UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04323

Natixis Funds Trust 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:     March 31, 2009

Item 1. Reports to Stockholders.

The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

INCOME FUNDS

SEMIANNUAL REPORT

March 31, 2009

Loomis Sayles Core Plus Bond Fund

Loomis Sayles High Income Fund

Loomis Sayles International Bond Fund

Loomis Sayles Limited Term Government and Agency Fund

Loomis Sayles Strategic Income Fund

TABLE OF CONTENTS

Management Discussion and Performancepage  1

Portfolio of Investmentspage 15

LOOMIS SAYLES CORE PLUS BOND FUND

PORTFOLIO PROFILE

Objective:

Seeks a high level of current income consistent with what the fund considers reasonable risk

Strategy:

Invests primarily in U.S. corporate and U.S. government bonds

Fund Inception:

November 7, 1973

Managers:

Peter W. Palfrey, CFA

Richard G. Raczkowski

Loomis, Sayles & Company, L.P.

Symbols:

Class A	NEFRX
Class B	NERBX
Class C	NECRX
Class Y	NERYX

What You Should Know:

Fixed-income securities are subject to credit risk and interest rate risk; their value generally rises when prevailing interest rates fall and falls when rates rise.

The fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. The fund can also invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets, these risks can be significant. Fund shares should be viewed as a long-term investment.

Management Discussion

As Loomis Sayles Core Plus Bond Fund’s fiscal year got underway last fall, widespread concern about the world’s financial markets troubled investors, although the market’s risk tolerance appeared to increase modestly in March of 2009. For the six months ended March 31, 2009, the fund returned 3.80% based on the net asset value of Class A shares and $0.36 in reinvested dividends. The fund lagged its broad-based benchmark, Barclays Capital Aggregate Bond Index, which returned 4.70%, but its results were better than the -0.49% average return on the funds in its Morningstar Intermediate-Term Bond peer group. The fund’s 30-day SEC yield as of March 31, 2009 was 5.80%.

WHAT HELPED THE FUND OUTPERFORM ITS PEER GROUP?

As part of a gradual, tactical shift during the period, we capitalized on strength in certain high-yield assets and invested the proceeds in what we felt were attractive, investment-grade names, which did relatively well in December. We added to these positions primarily by investing in new issues that were brought to market at what we saw as significant discounts. In the first quarter of 2009 the fund benefited from rising valuations of higher-yielding, lower-quality issues as risk aversion began to diminish.

The fund’s holdings in U.S. government agency securities were positive after the Treasury announced targeted purchases. While commercial mortgage-backed securities (CMBS) modestly underperformed the broader market, our combination of well-seasoned, high-quality CMBS did relatively well. U.S. government agency securities also contributed to performance.

Generally speaking, our non-U.S. dollar allocations were positive for the fund during the past six months. We had a significant allocation to securities denominated in the Japanese yen as a defensive measure late in 2008, but we sold most of these positions at a profit later in the period and redeployed assets to securities denominated in Canadian and Australian dollars. These shifts proved to be opportune.

WHAT CAUSED THE FUND TO LAG ITS BENCHMARK?

Our allocation to mortgage-backed securities included 30-year, higher-quality issues in an effort to lengthen spread duration while keeping a lid on risk. Government support caused this sector to do well, but the fund was underweight in these issues relative to the benchmark, which limited its ability to benefit from the rally.

Treasury securities were the top performers during the final three months of 2008. However, this trend reversed in the first quarter of 2009 as interest rates rose and risk aversion diminished. The fund’s holdings in 20-year Treasury Inflation Protected Securities (TIPS) provided attractive returns in the first quarter of 2009, but this did not outweigh negative returns late in 2008. We recently reduced the fund’s TIPS exposure and redeployed the assets into a combination of shorter- and longer-maturity nominal (non-TIPS) Treasuries.

We took advantage of low prices late in 2008, adding to the fund’s position in financials. This strategy worked well in the closing quarter of 2008, although it detracted from performance early in 2009 as spreads (the price differential between lower- and higher-quality issues) narrowed. However, for the full six-month period, the fund’s overweight in financials was a net positive. Negative security selection among high-yield industrials made this the fund’s worst-performing group for the period.

WHAT NOW?

We plan to continue adding opportunistically to investment-grade corporate bonds, focusing on the new-issue market. We also plan to add to high-quality CMBS and cautiously extend the fund’s position in high-yielding securities if the credit markets show further signs of stabilizing. We are currently focusing on investment-grade, non-financial companies. Our goal is to build longer-term value while reducing interest rate sensitivity as the recovery in the financial markets gains traction.

1

LOOMIS SAYLES CORE PLUS BOND FUND

Investment Results through March 31, 2009

PERFORMANCE IN PERSPECTIVE

The charts comparing the fund’s performance to two indexes provide you with a general sense of how it performed. The fund’s total return for the period shown below appears with and without sales charges and includes fund expenses and fees. An index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged and does not have expenses that affect the results. It is not possible to invest directly in an index. Investors would incur transaction costs and other expenses if they purchased the securities necessary to match the index.

Growth of a $10,000 Investment in Class A Shares⁴

Average Annual Returns — March 31, 2009⁴

	6 MONTHS		1 YEAR		5 YEARS		10 YEARS
CLASS A (Inception 11/7/73)
Net Asset Value1	3.80	%	-1.40	%	3.01	%	4.24	%
With Maximum Sales Charge2	-0.90		-5.86		2.06		3.76
CLASS B (inception 9/13/93)
Net Asset Value1	3.40		-2.15		2.26		3.48
With CDSC3	-1.60		-6.80		1.93		3.48
CLASS C (Inception 12/30/94)
Net Asset Value1	3.44		-2.09		2.25		3.47
With CDSC3	2.44		-3.01		2.25		3.47
CLASS Y (Inception 12/30/94)
Net Asset Value1	3.91		-1.15		3.28		4.60
COMPARATIVE PERFORMANCE	6 MONTHS		1 YEAR		5 YEARS		10 YEARS
Barclays Capital Aggregate Bond Index	4.70	%	3.13	%	4.13	%	5.70	%
Barclays Capital U.S. Credit Index	2.18		-5.21		1.62		4.74
Morningstar Int.-Term Bond Fund Avg.	-0.49		-4.94		1.36		3.92

See page 11 for a description of the indexes.

All returns represent past performance and do not guarantee future results. Periods of less than one year are not annualized. Share price and return will vary and you may have a gain or loss when you sell your shares. All results include reinvestment of any dividends and capital gains. Current returns may be higher or lower than those shown. For performance current to the most recent month-end, visit www.funds.natixis.com. Class Y shares are available to certain investors, as described in the prospectus.

The table and graph do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

PORTFOLIO FACTS

	% of Net Assets as of
CREDIT QUALITY	3/31/09	9/30/08
Aaa	48.2	59.1
Aa	4.9	5.6
A	11.2	4.8
Baa	20.4	14.6
Ba	5.0	4.8
B	3.5	5.7
Caa	0.8	0.5
Ca	0.2	0.3
Not Rated*	5.0	3.8
Short-term and other	0.8	0.8

Credit quality is based on ratings from Moody’s Investors Service.

* Securities that are not rated by Moody’s may be rated by another rating agency or by Loomis Sayles.

	% of Net Assets as of
EFFECTIVE DURATION	3/31/09		9/30/08
1 year or less	5.0		8.8
1-5 years	48.4		39.7
5-10 years	34.7		40.0
10+ years	11.9		11.5
Average Effective Duration	5.4	years	5.7	years

Portfolio characteristics will vary.

EXPENSE RATIOS AS STATED IN THE MOST RECENT PROSPECTUS

Share Class	Gross Expense Ratio5		Net Expense Ratio6
A	1.04	%	0.90	%
B	1.80		1.65
C	1.79		1.65
Y	0.75		0.65

NOTES TO CHARTS

¹ Does not include a sales charge.

² Includes maximum sales charge of 4.50%.

³ Performance for Class B shares assumes a maximum 5% contingent deferred sales charge (“CDSC”) applied when you sell shares, which declines annually between years 1-6 according to the following schedule: 5, 4, 3, 3, 2, 1, 0%. Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

⁴ Fund performance has been increased by expense reductions and reimbursements, if any, without which performance would have been lower.

⁵ Before reductions and reimbursements.

⁶ After reductions and reimbursements. Expense reductions are contractual and are set to expire on 1/31/10.

2

LOOMIS SAYLES HIGH INCOME FUND

PORTFOLIO PROFILE

Objective:

Seeks high current income plus the opportunity for capital appreciation to produce a high total return

Strategy:

Invests primarily in lower-quality fixed-income securities

Fund Inception:

February 22, 1984

Managers:

Matthew J. Eagan, CFA

Kathleen C. Gaffney, CFA

Elaine M. Stokes

Loomis, Sayles & Company, L.P.

Symbols:

Class A	NEFHX
Class B	NEHBX
Class C	NEHCX
Class Y	NEHYX

What You Should Know:

Fixed-income securities are subject to credit risk and interest rate risk; their value generally rises when prevailing interest rates fall and falls when rates rise.

The fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. The fund can also invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets, these risks can be significant. Fund shares should be viewed as a long-term investment.

Management Discussion

With the exception of U.S. government issues, bond markets suffered significant declines last fall, as credit markets remained frozen and the global economy continued to contract. However, conditions became more stable in December and for much of the first quarter of 2009. Massive government stimulus packages and loan programs brought a measure of reassurance, encouraging investors to move tentatively into corporate sectors.

For the six-month fiscal period ended March 31, 2009, the total return on Loomis Sayles High Income Fund was -12.25% based on the net asset value of Class A shares and $0.19 in reinvested dividends. Although these results are disappointing in absolute terms, the fund achieved a slim lead over its benchmark, Barclays Capital High Yield Composite Index, which returned -12.97% for the period, and outperformed the -15.47% average return on Morningstar’s High Yield Bond category. The fund’s 30-day SEC yield as of March 31, 2009 was 9.51%.

WHICH FACTORS WERE THE MOST HARMFUL?

Stretches of severe illiquidity that began last fall fueled investors’ risk aversion, as bond dealers were unwilling to take positions in the turbulent markets. The result was falling prices for corporate issues across all quality ranges, as nervous investors shifted assets into Treasury issues. The fund’s returns suffered from the marked weakness in holdings rated below investment grade, especially securities of companies burdened by heavy debt levels.

A combination of rising unemployment, recession and unwieldy debt loads also drove down the price of bonds that had been issued as part of leveraged buy-outs – corporate acquisitions that had been financed largely by borrowing when credit was abundant. Lower-rated holdings in the industrial and utilities sectors were especially hard hit as balance sheets weakened and defaults increased. Reduced consumer spending also drove down valuations on fund holdings in the consumer discretionary and staples sectors.

WHAT HELPED STABILIZE THE MARKETS?

A series of government measures in the past several months pumped large amounts of capital into the credit markets, allaying our concerns of a possible system-wide meltdown. We took advantage of the market’s improving tone to expand holdings of higher-quality banking issues selling at low prices. By the end of March 2009, this strategy had aided absolute and relative returns, as investment-grade issues staged a partial recovery.

The Federal Reserve introduced one program aimed at supporting the credit needs of households and small businesses and another designed to provide liquidity for banks with “toxic” assets on their balance sheets. These initiatives bolstered confidence in bonds backed by commercial mortgages and those secured by auto and student loans. We responded by increasing the fund’s exposure to AAA-rated Commercial Mortgage Backed Securities and Asset Backed Securities tied to credit card debt. This boosted both relative and absolute returns in the first three months of 2009, when investors began to take interest in better quality, high-yield issues – those rated BB – where default risks appeared lower. Unfortunately, this renewed interest was not enough to erase earlier declines.

WHAT DO YOU SEE AHEAD?

We believe high-yield issues will continue to be volatile, as defaults continue to increase over the course of the year. We remain underweight the CCC-rated portion of the market, as we believe most defaults will come from this space. We believe investment-grade credit continues to offer strong relative value, as spreads remain at relatively wide levels. As the markets grow more convinced the global recovery has taken hold, we eventually expect to see more demand for riskier assets, such as high-yield and investment-grade credit, as well as commodity currencies.

3

LOOMIS SAYLES HIGH INCOME FUND

Investment Results through March 31, 2009

PERFORMANCE IN PERSPECTIVE

The charts comparing the fund’s performance to an index provide you with a general sense of how it performed. The fund’s total return for the period shown below appears with and without sales charges and includes fund expenses and fees. An index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged and does not have expenses that affect the results. It is not possible to invest directly in an index. Investors would incur transaction costs and other expenses if they purchased the securities necessary to match the index.

Growth of a $10,000 Investment in Class A Shares⁴

Average Annual Returns — March 31, 2009⁴

	6 MONTHS		1 YEAR		5 YEARS		10 YEARS		SINCE INCEPTION
CLASS A (Inception 2/22/84)
Net Asset Value1	-12.25	%	-19.85	%	0.80	%	-0.83	%	—
With Maximum Sales Charge2	-16.21		-23.51		-0.12		-1.29		—
CLASS B (Inception 9/20/93)
Net Asset Value1	-12.81		-20.65		0.02		-1.59		—
With CDSC3	-16.95		-24.30		-0.27		-1.59		—
CLASS C (Inception 3/2/98)
Net Asset Value1	-12.59		-20.44		0.04		-1.58		—
With CDSC3	-13.42		-21.17		0.04		-1.58		—
CLASS Y (Inception 2/29/08)
Net Asset Value1	-12.14		-19.66		—		—		-18.72	%
COMPARATIVE PERFORMANCE	6 MONTHS		1 YEAR		5 YEARS		10 YEARS		SINCE CLASS Y INCEPTION7
Barclays Capital High Yield Composite Index	-12.97	%	-19.31	%	-0.10	%	2.58	%	-18.22	%
Morningstar High Yield Bond Fund Avg.	-15.47		-20.97		-1.42		0.99		-19.77

See page 11 for a description of the indexes.

All returns represent past performance and do not guarantee future results. Periods of less than one year are not annualized. Share price and return will vary and you may have a gain or loss when you sell your shares. All results include reinvestment of dividends and capital gains. Current returns may be higher or lower than those shown. For performance current to the most recent month-end, visit www.funds.natixis.com. Performance history includes periods from a predecessor fund. Class Y shares are available to certain investors, as described in the prospectus.

The table and graph do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

PORTFOLIO FACTS

	% of Net Assets as of
CREDIT QUALITY	3/31/09	9/30/08
Aaa	20.1	17.3
Aa	1.2	2.0
A	2.0	1.0
Baa	7.2	7.6
Ba	19.0	14.9
B	26.4	28.9
Caa	9.2	16.4
Ca	1.3	0.5
C	0.0	0.0
Not Rated*	11.4	10.1
Short-term and other	2.2	1.3

Credit quality is based on ratings from Moody’s Investors Service.

* Securities that are not rated by Moody’s may be rated by another rating agency or by Loomis Sayles.

	% of Net Assets as of
EFFECTIVE MATURITY	3/31/09		9/30/08
1 year or less	21.3		16.0
1-5 years	24.4		25.7
5-10 years	31.3		28.5
10+ years	23.0		29.8
Average Effective Maturity	7.8	years	8.8	years

Portfolio characteristics will vary.

EXPENSE RATIOS AS STATED IN THE MOST RECENT PROSPECTUS

Share Class	Gross Expense Ratio5		Net Expense Ratio6
A	1.40	%	1.15	%
B	2.15		1.90
C	2.15		1.90
Y	1.15		0.90

NOTES TO CHARTS

¹ Does not include a sales charge.

² Includes maximum sales charge of 4.50%.

³ Performance for Class B shares assumes a maximum 5% contingent deferred sales charge (“CDSC”) applied when you sell shares, which declines annually between years 1-6 according to the following schedule: 5, 4, 3, 3, 2, 1, 0%. Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

⁴ Fund performance has been increased by expense reductions and reimbursements, if any, without which performance would have been lower.

⁵ Before reductions and reimbursements.

⁶ After reductions and reimbursements. Expense reductions are contractual and are set to expire on 1/31/10.

⁷ The since-inception comparative performance figures shown for Class Y shares are calculated from 3/1/08.

4

LOOMIS SAYLES INTERNATIONAL BOND FUND

PORTFOLIO PROFILE

Objective:

Seeks high total return through a combination of high current income and capital appreciation

Strategy:

Invests primarily in fixed-income securities located outside the U.S.

Fund Inception:

February 1, 2008

Managers:

Lynda L. Schweitzer, CFA

Kenneth M. Buntrock, CFA, CIC

David W. Rolley, CFA

Loomis, Sayles & Company, L.P.

Symbols:

Class A	LSIAX
Class C	LSICX
Class Y	LSIYX

What You Should Know:

Fixed-income securities are subject to credit risk and interest rate risk; their value generally rises when prevailing interest rates fall and falls when rates rise. The fund may also invest in public or private debt obligations issued or guaranteed by U.S. or non-U.S. issuers. The fund can invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The fund can invest a significant percentage of assets in debt securities that are rated below investment grade. Lower-rated debt securities have speculative characteristics and may be subject to greater price volatility than higher-rated investments. In addition, the secondary market for these securities may lack liquidity. Fund shares should be viewed as a long-term investment.

Management Discussion

Investors in capital markets around the world continued to be strongly risk averse as the credit crisis worsened and the global economy contracted during the six months ended March 31, 2009. Fixed-income securities with higher credit risk performed poorly throughout most of the period, while government bonds and other high-quality issues did relatively well. In the international currency markets, the U.S. dollar gained in strength against most foreign currencies, including the euro and the Japanese yen.

For the six months ended March 31, 2009, Class A shares of Loomis Sayles International Bond Fund returned -2.04% at net asset value, including $0.10 in dividends reinvested during the period. For the same six months, the fund’s benchmark, Barclays Capital Global Aggregate Bond ex-USD Index, returned -0.08%, while the average return on the funds in Morningstar’s World Bond category was -1.35%. The fund’s 30-day SEC yield as of March 31, 2009 was 3.95%.

WHAT CAUSED THE FUND TO LAG ITS BENCHMARK?

The fund’s emphasis on investment-grade corporate bonds and securities not represented in the benchmark detracted from results. Continuing reports of slowing worldwide economic activity during the period intensified risk aversion, causing the fund’s investment-grade holdings to become a drag on performance. The worst performers were investment-grade bonds issued by financial companies in the United Kingdom and Europe. Although high-yield corporate issues recovered somewhat in the March of 2009, the improvement was not enough to offset their poor results in October and November. The fund’s non-benchmark country position in U.S. dollar-denominated assets detracted from results when dollar-denominated bonds underperformed in foreign markets, despite strength in the dollar itself.

WHICH STRATEGIES PROVED SUPPORTIVE?

Despite disappointing results from some U.S. dollar-denominated assets, the fund’s overall currency strategy was positive. Our strategy of underweighting the euro and the Canadian dollar benefited the fund as those currencies weakened in value relative to the U.S. dollar. The fund’s non-benchmark exposure to the U.S. dollar also helped results, as did our de-emphasis of the Japanese market. As the yen weakened against the U.S. dollar in March, we reduced the fund’s exposure to Japan. Meanwhile, the fund had little or no exposure to such emerging-market currencies as the Korean won or the Polish zloty, which are represented in the benchmark.

WHAT CHANGED IN THE FIRST QUARTER OF 2009?

Even as some economic indicators in the United States and Japan appeared to worsen in the first three months of 2009, market attitudes about risk seemed to improve, as stock markets, high-yield bonds and currencies of commodity-rich countries all recovered. As a consequence, riskier assets began outperforming the higher-quality securities that had led the market since mid-2008. Meanwhile, long-duration U.S. Treasuries came under selling pressure as investors became concerned that inflationary pressures might begin to increase.

WHAT DO YOU SEE AHEAD?

Investor sentiment appears focused on the positives. In April, the Group of 20 (G-20) international policy makers agreed to pledge up to $1 trillion in emergency assistance to the global economy. This action seems to have further contributed to investors’ willingness to accept risk.

Consequently we have positioned the fund for the global economic recovery we see ahead by maintaining the fund’s underweight in the Japanese yen and continuing to emphasize investment-grade and high-yield corporate bonds. We think it is possible the market may pull back somewhat after the recent recovery by higher-risk securities. If this occurs, we intend to take advantage of the resulting lower prices to add to our positions in investments that we believe will benefit in an economic recovery. This would include increasing exposure to currencies linked to commodity prices, emerging-market bonds and high-yield corporate bonds.

5

LOOMIS SAYLES INTERNATIONAL BOND FUND

Investment Results through March 31, 2009

PERFORMANCE IN PERSPECTIVE

The charts comparing the fund’s performance to an index provide you with general sense of how it performed. The fund’s total return for the period shown below appears with and without sales charges and includes fund expenses and fees. An index measures the performance of a theoretical portfolio. Unlike a fund, an index is unmanaged and does not have expenses that affect the results. It is not possible to invest directly in an index. Investors would incur transaction costs and other expenses if they purchased the securities necessary to match the index.

Growth of $10,000 Investment in Class A Shares⁴

Average Annual Returns — March 31, 2009⁴

	6 MONTHS		1 YEAR		SINCE INCEPTION
CLASS A (Inception 2/1/08)
Net Asset Value1	-2.04	%	-12.50	%	-7.17	%
With Maximum Sales Charge2	-6.42		-16.42		-10.77
CLASS C (Inception 2/1/08)
Net Asset Value1	-2.41		-13.30		-7.96
With CDSC3	-3.38		-14.16		-7.96
CLASS Y (Inception 2/1/08)
Net Asset Value1	-1.82		-12.33		-7.01
COMPARATIVE PERFORMANCE	6 MONTHS		1 YEAR		SINCE INCEPTION
Barclays Capital Global Aggregate Bond ex-USD Index	-0.08	%	-9.70	%	-3.89	%
Morningstar World Bond Fund Avg.	-1.35		-9.45		-5.91

See page 11 for a description of the indexes.

All returns represent past performance and do not guarantee future results. Periods of less than one year are not annualized. Share price and return will vary and you may have a gain or loss when you sell your shares. All results include reinvestment of dividends and capital gains. Current returns may be higher or lower than those shown. For performance current to the most recent month-end, visit www.funds.natixis.com. Class Y shares are available to certain investors, as described in the prospectus.

The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

PORTFOLIO FACTS

	% of Net Assets as of
CREDIT QUALITY	3/31/09	9/30/08
Aaa	41.7	54.2
Aa	16.8	18.7
A	11.3	8.3
Baa	15.4	10.5
Ba	5.6	3.1
B	1.4	0.5
Caa	0.5	0.7
Not Rated*	6.2	2.3
Short-term and other	1.1	1.7

Credit quality is based on ratings from Moody’s Investors Service.

* Securities that are not rated by Moody’s may be rated by another rating agency or by Loomis Sayles.

	% of Net Assets as of
EFFECTIVE MATURITY	3/31/09		9/30/08
1 year or less	14.0		12.5
1-5 years	24.5		18.4
5-10 years	42.9		55.2
10+ years	18.6		13.9
Average Effective Maturity	8.0	years	8.1	years

Portfolio characteristics will vary.

EXPENSE RATIOS AS STATED IN THE MOST RECENT PROSPECTUS

Share Class	Gross Expense Ratio5		Net Expense Ratio6
A	2.20	%	1.10	%
C	2.93		1.85
Y	1.83		0.85

NOTES TO CHARTS

¹ Does not include a sales charge.

² Includes maximum sales charge of 4.50%.

³ Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

⁴ Fund performance has been increased by expense reductions and reimbursements, if any, without which performance would have been lower.

⁵ Before reductions and reimbursements.

⁶ After reductions and reimbursements. Expense reductions are contractual and are set to expire on 1/31/10.

6

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

PORTFOLIO PROFILE

Objective:

Seeks a high current return consistent with preservation of capital

Strategy:

Invests primarily in securities issued or guaranteed by the U.S. government, its agencies or instrumentalities

Fund Inception:

January 3, 1989

Managers:

John Hyll

Clifton V. Rowe, CFA

Loomis, Sayles & Company, L.P.

Symbols:

Class A	NEFLX
Class B	NELBX
Class C	NECLX
Class Y	NELYX

What You Should Know:

Fixed-income securities are subject to credit risk and interest rate risk; their value generally rises when prevailing interest rates fall and falls when rates rise. Securities issued by the U.S. government are guaranteed by the U.S. government if held to maturity; mutual funds that invest in these securities are not guaranteed. Securities issued by U.S. government agencies may not be government guaranteed.

Management Discussion

Government attempts to stabilize the financial system and reinvigorate the economy gradually worked to improve investors’ willingness to accept risk in the first half of Loomis Sayles Limited Term Government and Agency Fund’s fiscal year. Investors appear to believe that steps taken by global governments have, at a minimum, reduced the risk of an extended global depression. However, the staggering cost of this extensive government intervention is beginning to trouble investors.

During the six months ended March 31, 2009, the fund returned 3.79% based on the net asset value of Class A shares and $0.15 in dividends reinvested during the period. The fund lagged its benchmark, Barclays Capital 1-5 Year Government Bond Index, which returned 4.64% for the period, but came in ahead of the average 3.32% return on Morningstar’s Short Government category. The fund’s 30-day SEC yield was 2.41% at March 31, 2009.

WHAT WORKED WELL FOR THE FUND?

Mortgage-backed securities (MBS) backed by 30-year loans were the focus of the Federal Reserve’s purchase program, and the fund benefited from its emphasis on these securities during the period. Specifically, we focused on MBS issued by government-sponsored agencies, which have the advantage of indirect support from the U.S. government. High-quality, short duration, asset-backed securities (ABS), including those backed by automobile loans and credit card receivables, were another area of focus. These securities currently offer attractive yields and have strong credit quality due to their secured status and other credit enhancements. The fund’s position in Treasury inflation protected securities (TIPS) also performed well as deflation concerns eased during the period.

Relative to its benchmark, the fund is also overweight in commercial mortgage-backed securities (CMBS). In this sector, the fund holds senior securities backed by first mortgages on commercial properties. We see relatively little risk of rating downgrades in these holdings.

WHICH SECURITIES PROVED DISADVANTAGEOUS?

The worst performers during the period were MBS that were not issued by government-sponsored enterprises because they do not benefit from the implied government support. As the real estate markets continued to deteriorate, this weakness also spread into the corporate bond market and to non-residential mortgages, such as CMBS. Although the CMBS market recovered in the first quarter of 2009, it had lagged for the full period, and this contributed to the fund’s performance shortfall relative to the benchmark.

HOW DID YOU POSITION THE PORTFOLIO?

We increased the fund’s holdings in TIPS and CMBS, and reduced holdings in MBS issued by government-sponsored enterprises. We believe MBS will continue to benefit from the support of the U.S. government, given their critical function in the mortgage market, but we see limited additional upside potential.

High-quality CMBS have suffered as real estate concerns grew, so we used this as an opportunity to purchase the most senior securities – those we believe to have ample credit protection. We also added to the fund’s TIPS holdings because the sector had underperformed nominal (non-TIPS) Treasuries.

WHAT’S YOUR CURRENT OUTLOOK?

Near term, we are not expecting any changes in the Federal Funds rate, although we think longer-maturity interest rates will move modestly higher. Accordingly, we are more focused on identifying income opportunities than on looking for significant principal appreciation. U.S. Treasuries may do well near term, as the economy struggles along, but their yields are so low that any hint of a recovery or inflation could have a negative impact. We believe the income advantage offered by MBS holdings should make them perform well provided the interest rate environment remains relatively stable.

7

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

Investment Results through March 31, 2009

PERFORMANCE IN PERSPECTIVE

The charts comparing the fund’s performance to an index provide you with a general sense of how it performed. The fund’s total return for the period shown below appears with and without sales charges and includes fund expenses and fees. An index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged and does not have expenses that affect the results. It is not possible to invest directly in an index. Investors would incur transaction costs and other expenses if they purchased the securities necessary to match the index.

Growth of a $10,000 Investment in Class A Shares⁴

Average Annual Returns — March 31, 2009⁴

	6 MONTHS		1 YEAR		5 YEARS		10 YEARS
CLASS A (Inception 1/3/89)
Net Asset Value1	3.79	%	4.33	%	3.35	%	4.24	%
With Maximum Sales Charge2	0.67		1.25		2.72		3.92
CLASS B (Inception 9/27/93)
Net Asset Value1	3.32		3.47		2.56		3.50
With CDSC3	-1.68		-1.53		2.21		3.50
CLASS C (Inception 12/30/94)
Net Asset Value1	3.32		3.57		2.57		3.51
With CDSC3	2.32		2.57		2.57		3.51
CLASS Y (Inception 3/31/94)
Net Asset Value1	3.91		4.59		3.59		4.57
COMPARATIVE PERFORMANCE	6 MONTHS		1 YEAR		5 YEARS		10 YEARS
Barclays Capital 1-5 Yr Gov’t Bond Index	4.64	%	4.97	%	4.33	%	5.23	%
Morningstar Short Gov’t Fund Avg.	3.32		3.51		3.30		4.22

See page 11 for a description of the indexes.

All returns represent past performance and do not guarantee future results. Periods of less than one year are not annualized. Share price and return will vary and you may have a gain or loss when you sell your shares. All results include reinvestment of dividends and capital gains. Current returns may be higher or lower than those shown. For performance current to the most recent month-end, visit www.funds.natixis.com. Performance history includes periods from a predecessor fund. Class Y shares are available to certain investors, as described in the prospectus.

The table and graph do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

PORTFOLIO FACTS

	% of Net Assets as of
FUND COMPOSITION	3/31/09		9/30/08
Mortgage Related	37.6		67.6
Treasuries	21.7		4.6
Government Sponsored	10.1		—
Government Owned - No Guarantee	10.1		—
Commercial Mortgage-Backed Securities	7.9		—
ABS Credit Card	2.7		2.7
Hybrid ARMs	2.0		1.6
ABS Home Equity	1.1		—
ABS Car Loan	1.1		—
Collateralized Mortgage Obligations	0.5		0.1
ABS Other	0.0		—
Asset-Backed Securities	—		3.5
Mortgage-Backed Securities	—		2.0
Automotive	—		1.8
Short-Term Investments & Other	5.2		13.1
	% of Net Assets as of
EFFECTIVE MATURITY	3/31/09		9/30/08
1 year or less	8.7		19.0
1-5 years	78.9		74.5
5-10 years	12.4		6.5
10+ years	n/a		n/a
Average Effective Maturity	3.2	years	3.0	years

Portfolio characteristics will vary.

EXPENSE RATIOS AS STATED IN THE MOST RECENT PROSPECTUS

Share Class	Gross Expense Ratio5		Net Expense Ratio6
A	1.07	%	0.90	%
B	1.82		1.65
C	1.83		1.65
Y	0.72		0.65

NOTES TO CHARTS

¹ Does not include a sales charge.

² Includes maximum sales charge of 3.00%.

³ Performance for Class B shares assumes a maximum 5% contingent deferred sales charge (“CDSC”) applied when you sell shares, which declines annually between years 1-6 according to the following schedule: 5, 4, 3, 3, 2, 1, 0%. Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

⁴ Fund performance has been increased by expense reductions and reimbursements, if any, without which performance would have been lower.

⁵ Before reductions and reimbursements.

⁶ After reductions and reimbursements. Expense reductions are contractual and are set to expire on 1/31/10.

8

LOOMIS SAYLES STRATEGIC INCOME FUND

PORTFOLIO PROFILE

Objective:

Seeks high current income, with a secondary objective of capital growth

Strategy:

Invests primarily in income-producing securities in the U.S. and around the world

Fund Inception:

May 1, 1995

Managers:

Daniel J. Fuss, CFA, CIC

Kathleen C. Gaffney, CFA

Associate Managers:

Matthew J. Eagan, CFA

Elaine M. Stokes

Loomis, Sayles & Company, L.P.

Symbols:

Class A	NEFZX
Class B	NEZBX
Class C	NECZX
Class Y	NEZYX

What You Should Know:

Fixed-income securities are subject to credit risk and interest rate risk; their value generally rises when prevailing interest rates fall and falls when rates rise.

The fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. The fund can also invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets, these risks can be significant. Fund shares should be viewed as a long-term investment.

Management Discussion

With the exception of U.S. government issues, bond markets suffered significant declines last fall, as credit markets remained frozen and the global economy continued to contract. However, conditions became more stable in December and for much of the first quarter of 2009. Massive government stimulus packages and loan programs brought a measure of reassurance, encouraging investors to move tentatively into corporate sectors.

For the six months ended March 31, 2009, Class A shares of Loomis Sayles Strategic Income Fund provided a total return at net asset value of -9.47%, including $0.49 in dividends and $0.08 in capital gains reinvested during the period. The fund underperformed its benchmark, Barclays Capital Aggregate Bond Index, which returned 4.70% for the period. The fund also lagged Morningstar’s Multisector Bond category, which had an average return of -8.03%. The fund’s 30-day SEC yield at the end of March was 10.20%.

WHAT FACTORS WERE FAVORABLE FOR THE FUND?

