N-Q

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: June 30, 2009

ITEM 1. SCHEDULE OF INVESTMENTS

LOOMIS SAYLES MID CAP GROWTH FUND - PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2009 (Unaudited)

Shares	Description		Value (†)
Common Stocks – 98.5% of Net Assets
	Aerospace & Defense – 0.9%
10,321	Precision Castparts Corp.	$	753,743
	Biotechnology – 2.7%
25,306	Alexion Pharmaceuticals, Inc.(b)		1,040,583
33,395	Myriad Genetics, Inc.(b)		1,190,532
			2,231,115
	Capital Markets – 5.9%
26,942	Affiliated Managers Group, Inc.(b)		1,567,755
61,592	Eaton Vance Corp.		1,647,586
146,541	Janus Capital Group, Inc.		1,670,567
			4,885,908
	Commercial Banks – 2.9%
33,159	City National Corp.		1,221,246
97,913	First Horizon National Corp.(b)		1,174,959
			2,396,205
	Commercial Services & Supplies – 3.4%
24,078	Stericycle, Inc.(b)		1,240,740
55,968	Tetra Tech, Inc.(b)		1,603,483
			2,844,223
	Communications Equipment – 6.6%
167,744	Brocade Communications Systems, Inc.(b)		1,311,758
54,643	Juniper Networks, Inc.(b)		1,289,575
88,870	Palm, Inc.(b)		1,472,576
59,616	Riverbed Technology, Inc.(b)		1,382,495
			5,456,404
	Computers & Peripherals – 1.5%
33,248	Synaptics, Inc.(b)		1,285,035
	Construction & Engineering – 3.3%
46,305	Aecom Technology Corp.(b)		1,481,760
55,031	Quanta Services, Inc.(b)		1,272,867
			2,754,627
	Containers & Packaging – 1.5%
51,355	Crown Holdings, Inc.(b)		1,239,710
	Diversified Consumer Services – 1.0%
12,798	New Oriental Education & Technology Group, Inc., Sponsored ADR(b)		862,073
	Energy Equipment & Services – 2.9%
77,380	Nabors Industries Ltd.(b)		1,205,581
59,715	Weatherford International Ltd.(b)		1,168,025
			2,373,606
	Food Products – 1.3%
18,304	Green Mountain Coffee Roasters, Inc.(b)		1,082,133
	Health Care Equipment & Supplies – 4.9%
20,315	Edwards Lifesciences Corp.(b)		1,382,029
8,487	Intuitive Surgical, Inc.(b)		1,388,982
31,856	St. Jude Medical, Inc.(b)		1,309,282
			4,080,293
	Health Care Providers & Services – 1.6%
32,682	HMS Holdings Corp.(b)		1,330,811
	Health Care Technology – 1.1%
56,370	Allscripts-Misys Healthcare Solutions, Inc.		894,028
	Hotels, Restaurants & Leisure – 6.9%
32,692	Ctrip.com International Ltd., ADR(b)		1,513,640
51,413	Penn National Gaming, Inc.(b)		1,496,632
92,695	Starbucks Corp.(b)		1,287,534
41,105	Wynn Resorts Ltd.(b)		1,451,006
			5,748,812
	Internet & Catalog Retail – 3.7%
33,243	NetFlix, Inc.(b)		1,374,266
14,999	Priceline.com, Inc.(b)		1,673,138
			3,047,404
	Internet Software & Services – 1.9%
37,250	VistaPrint Ltd.(b)		1,588,713
	Life Sciences Tools & Services – 4.3%
34,723	Illumina, Inc.(b)		1,352,114
29,846	Life Technologies Corp.(b)		1,245,175
12,304	Mettler-Toledo International, Inc.(b)		949,253
			3,546,542
	Machinery – 3.8%
66,781	Bucyrus International, Inc.(c)		1,907,266
17,883	Flowserve Corp.		1,248,412
			3,155,678
	Metals & Mining – 6.2%
33,059	Freeport-McMoRan Copper & Gold, Inc.(c)		1,656,586
144,105	Steel Dynamics, Inc.		2,122,667
83,615	Teck Resources Ltd., Class B(b)		1,332,823
			5,112,076
	Oil, Gas & Consumable Fuels – 5.1%
45,751	Concho Resources, Inc.(b)		1,312,596
74,376	Massey Energy Co.		1,453,307
67,523	Petrohawk Energy Corp.(b)		1,505,763
			4,271,666
	Personal Products – 2.7%
47,431	Alberto-Culver Co.		1,206,170
31,853	Mead Johnson Nutrition Co., Class A(b)		1,011,970
			2,218,140
	Semiconductors & Semiconductor Equipment – 6.8%
59,161	Broadcom Corp., Class A(b)		1,466,601
139,305	Cypress Semiconductor Corp.(b)		1,281,606
122,147	Marvell Technology Group Ltd.(b)		1,421,791
37,997	Silicon Laboratories, Inc.(b)		1,441,606
			5,611,604
	Software – 8.0%
41,406	ANSYS, Inc.(b)		1,290,211
40,950	Citrix Systems, Inc.(b)		1,305,896
27,466	Concur Technologies, Inc.(b)		853,643
33,023	McAfee, Inc.(b)		1,393,240
46,280	Salesforce.com, Inc.(b)		1,766,508
			6,609,498
	Specialty Retail – 6.2%
36,479	Aeropostale, Inc.(b)		1,250,135
86,663	American Eagle Outfitters, Inc.		1,228,015
56,538	Guess?, Inc.		1,457,550
32,738	O’Reilly Automotive, Inc.(b)		1,246,663
			5,182,363
	Wireless Telecommunication Services – 1.4%
21,035	Millicom International Cellular SA(b)		1,183,429

1

LOOMIS SAYLES MID CAP GROWTH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2009 (Unaudited)

		Description		Value (†)
		Total Common Stocks (Identified Cost $73,778,828)	$	81,745,839
	Contracts
	Put Options – 0.2%
	320	Bucyrus International, Inc. expiring October 17, 2009 at 25(d)		82,400
	163	Freeport-McMoRan Copper & Gold, Inc. expiring August 22, 2009 at 48(d)		58,680
		Total Put Options (Identified Cost $221,545)		141,080
	Principal Amount
	Short-Term Investments – 2.9%
$	2,409,459	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $2,409,459 on 7/01/2009 collateralized by $2,300,000 Federal Home Loan Bank, 5.625% due 6/11/2021 valued at $2,461,000 including accrued interest(e) (Identified Cost $2,409,459)		2,409,459
		Total Investments - 101.6% (Identified Cost $76,409,832)(a)		84,296,378
		Other assets less liabilities — (1.6)%		(1,295,028	)
		Net Assets — 100.0%	$	83,001,350
	Contracts
	Call Options Written – (0.1)%
	320	Bucyrus International, Inc. expiring October 17, 2009 at 35(d)		(58,400	)
	163	Freeport-McMoRan Copper & Gold, Inc. expiring August 22, 2009 at 65(d)		(12,307	)
		Total Call Options Written (Premium Received $58,049)	$	(70,707	)
	Put Options Written – (0.1)%
	320	Bucyrus International, Inc. expiring October 17, 2009 at 20(d)		(34,400	)
	163	Freeport-McMoRan Copper & Gold, Inc. expiring August 22, 2009 at 40(d)		(18,337	)
		Total Put Options Written (Premium Received $93,965)	$	(52,737	)

(†) Equity securities, including closed-end investment companies and exchange-traded funds, for which market quotations are readily available are valued at market value, as reported by pricing services recommended by the investment adviser and approved by the Board of Trustees. Such pricing services generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. 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. Domestic exchange – traded single equity option contracts are valued at the mean of the National Best Bid and offer quotations. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s investment adviser using consistently applied procedures under the general supervision of the Board of Trustees. Investments in other open-end investment companies are valued at their net asset value each day.

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

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

2

LOOMIS SAYLES MID CAP GROWTH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2009 (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 June 30, 2009, the net unrealized appreciation on investments based on a cost of $76,409,832 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	$	9,063,946
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,177,400	)
Net unrealized appreciation	$	7,886,546

At September 30, 2008, the Fund had a capital loss carryforward of approximately $86,273,160 of which, $65,130,772 expires on September 30, 2010 and $21,142,388 expires on September 30, 2011. At September 30, 2008 post-October capital loss deferrals were $18,347,531. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Non-income producing security.

(c) All or portion of this security is held as collateral for outstanding call options.

(d) The Fund may enter into option contracts. When the Fund writes an option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to the current value until the option expires or the Fund enters into a closing purchase transaction. When a written option expires on its stipulated expiration date or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on effecting a closing purchase transaction, including commission, is treated as a realized gain or, if the net premium received is less than the amount paid, as a realized loss. The Fund, as writer of a written option, bears the risk of an unfavorable change in the market value of the instrument underlying the written option.

When a Fund purchases an option, it pays a premium and the option is subsequently marked to market to reflect current value. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the cost or deducted from the proceeds on the underlying instrument to determine the realized gain or loss. The risk associated with purchasing options is limited to the premium paid.

Exchange-traded options have standardized contracts and are settled through a clearing house with fulfillment guaranteed by the credit of the exchange. Therefore, counterparty credit risks to the Fund are limited. Over-the-counter options are subject to the risk that the counterparty is unable or unwilling to meet its obligations under the option.

The following is a summary of the Fund’s written option activity:

Contracts	Number of Contracts		Premiums
Outstanding at 09/30/2008	—		$	—
Options written	22,673			2,877,525
Options terminated in closing purchase transactions	(21,707	)		(2,725,511	)
Options expired unexercised	—			—
Outstanding at 06/30/2009	966		$	152,014

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

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.

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks*	$	81,745,839	$	—	$	—	$	81,745,839
Put Options		141,080		—		—		141,080
Short-Term Investments		2,409,459		—		—		2,409,459
Total	$	84,296,378	$	—	$	—	$	84,296,378

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

3

LOOMIS SAYLES MID CAP GROWTH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2009 (Unaudited)

Liability Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Call Options Written	$	(70,707	)	$	—	$	—	$	(70,707	)
Put Options Written		(52,737	)		—		—		(52,737	)
Total	$	(123,444	)	$	—	$	—	$	(123,444	)

Derivatives

The Fund adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”), effective April 1, 2009. FAS 161 requires enhanced disclosures about a fund’s derivative and hedging activities. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund may use include option contracts.

The Fund is subject to the risk of unpredictable declines in the value of individual equity securities and periods of below-average performance in individual securities or in the equity market as a whole. The Fund may use purchased put options and written call options to hedge against a decline in value of an equity security that it owns. The Fund may also write put options to offset the cost of options used for hedging purposes.

Net Asset Summary at June 30, 2009 (Unaudited)

Software	8.0	%
Hotels, Restaurants & Leisure	6.9
Semiconductors & Semiconductor Equipment	6.8
Communications Equipment	6.6
Specialty Retail	6.2
Metals & Mining	6.2
Capital Markets	5.9
Oil, Gas & Consumable Fuels	5.1
Health Care Equipment & Supplies	4.9
Life Sciences Tools & Services	4.3
Machinery	3.8
Internet & Catalog Retail	3.7
Commercial Services & Supplies	3.4
Construction & Engineering	3.3
Commercial Banks	2.9
Energy Equipment & Services	2.9
Biotechnology	2.7
Personal Products	2.7
Other Investments, less than 2% each	12.4
Short-Term Investments	2.9
Total Investments	101.6
Other assets less liabilities (including Options Written)	(1.6	)
Net Assets	100.0

4

LOOMIS SAYLES GLOBAL MARKETS FUND - PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2009 (Unaudited)

	Shares	Description		Value (†)
	Common Stocks – 54.1% of Net Assets
		Australia – 0.4%
	33,506	CSL Ltd.	$	866,335
		Brazil – 4.7%
	319,600	BM&F BOVESPA SA		1,921,351
	171,600	Natura Cosmeticos SA		2,264,647
	196,800	Petroleo Brasileiro SA		4,026,391
	76,222	Vale SA, Sponsered ADR		1,343,794
				9,556,183
		Canada – 0.8%
	23,977	Research In Motion Ltd.(b)		1,703,566
		Cayman Islands – 0.6%
	2,051,000	Want Want China Holdings Ltd.		1,145,261
		Chile – 1.1%
	59,133	Sociedad Quimica y Minera de Chile SA, Sponsored ADR		2,140,023
		China – 3.7%
	1,080,000	China National Building Material Co. Ltd., Class H		2,076,465
	1,778,880	China Overseas Land & Investment Ltd.		4,078,265
	1,702,000	Dongfeng Motor Group Co. Ltd., Class H		1,436,302
				7,591,032
		Finland – 0.5%
	72,751	Nokia Oyj, Sponsored ADR		1,060,709
		Germany – 1.0%
	30,489	Siemens AG (Registered)		2,108,379
		Hong Kong – 1.1%
	138,700	Hong Kong Exchanges and Clearing Ltd.		2,145,592
		Ireland – 0.5%
	25,946	Covidien PLC		971,418
		Japan – 0.9%
	67,900	Honda Motor Co. Ltd.		1,867,986
		Korea – 0.8%
	3,639	Samsung Electronics Co. Ltd.		1,682,545
		Spain – 1.4%
	52,875	Gamesa Corp Tecnologica SA		1,008,064
	39,484	Industria de Diseno Textil SA		1,900,241
				2,908,305
		Switzerland – 2.5%
	188,773	ABB Ltd. (Registered)		2,986,321
	47,187	Credit Suisse Group AG		2,161,918
				5,148,239
		Taiwan – 0.6%
	97,000	MediaTek, Inc.		1,151,626
		Turkey – 0.8%
	46,363	BIM Birlesik Magazalar A/S		1,617,568
		United Kingdom – 3.7%
	97,786	BG Group PLC		1,646,686
	106,336	Capita Group PLC		1,253,784
	249,238	Standard Chartered PLC		4,686,429
				7,586,899
		United States – 29.0%
	35,989	Abbott Laboratories		1,692,923
	34,858	Amazon.com, Inc.(b)		2,916,220
	42,040	Apple, Inc.(b)		5,987,757
	145,976	Bank of America Corp.		1,926,883
	68,296	Broadcom Corp., Class A(b)		1,693,058
	90,730	Cisco Systems, Inc.(b)		1,691,207
	92,200	Corning, Inc.		1,480,732
	16,770	First Solar, Inc.(b)		2,718,752
	27,285	Freeport-McMoRan Copper & Gold, Inc.		1,367,251
	22,674	Goldman Sachs Group, Inc. (The)		3,343,055
	33,720	Goodrich Corp.		1,684,988
	7,004	Google, Inc., Class A(b)		2,952,816
	18,348	International Business Machines Corp.		1,915,898
	83,551	JPMorgan Chase & Co.		2,849,925
	61,157	McAfee, Inc.(b)		2,580,214
	136,000	Oracle Corp.		2,913,120
	17,270	Priceline.com, Inc.(b)		1,926,469
	97,155	QUALCOMM, Inc.		4,391,406
	29,351	Range Resources Corp.		1,215,425
	63,389	Southwestern Energy Co.(b)		2,462,663
	27,140	Union Pacific Corp.		1,412,908
	23,750	URS Corp.(b)		1,176,100
	26,818	Vertex Pharmaceuticals, Inc.(b)		955,794
	48,035	Visa, Inc., Class A		2,990,659
	134,608	Wells Fargo & Co.		3,265,590
				59,511,813
		Total Common Stocks (Identified Cost $103,920,271)		110,763,479
	Principal Amount (‡)
	Bonds and Notes – 41.9%
	Non-Convertible Bonds – 41.1%
		Argentina – 0.2%
$	570,000	Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		416,100
		Australia – 0.1%
	230,000	New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010, (AUD)		193,376
		Austria – 0.0%
	37,000	Sappi Papier Holding AG, 7.500%, 6/15/2032, 144A		15,540
		Bermuda – 0.1%
	100,000	Noble Group Ltd., 8.500%, 5/30/2013, 144A		95,000
	200,000	Qtel International Finance Ltd., 7.875%, 6/10/2019, 144A		203,475
				298,475
		Brazil – 0.7%
	200,000	Banco Nacional de Desenvolvimento Economico e Social, 6.500%, 6/10/2019, 144A		200,400
	1,467,114	Brazil Notas do Tesouro Nacional, Series B, 6.000%, 8/15/2010, (BRL)		756,765
	450,000	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2014, (BRL)		201,439
	170,000	Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A		139,400

1

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Brazil – continued
$	36,000	Republic of Brazil, 7.125%, 1/20/2037	$	39,060
	100,000	Telemar Norte Leste SA, 9.500%, 4/23/2019, 144A		108,875
				1,445,939
		Canada – 0.6%
	343,000	ArcelorMittal USA Partnership, 9.750%, 4/01/2014		359,375
	100,000	Bombardier, Inc., 7.250%, 11/15/2016, (EUR), 144A		119,242
	855,000	Canadian Government, 4.500%, 6/01/2015, (CAD)		806,309
	25,000	Canadian Pacific Railway Ltd., MTN, 4.900%, 6/15/2010, (CAD), 144A		21,966
	50,000	Nortel Networks Ltd., 6.875%, 9/01/2023(c)		6,375
				1,313,267
		Cayman Islands – 1.2%
	360,000	DASA Finance Corp., 8.750%, 5/29/2018, 144A		354,168
	370,000	Embraer Overseas Ltd., 6.375%, 1/24/2017		346,875
	100,000	Hutchison Whampoa International 09 Ltd., 7.625%, 4/09/2019, 144A		110,914
	100,000	LPG International, Inc., 7.250%, 12/20/2015		100,000
	175,000	Odebrecht Finance Ltd., 7.500%, 10/18/2017, 144A		173,687
	950,000	Petrobras International Finance Co., 5.875%, 3/01/2018		933,766
	536,000	Vale Overseas Ltd., 6.875%, 11/21/2036		508,935
				2,528,345
		Colombia – 0.0%
	40,000	Republic of Colombia, 8.125%, 5/21/2024		43,600
		France – 0.6%
	35,000	Lafarge SA, EMTN, 4.750%, 3/23/2020, (EUR)		39,658
	250,000	Lafarge SA, EMTN, 5.375%, 6/26/2017, (EUR)		306,965
	130,000	PPR SA, EMTN, 4.000%, 1/29/2013, (EUR)		176,669
	240,000	Veolia Environnement, EMTN, 4.000%, 2/12/2016, (EUR)		320,649
	25,000	Veolia Environnement, EMTN, 5.125%, 5/24/2022, (EUR)		30,441
	100,000	Wendel, 4.375%, 8/09/2017, (EUR)		94,692
	200,000	Wendel, 4.875%, 5/26/2016, (EUR)		192,191
				1,161,265
		Germany – 0.3%
	200,000	Bertelsmann AG, 4.750%, 9/26/2016, (EUR)		244,051
	30,000,000	Kreditanstalt fuer Wiederaufbau, 1.850%, 9/20/2010, (JPY)		314,934
	12,000,000	Kreditanstalt fuer Wiederaufbau, 2.050%, 2/16/2026, (JPY)		120,847
				679,832
		India – 0.3%
	500,000	Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021		439,577
	100,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		77,986
				517,563
		Indonesia – 0.6%
	400,000	Indonesia Government International Bond, 6.875%, 1/17/2018		381,000
	700,000	Indonesia Government International Bond, 7.750%, 1/17/2038, 144A		637,000
	100,000	Indonesia Government International Bond, 11.625%, 3/04/2019, 144A		126,625
				1,144,625
		Ireland – 0.3%
	555,000	Elan Financial PLC, 7.750%, 11/15/2011		513,375
		Italy – 0.2%
	250,000	Finmeccanica SpA, EMTN, 4.875%, 3/24/2025, (EUR)		285,392
	100,000	Telecom Italia SpA, EMTN, 5.375%, 1/29/2019, (EUR)		129,978
				415,370
		Japan – 0.6%
	10,000,000	Japan Finance Corp. for Small and Medium Enterprises, 1.100%, 9/20/2011, (JPY)		104,622
	105,000,000	Japan Government, 0.900%, 9/15/2009, (JPY)		1,091,527
				1,196,149
		Korea – 0.6%
	400,000	Export-Import Bank of Korea, 8.125%, 1/21/2014		437,852
	300,000	Korea Hydro & Nuclear Power Co. Ltd., 6.250%, 6/17/2014, 144A		299,257
	460,000	SK Broadband Co. Ltd., 7.000%, 2/01/2012, 144A		461,150
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		129,376
				1,327,635
		Luxembourg – 0.1%
	125,000	Telecom Italia Capital SA, 6.000%, 9/30/2034		105,576
	10,000	Telecom Italia Capital SA, 6.375%, 11/15/2033		8,887
				114,463
		Malaysia – 0.1%
	200,000	Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A		144,000

2

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)		Description		Value (†)
			Mexico – 0.8%
$	340,000		Axtel SAB de CV, 7.625%, 2/01/2017, 144A	$	272,000
	295,000		Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		253,700
	100,000	(††)	Mexican Bonos, Series MI7, 9.000%, 12/24/2009, (MXN)		773,831
	61,000		Mexico Government International Bond, Series A, MTN, 6.050%, 1/11/2040		55,419
	330,000		Petroleos Mexicanos, 8.000%, 5/03/2019, 144A		358,050
					1,713,000
			Netherlands – 0.3%
	150,000		Cemex Finance Europe BV, 4.750%, 3/05/2014, (EUR)		136,014
	150,000		Koninklijke KPN NV, GMTN, 4.750%, 1/17/2017, (EUR)		209,007
	100,000		Majapahit Holding BV, 7.250%, 6/28/2017, 144A		85,000
	50,000		OI European Group BV, 6.875%, 3/31/2017, (EUR), 144A		61,024
	125,000		Wolters Kluwer NV, 6.375%, 4/10/2018, (EUR)		180,859
					671,904
			Norway – 0.6%
	635,000		Norwegian Government, 4.250%, 5/19/2017, (NOK)		101,084
	1,765,000		Norwegian Government, 5.000%, 5/15/2015, (NOK)		294,204
	1,885,000		Norwegian Government, 6.000%, 5/16/2011, (NOK)		314,751
	2,860,000		Norwegian Government, 6.500%, 5/15/2013, (NOK)		500,080
					1,210,119
			South Africa – 0.4%
	130,000		Edcon Proprietary Ltd., 4.527%, 6/15/2014, (EUR), 144A(d)		105,775
	450,000		Edcon Proprietary Ltd., 4.527%, 6/15/2014, (EUR)(d)		366,144
	285,000		Republic of South Africa, EMTN, 4.500%, 4/05/2016, (EUR)		357,232
					829,151
			Spain – 0.2%
	100,000		Santander Issuances SA Unipersonal, (fixed rate to 9/30/2014, variable rate thereafter), 4.500%, 9/30/2019, (EUR)		122,228
	150,000		Santander Issuances SA Unipersonal, EMTN, (fixed rate to 5/29/2014, variable rate thereafter), 4.750%, 5/29/2019, (EUR)		189,471
					311,699
			Supranational – 0.5%
	50,000,000		Asia Development Bank, 2.350%, 6/21/2027, (JPY)		509,008
	42,000,000		European Investment Bank, 1.250%, 9/20/2012, (JPY)		439,896
					948,904
			Thailand – 0.2%
	330,000		True Move Co. Ltd., 10.375%, 8/01/2014		247,500
	100,000		True Move Co. Ltd., 10.375%, 8/01/2014, 144A		75,000
					322,500
			United Arab Emirates – 0.7%
	400,000		Abu Dhabi National Energy Co., 6.500%, 10/27/2036, 144A		339,043
	400,000		Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A		399,418
	500,000		DP World Ltd., 6.850%, 7/02/2037, 144A		332,500
	150,000		Emirate of Abu Dhabi, 5.500%, 4/08/2014, 144A		152,505
	250,000		Mubadala Development Co., GMTN, 7.625%, 5/06/2019, 144A		252,500
					1,475,966
			United Kingdom – 0.5%
	100,000		BAT International Finance PLC, 5.875%, 3/12/2015, (EUR)		149,333
	60,000		BSKYB Finance UK PLC, 5.750%, 10/20/2017, (GBP)		98,216
	200,000		Imperial Tobacco Finance PLC, EMTN, 4.375%, 11/22/2013, (EUR)		270,258
	250,000		Standard Chartered Bank, EMTN, 5.875%, 9/26/2017, (EUR)		316,853
	100,000		WPP PLC, 6.000%, 4/04/2017, (GBP)		142,509
					977,169
			United States – 29.7%
	15,000		Amkor Technology, Inc., 7.750%, 5/15/2013		13,763
	155,000		Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		87,963
	100,000		Anadarko Petroleum Corp., 5.950%, 9/15/2016		98,662
	780,000		Anadarko Petroleum Corp., 6.450%, 9/15/2036		701,154
	610,000		Anheuser-Busch Cos., Inc., 4.950%, 1/15/2014		608,526
	105,000		Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037		97,805
	35,000		Anheuser-Busch Cos., Inc., 6.500%, 5/01/2042		31,092
	250,000		Anheuser-Busch InBev Worldwide, Inc., 7.750%, 1/15/2019, 144A		273,414
	60,000		Arrow Electronics, Inc., 6.875%, 7/01/2013		61,538
	325,000		AT&T, Inc., 6.500%, 9/01/2037		322,351
	40,417		Atlas Air, Inc., Series B, 7.680%, 1/02/2014		29,100
	145,000		Avnet, Inc., 6.000%, 9/01/2015		133,338
	200,000		Bank of America Corp., (fixed rate to 5/06/2014, variable rate thereafter), 4.750%, 5/06/2019, (EUR)		192,213
	400,000,000		Barclays Financial LLC, 4.060%, 9/16/2010, (KRW), 144A		321,645
	310,000		Borden, Inc., 7.875%, 2/15/2023		86,800

3

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		United States – continued
$	410,000	Borden, Inc., 8.375%, 4/15/2016	$	114,800
	5,000	Boston Scientific Corp., 5.450%, 6/15/2014		4,600
	30,000	Boston Scientific Corp., 6.400%, 6/15/2016		27,900
	60,000	Boston Scientific Corp., 7.000%, 11/15/2035		48,600
	50,000	Bristol-Myers Squibb Co., 4.625%, 11/15/2021, (EUR)		67,576
	150,000	Bunge Ltd. Finance Corp., 8.500%, 6/15/2019		156,848
	700,000	Capital One Multi-Asset Execution Trust, Series 2005-A10, Class A, 0.399%, 9/15/2015(d)		667,770
	2,335,000	Capital One Multi-Asset Execution Trust, Series 2006-A5, Class A5, 0.379%, 1/15/2016(d)		2,210,870
	5,000	Caterpillar Financial Services Corp., MTN, 5.450%, 4/15/2018		4,760
	320,000	Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014		341,341
	250,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		308,627
	15,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		12,600
	70,000	Chesapeake Energy Corp., 6.875%, 1/15/2016		61,775
	75,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		60,375
	22,000	CIT Group, Inc., 5.400%, 2/13/2012		15,015
	112,000	CIT Group, Inc., 5.400%, 3/07/2013		69,413
	7,000	CIT Group, Inc., 5.400%, 1/30/2016		3,953
	17,000	CIT Group, Inc., 5.600%, 4/27/2011		12,747
	153,000	CIT Group, Inc., 5.800%, 10/01/2036		84,915
	1,656,000	CIT Group, Inc., 12.000%, 12/18/2018, 144A		803,160
	60,000	CIT Group, Inc., GMTN, 5.000%, 2/13/2014		35,632
	7,000	CIT Group, Inc., GMTN, 5.000%, 2/01/2015		4,123
	28,000	CIT Group, Inc., MTN, 5.125%, 9/30/2014		16,504
	706,000	CIT Group, Inc., Series A, MTN, 7.625%, 11/30/2012		483,431
	120,000	Citi Credit Card Issuance Trust, Series 2001-A4, Class A4, 5.375%, 4/10/2013, (EUR)		165,894
	25,000	Colonial Realty LP, 6.050%, 9/01/2016		19,707
	1,000,000	Comcast Corp., Class A, 5.650%, 6/15/2035		915,876
	68,665	Continental Airlines, Inc., Series 1999-1C, 6.954%, 2/02/2011		67,807
	90,000	Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		88,821
	190,000	CSX Corp., 6.250%, 3/15/2018		191,625
	265,000	Cummins, Inc., 5.650%, 3/01/2098		140,823
	160,000	Cummins, Inc., 7.125%, 3/01/2028		128,111
	10,000	D.R. Horton, Inc., 5.250%, 2/15/2015		8,300
	349,133	Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		221,699
	348,481	Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014		223,028
	50,000	Dillard’s, Inc., 6.625%, 1/15/2018		28,000
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		24,250
	13,000	ESI Tractebel Acquisition Corp., Series B, 7.990%, 12/30/2011		12,643
	250,000	Exelon Corp., 4.900%, 6/15/2015		232,771
	150,000	Foot Locker, Inc., 8.500%, 1/15/2022		130,500
	10,000	Ford Motor Co., 6.625%, 2/15/2028		5,400
	1,750,000	Ford Motor Co., 6.625%, 10/01/2028		945,000
	15,000	Ford Motor Co., 7.125%, 11/15/2025		8,250
	595,000	Ford Motor Co., 7.450%, 7/16/2031		351,050
	1,405,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		1,356,037
	2,250,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		1,809,072
	105,000	Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		80,276
	170,000	Ford Motor Credit Co. LLC, 8.625%, 11/01/2010		159,787
	390,000	Ford Motor Credit Co. LLC, 9.750%, 9/15/2010		373,579
	80,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		27,200
	45,000	General Electric Capital Corp., 5.625%, 5/01/2018		42,560
	8,000,000	General Electric Capital Corp., EMTN, 1.500%, 4/26/2012, (JPY)		77,653
	13,000,000	General Electric Capital Corp., GMTN, 1.450%, 11/10/2011, (JPY)		128,002
	205,000	General Electric Capital Corp., MTN, 5.875%, 1/14/2038		162,234
	750,000	General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015		729,652
	3,375,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		2,522,812

4

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		United States – continued
$	35,000	Georgia-Pacific LLC, 7.750%, 11/15/2029	$	27,388
	525,000	Georgia-Pacific LLC, 8.000%, 1/15/2024		446,250
	505,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		436,825
	288,000	GMAC LLC, 6.000%, 12/15/2011, 144A		246,240
	129,000	GMAC LLC, 6.625%, 5/15/2012, 144A		107,715
	257,000	GMAC LLC, 6.750%, 12/01/2014, 144A		201,745
	28,000	GMAC LLC, 6.875%, 9/15/2011, 144A		24,500
	60,000	GMAC LLC, 6.875%, 8/28/2012, 144A		50,100
	63,000	GMAC LLC, 7.000%, 2/01/2012, 144A		53,424
	63,000	GMAC LLC, 7.250%, 3/02/2011, 144A		57,645
	55,000	GMAC LLC, 7.500%, 12/31/2013, 144A		42,625
	129,000	GMAC LLC, 8.000%, 12/31/2018, 144A		81,915
	1,946,000	GMAC LLC, 8.000%, 11/01/2031, 144A		1,362,200
	150,000	Goldman Sachs Group, Inc. (The), 1.609%, 5/23/2016, (EUR)(d)		173,767
	150,000	Goldman Sachs Group, Inc. (The), 4.750%, 1/28/2014, (EUR)		204,648
	1,190,000	Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014		1,196,059
	170,000	Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033		158,665
	605,000	Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018		589,014
	285,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		253,363
	400,000	Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038, (GBP)		520,080
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		127,050
	25,000	GTE Corp., 6.940%, 4/15/2028		25,067
	20,000	HCA, Inc., 5.750%, 3/15/2014		16,000
	55,000	HCA, Inc., 6.250%, 2/15/2013		48,125
	90,000	HCA, Inc., 6.375%, 1/15/2015		73,125
	15,000	HCA, Inc., 6.500%, 2/15/2016		12,113
	40,000	HCA, Inc., 6.750%, 7/15/2013		35,200
	225,000	HCA, Inc., 7.050%, 12/01/2027		137,039
	245,000	HCA, Inc., 7.190%, 11/15/2015		188,799
	90,000	HCA, Inc., 7.500%, 12/15/2023		58,623
	250,000	HCA, Inc., 7.500%, 11/06/2033		142,500
	1,295,000	HCA, Inc., 7.690%, 6/15/2025		795,269
	395,000	HCA, Inc., 8.360%, 4/15/2024		260,778
	125,000	HCA, Inc., 8.750%, 11/01/2010, (GBP)		203,593
	110,000	HCA, Inc., MTN, 7.580%, 9/15/2025		67,730
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		44,584
	470,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		374,303
	260,000	Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		219,700
	1,715,000	Home Depot, Inc. (The), 5.875%, 12/16/2036		1,513,083
	250,000	iStar Financial, Inc., 5.150%, 3/01/2012		126,250
	95,000	iStar Financial, Inc., 5.500%, 6/15/2012		48,213
	105,000	iStar Financial, Inc., 5.650%, 9/15/2011		60,900
	70,000	iStar Financial, Inc., 5.850%, 3/15/2017		28,000
	300,000	iStar Financial, Inc., 5.875%, 3/15/2016		120,000
	145,000	iStar Financial, Inc., 6.050%, 4/15/2015		58,000
	985,000	iStar Financial, Inc., 8.625%, 6/01/2013		512,200
	35,000	iStar Financial, Inc., Series B, 5.700%, 3/01/2014		14,700
	950,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		415,625
	5,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		4,388
	125,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		92,515
	15,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023		13,238
	5,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037		3,946
	5,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,349
	450,000	Jefferies Group, Inc., 8.500%, 7/15/2019		446,387
	260,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		130,000
	15,000	K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		7,800
	250,000	Kellwood Co., 7.625%, 10/15/2017(e)		37,500
	150,000	Kraft Food, Inc., 6.250%, 3/20/2015, (EUR)		225,241
	30,000	Lennar Corp., Series B, 5.125%, 10/01/2010		28,800
	15,000	Lennar Corp., Series B, 5.500%, 9/01/2014		12,000
	1,090,000	Lennar Corp., Series B, 5.600%, 5/31/2015		858,375
	55,000	Lennar Corp., Series B, 6.500%, 4/15/2016		44,000

5

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)		Description		Value (†)
			United States – continued
$	15,000		Level 3 Financing, Inc., 8.750%, 2/15/2017	$	11,400
	10,000		Level 3 Financing, Inc., 9.250%, 11/01/2014		8,200
	1,000,000		Lubrizol Corp., 6.500%, 10/01/2034		886,289
	130,000		MBNA Credit Card Master Note Trust, Series 03A5, 4.150%, 9/19/2012, (EUR)		181,933
	150,000		Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		140,630
	90,000		MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		93,406
	610,000		Morgan Stanley, 4.750%, 4/01/2014		576,200
	230,000		Morgan Stanley, 5.375%, 11/14/2013, (GBP)		359,710
	1,400,000		Morgan Stanley, 5.375%, 10/15/2015		1,371,791
	300,000		Morgan Stanley, EMTN, 5.450%, 1/09/2017		280,135
	500,000		Morgan Stanley, MTN, 6.250%, 8/09/2026		466,005
	950,000		Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		911,582
	100,000		Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		92,000
	500,000		New Albertson’s, Inc., 7.450%, 8/01/2029		410,000
	50,000		New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		36,500
	80,000		News America, Inc., 6.150%, 3/01/2037		67,850
	25,000		News America, Inc., 6.400%, 12/15/2035		21,881
	925,000		Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		737,687
	140,000		Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		115,850
	230,000		Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		181,125
	250,000		NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		120,625
	35,000		Nortel Networks Capital Corp., 7.875%, 6/15/2026(c)		10,938
	1,000,000		NRG Energy, Inc., 7.375%, 2/01/2016		946,250
	50,000		Ohio Edison Co., 6.875%, 7/15/2036		50,379
	150,000		Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014, (EUR)		189,385
	565,000		Owens Corning, Inc., 6.500%, 12/01/2016		495,258
	535,000		Owens Corning, Inc., 7.000%, 12/01/2036		379,171
	40,000		Owens-Illinois, Inc., 7.800%, 5/15/2018		37,750
	200,000		Philip Morris International, Inc., GMTN, 5.875%, 9/04/2015, (EUR)		299,024
	50,000		Pulte Homes, Inc., 5.200%, 2/15/2015		41,750
	540,000		Pulte Homes, Inc., 6.000%, 2/15/2035		351,000
	695,000		Pulte Homes, Inc., 6.375%, 5/15/2033		458,700
	1,335,000		Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,027,950
	650,000		Qwest Capital Funding, Inc., 6.875%, 7/15/2028		442,000
	400,000		Qwest Capital Funding, Inc., 7.625%, 8/03/2021		306,000
	60,000		Qwest Capital Funding, Inc., 7.750%, 2/15/2031		42,600
	560,000		Qwest Corp., 6.875%, 9/15/2033		408,800
	115,000		Qwest Corp., 7.250%, 9/15/2025		87,975
	58,000		R.H. Donnelley Corp., 6.875%, 1/15/2013(c)		2,683
	50,000		R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013(c)		2,313
	60,000		R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013(c)		2,775
	18,000		R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016(c)		855
	735,000		R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017(c)		34,913
	305,000		R.H. Donnelley, Inc., 11.750%, 5/15/2015, 144A(c)		140,300
	80,000		Reynolds American, Inc., 6.750%, 6/15/2017		74,696
	20,000		Reynolds American, Inc., 7.250%, 6/15/2037		16,511
	1,600	(†††)	SLM Corp., 6.000%, 12/15/2043		23,740
	120,000		SLM Corp., MTN, 5.050%, 11/14/2014		92,844
	30,000		SLM Corp., MTN, 5.125%, 8/27/2012		25,661
	20,000		SLM Corp., Series A, MTN, 4.500%, 7/26/2010		18,900
	228,000		SLM Corp., Series A, MTN, 5.000%, 10/01/2013		184,419
	10,000		SLM Corp., Series A, MTN, 5.000%, 6/15/2018		6,634
	115,000		SLM Corp., Series A, MTN, 5.375%, 1/15/2013		96,071
	75,000		SLM Corp., Series A, MTN, 5.375%, 5/15/2014		60,278
	30,000		SLM Corp., Series A, MTN, 5.400%, 10/25/2011		26,982
	20,000		SLM Corp., Series A, MTN, 5.625%, 8/01/2033		11,800
	625,000		SLM Corp., Series A, MTN, 8.450%, 6/15/2018		534,678
	100,000		Southern Natural Gas Co., 7.350%, 2/15/2031		97,221
	294,000		Sprint Capital Corp., 6.875%, 11/15/2028		208,740
	320,000		Sprint Capital Corp., 6.900%, 5/01/2019		264,800

6

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		United States – continued
$	110,000	Sprint Capital Corp., 8.750%, 3/15/2032	$	88,550
	26,000	Sprint Nextel Corp., 6.000%, 12/01/2016		21,255
	20,000	Tenet Healthcare Corp., 6.500%, 6/01/2012		19,816
	265,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		159,000
	23,000	Tenet Healthcare Corp., 7.375%, 2/01/2013		20,700
	240,000	Tennessee Gas Pipeline Co., 7.000%, 3/15/2027		229,147
	750,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		714,685
	250,000	Textron, Inc., 3.875%, 3/11/2013, (EUR)		276,659
	10,000	Time Warner, Inc., 6.500%, 11/15/2036		8,757
	395,000	Time Warner, Inc., 6.625%, 5/15/2029		357,178
	160,000	Time Warner, Inc., 6.950%, 1/15/2028		150,305
	115,000	Time Warner, Inc., 7.625%, 4/15/2031		111,798
	75,000	Time Warner, Inc., 7.700%, 5/01/2032		73,700
	105,000	Toll Brothers Finance Corp., 5.150%, 5/15/2015		92,965
	375,000	Toys R Us, Inc., 7.375%, 10/15/2018		268,125
	200,000	Transcontinental Gas Pipe Line Corp., 6.400%, 4/15/2016		205,260
	3,150,000	TXU Corp., Series P, 5.550%, 11/15/2014		1,988,973
	2,570,000	TXU Corp., Series Q, 6.500%, 11/15/2024		1,287,778
	30,000	TXU Corp., Series R, 6.550%, 11/15/2034		14,423
	430,000	U.S. Treasury Note, 1.500%, 12/31/2013		414,177
	2,320,000	United Rentals North America, Inc., 7.000%, 2/15/2014		1,896,600
	840,000	United Rentals North America, Inc., 7.750%, 11/15/2013		722,400
	770,000	United States Steel Corp., 6.650%, 6/01/2037		581,755
	50,000	USG Corp., 6.300%, 11/15/2016		37,000
	230,000	USG Corp., 9.250%, 1/15/2018		195,500
	249,000	Verizon Communications, Inc., 5.850%, 9/15/2035		231,595
	120,000	Verizon Communications, Inc., 6.400%, 2/15/2038		117,479
	5,000	Verizon Maryland, Inc., 5.125%, 6/15/2033		3,704
	250,000	Verizon New York, Inc., Series B, 7.375%, 4/01/2032		243,571
	775,000	Viacom, Inc., Class B, 6.875%, 4/30/2036		714,014
	135,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(e)		83,529
	185,000	Wells Fargo & Co., 4.625%, 11/02/2035, (GBP)		239,073
	100,000	Williams Cos., Inc. (The), 7.500%, 1/15/2031		88,000
	310,000	Williams Cos., Inc. (The), 7.875%, 9/01/2021		305,350
	420,000	Xerox Corp., 6.350%, 5/15/2018		374,850
	125,000	Xerox Corp., 6.750%, 2/01/2017		113,750
	20,000	Xerox Corp., MTN, 7.200%, 4/01/2016		18,800
				60,967,158
		Uruguay – 0.6%
	36,858,708	Republic of Uruguay, 4.250%, 4/05/2027, (UYU)		1,282,072
		Total Non-Convertible Bonds (Identified Cost $91,002,900)		84,178,561
	Convertible Bonds – 0.8%
		United States – 0.8%
	430,000	iStar Financial, Inc., 1.708%, 10/01/2012(d)		162,626
	365,000	Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		234,056
	440,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		308,000
	185,000	Level 3 Communications, Inc., 5.250%, 12/15/2011		150,775
	215,000	Level 3 Communications, Inc., 7.000%, 3/15/2015(e)		230,050
	200,000	NII Holdings, Inc., 3.125%, 6/15/2012		153,750
	395,000	Valeant Pharmaceuticals International, 3.000%, 8/16/2010		402,406
	80,000	Valeant Pharmaceuticals International, 4.000%, 11/15/2013		83,100
		Total Convertible Bonds (Identified Cost $2,103,807)		1,724,763
		Total Bonds and Notes (Identified Cost $93,106,707)		85,903,324
	Bank Loans – 0.1%
		United States – 0.1%
	1,958	Dole Food Co., Inc., Credit Link Deposit, 7.979%, 4/12/2013(f)		1,957
	1,262	Dole Food Co., Inc., Tranche B Term Loan, 8.000%, 4/12/2013(f)		1,261
	6,192	Dole Food Co., Inc., Tranche C Term Loan, 8.000%, 4/12/2013(f)		6,188
	56,597	Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(f)(g)		33,604
	159,059	Idearc, Inc., Term Loan B, 6.250%, 11/17/2014(c)(f)		67,004

7

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		United States – continued
$	40,000	Level 3 Financing, Inc., Tranche A Term Loan, 3.155%, 3/13/2014(f)	$	33,079
	79,796	Sungard Data Systems, Inc., Tranche A, 2.463%, 2/28/2014(f)		73,751
	7,314	Tribune Co., Term Loan X, 5.000%, 4/10/2010(c)(f)		2,452
				219,296
		Total Bank Loans (Identified Cost $282,797)		219,296
	Shares
	Preferred Stocks – 1.3%
		United States – 0.4%
	12,940	Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(b)(h)		15,787
	17,500	Federal National Mortgage Association, (fixed rate to 12/31/2012, variable rate thereafter), 8.250%(b)(h)		23,450
	820	Lucent Technologies Capital Trust, 7.750%		483,800
	682	Preferred Blocker, Inc. 144A, 7.000%		293,303
				816,340
		Brazil – 0.9%
	118,556	Itau Unibanco Holding SA, Zero Coupon Bond		1,881,649
		Total Preferred Stocks (Identified Cost $3,023,631)		2,697,989
	Principal Amount (‡)
	Short-Term Investments – 1.6%
$	491	Repurchase Agreement with State Street Corp., dated 6/30/2009 at 0.000%, to be repurchased at $491 on 7/01/2009 collateralized by $5,000 U.S. Treasury Bill, due 10/01/2009 valued at $4,998 including accrued interest(i)		491
	3,323,209	Tri-Party Repurchase Agreement with Fixed Income Clearing Corp., dated 6/30/2009 at 0.000% to be repurchased at $3,323,209 on 7/01/2009 collateralized by $3,210,000 Federal National Mortgage Association, 5.250% due 8/01/2012 valued at $3,394,575 including accrued interest(i)		3,323,209
		Total Short-Term Investments (Identified Cost $3,323,700)		3,323,700
		Total Investments - 99.0% (Identified Cost $203,657,106)(a)		202,907,788
		Other assets less liabilities — 1.0%		2,077,616
		Net Assets — 100.0%	$	204,985,404

(‡) 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 the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. Forward foreign currency contracts are “marked-to-market” daily using interpolated prices determined by an independent pricing service. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the 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. At June 30, 2009 approximately 18% of the market value of investments was fair valued pursuant to procedures approved by the Board of Trustees.

