Loomis Sayles Funds I N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08282

Loomis Sayles Funds I

(Exact name of Registrant as specified in charter)

399 Boylston Street, Boston, Massachusetts	02116
(Address of principal executive offices)	(Zip code)

Coleen Downs Dinneen, Esq.

Natixis Distributors, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

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

Date of fiscal year end:     September 30

Date of reporting period:     March 31, 2009

Item 1. Reports to Stockholders.

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

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

TABLE OF CONTENTS
Fund and Manager Review	1
Portfolio of Investments	7
Statements of Assets and Liabilities	19
Statements of Operations	20
Statements of Changes in Net Assets	21
Financial Highlights	23
Notes to Financial Statements	25

SEMI ANNUAL REPORT

MARCH 31, 2009 (Unaudited)

FUND AND MANAGER REVIEW

Loomis Sayles Small Cap Growth Fund

Mark F. Burns, CFA

Manager since January 2005

John Slavik, CFA

Manager since April 2005

FUND FACTS

Symbol | Institutional: LSSIX;

Retail: LCGRX

Objective | Long-term capital growth from investments in common stocks or other equity securities

Strategy | Invests at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities of companies with market capitalizations that fall within the capitalization range of the Russell 2000 Index. Unlike the Index, the Fund may invest in companies of any size

Fund Inception Date | 12/31/96

Total Net Assets | $79.8 million

PORTFOLIO REVIEW

For the six months ended March 31, 2009, the Fund outperformed its Benchmark, the Russell 2000 Growth Index, primarily due to strong stock selection in the technology, utilities, producer durables and energy sectors. In addition, an overweight position in technology helped relative performance.

Throughout the six-month period, we shifted allocations in an effort to adapt the Fund to the current market environment. In particular, we increased the Fund’s technology weighting in anticipation of an improving economic environment in the second half of 2009. Many technology stocks were priced in anticipation of a worst-case scenario. This gave us the opportunity to buy stocks of companies with strong balance sheets and excellent fundamentals at reduced prices. NetLogic Microsystems, a semiconductor company, was one of the Fund’s top performing stocks, advancing with the semiconductor industry’s inventory re-build cycle.

In the utilities sector, we added exposure to the telecommunication services industry as fundamentals improved. Neutral Tandem Inc. was the industry’s top performer, reporting solid earnings in January and providing better-than-expected guidance driven by higher-than-forecasted billed minutes.

Additional allocation changes included reducing our health care weighting in search of more growth-oriented names. Health care had a negative impact on the portfolio as a result of poor performance from a handful of holdings. We also trimmed the Fund’s materials and processing exposure, waiting for economic conditions to improve. The sector detracted from Fund performance, primarily due to disappointing results from Hill International, a construction consulting firm that declined

as the construction industry continued to struggle. Hill International was sold.

Consumer staples was one of the few sectors in the Fund that had a positive absolute return for the period. On a relative basis, our stock selection within this sector was helpful. However, the Fund’s holdings in the consumer discretionary sector were among the largest detractors to performance, reflecting poor stock selection and an underweight position.

OUTLOOK

With the market rallying in the final weeks of the quarter, there are many reasons to believe that the worst is behind us. There is an unprecedented amount of stimulus being pumped into the global economy, the credit markets are starting to thaw, financial companies’ balance sheets are being repaired and consumer companies are reporting news that matters are not as dire as feared. It is our belief that we are more than half way through the recession and we’ve seen the lows in the market. However, we think the market’s strength will be retested. With this as a backdrop, we expect new leadership to emerge in the market and we are structuring the portfolio for this scenario, in pursuit of strong results over the long term.

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AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2009

6 Months		1 Year		5 Years		10 Years		Since Inception
Loomis Sayles Small Cap Growth: Institutional
-33.05	%	-34.55	%	-1.55	%	-3.96	%	-0.14	%
Loomis Sayles Small Cap Growth: Retail
-33.18		-34.77		-1.81		-4.21		-0.40
Russell 2000 Growth Index(c)
-34.51		-36.36		-5.37		-1.60		-0.36
Russell 2000 Index(c)
-37.17		-37.50		-5.24		1.93		2.58
Lipper Small-Cap Growth Funds Index(c)
-31.12		-36.88		-5.94		0.61		1.18
Gross expense ratio (before reductions and reimbursements)*
Institutional: 1.01%				Retail: 1.42%
Net expense ratio (after reductions and reimbursements)*
Institutional: 1.00%				Retail: 1.25%

* As stated in the most recent prospectus

CUMULATIVE PERFORMANCE

Inception to March 31, 2009^(a)(b)

Data quoted reflects past performance and cannot guarantee future results. Average annual total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month end, please visit the Loomis Sayles website. Current performance may be higher or lower than quoted.

Returns do not reflect the taxes that a shareholder would pay on fund distributions or the redemption of shares. Periods of less than one year are not annualized. Performance data reflects certain fee reductions and reimbursements, if any, without which performance would be lower.

(a) Cumulative performance is shown for the Institutional Class of Shares. Performance of the Retail Class would be lower due to higher fees. (b) The mountain chart is based on the initial investment minimum of $100,000 for the Institutional Class. (c) See page 5 for a description of the Indices.

WHAT YOU SHOULD KNOW

Small- and mid-cap stocks may be more volatile than larger, more established companies. The secondary market for these stocks may be less liquid, which could adversely impact the Fund’s value. Growth funds involve increased risks, in part, because the value of the underlying securities is based on future expectations that may or may not be met.

The Fund can invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The Fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the US dollar and foreign currencies may cause the value of a Fund’s investments to decline. Fund shares should be viewed as a long-term investment.

2

FUND AND MANAGER REVIEW

Loomis Sayles Small Cap Value Fund

Joseph Gatz, CFA

Manager since January 2000

Daniel Thelen, CFA

Manager since April 2000

FUND FACTS

Symbol | Institutional: LSSCX;

Retail: LSCRX; Admin: LSVAX

Objective | Long-term capital growth from investments in common stocks or other equity securities

Strategy | Invests at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities of companies with market capitalizations that fall within the capitalization range of the Russell 2000 Index. Unlike the Index, the Fund may invest in companies of any size

Fund Inception Date | 5/13/91

Class Inception Date | Institutional: 5/13/91

Retail: 12/31/96

Admin: 1/2/98

Total Net Assets | $696.3 million

PORTFOLIO REVIEW

The Fund outperformed its Benchmark, the Russell 2000 Value Index, for the six months ended March 31, 2009, primarily due to stock selection in the financial services and consumer discretionary sectors.

Financial services, the largest sector in the Fund and the Benchmark, was one of the weakest performing sectors in the market. Our cautious view of the fundamentals of bank stocks and our significant weighting in non-credit-sensitive financial data service companies resulted in exceptionally strong stock selection and significant outperformance relative to the Benchmark. Broadridge Financial Solutions Inc., a provider of trade processing and investor communication services to the financial services industry, was the Fund’s top performer for the period. The company’s stable business model was a key attraction for investors during the recent market upheaval. PHH Corp., an outsource provider of mortgage services and vehicle fleet management, was another top performer.

Although consumer discretionary was another weak sector in the market for the six-month period, the Fund’s consumer holdings emphasized less-cyclical companies, such as services companies and discount stores, which held up reasonably well during the market downturn. In addition, we made timely additions to the restaurant industry just before the stocks rebounded in March.

Technology was among the Fund’s weakest sectors for the period, primarily due to our holdings in semiconductors and electronics, which declined sharply on weakened demand and reduced earnings estimates. Health care also performed poorly, as reimbursement and regulatory concerns lead to negative earnings estimates and lower valuations throughout the sector.

Substantial volatility during the period provided opportunities to add to certain sectors and reduce others. With economic prospects declining, we actively reduced or eliminated several of our most economically sensitive holdings in the basic materials and energy sectors, replacing them with less-cyclical consumer staples and utility stocks. Throughout the period, we selectively added to financial services stocks, while maintaining an underweight relative to the Benchmark. We also reduced our health care exposure, due to mounting reimbursement and regulatory uncertainty stemming from November’s election results.

OUTLOOK

In light of the stock market rally in the March 2009, the inevitable question is whether the recent rally is a breather or the start of a new trend. The stock market is often considered a forward-looking indicator, and historically it has recovered before all the negative economic news dissipated. Indeed, we are encouraged by recent economic data that suggest the economy may be bottoming, at least for some of the hardest hit sectors. However, we recognize that market bottoms never progress evenly. Nevertheless, bumpy scenarios historically have often provided investment opportunities for those who do their homework.

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AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2009

6 Months		1 Year		5 Years		10 Years		Since Fund Inception(a)(b)
Loomis Sayles Small Cap Value: Institutional
-32.29	%	-33.29	%	-1.99	%	5.92	%	10.23	%
Loomis Sayles Small Cap Value: Retail(a)
-32.39		-33.46		-2.24		5.66		10.03
Loomis Sayles Small Cap Value: Admin(a)
-32.45		-33.60		2.49		5.39		9.70
Russell 2000 Value Index(c)
-39.64		-38.89		-5.30		4.87		9.02
Russell 2000 Index(c)
-37.17		-37.50		-5.24		1.93		6.68
Lipper Small-Cap Core Funds Index(b)(c)
-34.02		-37.19		-4.53		3.71		N/A

Gross expense ratio (before reductions and reimbursements)*
Institutional: 0.90%	Retail: 1.27%	Admin: 1.69%
Net expense ratio (after reductions and reimbursements)*
Institutional: 0.90%	Retail: 1.15%	Admin: 1.41%

* As stated in the most recent prospectus

CUMULATIVE PERFORMANCE

Inception to March 31, 2009^(d)(e)

Data quoted reflects past performance and cannot guarantee future results. Average annual total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month end, please visit the Loomis Sayles website. Current performance may be higher or lower than quoted.

Returns do not reflect the taxes that a shareholder would pay on fund distributions or the redemption of shares. Periods of less than one year are not annualized. Performance data reflects certain fee reductions and reimbursements, if any, without which performance would be lower.

(a) Performance shown for periods prior to the inception date of the Retail Class (12/31/96) and Admin Class (1/02/98) represents the performance of the Institutional Class of shares during the periods shown, adjusted to reflect current levels of 12b-1 fees payable by the respective Classes. Since index performance data is not available coincident with the Fund’s inception date, the beginning value of the index is the value as of the month end closest to the Fund’s inception date. (b) The Lipper Small-Cap Core Funds Index performance data is not available prior to January 1, 1992. (c) See page 5 for a description of the Indices. (d) Cumulative performance is shown for the Institutional Class of Shares. Performance of the Retail and Admin Classes would be lower due to higher fees and expenses. (e) The mountain chart is based on the initial investment minimum of $100,000 for the Institutional Class.

WHAT YOU SHOULD KNOW

Value stocks may fall out of favor with investors and underperform the overall equity market during any given period. Small- and mid-cap stocks may be more volatile than larger, more established companies. The secondary market for these stocks may be less liquid, which could adversely impact the Fund’s value.

The Fund can invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The Fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the US dollar and foreign currencies may cause the value of a Fund’s investments to decline. Fund shares should be viewed as a long-term investment.

4

ADDITIONAL INFORMATION

Index Definitions

Indexes are unmanaged and do not have expenses that affect results, unlike mutual funds. Index returns are adjusted for the reinvestment of capital gain distributions and income dividends. It is not possible to invest directly in an index.

Lipper Small-Cap Core Funds Index is an equally weighted index of typically the 30 largest mutual funds within the small-cap core funds investment objective.

Lipper Small-Cap Growth Funds Index is an equally weighted index of typically the 30 largest mutual funds within the small-cap growth funds investment objective.

Source: Lipper, Inc.

Russell 2000 Growth Index is an index comprised of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000 Index is an index comprised of the 2,000 smallest companies in the Russell 3000 Index (a broad market index), representing approximately 10% of the Russell 3000 total market capitalization.

Russell 2000 Value Index is an index comprised of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis Sayles at 800-633-3330; (ii) on the Funds’ website, www.loomissayles.com, and (iii) on the SEC’s website, www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12 months ended June 30, 2008 is available on (i) the Funds’ website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

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

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1) transaction costs, including redemption fees and certain exchange fees; and (2) ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other Fund expenses. These costs are described in more detail in the Funds’ prospectus. The examples below are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each Fund shows the actual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2008 through March 31, 2009. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual fund returns and expenses. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During the Period column as shown below for your class.

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

5

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

Loomis Sayles Small Cap Growth Fund

Institutional Class	Beginning Account Value 10/1/2008	Ending Account Value 3/31/2009	Expenses Paid During Period* 10/1/2008 – 3/31/2009
Actual	$1,000.00	$   669.50	$4.16
Hypothetical (5% return before expenses)	$1,000.00	$1,019.95	$5.04
Retail Class
Actual	$1,000.00	$   668.20	$5.20
Hypothetical (5% return before expenses)	$1,000.00	$1,018.70	$6.29
*   Expenses are equal to the Fund’s annualized expense ratio (after fee reduction/reimbursement): 1.00% and 1.25% for Institutional and Retail Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Small Cap Value Fund

Institutional Class	Beginning Account Value 10/1/2008	Ending Account Value 3/31/2009	Expenses Paid During Period* 10/1/2008 – 3/31/2009
Actual	$1,000.00	$   677.10	$3.76
Hypothetical (5% return before expenses)	$1,000.00	$1,020.44	$4.53
Retail Class
Actual	$1,000.00	$   676.10	$4.81
Hypothetical (5% return before expenses)	$1,000.00	$1,019.20	$5.79
Admin Class
Actual	$1,000.00	$   675.50	$5.85
Hypothetical (5% return before expenses)	$1,000.00	$1,017.95	$7.04
*   Expenses are equal to the Fund’s annualized expense ratio (after fee reduction/reimbursement): 0.90%, 1.15% and 1.40% for Institutional, Retail and Admin Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

6

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Small Cap Growth Fund

	Shares	Value (†)
COMMON STOCKS – 96.5% of Net Assets
Aerospace & Defense – 1.8%
Curtiss-Wright Corp.	28,105	$	788,345
Orbital Sciences Corp.(b)	57,693		685,970
			1,474,315
Beverages – 0.7%
Heckmann Corp.(b)	108,343		522,213
Biotechnology – 6.3%
Acorda Therapeutics, Inc.(b)	20,104		398,260
Alexion Pharmaceuticals, Inc.(b)	18,083		681,006
Array Biopharma, Inc.(b)	130,512		344,552
Genomic Health, Inc.(b)	32,213		785,353
Isis Pharmaceuticals, Inc.(b)	49,143		737,636
Onyx Pharmaceuticals, Inc.(b)	21,222		605,888
OSI Pharmaceuticals, Inc.(b)	13,981		534,913
Osiris Therapeutics, Inc.(b)	29,987		413,821
Regeneron Pharmaceuticals, Inc.(b)	35,963		498,447
			4,999,876
Capital Markets – 4.2%
Greenhill & Co., Inc.	12,328		910,423
KBW, Inc.(b)	33,264		676,922
Riskmetrics Group, Inc.(b)	55,793		797,282
Stifel Financial Corp.(b)	21,893		948,186
			3,332,813
Commercial Banks – 1.7%
IBERIABANK Corp.	12,131		557,298
Signature Bank(b)	27,211		768,167
			1,325,465
Commercial Services & Supplies – 2.9%
Clean Harbors, Inc.(b)	16,878		810,144
Sykes Enterprises, Inc.(b)	44,296		736,642
Waste Connections, Inc.(b)	30,888		793,822
			2,340,608
Communications Equipment – 8.2%
Brocade Communications Systems, Inc.(b)	196,425		677,666
Ciena Corp.(b)	50,373		391,902
DG FastChannel, Inc.(b)	68,387		1,283,624
F5 Networks, Inc.(b)	33,707		706,162
Neutral Tandem, Inc.(b)	46,850		1,152,978
Nice Systems Ltd., ADR(b)	26,055		647,727
Riverbed Technology, Inc.(b)	74,272		971,478
Tellabs, Inc.(b)	157,846		722,935
			6,554,472
Construction & Engineering – 2.6%
MasTec, Inc.(b)	103,119		1,246,709
Northwest Pipe Co.(b)	29,316		834,626
			2,081,335

7

	Shares	Value (†)
COMMON STOCKS – continued
Diversified Consumer Services – 4.0%
American Public Education, Inc.(b)	23,806	$	1,001,280
Capella Education Co.(b)	13,938		738,714
DeVry, Inc.	16,809		809,858
Grand Canyon Education, Inc.(b)	38,094		657,503
			3,207,355
Diversified Telecommunication Services – 2.4%
Cbeyond, Inc.(b)	56,760		1,068,791
NTELOS Holdings Corp.	46,069		835,692
			1,904,483
Electric Utilities – 1.1%
ITC Holdings Corp.	20,749		905,071
Electronic Equipment Instruments & Components – 1.5%
Cogent, Inc.(b)	44,299		527,158
IPG Photonics Corp.(b)	75,336		634,329
			1,161,487
Energy Equipment & Services – 3.7%
Dresser-Rand Group, Inc.(b)	33,182		733,322
Hornbeck Offshore Services, Inc.(b)	42,787		652,074
Oceaneering International, Inc.(b)	19,956		735,778
Tesco Corp.(b)	97,800		764,796
			2,885,970
Food Products – 3.1%
Diamond Foods, Inc.	27,052		755,562
Green Mountain Coffee Roasters, Inc.(b)	22,525		1,081,200
Smart Balance, Inc.(b)	100,314		605,897
			2,442,659
Health Care Equipment & Supplies – 6.4%
Haemonetics Corp.(b)	11,017		606,816
Masimo Corp.(b)	24,302		704,272
Merit Medical Systems, Inc.(b)	48,280		589,499
NuVasive, Inc.(b)	19,586		614,609
ResMed, Inc.(b)	11,505		406,587
SonoSite, Inc.(b)	42,904		767,123
Vnus Medical Technologies(b)	36,254		771,122
Volcano Corp.(b)	42,883		623,948
			5,083,976
Health Care Providers & Services – 4.0%
Bio-Reference Labs, Inc.(b)	27,497		574,962
CardioNet, Inc.(b)	39,150		1,098,549
Catalyst Health Solutions, Inc.(b)	47,622		943,868
Sun Healthcare Group, Inc.(b)	71,659		604,802
			3,222,181
Health Care Technology – 3.3%
athenahealth, Inc.(b)	25,308		610,176
MedAssets, Inc.(b)	71,662		1,021,184
Phase Forward, Inc.(b)	78,828		1,008,210
			2,639,570

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PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

