Loomis Sayles Funds II - Quarterly Report for the Period Ended 12/31/07

N-Q 1 dnq.htm LOOMIS SAYLES FUNDS II - QUARTERLY REPORT FOR THE PERIOD ENDED 12/31/07 Loomis Sayles Funds II - Quarterly Report for the Period Ended 12/31/07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06241

Loomis Sayles Funds II

(Exact name of registrant as specified in charter)

399 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Coleen Downs Dinneen, Esq.

Natixis Distributors, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: December 31, 2007

ITEM 1.

SCHEDULE OF INVESTMENTS

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS

INVESTMENTS AS OF DECEMBER 31, 2007 (UNAUDITED)


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 23.5% of Net Assets

	Non-Convertible Bonds – 22.8%
		Argentina – 0.2%
$	693,265	Republic of Argentina, 2.000%, 9/30/2014, (ARS)	$	155,852
	68,750	Republic of Argentina, 5.389%, 8/03/2012(b)		60,627
	918,998	Republic of Argentina, Discount Note, 5.830%, 12/31/2033, (ARS), PIK		211,746
	295,000	Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		255,913

				684,138

		Australia – 0.2%
	925,000	New South Wales Treasury Corp. Series 10RG, 7.000%, 12/01/2010, (AUD)		806,337

		Austria – 0.0%
	95,000	Sappi Papier Holding AG, 7.500%, 6/15/2032, 144A		82,906

		Belgium – 0.2%
	335,000	Kingdom of Belgium, Series 40, 5.500%, 9/28/2017, (EUR)		529,599

		Brazil – 0.3%
	170,000	Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A(c)		168,937
	1,525,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)(c)		822,472

				991,409

		Canada – 0.1%
	70,000	Canadian Government, 4.250%, 9/01/2009, (CAD)		71,428
	25,000	Canadian Pacific Railway Ltd., 4.900%, 6/15/2010, (CAD), 144A		25,188
	100,000	GMAC Canada Ltd., Series EMTN, 6.625%, 12/17/2010, (GBP)		173,182
	50,000	Nortel Networks Corp., 6.875%, 9/01/2023		39,500
	180,000	Shaw Communications, Inc., 6.150%, 5/09/2016, (CAD)		180,372

				489,670

		Cayman Island – 0.3%
	370,000	Embraer Overseas Ltd., 6.375%, 1/24/2017		351,056
	100,000	LPG International, Inc., 7.250%, 12/20/2015(c)		99,000
	175,000	Odebrecht Finance Ltd., 7.500%, 10/18/2017, 144A		175,875
	100,000	Petrobras International Finance Co., 5.875%, 3/01/2018		99,450
	281,000	Vale Overseas Ltd., 6.875%, 11/21/2036		284,263

				1,009,644

		Chile – 0.0%
	100,000	Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		111,362

		Colombia – 0.3%
	40,000	Republic of Colombia, 8.125%, 5/21/2024(c)		47,700
	45,000,000	Republic of Colombia, 9.850%, 6/28/2027, (COP)		22,228
	94,000,000	Republic of Colombia, 11.750%, 3/01/2010, (COP)		48,294
	1,361,000,000	Republic of Colombia, 12.000%, 10/22/2015, (COP)		752,269

				870,491

		Egypt – 0.2%
	2,700,000	Republic of Egypt, Series REGS,, 8.750%, 7/18/2012, (EGP), 144A		504,636

		France – 0.3%
	100,000	BNP Paribas, 4.730%, 4/12/2016(b), (EUR)		130,634
	1,665,190,000	BNP Paribas SA, Series EMTN, Zero Coupon, 6/13/2011, (IDR), 144A		131,992
	75,000	France Telecom SA, Series EMTN, 3.625%, 10/14/2015, (EUR)		97,394
	35,000	Lafarge SA, Series EMTN, 4.750%, 3/23/2020, (EUR)		44,085
	35,000	Pinault Printemps Redoute SA, Series EMTN, 4.000%, 1/29/2013, (EUR)		47,294
	240,000	Veolia Environnement, Series EMTN, 4.000%, 2/12/2016, (EUR)		314,247
	25,000	Veolia Environnement, Series EMTN, 5.125%, 5/24/2022, (EUR)		32,482
	100,000	Wendel, 4.375%, 8/09/2017, (EUR)		127,373

				925,501

		Germany – 1.2%
	1,120,000	Bundesrepublik Deutschland, Series 06, 3.750%, 1/04/2017, (EUR)		1,572,589
	335,000	Federal Republic of Germany, 3.750%, 7/04/2013, (EUR)		480,000
	855,000	Federal Republic of Germany, Series 150, 4.000%, 4/13/2012, (EUR)		1,243,097
	42,000,000	Kreditanstalt fuer Wiederaufbau, 1.850%, 9/20/2010, (JPY)		385,833
	12,000,000	Kreditanstalt fuer Wiederaufbau, 2.050%, 2/16/2026, (JPY)		106,140
	70,000	Republic of Germany, 3.250%, 4/17/2009, (EUR)		101,248
	165,000	Republic of Germany, 4.000%, 1/04/2037, (EUR)		218,310

				4,107,217

		India – 0.1%
	300,000	Canara Bank Ltd., 6.365%, 11/28/2021(b)		264,568
	100,000	ICICI Bank Ltd., 6.375%, 4/30/2022, 144A(b)		90,522

				355,090

		Indonesia – 0.1%
	2,959,000,000	Indonesia Government, 11.000%, 12/15/2012, (IDR)		335,707

		Ireland – 0.2%
	10,000,000	Depfa ACS Bank, 0.750%, 9/22/2008, (JPY)		89,437
	100,000	Depfa ACS Bank, 4.875%, 5/21/2019, (EUR)		147,470
	300,000	Elan Financial PLC, 7.750%, 11/15/2011		282,000

				518,907

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Japan – 0.4%
$	20,000,000	Development Bank of Japan, 1.750%, 3/17/2017, (JPY)	$	181,811
	145,000,000	Japan Government, 0.900%, 9/15/2009, (JPY)		1,302,107

				1,483,918

		Korea – 0.2%
	460,000	Hanarotelecom, Inc., 7.000%, 2/01/2012, 144A		469,200
	140,000	SK Telecom Co., Ltd., 6.625%, 7/20/2027, 144A		148,287

				617,487

		Luxembourg – 0.0%
	10,000	Telecom Italia Capital, 6.000%, 9/30/2034		9,724
	10,000	Telecom Italia Capital, 6.375%, 11/15/2033		10,016

				19,740

		Malaysia – 0.1%
	200,000	Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A		195,963

		Mexico – 0.5%
	260,000	America Movil SAB de CV, 5.500%, 3/01/2014		258,320
	340,000	Axtel SAB de CV, 7.625%, 2/01/2017, 144A		340,000
	295,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		297,212
	75,000(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		673,772

				1,569,304

		Netherlands – 0.1%
	50,000	Bite Finance International, 8.448%, 3/15/2014, (EUR), 144A(b)		66,158
	230,000	Excelcomindo Finance Co., 7.125%, 1/18/2013, 144A		225,975
	50,000	Koninklijke KPN NV, Series GMTN, 4.750%, 1/17/2017, (EUR)		67,004
	100,000	Majapahit Holding BV, 7.250%, 6/28/2017, 144A		95,750

				454,887

		Peru – 0.1%
	266,800	Republic of Peru, 6.438%, 3/07/2017(b)		264,132

		Poland – 0.2%
	1,600,000	Poland Government Bond, 5.750%, 3/24/2010, (PLN)		643,834

		Singapore – 0.6%
	2,705,000	Government of Singapore, 4.625%, 7/01/2010, (SGD)		2,004,853

		South Africa – 0.2%
	130,000	Edcon Proprietary Ltd., 8.198%, 6/15/2014, (EUR)(b)		158,705
	130,000	Edcon Proprietary Ltd.,, 8.198%, 6/15/2014, (EUR), 144A(b)		158,706
	285,000	Republic of South Africa, 4.500%, 4/05/2016, (EUR)		386,558

				703,969

		Spain – 0.0%
	100,000	Telefonica Emisiones SAU, 6.221%, 7/03/2017		103,899

		Supranational – 0.3%
	10,000,000	Asia Development Bank, 2.350%, 6/21/2027, (JPY)		92,162
	67,000,000	European Investment Bank, 1.250%, 9/20/2012, (JPY)		606,683
	20,000,000	European Investment Bank, 1.400%, 6/20/2017, (JPY)		177,694
	530,000	European Investment Bank, Series EMTN, 6.500%, 8/12/2014, (PLN)		223,708

				1,100,247

		Sweden – 0.3%
	6,565,000	Government of Sweden, Series 1048, 4.000%, 12/01/2009, (SEK)		1,013,305

		Thailand – 0.1%
	330,000	True Move Co. Ltd., 10.375%, 8/01/2014		328,689

		United Kingdom – 0.5%
	60,000	BSKYB Finance UK PLC, 5.750%, 10/20/2017, (GBP)		114,765
	100,000	FCE Bank PLC, Series EMTN, 7.875%, 2/15/2011, (GBP)		174,675
	1,229,424,500	JPMorgan Chase London, Zero Coupon, 10/21/2010, (IDR),144A		103,721
	100,000	Lloyds TSB Bank PLC, 4.385%, 5/29/2049, (EUR)(b)		124,485
	80,000	Network Rail MTN Finance PLC, Series EMTN, 4.875%, 3/06/2009, (GBP)		159,024
	65,000	United Kingdom Treasury, 4.000%, 3/07/2009, (GBP)		128,763
	120,000	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)		236,125
	50,000	United Kingdom Treasury, 4.750%, 3/07/2020, (GBP)		101,693
	105,000	United Kingdom Treasury, 5.000%, 3/07/2025, (GBP)		221,855
	65,000	United Kingdom Treasury, 5.250%, 6/07/2012, (GBP)		133,525

				1,498,631

		United States – 15.0%
	50,000	Albertson’s, Inc., 6.625%, 6/01/2028(c)		43,988
	500,000	Albertson’s, Inc. 7.450%, 8/01/2029		481,219
	15,000	Amkor Technology, Inc., 7.750%, 5/15/2013		14,138
	100,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		101,823
	75,000	Anadarko Petroleum Corp., 6.450%, 9/15/2036		76,375
	75,000	Arrow Electronics, Inc., 6.875%, 7/01/2013		79,940
	100,000	ASIF Global Financing XXVII, 2.380%, 2/26/2009, (SGD), 144A		68,691
	325,000	AT&T, Inc., 6.500%, 9/01/2037		339,845
	42,865	Atlas Air, Inc., Series B, 7.680%, 1/02/2014		50,153

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States – continued
$	145,000	Avnet, Inc., 6.000%, 9/01/2015	$	144,746
	349,720,000	Barclays Financial LLC, Zero Coupon, 10/01/2012, (KRW), 144A(d)		385,232
	110,000,000	Barclays Financial LLC, 4.060%, 9/16/2010, (KRW), 144A		118,655
	220,000,000	Barclays Financial LLC, 4.460%, 9/23/2010, (KRW), 144A		239,707
	310,000	Borden, Inc., 7.875%, 2/15/2023(c)		232,500
	410,000	Borden, Inc., 8.375%, 4/15/2016		332,100
	5,000	Boston Scientific Corp., 5.450%, 6/15/2014		4,600
	30,000	Boston Scientific Corp., 6.400%, 6/15/2016		28,200
	60,000	Boston Scientific Corp., 7.000%, 11/15/2035		52,800
	50,000	Bristol-Myers Squibb Co., 4.625%, 11/15/2021, (EUR)		64,577
	15,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		14,475
	70,000	Chesapeake Energy Corp., 6.875%, 1/15/2016		69,300
	75,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		72,000
	10,000	CIT Group, Inc., 5.000%, 2/13/2014		8,803
	25,000	CIT Group, Inc., 5.125%, 9/30/2014		22,022
	25,000	CIT Group, Inc., 5.600%, 4/27/2011		24,072
	2,702,000	CIT Group, Inc., 7.625%, 11/30/2012(c)		2,738,763
	120,000	Citi Credit Card Issuance Trust, 5.375%, 4/10/2013, (EUR)		177,403
	5,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		3,647
	395,000	Clear Channel Communications, Inc., 5.500%, 12/15/2016		287,812
	75,000	Clear Channel Communications, Inc., 5.750%, 1/15/2013		62,103
	25,000	Colonial Realty LP, 6.050%, 9/01/2016		23,188
	1,000,000	Comcast Corp., 6.950%, 8/15/2037		1,079,272
	178,589	Continental Airlines, Inc., Series 1999-1C, 6.954%, 8/02/2009		175,463
	30,000	Countrywide Financial Corp., SeriesA, MTN, 5.211%, 12/19/2008(b)		24,532
	90,000	Countrywide Home Loans, Inc., 4.000%, 3/22/2011		64,985
	190,000	CSX Corp., 6.250%, 3/15/2018		190,970
	160,000	Cummins, Inc., 7.125%, 3/01/2028		165,461
	10,000	D.R. Horton, Inc., 5.250%, 2/15/2015		7,943
	380,000	Delta Air Lines, Inc., 8.021%, 8/10/2022, 144A		368,600
	380,000	Delta Air Lines, Inc., 8.954%, 8/10/2014, 144A		372,400
	50,000	Dillard’s, Inc., 6.625%, 1/15/2018(c)		39,576
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		36,500
	115,000	Energy Future Holdings Corp., Series P, 5.550%, 11/15/2014		91,791
	310,000	Energy Future Holdings Corp., Series Q, 6.500%, 11/15/2024		226,117
	17,000	ESI Tractebel Acquisition Corp., Series B, 7.990%, 12/30/2011		17,176
	200,000	Federal National Mortgage Association, 2.290%, 2/19/2009, (SGD)		138,293
	150,000	Foot Locker, Inc., 8.500%, 1/15/2022		138,000
	10,000	Ford Motor Co., 6.625%, 2/15/2028		6,650
	150,000	Ford Motor Co., 6.625%, 10/01/2028		99,750
	15,000	Ford Motor Co., 7.125%, 11/15/2025		10,275
	195,000	Ford Motor Co., 7.450%, 7/16/2031		144,788
	810,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		729,792
	105,000	Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		89,188
	25,000,000	General Electric Capital Corp., Series EMTN, 0.550%, 10/14/2008, (JPY)		223,128
	45,000	General Motors Corp., 7.400%, 9/01/2025		32,625
	390,000	General Motors Corp., 8.250%, 7/15/2023		310,050
	15,000	General Motors Corp., 8.375%, 7/15/2033(c)		12,075
	120,000	Georgia Gulf Corp., 10.750%, 10/15/2016(c)		80,400
	35,000	Georgia-Pacific Corp., 7.750%, 11/15/2029		32,025
	460,000	Georgia-Pacific LLC, 8.000%, 1/15/2024		427,800
	60,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		57,900
	395,000	GMAC LLC, 6.000%, 12/15/2011		331,279
	135,000	GMAC LLC, 6.625%, 5/15/2012		112,228
	255,000	GMAC LLC, 6.750%, 12/01/2014		205,670
	45,000	GMAC LLC, 6.875%, 9/15/2011		38,497
	85,000	GMAC LLC, 6.875%, 8/28/2012		71,227
	60,000	GMAC LLC, 7.000%, 2/01/2012		50,906

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States – continued
$	210,000	GMAC LLC, 8.000%, 11/01/2031	$	176,164
	150,000	Goldman Sachs Group, Inc., 5.004%, 5/23/2016, (EUR)(b)		205,357
	165,000	Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		143,550
	25,000	GTE Corp., 6.940%, 4/15/2028		26,779
	225,000	HCA, Inc., 7.050%, 12/01/2027		171,837
	50,000	HCA, Inc., 7.190%, 11/15/2015		42,867
	250,000	HCA, Inc., 7.500%, 11/06/2033		195,625
	100,000	HCA, Inc., 7.580%, 9/15/2025		81,406
	260,000	Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		255,450
	890,000	Home Depot, Inc., 5.875%, 12/16/2036		751,072
	960,000	HSBC Bank USA, Zero Coupon, 4/18/2012, (MYR), 144A		255,952
	500,000	HSBC Bank USA, Zero Coupon, 5/17/2012, (MYR), 144A		132,749
	100,000	HSBC Bank USA, 3.310%, 8/25/2010, 144A		114,000
	110,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		98,298
	15,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023		15,462
	780,965	JPMorgan Chase & Co., Series EMTN, Zero Coupon, 6/08/2012, (MYR), 144A		200,992
	275,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		187,000
	250,000	Kellwood Co., 7.625%, 10/15/2017		195,000
	30,000	Lennar Corp., 5.125%, 10/01/2010		25,743
	15,000	Lennar Corp., Series B, 5.500%, 9/01/2014		11,365
	90,000	Lennar Corp., Series B, 5.600%, 5/31/2015		68,582
	55,000	Lennar Corp., Series B, 6.500%, 4/15/2016		43,030
	10,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		8,575
	10,000	Level 3 Financing, Inc., 9.250%, 11/01/2014		9,050
	155,000	Lucent Technologies, Inc., 6.450%, 3/15/2029		128,069
	130,000	MBNA Credit Card Master Note Trust, 4.150%, 4/19/2010, (EUR)		187,514
	500,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		264,410
	90,000	MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		93,986
	85,000	Morgan Stanley, 5.375%, 11/14/2013, (GBP)		161,558
	100,000	Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		100,500
	80,000	News America, Inc., 6.150%, 3/01/2037		77,279
	25,000	News America, Inc., 6.400%, 12/15/2035		25,291
	10,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		9,851
	30,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		28,199
	250,000	NGC Corporation Capital Trust I, Series B, 8.316%, 6/01/2027		220,000
	170,000	Northern Telecom Capital Corp., 7.875%, 6/15/2026		139,400
	1,000,000	NRG Energy, Inc., 7.375%, 2/01/2016		975,000
	290,000	Owens Corning, Inc., 6.500%, 12/01/2016		265,564
	35,000	Owens Corning, Inc., 7.000%, 12/01/2036		31,579
	40,000	Owens-Illinois, Inc., 7.800%, 5/15/2018		40,700
	50,000	Pulte Homes, Inc., 5.200%, 2/15/2015		41,358
	540,000	Pulte Homes, Inc., 6.000%, 2/15/2035		407,170
	695,000	Pulte Homes, Inc., 6.375%, 5/15/2033		526,515
	140,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		118,300
	205,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		173,225
	30,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		27,000
	45,000	Qwest Corp., 6.875%, 9/15/2033		41,513
	5,000	Qwest Corp., 7.250%, 9/15/2025		4,700
	500,000	R.H. Donnelley Corp., 8.875%, 10/15/2017, 144A		462,500
	100,000	RBS Capital Trust, 4.243%, 12/29/2049, (EUR)(b)		122,951
	345,000	Residential Capital LLC, 7.500%, 4/17/2013		212,175
	5,000	Residential Capital LLC, 7.875%, 6/30/2010		3,200
	175,000	Residential Capital LLC, 7.875%, 6/30/2015		105,875
	195,000	Residential Capital LLC, 8.000%, 6/01/2012		119,925
	80,000	Reynolds American, Inc., 6.750%, 6/15/2017		81,482
	20,000	Reynolds American, Inc., 7.250%, 6/15/2037		20,214
	415,000	Six Flags, Inc., 9.625%, 6/01/2014(c)		306,063
	100,000	Six Flags, Inc., 9.750%, 4/15/2013(c)		75,000
	65,000	SLM Corp., Series A, MTN, 5.375%, 5/15/2014		57,790
	115,000	SLM Corp., Series MTN, 5.050%, 11/14/2014		99,400
	14,000	Sprint Capital Corp., 6.875%, 11/15/2028		13,277

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States – continued
$	26,000	Sprint Nextel Corp., 6.000%, 12/01/2016	$	24,903
	60,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		44,700
	750,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028(c)		757,112
	10,000	Time Warner, Inc., 6.500%, 11/15/2036		9,730
	395,000	Time Warner, Inc., 6.625%, 5/15/2029		388,887
	160,000	Time Warner, Inc., 6.950%, 1/15/2028		163,269
	115,000	Time Warner, Inc., 7.625%, 4/15/2031		127,261
	75,000	Time Warner, Inc., 7.700%, 5/01/2032		83,329
	105,000	Toll Brothers Finance Corp., 5.150%, 5/15/2015		95,283
	375,000	Toys R Us, Inc., 7.375%, 10/15/2018		270,938
	200,000	Transcontinental Gas Pipe Line Corp., 6.400%, 4/15/2016		205,250
	20,000	TXU Corp., Series R, 6.550%, 11/15/2034		14,474
	3,700,000	U.S. Treasury Bonds, 4.250%, 11/15/2017(c)		3,764,461
	4,010,000	U.S. Treasury Bonds, 4.500%, 2/15/2036(c)		4,030,363
	5,145,000	U.S. Treasury Bonds, 4.750%, 2/15/2037(c)		5,384,561
	1,910,000	U.S. Treasury Bonds, 8.875%, 8/15/2017(c)		2,628,042
	1,525,000	U.S. Treasury Notes, 4.500%, 4/30/2012(c)		1,593,029
	885,000	U.S. Treasury Notes, 4.500%, 2/15/2016(c)		921,160
	1,920,000	U.S. Treasury Notes, 4.625%, 11/15/2016(c)		2,010,751
	2,510,000	U.S. Treasury Notes, 4.750%, 2/28/2009(c)		2,556,279
	635,000	U.S. Treasury Notes, 5.000%, 7/31/2008(c)		640,556
	1,050,000	United Rentals North America, Inc., 7.000%, 2/15/2014		879,375
	50,000	USG Corp., 6.300%, 11/15/2016		45,170
	230,000	USG Corp., 7.750%, 1/15/2018		228,736
	90,000	Verizon Communications, 5.850%, 9/15/2035		88,036
	5,000	Verizon Maryland, Inc., 5.125%, 6/15/2033		4,309
	250,000	Verizon New York, Inc., Series B, 7.375%, 4/01/2032		274,462
	70,000	Viacom, Inc., Class B, 6.875%, 4/30/2036		70,191
	140,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		121,516
	135,000	Wells Fargo & Co, 4.625%, 11/02/2035, (GBP)		228,528
	100,000	Williams Cos., Inc., 7.500%, 1/15/2031		107,500
	20,000	Xerox Corp., 7.200%, 4/01/2016		21,427

				49,534,235

		Uruguay – 0.5%
	33,135,761	Republic of Uruguay, 4.250%, 4/05/2027, (UYU)		1,549,472

		Total Non-Convertible Bonds (Identified Cost $74,171,904)		75,409,179

	Convertible Bonds – 0.7%
		United States – 0.7%
	95,000	Builders Transportation, Inc., 8.000%, 8/15/2005(e)		—
	68,000	Countrywide Financial Corp., 1.743%, 4/15/2037, 144A(b)		53,026
	198,000	Countrywide Financial Corp., 2.619%, 5/15/2037, 144A(b)		144,481
	200,000	Enzon Pharmaceuticals, Inc., 4.500%, 7/01/2008		198,500
	420,000	iStar Financial, Inc., 5.229%, 10/01/2012(b)		371,700
	50,000	Kellwood Co., (Step to 0.000% on 6/15/2011), 3.500%, 6/15/2034(d)		43,438
	140,000	Level 3 Communications, Inc., 2.875%, 7/15/2010		122,150
	190,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		166,487
	25,000	Level 3 Communications, Inc., 6.000%, 9/15/2009		23,250
	140,000	Level 3 Communications, Inc., 6.000%, 3/15/2010		124,600
	115,000	NII Holdings, Inc., 3.125%, 6/15/2012		98,612
	500,000	Regeneron Pharmaceuticals, Inc., 5.500%, 10/17/2008		525,625
	500,000	Valeant Pharmaceuticals International, 3.000%, 8/16/2010		457,500
	80,000	Valeant Pharmaceuticals International, 4.000%, 11/15/2013		67,200

		Total Convertible Bonds (Identified Cost $2,555,196)		2,396,569

		Total Bonds and Notes (Identified Cost $76,727,100)		77,805,748


Shares
	Common Stocks – 66.5%
		Brazil – 2.4%
	144,100	Bovespa Holding SA(f)		2,776,758
	155,044	Companhia Vale do Rio Doce ADR		5,065,288

				7,842,046

		Canada – 4.1%
	45,997	Potash Corp. of Saskatchewan, Inc.		6,621,728
	60,244	Research In Motion Ltd.(f)		6,831,670

				13,453,398

		Cayman Island – 0.8%
	25,810	Garmin Ltd.(c)		2,503,570

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Shares		Description	Value (†)
		China – 1.6%
	436,000	China Mengniu Dairy Co. Ltd.	$	1,579,072
	1,892,748	China Overseas Land & Investment Ltd.		3,881,128

				5,460,200

		Denmark – 1.1%
	57,270	Novo Nordisk AS, Class B		3,738,662

		France – 0.6%
	25,488	Total SA		2,110,415

		Greece – 2.0%
	172,911	Piraeus Bank S.A.		6,725,650

		Hong Kong – 1.1%
	247,100	Esprit Holdings Ltd.		3,666,843

		India – 3.3%
	61,388	Bharat Heavy Electricals Ltd.		3,983,197
	278,595	Bharti Airtel Ltd.(f)		6,923,615

				10,906,812

		Japan – 3.8%
	100,100	Komatsu Ltd.(c)		2,684,598
	14,000	Nintendo Co. Ltd.		8,220,123
	31,409	Sony Corp., ADR		1,705,508

				12,610,229

		Mexico – 0.9%
	1,023,128	America Movil SAB de CV, Series L(c)		3,140,356
		Spain – 1.6%
	56,789	Gamesa Corporation Tecnologica SA		2,627,656
	42,540	Industria de Diseno Textil SA		2,574,091

				5,201,747

		Sweden – 0.8%
	150,772	Volvo AB, Class B		2,522,743

		Switzerland – 5.0%
	263,958	ABB Ltd.		7,602,663
	37,230	Julius Baer Holding, Ltd., Registered		3,054,914
	40,761	Novartis AG, Registered		2,229,110
	31,683	Sonova Holding AG		3,557,151

				16,443,838

		Turkey – 0.8%
	243,020	Turkcell Iletisim Hizmetleri AS		2,669,257

		United Kingdom – 2.4%
	251,529	Capita Group PLC		3,487,045
	398,013	Man Group PLC		4,518,135

				8,005,180

		United States – 34.2%
	28,856	Amazon.com, Inc.(c)(f)		2,673,220
	44,202	Apple, Inc.(f)		8,755,532
	50,563	AT&T, Inc.		2,101,398
	34,360	Avery Dennison Corp.		1,825,890
	7,570	CME Group, Inc.(c)		5,193,020
	65,576	Covidien Ltd.		2,904,361
	55,370	Deere & Co.		5,156,054
	21,479	ExxonMobil Corp.		2,012,368
	21,978	First Solar, Inc.(c)(f)		5,871,203
	35,461	General Cable Corp.(c)(f)		2,598,582
	102,625	Gilead Sciences, Inc.(f)		4,721,776
	20,133	Goldman Sachs Group, Inc.		4,329,602
	10,854	Google, Inc. Class A(f)		7,505,324
	54,122	Halliburton Co.		2,051,765
	13,770	IntercontinentalExchange, Inc.(f)		2,650,725
	47,216	Lehman Brothers Holdings, Inc.(c)		3,089,815
	34,111	MasterCard, Inc., Class A(c)		7,340,687
	79,710	McDonald’s Corp.		4,695,716
	49,066	MEMC Electronic Materials, Inc.(f)		4,341,850
	71,433	Merck & Co., Inc.		4,150,972
	54,477	Monsanto Co.		6,084,536
	145,953	NVIDIA Corp.(f)		4,965,321
	63,699	Owens-Illinois, Inc.(f)		3,153,101
	29,758	Precision Castparts Corp.		4,127,435
	31,353	Schlumberger Ltd.		3,084,195
	14,685	SunPower Corp., Class A(c)(f)		1,914,777
	31,374	Transocean, Inc.(f)		4,491,188
	15,145	VMware, Inc., Class A(c)(f)		1,287,174

				113,077,587

		Total Common Stocks (Identified Cost $190,622,601)		220,078,533

	Preferred Stocks – 0.2%
		United State – 0.2%
	10,540	Federal Home Loan Mortgage Corp., 8.375%		275,621
	15,000	Federal National Mortgage Association, 8.250%		386,250

		Total Preferred Stocks (Identified Cost $638,500)		661,871


Shares/ Principal Amount (‡)
	Short-Term Investments – 25.2%
	50,628,272	State Street Securities Lending Quality Trust(g)		50,628,272
$	32,772,000	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/07 at 3.250% to be repurchased at $32,777,917 on 1/02/08 collateralized by $33,265,000 Federal Home Loan Bank, 2.750% due 3/14/08 with a value of $33,431,325, including accrued interest(h)		32,772,000

		Total Short-Term Investments (Identified Cost $83,400,272)		83,400,272

		Total Investments - 115.4% (Identified Cost $351,388,473)(a)		381,946,424
		Other assets less liabilities — (15.4)%		(50,827,717	)

		Net Assets — 100.0%	$	331,118,707

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)

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

(†)

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

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

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of FAS 157 will have on the Fund’s financial statements.