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

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

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

8

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

Investments as of June 30, 2009 (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 and unrealized gains on passive foreign investment companies. Amortization of premium on debt securities is excluded for tax purposes.):

At June 30, 2009, the net unrealized depreciation on investments based on a cost of $203,701,879 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	$	17,461,619
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(18,255,710	)
Net unrealized depreciation	$	(794,091	)

At September 30, 2008 post-October capital loss deferrals were $29,837,961. This amount may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Non-income producing security.

(c) Non-income producing due to bankruptcy filing.

(d) Variable rate security. Rate as of June 30, 2009 is disclosed.

(e) Illiquid security. At June 30, 2009, the value of these securities amounted to $351,079 or 0.2% of net assets.

(f) Variable rate security. Rate shown represents the weighted average rate at June 30, 2009.

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

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

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the total value of these securities amounted to $10,546,607 or 5.1% of net assets.

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

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

MTN Medium Term Note

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

EUR Euro

GBP British Pound

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

NOK Norwegian Krone

UYU Uruguayan Peso

Forward Foreign Currency Contracts

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

At June 30, 2009, the Fund had no open forward foreign currency contracts.

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Australia	$	—	$	866,335	$	—	$	866,335
Brazil		9,556,183		—		—		9,556,183
Canada		1,703,566		—		—		1,703,566
Cayman Islands		—		1,145,261		—		1,145,261

9

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

Investments as of June 30, 2009 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Chile	$	2,140,023	$	—	$	—	$	2,140,023
China		—		7,591,032		—		7,591,032
Finland		1,060,709		—		—		1,060,709
Germany		—		2,108,379		—		2,108,379
Hong Kong		—		2,145,592		—		2,145,592
Ireland		971,418		—		—		971,418
Japan		—		1,867,986		—		1,867,986
Korea		—		1,682,545		—		1,682,545
Spain		—		2,908,305		—		2,908,305
Switzerland		—		5,148,239		—		5,148,239
Taiwan		—		1,151,626		—		1,151,626
Turkey		—		1,617,568		—		1,617,568
United Kingdom		—		7,586,899		—		7,586,899
United States		59,511,813		—		—		59,511,813
Total Common Stocks		74,943,712		35,819,767		—		110,763,479
Bonds and Notes
Non-Convertible Bonds
Argentina		—		416,100		—		416,100
Australia		—		193,376		—		193,376
Austria		—		15,540		—		15,540
Bermuda		—		298,475		—		298,475
Brazil		—		1,445,939		—		1,445,939
Canada		—		1,306,892		6,375		1,313,267
Cayman Islands		—		2,528,345		—		2,528,345
Colombia		—		43,600		—		43,600
France		—		1,161,265		—		1,161,265
Germany		—		679,832		—		679,832
India		—		517,563		—		517,563
Indonesia		—		1,144,625		—		1,144,625
Ireland		—		513,375		—		513,375
Italy		—		415,370		—		415,370
Japan		—		1,196,149		—		1,196,149
Korea		—		1,327,635		—		1,327,635
Luxembourg		—		114,463		—		114,463
Malaysia		—		144,000		—		144,000
Mexico		—		1,713,000		—		1,713,000
Netherlands		—		671,904		—		671,904
Norway		—		1,210,119		—		1,210,119
South Africa		—		829,151		—		829,151
Spain		—		311,699		—		311,699
Supranational		—		948,904		—		948,904
Thailand		—		322,500		—		322,500
United Arab Emirates		—		1,475,966		—		1,475,966
United Kingdom		—		977,169		—		977,169
United States		—		59,259,941		1,707,217		60,967,158
Uruguay		—		1,282,072		—		1,282,072
Total Non-Convertible Bonds		—		82,464,969		1,713,592		84,178,561
Convertible Bonds
United States		—		1,494,713		230,050		1,724,763
Total Bonds and Notes		—		83,959,682		1,943,642		85,903,324
Bank Loans
United States		—		219,296		—		219,296
Preferred Stocks
United States		15,787		316,753		483,800		816,340
Brazil		1,881,649		—		—		1,881,649
Total Preferred Stocks		1,897,436		316,753		483,800		2,697,989
Short-Term Investments		3,323,700		—		—		3,323,700
Total	$	80,164,848	$	120,315,498	$	2,427,442	$	202,907,788

10

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

Investments as of June 30, 2009 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
Non-Convertible Bonds
Canada	$	20,000	$	122	$	—		$	(13,747	)	$	—	$	—		$	—	$	—		$	6,375
Colombia		18,333		—		(2,570	)		5,049			—		(20,812	)		—		—			0
Hong Kong		403,317		66		18,328			3,921			—		(425,632	)		—		—			0
Korea		126,420		33		—			2,923			—		—			—		(129,376	)		0
Malaysia		96,000		156		—			47,844			—		—			—		(144,000	)		0
Thailand		286,939		375		—			35,186			—		—			—		(322,500	)		0
United States		1,610,948		49,280		(681,272	)		(479,193	)		1,521,864		(739,444	)		1,544,885		(1,119,851	)		1,707,217
Convertible Bonds
United States		—		8		—			19,342			210,700		—			—		—			230,050
Preferred Stocks
United States		381,013		—		—			102,787			—		—			—		—			483,800
Total	$	2,942,970	$	50,040	$	(665,514	)	$	(275,888	)	$	1,732,564	$	(1,185,888	)	$	1,544,885	$	(1,715,727	)	$	2,427,442

Derivatives

The Fund adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”), effective April 1, 2009. FAS 161 requires enhanced disclosures about a fund’s derivative and hedging activities. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund may use include forward foreign currency contracts.

The Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the fund.

Net Asset Summary at June 30, 2009 (Unaudited)

Commercial Banks	4.8	%
Oil, Gas & Consumable Fuels	4.6
Banking	4.5
Diversified Financial Services	4.5
Communications Equipment	4.3
Computers & Peripherals	3.9
Electrical Equipment	3.3
Non-Captive Diversified	3.1
Wirelines	2.7
Capital Markets	2.7
Software	2.7
Automotive	2.7
Sovereigns	2.5
Semiconductors & Semiconductor Equipment	2.4
Internet & Catalog Retail	2.4
Electric	2.3
Metals & Mining	2.0
Real Estate Management & Development	2.0
Other Investments, less than 2% each	40.0
Short-Term Investments	1.6
Total Investments	99.0
Other assets less liabilities	1.0
Net assets	100.0	%

11

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

Investments as of June 30, 2009 (Unaudited)

Currency Exposure at June 30, 2009 as Percentage of Net Assets (Unaudited)

United States Dollar	68.4	%
Euro	5.8
Brazilian Real	5.4
Hong Kong Dollar	5.3
British Pound	4.5
Japanese Yen	2.3
Other, less than 2% each	7.3
Total Investments	99.0
Other assets less liabilities	1.0
Net assets	100.0	%

12

LOOMIS SAYLES GROWTH FUND - PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2009 (Unaudited)

	Shares	Description		Value (†)
	Common Stocks – 100.4% of Net Assets
		Aerospace & Defense – 3.3%
	31,306	Goodrich Corp.	$	1,564,361
	26,092	Precision Castparts Corp.		1,905,499
				3,469,860
		Biotechnology – 2.3%
	52,545	Gilead Sciences, Inc.(b)		2,461,208
		Capital Markets – 4.2%
	7,638	BlackRock, Inc.		1,339,858
	21,170	Goldman Sachs Group, Inc. (The)		3,121,305
				4,461,163
		Chemicals – 1.6%
	23,447	Praxair, Inc.		1,666,378
		Commercial Banks – 3.0%
	130,996	Wells Fargo & Co.		3,177,963
		Communications Equipment – 8.5%
	126,048	Brocade Communications Systems, Inc.(b)		985,695
	184,042	Cisco Systems, Inc.(b)		3,430,543
	102,571	QUALCOMM, Inc.		4,636,209
				9,052,447
		Computers & Peripherals – 8.4%
	35,291	Apple, Inc.(b)		5,026,497
	37,368	International Business Machines Corp.		3,901,967
				8,928,464
		Construction & Engineering – 3.2%
	35,133	Fluor Corp.		1,801,972
	31,960	URS Corp.(b)		1,582,659
				3,384,631
		Diversified Financial Services – 5.3%
	129,556	Bank of America Corp.		1,710,139
	13,252	IntercontinentalExchange, Inc.(b)		1,513,908
	69,768	JPMorgan Chase & Co.		2,379,787
				5,603,834
		Electrical Equipment – 2.7%
	17,835	First Solar, Inc.(b)		2,891,410
		Electronic Equipment Instruments & Components – 2.1%
	139,172	Corning, Inc.		2,235,102
		Energy Equipment & Services – 1.0%
	19,451	Schlumberger Ltd.		1,052,494
		Health Care Equipment & Supplies – 2.8%
	21,806	Baxter International, Inc.		1,154,846
	43,232	St. Jude Medical, Inc.(b)		1,776,835
				2,931,681
		Health Care Providers & Services – 3.8%
	37,627	Express Scripts, Inc.(b)		2,586,856
	32,722	Medco Health Solutions, Inc.(b)		1,492,451
				4,079,307
		Hotels, Restaurants & Leisure – 2.2%
	81,728	International Game Technology		1,299,475
	48,663	Starwood Hotels & Resorts Worldwide, Inc.		1,080,319
				2,379,794
		Internet & Catalog Retail – 5.9%
	51,460	Amazon.com, Inc.(b)		4,305,144
	17,399	Priceline.com, Inc.(b)		1,940,858
				6,246,002
		Internet Software & Services – 5.4%
	62,607	eBay, Inc.(b)		1,072,458
	10,955	Google, Inc., Class A(b)		4,618,518
				5,690,976
		IT Services – 3.8%
	63,978	Visa, Inc., Class A		3,983,270
		Life Sciences Tools & Services – 1.5%
	38,579	Life Technologies Corp.(b)		1,609,516
		Machinery – 1.4%
	20,681	Flowserve Corp.		1,443,741
		Metals & Mining – 1.0%
	21,063	Freeport-McMoRan Copper & Gold, Inc.		1,055,467
		Multiline Retail – 1.4%
	35,944	Kohl’s Corp.(b)		1,536,606
		Oil, Gas & Consumable Fuels – 6.6%
	55,370	Petrohawk Energy Corp.(b)		1,234,751
	32,752	Range Resources Corp.		1,356,260
	73,243	Southwestern Energy Co.(b)		2,845,491
	39,872	XTO Energy, Inc.		1,520,718
				6,957,220
		Pharmaceuticals – 2.1%
	46,310	Abbott Laboratories		2,178,422
		Road & Rail – 1.7%
	35,336	Union Pacific Corp.		1,839,592
		Semiconductors & Semiconductor Equipment – 2.7%
	114,217	Broadcom Corp., Class A(b)		2,831,439
		Software – 9.0%
	38,985	McAfee, Inc.(b)		1,644,777
	138,903	Microsoft Corp.		3,301,725
	213,850	Oracle Corp.		4,580,667
				9,527,169
		Specialty Retail – 3.5%
	8,064	Autozone, Inc.(b)		1,218,551
	38,535	Best Buy Co., Inc.		1,290,537
	32,457	Ross Stores, Inc.		1,252,840
				3,761,928
		Total Common Stocks (Identified Cost $98,593,226)		106,437,084
	Principal Amount
	Short-Term Investments – 0.2%
$	213,745	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $213,745 on 7/01/2009 collateralized by $205,000 Federal Home Loan Bank, 5.625% due 6/11/2021 valued at $219,350 including accrued interest(c) (Identified Cost $213,745)		213,745
		Total Investments - 100.6% (Identified Cost $98,806,971)(a)		106,650,829
		Other assets less liabilities — (0.6)%		(677,007	)
		Net Assets — 100.0%	$	105,973,822

1

LOOMIS SAYLES GROWTH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2009 (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 the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) are generally valued on the basis of evaluated bids furnished to the Fund by a pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s investment adviser using consistently applied procedures under the general supervision of the Board of Trustees. Investments in other open-end investment companies are valued at their net asset value each day.

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

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

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

At June 30, 2009, the net unrealized appreciation on investments based on a cost of $98,806,971 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	$	9,434,706
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,590,848	)
Net unrealized appreciation	$	7,843,858

At September 30, 2008, the Fund had a capital loss carryforward of approximately $15,874,639 of which $9,606,459 expires on September 30, 2010; $6,192,314 expires on September 30, 2011 and $75,866 expires on September 30, 2016. At September 30, 2008 post-October capital loss deferrals were $31,323,857. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Non-income producing security.

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

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks*	$	106,437,084	$	—	$	—	$	106,437,084
Short-Term Investments		213,745		—		—		213,745
Total	$	106,650,829	$	—	$	—	$	106,650,829

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

2

LOOMIS SAYLES GROWTH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2009 (Unaudited)

Net Asset Summary at June 30, 2009 (Unaudited)

Software	9.0	%
Communications Equipment	8.5
Computers & Peripherals	8.4
Oil, Gas & Consumable Fuels	6.6
Internet & Catalog Retail	5.9
Internet Software & Services	5.4
Diversified Financial Services	5.3
Capital Markets	4.2
Health Care Providers & Services	3.8
IT Services	3.8
Specialty Retail	3.5
Aerospace & Defense	3.3
Construction & Engineering	3.2
Commercial Banks	3.0
Health Care Equipment & Supplies	2.8
Electrical Equipment	2.7
Semiconductors & Semiconductor Equipment	2.7
Biotechnology	2.3
Hotels, Restaurants & Leisure	2.2
Electronic Equipment Instruments & Components	2.1
Pharmaceuticals	2.1
Other Investments, less than 2% each	9.6
Short-Term Investments	0.2
Total Investments	100.6
Other assets less liabilities	(0.6	)
Net Assets	100.0	%

3

LOOMIS SAYLES HIGH INCOME FUND — PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
	Bonds and Notes — 90.0% of Net Assets
		ABS Car Loan — 0.2%
$	85,000	Capital One Auto Finance Trust, Series 2006-C, Class A4, 0.349%, 5/15/2013(b)	$	77,788
	207,659	Capital One Auto Finance Trust, Series 2007-C, Class A3B, 0.829%, 4/16/2012(b)		202,655
	100,000	Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014		74,239
				354,682
		ABS Credit Card — 0.5%
	650,000	Citibank Credit Card Issuance Trust, Series 2005-C3, Class C3, 0.729%, 7/15/2014(b)		542,438
	205,000	Citibank Credit Card Issuance Trust, Series 2006-C1, Class C1, 0.715%, 2/20/2015(b)		163,270
	100,000	HSBC Private Label Credit Card Master Note Trust, Series 2007-1, Class B, 0.429%, 12/16/2013(b)		93,652
	70,000	MBNA Credit Card Master Note Trust, Series 2006-C3, Class C3, 0.609%, 10/15/2013(b)		63,267
				862,627
		ABS Home Equity — 0.4%
	136,597	Citigroup Mortgage Loan Trust, Inc., Series 2006-NC1, Class A2B, 0.424%, 8/25/2036(b)		97,219
	569,783	Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3, 0.514%, 1/25/2036(b)		383,302
	200,000	Residential Asset Mortgage Products, Inc. Series 2006-RZ3, Class A2, 0.474%, 8/25/2036(b)		112,656
				593,177
		Aerospace & Defense — 2.9%
	1,590,000	BE Aerospace, Inc., 8.500%, 7/01/2018		1,498,575
	600,000	Bombardier, Inc., 144A, 6.300%, 5/01/2014		525,000
	350,000	Bombardier, Inc., 144A, 6.750%, 5/01/2012		329,000
	2,900,000	Bombardier, Inc., 144A, 7.450%, 5/01/2034		2,204,000
				4,556,575
		Airlines — 0.3%
	49,961	Continental Airlines, Inc., Series 1997-4, Class 4B, 6.900%, 7/02/2018		37,971
	14,137	Continental Airlines, Inc., Series 1999-1, Class C, 6.954%, 2/02/2011		13,960
	310,216	Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707%, 10/02/2022		252,826
	180,000	Continental Airlines, Inc., Series 2007-1, Class B, 6.903%, 4/19/2022		118,800
				423,557
		Automotive — 3.0%
	420,000	Ford Motor Co., 6.375%, 2/01/2029		226,800
	65,000	Ford Motor Co., 6.625%, 2/15/2028		35,100
	1,220,000	Ford Motor Co., 6.625%, 10/01/2028		658,800
	210,000	Ford Motor Co., 7.450%, 7/16/2031		123,900
	40,000	Ford Motor Co., 7.500%, 8/01/2026		21,600
	550,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		530,833
	130,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		104,524
	1,485,000	Ford Motor Credit Co. LLC, 8.000%, 6/01/2014		1,201,540
	150,000	Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		114,680
	66,000	GMAC LLC, 144A, 5.375%, 6/06/2011		56,100
	635,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		488,950
	85,000	Goodyear Tire & Rubber Co. (The), 7.857%, 8/15/2011		82,875
	810,000	Goodyear Tire & Rubber Co. (The), 9.000%, 7/01/2015		801,900
	225,000	Goodyear Tire & Rubber Co. (The), 10.500%, 5/15/2016		227,250
				4,674,852
		Banking — 0.6%
	290,000	Citigroup, Inc., 5.000%, 9/15/2014		243,112
	175,000	Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014		175,640
	200,000	Merrill Lynch & Co., Inc., 7.750%, 5/14/2038		185,781
	350,000	Morgan Stanley, 5.375%, 10/15/2015		342,948
				947,481
		Building Materials — 1.5%
	995,000	Masco Corp., 0.939%, 3/12/2010(b)		959,753
	750,000	Masco Corp., 4.800%, 6/15/2015		589,485
	50,000	Masco Corp., 6.500%, 8/15/2032		33,992
	345,000	Masco Corp., 7.750%, 8/01/2029		254,890
	625,000	USG Corp., 6.300%, 11/15/2016		462,500
				2,300,620

1

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Chemicals — 0.5%
$	450,000	Borden, Inc., 7.875%, 2/15/2023	$	126,000
	550,000	Borden, Inc., 9.200%, 3/15/2021		154,000
	855,000	Hercules, Inc., Subordinated Note, 6.500%, 6/30/2029		461,700
				741,700
		Collateralized Mortgage Obligations — 0.2%
	581,611	Residential Accredit Loans, Inc., Series 2005-QA13, Class 2A1, 5.813%, 12/25/2035(b)		251,022
	232,140	Structured Adjustable Rate Mortgage Loan Trust, Series 2007-7, Class 1A1, 0.614%, 8/25/2037(b)		108,111
				359,133
		Commercial Mortgage-Backed Securities — 3.3%
	100,000	Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041		82,930
	100,000	Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		80,930
	550,000	Citigroup Commercial Mortgage Trust, Series 2006-C5, Class A4, 5.431%, 10/15/2049		439,891
	800,000	Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4, 5.816%, 12/10/2049(b)		635,809
	100,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.810%, 9/15/2039(b)		68,191
	650,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		522,628
	1,375,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		1,096,033
	520,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.798%, 6/15/2049(b)		397,090
	100,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		73,609
	923,761	Lehman XS Trust, Series 2007-10H, Class 1A11, 0.434%, 7/25/2037(b)		392,598
	300,000	Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.650%, 6/11/2042(b)		251,719
	400,000	Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.280%, 1/11/2043(b)		345,386
	300,000	Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class A4, 5.418%, 1/15/2045		239,524
	645,000	Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048		492,630
				5,118,968
		Construction Machinery — 1.5%
	185,000	Joy Global, Inc., 6.000%, 11/15/2016		172,371
	40,000	Joy Global, Inc., 6.625%, 11/15/2036		32,217
	165,000	United Rentals North America, Inc., 1.875%, 10/15/2023		151,388
	2,245,000	United Rentals North America, Inc., 7.000%, 2/15/2014		1,835,288
	15,000	United Rentals North America, Inc., 7.750%, 11/15/2013		12,900
	150,000	United Rentals North America, Inc., 144A, 10.875%, 6/15/2016		144,000
				2,348,164
		Consumer Products — 0.0%
	55,000	Whirlpool Corp., MTN, 8.600%, 5/01/2014		57,475
		Electric — 5.1%
	35,000	AES Corp. (The), 8.000%, 10/15/2017		32,550
	2,740,000	AES Corp. (The), 8.000%, 6/01/2020		2,459,150
	215,696	AES Ironwood LLC, 8.857%, 11/30/2025		186,577
	24,104	AES Red Oak LLC, Series A, 8.540%, 11/30/2019		21,573
	555,000	CMS Energy Corp., 5.500%, 6/15/2029		577,200
	380,000	CMS Energy Corp., 7.750%, 8/01/2010		395,777
	220,000	CMS Energy Corp., 8.750%, 6/15/2019		222,579
	375,000	Dynegy Holdings, Inc., 7.125%, 5/15/2018		255,000
	180,000	Dynegy Holdings, Inc., 7.625%, 10/15/2026		111,600
	815,000	Dynegy Holdings, Inc., 7.750%, 6/01/2019		634,681
	2,230,000	Edison Mission Energy, 7.625%, 5/15/2027		1,427,200
	140,000	NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		67,550
	775,000	NRG Energy, Inc., 7.375%, 1/15/2017		730,438
	195,000	TXU Corp., Series P, 5.550%, 11/15/2014		123,127
	1,015,000	TXU Corp., Series Q, 6.500%, 11/15/2024		508,597

2

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Electric — continued
$	370,000	TXU Corp., Series R, 6.550%, 11/15/2034	$	177,881
				7,931,480
		Entertainment — 0.0%
	70,000	Viacom, Inc., 6.125%, 10/05/2017		68,028
		Food & Beverage — 1.3%
	845,000	ARAMARK Corp., 8.500%, 2/01/2015		819,650
	710,000	Aramark Services, Inc., 5.000%, 6/01/2012		642,550
	570,000	Tyson Foods, Inc., 7.850%, 4/01/2016		549,627
				2,011,827
		Gaming — 0.3%
	180,000	MGM Mirage, Inc., 144A, 10.375%, 5/15/2014		186,750
	290,000	MGM Mirage, Inc., 144A, 11.125%, 11/15/2017		307,400
				494,150
		Government Guaranteed — 0.1%
	275,000	Canada Housing Trust, 3.550%, 9/15/2013 (CAD)		244,366
		Government Owned - No Guarantee — 0.1%
	160,000	Federal Home Loan Mortgage Corp., 4.625%, 10/25/2012(c)		172,501
		Healthcare — 6.0%
	660,000	Affymetrix, Inc., 3.500%, 1/15/2038		490,050
	105,000	Boston Scientific Corp., 6.400%, 6/15/2016		97,650
	95,000	Boston Scientific Corp., 7.000%, 11/15/2035		76,950
	385,000	CHS/Community Health Systems, Inc., 8.875%, 7/15/2015		377,300
	495,000	HCA, Inc., 5.750%, 3/15/2014		396,000
	155,000	HCA, Inc., 6.250%, 2/15/2013		135,625
	10,000	HCA, Inc., 6.300%, 10/01/2012		9,175
	50,000	HCA, Inc., 6.375%, 1/15/2015		40,625
	205,000	HCA, Inc., 6.500%, 2/15/2016		165,538
	35,000	HCA, Inc., 7.050%, 12/01/2027		21,317
	1,070,000	HCA, Inc., 7.190%, 11/15/2015		824,550
	630,000	HCA, Inc., 7.500%, 12/15/2023		410,364
	700,000	HCA, Inc., 7.500%, 11/06/2033		399,000
	40,000	HCA, Inc., 7.690%, 6/15/2025		24,564
	480,000	HCA, Inc., 8.360%, 4/15/2024		316,895
	670,000	HCA, Inc., MTN, 7.580%, 9/15/2025		412,538
	1,685,000	HCA, Inc., MTN, 7.750%, 7/15/2036		1,001,655
	1,520,000	Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(d)		1,079,200
	40,000	Life Technologies Corp., 1.500%, 2/15/2024		39,650
	1,028,000	Omnicare, Inc., 3.250%, 12/15/2035		711,890
	380,000	Psychiatric Solutions, Inc., 144A, 7.750%, 7/15/2015		347,700
	255,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		153,000
	190,000	Tenet Healthcare Corp., 7.375%, 2/01/2013		171,000
	1,833,000	Tenet Healthcare Corp., 9.250%, 2/01/2015		1,677,195
	60,000	Tenet Healthcare Corp., 9.875%, 7/01/2014		59,700
				9,439,131
		Home Construction — 5.1%
	1,675,000	Centex Corp., 5.250%, 6/15/2015		1,444,687
	350,000	D.R. Horton, Inc., 5.250%, 2/15/2015		290,500
	755,000	D.R. Horton, Inc., 6.500%, 4/15/2016		645,525
	620,000	D.R. Horton, Inc., Guaranteed Note, 5.625%, 1/15/2016		508,400
	410,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		352,600
	315,000	KB Home, 5.750%, 2/01/2014		275,625
	360,000	KB Home, Guaranteed Note, 5.875%, 1/15/2015		304,200
	1,790,000	KB Home, Guaranteed Note, 7.250%, 6/15/2018		1,539,400
	5,000	Lennar Corp., Series B, 5.125%, 10/01/2010		4,800
	580,000	Lennar Corp., Series B, 5.600%, 5/31/2015		456,750
	830,000	Lennar Corp., Series B, 6.500%, 4/15/2016		664,000
	1,325,000	Pulte Homes, Inc., 6.000%, 2/15/2035		861,250
	495,000	Pulte Homes, Inc., 6.375%, 5/15/2033		326,700
	380,000	Pulte Homes, Inc., 7.875%, 6/15/2032		281,200
				7,955,637
		Independent Energy — 7.0%
	475,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		291,531
	40,000	Chesapeake Energy Corp., 6.375%, 6/15/2015		35,600
	3,295,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		2,767,800

3

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Independent Energy — continued
$	790,000	Chesapeake Energy Corp., 6.875%, 11/15/2020	$	635,950
	620,000	Connacher Oil and Gas Ltd., 144A, 10.250%, 12/15/2015		375,100
	500,000	Connacher Oil and Gas Ltd., 144A, 11.750%, 7/15/2014		480,000
	825,000	Hilcorp Energy I LP, 144A, 7.750%, 11/01/2015		697,125
	255,000	Penn Virginia Corp., 4.500%, 11/15/2012		209,100
	790,000	PetroHawk Energy Corp., 7.875%, 6/01/2015		730,750
	355,000	Pioneer Natural Resources Co., 5.875%, 7/15/2016		306,093
	200,000	Pioneer Natural Resources Co., 6.875%, 5/01/2018		174,237
	3,127,000	Pioneer Natural Resources Co., 7.200%, 1/15/2028		2,446,377
	1,260,000	SandRidge Energy, Inc., 144A, 8.000%, 6/01/2018		1,077,300
	1,000,000	Swift Energy Co., 7.125%, 6/01/2017		705,000
				10,931,963
		Industrial Other — 0.2%
	245,000	Incyte Corp., 3.500%, 2/15/2011		169,663
	140,000	Ranhill Labuan Ltd., 144A, 12.500%, 10/26/2011		100,800
				270,463
		Lodging — 4.3%
	615,000	Host Hotels & Resorts LP, 6.375%, 3/15/2015		531,975
	55,000	Host Hotels & Resorts LP, 6.750%, 6/01/2016		47,713
	80,000	Host Hotels & Resorts LP, 6.875%, 11/01/2014		72,000
	105,000	Host Hotels & Resorts LP, Convertible, 144A, 3.250%, 4/15/2024		101,456
	1,690,000	Host Hotels & Resorts, Inc., 144A, 2.625%, 4/15/2027		1,434,387
	2,000,000	Royal Caribbean Cruises Ltd., 7.000%, 6/15/2013		1,747,500
	670,000	Royal Caribbean Cruises Ltd., 7.250%, 6/15/2016		529,300
	2,590,000	Starwood Hotels & Resorts Worldwide, Inc., 6.750%, 5/15/2018		2,220,925
				6,685,256
		Media Cable — 2.3%
	1,114,000	CSC Holdings, Inc., Senior Note, 7.625%, 7/15/2018		1,031,842
	250,000	CSC Holdings, Inc., 7.875%, 2/15/2018		234,063
	180,000	CSC Holdings, Inc., 144A, 8.625%, 2/15/2019		175,050
	1,570,000	Virgin Media Finance PLC, 8.750%, 4/15/2014		1,530,750
	670,000	Virgin Media Finance PLC, 9.500%, 8/15/2016(c)		659,950
				3,631,655
		Media Non-Cable — 0.1%
	175,000	Intelsat Corp., 6.875%, 1/15/2028		127,750
	85,000	R.H. Donnelley Corp., 6.875%, 1/15/2013(e)		3,931
	25,000	R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013(e)		1,156
	160,000	R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013(e)		7,400
	615,000	R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016(e)		29,213
	155,000	R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017(e)		7,363
				176,813
		Metals & Mining — 2.5%
	355,000	ArcelorMittal, 9.850%, 6/01/2019		383,120
	210,000	ArcelorMittal USA Partnership, 9.750%, 4/01/2014		220,026
	245,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		269,500
	410,000	Steel Dynamics, Inc., 6.750%, 4/01/2015		364,900
	580,000	Steel Dynamics, Inc., 7.375%, 11/01/2012		549,550
	1,145,000	Steel Dynamics, Inc., 144A, 8.250%, 4/15/2016		1,079,163
	565,000	Teck Resources Ltd., 144A, 10.750%, 5/15/2019		607,375
	355,000	United States Steel Corp., 6.050%, 6/01/2017		302,777
	125,000	United States Steel Corp., 7.000%, 2/01/2018		108,592
				3,885,003
		Non-Captive Consumer — 0.5%
	60,000	SLM Corp., MTN, 5.050%, 11/14/2014		46,422
	50,000	SLM Corp., Series A, MTN, 4.000%, 1/15/2010		48,430
	40,000	SLM Corp., Series A, MTN, 4.500%, 7/26/2010		37,800
	20,000	SLM Corp., Series A, MTN, 5.000%, 10/01/2013		16,177
	10,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		6,634
	5,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		2,950
	735,000	SLM Corp., Series A, MTN, 6.500%, 6/15/2010 (NZD)(f)(g)		433,619
	245,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		209,594
				801,626
		Non-Captive Diversified — 2.4%
	95,000	CIT Group, Inc., 4.750%, 12/15/2010		74,576

4

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Non-Captive Diversified — continued
$	7,000	CIT Group, Inc., 5.400%, 2/13/2012	$	4,778
	85,000	CIT Group, Inc., 5.800%, 10/01/2036		47,175
	8,000	CIT Group, Inc., 5.850%, 9/15/2016		4,516
	160,000	CIT Group, Inc., 144A, 12.000%, 12/18/2018		77,600
	33,000	CIT Group, Inc., GMTN, 5.000%, 2/13/2014		19,597
	10,000	CIT Group, Inc., GMTN, 5.000%, 2/01/2015		5,890
	1,300,000	General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012 (SGD)		769,965
	22,000	GMAC LLC, 144A, 4.750%, 9/14/2009		21,395
	172,000	GMAC LLC, 144A, 5.750%, 9/27/2010		156,520
	412,000	GMAC LLC, 144A, 6.000%, 4/01/2011		360,500
	398,000	GMAC LLC, 144A, 6.000%, 12/15/2011		340,290
	208,000	GMAC LLC, 144A, 6.625%, 5/15/2012		173,680
	2,041,000	GMAC LLC, 144A, 6.750%, 12/01/2014		1,602,185
	24,000	GMAC LLC, 144A, 8.000%, 11/01/2031		16,800
	80,000	iStar Financial, Inc., 5.850%, 3/15/2017		32,000
	10,000	iStar Financial, Inc., 5.875%, 3/15/2016		4,000
	15,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		6,563
				3,718,030
		Oil Field Services — 1.2%
	490,000	Basic Energy Services, Inc., 7.125%, 4/15/2016		389,550
	350,000	Compagnie Generale de Geophysique-Veritas, 144A, 9.500%, 5/15/2016		349,125
	170,000	Complete Production Services, Inc., 8.000%, 12/15/2016		145,350
	30,000	Key Energy Services, Inc., 8.375%, 12/01/2014		26,475
	1,050,000	North American Energy Partners, Inc., 8.750%, 12/01/2011		913,500
				1,824,000
		Packaging — 0.1%
	175,000	Owens-Illinois, Inc., Senior Note, 7.800%, 5/15/2018		165,156
		Paper — 2.5%
	340,000	Georgia-Pacific Corp., 7.250%, 6/01/2028		254,150
	160,000	Georgia-Pacific Corp., 7.375%, 12/01/2025		124,000
	536,000	Georgia-Pacific Corp., 7.750%, 11/15/2029		419,420
	505,000	Georgia-Pacific Corp., 8.000%, 1/15/2024		429,250
	2,305,000	Georgia-Pacific Corp., 8.875%, 5/15/2031		1,993,825
	35,000	Georgia-Pacific LLC, 144A, 7.125%, 1/15/2017		32,550
	200,000	Georgia-Pacific LLC, 9.500%, 12/01/2011		206,000
	485,000	International Paper Co., 5.250%, 4/01/2016		412,978
	235,000	Stone Container Finance, 7.375%, 7/15/2014(e)		107,513
				3,979,686
		Pharmaceuticals — 4.5%
	2,340,000	Elan Finance PLC, 8.875%, 12/01/2013		2,141,100
	1,865,000	Elan Finance PLC, Senior Note, 7.750%, 11/15/2011		1,725,125
	950,000	Human Genome Sciences, Inc., 2.250%, 10/15/2011		574,750
	840,000	Human Genome Sciences, Inc., 2.250%, 8/15/2012		455,700
	785,000	Kendle International, Inc., 3.375%, 7/15/2012		579,919
	1,521,000	Nektar Therapeutics, 3.250%, 9/28/2012		1,117,935
	505,000	Valeant Pharmaceuticals International, Subordinated Note, Convertible, 4.000%, 11/15/2013		524,569
				7,119,098
		Pipelines — 1.9%
	2,285,000	El Paso Corp., 6.950%, 6/01/2028		1,719,195
	225,000	El Paso Corp., 7.000%, 6/15/2017		204,920
	405,000	El Paso Corp., 7.420%, 2/15/2037		311,654
	110,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		89,728
	235,000	El Paso Corp., GMTN, 8.050%, 10/15/2030		195,523
	130,000	El Paso Natural Gas Co., 8.375%, 6/15/2032		141,405
	75,000	Kinder Morgan Finance Co. ULC, Guaranteed Note, 5.700%, 1/05/2016		64,313
	175,000	Knight, Inc., 6.500%, 9/01/2012		171,062
	20,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		19,058
	20,000	Tennessee Gas Pipeline Co., 7.500%, 4/01/2017		20,925
				2,937,783
		Refining — 0.5%
	150,000	Petroplus Finance Ltd., 144A, 6.750%, 5/01/2014		129,000