	Shares	Value (†)
COMMON STOCKS – continued
Hotels, Restaurants & Leisure – 2.4%
Buffalo Wild Wings, Inc.(b)	16,389	$	599,509
Panera Bread Co., Class A(b)	11,112		621,161
Texas Roadhouse, Inc., Class A(b)	75,824		722,603
			1,943,273
Insurance – 0.9%
AmTrust Financial Services, Inc.	73,092		698,029
Internet Software & Services – 2.3%
Constant Contact, Inc.(b)	54,217		758,496
SkillSoft PLC, ADR(b)	99,923		668,485
Vocus, Inc.(b)	31,899		423,937
			1,850,918
IT Services – 1.1%
CyberSource Corp.(b)	57,594		852,967
Machinery – 3.1%
Energy Recovery, Inc.(b)	83,988		638,309
ESCO Technologies, Inc.(b)	18,848		729,418
Freightcar America, Inc.	32,738		573,897
Wabtec Corp.	21,133		557,488
			2,499,112
Oil, Gas & Consumable Fuels – 3.1%
Arena Resources, Inc.(b)	30,780		784,275
Comstock Resources, Inc.(b)	23,453		698,899
Concho Resources, Inc.(b)	38,498		985,164
			2,468,338
Pharmaceuticals – 2.0%
Auxilium Pharmaceuticals, Inc.(b)	20,703		573,887
Eurand NV(b)	62,127		692,095
Inspire Pharmaceuticals, Inc.(b)	89,653		363,991
			1,629,973
Professional Services – 3.9%
Huron Consulting Group, Inc.(b)	17,435		739,767
ICF International, Inc.(b)	61,027		1,401,790
IHS, Inc., Class A(b)	23,968		987,002
			3,128,559
Semiconductors & Semiconductor Equipment – 6.4%
Cavium Network, Inc.(b)	62,011		715,607
Hittite Microwave Corp.(b)	18,665		582,348
Lam Research Corp.(b)	34,753		791,326
Netlogic Microsystems, Inc.(b)	29,821		819,481
Power Integrations, Inc.	30,816		530,035
Silicon Laboratories, Inc.(b)	30,976		817,767
Varian Semiconductor Equipment Associates, Inc.(b)	41,102		890,269
			5,146,833
Software – 8.6%
Ariba, Inc.(b)	106,344		928,383
Blackboard, Inc.(b)	33,198		1,053,704
Concur Technologies, Inc.(b)	26,477		508,094
DemandTec, Inc.(b)	75,858		663,757

9

	Shares		Value (†)
COMMON STOCKS – continued
Software – continued
Informatica Corp.(b)		72,191	$	957,253
Solera Holdings, Inc.(b)		37,587		931,406
Tyler Technologies, Inc.(b)		73,820		1,079,987
Ultimate Software Group, Inc. (The)(b)		43,670		753,744
				6,876,328
Specialty Retail – 3.0%
American Eagle Outfitters, Inc.		50,774		621,474
Hibbett Sports, Inc.(b)		42,596		818,695
Lumber Liquidators, Inc.(b)		34,742		442,960
Monro Muffler Brake, Inc.		19,357		529,027
				2,412,156
Textiles, Apparel & Luxury Goods – 1.8%
Phillips-Van Heusen Corp.		35,336		801,421
Under Armour, Inc., Class A(b)		38,670		635,348
				1,436,769
TOTAL COMMON STOCKS
(Identified Cost $87,549,107)				77,027,104
	Principal Amount
SHORT-TERM INVESTMENTS – 3.2%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/09 at 0.000% to be repurchased at $2,594,744 on 4/01/09 collateralized by $2,550,000 Federal National Mortgage Association, 4.750% due 3/12/10 valued at $2,646,900 including accrued interest (Note 2g of Notes to Financial Statements) (Identified Cost $2,594,744)	$	2,594,744		2,594,744
TOTAL INVESTMENTS – 99.7%
(Identified Cost $90,143,851)(a)				79,621,848
Other assets less liabilities—0.3%				210,788
NET ASSETS – 100.0%			$	79,832,636
(†)    See Note 2a of Notes to Financial Statements.
(a)    Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
At March 31, 2009, the net unrealized depreciation on investments based on a cost of $89,992,009 for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost			$	4,596,476
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value				(14,966,637)
Net unrealized depreciation			$	(10,370,161)
(b)    Non-income producing security.
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.

10

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

NET ASSET SUMMARY AT MARCH 31, 2009 (Unaudited)

Software	8.6	%
Communications Equipment	8.2
Semiconductors & Semiconductor Equipment	6.4
Health Care Equipment & Supplies	6.4
Biotechnology	6.3
Capital Markets	4.2
Health Care Providers & Services	4.0
Diversified Consumer Services	4.0
Professional Services	3.9
Energy Equipment & Services	3.7
Health Care Technology	3.3
Machinery	3.1
Oil, Gas & Consumable Fuels	3.1
Food Products	3.1
Specialty Retail	3.0
Commercial Services & Supplies	2.9
Construction & Engineering	2.6
Hotels, Restaurants & Leisure	2.4
Diversified Telecommunication Services	2.4
Internet Software & Services	2.3
Pharmaceuticals	2.0
Other Investments, less than 2% each	10.6
Short-Term Investments	3.2
Total Investments	99.7
Other assets less liabilities	0.3
Net Assets	100.0	%

See accompanying notes to financial statements.

11

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund

	Shares	Value (†)
COMMON STOCKS – 98.4% of Net Assets
Aerospace & Defense – 1.3%
Ducommun, Inc.	213,213	$	3,100,117
Teledyne Technologies, Inc.(b)	217,796		5,810,797
			8,910,914
Air Freight & Logistics – 0.8%
Atlas Air Worldwide Holdings, Inc.(b)	236,556		4,104,247
Hub Group, Inc., Class A(b)	77,936		1,324,912
			5,429,159
Auto Components – 1.1%
Gentex Corp.	404,821		4,032,017
Goodyear Tire & Rubber Co. (The)(b)	543,160		3,400,182
			7,432,199
Building Products – 0.3%
Armstrong World Industries, Inc.(b)	220,314		2,425,657
Capital Markets – 2.1%
Investment Technology Group, Inc.(b)	176,321		4,499,712
JMP Group, Inc.	161,713		777,840
Stifel Financial Corp.(b)	214,727		9,299,826
			14,577,378
Chemicals – 1.4%
Koppers Holdings, Inc.	173,959		2,525,885
LSB Industries, Inc.(b)	264,500		2,615,905
Lubrizol Corp. (The)	89,693		3,050,459
Minerals Technologies, Inc.	42,169		1,351,516
			9,543,765
Commercial Banks – 7.8%
Bank of the Ozarks, Inc.	303,976		7,015,766
Comerica, Inc.	261,183		4,782,261
First Horizon National Corp.	405,057		4,350,316
Glacier Bancorp, Inc.	228,082		3,583,168
Hancock Holding Co.	85,415		2,671,781
IBERIABANK Corp.	151,907		6,978,608
Pennsylvania Commerce Bancorp, Inc.(b)	119,404		2,197,034
Prosperity Bancshares, Inc.	228,423		6,247,369
Signature Bank(b)	281,675		7,951,685
Sterling Bancshares, Inc.	899,189		5,880,696
SVB Financial Group(b)	138,774		2,776,868
			54,435,552
Commercial Services & Supplies – 7.2%
ABM Industries, Inc.	391,160		6,415,024
American Ecology Corp.	172,703		2,407,480
Brink’s Co. (The)	155,422		4,112,466
Geo Group, Inc. (The)(b)	192,380		2,549,035
McGrath Rentcorp	191,717		3,021,460
Rollins, Inc.	833,861		14,300,716
Standard Parking Corp.(b)	537,509		8,815,148
Waste Connections, Inc.(b)	342,932		8,813,352
			50,434,681

12

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

	Shares	Value (†)
COMMON STOCKS – continued
Communications Equipment – 2.6%
ADC Telecommunications, Inc.(b)	977,555	$	4,291,466
ADTRAN, Inc.	236,180		3,828,478
Anaren, Inc.(b)	214,118		2,342,451
CommScope, Inc.(b)	208,323		2,366,549
Tekelec(b)	402,900		5,330,367
			18,159,311
Computers & Peripherals – 1.2%
Intevac, Inc.(b)	313,197		1,631,757
NCR Corp.(b)	159,882		1,271,062
Teradata Corp.(b)	332,688		5,396,199
			8,299,018
Construction & Engineering – 0.6%
MYR Group, Inc.(b)	277,270		4,228,367
Construction Materials – 0.7%
Eagle Materials, Inc.	193,956		4,703,433
Consumer Finance – 0.7%
Dollar Financial Corp.(b)	519,036		4,941,223
Containers & Packaging – 1.0%
Myers Industries, Inc.	260,956		1,602,270
Rock-Tenn Co., Class A	191,835		5,189,137
			6,791,407
Distributors – 0.2%
Core-Mark Holding Co., Inc.(b)	61,813		1,126,233
Diversified Consumer Services – 0.9%
Hillenbrand, Inc.	383,099		6,133,415
Diversified Financial Services – 1.2%
PHH Corp.(b)	604,906		8,498,929
Electric Utilities – 2.7%
ALLETE, Inc.	175,546		4,685,323
ITC Holdings Corp.	147,590		6,437,876
Portland General Electric Co.	425,252		7,480,182
			18,603,381
Electrical Equipment – 0.6%
II-VI, Inc.(b)	207,444		3,563,888
LaBarge, Inc.(b)	49,401		413,486
Polypore International, Inc.(b)	136,892		550,306
			4,527,680
Electronic Equipment Instruments & Components – 1.9%
Amphenol Corp., Class A	106,393		3,031,136
Daktronics, Inc.	226,280		1,482,134
Littelfuse, Inc.(b)	271,237		2,980,895
Mettler-Toledo International, Inc.(b)	42,357		2,174,185
Scansource, Inc.(b)	90,860		1,688,179
TTM Technologies, Inc.(b)	321,945		1,867,281
			13,223,810

13

	Shares	Value (†)
COMMON STOCKS – continued
Energy Equipment & Services – 1.1%
Hornbeck Offshore Services, Inc.(b)	115,082	$	1,753,850
Oceaneering International, Inc.(b)	158,835		5,856,246
			7,610,096
Food & Staples Retailing – 0.9%
Spartan Stores, Inc.	416,992		6,425,847
Food Products – 3.1%
Flowers Foods, Inc.	231,281		5,430,478
J & J Snack Foods Corp.	201,646		6,974,935
J.M.Smucker Co. (The)	98,421		3,668,151
Ralcorp Holdings, Inc.(b)	109,245		5,886,120
			21,959,684
Gas Utilities – 2.5%
ONEOK, Inc.	195,907		4,433,376
UGI Corp.	550,215		12,990,576
			17,423,952
Health Care Equipment & Supplies – 2.0%
Hill-Rom Holdings, Inc.	133,631		1,321,611
Medical Action Industries, Inc.(b)	261,297		2,166,152
Teleflex, Inc.	156,254		6,107,969
West Pharmaceutical Services, Inc.	144,562		4,743,079
			14,338,811
Health Care Providers & Services – 2.3%
Amedisys, Inc.(b)	101,773		2,797,740
CorVel Corp.(b)	140,317		2,837,210
MEDNAX, Inc.(b)	119,792		3,530,270
MWI Veterinary Supply, Inc.(b)	109,983		3,132,316
Skilled Healthcare Group, Inc., Class A(b)	424,170		3,482,435
			15,779,971
Hotels, Restaurants & Leisure – 2.5%
Bob Evans Farms, Inc.	181,897		4,078,131
California Pizza Kitchen, Inc.(b)	251,170		3,285,304
Cracker Barrel Old Country Store, Inc.	123,285		3,530,882
Dover Downs Gaming & Entertainment, Inc.	301,983		927,088
Penn National Gaming, Inc.(b)	232,242		5,608,644
			17,430,049
Household Durables – 0.6%
Leggett & Platt, Inc.	310,132		4,028,615
Household Products – 0.6%
Church & Dwight Co., Inc.	85,136		4,446,653
Insurance – 8.7%
American Physicians Capital, Inc.	109,698		4,488,842
Aspen Insurance Holdings Ltd.	187,545		4,212,261
Fidelity National Financial, Inc., Class A	267,137		5,211,843
Hanover Insurance Group Inc. (The)	134,037		3,862,946
HCC Insurance Holdings, Inc.	334,373		8,422,856
Markel Corp.(b)	6,522		1,851,465
Navigators Group, Inc.(b)	116,894		5,515,059
PartnerRe Ltd.	76,466		4,746,244

14

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

	Shares	Value (†)
COMMON STOCKS – continued
Insurance – continued
ProAssurance Corp.(b)	77,083	$	3,593,609
Reinsurance Group of America, Inc.	139,456		4,516,980
RLI Corp.	113,569		5,701,164
W.R. Berkley Corp.	216,756		4,887,848
Zenith National Insurance Corp.	139,933		3,373,785
			60,384,902
Internet & Catalog Retail – 0.4%
HSN, Inc.(b)	598,882		3,078,253
Internet Software & Services – 0.2%
United Online, Inc.	291,792		1,301,392
IT Services – 6.0%
Alliance Data Systems Corp.(b)	103,751		3,833,600
Broadridge Financial Solutions, Inc.	570,804		10,622,662
Global Payments, Inc.	124,931		4,173,945
Lender Processing Services, Inc.	262,910		8,047,675
Perot Systems Corp., Class A(b)	465,246		5,992,369
SRA International, Inc., Class A(b)	200,139		2,942,043
Wright Express Corp.(b)	345,664		6,297,998
			41,910,292
Life Sciences Tools & Services – 0.2%
PerkinElmer, Inc.	100,578		1,284,381
Machinery – 2.3%
Altra Holdings, Inc.(b)	310,114		1,203,242
Badger Meter, Inc.	63,477		1,833,851
CLARCOR, Inc.	81,919		2,063,540
John Bean Technologies Corp.	430,098		4,498,825
Middleby Corp. (The)(b)	101,259		3,283,829
Wabtec Corp.	114,115		3,010,354
			15,893,641
Marine – 0.6%
Kirby Corp.(b)	153,324		4,084,551
Media – 3.5%
Alloy, Inc.(b)	244,628		1,027,438
Interactive Data Corp.	387,591		9,635,512
John Wiley & Sons, Inc. Class A	345,554		10,290,598
Scholastic Corp.	211,104		3,181,337
			24,134,885
Metals & Mining – 0.7%
Reliance Steel & Aluminum Co.	180,242		4,745,772
Multi-Utilities & Unregulated Power – 0.6%
NorthWestern Corp.	193,268		4,151,397
Multiline Retail – 1.2%
Dollar Tree, Inc.(b)	187,582		8,356,778
Oil, Gas & Consumable Fuels – 1.6%
Comstock Resources, Inc.(b)	108,339		3,228,502
Mariner Energy, Inc.(b)	214,418		1,661,739

15

	Shares	Value (†)
COMMON STOCKS – continued
Oil, Gas & Consumable Fuels – continued
Newfield Exploration Co.(b)	72,847	$	1,653,627
Penn Virginia Corp.	447,071		4,908,840
			11,452,708
Paper & Forest Products – 0.2%
Clearwater Paper Corp.(b)	200,371		1,608,979
Personal Products – 1.1%
Alberto-Culver Co.	329,152		7,442,127
Pharmaceuticals – 2.2%
Endo Pharmaceuticals Holdings, Inc.(b)	217,094		3,838,222
Obagi Medical Products, Inc.(b)	385,567		2,074,351
Perrigo Co.	375,698		9,328,581
			15,241,154
Professional Services – 0.3%
Duff & Phelps Corp., Class A(b)	131,386		2,069,329
Real Estate Management & Development – 0.6%
Forestar Group, Inc.(b)	548,186		4,193,623
REITs – 4.9%
American Campus Communities, Inc.	286,358		4,971,175
Capstead Mortgage Corp.	673,066		7,228,729
Chimera Investment Corp.	484,728		1,628,686
Digital Realty Trust, Inc.	174,840		5,801,191
Health Care REIT, Inc.	229,884		7,032,152
Potlatch Corp.	309,934		7,187,369
			33,849,302
Road & Rail – 0.4%
Genesee & Wyoming, Inc., Class A(b)	128,810		2,737,212
Semiconductors & Semiconductor Equipment – 2.1%
Atmel Corp.(b)	852,355		3,094,049
Cohu, Inc.	230,704		1,661,069
ON Semiconductor Corp.(b)	630,040		2,457,156
Semtech Corp.(b)	191,765		2,560,063
Teradyne, Inc.(b)	693,254		3,036,452
TriQuint Semiconductor, Inc.(b)	783,377		1,934,941
			14,743,730
Software – 2.5%
Informatica Corp.(b)	168,353		2,232,361
Mentor Graphics Corp.(b)	651,777		2,893,890
Progress Software Corp.(b)	156,761		2,721,371
Quest Software, Inc.(b)	227,499		2,884,687
Sybase, Inc.(b)	214,720		6,503,869
			17,236,178
Specialty Retail – 1.8%
Genesco, Inc.(b)	166,373		3,132,804
Jo-Ann Stores, Inc.(b)	200,926		3,283,131
Sally Beauty Holdings, Inc.(b)	1,127,717		6,405,432
			12,821,367

16

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

	Shares		Value (†)
COMMON STOCKS – continued
Textiles, Apparel & Luxury Goods – 2.0%
Carter’s, Inc.(b)		388,247	$	7,302,926
FGX International Holdings Ltd.(b)		275,446		3,200,683
Fossil, Inc.(b)		202,625		3,181,212
				13,684,821
Thrifts & Mortgage Finance – 1.2%
Beneficial Mutual Bancorp, Inc.(b)		480,075		4,728,739
Westfield Financial, Inc.		407,901		3,589,529
				8,318,268
Water Utilities – 1.2%
American States Water Co.		122,345		4,443,570
Middlesex Water Co.		272,189		3,919,522
				8,363,092
TOTAL COMMON STOCKS
(Identified Cost $862,998,879)				684,957,324
	Principal Amount
SHORT-TERM INVESTMENTS – 1.0%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000% to be repurchased at $7,314,430 on 4/01/2009 collateralized by $7,310,000 Federal National Mortgage Association, 4.500% due 4/29/2013 with a value of $7,465,338 including accrued interest (Note 2g of Notes to Financial Statements) (Identified Cost $7,314,430)	$	7,314,430		7,314,430
TOTAL INVESTMENTS – 99.4%
(Identified Cost $870,313,309)(a)				692,271,754
Other assets less liabilities—0.6%				4,028,132
NET ASSETS – 100.0%			$	696,299,886
(†)    See Note 2a of Notes to Financial Statements.
(a)    Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.): At March 31, 2009, the net unrealized depreciation on investments based on a cost of $870,169,125 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			$	27,888,272
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value				(205,785,643	)
Net unrealized depreciation			$	(177,897,371	)
(b)    Non-income producing security.
REITsReal Estate Investment Trusts

17

NET ASSET SUMMARY AT MARCH 31, 2009 (Unaudited)

Insurance	8.7	%
Commercial Banks	7.8
Commercial Services & Supplies	7.2
IT Services	6.0
REITs	4.9
Media	3.5
Food Products	3.1
Electric Utilities	2.7
Communications Equipment	2.6
Hotels, Restaurants & Leisure	2.5
Gas Utilities	2.5
Software	2.5
Machinery	2.3
Health Care Providers & Services	2.3
Pharmaceuticals	2.2
Capital Markets	2.1
Semiconductors & Semiconductor Equipment	2.1
Health Care Equipment & Supplies	2.0
Textiles, Apparel & Luxury Goods	2.0
Other Investments, less than 2% each	29.4
Short-Term Investments	1.0
Total Investments	99.4
Other assets less liabilities	0.6
Net Assets	100.0	%

See accompanying notes to financial statements.