The fund’s financial holdings rallied in response to the Treasury department’s lending programs. In the non-investment-grade arena, results got a boost when the financing arm of a major auto maker gained access to federal funding. Renewed confidence in the global financial system at the beginning of 2009 partially reversed losses incurred in the fourth quarter of 2008 across many sectors.

WHICH STRATEGIES HURT RETURNS?

At the sector level, the fund trailed its benchmark and Morningstar peers due to limited exposure to U.S. Treasury and agency securities – by far the period’s best performers. Investors poured money into these safe havens, siphoning assets from corporate bonds and driving down prices of investment-grade and high-yield segments where the fund held major stakes.

As the global economy weakened, demand for industrial products of all kinds declined. Fears grew that credit would become even tighter and companies carrying high levels of debt were especially hard hit. Fund holdings in telecommunications, healthcare and the troubled auto sector fell sharply. In December and January, prices firmed and spreads narrowed. However, this improved performance was not enough to offset losses incurred prior to December 2008. High-yield convertibles also held back performance, with losses only partially mitigated by improved market conditions in the first three months of 2009.

Falling commodity prices tied to shrinking global demand undercut the currencies of countries dependent on commodity exports. The U.S. dollar strengthened against many of these currencies as investors moved out of commodity-related areas and turned to the greenback for greater stability. As a result, the fund suffered declines in holdings denominated in the currencies of Canada, Indonesia, Brazil, Mexico and New Zealand. There were modest rebounds late in the period, but they were not able to recover losses sustained earlier.

WHAT DO YOU SEE AHEAD?

We believe high-yield issues will continue to be volatile, as defaults continue to increase over the course of the year. We remain underweight the CCC-rated portion of the market, as we believe most defaults will come from this space. We believe investment-grade credit continues to offer strong relative value, as spreads remain at relatively wide levels. As the markets grow more convinced the global recovery has taken hold, we eventually expect to see more demand for riskier assets, such as high-yield and investment-grade credit, as well as commodity currencies.

9

LOOMIS SAYLES STRATEGIC INCOME FUND

Investment Results through March 31, 2009

PERFORMANCE IN PERSPECTIVE

The charts comparing the fund’s performance to two indexes provide you with a general sense of how it performed. The fund’s total return for the period shown below appears with and without sales charges and includes fund expenses and fees. An index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged and does not have expenses that affect the results. It is not possible to invest directly in an index. Investors would incur transaction costs and other expenses if they purchased the securities necessary to match the index.

Growth of a $10,000 Investment in Class A Shares⁴

Average Annual Returns — March 31, 2009⁴

	6 MONTHS		1 YEAR		5 YEARS		10 YEARS		SINCE INCEPTION
CLASS A (Inception 5/1/95)
Net Asset Value1	-9.47	%	-21.58	%	0.94	%	6.03	%	—
With Maximum Sales Charge2	-13.54		-25.10		0.02		5.55		—
CLASS B (Inception 5/1/95)
Net Asset Value1	-9.86		-22.22		0.17		5.23		—
With CDSC3	-14.14		-25.80		-0.13		5.23		—
CLASS C (Inception 5/1/95)
Net Asset Value1	-9.77		-22.21		0.19		5.24		—
With CDSC3	-10.63		-22.92		0.19		5.24		—
CLASS Y (Inception 12/1/99)
Net Asset Value1	-9.36		-21.45		1.20		—		6.40	%
COMPARATIVE PERFORMANCE	6 MONTHS		1 YEAR		5 YEARS		10 YEARS		SINCE CLASS Y INCEPTION
Barclays Capital Aggregate Bond Index	4.70	%	3.13	%	4.13	%	5.70	%	6.10	%
Barclays Capital U.S. Universal Bond Index	3.12		1.10		3.83		5.64		5.99
Morningstar Multisector Bond Fund Avg.	-8.03		-14.37		0.89		3.78		3.99

See page 11 for a description of the indexes.

All returns represent past performance and do not guarantee future results. Periods of less than one year are not annualized. Share price and return will vary and you may have a gain or loss when you sell your shares. All results include reinvestment of dividends and capital gains. Current returns may be higher or lower than those shown. Performance history includes periods from a predecessor fund. For performance current to the most recent month-end, visit www.funds.natixis.com. Class Y shares are available to certain investors, as described in the prospectus.

The table and graph do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

PORTFOLIO FACTS

	% of Net Assets as of
CREDIT QUALITY	3/31/09	9/30/08
Aaa	14.1	18.3
Aa	6.9	4.1
A	7.7	8.1
Baa	35.8	32.0
Ba	10.4	10.0
B	7.3	10.3
Caa	5.2	7.4
Ca	1.0	0.8
C	0.1	0.0
Not Rated*	8.3	8.8
Short-term and other	3.2	0.2

Credit quality is based on ratings from Moody’s Investors Service.

* Securities that are not rated by Moody’s may be rated by another rating agency or by Loomis Sayles.

	% of Net Assets as of
EFFECTIVE MATURITY	3/31/09		9/30/08
1 year or less	6.8		8.6
1-5 years	22.4		20.6
5-10 years	29.5		28.2
10+ years	41.3		42.6
Average Effective Maturity	13.3	years	13.8	years

Portfolio characteristics will vary.

EXPENSE RATIOS AS STATED IN THE MOST RECENT PROSPECTUS

Share Class	Gross Expense Ratio5		Net Expense Ratio6
A	0.98	%	0.98	%
B	1.73		1.73
C	1.73		1.73
Y	0.73		0.73

NOTES TO CHARTS

¹ Does not include a sales charge.

² Includes maximum sales charge of 4.50%.

³ Performance for Class B shares assumes a maximum 5% contingent deferred sales charge (“CDSC”) applied when you sell shares, which declines annually between years 1-6 according to the following schedule: 5, 4, 3, 3, 2, 1, 0%. Class C share performance assumes a 1.00% CDSC applied when you sell shares within one year of purchase.

⁴ Fund performance has been increased by expense reductions and reimbursements, if any, without which performance would have been lower.

⁵ Before reductions and reimbursements.

⁶ After reductions and reimbursements. Expense reductions are contractual and are set to expire on 1/31/10.

10

ADDITIONAL INFORMATION

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the funds are actively managed, there is no assurance that they will continue to invest in the securities or industries mentioned.

For more complete information on any Natixis Fund, contact your financial professional or call Natixis Funds and ask for a free prospectus, which contains more complete information including charges and other ongoing expenses. Investors should consider a fund’s objective, risks and expenses carefully before investing. This and other fund information can be found in the prospectus. Please read the prospectus carefully before investing.

INDEX/AVERAGE DESCRIPTIONS

Barclays Capital Aggregate Bond Index is an unmanaged index of investment-grade bonds with one- to ten-year maturities issued by the U.S. government, its agencies and U.S. corporations.

Barclays Capital Global Aggregate Bond ex-USD Index is an unmanaged index which provides a broad-based measure of the international investment-grade bond market.

Barclays Capital High Yield Composite Index is a market-weighted, unmanaged index of fixed-rate, non-investment grade debt.

Barclays Capital 1-5 Year Government Bond Index is an unmanaged, market-weighted index of bonds issued by the U.S. government and its agencies, with maturities between one and five years.

Barclays Capital U.S. Credit Index is an unmanaged index that includes all publicly issued, fixed-rate, nonconvertible, dollar-denominated, SEC-registered, U.S. investment-grade corporate debt, and foreign debt that meets specific maturity, liquidity and quality requirements.

Barclays Capital U.S. Universal Bond Index is an unmanaged index representing a blend of the Lehman Aggregate Bond Index, the High Yield Index, and the Emerging Market Index, among other indexes.

Morningstar Fund Averages are the average performance without sales charge of funds with similar investment objectives, as calculated by Morningstar, Inc.

PROXY VOTING INFORMATION

A description of the funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the funds’ website at www.funds.natixis.com; and on the Securities and Exchange Commission’s (SEC’s) website at www.sec.gov. Information regarding how the funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2008 is available from the funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

The funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling
1-800-SEC-0330.

Effective November 3, 2008, the Lehman indices were rebranded to the Barclays Capital indices. There has been no change in the calculation or definition of the index data.

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

11

UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases, redemption fees and certain exchange fees and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. In addition, each fund may assess a minimum balance fee of $20 on an annual basis for accounts that fall below the required minimum to establish an account. Certain exemptions may apply. These costs are described in more detail in the funds’ prospectuses. The examples below are intended to help you understand the ongoing costs of investing in the funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each Class of fund shares shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2008 through March 31, 2009. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown below for your Class.

The second line in the table of each Class of fund shares provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown reflect ongoing costs only, and do not include any transaction costs such as sales charges, redemption fees, or exchange fees. Therefore, the second line in the table of each fund is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.

LOOMIS SAYLES CORE PLUS BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2008	ENDING ACCOUNT VALUE 3/31/2009	EXPENSES PAID DURING PERIOD* 10/1/2008 – 3/31/2009
CLASS A
Actual	$1,000.00	$1,038.00	$4.57
Hypothetical (5% return before expenses)	$1,000.00	$1,020.44	$4.53
CLASS B
Actual	$1,000.00	$1,034.00	$8.37
Hypothetical (5% return before expenses)	$1,000.00	$1,016.70	$8.30
CLASS C
Actual	$1,000.00	$1,034.40	$8.37
Hypothetical (5% return before expenses)	$1,000.00	$1,016.70	$8.30
CLASS Y
Actual	$1,000.00	$1,039.10	$3.30
Hypothetical (5% return before expenses)	$1,000.00	$1,021.69	$3.28

* Expenses are equal to the Fund’s annualized expense ratio (after fee reduction/reimbursement): 0.90%, 1.65%, 1.65% and 0.65% for Class A, B, C and Y respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

12

UNDERSTANDING FUND EXPENSES

LOOMIS SAYLES HIGH INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2008	ENDING ACCOUNT VALUE 3/31/2009	EXPENSES PAID DURING PERIOD* 10/1/2008 – 3/31/2009
CLASS A
Actual	$1,000.00	$877.50	$5.38
Hypothetical (5% return before expenses)	$1,000.00	$1,019.20	$5.79
CLASS B
Actual	$1,000.00	$871.90	$8.87
Hypothetical (5% return before expenses)	$1,000.00	$1,015.46	$9.55
CLASS C
Actual	$1,000.00	$874.10	$8.88
Hypothetical (5% return before expenses)	$1,000.00	$1,015.46	$9.55
CLASS Y
Actual	$1,000.00	$878.60	$4.22
Hypothetical (5% return before expenses)	$1,000.00	$1,020.44	$4.53

* Expenses are equal to the Fund’s annualized expense ratio (after fee reduction/reimbursement): 1.15%, 1.90%, 1.90% and 0.90%, for Class A, B, C, and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

LOOMIS SAYLES INTERNATIONAL BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2008	ENDING ACCOUNT VALUE 3/31/2009	EXPENSES PAID DURING PERIOD* 10/1/2008 – 3/31/2009
CLASS A
Actual	$1,000.00	$979.60	$5.43
Hypothetical (5% return before expenses)	$1,000.00	$1,019.45	$5.54
CLASS C
Actual	$1,000.00	$975.90	$9.11
Hypothetical (5% return before expenses)	$1,000.00	$1,015.71	$9.30
CLASS Y
Actual	$1,000.00	$981.80	$4.20
Hypothetical (5% return before expenses)	$1,000.00	$1,020.69	$4.28

* Expenses are equal to the Fund’s annualized expense ratio (after fee reduction/reimbursement): 1.10%, 1.85% and 0.85%, for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

13

UNDERSTANDING FUND EXPENSES

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 10/1/2008	ENDING ACCOUNT VALUE 3/31/2009	EXPENSES PAID DURING PERIOD* 10/1/2008 – 3/31/2009
CLASS A
Actual	$1,000.00	$1,037.90	$4.57
Hypothetical (5% return before expenses)	$1,000.00	$1,020.44	$4.53
CLASS B
Actual	$1,000.00	$1,033.20	$8.36
Hypothetical (5% return before expenses)	$1,000.00	$1,016.70	$8.30
CLASS C
Actual	$1,000.00	$1,033.20	$8.36
Hypothetical (5% return before expenses)	$1,000.00	$1,016.70	$8.30
CLASS Y
Actual	$1,000.00	$1,039.10	$3.30
Hypothetical (5% return before expenses)	$1,000.00	$1,021.69	$3.28

* Expenses are equal to the Fund’s annualized expense ratio (after fee reduction/reimbursement): 0.90%, 1.65%, 1.65% and 0.65% for Class A, B, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

LOOMIS SAYLES STRATEGIC INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2008	ENDING ACCOUNT VALUE 3/31/2009	EXPENSES PAID DURING PERIOD* 10/1/2008 – 3/31/2009
CLASS A
Actual	$1,000.00	$905.30	$4.75
Hypothetical (5% return before expenses)	$1,000.00	$1,019.95	$5.04
CLASS B
Actual	$1,000.00	$901.40	$8.30
Hypothetical (5% return before expenses)	$1,000.00	$1,016.21	$8.80
CLASS C
Actual	$1,000.00	$902.30	$8.30
Hypothetical (5% return before expenses)	$1,000.00	$1,016.21	$8.80
CLASS Y
Actual	$1,000.00	$906.40	$3.52
Hypothetical (5% return before expenses)	$1,000.00	$1,021.24	$3.73

* Expenses are equal to the Fund’s annualized expense ratio: 1.00%, 1.75%, 1.75% and 0.74% for Class A, B, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

14

LOOMIS SAYLES CORE PLUS BOND FUND — PORTFOLIO OF INVESTMENTS

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 97.9% of Net Assets
		ABS Home Equity — 1.1%
$	69,948	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A2, 3.872%, 3/25/2020	$	68,153
	1,095,000	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		661,057
	3,240,517	Countrywide Asset-Backed Certificates, Series 2006-S4, Class A3, 5.804%, 7/25/2034		816,286
	984,522	Residential Asset Securities Corp., Series 2003-KS10, Class AI4, 4.470%, 3/25/2032		700,223
				2,245,719
		Automotive — 0.7%
	955,000	Ford Motor Co., 7.450%, 7/16/2031		303,212
	865,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		578,393
	810,000	Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		532,357
				1,413,962
		Banking — 6.8%
	970,000	Bank of America Corp., 5.750%, 12/01/2017		814,592
	1,365,000	Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017		1,328,481
	2,135,000	Citigroup, Inc., 6.500%, 8/19/2013		1,961,884
	625,000	Goldman Sachs Group, Inc. (The), 5.300%, 2/14/2012		603,076
	1,040,000	Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018		949,955
	2,160,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		1,460,897
	1,560,000	JPMorgan Chase & Co., 6.000%, 1/15/2018		1,575,729
	1,670,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		1,306,095
	1,230,000	Merrill Lynch & Co., Inc., Series C, MTN, 5.450%, 2/05/2013		1,008,305
	800,000	Morgan Stanley, 4.000%, 1/15/2010		794,357
	615,000	Morgan Stanley, 5.375%, 10/15/2015		555,603
	100,000	Morgan Stanley, 6.750%, 4/15/2011		100,077
	835,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		796,178
	515,000	Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017		458,269
				13,713,498
		Building Materials — 0.4%
	815,000	Owens Corning, Inc., 7.000%, 12/01/2036		456,711
	795,000	USG Corp., 6.300%, 11/15/2016		421,350
				878,061

Principal Amount (‡)		Description	Value (†)
		Commercial Mortgage-Backed Securities — 7.4%
$	795,000	Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A2, 5.165%, 9/10/2047	$	730,085
	850,000	Banc of America Commercial Mortgage, Inc., Series 2006-1, Class A2, 5.334%, 9/10/2045		771,678
	1,305,000	Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		1,065,845
	1,245,000	Bear Stearns Commercial Mortgage Securities, Inc., Series 2005-PW10, Class A2, 5.270%, 12/11/2040		1,148,070
	1,200,000	Bear Stearns Commercial Mortgage Securities, Inc., Series 2007-PW16, Class A2, 5.857%, 6/11/2040(b)		1,002,517
	990,000	Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041		821,762
	145,000	Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		105,692
	710,000	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		645,803
	960,000	Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 6.425%, 2/15/2041(b)		657,514
	1,800,000	Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		1,613,393
	900,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		647,404
	543,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		391,159
	1,500,000	GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		1,109,583
	1,140,000	GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4, 5.560%, 11/10/2039		855,980
	250,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 6.007%, 6/15/2049(b)		171,940
	375,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A4, 6.065%, 4/15/2045(b)		282,902
	1,710,000	LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030		1,540,079
	900,000	Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.803%, 6/11/2042(b)		678,507
	775,000	Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.458%, 1/11/2043(b)		601,596
				14,841,509
		Construction Machinery — 0.5%
	220,000	Caterpillar Financial Service Corp., 5.450%, 4/15/2018		188,748
	830,000	Caterpillar Financial Services Corp., 7.150%, 2/15/2019		759,159
				947,907

See accompanying notes to financial statements.

15

LOOMIS SAYLES CORE PLUS BOND FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Diversified Manufacturing — 1.4%
$	1,200,000	Crane Co., 6.550%, 11/15/2036(c)	$	895,217
	2,145,000	General Electric Co., 5.250%, 12/06/2017		1,983,717
				2,878,934
		Electric — 1.9%
	290,000	AES Corp. (The), 7.750%, 10/15/2015		253,025
	570,000	AES Corp. (The), 8.000%, 10/15/2017		488,775
	715,000	AES Corp. (The), 144A, 8.000%, 6/01/2020		579,150
	950,000	Enersis SA, Chile, 7.375%, 1/15/2014		986,412
	355,000	Florida Power & Light Co., 4.950%, 6/01/2035		311,581
	690,000	Ipalco Enterprises, Inc., 144A, 7.250%, 4/01/2016		610,650
	590,000	Southern California Edison Co., 7.625%, 1/15/2010		609,724
				3,839,317
		Entertainment — 0.9%
	1,760,000	Time Warner Cable, Inc., 8.250%, 4/01/2019		1,808,615
		Environmental — 0.3%
	545,000	Waste Management, Inc., 7.375%, 3/11/2019		555,859
		Financial Other — 0.8%
	1,430,000	HKCG Finance Ltd., 144A, 6.250%, 8/07/2018		1,518,586
		Food & Beverage — 1.9%
	560,000	Anheuser-Busch Cos., Inc., 4.500%, 4/01/2018		473,042
	805,000	Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037		668,068
	815,000	Dr Pepper Snapple Group, Inc., 6.820%, 5/01/2018		769,206
	915,000	Kraft Foods, Inc., 6.125%, 8/23/2018		917,193
	925,000	Kraft Foods, Inc., 6.875%, 2/01/2038		908,384
				3,735,893
		Government Guaranteed — 1.9%
	74,000,000	Development Bank of Japan, 1.750%, 6/21/2010 (JPY)		755,604
	910,000	JPMorgan Chase & Co., 2.125%, 6/22/2012		914,388
	210,000,000	Oesterreichische Kontrollbank AG, 1.800%, 3/22/2010 (JPY)		2,130,370
				3,800,362
		Government Owned - No Guarantee — 4.7%
	1,280,000	Export-Import Bank of Korea, 8.125%, 1/21/2014		1,323,045
	5,617,000	Federal National Mortgage Association, 4.375%, 9/13/2010		5,874,253

Principal Amount (‡)		Description	Value (†)
		Government Owned - No Guarantee — continued
$	2,139,000	Federal National Mortgage Association, 5.375%, 6/12/2017	$	2,387,986
				9,585,284
		Health Insurance — 0.7%
	1,470,000	WellPoint, Inc., 7.000%, 2/15/2019		1,470,792
		Healthcare — 1.3%
	575,000	HCA, Inc., 7.500%, 12/15/2023		304,653
	450,000	HCA, Inc., 9.125%, 11/15/2014		423,000
	485,000	Hospira, Inc., 6.050%, 3/30/2017		432,857
	680,000	McKesson Corp., 7.500%, 2/15/2019		721,750
	670,000	Medco Health Solutions, 7.250%, 8/15/2013		694,415
				2,576,675
		Hybrid ARMs — 1.5%
	1,368,872	FHLMC, 5.949%, 11/01/2036(b)		1,413,833
	1,217,858	FNMA, 6.039%, 2/01/2037(b)		1,265,740
	373,992	JPMorgan Mortgage Trust, Series 2006-A7, Class 1A3, 5.874%, 1/25/2037(b)		273,762
				2,953,335
		Independent Energy — 1.0%
	290,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		236,350
	385,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		301,263
	1,735,000	XTO Energy, Inc., 6.375%, 6/15/2038		1,545,810
				2,083,423
		Media Cable — 2.5%
	590,000	Comcast Corp., 6.450%, 3/15/2037		515,453
	1,470,000	Comcast Corp., 6.950%, 8/15/2037		1,368,882
	755,000	Cox Communications, Inc., 6.750%, 3/15/2011		754,368
	1,085,000	CSC Holdings, Inc., Senior Note, Series B, 7.625%, 4/01/2011		1,076,862
	60,000	CSC Holdings, Inc., 7.875%, 2/15/2018		54,900
	105,000	CSC Holdings, Inc., 144A, 8.500%, 4/15/2014		103,425
	380,000	CSC Holdings, Inc., 144A, 8.625%, 2/15/2019		365,750
	873,000	Time Warner Cable, Inc., 6.550%, 5/01/2037		734,718
				4,974,358
		Metals & Mining — 0.9%
	655,000	Barrick Gold Corp., 6.950%, 4/01/2019		657,989

See accompanying notes to financial statements.

16

LOOMIS SAYLES CORE PLUS BOND FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Metals & Mining — continued
$	890,000	Steel Dynamics, Inc., 7.375%, 11/01/2012	$	694,200
	710,000	United States Steel Corp., 6.650%, 6/01/2037		400,071
				1,752,260
		Mortgage Related — 22.2%
	842,669	FHLMC, 4.000%, 7/01/2019		860,523
	1,594,204	FHLMC, 4.500%, 12/01/2034		1,630,852
	401,293	FHLMC, 5.000%, 11/01/2018		417,168
	1,122,203	FHLMC 5.500%, with various maturities in 2018(d)		1,175,055
	165,997	FHLMC, 6.000%, 6/01/2035		174,331
	653,714	FNMA, 4.000%, 6/01/2019		668,382
	6,375,346	FNMA 4.500%, with various maturities from 2019 to 2035(d)		6,559,896
	866,929	FNMA, 5.500%, 5/01/2018		909,119
	8,074,871	FNMA 6.000%, with various maturities from 2016 to 2039(d)		8,451,151
	3,683,130	FNMA 6.500%, with various maturities from 2029 to 2037(d)		3,887,640
	174,059	FNMA 7.000%, with various maturities in 2030(d)		187,570
	197,125	FNMA 7.500%, with various maturities from 2024 to 2032(d)		213,443
	5,572,003	GNMA 5.000%, with various maturities from 2035 to 2038(d)		5,790,997
	8,468,164	GNMA 5.500%, with various maturities from 2034 to 2038(d)		8,826,035
	3,471,416	GNMA 6.000%, with various maturities from 2029 to 2037(d)		3,636,376
	612,690	GNMA 6.500%, with various maturities from 2028 to 2032(d)		652,361
	298,811	GNMA 7.000%, with various maturities from 2025 to 2029(d)		320,482
	111,268	GNMA 7.500%, with various maturities from 2025 to 2030(d)		119,811
	59,675	GNMA, 8.000%, 11/15/2029		64,899
	100,263	GNMA 8.500%, with various maturities from 2017 to 2023(d)		108,414
	19,592	GNMA 9.000%, with various maturities in 2016(d)		21,135
	39,622	GNMA 11.500%, with various maturities from 2013 to 2015(d)		44,713
				44,720,353
		Non-Captive Consumer — 0.8%
	735,000	HSBC Finance Corp., 7.000%, 5/15/2012		589,985
	245,000	SLM Corp., MTN, 5.050%, 11/14/2014		129,691
	215,000	SLM Corp., Series A, MTN, 5.000%, 10/01/2013		114,330

Principal Amount (‡)		Description	Value (†)
		Non-Captive Consumer — continued
$	120,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018	$	62,124
	35,000	SLM Corp., Series A, MTN, 5.375%, 5/15/2014		18,137
	420,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		155,400
	1,135,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		613,046
				1,682,713
		Non-Captive Diversified — 2.9%
	7,000	CIT Group, Inc., 5.400%, 2/13/2012		4,513
	63,000	CIT Group, Inc., 5.400%, 1/30/2016		37,760
	120,000	CIT Group, Inc., 5.800%, 10/01/2036		66,095
	11,000	CIT Group, Inc., 5.850%, 9/15/2016		6,221
	1,090,000	CIT Group, Inc., 144A, 12.000%, 12/18/2018		564,075
	109,000	CIT Group, Inc., GMTN, 5.000%, 2/13/2014		64,310
	103,000	CIT Group, Inc., GMTN, 5.000%, 2/01/2015		62,712
	35,000	CIT Group, Inc., MTN, 5.125%, 9/30/2014		21,157
	1,089,000	CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		513,421
	120,000	CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017		69,495
	745,000	General Electric Capital Corp., 5.875%, 1/14/2038		532,143
	1,180,000	General Electric Capital Corp., Series A, MTN, 5.625%, 9/15/2017		1,034,225
	1,842,000	GMAC LLC, 144A, 6.625%, 5/15/2012		1,235,669
	571,000	GMAC LLC, 144A, 8.000%, 11/01/2031		274,742
	465,000	International Lease Finance Corp., 5.000%, 4/15/2010		369,366
	205,000	International Lease Finance Corp., 6.375%, 3/25/2013		113,283
	120,000	International Lease Finance Corp., Series R, MTN, 5.300%, 5/01/2012		66,600
	40,000	International Lease Finance Corp., Series R, MTN, 5.550%, 9/05/2012		22,176
	285,000	International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		148,499
	1,250,000	iStar Financial, Inc., Senior Note, 6.000%, 12/15/2010		700,000
				5,906,462
		Oil Field Services — 1.4%
	1,455,000	Halliburton Co., 7.450%, 9/15/2039		1,456,635
	190,000	Nabors Industries, Inc., 6.150%, 2/15/2018		148,651
	730,000	Nabors Industries, Inc., 144A, 9.250%, 1/15/2019		692,207

See accompanying notes to financial statements.

17

LOOMIS SAYLES CORE PLUS BOND FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Oil Field Services — continued
$	750,000	Weatherford International Ltd., 6.500%, 8/01/2036	$	527,975
				2,825,468
		Paper — 0.9%
	565,000	Georgia-Pacific Corp., 7.375%, 12/01/2025		402,563
	755,000	Georgia-Pacific Corp., 7.750%, 11/15/2029		558,700
	365,000	Georgia-Pacific Corp., 8.875%, 5/15/2031		292,000
	735,000	Georgia-Pacific LLC, 8.000%, 1/15/2024		584,325
				1,837,588
		Pharmaceuticals — 2.0%
	1,945,000	Pfizer, Inc., 7.200%, 3/15/2039		2,085,845
	1,990,000	Roche Holdings, Inc., 144A, 6.000%, 3/01/2019		2,048,230
				4,134,075
		Pipelines — 1.2%
	1,150,000	NGPL Pipeco LLC, 144A, 6.514%, 12/15/2012		1,098,550
	705,000	ONEOK Partners LP, 8.625%, 3/01/2019		711,389
	830,000	TEPPCO Partners LP, 7.550%, 4/15/2038		643,583
				2,453,522
		Property & Casualty Insurance — 0.5%
	760,000	Marsh & McLennan Co., Inc., 9.250%, 4/15/2019		774,750
	475,000	Willis North America, Inc., 6.200%, 3/28/2017		332,939
				1,107,689
		Refining — 0.5%
	965,000	Valero Energy Corp., 9.375%, 3/15/2019		996,237
		REITs — 0.2%
	640,000	Colonial Realty, LP, Senior Note, 5.500%, 10/01/2015		383,945
		Retailers — 0.5%
	1,295,000	Home Depot, Inc., 5.875%, 12/16/2036		917,094
		Sovereigns — 0.7%
	180,000	Indonesia Government International Bond, 144A, 6.625%, 2/17/2037		121,500
	1,705,000	Indonesia Government International Bond, 144A, 7.750%, 1/17/2038		1,312,850
				1,434,350
		Supermarkets — 1.0%
	2,095,000	Kroger Co. (The), 6.900%, 4/15/2038		2,115,992
		Technology — 2.1%
	745,000	Corning, Inc., 7.250%, 8/15/2036		561,273

Principal Amount (‡)		Description	Value (†)
		Technology — continued
$	540,000	Equifax, Inc., 7.000%, 7/01/2037	$	383,549
	1,180,000	Fiserv, Inc., 6.125%, 11/20/2012		1,167,429
	1,420,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		255,600
	85,000	Motorola, Inc., 6.500%, 9/01/2025		53,975
	115,000	Motorola, Inc., 6.500%, 11/15/2028		72,450
	185,000	Motorola, Inc., 6.625%, 11/15/2037		117,013
	195,000	Pitney Bowes, Inc., 5.250%, 1/15/2037		189,386
	279,000	Xerox Corp., 5.500%, 5/15/2012		241,634
	910,000	Xerox Corp., 6.350%, 5/15/2018		677,950
	683,000	Xerox Corp., 6.400%, 3/15/2016		520,762
				4,241,021
		Tobacco — 1.4%
	1,840,000	Altria Group, Inc., 9.700%, 11/10/2018		2,002,840
	1,185,000	Reynolds American, Inc., 7.250%, 6/15/2037		865,251
				2,868,091
		Treasuries — 14.1%
	6,500,000	Canadian Government, 5.000%, 6/01/2014 (CAD)		5,975,484
	3,535,000	U.S. Treasury Bond, 3.500%, 2/15/2039		3,493,040
	566,000	U.S. Treasury Bond, 4.500%, 2/15/2036		652,138
	1,905,000	U.S. Treasury Bond, 5.375%, 2/15/2031		2,401,788
	5,851,896	U.S. Treasury Inflation Indexed Bond, 2.375%, 1/15/2025		6,080,482
	720,000	U.S. Treasury Note, 2.750%, 2/15/2019		723,938
	8,980,000	U.S. Treasury Notes, 0.875%, with various maturities in 2011(e)		8,993,669
				28,320,539
		Wireless — 2.3%
	10,000	Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		5,300
	15,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		8,325
	1,385,000	SK Telecom Co., Ltd., 144A, 6.625%, 7/20/2027		1,149,205
	4,715,000	Sprint Capital Corp., 6.875%, 11/15/2028		2,876,150
	15,000	Sprint Capital Corp., 6.900%, 5/01/2019		10,575
	1,420,000	True Move Co. Ltd., 144A, 10.750%, 12/16/2013		668,536
				4,718,091

See accompanying notes to financial statements.

18

LOOMIS SAYLES CORE PLUS BOND FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Wirelines — 4.6%
$	1,935,000	AT&T, Inc., 5.800%, 2/15/2019	$	1,894,233
	3,213,000	Embarq Corp., 7.995%, 6/01/2036		2,409,750
	935,000	Frontier Communications Corp., 7.875%, 1/15/2027		631,125
	210,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		142,800
	460,000	Qwest Corp., 6.875%, 9/15/2033		301,300
	850,000	Qwest Corp., 7.250%, 9/15/2025		561,000
	255,000	Qwest Corp., 7.250%, 10/15/2035		165,750
	1,790,000	Qwest Corp., 7.500%, 6/15/2023		1,351,450
	590,000	Telecom Italia Capital SA, 6.000%, 9/30/2034		402,530
	1,700,000	Telecom Italia Capital SA, 7.200%, 7/18/2036		1,345,152
				9,205,090
		Total Bonds and Notes (Identified Cost $211,183,837)		197,442,669
Shares
	Preferred Stocks — 0.1%
		Diversified Financial Services — 0.0%
	532	Preferred Blocker, Inc., 144A, 7.000%		105,918
		Thrifts & Mortgage Finance — 0.1%
	256,000	Federal National Mortgage Association, 6.750%(f)(g)		128,000
	4,200	Federal National Mortgage Association, 8.250%(f)(g)		2,982
				130,982
		Total Preferred Stocks (Identified Cost $1,717,400)		236,900
Principal Amount (‡)
	Short-Term Investments — 0.8%
$	1,583,349	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000% to be repurchased at $1,583,349 on 4/01/2009, collateralized by $1,220,000 Federal National Mortgage Association, 6.625% due 11/15/2030 valued at $1,618,025, including accrued interest (Note 2g of Notes to Financial Statements) (Identified Cost $1,583,349)		1,583,349
		Total Investments — 98.8% (Identified Cost $214,484,586)(a)		199,262,918
		Other assets less liabilities—1.2%		2,483,552
		Net Assets — 100.0%	$	201,746,470

(‡)	Principal amount stated in U.S. dollars unless otherwise noted.
(†)	See Note 2a of Notes to Financial Statements

(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 March 31, 2009, the net unrealized depreciation on investments based on a cost of $214,546,289 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	5,164,344
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(20,447,715	)
	Net unrealized depreciation	$	(15,283,371	)
(b)	Variable rate security. Rate as of March 31, 2009 is disclosed.
(c)	Illiquid security. At March 31, 2009, the value of this security amounted to $895,217 or 0.4% of net assets.
(d)	The Fund’s investment in mortgage related securities of the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
(e)	All separate investments in U.S. Treasury securities which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
(f)	Non-income producing security.
(g)	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 March 31, 2009, the value of these securities amounted to $12,449,043 or 6.2% of net assets.
ABS	Asset-Backed Securities
ARM	Adjustable Rate Mortgage
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
CAD	Canadian Dollar
JPY	Japanese Yen

Net Asset Summary at March 31, 2009 (Unaudited)

Mortgage Related	22.2	%
Treasuries	14.1
Commercial Mortgage-Backed Securities	7.4
Banking	6.8
Government Owned—No Guarantee	4.7
Wirelines	4.6
Non-Captive Diversified	2.9
Media Cable	2.5
Wireless	2.3
Technology	2.1
Pharmaceuticals	2.0
Other Investments, less than 2% each	26.4
Short-Term Investments	0.8
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

See accompanying notes to financial statements.

