UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08282

Loomis Sayles Funds I

(Exact name of registrant as specified in charter)

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

Coleen Downs Dinneen, Esq.

Natixis Distributors, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: June 30, 2009

ITEM 1. SCHEDULE OF INVESTMENTS

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 93.7% of Net Assets
NON-CONVERTIBLE BONDS – 90.1%
ABS Credit Card – 0.7%
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		$	113,710,000	$	107,452,311
MBNA Credit Card Master Note Trust, Series 03A5, 4.150%, 9/19/2012	EUR		300,000		419,845
					107,872,156
Aerospace & Defense – 0.1%
Bombardier, Inc., 6.300%, 5/01/2014, 144A			1,590,000		1,391,250
Bombardier, Inc., 6.750%, 5/01/2012, 144A			200,000		188,000
Bombardier, Inc., 7.350%, 12/22/2026	CAD		6,785,000		4,433,306
Bombardier, Inc., 7.450%, 5/01/2034, 144A			13,464,000		10,232,640
					16,245,196
Airlines – 1.3%
American Airlines, Inc., Pass Through Trust, Series 1999-1, Class B, 7.324%, 4/15/2011			1,255,000		1,223,625
American Airlines, Inc., Pass Through Trust, Series 2009-1A, 10.375%, 7/02/2019			3,425,000		3,454,969
American Airlines, Inc., Pass Through Trust, Series 93A6, 8.040%, 9/16/2011			1,522,568		943,992
Continental Airlines, Inc., 9.000%, 7/08/2016			25,437,000		25,405,204
Continental Airlines, Inc., Series 1997-4B, 6.900%, 7/02/2018			3,692,144		2,806,030
Continental Airlines, Inc., Series 1998-1, Class B, 6.748%, 9/15/2018			5,450,423		3,978,808
Continental Airlines, Inc., Series 1999-1B, 6.795%, 2/02/2020			7,089,025		5,174,989
Continental Airlines, Inc., Series 1999-1C, 6.954%, 2/02/2011			1,989,267		1,964,401
Continental Airlines, Inc., Series 1999-2, Class B, 7.566%, 9/15/2021			4,663,063		3,777,081
Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707%, 10/02/2022			2,516,053		2,050,583
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			7,235,643		5,354,376
Continental Airlines, Inc., Series 2001-1, Class A-1, 6.703%, 12/15/2022			1,598,877		1,343,057
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			3,441,951		2,443,786
Continental Airlines, Inc., Series 2007-1, Class A, 5.983%, 4/19/2022			17,701,000		14,603,325
Continental Airlines, Inc., Series 2007-1, Class B, 6.903%, 4/19/2022			23,877,000		15,758,820
Continental Airlines, Inc., Series 96-A, Class B, 6.940%, 4/15/2015			254,073		223,584
Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016			7,149,873		6,291,889
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024			2,268,902		1,917,222
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			5,512,620		3,500,514
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			42,212,104		27,015,746
Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017			34,841,931		22,821,464
Qantas Airways Ltd., 5.125%, 6/20/2013, 144A			2,000,000		1,856,222
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			44,235,000		39,959,820

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Airlines – continued
United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024		$	25,575,410	$	19,693,065
					213,562,572
Automotive – 2.6%
Cummins, Inc., 6.750%, 2/15/2027			2,547,000		2,158,583
Cummins, Inc., 7.125%, 3/01/2028			3,000,000		2,402,073
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		9,800,000		11,616,994
FCE Bank PLC, EMTN, 7.125%, 1/15/2013	EUR		6,550,000		7,442,816
Ford Motor Co., 6.375%, 2/01/2029			1,195,000		645,300
Ford Motor Co., 6.500%, 8/01/2018			2,240,000		1,321,600
Ford Motor Co., 6.625%, 2/15/2028			500,000		270,000
Ford Motor Co., 6.625%, 10/01/2028			62,435,000		33,714,900
Ford Motor Co., 7.125%, 11/15/2025			1,960,000		1,078,000
Ford Motor Co., 7.450%, 7/16/2031			114,780,000		67,720,200
Ford Motor Co., 7.500%, 8/01/2026			795,000		429,300
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010			66,163,000		63,857,286
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			13,765,000		11,067,500
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011			18,760,000		16,226,237
Ford Motor Credit Co. LLC, 7.375%, 10/28/2009			500,000		495,714
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010			1,320,000		1,253,822
Ford Motor Credit Co. LLC, 8.000%, 6/01/2014			79,480,000		64,308,699
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			19,070,000		14,579,568
Ford Motor Credit Co. LLC, 8.625%, 11/01/2010			29,945,000		28,146,024
Ford Motor Credit Co. LLC, 9.750%, 9/15/2010			2,150,000		2,059,476
Ford Motor Credit Co. LLC, EMTN, 4.875%, 1/15/2010	EUR		12,200,000		16,259,022
GMAC LLC, 5.375%, 6/06/2011, 144A			61,815,000		52,542,750
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			6,041,000		4,651,570
Goodyear Tire & Rubber Co. (The), 10.500%, 5/15/2016			14,150,000		14,291,500
					418,538,934
Banking – 5.4%
Associates Corp. NA, 6.950%, 11/01/2018			22,000,000		19,683,158
BAC Capital Trust VI, 5.625%, 3/08/2035			35,170,000		22,868,308
Bank of America Corp., 5.750%, 12/01/2017			18,695,000		16,646,551
Bank of America Corp., Series L, MTN, 7.375%, 5/15/2014			7,290,000		7,530,687
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		38,510,000,000		30,966,399
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		2,824,000,000		84,512,780
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		48,070,000,000		38,831,066
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB		247,000,000		7,378,826
Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018			3,260,000		2,882,730
Bear Stearns Cos., Inc. (The), 5.300%, 10/30/2015			1,445,000		1,419,591
Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017			3,160,000		3,165,609
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018			18,135,000		19,114,091
BNP Paribas SA, EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		274,980,870,000		20,586,861
Capital One Financial Corp., 6.150%, 9/01/2016			3,223,000		2,852,452
Citigroup, Inc., 5.000%, 9/15/2014			66,710,000		55,924,194
Citigroup, Inc., 5.850%, 12/11/2034			4,495,000		3,490,880
Citigroup, Inc., 5.875%, 2/22/2033			30,435,000		22,510,852
Citigroup, Inc., 5.875%, 5/29/2037			6,180,000		4,828,916

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Banking – continued
Citigroup, Inc., 6.000%, 10/31/2033		$	15,880,000	$	11,849,910
Citigroup, Inc., 6.125%, 8/25/2036			2,625,000		1,954,748
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011			24,000		23,685
Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014			8,015,000		8,055,812
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033			60,000		55,999
Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018			4,065,000		3,957,590
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			55,015,000		48,908,005
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A			12,345,000		9,627,322
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL		241,667,000		113,478,289
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		748,342,518,000		57,558,042
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		250,225,920,000		19,245,885
JPMorgan Chase & Co., Zero Coupon Bond, 4/12/2012, 144A	IDR		599,419,948,660		39,714,691
JPMorgan Chase London, EMTN, Zero Coupon Bond, 10/21/2010, 144A	IDR		153,708,294,250		12,731,850
Kaupthing Bank, 1/15/2010, 144A(b)			3,635,000		472,550
Kaupthing Bank, Series D, 5.750%, 10/04/2011, 144A(b)			52,942,000		6,882,460
Kaupthing Bank, Series E, 6.125%, 10/04/2016, 144A(b)			13,245,000		1,721,850
Kreditanstalt fuer Wiederaufbau, EMTN, 10.750%, 2/01/2010	ISK		95,000,000		573,465
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			9,710,000		7,499,567
Merrill Lynch & Co., Inc., 10.710%, 3/08/2017	BRL		100,400,000		45,089,053
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR		4,887,000		4,581,715
Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018			8,660,000		8,015,315
Merrill Lynch & Co., Inc., Series C, MTN, 6.400%, 8/28/2017			3,605,000		3,191,362
Morgan Stanley, 4.750%, 4/01/2014			38,951,000		36,792,725
Morgan Stanley, 5.375%, 10/15/2015			900,000		881,866
Morgan Stanley, 6.750%, 4/15/2011			355,000		371,887
Morgan Stanley, 7.300%, 5/13/2019			21,300,000		22,087,035
Morgan Stanley, EMTN, 5.450%, 1/09/2017			295,000		275,466
Morgan Stanley, GMTN, 5.125%, 11/30/2015	GBP		7,500,000		11,299,251
Morgan Stanley, MTN, 6.250%, 8/09/2026			800,000		745,608
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017			12,195,000		11,701,834
Rabobank Nederland, EMTN, 10.250%, 9/10/2009, 144A	ISK		4,660,000,000		27,412,313
					881,951,101
Brokerage – 0.0%
Jefferies Group, Inc., 8.500%, 7/15/2019			5,915,000		5,867,514
Building Materials – 0.8%
Masco Corp., 0.939%, 3/12/2010(c)			9,360,000		9,028,431
Masco Corp., 4.800%, 6/15/2015			4,805,000		3,776,634
Masco Corp., 5.850%, 3/15/2017			1,345,000		1,074,389
Masco Corp., 6.125%, 10/03/2016			14,573,000		12,235,432
Masco Corp., 6.500%, 8/15/2032			1,705,000		1,159,115
Owens Corning, Inc., 6.500%, 12/01/2016			24,785,000		21,725,614
Owens Corning, Inc., 7.000%, 12/01/2036			51,180,000		36,272,853
USG Corp., 6.300%, 11/15/2016			34,370,000		25,433,800
USG Corp., 9.250%, 1/15/2018			17,605,000		14,964,250
					125,670,518

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Chemicals – 0.6%
Borden, Inc., 7.875%, 2/15/2023		$	30,054,000	$	8,415,120
Borden, Inc., 8.375%, 4/15/2016			2,886,000		808,080
Borden, Inc., 9.200%, 3/15/2021			11,305,000		3,165,400
Chevron Phillips Chemical Co. LLC, 8.250%, 6/15/2019, 144A			51,205,000		53,417,773
Hercules, Inc., 6.500%, 6/30/2029			19,619,000		10,594,260
Hexion US Finance Corp/Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014			2,450,000		1,102,500
Methanex Corp., 6.000%, 8/15/2015			10,565,000		8,132,060
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028			9,415,000		8,021,025
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018			9,095,000		8,367,400
					102,023,618
Construction Machinery – 1.3%
Caterpillar Financial Services Corp., MTN, 5.450%, 4/15/2018			15,390,000		14,652,111
Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014			138,315,000		147,539,366
Caterpillar Financial Services Corp., Series F, MTN, 5.850%, 9/01/2017			4,155,000		4,230,613
Joy Global, Inc., 6.625%, 11/15/2036			1,975,000		1,590,736
Toro Co., 6.625%, 5/01/2037(d)			27,030,000		19,645,026
United Rentals North America, Inc., 7.000%, 2/15/2014			26,139,000		21,368,632
United Rentals North America, Inc., 7.750%, 11/15/2013			2,335,000		2,008,100
					211,034,584
Consumer Cyclical Services – 0.9%
Western Union Co. (The), 6.200%, 11/17/2036			154,180,000		145,288,594
Consumer Products – 0.2%
Snap-on, Inc., 5.850%, 3/01/2014			6,130,000		6,201,427
Snap-on, Inc., 6.700%, 3/01/2019			7,210,000		7,173,705
Whirlpool Corp., 8.000%, 5/01/2012			14,465,000		14,970,913
Whirlpool Corp., 8.600%, 5/01/2014			8,680,000		9,070,600
					37,416,645
Distributors – 0.0%
EQT Corp., 8.125%, 6/01/2019			1,775,000		1,899,903
ONEOK, Inc., 6.000%, 6/15/2035			3,805,000		3,189,271
					5,089,174
Diversified Manufacturing – 0.2%
Textron, Inc., 3.875%, 3/11/2013	EUR		10,300,000		11,398,367
Textron, Inc., 5.600%, 12/01/2017			4,615,000		3,725,265
Textron, Inc., EMTN, 6.625%, 4/07/2020	GBP		18,513,000		21,551,783
					36,675,415
Electric – 3.4%
AES Corp. (The), 7.750%, 3/01/2014			4,875,000		4,619,063
AES Corp. (The), 8.375%, 3/01/2011(d)	GBP		2,090,000		3,283,736
AES Ironwood LLC, 8.857%, 11/30/2025			13,294,361		11,499,622
AES Red Oak LLC, Series A, 8.540%, 11/30/2019			1,647,102		1,474,156
Bruce Mansfield Unit, 6.850%, 6/01/2034(d)			95,219,000		73,246,264
CE Generation LLC, 7.416%, 12/15/2018			5,129,078		4,795,687
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036			64,200,000		55,933,351
Commonwealth Edison Co., 4.750%, 12/01/2011(d)			201,000		181,322

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Electric – continued
Dominion Resources, Inc., 5.950%, 6/15/2035		$	5,980,000	$	5,704,430
Dynegy Holdings, Inc., 7.125%, 5/15/2018			5,295,000		3,600,600
Dynegy Holdings, Inc., 7.625%, 10/15/2026			11,835,000		7,337,700
Dynegy Holdings, Inc., 7.750%, 6/01/2019			1,504,000		1,171,240
Dynegy Holdings, Inc., 8.375%, 5/01/2016			2,000,000		1,695,000
Edison Mission Energy, 7.625%, 5/15/2027			23,200,000		14,848,000
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027			11,581,000		12,229,849
Enersis SA, 7.400%, 12/01/2016			4,250,000		4,556,302
Illinois Power Co., 6.250%, 4/01/2018			3,105,000		2,940,528
ITC Holdings Corp., 5.875%, 9/30/2016, 144A			25,460,000		24,099,545
ITC Holdings Corp., 6.375%, 9/30/2036, 144A			37,955,000		31,829,974
MidAmerican Energy Holdings Co., 6.125%, 4/01/2036			6,540,000		6,464,646
MidAmerican Energy Holdings Co., 6.500%, 9/15/2037			54,485,000		56,546,930
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027			23,775,000		11,471,438
NiSource Finance Corp., 5.400%, 7/15/2014			2,230,000		2,110,066
NiSource Finance Corp., 6.150%, 3/01/2013			2,626,000		2,610,320
NiSource Finance Corp., 6.400%, 3/15/2018			57,010,000		52,306,276
NiSource Finance Corp., 6.800%, 1/15/2019			1,235,000		1,157,310
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A			1,518,290		1,496,760
Quezon Power Philippines Co., 8.860%, 6/15/2017			5,591,250		4,976,213
Salton Sea Funding Corp., Series E, 8.300%, 5/30/2011			1,302,006		1,298,452
Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018			213,027		202,793
Southern California Edison Co., 7.625%, 1/15/2010			2,000,000		2,057,152
SP Powerassets Ltd., EMTN, 3.730%, 10/22/2010	SGD		1,000,000		700,764
Toledo Edison Co., 6.150%, 5/15/2037			13,195,000		12,420,651
TXU Corp., Series P, 5.550%, 11/15/2014			62,501,000		39,464,381
TXU Corp., Series Q, 6.500%, 11/15/2024			139,736,000		70,019,055
TXU Corp., Series R, 6.550%, 11/15/2034			8,271,000		3,976,358
White Pine Hydro LLC, 6.310%, 7/10/2017(d)			9,175,000		7,786,749
White Pine Hydro LLC, 6.960%, 7/10/2037(d)			14,695,000		10,442,825
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(d)			5,000,000		4,342,530
					556,898,038
Entertainment – 0.3%
Time Warner, Inc., 6.500%, 11/15/2036			30,000		26,271
Time Warner, Inc., 6.625%, 5/15/2029			15,000		13,564
Time Warner, Inc., 7.625%, 4/15/2031			10,000		9,722
Viacom, Inc., Class B, 6.875%, 4/30/2036			58,600,000		53,988,707
					54,038,264
Food & Beverage – 1.7%
Anheuser-Busch Cos., Inc., 5.375%, 11/15/2014, 144A			124,915,000		126,029,117
Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037			55,000		51,231
Anheuser-Busch Cos., Inc., 6.500%, 5/01/2042			15,000		13,325
Aramark Services, Inc., 5.000%, 6/01/2012			2,115,000		1,914,075
Corn Products International, Inc., 6.625%, 4/15/2037			31,590,000		25,139,733
Kraft Foods, Inc., 6.500%, 8/11/2017			42,708,000		44,981,261
Kraft Foods, Inc., 6.500%, 11/01/2031			14,990,000		14,883,541
Kraft Foods, Inc., 7.000%, 8/11/2037			36,985,000		39,057,898

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Food & Beverage – continued
Sara Lee Corp., 6.125%, 11/01/2032	$	18,615,000	$	16,630,269
				268,700,450
Government Owned - No Guarantee – 0.1%
DP World Ltd., 6.850%, 7/02/2037, 144A		24,185,000		16,083,025
Health Insurance – 1.2%
CIGNA Corp., 6.150%, 11/15/2036		20,530,000		14,699,644
CIGNA Corp., 6.350%, 3/15/2018		2,500,000		2,212,928
WellPoint, Inc., 6.375%, 6/15/2037		191,190,000		175,298,096
				192,210,668
Healthcare – 3.6%
Boston Scientific Corp., 5.450%, 6/15/2014		3,725,000		3,427,000
Boston Scientific Corp., 6.400%, 6/15/2016		14,330,000		13,326,900
Boston Scientific Corp., 7.000%, 11/15/2035		22,142,000		17,935,020
HCA, Inc., 5.750%, 3/15/2014		13,400,000		10,720,000
HCA, Inc., 6.250%, 2/15/2013		7,800,000		6,825,000
HCA, Inc., 6.300%, 10/01/2012		2,500,000		2,293,750
HCA, Inc., 6.375%, 1/15/2015		17,380,000		14,121,250
HCA, Inc., 6.500%, 2/15/2016		63,735,000		51,466,012
HCA, Inc., 6.750%, 7/15/2013		3,045,000		2,679,600
HCA, Inc., 7.050%, 12/01/2027		26,685,000		16,252,766
HCA, Inc., 7.190%, 11/15/2015		20,005,000		15,415,993
HCA, Inc., 7.500%, 12/15/2023		25,974,000		16,918,736
HCA, Inc., 7.500%, 11/06/2033		19,830,000		11,303,100
HCA, Inc., 7.690%, 6/15/2025		65,763,000		40,385,519
HCA, Inc., 8.360%, 4/15/2024		41,434,000		27,354,644
HCA, Inc., MTN, 7.580%, 9/15/2025		18,303,000		11,269,688
HCA, Inc., MTN, 7.750%, 7/15/2036		11,606,000		6,899,233
Hospira, Inc., 6.050%, 3/30/2017		15,175,000		14,819,844
Medco Health Solutions, Inc., 7.125%, 3/15/2018		250,270,000		263,553,331
Owens & Minor, Inc., 6.350%, 4/15/2016(d)		4,710,000		4,121,325
Tenet Healthcare Corp., 6.500%, 6/01/2012		3,660,000		3,626,288
Tenet Healthcare Corp., 6.875%, 11/15/2031		30,578,000		18,346,800
Tenet Healthcare Corp., 7.375%, 2/01/2013		2,236,000		2,012,400
Tenet Healthcare Corp., 9.250%, 2/01/2015		560,000		512,400
				575,586,599
Home Construction – 1.5%
Centex Corp., 5.250%, 6/15/2015		5,180,000		4,467,750
D.R. Horton, Inc., 5.250%, 2/15/2015		70,965,000		58,900,950
D.R. Horton, Inc., 5.625%, 9/15/2014		7,235,000		6,185,925
D.R. Horton, Inc., 5.625%, 1/15/2016		26,345,000		21,602,900
D.R. Horton, Inc., 6.500%, 4/15/2016		1,975,000		1,688,625
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015		6,430,000		3,279,300
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		19,270,000		9,635,000
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		6,249,000		3,249,480
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		4,050,000		2,106,000
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		1,650,000		808,500
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013		2,865,000		1,346,550

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Home Construction – continued
K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012		$	1,690,000	$	1,047,800
KB Home, 5.875%, 1/15/2015			895,000		756,275
Lennar Corp., Series B, 5.125%, 10/01/2010			3,495,000		3,355,200
Lennar Corp., Series B, 5.500%, 9/01/2014			22,940,000		18,352,000
Lennar Corp., Series B, 5.600%, 5/31/2015			9,282,000		7,309,575
Lennar Corp., Series B, 6.500%, 4/15/2016			40,845,000		32,676,000
Pulte Homes, Inc., 5.200%, 2/15/2015			6,800,000		5,678,000
Pulte Homes, Inc., 6.000%, 2/15/2035			63,855,000		41,505,750
Pulte Homes, Inc., 6.375%, 5/15/2033			17,240,000		11,378,400
Toll Brothers Finance Corp., 5.150%, 5/15/2015			8,100,000		7,171,562
Toll Corp., 8.250%, 12/01/2011			1,850,000		1,850,000
					244,351,542
Independent Energy – 1.6%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			50,010,000		49,341,066
Anadarko Petroleum Corp., 6.450%, 9/15/2036			80,585,000		72,439,146
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		5,925,000		7,314,456
Chesapeake Energy Corp., 6.500%, 8/15/2017			2,615,000		2,196,600
Chesapeake Energy Corp., 6.875%, 11/15/2020			13,805,000		11,113,025
Connacher Oil & Gas Ltd., 10.250%, 12/15/2015, 144A			20,226,000		12,236,730
Connacher Oil & Gas Ltd., 11.750%, 7/15/2014, 144A			3,640,000		3,494,400
Penn Virginia Corp., 10.375%, 6/15/2016			2,500,000		2,543,750
Pioneer Natural Resources Co., 5.875%, 7/15/2016			10,275,000		8,859,444
Pioneer Natural Resources Co., 6.875%, 5/01/2018			2,125,000		1,851,266
Pioneer Natural Resources Co., 7.200%, 1/15/2028			8,782,000		6,870,510
Questar Market Resources, Inc., 6.800%, 4/01/2018			51,955,000		48,953,300
Talisman Energy, Inc., 5.850%, 2/01/2037			12,190,000		10,404,628
Talisman Energy, Inc., 6.250%, 2/01/2038			32,560,000		29,325,880
XTO Energy, Inc., 6.100%, 4/01/2036			2,165,000		2,098,234
					269,042,435
Industrial Other – 0.1%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013			3,590,000		3,078,425
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A			26,410,000		19,015,200
					22,093,625
Integrated Energy – 0.0%
PF Export Receivables Master Trust, Series A, 6.436%, 6/01/2015, 144A			1,452,491		1,467,016
Life Insurance – 0.4%
Lincoln National Corp., 8.750%, 7/01/2019			15,000,000		15,127,095
Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A			57,985,000		39,745,470
					54,872,565
Local Authorities – 0.8%
Ontario Hydro, Zero Coupon Bond, 11/27/2020	CAD		1,507,000		732,647
Province of Alberta, 5.930%, 9/16/2016	CAD		17,221,875		16,529,683
Province of British Columbia, 5.750%, 1/09/2012	CAD		730,000		686,940
Province of Ontario, 4.400%, 12/02/2011	CAD		760,000		692,282

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Local Authorities – continued
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(d)		$	178,970,000	$	110,734,108
					129,375,660
Media Cable – 2.5%
Comcast Corp., 5.500%, 3/15/2011			3,000,000		3,121,608
Comcast Corp., 5.650%, 6/15/2035			71,195,000		65,205,792
Comcast Corp., 6.450%, 3/15/2037			53,020,000		52,253,278
Comcast Corp., 6.500%, 11/15/2035			23,100,000		23,351,628
Comcast Corp., 6.950%, 8/15/2037			192,208,000		200,411,245
CSC Holdings, Inc., 7.875%, 2/15/2018			1,550,000		1,451,188
CSC Holdings, Inc., 8.500%, 4/15/2014, 144A			15,000,000		14,868,750
Shaw Communications, Inc., 5.700%, 3/02/2017	CAD		12,775,000		10,909,629
Shaw Communications, Inc., 7.500%, 11/20/2013	CAD		275,000		262,259
Time Warner Cable, Inc., 6.750%, 7/01/2018			26,541,000		27,644,283
Virgin Media Finance PLC, 9.125%, 8/15/2016			1,700,000		1,636,250
Virgin Media Finance PLC, 9.750%, 4/15/2014	GBP		6,605,000		10,105,885
					411,221,795
Media Non-Cable – 0.5%
News America, Inc., 6.150%, 3/01/2037			54,025,000		45,820,277
News America, Inc., 6.200%, 12/15/2034			17,785,000		15,182,983
News America, Inc., 6.400%, 12/15/2035			29,275,000		25,622,505
R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013(b)			4,713,000		217,976
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013(b)			2,840,000		131,350
R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016(b)			927,000		44,033
R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017(b)			3,564,000		169,290
					87,188,414
Metals & Mining – 0.8%
Alcoa, Inc., 5.550%, 2/01/2017			650,000		548,957
Alcoa, Inc., 5.720%, 2/23/2019			11,557,000		9,166,885
Alcoa, Inc., 6.750%, 7/15/2018			1,275,000		1,131,156
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A			13,180,000		7,380,800
ArcelorMittal, 5.375%, 6/01/2013			10,190,000		9,759,850
ArcelorMittal, 6.125%, 6/01/2018			90,000		78,750
ArcelorMittal USA Partnership, 9.750%, 4/01/2014			15,477,000		16,215,872
Newmont Mining Corp., 5.875%, 4/01/2035			5,621,000		5,248,665
Rio Tinto Alcan, Inc., 5.750%, 6/01/2035			1,840,000		1,334,234
Rio Tinto Finance (USA) Ltd., 8.950%, 5/01/2014			35,015,000		38,910,279
Teck Resources Ltd., 10.250%, 5/15/2016, 144A			1,730,000		1,812,175
Teck Resources Ltd., 10.750%, 5/15/2019, 144A			1,000,000		1,075,000
United States Steel Corp., 6.050%, 6/01/2017			11,175,000		9,531,090
United States Steel Corp., 6.650%, 6/01/2037			9,625,000		7,271,938
United States Steel Corp., 7.000%, 2/01/2018			23,520,000		20,432,694
					129,898,345
Mortgage Related – 0.0%
FHLMC, 5.000%, 12/01/2031			295,215		302,271

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – 3.2%
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		$	322,970,000		$	174,882,442
Residential Capital LLC, 8.375%, 6/30/2010			5,000			3,650
SLM Corp., 6.000%, 12/15/2043			150,125	(††)		2,227,479
SLM Corp., EMTN, 4.750%, 3/17/2014	EUR		9,200,000			9,034,349
SLM Corp., MTN, 5.050%, 11/14/2014			27,310,000			21,129,747
SLM Corp., MTN, 5.125%, 8/27/2012			2,665,000			2,279,532
SLM Corp., Series A, MTN, 4.500%, 7/26/2010			10,300,000			9,733,500
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			73,175,000			59,188,111
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			53,696,000			40,272,000
SLM Corp., Series A, MTN, 5.000%, 6/15/2018			22,998,000			15,256,413
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			28,262,000			23,610,131
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			31,385,000			25,224,438
SLM Corp., Series A, MTN, 5.400%, 10/25/2011			1,785,000			1,605,411
SLM Corp., Series A, MTN, 5.625%, 8/01/2033			38,535,000			22,735,650
SLM Corp., Series A, MTN, 6.500%, 6/15/2010(d)(e)	NZD		8,020,000			4,731,463
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			127,410,000			108,997,344
						520,911,660
Non-Captive Diversified – 6.1%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015			8,328,000			4,824,319
CIT Group, Inc., 4.750%, 12/15/2010			130,000			102,051
CIT Group, Inc., 5.400%, 2/13/2012			962,000			656,565
CIT Group, Inc., 5.400%, 1/30/2016			476,000			268,782
CIT Group, Inc., 5.500%, 12/01/2014	GBP		29,029,000			24,356,834
CIT Group, Inc., 5.600%, 4/27/2011			7,206,000			5,403,369
CIT Group, Inc., 5.800%, 10/01/2036			5,017,000			2,784,435
CIT Group, Inc., 5.850%, 9/15/2016			10,000			5,646
CIT Group, Inc., 12.000%, 12/18/2018, 144A			181,625,000			88,088,125
CIT Group, Inc., EMTN, 3.800%, 11/14/2012	EUR		21,270,000			17,903,161
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR		21,250,000			14,905,273
CIT Group, Inc., EMTN, 5.000%, 5/13/2014	EUR		6,450,000			4,795,640
CIT Group, Inc., EMTN, 5.500%, 12/20/2016	GBP		16,050,000			13,202,726
CIT Group, Inc., GMTN, 4.250%, 2/01/2010			85,000			76,312
CIT Group, Inc., GMTN, 4.250%, 9/22/2011	EUR		25,450,000			24,634,733
CIT Group, Inc., GMTN, 5.000%, 2/13/2014			5,817,000			3,454,495
CIT Group, Inc., GMTN, 5.000%, 2/01/2015			476,000			280,368
CIT Group, Inc., MTN, 4.250%, 3/17/2015	EUR		29,370,000			21,012,857
CIT Group, Inc., MTN, 5.125%, 9/30/2014			4,107,000			2,420,797
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036			165,000			80,025
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017			807,000			455,326
CIT Group, Inc., Series A, MTN, 7.625%, 11/30/2012			105,438,000			72,198,249
GATX Corp., 8.750%, 5/15/2014			24,795,000			26,067,207
General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012	AUD		44,525,000			35,884,157
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD		89,985,000			51,215,568
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD		15,000,000			8,884,217

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD	150,000,000	$	90,910,315
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014	NZD	3,500,000		2,114,822
General Electric Capital Corp., Series A, MTN, 1.431%, 5/13/2024(c)		22,590,000		13,868,972
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD	266,643,000		149,745,888
GMAC LLC, 4.750%, 9/14/2009, 144A		10,727,000		10,432,008
GMAC LLC, 5.750%, 9/27/2010, 144A		7,263,000		6,609,330
GMAC LLC, 6.000%, 12/15/2011, 144A		52,305,000		44,720,775
GMAC LLC, 6.625%, 12/17/2010, 144A		464,000		417,600
GMAC LLC, 6.625%, 5/15/2012, 144A		20,461,000		17,084,935
GMAC LLC, 6.750%, 12/01/2014, 144A		30,190,000		23,699,150
GMAC LLC, 6.875%, 9/15/2011, 144A		5,664,000		4,956,000
GMAC LLC, 6.875%, 8/28/2012, 144A		4,229,000		3,531,215
GMAC LLC, 6.875%, 8/28/2012		10,000		8,150
GMAC LLC, 7.000%, 2/01/2012, 144A		10,637,000		9,020,176
GMAC LLC, 7.250%, 3/02/2011, 144A		25,000		22,875
GMAC LLC, 7.500%, 12/31/2013, 144A		23,588,000		18,280,700
GMAC LLC, 8.000%, 12/31/2018, 144A		44,981,000		28,562,935
GMAC LLC, 8.000%, 11/01/2031, 144A		35,442,000		24,809,400
International Lease Finance Corp., 4.750%, 7/01/2009		365,000		365,000
International Lease Finance Corp., Series R, MTN, 5.625%, 9/15/2010		120,000		107,807
iStar Financial, Inc., 5.150%, 3/01/2012		52,875,000		26,701,875
iStar Financial, Inc., 5.375%, 4/15/2010		6,905,000		5,869,250
iStar Financial, Inc., 5.500%, 6/15/2012		3,865,000		1,961,488
iStar Financial, Inc., 5.650%, 9/15/2011		30,335,000		17,594,300
iStar Financial, Inc., 5.800%, 3/15/2011		5,305,000		3,209,525
iStar Financial, Inc., 5.850%, 3/15/2017		6,565,000		2,626,000
iStar Financial, Inc., 5.875%, 3/15/2016		11,605,000		4,642,000
iStar Financial, Inc., 6.050%, 4/15/2015		5,655,000		2,262,000
iStar Financial, Inc., 8.625%, 6/01/2013		46,795,000		24,333,400
iStar Financial, Inc., Series B, 5.125%, 4/01/2011		2,330,000		1,351,400
iStar Financial, Inc., Series B, 5.700%, 3/01/2014		7,645,000		3,210,900
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		60,205,000		26,339,687
				993,331,115
Oil Field Services – 2.5%
Nabors Industries, Inc., 6.150%, 2/15/2018		15,693,000		15,064,668
Nabors Industries, Inc., 9.250%, 1/15/2019, 144A		184,360,000		212,562,840
North American Energy Partners, Inc., 8.750%, 12/01/2011		12,685,000		11,035,950
Weatherford International Ltd., 6.500%, 8/01/2036		25,600,000		23,167,769
Weatherford International Ltd., 6.800%, 6/15/2037		4,250,000		3,993,109
Weatherford International Ltd., 7.000%, 3/15/2038		13,670,000		13,162,146
Weatherford International Ltd., 9.625%, 3/01/2019		106,980,000		125,852,021
				404,838,503
Packaging – 0.2%
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR	3,450,000		4,210,652

10

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Packaging – continued
Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR	2,500,000	$	3,156,411
Owens-Illinois, Inc., 7.800%, 5/15/2018		18,644,000		17,595,275
				24,962,338
Paper – 2.5%
Georgia-Pacific LLC, 7.250%, 6/01/2028		25,907,000		19,365,482
Georgia-Pacific LLC, 7.375%, 12/01/2025		31,317,000		24,270,675
Georgia-Pacific LLC, 7.700%, 6/15/2015		470,000		439,450
Georgia-Pacific LLC, 7.750%, 11/15/2029		80,840,000		63,257,300
Georgia-Pacific LLC, 8.000%, 1/15/2024		21,284,000		18,091,400
Georgia-Pacific LLC, 8.875%, 5/15/2031		27,237,000		23,560,005
International Paper Co., 7.950%, 6/15/2018		216,710,000		209,069,022
International Paper Co., 8.700%, 6/15/2038		10,392,000		9,270,599
Jefferson Smurfit Corp., 7.500%, 6/01/2013(b)		5,540,000		2,042,875
Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(b)		1,115,000		412,550
Stone Container Finance, 7.375%, 7/15/2014(b)		90,000		41,175
Westvaco Corp., 7.950%, 2/15/2031		24,586,000		21,707,029
Westvaco Corp., 8.200%, 1/15/2030		23,594,000		20,843,058
				412,370,620
Pharmaceuticals – 1.1%
Astrazeneca PLC, 6.450%, 9/15/2037		44,555,000		49,392,024
Elan Financial PLC, 7.750%, 11/15/2011		72,911,000		67,442,675
Elan Financial PLC, 8.875%, 12/01/2013		58,330,000		53,371,950
				170,206,649
Pipelines – 2.5%
Colorado Interstate Gas Co., 5.950%, 3/15/2015		1,099,000		1,079,640
Colorado Interstate Gas Co., 6.800%, 11/15/2015		20,000		20,546
DCP Midstream LP, 6.450%, 11/03/2036, 144A		27,325,000		21,858,579
El Paso Corp., 6.950%, 6/01/2028		12,209,000		9,185,844
El Paso Corp., 7.420%, 2/15/2037		2,045,000		1,573,658
El Paso Corp., 7.750%, 1/15/2032		1,500,000		1,221,032
El Paso Corp., MTN, 7.800%, 8/01/2031		1,000,000		815,709
Energy Transfer Partners LP, 6.125%, 2/15/2017		7,325,000		7,277,138
Energy Transfer Partners LP, 6.625%, 10/15/2036		11,435,000		11,172,795
Enterprise Products Operating LLP, 6.300%, 9/15/2017		25,030,000		25,154,149
Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		7,500,000		8,243,130
Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		843,000		711,645
Kinder Morgan Finance Co., 5.700%, 1/05/2016		14,210,000		12,185,075
Knight, Inc., Senior Note, 5.150%, 3/01/2015		15,415,000		13,372,512
Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014(d)		60,360,000		60,243,505
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		116,405,000		122,016,187
ONEOK Partners LP, 6.650%, 10/01/2036		9,450,000		8,712,985
Plains All American Pipeline LP, 6.125%, 1/15/2017		28,845,000		27,813,532
Plains All American Pipeline LP, 6.650%, 1/15/2037		62,130,000		57,641,170
Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		5,290,000		5,040,915
Williams Cos., Inc. (The), 7.500%, 1/15/2031		6,655,000		5,856,400
				401,196,146
Property & Casualty Insurance – 1.1%
Allstate Corp., 5.950%, 4/01/2036		7,790,000		6,801,885

11

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Property & Casualty Insurance – continued
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		$	46,320,000	$	45,092,891
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015			34,729,000		33,087,325
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033			51,522,000		40,772,604
Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019			7,990,000		8,991,299
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A			8,600,000		3,268,000
St. Paul Travelers Co., Inc., 6.750%, 6/20/2036			6,850,000		7,425,825
Travelers Cos., Inc. (The), MTN, 6.250%, 6/15/2037			19,785,000		20,490,157
Travelers Property Casualty Corp., 6.375%, 3/15/2033			1,000,000		1,048,667
White Mountains RE Group, 6.375%, 3/20/2017, 144A			75,000		58,839
Willis North America, Inc., 6.200%, 3/28/2017			12,000,000		10,626,984
					177,664,476
Railroads – 0.4%
Canadian Pacific Railway Co., 5.750%, 3/15/2033			3,830,000		3,087,367
Canadian Pacific Railway Co., 5.950%, 5/15/2037			24,475,000		20,032,959
CSX Corp., 6.250%, 3/15/2018			5,000,000		5,042,760
CSX Corp., MTN, 6.000%, 10/01/2036			41,249,000		37,364,788
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(d)			7,944,000		3,972,000
Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(d)			63,300		42,569
					69,542,443
Refining – 0.0%
Valero Energy Corp., 6.625%, 6/15/2037			1,782,000		1,520,260
REITs – 1.1%
Camden Property Trust, 5.700%, 5/15/2017			40,075,000		35,626,675
Colonial Realty LP, 6.050%, 9/01/2016			3,980,000		3,137,275
Duke Realty LP, 5.950%, 2/15/2017			5,720,000		4,433,961
ERP Operating LP, 5.125%, 3/15/2016			4,680,000		4,292,014
ERP Operating LP, 5.375%, 8/01/2016			3,000,000		2,759,805
First Industrial LP, 5.950%, 5/15/2017			7,750,000		4,553,458
Highwoods Properties, Inc., 5.850%, 3/15/2017			57,890,000		46,103,017
Highwoods Properties, Inc., 7.500%, 4/15/2018			5,640,000		4,880,332
ProLogis, 5.625%, 11/15/2015			4,315,000		3,421,389
ProLogis, 5.625%, 11/15/2016			2,155,000		1,656,540
ProLogis, 5.750%, 4/01/2016			2,175,000		1,714,339
Simon Property Group LP, 5.000%, 3/01/2012			200,000		199,372
Simon Property Group LP, 5.250%, 12/01/2016			4,505,000		4,001,715
Simon Property Group LP, 5.750%, 5/01/2012			150,000		152,404
Simon Property Group LP, 5.750%, 12/01/2015			9,032,000		8,318,319
Simon Property Group LP, 5.875%, 3/01/2017			3,145,000		2,887,572
Simon Property Group LP, 6.125%, 5/30/2018			1,690,000		1,571,977
Simon Property Group LP, 6.750%, 5/15/2014			28,000,000		28,134,512
Simon Property Group LP, 10.350%, 4/01/2019			10,965,000		12,458,806
					170,303,482
Restaurants – 0.0%
McDonald’s Corp., EMTN, 3.628%, 10/10/2010	SGD		3,750,000		2,630,284
Retailers – 3.6%
Dillard’s, Inc., 6.625%, 1/15/2018			1,920,000		1,075,200

12

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Retailers – continued
Dillard’s, Inc., 7.000%, 12/01/2028		$	4,680,000		$	2,269,800
Dillard’s, Inc., 7.130%, 8/01/2018			1,740,000			983,100
Dillard’s, Inc., 7.750%, 7/15/2026			7,182,000			3,411,450
Dillard’s, Inc., 7.750%, 5/15/2027			1,000,000			475,000
Foot Locker, Inc., 8.500%, 1/15/2022			14,269,000			12,414,030
Home Depot, Inc. (The), 5.400%, 3/01/2016			889,000			887,419
Home Depot, Inc. (The), 5.875%, 12/16/2036			170,350,000			150,293,672
J.C. Penney Corp., Inc., 5.750%, 2/15/2018			5,160,000			4,528,767
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			98,218,000			72,692,910
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			2,798,000			2,469,305
J.C. Penney Corp., Inc., 7.400%, 4/01/2037			4,655,000			3,673,749
J.C. Penney Corp., Inc., 7.625%, 3/01/2097			5,580,000			3,737,657
Lowe’s Cos., Inc., 5.500%, 10/15/2035			1,470,000			1,344,334
Lowe’s Cos., Inc., 6.650%, 9/15/2037			54,235,000			59,151,132
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			36,772,000			24,999,150
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027			14,133,000			9,790,763
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029			2,098,000			1,472,353
Macy’s Retail Holdings, Inc., 8.875%, 7/15/2015			1,485,000			1,437,051
Marks & Spencer PLC, 7.125%, 12/01/2037, 144A			9,245,000			6,843,953
Target Corp., 6.500%, 10/15/2037			10,959,000			11,085,631
Target Corp., 7.000%, 1/15/2038			165,968,000			176,896,495
Toys R Us, Inc., 7.375%, 10/15/2018			39,965,000			28,574,975
Toys R Us, Inc., 7.875%, 4/15/2013			11,255,000			9,397,925
						589,905,821
Sovereigns – 5.2%
Indonesia Treasury Bond, 9.500%, 7/15/2023	IDR		10,000,000,000			822,154
Indonesia Treasury Bond, 10.250%, 7/15/2027	IDR		25,000,000,000			2,075,214
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		145,156,000,000			12,814,441
Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024	IDR		498,832,000,000			41,838,945
Indonesia Treasury Bond, Series ZC3, Zero Coupon Bond, 11/20/2012	IDR		378,003,000,000			27,370,713
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		5,258,000	(†††)		38,362,148
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		28,585,700	(†††)		208,603,485
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		4,557,000	(†††)		37,209,026
Mexico Government International Bond, Series A, MTN, 6.050%, 1/11/2040			44,000			39,974
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		110,620,000			93,005,434
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		15,305,000			12,641,678
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		95,840,000			74,205,157
Queensland Treasury Corp., 7.125%, 9/18/2017, 144A	NZD		84,345,000			55,476,763
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		60,000			49,913
Republic of Brazil, 7.125%, 1/20/2037			20,000			21,700
Republic of Brazil, 8.250%, 1/20/2034			690,000			819,375
Republic of Brazil, 8.875%, 4/15/2024			25,580,000			31,783,150
Republic of Brazil, 10.250%, 1/10/2028	BRL		98,690,000			49,609,416
Republic of Brazil, 12.500%, 1/05/2016	BRL		17,305,000			9,802,781

13

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Sovereigns – continued
Republic of Brazil, 12.500%, 1/05/2022	BRL	114,735,000	$	64,994,055
Republic of Iceland, Zero Coupon Bond, 7/15/2009	ISK	2,321,415,000		13,618,516
Republic of Iceland, 7.000%, 3/17/2010	ISK	4,024,483,000		23,817,837
Republic of Iceland, 13.750%, 12/10/2010	ISK	2,483,463,000		15,807,973
Rikisvixill, Zero Coupon Bond, 9/15/2009	ISK	4,324,530,000		25,080,549
				839,870,397
Supermarkets – 0.9%
American Stores Co., 7.900%, 5/01/2017		3,000,000		2,850,000
American Stores Co., Series B, MTN, 7.100%, 3/20/2028		13,145,000		10,055,925
New Albertson’s, Inc., 7.450%, 8/01/2029		100,590,000		82,483,800
New Albertson’s, Inc., 7.750%, 6/15/2026		20,550,000		17,518,875
New Albertson’s, Inc., 8.000%, 5/01/2031		9,715,000		8,330,612
New Albertson’s, Inc., 8.700%, 5/01/2030		2,995,000		2,613,138
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		17,575,000		12,829,750
				136,682,100
Supranational – 2.7%
Eurofima, EMTN, 11.000%, 2/05/2010	ISK	290,000,000		1,748,154
European Investment Bank, Zero Coupon Bond, 3/10/2021	AUD	149,830,000		57,093,060
European Investment Bank, 11.250%, 2/14/2013	BRL	11,505,000		6,108,013
European Investment Bank, EMTN, Zero Coupon Bond, 4/24/2013, 144A	IDR	615,006,960,000		39,313,450
European Investment Bank, EMTN, 4.600%, 1/30/2037, 144A	CAD	200,000,000		151,087,994
European Investment Bank, EMTN, 7.000%, 1/18/2012	NZD	16,500,000		11,220,673
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/20/2013	IDR	345,270,000,000		22,273,847
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD	185,840,000		116,648,816
International Bank for Reconstruction & Development, 1.430%, 3/05/2014	SGD	40,000,000		26,655,758
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK	2,126,200,000		12,553,085
				444,702,850
Technology – 2.3%
Affiliated Computer Services, Inc., 5.200%, 6/01/2015		1,579,000		1,342,150
Agilent Technologies, Inc., 6.500%, 11/01/2017		65,276,000		56,816,818
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		67,787,000		38,469,123
Alcatel-Lucent USA, Inc.,6.500%, 1/15/2028		3,916,000		2,192,960
Alcatel-Lucent, EMTN, 6.375%, 4/07/2014	EUR	1,000,000		1,178,393
Amkor Technology, Inc., 7.125%, 3/15/2011		6,390,000		6,310,125
Amkor Technology, Inc., 7.750%, 5/15/2013		12,610,000		11,569,675
Arrow Electronics, Inc., 6.875%, 7/01/2013		12,960,000		13,292,139
Arrow Electronics, Inc., 6.875%, 6/01/2018		2,630,000		2,521,079
Avnet, Inc., 5.875%, 3/15/2014		36,145,000		34,043,096
Avnet, Inc., 6.000%, 9/01/2015		50,915,000		46,820,008
Avnet, Inc., 6.625%, 9/15/2016		15,245,000		14,293,590
Corning, Inc., 5.900%, 3/15/2014		9,330,000		9,458,539
Corning, Inc., 6.200%, 3/15/2016		5,155,000		4,992,339
Corning, Inc., 6.850%, 3/01/2029		10,821,000		10,039,670
Corning, Inc., 7.250%, 8/15/2036		5,645,000		5,475,413