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

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

(a)

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

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $351,423,704 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	$	34,313,006
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(3,790,286	)

Net unrealized appreciation	$	30,527,720

(b)	Variable rate security. Rate as of December 31, 2007 is disclosed.

(c)

All or a portion of this security was on loan to brokers at December 31, 2007. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, 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 of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at 102% of the market value of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value of loaned non-U.S. equities; and at least 100% of the market value 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 Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. The market value of securities on loan to borrowers and the value of collateral held by the Fund with respect to such loans at December 31, 2007 were $49,751,351 and $50,628,272, respectively.

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

(e)	Non-Income producing security due to default or bankruptcy filing.

(f)	Non-income producing security.

(g)	Represents investments of security lending collateral.

(h)

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

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


144A		Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2007, the total value of these securities amounted to $6,412,164 or 1.9% of total net assets.

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

EMTN		Euro Medium Term Note
GMTN		Globle Medium Term Note
MTN		Medium Term Note
PIK		Payment-in-Kind

Key to Abbreviations:
ARS		Argentine Peso
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
COP		Colombian Peso
EGP		Egyptian Pound
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
MYR		Malaysian Ringgit
PLN		Polish Zloty
SEK		Swedish Krona
SGD		Singapore Dollar
UYU		Uruguayan Peso

Holdings at December 31, 2007 as a Percentage of Net Assets (Unaudited)


Treasuries	9.4	%

Electrical Equipment	7.4

Capital Markets	5.4

Chemicals	4.1

Wireless Telecommunication Services	3.8

Pharmaceuticals	3.5

Machinery	3.1

Energy Equipment & Services	2.9

Software	2.9

Semiconductors & Semiconductor Equipment	2.8

Sovereigns	2.7

Computers & Perpherals	2.6

Diversified Financial Services	2.4

Internet Software & Services	2.3

IT Services	2.2

Comunications Equipment	2.1

Commercial Banks	2.0

Health Care Equipment & Supplies	2.0

Other, less than 2% each	26.6

LOOMIS SAYLES GROWTH FUND - PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2007 (Unaudited)


Shares		Description	Value (†)
	Common Stocks – 98.1% of Net Assets
		Aerospace & Defense – 4.5%
	93,703	Goodrich Corp.	$	6,616,369
	96,592	Precision Castparts Corp.		13,397,310

				20,013,679

		Beverages – 2.7%
	199,665	Coca-Cola Co. (The)		12,253,441

		Biotechnology – 2.0%
	194,557	Gilead Sciences, Inc.(b)		8,951,568

		Capital Markets – 8.3%
	35,402	BlackRock, Inc.(c)		7,675,154
	224,935	Charles Schwab Corp. (The)		5,747,089
	43,775	Goldman Sachs Group, Inc.		9,413,814
	112,241	Lehman Brothers Holdings, Inc.		7,345,051
	115,512	T. Rowe Price Group, Inc.		7,032,370

				37,213,478

		Chemicals – 5.3%
	145,775	Monsanto Co.		16,281,610
	78,988	Mosaic Co. (The)(b)		7,451,728

				23,733,338

		Communications Equipment – 2.2%
	368,891	Cisco Systems, Inc.(b)		9,985,879

		Computers & Peripherals – 8.1%
	110,960	Apple, Inc.(b)		21,978,957
	314,632	EMC Corp.(b)		5,830,131
	168,509	Hewlett-Packard Co.		8,506,334

				36,315,422

		Construction & Engineering – 2.3%
	66,901	Foster Wheeler Ltd.(b)		10,370,993

		Diversified Financial Services – 6.7%
	16,225	CME Group, Inc.		11,130,350
	50,259	IntercontinentalExchange, Inc.(b)		9,674,858
	68,704	Nymex Holdings, Inc.(c)		9,179,541

				29,984,749

		Electrical Equipment – 3.8%
	42,020	First Solar, Inc.(b)		11,225,223
	42,329	SunPower Corp., Class A(b)(c)		5,519,278

				16,744,501

		Energy Equipment & Services – 4.4%
	142,859	National-Oilwell Varco, Inc.(b)		10,494,422
	62,679	Transocean, Inc.(b)		8,972,499

				19,466,921

		Food & Staples Retailing – 2.5%
	69,436	Costco Wholesale Corp.		4,843,855
	159,580	CVS Caremark Corp.		6,343,305

				11,187,160

		Health Care Equipment & Supplies – 3.4%
	82,615	Hologic, Inc.(b)		5,670,694
	15,471	Intuitive Surgical, Inc.(b)		5,020,340
	61,320	Stryker Corp.		4,581,830

				15,272,864

		Hotels, Restaurants & Leisure – 2.9%
	217,663	McDonald’s Corp.		12,822,527

		Household Durables – 1.1%
	50,363	Garmin Ltd.(c)		4,885,211

		Industrial Conglomerates – 2.2%
	140,273	Textron, Inc.		10,001,465

		Internet & Catalog Retail – 4.0%
	148,062	Amazon.com, Inc.(b)		13,716,464
	37,810	Priceline.com, Inc.(b)(c)		4,342,856

				18,059,320

		Internet Software & Services – 4.5%
	29,383	Google, Inc., Class A(b)		20,317,757

		IT Services – 3.0%
	62,909	MasterCard, Inc., Class A(c)		13,538,017

		Life Sciences Tools & Services – 1.9%
	144,727	Thermo Fisher Scientific, Inc.(b)		8,347,853

		Machinery – 4.9%
	80,892	AGCO Corp.(b)		5,499,038
	128,458	Deere & Co.		11,962,009
	46,514	Flowserve Corp.		4,474,647

				21,935,694

		Oil, Gas & Consumable Fuels – 1.4%
	125,525	XTO Energy, Inc.		6,446,964

		Pharmaceuticals – 3.2%
	245,970	Merck & Co., Inc.		14,293,317

		Semiconductors & Semiconductor Equipment – 6.4%
	441,234	Intel Corp.		11,763,298
	108,402	MEMC Electronic Materials, Inc.(b)		9,592,493
	216,942	NVIDIA Corp.(b)		7,380,367

				28,736,158

		Software – 6.4%
	240,607	Activision, Inc.(b)		7,146,028
	512,316	Microsoft Corp.		18,238,450
	37,445	VMware, Inc., Class A(b)(c)		3,182,450

				28,566,928

		Total Common Stocks (Identified Cost $356,985,068)		439,445,204


Shares/ Principal Amount
	Short-Term Investments – 11.6%
	44,763,294	State Street Securities Lending Quality Trust(d)		44,763,294
$	7,141,000	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/07 at 3.25% to be repurchased at $7,142,289 on 1/02/08 collateralized by $7,360,000 Federal Home Loan Bank, Zero Coupon due 3/24/08 with a value of $7,286,400 (e)		7,141,000

		Total Short-Term Investments (Identified Cost $51,904,294)		51,904,294

		Total Investments - 109.7% (Identified Cost $408,889,362)(a)		491,349,498
		Other assets less liabilities — (9.7)%		(43,647,466	)

		Net Assets — 100.0%	$	447,702,032

LOOMIS SAYLES GROWTH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)

(†)

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

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

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $408,889,362 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	$	82,925,082
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(464,946	)

Net unrealized appreciation	$	82,460,136

At September 30, 2007, the Fund had a capital loss carryover of approximately $18,851,895 of which $12,659,581 expires on September 30, 2010 and $6,192,314 expires on September 30, 2011. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations. A significant portion of the Fund’s capital loss carry forwards are a result of prior year mergers; accordingly, some of these losses have been limited under Section 382 of the Internal Revenue Code. The amounts presented above are net of the losses limited by Section 382 the Internal Revenue Code.

(b)	Non-income producing security.

(c)

(d)	Represents investments of security lending collateral.

(e)

LOOMIS SAYLES GROWTH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)

Holdings at December 31, 2007 as a Percentage of Net Assets (Unaudited)


Capital Markets	8.3	%

Computers & Peripherals	8.1

Diversified Financial Services	6.7

Semiconductors & Semiconductor Equipment	6.4

Software	6.4

Chemicals	5.3

Machinery	4.9

Internet Software & Services	4.5

Aerospace & Defense	4.5

Energy Equipment & Services	4.4

Internet & Catalog Retail	4.0

Electrical Equipment	3.8

Health Care Equipment & Supplies	3.4

Pharmaceuticals	3.2

IT Services	3.0

Hotels, Restaurants & Leisure	2.9

Beverages	2.7

Food & Staples Retailing	2.5

Construction & Engineering	2.3

Industrial Conglomerates	2.2

Communications Equipment	2.2

Biotechnology	2.0

Other, less than 2% each	4.4

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 90.8% of Net Assets
		Airlines — 0.2%
$	70,525	Continental Airlines, Inc., Series 1997-4, Class 4B, 6.900%, 1/02/2017	$	67,703
	36,768	Continental Airlines, Inc., Series 1999-1, Class C, 6.954%, 8/02/2009		36,125

				103,828

		Automotive — 3.3%
	420,000	Ford Motor Co., 6.375%, 2/01/2029		279,300
	65,000	Ford Motor Co., 6.625%, 2/15/2028		43,225
	1,220,000	Ford Motor Co., 6.625%, 10/01/2028		811,300
	210,000	Ford Motor Co., 7.450%, 7/16/2031(b)		155,925
	40,000	Ford Motor Co., 7.500%, 8/01/2026		28,400
	10,000	General Motors Corp., 8.250%, 7/15/2023(b)		7,950
	10,000	General Motors Corp., 8.375%, 7/15/2033(b)		8,050
	80,000	Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		69,600

				1,403,750

		Banking — 3.3%
	250,000,000	Barclays Financial LLC, 144A, 4.060%, 9/16/2010 (KRW)		269,670
	400,000,000	Barclays Financial LLC, 144A, 4.470%, 12/04/2011 (KRW)		435,191
	500,000	HSBC Bank USA, 144A, 3.310%, 8/25/2010		570,000
	1,436,358,000	JPMorgan Chase & Co., 144A, Zero Coupon, 3/28/2011 (IDR)		116,193

				1,391,054

		Chemicals — 2.8%
	450,000	Borden, Inc., 7.875%, 2/15/2023		337,500
	550,000	Borden, Inc., 9.200%, 3/15/2021		440,000
	130,000	Georgia Gulf Corp., 10.750%, 10/15/2016(b)		87,100
	380,000	Hercules, Inc., Subordinated Note, 6.500%, 6/30/2029		311,600

				1,176,200

		Construction Machinery — 0.8%
	400,000	United Rentals North America, Inc., 7.000%, 2/15/2014		335,000

		Electric — 3.6%
	375,000	Dynegy Holdings, Inc., 7.125%, 5/15/2018		331,875
	180,000	Dynegy Holdings, Inc., 7.625%, 10/15/2026		153,000
	165,000	Dynegy Holdings, Inc., 7.750%, 6/01/2019		152,212
	140,000	NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		123,200
	75,000	TXU Corp., 5.550%, 11/15/2014		59,864
	590,000	TXU Corp., Series Q, 6.500%, 11/15/2024		430,352
	370,000	TXU Corp., Series R, 6.550%, 11/15/2034		267,772

				1,518,275

		Financial Services — 0.2%
	135,000	Residential Capital LLC, 8.000%, 4/17/2013		83,025

		Food & Beverage — 0.4%
	200,000	Aramark Services, Inc., 5.000%, 6/01/2012		172,000

		Gaming — 0.1%
	45,000	Harrah’s Operating Co., Inc., 5.750%, 10/01/2017		31,050

		Government Guaranteed — 2.5%
	28,000,000	Kreditanstalt fuer Wiederaufbau, 1.850%, 9/20/2010 (JPY)		257,222
	1,205,000	Kreditanstalt fuer Wiederaufbau, Series E, (MTN), 8.500%, 7/16/2010 (ZAR)		167,672
	70,000,000	Oesterreichische Kontrollbank AG, 1.800%, 3/22/2010 (JPY)		639,951

				1,064,845

		Government Sponsored — 1.9%
	160,000	Federal Home Loan Mortgage Corp., 4.625%, 10/25/2012		164,755
	70,000,000	Federal National Mortgage Association, 1.750%, 3/26/2008 (JPY)		627,766

				792,521

		Healthcare — 4.0%
	5,000	Boston Scientific Corp., 5.450%, 6/15/2014		4,600
	105,000	Boston Scientific Corp., 6.400%, 6/15/2016		98,700
	95,000	Boston Scientific Corp., 7.000%, 11/15/2035		83,600
	220,000	Community Health Systems, Inc., 8.875%, 7/15/2015		224,125
	25,000	HCA, Inc., 6.375%, 1/15/2015		21,125
	205,000	HCA, Inc., 6.500%, 2/15/2016(b)		173,225
	15,000	HCA, Inc., 7.050%, 12/01/2027		11,456
	170,000	HCA, Inc., 7.500%, 12/15/2023		139,210
	700,000	HCA, Inc., 7.500%, 11/06/2033		547,750
	315,000	HCA, Inc., 7.580%, 9/15/2025		256,429
	35,000	HCA, Inc., 7.690%, 6/15/2025		28,977
	40,000	HCA, Inc., 7.750%, 7/15/2036		32,138
	40,000	HCA, Inc., 8.360%, 4/15/2024		35,169

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	40,000	Invitrogen Corp., 1.500%, 2/15/2024	$	42,200

				1,698,704

		Home Construction — 4.4%
	410,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		413,075
	385,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015		263,725
	365,000	K. Hovnanian Enterprises, Inc., Senior Note, 6.250%, 1/15/2016(b)		248,200
	30,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.500%, 1/15/2014		21,000
	100,000	KB Home, Guaranteed Note, 5.875%, 1/15/2015		86,250
	590,000	KB Home, Guaranteed Note, 7.250%, 6/15/2018		533,950
	5,000	Lennar Corp., Series B, Guaranteed Note, 5.600%, 5/31/2015		3,810
	5,000	Lennar Corp. Series B, 5.125%, 10/01/2010		4,291
	155,000	Pulte Homes, Inc., 6.000%, 2/15/2035		116,873
	230,000	Pulte Homes, Inc., 6.375%, 5/15/2033		174,242

				1,865,416

		Independent Energy — 2.6%
	625,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		603,125
	175,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		168,000
	10,000	Hilcorp Energy I LP, 144A, 7.750%, 11/01/2015		9,825
	65,000	Pioneer Natural Resources Co., 6.875%, 5/01/2018		62,857
	310,000	Pioneer Natural Resources Co., 7.200%, 1/15/2028		279,405

				1,123,212

		Industrial Other — 0.3%
	140,000	Ranhill Labuan Ltd., 144A, 12.500%, 10/26/2011		137,174

		Media Non-Cable — 1.2%
	175,000	Intelsat Corp., 6.875%, 1/15/2028		145,250
	5,000	R.H. Donnelley Corp., 8.875%, 1/15/2016		4,675
	100,000	R.H. Donnelley Corp., 144A, 8.875%, 10/15/2017		92,500
	455,000	Tribune Co., 5.250%, 8/15/2015(b)		266,339

				508,764

		Metals & Mining — 2.6%
	740,000	Algoma Acquistion Corp., 144A, 9.875%, 6/15/2015		606,800
	285,000	Steel Dynamics, Inc., 144A, 7.375%, 11/01/2012		286,425
	195,000	Vale Overseas, Ltd., 6.875%, 11/21/2036		197,264

				1,090,489

		Mortgage Related — 0.1%
	35,000	Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		25,272

		Non-Captive Consumer — 1.6%
	30,000	Countrywide Financial Corp., Series A, 144A, 1.743%, 4/15/2037(c)		23,394
	70,000	Countrywide Financial Corp., Series B, 144A, 2.619%, 5/15/2037(c)		51,079
	60,000	SLM Corp., (MTN), 5.050%, 11/14/2014		51,861
	5,000	SLM Corp., (MTN), 5.625%, 8/01/2033		3,865
	20,000	SLM Corp., Series A, (MTN), 5.000%, 10/01/2013		17,530
	10,000	SLM Corp., Series A, (MTN), 5.000%, 6/15/2018		7,997
	735,000	SLM Corp., Series A, (MTN), 6.500%, 6/15/2010 (NZD)		509,955

				665,681

		Non-Captive Diversified — 4.3%
	1,300,000	General Electric Capital Corp., Series A, (MTN), 2.960%, 5/18/2012 (SGD)		884,436
	430,000	GMAC LLC, 6.000%, 12/15/2011		360,632
	330,000	GMAC LLC, 6.625%, 5/15/2012		274,335
	385,000	GMAC LLC, (MTN), 6.750%, 12/01/2014		310,521
	20,000	GMAC LLC, 8.000%, 11/01/2031(b)		16,778

				1,846,702

		Packaging & Containers — 0.3%
	135,000	Owens-Illinois, Inc., Senior Note, 7.800%, 5/15/2018		137,363

		Paper — 3.9%
	485,000	Bowater, Inc., 6.500%, 6/15/2013(b)		356,475
	75,000	Georgia-Pacific Corp., 7.250%, 6/01/2028		66,000
	155,000	Georgia-Pacific Corp., 7.375%, 12/01/2025(b)		136,400
	375,000	Georgia-Pacific Corp., 7.750%, 11/15/2029		343,125
	270,000	Georgia-Pacific Corp., 8.000%, 1/15/2024		251,100
	530,000	Georgia-Pacific Corp., 8.875%, 5/15/2031		511,450

				1,664,550

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Pharmaceuticals — 5.0%
$	110,000	Elan Finance PLC, 8.875%, 12/01/2013	$	108,350
	525,000	Elan Finance PLC, Senior Note, 7.750%, 11/15/2011		493,500
	127,000	EPIX Pharmaceuticals, Inc., Senior Note, 3.000%, 6/15/2024		85,408
	210,000	Human Genome Sciences, Inc., 2.250%, 8/15/2012		181,913
	245,000	Incyte Corp., Convertible, 3.500%, 2/15/2011		240,712
	96,000	Nektar Therapeutics, 3.250%, 9/28/2012		79,200
	345,000	Regeneron Pharmaceuticals, Inc., Subordinated Note, Convertible, 5.500%, 10/17/2008		362,681
	190,000	Valeant Pharmaceuticals International, Subordinated Note, Convertible, 3.000%, 8/16/2010		173,850
	505,000	Valeant Pharmaceuticals International, Subordinated Note, Convertible, 4.000%, 11/15/2013		424,200

				2,149,814

		Pipelines — 2.0%
	415,000	El Paso Corp., 6.950%, 6/01/2028		392,870
	575,000	Kinder Morgan Finance Co. ULC, Guaranteed Note, 6.400%, 1/05/2036		474,865

				867,735

		Retailers — 2.6%
	250,000	Dillard’s, Inc., 6.625%, 1/15/2018(b)		197,881
	105,000	Dillard’s, Inc., 7.130%, 8/01/2018		84,525
	30,000	Macys Retail Holdings, Inc., 6.790%, 7/15/2027		27,978
	1,070,000	Toys R Us, Inc., 7.375%, 10/15/2018		773,075
	20,000	Toys R Us, Inc., 7.875%, 4/15/2013		15,450

				1,098,909

		Sovereigns — 5.1%
	44,200(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023 (MXN)		397,076
	148,500(††)	Mexican Fixed Rate Bonds, Series M-10, 9.000%, 12/20/2012 (MXN)		1,415,433
	1,050,000	Republic of South Africa, 13.000%, 8/31/2010 (ZAR)		166,372
	3,921,955	Republic of Uruguay, 4.250%, 4/05/2027 (UYU)		183,396

				2,162,277

		Supermarkets — 2.9%
	190,000	Albertson’s, Inc., 7.750%, 6/15/2026		187,933
	750,000	Albertson’s, Inc., Senior Note, 7.450%, 8/01/2029		721,829
	130,000	Albertson’s, Inc., Senior Note, 8.000%, 5/01/2031		131,881
	245,000	Albertson’s, Inc., Series C, (MTN), 6.625%, 6/01/2028		215,542

				1,257,185

		Supranational — 2.6%
	1,900,000	Inter-American Development Bank, Series E, (MTN), Zero Coupon, 5/11/2009 (BRL)		883,286
	13,400,000	Inter-American Development Bank, 13.000%, 6/20/2008 (ISK)		212,328

				1,095,614

		Technology — 5.6%
	325,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016(b)		268,125
	345,000	JDS Uniphase Corp., Convertible, 1.000%, 5/15/2026		276,000
	215,000	Kulicke & Soffa Industries, Inc., Convertible, 0.500%, 11/30/2008		202,906
	35,000	Kulicke & Soffa Industries, Inc., Convertible, 1.000%, 6/30/2010		30,275
	910,000	Lucent Technologies, Inc., 6.450%, 3/15/2029		751,888
	266,000	Maxtor Corp., Subordinated Note, 5.750%, 3/01/2012(d)		250,040
	100,000	Nortel Networks Corp., 144A, 2.125%, 4/15/2014		77,500
	530,000	Nortel Networks Corp., 6.875%, 9/01/2023		418,700
	40,000	Northern Telecom Capital Corp., 7.875%, 6/15/2026		32,800
	85,000	Unisys Corp., Senior Note, 8.000%, 10/15/2012		74,375

				2,382,609

		Telecommunications — 0.5%
	230,000	NII Holdings, Inc., 3.125%, 6/15/2012		197,225

		Textile — 0.4%
	210,000	Jones Apparel Group, Inc., 6.125%, 11/15/2034(b)		160,918

		Transportation Services — 2.7%
	275,000	APL Ltd., Senior Note, 8.000%, 1/15/2024(d)		231,000
	300,000	Overseas Shipholding Group, Senior Note, 7.500%, 2/15/2024		286,875
	295,000	Stena AB, Senior Note, 7.000%, 12/01/2016		283,569
	350,000	Stena AB, Senior Note, 7.500%, 11/01/2013		345,187

