UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08282

Loomis Sayles Funds I

(Exact name of registrant as specified in charter)

399 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Coleen Downs Dinneen, Esq.

Natixis Distributors, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: December 31, 2009

ITEM 1. SCHEDULE OF INVESTMENTS

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 93.0% of Net Assets
NON-CONVERTIBLE BONDS – 84.7%
ABS Car Loan – 0.1%
Avis Budget Rental Car Funding II AESOP LLC, Series 2007-2A, Class A, 0.373%, 8/20/2013, 144A(b)		$	16,340,000	$	15,075,929
ABS Credit Card – 0.6%
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014			113,710,000		117,395,989
MBNA Credit Card Master Note Trust, Series 03A5, 4.150%, 9/19/2012	EUR		300,000		432,342
					117,828,331
Aerospace & Defense – 0.1%
Bombardier, Inc., 6.300%, 5/01/2014, 144A			1,590,000		1,574,100
Bombardier, Inc., 6.750%, 5/01/2012, 144A			200,000		206,500
Bombardier, Inc., 7.350%, 12/22/2026	CAD		6,785,000		5,945,317
Bombardier, Inc., 7.450%, 5/01/2034, 144A			13,664,000		11,819,360
					19,545,277
Airlines – 1.8%
American Airlines, Inc., Pass Through Trust, Series 2009-1A, 10.375%, 7/02/2019			3,425,000		3,784,625
American Airlines, Inc., Pass Through Trust, Series 1993-A6, 8.040%, 9/16/2011			978,168		902,360
Continental Airlines, Inc., 7.250%, 11/10/2019			29,625,000		30,143,437
Continental Airlines, Inc., 9.000%, 7/08/2016			25,437,000		26,963,220
Continental Airlines, Inc., Series 1996-A, Class B, 6.940%, 4/15/2015			217,367		213,020
Continental Airlines, Inc., Series 1997-1, Class A, 7.461%, 10/01/2016			10,219,854		9,708,861
Continental Airlines, Inc., Series 1997-4, Class B, 6.900%, 7/02/2018			3,687,200		3,447,532
Continental Airlines, Inc., Series 1998-1, Class B, 6.748%, 9/15/2018			5,448,217		4,848,913
Continental Airlines, Inc., Series 1999-1, Class B, 6.795%, 2/02/2020			12,755,121		11,479,609
Continental Airlines, Inc., Series 1999-2, Class B, 7.566%, 9/15/2021			7,359,414		6,697,066
Continental Airlines, Inc., Series 2000-1, Class A-1, 8.048%, 5/01/2022			2,964,564		2,912,684
Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707%, 10/02/2022			2,449,488		2,363,756
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			7,804,448		7,141,070
Continental Airlines, Inc., Series 2001-1, Class A-1, 6.703%, 12/15/2022			3,044,514		2,836,848
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			3,846,521		3,404,171
Continental Airlines, Inc., Series 2007-1, Class A, 5.983%, 4/19/2022			17,701,000		17,081,465
Continental Airlines, Inc., Series 2007-1, Class B, 6.903%, 4/19/2022			26,727,000		23,252,490
Delta Air Lines, Inc., 9.500%, 9/15/2014, 144A			3,145,000		3,266,869
Delta Air Lines, Inc., 9.750%, 12/17/2016			10,000,000		10,175,000
Delta Air Lines, Inc., Series 2001-1, Class A-2, 7.111%, 3/18/2013			2,000,000		2,017,500

1

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Airlines – continued
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		$	3,228,298	$	3,083,025
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			5,271,533		4,625,771
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			39,864,034		35,563,104
Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 11/01/2017			33,049,695		27,547,912
Qantas Airways Ltd., 5.125%, 6/20/2013, 144A			2,000,000		2,032,746
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			44,235,000		44,623,737
United Air Lines, Inc., 10.400%, 5/01/2018			16,780,000		17,681,925
United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024			25,004,599		21,253,909
					329,052,625
Automotive – 3.1%
Cummins, Inc., 6.750%, 2/15/2027			3,172,000		3,050,592
Cummins, Inc., 7.125%, 3/01/2028			3,000,000		2,959,095
FCE Bank PLC, EMTN, 4.625%, 10/25/2010	NOK		4,570,000		734,067
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		9,800,000		13,767,814
FCE Bank PLC, EMTN, 7.125%, 1/15/2013	EUR		6,550,000		9,108,060
FCE Bank PLC, EMTN, 7.875%, 2/15/2011	GBP		8,550,000		13,740,919
Ford Motor Co., 6.375%, 2/01/2029			1,195,000		923,137
Ford Motor Co., 6.500%, 8/01/2018			2,240,000		1,890,000
Ford Motor Co., 6.625%, 2/15/2028			500,000		386,250
Ford Motor Co., 6.625%, 10/01/2028			62,435,000		48,231,037
Ford Motor Co., 7.125%, 11/15/2025			1,960,000		1,528,800
Ford Motor Co., 7.450%, 7/16/2031			114,780,000		101,436,825
Ford Motor Co., 7.500%, 8/01/2026			795,000		626,062
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			13,765,000		13,744,270
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011			31,140,000		31,448,037
Ford Motor Credit Co. LLC, 7.500%, 8/01/2012			8,785,000		8,859,304
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010			1,320,000		1,339,941
Ford Motor Credit Co. LLC, 8.000%, 6/01/2014			70,695,000		72,588,778
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			19,570,000		19,596,008
Ford Motor Credit Co. LLC, 8.625%, 11/01/2010			29,945,000		30,832,779
Ford Motor Credit Co. LLC, 8.700%, 10/01/2014			152,395,000		159,327,753
Ford Motor Credit Co. LLC, 9.750%, 9/15/2010			2,150,000		2,218,475
Ford Motor Credit Co. LLC, EMTN, 4.875%, 1/15/2010	EUR		12,200,000		17,401,863
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			6,041,000		5,225,465
Goodyear Tire & Rubber Co. (The), 10.500%, 5/15/2016			14,150,000		15,635,750
TRW Automotive, Inc., 7.000%, 3/15/2014, 144A			1,700,000		1,666,000
TRW Automotive, Inc., 7.250%, 3/15/2017, 144A			3,700,000		3,589,000
TRW Automotive, Inc., 8.875%, 12/01/2017, 144A			6,400,000		6,656,000
					588,512,081
Banking – 6.8%
AgriBank FCB, 9.125%, 7/15/2019(c)			100,540,000		110,488,634
Associates Corp. of North America, 6.950%, 11/01/2018			33,073,000		33,440,210
BAC Capital Trust VI, 5.625%, 3/08/2035			35,170,000		28,151,721
Bank of America Corp., 5.420%, 3/15/2017			2,682,000		2,647,408
Bank of America Corp., 6.000%, 9/01/2017			7,290,000		7,566,466
Bank of America NA, 5.300%, 3/15/2017			16,013,000		15,694,181

2

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Banking – continued
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW	38,510,000,000	$	33,041,033
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB	2,824,000,000		85,180,615
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW	48,070,000,000		41,354,339
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB	247,000,000		7,475,580
Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		3,260,000		3,140,345
Bear Stearns Cos., Inc. (The), 5.300%, 10/30/2015		1,445,000		1,528,317
Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017		3,160,000		3,444,656
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		18,135,000		20,816,314
BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, 144A	IDR	274,980,870,000		25,949,765
Capital One Financial Corp., 6.150%, 9/01/2016		3,223,000		3,237,552
Citigroup, Inc., 5.000%, 9/15/2014		66,710,000		64,310,041
Citigroup, Inc., 5.850%, 12/11/2034		1,445,000		1,274,877
Citigroup, Inc., 5.875%, 2/22/2033		33,485,000		28,246,104
Citigroup, Inc., 5.875%, 5/29/2037		6,180,000		5,445,723
Citigroup, Inc., 6.000%, 10/31/2033		15,880,000		13,663,517
Citigroup, Inc., 6.125%, 5/15/2018		43,650,000		43,886,059
Citigroup, Inc., 6.125%, 8/25/2036		2,625,000		2,251,184
Citigroup, Inc., 6.375%, 8/12/2014		72,120,000		75,502,933
Citigroup, Inc., EMTN, (fixed rate to 11/30/2012, variable rate thereafter), 3.625%, 11/30/2017	EUR	4,900,000		6,042,939
Citigroup, Inc., MTN, 5.500%, 10/15/2014		87,000,000		88,090,197
Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018		4,065,000		4,351,579
Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		900,000		886,452
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		54,175,000		55,685,778
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		12,345,000		11,082,267
JPMorgan Chase & Co., Zero Coupon, 5/17/2010, 144A	BRL	241,667,000		132,826,624
JPMorgan Chase & Co., Zero Coupon, 3/28/2011, 144A	IDR	250,225,920,000		24,287,495
JPMorgan Chase & Co., Zero Coupon, 4/12/2012, 144A	IDR	599,419,948,660		52,451,638
JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, 144A	IDR	153,708,294,250		15,465,721
JPMorgan Chase & Co., EMTN, Zero Coupon, 3/28/2011, 144A	IDR	748,342,518,000		72,635,821
Kreditanstalt fuer Wiederaufbau, EMTN, 10.750%, 2/01/2010	ISK	95,000,000		453,150
Merrill Lynch & Co., Inc., 5.700%, 5/02/2017		1,635,000		1,602,581
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		6,110,000		5,632,944
Merrill Lynch & Co., Inc., 10.710%, 3/08/2017	BRL	100,400,000		54,784,607
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR	4,887,000		6,238,712
Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		8,660,000		9,330,613
Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		3,600,000		3,231,540
Merrill Lynch & Co., Inc., Series C, MTN, 6.400%, 8/28/2017		1,970,000		2,073,185
Morgan Stanley, 4.750%, 4/01/2014		38,951,000		39,174,851
Morgan Stanley, GMTN, 5.125%, 11/30/2015	GBP	7,500,000		12,107,551
Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		11,700,000		12,649,666
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017		4,400,000		4,419,479
Morgan Stanley, Series F, MTN, 5.625%, 9/23/2019		9,600,000		9,670,176
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		7,795,000		8,040,075
				1,290,953,215

3

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Brokerage – 0.0%
Jefferies Group, Inc., 8.500%, 7/15/2019		$	5,915,000	$	6,465,858
Building Materials – 0.9%
Masco Corp., 0.554%, 3/12/2010(b)			9,360,000		9,321,839
Masco Corp., 4.800%, 6/15/2015			4,805,000		4,417,044
Masco Corp., 5.850%, 3/15/2017			3,285,000		3,056,555
Masco Corp., 6.125%, 10/03/2016			19,873,000		18,937,797
Masco Corp., 6.500%, 8/15/2032			2,900,000		2,467,880
Owens Corning, Inc., 6.500%, 12/01/2016			26,195,000		26,825,592
Owens Corning, Inc., 7.000%, 12/01/2036			51,180,000		47,732,566
USG Corp., 6.300%, 11/15/2016			35,370,000		31,656,150
USG Corp., 9.500%, 1/15/2018			17,605,000		18,133,150
					162,548,573
Chemicals – 0.8%
Borden, Inc., 7.875%, 2/15/2023			30,054,000		19,985,910
Borden, Inc., 8.375%, 4/15/2016			2,886,000		2,164,500
Borden, Inc., 9.200%, 3/15/2021			11,305,000		8,365,700
Chevron Phillips Chemical Co. LLC, 8.250%, 6/15/2019, 144A			51,205,000		60,265,571
Hercules, Inc., 6.500%, 6/30/2029			19,619,000		13,340,920
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014			18,895,000		18,517,100
Methanex Corp., 6.000%, 8/15/2015			10,565,000		9,011,713
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028			9,415,000		9,908,647
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018			4,095,000		4,498,505
					146,058,566
Construction Machinery – 0.8%
Case New Holland, Inc., 7.750%, 9/01/2013, 144A			72,540,000		74,172,150
Joy Global, Inc., 6.625%, 11/15/2036			1,975,000		1,757,606
RSC Equipment Rental, Inc., 9.500%, 12/01/2014			2,345,000		2,347,931
Toro Co., 6.625%, 5/01/2037(c)			27,030,000		21,820,508
United Rentals North America, Inc., 7.000%, 2/15/2014			26,139,000		23,655,795
United Rentals North America, Inc., 7.750%, 11/15/2013			21,346,000		20,065,240
					143,819,230
Consumer Cyclical Services – 0.8%
Western Union Co. (The), 6.200%, 11/17/2036			154,180,000		153,366,855
Consumer Products – 0.2%
Snap-on, Inc., 6.700%, 3/01/2019			7,210,000		7,654,597
Whirlpool Corp., MTN, 8.000%, 5/01/2012			14,465,000		15,671,424
Whirlpool Corp., MTN, 8.600%, 5/01/2014			8,680,000		9,828,026
					33,154,047
Distributors – 0.0%
EQT Corp., 8.125%, 6/01/2019			1,775,000		2,050,787
ONEOK, Inc., 6.000%, 6/15/2035			3,805,000		3,551,302
					5,602,089
Diversified Manufacturing – 0.7%
Textron Financial Corp., 5.400%, 4/28/2013			1,435,000		1,434,320
Textron Financial Corp., Series E, MTN, 5.125%, 8/15/2014			550,000		520,055
Textron, Inc., 3.875%, 3/11/2013	EUR		14,050,000		19,026,149
Textron, Inc., 5.600%, 12/01/2017			7,145,000		6,886,501

4

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Diversified Manufacturing – continued
Textron, Inc., 6.200%, 3/15/2015		$	45,180,000	$	47,024,564
Textron, Inc., 7.250%, 10/01/2019			30,490,000		31,559,284
Textron, Inc., EMTN, 6.625%, 4/07/2020	GBP		23,088,000		32,561,300
					139,012,173
Electric – 2.8%
AES Corp. (The), 7.750%, 3/01/2014			4,875,000		4,948,125
AES Corp. (The), 8.375%, 3/01/2011(c)	GBP		2,090,000		3,392,649
AES Ironwood LLC, 8.857%, 11/30/2025			13,044,402		12,913,958
AES Red Oak LLC, Series A, 8.540%, 11/30/2019			1,566,896		1,562,978
Bruce Mansfield Unit, 6.850%, 6/01/2034(c)			95,219,290		89,595,638
CE Generation LLC, 7.416%, 12/15/2018			4,856,325		4,670,483
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036			64,200,000		59,803,263
Commonwealth Edison Co., 4.750%, 12/01/2011(c)			201,000		200,377
Dynegy Holdings, Inc., 7.125%, 5/15/2018			5,295,000		4,315,425
Dynegy Holdings, Inc., 7.625%, 10/15/2026			11,835,000		8,166,150
Dynegy Holdings, Inc., 7.750%, 6/01/2019			1,504,000		1,304,720
Dynegy Holdings, Inc., 8.375%, 5/01/2016			2,000,000		1,900,000
Edison Mission Energy, 7.625%, 5/15/2027			23,200,000		15,718,000
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027			11,581,000		12,900,018
Enersis SA, 7.400%, 12/01/2016			4,250,000		4,741,083
Illinois Power Co., 6.250%, 4/01/2018			3,105,000		3,290,359
ITC Holdings Corp., 5.875%, 9/30/2016, 144A			25,460,000		25,713,582
ITC Holdings Corp., 6.375%, 9/30/2036, 144A			37,955,000		35,138,208
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027			23,775,000		12,481,875
NiSource Finance Corp., 5.400%, 7/15/2014			2,230,000		2,289,771
NiSource Finance Corp., 6.400%, 3/15/2018			57,010,000		59,254,142
NiSource Finance Corp., 6.800%, 1/15/2019			1,235,000		1,320,767
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A			1,259,090		1,283,630
Quezon Power Philippines Co., 8.860%, 6/15/2017			5,355,000		4,980,150
Salton Sea Funding Corp., Series E, 8.300%, 5/30/2011			1,222,006		1,264,727
Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018			212,143		226,397
Southern California Edison Co., 7.625%, 1/15/2010			2,000,000		2,003,604
SP Powerassets Ltd., EMTN, 3.730%, 10/22/2010	SGD		1,000,000		725,635
Toledo Edison Co., 6.150%, 5/15/2037			10,910,000		10,779,484
TXU Corp., Series P, 5.550%, 11/15/2014			62,501,000		44,325,584
TXU Corp., Series Q, 6.500%, 11/15/2024			139,736,000		65,636,235
TXU Corp., Series R, 6.550%, 11/15/2034			8,271,000		3,834,609
White Pine Hydro LLC, 6.310%, 7/10/2017(c)			9,175,000		7,705,248
White Pine Hydro LLC, 6.960%, 7/10/2037(c)			14,695,000		10,131,864
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)			5,000,000		4,322,125
					522,840,863
Entertainment – 0.2%
Time Warner, Inc., 6.625%, 5/15/2029			15,000		15,641
Time Warner, Inc., 7.625%, 4/15/2031			10,000		11,616
Viacom, Inc., Class B, 6.875%, 4/30/2036			32,525,000		35,169,478
					35,196,735

5

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Financial Other – 0.2%
National Life Insurance Co., 10.500%, 9/15/2039, 144A		$	38,476,000	$	40,052,092
Food & Beverage – 0.3%
Anheuser-Busch Cos., Inc., 6.500%, 5/01/2042			15,000		15,410
ARAMARK Corp., 5.000%, 6/01/2012			2,115,000		2,030,400
Corn Products International, Inc., 6.625%, 4/15/2037			31,590,000		29,643,140
Kraft Foods, Inc., 6.500%, 11/01/2031			3,000,000		3,013,578
Sara Lee Corp., 6.125%, 11/01/2032			18,615,000		17,916,752
					52,619,280
Government Owned - No Guarantee – 0.1%
DP World Ltd., 6.850%, 7/02/2037, 144A			26,185,000		20,142,078
Government Sponsored – 0.3%
Queensland Treasury Corp., 7.125%, 9/18/2017, 144A	NZD		84,345,000		63,767,766
Health Insurance – 1.1%
CIGNA Corp., 6.150%, 11/15/2036			20,530,000		18,339,921
CIGNA Corp., 6.350%, 3/15/2018			2,500,000		2,516,797
WellPoint, Inc., 6.375%, 6/15/2037			191,190,000		194,550,547
					215,407,265
Healthcare – 3.5%
Boston Scientific Corp., 5.450%, 6/15/2014			3,725,000		3,911,250
Boston Scientific Corp., 6.000%, 1/15/2020			15,410,000		15,745,584
Boston Scientific Corp., 6.400%, 6/15/2016			14,330,000		15,404,750
Boston Scientific Corp., 7.000%, 11/15/2035			22,142,000		21,726,837
HCA, Inc., 5.750%, 3/15/2014			13,400,000		12,596,000
HCA, Inc., 6.250%, 2/15/2013			7,800,000		7,585,500
HCA, Inc., 6.300%, 10/01/2012			2,500,000		2,500,000
HCA, Inc., 6.375%, 1/15/2015			17,380,000		16,402,375
HCA, Inc., 6.500%, 2/15/2016			63,735,000		60,548,250
HCA, Inc., 6.750%, 7/15/2013			3,045,000		2,999,325
HCA, Inc., 7.050%, 12/01/2027			26,900,000		23,066,750
HCA, Inc., 7.190%, 11/15/2015			20,005,000		18,604,650
HCA, Inc., 7.500%, 12/15/2023			25,974,000		23,733,587
HCA, Inc., 7.500%, 11/06/2033			19,870,000		17,377,050
HCA, Inc., 7.690%, 6/15/2025			67,078,000		61,423,459
HCA, Inc., 8.360%, 4/15/2024			41,839,000		39,747,050
HCA, Inc., MTN, 7.580%, 9/15/2025			19,959,000		17,763,510
HCA, Inc., MTN, 7.750%, 7/15/2036			11,821,000		10,520,690
Hospira, Inc., 6.050%, 3/30/2017			15,175,000		15,882,383
Medco Health Solutions, Inc., 7.125%, 3/15/2018			221,130,000		248,580,857
Owens & Minor, Inc., 6.350%, 4/15/2016(c)			4,710,000		4,308,133
Tenet Healthcare Corp., 6.875%, 11/15/2031			30,578,000		24,462,400
Tenet Healthcare Corp., 7.375%, 2/01/2013			2,236,000		2,241,590
Tenet Healthcare Corp., 9.250%, 2/01/2015			560,000		596,400
					667,728,380
Home Construction – 1.1%
D.R. Horton, Inc., 5.625%, 9/15/2014			7,235,000		6,999,863
D.R. Horton, Inc., 5.625%, 1/15/2016			26,345,000		24,632,575
D.R. Horton, Inc., 6.500%, 4/15/2016			1,975,000		1,925,625
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015			6,430,000		4,597,450

6

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Home Construction – continued
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		$	19,270,000	$	13,585,350
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014			6,249,000		4,530,525
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014			4,050,000		2,956,500
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016			1,650,000		1,179,750
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013			2,865,000		2,153,964
K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012			1,690,000		1,419,600
KB Home, 5.875%, 1/15/2015			895,000		827,875
Lennar Corp., Series B, 5.125%, 10/01/2010			3,495,000		3,512,475
Lennar Corp., Series B, 5.500%, 9/01/2014			22,940,000		21,334,200
Lennar Corp., Series B, 5.600%, 5/31/2015			9,282,000		8,504,632
Lennar Corp., Series B, 6.500%, 4/15/2016			40,845,000		37,577,400
Pulte Homes, Inc., 5.200%, 2/15/2015			6,007,000		5,601,528
Pulte Homes, Inc., 6.000%, 2/15/2035			63,855,000		50,445,450
Pulte Homes, Inc., 6.375%, 5/15/2033			17,240,000		13,921,300
Toll Brothers Finance Corp., 5.150%, 5/15/2015			8,100,000		7,750,550
					213,456,612
Independent Energy – 1.3%
Anadarko Petroleum Corp., 6.450%, 9/15/2036			80,585,000		84,160,476
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		5,925,000		7,729,343
Chesapeake Energy Corp., 6.500%, 8/15/2017			2,615,000		2,562,700
Chesapeake Energy Corp., 6.875%, 11/15/2020			13,805,000		13,321,825
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			20,226,000		18,506,790
Connacher Oil and Gas Ltd., 11.750%, 7/15/2014, 144A			3,640,000		4,022,200
Penn Virginia Corp., 10.375%, 6/15/2016			2,500,000		2,725,000
Pioneer Natural Resources Co., 5.875%, 7/15/2016			10,275,000		9,836,227
Pioneer Natural Resources Co., 6.875%, 5/01/2018			2,125,000		2,102,517
Pioneer Natural Resources Co., 7.200%, 1/15/2028			8,782,000		7,931,112
Questar Market Resources, Inc., 6.800%, 4/01/2018			51,955,000		54,142,513
Talisman Energy, Inc., 5.850%, 2/01/2037			12,190,000		11,646,814
Talisman Energy, Inc., 6.250%, 2/01/2038			32,560,000		32,596,728
					251,284,245
Industrial Other – 0.1%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013			3,590,000		3,572,050
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A			26,410,000		22,448,500
					26,020,550
Integrated Energy – 0.0%
PF Export Receivables Master Trust, Series A, 6.436%, 6/01/2015, 144A			1,331,455		1,351,426
Life Insurance – 0.5%
American International Group, Inc., MTN, 5.450%, 5/18/2017			3,655,000		2,958,013
American International Group, Inc., Series G, MTN, 5.600%, 10/18/2016			3,245,000		2,685,354
American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018			20,540,000		16,853,666
MetLife, Inc., 10.750%, 8/01/2039			12,020,000		14,801,741
Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A			57,985,000		48,775,648
Unum Group, 7.125%, 9/30/2016			9,965,000		10,324,677
					96,399,099

7

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Local Authorities – 0.1%
Ontario Hydro, Zero Coupon, 11/27/2020	CAD	1,507,000		$	854,344
Province of Alberta, 5.930%, 9/16/2016	CAD	16,293,535			17,295,123
Province of British Columbia, 5.750%, 1/09/2012	CAD	730,000			754,423
Province of Ontario, 4.400%, 12/02/2011	CAD	760,000			764,702
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD	60,000			54,923
					19,723,515
Media Cable – 2.0%
Comcast Corp., 5.650%, 6/15/2035		54,965,000			51,377,325
Comcast Corp., 6.450%, 3/15/2037		16,120,000			16,620,848
Comcast Corp., 6.500%, 11/15/2035		16,205,000			16,802,332
Comcast Corp., 6.950%, 8/15/2037		192,208,000			209,486,154
CSC Holdings LLC, 7.875%, 2/15/2018		1,550,000			1,604,250
CSC Holdings LLC, 8.500%, 4/15/2014, 144A		15,000,000			15,975,000
Shaw Communications, Inc., 5.650%, 10/01/2019	CAD	37,585,000			36,193,149
Time Warner Cable, Inc., 6.750%, 7/01/2018		26,541,000			29,156,961
Virgin Media Finance PLC, 9.125%, 8/15/2016		1,700,000			1,791,375
Virgin Media Finance PLC, 9.750%, 4/15/2014	GBP	1,388,187			2,320,678
					381,328,072
Media Non-Cable – 0.6%
News America, Inc., 6.150%, 3/01/2037		54,025,000			53,748,824
News America, Inc., 6.200%, 12/15/2034		17,785,000			17,874,192
News America, Inc., 6.400%, 12/15/2035		29,275,000			30,060,712
R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013(d)		4,713,000			441,844
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013(d)		2,840,000			266,250
R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016(d)		927,000			86,906
R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017(d)		3,564,000			334,125
					102,812,853
Metals & Mining – 0.4%
Alcoa, Inc., 5.550%, 2/01/2017		650,000			646,300
Alcoa, Inc., 5.720%, 2/23/2019		11,557,000			11,173,655
Alcoa, Inc., 5.870%, 2/23/2022		4,935,000			4,582,572
Alcoa, Inc., 6.750%, 1/15/2028		6,490,000			6,267,237
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A		13,180,000			11,219,475
Rio Tinto Alcan, Inc., 5.750%, 6/01/2035		1,840,000			1,782,616
Teck Resources Ltd., 10.250%, 5/15/2016		1,730,000			2,015,450
Teck Resources Ltd., 10.750%, 5/15/2019		1,000,000			1,195,000
United States Steel Corp., 6.050%, 6/01/2017		11,175,000			10,668,404
United States Steel Corp., 6.650%, 6/01/2037		9,625,000			7,743,139
United States Steel Corp., 7.000%, 2/01/2018		23,520,000			23,037,699
					80,331,547
Mortgage Related – 0.0%
FHLMC, 5.000%, 12/01/2031		281,419			290,174
Non-Captive Consumer – 3.4%
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		322,970,000			224,255,511
Residential Capital LLC, 8.375%, 6/30/2010		5,000			4,250
SLM Corp., 6.000%, 12/15/2043		150,125	(††)		2,337,071

8

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – continued
SLM Corp., EMTN, 4.750%, 3/17/2014	EUR	9,200,000	$	11,276,304
SLM Corp., MTN, 5.050%, 11/14/2014		27,310,000		24,633,046
SLM Corp., MTN, 5.125%, 8/27/2012		4,875,000		4,570,186
SLM Corp., Series A, MTN, 4.500%, 7/26/2010		8,090,000		8,061,022
SLM Corp., Series A, MTN, 5.000%, 10/01/2013		73,175,000		67,316,609
SLM Corp., Series A, MTN, 5.000%, 4/15/2015		53,696,000		46,776,250
SLM Corp., Series A, MTN, 5.000%, 6/15/2018		22,998,000		17,678,908
SLM Corp., Series A, MTN, 5.375%, 1/15/2013		28,262,000		26,660,392
SLM Corp., Series A, MTN, 5.375%, 5/15/2014		32,635,000		30,101,545
SLM Corp., Series A, MTN, 5.400%, 10/25/2011		1,785,000		1,783,424
SLM Corp., Series A, MTN, 5.625%, 8/01/2033		38,535,000		29,053,810
SLM Corp., Series A, MTN, 6.500%, 6/15/2010(c)	NZD	8,020,000		5,667,302
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		140,870,000		139,003,895
				639,179,525
Non-Captive Diversified – 6.0%
CIT Group, Inc., 7.000%, 5/01/2013		25,935,178		24,184,553
CIT Group, Inc., 7.000%, 5/01/2014		38,902,776		36,130,953
CIT Group, Inc., 7.000%, 5/01/2015		38,902,776		34,817,985
CIT Group, Inc., 7.000%, 5/01/2016		64,837,976		57,057,419
CIT Group, Inc., 7.000%, 5/01/2017		90,773,173		78,745,728
GATX Corp., 8.750%, 5/15/2014		8,840,000		9,940,730
General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012	AUD	44,525,000		41,398,264
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD	89,985,000		63,430,489
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD	15,000,000		10,578,873
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD	150,000,000		107,087,732
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014	NZD	3,500,000		2,616,843
General Electric Capital Corp., Series A, MTN, 0.584%, 5/13/2024(b)		22,590,000		19,157,043
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD	266,643,000		188,677,787
General Motors Acceptance Corp. of Canada Ltd., EMTN, 7.125%, 9/13/2011	AUD	4,950,000		3,980,227
GMAC, Inc., 5.375%, 6/06/2011, 144A		61,815,000		59,496,937
GMAC, Inc., 5.750%, 9/27/2010, 144A		7,263,000		7,190,370
GMAC, Inc., 6.000%, 4/01/2011, 144A		945,000		926,100
GMAC, Inc., 6.000%, 12/15/2011, 144A		53,975,000		52,895,500
GMAC, Inc., 6.625%, 12/17/2010, 144A		464,000		458,200
GMAC, Inc., 6.625%, 5/15/2012, 144A		20,691,000		20,277,180
GMAC, Inc., 6.750%, 12/01/2014, 144A		30,190,000		28,680,500
GMAC, Inc., 6.875%, 9/15/2011, 144A		8,439,000		8,312,415
GMAC, Inc., 6.875%, 8/28/2012, 144A		4,229,000		4,144,420
GMAC, Inc., 6.875%, 8/28/2012		10,000		9,786
GMAC, Inc., 7.000%, 2/01/2012, 144A		10,637,000		10,477,445
GMAC, Inc., 7.250%, 3/02/2011, 144A		25,000		24,750

9

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
GMAC, Inc., 7.500%, 12/31/2013, 144A		$	23,588,000	$	22,762,420
GMAC, Inc., 8.000%, 12/31/2018, 144A			44,981,000		39,583,280
GMAC, Inc., 8.000%, 11/01/2031, 144A			35,442,000		31,897,800
International Lease Finance Corp., 6.375%, 3/25/2013			14,910,000		12,258,704
International Lease Finance Corp., Series R, MTN, 5.625%, 9/15/2010			120,000		118,703
International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014			570,000		430,783
iStar Financial, Inc., 5.150%, 3/01/2012			52,875,000		32,253,750
iStar Financial, Inc., 5.375%, 4/15/2010			6,905,000		6,585,644
iStar Financial, Inc., 5.500%, 6/15/2012			3,865,000		2,319,000
iStar Financial, Inc., 5.650%, 9/15/2011			30,335,000		22,296,225
iStar Financial, Inc., 5.800%, 3/15/2011			5,305,000		3,978,750
iStar Financial, Inc., 5.850%, 3/15/2017			6,565,000		3,676,400
iStar Financial, Inc., 5.875%, 3/15/2016			11,605,000		6,527,812
iStar Financial, Inc., 6.050%, 4/15/2015			5,655,000		3,180,937
iStar Financial, Inc., 8.625%, 6/01/2013			46,795,000		29,948,800
iStar Financial, Inc., Series B, 5.125%, 4/01/2011			2,330,000		1,700,900
iStar Financial, Inc., Series B, 5.700%, 3/01/2014			7,645,000		4,281,200
iStar Financial, Inc., Series B, 5.950%, 10/15/2013			60,205,000		35,069,412
					1,129,568,749
Oil Field Services – 2.1%
Allis-Chalmers Energy, Inc., 8.500%, 3/01/2017			1,985,000		1,717,025
Allis-Chalmers Energy, Inc., 9.000%, 1/15/2014			5,125,000		4,894,375
Nabors Industries, Inc., 6.150%, 2/15/2018			15,693,000		16,310,394
Nabors Industries, Inc., 9.250%, 1/15/2019			184,360,000		225,788,642
North American Energy Partners, Inc., 8.750%, 12/01/2011			12,685,000		12,685,000
Rowan Cos., Inc., 7.875%, 8/01/2019			23,050,000		25,645,223
Weatherford International Ltd., 6.500%, 8/01/2036			25,600,000		24,448,691
Weatherford International Ltd., 6.800%, 6/15/2037			4,250,000		4,213,229
Weatherford International Ltd., 7.000%, 3/15/2038			13,670,000		13,853,998
Weatherford International Ltd., 9.625%, 3/01/2019			51,825,000		64,610,383
					394,166,960
Packaging – 0.2%
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR		3,450,000		4,747,917
Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR		2,500,000		3,494,278
Owens-Illinois, Inc., 7.800%, 5/15/2018			18,644,000		18,783,830
					27,026,025
Paper – 2.9%
Fibria Overseas Finance Ltd., 9.250%, 10/30/2019, 144A			32,370,000		36,335,325
Georgia-Pacific LLC, 7.250%, 6/01/2028			26,262,000		24,423,660
Georgia-Pacific LLC, 7.375%, 12/01/2025			31,317,000		29,907,735
Georgia-Pacific LLC, 7.700%, 6/15/2015			470,000		493,500
Georgia-Pacific LLC, 7.750%, 11/15/2029			80,840,000		79,829,500
Georgia-Pacific LLC, 8.000%, 1/15/2024			21,749,000		22,183,980
Georgia-Pacific LLC, 8.875%, 5/15/2031			27,237,000		28,871,220
International Paper Co., 6.875%, 11/01/2023			4,447,000		4,474,349
International Paper Co., 7.950%, 6/15/2018			216,710,000		249,955,481

10

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Paper – continued
International Paper Co., 8.700%, 6/15/2038	$	10,392,000	$	12,648,062
Jefferson Smurfit Corp., 7.500%, 6/01/2013(d)		5,540,000		4,875,200
Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(d)		1,115,000		982,594
Stone Container Finance, 7.375%, 7/15/2014(d)		90,000		84,712
Westvaco Corp., 7.950%, 2/15/2031		24,586,000		23,991,535
Westvaco Corp., 8.200%, 1/15/2030		25,389,000		26,119,848
				545,176,701
Pharmaceuticals – 0.3%
Elan Financial PLC, 8.875%, 12/01/2013		58,330,000		58,038,350
Pipelines – 2.2%
DCP Midstream LP, 6.450%, 11/03/2036, 144A		27,325,000		25,856,992
El Paso Corp., 6.950%, 6/01/2028		12,209,000		10,471,501
El Paso Corp., 7.420%, 2/15/2037		2,045,000		1,792,013
El Paso Corp., GMTN, 7.750%, 1/15/2032		1,500,000		1,418,419
El Paso Corp., GMTN, 7.800%, 8/01/2031		1,000,000		941,433
Energy Transfer Partners LP, 6.125%, 2/15/2017		7,325,000		7,597,629
Energy Transfer Partners LP, 6.625%, 10/15/2036		11,435,000		11,412,130
Enterprise Products Operating LLP, 6.300%, 9/15/2017		25,030,000		26,945,371
Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		7,500,000		8,778,262
Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		843,000		781,033
Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014, 144A(c)		59,207,124		64,798,645
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		116,405,000		128,449,658
ONEOK Partners LP, 6.650%, 10/01/2036		9,450,000		9,638,272
Plains All American Pipeline LP, 6.125%, 1/15/2017		28,845,000		30,297,721
Plains All American Pipeline LP, 6.650%, 1/15/2037		62,130,000		63,387,511
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		5,572,000		4,931,220
Williams Cos., Inc. (The), 7.500%, 1/15/2031		6,655,000		7,178,968
				404,676,778
Property & Casualty Insurance – 0.8%
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		46,320,000		47,372,205
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		34,729,000		36,231,689
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		51,522,000		45,739,583
Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019		1,190,000		1,443,853
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		8,600,000		3,698,000
White Mountains RE Group, 6.375%, 3/20/2017, 144A		75,000		70,385
Willis North America, Inc., 6.200%, 3/28/2017		12,000,000		11,895,888
XL Capital Ltd., 6.250%, 5/15/2027		6,575,000		5,978,990
XL Capital Ltd., 6.375%, 11/15/2024		2,110,000		1,972,548
				154,403,141
Railroads – 0.3%
Canadian Pacific Railway Co., 5.750%, 3/15/2033		3,830,000		3,534,753
Canadian Pacific Railway Co., 5.950%, 5/15/2037		24,475,000		23,237,055
CSX Corp., MTN, 6.000%, 10/01/2036		28,039,000		27,704,803
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		7,944,000		5,322,480
Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		63,300		58,236
				59,857,327

11

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Refining – 0.0%
Valero Energy Corp., 6.625%, 6/15/2037		$	1,782,000	$	1,672,108
REITs – 1.2%
Camden Property Trust, 5.000%, 6/15/2015			2,565,000		2,475,505
Camden Property Trust, 5.700%, 5/15/2017			40,075,000		37,799,181
Duke Realty LP, 5.950%, 2/15/2017			5,720,000		5,323,598
ERP Operating LP, 5.125%, 3/15/2016			4,680,000		4,562,167
ERP Operating LP, 5.375%, 8/01/2016			3,000,000		2,949,489
First Industrial LP, 5.950%, 5/15/2017			7,750,000		5,515,659
Highwoods Properties, Inc., 5.850%, 3/15/2017			57,890,000		52,809,805
Highwoods Properties, Inc., 7.500%, 4/15/2018			5,640,000		5,490,032
ProLogis, 5.625%, 11/15/2015			6,022,000		5,726,254
ProLogis, 5.625%, 11/15/2016			6,110,000		5,630,640
ProLogis, 5.750%, 4/01/2016			6,375,000		5,987,649
ProLogis, 6.625%, 5/15/2018			1,377,000		1,305,910
ProLogis, 7.375%, 10/30/2019			3,020,000		2,978,943
Simon Property Group LP, 5.250%, 12/01/2016			4,505,000		4,381,225
Simon Property Group LP, 5.750%, 12/01/2015			9,032,000		9,210,400
Simon Property Group LP, 5.875%, 3/01/2017			3,145,000		3,149,409
Simon Property Group LP, 6.100%, 5/01/2016			2,325,000		2,372,758
Simon Property Group LP, 6.125%, 5/30/2018			1,690,000		1,717,020
WEA Finance LLC/WT Finance Australia Pty Ltd., 6.750%, 9/02/2019, 144A			68,360,000		73,401,071
					232,786,715
Restaurants – 0.0%
McDonald’s Corp., EMTN, 3.628%, 10/10/2010	SGD		3,750,000		2,716,133
Retailers – 1.7%
Dillard’s, Inc., 6.625%, 1/15/2018			1,920,000		1,593,600
Dillard’s, Inc., 7.000%, 12/01/2028			4,680,000		3,439,800
Dillard’s, Inc., 7.130%, 8/01/2018			1,740,000		1,505,100
Dillard’s, Inc., 7.750%, 7/15/2026			7,182,000		5,458,320
Dillard’s, Inc., 7.750%, 5/15/2027			1,000,000		755,000
Foot Locker, Inc., 8.500%, 1/15/2022			14,269,000		13,484,205
Home Depot, Inc. (The), 5.875%, 12/16/2036			88,405,000		85,333,545
J.C. Penney Corp., Inc., 5.750%, 2/15/2018			5,160,000		5,089,050
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			98,218,000		87,217,584
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			2,798,000		2,773,518
J.C. Penney Corp., Inc., 7.400%, 4/01/2037			4,655,000		4,620,087
J.C. Penney Corp., Inc., 7.625%, 3/01/2097			5,580,000		5,022,000
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			36,772,000		31,072,340
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027			14,133,000		11,871,720
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029			2,098,000		1,846,240
Macy’s Retail Holdings, Inc., 8.875%, 7/15/2015			1,485,000		1,637,213
Marks & Spencer PLC, 7.125%, 12/01/2037, 144A			9,245,000		9,395,268
Toys R Us, Inc., 7.375%, 10/15/2018			39,965,000		36,567,975
Toys R Us, Inc., 7.875%, 4/15/2013			11,255,000		11,311,275
					319,993,840
Sovereigns – 4.7%
Indonesia Treasury Bond, 9.500%, 7/15/2023	IDR		10,000,000,000		983,449