14

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Equifax, Inc., 7.000%, 7/01/2037		$	15,578,000	$	15,095,627
Freescale Semiconductor, Inc., 10.125%, 12/15/2016			6,016,000		2,045,440
Motorola, Inc., 5.220%, 10/01/2097			13,780,000		6,138,962
Motorola, Inc., 6.500%, 9/01/2025			12,730,000		8,911,000
Motorola, Inc., 6.500%, 11/15/2028			24,675,000		16,779,000
Motorola, Inc., 6.625%, 11/15/2037			26,630,000		18,108,400
Motorola, Inc., 7.500%, 5/15/2025			250,000		191,250
Nortel Networks Capital Corp., 7.875%, 6/15/2026(b)			12,035,000		3,760,938
Nortel Networks Corp., 1.750%, 4/15/2012(b)			1,045,000		344,850
Nortel Networks Ltd., 6.875%, 9/01/2023(b)			18,622,000		2,374,305
Nortel Networks Ltd., 10.125%, 7/15/2013(b)			22,825,000		7,760,500
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A			4,807,000		4,870,731
Xerox Capital Trust I, 8.000%, 2/01/2027			25,890,000		19,676,400
Xerox Corp., 5.500%, 5/15/2012			7,110,000		7,090,540
Xerox Corp., 6.350%, 5/15/2018			1,230,000		1,097,775
Xerox Corp., MTN, 7.200%, 4/01/2016			615,000		578,100
					373,638,935
Textile – 0.0%
Kellwood Co., 7.625%, 10/15/2017(d)			11,070,000		1,660,500
Tobacco – 1.6%
Altria Group, Inc., 8.500%, 11/10/2013			65,215,000		74,131,586
Altria Group, Inc., 9.250%, 8/06/2019			88,840,000		99,759,413
Altria Group, Inc., 9.700%, 11/10/2018			1,450,000		1,662,347
Reynolds American, Inc., 6.750%, 6/15/2017			71,085,000		66,372,278
Reynolds American, Inc., 7.250%, 6/15/2037			17,990,000		14,851,716
					256,777,340
Transportation Services – 0.5%
APL Ltd., 8.000%, 1/15/2024(d)			20,469,000		12,772,042
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			1,031,823		887,368
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016			16,817,495		10,426,847
Atlas Air, Inc., Series 1999-1C, 8.770%, 7/02/2012(f)			15,689,997		6,746,699
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017			8,791,163		7,120,842
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(f)			201,720		110,946
Atlas Air, Inc., Series B, 7.680%, 1/02/2014			37,645,133		27,104,496
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(f)			6,552,024		2,751,850
Erac USA Finance Co., 7.000%, 10/15/2037, 144A			1,900,000		1,511,045
					78,480,007
Treasuries – 12.6%
Canadian Government, 1.250%, 6/01/2011	CAD		125,000,000		107,552,766
Canadian Government, 2.750%, 12/01/2010	CAD		245,000		216,436
Canadian Government, 3.750%, 9/01/2011	CAD		1,535,000		1,385,637
Canadian Government, 3.750%, 6/01/2012	CAD		292,715,000		265,201,325
Canadian Government, 3.750%, 6/01/2019	CAD		246,645,000		218,906,847
Canadian Government, 4.250%, 9/01/2009	CAD		74,325,000		64,320,215
Canadian Government, 4.250%, 6/01/2018	CAD		297,760,000		276,154,065
Canadian Government, 5.250%, 6/01/2012	CAD		431,800,000		406,804,863

15

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Treasuries – continued
New Zealand Government, 6.000%, 12/15/2017	NZD	33,000,000	$	21,360,862
Norwegian Government, 4.250%, 5/19/2017	NOK	668,075,000		106,348,929
Norwegian Government, 5.000%, 5/15/2015	NOK	319,620,000		53,276,727
Norwegian Government, 6.000%, 5/16/2011	NOK	530,990,000		88,663,104
Norwegian Government, 6.500%, 5/15/2013	NOK	379,945,000		66,434,581
U.S. Treasury Bond, 3.500%, 2/15/2039		385,000,000		332,905,650
U.S. Treasury Note, 3.125%, 5/15/2019		40,000,000		38,687,600
				2,048,219,607
Wireless – 1.8%
ALLTEL Corp., 6.800%, 5/01/2029		13,027,000		13,512,099
ALLTEL Corp., 7.875%, 7/01/2032		79,594,000		92,422,643
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		38,349,000		30,583,327
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		20,563,000		17,015,883
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		55,432,000		43,652,700
Rogers Wireless, Inc., 6.375%, 3/01/2014		1,895,000		2,031,196
Rogers Wireless, Inc., 7.625%, 12/15/2011	CAD	6,990,000		6,536,039
Sprint Capital Corp., 6.875%, 11/15/2028		29,984,000		21,288,640
Sprint Capital Corp., 6.900%, 5/01/2019		23,845,000		19,731,737
Sprint Capital Corp., 8.750%, 3/15/2032		8,390,000		6,753,950
Sprint Nextel Corp., 6.000%, 12/01/2016		15,252,000		12,468,510
True Move Co. Ltd., 10.750%, 12/16/2013, 144A		37,210,000		28,465,650
Vodafone Group PLC, 6.150%, 2/27/2037		2,120,000		2,085,764
				296,548,138
Wirelines – 5.6%
AT&T Corp., 6.500%, 3/15/2029		27,859,000		26,627,549
AT&T, Inc., 6.150%, 9/15/2034		14,755,000		14,007,261
AT&T, Inc., 6.500%, 9/01/2037		150,305,000		149,079,714
AT&T, Inc., 6.550%, 2/15/2039		78,000		77,861
AT&T, Inc., 6.700%, 11/15/2013		66,840,000		73,405,225
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD	5,790,000		4,698,952
Bell Canada, MTN, 7.300%, 2/23/2032	CAD	12,705,000		11,192,066
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD	45,835,000		35,289,581
BellSouth Corp., 6.550%, 6/15/2034		1,525,000		1,495,020
BellSouth Telecommunications, Inc., 7.000%, 12/01/2095		3,940,000		3,442,047
Embarq Corp., 7.995%, 6/01/2036		8,735,000		7,681,332
Frontier Communications Corp., 9.000%, 8/15/2031		730,000		602,250
GTE Corp., 6.940%, 4/15/2028		17,975,000		18,022,993
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(b)		640,000		64
Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030		10,505,000		12,007,604
Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016	GBP	1,600,000		2,665,513
Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015	EUR	2,750,000		3,765,633
Level 3 Financing, Inc., 8.750%, 2/15/2017		43,605,000		33,139,800
Level 3 Financing, Inc., 9.250%, 11/01/2014		17,580,000		14,415,600
New England Telephone & Telegraph, 7.875%, 11/15/2029		2,905,000		2,982,700
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		30,365,000		23,381,050
Qwest Capital Funding, Inc., 6.875%, 7/15/2028		64,147,000		43,619,960
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		15,925,000		12,182,625

16

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Qwest Capital Funding, Inc., 7.750%, 2/15/2031		$	40,420,000	$	28,698,200
Qwest Corp., 6.875%, 9/15/2033			40,555,000		29,605,150
Qwest Corp., 7.200%, 11/10/2026			1,505,000		1,136,275
Qwest Corp., 7.250%, 9/15/2025			9,920,000		7,588,800
Qwest Corp., 7.500%, 6/15/2023			3,275,000		2,603,625
Telecom Italia Capital SA, 5.250%, 11/15/2013			1,430,000		1,402,241
Telecom Italia Capital SA, 5.250%, 10/01/2015			1,575,000		1,520,406
Telecom Italia Capital SA, 6.000%, 9/30/2034			39,844,000		33,652,521
Telecom Italia Capital SA, 6.375%, 11/15/2033			26,495,000		23,547,564
Telefonica Emisiones SAU, 5.877%, 7/15/2019			25,130,000		25,908,854
Telefonica Emisiones SAU, 7.045%, 6/20/2036			113,264,000		125,511,463
Telus Corp., 4.950%, 3/15/2017	CAD		45,415,000		38,417,385
Verizon Communications, Inc., 5.850%, 9/15/2035			70,136,000		65,233,423
Verizon Communications, Inc., 6.400%, 2/15/2038			15,000		14,685
Verizon Maryland, Inc., 5.125%, 6/15/2033			10,305,000		7,634,799
Verizon New England, Inc., Series C, 4.750%, 10/01/2013			1,500,000		1,488,100
Verizon New York, Inc., Series B, 7.375%, 4/01/2032			18,170,000		17,702,740
					905,448,631
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $15,976,225,206)					14,641,979,035
CONVERTIBLE BONDS – 2.7%
Electric – 0.0%
CMS Energy Corp., 5.500%, 6/15/2029			1,000,000		1,040,000
Healthcare – 0.2%
Affymetrix, Inc., 3.500%, 1/15/2038			18,449,000		13,698,382
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(g)			8,556,000		6,074,760
Life Technologies Corp., 1.500%, 2/15/2024			14,480,000		14,353,300
Omnicare, Inc., 3.250%, 12/15/2035			225,000		155,813
					34,282,255
Industrial Other – 0.1%
Incyte Corp., 3.500%, 2/15/2011			24,646,000		17,067,355
Life Insurance – 0.0%
MetLife, Inc., 6.400%, 12/15/2066			1,500,000		1,072,500
Lodging – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A			29,500,000		25,038,125
Media Non-Cable – 0.0%
Liberty Media LLC, 3.500%, 1/15/2031			10,222,149		4,548,856
Sinclair Broadcast Group, Inc., 3.000%, 5/15/2027			185,000		156,325
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(g)			418,000		294,690
					4,999,871
Metals & Mining – 0.2%
ArcelorMittal, 5.000%, 5/15/2014			3,100,000		3,913,750
Steel Dynamics, Inc., 5.125%, 6/15/2014			1,255,000		1,380,500

17

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Metals & Mining – continued
United States Steel Corp., 4.000%, 5/15/2014	$	16,535,000	$	21,640,181
				26,934,431
Non-Captive Diversified – 0.1%
iStar Financial, Inc., 1.708%, 10/01/2012(c)		60,585,000		22,913,247
Oil Field Services – 0.1%
Transocean Ltd., 1.500%, 12/15/2037		11,260,000		9,922,875
Transocean Ltd., 1.500%, 12/15/2037		2,015,000		1,846,244
				11,769,119
Pharmaceuticals – 0.7%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		940,000		568,700
Human Genome Sciences, Inc., 2.250%, 8/15/2012		51,585,000		27,984,862
Kendle International, Inc., 3.375%, 7/15/2012		1,115,000		823,706
Nektar Therapeutics, 3.250%, 9/28/2012		26,120,000		19,198,200
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		27,270,000		27,781,313
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		34,079,000		35,399,561
				111,756,342
Technology – 0.2%
Alcatel-Lucent USA, Inc., 2.875%, 6/15/2025		935,000		662,681
Intel Corp., 2.950%, 12/15/2035		3,031,000		2,546,040
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		10,025,000		6,428,532
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		5,915,000		4,879,875
Maxtor Corp., 5.750%, 3/01/2012(d)		8,415,000		6,984,450
Nortel Networks Corp., 2.125%, 4/15/2014(b)		49,636,000		16,255,790
Richardson Electronics Ltd., 7.750%, 12/15/2011		395,000		323,900
				38,081,268
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		123,000		112,084
Wireless – 0.1%
Nextel Communications, Inc., 5.250%, 1/15/2010		3,595,000		3,559,050
NII Holdings, Inc., 3.125%, 6/15/2012		21,974,000		16,892,513
				20,451,563
Wirelines – 0.8%
Level 3 Communications, Inc., 3.500%, 6/15/2012		48,075,000		33,652,500
Level 3 Communications, Inc., 5.250%, 12/15/2011		19,145,000		15,603,175
Level 3 Communications, Inc., 7.000%, 3/15/2015(d)		64,473,000		68,986,110
Level 3 Communications, Inc., 10.000%, 5/01/2011		3,655,000		3,504,231
Qwest Communications International, Inc., 3.500%, 11/15/2025		700,000		689,500
				122,435,516
TOTAL CONVERTIBLE BONDS (Identified Cost $528,980,626)				437,953,676
MUNICIPALS – 0.9%
Alabama – 0.0%
Alabama Public School & College Authority (Capital Improvement), 4.500%, 12/01/2026		4,640,000		4,450,410

18

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
California – 0.4%
San Diego Unified School District (Election 1998), 4.500%, 7/01/2029, Series F-1 (FSA insured)	$	4,870,000	$	4,440,953
San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), 3.750%, 8/01/2028, Series C (MBIA insured)		5,425,000		3,749,597
San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), 3.750%, 8/01/2028, Series C, (Registered) (MBIA insured)		2,165,000		1,618,446
State of California, 4.500%, 8/01/2027 (AMBAC insured)		7,340,000		5,940,042
State of California, 4.500%, 10/01/2029		20,455,000		16,134,290
State of California, 4.500%, 8/01/2030 (AMBAC insured)		5,945,000		4,646,137
State of California, 4.500%, 8/01/2030		5,140,000		4,017,013
State of California (Various Purpose), 3.250%, 12/01/2027 (MBIA insured)		3,805,000		2,446,158
State of California (Various Purpose), 4.500%, 12/01/2033 (AMBAC insured)		17,945,000		13,621,691
University of California Regents Medical Center, 4.750%, 5/15/2031, Series A (MBIA insured)		1,260,000		1,199,003
				57,813,330
District Of Columbia – 0.0%
District of Columbia, 4.750%, 6/01/2036, Series A (FGIC insured)		4,640,000		4,137,210
Florida – 0.1%
Florida State Turnpike Authority (Department of Transportation), 3.500%, 7/01/2027, Series A (MBIA insured)		4,640,000		3,636,554
Jacksonville Electric Authority, Florida Water & Sewer Systems Revenue, 4.750%, 10/01/2041, Series B (MBIA insured)		7,355,000		6,576,620
				10,213,174
Illinois – 0.1%
Chicago Board of Education, 4.750%, 12/01/2031, Series B (FSA insured)		8,020,000		7,542,810
Chicago O’Hare International Airport, 4.500%, 1/01/2038, Series A (FSA insured)		2,440,000		2,152,617
				9,695,427
Louisiana – 0.0%
State of Louisiana, 3.250%, 5/01/2026, Series C (FSA insured)		4,640,000		3,434,574
Massachusetts – 0.0%
Massachusetts School Building Authority, 4.750%, 8/15/2032, Series A (AMBAC insured)		4,645,000		4,499,100
Michigan – 0.1%
Grosse Pointe Public School System, 3.000%, 5/01/2027 (FGIC insured)		2,800,000		2,149,700
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(d)		21,265,000		14,169,507
				16,319,207
Nebraska – 0.1%
Omaha Public Power District, 4.500%, 2/01/2034, Series AA (FGIC insured)		11,595,000		10,839,586
Ohio – 0.0%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(d)		10,390,000		5,865,155

19

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Texas – 0.1%
Harris County, TX, Series B, 4.500%, 10/01/2031	$	13,125,000	$	12,589,500
Wisconsin – 0.0%
Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2026 (FSA insured)		3,170,000		2,712,347
Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2029 (FSA insured)		3,415,000		2,769,701
Wisconsin Housing & Economic Development Authority, Series E, 4.900%, 11/01/2035		1,185,000		1,060,054
				6,542,102
TOTAL MUNICIPALS (Identified Cost $165,023,893)				146,398,775
TOTAL BONDS AND NOTES (Identified Cost $16,670,229,725)				15,226,331,486
BANK LOANS – 0.7%
Food & Beverage – 0.0%
Dole Food Co., Inc., Credit Link Deposit, 7.978%, 4/12/2013(h)		819,260		818,744
Dole Food Co., Inc., Tranche B Term Loan, 8.000%, 4/12/2013(h)		1,585,082		1,584,084
Dole Food Co., Inc., Tranche C Term Loan, 8.000%, 4/12/2013(h)		5,484,062		5,480,607
				7,883,435
Media Non-Cable – 0.1%
Idearc, Inc., Term Loan B, 6.250%, 11/17/2014(b)(h)		42,409,833		17,865,142
Tribune Co., Term Loan X, 5.000%, 4/10/2010(b)(h)		4,666,005		1,564,418
				19,429,560
Oil Field Services – 0.1%
ATP Oil & Gas Corp., Tranche B-1 Term Loan, 8.500%, 7/15/2014(h)		2,328,523		1,751,049
ATP Oil & Gas Corp., Tranche B-1 Term Loan, 7/15/2014(i)		11,938,797		8,977,975
ATP Oil & Gas Corp., Tranche B-2 Term Loan, 8.500%, 1/15/2011(h)		610,584		459,159
ATP Oil & Gas Corp., Tranche B-2 Term Loan, 1/15/2011(i)		3,244,771		2,440,068
Dresser, Inc., Second Lien Term Loan, 6.068%, 5/04/2015(h)		3,515,000		2,473,681
Dresser, Inc., Term Loan, 3.104%, 5/04/2014(h)		1,734,381		1,573,084
				17,675,016
Paper – 0.1%
Georgia Pacific Corp., New Term Loan B, 2.557%, 12/20/2012(h)		6,719,091		6,322,463
Georgia Pacific Corp., Term Loan B1, 2.315%, 12/20/2012(h)		2,586,433		2,433,756
				8,756,219
Retailers – 0.0%
Harbor Freight Tools USA, Inc., Tranche C Term Loan, 9.750%, 2/12/2013(h)		2,347,462		2,167,482
Technology – 0.2%
Nuance Communications, Inc., Incremental Term Loan, 2.310%, 3/29/2013(h)		16,738,764		15,420,586

20

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BANK LOANS – continued
Technology – continued
Nuance Communications, Inc., Term Loan, 2.310%, 3/31/2013(h)	$	775,990	$	714,880
Sungard Data Systems, Inc., Term Loan B, 2.463%, 2/28/2014(h)		18,201,658		16,822,883
				32,958,349
Wirelines – 0.2%
Fairpoint Communications, Inc., Initial Term Loan A, 3/31/2014(i)		2,975,000		2,208,937
Fairpoint Communications, Inc., Initial Term Loan B, 5.000%, 3/31/2015(h)		11,869,671		8,831,036
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(h)(j)		24,016,858		14,260,010
Level 3 Financing, Inc., Tranche A Term Loan, 3.155%, 3/13/2014(h)		7,875,000		6,512,310
				31,812,293
TOTAL BANK LOANS (Identified Cost $138,020,520)				120,682,354
	Shares
PREFERRED STOCKS – 1.3%
CONVERTIBLE PREFERRED STOCKS – 0.8%
Automotive – 0.3%
Ford Motor Co. Capital Trust II, 6.500%		1,957,111		43,115,155
Capital Markets – 0.0%
Newell Financial Trust I, 5.250%		217,377		5,746,905
Commercial Banks – 0.1%
Wells Fargo & Co., Series L, Class A, 7.500%		8,193		6,431,259
Diversified Financial Services – 0.0%
CIT Group, Inc., 8.750%		12,500		218,250
Sovereign Capital Trust, 4.375%		222,632		4,452,640
				4,670,890
Electric Utilities – 0.1%
AES Trust III, 6.750%		346,577		14,816,167
CMS Energy Trust I, 7.750%(d)(e)		208,375		7,293,125
				22,109,292
Hotels, Restaurants & Leisure – 0.0%
Six Flags, Inc., 7.250%(b)		1		—
Machinery – 0.0%
United Rentals Trust, 6.500%		206,396		3,869,925
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp., 4.500%		87,351		5,590,464
El Paso Energy Capital Trust I, 4.750%		189,879		5,981,188
Williams Cos., Inc., 5.500%		25,000		1,823,438
				13,395,090
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%		53,600		281,400

21

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

	Shares	Value (†)
PREFERRED STOCKS – continued
Semiconductors & Semiconductor Equipment – 0.2%
Lucent Technologies Capital Trust, 7.750%	44,266	$	26,116,940
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $184,013,371)			125,736,856
NON-CONVERTIBLE PREFERRED STOCKS – 0.5%
Diversified Financial Services – 0.3%
Bank of America Corp., 6.375%	53,000		864,430
Bank of America Corp., Series L, 7.250%	21,799		17,984,175
CIT Group, Inc., Series A, 6.350%	779,310		5,572,066
Preferred Blocker, Inc., 144A, 7.000%	52,843		22,725,793
			47,146,464
Electric Utilities – 0.0%
Connecticut Light & Power Co., 1.900%	2,925		86,836
Entergy Arkansas, Inc., 4.320%	100		7,191
Entergy Mississippi, Inc., 4.360%	5,000		368,282
Entergy New Orleans, Inc., 4.360%	665		45,760
Entergy New Orleans, Inc., 4.750%	200		14,000
MDU Resources Group, Inc., 5.100%	1,091		107,327
Public Service Company of Oklahoma, 4.000%	360		26,291
Southern California Edison Co., 4.780%	50,100		1,052,100
Xcel Energy, Inc., 3.600%	1,100		68,750
			1,776,537
Thrifts & Mortgage Finance – 0.2%
Countrywide Capital IV, 6.750%	534,725		8,796,226
Federal Home Loan Mortgage Corp., 5.000%(f)(k)	104,800		146,720
Federal Home Loan Mortgage Corp., 5.570%(f)(k)	2,451,457		2,108,253
Federal Home Loan Mortgage Corp., 5.660%(f)(k)	624,479		580,765
Federal Home Loan Mortgage Corp., 5.700%(f)(k)	171,050		230,918
Federal Home Loan Mortgage Corp., 5.790%(f)(k)	399,250		499,062
Federal Home Loan Mortgage Corp., 5.810%(f)(k)	115,450		196,265
Federal Home Loan Mortgage Corp., 5.900%(f)(k)	310,023		279,021
Federal Home Loan Mortgage Corp., 6.000%(f)(k)	134,800		180,632
Federal Home Loan Mortgage Corp., 6.420%(f)(k)	125,980		201,568
Federal Home Loan Mortgage Corp., 6.550%(f)(k)	541,540		444,063
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(f)(k)	5,366,843		6,547,548
Federal National Mortgage Association, 4.750%(f)(k)	270,954		411,850
Federal National Mortgage Association, 5.125%(f)(k)	204,700		300,909
Federal National Mortgage Association, 5.375%(f)(k)	146,350		251,722
Federal National Mortgage Association, 5.810%(f)(k)	79,850		122,171
Federal National Mortgage Association, 6.750%(f)(k)	123,143		147,772
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(f)(k)	9,415,246		12,616,430

22

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

	Shares	Value (†)
PREFERRED STOCKS – continued
Thrifts & Mortgage Finance – continued
Federal National Mortgage Association, 8.250%(f)(k)	250,000	$	312,500
			34,374,395
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $448,909,372)			83,297,396
TOTAL PREFERRED STOCKS (Identified Cost $632,922,743)			209,034,252
COMMON STOCKS – 0.6%
Biotechnology – 0.3%
EPIX Pharmaceuticals, Inc.(d)(e)(f)(n)	2,414,358		265,579
EPIX Pharmaceuticals, Inc., Contingent Value Rights(f)	7,122		—
Vertex Pharmaceuticals, Inc.(f)	1,409,794		50,245,058
			50,510,637
Containers & Packaging – 0.1%
Owens-Illinois, Inc.(f)	645,508		18,080,679
Electronic Equipment Instruments & Components – 0.1%
Corning, Inc.	630,490		10,125,669
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp.	1,026,979		20,364,994
Thrifts & Mortgage Finance – 0.0%
Federal Home Loan Mortgage Corp.(f)(k)	6,751,988		4,186,233
TOTAL COMMON STOCKS (Identified Cost $186,398,096)			103,268,212
CLOSED END INVESTMENT COMPANIES – 0.2%
BlackRock Senior High Income Fund, Inc.	191,806		575,418
Dreyfus High Yield Strategies Fund	1,033,274		3,151,486
DWS High Income Trust	177,909		626,240
Highland Credit Strategies Fund	860,000		4,222,600
Morgan Stanley Emerging Markets Debt Fund, Inc.	356,954		2,959,148
Van Kampen High Income Trust II	28,322		334,483
Western Asset High Income Opportunity Fund, Inc.	2,217,450		11,419,867
Western Asset Managed High Income Fund, Inc.	1,218,442		6,177,501
TOTAL CLOSED END INVESTMENT COMPANIES (Identified Cost $44,128,619)			29,466,743

23

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

	Shares		Value (†)
EXCHANGE TRADED FUNDS – 0.5%
iShares iBoxx $ High Yield Corporate Bond Fund		506,101	$	40,341,311
SPDR Barclays Capital High Yield Bond		946,912		33,321,833
TOTAL EXCHANGE TRADED FUNDS (Identified Cost $72,210,695)				73,663,144
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 1.7%
Federal Home Loan Bank Discount Note, 0.010%, 7/01/2009(l)	$	182,100,000		182,100,000
Repurchase Agreement with State Street Corp., dated 6/30/2009 at 0.000%, to be repurchased at $356,439 on 7/01/2009 collateralized by $365,000 U.S. Treasury Bill, due 10/01/2009 valued at $364,823 including accrued interest(m)		356,439		356,439
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000%, to be repurchased at $90,032,117 on 7/01/2009 collateralized by $1,305,000 Federal Home Loan Bank, 5.648% due 11/27/2037 valued at $1,308,263; $3,230,000 Federal National Mortgage Association, 5.250% due 8/01/2012 valued at $3,415,725; $38,295,000 Federal National Mortgage Association, 1.875% due 4/20/2012 valued at $38,534,344; $48,335,000 Federal National Mortgage Association, 2.150% due 5/04/2012 valued at 48,576,675 including accrued interest(m)		90,032,117		90,032,117
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $272,488,556)				272,488,556
TOTAL INVESTMENTS – 98.7% (Identified Cost $18,016,398,954)(a)				16,034,934,747
Other assets less liabilities—1.3%				217,509,353
NET ASSETS – 100.0%			$	16,252,444,100

(‡) 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.

24

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

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

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 25.

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

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

At June 30, 2009, the net unrealized depreciation on investments based on a cost of $18,030,178,681 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	$	507,473,523
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(2,502,717,457	)
Net unrealized depreciation	$	(1,995,243,934	)

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

(c) Variable rate security. Rate as of June 30, 2009 is disclosed.

(d) Illiquid security. At June 30, 2009, the value of these securities amounted to $420,769,890 or 2.6% of net assets.

(e) Fair valued security by the Fund’s Investment Adviser. At June 30, 2009 the value of these securities amounted to $12,290,167 or 0.1% of net assets.

(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 June 30, 2009.

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

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

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

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

(m) 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.

(n) Security subject to restrictions on resale. This security was acquired on May 8, 2009 at a cost of $4,453,113. At June 30, 2009, the value of this security amounted to $265,579 or 0.0% of net assets.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the total value of these securities amounted to $1,923,829,508 or 11.8% of net assets.

ABS Asset-Backed Securities

AMBAC American Municipal Bond Assurance Corp.

EMTN Euro Medium Term Note

FGIC Financial Guaranty Insurance Company

FHLMC Federal Home Loan Mortgage Corporation

FSA Financial Security Assurance, Inc.

GMTN Global Medium Term Note

MBIA Municipal Bond Investor Assurance Corp.

MTN Medium Term Note

REITs Real Estate Investment Trusts

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

25

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (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 June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
Non-Convertible Bonds
ABS Credit Card	$	—	$	107,872,156	$	—	$	107,872,156
Aerospace & Defense		—		16,245,196		—		16,245,196
Airlines		—		158,103,854		55,458,718		213,562,572
Automotive		—		416,380,351		2,158,583		418,538,934
Banking		—		836,862,048		45,089,053		881,951,101
Brokerage		—		5,867,514		—		5,867,514
Building Materials		—		125,670,518		—		125,670,518
Chemicals		—		89,635,018		12,388,600		102,023,618
Construction Machinery		—		211,034,584		—		211,034,584
Consumer Cyclical Services		—		145,288,594		—		145,288,594
Consumer Products		—		37,416,645		—		37,416,645
Distributors		—		5,089,174		—		5,089,174
Diversified Manufacturing		—		36,675,415		—		36,675,415
Electric		—		545,426,600		11,471,438		556,898,038
Entertainment		—		54,038,264		—		54,038,264
Food & Beverage		—		268,700,450		—		268,700,450
Government Owned - No Guarantee		—		16,083,025		—		16,083,025
Health Insurance		—		192,210,668		—		192,210,668
Healthcare		—		575,586,600		—		575,586,600
Home Construction		—		243,004,992		1,346,550		244,351,542
Independent Energy		—		269,042,435		—		269,042,435
Industrial Other		—		22,093,625		—		22,093,625
Integrated Energy		—		—		1,467,016		1,467,016
Life Insurance		—		54,872,565		—		54,872,565
Local Authorities		—		129,375,660		—		129,375,660
Media Cable		—		411,221,795		—		411,221,795
Media Non-Cable		—		86,625,765		562,649		87,188,414
Metals & Mining		—		129,898,345		—		129,898,345
Mortgage Related		—		302,271		—		302,271
Non-Captive Consumer		—		453,172,547		67,739,113		520,911,660
Non-Captive Diversified		—		751,230,912		242,100,203		993,331,115
Oil Field Services		—		404,838,503		—		404,838,503
Packaging		—		24,962,338		—		24,962,338
Paper		—		410,327,745		2,042,875		412,370,620
Pharmaceuticals		—		170,206,649		—		170,206,649
Pipelines		—		401,196,146		—		401,196,146
Property & Casualty Insurance		—		177,605,637		58,839		177,664,476

26

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Railroads	$	—	$	69,542,443	$	—	$	69,542,443
Refining		—		1,520,260		—		1,520,260
REITs		—		170,303,482		—		170,303,482
Restaurants		—		2,630,284		—		2,630,284
Retailers		—		586,494,371		3,411,450		589,905,821
Sovereigns		—		801,171,331		38,699,065		839,870,396
Supermarkets		—		136,682,100		—		136,682,100
Supranational		—		405,389,400		39,313,450		444,702,850
Technology		—		367,503,692		6,135,243		373,638,935
Textile		—		1,660,500		—		1,660,500
Tobacco		—		256,777,340		—		256,777,340
Transportation Services		—		78,480,007		—		78,480,007
Treasuries		—		2,048,219,607		—		2,048,219,607
Wireless		—		296,548,138		—		296,548,138
Wirelines		—		905,448,631		—		905,448,631
Total Non-Convertible Bonds		—		14,112,536,190		529,442,845		14,641,979,035
Convertible Bonds
Electric		—		1,040,000		—		1,040,000
Healthcare		—		34,282,255		—		34,282,255
Industrial Other		—		17,067,355		—		17,067,355
Life Insurance		—		1,072,500		—		1,072,500
Lodging		—		25,038,125		—		25,038,125
Media Non-Cable		—		4,999,871		—		4,999,871
Metals & Mining		—		26,934,431		—		26,934,431
Non-Captive Diversified		—		22,913,247		—		22,913,247
Oil Field Services		—		11,769,119		—		11,769,119
Pharmaceuticals		—		111,756,342		—		111,756,342
Technology		—		21,825,478		16,255,790		38,081,268
Textile		—		112,084		—		112,084
Wireless		—		20,451,563		—		20,451,563
Wirelines		—		53,449,406		68,986,110		122,435,516
Total Convertible Bonds		—		352,711,776		85,241,900		437,953,676
Municipals
Alabama		—		4,450,410		—		4,450,410
California		—		57,813,330		—		57,813,330
District Of Columbia		—		4,137,210		—		4,137,210
Florida		—		10,213,174		—		10,213,174
Illinois		—		9,695,427		—		9,695,427
Louisiana		—		3,434,574		—		3,434,574
Massachusetts		—		4,499,100		—		4,499,100
Michigan		—		16,319,207		—		16,319,207
Nebraska		—		10,839,586		—		10,839,586
Ohio		—		5,865,155		—		5,865,155
Texas		—		12,589,500		—		12,589,500
Wisconsin		—		6,542,102		—		6,542,102
Total Municipals		—		146,398,775		—		146,398,775
Total Bonds and Notes		—		14,611,646,741		614,684,745		15,226,331,486
Bank Loans
Food & Beverage		—		7,883,435		—		7,883,435
Media Non-Cable		—		19,429,560		—		19,429,560
Oil Field Services		—		17,675,016		—		17,675,016
Paper		—		8,756,219		—		8,756,219
Retailers		—		2,167,482		—		2,167,482
Technology		—		32,958,349		—		32,958,349

27

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Wirelines	$	—	$	31,812,293	$	—	$	31,812,293
Total Bank Loans		—		120,682,354		—		120,682,354
Preferred Stocks
Convertible Preferred Stocks
Automotive		43,115,155		—		—		43,115,155
Capital Markets		—		5,746,905		—		5,746,905
Commercial Banks		6,431,259		—		—		6,431,259
Diversified Financial Services		—		218,250		4,452,640		4,670,890
Electric Utilities		—		14,816,167		7,293,125		22,109,292
Hotels, Restaurants & Leisure		0		—		—		0
Machinery		—		3,869,925		—		3,869,925
Oil, Gas & Consumable Fuels		5,590,464		7,804,626		—		13,395,090
REITs		—		—		281,400		281,400
Semiconductors & Semiconductor Equipment		—		—		26,116,940		26,116,940
Total Convertible Preferred Stocks		55,136,878		32,455,873		38,144,105		125,736,856
Non-Convertible Preferred Stocks
Diversified Financial Services		6,436,496		40,709,968		—		47,146,464
Electric Utilities		1,120,850		655,687		—		1,776,537
Thrifts & Mortgage Finance		18,033,363		16,341,032		—		34,374,395
Total Non-Convertible Preferred Stocks		25,590,709		57,706,687		—		83,297,396
Total Preferred Stocks		80,727,587		90,162,560		38,144,105		209,034,252
Common Stocks
Biotechnology		50,245,058		—		265,579		50,510,637
Containers & Packaging		18,080,679		—		—		18,080,679
Electronic Equipment Instruments & Components		10,125,669		—		—		10,125,669
Oil, Gas & Consumable Fuels		20,364,994		—		—		20,364,994
Thrifts & Mortgage Finance		4,186,233		—		—		4,186,233
Total Common Stocks		103,002,633		—		265,579		103,268,212
Closed End Investment Companies		29,466,743		—		—		29,466,743
Exchange Traded Funds		73,663,144		—		—		73,663,144
Short-Term Investments		90,388,556		182,100,000		—		272,488,556
Total	$	377,248,663	$	15,004,591,655	$	653,094,429	$	16,034,934,747

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
Non-Convertible Bonds
Airlines	$	22,961,700	$	—	$	—	$	2,060,363		$	29,042,098	$	(2,193,069	)	$	3,587,626	$	—		$	55,458,718
Automotive		—		—		—		(124,773	)		—		—			2,283,356		—			2,158,583
Banking		81,049,502		2,031,992		—		(29,053,637	)		138,056		—			—		(9,076,860	)		45,089,053
Chemicals		13,144,730		198,792		—		(10,537,742	)		19,500		—			20,157,580		(10,594,260	)		12,388,600
Electric		—		33,974		—		(6,274,911	)		—		—			17,712,375		—			11,471,438

28

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Home Construction	$	—	$	80,921	$	—		$	(353,096	)	$	—	$	—		$	1,618,725	$	—		$	1,346,550
Independent Energy		6,923,210		57,586		—			333,660			—		—			—		(7,314,456	)		—
Industrial Other		12,676,800		—		—			6,338,400			—		—			—		(19,015,200	)		—
Integrated Energy		1,683,067		—		—			(34,496	)		—		(181,555	)		—		—			1,467,016
Life Insurance		13,579,037		—		1,952,757			9,445,306			375,562		(25,352,662	)		—		—			—
Media Non-Cable		6,027,275		638,868		(12,274,988	)		4,980,146			3,750		(3,246,013	)		4,433,611		—			562,649
Non-Captive Consumer		11,577,735		1,208,737		—			12,501,891			—		—			51,485,099		(9,034,349	)		67,739,113
Non-Captive Diversified		22,929,550		1,872,787		577,115			(103,614,963	)		175,392,161		(11,402,021	)		180,678,974		(24,333,400	)		242,100,203
Paper		—		47,797		—			(2,477,422	)		1,300		—			4,471,200		—			2,042,875
Property & Casualty Insurance		5,172,800		3,555		(306,929	)		(1,003,161	)		57,274		(596,700	)		—		(3,268,000	)		58,839
Retailers		—		7,098		—			(689,388	)		—		—			4,093,740		—			3,411,450
Sovereigns		—		544,508		—			3,318,589			34,835,968		—			—		—			38,699,065
Supranational		59,712,065		—		—			1,875,232			—		—			—		(22,273,847	)		39,313,450
Technology		12,664,200		62,901		—			(6,601,858	)		10,000		—			—		—			6,135,243
Wireless		24,894,800		42,825		—			3,098,275			429,750		—			—		(28,465,650	)		—
Convertible Bonds									—
Healthcare		3,561,000		36,830		—			2,137,243			—		(5,735,073	)		—		—			—
Technology		—		1,192,458		—			(8,699,903	)		—		—			23,763,235		—			16,255,790
Transportation Services		535,780		6,960		42,110			17,150			—		(602,000	)		—		—			—
Wirelines		—		2,512		—			5,800,058			63,183,540		—			—		—			68,986,110
Preferred Stocks
Convertible Preferred Stocks
Diversified Financial Services		—		—		—			(575,731	)		535,036		—			4,493,335		—			4,452,640
Electric Utilities		8,295,000		—		—			(1,036,875	)		35,000		—			—		—			7,293,125
REITs		—		—		—			(375,200	)		—		—			656,600		—			281,400
Semiconductors & Semiconductor Equipment		20,542,641		—		—			5,561,237			13,062		—			—		—			26,116,940
Common Stocks
Biotechnology		—		—		—			(4,187,534	)		4,453,113		—			—		—			265,579
Total	$	327,930,892	$	8,071,101	$	(10,009,935	)	$	(118,173,140	)	$	308,525,170	$	(49,309,093	)	$	319,435,456	$	(133,376,022	)	$	653,094,429

29

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Bond Fund - continued

NET ASSET SUMMARY AT JUNE 30, 2009 (Unaudited)

Treasuries	12.6	%
Wirelines	6.6
Non-Captive Diversified	6.2
Banking	5.4
Sovereigns	5.2
Healthcare	3.8
Retailers	3.6
Electric	3.4
Non-Captive Consumer	3.2
Automotive	2.9
Supranational	2.7
Technology	2.7
Oil Field Services	2.7
Paper	2.6
Media Cable	2.5
Pipelines	2.5
Other Investments, less than 2% each	28.4
Short-Term Investments	1.7
Total Investments	98.7
Other assets less liabilities	1.3
Net Assets	100.0	%

CURRENCY EXPOSURE AT JUNE 30, 2009 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	73.2	%
Canadian Dollar	10.0
New Zealand Dollar	2.5
Other, less than 2% each	13.0
Total Investments	98.7
Other assets less liabilities	1.3
Net Assets	100.0	%

30

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 93.3% of Net Assets
NON-CONVERTIBLE BONDS – 90.4%
ABS Credit Card – 0.6%
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		$	4,265,000	$	4,030,289
ABS Other – 0.1%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			725,000		644,002
Aerospace & Defense – 0.0%
Bombardier, Inc., 7.450%, 5/01/2034, 144A			175,000		133,000
Airlines – 0.5%
American Airlines, Inc., Pass Through Trust, Series 1999-1, Class B, 7.324%, 4/15/2011			250,000		243,750
American Airlines, Inc., Pass Through Trust, Series 2009-1A, 10.375%, 7/02/2019			995,000		1,003,706
American Airlines, Inc., Pass Through Trust, Series 93A6, 8.040%, 9/16/2011			23,424		14,523
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			117,989		87,312
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			186,834		132,652
Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016			429,072		377,584
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			1,779,089		1,138,617
United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024			1,205,685		928,377
					3,926,521
Automotive – 3.1%
Cummins, Inc., 7.125%, 3/01/2028			2,400,000		1,921,658
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		300,000		355,622
FCE Bank PLC, EMTN, 7.125%, 1/15/2013	EUR		200,000		227,262
Ford Motor Co., 6.375%, 2/01/2029			730,000		394,200
Ford Motor Co., 6.500%, 8/01/2018			50,000		29,500
Ford Motor Co., 6.625%, 10/01/2028			2,435,000		1,314,900
Ford Motor Co., 7.125%, 11/15/2025			595,000		327,250
Ford Motor Co., 7.450%, 7/16/2031			5,065,000		2,988,350
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010			750,000		723,863
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			230,000		184,927
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010			500,000		474,933
Ford Motor Credit Co. LLC, 8.000%, 6/01/2014			12,270,000		9,927,878
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			565,000		431,959
GMAC LLC, 5.375%, 6/06/2011, 144A			2,268,000		1,927,800
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			375,000		288,750
					21,518,852
Banking – 7.9%
Associates Corp. NA, 6.950%, 11/01/2018			1,710,000		1,529,918
BAC Capital Trust VI, 5.625%, 3/08/2035			2,385,000		1,550,779
Bank of America Corp., 4.850%, 11/15/2014			500,000		476,295
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		2,340,000,000		1,881,625
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		175,000,000		5,237,159
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB		45,000,000		1,344,321
BNP Paribas SA, EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		18,710,000,000		1,400,753

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Banking – continued
Citigroup, Inc., 5.000%, 9/15/2014		$	6,020,000	$	5,046,674
Citigroup, Inc., 5.850%, 12/11/2034			415,000		322,295
Citigroup, Inc., 5.875%, 2/22/2033			2,795,000		2,067,285
Citigroup, Inc., 5.875%, 5/29/2037			570,000		445,385
Citigroup, Inc., 6.000%, 10/31/2033			1,460,000		1,089,475
Citigroup, Inc., 6.125%, 8/25/2036			225,000		167,550
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011			84,000		82,899
Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014			3,855,000		3,874,630
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033			560,000		522,660
Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018			1,955,000		1,903,343
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			910,000		808,985
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL		16,585,000		7,787,730
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		24,502,029,000		1,884,550
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		17,920,000,000		1,378,299
JPMorgan Chase & Co., Zero Coupon Bond, 4/12/2012, 144A	IDR		21,194,634,240		1,404,255
JPMorgan Chase London, EMTN, Zero Coupon Bond, 10/21/2010, 144A	IDR		18,824,303,000		1,559,241
Kaupthing Bank, Zero Coupon Bond, 1/15/2010, 144A(b)			200,000		26,000
Kaupthing Bank, Series D, 5.750%, 10/04/2011, 144A(b)			2,700,000		351,000
Kaupthing Bank, Series E, 6.125%, 10/04/2016, 144A(b)			500,000		65,000
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			900,000		695,120
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR		1,000,000		937,531
Morgan Stanley, 4.750%, 4/01/2014			1,795,000		1,695,539
Morgan Stanley, 5.375%, 10/15/2015			1,700,000		1,665,747
Morgan Stanley, 6.750%, 4/15/2011			1,290,000		1,351,363
Morgan Stanley, EMTN, 5.450%, 1/09/2017			370,000		345,499
Morgan Stanley, GMTN, 5.125%, 11/30/2015	GBP		350,000		527,298
Morgan Stanley, MTN, 6.250%, 8/09/2026			400,000		372,804
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017			500,000		465,439
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017			925,000		887,593
Rabobank Nederland, EMTN, 10.250%, 9/10/2009, 144A	ISK		360,000,000		2,117,689
					55,269,728
Building Materials – 1.2%
Masco Corp., 0.939%, 3/12/2010(c)			1,675,000		1,615,665
Masco Corp., 4.800%, 6/15/2015			860,000		675,943
Masco Corp., 5.850%, 3/15/2017			240,000		191,712
Masco Corp., 6.125%, 10/03/2016			2,600,000		2,182,950
Masco Corp., 6.500%, 8/15/2032			305,000		207,349
Owens Corning, Inc., 6.500%, 12/01/2016			805,000		705,633
Owens Corning, Inc., 7.000%, 12/01/2036			2,050,000		1,452,899
USG Corp., 6.300%, 11/15/2016			1,680,000		1,243,200
					8,275,351
Chemicals – 1.5%
Borden, Inc., 7.875%, 2/15/2023			5,240,000		1,467,200
Borden, Inc., 8.375%, 4/15/2016			55,000		15,400
Borden, Inc., 9.200%, 3/15/2021			905,000		253,400
Chevron Phillips Chemical Co. LLC, 8.250%, 6/15/2019, 144A			3,440,000		3,588,656