5

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Refining — continued
$	745,000	Petroplus Finance Ltd., 144A, 7.000%, 5/01/2017	$	618,350
				747,350
		Retailers — 2.4%
	250,000	Dillard’s, Inc., 6.625%, 1/15/2018		140,000
	105,000	Dillard’s, Inc., 7.130%, 8/01/2018		59,325
	1,085,000	Federated Retail Holdings, Inc., 5.350%, 3/15/2012		987,580
	545,000	J.C. Penney Corp., Inc., Senior Note, 6.375%, 10/15/2036		403,364
	765,000	Macy’s Retail Holdings, Inc., 5.900%, 12/01/2016		623,235
	510,000	Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		346,719
	30,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		20,783
	1,600,000	Toys R Us, Inc., 7.375%, 10/15/2018		1,144,000
	20,000	Toys R Us, Inc., 7.875%, 4/15/2013		16,700
				3,741,706
		Sovereigns — 0.3%
	350,000	New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010 (AUD)		294,268
	4,362,603	Republic of Uruguay, 4.250%, 4/05/2027 (UYU)		151,746
				446,014
		Supermarkets — 1.1%
	300,000	American Stores Co., 8.000%, 6/01/2026		261,750
	750,000	New Albertson’s, Inc., 7.450%, 8/01/2029		615,000
	190,000	New Albertson’s, Inc., 7.750%, 6/15/2026		161,975
	130,000	New Albertson’s, Inc., 8.000%, 5/01/2031		111,475
	735,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		536,550
				1,686,750
		Supranational — 0.4%
	9,210,000,000	European Investment Bank, EMTN, 144A, Zero Coupon Bond, 4/24/2013 (IDR)		588,736
	13,400,000	International Bank for Reconstruction & Development, 9.500%, 5/27/2010 (ISK)		79,114
				667,850
		Technology — 8.3%
	300,000	Affiliated Computer Services, Inc., 5.200%, 6/01/2015		255,000
	1,090,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		618,575
	1,930,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		1,080,800
	50,000	Alcatel-Lucent USA, Inc., Series A, Convertible, 2.875%, 6/15/2023		47,375
	1,580,000	Alcatel-Lucent USA, Inc., Series B, 2.875%, 6/15/2025		1,119,825
	2,165,000	Amkor Technology, Inc., 7.750%, 5/15/2013		1,986,387
	290,000	Amkor Technology, Inc., 9.250%, 6/01/2016		268,613
	30,000	Intel Corp., 2.950%, 12/15/2035		25,200
	1,220,000	Jabil Circuit, Inc., 8.250%, 3/15/2018		1,098,000
	345,000	JDS Uniphase Corp., Convertible, 1.000%, 5/15/2026		255,300
	210,000	Kla-Tencor Corp., 6.900%, 5/01/2018		188,806
	1,330,000	Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		852,862
	285,000	Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		235,125
	216,000	Maxtor Corp., Subordinated Note, 5.750%, 3/01/2012(g)		179,280
	580,000	Motorola, Inc., 6.500%, 9/01/2025		406,000
	1,000,000	Motorola, Inc., 7.500%, 5/15/2025		765,000
	340,000	Nortel Networks Capital Corp., 7.875%, 6/15/2026(e)		106,250
	280,000	Nortel Networks Corp., 2.125%, 4/15/2014(e)		91,700
	580,000	Nortel Networks Ltd., 6.875%, 9/01/2023(e)		73,950
	475,000	Nortel Networks Ltd., 10.125%, 7/15/2013(e)		161,500
	255,000	Seagate Technology HDD Holdings, 6.375%, 10/01/2011		243,844
	1,805,000	Seagate Technology HDD Holdings, 6.800%, 10/01/2016		1,547,787
	390,000	Seagate Technology International, 144A, 10.000%, 5/01/2014		402,188
	820,000	SunGard Data Systems, Inc., 9.125%, 8/15/2013		774,900
	355,000	Xerox Capital Trust I, 8.000%, 2/01/2027		269,800
				13,054,067
		Textile — 0.1%
	375,000	Jones Apparel Group, Inc., 6.125%, 11/15/2034		236,250
		Transportation Services — 0.4%
	275,000	APL Ltd., Senior Note, 8.000%, 1/15/2024(g)		171,592
	640,000	Overseas Shipholding Group, Senior Note, 7.500%, 2/15/2024		464,800
				636,392

6

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Treasuries — 2.0%
$	3,360,000	Canadian Government, 4.500%, 6/01/2015 (CAD)	$	3,168,652
		Wireless — 4.7%
	130,000	Crown Castle International Corp., 9.000%, 1/15/2015		132,275
	1,765,000	Intelsat Subsidiary Holding Co. Ltd., 8.500%, 1/15/2013		1,694,400
	160,000	Intelsat Subsidiary Holding Co. Ltd., 8.875%, 1/15/2015		154,400
	1,443,000	Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		1,150,792
	944,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		781,160
	1,080,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		850,500
	80,000	NII Holdings, Inc., 2.750%, 8/15/2025		74,800
	850,000	NII Holdings, Inc., 3.125%, 6/15/2012		653,437
	2,061,000	Sprint Capital Corp., 6.875%, 11/15/2028		1,463,310
	55,000	Sprint Capital Corp., 6.900%, 5/01/2019		45,513
	20,000	Sprint Capital Corp., 8.750%, 3/15/2032		16,100
	200,000	True Move Co. Ltd., 144A, 10.375%, 8/01/2014		150,000
	200,000	True Move Co. Ltd., 144A, 10.750%, 12/16/2013		153,000
				7,319,687
		Wirelines — 7.4%
	5,000	Bell Canada, MTN, 144A, 6.550%, 5/01/2029 (CAD)		4,058
	255,000	Bell Canada, Series M-17, 6.100%, 3/16/2035 (CAD)		196,331
	65,000	Cincinnati Bell Telephone Co., 6.300%, 12/01/2028		40,300
	1,485,000	Cincinnati Bell, Inc., 8.375%, 1/15/2014		1,373,625
	460,000	Embarq Corp., 7.995%, 6/01/2036		404,512
	1,625,000	FairPoint Communications, Inc., 13.125%, 4/01/2018		316,875
	95,000	Frontier Communications Corp., 7.000%, 11/01/2025		67,450
	30,000	Frontier Communications Corp., 7.125%, 3/15/2019		25,575
	1,245,000	Frontier Communications Corp., 7.875%, 1/15/2027		996,000
	605,000	Frontier Communications Corp., 9.000%, 8/15/2031		499,125
	80,000	Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(e)		8
	2,235,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		1,564,500
	459,000	Level 3 Communications, Inc., 5.250%, 12/15/2011		374,085
	815,000	Level 3 Communications, Inc., 7.000%, 3/15/2015(g)		872,050
	400,000	Level 3 Communications, Inc., 10.000%, 5/01/2011		383,500
	770,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		585,200
	495,000	Level 3 Financing, Inc., 9.250%, 11/01/2014		405,900
	425,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		327,250
	2,860,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031(c)		2,030,600
	1,445,000	Qwest Capital Funding, Inc., Guaranteed Note, 6.875%, 7/15/2028		982,600
	275,000	Qwest Capital Funding, Inc., Guaranteed Note, 7.625%, 8/03/2021		210,375
	10,000	Qwest Corp., 6.875%, 9/15/2033		7,300
				11,667,219
		Total Bonds and Notes (Identified Cost $143,177,118)		141,154,600
	Bank Loans — 1.7%
		Chemicals — 0.1%
	202,100	Ashland Chemicals, Term Loan B, 7.650%, 5/13/2014(h)		203,677
		Diversified Manufacturing — 0.2%
	325,573	CommScope, Inc., Term Loan B, 3.098%, 12/26/2014(h)		309,907
		Food & Beverage — 0.0%
	1,306	Dole Food Co., Inc., Credit Link Deposit, 7.979%, 4/12/2013(h)		1,305
	841	Dole Food Co., Inc., Tranche B Term Loan, 8.000%, 4/12/2013(h)		840
	4,119	Dole Food Co., Inc., Tranche C Term Loan, 8.000%, 4/12/2013(h)		4,116
				6,261
		Media Non-Cable — 0.3%
	975,889	Idearc, Inc., Term Loan B, 6.250%, 11/17/2014(e)(h)		411,093
	224,012	Tribune Co., Term Loan X, 5.000%, 4/10/2010(e)(h)		75,107
				486,200
		Technology — 0.3%
	418,918	Nuance Communications, Inc., Term Loan, 2.310%, 3/31/2013(h)		385,928
	69,643	Sungard Data Systems, Inc., Tranche A, 2.463%, 2/28/2014(h)		64,367
				450,295

7

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Wirelines — 0.8%
$	763,371	Fairpoint Communications, Inc., Initial Term Loan B, 5.000%, 3/31/2015(h)	$	567,948
	35,272	Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(h)(i)		20,943
	250,000	Level 3 Financing, Inc., Add on Term Loan, 11.500%, 3/13/2014(h)		256,250
	25,000	Level 3 Financing, Inc., Tranche A Term Loan, 3.155%, 3/13/2014(h)		20,674
	386,062	Transaction Network Services, Inc., Term Loan A, 9.500%, 3/28/2014(h)		384,131
				1,249,946
		Total Bank Loans (Identified Cost $2,648,090)		2,706,286
	Shares
	Preferred Stocks — 1.0%
	Convertible Preferred Stocks — 0.9%
		Capital Markets — 0.1%
	6,890	Newell Financial Trust I, 5.250%		182,154
		Diversified Financial Services — 0.1%
	3,732	Sovereign Capital Trust IV, 4.375%		74,640
		Electric Utilities — 0.2%
	6,475	AES Trust III, 6.750%		276,806
		Machinery — 0.0%
	2,550	United Rentals Trust I, 6.500%		47,813
		Oil, Gas & Consumable Fuels — 0.2%
	9,500	El Paso Energy Capital Trust I, 4.750%		299,250
		Semiconductors & Semiconductor Equipment — 0.3%
	799	Lucent Technologies Capital Trust I, 7.750%		471,410
		Total Convertible Preferred Stocks (Identified Cost $1,549,152)		1,352,073
	Non-Convertible Preferred Stocks — 0.1%
		Diversified Financial Services — 0.1%
	274	Preferred Blocker, Inc., 144A, 7.000%		117,837
		Thrifts & Mortgage Finance — 0.0%
	300	Federal Home Loan Mortgage Corp., 5.000%(j)(k)		420
	7,900	Federal Home Loan Mortgage Corp., 5.570%(j)(k)		6,794
	2,850	Federal Home Loan Mortgage Corp., 5.660%(j)(k)		2,650
	1,000	Federal Home Loan Mortgage Corp., 5.700%(j)(k)		1,350
	1,800	Federal Home Loan Mortgage Corp., 5.790%(j)(k)		2,250
	650	Federal Home Loan Mortgage Corp., 5.810%(j)(k)		1,105
	1,400	Federal Home Loan Mortgage Corp., 5.900%(j)(k)		1,260
	350	Federal Home Loan Mortgage Corp., 6.000%(j)(k)		469
	600	Federal Home Loan Mortgage Corp., 6.420%(j)(k)		960
	1,350	Federal Home Loan Mortgage Corp., 6.550%(j)(k)		1,107
	7,400	Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(j)(k)		9,028
	1,200	Federal National Mortgage Association, 4.750%(j)(k)		1,824
	200	Federal National Mortgage Association, 5.125%(j)(k)		294
	400	Federal National Mortgage Association, 5.375%(j)(k)		688
	350	Federal National Mortgage Association, 5.810%(j)(k)		536
	550	Federal National Mortgage Association, 6.750%(j)(k)		660
	10,250	Federal National Mortgage Association, (fixed rate to 12/31/2010, variable rate thereafter), 8.250%(j)(k)		13,735
				45,130
		Total Non-Convertible Preferred Stocks (Identified Cost $634,132)		162,967
		Total Preferred Stocks (Identified Cost $2,183,284)		1,515,040
	Common Stocks — 0.3%
		Biotechnology — 0.2%
	43,053	EPIX Pharmaceuticals, Inc.(f)(g)(j)(n)		4,736
	127	EPIX Pharmaceuticals, Inc., Contingent Value Rights(j)		—
	8,147	Vertex Pharmaceuticals, Inc.(j)		290,359
				295,095
		Chemicals — 0.0%
	1,087	Ashland, Inc.		30,490
		Household Durables — 0.0%
	1,775	KB Home		24,282
		Pharmaceuticals — 0.1%
	6,875	Merck & Co., Inc.		192,225
		Thrifts & Mortgage Finance — 0.0%
	5,500	Federal Home Loan Mortgage Corp.		3,410
		Total Common Stocks (Identified Cost $670,137)		545,502

8

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

Investments as of June 30, 2009 (Unaudited)

Shares	Description		Value (†)
Closed-End Investment Companies — 0.0%
3,835	Morgan Stanley Emerging Markets Debt Fund, Inc.	$	31,792
2,175	Western Asset High Income Opportunity Fund, Inc.		11,202
	Total Closed-End Investment Companies (Identified Cost $45,443)		42,994
Principal Amount (‡)
Short-Term Investments — 4.2%
$1,925,000	Federal Home Loan Bank Discount Note, 0.010%, 7/01/2009(l)		1,925,000
16,951	Repurchase Agreement with State Street Corp., dated 6/30/2009 at 0.000% to be repurchased at $16,951 on 7/01/2009, collateralized by $20,000 U.S. Treasury Bill, due 10/01/2009 valued at $19,990 including accrued interest(m)		16,951
4,564,195	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $4,564,195 on 7/01/2009, collateralized by $4,630,000 Federal National Mortgage Association, 1.875% due 4/20/2012 valued at $4,658,938 including accrued interest(m)		4,564,195
	Total Short-Term Investments (Identified Cost $6,506,146)		6,506,146
	Total Investments — 97.2% (Identified Cost $155,230,218)(a)		152,470,568
	Other assets less liabilities—2.8%		4,359,451
	Net Assets — 100.0%	$	156,830,019

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

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

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

9

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

Investments as of June 30, 2009 (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. Amortization of premium on debt securities is excluded for tax purposes):

At June 30, 2009, the net unrealized depreciation on investments based on a cost of $155,243,304 for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	5,906,951
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(8,679,687	)
Net unrealized depreciation	$	(2,772,736	)

At September 30, 2008, the Fund had a capital loss carryforward of approximately $70,201,356 of which $43,374,722 expires on September 30, 2009; $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.

(b) Variable rate security. Rate as of June 30, 2009 is disclosed.

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

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

(e) Non-income producing security due to bankruptcy filing.

(f) Fair valued security by the Fund’s Investment Adviser. At June 30, 2009 the value of these securities amounted to $438,355 or 0.3% of net assets.

(g) Illiquid security. At June 30, 2009, the value of these securities amounted to $1,661,277 or 1.1% of net assets.

(h) Variable rate security. Rate shown represents the weighted average rate at June 30, 2009.

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

(j) Non-income producing security.

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

(l) Rate represents discount rate at time of purchase.

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

(n) Security subject to restrictions on resale. This security was acquired on May 8, 2009 at a cost of $78,932. At June 30, 2009, the value of this security amounted to $4,736 or 0.0% of net assets.

144A	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the value of these securities amounted to $15,521,520 or 9.9% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
AUD	Australian Dollar
CAD	Canadian Dollar
IDR	Indonesian Rupiah
ISK	Icelandic Krona
NZD	New Zealand Dollar
SGD	Singapore Dollar
UYU	Uruguayan Peso

Forward Foreign Currency Contracts

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

At June 30, 2009, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date	Currency	Units	Notional Value	Unrealized Depreciation
Sell1	7/29/2009	Singapore Dollar	1,140,000	786,846	$	(30,125	)

¹ Counterparty is Barclays Bank PLC.

Fair Value Measurements

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

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

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

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

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

10

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

Investments as of June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
ABS Car Loan	$	—	$	354,682	$	—	$	354,682
ABS Credit Card		—		862,627		—		862,627
ABS Home Equity		—		593,177		—		593,177
Aerospace & Defense		—		4,556,575		—		4,556,575
Airlines		—		423,557		—		423,557
Automotive		—		4,674,852		—		4,674,852
Banking		—		947,481		—		947,481
Building Materials		—		2,300,620		—		2,300,620
Chemicals		—		461,700		280,000		741,700
Collateralized Mortgage Obligations		—		359,133		—		359,133
Commercial Mortgage-Backed Securities		—		4,726,370		392,598		5,118,968
Construction Machinery		—		2,348,164		—		2,348,164
Consumer Products		—		57,475		—		57,475
Electric		—		7,863,930		67,550		7,931,480
Entertainment		—		68,028		—		68,028
Food & Beverage		—		2,011,827		—		2,011,827
Gaming		—		494,150		—		494,150
Government Guaranteed		—		244,366		—		244,366
Government Owned - No Guarantee		—		172,501		—		172,501
Healthcare		—		9,439,131		—		9,439,131
Home Construction		—		7,955,637		—		7,955,637
Independent Energy		—		10,931,963		—		10,931,963
Industrial Other		—		270,463		—		270,463
Lodging		—		6,685,256		—		6,685,256
Media Cable		—		3,631,655		—		3,631,655
Media Non-Cable		—		127,750		49,063		176,813
Metals & Mining		—		3,885,003		—		3,885,003
Non-Captive Consumer		—		365,057		436,569		801,626
Non-Captive Diversified		—		2,811,949		906,081		3,718,030
Oil Field Services		—		1,824,000		—		1,824,000
Packaging		—		165,156		—		165,156
Paper		—		3,979,686		—		3,979,686
Pharmaceuticals		—		7,119,098		—		7,119,098
Pipelines		—		2,937,783		—		2,937,783
Refining		—		747,350		—		747,350
Retailers		—		3,741,706		—		3,741,706
Sovereigns		—		446,014		—		446,014
Supermarkets		—		1,686,750		—		1,686,750
Supranational		—		79,114		588,736		667,850
Technology		—		12,782,167		271,900		13,054,067
Textile		—		236,250		—		236,250
Transportation Services		—		636,392		—		636,392
Treasuries		—		3,168,652		—		3,168,652
Wireless		—		7,319,687		—		7,319,687
Wirelines		—		10,795,169		872,050		11,667,219
Total Bonds and Notes		—		137,290,053		3,864,547		141,154,600
Bank Loans
Chemicals		—		203,677		—		203,677
Diversified Manufacturing		—		309,907		—		309,907
Food & Beverage		—		6,261		—		6,261
Media Non-Cable		—		486,200		—		486,200
Technology		—		450,295		—		450,295
Wirelines		—		1,249,946		—		1,249,946
Total Bank Loans		—		2,706,286		—		2,706,286

11

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

Investments as of June 30, 2009 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Preferred Stocks
Convertible Preferred Stocks
Capital Markets	$	—	$	182,154	$	—	$	182,154
Diversified Financial Services		—		—		74,640		74,640
Electric Utilities		—		276,806		—		276,806
Machinery		—		47,813		—		47,813
Oil, Gas & Consumable Fuels		—		299,250		—		299,250
Semiconductors & Semiconductor Equipment		—		—		471,410		471,410
Total Convertible Preferred Stocks		—		806,023		546,050		1,352,073
Non-Convertible Preferred Stocks
Diversified Financial Services		—		117,837		—		117,837
Thrifts & Mortgage Finance		19,584		25,546		—		45,130
Total Non-Convertible Preferred Stocks		19,584		143,383		—		162,967
Total Preferred Stocks		19,584		949,406		546,050		1,515,040
Common Stocks
Biotechnology		290,359		—		4,736		295,095
Chemicals		30,490		—		—		30,490
Household Durables		24,282		—		—		24,282
Pharmaceuticals		192,225		—		—		192,225
Thrifts & Mortgage Finance		3,410		—		—		3,410
Total Common Stocks		540,766		—		4,736		545,502
Closed-End Investment Companies		42,994		—		—		42,994
Short-Term Investments		4,581,146		1,925,000		—		6,506,146
Total	$	5,184,490	$	142,870,745	$	4,415,333	$	152,470,568

Liability Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Forward Foreign Currency Contract (unrealized depreciation)	$	—	$	(30,125	)	$	—	$	(30,125	)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
Banking	$	320,000	$	4,358	$	(406,726	)	$	118,618		$	—	$	(36,250	)	$	—	$	—		$	—
Chemicals		254,600		6,677		—			(262,765	)		261,188		—			482,000		(461,700	)		280,000
Commercial Mortgage-Backed Securities		—		—		11,374			—			401,005		(19,781	)		—		—			392,598
Electric		—		221		—			(36,971	)		—		—			104,300		—			67,550
Healthcare		63,500		667		—			37,625			—		(101,792	)		—		—			—
Industrial Other		67,200		—		—			33,600			—		—			—		(100,800	)		—
Media Non-Cable		159,375		31,646		(266,237	)		(162,446	)		—		(80,375	)		367,100		—			49,063
Non-Captive Consumer		408,215		6,890		—			18,964			—		—			2,500		—			436,569
Non-Captive Diversified		—		2,561		(36,635	)		(88,158	)		259,490		(265,603	)		1,034,426		—			906,081

12

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

Investments as of June 30, 2009 (Unaudited)

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Paper	$	—	$	5,487	$	(73,317	)	$	7,780		$	45,450	$	(74,500	)	$	89,100	$	—		$	—
Property & Casualty Insurance		15,900		—		(1,301	)		401			—		(15,000	)		—		—			—
Supranational		583,267		36,441		—			(30,972	)		—		—			—		—			588,736
Technology		381,600		10,440		—			(254,190	)		—		—			134,050		—			271,900
Wireless		133,460		312		—			16,228			—		—			—		(150,000	)		—
Wirelines		—		32		—			73,318			798,700		—			—		—			872,050
Preferred Stocks
Convertible Preferred Stocks
Diversified Financial Services		—		—		—			(11,009	)		—		—			85,649		—			74,640
Semiconductors & Semiconductor Equipment		371,256		—		—			100,154			—		—			—		—			471,410
Common Stocks
Biotechnology		—		—		—			(74,196	)		78,932		—			—		—			4,736
Total	$	2,758,373	$	105,732	$	(772,842	)	$	(514,019	)	$	1,844,765	$	(593,301	)	$	2,299,125	$	(712,500	)	$	4,415,333

Derivatives

The Fund adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”), effective April 1, 2009. FAS 161 requires enhanced disclosures about a fund’s derivative and hedging activities. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund may use include forward foreign currency contracts.

The Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the fund.

Net Asset Summary at June 30, 2009 (Unaudited)

Technology	8.6	%
Wirelines	8.2
Independent Energy	7.0
Healthcare	6.0
Home Construction	5.1
Electric	5.1
Wireless	4.7
Pharmaceuticals	4.6
Lodging	4.3
Commercial Mortgage-Backed Securities	3.3
Automotive	3.0
Aerospace & Defense	2.9
Paper	2.5
Metals & Mining	2.5
Retailers	2.4
Non-Captive Diversified	2.4
Media Cable	2.3
Treasuries	2.0
Other Investments, less than 2% each	16.1
Short-Term Investments	4.2
Total Investments	97.2
Other assets less liabilities (including open Forward Foreign Currency Contracts)	2.8
Net Assets	100.0	%

13

LOOMIS SAYLES INTERNATIONAL BOND FUND — PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2009 (Unaudited)

Principal Amount (‡)	Description		Value (†)
Bonds and Notes — 94.1% of Net Assets
Non-Convertible Bonds — 93.9%
	Australia — 1.2%
165,000	New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010, (AUD)	$	138,726
50,000	Rio Tinto Finance (USA) Ltd., 8.950%, 5/01/2014(b)		55,563
			194,289
	Austria — 1.1%
17,000,000	Oesterreichische Kontrollbank AG, 1.800%, 3/22/2010, (JPY)		177,250
	Belgium — 10.6%
100,000	Anheuser-Busch InBev NV, EMTN 6.500%, 6/23/2017, (GBP)		162,661
625,000	Kingdom of Belgium, 5.500%, 9/28/2017, (EUR)		984,406
415,000	Kingdom of Belgium, Series 50 4.000%, 3/28/2013, (EUR)		612,904
			1,759,971
	Brazil — 1.2%
200,000	Brazil Notas do Tesouro Nacional Series F, 10.000%, 1/01/2017, (BRL)		84,059
5,000	Republic of Brazil, 7.125%, 1/20/2037(b)		5,425
100,000	Telemar Norte Leste SA, 144A, 9.500%, 4/23/2019(b)		108,875
			198,359
	Canada — 5.5%
110,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		84,692
50,000	Bombardier, Inc., 144A, 7.250%, 11/15/2016, (EUR)		59,621
255,000	Canadian Government, 4.250%, 9/01/2009, (CAD)		220,675
445,000	Canadian Government, 4.500%, 6/01/2015, (CAD)(b)		419,658
80,000	Canadian Pacific Railway Co., 7.250%, 5/15/2019(b)		83,005
45,000	Teck Resources Ltd., 144A, 9.750%, 5/15/2014(b)		46,575
			914,226
	Cayman Islands — 2.2%
60,000	DASA Finance Corp., 144A, 8.750%, 5/29/2018(b)		59,028
75,000	DASA Finance Corp., 8.750%, 5/29/2018(b)		73,785
100,000	Hutchison Whampoa Finance Ltd., 4.625%, 9/21/2016, (EUR)		132,322
100,000	Odebrecht Finance Ltd., 144A, 7.500%, 10/18/2017(b)		99,250
			364,385
	France — 4.8%
50,000	Credit Agricole SA, EMTN, 5.971%, 2/01/2018, (EUR)		74,404
100,000	Electricite de France, EMTN, 5.875%, 7/18/2031, (GBP)		164,908
40,000	Lafarge SA, EMTN, 4.750%, 3/23/2020, (EUR)		45,323
50,000	Lafarge SA, EMTN, 5.375%, 6/26/2017, (EUR)		61,393
85,000	PPR, EMTN, 4.000%, 1/29/2013, (EUR)		115,514
50,000	Societe Generale, EMTN, 5.250%, 3/28/2013, (EUR)		74,680
35,000	Veolia Environnement, EMTN, 5.125%, 5/24/2022, (EUR)		42,618
70,000	Veolia Environnement, EMTN, 6.125%, 11/25/2033, (EUR)		89,117
10,000	Vivendi, 3.875%, 2/15/2012, (EUR)		14,157
50,000	Vivendi, 4.500%, 10/03/2013, (EUR)		70,305
50,000	Wendel, 4.875%, 5/26/2016, (EUR)		48,048
			800,467
	Germany — 12.1%
50,000	Bertelsmann AG, EMTN, 3.625%, 10/06/2015, (EUR)		58,179
125,000	Hypothekenbank in Essen AG, 3.000%, 9/28/2009, (EUR)		175,942
21,000,000	Kreditanstalt fuer Wiederaufbau, 1.350%, 1/20/2014, (JPY)		218,610
16,000,000	Kreditanstalt fuer Wiederaufbau, 1.750%, 3/23/2010, (JPY)		167,594
36,000,000	Kreditanstalt fuer Wiederaufbau, 2.050%, 2/16/2026, (JPY)		362,541
185,000	Kreditanstalt fuer Wiederaufbau, 2.500%, 10/11/2010, (EUR)(b)		263,682
5,000,000	Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037, (JPY)		49,651
105,000	Muenchener Hypothekenbank eG, 5.000%, 1/16/2012, (EUR)		156,768
65,000	Republic of Germany, 3.750%, 1/04/2017, (EUR)(b)		94,820
225,000	Republic of Germany, 4.000%, 4/13/2012, (EUR)		334,740
100,000	Republic of Germany, 4.000%, 1/04/2037, (EUR)		134,940
			2,017,467
	India — 1.0%
100,000	Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021		87,915
100,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 144A, 6.375%, 4/30/2022(b)		77,986
			165,901
	Indonesia — 0.8%
100,000	Republic of Indonesia, 144A, 11.625%, 3/04/2019(b)		126,625
	Ireland — 1.2%
30,000,000	Depfa ACS Bank, Series 686, EMTN, 1.650%, 12/20/2016, (JPY)		205,553

1

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

Investments as of June 30, 2009 (Unaudited)

Principal Amount (‡)		Description		Value (†)
		Italy — 1.0%
150,000		Finmeccanica SpA, EMTN, 4.875%, 3/24/2025, (EUR)	$	171,235
		Japan — 7.7%
18,000,000		Development Bank of Japan, 1.750%, 6/21/2010, (JPY)		188,832
63,000,000		Japan Finance Corp. for Municipal Enterprises, 1.350%, 11/26/2013, (JPY)		669,368
20,966,400		Japan Government, 0.800%, 3/10/2016, (JPY)		190,979
20,000,000		Japan Government, 1.300%, 3/20/2019, (JPY)		207,325
2,000,000		Japan Government, 1.400%, 6/20/2011, (JPY)		21,211
				1,277,715
		Jersey — 0.4%
50,000		WPP PLC, 6.000%, 4/04/2017, (GBP)		71,254
		Korea — 1.1%
100,000		Republic of Korea, 7.125%, 4/16/2019(b)		107,674
75,000		SK Broadband Co. Ltd., 144A, 7.000%, 2/01/2012		75,187
				182,861
		Luxembourg — 1.3%
50,000		ArcelorMittal, 9.850%, 6/01/2019(b)		53,961
105,000		Telecom Italia Capital SA, 6.000%, 9/30/2034(b)		88,684
35,000		Telecom Italia Capital SA, 6.375%, 11/15/2033(b)		31,106
25,000		Telecom Italia Finance SA, EMTN, 7.750%, 1/24/2033, (EUR)		35,265
				209,016
		Mexico — 0.9%
85,000		Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015(b)		73,100
10,000	(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		72,975
12,000		Mexican Government, Series A, GMTN, 6.050%, 1/11/2040(b)		10,902
				156,977
		Netherlands — 3.0%
50,000		Cemex Finance Europe BV, 4.750%, 3/05/2014, (EUR)		45,338
50,000		Koninklijke (Royal) KPN NV, GMTN, 4.750%, 1/17/2017, (EUR)		69,669
100,000		Linde Finance BV, EMTN, 4.750%, 4/24/2017, (EUR)		140,402
100,000		RWE Finance BV, EMTN 5.500%, 7/06/2022, (GBP)		165,754
10,000		Wolters Kluwer NV, 5.125%, 1/27/2014, (EUR)		14,396
50,000		Wolters Kluwer NV, 6.375%, 4/10/2018, (EUR)		72,343
				507,902
		Norway — 3.1%
275,000		Norwegian Government, 4.250%, 5/19/2017, (NOK)		43,776
725,000		Norwegian Government, 5.000%, 5/15/2015, (NOK)		120,849
775,000		Norwegian Government, 6.000%, 5/16/2011, (NOK)		129,407
1,235,000		Norwegian Government, 6.500%, 5/15/2013, (NOK)		215,944
				509,976
		South Africa — 0.5%
100,000		Edcon Proprietary Ltd., 144A, 4.527%, 6/15/2014, (EUR)(c)		81,365
		Spain — 2.2%
23,000,000		Instituto de Credito Oficial, EMTN, 0.800%, 9/28/2009, (JPY)		238,858
100,000		Santander Issurance SA, EMTN, (fixed rate to 5/29/14, variable rate thereafter), 4.750%, 5/29/2019, (EUR)		126,314
				365,172
		Supranational — 6.8%
40,000,000		Asian Development Bank, GMTN 2.350%, 6/21/2027, (JPY)		407,206
2,000,000		European Investment Bank, 1.250%, 9/20/2012, (JPY)		20,947
4,000,000		European Investment Bank, 1.400%, 6/20/2017, (JPY)		40,921
921,000,000		European Investment Bank, EMTN, 144A, Zero Coupon, 4/24/2013, (IDR)		58,874
28,000,000		Inter-American Development Bank, 1.900%, 7/08/2009, (JPY)		290,704
30,000,000		Nordic Investment Bank, Series C, GMTN, 1.700%, 4/27/2017, (JPY)(b)		306,925
				1,125,577
		Sweden — 0.8%
100,000		Telefonaktiebolaget LM Ericsson, EMTN, 5.375%, 6/27/2017, (EUR)(b)		132,279
		United Arab Emirates — 0.9%
100,000		Abu Dhabi National Energy Co., 144A, 6.500%, 10/27/2036(b)		84,761
100,000		DP World Ltd., 144A, 6.850%, 7/02/2037(b)		66,500
				151,261
		United Kingdom — 5.5%
50,000		BAT International Finance PLC, EMTN, 5.375%, 6/29/2017, (EUR)		70,833
50,000		BAT International Finance PLC, EMTN, 5.875%, 3/12/2015, (EUR)		74,667
50,000		BP Capital Markets PLC, EMTN, 5.750%, 2/26/2010, (GBP)		83,900
50,000		British Sky Broadcasting Group PLC, EMTN 6.000%, 5/21/2027, (GBP)		74,181

2

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

Investments as of June 30, 2009 (Unaudited)

Principal Amount (‡)	Description		Value (†)
	United Kingdom — continued
50,000	BSKYB Finance UK PLC, 5.750%, 10/20/2017, (GBP)	$	81,847
100,000	Imperial Tobacco Finance PLC, EMTN, 4.375%, 11/22/2013, (EUR)		135,129
65,000	Lloyds TSB Group PLC, 5.875%, 7/08/2014, (EUR)		87,424
100,000	Standard Chartered Bank, Series 17, EMTN, 5.875%, 9/26/2017, (EUR)		126,741
25,000	United Kingdom Treasury, 5.250%, 6/07/2012, (GBP)		44,295
100,000	Vodafone Group PLC, EMTN, 5.375%, 6/06/2022, (EUR)		137,900
			916,917
	United States — 17.0%
25,000	Ahold Finance USA, Inc., EMTN, 6.500%, 3/14/2017, (GBP)		40,719
15,000	Ashland, Inc., 144A, 9.125%, 6/01/2017(b)		15,600
100,000	AT&T, Inc., 6.125%, 4/02/2015, (EUR)		151,491
100,000	Bristol-Myers Squibb Co., 4.625%, 11/15/2021, (EUR)		135,152
50,000	Cargill, Inc., EMTN, 5.375%, 3/02/2037, (GBP)		61,109
20,000	Chesapeake Energy Corp., 6.375%, 6/15/2015(b)		17,800
60,000	Chesapeake Energy Corp., 6.500%, 8/15/2017(b)		50,400
95,000	Chevron Phillips Chemical Co. LLC, 144A, 7.000%, 6/15/2014(b)		97,131
50,000	Couche-Tard US/Finance, 7.500%, 12/15/2013(b)		48,750
50,000	Countrywide Financial Corp., EMTN 5.125%, 2/17/2011, (GBP)		79,985
60,000	CSX Corp., 5.600%, 5/01/2017(b)		58,432
65,000	Energy Transfer Partners LP, 6.625%, 10/15/2036(b)		63,510
60,000	Frontier Communications Corp., 6.250%, 1/15/2013(b)		55,200
20,000	Frontier Communications Corp., 7.875%, 1/15/2027(b)		16,000
10,000,000	General Electric Capital Corp., GMTN, 1.450%, 11/10/2011, (JPY)		98,463
100,000	Georgia-Pacific Corp., 8.000%, 1/15/2024(b)		85,000
50,000	Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038, (GBP)		65,010
50,000	Goldman Sachs Group, Inc. (The), 7.125%, 8/07/2025, (GBP)		86,025
55,000	HCA, Inc., 5.750%, 3/15/2014(b)		44,000
45,000	HCA, Inc., 8.360%, 4/15/2024(b)		29,709
85,000	Host Hotels & Resorts LP, 6.375%, 3/15/2015(b)		73,525
90,000	International Paper Co., 8.700%, 6/15/2038(b)		80,288
50,000	Kraft Food, Inc., 6.250%, 3/20/2015, (EUR)		75,080
100,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		93,753
25,000	Morgan Stanley, 5.375%, 11/14/2013, (GBP)		39,099
50,000	Morgan Stanley, EMTN, 3.750%, 3/01/2013, (EUR)		65,624
75,000	Motorola, Inc., 6.625%, 11/15/2037(b)		51,000
5,000	New Albertson’s, Inc., 7.450%, 8/01/2029(b)		4,100
5,000	New Albertson’s, Inc., 7.750%, 6/15/2026(b)		4,263
95,000	New Albertson’s, Inc., 8.000%, 5/01/2031(b)		81,462
5,000	New Albertson’s, Inc., 8.700%, 5/01/2030(b)		4,362
50,000	Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014, (EUR)		63,128
100,000	Pfizer, Inc., 4.750%, 12/15/2014, (EUR)		147,434
50,000	Philip Morris International, Inc., GMTN, 5.875%, 9/04/2015, (EUR)		74,756
95,000	Qwest Corp., 6.875%, 9/15/2033(b)		69,350
100,000	Schering-Plough Corp., 5.375%, 10/01/2014, (EUR)		146,984
50,000	Simon Property Group LP, 10.350%, 4/01/2019(b)		56,812
70,000	SLM Corp., Series A, MTN, 4.500%, 7/26/2010(b)		66,150
100,000	Sprint Nextel Corp., 6.000%, 12/01/2016(b)		81,750
90,000	Talisman Energy, Inc., 5.750%, 5/15/2035(b)		69,909
100,000	Textron, Inc., 3.875%, 3/11/2013, (EUR)		110,664
50,000	Wells Fargo & Co., 4.625%, 11/02/2035, (GBP)		64,614
			2,823,593
	Total Non-Convertible Bonds (Identified Cost $15,541,943)		15,607,593
Convertible Bonds — 0.2%
	United States — 0.2%
50,000	Hologic, Inc. (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(b)(d) (Identified Cost $34,701)		35,500
	Total Bonds and Notes (Identified Cost $15,576,644)		15,643,093

3

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
	Short-Term Investments — 3.1%
$	505,000	Federal Home Loan Bank Discount Note, 0.010%, 7/01/2009(e) (Identified Cost $505,000)	$	505,000
		Total Investments — 97.2% (Identified Cost $16,081,644)(a)		16,148,093
		Other assets less liabilities — 2.8%		471,285
		Net Assets — 100.0%	$	16,619,378

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

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

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

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

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

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

At June 30, 2009, the net unrealized appreciation on investments based on a cost of $16,112,268 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	$	681,098
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(645,273	)
Net unrealized appreciation	$	35,825

(b) All or a portion of this security is held as collateral for open forward foreign currency contracts.

(c) Variable rate security. Rate as of June 30, 2009 is disclosed.

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

(e) Rate represents discount rate at time of purchase.