19

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 79.4% of Net Assets
		ABS Car Loan — 0.6%
$	85,000	Capital One Auto Finance Trust, Series 2006-C, Class A4, 0.586%, 5/15/2013(b)	$	62,235
	248,175	Capital One Auto Finance Trust, Series 2007-C, Class A3B, 1.066%, 4/16/2012(b)		223,009
	100,000	Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014		74,769
				360,013
		ABS Credit Card — 1.1%
	100,000	Bank One Issuance Trust, Series 2004-C2, Class C2, 1.356%, 2/15/2017(b)		39,000
	650,000	Citibank Credit Card Issuance Trust, Series 2005-C3, Class C3, 0.966%, 7/15/2014(b)		376,968
	205,000	Citibank Credit Card Issuance Trust, Series 2006-C1, Class C1, 0.945%, 2/20/2015(b)		103,470
	100,000	HSBC Private Label Credit Card Master Note Trust, Series 2007-1, Class B, 0.666%, 12/16/2013(b)		80,928
	70,000	MBNA Credit Card Master Note Trust, Series 2006-C3, Class C3, 0.846%, 10/15/2013(b)		48,047
				648,413
		Aerospace & Defense — 1.0%
	260,000	BE Aerospace, Inc., 8.500%, 7/01/2018		216,775
	500,000	Bombardier, Inc., 144A, 6.300%, 5/01/2014		352,500
				569,275
		Airlines — 0.2%
	49,961	Continental Airlines, Inc., Series 1997-4, Class 4B, 6.900%, 7/02/2018		34,973
	14,137	Continental Airlines, Inc., Series 1999-1, Class C, 6.954%, 2/02/2011		13,607
	180,000	Continental Airlines, Inc., Series 2007-1, Class B, 6.903%, 4/19/2022		95,400
				143,980
		Automotive — 3.0%
	420,000	Ford Motor Co., 6.375%, 2/01/2029		118,650
	65,000	Ford Motor Co., 6.625%, 2/15/2028		18,362
	1,220,000	Ford Motor Co., 6.625%, 10/01/2028		344,650
	210,000	Ford Motor Co., 7.450%, 7/16/2031		66,675
	40,000	Ford Motor Co., 7.500%, 8/01/2026		11,200
	550,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		471,109
	66,000	GMAC LLC, 144A, 5.375%, 6/06/2011		46,860
	635,000	Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		355,600
	85,000	Goodyear Tire & Rubber Co., 7.857%, 8/15/2011		69,700
	310,000	Goodyear Tire & Rubber Co., 9.000%, 7/01/2015		238,700
				1,741,506

Principal Amount (‡)		Description	Value (†)
		Banking — 2.1%
$	290,000	Citigroup, Inc., 5.000%, 9/15/2014	$	192,241
	340,000	Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014		307,387
	175,000	Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014		159,716
	80,000	Morgan Stanley, 4.750%, 4/01/2014		65,406
	350,000	Morgan Stanley, 5.375%, 10/15/2015		316,197
	130,000	Morgan Stanley, 6.750%, 4/15/2011		130,100
	100,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		82,711
				1,253,758
		Building Materials — 0.6%
	50,000	Masco Corp., 4.800%, 6/15/2015		32,221
	50,000	Masco Corp., 6.500%, 8/15/2032		25,294
	565,000	USG Corp., 6.300%, 11/15/2016		299,450
				356,965
		Chemicals — 0.4%
	450,000	Borden, Inc., 7.875%, 2/15/2023		45,000
	550,000	Borden, Inc., 9.200%, 3/15/2021		55,000
	20,000	Georgia Gulf Corp., 10.750%, 10/15/2016		1,300
	380,000	Hercules, Inc., Subordinated Note, 6.500%, 6/30/2029(c)		133,000
				234,300
		Commercial Mortgage-Backed Securities — 2.6%
	100,000	Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041		83,006
	100,000	Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		72,891
	100,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 6.004%, 9/15/2039(b)		63,463
	500,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		359,669
	400,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		288,146
	300,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 6.007%, 6/15/2049(b)		206,328
	100,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		67,582
	300,000	Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.803%, 6/11/2042(b)		226,169

See accompanying notes to financial statements.

20

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Commercial Mortgage-Backed Securities — continued
$	200,000	Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.458%, 1/11/2043(b)	$	155,251
				1,522,505
		Construction Machinery — 1.5%
	185,000	Joy Global, Inc., 6.000%, 11/15/2016		154,830
	40,000	Joy Global, Inc., 6.625%, 11/15/2036		26,691
	165,000	United Rentals North America, Inc., 1.875%, 10/15/2023		122,100
	1,065,000	United Rentals North America, Inc., 7.000%, 2/15/2014		537,825
	15,000	United Rentals North America, Inc., 7.750%, 11/15/2013		8,175
				849,621
		Electric — 3.5%
	35,000	AES Corp. (The), 8.000%, 10/15/2017		30,013
	415,000	AES Corp. (The), 144A, 8.000%, 6/01/2020(f)		336,150
	133,984	AES Ironwood LLC, 8.857%, 11/30/2025		117,906
	24,355	AES Red Oak LLC, Series A, 8.540%, 11/30/2019		22,163
	380,000	CMS Energy Corp., 7.750%, 8/01/2010		377,257
	375,000	Dynegy Holdings, Inc., 7.125%, 5/15/2018		198,750
	180,000	Dynegy Holdings, Inc., 7.625%, 10/15/2026		75,600
	165,000	Dynegy Holdings, Inc., 7.750%, 6/01/2019		107,250
	170,000	Edison Mission Energy, 7.625%, 5/15/2027		102,000
	140,000	NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		56,000
	205,000	NRG Energy, Inc., 7.375%, 1/15/2017		190,650
	195,000	TXU Corp., Series P, 5.550%, 11/15/2014		67,275
	1,015,000	TXU Corp., Series Q, 6.500%, 11/15/2024		284,733
	370,000	TXU Corp., Series R, 6.550%, 11/15/2034		100,281
				2,066,028
		Entertainment — 0.1%
	70,000	Viacom, Inc., 6.125%, 10/05/2017		59,562
		Food & Beverage — 2.3%
	400,000	ARAMARK Corp., 8.500%, 2/01/2015		368,000
	585,000	Aramark Services, Inc., 5.000%, 6/01/2012		511,875
	570,000	Tyson Foods, Inc., 7.850%, 4/01/2016		491,053
				1,370,928

Principal Amount (‡)		Description	Value (†)
		Gaming — 0.2%
$	35,000	Harrah’s Operating Co., Inc., 5.750%, 10/01/2017	$	5,600
	535,000	Harrah’s Operating Co., Inc., 10.750%, 2/01/2016		101,650
				107,250
		Government Guaranteed — 0.4%
	275,000	Canada Housing Trust, 3.550%, 9/15/2013 (CAD)		231,944
		Government Owned - No Guarantee — 0.3%
	160,000	Federal Home Loan Mortgage Corp., 4.625%, 10/25/2012(f)		173,617
		Healthcare — 5.6%
	660,000	Affymetrix, Inc., 3.500%, 1/15/2038		346,500
	5,000	Boston Scientific Corp., 5.450%, 6/15/2014		4,575
	105,000	Boston Scientific Corp., 6.400%, 6/15/2016		97,650
	95,000	Boston Scientific Corp., 7.000%, 11/15/2035		80,750
	385,000	CHS/Community Health Systems, Inc., 8.875%, 7/15/2015		363,825
	127,000	EPIX Pharmaceuticals, Inc., Senior Note, 3.000%, 6/15/2024(c)(d)		25,400
	150,000	HCA, Inc., 5.750%, 3/15/2014		98,250
	155,000	HCA, Inc., 6.250%, 2/15/2013		116,250
	10,000	HCA, Inc., 6.300%, 10/01/2012		8,350
	50,000	HCA, Inc., 6.375%, 1/15/2015		32,750
	205,000	HCA, Inc., 6.500%, 2/15/2016		134,275
	35,000	HCA, Inc., 7.050%, 12/01/2027		18,200
	440,000	HCA, Inc., 7.190%, 11/15/2015		297,238
	225,000	HCA, Inc., 7.500%, 12/15/2023		119,212
	700,000	HCA, Inc., 7.500%, 11/06/2033		350,000
	40,000	HCA, Inc., 7.690%, 6/15/2025		20,832
	40,000	HCA, Inc., 8.360%, 4/15/2024		22,429
	445,000	HCA, Inc., MTN, 7.580%, 9/15/2025		228,334
	40,000	HCA, Inc., MTN, 7.750%, 7/15/2036		20,232
	360,000	Health Management Associates, Inc., 6.125%, 4/15/2016		294,300
	70,000	Hologic, Inc. (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(e)		47,775
	40,000	Life Technologies Corp., 1.500%, 2/15/2024		35,650
	300,000	Omnicare, Inc., 3.250%, 12/15/2035		196,500

See accompanying notes to financial statements.

21

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	255,000	Tenet Healthcare Corp., 6.875%, 11/15/2031	$	126,225
	190,000	Tenet Healthcare Corp., 7.375%, 2/01/2013		151,050
	60,000	Tenet Healthcare Corp., 9.875%, 7/01/2014		46,800
				3,283,352
		Home Construction — 4.5%
	375,000	Centex Corp., 5.250%, 6/15/2015		281,250
	350,000	D.R. Horton, Inc., 5.250%, 2/15/2015		268,187
	15,000	D.R. Horton, Inc., 6.500%, 4/15/2016		11,775
	410,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		270,600
	385,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015		98,175
	365,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.250%, 1/15/2016		98,550
	30,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.500%, 1/15/2014		7,800
	315,000	KB Home, 5.750%, 2/01/2014		249,244
	360,000	KB Home, Guaranteed Note, 5.875%, 1/15/2015		278,820
	590,000	KB Home, Guaranteed Note, 7.250%, 6/15/2018		445,450
	5,000	Lennar Corp., Series B, 5.125%, 10/01/2010		4,375
	580,000	Lennar Corp., Series B, Guaranteed Note, 5.600%, 5/31/2015		413,250
	155,000	Pulte Homes, Inc., 6.000%, 2/15/2035		94,550
	230,000	Pulte Homes, Inc., 6.375%, 5/15/2033		140,300
				2,662,326
		Independent Energy — 5.1%
	40,000	Chesapeake Energy Corp., 6.375%, 6/15/2015		33,700
	1,240,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		1,010,600
	195,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		152,588
	40,000	Chesapeake Energy Corp., Convertible, 2.250%, 12/15/2038		20,600
	620,000	Connacher Oil and Gas Ltd., 144A, 10.250%, 12/15/2015		195,300
	755,000	Hilcorp Energy I LP, 144A, 7.750%, 11/01/2015		551,150
	335,000	PetroHawk Energy Corp., 144A, 7.875%, 6/01/2015		294,800
	355,000	Pioneer Natural Resources Co., 5.875%, 7/15/2016		261,948
	200,000	Pioneer Natural Resources Co., 6.875%, 5/01/2018		147,002

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	505,000	Pioneer Natural Resources Co., 7.200%, 1/15/2028	$	309,751
				2,977,439
		Industrial Other — 0.3%
	245,000	Incyte Corp., 3.500%, 2/15/2011		121,275
	140,000	Ranhill Labuan Ltd., 144A, 12.500%, 10/26/2011		79,800
				201,075
		Local Authorities — 0.4%
	350,000	New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010 (AUD)		257,236
		Lodging — 1.1%
	145,000	FelCor Lodging LP, 9.000%, 6/01/2011		87,000
	105,000	Host Hotels & Resorts LP, Convertible, 144A, 3.250%, 4/15/2024		95,288
	665,000	Host Hotels & Resorts, Inc., 144A, 2.625%, 4/15/2027		462,175
				644,463
		Media Cable — 2.0%
	655,000	CSC Holdings, Inc., Senior Note, 7.625%, 7/15/2018		589,500
	250,000	CSC Holdings, Inc., 7.875%, 2/15/2018		228,750
	180,000	CSC Holdings, Inc., 144A, 8.625%, 2/15/2019		173,250
	180,000	Virgin Media Finance PLC, 8.750%, 4/15/2014		170,100
				1,161,600
		Media Non-Cable — 1.1%
	25,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		3,500
	50,000	Clear Channel Communications, Inc., 5.500%, 12/15/2016		7,000
	475,000	Clear Channel Communications, Inc., 6.875%, 6/15/2018		68,875
	175,000	Intelsat Corp., 6.875%, 1/15/2028		119,000
	240,000	Intelsat Subsidiary Holding Co. Ltd., 144A, 8.500%, 1/15/2013		226,200
	160,000	Intelsat Subsidiary Holding Co. Ltd., 144A, 8.875%, 1/15/2015		148,400
	85,000	R.H. Donnelley Corp., 6.875%, 1/15/2013		3,613
	25,000	R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		1,063
	160,000	R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		6,800
	615,000	R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016		35,362
	155,000	R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017		8,137
				627,950
		Metals & Mining — 0.9%
	140,000	Ispat Inland ULC, 9.750%, 4/01/2014		127,400

See accompanying notes to financial statements.

22

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Metals & Mining — continued
$	285,000	Steel Dynamics, Inc., 7.375%, 11/01/2012	$	222,300
	190,000	United States Steel Corp., 6.050%, 6/01/2017		117,558
	95,000	United States Steel Corp., 7.000%, 2/01/2018		64,829
				532,087
		Non-Captive Consumer — 1.0%
	60,000	SLM Corp., MTN, 5.050%, 11/14/2014		31,761
	50,000	SLM Corp., Series A, MTN, 4.000%, 1/15/2010		42,193
	40,000	SLM Corp., Series A, MTN, 4.500%, 7/26/2010		30,000
	20,000	SLM Corp., Series A, MTN, 5.000%, 10/01/2013		10,635
	10,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		5,177
	5,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		1,850
	735,000	SLM Corp., Series A, MTN, 6.500%, 6/15/2010 (NZD)(c)(d)		304,783
	245,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		132,331
				558,730
		Non-Captive Diversified — 3.2%
	95,000	CIT Group, Inc., 4.750%, 12/15/2010		76,611
	7,000	CIT Group, Inc., 5.400%, 2/13/2012		4,513
	20,000	CIT Group, Inc., 5.400%, 1/30/2016		11,987
	85,000	CIT Group, Inc., 5.800%, 10/01/2036		46,817
	8,000	CIT Group, Inc., 5.850%, 9/15/2016		4,525
	335,000	CIT Group, Inc., 144A, 12.000%, 12/18/2018		173,362
	44,000	CIT Group, Inc., GMTN, 5.000%, 2/13/2014		25,960
	20,000	CIT Group, Inc., GMTN, 5.000%, 2/01/2015		12,177
	32,000	CIT Group, Inc., MTN, 5.125%, 9/30/2014		19,344
	8,000	CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017		4,633
	1,300,000	General Electric Capital Corp., Series A, MTN, 2.960%, 5/18/2012 (SGD)		713,671
	22,000	GMAC LLC, 144A, 4.750%, 9/14/2009		18,735
	172,000	GMAC LLC, 144A, 5.750%, 9/27/2010		130,720
	398,000	GMAC LLC, 144A, 6.000%, 12/15/2011		270,962
	208,000	GMAC LLC, 144A, 6.625%, 5/15/2012		139,533
	346,000	GMAC LLC, 144A, 6.750%, 12/01/2014		201,074

Principal Amount (‡)		Description	Value (†)
		Non-Captive Diversified — continued
$	24,000	GMAC LLC, 144A, 8.000%, 11/01/2031	$	11,548
	80,000	iStar Financial, Inc., 5.850%, 3/15/2017		23,200
	10,000	iStar Financial, Inc., 5.875%, 3/15/2016		2,900
	15,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		4,575
				1,896,847
		Oil & Gas — 0.4%
	330,000	SandRidge Energy, Inc., 144A, 8.000%, 6/01/2018		242,550
		Oil Field Services — 1.1%
	490,000	Basic Energy Services, Inc., 7.125%, 4/15/2016		284,200
	120,000	Complete Production Services, Inc., 8.000%, 12/15/2016		76,200
	30,000	Key Energy Services, Inc., 8.375%, 12/01/2014		18,900
	325,000	North American Energy Partners, Inc., 8.750%, 12/01/2011		237,250
				616,550
		Packaging — 0.3%
	175,000	Owens-Illinois, Inc., Senior Note, 7.800%, 5/15/2018		169,750
		Paper — 3.2%
	75,000	Georgia-Pacific Corp., 7.250%, 6/01/2028		52,125
	160,000	Georgia-Pacific Corp., 7.375%, 12/01/2025		114,000
	415,000	Georgia-Pacific Corp., 7.750%, 11/15/2029		307,100
	1,060,000	Georgia-Pacific Corp., 8.875%, 5/15/2031		848,000
	35,000	Georgia-Pacific LLC, 144A, 7.125%, 1/15/2017		32,375
	270,000	Georgia-Pacific LLC, 8.000%, 1/15/2024		214,650
	200,000	Georgia-Pacific LLC, 9.500%, 12/01/2011		199,750
	200,000	Jefferson Smurfit Corp., 7.500%, 6/01/2013(g)		23,250
	485,000	Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(g)		56,381
	270,000	Stone Container Finance, 7.375%, 7/15/2014(g)		39,150
				1,886,781
		Pharmaceuticals — 4.8%
	640,000	Elan Finance PLC, 8.875%, 12/01/2013		512,000
	1,190,000	Elan Finance PLC, Senior Note, 7.750%, 11/15/2011		999,600
	170,000	Human Genome Sciences, Inc., 2.250%, 10/15/2011		62,475
	600,000	Human Genome Sciences, Inc., 2.250%, 8/15/2012		199,500

See accompanying notes to financial statements.

23

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Pharmaceuticals — continued
$	306,000	Nektar Therapeutics, 3.250%, 9/28/2012	$	198,135
	505,000	Valeant Pharmaceuticals International, Subordinated Note, Convertible, 4.000%, 11/15/2013		446,925
	305,000	Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		400,694
				2,819,329
		Pipelines — 1.6%
	95,000	El Paso Corp., 6.875%, 6/15/2014		84,618
	415,000	El Paso Corp., 6.950%, 6/01/2028		286,191
	225,000	El Paso Corp., 7.000%, 6/15/2017		191,628
	130,000	El Paso Natural Gas Co., 8.375%, 6/15/2032		123,686
	75,000	Kinder Morgan Finance Co., Guaranteed Note, 5.700%, 1/05/2016		63,000
	175,000	Knight, Inc., 6.500%, 9/01/2012		163,188
	20,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		17,013
	20,000	Tennessee Gas Pipeline Co., 7.500%, 4/01/2017		19,263
				948,587
		Refining — 0.7%
	150,000	Petroplus Finance Ltd., 144A, 6.750%, 5/01/2014		111,000
	375,000	Petroplus Finance Ltd., 144A, 7.000%, 5/01/2017		270,000
				381,000
		Retailers — 0.8%
	250,000	Dillard’s, Inc., 6.625%, 1/15/2018		90,000
	105,000	Dillard’s, Inc., 7.130%, 8/01/2018		36,750
	30,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		15,340
	1,070,000	Toys R Us, Inc., 7.375%, 10/15/2018		342,400
	20,000	Toys R Us, Inc., 7.875%, 4/15/2013		7,025
				491,515
		Sovereigns — 0.5%
	24,600(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023 (MXN)		172,441
	4,318,267	Republic of Uruguay, 4.250%, 4/05/2027 (UYU)		94,864
				267,305
		Supermarkets — 2.3%
	300,000	American Stores Co., 8.000%, 6/01/2026		256,500
	750,000	New Albertson’s, Inc., 7.450%, 8/01/2029		622,500

Principal Amount (‡)		Description	Value (†)
		Supermarkets — continued
$	190,000	New Albertson’s, Inc., 7.750%, 6/15/2026	$	159,125
	130,000	New Albertson’s, Inc., 8.000%, 5/01/2031		106,275
	310,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		227,850
				1,372,250
		Supranational — 2.2%
	9,210,000,000	European Investment Bank, EMTN, 144A, Zero Coupon, 4/24/2013 (IDR)(f)		395,819
	1,900,000	Inter-American Development Bank, EMTN, Zero Coupon, 5/11/2009 (BRL)		806,768
	13,400,000	International Bank for Reconstruction & Development, 9.500%, 5/27/2010 (ISK)		65,819
	800,000	Nordic Investment Bank, EMTN, 11.250%, 4/16/2009 (ISK)		3,904
				1,272,310
		Technology — 4.8%
	300,000	Affiliated Computer Services, Inc., 5.200%, 6/01/2015		246,750
	585,000	Amkor Technology, Inc., 7.750%, 5/15/2013		470,925
	115,000	Amkor Technology, Inc., 9.250%, 6/01/2016		88,550
	660,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		118,800
	345,000	JDS Uniphase Corp., Convertible, 1.000%, 5/15/2026		211,744
	210,000	Kla-Tencor Corp., 6.900%, 5/01/2018		165,997
	475,000	Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		225,031
	35,000	Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		27,606
	1,040,000	Lucent Technologies, Inc., 6.450%, 3/15/2029		395,200
	175,000	Lucent Technologies, Inc., 6.500%, 1/15/2028		66,500
	50,000	Lucent Technologies, Inc., Series A, Convertible, 2.875%, 6/15/2023		43,688
	216,000	Maxtor Corp., Subordinated Note, 5.750%, 3/01/2012(c)		162,000
	340,000	Nortel Networks Capital Corp., 7.875%, 6/15/2026(g)		54,400
	280,000	Nortel Networks Corp., 2.125%, 4/15/2014(g)		39,900
	580,000	Nortel Networks Ltd., 6.875%, 9/01/2023(g)		37,700
	475,000	Nortel Networks Ltd., 10.125%, 7/15/2013(g)		89,062
	255,000	Seagate Technology HDD Holdings, 6.375%, 10/01/2011		186,150
	205,000	Seagate Technology HDD Holdings, 6.800%, 10/01/2016		118,900
	105,000	Xerox Capital Trust I, 8.000%, 2/01/2027		73,948
				2,822,851

See accompanying notes to financial statements.

24

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Textile — 0.3%
$	375,000	Jones Apparel Group, Inc., 6.125%, 11/15/2034	$	187,500
		Transportation Services — 0.6%
	275,000	APL Ltd., Senior Note, 8.000%, 1/15/2024(c)		193,207
	300,000	Overseas Shipholding Group, Senior Note, 7.500%, 2/15/2024		177,000
				370,207
		Wireless — 3.1%
	5,000	ALLTEL Corp., 6.800%, 5/01/2029		4,605
	440,000	ALLTEL Corp., 7.875%, 7/01/2032		447,234
	130,000	Crown Castle International Corp., 9.000%, 1/15/2015		130,325
	255,000	Nextel Communications, Inc., Senior Note, 5.250%, 1/15/2010		245,756
	48,000	Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		25,440
	614,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		349,980
	25,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		13,875
	365,000	NII Holdings, Inc., 3.125%, 6/15/2012		253,675
	326,000	Sprint Capital Corp., 6.875%, 11/15/2028		198,860
	55,000	Sprint Capital Corp., 6.900%, 5/01/2019		38,775
	20,000	Sprint Capital Corp., 8.750%, 3/15/2032		13,400
	200,000	True Move Co. Ltd., 144A, 10.375%, 8/01/2014		88,160
				1,810,085
		Wirelines — 7.6%
	255,000	Bell Canada, Series M-17, 6.100%, 3/16/2035 (CAD)		159,814
	5,000	Bell Canada, MTN, 144A, 6.550%, 5/01/2029 (CAD)		3,314
	65,000	Cincinnati Bell Telephone Co., 6.300%, 12/01/2028		44,200
	365,000	Cincinnati Bell, Inc., 8.375%, 1/15/2014		343,100
	410,000	Embarq Corp., 7.995%, 6/01/2036		307,500
	285,000	Fairpoint Communications, Inc., 144A, 13.125%, 4/01/2018		65,550
	95,000	Frontier Communications Corp., 7.000%, 11/01/2025		53,913
	30,000	Frontier Communications Corp., 7.125%, 3/15/2019		23,550
	540,000	Frontier Communications Corp., 7.875%, 1/15/2027		364,500
	65,000	Frontier Communications Corp., 9.000%, 8/15/2031		44,606
	80,000	Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(g)		400

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	490,000	Level 3 Communications, Inc., Convertible, 2.875%, 7/15/2010	$	358,312
	45,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		18,675
	350,000	Level 3 Communications, Inc., Convertible, 6.000%, 9/15/2009		337,750
	325,000	Level 3 Communications, Inc., Convertible, 6.000%, 3/15/2010		276,250
	770,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		492,800
	125,000	Level 3 Financing, Inc., 9.250%, 11/01/2014		86,250
	1,890,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031(f)		1,247,400
	365,000	Qwest Capital Funding, Inc., Guaranteed Note, 6.875%, 7/15/2028		229,950
	10,000	Qwest Corp., 6.875%, 9/15/2033		6,550
				4,464,384
		Total Bonds and Notes (Identified Cost $60,820,335)		46,615,724
	Bank Loans — 0.3%
		Consumer Products — 0.0%
	24,807	Mega Brands, Inc., Term Loan B, 8.750%, 7/26/2012(h)		6,739
		Food & Beverage — 0.0%
	1,306	Dole Food Co., Inc., Credit Link Deposit, 2.790%, 4/12/2013(h)		1,200
	848	Dole Food Co., Inc., Tranche B Term Loan, 7.960%, 4/12/2013(h)		780
	4,154	Dole Food Co., Inc., Tranche C Term Loan, 7.969%, 4/12/2013(h)		3,819
				5,799
		Media Non-Cable — 0.1%
	114,227	Idearc, Inc., Term Loan B, 6.250%, 11/17/2014(g)(h)		44,513
	224,012	Tribune Co., Term Loan X, 5.000%, 6/04/2009(g)(h)		58,454
				102,967
		Technology — 0.1%
	69,821	Sungard Data Systems, Inc., Term Loan B, 2.697%, 2/28/2014(h)		58,821
		Wirelines — 0.1%
	35,000	Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(h)(i)		15,675
	25,000	Level 3 Financing, Inc., New Term Loan, 3.309%, 3/13/2014(h)		18,766
				34,441
		Total Bank Loans (Identified Cost $440,912)		208,767

See accompanying notes to financial statements.

25

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Shares	Description	Value (†)
Preferred Stocks — 1.6%
Convertible Preferred Stocks — 1.5%
	Capital Markets — 0.1%
4,790	Newell Financial Trust I, 5.250%	$	86,220
	Diversified Financial Services — 0.1%
3,732	Sovereign Capital Trust IV, 4.375%		73,707
	Electric Utilities — 0.4%
6,475	AES Trust III, 6.750%		220,150
	Machinery — 0.1%
2,550	United Rentals Trust I, 6.500%		28,050
	Oil, Gas & Consumable Fuels — 0.4%
9,500	El Paso Energy Capital Trust I, 4.750%		237,500
	Semiconductors & Semiconductor Equipment — 0.4%
799	Lucent Technologies Capital Trust I, 7.750%		231,749
	Total Convertible Preferred Stocks (Identified Cost $1,501,377)		877,376
Non-Convertible Preferred Stocks — 0.1%
	Diversified Financial Services — 0.1%
274	Preferred Blocker, Inc., 144A, 7.000%		54,551
	Thrifts & Mortgage Finance — 0.0%
300	Federal Home Loan Mortgage Corp., 5.000%(j)(k)		270
7,900	Federal Home Loan Mortgage Corp., 5.570%(j)(k)		3,002
2,850	Federal Home Loan Mortgage Corp., 5.660%(j)(k)		1,140
1,000	Federal Home Loan Mortgage Corp., 5.700%(j)(k)		830
1,800	Federal Home Loan Mortgage Corp., 5.790%(j)(k)		1,386
650	Federal Home Loan Mortgage Corp., 5.810%(j)(k)		507
1,400	Federal Home Loan Mortgage Corp., 5.900%(j)(k)		644
350	Federal Home Loan Mortgage Corp., 6.000%(j)(k)		312
600	Federal Home Loan Mortgage Corp., 6.420%(j)(k)		480
1,350	Federal Home Loan Mortgage Corp., 6.550%(j)(k)		553
7,400	Federal Home Loan Mortgage Corp., 8.375%(j)(k)		3,404
1,200	Federal National Mortgage Association, 4.750%(j)(k)		876
200	Federal National Mortgage Association, 5.125%(j)(k)		138
400	Federal National Mortgage Association, 5.375%(j)(k)		572
350	Federal National Mortgage Association, 5.810%(j)(k)		403
550	Federal National Mortgage Association, 6.750%(j)(k)		275
10,250	Federal National Mortgage Association, 8.325%(j)(k)		7,277
			22,069
	Total Non-Convertible Preferred Stocks (Identified Cost $634,132)		76,620
	Total Preferred Stocks (Identified Cost $2,135,509)		953,996
Common Stocks — 0.8%
	Biotechnology — 0.4%
8,147	Vertex Pharmaceuticals, Inc.(j)		234,063
	Chemicals — 0.0%
1,087	Ashland, Inc.		11,229
	Household Durables — 0.1%
1,775	KB Home		23,395
	Pharmaceuticals — 0.3%
6,875	Merck & Co., Inc.		183,906
	Thrifts & Mortgage Finance — 0.0%
5,500	Federal Home Loan Mortgage Corp.		4,180
	Total Common Stocks (Identified Cost $591,205)		456,773
Closed-End Investment Companies — 0.1%
3,835	Morgan Stanley Emerging Markets Debt Fund, Inc.		27,305
2,175	Western Asset High Income Opportunity Fund, Inc.		9,048
	Total Closed-End Investment Companies (Identified Cost $45,443)		36,353

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 17.0%
$	273	Repurchase Agreement with State Street Corp., dated 3/31/2009 at 0.000% to be repurchased at $273 on 4/01/2009, collateralized by $5,000 U.S. Treasury Bill, due 5/28/2009 valued at $4,999, including accrued interest (Note 2g of Notes to Financial Statements)	$	273
	9,967,549	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000% to be repurchased at $9,967,549 on 4/01/2009, collateralized by $9,970,000 Federal Home Loan Mortgage Corp., 2.680% due 11/16/2009 valued at $10,169,400, including accrued interest (Note 2g of Notes to Financial Statements)		9,967,549
		Total Short-Term Investments (Identified Cost $9,967,822)		9,967,822
		Total Investments — 99.2% (Identified Cost $74,001,226)(a)		58,239,435
		Other assets less liabilities — 0.8%		447,316
		Net Assets — 100.0%	$	58,686,751
	(‡)	Principal amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2a of Notes to Financial Statements.
	(††)	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 March 31, 2009, the net unrealized depreciation on investments based on a cost of $74,016,748 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	$	1,561,025
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(17,338,338	)
		Net unrealized depreciation	$	(15,777,313	)
	(b)	Variable rate security. Rate as of March 31, 2009 is disclosed.
	(c)	Illiquid security. At March 31, 2009, the value of these securities amounted to $818,390 or 1.4% of net assets.
	(d)	Valued by management. At March 31, 2009 the value of these securities amounted to $330,183 or 0.6% of net assets.
	(e)	Step Bond: Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(f)	All or a portion of this security is held as collateral for open forward contracts.
	(g)	Non-income producing due to bankruptcy filing.
	(h)	Variable rate security. Rate shown represents the weighted average rate at March 31, 2009.
	(i)	All or a portion of interest payment is paid in-kind.
	(j)	Non-income producing security.
	(k)	Future dividend payments have been eliminated as the issuer has been placed in conservatorship.
	ABS	Asset-Backed Securities
	EMTN	Euro Medium Term Note
	GMTN	Global Medium Term Note
	MTN	Medium Term Note
	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 March 31, 2009, the value of these securities amounted to $5,171,126 or 8.8% of net assets.

See accompanying notes to financial statements.

26

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
IDR	Indonesian Rupiah
ISK	Icelandic Krona
MXN	Mexican Peso
NZD	New Zealand Dollar
SGD	Singapore Dollar
UYU	Uruguayan Peso

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

Contract to Buy/Sell	Delivery Date	Currency	Units	Value		Unrealized Appreciation
Sell1	4/29/2009	Singapore Dollar	1,140,000	$	749,012	$	6,715

¹ Counterparty is Barclays Bank.

