-Captive Consumer – 2.1%
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011			84,000			79,968
SLM Corp., 6.000%, 12/15/2043			31,725	(††)		327,957
SLM Corp., MTN, 5.125%, 8/27/2012			420,000			314,311
SLM Corp., Series A, MTN, 4.000%, 1/15/2010			475,000			429,967
SLM Corp., Series A, MTN, 4.500%, 7/26/2010			455,000			394,879
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			1,600,000			1,144,832
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			200,000			126,882
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			2,920,000			2,140,725

5

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – continued
SLM Corp., Series A, MTN, 5.375%, 5/15/2014		$	235,000	$	158,595
SLM Corp., Series A, MTN, 5.400%, 10/25/2011			405,000		306,356
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			7,511,000		5,938,354
SLM Corp., Series B, 5.810%, 9/15/2009(e)			500,000		460,000
					11,822,826
Non-Captive Diversified – 4.7%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015			845,000		593,235
CIT Group, Inc., 4.750%, 12/15/2010			135,000		118,836
CIT Group, Inc., 5.050%, 9/15/2014			500,000		246,229
CIT Group, Inc., 5.400%, 2/13/2012			10,000		8,068
CIT Group, Inc., 5.400%, 1/30/2016			108,000		75,199
CIT Group, Inc., 5.500%, 12/01/2014	GBP		800,000		617,400
CIT Group, Inc., 5.600%, 4/27/2011			625,000		527,681
CIT Group, Inc., 5.800%, 10/01/2036			561,000		370,515
CIT Group, Inc., 5.850%, 9/15/2016			10,000		7,041
CIT Group, Inc., 12.000%, 12/18/2018			4,237,001		3,262,491
CIT Group, Inc., EMTN, 3.800%, 11/14/2012	EUR		750,000		586,823
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR		1,150,000		868,317
CIT Group, Inc., EMTN, 5.000%, 5/13/2014	EUR		550,000		435,369
CIT Group, Inc., EMTN, 5.500%, 12/20/2016	GBP		600,000		464,457
CIT Group, Inc., GMTN, 4.250%, 2/01/2010			85,000		77,926
CIT Group, Inc., GMTN, 4.250%, 9/22/2011	EUR		400,000		329,183
CIT Group, Inc., GMTN, 5.000%, 2/13/2014			480,000		348,865
CIT Group, Inc., GMTN, 5.000%, 2/01/2015			263,000		185,152
CIT Group, Inc., MTN, 4.250%, 3/17/2015	EUR		1,000,000		755,173
CIT Group, Inc., MTN, 5.125%, 9/30/2014			762,000		543,867
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036			265,000		167,476
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017			304,000		211,387
General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012	AUD		830,000		555,037
General Electric Capital Corp., 5.625%, 5/01/2018			120,000		120,870
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			85,000		83,203
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016(c)(f)	NZD		1,345,000		702,570
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015			1,145,000		1,115,273
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015(c)(f)	NZD		9,210,000		4,797,794
GMAC LLC, 4.750%, 9/14/2009			874,563		804,598
GMAC LLC, 5.380%, 6/06/2011			2,267,669		1,700,752
GMAC LLC, 5.625%, 5/15/2009			800,000		768,773
GMAC LLC, 5.750%, 9/27/2010			309,462		272,327
GMAC LLC, 6.000%, 12/15/2011			1,305,000		1,055,667
GMAC LLC, 6.875%, 8/28/2012			224,000		171,938
GMAC LLC, 7.000%, 2/01/2012			253,000		202,020
GMAC LLC, 7.500%, 12/31/2013			682,000		477,400
GMAC LLC, 8.000%, 12/31/2018			1,460,000		730,000
GMAC LLC, 8.000%, 11/01/2031			181,000		107,585
iStar Financial, Inc., 5.500%, 6/15/2012			85,000		26,775
iStar Financial, Inc., 5.650%, 9/15/2011			135,000		43,200

6

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

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
iStar Financial, Inc., 5.875%, 3/15/2016	$	30,000	$	8,550
iStar Financial, Inc., 6.050%, 4/15/2015		30,000		8,850
iStar Financial, Inc., 8.625%, 6/01/2013		2,495,000		773,450
iStar Financial, Inc., Series B, 5.700%, 3/01/2014		95,000		29,450
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		1,245,000		392,175
				25,748,947
Oil Field Services – 0.1%
North American Energy Partners, Inc., 8.750%, 12/01/2011		1,000,000		760,000
Packaging – 0.3%
Owens-Illinois, Inc., 7.800%, 5/15/2018		2,000,000		1,780,000
Paper – 1.9%
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028		650,000		45,500
Georgia-Pacific LLC, 7.250%, 6/01/2028		2,000,000		1,220,000
Georgia-Pacific LLC, 7.375%, 12/01/2025		2,868,000		1,835,520
Georgia-Pacific LLC, 7.750%, 11/15/2029		6,005,000		3,783,150
Georgia-Pacific LLC, 8.000%, 1/15/2024		132,000		89,100
International Paper Co., 4.250%, 1/15/2009		700,000		699,759
Jefferson Smurfit Corp., 7.500%, 6/01/2013		335,000		58,625
Westvaco Corp., 7.950%, 2/15/2031		1,045,000		720,032
Westvaco Corp., 8.200%, 1/15/2030		1,080,000		821,971
Weyerhaeuser Co., 7.375%, 3/15/2032		1,565,000		1,016,076
				10,289,733
Pharmaceuticals – 0.5%
Elan Financial PLC, 7.750%, 11/15/2011		4,235,000		2,498,650
Elan Financial PLC, 8.875%, 12/01/2013		335,000		174,200
				2,672,850
Pipelines – 1.9%
DCP Midstream LP, 6.450%, 11/03/2036, 144A		1,740,000		1,263,912
El Paso Corp., 6.950%, 6/01/2028		925,000		559,170
El Paso Corp., 12.000%, 12/12/2013		2,195,000		2,151,100
El Paso Corp., MTN, 7.800%, 8/01/2031		250,000		162,876
Enterprise Products Operating LLP, 6.300%, 9/15/2017		1,550,000		1,311,870
Knight, Inc., 6.500%, 9/01/2012		90,000		76,050
Knight, Inc., Senior Note, 5.150%, 3/01/2015		305,000		227,225
Plains All American Pipeline LP, 6.125%, 1/15/2017		1,785,000		1,419,416
Plains All American Pipeline LP, 6.650%, 1/15/2037		3,850,000		2,649,069
Williams Cos., Inc. (The), 7.500%, 1/15/2031		1,000,000		670,000
				10,490,688
Property & Casualty Insurance – 1.5%
Allstate Corp., 5.950%, 4/01/2036		540,000		457,161
Axis Capital Holdings Ltd., 5.750%, 12/01/2014		80,000		52,840
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		1,190,000		1,055,742
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		775,000		690,312
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		180,000		132,606
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		1,545,000		787,950
Travelers Cos., Inc. (The), 6.250%, 6/15/2037		1,925,000		1,850,832
Travelers Property Casualty Corp., 6.375%, 3/15/2033		1,400,000		1,324,928

7

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Property & Casualty Insurance – continued
White Mountains RE Group, 6.375%, 3/20/2017, 144A		$	2,140,000		$	1,769,690
						8,122,061
Railroads – 0.3%
CSX Corp., MTN, 6.000%, 10/01/2036			1,575,000			1,247,457
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)			500,000			235,000
						1,482,457
REITs – 0.8%
Camden Property Trust, 5.700%, 5/15/2017			1,495,000			971,750
Colonial Realty LP, 4.750%, 2/01/2010			15,000			14,000
Duke Realty LP, 5.950%, 2/15/2017			210,000			104,917
ERP Operating LP, 5.125%, 3/15/2016			70,000			49,526
Highwoods Properties, Inc., 5.850%, 3/15/2017			2,560,000			1,583,601
Highwoods Properties, Inc., 7.500%, 4/15/2018			475,000			308,233
Prologis, 5.625%, 11/15/2015			100,000			49,000
Prologis, 5.750%, 4/01/2016			80,000			39,897
Realty Income Corp., 6.750%, 8/15/2019			1,000,000			578,715
Simon Property Group LP, 5.250%, 12/01/2016			1,000,000			638,983
						4,338,622
Restaurants – 0.1%
McDonald’s Corp., 3.628%, 10/10/2010	SGD		1,000,000			716,631
Retailers – 1.4%
Dillard’s, Inc., 7.750%, 7/15/2026			1,025,000			322,875
Foot Locker, Inc., 8.500%, 1/15/2022			1,100,000			836,000
Home Depot, Inc. (The), 5.875%, 12/16/2036			4,283,000			3,358,309
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			2,110,000			1,277,179
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			575,000			404,881
Toys R Us, Inc., 7.375%, 10/15/2018			3,240,000			1,166,400
Toys R Us, Inc., 7.875%, 4/15/2013			750,000			292,500
						7,658,144
Sovereigns – 19.7%
Canadian Government, 2.750%, 12/01/2010	CAD		12,760,000			10,657,313
Canadian Government, 3.750%, 9/01/2011	CAD		18,145,000			15,621,456
Canadian Government, 3.750%, 6/01/2012	CAD		14,255,000			12,399,483
Canadian Government, 3.750%, 6/01/2019	CAD		7,385,000			6,450,643
Canadian Government, 4.250%, 9/01/2009	CAD		16,520,000			13,678,346
Canadian Government, 4.250%, 6/01/2018	CAD		9,615,000			8,789,411
Canadian Government, 5.250%, 6/01/2012	CAD		22,355,000			20,347,487
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		2,915,000,000			231,274
Indonesia Treasury Bond, Series ZC3, Zero Coupon Bond, 11/20/2012	IDR		7,590,000,000			446,784
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		125,000	(†††)		906,416
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		305,000	(†††)		2,155,273
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		1,015,000	(†††)		7,667,928
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		3,240,000			2,380,657
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		845,000			614,285

8

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Sovereigns – continued
Republic of Brazil, 10.250%, 1/10/2028	BRL	14,885,000	$	5,744,640
Republic of Brazil, 12.500%, 1/05/2022	BRL	625,000		277,391
Republic of Iceland, 7.000%, 3/17/2010	ISK	21,715,000		120,660
Republic of Iceland, 8.500%, 6/12/2009	ISK	29,080,000		168,768
				108,658,215
Supermarkets – 1.2%
Albertson’s, Inc., 7.450%, 8/01/2029		6,515,000		4,202,175
Albertson’s, Inc., 7.750%, 6/15/2026		1,470,000		896,700
Albertson’s, Inc., 8.000%, 5/01/2031		565,000		339,000
Albertson’s, Inc., 8.700%, 5/01/2030		5,000		3,225
Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		1,745,000		924,850
American Stores Co., 8.000%, 6/01/2026		25,000		15,625
				6,381,575
Supranational – 5.5%
Eurofima, EMTN, 11.000%, 2/05/2010	ISK	20,000,000		118,642
European Investment Bank, EMTN, 4.600%, 1/30/2037, 144A	CAD	6,000,000		4,818,080
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/11/2009	BRL	30,000,000		11,738,851
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD	19,735,000		12,566,755
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK	210,000,000		1,205,425
Nordic Investment Bank, EMTN, 11.250%, 4/16/2009	ISK	4,800,000		27,858
				30,475,611
Technology – 2.2%
Agilent Technologies, Inc., 6.500%, 11/01/2017		4,515,000		3,103,625
Amkor Technology, Inc., 7.125%, 3/15/2011		725,000		487,563
Amkor Technology, Inc., 7.750%, 5/15/2013		470,000		267,900
Arrow Electronics, Inc., 6.875%, 7/01/2013		2,850,000		2,576,942
Avnet, Inc., 6.000%, 9/01/2015		1,645,000		1,259,639
Avnet, Inc., 6.625%, 9/15/2016		130,000		107,349
Corning, Inc., 6.200%, 3/15/2016		250,000		213,692
Corning, Inc., 6.850%, 3/01/2029		450,000		347,685
Corning, Inc., 7.250%, 8/15/2036		1,175,000		946,575
Lucent Technologies, Inc., 6.450%, 3/15/2029		250,000		100,000
Motorola, Inc., 5.220%, 10/01/2097		515,000		171,245
Motorola, Inc., 6.500%, 11/15/2028		815,000		360,046
Motorola, Inc., 6.625%, 11/15/2037		995,000		467,650
Nortel Networks Capital Corp., 7.875%, 6/15/2026		150,000		9,000
Nortel Networks Ltd., 6.875%, 9/01/2023		1,325,000		79,500
Nortel Networks Ltd., 10.125%, 7/15/2013		1,000,000		250,000
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		1,100,100		1,148,252
				11,896,663
Textile – 0.1%
Kellwood Co., 7.625%, 10/15/2017(c)		3,250,000		292,500
Tobacco – 0.6%
Reynolds American, Inc., 6.750%, 6/15/2017		3,320,000		2,635,369

9

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

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Tobacco – continued
Reynolds American, Inc., 7.250%, 6/15/2037		$	810,000	$	545,429
					3,180,798
Transportation Services – 0.7%
APL Ltd., 8.000%, 1/15/2024(c)			2,500,000		1,319,800
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016(g)			1,326,184		994,638
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017(g)			394,351		343,085
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(g)			1,500,291		1,155,224
					3,812,747
Wireless – 1.2%
ALLTEL Corp., 6.800%, 5/01/2029			150,000		130,500
ALLTEL Corp., 7.875%, 7/01/2032			1,395,000		1,360,125
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			4,585,000		1,925,700
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			745,000		316,625
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			1,745,000		732,900
Sprint Capital Corp., 6.875%, 11/15/2028			1,262,000		750,890
Sprint Capital Corp., 6.900%, 5/01/2019			1,150,000		816,500
Sprint Nextel Corp., 6.000%, 12/01/2016			898,000		633,090
					6,666,330
Wirelines – 6.3%
AT&T Corp., 6.500%, 3/15/2029			355,000		343,844
AT&T, Inc., 6.500%, 9/01/2037			6,600,000		7,108,134
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		155,000		106,064
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		195,000		127,945
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		690,000		491,859
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		600,000		373,147
Embarq Corp., 7.082%, 6/01/2016			235,000		180,950
Embarq Corp., 7.995%, 6/01/2036			200,000		135,000
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(b)			75,000		375
Level 3 Financing, Inc., 9.250%, 11/01/2014			500,000		290,000
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			3,305,000		2,164,775
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			7,205,000		4,323,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			350,000		232,750
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			775,000		484,375
Qwest Corp., 6.875%, 9/15/2033			790,000		470,050
Telecom Italia Capital, 6.000%, 9/30/2034			1,330,000		917,700
Telecom Italia Capital, 6.375%, 11/15/2033			1,320,000		924,000
Telefonica Emisiones SAU, 7.045%, 6/20/2036			11,330,000		12,367,046
Verizon Communications, Inc., 5.850%, 9/15/2035			3,975,000		3,954,926
					34,995,940
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $600,475,835)					486,609,189
CONVERTIBLE BONDS – 3.4%
Healthcare – 0.0%
Affymetrix, Inc., 3.500%, 1/15/2038			604,000		233,295
Industrial Other – 0.1%
Incyte Corp., 3.500%, 2/15/2011			1,290,000		685,313

10

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

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Media Non-Cable – 0.1%
Liberty Media LLC, 3.500%, 1/15/2031	$	455,783	$	131,607
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(h)		500,000		245,000
				376,607
Non-Captive Diversified – 0.0%
iStar Financial, Inc., 4.383%, 10/01/2012(e)		380,000		110,200
Pharmaceuticals – 1.1%
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024(c)(f)		250,000		50,000
Human Genome Sciences, Inc., 2.250%, 8/15/2012		100,000		27,250
Nektar Therapeutics, 3.250%, 9/28/2012		1,065,000		625,688
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		1,035,000		934,087
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		1,095,000		947,175
Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		2,770,000		3,787,975
				6,372,175
Pipelines – 0.3%
CenterPoint Energy Resources Corp., 6.000%, 3/15/2012		1,676,000		1,553,652
REITs – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		1,430,000		924,137
Technology – 0.7%
Avnet, Inc., 2.000%, 3/15/2034		1,270,000		1,249,363
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		3,585,000		1,617,731
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		380,000		252,700
Maxtor Corp., 5.750%, 3/01/2012(c)		408,000		306,000
Nortel Networks Corp., 2.125%, 4/15/2014		248,000		34,720
Richardson Electronics Ltd., 7.750%, 12/15/2011		263,000		223,550
				3,684,064
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		74,000		66,600
Wirelines – 0.9%
Level 3 Communications, Inc., 2.875%, 7/15/2010		3,870,000		2,404,237
Level 3 Communications, Inc., 6.000%, 9/15/2009		2,685,000		2,443,350
Level 3 Communications, Inc., 6.000%, 3/15/2010		125,000		87,500
				4,935,087
TOTAL CONVERTIBLE BONDS (Identified Cost $23,213,754)				18,941,130
MUNICIPALS – 0.3%
Michigan – 0.3%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(c)		2,480,000		1,439,045
TOTAL MUNICIPALS (Identified Cost $2,479,856)				1,439,045
TOTAL BONDS AND NOTES (Identified Cost $626,169,445)				506,989,364
BANK LOANS – 0.1%
Consumer Products – 0.0%
Mega Brands, Inc., Term Loan B, 8.750%, 7/26/2012(i)		333,278		83,320

11

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

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BANK LOANS – continued
Food & Beverage – 0.0%
Dole Food Co., Inc., LOC, 6.819%, 4/12/2013(i)	$	17,547	$	12,224
Dole Food Co., Inc., Term Loan, 2.715%, 4/12/2013(i)		11,430		7,963
Dole Food Co., Inc., Tranche C Term Loan, 4.701%, 4/12/2013(i)		55,586		38,725
				58,912
Media Non-Cable – 0.1%
Idearc, Inc., Term Loan B, 3.417%, 11/17/2014(i)		1,658,463		503,459
Tribune Co., Tranche X, 7.084%, 6/04/2009(i)		74,971		20,885
				524,344
Wirelines – 0.0%
Hawaiian Telcom Communications, Inc., Term Loan C, 4.500%, 6/01/2014(i)		475,000		180,500
TOTAL BANK LOANS (Identified Cost $2,146,542)				847,076
	Shares
PREFERRED STOCKS – 1.4%
CONVERTIBLE PREFERRED STOCKS – 0.8%
Automotive – 0.1%
Ford Motor Co. Capital Trust II, 6.500%		79,845		721,000
Capital Markets – 0.1%
Newell Financial Trust I, 5.250%		25,075		626,875
Diversified Financial Services – 0.1%
Sovereign Capital Trust, 4.375%		30,343		576,517
Electric Utilities – 0.1%
AES Trust III, 6.750%		10,000		378,400
Machinery – 0.1%
United Rentals Trust, 6.500%		30,199		452,985
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp., 4.500%		775		46,306
El Paso Energy Capital Trust I, 4.750%		20,200		516,363
				562,669
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%		2,500		16,875
Semiconductors & Semiconductor Equipment – 0.2%
Lucent Technologies Capital Trust, 7.750%		3,715		1,140,468
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $10,172,628)				4,475,789
NON-CONVERTIBLE PREFERRED STOCKS – 0.6%
Banking – 0.3%
Bank of America Corp., 7.250%		2,157		1,402,050
Capital Markets – 0.0%
Lehman Brothers Holdings Capital Trust I, 6.000%(b)		2,075		10
Lehman Brothers Holdings, Inc., 5.670%(b)		3,878		16
Lehman Brothers Holdings, Inc., 5.940%(b)		4,120		—
Lehman Brothers Holdings, Inc., 6.500%(b)		18,030		27
Lehman Brothers Holdings, Inc., 7.250%(b)		2,025		1,013
Lehman Brothers Holdings, Inc., 7.950%(b)		18,522		28

12

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

Loomis Sayles Fixed Income Fund - continued

	Shares	Value (†)
PREFERRED STOCKS – continued
Capital Markets – continued
Merrill Lynch & Co., Inc., 6.375%	5,000	$	74,650
			75,744
Diversified Financial Services – 0.1%
Preferred Blocker, Inc., 9.000%	1,121		280,250
Electric Utilities – 0.1%
Entergy New Orleans, Inc., 4.360%	90		6,938
Entergy New Orleans, Inc., 4.750%	2,876		241,584
MDU Resources Group, Inc., 5.100%	254		25,464
Public Service Electric & Gas Co., 4.180%	1,950		136,481
Union Electric Co., 4.500%	4,670		335,072
Xcel Energy, Inc., 4.110%	100		6,987
			752,526
Thrifts & Mortgage Finance – 0.1%
Countrywide Capital IV, 6.750%	20,975		348,185
Federal Home Loan Mortgage Corp., 5.000%(g)(j)	4,150		2,241
Federal Home Loan Mortgage Corp., 5.570%(g)(j)	63,750		20,400
Federal Home Loan Mortgage Corp., 5.660%(g)(j)	18,900		9,450
Federal Home Loan Mortgage Corp., 5.700%(g)(j)	6,550		3,472
Federal Home Loan Mortgage Corp., 5.790%(g)(j)	12,100		8,954
Federal Home Loan Mortgage Corp., 5.810%(g)(j)	4,250		2,338
Federal Home Loan Mortgage Corp., 5.900%(g)(j)	9,400		2,725
Federal Home Loan Mortgage Corp., 6.000%(g)(j)	5,350		3,477
Federal Home Loan Mortgage Corp., 6.420%(g)(j)	3,800		2,280
Federal Home Loan Mortgage Corp., 6.550%(g)(j)	24,825		7,447
Federal Home Loan Mortgage Corp., 8.375%(g)(j)	88,575		34,544
Federal National Mortgage Association, 4.750%(g)(j)	8,200		8,446
Federal National Mortgage Association, 5.125%(g)(j)	2,900		2,900
Federal National Mortgage Association, 5.375%(g)(j)	5,800		6,670
Federal National Mortgage Association, 5.810%(g)(j)	2,400		2,928
Federal National Mortgage Association, 6.750%(g)(j)	3,750		2,438
Federal National Mortgage Association, 8.250%(g)(j)	119,675		99,330
			568,225
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $11,201,082)			3,078,795
TOTAL PREFERRED STOCKS (Identified Cost $21,373,710)			7,554,584
COMMON STOCKS – 0.7%
Communications Equipment – 0.3%
Corning, Inc.	205,167		1,955,242
Containers & Packaging – 0.2%
Owens-Illinois, Inc.(g)	35,353		966,197
Oil, Gas & Consumable Fuels – 0.2%
Chesapeake Energy Corp.	54,259		877,368

13

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

Loomis Sayles Fixed Income Fund - continued

			Value (†)
COMMON STOCKS – continued
TOTAL COMMON STOCKS (Identified Cost $5,013,153)				3,798,807
	Shares/Principal Amount (‡)
SHORT-TERM INVESTMENTS – 9.8%
State Street Navigator Securities Lending Prime Portfolio(k)		77,920	$	77,920
Repurchase Agreement with State Street Corp. dated 12/31/2008 at 0.010%, to be repurchased at $28,353 on 1/2/2009 collateralized by $30,000 U.S. Treasury Bill, due 2/5/2009 valued at $29,999 including accrued interest(l)	$	28,353		28,353
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $53,917,365 on 1/2/2009 collateralized by $55,065,000 Federal Home Loan Discount Note, due 3/31/2009 valued at $54,996,169, including accrued interest(l)		53,917,365		53,917,365
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $54,023,638)				54,023,638
TOTAL INVESTMENTS – 103.9% (Identified Cost $708,726,488)(a)				573,213,469
Other assets less liabilities—(3.9)%				(21,613,083	)
NET ASSETS – 100.0%			$	551,600,386

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

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

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

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.

14

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

Loomis Sayles Fixed Income Fund - continued

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

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

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

At December 31, 2008, the net unrealized depreciation on investments based on a cost of $709,960,426 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	$	10,931,336
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(147,678,293	)
Net unrealized depreciation	$	(136,746,957	)

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

(c) Illiquid security. At December 31, 2008, the value of these securities amounted to $19,983,085 or 3.6% of net assets.

(d) All or a portion of this security was on loan to brokers at December 31, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value (including accrued interest) of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2008 were $66,825 and $77,920, respectively.

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

(f) Valued by management. At December 31, 2008, the value of these securities amounted to $5,550,364 or 1.0% of net assets.

(g) Non-income producing security.

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

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

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

(k) Represents investment of security lending collateral.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, the total value of these securities amounted to $47,465,239 or 8.6% of net assets.

