UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08282

Loomis Sayles Funds I

(Exact name of registrant as specified in charter)

399 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Coleen Downs Dinneen, Esq.

Natixis Distributors, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: June 30, 2010

ITEM 1. SCHEDULE OF INVESTMENTS

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 92.7% of Net Assets
NON-CONVERTIBLE BONDS – 84.1%
ABS Car Loan – 0.1%
Avis Budget Rental Car Funding AESOP LLC, Series 2007-2A, Class A, 0.488%, 8/20/2013, 144A(b)		$	16,340,000	$	15,577,612
ABS Credit Card – 0.7%
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014			113,710,000		121,499,419
Aerospace & Defense – 0.1%
Bombardier, Inc., 7.350%, 12/22/2026	CAD		1,510,000		1,405,972
Bombardier, Inc., 7.450%, 5/01/2034, 144A			13,664,000		12,707,520
					14,113,492
Airlines – 1.8%
American Airlines Pass Through Trust, Series 1993-A6, 8.040%, 9/16/2011			978,168		946,377
American Airlines Pass Through Trust, Series 2009-1A, 10.375%, 7/02/2019			3,401,411		3,775,566
Continental Airlines Pass Through Trust, Series 1996-1, Class A, 6.940%, 4/15/2015			206,321		211,789
Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016			8,720,095		8,602,373
Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018			2,754,751		2,506,823
Continental Airlines Pass Through Trust, Series 1998-1, Class B, 6.748%, 9/15/2018			4,047,298		3,689,112
Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020			11,145,607		10,253,959
Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021			6,524,279		6,403,579
Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022			2,527,025		2,596,518
Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022			2,371,591		2,430,881
Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019			7,326,277		7,106,489
Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022			3,044,514		2,928,670
Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017			3,782,439		3,555,492
Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023			17,387,521		17,057,159
Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 4/19/2022			26,494,500		24,374,940
Continental Airlines Pass Through Trust, Series 2009-1, Class A, 9.000%, 7/08/2016			24,922,821		26,792,033
Continental Airlines Pass Through Trust, Series 2009-2, Class A, 7.250%, 11/10/2019			29,625,000		31,550,625
Delta Air Lines, Inc., 9.500%, 9/15/2014, 144A			3,145,000		3,302,250
Delta Air Lines, Inc., Series 2001-1, Class A-2, 7.111%, 3/18/2013			2,000,000		2,065,000
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024			3,107,868		3,069,020
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			5,078,412		4,837,187
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			37,649,632		37,273,136
Delta Air Lines, Inc., Series B, 9.750%, 12/17/2016			9,502,386		9,882,482

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Airlines – continued
Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA Insured), 6.264%, 5/20/2023		$	3,672,060	$	3,503,145
Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 11/01/2017			28,952,143		26,912,754
Qantas Airways Ltd., 5.125%, 6/20/2013, 144A			2,000,000		2,101,506
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			44,235,000		45,841,129
UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024			24,435,206		22,480,389
UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018			16,352,511		17,578,949
					333,629,332
Automotive – 3.1%
ArvinMeritor, Inc., 8.125%, 9/15/2015			385,000		369,600
Cummins, Inc., 6.750%, 2/15/2027			3,172,000		3,398,899
Cummins, Inc., 7.125%, 3/01/2028			3,000,000		3,336,159
FCE Bank PLC, EMTN, 4.625%, 10/25/2010	NOK		4,570,000		688,195
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		9,800,000		12,073,806
FCE Bank PLC, EMTN, 7.125%, 1/15/2013	EUR		6,550,000		8,049,714
FCE Bank PLC, EMTN, 7.875%, 2/15/2011	GBP		8,550,000		12,870,369
Ford Motor Co., 6.375%, 2/01/2029			2,590,000		1,981,350
Ford Motor Co., 6.500%, 8/01/2018			2,611,000		2,402,120
Ford Motor Co., 6.625%, 2/15/2028			1,560,000		1,224,600
Ford Motor Co., 6.625%, 10/01/2028			64,950,000		51,310,500
Ford Motor Co., 7.125%, 11/15/2025			2,720,000		2,257,600
Ford Motor Co., 7.450%, 7/16/2031			122,204,000		110,289,110
Ford Motor Co., 7.500%, 8/01/2026			1,580,000		1,350,900
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			13,765,000		14,035,647
Ford Motor Credit Co. LLC, 7.000%, 4/15/2015			67,840,000		67,105,293
Ford Motor Credit Co. LLC, 8.000%, 6/01/2014			70,695,000		72,961,411
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			19,570,000		20,012,106
Ford Motor Credit Co. LLC, 8.700%, 10/01/2014			152,395,000		158,824,393
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			6,041,000		5,149,952
Goodyear Tire & Rubber Co. (The), 10.500%, 5/15/2016			14,150,000		15,388,125
TRW Automotive, Inc., 7.000%, 3/15/2014, 144A			1,700,000		1,683,000
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		6,592,000
					576,943,849
Banking – 5.8%
AgriBank FCB, 9.125%, 7/15/2019, 144A(c)			100,540,000		119,077,666
Associates Corp. of North America, 6.950%, 11/01/2018			33,073,000		33,854,846
BAC Capital Trust VI, 5.625%, 3/08/2035			35,170,000		29,630,971
Bank of America Corp., 5.420%, 3/15/2017			2,682,000		2,672,077
Bank of America Corp., 6.000%, 9/01/2017			7,290,000		7,671,493
Bank of America NA, 5.300%, 3/15/2017			12,823,000		12,911,491
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		38,510,000,000		31,550,489
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		48,070,000,000		39,420,496
Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018			3,260,000		3,206,634
Bear Stearns Cos., Inc. (The), 5.300%, 10/30/2015			1,445,000		1,561,859
BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, 144A	IDR		274,980,870,000		28,301,947

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Banking – continued
Capital One Financial Corp., 6.150%, 9/01/2016		$	3,223,000	$	3,410,376
Citigroup, Inc., 5.000%, 9/15/2014			66,710,000		66,723,342
Citigroup, Inc., 5.850%, 12/11/2034			1,445,000		1,367,824
Citigroup, Inc., 5.875%, 2/22/2033			33,485,000		30,027,506
Citigroup, Inc., 6.000%, 10/31/2033			15,880,000		14,204,533
Citigroup, Inc., 6.125%, 5/15/2018			43,650,000		45,556,719
Citigroup, Inc., 6.125%, 8/25/2036			8,805,000		8,002,776
Citigroup, Inc., 6.375%, 8/12/2014			72,120,000		76,602,474
Citigroup, Inc., EMTN, (fixed rate to 11/30/2012, variable rate thereafter), 3.625%, 11/30/2017	EUR		4,900,000		5,296,572
Citigroup, Inc., MTN, 5.500%, 10/15/2014			87,000,000		89,446,005
First Niagara Finance Group, Inc., 6.750%, 3/19/2020			14,370,000		15,084,433
Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036			900,000		859,875
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			54,175,000		53,110,028
Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020			4,065,000		4,016,692
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A			12,345,000		11,357,523
JPMorgan Chase & Co., Zero Coupon, 3/28/2011, 144A	IDR		250,225,920,000		26,201,262
JPMorgan Chase & Co., Zero Coupon, 4/12/2012, 144A	IDR		599,419,948,660		58,275,654
JPMorgan Chase & Co., EMTN, Zero Coupon, 3/28/2011, 144A	IDR		748,342,518,000		78,359,263
JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, 144A	IDR		153,708,294,250		16,581,505
Merrill Lynch & Co., Inc., 5.700%, 5/02/2017			4,825,000		4,839,581
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			6,110,000		5,548,955
Merrill Lynch & Co., Inc., 10.710%, 3/08/2017	BRL		100,400,000		53,398,338
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR		4,887,000		5,424,589
Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018			8,660,000		9,238,323
Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034			3,600,000		3,591,083
Merrill Lynch & Co., Inc., Series C, MTN, 6.400%, 8/28/2017			1,970,000		2,054,184
Morgan Stanley, 4.750%, 4/01/2014			38,951,000		39,017,840
Morgan Stanley, GMTN, 5.125%, 11/30/2015	GBP		7,500,000		11,103,558
Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018			11,700,000		12,263,168
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017			4,400,000		4,364,246
Morgan Stanley, Series F, MTN, 5.625%, 9/23/2019			9,600,000		9,287,165
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017			7,795,000		7,893,685
					1,082,369,046
Brokerage – 0.0%
Jefferies Group, Inc., 6.250%, 1/15/2036			405,000		362,495
Jefferies Group, Inc., 8.500%, 7/15/2019			5,510,000		6,189,168
					6,551,663
Building Materials – 0.8%
Masco Corp., 4.800%, 6/15/2015			4,805,000		4,462,552
Masco Corp., 5.850%, 3/15/2017			3,285,000		3,204,534
Masco Corp., 6.125%, 10/03/2016			19,873,000		19,228,181
Masco Corp., 6.500%, 8/15/2032			2,900,000		2,451,593
Owens Corning, Inc., 6.500%, 12/01/2016			26,195,000		27,871,192
Owens Corning, Inc., 7.000%, 12/01/2036			51,180,000		50,931,163
USG Corp., 6.300%, 11/15/2016			35,370,000		30,506,625

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Building Materials – continued
USG Corp., 9.500%, 1/15/2018		$	17,605,000	$	17,428,950
					156,084,790
Chemicals – 0.9%
Borden, Inc., 7.875%, 2/15/2023			30,054,000		20,586,990
Borden, Inc., 8.375%, 4/15/2016			2,886,000		2,236,650
Borden, Inc., 9.200%, 3/15/2021			11,305,000		8,139,600
Chevron Phillips Chemical Co. LLC, 8.250%, 6/15/2019, 144A			51,205,000		64,563,309
Hercules, Inc., 6.500%, 6/30/2029			19,619,000		15,302,820
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018			2,550,000		2,301,375
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014			34,640,000		32,734,800
Methanex Corp., 6.000%, 8/15/2015			10,565,000		10,272,984
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028			9,415,000		10,831,204
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018			3,995,000		4,690,086
					171,659,818
Construction Machinery – 0.8%
Case New Holland, Inc., 7.750%, 9/01/2013			70,082,000		71,658,845
Joy Global, Inc., 6.625%, 11/15/2036			1,975,000		2,091,308
RSC Equipment Rental, Inc./RSC Holdings III LLC, 9.500%, 12/01/2014			2,345,000		2,330,344
Toro Co., 6.625%, 5/01/2037(c)			27,030,000		27,418,529
United Rentals North America, Inc., 7.000%, 2/15/2014			27,184,000		25,552,960
United Rentals North America, Inc., 7.750%, 11/15/2013			21,831,000		21,230,647
					150,282,633
Consumer Cyclical Services – 0.9%
ServiceMaster Co. (The), 7.100%, 3/01/2018			1,000,000		840,000
ServiceMaster Co. (The), 7.450%, 8/15/2027			6,175,000		4,600,375
Western Union. (The), 6.200%, 11/17/2036			154,180,000		164,398,588
					169,838,963
Consumer Products – 0.1%
Acco Brands Corp., 7.625%, 8/15/2015			695,000		639,400
Snap-on, Inc., 6.700%, 3/01/2019			7,210,000		8,477,280
Whirlpool Corp., MTN, 8.000%, 5/01/2012			5,310,000		5,808,965
Whirlpool Corp., MTN, 8.600%, 5/01/2014			7,895,000		9,308,260
					24,233,905
Distributors – 0.0%
EQT Corp., 8.125%, 6/01/2019			1,775,000		2,088,025
ONEOK, Inc., 6.000%, 6/15/2035			3,805,000		3,587,563
					5,675,588
Diversified Manufacturing – 0.7%
Textron Financial Corp., 5.400%, 4/28/2013			1,435,000		1,492,166
Textron Financial Corp., Series E, MTN, 5.125%, 8/15/2014			550,000		543,863
Textron, Inc., 3.875%, 3/11/2013	EUR		14,050,000		17,251,137
Textron, Inc., 5.600%, 12/01/2017			7,145,000		7,408,908
Textron, Inc., 6.200%, 3/15/2015			38,705,000		41,658,307
Textron, Inc., 7.250%, 10/01/2019			27,740,000		31,668,733

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Diversified Manufacturing – continued
Textron, Inc., EMTN, 6.625%, 4/07/2020	GBP	23,658,000	$	32,646,781
				132,669,895
Electric – 2.9%
AES Corp. (The), 7.750%, 3/01/2014		4,875,000		4,960,313
AES Corp. (The), 8.375%, 3/01/2011(c)	GBP	2,090,000		3,169,510
AES Ironwood LLC, 8.857%, 11/30/2025		12,783,223		12,207,978
AES Red Oak LLC, Series A, 8.540%, 11/30/2019		1,528,367		1,509,262
Bruce Mansfield Unit, 6.850%, 6/01/2034(c)		94,196,017		98,402,680
CE Generation LLC, 7.416%, 12/15/2018		4,698,883		4,781,818
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036		62,180,000		61,653,584
Commonwealth Edison Co., 4.750%, 12/01/2011(c)		134,000		134,406
Dynegy Holdings, Inc., 7.125%, 5/15/2018		5,295,000		3,521,175
Dynegy Holdings, Inc., 7.625%, 10/15/2026		11,835,000		6,805,125
Dynegy Holdings, Inc., 7.750%, 6/01/2019		1,504,000		1,039,640
Dynegy Holdings, Inc., 8.375%, 5/01/2016		2,000,000		1,582,500
Edison Mission Energy, 7.625%, 5/15/2027		23,200,000		13,166,000
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		11,581,000		12,899,844
Energy Future Holdings Corp., 10.000%, 1/15/2020, 144A		7,425,000		7,387,875
Enersis SA, 7.400%, 12/01/2016		4,250,000		4,851,413
Illinois Power Co., 6.250%, 4/01/2018		3,105,000		3,434,425
ITC Holdings Corp., 5.875%, 9/30/2016, 144A		25,460,000		27,771,233
ITC Holdings Corp., 6.375%, 9/30/2036, 144A		37,955,000		39,236,930
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027(c)		23,775,000		14,027,250
NiSource Finance Corp., 6.400%, 3/15/2018		57,010,000		62,730,155
NiSource Finance Corp., 6.800%, 1/15/2019		1,235,000		1,374,895
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A		997,066		1,016,748
Quezon Power Philippines Co., 8.860%, 6/15/2017		5,118,750		5,105,953
Salton Sea Funding Corp., Series E, 8.300%, 5/30/2011		889,699		911,994
Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018		209,197		234,798
SP Powerassets Ltd., EMTN, 3.730%, 10/22/2010	SGD	1,000,000		720,504
TXU Corp., Series P, 5.550%, 11/15/2014		70,980,000		50,422,418
TXU Corp., Series Q, 6.500%, 11/15/2024		140,586,000		63,263,700
TXU Corp., Series R, 6.550%, 11/15/2034		9,406,000		4,185,670
White Pine Hydro LLC, 6.310%, 7/10/2017(c)		9,175,000		9,367,308
White Pine Hydro LLC, 6.960%, 7/10/2037(c)		14,695,000		14,414,473
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)		5,000,000		4,422,550
				540,714,127
Entertainment – 0.0%
Time Warner, Inc., 7.625%, 4/15/2031		10,000		12,030
Viacom, Inc., 6.875%, 4/30/2036		2,160,000		2,445,267
				2,457,297
Financial Other – 0.2%
National Life Insurance Co., 10.500%, 9/15/2039, 144A		38,476,000		45,464,011
Food & Beverage – 0.2%
ARAMARK Corp., 5.000%, 6/01/2012		2,115,000		2,064,769
Corn Products International, Inc., 6.625%, 4/15/2037		31,590,000		32,990,005
				35,054,774

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Government Owned - No Guarantee – 0.2%
DP World Ltd., 6.850%, 7/02/2037, 144A		$	34,515,000	$	27,456,234
Government Sponsored – 0.4%
Queensland Treasury Corp., 7.125%, 9/18/2017, 144A	NZD		92,365,000		68,922,172
Health Insurance – 1.1%
CIGNA Corp., 6.150%, 11/15/2036			20,530,000		21,116,008
CIGNA Corp., 6.350%, 3/15/2018			2,500,000		2,793,528
WellPoint, Inc., 6.375%, 6/15/2037			170,850,000		184,395,159
					208,304,695
Healthcare – 2.3%
Boston Scientific Corp., 5.125%, 1/12/2017			7,100,000		6,805,244
Boston Scientific Corp., 5.450%, 6/15/2014			3,725,000		3,818,747
Boston Scientific Corp., 6.000%, 1/15/2020			15,410,000		15,299,464
Boston Scientific Corp., 6.400%, 6/15/2016			7,230,000		7,586,851
Boston Scientific Corp., 7.000%, 11/15/2035			22,142,000		21,476,212
HCA, Inc., 5.750%, 3/15/2014			13,400,000		12,462,000
HCA, Inc., 6.250%, 2/15/2013			7,800,000		7,663,500
HCA, Inc., 6.375%, 1/15/2015			17,380,000		16,228,575
HCA, Inc., 6.500%, 2/15/2016			63,735,000		59,432,887
HCA, Inc., 6.750%, 7/15/2013			3,045,000		2,984,100
HCA, Inc., 7.050%, 12/01/2027			26,900,000		22,865,000
HCA, Inc., 7.190%, 11/15/2015			20,165,000		17,946,850
HCA, Inc., 7.500%, 12/15/2023			26,949,000		23,849,865
HCA, Inc., 7.500%, 11/06/2033			19,870,000		16,988,850
HCA, Inc., 7.690%, 6/15/2025			67,411,000		60,332,845
HCA, Inc., 8.360%, 4/15/2024			43,224,000		40,198,320
HCA, Inc., MTN, 7.580%, 9/15/2025			21,924,000		19,293,120
HCA, Inc., MTN, 7.750%, 7/15/2036			12,066,000		10,286,265
Medco Health Solutions, Inc., 7.125%, 3/15/2018			24,480,000		29,245,473
Owens & Minor, Inc., 6.350%, 4/15/2016(c)			4,710,000		4,743,361
Tenet Healthcare Corp., 6.875%, 11/15/2031			34,198,000		26,674,440
Tenet Healthcare Corp., 7.375%, 2/01/2013			2,236,000		2,236,000
Tenet Healthcare Corp., 9.250%, 2/01/2015			560,000		578,200
					428,996,169
Home Construction – 0.6%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015			6,430,000		4,693,900
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016			19,270,000		13,489,000
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014			6,249,000		4,686,750
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014			4,050,000		3,118,500
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016			1,650,000		1,155,000
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013			2,865,000		2,564,175
K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012			1,690,000		1,590,712
KB Home, 5.875%, 1/15/2015			895,000		796,550
Pulte Group, Inc., 5.200%, 2/15/2015			6,007,000		5,646,580
Pulte Group, Inc., 6.000%, 2/15/2035			65,355,000		47,709,150
Pulte Group, Inc., 6.375%, 5/15/2033			17,240,000		13,274,800
Toll Brothers Finance Corp., 5.150%, 5/15/2015			8,100,000		7,939,507
					106,664,624

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Independent Energy – 1.3%
Anadarko Petroleum Corp., 6.450%, 9/15/2036		$	80,585,000	$	64,103,675
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		5,925,000		6,810,661
Chesapeake Energy Corp., 6.500%, 8/15/2017			2,615,000		2,579,044
Chesapeake Energy Corp., 6.875%, 11/15/2020			13,805,000		13,925,794
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			20,226,000		19,973,175
Connacher Oil and Gas Ltd., 11.750%, 7/15/2014, 144A			3,640,000		3,894,800
Penn Virginia Corp., 10.375%, 6/15/2016			2,500,000		2,662,500
Pioneer Natural Resources Co., 5.875%, 7/15/2016			10,275,000		10,264,499
Pioneer Natural Resources Co., 6.875%, 5/01/2018			2,125,000		2,133,880
Pioneer Natural Resources Co., 7.200%, 1/15/2028			8,782,000		8,392,343
QEP Resources, Inc., 6.800%, 4/01/2018			51,955,000		54,379,272
Talisman Energy, Inc., 5.850%, 2/01/2037			8,795,000		9,141,470
Talisman Energy, Inc., 6.250%, 2/01/2038			28,145,000		30,021,202
Williams Cos., Inc. (The), Series A, 7.500%, 1/15/2031			4,928,000		5,242,022
					233,524,337
Industrial Other – 0.2%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013			485,000		480,150
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A			26,410,000		23,769,000
Worthington Industries, Inc., 6.500%, 4/15/2020			10,540,000		11,494,123
					35,743,273
Integrated Energy – 0.0%
PF Export Receivables Master Trust, Series A, 6.436%, 6/01/2015, 144A			1,210,418		1,258,835
Life Insurance – 0.7%
American International Group, Inc., Series G, MTN, 5.600%, 10/18/2016			3,245,000		2,962,685
American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018			29,065,000		25,976,844
American International Group, Inc., Series MP, GMTN, 5.450%, 5/18/2017			7,075,000		6,279,062
American International Group, Inc., Series MPLE, 4.900%, 6/02/2014	CAD		4,145,000		3,504,298
ASIF III Jersey Ltd., Series 2003-G, EMTN, 4.750%, 9/11/2013	EUR		6,655,000		7,960,573
MetLife, Inc., 6.400%, 12/15/2066			1,500,000		1,320,000
MetLife, Inc., 10.750%, 8/01/2069			12,020,000		14,286,131
Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A			57,985,000		57,216,931
NLV Financial Corp., 7.500%, 8/15/2033, 144A			6,365,000		5,572,608
Unum Group, 7.125%, 9/30/2016			9,965,000		10,949,044
					136,028,176
Local Authorities – 0.3%
Ontario Hydro, Zero Coupon, 11/27/2020	CAD		1,507,000		912,694
Province of Alberta, 5.930%, 9/16/2016	CAD		15,337,670		16,204,146
Province of British Columbia, 5.750%, 1/09/2012	CAD		730,000		729,911
Province of Ontario, 4.400%, 12/02/2011	CAD		760,000		744,130
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		60,000		51,155
Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014	AUD		38,965,000		33,690,200
					52,332,236
Media Cable – 1.8%
Comcast Corp., 5.650%, 6/15/2035			33,015,000		32,518,917

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Media Cable – continued
Comcast Corp., 6.500%, 11/15/2035		$	13,005,000		$	14,143,002
Comcast Corp., 6.950%, 8/15/2037			192,208,000			218,641,597
CSC Holdings LLC, 7.875%, 2/15/2018			1,550,000			1,581,000
Shaw Communications, Inc., 5.650%, 10/01/2019	CAD		37,585,000			36,459,092
Time Warner Cable, Inc., 6.750%, 7/01/2018			26,541,000			30,465,830
Virgin Media Finance PLC, 9.125%, 8/15/2016			1,700,000			1,759,500
						335,568,938
Media Non-Cable – 0.6%
Clear Channel Communications, Inc., 4.400%, 5/15/2011			1,645,000			1,562,750
Clear Channel Communications, Inc., 5.000%, 3/15/2012			4,645,000			3,959,862
Clear Channel Communications, Inc., 6.250%, 3/15/2011			6,840,000			6,583,500
Clear Channel Communications, Inc., 7.650%, 9/15/2010			195,000			194,025
News America, Inc., 6.150%, 3/01/2037			54,025,000			56,344,239
News America, Inc., 6.200%, 12/15/2034			10,585,000			11,148,313
News America, Inc., 6.400%, 12/15/2035			21,180,000			23,050,999
						102,843,688
Metals & Mining – 0.4%
Alcoa, Inc., 5.720%, 2/23/2019			11,557,000			11,004,229
Alcoa, Inc., 5.870%, 2/23/2022			4,935,000			4,588,425
Alcoa, Inc., 5.950%, 2/01/2037			2,050,000			1,746,178
Alcoa, Inc., 6.750%, 1/15/2028			6,490,000			6,164,552
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A			13,180,000			11,203,000
Rio Tinto Alcan, Inc., 5.750%, 6/01/2035			1,840,000			1,886,717
United States Steel Corp., 6.050%, 6/01/2017			11,175,000			10,616,250
United States Steel Corp., 6.650%, 6/01/2037			9,625,000			8,277,500
United States Steel Corp., 7.000%, 2/01/2018			23,520,000			23,255,400
						78,742,251
Mortgage Related – 0.0%
FHLMC, 5.000%, 12/01/2031			276,703			294,533
Non-Captive Consumer – 3.9%
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017			325,860,000			259,466,025
Residential Capital LLC, 9.625%, 5/15/2015			53,320,000			52,520,200
SLM Corp., 6.000%, 5/10/2012	AUD		1,305,000			1,015,574
SLM Corp., 6.000%, 12/15/2043			150,125	(††)		2,518,722
SLM Corp., EMTN, 4.750%, 3/17/2014	EUR		9,200,000			9,985,366
SLM Corp., MTN, 5.050%, 11/14/2014			27,880,000			24,934,868
SLM Corp., MTN, 5.125%, 8/27/2012			4,875,000			4,802,431
SLM Corp., MTN, 8.000%, 3/25/2020			2,030,000			1,782,717
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			76,745,000			73,365,611
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			57,166,000			49,165,847
SLM Corp., Series A, MTN, 5.000%, 6/15/2018			23,623,000			18,924,834
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			28,262,000			27,405,887
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			34,835,000			31,851,731
SLM Corp., Series A, MTN, 5.400%, 10/25/2011			1,785,000			1,774,435
SLM Corp., Series A, MTN, 5.625%, 8/01/2033			40,230,000			29,526,849
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			140,870,000			129,996,385
						719,037,482

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – 7.4%
Ally Financial, Inc., 5.375%, 6/06/2011		$	61,815,000	$	61,583,194
Ally Financial, Inc., 5.750%, 9/27/2010			7,263,000		7,253,921
Ally Financial, Inc., 6.000%, 4/01/2011			945,000		940,275
Ally Financial, Inc., 6.000%, 12/15/2011			53,975,000		53,975,000
Ally Financial, Inc., 6.625%, 12/17/2010			464,000		464,580
Ally Financial, Inc., 6.625%, 5/15/2012			20,691,000		20,691,000
Ally Financial, Inc., 6.750%, 12/01/2014			30,190,000		29,208,825
Ally Financial, Inc., 6.875%, 9/15/2011			8,439,000		8,555,036
Ally Financial, Inc., 6.875%, 8/28/2012			4,229,000		4,239,573
Ally Financial, Inc., 6.875%, 8/28/2012			10,000		9,978
Ally Financial, Inc., 7.000%, 2/01/2012			10,637,000		10,703,481
Ally Financial, Inc., 7.250%, 3/02/2011			25,000		25,406
Ally Financial, Inc., 7.500%, 12/31/2013			23,588,000		23,529,030
Ally Financial, Inc., 8.000%, 12/31/2018			44,981,000		41,382,520
Ally Financial, Inc., 8.000%, 11/01/2031			35,442,000		32,695,245
Ally Financial, Inc., 8.300%, 2/12/2015, 144A			72,545,000		73,451,812
CIT Group, Inc., 7.000%, 5/01/2013			25,935,178		24,832,933
CIT Group, Inc., 7.000%, 5/01/2014			38,902,776		36,665,866
CIT Group, Inc., 7.000%, 5/01/2015			38,902,776		35,887,811
CIT Group, Inc., 7.000%, 5/01/2016			97,594,976		89,055,416
CIT Group, Inc., 7.000%, 5/01/2017			102,048,173		91,843,356
General Electric Capital Australia Funding Pty, EMTN, 8.000%, 2/13/2012	AUD		44,525,000		38,789,038
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD		89,985,000		63,001,745
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD		15,000,000		10,818,052
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD		150,000,000		109,022,440
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014	NZD		65,660,000		47,468,704
General Electric Capital Corp., Series A, MTN, 0.603%, 5/13/2024(b)			22,590,000		17,882,041
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD		266,643,000		184,501,759
General Motors Acceptance Corp. of Canada Ltd., EMTN, 7.125%, 9/13/2011	AUD		7,270,000		5,855,790
International Lease Finance Corp., 6.375%, 3/25/2013			15,925,000		14,929,687
International Lease Finance Corp., 8.625%, 9/15/2015, 144A			35,950,000		34,062,625
International Lease Finance Corp., Series Q, MTN, 5.250%, 1/10/2013			415,000		379,725
International Lease Finance Corp., Series R, MTN, 5.625%, 9/15/2010			120,000		119,550
International Lease Finance Corp., Series R, MTN, 5.625%, 9/20/2013			3,470,000		3,131,675
International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014			3,545,000		3,146,188
iStar Financial, Inc., 5.150%, 3/01/2012			52,875,000		43,357,500
iStar Financial, Inc., 5.500%, 6/15/2012			3,865,000		3,169,300
iStar Financial, Inc., 5.650%, 9/15/2011			30,335,000		27,301,500

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
iStar Financial, Inc., 5.800%, 3/15/2011		$	5,305,000	$	4,933,650
iStar Financial, Inc., 5.850%, 3/15/2017			6,565,000		4,595,500
iStar Financial, Inc., 5.875%, 3/15/2016			11,605,000		8,123,500
iStar Financial, Inc., 6.050%, 4/15/2015			5,655,000		4,071,600
iStar Financial, Inc., 8.625%, 6/01/2013			46,795,000		37,903,950
iStar Financial, Inc., Series B, 5.125%, 4/01/2011			2,330,000		2,143,600
iStar Financial, Inc., Series B, 5.700%, 3/01/2014			7,645,000		5,638,188
iStar Financial, Inc., Series B, 5.950%, 10/15/2013			60,205,000		47,561,950
					1,368,903,515
Oil Field Services – 1.6%
Allis-Chalmers Energy, Inc., 8.500%, 3/01/2017			10,680,000		9,238,200
Allis-Chalmers Energy, Inc., 9.000%, 1/15/2014			11,660,000		10,756,350
Nabors Industries, Inc., 6.150%, 2/15/2018			15,693,000		16,826,333
Nabors Industries, Inc., 9.250%, 1/15/2019			159,005,000		195,488,061
Parker Drilling Co., 9.125%, 4/01/2018, 144A			4,497,000		4,272,150
Rowan Cos., Inc., 7.875%, 8/01/2019			23,050,000		25,393,747
Weatherford International Ltd., 6.500%, 8/01/2036			25,600,000		23,198,003
Weatherford International Ltd., 6.800%, 6/15/2037			4,250,000		3,996,075
Weatherford International Ltd., 7.000%, 3/15/2038			13,670,000		12,935,908
					302,104,827
Packaging – 0.1%
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR		3,450,000		4,134,455
Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR		2,500,000		3,026,553
Owens-Illinois, Inc., 7.800%, 5/15/2018			18,644,000		19,413,065
					26,574,073
Paper – 3.1%
Fibria Overseas Finance Ltd., 7.500%, 5/04/2020, 144A			59,533,000		60,425,995
Georgia-Pacific LLC, 7.250%, 6/01/2028			26,262,000		25,933,725
Georgia-Pacific LLC, 7.375%, 12/01/2025			31,317,000		31,473,585
Georgia-Pacific LLC, 7.700%, 6/15/2015			470,000		489,975
Georgia-Pacific LLC, 7.750%, 11/15/2029			80,840,000		81,648,400
Georgia-Pacific LLC, 8.000%, 1/15/2024			21,749,000		23,053,940
Georgia-Pacific LLC, 8.875%, 5/15/2031			16,307,000		17,733,863
International Paper Co., 6.875%, 11/01/2023			4,447,000		4,692,430
International Paper Co., 7.950%, 6/15/2018			216,710,000		258,012,976
International Paper Co., 8.700%, 6/15/2038			10,392,000		13,255,079
Stone Container Finance, 7.375%, 7/15/2014(d)			90,000		72,450
Westvaco Corp., 7.950%, 2/15/2031			24,586,000		25,727,725
Westvaco Corp., 8.200%, 1/15/2030			25,389,000		26,789,533
Weyerhaeuser Co., 6.950%, 10/01/2027			4,127,000		3,931,710
Weyerhaeuser Co., 7.375%, 3/15/2032			1,535,000		1,516,440
					574,757,826
Pharmaceuticals – 0.3%
Elan Finance PLC/Elan Finance Corp., 8.875%, 12/01/2013			56,105,000		56,245,262
Pipelines – 2.1%
DCP Midstream LP, 6.450%, 11/03/2036, 144A			27,325,000		27,795,892
El Paso Corp., 6.950%, 6/01/2028			12,209,000		10,930,669
El Paso Corp., 7.420%, 2/15/2037			2,045,000		1,840,011

10

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Pipelines – continued
El Paso Corp., GMTN, 7.750%, 1/15/2032	$	1,500,000	$	1,482,335
El Paso Corp., GMTN, 7.800%, 8/01/2031		1,000,000		988,312
Energy Transfer Partners LP, 6.125%, 2/15/2017		7,325,000		7,616,660
Energy Transfer Partners LP, 6.625%, 10/15/2036		11,435,000		10,974,204
Enterprise Products Operating LLP, 6.300%, 9/15/2017		25,030,000		27,999,159
Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		7,500,000		8,776,792
Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		843,000		795,495
Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014, 144A(c)		57,969,744		63,774,254
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		116,405,000		111,021,851
ONEOK Partners LP, 6.650%, 10/01/2036		9,450,000		9,693,640
Plains All American Pipeline LP, 6.125%, 1/15/2017		28,845,000		31,310,324
Plains All American Pipeline LP, 6.650%, 1/15/2037		62,130,000		62,051,530
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		5,572,000		5,349,120
				382,400,248
Property & Casualty Insurance – 0.9%
Hanover Insurance Group, Inc., 7.500%, 3/01/2020		4,090,000		4,418,026
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		46,320,000		48,965,521
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		34,729,000		37,144,992
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		51,522,000		48,046,326
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		8,600,000		3,870,000
White Mountains RE Group, 6.375%, 3/20/2017, 144A		75,000		75,080
Willis North America, Inc., 6.200%, 3/28/2017		12,000,000		12,491,124
XL Capital Ltd., 6.250%, 5/15/2027		6,575,000		6,233,665
XL Capital Ltd., 6.375%, 11/15/2024		2,110,000		2,179,075
				163,423,809
Railroads – 0.2%
Canadian Pacific Railway Co., 5.750%, 3/15/2033		2,680,000		2,691,926
CSX Corp., MTN, 6.000%, 10/01/2036		18,247,000		19,557,427
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		7,944,000		5,640,240
Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		63,300		58,299
				27,947,892
Refining – 0.0%
Valero Energy Corp., 6.625%, 6/15/2037		1,782,000		1,735,034
REITs – 1.4%
Camden Property Trust, 5.000%, 6/15/2015		2,565,000		2,645,403
Camden Property Trust, 5.700%, 5/15/2017		40,075,000		41,737,351
Duke Realty LP, 5.950%, 2/15/2017		5,720,000		5,838,993
ERP Operating LP, 5.125%, 3/15/2016		4,680,000		4,926,388
ERP Operating LP, 5.375%, 8/01/2016		3,000,000		3,221,472
First Industrial LP, 5.950%, 5/15/2017		7,750,000		7,248,916
Highwoods Properties, Inc., 5.850%, 3/15/2017		57,890,000		57,755,637
Highwoods Properties, Inc., 7.500%, 4/15/2018		5,640,000		6,063,322
ProLogis, 5.625%, 11/15/2015		6,022,000		5,775,104
ProLogis, 5.625%, 11/15/2016		6,110,000		5,744,084
ProLogis, 5.750%, 4/01/2016		6,375,000		6,067,878
ProLogis, 6.625%, 5/15/2018		1,377,000		1,311,979