12

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Sovereigns – continued
Indonesia Treasury Bond, 10.250%, 7/15/2027	IDR	25,000,000,000		$	2,560,846
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR	145,156,000,000			15,245,181
Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024	IDR	498,832,000,000			50,275,788
Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030	IDR	317,658,000,000			33,017,802
Indonesia Treasury Bond, Series ZC3, Zero Coupon, 11/20/2012	IDR	378,003,000,000			31,920,673
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN	5,258,000	(†††)		39,530,658
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN	28,585,700	(†††)		210,951,191
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN	4,557,000	(†††)		36,892,820
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD	110,620,000			101,659,616
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD	15,305,000			14,026,229
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD	95,840,000			83,242,790
Republic of Brazil, 10.250%, 1/10/2028	BRL	98,690,000			56,685,813
Republic of Brazil, 12.500%, 1/05/2016	BRL	17,305,000			11,231,849
Republic of Brazil, 12.500%, 1/05/2022	BRL	114,735,000			74,469,012
Republic of Croatia, 6.750%, 11/05/2019, 144A		26,800,000			28,865,637
Republic of Iceland, Zero Coupon, 2/15/2010	ISK	261,085,000			1,231,936
Republic of Iceland, 7.000%, 3/17/2010	ISK	4,024,483,000			19,107,670
Republic of Iceland, 7.250%, 5/17/2013	ISK	4,616,100,000			21,816,568
Republic of Iceland, 8.000%, 7/22/2011	ISK	2,470,000,000			11,839,063
Republic of Iceland, 13.750%, 12/10/2010	ISK	6,136,688,000			30,778,705
Republic of Venezuela, 7.000%, 3/16/2015	EUR	5,980,000			6,772,377
					883,105,673
Supermarkets – 0.8%
American Stores Co., 7.900%, 5/01/2017		3,000,000			2,837,040
American Stores Co., Series B, MTN, 7.100%, 3/20/2028		13,145,000			10,713,175
New Albertson’s, Inc., 7.450%, 8/01/2029		100,590,000			86,255,925
New Albertson’s, Inc., 7.750%, 6/15/2026		20,550,000			18,392,250
New Albertson’s, Inc., 8.000%, 5/01/2031		9,715,000			8,816,362
New Albertson’s, Inc., 8.700%, 5/01/2030		2,995,000			2,905,150
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		17,575,000			13,378,969
					143,298,871
Supranational – 1.8%
Eurofima, EMTN, 11.000%, 2/05/2010	ISK	290,000,000			1,385,123
European Investment Bank, Zero Coupon, 3/10/2021	AUD	149,830,000			60,760,719
European Investment Bank, 11.250%, 2/14/2013	BRL	11,505,000			6,867,976
European Investment Bank, EMTN, Zero Coupon, 4/24/2013, 144A	IDR	837,962,640,000			67,456,215
European Investment Bank, EMTN, 7.000%, 1/18/2012	NZD	16,500,000			12,529,528
Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013	IDR	345,270,000,000			26,739,590
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD	185,840,000			132,373,402
International Bank for Reconstruction & Development, 1.430%, 3/05/2014	SGD	40,000,000			27,438,773

13

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Supranational – continued
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK	2,126,200,000	$	10,198,268
				345,749,594
Technology – 2.3%
Agilent Technologies, Inc., 6.500%, 11/01/2017		65,276,000		69,078,131
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		67,787,000		48,552,439
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		3,916,000		2,785,255
Alcatel-Lucent, EMTN, 6.375%, 4/07/2014	EUR	1,000,000		1,336,785
Amkor Technology, Inc., 7.750%, 5/15/2013		11,495,000		11,681,794
Arrow Electronics, Inc., 6.875%, 7/01/2013		12,960,000		14,134,928
Arrow Electronics, Inc., 6.875%, 6/01/2018		2,630,000		2,755,217
Avnet, Inc., 5.875%, 3/15/2014		36,145,000		37,476,654
Avnet, Inc., 6.000%, 9/01/2015		50,915,000		51,696,545
Avnet, Inc., 6.625%, 9/15/2016		15,245,000		15,728,068
Corning, Inc., 5.900%, 3/15/2014		9,330,000		9,852,396
Corning, Inc., 6.200%, 3/15/2016		5,155,000		5,471,007
Corning, Inc., 6.850%, 3/01/2029		10,821,000		10,808,220
Corning, Inc., 7.250%, 8/15/2036		5,645,000		5,751,832
Eastman Kodak Co., 7.250%, 11/15/2013		3,640,000		3,003,000
Equifax, Inc., 7.000%, 7/01/2037		15,578,000		15,316,741
Freescale Semiconductor, Inc., 10.125%, 12/15/2016		6,016,000		4,842,880
Motorola, Inc., 5.220%, 10/01/2097		13,780,000		7,120,195
Motorola, Inc., 6.000%, 11/15/2017		929,000		898,849
Motorola, Inc., 6.500%, 9/01/2025		12,730,000		11,059,977
Motorola, Inc., 6.500%, 11/15/2028		30,375,000		26,128,302
Motorola, Inc., 6.625%, 11/15/2037		27,275,000		23,729,250
Motorola, Inc., 7.500%, 5/15/2025		250,000		239,213
Nortel Networks Capital Corp., 7.875%, 6/15/2026(d)		12,015,000		8,050,050
Nortel Networks Corp., 1.750%, 4/15/2012(d)		1,045,000		709,294
Nortel Networks Ltd., 6.875%, 9/01/2023(d)		18,622,000		8,379,900
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		4,554,000		4,760,141
Xerox Capital Trust I, 8.000%, 2/01/2027		30,285,000		29,982,150
Xerox Corp., 5.500%, 5/15/2012		7,110,000		7,513,990
Xerox Corp., 6.350%, 5/15/2018		550,000		573,720
Xerox Corp., MTN, 7.200%, 4/01/2016		615,000		661,338
				440,078,261
Tobacco – 0.8%
Altria Group, Inc., 8.500%, 11/10/2013		30,725,000		35,506,732
Altria Group, Inc., 9.250%, 8/06/2019		23,736,000		28,925,354
Altria Group, Inc., 9.700%, 11/10/2018		1,450,000		1,792,442
Reynolds American, Inc., 6.750%, 6/15/2017		71,085,000		73,616,053
Reynolds American, Inc., 7.250%, 6/15/2037		17,990,000		18,117,333
				157,957,914
Transportation Services – 0.5%
APL Ltd., 8.000%, 1/15/2024(c)		20,469,000		15,755,399
Atlas Air, Inc., Series 1999-1, Class A-1, 7.200%, 7/02/2020		11,939,761		9,551,808
Atlas Air, Inc., Series 1999-1A, 6.880%, 1/02/2011		894,030		822,508
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016		16,271,225		12,691,556

14

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Transportation Services – continued
Atlas Air, Inc., Series 1999-1C, 8.770%, 7/02/2012(e)		$	15,689,997	$	11,139,898
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017(e)			8,554,310		7,784,422
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(e)			201,720		151,290
Atlas Air, Inc., Series B, 7.680%, 1/02/2014			35,851,805		30,474,034
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(e)			6,552,024		4,520,897
Erac USA Finance Co., 7.000%, 10/15/2037, 144A			2,675,000		2,618,311
					95,510,123
Treasuries – 16.8%
Canadian Government, 1.000%, 9/01/2011	CAD		421,197,000		400,673,790
Canadian Government, 1.250%, 12/01/2011	CAD		17,205,000		16,380,160
Canadian Government, 2.000%, 9/01/2012	CAD		587,055,000		562,396,276
Canadian Government, 2.750%, 12/01/2010	CAD		245,000		238,703
Canadian Government, 3.500%, 6/01/2013	CAD		228,647,000		227,306,840
Canadian Government, 3.750%, 6/01/2012	CAD		412,215,000		412,475,135
Canadian Government, 3.750%, 6/01/2019	CAD		246,645,000		238,405,027
Canadian Government, 4.250%, 6/01/2018	CAD		297,760,000		300,342,286
Canadian Government, 5.250%, 6/01/2012	CAD		431,800,000		446,630,287
New Zealand Government, 6.000%, 12/15/2017	NZD		33,000,000		24,215,053
Norwegian Government, 4.250%, 5/19/2017	NOK		668,075,000		117,290,445
Norwegian Government, 5.000%, 5/15/2015	NOK		319,620,000		58,522,567
Norwegian Government, 6.000%, 5/16/2011	NOK		530,990,000		96,082,245
Norwegian Government, 6.500%, 5/15/2013	NOK		379,945,000		72,516,878
U.S. Treasury Bond, 4.375%, 11/15/2039			160,000,000		153,150,080
U.S. Treasury Note, 3.125%, 5/15/2019			40,000,000		37,881,240
					3,164,507,012
Wireless – 1.2%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			38,644,000		37,581,290
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			20,563,000		19,946,110
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			57,512,000		53,701,830
Rogers Wireless, Inc., 6.375%, 3/01/2014			1,895,000		2,098,133
Sprint Capital Corp., 6.875%, 11/15/2028			29,984,000		24,924,200
Sprint Capital Corp., 6.900%, 5/01/2019			23,845,000		21,937,400
Sprint Capital Corp., 8.750%, 3/15/2032			8,390,000		7,907,575
Sprint Nextel Corp., 6.000%, 12/01/2016			15,252,000		13,917,450
True Move Co. Ltd., 10.375%, 8/01/2014, 144A			1,000,000		940,000
True Move Co. Ltd., 10.750%, 12/16/2013, 144A			39,930,000		38,532,450
					221,486,438
Wirelines – 3.4%
AT&T Corp., 6.500%, 3/15/2029			27,859,000		27,731,712
AT&T, Inc., 6.450%, 6/15/2034			35,000		35,688
AT&T, Inc., 6.500%, 9/01/2037			37,095,000		38,448,968
Axtel SAB de CV, 9.000%, 9/22/2019, 144A			8,395,000		8,604,875
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		5,790,000		5,427,381
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		12,705,000		12,934,476
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		45,835,000		40,731,071
BellSouth Telecommunications, Inc., 7.000%, 12/01/2095			3,940,000		3,862,016
Embarq Corp., 7.995%, 6/01/2036			8,735,000		9,396,222

15

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Frontier Communications Corp., 9.000%, 8/15/2031		$	730,000	$	717,225
GTE Corp., 6.940%, 4/15/2028			17,975,000		18,440,463
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(d)			640,000		64
Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016	GBP		1,600,000		2,697,308
Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015	EUR		2,750,000		4,001,041
Level 3 Financing, Inc., 8.750%, 2/15/2017			43,605,000		39,789,562
Level 3 Financing, Inc., 9.250%, 11/01/2014			17,580,000		16,613,100
New England Telephone & Telegraph, 7.875%, 11/15/2029			2,905,000		3,178,085
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			30,365,000		26,265,725
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			64,147,000		51,959,070
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			15,925,000		14,173,250
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			40,420,000		34,357,000
Qwest Corp., 6.875%, 9/15/2033			40,555,000		35,688,400
Qwest Corp., 7.200%, 11/10/2026			1,505,000		1,362,025
Qwest Corp., 7.250%, 9/15/2025			10,620,000		9,823,500
Qwest Corp., 7.500%, 6/15/2023			2,890,000		2,731,050
Telecom Italia Capital SA, 6.000%, 9/30/2034			39,844,000		37,679,953
Telecom Italia Capital SA, 6.375%, 11/15/2033			26,495,000		26,121,924
Telefonica Emisiones SAU, 7.045%, 6/20/2036			21,505,000		24,556,538
Telus Corp., 4.950%, 3/15/2017	CAD		45,415,000		44,026,734
Telus Corp., Series CG, 5.050%, 12/04/2019	CAD		27,020,000		25,178,191
Verizon Communications, Inc., 5.850%, 9/15/2035			47,227,000		46,052,559
Verizon Maryland, Inc., 5.125%, 6/15/2033			10,305,000		8,153,017
Verizon New York, Inc., Series B, 7.375%, 4/01/2032			10,310,000		11,105,963
Verizon Pennsylvania, Inc., 6.000%, 12/01/2028			7,860,000		7,011,442
					638,855,598
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $15,464,108,255)					16,001,559,237
CONVERTIBLE BONDS – 7.1%
Airlines – 0.1%
AMR Corp., 6.250%, 10/15/2014			11,290,000		11,699,263
Automotive – 1.2%
Ford Motor Co., 4.250%, 11/15/2016			176,290,000		221,023,588
Navistar International Corp., 3.000%, 10/15/2014			12,335,000		12,751,306
					233,774,894
Diversified Manufacturing – 0.1%
Trinity Industries, Inc., 3.875%, 6/01/2036			20,340,000		15,204,150
Electric – 0.0%
CMS Energy Corp., 5.500%, 6/15/2029			1,000,000		1,222,500
Healthcare – 0.3%
Affymetrix, Inc., 3.500%, 1/15/2038			18,449,000		16,327,365
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(f)			14,861,000		12,687,579
Life Technologies Corp., 1.500%, 2/15/2024			14,480,000		16,724,400
LifePoint Hospitals, Inc., 3.250%, 8/15/2025			285,000		262,556

16

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Healthcare – continued
LifePoint Hospitals, Inc., 3.500%, 5/15/2014	$	2,510,000	$	2,337,438
Omnicare, Inc., 3.250%, 12/15/2035		3,107,000		2,528,321
				50,867,659
Independent Energy – 0.0%
Penn Virginia Corp., 4.500%, 11/15/2012		4,290,000		4,064,775
Industrial Other – 0.1%
Incyte Corp., 3.500%, 2/15/2011		24,646,000		24,738,422
Life Insurance – 0.0%
MetLife, Inc., 6.400%, 12/15/2036		1,500,000		1,312,500
Lodging – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		32,045,000		30,042,187
Media Non-Cable – 0.0%
Liberty Media LLC, 3.500%, 1/15/2031		10,184,386		6,161,554
Metals & Mining – 0.2%
Steel Dynamics, Inc., 5.125%, 6/15/2014		1,255,000		1,589,144
United States Steel Corp., 4.000%, 5/15/2014		16,535,000		30,982,456
				32,571,600
Non-Captive Diversified – 0.2%
iStar Financial, Inc., 0.790%, 10/01/2012(b)		60,585,000		33,400,510
Oil Field Services – 0.1%
Transocean, Inc., Series B, 1.500%, 12/15/2037		2,015,000		1,944,475
Transocean, Inc., Series C, 1.500%, 12/15/2037		11,525,000		11,092,813
				13,037,288
Pharmaceuticals – 0.8%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		940,000		1,909,375
Human Genome Sciences, Inc., 2.250%, 8/15/2012		51,585,000		94,078,144
Kendle International, Inc., 3.375%, 7/15/2012		1,615,000		1,437,350
Nektar Therapeutics, 3.250%, 9/28/2012		26,120,000		24,030,400
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		34,079,000		40,724,405
				162,179,674
REITs – 0.1%
ProLogis, 1.875%, 11/15/2037		9,525,000		8,429,625
ProLogis, 2.250%, 4/01/2037		8,740,000		8,106,350
				16,535,975
Technology – 2.6%
Advanced Micro Devices, Inc., 5.750%, 8/15/2012		9,062,000		8,937,397
Advanced Micro Devices, Inc., 6.000%, 5/01/2015		2,615,000		2,353,500
Alcatel-Lucent USA, Inc., Series B, 2.875%, 6/15/2025		3,760,000		3,205,400
Ciena Corp., 0.250%, 5/01/2013		330,000		249,150
Ciena Corp., 0.875%, 6/15/2017		44,624,000		25,826,140
Intel Corp., 2.950%, 12/15/2035		3,031,000		2,924,915
Intel Corp., 3.250%, 8/01/2039, 144A		343,275,000		394,337,156
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		10,025,000		8,759,344
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		5,915,000		5,707,975
Maxtor Corp., 5.750%, 3/01/2012(c)		8,415,000		8,120,475
Nortel Networks Corp., 2.125%, 4/15/2014(d)		49,636,000		33,690,435
Richardson Electronics Ltd., 7.750%, 12/15/2011		395,000		379,200
				494,491,087

17

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012	$	123,000	$	105,780
Wireless – 0.1%
NII Holdings, Inc., 3.125%, 6/15/2012		21,974,000		20,161,145
Wirelines – 1.0%
Level 3 Communications, Inc., 3.500%, 6/15/2012		48,075,000		42,065,625
Level 3 Communications, Inc., 5.250%, 12/15/2011		20,240,000		19,202,700
Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		64,473,000		73,015,672
Level 3 Communications, Inc., 10.000%, 5/01/2011		3,655,000		3,691,550
Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		48,975,000		55,464,188
Qwest Communications International, Inc., 3.500%, 11/15/2025		700,000		726,250
				194,165,985
TOTAL CONVERTIBLE BONDS (Identified Cost $1,179,855,317)				1,345,736,948
MUNICIPALS – 1.2%
California – 0.3%
San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), 3.750%, 8/01/2028, Series C		5,425,000		4,158,751
San Jose California Redevelopment Agency Tax Allocation (Merged Area), 3.750%, 8/01/2028, Series C, (Registered), (MBIA insured)		2,165,000		1,822,172
State of California, 4.500%, 8/01/2027 (AMBAC insured)		7,340,000		6,496,120
State of California, 4.500%, 10/01/2029		20,455,000		17,604,391
State of California, 4.500%, 8/01/2030		5,140,000		4,418,807
State of California, 4.500%, 8/01/2030 (AMBAC insured)		5,945,000		5,074,652
State of California (Various Purpose), 3.250%, 12/01/2027, (MBIA insured)		3,805,000		2,796,713
State of California (Various Purpose), 4.500%, 12/01/2033 (AMBAC insured)		17,945,000		14,883,583
				57,255,189
Illinois – 0.0%
Chicago O’Hare International Airport, 4.500%, 1/01/2038, Series A (FSA insured)		2,440,000		2,313,535
Michigan – 0.1%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(c)		21,265,000		16,991,160
Nebraska – 0.1%
Omaha Public Power District, 4.500%, 2/01/2034, Series AA (FGIC insured)		8,140,000		8,161,734
Ohio – 0.0%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(c)		10,390,000		7,811,098
Virginia – 0.7%
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)		178,970,000		129,105,379

18

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
TOTAL MUNICIPALS (Identified Cost $279,865,346)			$	221,638,095
TOTAL BONDS AND NOTES (Identified Cost $16,923,828,918)				17,568,934,280
BANK LOANS – 0.7%
Airlines – 0.1%
Delta Air Lines, Inc., Secured Term Loan, 8.750%, 9/27/2013(g)	$	8,374,013		8,351,319
Chemicals – 0.0%
Hexion Specialty Chemicals, Inc., Term Loan C1, 5/05/2013(h)		943,036		824,213
Hexion Specialty Chemicals, Inc., Term Loan C1, 2.563%, 5/05/2013(g)		5,985,776		5,231,568
Hexion Specialty Chemicals, Inc., Term Loan C2, 5/05/2013(h)		208,214		181,979
Hexion Specialty Chemicals, Inc., Term Loan C2, 2.563%, 5/05/2013(g)		1,296,921		1,133,509
				7,371,269
Media Non-Cable – 0.1%
Idearc, Inc., Exit Term Loan, 11.000%, 12/31/2015(g)		42,409,833		21,911,889
Tribune Co., Term Loan X, 5.000%, 6/04/2009(d)(g)(l)		4,666,005		2,611,516
				24,523,405
Oil Field Services – 0.1%
ATP Oil & Gas Corp., Tranche B-1 Term Loan, 11.250%, 7/15/2014(g)		18,850,581		18,302,783
ATP Oil & Gas Corp., Tranche B2 Term Loan, 11.750%, 1/15/2011(g)		2,813,131		2,731,382
Dresser, Inc., Second Lien Term Loan, 6.001%, 5/04/2015(g)		3,515,000		3,249,196
Dresser, Inc., Term Loan, 2.521%, 5/04/2014(g)		1,734,381		1,615,680
				25,899,041
Retailers – 0.0%
Harbor Freight Tools USA, Inc., Tranche C Term Loan, 9.750%, 2/12/2013(g)		2,214,193		2,214,193
Technology – 0.2%
Nuance Communications, Inc., Incremental Term Loan, 2.240%, 3/29/2013(g)		9,644,634		9,120,255
Nuance Communications, Inc., Term Loan, 2.240%, 3/31/2013(g)		771,979		730,007
Sungard Data Systems, Inc., Tranche B, 3.898%, 2/26/2016(g)		17,477,628		16,931,452
				26,781,714
Wirelines – 0.2%
Fairpoint Communications, Inc., Initial Term Loan A, 4.750%, 3/31/2014(d)(g)		5,859,871		4,564,429
Fairpoint Communications, Inc., Initial Term Loan B, 5.000%, 3/31/2015(d)(g)		17,739,671		13,798,981
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(g)(i)		24,304,108		17,529,338

19

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Principal Amount (‡)		Value (†)
BANK LOANS – continued
Level 3 Financing, Inc., Tranche A Term Loan, 2.530%, 3/13/2014(g)	$	7,875,000	$	7,126,875
				43,019,623
TOTAL BANK LOANS (Identified Cost $146,947,981)				138,160,564
	Shares
PREFERRED STOCKS – 1.5%
CONVERTIBLE PREFERRED STOCKS – 1.0%
Automotive – 0.4%
Ford Motor Co. Capital Trust II, 6.500%		1,957,111		78,049,586
Capital Markets – 0.1%
Newell Financial Trust I, 5.250%		266,041		9,311,435
Commercial Banks – 0.0%
Wells Fargo & Co., Series L, Class A, 7.500%		8,193		7,521,174
Diversified Financial Services – 0.1%
Sovereign Capital Trust IV, 4.375%		304,895		9,432,689
Electric Utilities – 0.1%
AES Trust III, 6.750%		346,577		16,072,508
CMS Energy Trust I, 7.750%(c)(j)		208,375		7,293,125
				23,365,633
Hotels, Restaurants & Leisure – 0.0%
Six Flags, Inc., 7.250%(e)		1		1
Machinery – 0.0%
United Rentals Trust, 6.500%		206,396		6,049,983
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp., 4.500%		87,351		7,359,322
El Paso Energy Capital Trust I, 4.750%		189,879		6,942,451
Williams Cos., Inc., 5.500%		25,000		2,440,625
				16,742,398
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%		53,600		582,900
Semiconductors & Semiconductor Equipment – 0.2%
Lucent Technologies Capital Trust, 7.750%		44,266		34,394,682
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $187,244,151)				185,450,481
NON-CONVERTIBLE PREFERRED STOCKS – 0.5%
Banking – 0.2%
GMAC, Inc., Series G, 7.000%, 144A		52,843		34,830,142
Diversified Financial Services – 0.1%
Bank of America Corp., 6.375%		53,000		1,009,650
Bank of America Corp., Series L, 7.250%		21,799		19,183,120
CIT Group, Inc., Series A, 6.350%		352,663		—
				20,192,770

20

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Shares	Value (†)
PREFERRED STOCKS – continued
Electric Utilities – 0.0%
Connecticut Light & Power Co., 1.900%	2,925	$	85,191
Entergy Arkansas, Inc., 4.320%	100		6,669
Entergy Mississippi, Inc., 4.360%	5,000		318,906
Entergy New Orleans, Inc., 4.360%	665		41,562
Entergy New Orleans, Inc., 4.750%	200		13,619
MDU Resources Group, Inc., 5.100%	1,091		107,395
Public Service Company of Oklahoma, 4.000%	360		23,243
Southern California Edison Co., 4.780%	50,100		1,007,010
Xcel Energy, Inc., 3.600%	1,100		67,375
			1,670,970
Thrifts & Mortgage Finance – 0.2%
Countrywide Capital IV, 6.750%	534,725		11,427,073
Federal Home Loan Mortgage Corp., 5.000%(e)(k)	104,800		184,448
Federal Home Loan Mortgage Corp., 5.570%(e)(k)	2,451,457		2,304,370
Federal Home Loan Mortgage Corp., 5.660%(e)(k)	624,479		530,807
Federal Home Loan Mortgage Corp., 5.700%(e)(k)	171,050		265,127
Federal Home Loan Mortgage Corp., 5.790%(e)(k)	399,250		674,732
Federal Home Loan Mortgage Corp., 5.810%(e)(k)	115,450		199,729
Federal Home Loan Mortgage Corp., 5.900%(e)(k)	310,023		266,620
Federal Home Loan Mortgage Corp., 6.000%(e)(k)	134,800		226,464
Federal Home Loan Mortgage Corp., 6.420%(e)(k)	125,980		225,504
Federal Home Loan Mortgage Corp., 6.550%(e)(k)	541,540		525,294
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(e)(k)	5,366,843		5,635,185
Federal National Mortgage Association, 4.750%(e)(k)	270,954		392,883
Federal National Mortgage Association, 5.125%(e)(k)	204,700		302,956
Federal National Mortgage Association, 5.375%(e)(k)	146,350		234,160
Federal National Mortgage Association, 5.810%(e)(k)	79,850		122,171
Federal National Mortgage Association, 6.750%(e)(k)	123,143		112,060
Federal National Mortgage Association, 8.250%(e)(k)	250,000		247,500
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(e)(k)	9,415,246		10,356,771
			34,233,854
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $443,178,523)			90,927,736
TOTAL PREFERRED STOCKS (Identified Cost $630,422,674)			276,378,217
COMMON STOCKS – 0.7%
Biotechnology – 0.3%
Vertex Pharmaceuticals, Inc.(e)	1,409,794		60,409,673
Containers & Packaging – 0.1%
Owens-Illinois, Inc.(e)	645,508		21,217,848

21

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Shares		Value (†)
COMMON STOCKS – continued
Electronic Equipment Instruments & Components – 0.1%
Corning, Inc.		630,490	$	12,174,762
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp.		1,026,979		26,578,216
Thrifts & Mortgage Finance – 0.1%
Federal Home Loan Mortgage Corp.(e)(k)		6,751,988		9,925,422
TOTAL COMMON STOCKS (Identified Cost $181,944,983)				130,305,921
CLOSED END INVESTMENT COMPANIES – 0.2%
BlackRock Senior High Income Fund, Inc.		191,806		671,321
Dreyfus High Yield Strategies Fund		1,033,274		3,874,778
DWS High Income Trust		88,954		753,440
Highland Credit Strategies Fund		860,000		5,435,200
Morgan Stanley Emerging Markets Debt Fund, Inc.		356,954		3,598,096
Van Kampen High Income Trust II		28,322		410,103
Western Asset High Income Opportunity Fund, Inc.		2,217,450		13,260,351
Western Asset Managed High Income Fund, Inc.		1,218,442		7,054,779
TOTAL CLOSED END INVESTMENT COMPANIES (Identified Cost $44,128,614)				35,058,068
WARRANTS – 0.0%
PHARMACEUTICALS – 0.0%
Valeant Pharmaceuticals International, Expiration 8/16/2010(c)(e)(j) (Identified Cost $0)		862,648		155,277
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 2.5%
Repurchase Agreement with State Street Corporation dated 12/31/2009 at 0.000%, to be repurchased at $54,364 on 1/04/2010 collateralized by $60,000 U.S. Treasury Bill, due 2/25/2010 valued at $59,996 including accrued interest(m)	$	54,364		54,364

22

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Principal Amount (‡)		Value (†)
SHORT-TERM INVESTMENTS – continued
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2009 at 0.000%, to be repurchased at $477,855,271 on 1/04/2010 collateralized by $250,000,000 Federal Home Loan Mortgage Corp., 3.125% due 11/05/2014 valued at $250,000,000; $14,335,000 Federal Home Loan Bank, 1.625% due 4/05/2012 valued at $14,370,838; $4,480,000 Federal National Mortgage Association, 4.250% due 8/15/2010 valued at $4,659,200; $6,080,000 Federal National Mortgage Association, 5.000% due 10/15/2011 valued at $6,574,000; $36,855,000 Federal Home Loan Mortgage Corp., 5.125% due 10/18/2016 valued at $40,862,981; $37,855,000 Federal Home Loan Mortgage Corp., 5.125% due 8/23/2010 valued at $39,700,431; $75,000,000 Federal National Mortgage Association, 4.000% due 1/28/2013 valued at $80,812,500; $50,000,000 Federal National Mortgage Association, 2.150% due 4/13/2012 valued at $50,437,500 including accrued interest(m)	$	477,855,271	$	477,855,271
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $477,909,635)				477,909,635
TOTAL INVESTMENTS – 98.6% (Identified Cost $18,405,182,805)(a)				18,626,901,962
Other assets less liabilities—1.4%				255,212,998
NET ASSETS – 100.0%			$	18,882,114,960

(‡) 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 shares of closed-end investment companies and exchange-traded funds, for which market quotations are readily available, are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where 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 valued at their most recent settlement price. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the 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.

23

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

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

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At December 31, 2009, the net unrealized appreciation on investments based on a cost of $18,435,049,964 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	$	1,350,335,273
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,158,483,275	)
Net unrealized appreciation	$	191,851,998

At September 30, 2009, the Fund had a capital loss carryforward of approximately $73,277,381 which expires on September 30, 2017. At September 30, 2009 post-October capital loss deferrals were $708,591,846. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Variable rate security. Rate as of December 31, 2009 is disclosed.

(c) Illiquid security. At December 31, 2009, the value of these securities amounted to $641,523,612 or 3.4% of net assets.

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

(e) Non-income producing security.

(f) 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 December 31, 2009.

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

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

(j) Fair valued security by the Fund’s investment adviser. At December 31, 2009 the value of these securities amounted to $7,448,402 or 0.0% of net assets.

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

(l) Issuer has filed for bankruptcy.

(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.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2009, the total value of these securities amounted to $2,372,115,482 or 12.6% 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 Corp.

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

24

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2009, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Chemicals	$	—	$	126,072,656	$	19,985,910	$	146,058,566
Integrated Energy		—		—		1,351,426		1,351,426
Supranational		—		278,293,379		67,456,215		345,749,594
All Other Non-Convertible Bonds*		—		15,508,399,651		—		15,508,399,651
Total Non-Convertible Bonds		—		15,912,765,686		88,793,551		16,001,559,237
Convertible Bonds*		—		1,345,736,948		—		1,345,736,948
Municipals*		—		221,638,095		—		221,638,095
Total Bonds and Notes		—		17,480,140,729		88,793,551		17,568,934,280
Bank Loans*		—		138,160,564		—		138,160,564
Preferred Stocks
Convertible Preferred Stocks
Automotive		78,049,586		—		—		78,049,586
Capital Markets		—		9,311,435		—		9,311,435
Commercial Banks		7,521,174		—		—		7,521,174
Diversified Financial Services		—		9,432,689		—		9,432,689
Electric Utilities		—		16,072,508		7,293,125		23,365,633
Hotels, Restaurants & Leisure		1		—		—		1
Machinery		—		6,049,983		—		6,049,983
Oil, Gas & Consumable Fuels		7,359,322		9,383,076		—		16,742,398
REITs		—		582,900		—		582,900
Semiconductors & Semiconductor Equipment		—		34,394,682		—		34,394,682
Total Convertible Preferred Stocks		92,930,083		85,227,273		7,293,125		185,450,481
Non-Convertible Preferred Stocks
Banking		—		34,830,142		—		34,830,142
Diversified Financial Services		1,009,650		19,183,120		—		20,192,770
Electric Utilities		1,074,385		596,585		—		1,670,970
Thrifts & Mortgage Finance		20,002,492		14,231,362		—		34,233,854
Total Non-Convertible Preferred Stocks		22,086,527		68,841,209		—		90,927,736
Total Preferred Stocks		115,016,610		154,068,482		7,293,125		276,378,217
Common Stocks*		130,305,921		—		—		130,305,921
Closed End Investment Companies		35,058,068		—		—		35,058,068
Warrants*		—		—		155,277		155,277
Short-Term Investments		—		477,909,635		—		477,909,635
Total	$	280,380,599	$	18,250,279,410	$	96,241,953	$	18,626,901,962

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

25

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases (Sales)			Net Transfers into/(out of) Level 3			Balance as of December 31, 2009
Bonds and Notes
Non-Convertible Bonds
Airlines	$	4,164,511	$	—	$	—	$	461,260		$	—		$	(4,625,771	)	$	—
Automotive		3,570,396		15,088		—		107,677			—			(3,693,161	)		—
Chemicals		25,744,100		53,592		—		4,718,418			—			(10,530,200	)		19,985,910
Diversified Manufacturing		30,625,436		127,257		—		1,808,607			—			(32,561,300	)		—
Integrated Energy		1,447,652		—		—		(35,708	)		(60,518	)		—			1,351,426
Non-Captive Consumer		5,428,994		93,693		—		144,615			—			(5,667,302	)		—
Non-Captive Diversified		4,017,538		43,739		—		(81,050	)		—			(3,980,227	)		—
Supranational		45,293,529		—		—		3,937,971			18,224,715			—			67,456,215
Technology		225,000		394		—		13,819			—			(239,213	)		—
Convertible Bonds
Technology		7,657,650		48,169		—		414,656			—			(8,120,475	)		—
Wirelines		68,341,380		47,758		—		4,626,535			—			(73,015,673	)		—
Preferred Stocks
Convertible Preferred Stocks
Electric Utilities		7,293,125		—		—		—			—			—			7,293,125
REITs		616,400		—		—		(33,500	)		—			(582,900	)		—
Warrants
Pharmaceuticals		—		—		—		155,277			—			—			155,277
Total	$	204,425,711	$	429,690	$	—	$	16,238,577		$	18,164,197		$	(143,016,222	)	$	96,241,953

26

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

INDUSTRY SUMMARY AT DECEMBER 31, 2009 (Unaudited)

Treasuries	16.8	%
Banking	7.0
Non-Captive Diversified	6.2
Technology	5.1
Automotive	4.7
Sovereigns	4.7
Wirelines	4.6
Healthcare	3.8
Non-Captive Consumer	3.4
Paper	2.9
Electric	2.8
Oil Field Services	2.3
Pipelines	2.2
Media Cable	2.0
Airlines	2.0
Other Investments, less than 2% each	25.6
Short-Term Investments	2.5
Total Investments	98.6
Other assets less liabilities	1.4
Net Assets	100.0	%

CURRENCY EXPOSURE AT DECEMBER 31, 2009 OF NET ASSETS (Unaudited)

United States Dollar	69.1	%
Canadian Dollar	14.8
New Zealand Dollar	2.6
Indonesian Rupiah	2.2
Other, less than 2% each	9.9
Total Investments	98.6
Other assets less liabilities	1.4
Net Assets	100.0	%

27

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 91.3% of Net Assets
NON-CONVERTIBLE BONDS – 84.7%
ABS Credit Card – 0.6%
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		$	4,265,000	$	4,403,253
ABS Other – 0.1%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			725,000		649,143
Aerospace & Defense – 0.0%
Bombardier, Inc., 7.450%, 5/01/2034, 144A			175,000		151,375
Airlines – 0.7%
American Airlines, Inc., Pass Through Trust, Series 2009-1A, 10.375%, 7/02/2019			995,000		1,099,475
American Airlines, Inc., Pass Through Trust, Series 1993-A6, 8.040%, 9/16/2011			15,049		13,882
Continental Airlines, Inc., Series 1997-1, Class A, 7.461%, 10/01/2016			425,470		404,196
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			115,186		105,396
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			183,735		162,605
Delta Air Lines, Inc., 9.500%, 9/15/2014, 144A			610,000		633,638
Delta Air Lines, Inc., 9.750%, 12/17/2016			500,000		508,750
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			1,680,127		1,498,858
United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024			1,178,775		1,001,959
					5,428,759
Automotive – 3.3%
Cummins, Inc., 7.125%, 3/01/2028			2,400,000		2,367,276
FCE Bank PLC, EMTN, 4.625%, 10/25/2010	NOK		50,000		8,031
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		300,000		421,464
FCE Bank PLC, EMTN, 7.125%, 1/15/2013	EUR		200,000		278,109
FCE Bank PLC, EMTN, 7.875%, 2/15/2011	GBP		300,000		482,137
Ford Motor Co., 6.375%, 2/01/2029			730,000		563,925
Ford Motor Co., 6.500%, 8/01/2018			50,000		42,187
Ford Motor Co., 6.625%, 10/01/2028			2,435,000		1,881,037
Ford Motor Co., 7.125%, 11/15/2025			595,000		464,100
Ford Motor Co., 7.450%, 7/16/2031			5,065,000		4,476,194
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			230,000		229,654
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011			140,000		141,385
Ford Motor Credit Co. LLC, 7.500%, 8/01/2012			1,355,000		1,366,461
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010			500,000		507,553
Ford Motor Credit Co. LLC, 8.000%, 6/01/2014			10,915,000		11,207,391
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			565,000		565,751
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			375,000		324,375
					25,327,030
Banking – 7.3%
AgriBank FCB, 9.125%, 7/15/2019(b)			4,330,000		4,758,462
Associates Corp. of North America, 6.950%, 11/01/2018			1,710,000		1,728,986
BAC Capital Trust VI, 5.625%, 3/08/2035			2,385,000		1,909,066
Bank of America Corp., 4.850%, 11/15/2014			500,000		491,796
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		2,340,000,000		2,007,687