18

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2009 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund
Assets
Investments at cost	$	90,143,851		$	870,313,309
Net unrealized depreciation		(10,522,003	)		(178,041,555	)
Investments at value		79,621,848			692,271,754
Receivable for Fund shares sold		150,040			1,373,658
Receivable for securities sold		2,153,110			6,768,115
Dividends receivable		24,834			963,531
Receivable from investment adviser (Note 5)		7,872			87,708
Total Assets		81,957,704			701,464,766
Liabilities
Payable for securities purchased		1,634,556			4,128,013
Payable for Fund shares redeemed		354,212			378,097
Management fees payable (Note 5)		48,874			414,699
Administrative fees payable (Note 5)		2,701			22,761
Deferred Trustees’ fees (Note 5)		39,462			99,504
Service and distribution fees payable (Note 5)		331			2,615
Other accounts payable and accrued expenses		44,932			119,191
Total Liabilities		2,125,068			5,164,880
Net Assets	$	79,832,636		$	696,299,886
Net Assets consist of:
Paid-in capital	$	329,214,858		$	1,074,657,076
Accumulated net investment (loss)/Undistributed net investment income		(331,381	)		599,727
Accumulated net realized loss on investments		(238,528,838	)		(200,915,362	)
Net unrealized depreciation on investments		(10,522,003	)		(178,041,555	)
Net Assets	$	79,832,636		$	696,299,886
Net Asset Value and Offering Price
Institutional Class
Net assets	$	31,364,377		$	359,476,601
Shares of beneficial interest		3,586,171			24,299,604
Net asset value, offering and redemption price per share	$	8.75		$	14.79
Retail Class
Net assets	$	48,468,259		$	283,656,602
Shares of beneficial interest		5,714,722			19,332,325
Net asset value, offering and redemption price per share	$	8.48		$	14.67
Admin Class
Net assets	$	—		$	53,166,683
Shares of beneficial interest		—			3,682,521
Net asset value, offering and redemption price per share	$	—		$	14.44

See accompanying notes to financial statements.

19

STATEMENTS OF OPERATIONS

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

	Small Cap Growth Fund			Small Cap Value Fund
Investment Income
Dividends	$	205,733		$	6,273,797
Interest		2,360			21,622
Securities lending income (Note 2)		7,998			49,006
		216,091			6,344,425
Expenses
Management fees (Note 5)		329,014			2,824,151
Distribution fees—Retail Class (Note 5)		68,684			394,212
Service and distribution fees—Admin Class (Note 5)		—			137,046
Trustees’ fees and expenses (Note 5)		5,627			12,412
Administrative fees (Note 5)		22,403			192,274
Custodian fees and expenses		11,376			21,047
Transfer agent fees and expenses—Institutional Class (Note 5)		9,124			203,740
Transfer agent fees and expenses—Retail Class (Note 5)		63,218			390,485
Transfer agent fees and expenses—Admin Class (Note 5)		—			132,941
Audit and tax services fees		19,496			23,724
Registration fees		31,081			56,137
Shareholder reporting expenses		11,427			98,874
Legal fees		1,780			15,692
Miscellaneous expenses (Note 5)		(2,824	)		5,877
Total expenses		570,406			4,508,612
Less fee reduction and/or expense reimbursement (Note 5)		(63,037	)		(588,374	)
Net expenses		507,369			3,920,238
Net investment income (loss)		(291,278	)		2,424,187
Net Realized and Unrealized Loss on Investments
Net Realized Loss		(33,540,315	)		(150,978,022	)
Net Change in Unrealized Appreciation (Depreciation)		(7,981,921	)		(203,880,583	)
Net realized and unrealized loss on investments		(41,522,236	)		(354,858,605	)
Net Decrease in Net Assets Resulting from Operations	$	(41,813,514	)	$	(352,434,418	)

See accompanying notes to financial statements.

20

STATEMENTS OF CHANGES IN NET ASSETS

Small Cap Growth Fund

	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008
From Operations:
Net investment loss	$	(291,278	)	$	(584,280	)
Net realized loss on investments		(33,540,315	)		(6,171,517	)
Net change in unrealized appreciation (depreciation) on investments		(7,981,921	)		(10,322,096	)
Net decrease in net assets resulting from operations		(41,813,514	)		(17,077,893	)
From Distributions to Shareholders:
Net Investment Income:
Institutional Class		—			—
Retail Class		—			—
Capital Gains:
Institutional Class		—			—
Retail Class		—			—
Total distributions		—			—
Increase (Decrease) in Net Assets Derived from Capital Share Transactions (Note 9)		(2,790,950	)		92,473,941
Redemption Fees
Institutional Class		—			11,629
Retail Class		—			17,229
Total Redemption Fees		—			28,858
Total increase (decrease) in net assets		(44,604,464	)		75,424,906
Net Assets
Beginning of period		124,437,100			49,012,194
End of period	$	79,832,636		$	124,437,100
Accumulated Net Investment Loss	$	(331,381	)	$	(40,103	)

Small Cap Value Fund

	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008
From Operations:
Net investment income	$	2,424,187		$	3,447,311
Net realized loss on investments		(150,978,022	)		(37,271,375	)
Net change in unrealized appreciation (depreciation) on investments		(203,880,583	)		(141,209,963	)
Net decrease in net assets resulting from operations		(352,434,418	)		(175,034,027	)
From Distributions to Shareholders:
Net Investment Income:
Institutional Class		(2,585,541	)		(1,132,960	)
Retail Class		(1,071,277	)		—
Admin Class		(9,660	)		—
Capital Gains:
Institutional Class		(167,987	)		(51,944,175	)
Retail Class		(141,335	)		(47,065,282	)
Admin Class		(24,687	)		(8,031,853	)
Total distributions		(4,000,487	)		(108,174,270	)
Increase (Decrease) in Net Assets Derived from Capital Share Transactions (Note 9)		(42,940,893	)		302,201,210
Redemption Fees
Institutional Class		13,620			20,568
Retail Class		11,287			18,348
Admin Class		1,950			3,084
Total Redemption Fees		26,857			42,000
Total increase (decrease) in net assets		(399,348,941	)		19,034,913
Net Assets
Beginning of period		1,095,648,827			1,076,613,914
End of period	$	696,299,886		$	1,095,648,827
Undistributed Net Investment Income	$	599,727		$	1,842,018

See accompanying notes to financial statements.

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22

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment income (loss)(a)(b)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income(b)			Distributions from net realized capital gains			Total distributions
Small Cap Growth Fund
Institutional Class
3/31/2009(g)	$	13.07	$	(0.02	)	$	(4.30	)	$	(4.32	)	$	—		$	—		$	—
9/30/2008		15.87		(0.07	)		(2.73	)		(2.80	)		—			—			—
9/30/2007		12.00		(0.06	)(f)		3.93			3.87			—			—			—
9/30/2006		11.08		(0.08	)		0.99			0.91			—			—			—
9/30/2005		8.96		(0.08	)		2.20			2.12			—			—			—
9/30/2004		8.59		(0.09	)		0.46			0.37			—			—			—
Retail Class
3/31/2009(g)		12.69		(0.03	)		(4.18	)		(4.21	)		—			—			—
9/30/2008		15.45		(0.10	)		(2.66	)		(2.76	)		—			—			—
9/30/2007		11.71		(0.09	)(f)		3.83			3.74			—			—			—
9/30/2006		10.84		(0.11	)		0.97			0.86			—			—			—
9/30/2005		8.78		(0.11	)		2.17			2.06			—			—			—
9/30/2004		8.45		(0.11	)		0.44			0.33			—			—			—
Small Cap Value Fund
Institutional Class
3/31/2009(g)	$	22.01	$	0.06		$	(7.17	)	$	(7.11	)	$	(0.10	)	$	(0.01	)	$	(0.11	)
9/30/2008		28.77		0.11	(h)		(4.03	)		(3.92	)		(0.06	)		(2.78	)		(2.84	)
9/30/2007		27.69		0.12	(f)(i)		4.29			4.41			(0.17	)		(3.16	)		(3.33	)
9/30/2006		27.43		0.13			2.70			2.83			(0.15	)		(2.42	)		(2.57	)
9/30/2005		25.75		0.13			4.22			4.35			(0.02	)		(2.65	)		(2.67	)
9/30/2004		21.34		0.04			4.97			5.01			(0.05	)		(0.55	)		(0.60	)
Retail Class
3/31/2009(g)		21.79		0.04			(7.10	)		(7.06	)		(0.05	)		(0.01	)		(0.06	)
9/30/2008		28.52		0.05	(h)		(4.00	)		(3.95	)		—			(2.78	)		(2.78	)
9/30/2007		27.46		0.04	(f)(i)		4.28			4.32			(0.10	)		(3.16	)		(3.26	)
9/30/2006		27.23		0.06			2.67			2.73			(0.08	)		(2.42	)		(2.50	)
9/30/2005		25.62		0.06			4.20			4.26			—			(2.65	)		(2.65	)
9/30/2004		21.25		(0.02	)		4.95			4.93			(0.01	)		(0.55	)		(0.56	)
Admin Class
3/31/2009(g)		21.40		0.02			(6.97	)		(6.95	)		(0.00	)		(0.01	)		(0.01	)
9/30/2008		28.13		(0.01	)(h)		(3.94	)		(3.95	)		—			(2.78	)		(2.78	)
9/30/2007		27.14		(0.03	)(f)(i)		4.22			4.19			(0.04	)		(3.16	)		(3.20	)
9/30/2006		26.94		(0.01	)		2.65			2.64			(0.02	)		(2.42	)		(2.44	)
9/30/2005		25.43		(0.00	)		4.16			4.16			—			(2.65	)		(2.65	)
9/30/2004		21.13		(0.08	)		4.93			4.85			—			(0.55	)		(0.55	)

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

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

(c) Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

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

(f) Includes a non-recurring payment of $0.01 per share and $0.00 per share for Small Cap Growth Fund and Small Cap Value Fund, respectively.

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

(h) Includes a non-recurring dividend of $0.02 per share.

(i) Includes a non-recurring dividend of $0.05 per share.

(j) Includes fee/expense recovery of 0.02%.

See accompanying notes to financial statements.

23

								Ratios to Average Net Assets:
Redemption fees(b)		Net asset value, end of the period		Total return (%)(c)		Net assets, end of the period (000’s)		Net expenses (%)(d)(e)		Gross expenses (%)(e)		Net investment income (loss) (%)(e)		Portfolio turnover rate (%)
$	—	$	8.75	(33.1	)	$	31,364	1.00		1.03		(0.51	)	57
	0.00		13.07	(17.6	)		44,540	1.00		1.01		(0.47	)	92
	0.00		15.87	32.3			28,088	1.00		1.23		(0.47	)	83
	0.01		12.00	8.3			20,414	1.00		1.38		(0.69	)	100
	0.00		11.08	23.7			15,785	1.00		1.70		(0.85	)	227
	0.00		8.96	4.3			15,867	1.00		1.31		(0.95	)	217
	—		8.48	(33.2	)		48,468	1.25		1.46		(0.76	)	57
	0.00		12.69	(17.9	)		79,897	1.25		1.42		(0.70	)	92
	0.00		15.45	31.9			20,924	1.25		1.50		(0.66	)	83
	0.01		11.71	8.0			2,981	1.25		1.92		(0.94	)	100
	0.00		10.84	23.5			3,592	1.25		1.87		(1.14	)	227
	0.00		8.78	3.9			14,589	1.25		1.52		(1.19	)	217
$	0.00	$	14.79	(32.3	)	$	359,477	0.90		0.97		0.79		28
	0.00		22.01	(15.0	)		553,268	0.89		0.89		0.47		61
	0.00		28.77	17.0			534,776	0.89		0.89		0.43		57
	0.00		27.69	11.2			442,714	0.89	(j)	0.89	(j)	0.47		62
	0.00		27.43	18.0			403,110	0.90		0.93		0.48		59
	0.00		25.75	23.8			346,356	0.90		0.93		0.16		70
	0.00		14.67	(32.4	)		283,657	1.15		1.36		0.53		28
	0.00		21.79	(15.2	)		464,525	1.15		1.27		0.21		61
	0.00		28.52	16.7			465,055	1.15		1.24		0.15		57
	0.00		27.46	10.9			291,690	1.15		1.20		0.21		62
	0.00		27.23	17.7			235,948	1.15		1.20		0.24		59
	0.00		25.62	23.5			173,411	1.15		1.18		(0.08	)	70
	0.00		14.44	(32.5	)		53,167	1.40		1.85		0.30		28
	0.00		21.40	(15.4	)		77,855	1.40		1.68		(0.04	)	61
	0.00		28.13	16.4			76,783	1.40		1.56		(0.10	)	57
	0.00		27.14	10.6			64,367	1.40		1.46		(0.04	)	62
	0.00		26.94	17.4			67,505	1.40		1.43		(0.01	)	59
	0.00		25.43	23.3			62,680	1.40		1.43		(0.33	)	70

See accompanying notes to financial statements.

24

NOTES TO FINANCIAL STATEMENTS

March 31, 2009 (Unaudited)

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

Loomis Sayles Funds I:

Loomis Sayles Small Cap Value Fund (the “Small Cap Value Fund”)

Loomis Sayles Funds II:

Loomis Sayles Small Cap Growth Fund (the “Small Cap Growth Fund”)

Each Fund offers Institutional Class Shares and Retail Class Shares. In addition, Small Cap Value Fund offers Admin Class Shares.

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

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

a.  Valuation. 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 Funds by a pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Broker-dealer bid quotations may also be used to value debt and equity securities where a pricing service does not price a security or where a pricing service does not provide a reliable price for the security. In instances where broker-dealer bid quotations are not available, certain securities held by the Funds may be valued on the basis of a price provided by a principal market maker. Forward foreign currency contracts are “marked-to-market” daily utilizing interpolated prices determined from information provided by an independent pricing service. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ investment adviser using consistently applied procedures under the general supervision of the Board of Trustees. Investments in other open-end investment companies are valued at their net asset value each day.

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

b.  Security Transactions and Related Investment Income. Security transactions are accounted for on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as the Fund is notified, and interest income

25

is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. Investment income is recorded net of foreign taxes withheld when applicable. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

c.  Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

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

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

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

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

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

At March 31, 2009, there were no open forward foreign currency contracts.

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

A Fund may be subject to foreign taxes on income and gains on investments that are accrued based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign governments may also

26

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

impose taxes or other payments on investments with respect to foreign securities. Such taxes are accrued as applicable, and are reflected as foreign taxes payable on the Statements of Assets and Liabilities.

f.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes for items such as distributions from REITs, foreign currency transactions and net operating losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to securities lending collateral gain/loss adjustment, deferred Trustees’ fees, REIT basis adjustments and wash sales. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

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

	2008 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	—	$	—
Small Cap Value Fund		16,873,484		91,300,786		108,174,270

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

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

Capital loss carryforward:	Small Cap Growth Fund			Small Cap Value Fund
Expires September 30, 2010	$	(138,314,515	)	$	—
Expires September 30, 2011		(59,283,040	)		—
Total capital loss carryforward	$	(197,597,555	)	$	—
Deferred net capital losses (post-October 2007)	$	(7,364,469	)	$	(47,743,728	)

g.  Repurchase Agreements. It is each 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.

h.  Securities Lending. The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

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

27

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

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

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

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

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

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

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

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

Small Cap Growth Fund

Valuation Inputs	Investments in Securities
Level 1 – Quoted Prices	$	79,621,848
Level 2 – Other Significant Observable Inputs		—
Level 3 – Significant Unobservable Inputs		—
Total	$	79,621,848

Small Cap Value Fund

Valuation Inputs	Investments in Securities
Level 1 – Quoted Prices	$	692,271,754
Level 2 – Other Significant Observable Inputs		—
Level 3 – Significant Unobservable Inputs		—
Total	$	692,271,754

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

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

Fund	Purchases		Sales
Small Cap Growth Fund	$	50,712,748	$	53,755,781
Small Cap Value Fund		218,290,842		249,613,897

28

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

5.Management Fees and Other Transactions with Affiliates.

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

Fund	Percentage of Average Daily Net Assets
Small Cap Growth Fund	0.75%
Small Cap Value Fund	0.75%

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

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class	Retail Class	Admin Class
Small Cap Growth Fund	1.00%	1.25%	—
Small Cap Value Fund	0.90%	1.15%	1.40%

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

Fund	Management Fee
Small Cap Growth Fund	$	329,014
Small Cap Value Fund		2,824,151

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

Fund	Reimbursement
Small Cap Growth Fund	$	63,037
Small Cap Value Fund		588,374

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

	Expenses Subject to Possible Recovery Until September 30, 2009
Fund	Institutional Class		Retail Class		Admin Class		Total
Small Cap Growth Fund	$	2,492	$	92,689	$	—	$	95,181
Small Cap Value Fund		—		546,480		220,966		767,446

	Expenses Subject to Possible Recovery Until September 30, 2010
Fund	Institutional Class		Retail Class		Admin Class		Total
Small Cap Growth Fund	$	5,718	$	57,319	$	—	$	63,037
Small Cap Value Fund		133,834		331,457		123,083		588,374

Certain officers and employees of Loomis Sayles are also officers or Trustees of the Trust. Loomis Sayles’ general partner is indirectly owned by Natixis Global Asset Management, L.P. (“Natixis US”), which is part of Natixis Global Asset Management, an international asset management group based in Paris, France.

29

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

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

Fund	Administrative Fees
Small Cap Growth Fund	$	22,403
Small Cap Value Fund		192,274

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

Pursuant to Rule 12b-1 under the 1940 Act, the Small Cap Growth Fund and the Small Cap Value Fund have adopted a Distribution Plan relating to their Retail Class shares (the “Retail Class Plans”) and the Small Cap Value Fund has adopted a separate Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

Under the respective Retail Class and Admin Class Plans, each Fund pays Natixis Distributors a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Retail Class and Admin Class Shares, as reimbursement for expenses incurred by Natixis Distributors in providing personal services to investors in Retail Class and Admin Class Shares and/or maintenance of shareholder accounts. In addition, the Admin Class shares of the Small Cap Value Fund may pay an administrative service fee, at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares, to securities dealers or financial intermediaries for providing personal service and account maintenance for their customers who hold such shares.