11

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
REITs – continued
ProLogis, 7.375%, 10/30/2019		$	3,020,000		$	2,957,703
Simon Property Group LP, 5.250%, 12/01/2016			4,505,000			4,797,393
Simon Property Group LP, 5.750%, 12/01/2015			9,032,000			9,929,402
Simon Property Group LP, 5.875%, 3/01/2017			3,145,000			3,400,264
Simon Property Group LP, 6.100%, 5/01/2016			2,325,000			2,580,608
Simon Property Group LP, 6.125%, 5/30/2018			1,690,000			1,865,381
WEA Finance LLC/WT Finance Australia Property Ltd., 6.750%, 9/02/2019, 144A			68,360,000			75,979,064
						249,846,342
Restaurants – 0.0%
McDonald’s Corp., EMTN, 3.628%, 10/10/2010	SGD		3,750,000			2,697,864
Retailers – 1.0%
Dillard’s, Inc., 6.625%, 1/15/2018			1,920,000			1,747,200
Dillard’s, Inc., 7.000%, 12/01/2028			4,680,000			3,837,600
Dillard’s, Inc., 7.130%, 8/01/2018			1,740,000			1,635,600
Dillard’s, Inc., 7.750%, 7/15/2026			7,182,000			6,176,520
Dillard’s, Inc., 7.750%, 5/15/2027			1,000,000			847,500
Foot Locker, Inc., 8.500%, 1/15/2022			14,269,000			13,412,860
J.C. Penney Corp., Inc., 5.750%, 2/15/2018			5,160,000			5,172,900
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			50,232,000			47,469,240
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			2,798,000			2,951,890
J.C. Penney Corp., Inc., 7.625%, 3/01/2097			5,580,000			5,189,400
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			28,445,000			26,738,300
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027			14,133,000			13,037,692
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029			2,098,000			2,019,325
Macy’s Retail Holdings, Inc., 8.375%, 7/15/2015			1,485,000			1,637,213
Marks & Spencer PLC, 7.125%, 12/01/2037, 144A			9,245,000			9,693,530
Toys R Us, Inc., 7.375%, 10/15/2018			39,965,000			37,567,100
Toys R Us, Inc., 7.875%, 4/15/2013			11,255,000			11,311,275
						190,445,145
Sovereigns – 4.9%
Indonesia Treasury Bond, 9.500%, 7/15/2023	IDR		10,000,000,000			1,153,789
Indonesia Treasury Bond, 10.250%, 7/15/2027	IDR		25,000,000,000			2,927,325
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		145,156,000,000			17,882,995
Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024	IDR		498,832,000,000			58,944,444
Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030	IDR		317,658,000,000			37,449,863
Indonesia Treasury Bond, Series ZC3, Zero Coupon, 11/20/2012	IDR		378,003,000,000			35,443,546
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		5,258,000	(†††)		42,106,932
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		28,585,700	(†††)		235,417,238
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		4,557,000	(†††)		38,170,409
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		110,620,000			93,963,510
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		15,305,000			13,164,118
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		95,840,000			81,185,931
Republic of Brazil, 10.250%, 1/10/2028	BRL		98,690,000			55,154,315
Republic of Brazil, 12.500%, 1/05/2016	BRL		17,305,000			10,665,824

12

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Sovereigns – continued
Republic of Brazil, 12.500%, 1/05/2022	BRL	114,735,000	$	71,987,472
Republic of Croatia, 6.750%, 11/05/2019, 144A		26,800,000		28,055,527
Republic of Iceland, 7.250%, 5/17/2013	ISK	4,616,100,000		23,239,380
Republic of Iceland, 8.000%, 7/22/2011	ISK	3,740,470,000		18,043,331
Republic of Iceland, 13.750%, 12/10/2010	ISK	7,859,805,000		38,224,242
Republic of Venezuela, 7.000%, 3/16/2015	EUR	5,980,000		5,831,831
				909,012,022
Supermarkets – 0.7%
American Stores Co., 7.900%, 5/01/2017		3,000,000		2,835,000
American Stores Co., Series B, MTN, 7.100%, 3/20/2028		13,145,000		10,154,512
New Albertson’s, Inc., 7.450%, 8/01/2029		100,590,000		83,489,700
New Albertson’s, Inc., 7.750%, 6/15/2026		20,550,000		17,056,500
New Albertson’s, Inc., 8.000%, 5/01/2031		9,715,000		8,403,475
New Albertson’s, Inc., 8.700%, 5/01/2030		2,995,000		2,725,450
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		17,575,000		12,829,750
				137,494,387
Supranational – 1.9%
European Investment Bank, 11.250%, 2/14/2013	BRL	11,505,000		6,773,290
European Investment Bank, EMTN, Zero Coupon, 4/24/2013, 144A	IDR	837,962,640,000		76,401,117
European Investment Bank, EMTN, 7.000%, 1/18/2012	NZD	16,500,000		11,781,614
European Investment Bank, MTN, 6.250%, 4/15/2015	AUD	71,230,000		61,548,124
Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013	IDR	345,270,000,000		30,074,483
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD	185,840,000		131,580,188
International Bank for Reconstruction & Development, 1.430%, 3/05/2014	SGD	40,000,000		28,687,658
				346,846,474
Technology – 2.4%
Agilent Technologies, Inc., 6.500%, 11/01/2017		65,276,000		72,094,339
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		71,077,000		46,910,820
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		3,916,000		2,584,560
Alcatel-Lucent, EMTN, 6.375%, 4/07/2014	EUR	1,000,000		1,192,278
Arrow Electronics, Inc., 6.875%, 7/01/2013		12,960,000		14,305,365
Arrow Electronics, Inc., 6.875%, 6/01/2018		2,630,000		2,904,685
Avnet, Inc., 5.875%, 3/15/2014		32,785,000		35,523,531
Avnet, Inc., 6.000%, 9/01/2015		50,915,000		55,171,443
Avnet, Inc., 6.625%, 9/15/2016		15,245,000		16,974,271
Corning, Inc., 5.900%, 3/15/2014		8,130,000		8,869,123
Corning, Inc., 6.200%, 3/15/2016		5,155,000		5,816,041
Corning, Inc., 6.850%, 3/01/2029		10,821,000		12,131,012
Corning, Inc., 7.250%, 8/15/2036		5,645,000		6,319,301
Eastman Kodak Co., 7.250%, 11/15/2013		3,640,000		3,567,200
Equifax, Inc., 7.000%, 7/01/2037		15,578,000		17,178,904
Freescale Semiconductor, Inc., 8.875%, 12/15/2014		430,000		392,375
Freescale Semiconductor, Inc., 10.125%, 12/15/2016		6,016,000		4,812,800
Motorola, Inc., 6.000%, 11/15/2017		929,000		997,181

13

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Motorola, Inc., 6.500%, 9/01/2025		$	15,055,000	$	14,990,249
Motorola, Inc., 6.500%, 11/15/2028			32,320,000		32,614,015
Motorola, Inc., 6.625%, 11/15/2037			33,295,000		34,192,067
Motorola, Inc., 7.500%, 5/15/2025			250,000		275,732
Nortel Networks Capital Corp., 7.875%, 6/15/2026(d)			12,015,000		8,050,050
Nortel Networks Ltd., 6.875%, 9/01/2023(d)			18,622,000		5,027,940
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A			4,554,000		5,289,594
Xerox Capital Trust I, 8.000%, 2/01/2027			30,805,000		30,970,823
Xerox Corp., 6.350%, 5/15/2018			40,000		44,617
Xerox Corp., MTN, 7.200%, 4/01/2016			615,000		716,816
					439,917,132
Tobacco – 0.5%
Altria Group, Inc., 9.700%, 11/10/2018			1,450,000		1,836,251
Reynolds American, Inc., 6.750%, 6/15/2017			71,085,000		77,012,636
Reynolds American, Inc., 7.250%, 6/15/2037			17,990,000		18,508,526
					97,357,413
Transportation Services – 0.5%
APL Ltd., 8.000%, 1/15/2024(c)			20,469,000		13,304,850
Atlas Air, Inc., Series 1999-1, Class A-1, 7.200%, 7/02/2020			11,770,090		11,063,885
Atlas Air, Inc., Series 1999-1A, 6.880%, 1/02/2011			732,399		695,779
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016			14,501,237		12,253,545
Atlas Air, Inc., Series 1999-1C, 8.770%, 7/02/2012(e)			15,689,997		12,081,297
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017			7,953,734		7,675,354
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(e)			201,720		163,393
Atlas Air, Inc., Series B, 7.680%, 7/02/2015			31,146,095		29,277,329
Atlas Air, Inc., Series C, 8.010%, 7/02/2011(e)			6,552,024		5,176,099
Erac USA Finance Co., 7.000%, 10/15/2037, 144A			2,675,000		2,914,945
					94,606,476
Treasuries – 18.0%
Canadian Government, 1.000%, 9/01/2011	CAD		421,197,000		394,767,091
Canadian Government, 1.250%, 12/01/2011	CAD		315,530,000		296,753,216
Canadian Government, 2.000%, 9/01/2012	CAD		587,055,000		556,835,082
Canadian Government, 2.750%, 12/01/2010	CAD		245,000		232,091
Canadian Government, 3.500%, 6/01/2013	CAD		228,647,000		224,810,980
Canadian Government, 3.750%, 6/01/2012	CAD		412,215,000		404,435,751
Canadian Government, 3.750%, 6/01/2019	CAD		246,645,000		245,092,681
Canadian Government, 4.250%, 6/01/2018	CAD		297,760,000		306,436,450
Canadian Government, 5.250%, 6/01/2012	CAD		431,800,000		435,158,512
Hellenic Republic Government Bond, 2.300%, 7/25/2030	EUR		3,836,667		1,925,360
New Zealand Government, 6.000%, 12/15/2017	NZD		33,000,000		23,834,800
New Zealand Government, 6.500%, 4/15/2013	NZD		155,050,000		112,764,855
Norwegian Government, 4.250%, 5/19/2017	NOK		668,075,000		111,605,456
Norwegian Government, 5.000%, 5/15/2015	NOK		319,620,000		54,686,146
Norwegian Government, 6.000%, 5/16/2011	NOK		530,990,000		84,229,933
Norwegian Government, 6.500%, 5/15/2013	NOK		496,510,000		85,041,819
					3,338,610,223

14

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Utility Other – 0.0%
Listrindo Capital BV, 9.250%, 1/29/2015, 144A		$	4,800,000	$	5,081,328
Wireless – 1.1%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			38,644,000		36,711,800
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			20,563,000		19,920,406
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			57,512,000		53,342,380
Sprint Capital Corp., 6.875%, 11/15/2028			29,984,000		24,886,720
Sprint Capital Corp., 6.900%, 5/01/2019			23,845,000		21,579,725
Sprint Capital Corp., 8.750%, 3/15/2032			8,390,000		8,012,450
Sprint Nextel Corp., 6.000%, 12/01/2016			15,252,000		13,688,670
True Move Co. Ltd., 10.750%, 12/16/2013, 144A			16,745,000		16,451,963
					194,594,114
Wirelines – 3.1%
AT&T Corp., 6.500%, 3/15/2029			27,859,000		29,851,671
AT&T, Inc., 6.450%, 6/15/2034			35,000		38,095
AT&T, Inc., 6.500%, 9/01/2037			4,160,000		4,614,060
Axtel SAB de CV, 9.000%, 9/22/2019, 144A			8,395,000		7,471,550
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		5,790,000		5,681,222
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		12,705,000		13,568,947
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		45,835,000		42,962,320
BellSouth Telecommunications, Inc., 7.000%, 12/01/2095			3,940,000		4,365,618
Embarq Corp., 7.995%, 6/01/2036			8,735,000		8,668,824
Frontier Communications Corp., 9.000%, 8/15/2031			730,000		677,075
GTE Corp., 6.940%, 4/15/2028			17,975,000		19,774,999
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		2,597,488
Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015	EUR		2,750,000		3,502,260
Level 3 Financing, Inc., 8.750%, 2/15/2017			43,605,000		37,718,325
Level 3 Financing, Inc., 9.250%, 11/01/2014			17,580,000		15,953,850
New England Telephone & Telegraph, 7.875%, 11/15/2029			2,905,000		3,389,261
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			30,365,000		28,543,100
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			64,147,000		54,204,215
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			15,925,000		14,969,500
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			40,420,000		37,388,500
Qwest Corp., 6.875%, 9/15/2033			40,555,000		37,209,212
Qwest Corp., 7.200%, 11/10/2026			1,505,000		1,407,175
Qwest Corp., 7.250%, 9/15/2025			10,620,000		10,195,200
Qwest Corp., 7.500%, 6/15/2023			2,890,000		2,767,175
Telecom Italia Capital SA, 6.000%, 9/30/2034			39,844,000		34,135,749
Telecom Italia Capital SA, 6.375%, 11/15/2033			26,495,000		23,725,663
Telus Corp., 4.950%, 3/15/2017	CAD		45,415,000		44,186,357
Telus Corp., Series CG, 5.050%, 12/04/2019	CAD		27,020,000		25,624,773
Verizon Communications, Inc., 5.850%, 9/15/2035			17,972,000		18,538,495
Verizon Maryland, Inc., 5.125%, 6/15/2033			18,105,000		16,012,786
Verizon New York, Inc., Series B, 7.375%, 4/01/2032			10,310,000		11,658,651

15

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Verizon Pennsylvania, Inc., 6.000%, 12/01/2028	$	7,860,000	$	7,778,374
				569,180,554
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $14,947,340,367)				15,600,319,817
CONVERTIBLE BONDS – 7.5%
Airlines – 0.1%
AMR Corp., 6.250%, 10/15/2014		11,290,000		10,753,725
UAL Corp., 4.500%, 6/30/2021		1,730,000		1,680,176
				12,433,901
Automotive – 1.3%
ArvinMeritor, Inc., (Step to Zero Coupon on 2/15/2019), 4.000%, 2/15/2027(f)		2,615,000		2,026,625
Ford Motor Co., 4.250%, 11/15/2016		176,290,000		219,701,412
Navistar International Corp., 3.000%, 10/15/2014		12,335,000		14,462,788
				236,190,825
Diversified Manufacturing – 0.3%
Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		44,380,000		40,774,125
Trinity Industries, Inc., 3.875%, 6/01/2036		24,037,000		18,448,397
				59,222,522
Electric – 0.0%
CMS Energy Corp., 5.500%, 6/15/2029		1,000,000		1,162,500
Healthcare – 0.4%
Affymetrix, Inc., 3.500%, 1/15/2038		18,449,000		17,226,754
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(f)		32,436,000		27,611,145
Life Technologies Corp., 1.500%, 2/15/2024		14,480,000		15,909,900
LifePoint Hospitals, Inc., 3.250%, 8/15/2025		285,000		266,831
LifePoint Hospitals, Inc., 3.500%, 5/15/2014		2,510,000		2,318,613
Omnicare, Inc., 3.250%, 12/15/2035		3,107,000		2,571,042
				65,904,285
Independent Energy – 0.0%
Chesapeake Energy Corp., 2.250%, 12/15/2038		2,000,000		1,442,500
Chesapeake Energy Corp., 2.500%, 5/15/2037		1,000,000		778,750
Penn Virginia Corp., 4.500%, 11/15/2012		4,290,000		4,000,425
				6,221,675
Lodging – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		32,045,000		30,362,638
Media Non-Cable – 0.0%
Liberty Media LLC, 3.500%, 1/15/2031		10,145,962		5,554,914
Metals & Mining – 0.1%
Steel Dynamics, Inc., 5.125%, 6/15/2014		1,255,000		1,347,556
United States Steel Corp., 4.000%, 5/15/2014		16,535,000		23,128,332
				24,475,888
Non-Captive Diversified – 0.2%
iStar Financial, Inc., 0.791%, 10/01/2012(b)		60,585,000		43,621,200

16

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Oil Field Services – 0.1%
Transocean, Inc., Series C, 1.500%, 12/15/2037	$	11,525,000	$	9,536,938
Pharmaceuticals – 0.9%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		940,000		1,480,500
Human Genome Sciences, Inc., 2.250%, 8/15/2012		51,585,000		75,443,063
Kendle International, Inc., 3.375%, 7/15/2012		4,120,000		3,790,400
Nektar Therapeutics, 3.250%, 9/28/2012		26,120,000		25,042,550
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		34,079,000		57,039,726
				162,796,239
REITs – 0.2%
ProLogis, 1.875%, 11/15/2037		9,525,000		8,548,688
ProLogis, 3.250%, 3/15/2015		28,230,000		25,230,562
				33,779,250
Technology – 2.7%
Advanced Micro Devices, Inc., 5.750%, 8/15/2012		9,062,000		8,892,087
Advanced Micro Devices, Inc., 6.000%, 5/01/2015		8,239,000		7,827,050
Alcatel-Lucent USA, Inc., Series B, 2.875%, 6/15/2025		3,760,000		3,167,800
Ciena Corp., 0.250%, 5/01/2013		330,000		266,888
Ciena Corp., 0.875%, 6/15/2017		44,624,000		27,722,660
Ciena Corp., 4.000%, 3/15/2015		8,680,000		8,104,950
Intel Corp., 2.950%, 12/15/2035		5,596,000		5,316,200
Intel Corp., 3.250%, 8/01/2039, 144A		343,275,000		386,613,469
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		10,025,000		9,348,312
Maxtor Corp., 5.750%, 3/01/2012(c)		7,312,000		7,165,760
Micron Technology, Inc., 1.875%, 6/01/2014		7,680,000		6,748,800
Nortel Networks Corp., 1.750%, 4/15/2012(d)		1,045,000		812,488
Nortel Networks Corp., 2.125%, 4/15/2014(d)		49,636,000		38,591,990
				510,578,454
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		102,000		89,760
Wireless – 0.1%
NII Holdings, Inc., 3.125%, 6/15/2012		21,974,000		20,737,963
Wirelines – 0.9%
Level 3 Communications, Inc., 3.500%, 6/15/2012		48,075,000		43,868,437
Level 3 Communications, Inc., 5.250%, 12/15/2011		20,240,000		19,379,800
Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		64,473,000		62,458,219
Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		48,975,000		47,444,531
Qwest Communications International, Inc., 3.500%, 11/15/2025		700,000		775,250
				173,926,237
TOTAL CONVERTIBLE BONDS (Identified Cost $1,267,184,461)				1,396,595,189
MUNICIPALS – 1.1%
California – 0.3%
San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), Series C, (MBIA insured), 3.750%, 8/01/2028		5,425,000		4,313,689
San Jose California Redevelopment Agency Tax Allocation (Merged Area), Series C, (Registered), (MBIA insured), 3.750%, 8/01/2028		2,165,000		1,824,554

17

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
California – continued
State of California, (AMBAC insured), 4.500%, 8/01/2027	$	7,340,000	$	6,747,221
State of California, 4.500%, 10/01/2029		20,455,000		18,261,815
State of California, (AMBAC insured), 4.500%, 8/01/2030		5,945,000		5,289,623
State of California, 4.500%, 8/01/2030		5,140,000		4,573,366
State of California (Various Purpose), (MBIA insured), 3.250%, 12/01/2027		3,805,000		2,965,465
State of California (Various Purpose), (AMBAC insured), 4.500%, 12/01/2033		17,945,000		15,541,088
				59,516,821
District of Columbia – 0.0%
Metropolitan Washington Airports Authority, Series D, 8.000%, 10/01/2047		5,610,000		5,948,395
Illinois – 0.0%
Chicago O’Hare International Airport, Series A, (AGMC insured), 4.500%, 1/01/2038		2,440,000		2,293,454
Michigan – 0.1%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(c)		21,020,000		16,092,912
Ohio – 0.0%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(c)		10,390,000		7,433,318
Virginia – 0.7%
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)		178,970,000		120,795,801
TOTAL MUNICIPALS (Identified Cost $277,987,415)				212,080,701
TOTAL BONDS AND NOTES (Identified Cost $16,492,512,243)				17,208,995,707
BANK LOANS – 0.5%
Chemicals – 0.1%
Hexion Specialty Chemicals, Inc., Extended Term Loan C1, 4.063%, 5/05/2015(g)		6,189,069		5,601,107
Hexion Specialty Chemicals, Inc., Extended Term Loan C2, 4.313%, 5/05/2015(g)		1,185,829		1,073,175
				6,674,282
Electric – 0.0%
Texas Competitive Electric Holding Company, LLC, Term Loan B2, 10/10/2014(h)		7,270,000		5,367,077
Media Non-Cable – 0.0%
Tribune Company, Term Loan X, 5.000%, 6/04/2009(d)(g)(i)		4,666,005		2,762,275
Oil Field Services – 0.0%
Dresser, Inc., 2nd Lien Term Loan, 6.195%, 5/04/2015(g)		3,515,000		3,231,621
Dresser, Inc., Term Loan, 2.695%, 5/04/2014(g)		1,720,369		1,573,071
				4,804,692
Printing & Publishing – 0.2%
SuperMedia, Inc., Exit Term Loan, 11.000%, 12/31/2015(g)		39,540,953		33,850,614
Wirelines – 0.2%
FairPoint Communications, Inc., Initial Term Loan A, 4.750%, 3/31/2014(d)(g)		5,859,871		3,933,439

18

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

	Principal Amount (‡)		Value (†)
BANK LOANS – continued
Wirelines – continued
FairPoint Communications, Inc., Initial Term Loan B, 5.000%, 3/31/2015(d)(g)	$	17,739,671	$	11,832,361
Hawaiian Telcom Communications, Inc., New Tranche C Term Loan, 4.750%, 5/30/2014(g)(j)		24,592,998		20,442,929
Level 3 Financing, Inc., Tranche A Term Loan, 2.548%, 3/13/2014(g)		7,875,000		6,984,180
				43,192,909
TOTAL BANK LOANS (Identified Cost $101,345,420)				96,651,849
	Shares
PREFERRED STOCKS – 1.8%
CONVERTIBLE PREFERRED STOCKS – 1.1%
Automotive – 0.5%
Ford Motor Co. Capital Trust II, 6.500%(e)		2,150,471		94,943,295
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, Series L, Class A, 7.500%		8,193		7,627,683
Diversified Financial Services – 0.1%
Sovereign Capital Trust IV, 4.375%		304,895		9,642,305
Electric Utilities – 0.1%
AES Trust III, 6.750%		346,577		15,011,116
CMS Energy Trust I, 7.750%(c)(k)		208,375		7,293,125
				22,304,241
Machinery – 0.0%
United Rentals Trust I, 6.500%		263,437		7,985,434
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp., 4.500%		87,351		7,119,106
El Paso Energy Capital Trust I, 4.750%		189,879		6,883,114
Williams Cos., Inc., 5.500%		25,000		2,096,875
				16,099,095
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%(e)		53,600		1,085,936
Semiconductors & Semiconductor Equipment – 0.2%
Lucent Technologies Capital Trust I, 7.750%		44,266		32,070,717
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $198,512,076)				201,070,141
NON-CONVERTIBLE PREFERRED STOCKS – 0.7%
Banking – 0.2%
Ally Financial, Inc., Series G, 7.000%, 144A		52,843		41,073,876
Diversified Financial Services – 0.1%
Bank of America Corp., 6.375%		53,000		1,020,250
Bank of America Corp., Series L, 7.250%		21,799		19,428,359
				20,448,609
Electric Utilities – 0.0%
Connecticut Light & Power Co., 1.900%		2,925		103,837

19

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

	Shares	Value (†)
PREFERRED STOCKS – continued
Electric Utilities – continued
Entergy Arkansas, Inc., 4.320%	100	$	7,975
Entergy Mississippi, Inc., 4.360%	5,000		372,500
Entergy New Orleans, Inc., 4.360%	665		49,002
Entergy New Orleans, Inc., 4.750%	200		15,788
MDU Resources Group, Inc., 5.100%	867		86,077
Public Service Company of Oklahoma, 4.000%	360		25,200
Southern California Edison Co., 4.780%	50,100		1,044,585
Xcel Energy, Inc., 3.600%	1,100		74,580
			1,779,544
Household Durables – 0.0%
Hovnanian Enterprises, Inc., 7.625%(e)	36,783		261,895
REITs – 0.1%
Highwoods Properties, Inc., Series A, 8.625%(e)	2,318		2,275,986
ProLogis, Series C, 8.540%	169,007		7,943,329
			10,219,315
Software – 0.2%
Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(f)	38,000		39,341,875
Thrifts & Mortgage Finance – 0.1%
Countrywide Capital IV, 6.750%	534,725		11,229,225
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(e)(l)	2,974,558		1,011,349
			12,240,574
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $129,487,412)			125,365,688
TOTAL PREFERRED STOCKS (Identified Cost $327,999,488)			326,435,829
COMMON STOCKS – 1.5%
Biotechnology – 0.2%
Vertex Pharmaceuticals, Inc.(e)	1,409,794		46,382,223
Containers & Packaging – 0.1%
Owens-Illinois, Inc.(e)	645,508		17,073,687
Smurfit-Stone Container Corp.(e)	208,564		5,161,950
			22,235,637
Electronic Equipment Instruments & Components – 0.1%
Corning, Inc.	630,490		10,182,413
Media – 0.0%
Dex One Corp.(e)	4,746		90,174
Oil, Gas & Consumable Fuels – 0.2%
Chesapeake Energy Corp.	1,026,979		21,515,210
Repsol YPF SA, Sponsored ADR	313,333		6,396,067
			27,911,277

20

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

	Shares (‡)		Value (†)
COMMON STOCKS – continued
Pharmaceuticals – 0.2%
Bristol-Myers Squibb Co.		1,528,400	$	38,118,296
Semiconductors & Semiconductor Equipment – 0.7%
Intel Corp.		6,668,300		129,698,435
TOTAL COMMON STOCKS (Identified Cost $279,085,363)				274,618,455
CLOSED END INVESTMENT COMPANIES – 0.2%
Dreyfus High Yield Strategies Fund		942,379		3,967,416
DWS High Income Trust		88,954		791,691
Highland Credit Strategies Fund		860,000		6,131,800
Morgan Stanley Emerging Markets Debt Fund, Inc.		337,212		3,351,887
Western Asset High Income Opportunity Fund, Inc.		2,203,264		13,131,453
Western Asset Managed High Income Fund, Inc.		1,218,442		7,249,730
TOTAL CLOSED END INVESTMENT COMPANIES (Identified Cost $42,022,592)				34,623,977
WARRANTS – 0.1%
PHARMACEUTICALS – 0.1%
Valeant Pharmaceuticals International, Expiration 8/16/2010(c)(e)(k) (Identified Cost $0)		862,648		17,839,561
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 1.9%
Repurchase Agreement with State Street Corporation, dated 6/30/2010 at 0.000% to be repurchased at $3,132,719 on 7/01/2010 collateralized by $3,045,000 U.S. Treasury Note, 3.125% due 4/30/2017 valued at $3,198,748 including accrued interest(m)	$	3,132,719		3,132,719
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2010 at 0.000% to be repurchased at $354,490,364 on 7/01/2010 collateralized by $65,005,000 Federal Home Loan Mortgage Corp., 1.750% due 12/30/2013 valued at $65,086,256; $75,295,000 Federal National Mortgage Association, 4.125% due 4/15/2014 valued at $83,050,385; $213,180,000 Federal National Mortgage Association, 2.000% due 12/16/2013 valued at $213,446,475 including accrued interest(m)		354,490,364		354,490,364
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $357,623,083)				357,623,083
TOTAL INVESTMENTS – 98.7% (Identified Cost $17,600,588,189)(a)				18,316,788,461
Other assets less liabilities – 1.3%				243,891,798
NET ASSETS – 100.0%			$	18,560,680,259

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

21

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

(†) Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) are generally valued on the basis of evaluated bids furnished to the Fund by a pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional size-trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Equity securities, including 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 June 30, 2010, the net unrealized appreciation on investments based on a cost of $17,648,092,762 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	$	1,306,832,300
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(638,136,601	)
Net unrealized appreciation	$	668,695,699

At September 30, 2009, the Fund had a capital loss carryforward of $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 June 30, 2010 is disclosed.

(c) Illiquid security. At June 30, 2010, the value of these securities amounted to $664,478,603 or 3.6% 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) Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

(g) Variable rate security. Rate shown represents the weighted average rate at June 30, 2010.

(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 June 30, 2010 the value of these securities amounted to $25,132,686 or 0.1% 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 102% 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. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2010, the total value of these securities amounted to $2,135,880,751 or 11.5% of net assets.

22

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

ABS	Asset-Backed Securities
AGMC	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corp.
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

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 Portfolio’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 June 30, 2010, at value:

Asset Valuation Inputs

Description	Level 1	Level 2	Level 3	Total
Bonds and Notes
Electric	—	533,909,002	6,805,125	540,714,127
Integrated Energy	—	—	1,258,835	1,258,835
Treasuries	—	3,336,684,863	1,925,360	3,338,610,223
All Other Non-Convertible Bonds*	—	11,719,736,632	—	11,719,736,632
Total Non-Convertible Bonds	—	15,590,330,497	9,989,320	15,600,319,817
Convertible Bonds*	—	1,396,595,189	—	1,396,595,189
Municipals*	—	212,080,701	—	212,080,701
Total Bonds and Notes	—	17,199,006,387	9,989,320	17,208,995,707
Bank Loans*	—	96,651,849	—	96,651,849
Preferred Stocks
Convertible Preferred Stocks
Automotive	94,943,295	—	—	94,943,295
Capital Markets	—	9,311,435	—	9,311,435
Commercial Banks	7,627,683	—	—	7,627,683
Diversified Financial Services	—	9,642,305	—	9,642,305
Electric Utilities	—	15,011,116	7,293,125	22,304,241
Machinery	—	7,985,434	—	7,985,434
Oil, Gas & Consumable Fuels	7,119,106	8,979,989	—	16,099,095
REITs	—	1,085,936	—	1,085,936
Semiconductors & Semiconductor Equipment	—	32,070,717	—	32,070,717
Total Convertible Preferred Stocks	109,690,084	84,086,932	7,293,125	201,070,141
Non-Convertible Preferred Stocks
Banking	—	41,073,876	—	41,073,876
Diversified Financial Services	1,020,250	19,428,359	—	20,448,609
Electric Utilities	1,119,165	660,379	—	1,779,544
Household Durables	—	261,895	—	261,895
REITs	7,943,329	2,275,986	—	10,219,315
Software	—	39,341,875	—	39,341,875

23

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

Asset Valuation Inputs - continued

Description	Level 1		Level 2		Level 3		Total
Preferred Stocks - continued
Non-Convertible Preferred Stocks - continued
Thrifts & Mortgage Finance	$	11,229,225	$	1,011,349	$	—	$	12,240,574
Total Non-Convertible Preferred Stocks		21,311,969		104,053,719		—		125,365,688
Total Preferred Stocks		131,002,053		188,140,651		7,293,125		326,435,829
Common Stocks*		274,618,455		—		—		274,618,455
Closed End Investment Companies		34,623,977		—		—		34,623,977
Warrants		—		—		17,839,561		17,839,561
Short-Term Investments		—		357,623,083		—		357,623,083
Total	$	440,244,485	$	17,841,421,970	$	35,122,006	$	18,316,788,461

* 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 June 30, 2010:

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)			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2010
Bonds and Notes
Non-Convertible Bonds
Airlines	$	4,164,511	$	—	$	—	$	—		$	—		$	—	$	(4,164,511	)	$	—
Automotive		3,570,396		—		—		—			—			—		(3,570,396	)		—
Chemicals		25,744,100		—		—		—			—			—		(25,744,100	)		—
Diversified Manufacturing		30,625,436		—		—		—			—			—		(30,625,436	)		—
Electric		—		18,556		—		(1,320,406	)		—			8,106,975		—			6,805,125
Integrated Energy		1,447,652		—		—		(7,262	)		(181,555	)		—		—			1,258,835
Non-Captive Consumer		5,428,994		219,441		101,905		(47,779	)		(5,702,561	)		—		—			—
Non-Captive Diversified		4,017,538		—		—		—			—			—		(4,017,538	)		—
Supranational		45,293,529		—		—		—			—			—		(45,293,529	)		—
Technology		225,000		—		—		—			—			—		(225,000	)		—
Treasuries		—		81,509		—		(954,314	)		2,798,165			—		—			1,925,360
Convertible Bonds
Technology		7,657,650		—		—		—			—			—		(7,657,650	)		—
Wirelines		68,341,380		—		—		—			—			—		(68,341,380	)		—
Preferred Stocks
Convertible Preferred Stocks
Electric Utilities		7,293,125		—		—		—			—			—		—			7,293,125
REITs		616,400		—		—		—			—			—		(616,400	)		—
Warrants
Pharmaceuticals		—		—		—		17,839,561			—			—		—			17,839,561
Total	$	204,425,711	$	319,506	$	101,905	$	15,509,800		$	(3,085,951	)	$	8,106,975	$	(190,255,940	)	$	35,122,006

Securities valued at $144,962,412 were transferred from Level 3 to Level 2 during the period ended June 30, 2010. At September 30, 2009, these securities were valued using broker-dealer bid quotations based on inputs unobservable to the Fund; at June 30, 2010, these securities were valued on the basis of evaluated bids furnished to the Fund by a pricing service.

24

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Bond Fund - continued

Securities valued at $45,293,528 were transferred from Level 3 to Level 2 during the period ended June 30, 2010. At September 30, 2009, these securities were valued using broker-dealer bid quotations based on inputs unobservable to the Fund; at June 30, 2010, these securities were valued using broker-dealer bid quotations based on inputs observable to the Fund.

Securities valued at $8,106,975 were transferred from Level 2 to Level 3 during the period ended June 30, 2010. At September 30, 2009, these securities were valued on the basis of evaluated bids furnished to the Fund by a pricing service; at June 30, 2010, these securities were valued using broker-dealer bid quotations based on inputs unobservable to the Fund.

All transfers are recognized as of the beginning of the reporting period.