1

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Banking – continued
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB	175,000,000	$	5,278,544
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB	45,000,000		1,361,948
BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, 144A	IDR	18,710,000,000		1,765,650
Citigroup, Inc., 5.000%, 9/15/2014		6,020,000		5,803,424
Citigroup, Inc., 5.850%, 12/11/2034		135,000		119,106
Citigroup, Inc., 5.875%, 2/22/2033		3,075,000		2,593,901
Citigroup, Inc., 5.875%, 5/29/2037		570,000		502,275
Citigroup, Inc., 6.000%, 10/31/2033		1,460,000		1,256,218
Citigroup, Inc., 6.125%, 8/25/2036		225,000		192,959
Citigroup, Inc., EMTN, (fixed rate to 11/30/2012, variable rate thereafter), 3.625%, 11/30/2017(c)	EUR	200,000		246,651
Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018		1,955,000		2,092,826
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		1,470,000		1,510,994
JPMorgan Chase & Co., Zero Coupon, 5/17/2010, 144A	BRL	16,585,000		9,115,558
JPMorgan Chase & Co., Zero Coupon, 3/28/2011, 144A	IDR	17,920,000,000		1,739,356
JPMorgan Chase & Co., Zero Coupon, 4/12/2012, 144A	IDR	21,194,634,240		1,854,615
JPMorgan Chase & Co., Zero Coupon, EMTN, 3/28/2011, 144A	IDR	24,502,029,000		2,378,222
JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, 144A	IDR	18,824,303,000		1,894,051
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		600,000		553,153
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR	1,000,000		1,276,593
Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		300,000		269,295
Morgan Stanley, 4.750%, 4/01/2014		1,795,000		1,805,316
Morgan Stanley, EMTN, 5.450%, 1/09/2017		370,000		373,965
Morgan Stanley, GMTN, 5.125%, 11/30/2015	GBP	350,000		565,019
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017		800,000		803,542
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		625,000		644,650
				56,893,828
Building Materials – 1.2%
Masco Corp., 0.554%, 3/12/2010(c)		1,675,000		1,668,171
Masco Corp., 4.800%, 6/15/2015		860,000		790,564
Masco Corp., 5.850%, 3/15/2017		240,000		223,310
Masco Corp., 6.125%, 10/03/2016		2,600,000		2,477,646
Masco Corp., 6.500%, 8/15/2032		305,000		259,553
Owens Corning, Inc., 6.500%, 12/01/2016		805,000		824,379
Owens Corning, Inc., 7.000%, 12/01/2036		2,050,000		1,911,914
USG Corp., 6.300%, 11/15/2016		1,680,000		1,503,600
				9,659,137
Chemicals – 2.0%
Borden, Inc., 7.875%, 2/15/2023		5,240,000		3,484,600
Borden, Inc., 8.375%, 4/15/2016		55,000		41,250
Borden, Inc., 9.200%, 3/15/2021		905,000		669,700
Chevron Phillips Chemical Co. LLC, 8.250%, 6/15/2019, 144A		3,440,000		4,048,698
Cytec Industries, Inc., 8.950%, 7/01/2017		2,500,000		2,965,290
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014		1,255,000		1,229,900
ICI Wilmington, Inc., 5.625%, 12/01/2013		115,000		120,030
Lubrizol Corp., 5.500%, 10/01/2014		365,000		388,547
Lubrizol Corp., 6.500%, 10/01/2034		1,170,000		1,196,025

2

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Chemicals – continued
Methanex Corp., 6.000%, 8/15/2015	$	1,565,000	$	1,334,911
				15,478,951
Commercial Mortgage-Backed Securities – 0.1%
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		95,000		91,976
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		1,000,000		813,482
				905,458
Construction Machinery – 0.3%
Toro Co., 6.625%, 5/01/2037(b)		965,000		779,016
United Rentals North America, Inc., 7.000%, 2/15/2014		55,000		49,775
United Rentals North America, Inc., 7.750%, 11/15/2013		1,745,000		1,640,300
				2,469,091
Distributors – 0.1%
ONEOK, Inc., 6.000%, 6/15/2035		1,000,000		933,325
Diversified Manufacturing – 0.5%
Textron, Inc., 5.600%, 12/01/2017		245,000		236,136
Textron, Inc., 6.200%, 3/15/2015		1,910,000		1,987,980
Textron, Inc., 7.250%, 10/01/2019		1,290,000		1,335,240
				3,559,356
Electric – 3.3%
AES Corp. (The), 7.750%, 3/01/2014		730,000		740,950
Bruce Mansfield Unit, 6.850%, 6/01/2034(b)		4,219,957		3,970,726
Dynegy Holdings, Inc., 7.125%, 5/15/2018		380,000		309,700
Dynegy Holdings, Inc., 7.625%, 10/15/2026		810,000		558,900
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		1,589,000		1,769,979
Enersis SA, 7.375%, 1/15/2014		275,000		306,558
Enersis SA, 7.400%, 12/01/2016		4,000,000		4,462,196
Mackinaw Power LLC, 6.296%, 10/31/2023, 144A		3,738,663		3,666,731
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		695,000		364,875
NiSource Finance Corp., 5.250%, 9/15/2017		250,000		245,894
NiSource Finance Corp., 6.150%, 3/01/2013		850,000		905,043
NiSource Finance Corp., 6.400%, 3/15/2018		2,855,000		2,967,384
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A		528,289		538,585
Quezon Power Philippines Co., 8.860%, 6/15/2017		1,237,600		1,150,968
TXU Corp., Series P, 5.550%, 11/15/2014		765,000		542,536
TXU Corp., Series Q, 6.500%, 11/15/2024		1,515,000		711,620
TXU Corp., Series R, 6.550%, 11/15/2034		1,275,000		591,117
White Pine Hydro LLC, 6.310%, 7/10/2017(b)		450,000		377,914
White Pine Hydro LLC, 6.960%, 7/10/2037(b)		670,000		461,949
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(b)		1,280,000		1,106,464
				25,750,089
Entertainment – 1.4%
Time Warner, Inc., 6.625%, 5/15/2029		2,065,000		2,153,178
Time Warner, Inc., 6.950%, 1/15/2028		875,000		941,548
Time Warner, Inc., 7.625%, 4/15/2031		730,000		847,988
Time Warner, Inc., 7.700%, 5/01/2032		1,155,000		1,356,357

3

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Entertainment – continued
Viacom, Inc., Class B, 6.875%, 4/30/2036	$	4,880,000	$	5,276,773
				10,575,844
Food & Beverage – 0.2%
Corn Products International, Inc., 6.625%, 4/15/2037		1,540,000		1,445,091
Sara Lee Corp., 6.125%, 11/01/2032		295,000		283,935
				1,729,026
Government Owned - No Guarantee – 0.2%
DP World Ltd., 6.850%, 7/02/2037, 144A		2,000,000		1,538,444
Health Insurance – 0.3%
CIGNA Corp., 6.350%, 3/15/2018		2,000,000		2,013,438
Healthcare – 2.7%
Boston Scientific Corp., 5.450%, 6/15/2014		290,000		304,500
Boston Scientific Corp., 6.400%, 6/15/2016		860,000		924,500
Boston Scientific Corp., 7.000%, 11/15/2035		860,000		843,875
HCA, Inc., 5.750%, 3/15/2014		455,000		427,700
HCA, Inc., 6.250%, 2/15/2013		2,345,000		2,280,513
HCA, Inc., 6.375%, 1/15/2015		410,000		386,938
HCA, Inc., 6.500%, 2/15/2016		610,000		579,500
HCA, Inc., 6.750%, 7/15/2013		115,000		113,275
HCA, Inc., 7.050%, 12/01/2027		3,545,000		3,039,837
HCA, Inc., 7.190%, 11/15/2015		820,000		762,600
HCA, Inc., 7.500%, 12/15/2023		1,475,000		1,347,772
HCA, Inc., 7.500%, 11/06/2033		1,440,000		1,259,333
HCA, Inc., 7.690%, 6/15/2025		2,660,000		2,435,767
HCA, Inc., 8.360%, 4/15/2024		2,220,000		2,109,000
HCA, Inc., MTN, 7.580%, 9/15/2025		2,930,000		2,607,700
HCA, Inc., MTN, 7.750%, 7/15/2036		430,000		382,700
Owens & Minor, Inc., 6.350%, 4/15/2016(b)		320,000		292,697
Tenet Healthcare Corp., 6.875%, 11/15/2031		1,075,000		860,000
Tenet Healthcare Corp., 7.375%, 2/01/2013		85,000		85,213
				21,043,420
Home Construction – 1.0%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		115,000		81,075
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		155,000		112,375
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		115,000		83,950
Lennar Corp., Series B, 5.600%, 5/31/2015		1,700,000		1,557,625
Pulte Homes, Inc., 5.200%, 2/15/2015		1,152,000		1,074,240
Pulte Homes, Inc., 6.000%, 2/15/2035		3,920,000		3,096,800
Pulte Homes, Inc., 6.375%, 5/15/2033		1,960,000		1,582,700
Toll Brothers Finance Corp., 5.150%, 5/15/2015		565,000		540,625
				8,129,390
Independent Energy – 2.2%
Anadarko Petroleum Corp., 5.950%, 9/15/2016		3,230,000		3,493,882
Anadarko Petroleum Corp., 6.450%, 9/15/2036		2,845,000		2,971,230
Chesapeake Energy Corp., 6.500%, 8/15/2017		380,000		372,400
Chesapeake Energy Corp., 6.875%, 1/15/2016		200,000		200,000
Chesapeake Energy Corp., 6.875%, 11/15/2020		900,000		868,500
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A		792,000		724,680

4

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Independent Energy – continued
Connacher Oil and Gas Ltd., 11.750%, 7/15/2014, 144A		$	525,000	$	580,125
Penn Virginia Corp., 10.375%, 6/15/2016			500,000		545,000
Pioneer Natural Resources Co., 5.875%, 7/15/2016			435,000		416,424
Pioneer Natural Resources Co., 7.200%, 1/15/2028			1,465,000		1,323,056
Questar Market Resources, Inc., 6.800%, 4/01/2018			3,820,000		3,980,837
Talisman Energy, Inc., 5.850%, 2/01/2037			550,000		525,492
Talisman Energy, Inc., 6.250%, 2/01/2038			1,485,000		1,486,675
					17,488,301
Industrial Other – 0.2%
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A			1,575,000		1,338,750
Integrated Energy – 0.1%
PF Export Receivables Master Trust, Series A, 6.436%, 6/01/2015, 144A			1,109,545		1,126,188
Life Insurance – 0.7%
Hartford Life Insurance Co., 2.020%, 9/15/2011(c)			500,000		474,120
MetLife, Inc., 10.750%, 8/01/2039			3,385,000		4,168,377
Protective Life Secured Trust, 1.550%, 9/10/2014(c)			1,000,000		922,500
					5,564,997
Local Authorities – 4.1%
Province of Alberta, 5.930%, 9/16/2016	CAD		821,399		871,891
Province of British Columbia, Zero Coupon, 8/23/2013	CAD		11,700,000		10,136,271
Province of Ontario, Canada, 4.200%, 3/08/2018	CAD		19,825,000		19,231,492
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		2,150,000		1,968,087
					32,207,741
Lodging – 0.0%
Host Marriott LP, Series O, 6.375%, 3/15/2015			150,000		147,000
Media Cable – 3.1%
Comcast Corp., 5.650%, 6/15/2035			2,040,000		1,906,845
Comcast Corp., 6.450%, 3/15/2037			805,000		830,011
Comcast Corp., 6.500%, 11/15/2035			2,275,000		2,358,859
Comcast Corp., 6.950%, 8/15/2037			7,695,000		8,386,727
CSC Holdings LLC, 6.750%, 4/15/2012			26,000		26,845
CSC Holdings LLC, 7.875%, 2/15/2018			170,000		175,950
CSC Holdings LLC, 8.500%, 4/15/2014, 144A			1,000,000		1,065,000
TCI Communications, Inc., 7.875%, 2/15/2026			550,000		616,519
Time Warner Cable, Inc., 6.550%, 5/01/2037			1,500,000		1,528,494
Time Warner Cable, Inc., 6.750%, 7/01/2018			6,500,000		7,140,659
Virgin Media Finance PLC, 9.125%, 8/15/2016			400,000		421,500
Virgin Media Finance PLC, 9.750%, 4/15/2014	GBP		52,543		87,838
					24,545,247
Media Non-Cable – 0.4%
News America, Inc., 6.150%, 3/01/2037			2,630,000		2,616,555
News America, Inc., 6.200%, 12/15/2034			795,000		798,987
					3,415,542
Metals & Mining – 0.2%
Alcoa, Inc., 5.720%, 2/23/2019			1,500,000		1,450,245
Alcoa, Inc., 5.870%, 2/23/2022			300,000		278,576
					1,728,821

5

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – 1.9%
SLM Corp., 6.000%, 12/15/2043		$	31,725	(††)	$	493,879
SLM Corp., MTN, 5.125%, 8/27/2012			760,000			712,480
SLM Corp., Series A, MTN, 4.500%, 7/26/2010			730,000			727,385
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			1,665,000			1,531,700
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			200,000			174,226
SLM Corp., Series A, MTN, 5.000%, 6/15/2018			145,000			111,464
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			2,920,000			2,754,524
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			235,000			216,757
SLM Corp., Series A, MTN, 5.400%, 10/25/2011			405,000			404,642
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			7,986,000			7,880,209
						15,007,266
Non-Captive Diversified – 3.6%
CIT Group, Inc., 7.000%, 5/01/2013			870,554			811,792
CIT Group, Inc., 7.000%, 5/01/2014			1,305,836			1,212,795
CIT Group, Inc., 7.000%, 5/01/2015			1,305,836			1,168,723
CIT Group, Inc., 7.000%, 5/01/2016			2,176,397			1,915,229
CIT Group, Inc., 7.000%, 5/01/2017			3,046,961			2,643,239
General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012	AUD		830,000			771,714
General Electric Capital Corp., 5.625%, 5/01/2018			35,000			35,866
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			170,000			157,400
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD		1,345,000			948,091
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014	NZD		2,500,000			1,869,173
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015			1,145,000			1,189,427
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD		9,210,000			6,517,038
GMAC, Inc., 5.375%, 6/06/2011, 144A			2,268,000			2,182,950
GMAC, Inc., 5.750%, 9/27/2010, 144A			309,000			305,910
GMAC, Inc., 6.000%, 12/15/2011, 144A			1,305,000			1,278,900
GMAC, Inc., 6.875%, 8/28/2012, 144A			224,000			219,520
GMAC, Inc., 7.000%, 2/01/2012, 144A			253,000			249,205
GMAC, Inc., 7.500%, 12/31/2013, 144A			682,000			658,130
GMAC, Inc., 8.000%, 12/31/2018, 144A			1,460,000			1,284,800
GMAC, Inc., 8.000%, 11/01/2031, 144A			181,000			162,900
iStar Financial, Inc., 5.500%, 6/15/2012			85,000			51,000
iStar Financial, Inc., 5.650%, 9/15/2011			135,000			99,225
iStar Financial, Inc., 5.875%, 3/15/2016			30,000			16,875
iStar Financial, Inc., 6.050%, 4/15/2015			30,000			16,875
iStar Financial, Inc., 8.625%, 6/01/2013			2,495,000			1,596,800
iStar Financial, Inc., Series B, 5.700%, 3/01/2014			95,000			53,200
iStar Financial, Inc., Series B, 5.950%, 10/15/2013			1,245,000			725,213
						28,141,990
Oil Field Services – 0.2%
Allis-Chalmers Energy, Inc., 8.500%, 3/01/2017			85,000			73,525
Allis-Chalmers Energy, Inc., 9.000%, 1/15/2014			220,000			210,100

6

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Oil Field Services – continued
North American Energy Partners, Inc., 8.750%, 12/01/2011	$	1,000,000	$	1,000,000
				1,283,625
Packaging – 0.3%
Owens-Illinois, Inc., 7.800%, 5/15/2018		2,000,000		2,015,000
Paper – 1.9%
Georgia-Pacific LLC, 7.250%, 6/01/2028		2,000,000		1,860,000
Georgia-Pacific LLC, 7.375%, 12/01/2025		2,868,000		2,738,940
Georgia-Pacific LLC, 7.750%, 11/15/2029		6,005,000		5,929,937
Georgia-Pacific LLC, 8.000%, 1/15/2024		132,000		134,640
Jefferson Smurfit Corp., 7.500%, 6/01/2013(d)		335,000		294,800
Westvaco Corp., 7.950%, 2/15/2031		1,045,000		1,019,733
Westvaco Corp., 8.200%, 1/15/2030		1,080,000		1,111,089
Weyerhaeuser Co., 7.375%, 3/15/2032		1,565,000		1,483,733
				14,572,872
Pharmaceuticals – 0.0%
Elan Financial PLC, 8.875%, 12/01/2013		335,000		333,325
Pipelines – 1.8%
DCP Midstream LP, 6.450%, 11/03/2036, 144A		1,740,000		1,646,520
El Paso Corp., 6.950%, 6/01/2028		925,000		793,360
El Paso Corp., 12.000%, 12/12/2013		2,195,000		2,573,638
El Paso Corp., GMTN, 7.800%, 8/01/2031		250,000		235,358
Enterprise Products Operating LLP, 6.300%, 9/15/2017		1,550,000		1,668,611
Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		300,000		351,131
Plains All American Pipeline LP, 6.125%, 1/15/2017		1,785,000		1,874,898
Plains All American Pipeline LP, 6.650%, 1/15/2037		3,850,000		3,927,924
Williams Cos., Inc. (The), 7.500%, 1/15/2031		1,000,000		1,078,733
				14,150,173
Property & Casualty Insurance – 1.2%
Axis Capital Holdings Ltd., 5.750%, 12/01/2014		80,000		80,527
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		1,190,000		1,217,032
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		775,000		808,534
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		180,000		159,798
Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019		1,880,000		2,281,045
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		1,545,000		664,350
White Mountains RE Group, 6.375%, 3/20/2017, 144A		2,140,000		2,008,328
XL Capital Ltd., 6.250%, 5/15/2027		1,430,000		1,300,373
XL Capital Ltd., 6.375%, 11/15/2024		1,135,000		1,061,063
				9,581,050
Railroads – 0.2%
CSX Corp., MTN, 6.000%, 10/01/2036		1,072,000		1,059,223
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(b)		500,000		335,000
				1,394,223
REITs – 1.6%
Camden Property Trust, 5.700%, 5/15/2017		1,495,000		1,410,101
Duke Realty LP, 5.950%, 2/15/2017		210,000		195,447
ERP Operating LP, 5.125%, 3/15/2016		70,000		68,238
Highwoods Properties, Inc., 5.850%, 3/15/2017		3,485,000		3,179,170

7

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
REITs – continued
Highwoods Properties, Inc., 7.500%, 4/15/2018		$	475,000		$	462,370
ProLogis, 5.625%, 11/15/2015			100,000			95,089
ProLogis, 5.750%, 4/01/2016			80,000			75,139
Realty Income Corp., 6.750%, 8/15/2019			1,000,000			979,215
Simon Property Group LP, 5.250%, 12/01/2016			1,125,000			1,094,091
Simon Property Group LP, 5.300%, 5/30/2013			685,000			706,786
Simon Property Group LP, 5.750%, 12/01/2015			350,000			356,913
Simon Property Group LP, 5.875%, 3/01/2017			200,000			200,280
Simon Property Group LP, 6.100%, 5/01/2016			290,000			295,957
WEA Finance LLC/WT Finance Australia Property Ltd., 6.750%, 9/02/2019, 144A			2,960,000			3,178,279
						12,297,075
Restaurants – 0.1%
McDonald’s Corp., EMTN, 3.628%, 10/10/2010	SGD		1,000,000			724,302
Retailers – 1.9%
Dillard’s, Inc., 7.750%, 7/15/2026			1,025,000			779,000
Foot Locker, Inc., 8.500%, 1/15/2022			1,100,000			1,039,500
Home Depot, Inc. (The), 5.875%, 12/16/2036			6,693,000			6,460,465
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			2,110,000			1,873,680
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			575,000			569,969
Toys R Us, Inc., 7.375%, 10/15/2018			3,240,000			2,964,600
Toys R Us, Inc., 7.875%, 4/15/2013			750,000			753,750
						14,440,964
Sovereigns – 4.5%
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		2,915,000,000			306,151
Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024	IDR		33,387,000,000			3,364,976
Indonesia Treasury Bond, Series ZC3, Zero Coupon, 11/20/2012	IDR		7,590,000,000			640,942
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		578,000	(†††)		4,345,515
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		125,000	(†††)		972,328
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		305,000	(†††)		2,250,780
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		501,000	(†††)		4,056,024
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		3,240,000			2,977,555
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		845,000			774,398
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		4,280,000			3,717,437
Republic of Brazil, 10.250%, 1/10/2028	BRL		14,885,000			8,549,684
Republic of Brazil, 12.500%, 1/05/2022	BRL		625,000			405,658
Republic of Iceland, Zero Coupon, 2/15/2010	ISK		11,345,000			53,532
Republic of Iceland, 7.000%, 3/17/2010	ISK		21,715,000			103,100
Republic of Iceland, 7.250%, 5/17/2013	ISK		212,600,000			1,004,788
Republic of Iceland, 8.000%, 7/22/2011	ISK		113,800,000			545,460
Republic of Iceland, 13.750%, 12/10/2010	ISK		157,245,000			788,666
						34,856,994
Supermarkets – 1.1%
American Stores Co., 8.000%, 6/01/2026			25,000			22,813
New Albertson’s, Inc., 7.450%, 8/01/2029			6,515,000			5,586,612

8

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Supermarkets – continued
New Albertson’s, Inc., 7.750%, 6/15/2026		$	1,470,000	$	1,315,650
New Albertson’s, Inc., 8.000%, 5/01/2031			565,000		512,738
New Albertson’s, Inc., 8.700%, 5/01/2030			5,000		4,850
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			1,745,000		1,328,381
					8,771,044
Supranational – 3.4%
Eurofima, EMTN, 11.000%, 2/05/2010	ISK		20,000,000		95,526
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD		19,735,000		14,057,195
International Bank for Reconstruction & Development, 1.430%, 3/05/2014	SGD		17,000,000		11,661,478
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK		210,000,000		1,007,260
					26,821,459
Technology – 2.1%
Agilent Technologies, Inc., 6.500%, 11/01/2017			5,215,000		5,518,758
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029			250,000		179,063
Amkor Technology, Inc., 7.750%, 5/15/2013			530,000		538,612
Arrow Electronics, Inc., 6.875%, 7/01/2013			2,850,000		3,108,375
Avnet, Inc., 6.000%, 9/01/2015			1,645,000		1,670,251
Avnet, Inc., 6.625%, 9/15/2016			130,000		134,119
Corning, Inc., 6.200%, 3/15/2016			250,000		265,325
Corning, Inc., 6.850%, 3/01/2029			450,000		449,469
Corning, Inc., 7.250%, 8/15/2036			1,175,000		1,197,237
Motorola, Inc., 5.220%, 10/01/2097			515,000		266,103
Motorola, Inc., 6.500%, 11/15/2028			815,000		701,056
Motorola, Inc., 6.625%, 11/15/2037			995,000		865,650
Nortel Networks Capital Corp., 7.875%, 6/15/2026(d)			150,000		100,500
Nortel Networks Ltd., 6.875%, 9/01/2023(d)			1,325,000		596,250
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A			1,042,200		1,089,376
					16,680,144
Tobacco – 0.9%
Altria Group, Inc., 9.250%, 8/06/2019			2,385,000		2,906,428
Reynolds American, Inc., 6.750%, 6/15/2017			3,320,000		3,438,212
Reynolds American, Inc., 7.250%, 6/15/2037			810,000		815,733
					7,160,373
Transportation Services – 0.6%
APL Ltd., 8.000%, 1/15/2024(b)			2,500,000		1,924,300
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016			1,187,970		926,616
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017(i)			364,292		331,506
Atlas Air, Inc., Series B, 7.680%, 1/02/2014			1,347,204		1,145,124
					4,327,546
Treasuries – 16.8%
Canadian Government, 1.000%, 9/01/2011	CAD		920,000		875,172
Canadian Government, 1.250%, 12/01/2011	CAD		490,000		466,509
Canadian Government, 2.000%, 9/01/2012	CAD		19,910,000		19,073,698
Canadian Government, 2.750%, 12/01/2010	CAD		12,760,000		12,432,048
Canadian Government, 3.500%, 6/01/2013	CAD		2,860,000		2,843,237

9

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Treasuries – continued
Canadian Government, 3.750%, 9/01/2011	CAD	18,145,000	$	18,040,035
Canadian Government, 3.750%, 6/01/2012	CAD	14,255,000		14,263,996
Canadian Government, 3.750%, 6/01/2019	CAD	7,385,000		7,138,280
Canadian Government, 4.250%, 6/01/2018	CAD	9,615,000		9,698,385
Canadian Government, 5.250%, 6/01/2012	CAD	22,355,000		23,122,789
Norwegian Government, 4.250%, 5/19/2017	NOK	56,415,000		9,904,487
Norwegian Government, 5.000%, 5/15/2015	NOK	9,425,000		1,725,722
Norwegian Government, 6.000%, 5/16/2011	NOK	11,705,000		2,118,011
Norwegian Government, 6.500%, 5/15/2013	NOK	8,410,000		1,605,145
U.S. Treasury Bond, 4.375%, 11/15/2039		8,145,000		7,796,296
				131,103,810
Wireless – 1.3%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		4,585,000		4,458,912
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		745,000		722,650
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		1,745,000		1,629,394
Rogers Cable, Inc., 5.500%, 3/15/2014		150,000		160,729
Sprint Capital Corp., 6.875%, 11/15/2028		1,262,000		1,049,038
Sprint Capital Corp., 6.900%, 5/01/2019		870,000		800,400
Sprint Capital Corp., 8.750%, 3/15/2032		300,000		282,750
Sprint Nextel Corp., 6.000%, 12/01/2016		898,000		819,425
				9,923,298
Wirelines – 3.0%
AT&T Corp., 6.500%, 3/15/2029		355,000		353,378
AT&T, Inc., 6.500%, 9/01/2037		1,630,000		1,689,495
Axtel SAB de CV, 9.000%, 9/22/2019, 144A		355,000		363,875
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD	195,000		182,787
Bell Canada, MTN, 7.300%, 2/23/2032	CAD	690,000		702,463
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD	600,000		533,187
Embarq Corp., 7.082%, 6/01/2016		235,000		259,576
Embarq Corp., 7.995%, 6/01/2036		200,000		215,140
GTE Corp., 6.940%, 4/15/2028		350,000		359,063
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(d)		75,000		7
Level 3 Financing, Inc., 9.250%, 11/01/2014		500,000		472,500
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		3,305,000		2,858,825
Qwest Capital Funding, Inc., 6.875%, 7/15/2028		7,205,000		5,836,050
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		350,000		311,500
Qwest Capital Funding, Inc., 7.750%, 2/15/2031		775,000		658,750
Qwest Corp., 6.875%, 9/15/2033		790,000		695,200
Qwest Corp., 7.200%, 11/10/2026		1,780,000		1,610,900
Qwest Corp., 7.250%, 9/15/2025		1,220,000		1,128,500
Telecom Italia Capital SA, 6.000%, 9/30/2034		1,330,000		1,257,764
Telecom Italia Capital SA, 6.375%, 11/15/2033		1,320,000		1,301,413
Telefonica Emisiones SAU, 7.045%, 6/20/2036		93,000		106,197
Verizon Communications, Inc., 5.850%, 9/15/2035		2,675,000		2,608,478
				23,505,048
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $620,193,259)				661,292,525

10

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
CONVERTIBLE BONDS – 5.6%
Airlines – 0.2%
AMR Corp., 6.250%, 10/15/2014	$	1,860,000	$	1,927,425
Automotive – 0.5%
Ford Motor Co., 4.250%, 11/15/2016		2,925,000		3,667,219
Construction Machinery – 0.0%
United Rentals North America, Inc., 1.875%, 10/15/2023		50,000		48,625
Electric – 0.1%
CMS Energy Corp., 5.500%, 6/15/2029		500,000		611,250
Healthcare – 0.1%
Affymetrix, Inc., 3.500%, 1/15/2038		604,000		534,540
Industrial Other – 0.2%
Incyte Corp., 3.500%, 2/15/2011		1,290,000		1,294,838
Life Insurance – 0.1%
MetLife, Inc., 6.400%, 12/15/2036		1,000,000		875,000
Lodging – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		1,430,000		1,340,625
Media Non-Cable – 0.0%
Liberty Media LLC, 3.500%, 1/15/2031		452,457		273,737
Metals & Mining – 0.4%
Steel Dynamics, Inc., 5.125%, 6/15/2014		235,000		297,569
United States Steel Corp., 4.000%, 5/15/2014		1,540,000		2,885,575
				3,183,144
Non-Captive Diversified – 0.0%
iStar Financial, Inc., 0.790%, 10/01/2012(c)		380,000		209,494
Oil Field Services – 0.0%
Transocean, Inc., Series C, 1.500%, 12/15/2037		360,000		346,500
Pharmaceuticals – 0.4%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		175,000		355,469
Human Genome Sciences, Inc., 2.250%, 8/15/2012		205,000		373,868
Nektar Therapeutics, 3.250%, 9/28/2012		1,065,000		979,800
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		1,095,000		1,308,525
				3,017,662
Pipelines – 0.2%
CenterPoint Energy Resources Corp., 6.000%, 3/15/2012(b)		1,467,700		1,431,008
REITs – 0.5%
ProLogis, 1.875%, 11/15/2037		2,505,000		2,216,925
ProLogis, 2.250%, 4/01/2037		1,515,000		1,405,162
				3,622,087
Technology – 1.9%
Alcatel-Lucent USA, Inc., Series B, 2.875%, 6/15/2025		5,000		4,262
Intel Corp., 2.950%, 12/15/2035		2,785,000		2,687,525
Intel Corp., 3.250%, 8/01/2039, 144A		7,000,000		8,041,250
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		3,585,000		3,132,394
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		380,000		366,700
Maxtor Corp., 5.750%, 3/01/2012(b)		363,000		350,295
Nortel Networks Corp., 2.125%, 4/15/2014(d)		248,000		168,330

11

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Richardson Electronics Ltd., 7.750%, 12/15/2011	$	263,000	$	252,480
				15,003,236
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		63,000		54,180
Wirelines – 0.8%
Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(b)		3,040,000		3,442,800
Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(b)		1,990,000		2,253,675
Qwest Communications International, Inc., 3.500%, 11/15/2025		250,000		259,375
				5,955,850
TOTAL CONVERTIBLE BONDS (Identified Cost $37,648,246)				43,396,420
MUNICIPALS – 1.0%
Michigan – 0.3%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(b)		2,435,000		1,945,614
Virginia – 0.7%
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(b)		7,725,000		5,572,660
TOTAL MUNICIPALS (Identified Cost $10,140,334)				7,518,274
TOTAL BONDS AND NOTES (Identified Cost $667,981,839)				712,207,219
BANK LOANS – 0.3%
Media Non-Cable – 0.1%
Idearc, Inc., Exit Term Loan, 11.000%, 12/31/2015(e)		1,609,994		831,835
Tribune Co., Term Loan X, 5.000%, 6/04/2009(d)(e)(f)		74,971		41,961
				873,796
Technology – 0.1%
Sungard Data Systems, Inc., Tranche B, 3.898%, 2/26/2016(e)		769,035		745,002
Wirelines – 0.1%
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(e)(g)		484,418		349,387
Level 3 Financing, Inc., Tranche A Term Loan, 2.530%, 3/31/2014(e)		345,000		312,225
				661,612
TOTAL BANK LOANS (Identified Cost $2,839,534)				2,280,410

12

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

	Shares	Value (†)
PREFERRED STOCKS – 2.0%
CONVERTIBLE PREFERRED STOCKS – 1.4%
Automotive – 0.4%
Ford Motor Co. Capital Trust II, 6.500%	81,667	$	3,256,880
Capital Markets – 0.1%
Newell Financial Trust I, 5.250%	25,075		877,625
Diversified Financial Services – 0.2%
Sovereign Capital Trust IV, 4.375%	55,343		1,712,174
Electric Utilities – 0.1%
AES Trust III, 6.750%	10,000		463,750
Machinery – 0.1%
United Rentals Trust, 6.500%	30,199		885,208
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp., 4.500%	775		65,294
El Paso Energy Capital Trust I, 4.750%	20,200		738,562
			803,856
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%	2,500		27,188
Semiconductors & Semiconductor Equipment – 0.4%
Lucent Technologies Capital Trust, 7.750%	3,715		2,886,555
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $10,708,194)			10,913,236
NON-CONVERTIBLE PREFERRED STOCKS – 0.6%
Banking – 0.1%
GMAC, Inc., Series G, 7.000%, 144A	1,121		738,879
Diversified Financial Services – 0.3%
Bank of America Corp., 6.375%	5,000		95,250
Bank of America Corp., Series L, 7.250%	2,844		2,502,720
			2,597,970
Electric Utilities – 0.1%
Entergy New Orleans, Inc., 4.360%	90		5,625
Entergy New Orleans, Inc., 4.750%	2,876		195,838
MDU Resources Group, Inc., 5.100%	254		25,003
Public Service Electric & Gas Co., 4.180%	1,950		138,450
Union Electric Co., 4.500%	4,670		330,402
Xcel Energy, Inc., 4.110%	100		6,800
			702,118
Thrifts & Mortgage Finance – 0.1%
Countrywide Capital IV, 6.750%	20,975		448,236
Federal Home Loan Mortgage Corp., 5.000%(h)(i)	4,150		7,304
Federal Home Loan Mortgage Corp., 5.570%(h)(i)	63,750		59,925
Federal Home Loan Mortgage Corp., 5.660%(h)(i)	18,900		16,065
Federal Home Loan Mortgage Corp., 5.700%(h)(i)	6,550		10,152
Federal Home Loan Mortgage Corp., 5.790%(h)(i)	12,100		20,449
Federal Home Loan Mortgage Corp., 5.810%(h)(i)	4,250		7,353
Federal Home Loan Mortgage Corp., 5.900%(h)(i)	9,400		8,084
Federal Home Loan Mortgage Corp., 6.000%(h)(i)	5,350		8,988
Federal Home Loan Mortgage Corp., 6.420%(h)(i)	3,800		6,802

13

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

	Shares		Value (†)
PREFERRED STOCKS – continued
Thrifts & Mortgage Finance – continued
Federal Home Loan Mortgage Corp., 6.550%(h)(i)		24,825	$	24,080
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(h)(i)		88,575		93,004
Federal National Mortgage Association, 4.750%(h)(i)		8,200		11,890
Federal National Mortgage Association, 5.125%(h)(i)		2,900		4,292
Federal National Mortgage Association, 5.375%(h)(i)		5,800		9,280
Federal National Mortgage Association, 5.810%(h)(i)		2,400		3,672
Federal National Mortgage Association, 6.750%(h)(i)		3,750		3,413
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(h)(i)		119,675		131,642
				874,631
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $9,015,791)				4,913,598
TOTAL PREFERRED STOCKS (Identified Cost $19,723,985)				15,826,834
COMMON STOCKS – 1.5%
Biotechnology – 0.7%
Vertex Pharmaceuticals, Inc.(i)		127,420		5,459,947
Containers & Packaging – 0.1%
Owens-Illinois, Inc.(i)		35,353		1,162,053
Electronic Equipment Instruments & Components – 0.5%
Corning, Inc.		205,167		3,961,775
Oil, Gas & Consumable Fuels – 0.2%
Chesapeake Energy Corp.		54,259		1,404,223
TOTAL COMMON STOCKS (Identified Cost $7,824,020)				11,987,998
WARRANTS – 0.0%
Pharmaceuticals – 0.0%
Valeant Pharmaceuticals International, Expiration 8/16/2010(b)(i)(j) (Identified Cost $0)		26,098		4,698
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 3.5%
Repurchase Agreement with State Street Corporation, dated 12/31/2009 at 0.000%, to be repurchased at $1,987 on 1/04/2010 collateralized by $5,000 U.S. Treasury Bill, due 2/25/2010 valued at $5,000 including accrued interest(k)	$	1,987		1,987

14

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
SHORT-TERM INVESTMENTS – continued
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2009 at 0.000% to be repurchased at $27,581,821 on 1/04/2010 collateralized by $27,825,000 Federal Home Loan Mortgage Corp., 2.250% due 8/24/2012 valued at $28,138,031 including accrued interest(k)	$	27,581,821	$	27,581,821
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $27,583,808)				27,583,808
TOTAL INVESTMENTS – 98.6% (Identified Cost $725,953,186)(a)				769,890,967
Other assets less liabilities—1.4%				10,671,991
NET ASSETS – 100.0%			$	780,562,958

(‡) 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 shares of closed-end investment companies and exchange-traded funds, for which market quotations are readily available, are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where 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 valued at their most recent settlement price. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the 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 sales. Amortization of premium on debt securities is excluded for tax purposes.):

At December 31, 2009, the net unrealized appreciation on investments based on a cost of $727,421,616 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	$	68,393,155
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(25,923,804	)
Net unrealized appreciation	$	42,469,351

15

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

At September 30, 2009, the Fund had a capital loss carryforward of approximately $129,506 expires on September 30, 2017. At September 30, 2009 post-October capital loss deferrals were $19,706,451. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Illiquid security. At December 31, 2009, the value of these securities amounted to $29,007,278 or 3.7% of net assets.

(c) Variable rate security. Rate as of December 31, 2009 is disclosed.

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

(e) Variable rate security. Rate shown represents the weighted average rate at December 31, 2009.

(f) Issuer has filed for bankruptcy.

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

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

(i) Non-income producing security.