				1,146,631

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Treasuries — 6.9%
$	2,940,000	U.S. Treasury Bond, 4.500%, 2/15/2036(b)	$	2,954,929

		Wireless — 0.5%
	160,000	ALLTEL Corp., 7.875%, 7/01/2032		122,400
	98,000	Sprint Capital Corp., 6.875%, 11/15/2028		92,940

				215,340

		Wirelines — 9.6%
	255,000	Bell Canada, Series M-17, 6.100%, 3/16/2035 (CAD)		209,653
	5,000	Bell Canada, 144A, 6.550%, 5/01/2029 (CAD)		4,308
	65,000	Cincinnati Bell Telephone Co., 6.300%, 12/01/2028(b)		56,388
	50,000	Cincinnati Bell, Inc., 8.375%, 1/15/2014		48,750
	95,000	Citizens Communications Co., 7.000%, 11/01/2025(b)		79,088
	410,000	Embarq Corp., 7.995%, 6/01/2036		432,073
	435,000	Level 3 Communications, Inc., Convertible, 2.875%, 7/15/2010		379,537
	350,000	Level 3 Communications, Inc., Convertible, 6.000%, 9/15/2009		325,500
	320,000	Level 3 Communications, Inc., Convertible, 6.000%, 3/15/2010		284,800
	145,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		124,337
	125,000	Level 3 Financing, Inc., 9.250%, 11/01/2014(b)		113,125
	375,000	Qwest Capital Funding, Inc., Guaranteed Note, 6.875%, 7/15/2028(b)		316,875
	1,890,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		1,701,000

				4,075,434

		Total Bonds and Notes (Identified Cost $38,765,387)		38,599,495


Shares
	Common Stocks — 2.6%
		Chemicals — 0.5%
	11,695	Hercules, Inc.(b)		226,298

		Biotechnology — 0.4%
	8,147	Vertex Pharmaceuticals, Inc.(b)(e)		189,255

		Home Durables — 0.1%
	1,775	KB Home(b)		38,340

		Pharmaceuticals — 1.2%
	6,875	Merck & Co., Inc.		399,506
	1,717	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		79,806

				479,312

		Thrifts & Mortgage Finance — 0.4%
	5,500	Federal Home Loan Mortgage Corp.(b)		187,385

		Total Common Stocks (Identified Cost $854,066)		1,120,590

	Preferred Stocks — 2.8%
		Electric Utilities — 0.7%
	6,475	AES Trust III, Convertible, 6.750%(b)		301,411

		Oil, Gas & Consumable Fuels — 0.8%
	9,500	El Paso Energy Capital Trust I, Convertible, 4.750%		342,000

		Packaging & Containers — 0.8%
	6,500	Owens-Illinois, Inc., Convertible, 4.750%		324,870

		Technology — 0.5%
	225	Lucent Technologies Capital Trust I, Convertible, 7.750%		196,341

		Total Preferred Stocks (Identified Cost $1,049,773)		1,164,622

	Closed-End Investment Companies — 0.1%
	3,835	Morgan Stanley Emerging Markets Debt Fund, Inc.		37,200
	2,175	Western Asset High Income Opportunity Fund, Inc.		13,050

		Total Closed-End Investment Companies (Identified Cost $45,443)		50,250


Shares/ Principal Amount (‡)
	Short-Term Investments — 16.9%
	5,878,955	State Street Navigator Securities Lending Prime Portfolio(f)		5,878,955
$	1,311,526	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2007 at 3.250% to be repurchased at $1,311,763 on 1/02/2008, collateralized by $1,355,000 Federal Home Loan Bank, Zero Coupon due 3/24/2008 valued at $1,341,450 (g)		1,311,526

		Total Short-Term Investments (Identified Cost $7,190,481)		7,190,481

		Total Investments — 113.2% (Identified Cost $47,905,150)(a)	$	48,125,438
		Other assets less liabilities—(13.2)%		(5,613,035	)

		Net Assets — 100%	$	42,512,403

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

Investments as of December 31, 2007 (Unaudited)

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

(†)

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

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

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

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $47,930,521 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	2,414,586
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(2,219,669	)

Net unrealized appreciation	$	194,917

At September 30, 2007, the Fund had a capital loss carryover of approximately $81,303,223 of which $11,101,868 expires on September 30, 2008, $43,374,721 expires on September 30, 2009 and $26,826,634 expires on September 30, 2010. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

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

Investments as of December 31, 2007 (Unaudited)

(b)

(c)	Variable rate security whose interest rate varies with changes in a designated base rate (such as the prime interest rate) on a specified date (such as coupon date or interest payment date). The coupon rate shown represents the rate at period end.

(d)	Illiquid security. At December 31, 2007, the value of these securities amounted to $481,040 or 1.1% of net assets.

(e)	Non-income producing security.

(f)	Represents investment of securities lending collateral.

(g)


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.

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 registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $2,680,059 or 6.3% of net assets.

BRL		Brazilian Real
CAD		Canadian Dollar
IDR		Indonesian Rupiah
ISK		Iceland Krona
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
NZD		New Zealand Dollar
SGD		Singapore Dollar
UYU		Uruguayan Peso
ZAR		South African Rand

Holdings at December 31, 2007 as a Percentage of Net Assets (unaudited)


Wirelines	9.6	%

Treasuries	6.9

Pharmaceuticals	6.2

Technology	6.1

Sovereigns	5.1

Home Construction	4.4

Non-Captive Diversified	4.3

Healthcare	4.0

Paper	3.9

Electric	3.6

Automotive	3.3

Chemicals	3.3

Banking	3.3

Supermarkets	3.0

Transportation Services	2.7

Independent Energy	2.6

Retailers	2.6

Supranational	2.6

Metals & Mining	2.6

Government Guaranteed	2.5

Pipelines	2.1

Other, less than 2% each	11.6

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 92.4% of Total Net Assets

	Non-Convertible Bonds – 91.5%
		Airlines – 2.3%
$	741,423	Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016	$	721,034
	13,685,000	Continental Airlines, Inc., Series A, 5.983%, 4/19/2022		12,789,864
	920,000	Delta Air Lines, Inc., 6.821%, 8/10/2022, 144A		883,200
	19,425,000	Delta Air Lines, Inc., 8.021%, 8/10/2022, 144A		18,842,250
	11,415,000	Northwest Airlines, Inc., Series 07-1, 8.028%, 11/01/2017		11,015,475
	8,115,000	Qantas Airways Ltd., 6.050%, 4/15/2016, 144A		8,348,095
	18,635,000	United Air Lines, Inc., 6.636%, 7/02/2022		17,610,075

				70,209,993

		Asset-Backed Securities – 0.1%
	589,956	Community Program Loan Trust, Series 1987-A, Class A4, 4.500%, 10/01/2018		586,167
	1,700,000	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		1,590,620

				2,176,787

		Automotive – 1.3%
	10,665,000	Cummins, Inc., 5.650%, 3/01/2098(b)		8,477,886
	1,389,000	Cummins, Inc., 6.750%, 2/15/2027		1,414,341
	665,000	Cummins, Inc., 7.125%, 3/01/2028		687,699
	1,990,000	Ford Motor Co., 6.375%, 2/01/2029		1,323,350
	130,000	Ford Motor Co., 6.500%, 8/01/2018(b)		95,712
	260,000	Ford Motor Co., 6.625%, 2/15/2028		172,900
	5,185,000	Ford Motor Co., 6.625%, 10/01/2028		3,448,025
	8,730,000	Ford Motor Co., 7.450%, 7/16/2031(b)		6,482,025
	245,000	Ford Motor Co., 7.500%, 8/01/2026		173,950
	7,970,000	Ford Motor Credit Co., 5.700%, 1/15/2010		7,180,795
	700,000	Ford Motor Credit Co., 7.375%, 10/28/2009		658,872
	1,540,000	Ford Motor Credit Co., 8.000%, 12/15/2016		1,308,093
	575,000	General Motors Corp., 7.400%, 9/01/2025		416,875
	8,845,000	General Motors Corp., 8.250%, 7/15/2023		7,031,775
	245,000	General Motors Corp., 8.375%, 7/15/2033(b)		197,225

				39,069,523

		Banking – 2.5%
	2,595,000	BAC Capital Trust VI, 5.625%, 3/08/2035		2,216,330
	3,120,000,000	Barclays Financial LLC, 4.060%, 9/16/2010, (KRW), 144A		3,365,487
	180,000,000	Barclays Financial LLC, 4.160%, 2/22/2010, (THB), 144A		5,871,703
	3,500,000,000	Barclays Financial LLC, 4.460%, 9/23/2010, (KRW), 144A		3,813,525
	52,000,000	Barclays Financial LLC, Series EMTN, 4.100%, 3/22/2010, (THB), 144A		1,693,464
	16,371,250,000	BNP Paribas SA, Series EMTN, Zero Coupon, 6/13/2011, (IDR), 144A		1,297,673
	9,860,000	Citibank NA, 15.000%, 7/02/2010, (BRL), 144A		6,080,518
	20,990,000	HSBC Bank USA, Zero Coupon, 4/18/2012, (MYR), 144A		5,596,276
	28,000,000	HSBC Bank USA, Zero Coupon, 5/17/2012, (MYR), 144A		7,433,928
	4,500,000	HSBC Bank USA, 3.310%, 8/25/2010, 144A		5,130,000
	700,000	ICICI Bank Ltd., 6.375%, 4/30/2022, 144A(c)		633,652
	22,683,264,000	JPMorgan Chase & Co., Zero Coupon, 3/28/2011, (IDR), 144A		1,834,947
	17,920,000,000	JPMorgan Chase & Co., Zero Coupon, 3/28/2011, (IDR), 144A		1,448,672
	68,827,366,920	JPMorgan Chase & Co., Zero Coupon, 4/12/2012, (IDR), 144A		5,021,082
	18,000,000	JPMorgan Chase & Co., Zero Coupon, 05/17/2010, (BRL), 144A		7,691,754
	24,108,050	JPMorgan Chase & Co., Series EMTN, Zero Coupon, 6/08/2012, (MYR), 144A		6,204,524
	24,124,936,500	JPMorgan Chase London, Zero Coupon, 10/21/2010, (IDR), 144A		2,035,305
	100,000	Keybank NA, 6.950%, 2/01/2028		105,906
	329,700,000	Kreditanstalt fuer Wiederaufbau, Series EMTN, 10.000%, 10/27/2008, (ISK)		5,108,839
	90,000,000	Rabobank Nederland, Series EMTN, 13.500%, 1/28/2008, (ISK), 144A		1,430,552

				74,014,137

		Brokerage – 0.2%
	10,000,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		5,288,202

		Building Materials – 0.9%
	10,000,000	Masco Corp., 5.850%, 3/15/2017(b)		9,701,930
	3,680,000	Owens Corning, Inc., 6.500%, 12/01/2016		3,369,919
	15,358,000	Owens Corning, Inc., 7.000%, 12/01/2036		13,856,986
	1,060,000	USG Corp., 6.300%, 11/15/2016		957,597

				27,886,432

		Chemicals – 0.3%
	6,305,000	Lubrizol Corp., 6.500%, 10/01/2034		6,194,404
	2,400,000	Methanex Corp., 6.000%, 8/15/2015		2,342,086

				8,536,490

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Construction Machinery – 0.2%
$	6,935,000	Toro Co., 6.625%, 5/01/2037	$	7,158,272

		Consumer Cyclical Services – 0.3%
	10,015,000	Western Union Co., 6.200%, 11/17/2036(b)		9,612,167

		Distributors – 0.1%
	3,865,000	ONEOK, Inc., 6.000%, 6/15/2035		3,477,379

		Electric – 3.1%
	11,360,000	Bruce Mansfield Unit, 6.850%, 6/01/2034		11,692,053
	10,595,000	Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036		9,695,114
	895,000	Commonwealth Edison Co., 4.700%, 4/15/2015		843,014
	1,700,000	Commonwealth Edison Co., 5.875%, 2/01/2033		1,576,816
	2,750,000	Constellation Energy Group, Inc., 4.550%, 6/15/2015		2,535,945
	960,000	Dominion Resources, Inc., 5.950%, 6/15/2035		897,170
	5,500,000	Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		6,124,932
	1,000,000	Empresa Nacional de Electricidad SA (Endesa-Chile), 8.350%, 8/01/2013		1,132,930
	1,905,000	ITC Holdings Corp., 5.875%, 9/30/2016, 144A		1,910,088
	2,830,000	ITC Holdings Corp., 6.375%, 9/30/2036, 144A		2,726,255
	10,206,405	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A		10,923,915
	1,500,000	MidAmerican Energy Holdings Co., 5.875%, 10/01/2012		1,554,731
	1,000,000	MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		997,618
	7,185,000	MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		7,503,195
	27,500,000	Nisource Finance Corp., 6.400%, 3/15/2018		27,438,152
	40,000	Quezon Power Philippines Co., 8.860%, 6/15/2017		40,000
	500,000	SP Powerassets Ltd., 3.730%, 10/22/2010, (SGD)		352,489
	1,795,000	Toledo Edison Co., 6.150%, 5/15/2037(b)		1,672,651
	1,075,000	White Pine Hydro LLC, 6.310%, 7/10/2017(d)		1,125,536
	1,600,000	White Pine Hydro LLC, 6.960%, 7/10/2037(d)		1,654,866

				92,397,470

		Entertainment – 0.4%
	3,565,000	Time Warner, Inc., 6.500%, 11/15/2036		3,468,770
	1,805,000	Time Warner, Inc., 6.625%, 5/15/2029		1,777,066
	755,000	Time Warner, Inc., 6.950%, 1/15/2028		770,426
	505,000	Time Warner, Inc., 7.625%, 4/15/2031		558,843
	330,000	Time Warner, Inc., 7.700%, 5/01/2032		366,648
	3,590,000	Viacom, Inc., Class B, 6.875%, 4/30/2036		3,599,786

				10,541,539

		Food & Beverage – 1.7%
	6,845,000	Anheuser-Busch Cos, Inc., 5.950%, 1/15/2033(b)		6,925,196
	8,760,000	Anheuser-Busch Cos, Inc., 6.450%, 9/01/2037(b)		9,494,999
	1,525,000	Cia Brasileira de Bebidas, 8.750%, 9/15/2013		1,734,687
	6,080,000	Corn Products International, Inc., 6.625%, 4/15/2037		6,333,524
	9,925,000	Kraft Foods, Inc., 6.500%, 8/11/2017		10,267,869
	7,895,000	Kraft Foods, Inc., 6.500%, 11/01/2031		7,744,198
	8,080,000	Kraft Foods, Inc., 7.000%, 8/11/2037		8,486,464

				50,986,937

		Foreign Agency – 0.0%
	220,000	Alberta Municipal Funding Corp., 5.700%, 9/01/2011, (CAD)		233,981

		Foreign Local Governments – 0.0%
	30,050	Province of Alberta, 5.930%, 9/16/2016, (CAD)		32,634
	500,000	Province of Nova Scotia, 6.600%, 6/01/2027, (CAD)		634,257

				666,891

		Government Guaranteed – 1.5%
	45,000,000	Canada Housing Trust, 4.100%, 12/15/2008, (CAD)		45,623,740

		Healthcare – 2.2%
	7,535,000	Covidien International Finance, 6.000%, 10/15/2017, 144A		7,796,721
	7,590,000	Covidien International Finance, 6.550%, 10/15/2037, 144A		7,882,488
	8,690,000	HCA, Inc., 5.750%, 3/15/2014		7,212,700
	800,000	HCA, Inc., 6.250%, 2/15/2013		700,000
	3,250,000	HCA, Inc., 6.300%, 10/01/2012(b)		2,892,500
	2,520,000	HCA, Inc., 6.375%, 1/15/2015		2,129,400
	3,515,000	HCA, Inc., 6.500%, 2/15/2016(b)		2,970,175
	3,000,000	HCA, Inc., 7.050%, 12/01/2027		2,291,154
	215,000	HCA, Inc., 7.190%, 11/15/2015		184,329
	395,000	HCA, Inc., 7.500%, 12/15/2023		323,458
	250,000	HCA, Inc., 7.500%, 11/06/2033		195,625
	1,060,000	HCA, Inc., 7.580%, 9/15/2025		862,906

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Healthcare – continued
$	1,265,000	HCA, Inc., 7.690%, 6/15/2025	$	1,047,295
	1,000,000	HCA, Inc., 7.750%, 7/15/2036		803,462
	2,865,000	Hospira, Inc., 6.050%, 3/30/2017		2,878,761
	530,000	Owens & Minor, Inc., 6.350%, 4/15/2016		540,867
	27,070,000	WellPoint, Inc., 6.375%, 6/15/2037		26,592,458

				67,304,299

		Healthcare Insurance – 0.2%
	5,455,000	CIGNA Corp., 6.150%, 11/15/2036		5,061,231

		Home Construction – 0.8%
	850,000	Centex Corp., 5.250%, 6/15/2015(b)		719,789
	3,685,000	D.R. Horton, Inc., 5.250%, 2/15/2015		2,927,084
	2,050,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015(b)		2,065,375
	2,605,000	Lennar Corp., Series B, 5.600%, 5/31/2015		1,985,067
	1,870,000	Lennar Corp., Series B, 6.500%, 4/15/2016(b)		1,463,034
	2,945,000	Pulte Homes, Inc., 5.200%, 2/15/2015		2,435,983
	250,000	Pulte Homes, Inc., 5.250%, 1/15/2014		208,993
	9,400,000	Pulte Homes, Inc., 6.000%, 2/15/2035		7,087,779
	3,645,000	Pulte Homes, Inc., 6.375%, 5/15/2033		2,761,361
	3,605,000	Toll Brothers Finance Corp., 5.150%, 5/15/2015		3,271,393

				24,925,858

		Independent Energy – 1.4%
	4,020,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		4,093,285
	13,905,000	Anadarko Petroleum Corp., 6.450%, 9/15/2036		14,159,962
	10,875,000	Apache Corp., 6.000%, 1/15/2037		10,786,075
	500,000	Devon Financing Corp. LLC, 7.875%, 9/30/2031		604,727
	1,625,000	Talisman Energy, Inc., 5.850%, 2/01/2037		1,519,362
	3,515,000	Talisman Energy, Inc., 6.250%, 2/01/2038		3,425,575
	160,000	XTO Energy, Inc., 6.100%, 4/01/2036		156,195
	6,230,000	XTO Energy, Inc., 6.750%, 8/01/2037		6,682,485

				41,427,666

		Integrated Energy – 0.1%
	1,694,560	PF Export Receivables Master Trust, 6.436%, 6/01/2015, 144A		1,708,710

		Life Insurance – 0.5%
	15,400,000	ASIF Global Financing XXVII, 2.380%, 2/26/2009, (SGD), 144A		10,578,450
	4,260,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		4,175,823

				14,754,273

		Local Authorities – 1.0%
	2,730,000	Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034		2,568,548
	19,325,000	Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011, (AUD)		16,349,876
	13,640,000	Virginia Tobacco Settlement Financing Corp., 6.706%, 6/01/2046		11,839,111

				30,757,535

		Media Cable – 2.1%
	15,156,000	Comcast Corp., 5.650%, 6/15/2035		13,872,939
	2,255,000	Comcast Corp., 6.450%, 3/15/2037		2,295,998
	4,610,000	Comcast Corp., 6.500%, 11/15/2035		4,704,224
	34,000,000	Comcast Corp., 6.950%, 8/15/2037		36,695,248
	3,750,000	Cox Communications, Inc., Class A, 6.750%, 3/15/2011		3,933,952
	350,000	Virgin Media Finance Plc, 9.750%, 4/15/2014, (GBP)		672,325

				62,174,686

		Media Non-Cable – 1.0%
	2,500,000	Clear Channel Communications, Inc., 4.250%, 5/15/2009		2,373,395
	1,000,000	Clear Channel Communications, Inc., 5.750%, 1/15/2013		828,038
	7,700,000	News America, Inc., 6.150%, 3/01/2037		7,438,115
	4,095,000	News America, Inc., 6.200%, 12/15/2034(b)		4,036,810
	9,760,000	News America, Inc., 6.400%, 12/15/2035		9,873,665
	595,000	R.H. Donnelley Corp., 6.875%, 1/15/2013		532,525
	310,000	R.H. Donnelley Corp., 8.875%, 10/15/2017, 144A		286,750
	1,335,000	R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		1,194,825
	1,555,000	R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		1,391,725
	1,645,000	RH Donnelley Corp., Series A-3, 8.875%, 1/15/2016		1,538,075

				29,493,923

		Metals & Mining – 1.7%
	12,775,000	Newmont Mining Corp., 5.875%, 4/01/2035		11,231,180
	1,500,000	Teck Cominco Ltd., 7.000%, 9/15/2012		1,630,009
	1,985,000	United States Steel Corp., 6.050%, 6/01/2017		1,865,568
	1,140,000	United States Steel Corp., 6.650%, 6/01/2037		1,016,930
	31,890,000	United States Steel Corp., 7.000%, 2/01/2018		31,676,720

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Metals & Mining – continued
$	3,735,000	Vale Overseas Ltd., 6.875%, 11/21/2036	$	3,778,367

				51,198,774

		Mortgage Related – 0.5%
	3,000,000	Bank of America-First Union NB Commercial Mortgage, Series 2001-3, Class A2, 5.464%, 4/11/2037		3,067,042
	2,028,783	CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020		1,969,800
	192,304	Federal Home Loan Mortgage Corp., 5.000%, 12/01/2031		188,981
	39,514	Federal National Mortgage Association, 6.000%, 7/01/2029		40,410
	15,000,000	Queensland Treasury Corp., 7.125%, 9/18/2017, (NZD), 144A		11,239,037

				16,505,270

		Non-Captive Consumer – 4.0%
	81,395,000	American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		81,476,395
	500,000	CIT Group, Inc., 5.400%, 2/13/2012		471,513
	400,000	Countrywide Financial Corp., Series A, MTN, 5.211%, 12/19/2008(c)		327,099
	1,170,000	Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		844,803
	180,000	Residential Capital LLC, 7.625%, 11/21/2008		143,100
	840,000	Residential Capital LLC, 7.875%, 6/30/2010		537,600
	9,150,000	Residential Capital LLC, 7.875%, 5/17/2013, (GBP)		10,017,696
	20,645,000	Residential Capital LLC, 8.000%, 4/17/2013		12,696,675
	385,000	Residential Capital LLC, 8.375%, 6/30/2015		232,925
	4,770,000	Residential Capital LLC, Series EMTN, 9.375%, 7/01/2014, (GBP)		5,412,243
	5,150,000	SLM Corp., 6.500%, 6/15/2010, (NZD)		3,573,157
	720,000	SLM Corp., Series A, MTN, 5.000%, 10/01/2013		631,086
	2,090,000	SLM Corp., Series A, MTN, 5.000%, 4/15/2015		1,782,400
	840,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		671,729
	380,000	SLM Corp., Series A, MTN, 5.375%, 1/15/2013		339,928
	1,300,000	SLM Corp., Series A, MTN, 5.375%, 5/15/2014		1,155,795
	490,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		378,739
	560,000	SLM Corp., Series MTN, 5.050%, 11/14/2014		484,032

				121,176,915

		Non-Captive Diversified – 5.0%
	450,000	CIT Group, Inc., 5.000%, 2/13/2014		396,155
	780,000	CIT Group, Inc., 5.125%, 9/30/2014		687,079
	3,050,000	CIT Group, Inc., 5.500%, 12/01/2014, (GBP)		5,117,203
	2,370,000	CIT Group, Inc., 6.000%, 4/01/2036		1,916,953
	87,745,000	CIT Group, Inc., Series A, MTN, 7.625%, 11/30/2012		88,938,858
	950,000	CIT Group, Inc., Series EMTN, 5.500%, 12/20/2016, (GBP)		1,528,685
	21,120,000	General Electric Capital Corp., 6.500%, 9/28/2015, (NZD)		14,778,885
	12,325,000	General Electric Capital Corp., Series EMTN, 6.750%, 9/26/2016, (NZD)		8,832,325
	4,000,000	General Electric Capital Corp., Series GMTN, 2.960%, 5/18/2012, (SGD)		2,721,342
	13,400,000	General Electric Capital Corp., Series GMTN, 3.485%, 3/08/2012, (SGD)		9,319,463
	955,000	GMAC LLC, 6.000%, 12/15/2011		800,939
	1,130,000	GMAC LLC, 6.625%, 5/15/2012		939,388
	1,380,000	GMAC LLC, 6.750%, 12/01/2014		1,113,038
	1,500,000	GMAC LLC, 6.875%, 9/15/2011		1,283,241
	290,000	GMAC LLC, 6.875%, 8/28/2012		243,010
	740,000	GMAC LLC, 7.000%, 2/01/2012		627,834
	1,160,000	GMAC LLC, 8.000%, 11/01/2031		973,095
	3,860,000	iStar Financial, Inc., 5.150%, 3/01/2012		3,335,878
	1,000,000	iStar Financial, Inc., 5.375%, 4/15/2010		925,769
	3,380,000	iStar Financial, Inc., 5.650%, 9/15/2011		3,020,446
	765,000	iStar Financial, Inc., 5.800%, 3/15/2011		685,319
	335,000	iStar Financial, Inc., Series B, 5.125%, 4/01/2011		298,627
	2,115,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		1,842,994

				150,326,526

		Non-Captive Finance – 0.1%
	4,200,000	General Electric Capital Corp., 6.625%, 2/04/2010, (NZD)		3,107,938

		Oil Field Services – 0.1%
	600,000	Transocean Sedco Forex, Inc., 7.375%, 4/15/2018		639,754
	3,840,000	Weatherford International Ltd., 6.500%, 8/01/2036		3,834,793