INDUSTRY SUMMARY AT JUNE 30, 2010 (Unaudited)

Treasuries	18.0	%
Non-Captive Diversified	7.6
Banking	6.0
Technology	5.1
Sovereigns	4.9
Automotive	4.9
Wirelines	4.2
Non-Captive Consumer	3.9
Paper	3.1
Electric	2.9
Healthcare	2.7
Pipelines	2.1
Other Investments, less than 2% each	31.4
Short-Term Investments	1.9
Total Investments	98.7
Other assets less liabilities	1.3
Net Assets	100.0	%

CURRENCY EXPOSURE AT JUNE 30, 2010 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	67.4	%
Canadian Dollar	16.5
New Zealand Dollar	3.5
Indonesian Rupiah	2.5
Other, less than 2% each	8.8
Total Investments	98.7
Other assets less liabilities	1.3
Net Assets	100.0	%

25

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 93.5% of Net Assets
NON-CONVERTIBLE BONDS – 86.6%
ABS Credit Card – 0.6%
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		$	4,265,000	$	4,557,163
ABS Other – 0.1%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			725,000		680,624
Aerospace & Defense – 0.0%
Bombardier, Inc., 7.450%, 5/01/2034, 144A			175,000		162,750
Airlines – 0.7%
American Airlines Pass Through Trust, Series 1993-A6, 8.040%, 9/16/2011			15,049		14,560
American Airlines Pass Through Trust, Series 2009-1A, 10.375%, 7/02/2019			988,147		1,096,843
Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016			363,032		358,131
Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019			108,129		104,885
Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017			180,674		169,833
Delta Air Lines, Inc., 9.500%, 9/15/2014, 144A			610,000		640,500
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			1,586,797		1,570,930
Delta Air Lines, Inc., Series B, 9.750%, 12/17/2016			475,119		494,124
UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024			1,151,933		1,059,778
					5,509,584
Automotive – 4.2%
Cummins, Inc., 7.125%, 3/01/2028			2,400,000		2,668,927
FCE Bank PLC, EMTN, 4.625%, 10/25/2010	NOK		50,000		7,529
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		300,000		369,606
FCE Bank PLC, EMTN, 7.125%, 1/15/2013	EUR		200,000		245,793
FCE Bank PLC, EMTN, 7.875%, 2/15/2011	GBP		300,000		451,592
Ford Motor Co., 6.375%, 2/01/2029			765,000		585,225
Ford Motor Co., 6.500%, 8/01/2018			1,030,000		947,600
Ford Motor Co., 6.625%, 2/15/2028			165,000		129,525
Ford Motor Co., 6.625%, 10/01/2028			4,230,000		3,341,700
Ford Motor Co., 7.125%, 11/15/2025			690,000		572,700
Ford Motor Co., 7.450%, 7/16/2031			9,250,000		8,348,125
Ford Motor Co., 7.500%, 8/01/2026			1,645,000		1,406,475
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			230,000		234,522
Ford Motor Credit Co. LLC, 7.000%, 4/15/2015			645,000		638,015
Ford Motor Credit Co. LLC, 8.000%, 6/01/2014			10,915,000		11,264,924
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			565,000		577,764
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			375,000		319,688
					32,109,710
Banking – 5.5%
AgriBank FCB, 9.125%, 7/15/2019, 144A(b)			4,330,000		5,128,370
Associates Corp. of North America, 6.950%, 11/01/2018			1,710,000		1,750,424
BAC Capital Trust VI, 5.625%, 3/08/2035			2,385,000		2,009,379
Bank of America Corp., 4.850%, 11/15/2014			500,000		502,275
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		2,340,000,000		1,917,116
BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, 144A	IDR		18,710,000,000		1,925,695

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Banking – continued
Citigroup, Inc., 5.000%, 9/15/2014		$	6,020,000	$	6,021,204
Citigroup, Inc., 5.850%, 12/11/2034			135,000		127,790
Citigroup, Inc., 5.875%, 2/22/2033			3,075,000		2,757,491
Citigroup, Inc., 6.000%, 10/31/2033			1,460,000		1,305,958
Citigroup, Inc., 6.125%, 8/25/2036			795,000		722,568
Citigroup, Inc., EMTN, (fixed rate to 11/30/2012, variable rate thereafter), 3.625%, 11/30/2017	EUR		200,000		216,187
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			1,470,000		1,441,103
Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020			1,955,000		1,931,767
JPMorgan Chase & Co., Zero Coupon, 3/28/2011, 144A	IDR		17,920,000,000		1,876,411
JPMorgan Chase & Co., Zero Coupon, 4/12/2012, 144A	IDR		21,194,634,240		2,060,544
JPMorgan Chase & Co., EMTN, Zero Coupon, 3/28/2011, 144A	IDR		24,502,029,000		2,565,618
JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, 144A	IDR		18,824,303,000		2,030,699
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			600,000		544,906
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR		1,000,000		1,110,004
Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034			300,000		299,257
Morgan Stanley, 4.750%, 4/01/2014			1,795,000		1,798,080
Morgan Stanley, EMTN, 5.450%, 1/09/2017			370,000		366,779
Morgan Stanley, GMTN, 5.125%, 11/30/2015	GBP		350,000		518,166
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017			800,000		793,499
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017			625,000		632,912
					42,354,202
Building Materials – 1.1%
Masco Corp., 4.800%, 6/15/2015			860,000		798,709
Masco Corp., 5.850%, 3/15/2017			240,000		234,121
Masco Corp., 6.125%, 10/03/2016			2,600,000		2,515,638
Masco Corp., 6.500%, 8/15/2032			305,000		257,840
Owens Corning, Inc., 6.500%, 12/01/2016			805,000		856,511
Owens Corning, Inc., 7.000%, 12/01/2036			2,050,000		2,040,033
USG Corp., 6.300%, 11/15/2016			1,680,000		1,449,000
					8,151,852
Chemicals – 1.5%
Borden, Inc., 7.875%, 2/15/2023			5,240,000		3,589,400
Borden, Inc., 8.375%, 4/15/2016			55,000		42,625
Borden, Inc., 9.200%, 3/15/2021			905,000		651,600
Chevron Phillips Chemical Co. LLC, 8.250%, 6/15/2019, 144A			3,440,000		4,337,424
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014			1,255,000		1,185,975
ICI Wilmington, Inc., 5.625%, 12/01/2013			115,000		124,617
Methanex Corp., 6.000%, 8/15/2015			1,565,000		1,521,743
					11,453,384
Commercial Mortgage-Backed Securities – 0.1%
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039			95,000		98,284
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051			1,000,000		956,773
					1,055,057

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Construction Machinery – 0.4%
Toro Co., 6.625%, 5/01/2037(b)	$	965,000	$	978,871
United Rentals North America, Inc., 7.000%, 2/15/2014		295,000		277,300
United Rentals North America, Inc., 7.750%, 11/15/2013		1,800,000		1,750,500
				3,006,671
Distributors – 0.1%
ONEOK, Inc., 6.000%, 6/15/2035		1,000,000		942,855
Diversified Manufacturing – 0.5%
Textron, Inc., 5.600%, 12/01/2017		245,000		254,049
Textron, Inc., 6.200%, 3/15/2015		1,635,000		1,759,756
Textron, Inc., 7.250%, 10/01/2019		1,290,000		1,472,699
				3,486,504
Electric – 3.9%
AES Corp. (The), 7.750%, 3/01/2014		730,000		742,775
Bruce Mansfield Unit, 6.850%, 6/01/2034(b)		4,174,607		4,361,039
Dynegy Holdings, Inc., 7.125%, 5/15/2018		380,000		252,700
Dynegy Holdings, Inc., 7.625%, 10/15/2026		810,000		465,750
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		1,589,000		1,769,955
Energy Future Holdings Corp., 10.000%, 1/15/2020, 144A		2,890,000		2,875,550
Enersis SA, 7.375%, 1/15/2014		275,000		309,222
Enersis SA, 7.400%, 12/01/2016		4,000,000		4,566,036
Mackinaw Power LLC, 6.296%, 10/31/2023, 144A		3,738,663		3,830,933
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027(b)		695,000		410,050
NiSource Finance Corp., 5.250%, 9/15/2017		250,000		257,457
NiSource Finance Corp., 6.150%, 3/01/2013		850,000		926,927
NiSource Finance Corp., 6.400%, 3/15/2018		2,855,000		3,141,459
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A		418,349		426,607
Quezon Power Philippines Co., 8.860%, 6/15/2017		1,183,000		1,180,042
TXU Corp., Series P, 5.550%, 11/15/2014		765,000		543,437
TXU Corp., Series Q, 6.500%, 11/15/2024		1,515,000		681,750
TXU Corp., Series R, 6.550%, 11/15/2034		1,675,000		745,375
White Pine Hydro LLC, 6.310%, 7/10/2017(b)		450,000		459,432
White Pine Hydro LLC, 6.960%, 7/10/2037(b)		670,000		657,210
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(b)		1,280,000		1,132,173
				29,735,879
Entertainment – 1.3%
Time Warner, Inc., 6.625%, 5/15/2029		2,065,000		2,272,667
Time Warner, Inc., 7.625%, 4/15/2031		730,000		878,171
Time Warner, Inc., 7.700%, 5/01/2032		1,155,000		1,392,969
Viacom, Inc., 6.875%, 4/30/2036		4,880,000		5,524,492
				10,068,299
Food & Beverage – 0.2%
Corn Products International, Inc., 6.625%, 4/15/2037		1,540,000		1,608,250
Government Owned - No Guarantee – 0.3%
DP World Ltd., 6.850%, 7/02/2037, 144A		2,400,000		1,909,169
Health Insurance – 0.3%
CIGNA Corp., 6.350%, 3/15/2018		2,000,000		2,234,822

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Healthcare – 2.7%
Boston Scientific Corp., 5.125%, 1/12/2017	$	425,000	$	407,356
Boston Scientific Corp., 5.450%, 6/15/2014		290,000		297,298
Boston Scientific Corp., 6.400%, 6/15/2016		435,000		456,470
Boston Scientific Corp., 7.000%, 11/15/2035		860,000		834,141
HCA, Inc., 5.750%, 3/15/2014		455,000		423,150
HCA, Inc., 6.250%, 2/15/2013		2,345,000		2,303,962
HCA, Inc., 6.375%, 1/15/2015		410,000		382,838
HCA, Inc., 6.500%, 2/15/2016		610,000		568,825
HCA, Inc., 6.750%, 7/15/2013		115,000		112,700
HCA, Inc., 7.050%, 12/01/2027		3,545,000		3,013,250
HCA, Inc., 7.190%, 11/15/2015		820,000		729,800
HCA, Inc., 7.500%, 12/15/2023		1,475,000		1,305,375
HCA, Inc., 7.500%, 11/06/2033		1,440,000		1,231,200
HCA, Inc., 7.690%, 6/15/2025		2,660,000		2,380,700
HCA, Inc., 8.360%, 4/15/2024		2,220,000		2,064,600
HCA, Inc., MTN, 7.580%, 9/15/2025		2,930,000		2,578,400
HCA, Inc., MTN, 7.750%, 7/15/2036		430,000		366,575
Owens & Minor, Inc., 6.350%, 4/15/2016(b)		320,000		322,267
Tenet Healthcare Corp., 6.875%, 11/15/2031		1,075,000		838,500
Tenet Healthcare Corp., 7.375%, 2/01/2013		85,000		85,000
				20,702,407
Home Construction – 1.0%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		115,000		80,500
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		155,000		116,250
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		115,000		88,550
Lennar Corp., Series B, 5.600%, 5/31/2015		1,700,000		1,496,000
Pulte Group, Inc., 5.200%, 2/15/2015		1,152,000		1,082,880
Pulte Group, Inc., 6.000%, 2/15/2035		3,920,000		2,861,600
Pulte Group, Inc., 6.375%, 5/15/2033		1,960,000		1,509,200
Toll Brothers Finance Corp., 5.150%, 5/15/2015		565,000		553,805
				7,788,785
Independent Energy – 2.2%
Anadarko Petroleum Corp., 5.950%, 9/15/2016		3,230,000		2,780,051
Anadarko Petroleum Corp., 6.450%, 9/15/2036		2,845,000		2,263,138
Chesapeake Energy Corp., 6.500%, 8/15/2017		380,000		374,775
Chesapeake Energy Corp., 6.875%, 11/15/2020		900,000		907,875
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A		792,000		782,100
Connacher Oil and Gas Ltd., 11.750%, 7/15/2014, 144A		525,000		561,750
Penn Virginia Corp., 10.375%, 6/15/2016		500,000		532,500
Pioneer Natural Resources Co., 5.875%, 7/15/2016		435,000		434,555
Pioneer Natural Resources Co., 7.200%, 1/15/2028		1,465,000		1,399,998
QEP Resources, Inc., 6.800%, 4/01/2018		3,820,000		3,998,245
Talisman Energy, Inc., 5.850%, 2/01/2037		395,000		410,561
Talisman Energy, Inc., 6.250%, 2/01/2038		1,285,000		1,370,661
Williams Cos., Inc. (The), Series A, 7.500%, 1/15/2031		741,000		788,218
				16,604,427
Industrial Other – 0.2%
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A		1,575,000		1,417,500

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Integrated Energy – 0.1%
PF Export Receivables Master Trust, Series A, 6.436%, 6/01/2015, 144A		$	1,008,681	$	1,049,028
Life Insurance – 0.9%
American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018			615,000		549,656
American International Group, Inc., Series MP, GMTN, 5.450%, 5/18/2017			175,000		155,313
Hartford Life Insurance Co., 4.440%, 9/15/2011(c)			500,000		493,415
MetLife, Inc., 6.400%, 12/15/2066			1,000,000		880,000
MetLife, Inc., 10.750%, 8/01/2069			3,385,000		4,023,174
Protective Life Secured Trust, 3.970%, 9/10/2014(c)			1,000,000		983,740
					7,085,298
Local Authorities – 4.2%
Province of Alberta, 5.930%, 9/16/2016	CAD		773,212		816,893
Province of British Columbia, Zero Coupon, 8/23/2013	CAD		11,700,000		10,199,239
Province of Ontario, Canada, 4.200%, 3/08/2018	CAD		19,825,000		19,282,143
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		2,150,000		1,833,069
					32,131,344
Lodging – 0.0%
Host Marriott LP, Series O, 6.375%, 3/15/2015			150,000		147,000
Media Cable – 3.0%
Comcast Corp., 5.650%, 6/15/2035			1,670,000		1,644,906
Comcast Corp., 6.500%, 11/15/2035			1,825,000		1,984,697
Comcast Corp., 6.950%, 8/15/2037			7,695,000		8,753,262
CSC Holdings LLC, 6.750%, 4/15/2012			26,000		26,910
CSC Holdings LLC, 7.875%, 2/15/2018			170,000		173,400
TCI Communications, Inc., 7.875%, 2/15/2026			550,000		661,306
Time Warner Cable, Inc., 6.550%, 5/01/2037			1,500,000		1,616,742
Time Warner Cable, Inc., 6.750%, 7/01/2018			6,500,000		7,461,207
Virgin Media Finance PLC, 9.125%, 8/15/2016			400,000		414,000
					22,736,430
Media Non-Cable – 1.2%
Clear Channel Communications, Inc., 4.400%, 5/15/2011			810,000		769,500
Clear Channel Communications, Inc., 5.000%, 3/15/2012			2,190,000		1,866,975
Clear Channel Communications, Inc., 6.250%, 3/15/2011			3,385,000		3,258,063
Clear Channel Communications, Inc., 7.650%, 9/15/2010			90,000		89,550
News America, Inc., 6.150%, 3/01/2037			2,630,000		2,742,903
News America, Inc., 6.200%, 12/15/2034			620,000		652,995
					9,379,986
Metals & Mining – 0.2%
Alcoa, Inc., 5.720%, 2/23/2019			1,500,000		1,428,255
Alcoa, Inc., 5.870%, 2/23/2022			300,000		278,932
					1,707,187
Non-Captive Consumer – 2.3%
American General Finance Corp., Series H, MTN, 5.375%, 10/01/2012			300,000		271,500
American General Finance Corp., Series I, MTN, 5.400%, 12/01/2015			200,000		155,500

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – continued
American General Finance Corp., Series J, MTN, 6.500%, 9/15/2017		$	2,100,000		$	1,638,000
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017			1,900,000			1,512,875
SLM Corp., 6.000%, 12/15/2043			31,725	(†††)		532,266
SLM Corp., MTN, 5.125%, 8/27/2012			760,000			748,687
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			1,665,000			1,591,683
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			200,000			172,011
SLM Corp., Series A, MTN, 5.000%, 6/15/2018			145,000			116,162
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			2,920,000			2,831,547
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			235,000			214,874
SLM Corp., Series A, MTN, 5.400%, 10/25/2011			405,000			402,603
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			7,986,000			7,369,569
						17,557,277
Non-Captive Diversified – 5.1%
Ally Financial, Inc., 5.375%, 6/06/2011			2,268,000			2,259,495
Ally Financial, Inc., 5.750%, 9/27/2010			309,000			308,614
Ally Financial, Inc., 6.000%, 12/15/2011			1,305,000			1,305,000
Ally Financial, Inc., 6.875%, 8/28/2012			224,000			224,560
Ally Financial, Inc., 7.000%, 2/01/2012			253,000			254,581
Ally Financial, Inc., 7.500%, 12/31/2013			682,000			680,295
Ally Financial, Inc., 8.000%, 12/31/2018			1,460,000			1,343,200
Ally Financial, Inc., 8.000%, 11/01/2031			181,000			166,973
Ally Financial, Inc., 8.300%, 2/12/2015, 144A			6,055,000			6,130,687
CIT Group, Inc., 7.000%, 5/01/2013			870,554			833,555
CIT Group, Inc., 7.000%, 5/01/2014			1,305,836			1,230,750
CIT Group, Inc., 7.000%, 5/01/2015			1,305,836			1,204,634
CIT Group, Inc., 7.000%, 5/01/2016			2,176,397			1,985,962
CIT Group, Inc., 7.000%, 5/01/2017			3,046,961			2,742,265
General Electric Capital Australia Funding Pty, EMTN, 8.000%, 2/13/2012	AUD		830,000			723,075
General Electric Capital Corp., 5.625%, 5/01/2018			35,000			37,195
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			170,000			166,703
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD		1,345,000			941,683
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014	NZD		3,920,000			2,833,952
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015			1,145,000			1,222,156
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD		9,210,000			6,372,795
International Lease Finance Corp., 8.625%, 9/15/2015, 144A			3,045,000			2,885,137
iStar Financial, Inc., 5.500%, 6/15/2012			85,000			69,700
iStar Financial, Inc., 5.650%, 9/15/2011			135,000			121,500
iStar Financial, Inc., 5.875%, 3/15/2016			30,000			21,000
iStar Financial, Inc., 6.050%, 4/15/2015			30,000			21,600
iStar Financial, Inc., 8.625%, 6/01/2013			2,495,000			2,020,950
iStar Financial, Inc., Series B, 5.700%, 3/01/2014			95,000			70,063

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
iStar Financial, Inc., Series B, 5.950%, 10/15/2013	$	1,245,000	$	983,550
				39,161,630
Oil Field Services – 0.1%
Allis-Chalmers Energy, Inc., 8.500%, 3/01/2017		420,000		363,300
Allis-Chalmers Energy, Inc., 9.000%, 1/15/2014		490,000		452,025
Parker Drilling Co., 9.125%, 4/01/2018, 144A		235,000		223,250
				1,038,575
Packaging – 0.3%
Owens-Illinois, Inc., 7.800%, 5/15/2018		2,000,000		2,082,500
Paper – 1.7%
Georgia-Pacific LLC, 7.250%, 6/01/2028		2,000,000		1,975,000
Georgia-Pacific LLC, 7.375%, 12/01/2025		2,868,000		2,882,340
Georgia-Pacific LLC, 7.750%, 11/15/2029		6,005,000		6,065,050
Georgia-Pacific LLC, 8.000%, 1/15/2024		132,000		139,920
Westvaco Corp., 7.950%, 2/15/2031		1,045,000		1,093,528
Westvaco Corp., 8.200%, 1/15/2030		1,080,000		1,139,576
				13,295,414
Pharmaceuticals – 0.1%
Elan Finance PLC/Elan Finance Corp., 8.875%, 12/01/2013		335,000		335,837
Pipelines – 1.7%
DCP Midstream LP, 6.450%, 11/03/2036, 144A		1,740,000		1,769,985
El Paso Corp., 6.950%, 6/01/2028		925,000		828,149
El Paso Corp., 12.000%, 12/12/2013		2,195,000		2,529,738
El Paso Corp., GMTN, 7.800%, 8/01/2031		250,000		247,078
Enterprise Products Operating LLP, 6.300%, 9/15/2017		1,550,000		1,733,867
Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		300,000		351,072
Plains All American Pipeline LP, 6.125%, 1/15/2017		1,785,000		1,937,560
Plains All American Pipeline LP, 6.650%, 1/15/2037		3,850,000		3,845,137
				13,242,586
Property & Casualty Insurance – 1.4%
Axis Capital Holdings Ltd., 5.750%, 12/01/2014		80,000		82,996
Hanover Insurance Group, Inc., 7.500%, 3/01/2020		2,645,000		2,857,134
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		1,190,000		1,257,966
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		775,000		828,914
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		180,000		167,857
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		1,545,000		695,250
White Mountains RE Group, 6.375%, 3/20/2017, 144A		2,140,000		2,142,279
XL Capital Ltd., 6.250%, 5/15/2027		1,430,000		1,355,763
XL Capital Ltd., 6.375%, 11/15/2024		1,135,000		1,172,157
				10,560,316
Railroads – 0.2%
CSX Corp., MTN, 6.000%, 10/01/2036		1,072,000		1,148,987
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(b)		500,000		355,000
				1,503,987
REITs – 1.7%
Camden Property Trust, 5.700%, 5/15/2017		1,495,000		1,557,014
Duke Realty LP, 5.950%, 2/15/2017		210,000		214,369

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
REITs – continued
ERP Operating LP, 5.125%, 3/15/2016		$	70,000		$	73,685
Highwoods Properties, Inc., 5.850%, 3/15/2017			3,485,000			3,476,911
Highwoods Properties, Inc., 7.500%, 4/15/2018			475,000			510,652
ProLogis, 5.625%, 11/15/2015			100,000			95,900
ProLogis, 5.750%, 4/01/2016			80,000			76,146
Realty Income Corp., 6.750%, 8/15/2019			1,000,000			1,103,619
Simon Property Group LP, 5.250%, 12/01/2016			1,125,000			1,198,017
Simon Property Group LP, 5.300%, 5/30/2013			685,000			736,931
Simon Property Group LP, 5.750%, 12/01/2015			350,000			384,775
Simon Property Group LP, 5.875%, 3/01/2017			200,000			216,233
Simon Property Group LP, 6.100%, 5/01/2016			290,000			321,882
WEA Finance LLC/WT Finance Australia Property Ltd., 6.750%, 9/02/2019, 144A			2,960,000			3,289,907
						13,256,041
Restaurants – 0.1%
McDonald’s Corp., EMTN, 3.628%, 10/10/2010	SGD		1,000,000			719,430
Retailers – 1.9%
Dillard’s, Inc., 7.750%, 7/15/2026			1,025,000			881,500
Foot Locker, Inc., 8.500%, 1/15/2022			1,100,000			1,034,000
Home Depot, Inc. (The), 5.875%, 12/16/2036			6,693,000			6,860,988
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			1,079,000			1,019,655
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			575,000			606,625
Toys R Us, Inc., 7.375%, 10/15/2018			3,240,000			3,045,600
Toys R Us, Inc., 7.875%, 4/15/2013			750,000			753,750
						14,202,118
Sovereigns – 4.8%
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		2,915,000,000			359,124
Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024	IDR		33,387,000,000			3,945,172
Indonesia Treasury Bond, Series ZC3, Zero Coupon, 11/20/2012	IDR		7,590,000,000			711,678
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		578,000	(††)		4,628,720
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		125,000	(††)		1,041,421
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		305,000	(††)		2,511,824
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		501,000	(††)		4,196,484
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		3,240,000			2,752,140
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		845,000			726,800
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		4,280,000			3,625,582
Republic of Brazil, 10.250%, 1/10/2028	BRL		14,885,000			8,318,695
Republic of Brazil, 12.500%, 1/05/2022	BRL		625,000			392,140
Republic of Iceland, 7.250%, 5/17/2013	ISK		212,600,000			1,070,317
Republic of Iceland, 8.000%, 7/22/2011	ISK		239,270,000			1,154,194
Republic of Iceland, 13.750%, 12/10/2010	ISK		250,845,000			1,219,923
						36,654,214
Supermarkets – 1.1%
American Stores Co., 8.000%, 6/01/2026			25,000			21,250
New Albertson’s, Inc., 7.450%, 8/01/2029			6,515,000			5,407,450

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (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	$	1,220,100
New Albertson’s, Inc., 8.000%, 5/01/2031			565,000		488,725
New Albertson’s, Inc., 8.700%, 5/01/2030			5,000		4,550
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			1,745,000		1,273,850
					8,415,925
Supranational – 3.4%
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD		19,735,000		13,972,960
International Bank for Reconstruction & Development, 1.430%, 3/05/2014	SGD		17,000,000		12,192,255
					26,165,215
Technology – 2.3%
Agilent Technologies, Inc., 6.500%, 11/01/2017			5,215,000		5,759,728
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029			250,000		165,000
Arrow Electronics, Inc., 6.875%, 7/01/2013			2,850,000		3,145,856
Avnet, Inc., 6.000%, 9/01/2015			1,645,000		1,782,520
Avnet, Inc., 6.625%, 9/15/2016			130,000		144,746
Corning, Inc., 6.200%, 3/15/2016			250,000		282,058
Corning, Inc., 6.850%, 3/01/2029			450,000		504,478
Corning, Inc., 7.250%, 8/15/2036			1,175,000		1,315,355
Freescale Semiconductor, Inc., 8.875%, 12/15/2014			740,000		675,250
Motorola, Inc., 6.500%, 11/15/2028			815,000		822,414
Motorola, Inc., 6.625%, 11/15/2037			995,000		1,021,808
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		357,750
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A			1,042,200		1,210,544
					17,288,007
Tobacco – 0.6%
Reynolds American, Inc., 6.750%, 6/15/2017			3,320,000		3,596,848
Reynolds American, Inc., 7.250%, 6/15/2037			810,000		833,347
					4,430,195
Transportation Services – 0.5%
APL Ltd., 8.000%, 1/15/2024(b)			2,500,000		1,625,000
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016			1,058,742		894,637
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017			338,716		326,861
Atlas Air, Inc., Series B, 7.680%, 7/02/2015			1,170,378		1,100,155
					3,946,653
Treasuries – 16.8%
Canadian Government, 1.000%, 9/01/2011	CAD		920,000		862,270
Canadian Government, 1.250%, 12/01/2011	CAD		8,525,000		8,017,688
Canadian Government, 2.000%, 9/01/2012	CAD		19,910,000		18,885,090
Canadian Government, 2.750%, 12/01/2010	CAD		12,760,000		12,087,689
Canadian Government, 3.500%, 6/01/2013	CAD		2,860,000		2,812,018
Canadian Government, 3.750%, 9/01/2011	CAD		18,145,000		17,573,830
Canadian Government, 3.750%, 6/01/2012	CAD		14,255,000		13,985,982
Canadian Government, 3.750%, 6/01/2019	CAD		7,385,000		7,338,521
Canadian Government, 4.250%, 6/01/2018	CAD		9,615,000		9,895,172
Canadian Government, 5.250%, 6/01/2012	CAD		22,355,000		22,528,876

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Treasuries – continued
Hellenic Republic Government Bond, 2.300%, 7/25/2030	EUR	155,179	$	77,874
Norwegian Government, 4.250%, 5/19/2017	NOK	56,415,000		9,424,423
Norwegian Government, 5.000%, 5/15/2015	NOK	9,425,000		1,612,593
Norwegian Government, 6.000%, 5/16/2011	NOK	11,705,000		1,856,742
Norwegian Government, 6.500%, 5/15/2013	NOK	8,410,000		1,440,458
				128,399,226
Utility Other – 0.0%
Listrindo Capital BV, 9.250%, 1/29/2015, 144A		200,000		211,722
Wireless – 1.3%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		4,585,000		4,355,750
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		745,000		721,719
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		1,745,000		1,618,488
Rogers Cable, Inc., 5.500%, 3/15/2014		150,000		165,629
Sprint Capital Corp., 6.875%, 11/15/2028		1,262,000		1,047,460
Sprint Capital Corp., 6.900%, 5/01/2019		870,000		787,350
Sprint Capital Corp., 8.750%, 3/15/2032		300,000		286,500
Sprint Nextel Corp., 6.000%, 12/01/2016		898,000		805,955
				9,788,851
Wirelines – 2.7%
AT&T Corp., 6.500%, 3/15/2029		355,000		380,392
AT&T, Inc., 6.500%, 9/01/2037		180,000		199,647
Axtel SAB de CV, 9.000%, 9/22/2019, 144A		355,000		315,950
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD	195,000		191,336
Bell Canada, MTN, 7.300%, 2/23/2032	CAD	690,000		736,920
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD	600,000		562,395
Embarq Corp., 7.082%, 6/01/2016		235,000		250,524
Embarq Corp., 7.995%, 6/01/2036		200,000		198,485
GTE Corp., 6.940%, 4/15/2028		350,000		385,049
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(d)		75,000		8
Level 3 Financing, Inc., 9.250%, 11/01/2014		500,000		453,750
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		3,305,000		3,106,700
Qwest Capital Funding, Inc., 6.875%, 7/15/2028		7,205,000		6,088,225
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		350,000		329,000
Qwest Capital Funding, Inc., 7.750%, 2/15/2031		775,000		716,875
Qwest Corp., 6.875%, 9/15/2033		790,000		724,825
Qwest Corp., 7.200%, 11/10/2026		1,780,000		1,664,300
Qwest Corp., 7.250%, 9/15/2025		1,220,000		1,171,200
Telecom Italia Capital SA, 6.000%, 9/30/2034		1,330,000		1,139,458
Telecom Italia Capital SA, 6.375%, 11/15/2033		1,320,000		1,182,030
Verizon Communications, Inc., 5.850%, 9/15/2035		1,020,000		1,052,151
				20,849,220
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $619,400,963)				662,881,106
CONVERTIBLE BONDS – 6.0%
Airlines – 0.2%
AMR Corp., 6.250%, 10/15/2014		1,860,000		1,771,650

10

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Automotive – 0.5%
Ford Motor Co., 4.250%, 11/15/2016	$	2,925,000	$	3,645,281
Construction Machinery – 0.0%
United Rentals North America, Inc., 1.875%, 10/15/2023		50,000		49,500
Diversified Manufacturing – 0.6%
Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		5,230,000		4,805,062
Electric – 0.1%
CMS Energy Corp., 5.500%, 6/15/2029		500,000		581,250
Healthcare – 0.1%
Affymetrix, Inc., 3.500%, 1/15/2038		604,000		563,985
Lodging – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		1,430,000		1,354,925
Media Non-Cable – 0.0%
Liberty Media LLC, 3.500%, 1/15/2031		450,750		246,786
Metals & Mining – 0.3%
Steel Dynamics, Inc., 5.125%, 6/15/2014		235,000		252,331
United States Steel Corp., 4.000%, 5/15/2014		1,540,000		2,154,075
				2,406,406
Non-Captive Diversified – 0.0%
iStar Financial, Inc., 0.791%, 10/01/2012(c)		380,000		273,600
Oil Field Services – 0.1%
Transocean, Inc., Series C, 1.500%, 12/15/2037		360,000		297,900
Pharmaceuticals – 0.5%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		175,000		275,625
Human Genome Sciences, Inc., 2.250%, 8/15/2012		205,000		299,813
Nektar Therapeutics, 3.250%, 9/28/2012		1,065,000		1,021,069
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		1,095,000		1,832,756
				3,429,263
REITs – 0.3%
ProLogis, 1.875%, 11/15/2037		2,505,000		2,248,238
Technology – 2.2%
Advanced Micro Devices, Inc., 6.000%, 5/01/2015		2,375,000		2,256,250
Alcatel-Lucent USA, Inc., Series B, 2.875%, 6/15/2025		5,000		4,213
Intel Corp., 2.950%, 12/15/2035		2,785,000		2,645,750
Intel Corp., 3.250%, 8/01/2039, 144A		7,000,000		7,883,750
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		3,585,000		3,343,012
Maxtor Corp., 5.750%, 3/01/2012(b)		315,000		308,700
Micron Technology, Inc., 1.875%, 6/01/2014		520,000		456,950
Nortel Networks Corp., 2.125%, 4/15/2014(d)		248,000		192,820
				17,091,445
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		52,000		45,760
Wirelines – 0.9%
Level 3 Communications, Inc., 3.500%, 6/15/2012		1,930,000		1,761,125
Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(b)		3,040,000		2,945,000
Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(b)		1,990,000		1,927,812

11

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Qwest Communications International, Inc., 3.500%, 11/15/2025	$	250,000	$	276,875
				6,910,812
TOTAL CONVERTIBLE BONDS (Identified Cost $42,191,184)				45,721,863
MUNICIPALS – 0.9%
Michigan – 0.2%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(b)		2,405,000		1,841,268
Virginia – 0.7%
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(b)		7,725,000		5,213,989
TOTAL MUNICIPALS (Identified Cost $10,110,339)				7,055,257
TOTAL BONDS AND NOTES (Identified Cost $671,702,486)				715,658,226
BANK LOANS – 0.2%
Media Non-Cable – 0.0%
Tribune Company, Term Loan X, 5.000%, 6/04/2009(d)(e)(f)		74,971		44,383
Printing & Publishing – 0.1%
SuperMedia, Inc., Exit Term Loan, 11.000%, 12/31/2015(e)		610,791		522,892
Wirelines – 0.1%
Hawaiian Telcom Communications, Inc., New Tranche C Term Loan, 4.750%, 5/30/2014(e)(g)		490,176		407,459
Level 3 Financing, Inc., Tranche A Term Loan, 2.548%, 3/13/2014(e)		345,000		305,974
				713,433
TOTAL BANK LOANS (Identified Cost $1,356,842)				1,280,708
	Shares
PREFERRED STOCKS – 2.4%
CONVERTIBLE PREFERRED STOCKS – 1.4%
Automotive – 0.5%
Ford Motor Co. Capital Trust II, 6.500%(h)		81,667		3,605,598
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		1,750,222
Electric Utilities – 0.1%
AES Trust III, 6.750%		10,000		433,125
Machinery – 0.1%
United Rentals Trust I, 6.500%		30,199		915,407
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp., 4.500%		775		63,163
El Paso Energy Capital Trust I, 4.750%		20,200		732,250
				795,413

12

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Shares	Value (†)
PREFERRED STOCKS – continued
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%(h)	2,500	$	50,650
Semiconductors & Semiconductor Equipment – 0.3%
Lucent Technologies Capital Trust I, 7.750%	3,715		2,691,518
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $10,708,194)			11,119,558
NON-CONVERTIBLE PREFERRED STOCKS – 1.0%
Banking – 0.1%
Ally Financial, Inc., Series G, 7.000%, 144A	1,121		871,332
Diversified Financial Services – 0.3%
Bank of America Corp., 6.375%	5,000		96,250
Bank of America Corp., Series L, 7.250%	2,844		2,534,715
			2,630,965
Electric Utilities – 0.1%
Entergy New Orleans, Inc., 4.360%	90		6,632
Entergy New Orleans, Inc., 4.750%	2,876		227,024
MDU Resources Group, Inc., 5.100%	202		20,055
Union Electric Co., 4.500%	4,670		336,240
Xcel Energy, Inc., 4.110%	100		7,297
			597,248
Software – 0.4%
Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(i)	3,000		3,105,937
Thrifts & Mortgage Finance – 0.1%
Countrywide Capital IV, 6.750%	20,975		440,475
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(h)(j)	37,775		12,844
			453,319
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $6,580,451)			7,658,801
TOTAL PREFERRED STOCKS (Identified Cost $17,288,645)			18,778,359
COMMON STOCKS – 1.7%
Biotechnology – 0.5%
Vertex Pharmaceuticals, Inc.(h)	127,420		4,192,118
Containers & Packaging – 0.2%
Owens-Illinois, Inc.(h)	35,353		935,087
Smurfit-Stone Container Corp.(h)	10,468		259,085
			1,194,172
Electronic Equipment Instruments & Components – 0.4%
Corning, Inc.	205,167		3,313,447
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp.	54,259		1,136,726

13

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

	Shares		Value (†)
COMMON STOCKS – continued
Semiconductors & Semiconductor Equipment – 0.5%
Intel Corp.		186,000	$	3,617,700
TOTAL COMMON STOCKS (Identified Cost $12,046,191)				13,454,163
WARRANTS – 0.1%
Pharmaceuticals – 0.1%
Valeant Pharmaceuticals International, Expiration 8/16/2010(b)(h)(k) (Identified Cost $0)		26,098		539,707
	Principal Amount
SHORT-TERM INVESTMENTS – 1.0%
Repurchase Agreement with State Street Corporation, dated 6/30/2010 at 0.000% to be repurchased at $49,368 on 7/01/2010 collateralized by $50,000 U.S. Treasury Note, 3.125% due 4/30/2017 valued at $52,525 including accrued interest(l)	$	49,368		49,368
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2010 at 0.000% to be repurchased at $7,706,425, on 7/01/2010 collateralized by $7,130,000 Federal National Mortgage Association, 4.125% due 4/15/2014 valued at $7,864,390 including accrued interest(l)		7,706,425		7,706,425
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $7,755,793)				7,755,793
TOTAL INVESTMENTS – 98.9% (Identified Cost $710,149,957)(a)				757,466,956
Other assets less liabilities – 1.1%				8,218,825
NET ASSETS – 100.0%			$	765,685,781

(‡) 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.

14

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

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

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

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

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

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At June 30, 2010, the net unrealized appreciation on investments based on a cost of $712,218,573 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	$	66,432,056
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(21,183,673	)
Net unrealized appreciation	$	45,248,383

At September 30, 2009, the Fund had a capital loss carryforward of $129,506 which 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 June 30, 2010, the value of these securities amounted to $28,205,888 or 3.7% of net assets.

(c) Variable rate security. Rate as of June 30, 2010 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 June 30, 2010.

(f) Issuer has filed for bankruptcy.

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

(h) Non-income producing security.

(i) Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

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

(k) Fair valued security by the Fund’s investment adviser. At June 30, 2010 the value of these securities amounted to $539,707 or 0.1% of net assets.

(l) 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. 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. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2010, the total value of these securities amounted to $75,880,889 or 9.9% 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

15

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles 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 Portfolio’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 June 30, 2010, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Electric		—		29,270,129		465,750		29,735,879
Integrated Energy		—		—		1,049,028		1,049,028
Treasuries		—		128,321,352		77,874		128,399,226
All Other Non-Convertible Bonds*		—		503,696,973		—		503,696,973
Total Non-Convertible Bonds		—		661,288,454		1,592,652		662,881,106
Convertible Bonds*		—		45,721,863		—		45,721,863
Municipals*		—		7,055,257		—		7,055,257
Total Bonds and Notes		—		714,065,574		1,592,652		715,658,226
Bank Loans*		—		1,280,708		—		1,280,708
Preferred Stocks
Convertible Preferred Stocks
Automotive		3,605,598		—		—		3,605,598
Capital Markets		—		877,625		—		877,625
Diversified Financial Services		—		1,750,222		—		1,750,222
Electric Utilities		—		433,125		—		433,125
Machinery		—		915,407		—		915,407
Oil, Gas & Consumable Fuels		63,163		732,250		—		795,413
REITs		—		50,650		—		50,650
Semiconductors & Semiconductor Equipment		—		2,691,518		—		2,691,518
Total Convertible Preferred Stocks		3,668,761		7,450,797		—		11,119,558
Non-Convertible Preferred Stocks
Banking		—		871,332		—		871,332
Diversified Financial Services		96,250		2,534,715		—		2,630,965
Electric Utilities		343,537		253,711		—		597,248
Software		—		3,105,937		—		3,105,937
Thrifts & Mortgage Finance		440,475		12,844		—		453,319
Total Non-Convertible Preferred Stocks		880,262		6,778,539		—		7,658,801
Total Preferred Stocks		4,549,023		14,229,336		—		18,778,359
Common Stocks*		13,454,163		—		—		13,454,163
Warrants		—		—		539,707		539,707
Short-Term Investments		—		7,755,793		—		7,755,793
Total	$	18,003,186	$	737,331,411	$	2,132,359	$	757,466,956

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

16

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (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 June 30, 2010:

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)			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2010
Bonds and Notes
Non-Convertible Bonds
Automotive	$	2,281,964	$	—	$	—	$	—		$	—		$	—	$	(2,281,964	)	$	—
Chemicals		3,531,800		—		—		—			—			—		(3,531,800	)		—
Electric		—		2,150		—		(91,250	)		—			554,850		—			465,750
Integrated Energy		1,206,376		—		1,040		(7,093	)		(151,295	)		—		—			1,049,028
Life Insurance		450,000		—		—		—			—			—		(450,000	)		—
Non-Captive Diversified		250,188		511		—		234,855			(485,554	)		—		—			—
Treasuries		—		3,297		—		(38,598	)		113,175			—		—			77,874
Convertible Bonds
Technology		330,330		—		—		—			—			—		(330,330	)		—
Wirelines		3,222,400		—		—		—			—			—		(3,222,400	)		—
Preferred Stocks
Convertible Preferred Stocks
REITs		28,750		—		—		—			—			—		(28,750	)		—
Warrants
Pharmaceuticals		—		—		—		539,707			—			—		—			539,707
Total	$	11,301,808	$	5,958	$	1,040	$	637,621		$	(523,674	)	$	554,850	$	(9,845,244	)	$	2,132,359

Securities valued at $9,845,244 were transferred from Level 3 to Level 2 during the period ended June 30, 2010. At September 30, 2009, these securities were valued using broker-dealer bid quotations based on inputs unobservable to the Fund; at June 30, 2010, these securities were valued on the basis of evaluated bids furnished to the Fund by a pricing service.