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Chemicals – continued
Cytec Industries, Inc., 8.950%, 7/01/2017	$	2,500,000	$	2,493,050
ICI Wilmington, Inc., 5.625%, 12/01/2013		115,000		111,576
Lubrizol Corp., 5.500%, 10/01/2014		365,000		362,005
Lubrizol Corp., 6.500%, 10/01/2034		1,170,000		1,036,958
Methanex Corp., 6.000%, 8/15/2015		1,565,000		1,204,607
				10,532,852
Commercial Mortgage-Backed Securities – 0.1%
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		95,000		80,651
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		1,000,000		670,720
				751,371
Construction Machinery – 0.3%
Caterpillar Financial Services Corp., MTN, 5.450%, 4/15/2018		160,000		152,329
Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014		1,235,000		1,317,363
Toro Co., 6.625%, 5/01/2037(d)		965,000		701,348
United Rentals North America, Inc., 7.000%, 2/15/2014		55,000		44,963
				2,216,003
Distributors – 0.1%
ONEOK, Inc., 6.000%, 6/15/2035		1,000,000		838,179
Electric – 3.4%
AES Corp. (The), 7.750%, 3/01/2014		730,000		691,675
Bruce Mansfield Unit, 6.850%, 6/01/2034(d)		4,220,000		3,246,193
Dynegy Holdings, Inc., 7.125%, 5/15/2018		380,000		258,400
Dynegy Holdings, Inc., 7.625%, 10/15/2026		810,000		502,200
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		1,589,000		1,678,027
Enersis SA, 7.375%, 1/15/2014		275,000		294,178
Enersis SA, 7.400%, 12/01/2016		4,000,000		4,288,284
Mackinaw Power LLC, 6.296%, 10/31/2023, 144A		3,920,347		3,232,365
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		695,000		335,337
NiSource Finance Corp., 5.250%, 9/15/2017		250,000		214,375
NiSource Finance Corp., 6.150%, 3/01/2013		850,000		844,925
NiSource Finance Corp., 6.400%, 3/15/2018		2,855,000		2,619,443
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A		637,045		628,011
Quezon Power Philippines Co., 8.860%, 6/15/2017		1,292,200		1,150,058
TXU Corp., Series P, 5.550%, 11/15/2014		765,000		483,036
TXU Corp., Series Q, 6.500%, 11/15/2024		1,515,000		759,138
TXU Corp., Series R, 6.550%, 11/15/2034		1,275,000		612,968
White Pine Hydro LLC, 6.310%, 7/10/2017(d)		450,000		381,911
White Pine Hydro LLC, 6.960%, 7/10/2037(d)		670,000		476,127
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(d)		1,280,000		1,111,688
				23,808,339
Entertainment – 1.4%
Time Warner, Inc., 6.500%, 11/15/2036		910,000		796,886
Time Warner, Inc., 6.625%, 5/15/2029		2,065,000		1,867,272
Time Warner, Inc., 6.950%, 1/15/2028		875,000		821,981
Time Warner, Inc., 7.625%, 4/15/2031		730,000		709,674

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Entertainment – continued
Time Warner, Inc., 7.700%, 5/01/2032	$	1,155,000	$	1,134,979
Viacom, Inc., Class B, 6.875%, 4/30/2036		4,880,000		4,495,988
				9,826,780
Food & Beverage – 1.0%
Anheuser-Busch Cos., Inc., 5.375%, 11/15/2014, 144A		5,730,000		5,781,106
Corn Products International, Inc., 6.625%, 4/15/2037		1,540,000		1,225,552
Sara Lee Corp., 6.125%, 11/01/2032		295,000		263,547
				7,270,205
Government Owned - No Guarantee – 0.2%
DP World Ltd., 6.850%, 7/02/2037, 144A		2,000,000		1,330,000
Health Insurance – 0.2%
CIGNA Corp., 6.350%, 3/15/2018		2,000,000		1,770,342
Healthcare – 2.3%
Boston Scientific Corp., 5.450%, 6/15/2014		290,000		266,800
Boston Scientific Corp., 6.400%, 6/15/2016		860,000		799,800
Boston Scientific Corp., 7.000%, 11/15/2035		860,000		696,600
HCA, Inc., 5.750%, 3/15/2014		455,000		364,000
HCA, Inc., 6.250%, 2/15/2013		2,345,000		2,051,875
HCA, Inc., 6.375%, 1/15/2015		410,000		333,125
HCA, Inc., 6.500%, 2/15/2016		610,000		492,575
HCA, Inc., 6.750%, 7/15/2013		115,000		101,200
HCA, Inc., 7.050%, 12/01/2027		3,545,000		2,159,118
HCA, Inc., 7.190%, 11/15/2015		820,000		631,898
HCA, Inc., 7.500%, 12/15/2023		1,475,000		960,774
HCA, Inc., 7.500%, 11/06/2033		1,440,000		820,800
HCA, Inc., 7.690%, 6/15/2025		2,660,000		1,633,525
HCA, Inc., 8.360%, 4/15/2024		2,220,000		1,465,639
HCA, Inc., MTN, 7.580%, 9/15/2025		2,930,000		1,804,086
HCA, Inc., MTN, 7.750%, 7/15/2036		430,000		255,615
Owens & Minor, Inc., 6.350%, 4/15/2016(d)		320,000		280,005
Tenet Healthcare Corp., 6.500%, 6/01/2012		105,000		104,033
Tenet Healthcare Corp., 6.875%, 11/15/2031		1,075,000		645,000
Tenet Healthcare Corp., 7.375%, 2/01/2013		85,000		76,500
				15,942,968
Home Construction – 1.0%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		115,000		57,500
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		155,000		80,600
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		115,000		59,800
Lennar Corp., Series B, 5.600%, 5/31/2015		1,700,000		1,338,750
Pulte Homes, Inc., 5.200%, 2/15/2015		1,305,000		1,089,675
Pulte Homes, Inc., 6.000%, 2/15/2035		3,920,000		2,548,000
Pulte Homes, Inc., 6.375%, 5/15/2033		1,960,000		1,293,600
Toll Brothers Finance Corp., 5.150%, 5/15/2015		565,000		500,239
				6,968,164

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Independent Energy – 2.2%
Anadarko Petroleum Corp., 5.950%, 9/15/2016		$	3,230,000	$	3,186,796
Anadarko Petroleum Corp., 6.450%, 9/15/2036			2,845,000		2,557,416
Chesapeake Energy Corp., 6.500%, 8/15/2017			380,000		319,200
Chesapeake Energy Corp., 6.875%, 1/15/2016			200,000		176,500
Chesapeake Energy Corp., 6.875%, 11/15/2020			900,000		724,500
Connacher Oil & Gas Ltd., 10.250%, 12/15/2015, 144A			792,000		479,160
Connacher Oil & Gas Ltd., 11.750%, 7/15/2014, 144A			525,000		504,000
Penn Virginia Corp., 10.375%, 6/15/2016			500,000		508,750
Pioneer Natural Resources Co., 5.875%, 7/15/2016			435,000		375,071
Pioneer Natural Resources Co., 7.200%, 1/15/2028			1,465,000		1,146,128
Questar Market Resources, Inc., 6.800%, 4/01/2018			3,820,000		3,599,299
Talisman Energy, Inc., 5.850%, 2/01/2037			550,000		469,446
Talisman Energy, Inc., 6.250%, 2/01/2038			1,485,000		1,337,498
XTO Energy, Inc., 6.100%, 4/01/2036			155,000		150,220
					15,533,984
Industrial Other – 0.2%
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A			1,575,000		1,134,000
Integrated Energy – 0.2%
PF Export Receivables Master Trust, Series A, 6.436%, 6/01/2015, 144A			1,210,409		1,222,513
Life Insurance – 0.2%
Hartford Life Insurance Co., 1.460%, 9/15/2011(c)			500,000		355,000
Protective Life Secured Trust, 0.990%, 9/10/2014(c)			1,000,000		833,400
					1,188,400
Local Authorities – 4.5%
Province of Alberta, 5.930%, 9/16/2016	CAD		868,201		833,306
Province of British Columbia, Zero Coupon Bond, 8/23/2013	CAD		11,700,000		8,908,859
Province of Ontario, Canada, 4.200%, 3/08/2018	CAD		19,825,000		17,202,574
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(d)			7,725,000		4,779,689
					31,724,428
Lodging – 0.0%
Host Marriott LP, Series O, 6.375%, 3/15/2015			150,000		129,750
Media Cable – 3.9%
Comcast Corp., 5.650%, 6/15/2035			2,660,000		2,436,230
Comcast Corp., 6.450%, 3/15/2037			2,645,000		2,606,751
Comcast Corp., 6.500%, 11/15/2035			3,240,000		3,275,293
Comcast Corp., 6.950%, 8/15/2037			7,695,000		8,023,415
CSC Holdings, Inc., 6.750%, 4/15/2012			200,000		193,000
CSC Holdings, Inc., 7.625%, 4/01/2011			50,000		49,500
CSC Holdings, Inc., 7.875%, 2/15/2018			170,000		159,163
CSC Holdings, Inc., 8.500%, 4/15/2014, 144A			1,000,000		991,250
TCI Communications, Inc., 7.875%, 2/15/2026			550,000		578,456
Time Warner Cable, Inc., 6.550%, 5/01/2037			1,500,000		1,438,282
Time Warner Cable, Inc., 6.750%, 7/01/2018			6,500,000		6,770,198
Virgin Media Finance PLC, 9.125%, 8/15/2016			400,000		385,000

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Media Cable – continued
Virgin Media Finance PLC, 9.750%, 4/15/2014	GBP	250,000		$	382,509
					27,289,047
Media Non-Cable – 0.4%
News America, Inc., 6.150%, 3/01/2037		2,630,000		$	2,230,585
News America, Inc., 6.200%, 12/15/2034		795,000			678,688
					2,909,273
Metals & Mining – 1.2%
Alcoa, Inc., 5.720%, 2/23/2019		1,500,000			1,189,784
Alcoa, Inc., 6.750%, 7/15/2018		300,000			266,154
Rio Tinto Finance (USA) Ltd., 8.950%, 5/01/2014		6,245,000			6,939,731
					8,395,669
Non-Captive Consumer – 1.9%
SLM Corp., 6.000%, 12/15/2043		31,725	(††)		470,719
SLM Corp., MTN, 5.125%, 8/27/2012		560,000			479,001
SLM Corp., Series A, MTN, 4.500%, 7/26/2010		930,000			878,850
SLM Corp., Series A, MTN, 5.000%, 10/01/2013		1,665,000			1,346,747
SLM Corp., Series A, MTN, 5.000%, 4/15/2015		200,000			150,000
SLM Corp., Series A, MTN, 5.000%, 6/15/2018		145,000			96,190
SLM Corp., Series A, MTN, 5.375%, 1/15/2013		2,920,000			2,439,374
SLM Corp., Series A, MTN, 5.375%, 5/15/2014		235,000			188,872
SLM Corp., Series A, MTN, 5.400%, 10/25/2011		405,000			364,253
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		7,986,000			6,831,903
SLM Corp., Series B, MTN, 1.766%, 9/15/2009(c)		500,000			492,400
					13,738,309
Non-Captive Diversified – 3.5%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015		845,000			489,499
CIT Group, Inc., 4.750%, 12/15/2010		135,000			105,976
CIT Group, Inc., 5.050%, 9/15/2014		500,000			251,267
CIT Group, Inc., 5.400%, 2/13/2012		64,000			43,680
CIT Group, Inc., 5.400%, 1/30/2016		108,000			60,984
CIT Group, Inc., 5.500%, 12/01/2014	GBP	800,000			671,241
CIT Group, Inc., 5.600%, 4/27/2011		432,000			323,932
CIT Group, Inc., 5.800%, 10/01/2036		561,000			311,355
CIT Group, Inc., 5.850%, 9/15/2016		10,000			5,646
CIT Group, Inc., 12.000%, 12/18/2018, 144A		4,237,000			2,054,945
CIT Group, Inc., EMTN, 3.800%, 11/14/2012	EUR	750,000			631,282
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR	1,150,000			806,638
CIT Group, Inc., EMTN, 5.000%, 5/13/2014	EUR	550,000			408,931
CIT Group, Inc., EMTN, 5.500%, 12/20/2016	GBP	600,000			493,560
CIT Group, Inc., GMTN, 4.250%, 2/01/2010		85,000			76,312
CIT Group, Inc., GMTN, 4.250%, 9/22/2011	EUR	400,000			387,186
CIT Group, Inc., GMTN, 5.000%, 2/13/2014		673,000			399,669
CIT Group, Inc., GMTN, 5.000%, 2/01/2015		263,000			154,909
CIT Group, Inc., MTN, 4.250%, 3/17/2015	EUR	1,000,000			715,453
CIT Group, Inc., MTN, 5.125%, 9/30/2014		762,000			449,147
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		265,000			128,525
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017		250,000			141,055

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012	AUD	830,000	$	668,924
General Electric Capital Corp., 5.625%, 5/01/2018		35,000		33,102
General Electric Capital Corp., MTN, 5.875%, 1/14/2038		170,000		134,536
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD	1,345,000		765,516
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014	NZD	2,500,000		1,510,587
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015		1,145,000		1,113,936
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD	9,210,000		5,172,308
GMAC LLC, 4.750%, 9/14/2009, 144A		874,000		849,965
GMAC LLC, 5.750%, 9/27/2010, 144A		309,000		281,190
GMAC LLC, 6.000%, 12/15/2011, 144A		1,305,000		1,115,775
GMAC LLC, 6.875%, 8/28/2012, 144A		224,000		187,040
GMAC LLC, 7.000%, 2/01/2012, 144A		253,000		214,544
GMAC LLC, 7.500%, 12/31/2013, 144A		682,000		528,550
GMAC LLC, 8.000%, 12/31/2018, 144A		1,460,000		927,100
GMAC LLC, 8.000%, 11/01/2031, 144A		181,000		126,700
iStar Financial, Inc., 5.500%, 6/15/2012		85,000		43,138
iStar Financial, Inc., 5.650%, 9/15/2011		135,000		78,300
iStar Financial, Inc., 5.875%, 3/15/2016		30,000		12,000
iStar Financial, Inc., 6.050%, 4/15/2015		30,000		12,000
iStar Financial, Inc., 8.625%, 6/01/2013		2,495,000		1,297,400
iStar Financial, Inc., Series B, 5.700%, 3/01/2014		95,000		39,900
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		1,245,000		544,688
				24,768,391
Oil Field Services – 0.1%
North American Energy Partners, Inc., 8.750%, 12/01/2011		1,000,000		870,000
Packaging – 0.3%
Owens-Illinois, Inc., 7.800%, 5/15/2018		2,000,000		1,887,500
Paper – 1.7%
Georgia-Pacific LLC, 7.250%, 6/01/2028		2,000,000		1,495,000
Georgia-Pacific LLC, 7.375%, 12/01/2025		2,868,000		2,222,700
Georgia-Pacific LLC, 7.750%, 11/15/2029		6,005,000		4,698,912
Georgia-Pacific LLC, 8.000%, 1/15/2024		132,000		112,200
Jefferson Smurfit Corp., 7.500%, 6/01/2013(b)		335,000		123,531
Westvaco Corp., 7.950%, 2/15/2031		1,045,000		922,633
Westvaco Corp., 8.200%, 1/15/2030		1,080,000		954,077
Weyerhaeuser Co., 7.375%, 3/15/2032		1,565,000		1,249,113
				11,778,166
Pharmaceuticals – 0.6%
Elan Financial PLC, 7.750%, 11/15/2011		4,235,000		3,917,375
Elan Financial PLC, 8.875%, 12/01/2013		335,000		306,525
				4,223,900
Pipelines – 1.9%
DCP Midstream LP, 6.450%, 11/03/2036, 144A		1,740,000		1,391,910
El Paso Corp., 6.950%, 6/01/2028		925,000		695,954

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Pipelines – continued
El Paso Corp., 12.000%, 12/12/2013		$	2,195,000	$	2,414,500
El Paso Corp., GMTN, 7.800%, 8/01/2031			250,000		203,927
Enterprise Products Operating LLP, 6.300%, 9/15/2017			1,550,000		1,557,688
Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A			300,000		329,725
Knight, Inc., 6.500%, 9/01/2012			90,000		87,975
Knight, Inc., Senior Note, 5.150%, 3/01/2015			305,000		264,588
Plains All American Pipeline LP, 6.125%, 1/15/2017			1,785,000		1,721,170
Plains All American Pipeline LP, 6.650%, 1/15/2037			3,850,000		3,571,841
Williams Cos., Inc. (The), 7.500%, 1/15/2031			1,000,000		880,000
					13,119,278
Property & Casualty Insurance – 1.8%
Allstate Corp., 5.950%, 4/01/2036			540,000		471,504
Axis Capital Holdings Ltd., 5.750%, 12/01/2014			80,000		72,097
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014			1,190,000		1,158,474
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015			775,000		738,365
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033			180,000		142,445
Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019			4,570,000		5,142,708
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A			1,545,000		587,100
Travelers Cos., Inc. (The), 6.250%, 6/15/2037			895,000		926,899
Travelers Property Casualty Corp., 6.375%, 3/15/2033			1,400,000		1,468,134
White Mountains RE Group, 6.375%, 3/20/2017, 144A			2,140,000		1,678,873
					12,386,599
Railroads – 0.2%
CSX Corp., MTN, 6.000%, 10/01/2036			1,575,000		1,426,690
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(d)			500,000		250,000
					1,676,690
REITs – 1.9%
Camden Property Trust, 5.700%, 5/15/2017			1,495,000		1,329,055
Duke Realty LP, 5.950%, 2/15/2017			210,000		162,785
ERP Operating LP, 5.125%, 3/15/2016			70,000		64,197
Highwoods Properties, Inc., 5.850%, 3/15/2017			3,485,000		2,775,419
Highwoods Properties, Inc., 7.500%, 4/15/2018			475,000		411,021
ProLogis, 5.625%, 11/15/2015			100,000		79,291
ProLogis, 5.750%, 4/01/2016			80,000		63,056
Realty Income Corp., 6.750%, 8/15/2019			1,000,000		900,901
Simon Property Group LP, 5.250%, 12/01/2016			1,125,000		999,318
Simon Property Group LP, 5.300%, 5/30/2013			685,000		662,373
Simon Property Group LP, 5.750%, 12/01/2015			350,000		322,344
Simon Property Group LP, 5.875%, 3/01/2017			200,000		183,630
Simon Property Group LP, 6.750%, 5/15/2014			3,500,000		3,516,814
Simon Property Group LP, 10.350%, 4/01/2019			2,030,000		2,306,555
					13,776,759
Restaurants – 0.1%
McDonald’s Corp., EMTN, 3.628%, 10/10/2010	SGD		1,000,000		701,409
Retailers – 1.7%
Dillard’s, Inc., 7.750%, 7/15/2026			1,025,000		486,875
Foot Locker, Inc., 8.500%, 1/15/2022			1,100,000		957,000

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Retailers – continued
Home Depot, Inc. (The), 5.875%, 12/16/2036		$	6,693,000		$	5,904,993
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			2,110,000			1,561,649
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			575,000			507,452
Toys R Us, Inc., 7.375%, 10/15/2018			3,240,000			2,316,600
Toys R Us, Inc., 7.875%, 4/15/2013			750,000			626,250
						12,360,819
Sovereigns – 4.6%
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		2,915,000,000			257,338
Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024	IDR		33,387,000,000			2,800,295
Indonesia Treasury Bond, Series ZC3, Zero Coupon Bond, 11/20/2012	IDR		7,590,000,000			549,582
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		578,000	(†††)		4,217,064
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		125,000	(†††)		961,688
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		305,000	(†††)		2,225,731
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		501,000	(†††)		4,090,788
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		3,240,000			2,724,079
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		845,000			697,956
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		4,280,000			3,313,836
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		2,150,000			1,788,550
Republic of Brazil, 10.250%, 1/10/2028	BRL		14,885,000			7,482,381
Republic of Brazil, 12.500%, 1/05/2022	BRL		625,000			354,044
Republic of Iceland, Zero Coupon Bond, 7/15/2009	ISK		107,480,000			630,528
Republic of Iceland, Zero Coupon Bond, 9/15/2009	ISK		54,080,000			313,642
Republic of Iceland, 7.000%, 3/17/2010	ISK		21,715,000			128,515
						32,536,017
Supermarkets – 1.2%
American Stores Co., 8.000%, 6/01/2026			25,000			21,813
New Albertson’s, Inc., 7.450%, 8/01/2029			6,515,000			5,342,300
New Albertson’s, Inc., 7.750%, 6/15/2026			1,470,000			1,253,175
New Albertson’s, Inc., 8.000%, 5/01/2031			565,000			484,487
New Albertson’s, Inc., 8.700%, 5/01/2030			5,000			4,363
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			1,745,000			1,273,850
						8,379,988
Supranational – 4.2%
Eurofima, EMTN, 11.000%, 2/05/2010	ISK		20,000,000			120,562
European Investment Bank, EMTN, 4.600%, 1/30/2037, 144A	CAD		6,000,000			4,532,640
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD		19,735,000			12,387,346
International Bank for Reconstruction & Development, 1.430%, 3/05/2014	SGD		17,000,000			11,328,697
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK		210,000,000			1,239,840
						29,609,085
Technology – 2.2%
Agilent Technologies, Inc., 6.500%, 11/01/2017			5,215,000			4,539,183
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029			250,000			141,875

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Amkor Technology, Inc., 7.125%, 3/15/2011		$	640,000	$	632,000
Amkor Technology, Inc., 7.750%, 5/15/2013			530,000		486,275
Arrow Electronics, Inc., 6.875%, 7/01/2013			2,850,000		2,923,040
Avnet, Inc., 6.000%, 9/01/2015			1,645,000		1,512,696
Avnet, Inc., 6.625%, 9/15/2016			130,000		121,887
Corning, Inc., 6.200%, 3/15/2016			250,000		242,111
Corning, Inc., 6.850%, 3/01/2029			450,000		417,508
Corning, Inc., 7.250%, 8/15/2036			1,175,000		1,139,701
Motorola, Inc., 5.220%, 10/01/2097			515,000		229,431
Motorola, Inc., 6.500%, 11/15/2028			815,000		554,200
Motorola, Inc., 6.625%, 11/15/2037			995,000		676,600
Nortel Networks Capital Corp., 7.875%, 6/15/2026(b)			150,000		46,875
Nortel Networks Ltd., 6.875%, 9/01/2023(b)			1,325,000		168,938
Nortel Networks Ltd., 10.125%, 7/15/2013(b)			1,000,000		340,000
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A			1,100,100		1,114,685
					15,287,005
Textile – 0.1%
Kellwood Co., 7.625%, 10/15/2017(d)			3,250,000		487,500
Tobacco – 1.6%
Altria Group, Inc., 9.250%, 8/06/2019			6,465,000		7,259,619
Reynolds American, Inc., 6.750%, 6/15/2017			3,320,000		3,099,894
Reynolds American, Inc., 7.250%, 6/15/2037			810,000		668,699
					11,028,212
Transportation Services – 0.5%
APL Ltd., 8.000%, 1/15/2024(d)			2,500,000		1,559,925
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016			1,227,853		761,269
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017			374,379		303,247
Atlas Air, Inc., Series B, 7.680%, 1/02/2014			1,414,592		1,018,506
					3,642,947
Treasuries – 17.6%
Canadian Government, 2.750%, 12/01/2010	CAD		12,760,000		11,272,330
Canadian Government, 3.750%, 9/01/2011	CAD		18,145,000		16,379,406
Canadian Government, 3.750%, 6/01/2012	CAD		14,255,000		12,915,105
Canadian Government, 3.750%, 6/01/2019	CAD		7,385,000		6,554,469
Canadian Government, 4.250%, 9/01/2009	CAD		16,520,000		14,296,266
Canadian Government, 4.250%, 6/01/2018	CAD		9,615,000		8,917,320
Canadian Government, 5.250%, 6/01/2012	CAD		22,355,000		21,060,960
Norwegian Government, 4.250%, 5/19/2017	NOK		56,415,000		8,980,541
Norwegian Government, 5.000%, 5/15/2015	NOK		9,425,000		1,571,032
Norwegian Government, 6.000%, 5/16/2011	NOK		11,705,000		1,954,465
Norwegian Government, 6.500%, 5/15/2013	NOK		8,410,000		1,470,515
U.S. Treasury Bond, 3.500%, 2/15/2039			21,000,000		18,158,490
					123,530,899
Wireless – 1.2%
ALLTEL Corp., 6.800%, 5/01/2029			150,000		155,586
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			4,585,000		3,656,537
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			745,000		616,488
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			1,745,000		1,374,187

10

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wireless – continued
Rogers Cable, Inc., 5.500%, 3/15/2014		$	150,000	$	155,577
Sprint Capital Corp., 6.875%, 11/15/2028			1,262,000		896,020
Sprint Capital Corp., 6.900%, 5/01/2019			870,000		719,925
Sprint Capital Corp., 8.750%, 3/15/2032			300,000		241,500
Sprint Nextel Corp., 6.000%, 12/01/2016			898,000		734,115
					8,549,935
Wirelines – 3.8%
AT&T Corp., 6.500%, 3/15/2029			355,000		339,308
AT&T, Inc., 6.500%, 9/01/2037			6,600,000		6,546,197
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		195,000		158,255
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		690,000		607,834
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		600,000		461,956
Embarq Corp., 7.082%, 6/01/2016			235,000		229,499
Embarq Corp., 7.995%, 6/01/2036			200,000		175,875
GTE Corp., 6.940%, 4/15/2028			350,000		350,934
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(b)			75,000		7
Level 3 Financing, Inc., 9.250%, 11/01/2014			500,000		410,000
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			3,305,000		2,544,850
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			7,205,000		4,899,400
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			350,000		267,750
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			775,000		550,250
Qwest Corp., 6.875%, 9/15/2033			790,000		576,700
Qwest Corp., 7.200%, 11/10/2026			1,780,000		1,343,900
Qwest Corp., 7.250%, 9/15/2025			1,220,000		933,300
Telecom Italia Capital SA, 6.000%, 9/30/2034			1,330,000		1,123,327
Telecom Italia Capital SA, 6.375%, 11/15/2033			1,320,000		1,173,157
Telefonica Emisiones SAU, 5.877%, 7/15/2019			75,000		77,324
Telefonica Emisiones SAU, 7.045%, 6/20/2036			209,000		231,600
Verizon Communications, Inc., 5.850%, 9/15/2035			3,975,000		3,697,144
					26,698,567
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $681,370,725)					635,617,985
CONVERTIBLE BONDS – 2.7%
Construction Machinery – 0.0%
United Rentals North America, Inc., 1.875%, 10/15/2023			50,000		45,875
Electric – 0.1%
CMS Energy Corp., 5.500%, 6/15/2029			500,000		520,000
Healthcare – 0.1%
Affymetrix, Inc., 3.500%, 1/15/2038			604,000		448,470
Industrial Other – 0.1%
Incyte Corp., 3.500%, 2/15/2011			1,290,000		893,325
Life Insurance – 0.1%
MetLife, Inc., 6.400%, 12/15/2036			1,000,000		715,000
Lodging – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A			1,430,000		1,213,713

11

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (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	$	454,134	$	202,090
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(f)		50,000		35,250
				237,340
Metals & Mining – 0.4%
ArcelorMittal, 5.000%, 5/15/2014		600,000		757,500
Steel Dynamics, Inc., 5.125%, 6/15/2014		235,000		258,500
United States Steel Corp., 4.000%, 5/15/2014		1,540,000		2,015,475
				3,031,475
Non-Captive Diversified – 0.0%
iStar Financial, Inc., 1.708%, 10/01/2012(c)		380,000		143,716
Pharmaceuticals – 0.4%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		175,000		105,875
Human Genome Sciences, Inc., 2.250%, 8/15/2012		205,000		111,212
Nektar Therapeutics, 3.250%, 9/28/2012		1,065,000		782,775
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		825,000		840,469
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		1,095,000		1,137,431
				2,977,762
Pipelines – 0.2%
CenterPoint Energy Resources Corp., 6.000%, 3/15/2012		1,467,700		1,416,330
Technology – 0.5%
Intel Corp., 2.950%, 12/15/2035		130,000		109,200
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		3,585,000		2,298,881
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		380,000		313,500
Maxtor Corp., 5.750%, 3/01/2012(d)		363,000		301,290
Nortel Networks Corp., 2.125%, 4/15/2014(b)		248,000		81,220
Richardson Electronics Ltd., 7.750%, 12/15/2011		263,000		215,660
				3,319,751
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		63,000		57,409
Wirelines – 0.5%
Level 3 Communications, Inc., 7.000%, 3/15/2015(d)		3,040,000		3,252,800
Qwest Communications International, Inc., 3.500%, 11/15/2025		250,000		246,250
				3,499,050
TOTAL CONVERTIBLE BONDS (Identified Cost $19,344,718)				18,519,216
MUNICIPALS – 0.2%
Michigan – 0.2%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(d) (Identified Cost $2,434,860)		2,435,000		1,622,514
TOTAL BONDS AND NOTES (Identified Cost $703,150,303)				655,759,715

12

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BANK LOANS – 0.3%
Food & Beverage – 0.0%
Dole Food Co., Inc., Credit Link Deposit, 7.979%, 4/12/2013(g)	$	17,547	$	17,536
Dole Food Co., Inc., Tranche B Term Loan, 8.000%, 4/12/2013(g)		11,302		11,295
Dole Food Co., Inc., Tranche C Term Loan, 8.000%, 4/12/2013(g)		54,969		54,935
				83,766
Media Non-Cable – 0.1%
Idearc, Inc., Term Loan B, 6.250%, 11/17/2014(b)(g)		1,609,994		678,210
Tribune Co., Term Loan X, 5.000%, 4/10/2010(b)(g)		74,971		25,136
				703,346
Technology – 0.1%
Sungard Data Systems, Inc., Tranche A, 2.463%, 2/28/2014(g)		800,893		740,225
Wirelines – 0.1%
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(g)(h)		478,693		284,224
Level 3 Financing, Inc., Tranche A Term Loan, 3.155%, 3/13/2014(g)		345,000		285,301
				569,525
TOTAL BANK LOANS (Identified Cost $2,722,670)				2,096,862
	Shares
PREFERRED STOCKS – 1.7%
CONVERTIBLE PREFERRED STOCKS – 1.1%
Automotive – 0.2%
Ford Motor Co. Capital Trust II, 6.500%		79,845		1,758,986
Capital Markets – 0.1%
Newell Financial Trust I, 5.250%		25,075		662,920
Diversified Financial Services – 0.2%
Sovereign Capital Trust IV, 4.375%		55,343		1,106,860
Electric Utilities – 0.1%
AES Trust III, 6.750%		10,000		427,500
Machinery – 0.1%
United Rentals Trust, 6.500%		30,199		566,231
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp., 4.500%		775		49,600
El Paso Energy Capital Trust I, 4.750%		20,200		636,300
				685,900
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%		2,500		13,125
Semiconductors & Semiconductor Equipment – 0.3%
Lucent Technologies Capital Trust, 7.750%		3,715		2,191,850
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $10,672,629)				7,413,372

13

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Shares	Value (†)
PREFERRED STOCKS – continued
NON-CONVERTIBLE PREFERRED STOCKS – 0.6%
Diversified Financial Services – 0.4%
Bank of America Corp., 6.375%	5,000	$	81,550
Bank of America Corp., Series L, 7.250%	2,844		2,346,300
Preferred Blocker, Inc., 144A, 7.000%	1,121		482,100
			2,909,950
Electric Utilities – 0.1%
Entergy New Orleans, Inc., 4.360%	90		6,193
Entergy New Orleans, Inc., 4.750%	2,876		201,320
MDU Resources Group, Inc., 5.100%	254		24,987
Public Service Electric & Gas Co., 4.180%	1,950		135,915
Union Electric Co., 4.500%	4,670		336,240
Xcel Energy, Inc., 4.110%	100		6,837
			711,492
Thrifts & Mortgage Finance – 0.1%
Countrywide Capital IV, 6.750%	20,975		345,039
Federal Home Loan Mortgage Corp., 5.000%(e)(i)	4,150		5,810
Federal Home Loan Mortgage Corp., 5.570%(e)(i)	63,750		54,825
Federal Home Loan Mortgage Corp., 5.660%(e)(i)	18,900		17,577
Federal Home Loan Mortgage Corp., 5.700%(e)(i)	6,550		8,843
Federal Home Loan Mortgage Corp., 5.790%(e)(i)	12,100		15,125
Federal Home Loan Mortgage Corp., 5.810%(e)(i)	4,250		7,225
Federal Home Loan Mortgage Corp., 5.900%(e)(i)	9,400		8,460
Federal Home Loan Mortgage Corp., 6.000%(e)(i)	5,350		7,169
Federal Home Loan Mortgage Corp., 6.420%(e)(i)	3,800		6,080
Federal Home Loan Mortgage Corp., 6.550%(e)(i)	24,825		20,357
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(e)(i)	88,575		108,061
Federal National Mortgage Association, 4.750%(e)(i)	8,200		12,464
Federal National Mortgage Association, 5.125%(e)(i)	2,900		4,263
Federal National Mortgage Association, 5.375%(e)(i)	5,800		9,976
Federal National Mortgage Association, 5.810%(e)(i)	2,400		3,672
Federal National Mortgage Association, 6.750%(e)(i)	3,750		4,500
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(e)(i)	119,675		160,364
			799,810
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $9,015,791)			4,421,252
TOTAL PREFERRED STOCKS (Identified Cost $19,688,420)			11,834,624
COMMON STOCKS – 1.4%
Biotechnology – 0.6%
EPIX Pharmaceuticals, Inc.(d)(e)(j)(m)	84,750		9,322
EPIX Pharmaceuticals, Inc., Contingent Value Rights(e)	250		—

14

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Shares		Value (†)
COMMON STOCKS – continued
Biotechnology – continued
Vertex Pharmaceuticals, Inc.(e)		127,420	$	4,541,249
				4,550,571
Containers & Packaging – 0.1%
Owens-Illinois, Inc.(e)		35,353		990,238
Electronic Equipment Instruments & Components – 0.5%
Corning, Inc.		205,167		3,294,982
Oil, Gas & Consumable Fuels – 0.2%
Chesapeake Energy Corp.		54,259		1,075,956
TOTAL COMMON STOCKS (Identified Cost $7,974,296)				9,911,747
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 2.4%
Federal Home Loan Bank Discount Note, 0.010%, 7/01/2009(k)	$	13,475,000		13,475,000
Repurchase Agreement with State Street Corp., dated 6/30/2009 at 0.000%, to be repurchased at $4,281 on 7/1/2009 collateralized by $5,000 U.S. Treasury Bill, due 10/01/2009 valued at $4,998 including accrued interest(l)		4,281		4,281
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $3,477,160, on 7/1/2009 collateralized by $3,335,000 Federal National Mortgage Association, 7.125% due 6/15/2010 valued at $3,551,775 including accrued interest(l)		3,477,160		3,477,160
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $16,956,441)				16,956,441
TOTAL INVESTMENTS – 99.1% (Identified Cost $750,492,130)(a)				696,559,389
Other assets less liabilities—0.9%				6,331,733
NET ASSETS – 100.0%			$	702,891,122

15

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

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

(†) Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) are generally valued on the basis of evaluated bids furnished to the Fund by a pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional size-trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Equity securities, including closed-end investment companies and exchange-traded funds, for which market quotations are readily available, are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where 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 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 June 30, 2009, the net unrealized depreciation on investments based on a cost of $751,369,070 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	$	26,860,040
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(81,669,721	)
Net unrealized depreciation	$	(54,809,681	)

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

(c) Variable rate security. Rate as of June 30, 2009 is disclosed.

(d) Illiquid security. At June 30, 2009, the value of these securities amounted to $18,460,312 or 2.6% of net assets.

(e) Non-income producing security.

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

(g) Variable rate security. Rate shown represents the weighted average rate at June 30, 2009.

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

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

(j) Fair valued security by the Fund’s Investment Adviser. At June 30, 2009 the value of these securities amounted to $9,322 or 0.0% of net assets.

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

(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.

(m) Security subject to restrictions on resale. This security was acquired on May 8, 2009 at a cost of $150,276. At June 30, 2009, the value of this security amounted to $9,322 or 0.0% of net assets.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the total value of these securities amounted to $65,164,293 or 9.3% of net assets.

ABS Asset-Backed Securities

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

16

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

MTN Medium Term Note

REITs Real Estate Investment Trusts

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; EUR: Euro; GBP: British Pound; IDR: Indonesian Rupiah; ISK: Icelandic Krona; KRW: South Korean Won; MXN: Mexican Peso; NOK: Norwegian Krone; NZD: New Zealand Dollar; SGD: Singapore Dollar; 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 June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
Non-Convertible Bonds
ABS Credit Card	$	—	$	4,030,289	$	—	$	4,030,289
ABS Other		—		644,002		—		644,002
Aerospace & Defense		—		133,000		—		133,000
Airlines		—		2,922,815		1,003,706		3,926,521
Automotive		—		21,518,852		—		21,518,852
Banking		—		55,269,728		—		55,269,728
Building Materials		—		8,275,351		—		8,275,351
Chemicals		—		8,796,852		1,736,000		10,532,852
Commercial Mortgage-Backed Securities		—		751,371		—		751,371
Construction Machinery		—		2,216,003		—		2,216,003
Distributors		—		838,179		—		838,179
Electric		—		23,473,002		335,337		23,808,339
Entertainment		—		9,826,780		—		9,826,780
Food & Beverage		—		7,270,205		—		7,270,205
Government Owned - No Guarantee		—		1,330,000		—		1,330,000
Health Insurance		—		1,770,342		—		1,770,342
Healthcare		—		15,942,968		—		15,942,968
Home Construction		—		6,968,164		—		6,968,164
Independent Energy		—		15,533,984		—		15,533,984
Industrial Other		—		1,134,000		—		1,134,000
Integrated Energy		—		—		1,222,513		1,222,513
Life Insurance		—		833,400		355,000		1,188,400
Local Authorities		—		31,724,428		—		31,724,428
Lodging		—		129,750		—		129,750
Media Cable		—		27,289,047		—		27,289,047
Media Non-Cable		—		2,909,273		—		2,909,273
Metals & Mining		—		8,395,669		—		8,395,669

17

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Non-Captive Consumer	$	—	$	13,588,309	$	150,000	$	13,738,309
Non-Captive Diversified		—		21,013,957		3,754,434		24,768,391
Oil Field Services		—		870,000		—		870,000
Packaging		—		1,887,500		—		1,887,500
Paper		—		11,654,635		123,531		11,778,166
Pharmaceuticals		—		4,223,900		—		4,223,900
Pipelines		—		13,119,278		—		13,119,278
Property & Casualty Insurance		—		10,707,726		1,678,873		12,386,599
Railroads		—		1,676,690		—		1,676,690
REITs		—		13,776,759		—		13,776,759
Restaurants		—		701,409		—		701,409
Retailers		—		11,873,944		486,875		12,360,819
Sovereigns		—		31,591,847		944,170		32,536,017
Supermarkets		—		8,379,988		—		8,379,988
Supranational		—		29,609,085		—		29,609,085
Technology		—		15,071,192		215,813		15,287,005
Textile		—		487,500		—		487,500
Tobacco		—		11,028,212		—		11,028,212
Transportation Services		—		3,642,947		—		3,642,947
Treasuries		—		123,530,899		—		123,530,899
Wireless		—		8,549,935		—		8,549,935
Wirelines		—		26,698,567		—		26,698,567
Total Non-Convertible Bonds		—		623,611,733		12,006,252		635,617,985
Convertible Bonds
Construction Machinery		—		45,875		—		45,875
Electric		—		520,000		—		520,000
Healthcare		—		448,470		—		448,470
Industrial Other		—		893,325		—		893,325
Life Insurance		—		715,000		—		715,000
Lodging		—		1,213,713		—		1,213,713
Media Non-Cable		—		237,340		—		237,340
Metals & Mining		—		3,031,475		—		3,031,475
Non-Captive Diversified		—		143,716		—		143,716
Pharmaceuticals		—		2,977,762		—		2,977,762
Pipelines		—		1,416,330		—		1,416,330
Technology		—		3,238,531		81,220		3,319,751
Textile		—		57,409		—		57,409
Wirelines		—		246,250		3,252,800		3,499,050
Total Convertible Bonds		—		15,185,196		3,334,020		18,519,216
Municipals
Michigan		—		1,622,514		—		1,622,514
Total Bonds and Notes		—		640,419,443		15,340,272		655,759,715
Bank Loans
Food & Beverage		—		83,766		—		83,766
Media Non-Cable		—		703,346		—		703,346
Technology		—		740,225		—		740,225
Wirelines		—		569,525		—		569,525
Total Bank Loans		—		2,096,862		—		2,096,862
Preferred Stocks
Convertible Preferred Stocks
Automotive		1,758,986		—		—		1,758,986
Capital Markets		—		662,920		—		662,920
Diversified Financial Services		—		—		1,106,860		1,106,860

18

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Electric Utilities	$	—	$	427,500	$	—	$	427,500
Machinery		—		566,231		—		566,231
Oil, Gas & Consumable Fuels		49,600		636,300		—		685,900
REITs		—		—		13,125		13,125
Semiconductors & Semiconductor Equipment		—		—		2,191,850		2,191,850
Total Convertible Preferred Stocks		1,808,586		2,292,951		3,311,835		7,413,372
Non-Convertible Preferred Stocks
Diversified Financial Services		81,550		2,828,400		—		2,909,950
Electric Utilities		478,992		232,500		—		711,492
Thrifts & Mortgage Finance		538,227		261,583		—		799,810
Total Non-Convertible Preferred Stocks		1,098,769		3,322,483		—		4,421,252
Total Preferred Stocks		2,907,355		5,615,434		3,311,835		11,834,624
Common Stocks
Biotechnology		4,541,249		—		9,322		4,550,571
Containers & Packaging		990,238		—		—		990,238
Electronic Equipment Instruments & Components		3,294,982		—		—		3,294,982
Oil, Gas & Consumable Fuels		1,075,956		—		—		1,075,956
Total Common Stocks		9,902,425		—		9,322		9,911,747
Short-Term Investments		3,481,441		13,475,000		—		16,956,441
Total	$	16,291,221	$	661,606,739	$	18,661,429	$	696,559,389

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	—	$	—		$	8,706		$	995,000	$	—		$	—	$	—		$	1,003,706
Banking		2,149,000		103,881		—			(1,810,881	)		—		—			—		(442,000	)		—
Chemicals		—		19,986		—			(1,165,586	)		—		—			2,881,600		—			1,736,000
Electric		—		1,269		—			(183,707	)		—		—			517,775		—			335,337
Industrial Other		756,000		—		—			378,000			—		—			—		(1,134,000	)		—
Integrated Energy		1,402,556		—		1,041			(29,789	)		—		(151,295	)		—		—			1,222,513
Life Insurance		6,011,553		3,083		858,091			4,046,148			—		(11,051,160	)		487,285		—			355,000
Media Non-Cable		14,500		927		(23,552	)		16,050			—		(7,925	)		—		—			—
Non-Captive Consumer		—		3,306		—			26,694			—		—			120,000		—			150,000
Non-Captive Diversified		1,222,550		56,796		42,307			(625,481	)		3,459,375		(1,685,489	)		2,581,776		(1,297,400	)		3,754,434
Paper		—		2,530		—			(150,349	)		—		—			271,350		—			123,531
Property & Casualty Insurance		818,850		12,330		—			(455,187	)		—		—			1,889,980		(587,100	)		1,678,873