				4,474,547

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Paper – 0.3%
$	1,395,000	Bowater, Inc., 6.500%, 6/15/2013(b)	$	1,025,325
	575,000	Georgia-Pacific Corp., 7.250%, 6/01/2028		506,000
	2,460,000	Georgia-Pacific Corp., 7.375%, 12/01/2025(b)		2,164,800
	285,000	Georgia-Pacific Corp., 7.750%, 11/15/2029(b)		260,775
	1,340,000	Georgia-Pacific Corp., 8.000%, 1/15/2024		1,246,200
	2,280,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		2,200,200
	750,000	International Paper Co., 4.000%, 4/01/2010		742,597
	300,000	International Paper Co., 5.250%, 4/01/2016		288,712

				8,434,609

		Pharmaceuticals – 1.8%
	20,830,000	Astrazeneca Plc, 6.450%, 9/15/2037		22,822,931
	28,670,000	Johnson & Johnson, 5.950%, 8/15/2037		30,940,779
	500,000	Schering-Plough Corp., 5.550%, 12/01/2013		505,889

				54,269,599

		Pipelines – 3.1%
	1,174,000	Colorado Interstate Gas Co., 5.950%, 3/15/2015		1,161,456
	125,000	Colorado Interstate Gas Co., 6.800%, 11/15/2015		130,120
	2,010,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		1,955,469
	2,470,000	El Paso Corp., 6.950%, 6/01/2028		2,338,287
	540,000	Energy Transfer Partners LP, 6.125%, 2/15/2017		525,108
	1,605,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		1,538,307
	9,455,000	Enterprise Products Operating LP, 6.300%, 9/15/2017		9,673,959
	4,390,000	Kinder Morgan Energy Partners, LP, 5.800%, 3/15/2035		3,973,938
	310,000	Kinder Morgan Finance, 5.700%, 1/05/2016		280,612
	130,000	Kinder Morgan Finance, 6.400%, 1/05/2036		107,361
	320,000	Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		281,579
	31,430,000	NGPL Pipeco LLC, 7.119%, 12/15/2017, 144A		32,226,688
	4,665,000	ONEOK Partners LP, 6.650%, 10/01/2036		4,717,155
	2,130,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		2,158,665
	4,595,000	Plains All American Pipeline LP, 6.650%, 1/15/2037		4,624,385
	4,215,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		4,145,735
	2,415,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028(b)		2,437,901
	20,000,000	Texas Eastern Transmission LP, 6.000%, 9/15/2017, 144A		20,388,200

				92,664,925

		Property & Casualty Insurance – 1.6%
	3,460,000	Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		3,369,677
	12,652,000	Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		12,246,896
	10,125,000	Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033(b)		8,820,303
	15,875,000	Travelers Cos., Inc., 6.250%, 6/15/2037		15,376,715
	2,830,000	Travelers Property Casualty Corp., 6.375%, 3/15/2033		2,799,212
	4,830,000	Willis North America, Inc., 6.200%, 3/28/2017		4,819,369

				47,432,172

		Railroads – 1.4%
	5,000,000	Canadian Pacific Railway Ltd., 4.900%, 6/15/2010, (CAD), 144A		5,037,641
	7,465,000	Canadian Pacific Railway Ltd., 5.950%, 5/15/2037		6,729,974
	10,105,000	CSX Corp., 6.000%, 10/01/2036(b)		9,171,197
	18,555,000	CSX Corp., 6.250%, 3/15/2018		18,649,761
	195,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2020		172,575
	243,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2030		204,120
	1,426,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045		969,680
	1,700,000	Union Pacific Corp., 5.375%, 6/01/2033		1,489,623

				42,424,571

		Real Estate Investment Trusts – 1.7%
	4,000,000	Colonial Realty LP, 4.800%, 4/01/2011		3,902,540
	625,000	Colonial Realty LP, 5.500%, 10/01/2015		566,619
	525,000	Colonial Realty LP, 6.050%, 9/01/2016		486,948
	20,000,000	Duke Realty LP, 6.500%, 1/15/2018		20,113,400
	5,000,000	Equity One, Inc., 6.000%, 9/15/2017		4,692,860
	10,500,000	First Industrial LP, 5.950%, 5/15/2017		10,181,273
	2,390,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		2,248,746
	2,195,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		2,301,771
	234,000	iStar Financial, Inc., Series REGS, 5.700%, 3/01/2014(b)		195,929
	7,075,000	Realty Income Corp., 6.750%, 8/15/2019		7,298,705

				51,988,791

		Restaurants – 0.0%
	1,000,000	McDonald’s Corp., 3.628%, 10/10/2010, (SGD)		707,318

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Retailers – 1.6%
$	14,680,000	Home Depot, Inc., 5.875%, 12/16/2036	$	12,388,467
	12,425,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		11,103,154
	12,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023(b)		12,370
	7,575,000	Lowes Cos., Inc., 6.650%, 9/15/2037		7,682,520
	14,380,000	Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		12,532,975
	4,115,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		3,837,665

				47,557,151

		Sovereigns – 8.6%
	4,250,000	Canadian Government, 4.000%, 6/01/2016, (CAD)		4,315,239
	83,940,000	Canadian Government, 4.250%, 9/01/2008, (CAD)		85,222,552
	5,600,000	Canadian Government, 4.250%, 12/01/2008, (CAD)		5,691,920
	38,265,000	Canadian Government, 4.250%, 9/01/2009, (CAD)		39,045,459
	9,600,000	Canadian Government, 5.500%, 6/01/2010, (CAD)		10,106,287
	3,430,000	Canadian Government, 5.750%, 6/01/2033, (CAD)		4,371,994
	5,000,000	Canadian Government, Series WH31, 6.000%, 6/01/2008, (CAD)		5,108,516
	4,200,900(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		37,739,319
	770,000(††)	Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012, (MXN)		7,339,280
	29,165,000	New South Wales Treasury Corp. Series 10RG, 7.000%, 12/01/2010, (AUD)		25,423,597
	15,145,000	New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012, (AUD)		12,675,854
	325,000	Republic of Brazil, 8.875%, 4/15/2024(b)		414,375
	22,205,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		11,975,730
	250,000	Republic of Brazil, 11.000%, 8/17/2040(b)		334,000
	6,285,000	Republic of Brazil, 12.500%, 1/05/2022, (BRL)		3,936,952
	230,000	Republic of Peru, 6.438%, 3/07/2017(c)		227,700
	26,245,000	Republic of South Africa, 13.000%, 8/31/2010, (ZAR)		4,158,510

				258,087,284

		Supermarkets – 0.6%
	1,000,000	Albertson’s, Inc., 6.625%, 6/01/2028		879,763
	1,900,000	Albertson’s, Inc., 7.450%, 8/01/2029		1,828,634
	3,340,000	Kroger Co., 6.400%, 8/15/2017		3,493,349
	11,100,000	Safeway, Inc., 6.350%, 8/15/2017		11,569,153

				17,770,899

		Supranational – 1.7%
	57,000,000	Eurofima, Series EMTN, 10.000%, 11/03/2008, (ISK)		880,013
	15,500,000	European Investment Bank, 4.600%, 1/30/2037, (CAD), 144A		15,698,353
	22,000,000	Inter-American Development Bank, Series EMTN, Zero Coupon, 5/11/2009, (BRL)		10,227,528
	13,265,000	Inter-American Development Bank, Series EMTN, 6.000%, 12/15/2017, (NZD)		9,171,867
	1,023,800,000	Nordic Invest Bank, 13.000%, 9/12/2008, (ISK)		16,106,965

				52,084,726

		Technology – 1.9%
	8,895,000	Agilent Technologies, Inc., 6.500%, 11/01/2017		9,035,799
	2,500,000	Arrow Electronics, Inc., 6.875%, 7/01/2013		2,664,672
	2,000,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		2,129,096
	9,000,000	Avnet, Inc., 5.875%, 3/15/2014		9,096,894
	6,230,000	Avnet, Inc., 6.000%, 9/01/2015		6,219,085
	1,540,000	Avnet, Inc., 6.625%, 9/15/2016		1,614,935
	260,000	Corning, Inc., 6.850%, 3/01/2029		274,675
	6,650,000	Corning, Inc., 7.250%, 8/15/2036		7,238,458
	2,495,000	Equifax, Inc., 7.000%, 7/01/2037		2,367,373
	1,365,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016(b)		1,126,125
	2,965,000	Intuit, Inc., 5.750%, 3/15/2017		2,916,988
	4,700,000	Lucent Technologies, Inc., 6.450%, 3/15/2029		3,883,375
	1,750,000	Motorola, Inc., 5.220%, 10/01/2097(b)		1,294,246
	1,000,000	Motorola, Inc., 6.500%, 9/01/2025		971,108
	1,625,000	Motorola, Inc., 8.000%, 11/01/2011		1,751,688
	3,115,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		3,481,474

				56,065,991

		Textile – 0.0%
	25,000	Kellwood Co., 7.625%, 10/15/2017		19,500

		Tobacco – 0.3%
	8,305,000	Reynolds American, Inc., 6.750%, 6/15/2017		8,458,833
	2,035,000	Reynolds American, Inc., 7.250%, 6/15/2037		2,056,734

				10,515,567

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Tobacco Settlement Revenue – 0.2%
$	6,570,000	Buckeye Tobacco Settlement Financing Auhority, Series A-2, 5.875%, 6/01/2047	$	6,266,532

		Transportation Services – 0.0%
	1,000,000	ERAC USA Finance Co., 6.800%, 2/15/2008, 144A		1,001,313

		Treasuries – 26.8%
	329,500,000	U.S. Treasury Bonds, 4.250%, 11/15/2017(b)		335,240,549
	82,695,000	U.S. Treasury Bonds, 4.500%, 2/15/2036(b)		83,114,925
	268,730,000	U.S. Treasury Bonds, 4.750%, 2/15/2037(b)		281,242,606
	94,585,000	U.S. Treasury Bonds, 5.375%, 2/15/2031		106,563,339

				806,161,419

		Wireless – 1.1%
	1,000,000	America Movil SAB de CV, 4.125%, 3/01/2009		993,705
	35,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		34,479
	13,965,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		13,126,667
	1,400,000	Philippine Long Distance Telephone Co., Series EMTN, 8.350%, 3/06/2017		1,554,000
	52,000	Sprint Capital Corp., 6.875%, 11/15/2028		49,315
	93,000	Sprint Nextel Corp., 6.000%, 12/01/2016		89,075
	5,345,000	Vodafone Group Plc, 5.000%, 9/15/2015		5,151,410
	12,805,000	Vodafone Group Plc, 6.150%, 2/27/2037		12,646,474

				33,645,125

		Wirelines – 3.2%
	12,735,000	AT&T Corp., 6.500%, 3/15/2029		12,500,905
	1,205,000	AT&T, Inc., 6.150%, 9/15/2034		1,202,983
	14,830,000	AT&T, Inc., 6.500%, 9/01/2037		15,507,405
	1,590,000	Bell Canada, 5.000%, 2/15/2017, (CAD)		1,337,311
	415,000	Bell Canada, 7.300%, 2/23/2032, (CAD)		386,028
	3,215,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		2,643,274
	8,125,000	BellSouth Corp., 6.000%, 11/15/2034(b)		7,900,579
	350,000	GTE Corp., 6.940%, 4/15/2028		374,902
	1,625,000	Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030		1,948,424
	45,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		38,588
	560,000	Level 3 Financing, Inc., 9.250%, 11/01/2014(b)		506,800
	620,000	New England Telephone & Telegraph, 7.875%, 11/15/2029		709,790
	710,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		599,950
	2,785,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028(b)		2,353,325
	1,440,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		1,296,000
	1,110,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		999,000
	90,000	Qwest Corp., 6.875%, 9/15/2033		83,025
	420,000	Qwest Corp., 7.250%, 9/15/2025		394,800
	1,225,000	Qwest Corp., 7.500%, 6/15/2023		1,172,938
	2,905,000	Telecom Italia Capital, 6.000%, 9/30/2034		2,824,839
	2,850,000	Telecom Italia Capital, 6.375%, 11/15/2033		2,854,389
	10,520,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		11,759,109
	1,000,000	Telekom Malaysia Berhad, 7.875%, 8/01/2025, 144A		1,178,657
	14,445,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		13,588,355
	7,175,000	Verizon Communications, 5.850%, 9/15/2035		7,018,398
	2,484,000	Verizon Maryland, Inc., 5.125%, 6/15/2033		2,140,885
	1,330,000	Verizon New York, Inc., Series B, 7.375%, 4/01/2032		1,460,137

				94,780,796

		Total Non-Convertible Bonds (Identified Cost $2,667,429,687)		2,754,156,379

	Convertible Bonds – 0.9%
		Banking – 0.1%
	1,820,000	Wells Fargo & Co., 4.661%, 5/01/2033(c)(b)		1,811,446

		Independent Energy – 0.1%
	500,000	Devon Energy Corp., 4.900%, 8/15/2008		871,875
	1,750,000	Devon Energy Corp., 4.950%, 8/15/2008(b)		3,051,562

				3,923,437

		Media Non-Cable – 0.0%
	542,450	Liberty Media LLC, 3.500%, 1/15/2031		481,424

		Non-Captive Consumer – 0.1%
	1,000,000	Countrywide Financial Corp., 1.743%, 4/15/2037, 144A(c)		779,800
	2,510,000	Countrywide Financial Corp., 2.619%, 5/15/2037, 144A(c)		1,831,547

				2,611,347

		Non-Captive Diversified – 0.3%
	8,875,000	iStar Financial, Inc., 5.743%, 10/01/2012(c)		7,854,375

		Pharmaceuticals – 0.0%
	360,000	Watson Pharmaceuticals, Inc., 1.750%, 3/15/2023		341,100

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Technology – 0.0%
	710,000	Avnet, Inc., 2.000%, 3/15/2034		832,475

		Wireless – 0.1%
$	2,100,000	NII Holdings, Inc., 3.125%, 6/15/2012	$	1,800,750

		Wirelines – 0.2%
	2,500,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		2,190,625
	205,000	Level 3 Communications, Inc., 6.000%, 9/15/2009		190,650
	3,740,000	Level 3 Communications, Inc., 6.000%, 3/15/2010		3,328,600

				5,709,875

		Total Convertible Bonds (Identified Cost $25,328,608)		25,366,229

		Total Bonds and Notes (Identified Cost $2,692,758,295)		2,779,522,608


Shares/ Principal Amount (‡)
	Short-Term Investments – 28.3%
	691,488,830	State Street Securities Lending Quality Trust(e)		691,488,830
$	160,591,000	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/07 at 3.25% to be repurchased at $160,619,996 on 1/02/08 collateralized by $5,000 Federal Home Loan Mortgage Corp., 5.6250% due 11/23/2035 with a value of $4,969; $860,000 Federal Home Loan Bank, 5.800% due 9/02/2008 with a value of $884,820; $85,010,000 Federal Home Loan Bank, 4.125% due 4/18/2008 with a value of $85,614,846; $420,000 Federal Home Loan Bank, 4.125% due 11/19/2008 with a value of $414,834; $71,580,000 Federal Home Loan Mortgage Corp., 5.750% due 4/15/2008 with a value of $72,743,175; $10,000 Federal Home Loan Association, 6.250% due 5/15/2029 with a value of $11,792; $60,000 Federal Home Loan Association, 5.450% due 10/18/2021 with a value of $63,150; $3,465,000 Federal Home Loan Association, 5.400% due 6/15/2015 with a value of $3,473,663; $585,000 Federal Home Loan Association, 6.020% due 5/08/2017 with a value of $591,581, each including accrued interest (f)		160,591,000

		Total Short-Term Investments (Identified Cost $852,079,830)		852,079,830

		Total Investments - 120.7% (Identified Cost $3,544,838,125)(a)		3,631,602,438
		Other assets less liabilities — (20.7)%		(623,358,591	)

		Total Net Assets — 100.0%	$	3,008,243,847

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

(†)

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

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)

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

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

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $3,546,325,518 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	$	124,199,385
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(38,922,465	)

Net unrealized appreciation	$	85,276,920

At September 30, 2007, the Fund had a capital loss carryover of approximately $1,968,385 of which $215,200 expires on September 30, 2014 and $1,753,185, expires on September 30, 2015. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b)

(c)	Variable rate security. Rate as of December 31, 2007 is disclosed.

(d)	Illiquid Security. At December 31, 2007, the value of these securities amounted to $2,780,402 or 0.09% of total net assets.

(e)	Represents investments of security lending collateral.

(f)


144A		Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2007, the total value of these securities amounted to $241,609,721 or 8.0% of total net assets.

EMTN		Euro Medium Term Note
GMTN		Global Medium Term Note
MTN		Medium Term Note
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
GBP		British Pound
IDR		Indonesian Rupiah
ISK		Iceland Krona
KRW		South Korean Won
MXN		Mexican Peso
MYR		Malaysian Ringgit
NZD		New Zealand Dollar
SGD		Singapore Dollar
THB		Thailand Baht
ZAR		South African Rand

Holdings at December 31, 2007 as a Percentage of Net Assets (Unaudited)


Treasuries	26.8	%

Sovereigns	8.6

Non-Captive Diversified	5.3

Non-Captive Consumer	4.1

Wirelines	3.4

Pipelines	3.1

Electric	3.1

Banking	2.6

Airlines	2.3

Healthcare	2.2

Media Cable	2.1

Other, less than 2% each	28.8

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)

Currency Exposure at December 31, 2007 as a Percentage of Net Assets

(Unaudited)


United States Dollar	74.0	%

Canadian Dollar	7.9

Australian Dollar	1.8

New Zealand Dollar	1.7

Brazilian Real	1.5

Mexican Peso	1.5

Other, less than 2% each	4.0

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount		Description	Value (†)
	Bonds and Notes — 78.3% of Net Assets
		Agency — 3.4%
$	4,200,000	Federal Home Loan Bank, 3.625%, 11/14/2008	$	4,182,100

		Asset-Backed Securities — 5.9%
	905,000	Americredit Automobiles Receivables Trust, Series 2007-DF, Class A2A, 5.660%, 1/06/2011		908,190
	615,000	Americredit Prime Automobile, Series 2007-2M, Class A2B, 5.278%, 11/08/2010(b)		614,574
	1,155,000	CNH Equipment Trust, Series 2007-B, Class A2A, 5.460%, 6/15/2010		1,161,990
	1,035,000	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		798,735
	2,099,872	Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021		2,049,682
	297,586	Residential Funding Mortgage Securities II, Series 2004-HI3, Class A4, 4.630%, 1/25/2020		294,956
	660,000	Residential Funding Mortgage Securities II, Series 2005-HI3, Class A4, 5.490%, 9/25/2035		608,025
	853,476	Residential Funding Mortgage Securities II, Series 2002-HI5, Class A7, 5.700%, 1/25/2028		852,960

				7,289,112

		Collateralized Mortgage Obligation — 0.2%
	189,085	Federal Home Loan Mortgage Corporation, Series 3145, Class KA, 5.000%, 8/15/2024		189,788

		Hybrid ARMs — 2.5%
	1,231,326	JPMorgan Mortgage Trust, Series 2006-A7, Class 1A3, 5.921%, 1/25/2037(b)		1,236,255
	1,888,670	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.587%, 7/25/2035(b)		1,887,486

				3,123,741

		Mortgage Backed Securities — 2.4%
	1,400,000	Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.962%, 6/10/2046(b)		1,450,042
	1,560,000	GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039		1,575,421

				3,025,463

		Mortgage Related — 60.0%
	790,489	FHLMC, 4.500%, 5/01/2034		747,553
	6,650,200	FHLMC, 5.000%, with various maturities from 2019 to 2030(c)		6,668,318
	2,431,769	FHLMC, 5.500%, 12/01/2034		2,429,603
	6,258,116	FHLMC, 6.000%, with various maturities from 2019 to 2021(c)		6,401,968
	10,109,619	FHLMC, 6.500%, with various maturities from 2014 to 2034(c)		10,443,106
	237,158	FHLMC, 7.000%, 2/01/2016		247,477
	38,059	FHLMC, 7.500%, with various maturities from 2012 to 2026(c)		39,616
	19,238	FHLMC, 8.000%, with various maturities from 2010 to 2015(c)		20,299
	5,838	FHLMC, 10.000%, 7/01/2019		6,695
	234,954	FHLMC, 11.500%, with various maturities from 2015 to 2020(c)		261,051
	13,132,221	FNMA, 4.000%, with various maturities from 2018 to 2019(c)		12,619,385
	2,700,369	FNMA, 4.500%, with various maturities from 2019 to 2035(c)		2,598,020
	2,008,823	FNMA, 5.000%, 6/01/2035		1,961,158
	4,411,616	FNMA, 5.500%, with various maturities from 2017 to 2036(c)		4,423,179
	10,823,894	FNMA, 6.000%, with various maturities from 2017 to 2034(c)		11,071,677
	3,335,013	FNMA, 6.049%, 2/01/2037(b)		3,407,493
	6,629,304	FNMA, 6.500%, with various maturities from 2017 to 2037(c)		6,823,785
	600,000	FNMA, 6.625%, 9/15/2009(d)		629,727
	289,942	FNMA, 7.000%, 12/01/2022		308,175
	539,949	FNMA, 7.500%, with various maturities from 2015 to 2032(c)		571,806
	90,995	FNMA, 8.000%, with various maturities from 2015 to 2016(c)		95,849
	129,481	GNMA, 6.000%, 12/15/2031		132,877
	489,721	GNMA, 6.500%, 5/15/2031		508,005
	411,855	GNMA, 7.000%, with various maturities from 2028 to 2029(c)		437,052
	11,552	GNMA, 9.000%, with various maturities from 2008 to 2009 (c)		11,710

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	3,809	GNMA, 9.500%, 8/15/2009	$	3,934
	8,363	GNMA, 12.500%, with various maturities from 2014 to 2015(c)		9,697
	104,586	GNMA, 16.000%, with various maturities from 2011 to 2012(c)		122,748
	44,644	GNMA, 17.000%, with various maturities in 2011(c)		53,168
	985,000	Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		986,673

				74,041,804

		Treasuries — 3.9%
	1,040,000	U.S. Treasury Note, 3.125%, 10/15/2008(d)		1,038,212
	4,000,000	U.S. Treasury STRIPS, Zero Coupon, 11/15/2009		3,779,964

				4,818,176

		Total Bonds and Notes (Identified Cost $96,729,987)		96,670,184


Shares/ Principal Amount
	Short-Term Investments — 23.0%
	1,697,834	State Street Securities Lending Quality Trust(e)		1,697,834
$	21,000,000	Federal Home Loan Mortgage Corp. Discount Notes		20,870,220
	1,000,000	Federal National Mortgage Association, Discount Notes		995,994
	4,774,911	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2007 at 3.250% to be repurchased at $4,775,773 on 1/02/2008, collateralized by $4,795,000 Federal Home Loan Mortgage Corp., 5.750% due 4/15/2008 valued at $4,872,919 including accrued interest(f)		4,774,911

		Total Short-Term Investments (Identified Cost $28,329,923)		28,338,959

		Total Investments — 101.3% (Identified Cost $125,059,910)(a)		125,009,143
		Other assets less liabilities—(1.3)%		(1,656,438	)

		Net Assets — 100%	$	123,352,705

(†)

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

Investments as of December 31, 2007 (Unaudited)

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

At December 31, 2007, the net unrealized depreciation on investments based on a cost of $125,112,090 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	$	652,224
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(755,171	)

Net unrealized depreciation	$	(102,947	)

At September 30, 2007, the Fund had a capital loss carryover of approximately $16,683,265 of which $4,165,768 expires on September 30, 2008, $4,128,091 expires on September 30, 2009, $663,109 expires on September 30, 2010, $425,323 expires on September 30, 2011, $193,904 expires on September 30, 2012, $2,770,324 expires on September 30, 2014 and $4,336,746 expires on September 30, 2015. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b)	Variable rate security whose interest rate varies with changes in a designated base rate (such as the prime interest rate) on a specified date (such as coupon date or interest payment date). The coupon rate shown represents the rate at period end.

(c)

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

(d)

(e)	Represents investment of securities lending collateral.