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

	Service Fees		Distribution Fees
Fund	Admin Class		Retail Class		Admin Class
Small Cap Growth Fund	$	—	$	68,684	$	—
Small Cap Value Fund		68,523		394,212		68,523

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

	Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class		Admin Class
Small Cap Growth Fund	$	8,531	$	26,518	$	—
Small Cap Value Fund		163,381		352,268		130,763

30

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

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

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

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

Fund	Amount
Small Cap Growth Fund	$	8,037
Small Cap Value Fund		14,867

f.  Redemption Fees. Shareholders of Small Cap Growth Fund and Small Cap Value Fund are charged a 2% redemption fee if they redeem, including redeeming by exchange, any class of shares of such Funds within 60 days of their acquisition (including acquisition by exchange). The redemption fee is intended to offset the costs to the Funds of short-term trading, such as portfolio transaction and market impact costs associated with redemption activity and administrative costs associated with processing redemptions. The redemption fee is deducted from the shareholder’s redemption or exchange proceeds and is paid to the Fund.

The “first-in, first-out” method is used to determine the holding period of redeemed or exchanged shares, which means that if a shareholder acquired shares on different days, the shares acquired first will be redeemed or exchanged first for purposes of determining whether the redemption fee applies. A new holding period begins with each purchase or exchange. These fees are accounted for as an addition to paid-in capital and are presented in the Statements of Changes in Net Assets.

On March 27, 2009, the Trustees approved the elimination of redemption fees on Small Cap Growth Fund and Small Cap Value Fund effective June 1, 2009.

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

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

31

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

7.  Brokerage Commission Recapture. Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains in the Statements of Operations. For the six months ended March 31, 2009, amounts rebated under these agreements were as follows:

Fund	Rebates
Small Cap Growth Fund	$	9,340
Small Cap Value Fund		38,679

8.  Shareholders. At March 31, 2009, the Loomis Sayles Funded Pension Plan and the Loomis Sayles Employees’ Profit Sharing Retirement Plan held Institutional Class shares of beneficial interest in the Funds as follows:

Fund	Pension Plan	Profit Sharing Retirement Plan
Small Cap Growth Fund	368,786	367,113
Small Cap Value Fund	362,408	751,956

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

	Small Cap Growth Fund
	Six Months Ended March 31, 2009					Year Ended September 30, 2008
Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	1,189,564		$	11,077,773		2,094,507		$	30,602,699
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	(1,011,198	)		(9,103,938	)	(456,742	)		(6,441,388	)
Net change	178,366		$	1,973,835		1,637,765		$	24,161,311
Retail Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	1,004,037		$	9,188,291		6,898,095		$	94,809,730
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	(1,585,593	)		(13,953,076	)	(1,956,386	)		(26,497,100	)
Net change	(581,556	)	$	(4,764,785	)	4,941,709		$	68,312,630
Increase (decrease) from capital share transactions	(403,190	)	$	(2,790,950	)	6,579,474		$	92,473,941
	Small Cap Value Fund
	Six Months Ended March 31, 2009					Year Ended September 30, 2008
Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	2,539,102		$	41,335,220		9,681,674		$	228,728,526
Issued in connection with the reinvestment of distributions	156,833			2,488,947		1,942,239			49,352,283
Redeemed	(3,528,623	)		(57,105,563	)	(5,076,716	)		(120,789,687	)
Net change	(832,688	)	$	(13,281,396	)	6,547,197		$	157,291,122

32

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

	Small Cap Value Fund — continued
	Six Months Ended March 31, 2009					Year Ended September 30, 2008
Retail Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	2,749,459		$	47,397,068		10,268,147		$	242,357,595
Issued in connection with the reinvestment of distributions	76,628			1,206,896		1,850,508			46,632,804
Redeemed	(4,812,609	)		(78,633,739	)	(7,108,230	)		(166,486,060	)
Net change	(1,986,522	)	$	(30,029,775	)	5,010,425		$	122,504,339
Admin Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	901,058		$	13,680,755		2,168,929		$	51,105,918
Issued in connection with the reinvestment of distributions	1,691			26,231		271,955			6,747,215
Redeemed	(858,256	)		(13,336,708	)	(1,532,487	)		(35,447,384	)
Net change	44,493		$	370,278		908,397		$	22,405,749
Increase (decrease) from capital share transactions	(2,774,717	)	$	(42,940,893	)	12,466,019		$	302,201,210

33

Loomis Sayles Bond Fund

Loomis Sayles Fixed Income Fund

Loomis Sayles Global Bond Fund

Loomis Sayles Inflation Protected Securities Fund

Loomis Sayles Institutional High Income Fund

Loomis Sayles Intermediate Duration Fixed Income Fund

Loomis Sayles Investment Grade Fixed Income Fund

TABLE OF CONTENTS
Fund and Manager Reviews	1
Portfolio of Investments	18
Statements of Assets and Liabilities	113
Statements of Operations	115
Statements of Changes in Net Assets	117
Financial Highlights	121
Notes to Financial Statements	127

SEMIANNUAL REPORT

MARCH 31, 2009 (Unaudited)

FUND AND MANAGER REVIEW

Loomis Sayles Bond Fund

Daniel Fuss, CFA, CIC Manager since May 1991	Matthew Eagan, CFA Associate Manager since February 2007
Kathleen Gaffney, CFA Manager since October 1997	Elaine Stokes Associate Manager since February 2007

PORTFOLIO REVIEW

For the six months ended March 31, 2009, the Fund underperformed its Benchmark, Barclays Capital US Government/Credit Index, primarily due to its exposure to high yield and non-US-dollar debt.

Security selection was the foremost driver of underperformance, primarily among high yield and investment grade industrial credits. In particular, the global recession and increasing liquidity fears drove losses on highly levered names, including telecommunication and health care, along with specific names in autos. In the investment grade utilities segment, our overweight allocation, coupled with liquidity issues and the seasonal nature of revenues, led to lagging results. High yield convertible bonds also declined sharply, but a rally in the first quarter of 2009 helped mitigate our losses.

As the global recession continued, the US dollar gained on its peers, as investors sought protection from currencies impacted by faltering commodity prices. Our foreign exposure, primarily in Canada, Indonesia, Mexico, New Zealand and Brazil, weighed heavily on portfolio returns. Despite a positive shift in the market during the first quarter of 2009, losses from the closing quarter of 2008 were too large to be offset.

Risk aversion and a massive flight to quality inflated US Treasury prices and yields sank to historic lows. As a result, our underweight allocations to US Treasury and agency securities also contributed to the Fund’s underperformance for the period.

On a positive note, we maintained a longer-than-Benchmark duration during the period, primarily in investment grade corporate bonds and government agency securities. As yields on US Treasury securities declined amid the massive flight to quality, the Fund’s relatively long term positioning enabled it to capitalize on rising prices. In addition, our exposure to financial credits benefited from the introduction of several US Treasury department lending programs. In particular, our non-investment-grade positioning gained ground early in the period, primarily due to the credit arm of a major US automaker that received access to federal funding.

OUTLOOK

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

FUND FACTS

Symbol | Institutional: LSBDX;

Retail: LSBRX; Admin: LBFAX

Objective | High total investment return through a combination of current income and capital appreciation

Strategy | Invests primarily in investment-grade fixed-income securities, although it may invest up to 35% of assets in lower rated fixed-income securities and up to 20% of its assets in preferred stocks. The Fund may invest any portion of its assets in Canadian securities and up to 20% of assets in other foreign securities, including emerging markets securities.

Fund Inception Date | 5/16/91

Class Inception Date Institutional: 5/16/91; Retail: 12/31/96; Admin: 1/2/98

Total Net Assets | $13,130.4 million

1

more demand for riskier assets, such as high yield and investment grade bonds, as well as commodity currencies.

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2009

6 Months	1 Year		5 Years		10 Years		Since Fund Inception(a)
Loomis Sayles Bond: Institutional
-8.99%	-20.48	%	1.37	%	5.65	%	8.77	%
Loomis Sayles Bond: Retail(c)
-9.07	-20.70		1.10		5.38		8.50
Loomis Sayles Bond: Admin(c)
-9.12	-20.87		0.84		5.12		8.03
Barclays Capital US Government/Credit Index(d)
5.06	1.78		3.74		5.64		6.80
Lipper BBB-Rated Funds Index(d)
-3.01	-10.65		0.79		3.72		5.79

Gross expense ratio (before reductions and reimbursements)*
Institutional: 0.64%	Retail: 0.94	%	Admin: 1.24	%
Net expense ratio (after reductions and reimbursements)*
Institutional: 0.64%	Retail: 0.94	%	Admin: 1.20	%

* As stated in the most recent prospectus

CUMULATIVE PERFORMANCE^(e)

Inception to March 31, 2009^(b)

Data quoted reflects past performance and cannot guarantee future results. Average annual total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month-end, please visit the Loomis Sayles website. Current performance may be higher or lower than quoted.

Returns do not reflect the taxes that a shareholder would pay on Fund distributions or the redemption of shares. Periods of less than one year are not annualized. Performance data reflects certain fee reductions and reimbursements, if any, without which performance would be lower.

(a) Inception dates of the Institutional, Retail and Admin Classes of shares are May 16, 1991, December 31, 1996 and January 2, 1998, respectively. (b) The mountain chart is based on the initial minimum investment of $100,000 for the Institutional Class. (c) Performance shown for periods prior to the inception date of the Retail Class and the Admin Class represents the performance of the Institutional Class during the periods shown, adjusted to reflect the current levels of 12b-1 fees payable by the respective classes of shares. (d) See page 15 for a description of the indices. Index performance data is not available coincident with the Fund’s inception date; the beginning value of the index is the value as of the month end closest to the Fund’s inception date. (e) Cumulative performance is shown for the Institutional Class of shares. Performance of the Retail and Admin Classes would be lower, due to higher fees.

WHAT YOU SHOULD KNOW

The Fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. Fund shares should be viewed as a long-term investment. Securities issued by US government agencies are not insured by and may not be guaranteed by the US government. The Fund can invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The Fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the US dollar and foreign currencies may cause the value of a Fund’s investments to decline. Accordingly, the purchase of fund shares should be viewed as a long-term investment.

2

FUND AND MANAGER REVIEW

Loomis Sayles Fixed Income Fund

Daniel Fuss, CFA, CIC Manager since January 1995	Matthew Eagan, CFA Associate Manager since February 2007
Kathleen Gaffney, CFA Associate Manager since February 2007	Elaine Stokes Associate Manager since February 2007

PORTFOLIO REVIEW

For the six months ended March 31, 2009, the Fund underperformed its Benchmark, Barclays Capital US Government/Credit Index, primarily due to specific security selection, duration positioning in investment grade industrials and preferred securities and sector allocation.

Exceptional market volatility spurred a flight to quality in the fourth quarter of 2008, which impaired access to capital for many businesses, particularly those with direct ties to the US consumer. Our high yield industrial bonds fell victim to this crisis of confidence. In addition, our underweight in US Treasurys, which benefited during the flight to quality, also weighed on returns in the first quarter of 2009.

The increasingly grim global economic outlook sent most major currencies lower versus the US dollar, which led to lagging results for our foreign currency holdings. In particular, falling prices in the commodities market, stemming from depressed global demand, had a substantial impact on several currencies, including the Brazilian real, New Zealand dollar and Canadian dollar. The Indonesian rupiah and the Icelandic krona also lagged, as instability in the US financial markets gripped foreign institutions. Our allocation to convertible securities put additional downward pressure on returns. Much of this underperformance was due to the Fund’s exposure to several firms that declared bankruptcy or were severely distressed during the period, including Nortel, Epix and Ford Motor Co.

For most of the period, we maintained a longer-than-Benchmark duration strategy, concentrated largely in long term, investment grade industrials and preferred securities. This positioning detracted modestly from performance as the yield curve steepened.

From a sector perspective, our investment grade industrials made the greatest contribution to relative performance, led by strong results from individual companies in the telecommunication industry. The Fund’s allocation to high yield financials also fared well, following the successful conversion of GMAC into a bank holding company.

OUTLOOK

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

FUND FACTS

Symbol | LSFIX

Objective | High total investment return through a combination of current income and capital appreciation

Strategy | Invests primarily in fixed-income securities, may invest up to 35% of its assets in lower-rated fixed-income securities and up to 20% of its assets in preferred stocks. The Fund may invest any portion of its assets in Canadian securities and up to 20% of assets in other foreign securities, including emerging markets securities.

Fund Inception Date | 1/17/95

Fund Registration Date | 3/7/97

Total Net Assets | $596.6 million

3

more demand for riskier assets, such as high yield and investment grade bonds, as well as commodity currencies.

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2009

6 Months	1 Year		5 Years		10 Years		Since Registration(a)		Since Fund Inception(a)
Loomis Sayles Fixed Income: Institutional
-7.52%	-16.34	%	2.69	%	6.39	%	6.78	%	8.41	%
Barclays Capital US Government/Credit Index(b)
5.06	1.78		3.74		5.64		6.11		6.60
Lipper BBB-Rated Funds Index(b)
-3.01	-10.65		0.79		3.72		4.31		5.27

Gross expense ratio (before reductions and reimbursements)*
Institutional: 0.58	%
Net expense ratio (after reductions and reimbursements)*
Institutional: 0.58	%

* As stated in the most recent prospectus

CUMULATIVE PERFORMANCE

Registration to March 31, 2009^(c)

Inception to March 31, 2009^(c)

Data quoted reflects past performance and cannot guarantee future results. Average annual total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month end, please visit the Loomis Sayles website. Current performance may be higher or lower than quoted.

Returns do not reflect the taxes that a shareholder would pay on Fund distributions or the redemption of shares. Periods of less than one year are not annualized. Performance data reflects certain fee reductions and reimbursements, if any, without which performance would be lower.

(a) Shares of the Fund were registered for offer and sale under the Securities Act of 1933 on March 7, 1997. In accordance with regulations, performance information is provided for the period beginning on March 7, 1997 (“Registration”). Performance from inception is also provided for the convenience of our long-term shareholders. Since index performance data is not available coincident with the Fund’s inception and registration dates, comparative performance is presented from the month end closest to the Fund’s inception and registration dates. (b) See page 15 for a description of the indices. (c) The mountain chart is based on the Fund’s minimum initial investment of $3,000,000.

WHAT YOU SHOULD KNOW

The Fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. Fund shares should be viewed as a long-term investment. Securities issued by US government agencies are not insured by and may not be guaranteed by the US government. The Fund can invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The Fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the US dollar and foreign currencies may cause the value of a Fund’s investments to decline. Accordingly, the purchase of fund shares should be viewed as a long-term investment.

4

FUND AND MANAGER REVIEW

Loomis Sayles Global Bond Fund

Ken Buntrock, CFA, CIC

Manager since September 2000

David Rolley, CFA

Manager since September 2000

Lynda Schweitzer, CFA

Manager since February 2007

PORTFOLIO REVIEW

For the six months ended March 31, 2009, the Fund underperformed its Benchmark, Barclays Capital Global Aggregate Bond Index, primarily due to its overweight positions in US and European corporate bonds.

Most of the Fund’s underperformance occurred during the first three months of the fiscal period, as the credit crisis deepened and investors’ flight to safety accelerated. The global recession, illiquid capital markets, and depleted investor confidence caused corporate spreads to widen to record levels during the period. The Fund’s worst performing individual issues included banks, brokers and finance companies, which struggled as concern about the global banking system weighed on investors. In addition, our out-of-Benchmark position in the Iceland krona dampened returns, as the extraordinary collapse of that nation’s banking system led to large losses in the value of its currency.

In December and January the Fund benefitted from corporate spread tightening. Positive fund flows and a healthy supply of new issues, combined with widespread sentiment that corporate credit could offer value, encouraged investors. In addition, interest rates fell in most markets, and the Fund’s long duration in credit securities helped performance.

Our underweight positions in the euro and Canadian dollar led to positive performance results. Concerns surrounding the European banking sector and its exposure to Eastern Europe caused the euro to weaken, while weaker economic data, falling commodity prices, and the spillover from deteriorating US fundamentals undermined support for the Canadian dollar. In the first quarter of 2009, we added to the Fund’s position in the Norwegian krona, which rallied against the greenback as commodity prices stabilized.

OUTLOOK

We have positioned the portfolio for a global recovery that we see ahead in the months to come, with relatively few US Treasurys, an underweight in the Japanese yen, and overweight positions in high-grade and high yield credit.

Given the market’s buying enthusiasm this spring, we are inclined to look for a slight pullback from the recent optimism. If this occurs, we will take advantage of any attractive re-pricing to add to “recovery” positions. Specifically, we plan to increase the Fund’s position in currencies tied to commodity prices, emerging market securities, and high yield bonds.

FUND FACTS

Symbol | Institutional: LSGBX;

Retail: LSGLX

Objective | High total investment return through a combination of high current income and capital appreciation

Strategy | Invests primarily in investment-grade fixed-income securities worldwide, although it may invest up to 20% of assets in lower-rated fixed-income securities.

Fund Inception Date | 5/10/91

Class Inception Date Institutional: 5/10/91; Retail: 12/31/96

Total Net Assets | $1,436.7 million

5

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2009

6 Months	1 Year		5 Years		10 Years		Since Inception(a)
Loomis Sayles Global Bond: Institutional
-4.72%	-14.52	%	1.48	%	5.32	%	7.20	%
Loomis Sayles Global Bond: Retail(b)
-4.91	-14.81		1.18		5.04		7.01
Barclays Capital Global Aggregate Bond Index(c)
1.83	-4.93		3.90		5.22		6.72
Lipper Global Income Funds Index(c)
-3.99	-11.41		1.74		4.03		5.35

Gross expense ratio (before reductions and reimbursements)*
Institutional: 0.64	%	Retail: 1.00	%
Net expense ratio (after reductions and reimbursements)*
Institutional: 0.64	%	Retail: 1.00	%

* As stated in the most recent prospectus

CUMULATIVE PERFORMANCE^(d)

Inception to March 31, 2009^(e)

Data quoted reflects past performance and cannot guarantee future results. Average annual total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month-end, please visit the Loomis Sayles website. Current performance may be higher or lower than quoted.

Returns do not reflect the taxes that a shareholder would pay on Fund distributions or the redemption of shares. Periods of less than one year are not annualized. Performance data reflects certain fee reductions and reimbursements, if any, without which performance would be lower.

(a) Since index performance data is not available coincident with the Fund’s inception date, the beginning value of the index is the value as of the month end closest to the Fund’s inception date. (b) Performance shown for periods prior to the inception date of the Retail Class (12/31/96) represents the performance of the Institutional Class during the periods shown, adjusted to reflect the current levels of 12b-1 fees payable by the respective Classes of shares. (c) See page 15 for a description of the indices. (d) Cumulative performance is shown for the Institutional Class. Performance of the Retail Class would be lower due to higher fees. (e) The mountain chart is based on the Institutional Class minimum initial investment of $100,000.