Net Asset Summary at March 31, 2009 (Unaudited)

Wirelines	7.7	%
Healthcare	5.6
Pharmaceuticals	5.1
Independent Energy	5.1
Technology	4.9
Home Construction	4.5
Electric	3.5
Non-Captive Diversified	3.2
Paper	3.2
Wireless	3.1
Automotive	3.0
Commercial Mortgage-Backed Securities	2.6
Food & Beverage	2.3
Supermarkets	2.3
Supranational	2.2
Banking	2.1
Other Investments, less than 2% each	21.8
Short-Term Investments	17.0
Total Investments	99.2
Other assets less liabilities (including open Forward Foreign Currency Contracts)	0.8
Net Assets	100.0	%

See accompanying notes to financial statements.

27

LOOMIS SAYLES INTERNATIONAL BOND FUND — PORTFOLIO OF INVESTMENTS

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)	Description	Value (†)
Bonds and Notes — 96.5% of Net Assets
Non-Convertible Bonds — 96.3%
	Australia — 0.9%
165,000	New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010, (AUD)	$	121,268
	Austria — 1.3%
17,000,000	Oesterreichische Kontrollbank AG, 1.800%, 3/22/2010, (JPY)		172,458
	Belgium — 7.1%
625,000	Kingdom of Belgium, 5.500%, 9/28/2017, (EUR)		930,684
	Brazil — 0.0%
5,000	Republic of Brazil, 7.125%, 1/20/2037(b)		5,013
	Canada — 2.8%
40,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		25,069
50,000	Bombardier, Inc., 144A, 7.250%, 11/15/2016, (EUR)		43,180
255,000	Canadian Government, 4.250%, 9/01/2009, (CAD)		205,387
105,000	Canadian Government, 4.500%, 6/01/2015, (CAD)		95,512
			369,148
	Cayman Islands — 2.3%
60,000	DASA Finance Corp., 144A, 8.750%, 5/29/2018(b)		46,200
75,000	DASA Finance Corp., 8.750%, 5/29/2018(b)		57,750
100,000	Hutchison Whampoa Finance Ltd., 4.625%, 9/21/2016, (EUR)		108,645
100,000	Odebrecht Finance Ltd., 144A, 7.500%, 10/18/2017(b)		87,000
			299,595
	France — 4.2%
50,000	Credit Agricole SA, 5.971%, 2/01/2018, (EUR)		66,991
40,000	Lafarge SA, EMTN, 4.750%, 3/23/2020, (EUR)		33,454
50,000	Lafarge SA, EMTN, 5.375%, 6/26/2017, (EUR)		47,698
85,000	PPR, EMTN, 4.000%, 1/29/2013, (EUR)		101,966
50,000	Societe Generale, EMTN, 5.250%, 3/28/2013, (EUR)		69,191
70,000	Veolia Environnement, 6.125%, 11/25/2033, (EUR)		80,464
35,000	Veolia Environnement, EMTN, 5.125%, 5/24/2022, (EUR)		39,184
10,000	Vivendi, 3.875%, 2/15/2012, (EUR)		13,042
50,000	Vivendi, 4.500%, 10/03/2013, (EUR)		62,760
50,000	Wendel, 4.875%, 5/26/2016, (EUR)		35,208
			549,958

Principal Amount (‡)	Description	Value (†)
	Germany — 15.1%
50,000	Bertelsmann AG, 3.625%, 10/06/2015, (EUR)	$	54,942
30,000	Bundesschatzanweisungen, 4.000%, 12/11/2009, (EUR)		40,668
125,000	Hypothekenbank in Essen AG, 3.000%, 9/28/2009, (EUR)		166,699
21,000,000	Kreditanstalt fuer Wiederaufbau, 1.350%, 1/20/2014, (JPY)		210,463
16,000,000	Kreditanstalt fuer Wiederaufbau, 1.750%, 3/23/2010, (JPY)		163,317
24,000,000	Kreditanstalt fuer Wiederaufbau, 2.050%, 2/16/2026, (JPY)		230,299
185,000	Kreditanstalt fuer Wiederaufbau, 2.500%, 10/11/2010, (EUR)(b)		249,044
5,000,000	Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037, (JPY)		48,843
105,000	Muenchener Hypothekenbank eG, 5.000%, 1/16/2012, (EUR)		148,183
255,000	Republic of Germany, 3.750%, 1/04/2017, (EUR)(b)		360,933
225,000	Republic of Germany, 4.000%, with various maturities to 2037		311,894
			1,985,285
	India — 1.0%
100,000	Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021		76,467
100,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 144A, 6.375%, 4/30/2022(b)		56,226
			132,693
	Indonesia — 0.8%
100,000	Republic of Indonesia, 144A, 11.625%, 3/04/2019		108,750
	Ireland — 1.5%
30,000,000	Depfa ACS Bank, Series 686, 1.650%, 12/20/2016, (JPY)		193,308
	Italy — 0.8%
100,000	Finmeccanica SpA, 4.875%, 3/24/2025, (EUR)		99,117
	Japan — 10.2%
18,000,000	Development Bank of Japan, 1.750%, 6/21/2010, (JPY)		183,796
63,000,000	Japan Finance Corp. for Municipal Enterprises, 1.350%, 11/26/2013, (JPY)		647,072
10,000,000	Japan Finance Corp. for Municipal Enterprises, 1.900%, 6/22/2018, (JPY)		102,539
20,966,400	Japan Government, 0.800%, 3/10/2016, (JPY)		181,884
20,000,000	Japan Government, 1.300%, 3/20/2019, (JPY)		201,552
2,000,000	Japan Government, 1.400%, 6/20/2011, (JPY)		20,628
			1,337,471

See accompanying notes to financial statements.

28

LOOMIS SAYLES INTERNATIONAL BOND FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Korea — 1.3%
$	100,000	Export-Import Bank of Korea, 8.125%, 1/21/2014(b)	$	103,363
	75,000	SK Broadband Co. Ltd., 144A, 7.000%, 2/01/2012(b)		67,125
				170,488
		Luxembourg — 0.9%
	2,000,000	European Investment Bank, 1.250%, 9/20/2012, (JPY)		20,196
	105,000	Telecom Italia Capital SA, 6.000%, 9/30/2034(b)		71,637
	35,000	Telecom Italia Capital SA, 6.375%, 11/15/2033(b)		25,501
				117,334
		Mexico — 1.1%
	85,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015(b)		56,100
	10,000(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		70,098
	18,000	Mexican Government, 6.050%, 1/11/2040(b)		15,390
				141,588
		Netherlands — 1.3%
	50,000	Cemex Finance Europe BV, 4.750%, 3/05/2014, (EUR)		30,226
	50,000	Koninklijke (Royal) KPN NV, GMTN, 4.750%, 1/17/2017, (EUR)		61,387
	10,000	Wolters Kluwer NV, 5.125%, 1/27/2014, (EUR)		13,303
	50,000	Wolters Kluwer NV, 6.375%, 4/10/2018, (EUR)		62,432
				167,348
		Norway — 3.8%
	275,000	Norwegian Government, 4.250%, 5/19/2017, (NOK)		42,775
	1,650,000	Norwegian Government, 5.500%, 5/15/2009, (NOK)		246,286
	1,235,000	Norwegian Government, 6.500%, 5/15/2013, (NOK)		210,166
				499,227
		Philippines — 0.8%
	100,000	Republic of Philippines, 8.375%, 6/17/2019(b)		109,000
		Spain — 2.5%
	23,000,000	Instituto de Credito Oficial, EMTN, 0.800%, 9/28/2009, (JPY)		232,496
	100,000	Santander Issurance SA, EMTN, (fixed rate to 5/29/14, variable rate thereafter), 4.750%, 5/29/2019, (EUR)		96,684
				329,180
		Supranational — 5.6%
	11,100,000	European Investment Bank, 1.400%, 6/20/2017, (JPY)		109,471
	921,000,000	European Investment Bank, EMTN, 144A, Zero Coupon, 4/24/2013, (IDR)		39,582

Principal Amount (‡)	Description	Value (†)
	Supranational — continued
28,000,000	Inter-American Development Bank, 1.900%, 7/08/2009, (JPY)	$	283,814
30,000,000	Nordic Investment Bank, 1.700%, 4/27/2017, (JPY)(b)		301,203
			734,070
	Sweden — 0.8%
100,000	Telefonaktiebolaget LM Ericsson, EMTN, 5.375%, 6/27/2017, (EUR)(b)		108,341
	United Arab Emirates — 0.9%
100,000	Abu Dhabi National Energy Co., 144A, 6.500%, 10/27/2036(b)		74,113
100,000	DP World Ltd., 144A, 6.850%, 7/02/2037(b)		47,845
			121,958
	United Kingdom — 10.2%
50,000	BAT International Finance PLC, EMTN, 5.375%, 6/29/2017, (EUR)		61,223
50,000	BAT International Finance PLC, 5.875%, 3/12/2015, (EUR)		65,626
50,000	BP Capital Markets PLC, EMTN, 5.750%, 2/26/2010, (GBP)		73,835
50,000	BSKYB Finance UK PLC, EMTN, 5.750%, 10/20/2017, (GBP)		65,629
100,000	Imperial Tobacco Finance PLC, EMTN, 4.375%, 11/22/2013, (EUR)		118,501
65,000	Lloyds TSB Group PLC, 5.875%, 7/08/2014, (EUR)		77,550
100,000	Standard Chartered Bank, Series 17, 5.875%, 9/26/2017, (EUR)		100,514
190,000	United Kingdom Treasury, 4.000%, 9/07/2016, (GBP)		295,639
135,000	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)		195,070
100,000	United Kingdom Treasury, 4.750%, 3/07/2020, (GBP)		161,801
100,000	Vodafone Group PLC, EMTN, 5.375%, 6/06/2022, (EUR)		124,410
			1,339,798
	United States — 19.1%
50,000	3M Co., 5.000%, 7/14/2014, (EUR)		70,078
25,000	Ahold Finance USA, Inc., EMTN, 6.500%, 3/14/2017, (GBP)		33,360
100,000	AT&T, Inc., EMTN, 6.125%, 4/02/2015, (EUR)		138,612
100,000	Bristol-Myers Squibb Co., 4.625%, 11/15/2021, (EUR)		121,876
50,000	Cargill, Inc., EMTN, 5.375%, 3/02/2037, (GBP)		52,473
20,000	Chesapeake Energy Corp., 6.375%, 6/15/2015		16,850
60,000	Chesapeake Energy Corp., 6.500%, 8/15/2017(b)		48,900
50,000	CIT Group, Inc., EMTN, 3.800%, 11/14/2012, (EUR)		30,558
50,000	CIT Group, Inc., GMTN, 4.250%, 9/22/2011, (EUR)		39,858

See accompanying notes to financial statements.

29

LOOMIS SAYLES INTERNATIONAL BOND FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	50,000	Couche-Tard US/Finance, 7.500%, 12/15/2013(b)	$	49,125
	60,000	CSX Corp., 5.600%, 5/01/2017(b)		50,471
	65,000	Energy Transfer Partners LP, 6.625%, 10/15/2036(b)		48,333
	60,000	Frontier Communications Corp., 6.250%, 1/15/2013(b)		54,375
	20,000	Frontier Communications Corp., 7.875%, 1/15/2027(b)		13,500
	10,000,000	General Electric Capital Corp., GMTN, 1.450%, 11/10/2011, (JPY)		86,106
	100,000	Georgia-Pacific LLC, 8.000%, 1/15/2024(b)		79,500
	50,000	Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038, (GBP)		46,195
	55,000	HCA, Inc., 5.750%, 3/15/2014(b)		36,025
	45,000	HCA, Inc., 8.360%, 4/15/2024(b)		25,233
	85,000	Host Hotels & Resorts LP, 6.375%, 3/15/2015(b)		62,900
	90,000	International Paper Co., 8.700%, 6/15/2038(b)		59,839
	50,000	Kraft Food, Inc., 6.250%, 3/20/2015, (EUR)		68,821
	100,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		74,118
	50,000	Morgan Stanley, 3.750%, 3/01/2013, (EUR)		54,510
	25,000	Morgan Stanley, 5.375%, 11/14/2013, (GBP)		30,469
	75,000	Motorola, Inc., 6.625%, 11/15/2037(b)		47,437
	5,000	New Albertson’s, Inc., 7.450%, 8/01/2029(b)		4,150
	5,000	New Albertson’s, Inc., 7.750%, 6/15/2026(b)		4,188
	95,000	New Albertson’s, Inc., 8.000%, 5/01/2031(b)		77,662
	5,000	New Albertson’s, Inc., 8.700%, 5/01/2030(b)		4,275
	20,000	NGPL Pipeco LLC, 144A, 6.514%, 12/15/2012		19,105
	50,000	Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014, (EUR)		59,787
	100,000	Pfizer, Inc., 4.750%, 12/15/2014, (EUR)		135,855
	50,000	Philip Morris International, Inc., GMTN, 5.875%, 9/04/2015, (EUR)		68,013
	95,000	Qwest Corp., 6.875%, 9/15/2033(b)		62,225
	100,000	Schering-Plough Corp., 5.375%, 10/01/2014, (EUR)		132,655
	50,000	Simon Property Group LP, 10.350%, 4/01/2019		48,594
	70,000	SLM Corp., Series A, MTN, 4.500%, 7/26/2010(b)		52,500

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	100,000	Sprint Nextel Corp., 6.000%, 12/01/2016(b)	$	71,500
	90,000	Talisman Energy, Inc., 5.750%, 5/15/2035		60,620
	100,000	Textron, Inc., 3.875%, 3/11/2013, (EUR)		66,511
	95,000	Verizon Wireless Capital LLC, 8.750%, 12/18/2015, (EUR)		142,079
	50,000	Wells Fargo & Co., 4.625%, 11/02/2035, (GBP)		51,847
				2,501,088
		Total Non-Convertible Bonds (Identified Cost $13,875,088)		12,644,168
	Convertible Bonds — 0.2%
		United States — 0.2%
	50,000	Hologic, Inc. (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(c) (Identified Cost $34,625)		34,125
		Total Bonds and Notes (Identified Cost $13,909,713)		12,678,293
	Short-Term Investments — 1.1%
	144,855	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000% to be repurchased at $144,855 on 4/01/2009, collateralized by $145,000 Federal National Mortgage Association, 4.750% due 3/12/2010 valued at $150,510 including accrued interest (Note 2g of Notes to Financial Statements) (Identified Cost $144,855)		144,855
		Total Investments — 97.6% (Identified Cost $14,054,568)(a)		12,823,148
		Other assets less liabilities — 2.4%		310,491
		Net Assets — 100.0%	$	13,133,639
	(‡)	Principal amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2a of Notes to Financial Statements.
	(††)	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 March 31, 2009, the net unrealized depreciation on investments based on a cost of $14,076,623 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	$	237,937
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,491,412	)
		Net unrealized depreciation	$	(1,253,475	)
	(b)	All or a portion of this security is held as collateral for open forward foreign currency contracts.
	(c)	Step Bond: Coupon rate is a fixed rate for an initial period then resets at a specified date and 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 March 31, 2009, the value of these securities amounted to $589,126 or 4.5% of net assets.

See accompanying notes to financial statements.

30

LOOMIS SAYLES INTERNATIONAL BOND FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone

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

Contract to Buy/Sell	Delivery Date	Currency	Units	Value		Unrealized Appreciation (Depreciation)
Buy1	6/15/2009	Chinese Yuan Renminbi	800,000	$	117,119	$	(5,167	)
Sell1	6/15/2009	Chinese Yuan Renminbi	800,000		117,119		3,101
Buy2	6/17/2009	Euro	635,000		843,740		31,575
Buy2	6/17/2009	Euro	100,000		132,873		(1,854	)
Buy1	6/17/2009	Japenese Yen	38,500,000		389,416		(2,666	)
Sell1	6/17/2009	Japenese Yen	12,000,000		121,376		(99	)
Buy3	4/14/2009	South Korean Won	248,000,000		179,390		18,089
Total						$	42,979

¹ Counterparty is JP Morgan Chase.

² Counterparty is Credit Suisse.

³ Counterpary is UBS.

Net Assets Summary at March 31, 2009 (Unaudited)

Treasuries	19.6	%
Government Guaranteed	17.1
Banking	10.0
Sovereigns	9.4
Supranational	5.7
Pharmaceuticals	3.0
Wirelines	2.9
Wireless	2.6
Tobacco	2.4
Other Investments, less than 2% each	23.8
Short-Term Investments	1.1
Total Investments	97.6
Other assets less liabilities (including open Forward Foreign Currency Contracts)	2.4
Net Assets	100.0	%

Currency Exposure at March 31, 2009 as a Percentage of Net Assets (Unaudited)

Euro	39.5	%
Japanese Yen	25.8
United States Dollar	16.6
British Pound	7.7
Norwegian Krone	3.8
Canadian Dollar	2.5
Other, less than 2% each	1.7
Total Investments	97.6
Other assets less liabilities (including open Forward Foreign Currency Contracts)	2.4
Net Assets	100.0	%

See accompanying notes to financial statements.

31

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND — PORTFOLIO OF INVESTMENTS

Investments as of March 31, 2009 (Unaudited)

Principal Amount		Description	Value (†)
	Bonds and Notes — 94.8% of Net Assets
		ABS Car Loan — 1.1%
$	77,769	Americredit Prime Automobile, Series 2007-2M, Class A2B, 0.913%, 11/08/2010(b)	$	77,346
	342,222	Honda Auto Receivables Owner Trust, Series 2008-1, Class A2, 3.770%, 9/20/2010		343,722
	565,000	Merrill Auto Trust Securitization, Series 2008-1, Class 3A3, 5.500%, 3/15/2012		573,541
	425,000	Nissan Auto Receivables Owner Trust, Series 2008-B, Class A3, 4.460%, 4/16/2012		432,724
	444,083	USAA Auto Owner Trust, Series 2008-1, Class A2, 4.270%, 10/15/2010		445,939
	429,000	USAA Auto Owner Trust, Series 2008-3, Class A3, 4.280%, 10/15/2012		433,314
				2,306,586
		ABS Credit Card — 2.7%
	1,150,000	Capital One Multi-Asset Execution Trust, Series 2008-A6, Class A6, 1.656%, 3/17/2014(b)		1,079,196
	3,000,000	Citibank Credit Card Issuance Trust, Series 2006-A8, Class A8, 1.134%, 12/17/2018(b)		2,272,993
	2,000,000	Citibank Credit Card Issuance Trust, Series 2008-A3, Class A3, 1.436%, 5/18/2011(b)		1,995,079
	600,000	Discover Card Master Trust, Series 2008-A3, Class A3, 5.100%, 10/15/2013		588,774
				5,936,042
		ABS Home Equity — 1.1%
	1,035,000	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		624,835
	1,266,515	Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021		746,104
	20,113	Residential Funding Mortgage Securities II, Series 2004-HI3, Class A4, 4.630%, 1/25/2020		19,966
	660,000	Residential Funding Mortgage Securities II, Series 2005-HI3, Class A4, 5.490%, 9/25/2035(c)		449,936
	754,685	Residential Funding Mortgage Securities II, Series 2002-HI5, Class A7, 5.700%, 1/25/2028		576,661
				2,417,502
		ABS Other — 0.0%
	98,818	CNH Equipment Trust, Series 2007-B, Class A2A, 5.460%, 6/15/2010		98,992
		Collateralized Mortgage Obligations — 0.5%
	115,986	Federal Home Loan Mortgage Corp., Series 3145, Class KA, 5.000%, 8/15/2024		118,922
	876,454	Federal Home Loan Mortgage Corp., 5.000%, 1/15/2030		911,211
				1,030,133
		Commercial Mortgage-Backed Securities — 7.9%
	1,120,000	Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A2, 5.522%, 7/10/2046		994,283
	1,005,000	Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		820,823

Principal Amount		Description	Value (†)
		Commercial Mortgage-Backed Securities — continued
$	2,425,000	Bear Stearns Commercial Mortgage Securities, Inc., Series 2007-PW16, Class A2, 5.857%, 6/11/2040(b)	$	2,025,921
	790,000	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2B, 5.205%, 12/11/2049		633,418
	1,400,000	Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.961%, 6/10/2046(b)		1,069,639
	1,610,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.912%, 6/15/2039(b)		965,787
	1,535,000	Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		1,375,865
	1,850,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A2, 5.381%, 3/10/2039		1,549,414
	1,800,000	GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039		1,588,580
	1,590,000	LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class A2, 5.300%, 11/15/2038		1,334,631
	975,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-4, Class A2, 5.112%, 12/12/2049		839,714
	3,325,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039		3,022,146
	905,000	Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.915%, 8/12/2041(b)		817,394
				17,037,615
		Government Owned - No Guarantee — 10.1%
	6,000,000	Federal Home Loan Mortgage Corp., 2.125%, 3/23/2012		6,045,468
	6,500,000	Federal Home Loan Mortgage Corp., 3.875%, 6/29/2011		6,833,021
	1,600,000	Federal Home Loan Mortgage Corp., 4.125%, 10/18/2010		1,676,446
	3,420,000	Federal National Mortgage Association, 2.000%, 1/09/2012		3,454,474
	3,500,000	Federal National Mortgage Association, 5.000%, 10/15/2011		3,786,720
				21,796,129
		Government Sponsored — 10.1%
	3,000,000	Federal Home Loan Bank, 3.375%, 10/20/2010		3,098,331
	5,000,000	Federal Home Loan Bank, 3.375%, 6/24/2011		5,176,345
	8,500,000	Federal Home Loan Bank, 3.625%, 9/16/2011		8,890,362
	3,950,000	Federal Home Loan Bank, 5.000%, 9/18/2009		4,024,908
	600,000	Federal National Mortgage Association, 6.625%, 9/15/2009		615,653
				21,805,599

See accompanying notes to financial statements.

32

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount		Description	Value (†)
		Hybrid ARMs — 2.0%
$	2,778,116	FNMA, 6.039%, 2/01/2037(b)	$	2,887,344
	480,847	JPMorgan Mortgage Trust, Series 2006-A7, Class 1A3, 5.874%, 1/25/2037(b)		351,980
	1,793,880	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.592%, 7/25/2035(b)		1,053,484
				4,292,808
		Mortgage Related — 37.6%
	729,961	FHLMC, 4.500%, 5/01/2034		746,741
	21,857,410	FHLMC 5.500%, with various maturities from 2011 to 2023(d)		23,063,637
	4,754,039	FHLMC 6.000%, with various maturities from 2019 to 2021(d)		4,984,660
	7,817,093	FHLMC 6.500%, with various maturities from 2014 to 2034(d)		8,266,606
	185,853	FHLMC, 7.000%, 2/01/2016		196,202
	24,092	FHLMC 7.500%, with various maturities from 2012 to 2026(d)		25,347
	13,730	FHLMC, 8.000%, 9/01/2015		14,647
	4,634	FHLMC, 10.000%, 7/01/2019		5,213
	151,989	FHLMC 11.500%, with various maturities from 2015 to 2020(d)		167,044
	5,000,000	FNMA, 1.750%, 3/23/2011		5,032,175
	10,781,597	FNMA 4.000%, with various maturities from 2018 to 2019(d)		11,041,571
	955,892	FNMA, 4.500%, 9/01/2019		990,026
	2,149,280	FNMA 5.500%, with various maturities from 2017 to 2036(d)		2,242,119
	15,841,456	FNMA 6.000%, with various maturities from 2017 to 2034(d)		16,608,432
	5,708,883	FNMA 6.500%, with various maturities from 2017 to 2037(d)		6,025,345
	270,456	FNMA, 7.000%, 12/01/2022		286,325
	429,033	FNMA 7.500%, with various maturities from 2015 to 2032(d)		460,608
	69,328	FNMA 8.000%, with various maturities from 2015 to 2016(d)		73,443
	106,381	GNMA, 6.000%, 12/15/2031		111,994
	387,188	GNMA, 6.500%, 5/15/2031		413,435
	313,746	GNMA, 7.000%, 10/15/2028		336,673
	644	GNMA, 9.500%, 8/15/2009		658
	4,915	GNMA 12.500%, with various maturities from 2014 to 2015(d)		5,716
	53,395	GNMA 16.000%, with various maturities from 2011 to 2012(d)		61,478
	23,486	GNMA 17.000%, with various maturities in 2011(d)		26,944
				81,187,039

Principal Amount		Description	Value (†)
		Treasuries — 21.7%
$	18,576,715	U.S. Treasury Inflation Indexed Bond, 1.375%, 7/15/2018	$	18,425,779
	12,420,000	U.S. Treasury Note, 0.875%, 2/28/2011		12,443,722
	9,145,000	U.S. Treasury Note, 1.125%, 1/15/2012		9,150,716
	5,360,000	U.S. Treasury Note, 3.625%, 12/31/2012		5,809,318
	1,030,000	U.S. Treasury Note, 4.500%, 11/30/2011		1,124,792
				46,954,327
		Total Bonds and Notes (Identified Cost $202,147,774)		204,862,772
	Short-Term Investments — 5.0%
	500,000	Federal Home Loan Bank, Discount Notes 2.300%, 4/20/2009(e)		499,987
	6,500,000	Federal National Mortgage Association, Discount Notes 0.430%, 8/03/2009(e)		6,493,507
	1,760,000	Federal National Mortgage Association, Discount Notes 3.020%, 8/07/2009(e)		1,758,185
	1,949,858	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000% to be repurchased at $1,949,858 on 4/01/2009, collateralized by $1,920,000 Federal National Mortgage Association, 4.750% due 3/12/2010 valued at $1,992,960 including accrued interest (Note 2g of Notes to Financial Statements)		1,949,858
		Total Short-Term Investments (Identified Cost $10,680,547)		10,701,537
		Total Investments — 99.8% (Identified Cost $212,828,321)(a)		215,564,309
		Other assets less liabilities — 0.2%		482,372
		Net Assets — 100.0%	$	216,046,681
	(†)	See Note 2a of Notes to Financial Statements.
	(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 March 31, 2009, the net unrealized appreciation on investments based on a cost of $212,368,047 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	6,306,100
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(3,109,838	)
		Net unrealized appreciation	$	3,196,262
	(b)	Variable rate security. Rate as of March 31, 2009 is disclosed.
	(c)	Valued by management. At March 31, 2009 the value of this security amounted to $449,936 or 0.2% of net assets.
	(d)	The Fund’s investment in mortgage related securities of the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(e)	Rate represents discount rate at time of purchase.

See accompanying notes to financial statements.

33

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

ABS	Asset-Backed Securities
ARM	Adjustable Rate Mortgage
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association

Net Asset Summary at March 31, 2009 (Unaudited)

Mortgage Related	37.6	%
Treasuries	21.7
Government Sponsored	10.1
Government Owned - No Guarantee	10.1
Commercial Mortgage-Backed Securities	7.9
ABS Credit Card	2.7
Hybrid ARMs	2.0
Other Investments, less than 2% each	2.7
Short-Term Investments	5.0
Total Investments	99.8
Other assets less liabilities	0.2
Net Assets	100.0	%

See accompanying notes to financial statements.

34

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 89.4% of Net Assets
	Non-Convertible Bonds — 85.0%
		ABS Credit Card — 0.6%
$	80,700,000	Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014	$	50,841,000
		Aerospace & Defense — 0.1%
	1,380,000	Bombardier, Inc., 144A, 6.300%, 5/01/2014		972,900
	2,795,000	Bombardier, Inc., 7.350%, 12/22/2026, (CAD)		1,440,950
	11,700,000	Bombardier, Inc., 144A, 7.450%, 5/01/2034		6,786,000
				9,199,850
		Airlines — 1.4%
	825,000	American Airlines, Inc., Series 1999-1, Class B, 7.324%, 4/15/2011		767,250
	673,443	American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011		431,004
	178,186	Continental Airlines, Inc., Series 1996-1, Class A, 6.940%, 4/15/2015		152,794
	4,476,537	Continental Airlines, Inc., Series 1997-4, Class 4B, 6. 900%, 7/02/2018		3,133,576
	4,102,503	Continental Airlines, Inc., Series 1998-1, Class 1B, 6.748%, 9/15/2018		3,035,852
	6,973,957	Continental Airlines, Inc., Series 1999-1, Class B, 6.795%, 2/02/2020		4,951,509
	912,841	Continental Airlines, Inc., Series 1999-1, Class C, 6.954%, 2/02/2011		878,610
	4,159,411	Continental Airlines, Inc., Series 1999-2, Class B, 7.566%, 9/15/2021		3,119,559
	7,323,915	Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019		5,236,599
	2,398,957	Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017		1,487,353
	11,915,000	Continental Airlines, Inc., Series 2007-1, Class A, 5.983%, 4/19/2022		8,817,100
	16,802,000	Continental Airlines, Inc., Series 2007-1, Class B, 6.903%, 4/19/2022		8,905,060
	5,377,930	Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016		3,764,551
	907,561	Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		612,603
	9,187,700	Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		5,099,173
	30,735,143	Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014		18,133,735
	26,990,000	Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017		15,519,250
	1,500,000	Qantas Airways Ltd., 144A, 5.125%, 6/20/2013		1,376,165
	32,710,000	Qantas Airways Ltd., 144A, 6.050%, 4/15/2016		27,705,763
	18,704,404	United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024		12,718,995
				125,846,501

Principal Amount (‡)		Description	Value (†)
		Automotive — 2.2%
$	1,853,000	Cummins, Inc., 6.750%, 2/15/2027	$	1,167,390
	2,145,000	Cummins, Inc., 7.125%, 3/01/2028		1,477,403
	6,500,000	FCE Bank PLC, EMTN, 7.125%, 1/16/2012, (EUR)		5,872,412
	4,500,000	FCE Bank PLC, EMTN, 7.125%, 1/15/2013, (EUR)		3,975,835
	17,816,000	Ford Motor Co., 6.375%, 2/01/2029		5,033,020
	1,705,000	Ford Motor Co., 6.500%, 8/01/2018		494,450
	500,000	Ford Motor Co., 6.625%, 2/15/2028		141,250
	73,114,000	Ford Motor Co., 6.625%, 10/01/2028		20,654,705
	1,940,000	Ford Motor Co., 7.125%, 11/15/2025		523,800
	86,090,000	Ford Motor Co., 7.450%, 7/16/2031		27,333,575
	800,000	Ford Motor Co., 7.500%, 8/01/2026		224,000
	46,872,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		40,148,727
	10,685,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		7,144,653
	15,465,000	Ford Motor Credit Co. LLC, 7.250%, 10/25/2011		11,010,400
	1,030,000	Ford Motor Credit Co. LLC, 7.875%, 6/15/2010		851,197
	14,595,000	Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		9,592,286
	10,625,000	Ford Motor Credit Co. LLC, 8.625%, 11/01/2010		8,462,823
	1,645,000	Ford Motor Credit Co. LLC, 9.750%, 9/15/2010		1,353,253
	7,640,000	Ford Motor Credit Co. LLC, EMTN, 4.875%, 1/15/2010, (EUR)		8,475,671
	2,005,000	General Motors Corp., 7.250%, 7/03/2013, (EUR)		479,492
	7,365,000	General Motors Corp., 7.400%, 9/01/2025		846,975
	52,725,000	General Motors Corp., 8.250%, 7/15/2023		6,524,719
	2,530,000	General Motors Corp., 8.375%, 7/15/2033		316,250
	43,074,000	GMAC LLC, 144A, 5.375%, 6/06/2011		30,582,540
	4,977,000	Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		2,787,120
				195,473,946
		Banking — 4.3%
	22,125,000	BAC Capital Trust VI, 5.625%, 3/08/2035		9,405,736
	1,006,000,000	Barclays Financial LLC, 144A, 4.160%, 2/22/2010, (THB)		28,076,662
	56,650,000,000	Barclays Financial LLC, 144A, 4.470%, 12/04/2011, (KRW)		42,305,765

See accompanying notes to financial statements.