ABS Asset-Backed Securities

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

LOC Letter of Credit

MTN Medium Term Note

REITs Real Estate Investment Trusts

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; EUR: Euro; GBP: British Pound; IDR: Indonesian Rupiah; ISK: Icelandic Krona; KRW: South Korean Won; MXN: Mexican Peso; NZD: New Zealand Dollar; SGD: Singapore Dollar; THB: Thai Baht

15

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

Loomis Sayles Fixed Income Fund - continued

Fair Value Measurements

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

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

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

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

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

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

Securities Purchased Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	61,370,232
Level 2 - Other Significant Observable Inputs		479,844,822
Level 3 - Significant Unobservable Inputs		31,998,415
Total	$	573,213,469

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

Assets	Other Financial Instruments
Balance as of September 30, 2008	$	14,822,184
Realized gain (loss)		(1,164,960	)
Change in unrealized appreciation (depreciation)		(6,339,551	)
Net purchases (sales)		6,130,436
Net reclassifications to/from Level 3		18,550,306
Balance as of December 31, 2008	$	31,998,415

New Accounting Pronouncement

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

16

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

Loomis Sayles Fixed Income Fund - continued

NET ASSET SUMMARY AT DECEMBER 31, 2008 (Unaudited)

Sovereigns	19.7	%
Wirelines	7.2
Banking	6.9
Supranational	5.5
Non-Captive Diversified	4.7
Media Cable	4.6
Local Authorities	4.0
Electric	3.9
Technology	2.9
Independent Energy	2.4
Pipelines	2.2
Non-Captive Consumer	2.1
Healthcare	2.1
Other investments, less than 2% each	25.9
Short-Term Investments	9.8
Total Investments	103.9
Other assets less liabilities	(3.9	)
Net Assets	100.0	%

CURRENCY EXPOSURE AT DECEMBER 31, 2008 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	66.0	%
Canadian Dollar	21.6
Brazilian Real	4.3
New Zealand Dollar	3.3
Other, less than 2% each	8.7
Total Investments	103.9
Other assets less liabilities	(3.9	)
Net Assets	100.0	%

17

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

Loomis Sayles Global Bond Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 93.8% of Net Assets
NON-CONVERTIBLE BONDS – 93.8%
Argentina – 0.3%
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		$	8,050,000	$	4,186,000
Australia – 0.7%
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		16,675,000		12,252,299
Austria – 3.2%
Oesterreichische Kontrollbank AG, 1.800%, 3/22/2010	JPY		4,338,000,000		48,505,731
Sappi Papier Holding AG, 7.500%, 6/15/2032, 144A			7,350,000		4,899,694
					53,405,425
Belgium – 2.4%
Kingdom of Belgium, 5.500%, 9/28/2017	EUR		25,555,000		40,127,658
Bermuda – 0.5%
Noble Group Ltd., 8.500%, 5/30/2013, 144A			5,500,000		3,795,000
White Mountains RE Group, 6.375%, 3/20/2017, 144A			5,000,000		4,134,790
					7,929,790
Brazil – 0.4%
ISA Capital Do Brasil SA, 7.875%, 1/30/2012, 144A			1,100,000		1,039,500
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A			1,170,000		690,300
Republic of Brazil, 10.250%, 1/10/2028	BRL		11,250,000		4,341,767
					6,071,567
Canada – 1.9%
Bell Aliant Regional Communications, 5.410%, 9/26/2016	CAD		4,280,000		3,044,122
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		4,035,000		2,761,091
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		160,000		104,980
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		385,000		274,443
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		3,090,000		1,921,707
Bombardier, Inc., 7.250%, 11/15/2016, 144A	EUR		1,000,000		834,030
Canadian Government, 4.250%, 9/01/2009	CAD		600,000		496,792
Canadian Government, 4.500%, 6/01/2015	CAD		3,813,000		3,524,176
Canadian Pacific Railway Co., 5.750%, 3/15/2033			810,000		560,049
Canadian Pacific Railway Co., 5.950%, 5/15/2037			1,745,000		1,230,550
Kinder Morgan Finance, 5.700%, 1/05/2016			5,705,000		4,250,225
Province of Quebec, 1.600%, 5/09/2013	JPY		766,000,000		8,742,143
Shaw Communications, Inc., 5.700%, 3/02/2017	CAD		4,215,000		2,986,487
					30,730,795
Cayman Islands – 1.0%
Embraer Overseas Ltd., 6.375%, 1/24/2017			5,580,000		3,989,700
LPG International, Inc., 7.250%, 12/20/2015			3,010,000		2,709,000
Odebrecht Finance Ltd., 7.500%, 10/18/2017, 144A			4,650,000		3,720,000
Vale Overseas Ltd., 6.875%, 11/21/2036			6,578,000		5,970,851
					16,389,551
France – 7.4%
Alcatel-Lucent, EMTN, 6.375%, 4/07/2014	EUR		6,050,000		5,634,564
BNP Paribas, (fixed rate to 4/12/2016, variable rate thereafter), 4.730%, 4/29/2049	EUR		3,100,000		2,807,844
France Telecom SA, EMTN, 3.625%, 10/14/2015	EUR		3,085,000		3,986,114
France Telecom SA, EMTN, 4.750%, 2/21/2017	EUR		4,010,000		5,146,118
Government of France, 5.000%, 10/25/2016	EUR		37,070,000		57,800,939
Lafarge SA, EMTN, 4.750%, 3/23/2020	EUR		3,335,000		2,985,464

1

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

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
France – continued
Lafarge SA, EMTN, 5.375%, 6/26/2017	EUR	2,950,000	$	2,850,941
PPR SA, EMTN, 4.000%, 1/29/2013	EUR	3,235,000		3,835,288
Veolia Environnement, 6.000%, 6/01/2018		15,465,000		13,708,269
Veolia Environnement, EMTN, 4.000%, 2/12/2016	EUR	2,255,000		2,689,062
Veolia Environnement, EMTN, 5.125%, 5/24/2022	EUR	3,970,000		4,572,840
Vivendi, 3.875%, 2/15/2012	EUR	2,405,000		3,171,569
Wendel, 4.375%, 8/09/2017	EUR	4,550,000		3,301,866
Wendel, 4.875%, 5/26/2016	EUR	10,150,000		7,368,905
WPP Finance SA, 5.250%, 1/30/2015	EUR	2,400,000		2,275,132
				122,134,915
Germany – 9.4%
Bertelsmann AG, EMTN, 3.625%, 10/06/2015	EUR	9,620,000		11,499,620
Bundesrepublik Deutschland, Series 06, 3.750%, 1/04/2017	EUR	10,840,000		15,971,619
Bundesrepublik Deutschland, Series 97, 6.500%, 7/04/2027	EUR	5,040,000		9,533,978
Kreditanstalt fuer Wiederaufbau, 1.350%, 1/20/2014	JPY	1,494,000,000		16,475,235
Kreditanstalt fuer Wiederaufbau, 2.500%, 10/11/2010	EUR	15,925,000		22,081,391
Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037	JPY	1,140,000,000		12,862,243
Kreditanstalt fuer Wiederaufbau, Series INTL, 1.850%, 9/20/2010	JPY	834,000,000		9,388,844
Muenchener Hypothekenbank eG, 5.000%, 1/16/2012	EUR	31,180,000		45,320,544
Republic of Germany, 4.000%, 1/04/2037	EUR	7,639,000		11,377,178
				154,510,652
Hong Kong – 0.9%
HKCG Finance Ltd., 6.250%, 8/07/2018, 144A		14,000,000		14,656,544
India – 0.9%
Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021		17,350,000		11,560,895
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		7,800,000		4,095,874
				15,656,769
Indonesia – 0.7%
Indonesia Government International Bond, 7.750%, 1/17/2038, 144A		13,125,000		10,893,750
Ireland – 2.2%
Depfa ACS Bank, EMTN, 1.650%, 12/20/2016	JPY	5,200,000,000		37,013,789
Italy – 0.1%
Telecom Italia SpA, EMTN, 5.375%, 1/29/2019	EUR	1,500,000		1,618,163
Japan – 1.7%
Development Bank of Japan, 1.750%, 3/17/2017	JPY	1,400,000,000		16,379,691
Japan Finance Corp. for Small and Medium Enterprises, 1.100%, 9/20/2011	JPY	1,000,000,000		11,014,870
				27,394,561
Korea – 0.6%
Hanarotelecom, Inc., 7.000%, 2/01/2012, 144A		1,610,000		1,320,200
SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		11,225,000		9,343,757
				10,663,957
Luxembourg – 0.3%
Telecom Italia Capital, 5.250%, 10/01/2015		1,660,000		1,263,675
Telecom Italia Capital, 6.375%, 11/15/2033		1,910,000		1,337,000

2

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

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Luxembourg – continued
Telecom Italia Capital SA, 4.950%, 9/30/2014		$	3,990,000		$	3,037,388
						5,638,063
Mexico – 1.1%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A			3,920,000			2,665,600
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015			8,210,000			5,911,200
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		1,373,000	(††)		9,702,262
						18,279,062
Netherlands – 3.5%
Bite Finance International, 6.829%, 3/15/2014, 144A(b)	EUR		2,820,000			1,136,782
Cemex Finance Europe BV, 4.750%, 3/05/2014	EUR		12,717,000			7,809,812
Kingdom of Netherlands, 5.500%, 1/15/2028	EUR		12,995,000			21,840,969
Koninklijke KPN NV, 6.500%, 1/15/2016	EUR		400,000			547,129
Koninklijke KPN NV, GMTN, 4.750%, 1/17/2017	EUR		13,445,000			16,639,566
Linde Finance BV, EMTN, 4.750%, 4/24/2017	EUR		3,865,000			4,871,357
Majapahit Holding BV, 7.250%, 6/28/2017, 144A			3,340,000			1,736,800
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR		1,000,000			1,014,736
Wolters Kluwer NV, 5.125%, 1/27/2014	EUR		1,635,000			2,096,139
						57,693,290
Norway – 2.4%
Norway Government Bond, 5.500%, 5/15/2009	NOK		224,220,000			32,175,847
Norway Government Bond, 6.500%, 5/15/2013	NOK		51,400,000			8,317,652
						40,493,499
Poland – 0.8%
Republic of Poland, Series 2BR, 1.020%, 6/09/2009	JPY		1,200,000,000			13,122,877
South Africa – 0.9%
Edcon Proprietary Ltd., 6.579%, 6/15/2014, 144A(b)	EUR		8,335,000			4,634,424
Republic of South Africa, EMTN, 4.500%, 4/05/2016	EUR		9,090,000			9,485,505
						14,119,929
Supranational – 5.9%
Asia Development Bank, 2.350%, 6/21/2027	JPY		1,700,000,000			18,587,386
European Investment Bank, 1.400%, 6/20/2017	JPY		6,989,300,000			75,153,749
European Investment Bank, EMTN, Zero Coupon Bond, 4/24/2013. 144A(c)	IDR		90,681,660,000			3,965,035
						97,706,170
Switzerland – 0.7%
Credit Suisse London, EMTN, 6.125%, 8/05/2013	EUR		8,065,000			11,504,513
United Arab Emirates – 1.6%
Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A(d)			15,445,000			13,247,053
DP World Ltd., 6.850%, 7/02/2037, 144A(d)			26,000,000			13,391,768
						26,638,821
United Kingdom – 3.9%
British Sky Broadcasting Group PLC, 6.100%, 2/15/2018, 144A			9,150,000			7,513,056
BSKYB Finance UK PLC, 5.750%, 10/20/2017	GBP		4,300,000			5,207,436
Imperial Tobacco Finance PLC, EMTN, 4.375%, 11/22/2013	EUR		3,300,000			3,753,202
Lloyds TSB Bank PLC, (fixed rate to 5/12/2017, variable rate thereafter), 4.385% ,5/29/2049	EUR		5,225,000			4,160,969
Lloyds TSB Group PLC, 5.875%, 7/08/2014	EUR		1,235,000			1,722,146

3

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

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
United Kingdom – continued
Network Rail MTN Finance PLC, EMTN, 4.875%, 3/06/2009	GBP	6,200,000	$	8,970,060
Rexam PLC, 6.750%, 6/01/2013, 144A(c)		13,775,000		13,464,925
Standard Chartered Bank, EMTN, 6.750%, 4/27/2009	GBP	800,000		1,157,248
United Kingdom Treasury, 5.000%, 3/07/2025	GBP	11,045,000		17,971,026
Vodafone Group PLC, 5.750%, 3/15/2016		435,000		415,245
				64,335,313
United States – 37.8%
Ahold Finance USA, Inc., EMTN, 6.500%, 3/14/2017	GBP	5,960,000		7,112,264
Albertson’s, Inc., 7.450%, 8/01/2029		5,544,000		3,575,880
Albertson’s, Inc., 7.750%, 6/15/2026		50,000		30,500
Albertson’s, Inc., 8.000%, 5/01/2031		1,000,000		600,000
Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		830,000		439,900
American Express Co., 6.150%, 8/28/2017		995,000		959,238
American Express Co., 7.000%, 3/19/2018		4,845,000		4,898,993
American Express Issuance Trust, Series 2005-2, Class A, 1.265%, 8/15/2013(b)		9,680,000		7,805,671
ASIF Global Financing XXVII, 2.380%, 2/26/2009, 144A	SGD	16,300,000		8,226,796
Biogen Idec, Inc., 6.000%, 3/01/2013		10,850,000		10,731,594
Bristol-Myers Squibb Co., 4.625%, 11/15/2021	EUR	3,700,000		4,485,652
Cargill, Inc., 5.600%, 9/15/2012, 144A		5,595,000		5,268,414
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR	250,000		208,507
Chesapeake Energy Corp., 6.500%, 8/15/2017		1,990,000		1,522,350
Chesapeake Energy Corp., 6.875%, 11/15/2020		5,615,000		4,042,800
CHS/Community Health Systems, Inc., 8.875%, 7/15/2015		3,490,000		3,210,800
CIT Group, Inc., 5.500%, 12/01/2014	GBP	11,655,000		8,994,745
CIT Group, Inc., EMTN, 3.800%, 11/14/2012	EUR	1,100,000		860,674
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR	1,000,000		755,058
CIT Group, Inc., EMTN, 5.000%, 5/13/2014	EUR	450,000		356,211
CIT Group, Inc., EMTN, 5.500%, 12/20/2016	GBP	4,150,000		3,212,494
CIT Group, Inc., GMTN, 4.250%, 9/22/2011	EUR	2,100,000		1,728,208
CIT Group, Inc., MTN, 4.250%, 3/17/2015	EUR	1,200,000		906,208
Citi Credit Card Issuance Trust, Series 2001-A4, 5.375%, 4/10/2013	EUR	5,130,000		6,875,208
Citigroup, Inc., 5.000%, 9/15/2014		19,620,000		17,257,399
Comcast Corp., 4.950%, 6/15/2016		6,300,000		5,679,003
Comcast Corp., 5.900%, 3/15/2016		3,360,000		3,208,178
Comcast Corp., 6.950%, 8/15/2037		3,444,000		3,626,711
Corning, Inc., 5.900%, 3/15/2014		1,675,000		1,461,218
Corning, Inc., 6.200%, 3/15/2016		3,670,000		3,137,002
Couche-Tard US/Finance, 7.500%, 12/15/2013		3,775,000		2,982,250
CSX Corp., 5.600%, 5/01/2017		859,000		763,128
CSX Corp., 6.000%, 10/01/2036		5,358,000		4,243,729
CSX Corp., 6.250%, 3/15/2018(d)		8,075,000		7,427,175
CVS Caremark Corp., 5.750%, 6/01/2017		20,796,000		19,578,789
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		7,283,151		4,606,593
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		2,023,387		1,021,810
Embarq Corp., 7.995%, 6/01/2036		3,605,000		2,433,375

4

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

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Energy Transfer Partners LP, 6.700%, 7/01/2018		$	9,230,000	$	7,779,893
Erac USA Finance Co., 6.375%, 10/15/2017, 144A			9,110,000		6,322,449
Erac USA Finance Co., 7.000%, 10/15/2037, 144A			10,571,000		5,822,253
Federal National Mortgage Association, 2.290%, 2/19/2009	SGD		16,200,000		11,257,873
Frontier Communications Corp., 6.250%, 1/15/2013			11,175,000		9,498,750
Frontier Communications Corp., 7.125%, 3/15/2019			1,205,000		807,350
Frontier Communications Corp., 9.000%, 8/15/2031			1,795,000		1,130,850
General Electric Capital Corp., EMTN, 0.750%, 2/05/2009	JPY		1,365,000,000		15,033,687
General Electric Capital Corp., EMTN, 1.000%, 3/21/2012	JPY		2,035,000,000		18,924,647
General Electric Capital Corp., EMTN, 1.500%, 4/26/2012	JPY		276,000,000		2,626,025
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD		800,000		491,130
Georgia-Pacific LLC, 7.125%, 1/15/2017, 144A			1,860,000		1,562,400
Georgia-Pacific LLC, 7.250%, 6/01/2028(d)			4,540,000		2,769,400
Georgia-Pacific LLC, 8.000%, 1/15/2024			180,000		121,500
Georgia-Pacific LLC, 8.875%, 5/15/2031			1,805,000		1,245,450
Goldman Sachs Group, Inc. (The), 4.426%, 5/23/2016(b)	EUR		8,500,000		7,998,258
Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014			1,705,000		1,524,412
Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014			910,000		819,572
Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038	GBP		4,555,000		4,533,186
Goldman Sachs Group, Inc. (The), 7.250%, 4/10/2028	GBP		2,050,000		2,806,777
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037(d)			11,075,000		10,052,617
Harley-Davidson Funding Corp., Series C, 6.800%, 6/15/2018, 144A			13,795,000		7,444,155
HCA, Inc., 5.750%, 3/15/2014			765,000		462,825
HCA, Inc., 6.250%, 2/15/2013			500,000		312,500
HCA, Inc., 6.375%, 1/15/2015			1,170,000		713,700
HCA, Inc., 6.500%, 2/15/2016			2,360,000		1,451,400
HCA, Inc., 7.690%, 6/15/2025			625,000		275,000
HCA, Inc., MTN, 7.580%, 9/15/2025			614,000		283,632
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A			5,680,000		4,004,400
Home Depot, Inc. (The), 5.875%, 12/16/2036			7,900,000		6,194,406
Host Hotels & Resorts LP, 6.875%, 11/01/2014			4,255,000		3,276,350
Host Marriott LP, Series O, 6.375%, 3/15/2015			6,040,000		4,499,800
Host Marriott LP, Series Q, 6.750%, 6/01/2016			3,745,000		2,733,850
International Paper Co., 7.950%, 6/15/2018			7,630,000		6,030,447
JPMorgan Chase & Co., 5.125%, 9/15/2014			15,965,000		15,471,330
JPMorgan Chase & Co., 5.150%, 10/01/2015			6,000,000		5,665,542
JPMorgan Chase & Co., (fixed rate to 4/30/2018, variable rate thereafter), 7.900%, 4/29/2049			13,425,000		11,167,318
Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018			10,800,000		9,217,422
KLA-Tencor Corp., 6.900%, 5/01/2018			9,750,000		7,374,227
Kraft Foods, Inc., 6.875%, 2/01/2038			8,065,000		8,059,395
L-3 Communications Corp., 5.875%, 1/15/2015			1,935,000		1,741,500
L-3 Communications Corp., 6.125%, 7/15/2013			300,000		276,000
L-3 Communications Corp., 6.125%, 1/15/2014			280,000		254,100
Level 3 Financing, Inc., 8.750%, 2/15/2017			570,000		287,850
Lucent Technologies, Inc., 6.450%, 3/15/2029			7,950,000		3,180,000
Medco Health Solutions, Inc., 7.125%, 3/15/2018			9,465,000		8,746,550

5

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

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Merrill Auto Trust Securitization, Series 2008-1, Class A4A, 6.150%, 4/15/2015		$	8,155,000	$	7,784,760
Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018			16,910,000		17,688,300
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039(b)			5,755,000		4,990,805
Morgan Stanley, 4.750%, 4/01/2014			9,080,000		6,917,952
Morgan Stanley, 5.375%, 11/14/2013	GBP		2,010,000		2,377,945
Motorola, Inc., 6.625%, 11/15/2037			6,000,000		2,820,000
Nabors Industries, Inc., 6.150%, 2/15/2018			6,235,000		5,364,239
National Semiconductor Corp., 6.150%, 6/15/2012			9,275,000		8,307,089
News America, Inc., 6.150%, 3/01/2037			5,730,000		5,346,251
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			5,475,000		2,299,500
NGPL PipeCo LLC, 6.514%, 12/15/2012, 144A			8,320,000		7,895,838
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A			1,740,000		1,566,338
NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A			1,740,000		1,417,448
Nisource Finance Corp., 6.400%, 3/15/2018			5,925,000		3,697,656
Owens & Minor, Inc., 6.350%, 4/15/2016(c)			5,630,000		4,744,266
Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR		2,170,000		2,352,797
Petrobras International Finance Co., 5.875%, 3/01/2018			15,600,000		14,024,400
Philip Morris International, Inc., GMTN, 5.875%, 9/04/2015	EUR		8,100,000		10,980,728
Prologis, 6.625%, 5/15/2018			15,685,000		7,502,496
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			855,000		560,025
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			250,000		150,000
Qwest Capital Funding, Inc., 7.250%, 2/15/2011			1,435,000		1,205,400
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			1,845,000		1,153,125
Qwest Corp., 6.500%, 6/01/2017			734,000		543,160
Qwest Corp., 6.875%, 9/15/2033			1,815,000		1,079,925
Qwest Corp., 7.200%, 11/10/2026			100,000		64,500
Qwest Corp., 7.250%, 9/15/2025			1,656,000		1,109,520
Qwest Corp., 7.250%, 10/15/2035			5,165,000		3,228,125
Qwest Corp., 7.500%, 6/15/2023			5,285,000		3,699,500
RBS Capital Trust, (fixed rate to 1/12/2016, variable rate thereafter), 4.243%, 12/29/2049	EUR		4,485,000		2,720,679
Reynolds American, Inc., 6.750%, 6/15/2017			9,755,000		7,743,383
Rogers Communications, Inc. , Class B, 7.500%, 8/15/2038			4,270,000		4,627,040
SLM Corp., Series A, MTN, 4.000%, 1/15/2010			2,815,000		2,548,118
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			6,465,000		4,625,837
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			325,000		219,334
SLM Corp., Series A, MTN, 5.400%, 10/25/2011			535,000		404,692
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			5,825,000		4,605,367
Sprint Capital Corp., 6.900%, 5/01/2019			2,500,000		1,775,000
Sprint Nextel Corp., 6.000%, 12/01/2016			6,775,000		4,776,375
SUPERVALU, Inc., 7.500%, 11/15/2014			1,735,000		1,422,700
Textron, Inc., 3.875%, 3/11/2013	EUR		11,350,000		12,013,709
Time Warner, Inc., 6.625%, 5/15/2029			7,255,000		6,433,683
Time Warner, Inc., 6.950%, 1/15/2028			2,055,000		1,895,220
TXU Corp., Series P, 5.550%, 11/15/2014			1,390,000		649,447
TXU Corp., Series Q, 6.500%, 11/15/2024			12,560,000		4,443,577

6

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

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
TXU Corp., Series R, 6.550%, 11/15/2034		$	2,700,000	$	911,498
U.S. Treasury Note, 4.750%, 2/28/2009(d)			2,500,000		2,517,870
Union Pacific Corp., 5.375%, 6/01/2033			1,198,000		956,675
Union Pacific Corp., 5.650%, 5/01/2017			4,190,000		4,019,593
UnitedHealth Group, Inc., 5.800%, 3/15/2036			2,495,000		1,900,918
UnitedHealth Group, Inc., 6.000%, 2/15/2018			23,035,000		21,252,851
Wells Fargo & Co., 4.625%, 11/02/2035	GBP		12,030,000		14,326,253
					624,148,610
Uruguay – 0.6%
Republic of Uruguay, 4.250%, 4/05/2027	UYU		460,024,789		9,869,270
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $1,774,745,875)					1,549,185,602
CONVERTIBLE BONDS – 0.0%
United States – 0.0%
Level 3 Communications, Inc., 3.500%, 6/15/2012			700,000		246,750
TOTAL CONVERTIBLE BONDS (Identified Cost $587,238)					246,750
TOTAL BONDS AND NOTES (Identified Cost $1,775,333,113)					1,549,432,352
		Shares
PREFERRED STOCKS – 1.6%
NON-CONVERTIBLE PREFERRED STOCKS – 1.6%
United States – 1.6%
Bank of America Corp., 8.200%			1,091,125		22,095,281
Federal Home Loan Mortgage Corp., 8.375%(e)(f)			505,450		197,125
Federal National Mortgage Association, 8.250%(e)(f)			998,425		828,693
Merrill Lynch & Co., Inc., 8.625%			179,000		3,540,620
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $69,882,711)					26,661,719
TOTAL PREFERRED STOCKS (Identified Cost $69,882,711)					26,661,719
		Principal Amount (‡)
SHORT-TERM INVESTMENTS – 1.3%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2008 at 0.000% to be repurchased at $21,079,917 on 1/02/2009 collateralized by $7,380,000 Federal National Mortgage Association, 4.600% due 11/10/2011 valued at $7,619,850 and $13,365,000 Federal National Mortgage Association, 4.330% due 7/28/2011 valued at $13,882,894, including accrued interest(g) (Identified Cost $21,079,917)		$	21,079,917		21,079,917

7

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

Loomis Sayles Global Bond Fund – continued

TOTAL INVESTMENTS – 96.7% (Identified Cost $1,866,295,741)(a)		1,597,173,988
Other assets less liabilities—3.3%		54,369,671
NET ASSETS – 100.0%	$	1,651,543,659

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

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

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 calculate 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 December 31, 2008, the net unrealized depreciation on investments based on a cost of $1,871,412,111 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	$	55,728,789
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(329,966,912	)
Net unrealized depreciation	$	(274,238,123	)

At September 30, 2008, the Fund had a capital loss carryforward of approximately $9,854,106 of which $1,046,616 expires on September 30, 2014: $5,497,643 expires on September 30, 2015 and $3,309,847 expires on September 30, 2016. At September 30, 2008 post-October capital loss deferrals were $9,216,441. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

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

(c) Illiquid security. At December 31, 2008, the value of these securities amounted to $22,174,226 or 1.3% of net assets.

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

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

(f) Non-income producing security.