144A	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the value of these securities amounted to $1,057,378 or 6.4% of 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
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone

4

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

Investments as of June 30, 2009 (Unaudited)

Forward Foreign Currency Contracts

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

At June 30, 2009, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date	Currency	Units	Value		Unrealized Appreciation (Depreciation)
Buy1	9/16/2009	Euro	1,130,000	$	1,585,024	$	(14,455	)
Buy1	9/16/2009	Euro	421,000		590,526		3,289
Buy2	9/16/2009	Japanese Yen	20,000,000		207,787		497
Buy3	7/15/2009	South Korean Won	248,000,000		194,819		(2,249	)
Total						$	(12,918	)

¹ Counterparty is Credit Suisse

² Counterparty is JP Morgan Chase

³ Counterparty is UBS

Fair Value Measurements

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

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

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

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

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

5

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

Investments as of June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
Non-Convertible Bonds
Australia	$	—	$	194,289	$	—	$	194,289
Austria		—		177,250		—		177,250
Belgium		—		1,759,971		—		1,759,971
Brazil		—		198,359		—		198,359
Canada		—		914,226		—		914,226
Cayman Islands		—		364,385		—		364,385
France		—		800,467		—		800,467
Germany		—		2,017,467		—		2,017,467
India		—		165,901		—		165,901
Indonesia		—		126,625		—		126,625
Ireland		—		205,553		—		205,553
Italy		—		171,235		—		171,235
Japan		—		1,277,715		—		1,277,715
Jersey		—		71,254		—		71,254
Korea		—		182,861		—		182,861
Luxembourg		—		209,016		—		209,016
Mexico		—		156,977		—		156,977
Netherlands		—		507,902		—		507,902
Norway		—		509,976		—		509,976
South Africa		—		81,365		—		81,365
Spain		—		365,172		—		365,172
Supranational		—		1,066,703		58,874		1,125,577
Sweden		—		132,279		—		132,279
United Arab Emirates		—		151,261		—		151,261
United Kingdom		—		916,917		—		916,917
United States		—		2,823,593		—		2,823,593
Total Non-Convertible Bonds		—		15,548,719		58,874		15,607,593
Convertible Bonds United States		—		35,500		—		35,500
Total Bonds and Notes		—		15,584,219		58,874		15,643,093
Short-Term Investments		—		505,000		—		505,000
Total Investments		—		16,089,219		58,874		16,148,093
Forward Foreign Currency Contracts (unrealized appreciation)		—		3,786		—		3,786
Total	$	—	$	16,093,005	$	58,874	$	16,151,879

Liability Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(16,704	)	$	—	$	(16,704	)

6

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

Investments as of June 30, 2009 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales		Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
Non-Convertible Bonds
Supranational	$	58,327	$	3,644	$	—	$	(3,097	)	$	—	$	—	$	—	$	—		$	58,874
United States		68,665		39		—		6,052			—		—		—		(74,756	)		—
Total	$	126,992	$	3,683	$	—	$	2,955		$	—	$	—	$	—	$	(74,756	)	$	58,874

Derivatives

Management has evaluated the requirements of Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”), which became effective on April 1, 2009. FAS 161 requires enhanced disclosures about a fund’s derivative and hedging activities. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund may use include forward foreign currency contracts.

The Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the fund.

Net Assets Summary at June 30, 2009 (Unaudited)

Treasuries	21.6	%
Banking	11.2
Government Guaranteed	9.0
Supranational	6.8
Wirelines	4.7
Sovereigns	4.4
Government Agencies	4.0
Pharmaceuticals	2.6
Tobacco	2.1
Other Investments, less than 2% each	27.7
Short-Term Investments	3.1
Total Investments	97.2
Other assets less liabilities (including open Forward Foreign Currency Contracts)	2.8
Net Assets	100.0	%

Currency Exposure at June 30, 2009 as a Percentage of Net Assets (Unaudited)

Euro	37.6	%
Japanese Yen	23.2
United States Dollar	19.1
British Pound	7.7
Canadian Dollar	4.4
Norwegian Krone	3.1
Other, less than 2% each	2.1
Total Investments	97.2
Other assets less liabilities (including open Forward Foreign Currency Contracts)	2.8
Net Assets	100.0	%

7

LOOMIS SAYLES INVESTMENT GRADE BOND FUND - PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
	Bonds and Notes – 97.5% of Net Assets
	Non-Convertible Bonds – 96.7%
		ABS Car Loan – 1.3%
$	69,327,000	ARG Funding Corp., Series 2005-2A, Class A5, 0.477%, 5/20/2011, 144A(b)	$	64,825,751
	26,520,000	Capital One Auto Finance Trust, Series 2006-C, Class A4, 0.349%, 5/15/2013(b)		24,269,950
	500,000	Daimler Chrysler Auto Trust, Series 2008-B, Class A4A, 5.320%, 11/10/2014		466,319
	7,199,000	Merrill Auto Trust Securitization Asset, Series 2008-1, Class B, 6.750%, 4/15/2015		6,163,564
				95,725,584
		ABS Credit Card – 1.6%
	9,995,000	American Express Issuance Trust, Series 2005-2, Class A, 0.389%, 8/15/2013(b)		9,613,295
	24,955,000	Capital One Multi-Asset Execution Trust, Series 2005-A10, Class A, 0.399%, 9/15/2015(b)		23,805,987
	2,550,000	Capital One Multi-Asset Execution Trust, Series 2006-C2, Class C, 0.619%, 6/16/2014(b)		2,281,961
	29,215,000	Chase Issuance Trust, Series 2007-B1, Class B1, 0.569%, 4/15/2019(b)		20,332,331
	4,000,000	Citibank Credit Card Issuance Trust, Series 2008-A1, Class A1, 5.350%, 2/07/2020		3,978,511
	29,395,000	Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		27,777,334
	10,000,000	MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 7/15/2014		9,718,102
	19,060,000	MBNA Credit Card Master Note Trust, Series 2005-B2, Class B, 0.499%, 12/17/2012(b)		18,586,014
	5,000,000	World Financial Network Credit Card, Series 2008-B, Class M, 7.800%, 10/15/2013		4,950,075
				121,043,610
		ABS Other – 0.3%
	16,965,000	CIT Equipment Collateral, Series 2008-VT1, Class A3, 6.590%, 12/22/2014		17,110,270
	375,416	Community Program Loan Trust, Series 1987-A, Class A4, 4.500%, 10/01/2018		375,289
	1,700,000	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		1,510,074
				18,995,633
		Airlines – 1.8%
	17,345,000	American Airlines, Inc., Pass Through Tust, Series 2009-1A, 10.375%, 7/02/2019		17,496,769
	30,000,000	Continental Airlines, Inc., 9.000%, 7/08/2016		29,962,500
	1,904,201	Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707%, 10/02/2022		1,551,923
	737,943	Continental Airlines, Inc., Series 2001-1, Class A-1, 6.703%, 12/15/2022		619,872
	37,300,000	Continental Airlines, Inc., Series 2007-1, Class A, 5.983%, 4/19/2022		30,772,500
	12,208,000	Continental Airlines, Inc., Series 2007-1, Class B, 6.903%, 4/19/2022		8,057,280
	665,228	Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016		585,401
	542,857	Continental Airlines, Inc., Series 991A, Class B, 6.545%, 8/02/2020		502,143
	834,956	Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		705,538
	18,765,877	Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		11,916,332
	10,739,048	Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017		7,034,076
	8,115,000	Qantas Airways Ltd., 6.050%, 4/15/2016, 144A		7,330,710
	29,383,325	United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024		22,625,160
				139,160,204
		Automotive – 0.6%
	33,635,000	Cummins, Inc., 5.650%, 3/01/2098		17,873,874
	3,389,000	Cummins, Inc., 6.750%, 2/15/2027		2,872,177
	665,000	Cummins, Inc., 7.125%, 3/01/2028		532,460
	1,990,000	Ford Motor Co., 6.375%, 2/01/2029		1,074,600
	130,000	Ford Motor Co., 6.500%, 8/01/2018		76,700
	260,000	Ford Motor Co., 6.625%, 2/15/2028		140,400
	5,185,000	Ford Motor Co., 6.625%, 10/01/2028		2,799,900
	8,730,000	Ford Motor Co., 7.450%, 7/16/2031		5,150,700
	245,000	Ford Motor Co., 7.500%, 8/01/2026		132,300
	11,830,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		11,417,736
	345,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		277,391
	700,000	Ford Motor Credit Co. LLC, 7.375%, 10/28/2009		694,000
	1,540,000	Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		1,177,375

1

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Automotive – continued
$	935,000	Ford Motor Credit Co. LLC, 8.625%, 11/01/2010	$	878,829
	2,135,000	Ford Motor Credit Co. LLC, 9.750%, 9/15/2010		2,045,108
				47,143,550
		Banking – 7.2%
	7,450,000	American Express Centurion Bank, Series BKN1, 6.000%, 9/13/2017		6,795,674
	18,889,000	Associates Corp. of North America, 6.950%, 11/01/2018		16,899,781
	2,595,000	BAC Capital Trust VI, 5.625%, 3/08/2035		1,687,326
	25,690,000	Bank of America Corp., 5.750%, 12/01/2017		22,875,095
	10,020,000	Bank of America Corp., Series L, MTN, 7.375%, 5/15/2014		10,350,820
	3,120,000,000	Barclays Financial LLC, 4.060%, 9/16/2010, (KRW), 144A		2,508,833
	180,000,000	Barclays Financial LLC, 4.160%, 2/22/2010, (THB), 144A		5,386,792
	3,500,000,000	Barclays Financial LLC, 4.460%, 9/23/2010, (KRW), 144A		2,827,309
	52,000,000	Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, (THB), 144A		1,553,437
	2,220,000	Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		1,963,086
	975,000	Bear Stearns Cos., Inc. (The), 5.300%, 10/30/2015		957,856
	2,150,000	Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017		2,153,816
	12,745,000	Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		13,433,090
	16,371,250,000	BNP Paribas SA, EMTN, Zero Coupon, 6/13/2011, (IDR), 144A		1,225,658
	19,200,000	Capital One Financial Corp., 6.150%, 9/01/2016		16,992,576
	9,860,000	Citibank NA, 15.000%, 7/02/2010, (BRL), 144A		5,293,655
	10,400,000	Citigroup, Inc., 5.000%, 9/15/2014		8,718,507
	4,125,000	Citigroup, Inc., 5.850%, 12/11/2034		3,203,533
	5,670,000	Citigroup, Inc., 5.875%, 5/29/2037		4,430,413
	2,225,000	Citigroup, Inc., 6.125%, 8/25/2036		1,656,882
	984,000	Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		971,106
	13,400,000	Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014		13,468,233
	6,790,000	Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018		6,610,588
	100,220,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		89,094,979
	700,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		545,899
	22,683,264,000	JPMorgan Chase & Co., Zero Coupon, 3/28/2011, (IDR), 144A		1,744,661
	17,920,000,000	JPMorgan Chase & Co., Zero Coupon, 3/28/2011, (IDR), 144A		1,378,299
	68,827,366,920	JPMorgan Chase & Co., Zero Coupon, 4/12/2012, (IDR), 144A		4,560,171
	18,000,000	JPMorgan Chase & Co., Zero Coupon , 5/17/2010, (BRL), 144A		8,452,164
	24,124,936,500	JPMorgan Chase London, EMTN, Zero Coupon, 10/21/2010, (IDR), 144A		1,998,299
	1,700,000	Kaupthing Bank, 1/15/2010, 144A(c)		221,000
	18,400,000	Kaupthing Bank, Series D, 5.750%, 10/04/2011, 144A(c)		2,392,000
	2,700,000	Kaupthing Bank, Series E, 6.125%, 10/04/2016, 144A(c)		351,000
	100,000	Keybank NA, 6.950%, 2/01/2028		73,000
	30,000,000	Kreditanstalt fuer Wiederaufbau, EMTN, 10.750%, 2/01/2010, (ISK)		181,094
	111,600,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		86,194,818
	200,000	Merrill Lynch & Co., Inc., 7.750%, 5/14/2038		185,781
	10,000,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		4,490,942
	3,200,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		3,000,100
	11,895,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		11,009,489
	4,955,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.400%, 8/28/2017		4,386,463
	12,975,000	Morgan Stanley, 4.000%, 1/15/2010		13,104,815
	51,525,000	Morgan Stanley, 4.750%, 4/01/2014		48,670,000
	7,000,000	Morgan Stanley, 5.375%, 10/15/2015		6,858,957
	11,350,000	Morgan Stanley, 6.750%, 4/15/2011		11,889,897
	9,700,000	Morgan Stanley, 7.300%, 5/13/2019		10,058,415
	1,510,000	Morgan Stanley, EMTN, 5.450%, 1/09/2017		1,410,011
	2,850,000	Morgan Stanley, GMTN, 5.125%, 11/30/2015, (GBP)		4,293,715
	6,400,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		5,964,864
	11,800,000	Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017		10,984,360
	15,610,000	Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		14,978,732
	2,875,000	National City Bank of Indiana, 4.250%, 7/01/2018		2,413,703
	1,325,000	National City Bank, MTN, 5.800%, 6/07/2017		1,261,387
	9,826,000	National City Corp., 6.875%, 5/15/2019		9,427,782
	1,181,000,000	Rabobank Nederland, EMTN, 10.250%, 9/10/2009, (ISK), 144A		6,947,198
	3,400,000	Standard Chartered Bank, 6.400%, 9/26/2017, 144A		3,072,274

2

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Banking – continued
$	18,250,000	Standard Chartered PLC, 5.500%, 11/18/2014, 144A	$	18,623,778
				542,184,113
		Brokerage – 0.7%
	54,955,000	Jefferies Group, Inc., 8.500%, 7/15/2019		54,513,821
		Building Materials – 0.6%
	4,335,000	Masco Corp., 0.939%, 3/12/2010(b)		4,181,437
	2,225,000	Masco Corp., 4.800%, 6/15/2015		1,748,805
	10,625,000	Masco Corp., 5.850%, 3/15/2017		8,487,271
	6,760,000	Masco Corp., 6.125%, 10/03/2016		5,675,669
	790,000	Masco Corp., 6.500%, 8/15/2032		537,068
	1,505,000	Masco Corp., 7.750%, 8/01/2029		1,111,914
	8,010,000	Owens Corning, Inc., 6.500%, 12/01/2016		7,021,270
	23,003,000	Owens Corning, Inc., 7.000%, 12/01/2036		16,302,939
	1,060,000	USG Corp., 6.300%, 11/15/2016		784,400
				45,850,773
		Chemicals – 2.0%
	35,520,000	Chevron Phillips Chemical Co. LLC, 8.250%, 6/15/2019, 144A		37,054,961
	17,625,000	Cytec Industries, Inc., 8.950%, 7/01/2017		17,576,002
	25,165,000	Lubrizol Corp., 6.500%, 10/01/2034		22,303,463
	2,400,000	Methanex Corp., 6.000%, 8/15/2015		1,847,321
	68,560,000	PPG Industries, Inc., 6.650%, 3/15/2018		72,888,947
				151,670,694
		Collateralized Mortgage Obligations – 0.0%
	1,656,855	CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020		1,590,581
	132,555	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR12, Class 1A1, 6.027%, 9/25/2036(b)		83,260
				1,673,841
		Commercial Mortgage-Backed Securities – 2.8%
	3,000,000	Bank of America-First Union NB Commercial Mortgage, Series 2001-3, Class A2, 5.464%, 4/11/2037		3,019,735
	8,100,000	Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		6,555,364
	62,975,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.723%, 6/15/2039(b)		42,863,052
	35,130,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.810%, 9/15/2039(b)		23,955,558
	5,110,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		3,508,828
	24,057,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		19,342,855
	15,360,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		12,243,680
	20,220,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP6, Class A4, 5.475%, 4/15/2043		16,127,971
	8,930,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A4, 5.875%, 4/15/2045(b)		7,579,482
	60,634,099	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 5.798%, 6/15/2049(b)		46,302,320
	21,993,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		16,188,816
	3,200,000	LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.882%, 6/15/2038(b)		2,679,262
	1,340,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		898,764
	12,700,000	Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.280%, 1/11/2043(b)		10,966,011
	3,700,000	Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048		2,825,942
				215,057,640
		Construction Machinery – 0.9%
	5,995,000	Caterpillar Financial Services Corp., MTN, 5.450%, 4/15/2018		5,707,563
	53,900,000	Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014		57,494,645
	1,625,000	Caterpillar Financial Services Corp., Series F, MTN, 5.850%, 9/01/2017		1,654,572
	6,935,000	Toro Co., 6.625%, 5/01/2037(d)		5,040,261
				69,897,041
		Consumer Cyclical Services – 1.0%
	15,350,000	Western Union Co. (The), 5.930%, 10/01/2016		15,497,391
	19,330,000	Western Union Co. (The), 6.200%, 11/17/2036		18,215,258

3

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Consumer Cyclical Services – continued
$	40,000,000	Western Union Co. (The), 6.500%, 2/26/2014	$	42,692,240
				76,404,889
		Consumer Products – 0.9%
	38,725,000	Koninklijke (Royal) Philips Electronics N.V., 6.875%, 3/11/2038		41,480,090
	10,210,000	Snap-on, Inc., 5.850%, 3/01/2014		10,328,967
	12,010,000	Snap-on, Inc., 6.700%, 3/01/2019		11,949,542
	1,335,000	Whirlpool Corp., MTN, 8.000%, 5/01/2012		1,381,691
	800,000	Whirlpool Corp., MTN, 8.600%, 5/01/2014		836,000
				65,976,290
		Distributors – 1.0%
	10,000,000	EQT Corp., 8.125%, 6/01/2019		10,703,680
	61,345,000	Equitable Resources, Inc., 6.500%, 4/01/2018		59,275,465
	5,865,000	ONEOK, Inc., 6.000%, 6/15/2035		4,915,920
				74,895,065
		Diversified Manufacturing – 0.4%
	1,425,000	Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 8/15/2018		1,425,336
	17,950,000	Textron, Inc., 3.875%, 3/11/2013, (EUR)		19,864,145
	8,605,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		10,017,452
				31,306,933
		Electric – 3.7%
	40,400,000	AmerenEnergy Generating Co., Series H, 7.000%, 4/15/2018		36,418,257
	500,000	Baltimore Gas & Electric Co., 5.200%, 6/15/2033		415,646
	11,266,000	Bruce Mansfield Unit, 6.850%, 6/01/2034(d)		8,666,258
	17,815,000	Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017		17,356,353
	26,290,000	Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036		22,904,794
	895,000	Commonwealth Edison Co., 4.700%, 4/15/2015		883,463
	1,700,000	Commonwealth Edison Co., 5.875%, 2/01/2033		1,629,292
	2,750,000	Constellation Energy Group, Inc., 4.550%, 6/15/2015		2,383,557
	960,000	Dominion Resources, Inc., 5.950%, 6/15/2035		915,761
	5,500,000	Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		5,808,148
	1,000,000	Empresa Nacional de Electricidad SA (Endesa-Chile), 8.350%, 8/01/2013		1,119,658
	3,681,000	Exelon Corp., 4.900%, 6/15/2015		3,427,317
	47,570,000	Illinois Power Co., 6.250%, 4/01/2018		45,050,217
	1,905,000	ITC Holdings Corp., 5.875%, 9/30/2016, 144A		1,803,206
	2,830,000	ITC Holdings Corp., 6.375%, 9/30/2036, 144A		2,373,306
	9,757,409	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A		8,045,081
	1,500,000	MidAmerican Energy Holdings Co., 5.875%, 10/01/2012		1,597,508
	1,000,000	MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		988,478
	7,185,000	MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		7,456,909
	24,635,000	NiSource Finance Corp., 6.400%, 3/15/2018		22,602,440
	22,085,000	NiSource Finance Corp., 6.800%, 1/15/2019		20,695,699
	1,565,000	Ohio Edison Co., 6.875%, 7/15/2036		1,576,869
	35,500	Quezon Power Philippines Co., 8.860%, 6/15/2017		31,595
	51,115,000	Southwestern Electric Power Co., 6.450%, 1/15/2019		52,129,428
	500,000	SP Powerassets Ltd., EMTN, 3.730%, 10/22/2010, (SGD)		350,382
	8,785,000	Toledo Edison Co., 6.150%, 5/15/2037		8,269,452
	1,075,000	White Pine Hydro LLC, 6.310%, 7/10/2017(d)		912,344
	1,600,000	White Pine Hydro LLC, 6.960%, 7/10/2037(d)		1,137,021
				276,948,439
		Entertainment – 0.3%
	5,010,000	Time Warner, Inc., 6.500%, 11/15/2036		4,387,252
	4,300,000	Time Warner, Inc., 6.625%, 5/15/2029		3,888,266
	755,000	Time Warner, Inc., 6.950%, 1/15/2028		709,252
	505,000	Time Warner, Inc., 7.625%, 4/15/2031		490,939
	330,000	Time Warner, Inc., 7.700%, 5/01/2032		324,280
	3,695,000	Viacom, Inc., 6.125%, 10/05/2017		3,590,893
	2,655,000	Viacom, Inc., 6.250%, 4/30/2016		2,615,600
	6,490,000	Viacom, Inc., Class B, 6.875%, 4/30/2036		5,979,295
				21,985,777
		Food & Beverage – 1.9%
	76,425,000	Anheuser-Busch Cos., Inc., 5.375%, 11/15/2014, 144A		77,106,634
	6,845,000	Anheuser-Busch Cos., Inc., 5.950%, 1/15/2033		5,641,498
	8,760,000	Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037		8,159,756
	2,500,000	Cargill, Inc., EMTN, 5.375%, 3/02/2037, (GBP)		3,055,436

4

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Food & Beverage – continued
$	1,525,000	Cia Brasileira de Bebidas, 8.750%, 9/15/2013	$	1,738,500
	8,630,000	Corn Products International, Inc., 6.625%, 4/15/2037		6,867,866
	9,925,000	Kraft Foods, Inc., 6.500%, 8/11/2017		10,453,288
	21,385,000	Kraft Foods, Inc., 6.500%, 11/01/2031		21,233,124
	8,080,000	Kraft Foods, Inc., 7.000%, 8/11/2037		8,532,860
				142,788,962
		Government Owned - No Guarantee – 1.1%
	3,820,000	Abu Dhabi National Energy Co., 6.500%, 10/27/2036, 144A		3,237,855
	37,780,000	Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A		37,725,030
	52,220,000	DP World Ltd., 6.850%, 7/02/2037, 144A		34,726,300
	4,465,000	Federal Home Loan Mortgage Corp., MTN, 5.000%, 12/14/2018		4,239,076
	1,000,000	Telekom Malaysia Berhad, 7.875%, 8/01/2025, 144A		1,097,519
				81,025,780
		Health Insurance – 0.8%
	5,455,000	CIGNA Corp., 6.150%, 11/15/2036		3,905,824
	1,355,000	CIGNA Corp., 6.350%, 3/15/2018		1,199,407
	1,603,000	CIGNA Corp., 7.875%, 5/15/2027		1,373,628
	3,650,000	CIGNA Corp., 8.500%, 5/01/2019		3,700,615
	24,830,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		20,083,894
	565,000	UnitedHealth Group, Inc., 6.500%, 6/15/2037		489,877
	4,556,000	UnitedHealth Group, Inc., 6.625%, 11/15/2037		4,084,905
	2,567,000	UnitedHealth Group, Inc., 6.875%, 2/15/2038		2,349,421
	27,070,000	WellPoint, Inc., 6.375%, 6/15/2037		24,819,914
				62,007,485
		Healthcare – 1.8%
	7,535,000	Covidien International Finance SA, 6.000%, 10/15/2017		8,013,081
	17,795,000	Express Scripts, Inc., 6.250%, 6/15/2014		18,829,032
	10,730,000	Express Scripts, Inc., 7.250%, 6/15/2019		11,832,443
	9,480,000	HCA, Inc., 5.750%, 3/15/2014		7,584,000
	1,950,000	HCA, Inc., 6.250%, 2/15/2013		1,706,250
	3,930,000	HCA, Inc., 6.300%, 10/01/2012		3,605,775
	3,810,000	HCA, Inc., 6.375%, 1/15/2015		3,095,625
	4,015,000	HCA, Inc., 6.500%, 2/15/2016		3,242,113
	365,000	HCA, Inc., 6.750%, 7/15/2013		321,200
	3,000,000	HCA, Inc., 7.050%, 12/01/2027		1,827,180
	2,290,000	HCA, Inc., 7.190%, 11/15/2015		1,764,690
	2,155,000	HCA, Inc., 7.500%, 12/15/2023		1,403,707
	1,310,000	HCA, Inc., 7.500%, 11/06/2033		746,700
	3,890,000	HCA, Inc., 7.690%, 6/15/2025		2,388,876
	4,255,000	HCA, Inc., 8.360%, 4/15/2024		2,809,142
	1,225,000	HCA, Inc., MTN, 7.580%, 9/15/2025		754,268
	3,135,000	HCA, Inc., MTN, 7.750%, 7/15/2036		1,863,613
	2,865,000	Hospira, Inc., 6.050%, 3/30/2017		2,797,948
	57,190,000	Medco Health Solutions, Inc., 7.125%, 3/15/2018		60,225,416
	530,000	Owens & Minor, Inc., 6.350%, 4/15/2016(d)		463,758
				135,274,817
		Home Construction – 0.3%
	850,000	Centex Corp., 5.250%, 6/15/2015		733,125
	3,685,000	D.R. Horton, Inc., 5.250%, 2/15/2015		3,058,550
	2,050,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		1,763,000
	2,605,000	Lennar Corp., Series B, 5.600%, 5/31/2015		2,051,437
	1,870,000	Lennar Corp., Series B, 6.500%, 4/15/2016		1,496,000
	2,945,000	Pulte Homes, Inc., 5.200%, 2/15/2015		2,459,075
	250,000	Pulte Homes, Inc., 5.250%, 1/15/2014		217,500
	9,400,000	Pulte Homes, Inc., 6.000%, 2/15/2035		6,110,000
	3,645,000	Pulte Homes, Inc., 6.375%, 5/15/2033		2,405,700
	3,605,000	Toll Brothers Finance Corp., 5.150%, 5/15/2015		3,191,788
				23,486,175
		Independent Energy – 1.9%
	3,715,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		3,665,308
	15,680,000	Anadarko Petroleum Corp., 6.450%, 9/15/2036		14,095,003
	1,940,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		2,394,944
	500,000	Devon Financing Corp. LLC, 7.875%, 9/30/2031		588,754
	55,085,000	Noble Energy, Inc., 8.250%, 3/01/2019		62,672,518
	600,000	Questar Market Resources, Inc., 6.050%, 9/01/2016		551,807
	48,640,000	Questar Market Resources, Inc., 6.800%, 4/01/2018		45,829,824

5

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)		Description		Value (†)
			Independent Energy – continued
$	3,585,000		Talisman Energy, Inc., 5.850%, 2/01/2037	$	3,059,934
	10,865,000		Talisman Energy, Inc., 6.250%, 2/01/2038		9,785,801
	160,000		XTO Energy, Inc., 6.100%, 4/01/2036		155,066
					142,798,959
			Integrated Energy – 0.3%
	21,450,000		Marathon Oil Corp., 7.500%, 2/15/2019		23,411,645
	1,355,658		PF Export Receivables Master Trust, Series A, 6.436%, 6/01/2015, 144A		1,369,215
					24,780,860
			Life Insurance – 0.4%
	25,000,000		Lincoln National Corp., 8.750%, 7/01/2019		25,211,825
	9,260,000		Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		6,347,212
					31,559,037
			Local Authorities – 0.4%
	220,000		Alberta Municipal Funding Corp., 5.700%, 9/01/2011, (CAD)		205,347
	7,070,000		Manitoba (Province of), GMTN, 6.375%, 9/01/2015, (NZD)		4,390,017
	26,071		Province of Alberta, 5.930%, 9/16/2016, (CAD)		25,023
	500,000		Province of Nova Scotia, 6.600%, 6/01/2027, (CAD)		502,171
	30,440,000		Quebec Province, Series QC, 6.750%, 11/09/2015, (NZD)		19,098,495
	14,550,000		Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(d)		9,002,522
					33,223,575
			Media Cable – 2.0%
	2,195,000		Comcast Corp., 6.450%, 3/15/2037		2,163,258
	4,610,000		Comcast Corp., 6.500%, 11/15/2035		4,660,217
	32,715,000		Comcast Corp., 6.950%, 8/15/2037		34,111,244
	16,941,000		Comcast Corp., Class A, 5.650%, 6/15/2035		15,515,855
	4,100,000		Cox Communications, Inc., Class A, 6.250%, 6/01/2018, 144A		4,052,973
	3,750,000		Cox Communications, Inc., Class A, 6.750%, 3/15/2011		3,955,560
	4,190,000		Time Warner Cable, Inc., 5.850%, 5/01/2017		4,184,138
	79,880,000		Time Warner Cable, Inc., 6.750%, 7/01/2018		83,200,532
	350,000		Virgin Media Finance PLC, 9.750%, 4/15/2014, (GBP)		535,512
					152,379,289
			Media Non-Cable – 0.3%
	4,580,000		News America Holdings, 8.150%, 10/17/2036		4,600,596
	7,700,000		News America, Inc., 6.150%, 3/01/2037		6,530,609
	4,095,000		News America, Inc., 6.200%, 12/15/2034		3,495,885
	9,760,000		News America, Inc., 6.400%, 12/15/2035		8,542,294
					23,169,384
			Metals & Mining – 1.3%
	5,000,000		ArcelorMittal, 9.850%, 6/01/2019		5,396,060
	2,415,000		ArcelorMittal USA Partnership, 9.750%, 4/01/2014		2,530,292
	3,605,000		Barrick Gold Finance Co., 5.800%, 11/15/2034		3,353,176
	12,775,000		Newmont Mining Corp., 5.875%, 4/01/2035		11,928,784
	3,250,000		Rio Tinto Alcan, Inc., 5.750%, 6/01/2035		2,356,663
	30,000,000		Rio Tinto Finance (USA) Ltd., 8.950%, 5/01/2014		33,337,380
	1,500,000		Teck Cominco Ltd., 7.000%, 9/15/2012		1,481,250
	1,985,000		United States Steel Corp., 6.050%, 6/01/2017		1,692,995
	4,712,000		United States Steel Corp., 6.650%, 6/01/2037		3,560,038
	31,890,000		United States Steel Corp., 7.000%, 2/01/2018		27,704,023
	3,735,000		Vale Overseas Ltd., 6.875%, 11/21/2036		3,546,401
					96,887,062
			Mortgage Related – 0.0%
	147,607		FHLMC, 5.000%, 12/01/2031		151,135
	29,044		FNMA, 6.000%, 7/01/2029		30,715
					181,850
			Non-Captive Consumer – 1.6%
	5,000,000		American General Finance Corp., Series I, MTN, 5.400%, 12/01/2015		2,692,850
	88,895,000		American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		48,135,042
	25,000,000		HSBC Finance Corp., 6.375%, 11/27/2012		25,486,250
	63,775	(†††)	SLM Corp., 6.000%, 12/15/2043		946,262
	6,200,000		SLM Corp., EMTN, 4.750%, 3/17/2014, (EUR)		6,088,365
	630,000		SLM Corp., MTN, 5.050%, 11/14/2014		487,431
	310,000		SLM Corp., MTN, 5.125%, 8/27/2012		265,161
	200,000		SLM Corp., Series A, MTN, 4.500%, 7/26/2010		189,000
	3,190,000		SLM Corp., Series A, MTN, 5.000%, 10/01/2013		2,580,254
	2,120,000		SLM Corp., Series A, MTN, 5.000%, 4/15/2015		1,590,000
	960,000		SLM Corp., Series A, MTN, 5.000%, 6/15/2018		636,845

6

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Non-Captive Consumer – continued
$	1,680,000	SLM Corp., Series A, MTN, 5.375%, 1/15/2013	$	1,403,475
	1,470,000	SLM Corp., Series A, MTN, 5.375%, 5/15/2014		1,181,454
	300,000	SLM Corp., Series A, MTN, 5.400%, 10/25/2011		269,817
	690,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		407,100
	7,590,000	SLM Corp., Series A, MTN, 6.500%, 6/15/2010, (NZD)(d)(e)		4,477,781
	31,335,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		26,806,623
				123,643,710
		Non-Captive Diversified – 3.0%
	4,152,000	CIT Group, Inc., 5.400%, 2/13/2012		2,833,740
	7,550,000	CIT Group, Inc., 5.500%, 12/01/2014, (GBP)		6,334,841
	42,719,000	CIT Group, Inc., 12.000%, 12/18/2018, 144A		20,718,715
	1,750,000	CIT Group, Inc., EMTN, 3.800%, 11/14/2012, (EUR)		1,472,992
	350,000	CIT Group, Inc., EMTN, 4.650%, 9/19/2016, (EUR)		245,499
	2,050,000	CIT Group, Inc., EMTN, 5.000%, 5/13/2014, (EUR)		1,524,196
	4,250,000	CIT Group, Inc., EMTN, 5.500%, 12/20/2016, (GBP)		3,496,049
	5,450,000	CIT Group, Inc., GMTN, 4.250%, 9/22/2011, (EUR)		5,275,414
	137,000	CIT Group, Inc., GMTN, 5.000%, 2/13/2014		81,359
	1,450,000	CIT Group, Inc., MTN, 4.250%, 3/17/2015, (EUR)		1,037,407
	236,000	CIT Group, Inc., MTN, 5.125%, 9/30/2014		139,106
	717,000	CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		347,745
	22,522,000	CIT Group, Inc., Series A, MTN, 7.625%, 11/30/2012		15,421,849
	7,515,000	General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012, (AUD)		6,056,585
	990,000	General Electric Capital Corp., 5.625%, 5/01/2018		936,325
	4,775,000	General Electric Capital Corp., MTN, 5.875%, 1/14/2038		3,778,873
	14,535,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		8,272,693
	6,200,000	General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012, (SGD)		3,672,143
	13,400,000	General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012, (SGD)		8,121,321
	4,200,000	General Electric Capital Corp., Series A, GMTN, 6.625%, 2/04/2010, (NZD)		2,723,278
	24,270,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		14,664,782
	10,470,000	General Electric Capital Corp., Series A, MTN, 1.431%, 5/13/2024(b)		6,427,983
	17,060,000	General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015		16,597,162
	27,137,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		15,240,056
	1,345,000	GMAC LLC, 6.000%, 12/15/2011		1,129,278
	1,310,000	GMAC LLC, 6.625%, 5/15/2012		1,066,564
	1,670,000	GMAC LLC, 6.750%, 12/01/2014		1,283,856
	1,500,000	GMAC LLC, 6.875%, 9/15/2011		1,289,745
	400,000	GMAC LLC, 6.875%, 8/28/2012		325,992
	1,210,000	GMAC LLC, 7.000%, 2/01/2012		1,004,354
	3,142,000	GMAC LLC, 7.500%, 12/31/2013, 144A		2,435,050
	5,664,000	GMAC LLC, 8.000%, 12/31/2018, 144A		3,596,640
	2,335,000	GMAC LLC, 8.000%, 11/01/2031		1,599,347
	2,805,000	GMAC LLC, EMTN, 4.750%, 9/14/2009, (EUR)		3,836,617
	5,045,000	GMAC LLC, EMTN, 5.375%, 6/06/2011, (EUR)		6,051,155
	380,000	GMAC LLC, EMTN, 5.750%, 9/27/2010, (EUR)		477,109
	8,250,000	International Lease Finance Corp., 4.750%, 7/01/2009		8,250,000
	9,590,000	International Lease Finance Corp., 5.000%, 4/15/2010		8,783,232
	2,285,000	International Lease Finance Corp., 5.000%, 9/15/2012		1,767,240
	3,280,000	International Lease Finance Corp., 6.375%, 3/25/2013		2,495,470
	16,000,000	International Lease Finance Corp., EMTN, 6.625%, 12/07/2009, (GBP)		24,735,931
	655,000	International Lease Finance Corp., Series R, MTN, 5.550%, 9/05/2012		508,875
	2,755,000	International Lease Finance Corp., Series R, MTN, 5.625%, 9/15/2010		2,475,073
	5,225,000	iStar Financial, Inc., 5.150%, 3/01/2012		2,638,625
	1,000,000	iStar Financial, Inc., 5.375%, 4/15/2010		850,000
	330,000	iStar Financial, Inc., 5.500%, 6/15/2012		167,475
	3,700,000	iStar Financial, Inc., 5.650%, 9/15/2011		2,146,000
	765,000	iStar Financial, Inc., 5.800%, 3/15/2011		462,825
	385,000	iStar Financial, Inc., 5.850%, 3/15/2017		154,000

7

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Non-Captive Diversified – continued
$	1,605,000	iStar Financial, Inc., 5.875%, 3/15/2016	$	642,000
	745,000	iStar Financial, Inc., 6.050%, 4/15/2015		298,000
	535,000	iStar Financial, Inc., 8.625%, 6/01/2013		278,200
	335,000	iStar Financial, Inc., Series B, 5.125%, 4/01/2011		194,300
	254,000	iStar Financial, Inc., Series B, 5.700%, 3/01/2014		106,680
	5,680,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		2,485,000
				228,954,746
		Oil Field Services – 2.0%
	6,095,000	Nabors Industries, Inc., 6.150%, 2/15/2018		5,850,962
	73,075,000	Nabors Industries, Inc., 9.250%, 1/15/2019, 144A		84,253,794
	600,000	Transocean Ltd., 7.375%, 4/15/2018		663,439
	5,905,000	Weatherford International Ltd., 6.500%, 8/01/2036		5,343,972
	1,680,000	Weatherford International Ltd., 6.800%, 6/15/2037		1,578,453
	5,405,000	Weatherford International Ltd., 7.000%, 3/15/2038		5,204,199
	42,255,000	Weatherford International Ltd., 9.625%, 3/01/2019		49,709,078
				152,603,897
		Paper – 1.8%
	575,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		429,812
	2,460,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		1,906,500
	285,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		223,012
	1,340,000	Georgia-Pacific LLC, 8.000%, 1/15/2024		1,139,000
	2,280,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		1,972,200
	6,295,000	International Paper Co., 5.250%, 4/01/2016		5,360,205
	989,000	International Paper Co., 5.500%, 1/15/2014		908,566
	92,495,000	International Paper Co., 7.950%, 6/15/2018		89,233,719
	7,777,000	International Paper Co., 8.700%, 6/15/2038		6,937,784
	4,210,000	International Paper Co., 9.375%, 5/15/2019		4,291,501
	22,860,000	Weyerhaeuser Co., 6.875%, 12/15/2033		15,576,987
	5,055,000	Weyerhaeuser Co., 7.375%, 3/15/2032		4,034,674
				132,013,960
		Pharmaceuticals – 1.5%
	11,280,000	Astrazeneca PLC, 6.450%, 9/15/2037		12,504,591
	800,000	Elan Financial PLC, 7.750%, 11/15/2011		740,000
	2,280,000	Elan Financial PLC, 8.875%, 12/01/2013		2,086,200
	90,000,000	Roche Holdings, Inc., 5.000%, 3/01/2014, 144A		94,131,450
	500,000	Schering-Plough Corp., 5.550%, 12/01/2013		537,077
				109,999,318
		Pipelines – 4.0%
	5,350,000	CenterPoint Energy Resources Corp., 6.250%, 2/01/2037		4,025,335
	1,174,000	Colorado Interstate Gas Co., 5.950%, 3/15/2015		1,153,319
	125,000	Colorado Interstate Gas Co., 6.800%, 11/15/2015		128,411
	2,010,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		1,607,895
	2,470,000	El Paso Corp., 6.950%, 6/01/2028		1,858,386
	1,000,000	El Paso Corp., 12.000%, 12/12/2013		1,100,000
	540,000	Energy Transfer Partners LP, 6.125%, 2/15/2017		536,472
	1,605,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		1,568,197
	9,455,000	Enterprise Products Operating LLP, 6.300%, 9/15/2017		9,501,897
	3,400,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		3,736,886
	4,390,000	Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		3,705,954
	82,600,000	Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018		80,855,653
	310,000	Kinder Morgan Finance Co., 5.700%, 1/05/2016		265,825
	320,000	Knight, Inc., Senior Note, 5.150%, 3/01/2015		277,600
	33,080,000	Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014(d)		33,016,156
	9,080,000	NGPL PipeCo LLC, 6.514%, 12/15/2012, 144A		9,517,565
	31,430,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		32,945,052
	5,430,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		5,931,900
	4,665,000	ONEOK Partners LP, 6.650%, 10/01/2036		4,301,172
	10,115,000	Panhandle Eastern Pipeline Co., 6.200%, 11/01/2017		9,750,981
	48,630,000	Panhandle Eastern Pipeline Co., 7.000%, 6/15/2018		49,364,994
	1,435,000	Panhandle Eastern Pipeline Co., 8.125%, 6/01/2019		1,546,554
	2,130,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		2,053,833
	16,025,000	Plains All American Pipeline LP, 6.500%, 5/01/2018		16,215,890
	4,595,000	Plains All American Pipeline LP, 6.650%, 1/15/2037		4,263,016
	4,215,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		4,082,253