(f)


ARMs		Adjustable Rate Mortgages
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
STRIPS		Separate Trading of Registered Interest and Principal of Securities

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

Investments as of December 31, 2007 (Unaudited)

Holdings at December 31, 2007 as a Percentage of Net Assets (Unaudited)


Mortgage Related	60.0	%

Asset-Backed Securities	5.9

Treasuries	3.9

Agency	3.4

Hybrid ARMs	2.5

Mortgage Backed Securities	2.4

Other, less than 2% each	0.2

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Mid Cap Growth Fund


	Shares	Value (†)
COMMON STOCKS – 92.2% of Net Assets

Aerospace & Defense – 3.2%
BE Aerospace, Inc.(b)(c)	26,432	$	1,398,253
Precision Castparts Corp.	6,241		865,627

			2,263,880

Biotechnology – 1.2%
BioMarin Pharmaceutical, Inc.(b)(c)	24,222		857,459

Capital Markets – 3.3%
BlackRock, Inc.(b)	6,542		1,418,306
Janus Capital Group, Inc.(b)	28,425		933,761

			2,352,067

Chemicals – 7.8%
CF Industries Holdings, Inc.(b)	16,419		1,807,075
Ecolab, Inc.(b)	27,969		1,432,293
Mosaic Co. (The)(b)(c)	24,744		2,334,349

			5,573,717

Commercial Services & Supplies – 4.6%
Corrections Corp. of America(b)(c)	44,786		1,321,635
Stericycle, Inc.(b)(c)	33,911		2,014,313

			3,335,948

Communications Equipment – 1.7%
Research In Motion Ltd.(c)	10,861		1,231,637

Construction & Engineering – 4.2%
Fluor Corp.(b)	8,717		1,270,241
Foster Wheeler Ltd.(b)(c)	11,347		1,759,012

			3,029,253

Containers & Packaging – 1.4%
Crown Holdings, Inc.(c)	39,831		1,021,665

Diversified Consumer Services – 1.4%
New Oriental Education & Technology Group, Inc., ADR(b)(c)	12,693		1,022,929

Diversified Financial Services – 6.7%
IntercontinentalExchange, Inc.(c)	12,162		2,341,185
Nasdaq Stock Market, Inc.(b)(c)	27,570		1,364,439
Nymex Holdings, Inc.(b)	8,249		1,102,149

			4,807,773

Electrical Equipment – 6.2%
First Solar, Inc.(b)(c)	3,601		961,971
Roper Industries, Inc.(b)	17,513		1,095,263
SunPower Corp., Class A(b)(c)	8,197		1,068,807
Suntech Power Holdings Co., Ltd., ADR(b)(c)	15,750		1,296,540

			4,422,581

Electronic Equipment & Instruments – 2.3%
Mettler-Toledo International, Inc.(c)	14,601		1,661,594

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Mid Cap Growth Fund - continued


	Shares	Value (†)
COMMON STOCKS – continued
Energy Equipment & Services – 4.8%
Cameron International Corp.(b)(c)	19,840	$	954,899
National-Oilwell Varco, Inc.(c)	22,164		1,628,168
Oceaneering International, Inc.(c)	12,540		844,569

			3,427,636

Food Products – 1.4%
Bunge Ltd.	8,915		1,037,795

Health Care Equipment & Supplies – 6.8%
Gen-Probe, Inc.(b)(c)	13,630		857,736
Idexx Laboratories, Inc.(c)	19,417		1,138,419
Intuitive Surgical, Inc.(b)(c)	6,033		1,957,708
Mindray Medical International Ltd., ADR(b)	21,334		916,722

			4,870,585

Hotels, Restaurants & Leisure – 1.6%
Ctrip.com International Ltd., ADR(b)	20,266		1,164,687

Household Durables – 1.3%
Garmin Ltd.(b)	9,403		912,091

Independent Power Producers & Energy Traders – 1.8%
Constellation Energy Group(b)	12,677		1,299,773

Industrial Conglomerates – 1.6%
McDermott International, Inc.(c)	19,043		1,124,108

Internet & Catalog Retail – 2.5%
Priceline.com, Inc.(b)(c)	15,691		1,802,268

Life Sciences Tools & Services – 1.7%
Illumina, Inc.(b)(c)	20,013		1,185,970

Machinery – 2.3%
AGCO Corp.(b)(c)	24,363		1,656,197

Media – 2.9%
Central European Media Enterprises Ltd., Class A(b)(c)	9,057		1,050,431
Focus Media Holding Ltd., ADR(b)(c)	18,293		1,039,225

			2,089,656

Oil, Gas & Consumable Fuels – 5.2%
Arena Resources, Inc.(b)(c)	19,533		814,721
Denbury Resources, Inc.(b)(c)	46,946		1,396,643
Range Resources Corp.(b)	29,805		1,530,785

			3,742,149

Pharmaceuticals – 1.2%
Allergan, Inc.(b)	13,259		851,758

Semiconductors & Semiconductor Equipment – 2.4%
MEMC Electronic Materials, Inc.(c)	19,771		1,749,536

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Mid Cap Growth Fund - continued


	Shares		Value (†)
COMMON STOCKS – continued
Software – 3.6%
Nuance Communications, Inc.(b)(c)		44,453	$	830,382
Salesforce.com, Inc.(b)(c)		17,237		1,080,588
VMware, Inc., Class A(b)(c)		7,970		677,370

				2,588,340

Specialty Retail – 1.9%
GameStop Corp., Class A(b)(c)		21,453		1,332,446

Wireless Telecommunication Services – 5.2%
Millicom International Cellular SA(b)(c)		9,254		1,091,417
Turkcell Iletisim Hizmet AS, ADR		36,231		998,889
Vimpel-Communications, ADR		39,729		1,652,726

				3,743,032

TOTAL COMMON STOCKS (Identified Cost $51,176,884)				66,158,530


	Shares/ Principal Amount
SHORT-TERM INVESTMENTS – 36.6%

State Street Securities Lending Quality Trust(d)		18,233,333		18,233,333

Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2007 at 3.250% to be repurchased at $8,058,455 on 1/02/2008 collateralized by $8,180,000 Federal Home Loan Bank, 2.750% due 3/14/2008 with a value of $8,220,900, including accrued interest(e)	$	8,057,000		8,057,000

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $26,290,333)				26,290,333

TOTAL INVESTMENTS – 128.8% (Identified Cost $77,467,217)(a)				92,448,863
Other assets less liabilities—(28.8)%				(20,693,005	)

NET ASSETS – 100.0%			$	71,755,858

(†)

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Mid Cap Growth Fund - continued

(a)

Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $77,467,217 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	$	15,262,500
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(280,854	)

Net unrealized appreciation	$	14,981,646

At September 30, 2007, the Fund had a capital loss carryover of approximately $88,120,634 of which, $66,978,246 expires on September 30, 2010 and $21,142,388 expires on September 30, 2011. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b)

(c)

Non-income producing security.

(d)

Represents investments of security lending collateral.

(e)


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.

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Mid Cap Growth Fund - continued

HOLDINGS AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)


Chemicals	7.8	%

Health Care Equipment & Supplies	6.8

Diversified Financial Services	6.7

Electrical Equipment	6.2

Wireless Telecommunication Service	5.2

Oil, Gas & Consumable Fuels	5.2

Energy Equipment & Services	4.8

Commercial Services & Supplies	4.6

Construction & Engineering	4.2

Software	3.6

Capital Markets	3.3

Aerospace & Defense	3.2

Media	2.9

Internet & Catalog Retail	2.5

Semiconductors & Semiconductor	2.4

Electronic Equipment & Instrument	2.3

Machinery	2.3

Other, less than 2% each	18.2

LOOMIS SAYLES MUNICIPAL INCOME FUND — PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2007 (Unaudited)


Principal Amount		Description	Value (†)
	Tax Exempt Obligations — 98.6% of Net Assets
		California — 9.0%
$	1,000,000	California Health Facilities Financing Authority (Catholic Healthcare West), Series I, 4.950%, 7/01/2026(b)	$	1,045,120
	1,000,000	California Health Facilities Financing Authority (Cedar-Sinai Medical Center), 5.000%, 11/15/2027		1,001,230
	2,655,000	California Statewide Communities Development Authority (California Endowment), 5.250%, 7/01/2023		2,822,557
	1,500,000	California Statewide Communities Development Authority (Sutter Health), Series A, 5.000%, 11/15/2043		1,477,755
	1,200,000	Long Beach California Bond Financing Authority (Natural Gas Purchase), Series A, 5.500%, 11/15/2027		1,224,720

				7,571,382

		Colorado — 2.6%
	2,500,000	Colorado Health Facilities Authority, 5.000%, 12/01/2035		2,212,400

		District of Columbia — 3.6%
	3,000,000	Metropolitan Washington D.C. Airports Authority, 5.125%, 10/01/2029 (FGIC insured)		3,021,270

		Florida — 1.2%
	1,000,000	Jacksonville, FL, Economic Development Community Health Care Facilities (Mayo Clinic), 5.000%, 11/15/2036		993,890

		Guam — 1.2%
	1,000,000	Guam Government Waterworks Authority, 5.875%, 7/01/2035		1,026,160

		Illinois — 2.5%
	2,000,000	Metropolitan Pier & Exposition Authority, IL, 5.250%, 6/15/2042 (MBIA insured)		2,085,440

		Louisiana — 4.6%
	4,000,000	DeSoto Parish, LA, Environmental Improvement, 5.000%, 11/01/2018		3,846,600

		Massachusetts — 2.5%
	1,000,000	Massachusetts Development Finance Agency (Simmons College), Series H, 5.250%, 10/01/2033 (XLCA Insured)		1,098,690
	1,045,000	Massachusetts State Health & Educational Facilities Authority (Lahey Clinic Medical Center), 4.500%, 8/15/2035 (FGIC insured)		1,014,382

				2,113,072

		Michigan — 6.8%
	1,500,000	Michigan State Hospital Finance Authority Revenue (Henry Ford Health System), Series A, 5.000%, 11/15/2038		1,436,280
	1,100,000	Michigan State Hospital Finance Authority Revenue (Oakwood Obligated Group), 5.500%, 11/01/2014		1,176,076
	1,000,000	Taylor Brownfield Redevelopment Authority, MI, 5.000%, 5/01/2025 (MBIA insured)		1,041,610
	2,000,000	University of Michigan Hospital, 5.250%, 12/01/2020		2,093,100

				5,747,066

		Minnesota — 3.7%
	1,000,000	Chaska Minnesota Electric Revenue, 5.250%, 10/01/2025		1,042,520
	2,000,000	Minnesota State Municipal Power Agency, 5.250%, 10/01/2024		2,080,360

				3,122,880

		Mississippi — 4.6%
	2,500,000	Lowndes County, MS, Solid Waste Disposal & Pollution Control, 6.800%, 4/01/2022		2,825,725
	1,000,000	Mississippi, Hospital Equipment & Facilities Authority (Delta Regional Medical Center), 5.000%, 2/01/2035 (MBIA, FHA insured)		1,018,220

				3,843,945

		New Jersey — 5.1%
	1,000,000	New Jersey Economic Development Authority Revenue, Cigarette Tax, 5.500%, 6/15/2024		980,680
	1,000,000	New Jersey Economic Development Authority Revenue, Cigarette Tax, 5.625%, 6/15/2018		1,005,030
	2,000,000	New Jersey Transportation Trust Fund Authority, Series A, 5.500%, 12/15/2023		2,272,400

				4,258,110

		New York — 16.7%
	1,020,000	New York, NY, 6.000%, 1/15/2020		1,130,231
	1,000,000	New York, NY, City Health & Hospital Corp., 5.000%, 2/15/2020 (FSA insured)		1,042,940
	1,000,000	New York, NY, City Industrial Development Agency, 5.500%, 1/01/2024(b)		1,030,610
	2,000,000	New York, NY, City Municipal Water Finance Authority, Series C, 5.000%, 6/15/2025 (MBIA insured)		2,098,760

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount		Description	Value (†)
		New York — continued
$	1,000,000	New York, NY, City Municipal Water Finance Authority, Series A, 5.125%, 6/15/2034 (FSA insured)	$	1,037,140
	2,000,000	New York State Dormitory Authority, 5.500%, 5/15/2013		2,162,760
	2,200,000	New York State Dormitory Authority, 5.750%, 7/01/2013		2,371,820
	3,000,000	New York State Municipal Bond Bank Agency, Series C, 5.250%, 6/01/2020		3,180,630

				14,054,891

		North Carolina — 1.6%
	1,300,000	North Carolina Eastern Municipal Power Agency, Series A, 5.500%, 1/01/2012		1,373,736

		Oregon — 3.3%
	1,750,000	Multnomah County, OR, Hospital Facilities Authority (Providence Health System), 5.250%, 10/01/2012		1,862,175
	500,000	Oregon, Western Generation Agency, Wauna Cogeneration Project, Series A, 5.000%, 1/01/2020		461,705
	485,000	Oregon, Western Generation Agency, Wauna Cogeneration Project, Series A, 5.000%, 1/01/2021		443,712

				2,767,592

		Pennsylvania — 3.2%
	2,500,000	Pennsylvania State Industrial Development Authority, 5.500%, 7/01/2019 (AMBAC insured)		2,689,725

		Puerto Rico — 3.8%
	1,000,000	Puerto Rico Commonwealth Infrastructure Financing Authority, Series A, 5.500%, 10/01/2040		1,062,240
	2,000,000	Puerto Rico Public Finance Corp., Commonwealth Appropriation, Series A, 5.750%, 8/01/2027(b)		2,089,040

				3,151,280

		South Carolina — 3.7%
	1,100,000	Charleston Educational Excellence Finance Corp., 5.250%, 12/01/2030		1,128,567
	1,155,000	Lexington One School Facilities Corp., 5.000%, 12/01/2026		1,164,032
	800,000	Newberry Investing in Children’s Education (Newberry County School District), 5.250%, 12/01/2022		800,472

				3,093,071

		South Dakota — 1.5%
	1,250,000	South Dakota Health & Educational Facilities Authority (Sioux Valley Hospital), 5.250%, 11/01/2027		1,272,125

		Tennessee — 5.2%
	2,000,000	Knox County, TN Health Educational & Housing Facilities Board, Hospital Facilities Revenue, Series A, Zero Coupon, 1/01/2035		448,040
	2,500,000	Tennessee Energy Acquisition Corp., Gas Revenue, Series A, 5.250%, 9/01/2026		2,511,650
	1,355,000	Tennessee Housing Development Agency, Series A, 5.200%, 7/01/2023		1,388,509

				4,348,199

		Texas — 9.5%
	1,130,000	Conroe, TX, Independent School District, 4.500%, 2/15/2030		1,111,287
	2,000,000	Dallas-Fort Worth, TX, International Airport, 5.500%, 11/01/2033 (MBIA insured)		2,034,680
	1,260,000	Keller, TX, Independent School District, Series A, 4.500%, 8/15/2031		1,234,800
	1,650,000	SA Energy Acquisition Public Facility Corp., Texas Gas Supply Revenue, 5.500%, 8/01/2027		1,708,212
	1,000,000	Tarrant County, TX, Cultural Educational Facilities Finance Corp., Buckner Retirement Services, Inc. Project, 5.250%, 11/15/2037		943,910
	1,000,000	Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue (Texas Health Resources), Series A, 5.000%, 2/15/2036		988,040

				8,020,929

		Washington — 2.7%
	2,000,000	Energy Northwest, WA, Electric, Project No. 1, Series A, 5.500%, 7/01/2014		2,224,340

		Total Tax Exempt Obligations (Identified Cost $82,819,972)		82,838,103


	Short-Term Investments — 0.5%
	426,260	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/07 at 3.250% to be repurchased at $426,337 on 1/02/08, collateralized by $435,000 Federal Home Loan Bank, 2.750% due 3/14/08 valued at $437,175, including accrued interest(c) (Identified Cost $426,260)		426,260

		Total Investments — 99.1% (Identified Cost $83,246,232)(a)	$	83,264,363
		Other assets less liabilities—0.9%		779,069

		Net Assets — 100%	$	84,043,432

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

Investments as of December 31, 2007 (Unaudited)

(†)

(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Accretion of market discount on debt securities and straddle loss deferrals are excluded for tax purposes.):

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $82,948,484 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	$	1,741,507
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,425,628	)

Net unrealized appreciation	$	315,879

(b)	Variable rate security whose interest rate varies with changes in a designated base rate (such as the prime interest rate) on a specified date (such as coupon date or interest payment date). The coupon rate shown represents the rate at period end.

(c)


AMBAC		American Municipal Bond Assurance Corp.
FGIC		Financial Guarantee Insurance Company
FHA		Federal Housing Administration
FSA		Financial Security Assurance, Inc.
MBIA		Municipal Bond Investors Assurance Corp.
XLCA		XL Capital Assurance, Inc.

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

Investments as of December 31, 2007 (Unaudited)

Holdings at December 31, 2007 as a Percentage of Net Assets (Unaudited)


Corporate Backed/Industrial Revenue/Pollution Control	11.1	%

Hospital	9.6

Hospital Obligated Group	9.3

Electric	9.1

Airport	6.0

College & Universities	5.4

State Appropriation	5.2

Gas	5.0

Water & Sewage	5.0

Lease	4.9

Special Tax	4.8

Bond Bank/Pooled Loan Program	3.8

Non-Profit	3.4

School District	2.8

Senior Living	2.6

City & Town	2.6

Health Care - Services	2.3

Other, less than 2% each	5.7

LOOMIS SAYLES RESEARCH FUND - PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2007 (Unaudited)


Shares	Description	Value (†)
Common Stocks – 99.5% of Net Assets

	Aerospace & Defense – 5.4%
4,895	Boeing Co.	$	428,117
3,225	Precision Castparts Corp.		447,307
4,232	Rockwell Collins, Inc.		304,577
6,444	United Technologies Corp.		493,224

			1,673,225

	Beverages – 4.9%
13,078	Coca-Cola Co. (The)		802,597
4,534	Pepsi Bottling Group, Inc.(b)		178,912
7,066	PepsiCo, Inc.		536,309

			1,517,818

	Biotechnology – 0.7%
3,183	Cephalon, Inc.(b)(c)		228,412

	Capital Markets – 2.1%
1,884	Goldman Sachs Group, Inc.		405,154
3,202	State Street Corp.(b)		260,003

			665,157

	Chemicals – 2.0%
9,881	Ecolab, Inc.(b)		506,006
787	Potash Corp. of Saskatchewan, Inc.		113,296

			619,302

	Commercial Banks – 2.1%
5,509	PNC Financial Services Group, Inc.(b)		361,666
8,866	U.S. Bancorp(b)		281,407

			643,073

	Communications Equipment – 3.7%
25,284	Cisco Systems, Inc.(c)		684,438
10,997	Corning, Inc.		263,818
1,903	Research In Motion Ltd.(c)		215,800

			1,164,056

	Computers & Peripherals – 5.6%
3,263	Apple, Inc.(c)		646,335
15,359	EMC Corp.(b)(c)		284,602
16,249	Hewlett-Packard Co.		820,250

			1,751,187

	Consumer Finance – 1.5%
8,951	American Express Co.(b)		465,631

	Containers & Packaging – 1.3%
6,407	Owens-Illinois, Inc.(b)(c)		317,147
3,507	Pactiv Corp.(c)		93,391

			410,538

	Diversified Financial Services – 2.6%
13,610	Bank of America Corp.(b)		561,549
380	CME Group, Inc.(b)		260,680

			822,229

	Diversified Telecommunication Services – 3.6%
27,102	AT&T, Inc.		1,126,359

	Electric Utilities – 1.4%
3,402	Exelon Corp.(b)		277,739
2,078	FirstEnergy Corp.		150,323

			428,062

	Electrical Equipment – 1.3%
7,302	Emerson Electric Co.		413,731

	Energy Equipment & Services – 4.0%
2,019	Baker Hughes, Inc.(b)		163,741
7,262	Halliburton Co.		275,302
3,842	Schlumberger Ltd.		377,938
2,918	Transocean, Inc.(c)		417,712

			1,234,693

	Food & Staples Retailing – 3.3%
7,107	Costco Wholesale Corp.		495,784
13,121	CVS Caremark Corp.		521,560

			1,017,344

	Health Care Equipment & Supplies – 3.6%
5,172	Becton, Dickinson & Co.		432,276
9,123	Covidien Ltd.		404,057
4,084	Hologic, Inc.(b)(c)		280,326

			1,116,659

	Health Care Providers & Services – 1.3%
4,433	Aetna, Inc.(b)		255,917
1,573	Medco Health Solutions, Inc.(c)		159,502

			415,419

	Hotels, Restaurants & Leisure – 3.9%
7,002	International Game Technology(b)		307,598
10,197	McDonald’s Corp.		600,705
3,534	MGM MIRAGE(b)(c)		296,927

			1,205,230

	Household Products – 1.6%
6,628	Colgate-Palmolive Co.		516,719

	Independent Power Producers & Energy Traders – 2.2%
4,038	Constellation Energy Group(b)		414,016
6,572	NRG Energy, Inc.(b)(c)		284,831

			698,847

	Industrial Conglomerates – 1.1%
5,004	Textron, Inc.(b)		356,785

	Insurance – 9.4%
9,834	ACE Ltd.(b)		607,544
6,286	Aflac, Inc.		393,692
10,968	American International Group, Inc.(b)		639,434
13,598	Chubb Corp. (The)		742,179
5,840	Prudential Financial, Inc.(b)		543,354

			2,926,203

	Internet & Catalog Retail – 2.3%
4,215	Amazon.com, Inc.(b)(c)		390,478
2,771	Priceline.com, Inc.(b)(c)		318,277

			708,755

	Internet Software & Services – 1.8%
814	Google, Inc. Class A(c)		562,865

	Life Sciences Tools & Services – 1.5%
8,047	Thermo Fisher Scientific, Inc.(b)(c)		464,151

	Machinery – 4.2%
7,571	Danaher Corp.(b)		664,280
3,084	Deere & Co.(b)		287,182
3,612	Eaton Corp.		350,183

			1,301,645

	Media – 2.6%
13,244	DIRECTV Group, Inc. (The)(c)		306,201
10,712	Time Warner, Inc.(b)		176,855
9,807	Walt Disney Co. (The)(b)		316,570

			799,626

	Oil, Gas & Consumable Fuels – 8.8%
5,974	ConocoPhillips		527,504
1,393	Devon Energy Corp.(b)		123,852

LOOMIS SAYLES RESEARCH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Shares		Description	Value (†)
		Oil, Gas & Consumable Fuels – continued
	15,419	ExxonMobil Corp.(b)	$	1,444,606
	1,982	Hess Corp.		199,904
	2,277	Range Resources Corp.(b)		116,947
	6,330	XTO Energy, Inc.		325,109

				2,737,922

		Pharmaceuticals – 4.6%
	5,689	Barr Pharmaceuticals, Inc.(c)		302,086
	15,761	Merck & Co., Inc.		915,872
	8,636	Schering-Plough Corp.		230,062

				1,448,020

		Semiconductors & Semiconductor Equipment – 0.8%
	7,806	NVIDIA Corp.(b)(c)		265,560

		Software – 4.3%
	9,414	Intuit, Inc.(b)(c)		297,576
	29,228	Microsoft Corp.(b)		1,040,517

				1,338,093

		Total Common Stocks (Identified Cost $27,478,795)		31,043,316


Shares/ Principal Amount
	Short-Term Investments – 26.2%
	7,993,341	State Street Securities Lending Quality Trust(d)		7,993,341
$	165,000	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2007 at 3.250% to be repurchased at $165,030 on 1/2/2008 collateralized by $170,000 Federal Home Loan Mortgage Corp., 5.750% due 4/15/2008 with a value of $172,763 including accrued interest(e)		165,000
		Total Short-Term Investments (Identified Cost $8,158,341)		8,158,341

		Total Investments - 125.7% (Identified Cost $35,637,136)(a)		39,201,657
		Other assets less liabilities — (25.7)%		(8,004,109	)

		Net Assets — 100.0%	$	31,197,548

(†)

LOOMIS SAYLES RESEARCH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)

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

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $35,637,136 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	$	4,087,274
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(522,753	)

Net unrealized appreciation	$	3,564,521

(b)

(c)	Non-income producing security.

(d)	Represents investments of security lending collateral.