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

8

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

Loomis Sayles Global Bond 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 December 31, 2008, the total value of these securities amounted to $176,015,089 or10.7% of net assets.
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
	Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; EUR: Euro; GBP: British Pound; IDR: Indonesian Rupiah; JPY: Japanese Yen; MXN: Mexican Peso; NOK: Norwegian Krone; SGD: Singapore Dollar; UYU: Uruguayan Peso

Fair Value Measurements

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

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

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

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

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

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

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

Securities Purchased Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	46,912,944
Level 2 - Other Significant Observable Inputs		1,513,118,440
Level 3 – Significant Unobservable Inputs		37,142,604
Total	$	1,597,173,988
Forwards Valuation Inputs	Other Financial Instruments
Level 1 - Quoted Prices	$	—
Level 2 - Other Significant Observable Inputs		(985,594	)
Level 3 – Significant Unobservable Inputs		—
Total	$	(985,594	)

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

Assets	Investments in Securities
Balance as of September 30, 2008	$	48,132,296
Realized gain (loss)		(313,811	)
Change in unrealized appreciation (depreciation)		(2,005,219	)
Net purchases (sales)		(1,346,326	)
Net reclassifications to/from Level 3		(7,324,336	)
Balance as of December 31, 2008	$	37,142,604

New Accounting Pronouncement

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

9

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

Loomis Sayles Global Bond Fund – continued

Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell generally are used to hedge a Fund’s investments against currency fluctuation. Also, a contract to buy or sell may offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Risks may arise upon entering into these contrasts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. At December 31, 2008, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date	Currency	Units	Value		Unrealized Appreciation (Depreciation)
Buy	6/15/2009	Chinese Yuan Renminbi	173,000,000	$	24,936,467	$	(1,508,045	)
Sell	6/15/2009	Chinese Yuan Renminbi	173,000,000		24,936,467		1,061,225
Buy	1/15/2009	Singapore Dollar	4,000,000		2,775,340		(7,015	)
Sell	1/15/2009	Singapore Dollar	32,250,000		22,376,660		(531,759	)
Total						$	(985,594	)

NET ASSET SUMMARY AT DECEMBER 31, 2008 (Unaudited)

Banking	13.7	%
Sovereigns	9.9
Treasuries	8.3
Supranational	5.9
Wirelines	4.4
Government Sponsored	4.3
Non-Captive Diversified	4.0
Government Guaranteed	2.9
Healthcare	2.6
Government Owned - No Guarantee	2.5
Retailers	2.3
Pipelines	2.2
Brokerage	2.0
Other Investments, less than 2% each	30.4
Short-Term Investment	1.3
Total Investments	96.7
Other assets less liabilities (including open Forward Foreign Currency Contracts)	3.3
Net Assets	100.0	%

CURRENCY EXPOSURE AT DECEMBER 31, 2008 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	41.8	%
Euro	24.8
Japanese Yen	18.4
British Pound	4.6
Norwegian Krone	2.5
Other, less than 2% each	4.6
Total Investments	96.7
Other assets less liabilities (including open Forward Foreign Currency Contracts)	3.3
Net Assets	100.0	%

10

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

Loomis Sayles High Income Opportunities Fund

	Principal Amount		Value (†)
BONDS AND NOTES – 85.9% of Net Assets
NON-CONVERTIBLE BONDS – 82.0%
ABS Car Loan – 1.3%
Capital One Auto Finance Trust, Series 2006-C, Class A4, 1.225%, 5/15/2013(b)	$	170,000	$	117,843
Capital One Auto Finance Trust, Series 2007-C, Class A3B, 1.705%, 4/16/2012(b)		500,000		436,041
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014		185,000		133,267
				687,151
Aerospace & Defense – 0.7%
Bombardier, Inc., 7.450%, 5/01/2034, 144A		585,000		371,475
Airlines – 2.2%
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011		76,128		45,677
Continental Airlines, Inc., Series 1997-4B, 6.900%, 7/02/2018		84,214		57,266
Continental Airlines, Inc., Series 1998-1, Class B, 6.748%, 9/15/2018		218,784		153,149
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019		15,128		9,380
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017		70,240		40,739
Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016		175,428		121,045
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		233,734		147,837
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		738,392		372,888
Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017		540,000		270,000
				1,217,981
Automotive – 3.6%
Cummins, Inc., 6.750%, 2/15/2027		139,000		104,314
Ford Motor Co., 6.625%, 2/15/2028		165,000		36,300
Ford Motor Co., 6.625%, 10/01/2028		1,470,000		323,400
Ford Motor Co., 7.125%, 11/15/2025		35,000		8,225
Ford Motor Co., 7.450%, 7/16/2031		695,000		194,600
Ford Motor Co., 7.500%, 8/01/2026		110,000		25,850
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		825,000		570,015
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011		370,000		270,288
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		100,000		65,137
General Motors Corp., 7.400%, 9/01/2025		45,000		6,750
General Motors Corp., 8.250%, 7/15/2023		1,060,000		159,000
General Motors Corp., 8.375%, 7/15/2033		25,000		4,062
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		320,000		160,000
				1,927,941
Brokerage – 0.2%
Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037(c)		245,000		25
Lehman Brothers Holdings, Inc., MTN, (fixed rate to 5/03/2027, variable rate thereafter), 6.000%, 5/03/2032(c)		60,000		6
Nuveen Investments, Inc., 10.500%, 11/15/2015, 144A		550,000		110,000
				110,031
Building Materials – 0.8%
Owens Corning, Inc., 6.500%, 12/01/2016		85,000		61,558
Owens Corning, Inc., 7.000%, 12/01/2036		130,000		85,246
Texas Industries, Inc., 7.250%, 7/15/2013		70,000		54,075

1

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

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Building Materials – continued
USG Corp., 6.300%, 11/15/2016	$	365,000	$	223,562
				424,441
Chemicals – 2.8%
Borden, Inc., 7.875%, 2/15/2023		610,000		73,200
Borden, Inc., 8.375%, 4/15/2016		175,000		17,500
Borden, Inc., 9.200%, 3/15/2021		220,000		33,000
Chemtura Corp., 6.875%, 6/01/2016		924,000		471,240
Georgia Gulf Corp., 10.750%, 10/15/2016		320,000		76,800
Hercules, Inc., 6.500%, 6/30/2029(d)		675,000		357,750
Methanex Corp., 6.000%, 8/15/2015		150,000		98,437
Montell Finance Co. BV, 8.100%, 3/15/2027, 144A		290,000		8,700
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		235,000		185,062
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		275,000		203,500
				1,525,189
Construction Machinery – 0.4%
United Rentals North America, Inc., 7.000%, 2/15/2014		400,000		244,000
Consumer Cyclical Services – 0.1%
Kar Holdings, Inc., 10.000%, 5/01/2015		165,000		54,450
Consumer Products – 0.0%
Jostens IH Corp., 7.625%, 10/01/2012		25,000		20,500
Electric – 7.1%
AES Corp. (The), 8.000%, 10/15/2017		20,000		16,400
AES Corp. (The), 8.000%, 6/01/2020, 144A		325,000		251,875
Allegheny Generating Co., 6.875%, 9/01/2023		100,000		93,000
Dynegy Holdings, Inc., 7.125%, 5/15/2018		195,000		118,950
Dynegy Holdings, Inc., 7.500%, 6/01/2015		100,000		70,000
Dynegy Holdings, Inc., 7.625%, 10/15/2026		325,000		157,625
Dynegy Holdings, Inc., 7.750%, 6/01/2019		350,000		241,500
Dynegy Holdings, Inc., 8.375%, 5/01/2016		280,000		198,800
Edison Mission Energy, 7.625%, 5/15/2027		525,000		406,875
NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027		460,000		197,800
NRG Energy, Inc., 7.375%, 1/15/2017		435,000		400,200
NSG Holdings LLC, 7.750%, 12/15/2025, 144A		355,000		276,900
Reliant Energy, Inc., 7.875%, 6/15/2017		410,000		332,100
TXU Corp., Series P, 5.550%, 11/15/2014		160,000		74,756
TXU Corp., Series Q, 6.500%, 11/15/2024		1,415,000		500,610
TXU Corp., Series R, 6.550%, 11/15/2034		515,000		173,860
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(d)		365,000		334,768
				3,846,019
Food & Beverage – 1.5%
Aramark Services, Inc., 5.000%, 6/01/2012		950,000		741,000
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A		110,000		64,900
				805,900
Gaming – 0.2%
Harrah’s Operating Co., Inc., 5.750%, 10/01/2017		350,000		56,000
Harrah’s Operating Co., Inc., 10.750%, 2/01/2016, 144A		220,000		62,700
				118,700

2

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

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Healthcare – 6.1%
Alliance Imaging, Inc., 7.250%, 12/15/2012	$	320,000	$	272,000
Boston Scientific Corp., 5.450%, 6/15/2014		20,000		17,000
Boston Scientific Corp., 6.400%, 6/15/2016		135,000		115,425
Boston Scientific Corp., 7.000%, 11/15/2035		250,000		185,000
CHS/Community Health Systems, Inc., 8.875%, 7/15/2015		870,000		800,400
DASA Finance Corp., 8.750%, 5/29/2018, 144A		200,000		151,500
HCA, Inc., 5.750%, 3/15/2014		15,000		9,075
HCA, Inc., 6.375%, 1/15/2015		510,000		311,100
HCA, Inc., 6.500%, 2/15/2016		720,000		442,800
HCA, Inc., 7.050%, 12/01/2027		430,000		181,800
HCA, Inc., 7.500%, 12/15/2023		30,000		14,089
HCA, Inc., 7.500%, 11/06/2033		840,000		390,600
HCA, Inc., 7.690%, 6/15/2025		160,000		70,400
HCA, Inc., 8.360%, 4/15/2024		40,000		18,400
HCA, Inc., MTN, 7.580%, 9/15/2025		200,000		92,388
HCA, Inc., MTN, 7.750%, 7/15/2036		20,000		8,868
Tenet Healthcare Corp., 6.875%, 11/15/2031		450,000		220,500
				3,301,345
Home Construction – 3.6%
Centex Corp., 5.250%, 6/15/2015		125,000		77,500
D.R. Horton, Inc., 5.625%, 9/15/2014		65,000		44,850
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		1,030,000		741,600
KB Home, 5.750%, 2/01/2014		90,000		56,700
KB Home, 5.875%, 1/15/2015		390,000		234,000
KB Home, 6.250%, 6/15/2015		265,000		161,650
KB Home, 7.250%, 6/15/2018		290,000		169,650
Lennar Corp., Series B, 5.600%, 5/31/2015		250,000		152,500
Pulte Homes, Inc., 6.000%, 2/15/2035		475,000		242,250
Pulte Homes, Inc., 6.375%, 5/15/2033		100,000		53,000
Toll Brothers Finance Corp., 5.150%, 5/15/2015		40,000		28,738
				1,962,438
Independent Energy – 5.8%
Encore Acquisition Co., 6.000%, 7/15/2015		275,000		177,375
Encore Acquisition Co., 7.250%, 12/01/2017		115,000		74,175
Forest Oil Corp., 7.250%, 6/15/2019		715,000		521,950
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		595,000		419,475
Hilcorp Energy I LP, 9.000%, 6/01/2016, 144A		185,000		132,275
PetroHawk Energy Corp., 7.875%, 6/01/2015, 144A		300,000		222,000
PetroHawk Energy Corp., 9.125%, 7/15/2013		15,000		12,150
Pioneer Natural Resources Co., 5.875%, 7/15/2016		20,000		13,876
Pioneer Natural Resources Co., 6.875%, 5/01/2018		260,000		181,845
Pioneer Natural Resources Co., 7.200%, 1/15/2028		1,640,000		1,032,004
Swift Energy Co., 7.125%, 6/01/2017		600,000		339,000
Swift Energy Co., 7.625%, 7/15/2011		20,000		15,600
				3,141,725
Industrial Other – 1.0%
Baldor Electric Co., 8.625%, 2/15/2017		325,000		242,125
Chart Industries, Inc., 9.125%, 10/15/2015		305,000		228,750

3

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

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Industrial Other – continued
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A	$	155,000	$	51,150
				522,025
Lodging – 0.4%
Host Marriott LP, Series O, 6.375%, 3/15/2015		50,000		37,250
Royal Caribbean Cruises Ltd., 7.250%, 6/15/2016		315,000		171,675
				208,925
Media Cable – 4.1%
Charter Communications Operating LLC/CAP, 8.000%, 4/30/2012, 144A		170,000		139,400
Comcast Corp., 5.650%, 6/15/2035		80,000		71,122
CSC Holdings, Inc., 7.625%, 7/15/2018		1,260,000		982,800
CSC Holdings, Inc., 7.875%, 2/15/2018		310,000		243,350
Virgin Media Finance PLC, 8.750%, 4/15/2014		870,000		652,500
Virgin Media Finance PLC, 9.125%, 8/15/2016		175,000		129,500
				2,218,672
Media Non-Cable – 0.6%
Clear Channel Communications, Inc., 4.900%, 5/15/2015		5,000		550
Clear Channel Communications, Inc., 5.500%, 12/15/2016		390,000		44,850
Clear Channel Communications, Inc., 5.750%, 1/15/2013		75,000		10,875
Intelsat Corp., 6.875%, 1/15/2028		235,000		132,775
R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		405,000		54,675
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		340,000		45,900
R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017		160,000		24,000
Tribune Co., MTN, 5.250%, 8/15/2015(c)		40,000		1,800
				315,425
Metals & Mining – 0.5%
International Steel Group, Inc., 6.500%, 4/15/2014		75,000		53,327
Novelis, Inc., 7.250%, 2/15/2015		70,000		40,600
United States Steel Corp., 6.050%, 6/01/2017		80,000		52,305
United States Steel Corp., 6.650%, 6/01/2037		275,000		140,344
				286,576
Non-Captive Consumer – 3.6%
SLM Corp., MTN, 5.050%, 11/14/2014		60,000		39,929
SLM Corp., Series A, MTN, 5.000%, 10/01/2013		55,000		39,354
SLM Corp., Series A, MTN, 5.000%, 6/15/2018		65,000		42,902
SLM Corp., Series A, MTN, 5.375%, 1/15/2013		470,000		344,569
SLM Corp., Series A, MTN, 5.375%, 5/15/2014		70,000		47,241
SLM Corp., Series A, MTN, 5.625%, 8/01/2033		850,000		515,649
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		1,135,000		897,355
				1,926,999
Non-Captive Diversified – 6.3%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015		372,000		261,164
CIT Group, Inc., 4.750%, 12/15/2010		148,000		130,279
CIT Group, Inc., 5.400%, 2/13/2012		11,000		8,875
CIT Group, Inc., 5.400%, 1/30/2016		66,000		45,955
CIT Group, Inc., 5.800%, 10/01/2036		146,000		96,426
CIT Group, Inc., 5.850%, 9/15/2016		11,000		7,745
CIT Group, Inc., 12.000%, 12/18/2018		680,000		523,600
CIT Group, Inc., GMTN, 4.250%, 2/01/2010		95,000		87,094

4

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

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
CIT Group, Inc., GMTN, 5.000%, 2/13/2014	$	13,000	$	9,448
CIT Group, Inc., GMTN, 5.000%, 2/01/2015		88,000		61,952
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		10,000		6,320
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017		104,000		72,316
GMAC LLC, 6.000%, 12/15/2011		316,000		255,625
GMAC LLC, 6.625%, 5/15/2012		539,000		419,493
GMAC LLC, 6.750%, 12/01/2014		620,000		425,952
GMAC LLC, 6.875%, 9/15/2011		110,811		90,783
GMAC LLC, 6.875%, 8/28/2012		41,000		31,471
GMAC LLC, 7.000%, 2/01/2012		63,000		50,306
GMAC LLC, 7.250%, 3/02/2011		63,000		54,142
GMAC LLC, 8.000%, 11/01/2031		141,000		83,809
International Lease Finance Corp., Series Q, MTN, 5.250%, 1/10/2013		330,000		223,924
International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		185,000		120,852
International Lease Finance Corp., Series R, MTN, 6.625%, 11/15/2013		340,000		229,088
iStar Financial, Inc., 5.150%, 3/01/2012		130,000		40,950
iStar Financial, Inc., 5.650%, 9/15/2011		45,000		14,400
iStar Financial, Inc., 5.800%, 3/15/2011		20,000		7,000
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		190,000		59,850
				3,418,819
Oil Field Services – 1.6%
Basic Energy Services, Inc., 7.125%, 4/15/2016		700,000		399,000
North American Energy Partners, Inc., 8.750%, 12/01/2011		620,000		471,200
				870,200
Packaging – 0.2%
Stone Container Finance, 7.375%, 7/15/2014		590,000		97,350
Paper – 3.4%
Abitibi-Consolidated, Inc., 6.000%, 6/20/2013		5,000		437
Bowater, Inc., 6.500%, 6/15/2013		135,000		13,500
Georgia-Pacific LLC, 7.250%, 6/01/2028		215,000		131,150
Georgia-Pacific LLC, 7.375%, 12/01/2025		495,000		316,800
Georgia-Pacific LLC, 7.700%, 6/15/2015		125,000		95,000
Georgia-Pacific LLC, 7.750%, 11/15/2029		525,000		330,750
Georgia-Pacific LLC, 8.000%, 1/15/2024		260,000		175,500
Georgia-Pacific LLC, 8.875%, 5/15/2031		225,000		155,250
Mercer International, Inc., 9.250%, 2/15/2013		140,000		70,000
Sappi Papier Holding AG, 7.500%, 6/15/2032, 144A		290,000		193,321
Westvaco Corp., 7.950%, 2/15/2031		140,000		96,464
Westvaco Corp., 8.200%, 1/15/2030		320,000		243,547
				1,821,719
Pharmaceuticals – 1.6%
Elan Financial PLC, 7.750%, 11/15/2011		800,000		472,000
Elan Financial PLC, 8.875%, 12/01/2013		770,000		400,400
				872,400
Pipelines – 0.9%
Kinder Morgan Finance Co., 5.700%, 1/05/2016		225,000		167,625

5

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

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Pipelines – continued
Knight, Inc., 6.500%, 9/01/2012	$	205,000	$	173,225
Knight, Inc., Senior Note, 5.150%, 3/01/2015		225,000		167,625
				508,475
Refining – 0.7%
Petroplus Finance Ltd., 6.750%, 5/01/2014, 144A		500,000		317,500
Petroplus Finance Ltd., 7.000%, 5/01/2017, 144A		75,000		45,750
				363,250
Retailers – 3.2%
Dillard’s, Inc., 6.625%, 1/15/2018		155,000		55,025
Dillard’s, Inc., 7.000%, 12/01/2028		480,000		156,000
Dillard’s, Inc., 7.130%, 8/01/2018		175,000		58,625
Dillard’s, Inc., 7.875%, 1/01/2023		75,000		23,625
Foot Locker, Inc., 8.500%, 1/15/2022		280,000		212,800
Home Depot, Inc. (The), 5.875%, 12/16/2036		785,000		615,520
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		180,000		97,734
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		300,000		163,678
Toys R Us, Inc., 7.375%, 10/15/2018		985,000		354,600
				1,737,607
Supermarkets – 2.3%
Albertson’s, Inc., 7.450%, 8/01/2029		1,075,000		693,375
Albertson’s, Inc., 7.750%, 6/15/2026		220,000		134,200
Albertson’s, Inc., 8.000%, 5/01/2031		30,000		18,000
Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		605,000		320,650
American Stores Co., 8.000%, 6/01/2026		70,000		43,750
Couche-Tard US/Finance, 7.500%, 12/15/2013		40,000		31,600
				1,241,575
Technology – 4.8%
Activant Solutions, Inc., 9.500%, 5/01/2016		90,000		41,850
Agilent Technologies, Inc., 6.500%, 11/01/2017		270,000		185,599
Amkor Technology, Inc., 7.750%, 5/15/2013		305,000		173,850
Amkor Technology, Inc., 9.250%, 6/01/2016		60,000		34,800
Freescale Semiconductor, Inc., 10.125%, 12/15/2016		480,000		196,800
Lucent Technologies, Inc., 6.450%, 3/15/2029		3,020,000		1,208,000
Lucent Technologies, Inc., 6.500%, 1/15/2028		290,000		113,100
Motorola, Inc., 6.500%, 9/01/2025		165,000		81,666
Nortel Networks Capital Corp., 7.875%, 6/15/2026		860,000		51,600
Nortel Networks Ltd., 6.875%, 9/01/2023		125,000		7,500
Nortel Networks Ltd., 10.125%, 7/15/2013		370,000		92,500
Seagate Technology HDD Holdings, 6.800%, 10/01/2016		750,000		390,000
Unisys Corp, 8.000%, 10/15/2012		15,000		4,200
				2,581,465
Textile – 0.3%
Jones Apparel Group, Inc., 6.125%, 11/15/2034		425,000		170,000
Transportation Services – 0.7%
APL Ltd., 8.000%, 1/15/2024(d)		185,000		97,665
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(f)		34,292		26,405
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(f)		347,188		163,179
Overseas Shipholding Group, 7.500%, 2/15/2024		155,000		103,075
				390,324

6

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

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Wireless – 1.5%
ALLTEL Corp., 7.000%, 7/01/2012	$	5,000	$	4,975
ALLTEL Corp., 7.875%, 7/01/2032		170,000		165,750
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		170,000		71,400
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		40,000		17,000
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		65,000		27,300
Sprint Capital Corp., 6.875%, 11/15/2028		311,000		185,045
Sprint Nextel Corp., 6.000%, 12/01/2016		502,000		353,910
				825,380
Wirelines – 7.9%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A		765,000		520,200
Cincinnati Bell Telephone Co., 6.300%, 12/01/2028		185,000		116,550
Cincinnati Bell, Inc., 8.375%, 1/15/2014		800,000		616,000
Frontier Communications Corp., 7.000%, 11/01/2025		15,000		7,387
Frontier Communications Corp., 7.125%, 3/15/2019		325,000		217,750
Frontier Communications Corp., 7.450%, 7/01/2035		325,000		139,750
Frontier Communications Corp., 7.875%, 1/15/2027		540,000		313,200
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		398,950
Level 3 Financing, Inc., 9.250%, 11/01/2014		835,000		484,300
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,030,000		674,650
Qwest Capital Funding, Inc., 6.875%, 7/15/2028		480,000		288,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		315,000		209,475
Qwest Capital Funding, Inc., 7.750%, 2/15/2031		280,000		175,000
Qwest Corp., 6.875%, 9/15/2033		190,000		113,050
Qwest Corp., 7.250%, 9/15/2025		10,000		6,700
				4,304,337
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $71,457,563)				44,440,809
CONVERTIBLE BONDS – 3.9%
Healthcare – 0.5%
Advanced Medical Optics, Inc., 3.250%, 8/01/2026		125,000		43,750
Affymetrix, Inc., 3.500%, 1/15/2038		480,000		185,400
Life Technologies Corp., 1.500%, 2/15/2024		50,000		37,500
				266,650
Industrial Other – 0.2%
Incyte Corp., 3.500%, 2/15/2011		165,000		87,656
Media Non-Cable – 0.2%
Liberty Media LLC, 3.500%, 1/15/2031		153,309		44,268
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(g)		190,000		93,100
				137,368
Non-Captive Diversified – 0.0% iStar Financial, Inc., 4.383%, 10/01/2012(b)		5,000		1,450
Pharmaceuticals – 0.2%
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024(d)(e)		45,000		9,000
Human Genome Sciences, Inc., 2.250%, 8/15/2012		325,000		88,563
				97,563
REITs – 0.5%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		435,000		281,119

7

PORTFOLIO OF INVESTMENTS - as of December 31,2008 (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	$	200,000	$	108,000
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		45,000		29,925
Maxtor Corp., 5.750%, 3/01/2012(d)		123,000		92,250
				230,175
Wirelines – 1.9%
Level 3 Communications, Inc., 2.875%, 7/15/2010		270,000		167,737
Level 3 Communications, Inc., 6.000%, 9/15/2009		105,000		95,550
Level 3 Communications, Inc., 6.000%, 3/15/2010		1,062,000		743,400
				1,006,687
TOTAL CONVERTIBLE BONDS (Identified Cost $3,394,451)				2,108,668
TOTAL BONDS AND NOTES (Identified Cost $74,852,014)				46,549,477
BANK LOANS – 0.9%
Consumer Products – 0.0%
Mega Bloks, Inc., Term Loan B, 8.750%, 7/26/2012(h)		44,769		11,192
Electric – 0.6%
Calpine Corp., First Priority Term Loan, 4.335%, 3/29/2014(h)		432,814		317,962
Food & Beverage – 0.0%
Dole Food Co., Inc., LOC, 6.819%, 4/12/2013(h)		2,041		1,422
Dole Food Co., Inc., Term Loan, 2.719%, 4/12/2013(h)		1,329		926
Dole Food Co., Inc., Tranche C Term Loan, 4.700%, 4/12/2013(h)		6,518		4,541
				6,889
Media Non-Cable – 0.2%
Idearc, Inc., Term Loan B, 3.417%, 11/17/2014(h)		203,569		61,798
Tribune Co., Tranche X, 7.084%, 6/04/2009(h)		181,970		50,691
				112,489
Wirelines – 0.1%
Hawaiian Telcom Communications, Inc., Term Loan C, 4.500%, 6/01/2014(h)		60,000		22,800
TOTAL BANK LOANS (Identified Cost $847,565)				471,332
	Shares
PREFERRED STOCKS – 1.4%
Automotive – 0.1%
Ford Motor Co. Capital Trust II, 6.500%		6,225		56,212
Capital Markets – 0.1%
Lehman Brothers Holdings Capital Trust I, 6.000%(c)		250		1
Lehman Brothers Holdings, Inc., 5.670%(c)		230		1
Lehman Brothers Holdings, Inc., 5.940%(c)		201		—
Lehman Brothers Holdings, Inc., 6.500%(c)		1,182		2

8

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

Loomis Sayles High Income Opportunities Fund – continued

	Shares	Value (†)
PREFERRED STOCKS – continued
Capital Markets – continued
Lehman Brothers Holdings, Inc., 7.250%(c)	30	$	15
Lehman Brothers Holdings, Inc., 7.950%(c)	1,819		2
Newell Financial Trust I, 5.250%	1,675		41,875
			41,896
Diversified Consumer Services – 0.0%
Six Flags, Inc., 7.250%	2,100		1,512
Diversified Financial Services – 0.2%
Preferred Blocker, Inc., 9.000%	428		107,000
Electric Utilities – 0.6%
AES Trust III, 6.750%	7,975		301,774
Oil, Gas & Consumable Fuels – 0.4%
El Paso Energy Capital Trust I, 4.750%	8,050		205,778
Thrifts & Mortgage Finance – 0.0%
Federal Home Loan Mortgage Corp., 5.000%(f)(i)	500		270
Federal Home Loan Mortgage Corp., 5.570%(f)(i)	7,750		2,480
Federal Home Loan Mortgage Corp., 5.660%(f)(i)	2,300		1,150
Federal Home Loan Mortgage Corp., 5.700%(f)(i)	800		424
Federal Home Loan Mortgage Corp., 5.790%(f)(i)	1,450		1,073
Federal Home Loan Mortgage Corp., 5.810%(f)(i)	550		303
Federal Home Loan Mortgage Corp., 5.900%(f)(i)	1,100		319
Federal Home Loan Mortgage Corp., 6.000%(f)(i)	650		422
Federal Home Loan Mortgage Corp., 6.420%(f)(i)	450		270
Federal Home Loan Mortgage Corp., 6.550%(f)(i)	1,550		465
Federal Home Loan Mortgage Corp., 8.375%(f)(i)	9,450		3,686
Federal National Mortgage Association, 4.750%(f)(i)	1,000		1,030
Federal National Mortgage Association, 5.125%(f)(i)	350		350
Federal National Mortgage Association, 5.375%(f)(i)	700		805
Federal National Mortgage Association, 5.810%(f)(i)	300		366
Federal National Mortgage Association, 6.750%(f)(i)	450		293
Federal National Mortgage Association, 8.250%(f)(i)	14,200		11,786
			25,492
TOTAL PREFERRED STOCKS (Identified Cost $1,832,770)			739,664
COMMON STOCKS – 0.5%
Containers & Packaging – 0.2%
Owens-Illinois, Inc.(f)	3,321		90,763
Oil, Gas & Consumable Fuels – 0.3%
Chesapeake Energy Corp.	9,278		150,025
TOTAL COMMON STOCKS (Identified Cost $447,710)			240,788

9

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

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
SHORT-TERM INVESTMENTS – 7.2%
Repurchase Agreement with State Street Corp. dated 12/31/2008 at 0.010%, to be repurchased at $3,478 on 1/02/2009 collateralized by $5,000 U.S. Treasury Bill, due 2/05/2009 valued at $5,000 including accrued interest(j)	$	3,478	$	3,478
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $3,915,795 on 1/02/2009 collateralized by $4,000,000 Federal Home Loan Bank Discount Note, due 3/31/2009 valued at $3,995,000 including accrued interest(j)		3,915,795		3,915,795
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $3,919,273)				3,919,273
TOTAL INVESTMENTS – 95.9% (Identified Cost $81,899,332)(a)				51,920,534
Other assets less liabilities—4.1%				2,243,549
NET ASSETS – 100.0%			$	54,164,083

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

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

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

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

At December 31, 2008, the net unrealized depreciation on investments based on a cost of $81,993,572 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	$	83,139
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(30,156,177	)
Net unrealized depreciation	$	(30,073,038	)

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

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

(d) Illiquid Security. At December 31, 2008, the value of this security amounted to $891,433 or 1.6% of net assets.

(e) Valued by management. At December 31, 2008, the value of this security amounted to $9,000 or 0.02% of net assets.

10

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

Loomis Sayles High Income Opportunities Fund – continued

(f) Non-income producing security.

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

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

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

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, the total value of these securities amounted to $3,620,240 or 6.7% of net assets.