8

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Pipelines – continued
$	2,415,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028	$	2,301,287
	20,000,000	Texas Eastern Transmission LP, 6.000%, 9/15/2017, 144A		19,773,200
				305,385,683
		Property & Casualty Insurance – 1.4%
	3,460,000	Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		3,368,338
	12,652,000	Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		12,053,927
	31,010,000	Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		24,540,167
	43,870,000	Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019		49,367,744
	965,000	MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		366,700
	7,325,000	Travelers Cos., Inc. (The), MTN, 6.250%, 6/15/2037		7,586,070
	2,830,000	Travelers Property Casualty Corp., 6.375%, 3/15/2033		2,967,728
	2,950,000	White Mountains RE Group, 6.375%, 3/20/2017, 144A		2,314,334
	4,830,000	Willis North America, Inc., 6.200%, 3/28/2017		4,277,361
				106,842,369
		Railroads – 0.8%
	2,390,000	Canadian Pacific Railway Co., 5.750%, 3/15/2033		1,926,581
	15,830,000	Canadian Pacific Railway Co., 5.950%, 5/15/2037		12,956,966
	10,000,000	Canadian Pacific Railway Co., 7.250%, 5/15/2019		10,375,670
	5,000,000	Canadian Pacific Railway Ltd., MTN, 4.900%, 6/15/2010, (CAD), 144A		4,393,285
	1,550,000	CSX Corp., 6.150%, 5/01/2037		1,441,086
	18,555,000	CSX Corp., 6.250%, 3/15/2018		18,713,682
	10,105,000	CSX Corp., MTN, 6.000%, 10/01/2036		9,153,463
	195,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2020(d)		131,138
	243,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2030(d)		145,800
	1,738,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(d)		869,000
	1,700,000	Union Pacific Corp., 5.375%, 6/01/2033		1,504,738
				61,611,409
		Refining – 0.0%
	3,740,000	Valero Energy Corp., 6.625%, 6/15/2037		3,190,669
		REITs – 2.1%
	12,015,000	Camden Property Trust, 5.700%, 5/15/2017		10,681,335
	1,153,000	Colonial Realty LP, 4.800%, 4/01/2011		1,079,866
	625,000	Colonial Realty LP, 5.500%, 10/01/2015		492,595
	525,000	Colonial Realty LP, 6.050%, 9/01/2016		413,836
	4,230,000	Duke Realty LP, 5.950%, 2/15/2017		3,278,961
	20,000,000	Duke Realty LP, 6.500%, 1/15/2018		15,648,960
	5,000,000	Equity One, Inc., 6.000%, 9/15/2017		3,925,120
	1,010,000	ERP Operating LP, 5.125%, 3/15/2016		926,268
	1,800,000	ERP Operating LP, 5.375%, 8/01/2016		1,655,883
	2,420,000	ERP Operating LP, 5.750%, 6/15/2017		2,257,570
	10,500,000	First Industrial LP, 5.950%, 5/15/2017		6,169,201
	14,130,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		11,252,991
	2,195,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		1,899,349
	575,000	ProLogis, 5.625%, 11/15/2015		455,921
	470,000	ProLogis, 5.750%, 4/01/2016		370,455
	7,075,000	Realty Income Corp., 6.750%, 8/15/2019		6,373,874
	2,480,000	Simon Property Group LP, 5.250%, 12/01/2016		2,202,942
	2,040,000	Simon Property Group LP, 5.300%, 5/30/2013		1,972,615
	820,000	Simon Property Group LP, 5.750%, 5/01/2012		833,143
	12,475,000	Simon Property Group LP, 5.750%, 12/01/2015		11,489,263
	1,930,000	Simon Property Group LP, 5.875%, 3/01/2017		1,772,024
	50,000,000	Simon Property Group LP, 6.750%, 5/15/2014		50,240,200
	19,525,000	Simon Property Group LP, 10.350%, 4/01/2019		22,184,969
				157,577,341
		Restaurants – 0.0%
	1,000,000	McDonald’s Corp., EMTN, 3.628%, 10/10/2010, (SGD)		701,409
		Retailers – 1.8%
	535,000	Home Depot, Inc. (The), 5.400%, 3/01/2016		534,048
	33,062,000	Home Depot, Inc. (The), 5.875%, 12/16/2036		29,169,412
	8,170,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		7,170,548
	16,260,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		12,034,319
	12,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023		10,590
	7,385,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037		5,828,279
	8,845,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		5,924,655
	200,000	Lowe’s Cos., Inc., 5.500%, 10/15/2035		182,903

9

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)		Description		Value (†)
			Retailers – continued
$	4,000,000		Lowe’s Cos., Inc., 5.800%, 10/15/2036	$	3,785,284
	3,375,000		Lowe’s Cos., Inc., 6.650%, 9/15/2037		3,680,927
	17,730,000		Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		12,053,599
	10,695,000		Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		7,409,057
	2,750,000		Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		1,929,920
	8,240,000		Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		6,099,965
	2,078,000		Target Corp., 6.500%, 10/15/2037		2,102,011
	34,867,000		Target Corp., 7.000%, 1/15/2038		37,162,887
					135,078,404
			Sovereigns – 2.2%
	438,500	(††)	Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016, (MXN)		3,199,278
	4,200,900	(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		30,655,971
	380,000	(††)	Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012, (MXN)		3,102,793
	29,165,000		New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010, (AUD)		24,520,914
	31,140,000		New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012, (AUD)		25,721,126
	20,000,000		New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		15,485,216
	24,230,000		Queensland Treasury Corp., 7.125%, 9/18/2017, (NZD), 144A		15,936,949
	19,325,000		Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011, (AUD)		16,076,150
	325,000		Republic of Brazil, 8.875%, 4/15/2024		403,813
	24,705,000		Republic of Brazil, 10.250%, 1/10/2028, (BRL)		12,418,691
	250,000		Republic of Brazil, 11.000%, 8/17/2040		325,250
	6,285,000		Republic of Brazil, 12.500%, 1/05/2022, (BRL)		3,560,270
	1,036,015,000		Republic of Iceland, Zero Coupon, 7/15/2009, (ISK)		6,077,753
	362,700,000		Republic of Iceland, Zero Coupon, 9/15/2009, (ISK)		2,103,515
	234,380,000		Republic of Iceland, 7.000%, 3/17/2010, (ISK)		1,387,116
	138,627,000		Republic of Iceland, 13.750%, 12/10/2010, (ISK)		882,402
					161,857,207
			Supermarkets – 0.3%
	4,220,000		American Stores Co., Series B, MTN, 7.100%, 3/20/2028		3,228,300
	3,340,000		Kroger Co., 6.400%, 8/15/2017		3,541,001
	1,900,000		New Albertson’s, Inc., 7.450%, 8/01/2029		1,558,000
	1,000,000		New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		730,000
	11,100,000		Safeway, Inc., 6.350%, 8/15/2017		11,730,181
					20,787,482
			Supranational – 1.4%
	90,000,000		Eurofima, EMTN, 11.000%, 2/05/2010, (ISK)		542,531
	113,651,400,000		European Investment Bank, EMTN, Zero Coupon, 4/24/2013, (IDR), 144A		7,265,005
	15,500,000		European Investment Bank, EMTN, 4.600%, 1/30/2037, (CAD), 144A		11,709,319
	26,194,000		European Investment Bank, EMTN, 7.000%, 1/18/2012, (NZD)		17,812,989
	336,380,000,000		Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013, (IDR)		21,700,341
	418,960,000,000		Inter-American Development Bank, EMTN, Zero Coupon, 9/23/2013, (IDR)		26,071,358
	13,265,000		Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		8,326,230
	15,400,000		International Bank for Reconstruction & Development, 1.430%, 3/05/2014, (SGD)		10,262,467
	429,100,000		International Bank for Reconstruction & Development, 9.500%, 5/27/2010, (ISK)		2,533,406
					106,223,646
			Technology – 3.7%
	8,895,000		Agilent Technologies, Inc., 6.500%, 11/01/2017		7,742,288
	4,700,000		Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		2,667,250
	2,035,000		Arrow Electronics, Inc., 6.875%, 7/01/2013		2,087,153
	1,050,000		Arrow Electronics, Inc., 6.875%, 6/01/2018		1,006,514
	9,000,000		Avnet, Inc., 5.875%, 3/15/2014		8,476,632
	6,230,000		Avnet, Inc., 6.000%, 9/01/2015		5,728,933
	1,540,000		Avnet, Inc., 6.625%, 9/15/2016		1,443,892
	13,695,000		BMC Software, Inc., 7.250%, 6/01/2018(d)		13,944,893
	13,750,000		Corning, Inc., 6.750%, 9/15/2013		14,457,630
	1,480,000		Corning, Inc., 6.850%, 3/01/2029		1,373,137
	58,825,000		Corning, Inc., 7.000%, 5/15/2024		58,335,341
	7,650,000		Corning, Inc., 7.250%, 8/15/2036		7,420,179
	56,440,000		Dun & Bradstreet Corp., 6.000%, 4/01/2013		56,581,946

10

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Technology – continued
$	7,205,000	Equifax, Inc., 7.000%, 7/01/2037	$	6,981,897
	330,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		112,200
	7,965,000	Intuit, Inc., 5.750%, 3/15/2017		7,567,722
	55,000,000	KLA-Tencor Corp., 6.900%, 5/01/2018		49,449,070
	4,680,000	Motorola, Inc., 5.220%, 10/01/2097		2,084,931
	1,730,000	Motorola, Inc., 6.500%, 9/01/2025		1,211,000
	4,150,000	Motorola, Inc., 6.500%, 11/15/2028		2,822,000
	6,145,000	Motorola, Inc., 6.625%, 11/15/2037		4,178,600
	1,625,000	Motorola, Inc., 8.000%, 11/01/2011		1,635,884
	2,774,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		2,810,778
	5,725,000	Tyco Electronics Group SA, 6.550%, 10/01/2017		5,197,876
	782,000	Xerox Corp., 5.500%, 5/15/2012		779,860
	11,067,000	Xerox Corp., 6.350%, 5/15/2018		9,877,297
	7,265,000	Xerox Corp., 6.750%, 2/01/2017		6,611,150
				282,586,053
		Textile – 0.2%
	15,228,000	VF Corp., 6.450%, 11/01/2037		14,450,717
		Tobacco – 1.8%
	97,825,000	Altria Group, Inc., 8.500%, 11/10/2013		111,200,221
	14,604,000	Altria Group, Inc., 9.250%, 8/06/2019		16,398,992
	2,175,000	Altria Group, Inc., 9.700%, 11/10/2018		2,493,520
	8,305,000	Reynolds American, Inc., 6.750%, 6/15/2017		7,754,404
	2,035,000	Reynolds American, Inc., 7.250%, 6/15/2037		1,680,002
				139,527,139
		Transportation Services – 0.6%
	8,620,000	Erac USA Finance Co., 6.375%, 10/15/2017, 144A		7,783,058
	2,885,000	Erac USA Finance Co., 6.700%, 6/01/2034, 144A		2,164,509
	44,641,000	Erac USA Finance Co., 7.000%, 10/15/2037, 144A		35,502,407
				45,449,974
		Treasuries – 20.1%
	26,235,000	Canadian Government, 2.750%, 12/01/2010, (CAD)		23,176,299
	50,600,000	Canadian Government, 3.750%, 9/01/2011, (CAD)		45,676,381
	178,670,000	Canadian Government, 3.750%, 6/01/2012, (CAD)		161,875,957
	198,720,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		176,371,581
	4,250,000	Canadian Government, 4.000%, 6/01/2016, (CAD)		3,903,942
	38,265,000	Canadian Government, 4.250%, 9/01/2009, (CAD)		33,114,202
	187,955,000	Canadian Government, 4.250%, 6/01/2018, (CAD)		174,316,689
	310,490,000	Canadian Government, 5.250%, 6/01/2012, (CAD)		292,517,003
	9,600,000	Canadian Government, 5.500%, 6/01/2010, (CAD)		8,628,239
	3,430,000	Canadian Government, 5.750%, 6/01/2033, (CAD)		3,749,188
	12,530,000	New Zealand Government, 6.000%, 12/15/2017, (NZD)		8,110,654
	742,220,000	Norwegian Government, 4.250%, 5/19/2017, (NOK)		118,151,857
	120,965,000	Norwegian Government, 5.000%, 5/15/2015, (NOK)		20,163,379
	199,940,000	Norwegian Government, 6.000%, 5/16/2011, (NOK)		33,385,376
	142,485,000	Norwegian Government, 6.500%, 5/15/2013, (NOK)		24,913,951
	360,000,000	U.S. Treasury Bond, 3.500%, 2/15/2039		311,288,400
	80,000,000	U.S. Treasury Note, 3.125%, 5/15/2019		77,375,200
				1,516,718,298
		Wireless – 1.2%
	10,334,000	ALLTEL Corp., 7.875%, 7/01/2032		11,999,593
	8,650,000	Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		6,898,375
	1,220,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		1,009,550
	15,710,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		12,371,625
	6,512,000	Sprint Capital Corp., 6.875%, 11/15/2028		4,623,520
	1,800,000	Sprint Capital Corp., 6.900%, 5/01/2019		1,489,500
	625,000	Sprint Capital Corp., 8.750%, 3/15/2032		503,125
	93,000	Sprint Nextel Corp., 6.000%, 12/01/2016		76,028
	32,100,000	Verizon Wireless Capital LLC, 8.500%, 11/15/2018, 144A		38,362,485
	1,654,000	Vodafone Group PLC, 5.000%, 9/15/2015		1,660,783
	13,415,000	Vodafone Group PLC, 6.150%, 2/27/2037		13,198,361
				92,192,945
		Wirelines – 5.6%
	19,610,000	AT&T Corp., 6.500%, 3/15/2029		18,743,179
	5,705,000	AT&T, Inc., 6.150%, 9/15/2034		5,415,888
	14,830,000	AT&T, Inc., 6.500%, 9/01/2037		14,709,106
	32,800,000	AT&T, Inc., 6.700%, 11/15/2013		36,021,714
	415,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		365,581

11

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

Investments as of June 30, 2009 (Unaudited)

Principal Amount (‡)	Description		Value (†)
	Wirelines – continued
3,250,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)	$	2,502,261
1,915,000	BellSouth Corp., 6.000%, 11/15/2034		1,804,968
1,710,000	BellSouth Corp., 6.550%, 6/15/2034		1,676,383
3,000,000	BellSouth Telecommunications, Inc., 5.850%, 11/15/2045		2,350,857
6,810,000	BellSouth Telecommunications, Inc., 7.000%, 12/01/2095		5,949,325
134,165,000	Deutsche Telekom International Finance BV, 6.000%, 7/08/2019		135,359,068
3,350,000	GTE Corp., 6.940%, 4/15/2028		3,358,945
1,625,000	Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030		1,857,435
65,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		49,400
560,000	Level 3 Financing, Inc., 9.250%, 11/01/2014		459,200
2,700,000	New England Telephone & Telegraph, 7.875%, 11/15/2029		2,772,217
1,735,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,335,950
2,815,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		1,914,200
4,465,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		3,415,725
970,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		688,700
340,000	Qwest Corp., 6.500%, 6/01/2017		299,200
10,720,000	Qwest Corp., 6.875%, 9/15/2033		7,825,600
890,000	Qwest Corp., 7.200%, 11/10/2026		671,950
1,050,000	Qwest Corp., 7.250%, 9/15/2025		803,250
4,295,000	Qwest Corp., 7.250%, 10/15/2035		3,113,875
1,815,000	Qwest Corp., 7.500%, 6/15/2023		1,442,925
17,170,000	Telecom Italia Capital SA, 4.875%, 10/01/2010		17,344,069
4,735,000	Telecom Italia Capital SA, 5.250%, 11/15/2013		4,643,084
5,770,000	Telecom Italia Capital SA, 5.250%, 10/01/2015		5,569,994
11,215,000	Telecom Italia Capital SA, 6.000%, 9/30/2034		9,472,268
4,180,000	Telecom Italia Capital SA, 6.375%, 11/15/2033		3,714,996
1,910,000	Telefonica Emisiones SAU, 5.877%, 7/15/2019		1,969,197
8,610,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		9,541,017
4,265,000	Telefonica Europe BV, 7.750%, 9/15/2010		4,499,046
14,445,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		12,219,291
9,454,000	Verizon Communications, Inc., 5.850%, 9/15/2035		8,793,156
3,676,000	Verizon Communications, Inc., 6.100%, 4/15/2018		3,770,683
1,720,000	Verizon Communications, Inc., 6.400%, 2/15/2038		1,683,865
31,485,000	Verizon Communications, Inc., 8.950%, 3/01/2039		39,759,825
5,674,000	Verizon Maryland, Inc., 5.125%, 6/15/2033		4,203,770
14,540,000	Verizon New England, Inc., 6.500%, 9/15/2011		15,476,652
10,569,000	Verizon New England, Inc., Series C, 4.750%, 10/01/2013		10,485,156
12,422,000	Verizon New York, Inc., Series B, 7.375%, 4/01/2032		12,102,556
			420,155,527
	Total Non-Convertible Bonds (Identified Cost $7,380,745,891)		7,317,549,035
Convertible Bonds – 0.4%
	Media Non-Cable – 0.0%
536,704	Liberty Media LLC, 3.500%, 1/15/2031		238,833
	Non-Captive Diversified – 0.0%
9,920,000	iStar Financial, Inc., 1.708%, 10/01/2012(b)		3,751,744
	Oil Field Services – 0.1%
505,000	Transocean Ltd., 1.500%, 12/15/2037		462,706
4,225,000	Transocean Ltd., Series C, 1.500%, 12/15/2037		3,723,282
			4,185,988
	Pharmaceuticals – 0.1%
3,997,000	Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		6,295,275
360,000	Watson Pharmaceuticals, Inc., 1.750%, 3/15/2023		355,050
			6,650,325
	REITs – 0.0%
1,400,000	ERP Operating LP, 3.850%, 8/15/2026		1,329,020
	Technology – 0.0%
1,405,000	Intel Corp., 2.950%, 12/15/2035		1,180,200
	Wireless – 0.1%
5,200,000	NII Holdings, Inc., 3.125%, 6/15/2012		3,997,500
	Wirelines – 0.1%
2,735,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		1,914,500
230,000	Level 3 Communications, Inc., 5.250%, 12/15/2011		187,450
2,990,000	Level 3 Communications, Inc., 7.000%, 3/15/2015(d)		3,199,300
			5,301,250
	Total Convertible Bonds (Identified Cost $31,250,858)		26,634,860

12

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
	Municipals – 0.4%
		Alabama – 0.0%
$	1,025,000	Alabama Public School & College Authority (Capital Improvement), 4.500%, 12/01/2026	$	983,118
		California – 0.2%
	1,075,000	San Diego Unified School District (Election 1998), 4.500%, 7/01/2029, Series F-1, (FSA insured)		980,293
	1,305,000	San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), 3.750%, 8/01/2028, Series C		901,977
	480,000	San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), 3.750%, 8/01/2028, Series C, (Registered), (MBIA insured)		358,824
	1,620,000	State of California, 4.500%, 8/01/2027, (AMBAC insured)		1,311,017
	4,515,000	State of California, 4.500%, 10/01/2029		3,561,297
	1,315,000	State of California, 4.500%, 8/01/2030, (AMBAC insured)		1,027,699
	1,135,000	State of California, 4.500%, 8/01/2030		887,025
	840,000	State of California (Various Purpose), 3.250%, 12/01/2027		540,019
	3,965,000	State of California (Various Purpose), 4.500%, 12/01/2033, (AMBAC insured)		3,009,752
	280,000	University of California Regents Medical Center, 4.750%, 5/15/2031, Series A		266,445
				12,844,348
		District Of Columbia – 0.0%
	1,025,000	District of Columbia, 4.750%, 6/01/2036, Series A, (FGIC insured)		913,931
		Florida – 0.0%
	1,025,000	Florida State Turnpike Authority (Department of Transportation), 3.500%, 7/01/2027, Series A		803,333
	1,625,000	Jacksonville Electric Authority, Florida Water & Sewer Systems Revenue, 4.750%, 10/01/2041, Series B,		1,453,026
				2,256,359
		Illinois – 0.0%
	1,770,000	Chicago Board of Education, 4.750%, 12/01/2031, Series B, (FSA insured)		1,664,685
	540,000	Chicago O’Hare International Airport, 4.500%, 1/01/2038, Series A, (FSA insured)		476,399
				2,141,084
		Louisiana – 0.0%
	1,025,000	State of Louisiana, 3.250%, 5/01/2026, Series C, (FSA insured)		758,715
		Massachusetts – 0.0%
	1,025,000	Massachusetts School Building Authority, 4.750%, 8/15/2032, Series A, (AMBAC insured)		992,805
		Michigan – 0.0%
	620,000	Grosse Pointe Public School System, 3.000%, 5/01/2027, (FGIC insured)		476,005
	2,615,000	Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(d)		1,742,453
				2,218,458
		Nebraska – 0.0%
	2,560,000	Omaha Public Power District, 4.500%, 2/01/2034, Series AA, (FGIC insured)		2,393,216
		Ohio – 0.1%
	6,570,000	Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/01/2047, Series A-2(d)		3,708,765
		Texas – 0.1%
	2,920,000	Harris County, TX, 4.500%, 10/01/2031, Series B		2,800,864
		Wisconsin – 0.0%
	700,000	Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2026, 1, (FSA insured)		598,941
	755,000	Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2029, (FSA insured)		612,335
	260,000	Wisconsin Housing & Economic Development Authority, 4.900%, 11/01/2035, Series E		232,586
				1,443,862
		Total Municipals (Identified Cost $38,651,828)		33,455,525
		Total Bonds and Notes (Identified Cost $7,450,648,577)		7,377,639,420
	Short-Term Investments – 1.7%
	83,900,000	Federal Home Loan Bank Discount Note, 0.010%, 7/01/2009(f)		83,900,000
	42,895,120	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $42,895,120 on 7/01/2009 collateralized by $6,825,000 Federal Home Loan Mortgage Corp., 5.680% due 9/14/2017 valued at $7,166,250; $35,565,000 Federal National Mortgage Association, 5.850% due 8/17/2017 valued at $36,587,494 including accrued interest(g)		42,895,120
		Total Short-Term Investments (Identified Cost $126,795,120)		126,795,120

13

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

Investments as of June 30, 2009 (Unaudited)

Description	Value (†)
Total Investments - 99.2% (Identified Cost $7,577,443,697)(a)		7,504,434,540
Other assets less liabilities — 0.8%		61,388,937
Net Assets — 100.0%	$	7,565,823,477

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

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

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

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

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

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

At June 30, 2009, the net unrealized depreciation on investments based on a cost of $7,587,865,628 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	$	320,792,080
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(404,223,168	)
Net unrealized depreciation	$	(83,431,088	)

(b) Variable rate security. Rate as of June 30, 2009 is disclosed.

(c) Non-income producing due to bankruptcy filing.

(d) Illiquid security. At June 30, 2009, the value of these securities amounted to $86,457,450 or 1.1% of net assets.

(e) Fair valued security by the Fund’s Investment Adviser. At June 30, 2009 the value of this security amounted to $4,477,781 or 0.1% of net assets.

(f) Rate represents discount rate at time of purchase.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the total value of these securities amounted to $773,617,374 or 10.2% of net assets.

ABS Asset-Backed Securities

AMBAC American Municipal Bond Assurance Corp.

EMTN Euro Medium Term Note

FGIC Financial Guaranty Insurance Company

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

FSA Financial Security Assurance, Inc.

GMTN Global Medium Term Note

MBIA Municipal Bond Investor Assurance Corp.

MTN Medium Term Note

REITs Real Estate Investment Trusts

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

EUR Euro

GBP British Pound

IDR Indonesian Rupiah

ISK Icelandic Krona

KRW South Korean Won

MXN Mexican Peso

NOK Norwegian Krone

NZD New Zealand Dollar

SGD Singapore Dollar

THB Thai Baht

14

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

Investments as of June 30, 2009 (Unaudited)

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	95,725,584	$	—	$	95,725,584
ABS Credit Card		—		121,043,610		—		121,043,610
ABS Other		—		18,995,633		—		18,995,633
Airlines		—		84,666,859		54,493,345		139,160,204
Automotive		—		44,271,373		2,872,177		47,143,550
Banking		—		537,620,171		4,563,942		542,184,113
Brokerage		—		54,513,821		—		54,513,821
Building Materials		—		45,850,773		—		45,850,773
Chemicals		—		151,670,694		—		151,670,694
Collateralized Mortgage Obligations		—		83,260		1,590,581		1,673,841
Commercial Mortgage-Backed Securities		—		215,057,640		—		215,057,640
Construction Machinery		—		69,897,041		—		69,897,041
Consumer Cyclical Services		—		76,404,889		—		76,404,889
Consumer Products		—		65,976,290		—		65,976,290
Distributors		—		74,895,065		—		74,895,065
Diversified Manufacturing		—		31,306,933		—		31,306,933
Electric		—		276,948,439		—		276,948,439
Entertainment		—		21,985,777		—		21,985,777
Food & Beverage		—		142,788,962		—		142,788,962
Government Owned - No Guarantee		—		81,025,780		—		81,025,780
Health Insurance		—		62,007,485		—		62,007,485
Healthcare		—		135,274,817		—		135,274,817
Home Construction		—		23,486,175		—		23,486,175
Independent Energy		—		142,798,959		—		142,798,959
Integrated Energy		—		23,411,645		1,369,215		24,780,860
Life Insurance		—		31,559,037		—		31,559,037
Local Authorities		—		33,223,575		—		33,223,575
Media Cable		—		152,379,289		—		152,379,289
Media Non-Cable		—		23,169,384		—		23,169,384
Metals & Mining		—		96,887,062		—		96,887,062
Mortgage Related		—		181,850		—		181,850
Non-Captive Consumer		—		117,168,829		6,474,881		123,643,710
Non-Captive Diversified		—		184,441,241		44,513,505		228,954,746
Oil Field Services		—		152,603,897		—		152,603,897
Paper		—		132,013,960		—		132,013,960
Pharmaceuticals		—		109,999,318		—		109,999,318
Pipelines		—		305,385,683		—		305,385,683
Property & Casualty Insurance		—		104,528,035		2,314,334		106,842,369
Railroads		—		61,611,409		—		61,611,409

15

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

Investments as of June 30, 2009 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Refining	$	—	$	3,190,669		—	$	3,190,669
REITs		—		157,577,341		—		157,577,341
Restaurants		—		701,409		—		701,409
Retailers		—		135,078,404		—		135,078,404
Sovereigns		—		153,675,939		8,181,268		161,857,207
Supermarkets		—		20,787,482		—		20,787,482
Supranational		—		98,958,641		7,265,005		106,223,646
Technology		—		282,586,053		—		282,586,053
Textile		—		14,450,717		—		14,450,717
Tobacco		—		139,527,139		—		139,527,139
Transportation Services		—		45,449,974		—		45,449,974
Treasuries		—		1,516,718,298		—		1,516,718,298
Wireless		—		92,192,945		—		92,192,945
Wirelines		—		420,155,527		—		420,155,527
Total Non-Convertible Bonds		—		7,183,910,782		133,638,253		7,317,549,035
Convertible Bonds
Media Non-Cable		—		238,833		—		238,833
Non-Captive Diversified		—		3,751,744		—		3,751,744
Oil Field Services		—		4,185,988		—		4,185,988
Pharmaceuticals		—		6,650,325		—		6,650,325
REITs		—		1,329,020		—		1,329,020
Technology		—		1,180,200		—		1,180,200
Wireless		—		3,997,500		—		3,997,500
Wirelines		—		2,101,950		3,199,300		5,301,250
Total Convertible Bonds		—		23,435,560		3,199,300		26,634,860
Municipals
Alabama		—		983,118		—		983,118
California		—		12,844,348		—		12,844,348
District Of Columbia		—		913,931		—		913,931
Florida		—		2,256,359		—		2,256,359
Illinois		—		2,141,084		—		2,141,084
Louisiana		—		758,715		—		758,715
Massachusetts		—		992,805		—		992,805
Michigan		—		2,218,458		—		2,218,458
Nebraska		—		2,393,216		—		2,393,216
Ohio		—		3,708,765		—		3,708,765
Texas		—		2,800,864		—		2,800,864
Wisconsin		—		1,443,862		—		1,443,862
Total Municipals		—		33,455,525		—		33,455,525
Total Bonds and Notes		—		7,240,801,867		136,837,553		7,377,639,420
Short-Term Investments		42,895,120		83,900,000		—		126,795,120
Total	$	42,895,120	$	7,324,701,867	$	136,837,553	$	7,504,434,540

16

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

Investments as of June 30, 2009 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
Non-Convertible Bonds
Airlines	$	7,077,300	$	—	$	—		$	746,997		$	47,345,000	$	(675,952	)	$	—	$	—		$	54,493,345
Automotive		—		5,066		—			(171,087	)		—		—			3,038,198		—			2,872,177
Banking		30,706,384		2,433,617		(1,187,073	)		(11,193,482	)		—		(13,231,504	)		—		(2,964,000	)		4,563,942
Collateralized Mortgage Obligations		107,273		—		5,247			112,005			—		(142,476	)		1,591,792		(83,260	)		1,590,581
Independent Energy		1,390,484		27,878		—			355,994			620,588		—			—		(2,394,944	)		—
Integrated Energy		1,570,862		—		—			(32,196	)		—		(169,451	)		—		—			1,369,215
Life Insurance		5,445,760		8,719		567,288			3,989,284			—		(10,011,051	)		—		—			—
Media Non-Cable		360,000		537		(828,763	)		635,726			—		(167,500	)		—		—			—
Non-Captive Consumer		9,016,044		281,440		—			1,648,762			—		—			1,617,000		(6,088,365	)		6,474,881
Non-Captive Diversified		262,150		410,680		—			(23,593,670	)		45,083,104		(1,836,464	)		24,465,905		(278,200	)		44,513,505
Property & Casualty Insurance		511,450		25,948		—			11,873			1,535,625		—			596,138		(366,700	)		2,314,334
Sovereigns		—		205,866		—			1,436,287			6,539,115		—			—		—			8,181,268
Supranational		52,476,860		1,844,972		—			405,587			309,286		—			—		(47,771,700	)		7,265,005
Convertible Bonds
Wirelines		—		117		—			268,984			2,930,199		—			—		—			3,199,300
Total	$	108,924,567	$	5,244,840	$	(1,443,301	)	$	(25,378,936	)	$	104,362,917	$	(26,234,398	)	$	31,309,033	$	(59,947,169	)	$	136,837,553

Net Asset Summary at June 30, 2009 (Unaudited)

Treasuries	20.1	%
Banking	7.2
Wirelines	5.7
Pipelines	4.0
Technology	3.7
Electric	3.7
Non-Captive Diversified	3.0
Commercial Mortgage-Backed Securities	2.8
Sovereigns	2.2
REITs	2.1
Oil Field Services	2.1
Media Cable	2.0
Chemicals	2.0
Other Investments, less than 2% each	36.9
Short-Term Investments	1.7
Total Investments	99.2
Other assets less liabilities	0.8
Net Assets	100.0	%

Currency Exposure at June 30, 2009 as a Percentage of Net Assets (Unaudited)

United States Dollar	77.3	%
Canadian Dollar	12.6
Norwegian Krone	2.6
Other, less than 2% each	6.7
Total Investments	99.2
Other assets less liabilities	0.8
Net Assets	100.0	%

17

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount	Description		Value (†)
	Bonds and Notes — 97.8% of Net Assets
		ABS Car Loan — 1.9%
$	1,025,000	Honda Auto Receivable Owner Trust, Series 2009-2, Class A3, 2.790%, 1/15/2013	$	1,030,581
	212,883	Honda Auto Receivables Owner Trust, Series 2008-1, Class A2, 3.770%, 9/20/2010		214,370
	565,000	Merrill Auto Trust Securitization, Series 2008-1, Class 3A3, 5.500%, 3/15/2012		583,179
	425,000	Nissan Auto Receivables Owner Trust, Series 2008-B, Class A3, 4.460%, 4/16/2012		436,896
	915,000	Nissan Master Owner Trust Receivables, Series 2007-A, Class A, 0.319%, 5/15/2012(b)		901,590
	117,599	USAA Auto Owner Trust, Series 2008-1, Class A2, 4.270%, 10/15/2010		117,819
	429,000	USAA Auto Owner Trust, Series 2008-3, Class A3, 4.280%, 10/15/2012		442,050
				3,726,485
		ABS Credit Card — 3.5%
	985,000	American Express Credit Account Master, Series 2004-2 Class A, 0.489%, 12/15/2016(b)		921,399
	1,150,000	Capital One Multi-Asset Execution Trust, Series 2008-A6, Class A6, 1.419%, 3/17/2014(b)		1,147,298
	3,000,000	Citibank Credit Card Issuance Trust, Series 2006-A8, Class A8, 1.171%, 12/17/2018(b)		2,640,538
	1,400,000	Discover Card Master Trust I Series 2007-3 Class A2, 0.369%, 10/16/2014(b)		1,329,309
	600,000	Discover Card Master Trust, Series 2008-A3, Class A3, 5.100%, 10/15/2013		622,511
				6,661,055
		ABS Home Equity — 1.3%
	1,028,787	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		729,371
	1,153,840	Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021		698,419
	705,613	Residential Funding Mortgage Securities II, Series 2002-HI5, Class A7, 5.700%, 1/25/2028		534,578
	660,000	Residential Funding Mortgage Securities II, Series 2005-HI3, Class A4, 5.490%, 9/25/2035(c)		484,260
				2,446,628
		ABS Other — 0.4%
	700,000	John Deere Owner Trust, Series 2009-A, Class A3, 2.590%, 10/15/2013		695,170
		Collateralized Mortgage Obligations — 0.5%
	101,884	Federal Home Loan Mortgage Corp., Series 3145, Class KA, 5.000%, 8/15/2024		105,068
	823,233	Federal Home Loan Mortgage Corp., 5.000%, 1/15/2030		855,577
				960,645
		Commercial Mortgage-Backed Securities — 9.6%
	1,005,000	Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		912,480
	2,425,000	Bear Stearns Commercial Mortgage Securities, Inc., Series 2007-PW16, Class A2, 5.665%, 6/11/2040(b)		2,243,403
	360,000	Citigroup Commercial Mortgage Trust, Series 2006-C5, Class A4, 5.431%, 10/15/2049		287,929
	790,000	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2B, 5.205%, 12/11/2049		722,595
	1,400,000	Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.768%, 6/10/2046(b)		1,185,021
	1,610,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.723%, 6/15/2039(b)		1,095,824
	1,535,000	Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		1,478,893
	1,500,000	Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, 5.917%, 7/10/2038(b)		1,230,424
	1,850,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A2, 5.381%, 3/10/2039		1,737,000
	1,800,000	GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039		1,680,074
	1,590,000	LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class A2, 5.300%, 11/15/2038		1,474,990
	905,000	Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.741%, 8/12/2041(b)		881,027
	4,675,000	Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048		3,570,616
				18,500,276

1

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount	Description		Value (†)
		Government Owned - No Guarantee — 13.9%
$	6,000,000	Federal Home Loan Mortgage Corp., 2.125%, 3/23/2012	$	6,054,252
	6,500,000	Federal Home Loan Mortgage Corp., 3.875%, 6/29/2011		6,830,213
	1,600,000	Federal Home Loan Mortgage Corp., 4.125%, 10/18/2010		1,673,091
	3,420,000	Federal National Mortgage Association, 2.000%, 1/09/2012		3,454,138
	3,500,000	Federal National Mortgage Association, 5.000%, 10/15/2011		3,782,993
	5,000,000	Federal National Mortgage Association, 1.750%, 3/23/2011		5,047,535
				26,842,222
		Government Sponsored — 11.2%
	5,000,000	Federal Home Loan Bank, 1.625%, 7/27/2011		5,027,510
	3,000,000	Federal Home Loan Bank, 3.375%, 10/20/2010		3,101,946
	8,500,000	Federal Home Loan Bank, 3.625%, 9/16/2011		8,901,838
	3,950,000	Federal Home Loan Bank, 5.000%, 9/18/2009		3,988,955
	600,000	Federal National Mortgage Association, 6.625%, 9/15/2009		607,661
				21,627,910
		Hybrid ARMs — 2.2%
	2,732,626	FNMA, 6.031%, 2/01/2037(b)		2,874,225
	244,012	JPMorgan Mortgage Trust, Series 2006-A7, Class 1A3, 5.865%, 1/25/2037(b)		220,676
	1,733,302	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.593%, 7/25/2035(b)		1,231,185
				4,326,086
		Mortgage Related — 41.4%
	725,893	FHLMC, 4.500%, 5/01/2034		725,546
	19,856,803	FHLMC 5.500%, with various maturities from 2011 to 2023(d)		21,001,344
	4,636,366	FHLMC 6.000%, with various maturities from 2019 to 2021(d)		4,909,186
	7,269,845	FHLMC 6.500%, with various maturities from 2014 to 2034(d)		7,756,659
	178,202	FHLMC, 7.000%, 2/01/2016		189,994
	21,820	FHLMC 7.500%, with various maturities from 2012 to 2026(d)		23,174
	13,157	FHLMC, 8.000%, 9/01/2015		14,089
	4,554	FHLMC, 10.000%, 7/01/2019		5,088
	143,457	FHLMC 11.500%, with various maturities from 2015 to 2020(d)		157,075
	10,189,838	FNMA 4.000%, with various maturities from 2018 to 2019(d)		10,402,515
	902,112	FNMA, 4.500%, 9/01/2019		934,494
	2,092,536	FNMA 5.500%, with various maturities from 2017 to 2036(d)		2,178,929
	22,623,836	FNMA 6.000%, with various maturities from 2017 to 2034(d)		23,989,082
	5,475,384	FNMA 6.500%, with various maturities from 2017 to 2037(d)		5,844,812
	266,390	FNMA, 7.000%, 12/01/2022		287,460
	417,266	FNMA 7.500%, with various maturities from 2015 to 2032(d)		452,064
	65,280	FNMA 8.000%, with various maturities from 2015 to 2016(d)		69,582
	101,039	GNMA, 6.000%, 12/15/2031		106,292
	358,983	GNMA, 6.500%, 5/15/2031		387,359
	291,835	GNMA, 7.000%, 10/15/2028		318,272
	2,495	GNMA, 12.500%, 6/15/2014		2,852
	48,531	GNMA 16.000%, with various maturities from 2011 to 2012(d)		55,128
	21,101	GNMA 17.000%, with various maturities in 2011(d)		24,035
				79,835,031
		Treasuries — 11.9%
	4,647,313	U.S. Treasury Inflation Indexed Bond, 1.375%, 7/15/2018		4,504,989
	5,512,983	U.S. Treasury Inflation Indexed Note 0.625%, 4/15/2013		5,447,516
	9,415,000	U.S. Treasury Note, 3.375%, 7/31/2013		9,865,894
	3,030,000	U.S. Treasury Note, 3.625%, 12/31/2012		3,212,273
				23,030,672
		Total Bonds and Notes (Identified Cost $184,873,124)		188,652,180

2

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount	Description		Value (†)
	Short-Term Investments — 2.2%
$	4,301,054	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $4,301,054 on 7/01/2009, collateralized by $4,360,000 Federal National Mortgage Association, 1.8750% due 4/20/2012 valued at $4,387,250 including accrued interest(e)	$	4,301,054
		Total Short-Term Investments (Identified Cost $4,301,054)		4,301,054
		Total Investments — 100.0% (Identified Cost $189,174,178)(a)		192,953,234
		Other assets less liabilities — 0.0%		44,376
		Net Assets — 100.0%	$	192,997,610

(†) 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.

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

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

3

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

Investments as of June 30, 2009 (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. Amortization of premium on debt securities is excluded for tax purposes):

At June 30, 2009, the net unrealized appreciation on investments based on a cost of $189,411,234 for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	5,680,157
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(2,138,157	)
Net unrealized appreciation	$	3,542,000

At September 30, 2008, the Fund had a capital loss carryforward of approximately $12,633,127 of which $4,128,091 expires on September 30, 2009, $663,109 expires on September 30, 2010, $425,323 expire on September 30, 2011, $193,904 expire on September 30, 2012, $2,770,324 expire on September 30, 2014, $4,336,746 expire on September 30, 2015, $115,630 expire on September 30, 2016. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Variable rate security. Rate as of June 30, 2009 is disclosed.