(j) Fair valued security by the Fund’s investment adviser. At December 31, 2009 the value of this security amounted to $4,698 or 0.0% of net assets.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2009, the total value of these securities amounted to $72,198,360 or 9.2% 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: 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

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2009, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Chemicals	$	—	$	11,994,351	$	3,484,600	$	15,478,951
Integrated Energy		—		—		1,126,188		1,126,188
All Other Non-Convertible Bonds*		—		644,687,386		—		644,687,386
Total Non-Convertible Bonds		—		656,681,737		4,610,788		661,292,525

16

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Asset Valuation Inputs – continued

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes – continued
Convertible Bonds*	$	—	$	43,396,420	$	—	$	43,396,420
Municipals*		—		7,518,274		—		7,518,274
Total Bonds and Notes		—		707,596,431		4,610,788		712,207,219
Bank Loans*		—		2,280,410		—		2,280,410
Preferred Stocks
Convertible Preferred Stocks
Automotive		3,256,880		—		—		3,256,880
Capital Markets		—		877,625		—		877,625
Diversified Financial Services		—		1,712,174		—		1,712,174
Electric Utilities		—		463,750		—		463,750
Machinery		—		885,208		—		885,208
Oil, Gas & Consumable Fuels		65,294		738,562		—		803,856
REITs		—		27,188		—		27,188
Semiconductors & Semiconductor Equipment		—		2,886,555		—		2,886,555
Total Convertible Preferred Stocks		3,322,174		7,591,062		—		10,913,236
Non-Convertible Preferred Stocks
Banking		—		738,879		—		738,879
Diversified Financial Services		95,250		2,502,720		—		2,597,970
Electric Utilities		475,652		226,466		—		702,118
Thrifts & Mortgage Finance		634,835		239,796		—		874,631
Total Non-Convertible Preferred Stocks		1,205,737		3,707,861		—		4,913,598
Total Preferred Stocks		4,527,911		11,298,923		—		15,826,834
Common Stocks*		11,987,998		—		—		11,987,998
Warrants*		—		—		4,698		4,698
Short-Term Investments		—		27,583,808		—		27,583,808
Total	$	16,515,909	$	748,759,572	$	4,615,486	$	769,890,967

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

17

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases (Sales)			Net Transfers into/(out of) Level 3			Balance as of December 31, 2009
Bonds and Notes
Non-Convertible Bonds
Automotive	$	2,281,964	$	2,691	$	—	$	90,653		$	—		$	(2,375,308	)	$	—
Chemicals		3,531,800		7,257		—		656,493			—			(710,950	)		3,484,600
Integrated Energy		1,206,376		—		346		(30,103	)		(50,431	)		—			1,126,188
Life Insurance		450,000		1,094		—		23,025			—			(474,119	)		—
Non-Captive Diversified		250,188		511		—		234,855			(485,554	)		—			—
Convertible Bonds
Technology		330,330		1,812		—		18,153			—			(350,295	)		—
Wirelines		3,222,400		2,252		—		218,148			—			(3,442,800	)		—
Preferred Stocks
Convertible Preferred Stocks
REITs		28,750		—		—		(1,562	)		—			(27,188	)		—
Warrants
Pharmaceuticals		—		—		—		4,698			—			—			4,698
Total	$	11,301,808	$	15,617	$	346	$	1,214,360		$	(535,985	)	$	(7,380,660	)	$	4,615,486

INDUSTRY SUMMARY AT DECEMBER 31, 2009 (Unaudited)

Treasuries	16.8	%
Banking	7.4
Sovereigns	4.5
Automotive	4.2
Technology	4.1
Local Authorities	4.1
Wirelines	3.9
Non-Captive Diversified	3.6
Supranational	3.4
Electric	3.4
Media Cable	3.1
Healthcare	2.8
Independent Energy	2.2
REITs	2.1
Pipelines	2.0
Chemicals	2.0
Other Investments, less than 2% each	25.5
Short-Term Investments	3.5
Total Investments	98.6
Other assets less liabilities	1.4
Net Assets	100.0	%

18

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

CURRENCY EXPOSURE AT DECEMBER 31, 2009 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	65.3	%
Canadian Dollar	17.9
New Zealand Dollar	3.0
Brazilian Real	2.3
Other, less than 2% each	10.1
Total Investments	98.6
Other assets less liabilities	1.4
Net Assets	100.0	%

19

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 95.2% of Net Assets
NON-CONVERTIBLE BONDS – 95.0%
Argentina – 0.4%
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		$	8,320,000	$	7,363,200
Australia – 0.8%
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		16,675,000		15,324,301
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		445,000		386,509
					15,710,810
Austria – 1.0%
Oesterreichische Kontrollbank AG, 1.800%, 3/22/2010	JPY		1,944,000,000		20,908,995
Belgium – 2.8%
Kingdom of Belgium, 5.500%, 9/28/2017	EUR		36,130,000		59,027,214
Bermuda – 0.6%
Noble Group Ltd., 8.500%, 5/30/2013, 144A			4,805,000		5,369,588
White Mountains RE Group, 6.375%, 3/20/2017, 144A			6,905,000		6,480,142
					11,849,730
Brazil – 1.2%
Banco Nacional de Desenvolvimento Economico e Social, 6.500%, 6/10/2019, 144A			7,000,000		7,525,000
NET Servicos De Comunicacao SA, 7.500%, 1/27/2020, 144A			3,800,000		3,876,000
Republic of Brazil, 10.250%, 1/10/2028	BRL		17,750,000		10,195,290
Telemar Norte Leste SA, 9.500%, 4/23/2019, 144A			3,200,000		3,824,000
					25,420,290
Canada – 4.7%
ArcelorMittal USA Partnership, 9.750%, 4/01/2014			1,000,000		1,050,000
Bell Aliant Regional Communications, 5.410%, 9/26/2016	CAD		4,440,000		4,364,730
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		1,240,000		1,206,790
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		160,000		149,979
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		3,180,000		3,237,437
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		3,090,000		2,745,915
Canadian Government, 4.500%, 6/01/2015	CAD		41,303,000		42,673,382
Canadian Pacific Railway Co., 5.950%, 5/15/2037			1,745,000		1,656,738
Pacific Rubiales Energy Corp., 8.750%, 11/10/2016, 144A			3,800,000		3,990,000
Province of Quebec Canada, 1.600%, 5/09/2013	JPY		766,000,000		8,135,926
Province of Quebec Canada, EMTN, 3.375%, 6/20/2016	EUR		11,000,000		15,609,798
Shaw Communications, Inc., 6.500%, 6/02/2014	CAD		1,550,000		1,624,710
Teck Resources Ltd., 9.750%, 5/15/2014			9,345,000		10,781,794
					97,227,199
Cayman Islands – 1.4%
CCL Finance Ltd., 9.500%, 8/15/2014, 144A			5,000,000		5,375,000
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A			1,170,000		1,175,850
Petrobras International Finance Co., 5.875%, 3/01/2018			15,600,000		15,731,196
Vale Overseas Ltd., 6.875%, 11/21/2036			6,716,000		6,710,365
					28,992,411
Colombia – 0.2%
Empresas Publicas de Medellin ESP, 7.625%, 7/29/2019, 144A			4,500,000		4,950,000
Croatia – 0.3%
Republic of Croatia, 6.750%, 11/05/2019, 144A			5,200,000		5,600,795
France – 2.1%
Government of France, 5.000%, 10/25/2016	EUR		10,070,000		16,132,060

1

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
France – continued
Lafarge SA, EMTN, 4.750%, 3/23/2020	EUR	3,435,000	$	4,650,308
Lafarge SA, EMTN, 5.375%, 6/26/2017	EUR	3,000,000		4,321,792
Wendel, 4.375%, 8/09/2017	EUR	4,650,000		5,266,146
Wendel, 4.875%, 5/26/2016	EUR	10,250,000		12,416,334
WPP Finance SA, 5.250%, 1/30/2015	EUR	685,000		1,008,908
				43,795,548
Germany – 19.8%
Bertelsmann AG, EMTN, 3.625%, 10/06/2015	EUR	8,845,000		12,155,061
Bundesobligation, 4.000%, 10/11/2013	EUR	55,085,000		84,321,858
Bundesrepublik Deutschland, Series 06, 3.750%, 1/04/2017	EUR	12,780,000		19,179,463
Bundesrepublik Deutschland, Series 153, 4.250%, 7/04/2017	EUR	7,700,000		11,882,877
Kreditanstalt fuer Wiederaufbau, 1.350%, 1/20/2014	JPY	1,494,000,000		16,415,649
Kreditanstalt fuer Wiederaufbau, 2.500%, 10/11/2010	EUR	15,925,000		23,117,845
Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037	JPY	1,140,000,000		12,536,120
Kreditanstalt fuer Wiederaufbau, Series INTL, 1.850%, 9/20/2010	JPY	834,000,000		9,041,568
Landesbank Baden-Wuerttemberg, Series 14, 3.750%, 2/12/2014	EUR	8,720,000		13,038,267
Muenchener Hypothekenbank eG, 5.000%, 1/16/2012	EUR	11,515,000		17,504,222
Republic of Germany, 3.750%, 7/04/2013	EUR	70,210,000		106,570,754
Republic of Germany, 4.000%, 4/13/2012	EUR	50,825,000		77,032,149
Republic of Germany, 4.000%, 1/04/2037	EUR	7,639,000		10,665,289
				413,461,122
India – 1.1%
Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021		17,500,000		16,421,318
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		7,940,000		7,127,841
				23,549,159
Indonesia – 0.7%
Indonesia Government International Bond, 7.750%, 1/17/2038, 144A		9,000,000		10,125,000
Indonesia Government International Bond, 11.500%, 9/15/2019	IDR	42,900,000,000		4,970,514
				15,095,514
Ireland – 2.0%
Depfa ACS Bank, EMTN, 1.650%, 12/20/2016	JPY	4,140,000,000		37,561,471
Elan Corp. PLC, 8.750%, 10/15/2016, 144A		4,200,000		4,011,000
				41,572,471
Italy – 0.4%
Finmeccanica SpA, EMTN, 4.875%, 3/24/2025	EUR	4,850,000		6,763,895
Telecom Italia SpA, EMTN, 5.375%, 1/29/2019	EUR	1,500,000		2,239,779
				9,003,674
Japan – 4.5%
Development Bank of Japan, 1.750%, 3/17/2017	JPY	400,000,000		4,529,434
Japan Finance Organization for Municipal Enterprises, 1.350%, 11/26/2013	JPY	1,000,000,000		11,083,212
Japan Finance Organization for Municipal Enterprises, 1.550%, 2/21/2012	JPY	1,200,000,000		13,196,225
Japan Government, 1.300%, 3/20/2019	JPY	1,536,000,000		16,701,458

2

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Japan – continued
Japan Government, 1.400%, 6/20/2011	JPY	4,412,100,000		$	48,237,586
					93,747,915
Korea – 0.6%
SK Broadband Co. Ltd., 7.000%, 2/01/2012, 144A		1,610,000			1,690,500
SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		11,600,000			11,883,388
					13,573,888
Luxembourg – 0.7%
ArcelorMittal, 7.000%, 10/15/2039		11,000,000			11,582,054
ArcelorMittal, 9.850%, 6/01/2019		2,800,000			3,621,526
					15,203,580
Mexico – 2.4%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A		4,030,000			3,949,400
Corp. GEO SAB de CV, 8.875%, 9/25/2014, 144A		2,026,000			2,091,845
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		8,400,000			7,980,000
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN	700,000	(††)		5,445,039
Mexican Fixed Rate Bonds, Series M-10, 8.500%, 12/13/2018	MXN	1,537,500	(††)		12,218,083
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN	1,373,000	(††)		10,132,198
Mexichem SAB de CV, 8.750%, 11/06/2019, 144A		6,800,000			7,310,000
					49,126,565
Netherlands – 1.6%
Kingdom of Netherlands, 5.500%, 1/15/2028(b)	EUR	12,995,000			21,663,270
Majapahit Holding BV, 7.250%, 6/28/2017, 144A		3,440,000			3,517,400
Majapahit Holding BV, 7.750%, 1/20/2020, 144A		7,000,000			7,332,500
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR	1,000,000			1,376,208
					33,889,378
Norway – 3.3%
Norwegian Government, 4.250%, 5/19/2017	NOK	40,055,000			7,032,248
Norwegian Government, 5.000%, 5/15/2015	NOK	60,020,000			10,989,689
Norwegian Government, 6.000%, 5/16/2011	NOK	61,705,000			11,165,474
Norwegian Government, 6.500%, 5/15/2013	NOK	211,560,000			40,378,662
					69,566,073
Qatar – 0.5%
Qatar Government International Bond, 4.000%, 1/20/2015, 144A		10,100,000			10,125,250
Singapore – 1.1%
Prime Dig Pte Ltd., 11.750%, 11/03/2014, 144A		5,300,000			5,353,000
Singapore Government, 2.250%, 7/01/2013	SGD	24,355,000			18,124,603
					23,477,603
South Africa – 0.4%
Edcon Proprietary Ltd., 3.964%, 6/15/2014, 144A(c)	EUR	8,495,000			7,708,678
Supranational – 1.3%
Asia Development Bank, 2.350%, 6/21/2027	JPY	1,700,000,000			18,873,787
European Investment Bank, EMTN, Zero Coupon, 4/24/2013, 144A	IDR	90,681,660,000			7,299,898
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK	8,000,000			38,372
					26,212,057

3

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Sweden – 1.6%
Nordea Bank AB, 3.700%, 11/13/2014, 144A		$	5,500,000	$	5,489,396
Swedish Government, 5.500%, 10/08/2012	SEK		176,475,000		27,148,140
					32,637,536
United Arab Emirates – 1.7%
Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A			6,800,000		6,932,641
Dolphin Energy Ltd., 5.888%, 6/15/2019, 144A			5,544,000		5,599,440
DP World Ltd., 6.850%, 7/02/2037, 144A			29,110,000		22,392,052
					34,924,133
United Kingdom – 5.6%
Abbey National Treasury Services PLC, 3.875%, 11/10/2014, 144A			9,500,000		9,533,810
Barclays Bank PLC, 6.050%, 12/04/2017, 144A			500,000		508,851
British Sky Broadcasting Group PLC, EMTN, 6.000%, 5/21/2027	GBP		950,000		1,518,836
Lloyds TSB Group PLC, 5.875%, 7/08/2014	EUR		270,000		379,670
Rexam PLC, 6.750%, 6/01/2013, 144A			13,775,000		14,633,554
United Kingdom Treasury, 4.000%, 9/07/2016(b)	GBP		23,005,000		38,382,045
United Kingdom Treasury, 4.750%, 3/07/2020	GBP		14,775,000		25,090,041
United Kingdom Treasury, 5.000%, 9/07/2014	GBP		4,000,000		7,081,429
United Kingdom Treasury, 5.000%, 3/07/2025	GBP		7,445,000		12,759,548
WPP PLC, 6.000%, 4/04/2017	GBP		4,550,000		7,470,205
					117,357,989
United States – 30.2%
AES Corp. (The), 8.750%, 5/15/2013, 144A			6,125,000		6,278,125
AES Corp. (The), 9.375%, 9/15/2010			3,000,000		3,097,500
Ahold Finance USA, Inc., EMTN, 6.500%, 3/14/2017	GBP		6,055,000		10,459,364
American Express Issuance Trust, Series 2005-2, Class A, 0.303%, 8/15/2013(c)			815,000		800,582
American Home Mortgage Investment Trust, Series 2007-2, Class 12A1, 0.501%, 3/25/2037(c)			302,486		125,282
American Stores Co., Series B, MTN, 7.100%, 3/20/2028			2,250,000		1,833,750
Avis Budget Rental Car Funding AESOP LLC, 5.680%, 2/20/2014, 144A			10,200,000		10,532,242
Bank of America Credit Card Trust, Series 2007-B2, Class B2, 0.433%, 6/15/2016(c)			1,265,000		1,115,348
Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041			300,000		292,182
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044			200,000		172,595
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.719%, 6/11/2040(c)			100,000		90,897
Boston Scientific Corp., 4.500%, 1/15/2015			3,710,000		3,717,572
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014			385,000		398,811
Capital One Multi-Asset Execution Trust, Series 2004-B7, Class B7, 1.230%, 8/17/2017(c)	EUR		4,150,000		4,617,187
Capital One Multi-Asset Execution Trust, Series 2005-A10, Class A, 0.313%, 9/15/2015(c)			840,000		823,825

4

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Chase Issuance Trust, Series 2007-B1, Class B1, 0.483%, 4/15/2019(c)		$	1,000,000	$	864,676
Chesapeake Energy Corp., 6.500%, 8/15/2017			550,000		539,000
Chesapeake Energy Corp., 6.875%, 11/15/2020			3,270,000		3,155,550
Chesapeake Energy Corp., 7.500%, 9/15/2013			265,000		269,638
Chesapeake Energy Corp., 7.500%, 6/15/2014			2,600,000		2,652,000
Citi Credit Card Issuance Trust, Series 2001-A4, Class A4, 5.375%, 4/10/2013	EUR		5,130,000		7,517,645
Citibank Credit Card Issuance Trust, Series 2005-C1, Class C1, 5.500%, 3/24/2017			100,000		94,531
Citigroup, Inc., 5.000%, 9/15/2014			7,360,000		7,095,217
Citigroup, Inc., 6.125%, 8/25/2036			1,500,000		1,286,391
Citigroup, Inc., MTN, 5.500%, 10/15/2014			1,500,000		1,518,797
Comcast Corp., 4.950%, 6/15/2016			6,300,000		6,469,955
Continental Airlines, Inc., Series 2000-1, Class A-1, 8.048%, 5/01/2022			772,800		759,276
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			1,557,895		1,425,474
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			517,562		458,042
Continental Airlines, Inc., Series 2007-1, Class A, 5.983%, 4/19/2022			4,000,000		3,860,000
Corning, Inc., 7.250%, 8/15/2036			740,000		754,005
Couche-Tard US/Finance, 7.500%, 12/15/2013			3,775,000		3,841,062
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.808%, 9/15/2039(c)			900,000		725,904
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040			1,675,000		1,336,367
CSC Holdings LLC, 8.500%, 4/15/2014, 144A			8,590,000		9,148,350
CSX Corp., MTN, 6.000%, 10/01/2036			5,554,000		5,487,802
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024			6,980,932		6,666,790
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			1,853,823		1,626,729
DISH DBS Corp., 6.625%, 10/01/2014			3,350,000		3,379,312
DISH DBS Corp., 7.000%, 10/01/2013			4,585,000		4,716,819
Embarq Corp., 7.995%, 6/01/2036			6,047,000		6,504,746
Erac USA Finance Co., 6.375%, 10/15/2017, 144A			7,181,000		7,253,291
Erac USA Finance Co., 6.700%, 6/01/2034, 144A			120,000		106,055
Erac USA Finance Co., 7.000%, 10/15/2037, 144A			7,530,000		7,370,424
Frontier Communications Corp., 6.250%, 1/15/2013			10,195,000		10,220,487
Frontier Communications Corp., 6.625%, 3/15/2015			480,000		466,800
General Electric Capital Corp., EMTN, 1.000%, 3/21/2012	JPY		888,000,000		9,406,812
General Electric Capital Corp., Series A, GMTN, 5.250%, 4/15/2013			230,000		230,597
Georgia-Pacific LLC, 7.250%, 6/01/2028			4,540,000		4,222,200
Georgia-Pacific LLC, 8.000%, 1/15/2024			180,000		183,600
Georgia-Pacific LLC, 8.875%, 5/15/2031			1,805,000		1,913,300
Goldman Sachs Group, Inc. (The), 1.065%, 5/23/2016(c)	EUR		5,800,000		7,568,546
Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038	GBP		1,250,000		2,057,976

5

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		$	11,075,000	$	11,118,180
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049			1,000,000		887,664
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039			700,000		618,481
GTE Corp., 6.940%, 4/15/2028			355,000		364,193
HCA, Inc., 5.750%, 3/15/2014			3,535,000		3,322,900
HCA, Inc., 6.250%, 2/15/2013			1,270,000		1,235,075
HCA, Inc., 6.375%, 1/15/2015			1,205,000		1,137,219
HCA, Inc., 6.500%, 2/15/2016			2,440,000		2,318,000
HCA, Inc., 6.750%, 7/15/2013			770,000		758,450
HCA, Inc., 7.500%, 11/06/2033			525,000		459,132
HCA, Inc., 7.690%, 6/15/2025			635,000		581,471
HCA, Inc., 8.750%, 9/01/2010			1,500,000		1,535,625
HCA, Inc., MTN, 7.580%, 9/15/2025			624,000		555,360
HCA, Inc., MTN, 7.750%, 7/15/2036			165,000		146,850
Hertz Vehicle Financing LLC, Series 2009-2A, Class A1, 4.260%, 3/25/2014, 144A			5,400,000		5,381,336
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A			5,680,000		5,566,400
Home Depot, Inc. (The), 5.875%, 12/16/2036			5,772,000		5,571,463
HSI Asset Securitization Corp. Trust, Series 2006-OPT4, Class 2A4, 0.481%, 3/25/2036(c)			850,000		296,777
Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A			7,295,000		7,217,906
IPALCO Enterprises, Inc., 7.250%, 4/01/2016, 144A			1,875,000		1,879,687
JPMorgan Chase & Co., 5.150%, 10/01/2015			6,000,000		6,213,270
JPMorgan Chase Bank NA, EMTN, Zero Coupon, 10/17/2011, 144A	IDR		26,740,000,000		2,487,290
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.818%, 6/15/2049(c)			1,900,000		1,654,617
Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018			10,800,000		11,439,522
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.882%, 6/15/2038(c)			300,000		283,991
Marriott Vacation Club Owner Trust, Series 2009-2A, Class A, 4.809%, 7/20/2031, 144A			7,086,960		7,041,228
Merrill Auto Trust Securitization, Series 2008-1, Class A4A, 6.150%, 4/15/2015			8,155,000		8,670,972
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR		7,950,000		10,148,918
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039			5,755,000		5,840,588
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051			1,000,000		813,482
Morgan Stanley, 4.750%, 4/01/2014			6,665,000		6,703,304
Morgan Stanley, 5.375%, 11/14/2013	GBP		2,070,000		3,492,016
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041			100,000		93,941
Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.649%, 6/11/2042(c)			700,000		675,832

6

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.280%, 1/11/2043(c)		$	200,000	$	199,964
Motorola, Inc., 5.220%, 10/01/2097			60,000		31,002
Motorola, Inc., 6.500%, 9/01/2025			125,000		108,602
Motorola, Inc., 6.500%, 11/15/2028			115,000		98,922
Motorola, Inc., 6.625%, 11/15/2037			6,120,000		5,324,400
Nabors Industries, Inc., 6.150%, 2/15/2018			6,360,000		6,610,215
National Semiconductor Corp., 6.150%, 6/15/2012			9,275,000		9,715,071
National Semiconductor Corp., 6.600%, 6/15/2017			335,000		343,161
New Albertson’s, Inc., 7.450%, 8/01/2029			2,354,000		2,018,555
New Albertson’s, Inc., 8.000%, 5/01/2031			1,000,000		907,500
News America, Inc., 6.150%, 3/01/2037			3,730,000		3,710,932
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			5,525,000		5,373,062
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			540,000		504,225
NiSource Finance Corp., 6.400%, 3/15/2018			6,105,000		6,345,317
Owens & Minor, Inc., 6.350%, 4/15/2016(d)			7,740,000		7,079,608
Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR		2,170,000		3,033,033
ProLogis, 6.625%, 5/15/2018			15,685,000		14,875,231
Questar Market Resources, Inc., 6.800%, 3/01/2020			4,495,000		4,685,161
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			855,000		739,575
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			365,000		295,650
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			3,410,000		2,898,500
Qwest Corp., 6.875%, 9/15/2033			2,635,000		2,318,800
Qwest Corp., 7.200%, 11/10/2026			100,000		90,500
Qwest Corp., 7.250%, 9/15/2025			1,656,000		1,531,800
Qwest Corp., 7.250%, 10/15/2035			5,165,000		4,545,200
Qwest Corp., 7.500%, 6/15/2023			5,285,000		4,994,325
Qwest Corp., 7.625%, 6/15/2015			2,487,000		2,574,045
Reynolds American, Inc., 6.750%, 6/15/2017			9,935,000		10,288,746
Rowan Cos., Inc., 7.875%, 8/01/2019			10,745,000		11,954,790
Sierra Receivables Funding Co., Series 2009-2A, 4.520%, 8/20/2026, 144A			4,525,018		4,517,982
Sierra Receivables Funding Co., Series 2009-3A, Class A1, 7.620%, 7/20/2026, 144A			10,427,237		10,410,599
Simon Property Group LP, 5.875%, 3/01/2017			50,000		50,070
Simon Property Group LP, 6.125%, 5/30/2018			5,240,000		5,323,777
Simon Property Group LP, 10.350%, 4/01/2019			120,000		150,728
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			6,610,000		6,080,803
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.381%, 7/25/2036(c)			1,038,172		670,461
Sprint Capital Corp., 8.375%, 3/15/2012			4,309,000		4,459,815
Steel Dynamics, Inc., 7.375%, 11/01/2012			5,415,000		5,577,450
SUPERVALU, Inc., 7.500%, 11/15/2014			1,430,000		1,447,875
Textron, Inc., 3.875%, 3/11/2013	EUR		11,350,000		15,369,878
Time Warner, Inc., 6.625%, 5/15/2029			2,170,000		2,262,661
Time Warner, Inc., 6.950%, 1/15/2028			2,795,000		3,007,574
U.S. Treasury Note, 1.000%, 7/31/2011			27,905,000		27,947,499
U.S. Treasury Note, 1.000%, 10/31/2011			39,785,000		39,749,193

7

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
U.S. Treasury Note, 1.500%, 12/31/2013		$	14,265,000	$	13,889,431
U.S. Treasury Note, 1.875%, 6/15/2012			20,000,000		20,218,760
U.S. Treasury Note, 2.625%, 6/30/2014			44,295,000		44,616,847
UnitedHealth Group, Inc., 5.800%, 3/15/2036			2,715,000		2,433,297
UnitedHealth Group, Inc., 6.500%, 6/15/2037			1,750,000		1,725,671
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048			300,000		281,505
WEA Finance LLC, 7.125%, 4/15/2018, 144A			148,000		161,814
WEA Finance LLC/WT Finance Australia Property Ltd., 6.750%, 9/02/2019, 144A			235,000		252,330
Wells Fargo & Co., 4.625%, 11/02/2035	GBP		7,780,000		10,904,564
World Financial Network Credit Card Master Trust, Series 2008-A, Class M, 5.233%, 6/15/2014(c)			2,000,000		1,990,626
					630,717,670
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $1,916,040,602)					1,981,796,447
CONVERTIBLE BONDS – 0.2%
United States – 0.2%
ERP Operating LP, 3.850%, 8/15/2026			1,500,000		1,485,000
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(e)			3,820,000		3,261,325
TOTAL CONVERTIBLE BONDS (Identified Cost $4,029,733)					4,746,325
TOTAL BONDS AND NOTES (Identified Cost $1,920,070,335)					1,986,542,772
		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		1,760
Federal Home Loan Mortgage Corp., 5.570%(f)(g)			33,383		31,380
Federal Home Loan Mortgage Corp., 5.660%(f)(g)			5,433		4,618
Federal Home Loan Mortgage Corp., 6.420%(f)(g)			2,889		5,171
Federal Home Loan Mortgage Corp., 6.550%(f)(g)			1,755		1,702
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(f)(g)			552,117		579,723
Federal National Mortgage Association, 4.750%(f)(g)			6,159		8,931
Federal National Mortgage Association, 5.125%(f)(g)			650		962
Federal National Mortgage Association, 5.375%(f)(g)			1,350		2,160
Federal National Mortgage Association, 6.750%(f)(g)			2,802		2,550
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(f)(g)			1,085,090		1,193,599
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $38,335,382)					1,832,556
TOTAL PREFERRED STOCKS (Identified Cost $38,335,382)					1,832,556

8

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

	Principal Amount (‡)		Value (†)
SHORT-TERM INVESTMENTS – 1.9%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation dated 12/31/2009 at 0.000% to be repurchased at $39,590,130 on 1/04/2010 collateralized by $25,745,000 Federal Home Loan Mortgage Corp., 2.250% due 8/24/2012 valued at $26,034,631; $5,485,000 Federal Home Loan Mortgage Corp., 2.000% due 11/05/2012 valued at $5,498,713; $8,755,000 Federal National Mortgage Association, 1.500% due 8/24/2012 valued at $8,853,494 including accrued interest(h) (Identified Cost $39,590,130)	$	39,590,130	$	39,590,130
TOTAL INVESTMENTS – 97.2% (Identified Cost $1,997,995,847)(a)				2,027,965,458
Other assets less liabilities—2.8%				57,974,089
NET ASSETS – 100.0%			$	2,085,939,547

(‡) 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 shares of closed-end investment companies and exchange-traded funds, for which market quotations are readily available, are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. Forward foreign currency contracts are valued utilizing interpolated prices determined from information provided by an independent pricing service. Futures contracts are valued at their most recent settlement price. Credit default swaps are valued based on prices supplied by a pricing service, if available, or quotations obtained from broker-dealers. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the 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 December 31, 2009, the net unrealized appreciation on investments based on a cost of $2,005,352,279 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	$	88,159,254
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(65,546,075	)
Net unrealized appreciation	$	22,613,179

9

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

At September 30, 2009, the Fund had a capital loss carryforward of approximately $31,183,878 of which $1,046,616 expires on September 30, 2014; $5,497,643 expires on September 30, 2015; $3,309,847 expires on September 30, 2016 and $21,329,772 expires on September 30, 2017. At September 30, 2009 post-October capital loss deferrals were $67,714,661. 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 forward foreign currency contracts or open swap agreements.

(c) Variable rate security. Rate as of December 31, 2009 is disclosed.

(d) Illiquid security. At December 31, 2009, the value of this security amounted to $7,079,608 or 0.3% 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) It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. The repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2009, the total value of these securities amounted to $297,276,265 or 14.3% of net assets.

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

MTN Medium Term Note

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

Credit Default Swap Agreement

The Fund may enter into credit default swaps. A credit default swap is an agreement between two parties (the “protection buyer” and “protection seller”) to exchange the credit risk of an issuer (“reference obligation”) for a specified time period. The reference obligation may be one or more debt securities or an index of such securities. The Fund may be either the protection buyer or the protection seller. The protection buyer is obligated to pay the protection seller a stream of payments (“fees”) over the term of the contract, provided that no credit event, such as a default or a downgrade in credit rating, occurs on the reference obligation. If a credit event occurs, the protection seller must pay the protection buyer the agreed upon notional value (“par value”) of the reference obligation in exchange for the reference obligation (or may pay the difference between the par value and market value of the reference obligation). The Fund may also make upfront payments as the protection buyer or receive upfront payments as the protection seller.

The notional amounts of credit default swaps are not recorded. Credit default swaps are marked-to-market daily. Fluctuations in the value of credit default swaps are recorded as change in unrealized appreciation (depreciation) on swap agreements. Fees are accrued in accordance with the terms of the agreement and are recorded as realized gain or loss when received or paid. Upfront fees received or paid by the Fund are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Fund as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

Credit default swaps are privately negotiated and traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. Counterparty risk is managed through the posting of collateral and, as a result, the risk of loss to a Fund from counterparty default should be limited to the extent a Fund is undercollateralized. In addition to collateral requirements, the Fund also requires counterparties to meet minimum credit quality requirements. The Fund covers its net obligations under outstanding credit default swaps by segregating liquid assets in the form of collateral.

At December 31, 2009, the Fund had the following open credit default swap agreement:

Buy Protection

Counterparty	Reference Obligation	(Pay)/Receive Fixed Rate		Expiration Date	Notional Value		Unamortized Up Front Payment		Market Value			Unrealized Depreciation
Morgan Stanley	CDX North America Investment Grade Index	(1.00	%)	6/20/2014	$	35,000,000	$	339,259	$	(266,872	)	$	(597,738	)*

* Unrealized depreciation includes fees payable of $9,722.

10

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell generally are used to hedge a Fund’s investments against currency fluctuation. Also, a contract to buy or sell may offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded as unrealized until settlement date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts require the movement of cash or securities to or from the counterparty as collateral for the Fund’s or counterparty’s net obligations under the contracts.

At December 31, 2009, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date	Currency	Units	Notional Value		Unrealized Appreciation (Depreciation)
Buy1	11/16/2010	Chinese Renminbi	138,000,000	$	20,355,896	$	(578,570	)
Sell2	3/15/2010	Japanese Yen	1,520,000,000		16,326,130		862,898
Buy2	3/15/2010	South Korean Won	21,500,000,000		18,420,342		(79,852	)
Buy3	3/15/2010	South Korean Won	43,930,000,000		37,637,470		(112,809	)
Total						$	91,667

¹ Counterparty is Morgan Stanley & Co., Inc.

² Counterparty is UBS.

³ Counterparty is Barclays Bank PLC.

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2009, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Supranational	$	—	$	18,912,159	$	7,299,898	$	26,212,057
United States		—		628,230,380		2,487,290		630,717,670
All Other Non-Convertible Bonds*		—		1,324,866,720		—		1,324,866,720
Total Non-Convertible Bonds		—		1,972,009,259		9,787,188		1,981,796,447
Convertible Bonds*		—		4,746,325		—		4,746,325
Total Bonds and Notes		—		1,976,755,584		9,787,188		1,986,542,772
Preferred Stocks*		601,257		1,231,299		—		1,832,556
Short-Term Investments		—		39,590,130		—		39,590,130
Total Investments		601,257		2,017,577,013		9,787,188		2,027,965,458
Forward Foreign Currency Contracts (unrealized appreciation)		—		862,898		—		862,898
Total	$	601,257	$	2,018,439,911	$	9,787,188	$	2,028,828,356

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

11

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Liability Valuation Inputs
Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(771,231	)	$	—	$	(771,231	)
Credit Default Swap Agreement		—		(266,872	)		—		(266,872	)
Total	$	—	$	(1,038,103	)	$	—	$	(1,038,103	)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases (Sales)			Net Transfers into/(out of) Level 3			Balance as of December 31, 2009
Bonds and Notes
Non-Convertible Bonds
Ireland	$	4,139,625	$	1,424	$	—	$	(130,049	)	$	—		$	(4,011,000	)	$	—
Supranational		6,678,449		149,357		—		472,092			—			—			7,299,898
United States		14,464,520		38,124		330		171,994			(150,350	)		(12,037,328	)		2,487,290
Total	$	25,282,594	$	188,905	$	330	$	514,037		$	(150,350	)	$	(16,048,328	)	$	9,787,188

Derivatives

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund currently uses includes forward foreign currency contracts and swaps.

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 funds.

The Fund is subject to the risk that companies in which the Fund invests will fail financially or otherwise be unwilling or unable to meet their obligations to the Fund. The Fund may use credit default swaps to reduce its credit exposure to issuers of bonds it holds without having to sell the bonds. As a protection buyer, the Fund has the ability to hedge the downside risk of an issuer or group of issuers. As a protection seller, the Fund has the ability to gain exposure to an issuer or group of issuers whose bonds are unavailable or in short supply in the cash bond market, as well as realize additional income in the form of the fees paid by the protection buyer.

The following is a summary of derivative instrument for the Fund as of December 31, 2009:

Asset Derivatives	Forwards			Swaps
Foreign exchange contracts	$	862,898			—
Liability Derivatives	Forwards			Swaps
Foreign exchange contracts	$	(771,231	)		—
Credit Contracts		—		$	(266,872	)

12

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

INDUSTRY SUMMARY AT DECEMBER 31, 2009 (Unaudited)

Treasuries	41.2	%
Banking	8.0
Sovereigns	4.4
Government Guaranteed	4.3
Wirelines	2.9
Government Owned—No Guarantee	2.2
Metals & Mining	2.1
Other Investments, less than 2% each	30.2
Short-Term Investments	1.9
Total Investments	97.2
Other assets less liabilities (including open credit default swap agreement & open forward foreign currency contracts)	2.8
Net Assets	100.0	%

CURRENCY EXPOSURE AT DECEMBER 31, 2009 OF NET ASSETS (Unaudited)

United States Dollar	41.3	%
Euro	27.9
Japanese Yen	10.9
British Pound	5.7
Norwegian Krone	3.3
Canadian Dollar	2.7
Other, less than 2% each	5.4
Total Investments	97.2
Other assets less liabilities (including open credit default swap agreement & open forward foreign currency contracts)	2.8
Net Assets	100.0	%

13

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund

	Principal Amount		Value (†)
BONDS AND NOTES – 94.1% of Net Assets
NON-CONVERTIBLE BONDS – 85.3%
ABS Home Equity – 0.9%
Asset Backed Funding Certificates, Series 2006-HE1, Class A2B, 0.341%, 1/25/2037(b)	$	250,000	$	116,779
Fremont Home Loan Trust, Series 2004-D, Class M2, 0.831%, 11/25/2034(b)		250,000		141,475
GSAMP Trust, Series 2006- HE5, Class A2C, 0.381%, 8/25/2036(b)		275,000		107,087
Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3, 0.431%, 1/25/2036(b)		219,122		158,162
Structured Asset Securities Corp., Series 2007-EQ1, Class A2, 0.321%, 3/25/2037(b)		249,274		148,631
				672,134
ABS Other – 0.1%
Diamond Resorts Owner Trust, Series 2009-1, Class B, 12.000%, 3/20/2026, 144A		93,241		86,009
Aerospace & Defense – 1.3%
Bombardier, Inc., 6.300%, 5/01/2014, 144A		200,000		198,000
Bombardier, Inc., 7.450%, 5/01/2034, 144A		885,000		765,525
				963,525
Airlines – 2.8%
American Airlines, Inc., Pass Through Trust, Series 1993-A6, 8.040%, 9/16/2011		48,908		45,118
Continental Airlines, Inc., Series 1997-1, Class A, 7.461%, 10/01/2016		164,911		156,665
Continental Airlines, Inc., Series 1997-4, Class B, 6.900%, 7/02/2018		67,358		62,979
Continental Airlines, Inc., Series 1998-1, Class B, 6.748%, 9/15/2018		158,701		141,244
Continental Airlines, Inc., Series 1999-1, Class B, 6.795%, 2/02/2020		146,669		132,002
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019		14,398		13,174
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017		67,283		59,546
Delta Air Lines, Inc., 9.500%, 9/15/2014, 144A		220,000		228,525
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		218,838		208,990
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		676,513		593,641
Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 11/01/2017		481,891		401,671
				2,043,555
Automotive – 3.2%
Cummins, Inc., 6.750%, 2/15/2027		139,000		133,680
Ford Motor Co., 6.625%, 2/15/2028		165,000		127,462
Ford Motor Co., 7.125%, 11/15/2025		35,000		27,300
Ford Motor Co., 7.500%, 8/01/2026		110,000		86,625
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		1,040,000		1,038,434
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		225,000		225,299
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		320,000		276,800
Goodyear Tire & Rubber Co. (The), 10.500%, 5/15/2016		125,000		138,125
Tenneco, Inc., Series B, 10.250%, 7/15/2013		70,000		72,363

1

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Automotive – continued
TRW Automotive, Inc., 7.250%, 3/15/2017, 144A	$	200,000	$	194,000
				2,320,088
Building Materials – 1.3%
Masco Corp., 4.800%, 6/15/2015		110,000		101,119
Masco Corp., 6.500%, 8/15/2032		155,000		131,904
Owens Corning, Inc., 6.500%, 12/01/2016		85,000		87,046
Owens Corning, Inc., 7.000%, 12/01/2036		130,000		121,243
Texas Industries, Inc., 7.250%, 7/15/2013		70,000		68,775
USG Corp., 6.300%, 11/15/2016		485,000		434,075
USG Corp., 9.500%, 1/15/2018		30,000		30,900
				975,062
Chemicals – 1.8%
Ashland, Inc., 9.125%, 6/01/2017, 144A		290,000		318,275
Georgia Gulf Corp., 9.000%, 1/15/2017, 144A		60,000		60,600
Hercules, Inc., 6.500%, 6/30/2029		675,000		459,000
Koppers, Inc., 7.875%, 12/01/2019, 144A		110,000		111,100
Methanex Corp., 6.000%, 8/15/2015		150,000		127,947
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		235,000		247,321
				1,324,243
Collateralized Mortgage Obligations – 1.8%
Adjustable Rate Mortgage Trust, Series 2005-10, Class 5A1, 0.491%, 1/25/2036(b)		179,282		102,158
Banc of America Funding Corp., Series 2005-5, Class 1A11, 5.500%, 9/25/2035		156,261		136,216
Bear Stearns Alt-A Trust, Series 2005-5, Class 1A1, 0.451%, 7/25/2035(b)		109,774		69,308
Impac CMB Trust, Series 2005-3, Class A1, 0.471%, 8/25/2035(b)		216,793		133,963
Lehman Mortgage Trust, Series 2005-3, Class 1A6, 1.500%, 1/25/2036(b)		281,157		168,126
Lehman Mortgage Trust, Series 2006-6, Class 5A1, 0.731%, 12/25/2036(b)		239,246		172,624
Master Adjustable Rate Mortgages Trust, Series 2005-2, Class 5A1, 3.536%, 3/25/2035(b)		134,297		108,451
Morgan Stanley Mortgage Loan Trust, Series 2007-15AR, Class 2A1, 5.956%, 11/25/2037(b)		222,415		145,745
Residential Accredit Loans, Inc., Series 2006-QA9, Class A1, 0.411%, 11/25/2036(b)		443,033		209,518
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-7, Class 1A1, 0.531%, 8/25/2037(b)		96,560		55,289
				1,301,398
Commercial Mortgage-Backed Securities – 2.0%
Banc America Alternative Loan Trust, Series 2005-10, Class 1CB1, 0.631%, 11/25/2035(b)		84,128		54,106
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.689%, 4/10/2049(b)		50,000		43,090
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		100,000		86,297
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.719%, 6/11/2040(b)		25,000		22,724