Securities valued at $554,850 were transferred from Level 2 to Level 3 during the period ended June 30, 2010. At September 30, 2009, these securities were valued on the basis of evaluated bids furnished to the Fund by a pricing service; at June 30, 2010, these securities were valued using broker-dealer bid quotations based on inputs unobservable to the Fund.

All transfers are recognized as of the beginning of the reporting period.

INDUSTRY SUMMARY AT JUNE 30, 2010 (Unaudited)

Treasuries	16.8	%
Banking	5.6
Automotive	5.2
Non-Captive Diversified	5.1
Sovereigns	4.8
Technology	4.5
Local Authorities	4.2
Electric	4.0
Wirelines	3.7
Supranational	3.4
Media Cable	3.0
Healthcare	2.8
Non-Captive Consumer	2.3
Independent Energy	2.2
REITs	2.0
Other Investments, less than 2% each	28.3
Short-Term Investments	1.0
Total Investments	98.9
Other assets less liabilities	1.1
Net Assets	100.0	%

17

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Fixed Income Fund - continued

CURRENCY EXPOSURE AT JUNE 30, 2010 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	66.1	%
Canadian Dollar	19.0
New Zealand Dollar	3.2
Indonesian Rupiah	2.0
Other, less than 2% each	8.6
Total Investments	98.9
Other assets less liabilities	1.1
Net Assets	100.0	%

18

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Global Bond Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 95.8% of Net Assets
NON-CONVERTIBLE BONDS – 95.4%
Argentina – 0.7%
Pan American Energy LLC, 7.875%, 5/07/2021, 144A		$	6,675,000	$	6,675,000
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A			8,320,000		7,987,200
					14,662,200
Australia – 0.7%
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		16,675,000		14,164,179
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		445,000		376,959
					14,541,138
Bermuda – 0.6%
Noble Group Ltd., 8.500%, 5/30/2013, 144A			4,805,000		5,297,512
White Mountains RE Group, 6.375%, 3/20/2017, 144A			6,905,000		6,912,354
					12,209,866
Brazil – 1.5%
Banco Nacional de Desenvolvimento Economico e Social, 6.500%, 6/10/2019, 144A			7,000,000		7,498,750
NET Servicos de Comunicacao SA, 7.500%, 1/27/2020, 144A			3,800,000		3,971,000
Republic of Brazil, 10.250%, 1/10/2028	BRL		29,000,000		16,207,064
Telemar Norte Leste SA, 9.500%, 4/23/2019, 144A			3,200,000		3,832,000
					31,508,814
Canada – 6.1%
Bell Aliant Regional Communications, 5.410%, 9/26/2016	CAD		4,440,000		4,369,889
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		1,240,000		1,210,705
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		160,000		156,994
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		3,180,000		3,396,242
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		3,090,000		2,896,336
Canadian Government, 4.500%, 6/01/2015	CAD		46,598,000		48,188,692
Canadian Pacific Railway Co., 5.950%, 5/15/2037			1,745,000		1,858,463
Corus Entertainment, Inc., 7.250%, 2/10/2017, 144A	CAD		10,595,000		10,135,689
Pacific Rubiales Energy Corp., 8.750%, 11/10/2016, 144A			3,800,000		4,104,000
Province of British Columbia Canada, 2.850%, 6/15/2015			14,540,000		15,018,090
Province of Ontario Canada, 2.950%, 2/05/2015			9,015,000		9,242,566
Province of Quebec Canada, 1.600%, 5/09/2013	JPY		766,000,000		8,901,506
Province of Quebec Canada, EMTN, 3.375%, 6/20/2016	EUR		11,000,000		14,017,541
Shaw Communications, Inc., 6.500%, 6/02/2014	CAD		1,550,000		1,600,553
					125,097,266
Cayman Islands – 2.0%
CCL Finance Ltd., 9.500%, 8/15/2014, 144A			5,000,000		5,712,500
Marfrig Overseas Ltd., 9.500%, 5/04/2020, 144A			3,600,000		3,528,000
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A			1,170,000		1,164,150
Petrobras International Finance Co., 5.875%, 3/01/2018			15,600,000		16,055,255
Vale Overseas Ltd., 6.875%, 11/21/2036			6,716,000		7,001,504
Voto-Votorantim Ltd., 6.750%, 4/05/2021, 144A			6,700,000		6,767,000
					40,228,409
Colombia – 0.2%
Empresas Publicas de Medellin ESP, 7.625%, 7/29/2019, 144A			4,500,000		5,068,125
Denmark – 1.9%
Denmark Government Bond, 4.000%, 11/15/2015	DKK		210,000,000		38,243,060

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
France – 1.4%
Government of France, 5.000%, 10/25/2016	EUR	10,070,000	$	14,249,872
Lafarge SA, EMTN, 4.750%, 3/23/2020	EUR	3,435,000		3,802,828
Wendel, 4.375%, 8/09/2017	EUR	1,400,000		1,361,032
Wendel, 4.875%, 5/26/2016	EUR	9,000,000		9,409,828
				28,823,560
Germany – 14.6%
Bertelsmann AG, EMTN, 3.625%, 10/06/2015	EUR	5,100,000		6,274,077
Bundesobligation, 4.000%, 10/11/2013	EUR	62,585,000		84,335,255
Bundesrepublik Deutschland, Series 09, 3.250%, 1/04/2020	EUR	43,000,000		55,773,770
Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037	JPY	1,140,000,000		14,055,582
Landesbank Baden-Wuerttemberg, Series 14, 3.750%, 2/12/2014	EUR	8,720,000		11,400,773
Muenchener Hypothekenbank eG, 5.000%, 1/16/2012	EUR	11,515,000		14,876,866
Republic of Germany, 1.250%, 9/16/2011	EUR	41,500,000		51,209,056
Republic of Germany, 3.750%, 7/04/2013(b)	EUR	38,340,000		50,907,178
Republic of Germany, 4.000%, 1/04/2037	EUR	7,639,000		10,492,109
				299,324,666
Hungary – 0.3%
Republic of Hungary, 6.250%, 1/29/2020		6,065,000		5,969,331
India – 1.2%
Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021		17,500,000		17,078,180
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		7,940,000		7,304,879
				24,383,059
Indonesia – 0.8%
Indonesia Government International Bond, 7.750%, 1/17/2038, 144A		9,000,000		10,620,000
Indonesia Government International Bond, 11.500%, 9/15/2019	IDR	42,900,000,000		5,742,367
				16,362,367
Ireland – 1.8%
Depfa ACS Bank, EMTN, 1.650%, 12/20/2016	JPY	4,140,000,000		37,284,161
Italy – 0.3%
Finmeccanica SpA, EMTN, 4.875%, 3/24/2025	EUR	4,850,000		5,821,030
Japan – 5.4%
Development Bank of Japan, 1.750%, 3/17/2017	JPY	400,000,000		4,850,326
Japan Finance Organization for Municipal Enterprises, 1.350%, 11/26/2013	JPY	1,000,000,000		11,735,441
Japan Finance Organization for Municipal Enterprises, 1.550%, 2/21/2012	JPY	1,200,000,000		13,839,326
Japan Government, 1.300%, 3/20/2019	JPY	3,666,000,000		42,982,445
Japan Government, 1.400%, 6/20/2011	JPY	1,262,100,000		14,446,081
Japan Government Five Year Bond, 0.700%, 6/20/2014	JPY	1,500,000,000		17,268,162
Nomura Holdings, Inc., 6.700%, 3/04/2020		5,890,000		6,231,290
				111,353,071
Jersey – 0.3%
WPP PLC, 6.000%, 4/04/2017	GBP	4,550,000		7,202,920
Korea – 0.7%
SK Broadband Co. Ltd., 7.000%, 2/01/2012, 144A		1,610,000		1,674,400

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Korea – continued
SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		$	11,600,000		$	12,740,872
						14,415,272
Lithuania – 0.3%
Lithuania Government International Bond, 7.375%, 2/11/2020, 144A			6,600,000			6,991,037
Luxembourg – 0.7%
ArcelorMittal, 7.000%, 10/15/2039			13,800,000			14,576,333
Mexico – 4.3%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A			3,160,000			2,804,500
Axtel SAB de CV, 9.000%, 9/22/2019, 144A			4,715,000			4,196,350
BBVA Bancomer SA, 7.250%, 4/22/2020, 144A			5,300,000			5,228,901
Corporacion GEO SAB de CV, 8.875%, 9/25/2014, 144A			2,026,000			2,107,040
Corp. GEO SAB de CV, 9.250%, 6/30/2020, 144A			4,800,000			4,793,760
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015			8,400,000			8,253,000
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		700,000	(††)		5,831,958
Mexican Fixed Rate Bonds, Series M-10, 8.500%, 12/13/2018	MXN		4,152,500	(††)		35,607,397
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		1,373,000	(††)		11,307,327
Mexichem SAB de CV, 8.750%, 11/06/2019, 144A			6,800,000			7,548,000
						87,678,233
Netherlands – 1.9%
British American Tobacco Holdings, 4.000%, 7/07/2020	EUR		3,850,000			4,707,589
Kingdom of Netherlands, 5.500%, 1/15/2028(b)	EUR		12,995,000			20,644,863
Listrindo Capital BV, 9.250%, 1/29/2015, 144A			1,465,000			1,550,863
Majapahit Holding BV, 7.250%, 6/28/2017, 144A			3,440,000			3,646,400
Majapahit Holding BV, 7.750%, 1/20/2020, 144A			7,000,000			7,665,000
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR		1,000,000			1,198,393
						39,413,108
Norway – 2.6%
Norwegian Government, 4.250%, 5/19/2017	NOK		40,055,000			6,691,399
Norwegian Government, 4.500%, 5/22/2019	NOK		276,195,000			46,906,401
						53,597,800
Poland – 0.3%
Poland Government International Bond, 3.000%, 9/23/2014	CHF		5,900,000			5,550,494
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			18,304,350
						23,657,350
South Africa – 0.4%
Edcon Proprietary Ltd., 3.969%, 6/15/2014, 144A(c)	EUR		8,495,000			7,323,616
Supranational – 2.2%
Asian Development Bank, EMTN, 2.350%, 6/21/2027	JPY		1,700,000,000			20,932,256
European Investment Bank, 2.375%, 7/10/2020	CHF		17,470,000			17,037,419
European Investment Bank, EMTN, Zero Coupon, 4/24/2013, 144A	IDR		90,681,660,000			8,267,887
						46,237,562
Sweden – 3.1%
Nordea Bank AB, 3.700%, 11/13/2014, 144A			5,500,000			5,602,894
Sweden Government Bond, 5.000%, 12/01/2020	SEK		143,670,000			22,261,678

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Sweden – continued
Sweden Government Bond, 5.500%, 10/08/2012(b)	SEK	250,275,000	$	34,992,954
				62,857,526
United Arab Emirates – 1.8%
Abu Dhabi National Energy Co., 6.165%, 10/25/2017, 144A		500,000		510,002
Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A		6,800,000		7,322,172
Dolphin Energy Ltd., 5.888%, 6/15/2019, 144A		5,372,080		5,553,388
DP World Ltd., 6.850%, 7/02/2037, 144A		29,110,000		23,156,627
				36,542,189
United Kingdom – 5.4%
British Sky Broadcasting Group PLC, EMTN, 6.000%, 5/21/2027	GBP	950,000		1,473,467
British Telecommunications PLC, 5.750%, 12/07/2028	GBP	3,600,000		4,901,666
Rexam PLC, 6.750%, 6/01/2013, 144A		13,775,000		14,846,668
United Kingdom Treasury, 4.750%, 3/07/2020	GBP	18,575,000		30,927,851
United Kingdom Treasury, 5.000%, 3/07/2025	GBP	11,310,000		18,974,400
United Kingdom Treasury, 5.250%, 6/07/2012	GBP	24,860,000		40,240,351
				111,364,403
United States – 30.8%
AES Corp. (The), 8.750%, 5/15/2013, 144A		2,576,000		2,614,640
AES Corp. (The), 9.375%, 9/15/2010		3,000,000		3,015,000
Ahold Finance USA, Inc., EMTN, 6.500%, 3/14/2017	GBP	6,055,000		10,081,640
American Express Issuance Trust, Series 2005-2, Class A, 0.420%, 8/15/2013(c)		815,000		811,413
American Home Mortgage Investment Trust, Series 2007-2, Class 12A1, 0.617%, 3/25/2037(c)		270,016		125,050
American Stores Co., Series B, MTN, 7.100%, 3/20/2028		2,250,000		1,738,125
Arch Western Finance LLC, 6.750%, 7/01/2013		3,935,000		3,944,838
Avis Budget Rental Car Funding AESOP LLC, 5.680%, 2/20/2014, 144A		10,200,000		10,874,570
Avnet, Inc., 5.875%, 6/15/2020		5,655,000		5,729,239
Bank of America Corp., 5.625%, 7/01/2020		9,360,000		9,434,346
Bank of America Credit Card Trust, Series 2007-B2, Class B2, 0.550%, 6/15/2016(c)		1,265,000		1,212,683
Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041		300,000		312,958
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		200,000		195,954
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.717%, 6/11/2040(c)		100,000		101,761
Boston Scientific Corp., 4.500%, 1/15/2015		3,710,000		3,644,459
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014		385,000		402,923
Capital One Multi-Asset Execution Trust, Series 2004-B7, Class B7, 1.134%, 8/17/2017(c)	EUR	4,150,000		4,506,984
Capital One Multi-Asset Execution Trust, Series 2005-A10, Class A, 0.430%, 9/15/2015(c)		840,000		833,517
Centre Point Funding LLC, Series 2010-1A, Class 1, 5.430%, 7/20/2016, 144A		2,862,314		2,955,554
Chase Issuance Trust, Series 2007-B1, Class B1, 0.600%, 4/15/2019(c)		1,000,000		957,897

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Chrysler Financial Lease Trust, Series 2010-A, Class B, 3.460%, 9/16/2013, 144A		$	9,650,000	$	9,637,688
Citibank Credit Card Issuance Trust, Series 2001-A4, Class A4, 5.375%, 4/10/2013	EUR		5,130,000		6,412,139
Citibank Credit Card Issuance Trust, Series 2005-C1, Class C1, 5.500%, 3/24/2017			100,000		105,649
Comcast Corp., 4.950%, 6/15/2016			6,300,000		6,777,345
Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022			658,743		676,858
Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019			1,462,444		1,418,571
Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017			508,940		478,403
Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023			3,929,161		3,854,507
Corning, Inc., 7.250%, 8/15/2036			740,000		828,394
Couche-Tard US/Finance, 7.500%, 12/15/2013			3,775,000		3,793,875
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.830%, 9/15/2039(c)			900,000		855,114
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040			1,675,000		1,590,407
Crown Castle Towers LLC, 4.523%, 1/15/2015			6,300,000		6,573,382
CSC Holdings LLC, 8.500%, 4/15/2014			8,590,000		8,955,075
CSX Corp., 6.150%, 5/01/2037			7,000,000		7,654,402
CSX Corp., MTN, 6.000%, 10/01/2036			5,554,000		5,952,866
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024			6,720,512		6,636,506
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			1,785,908		1,701,078
DISH DBS Corp., 6.625%, 10/01/2014			3,350,000		3,350,000
DISH DBS Corp., 7.000%, 10/01/2013			4,585,000		4,722,550
Embarq Corp., 7.995%, 6/01/2036			6,047,000		6,001,188
Erac USA Finance Co., 6.375%, 10/15/2017, 144A			6,306,000		7,098,532
Erac USA Finance Co., 6.700%, 6/01/2034, 144A			120,000		127,911
Erac USA Finance Co., 7.000%, 10/15/2037, 144A			7,530,000		8,205,433
Ford Motor Credit Co. LLC, 7.000%, 4/15/2015			4,500,000		4,451,265
Frontier Communications Corp., 6.250%, 1/15/2013			10,195,000		10,220,487
Frontier Communications Corp., 6.625%, 3/15/2015			480,000		463,200
General Electric Capital Corp., EMTN, 1.000%, 3/21/2012	JPY		888,000,000		10,013,293
General Electric Capital Corp., Series A, GMTN, 5.250%, 4/15/2013			230,000		230,616
Georgia-Pacific LLC, 7.250%, 6/01/2028			4,540,000		4,483,250
Georgia-Pacific LLC, 8.000%, 1/15/2024			180,000		190,800
Georgia-Pacific LLC, 8.875%, 5/15/2031			1,805,000		1,962,938
Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038	GBP		1,250,000		1,718,378
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037			10,858,260		10,979,501
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049			1,000,000		983,585
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039			700,000		701,278
HCA, Inc., 5.750%, 3/15/2014			3,535,000		3,287,550

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
HCA, Inc., 6.250%, 2/15/2013		$	1,270,000	$	1,247,775
HCA, Inc., 6.375%, 1/15/2015			1,205,000		1,125,169
HCA, Inc., 6.500%, 2/15/2016			2,440,000		2,275,300
HCA, Inc., 6.750%, 7/15/2013			770,000		754,600
HCA, Inc., 7.500%, 11/06/2033			525,000		448,875
HCA, Inc., 7.690%, 6/15/2025			635,000		568,325
HCA, Inc., 8.750%, 9/01/2010			1,500,000		1,509,375
HCA, Inc., MTN, 7.580%, 9/15/2025			624,000		549,120
HCA, Inc., MTN, 7.750%, 7/15/2036			165,000		140,663
Hertz Vehicle Financing LLC, Series 2009-2A, Class A1, 4.260%, 3/25/2014, 144A			5,400,000		5,627,184
Hertz Vehicle Financing LLC, Series 2009-2A, Class B1, 4.940%, 3/25/2016, 144A			5,000,000		5,008,100
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A			5,680,000		5,594,800
Home Depot, Inc. (The), 5.875%, 12/16/2036			5,772,000		5,916,871
Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A			10,175,000		10,422,314
IPALCO Enterprises, Inc., 7.250%, 4/01/2016, 144A			1,875,000		1,917,188
JPMorgan Chase Bank NA, EMTN, Zero Coupon, 10/17/2011, 144A	IDR		26,740,000,000		2,715,002
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.818%, 6/15/2049(c)			1,900,000		1,858,898
L-3 Communications Corp., 5.875%, 1/15/2015			4,510,000		4,453,625
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.882%, 6/15/2038(c)			300,000		322,164
Marriott Vacation Club Owner Trust, Series 2009-2A, Class A, 4.809%, 7/20/2031, 144A			6,104,633		6,183,510
MBNA Credit Card Master Note Trust, Series 2002-A2, Class A, 5.600%, 7/17/2014	EUR		3,000,000		3,835,791
Merrill Auto Trust Securitization, Series 2008-1, Class A4A, 6.150%, 4/15/2015			8,155,000		8,638,768
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051			1,000,000		956,773
Morgan Stanley, 4.750%, 4/01/2014			3,165,000		3,170,431
Morgan Stanley, 5.375%, 11/14/2013	GBP		2,070,000		3,231,184
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041			100,000		103,862
Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.649%, 6/11/2042(c)			700,000		733,312
Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.281%, 1/11/2043(c)			200,000		216,676
Motorola, Inc., 6.500%, 9/01/2025			125,000		124,462
Motorola, Inc., 6.500%, 11/15/2028			115,000		116,046
Motorola, Inc., 6.625%, 11/15/2037			6,120,000		6,284,891
Nabors Industries, Inc., 6.150%, 2/15/2018			6,360,000		6,819,313
National Semiconductor Corp., 6.150%, 6/15/2012			3,020,000		3,234,206
News America, Inc., 6.150%, 3/01/2037			3,730,000		3,890,125
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			5,525,000		5,248,750
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			4,309,000		4,174,344
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			540,000		500,850
NiSource Finance Corp., 6.400%, 3/15/2018			6,105,000		6,717,551

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Global Bond Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Nissan Master Owner Trust Receivables, Series 2010-AA, Class A, 1.500%, 1/15/2015, 144A(c)		$	5,995,000	$	6,009,781
Owens & Minor, Inc., 6.350%, 4/15/2016(d)			7,740,000		7,794,822
Owens-Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR		2,170,000		2,627,048
ProLogis, 6.625%, 5/15/2018			15,685,000		14,944,370
Prudential Financial, Inc., 5.375%, 6/21/2020			5,770,000		5,843,718
QEP Resources, Inc., 6.800%, 3/01/2020			4,645,000		4,827,576
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			855,000		803,700
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			365,000		308,425
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			3,410,000		3,154,250
Qwest Corp., 6.875%, 9/15/2033			2,635,000		2,417,613
Qwest Corp., 7.200%, 11/10/2026			100,000		93,500
Qwest Corp., 7.250%, 9/15/2025			1,656,000		1,589,760
Qwest Corp., 7.250%, 10/15/2035			5,165,000		4,738,887
Qwest Corp., 7.500%, 6/15/2023			5,285,000		5,060,387
Qwest Corp., 7.625%, 6/15/2015			2,487,000		2,661,090
Range Resources Corp., 7.375%, 7/15/2013			3,000,000		3,030,000
Rowan Cos., Inc., 7.875%, 8/01/2019			10,745,000		11,837,562
Sierra Receivables Funding Co., Series 2009-2A, 4.520%, 8/20/2026, 144A			3,255,607		3,258,849
Sierra Receivables Funding Co., Series 2009-3A, Class A1, 7.620%, 7/20/2026, 144A			7,455,533		7,543,088
Simon Property Group LP, 5.875%, 3/01/2017			50,000		54,058
Simon Property Group LP, 6.125%, 5/30/2018			5,240,000		5,783,786
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			6,610,000		6,318,935
Steel Dynamics, Inc., 7.375%, 11/01/2012			6,635,000		6,867,225
SUPERVALU, Inc., 7.500%, 11/15/2014			1,430,000		1,430,000
Textron, Inc., 3.875%, 3/11/2013	EUR		11,350,000		13,935,972
Time Warner, Inc., 6.950%, 1/15/2028			2,795,000		3,157,587
U.S. Treasury Note, 1.000%, 7/31/2011			79,905,000		80,404,406
U.S. Treasury Note, 1.000%, 10/31/2011			75,170,000		75,695,589
Viacom, Inc., 6.875%, 4/30/2036			1,545,000		1,749,045
Virgin Media Secured Finance PLC, 6.500%, 1/15/2018, 144A			6,600,000		6,484,500
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048			300,000		310,615
WEA Finance LLC, 7.125%, 4/15/2018, 144A			148,000		166,993
WEA Finance LLC/WT Finance Australia Property Ltd., 6.750%, 9/02/2019, 144A			235,000		261,192
Wells Fargo & Co., 4.625%, 11/02/2035	GBP		4,750,000		6,222,495
World Financial Network Credit Card Master Trust, Series 2008-A, Class M, 5.350%, 6/15/2014(c)			2,000,000		2,009,743
					632,620,325
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $1,941,957,816)					1,960,908,291
CONVERTIBLE BONDS – 0.4%
United States – 0.4%
Advanced Micro Devices, Inc., 6.000%, 5/01/2015			3,750,000		3,562,500
ERP Operating LP, 3.850%, 8/15/2026			1,500,000		1,511,250

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Global Bond Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(e)	$	3,820,000	$	3,251,775
TOTAL CONVERTIBLE BONDS (Identified Cost $7,686,433)				8,325,525
TOTAL BONDS AND NOTES (Identified Cost $1,949,644,249)				1,969,233,816
	Shares
PREFERRED STOCKS – 0.0%
NON-CONVERTIBLE PREFERRED STOCKS – 0.0%
United States – 0.0%
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(f)(g) (Identified Cost $6,226,614)		342,760		116,538
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 1.3%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation dated 6/30/2010 at 0.000% to be repurchased at $27,048,894 on 7/01/2010 collateralized by $27,560,000 Federal Home Loan Bank, 0.420% due 9/21/2010 valued at $27,594,450 including accrued interest(h) (Identified Cost $27,048,894)	$	27,048,894		27,048,894
TOTAL INVESTMENTS – 97.1% (Identified Cost $1,982,919,757)(a)				1,996,399,248
Other assets less liabilities – 2.9%				59,147,491
NET ASSETS – 100.0%			$	2,055,546,739

(‡) 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.

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Global Bond Fund - continued

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

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

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

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At June 30, 2010, the net unrealized appreciation on investments based on a cost of $1,988,399,711 for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	78,097,309
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(70,097,772	)
Net unrealized appreciation	$	7,999,537

At September 30, 2009, the Fund had a capital loss carryforward of $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.

(c) Variable rate security. Rate as of June 30, 2010 is disclosed.

(d) Illiquid security. At June 30, 2010, the value of this security amounted to $7,794,822 or 0.4% of net assets.

(e) Coupon rate 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. 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. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2010, the total value of these securities amounted to $339,523,752 or 16.5% 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; CHF: Swiss Franc; DKK: Danish Krone; EUR: Euro; GBP: British Pound; IDR: Indonesian Rupiah; 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 or receive upfront payments.

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.

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Global Bond Fund - continued

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 June 30, 2010, 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 Pay/(Receive)			Market Value		Unrealized Appreciation
JPMorgan Chase	CDX North America Investment Grade Index	(1.00	%)	06/20/2015	$	42,340,000	$	(274,106	)	$	372,802	$	635,146	*

* Unrealized appreciation is net of fees payable of $11,761.

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 may 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 June 30, 2010, 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	20,414,444		(520,022	)
Sell1	11/16/2010	Chinese Renminbi	138,000,000	20,414,444		55,777
Sell2	09/15/2010	Danish Krone	230,000,000	37,766,532		260,682
Buy3	09/23/2010	Indian Rupee	949,000,000	20,249,430		(453,013	)
Sell3	09/23/2010	Indian Rupee	949,000,000	20,249,430		113,192
Sell3	09/13/2010	Japanese Yen	1,520,000,000	17,212,260		(592,065	)
Buy4	09/22/2010	Malaysian Ringgit	69,000,000	21,234,240		444,846
Buy2	07/13/2010	Singapore Dollar	29,000,000	20,725,489		(25,110	)
Buy3	09/13/2010	South Korean Won	21,500,000,000	17,553,044		332,380
Buy2	09/13/2010	South Korean Won	43,930,000,000	35,865,360		676,318
Buy5	09/13/2010	South Korean Won	47,700,000,000	38,943,266		706,793
Total					$	999,778

¹ Counterparty is Morgan Stanley & Co., Inc.

² Counterparty is Barclays Bank PLC.

³ Counterparty is UBS.

⁴ Counterparty is JPMorgan Chase Bank.

⁵ Counterparty is Credit Suisse.

10

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Global 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 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 June 30, 2010, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Netherlands	$	—	$	34,705,519	$	4,707,589	$	39,413,108
United States		—		627,612,225		5,008,100		632,620,325
All Other Non-Convertible Bonds*		—		1,986,683,558		—		1,986,683,558
Total Non-Convertible Bonds		—		1,951,192,602		9,715,689		1,960,908,291
Convertible Bonds*		—		8,325,525		—		8,325,525
Total Bonds and Notes		—		1,959,518,127		9,715,689		1,969,233,816
Preferred Stocks*		—		116,538		—		116,538
Short-Term Investments		—		27,048,894		—		27,048,894
Total Investments		—		1,986,683,559		9,715,689		1,996,399,248
Credit Default Swap Agreement*		—		372,802		—		372,802
Forward Foreign Currency Contracts (unrealized appreciation)*		—		2,589,988		—		2,589,988
Total	$	—	$	1,989,646,349	$	9,715,689	$	1,999,362,038

Liability Valuation Inputs

Description*	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(1,590,210	)	$	—	$	(1,590,210	)

* Major categories of the Fund’s investments, credit default swap agreements and forward foreign currency contracts 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 June 30, 2010:

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)			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2010
Bonds and Notes
Non-Convertible Bonds
Ireland	$	4,139,625	$	2,399	$	(77,913	)	$	6,195		$	(4,070,306	)	$	—	$	—		$	—
Netherlands		—		—		—			(33,456	)		4,741,045			—		—			4,707,589
Supranational		6,678,449		—		—			—			—			—		(6,678,449	)		—
United States		14,464,520		—		—			9,156			4,998,944			—		(14,464,520	)		5,008,100
Total	$	25,282,594	$	2,399	$	(77,913	)	$	(18,105	)	$	5,669,683		$	—	$	(21,142,969	)	$	9,715,689

11

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Global Bond Fund - continued

Securities valued at $14,464,520 were transferred from Level 3 to Level 2 during the period ended June 30, 2010. At September 30, 2009, these securities were valued using broker-dealer bid quotations based on inputs unobservable to the Fund; at June 30, 2010, these securities were valued on the basis of evaluated bids furnished to the Fund by a pricing service.

Securities valued at $6,678,449 were transferred from Level 3 to Level 2 during the period ended June 30, 2010. At September 30, 2009, these securities were valued using broker-dealer bid quotations based on inputs unobservable to the Fund; at June 30, 2010, these securities were valued using broker-dealer bid quotations based on inputs observable to the Fund.

All transfers are recognized as of the beginning of the reporting period.

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. During the period ended June 30, 2010, the Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

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. During the period ended June 30, 2010, the Fund engaged in credit default swap transactions as a protection buyer for hedging purposes.

The Fund is party to agreements with counterparties that govern transactions in forward foreign currency contracts and swap transactions. These agreements contain contingent features that allow the counterparties to terminate open contracts early if the net asset value of a Fund declines beyond a certain threshold. If such contingent features were to be triggered, the counterparties could request immediate settlement of open contracts at current fair value.

The following is a summary of derivative instruments for the Fund as of June 30, 2010:

Asset Derivatives	Forwards			Swaps
Foreign exchange contracts	$	2,589,988			—
Credit Contracts		—		$	372,802
Liability Derivatives	Forwards
Foreign exchange contracts	$	(1,590,210	)

INDUSTRY SUMMARY AT JUNE 30, 2010 (Unaudited)

Treasuries	40.1	%
Sovereigns	6.1
Banking	6.1
Wirelines	3.2
ABS Car Loan	2.4
Local Authorities	2.3
Government Owned - No Guarantee	2.3
Supranational	2.2
Government Guaranteed	2.2
Other Investments, less than 2% each	28.9
Short-Term Investments	1.3
Total Investments	97.1
Other assets less liabilities (including open credit default swap agreement & open forward foreign currency contracts)	2.9
Net Assets	100.0	%

12

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Global Bond Fund - continued

CURRENCY EXPOSURE AT JUNE 30, 2010 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	44.5	%
Euro	19.5
Japanese Yen	9.5
British Pound	6.1
Canadian Dollar	3.5
Swedish Krona	2.8
Norwegian Krone	2.6
Mexican Peso	2.6
Other, less than 2% each	6.0
Total Investments	97.1
Other assets less liabilities (including open credit default swap agreement & open forward foreign currency contracts)	2.9
Net Assets	100.0	%

13

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund

	Principal Amount		Value (†)
BONDS AND NOTES – 93.8% of Net Assets
NON-CONVERTIBLE BONDS – 83.9%
ABS Home Equity – 1.4%
Asset Backed Funding Certificates, Series 2006-HE1, Class A2B, 0.457%, 1/25/2037(b)	$	250,000	$	131,914
Countrywide Asset-Backed Certificates, Series 2004-2, Class M1, 0.847%, 5/25/2034(b)		50,000		34,354
Countrywide Asset-Backed Certificates, Series 2004-6, Class M1, 0.947%, 10/25/2034(b)		188,998		108,234
GSAMP Trust, Series 2006- HE5, Class A2C, 0.497%, 8/25/2036(b)		275,000		113,903
Park Place Securities, Inc., Series 2004-WCW2, Class M2, 0.997%, 10/25/2034(b)		100,000		60,491
Park Place Securities, Inc., Series 2005-WCW3, Class M1, 0.827%, 8/25/2035(b)		450,000		216,814
Saxon Asset Securities Trust, Series 2004-3, Class M2, 0.997%, 12/26/2034(b)		125,000		80,291
Structured Asset Securities Corp., Series 2007-EQ1, Class A2, 0.437%, 3/25/2037(b)		203,054		133,018
				879,019
ABS Other – 0.1%
Diamond Resorts Owner Trust, Series 2009-1, Class B, 12.000%, 3/20/2026, 144A		79,270		74,118
Aerospace & Defense – 1.4%
Bombardier, Inc., 7.450%, 5/01/2034, 144A		885,000		823,050
Oshkosh Corp., 8.250%, 3/01/2017		35,000		36,400
				859,450
Airlines – 3.2%
American Airlines Pass Through Trust, Series 1993-A6, 8.040%, 9/16/2011		48,908		47,319
Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		140,710		138,811
Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		50,324		45,795
Continental Airlines Pass Through Trust, Series 1998-1, Class B, 6.748%, 9/15/2018		117,894		107,460
Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		128,161		117,908
Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		13,516		13,111
Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		66,162		62,192
Delta Air Lines, Inc., 9.500%, 9/15/2014, 144A		220,000		231,000
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		210,674		208,041
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		651,730		620,772
Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 11/01/2017		422,145		392,410
				1,984,819
Automotive – 3.2%
ArvinMeritor, Inc., 8.125%, 9/15/2015		75,000		72,000
Cummins, Inc., 6.750%, 2/15/2027		139,000		148,943
Ford Motor Co., 6.625%, 2/15/2028		165,000		129,525
Ford Motor Co., 7.125%, 11/15/2025		35,000		29,050
Ford Motor Co., 7.450%, 7/16/2031		775,000		699,437

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Automotive – continued
Ford Motor Co., 7.500%, 8/01/2026	$	110,000	$	94,050
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		225,000		230,083
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		320,000		272,800
Goodyear Tire & Rubber Co. (The), 10.500%, 5/15/2016		125,000		135,938
TRW Automotive, Inc., 7.250%, 3/15/2017, 144A		200,000		194,000
				2,005,826
Building Materials – 1.7%
Masco Corp., 4.800%, 6/15/2015		110,000		102,160
Masco Corp., 6.500%, 8/15/2032		155,000		131,034
Owens Corning, Inc., 7.000%, 12/01/2036		130,000		129,368
Texas Industries, Inc., 7.250%, 7/15/2013		70,000		67,725
USG Corp., 6.300%, 11/15/2016		720,000		621,000
USG Corp., 9.500%, 1/15/2018		30,000		29,700
				1,080,987
Chemicals – 1.6%
Georgia Gulf Corp., 9.000%, 1/15/2017, 144A		60,000		60,900
Hercules, Inc., 6.500%, 6/30/2029		675,000		526,500
Koppers, Inc., 7.875%, 12/01/2019		110,000		111,100
LBI Escrow Corp., 8.000%, 11/01/2017, 144A		165,000		169,950
Methanex Corp., 6.000%, 8/15/2015		150,000		145,854
				1,014,304
Collateralized Mortgage Obligations – 2.8%
Adjustable Rate Mortgage Trust, Series 2005-10, Class 5A1, 0.607%, 1/25/2036(b)		162,387		90,390
Banc of America Alternative Loan Trust, Series 2005-10, Class 1CB1, 0.747%, 11/25/2035(b)		79,156		58,899
Banc of America Funding Corp., Series 2005-5, Class 1A11, 5.500%, 9/25/2035		143,116		129,838
GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 2.923%, 11/25/2035(b)		167,860		144,583
Impac CMB Trust, Series 2005-3, Class A1, 0.587%, 8/25/2035(b)		205,195		138,727
Indymac Index Mortgage Loan Trust, Series 2005-AR3, Class 4A1, 5.202%, 4/25/2035(b)		191,604		166,178
Lehman Mortgage Trust, Series 2005-3, Class 1A6, 0.847%, 1/25/2036(b)		273,062		172,664
Lehman Mortgage Trust, Series 2006-6, Class 5A1, 0.847%, 12/25/2036(b)		221,788		159,611
Lehman Mortgage Trust, Series 2007-8, Class 2A1, 6.500%, 9/25/2037		292,162		224,744
Master Adjustable Rate Mortgages Trust, Series 2005-2, Class 5A1, 2.981%, 3/25/2035(b)		115,769		99,530
Morgan Stanley Mortgage Loan Trust, Series 2007-15AR, Class 2A1, 5.386%, 11/25/2037(b)		210,658		143,025
Residential Accredit Loans, Inc., Series 2006-QA9, Class A1, 0.527%, 11/25/2036(b)		411,426		233,033
				1,761,222
Commercial Mortgage-Backed Securities – 0.2%
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.830%, 9/15/2039(b)		100,000		95,013