ABS Asset-Backed Securities

GMTN Global Medium Term Note

LOC Letter of Credit

MTN Medium Term Note

REITs Real Estate Investment Trusts

Fair Value Measurements

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

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

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

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

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

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

Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	4,528,871
Level 2 - Other Significant Observable Inputs		44,061,676
Level 3 - Significant Unobservable Inputs		3,329,987
Total	$	51,920,534

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

Assets	Investments in Securities
Balance as of September 30, 2008	$	1,452,450
Realized gain (loss)		(59,944	)
Change in unrealized appreciation (depreciation)		(2,409,023	)
Net purchases (sales)		665,307
Net reclassifications to/from Level 3		3,681,197
Balance as of December 31, 2008	$	3,329,987

New Accounting Pronouncement

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

11

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

Loomis Sayles High Income Opportunities Fund – continued

NET ASSET SUMMARY AT DECEMBER 31, 2008 (Unaudited)

Wirelines	9.9	%
Electric	7.7
Healthcare	6.6
Non-Captive Diversified	6.3
Independent Energy	5.8
Technology	5.2
Media Cable	4.1
Automotive	3.7
Home Construction	3.6
Non-Captive Consumer	3.6
Paper	3.4
Retailers	3.2
Chemicals	2.8
Supermarkets	2.3
Airlines	2.2
Other Investments, less than 2% each	18.3
Short-Term Investments	7.2
Total Investments	95.9
Other assets less liabilities	4.1
Net Assets	100.0	%

12

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

Loomis Sayles Inflation Protected Securities Fund

		Principal Amount (‡)		Value(†)
BONDS AND NOTES – 97.6% of Net Assets
Automotive – 0.6%
Ford Motor Co., 6.625%, 2/15/2028		$	20,000	$	4,400
Ford Motor Co., 6.625%, 10/01/2028			185,000		40,700
Ford Motor Co., 7.450%, 7/16/2031			140,000		39,200
Ford Motor Co., 7.500%, 8/01/2026			15,000		3,525
					87,825
Banking – 0.9%
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033			10,000		9,116
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			145,000		117,721
					126,837
Construction Machinery – 0.9%
Joy Global, Inc., 6.625%, 11/15/2036			165,000		116,640
Electric – 0.5%
Texas Competitive Electric Holdings Co., Series A, 10.500%, 11/01/2015, 144A			80,000		56,800
TXU Corp., Series Q, 6.500%, 11/15/2024			10,000		3,538
					60,338
Food & Beverage – 0.4%
Dean Foods Co., 6.900%, 10/15/2017			75,000		60,000
Independent Energy – 0.2%
Chesapeake Energy Corp., 6.500%, 8/15/2017			35,000		26,775
Lodging – 0.2%
Royal Caribbean Cruises Ltd., 7.500%, 10/15/2027			50,000		22,500
Metals & Mining – 0.2%
United States Steel Corp., 6.650%, 6/01/2037			55,000		28,069
Non-Captive Consumer – 0.7%
SLM Corp., MTN, 5.050%, 11/14/2014			25,000		16,637
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			30,000		21,466
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			45,000		28,549
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			5,000		3,374
SLM Corp., Series A, MTN, 5.625%, 8/01/2033			45,000		27,299
					97,325
Non-Captive Diversified – 2.2%
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD		200,000		122,782
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD		300,000		188,647
					311,429
Paper – 0.4%
Georgia-Pacific LLC, 7.700%, 6/15/2015			70,000		53,200
Pipelines – 0.2%
Colorado Interstate Gas Co., 5.950%, 3/15/2015			3,000		2,497

1

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

Loomis Sayles Inflation Protected Securities Fund - continued

		Principal Amount (‡)			Value(†)
BONDS AND NOTES – continued
Pipelines – continued
Southern Natural Gas Co., 7.350%, 2/15/2031		$	30,000		$	23,319
						25,816
Sovereigns – 0.8%
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		15,000	(††)		108,770
Technology – 0.8%
Agilent Technologies, Inc., 6.500%, 11/01/2017			105,000			72,177
Lucent Technologies, Inc., 6.450%, 3/15/2029			90,000			36,000
Lucent Technologies, Inc., 6.500%, 1/15/2028			15,000			5,850
						114,027
Textile – 0.0%
Jones Apparel Group, Inc., 6.125%, 11/15/2034			10,000			4,000
Tobacco – 1.0%
Altria Group, Inc., 9.950%, 11/10/2038			130,000			141,545
Treasuries – 85.1%
U.S. Treasury Inflation Index Bond, 1.375%, 7/15/2018			266,235			248,992
U.S. Treasury Inflation Index Bond, 1.625%, 1/15/2018			1,137,532			1,079,678
U.S. Treasury Inflation Index Bond, 1.750%, 1/15/2028			274,042			253,189
U.S. Treasury Inflation Index Bond, 2.000%, 1/15/2026			174,645			164,507
U.S. Treasury Inflation Index Bond, 2.375%, 1/15/2017			993,709			985,868
U.S. Treasury Inflation Index Bond, 2.375%, 1/15/2025			453,985			446,182
U.S. Treasury Inflation Index Bond, 2.500%, 7/15/2016			305,734			303,321
U.S. Treasury Inflation Index Bond, 3.375%, 4/15/2032			1,537,868			1,896,263
U.S. Treasury Inflation Index Note, 1.625%, 1/15/2015			629,697			583,946
U.S. Treasury Inflation Index Note, 1.875%, 7/15/2013			802,108			755,172
U.S. Treasury Inflation Index Note, 1.875%, 7/15/2015			618,159			583,919
U.S. Treasury Inflation Index Note, 2.000%, 1/15/2014			732,800			694,328
U.S. Treasury Inflation Index Note, 2.000%, 7/15/2014			678,105			641,286
U.S. Treasury Inflation Index Note, 2.000%, 1/15/2016			867,766			831,022
U.S. Treasury Inflation Index Note, 2.375%, 1/15/2027			424,341			426,296
U.S. Treasury Inflation Index Note, 2.625%, 7/15/2017			1,108,018			1,135,459
U.S. Treasury Inflation Index Note, 3.000%, 7/15/2012			741,026			726,263
U.S. Treasury Inflation Index Note, 3.375%, 1/15/2012			134,210			132,763
						11,888,454
Wireless – 0.6%
ALLTEL Corp., 7.875%, 7/01/2032			20,000			19,500
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			20,000			8,400
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			5,000			2,125
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			10,000			4,200
Sprint Capital Corp., 6.875%, 11/15/2028			85,000			50,575
						84,800
Wirelines – 1.9%
AT&T Corp., 8.000%, 11/15/2031			80,000			100,491

2

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

Loomis Sayles Inflation Protected Securities Fund - continued

		Principal Amount (‡)		Value(†)
BONDS AND NOTES – continued
Wirelines – continued
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		30,000	$	20,528
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		5,000		3,281
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		15,000		10,693
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		35,000		21,767
Embarq Corp., 7.995%, 6/01/2036			165,000		111,375
					268,135
TOTAL BONDS AND NOTES (Identified Cost $14,838,657)					13,626,485
		Shares
PREFERRED STOCKS – 0.0%
NON-CONVERTIBLE PREFERRED STOCKS – 0.0%
Thrifts & Mortgage Finance – 0.0%
Federal Home Loan Mortgage Corp., 8.375%(b)(c)			1,160		452
Federal National Mortgage Association, 8.250%(b)(c)			3,500		2,905
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $116,500)					3,357
TOTAL PREFERRED STOCKS (Identified Cost $116,500)					3,357
		Principal Amount (‡)
SHORT-TERM INVESTMENTS – 1.8%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $254,046 on 1/2/2009 collateralized by $255,000 Federal National Mortgage Association, 4.600% due 11/10/2011 valued at $263,288 including accrued interest(d) (Identified Cost $254,046)		$	254,046		254,046
TOTAL INVESTMENTS – 99.4% (Identified Cost $15,209,203)(a)					13,883,888
Other assets less liabilities—0.6%					87,046
NET ASSETS – 100.0%				$	13,970,934

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

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

3

PORTFOLIO OF INVESTMENTS – as of December 31, 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 December 31, 2008, the net unrealized depreciation on investments based on a cost of $15,325,868 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	$	21,859
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,463,839	)
Net unrealized depreciation	$	(1,441,980	)

At September 30, 2008, the Fund had a capital loss carryforward of approximately $174,858 of which $19,853 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) Future dividend payments have been eliminated as the issuer has been placed in conservatorship.

(c) Non-income producing security.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, the total value of these securities amounted to $60,081 or 0.4% of net assets.

GMTN Global Medium Term Note

MTN Medium Term Note

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

Fair Value Measurements

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

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

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

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

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

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

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

4

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

Loomis Sayles Inflation Protected Securities Fund - continued

Securities Purchased Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	254,498
Level 2 - Other Significant Observable Inputs		13,614,697
Level 3 - Significant Unobservable Inputs		14,693
Total	$	13,883,888
Forwards Valuation Inputs	Other Financial Instruments
Level 1 - Quoted Prices	$	—
Level 2 - Other Significant Observable Inputs		(9,717	)
Level 3 - Significant Unobservable Inputs		—
Total	$	(9,717	)

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

Assets	Investments in Securities
Balance as of December 31, 2007	$	—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(3,143	)
Net purchases (sales)		—
Net reclassifications to/from Level 3		17,836
Balance as of December 31, 2008	$	14,693

New Accounting Pronouncement

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

Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell generally are used to hedge a Fund’s investments against currency fluctuation. Also, a contract to buy or sell may offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Risks may arise upon entering into these contrasts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. At December 31, 2008, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date	Currency	Units	Value	Unrealized Depreciation
Sell	1/28/2009	Singapore Dollar	400,000	$277,419	$(9,717)

NET ASSET SUMMARY AT DECEMBER 31, 2008 (Unaudited)

Treasuries	85.1	%
Non-Captive Diversified	2.2
Other Investments, less than 2% each	10.3
Short-Term Investments	1.8
Total Investments	99.4
Other assets less liabilities	0.6
Net Assets	100.0	%

5

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

Loomis Sayles Institutional High Income Fund

		Principal Amount(‡)		Value(†)
BONDS AND NOTES – 86.3% of Net Assets
NON-CONVERTIBLE BONDS – 79.7%
ABS Home Equity – 1.0%
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.621%, 7/25/2036(b)		$	3,000,000	$	2,107,879
Aerospace & Defense – 0.5%
Bombardier, Inc., 7.350%, 12/22/2026	CAD		600,000		364,520
Bombardier, Inc., 7.450%, 5/01/2034, 144A			1,075,000		682,625
					1,047,145
Airlines – 0.4%
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011			23,424		14,055
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			326,771		202,598
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			170,196		98,714
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			479,476		242,135
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			580,841		331,079
					888,581
Automotive – 3.5%
Cummins, Inc., 7.125%, 3/01/2028			350,000		272,167
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		150,000		145,955
Ford Motor Co., 6.500%, 8/01/2018			20,000		4,800
Ford Motor Co., 6.625%, 2/15/2028			30,000		6,600
Ford Motor Co., 6.625%, 10/01/2028			1,510,000		332,200
Ford Motor Co., 7.125%, 11/15/2025			190,000		44,650
Ford Motor Co., 7.450%, 7/16/2031			1,685,000		471,800
Ford Motor Co., 7.500%, 8/01/2026			30,000		7,050
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010			2,980,000		2,532,494
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			940,000		612,285
Ford Motor Credit Co. LLC, 8.625%, 11/01/2010			70,000		52,992
Ford Motor Credit Co. LLC, 9.750%, 9/15/2010			155,000		123,999
Ford Motor Credit Co. LLC, EMTN, 4.875%, 1/15/2010	EUR		130,000		112,038
General Motors Corp., 7.400%, 9/01/2025			5,110,000		766,500
General Motors Corp., 8.250%, 7/15/2023			645,000		96,750
Goodyear Tire & Rubber Co.(The), 7.000%, 3/15/2028			2,090,000		1,045,000
Goodyear Tire & Rubber Co.(The), 7.857%, 8/15/2011			135,000		112,050
Goodyear Tire & Rubber Co.(The), 9.000%, 7/01/2015			633,000		509,565
					7,248,895
Banking – 5.8%
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		50,000,000		1,409,575
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB		11,000,000		309,442
BNP Paribas SA, EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		10,477,600,000		602,991
Goldman Sachs Group, Inc.(The), 5.000%, 10/01/2014			1,305,000		1,166,778
Goldman Sachs Group, Inc.(The), 5.150%, 1/15/2014			665,000		598,918
Goldman Sachs Group, Inc.(The), 6.125%, 2/15/2033			192,000		175,038
Goldman Sachs Group, Inc.(The), 6.750%, 10/01/2037			313,000		254,115
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL		2,200,000		756,833
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		5,376,000,000		298,195

1

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

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount(‡)	Value(†)
BONDS AND NOTES – continued
Banking – continued
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	6,846,018,000	$	379,734
JPMorgan Chase London, EMTN, Zero Coupon Bond, 10/21/2010, 144A	IDR	9,533,078,500		624,854
Kaupthing Bank, 5.453%, 1/15/2010, 144A(b)(c)		200,000		14,000
Kaupthing Bank, Series D, 5.750%, 10/04/2011, 144A(c)		1,600,000		112,000
Morgan Stanley, 5.375%, 10/15/2015		100,000		86,081
Morgan Stanley, 6.750%, 4/15/2011		315,000		309,937
Morgan Stanley, EMTN, 5.450%, 1/09/2017		5,000		4,122
Morgan Stanley, MTN, 6.250%, 8/09/2026		615,000		500,141
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		2,110,000		1,751,260
Morgan Stanley, Series F, MTN, 6.625%, 4/01/2018		2,715,000		2,381,842
Rabobank Nederland, EMTN, 10.250%, 9/10/2009, 144A	ISK	71,000,000		409,856
				12,145,712
Brokerage – 0.0%
Bear Stearns Cos., Inc.(The), 4.650%, 7/02/2018		20,000		18,319
Bear Stearns Cos., Inc.(The), 6.400%, 10/02/2017		5,000		5,196
				23,515
Building Materials – 0.9%
Masco Corp., 5.850%, 3/15/2017		440,000		284,612
Ply Gem Industries, Inc., 9.000%, 2/15/2012(d)(e)		125,000		30,000
USG Corp., 6.300%, 11/15/2016		2,680,000		1,641,500
				1,956,112
Chemicals – 1.5%
Borden, Inc., 7.875%, 2/15/2023		1,824,000		218,880
Borden, Inc., 9.200%, 3/15/2021		2,641,000		396,150
Georgia Gulf Corp., 10.750%, 10/15/2016		480,000		115,200
Hercules, Inc., 6.500%, 6/30/2029(e)		1,743,000		923,790
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		1,405,000		1,106,437
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		400,000		296,000
				3,056,457
Commercial Mortgage-Backed Securities – 0.4%
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		555,000		367,094
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.819%, 6/15/2049(b)		415,000		293,084
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		205,000		144,928
				805,106
Construction Machinery – 0.7%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013		300,000		231,375
United Rentals North America, Inc., 7.000%, 2/15/2014		1,735,000		1,058,350
United Rentals North America, Inc., 7.750%, 11/15/2013		175,000		113,750
				1,403,475
Electric – 4.7%
AES Corp.(The), 7.750%, 3/01/2014		1,185,000		1,042,800
AES Corp.(The), 7.750%, 10/15/2015		645,000		541,800
Dynegy Holdings, Inc., 7.125%, 5/15/2018		100,000		61,000
Dynegy Holdings, Inc., 7.625%, 10/15/2026		490,000		237,650

2

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

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount(‡)		Value(†)
BONDS AND NOTES – continued
Electric – continued
Dynegy Holdings, Inc., 7.750%, 6/01/2019	$	1,250,000	$	862,500
Dynegy Holdings, Inc., 8.375%, 5/01/2016		250,000		177,500
Midwest Generation LLC, Series B, 8.560%, 1/02/2016		121,046		115,599
NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027		1,685,000		724,550
Nisource Finance Corp., 5.250%, 9/15/2017		894,000		541,921
Nisource Finance Corp., 5.400%, 7/15/2014		1,000,000		684,258
NRG Energy, Inc., 7.375%, 2/01/2016		575,000		534,750
Oncor Electric Delivery Co., 6.800%, 9/01/2018, 144A		1,000,000		958,995
Quezon Power Philippines Co., 8.860%, 6/15/2017		370,000		296,000
Reliant Energy, Inc., 7.875%, 6/15/2017		1,025,000		830,250
Texas Competitive Electric Holdings Co. LLC, Series A, 10.500%, 11/01/2015, 144A		380,000		269,800
TXU Corp., Series P, 5.550%, 11/15/2014		920,000		429,850
TXU Corp., Series Q, 6.500%, 11/15/2024		1,515,000		535,989
TXU Corp., Series R, 6.550%, 11/15/2034		420,000		141,788
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(e)		1,000,000		917,172
				9,904,172
Entertainment – 0.0%
Six Flags, Inc., 9.625%, 6/01/2014		140,000		21,000
Food & Beverage – 0.8%
Chiquita Brands International, Inc., 7.500%, 11/01/2014		940,000		639,200
Dean Foods Co., 7.000%, 6/01/2016		225,000		191,250
Dole Food Co., Inc., 7.250%, 6/15/2010		415,000		289,463
Dole Food Co., Inc., 8.625%, 5/01/2009		50,000		45,250
Sara Lee Corp., 6.125%, 11/01/2032		690,000		566,956
				1,732,119
Healthcare – 4.7%
HCA, Inc., 5.750%, 3/15/2014		410,000		248,050
HCA, Inc., 6.250%, 2/15/2013		30,000		18,750
HCA, Inc., 6.300%, 10/01/2012		625,000		440,625
HCA, Inc., 6.375%, 1/15/2015		560,000		341,600
HCA, Inc., 6.500%, 2/15/2016		550,000		338,250
HCA, Inc., 6.750%, 7/15/2013		20,000		12,600
HCA, Inc., 7.050%, 12/01/2027		1,000,000		422,790
HCA, Inc., 7.190%, 11/15/2015		265,000		146,779
HCA, Inc., 7.500%, 12/15/2023		395,000		185,512
HCA, Inc., 7.500%, 11/06/2033		4,200,000		1,953,000
HCA, Inc., 7.690%, 6/15/2025		970,000		426,800
HCA, Inc., 8.360%, 4/15/2024		170,000		78,200
HCA, Inc., 9.125%, 11/15/2014		3,000,000		2,782,500
HCA, Inc., MTN, 7.580%, 9/15/2025		560,000		258,687
HCA, Inc., MTN, 7.750%, 7/15/2036		1,445,000		640,696
Tenet Healthcare Corp., 6.875%, 11/15/2031		3,355,000		1,643,950
				9,938,789
Home Construction – 2.2%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015		185,000		48,100
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		1,068,000		245,640
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		425,000		114,750

3

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

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount(‡)		Value(†)
BONDS AND NOTES – continued
Home Construction – continued
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		$	272,000	$	73,440
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016			755,000		188,750
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013			10,000		2,200
KB Home, 7.250%, 6/15/2018			1,260,000		737,100
Lennar Corp., 7.625%, 3/01/2009			766,000		758,340
Lennar Corp., Series B, 5.125%, 10/01/2010			1,320,000		1,069,200
Lennar Corp., Series B, 5.500%, 9/01/2014			95,000		59,850
Lennar Corp., Series B, 5.600%, 5/31/2015			2,000,000		1,220,000
Pulte Homes, Inc., 6.000%, 2/15/2035			400,000		204,000
					4,721,370
Independent Energy – 1.5%
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		250,000		208,507
Chesapeake Energy Corp., 6.500%, 8/15/2017			155,000		118,575
Chesapeake Energy Corp., 6.875%, 11/15/2020			515,000		370,800
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			704,000		281,600
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A			985,000		694,425
Pioneer Natural Resources Co., 5.875%, 7/15/2016			335,000		232,420
Pioneer Natural Resources Co., 6.875%, 5/01/2018			910,000		636,456
Pioneer Natural Resources Co., 7.200%, 1/15/2028			920,000		578,929
					3,121,712
Local Authorities – 4.7%
Province of Ontario Canada, 4.200%, 3/08/2018	CAD		12,200,000		9,971,783
Media Cable – 0.2%
Virgin Media Finance PLC, 9.125%, 8/15/2016			685,000		506,900
Media Non-Cable – 0.3%
Clear Channel Communications, Inc., 4.900%, 5/15/2015			805,000		88,550
Clear Channel Communications, Inc., 5.500%, 9/15/2014			500,000		60,000
Clear Channel Communications, Inc., 5.500%, 12/15/2016			1,285,000		147,775
Clear Channel Communications, Inc., 5.750%, 1/15/2013			225,000		32,625
Clear Channel Communications, Inc., 6.875%, 6/15/2018			790,000		94,800
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013			510,000		68,850
R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017			1,460,000		219,000
Tribune Co., MTN, 5.250%, 8/15/2015(c)			55,000		2,475
					714,075
Metals & Mining – 2.3%
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A			1,245,000		473,100
Ryerson, Inc., 12.250%, 11/01/2015, 144A			775,000		478,563
United States Steel Corp., 6.050%, 6/01/2017			4,155,000		2,716,614
United States Steel Corp., 7.000%, 2/01/2018			1,845,000		1,257,441
					4,925,718
Non-Captive Consumer – 2.2%
American General Finance Corp., MTN, 5.750%, 9/15/2016			700,000		263,531
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011			120,000		114,239
Hexion US Finance Corp/Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014			1,600,000		456,000
SLM Corp., Series A, MTN, 6.500%, 6/15/2010	NZD		4,720,000		2,422,796
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			1,620,000		1,280,806
					4,537,372

4

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

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount(‡)		Value(†)
BONDS AND NOTES – continued
Non-Captive Diversified – 5.9%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015		$	115,000	$	80,736
CIT Group, Inc., 4.750%, 12/15/2010			205,000		180,454
CIT Group, Inc., 5.400%, 2/13/2012			16,000		12,909
CIT Group, Inc., 5.400%, 1/30/2016			88,000		61,273
CIT Group, Inc., 5.800%, 10/01/2036			200,000		132,091
CIT Group, Inc., 5.850%, 9/15/2016			16,000		11,266
CIT Group, Inc., 12.000%, 12/18/2018			1,112,000		856,240
CIT Group, Inc., EMTN, 3.800%, 11/14/2012	EUR		300,000		234,729
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR		1,050,000		792,811
CIT Group, Inc., EMTN, 5.000%, 5/13/2014	EUR		200,000		158,316
CIT Group, Inc., EMTN, 5.500%, 12/20/2016	GBP		300,000		232,228
CIT Group, Inc., GMTN, 4.250%, 2/01/2010			130,000		119,181
CIT Group, Inc., GMTN, 4.250%, 9/22/2011	EUR		1,750,000		1,440,174
CIT Group, Inc., GMTN, 5.000%, 2/13/2014			64,000		46,515
CIT Group, Inc., GMTN, 5.000%, 2/01/2015			130,000		91,520
CIT Group, Inc., MTN, 4.250%, 3/17/2015	EUR		1,260,000		951,518
CIT Group, Inc., MTN, 5.125%, 9/30/2014			26,000		18,557
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036			22,000		13,904
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017			171,000		118,905
General Electric Capital Corp., 5.625%, 5/01/2018			40,000		40,290
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			30,000		29,366
General Electric Capital Corp., Series A, EMTN, 750%, 9/26/2016(e)(f)	NZD		250,000		130,589
General Electric Capital Corp., Series A, MTN,4.875%, 3/04/2015			205,000		199,678
General Electric Capital Corp., Series A, MTN,6.500%, 9/28/2015(e)(f)	NZD		3,035,000		1,581,032
GMAC LLC, 5.380%, 6/06/2011			442,040		331,530
GMAC LLC, 6.000%, 12/15/2011			937,000		757,977
GMAC LLC, 6.630%, 12/17/2010			23,000		17,940
GMAC LLC, 6.630%, 5/15/2012			47,000		36,579
GMAC LLC, 6.750%, 12/01/2014			149,000		102,366
GMAC LLC, 6.875%, 9/15/2011			53,000		43,421
GMAC LLC, 6.875%, 8/28/2012			94,000		72,153
GMAC LLC, 7.000%, 2/01/2012			110,000		87,835
GMAC LLC, 7.500%, 12/31/2013			314,000		219,800
GMAC LLC, 8.000%, 12/31/2018			585,000		292,500
GMAC LLC, 8.000%, 11/01/2031			208,000		123,633
International Lease Finance Corp., 3.500%, 4/01/2009			385,000		365,560
International Lease Finance Corp., 4.750%, 7/01/2009			745,000		693,614
International Lease Finance Corp., 5.000%, 4/15/2010			335,000		271,903
International Lease Finance Corp., 6.375%, 3/15/2009			430,000		412,829
International Lease Finance Corp., Series R, MTN,5.625%, 9/15/2010			250,000		196,513
iStar Financial, Inc., 5.500%, 6/15/2012			65,000		20,475
iStar Financial, Inc., 5.650%, 9/15/2011			100,000		32,000
iStar Financial, Inc., 5.875%, 3/15/2016			20,000		5,700
iStar Financial, Inc., 6.050%, 4/15/2015			20,000		5,900
iStar Financial, Inc., 8.625%, 6/01/2013			1,770,000		548,700

5

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

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount(‡)		Value(†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
iStar Financial, Inc., Series B, 5.700%, 3/01/2014	$	70,000	$	21,700
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		565,000		177,975
				12,372,885
Packaging – 0.7%
Owens-Illinois, Inc., 7.800%, 5/15/2018		1,555,000		1,383,950
Stone Container Finance, 7.375%, 7/15/2014		980,000		161,700
				1,545,650
Paper – 5.5%
Abitibi Consolidated Co. of Canada, 15.500%, 7/15/2010, 144A		110,000		31,900
Abitibi-Consolidated, Inc., 6.000%, 6/20/2013		250,000		21,875
Abitibi-Consolidated, Inc., 7.400%, 4/01/2018		15,000		1,125
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028		140,000		9,800
Abitibi-Consolidated, Inc., 8.500%, 8/01/2029		15,000		1,050
Abitibi-Consolidated, Inc., 8.850%, 8/01/2030		90,000		6,300
Georgia-Pacific LLC, 7.125%, 1/15/2017, 144A		245,000		205,800
Georgia-Pacific LLC, 7.250%, 6/01/2028		1,240,000		756,400
Georgia-Pacific LLC, 7.750%, 11/15/2029		3,425,000		2,157,750
Georgia-Pacific LLC, 8.000%, 1/15/2024		510,000		344,250
Georgia-Pacific LLC, 8.125%, 5/15/2011		2,130,000		2,002,200
Georgia-Pacific LLC, 8.875%, 5/15/2031		2,230,000		1,538,700
Georgia-Pacific LLC, 9.500%, 12/01/2011		470,000		444,150
International Paper Co., 8.700%, 6/15/2038		2,700,000		1,886,811
Jefferson Smurfit Corp., 7.500%, 6/01/2013		515,000		90,125
Smurfit-Stone Container Enterprises, Inc.,8.000%, 3/15/2017		2,800,000		504,000
Westvaco Corp., 7.950%, 2/15/2031		320,000		220,488
Westvaco Corp., 8.200%, 1/15/2030		1,160,000		882,858
Weyerhaeuser Co., 7.375%, 3/15/2032		650,000		422,013
				11,527,595
Pharmaceuticals – 1.7%
Elan Financial PLC, 7.750%, 11/15/2011		4,525,000		2,669,750
Elan Financial PLC, 8.875%, 12/01/2013		1,735,000		902,200
				3,571,950
Pipelines – 3.6%
Colorado Interstate Gas Co., 5.950%, 3/15/2015		22,000		18,312
El Paso Corp., 6.950%, 6/01/2028		15,000		9,068
El Paso Corp., 7.420%, 2/15/2037		1,055,000		635,726
El Paso Corp., 12.000%, 12/12/2013		2,000,000		1,960,000
El Paso Corp., MTN, 7.800%, 8/01/2031		500,000		325,752
Kinder Morgan Finance Co., 5.700%, 1/05/2016		345,000		257,025
Kinder Morgan, Inc., 6.500%, 9/01/2012		775,000		654,875
Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		50,000		37,250
Southern Natural Gas Co., 7.350%, 2/15/2031		95,000		73,842
Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		890,000		680,971
Williams Cos., Inc.(The), 7.500%, 1/15/2031		4,125,000		2,763,750
Williams Cos., Inc.(The), 8.750%, 3/15/2032		115,000		85,675
				7,502,246