2

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.808%, 9/15/2039(b)	$	100,000	$	80,656
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		300,000		266,299
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		375,000		331,329
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.818%, 6/15/2049(b)		450,000		391,883
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		100,000		84,356
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.882%, 6/15/2038(b)		100,000		94,664
				1,455,404
Construction Machinery – 0.7%
RSC Equipment Rental, Inc./RSC Holdings III LLC, 10.250%, 11/15/2019, 144A		180,000		180,675
United Rentals North America, Inc., 7.000%, 2/15/2014		400,000		362,000
				542,675
Consumer Cyclical Services – 0.2%
KAR Auction Services, Inc., 10.000%, 5/01/2015		165,000		176,550
Consumer Products – 0.0%
Jostens IH Corp., 7.625%, 10/01/2012		25,000		25,125
Electric – 7.2%
AES Corp. (The), 8.000%, 10/15/2017		20,000		20,525
AES Corp. (The), 8.000%, 6/01/2020		325,000		330,688
Calpine Corp., 7.250%, 10/15/2017, 144A		760,000		729,600
CE Generation LLC, 7.416%, 12/15/2018		54,750		52,655
Dynegy Holdings, Inc., 7.125%, 5/15/2018		195,000		158,925
Dynegy Holdings, Inc., 7.500%, 6/01/2015		100,000		93,500
Dynegy Holdings, Inc., 7.625%, 10/15/2026		325,000		224,250
Dynegy Holdings, Inc., 7.750%, 6/01/2019		350,000		303,625
Dynegy Holdings, Inc., 8.375%, 5/01/2016		280,000		266,000
Edison Mission Energy, 7.625%, 5/15/2027		525,000		355,687
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		460,000		241,500
NRG Energy, Inc., 7.375%, 1/15/2017		460,000		461,150
NSG Holdings LLC, 7.750%, 12/15/2025, 144A		355,000		317,725
RRI Energy, Inc., 7.875%, 6/15/2017		345,000		338,962
TXU Corp., Series P, 5.550%, 11/15/2014		160,000		113,472
TXU Corp., Series Q, 6.500%, 11/15/2024		1,415,000		664,648
TXU Corp., Series R, 6.550%, 11/15/2034		515,000		238,765
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)		365,000		315,515
				5,227,192
Food & Beverage – 1.0%
CCL Finance Ltd., 9.500%, 8/15/2014, 144A		200,000		215,000
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A		110,000		110,550
Tyson Foods, Inc., 7.850%, 4/01/2016		400,000		410,000
				735,550
Government Owned – No Guarantee – 0.3%
DP World Ltd., 6.850%, 7/02/2037, 144A		300,000		230,767

3

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Healthcare – 5.3%
CHS/Community Health Systems, Inc., 8.875%, 7/15/2015	$	295,000	$	305,325
DASA Finance Corp., 8.750%, 5/29/2018, 144A		200,000		207,500
HCA, Inc., 5.750%, 3/15/2014		15,000		14,100
HCA, Inc., 6.375%, 1/15/2015		510,000		481,313
HCA, Inc., 6.500%, 2/15/2016		720,000		684,000
HCA, Inc., 7.050%, 12/01/2027		430,000		368,725
HCA, Inc., 7.500%, 12/15/2023		30,000		27,412
HCA, Inc., 7.500%, 11/06/2033		840,000		734,611
HCA, Inc., 7.690%, 6/15/2025		160,000		146,512
HCA, Inc., 8.360%, 4/15/2024		40,000		38,000
HCA, Inc., MTN, 7.580%, 9/15/2025		200,000		178,000
HCA, Inc., MTN, 7.750%, 7/15/2036		20,000		17,800
Tenet Healthcare Corp., 6.875%, 11/15/2031		825,000		660,000
				3,863,298
Home Construction – 3.6%
Corporacion GEO SAB de CV, 8.875%, 9/25/2014, 144A		175,000		180,687
D.R. Horton, Inc., 5.625%, 9/15/2014		65,000		62,888
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		1,030,000		978,500
KB Home, 5.750%, 2/01/2014		90,000		84,600
KB Home, 5.875%, 1/15/2015		390,000		360,750
KB Home, 6.250%, 6/15/2015		265,000		247,112
KB Home, 7.250%, 6/15/2018		290,000		275,500
Pulte Homes, Inc., 6.000%, 2/15/2035		475,000		375,250
Pulte Homes, Inc., 6.375%, 5/15/2033		100,000		80,750
				2,646,037
Independent Energy – 5.8%
Encore Acquisition Co., 6.000%, 7/15/2015		275,000		275,000
Encore Acquisition Co., 7.250%, 12/01/2017		115,000		115,000
Forest Oil Corp., 7.250%, 6/15/2019		715,000		706,063
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		595,000		583,100
Hilcorp Energy I LP, 9.000%, 6/01/2016, 144A		185,000		187,775
Pioneer Natural Resources Co., 5.875%, 7/15/2016		20,000		19,146
Pioneer Natural Resources Co., 6.875%, 5/01/2018		260,000		257,249
Pioneer Natural Resources Co., 7.200%, 1/15/2028		1,640,000		1,481,100
Swift Energy Co., 7.125%, 6/01/2017		620,000		585,900
				4,210,333
Industrial Other – 1.3%
Baldor Electric Co., 8.625%, 2/15/2017		325,000		334,750
Chart Industries, Inc., 9.125%, 10/15/2015		305,000		305,000
JohnsonDiversey, Inc., 8.250%, 11/15/2019, 144A		200,000		202,500
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A		155,000		131,750
				974,000
Lodging – 0.6%
Felcor Lodging LP, 10.000%, 10/01/2014, 144A		55,000		55,481
Host Marriott LP, Series O, 6.375%, 3/15/2015		50,000		49,000
Royal Caribbean Cruises Ltd., 7.250%, 6/15/2016		315,000		304,369
				408,850

4

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Media Cable – 3.1%
CSC Holdings LLC, 7.625%, 7/15/2018	$	1,260,000	$	1,297,800
CSC Holdings LLC, 7.875%, 2/15/2018		310,000		320,850
Virgin Media Finance PLC, 8.375%, 10/15/2019		300,000		308,625
Virgin Media Finance PLC, 8.750%, 4/15/2014		183,000		188,948
Virgin Media Finance PLC, 9.125%, 8/15/2016		175,000		184,406
				2,300,629
Media Non-Cable – 1.0%
Intelsat Corp., 6.875%, 1/15/2028		235,000		200,925
Intelsat Subsidiary Holding Co., 8.500%, 1/15/2013		405,000		413,100
R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013(d)		405,000		37,969
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013(d)		340,000		31,875
R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017(d)		160,000		15,000
				698,869
Metals & Mining – 1.4%
Prime Dig Pte Ltd., 11.750%, 11/03/2014, 144A		400,000		404,000
Steel Dynamics, Inc., 6.750%, 4/01/2015		130,000		128,862
Steel Dynamics, Inc., 7.375%, 11/01/2012		160,000		164,800
United States Steel Corp., 6.050%, 6/01/2017		80,000		76,373
United States Steel Corp., 6.650%, 6/01/2037		275,000		221,233
				995,268
Non-Captive Consumer – 3.3%
SLM Corp., MTN, 5.050%, 11/14/2014		60,000		54,119
SLM Corp., Series A, MTN, 5.000%, 10/01/2013		55,000		50,597
SLM Corp., Series A, MTN, 5.000%, 6/15/2018		65,000		49,966
SLM Corp., Series A, MTN, 5.375%, 1/15/2013		470,000		443,365
SLM Corp., Series A, MTN, 5.375%, 5/15/2014		70,000		64,566
SLM Corp., Series A, MTN, 5.625%, 8/01/2033		850,000		640,865
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		1,135,000		1,119,965
				2,423,443
Non-Captive Diversified – 3.8%
GMAC, Inc., 6.000%, 12/15/2011, 144A		316,000		309,680
GMAC, Inc., 6.625%, 5/15/2012, 144A		539,000		528,220
GMAC, Inc., 6.750%, 12/01/2014, 144A		620,000		589,000
GMAC, Inc., 6.875%, 9/15/2011, 144A		110,000		108,350
GMAC, Inc., 6.875%, 8/28/2012, 144A		41,000		40,180
GMAC, Inc., 7.000%, 2/01/2012, 144A		63,000		62,055
GMAC, Inc., 7.250%, 3/02/2011, 144A		63,000		62,370
GMAC, Inc., 8.000%, 11/01/2031, 144A		141,000		126,900
International Lease Finance Corp., Series Q, MTN, 5.250%, 1/10/2013		330,000		269,161
International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		185,000		139,816
International Lease Finance Corp., Series R, MTN, 6.625%, 11/15/2013		340,000		273,695
iStar Financial, Inc., 5.150%, 3/01/2012		130,000		79,300
iStar Financial, Inc., 5.650%, 9/15/2011		45,000		33,075
iStar Financial, Inc., 5.800%, 3/15/2011		20,000		15,000

5

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
iStar Financial, Inc., Series B, 5.950%, 10/15/2013	$	190,000	$	110,675
				2,747,477
Oil Field Services – 1.7%
Basic Energy Services, Inc., 7.125%, 4/15/2016		680,000		566,100
Complete Production Services, Inc., 8.000%, 12/15/2016		35,000		34,519
North American Energy Partners, Inc., 8.750%, 12/01/2011		620,000		620,000
				1,220,619
Paper – 3.6%
Fibria Overseas Finance Ltd., 9.250%, 10/30/2019, 144A		125,000		140,313
Georgia-Pacific LLC, 7.250%, 6/01/2028		215,000		199,950
Georgia-Pacific LLC, 7.375%, 12/01/2025		495,000		472,725
Georgia-Pacific LLC, 7.700%, 6/15/2015		125,000		131,250
Georgia-Pacific LLC, 7.750%, 11/15/2029		525,000		518,437
Georgia-Pacific LLC, 8.000%, 1/15/2024		260,000		265,200
Georgia-Pacific LLC, 8.875%, 5/15/2031		225,000		238,500
Westvaco Corp., 7.950%, 2/15/2031		190,000		185,406
Westvaco Corp., 8.200%, 1/15/2030		455,000		468,098
				2,619,879
Pharmaceuticals – 0.5%
Quintiles Transnational Corp., 9.500%, 12/30/2014, 144A(i)		330,000		331,650
Refining – 0.7%
Petroplus Finance Ltd., 6.750%, 5/01/2014, 144A		500,000		470,000
Petroplus Finance Ltd., 7.000%, 5/01/2017, 144A		75,000		67,500
				537,500
Retailers – 3.3%
Dillard’s, Inc., 6.625%, 1/15/2018		155,000		128,650
Dillard’s, Inc., 7.000%, 12/01/2028		480,000		352,800
Dillard’s, Inc., 7.130%, 8/01/2018		175,000		151,375
Dillard’s, Inc., 7.875%, 1/01/2023		75,000		58,875
Foot Locker, Inc., 8.500%, 1/15/2022		280,000		264,600
J.C. Penney Corp., Inc., 6.375%, 10/15/2036		40,000		35,520
Macy’s Retail Holdings, Inc., 5.900%, 12/01/2016		45,000		43,875
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		60,000		50,700
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		180,000		151,200
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		300,000		264,000
Toys R Us, Inc., 7.375%, 10/15/2018		985,000		901,275
				2,402,870
Supermarkets – 2.3%
American Stores Co., 8.000%, 6/01/2026		70,000		63,875
New Albertson’s, Inc., 7.450%, 8/01/2029		1,075,000		921,813
New Albertson’s, Inc., 7.750%, 6/15/2026		220,000		196,900
New Albertson’s, Inc., 8.000%, 5/01/2031		30,000		27,225
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		605,000		460,556
				1,670,369
Technology – 6.7%
Activant Solutions, Inc., 9.500%, 5/01/2016		90,000		84,150
Advanced Micro Devices, Inc., 8.125%, 12/15/2017, 144A		190,000		189,288
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		3,020,000		2,163,075

6

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Technology – continued
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028	$	290,000	$	206,262
First Data Corp., 9.875%, 9/24/2015		570,000		531,525
Motorola, Inc., 6.500%, 9/01/2025		165,000		143,354
Motorola, Inc., 7.500%, 5/15/2025		125,000		119,606
Nortel Networks Capital Corp., 7.875%, 6/15/2026(d)		860,000		576,200
Nortel Networks Ltd., 6.875%, 9/01/2023(d)		125,000		56,250
Seagate Technology HDD Holdings, 6.800%, 10/01/2016		750,000		725,625
Xerox Capital Trust I, 8.000%, 2/01/2027		90,000		89,100
				4,884,435
Textile – 0.5%
Jones Apparel Group, Inc., 6.125%, 11/15/2034		425,000		351,687
Transportation Services – 0.7%
APL Ltd., 8.000%, 1/15/2024(c)		185,000		142,398
Atlas Air, Inc., Series B, 7.680%, 1/02/2014		30,793		26,174
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(e)		347,188		239,560
Overseas Shipholding Group, 7.500%, 2/15/2024		155,000		132,913
				541,045
Wireless – 3.2%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		170,000		165,325
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		40,000		38,800
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		520,000		485,550
NII Capital Corp., 8.875%, 12/15/2019, 144A		125,000		121,719
NII Capital Corp., 10.000%, 8/15/2016, 144A		760,000		796,100
Sprint Capital Corp., 6.875%, 11/15/2028		311,000		258,518
Sprint Nextel Corp., 6.000%, 12/01/2016		502,000		458,075
				2,324,087
Wirelines – 8.3%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A		765,000		749,700
Cincinnati Bell Telephone Co., 6.300%, 12/01/2028		185,000		144,300
Cincinnati Bell, Inc., 7.000%, 2/15/2015		285,000		281,437
FairPoint Communications, Inc., 13.125%, 4/02/2018(d)		257,785		27,067
Frontier Communications Corp., 7.000%, 11/01/2025		15,000		12,338
Frontier Communications Corp., 7.125%, 3/15/2019		80,000		75,600
Frontier Communications Corp., 7.450%, 7/01/2035		325,000		264,063
Frontier Communications Corp., 7.875%, 1/15/2027		805,000		740,600
Global Crossing Ltd., 12.000%, 9/15/2015, 144A		500,000		548,750
Level 3 Financing, Inc., 8.750%, 2/15/2017		790,000		720,875
Level 3 Financing, Inc., 9.250%, 11/01/2014		835,000		789,075
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,030,000		890,950
Qwest Capital Funding, Inc., 6.875%, 7/15/2028		480,000		388,800
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		315,000		280,350
Qwest Corp., 6.875%, 9/15/2033		190,000		167,200
Qwest Corp., 7.250%, 9/15/2025		10,000		9,250
				6,090,355
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $64,571,917)				62,321,977

7

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
CONVERTIBLE BONDS – 8.8%
Automotive – 1.3%
Ford Motor Co., 4.250%, 11/15/2016	$	640,000	$	802,400
Navistar International Corp., 3.000%, 10/15/2014		115,000		118,881
				921,281
Diversified Manufacturing – 0.2%
Trinity Industries, Inc., 3.875%, 6/01/2036		230,000		171,925
Electric – 0.5%
CMS Energy Corp., 5.500%, 6/15/2029		330,000		403,425
Healthcare – 1.3%
Affymetrix, Inc., 3.500%, 1/15/2038		480,000		424,800
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(f)		400,000		341,500
LifePoint Hospitals, Inc., 3.500%, 5/15/2014		165,000		153,656
				919,956
Industrial Other – 0.2%
Incyte Corp., 3.500%, 2/15/2011		165,000		165,619
Lodging – 0.6%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		435,000		407,812
Media Non-Cable – 0.1%
Liberty Media LLC, 3.500%, 1/15/2031		152,190		92,075
Metals & Mining – 0.1%
Peabody Energy Corp., 4.750%, 12/15/2041		85,000		85,850
Non-Captive Diversified – 0.0%
iStar Financial, Inc., 0.790%, 10/01/2012(b)		5,000		2,757
Pharmaceuticals – 0.8%
Human Genome Sciences, Inc., 2.250%, 8/15/2012		325,000		592,719
REITs – 0.4%
ProLogis, 1.875%, 11/15/2037		145,000		128,325
ProLogis, 2.250%, 4/01/2037		145,000		134,487
				262,812
Technology – 1.7%
Ciena Corp., 0.250%, 5/01/2013		5,000		3,775
Ciena Corp., 0.875%, 6/15/2017		420,000		243,075
Intel Corp., 2.950%, 12/15/2035		380,000		366,700
Intel Corp., 3.250%, 8/01/2039, 144A		440,000		505,450
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		45,000		43,425
Maxtor Corp., 5.750%, 3/01/2012(c)		109,000		105,185
				1,267,610
Wirelines – 1.6%
Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		1,014,000		1,148,355
TOTAL CONVERTIBLE BONDS (Identified Cost $5,592,308)				6,442,196
TOTAL BONDS AND NOTES (Identified Cost $70,164,225)				68,764,173

8

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

	Principal Amount		Value (†)
BANK LOANS – 0.2%
Food & Beverage – 0.0%
Dole Food Co., Inc., Credit Link Deposit, 8.000%, 4/12/2013(g)	$	2,041	$	2,059
Dole Food Co., Inc., Tranche B Term Loan, 8.000%, 4/12/2013(g)		1,307		1,319
Dole Food Co., Inc., Tranche C Term Loan, 8.000%, 4/12/2013(g)		5,595		5,644
				9,022
Media Non-Cable – 0.1%
Tribune Co., Term Loan X, 5.000%, 6/04/2009(d)(g)(h)		181,970		101,847
Wirelines – 0.1%
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(g)(i)		61,190		44,133
TOTAL BANK LOANS (Identified Cost $240,301)				155,002
	Shares
PREFERRED STOCKS – 2.0%
Automotive – 0.3%
Ford Motor Co. Capital Trust II, 6.500%		6,225		248,253
Banking – 0.4%
GMAC, Inc., Series G, 144A, 7.000%		428		282,105
Capital Markets – 0.3%
Newell Financial Trust I, 5.250%		5,724		200,340
Electric Utilities – 0.5%
AES Trust III, 6.750%		7,975		369,841
Hotels, Restaurants & Leisure – 0.0%
Six Flags, Inc., 7.250%(e)		2		1
Oil, Gas & Consumable Fuels – 0.4%
El Paso Energy Capital Trust I, 4.750%		8,050		294,328
Thrifts & Mortgage Finance – 0.1%
Federal Home Loan Mortgage Corp., 5.000%(e)(j)		500		880
Federal Home Loan Mortgage Corp., 5.570%(e)(j)		7,750		7,285
Federal Home Loan Mortgage Corp., 5.660%(e)(j)		2,300		1,955
Federal Home Loan Mortgage Corp., 5.700%(e)(j)		800		1,240
Federal Home Loan Mortgage Corp., 5.790%(e)(j)		1,450		2,450
Federal Home Loan Mortgage Corp., 5.810%(e)(j)		550		952
Federal Home Loan Mortgage Corp., 5.900%(e)(j)		1,100		946
Federal Home Loan Mortgage Corp., 6.000%(e)(j)		650		1,092
Federal Home Loan Mortgage Corp., 6.420%(e)(j)		450		806
Federal Home Loan Mortgage Corp., 6.550%(e)(j)		1,550		1,503
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(e)(j)		9,450		9,922
Federal National Mortgage Association, 4.750%(e)(j)		1,000		1,450
Federal National Mortgage Association, 5.125%(e)(j)		350		518

9

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

	Shares		Value (†)
PREFERRED STOCKS – continued
Thrifts & Mortgage Finance – continued
Federal National Mortgage Association, 5.375%(e)(j)		700	$	1,120
Federal National Mortgage Association, 5.810%(e)(j)		300		459
Federal National Mortgage Association, 6.750%(e)(j)		450		410
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(e)(j)		14,200		15,620
				48,608
TOTAL PREFERRED STOCKS (Identified Cost $1,799,019)				1,443,476
COMMON STOCKS – 0.3%
Oil, Gas & Consumable Fuels – 0.3%
Chesapeake Energy Corp. (Identified Cost $332,708)		9,278		240,115
	Principal Amount
SHORT-TERM INVESTMENTS – 1.7%
Repurchase Agreement with State Street Corporation. dated 12/31/2009 at 0.000%, to be repurchased at $40 on 1/04/2010 collateralized by $5,000 U.S. Treasury Bill, due 2/25/2010 valued at $5,000 including accrued interest(k)	$	40		40
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2009 at 0.000% to be repurchased at $1,242,145 on 1/04/2010 collateralized by $1,255,000 Federal Home Loan Mortgage Corp., 2.250% due 8/17/2012 valued at $1,267,550 including accrued interest(k)		1,242,145		1,242,145
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,242,185)				1,242,185
TOTAL INVESTMENTS – 98.3% (Identified Cost $73,778,438)(a)				71,844,951
Other assets less liabilities—1.7%				1,244,709
NET ASSETS – 100.0%			$	73,089,660

10

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

(†) Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) are generally valued on the basis of evaluated bids furnished to the Fund by a pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional size-trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Equity securities, including shares of closed-end investment companies and exchange-traded funds, for which market quotations are readily available, are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where 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 valued at their most recent settlement price. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s investment adviser using consistently applied procedures under the general supervision of the Board of Trustees. Investments in other open-end investment companies are valued at their net asset value each day.

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

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

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At December 31, 2009, the net unrealized depreciation on investments based on a cost of $73,837,174 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	$	3,794,640
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(5,786,863	)
Net unrealized depreciation	$	(1,992,223	)

At September 30, 2009, the Fund had a capital loss carryforward of approximately $811,815 which expires on September 30, 2017. At September 30, 2009 post-October capital loss deferrals were $6,438,019. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Variable rate security. Rate as of December 31, 2009 is disclosed.

(c) Illiquid security. At December 31, 2009, the value of these securities amounted to $1,711,453 or 2.3% of net assets.

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

(e) Non-income producing security.

(f) 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 December 31, 2009.

(h) Issuer has filed for bankruptcy.

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

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

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2009, the total value of these securities amounted to $13,284,641 or 18.2% of net assets.

ABS Asset-Backed Securities

MTN Medium Term Note

REITs Real Estate Investment Trusts

11

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2009, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds*	$	—	$	62,321,977	$	—	$	62,321,977
Convertible Bonds*		—		6,442,196		—		6,442,196
Total Bonds and Notes		—		68,764,173		—		68,764,173
Bank Loans*		—		155,002		—		155,002
Preferred Stocks
Automotive		248,253		—		—		248,253
Banking		—		282,105		—		282,105
Capital Markets		—		200,340		—		200,340
Electric Utilities		—		369,841		—		369,841
Hotels, Restaurants & Leisure		1		—		—		1
Oil, Gas & Consumable Fuels		—		294,328		—		294,328
Thrifts & Mortgage Finance		21,299		27,309		—		48,608
Total Preferred Stocks		269,553		1,173,923		—		1,443,476
Common Stocks*		240,115		—		—		240,115
Short-Term Investments		—		1,242,185		—		1,242,185
Total	$	509,668	$	71,335,283	$	—	$	71,844,951

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

12

PORTFOLIO OF INVESTMENTS – as of December 31, 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 December 31, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases (Sales)			Net Transfers into/(out of) Level 3			Balance as of December 31, 2009
Bonds and Notes
Non-Convertible Bonds
Airlines	$	534,446	$	—	$	—	$	59,195		$	—		$	(593,641	)	$	—
Commercial Mortgage-Backed Securities		57,083		—		1,043		(998	)		(3,022	)		(54,106	)		—
Electric		257,001		—		8,909		(7,122	)		(258,788	)		—			—
Technology		112,500		227		—		6,879			—			(119,606	)		—
Convertible Bonds
Technology		99,190		402		—		5,593			—			(105,185	)		—
Wirelines		1,074,840		751		—		72,764			—			(1,148,355	)		—
Total	$	2,135,060	$	1,380	$	9,952	$	136,311		$	(261,810	)	$	(2,020,893	)	$	—

INDUSTRY SUMMARY AT DECEMBER 31, 2009 (Unaudited)

Wirelines	10.0	%
Technology	8.4
Electric	7.7
Healthcare	6.6
Independent Energy	5.8
Automotive	4.8
Non-Captive Diversified	3.8
Home Construction	3.6
Paper	3.6
Non-Captive Consumer	3.3
Retailers	3.3
Wireless	3.2
Media Cable	3.1
Airlines	2.8
Supermarkets	2.3
Commercial Mortgage-Backed Securities	2.0
Other Investments, less than 2% each	22.3
Short-Term Investments	1.7
Total Investments	98.3
Other assets less liabilities	1.7
Net Assets	100.0	%

13

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – 98.3% of Net Assets
NON-CONVERTIBLE BONDS – 98.3%
Banking – 1.2%
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033		$	10,000		$	10,042
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			145,000			149,044
						159,086
Construction Machinery – 1.1%
Joy Global, Inc., 6.625%, 11/15/2036			165,000			146,838
Food & Beverage – 0.8%
Bottling Group LLC, 5.125%, 1/15/2019			40,000			41,566
Dean Foods Co., 6.900%, 10/15/2017			75,000			71,438
						113,004
Independent Energy – 0.3%
Chesapeake Energy Corp., 6.500%, 8/15/2017			35,000			34,300
Lodging – 0.3%
Royal Caribbean Cruises Ltd., 7.500%, 10/15/2027			50,000			41,188
Metals & Mining – 0.9%
Alcoa, Inc., 5.950%, 2/01/2037			85,000			72,949
United States Steel Corp., 6.650%, 6/01/2037			55,000			44,246
						117,195
Paper – 0.5%
Georgia-Pacific LLC, 7.700%, 6/15/2015			70,000			73,500
Pipelines – 0.3%
Colorado Interstate Gas Co., 5.950%, 3/15/2015			3,000			3,150
Southern Natural Gas Co., 7.350%, 2/15/2031			30,000			32,754
						35,904
Sovereigns – 0.9%
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		15,000	(††)		116,679
Technology – 1.4%
Agilent Technologies, Inc., 6.500%, 11/01/2017			105,000			111,116
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029			90,000			64,462
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028			15,000			10,669
						186,247
Textile – 0.1%
Jones Apparel Group, Inc., 6.125%, 11/15/2034			10,000			8,275
Tobacco – 1.2%
Altria Group, Inc., 9.950%, 11/10/2038			130,000			169,456
U.S. Treasuries – 85.3%
U.S. Treasury Inflation Indexed Bond, 1.375%, 7/15/2018			275,677			276,236
U.S. Treasury Inflation Indexed Bond, 1.625%, 1/15/2018			866,762			887,280
U.S. Treasury Inflation Indexed Bond, 1.750%, 1/15/2028			206,372			197,891
U.S. Treasury Inflation Indexed Bond, 2.000%, 1/15/2026			147,034			147,666

1

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
U.S. Treasuries – continued
U.S. Treasury Inflation Indexed Bond, 2.375%, 1/15/2017		$	868,263	$	937,792
U.S. Treasury Inflation Indexed Bond, 2.375%, 1/15/2025			647,948		683,686
U.S. Treasury Inflation Indexed Bond, 2.500%, 7/15/2016			262,250		285,587
U.S. Treasury Inflation Indexed Bond, 3.375%, 4/15/2032			1,181,324		1,460,412
U.S. Treasury Inflation Indexed Note, 0.625%, 4/15/2013			265,910		270,397
U.S. Treasury Inflation Indexed Note, 1.625%, 1/15/2015			543,413		565,149
U.S. Treasury Inflation Indexed Note, 1.875%, 7/15/2013			688,533		725,165
U.S. Treasury Inflation Indexed Note, 1.875%, 7/15/2015			477,885		503,534
U.S. Treasury Inflation Indexed Note, 2.000%, 1/15/2014			918,387		971,195
U.S. Treasury Inflation Indexed Note, 2.000%, 7/15/2014			647,948		686,420
U.S. Treasury Inflation Indexed Note, 2.000%, 1/15/2016			811,409		856,861
U.S. Treasury Inflation Indexed Note, 2.375%, 1/15/2027			359,097		377,893
U.S. Treasury Inflation Indexed Note, 2.625%, 7/15/2017			714,462		785,741
U.S. Treasury Inflation Indexed Note, 3.000%, 7/15/2012			901,710		969,479
					11,588,384
Wireless – 0.9%
ALLTEL Corp., 7.875%, 7/01/2032			20,000		23,785
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			20,000		19,450
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			5,000		4,850
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			10,000		9,338
Sprint Capital Corp., 6.875%, 11/15/2028			85,000		70,656
					128,079
Wirelines – 3.1%
AT&T Corp., 8.000%, 11/15/2031			80,000		97,641
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		30,000		29,197
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		5,000		4,687
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		15,000		15,271
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		35,000		31,103
BellSouth Telecommunications, Inc., 7.000%, 12/01/2095			70,000		68,614
Embarq Corp., 7.995%, 6/01/2036			165,000		177,490
					424,003
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $13,010,016)					13,342,138
TOTAL BONDS AND NOTES (Identified Cost $13,010,016)					13,342,138

2

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund – continued

	Shares		Value (†)
PREFERRED STOCKS – 0.0%
NON-CONVERTIBLE PREFERRED STOCKS – 0.0%
Thrifts & Mortgage Finance – 0.0%
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(b)(c)		1,160		1,218
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(b)(c)		3,500		3,850
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $116,500)				5,068
TOTAL PREFERRED STOCKS (Identified Cost $116,500)				5,068
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 1.3%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2009 at 0.000% to be repurchased at $171,109 on 1/04/2010 collateralized by $175,000 Federal Home Loan Mortgage Corp., 2.250% due 8/17/2012 valued at $176,750 including accrued interest(d) (Identified Cost $171,109)	$	171,109	$	171,109
TOTAL INVESTMENTS – 99.6% (Identified Cost $13,297,625)(a)				13,518,315
Other assets less liabilities—0.4%				60,063
NET ASSETS – 100.0%			$	13,578,378

(‡) 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 shares of closed-end investment companies and exchange-traded funds, for which market quotations are readily available are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. Forward foreign currency contracts are valued utilizing interpolated prices determined from information provided by an independent pricing service. Futures contracts are valued at their most recent settlement price. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the 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.

3

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund – continued

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

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales and inflation-protected securities. Amortization of premium on debt securities is excluded for tax purposes.): At December 31, 2009, the net unrealized appreciation on investments based on a cost of $13,384,435 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	$	359,882
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(226,002	)
Net unrealized appreciation	$	133,880

At September 30, 2009, the Fund had a capital loss carryforward of approximately $284,980 of which $19,853 expires on September 30, 2014; $155,005 expires on September 30, 2015 and $110,122 expires on September 30, 2017. At September 30, 2009 post-October capital loss deferrals were $364,539. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

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

(c) Non-income producing security.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2009, the total value of this security amounted to $4,687 or 0.0% of net assets.

MTN Medium Term Note

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

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2009, at value:

Assets Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes*	$	—	$	13,342,138	$	—	$	13,342,138
Preferred Stocks*		1,218		3,850		—		5,068
Short-Term Investments		—		171,109		—		171,109
Total	$	1,218	$	13,517,097	$	—	$	13,518,315

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

INDUSTRY SUMMARY AT DECEMBER 31, 2009 (Unaudited)

U.S. Treasuries	85.3	%
Wirelines	3.1
Other Investments, less than 2% each	9.9
Short-Term Investments	1.3
Total Investments	99.6
Other assets less liabilities	0.4
Net Assets	100.0	%

4

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 88.2% of Net Assets
NON-CONVERTIBLE BONDS – 70.7%
ABS Home Equity – 0.4%
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.381%, 7/25/2036(b)		$	2,897,224	$	1,871,053
Aerospace & Defense – 0.6%
Bombardier, Inc., 7.350%, 12/22/2026	CAD		600,000		525,747
Bombardier, Inc., 7.450%, 5/01/2034, 144A			2,175,000		1,881,375
					2,407,122
Airlines – 0.7%
American Airlines, Inc., Pass Through Trust, Series 93A6, 8.040%, 9/16/2011			15,049		13,883
Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707%, 10/02/2022			350,202		337,945
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			311,003		284,568
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			163,032		144,283
Delta Air Lines, Inc., 9.500%, 9/15/2014, 144A			1,435,000		1,490,606
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			439,294		385,481
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			519,627		463,564
					3,120,330
Automotive – 4.4%
Cummins, Inc., 6.750%, 2/15/2027			500,000		480,863
Cummins, Inc., 7.125%, 3/01/2028			350,000		345,228
FCE Bank PLC, EMTN, 4.625%, 10/25/2010	NOK		150,000		24,094
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		150,000		210,732
FCE Bank PLC, EMTN, 7.875%, 2/15/2011	GBP		2,200,000		3,535,675
Ford Motor Co., 6.500%, 8/01/2018			20,000		16,875
Ford Motor Co., 6.625%, 2/15/2028			30,000		23,175
Ford Motor Co., 6.625%, 10/01/2028			1,510,000		1,166,475
Ford Motor Co., 7.125%, 11/15/2025			190,000		148,200
Ford Motor Co., 7.450%, 7/16/2031			1,685,000		1,489,119
Ford Motor Co., 7.500%, 8/01/2026			30,000		23,625
Ford Motor Credit Co. LLC, 7.500%, 8/01/2012			555,000		559,694
Ford Motor Credit Co. LLC, 8.000%, 6/01/2014			2,795,000		2,869,872
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			940,000		941,249
Ford Motor Credit Co. LLC, 8.700%, 10/01/2014			1,250,000		1,306,865
Ford Motor Credit Co. LLC, EMTN, 4.875%, 1/15/2010	EUR		130,000		185,430
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			2,090,000		1,807,850
Goodyear Tire & Rubber Co. (The), 7.857%, 8/15/2011			135,000		139,556
Goodyear Tire & Rubber Co. (The), 9.000%, 7/01/2015			633,000		658,320
Goodyear Tire & Rubber Co. (The), 10.500%, 5/15/2016			2,690,000		2,972,450
					18,905,347
Banking – 3.3%
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		50,000,000		1,508,155
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB		11,000,000		332,921
BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, 144A	IDR		10,477,600,000		988,764
Citigroup, Inc., 5.875%, 2/22/2033			3,883,000		3,275,485
Citigroup, Inc., 6.000%, 10/31/2033			575,000		494,743
JPMorgan Chase & Co., Zero Coupon, 5/17/2010, 144A	BRL		2,200,000		1,209,179

1

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Banking – continued
JPMorgan Chase & Co., Zero Coupon, 3/28/2011, 144A	IDR	5,376,000,000	$	521,807
JPMorgan Chase & Co., EMTN, Zero Coupon, 3/28/2011, 144A	IDR	18,504,768,000		1,796,115
JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, 144A	IDR	9,533,078,500		959,193
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		3,200,000		2,950,150
Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		300,000		269,295
				14,305,807
Building Materials – 2.3%
Masco Corp., 4.800%, 6/15/2015		555,000		510,189
Masco Corp., 5.850%, 3/15/2017		440,000		409,402
Masco Corp., 6.125%, 10/03/2016		750,000		714,706
Masco Corp., 6.500%, 8/15/2032		670,000		570,165
Owens Corning, Inc., 7.000%, 12/01/2036		1,225,000		1,142,485
Owens Corning, Inc., 9.000%, 6/15/2019		2,760,000		3,077,894
USG Corp., 6.300%, 11/15/2016		3,250,000		2,908,750
USG Corp., 9.500%, 1/15/2018		620,000		638,600
				9,972,191
Chemicals – 1.8%
Borden, Inc., 7.875%, 2/15/2023		1,824,000		1,212,960
Borden, Inc., 9.200%, 3/15/2021		2,641,000		1,954,340
Hercules, Inc., 6.500%, 6/30/2029		2,558,000		1,739,440
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014		2,920,000		2,861,600
				7,768,340
Commercial Mortgage-Backed Securities – 0.2%
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		555,000		442,797
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.818%, 6/15/2049(b)		415,000		361,403
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		205,000		172,929
				977,129
Construction Machinery – 2.3%
Case New Holland, Inc., 7.750%, 9/01/2013, 144A		2,500,000		2,556,250
RSC Equipment Rental, Inc., 9.500%, 12/01/2014		295,000		295,369
Terex Corp., 8.000%, 11/15/2017		1,200,000		1,155,000
United Rentals North America, Inc., 7.000%, 2/15/2014		4,215,000		3,814,575
United Rentals North America, Inc., 7.750%, 11/15/2013		1,085,000		1,019,900
United Rentals North America, Inc., 10.875%, 6/15/2016		965,000		1,049,437
				9,890,531
Consumer Products – 0.3%
Acco Brands Corp., 7.625%, 8/15/2015		945,000		878,850
Acco Brands Corp., 10.625%, 3/15/2015, 144A		425,000		467,500
				1,346,350
Diversified Manufacturing – 0.7%
Textron, Inc., 5.600%, 12/01/2017		3,215,000		3,098,685
Electric – 2.9%
AES Corp. (The), 7.750%, 3/01/2014		1,185,000		1,202,775

2

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Electric – continued
AES Corp. (The), 7.750%, 10/15/2015	$	645,000	$	654,675
AES Ironwood LLC, 8.857%, 11/30/2025		329,671		326,375
Dynegy Holdings, Inc., 7.125%, 5/15/2018		100,000		81,500
Dynegy Holdings, Inc., 7.625%, 10/15/2026		490,000		338,100
Dynegy Holdings, Inc., 7.750%, 6/01/2019		1,250,000		1,084,375
Dynegy Holdings, Inc., 8.375%, 5/01/2016		250,000		237,500
Midwest Generation LLC, Series B, 8.560%, 1/02/2016		379,834		383,632
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		1,685,000		884,625
NRG Energy, Inc., 7.375%, 2/01/2016		575,000		575,719
NRG Energy, Inc., 8.500%, 6/15/2019		180,000		184,500
Quezon Power Philippines Co., 8.860%, 6/15/2017		765,000		711,450
RRI Energy, Inc., 7.875%, 6/15/2017		1,025,000		1,007,062
Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018		821,197		876,374
Texas Competitive Electric Holdings Co. LLC, Series A, 10.250%, 11/01/2015		2,090,000		1,692,900
TXU Corp., Series P, 5.550%, 11/15/2014		920,000		652,462
TXU Corp., Series Q, 6.500%, 11/15/2024		1,515,000		711,620
TXU Corp., Series R, 6.550%, 11/15/2034		420,000		194,721
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)		1,000,000		864,425
				12,664,790
Food & Beverage – 0.5%
ARAMARK Corp., 5.000%, 6/01/2012		475,000		456,000
Chiquita Brands International, Inc., 7.500%, 11/01/2014		940,000		930,600
Sara Lee Corp., 6.125%, 11/01/2032		690,000		664,118
Smithfield Foods, Inc., 7.750%, 7/01/2017		255,000		235,238
				2,285,956
Government Owned - No Guarantee – 0.0%
DP World Ltd., 6.850%, 7/02/2037, 144A		200,000		153,844
Healthcare – 3.9%
HCA, Inc., 5.750%, 3/15/2014		410,000		385,400
HCA, Inc., 6.250%, 2/15/2013		30,000		29,175
HCA, Inc., 6.300%, 10/01/2012		625,000		625,000
HCA, Inc., 6.375%, 1/15/2015		560,000		528,500
HCA, Inc., 6.500%, 2/15/2016		550,000		522,500
HCA, Inc., 6.750%, 7/15/2013		20,000		19,700
HCA, Inc., 7.050%, 12/01/2027		1,000,000		857,500
HCA, Inc., 7.190%, 11/15/2015		965,000		897,450
HCA, Inc., 7.500%, 12/15/2023		865,000		790,389
HCA, Inc., 7.500%, 11/06/2033		4,200,000		3,673,055
HCA, Inc., 7.690%, 6/15/2025		1,370,000		1,254,512
HCA, Inc., 8.360%, 4/15/2024		375,000		356,250
HCA, Inc., MTN, 7.580%, 9/15/2025		560,000		498,400
HCA, Inc., MTN, 7.750%, 7/15/2036		1,520,000		1,352,800
Tenet Healthcare Corp., 6.875%, 11/15/2031		5,914,000		4,731,200
Tenet Healthcare Corp., 9.250%, 2/01/2015		300,000		319,500
				16,841,331
Home Construction – 1.2%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015		185,000		132,275