19

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Retailers	$	—	$	939	$	—	$	(98,314	)	$	—	$	—		$	584,250	$	—		$	486,875
Sovereigns		—		35,125		—		132,881			776,164		—			—		—			944,170
Technology		596,000		2,254		—		(382,441	)		—		—			—		—			215,813
Convertible Bonds
Healthcare		125,000		1,423		—		68,853			—		(195,276	)		—		—			—
Technology		—		8,325		—		(45,835	)		—		—			118,730		—			81,220
Wirelines		—		118		—		273,482			2,979,200		—			—		—			3,252,800
Preferred Stocks
Convertible Preferred Stocks
Diversified Financial Services		—		—		—		(89,512	)		500,000		—			696,372		—			1,106,860
REITs		—		—		—		(17,500	)		—		—			30,625		—			13,125
Semiconductors & Semiconductor Equipment		1,726,175		—		—		465,675			—		—			—		—			2,191,850
Common Stocks
Biotechnology		—		—		—		(140,954	)		150,276		—			—		—			9,322
Total	$	14,822,184	$	252,292	$	877,887	$	220,953		$	8,860,015	$	(13,091,145	)	$	10,179,743	$	(3,460,500	)	$	18,661,429

20

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

NET ASSET SUMMARY AT JUNE 30, 2009 (Unaudited)

Treasuries	17.6	%
Banking	7.9
Sovereigns	4.6
Local Authorities	4.5
Wirelines	4.4
Supranational	4.2
Media Cable	3.9
Non-Captive Diversified	3.5
Electric	3.5
Automotive	3.3
Technology	2.8
Healthcare	2.4
Independent Energy	2.2
Pipelines	2.1
Other Investments, less then 2% each	29.8
Short-Term Investments	2.4
Total Investments	99.1
Other assets less liabilities	0.9
Net Assets	100.0	%

CURRENCY EXPOSURE AT JUNE 30, 2009 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	65.4	%
Canadian Dollar	17.7
New Zealand Dollar	2.8
Brazilian Real	2.2
Norwegian Krone	2.0
Other, less then 2% each	9.0
Total Investments	99.1
Other assets less liabilities	0.9
Net Assets	100.0	%

21

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 94.5%
NON-CONVERTIBLE BONDS – 94.3%
Argentina – 0.3%
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		$	8,050,000	$	5,876,500
Australia – 0.8%
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		16,675,000		14,019,758
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		445,000		344,546
					14,364,304
Austria – 1.2%
Oesterreichische Kontrollbank AG, 1.800%, 3/22/2010	JPY		1,944,000,000		20,269,058
Sappi Papier Holding AG, 7.500%, 6/15/2032, 144A			2,851,000		1,197,420
					21,466,478
Belgium – 3.2%
Anheuser-Busch InBev NV, 6.500%, 6/23/2017	GBP		3,750,000		6,099,783
Kingdom of Belgium, 5.500%, 9/28/2017	EUR		31,055,000		48,913,144
					55,012,927
Bermuda – 0.8%
Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 8/15/2018			1,375,000		1,375,325
Noble Group Ltd., 8.500%, 5/30/2013, 144A			4,805,000		4,564,750
Qtel International Finance Ltd., 7.875%, 6/10/2019, 144A			2,300,000		2,339,967
White Mountains RE Group, 6.375%, 3/20/2017, 144A			6,760,000		5,303,355
					13,583,397
Brazil – 1.1%
Banco Nacional de Desenvolvimento Economico e Social, 6.500%, 6/10/2019, 144A			6,900,000		6,913,800
ISA Capital Do Brasil SA, 7.875%, 1/30/2012, 144A			1,100,000		1,133,000
Republic of Brazil, 10.250%, 1/10/2028	BRL		15,750,000		7,917,198
Telemar Norte Leste SA, 9.500%, 4/23/2019, 144A			3,200,000		3,484,000
					19,447,998
Canada – 3.6%
ArcelorMittal USA Partnership, 9.750%, 4/01/2014			1,000,000		1,047,740
Barrick Gold Corp., 6.950%, 4/01/2019			970,000		1,086,406
Bell Aliant Regional Communications, 5.410%, 9/26/2016	CAD		4,280,000		3,574,719
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		1,240,000		1,049,418
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		160,000		129,850
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		3,180,000		2,801,320
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		3,090,000		2,379,073
Bombardier, Inc., 7.250%, 11/15/2016, 144A	EUR		1,000,000		1,192,422
Canadian Government, 4.250%, 9/01/2009	CAD		600,000		519,235
Canadian Government, 4.500%, 6/01/2015	CAD		32,303,000		30,463,383
Canadian Pacific Railway Co., 5.750%, 3/15/2033			810,000		652,942
Canadian Pacific Railway Co., 5.950%, 5/15/2037(b)			1,745,000		1,428,295
Province of Quebec, 1.600%, 5/09/2013	JPY		766,000,000		7,707,064
Rogers Communications, Inc., 8.000%, 12/15/2012			1,500,000		1,545,000
Shaw Communications, Inc., 6.500%, 6/02/2014	CAD		1,550,000		1,421,885
Teck Resources Ltd., 9.750%, 5/15/2014, 144A			4,620,000		4,781,700
					61,780,452
Cayman Islands – 1.9%
Embraer Overseas Ltd., 6.375%, 1/24/2017			5,580,000		5,231,250
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A			1,170,000		959,400

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Cayman Islands – continued
Odebrecht Finance Ltd., 7.500%, 10/18/2017, 144A		$	4,650,000	$	4,615,125
Petrobras International Finance Co., 5.875%, 3/01/2018			15,600,000		15,333,427
Vale Overseas Ltd., 6.875%, 11/21/2036			6,578,000		6,245,844
					32,385,046
France – 4.0%
France Telecom SA, EMTN, 4.750%, 2/21/2017	EUR		4,010,000		5,693,887
Government of France, 5.000%, 10/25/2016	EUR		10,070,000		15,672,293
Lafarge SA, EMTN, 4.750%, 3/23/2020	EUR		3,335,000		3,778,826
Lafarge SA, EMTN, 5.375%, 6/26/2017	EUR		2,950,000		3,622,189
PPR SA, EMTN, 4.000%, 1/29/2013	EUR		3,235,000		4,396,334
Veolia Environnement, 6.000%, 6/01/2018			9,900,000		10,090,644
Veolia Environnement, EMTN, 5.125%, 5/24/2022	EUR		3,970,000		4,834,056
Vivendi, 3.875%, 2/15/2012	EUR		2,405,000		3,404,824
Wendel, 4.375%, 8/09/2017	EUR		4,550,000		4,308,500
Wendel, 4.875%, 5/26/2016	EUR		10,150,000		9,753,660
WPP Finance SA, 5.250%, 1/30/2015	EUR		2,400,000		3,133,550
					68,688,763
Germany – 12.2%
Bertelsmann AG, EMTN, 3.625%, 10/06/2015	EUR		9,620,000		11,193,632
Bundesrepublik Deutschland, Series 06, 3.750%, 1/04/2017	EUR		33,340,000		48,635,284
Bundesrepublik Deutschland, Series 97, 6.500%, 7/04/2027	EUR		5,040,000		9,038,536
Kreditanstalt fuer Wiederaufbau, 1.350%, 1/20/2014	JPY		1,494,000,000		15,552,519
Kreditanstalt fuer Wiederaufbau, 2.500%, 10/11/2010	EUR		15,925,000		22,698,020
Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037	JPY		1,140,000,000		11,320,430
Kreditanstalt fuer Wiederaufbau, Series INTL, 1.850%, 9/20/2010	JPY		834,000,000		8,755,169
Muenchener Hypothekenbank eG, 5.000%, 1/16/2012	EUR		11,515,000		17,192,240
Republic of Germany, 4.000%, 4/13/2012	EUR		36,825,000		54,785,863
Republic of Germany, 4.000%, 1/04/2037	EUR		7,639,000		10,308,072
					209,479,765
India – 1.2%
Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021			17,350,000		15,253,339
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A			7,800,000		6,082,877
					21,336,216
Indonesia – 0.7%
Indonesia Government International Bond, 7.750%, 1/17/2038, 144A			13,125,000		11,943,750
Ireland – 1.7%
Depfa ACS Bank, EMTN, 1.650%, 12/20/2016	JPY		4,140,000,000		28,366,359
Elan Financial PLC, 7.750%, 11/15/2011			60,000		55,500
Elan Financial PLC, 8.875%, 12/01/2013			920,000		841,800
					29,263,659
Italy – 0.6%
Finmeccanica SpA, EMTN, 4.875%, 3/24/2025	EUR		6,900,000		7,876,813
Telecom Italia SpA, EMTN, 5.375%, 1/29/2019	EUR		1,500,000		1,949,673
					9,826,486

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Japan – 3.5%
Development Bank of Japan, 1.750%, 3/17/2017	JPY	400,000,000		$	4,280,625
Japan Finance Organization for Municipal Enterprises, 1.350%, 11/26/2013	JPY	1,000,000,000			10,624,892
Japan Finance Organization for Municipal Enterprises, 1.550%, 2/21/2012	JPY	1,200,000,000			12,757,544
Japan Government, 0.900%, 9/15/2009	JPY	1,500,000,000			15,593,242
Japan Government, 1.400%, 6/20/2011	JPY	660,000,000			6,999,563
Japan Government Ten Year Bond, 1.300%, 3/20/2019	JPY	1,000,000,000			10,366,243
					60,622,109
Korea – 1.4%
Export-Import Bank of Korea, 8.125%, 1/21/2014		5,000,000			5,473,150
Korea Hydro & Nuclear Power Co. Ltd., 6.250%, 6/17/2014, 144A		7,000,000			6,982,654
SK Broadband Co. Ltd., 7.000%, 2/01/2012, 144A		1,610,000			1,614,025
SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		11,225,000			10,373,202
					24,443,031
Luxembourg – 0.9%
ArcelorMittal, 5.375%, 6/01/2013		915,000			876,375
ArcelorMittal, 6.125%, 6/01/2018		10,000			8,750
ArcelorMittal, 9.850%, 6/01/2019		2,800,000			3,021,794
Telecom Italia Capital SA, 4.950%, 9/30/2014		3,990,000			3,819,703
Telecom Italia Capital SA, 5.250%, 10/01/2015		1,660,000			1,602,459
Telecom Italia Capital SA, 6.375%, 11/15/2033		1,910,000			1,697,522
Telecom Italia Finance SA, 7.750%, 1/24/2033	EUR	2,770,000			3,907,342
					14,933,945
Mexico – 1.2%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A		3,920,000			3,136,000
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		8,210,000			7,060,600
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN	1,373,000	(††)		10,019,436
					20,216,036
Netherlands – 3.4%
Cemex Finance Europe BV, 4.750%, 3/05/2014	EUR	8,717,000			7,904,224
Kingdom of Netherlands, 5.500%, 1/15/2028	EUR	12,995,000			20,856,607
Koninklijke KPN NV, GMTN, 4.750%, 1/17/2017	EUR	13,445,000			18,733,994
Linde Finance BV, EMTN, 4.750%, 4/24/2017	EUR	3,865,000			5,426,539
Majapahit Holding BV, 7.250%, 6/28/2017, 144A		3,340,000			2,839,000
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR	1,000,000			1,220,479
Wolters Kluwer NV, 5.125%, 1/27/2014	EUR	1,635,000			2,353,752
					59,334,595
Norway – 3.7%
Norwegian Government, 4.250%, 5/19/2017	NOK	40,055,000			6,376,240
Norwegian Government, 5.000%, 5/15/2015	NOK	60,020,000			10,004,597
Norwegian Government, 6.000%, 5/16/2011	NOK	61,705,000			10,303,314
Norwegian Government, 6.500%, 5/15/2013	NOK	211,560,000			36,991,933
					63,676,084
South Africa – 1.1%
Edcon Proprietary Ltd., 4.527%, 6/15/2014, 144A(c)	EUR	8,335,000			6,781,794

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
South Africa – continued
Republic of South Africa, EMTN, 4.500%, 4/05/2016	EUR	9,090,000	$	11,393,822
				18,175,616
Spain – 0.6%
Telefonica Emisiones SAU, 4.949%, 1/15/2015		8,000,000		8,131,632
Telefonica Emisiones SAU, EMTN, 4.375%, 2/02/2016	EUR	1,100,000		1,515,142
				9,646,774
Supranational – 2.6%
Asian Development Bank, 2.350%, 6/21/2027	JPY	1,700,000,000		17,306,259
European Investment Bank, 1.400%, 6/20/2017	JPY	2,189,300,000		22,396,970
European Investment Bank, EMTN, Zero Coupon Bond, 4/24/2013, 144A	IDR	90,681,660,000		5,796,697
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK	8,000,000		47,232
				45,547,158
United Arab Emirates – 2.0%
Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A(b)		15,445,000		15,422,527
DP World Ltd., 6.850%, 7/02/2037, 144A(b)		28,660,000		19,058,900
				34,481,427
United Kingdom – 5.2%
Abbey National Treasury Services PLC, EMTN, 5.500%, 6/18/2014	GBP	3,500,000		5,810,776
Barclays Bank PLC, 6.050%, 12/04/2017, 144A		1,035,000		897,519
British Sky Broadcasting Group PLC, 6.100%, 2/15/2018, 144A(b)		9,150,000		9,136,577
British Sky Broadcasting Group PLC, 9.500%, 11/15/2018, 144A		1,000,000		1,195,212
British Sky Broadcasting Group PLC, Series EMTN, 6.000%, 5/21/2027	GBP	950,000		1,409,428
BSKYB Finance UK PLC, 5.750%, 10/20/2017	GBP	4,300,000		7,038,845
Imperial Tobacco Finance PLC, EMTN, 4.375%, 11/22/2013	EUR	3,300,000		4,459,253
Lloyds TSB Group PLC, 5.875%, 7/08/2014	EUR	1,235,000		1,661,056
Rexam PLC, 6.750%, 6/01/2013(d)		13,775,000		13,344,999
SABMiller PLC, 6.500%, 7/15/2018, 144A		1,500,000		1,549,540
United Kingdom Treasury, 4.250%, 6/07/2032	GBP	3,840,000		6,231,647
United Kingdom Treasury, 5.000%, 9/07/2014	GBP	4,000,000		7,238,681
United Kingdom Treasury, 5.000%, 3/07/2025	GBP	12,290,000		22,012,366
Vodafone Group PLC, 5.750%, 3/15/2016		435,000		446,584
WPP PLC, 6.000%, 4/04/2017	GBP	4,550,000		6,484,152
				88,916,635
United States – 34.4%
AES Corp. (The), 9.375%, 9/15/2010		3,000,000		3,030,000
Ahold Finance USA, Inc., EMTN, 6.500%, 3/14/2017	GBP	5,960,000		9,707,335
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		7,950,000		4,511,625
American Express Co., 6.150%, 8/28/2017		995,000		917,677
American Express Issuance Trust, Series 2005-2, Class A, 0.389%, 8/15/2013(c)		815,000		783,875
American Home Mortgage Investment Trust, series 2007-2, Class 12A1, 0.584%, 3/25/2037(c)		325,553		113,943

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
American Stores Co., Series B, MTN, 7.100%, 3/20/2028		$	2,250,000	$	1,721,250
Anheuser-Busch InBev Worldwide, Inc., 7.200%, 1/15/2014, 144A			1,500,000		1,612,683
ARG Funding Corp., Series 2005-2A, Class A5, 0.477%, 5/20/2011, 144A(c)			1,685,000		1,575,597
Ashland, Inc., 9.125%, 6/01/2017, 144A			1,385,000		1,440,400
Bank of America Corp., 5.650%, 5/01/2018			1,500,000		1,325,446
Bank of America Credit Card Trust, Series 2006-B4, Class B4, 0.399%, 3/15/2012(c)			1,500,000		1,488,611
Bank of America Credit Card Trust, Series 2007-B2, Class B2, 0.519%, 6/15/2016(c)			1,265,000		1,061,275
Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041			300,000		248,789
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044			200,000		161,861
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.717%, 6/11/2040(c)			100,000		82,068
Biogen Idec, Inc., 6.000%, 3/01/2013(b)			4,979,000		5,095,185
Bristol-Myers Squibb Co., 4.625%, 11/15/2021	EUR		3,700,000		5,000,620
Capital One Auto Finance Trust, Series 2007-C, Class A3B, 0.829%, 4/16/2012(c)			785,329		766,405
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014			385,000		285,819
Capital One Financial Corp., 6.150%, 9/01/2016			1,090,000		964,683
Capital One Multi-Asset Execution Trust, Series 2004-B7, Class B7, 1.905%, 8/17/2017(c)	EUR		4,150,000		3,432,082
Capital One Multi-Asset Execution Trust, Series 2004-C4, Class C4, 0.969%, 6/15/2012(c)			550,000		547,634
Capital One Multi-Asset Execution Trust, Series 2005-A10, Class A, 0.399%, 9/15/2015(c)			840,000		801,324
Cargill, Inc., 5.600%, 9/15/2012, 144A			5,595,000		5,822,146
Cargill, Inc., 7.350%, 3/06/2019, 144A			1,500,000		1,593,580
Chase Issuance Trust, Series 2007-B1, Class B1, 0.569%, 4/15/2019(c)			1,000,000		695,955
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		250,000		308,627
Chesapeake Energy Corp., 6.500%, 8/15/2017			1,990,000		1,671,600
Chesapeake Energy Corp., 6.875%, 11/15/2020			5,615,000		4,520,075
Chevron Phillips Chemical Co. LLC, 7.000%, 6/15/2014, 144A			9,500,000		9,713,056
CHS/Community Health Systems, Inc., 8.875%, 7/15/2015			3,490,000		3,420,200
Citi Credit Card Issuance Trust, Series 2001-A4, Class A4, 5.375%, 4/10/2013	EUR		5,130,000		7,091,985
Citibank Credit Card Issuance Trust, Series 2005-C1, Class C1, 5.500%, 3/24/2017			100,000		82,151
Citibank Credit Card Issuance Trust, Series 2005-C3, Class C3, 0.729%, 7/15/2014(c)			875,000		730,205
Citibank Credit Card Issuance Trust, Series 2006-C1, Class C1, 0.715%, 2/20/2015(c)			310,000		246,896
Citigroup, Inc., 5.000%, 9/15/2014(b)			19,620,000		16,447,799
Citigroup, Inc., 6.125%, 5/15/2018			1,500,000		1,311,991

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Citigroup, Inc., 6.125%, 8/25/2036		$	1,500,000	$	1,116,999
Comcast Corp., 4.950%, 6/15/2016(b)			6,300,000		6,179,909
Comcast Corp., 5.900%, 3/15/2016			3,360,000		3,475,665
Comcast Corp., Class A, 5.650%, 6/15/2035			444,000		406,649
Continental Airlines, Inc., Series 1999-1C, 6.954%, 2/02/2011			557,399		550,431
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			1,595,794		1,180,888
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			526,292		373,668
Corning, Inc., 5.900%, 3/15/2014			1,675,000		1,698,076
Corning, Inc., 6.200%, 3/15/2016			3,670,000		3,554,197
Corning, Inc., 7.250%, 8/15/2036			740,000		717,769
Couche-Tard US/Finance, 7.500%, 12/15/2013			3,775,000		3,680,625
Cox Communications, Inc., 7.750%, 11/01/2010			1,500,000		1,561,494
Cox Communications, Inc., 8.375%, 3/01/2039, 144A			1,500,000		1,672,474
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.810%, 9/15/2039(c)			900,000		613,721
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040			1,675,000		1,150,154
CSX Corp., 5.600%, 5/01/2017			859,000		836,554
CSX Corp., 6.250%, 3/15/2018			8,075,000		8,144,057
CSX Corp., MTN, 6.000%, 10/01/2036			5,358,000		4,853,464
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024			7,069,897		5,974,063
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			1,938,605		1,231,014
El Paso Natural Gas Co., 8.375%, 6/15/2032			605,000		658,078
Embarq Corp., 7.995%, 6/01/2036			6,047,000		5,317,575
Energy Transfer Partners LP, 6.700%, 7/01/2018			9,230,000		9,435,857
Erac USA Finance Co., 6.375%, 10/15/2017, 144A			10,095,000		9,114,846
Erac USA Finance Co., 7.000%, 10/15/2037, 144A			10,037,000		7,982,296
Frontier Communications Corp., 6.250%, 1/15/2013			6,175,000		5,681,000
Frontier Communications Corp., 7.125%, 3/15/2019			1,205,000		1,027,262
Frontier Communications Corp., 9.000%, 8/15/2031			3,795,000		3,130,875
General Electric Capital Corp., EMTN, 1.000%, 3/21/2012	JPY		2,035,000,000		19,565,532
General Electric Capital Corp., EMTN, 1.500%, 4/26/2012	JPY		276,000,000		2,679,024
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD		800,000		473,825
Georgia-Pacific LLC, 7.250%, 6/01/2028			4,540,000		3,393,650
Georgia-Pacific LLC, 8.000%, 1/15/2024			180,000		153,000
Georgia-Pacific LLC, 8.875%, 5/15/2031			1,805,000		1,561,325
Goldman Sachs Group, Inc. (The), 1.609%, 5/23/2016(c)	EUR		8,500,000		9,846,805
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			1,750,000		1,555,739
Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038	GBP		4,555,000		5,922,416
Goldman Sachs Group, Inc. (The), 7.250%, 4/10/2028	GBP		2,050,000		3,551,329
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037			11,075,000		10,670,192
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049			1,000,000		804,043

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		$	700,000	$	557,980
GTE Corp., 6.940%, 4/15/2028			355,000		355,948
Harley-Davidson Funding Corp., Series C, 6.800%, 6/15/2018, 144A			2,785,000		2,416,316
HCA, Inc., 5.750%, 3/15/2014			765,000		612,000
HCA, Inc., 6.250%, 2/15/2013(b)			500,000		437,500
HCA, Inc., 6.375%, 1/15/2015			1,170,000		950,625
HCA, Inc., 6.500%, 2/15/2016			2,360,000		1,905,700
HCA, Inc., 7.500%, 11/06/2033			525,000		299,250
HCA, Inc., 7.690%, 6/15/2025			625,000		383,817
HCA, Inc., 8.750%, 9/01/2010			1,500,000		1,503,750
HCA, Inc., MTN, 7.580%, 9/15/2025			614,000		378,058
HCA, Inc., MTN, 7.750%, 7/15/2036			165,000		98,085
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A			5,680,000		4,799,600
Home Depot, Inc. (The), 5.875%, 12/16/2036			7,900,000		6,969,886
Host Hotels & Resorts LP, 6.875%, 11/01/2014			4,255,000		3,829,500
Host Marriott LP, Series O, 6.375%, 3/15/2015			6,040,000		5,224,600
Host Marriott LP, Series Q, 6.750%, 6/01/2016			3,745,000		3,248,787
HSI Asset Securitization Corp. Trust, Series 2006-OPT4, Class 2A4, 0.564%, 3/25/2036(c)			850,000		228,972
International Lease Finance Corp., 4.750%, 1/13/2012			225,000		177,220
International Lease Finance Corp., 5.000%, 4/15/2010			440,000		402,985
International Lease Finance Corp., 6.375%, 3/25/2013			730,000		555,394
International Lease Finance Corp., Series Q, MTN, 5.250%, 1/10/2013			155,000		117,186
International Lease Finance Corp., Series R, MTN, 5.300%, 5/01/2012			270,000		209,295
International Lease Finance Corp., Series R, MTN, 5.550%, 9/05/2012			145,000		112,652
International Paper Co., 7.950%, 6/15/2018			7,630,000		7,360,974
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.798%, 6/15/2049(c)			1,900,000		1,450,906
JPMorgan Chase & Co., 5.150%, 10/01/2015			6,000,000		5,914,320
Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018			10,800,000		10,571,926
KLA-Tencor Corp., 6.900%, 5/01/2018			9,750,000		8,765,971
Kraft Foods, Inc., 6.875%, 2/01/2038			8,065,000		8,531,109
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.882%, 6/15/2038(c)			300,000		251,181
MBNA Credit Card Master Note Trust, Series 2006-C3, Class C3, 0.609%, 10/15/2013(c)			100,000		90,381
Medco Health Solutions, Inc., 7.125%, 3/15/2018			9,465,000		9,967,364
Merrill Auto Trust Securitization, Series 2008-1, Class A4A, 6.150%, 4/15/2015			8,155,000		8,427,394
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			280,000		216,259
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR		14,450,000		13,547,325
Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018			520,000		481,289
Merrill Lynch & Co., Inc., Series C, MTN, 5.000%, 1/15/2015			575,000		525,175

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Merrill Lynch & Co., Inc., Series C, MTN, 6.400%, 8/28/2017		$	1,090,000	$	964,933
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039			5,755,000		5,476,832
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051			1,000,000		670,720
Morgan Stanley, 4.750%, 4/01/2014			10,040,000		9,483,684
Morgan Stanley, 5.375%, 11/14/2013	GBP		2,010,000		3,143,555
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041			100,000		80,927
Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.650%, 6/11/2042(c)			700,000		587,345
Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.280%, 1/11/2043(c)			200,000		172,693
Motorola, Inc., 5.220%, 10/01/2097			60,000		26,730
Motorola, Inc., 6.500%, 9/01/2025			15,000		10,500
Motorola, Inc., 6.500%, 11/15/2028			115,000		78,200
Motorola, Inc., 6.625%, 11/15/2037			6,000,000		4,080,000
Nabors Industries, Inc., 6.150%, 2/15/2018			6,235,000		5,985,357
Nabors Industries, Inc., 9.250%, 1/15/2019, 144A			730,000		841,673
National Semiconductor Corp., 6.150%, 6/15/2012			9,275,000		9,053,365
National Semiconductor Corp., 6.600%, 6/15/2017			335,000		293,001
New Albertson’s, Inc., 7.450%, 8/01/2029(b)			5,544,000		4,546,080
New Albertson’s, Inc., 7.750%, 6/15/2026			50,000		42,625
New Albertson’s, Inc., 8.000%, 5/01/2031			1,000,000		857,500
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			830,000		605,900
News America, Inc., 6.150%, 3/01/2037			5,730,000		4,859,791
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			5,475,000		4,366,312
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			540,000		425,250
NGPL PipeCo LLC, 6.514%, 12/15/2012, 144A			11,120,000		11,655,873
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A			1,740,000		1,823,875
NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A			1,740,000		1,900,830
NiSource Finance Corp., 6.400%, 3/15/2018			5,925,000		5,436,146
Owens & Minor, Inc., 6.350%, 4/15/2016(d)			7,630,000		6,676,372
Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR		2,170,000		2,739,764
Panhandle Eastern Pipeline Co., 7.000%, 6/15/2018			1,515,000		1,537,898
Philip Morris International, Inc., GMTN, 5.875%, 9/04/2015	EUR		8,100,000		12,110,485
ProLogis, 6.625%, 5/15/2018			15,685,000		12,350,416
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			855,000		658,350
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			350,000		238,000
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			3,345,000		2,374,950
Qwest Corp., 6.875%, 9/15/2033			2,560,000		1,868,800
Qwest Corp., 7.200%, 11/10/2026			100,000		75,500
Qwest Corp., 7.250%, 9/15/2025			1,656,000		1,266,840
Qwest Corp., 7.250%, 10/15/2035			5,165,000		3,744,625
Qwest Corp., 7.500%, 6/15/2023			5,285,000		4,201,575
Reynolds American, Inc., 6.750%, 6/15/2017			9,755,000		9,108,273
Simon Property Group LP, 5.750%, 12/01/2015			15,000		13,815
Simon Property Group LP, 5.875%, 3/01/2017			50,000		45,907

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Simon Property Group LP, 10.350%, 4/01/2019		$	505,000	$	573,798
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			6,465,000		5,229,260
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.464%, 7/25/2036(c)			1,075,000		590,437
Southern Natural Gas Co., 7.350%, 2/15/2031			70,000		68,055
Sprint Capital Corp., 6.900%, 5/01/2019			1,895,000		1,568,112
Sprint Capital Corp., 8.750%, 3/15/2032			655,000		527,275
Tennessee Gas Pipeline Co., 7.000%, 3/15/2027			170,000		162,312
Tennessee Gas Pipeline Co., 8.375%, 6/15/2032			745,000		810,360
Textron, Inc., 3.875%, 3/11/2013	EUR		11,350,000		12,560,337
Time Warner, Inc., 6.625%, 5/15/2029			7,990,000		7,224,942
Time Warner, Inc., 6.950%, 1/15/2028			2,795,000		2,625,640
Time Warner, Inc., 7.625%, 4/15/2031			25,000		24,304
Transcontinental Gas Pipe Line Co., 8.875%, 7/15/2012			1,300,000		1,429,366
U.S. Treasury Note, 1.500%, 12/31/2013			19,265,000		18,556,106
Union Pacific Corp., 5.375%, 6/01/2033			1,198,000		1,060,398
Union Pacific Corp., 5.650%, 5/01/2017			4,190,000		4,202,122
UnitedHealth Group, Inc., 5.800%, 3/15/2036			2,495,000		2,018,096
UnitedHealth Group, Inc., 6.000%, 2/15/2018			13,739,000		13,185,648
UnitedHealth Group, Inc., 6.500%, 6/15/2037			1,750,000		1,517,318
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048			300,000		229,130
Wells Fargo & Co., 4.625%, 11/02/2035	GBP		12,030,000		15,546,222
World Financial Network Credit Card Master Trust, Series 2008-A, Class M, 5.319%, 6/15/2014(c)			2,000,000		1,895,959
					591,792,137
Uruguay – 1.0%
Republic of Uruguay, 4.250%, 4/05/2027	UYU		471,866,720		16,413,133
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $1,680,854,679)					1,622,654,421
CONVERTIBLE BONDS – 0.2%
United States – 0.2%
ERP Operating LP, 3.850%, 8/15/2026			1,500,000		1,423,950
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(e)			3,820,000		2,712,200
Nextel Communications, Inc., 5.250%, 1/15/2010			25,000		24,750
TOTAL CONVERTIBLE BONDS (Identified Cost $4,040,561)					4,160,900
TOTAL BONDS AND NOTES (Identified Cost $1,684,895,240)					1,626,815,321
		Shares
PREFERRED STOCKS – 0.1%
NON-CONVERTIBLE PREFERRED STOCKS – 0.1%
United States – 0.1%
Federal Home Loan Mortgage Corp., 5.000%,(f)(g)			1,000		1,400

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund - continued

	Shares		Value (†)
PREFERRED STOCKS – continued
United States – continued
Federal Home Loan Mortgage Corp., 5.570%,(f)(g)		33,383	$	28,709
Federal Home Loan Mortgage Corp., 5.660%,(f)(g)		5,433		5,053
Federal Home Loan Mortgage Corp., 6.420%,(f)(g)		2,889		4,622
Federal Home Loan Mortgage Corp., 6.550%,(f)(g)		1,755		1,439
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%,(f)(g)		552,117		673,583
Federal National Mortgage Association, 4.750%,(f)(g)		6,159		9,362
Federal National Mortgage Association, 5.125%,(f)(g)		650		956
Federal National Mortgage Association, 5.375%,(f)(g)		1,350		2,322
Federal National Mortgage Association, 6.750%,(f)(g)		2,802		3,362
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%,(f)(g)		1,085,090		1,454,021
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $38,335,383)				2,184,829
TOTAL PREFERRED STOCKS (Identified Cost $38,335,383)				2,184,829
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 2.0%
Federal Home Loan Bank Discount Note, 0.010%, 7/01/2009(h)	$	24,710,000		24,710,000
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation dated 6/30/2009 at 0.000% to be repurchased at $9,063,662 on 7/01/2009 collateralized by $4,850,000 Federal Home Loan Mortgage Corp., 5.680% due 9/14/2017 valued at $5,092,500; $1,075,000 Federal Home Loan Bank, 5.625% due 6/11/2021 valued at $1,150,250; $2,930,000 Federal National Mortgage Association, 5.625% due 9/18/2017 valued at $3,006,913 including accrued interest(i)		9,063,662		9,063,662
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $33,773,662)				33,773,662
TOTAL INVESTMENTS – 96.6% (Identified Cost $1,757,004,285)(a)				1,662,773,812
Other assets less liabilities—3.4%				58,924,243
NET ASSETS – 100.0%			$	1,721,698,055

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

10

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond 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. Forward foreign currency contracts are “marked-to-market” daily using interpolated prices determined by an independent pricing service. Futures contracts are priced at their most recent settlement price. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s investment adviser using consistently applied procedures under the general supervision of the Board of Trustees. Investments in other open-end investment companies are valued at their net asset value each day.

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

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

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

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

At June 30, 2009, the net unrealized depreciation on investments based on a cost of $1,760,529,756 for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	40,464,189
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(138,220,133	)
Net unrealized depreciation	$	(97,755,944	)

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

(c) Variable rate security. Rate as of June 30, 2009 is disclosed.

(d) Illiquid security. At June 30, 2009, the value of these securities amounted to $20,021,371 or 1.2% of net assets.

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

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

(g) Non-income producing security.

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

(i) 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 June 30, 2009, the total value of these securities amounted to $210,487,287 or 12.2% of net assets.
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note

11

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund - continued

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; EUR: Euro; GBP: British Pound; IDR: Indonesian Rupiah; ISK: Icelandic Krona; JPY: Japanese Yen; MXN: Mexican Peso; NOK: Norwegian Krone; SGD: Singapore Dollar; UYU: Uruguayan Peso

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 the Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Risks may arise upon entering into these contrasts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

At June 30, 2009, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date	Currency	Units	Value	Unrealized Depreciation
Sell1	7/15/2009	Japanese Yen	1,520,000,000	15,780,573	$	(187,951	)
Buy1	7/15/2009	South Korean Won	21,500,000,000	16,889,570		(194,939	)
Total					$	(382,890	)

¹ Counterparty is UBS.

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.

12

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund - continued

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
Non-Convertible Bonds
Argentina	$	—	$	5,876,500	$	—	$	5,876,500
Australia		—		14,364,304		—		14,364,304
Austria		—		21,466,478		—		21,466,478
Belgium		—		55,012,927		—		55,012,927
Bermuda		—		8,280,042		5,303,355		13,583,397
Brazil		—		19,447,998		—		19,447,998
Canada		—		61,780,452		—		61,780,452
Cayman Islands		—		32,385,046		—		32,385,046
France		—		68,688,763		—		68,688,763
Germany		—		209,479,765		—		209,479,765
India		—		21,336,216		—		21,336,216
Indonesia		—		11,943,750		—		11,943,750
Ireland		—		29,263,659		—		29,263,659
Italy		—		9,826,486		—		9,826,486
Japan		—		60,622,109		—		60,622,109
Korea		—		24,443,031		—		24,443,031
Luxembourg		—		14,933,945		—		14,933,945
Mexico		—		20,216,036		—		20,216,036
Netherlands		—		59,334,595		—		59,334,595
Norway		—		63,676,084		—		63,676,084
South Africa		—		18,175,616		—		18,175,616
Spain		—		9,646,774		—		9,646,774
Supranational		—		39,750,461		5,796,697		45,547,158
United Arab Emirates		—		34,481,427		—		34,481,427
United Kingdom		—		88,916,635		—		88,916,635
United States		—		587,772,287		4,019,850		591,792,137
Uruguay		—		16,413,133		—		16,413,133
Total Non-Convertible Bonds		—		1,607,534,519		15,119,902		1,622,654,421
Convertible Bonds
United States		—		4,160,900		—		4,160,900
Total Bonds and Notes		—		1,611,695,419		15,119,902		1,626,815,321
Preferred Stocks
Non-Convertible Preferred Stocks
United States		695,607		1,489,222		—		2,184,829
Short-Term Investments		9,063,662		24,710,000		—		33,773,662
Total	$	9,759,269	$	1,637,894,641	$	15,119,902	$	1,662,773,812

13

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund - continued

Liability Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(382,890	)	$	—	$	(382,890	)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
Non-Convertible Bonds
Bermuda	$	—	$	2,657	$	—		$	(467,720	)	$	1,352,578	$	—		$	4,415,840	$	—		$	5,303,355
Colombia		1,301,615		—		(313,811	)		358,522			—		(1,346,326	)		—		—			—
Hong Kong		13,771,814		2,242		634,428			133,888			—		(14,542,372	)		—		—			—
Korea		10,136,165		2,680		—			234,357			—		—			—		(10,373,202	)		—
Supranational		5,742,851		358,800		—			(304,954	)		—		—			—		—			5,796,697
United States		17,179,851		103,351		132,248			5,564,055			3,511,662		(10,598,090	)		545,885		(12,419,112	)		4,019,850
Total	$	48,132,296	$	469,735	$	452,865		$	5,518,148		$	4,864,240	$	(26,486,788	)	$	4,961,725	$	(22,792,314	)	$	15,119,902

Derivatives

The Fund adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”), effective April 1, 2009. FAS 161 requires enhanced disclosures about a fund’s derivative and hedging activities. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund may use include forward foreign currency contracts and futures contracts.

The Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the fund.

The Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to if it invested in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to manage the Fund’s duration in order to control its interest rate risk without having to buy or sell portfolio securities.

14

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Global Bond Fund - continued

NET ASSET SUMMARY AT JUNE 30, 2009 (Unaudited)

Treasuries	22.6	%
Banking	9.8
Wirelines	5.7
Sovereigns	5.0
Government Guaranteed	5.0
Government Owned - No Guarantee	3.2
Supranational	2.6
Pipelines	2.6
Other Investments, less than 2% each	38.1
Short-Term Investments	2.0
Total Investments	96.6
Other assets less liabilities (including open Forward Foreign Currency Contracts)	3.4
Net Assets	100.0	%

CURRENCY EXPOSURE AT JUNE 30, 2009 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	43.1	%
Euro	25.9
Japanese Yen	12.5
British Pound	5.8
Norwegian Krone	3.7
Canadian Dollar	2.4
Other, less than 2% each	3.2
Total Investments	96.6
Other assets less liabilities (including open Forward Foreign Currency Contracts)	3.4
Net Assets	100.0	%

15

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund

	Principal Amount		Value (†)
BONDS AND NOTES – 94.5% of Net Assets
NON-CONVERTIBLE BONDS – 89.9%
ABS Car Loan – 1.0%
Capital One Auto Finance Trust, Series 2006-C, Class A4, 0.349%, 5/15/2013(b)	$	170,000	$	155,576
Capital One Auto Finance Trust, Series 2007-C, Class A3B, 0.829%, 4/16/2012(b)		377,562		368,464
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014		185,000		137,342
				661,382
ABS Credit Card – 1.3%
Citibank Credit Card Issuance Trust, Series 2005-C3, Class C3, 0.729%, 7/15/2014(b)		715,000		596,681
Citibank Credit Card Issuance Trust, Series 2006-C1, Class C1, 0.715%, 2/20/2015(b)		235,000		187,163
MBNA Credit Card Master Note Trust, Series 2006-C3, Class C3, 0.609%, 10/15/2013(b)		80,000		72,305
				856,149
ABS Home Equity – 0.4%
Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3, 0.514%, 1/25/2036(b)		250,848		168,750
Residential Asset Mortgage Products, Inc., Series 2006-RZ3, Class A2, 0.474%, 8/25/2036(b)		200,000		112,656
				281,406
Aerospace & Defense – 1.3%
Bombardier, Inc., 6.300%, 5/01/2014, 144A		200,000		175,000
Bombardier, Inc., 7.450%, 5/01/2034, 144A		885,000		672,600
				847,600
Airlines – 2.3%
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011		76,128		47,200
Continental Airlines, Inc., Series 1997-4B, 6.900%, 7/02/2018		67,448		51,260
Continental Airlines, Inc., Series 1998-1, Class B, 6.748%, 9/15/2018		158,766		115,899
Continental Airlines, Inc., Series 1999-1B, 6.795%, 2/02/2020		154,067		112,469
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019		14,749		10,914
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017		68,418		48,577
Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016		166,307		146,350
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		226,890		191,722
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		707,453		449,233
Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017		508,023		332,755
				1,506,379
Automotive – 4.0%
Cummins, Inc., 6.750%, 2/15/2027		139,000		117,803
Ford Motor Co., 6.625%, 2/15/2028		165,000		89,100
Ford Motor Co., 6.625%, 10/01/2028		1,225,000		661,500
Ford Motor Co., 7.125%, 11/15/2025		35,000		19,250
Ford Motor Co., 7.500%, 8/01/2026		110,000		59,400
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		1,040,000		836,193
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011		370,000		320,027
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		225,000		172,019

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Automotive – continued
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028	$	320,000	$	246,400
Goodyear Tire & Rubber Co. (The), 10.500%, 5/15/2016		125,000		126,250
				2,647,942
Banking – 1.0%
Citigroup, Inc., 5.000%, 9/15/2014		205,000		171,855
Citigroup, Inc., 5.875%, 2/22/2033		125,000		92,455
Citigroup, Inc., 6.000%, 10/31/2033		570,000		425,343
				689,653
Brokerage – 0.6%
Nuveen Investments, Inc., 10.500%, 11/15/2015, 144A		550,000		379,500
Building Materials – 1.0%
Masco Corp., 4.800%, 6/15/2015		110,000		86,458
Masco Corp., 6.500%, 8/15/2032		155,000		105,374
Owens Corning, Inc., 6.500%, 12/01/2016		85,000		74,508
Owens Corning, Inc., 7.000%, 12/01/2036		130,000		92,135
Texas Industries, Inc., 7.250%, 7/15/2013		70,000		62,825
USG Corp., 6.300%, 11/15/2016		365,000		270,100
				691,400
Chemicals – 3.1%
Ashland, Inc., 9.125%, 6/01/2017, 144A		290,000		301,600
Borden, Inc., 7.875%, 2/15/2023		610,000		170,800
Borden, Inc., 8.375%, 4/15/2016		175,000		49,000
Borden, Inc., 9.200%, 3/15/2021		220,000		61,600
Chemtura Corp., 6.875%, 6/01/2016(c)		762,000		552,450
Hercules, Inc., 6.500%, 6/30/2029		675,000		364,500
Methanex Corp., 6.000%, 8/15/2015		150,000		115,458
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		235,000		200,206
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		275,000		253,000
				2,068,614
Collateralized Mortgage Obligations – 0.6%
Adjustable Rate Mortgage Trust, Series 2007-1, Class 5A1, 0.464%, 3/25/2037(b)		261,138		97,892
Bear Stearns Alt-A Trust, Series 2007-1, Class 1A1, 0.474%, 1/25/2047(b)		641,716		256,256
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-7, Class 1A1, 0.614%, 8/25/2037(b)		103,634		48,263
				402,411
Commercial Mortgage-Backed Securities – 2.3%
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.689%, 4/10/2049(b)		50,000		37,867
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		100,000		80,930
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.717%, 6/11/2040(b)		25,000		20,517
Citigroup Commercial Mortgage Trust, Series 2006-C5, Class A4, 5.431%, 10/15/2049		50,000		39,990
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.810%, 9/15/2039(b)		100,000		68,191

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049	$	300,000	$	241,213
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		375,000		298,918
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.798%, 6/15/2049(b)		450,000		343,636
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		100,000		73,609
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.882%, 6/15/2038(b)		100,000		83,727
Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.280%, 1/11/2043(b)		275,000		237,453
				1,526,051
Construction Machinery – 0.5%
United Rentals North America, Inc., 7.000%, 2/15/2014		400,000		327,000
Consumer Cyclical Services – 0.2%
Kar Holdings, Inc., 10.000%, 5/01/2015		165,000		135,300
Consumer Products – 0.0%
Jostens IH Corp., 7.625%, 10/01/2012		25,000		24,938
Electric – 7.0%
AES Corp. (The), 8.000%, 10/15/2017		20,000		18,600
AES Corp. (The), 8.000%, 6/01/2020		325,000		291,688
Allegheny Generating Co., 6.875%, 9/01/2023		100,000		91,975
CE Generation LLC, 7.416%, 12/15/2018		57,825		54,066
Dynegy Holdings, Inc., 7.125%, 5/15/2018		195,000		132,600
Dynegy Holdings, Inc., 7.500%, 6/01/2015		100,000		83,375
Dynegy Holdings, Inc., 7.625%, 10/15/2026		325,000		201,500
Dynegy Holdings, Inc., 7.750%, 6/01/2019		350,000		272,562
Dynegy Holdings, Inc., 8.375%, 5/01/2016		280,000		237,300
Dynegy Roseton/Danskammer Pass Through Trust, Series A, 7.270%, 11/08/2010		258,943		257,001
Edison Mission Energy, 7.625%, 5/15/2027		525,000		336,000
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		460,000		221,950
NRG Energy, Inc., 7.375%, 2/01/2016		55,000		52,044
NRG Energy, Inc., 7.375%, 1/15/2017		460,000		433,550
NSG Holdings LLC, 7.750%, 12/15/2025, 144A		355,000		284,000
RRI Energy, Inc., 7.875%, 6/15/2017		345,000		308,775
TXU Corp., Series P, 5.550%, 11/15/2014		160,000		101,027
TXU Corp., Series Q, 6.500%, 11/15/2024		1,415,000		709,030
TXU Corp., Series R, 6.550%, 11/15/2034		515,000		247,591
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(d)		365,000		317,005
				4,651,639
Food & Beverage – 2.0%
ARAMARK Corp., 5.000%, 6/01/2012		950,000		859,750
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A		110,000		90,200
Tyson Foods, Inc., 7.850%, 4/01/2016		400,000		385,703
				1,335,653
Gaming – 0.8%
MGM MIRAGE, 10.375%, 5/15/2014, 144A		165,000		171,188