(c) Fair valued security by the Fund’s Investment Adviser. At June 30, 2009 the value of this security amounted to $484,260 or 0.3% of net assets.

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

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

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

Fair Value Measurements

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

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

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

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

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

4

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

Investments as of June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
ABS Car Loan	$	—	$	3,726,485	$	—	$	3,726,485
ABS Credit Card		—		6,661,055		—		6,661,055
ABS Home Equity		—		1,263,949		1,182,679		2,446,628
ABS Other		—		—		695,170		695,170
Collateralized Mortgage Obligations		—		960,645		—		960,645
Commercial Mortgage-Backed Securities		—		18,500,276		—		18,500,276
Government Owned - No Guarantee		—		26,842,222		—		26,842,222
Government Sponsored		—		21,627,910		—		21,627,910
Hybrid ARMs		—		4,326,086		—		4,326,086
Mortgage Related		—		79,835,031		—		79,835,031
Treasuries		—		23,030,672		—		23,030,672
Total Bonds and Notes		—		186,774,331		1,877,849		188,652,180
Short-Term Investments		4,301,054		—		—		4,301,054
Total	$	4,301,054	$	186,774,331	$	1,877,849	$	192,953,234

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
ABS Home Equity	$	743,234	$	—	$	10,371	$	(458,278	)	$	—	$	(503,699	)	$	2,120,422	$	(729,371	)	$	1,182,679
ABS Other		—		—		—		(4,712	)		699,882		—			—		—			695,170
Total	$	743,234	$	—	$	10,371	$	(462,990	)	$	699,882	$	(503,699	)	$	2,120,422	$	(729,371	)	$	1,877,849

5

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

Investments as of June 30, 2009 (Unaudited)

Net Asset Summary at June 30, 2009 (Unaudited)

Mortgage Related	41.4	%
Government Owned - No Guarantee	13.9
Treasuries	11.9
Government Sponsored	11.2
Commercial Mortgage-Backed Securities	9.6
ABS Credit Card	3.5
Hybrid ARMs	2.2
Other Investments, less then 2% each	4.1
Short-Term Investments	2.2
Total Investments	100.0
Other assets less liabilities	0.0
Net Assets	100.0	%

6

LOOMIS SAYLES RESEARCH FUND - PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2009 (Unaudited)

Shares	Description		Value (†)
Common Stocks – 99.4% of Net Assets
	Aerospace & Defense – 5.1%
3,839	General Dynamics Corp.	$	212,642
6,053	Goodrich Corp.		302,468
3,338	ITT Corp.		148,541
4,084	Lockheed Martin Corp.		329,375
1,677	Precision Castparts Corp.		122,471
2,513	United Technologies Corp.		130,576
			1,246,073
	Beverages – 2.2%
15,500	Coca-Cola Enterprises, Inc.		258,075
13,112	Dr Pepper Snapple Group, Inc.(b)		277,843
			535,918
	Biotechnology – 2.6%
5,868	Amgen, Inc.(b)		310,652
6,801	Gilead Sciences, Inc.(b)		318,559
			629,211
	Capital Markets – 2.8%
2,649	Goldman Sachs Group, Inc. (The)		390,568
17,029	Invesco Ltd.		303,457
			694,025
	Chemicals – 1.6%
2,289	Monsanto Co.		170,164
3,093	Praxair, Inc.		219,820
			389,984
	Commercial Banks – 2.9%
3,913	PNC Financial Services Group, Inc.		151,864
22,558	Wells Fargo & Co.		547,257
			699,121
	Communications Equipment – 4.7%
24,714	Cisco Systems, Inc.(b)		460,669
4,264	Harris Corp.		120,927
12,829	QUALCOMM, Inc.		579,871
			1,161,467
	Computers & Peripherals – 6.0%
5,757	Apple, Inc.(b)		819,970
16,610	Hewlett-Packard Co.		641,976
			1,461,946
	Construction & Engineering – 1.2%
6,155	URS Corp.(b)		304,796
	Containers & Packaging – 0.7%
7,547	Pactiv Corp.(b)		163,770
	Diversified Financial Services – 4.7%
21,679	Bank of America Corp.		286,163
912	CME Group, Inc.		283,732
17,190	JPMorgan Chase & Co.		586,351
			1,156,246
	Diversified Telecommunication Services – 3.2%
23,768	AT&T, Inc.		590,397
4,516	Embarq Corp.		189,943
			780,340
	Electric Utilities – 1.4%
4,882	American Electric Power Co., Inc.		141,041
2,742	Entergy Corp.		212,560
			353,601
	Energy Equipment & Services – 1.6%
5,028	Halliburton Co.		104,080
5,201	Schlumberger Ltd.		281,426
			385,506
	Food & Staples Retailing – 3.8%
7,520	Wal-Mart Stores, Inc.		364,269
19,339	Walgreen Co.		568,566
			932,835
	Food Products – 1.2%
15,354	ConAgra Foods, Inc.		292,647
	Health Care Equipment & Supplies – 1.9%
7,515	Covidien PLC		281,361
4,757	St. Jude Medical, Inc.(b)		195,513
			476,874
	Health Care Providers & Services – 3.0%
5,287	Express Scripts, Inc.(b)		363,481
4,695	McKesson Corp.		206,580
6,445	UnitedHealth Group, Inc.		160,996
			731,057
	Hotels, Restaurants & Leisure – 2.8%
16,610	International Game Technology		264,099
13,006	Starbucks Corp.(b)		180,653
10,738	Starwood Hotels & Resorts Worldwide, Inc.		238,384
			683,136
	Household Products – 1.1%
3,742	Colgate-Palmolive Co.		264,709
	Independent Power Producers & Energy Traders – 0.5%
4,825	Constellation Energy Group, Inc.		128,248
	Industrial Conglomerates – 0.8%
16,845	General Electric Co.		197,423
	Insurance – 2.9%
10,007	Metlife, Inc.		300,310
4,334	Prudential Financial, Inc.		161,311
6,291	Travelers Cos., Inc. (The)		258,183
			719,804
	Internet Software & Services – 2.0%
1,137	Google, Inc., Class A(b)		479,348
	IT Services – 1.9%
9,191	Cognizant Technology Solutions Corp., Class A(b)		245,400
3,733	Visa, Inc., Class A		232,416
			477,816
	Life Sciences Tools & Services – 1.9%
3,294	Covance, Inc.(b)		162,065
7,495	Life Technologies Corp.(b)		312,691
			474,756
	Machinery – 1.0%
4,833	Bucyrus International, Inc.		138,031
1,636	Flowserve Corp.		114,209
			252,240
	Media – 2.6%
8,066	McGraw-Hill Cos., Inc. (The)		242,867
15,499	Time Warner, Inc.		390,420
			633,287

1

LOOMIS SAYLES RESEARCH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2009 (Unaudited)

	Shares	Description		Value (†)
		Metals & Mining – 0.7%
	3,517	Freeport-McMoRan Copper & Gold, Inc.	$	176,237
		Multi-Utilities & Unregulated Power – 1.8%
	6,019	PG&E Corp.		231,370
	6,326	Public Service Enterprise Group, Inc.		206,418
				437,788
		Multiline Retail – 2.6%
	6,544	Kohl’s Corp.(b)		279,756
	8,908	Target Corp.		351,599
				631,355
		Oil, Gas & Consumable Fuels – 11.0%
	5,262	Anadarko Petroleum Corp.		238,842
	6,890	Chevron Corp.		456,463
	13,342	El Paso Corp.		123,147
	12,914	ExxonMobil Corp.		902,818
	6,688	Marathon Oil Corp.		201,509
	4,929	Occidental Petroleum Corp.		324,377
	8,068	Petrohawk Energy Corp.(b)		179,916
	6,783	XTO Energy, Inc.		258,704
				2,685,776
		Personal Products – 0.8%
	7,310	Avon Products, Inc.		188,452
		Pharmaceuticals – 4.8%
	5,018	Abbott Laboratories		236,047
	4,901	Allergan, Inc.		233,189
	47,004	Pfizer, Inc.		705,060
				1,174,296
		Road & Rail – 1.3%
	1,447	CSX Corp.		50,110
	5,268	Union Pacific Corp.		274,252
				324,362
		Semiconductors & Semiconductor Equipment – 0.7%
	15,325	Applied Materials, Inc.		168,115
		Software – 4.1%
	5,921	McAfee, Inc.(b)		249,807
	34,839	Oracle Corp.		746,251
				996,058
		Specialty Retail – 1.1%
	6,736	Ross Stores, Inc.		260,010
		Tobacco – 1.4%
	20,920	Altria Group, Inc.		342,879
		Trading Companies & Distributors – 1.0%
	3,043	W.W. Grainger, Inc.		249,161
		Total Common Stocks (Identified Cost $23,737,690)		24,340,673
	Principal Amount
	Short-Term Investments – 0.7%
$	171,971	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $171,971 on 7/01/2009 collateralized by $165,000 Federal Home Loan Bank, 5.625% due 6/11/2021 valued at $176,550 including accrued interest(c) (Identified Cost $171,971)		171,971
		Total Investments - 100.1% (Identified Cost $23,909,661)(a)		24,512,644
		Other assets less liabilities — (0.1)%		(33,231	)
		Net Assets — 100.0%	$	24,479,413

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

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

2

LOOMIS SAYLES RESEARCH FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2009 (Unaudited)

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

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

At June 30, 2009, the net unrealized appreciation on investments based on a cost of $23,922,119 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	$	1,612,460
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,021,935	)
Net unrealized appreciation	$	590,525

At September 30, 2008 post-October capital loss deferrals were $1,121,319. This amount may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Non-income producing security.

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

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks*	$	24,340,673	$	—	$	—	$	24,340,673
Short-Term Investments		171,971		—		—		171,971
Total	$	24,512,644	$	—	$	—	$	24,512,644

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

Net Asset Summary at June 30, 2009 (Unaudited)

Oil, Gas & Consumable Fuels	11.0	%
Computers & Peripherals	6.0
Aerospace & Defense	5.1
Pharmaceuticals	4.8
Communications Equipment	4.7
Diversified Financial Services	4.7
Software	4.1
Food & Staples Retailing	3.8
Diversified Telecommunication Services	3.2
Health Care Providers & Services	3.0
Insurance	2.9
Commercial Banks	2.9
Capital Markets	2.8
Hotels, Restaurants & Leisure	2.8
Media	2.6
Multiline Retail	2.6
Biotechnology	2.6
Beverages	2.2
Internet Software & Services	2.0
Other Investments, Less than 2% each	25.6
Short-Term Investments	0.7
Total Investments	100.1
Other assets less liabilities	(0.1	)
Net Assets	100.0	%

3

PORTFOLIO OF INVESTMENTS – as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Growth Fund

	Shares	Value(†)
COMMON STOCKS – 97.2% of Net Assets
Aerospace & Defense – 3.5%
Applied Signal Technology, Inc.	36,545	$	932,263
Hexcel Corp.(b)	97,034		924,734
Orbital Sciences Corp.(b)	64,159		973,292
Stanley, Inc.(b)	26,263		863,527
			3,693,816
Biotechnology – 4.9%
Alexion Pharmaceuticals, Inc.(b)	24,335		1,000,655
Array Biopharma, Inc.(b)	190,964		599,627
Incyte Corp. Ltd.(b)	198,022		651,492
Isis Pharmaceuticals, Inc.(b)	48,621		802,247
Onyx Pharmaceuticals, Inc.(b)	26,946		761,494
OSI Pharmaceuticals, Inc.(b)	20,535		579,703
Regeneron Pharmaceuticals, Inc.(b)	44,098		790,236
			5,185,454
Capital Markets – 3.1%
Greenhill & Co., Inc.	13,962		1,008,196
KBW, Inc.(b)	37,688		1,083,907
Stifel Financial Corp.(b)	24,809		1,193,065
			3,285,168
Commercial Banks – 1.6%
IBERIABANK Corp.	17,123		674,818
Signature Bank(b)	35,344		958,529
			1,633,347
Commercial Services & Supplies – 1.8%
Tetra Tech, Inc.(b)	35,478		1,016,445
Waste Connections, Inc.(b)	34,795		901,538
			1,917,983
Communications Equipment – 7.2%
Brocade Communications Systems, Inc.(b)	136,465		1,067,156
Ciena Corp.(b)	104,143		1,077,880
DG FastChannel, Inc.(b)	63,732		1,166,296
F5 Networks, Inc.(b)	30,599		1,058,419
Harris Stratex Networks, Inc., Class A(b)	85,878		556,490
Riverbed Technology, Inc.(b)	65,317		1,514,701
Tellabs, Inc.(b)	209,913		1,202,802
			7,643,744
Computers & Peripherals – 0.4%
Data Domain, Inc.(b)	12,887		429,782
Construction & Engineering – 4.1%
Dycom Industries, Inc.(b)	94,067		1,041,322
MasTec, Inc.(b)	97,218		1,139,395
Northwest Pipe Co.(b)	32,778		1,139,363
Orion Marine Group, Inc.(b)	53,846		1,023,074
			4,343,154

1

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

	Shares	Value(†)
COMMON STOCKS – continued
Diversified Consumer Services – 2.2%
Capella Education Co.(b)	18,427	$	1,104,699
New Oriental Education & Technology Group, Inc., Sponsored ADR(b)	18,414		1,240,367
			2,345,066
Diversified Financial Services – 1.0%
MSCI, Inc.(b)	43,457		1,062,089
Diversified Telecommunication Services – 2.0%
Neutral Tandem, Inc.(b)	39,069		1,153,317
NTELOS Holdings Corp.	52,155		960,695
			2,114,012
Electric Utilities – 1.0%
ITC Holdings Corp.	23,444		1,063,420
Electronic Equipment Instruments & Components – 1.7%
Cogent, Inc.(b)	75,903		814,439
IPG Photonics Corp.(b)	84,502		926,987
			1,741,426
Energy Equipment & Services – 2.7%
Hornbeck Offshore Services, Inc.(b)	43,350		927,256
Oceaneering International, Inc.(b)	22,494		1,016,729
Tesco Corp.(b)	110,172		874,766
			2,818,751
Food Products – 2.4%
Diamond Foods, Inc.	36,383		1,015,086
Green Mountain Coffee Roasters, Inc.(b)	13,146		777,191
Smart Balance, Inc.(b)	113,080		770,075
			2,562,352
Health Care Equipment & Supplies – 4.4%
Haemonetics Corp.(b)	16,351		932,007
Masimo Corp.(b)	27,525		663,628
NuVasive, Inc.(b)	22,079		984,723
ResMed, Inc.(b)	27,301		1,111,970
Volcano Corp.(b)	64,367		899,851
			4,592,179
Health Care Providers & Services – 6.0%
AMERIGROUP Corp.(b)	32,089		861,590
Bio-Reference Labs, Inc.(b)	39,216		1,239,618
Catalyst Health Solutions, Inc.(b)	55,108		1,374,393
Genoptix, Inc.(b)	35,968		1,150,616
IPC The Hospitalist Co.(b)	38,304		1,022,334
Sun Healthcare Group, Inc.(b)	80,985		683,513
			6,332,064

2

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

	Shares	Value(†)
COMMON STOCKS – continued
Health Care Technology – 4.8%
athenahealth, Inc.(b)	33,504	$	1,239,983
MedAssets, Inc.(b)	87,426		1,700,435
Phase Forward, Inc.(b)	69,545		1,050,825
SXC Health Solutions Corp.(b)	41,735		1,060,904
			5,052,147
Hotels, Restaurants & Leisure – 3.9%
BJ’s Restaurants, Inc.(b)	52,229		881,103
Buffalo Wild Wings, Inc.(b)	22,830		742,432
Panera Bread Co., Class A(b)	15,076		751,689
Pinnacle Entertainment, Inc.(b)	81,114		753,549
Texas Roadhouse, Inc., Class A(b)	95,245		1,039,123
			4,167,896
Insurance – 0.9%
AmTrust Financial Services, Inc.	84,532		963,665
Internet Software & Services – 2.7%
Constant Contact, Inc.(b)	61,132		1,212,859
DealerTrack Holdings, Inc.(b)	54,856		932,552
Vocus, Inc.(b)	35,878		708,949
			2,854,360
IT Services – 0.9%
CyberSource Corp.(b)	64,738		990,491
Life Sciences Tools & Services – 0.9%
Nektar Therapeutics(b)	141,821		919,000
Machinery – 2.1%
Bucyrus International, Inc.	28,522		814,588
Energy Recovery, Inc.(b)	93,954		665,194
Wabtec Corp.	24,156		777,099
			2,256,881
Media – 0.8%
Imax Corp.(b)	109,125		886,095
Oil, Gas & Consumable Fuels – 3.0%
Arena Resources, Inc.(b)	31,647		1,007,957
Comstock Resources, Inc.(b)	33,148		1,095,541
Concho Resources, Inc.(b)	36,352		1,042,939
			3,146,437
Pharmaceuticals – 2.0%
Cypress Bioscience, Inc.(b)	57,357		540,303
Eurand NV(b)	62,957		818,441
Inspire Pharmaceuticals, Inc.(b)	132,666		737,623
			2,096,367

3

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

	Shares	Value(†)
COMMON STOCKS – continued
Professional Services – 3.5%
ICF International, Inc.(b)	53,165	$	1,466,822
IHS, Inc., Class A(b)	26,827		1,337,863
Monster Worldwide, Inc.(b)	77,786		918,653
			3,723,338
Semiconductors & Semiconductor Equipment – 6.5%
Cavium Network, Inc.(b)	60,273		1,013,189
Hittite Microwave Corp.(b)	25,715		893,596
Lam Research Corp.(b)	39,276		1,021,176
Netlogic Microsystems, Inc.(b)	26,610		970,201
Power Integrations, Inc.	35,121		835,529
Silicon Laboratories, Inc.(b)	30,373		1,152,352
Varian Semiconductor Equipment Associates, Inc.(b)	42,555		1,020,894
			6,906,937
Software – 8.9%
Ariba, Inc.(b)	106,804		1,050,952
Blackboard, Inc.(b)	37,436		1,080,403
Concur Technologies, Inc.(b)	30,254		940,294
DemandTec, Inc.(b)	85,408		751,591
Informatica Corp.(b)	81,801		1,406,159
Nice Systems Ltd., ADR(b)	36,344		838,456
Solera Holdings, Inc.(b)	42,125		1,069,975
Tyler Technologies, Inc.(b)	71,400		1,115,268
Ultimate Software Group, Inc.(The)(b)	49,247		1,193,747
			9,446,845
Specialty Retail – 4.3%
American Eagle Outfitters, Inc.	62,497		885,583
hhgregg, Inc.(b)	55,276		837,984
Hibbett Sports, Inc.(b)	48,253		868,554
Lumber Liquidators, Inc.(b)	60,874		959,374
Monro Muffler Brake, Inc.	36,955		950,113
			4,501,608
Textiles, Apparel & Luxury Goods – 2.0%
Phillips-Van Heusen Corp.	40,225		1,154,055
Under Armour, Inc., Class A(b)	44,737		1,001,213
			2,155,268
TOTAL COMMON STOCKS (Identified Cost $98,351,847)			102,831,142

4

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

	Principal Amount		Value(†)
SHORT-TERM INVESTMENTS – 2.1%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09 at 0.000% to be repurchased at $2,211,109 on 7/01/09 collateralized by $2,110,000 Federal Home Loan Bank, 5.625% due 6/11/21 valued at $2,257,700 including accrued interest(c) (Identified Cost $2,211,109)	$	2,211,109	$	2,211,109
TOTAL INVESTMENTS – 99.3% (Identified Cost $100,562,956)(a)				105,042,251
Other assets less liabilities—0.7%				788,273
NET ASSETS – 100.0%			$	105,830,524

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

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

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

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

At June 30, 2009 the net unrealized appreciation on investments based on a cost of $100,449,685 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	$	11,248,2866
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(6,655,720	)
Net unrealized appreciation	$	4,592,566

At September 30, 2008, the Fund had a capital loss carryforward of approximately $197,597,555 of which $138,314,515 expires on September 30, 2010 and $59,283,040 expires on September 30, 2011. At September 30, 2008 post-October capital loss deferrals were $7,364,469. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Non-income producing security.

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

ADR An American Depositary Receipt (ADR) 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.

5

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks*	$	102,831,142	$	—	$	—	$	102,831,142
Short-Term Investments		2,211,109	$	—		—		2,211,109
Total	$	105,042,251	$	—	$	—	$	105,042,251

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

6

PORTFOLIO OF INVESTMENTS - as of June 30, 2009 (Unaudited)

Loomis Sayles Small Cap Growth Fund - continued

NET ASSET SUMMARY AT JUNE 30, 2009 (Unaudited)

Software	8.9	%
Communications Equipment	7.2
Semiconductors & Semiconductor Equipment	6.5
Health Care Providers & Services	6.0
Biotechnology	4.9
Health Care Technology	4.8
Health Care Equipment & Supplies	4.4
Specialty Retail	4.3
Construction & Engineering	4.1
Hotels, Restaurants & Leisure	3.9
Aerospace & Defense	3.5
Professional Services	3.5
Capital Markets	3.1
Oil, Gas & Consumable Fuels	3.0
Internet Software & Services	2.7
Energy Equipment & Services	2.7
Food Products	2.4
Diversified Consumer Services	2.2
Machinery	2.1
Textiles, Apparel & Luxury Goods	2.0
Diversified Telecommunication Services	2.0
Pharmaceuticals	2.0
Other Investments, less than 2% each	11.0
Short-Term Investments	2.1
Total Investments	99.3
Other assets less liabilities	0.7
Net Assets	100.0	%

7

LOOMIS SAYLES STRATEGIC INCOME FUND — PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
	Bonds and Notes — 91.6% of Net Assets
	Non-Convertible Bonds — 87.6%
		ABS Credit Card — 0.7%
$	80,700,000	Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014	$	76,258,918
		Aerospace & Defense — 0.1%
	1,380,000	Bombardier, Inc., 144A, 6.300%, 5/01/2014		1,207,500
	2,795,000	Bombardier, Inc., 7.350%, 12/22/2026, (CAD)		1,826,248
	11,700,000	Bombardier, Inc., 144A, 7.450%, 5/01/2034		8,892,000
				11,925,748
		Airlines — 1.5%
	825,000	American Airlines Pass Through Trust, Series 1999-1, Class B, 7.324%, 4/15/2011		804,375
	2,870,000	American Airlines Pass Through Trust, Series 2009-1A, 10.375%, 7/02/2019		3,273,394
	673,443	American Airlines Pass Through Trust, Series 93A6, 8.040%, 9/16/2011		417,535
	20,000,000	Continental Airlines, Inc., 9.000%, 7/08/2016		19,975,000
	178,186	Continental Airlines, Inc., Series 1996-1, Class A, 6.940%, 4/15/2015		156,803
	4,476,537	Continental Airlines, Inc., Series 1997-4, Class 4B, 6.900%, 7/02/2018		3,402,168
	4,102,503	Continental Airlines, Inc., Series 1998-1, Class 1B, 6.748%, 9/15/2018		2,994,827
	6,973,957	Continental Airlines, Inc., Series 1999-1, Class B, 6.795%, 2/02/2020		5,090,988
	912,841	Continental Airlines, Inc., Series 1999-1, Class C, 6.954%, 2/02/2011		901,431
	4,159,411	Continental Airlines, Inc., Series 1999-2, Class B, 7.566%, 9/15/2021		3,369,123
	1,577,483	Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707%, 10/02/2022		1,285,649
	7,140,073	Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019		5,283,654
	1,086,416	Continental Airlines, Inc., Series 2001-1, Class A-1, 6.703%, 12/15/2022		912,590
	2,336,738	Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017		1,659,084
	11,915,000	Continental Airlines, Inc., Series 2007-1, Class A, 5.983%, 4/19/2022		9,829,875
	16,802,000	Continental Airlines, Inc., Series 2007-1, Class B, 6.903%, 4/19/2022		11,089,320
	5,098,309	Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016		4,486,512
	907,561	Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		766,889
	9,187,700	Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		5,834,189
	30,735,143	Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014		19,670,492
	25,391,757	Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017		16,631,601
	1,500,000	Qantas Airways Ltd., 144A, 5.125%, 6/20/2013		1,392,166
	32,710,000	Qantas Airways Ltd., 144A, 6.050%, 4/15/2016		29,548,677
	18,704,404	United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024		14,402,391
				163,178,733
		Automotive — 2.8%
	1,853,000	Cummins, Inc., 6.750%, 2/15/2027		1,570,418
	2,145,000	Cummins, Inc., 7.125%, 3/01/2028		1,717,482
	6,500,000	FCE Bank PLC, EMTN, 7.125%, 1/16/2012, (EUR)		7,705,149
	4,500,000	FCE Bank PLC, EMTN, 7.125%, 1/15/2013, (EUR)		5,113,385
	17,816,000	Ford Motor Co., 6.375%, 2/01/2029		9,620,640
	1,705,000	Ford Motor Co., 6.500%, 8/01/2018		1,005,950
	500,000	Ford Motor Co., 6.625%, 2/15/2028		270,000
	73,114,000	Ford Motor Co., 6.625%, 10/01/2028		39,481,560
	1,940,000	Ford Motor Co., 7.125%, 11/15/2025		1,067,000
	86,090,000	Ford Motor Co., 7.450%, 7/16/2031		50,793,100
	800,000	Ford Motor Co., 7.500%, 8/01/2026		432,000
	46,872,000	Ford Motor Credit Co. LLC, 5.700%, 1/15/2010		45,238,558
	10,685,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		8,591,082
	15,465,000	Ford Motor Credit Co. LLC, 7.250%, 10/25/2011		13,376,266
	1,030,000	Ford Motor Credit Co. LLC, 7.875%, 6/15/2010		978,361
	53,750,000	Ford Motor Credit Co. LLC, 8.000%, 6/01/2014		43,490,092
	14,595,000	Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		11,158,301

1

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Automotive — continued
$	10,625,000	Ford Motor Credit Co. LLC, 8.625%, 11/01/2010	$	9,986,693
	1,645,000	Ford Motor Credit Co. LLC, 9.750%, 9/15/2010		1,575,739
	7,640,000	Ford Motor Credit Co. LLC, EMTN, 4.875%, 1/15/2010, (EUR)		10,181,879
	43,074,000	GMAC LLC, 144A, 5.375%, 6/06/2011		36,612,900
	4,977,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		3,832,290
	9,635,000	Goodyear Tire & Rubber Co. (The), 10.500%, 5/15/2016		9,731,350
				313,530,195
		Banking — 5.6%
	14,000,000	Associates Corp. of North America, 6.950%, 11/01/2018		12,525,646
	22,125,000	BAC Capital Trust VI, 5.625%, 3/08/2035		14,386,162
	11,685,000	Bank of America Corp., 5.750%, 12/01/2017		10,404,651
	4,560,000	Bank of America Corp., Series L, MTN, 7.375%, 5/15/2014		4,710,553
	1,006,000,000	Barclays Financial LLC, 144A, 4.160%, 2/22/2010, (THB)		30,106,181
	56,650,000,000	Barclays Financial LLC, 144A, 4.470%, 12/04/2011, (KRW)		44,926,014
	17,310,000,000	Barclays Financial LLC, EMTN, 144A, 4.060%, 9/16/2010, (KRW)		13,919,199
	135,000,000	Barclays Financial LLC, EMTN, 144A, 4.100%, 3/22/2010, (THB)		4,032,962
	21,340,000,000	Barclays Financial LLC, EMTN, 144A, 4.460%, 9/23/2010, (KRW)		17,238,505
	224,520,000,000	BNP Paribas SA, EMTN, 144A, Zero Coupon, 6/13/2011, (IDR)		16,809,031
	2,165,000	Capital One Financial Corp., 6.150%, 9/01/2016		1,916,090
	18,650,000	Citibank NA, 144A, 15.000%, 7/02/2010, (BRL)		10,012,847
	47,120,000	Citigroup, Inc., 5.000%, 9/15/2014		39,501,544
	3,060,000	Citigroup, Inc., 5.850%, 12/11/2034		2,376,439
	20,715,000	Citigroup, Inc., 5.875%, 2/22/2033		15,321,581
	4,210,000	Citigroup, Inc., 5.875%, 5/29/2037		3,289,601
	10,819,000	Citigroup, Inc., 6.000%, 10/31/2033		8,073,311
	1,850,000	Citigroup, Inc., 6.125%, 8/25/2036		1,377,632
	2,540,000	Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014		2,552,934
	1,285,000	Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018		1,251,047
	30,775,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		27,358,790
	119,806,078	HSBC Bank USA, 144A, Zero Coupon, 11/28/2011(b)		88,979,974
	9,090,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 144A, 6.375%, 4/30/2022		7,088,891
	109,312,000,000	JPMorgan Chase & Co., 144A, Zero Coupon, 3/28/2011, (IDR)		8,407,627
	229,157,783,660	JPMorgan Chase & Co., 144A, Zero Coupon, 4/12/2012, (IDR)		15,182,896
	599,726,100,000	JPMorgan Chase & Co., EMTN, 144A, Zero Coupon, 3/28/2011, (IDR)		46,127,354
	92,000,000	JPMorgan Chase Bank, 144A, Zero Coupon, 5/17/2010, (BRL)		43,199,951
	76,496,404,750	JPMorgan Chase Bank, EMTN, 144A, Zero Coupon, 10/21/2010, (IDR)		6,336,293
	2,500,000	Kaupthing Bank Hf, 144A, 1/15/2010(c)		325,000
	36,300,000	Kaupthing Bank Hf, Series D, 144A, 5.750%, 10/04/2011(c)		4,719,000
	9,300,000	Kaupthing Bank Hf, Series E, 144A, 6.125%, 10/04/2016(c)		1,209,000
	60,000,000	Kreditanstalt fuer Wiederaufbau, EMTN, 10.750%, 2/01/2010, (ISK)		362,188
	2,200,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		1,699,181
	51,500,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		23,128,349
	3,450,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		3,234,482
	5,410,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		5,007,258
	2,255,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.400%, 8/28/2017		1,996,261
	26,665,000	Morgan Stanley, 4.750%, 4/01/2014		25,187,492
	5,050,000	Morgan Stanley, 5.125%, 11/30/2015, (GBP)		7,608,162
	500,000	Morgan Stanley, 5.375%, 10/15/2015		489,926
	205,000	Morgan Stanley, 6.750%, 4/15/2011		214,751
	14,500,000	Morgan Stanley, 7.300%, 5/13/2019		15,035,775
	110,000	Morgan Stanley, EMTN, 5.450%, 1/09/2017		102,716
	600,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		559,206
	8,110,000	Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		7,782,032
	3,283,000,000	Rabobank Nederland, EMTN, 144A, 10.250%, 9/10/2009, (ISK)		19,312,151
				615,386,636
		Brokerage — 0.0%
	4,000,000	Jefferies Group, Inc., 8.500%, 7/15/2019		3,967,888
		Building Materials — 0.9%
	6,345,000	Masco Corp., 0.939%, 3/12/2010(b)		6,120,235
	3,255,000	Masco Corp., 4.800%, 6/15/2015		2,558,365

2

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Building Materials — continued
$	910,000	Masco Corp., 5.850%, 3/15/2017	$	726,910
	9,865,000	Masco Corp., 6.125%, 10/03/2016		8,282,615
	1,155,000	Masco Corp., 6.500%, 8/15/2032		785,207
	17,995,000	Owens Corning, Inc., 6.500%, 12/01/2016		15,773,751
	35,980,000	Owens Corning, Inc., 7.000%, 12/01/2036		25,500,141
	43,962,000	USG Corp., 6.300%, 11/15/2016		32,531,880
	12,880,000	USG Corp., 9.250%, 1/15/2018		10,948,000
				103,227,104
		Chemicals — 0.7%
	23,584,000	Borden, Inc., 7.875%, 2/15/2023		6,603,520
	6,920,000	Borden, Inc., 8.375%, 4/15/2016		1,937,600
	8,757,000	Borden, Inc., 9.200%, 3/15/2021		2,451,960
	38,140,000	Chevron Phillips Chemical Co. LLC, 144A, 8.250%, 6/15/2019		39,788,182
	14,550,000	Hercules, Inc., Subordinated Note, 6.500%, 6/30/2029		7,857,000
	1,575,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014		708,750
	1,650,000	Koppers Holdings, Inc., (Step to 9.875% on 11/15/2009), Zero Coupon, 11/15/2014(d)		1,480,875
	5,350,000	Methanex Corp., Senior Note, 6.000%, 8/15/2015		4,117,986
	6,465,000	Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		5,507,798
	5,820,000	Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		5,354,400
				75,808,071
		Construction Machinery — 1.4%
	10,040,000	Caterpillar Financial Services Corp., MTN, 5.450%, 4/15/2018		9,558,622
	90,000,000	Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014		96,002,190
	2,700,000	Caterpillar Financial Services Corp., Series F, MTN, 5.850%, 9/01/2017		2,749,135
	1,425,000	Joy Global, Inc., 6.625%, 11/15/2036		1,147,746
	18,243,000	United Rentals North America, Inc., 7.000%, 2/15/2014		14,913,652
	1,630,000	United Rentals North America, Inc., 7.750%, 11/15/2013		1,401,800
	26,935,000	United Rentals North America, Inc., 144A, 10.875%, 6/15/2016		25,857,600
				151,630,745
		Consumer Cyclical Services — 0.9%
	101,985,000	Western Union Co. (The), 6.200%, 11/17/2036		96,103,627
		Consumer Products — 0.1%
	9,860,000	Whirlpool Corp., 8.000%, 5/01/2012		10,204,853
	5,915,000	Whirlpool Corp., MTN, 8.600%, 5/01/2014		6,181,175
				16,386,028
		Distributors — 0.0%
	1,500,000	EQT Corp., 8.125%, 6/01/2019		1,605,552
		Diversified Manufacturing — 0.2%
	6,950,000	Textron, Inc., 3.875%, 3/11/2013, (EUR)		7,691,131
	3,750,000	Textron, Inc., 5.600%, 12/01/2017		3,027,030
	12,575,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		14,639,101
				25,357,262
		Electric — 4.1%
	4,020,000	AES Corp. (The), 7.750%, 3/01/2014		3,808,950
	5,565,000	AES Corp. (The), 8.375%, 3/01/2011, (GBP)(e)		8,743,536
	8,835,254	AES Ironwood LLC, 8.857%, 11/30/2025		7,642,494
	1,140,919	AES Red Oak LLC, Series A, 8.540%, 11/30/2019		1,021,123
	70,812,000	Bruce Mansfield Unit, 6.850%, 6/01/2034(e)		54,471,423
	3,552,768	CE Generation LLC, 7.416%, 12/15/2018		3,321,838
	32,125,000	Cleveland Electric Illuminating Co., 5.950%, 12/15/2036		27,988,456
	3,755,000	Dominion Resources, Inc., Series B, 5.950%, 6/15/2035		3,581,962
	11,275,000	Dynegy Holdings, Inc., 7.125%, 5/15/2018		7,667,000
	1,000,000	Dynegy Holdings, Inc., 7.500%, 6/01/2015		833,750
	10,185,000	Dynegy Holdings, Inc., 7.625%, 10/15/2026		6,314,700
	500,000	Dynegy Holdings, Inc., 7.750%, 6/01/2019		389,375
	7,455,000	Dynegy Holdings, Inc., 8.375%, 5/01/2016		6,318,113
	4,744,113	Dynegy Roseton/Danskammer Pass Through Trust, Series A, 7.270%, 11/08/2010		4,708,532
	95,200,000	Edison Mission Energy, 7.625%, 5/15/2027		60,928,000
	250,000	Empresa Nacional de Electricidad SA, (Endesa-Chile), 8.350%, 8/01/2013		279,915

3

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Electric — continued
$	4,875,000	Empresa-Chile Overseas Co., 7.875%, 2/01/2027	$	5,148,132
	555,000	Enersis SA, Cayman Island, 7.400%, 12/01/2016		594,999
	5,310,000	ITC Holdings Corp., 144A, 6.375%, 9/30/2036		4,453,093
	1,000,000	MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		988,478
	40,255,000	MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		41,778,410
	31,735,000	NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		15,312,137
	955,000	NiSource Finance Corp., 5.400%, 7/15/2014		903,638
	1,700,000	NiSource Finance Corp., 6.150%, 3/01/2013		1,689,849
	43,450,000	NiSource Finance Corp., 6.400%, 3/15/2018		39,865,071
	2,500,000	NRG Energy, Inc., 7.250%, 2/01/2014		2,425,000
	5,000,000	NRG Energy, Inc., 7.375%, 2/01/2016		4,731,250
	1,473,250	Quezon Power (Philippines) Ltd., Senior Secured Note, 8.860%, 6/15/2017		1,311,193
	25,230,000	RRI Energy, Inc., 7.875%, 6/15/2017		22,580,850
	1,050,000	SP PowerAssets Ltd., EMTN, 3.730%, 10/22/2010, (SGD)		735,803
	655,000	Texas Competitive Electric Holdings Co. LLC, Series A, 10.250%, 11/01/2015		407,738
	8,785,000	Toledo Edison Co., 6.150%, 5/15/2037		8,269,452
	46,215,000	TXU Corp., Series P, 5.550%, 11/15/2014		29,181,075
	101,030,000	TXU Corp., Series Q, 6.500%, 11/15/2024		50,624,213
	6,245,000	TXU Corp., Series R, 6.550%, 11/15/2034		3,002,340
	7,300,000	White Pine Hydro LLC, 6.310%, 7/10/2017(e)		6,195,452
	10,935,000	White Pine Hydro LLC, 6.960%, 7/10/2037(e)		7,770,827
	4,000,000	White Pine Hydro LLC, 7.260%, 7/20/2015(e)		3,474,024
				449,462,191
		Entertainment — 0.3%
	39,640,000	Viacom, Inc., Class B, 6.875%, 4/30/2036		36,520,689
		Food & Beverage — 1.7%
	85,570,000	Anheuser-Busch Inbev Worldwide, Inc., 144A, 5.375%, 11/15/2014		86,333,199
	2,085,000	Aramark Services, Inc., 5.000%, 6/01/2012		1,886,925
	23,710,000	Corn Products International, Inc., 6.625%, 4/15/2037		18,868,726
	35,447,000	Kraft Foods, Inc., 6.500%, 8/11/2017		37,333,773
	30,680,000	Kraft Foods, Inc., 7.000%, 8/11/2037		32,399,522
	14,120,000	Sara Lee Corp., 6.125%, 11/01/2032		12,614,525
				189,436,670
		Government Owned - No Guarantee — 0.3%
	26,435,000	Abu Dhabi National Energy Co., 144A, 7.250%, 8/01/2018		26,396,537
	10,300,000	DP World Ltd., 144A, 6.850%, 7/02/2037		6,849,500
				33,246,037
		Health Insurance — 0.5%
	15,325,000	CIGNA Corp., 6.150%, 11/15/2036		10,972,823
	2,000,000	CIGNA Corp., 6.350%, 3/15/2018		1,770,342
	50,000,000	WellPoint, Inc., 6.375%, 6/15/2037		45,843,950
				58,587,115
		Healthcare — 3.8%
	2,765,000	Boston Scientific Corp., 5.450%, 6/15/2014		2,543,800
	8,230,000	Boston Scientific Corp., 6.400%, 6/15/2016		7,653,900
	16,510,000	Boston Scientific Corp., 7.000%, 11/15/2035		13,373,100
	17,785,000	HCA, Inc., 5.750%, 3/15/2014		14,228,000
	3,800,000	HCA, Inc., 6.250%, 2/15/2013		3,325,000
	17,035,000	HCA, Inc., 6.375%, 1/15/2015		13,840,938
	49,350,000	HCA, Inc., 6.500%, 2/15/2016		39,850,125
	2,074,000	HCA, Inc., 6.750%, 7/15/2013		1,825,120
	14,405,000	HCA, Inc., 7.050%, 12/01/2027		8,773,509
	10,944,000	HCA, Inc., 7.190%, 11/15/2015		8,433,523
	20,077,000	HCA, Inc., 7.500%, 12/15/2023		13,077,596
	18,745,000	HCA, Inc., 7.500%, 11/06/2033		10,684,650
	43,253,000	HCA, Inc., 7.690%, 6/15/2025		26,561,970
	30,985,000	HCA, Inc., 8.360%, 4/15/2024		20,456,235
	13,545,000	HCA, Inc., MTN, 7.580%, 9/15/2025		8,340,049
	9,277,000	HCA, Inc., MTN, 7.750%, 7/15/2036		5,514,750
	11,370,000	Hospira, Inc., 6.050%, 3/30/2017		11,103,897
	176,070,000	Medco Health Solutions, Inc., 7.125%, 3/15/2018		185,415,091
	3,260,000	Owens & Minor, Inc., 6.350%, 4/15/2016(e)		2,852,552
	1,900,000	Tenet Healthcare Corp., 6.500%, 6/01/2012		1,882,499