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Construction Machinery – 1.1%
RSC Equipment Rental, Inc./RSC Holdings III LLC, 10.250%, 11/15/2019, 144A	$	180,000	$	181,800
Terex Corp., 8.000%, 11/15/2017		140,000		129,500
United Rentals North America, Inc., 7.000%, 2/15/2014		400,000		376,000
				687,300
Consumer Cyclical Services – 0.0%
KAR Auction Services, Inc., 10.000%, 5/01/2015		4,000		4,080
Consumer Products – 0.0%
Jostens IH Corp., 7.625%, 10/01/2012		25,000		25,000
Electric – 6.0%
AES Corp. (The), 8.000%, 10/15/2017		20,000		20,200
AES Corp. (The), 8.000%, 6/01/2020		325,000		326,625
CE Generation LLC, 7.416%, 12/15/2018		52,975		53,910
Dynegy Holdings, Inc., 7.125%, 5/15/2018		195,000		129,675
Dynegy Holdings, Inc., 7.625%, 10/15/2026		325,000		186,875
Dynegy Holdings, Inc., 7.750%, 6/01/2019		350,000		241,938
Dynegy Holdings, Inc., 8.375%, 5/01/2016		280,000		221,550
Edison Mission Energy, 7.625%, 5/15/2027		525,000		297,937
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027(c)		460,000		271,400
NSG Holdings LLC, 7.750%, 12/15/2025, 144A		355,000		312,400
RRI Energy, Inc., 7.875%, 6/15/2017		345,000		326,025
TXU Corp., Series P, 5.550%, 11/15/2014		160,000		113,660
TXU Corp., Series Q, 6.500%, 11/15/2024		1,415,000		636,750
TXU Corp., Series R, 6.550%, 11/15/2034		515,000		229,175
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)		365,000		322,846
				3,690,966
Food & Beverage – 0.2%
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A		110,000		109,450
Gaming – 0.7%
MGM MIRAGE, 7.500%, 6/01/2016		290,000		228,375
MGM MIRAGE, 7.625%, 1/15/2017		145,000		113,463
MGM MIRAGE, 9.000%, 3/15/2020, 144A		115,000		118,162
				460,000
Government Owned - No Guarantee – 0.4%
DP World Ltd., 6.850%, 7/02/2037, 144A		300,000		238,646
Healthcare – 6.1%
HCA, Inc., 5.750%, 3/15/2014		15,000		13,950
HCA, Inc., 6.375%, 1/15/2015		510,000		476,212
HCA, Inc., 6.500%, 2/15/2016		720,000		671,400
HCA, Inc., 7.050%, 12/01/2027		430,000		365,500
HCA, Inc., 7.500%, 12/15/2023		30,000		26,550
HCA, Inc., 7.500%, 11/06/2033		840,000		718,200
HCA, Inc., 7.690%, 6/15/2025		160,000		143,200
HCA, Inc., 8.360%, 4/15/2024		40,000		37,200
HCA, Inc., MTN, 7.580%, 9/15/2025		200,000		176,000
HCA, Inc., MTN, 7.750%, 7/15/2036		20,000		17,050
Quintiles Transnational Corp., 9.500%, 12/30/2014, 144A(d)		330,000		331,650

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Healthcare – continued
Tenet Healthcare Corp., 6.875%, 11/15/2031	$	1,015,000	$	791,700
				3,768,612
Home Construction – 2.5%
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		305,000		299,662
KB Home, 5.875%, 1/15/2015		390,000		347,100
KB Home, 6.250%, 6/15/2015		265,000		235,850
KB Home, 7.250%, 6/15/2018		290,000		256,650
Pulte Group, Inc., 6.000%, 2/15/2035		475,000		346,750
Pulte Group, Inc., 6.375%, 5/15/2033		100,000		77,000
				1,563,012
Independent Energy – 4.4%
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		595,000		586,075
Pioneer Natural Resources Co., 5.875%, 7/15/2016		20,000		19,980
Pioneer Natural Resources Co., 6.875%, 5/01/2018		260,000		261,086
Pioneer Natural Resources Co., 7.200%, 1/15/2028		1,320,000		1,261,432
Swift Energy Co., 7.125%, 6/01/2017		620,000		571,950
				2,700,523
Industrial Other – 0.7%
Chart Industries, Inc., 9.125%, 10/15/2015		305,000		306,525
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A		155,000		139,500
				446,025
Lodging – 0.6%
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		307,913
				356,913
Media Cable – 1.8%
CSC Holdings LLC, 7.625%, 7/15/2018		640,000		647,200
Virgin Media Finance PLC, 8.375%, 10/15/2019		300,000		303,750
Virgin Media Finance PLC, 9.125%, 8/15/2016		175,000		181,125
				1,132,075
Media Non-Cable – 1.0%
Intelsat Corp., 6.875%, 1/15/2028		235,000		190,350
Intelsat Luxembourg SA, 11.250%, 2/04/2017		395,000		399,938
				590,288
Metals & Mining – 1.2%
Prime Dig Pte Ltd., 11.750%, 11/03/2014, 144A		400,000		404,000
United States Steel Corp., 6.050%, 6/01/2017		80,000		76,000
United States Steel Corp., 6.650%, 6/01/2037		275,000		236,500
				716,500
Non-Captive Consumer – 3.4%
American General Finance Corp., Series J, MTN, 6.500%, 9/15/2017		400,000		312,000
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		300,000		238,875
SLM Corp., Series A, MTN, 5.000%, 6/15/2018		65,000		52,073
SLM Corp., Series A, MTN, 5.625%, 8/01/2033		850,000		623,858
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		944,000		871,134
				2,097,940

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – 5.3%
Ally Financial, Inc., 6.750%, 12/01/2014	$	1,375,000	$	1,330,312
Ally Financial, Inc., 6.875%, 8/28/2012		41,000		41,103
Ally Financial, Inc., 7.000%, 2/01/2012		63,000		63,394
Ally Financial, Inc., 7.250%, 3/02/2011		63,000		64,024
Ally Financial, Inc., 8.000%, 11/01/2031		331,000		305,347
Ally Financial, Inc., 8.300%, 2/12/2015, 144A		95,000		96,187
CIT Group, Inc., 7.000%, 5/01/2016		45,000		41,063
CIT Group, Inc., 7.000%, 5/01/2017		190,000		171,000
International Lease Finance Corp., Series Q, MTN, 5.250%, 1/10/2013		365,000		333,975
International Lease Finance Corp., Series R, MTN, 5.625%, 9/20/2013		10,000		9,025
International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		185,000		164,187
International Lease Finance Corp., Series R, MTN, 6.625%, 11/15/2013		340,000		315,350
iStar Financial, Inc., 5.150%, 3/01/2012		130,000		106,600
iStar Financial, Inc., 5.650%, 9/15/2011		45,000		40,500
iStar Financial, Inc., 5.800%, 3/15/2011		20,000		18,600
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		190,000		150,100
				3,250,767
Oil Field Services – 1.5%
Basic Energy Services, Inc., 7.125%, 4/15/2016		680,000		564,400
Complete Production Services, Inc., 8.000%, 12/15/2016		35,000		34,213
Parker Drilling Co., 9.125%, 4/01/2018, 144A		130,000		123,500
Pioneer Drilling Co., 9.875%, 3/15/2018, 144A		235,000		230,300
				952,413
Paper – 2.3%
Fibria Overseas Finance Ltd., 7.500%, 5/04/2020, 144A		249,000		252,735
Georgia-Pacific LLC, 7.375%, 12/01/2025		495,000		497,475
Westvaco Corp., 7.950%, 2/15/2031		190,000		198,823
Westvaco Corp., 8.200%, 1/15/2030		455,000		480,099
				1,429,132
Refining – 0.9%
Petroplus Finance Ltd., 6.750%, 5/01/2014, 144A		500,000		435,000
Petroplus Finance Ltd., 7.000%, 5/01/2017, 144A		150,000		122,250
				557,250
REITs – 0.1%
Felcor Lodging LP, 10.000%, 10/01/2014		55,000		57,475
Retailers – 4.0%
Dillard’s, Inc., 6.625%, 1/15/2018		155,000		141,050
Dillard’s, Inc., 7.000%, 12/01/2028		480,000		393,600
Dillard’s, Inc., 7.130%, 8/01/2018		175,000		164,500
Dillard’s, Inc., 7.875%, 1/01/2023		75,000		66,750
Foot Locker, Inc., 8.500%, 1/15/2022		280,000		263,200
J.C. Penney Corp., Inc., 6.375%, 10/15/2036		20,000		18,900
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		15,000		14,100
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		180,000		166,050

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Retailers – continued
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029	$	300,000	$	288,750
Toys R Us, Inc., 7.375%, 10/15/2018		985,000		925,900
				2,442,800
Supermarkets – 2.6%
American Stores Co., 8.000%, 6/01/2026		70,000		59,500
New Albertson’s, Inc., 7.450%, 8/01/2029		1,075,000		892,250
New Albertson’s, Inc., 7.750%, 6/15/2026		220,000		182,600
New Albertson’s, Inc., 8.000%, 5/01/2031		30,000		25,950
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		605,000		441,650
				1,601,950
Technology – 6.1%
Activant Solutions, Inc., 9.500%, 5/01/2016		90,000		86,643
Advanced Micro Devices, Inc., 8.125%, 12/15/2017, 144A		190,000		189,050
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		3,020,000		1,993,200
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		290,000		191,400
First Data Corp., 9.875%, 9/24/2015		570,000		433,200
Motorola, Inc., 6.500%, 9/01/2025		165,000		164,290
Nortel Networks Capital Corp., 7.875%, 6/15/2026(e)		860,000		576,200
Nortel Networks Ltd., 6.875%, 9/01/2023(e)		125,000		33,750
Xerox Capital Trust I, 8.000%, 2/01/2027		90,000		90,485
				3,758,218
Textile – 0.6%
Jones Apparel Group, Inc., 6.125%, 11/15/2034		425,000		340,531
Transportation Services – 1.4%
APL Ltd., 8.000%, 1/15/2024(c)		185,000		120,250
Atlas Air, Inc., Series B, 7.680%, 7/02/2015		26,752		25,146
Atlas Air, Inc., Series C, 8.010%, 7/02/2011(f)		347,188		274,279
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 9.625%, 3/15/2018, 144A		170,000		171,700
Overseas Shipholding Group, 7.500%, 2/15/2024		155,000		133,300
Teekay Corp., 8.500%, 1/15/2020		130,000		129,350
				854,025
Wireless – 3.7%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		170,000		161,500
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		40,000		38,750
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		520,000		482,300
NII Capital Corp., 8.875%, 12/15/2019		125,000		126,250
NII Capital Corp., 10.000%, 8/15/2016		760,000		799,900
Sprint Capital Corp., 6.875%, 11/15/2028		311,000		258,130
Sprint Nextel Corp., 6.000%, 12/01/2016		502,000		450,545
				2,317,375
Wirelines – 9.7%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A		765,000		678,937
Bakrie Telecom Pte Ltd., 11.500%, 5/07/2015, 144A		300,000		291,000
Cincinnati Bell Telephone Co., 6.300%, 12/01/2028		185,000		127,650
FairPoint Communications, Inc., 13.125%, 4/02/2018(e)		257,785		23,201
Frontier Communications Corp., 7.000%, 11/01/2025		15,000		12,713
Frontier Communications Corp., 7.125%, 3/15/2019		80,000		74,000

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Frontier Communications Corp., 7.450%, 7/01/2035	$	325,000	$	253,094
Frontier Communications Corp., 7.875%, 1/15/2027		805,000		726,512
Global Crossing Ltd., 12.000%, 9/15/2015, 144A		500,000		530,000
Level 3 Financing, Inc., 8.750%, 2/15/2017		790,000		683,350
Level 3 Financing, Inc., 9.250%, 11/01/2014		835,000		757,762
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,030,000		968,200
Qwest Capital Funding, Inc., 6.875%, 7/15/2028		480,000		405,600
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		315,000		296,100
Qwest Corp., 6.875%, 9/15/2033		190,000		174,325
Qwest Corp., 7.250%, 9/15/2025		10,000		9,600
				6,012,044
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $54,671,212)				51,916,068
CONVERTIBLE BONDS – 9.9%
Automotive – 1.6%
ArvinMeritor, Inc., (Step to Zero Coupon on 2/15/2019), 4.000%, 2/15/2027(g)		55,000		42,625
Ford Motor Co., 4.250%, 11/15/2016		640,000		797,600
Navistar International Corp., 3.000%, 10/15/2014		115,000		134,837
				975,062
Diversified Manufacturing – 0.7%
Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		170,000		156,188
Trinity Industries, Inc., 3.875%, 6/01/2036		330,000		253,275
				409,463
Electric – 0.6%
CMS Energy Corp., 5.500%, 6/15/2029		330,000		383,625
Healthcare – 0.9%
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(g)		445,000		378,806
LifePoint Hospitals, Inc., 3.500%, 5/15/2014		165,000		152,419
				531,225
Independent Energy – 0.1%
Penn Virginia Corp., 4.500%, 11/15/2012		90,000		83,925
Lodging – 0.6%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		355,000		336,363
Media Non-Cable – 0.1%
Liberty Media LLC, 3.500%, 1/15/2031		151,616		83,010
Metals & Mining – 0.4%
Peabody Energy Corp., 4.750%, 12/15/2066		230,000		224,250
Non-Captive Diversified – 0.0%
iStar Financial, Inc., 0.791%, 10/01/2012(b)		5,000		3,600
Pharmaceuticals – 0.8%
Human Genome Sciences, Inc., 2.250%, 8/15/2012		325,000		475,312
Kendle International, Inc., 3.375%, 7/15/2012		50,000		46,000
				521,312

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Technology – 2.5%
Advanced Micro Devices, Inc., 6.000%, 5/01/2015	$	250,000	$	237,500
Ciena Corp., 0.250%, 5/01/2013		5,000		4,044
Ciena Corp., 0.875%, 6/15/2017		450,000		279,562
Ciena Corp., 4.000%, 3/15/2015		30,000		28,013
Intel Corp., 2.950%, 12/15/2035		435,000		413,250
Intel Corp., 3.250%, 8/01/2039, 144A		440,000		495,550
Maxtor Corp., 5.750%, 3/01/2012(c)		95,000		93,100
				1,551,019
Wirelines – 1.6%
Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		1,014,000		982,312
TOTAL CONVERTIBLE BONDS (Identified Cost $5,640,969)				6,085,166
TOTAL BONDS AND NOTES (Identified Cost $60,312,181)				58,001,234
BANK LOANS – 0.3%
Food & Beverage – 0.0%
Dole Food Company, Inc., Credit Link Deposit, 8.045%, 8/30/2010(h)		2,041		2,034
Media Non-Cable – 0.2%
Tribune Company, Term Loan X, 5.000%, 6/04/2009(e)(h)(k)		181,970		107,726
Wirelines – 0.1%
Hawaiian Telcom Communications, Inc., New Tranche C Term Loan, 4.750%, 5/30/2014(d)(h)		61,917		51,468
TOTAL BANK LOANS (Identified Cost $235,644)				161,228
	Shares
PREFERRED STOCKS – 2.3%
Automotive – 0.4%
Ford Motor Co. Capital Trust II, 6.500%(f)		6,225		274,834
Banking – 0.5%
Ally Financial, Inc., Series G, 7.000%, 144A		428		332,676
Capital Markets – 0.3%
Newell Financial Trust I, 5.250%		5,724		200,340
Electric Utilities – 0.6%
AES Trust III, 6.750%		7,975		345,417
Oil, Gas & Consumable Fuels – 0.5%
El Paso Energy Capital Trust I, 4.750%		8,050		291,813
Thrifts & Mortgage Finance – 0.0%
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(f)(i)		4,500		1,530
TOTAL PREFERRED STOCKS (Identified Cost $1,183,287)				1,446,610

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

	Shares		Value (†)
COMMON STOCKS – 0.3%
Media – 0.0%
Dex One Corp.(f)		321	$	6,099
Oil, Gas & Consumable Fuels – 0.3%
Chesapeake Energy Corp.		9,278		194,374
TOTAL COMMON STOCKS (Identified Cost $430,632)				200,473
	Principal Amount
SHORT-TERM INVESTMENTS – 1.7%
Repurchase Agreement with State Street Corporation, dated 6/30/2010 at 0.000% to be repurchased at $402 on 7/01/2010 collateralized by $5,000 U.S. Treasury Note, 3.125% due 4/30/2017 valued at $5,252 including accrued interest(j)	$	402		402
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2010 at 0.000% to be repurchased at $1,023,560 on 7/01/2010 collateralized by $1,045,000 Federal National Mortgage Association, 2.000% due 12/16/2013 valued at $1,046,306 including accrued interest(j)		1,023,560		1,023,560
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,023,962)				1,023,962
TOTAL INVESTMENTS – 98.4% (Identified Cost $63,185,706)(a)				60,833,507
Other assets less liabilities – 1.6%				1,018,201
NET ASSETS – 100.0%			$	61,851,708

(†) 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.

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

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

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At June 30, 2010, the net unrealized depreciation on investments based on a cost of $63,240,295 for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	2,588,230
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(4,995,018	)
Net unrealized depreciation	$	(2,406,788	)

At September 30, 2009, the Fund had a capital loss carryforward of $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 June 30, 2010 is disclosed.

(c) Illiquid security. At June 30, 2010, the value of these securities amounted to $1,789,908 or 2.9% of net assets.

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

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

(f) Non-income producing security.

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

(h) Variable rate security. Rate shown represents the weighted average rate at June 30, 2010.

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

(j) It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% 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. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.

(k) Issuer has filed for bankruptcy.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2010, the total value of these securities amounted to $9,398,449 or 15.2% of net assets.

ABS Asset-Backed Securities

MTN Medium Term Note

REITs Real Estate Investment Trusts

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 Portfolio’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.

10

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2010, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Electric	$	—	$	3,504,091	$	186,875	$	3,690,966
All Other Non-Convertible Bonds*		—		48,225,102		—		48,225,102
Total Non-Convertible Bonds		—		51,729,193		186,875		51,916,068
Convertible Bonds*		—		6,085,166		—		6,085,166
Total Bonds and Notes		—		57,814,359		186,875		58,001,234
Bank Loans*		—		161,228		—		161,228
Preferred Stocks
Automotive		274,834		—		—		274,834
All Other Preferred Stocks*		—		1,171,776		—		1,171,776
Total Preferred Stocks		274,834		1,171,776		—		1,446,610
Common Stocks*		200,473		—		—		200,473
Short-Term Investments		—		1,023,962		—		1,023,962
Total	$	475,307	$	60,171,325	$	186,875	$	60,833,507

* 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 June 30, 2010:

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)			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2010
Bonds and Notes
Non-Convertible Bonds
Airlines	$	534,446	$	—	$	—	$	—		$	—		$	—	$	(534,446	)	$	—
Collateralized Mortgage Obligations		57,083		—		—		—			—			—		(57,083	)		—
Electric		257,001		131		8,908		(43,002	)		(258,788	)		222,625		—			186,875
Technology		112,500		404		45,763		(27,119	)		(131,548	)		—		—			—
Convertible Bonds
Technology		99,190		—		—		—			—			—		(99,190	)		—
Wirelines		1,074,840		—		—		—			—			—		(1,074,840	)		—
Total	$	2,135,060	$	535	$	54,671	$	(70,121	)	$	(390,336	)	$	222,625	$	(1,765,559	)	$	186,875

Securities valued at $1,765,559 were transferred from Level 3 to Level 2 during the period ended June 30, 2010. At September 30, 2009, these securities were valued using broker-dealer bid quotations based on inputs unobservable to the Fund; at June 30, 2010, these securities were valued on the basis of evaluated bids furnished to the Fund by a pricing service.

Securities valued at $222,625 were transferred from Level 2 to Level 3 during the period ended June 30, 2010. At September 30, 2009, these securities were valued on the basis of evaluated bids furnished to the Fund; at June 30, 2010, these securities were valued using broker-dealer bid quotations based on inputs unobservable to the Fund.

All transfers are recognized as of the beginning of the reporting period.

11

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles High Income Opportunities Fund - continued

INDUSTRY SUMMARY AT JUNE 30, 2010 (Unaudited)

Wirelines	11.4	%
Technology	8.6
Healthcare	7.0
Electric	6.6
Non-Captive Diversified	5.3
Automotive	5.2
Independent Energy	4.5
Retailers	4.0
Wireless	3.7
Non-Captive Consumer	3.4
Airlines	3.2
Collateralized Mortgage Obligations	2.8
Supermarkets	2.6
Home Construction	2.5
Paper	2.3
Other Investments, less than 2% each	23.6
Short-Term Investments	1.7
Total Investments	98.4
Other assets less liabilities	1.6
Net Assets	100.0	%

12

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – 99.2% of Net Assets
NON-CONVERTIBLE BONDS – 99.2%
Banking – 1.0%
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033		$	10,000		$	9,790
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			145,000			142,149
						151,939
Building Materials – 0.1%
Masco Corp., 7.125%, 3/15/2020			10,000			9,710
Chemicals – 0.1%
CF Industries, Inc., 6.875%, 5/01/2018			25,000			25,438
Construction Machinery – 1.1%
Joy Global, Inc., 6.625%, 11/15/2036			165,000			174,717
Food & Beverage – 0.7%
Bottling Group LLC, 5.125%, 1/15/2019			40,000			44,443
Dean Foods Co., 6.900%, 10/15/2017			75,000			68,250
						112,693
Independent Energy – 0.2%
Chesapeake Energy Corp., 6.500%, 8/15/2017			35,000			34,519
Life Insurance – 0.4%
Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A			60,000			58,792
Lodging – 0.3%
Royal Caribbean Cruises Ltd., 7.500%, 10/15/2027			50,000			43,500
Media Non-Cable – 0.2%
CBS Corp., 5.500%, 5/15/2033			30,000			27,552
Metals & Mining – 0.8%
Alcoa, Inc., 5.950%, 2/01/2037			85,000			72,402
United States Steel Corp., 6.650%, 6/01/2037			55,000			47,300
						119,702
Paper – 0.5%
Georgia-Pacific LLC, 7.700%, 6/15/2015			70,000			72,975
Pipelines – 0.2%
Colorado Interstate Gas Co., 5.950%, 3/15/2015			3,000			3,255
Southern Natural Gas Co., 7.350%, 2/15/2031			30,000			31,764
						35,019
Sovereigns – 0.8%
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		15,000	(††)		124,971
Technology – 1.2%
Agilent Technologies, Inc., 6.500%, 11/01/2017			105,000			115,968
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029			90,000			59,400
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028			15,000			9,900
						185,268
Textile – 0.1%
Jones Apparel Group, Inc., 6.125%, 11/15/2034			10,000			8,013
Tobacco – 1.1%
Altria Group, Inc., 9.950%, 11/10/2038			130,000			170,789
Treasuries – 86.8%
U.S. Treasury Inflation Indexed Bond, 1.625%, 1/15/2018			525,488			553,897
U.S. Treasury Inflation Indexed Bond, 1.750%, 1/15/2028			910,499			923,587
U.S. Treasury Inflation Indexed Bond, 2.000%, 1/15/2026			115,326			121,948
U.S. Treasury Inflation Indexed Bond, 2.125%, 2/15/2040			216,847			237,600

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Treasuries – continued
U.S. Treasury Inflation Indexed Bond, 2.375%, 1/15/2017		$	799,933	$	883,113
U.S. Treasury Inflation Indexed Bond, 2.375%, 1/15/2025			693,900		769,741
U.S. Treasury Inflation Indexed Bond, 2.500%, 7/15/2016			296,849		330,337
U.S. Treasury Inflation Indexed Bond, 3.375%, 4/15/2032			1,068,491		1,391,125
U.S. Treasury Inflation Indexed Note, 0.625%, 4/15/2013			268,156		273,666
U.S. Treasury Inflation Indexed Note, 1.375%, 1/15/2020			302,427		309,681
U.S. Treasury Inflation Indexed Note, 1.625%, 1/15/2015			1,238,712		1,307,615
U.S. Treasury Inflation Indexed Note, 1.875%, 7/15/2013			682,485		721,887
U.S. Treasury Inflation Indexed Note, 1.875%, 7/15/2015			890,996		954,688
U.S. Treasury Inflation Indexed Note, 2.000%, 1/15/2014			300,849		320,498
U.S. Treasury Inflation Indexed Note, 2.000%, 7/15/2014			850,028		912,053
U.S. Treasury Inflation Indexed Note, 2.000%, 1/15/2016			917,114		989,408
U.S. Treasury Inflation Indexed Note, 2.375%, 1/15/2027			421,586		467,038
U.S. Treasury Inflation Indexed Note, 2.625%, 7/15/2017			752,051		848,349
U.S. Treasury Inflation Indexed Note, 3.000%, 7/15/2012			1,018,450		1,083,455
					13,399,686
Wireless – 0.8%
ALLTEL Corp., 7.875%, 7/01/2032			20,000		25,224
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			20,000		19,000
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			5,000		4,844
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			10,000		9,275
Sprint Capital Corp., 6.875%, 11/15/2028			85,000		70,550
					128,893
Wirelines – 2.8%
AT&T Corp., 8.000%, 11/15/2031			80,000		102,977
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		30,000		29,291
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		5,000		4,906
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		15,000		16,020
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		35,000		32,806
BellSouth Telecommunications, Inc., 7.000%, 12/01/2095			70,000		77,562
Embarq Corp., 7.995%, 6/01/2036			165,000		163,750
					427,312
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $14,671,057)					15,311,488
TOTAL BONDS AND NOTES (Identified Cost $14,671,057)					15,311,488
		Shares
PREFERRED STOCKS – 0.0%
NON-CONVERTIBLE PREFERRED STOCKS – 0.0%
Thrifts & Mortgage Finance – 0.0%
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(b)(c) (Identified Cost $27,500)			1,100		374
TOTAL PREFERRED STOCKS (Identified Cost $27,500)					374

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund - continued

	Value (†)
TOTAL INVESTMENTS – 99.2% (Identified Cost $14,698,557)(a)	$	15,311,862
Other assets less liabilities – 0.8%		127,662
NET ASSETS – 100.0%	$	15,439,524

(‡) 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.

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

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At June 30, 2010, the net unrealized appreciation on investments based on a cost of $14,801,137 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	$	643,992
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(133,267	)
Net unrealized appreciation	$	510,725

At September 30, 2009, the Fund had a capital loss carryforward of $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) Non-income producing security.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2010, the total value of these securities amounted to $63,698 or 0.4% of net assets.

MTN Medium Term Note

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

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Inflation Protected Securities 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 June 30, 2010, at value:

Asset Valuation Inputs

Description*	Level 1		Level 2		Level 3		Total
Bonds and Notes	$	—	$	15,311,488	$	—	$	15,311,488
Preferred Stocks		—		374		—		374
Total	$	—	$	15,311,862	$	—	$	15,311,862

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

INDUSTRY SUMMARY AT JUNE 30, 2010 (Unaudited)

Treasuries	86.8	%
Wirelines	2.8
Other Investments, less than 2% each	9.6
Total Investments	99.2
Other assets less liabilities	0.8
Net Assets	100.0	%

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – 88.3% of Net Assets
NON-CONVERTIBLE BONDS – 67.6%
Aerospace & Defense – 0.6%
Bombardier, Inc., 7.350%, 12/22/2026	CAD	135,000	$	125,699
Bombardier, Inc., 7.450%, 5/01/2034, 144A		2,175,000		2,022,750
				2,148,449
Airlines – 1.0%
American Airlines Pass Through Trust, Series 1993-A6, 8.040%, 9/16/2011		15,049		14,560
Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		339,065		347,542
Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		291,948		283,190
Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		160,316		150,697
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		423,201		403,099
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014		490,762		485,854
United Air Lines, Inc., 9.875%, 8/01/2013, 144A		1,970,000		2,019,250
				3,704,192
Automotive – 3.2%
Cummins, Inc., 6.750%, 2/15/2027		500,000		535,766
FCE Bank PLC, EMTN, 4.625%, 10/25/2010	NOK	150,000		22,588
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR	150,000		184,803
Ford Motor Co., 6.375%, 2/01/2029		15,000		11,475
Ford Motor Co., 6.500%, 8/01/2018		20,000		18,400
Ford Motor Co., 6.625%, 2/15/2028		95,000		74,575
Ford Motor Co., 6.625%, 10/01/2028		1,945,000		1,536,550
Ford Motor Co., 7.125%, 11/15/2025		230,000		190,900
Ford Motor Co., 7.450%, 7/16/2031		1,905,000		1,719,263
Ford Motor Co., 7.500%, 8/01/2026		40,000		34,200
Ford Motor Credit Co. LLC, 8.000%, 6/01/2014		2,795,000		2,884,605
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		940,000		961,236
Ford Motor Credit Co. LLC, 8.700%, 10/01/2014		1,250,000		1,302,736
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,090,000		1,781,725
				11,258,822
Banking – 1.3%
BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, 144A	IDR	10,477,600,000		1,078,390
JPMorgan Chase & Co., Zero Coupon, 3/28/2011, 144A	IDR	5,376,000,000		562,923
JPMorgan Chase & Co., EMTN, Zero Coupon, 3/28/2011, 144A	IDR	18,504,768,000		1,937,642
JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, 144A	IDR	9,533,078,500		1,028,395
				4,607,350
Building Materials – 1.8%
Masco Corp., 5.850%, 3/15/2017		440,000		429,222
Masco Corp., 6.125%, 10/03/2016		750,000		725,665
Masco Corp., 6.500%, 8/15/2032		670,000		566,403
Owens Corning, Inc., 7.000%, 12/01/2036		1,225,000		1,219,044
USG Corp., 6.300%, 11/15/2016		3,250,000		2,803,125
USG Corp., 9.500%, 1/15/2018		620,000		613,800
				6,357,259
Chemicals – 2.2%
Borden, Inc., 7.875%, 2/15/2023		1,824,000		1,249,440

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Chemicals – continued
Borden, Inc., 9.200%, 3/15/2021	$	2,641,000	$	1,901,520
Hercules, Inc., 6.500%, 6/30/2029		2,558,000		1,995,240
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014		2,920,000		2,759,400
				7,905,600
Commercial Mortgage-Backed Securities – 0.3%
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		555,000		526,971
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.818%, 6/15/2049(b)		415,000		406,023
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		205,000		200,339
				1,133,333
Construction Machinery – 2.1%
RSC Equipment Rental, Inc./RSC Holdings III LLC, 9.500%, 12/01/2014		295,000		293,156
Terex Corp., 8.000%, 11/15/2017		1,200,000		1,110,000
United Rentals North America, Inc., 7.000%, 2/15/2014		4,215,000		3,962,100
United Rentals North America, Inc., 7.750%, 11/15/2013		1,085,000		1,055,162
United Rentals North America, Inc., 10.875%, 6/15/2016		965,000		1,034,963
				7,455,381
Consumer Cyclical Services – 0.1%
ServiceMaster Co. (The), 7.100%, 3/01/2018		135,000		113,400
ServiceMaster Co. (The), 7.450%, 8/15/2027		90,000		67,050
				180,450
Consumer Products – 0.2%
Acco Brands Corp., 7.625%, 8/15/2015		945,000		869,400
Electric – 2.8%
AES Corp. (The), 7.750%, 10/15/2015		645,000		653,062
AES Ironwood LLC, 8.857%, 11/30/2025		323,071		308,532
Dynegy Holdings, Inc., 7.125%, 5/15/2018		100,000		66,500
Dynegy Holdings, Inc., 7.625%, 10/15/2026		490,000		281,750
Dynegy Holdings, Inc., 7.750%, 6/01/2019		1,250,000		864,062
Dynegy Holdings, Inc., 8.375%, 5/01/2016		250,000		197,813
Midwest Generation LLC, Series B, 8.560%, 1/02/2016		346,527		342,196
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027(c)		1,685,000		994,150
NRG Energy, Inc., 7.375%, 2/01/2016		575,000		572,125
NRG Energy, Inc., 8.500%, 6/15/2019		180,000		182,925
Quezon Power Philippines Co., 8.860%, 6/15/2017		731,250		729,422
RRI Energy, Inc., 7.875%, 6/15/2017		1,025,000		968,625
Texas Competitive Electric Holdings Co. LLC, Series A, 10.250%, 11/01/2015		2,090,000		1,379,400
TXU Corp., Series P, 5.550%, 11/15/2014		920,000		653,545
TXU Corp., Series Q, 6.500%, 11/15/2024		1,515,000		681,750
TXU Corp., Series R, 6.550%, 11/15/2034		420,000		186,900
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)		1,000,000		884,510
				9,947,267
Food & Beverage – 0.2%
ARAMARK Corp., 5.000%, 6/01/2012		475,000		463,719

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Food & Beverage – continued
Smithfield Foods, Inc., 7.750%, 7/01/2017		$	255,000	$	243,525
					707,244
Government Owned-No Guarantee – 0.1%
DP World Ltd., 6.850%, 7/02/2037, 144A			400,000		318,195
Government Sponsored – 1.0%
Queensland Treasury Corp., 7.125%, 9/18/2017, 144A	NZD		4,720,000		3,522,034
Healthcare – 4.5%
HCA, Inc., 5.750%, 3/15/2014			410,000		381,300
HCA, Inc., 6.250%, 2/15/2013			30,000		29,475
HCA, Inc., 6.375%, 1/15/2015			560,000		522,900
HCA, Inc., 6.500%, 2/15/2016			550,000		512,875
HCA, Inc., 6.750%, 7/15/2013			20,000		19,600
HCA, Inc., 7.050%, 12/01/2027			1,000,000		850,000
HCA, Inc., 7.190%, 11/15/2015			965,000		858,850
HCA, Inc., 7.500%, 12/15/2023			865,000		765,525
HCA, Inc., 7.500%, 11/06/2033			4,200,000		3,591,000
HCA, Inc., 7.690%, 6/15/2025			1,370,000		1,226,150
HCA, Inc., 8.360%, 4/15/2024			375,000		348,750
HCA, Inc., MTN, 7.580%, 9/15/2025			560,000		492,800
HCA, Inc., MTN, 7.750%, 7/15/2036			1,520,000		1,295,800
Tenet Healthcare Corp., 6.875%, 11/15/2031			5,914,000		4,612,920
Tenet Healthcare Corp., 9.250%, 2/01/2015			300,000		309,750
					15,817,695
Home Construction – 0.9%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015			185,000		135,050
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016			1,068,000		747,600
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014			425,000		318,750
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014			272,000		209,440
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016			755,000		528,500
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013			10,000		8,950
KB Home, 7.250%, 6/15/2018			1,260,000		1,115,100
Pulte Group, Inc., 6.000%, 2/15/2035			400,000		292,000
					3,355,390
Independent Energy – 2.0%
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		250,000		287,370
Chesapeake Energy Corp., 6.500%, 8/15/2017			1,110,000		1,094,737
Chesapeake Energy Corp., 6.875%, 11/15/2020			1,415,000		1,427,381
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			704,000		695,200
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A			985,000		970,225
Pioneer Natural Resources Co., 5.875%, 7/15/2016			335,000		334,658
Pioneer Natural Resources Co., 6.875%, 5/01/2018			910,000		913,803
Pioneer Natural Resources Co., 7.200%, 1/15/2028			920,000		879,180
Swift Energy Co., 7.125%, 6/01/2017			415,000		382,837
					6,985,391
Industrial Other – 0.0%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013			40,000		39,600
Life Insurance – 0.6%
MetLife, Inc., 10.750%, 8/01/2069			1,810,000		2,151,239