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Gaming – continued
MGM MIRAGE, 11.125%, 11/15/2017, 144A	$	355,000	$	376,300
				547,488
Healthcare – 5.3%
Alliance HealthCare Services, Inc., 7.250%, 12/15/2012		320,000		310,400
Boston Scientific Corp., 7.000%, 11/15/2035		250,000		202,500
CHS/Community Health Systems, Inc., 8.875%, 7/15/2015		295,000		289,100
DASA Finance Corp., 8.750%, 5/29/2018, 144A		200,000		196,760
HCA, Inc., 5.750%, 3/15/2014		15,000		12,000
HCA, Inc., 6.375%, 1/15/2015		510,000		414,375
HCA, Inc., 6.500%, 2/15/2016		720,000		581,400
HCA, Inc., 7.050%, 12/01/2027		430,000		261,896
HCA, Inc., 7.500%, 12/15/2023		30,000		19,541
HCA, Inc., 7.500%, 11/06/2033		840,000		478,800
HCA, Inc., 7.690%, 6/15/2025		160,000		98,257
HCA, Inc., 8.360%, 4/15/2024		40,000		26,408
HCA, Inc., MTN, 7.580%, 9/15/2025		200,000		123,146
HCA, Inc., MTN, 7.750%, 7/15/2036		20,000		11,889
Health Management Associates, Inc., 6.125%, 4/15/2016		275,000		235,812
Tenet Healthcare Corp., 6.875%, 11/15/2031		450,000		270,000
				3,532,284
Home Construction – 3.8%
Centex Corp., 5.250%, 6/15/2015		125,000		107,813
D.R. Horton, Inc., 5.625%, 9/15/2014		65,000		55,575
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		1,030,000		885,800
KB Home, 5.750%, 2/01/2014		90,000		78,750
KB Home, 5.875%, 1/15/2015		390,000		329,550
KB Home, 6.250%, 6/15/2015		265,000		226,575
KB Home, 7.250%, 6/15/2018		290,000		249,400
Lennar Corp., Series B, 5.600%, 5/31/2015		240,000		189,000
Pulte Homes, Inc., 6.000%, 2/15/2035		475,000		308,750
Pulte Homes, Inc., 6.375%, 5/15/2033		100,000		66,000
Toll Brothers Finance Corp., 5.150%, 5/15/2015		40,000		35,415
				2,532,628
Independent Energy – 5.8%
Encore Acquisition Co., 6.000%, 7/15/2015		275,000		226,875
Encore Acquisition Co., 7.250%, 12/01/2017		115,000		98,612
Forest Oil Corp., 7.250%, 6/15/2019		715,000		639,925
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		595,000		502,775
Hilcorp Energy I LP, 9.000%, 6/01/2016, 144A		185,000		160,950
PetroHawk Energy Corp., 7.875%, 6/01/2015		300,000		277,500
PetroHawk Energy Corp., 9.125%, 7/15/2013		15,000		14,925
Pioneer Natural Resources Co., 5.875%, 7/15/2016		20,000		17,245
Pioneer Natural Resources Co., 6.875%, 5/01/2018		260,000		226,508
Pioneer Natural Resources Co., 7.200%, 1/15/2028		1,640,000		1,283,038
Swift Energy Co., 7.125%, 6/01/2017		620,000		437,100
Swift Energy Co., 7.625%, 7/15/2011		20,000		18,700
				3,904,153

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Industrial Other – 1.0%
Baldor Electric Co., 8.625%, 2/15/2017	$	325,000	$	300,625
Chart Industries, Inc., 9.125%, 10/15/2015		305,000		287,463
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A		155,000		111,600
				699,688
Lodging – 0.4%
Host Marriott LP, Series O, 6.375%, 3/15/2015		50,000		43,250
Royal Caribbean Cruises Ltd., 7.250%, 6/15/2016		315,000		248,850
				292,100
Media Cable – 4.1%
Charter Communications Operating LLC/CAP, 10.000%, 4/30/2012, 144A		170,000		163,625
Comcast Corp., 5.650%, 6/15/2035		80,000		73,270
CSC Holdings, Inc., 7.625%, 7/15/2018		1,260,000		1,167,075
CSC Holdings, Inc., 7.875%, 2/15/2018		310,000		290,237
Virgin Media Finance PLC, 8.750%, 4/15/2014		870,000		848,250
Virgin Media Finance PLC, 9.125%, 8/15/2016		175,000		168,438
				2,710,895
Media Non-Cable – 0.3%
Intelsat Corp., 6.875%, 1/15/2028		235,000		171,550
R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013(c)		405,000		18,731
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013(c)		340,000		15,725
R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017(c)		160,000		7,600
				213,606
Metals & Mining – 1.3%
ArcelorMittal, 6.125%, 6/01/2018		5,000		4,375
ArcelorMittal, 9.850%, 6/01/2019		135,000		145,694
ArcelorMittal USA Partnership, 9.750%, 4/01/2014		90,000		94,296
International Steel Group, Inc., 6.500%, 4/15/2014		100,000		95,802
Steel Dynamics, Inc., 6.750%, 4/01/2015		130,000		115,700
Steel Dynamics, Inc., 7.375%, 11/01/2012		160,000		151,600
United States Steel Corp., 6.050%, 6/01/2017		80,000		68,231
United States Steel Corp., 6.650%, 6/01/2037		275,000		207,770
				883,468
Non-Captive Consumer – 3.1%
SLM Corp., MTN, 5.050%, 11/14/2014		60,000		46,422
SLM Corp., Series A, MTN, 5.000%, 10/01/2013		55,000		44,487
SLM Corp., Series A, MTN, 5.000%, 6/15/2018		65,000		43,120
SLM Corp., Series A, MTN, 5.375%, 1/15/2013		470,000		392,639
SLM Corp., Series A, MTN, 5.375%, 5/15/2014		70,000		56,260
SLM Corp., Series A, MTN, 5.625%, 8/01/2033		850,000		501,500
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		1,135,000		970,975
				2,055,403
Non-Captive Diversified – 4.3%
CIT Group, Inc., 4.750%, 12/15/2010		148,000		116,181
CIT Group, Inc., 5.400%, 2/13/2012		29,000		19,793
CIT Group, Inc., 5.800%, 10/01/2036		146,000		81,030
CIT Group, Inc., 5.850%, 9/15/2016		11,000		6,210
CIT Group, Inc., 12.000%, 12/18/2018, 144A		327,000		158,595

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
CIT Group, Inc., GMTN, 4.250%, 2/01/2010	$	95,000	$	85,290
CIT Group, Inc., GMTN, 5.000%, 2/13/2014		10,000		5,939
CIT Group, Inc., GMTN, 5.000%, 2/01/2015		46,000		27,094
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		5,000		2,425
GMAC LLC, 6.000%, 12/15/2011, 144A		316,000		270,180
GMAC LLC, 6.625%, 5/15/2012, 144A		539,000		450,065
GMAC LLC, 6.750%, 12/01/2014, 144A		620,000		486,700
GMAC LLC, 6.875%, 9/15/2011, 144A		110,000		96,250
GMAC LLC, 6.875%, 8/28/2012, 144A		41,000		34,235
GMAC LLC, 7.000%, 2/01/2012, 144A		63,000		53,424
GMAC LLC, 7.250%, 3/02/2011, 144A		63,000		57,645
GMAC LLC, 8.000%, 11/01/2031, 144A		141,000		98,700
International Lease Finance Corp., Series Q, MTN, 5.250%, 1/10/2013		330,000		249,493
International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		185,000		134,060
International Lease Finance Corp., Series R, MTN, 6.625%, 11/15/2013		340,000		261,701
iStar Financial, Inc., 5.150%, 3/01/2012		130,000		65,650
iStar Financial, Inc., 5.650%, 9/15/2011		45,000		26,100
iStar Financial, Inc., 5.800%, 3/15/2011		20,000		12,100
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		190,000		83,125
				2,881,985
Oil Field Services – 1.7%
Basic Energy Services, Inc., 7.125%, 4/15/2016		680,000		540,600
Complete Production Services, Inc., 8.000%, 12/15/2016		35,000		29,925
North American Energy Partners, Inc., 8.750%, 12/01/2011		620,000		539,400
				1,109,925
Paper – 3.7%
Georgia-Pacific LLC, 7.250%, 6/01/2028		215,000		160,713
Georgia-Pacific LLC, 7.375%, 12/01/2025		495,000		383,625
Georgia-Pacific LLC, 7.700%, 6/15/2015		125,000		116,875
Georgia-Pacific LLC, 7.750%, 11/15/2029		525,000		410,812
Georgia-Pacific LLC, 8.000%, 1/15/2024		260,000		221,000
Georgia-Pacific LLC, 8.875%, 5/15/2031		225,000		194,625
International Paper Co., 9.375%, 5/15/2019		195,000		198,775
Stone Container Finance, 7.375%, 7/15/2014(c)		515,000		235,613
Westvaco Corp., 7.950%, 2/15/2031		190,000		167,751
Westvaco Corp., 8.200%, 1/15/2030		455,000		401,949
				2,491,738
Pharmaceuticals – 2.2%
Elan Financial PLC, 7.750%, 11/15/2011		800,000		740,000
Elan Financial PLC, 8.875%, 12/01/2013		770,000		704,550
				1,444,550
Refining – 0.7%
Petroplus Finance Ltd., 6.750%, 5/01/2014, 144A		500,000		430,000
Petroplus Finance Ltd., 7.000%, 5/01/2017, 144A		75,000		62,250
				492,250

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Retailers – 2.8%
Dillard’s, Inc., 6.625%, 1/15/2018	$	155,000	$	86,800
Dillard’s, Inc., 7.000%, 12/01/2028		480,000		232,800
Dillard’s, Inc., 7.130%, 8/01/2018		175,000		98,875
Dillard’s, Inc., 7.875%, 1/01/2023		75,000		39,375
Foot Locker, Inc., 8.500%, 1/15/2022		280,000		243,600
JC Penney Corp., Inc., 6.375%, 10/15/2036		40,000		29,605
Macy’s Retail Holdings, Inc., 5.900%, 12/01/2016		45,000		36,661
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		60,000		40,790
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		180,000		124,696
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		300,000		210,537
Toys R Us, Inc., 7.375%, 10/15/2018		985,000		704,275
				1,848,014
Supermarkets – 2.4%
American Stores Co., 8.000%, 6/01/2026		70,000		61,075
New Albertson’s, Inc., 7.450%, 8/01/2029		1,075,000		881,500
New Albertson’s, Inc., 7.750%, 6/15/2026		220,000		187,550
New Albertson’s, Inc., 8.000%, 5/01/2031		30,000		25,725
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		605,000		441,650
				1,597,500
Technology – 6.1%
Activant Solutions, Inc., 9.500%, 5/01/2016		90,000		71,100
Agilent Technologies, Inc., 6.500%, 11/01/2017		370,000		322,051
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		3,020,000		1,713,850
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		290,000		162,400
Amkor Technology, Inc., 7.750%, 5/15/2013		305,000		279,837
Amkor Technology, Inc., 9.250%, 6/01/2016		60,000		55,575
Motorola, Inc., 6.500%, 9/01/2025		165,000		115,500
Motorola, Inc., 7.500%, 5/15/2025		125,000		95,625
Nortel Networks Capital Corp., 7.875%, 6/15/2026(c)		860,000		268,750
Nortel Networks Ltd., 6.875%, 9/01/2023(c)		125,000		15,938
Nortel Networks Ltd., 10.125%, 7/15/2013(c)		370,000		125,800
Seagate Technology HDD Holdings, 6.800%, 10/01/2016		750,000		643,125
SunGard Data Systems, Inc., 9.125%, 8/15/2013		155,000		146,475
Xerox Capital Trust I, 8.000%, 2/01/2027		90,000		68,400
				4,084,426
Textile – 0.4%
Jones Apparel Group, Inc., 6.125%, 11/15/2034		425,000		267,750
Transportation Services – 0.6%
APL Ltd., 8.000%, 1/15/2024(d)		185,000		115,434
Atlas Air, Inc., Series B, 7.680%, 1/02/2014		32,334		23,280
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(e)		347,188		145,819
Overseas Shipholding Group, 7.500%, 2/15/2024		155,000		112,569
				397,102
Wireless – 2.0%
Crown Castle International Corp., 9.000%, 1/15/2015		130,000		132,275
Intelsat Subsidiary Holding Co., 8.500%, 1/15/2013		405,000		388,800
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		170,000		135,575
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		40,000		33,100

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Wireless – continued
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014	$	65,000	$	51,187
Sprint Capital Corp., 6.875%, 11/15/2028		311,000		220,810
Sprint Nextel Corp., 6.000%, 12/01/2016		502,000		410,385
				1,372,132
Wirelines – 8.5%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A		765,000		612,000
Cincinnati Bell Telephone Co., 6.300%, 12/01/2028		185,000		114,700
Cincinnati Bell, Inc., 8.375%, 1/15/2014		800,000		740,000
FairPoint Communications, Inc, 13.125%, 4/01/2018		260,000		50,700
Frontier Communications Corp., 7.000%, 11/01/2025		15,000		10,650
Frontier Communications Corp., 7.125%, 3/15/2019		80,000		68,200
Frontier Communications Corp., 7.450%, 7/01/2035		325,000		230,750
Frontier Communications Corp., 7.875%, 1/15/2027		805,000		644,000
Level 3 Financing, Inc., 8.750%, 2/15/2017		790,000		600,400
Level 3 Financing, Inc., 9.250%, 11/01/2014		835,000		684,700
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,030,000		793,100
Qwest Capital Funding, Inc., 6.875%, 7/15/2028		480,000		326,400
Qwest Capital Funding, Inc., 7.250%, 2/15/2011		200,000		194,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		315,000		240,975
Qwest Capital Funding, Inc., 7.750%, 2/15/2031		280,000		198,800
Qwest Corp., 6.875%, 9/15/2033		190,000		138,700
Qwest Corp., 7.250%, 9/15/2025		10,000		7,650
				5,655,725
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $71,583,851)				60,047,827
CONVERTIBLE BONDS – 4.6%
Electric – 0.5%
CMS Energy Corp., 5.500%, 6/15/2029		330,000		343,200
Healthcare – 1.0%
Affymetrix, Inc., 3.500%, 1/15/2038		480,000		356,400
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(f)		400,000		284,000
				640,400
Industrial Other – 0.2%
Incyte Corp., 3.500%, 2/15/2011		165,000		114,263
Lodging – 0.5%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		435,000		369,206
Media Non-Cable – 0.1%
Liberty Media LLC, 3.500%, 1/15/2031		152,754		67,976
Non-Captive Diversified – 0.0%
iStar Financial, Inc., 1.708%, 10/01/2012(b)		5,000		1,891
Pharmaceuticals – 0.3%
Human Genome Sciences, Inc., 2.250%, 8/15/2012		325,000		176,312
Technology – 0.4%
JDS Uniphase Corp., 1.000%, 5/15/2026		200,000		148,000
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		45,000		37,125

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Technology – continued
Maxtor Corp., 5.750%, 3/01/2012(d)	$	109,000	$	90,470
				275,595
Wirelines – 1.6%
Level 3 Communications, Inc., 7.000%, 3/15/2015(d)		1,014,000		1,084,980
TOTAL CONVERTIBLE BONDS (Identified Cost $3,283,286)				3,073,823
TOTAL BONDS AND NOTES (Identified Cost $74,867,137)				63,121,650
BANK LOANS – 0.3%
Food & Beverage – 0.0%
Dole Food Co., Inc., Credit Link Deposit, 7.979%, 4/12/2013(g)		2,041		2,039
Dole Food Co., Inc., Tranche B Term Loan, 8.000%, 4/12/2013(g)		1,314		1,313
Dole Food Co., Inc., Tranche C Term Loan, 8.000%, 4/12/2013(g)		6,446		6,442
				9,794
Media Non-Cable – 0.2%
Idearc, Inc., Term Loan B, 6.250%, 11/17/2014(c)(g)		197,620		83,247
Tribune Co., Term Loan X, 5.000%, 4/10/2010(c)(g)		181,970		61,011
				144,258
Wirelines – 0.1%
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(g)(h)		60,466		35,902
TOTAL BANK LOANS (Identified Cost $400,981)				189,954
	Shares
PREFERRED STOCKS – 1.6%
Automotive – 0.2%
Ford Motor Co. Capital Trust II, 6.500%		6,225		137,137
Capital Markets – 0.2%
Newell Financial Trust I, 5.250%		5,724		151,328
Diversified Financial Services – 0.2%
Preferred Blocker, Inc., 144A, 7.000%		428		184,067
Electric Utilities – 0.5%
AES Trust III, 6.750%		7,975		340,931
Hotels, Restaurants & Leisure – 0.0%
Six Flags, Inc., 7.250%(c)		2		—
Oil, Gas & Consumable Fuels – 0.4%
El Paso Energy Capital Trust I, 4.750%		8,050		253,575

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Shares		Value (†)
PREFERRED STOCKS – continued
Thrifts & Mortgage Finance – 0.1%
Federal Home Loan Mortgage Corp., 5.000%(e)(i)		500	$	700
Federal Home Loan Mortgage Corp., 5.570%(e)(i)		7,750		6,665
Federal Home Loan Mortgage Corp., 5.660%(e)(i)		2,300		2,139
Federal Home Loan Mortgage Corp., 5.700%(e)(i)		800		1,080
Federal Home Loan Mortgage Corp., 5.790%(e)(i)		1,450		1,812
Federal Home Loan Mortgage Corp., 5.810%(e)(i)		550		935
Federal Home Loan Mortgage Corp., 5.900%(e)(i)		1,100		990
Federal Home Loan Mortgage Corp., 6.000%(e)(i)		650		871
Federal Home Loan Mortgage Corp., 6.420%(e)(i)		450		720
Federal Home Loan Mortgage Corp., 6.550%(e)(i)		1,550		1,271
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(e)(i)		9,450		11,529
Federal National Mortgage Association, 4.750%(e)(i)		1,000		1,520
Federal National Mortgage Association, 5.125%(e)(i)		350		515
Federal National Mortgage Association, 5.375%(e)(i)		700		1,204
Federal National Mortgage Association, 5.810%(e)(i)		300		459
Federal National Mortgage Association, 6.750%(e)(i)		450		540
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(e)(i)		14,200		19,028
				51,978
TOTAL PREFERRED STOCKS (Identified Cost $1,768,628)				1,119,016
COMMON STOCKS – 0.3%
Biotechnology – 0.0%
EPIX Pharmaceuticals, Inc.(d)(e)(j)(m)		15,255		1,678
EPIX Pharmaceuticals, Inc., Contingent Value Rights(e)		45		—
				1,678
Oil, Gas & Consumable Fuels – 0.3%
Chesapeake Energy Corp.		9,278		183,983
TOTAL COMMON STOCKS (Identified Cost $358,884)				185,661
	Principal Amount
SHORT-TERM INVESTMENTS – 0.9%
Federal Home Loan Bank Discount Note, 0.010%, 7/01/2009(k)	$	585,000		585,000

10

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
Repurchase Agreement with State Street Corp., dated 6/30/2009 at 0.000%, to be repurchased at $278 on 7/01/2009, collateralized by $5,000 U.S. Treasury Bill, due 10/01/2009 valued at $4,998, including accrued interest(l)	$	278	$	278
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $585,278)				585,278
TOTAL INVESTMENTS – 97.6% (Identified Cost $77,980,908)(a)				65,201,559
Other assets less liabilities—2.4%				1,575,156
NET ASSETS – 100.0%			$	66,776,715

(†) 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 June 30, 2009, the net unrealized depreciation on investments based on a cost of $78,044,671 for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	1,861,061
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(14,704,173	)
Net unrealized depreciation	$	(12,843,112	)

(b) Variable rate security. Rate as of June 30, 2009 is disclosed.

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

(d) Illiquid security. At June 30, 2009, the value of these securities amounted to $1,609,567 or 2.4% of net assets.

(e) Non-income producing security.

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

(g) Variable rate security. Rate shown represents the weighted average rate at June 30, 2009.

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

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

(j) Fair valued security by the Fund’s Investment Adviser. At June 30, 2009 the value of this security amounted to $1,678 or 0.0% of net assets.

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

11

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

(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.

(m) Security subject to restrictions on resale. This security was acquired on May 8, 2009 at a cost of $26,176. At June 30, 2009, the value of this security amounted to $1,678 or 0.0% of net assets.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the total value of these securities amounted to $6,949,415 or 10.4% of net assets.

ABS Asset-Backed Securities

GMTN Global Medium Term Note

MTN Medium Term Note

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 June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	661,382	$	—	$	661,382
ABS Credit Card		—		856,149		—		856,149
ABS Home Equity		—		281,406		—		281,406
Aerospace & Defense		—		847,600		—		847,600
Airlines		—		1,173,624		332,755		1,506,379
Automotive		—		2,530,139		117,803		2,647,942
Banking		—		689,653		—		689,653
Brokerage		—		379,500		—		379,500
Building Materials		—		691,400		—		691,400
Chemicals		—		1,787,214		281,400		2,068,614
Collateralized Mortgage Obligations		—		402,411		—		402,411
Commercial Mortgage-Backed Securities		—		1,526,051		—		1,526,051
Construction Machinery		—		327,000		—		327,000
Consumer Cyclical Services		—		135,300		—		135,300
Consumer Products		—		24,938		—		24,938
Electric		—		4,172,687		478,951		4,651,639
Food & Beverage		—		1,335,653		—		1,335,653
Gaming		—		547,488		—		547,488
Healthcare		—		3,532,284		—		3,532,284
Home Construction		—		2,532,628		—		2,532,628
Independent Energy		—		3,904,153		—		3,904,153

12

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Industrial Other	$	—	$	699,688	$	—	$	699,688
Lodging		—		292,100		—		292,100
Media Cable		—		2,710,895		—		2,710,895
Media Non-Cable		—		171,550		42,056		213,606
Metals & Mining		—		883,468		—		883,468
Non-Captive Consumer		—		1,553,903		501,500		2,055,403
Non-Captive Diversified		—		2,537,017		344,968		2,881,985
Oil Field Services		—		1,109,925		—		1,109,925
Paper		—		2,491,738		—		2,491,738
Pharmaceuticals		—		1,444,550		—		1,444,550
Refining		—		492,250		—		492,250
Retailers		—		1,808,639		39,375		1,848,014
Supermarkets		—		1,597,500		—		1,597,500
Technology		—		3,799,738		284,688		4,084,426
Textile		—		267,750		—		267,750
Transportation Services		—		397,102		—		397,102
Wireless		—		1,372,132		—		1,372,132
Wirelines		—		5,655,725		—		5,655,725
Total Non-Convertible Bonds		—		57,624,330		2,423,496		60,047,827
Convertible Bonds
Electric		—		343,200		—		343,200
Healthcare		—		640,400		—		640,400
Industrial Other		—		114,263		—		114,263
Lodging		—		369,206		—		369,206
Media Non-Cable		—		67,976		—		67,976
Non-Captive Diversified		—		1,891		—		1,891
Pharmaceuticals		—		176,312		—		176,312
Technology		—		275,595		—		275,595
Wirelines		—		—		1,084,980		1,084,980
Total Convertible Bonds		—		1,988,843		1,084,980		3,073,823
Total Bonds and Notes		—		59,613,173		3,508,476		63,121,650
Bank Loans
Food & Beverage		—		9,794		—		9,794
Media Non-Cable		—		144,258		—		144,258
Wirelines		—		35,902		—		35,902
Total Bank Loans		—		189,954		—		189,954
Preferred Stocks
Automotive		137,137		—		—		137,137
Capital Markets		—		151,328		—		151,328
Diversified Financial Services		—		184,067		—		184,067
Electric Utilities		—		340,931		—		340,931
Hotels, Restaurants & Leisure		—		—		—		—
Oil, Gas & Consumable Fuels		—		253,575		—		253,575
Thrifts & Mortgage Finance		21,885		30,093		—		51,978
Total Preferred Stocks		159,022		959,994		—		1,119,016
Common Stocks
Biotechnology		—		—		1,678		1,678
Oil, Gas & Consumable Fuels		183,983		—		—		183,983
Total Common Stocks		183,983		—		1,678		185,661
Short-Term Investments		278		585,000		—		585,278
Total	$	343,283	$	61,348,121	$	3,510,154	$	65,201,559

13

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
Non-Convertible Bonds
Airlines	$	334,800	$	—	$	—		$	29,932		$	—	$	(31,977	)	$	—	$	—		$	332,755
Automotive		—		—		—			(6,809	)		—		—			124,612		—			117,803
Chemicals		452,250		4,431		—			(260,881	)		—		—			450,100		(364,500	)		281,400
Electric		—		504		—			(114,133	)		249,880		—			342,700		—			478,951
Industrial Other		74,400		—		—			37,200			—		—			—		(111,600	)		—
Media Non-Cable		140,100		11,524		(294,513	)		(85,367	)		—		(74,638	)		344,950		—			42,056
Non-Captive Consumer		—		1,966		—			74,534			—		—			425,000		—			501,500
Non-Captive Diversified		—		7,348		(77,111	)		30,419			536,536		(504,379	)		352,155		—			344,968
Retailers		—		70		—			(5,695	)		—		—			45,000		—			39,375
Technology		428,400		1,524		—			(145,236	)		—		—			—		—			284,688
Convertible Bonds
Healthcare		22,500		272		—			11,504			—		(34,276	)		—		—			—
Wirelines		—		40		—			91,220			993,720		—			—		—			1,084,980
Common Stocks
Biotechnology		—		—		—			(24,498	)		26,176		—			—		—			1,678
Total	$	1,452,450	$	27,679	$	(371,624	)	$	(367,810	)	$	1,806,312	$	(645,270	)	$	2,084,517	$	(476,100	)	$	3,510,154

14

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

NET ASSET SUMMARY AT JUNE 30, 2009 (Unaudited)

Wirelines	10.2	%
Electric	7.5
Technology	6.5
Healthcare	6.3
Independent Energy	5.8
Non-Captive Diversified	4.3
Automotive	4.2
Media Cable	4.1
Home Construction	3.8
Paper	3.7
Chemicals	3.1
Non-Captive Consumer	3.1
Retailers	2.8
Pharmaceuticals	2.5
Supermarkets	2.4
Commercial Mortgage-Backed Securities	2.3
Airlines	2.3
Wireless	2.0
Food & Beverage	2.0
Other Investments, less than 2% each	17.8
Short-Term Investments	0.9
Total Investments	97.6
Other assets less liabilities	2.4
Net Assets	100.0	%

15

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – 96.2% of Net Assets
Banking – 1.0%
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033		$	10,000		$	9,333
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			145,000			128,904
						138,237
Construction Machinery – 1.0%
Joy Global, Inc., 6.625%, 11/15/2036			165,000			132,897
Food & Beverage – 0.8%
Bottling Group LLC, 5.125%, 1/15/2019			40,000			40,769
Dean Foods Co., 6.900%, 10/15/2017			75,000			64,500
						105,269
Independent Energy – 0.2%
Chesapeake Energy Corp., 6.500%, 8/15/2017			35,000			29,400
Lodging – 0.3%
Royal Caribbean Cruises Ltd., 7.500%, 10/15/2027			50,000			33,500
Metals & Mining – 0.3%
United States Steel Corp., 6.650%, 6/01/2037			55,000			41,554
Non-Captive Consumer – 0.8%
SLM Corp., MTN, 5.050%, 11/14/2014			25,000			19,342
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			30,000			24,266
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			45,000			33,750
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			5,000			4,019
SLM Corp., Series A, MTN, 5.625%, 8/01/2033			45,000			26,550
						107,927
Non-Captive Diversified – 2.2%
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD		200,000			118,456
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD		300,000			181,821
						300,277
Paper – 0.5%
Georgia-Pacific LLC, 7.700%, 6/15/2015			70,000			65,450
Pipelines – 0.2%
Colorado Interstate Gas Co., 5.950%, 3/15/2015			3,000			2,947
Southern Natural Gas Co., 7.350%, 2/15/2031			30,000			29,166
						32,113
Sovereigns – 0.9%
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		15,000	(††)		115,403
Technology – 1.1%
Agilent Technologies, Inc., 6.500%, 11/01/2017			105,000			91,393
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029			90,000			51,075

1

PORTFOLIO OF INVESTMENTS – as of June 30, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		$	15,000	$	8,400
					150,868
Textile – 0.1%
Jones Apparel Group, Inc., 6.125%, 11/15/2034			10,000		6,300
Tobacco – 1.1%
Altria Group, Inc., 9.950%, 11/10/2038			130,000		150,062
Treasuries – 82.6%
U.S. Treasury Inflation Indexed Bond, 1.375%, 7/15/2018			271,917		263,590
U.S. Treasury Inflation Indexed Bond, 1.625%, 1/15/2018			854,935		846,653
U.S. Treasury Inflation Indexed Bond, 1.750%, 1/15/2028			229,001		216,119
U.S. Treasury Inflation Indexed Bond, 2.000%, 1/15/2026(b)			145,029		141,993
U.S. Treasury Inflation Indexed Bond, 2.125%, 1/15/2019			188,693		194,884
U.S. Treasury Inflation Indexed Bond, 2.375%, 1/15/2017			856,421		893,622
U.S. Treasury Inflation Indexed Bond, 2.375%, 1/15/2025			384,598		395,294
U.S. Treasury Inflation Indexed Bond, 2.500%, 7/15/2016			258,673		271,527
U.S. Treasury Inflation Indexed Bond, 3.375%, 4/15/2032			1,417,475		1,778,931
U.S. Treasury Inflation Indexed Note, 0.625%, 4/15/2013(b)			196,712		194,376
U.S. Treasury Inflation Indexed Note, 1.625%, 1/15/2015			536,002		533,489
U.S. Treasury Inflation Indexed Note, 1.875%, 7/15/2013			679,144		696,547
U.S. Treasury Inflation Indexed Note, 1.875%, 7/15/2015			471,366		476,522
U.S. Treasury Inflation Indexed Note, 2.000%, 1/15/2014			628,908		643,255
U.S. Treasury Inflation Indexed Note, 2.000%, 7/15/2014			639,111		654,091
U.S. Treasury Inflation Indexed Note, 2.000%, 1/15/2016			800,346		812,351
U.S. Treasury Inflation Indexed Note, 2.375%, 1/15/2027			354,199		366,706
U.S. Treasury Inflation Indexed Note, 2.625%, 7/15/2017			1,008,214		1,074,378
U.S. Treasury Inflation Indexed Note, 3.000%, 7/15/2012			581,086		615,588
					11,069,916
Wireless – 0.8%
ALLTEL Corp., 7.875%, 7/01/2032			20,000		23,224
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			20,000		15,950
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			5,000		4,137
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			10,000		7,875
Sprint Capital Corp., 6.875%, 11/15/2028			85,000		60,350
					111,536
Wirelines – 2.3%
AT&T Corp., 8.000%, 11/15/2031			80,000		92,334
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		30,000		25,389
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		5,000		4,058
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		15,000		13,214
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		35,000		26,947

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Embarq Corp., 7.995%, 6/01/2036	$	165,000	$	145,097
				307,039
TOTAL BONDS AND NOTES (Identified Cost $13,196,493)				12,897,748
	Shares
PREFERRED STOCKS – 0.1%
NON-CONVERTIBLE PREFERRED STOCKS – 0.1%
Thrifts & Mortgage Finance – 0.1%
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(c)(d)		1,160		1,416
Federal National Mortgage Association, (fixed rate to 12/31/2010, variable rate thereafter), 8.250%(c)(d)		3,500		4,690
TOTAL PREFERRED STOCKS (Identified Cost $116,500)				6,106
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 3.3%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $445,767 on 7/01/2009 collateralized by $425,000 Federal Home Loan Bank, 5.625% due 6/11/2021 valued at $454,750 including accrued interest(e) (Identified Cost $445,767)	$	445,767		445,767
TOTAL INVESTMENTS – 99.6% (Identified Cost $13,758,760)(a)				13,349,621
Other assets less liabilities—0.4%				59,375
NET ASSETS – 100.0%			$	13,408,996

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund - continued

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

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

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

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

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At June 30, 2009, the net unrealized depreciation on investments based on a cost of $13,732,380 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	$	94,057
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(476,816	)
Net unrealized depreciation	$	(382,759	)

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

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

(d) Non-income producing security.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the total value of this security amounted to $4,058 or 0.0% of net assets.

GMTN Global Medium Term Note

MTN Medium Term Note

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

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities 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 June 30, 2009, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date	Currency	Units	Value		Unrealized Depreciation
Sell1	7/23/2009	Singapore Dollar	400,000	$	276,104	$	(11,326	)

¹ Counterparty is Barclays Bank PLC.

Futures Contracts

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

When the 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. Subsequent payments, known as “variation margin”, are made or received by the Fund, depending on the price fluctuations in the fair value of the contract and the value of the collateral held. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When the 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.

Futures contracts are exchange-traded. Exchange-traded futures have standardized contracts and are settled through a clearing house with fulfillment guaranteed by the credit of the exchange. Therefore, counterparty credit risks to the Fund are limited.

At June 30, 2009, there were no open futures contracts.

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 June 30, 2009, at value:

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund - continued

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
Banking	$	—	$	138,237	$	—	$	138,237
Construction Machinery		—		132,897		—		132,897
Food & Beverage		—		105,269		—		105,269
Independent Energy		—		29,400		—		29,400
Lodging		—		33,500		—		33,500
Metals & Mining		—		41,554		—		41,554
Non-Captive Consumer		—		47,627		60,300		107,927
Non-Captive Diversified		—		—		300,277		300,277
Paper		—		65,450		—		65,450
Pipelines		—		32,113		—		32,113
Sovereigns		—		115,403		—		115,403
Technology		—		150,868		—		150,868
Textile		—		6,300		—		6,300
Tobacco		—		150,062		—		150,062
Treasuries		—		11,069,916		—		11,069,916
Wireless		—		111,536		—		111,536
Wirelines		—		307,039		—		307,039
Total Bonds and Notes		—		12,537,171		360,577		12,897,748
Preferred Stocks
Non-Convertible Preferred Stocks Thrifts & Mortgage Finance		1,416		4,690		—		6,106
Short-Term Investments		445,767		—		—		445,767
Total	$	447,183	$	12,541,861	$	360,577	$	13,349,621

Liability Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(11,326	)	$	—	$	(11,326	)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales		Net Transfers in to Level 3		Net Transfers out of Level 3		Balance as of June 30, 2009
Bonds and Notes
Non-Captive Consumer	$	—	$	626	$	—	$	10,174		$	—	$	—	$	49,500	$	—	$	60,300
Non-Captive Diversified		—		73		—		(44,978	)		—		—		345,182		—		300,277
Total	$	—	$	699	$	—	$	(34,804	)	$	—	$	—	$	394,682	$	—	$	360,577

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund - continued

Derivatives

The Fund adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”), effective April 1, 2009. FAS 161 requires enhanced disclosures about a fund’s derivative and hedging activities. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund may use include forward foreign currency contracts and futures contracts.

The Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund.

The Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to if it invested in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to manage the Fund’s duration in order to control its interest rate risk without having to buy or sell portfolio securities.

NET ASSET SUMMARY AT JUNE 30, 2009 (Unaudited)

Treasuries	82.6	%
Wirelines	2.3
Non-Captive Diversified	2.2
Other Investments, less than 2% each	9.2
Short-Term Investments	3.3
Total Investments	99.6
Other assets less liabilities (including open Forward Foreign Currency Contracts)	0.4
Net Assets	100.0	%

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 89.9% of Net Assets
NON-CONVERTIBLE BONDS – 79.6%
ABS Home Equity – 0.4%
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.464%, 7/25/2036(b)		$	3,000,000	$	1,647,730
Aerospace & Defense – 0.5%
Bombardier, Inc., 7.350%, 12/22/2026	CAD		600,000		392,039
Bombardier, Inc., 7.450%, 5/01/2034, 144A			2,075,000		1,577,000
					1,969,039
Airlines – 0.3%
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011			23,424		14,523
Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707%, 10/02/2022			359,719		293,171
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			318,569		235,741
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			165,782		117,705
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			459,385		291,709
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			550,234		352,150
					1,304,999
Automotive – 4.2%
Cummins, Inc., 7.125%, 3/01/2028			350,000		280,242
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		150,000		177,811
Ford Motor Co., 6.500%, 8/01/2018			20,000		11,800
Ford Motor Co., 6.625%, 2/15/2028			30,000		16,200
Ford Motor Co., 6.625%, 10/01/2028			1,510,000		815,400
Ford Motor Co., 7.125%, 11/15/2025			190,000		104,500
Ford Motor Co., 7.450%, 7/16/2031			1,685,000		994,150
Ford Motor Co., 7.500%, 8/01/2026			30,000		16,200
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010			2,980,000		2,876,150
Ford Motor Credit Co. LLC, 8.000%, 6/01/2014			5,000,000		4,045,590
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			940,000		718,657
Ford Motor Credit Co. LLC, 8.625%, 11/01/2010			70,000		65,795
Ford Motor Credit Co. LLC, 9.750%, 9/15/2010			155,000		148,474
Ford Motor Credit Co. LLC, EMTN, 4.875%, 1/15/2010	EUR		130,000		173,252
GMAC LLC, 5.375%, 6/06/2011, 144A			442,000		375,700
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			2,090,000		1,609,300
Goodyear Tire & Rubber Co. (The), 7.857%, 8/15/2011			135,000		131,625
Goodyear Tire & Rubber Co. (The), 9.000%, 7/01/2015			633,000		626,670
Goodyear Tire & Rubber Co. (The), 10.500%, 5/15/2016			2,690,000		2,716,900
					15,904,416
Banking – 6.2%
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		50,000,000		1,496,331
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB		11,000,000		328,612
Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018			20,000		17,685
Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017			5,000		5,009
BNP Paribas SA, EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		10,477,600,000		784,421
Citigroup, Inc., 5.000%, 9/15/2014			7,630,000		6,396,366
Citigroup, Inc., 5.875%, 2/22/2033			3,883,000		2,872,011
Citigroup, Inc., 6.000%, 10/31/2033			575,000		429,074
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033			192,000		179,198

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Banking – continued
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		$	3,398,000	$	3,020,802
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL		2,200,000		1,033,042
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		18,504,768,000		1,423,276
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		5,376,000,000		413,490
JPMorgan Chase London, EMTN, Zero Coupon Bond, 10/21/2010, 144A	IDR		9,533,078,500		789,637
Kaupthing Bank, 1/15/2010, 144A(c)			200,000		26,000
Kaupthing Bank, Series D, 5.750%, 10/04/2011, 144A(c)			1,600,000		208,000
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			700,000		540,649
Merrill Lynch & Co., Inc., 7.750%, 5/14/2038			2,800,000		2,600,934
Morgan Stanley, EMTN, 5.450%, 1/09/2017			5,000		4,669
Morgan Stanley, MTN, 6.250%, 8/09/2026			615,000		573,186
Rabobank Nederland, EMTN, 10.250%, 9/10/2009, 144A	ISK		71,000,000		417,655
					23,560,047
Building Materials – 2.0%
Masco Corp., 4.800%, 6/15/2015			555,000		436,219
Masco Corp., 5.850%, 3/15/2017			440,000		351,473
Masco Corp., 6.125%, 10/03/2016			750,000		629,697
Masco Corp., 6.500%, 8/15/2032			670,000		455,488
Owens Corning, Inc., 7.000%, 12/01/2036			1,225,000		868,196
Owens Corning, Inc., 9.000%, 6/15/2019			2,760,000		2,677,128
USG Corp., 6.300%, 11/15/2016			2,795,000		2,068,300
					7,486,501
Chemicals – 1.3%
Borden, Inc., 7.875%, 2/15/2023			1,824,000		510,720
Borden, Inc., 9.200%, 3/15/2021			2,641,000		739,480
Hercules, Inc., 6.500%, 6/30/2029			2,263,000		1,222,020
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014			1,600,000		720,000
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028			1,405,000		1,196,977
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018			400,000		368,000
					4,757,197
Commercial Mortgage-Backed Securities – 0.2%
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040			555,000		381,096
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.798%, 6/15/2049(b)			415,000		316,909
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049			205,000		150,898
					848,903
Construction Machinery – 1.0%
United Rentals North America, Inc., 7.000%, 2/15/2014			3,285,000		2,685,487
United Rentals North America, Inc., 7.750%, 11/15/2013			295,000		253,700
United Rentals North America, Inc., 10.875%, 6/15/2016, 144A			965,000		926,400
					3,865,587
Diversified Manufacturing – 0.7%
Textron, Inc., 5.600%, 12/01/2017			3,215,000		2,595,174

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Electric – 3.5%
AES Corp. (The), 7.750%, 3/01/2014	$	1,185,000	$	1,122,787
AES Corp. (The), 7.750%, 10/15/2015		645,000		599,850
AES Ironwood LLC, 8.857%, 11/30/2025		82,960		71,761
Dynegy Holdings, Inc., 7.125%, 5/15/2018		100,000		68,000
Dynegy Holdings, Inc., 7.625%, 10/15/2026		490,000		303,800
Dynegy Holdings, Inc., 7.750%, 6/01/2019		1,250,000		973,437
Dynegy Holdings, Inc., 8.375%, 5/01/2016		250,000		211,875
Midwest Generation LLC, Series B, 8.560%, 1/02/2016		379,834		372,237
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		1,685,000		813,013
NiSource Finance Corp., 5.250%, 9/15/2017		894,000		766,606
NiSource Finance Corp., 5.400%, 7/15/2014		1,165,000		1,102,344
NiSource Finance Corp., 6.150%, 3/01/2013		425,000		422,462
NRG Energy, Inc., 7.375%, 2/01/2016		575,000		544,094
Quezon Power Philippines Co., 8.860%, 6/15/2017		355,000		315,950
RRI Energy, Inc., 7.875%, 6/15/2017		1,025,000		917,375
Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018		824,620		785,005
Texas Competitive Electric Holdings Co. LLC, Series A, 10.250%, 11/01/2015		2,090,000		1,301,025
TXU Corp., Series P, 5.550%, 11/15/2014		920,000		580,906
TXU Corp., Series Q, 6.500%, 11/15/2024		1,515,000		759,138
TXU Corp., Series R, 6.550%, 11/15/2034		420,000		201,919
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(d)		1,000,000		868,506
				13,102,090
Food & Beverage – 0.6%
ARAMARK Corp., 5.000%, 6/01/2012		475,000		429,875
Chiquita Brands International, Inc., 7.500%, 11/01/2014		940,000		789,600
Dole Food Co., Inc., 7.250%, 6/15/2010		415,000		408,775
Sara Lee Corp., 6.125%, 11/01/2032		690,000		616,432
				2,244,682
Government Owned – No Guarantee – 0.0%
DP World Ltd., 6.850%, 7/02/2037, 144A		200,000		133,000
Healthcare – 3.6%
HCA, Inc., 5.750%, 3/15/2014		410,000		328,000
HCA, Inc., 6.250%, 2/15/2013		30,000		26,250
HCA, Inc., 6.300%, 10/01/2012		625,000		573,437
HCA, Inc., 6.375%, 1/15/2015		560,000		455,000
HCA, Inc., 6.500%, 2/15/2016		550,000		444,125
HCA, Inc., 6.750%, 7/15/2013		20,000		17,600
HCA, Inc., 7.050%, 12/01/2027		1,000,000		609,060
HCA, Inc., 7.190%, 11/15/2015		965,000		743,636
HCA, Inc., 7.500%, 12/15/2023		865,000		563,437
HCA, Inc., 7.500%, 11/06/2033		4,200,000		2,394,000
HCA, Inc., 7.690%, 6/15/2025		970,000		595,684
HCA, Inc., 8.360%, 4/15/2024		375,000		247,574
HCA, Inc., 9.125%, 11/15/2014		3,000,000		2,970,000
HCA, Inc., MTN, 7.580%, 9/15/2025		560,000		344,808
HCA, Inc., MTN, 7.750%, 7/15/2036		1,520,000		903,570
Tenet Healthcare Corp., 6.875%, 11/15/2031		3,505,000		2,103,000

