REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders
of the CDC Nvest Funds Trust I,
CDC Nvest Funds Trust II,
Loomis Sayles Funds I,
and Loomis Sayles Funds II


In planning and performing  our audits of the financial  statements of the funds
listed in  Appendix A  (collectively  known as the  "Funds")  for the year ended
September 30, 2004, we considered  their  internal  control,  including  control
activities  for  safeguarding  securities,  in order to  determine  our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR,  not to provide  assurance on
internal control.

The  management of the Funds is responsible  for  establishing  and  maintaining
internal control. In fulfilling this responsibility,  estimates and judgments by
management  are  required to assess the expected  benefits and related  costs of
controls.  Generally,  controls  that are  relevant  to an audit  pertain to the
entity's objective of preparing financial  statements for external purposes that
are  fairly   presented  in  conformity  with  generally   accepted   accounting
principles.   Those  controls   include  the   safeguarding  of  assets  against
unauthorized acquisition, use or disposition.

Because of inherent  limitations in internal control,  errors or fraud may occur
and not be detected.  Also,  projection of any evaluation of internal control to
future  periods  is  subject to the risk that  controls  may  become  inadequate
because of changes in conditions or that the  effectiveness  of their design and
operation may deteriorate.

Our consideration of internal control would not necessarily disclose all matters
in  internal   control  that  might  be  material   weaknesses  under  standards
established by the Public Company Accounting  Oversight Board (United States). A
material  weakness,  for  purposes of this  report,  is a condition in which the
design or operation of one or more of the internal  control  components does not
reduce to a relatively low level the risk that misstatements  caused by error or
fraud in amounts that would be material in relation to the financial  statements
being audited may occur and not be detected  within a timely period by employees
in the normal course of performing their assigned  functions.  However, we noted
no matters involving internal control and its operation,  including controls for
safeguarding  securities,  that we consider to be material weaknesses as defined
above as of September 30, 2004.


This  report is  intended  solely  for the  information  and use of the Board of
Trustees,  management  and the  Securities  and Exchange  Commission  and is not
intended  to be and  should not be used by anyone  other  than  these  specified
parties.






November 16, 2004





Appendix A: List of Funds under audit at September 30, 2004


FUND

CDC NVEST FUNDS TRUST I:
Loomis Sayles Core Plus Bond Fund
Loomis Sayles Government Securities Fund

CDC NVEST FUNDS TRUST II:
Loomis Sayles Massachusetts Tax Free Income Fund

LOOMIS SAYLES FUNDS I:
Loomis Sayles Benchmark Core Bond Fund
Loomis Sayles Bond Fund
Loomis Sayles Fixed Income Fund
Loomis Sayles Global Bond Fund
Loomis Sayles High Income Opportunities Fund
Loomis Sayles Institutional High Income Fund
Loomis Sayles Intermediate Duration Fixed Income Fund
Loomis Sayles Investment Grade Fixed Income Fund
Loomis Sayles Mid Cap Growth Fund
Loomis Sayles Small Cap Value Fund
Loomis Sayles Small Company Growth Fund
Loomis Sayles U.S. Government Securities Fund

LOOMIS SAYLES FUNDS II:
Loomis Sayles Aggressive Growth Fund
Loomis Sayles Growth Fund
Loomis Sayles High Income Fund
Loomis Sayles International Equity Fund
Loomis Sayles Investment Grade Bond Fund
Loomis Sayles Limited Term U.S. Government Fund
Loomis Sayles Municipal Income Fund
Loomis Sayles Research Fund
Loomis Sayles Small Cap Growth Fund
Loomis Sayles Strategic Income Fund
Loomis Sayles Tax-Managed Equity Fund
Loomis Sayles Value Fund
Loomis Sayles Worldwide Fund