6

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

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount(‡)		Value(†)
BONDS AND NOTES – continued
Property & Casualty Insurance – 0.2%
MBIA Insurance Corp.,(fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		$	690,000	$	351,900
Railroads – 0.1%
Missouri Pacific Railroad Co., 4.750%, 1/01/2020(e)			30,000		18,000
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(e)			314,000		147,580
					165,580
REITs – 1.0%
ProLogis, 5.500%, 4/01/2012			1,385,000		761,750
ProLogis, 6.625%, 5/15/2018			1,935,000		925,555
Simon Property Group LP, 5.250%, 12/01/2016			500,000		319,491
					2,006,796
Retailers – 4.0%
Dillard’s, Inc., 6.625%, 1/15/2018			500,000		177,500
Dillard’s, Inc., 7.000%, 12/01/2028			450,000		146,250
Dillard’s, Inc., 7.130%, 8/01/2018			750,000		251,250
Dillard’s, Inc., 7.750%, 7/15/2026			1,500,000		472,500
Foot Locker, Inc., 8.500%, 1/15/2022			1,679,000		1,276,040
Home Depot, Inc.(The), 5.400%, 3/01/2016			1,140,000		1,020,209
Home Depot, Inc.(The), 5.875%, 12/16/2036			1,110,000		870,353
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			880,000		495,533
Macy’s Retail Holdings, Inc., 7.875%, 7/15/2015			2,365,000		1,703,425
Toys R Us, Inc., 7.375%, 10/15/2018			5,185,000		1,866,600
Toys R Us, Inc., 7.875%, 4/15/2013			197,000		76,830
					8,356,490
Sovereigns – 4.1%
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		1,881,000,000		149,237
Indonesia Treasury Bond, Series ZC3, Zero Coupon Bond, 11/20/2012	IDR		4,897,000,000		288,261
Mexican Fixed Rate Bonds, Series M-20,8.000%, 12/07/2023	MXN		95,000(††)		671,315
Mexican Fixed Rate Bonds, Series MI-10,9.000%, 12/20/2012	MXN		365,000(††)		2,757,432
Mexico Government International Bond, Series A, MTN, 6.050%, 1/11/2040			112,000		108,640
Republic of Brazil, 10.250%, 1/10/2028	BRL		4,170,000		1,609,348
Republic of Iceland, 7.000%, 3/17/2010	ISK		18,085,000		100,490
Republic of Iceland, 8.500%, 6/12/2009	ISK		24,240,000		140,679
Republic of Indonesia, 6.625%, 2/17/2037, 144A			3,132,000		2,286,360
Republic of Indonesia, 7.750%, 1/17/2038, 144A			650,000		539,500
					8,651,262
Supermarkets – 1.3%
Albertson’s, Inc., 7.450%, 8/01/2029			1,525,000		983,625
Albertson’s, Inc., 8.000%, 5/01/2031			480,000		288,000
Albertson’s, Inc., 8.700%, 5/01/2030			180,000		116,100
Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			240,000		127,200
American Stores Co., 8.000%, 6/01/2026			110,000		68,750
American Stores Co., Series B, MTN, 7.100%, 3/20/2028			1,865,000		1,109,675
					2,693,350

7

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

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount(‡)	Value(†)
BONDS AND NOTES – continued
Supranational – 2.4%
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/11/2009	BRL	11,000,000	$	4,304,245
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/20/2013	IDR	8,600,000,000		438,206
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK	42,500,000		243,955
				4,986,406
Technology – 2.8%
Affiliated Computer Services, Inc., 5.200%, 6/01/2015		496,000		357,120
Agilent Technologies, Inc., 6.500%, 11/01/2017		1,180,000		811,136
Amkor Technology, Inc., 7.125%, 3/15/2011		400,000		269,000
Amkor Technology, Inc., 7.750%, 5/15/2013		2,120,000		1,208,400
Corning, Inc., 6.850%, 3/01/2029		701,000		541,616
Freescale Semiconductor, Inc., 10.125%, 12/15/2016		1,047,000		429,270
Lucent Technologies, Inc., 6.450%, 3/15/2029		4,615,000		1,846,000
Motorola, Inc., 5.220%, 10/01/2097		80,000		26,601
Motorola, Inc., 6.500%, 11/15/2028		70,000		30,924
Motorola, Inc., 6.625%, 11/15/2037		70,000		32,900
Nortel Networks Capital Corp., 7.875%, 6/15/2026		2,280,000		136,800
Nortel Networks Ltd., 6.875%, 9/01/2023		1,000,000		60,000
Nortel Networks Ltd., 10.125%, 7/15/2013		400,000		100,000
				5,849,767
Textile – 0.2%
Jones Apparel Group, Inc., 6.125%, 11/15/2034		890,000		356,000
Kellwood Co., 7.625%, 10/15/2017(e)		500,000		45,000
				401,000
Transportation Services – 1.8%
APL Ltd., 8.000%, 1/15/2024(e)		2,685,000		1,417,465
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016(g)		397,855		298,392
Atlas Air, Inc., Series 1999-1C, 8.770%, 7/02/2012(g)		399,542		219,748
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(g)		40,344		20,172
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(g)		2,207,572		1,699,830
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(g)		289,324		135,982
				3,791,589
Wireless – 2.1%
ALLTEL Corp., 6.800%, 5/01/2029		500,000		435,000
ALLTEL Corp., 7.875%, 7/01/2032		540,000		526,500
Fairpoint Communications, Inc., 13.125%, 4/01/2018, 144A		720,000		345,600
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		1,995,000		837,900
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		765,000		325,125
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		805,000		338,100
Sprint Capital Corp., 6.875%, 11/15/2028		1,325,000		788,375
Sprint Capital Corp., 6.900%, 5/01/2019		815,000		578,650
True Move Co. Ltd., 10.750%, 12/16/2013, 144A		600,000		246,000
				4,421,250
Wirelines – 4.0%
Bell Canada, MTN, 5.000%, 2/15/2017	CAD	105,000		71,850
Bell Canada, MTN, 7.300%, 2/23/2032	CAD	275,000		196,031

8

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

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount(‡)	Value(†)
BONDS AND NOTES – continued
Wirelines – continued
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD	220,000	$	136,820
Frontier Communications Corp., 7.875%, 1/15/2027		1,830,000		1,061,400
Frontier Communications Corp., 9.000%, 8/15/2031		680,000		428,400
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(c)		50,000		250
Level 3 Financing, Inc., 8.750%, 2/15/2017		590,000		297,950
Level 3 Financing, Inc., 9.250%, 11/01/2014		290,000		168,200
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,034,000		677,270
Qwest Capital Funding, Inc., 6.875%, 7/15/2028		800,000		480,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		290,000		192,850
Qwest Capital Funding, Inc., 7.750%, 2/15/2031		1,550,000		968,750
Qwest Corp., 6.500%, 6/01/2017		210,000		155,400
Qwest Corp., 6.875%, 9/15/2033		1,936,000		1,151,920
Qwest Corp., 7.200%, 11/10/2026		500,000		322,500
Qwest Corp., 7.250%, 9/15/2025		515,000		345,050
Qwest Corp., 7.250%, 10/15/2035		1,407,000		879,375
Qwest Corp., 7.500%, 6/15/2023		1,115,000		780,500
				8,314,516
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $227,866,066)				167,288,119
CONVERTIBLE BONDS – 6.6%
Healthcare – 0.3%
Advanced Medical Optics, Inc., 3.250%, 8/01/2026		285,000		99,750
Affymetrix, Inc., 3.500%, 1/15/2038		1,216,000		469,680
				569,430
Industrial Other – 0.3%
Incyte Corp., 3.500%, 2/15/2011		1,100,000		584,375
Media Non-Cable – 0.6%
Liberty Media LLC, 3.500%, 1/15/2031		62,152		17,946
Sinclair Broadcast Group, Inc., 3.000%, 5/15/2027		410,000		219,350
Sinclair Broadcast Group, Inc.,(Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(h)		1,885,000		923,650
				1,160,946
Pharmaceuticals – 2.6%
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024(e)(f)		230,000		46,000
Human Genome Sciences, Inc., 2.250%, 8/15/2012		980,000		267,050
Nektar Therapeutics, 3.250%, 9/28/2012		1,180,000		693,250
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		1,230,000		1,110,075
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		1,080,000		934,200
Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		1,805,000		2,468,337
				5,518,912
REITs – 0.4%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		1,250,000		807,813
Technology – 0.8%
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		420,000		189,525
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		350,000		232,750
Maxtor Corp., 5.750%, 3/01/2012(e)		1,489,000		1,116,750
Nortel Networks Corp., 2.125%, 4/15/2014		795,000		111,300

9

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

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount(‡)		Value(†)
BONDS AND NOTES – continued
Technology – continued
Richardson Electronics Ltd., 7.750%, 12/15/2011	$	132,000	$	112,200
				1,762,525
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		19,000		17,100
Wirelines – 1.6%
Level 3 Communications, Inc., 2.875%, 7/15/2010		2,005,000		1,245,606
Level 3 Communications, Inc., 3.500%, 6/15/2012		155,000		54,638
Level 3 Communications, Inc., 6.000%, 9/15/2009		1,820,000		1,656,200
Level 3 Communications, Inc., 6.000%, 3/15/2010		615,000		430,500
				3,386,944
TOTAL CONVERTIBLE BONDS (Identified Cost $17,769,852)				13,808,045
TOTAL BONDS AND NOTES (Identified Cost $245,635,918)				181,096,164
BANK LOANS – 1.5%
Consumer Products – 0.0%
Mega Bloks, Inc., Term Loan B, 8.750%, 7/26/2012(i)		99,486		24,871
Food & Beverage – 0.9%
Dole Food Co., Inc., LOC, 6.819%, 4/12/2013(i)		312,472		217,690
Dole Food Co., Inc., Term Loan, 2.715%, 4/12/2013(i)		534,442		372,330
Dole Food Co., Inc., Tranche C Term Loan,4.701%, 4/12/2013(i)		1,961,648		1,366,621
				1,956,641
Media Non-Cable – 0.1%
Idearc, Inc., Term Loan B, 3.417%, 11/17/2014(i)		526,353		159,785
Tribune Co., Tranche X, 7.084%, 6/04/2009(i)		25,600		7,131
				166,916
Paper – 0.5%
Smurfit-Stone Container Corp., Deposit Funded Loan, 5.926%, 11/01/2010(i)		307,219		191,705
Smurfit-Stone Container Corp., Term Loan B, 4.032%, 11/01/2011(i)		344,626		215,047
Smurfit-Stone Container Corp., Term Loan C, 4.066%, 11/01/2011(i)		649,564		405,328
Smurfit-Stone Container Corp., Term Loan C1,3.438%, 11/01/2011(i)		196,392		122,548
				934,628
Wirelines – 0.0%
Hawaiian Telecom Communications, Inc., Term Loan C, 4.500%, 6/01/2014(i)		155,000		58,900
TOTAL BANK LOANS (Identified Cost $3,820,273)				3,141,956

10

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

Loomis Sayles Institutional High Income Fund - continued

	Shares	Value(†)
COMMON STOCKS – 2.8%
Biotechnology – 1.2%
Vertex Pharmaceuticals, Inc.(g)	82,587	$	2,508,993
Communications Equipment – 0.3%
Corning, Inc.	69,766		664,870
Containers & Packaging – 0.5%
Owens-Illinois, Inc.(g)	40,621		1,110,172
Food Products – 0.0%
ConAgra Foods, Inc.	3,100		51,150
Household Durable – 0.1%
KB Home	6,775		92,276
Oil, Gas & Consumable Fuels – 0.0%
Chesapeake Energy Corp.	2,846		46,020
Pharmaceuticals – 0.5%
Bristol-Myers Squibb Co.	43,200		1,004,400
REITs – 0.2%
Apartment Investment & Management Co.	5,385		62,197
Associated Estates Realty Corp.	32,565		297,318
Developers Diversified Realty Corp.	7,125		34,770
			394,285
TOTAL COMMON STOCKS (Identified Cost $5,253,417)			5,872,166
PREFERRED STOCKS – 1.6%
CONVERTIBLE PREFERRED STOCKS – 1.0%
Automotive – 0.1%
Ford Motor Co. Capital Trust II, 6.500%	27,177		245,409
General Motors Corp., 6.250%	11,236		35,955
			281,364
Commercial Banks – 0.0%
Wachovia Corp., Series L, Class A, 7.500%	138		103,500
Diversified Consumer Services – 0.0%
Six Flags, Inc., 7.250%	39,950		28,764
Diversified Financial Services – 0.1%
CIT Group, Inc., 8.750%	5,500		158,730
Electric Utilities – 0.4%
AES Trust III, 6.750%	17,119		647,783
CMS Energy Trust I, 7.750%(e)(f)	4,150		124,500
			772,283
Machinery – 0.1%
United Rentals Trust, 6.500%	14,328		214,920
Oil, Gas & Consumable Fuels – 0.1%
El Paso Energy Capital Trust I, 4.750%	5,700		145,706

11

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

Loomis Sayles Institutional High Income Fund - continued

	Shares	Value(†)
PREFERRED STOCKS – continued
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%	1,100	$	7,425
Semiconductors & Semiconductor Equipment – 0.2%
Lucent Technologies Capital Trust, 7.750%	1,150		353,038
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $5,078,161)			2,065,730
NON-CONVERTIBLE PREFERRED STOCKS – 0.6%
Capital Markets – 0.1%
Lehman Brothers Holdings Capital Trust I, 6.000%(c)	725		4
Lehman Brothers Holdings, Inc., 5.670%(c)	1,362		5
Lehman Brothers Holdings, Inc., 5.940%(c)	1,535		—
Lehman Brothers Holdings, Inc., 6.500%(c)	6,334		10
Lehman Brothers Holdings, Inc., 7.950%(c)	14,011		21
Merrill Lynch & Co., Inc., 6.375%	18,000		268,740
			268,780
Diversified Financial Services – 0.1%
Preferred Blocker, Inc., 9.000%	448		112,000
Thrifts & Mortgage Finance – 0.4%
Countrywide Capital IV, 6.750%, 4/01/2033	7,075		117,445
Federal Home Loan Mortgage Corp., 5.000%(g)(j)	1,350		729
Federal Home Loan Mortgage Corp., 5.570%(g)(j)	31,000		9,920
Federal Home Loan Mortgage Corp., 5.660%(g)(j)	986,100		493,050
Federal Home Loan Mortgage Corp., 5.700%(g)(j)	2,200		1,166
Federal Home Loan Mortgage Corp., 5.790%(g)(j)	7,100		5,254
Federal Home Loan Mortgage Corp., 5.810%(g)(j)	1,600		880
Federal Home Loan Mortgage Corp., 5.900%(g)(j)	4,700		1,363
Federal Home Loan Mortgage Corp., 6.000%(g)(j)	1,700		1,105
Federal Home Loan Mortgage Corp., 6.420%(g)(j)	151,250		90,750
Federal Home Loan Mortgage Corp., 6.550%(g)(j)	4,150		1,245
Federal Home Loan Mortgage Corp., 8.375%(g)(j)	28,100		10,959
Federal National Mortgage Association, 4.750%(g)(j)	4,850		4,995
Federal National Mortgage Association, 5.125%(g)(j)	900		900
Federal National Mortgage Association, 5.375%(g)(j)	1,850		2,128
Federal National Mortgage Association, 5.810%(g)(j)	1,400		1,708
Federal National Mortgage Association, 6.750%(g)(j)	2,200		1,430
Federal National Mortgage Association, 8.250%(g)(j)	73,150		60,714
			805,741
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $3,547,206)			1,186,521
TOTAL PREFERRED STOCKS (Identified Cost $8,625,367)			3,252,251
CLOSED END INVESTMENT COMPANIES – 1.0%
BlackRock Senior High Income Fund, Inc.	15,920		38,208
DWS High Income Trust	22,522		65,314
Dreyfus High Yield Strategies Fund	78,008		173,958
Highland Credit Strategies Fund	31,505		179,578

12

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

Loomis Sayles Institutional High Income Fund - continued

	Shares		Value(†)
CLOSED END INVESTMENT COMPANIES – continued
Van Kampen High Income Trust II		42,002	$	74,764
Western Asset High Income Opportunity Fund, Inc.		176,050		700,679
Western Asset Managed High Income Fund, Inc.		222,550		948,063
TOTAL CLOSED END INVESTMENT COMPANIES (Identified Cost $3,511,224)				2,180,564
	Shares/Principal Amount(‡)
SHORT-TERM INVESTMENTS – 8.8%
State Street Navigator Securities Lending Prime Portfolio(k)	$	31,640		31,640
Repurchase Agreement with State Street Corp., dated 12/31/08 at 0.010% to be repurchased at $16,766 on 1/02/09 collateralized by $20,000 U.S. Treasury Bill, due 2/05/09 with a value of $19,999, including accrued interest(l)		16,766		16,766
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/08 at 0.000% to be repurchased at $18,426,615 on 1/02/09 collateralized by $18,405,000 Federal Home Loan Bank, 2.275% due 4/24/09 with a value of $18,796,106, including accrued interest(l)		18,426,615		18,426,615
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $18,475,021)				18,475,021
TOTAL INVESTMENTS – 102.0% (Identified Cost $285,321,220)(a)				214,018,122
Other assets less liabilities—(2.0)%				(4,234,663	)
NET ASSETS – 100.0%			$	209,783,459

(‡) 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. 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.

13

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

Loomis Sayles Institutional High Income Fund - continued

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

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

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

At December 31, 2008, the net unrealized depreciation on investments based on a cost of $285,360,322 for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	6,563,280
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(77,905,480	)
Net unrealized depreciation	$	(71,342,200	)

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

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

(d) All or a portion of this security was on loan to brokers at December 31, 2008. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The value (including accrued interest) of the security on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2008 were $31,075 and $31,640, respectively.

(e) Illiquid security. At December 31, 2008, the value of these securities amounted to $6,497,878 or 3.1% of net assets.

(f) Valued by management. At December 31, 2008, the value of these securities amounted to $1,882,121 or 0.9% of net assets.

(g) Non-income producing security.

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

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

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

(k) Represents investment of securities lending collateral.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, the total value of these securities amounted to $13,571,461 or 6.5% of net assets.

ABS Asset-Backed Securities

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: Icelandic Krona; MXN: Mexican Peso; NZD: New Zealand Dollar; THB: Thai Baht

Fair Value Measurements

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

14

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

Loomis Sayles Institutional High Income Fund - continued

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

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

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

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

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

Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	28,263,545
Level 2 - Other Significant Observable Inputs		169,699,503
Level 3 – Significant Unobservable Inputs		16,055,074
Total	$	214,018,122

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

Assets	Investments in Securities
Balance as of September 30, 2008	$	10,040,606
Realized gain(loss)		(151,961	)
Change in unrealized appreciation(depreciation)		(9,673,708	)
Net purchases(sales)		4,196,651
Net reclassifications to/from Level 3		11,643,486
Balance as of December 31, 2008	$	16,055,074

New Accounting Pronouncement

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

15

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

Loomis Sayles Institutional High Income Fund - continued

NET ASSET SUMMARY AT DECEMBER 31, 2008 (Unaudited)

Paper	6.0	%
Non-Captive Diversified	5.9
Banking	5.8
Wirelines	5.6
Healthcare	5.0
Pharmaceuticals	4.8
Local Authorities	4.7
Electric	4.7
Sovereigns	4.1
Retailers	4.0
Technology	3.6
Automotive	3.6
Pipelines	3.6
Supranational	2.4
Metals & Mining	2.3
Home Construction	2.2
Non-Captive Consumer	2.2
Wireless	2.1
Other Investments, less than 2% each	20.6
Short-Term Investments	8.8
Total Investments	102.0
Other assets less liabilities	(2.0	)
Net Assets	100.0	%

16

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

Loomis Sayles Intermediate Duration Fixed Income Fund

	Principal Amount (‡)		Value(†)
BONDS AND NOTES – 98.4% of Net Assets
NON-CONVERTIBLE BONDS – 98.4%
ABS Credit Card – 3.3%
BA Credit Card Trust, Series 2008-A5, Class A5, 2.395%, 12/16/2013(b)	$	260,000	$	231,122
Chase Issuance Trust, Series 2007-A16, Class A16, 2.296%, 6/16/2014(b)		315,000		261,121
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		255,000		166,479
Discover Card Master Trust I, 1.245%, 10/16/2014(b)		150,000		120,173
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 1.455%, 8/16/2021(b)		140,000		75,827
				854,722
ABS Home Equity – 1.2%
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A2, 3.872%, 3/25/2020		32,410		31,564
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		135,000		80,595
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021		247,760		140,480
GSAMP Trust, Series 2005-WMC3, Class A2B, 0.711%, 12/25/2035(b)		79,058		65,914
				318,553
Aerospace & Defense – 0.6%
General Dynamics Corp., 5.250%, 2/01/2014		155,000		158,847
Asset-Backed Securities – 0.8%
Americredit Automobile Receivables Trust, Series 2004-DF, Class A4, 3.430%, 7/06/2011		57,496		54,175
Navistar Financial Corp. Owner Trust, Series 2004-B, Class A4, 3.530%, 10/15/2012		122,304		121,088
USAA Auto Owner Trust, Series 2006-1, Class A3, 5.010%, 9/15/2010		25,756		25,697
				200,960
Automotive – 0.6%
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		235,000		162,368
Banking – 9.0%
Bank of America Corp., 5.650%, 5/01/2018		280,000		281,662
Bank One Corp., 5.900%, 11/15/2011		5,000		5,016
Citigroup, Inc., 5.300%, 10/17/2012		325,000		313,211
Credit Suisse NY, 6.000%, 2/15/2018		110,000		101,016
Goldman Sachs Group, Inc. (The), 4.500%, 6/15/2010		210,000		206,932
Goldman Sachs Group, Inc. (The), 5.300%, 2/14/2012		10,000		9,438
Goldman Sachs Group, Inc. (The), 5.450%, 11/01/2012		155,000		147,856
HSBC Finance Corp., 4.750%, 4/15/2010		205,000		203,200
Morgan Stanley, 5.300%, 3/01/2013		400,000		362,756
Suntrust Banks, Inc., 5.250%, 11/05/2012		190,000		186,141
Wachovia Corp., 5.300%, 10/15/2011		175,000		168,774
Wells Fargo & Co., 5.250%, 10/23/2012		305,000		310,653
				2,296,655
Brokerage – 3.0%
Bear Stearns Cos., Inc. (The), 5.350%, 2/01/2012		130,000		127,547
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		280,000		306,840
Merrill Lynch & Co., Inc., 5.450%, 2/05/2013		350,000		336,436
				770,823

1

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

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value(†)
BONDS AND NOTES – continued
Chemicals – 0.7%
Lubrizol Corp., 4.625%, 10/01/2009	$	5,000	$	4,911
PPG Industries, Inc., 5.750%, 3/15/2013		170,000		168,119
				173,030
Collateralized Mortgage Obligation – 0.8%
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 6.013%, 7/25/2021(b)		263,696		202,386
Commercial Mortgage-Backed Securities – 9.1%
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.739%, 5/10/2045(b)		205,000		167,431
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		490,000		384,106
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.712%, 6/11/2040(b)		250,000		194,658
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		140,000		121,545
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039		410,000		340,972
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A2, 5.861%, 4/15/2045(b)		375,000		320,697
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030		230,000		201,252
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.423%, 2/12/2039(b)		320,000		257,716
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.909%, 6/12/2046(b)		210,000		168,255
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.742%, 8/12/2041(b)		205,000		176,158
				2,332,790
Construction Machinery – 0.9%
Caterpillar Financial Services, MTN, 4.850%, 12/07/2012		160,000		151,806
John Deere Capital Corp., MTN, 4.500%, 4/03/2013		90,000		86,153
				237,959
Consumer Products – 1.2%
Koninklijke (Royal) Philips Electronics NV, 4.625%, 3/11/2013		175,000		164,560
Newell Rubbermaid, Inc., 5.500%, 4/15/2013		170,000		148,966
				313,526
Diversified Manufacturing – 0.7%
Honeywell International, Inc., 4.250%, 3/01/2013		175,000		174,662
Electric – 3.7%
Carolina Power & Light Co., 6.500%, 7/15/2012		5,000		4,923
Consolidated Edison Co. of NY, Inc., 7.125%, 12/01/2018		125,000		134,409
Duke Energy Corp., 5.625%, 11/30/2012		150,000		152,761
Nisource Finance Corp., 7.875%, 11/15/2010		145,000		132,688
Pacific Gas & Electric Co., 3.600%, 3/01/2009		5,000		4,986
Pacific Gas & Electric Co., 6.250%, 12/01/2013		135,000		139,601
Southern California Edison Co., 5.750%, 3/15/2014		165,000		172,910
Virginia Electric and Power Co., 5.100%, 11/30/2012		205,000		200,413
				942,691
Entertainment – 2.0%
Time Warner, Inc., 5.875%, 11/15/2016		165,000		147,920