35

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	17,310,000,000	Barclays Financial LLC, EMTN, 144A, 4.060%, 9/16/2010, (KRW)	$	12,831,863
	135,000,000	Barclays Financial LLC, EMTN, 144A, 4.100%, 3/22/2010, (THB)		3,732,342
	21,340,000,000	Barclays Financial LLC, EMTN, 144A, 4.460%, 9/23/2010, (KRW)		15,908,771
	224,520,000,000	BNP Paribas SA, EMTN, 144A, Zero Coupon, 6/13/2011, (IDR)		12,565,736
	2,165,000	Capital One Financial Corp., 6.150%, 9/01/2016		1,370,452
	18,650,000	Citibank NA, 144A, 15.000%, 7/02/2010, (BRL)		8,460,857
	2,575,000	Citigroup, Inc., 5.000%, 9/15/2014		1,706,970
	2,540,000	Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014		2,296,361
	1,285,000	Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014		1,172,768
	119,806,078	HSBC Bank USA, 144A, Zero Coupon, 11/28/2011(b)		78,664,671
	9,090,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 144A, 6.375%, 4/30/2022		5,110,943
	109,312,000,000	JPMorgan Chase & Co., 144A, Zero Coupon, 3/28/2011, (IDR)		6,313,702
	229,157,783,700	JPMorgan Chase & Co., 144A, Zero Coupon, 4/12/2012, (IDR)		10,639,823
	599,726,100,000	JPMorgan Chase & Co., EMTN, 144A, Zero Coupon, 3/28/2011, (IDR)		34,639,308
	92,000,000	JPMorgan Chase Bank, 144A, Zero Coupon, 5/17/2010, (BRL)		33,142,883
	76,496,404,750	JPMorgan Chase Bank, EMTN, 144A, Zero Coupon, 10/21/2010, (IDR)		4,953,233
	2,500,000	Kaupthing Bank Hf, 144A, 1/15/2010(c)		128,125
	36,300,000	Kaupthing Bank Hf, Series D, 144A, 5.750%, 10/04/2011(c)		1,860,375
	9,300,000	Kaupthing Bank Hf, Series E, 144A, 6.125%, 10/04/2016(c)		476,625
	60,000,000	Kreditanstalt fuer Wiederaufbau, EMTN, 10.750%, 2/01/2010, (ISK)		295,320
	2,200,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		1,093,426
	51,500,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		18,204,548
	3,450,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		2,557,055
	26,665,000	Morgan Stanley, 4.750%, 4/01/2014		21,800,691
	5,050,000	Morgan Stanley, 5.125%, 11/30/2015, (GBP)		5,736,449
	500,000	Morgan Stanley, 5.375%, 10/15/2015		451,710
	205,000	Morgan Stanley, 6.750%, 4/15/2011		205,158
	110,000	Morgan Stanley, EMTN, 5.450%, 1/09/2017		96,250
	600,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		496,264

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	910,000	Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017	$	826,647
	3,283,000,000	Rabobank Nederland, EMTN, 144A, 10.250%, 9/10/2009, (ISK)		15,614,268
				383,141,757
		Brokerage — 0.0%
	91,745,000	Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037(c)		9,175
	7,370,000	Lehman Brothers Holdings, Inc., MTN, (fixed rate to 5/03/2027, variable rate thereafter), 6.000%, 5/03/2032(c)		737
				9,912
		Building Materials — 0.7%
	17,995,000	Owens Corning, Inc., 6.500%, 12/01/2016		13,202,122
	35,980,000	Owens Corning, Inc., 7.000%, 12/01/2036		20,162,544
	43,962,000	USG Corp., 6.300%, 11/15/2016		23,299,860
	12,880,000	USG Corp., 9.250%, 1/15/2018		7,856,800
				64,521,326
		Chemicals — 0.3%
	23,584,000	Borden, Inc., 7.875%, 2/15/2023		2,358,400
	6,920,000	Borden, Inc., 8.375%, 4/15/2016		692,000
	8,757,000	Borden, Inc., 9.200%, 3/15/2021		875,700
	990,000	Georgia Gulf Corp., 10.750%, 10/15/2016		64,350
	14,550,000	Hercules, Inc., Subordinated Note, 6.500%, 6/30/2029(d)		5,092,500
	1,575,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014		346,500
	1,650,000	Koppers Holdings, Inc., (Step to 9.875% on 11/15/2009), Zero Coupon, 11/15/2014(e)		1,344,750
	5,350,000	Methanex Corp., Senior Note, 6.000%, 8/15/2015		3,637,861
	6,465,000	Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		4,848,750
	5,820,000	Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		5,499,900
				24,760,711
		Construction Machinery — 1.2%
	5,560,000	Caterpillar Financial Services Corp., MTN, 5.450%, 4/15/2018		4,770,180
	94,265,000	Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014		91,542,815
	2,700,000	Caterpillar Financial Services Corp., Series F, MTN, 5.850%, 9/01/2017		2,345,871
	1,425,000	Joy Global, Inc., 6.625%, 11/15/2036		950,855
	18,243,000	United Rentals North America, Inc., 7.000%, 2/15/2014		9,212,715

See accompanying notes to financial statements.

36

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Construction Machinery — continued
$	1,630,000	United Rentals North America, Inc., 7.750%, 11/15/2013	$	888,350
				109,710,786
		Consumer Cyclical Services — 0.9%
	101,985,000	Western Union Co. (The), 6.200%, 11/17/2036		81,466,842
		Electric — 4.2%
	4,020,000	AES Corp. (The), 7.750%, 3/01/2014		3,597,900
	5,565,000	AES Corp. (The), 8.375%, 3/01/2011, (GBP)		7,186,446
	5,987,408	AES Ironwood LLC, 8.857%, 11/30/2025		5,268,919
	1,152,824	AES Red Oak LLC, Series A, 8.540%, 11/30/2019		1,049,070
	71,400,000	Bruce Mansfield Unit, 6.850%, 6/01/2034(d)		53,040,204
	3,741,696	CE Generation LLC, 7.416%, 12/15/2018		3,464,552
	32,125,000	Cleveland Electric Illuminating Co., 5.950%, 12/15/2036		24,767,893
	3,755,000	Dominion Resources, Inc., Series B, 5.950%, 6/15/2035		3,177,714
	11,275,000	Dynegy Holdings, Inc., 7.125%, 5/15/2018		5,975,750
	1,000,000	Dynegy Holdings, Inc., 7.500%, 6/01/2015		682,500
	10,185,000	Dynegy Holdings, Inc., 7.625%, 10/15/2026		4,277,700
	500,000	Dynegy Holdings, Inc., 7.750%, 6/01/2019		325,000
	7,455,000	Dynegy Holdings, Inc., 8.375%, 5/01/2016		5,050,763
	4,744,113	Dynegy Roseton/Danskammer Pass Through Trust, Series A, 7.270%, 11/08/2010		4,459,466
	95,200,000	Edison Mission Energy, 7.625%, 5/15/2027		57,120,000
	250,000	Empresa Nacional de Electricidad SA, (Endesa-Chile), 8.350%, 8/01/2013		273,281
	4,875,000	Empresa-Chile Overseas Co., 7.875%, 2/01/2027		4,999,122
	555,000	Enersis SA, Cayman Island, 7.400%, 12/01/2016		575,025
	5,310,000	ITC Holdings Corp., 144A, 6.375%, 9/30/2036		4,473,861
	1,000,000	MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		886,818
	40,255,000	MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		37,226,576
	31,735,000	NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		12,694,000
	955,000	NiSource Finance Corp., 5.400%, 7/15/2014		764,393
	1,700,000	NiSource Finance Corp., 6.150%, 3/01/2013		1,484,797
	43,450,000	NiSource Finance Corp., 6.400%, 3/15/2018		35,157,872

Principal Amount (‡)		Description	Value (†)
		Electric — continued
$	2,500,000	NRG Energy, Inc., 7.250%, 2/01/2014	$	2,350,000
	5,000,000	NRG Energy, Inc., 7.375%, 2/01/2016		4,650,000
	1,504,375	Quezon Power (Philippines) Ltd., Senior Secured Note, 8.860%, 6/15/2017		1,353,938
	25,230,000	Reliant Energy, Inc., Senior Note, 7.875%, 6/15/2017		19,931,700
	1,050,000	SP PowerAssets Ltd., EMTN, 3.730%, 10/22/2010, (SGD)		686,576
	655,000	Texas Competitive Electric Holdings Co. LLC, Series A, 10.250%, 11/01/2015		327,500
	8,785,000	Toledo Edison Co., 6.150%, 5/15/2037		6,189,217
	46,215,000	TXU Corp., Series P, 5.550%, 11/15/2014		15,944,175
	101,030,000	TXU Corp., Series Q, 6.500%, 11/15/2024		28,341,441
	6,245,000	TXU Corp., Series R, 6.550%, 11/15/2034		1,692,582
	7,300,000	White Pine Hydro LLC, 6.310%, 7/10/2017(d)		6,495,635
	10,935,000	White Pine Hydro LLC, 6.960%, 7/10/2037(d)		8,366,073
	4,000,000	White Pine Hydro LLC, 7.260%, 7/20/2015(d)		3,599,916
				377,908,375
		Entertainment — 0.3%
	12,440,000	Six Flags, Inc., 9.625%, 6/01/2014		1,026,300
	1,035,000	Six Flags, Inc., 9.750%, 4/15/2013		85,388
	39,640,000	Viacom, Inc., Class B, 6.875%, 4/30/2036		28,921,621
				30,033,309
		Food & Beverage — 1.1%
	2,085,000	Aramark Services, Inc., 5.000%, 6/01/2012		1,824,375
	23,710,000	Corn Products International, Inc., 6.625%, 4/15/2037		19,545,125
	35,447,000	Kraft Foods, Inc., 6.500%, 8/11/2017		36,501,123
	30,680,000	Kraft Foods, Inc., 7.000%, 8/11/2037		30,414,771
	14,120,000	Sara Lee Corp., 6.125%, 11/01/2032		11,891,130
				100,176,524
		Government Owned - No Guarantee — 0.3%
	26,435,000	Abu Dhabi National Energy Co., 144A, 7.250%, 8/01/2018		25,168,050
	10,300,000	DP World Ltd., 144A, 6.850%, 7/02/2037		4,928,024
				30,096,074

See accompanying notes to financial statements.

37

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Health Insurance — 0.6%
$	15,325,000	CIGNA Corp., 6.150%, 11/15/2036	$	10,778,686
	50,000,000	WellPoint, Inc., 6.375%, 6/15/2037		43,070,950
				53,849,636
		Healthcare — 4.2%
	2,765,000	Boston Scientific Corp., 5.450%, 6/15/2014		2,529,975
	8,230,000	Boston Scientific Corp., 6.400%, 6/15/2016		7,653,900
	16,510,000	Boston Scientific Corp., 7.000%, 11/15/2035		14,033,500
	17,785,000	HCA, Inc., 5.750%, 3/15/2014		11,649,175
	3,800,000	HCA, Inc., 6.250%, 2/15/2013		2,850,000
	17,035,000	HCA, Inc., 6.375%, 1/15/2015		11,157,925
	49,350,000	HCA, Inc., 6.500%, 2/15/2016		32,324,250
	2,074,000	HCA, Inc., 6.750%, 7/15/2013		1,550,315
	14,405,000	HCA, Inc., 7.050%, 12/01/2027		7,490,600
	10,694,000	HCA, Inc., 7.190%, 11/15/2015		7,224,225
	17,172,000	HCA, Inc., 7.500%, 12/15/2023		9,098,275
	18,745,000	HCA, Inc., 7.500%, 11/06/2033		9,372,500
	43,253,000	HCA, Inc., 7.690%, 6/15/2025		22,526,422
	27,895,000	HCA, Inc., 8.360%, 4/15/2024		15,641,368
	13,545,000	HCA, Inc., MTN, 7.580%, 9/15/2025		6,950,089
	8,112,000	HCA, Inc., MTN, 7.750%, 7/15/2036		4,103,025
	11,370,000	Hospira, Inc., 6.050%, 3/30/2017		10,147,600
	176,070,000	Medco Health Solutions, Inc., 7.125%, 3/15/2018		174,743,136
	3,260,000	Owens & Minor, Inc., 6.350%, 4/15/2016(d)		2,931,783
	1,900,000	Tenet Healthcare Corp., 6.500%, 6/01/2012		1,616,763
	31,009,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		15,349,455
	1,570,000	Tenet Healthcare Corp., 7.375%, 2/01/2013		1,248,150
	4,480,000	Tenet Healthcare Corp., 9.250%, 2/01/2015		3,449,600
				375,642,031
		Home Construction — 2.0%
	2,840,000	Centex Corp., 5.250%, 6/15/2015		2,130,000
	43,470,000	D.R. Horton, Inc., 5.250%, 2/15/2015		33,308,888

Principal Amount (‡)		Description	Value (†)
		Home Construction — continued
$	4,335,000	D.R. Horton, Inc., 5.625%, 9/15/2014	$	3,402,975
	1,625,000	D.R. Horton, Inc., 6.500%, 4/15/2016		1,275,625
	16,160,000	D.R. Horton, Inc., Guaranteed Note, 5.625%, 1/15/2016		12,281,600
	11,265,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		7,434,900
	6,290,000	K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		1,729,750
	1,935,000	K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013		474,075
	1,235,000	K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012		432,250
	4,830,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.250%, 1/15/2015		1,231,650
	16,075,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.250%, 1/15/2016		4,340,250
	6,040,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.375%, 12/15/2014		1,661,000
	2,490,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.500%, 1/15/2014		647,400
	1,685,000	KB Home, 5.750%, 2/01/2014		1,333,256
	8,340,000	KB Home, Guaranteed Note, 5.875%, 1/15/2015		6,459,330
	5,805,000	KB Home, Guaranteed Note, 6.250%, 6/15/2015		4,498,875
	11,315,000	KB Home, Guaranteed Note, 7.250%, 6/15/2018		8,542,825
	23,885,000	Lennar Corp., Series A, 6.500%, 4/15/2016		17,197,200
	2,720,000	Lennar Corp., Series B, 5.125%, 10/01/2010		2,380,000
	16,755,000	Lennar Corp., Series B, 5.500%, 9/01/2014		12,063,600
	5,970,000	Lennar Corp., Series B, 5.600%, 5/31/2015		4,253,625
	4,240,000	Pulte Homes, Inc., 5.200%, 2/15/2015		3,354,900
	46,260,000	Pulte Homes, Inc., 6.000%, 2/15/2035		28,218,600
	13,190,000	Pulte Homes, Inc., 6.375%, 5/15/2033		8,045,900
	4,245,000	Toll Brothers Financial Corp., 5.150%, 5/15/2015		3,580,649
	5,245,000	Toll Corp., 8.250%, 12/01/2011		5,087,650
				175,366,773
		Independent Energy — 1.7%
	34,690,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		29,877,803
	48,410,000	Anadarko Petroleum Corp., 6.450%, 9/15/2036		33,836,896

See accompanying notes to financial statements.

38

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)	Description	Value (†)
	Independent Energy — continued
4,185,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)	$	4,114,541
14,650,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		11,939,750
22,690,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		17,754,925
15,054,000	Connacher Oil and Gas Ltd., 144A, 10.250%, 12/15/2015		4,742,010
6,495,000	Hilcorp Energy I LP, 144A, 7.750%, 11/01/2015		4,741,350
7,175,000	Pioneer Natural Resources Co., 5.875%, 7/15/2016		5,294,296
1,760,000	Pioneer Natural Resources Co., 6.875%, 5/01/2018		1,293,621
4,798,000	Pioneer Natural Resources Co., 7.200%, 1/15/2028		2,942,945
9,170,000	Talisman Energy, Inc., 5.850%, 2/01/2037		6,188,961
24,260,000	Talisman Energy, Inc., 6.250%, 2/01/2038		17,113,683
8,885,000	XTO Energy, Inc., 6.750%, 8/01/2037		8,086,381
			147,927,162
	Industrial Other — 0.2%
2,590,000	Great Lakes Dredge & Dock Corp., Senior Subordinated Note, 7.750%, 12/15/2013		2,072,000
20,000,000	Ranhill Labuan Ltd., 144A, 12.500%, 10/26/2011		11,400,000
			13,472,000
	Local Authorities — 2.4%
79,755,000	New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010, (AUD)		58,616,660
10,530,000	New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012, (AUD)		7,700,495
66,305,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		46,930,178
66,595,000	Queensland Treasury Corp., 144A, 7.125%, 9/18/2017, (NZD)		41,183,024
131,890,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(d)		64,943,955
			219,374,312
	Media Cable — 2.6%
49,030,000	Comcast Corp., 5.650%, 6/15/2035		38,826,906
12,560,000	Comcast Corp., 6.500%, 11/15/2035		11,093,833
161,264,000	Comcast Corp., 6.950%, 8/15/2037		150,170,972
400,000	CSC Holdings, Inc., 7.875%, 2/15/2018		366,000
10,000,000	Shaw Communications, Inc., 5.700%, 3/02/2017, (CAD)		7,251,666
17,959,000	Time Warner Cable, Inc., 6.750%, 7/01/2018		16,858,185
2,720,000	Virgin Media Finance PLC, 9.125%, 8/15/2016		2,529,600

Principal Amount (‡)		Description	Value (†)
		Media Cable — continued
$	5,070,000	Virgin Media Finance PLC, 9.750%, 4/15/2014, (GBP)	$	6,438,100
				233,535,262
		Media Non-Cable — 0.6%
	14,215,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		1,990,100
	4,970,000	Clear Channel Communications, Inc., 5.500%, 9/15/2014		745,500
	14,910,000	Clear Channel Communications, Inc., 5.500%, 12/15/2016		2,087,400
	2,080,000	Clear Channel Communications, Inc., 5.750%, 1/15/2013		312,000
	585,000	Clear Channel Communications, Inc., 6.875%, 6/15/2018		84,825
	225,000	Intelsat Corp., 6.875%, 1/15/2028		153,000
	46,000,000	News America, Inc., 6.150%, 3/01/2037		33,539,152
	11,140,000	News America, Inc., 6.200%, 12/15/2034		8,013,659
	14,360,000	News America, Inc., 6.400%, 12/15/2035		10,638,477
	4,335,000	R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		184,238
	1,910,000	R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		81,175
	470,000	R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016		27,025
	4,845,000	R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017		254,362
				58,110,913
		Metals & Mining — 0.4%
	9,785,000	Algoma Acquistion Corp., 144A, 9.875%, 6/15/2015		3,767,225
	7,125,000	ArcelorMittal, 5.375%, 6/01/2013		5,530,496
	65,000	ArcelorMittal, 6.125%, 6/01/2018		47,024
	10,850,000	Ispat Inland ULC, 9.750%, 4/01/2014		9,873,500
	7,000,000	United States Steel Corp., 6.050%, 6/01/2017		4,331,075
	6,779,000	United States Steel Corp., 6.650%, 6/01/2037		3,819,831
	16,435,000	United States Steel Corp., 7.000%, 2/01/2018		11,215,507
				38,584,658
		Non-Captive Consumer — 2.7%
	4,900,000	American General Finance Corp., MTN, 5.750%, 9/15/2016		1,772,423
	229,130,000	American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		84,778,100
	109,950(†††)	SLM Corp., 6.000%, 12/15/2043		1,010,165
	20,590,000	SLM Corp., MTN, 5.050%, 11/14/2014		10,899,358

See accompanying notes to financial statements.

39

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Non-Captive Consumer — continued
$	1,450,000	SLM Corp., MTN, 5.125%, 8/27/2012	$	781,312
	4,700,000	SLM Corp., Series 7, EMTN, 4.750%, 3/17/2014, (EUR)		3,028,544
	3,675,000	SLM Corp., Series A, MTN, 4.000%, 1/15/2010		3,101,171
	3,485,000	SLM Corp., Series A, MTN, 4.500%, 7/26/2010		2,613,750
	51,943,000	SLM Corp., Series A, MTN, 5.000%, 10/01/2013		27,621,625
	37,670,000	SLM Corp., Series A, MTN, 5.000%, 4/15/2015		16,951,500
	13,370,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		6,921,649
	19,605,000	SLM Corp., Series A, MTN, 5.375%, 1/15/2013		10,757,597
	22,420,000	SLM Corp., Series A, MTN, 5.375%, 5/15/2014		11,617,999
	1,390,000	SLM Corp., Series A, MTN, 5.400%, 10/25/2011		861,800
	28,150,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		10,415,500
	6,100,000	SLM Corp., Series A, MTN, 6.500%, 6/15/2010, (NZD)(d)(f)		2,529,488
	88,180,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		47,628,487
				243,290,468
		Non-Captive Diversified — 7.0%
	6,067,000	CIT Group Funding Co. of Canada, 5.200%, 6/01/2015		3,549,195
	90,000	CIT Group, Inc., 4.750%, 12/15/2010		72,579
	461,000	CIT Group, Inc., 5.400%, 2/13/2012		297,213
	365,000	CIT Group, Inc., 5.400%, 1/30/2016		218,768
	1,381,000	CIT Group, Inc., 5.600%, 4/27/2011		1,008,028
	3,581,000	CIT Group, Inc., 5.800%, 10/01/2036		1,972,379
	7,000	CIT Group, Inc., 5.850%, 9/15/2016		3,959
	132,159,000	CIT Group, Inc., 144A, 12.000%, 12/18/2018		68,392,282
	15,060,000	CIT Group, Inc., EMTN, 3.800%, 11/14/2012, (EUR)		9,204,009
	15,150,000	CIT Group, Inc., EMTN, 4.650%, 9/19/2016, (EUR)		8,453,882
	10,500,000	CIT Group, Inc., EMTN, 5.500%, 12/20/2016, (GBP)		6,327,688
	60,000	CIT Group, Inc., GMTN, 4.250%, 2/01/2010		51,432
	18,360,000	CIT Group, Inc., GMTN, 4.250%, 9/22/2011, (EUR)		14,635,857
	2,533,000	CIT Group, Inc., GMTN, 5.000%, 2/13/2014		1,494,470
	4,855,000	CIT Group, Inc., GMTN, 5.000%, 5/13/2014, (EUR)		2,773,652

Principal Amount (‡)		Description	Value (†)
		Non-Captive Diversified — continued
$	341,000	CIT Group, Inc., GMTN, 5.000%, 2/01/2015	$	207,618
	20,730,000	CIT Group, Inc., MTN, 4.250%, 3/17/2015, (EUR)		13,220,101
	3,065,000	CIT Group, Inc., MTN, 5.125%, 9/30/2014		1,852,753
	20,350,000	CIT Group, Inc., MTN, 5.500%, 12/01/2014, (GBP)		12,263,662
	934,000	CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		440,345
	724,000	CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017		419,286
	75,990,000	CIT Group, Inc., Series A, MTN, 7.625%, 11/30/2012		55,930,996
	3,100,000	General Electric Capital Corp., EMTN, 6.125%, 5/17/2012, (GBP)		4,047,712
	79,035,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)(d)(f)		36,961,832
	65,300,000	General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012, (SGD)		35,848,260
	30,350,000	General Electric Capital Corp., Series A, GMTN, 6.625%, 2/04/2010, (NZD)		17,016,018
	115,000,000	General Electric Capital Corp., Series A, MTN, 3.485%, 3/08/2012, (SGD)		64,866,744
	243,057,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)(d)(f)		114,406,398
	7,187,000	GMAC LLC, 144A, 4.750%, 9/14/2009		6,120,234
	3,390,000	GMAC LLC, 144A, 5.750%, 9/27/2010		2,576,400
	34,490,000	GMAC LLC, 144A, 6.000%, 12/15/2011		23,481,137
	311,000	GMAC LLC, 144A, 6.625%, 12/17/2010		230,140
	15,206,000	GMAC LLC, 144A, 6.625%, 5/15/2012		10,200,641
	22,211,000	GMAC LLC, 144A, 6.750%, 12/01/2014		12,907,700
	4,169,000	GMAC LLC, 144A, 6.875%, 9/15/2011		2,962,575
	2,947,000	GMAC LLC, 144A, 6.875%, 8/28/2012		1,979,117
	7,702,000	GMAC LLC, 144A, 7.000%, 2/01/2012		5,319,925
	17,038,000	GMAC LLC, 144A, 7.500%, 12/31/2013		8,189,826
	32,711,000	GMAC LLC, 144A, 8.000%, 12/31/2018		9,496,330
	25,955,000	GMAC LLC, 144A, 8.000%, 11/01/2031		12,488,508
	34,782,000	iStar Financial, Inc., 5.150%, 3/01/2012		12,521,520
	5,255,000	iStar Financial, Inc., 5.375%, 4/15/2010		3,363,200
	3,010,000	iStar Financial, Inc., 5.500%, 6/15/2012		1,023,400
	19,110,000	iStar Financial, Inc., 5.650%, 9/15/2011		7,835,100

See accompanying notes to financial statements.

40

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Non-Captive Diversified — continued
$	1,530,000	iStar Financial, Inc., 5.700%, 3/01/2014	$	443,700
	4,040,000	iStar Financial, Inc., 5.800%, 3/15/2011		1,727,100
	4,815,000	iStar Financial, Inc., 5.850%, 3/15/2017		1,396,350
	8,815,000	iStar Financial, Inc., 5.875%, 3/15/2016		2,556,350
	4,300,000	iStar Financial, Inc., 6.050%, 4/15/2015		1,247,000
	35,130,000	iStar Financial, Inc., 8.625%, 6/01/2013		10,978,125
	1,780,000	iStar Financial, Inc., Series B, 5.125%, 4/01/2011		734,250
	44,610,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		13,606,050
				629,321,796
		Oil Field Services — 2.7%
	1,880,000	Nabors Industries, Inc., 6.150%, 2/15/2018		1,470,861
	126,385,000	Nabors Industries, Inc., 144A, 9.250%, 1/15/2019		119,841,796
	22,930,000	North American Energy Partners, Inc., 8.750%, 12/01/2011		16,738,900
	15,520,000	Weatherford International Ltd., 6.500%, 8/01/2036		10,925,568
	2,975,000	Weatherford International Ltd., 6.800%, 6/15/2037		2,110,209
	9,580,000	Weatherford International Ltd., 7.000%, 3/15/2038		6,964,861
	84,140,000	Weatherford International Ltd., 9.625%, 3/01/2019		87,027,096
				245,079,291
		Packaging — 0.4%
	2,450,000	OI European Group BV, 144A, 6.875%, 3/31/2017, (EUR)		2,799,360
	1,750,000	Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014, (EUR)		2,092,545
	33,261,000	Owens-Illinois, Inc., Senior Note, 7.800%, 5/15/2018		32,263,170
				37,155,075
		Paper — 2.5%
	250,000	Abitibi-Consolidated, Inc., 6.000%, 6/20/2013		20,000
	8,125,000	Abitibi-Consolidated, Inc., 7.400%, 4/01/2018		731,250
	12,310,000	Abitibi-Consolidated, Inc., 7.500%, 4/01/2028		984,800
	2,960,000	Abitibi-Consolidated, Inc., 8.500%, 8/01/2029		236,800
	39,846,000	Abitibi-Consolidated, Inc., 8.850%, 8/01/2030		3,187,680
	750,000	Avenor, Inc., 10.850%, 11/30/2014, (CAD)		53,537
	630,000	Bowater, Inc., 6.500%, 6/15/2013		50,400

Principal Amount (‡)		Description	Value (†)
		Paper — continued
$	7,955,000	Domtar Corp., 5.375%, 12/01/2013	$	5,329,850
	11,720,000	Georgia-Pacific Corp., 7.250%, 6/01/2028		8,145,400
	11,605,000	Georgia-Pacific Corp., 7.375%, 12/01/2025		8,268,563
	120,000	Georgia-Pacific Corp., 7.700%, 6/15/2015		108,600
	42,425,000	Georgia-Pacific Corp., 7.750%, 11/15/2029		31,394,500
	15,555,000	Georgia-Pacific Corp., 8.000%, 1/15/2024		12,366,225
	18,378,000	Georgia-Pacific Corp., 8.875%, 5/15/2031		14,702,400
	149,788,000	International Paper Co., 7.950%, 6/15/2018		114,166,466
	3,995,000	Jefferson Smurfit Corp., 7.500%, 6/01/2013(c)		464,419
	100,000	Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(c)		11,625
	14,140,000	Westvaco Corp., 7.950%, 2/15/2031		10,809,394
	17,065,000	Westvaco Corp., 8.200%, 1/15/2030		13,453,380
				224,485,289
		Pharmaceuticals — 1.1%
	20,522,000	Astrazeneca PLC, 6.450%, 9/15/2037		21,287,101
	41,300,000	Elan Finance PLC, 8.875%, 12/01/2013		33,040,000
	50,820,000	Elan Finance PLC, Senior Note, 7.750%, 11/15/2011		42,688,800
				97,015,901
		Pipelines — 2.2%
	766,000	Colorado Interstate Gas Co., 5.950%, 3/15/2015		691,546
	340,000	Colorado Interstate Gas Co., 6.800%, 11/15/2015		318,714
	19,745,000	DCP Midstream LP, 144A, 6.450%, 11/03/2036		12,799,775
	15,685,000	El Paso Corp., 6.950%, 6/01/2028		10,816,658
	1,500,000	El Paso Corp., 7.420%, 2/15/2037		1,043,784
	750,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		560,401
	1,000,000	El Paso Energy Corp., GMTN, 7.750%, 1/15/2032		745,037
	5,255,000	Energy Transfer Partners LP, 6.125%, 2/15/2017		4,688,532
	9,115,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		6,777,750
	13,175,000	Enterprise Products Operating LLP, 6.300%, 9/15/2017		12,143,701
	500,000	Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		370,971

See accompanying notes to financial statements.

41

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Pipelines — continued
$	4,663,000	Kinder Morgan Finance Co. ULC, Guaranteed Note, 5.700%, 1/05/2016	$	3,916,920
	10,498,000	Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		8,818,320
	81,710,000	NGPL Pipeco LLC, 144A, 7.119%, 12/15/2017		74,920,308
	3,425,000	ONEOK Partners LP, 6.650%, 10/01/2036		2,563,749
	20,770,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		17,647,355
	44,730,000	Plains All American Pipeline LP, 6.650%, 1/15/2037		32,420,483
	5,272,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		4,484,664
	600,000	Williams Cos., Inc., 7.875%, 9/01/2021		555,000
	965,000	Williams Cos., Inc., Senior Note, 7.750%, 6/15/2031		781,650
	4,030,000	Williams Cos., Inc., Series A, 7.500%, 1/15/2031		3,183,700
				200,249,018
		Property & Casualty Insurance — 0.8%
	4,785,000	Allstate Corp., 5.950%, 4/01/2036		3,461,995
	2,660,000	Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		2,345,511
	11,710,000	Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		10,440,718
	9,075,000	Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		6,022,261
	2,000,000	Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019		2,038,816
	6,080,000	MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 144A, 14.000%, 1/15/2033		1,884,800
	4,000,000	Travelers Cos., Inc. (The), 6.750%, 6/20/2036		3,862,328
	31,135,000	Travelers Cos., Inc. (The), MTN, 6.250%, 6/15/2037		28,487,529
	1,000,000	Travelers Property Casualty Corp., 6.375%, 3/15/2033		932,275
	11,205,000	Willis North America, Inc., 6.200%, 3/28/2017		7,853,864
				67,330,097
		Railroads — 0.5%
	2,700,000	Canadian Pacific Railway Co., 5.750%, 3/15/2033		1,920,002
	16,410,000	Canadian Pacific Railway Co., 5.950%, 5/15/2037		11,451,555
	5,000,000	CSX Corp., 6.250%, 3/15/2018		4,307,300
	32,889,000	CSX Corp., MTN, 6.000%, 10/01/2036		23,099,721
	1,153,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(d)		634,150
				41,412,728

Principal Amount (‡)		Description	Value (†)
		Refining — 0.0%
$	1,335,000	Valero Energy Corp., 6.625%, 6/15/2037	$	943,684
		REITs — 0.7%
	27,950,000	Camden Property Trust, 5.700%, 5/15/2017		20,519,213
	2,935,000	Colonial Realty LP, 6.050%, 9/01/2016		1,780,588
	4,030,000	Duke Realty LP, 5.950%, 2/15/2017		2,410,109
	3,300,000	ERP Operating LP, 5.125%, 3/15/2016		2,603,895
	47,305,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		29,252,229
	2,935,000	ProLogis, 5.625%, 11/15/2015		1,584,900
	1,000,000	ProLogis, 5.625%, 11/15/2016		499,802
	1,535,000	ProLogis, 5.750%, 4/01/2016		843,573
	1,500,000	Simon Property Group LP, 5.250%, 12/01/2016		1,117,295
	125,000	Simon Property Group LP, 5.750%, 5/01/2012		108,124
	4,900,000	Simon Property Group LP, 5.750%, 12/01/2015		3,783,118
	550,000	Simon Property Group LP, 5.875%, 3/01/2017		424,247
	450,000	Simon Property Group LP, 6.125%, 5/30/2018		353,737
				65,280,830
		Restaurants — 0.0%
	1,250,000	McDonald’s Corp., EMTN, 3.628%, 10/10/2010, (SGD)		840,980
		Retailers — 4.1%
	8,758,000	Dillard’s, Inc., 6.625%, 1/15/2018		3,152,880
	4,187,000	Dillard’s, Inc., 7.130%, 8/01/2018		1,465,450
	1,500,000	Dillard’s, Inc., 7.750%, 7/15/2026		495,000
	425,000	Dillard’s, Inc., 7.875%, 1/01/2023		140,250
	3,325,000	Dillard’s, Inc., Class A, 7.000%, 12/01/2028		1,130,500
	1,588,000	Home Depot, Inc., 5.400%, 3/01/2016		1,427,455
	122,775,000	Home Depot, Inc., 5.875%, 12/16/2036		86,946,922
	3,685,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		2,591,487
	635,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023		443,517
	3,330,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037		2,114,837
	3,985,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		2,527,331
	72,470,000	J.C. Penney Corp., Inc., Senior Note, 6.375%, 10/15/2036		45,305,200

See accompanying notes to financial statements.