4

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Healthcare — continued
$	31,009,000	Tenet Healthcare Corp., 6.875%, 11/15/2031	$	18,605,400
	1,570,000	Tenet Healthcare Corp., 7.375%, 2/01/2013		1,413,000
	4,765,000	Tenet Healthcare Corp., 9.250%, 2/01/2015		4,359,975
				424,114,679
		Home Construction — 1.8%
	2,840,000	Centex Corp., 5.250%, 6/15/2015		2,449,500
	43,470,000	D.R. Horton, Inc., 5.250%, 2/15/2015		36,080,100
	4,335,000	D.R. Horton, Inc., 5.625%, 9/15/2014		3,706,425
	1,625,000	D.R. Horton, Inc., 6.500%, 4/15/2016		1,389,375
	16,160,000	D.R. Horton, Inc., Guaranteed Note, 5.625%, 1/15/2016		13,251,200
	11,265,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		9,687,900
	6,290,000	K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		3,082,100
	1,935,000	K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013		909,450
	1,235,000	K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012		765,700
	4,830,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.250%, 1/15/2015		2,463,300
	16,075,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.250%, 1/15/2016		8,037,500
	6,040,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.375%, 12/15/2014		3,140,800
	2,490,000	K. Hovnanian Enterprises, Inc., Guaranteed Note, 6.500%, 1/15/2014		1,294,800
	1,685,000	KB Home, 5.750%, 2/01/2014		1,474,375
	8,340,000	KB Home, Guaranteed Note, 5.875%, 1/15/2015		7,047,300
	5,805,000	KB Home, Guaranteed Note, 6.250%, 6/15/2015		4,963,275
	11,315,000	KB Home, Guaranteed Note, 7.250%, 6/15/2018		9,730,900
	2,720,000	Lennar Corp., Series B, 5.125%, 10/01/2010		2,611,200
	16,755,000	Lennar Corp., Series B, 5.500%, 9/01/2014		13,404,000
	5,970,000	Lennar Corp., Series B, 5.600%, 5/31/2015		4,701,375
	23,885,000	Lennar Corp., Series B, 6.500%, 4/15/2016		19,108,000
	4,240,000	Pulte Homes, Inc., 5.200%, 2/15/2015		3,540,400
	46,260,000	Pulte Homes, Inc., 6.000%, 2/15/2035		30,069,000
	13,190,000	Pulte Homes, Inc., 6.375%, 5/15/2033		8,705,400
	4,245,000	Toll Brothers Financial Corp., 5.150%, 5/15/2015		3,758,430
	1,749,000	Toll Corp., 8.250%, 12/01/2011		1,749,000
				197,120,805
		Independent Energy — 1.6%
	34,690,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		34,225,987
	48,410,000	Anadarko Petroleum Corp., 6.450%, 9/15/2036		43,516,524
	4,185,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		5,166,413
	14,650,000	Chesapeake Energy Corp., 6.500%, 8/15/2017		12,306,000
	22,690,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		18,265,450
	15,054,000	Connacher Oil and Gas Ltd., 144A, 10.250%, 12/15/2015		9,107,670
	3,000,000	Connacher Oil and Gas Ltd., 144A, 11.750%, 7/15/2014		2,880,000
	6,495,000	Hilcorp Energy I LP, 144A, 7.750%, 11/01/2015		5,488,275
	1,805,000	Penn Virginia Corp., 10.375%, 6/15/2016		1,836,587
	7,175,000	Pioneer Natural Resources Co., 5.875%, 7/15/2016		6,186,522
	1,760,000	Pioneer Natural Resources Co., 6.875%, 5/01/2018		1,533,284
	4,798,000	Pioneer Natural Resources Co., 7.200%, 1/15/2028		3,753,667
	1,435,000	Swift Energy Co., 7.125%, 6/01/2017		1,011,675
	9,170,000	Talisman Energy, Inc., 5.850%, 2/01/2037		7,826,943
	24,260,000	Talisman Energy, Inc., 6.250%, 2/01/2038		21,850,303
				174,955,300
		Industrial Other — 0.2%
	2,590,000	Great Lakes Dredge & Dock Corp., Senior Subordinated Note, 7.750%, 12/15/2013		2,220,925
	20,000,000	Ranhill Labuan Ltd., 144A, 12.500%, 10/26/2011		14,400,000
				16,620,925
		Life Insurance — 0.1%
	7,900,000	Lincoln National Corp., 8.750%, 7/01/2019		7,966,937
	1,500,000	MetLife, Inc., 6.400%, 12/15/2066		1,072,500
				9,039,437
		Local Authorities — 0.7%
	128,820,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(e)		79,704,798
		Media Cable — 2.4%
	49,030,000	Comcast Corp., 5.650%, 6/15/2035		44,905,400

5

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)		Description		Value (†)
			Media Cable — continued
$	12,560,000		Comcast Corp., 6.500%, 11/15/2035	$	12,696,816
	161,264,000		Comcast Corp., 6.950%, 8/15/2037		168,146,586
	400,000		CSC Holdings, Inc., 7.875%, 2/15/2018		374,500
	2,540,000		CSC Holdings, Inc., 144A, 8.500%, 4/15/2014		2,517,775
	10,000,000		Shaw Communications, Inc., 5.700%, 3/02/2017, (CAD)		8,539,827
	17,959,000		Time Warner Cable, Inc., 6.750%, 7/01/2018		18,705,538
	2,720,000		Virgin Media Finance PLC, 9.125%, 8/15/2016		2,618,000
	5,070,000		Virgin Media Finance PLC, 9.750%, 4/15/2014, (GBP)		7,757,281
					266,261,723
			Media Non-Cable — 0.6%
	225,000		Intelsat Corp., 6.875%, 1/15/2028		164,250
	46,000,000		News America, Inc., 6.150%, 3/01/2037		39,014,026
	11,140,000		News America, Inc., 6.200%, 12/15/2034		9,510,173
	14,360,000		News America, Inc., 6.400%, 12/15/2035		12,568,375
	4,335,000		R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013(c)		200,494
	1,910,000		R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013(c)		88,338
	470,000		R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016(c)		22,325
	4,845,000		R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017(c)		230,137
					61,798,118
			Metals & Mining — 0.9%
	400,000		Alcoa, Inc., 5.550%, 2/01/2017		337,820
	10,000,000		Alcoa, Inc., 5.720%, 2/23/2019		7,931,890
	1,200,000		Alcoa, Inc., 6.750%, 7/15/2018		1,064,617
	9,785,000		Algoma Acquistion Corp., 144A, 9.875%, 6/15/2015		5,479,600
	7,125,000		ArcelorMittal, 5.375%, 6/01/2013		6,824,232
	65,000		ArcelorMittal, 6.125%, 6/01/2018		56,875
	10,850,000		ArcelorMittal USA Partnership, 9.750%, 4/01/2014		11,367,979
	1,840,000		Rio Tinto Alcan, Inc., 5.750%, 6/01/2035		1,334,234
	29,635,000		Rio Tinto Finance (USA) Ltd., 8.950%, 5/01/2014		32,931,775
	1,730,000		Teck Resources Ltd., 144A, 10.250%, 5/15/2016		1,812,175
	1,000,000		Teck Resources Ltd., 144A, 10.750%, 5/15/2019		1,075,000
	7,000,000		United States Steel Corp., 6.050%, 6/01/2017		5,970,258
	6,779,000		United States Steel Corp., 6.650%, 6/01/2037		5,121,711
	16,435,000		United States Steel Corp., 7.000%, 2/01/2018		14,277,693
					95,585,859
			Non-Captive Consumer — 3.4%
	4,900,000		American General Finance Corp., MTN, 5.750%, 9/15/2016		2,630,202
	229,130,000		American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		124,069,771
	109,950	(†††)	SLM Corp., 6.000%, 12/15/2043		1,631,383
	20,590,000		SLM Corp., MTN, 5.050%, 11/14/2014		15,930,483
	2,160,000		SLM Corp., MTN, 5.125%, 8/27/2012		1,847,576
	4,700,000		SLM Corp., Series 7, EMTN, 4.750%, 3/17/2014, (EUR)		4,615,374
	7,160,000		SLM Corp., Series A, MTN, 4.500%, 7/26/2010		6,766,200
	52,268,000		SLM Corp., Series A, MTN, 5.000%, 10/01/2013		42,277,338
	37,670,000		SLM Corp., Series A, MTN, 5.000%, 4/15/2015		28,252,500
	14,075,000		SLM Corp., Series A, MTN, 5.000%, 6/15/2018		9,337,074
	19,605,000		SLM Corp., Series A, MTN, 5.375%, 1/15/2013		16,378,056
	22,420,000		SLM Corp., Series A, MTN, 5.375%, 5/15/2014		18,019,178
	1,390,000		SLM Corp., Series A, MTN, 5.400%, 10/25/2011		1,250,152
	28,150,000		SLM Corp., Series A, MTN, 5.625%, 8/01/2033		16,608,500
	6,100,000		SLM Corp., Series A, MTN, 6.500%, 6/15/2010, (NZD)(e)(f)		3,598,743
	90,580,000		SLM Corp., Series A, MTN, 8.450%, 6/15/2018		77,489,831
					370,702,361
			Non-Captive Diversified — 7.0%
	6,067,000		CIT Group Funding Co. of Canada, 5.200%, 6/01/2015		3,514,546
	90,000		CIT Group, Inc., 4.750%, 12/15/2010		70,651
	599,000		CIT Group, Inc., 5.400%, 2/13/2012		408,818
	365,000		CIT Group, Inc., 5.400%, 1/30/2016		206,104
	1,381,000		CIT Group, Inc., 5.600%, 4/27/2011		1,035,533
	3,581,000		CIT Group, Inc., 5.800%, 10/01/2036		1,987,455
	7,000		CIT Group, Inc., 5.850%, 9/15/2016		3,952
	132,159,000		CIT Group, Inc., 144A, 12.000%, 12/18/2018		64,097,115
	15,060,000		CIT Group, Inc., EMTN, 3.800%, 11/14/2012, (EUR)		12,676,145

6

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

Investments as of June 30, 2009 (Unaudited)

Principal Amount (‡)	Description		Value (†)
	Non-Captive Diversified — continued
15,150,000	CIT Group, Inc., EMTN, 4.650%, 9/19/2016, (EUR)	$	10,626,583
10,500,000	CIT Group, Inc., EMTN, 5.500%, 12/20/2016, (GBP)		8,637,298
60,000	CIT Group, Inc., GMTN, 4.250%, 2/01/2010		53,867
18,360,000	CIT Group, Inc., GMTN, 4.250%, 9/22/2011, (EUR)		17,771,855
2,533,000	CIT Group, Inc., GMTN, 5.000%, 2/13/2014		1,504,252
4,855,000	CIT Group, Inc., GMTN, 5.000%, 5/13/2014, (EUR)		3,609,741
341,000	CIT Group, Inc., GMTN, 5.000%, 2/01/2015		200,852
20,730,000	CIT Group, Inc., MTN, 4.250%, 3/17/2015, (EUR)		14,831,342
3,065,000	CIT Group, Inc., MTN, 5.125%, 9/30/2014		1,806,609
20,350,000	CIT Group, Inc., MTN, 5.500%, 12/01/2014, (GBP)		17,074,704
934,000	CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		452,990
586,000	CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017		330,633
75,990,000	CIT Group, Inc., Series A, MTN, 7.625%, 11/30/2012		52,033,849
16,915,000	GATX Corp., 8.750%, 5/15/2014		17,782,892
3,100,000	General Electric Capital Corp., EMTN, 6.125%, 5/17/2012, (GBP)		5,179,278
79,035,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		44,983,302
65,300,000	General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012, (SGD)		38,675,958
30,350,000	General Electric Capital Corp., Series A, GMTN, 6.625%, 2/04/2010, (NZD)		19,678,926
2,000,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		1,208,470
15,305,000	General Electric Capital Corp., Series A, MTN, 1.431%, 5/13/2024(b)		9,396,398
115,000,000	General Electric Capital Corp., Series A, MTN, 3.485%, 3/08/2012, (SGD)		69,697,908
243,057,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		136,500,063
7,187,000	GMAC LLC, 144A, 4.750%, 9/14/2009		6,989,357
3,390,000	GMAC LLC, 144A, 5.750%, 9/27/2010		3,084,900
34,490,000	GMAC LLC, 144A, 6.000%, 12/15/2011		29,488,950
311,000	GMAC LLC, 144A, 6.625%, 12/17/2010		279,900
15,206,000	GMAC LLC, 144A, 6.625%, 5/15/2012		12,697,010
22,211,000	GMAC LLC, 144A, 6.750%, 12/01/2014		17,435,635
4,169,000	GMAC LLC, 144A, 6.875%, 9/15/2011		3,647,875
2,947,000	GMAC LLC, 144A, 6.875%, 8/28/2012		2,460,745
7,702,000	GMAC LLC, 144A, 7.000%, 2/01/2012		6,531,296
17,038,000	GMAC LLC, 144A, 7.500%, 12/31/2013		13,204,450
32,711,000	GMAC LLC, 144A, 8.000%, 12/31/2018		20,771,485
25,955,000	GMAC LLC, 144A, 8.000%, 11/01/2031		18,168,500
34,782,000	iStar Financial, Inc., 5.150%, 3/01/2012		17,564,910
5,255,000	iStar Financial, Inc., 5.375%, 4/15/2010		4,466,750
3,010,000	iStar Financial, Inc., 5.500%, 6/15/2012		1,527,575
19,110,000	iStar Financial, Inc., 5.650%, 9/15/2011		11,083,800
1,530,000	iStar Financial, Inc., 5.700%, 3/01/2014		642,600
4,040,000	iStar Financial, Inc., 5.800%, 3/15/2011		2,444,200
4,815,000	iStar Financial, Inc., 5.850%, 3/15/2017		1,926,000
8,815,000	iStar Financial, Inc., 5.875%, 3/15/2016		3,526,000
4,300,000	iStar Financial, Inc., 6.050%, 4/15/2015		1,720,000
35,130,000	iStar Financial, Inc., 8.625%, 6/01/2013		18,267,600
1,780,000	iStar Financial, Inc., Series B, 5.125%, 4/01/2011		1,032,400
44,610,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		19,516,875
			774,516,902
	Oil Field Services — 2.6%
10,860,000	Nabors Industries, Inc., 6.150%, 2/15/2018		10,425,177
127,565,000	Nabors Industries, Inc., 144A, 9.250%, 1/15/2019		147,079,511
22,930,000	North American Energy Partners, Inc., 8.750%, 12/01/2011		19,949,100
15,520,000	Weatherford International Ltd., 6.500%, 8/01/2036		14,045,460
2,975,000	Weatherford International Ltd., 6.800%, 6/15/2037		2,795,176
9,580,000	Weatherford International Ltd., 7.000%, 3/15/2038		9,224,093
74,940,000	Weatherford International Ltd., 9.625%, 3/01/2019		88,159,941
			291,678,458
	Packaging — 0.3%
2,450,000	OI European Group BV, 144A, 6.875%, 3/31/2017, (EUR)		2,990,173
1,750,000	Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014, (EUR)		2,209,487

7

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Packaging — continued
$	33,261,000	Owens-Illinois, Inc., Senior Note, 7.800%, 5/15/2018	$	31,390,069
				36,589,729
		Paper — 2.4%
	7,955,000	Domtar Corp., 5.375%, 12/01/2013		6,602,650
	11,720,000	Georgia-Pacific Corp., 7.250%, 6/01/2028		8,760,700
	11,605,000	Georgia-Pacific Corp., 7.375%, 12/01/2025		8,993,875
	120,000	Georgia-Pacific Corp., 7.700%, 6/15/2015		112,200
	42,425,000	Georgia-Pacific Corp., 7.750%, 11/15/2029		33,197,563
	15,555,000	Georgia-Pacific Corp., 8.000%, 1/15/2024		13,221,750
	18,378,000	Georgia-Pacific Corp., 8.875%, 5/15/2031		15,896,970
	154,533,000	International Paper Co., 7.950%, 6/15/2018		149,084,321
	3,100,000	International Paper Co., 9.375%, 5/15/2019		3,160,013
	3,995,000	Jefferson Smurfit Corp., 7.500%, 6/01/2013(c)		1,473,156
	100,000	Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(c)		37,000
	14,520,000	Westvaco Corp., 7.950%, 2/15/2031		12,819,737
	17,065,000	Westvaco Corp., 8.200%, 1/15/2030		15,075,306
				268,435,241
		Pharmaceuticals — 0.9%
	11,112,000	Astrazeneca PLC, 6.450%, 9/15/2037		12,318,352
	41,300,000	Elan Finance PLC, 8.875%, 12/01/2013		37,789,500
	50,820,000	Elan Finance PLC, Senior Note, 7.750%, 11/15/2011		47,008,500
				97,116,352
		Pipelines — 2.6%
	766,000	Colorado Interstate Gas Co., 5.950%, 3/15/2015		752,506
	340,000	Colorado Interstate Gas Co., 6.800%, 11/15/2015		349,277
	19,745,000	DCP Midstream LP, 144A, 6.450%, 11/03/2036		15,794,973
	15,685,000	El Paso Corp., 6.950%, 6/01/2028		11,801,127
	1,500,000	El Paso Corp., 7.420%, 2/15/2037		1,154,272
	750,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		611,782
	1,000,000	El Paso Energy Corp., GMTN, 7.750%, 1/15/2032		814,021
	5,255,000	Energy Transfer Partners LP, 6.125%, 2/15/2017		5,220,664
	9,115,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		8,905,993
	13,175,000	Enterprise Products Operating LLP, 6.300%, 9/15/2017		13,240,348
	5,100,000	Florida Gas Transmission Co., 144A, 7.900%, 5/15/2019		5,605,328
	500,000	Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		422,091
	4,663,000	Kinder Morgan Finance Co. ULC, Guaranteed Note, 5.700%, 1/05/2016		3,998,522
	10,498,000	Kinder Morgan, Inc., Senior Note, 5.150%, 3/01/2015		9,107,015
	47,310,000	Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014(e)		47,218,692
	81,710,000	NGPL Pipeco LLC, 144A, 7.119%, 12/15/2017		85,648,749
	3,425,000	ONEOK Partners LP, 6.650%, 10/01/2036		3,157,881
	20,770,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		20,027,286
	44,730,000	Plains All American Pipeline LP, 6.650%, 1/15/2037		41,498,302
	5,272,000	Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		5,023,763
	600,000	Williams Cos., Inc., 7.875%, 9/01/2021		591,000
	965,000	Williams Cos., Inc., Senior Note, 7.750%, 6/15/2031		868,500
	4,030,000	Williams Cos., Inc., Series A, 7.500%, 1/15/2031		3,546,400
				285,358,492
		Property & Casualty Insurance — 0.6%
	4,785,000	Allstate Corp., 5.950%, 4/01/2036		4,178,052
	2,660,000	Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		2,589,531
	11,710,000	Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		11,156,457
	11,075,000	Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		8,764,345
	2,000,000	Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019		2,250,638
	6,080,000	MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 144A, 14.000%, 1/15/2033		2,310,400
	4,000,000	Travelers Cos., Inc. (The), 6.750%, 6/20/2036		4,336,248
	14,360,000	Travelers Cos., Inc. (The), MTN, 6.250%, 6/15/2037		14,871,805
	1,000,000	Travelers Property Casualty Corp., 6.375%, 3/15/2033		1,048,667
	11,205,000	Willis North America, Inc., 6.200%, 3/28/2017		9,922,946
				61,429,089
		Railroads — 0.5%
	2,700,000	Canadian Pacific Railway Co., 5.750%, 3/15/2033		2,176,473
	16,410,000	Canadian Pacific Railway Co., 5.950%, 5/15/2037		13,431,700

8

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)		Description		Value (†)
			Railroads — continued
$	5,000,000		CSX Corp., 6.250%, 3/15/2018	$	5,042,760
	32,889,000		CSX Corp., MTN, 6.000%, 10/01/2036		29,792,007
	1,153,000		Missouri Pacific Railroad Co., 5.000%, 1/01/2045(e)		576,500
					51,019,440
			Refining — 0.0%
	1,335,000		Valero Energy Corp., 6.625%, 6/15/2037		1,138,915
			REITs — 1.0%
	27,950,000		Camden Property Trust, 5.700%, 5/15/2017		24,847,550
	2,935,000		Colonial Realty LP, 6.050%, 9/01/2016		2,313,543
	4,030,000		Duke Realty LP, 5.950%, 2/15/2017		3,123,927
	3,300,000		ERP Operating LP, 5.125%, 3/15/2016		3,026,420
	47,305,000		Highwoods Properties, Inc., 5.850%, 3/15/2017		37,673,229
	2,935,000		ProLogis, 5.625%, 11/15/2015		2,327,179
	1,000,000		ProLogis, 5.625%, 11/15/2016		768,696
	1,535,000		ProLogis, 5.750%, 4/01/2016		1,209,890
	1,500,000		Simon Property Group LP, 5.250%, 12/01/2016		1,332,424
	125,000		Simon Property Group LP, 5.750%, 5/01/2012		127,004
	4,900,000		Simon Property Group LP, 5.750%, 12/01/2015		4,512,817
	550,000		Simon Property Group LP, 5.875%, 3/01/2017		504,981
	450,000		Simon Property Group LP, 6.125%, 5/30/2018		418,574
	22,750,000		Simon Property Group LP, 6.750%, 5/15/2014		22,859,291
					105,045,525
			Restaurants — 0.0%
	1,250,000		McDonald’s Corp., EMTN, 3.628%, 10/10/2010, (SGD)		876,761
			Retailers — 4.0%
	8,758,000		Dillard’s, Inc., 6.625%, 1/15/2018		4,904,480
	4,187,000		Dillard’s, Inc., 7.130%, 8/01/2018		2,365,655
	1,500,000		Dillard’s, Inc., 7.750%, 7/15/2026		712,500
	425,000		Dillard’s, Inc., 7.875%, 1/01/2023		223,125
	3,325,000		Dillard’s, Inc., Class A, 7.000%, 12/01/2028		1,612,625
	598,000		Home Depot, Inc., 5.400%, 3/01/2016		596,936
	123,940,000		Home Depot, Inc., 5.875%, 12/16/2036		109,347,800
	3,685,000		J.C. Penney Corp., Inc., 5.750%, 2/15/2018		3,234,207
	635,000		J.C. Penney Corp., Inc., 7.125%, 11/15/2023		560,403
	3,330,000		J.C. Penney Corp., Inc., 7.400%, 4/01/2037		2,628,053
	3,985,000		J.C. Penney Corp., Inc., 7.625%, 3/01/2097		2,669,276
	72,470,000		J.C. Penney Corp., Inc., Senior Note, 6.375%, 10/15/2036		53,636,351
	1,095,000		Lowe’s Cos., Inc., 5.500%, 10/15/2035		1,001,392
	40,440,000		Lowe’s Cos., Inc., 6.650%, 9/15/2037		44,105,684
	20,564,000		Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037		13,980,271
	12,275,000		Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		8,503,617
	2,365,000		Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		1,659,731
	6,365,000		Marks & Spencer PLC, 144A, 7.125%, 12/01/2037		4,711,927
	7,793,000		Target Corp., 6.500%, 10/15/2037		7,883,048
	124,080,000		Target Corp., 7.000%, 1/15/2038		132,250,296
	32,675,000		Toys R Us, Inc., 7.375%, 10/15/2018		23,362,625
	8,355,000		Toys R Us, Inc., 7.875%, 4/15/2013		6,976,425
	10,270,000		Woolworth Corp., 8.500%, 1/15/2022		8,934,900
					435,861,327
			Sovereigns — 5.6%
	104,626,000,000		Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		9,236,433
	10,000,000,000		Indonesia Treasury Bond, Series FR47, 10.000%, 2/15/2028, (IDR)		807,165
	272,460,000,000		Indonesia Treasury Bond, Series ZC3, Zero Coupon, 11/20/2012, (IDR)		19,728,480
	2,350,305	(††)	Mexican Fixed Rate Bonds, Series M-10, 7.250%, 12/15/2016, (MXN)		17,147,727
	2,037,000	(††)	Mexican Fixed Rate Bonds, Series M-10, 9.000%, 12/20/2012, (MXN)		16,632,606
	18,686,981	(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		136,367,812
	79,755,000		New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010, (AUD)		67,055,220
	10,530,000		New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012, (AUD)		8,697,606
	66,305,000		New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		51,337,364
	66,595,000		Queensland Treasury Corp., 144A, 7.125%, 9/18/2017, (NZD)		43,801,945

9

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Sovereigns — continued
$	9,922,000	Republic of Brazil, 8.250%, 1/20/2034	$	11,782,375
	4,705,000	Republic of Brazil, 8.875%, 4/15/2024		5,845,962
	56,700,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		28,501,914
	140,235,000	Republic of Brazil, 12.500%, 1/05/2016, (BRL)		79,439,066
	107,840,000	Republic of Brazil, 12.500%, 1/05/2022, (BRL)		61,088,237
	1,585,840,000	Republic of Iceland, Zero Coupon, 7/15/2009, (ISK)		9,303,286
	2,903,590,000	Republic of Iceland, Zero Coupon, 9/15/2009, (ISK)		16,839,664
	2,981,242,000	Republic of Iceland, 7.000%, 3/17/2010, (ISK)		17,643,692
	1,877,910,000	Republic of Iceland, 13.750%, 12/10/2010, (ISK)		11,953,449
				613,210,003
		Supermarkets — 0.8%
	2,000,000	American Stores Co., 7.900%, 5/01/2017		1,900,000
	72,681,000	New Albertson’s, Inc., 7.450%, 8/01/2029		59,598,420
	19,060,000	New Albertson’s, Inc., 7.750%, 6/15/2026		16,248,650
	4,895,000	New Albertson’s, Inc., 8.000%, 5/01/2031		4,197,462
	1,510,000	New Albertson’s, Inc., 8.700%, 5/01/2030		1,317,475
	13,242,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		9,666,660
				92,928,667
		Supranational — 2.2%
	175,000,000	Eurofima, EMTN, 11.000%, 2/05/2010, (ISK)		1,054,921
	128,250,000	European Investment Bank, Zero Coupon, 3/10/2021, (AUD)		48,869,953
	16,375,000	European Investment Bank, 11.250%, 2/14/2013, (BRL)		8,693,500
	413,529,000,000	European Investment Bank, EMTN, 144A, Zero Coupon, 4/24/2013, (IDR)		26,434,256
	134,330,000	European Investment Bank, EMTN, 144A, 4.600%, 1/30/2037, (CAD)		101,478,251
	11,330,000	European Investment Bank, EMTN, 7.000%, 1/18/2012, (NZD)		7,704,862
	244,840,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013, (IDR)		15,794,968
	24,450,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		15,346,876
	8,300,000	International Bank for Reconstruction & Development, 1.430%, 3/05/2014, (SGD)		5,531,070
	1,385,900,000	International Bank for Reconstruction & Development, 9.500%, 5/27/2010, (ISK)		8,182,354
				239,091,011
		Technology — 2.3%
	1,730,000	Affiliated Computer Services, Inc., 5.200%, 6/01/2015		1,470,500
	41,705,000	Agilent Technologies, Inc., 6.500%, 11/01/2017		36,300,407
	832,000	Alcatel-Lucent, EMTN, 6.375%, 4/07/2014, (EUR)		980,423
	41,104,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		23,326,520
	5,040,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		2,822,400
	11,225,000	Amkor Technology, Inc., 7.750%, 5/15/2013		10,298,938
	1,225,000	Amkor Technology, Inc., 9.250%, 6/01/2016		1,134,656
	2,435,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		2,334,154
	30,125,000	Avnet, Inc., 5.875%, 3/15/2014		28,373,171
	35,630,000	Avnet, Inc., 6.000%, 9/01/2015		32,764,350
	11,345,000	Avnet, Inc., 6.625%, 9/15/2016		10,636,981
	6,225,000	Corning, Inc., 5.900%, 3/15/2014		6,310,762
	6,220,000	Corning, Inc., 6.200%, 3/15/2016		6,023,734
	6,150,000	Corning, Inc., 6.850%, 3/01/2029		5,705,939
	4,725,000	Corning, Inc., 7.250%, 8/15/2036		4,583,052
	11,626,000	Equifax, Inc., 7.000%, 7/01/2037		11,266,001
	6,290,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		2,138,600
	9,739,000	Motorola, Inc., 5.220%, 10/01/2097		4,338,705
	9,345,000	Motorola, Inc., 6.500%, 9/01/2025		6,541,500
	17,754,000	Motorola, Inc., 6.500%, 11/15/2028		12,072,720
	18,715,000	Motorola, Inc., 6.625%, 11/15/2037		12,726,200
	250,000	Motorola, Inc., 7.500%, 5/15/2025		191,250
	9,365,000	Nortel Networks Capital Corp., 7.875%, 6/15/2026(c)		2,926,563
	11,770,000	Nortel Networks Ltd., 6.875%, 9/01/2023(c)		1,500,675
	25,890,000	Nortel Networks Ltd., 10.125%, 7/15/2013(c)		8,802,600
	285,000	Samsung Electronics Co. Ltd., 144A, 7.700%, 10/01/2027		288,779
	18,050,000	Xerox Capital Trust I, 8.000%, 2/01/2027		13,718,000
	4,795,000	Xerox Corp., 5.500%, 5/15/2012		4,781,876

10

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Technology — continued
$	1,730,000	Xerox Corp., MTN, 7.200%, 4/01/2016	$	1,626,200
				255,985,656
		Textile — 0.0%
	7,515,000	Kellwood Co., 7.625%, 10/15/2017(e)		1,127,250
		Tobacco — 1.8%
	61,960,000	Altria Group, Inc., 8.500%, 11/10/2013		70,431,543
	62,270,000	Altria Group, Inc., 9.250%, 8/06/2019		69,923,668
	1,375,000	Altria Group, Inc., 9.700%, 11/10/2018		1,576,363
	52,930,000	Reynolds American, Inc., 6.750%, 6/15/2017		49,420,900
	13,400,000	Reynolds American, Inc., 7.250%, 6/15/2037		11,062,423
				202,414,897
		Transportation Services — 0.4%
	10,503,000	APL Ltd., Senior Note, 8.000%, 1/15/2024(e)		6,553,557
	16,570,940	Atlas Air, Inc., Series 1998-1, Class 1B, 7.680%, 1/02/2014		11,931,077
	9,128,302	Atlas Air, Inc., Series 1999-1, Class A1, 7.200%, 7/02/2020		6,389,812
	286,617	Atlas Air, Inc., Series 1999-1, Class A2, 6.880%, 1/02/2011		246,491
	11,795,576	Atlas Air, Inc., Series 1999-1, Class B, 7.630%, 7/02/2016		7,313,257
	4,744,556	Atlas Air, Inc., Series 1999-1, Class C, 8.770%, 7/02/2012(g)		2,040,159
	5,054,114	Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017		4,093,832
	6,862,758	Atlas Air, Inc., Series C, 8.010%, 1/02/2010(g)		2,882,358
	2,480,000	Erac USA Finance Co., 144A, 7.000%, 10/15/2037		1,972,312
				43,422,855
		Treasuries — 7.8%
	59,000,000	Canadian Government, 1.250%, 6/01/2011, (CAD)		50,764,906
	130,000,000	Canadian Government, 2.750%, 12/01/2010, (CAD)		114,843,485
	44,755,000	Canadian Government, 3.750%, 6/01/2012, (CAD)		40,548,265
	171,980,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		152,638,811
	21,565,000	Canadian Government, 4.250%, 9/01/2009, (CAD)		18,662,165
	25,445,000	Canadian Government, 1, 4.250%, 6/01/2018, (CAD)		23,598,671
	75,385,000	Canadian Government, 5.250%, 6/01/2012, (CAD)		71,021,270
	22,670,000	New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		14,674,265
	457,420,000	Norwegian Government, 4.250%, 5/19/2017, (NOK)		72,815,368
	221,050,000	Norwegian Government, 5.000%, 5/15/2015, (NOK)		36,846,319
	366,200,000	Norwegian Government, 6.000%, 5/16/2011, (NOK)		61,146,969
	262,545,000	Norwegian Government, 6.500%, 5/15/2013, (NOK)		45,906,821
	160,000,000	U.S. Treasury Bond, 3.500%, 2/15/2039		138,350,400
	25,000,000	U.S. Treasury Note, 3.125%, 5/15/2019		24,179,750
				865,997,465
		Wireless — 2.0%
	8,524,000	ALLTEL Corp., 6.800%, 5/01/2029		8,841,417
	58,210,000	ALLTEL Corp., Senior Note, 7.875%, 7/01/2032		67,592,055
	29,340,000	Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		23,398,650
	15,931,000	Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		13,182,902
	39,810,000	Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		31,350,375
	2,085,000	Rogers Wireless, Inc., 7.625%, 12/15/2011, (CAD)		1,949,591
	2,525,000	Rogers Wireless, Inc., Senior Secured Note, 6.375%, 3/01/2014		2,706,474
	21,186,000	Sprint Capital Corp., 6.875%, 11/15/2028		15,042,060
	18,070,000	Sprint Capital Corp., 6.900%, 5/01/2019		14,952,925
	6,260,000	Sprint Capital Corp., 8.750%, 3/15/2032		5,039,300
	11,309,000	Sprint Nextel Corp., 6.000%, 12/01/2016		9,245,107
	29,435,000	True Move Co. Ltd., 144A, 10.750%, 12/16/2013		22,517,775
	1,285,000	Vodafone Group PLC, 6.150%, 2/27/2037		1,264,249
				217,082,880
		Wirelines — 5.5%
	10,245,000	AT&T Corp., 6.500%, 3/15/2029		9,792,140
	8,500,000	AT&T, Inc., 6.150%, 9/15/2034		8,069,246
	125,100,000	AT&T, Inc., 6.500%, 9/01/2037		124,080,185
	7,605,000	AT&T, Inc., 6.700%, 11/15/2013		8,351,986
	4,370,000	Bell Canada, MTN, 144A, 6.550%, 5/01/2029, (CAD)		3,546,532
	8,445,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		7,439,354
	33,640,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		25,900,327
	860,000	BellSouth Corp., 6.550%, 6/15/2034		843,093
	2,715,000	BellSouth Telecommunications, Inc., 7.000%, 12/01/2095		2,371,867
	425,000	Cincinnati Bell, Inc., 8.375%, 1/15/2014		393,125

11

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Wirelines — continued
$	5,330,000	Embarq Corp., 7.995%, 6/01/2036	$	4,687,063
	35,260,000	Frontier Communications Corp., 7.875%, 1/15/2027		28,208,000
	10,555,000	GTE Corp., 6.940%, 4/15/2028		10,583,182
	525,000	Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(c)		53
	8,098,000	Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030		9,256,314
	1,120,000	Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016, (GBP)		1,865,859
	1,800,000	Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015, (EUR)		2,464,778
	32,435,000	Level 3 Financing, Inc., 8.750%, 2/15/2017		24,650,600
	13,010,000	Level 3 Financing, Inc., 9.250%, 11/01/2014		10,668,200
	3,346,000	New England Telephone & Telegraph Co., 7.875%, 11/15/2029		3,435,496
	16,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		12,577,950
	32,395,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		23,000,450
	42,460,000	Qwest Capital Funding, Inc., Guaranteed Note, 6.875%, 7/15/2028		28,872,800
	12,463,000	Qwest Capital Funding, Inc., Guaranteed Note, 7.625%, 8/03/2021		9,534,195
	33,130,000	Qwest Corp., 6.875%, 9/15/2033		24,184,900
	3,075,000	Qwest Corp., 7.200%, 11/10/2026		2,321,625
	3,689,000	Qwest Corp., 7.250%, 9/15/2025		2,822,085
	2,598,000	Qwest Corp., 7.500%, 6/15/2023		2,065,410
	5,470,000	SK Broadband Co. Ltd., 144A, 7.000%, 2/01/2012		5,483,675
	1,430,000	Telecom Italia Capital SA, 5.250%, 11/15/2013		1,402,241
	1,575,000	Telecom Italia Capital SA, 5.250%, 10/01/2015		1,520,406
	23,000,000	Telecom Italia Capital SA, 6.000%, 9/30/2034		19,425,961
	19,635,000	Telecom Italia Capital SA, 6.375%, 11/15/2033		17,450,704
	14,655,000	Telefonica Emisiones SAU, 5.877%, 7/15/2019		15,109,202
	66,193,000	Telefonica Emisiones SAU, Guaranteed Note, 7.045%, 6/20/2036		73,350,582
	31,690,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		26,807,154
	41,882,000	Verizon Global Funding Corp., Senior Note, 5.850%, 9/15/2035		38,954,406
	6,230,000	Verizon Maryland, Inc., Series B, 5.125%, 6/15/2033		4,615,701
	1,500,000	Verizon New England, Inc., 4.750%, 10/01/2013		1,488,101
	12,050,000	Verizon New York, Inc., Series A, 7.375%, 4/01/2032		11,740,122
				609,335,070
		Total Non-Convertible Bonds (Identified Cost $10,713,738,929)		9,667,185,199
	Convertible Bonds — 3.1%
		Electric — 0.0%
	1,800,000	CMS Energy Corp., 5.500%, 6/15/2029		1,872,000
		Healthcare — 0.3%
	26,280,000	Affymetrix, Inc., 3.500%, 1/15/2038		19,512,900
	12,005,000	Life Technologies Corp., 1.500%, 2/15/2024		11,899,956
	1,315,000	Omnicare, Inc., 3.250%, 12/15/2035		910,638
				32,323,494
		Independent Energy — 0.0%
	860,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		527,825
		Industrial Other — 0.2%
	30,860,000	Incyte Corp., 3.500%, 2/15/2011		21,370,550
		Lodging — 0.2%
	26,878,000	Host Hotels & Resorts, Inc., 144A, 2.625%, 4/15/2027		22,812,702
		Media Non-Cable — 0.0%
	7,790,466	Liberty Media LLC, 3.500%, 1/15/2031		3,466,758
	799,000	Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(d)		563,295
				4,030,053
		Metals & Mining — 0.2%
	2,250,000	ArcelorMittal, 5.000%, 5/15/2014		2,840,625
	1,000,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		1,100,000
	11,270,000	United States Steel Corp., 4.000%, 5/15/2014		14,749,612
				18,690,237
		Non-Captive Diversified — 0.2%
	44,035,000	iStar Financial, Inc., 1.708%, 10/01/2012(b)		16,654,037
		Oil Field Services — 0.0%
	1,300,000	Transocean, Inc., Series B, 1.500%, 12/15/2037		1,191,125
	270,000	Transocean, Inc., Series C, 1.500%, 12/15/2037		237,938
				1,429,063