2

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

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value(†)
BONDS AND NOTES – continued
Entertainment – continued
Time Warner, Inc., 6.500%, 11/15/2036	$	45,000	$	40,797
Viacom, Inc., Class B, 6.875%, 4/30/2036		205,000		162,007
Walt Disney Co., 5.700%, 7/15/2011		145,000		153,842
				504,566
Food & Beverage – 5.1%
Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037		200,000		180,112
Coca-Cola Enterprises, Inc., 7.375%, 3/03/2014		280,000		307,469
Diageo Capital PLC, 7.375%, 1/15/2014		160,000		170,440
General Mills, Inc., 5.650%, 9/10/2012		225,000		229,665
HJ Heinz Finance Co., 6.000%, 3/15/2012		100,000		100,763
Kellogg Co., 5.125%, 12/03/2012		175,000		174,941
Kraft Foods, Inc., 6.750%, 2/19/2014		130,000		134,910
				1,298,300
Healthcare – 2.5%
Hospira, Inc., 5.550%, 3/30/2012		250,000		236,867
Medco Health Solutions, Inc., 6.125%, 3/15/2013		170,000		158,525
UnitedHealth Group, Inc., 4.875%, 2/15/2013		180,000		168,052
WellPoint, Inc., 5.250%, 1/15/2016		100,000		88,526
				651,970
Healthcare Insurance – 0.7%
Aetna, Inc., 7.875%, 3/01/2011		170,000		169,029
Hybrid ARMs – 1.0%
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 6.253%, 9/25/2036(b)		548,988		258,027
Independent Energy – 0.9%
Talisman Energy, Inc., 5.850%, 2/01/2037		15,000		10,434
Talisman Energy, Inc., 6.250%, 2/01/2038		55,000		39,935
XTO Energy, Inc., 4.900%, 2/01/2014		5,000		4,506
XTO Energy, Inc., 5.750%, 12/15/2013		170,000		165,024
				219,899
Media Cable – 2.4%
Comcast Cable Communications, 7.125%, 6/15/2013		110,000		108,066
Comcast Corp., 4.950%, 6/15/2016		160,000		144,229
Cox Communications, Inc., 4.625%, 1/15/2010		5,000		4,838
Cox Communications, Inc., 5.450%, 12/15/2014		215,000		188,030
Time Warner Cable, Inc., 6.200%, 7/01/2013		170,000		160,802
				605,965
Media Non-Cable – 0.6%
Thomson Reuters Corp., 5.950%, 7/15/2013		175,000		162,930
Metals & Mining – 1.1%
United States Steel Corp., 6.050%, 6/01/2017		175,000		114,418
Vale Overseas Ltd., 6.250%, 1/23/2017		165,000		155,562
				269,980
Mortgage Related – 16.8%
Federal Home Loan Mortgage Corp., 4.500%, 12/01/2019		14,891		15,284
Federal Home Loan Mortgage Corp., 4.890%, 1/01/2035(b)		246,723		246,117
Federal Home Loan Mortgage Corp., 5.000%, 5/01/2019		5,601		5,782
Federal Home Loan Mortgage Corp., 5.000%, 1/01/2020		6,600		6,800
Federal Home Loan Mortgage Corp., 5.000%, 8/15/2024		447,350		454,885

3

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

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

		Principal Amount (‡)		Value(†)
BONDS AND NOTES – continued
Mortgage Related – continued
Federal Home Loan Mortgage Corp., 5.500%, 3/01/2013		$	9,062	$	9,418
Federal Home Loan Mortgage Corp., 6.000%, 11/01/2012			15,657		16,212
Federal Home Loan Mortgage Corp., 6.500%, 1/01/2024			4,257		4,470
Federal Home Loan Mortgage Corp., 7.000%, 2/01/2009			40		40
Federal Home Loan Mortgage Corp., 8.000%, 7/01/2025			462		490
Federal National Mortgage Association, 4.500%, 12/01/2019			18,600		19,085
Federal National Mortgage Association, 5.000%, 1/01/2019			302,459		312,235
Federal National Mortgage Association, 5.000%, 2/01/2019			433,324		446,517
Federal National Mortgage Association, 5.375%, 6/12/2017			505,000		589,999
Federal National Mortgage Association, 5.500%, 1/01/2017			46,556		48,287
Federal National Mortgage Association, 5.500%, 1/01/2017			54,390		56,311
Federal National Mortgage Association, 5.500%, 2/01/2017			28,139		29,185
Federal National Mortgage Association, 5.500%, 8/01/2017			650,550		673,517
Federal National Mortgage Association, 5.500%, 9/01/2017			140,682		145,648
Federal National Mortgage Association, 5.500%, 11/01/2017			945		979
Federal National Mortgage Association, 5.500%, 1/01/2020			617,885		638,540
Federal National Mortgage Association, 5.500%, 3/01/2020			529,726		546,937
Federal National Mortgage Association, 6.000%, 9/01/2021			9,589		9,961
Federal National Mortgage Association, 7.500%, 6/01/2016			2,457		2,568
Federal National Mortgage Association, 8.000%, 6/01/2015			3,475		3,669
Government National Mortgage Association, 6.500%, 12/15/2023			10,423		10,868
Government National Mortgage Association, 8.500%, 9/15/2022			3,217		3,437
Government National Mortgage Association, 9.500%, 1/15/2019			7,059		7,688
					4,304,929
Non-Captive Consumer – 0.8%
American Express Co., 5.500%, 9/12/2016			85,000		77,993
American Express Co., 6.150%, 8/28/2017			45,000		43,382
American General Finance Corp., Series H, MTN, 5.375%, 10/01/2012			5,000		2,082
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			10,000		7,155
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			10,000		6,749
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			80,000		63,250
					200,611
Non-Captive Diversified – 3.2%
CIT Group, Inc., 5.850%, 9/15/2016			7,000		4,929
CIT Group, Inc., 12.000%, 12/18/2018			126,000		97,020
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017			78,000		54,238
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			20,000		19,577
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD		500,000		314,411
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015			140,000		136,365
International Lease Finance Corp., Series Q, MTN, 5.750%, 6/15/2011			205,000		149,503

4

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

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value(†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
iStar Financial, Inc., 5.150%, 3/01/2012	$	170,000	$	53,550
				829,593
Oil Field Services – 1.3%
Baker Hughes, Inc., 7.500%, 11/15/2018		155,000		171,842
Weatherford International Ltd., 5.150%, 3/15/2013		175,000		154,100
				325,942
Pharmaceuticals – 0.8%
Abbott Laboratories, 5.150%, 11/30/2012		190,000		202,778
Schering-Plough Corp., 5.550%, 12/01/2013		5,000		5,037
				207,815
Pipelines – 2.3%
Energy Transfer Partners LP, 6.000%, 7/01/2013		170,000		151,221
Enterprise Products Operating LLP, 9.750%, 1/31/2014		125,000		127,286
Kinder Morgan Energy Partners LP, 5.000%, 12/15/2013		185,000		161,328
Spectra Energy Capital LLC, 5.668%, 8/15/2014		175,000		153,495
				593,330
Railroads – 2.0%
Burlington Northern Santa Fe Corp., 7.000%, 2/01/2014		175,000		182,626
Canadian Pacific Railway Co., 5.750%, 5/15/2013		170,000		157,329
CSX Corp., 6.150%, 5/01/2037		30,000		24,006
Union Pacific Corp., 5.750%, 11/15/2017		160,000		151,714
				515,675
REITs – 2.3%
Colonial Realty LP, 4.800%, 4/01/2011		125,000		99,650
Developers Diversified Realty Corp., 3.875%, 1/30/2009		10,000		9,775
ERP Operating LP, 6.625%, 3/15/2012		165,000		135,575
Federal Realty Investment Trust, 5.400%, 12/01/2013		105,000		75,141
First Industrial LP, 5.250%, 6/15/2009		10,000		9,229
ProLogis, 5.500%, 4/01/2012		255,000		140,250
Simon Property Group LP, 5.300%, 5/30/2013		170,000		127,091
				596,711
Retailers – 1.1%
CVS Caremark Corp., 5.750%, 6/01/2017		160,000		150,635
J.C. Penney Corp., Inc., 5.750%, 2/15/2018		50,000		33,190
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012		130,000		96,561
				280,386
Supermarkets – 0.6%
Kroger Co., 6.200%, 6/15/2012		50,000		50,882
Kroger Co., 6.400%, 8/15/2017		35,000		35,296
Kroger Co., 6.750%, 4/15/2012		65,000		65,609
				151,787
Technology – 4.1%
Agilent Technologies, Inc., 6.500%, 11/01/2017		120,000		82,488
Corning, Inc., 6.200%, 3/15/2016		45,000		38,465
Equifax, Inc., 7.000%, 7/01/2037		85,000		53,183
Hewlett Packard Co., 6.125%, 3/01/2014		125,000		132,875
IBM International Group Capital, 5.050%, 10/22/2012		230,000		239,990
National Semiconductor Corp., 6.600%, 6/15/2017		175,000		123,852
Oracle Corp., 4.950%, 4/15/2013		170,000		175,267

5

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

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value(†)
BONDS AND NOTES – continued
Technology – continued
Pitney Bowes, Inc., 5.250%, 1/15/2037	$	95,000	$	83,639
Xerox Corp., 6.400%, 3/15/2016		170,000		132,600
				1,062,359
Tobacco – 1.9%
Altria Group, Inc., 9.700%, 11/10/2018		265,000		286,420
Philip Morris International, Inc., 6.875%, 3/17/2014		185,000		194,414
				480,834
Treasuries – 5.1%
U.S. Treasury Bond, 1.625%, 1/15/2018(c)		744,566		706,699
U.S. Treasury Note, 4.000%, 8/15/2018		75,000		86,607
U.S. Treasury Note, 4.750%, 8/15/2017(c)		45,000		53,803
U.S. Treasury STRIPS, Zero Coupon, Bond, 2/15/2015		535,000		461,906
				1,309,015
Wireless – 1.1%
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		5,000		2,100
Sprint Nextel Corp., 6.000%, 12/01/2016		170,000		119,850
Vodafone Group Plc, 5.350%, 2/27/2012		175,000		172,769
				294,719
Wirelines – 3.1%
AT&T, Inc., 5.100%, 9/15/2014		180,000		176,938
Embarq Corp., 7.995%, 6/01/2036		155,000		104,625
Qwest Corp., 6.875%, 9/15/2033		260,000		154,700
Telecom Italia Capital SA, 4.950%, 9/30/2014		185,000		140,831
Verizon New England, Inc., 6.500%, 9/15/2011		5,000		4,963
Verizon Virginia, Inc., Series A, 4.625%, 3/15/2013		230,000		205,825
				787,882
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $27,357,717)				25,222,226
TOTAL BONDS AND NOTES (Identified Cost $27,357,717)				25,222,226
SHORT-TERM INVESTMENTS – 0.8%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $190,507 on 1/02/2009 collateralized by $190,000 Federal National Mortgage Association, 3.530% due 8/25/2010 valued at $195,463 including accrued interest(d) (Identified Cost $190,507)		190,507		190,507
TOTAL INVESTMENTS – 99.2% (Identified Cost $27,548,224)(a)				25,412,733
Other assets less liabilities—0.8%				212,325
NET ASSETS – 100.0%			$	25,625,058

6

PORTFOLIO OF INVESTMENTS - as of December 31, 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 December 31, 2008, the net unrealized depreciation on investments based on a cost of $27,583,386 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	$	484,419
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(2,655,072	)
Net unrealized depreciation	$	(2,170,653	)

At September 30, 2008, the Fund had a capital loss carryforward of approximately $739,359 of which $3,797 expires on September 30, 2013: $186,919 expires on September 30, 2014: $326,220 expires on September 30, 2015 and $222,423 expires on September 30, 2016. At September 30, 2008 post-October capital loss deferrals were $257,177. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

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

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

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

ABS Asset-Backed Securities

ARMs  Adjustable Rate Mortgages

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 Abbreviation: SGD: Singapore Dollar

7

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

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

Fair Value Measurements

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

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

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

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

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

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

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

Securities Purchased Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	190,507
Level 2 - Other Significant Observable Inputs		24,416,306
Level 3 – Significant Unobservable Inputs		805,920
Total	$	25,412,733
Futures Contracts Valuation Inputs	Other Financial Instruments
Level 1 - Quoted Prices	$	11,868
Level 2 - Other Significant Observable Inputs		—
Level 3 – Significant Unobservable Inputs		—
Total	$	11,868

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

Assets	Investments in Securities
Balance as of December 31, 2007	$	387,534
Realized gain (loss)		(77,334	)
Change in unrealized appreciation (depreciation)		(137,155	)
Net purchases (sales)		(16,600	)
Net reclassifications to/from Level 3		649,475
Balance as of December 31, 2008	$	805,920

New Accounting Pronouncement

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

8

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

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

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 December 31, 2008, open futures contracts purchased were as follows:

Futures	Expiration Date	Contracts	Notional Value		Unrealized Appreciation
10 Year U.S. Treasury Note	3/20/2009	4	$	503,000	$	11,868

NET ASSET SUMMARY AT DECEMBER 31, 2008 (Unaudited)

Mortgage Related	16.8	%
Commercial Mortgage-Backed Securities	9.1
Banking	9.0
Treasuries	5.1
Food & Beverage	5.1
Technology	4.1
Electric	3.7
ABS Credit Card	3.3
Non-Captive Diversified	3.2
Wirelines	3.1
Brokerage	3.0
Healthcare	2.5
Media Cable	2.4
REITs	2.3
Pipelines	2.3
Railroads	2.0
Entertainment	2.0
Other Investments, less than 2% each	19.4
Short-Term Investments	0.8
Total Investments	99.2
Other assets less liabilities (including variation margin on open Futures Contracts)	0.8
Net Assets	100.0	%

9

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

Loomis Sayles Investment Grade Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 93.0% of Net Assets
NON-CONVERTIBLE BONDS – 92.2%
ABS Car Loan – 1.0%
ARG Funding Corp., Series 2005-2A, Class A5, 1.613%, 5/20/2011, 144A(b)		$	3,245,000	$	2,732,928
ABS Credit Card – 0.3%
World Financial Network Credit Card, Series 2008-B, Class M, 7.800%, 10/15/2013			732,000		678,058
ABS Home Equity – 0.2%
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021			287,039		162,751
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021			455,000		93,002
Countrywide Asset-Backed Certificates, Series 2006-S4, Class A3, 5.804%, 7/25/2034			494,720		217,489
					473,242
Aerospace & Defense – 0.1%
Boeing Capital Corp., 6.500%, 2/15/2012			165,000		168,643
Airlines – 1.7%
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 8/10/2022			2,344,635		1,184,041
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			3,455,000		3,159,691
					4,343,732
Asset-Backed Securities – 0.9%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			2,500,000		2,315,680
Automotive – 0.3%
Ford Motor Co., 6.375%, 2/01/2029			2,665,000		586,300
Ford Motor Credit Co. LLC, 7.375%, 10/28/2009			150,000		131,733
General Motors Corp., 8.250%, 7/15/2023			50,000		7,500
					725,533
Banking – 8.9%
BAC Capital Trust VI, 5.625%, 3/08/2035			1,045,000		877,890
Bank of America Corp., 5.420%, 3/15/2017			230,000		204,441
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		940,000,000		762,045
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		70,000,000		1,973,404
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		1,950,000,000		1,591,056
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB		17,000,000		478,229
BNP Paribas SA, EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		7,484,000,000		430,708
Citibank NA, 15.000%, 7/02/2010, 144A	BRL		4,000,000		1,783,139
Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014			1,725,000		1,542,293
Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014			870,000		783,547
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033			250,000		227,915
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			410,000		332,866
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL		8,035,000		2,764,161
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		8,972,574,000		497,690
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		5,376,000,000		298,195
JPMorgan Chase & Co., 4.750%, 5/01/2013			60,000		59,206
JPMorgan Chase London, EMTN, Zero Coupon Bond, 10/21/2010, 144A	IDR		9,533,078,500		624,854
Morgan Stanley, 4.750%, 4/01/2014			245,000		186,663

1

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Banking – continued
Morgan Stanley, 5.375%, 10/15/2015		$	1,300,000	$	1,119,050
Morgan Stanley, 6.750%, 4/15/2011			1,310,000		1,288,943
Morgan Stanley, EMTN, 5.450%, 1/09/2017			260,000		214,313
Morgan Stanley, MTN, 6.250%, 8/09/2026			500,000		406,619
Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018			3,045,000		2,671,348
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017			800,000		660,628
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017			995,000		825,831
Rabobank Nederland, EMTN, 10.250%, 9/10/2009, 144A	ISK		65,000,000		375,220
Washington Mutual Finance Corp., 6.875%, 5/15/2011			135,000		129,022
					23,109,276
Brokerage – 1.5%
Bear Stearns Co., Inc. (The), 5.550%, 1/22/2017			230,000		218,957
Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037(c)			2,030,000		203
Lehman Brothers Holdings, Inc., MTN, (fixed rate to 5/03/2027, variable rate thereafter), 6.000%, 5/03/2032(c)			155,000		15
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			3,770,000		3,388,947
Merrill Lynch & Co., Inc., Series C, MTN, 5.000%, 1/15/2015			235,000		226,666
					3,834,788
Building Materials – 0.1%
Masco Corp., 5.850%, 3/15/2017			500,000		323,423
Chemicals – 1.8%
Lubrizol Corp., 6.500%, 10/01/2034			2,005,000		1,627,062
Methanex Corp., 6.000%, 8/15/2015			980,000		643,120
PPG Industries, Inc., 6.650%, 3/15/2018			2,410,000		2,373,985
					4,644,167
Collateralized Mortgage Obligation– 0.1%
Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021			322,139		223,585
Commercial Mortgage-Backed Securities – 2.7%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.180%, 9/10/2047(b)			160,000		131,133
Banc of America Commercial Mortgage, Inc., Series 2006-1, Class A2, 5.334%, 9/10/2045, Class A(b)			220,000		190,530
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A2, 5.270%, 12/11/2040			280,000		252,121
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4, 5.537%, 10/12/2041			360,000		301,363
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046			155,000		134,568
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.768%, 6/10/2046(b)			480,000		391,210
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040(b)			685,000		453,080
CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020			313,244		243,155
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037			485,000		440,227
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039			805,000		649,326

2

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4, 5.560%, 11/10/2039	$	350,000	$	277,618
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.819%, 6/15/2049(b)		510,000		360,175
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A4, 5.875%, 4/15/2045(b)		600,000		478,654
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		255,000		180,277
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5, 4.739%, 7/15/2030		480,000		387,927
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.882%, 6/15/2038(b)		180,000		148,070
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4, 5.372%, 9/15/2039		390,000		305,957
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A2, 5.303%, 2/15/2040		915,000		721,594
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039(b)		335,000		290,516
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.909%, 6/12/2046(b)		235,000		188,286
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042		350,000		285,942
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047		425,000		346,142
				7,157,871
Distributors – 0.8%
Equitable Resources, Inc., 6.500%, 4/01/2018		2,150,000		2,008,238
Electric – 5.1%
AmerenEnergy Generating Co., Series H, 7.000%, 4/15/2018		2,800,000		2,575,700
Baltimore Gas & Electric Co., 5.200%, 6/15/2033		500,000		353,280
Bruce Mansfield Unit, 6.850%, 6/01/2034(d)		1,550,000		1,232,343
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036		960,000		742,553
Commonwealth Edison Co., 4.700%, 4/15/2015		555,000		497,520
Commonwealth Edison Co., 4.750%, 12/01/2011(d)		41,000		39,907
Commonwealth Edison Co., 5.875%, 2/01/2033		1,180,000		986,297
Dominion Resources, Inc., 5.950%, 6/15/2035		385,000		328,958
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		1,000,000		1,071,026
Illinois Power Co., 6.250%, 4/01/2018		3,385,000		3,023,140
MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		445,000		413,780
MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		1,035,000		1,010,310
Nisource Finance Corp., 6.150%, 3/01/2013		195,000		150,255
Nisource Finance Corp., 6.400%, 3/15/2018		1,255,000		783,217
				13,208,286
Entertainment – 1.1%
Time Warner, Inc., 6.500%, 11/15/2036		410,000		371,701
Time Warner, Inc., 6.625%, 5/15/2029		870,000		771,510
Time Warner, Inc., 6.950%, 1/15/2028		375,000		345,843
Time Warner, Inc., 7.625%, 4/15/2031		245,000		240,788
Time Warner, Inc., 7.700%, 5/01/2032		160,000		160,197

3

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Entertainment – continued
Viacom, Inc., Class B, 6.875%, 4/30/2036		$	1,325,000	$	1,047,117
					2,937,156
Food & Beverage – 1.6%
Anheuser-Busch Cos., Inc., 5.950%, 1/15/2033			995,000		826,317
Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037			1,270,000		1,143,711
Cia Brasileira de Bebidas, 8.750%, 9/15/2013			1,025,000		1,076,250
Kraft Foods, Inc., 6.250%, 6/01/2012			210,000		217,190
Kraft Foods, Inc., 6.500%, 11/01/2031			960,000		921,375
					4,184,843
Foreign Local Governments – 0.1%
Province of Alberta, 5.930%, 9/16/2016	CAD		411,524		375,229
Government Owned - No Guarantee – 1.5%
Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A			2,565,000		2,199,980
DP World Ltd., 6.850%, 7/02/2037, 144A			3,500,000		1,802,738
					4,002,718
Healthcare – 1.2%
Covidien International Finance SA, 6.000%, 10/15/2017			900,000		887,855
Covidien International Finance SA, 6.550%, 10/15/2037			900,000		913,132
HCA, Inc., 5.750%, 3/15/2014			1,020,000		617,100
HCA, Inc., 6.250%, 2/15/2013			195,000		121,875
HCA, Inc., 6.375%, 1/15/2015			95,000		57,950
HCA, Inc., 6.500%, 2/15/2016			55,000		33,825
HCA, Inc., 6.750%, 7/15/2013			30,000		18,900
HCA, Inc., 7.050%, 12/01/2027			100,000		42,279
HCA, Inc., 7.190%, 11/15/2015			190,000		105,238
HCA, Inc., 7.500%, 12/15/2023			75,000		35,224
HCA, Inc., 7.690%, 6/15/2025			175,000		77,000
HCA, Inc., 8.360%, 4/15/2024			305,000		140,300
HCA, Inc., MTN, 7.580%, 9/15/2025			10,000		4,620
HCA, Inc., MTN, 7.750%, 7/15/2036			305,000		135,233
					3,190,531
Home Construction – 2.3%
Centex Corp., 5.250%, 6/15/2015			380,000		235,600
Lennar Corp., Series B, 5.600%, 5/31/2015			1,250,000		762,500
Lennar Corp., Series B, 6.500%, 4/15/2016			770,000		469,700
Pulte Homes, Inc., 5.200%, 2/15/2015			1,265,000		860,200
Pulte Homes, Inc., 6.000%, 2/15/2035			3,340,000		1,703,400
Pulte Homes, Inc., 6.375%, 5/15/2033			1,455,000		771,150
Toll Brothers Finance Corp., 5.150%, 5/15/2015			1,725,000		1,239,306
					6,041,856
Hybrid ARMs – 0.4%
Federal National Mortgage Association, 6.042%, 2/01/2037(b)			394,778		404,146
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 6.207%, 9/25/2036(b)			560,275		263,329
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.591%, 7/25/2035(b)			418,810		251,286

4

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Hybrid ARMs – continued
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 4.997%, 10/25/2035(b)		$	309,083	$	197,621
					1,116,382
Independent Energy – 3.0%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			1,365,000		1,205,717
Anadarko Petroleum Corp., 6.450%, 9/15/2036			1,215,000		958,433
Apache Corp., 6.000%, 1/15/2037			1,940,000		1,881,170
Questar Market Resources, Inc., 6.800%, 4/01/2018			3,365,000		3,237,833
Talisman Energy, Inc., 5.850%, 2/01/2037			15,000		10,434
XTO Energy, Inc., 6.100%, 4/01/2036			65,000		53,972
XTO Energy, Inc., 6.750%, 8/01/2037			435,000		407,405
					7,754,964
Local Authorities – 2.5%
Manitoba (Province of), GMTN, 6.375%, 9/01/2015	NZD		4,635,000		2,868,355
Quebec Province, Series QC, 6.750%, 11/09/2015	NZD		1,185,000		731,913
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		1,735,000		1,259,278
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(d)			2,880,000		1,574,669
					6,434,215
Media Cable – 3.5%
Comcast Corp., 5.650%, 6/15/2035			2,090,000		1,858,075
Comcast Corp., 6.450%, 3/15/2037			1,230,000		1,223,994
Comcast Corp., 6.500%, 11/15/2035			1,570,000		1,562,527
Comcast Corp., 6.950%, 8/15/2037			1,925,000		2,027,125
Time Warner Cable, Inc., 6.750%, 7/01/2018			2,500,000		2,407,012
					9,078,733
Media Non-Cable – 1.0%
Clear Channel Communications, Inc., 5.750%, 1/15/2013			250,000		36,250
News America, Inc., 6.200%, 12/15/2034			950,000		866,919
News America, Inc., 6.400%, 12/15/2035			1,980,000		1,830,031
					2,733,200
Metals & Mining – 0.0%
Teck Cominco Ltd., 7.000%, 9/15/2012			100,000		55,000
Mortgage Related – 4.5%
Federal Home Loan Mortgage Corp., 4.000%, 7/01/2019			319,563		324,045
Federal Home Loan Mortgage Corp., 4.500%, 4/01/2019			635,439		652,205
Federal Home Loan Mortgage Corp., 5.000%, 5/01/2034			206,649		211,644
Federal Home Loan Mortgage Corp., 5.500%, 8/01/2033			509,576		522,894
Federal Home Loan Mortgage Corp., 5.500%, 2/01/2037			579,722		594,059
Federal Home Loan Mortgage Corp., 6.000%, 2/01/2020			222,069		230,284
Federal Home Loan Mortgage Corp., 6.000%, 6/01/2035			408,099		421,762
Federal Home Loan Mortgage Corp., 10.000%, 8/01/2018			3,453		3,912

5

PORTFOLIO OF INVESTMENTS – as of December 31, 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., 10.000%, 10/01/2018	$	2,206	$	2,493
Federal Home Loan Mortgage Corp., MTN, 5.000%, 12/14/2018		281,000		291,261
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035		675,000		690,941
Federal National Mortgage Association, 4.000%, 1/01/2020		172,758		175,589
Federal National Mortgage Association, 4.500%, 3/01/2035		259,632		263,543
Federal National Mortgage Association, 4.500%, 9/01/2035		365,201		370,804
Federal National Mortgage Association, 5.000%, 2/01/2018		104,142		107,834
Federal National Mortgage Association, 5.000%, 6/01/2020		295,569		304,198
Federal National Mortgage Association, 5.000%, 4/01/2034		197,540		202,086
Federal National Mortgage Association, 5.000%, 5/01/2034		199,414		204,003
Federal National Mortgage Association, 5.000%, 5/01/2035		361,830		369,930
Federal National Mortgage Association, 5.000%, 6/01/2035		254,906		260,612
Federal National Mortgage Association, 5.000%, 6/01/2035		147,121		150,415
Federal National Mortgage Association, 5.000%, 8/01/2035		359,315		367,359
Federal National Mortgage Association, 5.500%, 9/01/2016		70,396		73,013
Federal National Mortgage Association, 5.500%, 8/01/2019		46,812		48,377
Federal National Mortgage Association, 5.500%, 12/01/2032		114,707		117,992
Federal National Mortgage Association, 5.500%, 1/01/2033		249,266		256,404
Federal National Mortgage Association, 5.500%, 6/01/2033		376,705		387,911
Federal National Mortgage Association, 5.500%, 7/01/2033		555,794		571,102
Federal National Mortgage Association, 5.500%, 9/01/2034		220,822		226,766
Federal National Mortgage Association, 5.500%, 3/01/2035		76,361		78,416
Federal National Mortgage Association, 5.500%, 3/01/2035		62,832		64,484
Federal National Mortgage Association, 5.500%, 5/01/2035		75,440		77,423
Federal National Mortgage Association, 5.500%, 8/01/2035		144,815		148,623
Federal National Mortgage Association, 5.500%, 12/01/2035		316,950		325,284
Federal National Mortgage Association, 5.500%, 1/01/2036		17,136		17,586