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Local Authorities – 3.3%
Province of Ontario, Canada, 4.200%, 3/08/2018	CAD	12,200,000	$	11,865,934
Metals & Mining – 2.6%
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A		1,245,000		1,058,250
United States Steel Corp., 6.050%, 6/01/2017		4,740,000		4,503,000
United States Steel Corp., 6.650%, 6/01/2037		2,020,000		1,737,200
United States Steel Corp., 7.000%, 2/01/2018		2,035,000		2,012,106
				9,310,556
Non-Captive Consumer – 1.1%
American General Finance Corp., MTN, 5.750%, 9/15/2016		700,000		539,000
Residential Capital LLC, 9.625%, 5/15/2015		740,000		728,900
SLM Corp., Series A, MTN, 5.000%, 4/15/2015		750,000		645,040
SLM Corp., Series A, MTN, 5.000%, 6/15/2018		115,000		92,129
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		2,020,000		1,864,078
				3,869,147
Non-Captive Diversified – 5.9%
Ally Financial, Inc., 6.625%, 12/17/2010		23,000		23,029
Ally Financial, Inc., 6.625%, 5/15/2012		47,000		47,000
Ally Financial, Inc., 6.750%, 12/01/2014		149,000		144,158
Ally Financial, Inc., 6.875%, 8/28/2012		94,000		94,235
Ally Financial, Inc., 7.000%, 2/01/2012		110,000		110,688
Ally Financial, Inc., 7.500%, 12/31/2013		314,000		313,215
Ally Financial, Inc., 8.000%, 12/31/2018		585,000		538,200
Ally Financial, Inc., 8.000%, 11/01/2031		208,000		191,880
Ally Financial, Inc., 8.300%, 2/12/2015, 144A		2,955,000		2,991,937
CIT Group, Inc., 7.000%, 5/01/2013		596,573		571,219
CIT Group, Inc., 7.000%, 5/01/2014		894,866		843,411
CIT Group, Inc., 7.000%, 5/01/2015		894,866		825,514
CIT Group, Inc., 7.000%, 5/01/2016		2,021,450		1,844,573
CIT Group, Inc., 7.000%, 5/01/2017		5,013,031		4,511,728
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD	250,000		175,034
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD	3,035,000		2,100,047
International Lease Finance Corp., 4.750%, 1/13/2012		375,000		354,844
International Lease Finance Corp., 5.000%, 9/15/2012		455,000		420,306
International Lease Finance Corp., 5.125%, 11/01/2010		1,245,000		1,234,106
International Lease Finance Corp., Series Q, MTN, 5.250%, 1/10/2013		320,000		292,800
International Lease Finance Corp., Series R, MTN, 5.625%, 9/15/2010		250,000		249,062
International Lease Finance Corp., Series R, MTN, 6.625%, 11/15/2013		820,000		760,550
iStar Financial, Inc., 5.500%, 6/15/2012		65,000		53,300
iStar Financial, Inc., 5.650%, 9/15/2011		100,000		90,000
iStar Financial, Inc., 5.875%, 3/15/2016		20,000		14,000
iStar Financial, Inc., 6.050%, 4/15/2015		20,000		14,400
iStar Financial, Inc., 8.625%, 6/01/2013		1,770,000		1,433,700
iStar Financial, Inc., Series B, 5.700%, 3/01/2014		70,000		51,625

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
iStar Financial, Inc., Series B, 5.950%, 10/15/2013	$	565,000	$	446,350
				20,740,911
Oil Field Services – 0.2%
Complete Production Services, Inc., 8.000%, 12/15/2016		595,000		581,613
Parker Drilling Co., 9.125%, 4/01/2018, 144A		210,000		199,500
				781,113
Packaging – 0.5%
Owens-Illinois, Inc., 7.800%, 5/15/2018		1,555,000		1,619,144
Paper – 2.9%
Georgia-Pacific LLC, 7.250%, 6/01/2028		1,240,000		1,224,500
Georgia-Pacific LLC, 7.750%, 11/15/2029		3,620,000		3,656,200
Georgia-Pacific LLC, 8.000%, 1/15/2024		1,270,000		1,346,200
Georgia-Pacific LLC, 8.875%, 5/15/2031		2,930,000		3,186,375
Stone Container Finance, 7.375%, 7/15/2014(d)		980,000		788,900
				10,202,175
Pharmaceuticals – 0.6%
Valeant Pharmaceuticals International, 8.375%, 6/15/2016		1,890,000		2,135,700
Pipelines – 2.0%
El Paso Corp., 6.950%, 6/01/2028		1,430,000		1,280,273
El Paso Corp., 7.420%, 2/15/2037		1,055,000		949,248
El Paso Corp., GMTN, 7.750%, 1/15/2032		2,210,000		2,183,973
El Paso Corp., GMTN, 7.800%, 8/01/2031		550,000		543,572
El Paso Corp., GMTN, 8.050%, 10/15/2030		1,105,000		1,092,396
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		1,000,000		960,000
				7,009,462
Property & Casualty Insurance – 0.1%
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		690,000		310,500
Railroads – 0.1%
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		314,000		222,940
Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		30,000		27,630
				250,570
REITs – 0.1%
Highwoods Properties, Inc., 5.850%, 3/15/2017		470,000		468,909
Retailers – 3.7%
Dillard’s, Inc., 6.625%, 1/15/2018		430,000		391,300
Dillard’s, Inc., 7.000%, 12/01/2028		450,000		369,000
Dillard’s, Inc., 7.130%, 8/01/2018		750,000		705,000
Dillard’s, Inc., 7.750%, 7/15/2026		1,570,000		1,350,200
Foot Locker, Inc., 8.500%, 1/15/2022		1,679,000		1,578,260
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		3,494,000		3,284,360
Macy’s Retail Holdings, Inc., 7.000%, 2/15/2028		295,000		283,937
Toys R Us, Inc., 7.375%, 10/15/2018		5,185,000		4,873,900
Toys R Us, Inc., 7.875%, 4/15/2013		197,000		197,985
				13,033,942
Sovereigns – 4.3%
Indonesia Government International Bond, 6.625%, 2/17/2037, 144A		3,132,000		3,288,600

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Sovereigns – continued
Indonesia Government International Bond, 7.750%, 1/17/2038, 144A		$	650,000		$	767,000
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		1,881,000,000			231,736
Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024	IDR		24,214,000,000			2,861,245
Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030	IDR		6,561,000,000			773,500
Indonesia Treasury Bond, Series ZC3, Zero Coupon, 11/20/2012	IDR		4,897,000,000			459,168
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		208,681	(††)		1,671,152
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		95,000	(††)		782,372
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		180,000	(††)		1,507,719
Republic of Brazil, 10.250%, 1/10/2028	BRL		4,170,000			2,330,464
Republic of Iceland, 7.250%, 5/17/2013	ISK		49,000,000			246,687
Republic of Iceland, 8.000%, 7/22/2011	ISK		51,465,000			248,258
Republic of Iceland, 13.750%, 12/10/2010	ISK		34,275,000			166,688
						15,334,589
Supermarkets – 1.0%
American Stores Co., 8.000%, 6/01/2026			110,000			93,500
American Stores Co., Series B, MTN, 7.100%, 3/20/2028			1,865,000			1,440,712
New Albertson’s, Inc., 7.450%, 8/01/2029			1,525,000			1,265,750
New Albertson’s, Inc., 8.000%, 5/01/2031			480,000			415,200
New Albertson’s, Inc., 8.700%, 5/01/2030			180,000			163,800
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			240,000			175,200
						3,554,162
Supranational – 0.3%
European Investment Bank, EMTN, Zero Coupon, 4/24/2013, 144A	IDR		1,639,380,000			149,470
Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013	IDR		8,600,000,000			749,097
						898,567
Technology – 3.2%
Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029			6,580,000			4,342,800
Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028			3,055,000			2,016,300
Corning, Inc., 6.850%, 3/01/2029			801,000			897,970
Eastman Kodak Co., 7.250%, 11/15/2013			960,000			940,800
Freescale Semiconductor, Inc., 8.875%, 12/15/2014			60,000			54,750
Freescale Semiconductor, Inc., 10.125%, 12/15/2016			210,000			168,000
Motorola, Inc., 6.500%, 9/01/2025			190,000			189,183
Motorola, Inc., 6.500%, 11/15/2028			700,000			706,368
Motorola, Inc., 6.625%, 11/15/2037			70,000			71,886
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			270,000
						11,182,307
Textile – 0.2%
Jones Apparel Group, Inc., 6.125%, 11/15/2034			890,000			713,113
Transportation Services – 1.4%
APL Ltd., 8.000%, 1/15/2024(c)			2,685,000			1,745,250
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016			317,623			268,391
Atlas Air, Inc., Series 1999-1C, 8.770%, 7/02/2012(e)			399,542			307,647
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(e)			40,344			32,678

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Transportation Services – continued
Atlas Air, Inc., Series B, 7.680%, 7/02/2015		$	1,722,127	$	1,618,800
Atlas Air, Inc., Series C, 8.010%, 7/02/2011(e)			289,324		228,566
Teekay Corp., 8.500%, 1/15/2020			740,000		736,300
					4,937,632
Treasuries – 1.1%
Canadian Government, 2.000%, 9/01/2012	CAD		3,935,000		3,732,437
Hellenic Republic Government Bond, 2.300%, 7/25/2030	EUR		144,477		72,503
					3,804,940
Wireless – 1.8%
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			1,995,000		1,895,250
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			765,000		741,094
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			805,000		746,637
Sprint Capital Corp., 6.875%, 11/15/2028			1,525,000		1,265,750
Sprint Capital Corp., 6.900%, 5/01/2019			615,000		556,575
Sprint Capital Corp., 8.750%, 3/15/2032			215,000		205,325
True Move Co. Ltd., 10.750%, 12/16/2013, 144A			1,170,000		1,149,525
					6,560,156
Wirelines – 6.3%
Axtel SAB de CV, 9.000%, 9/22/2019, 144A			410,000		364,900
FairPoint Communications, Inc., 13.125%, 4/02/2018(d)			5,334,157		480,074
Frontier Communications Corp., 7.875%, 1/15/2027			3,180,000		2,869,950
Frontier Communications Corp., 9.000%, 8/15/2031			2,330,000		2,161,075
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		510,350
Level 3 Financing, Inc., 9.250%, 11/01/2014			1,675,000		1,520,062
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			1,439,000		1,352,660
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			800,000		676,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			1,385,000		1,301,900
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			5,332,000		4,932,100
Qwest Corp., 6.500%, 6/01/2017			210,000		211,575
Qwest Corp., 6.875%, 9/15/2033			1,936,000		1,776,280
Qwest Corp., 7.200%, 11/10/2026			1,500,000		1,402,500
Qwest Corp., 7.250%, 9/15/2025			645,000		619,200
Qwest Corp., 7.250%, 10/15/2035			1,407,000		1,290,923
Qwest Corp., 7.500%, 6/15/2023			985,000		943,138
					22,412,692
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $217,668,523)					239,460,512
CONVERTIBLE BONDS – 20.5%
Airlines – 0.2%
AMR Corp., 6.250%, 10/15/2014			520,000		495,300
UAL Corp., 4.500%, 6/30/2021			175,000		169,960
					665,260
Automotive – 1.2%
Ford Motor Co., 4.250%, 11/15/2016			3,530,000		4,399,263

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Construction Machinery – 0.0%
United Rentals North America, Inc., 1.875%, 10/15/2023	$	40,000	$	39,600
Diversified Manufacturing – 1.1%
Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		3,420,000		3,142,125
Trinity Industries, Inc., 3.875%, 6/01/2036		840,000		644,700
				3,786,825
Electric – 0.1%
CMS Energy Corp., 5.500%, 6/15/2029		250,000		290,625
Healthcare – 3.1%
Affymetrix, Inc., 3.500%, 1/15/2038		1,216,000		1,135,440
Health Management Associates, Inc., 3.750%, 5/01/2028, 144A		3,325,000		3,545,281
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(f)		2,470,000		2,102,588
LifePoint Hospitals, Inc., 3.250%, 8/15/2025		345,000		323,006
LifePoint Hospitals, Inc., 3.500%, 5/15/2014		860,000		794,425
Omnicare, Inc., 3.250%, 12/15/2035		3,833,000		3,171,807
				11,072,547
Independent Energy – 0.9%
Chesapeake Energy Corp., 2.250%, 12/15/2038		4,135,000		2,982,369
Penn Virginia Corp., 4.500%, 11/15/2012		280,000		261,100
				3,243,469
Lodging – 0.7%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		2,514,000		2,382,015
Media Non-Cable – 0.0%
Liberty Media LLC, 3.500%, 1/15/2031		61,466		33,653
Metals & Mining – 1.3%
Steel Dynamics, Inc., 5.125%, 6/15/2014		1,250,000		1,342,188
United States Steel Corp., 4.000%, 5/15/2014		2,280,000		3,189,150
				4,531,338
Pharmaceuticals – 4.2%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		2,215,000		3,488,625
Human Genome Sciences, Inc., 2.250%, 8/15/2012		3,325,000		4,862,812
Kendle International, Inc., 3.375%, 7/15/2012		2,715,000		2,497,800
Nektar Therapeutics, 3.250%, 9/28/2012		2,091,000		2,004,746
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		1,165,000		1,949,919
				14,803,902
Technology – 5.7%
Advanced Micro Devices, Inc., 5.750%, 8/15/2012		1,214,000		1,191,238
Advanced Micro Devices, Inc., 6.000%, 5/01/2015		1,960,000		1,862,000
Alcatel-Lucent USA, Inc., Series B, 2.875%, 6/15/2025		1,835,000		1,545,987
Ciena Corp., 0.250%, 5/01/2013		540,000		436,725
Ciena Corp., 0.875%, 6/15/2017		2,920,000		1,814,050
Ciena Corp., 4.000%, 3/15/2015		175,000		163,406
Intel Corp., 3.250%, 8/01/2039, 144A		5,750,000		6,475,937
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		3,020,000		2,816,150
Maxtor Corp., 5.750%, 3/01/2012(c)		1,150,000		1,127,000
Micron Technology, Inc., 1.875%, 6/01/2014		240,000		210,900
Nortel Networks Corp., 2.125%, 4/15/2014(d)		795,000		618,113

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Teradyne, Inc., 4.500%, 3/15/2014	$	1,050,000	$	1,995,000
				20,256,506
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		13,000		11,440
Wireless – 0.4%
NII Holdings, Inc., 2.750%, 8/15/2025		255,000		254,681
NII Holdings, Inc., 3.125%, 6/15/2012		1,280,000		1,208,000
				1,462,681
Wirelines – 1.6%
Level 3 Communications, Inc., 3.500%, 6/15/2012		1,955,000		1,783,937
Level 3 Communications, Inc., 5.250%, 12/15/2011		590,000		564,925
Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		2,210,000		2,140,937
Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		1,190,000		1,152,813
				5,642,612
TOTAL CONVERTIBLE BONDS (Identified Cost $59,185,019)				72,621,736
MUNICIPALS – 0.2%
District of Columbia – 0.2%
Metropolitan Washington DC Airports Authority, Series D, 8.000%, 10/01/2047 (Identified Cost $540,000)		540,000		572,573
TOTAL BONDS AND NOTES (Identified Cost $277,393,542)				312,654,821
BANK LOANS – 0.2%
Chemicals – 0.1%
Hexion Specialty Chemicals, Inc., Extended Term Loan C1, 4.063%, 5/05/2015(g)		154,727		140,028
Hexion Specialty Chemicals, Inc., Extended Term Loan C2, 4.313%, 5/05/2015(g)		29,646		26,829
				166,857
Media Non-Cable – 0.0%
Tribune Company, Term Loan X, 5.000%, 6/04/2009(d)(g)(h)		25,600		15,155
Printing & Publishing – 0.0%
SuperMedia, Inc., Exit Term Loan, 11.000%, 12/31/2015(g)		193,849		165,952
Wirelines – 0.1%
FairPoint Communications, Inc., Initial Term Loan A, 4.750%, 3/31/2014(d)(g)		80,000		53,700
FairPoint Communications, Inc., Initial Term Loan B, 5.000%, 3/31/2015(d)(g)		160,000		106,720
Hawaiian Telcom Communications, Inc., New Tranche C Term Loan, 4.750%, 5/30/2014(g)(i)		159,952		132,960
Level 3 Financing, Inc., Tranche A Term Loan, 2.548%, 3/13/2014(g)		70,000		62,082
				355,462
TOTAL BANK LOANS (Identified Cost $757,703)				703,426

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Shares	Value (†)
COMMON STOCKS – 4.3%
Biotechnology – 1.5%
Vertex Pharmaceuticals, Inc.(e)	165,617	$	5,448,799
Containers & Packaging – 1.0%
Owens-Illinois, Inc.(e)	40,621		1,074,425
Smurfit-Stone Container Corp.(e)	105,114		2,601,577
			3,676,002
Electronic Equipment Instruments & Components – 0.3%
Corning, Inc.	69,766		1,126,721
Food Products – 0.0%
ConAgra Foods, Inc.	3,100		72,292
Household Durables – 0.0%
KB Home	6,775		74,525
Media – 0.0%
Dex One Corp.(e)	849		16,131
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp.	2,846		59,624
Repsol YPF SA, Sponsored ADR	5,965		121,763
			181,387
Pharmaceuticals – 0.5%
Bristol-Myers Squibb Co.	64,900		1,618,606
REITs – 0.2%
Apartment Investment & Management Co.	6,185		119,804
Associated Estates Realty Corp.	32,565		421,717
Developers Diversified Realty Corp.	7,868		77,893
			619,414
Semiconductors & Semiconductor Equipment – 0.7%
Intel Corp.	126,400		2,458,480
TOTAL COMMON STOCKS (Identified Cost $11,733,135)			15,292,357
PREFERRED STOCKS – 1.6%
CONVERTIBLE PREFERRED STOCKS – 1.2%
Automotive – 0.4%
Ford Motor Co. Capital Trust II, 6.500%(e)	32,158		1,419,776
Commercial Banks – 0.0%
Wells Fargo & Co., Series L, Class A, 7.500%	138		128,478
Diversified Financial Services – 0.1%
Sovereign Capital Trust IV, 4.375%	14,200		449,075
Electric Utilities – 0.3%
AES Trust III, 6.750%	17,119		741,467
CMS Energy Trust I, 7.750%(c)(j)	4,150		145,250
			886,717
Machinery – 0.1%
United Rentals Trust I, 6.500%	14,328		434,317
Oil, Gas & Consumable Fuels – 0.1%
El Paso Energy Capital Trust I, 4.750%	5,700		206,625

10

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

	Shares		Value (†)
PREFERRED STOCKS – continued
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%(e)		1,100	$	22,286
Semiconductors & Semiconductor Equipment – 0.2%
Lucent Technologies Capital Trust I, 7.750%		1,150		833,175
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $4,143,670)				4,380,449
NON-CONVERTIBLE PREFERRED STOCKS – 0.4%
Banking – 0.1%
Ally Financial, Inc., Series G, 7.000%, 144A		448		348,222
Diversified Financial Services – 0.1%
Bank of America Corp., 6.375%		18,000		346,500
Household Durables – 0.1%
Hovnanian Enterprises, Inc., 7.625%(e)		49,194		350,261
REITs – 0.1%
ProLogis, Series C, 8.540%		3,363		158,061
Thrifts & Mortgage Finance – 0.0%
Countrywide Capital IV, 6.750%		7,075		148,575
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(e)(k)		23,100		7,854
				156,429
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $1,228,020)				1,359,473
TOTAL PREFERRED STOCKS (Identified Cost $5,371,690)				5,739,922
CLOSED END INVESTMENT COMPANIES – 0.2%
Dreyfus High Yield Strategies Fund		71,146		299,525
DWS High Income Trust		11,261		100,223
Highland Credit Strategies Fund		31,505		224,630
TOTAL CLOSED END INVESTMENT COMPANIES (Identified Cost $845,767)				624,378
WARRANTS – 0.2%
Pharmaceuticals – 0.2%
Valeant Pharmaceuticals International, Expiration 8/16/2010(c)(e)(j) (Identified Cost $0)		31,159		644,368
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 3.8%
Repurchase Agreement with State Street Corporation, dated 6/30/2010 at 0.000% to be repurchased at $1,511,990 on 7/01/2010 collateralized by $1,470,000 U.S. Treasury Note, 3.125% due 4/30/2017 with a value of $1,544,223 including accrued interest(l)	$	1,511,990		1,511,990

11

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (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 6/30/2010 at 0.000% to be repurchased at $11,921,899 on 7/01/2010 collateralized by $12,150,000 Federal National Mortgage Association, 2.000% due 12/16/2013 with a value of $12,165,188 including accrued interest(l)	$	11,921,899	$	11,921,899
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $13,433,889)				13,433,889
TOTAL INVESTMENTS – 98.6% (Identified Cost $309,535,726)(a)				349,093,161
Other assets less liabilities – 1.4%				4,885,131
NET ASSETS – 100.0%			$	353,978,292

(‡) 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 June 30, 2010, the net unrealized appreciation on investments based on a cost of $309,574,548 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	$	50,196,725
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(10,678,112	)
Net unrealized appreciation	$	39,518,613

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

(b) Variable rate security. Rate as of June 30, 2010 is disclosed.

(c) Illiquid security. At June 30, 2010, the value of these securities amounted to $9,084,848 or 2.6% 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.

12

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

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

(g) Variable rate security. Rate shown represents the weighted average rate at June 30, 2010.

(h) Issuer has filed for bankruptcy.

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

(j) Fair valued security by the Fund’s investment adviser. At June 30, 2010 the value of these securities amounted to $789,618 or 0.2% of net assets.

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

(l) 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. 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. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2010, the total value of these securities amounted to $43,429,203 or 12.3% of net assets.

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

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; IDR: Indonesian Rupiah; ISK: Icelandic Krona; MXN: Mexican Peso; NOK: Norwegian Krone; NZD: New Zealand Dollar

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 June 30, 2010, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Electric	$	—	$	9,665,517	$	281,750	$	9,947,267
Treasuries		—		3,732,437		72,503		3,804,940
All Other Non-Convertible Bonds*		—		225,708,305		—		225,708,305
Total Non-Convertible Bonds		—		239,106,259		354,253		239,460,512
Convertible Bonds*		—		72,621,736		—		72,621,736
Municipals*		—		572,573		—		572,573
Total Bonds and Notes		—		312,300,568		354,253		312,654,821
Bank Loans*		—		703,426		—		703,426
Common Stocks*		15,292,357		—		—		15,292,357
Preferred Stocks
Convertible Preferred Stocks Automotive		1,419,776		—		—		1,419,776
Commercial Banks		128,478		—		—		128,478
Diversified Financial Services		—		449,075		—		449,075
Electric Utilities		—		741,467		145,250		886,717
Machinery		—		434,317		—		434,317

13

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (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
Oil, Gas & Consumable Fuels	$	—	$	206,625	$	—	$	206,625
REITs		—		22,286		—		22,286
Semiconductors & Semiconductor Equipment		—		833,175		—		833,175
Total Convertible Preferred Stocks		1,548,254		2,686,945		145,250		4,380,449
Non-Convertible Preferred Stocks
Banking		—		348,222		—		348,222
Diversified Financial Services		346,500		—		—		346,500
Household Durables		—		350,261		—		350,261
REITs		158,061		—		—		158,061
Thrifts & Mortgage Finance		148,575		7,854		—		156,429
Total Non-Convertible Preferred Stocks		653,136		706,337		—		1,359,473
Total Preferred Stocks		2,201,390		3,393,282		145,250		5,739,922
Closed End Investment Companies		624,378		—		—		624,378
Warrants*		—		—		644,368		644,368
Short-Term Investments		—		13,433,889		—		13,433,889
Total	$	18,118,125	$	329,831,165	$	1,143,871	$	349,093,161

* 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 June 30, 2010:

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)			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2010
Bonds and Notes
Non-Convertible Bonds
Airlines	$	347,042	$	—	$	—		$	—		$	—		$	—	$	(347,042	)	$	—
Automotive		355,516		719		69,257			(29,740	)		(371,861	)		—		(23,891	)		—
Chemicals		2,658,860		—		—			—			—			—		(2,658,860	)		—
Electric		—		745		—			(54,645	)		—			335,650		—			281,750
Non-Captive Consumer		3,195,119		35,188		(72,807	)		198,621			(3,356,121	)		—		—			—
Supranational		120,736		—		—			—			—			—		(120,736	)		—
Treasuries		—		3,069		—			(35,936	)		105,370			—		—			72,503
Convertible Bonds
Technology		1,204,840		—		—			—			—			—		(1,204,840	)		—
Wirelines		2,342,600		—		—			—			—			—		(2,342,600	)		—
Preferred Stocks
Convertible Preferred Stocks
Electric Utilities		145,250		—		—			—			—			—		—			145,250
REITs		12,650		—		—			—			—			—		(12,650	)		—
Warrants
Pharmaceuticals		—		—		—			644,368			—			—		—			644,368
Total	$	10,382,613	$	39,721	$	(3,550	)	$	722,668		$	(3,622,612	)	$	335,650	$	(6,710,619	)	$	1,143,871

Securities valued at $6,589,883 were transferred from Level 3 to Level 2 during the period ended June 30, 2010. At September 30, 2009, these securities were valued using broker-dealer bid quotations based on inputs unobservable to the Fund; at June 30, 2010, these securities were valued on the basis of evaluated bids furnished to the Fund by a pricing service.

14

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Institutional High Income Fund - continued

Securities valued at $120,736 were transferred from Level 3 to Level 2 during the period ended June 30, 2010. At September 30, 2009, these securities were valued using broker-dealer bid quotations based on inputs unobservable to the Fund; at June 30, 2010, these securities were valued using broker-dealer bid quotations based on inputs observable to the Fund.

Securities valued at $335,650 were transferred from Level 2 to Level 3 during the period ended June 30, 2010. At September 30, 2009, these securities were valued on the basis of evaluated bids furnished to the Fund by a pricing service; at June 30, 2010, these securities were valued using broker-dealer bid quotations based on inputs unobservable to the Fund.

All transfers are recognized as of the beginning of the reporting period.

INDUSTRY SUMMARY AT JUNE 30, 2010 (Unaudited)

Technology	8.9	%
Wirelines	8.0
Healthcare	7.6
Non-Captive Diversified	5.9
Pharmaceuticals	5.5
Automotive	4.8
Sovereigns	4.3
Metals & Mining	3.9
Retailers	3.7
Local Authorities	3.3
Electric	2.9
Independent Energy	2.9
Paper	2.9
Chemicals	2.3
Wireless	2.2
Construction Machinery	2.1
Pipelines	2.0
Other Investments, less than 2% each	21.6
Short-Term Investments	3.8
Total Investments	98.6
Other assets less liabilities	1.4
Net Assets	100.0	%

15

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund*

	Principal Amount		Value (†)
BONDS AND NOTES – 95.8% of Net Assets
NON-CONVERTIBLE BONDS – 95.8%
ABS Car Loan – 0.4%
Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class A, 4.640%, 5/20/2016, 144A	$	120,000	$	124,332
ABS Credit Card – 3.2%
BA Credit Card Trust, Series 2008-A5, Class A5, 1.550%, 12/16/2013(b)		260,000		262,399
Capital One Multi-Asset Execution Trust, Series 2004-A4, Class A4, 0.570%, 3/15/2017(b)		60,000		59,460
Chase Issuance Trust, Series 2007-A16, Class A16, 0.837%, 6/16/2014(b)		315,000		315,168
Discover Card Master Trust I, Series 2007-3, Class A2, 0.400%, 10/16/2014(b)		150,000		149,154
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 0.610%, 8/16/2021(b)		140,000		134,941
MBNA Credit Card Master Note Trust, Series 2004-B1, Class B1, 4.450%, 8/15/2016		110,000		116,446
				1,037,568
ABS Home Equity – 0.4%
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		101,779		89,399
GSAMP Trust, Series 2005-WMC3, Class A2B, 0.587%, 12/25/2035(b)		52,808		42,689
				132,088
Aerospace & Defense – 1.1%
General Dynamics Corp., 5.250%, 2/01/2014		155,000		173,927
Goodrich Corp., 4.875%, 3/01/2020		155,000		166,397
				340,324
Airlines – 0.5%
Delta Air Lines, Inc., Series A, 7.750%, 6/17/2021		147,541		159,345
Automotive – 0.8%
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		235,000		239,621
Banking – 8.5%
American Express Co., 5.500%, 9/12/2016		85,000		91,094
American Express Co., 6.150%, 8/28/2017		120,000		131,483
Bank of America Corp., 5.650%, 5/01/2018		205,000		210,086
Barclays Bank PLC, 5.000%, 9/22/2016		150,000		153,862
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		325,000		379,503
Citigroup, Inc., 6.010%, 1/15/2015		540,000		566,397
Credit Suisse NY, 6.000%, 2/15/2018		110,000		114,781
Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018		220,000		230,454
Merrill Lynch & Co., Inc., 5.450%, 2/05/2013		350,000		367,163
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		155,000		156,962
Royal Bank of Scotland PLC (The), 4.875%, 3/16/2015		150,000		149,244
Wells Fargo & Co., 3.625%, 4/15/2015		160,000		163,484
				2,714,513
Brokerage – 0.2%
Nomura Holdings, Inc., 5.000%, 3/04/2015		60,000		63,401
Building Materials – 0.1%
Masco Corp., 7.125%, 3/15/2020		30,000		29,130

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund* - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Chemicals – 0.7%
Cytec Industries, Inc., 6.000%, 10/01/2015	$	125,000	$	137,400
RPM International, Inc., 6.125%, 10/15/2019		70,000		74,446
				211,846
Collateralized Mortgage Obligations – 0.9%
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 5.966%, 7/25/2021(b)		161,382		128,606
Federal Home Loan Mortgage Corp., 5.000%, 8/15/2024		161,045		164,064
				292,670
Commercial Mortgage-Backed Securities – 9.5%
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		490,000		506,356
Banc of America Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		255,000		258,018
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.717%, 6/11/2040(b)		250,000		254,403
Citigroup Commercial Mortgage Trust, Series 2006-C5, Class A4, 5.431%, 10/15/2049		45,000		45,863
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		265,000		257,382
Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4, 5.816%, 12/10/2049(b)		140,000		144,703
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, 5.888%, 7/10/2038(b)		165,000		172,472
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		50,000		49,179
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB19, Class A4, 5.746%, 2/12/2049(b)		85,000		85,660
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		210,000		205,226
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.416%, 2/12/2039(b)		320,000		340,238
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.909%, 6/12/2046(b)		210,000		223,417
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.741%, 8/12/2041(b)		205,000		209,821
Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044		70,000		65,095
Morgan Stanley Capital I, Series 2007-IQ15, Class A4, 5.880%, 6/11/2049(b)		200,000		203,120
				3,020,953
Construction Machinery – 0.6%
Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014		90,000		101,857
John Deere Capital Corp., MTN, 4.500%, 4/03/2013		90,000		96,942
				198,799
Consumer Products – 0.8%
Hasbro, Inc., 6.125%, 5/15/2014		50,000		53,225
Koninklijke (Royal) Philips Electronics NV, 4.625%, 3/11/2013		175,000		188,650
				241,875
Distributors – 0.1%
EQT Corp., 8.125%, 6/01/2019		40,000		47,054

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund* - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Diversified Manufacturing – 0.2%
Tyco International Finance SA, 4.125%, 10/15/2014	$	65,000	$	68,997
Electric – 4.3%
Carolina Power & Light Co., 6.500%, 7/15/2012		5,000		5,458
Consolidated Edison Co. of NY, Inc., 7.125%, 12/01/2018		125,000		155,130
Duke Energy Corp., 5.625%, 11/30/2012		150,000		164,079
FPL Group Capital, Inc., 0.774%, 11/09/2012(b)		140,000		140,615
NiSource Finance Corp., 6.125%, 3/01/2022		75,000		80,053
NiSource Finance Corp., 7.875%, 11/15/2010		145,000		148,186
Pacific Gas & Electric Co., 6.250%, 12/01/2013		135,000		153,360
Southern California Edison Co., 5.750%, 3/15/2014		165,000		185,685
Southern Co., 0.705%, 10/21/2011(b)		115,000		115,475
Virginia Electric and Power Co., 5.100%, 11/30/2012		205,000		222,477
				1,370,518
Entertainment – 1.1%
Time Warner, Inc., 5.875%, 11/15/2016		165,000		186,005
Walt Disney Co., 5.700%, 7/15/2011		145,000		152,299
				338,304
Environmental – 0.1%
Waste Management, Inc., 6.375%, 3/11/2015		40,000		45,871
Food & Beverage – 2.1%
Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037		200,000		223,562
HJ Heinz Finance Co., 6.000%, 3/15/2012		100,000		107,507
Kellogg Co., 5.125%, 12/03/2012		175,000		190,091
Kraft Foods, Inc., 6.125%, 8/23/2018		145,000		165,227
				686,387
Government Owned - No Guarantee – 1.0%
Federal National Mortgage Association, 5.375%, 6/12/2017		150,000		174,776
Petrobras International Finance Co., 5.750%, 1/20/2020		150,000		151,057
				325,833
Health Insurance – 1.1%
UnitedHealth Group, Inc., 4.875%, 2/15/2013		180,000		193,416
WellPoint, Inc., 5.250%, 1/15/2016		100,000		109,484
WellPoint, Inc., 6.000%, 2/15/2014		35,000		39,247
				342,147
Healthcare – 1.9%
Express Scripts, Inc., 6.250%, 6/15/2014		20,000		22,644
Hospira, Inc., 5.550%, 3/30/2012		250,000		266,187
Life Technologies Corp., 4.400%, 3/01/2015		85,000		87,922
McKesson Corp., 6.500%, 2/15/2014		45,000		51,417
Medco Health Solutions, Inc., 6.125%, 3/15/2013		170,000		188,161
				616,331
Hybrid ARMs – 0.6%
FHLMC, 2.798%, 1/01/2035(b)		183,180		190,123
Independent Energy – 1.7%
Devon Energy Corp., 5.625%, 1/15/2014		125,000		138,754
EnCana Corp., 6.500%, 5/15/2019		80,000		91,937
Talisman Energy, Inc., 5.850%, 2/01/2037		15,000		15,591
Talisman Energy, Inc., 6.250%, 2/01/2038		55,000		58,666

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund* - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Independent Energy – continued
Talisman Energy, Inc., 7.750%, 6/01/2019	$	25,000	$	30,692
XTO Energy, Inc., 4.900%, 2/01/2014		5,000		5,501
XTO Energy, Inc., 5.750%, 12/15/2013		170,000		193,106
				534,247
Integrated Energy – 1.2%
ConocoPhillips, 5.750%, 2/01/2019		130,000		148,696
Hess Corp., 7.000%, 2/15/2014		35,000		40,070
Marathon Oil Corp., 6.500%, 2/15/2014		35,000		39,409
Total Capital SA, 3.000%, 6/24/2015		160,000		161,585
				389,760
Life Insurance – 0.1%
Lincoln National Corp., 4.300%, 6/15/2015		30,000		30,513
Media Cable – 1.9%
Comcast Corp., 4.950%, 6/15/2016		160,000		172,123
Cox Communications, Inc., 5.450%, 12/15/2014		215,000		237,312
Time Warner Cable, Inc., 6.200%, 7/01/2013		170,000		190,135
				599,570
Media Non-Cable – 1.6%
CBS Corp., 5.750%, 4/15/2020		30,000		32,200
CBS Corp., 8.875%, 5/15/2019		105,000		132,102
Reed Elsevier Capital, Inc., 7.750%, 1/15/2014		125,000		144,612
Thomson Reuters Corp., 5.950%, 7/15/2013		175,000		195,640
				504,554
Metals & Mining – 1.0%
ArcelorMittal, 9.850%, 6/01/2019		135,000		168,701
United States Steel Corp., 6.050%, 6/01/2017		175,000		166,250
				334,951
Mortgage Related – 3.0%
FHLMC, 4.500%, 12/01/2019		10,181		10,851
FHLMC, 5.500%, 3/01/2013		4,367		4,721
FHLMC, 6.000%, 11/01/2012		6,858		7,209
FHLMC, 6.500%, 1/01/2024		3,107		3,437
FHLMC, 8.000%, 7/01/2025		334		384
FNMA, 5.500%, with various maturities from 2017 to 2020(c)(d)		848,946		920,738
FNMA, 6.000%, 9/01/2021		4,799		5,232
FNMA, 7.500%, 6/01/2016		1,666		1,826
FNMA, 8.000%, 6/01/2015		2,290		2,502
GNMA, 6.500%, 12/15/2023		8,038		8,879
GNMA, 8.500%, 9/15/2022		1,802		2,082
GNMA, 9.500%, 1/15/2019		5,090		5,884
				973,745
Non-Captive Diversified – 2.0%
General Electric Capital Corp., MTN, 5.500%, 1/08/2020		475,000		501,959
iStar Financial, Inc., 5.150%, 3/01/2012		170,000		139,400
				641,359
Pharmaceuticals – 0.5%
Eli Lilly & Co., 4.200%, 3/06/2014		155,000		168,412