WHAT YOU SHOULD KNOW

The Fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. Fund shares should be viewed as a long-term investment. Securities issued by US government agencies are not insured by and may not be guaranteed by the US government. The Fund can invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The Fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the US dollar and foreign currencies may cause the value of a Fund’s investments to decline. Accordingly, the purchase of fund shares should be viewed as a long-term investment.

6

FUND AND MANAGER REVIEW

Loomis Sayles Inflation Protected Securities Fund

John Hyll

Manager since January 2003

Cliff Rowe, CFA

Manager since January 2003

PORTFOLIO REVIEW

For the six months ended March 31, 2009, the Fund lagged its Benchmark, Barclays Capital US TIPS Index, primarily as a result of security selection. During the period, the real yield on ten-year TIPS (Treasury Inflation-Protected Securities) decreased to 1.43% at March 31, 2009, from 2.25% on September 30, 2008. The yield on five-year TIPS slid to 0.9% at the end of March 2009.

Although the nominal US Treasury curve continued to steepen amidst the accelerating credit crisis and significant Federal Reserve rate cuts, the TIPS curve flattened during much of the period. Investors quickly replaced their inflation fears with fears of deflation, as commodities retreated from their third-quarter peaks. Our longer-than-Benchmark duration strategy helped buoy returns as the TIPS curve flattened.

TIPS, which comprised 85% of the Fund, were battered during much of the period, as deflation fears and gloomy economic news prompted investors to flee to the relative safety of nominal Treasuries. Inflation concerns reappeared late in the first quarter of 2009, due to a spike in oil prices and a rapidly ballooning Federal Reserve balance sheet. These concerns provided a measure of relief for TIPS, but the sector still ended the period lagging nominal Treasurys.

Out-of-Benchmark positions accounted for the bulk of the Fund’s relative underperformance. Exceptional market volatility spurred a flight to quality in the first half of the period. This led to impaired access to capital for much of the credit market, particularly firms with direct ties to the domestic consumer. The Fund’s industrial holdings, particularly in the high yield sector, fell victim to this crisis of confidence. The market’s appetite for risk tentatively re-emerged late in the first quarter of 2009, but the resulting rally was not sufficient to offset earlier losses.

In addition, the increasingly grim global economic outlook sent most major currencies lower versus the US dollar. In this environment, our non-US-dollar holdings, including those denominated in the Mexican peso and Singapore dollar, detracted from performance.

OUTLOOK

Although our near-term outlook for inflation remains relatively tame, the longer term outlook suggests inflation may soar due to the considerable amount of government stimulus in the system and the massive expansion of the Federal Reserve’s balance sheet. In this environment, we believe TIPS continue to offer good value.

Investment grade credit spreads appear ample relative to the credit problems we see ahead in coming quarters and in light of likely improvements in market liquidity. We are less enthusiastic about high yield, though, due to the potential for rising defaults this year and next.

FUND FACTS

Symbol | LSGSX

Objective | High total investment return through a combination of current income and capital appreciation

Strategy | Invests primarily in inflation-protected securities with emphasis on debt securities issued by the US Treasury

Fund Inception Date | 5/20/91

Total Net Assets | $13.3 million

7

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2009

6 Months	1 Year		5 Years		10 Years		Since Inception(a)
Loomis Sayles Inflation Protected Securities: Institutional
0.80%	-4.77	%	2.67	%	5.19	%	7.08	%
Barclays Capital US TIPS Index(b)
1.84	-2.04		4.15		7.32		N/A
Lipper Treasury Inflation Protected Securities Funds Index(b)
0.06	-4.92		3.22		N/A		N/A

Gross expense ratio (before reductions and reimbursements)*
Institutional: 0.95	%
Net expense ratio (after reductions and reimbursements)*
Institutional: 0.40	%

* As stated in the most recent prospectus

CUMULATIVE PERFORMANCE

Inception to March 31, 2009^(c)

Data quoted reflects past performance and cannot guarantee future results. Average annual total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month end, please visit the Loomis Sayles website. Current performance may be higher or lower than quoted.

For illustrative purposes, the chart above reflects the growth of a hypothetical investment of $100,000 in the Fund, since its inception. The chart above also reflects the growth of a hypothetical investment in the former primary benchmark of the Fund, the Barclays Capital US Government Bond Index (the “Former Benchmark”), compared to the performance of the Fund from the Fund’s inception date through December 31, 2004. On December 15, 2004, in connection with a change of the Fund’s investment objective, the Fund changed its primary benchmark to the Barclays Capital US TIPS Index (the “New Benchmark”). Since index performance data is not available coincident with the date of the Fund’s strategy change, comparative data for the Fund’s New Benchmark begins on December 31, 2004. The chart above reflects the growth of a hypothetical investment in the New Benchmark, compared to the performance of the Fund, from December 31, 2004, through March 31, 2009. The chart above also compares the performance of the Fund to the Lipper Treasury Inflation Protected Securities Funds Index from December 31, 2004 through March 31, 2009. The performance of the New Benchmark and of the Lipper Treasury Inflation Protected Securities Funds Index was linked to the performance of the Former Benchmark as of December 31, 2004.

Returns do not reflect the taxes that a shareholder would pay on fund distributions or the redemption of shares. Periods of less than one year are not annualized. Performance data reflects certain fee reductions and reimbursements, if any, without which performance would be lower.

(a) Since index performance data is not available coincident with the Fund’s inception date, comparative performance is presented from the month end closest to the Fund’s inception date. (b) See page 15 for a description of the indices. Return data is not available for the Barclays Capital US TIPS Index prior to March 1, 1997. Similarly, return data is not available for the Lipper Treasury Inflation Protected Securities Funds Index prior to July 1, 2003. (c) The mountain chart is based on the Fund’s minimum initial investment of $100,000.

WHAT YOU SHOULD KNOW

Securities issued by US government agencies are not insured by and may not be guaranteed by the US government. The Fund can invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The Fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the US dollar and foreign currencies may cause the value of a Fund’s investments to decline. Accordingly, the purchase of fund shares should be viewed as a long-term investment.

Effective December 15, 2004, the Fund’s name and investment strategy changed. The Fund’s strategy emphasizes inflation-protected debt securities issued by the US Treasury (TIPS). The principal value of the types of securities are periodically adjusted according to the rate of inflation and repayment of the original bonds is guaranteed by the US government.

8

FUND AND MANAGER REVIEW

Loomis Sayles Institutional High Income Fund

Daniel Fuss, CFA, CIC Manager since June 1996	Matthew Eagan, CFA Associate Manager since February 2007
Kathleen Gaffney, CFA Associate Manager since February 2007	Elaine Stokes Associate Manager since February 2007

PORTFOLIO REVIEW

For the six months ended March 31, 2009, the Fund performed in line with its Benchmark, Barclays Capital High Yield Index, during a period when the acceleration of the credit crisis and uptick in defaults continued to assault the high yield market.

The lack of liquidity and an absence of dealers significantly affected valuations across the credit spectrum. Fears of a systemic meltdown drove dramatic volatility in the high yield market, as the credit crisis sent investors running for less risky assets. High yield bonds and highly leveraged loans did not perform well in this environment and significantly detracted from the Fund’s returns. Lower quality credits in the industrials and utilities sectors were particularly hard hit, as balance sheets were constrained and defaults increased. Furthermore, rising unemployment and economic weakness weighed on lower quality bonds in the consumer sectors.

However, the Fund’s high quality corporate bonds provided a source of relative returns in this environment. In particular, the US government’s injection of capital into the banking system, through a variety of programs and extraordinary measures, alleviated our concerns of financial collapse, and we subsequently increased exposure to higher quality banking issues. This strategy was effective, as our out-of-Benchmark allocation to investment grade financial companies boosted relative returns due to the rebound in this sector.

Government programs, such as the recent expansion of the TALF (Term Asset-Backed Securities Loan Facility) and the announcement of PPIP (Public-Private Investment Program) were significantly supportive of the CMBS (commercial mortgage-backed securities) market. Our small addition of super senior CMBS with AAA ratings boosted absolute and relative returns.

OUTLOOK

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

FUND FACTS

Symbol | LSHIX

Objective | High total investment return through a combination of current income and capital appreciation

Strategy | Invests in primarily lower-rated fixed-income securities and other securities that are expected to produce a relatively high level of income, (including income-producing preferred and common stocks).

The Fund may invest any portion of its assets in Canadian securities and up to 50% of assets in other foreign securities, including emerging markets securities.

Fund Inception Date | 6/5/96

Fund Registration Date | 3/7/97

Total Net Assets | $249.5 million

9

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2009

6 Months	1 Year		5 Years		10 Years		Since Registration(a)		Since Inception(a)
Loomis Sayles Institutional High Income: Institutional
-13.47%	-21.68	%	2.00	%	5.59	%	5.11	%	5.39	%
Barclays Capital High Yield Index(b)
-12.97	-19.31		-0.10		2.58		3.24		3.92
Lipper High Current Yield Funds Index(b)
-17.85	-23.71		-1.55		0.52		1.50		2.26

Gross expense ratio (before reductions and reimbursements)*
Institutional: 0.74	%
Net expense ratio (after reductions and reimbursements)*
Institutional: 0.74	%

* As stated in the most recent prospectus

CUMULATIVE PERFORMANCE

Registration to March 31, 2009^(c)

Inception to March 31, 2009^(c)

Data quoted reflects past performance and cannot guarantee future results. Average annual total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month end, please visit the Loomis Sayles website. Current performance may be higher or lower than quoted.

Returns do not reflect the taxes that a shareholder would pay on Fund distributions or the redemption of shares. Periods of less than one year are not annualized. Performance data reflects certain fee reductions and reimbursements, if any, without which performance would be lower.

(a) Shares of the Fund were registered for offer and sale under the Securities Act of 1933 on March 7, 1997. In accordance with regulations, performance information is provided for the period beginning on March 7, 1997 (“Registration”). Performance from inception is also provided for the convenience of our long-term shareholders. Since index performance data is not available coincident with the Fund’s inception and registration dates, comparative performance is presented from the month end closest to the Fund’s inception and registration dates. (b) See page 15 for a description of the indices. (c) The mountain chart is based on the Fund’s minimum initial investment of $3,000,000.

WHAT YOU SHOULD KNOW

The Fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. Fund shares should be viewed as a long-term investment. Securities issued by US government agencies are not insured by and may not be guaranteed by the US government. The Fund can invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The Fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the US dollar and foreign currencies may cause the value of a Fund’s investments to decline. Accordingly, the purchase of fund shares should be viewed as a long-term investment.

10

FUND AND MANAGER REVIEW

Loomis Sayles Intermediate Duration Fixed Income Fund

Neil Burke

Manager since December 2005

Cliff Rowe, CFA

Manager since December 2005

Richard Raczkowski

Manager since December 2005

PORTFOLIO REVIEW

For the six months ended March 31, 2009, the Fund underperformed its Benchmark, Barclays Capital US Government/Credit Intermediate Index, primarily due to sector allocation and holdings in the high yield and non-US-dollar credit space.

Risk aversion and a massive flight to quality characterized the six month period, inflating US Treasury prices, pushing yields to historic lows. Our underweight allocations to US Treasury and agency securities were key drivers of underperformance, as these high quality sectors generated strong relative returns.

As global economic conditions worsened, investors sought protection from currencies impacted by faltering commodity prices, and the US dollar gained ground. Our exposure to bonds denominated in the Singapore dollar weighed negatively upon returns. Although market sentiment shifted in the first quarter of 2009, the subsequent gains were not enough to offset previous losses.

Security selection, combined with out-of-Benchmark investments, were also a key driver of the Fund’s underperformance, primarily among high yield industrial credits. The global recession, combined with increasing liquidity concerns, had a negative impact on already battered names in the telecommunication, homebuilding and lodging industries. In addition, investment grade utility bonds suffered from liquidity issues and the seasonal nature of the industry’s revenues. Our overweight to these sectors detracted from results.

Other investment grade credits, including consumer non-cyclical and financial names, contributed positively to performance. The introduction of several US Treasury department lending programs added support to higher quality issues in the banking, finance and brokerage industries. Similarly, the new TALF (Term Asset-Backed Securities Loan Facility) and PPIP (Public-Private Investment Program) helped boost the performance of the Fund’s agency and commercial mortgage-backed securities, but not enough to offset earlier losses.

We maintained a longer-than-Benchmark duration by focusing on long term agencies and government related securities, and this contributed positively to performance. As the massive flight to quality caused US Treasury yields to decline, causing prices to rise, the Fund benefited from its relatively long duration.

OUTLOOK

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

FUND FACTS

Symbol | LSDIX

Objective | Above-average total return through a combination of current income and capital appreciation

Strategy | Invests only in investment-grade fixed-income securities. The Fund’s weighted average duration generally is two to five years

Fund Inception Date | 1/28/98

Total Net Assets | $26.4 million

11

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2009

6 Months	1 Year		5 Years		10 Years		Since Inception(a)
Loomis Sayles Intermediate Duration Fixed Income Fund: Institutional
2.20%	-1.48	%	2.34	%	4.72	%	4.64	%
Barclays Capital US Gov’t/Credit Intermediate Index(b)
4.79	1.96		3.70		5.44		5.48
Lipper Intermediate Investment Grade Debt Funds Index(b)
0.29	-4.25		1.90		4.34		4.42

Gross expense ratio (before reductions and reimbursements)*

Institutional: 0.59%

Net expense ratio (after reductions and reimbursements)*

Institutional 0.40%

* As stated in the most recent prospectus

CUMULATIVE PERFORMANCE

Inception to March 31, 2009^(c)

Data quoted reflects past performance and cannot guarantee future results. Average annual total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month-end, please visit the Loomis Sayles website. Current performance may be higher or lower than quoted.

Returns do not reflect the taxes that a shareholder would pay on fund distributions or the redemption of shares. Periods of less than one year are not annualized. Performance data reflects certain fee reductions and reimbursements, if any, without which performance would be lower.

(a) Since index performance data is not available coincident with the Fund’s inception date, comparative performance is presented from the month end closest to the Fund’s inception date. (b) See page 15 for a description of the indices. (c) The mountain chart is based on the Fund’s minimum initial investment of $2,000,000.

WHAT YOU SHOULD KNOW

If the credit rating of a security held by the Fund falls below investment grade, the Fund may continue to hold it if Loomis Sayles believes the investment is appropriate. The secondary market for securities that fall below investment grade may lack liquidity and such securities may incur greater risk of default, which may adversely affect the value of the Fund. Foreign countries may have different accounting standards than those of the US. Securities issued by US government agencies are not insured by and may not be guaranteed by the US government. The Fund can invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The Fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the US dollar and foreign currencies may cause the value of a Fund’s investments to decline. The Fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. Accordingly, the purchase of fund shares should be viewed as a long-term investment.

12

FUND AND MANAGER REVIEW

Loomis Sayles Investment Grade Fixed Income Fund

Daniel Fuss, CFA, CIC Manager since July 1994	Matthew Eagan, CFA Associate Manager since September 2006
Kathleen Gaffney, CFA Associate Manager since September 2006	Elaine Stokes Associate Manager since September 2006

PORTFOLIO REVIEW

For the six months ended March 31, 2009, the Fund underperformed its Benchmark, Barclays Capital US Government/Credit Index, primarily due to its security selection within high yield industrials and its non-US-dollar exposure.

Risk aversion and a massive flight to quality characterized the six month period, inflating US Treasury prices and pushing yields to historic lows. Our underweight allocations to US Treasury and agency securities were key drivers of the Fund’s underperformance.

As global economic conditions worsened, investors sought protection from faltering commodity currencies. Our exposure to the currencies of Canada, Indonesia, Mexico, New Zealand and Brazil weighed heavily on performance. Although market sentiment shifted in the first quarter of 2009, the subsequent gains were not enough to offset the prior losses.

The global recession, combined with increasing liquidity concerns, drove already battered companies in the high yield telecommunication, homebuilding and lodging sectors even lower. In addition, bonds in the investment grade utilities segment suffered from liquidity issues and the seasonal nature of the industry’s revenues. The Fund’s overweight to this sector detracted from results.

On the other hand, our strong security selection in the investment grade technology and telecommunication sectors contributed positively to performance. The introduction of several US Treasury department lending programs added support to higher quality issues in the banking, finance and brokerage industries, while our high yield financials benefited when the credit arm of a major US automaker received federal funds. Similarly, the government’s TALF (Term Asset-Backed Securities Loan Facility) and PPIP (Public-Private Investment Program) helped boost the performance of the Fund’s agency and commercial mortgage-backed securities.

We maintained a longer-than-Benchmark duration throughout the six-month period, including long term agencies and government related securities, and these contributed positively to performance. As US Treasury yields declined in the massive flight to quality, the Fund’s relatively long duration enabled it to benefit from rising prices.

OUTLOOK

We believe high yield issues will continue to be volatile, as defaults continue to increase over the course of the year. We remain underweight in the CCC-rated portion of the market, as we believe most defaults will come from this space. We believe investment grade credit continues to offer strong relative value, as spreads remain at relatively wide levels. As the markets grow more convinced the

FUND FACTS

Symbol | LSIGX

Objective | Above-average total investment return through a combination of current income and capital appreciation

Strategy | Invests in primarily investment-grade fixed-income securities, although it may invest up to 10% of its assets in lower rated fixed-income securities and up to 10% of its assets in preferred stocks. The Fund may invest any portion of its assets in securities of Canadian issuers and up to 20% of assets in securities of other foreign issuers, including emerging markets.

Fund Inception Date | 7/1/94

Fund Registration Date | 3/7/97

Total Net Assets | $385.8 million

13

global recovery has taken hold, we eventually expect to see more demand for riskier assets, such as high yield and investment grade bonds, as well as commodity currencies.

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2009

6 Months	1 Year		5 Years		10 Years		Since Registration(a)		Since Inception(a)
Loomis Sayles Investment Grade Fixed Income: Institutional
-3.35%	-11.47	%	3.10	%	7.17	%	7.26	%	8.62	%
Barclays Capital US Government/Credit Index(b)
5.06	1.78		3.74		5.64		6.11		6.53
Lipper BBB-Rated Funds Index(b)
-3.01	-10.65		0.79		3.72		4.31		5.22

Gross expense ratio (before reductions and reimbursements)*

Institutional: 0.50%

Net expense ratio (after reductions and reimbursements)*

Institutional 0.50%

* As stated in the most recent prospectus

CUMULATIVE PERFORMANCE

Registration to March 31, 2009^(c)

Inception to March 31, 2009^(c)

Data quoted reflects past performance and cannot guarantee future results. Average annual total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month end, please visit the Loomis Sayles website. Current performance may be higher or lower than quoted.

Returns do not reflect the taxes that a shareholder would pay on Fund distributions or the redemption of shares. Periods of less than one year are not annualized. Performance data reflects certain fee reductions and reimbursements, if any, without which performance would be lower.