(e)

Holdings at December 31, 2007 as a Percentage of Net Assets (Unaudited)


Insurance		9.4

Oil, Gas & Consumable Fuels		8.8

Computers & Peripherals		5.6

Aerospace & Defense		5.4

Beverages		4.9

Pharmaceuticals		4.6

Software		4.3

Machinery		4.2

Energy Equipment & Services		4.0

Hotels, Restaurants & Leisure		3.9

Communications Equipment		3.7

Diversified Telecommunication Services		3.6

Health Care Equipment & Supplies		3.6

Food & Staples Retailing		3.3

Diversified Financial Services		2.6

Media		2.6

Internet & Catalog Retail		2.3

Independent Power Producers & Energy Traders		2.2

Capital Markets		2.1

Commercial Banks		2.1

Chemicals		2.0

Other, less than 2% each		14.3

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Growth Fund


	Shares	Value (†)
COMMON STOCKS – 95.4% of Net Assets

Aerospace & Defense – 2.0%
American Science & Engineering, Inc.(b)	8,109	$	460,186
Moog, Inc., Class A(c)	17,016		779,503

			1,239,689

Biotechnology – 3.2%
BioMarin Pharmaceutical, Inc.(b)(c)	13,037		461,510
Indevus Pharmaceuticals, Inc.(b)(c)	62,438		433,944
Metabolix, Inc.(b)(c)	19,460		463,148
Myriad Genetics, Inc.(b)(c)	8,355		387,839
Theravance, Inc.(b)(c)	10,553		205,783

			1,952,224

Capital Markets – 2.4%
FCStone Group, Inc.(b)(c)	15,840		729,115
GFI Group, Inc.(b)(c)	7,344		702,968

			1,432,083

Chemicals – 0.6%
Penford Corp.(b)	13,575		347,384

Commercial Services & Supplies – 11.3%
Advisory Board Co.(b)(c)	15,934		1,022,804
FTI Consulting, Inc.(b)(c)	14,466		891,684
Geo Group, Inc. (The)(b)(c)	20,278		567,784
Huron Consulting Group, Inc.(b)(c)	7,890		636,171
ICF International, Inc.(c)	15,871		400,901
IHS, Inc., Class A(c)	11,895		720,361
Innerworkings, Inc.(b)(c)	41,754		720,674
Interface, Inc., Class A(b)	26,469		431,974
Team, Inc.(b)(c)	19,197		702,226
Waste Connections, Inc.(b)(c)	25,374		784,057

			6,878,636

Communications Equipment – 2.4%
Foundry Networks, Inc.(b)(c)	36,173		633,751
Harmonic, Inc.(b)(c)	39,219		411,015
Sonus Networks, Inc.(b)(c)	70,842		413,009

			1,457,775

Computers & Peripherals – 0.8%
Brocade Communications Systems, Inc.(b)(c)	65,959		484,139

Construction & Engineering – 1.2%
Northwest Pipe Co.(b)(c)	19,438		760,803

Distributors – 1.5%
LKQ Corp.(b)(c)	44,490		935,180

Diversified Consumer Services – 5.7%
Bright Horizons Family Solutions, Inc.(b)(c)	13,741		474,614
Capella Education Co.(b)(c)	8,201		536,837
Corinthian Colleges, Inc.(b)(c)	34,227		527,096
DeVry, Inc.(b)	15,216		790,623

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued


	Shares	Value (†)
COMMON STOCKS – continued

Diversified Consumer Services – continued
INVESTools, Inc.(c)	38,302	$	679,478
New Oriental Education & Technology Group, Inc.,
ADR(b)(c)	5,817		468,792

			3,477,440

Diversified Financial Services – 0.6%
Portfolio Recovery Associates, Inc.(b)	8,482		336,481

Diversified Telecommunication Services – 2.9%
Cbeyond, Inc.(b)(c)	14,852		579,079
Cogent Communications Group, Inc.(b)(c)	16,279		385,975
NTELOS Holdings Corp.(b)	26,594		789,576

			1,754,630

Electric Utilities – 1.1%
ITC Holdings Corp.(b)	11,731		661,863

Electronic Equipment & Instruments – 0.9%
IPG Photonics Corp.(b)(c)	28,228		564,278

Energy Equipment & Services – 4.3%
Exterran Holdings, Inc.(b)(c)	8,380		685,484
Helix Energy Solutions Group, Inc.(c)	9,842		408,443
Mitcham Industries, Inc.(c)	22,232		457,090
T-3 Energy Services, Inc.(c)	12,357		580,902
Tesco Corp.(c)	16,609		476,180

			2,608,099

Health Care Equipment & Supplies – 5.5%
Conceptus, Inc.(b)(c)	24,984		480,692
Inverness Medical Innovations, Inc.(b)(c)	14,317		804,329
Masimo Corp.(b)(c)	15,302		603,664
Meridian Bioscience, Inc.(b)	12,963		389,927
NuVasive, Inc.(b)(c)	11,845		468,115
Orthofix International NV(b)(c)	10,233		593,207

			3,339,934

Health Care Providers & Services – 4.8%
HealthExtras, Inc.(c)	22,459		585,731
Psychiatric Solutions, Inc.(b)(c)	20,952		680,940
RadNet, Inc.(b)(c)	68,682		697,122
Sun Healthcare Group, Inc.(c)	56,380		968,045

			2,931,838

Health Care Technology – 1.0%
Phase Forward, Inc.(b)(c)	28,733		624,943

Hotels, Restaurants & Leisure – 1.1%
Life Time Fitness, Inc.(b)(c)	13,227		657,117

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued


	Shares	Value (†)
COMMON STOCKS – continued

Household Durables – 0.6%
Jarden Corp.(b)(c)	15,548	$	367,088

Insurance – 3.3%
Arch Capital Group Ltd.(c)	8,747		615,351
eHealth, Inc.(c)	9,698		311,403
National Financial Partners Corp.(b)	12,930		589,737
ProAssurance Corp.(b)(c)	9,440		518,445

			2,034,936

Internet Software & Services – 4.2%
Ariba, Inc.(b)(c)	54,832		611,377
DealerTrack Holdings, Inc.(b)(c)	14,173		474,370
VistaPrint Ltd.(b)(c)	19,630		841,146
Vocus, Inc.(b)(c)	18,114		625,476

			2,552,369

IT Services – 1.6%
Information Services Group, Inc.(b)(c)	62,175		425,899
Syntel, Inc.(b)	14,570		561,236

			987,135

Life Sciences Tools & Services – 3.0%
Affymetrix, Inc.(c)	15,191		351,520
Exelixis, Inc.(b)(c)	40,830		352,363
Parexel International Corp.(c)	14,091		680,595
Third Wave Technologies(c)	43,166		416,552

			1,801,030

Machinery – 3.5%
Kadant, Inc.(b)(c)	23,608		700,449
Middleby Corp.(b)(c)	7,272		557,181
RBC Bearings, Inc.(c)	19,587		851,251

			2,108,881

Media – 1.9%
Knology, Inc.(b)(c)	38,678		494,305
Morningstar, Inc.(b)(c)	8,572		666,473

			1,160,778

Oil, Gas & Consumable Fuels – 3.9%
Arena Resources, Inc.(b)(c)	12,692		529,383
Carrizo Oil & Gas, Inc.(c)	10,284		563,049
Petrohawk Energy Corp.(b)(c)	31,231		540,609
Petroleum Development Corp.(b)(c)	5,255		310,728
TXCO Resources, Inc.(b)(c)	35,944		433,485

			2,377,254

Pharmaceuticals – 0.7%
K-V Pharmaceutical Co.(b)(c)	15,031		428,985

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued


	Shares		Value (†)
COMMON STOCKS – continued

Semiconductors & Semiconductor Equipment – 6.3%
ATMI, Inc.(b)(c)		15,448	$	498,198
Cavium Network, Inc.(b)(c)		19,766		455,013
Cypress Semiconductor Corp.(c)		17,551		632,362
Monolithic Power Systems, Inc.(b)(c)		21,891		470,000
Netlogic Microsystems, Inc.(b)(c)		19,303		621,557
Tessera Technologies, Inc.(b)(c)		19,091		794,186
Volterra Semiconductor Corp.(b)(c)		34,835		384,230

				3,855,546

Software – 8.4%
Blackbaud, Inc.(b)		22,111		619,992
Blackboard, Inc.(b)(c)		15,948		641,907
BladeLogic, Inc.(c)		23,299		688,951
Informatica Corp.(b)(c)		42,960		774,139
Interactive Intelligence, Inc.(b)(c)		17,568		462,917
Taleo Corp., Class A(c)		22,704		676,125
Tyler Technologies, Inc.(b)(c)		49,467		637,630
Ultimate Software Group, Inc.(b)(c)		19,436		611,651

				5,113,312

Specialty Retail – 0.9%
Dick’s Sporting Goods, Inc.(b)(c)		19,047		528,745

Textiles, Apparel & Luxury Goods – 0.7%
Movado Group, Inc.(b)		17,669		446,849

Trading Companies & Distributors – 1.8%
Aircastle Ltd.		18,425		485,130
Kaman Corp.(b)		16,951		623,967

				1,109,097

Wireless Telecommunication Services – 1.3%
SBA Communications Corp., Class A(b)(c)		22,917		775,512

TOTAL COMMON STOCKS (Identified Cost $51,861,807)				58,092,053


	Shares/ Principal Amount
SHORT-TERM INVESTMENTS – 30.4%

State Street Securities Lending Quality Trust(d)		15,533,552		15,533,552

Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/07 at 3.250% to be repurchased at $2,970,536 on 1/02/08 collateralized by $3,060,000 Federal Home Loan Bank Discount Note, Zero Coupon due 3/24/08 with a value of $3,029,400 (e)	$	2,970,000		2,970,000

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $18,503,552)				18,503,552

TOTAL INVESTMENTS – 125.8% (Identified Cost $70,365,359)(a)			$	76,595,605
Other assets less liabilities—(25.8)%				(15,720,095	)

NET ASSETS – 100.0%			$	60,875,510

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

(†)

(a)

Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $70,365,359 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	$	7,649,690
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,419,444	)

Net unrealized appreciation	$	6,230,246

At September 30, 2007, the Fund had a capital loss carryover of approximately $198,807,284 of which $139,524,244 expires on September 30, 2010 and $59,283 040, expires on September 30, 2011. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

(b)

(c)

Non-income producing security.

(d)

Represents investments of security lending collateral.

(e)


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.

HOLDINGS AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)


Commercial Services& Supplies	11.3	%

Software	8.4

Semiconductors & Semiconductor Equipments	6.3

Diversified Consumer Services	5.7

Health Care Equipment & Supplies	5.5

Health Care Providers & Services	4.8

Energy Equipment & Services	4.3

Internet Software & Services	4.2

Oil, Gas & Consumable Fuels	3.9

Machinery	3.5

Insurance	3.3

Biotechnology	3.2

Life Sciences Tools & Services	3.0

Diversified Telecommunication	2.9

Communications Equipment	2.4

Capital Markets	2.4

Aerospace & Defense	2.0

Other, less than 2% each	18.3

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 92.2% of Net Assets
	Convertible Bonds — 3.1%
		Canada — 0.2%
$	25,040,000	Nortel Networks Corp., 144A, 2.125%, 4/15/2014	$	19,406,000
	3,187,000	Nortel Networks Corp., Guaranteed Senior Note, 4.250%, 9/01/2008		3,127,244

				22,533,244

		United States — 2.9%
	12,755,000	Avnet, Inc., 2.000%, 3/15/2034(b)		14,955,237
	200,000	Builders Transport, Inc., Subordinated Note, 6.500%, 5/01/2011(c)		—
	1,000,000	Builders Transport, Inc., Subordinated Note, 8.000%, 8/15/2005(c)		—
	750,000	Ciena Corp., 3.750%, 2/01/2008		746,250
	139,000	Dixie Group, Inc., Subordinated Note, 7.000%, 5/15/2012		130,660
	11,899,000	Enzon Pharmaceuticals, Inc., 4.500%, 7/01/2008		11,809,757
	5,111,000	EPIX Pharmaceuticals, Inc., Senior Note, Convertible, 3.000%, 6/15/2024		3,437,148
	15,868,000	Host Hotels & Resorts, Inc., 144A, 2.625%, 4/15/2027		13,547,305
	26,700,000	Human Genome Sciences, Inc., 2.250%, 8/15/2012		23,128,875
	30,860,000	Incyte Corp., 3.500%, 2/15/2011(b)		30,319,950
	12,005,000	Invitrogen Corp., 1.500%, 2/15/2024		12,665,275
	43,805,000	iStar Financial, Inc., 5.229%, 10/01/2012(b)(d)		38,767,425
	14,465,000	Kellwood Co., (step to 0.000% on 6/15/2011), 3.500%, 6/15/2034(e)		12,566,469
	6,670,000	Kulicke & Soffa Industries, Inc., Convertible, 0.500%, 11/30/2008		6,294,812
	3,790,000	Kulicke & Soffa Industries, Inc., Convertible, 1.000%, 6/30/2010		3,278,350
	26,793,000	Level 3 Communications, Inc., 6.000%, 9/15/2009		24,917,490
	35,395,000	Level 3 Communications, Inc., 6.000%, 3/15/2010(b)		31,501,550
	6,117,164	Liberty Media LLC, Convertible, 3.500%, 1/15/2031		5,428,983
	4,591,000	Maxtor Corp., Subordinated Note, 5.750%, 3/01/2012(f)		4,315,540
	24,081,000	Nektar Therapeutics, 3.250%, 9/28/2012		19,866,825
	625,000	Nextel Communications, Inc., Senior Note, 5.250%, 1/15/2010		618,750
	500,000	Preston Corp., Subordinated Note, 7.000%, 5/01/2011		465,350
	20,000,000	Regeneron Pharmaceuticals, Inc., Subordinated Note, 5.500%, 10/17/2008		21,025,000
	311,000	Richardson Electronics Ltd., 7.750%, 12/15/2011		289,230
	7,716,000	Sinclair Broadcast Group, Inc., (step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(e)		7,050,495
	22,735,000	Valeant Pharmaceuticals International, Subordinated Note, 3.000%, 8/16/2010		20,802,525
	28,222,000	Valeant Pharmaceuticals International, Subordinated Note, 4.000%, 11/15/2013		23,706,480
	5,860,000	Wells Fargo & Co., 4.661%, 5/01/2033(b)(d)		5,832,458

				337,468,189

		Total Convertible Bonds (Identified Cost $363,791,689)		360,001,433

		Non-Convertible Bonds — 89.1%
		Australia — 2.5%
	119,520,000	New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010, (AUD)		104,187,494
	61,765,000	New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012, (AUD)		51,695,222
	1,500,000	Qantas Airways, Ltd., 144A, 5.125%, 6/20/2013		1,512,606
	32,710,000	Qantas Airways, Ltd., 144A, 6.050%, 4/15/2016		33,649,562
	50,000,000	Queensland Treasury Corp., 144A, 7.125%, 9/18/2017, (NZD)		37,463,456
	79,205,000	Queensland Treasury Corp. Series 11G, 6.000%, 6/14/2011, (AUD)		67,011,227

				295,519,567

		Bermuda — 0.1%
	11,855,000	Weatherford International, Ltd., 6.500%, 8/01/2036		11,838,925

		Brazil — 1.8%
	9,922,000	Republic of Brazil, 8.250%, 1/20/2034		12,551,330
	6,000,000	Republic of Brazil, 8.875%, 4/15/2024(b)		7,650,000
	55,200,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)(b)		29,770,786
	140,235,000	Republic of Brazil, 12.500%, 1/05/2016, (BRL)(b)		85,874,242
	107,840,000	Republic of Brazil, 12.500%, 1/05/2022, (BRL)		67,551,461

				203,397,819

		Canada — 12.6%
	250,000	Abitibi-Consolidated, Inc., 6.000%, 6/20/2013		170,313
	8,125,000	Abitibi-Consolidated, Inc., 7.400%, 4/01/2018		5,342,187
	12,310,000	Abitibi-Consolidated, Inc., 7.500%, 4/01/2028		7,909,175

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Canada — continued
$	2,960,000	Abitibi-Consolidated, Inc., 8.500%, 8/01/2029	$	2,020,200
	39,846,000	Abitibi-Consolidated, Inc., 8.850%, 8/01/2030(b)		27,294,510
	9,785,000	Algoma Acquistion Corp., 144A, 9.875%, 6/15/2015		8,023,700
	750,000	Avenor, Inc., 10.850%, 11/30/2014, (CAD)		590,015
	4,370,000	Bell Canada, 144A, 6.550%, 5/01/2029, (CAD)		3,765,121
	5,925,000	Bell Canada, (MTN), 5.000%, 2/15/2017, (CAD)		4,983,376
	8,445,000	Bell Canada, (MTN), 7.300%, 2/23/2032, (CAD)		7,855,446
	33,455,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		27,505,674
	150,000	Bombardier, Inc., 144A, 6.300%, 5/01/2014,		146,625
	2,795,000	Bombardier, Inc., 7.350%, 12/22/2026, (CAD)		2,676,199
	15,600,000	Bombardier, Inc.,144A, 7.450%, 5/01/2034(b)		15,366,000
	121,095,000	Canada Housing Trust, 4.100%, 12/15/2008, (CAD)		122,773,484
	14,525,000	Canadian Government, 4.000%, 6/01/2016, (CAD)		14,747,963
	441,205,000	Canadian Government, 4.250%, 9/01/2008, (CAD)		447,946,346
	436,930,000	Canadian Government, 4.250%, 12/01/2008, (CAD)		444,101,859
	21,565,000	Canadian Government, 4.250%, 9/01/2009, (CAD)		22,004,843
	35,580,000	Canadian Government, 5.750%, 6/01/2033, (CAD)(b)		45,351,477
	24,200,000	Canadian Government, 6.000%, 6/01/2008, (CAD)(b)		24,725,218
	5,162,000	CIT Group Funding Co., 5.200%, 6/01/2015		4,419,482
	30,000,000	Connacher Oil and Gas Ltd., 144A, 10.250%, 12/15/2015		29,962,500
	335,000	GMAC Canada, Ltd., Series E, (MTN), 6.625%, 12/17/2010, (GBP)		580,160
	945,000	GMAC Canada, Ltd., 7.750%, 9/26/2008, (NZD)		676,755
	9,790,000	Kinder Morgan Finance Co. ULC, Guaranteed Note, 5.700%, 1/05/2016		8,861,918
	56,350,000	Kinder Morgan Finance Co. ULC, Guaranteed Note, 6.400%, 1/05/2036		46,536,704
	10,655,000	Nortel Networks Corp., 6.875%, 9/01/2023		8,417,450
	22,320,000	Nortel Networks, Ltd., 144A, 10.125%, 7/15/2013		22,989,600
	22,930,000	North American Energy Partners, Inc., Senior Note, 8.750%, 12/01/2011		22,643,375
	7,365,000	Northern Telecom Capital Corp., 7.875%, 6/15/2026		6,039,300
	2,525,000	Rogers Wireless Communications, Inc., Senior Secured Note, 6.375%, 3/01/2014		2,601,149
	2,085,000	Rogers Wireless Communications, Inc, Senior Note, 7.625%, 12/15/2011, (CAD)(b)		2,262,266
	10,000,000	Shaw Communications, Inc., 5.700%, 3/02/2017, (CAD)		9,630,984
	9,170,000	Talisman Energy, Inc., 5.850%, 2/01/2037		8,573,877
	24,260,000	Talisman Energy, Inc., 6.250%, 2/01/2038		23,642,801
	31,690,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		29,810,659

				1,462,948,711

		Cayman Islands — 0.0%
	555,000	Enersis SA, Cayman Island, 7.400%, 12/01/2016		601,442

		Chile — 0.0%
	4,875,000	Empresa Nacional de Electricidad SA, Chile, 7.875%, 2/01/2027(b)		5,428,917
	250,000	Empresa Nacional de Electricidad SA, Chile, 8.350%, 8/01/2013		283,232

				5,712,149

		Finland — 0.5%
	3,680,200,000	Nordic Investment Bank, 13.000%, 9/12/2008, (ISK)		57,898,860

		France — 0.2%
	224,520,000	BNP Paribas SA, Series E, (MTN), 144A, Zero Coupon, 6/13/2011, (IDR)		17,796,661

		Germany — 0.1%
	565,300,000	Kreditanstalt fuer Wiederaufbau, Series E, (MTN), 10.000%, 10/27/2008, (ISK)		8,759,559

		India — 0.1%
	9,090,000	ICICI Bank Ltd., 144A, 6.375%, 4/30/2022(d)		8,228,423

		Indonesia — 0.3%
	27,246,000	Indonesia Treasury Bond, 0.010%, 11/20/2012, (IDR)		18,652,306
	10,462,600	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		10,839,398
	10,000,000,000	Indonesia Treasury Bond, Series FR47, 10.000%, 2/15/2028, (IDR)		994,677

				30,486,381

		Ireland — 0.6%
	32,520,000	Elan Finance PLC, 8.875%, 12/01/2013		32,032,200
	45,765,000	Elan Finance PLC, Senior Note, 7.750%, 11/15/2011		43,019,100

				75,051,300

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		Luxembourg — 0.4%
$	23,000,000	Telecom Italia Capital, 6.000%, 9/30/2034	$	22,365,338
	19,635,000	Telecom Italia Capital, 6.375%, 11/15/2033		19,665,238

				42,030,576

		Malaysia — 0.2%
	20,000,000	Ranhill Labuan Ltd., 144A, 12.500%, 10/26/2011		19,596,280

		Mexico — 2.9%
	11,265,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		11,349,487
	3,245,000(††)	Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015, (MXN)		29,437,293
	27,728,881(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		249,105,924
	4,738,000(††)	Mexican Fixed Rate Bonds, Series M-10, 9.000%, 12/20/2012, (MXN)		45,160,399

				335,053,103

		Netherlands — 1.3%
	1,800,000	Koninklijke (Royal) KPN NV, Series G, (MTN), 4.000%, 6/22/2015, (EUR)		2,341,602
	1,120,000	Koninklijke (Royal) KPN NV, Series E, (MTN), 5.750%, 3/18/2016, (GBP)		2,158,709
	8,098,000	Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030		9,709,745
	8,580,000,000	Rabobank Nederland, Series EMTN, 144A, 13.500%, 1/28/2008, (ISK)		136,379,254

				150,589,310

		Philippines — 0.0%
	3,700,000	Philippine Long Distance Telephone Co., Series E, (MTN), 8.350%, 3/06/2017		4,107,000
	1,660,000	Quezon Power (Philippines), Ltd., Senior Secured Note, 8.860%, 6/15/2017		1,660,000

				5,767,000

		Republic of Korea — 0.1%
	5,470,000	Hanarotelecom, Inc., 144A, 7.000%, 2/01/2012		5,579,400
	300,000	Samsung Electronics Co., Ltd., 144A, 7.700%, 10/01/2027		335,294

				5,914,694

		Scotland — 1.6%
	169,620,000	Astrazeneca PLC, 6.450%, 9/15/2037		185,848,563

		Singapore — 0.0%
	1,050,000	SP PowerAssets, Ltd., Series E, (MTN), 3.730%, 10/22/2010, (SGD)		740,227

		South Africa — 0.4%
	320,500,000	Republic of South Africa, 13.000%, 8/31/2010, (ZAR)(b)		50,783,096

		Spain — 1.1%
	113,785,000	Telefonica Emisiones SAU, Guaranteed Note, 7.045%, 6/20/2036		127,187,280

		Supranational — 2.2%
	15,543,570	European Investment Bank, 144A, Zero Coupon, 9/12/2008, (BRL)		8,080,665
	128,250,000	European Investment Bank, Senior Note, Zero Coupon, 3/10/2021, (AUD)		47,285,478
	134,330,000	European Investment Bank, 144A, 4.600%, 1/30/2037, (CAD)		136,049,021
	80,000,000	Inter-American Development Bank, Series E, (MTN), Zero Coupon, 5/11/2009, (BRL)		37,191,011
	24,450,000	Inter-American Development Bank, Series E, (MTN), 6.000%, 12/15/2017, (NZD)		16,905,552
	12,125,000	Inter-American Development Bank, Series G, (MTN), 6.250%, 6/22/2016, (NZD)		8,542,452

				254,054,179

		Switzerland — 0.0%
	346,700,000	Eurofima, Series EMTN, 10.000%, 11/03/2008, (ISK)		5,352,639

		Thailand — 0.2%
	28,355,000	True Move Co., Ltd., 144A, 10.750%, 12/16/2013		28,638,550

		United Kingdom — 0.2%
	76,496,404,750	JPMorgan Chase Bank, 144A, Zero Coupon, 10/21/2010, (IDR)		6,453,634
	1,000,000	Virgin Media Finance PLC, 9.125%, 8/15/2016		990,000
	4,570,000	Virgin Media Finance PLC, 9.750%, 4/15/2014, (GBP)		8,778,647
	1,605,000	Vodafone Group PLC, 6.150%, 2/27/2037		1,585,130

				17,807,411

		United States — 59.7%
	5,565,000	AES Corp. (The), 8.375%, 3/01/2011, (GBP)		10,977,992
	4,020,000	AES Corp. (The), Senior Note, 7.750%, 3/01/2014		4,050,150
	1,190,000	Affiliated Computer Services, Inc., 5.200%, 6/01/2015		1,024,888
	41,705,000	Agilent Technologies, Inc., 6.500%, 11/01/2017		42,365,148
	17,735,000	Albertson’s, Inc., 7.750%, 6/15/2026		17,542,025
	69,896,000	Albertson’s, Inc., Senior Note, 7.450%, 8/01/2029(b)		67,270,636
	4,895,000	Albertson’s, Inc., Senior Note, 8.000%, 5/01/2031		4,965,840
	1,510,000	Albertson’s, Inc., Senior Note, 8.700%, 5/01/2030		1,608,736