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Healthcare – continued
Tenet Healthcare Corp., 9.250%, 2/01/2015		$	300,000	$	274,500
					13,593,681
Home Construction – 1.5%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015			185,000		94,350
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016			1,068,000		534,000
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014			425,000		221,000
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014			272,000		141,440
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016			755,000		369,950
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013			10,000		4,700
KB Home, 7.250%, 6/15/2018			1,260,000		1,083,600
Lennar Corp., Series B, 5.125%, 10/01/2010			1,320,000		1,267,200
Lennar Corp., Series B, 5.500%, 9/01/2014			95,000		76,000
Lennar Corp., Series B, 5.600%, 5/31/2015			2,000,000		1,575,000
Pulte Homes, Inc., 6.000%, 2/15/2035			400,000		260,000
					5,627,240
Independent Energy – 1.5%
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		250,000		308,627
Chesapeake Energy Corp., 6.500%, 8/15/2017			1,110,000		932,400
Chesapeake Energy Corp., 6.875%, 11/15/2020			1,415,000		1,139,075
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			704,000		425,920
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A			985,000		832,325
Pioneer Natural Resources Co., 5.875%, 7/15/2016			335,000		288,848
Pioneer Natural Resources Co., 6.875%, 5/01/2018			910,000		792,777
Pioneer Natural Resources Co., 7.200%, 1/15/2028			920,000		719,753
Swift Energy Co., 7.125%, 6/01/2017			100,000		70,500
					5,510,225
Industrial Other – 0.1%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013			300,000		257,250
Local Authorities – 2.8%
Province of Ontario, Canada, 4.200%, 3/08/2018	CAD		12,200,000		10,586,200
Lodging – 0.5%
Felcor Lodging LP, 9.000%, 6/01/2011			1,540,000		1,355,200
Starwood Hotels & Resorts Worldwide, Inc., 7.875%, 5/01/2012			500,000		490,000
					1,845,200
Media Cable – 0.5%
CSC Holdings, Inc., 8.500%, 4/15/2014, 144A			1,200,000		1,189,500
Virgin Media Finance PLC, 9.125%, 8/15/2016			685,000		659,313
					1,848,813
Media Non-Cable – 0.0%
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013(c)			510,000		23,588
R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017(c)			1,460,000		69,350
					92,938
Metals & Mining – 3.8%
Alcoa, Inc., 5.720%, 2/23/2019			1,700,000		1,348,421
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A			1,245,000		697,200
ArcelorMittal, 9.850%, 6/01/2019			575,000		620,547
ArcelorMittal USA Partnership, 9.750%, 4/01/2014			255,000		267,174
Ryerson, Inc., 12.000%, 11/01/2015			775,000		631,625

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Metals & Mining – continued
Steel Dynamics, Inc., 6.750%, 4/01/2015		$	750,000	$	667,500
Steel Dynamics, Inc., 7.375%, 11/01/2012			295,000		279,512
Teck Resources Ltd., 10.250%, 5/15/2016, 144A			1,195,000		1,251,762
Teck Resources Ltd., 10.750%, 5/15/2019, 144A			1,145,000		1,230,875
United States Steel Corp., 6.050%, 6/01/2017			4,740,000		4,042,718
United States Steel Corp., 6.650%, 6/01/2037			2,020,000		1,526,163
United States Steel Corp., 7.000%, 2/01/2018			2,035,000		1,767,880
					14,331,377
Non-Captive Consumer – 1.5%
American General Finance Corp., MTN, 5.750%, 9/15/2016			700,000		375,743
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			750,000		562,500
SLM Corp., Series A, MTN, 5.000%, 6/15/2018			115,000		76,289
SLM Corp., Series A, MTN, 6.500%, 6/15/2010(d)(e)	NZD		4,720,000		2,784,601
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			2,020,000		1,728,080
					5,527,213
Non-Captive Diversified – 4.4%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015			115,000		66,618
CIT Group, Inc., 4.750%, 12/15/2010			205,000		160,927
CIT Group, Inc., 5.400%, 2/13/2012			46,000		31,395
CIT Group, Inc., 5.400%, 1/30/2016			88,000		49,691
CIT Group, Inc., 5.800%, 10/01/2036			200,000		111,000
CIT Group, Inc., 5.850%, 9/15/2016			16,000		9,033
CIT Group, Inc., 12.000%, 12/18/2018, 144A			1,112,000		539,320
CIT Group, Inc., EMTN, 3.800%, 11/14/2012	EUR		300,000		252,513
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR		1,050,000		736,496
CIT Group, Inc., EMTN, 5.000%, 5/13/2014	EUR		200,000		148,702
CIT Group, Inc., EMTN, 5.500%, 12/20/2016	GBP		300,000		246,780
CIT Group, Inc., GMTN, 4.250%, 2/01/2010			130,000		116,712
CIT Group, Inc., GMTN, 4.250%, 9/22/2011	EUR		1,750,000		1,693,940
CIT Group, Inc., GMTN, 5.000%, 2/13/2014			64,000		38,007
CIT Group, Inc., GMTN, 5.000%, 2/01/2015			130,000		76,571
CIT Group, Inc., MTN, 4.250%, 3/17/2015	EUR		1,260,000		901,471
CIT Group, Inc., MTN, 5.125%, 9/30/2014			26,000		15,325
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036			22,000		10,670
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017			141,000		79,555
GATX Corp., 8.750%, 5/15/2014			3,290,000		3,458,807
General Electric Capital Corp., 5.625%, 5/01/2018			10,000		9,458
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			60,000		47,483
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD		250,000		142,289
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD		3,035,000		1,704,447
GMAC LLC, 6.000%, 4/01/2011, 144A			201,000		175,875
GMAC LLC, 6.000%, 12/15/2011, 144A			937,000		801,135
GMAC LLC, 6.625%, 12/17/2010, 144A			23,000		20,700
GMAC LLC, 6.625%, 5/15/2012, 144A			47,000		39,245
GMAC LLC, 6.750%, 12/01/2014, 144A			149,000		116,965
GMAC LLC, 6.875%, 9/15/2011, 144A			53,000		46,375

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
GMAC LLC, 6.875%, 8/28/2012, 144A	$	94,000	$	78,490
GMAC LLC, 7.000%, 2/01/2012, 144A		110,000		93,280
GMAC LLC, 7.500%, 12/31/2013, 144A		314,000		243,350
GMAC LLC, 8.000%, 12/31/2018, 144A		585,000		371,475
GMAC LLC, 8.000%, 11/01/2031, 144A		208,000		145,600
International Lease Finance Corp., 4.750%, 7/01/2009		745,000		745,000
International Lease Finance Corp., 5.000%, 4/15/2010		1,795,000		1,643,994
International Lease Finance Corp., 5.000%, 9/15/2012		125,000		96,676
International Lease Finance Corp., Series R, MTN, 5.625%, 9/15/2010		250,000		224,598
iStar Financial, Inc., 5.500%, 6/15/2012		65,000		32,988
iStar Financial, Inc., 5.650%, 9/15/2011		100,000		58,000
iStar Financial, Inc., 5.875%, 3/15/2016		20,000		8,000
iStar Financial, Inc., 6.050%, 4/15/2015		20,000		8,000
iStar Financial, Inc., 8.625%, 6/01/2013		1,770,000		920,400
iStar Financial, Inc., Series B, 5.700%, 3/01/2014		70,000		29,400
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		565,000		247,187
				16,793,943
Oil Field Services – 0.2%
Complete Production Services, Inc., 8.000%, 12/15/2016		400,000		342,000
North American Energy Partners, Inc., 8.750%, 12/01/2011		495,000		430,650
				772,650
Packaging – 0.4%
Owens-Illinois, Inc., 7.800%, 5/15/2018		1,555,000		1,467,531
Paper – 6.2%
Georgia-Pacific LLC, 7.250%, 6/01/2028		1,240,000		926,900
Georgia-Pacific LLC, 7.750%, 11/15/2029		3,425,000		2,680,063
Georgia-Pacific LLC, 8.000%, 1/15/2024		1,270,000		1,079,500
Georgia-Pacific LLC, 8.875%, 5/15/2031		4,890,000		4,229,850
International Paper Co., 7.950%, 6/15/2018		3,645,000		3,516,481
International Paper Co., 8.700%, 6/15/2038		3,759,000		3,353,366
International Paper Co., 9.375%, 5/15/2019		2,490,000		2,538,204
Jefferson Smurfit Corp., 7.500%, 6/01/2013(c)		515,000		189,906
Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(c)		2,800,000		1,036,000
Stone Container Finance, 7.375%, 7/15/2014(c)		980,000		448,350
Westvaco Corp., 7.950%, 2/15/2031		650,000		573,886
Westvaco Corp., 8.200%, 1/15/2030		2,380,000		2,102,504
Weyerhaeuser Co., 7.375%, 3/15/2032		845,000		674,441
				23,349,451
Pharmaceuticals – 2.2%
Elan Financial PLC, 7.750%, 11/15/2011		5,195,000		4,805,375
Elan Financial PLC, 8.875%, 12/01/2013		1,735,000		1,587,525
Valeant Pharmaceuticals International, 8.375%, 6/15/2016, 144A		1,890,000		1,875,825
				8,268,725
Pipelines – 3.1%
Colorado Interstate Gas Co., 5.950%, 3/15/2015		22,000		21,612
El Paso Corp., 6.950%, 6/01/2028		1,430,000		1,075,908

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Pipelines – continued
El Paso Corp., 7.420%, 2/15/2037	$	1,055,000	$	811,838
El Paso Corp., 12.000%, 12/12/2013		1,000,000		1,100,000
El Paso Corp., GMTN, 7.750%, 1/15/2032		2,210,000		1,798,986
El Paso Corp., GMTN, 7.800%, 8/01/2031		550,000		448,640
El Paso Corp., GMTN, 8.050%, 10/15/2030		1,105,000		919,373
Kinder Morgan Finance Co., 5.700%, 1/05/2016		345,000		295,838
Knight, Inc., Senior Note, 5.150%, 3/01/2015		50,000		43,375
Southern Natural Gas Co., 7.350%, 2/15/2031		95,000		92,360
Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		890,000		848,094
Williams Cos., Inc. (The), 7.500%, 1/15/2031		4,125,000		3,630,000
Williams Cos., Inc. (The), 7.750%, 6/15/2031		70,000		63,000
Williams Cos., Inc. (The), 8.750%, 3/15/2032		430,000		432,150
				11,581,174
Property & Casualty Insurance – 0.8%
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		3,410,000		2,698,548
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		690,000		262,200
				2,960,748
Railroads – 0.1%
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(d)		314,000		157,000
Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(d)		30,000		20,175
				177,175
REITs – 1.9%
Colonial Realty LP, 5.500%, 10/01/2015		514,000		405,110
Colonial Realty LP, 6.050%, 9/01/2016		615,000		484,780
Colonial Realty LP, 6.250%, 6/15/2014		575,000		486,779
Highwoods Properties, Inc., 5.850%, 3/15/2017		470,000		374,303
ProLogis, 5.500%, 4/01/2012		1,385,000		1,275,028
ProLogis, 5.625%, 11/15/2015		100,000		79,291
ProLogis, 5.625%, 11/15/2016		1,090,000		837,879
ProLogis, 6.625%, 5/15/2018		1,935,000		1,523,625
Simon Property Group LP, 5.250%, 12/01/2016		500,000		444,141
Simon Property Group LP, 5.750%, 12/01/2015		460,000		423,652
Simon Property Group LP, 5.875%, 3/01/2017		550,000		504,981
Simon Property Group LP, 6.125%, 5/30/2018		450,000		418,574
				7,258,143
Retailers – 3.9%
Dillard’s, Inc., 6.625%, 1/15/2018		500,000		280,000
Dillard’s, Inc., 7.000%, 12/01/2028		450,000		218,250
Dillard’s, Inc., 7.130%, 8/01/2018		750,000		423,750
Dillard’s, Inc., 7.750%, 7/15/2026		1,500,000		712,500
Foot Locker, Inc., 8.500%, 1/15/2022		1,679,000		1,460,730
Home Depot, Inc. (The), 5.875%, 12/16/2036		1,975,000		1,742,471
Macy’s Retail Holdings, Inc., 5.900%, 12/01/2016		1,405,000		1,144,634
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		3,653,000		2,483,463
Macy’s Retail Holdings, Inc., 7.000%, 2/15/2028		295,000		216,363
Macy’s Retail Holdings, Inc., 8.875%, 7/15/2015		2,365,000		2,288,637
Toys R Us, Inc., 7.375%, 10/15/2018		5,185,000		3,707,275

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Retailers – continued
Toys R Us, Inc., 7.875%, 4/15/2013		$	197,000		$	164,495
						14,842,568
Sovereigns – 3.8%
Indonesia Government International Bond, 6.625%, 2/17/2037, 144A			3,132,000			2,568,240
Indonesia Government International Bond, 7.750%, 1/17/2038, 144A			650,000			591,500
Indonesia Government International Bond, 11.625%, 3/04/2019, 144A			2,100,000			2,659,125
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		1,881,000,000			166,056
Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024	IDR		24,214,000,000			2,030,921
Indonesia Treasury Bond, Series ZC3, Zero Coupon Bond, 11/20/2012	IDR		4,897,000,000			354,586
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		208,681	(††)		1,522,528
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		95,000	(††)		693,260
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		180,000	(††)		1,469,744
Mexico Government International Bond, Series A, MTN, 6.050%, 1/11/2040			112,000			101,752
Republic of Brazil, 10.250%, 1/10/2028	BRL		4,170,000			2,096,172
Republic of Iceland, Zero Coupon Bond, 9/15/2009	ISK		24,240,000			140,582
Republic of Iceland, 7.000%, 3/17/2010	ISK		18,085,000			107,031
						14,501,497
Supermarkets – 0.9%
American Stores Co., 8.000%, 6/01/2026			110,000			95,975
American Stores Co., Series B, MTN, 7.100%, 3/20/2028			1,865,000			1,426,725
New Albertson’s, Inc., 7.450%, 8/01/2029			1,525,000			1,250,500
New Albertson’s, Inc., 8.000%, 5/01/2031			480,000			411,600
New Albertson’s, Inc., 8.700%, 5/01/2030			180,000			157,050
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			240,000			175,200
						3,517,050
Supranational – 0.2%
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/20/2013	IDR		8,600,000,000			554,798
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK		42,500,000			250,920
						805,718
Technology – 4.3%
Affiliated Computer Services, Inc., 5.200%, 6/01/2015			496,000			421,600
Agilent Technologies, Inc., 6.500%, 11/01/2017			1,560,000			1,357,838
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029			6,580,000			3,734,150
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028			3,055,000			1,710,800
Amkor Technology, Inc., 7.750%, 5/15/2013			2,685,000			2,463,488
Amkor Technology, Inc., 9.250%, 6/01/2016			480,000			444,600
Corning, Inc., 6.850%, 3/01/2029			801,000			743,164
Freescale Semiconductor, Inc., 10.125%, 12/15/2016			210,000			71,400
Motorola, Inc., 5.220%, 10/01/2097			80,000			35,640
Motorola, Inc., 6.500%, 11/15/2028			70,000			47,600
Motorola, Inc., 6.625%, 11/15/2037			70,000			47,600
Nortel Networks Capital Corp., 7.875%, 6/15/2026(c)			2,280,000			712,500

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Nortel Networks Ltd., 6.875%, 9/01/2023(c)		$	1,000,000	$	127,500
Nortel Networks Ltd., 10.125%, 7/15/2013(c)			400,000		136,000
Seagate Technology International, 10.000%, 5/01/2014, 144A			4,030,000		4,155,937
					16,209,817
Textile – 0.2%
Jones Apparel Group, Inc., 6.125%, 11/15/2034			890,000		560,700
Kellwood Co., 7.625%, 10/15/2017(d)			500,000		75,000
					635,700
Transportation Services – 1.2%
APL Ltd., 8.000%, 1/15/2024(d)			2,685,000		1,675,359
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016			368,356		228,381
Atlas Air, Inc., Series 1999-1C, 8.770%, 7/02/2012(f)			399,542		171,803
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(f)			40,344		22,189
Atlas Air, Inc., Series B, 7.680%, 1/02/2014			2,081,472		1,498,660
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(f)			289,324		121,516
Erac USA Finance Co., 5.600%, 5/01/2015, 144A			700,000		637,081
					4,354,989
Treasuries – 2.4%
U.S. Treasury Bond, 3.500%, 2/15/2039			10,500,000		9,079,245
Wireless – 1.6%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			1,995,000		1,591,012
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			765,000		633,038
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			805,000		633,937
Sprint Capital Corp., 6.875%, 11/15/2028			1,525,000		1,082,750
Sprint Capital Corp., 6.900%, 5/01/2019			615,000		508,913
Sprint Capital Corp., 8.750%, 3/15/2032			215,000		173,075
True Move Co. Ltd., 10.750%, 12/16/2013, 144A			2,000,000		1,530,000
					6,152,725
Wirelines – 5.1%
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		275,000		242,252
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		220,000		169,384
FairPoint Communications, Inc., 13.125%, 4/01/2018			5,380,000		1,049,100
Frontier Communications Corp., 7.875%, 1/15/2027			3,180,000		2,544,000
Frontier Communications Corp., 9.000%, 8/15/2031			2,330,000		1,922,250
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(c)			50,000		5
Level 3 Financing, Inc., 8.750%, 2/15/2017			590,000		448,400
Level 3 Financing, Inc., 9.250%, 11/01/2014			1,675,000		1,373,500
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			1,439,000		1,108,030
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			800,000		544,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			1,385,000		1,059,525
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			5,332,000		3,785,720
Qwest Corp., 6.500%, 6/01/2017			210,000		184,800
Qwest Corp., 6.875%, 9/15/2033			1,936,000		1,413,280
Qwest Corp., 7.200%, 11/10/2026			1,500,000		1,132,500
Qwest Corp., 7.250%, 9/15/2025			515,000		393,975
Qwest Corp., 7.250%, 10/15/2035			1,407,000		1,020,075

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Qwest Corp., 7.500%, 6/15/2023	$	1,115,000	$	886,425
				19,277,221
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $314,563,904)				300,645,572
CONVERTIBLE BONDS – 10.3%
Construction Machinery – 0.0%
United Rentals North America, Inc., 1.875%, 10/15/2023		40,000		36,700
Electric – 0.1%
CMS Energy Corp., 5.500%, 6/15/2029		250,000		260,000
Healthcare – 1.5%
Affymetrix, Inc., 3.500%, 1/15/2038		1,216,000		902,880
Health Management Associates, Inc., 3.750%, 5/01/2028, 144A		3,325,000		2,680,781
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(g)		1,705,000		1,210,550
Omnicare, Inc., 3.250%, 12/15/2035		1,265,000		876,013
				5,670,224
Independent Energy – 0.6%
Chesapeake Energy Corp., 2.250%, 12/15/2038		3,885,000		2,384,419
Industrial Other – 0.2%
Incyte Corp., 3.500%, 2/15/2011		1,100,000		761,750
Lodging – 0.5%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		1,989,000		1,688,164
Media Non-Cable – 0.1%
Liberty Media LLC, 3.500%, 1/15/2031		61,927		27,557
Sinclair Broadcast Group, Inc., 3.000%, 5/15/2027		298,000		251,810
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(g)		195,000		137,475
				416,842
Metals & Mining – 1.5%
ArcelorMittal, 5.000%, 5/15/2014		1,000,000		1,262,500
Steel Dynamics, Inc., 5.125%, 6/15/2014		1,250,000		1,375,000
United States Steel Corp., 4.000%, 5/15/2014		2,280,000		2,983,950
				5,621,450
Oil Field Services – 0.3%
Transocean, Inc., Series B, 1.500%, 12/15/2037		1,120,000		1,026,200
Pharmaceuticals – 2.3%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		2,215,000		1,340,075
Human Genome Sciences, Inc., 2.250%, 8/15/2012		3,325,000		1,803,812
Kendle International, Inc., 3.375%, 7/15/2012		2,715,000		2,005,706
Nektar Therapeutics, 3.250%, 9/28/2012		1,995,000		1,466,325
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		985,000		1,003,469
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		1,165,000		1,210,144
				8,829,531
Technology – 1.8%
Alcatel-Lucent USA, Inc., Series B, 2.875%, 6/15/2025		1,835,000		1,300,556
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		3,020,000		1,936,575
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		490,000		404,250

10

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Maxtor Corp., 5.750%, 3/01/2012(d)	$	1,324,000	$	1,098,920
Nortel Networks Corp., 2.125%, 4/15/2014(c)		795,000		260,363
Richardson Electronics Ltd., 7.750%, 12/15/2011		132,000		108,240
Teradyne, Inc., 4.500%, 3/15/2014		1,050,000		1,510,687
				6,619,591
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		16,000		14,580
Wireless – 0.3%
NII Holdings, Inc., 2.750%, 8/15/2025		255,000		238,425
NII Holdings, Inc., 3.125%, 6/15/2012		1,155,000		887,906
				1,126,331
Wirelines – 1.1%
Level 3 Communications, Inc., 3.500%, 6/15/2012		915,000		640,500
Level 3 Communications, Inc., 5.250%, 12/15/2011		590,000		480,850
Level 3 Communications, Inc., 7.000%, 3/15/2015(d)		2,210,000		2,364,700
Level 3 Communications, Inc., 10.000%, 5/01/2011		805,000		771,794
				4,257,844
TOTAL CONVERTIBLE BONDS (Identified Cost $36,803,195)				38,713,626
TOTAL BONDS AND NOTES (Identified Cost $351,367,099)				339,359,198
BANK LOANS – 1.3%
Food & Beverage – 0.7%
Dole Food Co., Inc., Credit Link Deposit, 7.979%, 4/12/2013(h)		312,472		312,275
Dole Food Co., Inc., Tranche B Term Loan, 8.000%, 4/12/2013(h)		528,463		528,130
Dole Food Co., Inc., Tranche C Term Loan, 8.000%, 4/12/2013(h)		1,939,899		1,938,677
				2,779,082
Media Non-Cable – 0.1%
Idearc, Inc., Term Loan B, 6.250%, 11/17/2014(c)(h)		510,970		215,246
Tribune Co., Term Loan X, 5.000%, 4/10/2010(c)(h)		25,600		8,583
				223,829
Paper – 0.4%
Smurfit-Stone Container Enterprises, Inc., CAD Revolver, 3.105%, 11/01/2009(c)(h)		213,344		192,899
Smurfit-Stone Container Enterprises, Inc., Offering-CL Deposit, 4.500%, 11/01/2010(c)(h)		129,110		116,737
Smurfit-Stone Container Enterprises, Inc., Revolver, 2.929%, 11/02/2009(c)(h)		643,242		581,601
Smurfit-Stone Container Enterprises, Inc., Tranche B Term Loan, 2.630%, 11/01/2011(c)(h)		146,930		132,850
Smurfit-Stone Container Enterprises, Inc., Tranche C Term Loan, 2.630%, 11/01/2011(c)(h)		276,940		250,401
Smurfit-Stone Container Enterprises, Inc., Tranche C1 Term Loan, 2.630%, 11/01/2011(c)(h)		83,731		75,707
				1,350,195

11

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BANK LOANS – continued
Technology – 0.1%
Sungard Data Systems, Inc., Tranche A, 2.463%, 2/28/2014(h)	$	313,393	$	289,653
Wirelines – 0.0%
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(h)(i)		156,205		92,747
Level 3 Financing, Inc., Tranche A Term Loan, 3.155%, 3/13/2014(h)		70,000		57,887
				150,634
TOTAL BANK LOANS (Identified Cost $4,289,092)				4,793,393
	Shares
COMMON STOCKS – 2.5%
Biotechnology – 1.6%
EPIX Pharmaceuticals, Inc.(d)(e)(f)(m)		77,970		8,577
EPIX Pharmaceuticals, Inc., Contingent Value Rights(f)		230		—
Vertex Pharmaceuticals, Inc.(f)		165,617		5,902,590
				5,911,167
Containers & Packaging – 0.3%
Owens-Illinois, Inc.(f)		40,621		1,137,794
Electronic Equipment Instruments & Components – 0.3%
Corning, Inc.		69,766		1,120,442
Food Products – 0.0%
ConAgra Foods, Inc.		3,100		59,086
Household Durables – 0.0%
KB Home		6,775		92,682
Oil, Gas & Consumable Fuels – 0.0%
Chesapeake Energy Corp.		2,846		56,436
Pharmaceuticals – 0.2%
Bristol-Myers Squibb Co.		43,200		877,392
REITs – 0.1%
Apartment Investment & Management Co.		6,185		54,737
Associated Estates Realty Corp.		32,565		194,088
Developers Diversified Realty Corp.		7,573		36,956
				285,781
TOTAL COMMON STOCKS (Identified Cost $5,536,937)				9,540,780
PREFERRED STOCKS – 1.4%
CONVERTIBLE PREFERRED STOCKS – 0.9%
Automotive – 0.2%
Ford Motor Co. Capital Trust II, 6.500%		27,177		598,709

12

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Shares	Value (†)
PREFERRED STOCKS – continued
Commercial Banks – 0.0%
Wells Fargo & Co., Series L, Class A, 7.500%	138	$	108,326
Diversified Financial Services – 0.2%
CIT Group, Inc., 8.750%	27,994		488,775
Sovereign Capital Trust IV, 4.375%	14,200		284,000
			772,775
Electric Utilities – 0.2%
AES Trust III, 6.750%	17,119		731,837
CMS Energy Trust I, 7.750%(d)(e)	4,150		145,250
			877,087
Hotels, Restaurants & Leisure – 0.0%
Six Flags, Inc., 7.250%(c)	9		2
Machinery – 0.1%
United Rentals Trust, 6.500%	14,328		268,650
Oil, Gas & Consumable Fuels – 0.0%
El Paso Energy Capital Trust I, 4.750%	5,700		179,550
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%	1,100		5,775
Semiconductors & Semiconductor Equipment – 0.2%
Lucent Technologies Capital Trust, 7.750%	1,150		678,500
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $4,810,955)			3,489,374
NON-CONVERTIBLE PREFERRED STOCKS – 0.5%
Diversified Financial Services – 0.1%
Bank of America Corp., 6.375%	18,000		293,580
Preferred Blocker, Inc., 7.000%, 144A	448		192,668
			486,248
Thrifts & Mortgage Finance – 0.4%
Countrywide Capital IV, 6.750%	7,075		116,384
Federal Home Loan Mortgage Corp., 5.000%(f)(j)	1,350		1,890
Federal Home Loan Mortgage Corp., 5.570%(f)(j)	31,000		26,660
Federal Home Loan Mortgage Corp., 5.660%(f)(j)	986,100		917,073
Federal Home Loan Mortgage Corp., 5.700%(f)(j)	2,200		2,970
Federal Home Loan Mortgage Corp., 5.790%(f)(j)	7,100		8,875
Federal Home Loan Mortgage Corp., 5.810%(f)(j)	1,600		2,720
Federal Home Loan Mortgage Corp., 5.900%(f)(j)	4,700		4,230
Federal Home Loan Mortgage Corp., 6.000%(f)(j)	1,700		2,278
Federal Home Loan Mortgage Corp., 6.420%(f)(j)	151,250		242,000
Federal Home Loan Mortgage Corp., 6.550%(f)(j)	4,150		3,403
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(f)(j)	28,100		34,282
Federal National Mortgage Association, 4.750%(f)(j)	4,850		7,372
Federal National Mortgage Association, 5.125%(f)(j)	900		1,323
Federal National Mortgage Association, 5.375%(f)(j)	1,850		3,182
Federal National Mortgage Association, 5.810%(f)(j)	1,400		2,142
Federal National Mortgage Association, 6.750%(f)(j)	2,200		2,640

13

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Shares		Value (†)
PREFERRED STOCKS – continued
Thrifts & Mortgage Finance – continued
Federal National Mortgage Association, (fixed rate to 12/31/2010, variable rate thereafter), 8.250%(f)(j)		73,150	$	98,021
				1,477,445
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $3,078,150)				1,963,693
TOTAL PREFERRED STOCKS (Identified Cost $7,889,105)				5,453,067
CLOSED END INVESTMENT COMPANIES – 0.7%
BlackRock Senior High Income Fund, Inc.		14,183		42,549
Dreyfus High Yield Strategies Fund		78,008		237,924
DWS High Income Trust		22,522		79,277
Highland Credit Strategies Fund		31,505		154,690
Van Kampen High Income Trust II		8,400		99,204
Western Asset High Income Opportunity Fund, Inc.		176,050		906,657
Western Asset Managed High Income Fund, Inc.		197,293		1,000,276
TOTAL CLOSED END INVESTMENT COMPANIES (Identified Cost $3,351,569)				2,520,577
EXCHANGE TRADED FUNDS – 1.8%
iShares iBoxx $ High Yield Corporate Bond Fund		48,017		3,827,435
SPDR Barclays Capital High Yield Bond ETF		82,266		2,894,941
TOTAL EXCHANGE TRADED FUNDS (Identified Cost $6,587,763)				6,722,376
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 0.7%
Federal Home Loan Bank Discount Note, 0.010%, 7/01/2009(k)	$	2,075,000		2,075,000
Repurchase Agreement with State Street Corporation, dated 6/30/2009 at 0.000% to be repurchased at $15,837 on 7/01/09 collateralized by $20,000 U.S. Treasury Bill, due 10/01/2009 with a value of $19,990 including accrued interest(l)		15,837		15,837
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $664,332 on 7/01/2009 collateralized by $675,000 Federal National Mortgage Association, 2.150% due 5/04/2012 with a value of $678,375 including accrued interest(l)		664,332		664,332
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,755,169)				2,755,169

14

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Value (†)
TOTAL INVESTMENTS – 98.3% (Identified Cost $381,776,734)(a)		371,144,560
Other assets less liabilities—1.7%		6,352,808
NET ASSETS – 100.0%	$	377,497,368

(‡) 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.

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

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

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At June 30, 2009, the net unrealized depreciation on investments based on a cost of $381,805,797 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	$	28,467,101
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(39,128,338	)
Net unrealized depreciation	$	(10,661,237	)

(b) Variable rate security. Rate as of June 30, 2009 is disclosed.

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

(d) Illiquid security. At June 30, 2009, the value of these securities amounted to $9,198,088 or 2.4% of net assets.

(e) Fair value security by the Fund’s Investment Adviser. At June 30, 2009 the value of these securities amounted to $2,938,428 or 0.8% of net assets.

(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 June 30, 2009.

(i) All or portion of interest payment is paid-in-kind.

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

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

(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.

15

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

(m) Security subject to restrictions on resale. This security was acquired on May 8, 2009 at a cost of $143,967. At June 30, 2009, the value of this security amounted to $8,577 or 0.0% of net assets.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the total value of these securities amounted to $37,073,477 or 9.8% of net assets.

ABS Asset-Backed Securities

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

MTN Medium Term Note

REITs Real Estate Investment Trusts

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

• 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 Portfolio’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 June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	1,647,730	$	—	$	1,647,730
Aerospace & Defense		—		1,969,039		—		1,969,039
Airlines		—		1,304,999		—		1,304,999
Automotive		—		15,904,416		—		15,904,416
Banking		—		23,560,047		—		23,560,047
Building Materials		—		7,486,501		—		7,486,501
Chemicals		—		3,506,997		1,250,200		4,757,197
Commercial Mortgage-Backed Securities		—		848,903		—		848,903
Construction Machinery		—		3,865,587		—		3,865,587
Diversified Manufacturing		—		2,595,174		—		2,595,174
Electric		—		12,289,077		813,013		13,102,090
Food & Beverage		—		2,244,682		—		2,244,682
Government Owned - No Guarantee		—		133,000		—		133,000
Healthcare		—		13,593,681		—		13,593,681
Home Construction		—		5,622,540		4,700		5,627,240
Independent Energy		—		5,510,225		—		5,510,225
Industrial Other		—		257,250		—		257,250
Local Authorities		—		10,586,200		—		10,586,200
Lodging		—		1,355,200		490,000		1,845,200
Media Cable		—		1,848,813		—		1,848,813
Media Non-Cable		—		—		92,938		92,938
Metals & Mining		—		14,331,377		—		14,331,377

16

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Non-Captive Consumer	$	—	$	2,180,112	$	3,347,101	$	5,527,213
Non-Captive Diversified		—		15,854,371		939,572		16,793,943
Oil Field Services		—		772,650		—		772,650
Packaging		—		1,467,531		—		1,467,531
Paper		—		23,159,545		189,906		23,349,451
Pharmaceuticals		—		8,268,725		—		8,268,725
Pipelines		—		11,581,174		—		11,581,174
Property & Casualty Insurance		—		2,960,748		—		2,960,748
Railroads		—		177,175		—		177,175
REITs		—		7,258,143		—		7,258,143
Retailers		—		14,130,068		712,500		14,842,568
Sovereigns		—		14,360,915		140,582		14,501,497
Supermarkets		—		3,517,050		—		3,517,050
Supranational		—		805,718		—		805,718
Technology		—		15,369,817		840,000		16,209,817
Textile		—		635,700		—		635,700
Transportation Services		—		4,354,989		—		4,354,989
Treasuries		—		9,079,245		—		9,079,245
Wireless		—		6,152,725		—		6,152,725
Wirelines		—		19,277,221		—		19,277,221
Total Non-Convertible Bonds		—		291,825,060		8,820,512		300,645,572
Convertible Bonds
Construction Machinery		—		36,700		—		36,700
Electric		—		260,000		—		260,000
Healthcare		—		5,670,224		—		5,670,224
Independent Energy		—		2,384,419		—		2,384,419
Industrial Other		—		761,750		—		761,750
Lodging		—		1,688,164		—		1,688,164
Media Non-Cable		—		416,842		—		416,842
Metals & Mining		—		5,621,450		—		5,621,450
Oil Field Services		—		1,026,200		—		1,026,200
Pharmaceuticals		—		8,829,531		—		8,829,531
Technology		—		6,359,228		260,363		6,619,591
Textile		—		14,580		—		14,580
Wireless		—		1,126,331		—		1,126,331
Wirelines		—		1,893,144		2,364,700		4,257,844
Total Convertible Bonds		—		36,088,563		2,625,063		38,713,626
Total Bonds and Notes		—		327,913,623		11,445,575		339,359,198
Bank Loans
Food & Beverage		—		2,779,082		—		2,779,082
Media Non-Cable		—		223,829		—		223,829
Paper		—		1,350,195		—		1,350,195
Technology		—		289,653		—		289,653
Wirelines		—		150,634		—		150,634
Total Bank Loans		—		4,793,393		—		4,793,393
Common Stocks
Biotechnology		5,902,590		—		8,577		5,911,167
Containers & Packaging		1,137,794		—		—		1,137,794
Electronic Equipment Instruments & Components		1,120,442		—		—		1,120,442
Food Products		59,086		—		—		59,086
Household Durables		92,682		—		—		92,682
Oil, Gas & Consumable Fuels		56,436		—		—		56,436
Pharmaceuticals		877,392		—		—		877,392
REITs		285,781		—		—		285,781
Total Common Stocks		9,532,203		—		8,577		9,540,780

17

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Preferred Stocks
Convertible Preferred Stocks
Automotive	$	598,709	$	—	$	—	$	598,709
Commercial Banks		108,326		—		—		108,326
Diversified Financial Services		—		488,775		284,000		772,775
Electric Utilities		—		731,837		145,250		877,087
Hotels, Restaurants & Leisure		2		—		—		2
Machinery		—		268,650		—		268,650
Oil, Gas & Consumable Fuels		—		179,550		—		179,550
REITs		—		—		5,775		5,775
Semiconductors & Semiconductor Equipment		—		—		678,500		678,500
Total Convertible Preferred Stocks		707,037		1,668,812		1,113,525		3,489,374
Non-Convertible Preferred Stocks
Diversified Financial Services		293,580		192,668		—		486,248
Thrifts & Mortgage Finance		428,058		1,049,387		—		1,477,445
Total Non-Convertible Preferred Stocks		721,638		1,242,055		—		1,963,693
Total Preferred Stocks		1,428,675		2,910,867		1,113,525		5,453,067
Closed End Investment Companies		2,520,577		—		—		2,520,577
Exchange Traded Funds		6,722,376		—		—		6,722,376
Short-Term Investments		680,169		2,075,000		—		2,755,169
Total	$	20,884,000	$	337,692,883	$	12,567,677	$	371,144,560

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
Non-Convertible Bonds
Banking	$	1,180,000	$	55,832	$	—		$	(1,001,832	)	$	—	$	—		$	—	$	(234,000	)	$	—
Chemicals		1,167,810		30,581		—			(1,173,130	)		287,419		—			2,159,540		(1,222,020	)		1,250,200
Electric		—		2,980		—			(445,292	)		—		—			1,255,325		—			813,013
Home Construction		—		366		—			(1,316	)		—		—			5,650		—			4,700
Lodging		—		1,257		—			16,243			472,500		—			—		—			490,000
Media Non-Cable		694,600		58,973		(1,300,502	)		308,566			—		(363,999	)		695,300		—			92,938
Non-Captive Consumer		2,621,462		41,262		—			324,377			360,000		—			—		—			3,347,101
Non-Captive Diversified		867,300		17,661		26,051			(123,845	)		878,198		(458,505	)		653,111		(920,400	)		939,572
Paper		—		9,546		—			(236,790	)		—		—			417,150		—			189,906
Property & Casualty Insurance		365,700		225		—			(103,725	)		—		—			—		(262,200	)		—
Retailers		—		1,428		—			(143,928	)		—		—			855,000		—			712,500
Sovereigns		—		627		—			(4,863	)		144,818		—			—		—			140,582
Supranational		517,186		36,082		—			1,530			—		—			—		(554,798	)		—
Technology		1,403,200		4,168		—			(567,368	)		—		—			—		—			840,000

18

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Wireless	$	408,000	$	6,198	$	—		$	113,052		$	1,002,750	$	—		$	—	$	(1,530,000	)	$	—
Convertible Bonds
Healthcare		115,000		1,185		—			69,182			—		(185,367	)		—		—			—
Technology		—		16,077		—			(136,320	)		—		—			380,606		—			260,363
Wirelines		—		86		—			198,814			2,165,800		—			—		—			2,364,700
Common Stocks
Biotechnology		—		—		—			(135,390	)		143,967		—			—		—			8,577
Preferred Stocks
Convertible Preferred Stocks Diversified Financial Services		—		—		—			7,100			276,900		—			—		—			284,000
Electric Utilities		166,000		—		—			(20,750	)		—		—			—		—			145,250
REITs		—		—		—			(7,700	)		—		—			13,475		—			5,775
Semiconductors & Semiconductor Equipment		534,348		—		—			144,152			—		—			—		—			678,500
Total	$	10,040,606	$	284,534	$	(1,274,450	)	$	(2,919,233	)	$	5,732,352	$	(1,007,871	)	$	6,435,157	$	(4,723,418	)	$	12,567,677

NET ASSET SUMMARY AT JUNE 30, 2009 (Unaudited)

Paper	6.6	%
Wirelines	6.2
Banking	6.2
Technology	6.2
Metals & Mining	5.3
Healthcare	5.1
Pharmaceuticals	4.7
Non-Captive Diversified	4.4
Automotive	4.4
Retailers	3.9
Sovereigns	3.8
Electric	3.6
Pipelines	3.1
Local Authorities	2.8
Treasuries	2.4
Independent Energy	2.1
REITs	2.0
Building Materials	2.0
Other Investments, less than 2% each	22.8
Short-Term Investments	0.7
Total Investments	98.3
Other assets less liabilities	1.7
Net Assets	100.0	%

19

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – 98.5% of Net Assets
NON-CONVERTIBLE BONDS – 97.6%
ABS Car Loan – 0.1%
Americredit Automobile Receivables Trust, Series 2004-DF, Class A4, 3.430%, 7/06/2011	$	36,506	$	36,791
ABS Credit Card – 4.5%
BA Credit Card Trust, Series 2008-A5, Class A5, 1.519%, 12/16/2013(b)		260,000		259,300
Capital One Multi-Asset Execution Trust, Series 2004-A4, Class A4, 0.539%, 3/15/2017(b)		60,000		55,748
Chase Issuance Trust, Series 2007-A16, Class A16, 0.929%, 6/16/2014(b)		315,000		304,986
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		255,000		240,967
Discover Card Master Trust I, Series 2007-3, Class A2, 0.369%, 10/16/2014(b)		150,000		142,426
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 0.579%, 8/16/2021(b)		140,000		120,325
MBNA Credit Card Master Note Trust, Series 2004-B1, Class B1, 4.450%, 8/15/2016		110,000		100,225
				1,223,977
ABS Home Equity – 0.9%
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		134,190		95,136
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021		197,114		119,313
GSAMP Trust, Series 2005-WMC3, Class A2B, 0.554%, 12/25/2035(b)		65,894		40,854
				255,303
Aerospace & Defense – 0.6%
General Dynamics Corp., 5.250%, 2/01/2014		155,000		165,613
Automotive – 0.7%
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		235,000		188,948
Banking – 9.5%
American Express Co., 5.500%, 9/12/2016		85,000		77,250
American Express Co., 6.150%, 8/28/2017		45,000		41,503
Bank of America Corp., 5.650%, 5/01/2018		105,000		92,781
Bank One Corp., 5.900%, 11/15/2011		5,000		5,236
Bear Stearns Cos., Inc. (The), 5.350%, 2/01/2012		130,000		136,320
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		280,000		295,117
Citigroup, Inc., 5.300%, 10/17/2012		325,000		313,481
Credit Suisse NY, 6.000%, 2/15/2018		110,000		109,816
Goldman Sachs Group, Inc. (The), 4.500%, 6/15/2010		210,000		215,189
Goldman Sachs Group, Inc. (The), 5.300%, 2/14/2012		10,000		10,349
Goldman Sachs Group, Inc. (The), 5.450%, 11/01/2012		155,000		160,269
Merrill Lynch & Co., Inc., 5.450%, 2/05/2013		350,000		340,654
Morgan Stanley, 5.300%, 3/01/2013		400,000		405,147
Wachovia Corp., 5.300%, 10/15/2011		45,000		46,894
Wells Fargo & Co., 5.250%, 10/23/2012		305,000		315,716
				2,565,722

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Collateralized Mortgage Obligations – 1.9%
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 6.009%, 7/25/2021(b)	$	242,573	$	159,719
Federal Home Loan Mortgage Corp., 5.000%, 8/15/2024		345,157		355,946
				515,665
Commercial Mortgage-Backed Securities – 11.3%
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.739%, 5/10/2045(b)		205,000		170,963
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		490,000		444,891
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.717%, 6/11/2040(b)		250,000		205,169
Citigroup Commercial Mortgage Trust, Series 2006-C5, Class A4, 5.431%, 10/15/2049		45,000		35,991
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		140,000		135,075
Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4, 5.816%, 12/10/2049(b)		140,000		111,267
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, 5.917%, 7/10/2038(b)		165,000		135,347
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		50,000		40,202
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039		410,000		382,683
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A2, 5.861%, 4/15/2045(b)		375,000		360,408
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB19, Class A4, 5.748%, 2/12/2049(b)		85,000		64,273
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030		230,000		216,841
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.421%, 2/12/2039(b)		320,000		255,434
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.909%, 6/12/2046(b)		210,000		172,580
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.741%, 8/12/2041(b)		205,000		199,570
Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044		70,000		51,086
Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.650%, 6/11/2042(b)		100,000		83,906
				3,065,686
Construction Machinery – 0.7%
Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014		90,000		96,002
John Deere Capital Corp., MTN, 4.500%, 4/03/2013		90,000		91,817
				187,819
Consumer Products – 0.9%
Hasbro, Inc., 6.125%, 5/15/2014		50,000		51,398
Koninklijke (Royal) Philips Electronics NV, 4.625%, 3/11/2013		175,000		179,073
				230,471

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Distributors – 0.4%
EQT Corp., 8.125%, 6/01/2019	$	40,000	$	42,815
Sempra Energy, 6.500%, 6/01/2016		70,000		73,069
				115,884
Electric – 3.9%
Carolina Power & Light Co., 6.500%, 7/15/2012		5,000		5,446
Consolidated Edison Co. of NY, Inc., 7.125%, 12/01/2018		125,000		142,001
Duke Energy Corp., 5.625%, 11/30/2012		150,000		160,765
Nisource Finance Corp., 7.875%, 11/15/2010		145,000		149,769
Pacific Gas & Electric Co., 6.250%, 12/01/2013		135,000		148,242
PacifiCorp, 5.500%, 1/15/2019		50,000		52,881
Southern California Edison Co., 5.750%, 3/15/2014		165,000		179,007
Virginia Electric and Power Co., 5.100%, 11/30/2012		205,000		216,621
				1,054,732
Entertainment – 2.0%
Time Warner, Inc., 5.875%, 11/15/2016		165,000		162,609
Time Warner, Inc., 6.500%, 11/15/2036		45,000		39,407
Viacom, Inc., Class B, 6.875%, 4/30/2036		205,000		188,868
Walt Disney Co., 5.700%, 7/15/2011		145,000		155,135
				546,019
Environmental – 0.2%
Waste Management, Inc., 6.375%, 3/11/2015		40,000		41,442
Food & Beverage – 4.5%
Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037		200,000		186,296
Bunge Ltd. Finance Corp., 8.500%, 6/15/2019		45,000		47,054
Coca-Cola Enterprises, Inc., 7.375%, 3/03/2014		110,000		125,829
Diageo Capital PLC, 7.375%, 1/15/2014		160,000		181,033
General Mills, Inc., 5.650%, 9/10/2012		225,000		240,121
HJ Heinz Finance Co., 6.000%, 3/15/2012		100,000		105,063
Kellogg Co., 5.125%, 12/03/2012		175,000		187,069
Kraft Foods, Inc., 6.750%, 2/19/2014		130,000		142,580
				1,215,045
Government Owned - No Guarantee – 0.6%
Federal National Mortgage Association, 5.375%, 6/12/2017		150,000		167,355
Health Insurance – 1.2%
UnitedHealth Group, Inc., 4.875%, 2/15/2013		180,000		181,942
WellPoint, Inc., 5.250%, 1/15/2016		100,000		94,742
WellPoint, Inc., 6.000%, 2/15/2014		35,000		35,644
				312,328
Healthcare – 1.9%
Express Scripts, Inc., 6.250%, 6/15/2014		20,000		21,162
Hospira, Inc., 5.550%, 3/30/2012		250,000		260,454
McKesson Corp., 6.500%, 2/15/2014		45,000		48,011
Medco Health Solutions, Inc., 6.125%, 3/15/2013		170,000		175,279
				504,906
Hybrid ARMs – 1.0%
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 5.922%, 9/25/2036(b)		525,054		265,256