(a) Shares of the Fund were registered for offer and sale under the Securities Act of 1933 on March 7, 1997. In accordance with regulations, performance information is provided for the period beginning on March 7, 1997 (“Registration”). Performance from inception is also provided for the convenience of our long-term shareholders. Since index performance data is not available coincident with the Fund’s inception and registration dates, comparative performance is presented from the month end closest to the Fund’s inception and registration dates. (b) See page 15 for a description of the indices. (c) The mountain chart is based on the Fund’s minimum initial investment of $3,000,000.

WHAT YOU SHOULD KNOW

The Fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. Fund shares should be viewed as a long-term investment. Securities issued by US government agencies are not insured by and may not be guaranteed by the US government. The Fund can invest a significant percentage of assets in foreign securities and the value of the fund shares can be adversely affected by changes in currency exchange rates, political, and economic developments. In emerging markets these risks can be significant. The Fund is subject to currency risk, which is the risk that fluctuations in exchange rates between the US dollar and foreign currencies may cause the value of a Fund’s investments to decline. The Fund can invest a significant percentage of assets in debt securities that are rated below investment grade and the value of fund shares can be adversely affected by changes in economic conditions or other circumstances. Lower rated debt securities have speculative characteristics and may be subject to greater price volatility than higher rated investments. In addition, the secondary market for these securities may lack liquidity. Accordingly, the purchase of fund shares should be viewed as a long-term investment.

14

ADDITIONAL INFORMATION

Index Definitions

Indexes are unmanaged and do not have expenses that affect results, unlike mutual funds. Index returns are adjusted for the reinvestment of capital gain distributions and income dividends. It is not possible to invest directly in an index.

Lipper BBB-Rated Funds Index is an equally weighted index of typically the 30 largest mutual funds within the corporate debt funds BBB-rated investment objective.

Lipper Global Income Funds Index is an equally weighted index of typically the 30 largest mutual funds within the global income funds investment objective.

Lipper High Current Yield Funds Index is an equally weighted unmanaged index of typically the 30 largest mutual funds within the high current yield funds investment objective.

Lipper Intermediate Investment Grade Debt Funds Index is an equally weighted unmanaged index of the 30 largest mutual funds within the intermediate investment grade debt funds investment objective.

Lipper Treasury Inflation Protected Securities Funds Index is an equally weighted index of typically the 30 largest mutual funds within the treasury inflation protected securities funds investment objective.

Source: Lipper, Inc.

Barclays Capital US Government/Credit Index includes treasuries (public obligations of the US Treasury that have remaining maturities of more than one year) and agencies (publicly issued debt of US Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the US Government) as well as other publicly issued investment grade corporate and foreign debentures that meet specified maturity, liquidity, and quality requirements.

Barclays Capital US Government/Credit Intermediate Index includes securities which have a remaining maturity of 1-10 years and includes Treasuries (public obligations of the US Treasury that have remaining maturities of more than one year) and agencies (publicly issued debt of US Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the US Government), as well as other publicly issued investment grade corporate and non-corporate debentures that meet specified maturity, liquidity, and quality requirements.

Barclays Capital Global Aggregate Bond Index covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities.

Barclays Capital High Yield Index covers the universe of fixed rate, non-investment grade debt. Pay-in-kind bonds, Eurobonds, and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zeroes, step-up coupon structures, and 144As are also included.

Barclays Capital US TIPS Index measures the performance of the inflation protected securities issued by the US Treasury.

Effective 11/3/08, the Lehman indices were rebranded to the Barclays Capital indices. There has been no change in the calculation or definition of the index data.

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis Sayles at 800-633-3330; (ii) on the Funds’ website, www.loomissayles.com, and (iii) on the SEC’s website, www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12 months ended June 30, 2008 is available on (i) the Funds’ website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

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

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1) transaction costs, including certain exchange fees; and (2) ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other Fund expenses. These costs are described in more detail in each Fund’s prospectus. The examples below are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each Class of Fund shares shows the actual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2008 through March 31, 2009. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual Fund returns and expenses. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your Class.

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

15

Loomis Sayles Bond Fund

Institutional Class	Beginning Account Value 10/1/2008		Ending Account Value 3/31/2009		Expenses Paid During Period* 10/1/2008 – 3/31/2009
Actual	$	1,000.00	$	910.10	$	3.14
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.64	$	3.33
Retail Class
Actual	$	1,000.00	$	909.30	$	4.52
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78
Admin Class
Actual	$	1,000.00	$	908.80	$	5.71
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04
*   Expenses are equal to the Fund’s annualized expense ratio (after fee reduction/reimbursement): 0.66%, 0.95%, and 1.20%, for Institutional, Retail and Admin Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Fixed Income Fund

Institutional Class	Beginning Account Value 10/1/2008		Ending Account Value 3/31/2009		Expenses Paid During Period* 10/1/2008 – 3/31/2009
Actual	$	1,000.00	$	924.80	$	2.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.04	$	2.92
*   Expenses are equal to the Fund’s annualized expense ratio: 0.58%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Global Bond Fund

Institutional Class	Beginning Account Value 10/1/2008		Ending Account Value 3/31/2009		Expenses Paid During Period* 10/1/2008 – 3/31/2009
Actual	$	1,000.00	$	952.80	$	3.36
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.49	$	3.48
Retail Class
Actual	$	1,000.00	$	950.90	$	4.86
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04
*   Expenses are equal to the Fund’s annualized expense ratio (after fee reduction/reimbursement): 0.69% and 1.00% for the Institutional and Retail Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Inflation Protected Securities Fund

Institutional Class	Beginning Account Value 10/1/2008		Ending Account Value 3/31/2009		Expenses Paid During Period* 10/1/2008 – 3/31/2009
Actual	$	1,000.00	$	1,008.00	$	2.00
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.02
*   Expenses are equal to the Fund’s annualized expense ratio (after fee reduction/reimbursement): 0.40%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Institutional High Income Fund

Institutional Class	Beginning Account Value 10/1/2008		Ending Account Value 3/31/2009		Expenses Paid During Period* 10/1/2008 – 3/31/2009
Actual	$	1,000.00	$	865.30	$	3.39
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.29	$	3.68
*   Expenses are equal to the Fund’s annualized expense ratio: 0.73%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

16

Loomis Sayles Intermediate Duration Fixed Income Fund

Institutional Class	Beginning Account Value 10/1/2008		Ending Account Value 3/31/2009		Expenses Paid During Period* 10/1/08 – 3/31/09
Actual	$	1,000.00	$	1,022.00	$	2.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.02
*   Expenses are equal to the Fund’s annualized expense ratio (after fee reduction/reimbursement): 0.40%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Investment Grade Fixed Income Fund

Institutional Class	Beginning Account Value 10/1/2008		Ending Account Value 3/31/2009		Expenses Paid During Period* 10/1/2008 – 3/31/2009
Actual	$	1,000.00	$	966.50	$	2.45
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.44	$	2.52
*   Expenses are equal to the Fund’s annualized expense ratio: 0.50%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

17

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 91.4% of Net Assets
NON-CONVERTIBLE BONDS – 87.4%
ABS Credit Card – 0.5%
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		$	113,710,000	$	71,637,300
MBNA Credit Card Master Note Trust, Series 03A5, 4.150%, 9/19/2012	EUR		300,000		391,992
					72,029,292
Aerospace & Defense – 0.1%
Bombardier, Inc., 6.300%, 5/01/2014, 144A			1,590,000		1,120,950
Bombardier, Inc., 6.750%, 5/01/2012, 144A			200,000		159,000
Bombardier, Inc., 7.350%, 12/22/2026	CAD		6,785,000		3,497,978
Bombardier, Inc., 7.450%, 5/01/2034, 144A			13,464,000		7,809,120
					12,587,048
Airlines – 1.3%
American Airlines, Inc., Series 1999-1, Class B, 7.324%, 4/15/2011			1,255,000		1,167,150
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011			1,522,568		974,443
Continental Airlines, Inc., Series 1997-4B, 6.900%, 7/02/2018			3,692,144		2,584,501
Continental Airlines, Inc., Series 1998-1, Class B, 6.748%, 9/15/2018			5,450,423		4,033,313
Continental Airlines, Inc., Series 1999-1B, 6.795%, 2/02/2020			7,089,025		5,033,208
Continental Airlines, Inc., Series 1999-1C, 6.954%, 2/02/2011			1,989,267		1,914,670
Continental Airlines, Inc., Series 1999-2, Class B, 7.566%, 9/15/2021			4,663,063		3,497,297
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			7,421,946		5,306,692
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			3,533,598		2,190,831
Continental Airlines, Inc., Series 2007-1, Class A, 5.983%, 4/19/2022			17,701,000		13,098,740
Continental Airlines, Inc., Series 2007-1, Class B, 6.903%, 4/19/2022			23,877,000		12,654,810
Continental Airlines, Inc., Series 96-A, Class B, 6.940%, 4/15/2015			254,073		217,868
Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016			7,542,014		5,279,410
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024			2,268,902		1,531,508
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			5,512,620		3,059,504
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			42,212,104		24,905,141
Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017			37,035,000		21,295,125
Qantas Airways Ltd., 5.125%, 6/20/2013, 144A			2,000,000		1,834,886
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			44,235,000		37,467,576
United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024			25,575,410		17,391,278
					165,437,951

18

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Automotive – 2.0%
Cummins, Inc., 6.750%, 2/15/2027		$	2,547,000	$	1,604,610
Cummins, Inc., 7.125%, 3/01/2028			3,000,000		2,066,298
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		9,800,000		8,853,790
FCE Bank PLC, EMTN, 7.125%, 1/15/2013	EUR		6,550,000		5,787,049
Ford Motor Co., 6.375%, 2/01/2029			1,195,000		337,588
Ford Motor Co., 6.500%, 8/01/2018			2,240,000		649,600
Ford Motor Co., 6.625%, 2/15/2028			500,000		141,250
Ford Motor Co., 6.625%, 10/01/2028			62,435,000		17,637,888
Ford Motor Co., 7.125%, 11/15/2025			1,960,000		529,200
Ford Motor Co., 7.450%, 7/16/2031			114,780,000		36,442,650
Ford Motor Co., 7.500%, 8/01/2026			795,000		222,600
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010			66,163,000		56,672,645
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			13,765,000		9,204,132
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011			18,760,000		13,356,295
Ford Motor Credit Co. LLC, 7.375%, 10/28/2009			500,000		448,425
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010			1,320,000		1,090,855
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			19,070,000		12,533,395
Ford Motor Credit Co. LLC, 8.625%, 11/01/2010			29,945,000		23,851,222
Ford Motor Credit Co. LLC, 9.750%, 9/15/2010			2,150,000		1,768,689
Ford Motor Credit Co. LLC, EMTN, 4.875%, 1/15/2010	EUR		12,200,000		13,534,448
General Motors Corp., 7.250%, 7/03/2013	EUR		2,805,000		670,810
General Motors Corp., 7.400%, 9/01/2025			9,805,000		1,127,575
General Motors Corp., 8.250%, 7/15/2023			73,945,000		9,150,694
General Motors Corp., 8.375%, 7/15/2033			3,455,000		431,875
GMAC LLC, 5.375%, 6/06/2011, 144A			61,815,000		43,888,650
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			6,041,000		3,382,960
					265,385,193
Banking – 4.1%
BAC Capital Trust VI, 5.625%, 3/08/2035			35,170,000		14,951,400
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		38,510,000,000		28,547,373
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		2,824,000,000		78,815,598
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		48,070,000,000		35,835,738
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB		247,000,000		6,828,803
Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018			3,260,000		2,716,538
Bear Stearns Cos., Inc. (The), 5.300%, 10/30/2015			1,445,000		1,339,709
Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017			3,160,000		3,075,457
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018			18,135,000		18,728,268
BNP Paribas SA, EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		274,980,870,000		15,389,886
Capital One Financial Corp., 6.150%, 9/01/2016			3,223,000		2,040,169
Citigroup, Inc., 5.000%, 9/15/2014			1,290,000		855,142
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011			24,000		21,358
Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014			8,015,000		7,246,193
Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014			4,065,000		3,709,963
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033			60,000		49,969
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			13,015,000		8,802,578

19

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Banking – continued
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		$	12,345,000	$	6,941,100
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		48,817,518,000		2,819,629
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		699,525,000,000		40,403,547
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		250,225,920,000		14,452,685
JPMorgan Chase & Co., Zero Coupon Bond, 4/12/2012, 144A	IDR		599,419,948,660		27,831,138
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL		241,667,000		87,060,231
JPMorgan Chase London, EMTN, Zero Coupon Bond, 10/21/2010, 144A	IDR		153,708,294,250		9,952,795
Kaupthing Bank, 1/15/2010(b), 144A			3,635,000		186,294
Kaupthing Bank, Series D, 5.750%, 10/04/2011(b), 144A			52,942,000		2,713,277
Kaupthing Bank, Series E, 6.125%, 10/04/2016(b), 144A			13,245,000		678,806
Kreditanstalt fuer Wiederaufbau, EMTN, 10.750%, 2/01/2010	ISK		95,000,000		467,590
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			9,710,000		4,825,987
Merrill Lynch & Co., Inc., 10.710%, 3/08/2017	BRL		100,400,000		35,490,031
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR		4,887,000		3,622,124
Morgan Stanley, 4.750%, 4/01/2014			38,951,000		31,845,442
Morgan Stanley, 5.375%, 10/15/2015			900,000		813,078
Morgan Stanley, 6.750%, 4/15/2011			355,000		355,273
Morgan Stanley, EMTN, 5.450%, 1/09/2017			295,000		258,125
Morgan Stanley, GMTN, 5.125%, 11/30/2015	GBP		7,500,000		8,519,479
Morgan Stanley, MTN, 6.250%, 8/09/2026			800,000		661,686
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017			1,595,000		1,448,903
Rabobank Nederland, EMTN, 10.250%, 9/10/2009, 144A	ISK		4,660,000,000		22,163,415
					532,464,777
Brokerage – 0.0%
Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037(b)			117,760,000		11,776
Lehman Brothers Holdings, Inc., MTN, (fixed rate to 5/03/2027, variable rate thereafter), 6.000%, 5/03/2032(b)			8,010,000		801
					12,577
Building Materials – 0.6%
Owens Corning, Inc., 6.500%, 12/01/2016			24,785,000		18,183,639
Owens Corning, Inc., 7.000%, 12/01/2036			51,180,000		28,680,351
Ply Gem Industries, Inc., 9.000%, 2/15/2012(c)(k)			287,000		66,728
USG Corp., 6.300%, 11/15/2016			34,370,000		18,216,100
USG Corp., 9.250%, 1/15/2018			17,605,000		10,739,050
					75,885,868

20

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Chemicals – 0.3%
Borden, Inc., 7.875%, 2/15/2023		$	30,054,000	$	3,005,400
Borden, Inc., 8.375%, 4/15/2016			2,886,000		288,600
Borden, Inc., 9.200%, 3/15/2021			11,305,000		1,130,500
Georgia Gulf Corp., 10.750%, 10/15/2016			145,000		9,425
Hercules, Inc., 6.500%, 6/30/2029(c)			19,619,000		6,866,650
Hexion US Finance Corp/Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014			2,450,000		539,000
Methanex Corp., 6.000%, 8/15/2015			10,565,000		7,183,925
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028			9,415,000		7,061,250
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018			9,095,000		8,594,775
					34,679,525
Construction Machinery – 1.4%
Caterpillar Financial Services Corp., MTN, 5.450%, 4/15/2018			8,540,000		7,326,859
Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014			144,875,000		140,691,300
Caterpillar Financial Services Corp., Series F, MTN, 5.850%, 9/01/2017			4,155,000		3,610,034
Joy Global, Inc., 6.625%, 11/15/2036			1,975,000		1,317,852
Toro Co., 6.625%, 5/01/2037(c)			27,030,000		16,218,000
United Rentals North America, Inc., 7.000%, 2/15/2014			26,139,000		13,200,195
United Rentals North America, Inc., 7.750%, 11/15/2013			2,335,000		1,272,575
					183,636,815
Consumer Cyclical Services – 0.9%
Western Union Co. (The), 6.200%, 11/17/2036			154,180,000		123,160,834
Consumer Products – 0.1%
Snap-on, Inc., 5.850%, 3/01/2014			6,130,000		6,202,352
Snap-on, Inc., 6.700%, 3/01/2019			7,210,000		7,318,612
					13,520,964
Distributors – 0.0%
ONEOK, Inc., 6.000%, 6/15/2035			3,805,000		2,600,790
Electric – 3.6%
AES Corp. (The), 7.750%, 3/01/2014			4,875,000		4,363,125
AES Corp. (The), 8.375%, 3/01/2011	GBP		2,090,000		2,698,953
AES Ironwood LLC, 8.857%, 11/30/2025			8,646,152		7,608,613
AES Red Oak LLC, Series A, 8.540%, 11/30/2019			1,664,289		1,514,503
Bruce Mansfield Unit, 6.850%, 6/01/2034(c)			96,010,000		71,321,989
CE Generation LLC, 7.416%, 12/15/2018			5,401,830		5,001,722
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036			64,200,000		49,497,237
Commonwealth Edison Co., 4.750%, 12/01/2011(c)			268,000		261,855
Dominion Resources, Inc., 5.950%, 6/15/2035			5,980,000		5,060,647
Dynegy Holdings, Inc., 7.125%, 5/15/2018			5,295,000		2,806,350
Dynegy Holdings, Inc., 7.625%, 10/15/2026			11,835,000		4,970,700
Dynegy Holdings, Inc., 7.750%, 6/01/2019			1,504,000		977,600
Dynegy Holdings, Inc., 8.375%, 5/01/2016			2,000,000		1,355,000
Edison Mission Energy, 7.625%, 5/15/2027			23,200,000		13,920,000