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund* - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Pharmaceuticals – continued
Schering-Plough Corp., 5.300%, 12/01/2013	$	5,000	$	5,609
				174,021
Pipelines – 1.7%
Energy Transfer Partners LP, 6.000%, 7/01/2013		170,000		184,506
Kinder Morgan Energy Partners LP, MTN, 6.950%, 1/15/2038		150,000		159,397
Spectra Energy Capital LLC, 5.668%, 8/15/2014		175,000		189,428
				533,331
Property & Casualty Insurance – 0.1%
Willis North America, Inc., 7.000%, 9/29/2019		15,000		16,105
Railroads – 1.3%
Burlington Northern Santa Fe Corp., 7.000%, 2/01/2014		175,000		203,952
CSX Corp., 6.150%, 5/01/2037		30,000		32,805
Union Pacific Corp., 5.750%, 11/15/2017		160,000		180,645
				417,402
Refining – 0.5%
Valero Energy Corp., 9.375%, 3/15/2019		125,000		151,411
REITs – 2.0%
Colonial Realty LP, 4.800%, 4/01/2011		36,000		35,497
ERP Operating LP, 6.625%, 3/15/2012		165,000		177,848
Federal Realty Investment Trust, 5.400%, 12/01/2013		105,000		113,528
ProLogis, 6.250%, 3/15/2017		5,000		4,762
ProLogis, 6.875%, 3/15/2020		145,000		137,050
Simon Property Group LP, 5.300%, 5/30/2013		170,000		182,888
				651,573
Retailers – 0.4%
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012		130,000		132,925
Supermarkets – 0.5%
Kroger Co., 6.200%, 6/15/2012		50,000		54,411
Kroger Co., 6.400%, 8/15/2017		35,000		40,740
Kroger Co., 6.750%, 4/15/2012		65,000		70,782
				165,933
Technology – 4.7%
Agilent Technologies, Inc., 6.500%, 11/01/2017		120,000		132,534
Cisco Systems, Inc., 2.900%, 11/17/2014		280,000		289,764
Corning, Inc., 6.200%, 3/15/2016		45,000		50,771
Equifax, Inc., 7.000%, 7/01/2037		65,000		71,680
IBM International Group Capital, 5.050%, 10/22/2012		230,000		249,887
National Semiconductor Corp., 6.600%, 6/15/2017		175,000		196,056
Oracle Corp., 4.950%, 4/15/2013		170,000		185,954
Pitney Bowes, Inc., 5.250%, 1/15/2037		95,000		96,108
Xerox Corp., 4.250%, 2/15/2015		145,000		150,118
Xerox Corp., 6.400%, 3/15/2016		80,000		89,919
				1,512,791
Tobacco – 1.1%
Altria Group, Inc., 9.700%, 11/10/2018		115,000		145,634
Philip Morris International, Inc., 6.875%, 3/17/2014		185,000		214,037
				359,671

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund* - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Treasuries – 24.8%
U.S. Treasury Bond, 4.375%, 5/15/2040	$	330,000	$	356,915
U.S. Treasury Note, 1.125%, 6/30/2011		2,750,000		2,769,874
U.S. Treasury Note, 2.750%, 2/28/2013		1,165,000		1,223,614
U.S. Treasury Note, 2.750%, 2/15/2019		795,000		792,019
U.S. Treasury Note, 3.375%, 11/15/2019		490,000		507,494
U.S. Treasury Note, 3.625%, 2/15/2020		455,000		480,736
U.S. Treasury Note, 4.250%, 8/15/2014		680,000		755,809
U.S. Treasury Note, 4.875%, 7/31/2011		980,000		1,027,124
				7,913,585
Wireless – 1.6%
America Movil SAB de CV, 3.625%, 3/30/2015, 144A		150,000		153,803
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		5,000		4,637
Sprint Nextel Corp., 6.000%, 12/01/2016		170,000		152,575
Vodafone Group PLC, 5.350%, 2/27/2012		175,000		184,502
				495,517
Wirelines – 3.9%
AT&T, Inc., 5.800%, 2/15/2019		295,000		332,124
Embarq Corp., 7.995%, 6/01/2036		155,000		153,826
Qwest Corp., 6.875%, 9/15/2033		260,000		238,550
Telecom Italia Capital SA, 4.950%, 9/30/2014		185,000		185,371
Telefonica Emisiones SAU, 4.949%, 1/15/2015		125,000		130,944
Verizon Communications, Inc., 6.350%, 4/01/2019		175,000		202,499
				1,243,314
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $28,777,285)				30,614,308
TOTAL BONDS AND NOTES (Identified Cost $28,777,285)				30,614,308
SHORT-TERM INVESTMENTS – 4.1%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2010 at 0.000% to be repurchased at $607,121 on 7/01/2010 collateralized by $620,000 Federal National Mortgage Association, 2.000% due 12/16/2013 valued at $620,775 including accrued interest(e)		607,121		607,121
U.S. Treasury Bill, 0.180%, 8/26/2010(c)(f)		470,000		469,874
U.S. Treasury Bill, 0.162%, 9/30/2010(f)		225,000		224,900
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,301,897)				1,301,895
TOTAL INVESTMENTS – 99.9% (Identified Cost $30,079,182)(a)				31,916,203
Other assets less liabilities – 0.1%				30,352
NET ASSETS – 100.0%			$	31,946,555

* Formerly Loomis Sayles Intermediate Duration Fixed Income Fund.

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund* - continued

(†) Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) are generally valued on the basis of evaluated bids furnished to the Fund by a pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Equity securities, including 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 June 30, 2010, the net unrealized appreciation on investments based on a cost of $30,162,930 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	$	1,892,353
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(139,080	)
Net unrealized appreciation	$	1,753,273

At September 30, 2009, the Fund had a capital loss carryforward of $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 June 30, 2010 is disclosed.

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

(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) 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. 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. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.

(f) Rate represents discount rate at time of purchase; not a coupon rate.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2010, the total value of these securities amounted to $278,135 or 0.9% of net assets.

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 June 30, 2010 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund* - continued

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. Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When the Fund enters into a futures contract certain risks may arise such as illiquidity in the futures market, which may limit the Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

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

At June 30, 2010, open futures contracts purchased were as follows:

Futures	Expiration Date	Contracts	Notional Value		Unrealized Appreciation
30 Year U.S. Treasury Bond	9/21/2010	3	$	382,500	$	8,080

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 June 30, 2010, at value:

Asset Valuation Inputs

Description*	Level 1		Level 2		Level 3		Total
Bonds and Notes	$	—	$	30,614,308	$	—	$	30,614,308
Short-Term Investments		—		1,301,895		—		1,301,895
Total Investments		—		31,916,203		—		31,916,203
Futures Contracts (unrealized appreciation)		8,080		—		—		8,080
Total	$	8,080	$	31,916,203	$	—	$	31,924,283

* Major categories of the Fund’s investments and futures contracts 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 June 30, 2010:

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)			Transfers into Level 3		Transfers out of Level 3		Balance as of June  30, 2010
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	)	$	—	$	—	$	—

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund* - continued

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. During the period ended June 30, 2010, the Fund used futures contracts in accordance with this objective.

INDUSTRY SUMMARY AT JUNE 30, 2010 (Unaudited)

Treasuries	24.8	%
Commercial Mortgage-Backed Securities	9.5
Banking	8.5
Technology	4.7
Electric	4.3
Wirelines	3.9
ABS Credit Card	3.2
Mortgage Related	3.0
Food & Beverage	2.1
REITs	2.0
Non-Captive Diversified	2.0
Other Investments, less than 2% each	27.8
Short-Term Investments	4.1
Total Investments	99.9
Other assets less liabilities (including open futures contracts)	0.1
Net Assets	100.0	%

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 95.2% of Net Assets
NON-CONVERTIBLE BONDS – 93.0%
ABS Other – 2.0%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		$	2,500,000	$	2,346,980
Sierra Receivables Funding Co., Series 2009-3A, Class A1, 7.620%, 7/20/2026, 144A			1,574,265		1,592,752
SVO VOI Mortgage Corp., Series 2009-BA, Class NT, 5.810%, 12/20/2028, 144A			4,413,209		4,544,679
Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A			980,243		1,019,396
					9,503,807
Aerospace & Defense – 0.0%
Boeing Capital Corp., 6.500%, 2/15/2012			165,000		179,188
Airlines – 4.5%
American Airlines Pass Through Trust, Series 2009-1A, 10.375%, 7/02/2019			665,385		738,578
Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022			339,065		347,542
Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023			1,075,608		1,055,171
Continental Airlines Pass Through Trust, Series 2009-1, Class A, 9.000%, 7/08/2016			4,898,931		5,266,351
Delta Air Lines, Inc., 6.200%, 7/02/2018			2,225,000		2,248,641
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			2,069,453		1,971,154
Delta Air Lines, Inc., Series A, 7.750%, 6/17/2021			5,272,149		5,693,920
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			3,455,000		3,580,448
					20,901,805
Automotive – 0.9%
Cummins, Inc., 5.650%, 3/01/2098			1,930,000		1,650,447
Ford Motor Co., 6.375%, 2/01/2029			2,665,000		2,038,725
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			300,000		306,777
					3,995,949
Banking – 7.4%
Associates Corp. of North America, 6.950%, 11/01/2018			2,670,000		2,733,119
BAC Capital Trust VI, 5.625%, 3/08/2035			1,045,000		880,420
Bank of America Corp., 5.420%, 3/15/2017			230,000		229,149
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		940,000,000		770,124
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		1,950,000,000		1,599,126
BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, 144A	IDR		7,484,000,000		770,278
Cantor Fitzgerald LP, 6.375%, 6/26/2015, 144A			2,955,000		2,965,768
Citibank NA, 15.000%, 7/02/2010, 144A	BRL		4,000,000		2,216,066
Citigroup, Inc., 5.850%, 12/11/2034			85,000		80,460
Citigroup, Inc., 5.875%, 2/22/2033			185,000		165,898
Citigroup, Inc., 6.125%, 8/25/2036			2,515,000		2,285,858
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			2,420,000		2,372,428
Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020			870,000		859,661
JPMorgan Chase & Co., Zero Coupon, 3/28/2011, 144A	IDR		5,376,000,000		562,923
JPMorgan Chase & Co., 4.750%, 5/01/2013			60,000		64,008
JPMorgan Chase & Co., EMTN, Zero Coupon, 3/28/2011, 144A	IDR		8,972,574,000		939,522
JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, 144A	IDR		9,533,078,500		1,028,395

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Banking – continued
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037	$	2,870,000	$	2,606,465
Merrill Lynch & Co., Inc., Series C, MTN, 5.000%, 1/15/2015		235,000		242,188
Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		1,700,000		1,695,789
Morgan Stanley, EMTN, 5.450%, 1/09/2017		260,000		257,737
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017		1,100,000		1,091,061
Morgan Stanley, Series F, MTN, 5.625%, 9/23/2019		1,400,000		1,354,378
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		695,000		703,799
National City Bank of Indiana, 4.250%, 7/01/2018		420,000		408,890
Standard Chartered Bank, 6.400%, 9/26/2017, 144A		300,000		323,231
Standard Chartered PLC, 5.500%, 11/18/2014, 144A		4,500,000		4,881,235
Washington Mutual Finance Corp., 6.875%, 5/15/2011		135,000		139,945
				34,227,921
Brokerage – 0.8%
Jefferies Group, Inc., 6.250%, 1/15/2036		235,000		210,337
Jefferies Group, Inc., 8.500%, 7/15/2019		3,215,000		3,611,284
				3,821,621
Building Materials – 1.6%
Masco Corp., 4.800%, 6/15/2015		1,175,000		1,091,259
Masco Corp., 5.850%, 3/15/2017		730,000		712,119
Masco Corp., 6.125%, 10/03/2016		1,695,000		1,640,002
Masco Corp., 6.500%, 8/15/2032		200,000		169,075
Masco Corp., 7.750%, 8/01/2029		375,000		361,561
Owens Corning, Inc., 6.500%, 12/01/2016		1,235,000		1,314,027
Owens Corning, Inc., 7.000%, 12/01/2036		2,255,000		2,244,036
				7,532,079
Chemicals – 1.4%
Chevron Phillips Chemical Co. LLC, 8.250%, 6/15/2019, 144A		4,450,000		5,610,911
Methanex Corp., 6.000%, 8/15/2015		980,000		952,913
				6,563,824
Collateralized Mortgage Obligations – 0.2%
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035		675,000		744,986
Commercial Mortgage-Backed Securities – 5.9%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.178%, 9/10/2047(b)		160,000		171,315
Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041		600,000		625,916
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4, 5.537%, 10/12/2041		360,000		377,793
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		600,000		587,861
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.717%, 6/11/2040(b)		407,000		414,169
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		155,000		156,259
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.768%, 6/10/2046(b)		480,000		510,354
Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.722%, 6/15/2039(b)		3,525,000		3,359,781

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.830%, 9/15/2039(b)		$	2,030,000	$	1,928,756
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040			685,000		650,405
Crown Castle Towers LLC, 6.113%, 1/15/2040			3,125,000		3,429,856
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049			1,500,000		1,475,377
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039			1,003,000		1,004,831
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039			805,000		832,826
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4, 5.560%, 11/10/2039			350,000		355,140
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP6, Class A4, 5.475%, 4/15/2043			1,180,000		1,252,936
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A4, 5.874%, 4/15/2045(b)			1,100,000		1,172,221
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.818%, 6/15/2049(b)			4,055,000		3,967,281
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049			1,405,000		1,373,058
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5, 4.739%, 7/15/2030			480,000		500,639
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.882%, 6/15/2038(b)			380,000		408,075
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4, 5.372%, 9/15/2039			390,000		403,323
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.909%, 6/12/2046(b)			235,000		250,014
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042			350,000		363,620
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047			425,000		450,091
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041			300,000		311,586
Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.281%, 1/11/2043(b)			800,000		866,704
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048			200,000		207,076
					27,407,263
Consumer Products – 0.3%
Hasbro, Inc., 6.600%, 7/15/2028			605,000		588,852
Snap-on, Inc., 6.700%, 3/01/2019			780,000		917,098
					1,505,950
Distributors – 1.3%
EQT Corp., 8.125%, 6/01/2019			3,000,000		3,529,056
Equitable Resources, Inc., 6.500%, 4/01/2018			2,150,000		2,339,789
					5,868,845
Diversified Manufacturing – 0.7%
Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 8/15/2018			545,000		646,338
Textron, Inc., 3.875%, 3/11/2013	EUR		700,000		859,487

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Diversified Manufacturing – continued
Textron, Inc., 6.200%, 3/15/2015		$	1,095,000	$	1,178,552
Textron, Inc., EMTN, 6.625%, 4/07/2020	GBP		540,000		745,171
					3,429,548
Electric – 3.5%
AmerenEnergy Generating Co., Series H, 7.000%, 4/15/2018			2,800,000		2,980,003
Baltimore Gas & Electric Co., 5.200%, 6/15/2033			500,000		486,021
Bruce Mansfield Unit, 6.850%, 6/01/2034(c)			1,520,715		1,588,628
Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017			1,185,000		1,284,432
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036			930,000		922,127
Commonwealth Edison Co., 4.700%, 4/15/2015			555,000		601,932
Commonwealth Edison Co., 4.750%, 12/01/2011(c)			21,000		21,064
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027			1,000,000		1,113,880
Illinois Power Co., 6.250%, 4/01/2018			3,385,000		3,744,131
NiSource Finance Corp., 6.125%, 3/01/2022			2,000,000		2,134,740
NiSource Finance Corp., 6.150%, 3/01/2013			195,000		212,648
NiSource Finance Corp., 6.400%, 3/15/2018			1,255,000		1,380,922
					16,470,528
Entertainment – 0.6%
Time Warner, Inc., 6.625%, 5/15/2029			870,000		957,492
Time Warner, Inc., 7.625%, 4/15/2031			245,000		294,729
Time Warner, Inc., 7.700%, 5/01/2032			160,000		192,965
Viacom, Inc., 6.875%, 4/30/2036			1,325,000		1,499,990
					2,945,176
Financial Other – 1.2%
Cantor Fitzgerald LP, 7.875%, 10/15/2019, 144A(c)			2,645,000		2,736,795
National Life Insurance Co., 10.500%, 9/15/2039, 144A			2,500,000		2,954,050
					5,690,845
Food & Beverage – 1.1%
Anheuser-Busch Cos., Inc., 5.375%, 11/15/2014, 144A			2,955,000		3,230,758
Anheuser-Busch Cos., Inc., 5.950%, 1/15/2033			995,000		1,048,433
Corn Products International, Inc., 6.625%, 4/15/2037			500,000		522,159
Kraft Foods, Inc., 6.250%, 6/01/2012			210,000		228,896
					5,030,246
Government Guaranteed – 0.5%
Instituto de Credito Oficial, MTN, 6.125%, 2/27/2014	AUD		3,000,000		2,410,864
Government Owned - No Guarantee – 1.4%
Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A			2,565,000		2,761,966
DP World Ltd., 6.850%, 7/02/2037, 144A			4,500,000		3,579,692
					6,341,658
Government Sponsored – 0.2%
Queensland Treasury Corp., 7.125%, 9/18/2017, 144A	NZD		970,000		723,808
Health Insurance – 0.6%
CIGNA Corp., 6.350%, 3/15/2018			2,515,000		2,810,289
CIGNA Corp., 7.875%, 5/15/2027			20,000		23,707
CIGNA Corp., 8.500%, 5/01/2019			45,000		56,704
					2,890,700

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Healthcare – 1.4%
Boston Scientific Corp., 6.000%, 1/15/2020		$	855,000	$	848,867
Covidien International Finance SA, 6.000%, 10/15/2017			900,000		1,044,418
Express Scripts, Inc., 6.250%, 6/15/2014			1,115,000		1,262,421
Express Scripts, Inc., 7.250%, 6/15/2019			670,000		809,879
HCA, Inc., 5.750%, 3/15/2014			1,020,000		948,600
HCA, Inc., 6.250%, 2/15/2013			195,000		191,588
HCA, Inc., 6.375%, 1/15/2015			95,000		88,706
HCA, Inc., 6.500%, 2/15/2016			55,000		51,288
HCA, Inc., 6.750%, 7/15/2013			30,000		29,400
HCA, Inc., 7.050%, 12/01/2027			100,000		85,000
HCA, Inc., 7.190%, 11/15/2015			190,000		169,100
HCA, Inc., 7.500%, 12/15/2023			75,000		66,375
HCA, Inc., 7.690%, 6/15/2025			175,000		156,625
HCA, Inc., 8.360%, 4/15/2024			305,000		283,650
HCA, Inc., MTN, 7.580%, 9/15/2025			10,000		8,800
HCA, Inc., MTN, 7.750%, 7/15/2036			305,000		260,012
					6,304,729
Home Construction – 1.4%
Pulte Group, Inc., 5.200%, 2/15/2015			1,116,000		1,049,040
Pulte Group, Inc., 6.000%, 2/15/2035			3,340,000		2,438,200
Pulte Group, Inc., 6.375%, 5/15/2033			1,455,000		1,120,350
Toll Brothers Finance Corp., 5.150%, 5/15/2015			1,725,000		1,690,821
					6,298,411
Hybrid ARMs – 0.2%
FNMA, 5.702%, 9/01/2036(b)			212,763		225,976
FNMA, 5.947%, 2/01/2037(b)			137,477		147,252
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.593%, 7/25/2035(b)			362,613		317,998
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 2.939%, 10/25/2035(b)			210,404		192,510
					883,736
Independent Energy – 1.2%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			1,260,000		1,084,478
Anadarko Petroleum Corp., 6.450%, 9/15/2036			1,320,000		1,050,032
QEP Resources, Inc., 6.050%, 9/01/2016			125,000		134,386
QEP Resources, Inc., 6.800%, 4/01/2018			3,365,000		3,522,014
Talisman Energy, Inc., 5.850%, 2/01/2037			10,000		10,394
					5,801,304
Industrial Other – 0.3%
Worthington Industries, Inc., 6.500%, 4/15/2020			1,150,000		1,254,103
Life Insurance – 0.8%
American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018			390,000		348,562
American International Group, Inc., Series MP, GMTN, 5.450%, 5/18/2017			110,000		97,625
ASIF III Jersey Ltd., Series 2003-G, EMTN, 4.750%, 9/11/2013	EUR		355,000		424,644

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Life Insurance – continued
Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		$	2,885,000	$	2,826,931
					3,697,762
Local Authorities – 1.3%
Manitoba (Province of), GMTN, 6.375%, 9/01/2015	NZD		4,635,000		3,320,305
Province of Alberta, 5.930%, 9/16/2016	CAD		348,267		367,942
Quebec Province, Series QC, 6.750%, 11/09/2015	NZD		1,185,000		861,756
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		1,735,000		1,479,244
					6,029,247
Lodging – 0.7%
Wyndham Worldwide Corp., 6.000%, 12/01/2016			1,480,000		1,435,852
Wyndham Worldwide Corp., 7.375%, 3/01/2020			1,660,000		1,702,911
					3,138,763
Media Cable – 0.6%
Time Warner Cable, Inc., 6.750%, 7/01/2018			2,500,000		2,869,695
Media Non-Cable – 0.6%
News America Holdings, 8.150%, 10/17/2036			240,000		294,121
News America, Inc., 6.200%, 12/15/2034			565,000		595,068
News America, Inc., 6.400%, 12/15/2035			1,805,000		1,964,450
					2,853,639
Mortgage Related – 0.0%
Federal National Mortgage Association, 7.000%, 4/25/2020			32,633		36,186
FHLMC, 10.000%, with various maturities to 2018(d)			4,678		5,317
FNMA, 6.000%, 12/01/2018			18,112		19,808
GNMA, 10.000%, with various maturities to 2018(d)			53,418		61,095
					122,406
Non-Captive Consumer – 1.7%
American General Finance Corp., Series H, MTN, 5.375%, 10/01/2012			45,000		40,725
American General Finance Corp., Series J, MTN, 6.500%, 9/15/2017			1,300,000		1,014,000
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017			3,615,000		2,878,444
HSBC Finance Corp., 8.000%, 7/15/2010			205,000		205,327
SLM Corp., MTN, 5.050%, 11/14/2014			470,000		420,351
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			240,000		206,413
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			995,000		964,860
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			2,385,000		2,200,904
					7,931,024
Non-Captive Diversified – 2.8%
Ally Financial, Inc., 6.000%, 12/15/2011			763,000		763,000
Ally Financial, Inc., 7.500%, 12/31/2013			41,000		40,897
Ally Financial, Inc., 8.000%, 12/31/2018			97,000		89,240
CIT Group, Inc., 7.000%, 5/01/2013			112,988		108,186
CIT Group, Inc., 7.000%, 5/01/2014			169,485		159,740
CIT Group, Inc., 7.000%, 5/01/2015			169,485		156,350
CIT Group, Inc., 7.000%, 5/01/2016			282,478		257,761
CIT Group, Inc., 7.000%, 5/01/2017			395,473		355,926

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
General Electric Capital Australia Funding Pty, EMTN, 8.000%, 2/13/2012	AUD	670,000	$	583,687
General Electric Capital Corp., 5.625%, 5/01/2018		65,000		69,076
General Electric Capital Corp., MTN, 5.875%, 1/14/2038		300,000		294,181
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016	NZD	470,000		329,064
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014	NZD	1,405,000		1,015,741
General Electric Capital Corp., Series A, MTN, 0.603%, 5/13/2024(b)		655,000		518,492
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015	NZD	5,650,000		3,909,478
International Lease Finance Corp., 6.375%, 3/25/2013		4,355,000		4,082,812
International Lease Finance Corp., 8.625%, 9/15/2015, 144A		25,000		23,688
International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		315,000		279,562
				13,036,881
Oil Field Services – 0.3%
Rowan Cos., Inc., 7.875%, 8/01/2019		1,090,000		1,200,832
Weatherford International Ltd., 6.500%, 8/01/2036		235,000		212,950
Weatherford International Ltd., 6.800%, 6/15/2037		105,000		98,727
				1,512,509
Paper – 0.4%
Georgia-Pacific LLC, 7.250%, 6/01/2028		1,500,000		1,481,250
Westvaco Corp., 8.200%, 1/15/2030		200,000		211,033
				1,692,283
Pharmaceuticals – 0.0%
Elan Finance PLC/Elan Finance Corp., 8.875%, 12/01/2013		170,000		170,425
Pipelines – 2.2%
CenterPoint Energy Resources Corp., 6.250%, 2/01/2037		335,000		354,625
DCP Midstream LP, 6.450%, 11/03/2036, 144A		635,000		645,943
El Paso Corp., 6.950%, 6/01/2028		350,000		313,354
Enterprise Products Operating LLP, 6.300%, 9/15/2017		680,000		760,664
Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		200,000		234,048
Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014		145,000		153,359
Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018		5,300,000		5,724,201
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		965,000		920,374
Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		810,000		858,165
Spectra Energy Capital LLC, 5.500%, 3/01/2014		230,000		246,026
				10,210,759
Property & Casualty Insurance – 2.4%
Hanover Insurance Group, Inc., 7.500%, 3/01/2020		1,695,000		1,830,942
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		65,000		68,712
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		1,842,000		1,970,143
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		2,465,000		2,298,711
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		60,000		27,000
Progressive Corp., 7.000%, 10/01/2013		150,000		166,114
Willis North America, Inc., 6.200%, 3/28/2017		225,000		234,209

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Property & Casualty Insurance – continued
Willis North America, Inc., 7.000%, 9/29/2019		$	805,000		$	864,294
XL Capital Ltd., 6.250%, 5/15/2027			2,015,000			1,910,393
XL Capital Ltd., 6.375%, 11/15/2024			1,595,000			1,647,216
						11,017,734
Railroads – 0.9%
Canadian Pacific Railway Co., 7.250%, 5/15/2019			2,500,000			2,976,765
CSX Corp., 6.250%, 3/15/2018			670,000			769,287
CSX Corp., MTN, 6.000%, 10/01/2036			144,000			154,342
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)			190,000			134,900
						4,035,294
Refining – 0.9%
Valero Energy Corp., 9.375%, 3/15/2019			3,500,000			4,239,504
REITs – 2.3%
Camden Property Trust, 5.000%, 6/15/2015			365,000			376,441
Camden Property Trust, 5.700%, 5/15/2017			780,000			812,355
Colonial Realty LP, 4.800%, 4/01/2011			531,000			523,580
Duke Realty LP, 5.950%, 2/15/2017			90,000			91,872
Equity One, Inc., 6.000%, 9/15/2017			1,000,000			1,017,458
ERP Operating LP, 5.125%, 3/15/2016			30,000			31,580
ERP Operating LP, 5.750%, 6/15/2017			180,000			193,951
Federal Realty Investment Trust, 5.650%, 6/01/2016			1,350,000			1,441,861
Highwoods Properties, Inc., 5.850%, 3/15/2017			80,000			79,814
Highwoods Properties, Inc., 7.500%, 4/15/2018			1,075,000			1,155,686
ProLogis, 5.625%, 11/15/2015			55,000			52,745
ProLogis, 5.625%, 11/15/2016			240,000			225,627
ProLogis, 5.750%, 4/01/2016			265,000			252,233
ProLogis, 7.375%, 10/30/2019			785,000			768,807
Realty Income Corp., 6.750%, 8/15/2019			500,000			551,810
Simon Property Group LP, 5.250%, 12/01/2016			155,000			165,060
Simon Property Group LP, 5.300%, 5/30/2013			1,200,000			1,290,973
Simon Property Group LP, 5.750%, 12/01/2015			475,000			522,195
Simon Property Group LP, 5.875%, 3/01/2017			740,000			800,062
Simon Property Group LP, 6.100%, 5/01/2016			360,000			399,578
						10,753,688
Restaurants – 0.1%
Darden Restaurants, Inc., 6.000%, 8/15/2035			610,000			618,695
Retailers – 0.6%
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			118,000			111,510
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			2,803,000			2,634,820
						2,746,330
Sovereigns – 3.4%
Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016	MXN		262,000	(††)		2,098,139
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		140,000	(††)		1,152,969
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		227,000	(††)		1,901,401
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		2,625,000			2,229,743
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		685,000			589,181

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Sovereigns – continued
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD	4,000,000	$	3,388,394
Republic of Croatia, 6.750%, 11/05/2019, 144A		3,100,000		3,245,229
Republic of Iceland, 7.250%, 5/17/2013	ISK	101,800,000		512,504
Republic of Iceland, 8.000%, 7/22/2011	ISK	54,600,000		263,380
Republic of Iceland, 13.750%, 12/10/2010	ISK	66,380,000		322,823
				15,703,763
Supranational – 1.5%
Inter-American Development Bank, EMTN, Zero Coupon, 9/23/2013	IDR	45,300,000,000		3,829,386
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD	4,375,000		3,097,629
				6,927,015
Technology – 3.2%
Avnet, Inc., 6.000%, 9/01/2015		1,970,000		2,134,690
Avnet, Inc., 6.625%, 9/15/2016		270,000		300,627
Corning, Inc., 6.750%, 9/15/2013		1,250,000		1,412,806
Corning, Inc., 6.850%, 3/01/2029		210,000		235,423
Corning, Inc., 7.000%, 5/15/2024		810,000		926,680
Corning, Inc., 7.250%, 8/15/2036		3,565,000		3,990,843
Dun & Bradstreet Corp. (The), 6.000%, 4/01/2013		1,970,000		2,150,783
Intuit, Inc., 5.750%, 3/15/2017		635,000		697,591
KLA-Tencor Corp., 6.900%, 5/01/2018		870,000		973,265
Motorola, Inc., 6.500%, 9/01/2025		470,000		467,979
Motorola, Inc., 6.500%, 11/15/2028		235,000		237,138
Motorola, Inc., 6.625%, 11/15/2037		290,000		297,813
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		450,000		522,687
Tyco Electronics Group SA, 6.550%, 10/01/2017		360,000		413,428
				14,761,753
Tobacco – 0.2%
Reynolds American, Inc., 6.750%, 6/15/2017		735,000		796,290
Reynolds American, Inc., 7.250%, 6/15/2037		195,000		200,621
				996,911
Transportation Services – 0.8%
APL Ltd., 8.000%, 1/15/2024(c)		100,000		65,000
Atlas Air, Inc., Series B, 7.680%, 7/02/2015		2,675,149		2,514,640
Erac USA Finance Co., 6.700%, 6/01/2034, 144A		945,000		1,007,302
				3,586,942
Treasuries – 18.3%
Canadian Government, 1.000%, 9/01/2011	CAD	5,950,000		5,576,640
Canadian Government, 1.250%, 12/01/2011	CAD	135,000		126,966
Canadian Government, 2.000%, 9/01/2012	CAD	4,407,000		4,180,140
Canadian Government, 3.500%, 6/01/2013	CAD	804,000		790,511
Canadian Government, 3.750%, 9/01/2011	CAD	2,000,000		1,937,044
Canadian Government, 3.750%, 6/01/2012	CAD	9,485,000		9,306,001
Canadian Government, 3.750%, 6/01/2019	CAD	31,580,000		31,381,244
Canadian Government, 4.000%, 6/01/2016	CAD	1,000,000		1,013,104
Canadian Government, 5.250%, 6/01/2012	CAD	16,420,000		16,547,714

9

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Treasuries – continued
Hellenic Republic Government Bond, 2.300%, 7/25/2030	EUR	101,669	$	51,020
New Zealand Government, 6.500%, 4/15/2013	NZD	2,390,000		1,738,201
Norwegian Government, 4.250%, 5/19/2017	NOK	23,620,000		3,945,846
Norwegian Government, 6.500%, 5/15/2013	NOK	50,000,000		8,563,958
				85,158,389
Wireless – 0.5%
ALLTEL Corp., 7.875%, 7/01/2032		705,000		889,165
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		60,000		57,000
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		165,000		159,844
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		510,000		473,025
Sprint Capital Corp., 6.875%, 11/15/2028		234,000		194,220
Sprint Nextel Corp., 6.000%, 12/01/2016		366,000		328,485
				2,101,739
Wirelines – 5.9%
AT&T Corp., 6.500%, 3/15/2029		1,310,000		1,403,700
AT&T, Inc., 6.150%, 9/15/2034		1,785,000		1,874,120
AT&T, Inc., 6.500%, 9/01/2037		25,000		27,729
BellSouth Telecommunications, Inc., 5.850%, 11/15/2045		2,000,000		1,937,780
CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,165,000		2,052,435
Deutsche Telekom International Finance BV, 6.000%, 7/08/2019		8,170,000		9,035,407
GTE Corp., 6.940%, 4/15/2028		205,000		225,528
New England Telephone & Telegraph, 7.875%, 11/15/2029		2,170,000		2,531,737
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		500,000		470,000
Qwest Corp., 6.875%, 9/15/2033		1,595,000		1,463,412
Telecom Italia Capital SA, 6.000%, 9/30/2034		1,880,000		1,610,662
Verizon Communications, Inc., 5.850%, 9/15/2035		955,000		985,103
Verizon Maryland, Inc., 5.125%, 6/15/2033		290,000		256,488
Verizon New England, Inc., Series C, 4.750%, 10/01/2013		1,000,000		1,064,101
Verizon New York, Inc., Series B, 7.375%, 4/01/2032		915,000		1,034,691
Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		695,000		687,782
Verizon Virginia, Inc., Series A, 4.625%, 3/15/2013		505,000		532,912
				27,193,587
TOTAL NON-CONVERTIBLE BONDS (Identified Cost $391,952,258)				431,835,631
CONVERTIBLE BONDS – 1.5%
Automotive – 0.3%
Ford Motor Co., 4.250%, 11/15/2016		1,035,000		1,289,869
Oil Field Services – 0.0%
Transocean, Inc., Series C, 1.500%, 12/15/2037		240,000		198,600
REITs – 0.0%
ERP Operating LP, 3.850%, 8/15/2026		180,000		181,350
Technology – 1.2%
Intel Corp., 2.950%, 12/15/2035		90,000		85,500
Intel Corp., 3.250%, 8/01/2039, 144A		4,700,000		5,293,375

10

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – continued
Maxtor Corp., 5.750%, 3/01/2012(c)	$	42,000	$	41,160
				5,420,035
TOTAL CONVERTIBLE BONDS (Identified Cost $6,233,411)				7,089,854
MUNICIPALS – 0.7%
Michigan – 0.2%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(c)		1,055,000		807,708
Ohio – 0.1%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(c)		750,000		536,573
Virginia – 0.4%
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)		2,815,000		1,899,984
TOTAL MUNICIPALS (Identified Cost $4,588,865)				3,244,265
TOTAL BONDS AND NOTES (Identified Cost $402,774,534)				442,169,750
	Shares
PREFERRED STOCKS – 1.4%
NON-CONVERTIBLE PREFERRED STOCKS – 1.0%
Banking – 0.0%
Ally Financial, Inc., Series G, 7.000%, 144A		161		125,142
Diversified Financial Services – 0.2%
Bank of America Corp., Series L, 7.250%		940		837,775
Electric Utilities – 0.1%
Connecticut Light & Power Co., 2.200%		263		10,138
MDU Resources Group, Inc., 5.100%		202		20,055
San Diego Gas & Electric Co., 4.500%		100		1,712
Union Electric Co., 4.500%		3,160		227,520
				259,425
Software – 0.7%
Falcons Funding Trust I (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(e)		3,000		3,105,938
Thrifts & Mortgage Finance – 0.0%
Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(f)(g)		17,000		5,780
TOTAL NON-CONVERTIBLE PREFERRED STOCKS (Identified Cost $4,152,683)				4,334,060
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		790,625

11

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

	Shares		Value (†)
PREFERRED STOCKS – continued
TOTAL CONVERTIBLE PREFERRED STOCKS (Identified Cost $1,794,828)			$	1,947,375
TOTAL PREFERRED STOCKS (Identified Cost $5,947,511)				6,281,435
COMMON STOCKS – 0.1%
Biotechnology – 0.1%
Vertex Pharmaceuticals, Inc.(g) (Identified Cost $302,522)		13,708		450,993
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 3.5%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2010 at 0.000% to be repurchased at $16,056,766 on 7/01/2010 collateralized by $14,850,000 Federal National Mortgage Association, 4.125% due 4/15/2014 valued at $16,379,550 including accrued interest(h) (Identified Cost $16,056,766)	$	16,056,766		16,056,766
TOTAL INVESTMENTS – 100.2% (Identified Cost $425,081,333)(a)				464,958,944
Other assets less liabilities – (0.2)%				(736,471	)
TOTAL NET ASSETS – 100.0%			$	464,222,473

(‡) 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.