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Independent Energy – 1.8%
Devon Energy Corp., 5.625%, 1/15/2014	$	125,000	$	131,691
EnCana Corp., 6.500%, 5/15/2019		80,000		85,760
Talisman Energy, Inc., 5.850%, 2/01/2037		15,000		12,803
Talisman Energy, Inc., 6.250%, 2/01/2038		55,000		49,537
Talisman Energy, Inc., 7.750%, 6/01/2019		25,000		27,695
XTO Energy, Inc., 4.900%, 2/01/2014		5,000		5,059
XTO Energy, Inc., 5.750%, 12/15/2013		170,000		178,743
				491,288
Integrated Energy – 2.5%
BP Capital Markets PLC, 3.875%, 3/10/2015		190,000		190,307
ConocoPhillips, 5.750%, 2/01/2019		130,000		136,632
Hess Corp., 7.000%, 2/15/2014		35,000		37,906
Marathon Oil Corp., 6.500%, 2/15/2014		35,000		37,417
Shell International Finance, 4.000%, 3/21/2014		255,000		261,841
				664,103
Media Cable – 2.5%
Comcast Cable Communications, 7.125%, 6/15/2013		110,000		121,000
Comcast Corp., 4.950%, 6/15/2016		160,000		156,950
Cox Communications, Inc., 4.625%, 1/15/2010		5,000		5,024
Cox Communications, Inc., 5.450%, 12/15/2014		215,000		213,428
Time Warner Cable, Inc., 6.200%, 7/01/2013		170,000		179,119
				675,521
Media Non-Cable – 1.1%
Reed Elsevier Capital, Inc., 7.750%, 1/15/2014		125,000		131,987
Thomson Reuters Corp., 5.950%, 7/15/2013		175,000		179,021
				311,008
Metals & Mining – 1.7%
ArcelorMittal, 9.850%, 6/01/2019		135,000		145,694
United States Steel Corp., 6.050%, 6/01/2017		175,000		149,256
Vale Overseas Ltd., 6.250%, 1/23/2017		165,000		166,364
				461,314
Mortgage Related – 4.7%
FHLMC, 4.500%, 12/01/2019		13,223		13,594
FHLMC, 5.500%, 3/01/2013		7,335		7,724
FHLMC, 6.000%, 11/01/2012		12,335		12,955
FHLMC, 6.500%, 1/01/2024		3,859		4,148
FHLMC, 8.000%, 7/01/2025		399		442
FNMA, 5.500%, with various maturities from 2017 to 2020(e)		1,128,886		1,191,966
FNMA, 6.000%, 9/01/2021		8,240		8,739
FNMA, 7.500%, 6/01/2016		2,175		2,311
FNMA, 8.000%, 6/01/2015		3,070		3,273
GNMA, 6.500%, 12/15/2023		9,613		10,208
GNMA, 8.500%, 9/15/2022		1,900		2,055
GNMA, 9.500%, 1/15/2019		6,829		7,493
				1,264,908
Non-Captive Consumer – 1.1%
American General Finance Corp., Series H, MTN, 5.375%, 10/01/2012		5,000		2,948

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – continued
HSBC Finance Corp., 4.750%, 4/15/2010		$	205,000	$	207,444
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			10,000		8,089
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			10,000		8,037
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			80,000		68,439
					294,957
Non-Captive Diversified – 2.6%
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			20,000		15,828
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD		500,000		303,034
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015			140,000		136,202
International Lease Finance Corp., Series Q, MTN, 5.750%, 6/15/2011			205,000		169,999
iStar Financial, Inc., 5.150%, 3/01/2012			170,000		85,850
					710,913
Oil Field Services – 1.8%
Baker Hughes, Inc., 7.500%, 11/15/2018			155,000		181,514
Halliburton Co., 6.150%, 9/15/2019			110,000		119,082
Weatherford International Ltd., 5.150%, 3/15/2013			175,000		174,538
					475,134
Pharmaceuticals – 2.1%
Abbott Laboratories, 5.150%, 11/30/2012			190,000		205,291
Eli Lilly & Co., 4.200%, 3/06/2014			155,000		159,582
Pfizer, Inc., 6.200%, 3/15/2019			190,000		207,789
Schering-Plough Corp., 5.550%, 12/01/2013			5,000		5,371
					578,033
Pipelines – 3.1%
Energy Transfer Partners LP, 6.000%, 7/01/2013			170,000		172,943
Enterprise Products Operating LLP, 9.750%, 1/31/2014			125,000		143,688
Kinder Morgan Energy Partners LP, 5.000%, 12/15/2013			185,000		182,034
ONEOK Partners LP, 8.625%, 3/01/2019			95,000		106,247
Spectra Energy Capital LLC, 5.668%, 8/15/2014			175,000		176,708
TransCanada Pipelines Ltd., 7.125%, 1/15/2019			55,000		62,075
					843,695
Railroads – 1.4%
Burlington Northern Santa Fe Corp., 7.000%, 2/01/2014			175,000		187,217
CSX Corp., 6.150%, 5/01/2037			30,000		27,892
Union Pacific Corp., 5.750%, 11/15/2017			160,000		161,284
					376,393
Refining – 0.5%
Valero Energy Corp., 9.375%, 3/15/2019			125,000		142,377
REITs – 2.6%
Colonial Realty LP, 4.800%, 4/01/2011			36,000		33,717
ERP Operating LP, 6.625%, 3/15/2012			165,000		171,385
Federal Realty Investment Trust, 5.400%, 12/01/2013			105,000		96,150
ProLogis, 5.500%, 4/01/2012			255,000		234,752
Simon Property Group LP, 5.300%, 5/30/2013			170,000		164,385
					700,389

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Retailers – 1.0%
CVS Caremark Corp., 5.750%, 6/01/2017	$	160,000	$	160,827
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012		130,000		118,327
				279,154
Supermarkets – 0.6%
Kroger Co., 6.200%, 6/15/2012		50,000		53,444
Kroger Co., 6.400%, 8/15/2017		35,000		37,107
Kroger Co., 6.750%, 4/15/2012		65,000		70,275
				160,826
Technology – 4.3%
Agilent Technologies, Inc., 6.500%, 11/01/2017		120,000		104,449
Corning, Inc., 6.200%, 3/15/2016		45,000		43,580
Equifax, Inc., 7.000%, 7/01/2037		65,000		62,987
Hewlett Packard Co., 6.125%, 3/01/2014		125,000		137,784
IBM International Group Capital, 5.050%, 10/22/2012		230,000		246,205
National Semiconductor Corp., 6.600%, 6/15/2017		175,000		153,061
Oracle Corp., 4.950%, 4/15/2013		170,000		178,017
Pitney Bowes, Inc., 5.250%, 1/15/2037		95,000		94,986
Xerox Corp., 6.400%, 3/15/2016		170,000		156,400
				1,177,469
Tobacco – 1.9%
Altria Group, Inc., 9.700%, 11/10/2018		265,000		303,808
Philip Morris International, Inc., 6.875%, 3/17/2014		185,000		208,739
				512,547
Transportation Services – 0.5%
United Parcel Service, Inc., 3.875%, 4/01/2014		130,000		134,053
Treasuries – 8.1%
U.S. Treasury Bond, 3.500%, 2/15/2039(c)		300,000		259,407
U.S. Treasury Inflation Indexed Bond, 1.375%, 7/15/2018(c)		593,274		575,105
U.S. Treasury Inflation Indexed Bond, 1.625%, 1/15/2018(c)		732,802		725,702
U.S. Treasury Note, 4.250%, 8/15/2014		110,000		118,628
U.S. Treasury Note, 4.750%, 8/15/2017(c)		45,000		49,332
U.S. Treasury STRIPS, Zero Coupon Bond, 2/15/2015(c)		535,000		454,187
				2,182,361
Wireless – 1.2%
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		5,000		3,937
Sprint Nextel Corp., 6.000%, 12/01/2016		170,000		138,975
Vodafone Group PLC, 5.350%, 2/27/2012		175,000		184,351
				327,263
Wirelines – 3.7%
AT&T, Inc., 5.100%, 9/15/2014		180,000		186,982
Embarq Corp., 7.995%, 6/01/2036		155,000		136,303
Qwest Corp., 6.875%, 9/15/2033		260,000		189,800
Telecom Italia Capital SA, 4.950%, 9/30/2014		185,000		177,104
Telefonica Emisiones SAU, 4.949%, 1/15/2015		125,000		127,057

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Verizon Communications, Inc., 6.350%, 4/01/2019	$	175,000	$	182,051
				999,297
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $26,623,892)				26,421,965
CONVERTIBLE BONDS – 0.9%
Hybrid ARMs – 0.9%
FHLMC, 4.640%, 1/01/2035(b) (Identified Cost $230,319)		230,121		235,782
TOTAL BONDS AND NOTES (Identified Cost $26,854,211)				26,657,747
SHORT-TERM INVESTMENTS – 1.1%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $285,474 on 7/01/2009 collateralized by $275,000 Federal Home Loan Bank, 5.625% due 6/11/2021 valued at $294,250 including accrued interest(d) (Identified Cost $285,474)		285,474		285,474
TOTAL INVESTMENTS – 99.6% (Identified Cost $27,139,685)(a)				26,943,221
Other assets less liabilities—0.4%				113,784
NET ASSETS – 100.0%			$	27,057,005

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

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

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed 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.

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At June 30, 2009, the net unrealized depreciation on investments based on a cost of $27,140,016 for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	1,027,530
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,224,325	)
Net unrealized depreciation	$	(196,795	)

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 June 30, 2009 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.

(e) The Fund’s investment in mortgage related securities of the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.

ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
STRIPS	Separate Trading of Registered Interest and Principal of Securities

Key to Abbreviation: SGD: Singapore Dollar

Futures Contracts

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

When the 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. Subsequent payments, known as “variation margin”, are made or received by the Fund, depending on the price fluctuations in the fair value of the contract and the value of the collateral held. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When the 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.

Futures contracts are exchange-traded. Exchange-traded futures have standardized contracts and are settled through a clearing house with fulfillment guaranteed by the credit of the exchange. Therefore, counterparty credit risks to the Fund are limited.

At June 30, 2009, open futures contracts purchased were as follows:

Futures	Expiration Date	Contracts	Notional Value		Unrealized Appreciation
10 Year U.S. Treasury Note	9/21/2009	13	$	1,511,453	$	3,734

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (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.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	36,791	$	—	$	36,791
ABS Credit Card		—		1,223,977		—		1,223,977
ABS Home Equity		—		95,136		160,167		255,303
Aerospace & Defense		—		165,613		—		165,613
Automotive		—		188,948		—		188,948
Banking		—		2,565,722		—		2,565,722
Collateralized Mortgage Obligations		—		515,665		—		515,665
Commercial Mortgage-Backed Securities		—		3,065,686		—		3,065,686
Construction Machinery		—		187,819		—		187,819
Consumer Products		—		230,471		—		230,471
Distributors		—		115,884		—		115,884
Electric		—		1,054,732		—		1,054,732
Entertainment		—		546,019		—		546,019
Environmental		—		41,442		—		41,442
Food & Beverage		—		1,215,045		—		1,215,045
Government Owned - No Guarantee		—		167,355		—		167,355
Health Insurance		—		312,328		—		312,328
Healthcare		—		504,906		—		504,906
Hybrid ARMs		—		265,256		—		265,256
Independent Energy		—		491,288		—		491,288
Integrated Energy		—		664,103		—		664,103
Media Cable		—		675,521		—		675,521
Media Non-Cable		—		311,008		—		311,008
Metals & Mining		—		461,314		—		461,314
Mortgage Related		—		1,264,908		—		1,264,908
Non-Captive Consumer		—		294,957		—		294,957
Non-Captive Diversified		—		407,879		303,034		710,913
Oil Field Services		—		475,134		—		475,134
Pharmaceuticals		—		578,033		—		578,033
Pipelines		—		843,695		—		843,695
Railroads		—		376,393		—		376,393
Refining		—		142,377		—		142,377
REITs		—		700,389		—		700,389
Retailers		—		279,154		—		279,154

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Supermarkets	$	—	$	160,826	$	—	$	160,826
Technology		—		1,177,469		—		1,177,469
Tobacco		—		512,547		—		512,547
Transportation Services		—		134,053		—		134,053
Treasuries		—		2,182,361		—		2,182,361
Wireless		—		327,263		—		327,263
Wirelines		—		999,297		—		999,297
Total Non-Convertible Bonds		—		25,958,764		463,201		26,421,965
Convertible Bonds
Hybrid ARMs		—		235,782		—		235,782
Total Bonds and Notes		—		26,194,546		463,201		26,657,747
Short-Term Investments		285,474		—		—		285,474
Total Investments		285,474		26,194,546		463,201		26,943,221
Futures (unrealized appreciation)		3,734		—		—		3,734
Total	$	289,208	$	26,194,546	$	463,201	$	26,946,955

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	96,943	$	—	$	5,166		$	(62,251	)	$	66,435	$	(107,318	)	$	256,327	$	(95,135	)	$	160,167
Banking		290,591		67		(37,995	)		40,914			—		(200,796	)		—		(92,781	)		—
Non-Captive Diversified		—		—		—			(44,817	)		—		—			347,851		—			303,034
Total	$	387,534	$	67	$	(32,829	)	$	(66,154	)	$	66,435	$	(308,114	)	$	604,178	$	(187,916	)	$	463,201

Derivatives

The Fund adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”), effective April 1, 2009. FAS 161 requires enhanced disclosures about a fund’s derivative and hedging activities. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund may use include futures contracts.

The Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to if it invested in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to manage the Fund’s duration in order to control its interest rate risk without having to buy or sell portfolio securities.

10

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund - continued

Net Asset Summary At June 30, 2009 (Unaudited)

Commercial Mortgage-Backed Securities	11.3	%
Banking	9.5
Treasuries	8.1
Mortgage Related	4.7
ABS Credit Card	4.5
Food & Beverage	4.5
Technology	4.3
Electric	3.9
Wirelines	3.7
Pipelines	3.1
Non-Captive Diversified	2.6
REITs	2.6
Media Cable	2.5
Integrated Energy	2.5
Pharmaceuticals	2.1
Entertainment	2.0
Other Investments, less than 2% each	26.6
Short-Term Investments	1.1
Total Investments	99.6
Other assets less liabilities (including open Futures Contracts)	0.4
Net Assets	100.0	%

11

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 97.9% of Net Assets
NON-CONVERTIBLE BONDS – 97.6%
ABS Car Loan – 0.9%
ARG Funding Corp., Series 2005-2A, Class A5, 0.477%, 5/20/2011, 144A(b)		$	4,645,000	$	4,343,410
ABS Credit Card – 0.2%
World Financial Network Credit Card, Series 2008-B, Class M, 7.800%, 10/15/2013			732,000		724,691
ABS Home Equity – 0.1%
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021			228,364		138,229
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021			438,511		101,161
Countrywide Asset-Backed Certificates, Series 2006-S4, Class A3, 5.804%, 7/25/2034			472,493		130,597
					369,987
ABS Other – 0.5%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			2,500,000		2,220,698
Aerospace & Defense – 0.0%
Boeing Capital Corp., 6.500%, 2/15/2012			165,000		181,054
Airlines – 2.3%
American Airlines, Inc., Pass Through Trust, Series 2009-1A, 10.375%, 7/02/2019			670,000		675,862
Continental Airlines, Inc., 9.000%, 7/08/2016			5,000,000		4,993,750
Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707%, 10/02/2022			359,719		293,171
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			2,246,393		1,426,459
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			3,455,000		3,121,085
					10,510,327
Automotive – 0.5%
Cummins, Inc., 5.650%, 3/01/2098			1,295,000		688,172
Ford Motor Co., 6.375%, 2/01/2029			2,665,000		1,439,100
Ford Motor Credit Co. LLC, 7.375%, 10/28/2009			150,000		148,714
					2,275,986
Banking – 8.3%
Associates Corp. NA, 6.950%, 11/01/2018			1,120,000		1,002,052
BAC Capital Trust VI, 5.625%, 3/08/2035			1,045,000		679,482
Bank of America Corp., 5.420%, 3/15/2017			230,000		191,002
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		940,000,000		755,866
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		70,000,000		2,094,864
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		1,950,000,000		1,575,215
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB		17,000,000		507,854
Bear Stearns Co., Inc. (The), 5.550%, 1/22/2017			230,000		213,153
BNP Paribas SA, EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		7,484,000,000		560,301
Citibank NA, 15.000%, 7/02/2010, 144A	BRL		4,000,000		2,147,527
Citigroup, Inc., 5.850%, 12/11/2034			270,000		209,686
Citigroup, Inc., 5.875%, 5/29/2037			370,000		289,110
Citigroup, Inc., 6.125%, 8/25/2036			145,000		107,977
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011			144,000		142,113
Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014			1,725,000		1,733,784

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Banking – continued
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033		$	250,000	$	233,330
Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018			870,000		847,012
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			2,170,000		1,929,117
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL		8,035,000		3,772,952
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		8,972,574,000		690,117
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		5,376,000,000		413,490
JPMorgan Chase & Co., 4.750%, 5/01/2013			60,000		60,761
JPMorgan Chase London, EMTN, Zero Coupon Bond, 10/21/2010, 144A	IDR		9,533,078,500		789,637
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			4,570,000		3,529,662
Merrill Lynch & Co., Inc., Series C, MTN, 5.000%, 1/15/2015			235,000		214,637
Morgan Stanley, 4.750%, 4/01/2014			3,550,000		3,353,295
Morgan Stanley, 5.375%, 10/15/2015			1,300,000		1,273,806
Morgan Stanley, 6.750%, 4/15/2011			810,000		848,530
Morgan Stanley, EMTN, 5.450%, 1/09/2017			260,000		242,783
Morgan Stanley, MTN, 6.250%, 8/09/2026			500,000		466,005
Morgan Stanley, Series F, MTN, 5.250%, 11/02/2012			500,000		507,306
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017			800,000		744,702
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017			995,000		954,762
National City Bank of Indiana, 4.250%, 7/01/2018			420,000		352,611
Rabobank Nederland, EMTN, 10.250%, 9/10/2009, 144A	ISK		65,000,000		382,361
Standard Chartered Bank, 6.400%, 9/26/2017, 144A			300,000		271,083
Standard Chartered PLC, 5.500%, 11/18/2014, 144A			4,500,000		4,592,164
Washington Mutual Finance Corp., 6.875%, 5/15/2011			135,000		137,842
					38,817,951
Brokerage – 0.7%
Jefferies Group, Inc., 8.500%, 7/15/2019			3,450,000		3,422,303
Building Materials – 1.2%
Masco Corp., 0.939%, 3/12/2010(b)			1,085,000		1,046,565
Masco Corp., 4.800%, 6/15/2015			555,000		436,219
Masco Corp., 5.850%, 3/15/2017			655,000		523,215
Masco Corp., 6.125%, 10/03/2016			1,695,000		1,423,115
Masco Corp., 6.500%, 8/15/2032			200,000		135,967
Masco Corp., 7.750%, 8/01/2029			375,000		277,055
Owens Corning, Inc., 6.500%, 12/01/2016			815,000		714,399
Owens Corning, Inc., 7.000%, 12/01/2036			1,400,000		992,223
					5,548,758
Chemicals – 2.1%
Chevron Phillips Chemical Co. LLC, 8.250%, 6/15/2019, 144A			4,450,000		4,642,302
Lubrizol Corp., 6.500%, 10/01/2034			2,255,000		1,998,582
Methanex Corp., 6.000%, 8/15/2015			980,000		754,323
PPG Industries, Inc., 6.650%, 3/15/2018			2,410,000		2,562,170
					9,957,377
Collateralized Mortgage Obligations – 0.2%
CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020			301,246		289,197

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Collateralized Mortgage Obligations – continued
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035	$	675,000	$	708,680
				997,877
Commercial Mortgage-Backed Securities – 4.4%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.179%, 9/10/2047(b)		160,000		139,016
Banc of America Commercial Mortgage, Inc., Series 2006-1, Class A2, 5.334%, 9/10/2045		220,000		212,174
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A2, 5.270%, 12/11/2040		280,000		271,847
Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041		600,000		497,579
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4, 5.537%, 10/12/2041		360,000		305,815
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		600,000		485,582
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.717%, 6/11/2040(b)		407,000		334,016
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		155,000		149,547
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.768%, 6/10/2046(b)		480,000		406,293
Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.723%, 6/15/2039(b)		3,525,000		2,399,242
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.810%, 9/15/2039(b)		2,030,000		1,384,281
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		685,000		470,361
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		485,000		467,273
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		1,500,000		1,206,064
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		1,003,000		799,506
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		805,000		683,414
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4, 5.560%, 11/10/2039		350,000		285,462
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP6, Class A4, 5.475%, 4/15/2043		1,180,000		941,197
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A4, 5.875%, 4/15/2045(b)		1,100,000		933,643
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.798%, 6/15/2049(b)		4,055,000		3,096,540
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		1,405,000		1,034,206
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5, 4.739%, 7/15/2030		480,000		410,719
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.882%, 6/15/2038(b)		380,000		318,162
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4, 5.372%, 9/15/2039		390,000		316,216

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A2, 5.303%, 2/15/2040		$	915,000	$	824,043
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039			335,000		318,808
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.909%, 6/12/2046(b)			235,000		193,125
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042			350,000		299,017
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047			425,000		372,608
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041			300,000		242,780
Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.280%, 1/11/2043(b)			800,000		690,772
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048			200,000		152,754
					20,642,062
Construction Machinery – 0.8%
Caterpillar Financial Services Corp., MTN, 5.450%, 4/15/2018			350,000		333,219
Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014			3,050,000		3,253,407
Caterpillar Financial Services Corp., Series F, MTN, 5.850%, 9/01/2017			100,000		101,820
					3,688,446
Consumer Cyclical Services – 1.8%
Western Union Co. (The), 5.930%, 10/01/2016			3,965,000		4,003,072
Western Union Co. (The), 6.500%, 2/26/2014			4,000,000		4,269,224
					8,272,296
Consumer Products – 0.9%
Koninklijke (Royal) Philips Electronics N.V., 6.875%, 3/11/2038			2,745,000		2,940,293
Snap-on, Inc., 5.850%, 3/01/2014			660,000		667,690
Snap-on, Inc., 6.700%, 3/01/2019			780,000		776,074
					4,384,057
Distributors – 1.1%
EQT Corp., 8.125%, 6/01/2019			3,000,000		3,211,104
Equitable Resources, Inc., 6.500%, 4/01/2018			2,150,000		2,077,468
					5,288,572
Diversified Manufacturing – 0.4%
Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 8/15/2018			545,000		545,129
Textron, Inc., 3.875%, 3/11/2013	EUR		700,000		774,646
Textron, Inc., EMTN, 6.625%, 4/07/2020	GBP		540,000		628,637
					1,948,412
Electric – 3.3%
AmerenEnergy Generating Co., Series H, 7.000%, 4/15/2018			2,800,000		2,524,038
Baltimore Gas & Electric Co., 5.200%, 6/15/2033			500,000		415,646
Bruce Mansfield Unit, 6.850%, 6/01/2034(c)			1,537,000		1,182,322
Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017			1,185,000		1,154,492
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036			960,000		836,387
Commonwealth Edison Co., 4.700%, 4/15/2015			555,000		547,845
Commonwealth Edison Co., 4.750%, 12/01/2011(c)			31,000		27,965

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Electric – continued
Commonwealth Edison Co., 5.875%, 2/01/2033	$	1,180,000	$	1,130,920
Dominion Resources, Inc., 5.950%, 6/15/2035		385,000		367,258
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		1,000,000		1,056,027
Illinois Power Co., 6.250%, 4/01/2018		3,385,000		3,205,697
MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		445,000		439,873
MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		1,035,000		1,074,168
NiSource Finance Corp., 6.150%, 3/01/2013		195,000		193,836
NiSource Finance Corp., 6.400%, 3/15/2018		1,255,000		1,151,454
				15,307,928
Entertainment – 0.7%
Time Warner, Inc., 6.500%, 11/15/2036		410,000		359,037
Time Warner, Inc., 6.625%, 5/15/2029		870,000		786,696
Time Warner, Inc., 6.950%, 1/15/2028		375,000		352,277
Time Warner, Inc., 7.625%, 4/15/2031		245,000		238,178
Time Warner, Inc., 7.700%, 5/01/2032		160,000		157,227
Viacom, Inc., Class B, 6.875%, 4/30/2036		1,325,000		1,220,734
				3,114,149
Food & Beverage – 1.7%
Anheuser-Busch Cos., Inc., 5.375%, 11/15/2014, 144A		2,955,000		2,981,356
Anheuser-Busch Cos., Inc., 5.950%, 1/15/2033		995,000		820,057
Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037		1,270,000		1,182,978
Cia Brasileira de Bebidas, 8.750%, 9/15/2013		1,025,000		1,168,500
Corn Products International, Inc., 6.625%, 4/15/2037		500,000		397,907
Kraft Foods, Inc., 6.250%, 6/01/2012		210,000		226,325
Kraft Foods, Inc., 6.500%, 11/01/2031		960,000		953,182
				7,730,305
Government Owned - No Guarantee – 1.1%
Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A		2,565,000		2,561,268
DP World Ltd., 6.850%, 7/02/2037, 144A		3,800,000		2,527,000
Federal Home Loan Mortgage Corp., MTN, 5.000%, 12/14/2018		281,000		266,782
				5,355,050
Health Insurance – 0.5%
CIGNA Corp., 6.350%, 3/15/2018		2,515,000		2,226,205
CIGNA Corp., 7.875%, 5/15/2027		20,000		17,138
CIGNA Corp., 8.500%, 5/01/2019		45,000		45,624
				2,288,967
Healthcare – 1.0%
Covidien International Finance SA, 6.000%, 10/15/2017		900,000		957,103
Express Scripts, Inc., 6.250%, 6/15/2014		1,115,000		1,179,790
Express Scripts, Inc., 7.250%, 6/15/2019		670,000		738,839
HCA, Inc., 5.750%, 3/15/2014		1,020,000		816,000
HCA, Inc., 6.250%, 2/15/2013		195,000		170,625
HCA, Inc., 6.375%, 1/15/2015		95,000		77,188
HCA, Inc., 6.500%, 2/15/2016		55,000		44,413
HCA, Inc., 6.750%, 7/15/2013		30,000		26,400
HCA, Inc., 7.050%, 12/01/2027		100,000		60,906
HCA, Inc., 7.190%, 11/15/2015		190,000		146,415

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Healthcare – continued
HCA, Inc., 7.500%, 12/15/2023		$	75,000	$	48,853
HCA, Inc., 7.690%, 6/15/2025			175,000		107,469
HCA, Inc., 8.360%, 4/15/2024			305,000		201,360
HCA, Inc., MTN, 7.580%, 9/15/2025			10,000		6,157
HCA, Inc., MTN, 7.750%, 7/15/2036			305,000		181,308
					4,762,826
Home Construction – 1.6%
Centex Corp., 5.250%, 6/15/2015			380,000		327,750
Lennar Corp., Series B, 5.600%, 5/31/2015			1,250,000		984,375
Lennar Corp., Series B, 6.500%, 4/15/2016			770,000		616,000
Pulte Homes, Inc., 5.200%, 2/15/2015			1,265,000		1,056,275
Pulte Homes, Inc., 6.000%, 2/15/2035			3,340,000		2,171,000
Pulte Homes, Inc., 6.375%, 5/15/2033			1,455,000		960,300
Toll Brothers Finance Corp., 5.150%, 5/15/2015			1,725,000		1,527,277
					7,642,977
Hybrid ARMs – 0.3%
FNMA, 5.728%, 9/01/2036(b)			341,626		357,838
FNMA, 6.031%, 2/01/2037(b)			375,066		394,501
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.591%, 7/25/2035(b)			400,585		284,541
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 4.908%, 10/25/2035(b)			266,938		215,590
					1,252,470
Independent Energy – 2.1%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			1,260,000		1,243,146
Anadarko Petroleum Corp., 6.450%, 9/15/2036			1,320,000		1,186,569
Noble Energy, Inc., 8.250%, 3/01/2019			3,520,000		4,004,852
Questar Market Resources, Inc., 6.050%, 9/01/2016			125,000		114,960
Questar Market Resources, Inc., 6.800%, 4/01/2018			3,365,000		3,170,587
Talisman Energy, Inc., 5.850%, 2/01/2037			15,000		12,803
XTO Energy, Inc., 6.100%, 4/01/2036			65,000		62,996
					9,795,913
Local Authorities – 1.2%
Manitoba (Province of), GMTN, 6.375%, 9/01/2015	NZD		4,635,000		2,878,038
Province of Alberta, 5.930%, 9/16/2016	CAD		391,051		375,334
Quebec Province, Series QC, 6.750%, 11/09/2015	NZD		1,185,000		743,486
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)			2,815,000		1,741,725
					5,738,583
Media Cable – 2.0%
Comcast Corp., 6.450%, 3/15/2037			1,230,000		1,212,213
Comcast Corp., 6.500%, 11/15/2035			1,570,000		1,587,102
Comcast Corp., 6.950%, 8/15/2037			1,925,000		2,007,157
Comcast Corp., Class A, 5.650%, 6/15/2035			2,090,000		1,914,181
Time Warner Cable, Inc., 6.750%, 7/01/2018			2,500,000		2,603,922
					9,324,575
Media Non-Cable – 0.6%
News America Holdings, 8.150%, 10/17/2036			240,000		241,079

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Media Non-Cable – continued
News America, Inc., 6.200%, 12/15/2034		$	950,000	$	811,011
News America, Inc., 6.400%, 12/15/2035			1,980,000		1,732,966
					2,785,056
Metals & Mining – 0.7%
ArcelorMittal, 9.850%, 6/01/2019			700,000		755,448
ArcelorMittal USA Partnership, 9.750%, 4/01/2014			140,000		146,684
Rio Tinto Finance (USA) Ltd., 8.950%, 5/01/2014			2,250,000		2,500,304
Teck Cominco Ltd., 7.000%, 9/15/2012			100,000		98,750
					3,501,186
Mortgage Related – 2.0%
Federal National Mortgage Association, 7.000%, 4/25/2020			38,975		41,754
FHLMC, 4.000%, 7/01/2019			277,195		282,248
FHLMC, 4.500%, 4/01/2019			570,912		586,945
FHLMC, 5.000%, 5/01/2034			180,394		183,790
FHLMC, 5.500%, with various maturities from 2033 to 2037(i)			903,555		935,889
FHLMC, 6.000%, with various maturities from 2020 to 2035(i)			553,783		583,529
FHLMC, 10.000%, with various maturities to 2018(i)			5,411		6,039
FNMA, 4.000%, 1/01/2020			165,586		168,708
FNMA, 4.500%, with various maturities to 2035(i)			575,852		576,684
FNMA, 5.000%, with various maturities from 2018 to 2035(i)			1,755,176		1,801,595
FNMA, 5.500%, with various maturities from 2016 to 2036(i)			2,530,493		2,625,524
FNMA, 6.000%, with various maturities from 2018 to 2033(i)			884,566		935,454
FNMA, 6.500%, with various maturities from 2011 to 2033(i)			331,404		355,522
GNMA, 6.500%, 2/20/2028			121,342		130,674
GNMA, 7.000%, 11/20/2025			5,244		5,695
GNMA, 10.000%, with various maturities to 2018(i)			68,640		74,648
					9,294,698
Non-Captive Consumer – 1.1%
American General Finance Corp., Series H, MTN, 5.375%, 10/01/2012			45,000		26,534
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017			2,815,000		1,524,272
HSBC Finance Corp., 8.000%, 7/15/2010			205,000		212,827
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			70,000		52,500
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			680,000		568,073
SLM Corp., Series A, MTN, 6.500%, 6/15/2010(c)(d)	NZD		970,000		572,259
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			2,385,000		2,040,332
					4,996,797
Non-Captive Diversified – 2.2%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015			255,000		147,719
CIT Group, Inc., 5.400%, 2/13/2012			75,000		51,187
CIT Group, Inc., 5.400%, 1/30/2016			19,000		10,729
CIT Group, Inc., 5.800%, 7/28/2011			240,000		179,940
CIT Group, Inc., 5.800%, 10/01/2036			185,000		102,675

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
CIT Group, Inc., 5.850%, 9/15/2016		$	5,000	$	2,823
CIT Group, Inc., 12.000%, 12/18/2018, 144A			1,275,000		618,375
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR		350,000		245,499
CIT Group, Inc., GMTN, 5.000%, 2/13/2014			102,000		60,574
CIT Group, Inc., GMTN, 5.000%, 2/01/2015			17,000		10,013
CIT Group, Inc., MTN, 5.125%, 9/30/2014			155,000		91,362
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036			280,000		135,800
General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012	AUD		670,000		539,975
General Electric Capital Corp., 5.625%, 5/01/2018			65,000		61,476
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			300,000		237,416
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD		470,000		267,504
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014	NZD		1,405,000		848,950
General Electric Capital Corp., Series A, MTN, 1.431%, 5/13/2024(b)			655,000		402,133
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015			2,230,000		2,169,500
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD		5,650,000		3,173,022
GMAC LLC, 6.000%, 12/15/2011, 144A			763,000		652,365
GMAC LLC, 7.500%, 12/31/2013, 144A			41,000		31,775
GMAC LLC, 8.000%, 12/31/2018, 144A			97,000		61,595
					10,102,407
Oil Field Services – 0.1%
Weatherford International Ltd., 6.500%, 8/01/2036			235,000		212,673
Weatherford International Ltd., 6.800%, 6/15/2037			105,000		98,653
					311,326
Paper – 0.8%
Georgia-Pacific LLC, 7.250%, 6/01/2028			1,500,000		1,121,250
International Paper Co., 5.250%, 4/01/2016			1,530,000		1,302,798
International Paper Co., 8.700%, 6/15/2038			1,440,000		1,284,610
Westvaco Corp., 8.200%, 1/15/2030			200,000		176,681
					3,885,339
Pharmaceuticals – 1.5%
Elan Financial PLC, 7.750%, 11/15/2011			60,000		55,500
Elan Financial PLC, 8.875%, 12/01/2013			170,000		155,550
Roche Holdings, Inc., 5.000%, 3/01/2014, 144A			6,500,000		6,798,383
					7,009,433
Pipelines – 4.1%
CenterPoint Energy Resources Corp., 6.250%, 2/01/2037			335,000		252,054
DCP Midstream LP, 6.450%, 11/03/2036, 144A			635,000		507,967
El Paso Corp., 6.950%, 6/01/2028			350,000		263,334
Enterprise Products Operating LLP, 6.300%, 9/15/2017			680,000		683,373
Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A			200,000		219,817
Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014			145,000		144,215
Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018			5,300,000		5,188,074
Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014(c)			4,000,000		3,992,280

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Pipelines – continued
NGPL Pipeco LLC, 6.514%, 12/15/2012, 144A		$	3,630,000	$	3,804,930
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A			965,000		1,011,517
Panhandle East Pipe Line Co., 8.125%, 6/01/2019			2,000,000		2,155,476
Southern Natural Gas Co., 5.900%, 4/01/2017, 144A			810,000		784,490
Spectra Energy Capital LLC, 5.500%, 3/01/2014			230,000		231,197
					19,238,724
Property & Casualty Insurance – 1.3%
Allstate Corp., 5.950%, 4/01/2036			470,000		410,383
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014			65,000		63,278
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015			1,842,000		1,754,927
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033			2,465,000		1,950,710
Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019			1,390,000		1,564,193
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A			60,000		22,800
Progressive Corp., 7.000%, 10/01/2013			150,000		156,656
Willis North America, Inc., 6.200%, 3/28/2017			225,000		199,256
					6,122,203
Railroads – 1.1%
Canadian Pacific Railway Co., 5.950%, 5/15/2037			215,000		175,979
Canadian Pacific Railway Co., 7.250%, 5/15/2019			2,500,000		2,593,918
Canadian Pacific Railway Ltd., MTN, 4.900%, 6/15/2010, 144A	CAD		1,000,000		878,657
CSX Corp., 6.250%, 3/15/2018			670,000		675,730
CSX Corp., MTN, 6.000%, 10/01/2036			210,000		190,225
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)			190,000		95,000
Union Pacific Corp., 5.375%, 6/01/2033			415,000		367,333
					4,976,842
Refining – 0.9%
Valero Energy Corp., 9.375%, 3/15/2019			3,500,000		3,986,549
REITs – 2.7%
Camden Property Trust, 5.700%, 5/15/2017			640,000		568,960
Colonial Realty LP, 4.800%, 4/01/2011			531,000		497,319
Colonial Realty LP, 5.500%, 10/01/2015			290,000		228,564
Duke Realty LP, 5.950%, 2/15/2017			90,000		69,765
Equity One, Inc., 6.000%, 9/15/2017			1,000,000		785,024
ERP Operating LP, 5.125%, 3/15/2016			30,000		27,513
ERP Operating LP, 5.750%, 6/15/2017			180,000		167,918
Highwoods Properties, Inc., 5.850%, 3/15/2017			80,000		63,711
Highwoods Properties, Inc., 7.500%, 4/15/2018			1,075,000		930,205
ProLogis, 5.625%, 11/15/2015			40,000		31,716
ProLogis, 5.750%, 4/01/2016			35,000		27,587
Realty Income Corp., 6.750%, 8/15/2019			500,000		450,451
Simon Property Group LP, 5.250%, 12/01/2016			155,000		137,684
Simon Property Group LP, 5.300%, 5/30/2013			1,200,000		1,160,362
Simon Property Group LP, 5.750%, 5/01/2012			45,000		45,721
Simon Property Group LP, 5.750%, 12/01/2015			475,000		437,467
Simon Property Group LP, 5.875%, 3/01/2017			740,000		679,429
Simon Property Group LP, 6.350%, 8/28/2012			250,000		255,235

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
REITs – continued
Simon Property Group LP, 6.750%, 5/15/2014		$	4,350,000		$	4,370,898
Simon Property Group LP, 10.350%, 4/01/2019			1,300,000			1,477,104
						12,412,633
Retailers – 1.6%
Home Depot, Inc. (The), 5.875%, 12/16/2036			3,305,000			2,915,882
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			230,000			170,227
Lowe’s Cos., Inc., 5.500%, 10/15/2035			25,000			22,863
Lowe’s Cos., Inc., 5.800%, 10/15/2036			950,000			899,005
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012			355,000			323,125
Macy’s Retail Holdings, Inc., 5.875%, 1/15/2013			980,000			858,575
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			3,465,000			2,355,653
						7,545,330
Sovereigns – 2.9%
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		262,000	(††)		1,911,541
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		140,000	(††)		1,021,647
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		227,000	(††)		1,853,511
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		2,625,000			2,207,008
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		685,000			565,799
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		4,000,000			3,097,043
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		1,735,000			1,443,318
Republic of Iceland, Zero Coupon Bond, 9/15/2009	ISK		133,290,000			773,029
Republic of Iceland, 7.000%, 3/17/2010	ISK		99,510,000			588,923
						13,461,819
Supranational – 1.5%
European Investment Bank, EMTN, 4.600%, 1/30/2037, 144A	CAD		1,900,000			1,435,336
Inter-American Development Bank, EMTN, Zero Coupon Bond, 9/23/2013	IDR		45,300,000,000			2,818,962
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD		4,375,000			2,746,118
						7,000,416
Technology – 3.0%
Avnet, Inc., 6.000%, 9/01/2015			1,970,000			1,811,557
Avnet, Inc., 6.625%, 9/15/2016			270,000			253,150
Corning, Inc., 6.750%, 9/15/2013			1,250,000			1,314,330
Corning, Inc., 6.850%, 3/01/2029			210,000			194,837
Corning, Inc., 7.000%, 5/15/2024			810,000			803,258
Corning, Inc., 7.250%, 8/15/2036			3,565,000			3,457,900
Dun & Bradstreet Corp., 6.000%, 4/01/2013			1,970,000			1,974,955
International Business Machines Corp., 4.750%, 11/29/2012			795,000			852,444
Intuit, Inc., 5.750%, 3/15/2017			635,000			603,327
KLA-Tencor Corp., 6.900%, 5/01/2018			1,370,000			1,231,731
Motorola, Inc., 5.220%, 10/01/2097			1,000,000			445,498
Motorola, Inc., 6.500%, 9/01/2025			190,000			133,000
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A			475,000			481,298

10

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Tyco Electronics Group SA, 6.550%, 10/01/2017		$	360,000	$	326,853
					13,884,138
Textile – 0.0%
Kellwood Co., 7.625%, 10/15/2017(c)			1,000,000		150,000
Tobacco – 1.2%
Altria Group, Inc., 9.250%, 8/06/2019			4,190,000		4,704,997
Reynolds American, Inc., 6.750%, 6/15/2017			735,000		686,272
Reynolds American, Inc., 7.250%, 6/15/2037			195,000		160,983
					5,552,252
Transportation Services – 2.1%
APL Ltd., 8.000%, 1/15/2024(c)			100,000		62,397
Atlas Air, Inc., Series B, 7.680%, 1/02/2014			3,233,354		2,328,015
Erac USA Finance Co., 6.700%, 6/01/2034, 144A			945,000		708,998
Erac USA Finance Co., 7.000%, 10/15/2037, 144A			8,661,000		6,887,981
					9,987,391
Treasuries – 16.7%
Canadian Government, 2.750%, 12/01/2010	CAD		5,410,000		4,779,256
Canadian Government, 3.750%, 9/11/2011	CAD		2,000,000		1,805,391
Canadian Government, 3.750%, 6/01/2013	CAD		9,485,000		8,593,459
Canadian Government, 3.750%, 6/01/2013	CAD		31,580,000		28,028,455
Canadian Government, 4.000%, 6/01/2016	CAD		1,000,000		918,575
Canadian Government, 4.250%, 9/01/2009	CAD		4,070,000		3,522,143
Canadian Government, 5.250%, 6/01/2012	CAD		16,420,000		15,469,513
Norwegian Government, 4.250%, 5/19/2017	NOK		23,620,000		3,759,999
Norwegian Government, 6.500%, 5/15/2013	NOK		50,000,000		8,742,658
U.S. Treasury Note, 3.125%, 5/15/2019			2,000,000		1,934,380
U.S. Treasury Note, 4.250%, 11/15/2013			330,000		356,606
					77,910,435
Wireless – 0.8%
ALLTEL Corp., 7.875%, 7/01/2032			705,000		818,629
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			60,000		47,850
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			165,000		136,538
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			510,000		401,625
Sprint Capital Corp., 6.875%, 11/15/2028			234,000		166,140
Sprint Nextel Corp., 6.000%, 12/01/2016			366,000		299,205
Telefonica Emisones SAU, 6.421%, 6/20/2016			185,000		197,804
Vodafone Group PLC, 6.150%, 2/27/2037			1,725,000		1,697,143
					3,764,934
Wirelines – 6.8%
AT&T Corp., 6.500%, 3/15/2029			1,310,000		1,252,094
AT&T, Inc., 6.150%, 9/15/2034			1,785,000		1,694,542
AT&T, Inc., 6.500%, 9/01/2037			965,000		957,133
BellSouth Corp., 6.000%, 11/15/2034			530,000		499,547
BellSouth Corp., 6.550%, 6/15/2034			105,000		102,936
BellSouth Telecommunications, Inc., 5.850%, 11/15/2045			2,000,000		1,567,238
Deutsche Telekom International Finance BV, 6.000%, 7/08/2019			8,170,000		8,242,713
GTE Corp., 6.940%, 4/15/2028			205,000		205,548
New England Telephone & Telegraph, 7.875%, 11/15/2029			2,170,000		2,228,041

11

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Qwest Capital Funding, Inc., 6.500%, 11/15/2018	$	500,000	$	385,000
Telecom Italia Capital SA, 5.250%, 11/15/2013		225,000		220,632
Telecom Italia Capital SA, 5.250%, 10/01/2015		1,980,000		1,911,367
Telecom Italia Capital SA, 6.000%, 9/30/2034		1,880,000		1,587,861
Telefonica Emisiones SAU, 5.877%, 7/15/2019		695,000		716,540
Telefonica Emisiones SAU, 7.045%, 6/20/2036		3,136,000		3,475,102
Verizon Communications, Inc., 5.850%, 9/15/2035		3,715,000		3,455,318
Verizon Maryland, Inc., 5.125%, 6/15/2033		290,000		214,856
Verizon New England, Inc., Series C, 4.750%, 10/01/2013		1,000,000		992,067
Verizon New York, Inc., Series B, 7.375%, 4/01/2032		1,610,000		1,568,597
Verizon Virginia, Inc., Series A, 4.625%, 3/15/2013		505,000		506,107
				31,783,239
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $456,532,935)				455,571,154
CONVERTIBLE BONDS – 0.1%
Pharmaceuticals – 0.0%
Watson Pharmaceuticals, Inc., 1.750%, 3/15/2023		125,000		123,281
REITs – 0.1%
ERP Operating LP, 3.850%, 8/15/2026		180,000		170,874
Technology – 0.0%
Intel Corp., 2.950%, 12/15/2035		90,000		75,600
Maxtor Corp., 5.750%, 3/01/2012(c)		48,000		39,840
Richardson Electronics Ltd., 7.750%, 12/15/2011		44,000		36,080
				151,520
TOTAL CONVERTIBLE BONDS (Identified Cost $435,152)				445,675
MUNICIPALS – 0.2%
Michigan – 0.1%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(c)		1,065,000		709,642
Ohio – 0.1%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(c)		750,000		423,375
TOTAL MUNICIPALS (Identified Cost $1,793,292)				1,133,017
TOTAL BONDS AND NOTES (Identified Cost $458,761,379)				457,149,846
	Shares
PREFERRED STOCKS – 0.6%
NON-CONVERTIBLE PREFERRED STOCKS – 0.3%
Diversified Financial Services – 0.2%
Bank of America Corp., Series L, 7.250%		940		775,500

12

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Shares	Value (†)
PREFERRED STOCKS – continued
Diversified Financial Services – continued
CIT Group, Inc., Series A, 6.350%	12,023	$	85,965
Preferred Blocker, Inc., 7.000%, 144A	161		69,240
			930,705
Electric Utilities – 0.1%
Connecticut Light & Power Co., 2.200%	263		9,394
MDU Resources Group, Inc., 5.100%	254		24,987
Public Service Electric & Gas Co., 4.080%	400		27,980
San Diego Gas & Electric Co., 4.500%	100		1,600
Union Electric Co., 4.500%	3,160		227,520
			291,481
Thrifts & Mortgage Finance – 0.0%
Federal Home Loan Mortgage Corp., 5.000%,(e)(f)	1,850		2,590
Federal Home Loan Mortgage Corp., 5.570%,(e)(f)	28,450		24,467
Federal Home Loan Mortgage Corp., 5.660%,(e)(f)	8,500		7,905
Federal Home Loan Mortgage Corp., 5.700%,(e)(f)	2,900		3,915
Federal Home Loan Mortgage Corp., 5.790%,(e)(f)	5,400		6,750
Federal Home Loan Mortgage Corp., 5.810%,(e)(f)	1,900		3,230
Federal Home Loan Mortgage Corp., 5.900%,(e)(f)	4,200		3,780
Federal Home Loan Mortgage Corp., 6.000%,(e)(f)	2,400		3,216
Federal Home Loan Mortgage Corp., 6.420%,(e)(f)	1,700		2,720
Federal Home Loan Mortgage Corp., 6.550%,(e)(f)	11,075		9,081
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%,(e)(f)	39,400		48,068
Federal National Mortgage Association, 4.750%,(e)(f)	3,650		5,548
Federal National Mortgage Association, 5.125%,(e)(f)	1,300		1,911
Federal National Mortgage Association, 5.375%,(e)(f)	2,600		4,472
Federal National Mortgage Association, 5.810%,(e)(f)	1,050		1,607
Federal National Mortgage Association, 6.750%,(e)(f)	1,650		1,980
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%,(e)(f)	53,575		71,790
			203,030
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $3,709,285)			1,425,216
CONVERTIBLE PREFERRED STOCKS – 0.3%
Capital Markets – 0.2%
Newell Financial Trust I, 5.250%, 12/01/2027	33,050		873,760
Diversified Financial Services – 0.1%
Sovereign Capital Trust IV, 4.375%, 3/01/2034	25,000		500,000
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $1,794,828)			1,373,760
TOTAL PREFERRED STOCKS (Identified Cost $5,504,113)			2,798,976

13

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Shares		Value (†)
COMMON STOCKS – 0.1%
Biotechnology – 0.1%
Vertex Pharmaceuticals, Inc.,(e) (Identified Cost $302,522)		13,708		488,553
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 2.2%
Federal Home Loan Bank Discount Note, 0.010%, 7/01/2009(g)	$	7,695,000	$	7,695,000
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $2,520,253 on 7/01/2009 collateralized by $2,505,000 Federal National Mortgage Association, 5.625% due 9/18/2017 with a value of $2,570,756 including accrued interest(h)		2,520,253		2,520,253
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $10,215,253)				10,215,253
TOTAL INVESTMENTS – 100.8% (Identified Cost $474,783,267)(a)				470,652,628
Other assets less liabilities—(0.8)%				(3,645,994	)
NET ASSETS – 100.0%			$	467,006,634

(‡) 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.