42

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Retailers — continued
$	1,095,000	Lowe’s Cos., Inc., 5.500%, 10/15/2035	$	961,111
	40,440,000	Lowe’s Cos., Inc., 6.650%, 9/15/2037		39,778,927
	19,146,000	Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		10,662,044
	12,275,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		6,276,600
	2,365,000	Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		1,193,062
	6,365,000	Marks & Spencer PLC, 144A, 7.125%, 12/01/2037		3,720,419
	7,793,000	Target Corp., 6.500%, 10/15/2037		6,905,603
	134,773,000	Target Corp., 7.000%, 1/15/2038		126,246,047
	32,675,000	Toys R Us, Inc., 7.375%, 10/15/2018		10,456,000
	8,355,000	Toys R Us, Inc., 7.875%, 4/15/2013		2,934,694
	10,270,000	Woolworth Corp., 8.500%, 1/15/2022		8,267,350
				365,142,686
		Sovereigns — 2.5%
	104,626,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		7,541,638
	10,000,000,000	Indonesia Treasury Bond, Series FR47, 10.000%, 2/15/2028, (IDR)		671,714
	272,460,000,000	Indonesia Treasury Bond, Series ZC3, Zero Coupon, 11/20/2012, (IDR)		16,068,208
	9,922,000	Republic of Brazil, 8.250%, 1/20/2034		11,013,420
	4,705,000	Republic of Brazil, 8.875%, 4/15/2024		5,422,512
	56,700,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		22,364,694
	140,235,000	Republic of Brazil, 12.500%, 1/05/2016, (BRL)		63,475,267
	107,840,000	Republic of Brazil, 12.500%, 1/05/2022, (BRL)		48,579,718
	3,240,000,000	Republic of Iceland, Zero Coupon, 4/15/2009, (ISK)		15,699,755
	2,981,242,000	Republic of Iceland, 7.000%, 3/17/2010, (ISK)		14,200,892
	1,398,590,000	Republic of Iceland, 8.500%, 6/12/2009, (ISK)		6,747,344
	1,877,910,000	Republic of Iceland, 13.750%, 12/10/2010, (ISK)		9,683,603
				221,468,765
		Supermarkets — 1.0%
	2,000,000	American Stores Co., 7.900%, 5/01/2017		1,815,000
	72,681,000	New Albertson’s, Inc., 7.450%, 8/01/2029		60,325,230
	19,060,000	New Albertson’s, Inc., 7.750%, 6/15/2026		15,962,750
	4,895,000	New Albertson’s, Inc., 8.000%, 5/01/2031		4,001,663

Principal Amount (‡)		Description	Value (†)
		Supermarkets — continued
$	1,510,000	New Albertson’s, Inc., 8.700%, 5/01/2030	$	1,291,050
	13,242,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		9,732,870
				93,128,563
		Supranational — 2.8%
	175,000,000	Eurofima, EMTN, 11.000%, 2/05/2010, (ISK)		874,778
	128,250,000	European Investment Bank, Zero Coupon, 3/10/2021, (AUD)		45,940,098
	16,375,000	European Investment Bank, 11.250%, 2/14/2013, (BRL)		7,327,896
	413,529,000,000	European Investment Bank, EMTN, 144A, Zero Coupon, 4/24/2013, (IDR)		17,772,263
	134,330,000	European Investment Bank, EMTN, 144A, 4.600%, 1/30/2037, (CAD)		97,831,405
	11,330,000	European Investment Bank, EMTN, 7.000%, 1/18/2012, (NZD)		6,822,654
	80,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 5/11/2009, (BRL)		33,969,178
	244,840,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013, (IDR)		12,308,746
	24,450,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		13,791,219
	8,300,000	International Bank for Reconstruction & Development, 1.430%, 3/05/2014, (SGD)		5,331,329
	1,385,900,000	International Bank for Reconstruction & Development, 9.500%, 5/27/2010, (ISK)		6,807,406
	62,300,000	Nordic Investment Bank, EMTN, 11.250%, 4/16/2009, (ISK)		304,027
				249,080,999
		Technology — 2.5%
	1,730,000	Affiliated Computer Services, Inc., 5.200%, 6/01/2015		1,422,925
	41,705,000	Agilent Technologies, Inc., 6.500%, 11/01/2017		34,174,120
	832,000	Alcatel-Lucent, EMTN, 6.375%, 4/07/2014, (EUR)		635,602
	10,650,000	Amkor Technology, Inc., 7.750%, 5/15/2013		8,573,250
	1,225,000	Amkor Technology, Inc., 9.250%, 6/01/2016		943,250
	6,950,000	Amkor Technology, Inc., Senior Note, 7.125%, 3/15/2011		6,437,437
	2,435,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		2,159,334
	30,125,000	Avnet, Inc., 5.875%, 3/15/2014		25,910,241
	35,630,000	Avnet, Inc., 6.000%, 9/01/2015		29,318,181
	11,345,000	Avnet, Inc., 6.625%, 9/15/2016		9,449,421
	6,225,000	Corning, Inc., 5.900%, 3/15/2014		5,823,961
	6,220,000	Corning, Inc., 6.200%, 3/15/2016		5,563,417
	6,150,000	Corning, Inc., 6.850%, 3/01/2029		4,642,414

See accompanying notes to financial statements.

43

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Technology — continued
$	4,725,000	Corning, Inc., 7.250%, 8/15/2036	$	3,559,754
	14,385,000	Equifax, Inc., 7.000%, 7/01/2037		10,217,320
	29,605,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		5,328,900
	41,104,000	Lucent Technologies, Inc., 6.450%, 3/15/2029		15,619,520
	2,840,000	Lucent Technologies, Inc., 6.500%, 1/15/2028		1,079,200
	9,739,000	Motorola, Inc., 5.220%, 10/01/2097		3,919,655
	9,345,000	Motorola, Inc., 6.500%, 9/01/2025		5,934,103
	17,028,000	Motorola, Inc., 6.500%, 11/15/2028		10,727,640
	18,715,000	Motorola, Inc., 6.625%, 11/15/2037		11,837,237
	9,365,000	Nortel Networks Capital Corp., 7.875%, 6/15/2026(c)		1,498,400
	11,770,000	Nortel Networks Ltd., 6.875%, 9/01/2023(c)		765,050
	25,890,000	Nortel Networks Ltd., 10.125%, 7/15/2013(c)		4,854,375
	285,000	Samsung Electronics Co. Ltd., 144A, 7.700%, 10/01/2027		272,853
	18,050,000	Xerox Capital Trust I, 8.000%, 2/01/2027		12,712,073
	1,730,000	Xerox Corp., MTN, 7.200%, 4/01/2016		1,332,100
				224,711,733
		Textile — 0.0%
	7,515,000	Kellwood Co., 7.625%, 10/15/2017(d)		338,175
		Tobacco — 2.1%
	63,335,000	Altria Group, Inc., 8.500%, 11/10/2013		68,689,974
	63,135,000	Altria Group, Inc., 9.250%, 8/06/2019		67,503,563
	52,930,000	Reynolds American, Inc., 6.750%, 6/15/2017		45,185,971
	13,400,000	Reynolds American, Inc., 7.250%, 6/15/2037		9,784,278
				191,163,786
		Transportation Services — 0.5%
	10,503,000	APL Ltd., Senior Note, 8.000%, 1/15/2024(d)		7,379,093
	17,574,841	Atlas Air, Inc., Series 1998-1, Class 1B, 7.680%, 1/02/2014(g)		13,181,131
	9,128,302	Atlas Air, Inc., Series 1999-1, Class A1, 7.200%, 7/02/2020		6,572,378
	306,955	Atlas Air, Inc., Series 1999-1, Class A2, 6.880%, 1/02/2011		236,355
	12,740,207	Atlas Air, Inc., Series 1999-1, Class B, 7.630%, 7/02/2016(g)		8,535,939
	4,744,556	Atlas Air, Inc., Series 1999-1, Class C, 8.770%, 7/02/2012(g)		2,229,941

Principal Amount (‡)		Description	Value (†)
		Transportation Services — continued
$	5,323,737	Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017(g)	$	5,217,262
	6,862,758	Atlas Air, Inc., Series C, 8.010%, 1/02/2010(g)		2,950,986
				46,303,085
		Treasuries — 8.5%
	130,000,000	Canadian Government, 2.750%, 12/01/2010, (CAD)		106,173,541
	28,000,000	Canadian Government, 3.750%, 6/01/2012, (CAD)		23,851,967
	171,980,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		148,233,174
	25,445,000	Canadian Government, 4.250%, 6/01/2018, (CAD)		22,743,083
	21,565,000	Canadian Government, 4.250%, 9/01/2009, (CAD)		17,369,335
	62,140,000	Canadian Government, 5.250%, 6/01/2012, (CAD)		55,222,686
	4,125,000(††)	Mexican Fixed Rate Bonds, Series M-10, 9.000%, 12/20/2012, (MXN)		31,124,603
	18,686,981(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		130,992,241
	22,670,000	New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		13,589,237
	457,420,000	Norwegian Government, 4.250%, 5/19/2017, (NOK)		71,149,495
	221,050,000	Norwegian Government, 5.000%, 5/15/2015, (NOK)		36,009,684
	366,200,000	Norwegian Government, 6.000%, 5/16/2011, (NOK)		58,811,005
	262,545,000	Norwegian Government, 6.500%, 5/15/2013, (NOK)		44,678,516
				759,948,567
		Wireless — 1.9%
	8,524,000	ALLTEL Corp., 6.800%, 5/01/2029		7,851,303
	58,210,000	ALLTEL Corp., Senior Note, 7.875%, 7/01/2032		59,166,973
	29,340,000	Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		15,550,200
	15,386,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		8,770,020
	38,855,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		21,564,525
	2,085,000	Rogers Wireless, Inc., 7.625%, 12/15/2011, (CAD)		1,734,413
	2,525,000	Rogers Wireless, Inc., Senior Secured Note, 6.375%, 3/01/2014		2,556,257
	20,886,000	Sprint Capital Corp., 6.875%, 11/15/2028		12,740,460
	18,070,000	Sprint Capital Corp., 6.900%, 5/01/2019		12,739,350
	6,260,000	Sprint Capital Corp., 8.750%, 3/15/2032		4,194,200
	11,309,000	Sprint Nextel Corp., 6.000%, 12/01/2016		8,085,935
	28,355,000	True Move Co. Ltd., 144A, 10.750%, 12/16/2013		13,349,534

See accompanying notes to financial statements.

44

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Wireless — continued
$	1,285,000	Vodafone Group PLC, 6.150%, 2/27/2037	$	1,211,598
				169,514,768
		Wirelines — 6.2%
	10,245,000	AT&T Corp., 6.500%, 3/15/2029		8,982,652
	8,500,000	AT&T, Inc., 6.150%, 9/15/2034		7,447,054
	125,100,000	AT&T, Inc., 6.500%, 9/01/2037		112,892,992
	7,605,000	AT&T, Inc., 6.700%, 11/15/2013		8,122,551
	4,370,000	Bell Canada, 144A, 6.550%, 5/01/2029, (CAD)		2,896,442
	5,925,000	Bell Canada, MTN, 5.000%, 2/15/2017, (CAD)		4,307,468
	8,445,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		6,055,778
	33,640,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		21,082,899
	860,000	BellSouth Corp., 6.550%, 6/15/2034		798,116
	2,715,000	BellSouth Telecommunications, Inc., 7.000%, 12/01/2095		2,142,474
	425,000	Cincinnati Bell, Inc., 8.375%, 1/15/2014		399,500
	5,330,000	Embarq Corp., 7.995%, 6/01/2036		3,997,500
	35,260,000	Frontier Communications Corp., 7.875%, 1/15/2027		23,800,500
	10,555,000	GTE Corp., 6.940%, 4/15/2028		9,451,390
	525,000	Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(c)		2,625
	8,098,000	Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030		8,390,249
	1,120,000	Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016, (GBP)		1,615,019
	1,800,000	Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015, (EUR)		2,226,683
	32,435,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		20,758,400
	13,010,000	Level 3 Financing, Inc., 9.250%, 11/01/2014		8,976,900
	3,346,000	New England Telephone & Telegraph Co., 7.875%, 11/15/2029		3,122,256
	16,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		11,107,800
	32,155,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		21,222,300
	42,460,000	Qwest Capital Funding, Inc., Guaranteed Note, 6.875%, 7/15/2028		26,749,800
	10,675,000	Qwest Capital Funding, Inc., Guaranteed Note, 7.625%, 8/03/2021		7,579,250
	33,130,000	Qwest Corp., 6.875%, 9/15/2033		21,700,150
	1,290,000	Qwest Corp., 7.200%, 11/10/2026		877,200

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	3,689,000	Qwest Corp., 7.250%, 9/15/2025	$	2,434,740
	2,598,000	Qwest Corp., 7.500%, 6/15/2023		1,961,490
	5,470,000	SK Broadband Co. Ltd., 144A, 7.000%, 2/01/2012		4,895,650
	1,430,000	Telecom Italia Capital SA, 5.250%, 11/15/2013		1,284,191
	1,575,000	Telecom Italia Capital SA, 5.250%, 10/01/2015		1,327,968
	23,000,000	Telecom Italia Capital SA, 6.000%, 9/30/2034		15,691,842
	19,635,000	Telecom Italia Capital SA, 6.375%, 11/15/2033		14,306,179
	89,917,000	Telefonica Emisiones SAU, Guaranteed Note, 7.045%, 6/20/2036		92,392,235
	31,690,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		23,341,967
	41,882,000	Verizon Global Funding Corp., Senior Note, 5.850%, 9/15/2035		35,583,617
	6,230,000	Verizon Maryland, Inc., Series B, 5.125%, 6/15/2033		4,315,758
	12,050,000	Verizon New York, Inc., Series A, 7.375%, 4/01/2032		11,180,424
				555,422,009
		Total Non-Convertible Bonds (Identified Cost $10,195,917,819)		7,627,677,953
	Convertible Bonds — 3.3%
		Healthcare — 0.3%
	26,280,000	Affymetrix, Inc., 3.500%, 1/15/2038		13,797,000
	5,111,000	EPIX Pharmaceuticals, Inc., Senior Note, 3.000%, 6/15/2024(d)(f)		1,022,200
	12,005,000	Life Technologies Corp., 1.500%, 2/15/2024		10,699,456
				25,518,656
		Industrial Other — 0.2%
	30,860,000	Incyte Corp., 3.500%, 2/15/2011		15,275,700
		Lodging — 0.2%
	22,413,000	Host Hotels & Resorts, Inc., 144A, 2.625%, 4/15/2027		15,577,035
		Media Cable — 0.0%
	2,540,000	CSC Holdings, Inc., 144A, 8.500%, 4/15/2014		2,501,900
		Media Non-Cable — 0.1%
	7,790,466	Liberty Media LLC, 3.500%, 1/15/2031		2,785,091
	7,716,000	Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(e)		3,240,720
				6,025,811
		Non-Captive Diversified — 0.1%
	44,035,000	iStar Financial, Inc., 1.935%, 10/01/2012(b)		13,210,500

See accompanying notes to financial statements.

45

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Pharmaceuticals — 1.0%
$	635,000	Human Genome Sciences, Inc., 2.250%, 10/15/2011	$	233,363
	37,690,000	Human Genome Sciences, Inc., 2.250%, 8/15/2012		12,531,925
	24,081,000	Nektar Therapeutics, 3.250%, 9/28/2012		15,592,448
	22,735,000	Valeant Pharmaceuticals International, Subordinated Note, 3.000%, 8/16/2010		21,768,762
	28,222,000	Valeant Pharmaceuticals International, Subordinated Note, 4.000%, 11/15/2013		24,976,470
	11,035,000	Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		14,497,231
				89,600,199
		Technology — 0.1%
	9,077,000	Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		4,300,229
	3,880,000	Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		3,060,350
	3,730,000	Maxtor Corp., Subordinated Note, 5.750%, 3/01/2012(d)		2,797,500
	745,000	Nortel Networks Corp., 1.750%, 4/15/2012(c)		106,163
	30,767,000	Nortel Networks Corp., 2.125%, 4/15/2014(c)		4,384,297
	311,000	Richardson Electronics Ltd., 7.750%, 12/15/2011		248,800
				14,897,339
		Textile — 0.0%
	121,000	Dixie Group, Inc., Subordinated Note, 7.000%, 5/15/2012		109,354
		Wireless — 0.1%
	625,000	Nextel Communications, Inc., Senior Note, 5.250%, 1/15/2010		602,344
	15,695,000	NII Holdings, Inc., 3.125%, 6/15/2012		10,908,025
				11,510,369
		Wirelines — 1.2%
	35,110,000	Level 3 Communications, Inc., 2.875%, 7/15/2010		25,674,187
	33,440,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		13,877,600
	12,604,000	Level 3 Communications, Inc., 5.250%, 12/15/2011		6,428,040
	28,648,000	Level 3 Communications, Inc., 6.000%, 9/15/2009		27,645,320
	35,920,000	Level 3 Communications, Inc., 6.000%, 3/15/2010		30,532,000
	2,470,000	Level 3 Communications, Inc., 10.000%, 5/01/2011		1,602,413
	1,000,000	Qwest Communications International, Inc., 3.500%, 11/15/2025		922,500
				106,682,060
		Total Convertible Bonds (Identified Cost $452,136,328)		300,908,923

Principal Amount (‡)		Description	Value (†)
	Municipals — 1.1%
		Alabama — 0.0%
$	3,270,000	Alabama Public School & College Authority (Capital Improvement), 4.500%, 12/01/2026	$	3,153,882
		California — 0.5%
	3,435,000	San Diego Unified School District (Election 1998), Series F-1, (FSA insured), 4.500%, 7/01/2029		3,103,213
	1,530,000	San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), Series C, (MBIA insured), 3.750%, 8/01/2028		1,091,471
	4,170,000	San Jose California Redevelopment Agency Tax Allocation (Merged Area), Series C, (MBIA insured), 3.750%, 8/01/2028		2,854,740
	5,175,000	State of California, (AMBAC insured), 4.500%, 8/01/2027		4,391,971
	14,415,000	State of California, 4.500%, 10/01/2029		11,948,594
	4,190,000	State of California, (AMBAC insured), 4.500%, 8/01/2030		3,442,756
	3,620,000	State of California, 4.500%, 8/01/2030		2,974,409
	2,680,000	State of California (Various Purpose), (MBIA insured), 3.250%, 12/01/2027		1,795,332
	12,645,000	State of California (Various Purpose), (AMBAC insured), 4.500%, 12/01/2033		10,055,051
	895,000	University of California Regents Medical Center, Series A, (MBIA insured), 4.750%, 5/15/2031		796,783
				42,454,320
		District of Columbia — 0.0%
	3,270,000	District of Columbia, Series A, (FGIC insured), 4.750%, 6/01/2036		2,919,096
		Florida — 0.1%
	3,270,000	Florida State Turnpike Authority (Department of Transportation), Series A, (MBIA insured), 3.500%, 7/01/2027		2,516,952
	5,185,000	Jacksonville Electric Authority, Florida Water & Sewer Systems Revenue, (MBIA insured), 4.750%, 10/01/2041		4,505,246
				7,022,198
		Illinois — 0.1%
	5,650,000	Chicago Board of Education, Series B, (FSA insured), 4.750%, 12/01/2031		5,117,826
	1,725,000	Chicago O’Hare International Airport, Series A, (FSA insured), 4.500%, 1/01/2038		1,506,236
				6,624,062
		Louisiana — 0.0%
	3,270,000	State of Louisiana, Series C, (FSA insured), 3.250%, 5/01/2026		2,330,889
		Massachusetts — 0.0%
	3,275,000	Massachusetts School Building Authority, Series A, (AMBAC insured), 4.750%, 8/15/2032		3,064,188

See accompanying notes to financial statements.

46

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
		Michigan — 0.1%
$	1,975,000	Grosse Pointe Public School System, (FGIC insured), 3.000%, 5/01/2027	$	1,456,286
	13,095,000	Michigan Tobacco Settlement Finance Authority, Taxable Turbo Series A, 7.309%, 6/01/2034(d)		7,644,206
				9,100,492
		Nebraska — 0.1%
	8,175,000	Omaha Public Power District, Series AA, (FGIC insured), 4.500%, 2/01/2034		7,331,177
		Texas — 0.1%
	9,320,000	County of Harris TX, Series B, 4.500%, 10/01/2031		8,641,597
		Wisconsin — 0.1%
	2,235,000	Green Bay Wisconsin Water System Revenue, (FSA insured), 3.500%, 11/01/2026		1,839,696
	2,410,000	Green Bay Wisconsin Water System Revenue, (FSA insured), 3.500%, 11/01/2029		1,862,978
	835,000	Wisconsin Housing & Economic Development Authority, Series E, 4.900%, 11/01/2035		753,596
				4,456,270
		Total Municipals (Identified Cost $107,632,254)		97,098,171
		Total Bonds and Notes (Identified Cost $10,755,686,401)		8,025,685,047
	Bank Loans — 0.9%
		Automotive — 0.2%
	110,873,581	Chrysler LLC, First Lien Term Loan, 5.260%, 8/03/2013(h)		17,093,380
		Consumer Products — 0.0%
	5,953,728	Mega Brands, Inc., Term Loan B, 8.750%, 7/26/2012(h)		1,617,449
		Food & Beverage — 0.0%
	361,942	Dole Food Co., Inc., Credit Link Deposit, 2.790%, 4/12/2013(h)		332,762
	517,059	Dole Food Co., Inc., Tranche B Term Loan, 7.960%, 4/12/2013(h)		475,374
	2,338,605	Dole Food Co., Inc., Tranche C Term Loan, 7.969%, 4/12/2013(h)		2,150,066
				2,958,202
		Media Non-Cable — 0.2%
	31,027,629	Idearc, Inc., Term Loan B, 6.250%, 11/17/2014(c)(h)		12,091,157
	2,797,946	Tribune Co., Term Loan X, 5.000%, 6/04/2009(c)(h)		730,096
				12,821,253
		Oil Field Services — 0.0%
	2,485,000	Dresser, Inc., Second Lien Term Loan, 6.988%, 5/04/2015(h)		969,150
	1,230,373	Dresser, Inc., Term Loan, 3.456%, 5/04/2014(h)		904,324
				1,873,474
		Paper — 0.1%
	4,748,522	Georgia-Pacific Corp., New Term Loan B, 3.258%, 12/20/2012(h)		4,199,878

Principal Amount (‡)		Description	Value (†)
		Paper — continued
$	1,824,340	Georgia-Pacific Corp., Term Loan B1, 2.982%, 12/20/2012(h)	$	1,613,555
				5,813,433
		Retailers — 0.0%
	1,627,348	Harbor Freight Tools USA, Inc., Tranche C Term Loan, 9.581%, 2/12/2013(h)		1,151,349
		Technology — 0.3%
	11,804,341	Nuance Communications, Inc., Incremental Term Loan, 2.520%, 3/29/2013(h)		10,299,288
	515,405	Nuance Communications, Inc., Term Loan, 2.520%, 3/31/2013(h)		449,691
	12,498,036	Sungard Data Systems, Inc., Term Loan B, 2.697%, 2/28/2014(h)		10,528,845
				21,277,824
		Wirelines — 0.1%
	16,754,207	Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(h)(i)		7,489,131
	5,395,000	Level 3 Financing, Inc., New Term Loan, 3.309%, 3/13/2014(h)		4,049,649
				11,538,780
		Total Bank Loans (Identified Cost $163,716,507)		76,145,144
Shares
	Common Stocks — 3.0%
		Biotechnology — 0.1%
	359,449	Vertex Pharmaceuticals, Inc.(g)		10,326,970
		Communications Equipment — 0.0%
	41,343	Corning, Inc.		548,621
		Containers & Packaging — 0.1%
	460,656	Owens-Illinois, Inc.(g)		6,651,873
		Electric Utilities — 0.1%
	282,500	Duke Energy Corp.		4,045,400
		Food Products — 0.4%
	2,309,175	ConAgra Foods, Inc.		38,955,782
		Household Durables — 0.1%
	477,725	KB Home		6,296,415
	549,450	Lennar Corp., Class A		4,126,370
				10,422,785
		Oil, Gas & Consumable Fuels — 0.2%
	846,398	Chesapeake Energy Corp.		14,439,550
	141,249	Spectra Energy Corp.		1,997,261
				16,436,811
		Pharmaceuticals — 1.8%
	7,238,800	Bristol-Myers Squibb Co.		158,674,496
	2,288	Teva Pharmaceutical Industries Ltd., Sponsored ADR		103,074
				158,777,570
		REITs — 0.2%
	290,904	Apartment Investment & Management Co., Class A		1,594,154
	889,730	Associated Estates Realty Corp.		5,053,666
	182,500	Developers Diversified Realty Corp.		388,725
	460,000	Equity Residential		8,441,000
	120,484	Simon Property Group, Inc.		4,173,566
				19,651,111

See accompanying notes to financial statements.

47

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Shares	Description	Value (†)
	Thrifts & Mortgage Finance — 0.0%
4,794,025	Federal Home Loan Mortgage Corp.(g)(j)	$	3,643,459
	Total Common Stocks (Identified Cost $433,542,961)		269,460,382
Preferred Stocks — 1.0%
Convertible Preferred Stocks — 0.7%
	Automotive — 0.1%
1,458,359	Ford Motor Co. Capital Trust II, 6.500%		11,710,623
79,502	General Motors Corp., 6.250%		201,935
			11,912,558
	Capital Markets — 0.0%
28,950	Lehman Brothers Holdings, Inc., 7.250%(c)$		21,423
145,155	Newell Financial Trust I, 5.250%		2,612,790
			2,634,213
	Commercial Banks — 0.0%
5,933	Wells Fargo & Co., Series L, Class A, 7.500%		2,841,848
	Diversified Consumer Services — 0.0%
79,986	Six Flags, Inc., 7.250%		54,390
	Diversified Financial Services — 0.2%
16,622	Bank of America Corp., 7.250%		6,773,465
5,000	CIT Group, Inc., 8.750%		91,000
129,508	Sovereign Capital Trust IV, 4.375%		2,557,783
			9,422,248
	Electric Utilities — 0.2%
380,577	AES Trust III, 6.750%		12,939,618
107,725	CMS Energy Trust I, 7.750%(d)(f)		3,231,750
			16,171,368
	Machinery — 0.0%
171,240	United Rentals Trust I, 6.500%		1,883,640
	Oil, Gas & Consumable Fuels — 0.1%
52,020	Chesapeake Energy Corp., 4.500%		3,199,230
158,777	El Paso Energy Capital Trust I, 4.750%		3,969,425
			7,168,655
	REITs — 0.0%
42,700	FelCor Lodging Trust, Inc., Series A, 7.800%		160,125
	Semiconductors & Semiconductor Equipment — 0.1%
32,320	Lucent Technologies Capital Trust I, 7.750%		9,374,367
	Total Convertible Preferred Stocks (Identified Cost $171,354,391)		61,623,412
Non-Convertible Preferred Stocks — 0.3%
	Capital Markets — 0.0%
39,450	Lehman Brothers Holdings Capital Trust V, 6.000%(c)		789
73,204	Lehman Brothers Holdings, Inc., 5.670%(c)		439
77,610	Lehman Brothers Holdings, Inc., 5.940%(c)		78
340,116	Lehman Brothers Holdings, Inc., 6.500%(c)		850
357,592	Lehman Brothers Holdings, Inc., 7.950%(c)		1,967
			4,123
	Diversified Financial Services — 0.1%
35,000	Bank of America Corp., 6.375%		285,250
552,770	CIT Group, Inc., 6.350%		3,515,617
36,916	Preferred Blocker, Inc. 144A, 7.000%		7,349,747
			11,150,614

Shares	Description	Value (†)
	Electric Utilities — 0.0%
393	Entergy New Orleans, Inc., 4.750%	$	27,203
	Thrifts & Mortgage Finance — 0.2%
389,800	Countrywide Capital IV, 6.750%		3,726,488
75,100	Federal Home Loan Mortgage Corp., 5.000%(g)(j)		67,590
1,741,500	Federal Home Loan Mortgage Corp., 5.570%(g)(j)		661,770
444,350	Federal Home Loan Mortgage Corp., 5.660%(g)(j)		177,740
120,695	Federal Home Loan Mortgage Corp., 5.700%(g)(j)		100,177
283,000	Federal Home Loan Mortgage Corp., 5.790%(g)(j)		217,910
81,450	Federal Home Loan Mortgage Corp., 5.810%(g)(j)		63,531
219,750	Federal Home Loan Mortgage Corp., 5.900%(g)(j)		101,085
96,600	Federal Home Loan Mortgage Corp., 6.000%(g)(j)		85,974
89,300	Federal Home Loan Mortgage Corp., 6.420%(g)(j)		71,440
392,116	Federal Home Loan Mortgage Corp., 6.550%(g)(j)		160,768
3,856,103	Federal Home Loan Mortgage Corp., 8.375%(g)(j)		1,773,807
192,100	Federal National Mortgage Association, 4.750%(g)(j)		140,233
144,900	Federal National Mortgage Association, 5.125%(g)(j)		99,981
104,850	Federal National Mortgage Association, 5.375%(g)(j)		149,935
56,600	Federal National Mortgage Association, 5.810%(g)(j)		65,090
87,300	Federal National Mortgage Association, 6.750%(g)(j)		43,650
6,747,525	Federal National Mortgage Association, 8.250%(g)(j)		4,790,743
250,000	Federal National Mortgage Association, 8.250%(g)(j)		175,000
			12,672,912
	Total Non-Convertible Preferred Stocks (Identified Cost $326,610,515)		23,854,852
	Total Preferred Stocks (Identified Cost $497,964,906)		85,478,264
Closed-End Investment Companies — 0.2%
191,930	BlackRock Senior High Income Fund, Inc.		441,439
1,033,275	Dreyfus High Yield Strategies		2,531,524
177,910	DWS High Income Trust		523,055
860,000	Highland Credit Strategies Fund		3,990,400
110,211	Morgan Stanley Emerging Markets Debt Fund, Inc.		784,702
141,612	Van Kampen High Income Trust II		269,063
2,055,800	Western Asset High Income Opportunity Fund, Inc.		8,552,128
1,217,820	Western Asset Managed High Income Fund, Inc.		5,151,379
	Total Closed-End Investment Companies (Identified Cost $40,372,613)		22,243,690

See accompanying notes to financial statements.

48

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 3.1%
$	130,242	Repurchase Agreement with State Street Corp., dated 3/31/2009 at 0.000% to be repurchased at $130,242 on 4/01/2009, collateralized by $135,000 U.S. Treasury Bill, due 5/28/2009 valued at $130,242, including accrued interest (Note 2g of Notes to Financial Statements)	$	130,242
	279,846,483	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000% to be repurchased at $279,846,483 on 4/01/2009, collateralized by $260,640,000 Federal Home Loan Mortgage Corp., 2.680% 11/16/2009 valued at $265,852,800; $2,390,000 Federal Home Loan Bank Discount Note, due 11/17/2009 valued at $2,381,038; $3,165,000 Federal Home Loan Mortgage Corp., 6.875% due 9/15/2010 valued at $3,430,069; $4,740,000 Federal Home Loan Bank Discount Note, due 11/16/2009 valued at $4,728,150; $4,880,000 Federal National Mortgage Association, 6.625% due 11/15/2030 valued at $6,472,100; $2,530,000 Federal National Mortgage Association, 4.500% due 4/29/2013 valued at $2,583,763, including accrued interest (Note 2g of Notes to Financial Statements)		279,846,483
		Total Short-Term Investments (Identified Cost $279,976,725)		279,976,725
		Total Investments — 97.6% (Identified Cost $12,171,260,113)(a)		8,758,989,252
		Other assets less liabilities—2.4%		217,391,616
		Net Assets — 100.0%	$	8,976,380,868
	(‡)	Principal amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2a of Notes to Financial Statements.
	(††)	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 March 31, 2009, the net unrealized depreciation on investments based on a cost of $12,177,225,873 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	$	70,666,072
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(3,488,902,693	)
		Net unrealized depreciation	$	(3,418,236,621	)
	(b)	Variable rate security. Rate as of March 31, 2009 is disclosed.
	(c)	Non-income producing security due to bankruptcy filing.
	(d)	Illiquid security. At March 31, 2009, the value of these securities amounted to $321,414,858 or 3.6% of net assets.
	(e)	Step Bond: Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(f)	Valued by management. At March 31, 2009 the value of these securities amounted to $158,151,668 or 1.8% of net assets.
	(g)	Non-income producing security.
	(h)	Variable rate security. Rate shown represents the weighted average rate at March 31, 2009.
	(i)	All or a portion of interest payment is paid in-kind.
	(j)	Future dividend payments have been eliminated as the issuer has been placed in conservatorship.