12

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Pharmaceuticals — 0.8%
$	635,000	Human Genome Sciences, Inc., 2.250%, 10/15/2011	$	384,175
	41,680,000	Human Genome Sciences, Inc., 2.250%, 8/15/2012		22,611,400
	1,120,000	Kendle International, Inc., 3.375%, 7/15/2012		827,400
	24,461,000	Nektar Therapeutics, 3.250%, 9/28/2012		17,978,835
	18,165,000	Valeant Pharmaceuticals International, Subordinated Note, 3.000%, 8/16/2010		18,505,594
	28,222,000	Valeant Pharmaceuticals International, Subordinated Note, 4.000%, 11/15/2013		29,315,602
				89,623,006
		Technology — 0.2%
	630,000	Alcatel-Lucent USA, Inc., Series B, 2.875%, 6/15/2025		446,513
	2,050,000	Intel Corp., 2.950%, 12/15/2035		1,722,000
	9,077,000	Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		5,820,626
	3,880,000	Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		3,201,000
	3,730,000	Maxtor Corp., Subordinated Note, 5.750%, 3/01/2012(e)		3,095,900
	745,000	Nortel Networks Corp., 1.750%, 4/15/2012(c)		245,850
	30,767,000	Nortel Networks Corp., 2.125%, 4/15/2014(c)		10,076,192
	311,000	Richardson Electronics Ltd., 7.750%, 12/15/2011		255,020
				24,863,101
		Textile — 0.0%
	103,000	Dixie Group, Inc., Subordinated Note, 7.000%, 5/15/2012		93,859
		Wireless — 0.1%
	625,000	Nextel Communications, Inc., Senior Note, 5.250%, 1/15/2010		618,750
	16,157,000	NII Holdings, Inc., 3.125%, 6/15/2012		12,420,694
				13,039,444
		Wirelines — 0.9%
	34,645,000	Level 3 Communications, Inc., 3.500%, 6/15/2012		24,251,500
	12,604,000	Level 3 Communications, Inc., 5.250%, 12/15/2011		10,272,260
	54,075,000	Level 3 Communications, Inc., 7.000%, 3/15/2015(e)		57,860,250
	2,470,000	Level 3 Communications, Inc., 10.000%, 5/01/2011		2,368,112
	1,000,000	Qwest Communications International, Inc., 3.500%, 11/15/2025		985,000
				95,737,122
		Total Convertible Bonds (Identified Cost $413,473,905)		343,066,493
	Municipals — 0.9%
		Alabama — 0.0%
	3,270,000	Alabama Public School & College Authority (Capital Improvement), 4.500%, 12/01/2026		3,136,388
		California — 0.4%
	3,435,000	San Diego Unified School District (Election 1998), Series F-1, (FSA insured), 4.500%, 7/01/2029		3,132,376
	1,530,000	San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), Series C, (MBIA insured), 3.750%, 8/01/2028		1,143,752
	4,170,000	San Jose California Redevelopment Agency Tax Allocation (Merged Area), Series C, (MBIA insured), 3.750%, 8/01/2028		2,882,179
	5,175,000	State of California, (AMBAC insured), 4.500%, 8/01/2027		4,187,972
	14,415,000	State of California, 4.500%, 10/01/2029		11,370,120
	4,190,000	State of California, (AMBAC insured), 4.500%, 8/01/2030		3,274,569
	3,620,000	State of California, 4.500%, 8/01/2030		2,829,102
	2,680,000	State of California (Various Purpose), (MBIA insured), 3.250%, 12/01/2027		1,722,918
	12,645,000	State of California (Various Purpose), (AMBAC insured), 4.500%, 12/01/2033		9,598,567
	895,000	University of California Regents Medical Center, Series A, (MBIA insured), 4.750%, 5/15/2031		851,673
				40,993,228
		District of Columbia — 0.0%
	3,270,000	District of Columbia, Series A, (FGIC insured), 4.750%, 6/01/2036		2,915,663
		Florida — 0.1%
	3,270,000	Florida State Turnpike Authority (Department of Transportation), Series A, (MBIA insured), 3.500%, 7/01/2027		2,562,830
	5,185,000	Jacksonville Electric Authority, Florida Water & Sewer Systems Revenue, (MBIA insured), 4.750%, 10/01/2041		4,636,271
				7,199,101
		Illinois — 0.1%
	5,650,000	Chicago Board of Education, Series B, (FSA insured), 4.750%, 12/01/2031		5,313,825
	1,725,000	Chicago O’Hare International Airport, Series A, (FSA insured), 4.500%, 1/01/2038		1,521,829
				6,835,654

13

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

Investments as of June 30, 2009 (Unaudited)

	Principal Amount (‡)	Description		Value (†)
		Louisiana — 0.0%
$	3,270,000	State of Louisiana, Series C, (FSA insured), 3.250%, 5/01/2026	$	2,420,487
		Massachusetts — 0.0%
	3,275,000	Massachusetts School Building Authority, Series A, (AMBAC insured), 4.750%, 8/15/2032		3,172,132
		Michigan — 0.1%
	1,975,000	Grosse Pointe Public School System, (FGIC insured), 3.000%, 5/01/2027		1,516,306
	12,850,000	Michigan Tobacco Settlement Finance Authority, Taxable Turbo Series A, 7.309%, 6/01/2034(e)		8,562,341
				10,078,647
		Nebraska — 0.1%
	8,175,000	Omaha Public Power District, Series AA, (FGIC insured), 4.500%, 2/01/2034		7,642,399
		Texas — 0.1%
	9,320,000	County of Harris TX, Series B, 4.500%, 10/01/2031		8,939,744
		Wisconsin — 0.0%
	2,235,000	Green Bay Wisconsin Water System Revenue, (FSA insured), 3.500%, 11/01/2026		1,912,333
	2,410,000	Green Bay Wisconsin Water System Revenue, (FSA insured), 3.500%, 11/01/2029		1,954,606
	835,000	Wisconsin Housing & Economic Development Authority, Series E, 4.900%, 11/01/2035		746,958
				4,613,897
		Total Municipals (Identified Cost $107,461,673)		97,947,340
		Total Bonds and Notes (Identified Cost $11,234,674,507)		10,108,199,032
	Bank Loans — 0.7%
		Energy — 0.1%
	1,578,018	ATP Oil & Gas Corp., Tranche B-1 Term Loan, 8.500%, 7/15/2014(h)		1,186,670
	8,111,244	ATP Oil & Gas Corp., Tranche B-1 Term Loan, 7/15/2014(m)		6,099,655
	414,960	ATP Oil & Gas Corp., Tranche B2 Term Loan, 8.500%, 1/15/2011(h)		312,050
	2,205,188	ATP Oil & Gas Corp., Tranche B2 Term Loan, 1/15/2011(m)		1,658,301
				9,256,676
		Food & Beverage — 0.0%
	361,942	Dole Food Co., Inc., Credit Link Deposit, 7.979%, 4/12/2013(h)		361,713
	512,592	Dole Food Co., Inc., Tranche B Term Loan, 8.000%, 4/12/2013(h)		512,269
	2,318,637	Dole Food Co., Inc., Tranche C Term Loan, 8.000%, 4/12/2013(h)		2,317,177
				3,191,159
		Media Non-Cable — 0.1%
	30,120,849	Idearc, Inc., Term Loan B, 6.250%, 11/17/2014(c)(h)		12,688,408
	2,797,946	Tribune Co., Term Loan X, 5.000%, 4/10/2010(c)(h)		938,095
				13,626,503
		Oil Field Services — 0.0%
	2,485,000	Dresser, Inc., Second Lien Term Loan, 6.068%, 5/04/2015(h)		1,748,819
	1,230,373	Dresser, Inc., Term Loan, 3.104%, 5/04/2014(h)		1,115,948
				2,864,767
		Paper — 0.1%
	4,736,591	Georgia-Pacific Corp., New Term Loan B, 2.557%, 12/20/2012(h)		4,456,990
	1,819,756	Georgia-Pacific Corp., Term Loan B1, 2.315%, 12/20/2012(h)		1,712,336
				6,169,326
		Retailers — 0.0%
	1,612,172	Harbor Freight Tools USA, Inc., Tranche C Term Loan, 9.750%, 2/12/2013(h)		1,488,567
		Technology — 0.2%
	11,774,305	Nuance Communications, Inc., Incremental Term Loan, 2.310%, 3/29/2013(h)		10,847,078
	515,405	Nuance Communications, Inc., Term Loan, 2.310%, 3/31/2013(h)		473,593
	12,466,071	Sungard Data Systems, Inc., Tranche A, 2.463%, 2/28/2014(h)		11,521,767
				22,842,438
		Wirelines — 0.2%
	1,999,688	Fairpoint Communications, Inc., Initial Term Loan A, 2.813%, 3/31/2014(h)		1,484,768
	8,087,742	Fairpoint Communications, Inc., Initial Term Loan B, 5.000%, 3/31/2015(h)		6,017,280
	16,852,137	Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(h)(i)		10,005,957
	5,395,000	Level 3 Financing, Inc., Tranche A Term Loan, 3.155%, 3/13/2014(h)		4,461,449
				21,969,454
		Total Bank Loans (Identified Cost $93,739,518)		81,408,890

14

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

Investments as of June 30, 2009 (Unaudited)

Shares	Description		Value (†)
Common Stocks — 2.7%
	Biotechnology — 0.3%
1,732,629	EPIX Pharmaceuticals, Inc.(e)(f)(g)(n)	$	190,589
5,111	EPIX Pharmaceuticals, Inc., Contingent Value Rights(g)		—
867,059	Vertex Pharmaceuticals, Inc.(g)		30,901,983
			31,092,572
	Containers & Packaging — 0.1%
460,656	Owens-Illinois, Inc.(g)		12,902,975
	Electric Utilities — 0.1%
282,500	Duke Energy Corp.		4,121,675
	Electronic Equipment, Instruments & Components — 0.0%
41,343	Corning, Inc.		663,969
	Food Products — 0.4%
2,309,175	ConAgra Foods, Inc.		44,012,875
	Household Durables — 0.1%
477,725	KB Home		6,535,278
549,450	Lennar Corp., Class A		5,324,170
			11,859,448
	Oil, Gas & Consumable Fuels — 0.2%
846,398	Chesapeake Energy Corp.		16,784,072
141,249	Spectra Energy Corp.		2,389,933
			19,174,005
	Pharmaceuticals — 1.3%
7,238,800	Bristol-Myers Squibb Co.		147,020,028
2,288	Teva Pharmaceutical Industries Ltd., Sponsored ADR		112,890
			147,132,918
	REITs — 0.2%
290,904	Apartment Investment & Management Co., Class A		2,574,500
889,730	Associated Estates Realty Corp.		5,302,791
193,996	Developers Diversified Realty Corp.		946,701
460,000	Equity Residential		10,225,800
121,551	Simon Property Group, Inc.		6,251,368
			25,301,160
	Thrifts & Mortgage Finance — 0.0%
4,794,025	Federal Home Loan Mortgage Corp.(g)(j)		2,972,296
	Total Common Stocks (Identified Cost $447,977,677)		299,233,893
Preferred Stocks — 1.4%
Convertible Preferred Stocks — 1.0%
	Automotive — 0.3%
1,458,359	Ford Motor Co. Capital Trust II, 6.500%		32,127,649
	Capital Markets — 0.0%
145,155	Newell Financial Trust I, 5.250%		3,837,535
	Commercial Banks — 0.0%
5,933	Wells Fargo & Co., Series L, Class A, 7.500%		4,657,227
	Diversified Consumer Services — 0.0%
6	Six Flags, Inc., 7.250%(c)		1
	Diversified Financial Services — 0.2%
16,622	Bank of America Corp., Series L, 7.250%		13,713,150
5,000	CIT Group, Inc., 8.750%		87,300
129,508	Sovereign Capital Trust IV, 4.375%		2,590,160
			16,390,610
	Electric Utilities — 0.2%
380,577	AES Trust III, 6.750%		16,269,667
107,725	CMS Energy Trust I, 7.750%(e)(f)		3,770,375
			20,040,042
	Machinery — 0.0%
171,240	United Rentals Trust I, 6.500%		3,210,750
	Oil, Gas & Consumable Fuels — 0.1%
52,020	Chesapeake Energy Corp., 4.500%		3,329,280
158,777	El Paso Energy Capital Trust I, 4.750%		5,001,475
			8,330,755
	REITs — 0.0%
42,700	FelCor Lodging Trust, Inc., Series A, 7.800%		224,175
	Semiconductors & Semiconductor Equipment — 0.2%
32,320	Lucent Technologies Capital Trust I, 7.750%		19,068,800
	Total Convertible Preferred Stocks (Identified Cost $148,014,373)		107,887,544
Non-Convertible Preferred Stocks — 0.4%
	Diversified Financial Services — 0.2%
35,000	Bank of America Corp., 6.375%		570,850
552,770	CIT Group, Inc., 6.350%		3,952,306
36,916	Preferred Blocker, Inc., 144A, 7.000%		15,876,187
			20,399,343
	Electric Utilities — 0.0%
393	Entergy New Orleans, Inc., 4.750%		27,510
	Thrifts & Mortgage Finance — 0.2%
389,800	Countrywide Capital IV, 6.750%		6,412,210
75,100	Federal Home Loan Mortgage Corp., 5.000%(g)(j)		105,140
1,741,500	Federal Home Loan Mortgage Corp., 5.570%(g)(j)		1,497,690
444,350	Federal Home Loan Mortgage Corp., 5.660%(g)(j)		413,246
120,695	Federal Home Loan Mortgage Corp., 5.700%(g)(j)		162,938

15

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

Investments as of June 30, 2009 (Unaudited)

Shares	Description		Value (†)
	Thrifts & Mortgage Finance — continued
283,000	Federal Home Loan Mortgage Corp., 5.790%(g)(j)	$	353,750
81,450	Federal Home Loan Mortgage Corp., 5.810%(g)(j)		138,465
219,750	Federal Home Loan Mortgage Corp., 5.900%(g)(j)		197,775
96,600	Federal Home Loan Mortgage Corp., 6.000%(g)(j)		129,444
89,300	Federal Home Loan Mortgage Corp., 6.420%(g)(j)		142,880
392,116	Federal Home Loan Mortgage Corp., 6.550%(g)(j)		321,535
3,856,103	Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter), 8.375%(g)(j)		4,704,446
192,100	Federal National Mortgage Association, 4.750%(g)(j)		291,992
144,900	Federal National Mortgage Association, 5.125%(g)(j)		213,003
104,850	Federal National Mortgage Association, 5.375%(g)(j)		180,342
56,600	Federal National Mortgage Association, 5.810%(g)(j)		86,598
87,300	Federal National Mortgage Association, 6.750%(g)(j)		104,760
6,747,525	Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter), 8.250%(g)(j)		9,041,683
250,000	Federal National Mortgage Association, 8.250%(g)(j)		312,500
			24,810,397
	Total Non-Convertible Preferred Stocks (Identified Cost $308,449,559)		45,237,250
	Total Preferred Stocks (Identified Cost $456,463,932)		153,124,794
Closed-End Investment Companies — 0.3%
191,930	BlackRock Senior High Income Fund, Inc.		575,790
1,033,275	Dreyfus High Yield Strategies		3,151,489
177,910	DWS High Income Trust		626,243
860,000	Highland Credit Strategies Fund		4,222,600
110,211	Morgan Stanley Emerging Markets Debt Fund, Inc.		913,649
28,322	Van Kampen High Income Trust II		334,483
2,055,800	Western Asset High Income Opportunity Fund, Inc.		10,587,370
1,217,820	Western Asset Managed High Income Fund, Inc.		6,174,347
	Total Closed-End Investment Companies (Identified Cost $40,372,607)		26,585,971
Exchange Traded Funds — 0.5%
343,191	iShares iBoxx $ High Yield Corporate Bond Fund		27,355,755
641,888	SPDR Barclays Capital High Yield Bond		22,588,039
	Total Exchange Traded Funds (Identified Cost $48,958,952)		49,943,794
Principal Amount (‡)
Short-Term Investments — 1.3%
$102,000,000	Federal Home Loan Bank Discount Note, 0.010%, 7/01/2009(k)		102,000,000
208,480	Repurchase Agreement with State Street Corp., dated 6/30/2009 at 0.000% to be repurchased at $208,480 on 7/01/2009, collateralized by $215,000 U.S. Treasury Bill, due 10/01/2009 valued at $214,896, including accrued interest(l)		208,480
43,476,957	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $43,476,957 on 7/01/2009, collateralized by $44,075,000 Federal National Mortgage Association, 1.875% due 4/20/2012 valued at $44,350,469, including accrued interest(l)		43,476,957
	Total Short-Term Investments (Identified Cost $145,685,437)		145,685,437
	Total Investments — 98.5% (Identified Cost $12,467,872,630)(a)		10,864,181,811
	Other assets less liabilities—1.5%		167,783,133
	Net Assets — 100.0%	$	11,031,964,944

16

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

Investments as of June 30, 2009 (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 the security is primarily traded or, if there is no reported sale during the day, the closing bid price. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Fund may be valued on the basis of a price provided by a principal market maker. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s investment adviser using consistently applied procedures under the general supervision of the Board of Trustees. Investments in other open-end investment companies are valued at their net asset value each day.

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

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

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

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

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

At June 30, 2009, the net unrealized depreciation on investments based on a cost of $12,476,040,153 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	$	330,739,513
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,942,597,855	)
Net unrealized depreciation	$	(1,611,858,342	)

(b) Variable rate security. Rate as of June 30, 2009 is disclosed.

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

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

(e) Illiquid security. At June 30, 2009, the value of these securities amounted to $295,766,809 or 2.7% of net assets.

(f) Valued by management. At June 30, 2009 the value of these securities amounted to $7,559,707 or 0.1% of net assets.

(g) Non-income producing security.

(h) Fair valued security by the Fund’s Investment Adviser. Rate shown represents the weighted average rate at June 30, 2009.

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

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

(k) Rate represents discount rate at time of purchase.

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

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

(n) Security subject to restrictions on resale. This security was acquired on May 8, 2009 at a cost of $3,143,666. At June 30, 2009, the value of this security amounted to $190,589 or 0.0% of net assets.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the value of these securities amounted to $1,395,235,418 or 12.6% of net assets.

17

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

Investments as of June 30, 2009 (Unaudited)

ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs are significantly influenced by trading on exchanges not located in the United States.
ABS	Asset-Backed Securities
AMBAC	American Municipal Bond Assurance Corp.
EMTN	Euro Medium Term Note
FGIC	Financial Guarantee Insurance Company
FSA	Financial Security Assurance, Inc.
GMTN	Global Medium Term Note
MBIA	Municipal Bond Investors Assurance Corp.
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
ISK	Icelandic Krona
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SGD	Singapore Dollar
THB	Thai Baht

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bonds and Notes
Non-Convertible Bonds
ABS Credit Card	$	—	$	76,258,918	$	—	$	76,258,918
Aerospace & Defense		—		11,925,748		—		11,925,748
Airlines		—		119,929,615		43,249,118		163,178,733
Automotive		—		311,959,777		1,570,418		313,530,195
Banking		—		592,258,287		23,128,349		615,386,636
Brokerage		—		3,967,888		—		3,967,888
Building Materials		—		103,227,104		—		103,227,104
Chemicals		—		64,814,991		10,993,080		75,808,071
Construction Machinery		—		151,630,745		—		151,630,745
Consumer Cyclical Services		—		96,103,627		—		96,103,627
Consumer Products		—		16,386,028		—		16,386,028
Distributors		—		1,605,552		—		1,605,552
Diversified Manufacturing		—		25,357,262		—		25,357,262
Electric		—		429,441,522		20,020,669		449,462,191
Entertainment		—		36,520,689		—		36,520,689
Food & Beverage		—		189,436,670		—		189,436,670
Government Owned - No Guarantee		—		33,246,037		—		33,246,037
Health Insurance		—		58,587,115		—		58,587,115
Healthcare		—		424,114,679		—		424,114,679
Home Construction		—		196,211,355		909,450		197,120,805
Independent Energy		—		174,955,300		—		174,955,300
Industrial Other		—		16,620,925		—		16,620,925
Life Insurance		—		9,039,437		—		9,039,437
Local Authorities		—		79,704,798		—		79,704,798
Media Cable		—		266,261,723		—		266,261,723

18

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

Investments as of June 30, 2009 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Media Non-Cable	$	—	$	61,256,824	$	541,294	$	61,798,118
Metals & Mining		—		95,585,859		—		95,585,859
Non-Captive Consumer		—		322,242,618		48,459,743		370,702,361
Non-Captive Diversified		—		562,605,079		211,911,823		774,516,902
Oil Field Services		—		291,678,458		—		291,678,458
Packaging		—		36,589,729		—		36,589,729
Paper		—		266,962,085		1,473,156		268,435,241
Pharmaceuticals		—		97,116,352		—		97,116,352
Pipelines		—		285,358,492		—		285,358,492
Property & Casualty Insurance		—		61,429,089		—		61,429,089
Railroads		—		51,019,440		—		51,019,440
Refining		—		1,138,915		—		1,138,915
REITs		—		105,045,525		—		105,045,525
Restaurants		—		876,761		—		876,761
Retailers		—		434,925,702		935,625		435,861,327
Sovereigns		—		587,067,053		26,142,950		613,210,003
Supermarkets		—		92,928,667		—		92,928,667
Supranational		—		212,656,755		26,434,256		239,091,011
Technology		—		251,558,418		4,427,238		255,985,656
Textile		—		1,127,250		—		1,127,250
Tobacco		—		202,414,897		—		202,414,897
Transportation Services		—		43,422,855		—		43,422,855
Treasuries		—		865,997,465		—		865,997,465
Wireless		—		217,082,880		—		217,082,880
Wirelines		—		609,335,070		—		609,335,070
Total Non-Convertible Bonds		—		9,246,988,030		420,197,169		9,667,185,199
Convertible Bonds
Electric		—		1,872,000		—		1,872,000
Healthcare		—		32,323,494		—		32,323,494
Independent Energy		—		527,825		—		527,825
Industrial Other		—		21,370,550		—		21,370,550
Lodging		—		22,812,702		—		22,812,702
Media Non-Cable		—		4,030,053		—		4,030,053
Metals & Mining		—		18,690,237		—		18,690,237
Non-Captive Diversified		—		16,654,037		—		16,654,037
Oil Field Services		—		1,429,063		—		1,429,063
Pharmaceuticals		—		89,623,006		—		89,623,006
Technology		—		14,786,909		10,076,192		24,863,101
Textile		—		93,859		—		93,859
Wireless		—		13,039,444		—		13,039,444
Wirelines		—		37,876,872		57,860,250		95,737,122
Total Convertible Bonds		—		275,130,051		67,936,442		343,066,493
Municipals
Alabama		—		3,136,388		—		3,136,388
California		—		40,993,228		—		40,993,228
District of Columbia		—		2,915,663		—		2,915,663
Florida		—		7,199,101		—		7,199,101
Illinois		—		6,835,654		—		6,835,654
Louisiana		—		2,420,487		—		2,420,487
Massachusetts		—		3,172,132		—		3,172,132
Michigan		—		10,078,647		—		10,078,647
Nebraska		—		7,642,399		—		7,642,399
Texas		—		8,939,744		—		8,939,744
Wisconsin		—		4,613,897		—		4,613,897
Total Municipals		—		97,947,340		—		97,947,340
Total Bonds and Notes		—		9,620,065,421		488,133,611		10,108,199,032

19

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

Investments as of June 30, 2009 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Bank Loans
Energy	$	—	$	9,256,676	$	—	$	9,256,676
Food & Beverage		—		3,191,159		—		3,191,159
Media Non-Cable		—		13,626,503		—		13,626,503
Oil Field Services		—		2,864,767		—		2,864,767
Paper		—		6,169,326		—		6,169,326
Retailers		—		1,488,567		—		1,488,567
Technology		—		22,842,438		—		22,842,438
Wirelines		—		21,969,454		—		21,969,454
Total Bank Loans		—		81,408,890		—		81,408,890
Common Stocks
Biotechnology		30,901,983		—		190,589		31,092,572
Containers & Packaging		12,902,975		—		—		12,902,975
Electric Utilities		4,121,675		—		—		4,121,675
Electronic Equipment, Instruments & Components		663,969		—		—		663,969
Food Products		44,012,875		—		—		44,012,875
Household Durables		11,859,448		—		—		11,859,448
Oil, Gas & Consumable Fuels		19,174,005		—		—		19,174,005
Pharmaceuticals		147,132,918		—		—		147,132,918
REITs		25,301,160		—		—		25,301,160
Thrifts & Mortgage Finance		2,972,296		—		—		2,972,296
Total Common Stocks		299,043,304		—		190,589		299,233,893
Preferred Stocks
Convertible Preferred Stocks
Automotive		32,127,649		—		—		32,127,649
Capital Markets		—		3,837,535		—		3,837,535
Commercial Banks		4,657,227		—		—		4,657,227
Diversified Consumer Services		1		—		—		1
Diversified Financial Services		—		13,800,450		2,590,160		16,390,610
Electric Utilities		—		16,269,667		3,770,375		20,040,042
Machinery		—		3,210,750		—		3,210,750
Oil, Gas & Consumable Fuels		3,329,280		5,001,475		—		8,330,755
REITs		—		—		224,175		224,175
Semiconductors & Semiconductor Equipment		—		—		19,068,800		19,068,800
Total Convertible Preferred Stocks		40,114,157		42,119,877		25,653,510		107,887,544
Non-Convertible Preferred Stocks
Diversified Financial Services		4,523,156		15,876,187		—		20,399,343
Electric Utilities		—		27,510		—		27,510
Thrifts & Mortgage Finance		13,025,968		11,784,429		—		24,810,397
Total Non-Convertible Preferred Stocks		17,549,124		27,688,126		—		45,237,250
Total Preferred Stocks		57,663,281		69,808,003		25,653,510		153,124,794
Closed-End Investment Companies		26,585,971		—		—		26,585,971
Exchange Traded Funds		49,943,794		—		—		49,943,794
Short-Term Investments		43,685,437		102,000,000		—		145,685,437
Total	$	476,921,787	$	9,873,282,314	$	513,977,710	$	10,864,181,811

20

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

Investments as of June 30, 2009 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of June 30, 2009:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2008		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Purchases		Net Sales			Net Transfers in to Level 3		Net Transfers out of Level 3			Balance as of June 30, 2009
Bonds and Notes
Non-Convertible Bonds
Airlines	$	16,733,800	$	—	$	—		$	1,499,438		$	23,245,000	$	(1,598,243	)	$	3,369,123	$	—		$	43,249,118
Automotive		—		—		—			(90,775	)		—		—			1,661,193		—			1,570,418
Banking		49,326,408		1,401,496		—			(21,346,555	)		—		—			—		(6,253,000	)		23,128,349
Chemicals		9,748,500		163,240		—			(8,641,600	)		—		—			17,579,940		(7,857,000	)		10,993,080
Electric		—		68,430		—			(8,244,685	)		4,554,349		—			23,642,575		—			20,020,669
Home Construction		—		54,862		—			(238,687	)		—		—			1,093,275		—			909,450
Independent Energy		4,890,065		40,653		—			235,695			—		—			—		(5,166,413	)		—
Industrial Other		9,600,000		—		—			4,800,000			—		—			—		(14,400,000	)		—
Life Insurance		2,828,966		—		403,808			1,967,772			—		(5,200,546	)		—		—			—
Media Non-Cable		5,251,125		499,695		(10,728,407	)		4,101,656			—		(2,825,425	)		4,242,650		—			541,294
Non-Captive Consumer		7,027,071		659,297		—			8,711,749			—		—			36,677,000		(4,615,374	)		48,459,743
Non-Captive Diversified		17,213,700		1,317,581		459,848			(79,742,614	)		127,461,620		(9,911,971	)		173,381,259		(18,267,600	)		211,911,823
Paper		—		37,138		—			(1,799,932	)		—		—			3,235,950		—			1,473,156
Property & Casualty Insurance		3,662,300		2,168		(120,488	)		(810,280	)		—		(423,300	)		—		(2,310,400	)		—
Retailers		—		1,479		—			(175,854	)		—		—			1,110,000		—			935,625
Sovereigns		—		371,281		—			2,231,649			23,540,020		—			—		—			26,142,950
Supranational		40,912,861		—		—			1,316,363			—		—			—		(15,794,968	)		26,434,256
Technology		8,828,600		47,492		—			(4,448,854	)		—		—			—		—			4,427,238
Wireless		19,281,400		33,892		—			2,428,933			773,550		—			—		(22,517,775	)		—
Convertible Bonds
Healthcare		2,555,500		27,551		—			1,480,595			—		(4,063,646	)		—		—			—
Technology		—		688,173		—			(5,341,682	)		—		—			14,729,701		—			10,076,192
Transportation Services		358,670		4,616		27,920			11,795			—		(403,001	)		—		—			—
Wirelines		—		2,107		—			4,864,643			52,993,500		—			—		—			57,860,250
Common Stocks
Biotechnology		—		—		—			(2,953,077	)		3,143,666		—			—		—			190,589
Preferred Stocks
Convertible Preferred Stocks
Diversified Financial Services		—		—		—			(382,049	)		—		—			2,972,209		—			2,590,160
Electric Utilities		4,309,000		—		—			(538,625	)		—		—			—		—			3,770,375
REITs		—		—		—			(298,900	)		—		—			523,075		—			224,175
Semiconductors & Semiconductor Equipment		15,017,488		—		—			4,051,312			—		—			—		—			19,068,800
Total	$	217,545,454	$	5,421,151	$	(9,957,319	)	$	(97,352,569	)	$	235,711,705	$	(24,426,132	)	$	284,217,950	$	(97,182,530	)	$	513,977,710

21

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

Investments as of June 30, 2009 (Unaudited)

Net Asset Summary at June 30, 2009 (Unaudited)

Treasuries	7.8	%
Non-Captive Diversified	7.2
Wirelines	6.6
Banking	5.6
Sovereigns	5.6
Healthcare	4.1
Electric	4.1
Retailers	4.0
Non-Captive Consumer	3.4
Automotive	3.1
Pharmaceuticals	3.0
Technology	2.7
Oil Field Services	2.6
Pipelines	2.6
Paper	2.5
Media Cable	2.4
Supranational	2.2
Wireless	2.1
Other Investments, less than 2% each	25.6
Short-Term Investments	1.3
Total Investments	98.5
Other assets less liabilities	1.5
Net Assets	100.0	%

Currency Exposure at June 30, 2009 as a Percentage of Net Assets (Unaudited)

United States Dollar	76.6	%
Canadian Dollar	5.9
New Zealand Dollar	2.6
Brazilian Real	2.3
Other, less than 2% each	11.1
Total Investments	98.5
Other assets less liabilities	1.5
Net Assets	100.0	%

22

LOOMIS SAYLES VALUE FUND - PORTFOLIO OF INVESTMENTS

Investments as of June 30, 2009 (Unaudited)

Shares	Description		Value (†)
Common Stocks – 92.7% of Net Assets
	Aerospace & Defense – 2.7%
131,310	Goodrich Corp.	$	6,561,561
135,448	Northrop Grumman Corp.		6,187,264
			12,748,825
	Beverages – 3.9%
252,089	Dr Pepper Snapple Group, Inc.(b)		5,341,766
145,673	Molson Coors Brewing Co., Class B		6,166,338
133,117	Pepsi Bottling Group, Inc. (The)		4,504,679
41,488	PepsiCo, Inc.		2,280,181
			18,292,964
	Biotechnology – 1.0%
89,730	Amgen, Inc.(b)		4,750,306
	Capital Markets – 5.3%
212,146	Ameriprise Financial, Inc.		5,148,783
213,304	Bank of New York Mellon Corp.		6,251,940
64,875	Invesco Ltd.		1,156,073
190,883	Legg Mason, Inc.		4,653,728
156,636	State Street Corp.		7,393,219
			24,603,743
	Chemicals – 2.0%
143,025	E.I. du Pont de Nemours & Co.		3,664,301
76,964	Praxair, Inc.		5,469,831
			9,134,132
	Commercial Banks – 3.5%
124,070	PNC Financial Services Group, Inc.		4,815,157
268,671	U.S. Bancorp		4,814,584
270,822	Wells Fargo & Co.		6,570,142
			16,199,883
	Communications Equipment – 2.1%
236,360	Cisco Systems, Inc.(b)		4,405,750
360,715	Nokia Oyj, Sponsored ADR		5,259,225
			9,664,975
	Computers & Peripherals – 3.2%
244,251	Hewlett-Packard Co.		9,440,301
54,947	International Business Machines Corp.		5,737,566
			15,177,867
	Construction & Engineering – 0.9%
181,789	Foster Wheeler AG(b)		4,317,489
	Consumer Finance – 0.6%
280,914	Discover Financial Services		2,884,987
	Containers & Packaging – 1.6%
264,479	Owens-Illinois, Inc.(b)		7,408,057
	Diversified Consumer Services – 1.1%
303,655	H&R Block, Inc.		5,231,976
	Diversified Financial Services – 4.6%
657,233	Bank of America Corp.		8,675,475
377,273	JPMorgan Chase & Co.		12,868,782
			21,544,257
	Diversified Telecommunication Services – 4.9%
670,973	AT&T, Inc.		16,666,969
196,626	CenturyTel, Inc.		6,036,418
			22,703,387
	Electric Utilities – 1.4%
227,848	American Electric Power Co., Inc.		6,582,529
	Electrical Equipment – 1.0%
286,846	ABB Ltd., Sponsored ADR		4,526,430
	Energy Equipment & Services – 2.2%
223,497	Smith International, Inc.		5,755,048
102,791	Tidewater, Inc.		4,406,650
			10,161,698
	Food & Staples Retailing – 2.3%
193,096	CVS Caremark Corp.		6,153,970
92,014	Wal-Mart Stores, Inc.		4,457,158
			10,611,128
	Food Products – 1.6%
388,348	ConAgra Foods, Inc.		7,401,913
	Gas Utilities – 1.3%
179,384	EQT Corp.		6,262,295
	Health Care Equipment & Supplies – 2.9%
591,965	Boston Scientific Corp.(b)		6,002,525
206,513	Covidien PLC		7,731,847
			13,734,372
	Health Care Providers & Services – 2.5%
115,077	McKesson Corp.		5,063,388
265,637	UnitedHealth Group, Inc.		6,635,612
			11,699,000
	Hotels, Restaurants & Leisure – 0.7%
122,345	Carnival Corp.		3,152,831
	Industrial Conglomerates – 2.0%
296,283	General Electric Co.		3,472,437
82,019	Siemens AG, Sponsored ADR		5,674,894
			9,147,331
	Insurance – 4.7%
163,841	Allstate Corp.		3,997,721
1,671	Berkshire Hathaway, Inc., Class B(b)		4,838,765
228,235	Metlife, Inc.		6,849,332
154,177	Travelers Cos., Inc. (The)		6,327,424
			22,013,242
	Internet Software & Services – 0.8%
218,228	eBay, Inc.(b)		3,738,246
	Media – 3.9%
352,200	DIRECTV Group, Inc. (The)(b)		8,702,862
147,963	Time Warner Cable, Inc.		4,685,988
182,611	Time Warner, Inc.		4,599,971
			17,988,821
	Metals & Mining – 0.5%
65,658	ArcelorMittal		2,171,967
	Multi-Utilities & Unregulated Power – 2.6%
147,015	PG&E Corp.		5,651,256
196,409	Public Service Enterprise Group, Inc.		6,408,826
			12,060,082
	Oil, Gas & Consumable Fuels – 11.2%
94,083	Chevron Corp.		6,232,999
199,652	ExxonMobil Corp.		13,957,671
78,690	Hess Corp.		4,229,587
218,358	Marathon Oil Corp.		6,579,127
162,781	Royal Dutch Shell PLC ADR		8,169,978
208,659	Total SA, Sponsored ADR		11,315,578
52,874	XTO Energy, Inc.		2,016,614
			52,501,554
	Paper & Forest Products – 0.9%
143,229	Weyerhaeuser Co.		4,358,458
	Personal Products – 0.9%
133,516	Estee Lauder Cos., Inc. (The), Class A		4,361,968

1

LOOMIS SAYLES VALUE FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2009 (Unaudited)

Shares	Description		Value (†)
	Pharmaceuticals – 8.1%
275,119	Bristol-Myers Squibb Co.	$	5,587,667
135,205	Johnson & Johnson		7,679,644
484,124	Pfizer, Inc.		7,261,860
427,587	Schering-Plough Corp.		10,740,985
140,829	Wyeth		6,392,228
			37,662,384
	Semiconductors & Semiconductor Equipment – 1.1%
453,203	Applied Materials, Inc.		4,971,637
	Software – 1.1%
219,043	Microsoft Corp.		5,206,652
	Specialty Retail – 0.8%
234,062	Gap, Inc. (The)		3,838,617
	Textiles, Apparel & Luxury Goods – 0.8%
74,532	Nike, Inc., Class B		3,859,267
	Total Common Stocks (Identified Cost $480,218,635)		432,675,270
Principal Amount
Short-Term Investments – 3.1%
$14,253,102	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2009 at 0.000% to be repurchased at $14,253,102 on 7/1/2009 collateralized by $14,170,000 Federal National Mortgage Association, 5.625% due 9/18/2017 with a value of $14,541,963 including accrued interest (c) (Identified Cost $14,253,102)		14,253,102
	Total Investments - 95.8% (Identified Cost $494,471,737)(a)		446,928,372
	Other assets less liabilities — 4.2%		19,736,043
	Net Assets — 100.0%	$	466,664,415

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

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

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

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

At June 30, 2009, the net unrealized depreciation on investments based on a cost of $494,471,737 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	$	17,485,405
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(65,028,770	)
Net unrealized depreciation	$	(47,543,365	)

2

LOOMIS SAYLES VALUE FUND - PORTFOLIO OF INVESTMENTS (continued)

Investments as of June 30, 2009 (Unaudited)

At September 30, 2008 post-October capital loss deferrals were $12,052,896. This amount may be available to offset future realized capital gains, if any, to the extent provided by regulations.

(b) Non-income producing security.

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

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.

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2009, at value:

Asset Valuation Inputs

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks*	$	432,675,270	$	—	$	—	$	432,675,270
Short-Term Investments		14,253,102		—		—		14,253,102
Total	$	446,928,372	$	—	$	—	$	446,928,372

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

Net Asset Summary at June 30, 2009 (Unaudited)

Oil, Gas & Consumable Fuels	11.2	%
Pharmaceuticals	8.1
Capital Markets	5.3
Diversified Telecommunication Services	4.9
Insurance	4.7
Diversified Financial Services	4.6
Beverages	3.9
Media	3.9
Commercial Banks	3.5
Computers & Peripherals	3.2
Health Care Equipment & Supplies	2.9
Aerospace & Defense	2.7
Multi-Utilities & Unregulated Power	2.6
Health Care Providers & Services	2.5
Food & Staples Retailing	2.3
Energy Equipment & Services	2.2
Communications Equipment	2.1
Industrial Conglomerates	2.0
Chemicals	2.0
Other Investments, less than 2% each	18.1
Short-Term Investments	3.1
Total Investments	95.8
Other assets less liabilities	4.2
Net Assets	100.0	%

3

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS

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

SIGNATURES

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

Loomis Sayles Funds II
By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	Chief Executive Officer
Date:	August 26, 2009

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

By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	Chief Executive Officer
Date:	August 26, 2009
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	August 26, 2009

EX-99.CERT

Exhibit (a)(1)

Loomis Sayles Funds II

Exhibit to SEC Form N-Q

Section 302 Certification

I, Robert J. Blanding, certify that:

1. I have reviewed this report on Form N-Q of Loomis Sayles Funds II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of such disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 26, 2009

/s/ Robert J. Blanding

Robert J. Blanding

Chief Executive Officer

Exhibit (a)(2)

Loomis Sayles Funds II

Exhibit to SEC Form N-Q

Section 302 Certification

I, Michael C. Kardok, certify that:

1. I have reviewed this report on Form N-Q of Loomis Sayles Funds II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of such disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 26, 2009

/s/ Michael C. Kardok

Michael C. Kardok

Treasurer