21

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Electric – continued
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		$	11,581,000	$	11,875,864
Enersis SA, 7.400%, 12/01/2016			4,250,000		4,403,344
Illinois Power Co., 6.250%, 4/01/2018			3,105,000		2,838,051
ITC Holdings Corp., 5.875%, 9/30/2016, 144A			25,460,000		23,972,754
ITC Holdings Corp., 6.375%, 9/30/2036, 144A			37,955,000		31,978,416
MidAmerican Energy Holdings Co., 6.125%, 4/01/2036			6,540,000		5,799,790
MidAmerican Energy Holdings Co., 6.500%, 9/15/2037			54,485,000		50,386,039
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027			23,775,000		9,510,000
NiSource Finance Corp., 5.400%, 7/15/2014			2,230,000		1,784,919
NiSource Finance Corp., 6.150%, 3/01/2013			2,626,000		2,293,575
NiSource Finance Corp., 6.400%, 3/15/2018			57,010,000		46,130,040
NiSource Finance Corp., 6.800%, 1/15/2019			1,235,000		992,473
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A			1,641,664		1,606,647
Quezon Power Philippines Co., 8.860%, 6/15/2017			5,709,375		5,138,437
Salton Sea Funding Corp., Series E, 8.300%, 5/30/2011			1,382,006		1,428,428
Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018			213,911		223,954
Southern California Edison Co., 7.625%, 1/15/2010			2,000,000		2,066,862
SP Powerassets Ltd., EMTN, 3.730%, 10/22/2010	SGD		1,000,000		653,881
Toledo Edison Co., 6.150%, 5/15/2037			13,195,000		9,296,155
TXU Corp., Series P, 5.550%, 11/15/2014			62,501,000		21,562,845
TXU Corp., Series Q, 6.500%, 11/15/2024			139,736,000		39,199,441
TXU Corp., Series R, 6.550%, 11/15/2034			8,271,000		2,241,689
White Pine Hydro LLC, 6.310%, 7/10/2017(c)			9,175,000		8,164,034
White Pine Hydro LLC, 6.960%, 7/10/2037(c)			14,695,000		11,242,748
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)			5,000,000		4,499,895
					470,648,575
Entertainment – 0.3%
Six Flags, Inc., 9.625%, 6/01/2014			12,705,000		1,048,163
Six Flags, Inc., 9.750%, 4/15/2013			2,360,000		194,700
Time Warner, Inc., 6.500%, 11/15/2036			30,000		24,676
Time Warner, Inc., 6.625%, 5/15/2029			15,000		12,663
Time Warner, Inc., 7.625%, 4/15/2031			10,000		8,935
Viacom, Inc., Class B, 6.875%, 4/30/2036			58,600,000		42,754,970
					44,044,107
Food & Beverage – 1.0%
Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037			55,000		45,644
Anheuser-Busch Cos., Inc., 6.500%, 5/01/2042			15,000		11,667
Aramark Services, Inc., 5.000%, 6/01/2012			2,115,000		1,850,625
Corn Products International, Inc., 6.625%, 4/15/2037			31,590,000		26,040,932
Kraft Foods, Inc., 6.500%, 8/11/2017			42,708,000		43,978,051
Kraft Foods, Inc., 6.500%, 11/01/2031			14,990,000		13,905,114
Kraft Foods, Inc., 7.000%, 8/11/2037			36,985,000		36,665,265
Sara Lee Corp., 6.125%, 11/01/2032			18,615,000		15,676,585
					138,173,883

22

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Government Owned – No Guarantee – 0.1%
DP World Ltd., 6.850%, 7/02/2037, 144A	$	24,185,000	$	11,571,289
Health Insurance – 1.4%
CIGNA Corp., 6.150%, 11/15/2036		20,530,000		14,439,570
WellPoint, Inc., 6.375%, 6/15/2037		191,190,000		164,694,699
				179,134,269
Healthcare – 3.9%
Boston Scientific Corp., 5.450%, 6/15/2014		3,725,000		3,408,375
Boston Scientific Corp., 6.400%, 6/15/2016		14,330,000		13,326,900
Boston Scientific Corp., 7.000%, 11/15/2035		22,142,000		18,820,700
HCA, Inc., 5.750%, 3/15/2014		13,400,000		8,777,000
HCA, Inc., 6.250%, 2/15/2013		7,800,000		5,850,000
HCA, Inc., 6.300%, 10/01/2012		2,500,000		2,087,500
HCA, Inc., 6.375%, 1/15/2015		17,380,000		11,383,900
HCA, Inc., 6.500%, 2/15/2016		63,735,000		41,746,425
HCA, Inc., 6.750%, 7/15/2013		3,045,000		2,276,138
HCA, Inc., 7.050%, 12/01/2027		26,685,000		13,876,200
HCA, Inc., 7.190%, 11/15/2015		19,445,000		13,135,875
HCA, Inc., 7.500%, 12/15/2023		24,335,000		12,893,462
HCA, Inc., 7.500%, 11/06/2033		19,830,000		9,915,000
HCA, Inc., 7.690%, 6/15/2025		65,763,000		34,249,765
HCA, Inc., 8.360%, 4/15/2024		38,274,000		21,461,112
HCA, Inc., MTN, 7.580%, 9/15/2025		18,003,000		9,237,537
HCA, Inc., MTN, 7.750%, 7/15/2036		11,606,000		5,870,280
Hospira, Inc., 6.050%, 3/30/2017		15,175,000		13,543,521
Medco Health Solutions, Inc., 7.125%, 3/15/2018		250,270,000		248,383,965
Owens & Minor, Inc., 6.350%, 4/15/2016(c)		4,710,000		4,235,797
Tenet Healthcare Corp., 6.500%, 6/01/2012		3,660,000		3,114,397
Tenet Healthcare Corp., 6.875%, 11/15/2031		30,578,000		15,136,110
Tenet Healthcare Corp., 7.375%, 2/01/2013		2,236,000		1,777,620
Tenet Healthcare Corp., 9.250%, 2/01/2015		560,000		431,200
				514,938,779
Home Construction – 1.7%
Centex Corp., 5.250%, 6/15/2015		5,180,000		3,885,000
D.R. Horton, Inc., 5.250%, 2/15/2015		70,965,000		54,376,931
D.R. Horton, Inc., 5.625%, 9/15/2014		7,235,000		5,679,475
D.R. Horton, Inc., 5.625%, 1/15/2016		26,345,000		20,022,200
D.R. Horton, Inc., 6.500%, 4/15/2016		1,975,000		1,550,375
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015		6,430,000		1,639,650
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		19,270,000		5,202,900
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		6,249,000		1,718,475
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		4,050,000		1,053,000
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		1,650,000		453,750
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013		2,865,000		701,925
K. Hovnanian Enterprises, Inc., 8.875%, 4/01/2012		1,690,000		591,500
KB Home, 5.875%, 1/15/2015		895,000		693,178
Lennar Corp., Series B, 5.125%, 10/01/2010		3,495,000		3,058,125
Lennar Corp., Series B, 5.500%, 9/01/2014		22,940,000		16,516,800
Lennar Corp., Series B, 5.600%, 5/31/2015		9,282,000		6,613,425
Lennar Corp., Series B, 6.500%, 4/15/2016		40,845,000		29,408,400
Pulte Homes, Inc., 5.200%, 2/15/2015		6,800,000		5,380,500
Pulte Homes, Inc., 6.000%, 2/15/2035		63,855,000		38,951,550

23

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Home Construction – continued
Pulte Homes, Inc., 6.375%, 5/15/2033		$	17,240,000	$	10,516,400
Toll Brothers Finance Corp., 5.150%, 5/15/2015			8,100,000		6,832,334
Toll Corp., 8.250%, 12/01/2011			5,550,000		5,383,500
					220,229,393
Independent Energy – 1.7%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			50,010,000		43,072,613
Anadarko Petroleum Corp., 6.450%, 9/15/2036			80,585,000		56,326,094
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		5,925,000		5,825,247
Chesapeake Energy Corp., 6.500%, 8/15/2017			2,615,000		2,131,225
Chesapeake Energy Corp., 6.875%, 11/15/2020			13,805,000		10,802,412
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			20,226,000		6,371,190
Pioneer Natural Resources Co., 5.875%, 7/15/2016			10,275,000		7,581,727
Pioneer Natural Resources Co., 6.875%, 5/01/2018			2,125,000		1,561,900
Pioneer Natural Resources Co., 7.200%, 1/15/2028			8,782,000		5,386,607
Questar Market Resources, Inc., 6.800%, 4/01/2018			51,955,000		46,505,700
Talisman Energy, Inc., 5.850%, 2/01/2037			12,190,000		8,227,202
Talisman Energy, Inc., 6.250%, 2/01/2038			32,560,000		22,968,736
XTO Energy, Inc., 6.100%, 4/01/2036			2,165,000		1,831,525
XTO Energy, Inc., 6.750%, 8/01/2037			11,225,000		10,216,052
					228,808,230
Industrial Other – 0.1%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013			3,590,000		2,872,000
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A			26,410,000		15,053,700
					17,925,700
Integrated Energy – 0.0%
PF Export Receivables Master Trust, Series A, 6.436%, 6/01/2015, 144A			1,513,009		1,528,139
Life Insurance – 0.3%
Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A			57,985,000		40,445,001
Local Authorities – 2.4%
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		110,620,000		81,301,171
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		15,305,000		11,192,410
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		95,840,000		67,834,827
Ontario Hydro, Zero Coupon Bond, 11/27/2020	CAD		1,507,000		684,867
Province of Alberta, 5.930%, 9/16/2016	CAD		17,221,875		15,426,063
Province of British Columbia, 5.750%, 1/09/2012	CAD		730,000		640,348
Province of Ontario, 4.400%, 12/02/2011	CAD		760,000		643,137
Queensland Treasury Corp., 7.125%, 9/18/2017, 144A	NZD		84,345,000		52,159,804
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		60,000		43,756
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)			183,235,000		90,226,746
					320,153,129

24

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Media Cable – 2.8%
Comcast Corp., 5.500%, 3/15/2011		$	3,000,000	$	3,043,134
Comcast Corp., 5.650%, 6/15/2035			71,195,000		56,379,392
Comcast Corp., 6.450%, 3/15/2037			53,020,000		46,320,923
Comcast Corp., 6.500%, 11/15/2035			23,100,000		20,403,468
Comcast Corp., 6.950%, 8/15/2037			192,208,000		178,986,396
CSC Holdings, Inc., 7.875%, 2/15/2018			1,550,000		1,418,250
CSC Holdings, Inc., 8.500%, 4/15/2014, 144A			15,000,000		14,775,000
Shaw Communications, Inc., 5.700%, 3/02/2017	CAD		12,775,000		9,264,003
Shaw Communications, Inc.,, 7.500%, 11/20/2013	CAD		275,000		231,202
Time Warner Cable, Inc., 6.750%, 7/01/2018			26,541,000		24,914,143
Virgin Media Finance PLC, 9.125%, 8/15/2016			1,700,000		1,581,000
Virgin Media Finance PLC, 9.750%, 4/15/2014	GBP		6,605,000		8,387,307
					365,704,218
Media Non-Cable – 0.6%
Clear Channel Communications, Inc., 4.900%, 5/15/2015			20,075,000		2,810,500
Clear Channel Communications, Inc., 5.500%, 9/15/2014			5,195,000		779,250
Clear Channel Communications, Inc., 5.500%, 12/15/2016			17,050,000		2,387,000
Clear Channel Communications, Inc., 5.750%, 1/15/2013			2,080,000		312,000
Clear Channel Communications, Inc., 6.875%, 6/15/2018			1,095,000		158,775
News America, Inc., 6.150%, 3/01/2037			54,025,000		39,390,276
News America, Inc., 6.200%, 12/15/2034			17,785,000		12,793,800
News America, Inc., 6.400%, 12/15/2035			29,275,000		21,688,120
R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013			4,713,000		200,302
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013			2,840,000		120,700
R.H. Donnelley Corp., Series A-3, 8.875%, 1/15/2016			927,000		53,303
R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017			3,564,000		187,110
					80,881,136
Metals & Mining – 0.4%
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A			13,180,000		5,074,300
ArcelorMittal, 5.375%, 6/01/2013			10,190,000		7,909,580
ArcelorMittal, 6.125%, 6/01/2018			90,000		65,111
Ispat Inland, Inc., 9.750%, 4/01/2014			15,477,000		14,084,070
Newmont Mining Corp., 5.875%, 4/01/2035			5,621,000		3,917,837
United States Steel Corp., 6.050%, 6/01/2017			11,175,000		6,914,252
United States Steel Corp., 6.650%, 6/01/2037			9,625,000		5,423,495
United States Steel Corp., 7.000%, 2/01/2018			23,520,000		16,050,424
					59,439,069
Mortgage Related – 0.0%
FHLMC, 5.000%, 12/01/2031			343,358		356,078

25

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Non-Captive Consumer – 2.6%
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017		$	322,970,000		$	119,498,900
Residential Capital LLC, 8.375%, 6/30/2010			5,000			2,300
SLM Corp., 6.000%, 12/15/2043			150,125	(††)		1,379,273
SLM Corp., EMTN, 4.750%, 3/17/2014	EUR		9,200,000			5,928,213
SLM Corp., MTN, 5.050%, 11/14/2014			27,310,000			14,456,603
SLM Corp., MTN, 5.125%, 8/27/2012			1,955,000			1,053,425
SLM Corp., Series A, MTN, 4.000%, 1/15/2010			5,285,000			4,459,779
SLM Corp., Series A, MTN, 4.500%, 7/26/2010			5,015,000			3,761,250
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			72,850,000			38,739,299
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			53,696,000			24,163,200
SLM Corp., Series A, MTN, 5.000%, 6/15/2018			22,293,000			11,541,086
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			28,262,000			15,507,840
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			31,385,000			16,263,644
SLM Corp., Series A, MTN, 5.400%, 10/25/2011			1,785,000			1,106,700
SLM Corp., Series A, MTN, 5.625%, 8/01/2033			38,535,000			14,257,950
SLM Corp., Series A, MTN, 6.500%, 6/15/2010(c)(d)	NZD		8,020,000			3,325,654
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			125,010,000			67,521,401
						342,966,517
Non-Captive Diversified – 6.1%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015			8,328,000			4,871,880
CIT Group, Inc., 4.750%, 12/15/2010			130,000			104,836
CIT Group, Inc., 5.400%, 2/13/2012			652,000			420,354
CIT Group, Inc., 5.400%, 1/30/2016			476,000			285,297
CIT Group, Inc., 5.500%, 12/01/2014	GBP		29,029,000			17,493,948
CIT Group, Inc., 5.600%, 4/27/2011			7,206,000			5,259,847
CIT Group, Inc., 5.800%, 10/01/2036			5,017,000			2,763,313
CIT Group, Inc., 5.850%, 9/15/2016			10,000			5,656
CIT Group, Inc., 12.000%, 12/18/2018, 144A			181,625,000			93,990,937
CIT Group, Inc., EMTN, 3.800%, 11/14/2012	EUR		21,270,000			12,999,288
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR		21,250,000			11,857,755
CIT Group, Inc., EMTN, 5.000%, 5/13/2014	EUR		6,450,000			3,684,872
CIT Group, Inc., EMTN, 5.500%, 12/20/2016	GBP		16,050,000			9,672,323
CIT Group, Inc., GMTN, 4.250%, 2/01/2010			85,000			72,862
CIT Group, Inc., GMTN, 4.250%, 9/22/2011	EUR		25,450,000			20,287,722
CIT Group, Inc., GMTN, 5.000%, 2/13/2014			5,817,000			3,432,030
CIT Group, Inc., GMTN, 5.000%, 2/01/2015			476,000			289,813
CIT Group, Inc., MTN, 4.250%, 3/17/2015	EUR		29,370,000			18,730,071
CIT Group, Inc., MTN, 5.125%, 9/30/2014			4,107,000			2,482,628
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036			165,000			77,791
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017			1,117,000			646,883
CIT Group, Inc., Series A, MTN, 7.625%, 11/30/2012			105,438,000			77,605,637
General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012	AUD		44,525,000			29,033,876
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016(c)(d)	NZD		89,985,000			42,082,754
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD		15,000,000			8,234,669

26

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD	150,000,000	$	84,608,797
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015(c)(d)	NZD	266,643,000		125,508,277
GMAC LLC, 4.750%, 9/14/2009, 144A		10,727,000		9,134,791
GMAC LLC, 5.625%, 5/15/2009		1,085,000		1,026,976
GMAC LLC, 5.750%, 9/27/2010, 144A		7,263,000		5,519,880
GMAC LLC, 6.000%, 12/15/2011, 144A		52,305,000		35,609,767
GMAC LLC, 6.625%, 12/17/2010, 144A		464,000		343,360
GMAC LLC, 6.625%, 5/15/2012, 144A		20,461,000		13,725,853
GMAC LLC, 6.750%, 12/01/2014, 144A		30,190,000		17,544,617
GMAC LLC, 6.875%, 9/15/2011, 144A		5,664,000		4,024,952
GMAC LLC, 6.875%, 8/28/2012, 144A		4,229,000		2,840,070
GMAC LLC, 6.875%, 8/28/2012		10,000		5,521
GMAC LLC, 7.000%, 2/01/2012, 144A		10,637,000		7,347,189
GMAC LLC, 7.250%, 3/02/2011, 144A		25,000		18,511
GMAC LLC, 7.500%, 12/31/2013, 144A		23,588,000		11,338,280
GMAC LLC, 8.000%, 12/31/2018, 144A		44,981,000		13,058,434
GMAC LLC, 8.000%, 11/01/2031, 144A		35,442,000		17,053,273
International Lease Finance Corp., 4.750%, 7/01/2009		365,000		343,134
International Lease Finance Corp., Series R, MTN, 5.625%, 9/15/2010		120,000		88,591
iStar Financial, Inc., 5.150%, 3/01/2012		52,875,000		19,035,000
iStar Financial, Inc., 5.375%, 4/15/2010		6,905,000		4,419,200
iStar Financial, Inc., 5.500%, 6/15/2012		3,865,000		1,314,100
iStar Financial, Inc., 5.650%, 9/15/2011		30,335,000		12,437,350
iStar Financial, Inc., 5.800%, 3/15/2011		5,305,000		2,267,887
iStar Financial, Inc., 5.850%, 3/15/2017		6,565,000		1,903,850
iStar Financial, Inc., 5.875%, 3/15/2016		11,605,000		3,365,450
iStar Financial, Inc., 6.050%, 4/15/2015		5,655,000		1,639,950
iStar Financial, Inc., 8.625%, 6/01/2013		46,795,000		14,623,437
iStar Financial, Inc., Series B, 5.125%, 4/01/2011		2,330,000		961,125
iStar Financial, Inc., Series B, 5.700%, 3/01/2014		7,645,000		2,217,050
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		60,205,000		18,362,525
				798,074,239
Oil Field Services – 2.6%
Nabors Industries, Inc., 6.150%, 2/15/2018		2,740,000		2,143,702
Nabors Industries, Inc., 9.250%, 1/15/2019, 144A		182,660,000		173,203,326
North American Energy Partners, Inc., 8.750%, 12/01/2011		12,685,000		9,260,050
Weatherford International Ltd., 6.500%, 8/01/2036		25,600,000		18,021,555
Weatherford International Ltd., 6.800%, 6/15/2037		4,250,000		3,014,585
Weatherford International Ltd., 7.000%, 3/15/2038		13,670,000		9,938,377
Weatherford International Ltd., 9.625%, 3/01/2019		120,080,000		124,200,305
				339,781,900