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 March 31, 2009, the value of these securities amounted to $1,026,010,966 or 11.4% 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.
ABS	Asset-Backed Securities
AMBAC	American Municipal Bond Assurance Corp.
EMTN	Euro Medium Term Note
FGIC	Financial Guarantee Insurance Company
FSA	Financial Security Assurance, Inc.
GMTN	Global Medium Term Note
MBIA	Municipal Bond Investors Assurance Corp.
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
ISK	Icelandic Krona
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SGD	Singapore Dollar
THB	Thai Baht

Net Asset Summary at March 31, 2009 (Unaudited)

Treasuries	8.5	%
Wirelines	7.5
Non-Captive Diversified	7.1
Healthcare	4.5
Banking	4.3
Electric	4.2
Retailers	4.1
Pharmaceuticals	3.9
Technology	2.9
Supranational	2.8
Oil Field Services	2.7
Non-Captive Consumer	2.7
Media Cable	2.6
Paper	2.6
Sovereigns	2.5
Automotive	2.5
Local Authorities	2.4
Pipelines	2.2
Tobacco	2.1
Wireless	2.0
Home Construction	2.0
Other Investments, less than 2% each	18.4
Short-Term Investments	3.1
Total Investments	97.6
Other assets less liabilities	2.4
Net Assets	100.0	%

See accompanying notes to financial statements.

49

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS (continued)

Investments as of March 31, 2009 (Unaudited)

Currency Exposure at March 31, 2009 as a Percentage of Net Assets (Unaudited)

United States Dollar	74.3	%
Canadian Dollar	6.0
New Zealand Dollar	2.7
Brazilian Real	2.6
Norwegian Krone	2.3
Other, less than 2% each	9.7
Total Investments	97.6
Other assets less liabilities	2.4
Net Assets	100.0	%

See accompanying notes to financial statements.

50

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2009 (Unaudited)

	Core Plus Bond Fund			High Income Fund			International Bond Fund
ASSETS
Investments at cost	$	212,901,237		$	64,033,404		$	13,909,713
Repurchase agreement(s) at cost		1,583,349			9,967,822			144,855
Net unrealized appreciation (depreciation)		(15,221,668	)		(15,761,791	)		(1,231,420	)
Investments at value		199,262,918			58,239,435			12,823,148
Cash		289,441			—			34,919
Foreign currency at value (identified cost $0, $0, $71,926, $0 and $6,158,286)		—			—			69,911
Receivable for Fund shares sold		620,976			175,102			—
Receivable for securities sold		7,307,612			16,551			—
Receivable for foreign currency sold (identified cost $0, $0, $0, $0 and $1,816,327)		—			—			—
Receivable from investment advisor (Note 5)		5,719			12,805			11,724
Dividends and interest receivable		2,673,567			1,266,441			220,084
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			6,715			52,765
Tax reclaims receivable		—			1,107			800
TOTAL ASSETS		210,160,233			59,718,156			13,213,351
LIABILITIES
Payable for securities purchased		7,582,257			850,408			34,919
Payable for Fund shares redeemed		427,587			30,585			—
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			—			9,786
Dividends payable		—			—			—
Management fees payable (Note 5)		85,142			30,898			6,603
Deferred Trustees’ fees (Note 5)		218,570			77,382			11,037
Administrative fees payable (Note 5)		7,998			2,294			1,023
Foreign taxes payable		—			—			—
Other accounts payable and accrued expenses		92,209			39,838			16,344
TOTAL LIABILITIES		8,413,763			1,031,405			79,712
NET ASSETS	$	201,746,470		$	58,686,751		$	13,133,639
NET ASSETS CONSIST OF:
Paid-in capital	$	235,409,851		$	147,313,724		$	14,719,424
Undistributed net investment income/Distributions in excess of net investment income		(1,071,339	)		(199,183	)		37,523
Accumulated net realized loss on investments and foreign currency transactions		(17,372,178	)		(72,671,141	)		(432,326	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		(15,219,864	)		(15,756,649	)		(1,190,982	)
NET ASSETS	$	201,746,470		$	58,686,751		$	13,133,639
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	124,039,686		$	38,997,620		$	2,595,446
Shares of beneficial interest		11,734,638			11,087,456			291,585
Net asset value and redemption price per share	$	10.57		$	3.52		$	8.90
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	11.07		$	3.69		$	9.32
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	8,180,041		$	1,459,687		$	—
Shares of beneficial interest		771,577			414,300			—
Net asset value and offering price per share	$	10.60		$	3.52		$	—
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	52,710,003		$	10,920,617		$	920,897
Shares of beneficial interest		4,983,131			3,099,696			103,651
Net asset value and offering price per share	$	10.58		$	3.52		$	8.88
Class Y shares:
Net assets	$	16,816,740		$	7,308,827		$	9,617,296
Shares of beneficial interest		1,582,788			2,080,194			1,082,278
Net asset value, offering and redemption price per share	$	10.62		$	3.51		$	8.89

See accompanying notes to financial statements.

51

Limited Term Government and Agency Fund			Strategic Income Fund
$	210,878,463		$	11,891,283,388
	1,949,858			279,976,725
	2,735,988			(3,412,270,861	)
	215,564,309			8,758,989,252
	—			23,607
	—			6,217,638
	583,257			40,739,109
	29			17,023,521
	—			1,017,985
	13,403			—
	962,595			183,611,942
	—			—
	—			17,443
	217,123,593			9,007,640,497
	—			—
	500,397			24,734,195
	—			—
	206,628			—
	81,368			4,198,174
	204,064			459,797
	7,957			338,541
	—			9,217
	76,498			1,519,705
	1,076,912			31,259,629
$	216,046,681		$	8,976,380,868
$	225,587,409		$	12,683,735,746
	110,374			67,503,979
	(12,387,090	)		(362,339,741	)
	2,735,988			(3,412,519,116	)
$	216,046,681		$	8,976,380,868
$	140,427,106		$	4,427,060,515
	12,498,344			427,108,964
$	11.24		$	10.37
$	11.59		$	10.86
$	4,667,165		$	123,118,042
	415,820			11,813,338
$	11.22		$	10.42
$	59,970,032		$	3,504,845,314
	5,333,550			336,517,793
$	11.24		$	10.42
$	10,982,378		$	921,356,997
	974,455			88,947,400
$	11.27		$	10.36

52

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2009 (Unaudited)

	Core Plus Bond Fund			High Income Fund			International Bond Fund
INVESTMENT INCOME
Dividends	$	5,336		$	76,875		$	—
Interest		5,913,148			2,624,770			270,678
Securities lending income (Note 2)		3,323			648			—
Less net foreign taxes withheld		—			—			—
		5,921,807			2,702,293			270,678
Expenses
Management fees (Note 5)		410,254			143,945			37,680
Service fees- Class A (Note 5)		147,015			41,309			2,794
Service and distribution fees - Class B (Note 5)		44,745			7,742			—
Service and distribution fees - Class C (Note 5)		206,274			48,335			3,920
Trustees’ fees and expenses (Note 5)		6,342			6,323			4,804
Administrative fees (Note 5)		46,493			12,027			35,013
Custodian fees and expenses		12,821			13,474			12,945
Transfer agent fees and expenses - Class A (Note 5)		85,397			23,888			1,132
Transfer agent fees and expenses - Class B (Note 5)		6,526			1,085			—
Transfer agent fees and expenses - Class C (Note 5)		29,713			7,011			402
Transfer agent fees and expenses - Class Y (Note 5)		10,082			2,324			477
Audit and tax services fees		23,858			24,088			24,280
Legal fees		2,817			1,026			203
Shareholder reporting expenses		22,860			8,600			1,704
Registration fees		34,283			40,310			22,101
Miscellaneous expenses (Note 5)		(16,950	)		(4,202	)		1,764
Total expenses		1,072,530			377,285			149,219
Less fee reduction and/or expense reimbursement (Note 5)		(71,407	)		(63,981	)		(89,126	)
Net expenses		1,001,123			313,304			60,093
Net investment income		4,920,684			2,388,989			210,585
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		2,640,633			(2,418,277	)		(184,341	)
Foreign currency transactions		20,938			(9,486	)		(162,980	)
Net change in unrealized appreciation (depreciation) on:
Investments (including change in foreign capital gains tax accrual of $(300) for Strategic Income Fund)		(541,584	)		(6,528,403	)		(225,756	)
Foreign currency translations		1,733			9,854			87,506
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2,121,720			(8,946,312	)		(485,571	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	7,042,404		$	(6,557,323	)	$	(274,986	)

See accompanying notes to financial statements.

53

Limited Term Government and Agency Fund			Strategic Income Fund
$	—		$	15,860,777
	3,817,252			396,578,051
	291			106,954
	—			(228,454	)
	3,817,543			412,317,328
	466,195			24,372,296
	147,577			5,521,146
	24,146			651,754
	269,680			16,820,998
	6,277			86,957
	46,721			2,169,973
	12,156			234,357
	66,839			2,357,863
	2,739			69,320
	30,427			1,800,845
	1,479			344,692
	24,435			29,334
	2,530			166,734
	6,217			661,519
	44,301			114,595
	(19,920	)		127,951
	1,131,799			55,530,334
	(84,347	)		—
	1,047,452			55,530,334
	2,770,091			356,786,994
	323,328			(356,404,108	)
	—			(1,801,952	)
	4,081,924			(1,050,593,785	)
	—			6,624,651
	4,405,252			(1,402,175,194	)
$	7,175,343		$	(1,045,388,200	)

54

STATEMENTS OF CHANGES IN NET ASSETS

	Core Plus Bond Fund						High Income Fund						International Bond Fund
	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008			Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008			Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008 (a)
FROM OPERATIONS:
Net investment income	$	4,920,684		$	7,889,395		$	2,388,989		$	3,149,292		$	210,585		$	212,713
Net realized gain (loss) on investments and foreign currency transactions		2,661,571			1,986,851			(2,427,763	)		555,245			(347,321	)		(76,409	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(539,851	)		(13,469,246	)		(6,518,549	)		(10,381,633	)		(138,250	)		(1,052,732	)
Net increase (decrease) in net assets resulting from operations		7,042,404			(3,593,000	)		(6,557,323	)		(6,677,096	)		(274,986	)		(916,428	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(4,097,262	)		(6,214,311	)		(1,796,207	)		(2,552,225	)		(24,982	)		(20,706	)
Class B		(272,259	)		(690,101	)		(76,458	)		(205,884	)		—			—
Class C		(1,346,461	)		(812,461	)		(491,887	)		(471,489	)		(5,605	)		(5,728	)
Class Y		(647,218	)		(1,030,857	)		(209,530	)		(54,867	)		(120,349	)		(217,001	)
Net realized capital gain
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class Y		—			—			—			—			—			—
Total distributions		(6,363,200	)		(8,747,730	)		(2,574,082	)		(3,284,465	)		(150,936	)		(243,435	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		27,609,180			(35,735,068	)		13,177,111			22,486,017			942,214			13,763,336
Redemption fees
Class A		—			10,657			13,774			12,665			—			259
Class B		—			1,520			575			782			—			—
Class C		—			1,489			3,899			3,312			—			275
Class Y		—			1,652			1,677			1,025			—			13,340
		—			15,318			19,925			17,784			—			13,874
Net increase (decrease) in net assets		28,288,384			(48,060,480	)		4,065,631			12,542,240			516,292			12,617,347
NET ASSETS
Beginning of the period		173,458,086			221,518,566			54,621,120			42,078,880			12,617,347			—
End of the period	$	201,746,470		$	173,458,086		$	58,686,751		$	54,621,120		$	13,133,639		$	12,617,347
UNDISTRIBUTED NET INVESTMENT INCOME/DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(1,071,339	)	$	371,177		$	(199,183	)	$	(14,090	)	$	37,523		$	(22,126	)

(a) From commencement of operations on February 1, 2008 through September 30, 2008.

See accompanying notes to financial statements.

55

Limited Term Government and Agency Fund						Strategic Income Fund
Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008			Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008
$	2,770,091		$	4,755,700		$	356,786,994		$	754,292,599
	323,328			498,940			(358,206,060	)		183,690,261
	4,081,924			(407,128	)		(1,043,969,134	)		(2,817,298,752	)
	7,175,343			4,847,512			(1,045,388,200	)		(1,879,315,892	)
	(1,639,489	)		(4,474,145	)		(203,268,431	)		(448,782,373	)
	(48,928	)		(205,652	)		(5,505,729	)		(12,700,249	)
	(539,347	)		(262,151	)		(142,184,940	)		(272,297,986	)
	(144,602	)		(244,165	)		(35,709,703	)		(61,058,261	)
	—			—			(33,148,981	)		(5,233,811	)
	—			—			(1,003,570	)		(183,665	)
	—			—			(25,254,965	)		(3,481,864	)
	—			—			(5,262,204	)		(634,289	)
	(2,372,366	)		(5,186,113	)		(451,338,523	)		(804,372,498	)
	72,376,421			14,420,990			(6,971,587	)		2,697,961,138
	—			—			—			209,238
	—			—			—			7,216
	—			—			—			140,777
	—			—			—			25,844
	—			—			—			383,075
	77,179,398			14,082,389			(1,503,698,310	)		14,655,823
	138,867,283			124,784,894			10,480,079,178			10,465,423,355
$	216,046,681		$	138,867,283		$	8,976,380,868		$	10,480,079,178
$	110,374		$	(287,351	)	$	67,503,979		$	97,385,788

56

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

	Income (loss) from Investment Operations:							Less Distributions:
	Net asset value, beginning of the period		Net investment income (a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Total distributions			Redemption fees (b)
CORE PLUS BOND FUND
Class A
3/31/2009(i)	$	10.54	$	0.29	$	0.10		$	0.39		$	(0.36	)	$	(0.36	)	$	—
9/30/2008		11.31		0.55		(0.71	)		(0.16	)		(0.61	)		(0.61	)		0.00	(h)
9/30/2007		11.23		0.50		0.14			0.64			(0.56	)		(0.56	)		0.00
9/30/2006		11.41		0.50		(0.07	)		0.43			(0.61	)		(0.61	)		0.00
9/30/2005		11.69		0.46		(0.18	)		0.28			(0.56	)		(0.56	)		0.00
9/30/2004		11.63		0.47		0.13			0.60			(0.54	)		(0.54	)		0.00
Class B
3/31/2009(i)		10.57		0.25		0.10			0.35			(0.32	)		(0.32	)		—
9/30/2008		11.31		0.44		(0.67	)		(0.23	)		(0.51	)		(0.51	)		0.00	(h)
9/30/2007		11.24		0.41		0.13			0.54			(0.47	)		(0.47	)		0.00
9/30/2006		11.41		0.41		(0.05	)		0.36			(0.53	)		(0.53	)		0.00
9/30/2005		11.70		0.37		(0.18	)		0.19			(0.48	)		(0.48	)		0.00
9/30/2004		11.62		0.38		0.14			0.52			(0.44	)		(0.44	)		0.00
Class C
3/31/2009(i)		10.55		0.25		0.11			0.36			(0.33	)		(0.33	)		—
9/30/2008		11.32		0.47		(0.71	)		(0.24	)		(0.53	)		(0.53	)		0.00	(h)
9/30/2007		11.25		0.41		0.13			0.54			(0.47	)		(0.47	)		0.00
9/30/2006		11.42		0.41		(0.05	)		0.36			(0.53	)		(0.53	)		0.00
9/30/2005		11.71		0.37		(0.18	)		0.19			(0.48	)		(0.48	)		0.00
9/30/2004		11.63		0.38		0.14			0.52			(0.44	)		(0.44	)		0.00
Class Y
3/31/2009(i)		10.60		0.30		0.10			0.40			(0.38	)		(0.38	)		—
9/30/2008		11.36		0.58		(0.70	)		(0.12	)		(0.64	)		(0.64	)		0.00	(h)
9/30/2007		11.29		0.54		0.13			0.67			(0.60	)		(0.60	)		0.00
9/30/2006		11.46		0.51		(0.04	)		0.47			(0.64	)		(0.64	)		0.00
9/30/2005		11.74		0.49		(0.18	)		0.31			(0.59	)		(0.59	)		0.00
9/30/2004		11.69		0.50		0.13			0.63			(0.58	)		(0.58	)		0.00
HIGH INCOME FUND
Class A
3/31/2009(i)	$	4.24	$	0.17	$	(0.70	)	$	(0.53	)	$	(0.19	)	$	(0.19	)	$	0.00
9/30/2008		5.12		0.34		(0.87	)		(0.53	)		(0.35	)		(0.35	)		0.00
9/30/2007		5.09		0.33		0.08			0.41			(0.38	)		(0.38	)		0.00
9/30/2006		4.98		0.34		0.11			0.45			(0.34	)		(0.34	)		0.00
9/30/2005		4.82		0.33		0.16			0.49			(0.33	)		(0.33	)		0.00
9/30/2004		4.65		0.33		0.17			0.50			(0.33	)		(0.33	)		0.00
Class B
3/31/2009(i)		4.25		0.16		(0.72	)		(0.56	)		(0.17	)		(0.17	)		0.00
9/30/2008		5.13		0.30		(0.87	)		(0.57	)		(0.31	)		(0.31	)		0.00
9/30/2007		5.10		0.29		0.07			0.36			(0.33	)		(0.33	)		0.00
9/30/2006		4.98		0.30		0.12			0.42			(0.30	)		(0.30	)		0.00
9/30/2005		4.83		0.29		0.15			0.44			(0.29	)		(0.29	)		0.00
9/30/2004		4.65		0.30		0.18			0.48			(0.30	)		(0.30	)		0.00

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share, if applicable.

(c) A sales charge for Class A and Class C (prior to February 1, 2004) shares and a contingent deferred sales charge for Class B and Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

(d) Had certain expenses not been reduced during the period, if applicable, total return would have been lower.

(e) Computed on an annualized basis for periods less than one year, if applicable.

See accompanying notes to financial statements.

57

						Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (c)(d)		Net assets, end of the period (000’s)		Net expenses (%) (e)(f)		Gross expenses (%) (e)		Net investment income (%) (e)	Portfolio turnover rate (%)
$	10.57	3.8		$	124,040	0.90		0.98		5.49	55
	10.54	(1.6	)		115,873	0.93		1.04		4.86	82
	11.31	5.7			105,780	1.04		1.09		4.41	69
	11.23	4.0			91,464	1.05		1.08		4.46	91
	11.41	2.4			105,111	1.13		1.18		3.93	64
	11.69	5.3			120,009	1.19		1.22		4.05	69
	10.60	3.4			8,180	1.65		1.73		4.72	55
	10.57	(2.2	)		10,481	1.70		1.80		3.92	82
	11.31	4.9			87,101	1.79		1.85		3.64	69
	11.24	3.3			109,782	1.80		1.83		3.72	91
	11.41	1.6			132,221	1.88		1.93		3.18	64
	11.70	4.6			148,556	1.94		1.97		3.29	69
	10.58	3.4			52,710	1.65		1.73		4.73	55
	10.55	(2.3	)		26,698	1.68		1.79		4.17	82
	11.32	4.9			12,690	1.78		1.82		3.66	69
	11.25	3.3			6,983	1.80		1.82		3.63	91
	11.42	1.6			6,065	1.88		1.93		3.17	64
	11.71	4.6			6,162	1.94		1.98		3.30	69
	10.62	3.9			16,817	0.65		0.70		5.72	55
	10.60	(1.4	)		20,407	0.68		0.75		5.14	82
	11.36	6.1			15,946	0.70		0.75		4.75	69
	11.29	4.3			11,986	0.80	(g)	0.80	(g)	4.58	91
	11.46	2.7			9,060	0.88		0.99		4.18	64
	11.74	5.5			10,941	0.94		0.98		4.30	69
$	3.52	(12.3	)	$	38,998	1.15		1.42		10.11	16
	4.24	(11.0	)		38,577	1.15		1.40		7.01	27
	5.12	8.1			32,603	1.18		1.43		6.40	41
	5.09	9.4			29,069	1.31		1.48		6.70	41
	4.98	10.3			25,817	1.58		1.72		6.60	42
	4.82	11.1			24,641	1.65		1.65		6.97	51
	3.52	(12.8	)		1,460	1.90		2.16		9.36	16
	4.25	(11.6	)		2,267	1.90		2.15		6.15	27
	5.13	7.2			4,201	1.94		2.18		5.63	41
	5.10	8.8			7,283	2.08		2.25		6.00	41
	4.98	9.3			12,034	2.33		2.47		5.85	42
	4.83	10.5			17,967	2.40		2.40		6.22	51

(f) The investment adviser and/or administrator agreed to reimburse a portion of the Fund’s expenses and/or reduce its fees during the period. Without this reimbursement/fee reduction, if applicable, expenses would have been higher.

(g) Includes fee/expense recovery of 0.06%.

(h) Effective June 2, 2008 redemption fees were eliminated.

(i) For the six months ended March 31, 2009 (Unaudited).

58

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period

	Income (loss) from Investment Operation										Less Distributions:
	Net asset value, beginning of the period		Net investment income (b)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Total distributions			Redemption fees (c)
HIGH INCOME FUND (continued)
Class C
3/31/2009(i)	$	4.24	$	0.16	$	(0.71	)	$	(0.55	)	$	(0.17	)	$	(0.17	)	$	0.00
9/30/2008		5.12		0.31		(0.87	)		(0.56	)		(0.32	)		(0.32	)		0.00
9/30/2007		5.09		0.29		0.07			0.36			(0.33	)		(0.33	)		0.00
9/30/2006		4.98		0.30		0.11			0.41			(0.30	)		(0.30	)		0.00
9/30/2005		4.83		0.29		0.15			0.44			(0.29	)		(0.29	)		0.00
9/30/2004		4.65		0.30		0.18			0.48			(0.30	)		(0.30	)		0.00
Class Y
3/31/2009(i)		4.24		0.18		(0.72	)		(0.54	)		(0.19	)		(0.19	)		0.00
9/30/2008(f)		4.87		0.22		(0.65	)		(0.43	)		(0.21	)		(0.21	)		0.01
INTERNATIONAL BOND FUND
Class A
3/31/2009(i)	$	9.19	$	0.14	$	(0.33	)	$	(0.19	)	$	(0.10	)	$	(0.10	)	$	–
9/30/2008(g)		10.00		0.17		(0.79	)		(0.62	)		(0.19	)		(0.19	)		0.00	(h)
Class C
3/31/2009(i)		9.18		0.12		(0.35	)		(0.23	)		(0.07	)		(0.07	)		–
9/30/2008(g)		10.00		0.13		(0.81	)		(0.68	)		(0.15	)		(0.15	)		0.01	(h)
Class Y
3/31/2009(i)		9.18		0.15		(0.33	)		(0.18	)		(0.11	)		(0.11	)		–
9/30/2008(g)		10.00		0.18		(0.81	)		(0.63	)		(0.20	)		(0.20	)		0.01	(h)

(a) A sales charge for Class A and Class C (prior to February 1, 2004) shares and a contingent deferred sales charge for Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

(b) Per share net investment income has been calculated using the average shares outstanding during the period.

(c) Amount rounds to less than $0.01 per share, if applicable.

(d) Had certain expenses not been reduced during the period, if applicable, total return would have been lower.

See accompanying notes to financial statements.

59

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (a)(d)		Net assets, end of the period (000’s)		Net expenses (%) (e)(j)	Gross expenses (%) (j)	Net investment income (%) (j)	Portfolio turnover rate (%)
$	3.52	(12.6	)	$	10,921	1.90	2.17	9.38	16
	4.24	(11.6	)		9,945	1.90	2.15	6.32	27
	5.12	7.2			5,275	1.93	2.17	5.63	41
	5.09	8.6			3,457	2.07	2.23	5.96	41
	4.98	9.3			3,554	2.33	2.47	5.82	42
	4.83	10.5			2,608	2.40	2.40	6.22	51
	3.51	(12.1	)		7,309	0.90	1.15	10.32	16
	4.24	(9.1	)		3,833	0.90	1.15	8.03	27
$	8.90	(2.0	)	$	2,595	1.10	2.56	3.23	30
	9.19	(6.4	)		1,953	1.10	2.95	2.66	60
	8.88	(2.4	)		921	1.85	3.31	2.47	30
	9.18	(7.0	)		683	1.85	3.70	1.92	60
	8.89	(1.8	)		9,617	0.85	2.26	3.45	30
	9.18	(6.4	)		9,981	0.85	2.48	2.74	60

(e) The investment adviser and/or administrator agreed to reimburse a portion of the Fund’s expenses and/or reduce its fees during the period. Without this reimbursement/fee reduction, if applicable, expenses would have been higher.

(f) From commencement of class operations on February 29, 2008 through September 30, 2008.

(g) For the period February 1, 2008 (inception) through September 30, 2008.

(h) Effective June 2, 2008, redemption fees were eliminated.

(i) For the six months ended March 31, 2009 (Unaudited).

(j) Computed on an annualized basis for periods less than one year, if applicable.

60

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period

			Income (loss) from Investment Operations:							Less Distributions:
	Net asset value, beginning of the period		Net investment income (c)		Net realized and unrealized gain (loss)			Total from investment operations		Dividends from net investment income			Total distributions
LIMITED TERM GOVERNMENT AND AGENCY FUND
Class A
3/31/2009(g)	$	10.98	$	0.18	$	0.23		$	0.41	$	(0.15	)	$	(0.15	)
9/30/2008		11.00		0.45		0.02			0.47		(0.49	)		(0.49	)
9/30/2007		11.00		0.45		0.03			0.48		(0.48	)		(0.48	)
9/30/2006		11.09		0.39		(0.05	)		0.34		(0.43	)		(0.43	)
9/30/2005		11.30		0.28		(0.16	)		0.12		(0.33	)		(0.33	)
9/30/2004		11.51		0.30		(0.09	)		0.21		(0.42	)		(0.42	)
Class B
3/31/2009(g)		10.97		0.14		0.22			0.36		(0.11	)		(0.11	)
9/30/2008		10.99		0.36		0.02			0.38		(0.40	)		(0.40	)
9/30/2007		10.98		0.37		0.03			0.40		(0.39	)		(0.39	)
9/30/2006		11.07		0.31		(0.05	)		0.26		(0.35	)		(0.35	)
9/30/2005		11.28		0.20		(0.17	)		0.03		(0.24	)		(0.24	)
9/30/2004		11.49		0.22		(0.09	)		0.13		(0.34	)		(0.34	)
Class C
3/31/2009(g)		10.99		0.13		0.23			0.36		(0.11	)		(0.11	)
9/30/2008		11.00		0.36		0.03			0.39		(0.40	)		(0.40	)
9/30/2007		10.99		0.37		0.03			0.40		(0.39	)		(0.39	)
9/30/2006		11.08		0.31		(0.05	)		0.26		(0.35	)		(0.35	)
9/30/2005		11.30		0.20		(0.18	)		0.02		(0.24	)		(0.24	)
9/30/2004		11.50		0.22		(0.08	)		0.14		(0.34	)		(0.34	)
Class Y
3/31/2009(g)		11.01		0.19		0.24			0.43		(0.17	)		(0.17	)
9/30/2008		11.03		0.47		0.02			0.49		(0.51	)		(0.51	)
9/30/2007		11.03		0.49		0.03			0.52		(0.52	)		(0.52	)
9/30/2006		11.13		0.43		(0.06	)		0.37		(0.47	)		(0.47	)
9/30/2005		11.34		0.31		(0.17	)		0.14		(0.35	)		(0.35	)
9/30/2004		11.55		0.32		(0.09	)		0.23		(0.44	)		(0.44	)

(a) A sales charge for Class A and Class C (prior to February 1, 2004) shares and a contingent deferred sales charge for Class B and Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

(b) Computed on an annualized basis for periods less than one year, if applicable.

(c) Per share net investment income has been calculated using the average shares outstanding during the period.

(d) Had certain expenses not been reduced during the period, if applicable, total return would have been lower.

See accompanying notes to financial statements.

61

						Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (a)(d)	Net assets, end of the period (000’s)		Net expenses (%) (b)(e)	Gross expenses (%) (b)		Net investment income (%) (b)	Portfolio turnover rate (%)
$	11.24	3.8	$	140,427	0.90	0.99		3.20	14
	10.98	4.3		105,047	0.92	1.07		4.04	52
	11.00	4.5		108,536	0.99	1.10		4.13	45
	11.00	3.2		114,180	1.04	1.09		3.57	50
	11.09	1.1		141,417	1.24	1.24		2.50	93
	11.30	1.9		106,701	1.32	1.32		2.60	80
	11.22	3.3		4,667	1.65	1.75		2.45	14
	10.97	3.5		4,532	1.67	1.82		3.29	52
	10.99	3.7		6,787	1.74	1.85		3.37	45
	10.98	2.4		9,952	1.79	1.84		2.79	50
	11.07	0.3		15,114	1.99	1.99		1.75	93
	11.28	1.2		10,107	2.00	2.00		1.95	80
	11.24	3.3		59,970	1.65	1.75		2.43	14
	10.99	3.6		22,711	1.66	1.83		3.29	52
	11.00	3.6		5,261	1.74	1.85		3.38	45
	10.99	2.5		4,230	1.79	1.84		2.81	50
	11.08	0.2		5,715	1.99	1.99		1.75	93
	11.30	1.3		6,949	2.00	2.00		1.94	80
	11.27	3.9		10,982	0.65	0.66		3.42	14
	11.01	4.6		6,577	0.67	0.72		4.28	52
	11.03	4.8		4,201	0.71	0.75		4.43	45
	11.03	3.4		2,461	0.74	0.74		3.89	50
	11.13	1.2		2,533	1.02	1.59	(f)	2.77	93
	11.34	2.1		4,233	1.13	1.13		2.82	80

(e) The investment adviser and/or administrator agreed to reimburse a portion of the Fund’s expenses and/or reduce its fees during the period. Without this reimbursement/fee reduction, if applicable, expenses would have been higher.

(f) Represents the total expenses prior to reduction of a portion of the class’s transfer agent expenses.

(g) For the six months ended March 31, 2009 (Unaudited).

62

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period

			Income (loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income (a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
STRATEGIC INCOME FUND
Class A
3/31/2009(h)	$	12.10	$	0.44	$	(1.60	)	$	(1.16	)	$	(0.49	)	$	(0.08	)	$	(0.57	)
9/30/2008		15.18		0.96		(3.02	)		(2.06	)		(1.01	)		(0.01	)		(1.02	)
9/30/2007		14.60		0.80		0.60			1.40			(0.82	)		—			(0.82	)
9/30/2006		14.17		0.71		0.53			1.24			(0.81	)		—			(0.81	)
9/30/2005		13.57		0.66		0.70			1.36			(0.76	)		—			(0.76	)
9/30/2004		12.57		0.75		1.11			1.86			(0.86	)		—			(0.86	)
Class B
3/31/2009(h)		12.16		0.41		(1.62	)		(1.21	)		(0.45	)		(0.08	)		(0.53	)
9/30/2008		15.25		0.85		(3.04	)		(2.19	)		(0.89	)		(0.01	)		(0.90	)
9/30/2007		14.66		0.69		0.60			1.29			(0.70	)		—			(0.70	)
9/30/2006		14.22		0.61		0.52			1.13			(0.69	)		—			(0.69	)
9/30/2005		13.60		0.56		0.71			1.27			(0.65	)		—			(0.65	)
9/30/2004		12.59		0.65		1.10			1.75			(0.74	)		—			(0.74	)
Class C
3/31/2009(h)		12.15		0.41		(1.61	)		(1.20	)		(0.45	)		(0.08	)		(0.53	)
9/30/2008		15.24		0.85		(3.03	)		(2.18	)		(0.90	)		(0.01	)		(0.91	)
9/30/2007		14.65		0.69		0.60			1.29			(0.70	)		—			(0.70	)
9/30/2006		14.22		0.61		0.51			1.12			(0.69	)		—			(0.69	)
9/30/2005		13.60		0.55		0.72			1.27			(0.65	)		—			(0.65	)
9/30/2004		12.58		0.64		1.11			1.75			(0.73	)		—			(0.73	)
Class Y
3/31/2009(h)		12.09		0.46		(1.61	)		(1.15	)		(0.50	)		(0.08	)		(0.58	)
9/30/2008		15.17		1.00		(3.03	)		(2.03	)		(1.04	)		(0.01	)		(1.05	)
9/30/2007		14.59		0.85		0.59			1.44			(0.86	)		—			(0.86	)
9/30/2006		14.17		0.76		0.51			1.27			(0.85	)		—			(0.85	)
9/30/2005		13.57		0.70		0.70			1.40			(0.80	)		—			(0.80	)
9/30/2004		12.58		0.78		1.11			1.89			(0.90	)		—			(0.90	)

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share, if applicable.

(c) Effective June 2, 2008, redemption fees were eliminated.

(d) A sales charge for Class A and Class C (prior to February 1, 2004) shares and a contingent deferred sales charge for Class B and Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

See accompanying notes to financial statements.