3

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Home Construction – continued
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		$	1,068,000	$	752,940
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014			425,000		308,125
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014			272,000		198,560
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016			755,000		539,825
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013			10,000		7,518
KB Home, 7.250%, 6/15/2018			1,260,000		1,197,000
Lennar Corp., Series B, 5.500%, 9/01/2014			95,000		88,350
Lennar Corp., Series B, 5.600%, 5/31/2015			2,000,000		1,832,500
Pulte Homes, Inc., 6.000%, 2/15/2035			400,000		316,000
					5,373,093
Independent Energy – 1.6%
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		250,000		326,133
Chesapeake Energy Corp., 6.500%, 8/15/2017			1,110,000		1,087,800
Chesapeake Energy Corp., 6.875%, 11/15/2020			1,415,000		1,365,475
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			704,000		644,160
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A			985,000		965,300
Pioneer Natural Resources Co., 5.875%, 7/15/2016			335,000		320,695
Pioneer Natural Resources Co., 6.875%, 5/01/2018			910,000		900,372
Pioneer Natural Resources Co., 7.200%, 1/15/2028			920,000		830,861
Swift Energy Co., 7.125%, 6/01/2017			415,000		392,175
					6,832,971
Industrial Other – 0.1%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013			300,000		298,500
Life Insurance – 0.5%
MetLife, Inc., 10.750%, 8/01/2069			1,810,000		2,228,881
Local Authorities – 2.8%
Province of Ontario, Canada, 4.200%, 3/08/2018	CAD		12,200,000		11,834,764
Media Cable – 0.2%
Virgin Media Finance PLC, 9.125%, 8/15/2016			685,000		721,819
Media Non-Cable – 0.0%
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013(d)			510,000		47,812
R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017(d)			1,460,000		136,875
					184,687
Metals & Mining – 3.0%
Alcoa, Inc., 5.720%, 2/23/2019			1,700,000		1,643,611
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A			1,245,000		1,059,806
Ryerson, Inc., 12.000%, 11/01/2015			775,000		809,875
Steel Dynamics, Inc., 6.750%, 4/01/2015			750,000		743,438
Steel Dynamics, Inc., 7.375%, 11/01/2012			295,000		303,850
United States Steel Corp., 6.050%, 6/01/2017			4,740,000		4,525,122
United States Steel Corp., 6.650%, 6/01/2037			2,020,000		1,625,053
United States Steel Corp., 7.000%, 2/01/2018			2,035,000		1,993,270
					12,704,025
Non-Captive Consumer – 1.5%
American General Finance Corp., MTN, 5.750%, 9/15/2016			700,000		472,596
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			750,000		653,348
SLM Corp., Series A, MTN, 5.000%, 6/15/2018			115,000		88,402
SLM Corp., Series A, MTN, 6.500%, 6/15/2010(c)	NZD		4,720,000		3,335,370

4

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – continued
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		$	2,020,000	$	1,993,241
					6,542,957
Non-Captive Diversified – 4.2%
CIT Group, Inc., 7.000%, 5/01/2013			596,573		556,304
CIT Group, Inc., 7.000%, 5/01/2014			894,866		831,107
CIT Group, Inc., 7.000%, 5/01/2015			894,866		800,905
CIT Group, Inc., 7.000%, 5/01/2016			1,491,450		1,312,476
CIT Group, Inc., 7.000%, 5/01/2017			4,588,031		3,980,117
General Electric Capital Corp., 5.625%, 5/01/2018			10,000		10,247
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			60,000		55,553
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD		250,000		176,225
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD		3,035,000		2,147,580
GMAC, Inc., 5.375%, 6/06/2011, 144A			442,000		425,425
GMAC, Inc., 6.000%, 4/01/2011, 144A			201,000		196,980
GMAC, Inc., 6.000%, 12/15/2011, 144A			937,000		918,260
GMAC, Inc., 6.625%, 12/17/2010, 144A			23,000		22,713
GMAC, Inc., 6.625%, 5/15/2012, 144A			47,000		46,060
GMAC, Inc., 6.750%, 12/01/2014, 144A			149,000		141,550
GMAC, Inc., 6.875%, 9/15/2011, 144A			53,000		52,205
GMAC, Inc., 6.875%, 8/28/2012, 144A			94,000		92,120
GMAC, Inc., 7.000%, 2/01/2012, 144A			110,000		108,350
GMAC, Inc., 7.500%, 12/31/2013, 144A			314,000		303,010
GMAC, Inc., 8.000%, 12/31/2018, 144A			585,000		514,800
GMAC, Inc., 8.000%, 11/01/2031, 144A			208,000		187,200
International Lease Finance Corp., 4.750%, 1/13/2012			375,000		316,602
International Lease Finance Corp., 5.000%, 4/15/2010			550,000		541,744
International Lease Finance Corp., 5.000%, 9/15/2012			455,000		381,524
International Lease Finance Corp., 5.125%, 11/01/2010			1,245,000		1,195,286
International Lease Finance Corp., Series Q, MTN, 5.250%, 1/10/2013			320,000		261,005
International Lease Finance Corp., Series R, MTN, 5.625%, 9/15/2010			250,000		247,297
International Lease Finance Corp., Series R, MTN, 6.625%, 11/15/2013			820,000		660,088
iStar Financial, Inc., 5.500%, 6/15/2012			65,000		39,000
iStar Financial, Inc., 5.650%, 9/15/2011			100,000		73,500
iStar Financial, Inc., 5.875%, 3/15/2016			20,000		11,250
iStar Financial, Inc., 6.050%, 4/15/2015			20,000		11,250
iStar Financial, Inc., 8.625%, 6/01/2013			1,770,000		1,132,800
iStar Financial, Inc., Series B, 5.700%, 3/01/2014			70,000		39,200
iStar Financial, Inc., Series B, 5.950%, 10/15/2013			565,000		329,112
					18,118,845
Oil Field Services – 0.3%
Complete Production Services, Inc., 8.000%, 12/15/2016			595,000		586,819
North American Energy Partners, Inc., 8.750%, 12/01/2011			545,000		545,000
					1,131,819

5

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Packaging – 0.4%
Owens-Illinois, Inc., 7.800%, 5/15/2018	$	1,555,000	$	1,566,662
Paper – 4.4%
Georgia-Pacific LLC, 7.250%, 6/01/2028		1,240,000		1,153,200
Georgia-Pacific LLC, 7.750%, 11/15/2029		3,620,000		3,574,750
Georgia-Pacific LLC, 8.000%, 1/15/2024		1,270,000		1,295,400
Georgia-Pacific LLC, 8.875%, 5/15/2031		4,890,000		5,183,400
Jefferson Smurfit Corp., 7.500%, 6/01/2013(d)		515,000		453,200
Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(d)		2,800,000		2,467,500
Stone Container Finance, 7.375%, 7/15/2014(d)		980,000		922,425
Westvaco Corp., 7.950%, 2/15/2031		650,000		634,283
Westvaco Corp., 8.200%, 1/15/2030		2,380,000		2,448,511
Weyerhaeuser Co., 7.375%, 3/15/2032		845,000		801,121
				18,933,790
Pharmaceuticals – 0.9%
Elan Financial PLC, 8.875%, 12/01/2013		1,810,000		1,800,950
Valeant Pharmaceuticals International, 8.375%, 6/15/2016, 144A		1,890,000		1,946,700
				3,747,650
Pipelines – 1.9%
El Paso Corp., 6.950%, 6/01/2028		1,430,000		1,226,492
El Paso Corp., 7.420%, 2/15/2037		1,055,000		924,486
El Paso Corp., 12.000%, 12/12/2013		1,000,000		1,172,500
El Paso Corp., GMTN, 7.750%, 1/15/2032		2,210,000		2,089,805
El Paso Corp., GMTN, 7.800%, 8/01/2031		550,000		517,788
El Paso Corp., GMTN, 8.050%, 10/15/2030		1,105,000		1,042,226
Kinder Morgan Finance Co., 5.700%, 1/05/2016		345,000		331,200
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		1,000,000		885,000
				8,189,497
Property & Casualty Insurance – 0.8%
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		3,410,000		3,027,289
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		690,000		296,700
				3,323,989
Railroads – 0.1%
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		314,000		210,380
Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		30,000		27,600
				237,980
REITs – 0.9%
Colonial Realty LP, 6.250%, 6/15/2014		575,000		548,953
Highwoods Properties, Inc., 5.850%, 3/15/2017		470,000		428,754
ProLogis, 5.625%, 11/15/2015		100,000		95,089
ProLogis, 5.625%, 11/15/2016		1,090,000		1,004,484
ProLogis, 6.625%, 5/15/2018		1,935,000		1,835,102
				3,912,382
Retailers – 3.8%
Dillard’s, Inc., 6.625%, 1/15/2018		500,000		415,000
Dillard’s, Inc., 7.000%, 12/01/2028		450,000		330,750
Dillard’s, Inc., 7.130%, 8/01/2018		750,000		648,750

6

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Retailers – continued
Dillard’s, Inc., 7.750%, 7/15/2026		$	1,500,000		$	1,140,000
Foot Locker, Inc., 8.500%, 1/15/2022			1,679,000			1,586,655
Macy’s Retail Holdings, Inc., 5.900%, 12/01/2016			1,405,000			1,369,875
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			3,653,000			3,086,785
Macy’s Retail Holdings, Inc., 7.000%, 2/15/2028			295,000			259,600
Macy’s Retail Holdings, Inc., 8.875%, 7/15/2015			2,365,000			2,607,412
Toys R Us, Inc., 7.375%, 10/15/2018			5,185,000			4,744,275
Toys R Us, Inc., 7.875%, 4/15/2013			197,000			197,985
						16,387,087
Sovereigns – 3.3%
Indonesia Government International Bond, 6.625%, 2/17/2037, 144A			3,132,000			3,069,360
Indonesia Government International Bond, 7.750%, 1/17/2038, 144A			650,000			731,250
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		1,881,000,000			197,554
Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024	IDR		24,214,000,000			2,440,457
Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030	IDR		6,561,000,000			681,959
Indonesia Treasury Bond, Series ZC3, Zero Coupon, 11/20/2012	IDR		4,897,000,000			413,530
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		208,681	(††)		1,568,904
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		95,000	(††)		701,063
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		180,000	(††)		1,457,254
Republic of Brazil, 10.250%, 1/10/2028	BRL		4,170,000			2,395,175
Republic of Iceland, Zero Coupon, 2/15/2010	ISK		2,580,000			12,174
Republic of Iceland, 7.000%, 3/17/2010	ISK		18,085,000			85,865
Republic of Iceland, 7.250%, 5/17/2013	ISK		49,000,000			231,583
Republic of Iceland, 8.000%, 7/22/2011	ISK		26,100,000			125,101
Republic of Iceland, 13.750%, 12/10/2010	ISK		14,625,000			73,352
						14,184,581
Supermarkets – 0.9%
American Stores Co., 8.000%, 6/01/2026			110,000			100,375
American Stores Co., Series B, MTN, 7.100%, 3/20/2028			1,865,000			1,519,975
New Albertson’s, Inc., 7.450%, 8/01/2029			1,525,000			1,307,687
New Albertson’s, Inc., 8.000%, 5/01/2031			480,000			435,600
New Albertson’s, Inc., 8.700%, 5/01/2030			180,000			174,600
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			240,000			182,700
						3,720,937
Supranational – 0.2%
European Investment Bank, EMTN, Zero Coupon, 4/24/2013, 144A	IDR		1,639,380,000			131,971
Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013	IDR		8,600,000,000			666,031
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK		42,500,000			203,850
						1,001,852
Technology – 2.9%
Affiliated Computer Services, Inc., 5.200%, 6/01/2015			496,000			511,500
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029			6,580,000			4,712,925
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028			3,055,000			2,172,869

7

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Amkor Technology, Inc., 9.250%, 6/01/2016		$	480,000	$	510,000
Corning, Inc., 6.850%, 3/01/2029			801,000		800,054
Eastman Kodak Co., 7.250%, 11/15/2013			960,000		792,000
Freescale Semiconductor, Inc., 10.125%, 12/15/2016			210,000		169,050
Motorola, Inc., 5.220%, 10/01/2097			80,000		41,336
Motorola, Inc., 6.500%, 9/01/2025			190,000		165,074
Motorola, Inc., 6.500%, 11/15/2028			700,000		602,134
Motorola, Inc., 6.625%, 11/15/2037			70,000		60,900
Nortel Networks Capital Corp., 7.875%, 6/15/2026(d)			2,275,000		1,524,250
Nortel Networks Ltd., 6.875%, 9/01/2023(d)			1,000,000		450,000
					12,512,092
Textile – 0.2%
Jones Apparel Group, Inc., 6.125%, 11/15/2034			890,000		736,475
Transportation Services – 1.1%
APL Ltd., 8.000%, 1/15/2024(c)			2,685,000		2,066,698
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016			356,391		277,985
Atlas Air, Inc., Series 1999-1C, 8.770%, 7/02/2012(e)			399,542		283,675
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(e)			40,344		30,258
Atlas Air, Inc., Series B, 7.680%, 1/02/2014			1,982,315		1,684,968
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(e)			289,324		199,633
					4,543,217
Treasuries – 1.9%
Canadian Government, 2.000%, 9/01/2012	CAD		8,615,000		8,253,135
Wireless – 2.2%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			1,995,000		1,940,137
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			765,000		742,050
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			805,000		751,669
Sprint Capital Corp., 6.875%, 11/15/2028			1,525,000		1,267,656
Sprint Capital Corp., 6.900%, 5/01/2019			615,000		565,800
Sprint Capital Corp., 8.750%, 3/15/2032			215,000		202,638
True Move Co. Ltd., 10.375%, 8/01/2014, 144A			400,000		376,000
True Move Co. Ltd., 10.750%, 12/16/2013, 144A			3,565,000		3,440,225
					9,286,175
Wirelines – 5.1%
Axtel SAB de CV, 9.000%, 9/22/2019, 144A			410,000		420,250
FairPoint Communications, Inc., 13.125%, 4/02/2018(d)			5,334,157		560,086
Frontier Communications Corp., 7.875%, 1/15/2027			3,180,000		2,925,600
Frontier Communications Corp., 9.000%, 8/15/2031			2,330,000		2,289,225
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(d)			50,000		5
Level 3 Financing, Inc., 8.750%, 2/15/2017			590,000		538,375
Level 3 Financing, Inc., 9.250%, 11/01/2014			1,675,000		1,582,875
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			1,439,000		1,244,735
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			800,000		648,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			1,385,000		1,232,650
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			5,332,000		4,532,200
Qwest Corp., 6.500%, 6/01/2017			210,000		206,325
Qwest Corp., 6.875%, 9/15/2033			1,936,000		1,703,680

8

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Qwest Corp., 7.200%, 11/10/2026	$	1,500,000	$	1,357,500
Qwest Corp., 7.250%, 9/15/2025		645,000		596,625
Qwest Corp., 7.250%, 10/15/2035		1,407,000		1,238,160
Qwest Corp., 7.500%, 6/15/2023		985,000		930,825
				22,007,116
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $275,701,264)				304,125,784
CONVERTIBLE BONDS – 17.5%
Airlines – 0.1%
AMR Corp., 6.250%, 10/15/2014		520,000		538,850
Automotive – 1.0%
Ford Motor Co., 4.250%, 11/15/2016		3,530,000		4,425,738
Construction Machinery – 0.0%
United Rentals North America, Inc., 1.875%, 10/15/2023		40,000		38,900
Diversified Manufacturing – 0.1%
Trinity Industries, Inc., 3.875%, 6/01/2036		840,000		627,900
Electric – 0.1%
CMS Energy Corp., 5.500%, 6/15/2029		250,000		305,625
Healthcare – 2.5%
Affymetrix, Inc., 3.500%, 1/15/2038		1,216,000		1,076,160
Health Management Associates, Inc., 3.750%, 5/01/2028, 144A		3,325,000		3,379,031
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(f)		2,470,000		2,108,763
LifePoint Hospitals, Inc., 3.250%, 8/15/2025		345,000		317,831
LifePoint Hospitals, Inc., 3.500%, 5/15/2014		860,000		800,875
Omnicare, Inc., 3.250%, 12/15/2035		3,833,000		3,119,104
				10,801,764
Independent Energy – 0.7%
Chesapeake Energy Corp., 2.250%, 12/15/2038		3,885,000		2,938,031
Penn Virginia Corp., 4.500%, 11/15/2012		185,000		175,288
				3,113,319
Industrial Other – 0.3%
Incyte Corp., 3.500%, 2/15/2011		1,100,000		1,104,125
Lodging – 0.5%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		2,514,000		2,356,875
Media Non-Cable – 0.0%
Liberty Media LLC, 3.500%, 1/15/2031		61,699		37,328
Metals & Mining – 1.4%
Steel Dynamics, Inc., 5.125%, 6/15/2014		1,250,000		1,582,812
United States Steel Corp., 4.000%, 5/15/2014		2,280,000		4,272,150
				5,854,962
Oil Field Services – 0.3%
Transocean, Inc., Series B, 1.500%, 12/15/2037		1,120,000		1,080,800
Pharmaceuticals – 3.8%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		2,215,000		4,499,219
Human Genome Sciences, Inc., 2.250%, 8/15/2012		3,325,000		6,063,968
Kendle International, Inc., 3.375%, 7/15/2012		2,715,000		2,416,350

9

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Pharmaceuticals – continued
Nektar Therapeutics, 3.250%, 9/28/2012	$	2,091,000	$	1,923,720
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		1,165,000		1,392,175
				16,295,432
Technology – 4.8%
Advanced Micro Devices, Inc., 5.750%, 8/15/2012		1,214,000		1,197,308
Advanced Micro Devices, Inc., 6.000%, 5/01/2015		1,960,000		1,764,000
Alcatel-Lucent USA, Inc., Series B, 2.875%, 6/15/2025		1,835,000		1,564,338
Ciena Corp., 0.250%, 5/01/2013		540,000		407,700
Ciena Corp., 0.875%, 6/15/2017		2,920,000		1,689,950
Intel Corp., 3.250%, 8/01/2039, 144A		5,750,000		6,605,312
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		3,020,000		2,638,725
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		490,000		472,850
Maxtor Corp., 5.750%, 3/01/2012(c)		1,324,000		1,277,660
Nortel Networks Corp., 2.125%, 4/15/2014(d)		795,000		539,606
Richardson Electronics Ltd., 7.750%, 12/15/2011		132,000		126,720
Teradyne, Inc., 4.500%, 3/15/2014		1,050,000		2,215,500
				20,499,669
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		16,000		13,760
Wireless – 0.3%
NII Holdings, Inc., 2.750%, 8/15/2025		255,000		254,044
NII Holdings, Inc., 3.125%, 6/15/2012		1,280,000		1,174,400
				1,428,444
Wirelines – 1.6%
Level 3 Communications, Inc., 3.500%, 6/15/2012		1,955,000		1,710,625
Level 3 Communications, Inc., 5.250%, 12/15/2011		590,000		559,762
Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		2,210,000		2,502,825
Level 3 Communications, Inc., 10.000%, 5/01/2011		805,000		813,050
Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		1,190,000		1,347,675
				6,933,937
TOTAL CONVERTIBLE BONDS (Identified Cost $57,297,716)				75,457,428
TOTAL BONDS AND NOTES (Identified Cost $332,998,980)				379,583,212
BANK LOANS – 0.7%
Airlines – 0.1%
Delta Air Lines, Inc., Secured Term Loan, 8.750%, 9/27/2013(g)		204,488		203,933
Chemicals – 0.0%
Hexion Specialty Chemicals, Inc., Term Loan C1, 5/05/2013(h)		23,576		20,606
Hexion Specialty Chemicals, Inc., Term Loan C1, 2.563%, 5/05/2013(g)		149,644		130,789
Hexion Specialty Chemicals, Inc., Term Loan C2, 5/05/2013(h)		5,205		4,549
Hexion Specialty Chemicals, Inc., Term Loan C2, 2.563%, 5/05/2013(g)		32,423		28,338
				184,282

10

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

	Principal Amount (‡)		Value (†)
BANK LOANS – continued
Media Non-Cable – 0.1%
Idearc, Inc., Exit Term Loan, 11.000%, 12/31/2015(g)	$	510,970	$	264,003
Tribune Co., Term Loan X, 5.000%, 6/04/2009(d)(g)(i)		25,600		14,328
				278,331
Paper – 0.3%
Smurfit-Stone Container Enterprises, Inc., CAD Revolver, 2.993%, 11/01/2009(g)		213,344		209,877
Smurfit-Stone Container Enterprises, Inc., Offering-CL Deposit, 4.500%, 11/01/2010(g)		129,110		127,012
Smurfit-Stone Container Enterprises, Inc., Revolver, 2.846%, 11/02/2009(g)		642,772		632,328
Smurfit-Stone Container Enterprises, Inc., Tranche B Term Loan, 2.500%, 11/01/2011(g)		146,930		144,543
Smurfit-Stone Container Enterprises, Inc., Tranche C Term Loan, 2.500%, 11/01/2011(g)		276,940		272,440
Smurfit-Stone Container Enterprises, Inc., Tranche C1 Term Loan, 2.500%, 11/01/2011(g)		83,731		82,370
				1,468,570
Technology – 0.1%
Sungard Data Systems, Inc., Tranche B, 3.898%, 2/26/2016(g)		300,927		291,523
Wirelines – 0.1%
Fairpoint Communications, Inc., Initial Term Loan A, 4.750%, 3/31/2014(d)(g)		80,000		62,314
Fairpoint Communications, Inc., Initial Term Loan B, 5.000%, 3/31/2015(d)(g)		160,000		124,458
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(g)(j)		158,073		114,010
Level 3 Financing, Inc., Tranche A Term Loan, 2.530%, 3/13/2014(g)		70,000		63,350
				364,132
TOTAL BANK LOANS (Identified Cost $2,902,117)				2,790,771
	Shares
COMMON STOCKS – 2.7%
Biotechnology – 1.7%
Vertex Pharmaceuticals, Inc.(e)		165,617		7,096,688
Containers & Packaging – 0.3%
Owens-Illinois, Inc.(e)		40,621		1,335,212
Electronic Equipment Instruments & Components – 0.3%
Corning, Inc.		69,766		1,347,182
Food Products – 0.0%
ConAgra Foods, Inc.		3,100		71,455
Household Durables – 0.0%
KB Home		6,775		92,682
Oil, Gas & Consumable Fuels – 0.0%
Chesapeake Energy Corp.		2,846		73,655

11

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

	Shares	Value (†)
COMMON STOCKS – continued
Pharmaceuticals – 0.3%
Bristol-Myers Squibb Co.	43,200	$	1,090,800
REITs – 0.1%
Apartment Investment & Management Co.	6,185		98,465
Associated Estates Realty Corp.	32,565		367,007
Developers Diversified Realty Corp.	7,868		72,858
			538,330
TOTAL COMMON STOCKS (Identified Cost $5,388,611)			11,646,004
PREFERRED STOCKS – 1.5%
CONVERTIBLE PREFERRED STOCKS – 1.0%
Automotive – 0.3%
Ford Motor Co. Capital Trust II, 6.500%	32,158		1,282,461
Commercial Banks – 0.0%
Wells Fargo & Co., Series L, Class A, 7.500%	138		126,684
Diversified Financial Services – 0.1%
Sovereign Capital Trust IV, 4.375%	14,200		439,312
Electric Utilities – 0.2%
AES Trust III, 6.750%	17,119		793,894
CMS Energy Trust I, 7.750%(c)(k)	4,150		145,250
			939,144
Hotels, Restaurants & Leisure – 0.0%
Six Flags, Inc., 7.250%(e)	9		5
Machinery – 0.1%
United Rentals Trust, 6.500%	14,328		419,989
Oil, Gas & Consumable Fuels – 0.1%
El Paso Energy Capital Trust I, 4.750%	5,700		208,406
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%	1,100		11,963
Semiconductors & Semiconductor Equipment – 0.2%
Lucent Technologies Capital Trust, 7.750%	1,150		893,550
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $4,143,880)			4,321,514
NON-CONVERTIBLE PREFERRED STOCKS – 0.5%
Banking – 0.1%
GMAC, Inc., Series G, 7.000%, 144A	448		295,288
Diversified Financial Services – 0.1%
Bank of America Corp., 6.375%	18,000		342,900
Thrifts & Mortgage Finance – 0.3%
Countrywide Capital IV, 6.750%	7,075		151,193
Federal Home Loan Mortgage Corp., 5.000%(e)(l)	1,350		2,376
Federal Home Loan Mortgage Corp., 5.570%(e)(l)	31,000		29,140
Federal Home Loan Mortgage Corp., 5.660%(e)(l)	986,100		838,185
Federal Home Loan Mortgage Corp., 5.700%(e)(l)	2,200		3,410

12

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

	Shares		Value (†)
PREFERRED STOCKS – continued
Thrifts & Mortgage Finance – continued
Federal Home Loan Mortgage Corp., 5.790%(e)(l)		7,100	$	11,999
Federal Home Loan Mortgage Corp., 5.810%(e)(l)		1,600		2,768
Federal Home Loan Mortgage Corp., 5.900%(e)(l)		4,700		4,042
Federal Home Loan Mortgage Corp., 6.000%(e)(l)		1,700		2,856
Federal Home Loan Mortgage Corp., 6.420%(e)(l)		151,250		270,737
Federal Home Loan Mortgage Corp., 6.550%(e)(l)		4,150		4,026
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(e)(l)		28,100		29,505
Federal National Mortgage Association, 4.750%(e)(l)		4,850		7,032
Federal National Mortgage Association, 5.125%(e)(l)		900		1,332
Federal National Mortgage Association, 5.375%(e)(l)		1,850		2,960
Federal National Mortgage Association, 5.810%(e)(l)		1,400		2,142
Federal National Mortgage Association, 6.750%(e)(l)		2,200		2,002
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(e)(l)		73,150		80,465
				1,446,170
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $3,078,150)				2,084,358
TOTAL PREFERRED STOCKS (Identified Cost $7,222,030)				6,405,872
CLOSED END INVESTMENT COMPANIES – 0.3%
BlackRock Senior High Income Fund, Inc.		14,183		49,640
Dreyfus High Yield Strategies Fund		78,008		292,530
DWS High Income Trust		11,261		95,381
Highland Credit Strategies Fund		31,505		199,112
Van Kampen High Income Trust II		8,400		121,632
Western Asset Managed High Income Fund, Inc.		97,293		563,326
TOTAL CLOSED END INVESTMENT COMPANIES (Identified Cost $1,671,149)				1,321,621
WARRANTS – 0.0%
Pharmaceuticals – 0.0%
Valeant Pharmaceuticals International, Expiration 8/16/2010(c)(e)(k) (Identified Cost $0)		31,159		5,609
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 3.7%
Repurchase Agreement with State Street Corporation, dated 12/31/2009 at 0.000% to be repurchased at $657 on 1/04/2010 collateralized by $5,000 U.S. Treasury Bill, due 2/25/2010 with a value of $5,000 including accrued interest(m)	$	657		657

13

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

	Principal Amount (‡)		Value (†)
SHORT-TERM INVESTMENTS – continued
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2009 at 0.000% to be repurchased at $16,104,170 on 1/04/2010 collateralized by $16,245,000 Federal National Mortgage Association, 1.500% due 8/24/2012 with a value of $16,427,756 including accrued interest(m)	$	16,104,170	$	16,104,170
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $16,104,827)				16,104,827
TOTAL INVESTMENTS – 97.1% (Identified Cost $366,287,714)(a)				417,857,916
Other assets less liabilities—2.9%				12,589,031
NET ASSETS – 100.0%			$	430,446,947

(‡) 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 shares of closed-end investment companies and exchange-traded funds, for which market quotations are readily available, are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the 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 December 31, 2009, the net unrealized appreciation on investments based on a cost of $366,323,041 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	$	65,159,852
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(13,624,977	)
Net unrealized appreciation	$	51,534,875

At September 30, 2009 post-October capital loss deferrals were $9,779,704. This amount may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Variable rate security. Rate as of December 31, 2009 is disclosed.

(c) Illiquid security. At December 31, 2009, the value of these securities amounted to $11,783,492 or 2.7% of net assets.

14

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

(d) The issuer is in default with respect to interest and/or principal payment. Income is not being accrued.

(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 December 31, 2009.

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

(i) Issuer has filed for bankruptcy.

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

(k) Fair valued security by the Fund’s investment adviser. At December 31, 2009 the value of these securities amounted to $150,859 or 0.0% of net assets.

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

(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.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2009, the total value of these securities amounted to $45,980,435 or 10.7% 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; NOK: Norwegian Krone; NZD: New Zealand Dollar; THB: Thai Baht

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2009, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Chemicals	$	—	$	6,555,380	$	1,212,960	$	7,768,340
Supranational		—		869,881		131,971		1,001,852
All Other Non-Convertible Bonds*		—		295,355,592		—		295,355,592
Total Non-Convertible Bonds		—		302,780,853		1,344,931		304,125,784
Convertible Bonds*		—		75,457,428		—		75,457,428
Total Bonds and Notes		—		378,238,281		1,344,931		379,583,212
Bank Loans*		—		2,790,771		—		2,790,771
Common Stocks*		11,646,004		—		—		11,646,004
Preferred Stocks
Convertible Preferred Stocks
Automotive		1,282,461		—		—		1,282,461
Commercial Banks		126,684		—		—		126,684
Diversified Financial Services		—		439,312		—		439,312
Electric Utilities		—		793,894		145,250		939,144
Hotels, Restaurants & Leisure		5		—		—		5

15

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Asset Valuation Inputs – continued

Description	Level 1		Level 2		Level 3		Total
Preferred Stocks – continued
Convertible Preferred Stocks – continued
Machinery	$	—	$	419,989	$	—	$	419,989
Oil, Gas & Consumable Fuels		—		208,406		—		208,406
REITs		—		11,963		—		11,963
Semiconductors & Semiconductor Equipment		—		893,550		—		893,550
Total Convertible Preferred Stocks		1,409,150		2,767,114		145,250		4,321,514
Non-Convertible Preferred Stocks
Banking		—		295,288		—		295,288
Diversified Financial Services		342,900		—		—		342,900
Thrifts & Mortgage Finance		490,312		955,858		—		1,446,170
Total Non-Convertible Preferred Stocks		833,212		1,251,146		—		2,084,358
Total Preferred Stocks		2,242,362		4,018,260		145,250		6,405,872
Closed End Investment Companies		1,321,621		—		—		1,321,621
Warrants*		—		—		5,609		5,609
Short-Term Investments		—		16,104,827		—		16,104,827
Total	$	15,209,987	$	401,152,139	$	1,495,790	$	417,857,916

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases (Sales)		Net Transfers into/(out of) Level 3			Balance as of December 31, 2009
Bonds and Notes
Non-Convertible Bonds
Airlines	$	347,042	$	—	$	—	$	38,439		$	—	$	(385,481	)	$	—
Automotive		355,516		663		—		13,143			—		(369,322	)		—
Chemicals		2,658,860		9,911		—		498,529			—		(1,954,340	)		1,212,960
Non-Captive Consumer		3,195,119		15,221		—		125,030			—		(3,335,370	)		—
Supranational		120,736		3,252		—		7,983			—		—			131,971
Convertible Bonds
Technology		1,204,840		14,764		—		58,056			—		(1,277,660	)		—
Wirelines		2,342,600		1,637		—		158,588			—		(2,502,825	)		—
Preferred Stocks
Convertible Preferred Stocks
Electric Utilities		145,250		—		—		—			—		—			145,250
REITs		12,650		—		—		(687	)		—		(11,963	)		—
Warrants
Pharmaceuticals		—		—		—		5,609			—		—			5,609
Total	$	10,382,613	$	45,448	$	—	$	904,690		$	—	$	(9,836,961	)	$	1,495,790

16

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

INDUSTRY SUMMARY AT DECEMBER 31, 2009 (Unaudited)

Technology	7.8	%
Wirelines	6.8
Healthcare	6.4
Automotive	5.7
Pharmaceuticals	5.0
Paper	4.7
Metals & Mining	4.4
Non-Captive Diversified	4.2
Retailers	3.8
Banking	3.4
Sovereigns	3.3
Electric	3.0
Local Authorities	2.8
Wireless	2.5
Building Materials	2.3
Independent Energy	2.3
Construction Machinery	2.3
Other Investments, less than 2% each	22.7
Short-Term Investments	3.7
Total Investments	97.1
Other assets less liabilities	2.9
Net Assets	100.0	%

17

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund

	Principal Amount		Value (†)
BONDS AND NOTES – 96.3% of Net Assets
NON-CONVERTIBLE BONDS – 96.3%
ABS Car Loan – 0.1%
Americredit Automobile Receivables Trust, Series 2004-DF, Class A4, 3.430%, 7/06/2011	$	20,089	$	20,242
ABS Credit Card – 4.1%
BA Credit Card Trust, Series 2008-A5, Class A5, 1.433%, 12/16/2013(b)		260,000		261,198
Capital One Multi-Asset Execution Trust, Series 2004-A4, Class A4, 0.453%, 3/15/2017(b)		60,000		57,934
Chase Issuance Trust, Series 2007-A16, Class A16, 0.554%, 6/16/2014(b)		315,000		312,707
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		255,000		263,266
Discover Card Master Trust I, Series 2007-3, Class A2, 0.283%, 10/16/2014(b)		150,000		147,146
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 0.493%, 8/16/2021(b)		140,000		126,643
MBNA Credit Card Master Note Trust, Series 2004-B1, Class B1, 4.450%, 8/15/2016		110,000		104,742
				1,273,636
ABS Home Equity – 0.4%
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		116,526		87,445
GSAMP Trust, Series 2005-WMC3, Class A2B, 0.471%, 12/25/2035(b)		58,250		40,040
				127,485
Aerospace & Defense – 1.1%
General Dynamics Corp., 5.250%, 2/01/2014		155,000		168,635
Goodrich Corp., 4.875%, 3/01/2020		155,000		153,316
				321,951
Airlines – 0.5%
Delta Air Lines, Inc., Series A, 7.750%, 12/17/2019		150,000		153,000
Automotive – 0.8%
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		235,000		234,646
Banking – 9.8%
American Express Co., 5.500%, 9/12/2016		85,000		86,842
American Express Co., 6.150%, 8/28/2017		120,000		125,413
Bank of America Corp., 5.650%, 5/01/2018		205,000		208,200
Bank One Corp., 5.900%, 11/15/2011		5,000		5,336
Barclays Bank PLC, 5.200%, 7/10/2014		125,000		132,501
Bear Stearns Cos., Inc. (The), 5.350%, 2/01/2012		130,000		138,135
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		280,000		321,399
Citigroup, Inc., 5.300%, 10/17/2012		325,000		338,567
Credit Suisse NY, 6.000%, 2/15/2018		110,000		115,097
Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018		355,000		380,027
Merrill Lynch & Co., Inc., 5.450%, 2/05/2013		350,000		368,295
Morgan Stanley, 5.300%, 3/01/2013		400,000		421,598
Wachovia Corp., 5.300%, 10/15/2011		45,000		47,768
Wells Fargo & Co., 5.250%, 10/23/2012		305,000		325,610
				3,014,788

1

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Chemicals – 0.2%
RPM International, Inc., 6.125%, 10/15/2019	$	70,000	$	70,425
Collateralized Mortgage Obligations – 1.3%
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 5.946%, 7/25/2021(b)		189,148		135,566
Federal Home Loan Mortgage Corp., 5.000%, 8/15/2024		251,726		258,961
				394,527
Commercial Mortgage-Backed Securities – 8.9%
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		490,000		489,045
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.719%, 6/11/2040(b)		250,000		227,243
Citigroup Commercial Mortgage Trust, Series 2006-C5, Class A4, 5.431%, 10/15/2049		45,000		41,788
Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4, 5.816%, 12/10/2049(b)		140,000		126,962
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, 5.883%, 7/10/2038(b)		165,000		150,437
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		50,000		44,383
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039		410,000		414,039
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A2, 5.860%, 4/15/2045(b)		375,000		384,340
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB19, Class A4, 5.746%, 2/12/2049(b)		85,000		74,374
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.406%, 2/12/2039(b)		320,000		308,057
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.910%, 6/12/2046(b)		210,000		206,160
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.741%, 8/12/2041(b)		205,000		209,935
Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044		70,000		57,237
				2,734,000
Construction Machinery – 0.6%
Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014		90,000		100,579
John Deere Capital Corp., MTN, 4.500%, 4/03/2013		90,000		94,489
				195,068
Consumer Products – 0.8%
Hasbro, Inc., 6.125%, 5/15/2014		50,000		54,438
Koninklijke (Royal) Philips Electronics NV, 4.625%, 3/11/2013		175,000		184,249
				238,687
Distributors – 0.4%
EQT Corp., 8.125%, 6/01/2019		40,000		46,215
Sempra Energy, 6.500%, 6/01/2016		70,000		75,916
				122,131
Diversified Manufacturing – 0.2%
Tyco International Finance SA, 4.125%, 10/15/2014		65,000		66,445

2

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Electric – 4.4%
Carolina Power & Light Co., 6.500%, 7/15/2012	$	5,000	$	5,482
Consolidated Edison Co. of NY, Inc., 7.125%, 12/01/2018		125,000		144,445
Duke Energy Corp., 5.625%, 11/30/2012		150,000		163,756
FPL Group Capital, Inc., 0.674%, 11/09/2012(b)		140,000		140,675
Nisource Finance Corp., 6.125%, 3/01/2022		75,000		76,541
Nisource Finance Corp., 7.875%, 11/15/2010		145,000		152,012
Pacific Gas & Electric Co., 6.250%, 12/01/2013		135,000		150,288
Southern California Edison Co., 5.750%, 3/15/2014		165,000		182,445
Southern Co., 0.683%, 10/21/2011(b)		115,000		115,310
Virginia Electric and Power Co., 5.100%, 11/30/2012		205,000		221,399
				1,352,353
Entertainment – 2.0%
Time Warner, Inc., 5.875%, 11/15/2016		165,000		178,119
Time Warner, Inc., 6.500%, 11/15/2036		45,000		46,986
Viacom, Inc., Class B, 6.875%, 4/30/2036		205,000		221,668
Walt Disney Co., 5.700%, 7/15/2011		145,000		154,545
				601,318
Environmental – 0.1%
Waste Management, Inc., 6.375%, 3/11/2015		40,000		44,325
Food & Beverage – 2.9%
Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037		200,000		211,495
General Mills, Inc., 5.650%, 9/10/2012		225,000		244,772
HJ Heinz Finance Co., 6.000%, 3/15/2012		100,000		107,269
Kellogg Co., 5.125%, 12/03/2012		175,000		189,921
Kraft Foods, Inc., 6.750%, 2/19/2014		130,000		143,758
				897,215
Government Owned - No Guarantee – 1.0%
Federal National Mortgage Association, 5.375%, 6/12/2017		150,000		166,314
Petrobras International Finance Co., 5.750%, 1/20/2020		150,000		152,593
				318,907
Health Insurance – 1.1%
UnitedHealth Group, Inc., 4.875%, 2/15/2013		180,000		188,328
WellPoint, Inc., 5.250%, 1/15/2016		100,000		100,942
WellPoint, Inc., 6.000%, 2/15/2014		35,000		37,957
				327,227
Healthcare – 2.0%
Boston Scientific Corp., 4.500%, 1/15/2015		85,000		85,173
Express Scripts, Inc., 6.250%, 6/15/2014		20,000		21,823
Hospira, Inc., 5.550%, 3/30/2012		250,000		266,467
McKesson Corp., 6.500%, 2/15/2014		45,000		49,777
Medco Health Solutions, Inc., 6.125%, 3/15/2013		170,000		181,872
				605,112
Hybrid ARMs – 1.6%
FHLMC, 3.051%, 1/01/2035(b)		187,343		192,389
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 5.902%, 9/25/2036(b)		495,413		277,873
				470,262