14

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (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 June 30, 2009, the net unrealized depreciation on investments based on a cost of $475,309,884 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	$	22,933,261
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(27,590,517	)
Net unrealized depreciation	$	(4,657,256	)

(b) Variable rate security. Rate as of June 30, 2009 is disclosed.

(c) Illiquid security. At June 30, 2009, the value of these securities amounted to $8,996,805 or 1.9% of net assets.

(d) Fair valued security by the Fund’s Investment Adviser. At June 30, 2009 the value of this security amounted to $572,259 or 0.1% of net assets.

(e) Non-income producing security.

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

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

(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.

(i) The Fund’s investment in mortgage related securities of the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.

144A	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the total value of these securities amounted to $63,705,376 or 13.6% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable-Rate Mortgages
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
MTN	Medium Term Note
REITs	Real Estate Investment Trusts

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; EUR: Euro; GBP: British Pound; IDR: Indonesian Rupiah; ISK: Icelandic Krona; KRW: South Korean Won; MXN: Mexican Peso; NOK: Norwegian Krone; NZD: New Zealand Dollar; 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 June 30, 2009, at value:

15

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	4,343,410	$	—	$	4,343,410
ABS Credit Card		—		724,691		—		724,691
ABS Home Equity		—		101,161		268,826		369,987
ABS Other		—		2,220,698		—		2,220,698
Aerospace & Defense		—		181,054		—		181,054
Airlines		—		4,840,715		5,669,612		10,510,327
Automotive		—		2,275,986		—		2,275,986
Banking		—		38,817,951		—		38,817,951
Brokerage		—		3,422,303		—		3,422,303
Building Materials		—		5,548,758		—		5,548,758
Chemicals		—		9,957,377		—		9,957,377
Collateralized Mortgage Obligations		—		708,680		289,197		997,877
Commercial Mortgage-Backed Securities		—		20,642,062		—		20,642,062
Construction Machinery		—		3,688,446		—		3,688,446
Consumer Cyclical Services		—		8,272,296		—		8,272,296
Consumer Products		—		4,384,057		—		4,384,057
Distributors		—		5,288,572		—		5,288,572
Diversified Manufacturing		—		1,948,412		—		1,948,412
Electric		—		15,307,928		—		15,307,928
Entertainment		—		3,114,149		—		3,114,149
Food & Beverage		—		7,730,305		—		7,730,305
Government Owned - No Guarantee		—		5,355,050		—		5,355,050
Health Insurance		—		2,288,967		—		2,288,967
Healthcare		—		4,762,826		—		4,762,826
Home Construction		—		7,642,977		—		7,642,977
Hybrid ARMs		—		1,252,470		—		1,252,470
Independent Energy		—		9,795,913		—		9,795,913
Local Authorities		—		5,738,583		—		5,738,583
Media Cable		—		9,324,575		—		9,324,575
Media Non-Cable		—		2,785,056		—		2,785,056
Metals & Mining		—		3,501,186		—		3,501,186
Mortgage Related		—		9,294,698		—		9,294,698
Non-Captive Consumer		—		4,372,038		624,759		4,996,797
Non-Captive Diversified		—		9,194,370		908,037		10,102,407
Oil Field Services		—		311,326		—		311,326
Paper		—		3,885,339		—		3,885,339
Pharmaceuticals		—		7,009,433		—		7,009,433
Pipelines		—		19,238,724		—		19,238,724
Property & Casualty Insurance		—		6,122,203		—		6,122,203
Railroads		—		4,976,842		—		4,976,842
Refining		—		3,986,549		—		3,986,549
REITs		—		12,412,633		—		12,412,633
Retailers		—		7,545,330		—		7,545,330
Sovereigns		—		12,688,790		773,029		13,461,819
Supranational		—		7,000,416		—		7,000,416
Technology		—		13,884,138		—		13,884,138
Textile		—		150,000		—		150,000
Tobacco		—		5,552,252		—		5,552,252
Transportation Services		—		9,987,391		—		9,987,391
Treasuries		—		77,910,435		—		77,910,435
Wireless		—		3,764,934		—		3,764,934

16

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Wirelines	$	—	$	31,783,239	$	—	$	31,783,239
Total Non-Convertible Bonds		—		447,037,694		8,533,460		455,571,154
Convertible Bonds
Pharmaceuticals		—		123,281		—		123,281
REITs		—		170,874		—		170,874
Technology		—		151,520		—		151,520
Total Convertible Bonds		—		445,675		—		445,675
Municipals
Michigan		—		709,642		—		709,642
Ohio		—		423,375		—		423,375
Total Municipals		—		1,133,017		—		1,133,017
Total Bonds and Notes		—		448,616,386		8,533,460		457,149,846
Preferred Stocks
Non-Convertible Preferred Stocks
Diversified Financial Services		85,965		844,740		—		930,705
Electric Utilities		257,100		34,381		—		291,481
Thrifts & Mortgage Finance		86,007		117,023		—		203,030
Total Non-Convertible Preferred Stocks		429,072		996,144		—		1,425,216
Convertible Preferred Stocks
Capital Markets		—		873,760		—		873,760
Diversified Financial Services		—		—		500,000		500,000
Total Convertible Preferred Stocks		—		873,760		500,000		1,373,760
Total Preferred Stocks		429,072		1,869,904		500,000		2,798,976
Common Stocks
Biotechnology		488,553		—		—		488,553
Short-Term Investments		2,520,253		7,695,000		—		10,215,253
Total	$	3,437,878	$	458,181,290	$	9,033,460	$	470,652,628

17

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (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 June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	506,960	$	—	$	2,698		$	(294,239	)	$	—	$	(142,396	)	$	296,964	$	(101,161	)	$	268,826
Airlines		—		—		—			(387	)		5,669,999		—			—		—			5,669,612
Collateralized Mortgage Obligations		272,176		—		(82,993	)		75,404			—		(264,807	)		289,417		—			289,197
Media Non-Cable		90,000		134		(207,191	)		158,932			—		(41,875	)		—		—			—
Non-Captive Consumer		538,733		1,548		—			42,478			—		—			42,000		—			624,759
Non-Captive Diversified		—		7,422		13,652			83,430			1,095,264		(967,225	)		675,494		—			908,037
Property & Casualty Insurance		31,800		24		—			(9,024	)		—		—			—		(22,800	)		—
Sovereigns		—		3,442		—			(26,734	)		796,321		—			—		—			773,029
Supranational		2,741,058		193,826		—			(115,922	)		—		—			—		(2,818,962	)		—
Preferred Stocks
Convertible Preferred Stocks
Diversified Financial Services		—		—		—			—			500,000		—			—		—			500,000
Total	$	4,180,727	$	206,396	$	(273,834	)	$	(86,062	)	$	8,061,584	$	(1,416,303	)	$	1,303,875	$	(2,942,923	)	$	9,033,460

18

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

NET ASSET SUMMARY AT JUNE 30, 2009 (Unaudited)

Treasuries	16.7	%
Banking	8.3
Wirelines	6.8
Commercial Mortgage-Backed Securities	4.4
Pipelines	4.1
Electric	3.3
Technology	3.0
Sovereigns	2.9
REITs	2.8
Airlines	2.3
Non-Captive Diversified	2.2
Transportation Services	2.1
Chemicals	2.1
Independent Energy	2.1
Media Cable	2.0
Mortgaged Related	2.0
Other Investments, less than 2% each	31.5
Short-Term Investments	2.2
Total Investments	100.8
Other assets less liabilities	(0.8	)
Net Assets	100.0	%

CURRENCY EXPOSURE AT JUNE 30, 2009 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	74.7	%
Canadian Dollar	14.1
Norwegian Krone	2.7
New Zealand Dollar	2.4
Other, less than 2% each	6.9
Total Investments	100.8
Other assets less liabilities	(0.8	)
Net Assets	100.0	%

19

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund

	Principal Amount		Value (†)
BONDS AND NOTES – 133.8% of Net Assets
NON-CONVERTIBLE BONDS – 133.7%
ABS Car Loan – 2.7%
ARG Funding Corp., Series 2005-2A, Class A5, 0.477%, 5/20/2011, 144A(b)(c)	$	1,700,000	$	1,589,623
Capital Auto Receivables Asset Trust, Series 2008-1, Class A2B, 1.019%, 9/15/2010(b)(c)		1,008,577		1,008,965
Capital One Auto Finance Trust, Series 2006-C, Class A4, 0.349%, 5/15/2013(b)(c)		845,000		773,307
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014(c)		800,000		593,910
Daimler Chrysler Auto Trust, Series 2008-B, Class A4A, 5.320%, 11/10/2014(c)		1,135,000		1,058,543
Merrill Auto Trust Securitization Asset, Series 2008-1, Class B, 6.750%, 4/15/2015(c)		1,305,000		1,117,301
Nissan Auto Receivables Owner Trust, Series 2008-B, Class A3, 4.460%, 4/16/2012(c)		1,330,000		1,367,229
				7,508,878
ABS Credit Card – 11.7%
American Express Issuance Trust, Series 2005-2, Class A, 0.389%, 8/15/2013(b)(c)		4,225,000		4,063,649
Bank One Issuance Trust, Series 2004-C2, Class C2, 1.119%, 2/15/2017(b)(c)		2,310,000		1,837,593
Capital One Multi-Asset Execution Trust, Series 2004-A4, Class A4, 0.539%, 3/15/2017(b)(c)		1,895,000		1,760,691
Capital One Multi-Asset Execution Trust, Series 2004-B6, Class B6, 4.150%, 7/16/2012(c)		2,065,000		2,075,347
Capital One Multi-Asset Execution Trust, Series 2007-A5, Class A5, 0.359%, 7/15/2020(b)(c)		2,140,000		1,822,317
Chase Issuance Trust, Series 2007-B1, Class B1, 0.569%, 4/15/2019(b)(c)		2,300,000		1,600,697
Chase Issuance Trust, Series 2007-C1, Class C1, 0.779%, 4/15/2019(b)(c)		1,750,000		1,094,530
Citibank Credit Card Issuance Trust, Series 2005-C2, Class C2, 0.785%, 3/24/2017(b)(c)		1,150,000		819,299
Citibank Credit Card Issuance Trust, Series 2006-C4, Class C4, 0.538%, 1/09/2012(b)(c)		300,000		295,185
Citibank Credit Card Issuance Trust, Series 2007-A8, Class A8, 5.650%, 9/20/2019(c)		4,215,000		4,290,860
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014(c)		1,895,000		1,790,714
Discover Card Master Trust, Series 2007-A1, Class A1, 5.650%, 3/16/2020(c)		3,305,000		3,311,143
Discover Card Master Trust, Series 2008-A3, Class A3, 5.100%, 10/15/2013(c)		3,650,000		3,786,945
GE Capital Credit Card Master Note Trust, Series 2007-2, Class B, 0.499%, 3/15/2015(b)(c)		1,335,000		1,026,507
MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 7/15/2014(c)		1,000,000		971,810
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 0.579%, 8/16/2021(b)(c)		1,490,000		1,280,607

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (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, 5.319%, 6/15/2014(b)(c)	$	706,000	$	669,274
				32,497,168
ABS Home Equity – 3.9%
Bear Stearns Asset Backed Securities Trust, Series 2006-HE3, Class A3, 0.594%, 4/25/2036(b)(c)		2,228,800		280,160
Bear Stearns Asset Backed Securities Trust, Series 2007-HE5, Class 1A2, 0.494%, 6/25/2047(b)(c)		2,495,000		748,500
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH1, Class A2, 0.414%, 1/25/2037(b)(c)		2,000,000		1,715,787
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035(c)		989,027		701,183
Countrywide Asset-Backed Certificates, Series 2006-BC4, Class 2A2, 0.474%, 11/25/2036(b)(c)		2,835,000		1,490,022
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021(c)		437,498		264,817
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A1, 0.424%, 6/25/2021(b)(c)		2,046,187		959,866
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021(c)		862,566		198,988
Countrywide Asset-Backed Certificates, Series 2006-S7, Class A3, 5.712%, 11/25/2035(c)		2,328,421		439,250
GSAMP Trust, Series 2005-WMC3, Class A2B, 0.554%, 12/25/2035(b)(c)		1,647,341		1,021,351
Ownit Mortgage Loan Asset-Backed Certificates, Series 2005-2, Class M3, 0.784%, 3/25/2036(b)(c)		1,000,000		593,021
Residential Asset Mortgage Products, Inc., Series 2004-RZ1, Class AI5, 4.070%, 7/25/2032(c)		84,745		80,828
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.464%, 7/25/2036(b)(c)		2,685,000		1,474,718
Soundview Home Equity Loan Trust, Series 2006-WF2, Class A2C, 0.454%, 12/25/2036(b)(c)		1,750,000		910,000
				10,878,491
ABS Other – 1.3%
CIT Equipment Collateral, Series 2008-VT1, Class A3, 6.590%, 12/22/2014(c)		3,020,000		3,045,860
Sierra Receivables Funding Co., Series 2009-1A, Class A1, 9.790%, 12/22/2025, 144A(c)		637,630		635,725
				3,681,585
Collateralized Mortgage Obligations – 9.3%
Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.500%, 6/25/2036(c)		1,222,177		604,787
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 6.009%, 7/25/2021(b)(c)		1,221,428		804,234
CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020(c)		292,209		280,521
Federal Home Loan Mortgage Corp., Series 2613, Class HI, 5.500%, 2/15/2033(c)		545,964		6,974
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035(c)		2,797,000		2,936,560

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Collateralized Mortgage Obligations – continued
Federal National Mortgage Association, Series 2003-26, Class OI, 5.500%, 11/25/2032(c)	$	18,160,959	$	1,607,879
Federal National Mortgage Association, Series 2004-2, Class QK, 4.000%, 9/25/2017(c)		10,000,000		10,344,351
First Horizon Alternative Mortgage Securities, Series 2006-AA3, Class A1, 6.291%, 6/25/2036(b)(c)		5,423,797		2,401,660
Residential Accredit Loans, Inc., Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021(c)		593,090		390,513
Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021(c)		2,457,493		2,085,029
Residential Accredit Loans, Inc., Series 2006-QS6, Class 2A1, 6.000%, 6/25/2021(c)		130,496		98,973
Washington Mutual Mortgage Pass Through Certificates, Series 2007-HY6, Class 2A1, 5.669%, 6/25/2037(b)(c)		6,911,769		4,277,601
				25,839,082
Commercial Mortgage-Backed Securities – 30.9%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A2, 5.165%, 9/10/2047(c)		120,000		115,895
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.179%, 9/10/2047(b)(c)		189,000		164,213
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.739%, 5/10/2045(b)(c)		350,000		291,888
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A2, 5.522%, 7/10/2046(c)		460,000		432,849
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049(c)		5,375,000		4,880,181
Bank of America-First Union NB Commercial Mortgage, Series 2001-3, Class A2, 5.464%, 4/11/2037(c)		430,000		432,829
Bear Stearns Commercial Mortgage Securities, Series 2001-TOP2, Class A2, 6.480%, 2/15/2035(c)		175,000		177,490
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A2, 5.270%, 12/11/2040(c)		1,601,000		1,554,383
Bear Stearns Commercial Mortgage Securities, Series 2005-T18, Class A2, 4.556%, 2/13/2042(c)		171,000		169,204
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class A2, 5.688%, 9/11/2038(c)		1,000,000		972,398
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044(c)		225,000		182,093
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.717%, 6/11/2040(b)(c)		1,200,000		984,813
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046(c)		1,057,000		1,019,815
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A5, 5.617%, 10/15/2048(c)		5,000,000		4,069,399
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.768%, 6/10/2046(b)(c)		250,000		211,611
Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.723%, 6/15/2039(b)(c)		2,342,000		1,594,050
Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 6.217%, 2/15/2041(b)(c)		1,508,000		1,087,651

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A2, 5.381%, 3/10/2039(c)	$	2,005,000	$	1,882,532
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039(c)		5,000,000		3,985,573
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, 5.396%, 8/10/2038(c)		125,000		111,441
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A2, 4.475%, 7/10/2039(c)		1,130,000		1,101,791
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039(c)		7,495,000		6,362,965
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A2, 5.506%, 4/10/2038(c)		500,000		484,270
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039(c)		4,449,000		4,152,582
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC, Class A3, 6.260%, 3/15/2033(c)		172,319		176,016
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A4, 5.179%, 12/15/2044(b)(c)		7,000,000		5,917,725
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A2, 5.861%, 4/15/2045(b)(c)		1,065,000		1,023,560
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049(c)		4,085,000		3,006,926
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030(c)		275,000		259,267
LB-UBS Commercial Mortgage Trust, Series 2006-C3, Class A4, 5.661%, 3/15/2039(c)		2,440,000		2,052,793
LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class A2, 5.300%, 11/15/2038(c)		2,460,000		2,282,060
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A2, 5.303%, 2/15/2040(c)		11,060,000		9,960,563
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.611%, 5/12/2039(b)(c)		1,000,000		969,561
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039(c)		4,895,000		4,658,400
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.421%, 2/12/2039(b)(c)		1,000,000		798,233
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.909%, 6/12/2046(b)(c)		250,000		205,452
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4, 5.414%, 7/12/2046(c)		1,000,000		752,839
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042(c)		5,280,000		4,510,879
Morgan Stanley Capital I, Series 2005-HQ7, Class A4, 5.207%, 11/14/2042(b)(c)		5,965,000		5,258,185
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047(c)		1,267,000		1,110,809
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041(c)		5,000,000		4,046,330

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.741%, 8/12/2041(b)(c)	$	555,000	$	540,298
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A2, 4.380%, 10/15/2041(c)		75,615		75,343
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class A4, 5.418%, 1/15/2045(c)		2,600,000		2,075,871
				86,103,026
Hybrid ARMs – 13.3%
Countrywide Home Loans, Series 2004-HYB5, Class 6A2, 5.374%, 4/20/2035(b)(c)		626,867		140,857
FHLMC, 5.958%, 2/01/2037(b)(c)		8,181,318		8,603,451
FHLMC, 5.965%, 11/01/2036(b)(c)		5,605,420		5,836,013
FNMA, 5.728%, 9/01/2036(b)(c)		3,322,057		3,479,713
FNMA, 6.031%, 2/01/2037(b)(c)		7,207,226		7,580,690
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 5.922%, 9/25/2036(b)(c)		6,466,080		3,266,650
JPMorgan Mortgage Trust, Series 2006-A7, Class 1A3, 5.825%, 1/25/2037(b)(c)		325,966		294,792
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.591%, 7/25/2035(b)(c)		989,908		703,144
Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY2, Class 2A2, 6.417%, 11/25/2036(b)(c)		10,595,096		6,611,234
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 4.908%, 10/25/2035(b)(c)		737,721		595,812
				37,112,356
Mortgage Related – 60.6%
FHLMC, 5.000%, with various maturities from 2035 to 2036(c)(g)		2,220,328		2,267,076
FHLMC, 5.500%, 5/01/2035(c)		403,767		418,211
FHLMC, 6.000%, with various maturities to 2037(c)(g)		13,873,229		14,495,628
FHLMC, 6.500%, 1/01/2038(c)		164,079		174,559
FHLMC (TBA), 5.000%, 2/01/2019(d)		14,880,000		15,382,200
FNMA, 4.500%, 10/01/2035(c)		757,503		758,561
FNMA, 5.500%, with various maturities from 2035 to 2036(c)(g)		6,050,626		6,262,672
FNMA, 6.000%, with various maturities from 2034 to 2037(c)(g)		12,989,921		13,605,752
FNMA, 7.000%, 12/01/2037(c)		156,240		169,706
FNMA (TBA), 5.000%, 1/01/2035(d)		33,900,000		34,514,437
FNMA (TBA), 5.500%, 5/01/2035(d)		6,445,000		6,652,452
FNMA (TBA), 6.500%, 4/01/2035(d)		12,000,000		12,780,000
GNMA, 4.500%, 3/15/2039(c)		22,820,129		22,826,369
GNMA, 5.500%, with various maturities from 2033 to 2036(c)(g)		2,177,710		2,256,002
GNMA, 6.000%, 6/15/2036(c)		165,965		173,142
GNMA, 6.500%, 9/15/2036(c)		715,086		760,030
GNMA (TBA), 5.500%, 6/01/2036(d)		34,000,000		35,105,000
				168,601,797
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $402,363,941)				372,222,383

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
CONVERTIBLE BONDS – 0.1%
Hybrid ARMs – 0.1%
FHLMC, 4.640%, 1/01/2035(b)(c) (Identified Cost $333,482)	$	333,170	$	341,366
TOTAL BONDS AND NOTES (Identified Cost $402,697,423)				372,563,749
SHORT-TERM INVESTMENTS – 2.7%
Federal National Mortgage Association Discount Notes, 0.529%, 4/01/2010(c)(e)		1,000,000		996,803
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $6,549,163 on 7/01/2009 collateralized by $6,245,000 Federal Home Loan Bank, 5.625% due 6/11/2021 valued at $6,682,150 including accrued interest(f)		6,549,163		6,549,163
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $7,545,202)				7,545,966
TOTAL INVESTMENTS – 136.5% (Identified Cost $410,242,625)(a)				380,109,715
Other assets less liabilities—(36.5)%				(101,668,384	)
NET ASSETS – 100.0%			$	278,441,331

(†) 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.

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Securitized Asset 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 June 30, 2009, the net unrealized depreciation on investments based on a cost of $410,242,625 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	$	6,594,285
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(36,727,195	)
Net unrealized depreciation	$	(30,132,910	)

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 June 30, 2009 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.

(g) The Fund’s investment in mortgage related securities of the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.

144A	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the total value of these securities amounted to $2,225,348 or 0.8% of net assets.
ABS	Asset-Backed Securities
ARM	Adjustable Rate Mortgage
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
TBA	To Be Announced

Futures Contracts

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

When the 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. Subsequent payments, known as “variation margin”, are made or received by the Fund, depending on the price fluctuations in the fair value of the contract and the value of the collateral held. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When the 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.

Futures contracts are exchange-traded. Exchange-traded futures have standardized contracts and are settled through a clearing house with fulfillment guaranteed by the credit of the exchange. Therefore, counterparty credit risks to the Fund are limited.

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

At June 30, 2009, open futures contracts sold were as follows:

Futures	Expiration Date	Contracts	Notional Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note	9/30/2009	155	$	17,781,406	$	45,732
10 Year U.S. Treasury Note	9/21/2009	50		5,813,281		(14,935	)
Total					$	30,797

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 June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	7,508,878	$	—	$	7,508,878
ABS Credit Card		—		32,497,168		—		32,497,168
ABS Home Equity		—		6,693,797		4,184,694		10,878,491
ABS Other		—		3,045,860		635,725		3,681,585
Collateralized Mortgage Obligations		—		25,551,587		287,495		25,839,082
Commercial Mortgage-Backed Securities		—		86,103,026		—		86,103,026
Hybrid ARMs		—		36,971,499		140,857		37,112,356
Mortgage Related		—		168,601,797		—		168,601,797
Total Non-Convertible Bonds		—		366,973,612		5,248,771		372,222,383
CONVERTIBLE BONDS
Hybrid ARMs		—		341,366		—		341,366
Total Bonds and Notes		—		367,314,978		5,248,771		372,563,749
Short-Term Investments		6,549,163		996,803		—		7,545,966
Total Investments		6,549,163		368,311,781		5,248,771		380,109,715
Futures (unrealized appreciation)		45,732		—		—		45,732
Total	$	6,594,895	$	368,311,781	$	5,248,771	$	380,155,447

Liability Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Futures (unrealized depreciation)	$	(14,935	)	$	—	$	—	$	(14,935	)

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
Non-Convertible Bonds
ABS Credit Card	$	1,574,048	$	—	$	—		$	263,544		$	—	$	—		$	—	$	(1,837,592	)	$	—
ABS Home Equity		2,250,010		—		116,103			(3,043,997	)		4,989,093		(1,912,434	)		3,125,340		(1,339,421	)		4,184,694
ABS Other		—		—		4			(1,846	)		684,936		(47,369	)		—		—			635,725
Collateralized Mortgage Obligations		3,431,418		—		(120,945	)		(28,048	)		—		(585,849	)		280,734		(2,689,815	)		287,495
Hybrid ARMs		—		—		97			(327,810	)		—		(56,642	)		525,212		—			140,857
Total	$	7,255,476	$	—	$	(4,741	)	$	(3,138,157	)	$	5,674,029	$	(2,602,294	)	$	3,931,286	$	(5,866,828	)	$	5,248,771

Derivatives

The Fund adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”), effective April 1, 2009. FAS 161 requires enhanced disclosures about a fund’s derivative and hedging activities. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund may use include futures contracts.

The Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to if it invested in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to manage the Fund’s duration in order to control its interest rate risk without having to buy or sell portfolio securities.

NET ASSET SUMMARY AT JUNE 30, 2009 (Unaudited)

Mortgage Related	60.6	%
Commercial Mortgage-Backed Securities	30.9
Hybrid ARMs	13.4
ABS Credit Card	11.7
Collateralized Mortgage Obligations	9.3
ABS Home Equity	3.9
ABS Car Loan	2.7
ABS Other	1.3
Short-Term Investments	2.7
Total Investments	136.5
Other assets less liabilities (including open Futures Contracts)	(36.5	)
Net Assets	100.0	%

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund

	Shares	Value (†)
COMMON STOCKS – 97.4% of Net Assets
Aerospace & Defense – 1.3%
Ducommun, Inc.	209,460	$	3,935,753
Teledyne Technologies, Inc.(b)	195,386		6,398,892
			10,334,645
Air Freight & Logistics – 0.9%
Atlas Air Worldwide Holdings, Inc.(b)	236,556		5,485,734
Hub Group, Inc., Class A(b)	77,936		1,608,599
			7,094,333
Auto Components – 1.1%
Drew Industries, Inc.(b)	49,549		603,011
Gentex Corp.	325,956		3,781,090
Goodyear Tire & Rubber Co. (The)(b)	377,734		4,253,285
			8,637,386
Building Products – 0.4%
Armstrong World Industries, Inc.(b)	220,314		3,632,978
Capital Markets – 2.4%
Investment Technology Group, Inc.(b)	171,937		3,505,795
JMP Group, Inc.	161,713		1,243,573
Legg Mason, Inc.	160,379		3,910,040
Stifel Financial Corp.(b)	214,727		10,326,222
			18,985,630
Chemicals – 2.5%
Calgon Carbon Corp.(b)	270,934		3,763,273
Koppers Holdings, Inc.	173,959		4,587,299
LSB Industries, Inc.(b)	187,459		3,031,212
Lubrizol Corp. (The)	89,693		4,243,376
Minerals Technologies, Inc.	42,169		1,518,927
RPM International, Inc.	243,744		3,422,166
			20,566,253
Commercial Banks – 7.2%
Bank of the Ozarks, Inc.	246,487		5,331,514
Comerica, Inc.	188,504		3,986,860
Fifth Third Bancorp	635,427		4,511,532
First Horizon National Corp.(b)	411,450		4,937,395
Glacier Bancorp, Inc.	228,082		3,368,771
Hancock Holding Co.	85,415		2,775,133
IBERIABANK Corp.	188,834		7,441,948
Metro Bancorp, Inc.(b)	119,404		2,299,721
Prosperity Bancshares, Inc.	228,423		6,813,858
Signature Bank(b)	292,081		7,921,237
Southwest Bancorp, Inc.	261,402		2,551,283
Sterling Bancshares, Inc.	941,772		5,961,417
			57,900,669
Commercial Services & Supplies – 6.9%
ABM Industries, Inc.	391,160		7,068,261

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Commercial Services & Supplies – continued
American Ecology Corp.	150,555	$	2,697,946
Brink’s Co. (The)	211,012		6,125,678
Geo Group, Inc. (The)(b)	192,380		3,574,421
McGrath Rentcorp	147,833		2,817,697
Rollins, Inc.	833,861		14,434,134
Standard Parking Corp.(b)	534,870		8,713,032
Team, Inc.(b)	158,172		2,478,555
Waste Connections, Inc.(b)	297,493		7,708,044
			55,617,768
Communications Equipment – 4.0%
ADC Telecommunications, Inc.(b)	447,285		3,560,389
ADTRAN, Inc.	236,180		5,070,785
Anaren, Inc.(b)	133,898		2,367,317
Avocent Corp.(b)	201,217		2,808,989
Brocade Communications Systems, Inc.(b)	450,777		3,525,076
CommScope, Inc.(b)	253,490		6,656,647
Harris Stratex Networks, Inc., Class A(b)	260,753		1,689,679
Tekelec(b)	402,900		6,780,807
			32,459,689
Computers & Peripherals – 1.0%
Intevac, Inc.(b)	313,197		2,727,946
Teradata Corp.(b)	245,153		5,743,935
			8,471,881
Construction & Engineering – 0.4%
MYR Group, Inc.(b)	173,109		3,500,264
Construction Materials – 0.6%
Eagle Materials, Inc.	182,683		4,610,919
Consumer Finance – 0.9%
Dollar Financial Corp.(b)	519,036		7,157,506
Containers & Packaging – 1.1%
Myers Industries, Inc.	209,271		1,741,135
Rock-Tenn Co., Class A	191,835		7,320,423
			9,061,558
Distributors – 0.2%
Core-Mark Holding Co., Inc.(b)	61,813		1,610,847
Diversified Consumer Services – 0.6%
Hillenbrand, Inc.	277,149		4,611,759
Diversified Financial Services – 1.2%
PHH Corp.(b)	520,467		9,462,090

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Electric Utilities – 3.4%
ALLETE, Inc.	242,848	$	6,981,880
ITC Holdings Corp.	147,590		6,694,682
Portland General Electric Co.	425,252		8,283,909
UIL Holdings Corp.	257,628		5,783,749
			27,744,220
Electrical Equipment – 1.3%
GrafTech International Ltd.(b)	354,076		4,004,600
II-VI, Inc.(b)	238,126		5,279,253
Polypore International, Inc.(b)	136,892		1,522,239
			10,806,092
Electronic Equipment Instruments & Components – 0.9%
Littelfuse, Inc.(b)	154,569		3,085,198
Rogers Corp.(b)	8,101		163,883
TTM Technologies, Inc.(b)	321,945		2,562,682
Vishay Intertechnology, Inc.(b)	254,667		1,729,189
			7,540,952
Energy Equipment & Services – 1.2%
Hornbeck Offshore Services, Inc.(b)	115,082		2,461,604
Oceaneering International, Inc.(b)	158,835		7,179,342
			9,640,946
Food & Staples Retailing – 0.6%
Spartan Stores, Inc.	416,992		5,174,871
Food Products – 2.7%
Darling International, Inc.(b)	414,117		2,733,172
Flowers Foods, Inc.	231,281		5,051,177
J & J Snack Foods Corp.	201,646		7,239,092
Ralcorp Holdings, Inc.(b)	109,245		6,655,205
			21,678,646
Gas Utilities – 1.6%
UGI Corp.	494,383		12,601,823
Health Care Equipment & Supplies – 2.1%
Hill-Rom Holdings, Inc.	101,363		1,644,108
Medical Action Industries, Inc.(b)	261,297		2,991,850
Teleflex, Inc.	156,254		7,004,867
West Pharmaceutical Services, Inc.	144,562		5,037,986
			16,678,811
Health Care Providers & Services – 1.5%
CorVel Corp.(b)	140,317		3,195,018
MEDNAX, Inc.(b)	119,792		5,046,837
MWI Veterinary Supply, Inc.(b)	109,983		3,834,007
			12,075,862

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Hotels, Restaurants & Leisure – 2.5%
Bob Evans Farms, Inc.	181,897	$	5,227,720
California Pizza Kitchen, Inc.(b)	251,170		3,338,049
Dover Downs Gaming & Entertainment, Inc.	301,983		1,404,221
Penn National Gaming, Inc.(b)	232,242		6,760,565
Wyndham Worldwide Corp.	286,963		3,477,991
			20,208,546
Household Durables – 1.2%
Jarden Corp.(b)	197,326		3,699,862
Leggett & Platt, Inc.	374,547		5,704,351
			9,404,213
Industrial Conglomerates – 0.3%
Raven Industries, Inc.	93,364		2,390,118
Insurance – 6.4%
American Physicians Capital, Inc.	109,698		4,295,774
Aspen Insurance Holdings Ltd.	256,449		5,729,071
Hanover Insurance Group, Inc. (The)	134,037		5,108,150
HCC Insurance Holdings, Inc.	334,373		8,028,296
Navigators Group, Inc.(b)	116,894		5,193,600
Odyssey Re Holdings Corp.	51,720		2,067,766
ProAssurance Corp.(b)	77,083		3,562,005
Reinsurance Group of America, Inc.	139,456		4,868,409
RLI Corp.	113,569		5,087,891
W.R. Berkley Corp.	216,756		4,653,751
Zenith National Insurance Corp.	139,933		3,042,143
			51,636,856
Internet & Catalog Retail – 0.6%
HSN, Inc.(b)	478,200		5,054,574
Internet Software & Services – 0.2%
United Online, Inc.	286,860		1,867,459
IT Services – 4.5%
Alliance Data Systems Corp.(b)	58,410		2,405,908
Broadridge Financial Solutions, Inc.	465,213		7,713,232
Global Payments, Inc.	124,931		4,679,915
Lender Processing Services, Inc.	217,332		6,035,310
Perot Systems Corp., Class A(b)	465,246		6,666,975
SRA International, Inc., Class A(b)	200,139		3,514,441
Wright Express Corp.(b)	214,667		5,467,568
			36,483,349
Life Sciences Tools & Services – 0.4%
Mettler-Toledo International, Inc.(b)	42,357		3,267,843
Machinery – 3.3%
Actuant Corp., Class A	416,340		5,079,348

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Machinery – continued
Altra Holdings, Inc.(b)	398,846	$	2,987,356
CLARCOR, Inc.	81,919		2,391,215
Dynamic Materials Corp.	81,964		1,580,266
John Bean Technologies Corp.	430,098		5,384,827
Middleby Corp. (The)(b)	79,016		3,470,383
Tennant Co.	103,930		1,911,273
Wabtec Corp.	110,629		3,558,935
			26,363,603
Marine – 0.4%
Kirby Corp.(b)	104,088		3,308,957
Media – 3.5%
Alloy, Inc.(b)	244,628		1,294,082
Arbitron, Inc.	100,910		1,603,460
Interactive Data Corp.	286,362		6,626,417
John Wiley & Sons, Inc., Class A	299,249		9,950,029
Live Nation, Inc.(b)	693,129		3,368,607
Scholastic Corp.	261,338		5,171,879
			28,014,474
Metals & Mining – 0.7%
Reliance Steel & Aluminum Co.	141,421		5,429,152
Multi-Utilities & Unregulated Power – 0.5%
NorthWestern Corp.	193,268		4,398,780
Oil, Gas & Consumable Fuels – 3.2%
Arena Resources, Inc.(b)	142,183		4,528,529
Berry Petroleum Co., Class A	145,231		2,699,844
Comstock Resources, Inc.(b)	174,460		5,765,903
Mariner Energy, Inc.(b)	360,308		4,233,619
Penn Virginia Corp.	503,316		8,239,283
			25,467,178
Paper & Forest Products – 0.6%
Clearwater Paper Corp.(b)	178,474		4,513,607
Personal Products – 0.6%
Alberto-Culver Co.	182,486		4,640,619
Pharmaceuticals – 2.2%
Endo Pharmaceuticals Holdings, Inc.(b)	270,162		4,841,303
Obagi Medical Products, Inc.(b)	385,567		2,810,783
Perrigo Co.	358,879		9,969,659
			17,621,745
Professional Services – 0.3%
Navigant Consulting, Inc.(b)	179,386		2,317,667

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Real Estate Management & Development – 0.8%
Forestar Group, Inc.(b)	548,186	$	6,512,450
REITs – 4.8%
American Campus Communities, Inc.	363,085		8,053,225
Capstead Mortgage Corp.	673,066		8,554,669
Chimera Investment Corp.	1,535,216		5,357,904
Digital Realty Trust, Inc.	174,840		6,268,014
National Retail Properties, Inc.	219,320		3,805,202
Potlatch Corp.	291,941		7,091,247
			39,130,261
Road & Rail – 1.0%
Con-way, Inc.	101,024		3,567,157
Genesee & Wyoming, Inc., Class A(b)	168,754		4,473,669
			8,040,826
Semiconductors & Semiconductor Equipment – 2.9%
Atmel Corp.(b)	902,712		3,367,116
Cohu, Inc.	251,428		2,257,824
ON Semiconductor Corp.(b)	740,740		5,081,476
Semtech Corp.(b)	191,765		3,050,981
Teradyne, Inc.(b)	584,253		4,007,976
TriQuint Semiconductor, Inc.(b)	1,094,988		5,814,386
			23,579,759
Software – 1.9%
Informatica Corp.(b)	168,353		2,893,988
Progress Software Corp.(b)	156,761		3,318,630
Quest Software, Inc.(b)	272,667		3,800,978
Sybase, Inc.(b)	174,940		5,482,620
			15,496,216
Specialty Retail – 1.8%
Genesco, Inc.(b)	166,373		3,122,821
Jo-Ann Stores, Inc.(b)	200,926		4,153,141
Sally Beauty Holdings, Inc.(b)	1,127,717		7,172,280
			14,448,242
Textiles, Apparel & Luxury Goods – 2.8%
Carter’s, Inc.(b)	388,247		9,554,759
FGX International Holdings Ltd.(b)	275,446		3,134,575
Fossil, Inc.(b)	268,342		6,461,675
Movado Group, Inc.	320,326		3,376,236
			22,527,245
Thrifts & Mortgage Finance – 1.0%
Beneficial Mutual Bancorp, Inc.(b)	480,075		4,608,720
Westfield Financial, Inc.	407,901		3,695,583
			8,304,303

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares		Value (†)
COMMON STOCKS – continued
Water Utilities – 1.0%
American States Water Co.		122,345	$	4,238,031
Middlesex Water Co.		272,189		3,933,131
				8,171,162
TOTAL COMMON STOCKS (Identified Cost $825,174,061)				786,257,602
	Principal Amount
SHORT-TERM INVESTMENTS – 2.7%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $22,185,429 on 7/1/2009 collateralized by $22,000,000 Federal National Mortgage Association, 5.850% due 8/17/2017 with a value of $22,632,500 including accrued interest(c) (Identified Cost $22,185,429)	$	22,185,429		22,185,429
TOTAL INVESTMENTS – 100.1% (Identified Cost $847,359,490)(a)				808,443,031
Other assets less liabilities—(0.1)%				(861,169	)
NET ASSETS – 100.0%			$	807,581,862

(†) 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 the net asset value each day.

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

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

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (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 June 30, 2009, the net unrealized depreciation on investments based on a cost of $847,215,306 for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	65,125,161
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(103,897,436	)
Net unrealized depreciation	$	(38,772,275	)

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 June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks*	$	786,257,602	$	—	$	—	$	786,257,602
Short-Term Investment		22,185,429		—		—		22,185,429
Total	$	808,443,031	$	—	$	—	$	808,443,031

* Major categories of the Fund’s investments are included above.

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

NET ASSET SUMMARY AT JUNE 30, 2009 (Unaudited)

Commercial Banks	7.2	%
Commercial Services & Supplies	6.9
Insurance	6.4
REITs	4.8
IT Services	4.5
Communications Equipment	4.0
Media	3.5
Electric Utilities	3.4
Machinery	3.3
Oil, Gas & Consumable Fuels	3.2
Semiconductors & Semiconductor Equipment	2.9
Textiles, Apparel & Luxury Goods	2.8
Food Products	2.7
Chemicals	2.5
Hotels, Restaurants & Leisure	2.5
Capital Markets	2.4
Pharmaceuticals	2.2
Health Care Equipment & Supplies	2.1
Other Investments, less than 2% each	30.1
Short-Term Investments	2.7
Total Investments	100.1
Other assets less liabilities	(0.1	)
Net Assets	100.0	%

9

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS

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

SIGNATURES

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

Loomis Sayles Funds I
By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	President and Chief Executive Officer
Date:	August 26, 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:	August 26, 2009
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	August 26, 2009