63

								Ratios to Average Net Assets:
Redemption fees (b)(c)		Net asset value, end of the period		Total return (%) (d)(e)		Net assets, end of the period (000’s)		Net expenses (%) (f)(g)	Gross expenses (%) (f)	Net investment income (%) (f)	Portfolio turnover rate (%)
$	—	$	10.37	(9.5	)	$	4,427,061	1.00	1.00	8.52	18
	0.00		12.10	(14.5	)		5,551,066	0.97	0.98	6.59	24
	0.00		15.18	9.9			5,749,315	1.00	1.00	5.39	22
	0.00		14.60	9.0			2,782,887	1.05	1.05	5.01	21
	0.00		14.17	10.2			977,198	1.18	1.18	4.71	14
	0.00		13.57	15.2			343,586	1.23	1.23	5.66	28
	—		10.42	(9.9	)		123,118	1.75	1.75	7.77	18
	0.00		12.16	(15.2	)		161,751	1.72	1.73	5.78	24
	0.00		15.25	9.1			233,418	1.76	1.76	4.61	22
	0.00		14.66	8.2			179,927	1.79	1.79	4.26	21
	0.00		14.22	9.5			144,081	1.93	1.93	3.98	14
	0.00		13.60	14.3			128,714	1.98	1.98	4.91	28
	—		10.42	(9.8	)		3,504,845	1.75	1.75	7.77	18
	0.00		12.15	(15.2	)		3,984,204	1.72	1.73	5.85	24
	0.00		15.24	9.1			3,843,823	1.75	1.75	4.63	22
	0.00		14.65	8.1			1,812,278	1.79	1.79	4.24	21
	0.00		14.22	9.5			765,200	1.93	1.93	3.93	14
	0.00		13.60	14.3			255,705	1.98	1.98	4.87	28
	—		10.36	(9.4	)		921,357	0.74	0.74	8.77	18
	0.00		12.09	(14.3	)		783,058	0.72	0.72	6.88	24
	0.00		15.17	10.2			638,868	0.74	0.74	5.67	22
	0.00		14.59	9.3			271,065	0.78	0.78	5.30	21
	0.00		14.17	10.5			50,369	0.91	0.91	4.98	14
	0.00		13.57	15.5			10,833	1.00	1.08	5.93	28

(e) Had certain expenses not been reduced during the period, if applicable, total return would have been lower.

(f) Computed on an annualized basis for periods less than one year, if applicable.

(g) The investment adviser and/or administrator agreed to reimburse a portion of the Fund’s expenses and/or reduce its fees during the period. Without this reimbursement/fee reduction, if applicable, expenses would have been higher.

(h) For the six months ended March 31, 2009 (Unaudited).

64

NOTES TO FINANCIAL STATEMENTS

March 31, 2009 (Unaudited)

1.  Organization.  Natixis Funds Trust I and Loomis Sayles Funds II (the “Trusts” and each a “Trust”) are each organized as a Massachusetts business trust. Each Trust is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. Each Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. Information presented in these financial statements pertains to certain fixed income funds of the Trusts; the financial statements for the other funds of the Trusts are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Natixis Funds Trust I:

Loomis Sayles Core Plus Bond Fund (the “Core Plus Bond Fund”)

Loomis Sayles Funds II:

Loomis Sayles High Income Fund (the “High Income Fund”)

Loomis Sayles International Bond Fund (the “International Bond Fund”)

Loomis Sayles Limited Term Government and Agency Fund (the “Limited Term Government and Agency Fund”)

Loomis Sayles Strategic Income Fund (the “Strategic Income Fund”)

The Funds each offer Class A, Class C and Class Y shares. Effective October 12, 2007, Class B shares are no longer offered. Existing Class B shareholders may continue to reinvest dividends into Class B shares and exchange their Class B shares for Class B shares of other Natixis Funds subject to existing exchange privileges as described in the Prospectus.

Class A shares of all Funds except Limited Term Government and Agency Fund are sold with a maximum front-end sales charge of 4.50%. Class A shares of Limited Term Government and Agency Fund are sold with a maximum front-end sales charge of 3.00%. Class B shares do not pay a front-end sales charge, but pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares), and are subject to a contingent deferred sales charge (“CDSC”) if those shares are redeemed within six years of purchase. Class C shares do not pay a front-end sales charge, do not convert to any other Class of shares and pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year. Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class Y shares are generally intended for institutional investors with a minimum initial investment of $100,000, though some categories of investors are excepted from the minimum investment amount as outlined in the Fund’s Prospectus.

Most expenses of the Trusts can be directly attributed to a fund. Expenses which cannot be directly attributed to a fund are generally apportioned based on the relative net assets of each of the funds in the Trusts. Expenses of a fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 service and distribution fees and transfer agent fees applicable to such class). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a fund if the fund were liquidated. The Trustees approve separate dividends from net investment income on each class of shares.

2.  Significant Accounting Policies.  The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

Certain Funds 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

65

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

are fair valued pursuant to procedures approved by the Board of Trustees. When fair valuing securities, the Funds 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 Funds calculate their net asset values.

b.  Security Transactions and Related Investment Income.  Security transactions are accounted for on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as the Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned. The amount by which deflationary principal adjustments exceed interest income earned is recorded as an increase to the cost basis of the security. Additionally, the amount by which deflationary principal adjustments exceed rising inflationary principal adjustments on a cumulative basis, if any, is recorded as an increase to the cost basis of the security. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. Investment income is recorded net of foreign taxes withheld when applicable. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

c.  Foreign Currency Translation.  The books and records of the Funds 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. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from fluctuations which arise due to changes in market prices of the investment securities. Such changes are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, at the end of the fiscal period, resulting from changes in exchange rates.

Each Fund may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

Each Fund may purchase investments of foreign issuers. Investing in securities of foreign issuers involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include revaluation of currencies and the risk of expropriation. Moreover, the markets for securities of many foreign issuers may be less liquid and the prices of such securities may be more volatile than those of comparable U.S. companies and the U.S. government.

d.  Forward Foreign Currency Contracts.  Each Fund may enter into forward foreign currency contracts. Contracts generally are used to acquire exposure to foreign currencies and may also be used for hedging purposes. Also, a contract to buy or sell can offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss reflected in the Fund’s Statement of Assets and Liabilities. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Risks may arise upon entering into these 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.

e.  Federal and Foreign Income Taxes.  Each Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of the Funds’ tax positions taken on federal and state tax returns that remain subject to examination (tax years ended September 30, 2005-2008), where applicable, and has concluded that no provisions for income tax are required. Fund management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign taxes on income and gains on investments that are accrued based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign governments may also impose taxes or other payments on investments with respect to foreign securities. Such taxes are accrued as applicable, and are reflected as foreign taxes payable on the Statements of Assets and Liabilities.

66

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

f.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes for items such as foreign currency transactions, premium amortization, defaulted bond adjustments, paydown gains and losses, expired capital loss carryforwards and return of capital and capital gains distributions from REITS. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales, premium amortization accruals, forward contracts mark to market, dividends payable, securities lending collateral gain/loss adjustment, straddle loss deferrals, REIT basis adjustments, discount accretion on inflation-protected securities, defaulted bond interest, capital loss carryforwards and post-October capital loss deferrals. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2008 was as follows:

	2008 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Core Plus Bond Fund	$	8,747,730	$	—	$	8,747,730
High Income Fund		3,284,465		—		3,284,465
International Bond Fund		243,435		—		243,435
Limited Term Government and Agency Fund		5,186,113		—		5,186,113
Strategic Income Fund		794,838,869		9,533,629		804,372,498

Differences between these amounts and those reported in the Statements of Changes in Net Assets, if any, are primarily attributable to different book and tax treatment for short-term capital gains.

As of September 30, 2008, the capital loss carryforwards and post-October losses were as follows:

	Core Plus Bond Fund			High Income Fund			International Bond Fund			Limited Term Government and Agency Fund			Strategic Income Fund
Capital loss carryforward:
Expires September 30, 2009	$	—		$	(43,374,722	)	$	—		$	(4,128,091	)	$	—
Expires September 30, 2010		(19,514,453	)		(26,826,634	)		—			(663,109	)		—
Expires September 30, 2011		—			—			—			(425,323	)		—
Expires September 30, 2012		—			—			—			(193,904	)		—
Expires September 30, 2013		—			—			—			—			—
Expires September 30, 2014		(181,728	)		—			—			(2,770,324	)		—
Expires September 30, 2015		—			—			—			(4,336,746	)		—
Expires September 30, 2016		—			—			—			(115,630	)		—
Total capital loss carryforward	$	(19,696,181	)	$	(70,201,356	)	$	—		$	(12,633,127	)	$	—
Deferred net capital and currency losses (post-October 2007)	$	—		$	—		$	(87,381	)	$	—		$	—

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

h.  Securities Lending.  The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned secu-

67

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

rities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

As of March 31, 2009, there were no securities on loan.

i. Delayed Delivery Commitments.  Certain transactions, such as forward transactions, or purchases of when-issued or delayed delivery instruments may have a similar effect on a 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 a 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.

j. Indemnifications.  Under the Trusts’ organizational documents, their officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

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

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

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

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

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2009:

Core Plus Bond Fund

Valuation Inputs	Investments in Securities
Level 1 – Quoted Prices	$	1,711,349
Level 2 – Other Significant Observable Inputs		193,529,154
Level 3 – Significant Unobservable Inputs		4,022,415
Total	$	199,262,918

68

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

High Income Fund

Securities Purchased Valuation Inputs	Investments in Securities
Level 1 – Quoted Prices	$	10,470,400
Level 2 – Other Significant Observable Inputs		43,789,798
Level 3 – Significant Unobservable Inputs		3,979,237
Total	$	58,239,435

Forward Currency Contracts Valuation Inputs	Other Financial Instruments
Level 1 – Quoted Prices	$	—
Level 2 – Other Significant Observable Inputs		6,715
Level 3 – Significant Unobservable Inputs		—
Total	$	6,715

International Bond Fund

Securities Purchased Valuation Inputs	Investments in Securities
Level 1 – Quoted Prices	$	144,855
Level 2 – Other Significant Observable Inputs		12,398,247
Level 3 – Significant Unobservable Inputs		280,046
Total	$	12,823,148

Forward Currency Contracts Valuation Inputs	Other Financial Instruments
Level 1 – Quoted Prices	$	—
Level 2 – Other Significant Observable Inputs		42,979
Level 3 – Significant Unobservable Inputs		—
Total	$	42,979

Limited Term Government and Agency Fund

Valuation Inputs	Investments in Securities
Level 1 – Quoted Prices	$	1,949,858
Level 2 – Other Significant Observable Inputs		212,066,431
Level 3 – Significant Unobservable Inputs		1,548,020
Total	$	215,564,309

Strategic Income Fund

Valuation Inputs	Investments in Securities
Level 1 – Quoted Prices	$	600,212,043
Level 2 – Other Significant Observable Inputs		7,356,882,829
Level 3 – Significant Unobservable Inputs		801,894,380
Total	$	8,758,989,252

69

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

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

Core Plus Bond Fund

Assets	Investments in Securities
Balance as of September 30, 2008	$	7,086,547
Realized gain (loss)		(988,704	)
Change in unrealized appreciation (depreciation)(a)		(1,868,519	)
Net purchases (sales)		303,146
Net reclassifications to/from Level 3		(510,055	)
Balance as of March 31, 2009	$	4,022,415

High Income Fund

Assets	Investments in Securities
Balance as of September 30, 2008	$	2,758,373
Realized gain (loss)		(494,476	)
Change in unrealized appreciation (depreciation)(a)		(2,869,434	)
Net purchases (sales)		504,098
Net reclassifications to/from Level 3		4,080,676
Balance as of March 31, 2009	$	3,979,237

International Bond Fund

Assets	Investments in Securities
Balance as of September 30, 2008	$	126,992
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)(a)		(102,116	)
Net purchases (sales)		62,475
Net reclassifications to/from Level 3		192,695
Balance as of March 31, 2009	$	280,046

Limited Term Government and Agency Fund

Assets	Investments in Securities
Balance as of September 30, 2008	$	743,234
Realized gain (loss)		7,779
Change in unrealized appreciation (depreciation)(a)		(777,843	)
Net purchases (sales)		(579,761	)
Net reclassifications to/from Level 3		2,154,611
Balance as of March 31, 2009	$	1,548,020

70

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

Strategic Income Fund

Assets	Investments in Securities
Balance as of September 30, 2008	$	217,545,454
Realized gain (loss)		(15,207,519	)
Change in unrealized appreciation (depreciation)(a)		(371,428,123	)
Net purchases (sales)		173,717,724
Net reclassifications to/from Level 3		797,266,844
Balance as of March 31, 2009	$	801,894,380

(a) Change in unrealized appreciation (depreciation) is included in net change in unrealized appreciation (depreciation) on investments within the Statement of Operations

In April 2009, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP 157-4”). FSP 157-4 provides additional guidance for estimating fair value in accordance with FAS 157, when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. Management is currently evaluating the impact the adoption of FSP 157-4 will have on the Funds’ financial statement disclosures.

4.  Purchases and Sales of Securities.  For the six months ended March 31, 2009, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

	U.S. Government and Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Core Plus Bond Fund	$	57,660,939	$	61,349,268	$	69,488,277	$	37,998,580
High Income Fund		—		—		16,486,294		6,931,247
International Bond Fund		—		—		4,491,520		3,648,491
Limited Term Government and Agency Fund		88,030,394		21,480,168		15,949,559		2,459,961
Strategic Income Fund		91,170		50,965,350		1,543,764,978		1,934,802,540

5.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees.  Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:

	Percentage of Average Daily Net Assets
Fund	First $100 million	Next $100 million	Next $1.8 billion	Next $13 billion	Over $15 billion
Core Plus Bond Fund	0.2500%	0.1875%	0.1875%	0.1875%	0.1875%
High Income Fund	0.6000%	0.6000%	0.6000%	0.6000%	0.6000%
International Bond Fund	0.6000%	0.6000%	0.6000%	0.6000%	0.6000%
Limited Term Government and Agency Fund	0.5000%	0.5000%	0.5000%	0.5000%	0.5000%
Strategic Income Fund	0.6500%	0.6500%	0.6000%	0.5500%	0.5400%

Natixis Asset Management Advisors, L.P. (“Natixis Advisors”), serves as the advisory administrator to Core Plus Bond Fund. Under the terms of the advisory administration agreement, the Fund pays an advisory administration fee at the following annual rates, calculated daily and payable monthly, based on its average daily net assets:

	Percentage of Average Daily Net Assets
Fund	First $100 million	Over $100 million
Core Plus Bond Fund	0.2500%	0.1875%

71

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

Management and advisory administration fees are presented in the Statements of Operations as management fees.

Loomis Sayles has given binding undertakings to the Funds to reduce management fees and/or reimburse certain expenses associated with these Funds to limit their operating expenses, exclusive of brokerage expenses, interest expense, taxes and extraordinary expenses. These undertakings are in effect until January 31, 2010 and will be reevaluated on an annual basis. For the six months ended March 31, 2009, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A	Class B	Class C	Class Y
Core Plus Bond Fund	0.90%	1.65%	1.65%	0.65%
High Income Fund	1.15%	1.90%	1.90%	0.90%
International Bond Fund	1.10%	—	1.85%	0.85%
Limited Term Government and Agency Fund	0.90%	1.65%	1.65%	0.65%
Strategic Income Fund	1.25%	2.00%	2.00%	1.00%

Loomis Sayles and Natixis Advisors have agreed to equally bear the fee reductions and/or expense reimbursements for the Core Plus Bond Fund.

For the six months ended March 31, 2009, the management fees and reductions of management fees for each Fund were as follows:

Fund	Gross Management Fee		Reduction of Management Fee		Net Management Fee		Percentage of Average Daily Net Assets
							Gross	Net
Core Plus Bond Fund	$	205,127	$	—	$	205,127	0.221%	0.221%
High Income Fund		143,945		30,797		113,148	0.600%	0.472%
International Bond Fund		37,680		37,680		—	0.600%	—  %
Limited Term Government and Agency Fund		466,195		—		466,195	0.500%	0.500%
Strategic Income Fund		24,372,296		—		24,372,296	0.560%	0.560%

For the six months ended March 31, 2009, the advisory administration fees and fee reductions for Core Plus Bond Fund were as follows:

Gross Advisory Administration Fee	Reduction of Advisory Administration Fee		Net Advisory Administration Fee		Percentage of Average Daily Net Assets
					Gross		Net
$205,127	$	—	$	205,127	0.221	%	0.221	%

For the six months ended March 31, 2009, expenses have been reimbursed as follows:

Fund	Reimbursement
Core Plus Bond Fund	$	71,407
High Income Fund		33,184
International Bond Fund		51,446
Limited Term Government and Agency Fund		84,347

Loomis Sayles (and Natixis Advisors for Core Plus Bond Fund) shall be permitted to recover expenses borne under the expense limitation agreement (whether through reduction of its management fees or otherwise) on a class by class basis in later periods to the extent the expenses of a class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such reduced fees/expenses more than one year after the end of the fiscal year in which the fee/expense was reduced. The amounts subject to possible recovery under the expense limitation agreements at March 31, 2009 were as follows:

	Expenses Subject to Possible Recovery until September 30, 2009
Fund	Class A		Class B		Class C		Class Y		Total
Core Plus Bond Fund	$	119,781	$	16,829	$	18,008	$	11,848	$	166,466
High Income Fund		87,268		7,993		17,578		1,236		114,075
International Bond Fund		11,799		—		4,529		113,483		129,811
Limited Term Government and Agency Fund		156,243		8,567		11,794		2,867		179,471

72

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

	Expenses Subject to Possible Recovery until September 30, 2010
Fund	Class A		Class B		Class C		Class Y		Total
Core Plus Bond Fund	$	47,491	$	3,706	$	15,633	$	4,577	$	71,407
High Income Fund		44,236		2,042		12,992		4,711		63,981
International Bond Fund		16,357		—		5,724		67,045		89,126
Limited Term Government and Agency Fund		55,314		2,326		26,182		525		84,347

Certain officers and directors of Loomis Sayles and Natixis Advisors are also Trustees of the Funds. Loomis Sayles and Natixis Advisors are both limited partnerships indirectly owned by Natixis Global Asset Management, L.P. (“Natixis US”), which is part of Natixis Global Asset Management, an international asset management group based in Paris, France.

b. Administrative Fees.  Natixis Advisors provides certain administrative services for the Funds and subcontracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust III, Natixis Funds Trust IV, Natixis Cash Management Trust, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I, Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), Hansberger International Series and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and the Hansberger International Series, 0.0500% of the next $15 billion, 0.0425% of the next $30 billion and 0.0375% of such assets in excess of $60 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and the Hansberger International Series of $10 million, which is reevaluated on an annual basis. New funds are subject to a fee for the first twelve months of operations of $75,000 plus $12,500 per class and an additional $75,000 if managed by multiple subadvisors.

For the six months ended March 31, 2009, each Fund paid the following for administrative fees to Natixis Advisors:

Fund	Administrative Fees
Core Plus Bond Fund	$	46,493
High Income Fund		12,027
International Bond Fund		35,013
Limited Term Government and Agency Fund		46,721
Strategic Income Fund		2,169,973

c.  Service and Distribution Fees.  Natixis Distributors, L.P. (“Natixis Distributors”), a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, Natixis Distributors serves as principal underwriter of each Fund.

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”) and a Distribution and Service Plan relating to each Fund’s Class B and Class C shares (the “Class B and Class C Plans”).

Under the Class A Plans, each Fund pays Natixis Distributors a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class A shares, as reimbursement for expenses incurred by Natixis Distributors in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class B, if applicable, and Class C Plans, each Fund pays Natixis Distributors a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class B and Class C shares, as compensation for services provided and expenses incurred by Natixis Distributors in providing personal services to investors in Class B and Class C shares and/or the maintenance of shareholder accounts.

Also under the Class B, if applicable, and Class C Plans, each Fund pays Natixis Distributors a monthly distribution fee at the annual rate of 0.75% of the average daily net assets attributable to the Fund’s Class B and Class C shares, as compensation for services provided and expenses incurred by Natixis Distributors in connection with the marketing or sale of Class B and Class C shares.

73

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

For the six months ended March 31, 2009, the Funds paid the following service and distribution fees:

	Service Fee						Distribution Fee
Fund	Class A		Class B		Class C		Class B		Class C
Core Plus Bond Fund	$	147,015	$	11,186	$	51,568	$	33,559	$	154,706
High Income Fund		41,309		1,936		12,084		5,806		36,251
International Bond Fund		2,794		—		980		—		2,940
Limited Term Government and Agency Fund		147,577		6,036		67,420		18,110		202,260
Strategic Income Fund		5,521,146		162,938		4,205,249		488,816		12,615,749

d.  Sub-Transfer Agent Fees.  Natixis Distributors has entered into agreements with financial intermediaries to provide certain recordkeeping, processing, shareholder communications and other services to customers of the intermediaries and has agreed to compensate the intermediaries for providing those services. Certain services would be provided by the Funds if the shares of those customers were registered directly with the Funds’ transfer agent. Accordingly, the Funds agreed to pay a portion of the intermediary fees attributable to shares of the Fund held by the intermediaries (which generally are a percentage of the value of shares held) not exceeding what the Funds would have paid its transfer agent had each customer’s shares been registered directly with the transfer agent instead of held through the intermediaries. Natixis Distributors pays the remainder of the fees. Listed below are the fees incurred by the Funds which are included in the transfer agent fees and expenses in the Statements of Operations.

	Sub-Transfer Agent Fees
Fund	Class A		Class B		Class C		Class Y
Core Plus Bond Fund	$	47,029	$	3,887	$	14,563	$	9,838
High Income Fund		10,071		501		3,011		2,286
International Bond Fund		607		—		201		32
Limited Term Government and Agency Fund		34,611		1,482		11,284		1,307
Strategic Income Fund		1,735,053		51,976		1,305,383		274,194

e.  Commissions.  The Funds have been informed that commissions (including CDSCs) on Fund shares retained by Natixis Distributors during the six months ended March 31, 2009 were as follows:

Fund	Commission
Core Plus Bond Fund	$	144,252
High Income Fund		34,036
International Bond Fund		5,856
Limited Term Government and Agency Fund		104,663
Strategic Income Fund		4,582,541

f.  Trustees Fees and Expenses.  The Funds do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distributors, Natixis US, or their affiliates. The Chairperson of the Board receives a retainer fee at the annual rate of $200,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $65,000. Each Independent Trustee also receives a meeting attendance fee of $7,500 for each meeting of the Board of Trustees that he or she attends in person and $3,750 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chair receives an additional retainer fee at the annual rate of $10,000. Each Contract Review and Governance Committee member is compensated $5,000 for each Committee meeting that he or she attends in person and $2,500 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,250 for each Committee meeting that he or she attends in person and $3,125 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and the Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each Fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts, and Hansberger International Series, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

74

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

For the six months ended March 31, 2009, net depreciation in the value of participants’ deferral accounts has been included in Miscellaneous expenses in the Statements of Operations, as follows:

Fund	Amount
Core Plus Bond Fund	$	46,493
High Income Fund		6,879
International Bond Fund		516
Limited Term Government and Agency Fund		24,719
Strategic Income Fund		39,732

g.  Redemption Fees.  Shareholders of Class A shares of High Income Fund are charged a 2% redemption fee if they redeem, including redeeming by exchange within 60 days of acquisition (including acquisition by exchange). The redemption fee is intended to offset the cost to the Fund of short-term trading, such as portfolio transaction and market impact costs associated with redemption activity and administrative costs associated with processing redemptions. The redemption fee is deducted from the shareholder’s redemption or exchange proceeds and is paid to the Fund. The “first-in, first-out” method is used to determine the holding period of redeemed or exchanged shares, which means that if a shareholder acquired shares on different days, the shares acquired first will be redeemed or exchanged first for purposes of determining whether the redemption fee applies. A new holding period begins with each purchase or exchange. These fees are accounted for as an addition to paid-in capital and are presented in the Statements of Changes in Net Assets.

On March 27, 2009, the Trustees approved the elimination of redemption fees on High Income Fund effective June 1, 2009.

6.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and the Hansberger International Series, participates in a $200,000,000 committed line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each Fund that participates in the line of credit. Interest is charged to each participating fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 0.75%. In addition, a commitment fee of 0.125% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

Prior to March 11, 2009, each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, participated in a $200,000,000 committed line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each Fund that participated in the line of credit. Interest was charged to each participating fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate plus 0.50%. In addition, a commitment fee of 0.09% per annum, payable at the end of each calendar quarter, was accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2009, the Funds had no borrowings under these agreements.

7.  Concentration of Risk.  International Bond Fund is a non-diversified fund. Compared with diversified mutual funds, the International Bond Fund may invest a greater percentage of its assets in a particular country. Therefore, the International Bond Fund’s returns could be significantly affected by the performance of any one of the small number of countries in its portfolio.

8.  Shareholders.   At March 31, 2009, the Loomis Sayles Employees’ Profit Sharing Retirement Plan held 39,874 shares of beneficial interest of Limited Term Government and Agency Fund. At March 31, 2009, Natixis US owned shares equating to 69.93% of International Bond Fund’s net assets.

75

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

9.  Capital Shares.  Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:

	Six Months Ended March 31, 2009					Year Ended September 30, 2008
Core Plus Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	3,048,715		$	31,786,087		3,961,377		$	44,610,104
Issued in connection with the reinvestment of distributions	288,083			3,018,813		416,060			4,674,418
Redeemed	(2,591,197	)		(26,900,820	)	(2,742,021	)		(30,840,053	)
Net change	745,601		$	7,904,080		1,635,416		$	18,444,469
Class B
Issued from the sale of shares	53,784		$	564,727		81,830		$	928,726
Issued in connection with the reinvestment of distributions	17,755			186,468		43,582			492,099
Redeemed	(291,259	)		(3,037,950	)	(6,832,567	)		(77,200,182	)
Net change	(219,720	)	$	(2,286,755	)	(6,707,155	)	$	(75,779,357	)
Class C
Issued from the sale of shares	3,524,790		$	36,891,543		1,866,796		$	20,868,873
Issued in connection with the reinvestment of distributions	37,229			392,375		25,095			281,730
Redeemed	(1,108,682	)		(11,633,325	)	(483,069	)		(5,447,710	)
Net change	2,453,337		$	25,650,593		1,408,822		$	15,702,893
Class Y
Issued from the sale of shares	769,890		$	8,068,372		1,132,575		$	12,755,055
Issued in connection with the reinvestment of distributions	33,663			353,671		44,572			502,262
Redeemed	(1,146,744	)		(12,080,781	)	(654,873	)		(7,360,390	)
Net change	(343,191	)	$	(3,658,738	)	522,274		$	5,896,927
Increase (decrease) from capital share transactions	2,636,027		$	27,609,180		(3,140,643	)	$	(35,735,068	)

76

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

9. Capital Shares (continued).

	Six Months Ended March 31, 2009					Year Ended September 30, 2008*
High Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	3,967,690		$	13,837,785		4,904,752		$	23,822,307
Issued in connection with the reinvestment of distributions	377,024			1,273,086		378,438			1,831,932
Redeemed	(2,352,663	)		(8,202,681	)	(2,555,411	)		(12,401,358	)
Net change	1,992,051		$	6,908,190		2,727,779		$	13,252,881
Class B
Issued from the sale of shares	10,222		$	35,319		44,248		$	206,339
Issued in connection with the reinvestment of distributions	14,056			47,382		26,234			128,112
Redeemed	(143,550	)		(508,165	)	(356,172	)		(1,746,563	)
Net change	(119,272	)	$	(425,464	)	(285,690	)	$	(1,412,112	)
Class C
Issued from the sale of shares	1,232,923		$	4,274,320		1,607,159		$	7,812,971
Issued in connection with the reinvestment of distributions	88,241			297,951		53,048			255,350
Redeemed	(564,529	)		(1,924,227	)	(346,620	)		(1,670,004	)
Net change	756,635		$	2,648,044		1,313,587		$	6,398,317
Class Y
Issued from the sale of shares	1,199,156		$	4,136,501		922,271		$	4,329,547
Issued in connection with the reinvestment of distributions	47,481			160,195		9,401			42,724
Redeemed	(70,579	)		(250,355	)	(27,536	)		(125,340	)
Net change	1,176,058		$	4,046,341		904,136		$	4,246,931
Increase (decrease) from capital share transactions	3,805,472		$	13,177,111		4,659,812		$	22,486,017

* From February 29, 2008 (commencement of operations) through September 30, 2008 for Class Y shares.

77

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

9.  Capital Shares (continued).

	Six Months Ended March 31, 2009					Period Ended September 30, 2008**
International Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	133,756		$	1,204,515		327,200		$	3,256,979
Issued in connection with the reinvestment of distributions	2,157			19,128		1,505			14,727
Redeemed	(56,799	)		(512,936	)	(116,234	)		(1,149,151	)
Net change	79,114		$	710,707		212,471		$	2,122,555
Class C
Issued from the sale of shares	40,613		$	374,835		101,736		$	1,017,705
Issued in connection with the reinvestment of distributions	284			2,501		284			2,804
Redeemed	(11,678	)		(103,539	)	(27,588	)		(272,845	)
Net change	29,219		$	273,797		74,432		$	747,664
Class Y
Issued from the sale of shares	12,504		$	113,141		1,079,358		$	10,809,876
Issued in connection with the reinvestment of distributions	13,482			119,109		21,719			215,650
Redeemed	(31,238	)		(274,540	)	(13,547	)		(132,409	)
Net change	(5,252	)	$	(42,290	)	1,087,530		$	10,893,117
Increase (decrease) from capital share transactions	103,081		$	942,214		1,374,433		$	13,763,336

** From February 1, 2008 (commencement of operations) through September 30, 2008.

78

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

9. Capital Shares (continued).

	Six Months Ended March 31, 2009					Year Ended September 30, 2008
Limited Term Government and Agency Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	5,501,575		$	60,798,193		2,035,015		$	22,451,140
Issued in connection with the reinvestment of distributions	107,177			1,186,217		269,896			2,982,151
Redeemed	(2,678,679	)		(29,632,603	)	(2,604,784	)		(28,704,540	)
Net change	2,930,073		$	32,351,807		(299,873	)	$	(3,271,249	)
Class B
Issued from the sale of shares	106,852		$	1,170,446		67,405		$	747,264
Issued in connection with the reinvestment of distributions	3,286			36,258		16,247			179,371
Redeemed	(107,571	)		(1,186,892	)	(288,166	)		(3,175,026	)
Net change	2,567		$	19,812		(204,514	)	$	(2,248,391	)
Class C
Issued from the sale of shares	5,121,936		$	56,344,175		1,833,502		$	20,260,185
Issued in connection with the reinvestment of distributions	16,982			188,007		13,505			149,095
Redeemed	(1,872,524	)		(20,691,075	)	(257,963	)		(2,855,031	)
Net change	3,266,394		$	35,841,107		1,589,044		$	17,554,249
Class Y
Issued from the sale of shares	699,015		$	7,744,184		367,309		$	4,065,238
Issued in connection with the reinvestment of distributions	5,281			58,627		13,550			150,194
Redeemed	(327,105	)		(3,639,116	)	(164,425	)		(1,829,051	)
Net change	377,191		$	4,163,695		216,434		$	2,386,381
Increase (decrease) from capital share transactions	6,576,225		$	72,376,421		1,301,091		$	14,420,990

79

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2009 (Unaudited)

9. Capital Shares (continued).

	Six Months Ended March 31, 2009					Year Ended September 30, 2008
Strategic Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	117,167,706		$	1,225,032,059		197,552,720		$	2,901,194,415
Issued in connection with the reinvestment of distributions	17,048,640			175,135,929		22,956,546			331,016,205
Redeemed	(165,918,822	)		(1,737,906,588	)	(140,438,578	)		(1,990,731,186	)
Net change	(31,702,476	)	$	(337,738,600	)	80,070,688		$	1,241,479,434
Class B
Issued from the sale of shares	318,784		$	3,292,227		410,099		$	6,009,632
Issued in connection with the reinvestment of distributions	293,175			3,027,767		401,421			5,839,477
Redeemed	(2,100,537	)		(21,948,074	)	(2,816,244	)		(41,124,244	)
Net change	(1,488,578	)	$	(15,628,080	)	(2,004,724	)	$	(29,275,135	)
Class C
Issued from the sale of shares	68,173,097		$	715,901,964		118,265,590		$	1,746,293,697
Issued in connection with the reinvestment of distributions	6,736,752			69,589,898		7,195,646			104,006,617
Redeemed	(66,217,737	)		(695,031,426	)	(49,785,407	)		(709,035,285	)
Net change	8,692,112		$	90,460,436		75,675,829		$	1,141,265,029
Class Y
Issued from the sale of shares	49,167,331		$	516,799,527		47,274,736		$	690,204,820
Issued in connection with the reinvestment of distributions	1,422,004			14,660,375		1,084,519			15,512,730
Redeemed	(26,401,796	)		(275,525,245	)	(25,704,216	)		(361,225,740	)
Net change	24,187,539		$	255,934,657		22,655,039		$	344,491,810
Increase (decrease) from capital share transactions	(311,403	)	$	(6,971,587	)	176,396,832		$	2,697,961,138

80

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees.

Item 11. 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-CSR 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 was no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1)	Not applicable.
(a)	(2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.
(a)	(3)	Not applicable.
(b)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

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.

Natixis Funds Trust I
By:	/s/ David Giunta
Name: Title: Date:	David Giunta President and Chief Executive Officer May 26, 2009

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

By:	/s/ David Giunta
Name: Title: Date:	David Giunta President and Chief Executive Officer May 26, 2009

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