3

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Independent Energy – 1.7%
Devon Energy Corp., 5.625%, 1/15/2014	$	125,000	$	135,037
EnCana Corp., 6.500%, 5/15/2019		80,000		89,491
Talisman Energy, Inc., 5.850%, 2/01/2037		15,000		14,332
Talisman Energy, Inc., 6.250%, 2/01/2038		55,000		55,062
Talisman Energy, Inc., 7.750%, 6/01/2019		25,000		29,360
XTO Energy, Inc., 4.900%, 2/01/2014		5,000		5,373
XTO Energy, Inc., 5.750%, 12/15/2013		170,000		189,115
				517,770
Integrated Energy – 1.4%
BP Capital Markets PLC, 3.875%, 3/10/2015		190,000		195,209
ConocoPhillips, 5.750%, 2/01/2019		130,000		142,291
Hess Corp., 7.000%, 2/15/2014		35,000		39,377
Marathon Oil Corp., 6.500%, 2/15/2014		35,000		38,716
				415,593
Media Cable – 1.9%
Comcast Corp., 4.950%, 6/15/2016		160,000		164,316
Cox Communications, Inc., 4.625%, 1/15/2010		5,000		5,004
Cox Communications, Inc., 5.450%, 12/15/2014		215,000		230,341
Time Warner Cable, Inc., 6.200%, 7/01/2013		170,000		186,738
				586,399
Media Non-Cable – 1.1%
Reed Elsevier Capital, Inc., 7.750%, 1/15/2014		125,000		142,316
Thomson Reuters Corp., 5.950%, 7/15/2013		175,000		191,574
				333,890
Metals & Mining – 1.7%
ArcelorMittal, 9.850%, 6/01/2019		135,000		174,609
United States Steel Corp., 6.050%, 6/01/2017		175,000		167,067
Vale Overseas Ltd., 6.250%, 1/23/2017		165,000		172,114
				513,790
Mortgage Related – 3.6%
FHLMC, 4.500%, 12/01/2019		11,806		12,265
FHLMC, 5.500%, 3/01/2013		5,638		5,995
FHLMC, 6.000%, 11/01/2012		9,637		10,178
FHLMC, 6.500%, 1/01/2024		3,406		3,686
FHLMC, 8.000%, 7/01/2025		355		408
FNMA, 5.500%, with various maturities from 2017 to 2020(c)		988,501		1,052,879
FNMA, 6.000%, 9/01/2021		6,587		7,047
FNMA, 7.500%, 6/01/2016		1,912		2,093
FNMA, 8.000%, 6/01/2015		2,655		2,899
GNMA, 6.500%, 12/15/2023		8,756		9,320
GNMA, 8.500%, 9/15/2022		1,850		2,124
GNMA, 9.500%, 1/15/2019		6,243		7,162
				1,116,056
Non-Captive Consumer – 0.7%
HSBC Finance Corp., 4.750%, 4/15/2010		205,000		207,158
Non-Captive Diversified – 2.1%
General Electric Capital Corp., MTN, 5.875%, 1/14/2038		20,000		18,518

4

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015	$	515,000	$	534,982
iStar Financial, Inc., 5.150%, 3/01/2012		170,000		103,700
				657,200
Oil Field Services – 0.4%
Halliburton Co., 6.150%, 9/15/2019		110,000		122,838
Pharmaceuticals – 0.6%
Eli Lilly & Co., 4.200%, 3/06/2014		155,000		162,590
Schering-Plough Corp., 5.300%, 12/01/2013		5,000		5,495
				168,085
Pipelines – 1.8%
Energy Transfer Partners LP, 6.000%, 7/01/2013		170,000		181,761
Kinder Morgan Energy Partners LP, 5.000%, 12/15/2013		185,000		194,215
Spectra Energy Capital LLC, 5.668%, 8/15/2014		175,000		189,426
				565,402
Property & Casualty Insurance – 0.1%
Willis North America, Inc., 7.000%, 9/29/2019		15,000		15,274
Railroads – 1.3%
Burlington Northern Santa Fe Corp., 7.000%, 2/01/2014		175,000		198,607
CSX Corp., 6.150%, 5/01/2037		30,000		30,395
Union Pacific Corp., 5.750%, 11/15/2017		160,000		168,815
				397,817
Refining – 0.5%
Valero Energy Corp., 9.375%, 3/15/2019		125,000		148,675
REITs – 2.4%
Colonial Realty LP, 4.800%, 4/01/2011		36,000		35,066
ERP Operating LP, 6.625%, 3/15/2012		165,000		173,781
Federal Realty Investment Trust, 5.400%, 12/01/2013		105,000		103,424
ProLogis, 5.500%, 4/01/2012		255,000		258,153
Simon Property Group LP, 5.300%, 5/30/2013		170,000		175,407
				745,831
Retailers – 0.4%
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012		130,000		132,762
Supermarkets – 0.5%
Kroger Co., 6.200%, 6/15/2012		50,000		54,470
Kroger Co., 6.400%, 8/15/2017		35,000		38,235
Kroger Co., 6.750%, 4/15/2012		65,000		70,993
				163,698
Technology – 4.7%
Agilent Technologies, Inc., 6.500%, 11/01/2017		120,000		126,990
Cisco Systems, Inc., 2.900%, 11/17/2014		280,000		279,490
Corning, Inc., 6.200%, 3/15/2016		45,000		47,759
Equifax, Inc., 7.000%, 7/01/2037		65,000		63,910
IBM International Group Capital, 5.050%, 10/22/2012		230,000		249,142
National Semiconductor Corp., 6.600%, 6/15/2017		175,000		179,263
Oracle Corp., 4.950%, 4/15/2013		170,000		182,420
Pitney Bowes, Inc., 5.250%, 1/15/2037		95,000		96,877
Xerox Corp., 4.250%, 2/15/2015		145,000		143,989

5

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Technology – continued
Xerox Corp., 6.400%, 3/15/2016	$	80,000	$	85,049
				1,454,889
Tobacco – 1.1%
Altria Group, Inc., 9.700%, 11/10/2018		115,000		142,159
Philip Morris International, Inc., 6.875%, 3/17/2014		185,000		209,627
				351,786
Treasuries – 19.3%
U.S. Treasury Note, 1.125%, 6/30/2011		2,750,000		2,761,171
U.S. Treasury Note, 2.750%, 2/28/2013		1,165,000		1,200,314
U.S. Treasury Note, 2.750%, 2/15/2019		605,000		556,978
U.S. Treasury Note, 2.875%, 6/30/2010		225,000		227,944
U.S. Treasury Note, 4.250%, 8/15/2014		140,000		151,036
U.S. Treasury Note, 4.875%, 7/31/2011		980,000		1,040,752
				5,938,195
Wireless – 1.1%
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		5,000		4,669
Sprint Nextel Corp., 6.000%, 12/01/2016		170,000		155,125
Vodafone Group PLC, 5.350%, 2/27/2012		175,000		186,712
				346,506
Wirelines – 3.6%
AT&T, Inc., 5.100%, 9/15/2014		180,000		193,619
Embarq Corp., 7.995%, 6/01/2036		155,000		166,733
Qwest Corp., 6.875%, 9/15/2033		260,000		228,800
Telecom Italia Capital SA, 4.950%, 9/30/2014		185,000		191,748
Telefonica Emisiones SAU, 4.949%, 1/15/2015		125,000		133,618
Verizon Communications, Inc., 6.350%, 4/01/2019		175,000		193,065
				1,107,583
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $28,559,084)				29,590,947
TOTAL BONDS AND NOTES (Identified Cost $28,559,084)				29,590,947
SHORT-TERM INVESTMENTS – 2.9%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2009 at 0.000% to be repurchased at $902,737 on 1/04/2010 collateralized by $915,000 Federal Home Loan Mortgage Corp., 2.250% due 8/17/2012 valued at $924,150 including accrued interest(d) (Identified Cost $902,737)		902,737		902,737
TOTAL INVESTMENTS – 99.2% (Identified Cost $29,461,821)(a)				30,493,684
Other assets less liabilities—0.8%				250,264
NET ASSETS – 100.0%			$	30,743,948

6

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

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

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

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

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At December 31, 2009, the net unrealized appreciation on investments based on a cost of $29,498,103 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	$	1,470,042
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(474,461	)
Net unrealized appreciation	$	995,581

At September 30, 2009, the Fund had a capital loss carryforward of approximately $1,200,043 of which $3,797 expires on September 30, 2013; $186,919 expires on September 30, 2014; $326,220 expires on September 30, 2015; $222,423 expires on September 30, 2016 and $460,684 expires on September 30, 2017. At September 30, 2009 post-October capital loss deferrals were $93,838. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Variable rate security. Rate as of December 31, 2009 is disclosed.

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

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

ABS Asset-Backed Securities

ARMs Adjustable Rate Mortgages

FHLMC Federal Home Loan Mortgage Corp.

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

MTN Medium Term Note

REITs Real Estate Investment Trusts

7

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund – continued

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2009, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes*	$	—	$	29,590,947	$	—	$	29,590,947
Short-Term Investments		—		902,737		—		902,737
Total	$	—	$	30,493,684	$	—	$	30,493,684

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Net Purchases (Sales)			Net Transfers into/(out of) Level 3		Balance as of December 31, 2009
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	92,043	$	—	$	(27,868	)	$	81,718	$	(145,893	)	$	—	$	—
Total	$	92,043	$	—	$	(27,868	)	$	81,718	$	(145,893	)	$	—	$	—

INDUSTRY SUMMARY AT DECEMBER 31, 2009 (Unaudited)

Treasuries	19.3	%
Banking	9.8
Commercial Mortgage-Backed Securities	8.9
Technology	4.7
Electric	4.4
ABS Credit Card	4.1
Mortgage Related	3.6
Wirelines	3.6
Food & Beverage	2.9
REITs	2.4
Non-Captive Diversified	2.1
Healthcare	2.0
Entertainment	2.0
Other Investments, less than 2% each	26.5
Short-Term Investments	2.9
Total Investments	99.2
Other assets less liabilities	0.8
Net Assets	100.0	%

8

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 96.5% of Net Assets
NON-CONVERTIBLE BONDS – 94.3%
ABS Home Equity – 0.0%
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021		$	399,729	$	133,045
ABS Other – 2.0%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			2,500,000		2,238,424
Sierra Receivables Funding Co., Series 2009-3A, Class A1, 7.620%, 7/20/2026, 144A			1,880,913		1,877,912
SVO VOI Mortgage Corp., Series 2009-BA, Class NT, 5.810%, 12/20/2028, 144A			5,000,000		5,000,000
Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A			997,374		964,582
					10,080,918
Aerospace & Defense – 0.0%
Boeing Capital Corp., 6.500%, 2/15/2012			165,000		180,457
Airlines – 3.7%
American Airlines, Inc., Pass Through Trust, Series 2009-1A, 10.375%, 7/02/2019			670,000		740,350
Continental Airlines, Inc., 9.000%, 7/08/2016			5,000,000		5,300,000
Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707%, 10/02/2022			350,202		337,945
Continental Airlines, Inc., Series 2007-1, Class A, 5.983%, 4/19/2022			1,095,000		1,056,675
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			2,148,150		1,885,001
Delta Air Lines, Inc., Series A, 7.750%, 12/17/2019			5,360,000		5,467,200
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			3,455,000		3,485,363
					18,272,534
Automotive – 0.7%
Cummins, Inc., 5.650%, 3/01/2098			1,930,000		1,203,625
Ford Motor Co., 6.375%, 2/01/2029			2,665,000		2,058,712
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			300,000		300,399
					3,562,736
Banking – 7.1%
Associates Corp. of North America, 6.950%, 11/01/2018			2,670,000		2,699,645
BAC Capital Trust VI, 5.625%, 3/08/2035			1,045,000		836,467
Bank of America Corp., 5.420%, 3/15/2017			230,000		227,033
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		940,000,000		806,507
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		70,000,000		2,111,417
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		1,950,000,000		1,677,574
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB		17,000,000		514,514
Bear Stearns Co., Inc. (The), 5.550%, 1/22/2017			230,000		230,068
BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, 144A	IDR		7,484,000,000		706,260
Citibank NA, 15.000%, 7/02/2010, 144A	BRL		4,000,000		2,364,159
Citigroup, Inc., 5.850%, 12/11/2034			85,000		74,993
Citigroup, Inc., 5.875%, 2/22/2033			185,000		156,056
Citigroup, Inc., 5.875%, 5/29/2037			370,000		326,038
Citigroup, Inc., 6.125%, 8/25/2036			145,000		124,351
Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018			870,000		931,334
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			2,420,000		2,487,487
JPMorgan Chase & Co., Zero Coupon, 5/17/2010, 144A	BRL		8,035,000		4,416,250

1

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Banking – continued
JPMorgan Chase & Co., Zero Coupon, 3/28/2011, 144A	IDR	5,376,000,000	$	521,807
JPMorgan Chase & Co., Zero Coupon, EMTN, 3/28/2011, 144A	IDR	8,972,574,000		870,898
JPMorgan Chase & Co., 4.750%, 5/01/2013		60,000		63,331
JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, 144A	IDR	9,533,078,500		959,193
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		2,870,000		2,645,916
Merrill Lynch & Co., Inc., Series C, MTN, 5.000%, 1/15/2015		235,000		239,001
Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		1,700,000		1,526,005
Morgan Stanley, EMTN, 5.450%, 1/09/2017		260,000		262,786
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017		1,100,000		1,104,870
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		695,000		716,851
National City Bank of Indiana, 4.250%, 7/01/2018		420,000		383,437
Standard Chartered Bank, 6.400%, 9/26/2017, 144A		300,000		310,233
Standard Chartered PLC, 5.500%, 11/18/2014, 144A		4,500,000		4,807,287
Washington Mutual Finance Corp., 6.875%, 5/15/2011		135,000		141,847
				35,243,615
Brokerage – 0.8%
Jefferies Group, Inc., 8.500%, 7/15/2019		3,450,000		3,771,295
Building Materials – 1.7%
Masco Corp., 0.554%, 3/12/2010(b)		1,085,000		1,080,576
Masco Corp., 4.800%, 6/15/2015		1,175,000		1,080,131
Masco Corp., 5.850%, 3/15/2017		730,000		679,234
Masco Corp., 6.125%, 10/03/2016		1,695,000		1,615,235
Masco Corp., 6.500%, 8/15/2032		200,000		170,199
Masco Corp., 7.750%, 8/01/2029		375,000		348,980
Owens Corning, Inc., 6.500%, 12/01/2016		1,235,000		1,264,730
Owens Corning, Inc., 7.000%, 12/01/2036		2,255,000		2,103,106
				8,342,191
Chemicals – 2.2%
Chevron Phillips Chemical Co. LLC, 8.250%, 6/15/2019, 144A		4,450,000		5,237,414
Lubrizol Corp., 6.500%, 10/01/2034		2,255,000		2,305,160
Methanex Corp., 6.000%, 8/15/2015		980,000		835,919
PPG Industries, Inc., 6.650%, 3/15/2018		2,410,000		2,623,401
				11,001,894
Collateralized Mortgage Obligations – 0.2%
CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020		275,417		268,532
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035		675,000		691,006
				959,538
Commercial Mortgage-Backed Securities – 4.7%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.179%, 9/10/2047(b)		160,000		157,133
Banc of America Commercial Mortgage, Inc., Series 2006-1, Class A2, 5.334%, 9/10/2045		220,000		224,111
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A2, 5.270%, 12/11/2040		280,000		280,515
Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041		600,000		584,364

2

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4, 5.537%, 10/12/2041	$	360,000	$	357,956
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		600,000		517,784
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.719%, 6/11/2040(b)		407,000		369,951
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		155,000		157,300
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.767%, 6/10/2046(b)		480,000		470,683
Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.723%, 6/15/2039(b)		3,525,000		2,819,427
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.808%, 9/15/2039(b)		2,030,000		1,637,316
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		685,000		546,514
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		485,000		486,891
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		1,500,000		1,331,496
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		1,003,000		886,195
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		805,000		779,374
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4, 5.560%, 11/10/2039		350,000		306,440
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP6, Class A4, 5.475%, 4/15/2043		1,180,000		1,135,416
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A4, 5.874%, 4/15/2045(b)		1,100,000		1,060,004
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.818%, 6/15/2049(b)		4,055,000		3,531,301
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		1,405,000		1,185,196
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5, 4.739%, 7/15/2030		480,000		464,350
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.882%, 6/15/2038(b)		380,000		359,723
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4, 5.372%, 9/15/2039		390,000		371,769
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A2, 5.303%, 2/15/2040		915,000		936,292
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039		335,000		339,982
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.910%, 6/12/2046(b)		235,000		230,703
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042		350,000		338,791
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047		425,000		414,572
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041		300,000		281,823

3

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.280%, 1/11/2043(b)		$	800,000	$	799,855
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048			200,000		187,670
					23,550,897
Consumer Products – 0.5%
Hasbro, Inc., 6.600%, 7/15/2028			605,000		551,504
Koninklijke (Royal) Philips Electronics N.V., 6.875%, 3/11/2038			745,000		845,122
Snap-on, Inc., 6.700%, 3/01/2019			780,000		828,098
					2,224,724
Distributors – 1.1%
EQT Corp., 8.125%, 6/01/2019			3,000,000		3,466,119
Equitable Resources, Inc., 6.500%, 4/01/2018			2,150,000		2,205,752
					5,671,871
Diversified Manufacturing – 0.9%
Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 8/15/2018			545,000		604,076
Textron, Inc., 3.875%, 3/11/2013	EUR		700,000		947,922
Textron, Inc., 6.200%, 3/15/2015			1,275,000		1,327,054
Textron, Inc., 7.250%, 10/01/2019			860,000		890,160
Textron, Inc., EMTN, 6.625%, 4/07/2020	GBP		540,000		761,569
					4,530,781
Electric – 3.2%
AmerenEnergy Generating Co., Series H, 7.000%, 4/15/2018			2,800,000		2,902,080
Baltimore Gas & Electric Co., 5.200%, 6/15/2033			500,000		436,327
Bruce Mansfield Unit, 6.850%, 6/01/2034(c)			1,537,235		1,446,446
Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017			1,185,000		1,206,447
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036			960,000		894,254
Commonwealth Edison Co., 4.700%, 4/15/2015			555,000		574,802
Commonwealth Edison Co., 4.750%, 12/01/2011(c)			31,000		30,904
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027			1,000,000		1,113,895
Illinois Power Co., 6.250%, 4/01/2018			3,385,000		3,587,074
NiSource Finance Corp., 6.125%, 3/01/2022			2,000,000		2,041,098
NiSource Finance Corp., 6.150%, 3/01/2013			195,000		207,627
NiSource Finance Corp., 6.400%, 3/15/2018			1,255,000		1,304,402
					15,745,356
Entertainment – 0.7%
Time Warner, Inc., 6.625%, 5/15/2029			870,000		907,150
Time Warner, Inc., 6.950%, 1/15/2028			375,000		403,521
Time Warner, Inc., 7.625%, 4/15/2031			245,000		284,599
Time Warner, Inc., 7.700%, 5/01/2032			160,000		187,893
Viacom, Inc., Class B, 6.875%, 4/30/2036			1,325,000		1,432,730
					3,215,893
Financial Other – 1.0%
Cantor Fitzgerald LP, 7.875%, 10/15/2019, 144A(c)			2,645,000		2,588,542
National Life Insurance Co., 10.500%, 9/15/2039, 144A			2,500,000		2,602,408
					5,190,950

4

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Food & Beverage – 1.3%
Anheuser-Busch Cos., Inc., 5.375%, 11/15/2014, 144A	$	2,955,000	$	3,128,624
Anheuser-Busch Cos., Inc., 5.950%, 1/15/2033		995,000		974,237
Cia Brasileira de Bebidas, 8.750%, 9/15/2013		1,025,000		1,189,000
Corn Products International, Inc., 6.625%, 4/15/2037		500,000		469,185
Kraft Foods, Inc., 6.250%, 6/01/2012		210,000		226,324
Kraft Foods, Inc., 6.500%, 11/01/2031		580,000		582,625
				6,569,995
Government Owned - No Guarantee – 1.1%
Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A		2,565,000		2,615,033
DP World Ltd., 6.850%, 7/02/2037, 144A		3,800,000		2,923,044
				5,538,077
Health Insurance – 0.5%
CIGNA Corp., 6.350%, 3/15/2018		2,515,000		2,531,898
CIGNA Corp., 7.875%, 5/15/2027		20,000		20,438
CIGNA Corp., 8.500%, 5/01/2019		45,000		51,133
				2,603,469
Healthcare – 1.3%
Boston Scientific Corp., 6.000%, 1/15/2020		855,000		873,619
Covidien International Finance SA, 6.000%, 10/15/2017		900,000		972,773
Express Scripts, Inc., 6.250%, 6/15/2014		1,115,000		1,216,610
Express Scripts, Inc., 7.250%, 6/15/2019		670,000		761,243
HCA, Inc., 5.750%, 3/15/2014		1,020,000		958,800
HCA, Inc., 6.250%, 2/15/2013		195,000		189,638
HCA, Inc., 6.375%, 1/15/2015		95,000		89,656
HCA, Inc., 6.500%, 2/15/2016		55,000		52,250
HCA, Inc., 6.750%, 7/15/2013		30,000		29,550
HCA, Inc., 7.050%, 12/01/2027		100,000		85,750
HCA, Inc., 7.190%, 11/15/2015		190,000		176,700
HCA, Inc., 7.500%, 12/15/2023		75,000		68,531
HCA, Inc., 7.690%, 6/15/2025		175,000		160,248
HCA, Inc., 8.360%, 4/15/2024		305,000		289,750
HCA, Inc., MTN, 7.580%, 9/15/2025		10,000		8,900
HCA, Inc., MTN, 7.750%, 7/15/2036		305,000		271,450
				6,205,468
Home Construction – 1.7%
Lennar Corp., Series B, 5.600%, 5/31/2015		1,250,000		1,145,313
Lennar Corp., Series B, 6.500%, 4/15/2016		770,000		708,400
Pulte Homes, Inc., 5.200%, 2/15/2015		1,116,000		1,040,670
Pulte Homes, Inc., 6.000%, 2/15/2035		3,340,000		2,638,600
Pulte Homes, Inc., 6.375%, 5/15/2033		1,455,000		1,174,912
Toll Brothers Finance Corp., 5.150%, 5/15/2015		1,725,000		1,650,580
				8,358,475
Hybrid ARMs – 0.2%
FNMA, 5.718%, 9/01/2036(b)		280,306		296,235
FNMA, 6.012%, 2/01/2037(b)		285,115		302,599
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.586%, 7/25/2035(b)		377,079		299,054

5

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Hybrid ARMs – continued
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 4.054%, 10/25/2035(b)		$	236,302	$	194,339
					1,092,227
Independent Energy – 1.3%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			1,260,000		1,362,938
Anadarko Petroleum Corp., 6.450%, 9/15/2036			1,320,000		1,378,567
Questar Market Resources, Inc., 6.050%, 9/01/2016			125,000		127,352
Questar Market Resources, Inc., 6.800%, 4/01/2018			3,365,000		3,506,680
Talisman Energy, Inc., 5.850%, 2/01/2037			15,000		14,332
					6,389,869
Local Authorities – 1.3%
Manitoba (Province of), GMTN, 6.375%, 9/01/2015	NZD		4,635,000		3,332,211
Province of Alberta, 5.930%, 9/16/2016	CAD		369,972		392,714
Quebec Province, Series QC, 6.750%, 11/09/2015	NZD		1,185,000		877,699
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		1,735,000		1,588,200
					6,190,824
Media Cable – 1.6%
Comcast Corp., 5.650%, 6/15/2035			1,610,000		1,504,912
Comcast Corp., 6.450%, 3/15/2037			375,000		386,651
Comcast Corp., 6.500%, 11/15/2035			1,100,000		1,140,547
Comcast Corp., 6.950%, 8/15/2037			1,925,000		2,098,044
Time Warner Cable, Inc., 6.750%, 7/01/2018			2,500,000		2,746,408
					7,876,562
Media Non-Cable – 0.7%
News America Holdings, 8.150%, 10/17/2036			240,000		278,336
News America, Inc., 6.200%, 12/15/2034			950,000		954,764
News America, Inc., 6.400%, 12/15/2035			1,980,000		2,033,141
					3,266,241
Metals & Mining – 0.0%
Teck Cominco Ltd., 7.000%, 9/15/2012			100,000		105,625
Mortgage Related – 0.4%
Federal National Mortgage Association, 7.000%, 4/25/2020			35,536		38,628
FHLMC, 5.500%, 8/01/2033			423,101		445,226
FHLMC, 10.000%, with various maturities to 2018(d)			4,956		5,542
FNMA, 5.000%, 6/01/2020			243,970		256,427
FNMA, 5.500%, 7/01/2033			465,287		489,036
FNMA, 6.000%, with various maturities from 2018 to 2033(d)			476,652		509,349
GNMA, 10.000%, with various maturities to 2018(d)			65,453		73,883
					1,818,091
Non-Captive Consumer – 1.4%
American General Finance Corp., Series H, MTN, 5.375%, 10/01/2012			45,000		36,185
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017			2,815,000		1,954,607
HSBC Finance Corp., 8.000%, 7/15/2010			205,000		212,446
SLM Corp., MTN, 5.050%, 11/14/2014			470,000		423,930
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			240,000		209,071
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			995,000		938,613
SLM Corp., Series A, MTN, 6.500%, 6/15/2010(c)	NZD		970,000		685,447

6

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – continued
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		$	2,385,000	$	2,353,406
					6,813,705
Non-Captive Diversified – 3.0%
CIT Group, Inc., 7.000%, 5/01/2013			112,988		105,361
CIT Group, Inc., 7.000%, 5/01/2014			169,485		157,409
CIT Group, Inc., 7.000%, 5/01/2015			169,485		151,689
CIT Group, Inc., 7.000%, 5/01/2016			282,478		248,581
CIT Group, Inc., 7.000%, 5/01/2017			395,473		343,073
General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012	AUD		670,000		622,950
General Electric Capital Corp., 5.625%, 5/01/2018			65,000		66,608
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			300,000		277,765
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD		470,000		331,303
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014	NZD		1,405,000		1,050,476
General Electric Capital Corp., Series A, MTN, 0.584%, 5/13/2024(b)			655,000		555,461
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015			2,230,000		2,316,526
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD		5,650,000		3,997,965
GMAC, Inc., 6.000%, 12/15/2011, 144A			763,000		747,740
GMAC, Inc., 7.500%, 12/31/2013, 144A			41,000		39,565
GMAC, Inc., 8.000%, 12/31/2018, 144A			97,000		85,360
International Lease Finance Corp., 6.375%, 3/25/2013			4,355,000		3,580,594
International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014			315,000		238,064
					14,916,490
Oil Field Services – 0.3%
Rowan Cos., Inc., 7.875%, 8/01/2019			1,090,000		1,212,724
Weatherford International Ltd., 6.500%, 8/01/2036			235,000		224,431
Weatherford International Ltd., 6.800%, 6/15/2037			105,000		104,092
					1,541,247
Paper – 0.3%
Georgia-Pacific LLC, 7.250%, 6/01/2028			1,500,000		1,395,000
Westvaco Corp., 8.200%, 1/15/2030			200,000		205,757
					1,600,757
Pharmaceuticals – 1.4%
Elan Financial PLC, 8.875%, 12/01/2013			170,000		169,150
Roche Holdings, Inc., 5.000%, 3/01/2014, 144A			6,500,000		6,953,941
					7,123,091
Pipelines – 3.4%
CenterPoint Energy Resources Corp., 6.250%, 2/01/2037			335,000		316,123
DCP Midstream LP, 6.450%, 11/03/2036, 144A			635,000		600,885
El Paso Corp., 6.950%, 6/01/2028			350,000		300,190
Enterprise Products Operating LLP, 6.300%, 9/15/2017			680,000		732,036
Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A			200,000		234,087
Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014			145,000		152,196

7

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Pipelines – continued
Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018		$	5,300,000	$	5,613,840
Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014, 144A(c)			3,923,600		4,294,145
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A			965,000		1,064,850
Panhandle Eastern Pipeline Co., 8.125%, 6/01/2019			2,000,000		2,310,746
Southern Natural Gas Co., 5.900%, 4/01/2017, 144A			810,000		831,818
Spectra Energy Capital LLC, 5.500%, 3/01/2014			230,000		241,812
					16,692,728
Property & Casualty Insurance – 1.9%
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014			65,000		66,477
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015			1,842,000		1,921,701
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033			2,465,000		2,188,348
Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019			623,000		755,900
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A			60,000		25,800
Progressive Corp., 7.000%, 10/01/2013			150,000		163,091
Willis North America, Inc., 6.200%, 3/28/2017			225,000		223,048
Willis North America, Inc., 7.000%, 9/29/2019			805,000		819,696
XL Capital Ltd., 6.250%, 5/15/2027			2,015,000		1,832,344
XL Capital Ltd., 6.375%, 11/15/2024			1,595,000		1,491,097
					9,487,502
Railroads – 1.0%
Canadian Pacific Railway Co., 5.950%, 5/15/2037			215,000		204,125
Canadian Pacific Railway Co., 7.250%, 5/15/2019			2,500,000		2,841,370
Canadian Pacific Railway Ltd., MTN, 4.900%, 6/15/2010, 144A	CAD		1,000,000		972,147
CSX Corp., 6.250%, 3/15/2018			670,000		721,471
CSX Corp., MTN, 6.000%, 10/01/2036			144,000		142,284
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)			190,000		127,300
					5,008,697
Refining – 0.8%
Valero Energy Corp., 9.375%, 3/15/2019			3,500,000		4,162,893
REITs – 2.1%
Camden Property Trust, 5.000%, 6/15/2015			365,000		352,265
Camden Property Trust, 5.700%, 5/15/2017			780,000		735,705
Colonial Realty LP, 4.800%, 4/01/2011			531,000		517,218
Duke Realty LP, 5.950%, 2/15/2017			90,000		83,763
Equity One, Inc., 6.000%, 9/15/2017			1,000,000		898,110
ERP Operating LP, 5.125%, 3/15/2016			30,000		29,245
ERP Operating LP, 5.750%, 6/15/2017			180,000		180,020
Federal Realty Investment Trust, 5.650%, 6/01/2016			1,350,000		1,301,250
Highwoods Properties, Inc., 5.850%, 3/15/2017			80,000		72,980
Highwoods Properties, Inc., 7.500%, 4/15/2018			1,075,000		1,046,416
ProLogis, 5.500%, 3/01/2013			160,000		158,282
ProLogis, 5.625%, 11/15/2015			55,000		52,299
ProLogis, 5.625%, 11/15/2016			240,000		221,171
ProLogis, 5.750%, 4/01/2016			265,000		248,898
ProLogis, 7.375%, 10/30/2019			785,000		774,328
Realty Income Corp., 6.750%, 8/15/2019			500,000		489,607

8

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
REITs – continued
Simon Property Group LP, 5.250%, 12/01/2016		$	155,000		$	150,741
Simon Property Group LP, 5.300%, 5/30/2013			1,200,000			1,238,166
Simon Property Group LP, 5.750%, 12/01/2015			475,000			484,382
Simon Property Group LP, 5.875%, 3/01/2017			740,000			741,037
Simon Property Group LP, 6.100%, 5/01/2016			360,000			367,395
Simon Property Group LP, 6.350%, 8/28/2012			250,000			264,560
						10,407,838
Restaurants – 0.1%
Darden Restaurants, Inc., 6.000%, 8/15/2035			610,000			553,865
Retailers – 1.3%
Home Depot, Inc. (The), 5.875%, 12/16/2036			2,030,000			1,959,471
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			230,000			204,240
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012			355,000			362,544
Macy’s Retail Holdings, Inc., 5.875%, 1/15/2013			980,000			1,006,950
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			3,465,000			2,927,925
						6,461,130
Sovereigns – 3.3%
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		262,000	(††)		1,969,767
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		140,000	(††)		1,033,145
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		227,000	(††)		1,837,759
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		2,625,000			2,412,371
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		685,000			627,766
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		4,000,000			3,474,240
Republic of Croatia, 6.750%, 11/05/2019, 144A			3,100,000			3,338,936
Republic of Iceland, Zero Coupon, 2/15/2010	ISK		7,310,000			34,492
Republic of Iceland, 7.000%, 3/17/2010	ISK		99,510,000			472,459
Republic of Iceland, 7.250%, 5/17/2013	ISK		101,800,000			481,126
Republic of Iceland, 8.000%, 7/22/2011	ISK		54,600,000			261,706
Republic of Iceland, 13.750%, 12/10/2010	ISK		41,460,000			207,944
						16,151,711
Supranational – 1.3%
Inter-American Development Bank, EMTN, Zero Coupon, 9/23/2013	IDR		45,300,000,000			3,391,594
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD		4,375,000			3,116,302
						6,507,896
Technology – 3.0%
Avnet, Inc., 6.000%, 9/01/2015			1,970,000			2,000,240
Avnet, Inc., 6.625%, 9/15/2016			270,000			278,555
Corning, Inc., 6.750%, 9/15/2013			1,250,000			1,358,613
Corning, Inc., 6.850%, 3/01/2029			210,000			209,752
Corning, Inc., 7.000%, 5/15/2024			810,000			845,804
Corning, Inc., 7.250%, 8/15/2036			3,565,000			3,632,468
Dun & Bradstreet Corp. (The), 6.000%, 4/01/2013			1,970,000			2,028,017
International Business Machines Corp., 4.750%, 11/29/2012			795,000			854,103
Intuit, Inc., 5.750%, 3/15/2017			635,000			657,703

9

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
KLA-Tencor Corp., 6.900%, 5/01/2018		$	1,370,000	$	1,441,433
Motorola, Inc., 5.220%, 10/01/2097			1,000,000		516,705
Motorola, Inc., 6.500%, 9/01/2025			190,000		165,074
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A			450,000		470,370
Tyco Electronics Group SA, 6.550%, 10/01/2017			360,000		372,226
					14,831,063
Tobacco – 1.2%
Altria Group, Inc., 9.250%, 8/06/2019			4,190,000		5,106,051
Reynolds American, Inc., 6.750%, 6/15/2017			735,000		761,171
Reynolds American, Inc., 7.250%, 6/15/2037			195,000		196,380
					6,063,602
Transportation Services – 2.4%
APL Ltd., 8.000%, 1/15/2024(c)			100,000		76,972
Atlas Air, Inc., Series B, 7.680%, 1/02/2014			3,079,324		2,617,426
Erac USA Finance Co., 6.700%, 6/01/2034, 144A			945,000		835,181
Erac USA Finance Co., 7.000%, 10/15/2037, 144A			8,661,000		8,477,456
					12,007,035
Treasuries – 18.5%
Canadian Government, 1.000%, 9/01/2011	CAD		5,950,000		5,660,081
Canadian Government, 1.250%, 12/01/2011	CAD		135,000		128,528
Canadian Government, 2.000%, 9/01/2012	CAD		4,407,000		4,221,888
Canadian Government, 2.750%, 12/01/2010	CAD		5,410,000		5,270,954
Canadian Government, 3.500%, 6/01/2013	CAD		804,000		799,288
Canadian Government, 3.750%, 9/01/2011	CAD		2,000,000		1,988,430
Canadian Government, 3.750%, 6/01/2012	CAD		9,485,000		9,490,986
Canadian Government, 3.750%, 6/01/2019	CAD		31,580,000		30,524,968
Canadian Government, 4.000%, 6/01/2016	CAD		1,000,000		1,005,441
Canadian Government, 5.250%, 6/01/2012	CAD		16,420,000		16,983,949
Norwegian Government, 4.250%, 5/19/2017	NOK		23,620,000		4,146,840
Norwegian Government, 6.500%, 5/15/2013	NOK		50,000,000		9,543,076
U.S. Treasury Note, 3.125%, 5/15/2019			2,000,000		1,894,062
U.S. Treasury Note, 4.250%, 11/15/2013			330,000		356,503
					92,014,994
Wireless – 0.4%
ALLTEL Corp., 7.875%, 7/01/2032			705,000		838,410
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			60,000		58,350
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			165,000		160,050
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			510,000		476,212
Sprint Capital Corp., 6.875%, 11/15/2028			234,000		194,513
Sprint Nextel Corp., 6.000%, 12/01/2016			366,000		333,975
					2,061,510
Wirelines – 5.3%
AT&T Corp., 6.500%, 3/15/2029			1,310,000		1,304,015
AT&T, Inc., 6.150%, 9/15/2034			1,785,000		1,764,480
AT&T, Inc., 6.500%, 9/01/2037			235,000		243,578
BellSouth Corp., 6.000%, 11/15/2034			530,000		517,191
BellSouth Telecommunications, Inc., 5.850%, 11/15/2045			2,000,000		1,712,650
Deutsche Telekom International Finance BV, 6.000%, 7/08/2019			8,170,000		8,722,872

10

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
GTE Corp., 6.940%, 4/15/2028	$	205,000	$	210,308
New England Telephone & Telegraph, 7.875%, 11/15/2029		2,170,000		2,373,991
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		500,000		432,500
Telecom Italia Capital SA, 6.000%, 9/30/2034		1,880,000		1,777,892
Telefonica Emisiones SAU, 6.421%, 6/20/2016		185,000		205,337
Telefonica Emisiones SAU, 7.045%, 6/20/2036		1,184,000		1,352,008
Verizon Communications, Inc., 5.850%, 9/15/2035		2,500,000		2,437,830
Verizon Maryland, Inc., 5.125%, 6/15/2033		290,000		229,440
Verizon New England, Inc., Series C, 4.750%, 10/01/2013		1,000,000		1,040,063
Verizon New York, Inc., Series B, 7.375%, 4/01/2032		915,000		985,641
Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		695,000		619,968
Verizon Virginia, Inc., Series A, 4.625%, 3/15/2013		505,000		524,422
				26,454,186
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $430,902,983)				468,555,558
CONVERTIBLE BONDS – 1.5%
Automotive – 0.3%
Ford Motor Co., 4.250%, 11/15/2016		1,035,000		1,297,631
Oil Field Services – 0.1%
Transocean, Inc., Series C, 1.500%, 12/15/2037		240,000		231,000
REITs – 0.0%
ERP Operating LP, 3.850%, 8/15/2026		180,000		178,200
Technology – 1.1%
Intel Corp., 2.950%, 12/15/2035		90,000		86,850
Intel Corp., 3.250%, 8/01/2039, 144A		4,700,000		5,399,125
Maxtor Corp., 5.750%, 3/01/2012(c)		48,000		46,320
Richardson Electronics Ltd., 7.750%, 12/15/2011		44,000		42,240
				5,574,535
TOTAL CONVERTIBLE BONDS (Identified Cost $6,280,341)				7,281,366
MUNICIPALS – 0.7%
Michigan – 0.2%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(c)		1,065,000		850,956
Ohio – 0.1%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(c)		750,000		563,843
Virginia – 0.4%
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)		2,815,000		2,030,685
TOTAL MUNICIPALS (Identified Cost $4,598,786)				3,445,484
TOTAL BONDS AND NOTES (Identified Cost $441,782,110)				479,282,408

11

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

	Shares	Value (†)
PREFERRED STOCKS – 0.7%
NON-CONVERTIBLE PREFERRED STOCKS – 0.3%
Banking – 0.0%
GMAC, Inc., Series G, 7.000%, 144A	161	$	106,119
Diversified Financial Services – 0.2%
Bank of America Corp., Series L, 7.250%	940		827,200
CIT Group, Inc., Series A, 6.350%	5,441		—
			827,200
Electric Utilities – 0.1%
Connecticut Light & Power Co., 2.200%	263		8,860
MDU Resources Group, Inc., 5.100%	254		25,003
Public Service Electric & Gas Co., 4.080%	400		28,000
San Diego Gas & Electric Co., 4.500%	100		1,560
Union Electric Co., 4.500%	3,160		223,570
			286,993
Thrifts & Mortgage Finance – 0.0%
Federal Home Loan Mortgage Corp., 5.000%(e)(f)	1,850		3,256
Federal Home Loan Mortgage Corp., 5.570%(e)(f)	28,450		26,743
Federal Home Loan Mortgage Corp., 5.660%(e)(f)	8,500		7,225
Federal Home Loan Mortgage Corp., 5.700%(e)(f)	2,900		4,495
Federal Home Loan Mortgage Corp., 5.790%(e)(f)	5,400		9,126
Federal Home Loan Mortgage Corp., 5.810%(e)(f)	1,900		3,287
Federal Home Loan Mortgage Corp., 5.900%(e)(f)	4,200		3,612
Federal Home Loan Mortgage Corp., 6.000%(e)(f)	2,400		4,032
Federal Home Loan Mortgage Corp., 6.420%(e)(f)	1,700		3,043
Federal Home Loan Mortgage Corp., 6.550%(e)(f)	11,075		10,743
Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(e)(f)	39,400		41,370
Federal National Mortgage Association, 4.750%(e)(f)	3,650		5,292
Federal National Mortgage Association, 5.125%(e)(f)	1,300		1,924
Federal National Mortgage Association, 5.375%(e)(f)	2,600		4,160
Federal National Mortgage Association, 5.810%(e)(f)	1,050		1,607
Federal National Mortgage Association, 6.750%(e)(f)	1,650		1,502
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(e)(f)	53,575		58,932
			190,349
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $3,621,024)			1,410,661
CONVERTIBLE PREFERRED STOCKS – 0.4%
Capital Markets – 0.2%
Newell Financial Trust I, 5.250%,	33,050		1,156,750
Diversified Financial Services – 0.2%
Sovereign Capital Trust IV, 4.375%	25,000		773,438

12

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

	Shares		Value (†)
PREFERRED STOCKS – continued
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $1,794,828)			$	1,930,188
TOTAL PREFERRED STOCKS (Identified Cost $5,415,852)				3,340,849
COMMON STOCKS – 0.1%
Biotechnology – 0.1%
Vertex Pharmaceuticals, Inc.(f) (Identified Cost $302,522)		13,708		587,388
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 1.7%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2010 at 0.000% to be repurchased at $8,570,383 on 1/04/2010 collateralized by $8,720,000 Federal Home Loan Mortgage Corp., 2.000% due 11/05/2012 with a value of $8,741,800 including accrued interest(g) (Identified Cost $8,570,383)	$	8,570,383		8,570,383
TOTAL INVESTMENTS – 99.0% (Identified Cost $456,070,867)(a)				491,781,028
Other assets less liabilities – 1.0%				5,103,792
NET ASSETS – 100.0%			$	496,884,820

(‡) 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 shares of closed-end investment companies and exchange-traded funds, for which market quotations are readily available, are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where 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 valued at their most recent settlement price. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s investment adviser using consistently applied procedures under the general supervision of the Board of Trustees. Investments in other open-end investment companies are valued at their net asset value each day.