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	13,242,000	Albertson’s, Inc., Series C, (MTN), 6.625%, 6/01/2028	$	11,649,822
	4,785,000	Allstate Corp., 5.950%, 4/01/2036		4,489,962
	2,075,000	ALLTEL Corp., 6.500%, 11/01/2013		1,660,000
	8,065,000	ALLTEL Corp., 6.800%, 5/01/2029		5,645,500
	14,360,000	ALLTEL Corp., 7.000%, 7/01/2012		12,385,500
	66,815,000	ALLTEL Corp., Senior Note, 7.875%, 7/01/2032		51,113,475
	825,000	American Airlines, Inc., Series 1999-1, Class B, 7.324%, 4/15/2011		814,688
	995,863	American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011		980,826
	218,655,000	American General Finance Corp., 6.900%, 12/15/2017		218,873,655
	6,950,000	Amkor Technology, Inc., Senior Note, 7.125%, 3/15/2011		6,619,875
	9,870,000	Amkor Technology, Inc., Senior Note, 7.750%, 5/15/2013		9,302,475
	37,190,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		37,867,974
	45,910,000	Anadarko Petroleum Corp., 6.450%, 9/15/2036		46,751,806
	10,503,000	APL Ltd., Senior Note, 8.000%, 1/15/2024(f)		8,822,520
	1,585,000	Aramark Services, Inc., 5.000%, 6/01/2012		1,363,100
	4,640,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		4,939,503
	8,000,000	ASIF Global Financing, 144A, 2.380%, 2/26/2009, (SGD)		5,495,299
	10,245,000	AT&T Corp., 6.500%, 3/15/2029		10,056,676
	8,500,000	AT&T, Inc., 6.150%, 9/15/2034		8,485,771
	127,100,000	AT&T, Inc., 6.500%, 9/01/2037		132,905,674
	17,574,841	Atlas Air, Inc., Series 1998-1, Class 1B, 7.680%, 1/02/2014		20,562,564
	320,321	Atlas Air, Inc., Series 1999-1, Class A2, 6.880%, 7/02/2009		310,712
	12,740,207	Atlas Air, Inc., Series 1999-1, Class B, 7.630%, 1/02/2015		14,651,238
	4,744,556	Atlas Air, Inc., Series 1999-1, Class C, 8.770%, 1/02/2011		4,768,279
	5,323,737	Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 1/02/2014		6,654,671
	6,862,758	Atlas Air, Inc., Series C, 8.010%, 1/02/2010		6,279,424
	30,125,000	Avnet, Inc., 5.875%, 3/15/2014		30,449,326
	35,630,000	Avnet, Inc., 6.000%, 9/01/2015		35,567,576
	11,345,000	Avnet, Inc., 6.625%, 9/15/2016		11,897,036
	22,125,000	BAC Capital Trust VI, 5.625%, 3/08/2035		18,896,454
	17,310,000,000	Barclays Financial LLC, 144A, 4.060%, 9/16/2010, (KRW)		18,671,980
	1,006,000,000	Barclays Financial LLC, 144A, 4.160%, 2/22/2010, (THB)		32,816,297
	21,340,000,000	Barclays Financial LLC, 144A, 4.460%, 9/23/2010, (KRW)		23,251,606
	56,650,000,000	Barclays Financial LLC, 144A, 4.470%, 12/04/2011, (KRW)		61,633,844
	135,000,000	Barclays Financial LLC, Series E, (MTN), 144A, 4.100%, 3/22/2010, (THB)		4,396,492
	15,195,000	BellSouth Corp., 6.000%, 11/15/2034(b)		14,775,299
	23,584,000	Borden, Inc., 7.875%, 2/15/2023		17,688,000
	6,920,000	Borden, Inc., 8.375%, 4/15/2016		5,605,200
	8,757,000	Borden, Inc., 9.200%, 3/15/2021		7,005,600
	2,765,000	Boston Scientific Corp., 5.450%, 6/15/2014		2,543,800
	10,590,000	Boston Scientific Corp., 6.400%, 6/15/2016		9,954,600
	16,510,000	Boston Scientific Corp., 7.000%, 11/15/2035		14,528,800
	2,685,000	Bowater, Inc., 6.500%, 6/15/2013(b)		1,973,475
	71,400,000	Bruce Mansfield Unit, 6.850%, 6/01/2034		73,487,022
	2,840,000	Centex Corp., 5.250%, 6/15/2015		2,404,943
	21,390,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		20,641,350
	22,690,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		21,782,400
	15,325,000	CIGNA Corp., 6.150%, 11/15/2036		14,218,765
	425,000	Cincinnati Bell, Inc., 8.375%, 1/15/2014		414,375
	3,490,000	CIT Group, Inc., 5.000%, 2/13/2014		3,072,401
	14,150,000	CIT Group, Inc., Series E, Senior Note, (MTN), 5.500%, 12/01/2014, (GBP)		23,740,468
	2,000,000	CIT Group, Inc., 5.600%, 4/27/2011		1,925,754
	3,055,000	CIT Group, Inc., 6.000%, 4/01/2036,		2,471,009
	246,450,000	CIT Group, Inc., 7.625%, 11/30/2012		249,803,199
	7,840,000	CIT Group, Inc., (MTN), 5.125%, 9/30/2014		6,906,021
	8,050,000	CIT Group, Inc., Series E, (MTN), 5.500%, 12/20/2016, (GBP)		12,953,590
	18,650, 000	Citibank NA, 144A, 15.000%, 7/02/2010, (BRL)		11,501,183
	35,260,000	Citizens Communications Co., 7.875%, 1/15/2027		33,585,150
	9,355,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		6,823,911

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	4,165,000	Clear Channel Communications, Inc., 5.500%, 9/15/2014	$	3,174,709
	12,320,000	Clear Channel Communications, Inc., 5.500%, 12/15/2016 (b)		8,976,832
	2,080,000	Clear Channel Communications, Inc., 5.750%, 1/15/2013		1,722,319
	585,000	Clear Channel Communications, Inc., 6.875%, 6/15/2018		469,263
	16,170,000	Cleveland Electric Illuminating Co., 5.950%, 12/15/2036		14,796,601
	2,935,000	Colonial Realty LP, 6.050%, 9/01/2016		2,722,271
	766,000	Colorado Interstate Gas Co., 5.950%, 3/15/2015		757,815
	2,670,000	Colorado Interstate Gas Co., 6.800%, 11/15/2015		2,779,366
	41,635,000	Comcast Corp., 5.650%, 6/15/2035		38,110,306
	34,570,000	Comcast Corp., 6.450%, 3/15/2037		35,198,517
	20,175,000	Comcast Corp., 6.500%, 11/15/2035		20,587,357
	172,500,000	Comcast Corp., 6.950%, 8/15/2037		186,174,420
	6,319,005	Continental Airlines, Inc., Series 1997-4, Class 4B, 6.900%, 1/02/2017		6,066,245
	7,148,296	Continental Airlines, Inc., Series 1998-1, Class 1B, 6.748%, 3/15/2017		6,826,623
	6,925,049	Continental Airlines, Inc., Series 1999-1, Class B, 6.795%, 8/02/2018		6,578,796
	2,374,176	Continental Airlines, Inc., Series 1999-1, Class C, 6.954%, 8/02/2009		2,332,628
	4,342,313	Continental Airlines, Inc., Series 1999-2, Class B, 7.566%, 3/15/2020		4,212,044
	7,533,087	Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019		7,486,005
	2,549,134	Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017		2,453,541
	249,947	Continental Airlines, Inc., Series 96-A, 6.940%, 10/15/2013		246,198
	5,682,266	Continental Airlines, Inc., Series 971A, 7.461%, 4/01/2015		5,526,004
	5,825,000	Continental Airlines, Inc., Series A, 5.983%, 4/19/2022		5,443,987
	23,710,000	Corn Products International, Inc., 6.625%, 4/15/2037		24,698,660
	6,225,000	Corning, Inc., 5.900%, 3/15/2014		6,326,038
	6,220,000	Corning, Inc., 6.200%, 3/15/2016		6,408,460
	6,150,000	Corning, Inc., 6.850%, 3/01/2029		6,497,118
	4,725,000	Corning, Inc., 7.250%, 8/15/2036		5,143,115
	4,110,000	Countrywide Financial Corp., 5.211%, 12/19/2008(d)		3,360,940
	10,288,000	Countrywide Financial Corp., Series A, 144A, 1.743%, 4/15/2037(d)		8,022,582
	25,975,000	Countrywide Financial Corp., Series B, 144A, 2.619%, 5/15/2037(d)		18,953,957
	11,799,000	Countrywide Home Loans, Inc., 4.000%, 3/22/2011		8,519,515
	18,130,000	Covidien International Finance SA, 144A, 6.000%, 10/15/2017		18,759,727
	18,265,000	Covidien International Finance SA, 144A, 6.550%, 10/15/2037		18,968,860
	400,000	CSC Holdings, Inc., Senior Note, 7.875%, 2/15/2018		374,000
	250,000	CSC Holdings, Inc., Series B, Senior Note, 8.125%, 7/15/2009		254,063
	37,345,000	CSX Corp., 6.000%, 10/01/2036(b)		33,893,949
	5,000,000	CSX Corp., 6.250%, 3/15/2018		5,025,535
	1,853,000	Cummins, Inc., 6.750%, 2/15/2027		1,886,806
	2,145,000	Cummins, Inc., 7.125%, 3/01/2028		2,218,217
	19,745,000	DCP Midstream LP, 6.450%, 11/03/2036		19,209,318
	1,000,000	Delta Air Lines, Inc., Class A, 144A, 6.821%, 8/10/2022		960,000
	33,515,000	Delta Air Lines, Inc., Class C, 144A, 8.954%, 8/10/2014		32,844,700
	8,758,000	Dillard’s, Inc., 6.625%, 1/15/2018(b)		6,932,176
	4,187,000	Dillard’s, Inc., 7.130%, 8/01/2018		3,370,535
	1,500,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,155,000
	425,000	Dillard’s, Inc., 7.875%, 1/01/2023		331,500
	3,325,000	Dillard’s, Inc., Class A, 7.000%, 12/01/2028		2,427,250
	1,935,000	Dole Food Co., Inc., 8.625%, 5/01/2009(b)		1,867,275
	8,180,000	Dominion Resources, Inc., Senior Note, Series B, 5.950%, 6/15/2035(b)		7,644,635
	7,955,000	Domtar Corp., 5.375%, 12/01/2013		7,179,387
	43,470,000	DR Horton, Inc., Senior Note, 5.250%, 2/15/2015		34,529,264
	4,335,000	DR Horton, Inc., 5.625%, 9/15/2014		3,641,049
	16,160,000	DR Horton, Inc., Guaranteed Note, 5.625%, 1/15/2016		13,403,896
	1,625,000	DR Horton, Inc., 6.500%, 4/15/2016		1,409,887

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	11,275,000	Dynegy Holdings, Inc., 7.125%, 5/15/2018(b)	$	9,978,375
	10,185,000	Dynegy Holdings, Inc., 7.625%, 10/15/2026		8,657,250
	500,000	Dynegy Holdings, Inc., 7.750%, 6/01/2019		461,250
	7,455,000	Dynegy Holdings, Inc., 8.375%, 5/01/2016		7,287,262
	95,200,000	Edison Mission Energy, 7.625%, 5/15/2027(b)		89,488,000
	15,685,000	El Paso Corp., 6.950%, 6/01/2028		14,848,597
	1,500,000	El Paso Corp., 7.420%, 2/15/2037		1,457,747
	750,000	El Paso Corp., Senior Note, (MTN), 7.800%, 8/01/2031		761,143
	1,000,000	El Paso Energy Corp., (MTN), 7.750%, 1/15/2032		1,015,077
	5,330,000	Embarq Corp., 7.995%, 6/01/2036		5,616,946
	5,255,000	Energy Transfer Partners LP, 6.125%, 2/15/2017		5,110,083
	11,315,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		10,844,828
	13,175,000	Enterprise Products Operating L.P., 6.300%, 9/15/2017		13,480,107
	14,385,000	Equifax, Inc., 7.000%, 7/01/2037		13,649,164
	23,725,000	Federal Home Loan Mortgage Corp., 4.625%, 10/25/2012(b)		24,430,154
	35,900,000	Federal National Mortgage Association, 2.290%, 2/19/2009, (SGD)		24,823,561
	17,816,000	Ford Motor Co., 6.375%, 2/01/2029		11,847,640
	1,705,000	Ford Motor Co., 6.500%, 8/01/2018(b)		1,255,306
	500,000	Ford Motor Co., 6.625%, 2/15/2028		332,500
	73,114,000	Ford Motor Co., 6.625%, 10/01/2028		48,620,810
	1,940,000	Ford Motor Co., 7.125%, 11/15/2025		1,328,900
	86,090,000	Ford Motor Co., 7.450%, 7/16/2031(b)		63,921,825
	800,000	Ford Motor Co., 7.500%, 8/01/2026		568,000
	43,592,000	Ford Motor Credit Co., 5.700%, 1/15/2010		39,275,433
	14,595,000	Ford Motor Credit Co., 8.000%, 12/15/2016		12,397,154
	10,685,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		8,926,131
	15,465,000	Ford Motor Credit Co. LLC, 7.250%, 10/25/2011		13,395,149
	1,030,000	Ford Motor Credit Co. LLC, 7.875%, 6/15/2010		950,347
	9,905,000	Ford Motor Credit Co. LLC, 8.625%, 11/01/2010		9,191,355
	26,820,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016(b)		22,126,500
	60,900,000	General Electric Capital Corp., Series G, (MTN), 2.960%, 5/18/2012, (SGD)		41,432,435
	243,057,000	General Electric Capital Corp., 6.500%, 9/28/2015, (NZD)		170,081,037
	30,350,000	General Electric Capital Corp., Series A, (MTN), 6.625%, 2/04/2010, (NZD)		22,458,553
	500,000	General Electric Capital Corp., Series E, (MTN), 1.725%, 6/27/2008, (SGD)		345,617
	3,100,000	General Electric Capital Corp., Series E, (MTN), 6.125%, 5/17/2012, (GBP)(b)		6,271,749
	66,645,000	General Electric Capital Corp., Series E, (MTN), 6.750%, 9/26/2016, (NZD)		47,759,051
	115,000,000	General Electric Capital Corp., Series G, (MTN), 3.485%, 3/08/2012, (SGD)		79,980,465
	7,365,000	General Motors Corp., 7.400%, 9/01/2025(b)		5,339,625
	52,465,000	General Motors Corp., 8.250%, 7/15/2023(b)		41,709,675
	2,530,000	General Motors Corp., 8.375%, 7/15/2033(b)		2,036,650
	6,345,000	Georgia Gulf Corp., 10.750%, 10/15/2016(b)		4,251,150
	11,720,000	Georgia-Pacific Corp., 7.250%, 6/01/2028		10,313,600
	11,605,000	Georgia-Pacific Corp., 7.375%, 12/01/2025		10,212,400
	120,000	Georgia-Pacific Corp., 7.700%, 6/15/2015		118,200
	42,425,000	Georgia-Pacific Corp., 7.750%, 11/15/2029		38,818,875
	14,820,000	Georgia-Pacific Corp., 8.000%, 1/15/2024		13,782,600
	16,563,000	Georgia-Pacific Corp., 8.875%, 5/15/2031		15,983,295
	50,880,000	GMAC LLC, 6.000%, 12/15/2011		42,672,038
	22,570,000	GMAC LLC, 6.625%, 5/15/2012		18,762,825
	33,061,000	GMAC LLC, (MTN), 6.750%, 12/01/2014		26,665,316
	6,585,000	GMAC LLC, 6.875%, 9/15/2011		5,633,428
	3,745,000	GMAC LLC, 6.875%, 8/28/2012		3,138,175
	8,245,000	GMAC LLC, 7.000%, 2/01/2012		6,995,264
	29,650,000	GMAC LLC, 8.000%, 11/01/2031(b)		24,872,644
	4,762,000	Goodyear Tire & Rubber Co., 7.000%, 3/15/2028		4,142,940
	2,590,000	Great Lakes Dredge & Dock Corp., Senior Subordinated Note, 7.750%, 12/15/2013		2,421,650

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	5,790,000	GTE Corp., 6.940%, 4/15/2028	$	6,201,947
	12,340,000	HCA, Inc., 6.375%, 1/15/2015		10,427,300
	48,525,000	HCA, Inc., 6.500%, 2/15/2016(b)		41,003,625
	14,405,000	HCA, Inc., 7.050%, 12/01/2027		11,001,358
	885,000	HCA, Inc., 7.190%, 11/15/2015		758,750
	9,307,000	HCA, Inc., 7.500%, 12/15/2023		7,621,335
	18,745,000	HCA, Inc., 7.500%, 11/06/2033		14,667,962
	12,040,000	HCA, Inc., 7.580%, 9/15/2025		9,801,306
	27,892,000	HCA, Inc., 7.690%, 6/15/2025		23,091,815
	4,490,000	HCA, Inc., 7.750%, 7/15/2036		3,607,544
	6,155,000	HCA, Inc., 8.360%, 4/15/2024		5,411,618
	14,800,000	HCA, Inc., Senior Note, 5.750%, 3/15/2014		12,284,000
	14,550,000	Hercules, Inc., Subordinated Note, 6.500%, 6/30/2029		11,931,000
	35,790,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		33,674,739
	6,495,000	Hilcorp Energy I LP, 144A, 7.750%, 11/01/2015		6,381,338
	94,865,000	Home Depot, Inc., 5.875%, 12/16/2036		80,056,668
	11,370,000	Hospira, Inc., 6.050%, 3/30/2017		11,424,610
	66,372,000	HSBC Bank PLC, 144A, Zero Coupon, 4/18/2012, (MYR)		17,695,855
	119,806,078	HSBC Bank USA, 144A, Zero Coupon, 11/28/2011(d)		83,684,545
	16,050,000	HSBC Bank USA, 144A, 3.310%, 8/25/2010		18,297,000
	18,122,000	iStar Financial, Inc., 5.150%, 3/01/2012		15,661,340
	5,255,000	iStar Financial, Inc., 5.375%, 4/15/2010		4,864,916
	15,620,000	iStar Financial, Inc., 5.650%, 9/15/2011		13,958,391
	4,040,000	iStar Financial, Inc., 5.800%, 3/15/2011		3,619,202
	1,780,000	iStar Financial, Inc., Series B, 5.125%, 4/01/2011		1,586,733
	11,160,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		9,724,735
	5,310,000	ITC Holdings Corp., 144A, 6.375%, 9/30/2036		5,115,341
	64,745,000	J.C. Penney Corp., Inc., Senior Note, 6.375%, 10/15/2036		57,857,038
	350,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023(b)		360,782
	3,445,000	Jefferson Smurfit Corp., 7.500%, 6/01/2013		3,298,588
	1,425,000	Joy Global, Inc., 6.625%, 11/15/2036		1,503,788
	109,726,100,000	JPMorgan Chase & Co., 144A Zero Coupon, 3/28/2011 , (IDR)		8,836,902
	599,726,100,000	JPMorgan Chase & Co., 144A Zero Coupon, 3/28/2011 , (IDR)		48,514,441
	229,157,783,660	JPMorgan Chase & Co., 144A, Zero Coupon, 4/12/2012, (IDR)		16,717,478
	150,760,200	JPMorgan Chase & Co., Series E, (MTN), 144A, 1.000%, 6/08/2012, (MYR)		38,800,123
	92,000,000	JPMorgan Chase Bank, 144A, Zero Coupon, 5/10/2010, (BRL)		39,313,409
	4,565,000	K N Capital Trust III, 7.630%, 4/15/2028		4,117,630
	4,300,000	K N Energy, Inc., 6.670%, 11/01/2027		3,750,017
	1,235,000	K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012		703,950
	4,830,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.250%, 1/15/2015		3,308,550
	17,035,000	K. Hovnanian Enterprises, Inc., Senior Note, 6.250%, 1/15/2016(b)		11,583,800
	5,080,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.375%, 12/15/2014(b)		3,556,000
	2,490,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.500%, 1/15/2014		1,743,000
	6,290,000	K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016(b)		4,403,000
	1,935,000	K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013(b)		1,083,600
	1,685,000	KB Home, 5.750%, 2/01/2014		1,453,313
	8,340,000	KB Home, Guaranteed Note, 5.875%, 1/15/2015		7,193,250
	5,805,000	KB Home, Guaranteed Note, 6.250%, 6/15/2015(b)		5,050,350
	11,315,000	KB Home, Guaranteed Note, 7.250%, 6/15/2018		10,240,075
	7,515,000	Kellwood Co., 7.625%, 10/15/2017		5,861,700
	1,915,000	Kimball Hill Homes, Inc., 10.500%, 12/15/2012(b)		612,800
	500,000	Kinder Morgan Energy Partners, LP, 5.800%, 3/15/2035		452,613
	11,288,000	Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		9,932,684
	1,650,000	Koppers Holdings, Inc., (step to 9.875% on 11/15/2009), Zero Coupon, 11/15/2014(e)		1,386,000
	37,705,000	Kraft Foods, Inc., 6.500%, 8/11/2017		39,007,557
	30,680,000	Kraft Foods, Inc., 7.000%, 8/11/2037		32,223,357
	4,795,000	Lennar Corp., Series B, Guaranteed Note, 5.600%, 5/31/2015		3,653,895

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	23,885,000	Lennar Corp., Series A, 6.500%, 4/15/2016	$	18,686,931
	2,720,000	Lennar Corp. Series B, 5.125%, 10/01/2010		2,334,024
	13,715,000	Lennar Corp., Series B, 5.500%, 9/01/2014(b)		10,391,348
	35,110,000	Level 3 Communications, Inc., 2.875%, 7/15/2010		30,633,475
	25,235,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		22,112,169
	31,950,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		27,397,125
	13,010,000	Level 3 Financing, Inc., 9.250%, 11/01/2014		11,774,050
	41,535,000	Lowes Cos., Inc., 6.650%, 9/15/2037		42,124,548
	40,854,000	Lucent Technologies, Inc., 6.450%, 3/15/2029		33,755,617
	2,840,000	Lucent Technologies, Inc., 6.500%, 1/15/2028		2,346,550
	11,645,000	Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		10,149,270
	5,415,000	Macys Retail Holdings, Inc., 6.790%, 7/15/2027		5,050,051
	2,660,000	Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		2,590,561
	11,710,000	Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		11,335,058
	9,075,000	Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		7,905,605
	1,250,000	McDonalds Corp., Series E, (MTN), 3.628%, 10/10/2010, (SGD)		884,148
	51,500,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		27,234,242
	5,350,000	Methanex Corp., Senior Note, 6.000%, 8/15/2015		5,220,899
	13,405,000	Michigan Tobacco Settlement Finance Authority, Taxable Turbo Series A, 7.309%, 6/01/2034		12,612,228
	1,000,000	MidAmerican Energy Holdings Co., 6.125%, 4/01/2036(b)		997,618
	40,255,000	MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		42,037,733
	1,153,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045		784,040
	6,465,000	Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		6,368,025
	5,820,000	Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		5,849,100
	7,655,000	Motorola, Inc., 6.500%, 9/01/2025		7,433,832
	1,634,000	Motorola, Inc., 6.500%, 11/15/2028(b)		1,546,251
	3,346,000	New England Telephone & Telegraph Co., 7.875%, 11/15/2029		3,830,578
	54,190,000	News America, Inc., 6.150%, 3/01/2037		52,346,944
	11,140,000	News America, Inc., 6.200%, 12/15/2034(b)		10,981,701
	14,360,000	News America, Inc., 6.400%, 12/15/2035		14,527,237
	4,305,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		4,240,950
	25,790,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		24,241,801
	31,735,000	NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		27,926,800
	84,710,000	NGPL Pipeco LLC, 144A, 7.119%, 12/15/2017		86,857,229
	8,780,000	NII Holdings, Inc., 3.125%, 6/15/2012		7,528,850
	48,500,000	Nisource Finance Corp., 6.400%, 3/15/2018		48,390,923
	26,990,000	Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017		26,045,350
	2,500,000	NRG Energy, Inc., 7.250%, 2/01/2014		2,437,500
	5,000,000	NRG Energy, Inc., 7.375%, 2/01/2016		4,875,000
	4,530,000	ONEOK Partners LP, 6.650%, 10/01/2036		4,580,645
	3,260,000	Owens & Minor, Inc., 6.350%, 4/15/2016		3,326,843
	12,290,000	Owens Corning, Inc., 6.500%, 12/01/2016		11,254,432
	14,200,000	Owens Corning, Inc., 7.000%, 12/01/2036		12,812,163
	42,043,000	Owens-Illinois, Inc., Senior Note, 7.800%, 5/15/2018		42,778,752
	7,175,000	Pioneer Natural Resources Co., 5.875%, 7/15/2016(b)		6,604,889
	760,000	Pioneer Natural Resources Co., 6.875%, 5/01/2018		734,939
	3,898,000	Pioneer Natural Resources Co., 7.200%, 1/15/2028		3,513,295
	20,770,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		21,049,523
	44,730,000	Plains All American Pipeline LP, 6.650%, 1/15/2037(b)		45,016,048
	1,948,000	Ply Gem Industries, Inc., 9.000%, 2/15/2012(b)		1,509,700
	4,240,000	Pulte Homes, Inc., 5.200%, 2/15/2015		3,507,154
	46,260,000	Pulte Homes, Inc., 6.000%, 2/15/2035		34,880,919
	13,190,000	Pulte Homes, Inc., 6.375%, 5/15/2033		9,992,414
	26,920,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		24,228,000
	15,305,000	Qwest Capital Funding, Inc., Guaranteed Note, 6.500%, 11/15/2018		12,932,725
	42,455,000	Qwest Capital Funding, Inc., Guaranteed Note, 6.875%, 7/15/2028(b)		35,874,475
	6,455,000	Qwest Capital Funding, Inc., Guaranteed Note, 7.625%, 8/03/2021		5,809,500