12

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

(a) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At June 30, 2010, the net unrealized appreciation on investments based on a cost of $426,605,036 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	$	44,928,051
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(6,574,143	)
Net unrealized appreciation	$	38,353,908

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 June 30, 2010 is disclosed.

(c) Illiquid security. At June 30, 2010, the value of these securities amounted to $7,831,812 or 1.7% of net assets.

(d) The Fund’s investment in mortgage related securities of the Federal Home Loan Mortgage Corporation 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) Coupon rate 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 June 30, 2010, the total value of these securities amounted to $67,227,745 or 14.5% 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

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 Portfolio’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.

13

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2010, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	18,653,164	$	2,248,641	$	20,901,805
Treasuries		—		85,107,369		51,020		85,158,389
All Other Non-Convertible Bonds*		—		325,775,437		—		325,775,437
Total Non-Convertible Bonds		—		429,535,970		2,299,661		431,835,631
Convertible Bonds*		—		7,089,854		—		7,089,854
Municipals*		—		3,244,265		—		3,244,265
Total Bonds and Notes		—		439,870,089		2,299,661		442,169,750
Preferred Stocks
Non-Convertible Preferred Stocks
Banking		—		125,142		—		125,142
Diversified Financial Services		—		837,775		—		837,775
Electric Utilities		229,232		30,193		—		259,425
Software		—		3,105,938		—		3,105,938
Thrifts & Mortgage Finance		—		5,780		—		5,780
Total Non-Convertible Preferred Stocks		229,232		4,104,828		—		4,334,060
Convertible Preferred Stocks
Capital Markets		—		1,156,750		—		1,156,750
Diversified Financial Services		—		790,625		—		790,625
Total Convertible Preferred Stocks		—		1,947,375		—		1,947,375
Total Preferred Stocks		229,232		6,052,203		—		6,281,435
Common Stocks*		450,993		—		—		450,993
Short-Term Investments		—		16,056,766		—		16,056,766
Total	$	680,225	$	461,979,058	$	2,299,661	$	464,958,944

* 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 June 30, 2010:

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)			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2010
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	106,635	$	—	$	(29,207	)	$	91,594		$	(169,022	)	$	—	$	—		$	—
ABS Other		2,345,000		—		—			—			—			—		(2,345,000	)		—
Airlines		1,697,038		—		—			23,641			2,225,000			—		(1,697,038	)		2,248,641
Diversified Manufacturing		716,291		—		—			—			—			—		(716,291	)		—
Non-Captive Consumer		656,624		403		42			32,642			(689,711	)		—		—			—
Treasuries		—		2,159		—			(25,288	)		74,149			—		—			51,020
Convertible Bonds
Technology		43,680		—		—			—			—			—		(43,680	)		—
Total	$	5,565,268	$	2,562	$	(29,165	)	$	122,589		$	1,440,416		$	—	$	(4,802,009	)	$	2,299,661

Securities valued at $4,802,009 were transferred from Level 3 to Level 2 during the period ended June 30, 2010. At September 30, 2009, these securities were valued using broker-dealer bid quotations based on inputs unobservable to the Fund; at June 30, 2010, these securities were valued on the basis of evaluated bids furnished to the Fund by a pricing service.

All transfers are recognized as of the beginning of the reporting period.

14

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund - continued

INDUSTRY SUMMARY AT JUNE 30, 2010 (Unaudited)

Treasuries	18.3	%
Banking	7.4
Commercial Mortgage-Backed Securities	5.9
Wirelines	5.9
Airlines	4.5
Technology	4.4
Electric	3.5
Sovereigns	3.4
Non-Captive Diversified	2.8
Property & Casualty Insurance	2.4
REITs	2.3
Pipelines	2.2
ABS Other	2.0
Other Investments, less than 2% each	31.7
Short-Term Investments	3.5
Total Investments	100.2
Other assets less liabilities	(0.2	)
Net Assets	100.0	%

CURRENCY EXPOSURE AT JUNE 30, 2010 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	72.3	%
Canadian Dollar	15.3
New Zealand Dollar	3.2
Norwegian Krone	2.7
Australian Dollar	2.3
Other, less than 2% each	4.4
Total Investments	100.2
Other assets less liabilities	(0.2	)
Net Assets	100.0	%

15

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Securitized Asset Fund

	Principal Amount		Value (†)
BONDS AND NOTES – 97.7% of Net Assets
ABS Car Loan – 6.6%
ARI Fleet Lease Trust, Series 2010-A, Class A, 1.800%, 8/15/2018, 144A(b)	$	3,310,072	$	3,309,983
Avis Budget Rental Car Funding AESOP LLC, Series 2009-1A, Class A, 9.310%, 10/20/2013, 144A		2,800,000		3,114,821
Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class A, 4.640%, 5/20/2016, 144A		2,895,000		2,999,514
Capital One Auto Finance Trust, Series 2006-C, Class A4, 0.380%, 5/15/2013(b)		568,408		564,569
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014		800,000		837,243
CarMax Auto Owner Trust, Series 2009-2, Class A3, 1.740%, 4/15/2014		1,500,000		1,513,493
Centre Point Funding LLC, Series 2010-1A, Class 1, 5.430%, 7/20/2016, 144A		877,776		906,370
Chrysler Financial Lease Trust, Series 2010-A, Class B, 3.460%, 9/16/2013, 144A		1,475,000		1,473,118
Chrysler Financial Lease Trust, Series 2010-A, Class C, 4.490%, 9/16/2013, 144A		2,195,000		2,192,496
Daimler Chrysler Auto Trust, Series 2008-B, Class A4A, 5.320%, 11/10/2014		1,135,000		1,191,340
Hertz Vehicle Financing LLC, Series 2009-2A, Class A1, 4.260%, 3/25/2014, 144A		2,740,000		2,855,275
Hertz Vehicle Financing LLC, Series 2009-2A, Class A2, 5.290%, 3/25/2016, 144A		3,190,000		3,451,809
Hertz Vehicle Financing LLC, Series 2009-2A, Class B2, 5.930%, 3/25/2016, 144A		2,300,000		2,332,062
Merrill Auto Trust Securitization Asset, Series 2008-1, Class B, 6.750%, 4/15/2015		1,305,000		1,367,769
Navistar Financial Dealer Note Master Trust, Series 2010-1, Class A, 1.997%, 1/26/2015, 144A(b)		5,755,000		5,754,749
Nissan Auto Receivables Owner Trust, Series 2008-B, Class A3, 4.460%, 4/16/2012		838,830		852,934
Nissan Master Owner Trust Receivables, Series 2010-AA, Class A, 1.500%, 1/15/2015, 144A(b)		8,490,000		8,510,933
				43,228,478
ABS Credit Card – 5.3%
Capital One Multi-Asset Execution Trust, Series 2004-A4, Class A4, 0.570%, 3/15/2017(b)		1,895,000		1,877,937
Capital One Multi-Asset Execution Trust, Series 2007-A5, Class A5, 0.390%, 7/15/2020(b)		2,670,000		2,561,904
Chase Issuance Trust, Series 2007-B1, Class B1, 0.600%, 4/15/2019(b)		2,300,000		2,203,162
Chase Issuance Trust, Series 2007-C1, Class C1, 0.810%, 4/15/2019(b)		1,750,000		1,602,093
Citibank Credit Card Issuance Trust, Series 2005-C2, Class C2, 0.817%, 3/24/2017(b)		1,150,000		1,058,545
Citibank Credit Card Issuance Trust, Series 2007-A8, Class A8, 5.650%, 9/20/2019		4,215,000		4,867,085
Discover Card Master Trust, Series 2007-A1, Class A1, 5.650%, 3/16/2020		3,305,000		3,801,701
GE Capital Credit Card Master Note Trust, Series 2007-2, Class B, 0.530%, 3/15/2015(b)		1,335,000		1,281,982

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
ABS Credit Card – continued
GE Capital Credit Card Master Note Trust, Series 2009-4, Class B, 5.390%, 11/15/2017, 144A	$	2,815,000	$	2,897,760
GE Credit Capital Card Master Note Trust, Series 2010-2, Class A, 4.470%, 3/15/2020		4,975,000		5,211,969
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 0.610%, 8/16/2021(b)		2,070,000		1,995,204
MBNA Credit Card Master Note Trust, Series 2004-C2, Class C2, 1.250%, 11/15/2016(b)		3,130,000		2,962,760
World Financial Network Credit Card Master Trust, Series 2006-A, Class A, 0.480%, 2/15/2017, 144A(b)		1,520,000		1,454,249
World Financial Network Credit Card Master Trust, Series 2008-A, Class M, 5.350%, 6/15/2014(b)		706,000		709,439
				34,485,790
ABS Home Equity – 0.9%
Bear Stearns Asset Backed Securities Trust, Series 2006-HE3, Class A3, 0.627%, 4/25/2036(b)		2,228,800		1,145,115
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		750,148		658,905
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A1, 0.457%, 6/25/2021(b)		951,160		770,132
Countrywide Asset-Backed Certificates, Series 2006-S7, Class A3, 5.712%, 11/25/2035		1,797,918		367,494
GSAMP Trust, Series 2005-WMC3, Class A2B, 0.587%, 12/25/2035(b)		1,320,188		1,067,214
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.497%, 7/25/2036(b)		2,391,264		1,748,654
				5,757,514
ABS Other – 2.1%
CIT Equipment Collateral, Series 2008-VT1, Class A3, 6.590%, 12/22/2014		2,301,102		2,379,290
Marriott Vacation Club Owner Trust, Series 2009-2A, Class A, 4.809%, 7/20/2031, 144A		1,493,160		1,512,453
Premium Yield Facility, Series 2010-A, 6.080%, 2/20/2026, 144A		5,000,000		5,000,000
Sierra Receivables Funding Co., Series 2007-1A, Class A2, 0.497%, 3/20/2019, 144A(b)		1,921,370		1,790,030
Sierra Receivables Funding Co., Series 2009-1A, Class A1, 9.790%, 12/22/2025, 144A		215,134		220,742
Sierra Receivables Funding Co., Series 2009-3A, Class A1, 7.620%, 7/20/2026, 144A		900,399		910,973
Sierra Receivables Funding Co., Series 2010-1A, Class A1, 4.480%, 7/20/2026, 144A		2,031,305		2,051,644
				13,865,132
Collateralized Mortgage Obligations – 4.3%
Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.500%, 6/25/2036		1,123,637		680,652
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 5.966%, 7/25/2021(b)		812,608		647,571
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035(c)		2,797,000		3,087,003
Federal National Mortgage Association, Series 2003-26, Class OI, 5.500%, 11/25/2032(c)(d)		12,180,321		979,014

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Collateralized Mortgage Obligations – continued
Federal National Mortgage Association, Series 2004-2, Class QK, 4.000%, 9/25/2017(c)	$	10,000,000	$	10,441,354
First Horizon Alternative Mortgage Securities, Series 2006-AA3, Class A1, 6.200%, 6/25/2036(b)		4,769,759		2,439,536
Residential Accredit Loans, Inc., Series 2006-QS6, Class 2A1, 6.000%, 6/25/2021		110,431		94,709
Residential Accredit Loans, Inc., Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021		484,727		378,940
Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021		2,104,745		1,814,970
Washington Mutual Mortgage Pass Through Certificates, Series 2007-HY2, Class 2A2, 6.359%, 11/25/2036(b)		9,441,146		7,539,308
				28,103,057
Commercial Mortgage-Backed Securities – 28.9%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A2, 5.165%, 9/10/2047		120,000		121,049
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.178%, 9/10/2047(b)		189,000		202,366
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.738%, 5/10/2045(b)		350,000		370,694
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A2, 5.522%, 7/10/2046		460,000		469,493
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		5,375,000		5,554,412
Banc of America Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		6,017,000		6,088,225
Bank of America-First Union NB Commercial Mortgage, Series 2001-3, Class A2, 5.464%, 4/11/2037		415,561		427,602
Bear Stearns Commercial Mortgage Securities, Series 2001-TOP2, Class A2, 6.480%, 2/15/2035		153,117		156,391
Bear Stearns Commercial Mortgage Securities, Series 2005-T18, Class A2, 4.556%, 2/13/2042		119,933		120,534
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		2,725,000		2,669,867
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.717%, 6/11/2040(b)		1,200,000		1,221,136
Citigroup Commercial Mortgage Trust, Series 2006-C5, Class A4, 5.431%, 10/15/2049		7,500,000		7,643,811
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A5, 5.617%, 10/15/2048		5,000,000		5,121,009
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		7,500,000		7,284,401
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.768%, 6/10/2046(b)		250,000		265,809
Credit Suisse Mortgage Capital Certificates, Series 2006-C3, Class A3, 5.825%, 6/15/2038(b)		4,860,000		5,139,168
Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049		5,250,000		5,012,642
Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.722%, 6/15/2039(b)		2,342,000		2,232,229
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.830%, 9/15/2039(b)		5,000,000		4,750,631

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040	$	7,000,000	$	6,646,476
Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 6.215%, 2/15/2041(b)		1,508,000		1,513,647
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		7,510,000		7,386,720
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		8,745,000		8,760,968
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, 5.396%, 8/10/2038		125,000		131,853
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A2, 4.475%, 7/10/2039		745,253		744,906
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		4,515,000		4,671,067
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A2, 5.506%, 4/10/2038		450,725		457,708
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A4, 5.553%, 4/10/2038		6,730,000		6,924,598
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4, 5.560%, 11/10/2039		7,500,000		7,610,154
GS Mortgage Securities Trust, Series 2007-GG10, Class A4, 5.808%, 8/10/2045(b)		12,500,000		12,289,634
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC, Class A3, 6.260%, 3/15/2033		141,639		143,563
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A4, 5.195%, 12/15/2044(b)		3,420,000		3,637,846
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-CB15, Class A4, 5.814%, 6/12/2043		7,500,000		7,782,445
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class A4, 5.440%, 6/12/2047		3,200,000		3,195,900
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		7,585,000		7,412,560
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030		275,000		281,334
LB-UBS Commercial Mortgage Trust, Series 2006-C3, Class A4, 5.661%, 3/15/2039		2,440,000		2,522,596
LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class A3, 5.347%, 11/15/2038		7,500,000		7,738,898
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.610%, 5/12/2039(b)		1,000,000		1,051,735
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.416%, 2/12/2039(b)		1,000,000		1,063,244
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.909%, 6/12/2046(b)		250,000		265,973
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4, 5.414%, 7/12/2046		1,000,000		1,028,133
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		2,525,000		2,415,851
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042		5,280,000		5,485,466
Morgan Stanley Capital I, Series 2005-HQ7, Class A4, 5.206%, 11/14/2042(b)		5,965,000		6,363,374

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041	$	5,000,000	$	5,193,099
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.741%, 8/12/2041(b)		555,000		568,051
Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049		5,275,000		5,088,261
Morgan Stanley Capital I, Series 2007-IQ15, Class A4, 5.880%, 6/11/2049(b)		7,381,000		7,496,130
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A2, 4.380%, 10/15/2041		24,197		24,660
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class A4, 5.418%, 1/15/2045		7,600,000		7,924,804
				188,673,123
Hybrid ARMs – 2.3%
Countrywide Home Loans, Series 2004-HYB5, Class 6A2, 3.540%, 4/20/2035(b)		541,420		178,724
FHLMC, 2.798%, 1/01/2035(b)(c)		269,800		280,026
FHLMC, 5.935%, 2/01/2037(b)(c)		3,802,406		4,052,430
FHLMC, 5.971%, 11/01/2036(b)(c)		3,628,401		3,867,748
FNMA, 5.702%, 9/01/2036(b)(c)		2,068,960		2,197,446
FNMA, 5.947%, 2/01/2037(b)(c)		2,641,744		2,829,585
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.593%, 7/25/2035(b)		896,074		785,822
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 2.939%, 10/25/2035(b)		581,479		532,029
				14,723,810
Mortgage Related – 47.3%
FHLMC, 5.000%, with various maturities from 2022 to 2040(c)(e)		26,731,121		28,461,727
FHLMC, 5.500%, with various maturities from 2035 to 2040(c)(e)		38,863,318		41,754,819
FHLMC, 6.000%, with various maturities from 2036 to 2037(c)(e)		17,310,972		18,825,789
FHLMC, 6.500%, 1/01/2038(c)		93,413		102,570
FHLMC (TBA), 5.000%, 6/01/2036(f)		33,000,000		34,902,648
FHLMC (TBA), 6.000%, 11/01/2035(f)		20,000,000		21,706,240
FNMA, 4.500%, 10/01/2035(c)		593,199		620,282
FNMA, 5.500%, with various maturities from 2034 to 2036(c)(e)		13,200,288		14,207,999
FNMA, 6.000%, with various maturities from 2034 to 2037(c)(e)		8,734,396		9,506,441
FNMA, 6.500%, with various maturities from 2036 to 2038(e)		11,056,550		12,130,298
FNMA, 7.000%, 12/01/2037(c)		26,601		29,585
FNMA (TBA), 6.000%, 10/01/2035(f)		1,295,000		1,404,468
GNMA, 4.500%, with various maturities from 2039 to 2040(c)(e)		82,732,645		86,370,294
GNMA, 5.500%, with various maturities from 2033 to 2036(c)(e)		1,409,722		1,529,278
GNMA, 6.000%, 6/15/2036(c)		111,367		121,818
GNMA, 6.500%, 9/15/2036(c)		389,099		428,265

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
GNMA (TBA), 5.500%, 6/01/2036(f)	$	34,000,000	$	36,730,608
				308,833,129
TOTAL BONDS AND NOTES (Identified Cost $621,187,297)				637,670,033
SHORT-TERM INVESTMENTS – 16.3%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2010 at 0.000% to be repurchased at $106,202,926 on 7/01/2010 collateralized by $95,655,000 Federal Home Loan Mortgage Corp., 4.750% due 11/17/2015 valued at $108,329,288 including accrued interest(g) (Identified Cost $106,202,926)		106,202,926		106,202,926
TOTAL INVESTMENTS – 114.0% (Identified Cost $727,390,223)(a)				743,872,959
Other assets less liabilities – (14.0)%				(91,420,920	)
NET ASSETS – 100.0%			$	652,452,039

(†) 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.):

At June 30, 2010, the net unrealized appreciation on investments based on a cost of $727,390,223 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	$	25,424,490
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(8,941,754	)
Net unrealized appreciation	$	16,482,736

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 June 30, 2010 is disclosed.

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

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

(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. Purchases of delayed delivery instruments may have a similar effect on the Fund’s net asset value as if the Fund had created a degree of leverage in its portfolio. The price of the underlying instruments and the date when they will be paid for are fixed at the time the transaction is negotiated. If the Fund enters into such a transaction, collateral consisting of liquid securities or cash and cash equivalents will be maintained in an amount at least equal to the commitment with the custodian and/or broker. Losses may arise due to changes in the market value of the underlying instruments or if the counterparty does not perform under the contract.

(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. 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. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2010, the total value of these securities amounted to $52,738,981 or 8.1% of net assets.

ABS Asset-Backed Securities

ARMs Adjustable Rate Mortgages

FHLMC Federal Home Loan Mortgage Corp.

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

TBA To Be Announced

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 June 30, 2010, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
ABS Car Loan	$	—	$	40,896,416	$	2,332,062	$	43,228,478
ABS Credit Card		—		34,485,790		—		34,485,790
ABS Home Equity		—		5,390,020		367,494		5,757,514
ABS Other		—		8,865,132		5,000,000		13,865,132
Collateralized Mortgage Obligations		—		28,103,057		—		28,103,057
Commercial Mortgage-Backed Securities		—		188,673,123		—		188,673,123
Hybrid ARMs		—		14,723,810		—		14,723,810
Mortgage Related		—		308,833,129		—		308,833,129
Total Bonds and Notes		—		629,970,477		7,699,556		637,670,033
Short-Term Investments		—		106,202,926		—		106,202,926
Total	$	—	$	736,173,403	$	7,699,556	$	743,872,959

7

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Securitized Asset Fund - continued

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2010:

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)			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2010
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	—	$	—		$	32,272	$	2,299,790		$	—	$	—		$	2,332,062
ABS Home Equity		2,352,830		—		(69,088	)		2,481,155		(2,482,156	)		—		(1,915,247	)		367,494
ABS Other		1,570,000		—		86			10,488		4,330,399			—		(910,973	)		5,000,000
Collateralized Mortgage Obligations		1		—		(6,746	)		6,745		—			—		—			—
Hybrid ARMs		136,111		—		91			95,473		(52,951	)		—		(178,724	)		—
Total	$	4,058,942	$	—	$	(75,657	)	$	2,626,133	$	4,095,082		$	—	$	(3,004,944	)	$	7,699,556

Open Transfers between Levels

INDUSTRY SUMMARY AT JUNE 30, 2010 (Unaudited)

Mortgage Related	47.3	%
Commercial Mortgage-Backed Securities	28.9
ABS Car Loan	6.6
ABS Credit Card	5.3
Collateralized Mortgage Obligations	4.3
Hybrid ARMs	2.3
ABS Other	2.1
ABS Home Equity	0.9
Short-Term Investments	16.3
Total Investments	114.0
Other assets less liabilities	(14.0	)
Net Assets	100.0	%

8

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Small Cap Value Fund

	Shares	Value (†)
COMMON STOCKS – 99.3% of Net Assets
Air Freight & Logistics – 1.2%
Atlas Air Worldwide Holdings, Inc.(b)	215,956	$	10,257,910
Auto Components – 1.6%
Dana Holding Corp.(b)	397,260		3,972,600
Goodyear Tire & Rubber Co. (The)(b)	404,746		4,023,175
Tenneco, Inc.(b)	284,295		5,987,253
			13,983,028
Building Products – 1.0%
American Woodmark Corp.	4,130		70,623
Armstrong World Industries, Inc.(b)	142,250		4,293,105
Griffon Corp.(b)	348,440		3,853,746
			8,217,474
Capital Markets – 3.1%
Ares Capital Corp.	555,653		6,962,332
Fifth Street Finance Corp.	698,225		7,701,422
JMP Group, Inc.	161,713		1,001,003
Stifel Financial Corp.(b)	162,890		7,067,797
SWS Group, Inc.	432,968		4,113,196
			26,845,750
Chemicals – 3.6%
Calgon Carbon Corp.(b)	270,934		3,587,166
Ferro Corp.(b)	613,965		4,524,922
Koppers Holdings, Inc.	200,009		4,496,202
Minerals Technologies, Inc.	80,553		3,829,490
Olin Corp.	244,931		4,430,802
WR Grace & Co.(b)	263,186		5,537,433
Zep, Inc.	233,915		4,079,478
			30,485,493
Commercial Banks – 7.3%
Cathay General Bancorp	380,041		3,925,824
First Financial Bancorp	482,716		7,216,604
First Horizon National Corp.(b)	543,162		6,219,210
First Midwest Bancorp, Inc.	417,314		5,074,538
Hancock Holding Co.	166,074		5,540,229
IBERIABANK Corp.	161,834		8,331,214
Popular, Inc.(b)	2,273,275		6,092,377
Prosperity Bancshares, Inc.	203,423		7,068,949
Signature Bank(b)	228,219		8,674,604
Sterling Bancshares, Inc.	941,772		4,435,746
			62,579,295
Commercial Services & Supplies – 3.7%
McGrath Rentcorp	147,833		3,367,636
Rollins, Inc.	579,499		11,989,834
Standard Parking Corp.(b)	444,373		7,034,425
Team, Inc.(b)	174,849		2,281,779

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Commercial Services & Supplies – continued
Waste Connections, Inc.(b)	191,730	$	6,689,460
			31,363,134
Communications Equipment – 0.8%
ADTRAN, Inc.	255,829		6,976,457
Computers & Peripherals – 0.2%
Intevac, Inc.(b)	197,385		2,106,098
Construction & Engineering – 0.4%
MYR Group, Inc.(b)	220,663		3,682,865
Consumer Finance – 1.4%
Cash America International, Inc.	134,704		4,616,306
Dollar Financial Corp.(b)	352,286		6,971,740
			11,588,046
Distributors – 0.4%
Core-Mark Holding Co., Inc.(b)	134,464		3,684,314
Diversified Financial Services – 1.1%
MarketAxess Holdings, Inc.	223,966		3,088,491
PHH Corp.(b)	311,941		5,939,357
			9,027,848
Electric Utilities – 2.5%
ALLETE, Inc.	203,571		6,970,271
ITC Holdings Corp.	147,590		7,808,987
UIL Holdings Corp.	257,628		6,448,429
			21,227,687
Electrical Equipment – 3.9%
Baldor Electric Co.	260,504		9,398,984
Encore Wire Corp.	163,553		2,975,029
General Cable Corp.(b)	106,700		2,843,555
GrafTech International Ltd.(b)	386,256		5,647,063
II-VI, Inc.(b)	282,201		8,361,616
Thomas & Betts Corp.(b)	123,425		4,282,847
			33,509,094
Electronic Equipment Instruments & Components – 2.4%
Littelfuse, Inc.(b)	110,586		3,495,624
Methode Electronics, Inc.	471,204		4,589,527
ScanSource, Inc.(b)	251,142		6,260,970
TTM Technologies, Inc.(b)	602,884		5,727,398
			20,073,519
Energy Equipment & Services – 2.2%
Dresser-Rand Group, Inc.(b)	238,477		7,523,949
Lufkin Industries, Inc.	157,568		6,143,576

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Energy Equipment & Services – continued
Oceaneering International, Inc.(b)	113,042	$	5,075,586
			18,743,111
Food & Staples Retailing – 0.9%
BJ’s Wholesale Club, Inc.(b)	94,879		3,511,472
Spartan Stores, Inc.	282,047		3,869,685
			7,381,157
Food Products – 2.2%
Corn Products International, Inc.	80,256		2,431,757
Darling International, Inc.(b)	725,343		5,447,326
Fresh Del Monte Produce, Inc.(b)	186,239		3,769,477
J & J Snack Foods Corp.	168,066		7,075,579
			18,724,139
Gas Utilities – 1.8%
UGI Corp.	604,457		15,377,386
Health Care Equipment & Supplies – 2.6%
Haemonetics Corp.(b)	126,173		6,752,779
Medical Action Industries, Inc.(b)	262,583		3,148,370
Teleflex, Inc.	135,254		7,341,587
West Pharmaceutical Services, Inc.	124,562		4,545,268
			21,788,004
Health Care Providers & Services – 1.8%
Almost Family, Inc.(b)	107,462		3,753,647
CorVel Corp.(b)	44,049		1,488,416
MEDNAX, Inc.(b)	103,792		5,771,873
WellCare Health Plans, Inc.(b)	184,505		4,380,149
			15,394,085
Hotels, Restaurants & Leisure – 2.1%
Bob Evans Farms, Inc.	181,897		4,478,304
California Pizza Kitchen, Inc.(b)	149,648		2,267,167
Isle of Capri Casinos, Inc.(b)	430,695		3,988,236
Wyndham Worldwide Corp.	349,425		7,037,420
			17,771,127
Household Durables – 1.4%
Jarden Corp.	197,326		5,302,149
Leggett & Platt, Inc.	349,731		7,015,604
			12,317,753
Industrial Conglomerates – 0.6%
Raven Industries, Inc.	148,929		5,020,397
Insurance – 5.5%
Aspen Insurance Holdings Ltd.	256,449		6,344,548

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Insurance – continued
Employers Holdings, Inc.	271,528	$	3,999,607
Hanover Insurance Group, Inc. (The)	134,037		5,830,610
HCC Insurance Holdings, Inc.	299,373		7,412,476
Old Republic International Corp.	496,165		6,018,481
ProAssurance Corp.(b)	123,616		7,016,444
Reinsurance Group of America, Inc.	114,083		5,214,734
RLI Corp.	97,569		5,123,348
			46,960,248
Internet & Catalog Retail – 0.5%
HSN, Inc.(b)	162,622		3,902,928
Internet Software & Services – 0.8%
AOL, Inc.(b)	108,547		2,256,692
IAC/InterActiveCorp(b)	193,225		4,245,153
			6,501,845
IT Services – 3.7%
Alliance Data Systems Corp.(b)	104,455		6,217,162
Broadridge Financial Solutions, Inc.	355,706		6,776,199
iGATE Corp.	376,464		4,826,268
Lender Processing Services, Inc.	190,332		5,959,295
Wright Express Corp.(b)	257,415		7,645,226
			31,424,150
Life Sciences Tools & Services – 1.0%
Mettler-Toledo International, Inc.(b)	33,122		3,697,409
Pharmaceutical Product Development, Inc.	200,248		5,088,302
			8,785,711
Machinery – 5.9%
Actuant Corp., Class A	334,348		6,295,773
Albany International Corp., Class A	486,785		7,881,049
Altra Holdings, Inc.(b)	467,709		6,089,571
Commercial Vehicle Group, Inc.(b)	241,135		2,461,988
Federal Signal Corp.	451,810		2,728,932
Harsco Corp.	131,887		3,099,345
John Bean Technologies Corp.	370,402		5,648,631
Middleby Corp. (The)(b)	42,038		2,236,001
RBC Bearings, Inc.(b)	146,570		4,249,064
Wabash National Corp.(b)	636,420		4,524,946
Wabtec Corp.	117,284		4,678,459
			49,893,759
Marine – 0.7%
Kirby Corp.(b)	156,357		5,980,655
Media – 4.3%
Alloy, Inc.(b)	244,628		2,294,611

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
Media – continued
Arbitron, Inc.	163,892	$	4,200,552
John Wiley & Sons, Inc., Class A	211,322		8,171,822
Liberty Media-Starz, Series A(b)	176,394		9,144,265
Live Nation Entertainment, Inc.(b)	386,428		4,038,173
Madison Square Garden, Inc., Class A(b)	243,733		4,794,228
Scholastic Corp.	183,346		4,422,305
			37,065,956
Metals & Mining – 1.5%
Haynes International, Inc.	107,699		3,320,360
Horsehead Holding Corp.(b)	508,775		3,846,339
Reliance Steel & Aluminum Co.	166,083		6,003,901
			13,170,600
Multiline Retail – 0.5%
Fred’s, Inc., Class A	371,738		4,111,422
Oil, Gas & Consumable Fuels – 3.2%
Berry Petroleum Co., Class A	208,851		5,371,648
Cloud Peak Energy, Inc.(b)	306,483		4,063,965
Comstock Resources, Inc.(b)	248,742		6,895,128
Penn Virginia Corp.	341,640		6,870,380
Rosetta Resources, Inc.(b)	191,195		3,787,573
			26,988,694
Paper & Forest Products – 0.5%
Deltic Timber Corp.	94,118		3,934,132
Pharmaceuticals – 1.1%
Obagi Medical Products, Inc.(b)	371,504		4,391,177
Perrigo Co.	84,951		5,018,056
			9,409,233
Professional Services – 0.7%
Diamond Management & Technology Consultants, Inc.	407,618		4,202,542
Navigant Consulting, Inc.(b)	159,540		1,656,025
			5,858,567
Real Estate Management & Development – 0.5%
Forestar Group, Inc.(b)	251,839		4,523,028
REITs – 7.7%
American Campus Communities, Inc.	332,085		9,062,600
BioMed Realty Trust, Inc.	381,261		6,134,489
Capstead Mortgage Corp.	175,505		1,941,085
Chimera Investment Corp.	1,780,247		6,426,692
Digital Realty Trust, Inc.	108,656		6,267,278
DuPont Fabros Technology, Inc.	268,619		6,597,283
National Retail Properties, Inc.	268,632		5,759,470

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Shares	Value (†)
COMMON STOCKS – continued
REITs – continued
Potlatch Corp.	235,691	$	8,421,239
Sovran Self Storage, Inc.	101,476		3,493,819
U-Store-It Trust	570,963		4,259,384
UDR, Inc.	357,042		6,830,213
			65,193,552
Road & Rail – 1.3%
Genesee & Wyoming, Inc., Class A(b)	165,880		6,188,983
Old Dominion Freight Line, Inc.(b)	63,131		2,218,423
Vitran Corp., Inc.(b)	202,307		2,676,522
			11,083,928
Semiconductors & Semiconductor Equipment – 3.0%
Applied Micro Circuits Corp.(b)	200,150		2,097,572
Cohu, Inc.	251,428		3,049,822
Diodes, Inc.(b)	194,521		3,087,048
ON Semiconductor Corp.(b)	988,002		6,303,453
Teradyne, Inc.(b)	665,150		6,485,212
TriQuint Semiconductor, Inc.(b)	681,644		4,164,845
			25,187,952
Software – 2.0%
Progress Software Corp.(b)	187,010		5,615,910
Radiant Systems, Inc.(b)	248,550		3,594,033
Sybase, Inc.(b)	115,212		7,449,608
			16,659,551
Specialty Retail – 2.0%
Genesco, Inc.(b)	194,583		5,119,479
Jo-Ann Stores, Inc.(b)	139,041		5,215,428
Sally Beauty Holdings, Inc.(b)	864,336		7,087,555
			17,422,462
Textiles, Apparel & Luxury Goods – 1.0%
Fossil, Inc.(b)	193,174		6,703,138
Movado Group, Inc.(b)	208,947		2,231,554
			8,934,692
Thrifts & Mortgage Finance – 1.2%
MGIC Investment Corp.(b)	466,072		3,211,236
Washington Federal, Inc.	412,680		6,677,162
			9,888,398
Water Utilities – 0.5%
Middlesex Water Co.	272,189		4,314,196
TOTAL COMMON STOCKS (Identified Cost $797,114,308)			845,320,830

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2010 (Unaudited)

Loomis Sayles Small Cap Value Fund - continued

	Principal Amount		Value (†)
SHORT-TERM INVESTMENTS – 1.7%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2010 at 0.000% to be repurchased at $14,826,171 on 7/01/2010 collateralized by $13,355,000 Federal Home Loan Mortgage Corp., 4.750% due 11/17/2015 valued at $15,124,538 including accrued interest(c) (Identified Cost $14,826,171)	$	14,826,171	$	14,826,171
TOTAL INVESTMENTS – 101.0% (Identified Cost $811,940,479)(a)				860,147,001
Other assets less liabilities – (1.0)%				(8,564,337	)
NET ASSETS – 100.0%			$	851,582,664

(†) 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 June 30, 2010, the net unrealized appreciation on investments based on a cost of $811,792,082 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	$	97,926,357
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(49,571,438	)
Net unrealized appreciation	$	48,354,919

At September 30, 2009, the Fund had a capital loss carryforward of $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. 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. 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 June 30, 2010 (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 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 June 30, 2010, at value:

Asset Valuation Inputs

Description*	Level 1		Level 2		Level 3		Total
Common Stocks	$	845,320,830	$	—	$	—	$	845,320,830
Short-Term Investments		—		14,826,171		—		14,826,171
Total	$	845,320,830	$	14,826,171	$	—	$	860,147,001

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

INDUSTRY SUMMARY AT JUNE 30, 2010 (Unaudited)

REITs	7.7	%
Commercial Banks	7.3
Machinery	5.9
Insurance	5.5
Media	4.3
Electrical Equipment	3.9
IT Services	3.7
Commercial Services & Supplies	3.7
Chemicals	3.6
Oil, Gas & Consumable Fuels	3.2
Capital Markets	3.1
Semiconductors & Semiconductor Equipment	3.0
Health Care Equipment & Supplies	2.6
Electric Utilities	2.5
Electronic Equipment Instruments & Components	2.4
Energy Equipment & Services	2.2
Food Products	2.2
Hotels, Restaurants & Leisure	2.1
Specialty Retail	2.0
Software	2.0
Other Investments, less than 2% each	26.4
Short-Term Investments	1.7
Total Investments	101.0
Other assets less liabilities	(1.0	)
Net Assets	100.0	%

8

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS

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

SIGNATURES

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

Loomis Sayles Funds I
By:	/s/    ROBERT J. BLANDING
Name:	Robert J. Blanding
Title:	President and Chief Executive Officer
Date:	August 23, 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:	August 23, 2010
By:	/s/    MICHAEL C. KARDOK
Name:	Michael C. Kardok
Title:	Treasurer
Date:	August 23, 2010