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

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

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

13

PORTFOLIO OF INVESTMENTS – as of December 31, 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 December 31, 2009, the net unrealized appreciation on investments based on a cost of $457,140,694 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	$	43,753,874
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(9,113,540	)
Net unrealized appreciation	$	34,640,334

At September 30, 2009 post-October capital loss deferrals were $1,345,945. This amount may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Variable rate security. Rate as of December 31, 2009 is disclosed.

(c) Illiquid security. At December 31, 2009, the value of these securities amounted to $12,741,560 or 2.6% of net assets.

(d) 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.

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

(f) Non-income producing security.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2009, the total value of these securities amounted to $84,966,546 or 17.1% of net assets.

ABS Asset-Backed Securities

ARMs Adjustable-Rate Mortgages

EMTN Euro Medium Term Note

FHLMC Federal Home Loan Mortgage Corp.

FNMA Federal National Mortgage Association

GMTN Global Medium Term Note

GNMA Government National Mortgage Association

MTN Medium Term Note

REITs Real Estate Investment Trusts

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

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2009, at value:

14

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	5,080,918	$	5,000,000	$	10,080,918
All Other Non-Convertible Bonds*		—		458,474,640		—		458,474,640
Total Non-Convertible Bonds		—		463,555,558		5,000,000		468,555,558
Convertible Bonds*		—		7,281,366		—		7,281,366
Municipals*		—		3,445,484		—		3,445,484
Total Bonds and Notes		—		474,282,408		5,000,000		479,282,408
Preferred Stocks
Non-Convertible Preferred Stocks
Banking		—		106,119		—		106,119
Diversified Financial Services		—		827,200		—		827,200
Electric Utilities		253,130		33,863		—		286,993
Thrifts & Mortgage Finance		83,094		107,255		—		190,349
Total Non-Convertible Preferred Stocks		336,224		1,074,437		—		1,410,661
Convertible Preferred Stocks*		—		1,930,188		—		1,930,188
Total Preferred Stocks		336,224		3,004,625		—		3,340,849
Common Stocks*		587,388		—		—		587,388
Short-Term Investments		—		8,570,383		—		8,570,383
Total	$	923,612	$	485,857,416	$	5,000,000	$	491,781,028

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases (Sales)			Net Transfers into/(out of) Level 3			Balance as of December 31, 2009
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	106,635	$	—	$	(29,207	)	$	91,594		$	(169,022	)	$	—		$	—
ABS Other		2,345,000		—		59			(2,569	)		4,535,422			(1,877,912	)		5,000,000
Airlines		1,697,038		—		—			187,964			—			(1,885,002	)		—
Diversified Manufacturing		716,291		3,251		—			42,027			—			(761,569	)		—
Non-Captive Consumer		656,624		175		—			28,648			—			(685,447	)		—
Convertible Bonds
Technology		43,680		557		—			2,083			—			(46,320	)		—
Total	$	5,565,268	$	3,983	$	(29,148	)	$	349,747		$	4,366,400		$	(5,256,250	)	$	5,000,000

15

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

INDUSTRY SUMMARY AT DECEMBER 31, 2009 (Unaudited)

Treasuries	18.5	%
Banking	7.1
Wirelines	5.3
Commercial Mortgage-Backed Securities	4.7
Technology	4.1
Airlines	3.7
Pipelines	3.4
Sovereigns	3.3
Electric	3.2
Non-Captive Diversified	3.0
Transportation Services	2.4
Chemicals	2.2
REITs	2.1
ABS Other	2.0
Other Investments, less than 2% each	32.3
Short-Term Investments	1.7
Total Investments	99.0
Other assets less liabilities	1.0
Net Assets	100.0	%

CURRENCY EXPOSURE AT DECEMBER 31, 2009 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	70.9	%
Canadian Dollar	15.6
Norwegian Krone	2.8
New Zealand Dollar	2.7
Other, less than 2% each	7.0
Total Investments	99.0
Other assets less liabilities	1.0
Net Assets	100.0	%

16

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund

	Principal Amount		Value (†)
BONDS AND NOTES – 129.9% of Net Assets
ABS Car Loan – 4.6%
Avis Budget Rental Car Funding AESOP LLC, Series 2009-1A, Class A, 9.310%, 10/20/2013, 144A	$	2,800,000	$	3,098,106
Capital One Auto Finance Trust, Series 2006-C, Class A4, 0.263%, 5/15/2013(b)		760,555		751,316
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014		800,000		828,699
CarMax Auto Owner Trust, Series 2009-2, Class A3, 1.740%, 4/15/2014		1,500,000		1,494,254
Daimler Chrysler Auto Trust, Series 2008-B, Class A4A, 5.320%, 11/10/2014		1,135,000		1,187,728
Hertz Vehicle Financing LLC, Series 2009-2A, Class A2, 5.290%, 3/25/2016, 144A		2,920,000		2,913,407
Merrill Auto Trust Securitization Asset, Series 2008-1, Class B, 6.750%, 4/15/2015		1,305,000		1,312,545
Nissan Auto Receivables Owner Trust, Series 2008-B, Class A3, 4.460%, 4/16/2012		1,330,000		1,363,377
				12,949,432
ABS Credit Card – 8.7%
Capital One Multi-Asset Execution Trust, Series 2004-A4, Class A4, 0.453%, 3/15/2017(b)		1,895,000		1,829,755
Capital One Multi-Asset Execution Trust, Series 2007-A5, Class A5, 0.273%, 7/15/2020(b)		2,140,000		1,956,987
Chase Issuance Trust, Series 2007-B1, Class B1, 0.483%, 4/15/2019(b)		2,300,000		1,988,754
Chase Issuance Trust, Series 2007-C1, Class C1, 0.693%, 4/15/2019(b)		1,750,000		1,493,273
Citibank Credit Card Issuance Trust, Series 2005-C2, Class C2, 0.702%, 3/24/2017(b)		1,150,000		979,458
Citibank Credit Card Issuance Trust, Series 2006-C4, Class C4, 0.455%, 1/09/2012(b)		300,000		299,926
Citibank Credit Card Issuance Trust, Series 2007-A8, Class A8, 5.650%, 9/20/2019		4,215,000		4,565,605
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		1,895,000		1,956,428
Discover Card Master Trust, Series 2007-A1, Class A1, 5.650%, 3/16/2020		3,305,000		3,551,876
GE Capital Credit Card Master Note Trust, Series 2007-2, Class B, 0.413%, 3/15/2015(b)		1,335,000		1,258,075
GE Capital Credit Card Master Note Trust, Series 2009-4, Class B, 5.390%, 11/15/2017, 144A		2,815,000		2,774,933
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 0.493%, 8/16/2021(b)		1,490,000		1,347,842
World Financial Network Credit Card Master Trust, Series 2008-A, Class M, 5.233%, 6/15/2014(b)		706,000		702,691
				24,705,603
ABS Home Equity – 4.5%
Bear Stearns Asset Backed Securities Trust, Series 2006-HE3, Class A3, 0.511%, 4/25/2036(b)		2,228,800		853,727
Bear Stearns Asset Backed Securities Trust, Series 2007-HE5, Class 1A2, 0.411%, 6/25/2047(b)		2,495,000		1,447,100

1

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
ABS Home Equity – continued
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH1, Class A2, 0.331%, 1/25/2037(b)	$	1,516,000	$	1,427,082
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		858,840		644,506
Countrywide Asset-Backed Certificates, Series 2006-BC4, Class 2A2, 0.391%, 11/25/2036(b)		2,835,000		1,672,494
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A1, 0.341%, 6/25/2021(b)		1,439,585		1,177,533
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021		786,281		261,704
Countrywide Asset-Backed Certificates, Series 2006-S7, Class A3, 5.712%, 11/25/2035		2,071,200		547,619
GSAMP Trust, Series 2005-WMC3, Class A2B, 0.471%, 12/25/2035(b)		1,456,238		1,000,998
Ownit Mortgage Loan Asset-Backed Certificates, Series 2005-2, Class M3, 0.701%, 3/25/2036(b)		1,000,000		812,378
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.381%, 7/25/2036(b)		2,593,015		1,674,592
Soundview Home Equity Loan Trust, Series 2006-WF2, Class A2C, 0.371%, 12/25/2036(b)		1,750,000		1,115,572
				12,635,305
ABS Other – 2.3%
CIT Equipment Collateral, Series 2008-VT1, Class A3, 6.590%, 12/22/2014		3,020,000		3,099,502
Marriott Vacation Club Owner Trust, Series 2009-2A, Class A, 4.809%, 7/20/2031, 144A		1,733,432		1,722,246
Sierra Receivables Funding Co., Series 2009-1A, Class A1, 9.790%, 12/22/2025, 144A		399,722		415,263
Sierra Receivables Funding Co., Series 2009-3A, Class A1, 7.620%, 7/20/2026, 144A		1,259,289		1,257,280
				6,494,291
Collateralized Mortgage Obligations – 9.3%
Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.500%, 6/25/2036		1,177,549		731,184
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 5.946%, 7/25/2021(b)		952,417		682,615
CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020		267,155		260,476
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035(c)		2,797,000		2,863,326
Federal National Mortgage Association, Series 2003-26, Class OI, 5.500%, 11/25/2032(c)(d)		14,908,225		1,527,166
Federal National Mortgage Association, Series 2004-2, Class QK, 4.000%, 9/25/2017(c)		10,000,000		10,376,330
First Horizon Alternative Mortgage Securities, Series 2006-AA3, Class A1, 6.238%, 6/25/2036(b)		5,054,063		2,844,833
Residential Accredit Loans, Inc., Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021		541,321		387,975

2

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Collateralized Mortgage Obligations – continued
Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021	$	2,267,457	$	1,965,248
Residential Accredit Loans, Inc., Series 2006-QS6, Class 2A1, 6.000%, 6/25/2021		120,003		98,008
Washington Mutual Mortgage Pass Through Certificates, Series 2007-HY6, Class 2A1, 5.665%, 6/25/2037(b)		6,488,154		4,562,417
				26,299,578
Commercial Mortgage-Backed Securities – 30.7%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A2, 5.165%, 9/10/2047		120,000		121,872
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.178%, 9/10/2047(b)		189,000		185,613
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.738%, 5/10/2045(b)		350,000		343,954
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A2, 5.522%, 7/10/2046		460,000		468,748
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		5,375,000		5,364,526
Banc of America Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		3,520,000		2,969,579
Bank of America-First Union NB Commercial Mortgage, Series 2001-3, Class A2, 5.464%, 4/11/2037		428,676		445,055
Bear Stearns Commercial Mortgage Securities, Series 2001-TOP2, Class A2, 6.480%, 2/15/2035		174,988		181,120
Bear Stearns Commercial Mortgage Securities, Series 2005-T18, Class A2, 4.556%, 2/13/2042		167,468		167,347
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		225,000		194,169
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.719%, 6/11/2040(b)		1,200,000		1,090,764
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A5, 5.617%, 10/15/2048		5,000,000		4,763,134
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.767%, 6/10/2046(b)		250,000		245,147
Credit Suisse Mortgage Capital Certificates, Series 2006-C3, Class A3, 5.826%, 6/15/2038(b)		4,585,000		3,940,182
Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.723%, 6/15/2039(b)		2,342,000		1,873,219
Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 6.216%, 2/15/2041(b)		1,508,000		1,276,642
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		5,000,000		4,417,724
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, 5.396%, 8/10/2038		125,000		122,835
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A2, 4.475%, 7/10/2039		1,130,000		1,129,353
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		4,515,000		4,371,270
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A2, 5.506%, 4/10/2038		500,000		506,682

3

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A4, 5.553%, 4/10/2038	$	1,190,000	$	1,085,296
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039		2,449,000		2,473,124
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC, Class A3, 6.260%, 3/15/2033		168,238		173,070
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A4, 5.179%, 12/15/2044(b)		4,420,000		4,375,674
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A2, 5.860%, 4/15/2045(b)		1,065,000		1,091,525
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class A4, 5.440%, 6/12/2047		3,200,000		2,787,732
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		4,085,000		3,445,927
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030		275,000		276,238
LB-UBS Commercial Mortgage Trust, Series 2006-C3, Class A4, 5.661%, 3/15/2039		2,440,000		2,260,346
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A2, 5.303%, 2/15/2040		4,260,000		4,359,128
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.611%, 5/12/2039(b)		1,000,000		1,018,167
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039		4,895,000		4,967,798
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.406%, 2/12/2039(b)		1,000,000		962,679
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.910%, 6/12/2046(b)		250,000		245,429
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4, 5.414%, 7/12/2046		1,000,000		911,483
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042		5,280,000		5,110,908
Morgan Stanley Capital I, Series 2005-HQ7, Class A4, 5.207%, 11/14/2042(b)		5,965,000		5,881,005
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047		1,267,000		1,235,913
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041		5,000,000		4,697,054
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.741%, 8/12/2041(b)		555,000		568,361
Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049		2,305,000		1,942,273
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A2, 4.380%, 10/15/2041		24,204		24,424
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class A4, 5.418%, 1/15/2045		2,600,000		2,490,504
				86,562,993

4

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Hybrid ARMs – 11.9%
Countrywide Home Loans, Series 2004-HYB5, Class 6A2, 3.604%, 4/20/2035(b)	$	570,641	$	196,129
FHLMC, 5.952%, 2/01/2037(b)(c)		7,355,941		7,794,220
FHLMC, 3.051%, 1/01/2035(b)(c)		275,931		283,364
FHLMC, 5.988%, 11/01/2036(b)(c)		4,714,966		4,995,169
FNMA, 5.718%, 9/01/2036(b)(c)		2,725,772		2,880,660
FNMA, 6.012%, 2/01/2037(b)(c)		5,478,724		5,814,708
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 5.902%, 9/25/2036(b)		6,101,046		3,422,025
JPMorgan Mortgage Trust, Series 2006-A7, Class 1A3, 3.749%, 1/25/2037(b)		47,323		46,380
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.586%, 7/25/2035(b)		931,820		739,009
Washington Mutual Mortgage Pass Through Certificates, Series 2007-HY2, Class 2A2, 6.396%, 11/25/2036(b)		9,938,327		6,862,674
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 4.054%, 10/25/2035(b)		653,052		537,081
				33,571,419
Mortgage Related – 57.9%
FHLMC, 5.000%, with various maturities from 2035 to 2036(c)(e)		2,032,057		2,087,727
FHLMC, 5.500%, 5/01/2035(c)		375,718		395,013
FHLMC, 6.000%, with various maturities from 2036 to 2037(c)(e)		20,563,400		21,849,574
FHLMC, 6.500%, 1/01/2038(c)		145,968		156,383
FHLMC (TBA), 5.000%, 3/01/2019(f)		14,880,000		15,554,243
FNMA, 4.500%, 10/01/2035(c)		681,697		683,685
FNMA, 5.500%, with various maturities from 2034 to 2036(c)(e)		15,188,661		15,950,805
FNMA, 6.000%, with various maturities from 2034 to 2037(c)(e)		11,241,182		11,938,605
FNMA, 7.000%, 12/01/2037(c)		143,892		157,880
FNMA (TBA), 5.000%, 7/01/2035(f)		23,900,000		24,523,647
FNMA (TBA), 6.500%, 3/01/2035(f)		12,000,000		12,851,256
GNMA, 4.500%, 3/15/2039(c)		19,013,577		19,059,961
GNMA, 5.500%, with various maturities from 2033 to 2036(c)(e)		1,725,773		1,814,302
GNMA, 6.000%, 6/15/2036(c)		133,259		141,170
GNMA, 6.500%, 9/15/2036(c)		451,440		480,770
GNMA (TBA), 5.500%, 7/01/2036(f)		34,000,000		35,615,000
				163,260,021
TOTAL BONDS AND NOTES (Identified Cost $375,985,888)				366,478,642
SHORT-TERM INVESTMENTS – 1.3%
Federal National Mortgage Association Discount Notes, 0.520%, 4/01/2010(c)(g)		1,000,000		999,758

5

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value (†)
SHORT-TERM INVESTMENTS – continued
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2009 at 0.000% to be repurchased at $2,702,554 on 1/04/2010 collateralized by $2,730,000 Federal Home Loan Mortgage Corp., 2.25% due 8/24/2012 valued at $2,760,713 including accrued interest(h)	$	2,702,554	$	2,702,554
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $3,701,250)				3,702,312
TOTAL INVESTMENTS – 131.2% (Identified Cost $379,687,138)(a)				370,180,954
Other assets less liabilities – (31.2)%				(88,071,706	)
NET ASSETS – 100.0%			$	282,109,248

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

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

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

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.): At December 31, 2009, the net unrealized depreciation on investments based on a cost of $379,687,138 for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	10,815,581
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(20,321,765	)
Net unrealized depreciation	$	(9,506,184	)

At September 30, 2009 post-October capital loss deferrals were $2,470,121. This amount may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Variable rate security. Rate as of December 31, 2009 is disclosed.

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

6

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

(d) Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.

(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.

(f) 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.

(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.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2009, the total value of these securities amounted to $12,181,235 or 4.3% 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 liquid securities. As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin”, are made or received by 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 December 31, 2009, open futures contracts sold were as follows:

Futures	Expiration Date	Contracts	Notional Value		Unrealized Appreciation
5 Year U.S. Treasury Note	3/31/2010	155	$	17,729,336	$	293,974
10 Year U.S. Treasury Note	3/22/2010	50		5,772,656		144,830
Total					$	438,804

Fair Value Measurements

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

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

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

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

7

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

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

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2009, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
ABS Home Equity	$	—	$	11,188,205	$	1,447,100	$	12,635,305
All Other Bonds and Notes*		—		353,843,337		—		353,843,337
Total Bonds and Notes		—		365,031,542		1,447,100		366,478,642
Short-Term Investments		—		3,702,312		—		3,702,312
Total Investments		—		368,733,854		1,447,100		370,180,954
Futures (unrealized appreciation)		438,804		—		—		438,804
Total	$	438,804	$	368,733,854	$	1,447,100	$	370,619,758

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2009		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases (Sales)			Net Transfers into/(out of) Level 3			Balance as of December 31, 2009
Bonds and Notes
ABS Home Equity	$	2,352,830	$	—	$	(157,521	)	$	2,376,837		$	(546,166	)	$	(2,578,880	)	$	1,447,100
ABS Other		1,570,000		—		40			(2,049	)		(310,711	)		(1,257,280	)		—
Collateralized Mortgage Obligations		1		—		(6,746	)		6,745			—			—			—
Hybrid ARMs		136,111		—		41			83,708			(23,731	)		(196,129	)		—
Total	$	4,058,942	$	—	$	(164,186	)	$	2,465,241		$	(880,608	)	$	(4,032,289	)	$	1,447,100

Derivatives

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund currently uses 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 investing 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 interest rate risk without having to buy or sell portfolio securities.

8

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

INDUSTRY SUMMARY AT DECEMBER 31, 2009 (Unaudited)

Mortgage Related	57.9	%
Commercial Mortgage-Backed Securities	30.7
Hybrid ARMs	11.9
Collateralized Mortgage Obligations	9.3
ABS Credit Card	8.7
ABS Car Loan	4.6
ABS Home Equity	4.5
ABS Other	2.3
Short-Term Investments	1.3
Total Investments	131.2
Other assets less liabilities (including open futures contracts)	(31.2	)
Net Assets	100.0	%

9

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund

	Shares	Value (†)
COMMON STOCKS – 96.7% of Net Assets
Aerospace & Defense – 0.4%
Ducommun, Inc.	209,460	$	3,918,997
Air Freight & Logistics – 0.9%
Atlas Air Worldwide Holdings, Inc.(b)	236,556		8,811,711
Auto Components – 0.6%
Goodyear Tire & Rubber Co. (The)(b)	445,746		6,285,019
Building Products – 1.3%
Armstrong World Industries, Inc.(b)	220,314		8,576,824
Griffon Corp.(b)	348,440		4,257,937
			12,834,761
Capital Markets – 3.5%
Fifth Street Finance Corp.	525,271		5,641,411
Investment Technology Group, Inc.(b)	217,478		4,284,317
JMP Group, Inc.	161,713		1,571,850
Legg Mason, Inc.	160,379		4,837,031
Stifel Financial Corp.(b)	214,727		12,720,427
SWS Group, Inc.	397,253		4,806,761
			33,861,797
Chemicals – 2.9%
Calgon Carbon Corp.(b)	270,934		3,765,983
Ferro Corp.	613,965		5,059,072
Koppers Holdings, Inc.	195,239		5,943,075
Minerals Technologies, Inc.	80,553		4,387,722
Olin Corp.	244,931		4,291,191
RPM International, Inc.	243,744		4,955,315
			28,402,358
Commercial Banks – 5.2%
First Financial Bancorp	379,443		5,524,690
First Horizon National Corp.(b)	424,249		5,684,933
Hancock Holding Co.	135,983		5,954,696
IBERIABANK Corp.	188,834		10,161,157
Prosperity Bancshares, Inc.	228,423		9,244,279
Signature Bank(b)	292,081		9,317,384
Sterling Bancshares, Inc.	941,772		4,831,290
			50,718,429
Commercial Services & Supplies – 5.1%
ABM Industries, Inc.	391,160		8,081,366
American Ecology Corp.	150,555		2,565,457
Brink’s Co. (The)	58,466		1,423,063
McGrath Rentcorp	147,833		3,305,546
Rollins, Inc.	769,386		14,833,762
Standard Parking Corp.(b)	497,373		7,898,283
Team, Inc.(b)	201,193		3,784,440
Waste Connections, Inc.(b)	248,909		8,298,626
			50,190,543

1

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

	Shares	Value (†)
COMMON STOCKS – continued
Communications Equipment – 2.0%
ADTRAN, Inc.	236,180	$	5,325,859
Brocade Communications Systems, Inc.(b)	336,187		2,565,107
CommScope, Inc.(b)	246,279		6,533,782
Tekelec(b)	343,013		5,241,238
			19,665,986
Computers & Peripherals – 0.2%
Intevac, Inc.(b)	197,385		2,264,006
Construction & Engineering – 0.4%
MYR Group, Inc.(b)	241,538		4,367,007
Consumer Finance – 1.2%
Cash America International, Inc.	72,290		2,527,258
Dollar Financial Corp.(b)	392,286		9,281,487
			11,808,745
Containers & Packaging – 1.2%
Myers Industries, Inc.	336,928		3,066,045
Rock-Tenn Co., Class A	170,947		8,617,438
			11,683,483
Distributors – 0.5%
Core-Mark Holding Co., Inc.(b)	134,464		4,431,933
Diversified Financial Services – 0.9%
PHH Corp.(b)	520,467		8,384,723
Electric Utilities – 2.2%
ALLETE, Inc.	203,571		6,652,701
ITC Holdings Corp.	147,590		7,687,963
UIL Holdings Corp.	257,628		7,234,194
			21,574,858
Electrical Equipment – 3.0%
Baldor Electric Co.	204,166		5,735,023
Encore Wire Corp.	163,553		3,446,062
General Cable Corp.(b)	141,821		4,172,374
GrafTech International Ltd.(b)	257,042		3,997,003
II-VI, Inc.(b)	279,967		8,902,950
Thomas & Betts Corp.(b)	90,427		3,236,382
			29,489,794
Electronic Equipment Instruments & Components – 1.3%
Littelfuse, Inc.(b)	101,117		3,250,912
Methode Electronics, Inc.	471,204		4,090,051
ScanSource, Inc.(b)	43,845		1,170,661
TTM Technologies, Inc.(b)	399,936		4,611,262
			13,122,886

2

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

	Shares	Value (†)
COMMON STOCKS – continued
Energy Equipment & Services – 2.3%
Dresser-Rand Group, Inc.(b)	162,877	$	5,148,542
Hornbeck Offshore Services, Inc.(b)	182,127		4,239,916
Lufkin Industries, Inc.	78,784		5,766,989
Oceaneering International, Inc.(b)	127,450		7,458,374
			22,613,821
Food & Staples Retailing – 0.2%
Spartan Stores, Inc.	139,989		2,000,443
Food Products – 2.8%
Corn Products International, Inc.	128,285		3,749,770
Darling International, Inc.(b)	618,768		5,185,276
Fresh Del Monte Produce, Inc.(b)	186,239		4,115,882
Imperial Sugar Co.	147,879		2,579,010
J & J Snack Foods Corp.	201,646		8,057,774
Ralcorp Holdings, Inc.(b)	69,521		4,151,099
			27,838,811
Gas Utilities – 1.4%
UGI Corp.	557,083		13,475,838
Health Care Equipment & Supplies – 2.4%
Haemonetics Corp.(b)	104,617		5,769,628
Medical Action Industries, Inc.(b)	230,147		3,696,161
Teleflex, Inc.	156,254		8,420,528
West Pharmaceutical Services, Inc.	144,562		5,666,830
			23,553,147
Health Care Providers & Services – 1.6%
CorVel Corp.(b)	93,798		3,145,985
MEDNAX, Inc.(b)	119,792		7,200,697
MWI Veterinary Supply, Inc.(b)	139,348		5,253,420
			15,600,102
Hotels, Restaurants & Leisure – 1.9%
Bob Evans Farms, Inc.	181,897		5,265,918
California Pizza Kitchen, Inc.(b)	202,715		2,726,517
Dover Downs Gaming & Entertainment, Inc.	301,983		1,141,496
Isle of Capri Casinos, Inc.(b)	430,695		3,221,598
Wyndham Worldwide Corp.	286,963		5,788,044
			18,143,573
Household Durables – 1.4%
Jarden Corp.	197,326		6,099,347
Leggett & Platt, Inc.	349,731		7,134,512
			13,233,859
Industrial Conglomerates – 0.4%
Raven Industries, Inc.	123,702		3,930,013

3

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

	Shares	Value (†)
COMMON STOCKS – continued
Insurance – 6.0%
Aspen Insurance Holdings Ltd.	256,449	$	6,526,627
Hanover Insurance Group, Inc. (The)	134,037		5,955,264
HCC Insurance Holdings, Inc.	334,373		9,352,413
Navigators Group, Inc.(b)	116,894		5,506,876
ProAssurance Corp.(b)	102,409		5,500,387
Reinsurance Group of America, Inc.	139,456		6,645,078
RLI Corp.	113,569		6,047,549
W.R. Berkley Corp.	272,454		6,713,267
Zenith National Insurance Corp.	235,235		7,000,594
			59,248,055
Internet & Catalog Retail – 0.7%
HSN, Inc.(b)	340,037		6,865,347
Internet Software & Services – 0.8%
AOL, Inc.(b)	127,486		2,967,874
IAC/InterActiveCorp(b)	101,826		2,085,397
United Online, Inc.	441,963		3,177,714
			8,230,985
IT Services – 4.8%
Alliance Data Systems Corp.(b)	96,940		6,261,354
Broadridge Financial Solutions, Inc.	465,213		10,495,205
Global Payments, Inc.	124,931		6,728,784
iGATE Corp.	385,584		3,855,840
Lender Processing Services, Inc.	217,332		8,836,719
SRA International, Inc., Class A(b)	200,139		3,822,655
Wright Express Corp.(b)	214,667		6,839,291
			46,839,848
Life Sciences Tools & Services – 0.8%
Mettler-Toledo International, Inc.(b)	75,642		7,941,654
Machinery – 4.7%
Actuant Corp., Class A	476,590		8,831,213
Albany International Corp., Class A	411,477		9,241,773
Altra Holdings, Inc.(b)	333,302		4,116,280
Colfax Corp.(b)	208,038		2,504,777
Dynamic Materials Corp.	183,577		3,680,719
John Bean Technologies Corp.	370,402		6,300,538
Middleby Corp. (The)(b)	42,038		2,060,703
Tennant Co.	103,930		2,721,927
Wabtec Corp.	169,822		6,935,530
			46,393,460
Marine – 0.4%
Kirby Corp.(b)	122,053		4,251,106

4

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

	Shares	Value (†)
COMMON STOCKS – continued
Media – 3.2%
Alloy, Inc.(b)	244,628	$	1,903,206
Arbitron, Inc.	192,310		4,503,900
John Wiley & Sons, Inc. Class A	231,322		9,687,765
Live Nation, Inc.(b)	922,972		7,854,492
Scholastic Corp.	264,343		7,885,352
			31,834,715
Metals & Mining – 1.4%
Horsehead Holding Corp.(b)	429,497		5,476,087
Reliance Steel & Aluminum Co.	190,083		8,215,387
			13,691,474
Multi-Utilities & Unregulated Power – 0.5%
NorthWestern Corp.	193,268		5,028,833
Oil, Gas & Consumable Fuels – 3.9%
Arena Resources, Inc.(b)	169,513		7,309,401
Berry Petroleum Co., Class A	187,881		5,476,731
Cloud Peak Energy, Inc.(b)	187,719		2,733,189
Comstock Resources, Inc.(b)	196,822		7,985,068
Mariner Energy, Inc.(b)	360,308		4,183,176
Penn Virginia Corp.	485,007		10,325,799
			38,013,364
Paper & Forest Products – 0.9%
Clearwater Paper Corp.(b)	71,870		3,950,694
Deltic Timber Corp.	94,118		4,346,369
			8,297,063
Personal Products – 0.4%
Alberto-Culver Co.	134,742		3,946,593
Pharmaceuticals – 2.1%
Endo Pharmaceuticals Holdings, Inc.(b)	297,263		6,096,864
Obagi Medical Products, Inc.(b)	385,567		4,626,804
Perrigo Co.	250,820		9,992,669
			20,716,337
Real Estate Management & Development – 1.0%
Forestar Group, Inc.(b)	448,043		9,847,985
REITs – 4.7%
American Campus Communities, Inc.	363,085		10,202,689
Capstead Mortgage Corp.	581,120		7,932,288
Chimera Investment Corp.	1,535,216		5,956,638
Digital Realty Trust, Inc.	174,840		8,790,955
National Retail Properties, Inc.	219,320		4,653,970
Potlatch Corp.	268,691		8,565,869
			46,102,409

5

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

	Shares	Value (†)
COMMON STOCKS – continued
Road & Rail – 1.2%
Con-way, Inc.	163,370	$	5,703,246
Genesee & Wyoming, Inc., Class A(b)	187,345		6,114,941
			11,818,187
Semiconductors & Semiconductor Equipment – 4.0%
Applied Micro Circuits Corp.(b)	456,600		3,410,802
Atmel Corp.(b)	902,712		4,161,502
Cohu, Inc.	251,428		3,507,421
Entegris, Inc.(b)	1,061,734		5,605,956
LSI Corp.(b)	1,319,556		7,930,532
ON Semiconductor Corp.(b)	740,740		6,525,919
Teradyne, Inc.(b)	475,951		5,106,954
TriQuint Semiconductor, Inc.(b)	518,512		3,111,072
			39,360,158
Software – 2.4%
MicroStrategy, Inc., Class A(b)	43,617		4,100,870
Progress Software Corp.(b)	156,761		4,578,989
Quest Software, Inc.(b)	272,667		5,017,073
Sybase, Inc.(b)	231,098		10,029,653
			23,726,585
Specialty Retail – 2.6%
Genesco, Inc.(b)	194,583		5,343,249
Jo-Ann Stores, Inc.(b)	200,926		7,281,558
Sally Beauty Holdings, Inc.(b)	1,127,717		8,627,035
Sonic Automotive, Inc., Class A(b)	382,036		3,969,354
			25,221,196
Textiles, Apparel & Luxury Goods – 1.7%
FGX International Holdings Ltd.(b)	275,446		5,395,987
Fossil, Inc.(b)	248,694		8,346,171
Movado Group, Inc.	282,611		2,746,979
			16,489,137
Thrifts & Mortgage Finance – 0.8%
Washington Federal, Inc.	412,680		7,981,231
Water Utilities – 0.5%
Middlesex Water Co.	272,189		4,798,692
TOTAL COMMON STOCKS (Identified Cost $820,049,463)			948,851,057

6

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

	Principal Amount		Value (†)
SHORT-TERM INVESTMENTS – 3.9%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2009 at 0.000% to be repurchased at $37,879,436 on 1/04/2010 collateralized by $38,545,000 Federal Home Loan Mortgage Corp., 2.000% due 11/05/2012 with a value of $38,641,363 including accrued interest(c) (Identified Cost $37,879,436)	$	37,879,436	$	37,879,436
TOTAL INVESTMENTS – 100.6% (Identified Cost $857,928,899)(a)				986,730,493
Other assets less liabilities – (0.6)%				(5,961,366	)
NET ASSETS – 100.0%			$	980,769,127

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

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

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

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.): At December 31, 2009, the net unrealized appreciation on investments based on a cost of $857,786,211 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	$	163,852,543
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(34,908,261	)
Net unrealized appreciation	$	128,944,282

At September 30, 2009, the Fund had a capital loss carryforward of approximately $88,137,321 which expires on September 30, 2017. At September 30, 2009 post-October capital loss deferrals were $110,445,559. These amounts 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

7

PORTFOLIO OF INVESTMENTS – as of December 31, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2009, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks*	$	948,851,057	$	—	$	—	$	948,851,057
Short-Term Investments		—		37,879,436		—		37,879,436
Total	$	948,851,057	$	37,879,436	$	—	$	986,730,493

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

INDUSTRY SUMMARY AT DECEMBER 31, 2009 (Unaudited)

Insurance	6.0	%
Commercial Banks	5.2
Commercial Services & Supplies	5.1
IT Services	4.8
Machinery	4.7
REITs	4.7
Semiconductors & Semiconductor Equipment	4.0
Oil, Gas & Consumable Fuels	3.9
Capital Markets	3.5
Media	3.2
Electrical Equipment	3.0
Chemicals	2.9
Food Products	2.8
Specialty Retail	2.6
Software	2.4
Health Care Equipment & Supplies	2.4
Energy Equipment & Services	2.3
Electric Utilities	2.2
Pharmaceuticals	2.1
Communications Equipment	2.0
Other Investments, less than 2% each	26.9
Short-Term Investments	3.9
Total Investments	100.6
Other assets less liabilities	(0.6	)
Net Assets	100.0	%

8

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS

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

SIGNATURES

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

Loomis Sayles Funds I
By:	/S/    ROBERT J. BLANDING
Name:	Robert J. Blanding
Title:	President and Chief Executive Officer
Date:	February 22, 2010

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

By:	/S/    ROBERT J. BLANDING
Name:	Robert J. Blanding
Title:	President and Chief Executive Officer
Date:	February 22, 2010
By:	/S/    MICHAEL C. KARDOK
Name:	Michael C. Kardok
Title:	Treasurer
Date:	February 22, 2010