6

PORTFOLIO OF INVESTMENTS – as of December 31, 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%, 2/01/2036	$	7,208	$	7,398
Federal National Mortgage Association, 5.500%, 4/01/2036		399,047		409,539
Federal National Mortgage Association, 5.500%, 6/01/2036		93,986		96,457
Federal National Mortgage Association, 5.730%, 9/01/2036(b)		409,070		415,820
Federal National Mortgage Association, 6.000%, 12/01/2018		26,481		27,518
Federal National Mortgage Association, 6.000%, 12/01/2020		34,101		35,428
Federal National Mortgage Association, 6.000%, 3/01/2021		307,739		320,431
Federal National Mortgage Association, 6.000%, 10/01/2028		28,864		29,916
Federal National Mortgage Association, 6.000%, 10/01/2033		604,865		624,644
Federal National Mortgage Association, 6.500%, 2/01/2011		3,422		3,555
Federal National Mortgage Association, 6.500%, 10/01/2031		91,804		96,078
Federal National Mortgage Association, 6.500%, 10/01/2033		44,193		46,078
Federal National Mortgage Association, 6.500%, 10/01/2033		83,254		86,805
Federal National Mortgage Association, 6.500%, 10/01/2033		63,311		66,011
Federal National Mortgage Association, 6.500%, 11/01/2033		87,964		91,716
Federal National Mortgage Association, 7.000%, 4/25/2020		41,499		43,865
Government National Mortgage Association, 6.500%, 2/20/2028		137,319		144,545
Government National Mortgage Association, 7.000%, 11/20/2025		5,486		5,786
Government National Mortgage Association, 10.000%, 5/15/2018		15,029		16,625
Government National Mortgage Association, 10.000%, 8/15/2018		9,622		10,658
Government National Mortgage Association, 10.000%, 12/15/2018		47,016		52,077
				11,746,204
Non-Captive Consumer – 1.7%
American General Finance Corp., Series H, MTN, 5.375%, 10/01/2012		45,000		18,739
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		2,815,000		1,218,256
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		144,000		137,087
HSBC Finance Corp., 8.000%, 7/15/2010		205,000		208,409
SLM Corp., Series A, MTN, 5.000%, 4/15/2015		70,000		44,409
SLM Corp., Series A, MTN, 5.375%, 1/15/2013		680,000		498,525

7

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – continued
SLM Corp., Series A, MTN, 6.500%, 6/15/2010	NZD	970,000	$	497,905
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		2,385,000		1,885,631
				4,508,961
Non-Captive Diversified – 4.3%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015		255,000		179,024
CIT Group, Inc., 5.400%, 2/13/2012		10,000		8,068
CIT Group, Inc., 5.400%, 1/30/2016		19,000		13,229
CIT Group, Inc., 5.800%, 7/28/2011		240,000		189,600
CIT Group, Inc., 5.800%, 10/01/2036		185,000		122,184
CIT Group, Inc., 5.850%, 9/15/2016		5,000		3,521
CIT Group, Inc., 12.000%, 12/18/2018		1,275,000		981,750
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR	350,000		264,270
CIT Group, Inc., GMTN, 5.000%, 2/13/2014		102,000		74,134
CIT Group, Inc., GMTN, 5.000%, 2/01/2015		17,000		11,968
CIT Group, Inc., MTN, 5.125%, 9/30/2014		155,000		110,629
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		280,000		176,956
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017		65,000		45,198
General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012	AUD	670,000		448,042
General Electric Capital Corp., 5.625%, 5/01/2018		215,000		216,559
General Electric Capital Corp., MTN, 5.875%, 1/14/2038		150,000		146,829
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016(d)(e)	NZD	470,000		245,508
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014(d)(e)	NZD	405,000		227,926
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015		2,230,000		2,172,105
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015(d)(e)	NZD	5,650,000		2,943,272
GMAC LLC, 5.625%, 5/15/2009		1,330,000		1,278,085
GMAC LLC, 6.000%, 12/15/2011		763,000		617,221
GMAC LLC, 7.500%, 12/31/2013		41,000		28,700
GMAC LLC, 8.000%, 12/31/2018		97,000		48,500
International Lease Finance Corp., 6.375%, 3/15/2009		725,000		696,049
				11,249,327
Oil Field Services – 0.1%
Weatherford International Ltd., 6.500%, 8/01/2036		195,000		146,379
Paper – 0.9%
Georgia-Pacific LLC, 7.250%, 6/01/2028		1,500,000		915,000
International Paper Co., 4.000%, 4/01/2010		500,000		481,154
International Paper Co., 4.250%, 1/15/2009		1,000,000		999,655
				2,395,809
Pharmaceuticals – 0.0%
Elan Financial PLC, 7.750%, 11/15/2011		60,000		35,400
Elan Financial PLC, 8.875%, 12/01/2013		170,000		88,400
				123,800
Pipelines – 2.9%
DCP Midstream LP, 6.450%, 11/03/2036, 144A		635,000		461,255
El Paso Corp., 6.950%, 6/01/2028		350,000		211,578
Enterprise Products Operating LLP, 6.300%, 9/15/2017		680,000		575,530

8

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Pipelines – continued
Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014		$	145,000	$	126,324
Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018			5,300,000		4,523,364
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A			965,000		868,687
Southern Natural Gas Co., 5.900%, 4/01/2017, 144A			810,000		641,891
Spectra Energy Capital LLC, 5.500%, 3/01/2014			230,000		201,422
					7,610,051
Property & Casualty Insurance – 1.6%
Allstate Corp., 5.950%, 4/01/2036			470,000		397,899
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014			65,000		57,667
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015			1,842,000		1,640,717
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033			2,360,000		1,738,610
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A			60,000		30,600
Progressive Corp., 7.000%, 10/01/2013			150,000		146,799
Willis North America, Inc., 6.200%, 3/28/2017			225,000		155,877
					4,168,169
Railroads – 0.9%
Canadian Pacific Railway Co., 5.950%, 5/15/2037			115,000		81,096
Canadian Pacific Railway Ltd., MTN, 4.900%, 6/15/2010, 144A	CAD		1,000,000		810,887
CSX Corp., 6.250%, 3/15/2018			670,000		616,249
CSX Corp., MTN, 6.000%, 10/01/2036			210,000		166,328
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(d)			190,000		89,300
Union Pacific Corp., 3.875%, 2/15/2009			325,000		325,599
Union Pacific Corp., 5.375%, 6/01/2033			415,000		331,402
					2,420,861
REITs – 1.5%
Camden Property Trust, 5.700%, 5/15/2017			640,000		416,000
Colonial Realty LP, 4.800%, 4/01/2011			1,840,000		1,466,846
Colonial Realty LP, 5.500%, 10/01/2015			290,000		172,315
Duke Realty LP, 5.950%, 2/15/2017			90,000		44,964
Equity One, Inc., 6.000%, 9/15/2017			1,000,000		564,324
ERP Operating LP, 5.125%, 3/15/2016			30,000		21,225
ERP Operating LP, 5.750%, 6/15/2017			180,000		124,245
Highwoods Properties, Inc., 5.850%, 3/15/2017			80,000		49,488
Highwoods Properties, Inc., 7.500%, 4/15/2018			1,075,000		697,580
ProLogis, 5.625%, 11/15/2015			40,000		19,600
ProLogis, 5.750%, 4/01/2016			35,000		17,455
Realty Income Corp., 6.750%, 8/15/2019			500,000		289,358
Simon Property Group LP, 5.750%, 12/01/2015			55,000		35,926
					3,919,326
Retailers – 1.0%
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			230,000		139,219
Lowe’s Cos., Inc., 5.500%, 10/15/2035			25,000		20,157
Lowe’s Cos., Inc., 5.800%, 10/15/2036			950,000		778,433
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012			355,000		263,684
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			2,275,000		1,281,066
					2,482,559

9

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Sovereigns – 12.3%
Canadian Government, 2.750%, 12/01/2010	CAD	5,410,000		$	4,518,501
Canadian Government, 3.750%, 9/01/2011	CAD	2,000,000			1,721,847
Canadian Government, 3.750%, 6/01/2012	CAD	3,340,000			2,905,245
Canadian Government, 4.000%, 6/01/2016	CAD	1,000,000			900,899
Canadian Government, 4.250%, 9/01/2009	CAD	4,070,000			3,369,907
Canadian Government, 5.250%, 6/01/2012	CAD	11,565,000			10,526,445
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN	140,000	(††)		989,306
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN	460,000	(††)		3,475,120
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD	2,625,000			1,928,773
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD	685,000			497,971
Republic of Iceland, 7.000%, 3/17/2010	ISK	99,510,000			552,932
Republic of Iceland, 8.500%, 6/12/2009	ISK	133,290,000			773,558
					32,160,504
Supranational – 3.9%
European Investment Bank, EMTN, 4.600%, 1/30/2037, 144A	CAD	1,900,000			1,525,725
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/11/2009	BRL	9,000,000			3,521,655
Inter-American Development Bank, EMTN, Zero Coupon Bond, 9/23/2013	IDR	45,300,000,000			2,221,778
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD	4,375,000			2,785,891
					10,055,049
Technology – 4.1%
Avnet, Inc., 6.000%, 9/01/2015		1,970,000			1,508,504
Avnet, Inc., 6.625%, 9/15/2016		270,000			222,956
Corning, Inc., 6.850%, 3/01/2029		10,000			7,726
Corning, Inc., 7.250%, 8/15/2036		1,565,000			1,260,758
Dun & Bradstreet Corp., 6.000%, 4/01/2013		1,970,000			1,860,758
International Business Machines Corp., 4.750%, 11/29/2012		795,000			821,067
Intuit, Inc., 5.750%, 3/15/2017		635,000			469,581
KLA-Tencor Corp., 6.900%, 5/01/2018		1,370,000			1,036,173
Koninklijke (Royal) Philips Electronics N.V., 6.875%, 3/11/2038		2,745,000			2,605,472
Motorola, Inc., 5.220%, 10/01/2097		1,000,000			332,515
Motorola, Inc., 6.500%, 9/01/2025		190,000			94,040
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		475,000			495,791
					10,715,341
Textile – 0.0%
Kellwood Co., 7.625%, 10/15/2017(d)		1,000,000			90,000
Tobacco – 0.3%
Reynolds American, Inc., 6.750%, 6/15/2017		735,000			583,433
Reynolds American, Inc., 7.250%, 6/15/2037		195,000			131,307
					714,740
Transportation Services – 1.0%
APL Ltd., 8.000%, 1/15/2024(d)		100,000			52,792

10

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Transportation Services – continued
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(h)	$	3,429,237	$	2,640,513
				2,693,305
Treasuries – 0.1%
U.S. Treasury Note, 4.250%, 11/15/2013		330,000		376,612
Wireless – 1.0%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		60,000		25,200
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		165,000		70,125
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		510,000		214,200
Sprint Capital Corp., 6.875%, 11/15/2028		234,000		139,230
Sprint Nextel Corp., 6.000%, 12/01/2016		366,000		258,030
Telefonica Emisones SAU, 6.421%, 6/20/2016		185,000		184,679
Vodafone Group PLC, 6.150%, 2/27/2037		1,725,000		1,705,045
				2,596,509
Wirelines – 6.4%
AT&T Corp., 6.500%, 3/15/2029		1,310,000		1,268,831
AT&T, Inc., 6.150%, 9/15/2034		545,000		560,146
AT&T, Inc., 6.500%, 9/01/2037		965,000		1,039,295
BellSouth Corp., 6.000%, 11/15/2034		1,770,000		1,738,602
BellSouth Corp., 6.550%, 6/15/2034		105,000		106,470
GTE Corp., 6.940%, 4/15/2028		50,000		46,268
New England Telephone & Telegraph, 7.875%, 11/15/2029		570,000		500,998
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		500,000		327,500
Telecom Italia Capital, 6.000%, 9/30/2034		1,880,000		1,297,200
Telefonica Emisiones SAU, 7.045%, 6/20/2036		4,075,000		4,447,989
Verizon Communications, Inc., 5.850%, 9/15/2035		3,715,000		3,696,239
Verizon Maryland, Inc., 5.125%, 6/15/2033		290,000		211,126
Verizon New York, Inc., Series B, 7.375%, 4/01/2032		1,110,000		927,172
Verizon Virginia, Inc., Series A, 4.625%, 3/15/2013		505,000		451,920
				16,619,756
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $278,025,603)				240,645,539
CONVERTIBLE BONDS – 0.4%
Pharmaceuticals – 0.2%
Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		298,000		407,515
Watson Pharmaceuticals, Inc., 1.750%, 3/15/2023		125,000		116,250
				523,765
Technology – 0.2%
Avnet, Inc., 2.000%, 3/15/2034		430,000		423,012
Maxtor Corp., 5.750%, 3/01/2012(d)		54,000		40,500
Richardson Electronics Ltd., 7.750%, 12/15/2011		44,000		37,400
				500,912
TOTAL CONVERTIBLE BONDS (Identified Cost $914,027)				1,024,677
MUNICIPALS – 0.4%
Michigan – 0.2%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(d)		1,085,000		629,582

11

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Ohio – 0.2%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(d)	$	750,000	$	407,183
TOTAL MUNICIPALS (Identified Cost $1,813,217)				1,036,765
TOTAL BONDS AND NOTES (Identified Cost $280,752,847)				242,706,981
	Shares
PREFERRED STOCKS – 0.8%
NON-CONVERTIBLE PREFERRED STOCKS – 0.5%
Banking – 0.2%
Bank of America Corp., 7.250%		940		611,000
Capital Markets – 0.0%
Lehman Brothers Holdings, Inc., 7.250% (c)		860		430
Lehman Brothers Holdings, Inc., 7.950% (c)		570		1
				431
Diversified Financial Services – 0.1%
CIT Group, Inc., Series A, 6.350%		12,023		155,097
Preferred Blocker, Inc., 9.000%		161		40,250
				195,347
Electric Utilities – 0.1%
Connecticut Light & Power Co., 4.400%		263		9,455
MDU Resources Group, Inc., 5.100%, 1/01/2011		254		25,463
Public Service Electric & Gas Co., 4.080%		400		28,880
San Diego Gas & Electric Co., 4.500%		100		1,514
Union Electric Co., 4.500%		3,160		226,730
				292,042
Thrifts & Mortgage Finance – 0.1%
Federal Home Loan Mortgage Corp., 5.000% (f)(g)		1,850		999
Federal Home Loan Mortgage Corp., 5.570%(f)(g)		28,450		9,104
Federal Home Loan Mortgage Corp., 5.660% (f)(g)		8,500		4,250
Federal Home Loan Mortgage Corp., 5.700% (f)(g)		2,900		1,537
Federal Home Loan Mortgage Corp., 5.790% (f)(g)		5,400		3,996
Federal Home Loan Mortgage Corp., 5.810% (f)(g)		1,900		1,045
Federal Home Loan Mortgage Corp., 5.900% (f)(g)		4,200		1,218
Federal Home Loan Mortgage Corp., 6.000% (f)(g)		2,400		1,560
Federal Home Loan Mortgage Corp., 6.420% (f)(g)		1,700		1,020
Federal Home Loan Mortgage Corp., 6.550% (f)(g)		11,075		3,322
Federal Home Loan Mortgage Corp., 8.375% (f)(g)		39,400		15,366
Federal National Mortgage Association, 4.750% (f)(g)		3,650		3,759
Federal National Mortgage Association, 5.125% (f)(g)		1,300		1,300
Federal National Mortgage Association, 5.375% (f)(g)		2,600		2,990
Federal National Mortgage Association, 5.810% (f)(g)		1,050		1,281
Federal National Mortgage Association, 6.750% (f)(g)		1,650		1,073
Federal National Mortgage Association, 8.250% (f)(g)		53,575		44,467
				98,287
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $4,375,330)				1,197,107

12

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Shares		Value (†)
CONVERTIBLE PREFERRED STOCKS – 0.3%
Capital Markets – 0.3%
Newell Financial Trust I, 5.250%, 12/01/2027 (Identified Cost $1,294,828)		33,050	$	826,250
TOTAL PREFERRED STOCKS (Identified Cost $5,670,158)				2,023,357
	Principal Amount (‡)
SHORT-TERM INVESTMENT – 5.2%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $13,493,814 on 1/02/2009 collateralized by $13,400,000 Federal Home Loan Bank, 2.750% due 6/18/2010 with a value of $13,768,500 including accrued interest(h) (Identified Cost $13,493,814)	$	13,493,814		13,493,814
TOTAL INVESTMENTS – 99.0% (Identified Cost $299,916,819)(a)				258,224,152
Other assets less liabilities—1.0%				2,710,161
TOTAL NET ASSETS – 100.0%			$	260,934,313

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

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

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

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.

13

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

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

At December 31, 2008, the net unrealized depreciation on investments based on a cost of $300,155,898 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	$	5,427,277
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(47,359,023	)
Net unrealized depreciation	$	(41,931,746	)

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

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

(d) Illiquid security. At December 31, 2008, the value of these securities amounted to $7,572,982 or 2.9% of net assets.

(e) Valued by management. At December 31, 2008 the value of these securities amounted to $3,416,706 or 1.3% of net assets.

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

(g) Non-income producing security.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, the total value of these securities amounted to $26,308,874 or 10.1% of net assets.

ABS Asset-Backed Securities

ARM Adjustable-Rate Mortgage

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

MTN Medium Term Note

REITs Real Estate Investment Trusts

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; EUR: Euro; IDR: Indonesian Rupiah; ISK: Icelandic Krona; KRW: South Korean Won; MXN: Mexican Peso; NZD: New Zealand Dollar; THB: Thai Baht

Fair Value Measurements

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

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

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

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

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

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

Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	14,562,846
Level 2 - Other Significant Observable Inputs		234,350,492
Level 3 - Significant Unobservable Inputs		9,310,814
Total	$	258,224,152

14

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

Loomis Sayles Investment Grade Fixed Income Fund - continued

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

Valuation Inputs	Investments in Securities
Balance as of September 30, 2008	$	4,180,727
Realized gain (loss)		1,091
Change in unrealized appreciation (depreciation)		(2,474,784	)
Net purchases (sales)		1,097,009
Net reclassifications to/from Level 3		6,506,771
Balance as of December 31, 2008	$	9,310,814

New Accounting Pronouncement

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

NET ASSET SUMMARY AT DECEMBER 31, 2008 (Unaudited)

Sovereigns	12.3	%
Banking	9.1
Wirelines	6.4
Electric	5.1
Mortgage Related	4.5
Non-Captive Diversified	4.3
Technology	4.3
Supranational	3.9
Media Cable	3.5
Independent Energy	3.0
Pipelines	2.9
Commercial Mortgage-Backed Securities	2.7
Local Authorities	2.5
Home Construction	2.3
Other Investments, less than 2% each	27.0
Short-Term Investment	5.2
Total Investments	99.0
Other assets less liabilities	1.0
Net Assets	100.0	%

CURRENCY EXPOSURE AT DECEMBER 31, 2008 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	74.3	%
Canadian Dollar	10.2
New Zealand Dollar	3.9
Brazilian Real	3.1
Other, less than 2% each	7.5
Total Investments	99.0
Other assets less liabilities	1.0
Net Assets	100.0	%

15

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

Loomis Sayles Small Cap Value Fund

	Shares	Value(†)
COMMON STOCKS – 98.0% of Net Assets
Aerospace & Defense – 1.9%
Ducommun, Inc.	172,685	$	2,883,839
Moog, Inc., Class A(b)	114,907		4,202,149
Teledyne Technologies, Inc.(b)	190,789		8,499,650
			15,585,638
Air Freight & Logistics – 1.1%
Atlas Air Worldwide Holdings, Inc.(b)	236,556		4,470,909
Hub Group, Inc., Class A(b)	171,555		4,551,354
			9,022,263
Auto Components – 0.4%
Gentex Corp.	404,821		3,574,569
Building Products – 0.6%
Armstrong World Industries, Inc.	220,314		4,763,189
Capital Markets – 1.9%
Investment Technology Group, Inc.(b)	188,844		4,290,536
JMP Group, Inc.	161,713		897,507
Stifel Financial Corp.(b)	214,727		9,845,233
			15,033,276
Chemicals – 1.6%
Koppers Holdings, Inc.	94,512		2,043,349
LSB Industries, Inc.(b)	208,252		1,732,657
Minerals Technologies, Inc.	42,169		1,724,712
Solutia, Inc.(b)	302,691		1,362,109
Zep, Inc.	297,715		5,748,877
			12,611,704
Commercial Banks – 9.1%
Bank of the Ozarks, Inc.	303,976		9,009,849
Comerica, Inc.	204,846		4,066,193
CVB Financial Corp.	428,949		5,104,493
First Horizon National Corp.	311,703		3,294,697
Glacier Bancorp, Inc.	228,082		4,338,120
Hancock Holding Co.	169,149		7,689,513
IBERIABANK Corp.	151,907		7,291,536
Old National Bancorp	199,052		3,614,784
Pennsylvania Commerce Bancorp, Inc.(b)	119,404		3,183,311
Prosperity Bancshares, Inc.	277,785		8,219,658
Signature Bank(b)	281,675		8,081,256
Sterling Bancshares, Inc.	899,189		5,467,069
SVB Financial Group(b)	138,774		3,640,042
			73,000,521
Commercial Services & Supplies – 8.5%
ABM Industries, Inc.	391,160		7,451,598
American Ecology Corp.	210,263		4,253,621
Brink’s Co. (The)	155,422		4,177,743
Geo Group, Inc. (The)(b)	373,256		6,729,806
McGrath Rentcorp	256,787		5,484,970

1

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

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value(†)
COMMON STOCKS – continued
Commercial Services & Supplies – continued
Rollins, Inc.	970,189	$	17,541,017
Standard Parking Corp.(b)	592,334		11,455,740
Waste Connections, Inc.(b)	342,932		10,826,363
			67,920,858
Communications Equipment – 2.3%
ADC Telecommunications, Inc.(b)	437,163		2,391,282
ADTRAN, Inc.	282,340		4,201,219
Anaren, Inc.(b)	169,861		2,029,839
CommScope, Inc.(b)	248,924		3,868,279
Tekelec(b)	459,368		6,127,969
			18,618,588
Computers & Peripherals – 1.1%
Intevac, Inc.(b)	313,197		1,587,909
NCR Corp.(b)	227,120		3,211,477
Teradata Corp.(b)	293,361		4,350,543
			9,149,929
Construction & Engineering – 0.8%
Granite Construction, Inc.	65,987		2,898,809
MYR Group, Inc.(b)	338,206		3,382,060
			6,280,869
Construction Materials – 0.2%
Eagle Materials, Inc.	94,545		1,740,573
Consumer Finance – 0.9%
Dollar Financial Corp.(b)	465,349		4,793,094
World Acceptance Corp.(b)	114,051		2,253,648
			7,046,742
Containers & Packaging – 1.1%
Myers Industries, Inc.	321,599		2,572,792
Rock-Tenn Co., Class A	191,835		6,556,920
			9,129,712
Distributors – 0.2%
Core-Mark Holding Co., Inc.(b)	61,813		1,330,216
Diversified Consumer Services – 0.7%
Hillenbrand, Inc.	334,879		5,585,782
Diversified Financial Services – 1.0%
PHH Corp.(b)	604,906		7,700,453
Electric Utilities – 2.8%
ALLETE, Inc.	228,675		7,379,342
ITC Holdings Corp.	147,590		6,446,731
Portland General Electric Co.	425,252		8,279,657
			22,105,730

2

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

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value(†)
COMMON STOCKS – continued
Electrical Equipment – 0.5%
II-VI, Inc.(b)	85,883	$	1,639,506
LaBarge, Inc.(b)	78,868		1,131,756
Polypore International, Inc.(b)	136,892		1,034,904
			3,806,166
Electronic Equipment & Instruments – 2.0%
Amphenol Corp., Class A	135,601		3,251,712
Daktronics, Inc.	226,280		2,117,981
Littelfuse, Inc.(b)	324,433		5,385,588
Scansource, Inc.(b)	162,905		3,139,179
Vishay Intertechnology, Inc.(b)	509,093		1,741,098
			15,635,558
Energy Equipment & Services – 1.0%
Hornbeck Offshore Services, Inc.(b)	180,436		2,948,324
Newpark Resources(b)	22,333		82,632
Oceaneering International, Inc.(b)	158,835		4,628,452
			7,659,408
Food & Staples Retailing – 0.9%
Spartan Stores, Inc.	309,693		7,200,362
Food Products – 2.8%
Flowers Foods, Inc.	190,407		4,638,315
J & J Snack Foods Corp.	201,646		7,235,058
J.M Smucker Co. (The)	98,421		4,267,535
Ralcorp Holdings, Inc.(b)	109,245		6,379,908
			22,520,816
Gas Utilities – 2.4%
ONEOK, Inc.	138,835		4,042,875
UGI Corp.	613,180		14,973,856
			19,016,731
Health Care Equipment & Supplies – 2.8%
Hill-Rom Holdings, Inc.	189,370		3,117,030
Medical Action Industries, Inc.(b)	261,297		2,612,970
Teleflex, Inc.	156,254		7,828,325
West Pharmaceutical Services, Inc.	225,272		8,508,524
			22,066,849
Health Care Providers & Services – 2.7%
Amedisys, Inc.(b)	101,773		4,207,296
CorVel Corp.(b)	140,317		3,084,167
Healthspring, Inc.(b)	206,960		4,132,991
MEDNAX, Inc.(b)	108,604		3,442,747
MWI Veterinary Supply, Inc.(b)	109,983		2,965,142
Skilled Healthcare Group, Inc., Class A(b)	424,170		3,579,995
			21,412,338

3

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

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value(†)
COMMON STOCKS – continued
Hotels, Restaurants & Leisure – 1.1%
Bob Evans Farms, Inc.	181,897	$	3,716,156
Dover Downs Gaming & Entertainment, Inc.	301,983		960,306
Penn National Gaming, Inc.(b)	208,457		4,456,810
			9,133,272
Household Products – 0.8%
Church & Dwight Co., Inc.	115,241		6,467,325
Insurance – 9.3%
American Physicians Capital, Inc.	109,698		5,276,474
Aspen Insurance Holdings Ltd.	187,545		4,547,966
Employers Holdings, Inc.	148,480		2,449,920
Fidelity National Financial, Inc., Class A	217,876		3,867,299
Hanover Insurance Group Inc. (The)	134,037		5,759,570
HCC Insurance Holdings, Inc.	302,482		8,091,393
Markel Corp.(b)	12,309		3,680,391
Navigators Group, Inc.(b)	116,894		6,418,650
PartnerRe Ltd.	76,466		5,449,732
ProAssurance Corp.(b)	77,083		4,068,441
Protective Life Corp.	292,438		4,196,485
Reinsurance Group of America, Inc.	110,807		4,744,756
RLI Corp.	136,845		8,369,440
W.R. Berkley Corp.	119,565		3,706,515
Zenith National Insurance Corp.	105,455		3,329,214
			73,956,246
Internet & Catalog Retail – 0.7%
HSN, Inc.(b)	741,316		5,389,367
Internet Software & Services – 0.4%
United Online, Inc.	525,530		3,189,967
IT Services – 4.0%
Alliance Data Systems Corp.(b)	124,641		5,799,546
Broadridge Financial Solutions, Inc.	657,472		8,244,699
Lender Processing Services, Inc.	262,910		7,742,699
Perot Systems Corp., Class A(b)	465,246		6,359,913
Wright Express Corp.(b)	322,575		4,064,445
			32,211,302
Leisure Equipment & Products – 0.4%
Steinway Musical Instruments, Inc.(b)	171,934		3,010,564
Life Sciences Tools & Services – 0.4%
PerkinElmer, Inc.	223,606		3,110,359
Machinery – 2.3%
Actuant Corp., Class A	215,950		4,107,369
Altra Holdings, Inc.(b)	352,579		2,788,900
Badger Meter, Inc.	53,846		1,562,611
CLARCOR, Inc.	81,919		2,718,073