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	20,420,000	Qwest Corp., 6.875%, 9/15/2033(b)	$	18,837,450
	3,649,000	Qwest Corp., 7.250%, 9/15/2025		3,430,060
	2,523,000	Qwest Corp., 7.500%, 6/15/2023		2,415,773
	3,500,000	R.H. Donnelley Corp., 144A, 8.875%, 10/15/2017		3,237,500
	700,000	R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		626,500
	25,230,000	Reliant Energy, Inc., Senior Note, 7.875%, 6/15/2017(b)		24,977,700
	895,000	Residential Capital LLC, 7.625%, 11/21/2008		711,525
	4,170,000	Residential Capital LLC, 7.875%, 6/30/2010		2,668,800
	39,170,000	Residential Capital LLC, 7.875%, 5/17/2013, (GBP)		42,884,499
	2,740,000	Residential Capital LLC, 8.000%, 6/01/2012		1,685,100
	121,645,000	Residential Capital LLC, 8.000%, 4/17/2013		74,811,675
	12,335,000	Residential Capital LLC, 8.375%, 6/30/2015		7,462,675
	19,055,000	Residential Capital LLC, Series E, (MTN), 9.375%, 7/01/2014, (GBP)		21,620,607
	52,930,000	Reynolds American, Inc., 6.750%, 6/15/2017		53,910,422
	13,400,000	Reynolds American, Inc., 7.250%, 6/15/2037(b)		13,543,112
	14,120,000	Sara Lee Corp., 6.125%, 11/01/2032(b)		13,370,694
	9,755,000	Six Flags, Inc., 9.625%, 6/01/2014(b)		7,194,312
	2,785,000	Six Flags, Inc., 9.750%, 4/15/2013(b)		2,088,750
	28,898,000	SLM Corp., Series A, (MTN), 5.000%, 10/01/2013		25,329,328
	37,670,000	SLM Corp., Series A, (MTN), 5.000%, 4/15/2015		32,125,842
	19,327,000	SLM Corp., (MTN), 5.050%, 11/14/2014		16,705,176
	20,890,000	SLM Corp., Series A, (MTN), 5.375%, 5/15/2014		18,572,735
	6,100,000	SLM Corp., Series A, (MTN), 6.500%, 6/15/2010, (NZD)		4,232,283
	1,000,000	SLM Corp., Series E, (MTN), Series 7, 4.750%, 3/17/2014, (EUR)		1,164,669
	11,510,000	SLM Corp., Series A, (MTN), 5.000%, 6/15/2018		9,204,282
	6,045,000	SLM Corp., Series A, (MTN), 5.375%, 1/15/2013		5,407,537
	25,080,000	SLM Corp., Series A, (MTN), 5.625%, 8/01/2033		19,385,235
	2,550,000	Southern Natural Gas Co., 7.350%, 2/15/2031		2,662,613
	6,326,000	Sprint Capital Corp., 6.875%, 11/15/2028		5,999,344
	11,309, 000	Sprint Nextel Corp., 6.000%, 12/01/2016		10,831,681
	4,035,000	Stanley-Martin Communities LLC, 9.750%, 8/15/2015		2,421,000
	18,374,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		13,688,630
	4,480,000	Tenet Healthcare Corp., 9.250%, 2/01/2015		4,144,000
	7,872,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028(b)		7,946,650
	9,240,000	Time Warner, Inc., 6.500%, 11/15/2036		8,990,585
	11,145,000	Time Warner, Inc., 6.625%, 5/15/2029		10,972,520
	4,795,000	Time Warner, Inc., 6.950%, 1/15/2028		4,892,967
	3,150,000	Time Warner, Inc., 7.625%, 4/15/2031		3,485,853
	2,025,000	Time Warner, Inc., 7.700%, 5/01/2032		2,249,886
	8,785,000	Toledo Edison Co., 6.150%, 5/15/2037		8,186,206
	4,245,000	Toll Brothers Financial Corp., 5.150%, 5/15/2015		3,852,168
	32,475,000	Toys R Us, Inc., 7.375%, 10/15/2018		23,463,187
	8,355,000	Toys R Us, Inc., 7.875%, 4/15/2013		6,454,238
	31,135,000	Travelers Cos., Inc. (The), (MTN), 6.250%, 6/15/2037		30,157,735
	4,000,000	Travelers Cos., Inc. (The), 6.750%, 6/20/2036		4,174,260
	1,000,000	Travelers Property Casualty Corp., 6.375%, 3/15/2033		989,121
	35,615,000	Tribune Co., 5.250%, 8/15/2015(b)		20,847,632
	16,030,000	TXU Corp., 5.550%, 11/15/2014		12,794,873
	43,310,000	TXU Corp., Series Q, 6.500%, 11/15/2024		31,590,747
	4,870,000	TXU Corp., Series R, 6.550%, 11/15/2034		3,524,458
	269,945,000	U.S. Treasury Bond, 4.500%, 2/15/2036(b)		271,315,781
	308,865,000	U.S. Treasury Bond, 5.375%, 2/15/2031(b)		347,979,972
	700,000	United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024		661,500
	1,000,000	United Rentals North America, Inc., 7.000%, 2/15/2014		837,500
	7,000,000	United States Steel Corp., 6.050%, 6/01/2017		6,578,831
	4,130,000	United States Steel Corp., 6.650%, 6/01/2037		3,684,142
	16,435,000	United States Steel Corp., 7.000%, 2/01/2018		16,325,083
	24,880,000	USG Corp., 6.300%, 11/15/2016		22,476,418
	12,880,000	USG Corp., 7.750%, 1/15/2018		12,809,224

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

Investments as of December 31, 2007 (Unaudited)


Principal Amount (‡)		Description	Value (†)
		United States — continued
$	51,815,000	Verizon Global Funding Corp., Senior Note, 5.850%, 9/15/2035	$	50,684,086
	5,530,000	Verizon Maryland, Inc., Series B, 5.125%, 6/15/2033		4,766,141
	12,050,000	Verizon New York, Inc., Series A, 7.375%, 4/01/2032		13,229,056
	32,790,000	Viacom, Inc., Senior Note, 6.875%, 4/30/2036		32,879,386
	132,865,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		115,322,834
	50,000,000	WellPoint, Inc., 6.375%, 6/15/2037(b)		49,117,950
	101,985,000	Western Union Co., 6.200%, 11/17/2036(b)		97,882,857
	7,300,000	White Pine Hydro LLC, 6.310%, 7/10/2017(f)		7,643,173
	10,935,000	White Pine Hydro LLC, 6.960%, 7/10/2037(f)		11,309,972
	4,000,000	White Pine Hydro LLC, 7.260%, 7/20/2015(f)		4,146,572
	600,000	Williams Cos., Inc., 7.875%, 9/01/2021		665,250
	965,000	Williams Cos., Inc., Senior Note, 7.750%, 6/15/2031		1,056,675
	8,600,000	Williams Cos., Inc., Series A, 7.500%, 1/15/2031		9,245,000
	11,205,000	Willis North America, Inc., 6.200%, 3/28/2017		11,180,338
	10,270,000	Woolworth Corp., 8.500%, 1/15/2022		9,448,400
	18,050,000	Xerox Capital Trust I, Guaranteed Note, 8.000%, 2/01/2027		18,027,185
	1,730,000	Xerox Corp., (MTN), 7.200%, 4/01/2016(b)		1,853,461
	8,885,000	XTO Energy, Inc., 6.750%, 8/01/2037		9,530,318

				6,918,596,582

		Total Non-Convertible Bonds (Identified Cost $10,059,413,271)		10,326,199,287

		Total Bonds and Notes (Identified Cost $10,423,204,960)		10,686,200,720


Shares
	Common Stocks — 2.2%
		Israel — 0.0%
	2,288	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		106,346

		United States — 2.2%
	200,925	Apartment Investment & Management Co., Class A(b)		6,978,125
	889,730	Associated Estates Realty Corp., (REIT)(b)		8,399,051
	2,238,800	Bristol-Myers Squibb Co.(b)		59,372,976
	53,260	Chesapeake Energy Corp.(b)		2,087,792
	2,309,175	ConAgra Foods, Inc.		54,935,273
	41,343	Corning, Inc.		991,819
	182,500	Developers Diversified Realty Corp., (REIT)		6,987,925
	282,500	Duke Energy Corp.,144A(b)		5,698,025
	460,000	Equity Residential, (REIT)(b)		16,776,200
	1,450,636	Federal Home Loan Mortgage Corp.(b)		49,423,169
	477,725	KB Home(b)		10,318,860
	549,450	Lennar Corp., Class A(b)		9,829,661
	117,700	Simon Property Group, Inc., (REIT)(b)		10,223,422
	141,249	Spectra Energy Corp.(b)		3,647,049
	359,449	Vertex Pharmaceuticals, Inc.(b)(g)		8,350,000

				254,019,347

		Total Common Stocks (Identified Cost $251,734,127)		254,125,693


Shares
	Preferred Stocks — 2.8%
		United States — 2.8%
	302,400	AES Trust III, Convertible, 6.750%, 10/15/2029(b)		14,076,720
	278,685	Chesapeake Energy Corp., Convertible, 4.500%,12/31/2049(b)		32,919,666
	52,020	Chesapeake Energy Corp., 5.00%, 12/31/2049(b)		5,722,200
	107,725	CMS Energy Trust I, Convertible, 7.750%, 7/15/2027		5,251,594
	144,977	El Paso Energy Capital Trust I, Convertible, 4.750%, 3/31/2028		5,219,172
	393	Entergy New Orleans, Inc., 4.750%, 12/31/2045		30,175
	2,200,803	Federal Home Loan Mortgage Corp., Series Z, 8.375%, 12/31/2012		57,550,999
	4,385,000	Federal National Mortgage Association, 8.250%, 12/31/2010		112,913,750
	42,700	FelCor Lodging Trust, Inc., (REIT) Convertible, 1.950%, 12/31/2049		880,474
	1,447,000	Ford Motor Co. Capital Trust II, Convertible, 6.500%, 1/15/2032		47,027,500
	15,600	Lucent Technologies Capital Trust I, Convertible, 7.750%, 3/15/2017		13,612,950
	81,975	Newell Financial Trust I, Convertible, 5.250%, 12/01/2027		3,740,109
	469,300	Owens-Illinois, Inc., Convertible, 4.750%, 12/31/2049		23,455,614
	332,275	Six Flags, Inc., 7.250%, 8/15/2009(b)		4,768,146
	9,381	United Rentals Trust I, Convertible, 6.500%, 8/01/2028		394,002

		Total Preferred Stocks (Identified Cost $319,890,415)		327,563,071

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

Investments as of December 31, 2007 (Unaudited)


Shares		Description	Value (†)
	Closed-End Investment Companies — 0.3%
	203,625	BlackRock Senior High Income Fund, Inc.	$	1,099,575
	330,054	Dreyfus High Yield Strategies		1,234,402
	86,159	Dws High Income Trust		413,563
	204,977	Highland Credit Strategies Fund		3,242,736
	106,081	Highland Credit Strategies Fund(b)(g)		47,736
	110,211	Morgan Stanley Emerging Markets Debt Fund, Inc.		1,069,047
	55,017	Van Kampen High Income Trustt II(b)		199,712
	2,055,800	Western Asset High Income Opportunity Fund, Inc.		12,334,800
	1,368,400	Western Asset Managed High Income Fund, Inc.		7,854,616

		Total Closed-End Investment Companies (Identified Cost $28,450,473)		27,496,187


Shares/ Principal Amount (‡)
	Short-Term Investments — 10.4%
$	1,180,891,133	State Street Securities Lending Quality Trust(h)		1,180,891,133
	25,965,404	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2007 at 3.250% to be repurchased at $25,970,092 on 1/02/2008, collateralized by $26,755,000 Federal Home Loan Bank Discount Note, Zero Coupon due 3/24/2008 with a value of $26,487,450(i)		25,965,404

		Total Short-Term Investments (Identified Cost $1,206,856,537)		1,206,856,537

		Total Investments — 107.9% (Identified Cost $12,230,136,512)		12,502,242,208
		Other assets less liabilities—(7.9)%		(912,263,928	)

		Net Assets — 100%	$	11,589,978,280

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

(†)

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

Investments as of December 31, 2007 (Unaudited)

(††)	Amounts shown represent 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 REIT basis adjustments. Amortization of premium on debt securities is excluded for tax purposes.):

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $12,237,832,036 for federal income tax purposes was as follows:


Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	599,033,702
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(334,608,006	)

Net unrealized appreciation	$	264,425,696

(b)

(c)	Non-income producing security due to default or bankruptcy filing

(d)	Variable rate security whose interest rate varies with changes in a designated base rate (such as the prime interest rate) on a specified date (such as coupon date or interest payment date). The coupon rate shown represents the rate at period end.

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

(f)	Illiquid security. At December 31, 2007, the value of these securities amounted to 36,237,777 or 0.3% of net assets.

(g)	Non-income producing security

(h)	Represents investment of security lending collateral.

(i)


144A		Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $1,188,391,476 or 10.3% of net assets.

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

EMTN		Euro Medium Term Note
MTN		Medium Term Note
REIT		Real Estate Investment Trust

AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
ISK		Iceland Krona
KRW		South Korean Won
MXN		Mexican Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
NZD		New Zealand Dollar
SGD		Singapore Dollar
THB		Thailand Baht
ZAR		South African Rand

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

Investments as of December 31, 2007 (Unaudited)

Holdings at December 31, 2007 as a Percentage of Net Assets (Unaudited)


Sovereigns	13.9	%

Non Captive Consumer	5.6

Treasuries	5.6

Non Captive Diversified	5.1

Wirelines	4.9

Electric	3.8

Diversified Financial Services	3.3

Pharmaceuticals	3.0

Banking	2.9

Telecommunications	2.8

Pipelines	2.7

Sovereign	2.2

Retailers	2.0

Technology	2.0

Other, less than 2% each	37.7

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Tax-Managed Equity Fund


	Shares	Value (†)
COMMON STOCKS – 93.9% of Net Assets

Aerospace & Defense – 5.6%
Boeing Co.	1,925	$	168,360
United Technologies Corp.	2,813		215,307

			383,667

Beverages – 2.0%
PepsiCo, Inc.	1,780		135,102

Capital Markets – 5.6%
Franklin Resources, Inc.(b)	1,334		152,650
Goldman Sachs Group, Inc.(b)	700		150,535
State Street Corp.(b)	1,000		81,200

			384,385

Chemicals – 4.5%
Ecolab, Inc.	3,226		165,204
Praxair, Inc.(b)	1,630		144,597

			309,801

Communications Equipment – 9.0%
Cisco Systems, Inc.(c)	6,623		179,285
Corning, Inc.(b)	8,555		205,234
Harris Corp.	2,165		135,702
Motorola, Inc.	6,400		102,656

			622,877

Computers & Peripherals – 4.7%
EMC Corp.(c)	5,187		96,115
Hewlett-Packard Co.	4,515		227,917

			324,032

Diversified Financial Services – 1.0%
Citigroup, Inc.	2,381		70,097

Diversified Telecommunication Services – 2.6%
AT&T, Inc.	4,351		180,828

Energy Equipment & Services – 1.9%
Transocean, Inc.(c)	916		131,125

Food & Staples Retailing – 1.5%
Spartan Stores, Inc.(b)	4,500		102,825

Health Care Equipment & Supplies – 4.9%
Covidien Ltd.	3,100		137,299
Hologic, Inc.(c)	1,500		102,960
Zimmer Holdings, Inc.(c)	1,481		97,968

			338,227

Health Care Providers & Services – 2.7%
WellPoint, Inc.(c)	2,119		185,900

Hotels, Restaurants & Leisure – 1.6%
Marriott International, Inc., Class A(b)	3,300		112,794

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Tax-Managed Equity Fund - continued


	Shares	Value (†)
COMMON STOCKS – continued
Household Products – 2.1%
Colgate-Palmolive Co.(b)	1,900	$	148,124

Insurance – 5.7%
Aflac, Inc.	2,281		142,859
Allstate Corp.(b)	2,352		122,845
Everest Re Group Ltd.	1,293		129,817

			395,521

IT Services – 3.8%
Broadridge Financial Solutions, Inc.(b)	6,800		152,524
Western Union Co.(b)	4,562		110,765

			263,289

Machinery – 9.5%
Danaher Corp.(b)	2,493		218,736
Dover Corp.(b)	2,524		116,331
Eaton Corp.(b)	1,100		106,645
Joy Global, Inc.(b)	1,900		125,058
Terex Corp.(b)(c)	1,350		88,519

			655,289

Media – 2.1%
DIRECTV Group, Inc. (The)(b)(c)	6,165		142,535

Multiline Retail – 0.9%
Macy’s, Inc.	2,263		58,544

Oil, Gas & Consumable Fuels – 9.5%
ConocoPhillips	2,310		203,973
Devon Energy Corp.	2,488		221,208
ExxonMobil Corp.	2,443		228,885

			654,066

Personal Products – 1.6%
Alberto-Culver Co.(b)	4,540		111,412

Pharmaceuticals – 4.2%
Abbott Laboratories(b)	2,975		167,046
Novartis AG, ADR	2,300		124,913

			291,959

Semiconductors & Semiconductor Equipment – 2.0%
Texas Instruments, Inc.(b)	4,155		138,777

Software – 3.3%
Microsoft Corp.	6,401		227,876

Specialty Retail – 1.6%
Gap, Inc. (The)(b)	5,150		109,592

TOTAL COMMON STOCKS (Identified Cost $5,050,463)			6,478,644

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Tax-Managed Equity Fund - continued


	Shares/ Principal Amount		Value (†)
SHORT-TERM INVESTMENTS – 31.6%

State Street Securities Lending Quality Trust(d)		1,721,141	$	1,721,141

Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/07 at 3.250% to be repurchased at $458,083 on 1/02/08 collateralized by $460,000 Federal Home Loan Mortgage Corp., 5.750% due 4/15/08 with value of $467,475, including accrued interest(e)	$	458,000		458,000
Total Short-Term Investments (Identified Cost $2,179,141)				2,179,141

TOTAL INVESTMENTS – 125.5% (Identified Cost $7,229,604)(a)				8,657,785
Other assets less liabilities—(25.5)%				(1,758,929	)

NET ASSETS – 100.0%			$	6,898,856

(†)

(a)

Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):

At December 31, 2007, the net unrealized appreciation on investments based on cost of $7,229,604 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	$	1,583,527
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(155,346	)

Net unrealized appreciation	$	1,428,181

PORTFOLIO OF INVESTMENTS - as of December 31, 2007 (Unaudited)

Loomis Sayles Tax-Managed Equity Fund - continued

At September 30, 2007, the Fund had a capital loss carryover of approximately $3,482,772 of which $1,693,070 expires on September 30, 2010; $1,662,157, expires on September 30, 2011; $110,150 expires on September 30, 2012 and $17,395, expires on September 30, 2013. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b)

(c)

Non-income producing security.

(d)

Represents investments of security lending collateral.

(e)

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.

HOLDINGS AT DECEMBER 31, 2007 AS A PERCENTAGE OF NET ASSETS (Unaudited)


Machinery	9.5	%

Oil, Gas & Consumable Fuels	9.5

Communications Equipment	9.0

Insurance	5.7

Capital Markets	5.6

Aerospace & Defense	5.6

Health Care Equipment & Supplies	4.9

Computers & Peripherals	4.7

Chemicals	4.5

Pharmaceuticals	4.2

IT Services	3.8

Software	3.3

Health Care Providers & Services	2.7

Diversified Telecommunication	2.6

Household Products	2.1

Media	2.1

Semiconductors & Semiconductor Equipment	2.0

Beverages	2.0

Other, less than 2% each	10.1

LOOMIS SAYLES VALUE FUND - PORTFOLIO OF INVESTMENTS

Investments as of December 31, 2007 (Unaudited)


Shares	Description	Value (†)
Common Stocks – 97.0% of Net Assets

	Aerospace & Defense – 2.9%
73,840	Northrop Grumman Corp.	$	5,806,777
44,409	United Technologies Corp.		3,399,065

			9,205,842

	Beverages – 2.7%
190,524	Coca-Cola Enterprises, Inc.		4,959,340
66,160	Molson Coors Brewing Co., Class B		3,415,179

			8,374,519

	Capital Markets – 5.8%
66,327	Ameriprise Financial, Inc.		3,655,281
130,336	Bank of New York Mellon Corp.		6,355,183
69,469	Merrill Lynch & Co., Inc.		3,729,096
83,890	Morgan Stanley		4,455,398

			18,194,958

	Chemicals – 2.8%
88,102	E.I. du Pont de Nemours & Co.		3,884,417
54,611	Praxair, Inc.		4,844,542

			8,728,959

	Commercial Banks – 3.0%
61,167	PNC Financial Services Group, Inc.		4,015,614
168,775	U.S. Bancorp		5,356,918

			9,372,532

	Commercial Services & Supplies – 1.3%
74,995	Avery Dennison Corp.		3,985,234

	Communications Equipment – 1.2%
232,130	Motorola, Inc.		3,723,365

	Computers & Peripherals – 3.1%
111,867	Hewlett-Packard Co.		5,647,046
38,504	International Business Machines Corp.		4,162,283

			9,809,329

	Consumer Finance – 0.5%
102,863	Discover Financial Services(b)		1,551,174

	Containers & Packaging – 2.0%
124,338	Owens-Illinois, Inc.(c)		6,154,731

	Diversified Financial Services – 6.2%
163,917	Bank of America Corp.		6,763,216
171,775	Citigroup, Inc.		5,057,056
175,802	JPMorgan Chase & Co.		7,673,757

			19,494,029

	Diversified Telecommunication Services – 4.6%
344,501	AT&T, Inc.		14,317,462

	Electric Utilities – 1.6%
63,174	Exelon Corp.		5,157,525

	Electrical Equipment – 3.1%
183,787	ABB Ltd. ADR		5,293,066
58,979	General Cable Corp.(b)(c)		4,321,981

			9,615,047

	Energy Equipment & Services – 3.0%
167,760	Halliburton Co.		6,359,781
58,531	Tidewater, Inc.(b)		3,211,011

			9,570,792

	Food & Staples Retailing – 1.3%
87,568	Wal-Mart Stores, Inc.		4,162,107

	Food Products – 2.7%
190,699	ConAgra Foods, Inc.		4,536,729
117,992	Kraft Foods, Inc., Class A		3,850,079

			8,386,808

	Gas Utilities – 1.4%
82,310	Equitable Resources, Inc.(b)		4,385,477

	Health Care Equipment & Supplies – 1.7%
118,852	Covidien Ltd.		5,263,955

	Health Care Providers & Services – 1.4%
75,511	UnitedHealth Group, Inc.		4,394,740

	Hotels, Restaurants & Leisure – 2.0%
105,973	McDonald’s Corp.		6,242,869

	Household Durables – 1.3%
77,192	Sony Corp., ADR		4,191,526

	Independent Power Producers & Energy Traders – 1.4%
101,457	NRG Energy, Inc.(b)(c)		4,397,146

	Insurance – 8.0%
114,985	Allstate Corp.		6,005,666
108,757	American International Group, Inc.		6,340,533
1,519	Berkshire Hathaway, Inc., Class B(c)		7,193,984
59,818	Prudential Financial, Inc.		5,565,467

			25,105,650

	IT Services – 1.1%
149,595	Broadridge Financial Solutions, Inc.		3,355,416

	Media – 6.4%
204,256	Comcast Corp., Class A(c)		3,729,714
184,231	DIRECTV Group, Inc. (The)(c)		4,259,421
306,087	News Corp., Class A		6,271,723
342,959	Time Warner, Inc.		5,662,253

			19,923,111

	Metals & Mining – 1.0%
31,109	Freeport-McMoRan Copper & Gold, Inc.		3,186,806

	Multi-Utilities & Unregulated Power – 1.2%
84,748	PG&E Corp.(b)		3,651,791

	Oil, Gas & Consumable Fuels – 9.9%
135,907	ExxonMobil Corp.		12,733,127
30,704	Hess Corp.		3,096,805
234,748	Spectra Energy Corp.		6,061,193
58,266	Total SA, Sponsored ADR		4,812,772
86,085	XTO Energy, Inc.		4,421,326

			31,125,223

	Pharmaceuticals – 6.0%
162,153	Bristol-Myers Squibb Co.		4,300,298
85,011	Johnson & Johnson		5,670,234
77,003	Novartis AG, ADR		4,182,033
208,217	Pfizer, Inc.		4,732,772

			18,885,337

	Semiconductors & Semiconductor Equipment – 0.7%
304,389	Micron Technology, Inc.(b)(c)		2,206,820

	Software – 1.6%
141,806	Microsoft Corp.		5,048,294

	Specialty Retail – 1.8%
177,437	Gap, Inc. (The)		3,775,860
139,732	Office Depot, Inc.(c)		1,943,672

			5,719,532

	Textiles, Apparel & Luxury Goods – 0.8%
122,339	Liz Claiborne, Inc.(b)		2,489,599

	Tobacco – 1.5%
61,072	Altria Group, Inc.		4,615,822

	Total Common Stocks (Identified Cost $284,170,773)		303,993,527

LOOMIS SAYLES VALUE FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)


Principal Amount		Description	Value (†)
	Short-Term Investments – 9.3%

	Commercial Paper – 2.2%
$	6,998,000	State Street Boston Corp., 1.5%, 1/02/2008(d)	$	6,997,708


Shares
	22,021,202	State Street Securities Lending Quality Trust(e)		22,021,202

		Total Short-Term Investments (Identified Cost $29,018,910)		29,018,910

		Total Investments - 106.3% (Identified Cost $313,189,683)(a)		333,012,437
		Other assets less liabilities — (6.3)%		(19,801,115	)

		Net Assets — 100.0%	$	313,211,322

(†)

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

At December 31, 2007, the net unrealized appreciation on investments based on a cost of $313,189,683 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	$	35,918,474
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(16,095,720	)

Net unrealized appreciation	$	19,822,754

(b)

(c)	Non-income producing security.

(d)	Interest Rate represents annualized yield at time of purchase; not a coupon rate.

(e)	Represents investment of securities lending collateral.


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.

LOOMIS SAYLES VALUE FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of December 31, 2007 (Unaudited)

Holdings at December 31, 2007 as a Percentage of Net Assets (Unaudited)


Oil, Gas & Consumable Fuels	9.9	%

Insurance	8.0

Media	6.4

Diversified Financial Services	6.2

Pharmaceuticals	6.0

Capital Markets	5.8

Diversified Telecommunication	4.6

Computers & Peripherals	3.1

Electrical Equipment	3.1

Energy Equipment & Services	3.1

Commercial Banks	3.0

Aerospace & Defense	2.9

Chemicals	2.8

Food Products	2.7

Beverages	2.7

Hotels Restaurants & Leisure	2.0

Containers & Packaging	2.0

Other, less than 2% each	22.7

ITEM 2.

CONTROLS AND PROCEDURES.

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

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

ITEM 3.

EXHIBITS


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

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

SIGNATURES

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


Loomis Sayles Funds II

By:		/s/ Robert J. Blanding
Name:		Robert J. Blanding
Title:		Chief Executive Officer
Date:		February 22, 2008

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


By:		/s/ Robert J. Blanding
Name:		Robert J. Blanding
Title:		Chief Executive Officer
Date:		February 22, 2008

By:		/s/ Michael C. Kardok
Name:		Michael C. Kardok
Title:		Treasurer
Date:		February 22, 2008