4

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

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value(†)
COMMON STOCKS – continued
Machinery – continued
John Bean Technologies Corp.	483,261	$	3,948,242
Wabtec Corp.	73,719		2,930,330
			18,055,525
Media – 2.9%
Alloy, Inc.(b)	244,628		1,034,777
Interactive Data Corp.	387,591		9,557,994
John Wiley & Sons, Inc. Class A	345,554		12,294,811
			22,887,582
Metals & Mining – 0.4%
Reliance Steel & Aluminum Co.	180,242		3,594,026
Multi-Utilities & Unregulated Power – 0.6%
NorthWestern Corp.	193,268		4,536,000
Multiline Retail – 1.0%
Dollar Tree, Inc.(b)	187,582		7,840,928
Oil, Gas & Consumable Fuels – 1.5%
Mariner Energy, Inc.(b)	353,552		3,606,231
Penn Virginia Corp.	221,088		5,743,866
St. Mary Land & Exploration Co.	116,800		2,372,208
			11,722,305
Paper & Forest Products – 0.2%
Clearwater Paper Corp.(b)	170,293		1,428,760
Personal Products – 1.1%
Alberto-Culver Co.	360,934		8,846,492
Pharmaceuticals – 2.7%
Endo Pharmaceuticals Holdings, Inc.(b)	317,647		8,220,704
Obagi Medical Products, Inc.(b)	458,289		3,418,836
Perrigo Co.	312,305		10,090,575
			21,730,115
Professional Services – 0.3%
Duff & Phelps Corp., Class A(b)	131,386		2,512,100
Real Estate Management & Development – 0.5%
Forestar Group, Inc.(b)	451,535		4,298,613
REITs – 4.3%
American Campus Communities, Inc.	237,203		4,857,918
Capstead Mortgage Corp.	673,066		7,248,921
Digital Realty Trust, Inc.	174,840		5,743,494
Health Care REIT, Inc.	222,382		9,384,520
Potlatch Corp.	273,634		7,117,220
			34,352,073

5

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

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value(†)
COMMON STOCKS – continued
Road & Rail – 1.2%
Genesee & Wyoming, Inc., Class A(b)	163,518	$	4,987,299
Ryder System, Inc.	113,592		4,405,098
			9,392,397
Semiconductors & Semiconductor Equipment – 1.8%
Cohu, Inc.	230,704		2,803,054
ON Semiconductor Corp.(b)	630,040		2,142,136
Semtech Corp.(b)	191,765		2,161,191
TriQuint Semiconductor, Inc.(b)	783,377		2,694,817
Verigy Ltd.(b)	518,047		4,983,612
			14,784,810
Software – 2.4%
Informatica Corp.(b)	197,664		2,713,927
Mentor Graphics Corp.(b)	517,448		2,675,206
Progress Software Corp.(b)	273,492		5,267,456
Quest Software, Inc.(b)	325,189		4,094,130
Sybase, Inc.(b)	172,220		4,265,889
			19,016,608
Specialty Retail – 2.0%
Genesco, Inc.(b)	166,373		2,815,031
Jo-Ann Stores, Inc.(b)	200,926		3,112,344
RadioShack Corp.	316,154		3,774,879
Sally Beauty Holdings, Inc.(b)	1,180,331		6,716,083
			16,418,337
Textiles, Apparel & Luxury Goods – 2.1%
Carter’s, Inc.(b)	388,247		7,477,637
FGX International Holdings Ltd.(b)	275,446		3,784,628
Fossil, Inc.(b)	202,625		3,383,838
Hanesbrands, Inc.(b)	176,048		2,244,612
			16,890,715
Thrifts & Mortgage Finance – 1.2%
Beneficial Mutual Bancorp, Inc.(b)	480,075		5,400,844
Westfield Financial, Inc.	407,901		4,209,538
			9,610,382
Water Utilities – 1.1%
American States Water Co.	122,345		4,034,938

6

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

Loomis Sayles Small Cap Value Fund - continued

	Shares		Value(†)
COMMON STOCKS – continued
Water Utilities – continued
Middlesex Water Co.		272,189	$	4,689,817
				8,724,755
TOTAL COMMON STOCKS (Identified Cost $940,519,338)				782,629,765
EXCHANGE TRADED FUND – 0.4% iShares Russell 2000 Value Index Fund (Identified Cost $4,061,153)		66,444		3,267,052
	Principal Amount
SHORT-TERM INVESTMENT – 1.3%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2008 at 0.000% to be repurchased at $10,281,729 on 1/2/2009 collateralized by $10,160,000 Federal National Mortgage Association, 4.600% due 11/10/2011 with a value of $10,490,200 including accrued interest(c) (Identified Cost $10,281,729)	$	10,281,729		10,281,729
TOTAL INVESTMENTS – 99.7% (Identified Cost $954,862,220)(a)				796,178,546
Other assets less liabilities—0.3%				2,746,705
NET ASSETS – 100.0%			$	798,925,251

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

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

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

7

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

Loomis Sayles Small Cap Value Fund - continued

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

At December 31, 2008, the net unrealized depreciation on investments based on a cost of $954,691,652 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	$	46,837,886
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(205,350,992	)
Net unrealized depreciation	$	(158,513,106	)

At September 30, 2008 post-October capital loss deferrals were $47,743,728. This amount may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Non-income producing security.

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

REITs Real Estate Investment Trusts

Fair Value Measurements

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

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

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

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

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

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

Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	796,178,546
Level 2 - Other Significant Observable Inputs		—
Level 3 – Significant Unobservable Inputs		—
Total	$	796,178,546

New Accounting Pronouncement

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

8

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

Loomis Sayles Small Cap Value Fund – continued

NET ASSET SUMMARY AT DECEMBER 31, 2008 (Unaudited)

Insurance	9.3	%
Commercial Banks	9.1
Commercial Services & Supplies	8.5
REITs	4.3
IT Services	4.0
Media	2.9
Food Products	2.8
Electric Utilities	2.8
Health Care Equipment & Supplies	2.8
Pharmaceuticals	2.7
Health Care Providers & Services	2.7
Gas Utilities	2.4
Software	2.4
Communications Equipment	2.3
Machinery	2.3
Textiles, Apparel & Luxury Goods	2.1
Specialty Retail	2.0
Electronic Equipment & Instruments	2.0
Other Investments, less than 2% each	31.0
Short-Term Investment	1.3
Total Investments	99.7
Other assets less liabilities	0.3
Net Assets	100.0	%

9

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

Loomis Sayles Securitized Asset Fund

	Principal Amount		Value(†)
BONDS AND NOTES – 141.5% of Net Assets
NON-CONVERTIBLE BONDS – 141.5%
ABS Car Loan – 2.7%
Americredit Prime Automobile Receivables, Series 2007-2M, Class A2B, 2.258%, 11/08/2010(b)(c)	$	583,174	$	572,624
ARG Funding Corp., Series 2005-2A, Class A5, 1.613%, 5/20/2011, 144A(b)(c)		1,700,000		1,431,734
Capital Auto Receivables Asset Trust, Series 2008-1, Class A2B, 1.895%, 9/15/2010(b)(c)		2,468,501		2,425,300
Capital One Auto Finance Trust, Series 2006-C, Class A4, 1.225%, 5/15/2013(b)(c)		845,000		585,748
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014(c)		800,000		576,288
Merrill Auto Trust Securitization Asset, Series 2008-1, Class B, 6.750%, 4/15/2015(c)		1,305,000		1,084,405
Nissan Auto Receivables Owner Trust, Series 2005-A, Class A4, 3.820%, 7/15/2010(c)		82,558		81,990
Nissan Auto Receivables Owner Trust, Series 2008-B, Class A3, 4.460%, 4/16/2012(c)		1,330,000		1,244,967
				8,003,056
ABS Credit Card – 9.5%
American Express Issuance Trust, Series 2005-2, Class A, 1.265%, 8/15/2013(b)(c)		4,225,000		3,406,917
BA Credit Card Trust, Series 2006-C4, Class C4, 1.425%, 11/15/2011(b)(c)		2,000,000		1,774,400
BA Credit Card Trust, Series 2008-A5, Class A5, 2.395%, 12/16/2013(b)(c)		3,645,000		3,240,160
Bank One Issuance Trust, Series 2004-C2, Class C2, 1.995%, 2/15/2017(b)(c)		2,310,000		1,178,100
Capital One Multi-Asset Execution Trust, Series 2004-A4, Class A4, 1.415%, 3/15/2017(b)(c)		1,895,000		1,309,041
Capital One Multi-Asset Execution Trust, Series 2007-A5, Class A5, 1.235%, 7/15/2020(b)(c)		2,140,000		1,118,782
Chase Issuance Trust, Series 2005-A9, Class A9, 1.215%, 11/15/2011(b)(c)		500,000		481,979
Chase Issuance Trust, Series 2007-B1, Class B1, 1.445%, 4/15/2019(b)(c)		2,300,000		709,870
Citibank Credit Card Issuance Trust, Series 2005-C2, Class C2, 0.931%, 3/24/2017(b)(c)		1,150,000		356,568
Citibank Credit Card Issuance Trust, Series 2006-C4, Class C4, 2.096%, 1/09/2012(b)(c)		300,000		239,080
Citibank Credit Card Issuance Trust, Series 2007-A8, Class A8, 5.650%, 9/20/2019(c)		4,215,000		3,441,515
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014(c)		1,895,000		1,237,169
Discover Card Master Trust, Series 2007-A1, Class A1, 5.650%, 3/16/2020(c)		3,305,000		2,502,727
Discover Card Master Trust, Series 2008-A3, Class A3, 5.100%, 10/15/2013(c)		3,650,000		3,430,330
MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 7/15/2014(c)		1,000,000		529,697
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 1.455%, 8/16/2021(b)(c)		1,490,000		807,011
World Financial Network Credit Card Master Trust, Series 2004-A, Class C, 2.195%, 3/15/2013(b)(c)		2,000,000		1,664,997

1

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

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value(†)
BONDS AND NOTES – continued
ABS Credit Card – continued
World Financial Network Credit Card Master Trust, Series 2008-A, Class M, 6.195%, 6/15/2014(b)(c)	$	706,000	$	603,879
				28,032,222
ABS Home Equity – 4.5%
Bear Stearns Asset Backed Securities Trust, Series 2006-HE3, Class A3, 0.751%, 4/25/2036(b)(c)		2,228,800		1,047,536
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH1, Class A2, 0.571%, 1/25/2037(b)(c)		2,000,000		1,611,617
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035(c)		995,000		594,015
Countrywide Asset-Backed Certificates, Series 2006-BC4, Class 2A2, 0.631%, 11/25/2036(b)(c)		2,835,000		2,097,900
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021(c)		549,905		311,796
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A1, 0.581%, 6/25/2021(b)(c)		2,857,707		1,818,930
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021(c)		895,000		182,938
Countrywide Asset-Backed Certificates, Series 2006-S7, Class A3, 5.712%, 11/25/2035(c)		2,355,000		732,876
GSAMP Trust, Series 2005-WMC3, Class A2B, 0.711%, 12/25/2035(b)(c)		1,976,441		1,647,858
Residential Asset Mortgage Products, Inc., Series 2004-RZ1, Class AI5, 4.070%, 7/25/2032(c)		196,486		180,313
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.621%, 7/25/2036(b)(c)		2,685,000		1,886,552
Soundview Home Equity Loan Trust, Series 2006-WF2, Class A2C, 0.611%, 12/25/2036(b)(c)		1,750,000		1,052,807
				13,165,138
Asset-Backed Securities – 1.0%
CIT Equipment Collateral, Series 2008-VT1, Class A3, 6.590%, 12/22/2014(c)		3,020,000		2,884,354
CNH Equipment Trust, Series 2007-B, Class A2A, 5.460%, 6/15/2010(c)		200,753		200,337
				3,084,691
Collateralized Mortgage Obligation – 1.4%
Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.500%, 6/25/2036(c)		1,272,493		595,654
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 6.014%, 7/25/2021(b)(c)		1,327,785		1,019,075
Residential Accredit Loans, Inc., Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021(c)		667,487		425,523
Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021(c)		2,856,303		1,982,455
Residential Accredit Loans, Inc., Series 2006-QS6, Class 2A1, 6.000%, 6/25/2021(c)		146,759		112,637
				4,135,344
Commercial Mortgage-Backed Securities – 26.2%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A2, 5.165%, 9/10/2047(c)		120,000		107,530

2

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

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value(†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.180%, 9/10/2047(b)(c)	$	189,000	$	154,901
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.739%, 5/10/2045(b)(c)		350,000		285,857
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A2, 5.522%, 7/10/2046(c)		460,000		386,681
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049(c)		5,375,000		4,213,407
Bank of America-First Union NB Commercial Mortgage, Series 2001-3, Class A2, 5.464%, 4/11/2037(c)		430,000		409,259
Bear Stearns Commercial Mortgage Securities, Series 2001-TOP2, Class A2, 6.480%, 2/15/2035(c)		175,000		170,842
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A2, 5.270%, 12/11/2040(c)		1,601,000		1,441,591
Bear Stearns Commercial Mortgage Securities, Series 2005-T18, Class A2, 4.556%, 2/13/2042(c)		171,000		161,497
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class A2, 5.688%, 9/11/2038(c)		1,000,000		857,133
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044(c)		225,000		173,419
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.712%, 6/11/2040(b)(c)		150,000		116,795
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046(c)		1,057,000		917,664
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A5, 5.617%, 10/15/2048(c)		5,000,000		3,982,333
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.768%, 6/10/2046(b)(c)		250,000		203,755
Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.723%, 6/15/2039(b)(c)		2,342,000		1,486,073
Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 6.218%, 2/15/2041(b)(c)		1,508,000		1,165,783
CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020(c)		303,846		235,861
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A2, 5.381%, 3/10/2039(c)		2,005,000		1,580,460
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039(c)		5,000,000		3,805,659
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, 5.396%, 8/10/2038(c)		125,000		102,714
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A2, 4.475%, 7/10/2039(c)		1,130,000		1,042,909
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039(c)		7,495,000		6,045,585
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A2, 5.506%, 4/10/2038(c)		500,000		437,433
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039(c)		4,449,000		3,699,960
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC, Class A3, 6.260%, 3/15/2033(c)		176,506		172,519

3

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

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value(†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A4, 5.179%, 12/15/2044(b)(c)	$	7,000,000	$	5,610,008
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A2, 5.861%, 4/15/2045(b)(c)		1,065,000		910,781
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049(c)		4,085,000		2,887,961
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030(c)		275,000		240,627
LB-UBS Commercial Mortgage Trust, Series 2006-C3, Class A4, 5.661%, 3/15/2039(c)		2,440,000		1,987,440
LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class A2, 5.300%, 11/15/2038(c)		2,460,000		2,015,447
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A2, 5.303%, 2/15/2040(c)		11,060,000		8,722,216
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.612%, 5/12/2039(b)(c)		1,000,000		861,483
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039(c)		4,895,000		4,245,003
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.423%, 2/12/2039(b)(c)		1,000,000		805,363
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.909%, 6/12/2046(c)		250,000		200,304
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4, 5.414%, 7/12/2046(b)(c)		1,000,000		786,844
Morgan Stanley Capital I, Class A, 5.328%, 11/12/2041(c)		5,000,000		3,899,928
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042(c)		5,280,000		4,313,632
Morgan Stanley Capital I, Series 2005-HQ7, Class A4, 5.208%, 11/14/2042(b)(c)		5,965,000		4,841,208
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047(c)		1,267,000		1,031,912
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.742%, 8/12/2041(b)(c)		555,000		476,916
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A2, 4.380%, 10/15/2041(c)		77,368		73,147
				77,267,840
Hybrid ARMs – 11.1%
Countrywide Home Loans, Series 2004-HYB4, Class 6A2, 5.457%, 4/20/2035(b)(c)		657,685		169,222
Federal Home Loan Mortgage Corp., 5.946%, 11/01/2036(b)(c)		6,567,209		6,815,945
Federal National Mortgage Association, 6.042%, 2/01/2037(b)(c)		7,585,997		7,766,023
First Horizon Alternative Mortgage Securities, Series 2006-AA3, Class A1, 6.299%, 6/25/2036(b)(c)		5,773,334		3,106,333
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 6.207%, 9/25/2036(b)(c)		6,760,821		3,177,616
JPMorgan Mortgage Trust, Series 2006-A7, Class 1A3, 5.879%, 1/25/2037(b)(c)		666,121		604,914
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.591%, 7/25/2035(b)(c)		1,034,945		620,967

4

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

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value(†)
BONDS AND NOTES – continued
Hybrid ARMs – continued
Washington Mutual Mortgage Pass Through Certificates, Series 2007-HY6, Class 2A1, 5.682%, 6/25/2037(b)(c)	$	7,257,123	$	3,555,974
Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY2, Class 2A2, 6.415%, 11/25/2036(b)(c)		11,142,067		6,337,490
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 4.997%, 10/25/2035(b)(c)		854,194		546,152
				32,700,636
Mortgage Related – 85.1%
Federal Home Loan Mortgage Corp., 4.890%, 1/01/2035(b)(c)		361,351		360,464
Federal Home Loan Mortgage Corp., 5.000%, 7/01/2035(c)		600,517		614,524
Federal Home Loan Mortgage Corp., 5.000%, 9/01/2035(c)		787,992		806,371
Federal Home Loan Mortgage Corp., 5.000%, 12/01/2035(c)		154,667		158,274
Federal Home Loan Mortgage Corp., 5.000%, 2/01/2036(c)		310,957		318,210
Federal Home Loan Mortgage Corp., 5.000%, 2/01/2036(c)		650,981		666,165
Federal Home Loan Mortgage Corp., 5.500%, 5/01/2035(c)		440,385		451,345
Federal Home Loan Mortgage Corp., 5.982%, 2/01/2037(b)(c)		8,884,648		9,113,463
Federal Home Loan Mortgage Corp., 6.000%, 6/01/2037(c)		4,403,736		4,541,293
Federal Home Loan Mortgage Corp., 6.000%, 6/01/2037(c)		10,794,360		11,131,537
Federal Home Loan Mortgage Corp., 6.000%, 8/01/2037(c)		4,565,310		4,707,914
Federal Home Loan Mortgage Corp., 6.000%, 10/01/2037(c)		4,247,002		4,379,663
Federal Home Loan Mortgage Corp., 6.000%, 11/01/2037(c)		6,691,177		6,900,185
Federal Home Loan Mortgage Corp., 6.000%, 12/01/2037(c)		1,873,652		1,932,178
Federal Home Loan Mortgage Corp., 6.500%, 1/01/2038(c)		187,394		194,850
Federal Home Loan Mortgage Corp. (TBA), 5.000%, 12/02/2034(d)		36,400,000		37,162,143
Federal Home Loan Mortgage Corp. (TBA), 5.500%, 8/02/2035(d)		24,910,000		25,493,841
Federal Home Loan Mortgage Corp., Series 2613, Class HI, 5.500%, 2/15/2033(c)		1,025,293		27,915
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035(c)		2,797,000		2,863,054
Federal National Mortgage Association, 4.500%, 10/01/2035(c)		829,610		842,337
Federal National Mortgage Association, 5.500%, 5/01/2035(c)		150,723		154,686

5

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

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value(†)
BONDS AND NOTES – continued
Mortgage Related – continued
Federal National Mortgage Association, 5.500%, 12/01/2035(c)	$	225,619	$	231,551
Federal National Mortgage Association, 5.500%, 4/01/2036(c)		153,154		157,180
Federal National Mortgage Association, 5.500%, 4/01/2036(c)		357,185		366,576
Federal National Mortgage Association, 5.500%, 4/01/2036(c)		76,064		78,064
Federal National Mortgage Association, 5.500%, 4/01/2036(c)		2,337,812		2,399,279
Federal National Mortgage Association, 5.500%, 5/01/2036(c)		380,644		390,652
Federal National Mortgage Association, 5.500%, 5/01/2036(c)		622,057		638,413
Federal National Mortgage Association, 5.500%, 6/01/2036(c)		788,141		808,863
Federal National Mortgage Association, 5.500%, 6/01/2036(c)		1,379,780		1,416,059
Federal National Mortgage Association, 5.500%, 6/01/2036(c)		569,126		584,090
Federal National Mortgage Association, 5.500%, 6/01/2036(c)		3,766,798		3,865,837
Federal National Mortgage Association, 5.500%, 8/01/2036(c)		610,562		626,615
Federal National Mortgage Association, 5.500%, 9/01/2036(c)		1,359,798		1,395,551
Federal National Mortgage Association, 5.500%, 12/01/2036(c)		5,130,748		5,265,649
Federal National Mortgage Association, 5.729%, 9/01/2036(b)(c)		3,977,898		4,043,538
Federal National Mortgage Association, 6.000%, 10/01/2034(c)		71,199		73,471
Federal National Mortgage Association, 6.000%, 4/01/2036(c)		305,716		315,092
Federal National Mortgage Association, 6.000%, 6/01/2036(c)		5,000,328		5,153,676
Federal National Mortgage Association, 6.000%, 6/01/2036(c)		1,687,098		1,738,838
Federal National Mortgage Association, 6.000%, 9/01/2036(c)		1,235,183		1,273,063
Federal National Mortgage Association, 6.000%, 11/01/2036(c)		3,946,081		4,067,098
Federal National Mortgage Association, 6.000%, 1/01/2037(c)		923,515		951,838
Federal National Mortgage Association, 6.000%, 10/01/2037(c)		2,269,826		2,339,308
Federal National Mortgage Association, 6.000%, 7/01/2038(c)		7,451,617		7,679,721

6

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

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value(†)
BONDS AND NOTES – continued
Mortgage Related – continued
Federal National Mortgage Association, 6.000%, 10/01/2038(c)	$	8,853,142	$	9,123,263
Federal National Mortgage Association, 7.000%, 12/01/2037(c)		183,900		192,763
Federal National Mortgage Association (TBA), 5.500%, 6/02/2035(d)		16,445,000		16,856,125
Federal National Mortgage Association (TBA), 6.500%, 4/02/2035(d)		12,000,000		12,461,256
Federal National Mortgage Association, Series 2003-26, Class 0I, 5.500%, 11/25/2032(c)		22,374,045		1,924,756
Federal National Mortgage Association, Series 2004-2, Class QK, 4.000%, 9/25/2017(c)		10,000,000		9,979,223
Government National Mortgage Association, 5.500%, 8/15/2033(c)		76,460		79,022
Government National Mortgage Association, 5.500%, 12/15/2035(c)		328,049		338,735
Government National Mortgage Association, 5.500%, 9/15/2036(c)		2,247,480		2,320,337
Government National Mortgage Association, 6.000%, 6/15/2036(c)		212,390		219,587
Government National Mortgage Association, 6.500%, 9/15/2036(c)		879,539		916,238
Government National Mortgage Association (TBA), 5.500%, 4/02/2036(d)		37,000,000		38,098,456
				251,190,195
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $461,422,076)				417,579,122
TOTAL BONDS AND NOTES (Identified Cost $461,422,076)				417,579,122
SHORT-TERM INVESTMENTS – 0.7%
Federal Home Loan Mortgage Corp., Discount Notes, 1.652%, 5/11/2009(c)(e)		1,000,000		999,104
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation dated 12/31/2008 at 0.000% to be repurchased at $1,248,875 on 1/02/2009 collateralized by $1,235,000 Federal National Mortgage Association, 4.600% due 11/10/2011 valued at $1,275,138 including accrued interest(f)		1,248,875		1,248,875
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,240,888)				2,247,979
TOTAL INVESTMENTS – 142.2% (Identified Cost $463,662,964)(a)				419,827,101
Other assets less liabilities—(42.2)%				(124,679,135	)
NET ASSETS – 100.0%			$	295,147,966

7

PORTFOLIO OF INVESTMENTS – as of December 31, 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.

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

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

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

At December 31, 2008, the net unrealized depreciation on investments based on a cost of $463,660,944 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	$	7,429,526
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(51,263,369	)
Net unrealized depreciation	$	(43,833,843	)

At September 30, 2008 post-October capital loss deferrals were $3,534,625. This amount may be available to offset future realized capital gains, if any, to the extent provided by regulations.

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

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

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, the total value of these securities amounted to $1,431,734 or 0.5% of net assets.

ABS Asset-Backed Securities.

ARM Adjustable Rate Mortgage.

TBA To Be Announced.

Fair Value Measurements

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

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

8

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

Loomis Sayles Securitized Asset Fund – continued

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

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

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

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

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

Securities Purchased Valuation Inputs	Investments in Securities
Level 1 - Quoted Prices	$	1,248,875
Level 2 - Other Significant Observable Inputs		403,795,664
Level 3 – Significant Unobservable Inputs		14,782,562
Total	$	419,827,101
Futures Valuation Inputs	Other Financial Instruments
Level 1 - Quoted Prices	$	(1,456,278	)
Level 2 - Other Significant Observable Inputs		—
Level 3 – Significant Unobservable Inputs		—
Total	$	(1,456,278	)

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

Assets	Investments in Securities
Balance as of December 31, 2007	$	7,255,476
Realized gain (loss)		50,037
Change in unrealized appreciation (depreciation)		(3,358,731	)
Net purchases (sales)		4,330,837
Net reclassifications to/from Level 3		6,504,943
Balance as of December 31, 2008	$	14,782,562

New Accounting Pronouncement

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

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 December 31, 2008, open futures contracts purchased were as follows:

Futures	Expiration Date	Contracts	Notional Value		Unrealized Depreciation
5 Year U.S. Treasury Note	3/31/2009	202	$	24,049,047	$	(808,370	)
10 Year U.S. Treasury Note	3/20/2009	78		9,808,500		(647,908	)
Total					$	(1,456,278	)

9

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

Loomis Sayles Securitized Asset Fund – continued

NET ASSET SUMMARY AT DECEMBER 31, 2008 (Unaudited)

Mortgage Related	85.1	%
Commercial Mortgage-Backed Securities	26.2
Hybrid ARMs	11.1
ABS Credit Card	9.5
ABS Home Equity	4.5
ABS Car Loan	2.7
Other Investments, less than 2% each	2.4
Short-Term Investments	0.7
Total Investments	142.2
Other assets less liabilities (including open futures contracts)	(42.2	)
Net Assets	100.0	%

10

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS

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

SIGNATURES

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

Loomis Sayles Funds I
By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	President and Chief Executive Officer
Date:	February 26, 2009

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

By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	President and Chief Executive Officer
Date:	February 26, 2009

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