27

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Packaging – 0.2%
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR	3,450,000	$	3,941,956
Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR	2,500,000		2,989,350
Owens-Illinois, Inc., 7.800%, 5/15/2018		18,644,000		18,084,680
				25,015,986
Paper – 2.6%
Abitibi-Consolidated, Inc., 6.000%, 6/20/2013		150,000		12,000
Abitibi-Consolidated, Inc., 7.400%, 4/01/2018		11,675,000		1,050,750
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028		14,820,000		1,185,600
Abitibi-Consolidated, Inc., 8.500%, 8/01/2029		4,215,000		337,200
Abitibi-Consolidated, Inc., 8.850%, 8/01/2030		47,185,000		3,774,800
Avenor, Inc., 10.850%, 11/30/2014	CAD	450,000		32,122
Bowater, Inc., 6.500%, 6/15/2013		975,000		78,000
Georgia-Pacific LLC, 7.250%, 6/01/2028		25,907,000		18,005,365
Georgia-Pacific LLC, 7.375%, 12/01/2025		31,317,000		22,313,363
Georgia-Pacific LLC, 7.700%, 6/15/2015		470,000		425,350
Georgia-Pacific LLC, 7.750%, 11/15/2029		80,840,000		59,821,600
Georgia-Pacific LLC, 8.000%, 1/15/2024		21,284,000		16,920,780
Georgia-Pacific LLC, 8.875%, 5/15/2031		27,237,000		21,789,600
International Paper Co., 7.950%, 6/15/2018		211,710,000		161,362,610
International Paper Co., 8.700%, 6/15/2038		3,517,000		2,338,386
Jefferson Smurfit Corp., 7.500%, 6/01/2013(b)		5,540,000		644,025
Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(b)		1,115,000		129,619
Stone Container Finance, 7.375%, 7/15/2014(b)		90,000		13,050
Westvaco Corp., 7.950%, 2/15/2031		21,466,000		16,409,791
Westvaco Corp., 8.200%, 1/15/2030		23,594,000		18,600,589
				345,244,600
Pharmaceuticals – 1.5%
Astrazeneca PLC, 6.450%, 9/15/2037		82,240,000		85,306,072
Elan Financial PLC, 7.750%, 11/15/2011		72,911,000		61,245,240
Elan Financial PLC, 8.875%, 12/01/2013		58,330,000		46,664,000
				193,215,312
Pipelines – 2.2%
Colorado Interstate Gas Co., 5.950%, 3/15/2015		1,099,000		992,179
Colorado Interstate Gas Co., 6.800%, 11/15/2015		20,000		18,748
DCP Midstream LP, 6.450%, 11/03/2036, 144A		27,325,000		17,713,541
El Paso Corp., 6.950%, 6/01/2028		12,209,000		8,419,546
El Paso Corp., 7.420%, 2/15/2037		2,045,000		1,423,026
El Paso Corp., 7.750%, 1/15/2032		1,500,000		1,117,555
El Paso Corp., MTN, 7.800%, 8/01/2031		1,000,000		747,201
Energy Transfer Partners LP, 6.125%, 2/15/2017		7,325,000		6,535,394
Energy Transfer Partners LP, 6.625%, 10/15/2036		11,435,000		8,502,860
Enterprise Products Operating LLP, 6.300%, 9/15/2017		25,030,000		23,070,727
Kinder Morgan Energy Partners LP, 5.800%, 3/15/2035		843,000		625,458
Kinder Morgan Finance Co., 5.700%, 1/05/2016		14,210,000		11,936,400
Knight, Inc., Senior Note, 5.150%, 3/01/2015		15,415,000		12,948,600
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		116,405,000		106,732,327

28

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Pipelines – continued
ONEOK Partners LP, 6.650%, 10/01/2036	$	9,450,000	$	7,073,703
Plains All American Pipeline LP, 6.125%, 1/15/2017		28,845,000		24,508,327
Plains All American Pipeline LP, 6.650%, 1/15/2037		62,130,000		45,032,072
Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		5,290,000		4,499,976
Williams Cos., Inc. (The), 7.500%, 1/15/2031		6,655,000		5,257,450
				287,155,090
Property & Casualty Insurance – 1.3%
Allstate Corp., 5.950%, 4/01/2036		7,790,000		5,636,143
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		46,320,000		40,843,633
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		34,729,000		30,964,619
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		49,522,000		32,863,294
Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019		7,990,000		8,145,070
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		8,600,000		2,666,000
St. Paul Travelers Co., Inc., 6.750%, 6/20/2036		6,850,000		6,614,237
Travelers Cos., Inc. (The), MTN, 6.250%, 6/15/2037		42,880,000		39,233,828
Travelers Property Casualty Corp., 6.375%, 3/15/2033		1,000,000		932,275
White Mountains RE Group, 6.375%, 3/20/2017, 144A		75,000		54,716
Willis North America, Inc., 6.200%, 3/28/2017		12,000,000		8,411,100
				176,364,915
Railroads – 0.4%
Canadian Pacific Railway Co., 5.750%, 3/15/2033		3,830,000		2,723,559
Canadian Pacific Railway Co., 5.950%, 5/15/2037		24,475,000		17,079,634
CSX Corp., 6.250%, 3/15/2018		5,000,000		4,307,300
CSX Corp., MTN, 6.000%, 10/01/2036		41,249,000		28,971,400
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		7,944,000		4,369,200
Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		63,300		42,569
				57,493,662
Refining – 0.0%
Valero Energy Corp., 6.625%, 6/15/2037		1,782,000		1,259,658
REITs – 0.9%
Camden Property Trust, 5.700%, 5/15/2017		40,075,000		29,420,661
Colonial Realty LP, 6.050%, 9/01/2016		3,980,000		2,414,563
Duke Realty LP, 5.950%, 2/15/2017		5,720,000		3,420,800
ERP Operating LP, 5.125%, 3/15/2016		4,680,000		3,692,796
ERP Operating LP, 5.375%, 8/01/2016		3,000,000		2,364,267
First Industrial LP, 5.950%, 5/15/2017		7,750,000		3,720,984
Highwoods Properties, Inc., 5.850%, 3/15/2017		57,890,000		35,797,729
Highwoods Properties, Inc., 7.500%, 4/15/2018		5,640,000		3,716,737

29

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
REITs – continued
ProLogis, 5.625%, 11/15/2015		$	4,315,000		$	2,330,100
ProLogis, 5.625%, 11/15/2016			2,155,000			1,077,073
ProLogis, 5.750%, 4/01/2016			2,175,000			1,195,291
Simon Property Group LP, 5.000%, 3/01/2012			200,000			170,245
Simon Property Group LP, 5.250%, 12/01/2016			3,825,000			2,849,101
Simon Property Group LP, 5.750%, 5/01/2012			150,000			129,748
Simon Property Group LP, 5.750%, 12/01/2015			7,480,000			5,775,046
Simon Property Group LP, 5.875%, 3/01/2017			3,145,000			2,425,924
Simon Property Group LP, 6.125%, 5/30/2018			1,690,000			1,328,479
Simon Property Group LP, 10.350%, 4/01/2019			10,965,000			10,656,653
						112,486,197
Restaurants – 0.0%
McDonald’s Corp., EMTN, 3.628%, 10/10/2010	SGD		3,750,000			2,522,941
Retailers – 3.9%
Dillard’s, Inc., 6.625%, 1/15/2018			1,920,000			691,200
Dillard’s, Inc., 7.000%, 12/01/2028			4,680,000			1,591,200
Dillard’s, Inc., 7.130%, 8/01/2018			1,740,000			609,000
Dillard’s, Inc., 7.750%, 7/15/2026			7,182,000			2,370,060
Dillard’s, Inc., 7.750%, 5/15/2027			1,000,000			330,000
Foot Locker, Inc., 8.500%, 1/15/2022			14,269,000			11,486,545
Home Depot, Inc. (The), 5.400%, 3/01/2016			2,329,000			2,093,540
Home Depot, Inc. (The), 5.875%, 12/16/2036			168,575,000			119,381,612
J.C. Penney Corp., Inc., 5.750%, 2/15/2018			5,160,000			3,628,786
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			98,218,000			61,401,768
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			2,798,000			1,954,269
J.C. Penney Corp., Inc., 7.400%, 4/01/2037			4,655,000			2,956,325
J.C. Penney Corp., Inc., 7.625%, 3/01/2097			5,580,000			3,538,897
Lowe’s Cos., Inc., 5.500%, 10/15/2035			1,470,000			1,290,259
Lowe’s Cos., Inc., 6.650%, 9/15/2037			54,235,000			53,348,421
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			36,772,000			20,477,628
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027			14,133,000			7,226,655
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029			2,098,000			1,058,370
Macy’s Retail Holdings, Inc., 7.875%, 7/15/2015			1,485,000			1,096,015
Marks & Spencer PLC, 7.125%, 12/01/2037, 144A			9,245,000			5,403,813
Target Corp., 6.500%, 10/15/2037			10,959,000			9,711,088
Target Corp., 7.000%, 1/15/2038			190,270,000			178,231,807
Toys R Us, Inc., 7.375%, 10/15/2018			39,965,000			12,788,800
Toys R Us, Inc., 7.875%, 4/15/2013			11,255,000			3,953,319
						506,619,377
Sovereigns – 3.8%
Indonesia Treasury Bond, 9.500%, 7/15/2023	IDR		10,000,000,000			671,078
Indonesia Treasury Bond, 10.250%, 7/15/2027	IDR		25,000,000,000			1,723,419
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		145,156,000,000			10,463,116
Indonesia Treasury Bond, Series ZC3, Zero Coupon Bond, 11/20/2012	IDR		378,003,000,000			22,292,559
Mexico Government International Bond, Series A, MTN, 6.050%, 1/11/2040			44,000			37,620
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		28,585,700	(†††)		200,380,409

30

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Sovereigns – continued
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012		$	9,230,000	(†††)	$	69,643,657
Republic of Brazil, 7.125%, 1/20/2037			20,000			20,050
Republic of Brazil, 8.250%, 1/20/2034			690,000			765,900
Republic of Brazil, 8.875%, 4/15/2024			25,580,000			29,480,950
Republic of Brazil, 10.250%, 1/10/2028	BRL		98,690,000			38,927,191
Republic of Brazil, 12.500%, 1/05/2016	BRL		17,305,000			7,832,848
Republic of Brazil, 12.500%, 1/05/2022	BRL		114,735,000			51,685,774
Republic of Iceland, Zero Coupon Bond, 4/15/2009	ISK		4,983,000,000			24,145,642
Republic of Iceland, 7.000%, 3/17/2010	ISK		4,024,483,000			19,170,281
Republic of Iceland, 8.500%, 6/12/2009	ISK		1,969,530,000			9,501,781
Republic of Iceland, 13.750%, 12/10/2010	ISK		2,483,463,000			12,806,189
						499,548,464
Supermarkets – 1.0%
American Stores Co., 7.900%, 5/01/2017			3,000,000		��	2,722,500
American Stores Co., Series B, MTN, 7.100%, 3/20/2028			13,145,000			10,187,375
New Albertson’s, Inc., 7.450%, 8/01/2029			100,590,000			83,489,700
New Albertson’s, Inc., 7.750%, 6/15/2026			20,550,000			17,210,625
New Albertson’s, Inc., 8.000%, 5/01/2031			9,715,000			7,942,013
New Albertson’s, Inc., 8.700%, 5/01/2030			2,995,000			2,560,725
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			17,575,000			12,917,625
						137,030,563
Supranational – 4.0%
Eurofima, EMTN, 11.000%, 2/05/2010	ISK		290,000,000			1,449,632
European Investment Bank, Zero Coupon Bond, 3/10/2021	AUD		149,830,000			53,670,213
European Investment Bank, 11.250%, 2/14/2013	BRL		11,505,000			5,148,547
European Investment Bank, EMTN, Zero Coupon Bond, 4/24/2013, 144A	IDR		615,006,960,000			26,431,195
European Investment Bank, EMTN, 4.600%, 1/30/2037, 144A	CAD		200,000,000			145,658,312
European Investment Bank, EMTN, 7.000%, 1/18/2012	NZD		16,500,000			9,935,904
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/11/2009	BRL		297,000,000			126,110,572
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/20/2013	IDR		345,270,000,000			17,357,624
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD		185,840,000			104,824,546
International Bank for Reconstruction & Development, 1.430%, 3/05/2014	SGD		40,000,000			25,693,152
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK		2,126,200,000			10,443,687
Nordic Investment Bank, EMTN, 11.250%, 4/16/2009	ISK		89,400,000			436,276
						527,159,660

31

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – 2.5%
Affiliated Computer Services, Inc., 5.200%, 6/01/2015		$	1,579,000	$	1,298,727
Agilent Technologies, Inc., 6.500%, 11/01/2017			65,276,000		53,488,786
Alcatel-Lucent, EMTN, 6.375%, 4/07/2014	EUR		1,000,000		763,945
Amkor Technology, Inc., 7.125%, 3/15/2011			8,960,000		8,299,200
Amkor Technology, Inc., 7.750%, 5/15/2013			11,870,000		9,555,350
Arrow Electronics, Inc., 6.875%, 7/01/2013			14,165,000		13,488,926
Arrow Electronics, Inc., 6.875%, 6/01/2018			2,630,000		2,332,258
Avnet, Inc., 5.875%, 3/15/2014			36,145,000		31,087,989
Avnet, Inc., 6.000%, 9/01/2015			50,915,000		41,895,459
Avnet, Inc., 6.625%, 9/15/2016			15,245,000		12,697,789
Corning, Inc., 5.900%, 3/15/2014			9,330,000		8,728,924
Corning, Inc., 6.200%, 3/15/2016			5,155,000		4,610,838
Corning, Inc., 6.850%, 3/01/2029			10,821,000		8,168,383
Corning, Inc., 7.250%, 8/15/2036			5,645,000		4,252,870
Equifax, Inc., 7.000%, 7/01/2037			19,270,000		13,687,019
Freescale Semiconductor, Inc., 10.125%, 12/15/2016			30,004,000		5,400,720
Lucent Technologies, Inc., 6.450%, 3/15/2029			67,787,000		25,759,060
Lucent Technologies, Inc., 6.500%, 1/15/2028			2,216,000		842,080
Motorola, Inc., 5.220%, 10/01/2097			13,780,000		5,546,037
Motorola, Inc., 6.500%, 9/01/2025			12,730,000		8,083,588
Motorola, Inc., 6.500%, 11/15/2028			24,175,000		15,230,250
Motorola, Inc., 6.625%, 11/15/2037			26,630,000		16,843,475
Nortel Networks Capital Corp., 7.875%, 6/15/2026(b)			12,035,000		1,925,600
Nortel Networks Corp., 1.750%, 4/15/2012(b)			1,045,000		148,913
Nortel Networks Ltd., 6.875%, 9/01/2023(b)			18,622,000		1,210,430
Nortel Networks Ltd., 10.125%, 7/15/2013(b)			22,825,000		4,279,687
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A			4,807,000		4,602,121
Xerox Capital Trust I, 8.000%, 2/01/2027			25,890,000		18,233,550
Xerox Corp., 5.500%, 5/15/2012			1,170,000		1,013,302
Xerox Corp., 6.350%, 5/15/2018			1,230,000		916,350
Xerox Corp., MTN, 7.200%, 4/01/2016			615,000		473,550
					324,865,176
Textile – 0.0%
Kellwood Co., 7.625%, 10/15/2017(c)			11,070,000		498,150
Tobacco – 2.0%
Altria Group, Inc., 8.500%, 11/10/2013			81,665,000		88,569,776
Altria Group, Inc., 9.250%, 8/06/2019			88,840,000		94,987,195
Reynolds American, Inc., 6.750%, 6/15/2017			71,085,000		60,684,767
Reynolds American, Inc., 7.250%, 6/15/2037			17,990,000		13,135,758
					257,377,496
Transportation Services – 0.7%
APL Ltd., 8.000%, 1/15/2024(c)			20,469,000		14,380,905
Atlas Air, Inc., Series 1999-1, Class A-1, 7.200%, 7/02/2020			12,925,532		9,306,383
Atlas Air, Inc., Series 1999-1A, 6.880%, 1/02/2011			1,105,039		850,880
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016(e)			18,164,300		12,170,081

32

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Transportation Services – continued
Atlas Air, Inc., Series 1999-1C, 8.770%, 7/02/2012(e)		$	15,689,997	$	7,374,299
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017(e)			9,260,147		9,074,944
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(e)			201,720		100,860
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(e)			39,925,752		29,944,314
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(e)			6,552,024		2,817,370
					86,020,036
Treasuries – 9.3%
Canadian Government, 2.750%, 12/01/2010	CAD		245,000		200,096
Canadian Government, 3.750%, 9/01/2011	CAD		1,535,000		1,291,687
Canadian Government, 3.750%, 6/01/2012	CAD		108,410,000		92,349,705
Canadian Government, 3.750%, 6/01/2019	CAD		246,645,000		212,588,506
Canadian Government, 4.250%, 9/01/2009	CAD		74,325,000		59,864,402
Canadian Government, 4.250%, 6/01/2018	CAD		297,760,000		266,141,893
Canadian Government, 5.250%, 6/01/2012	CAD		286,105,000		254,256,303
Canadian Government, 5.500%, 6/01/2009	CAD		1,000,000		799,810
New Zealand Government, 6.000%, 12/15/2017	NZD		33,000,000		19,781,422
Norwegian Government, 4.250%, 5/19/2017	NOK		668,075,000		103,915,874
Norwegian Government, 5.000%, 5/15/2015	NOK		319,620,000		52,067,022
Norwegian Government, 6.000%, 5/16/2011	NOK		530,990,000		85,275,957
Norwegian Government, 6.500%, 5/15/2013	NOK		379,945,000		64,657,025
					1,213,189,702
Wireless – 1.8%
ALLTEL Corp., 6.800%, 5/01/2029			13,027,000		11,998,935
ALLTEL Corp., 7.875%, 7/01/2032			79,594,000		80,902,526
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			38,349,000		20,324,970
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			19,698,000		11,227,860
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			53,899,000		29,913,945
Rogers Wireless, Inc., 6.375%, 3/01/2014			1,895,000		1,918,458
Rogers Wireless, Inc., 7.625%, 12/15/2011	CAD		6,990,000		5,814,651
Sprint Capital Corp., 6.875%, 11/15/2028			29,634,000		18,076,740
Sprint Capital Corp., 6.900%, 5/01/2019			23,845,000		16,810,725
Sprint Capital Corp., 8.750%, 3/15/2032			8,390,000		5,621,300
Sprint Nextel Corp., 6.000%, 12/01/2016			15,252,000		10,905,180
True Move Co. Ltd., 10.750%, 12/16/2013, 144A			36,610,000		17,235,988
Vodafone Group PLC, 6.150%, 2/27/2037			2,120,000		1,998,901
					232,750,179
Wirelines – 6.4%
AT&T Corp., 6.500%, 3/15/2029			27,859,000		24,426,325
AT&T, Inc., 6.150%, 9/15/2034			14,755,000		12,927,210
AT&T, Inc., 6.500%, 9/01/2037			150,305,000		135,638,539
AT&T, Inc., 6.550%, 2/15/2039			78,000		70,745
AT&T, Inc., 6.700%, 11/15/2013			66,840,000		71,388,729
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		7,868,000		5,720,026
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		5,790,000		3,837,620
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		12,705,000		9,110,557
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		45,835,000		28,725,763

33

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
BellSouth Corp., 6.550%, 6/15/2034		$	1,525,000	$	1,415,264
BellSouth Telecommunications, Inc., 7.000%, 12/01/2095			3,940,000		3,109,152
Embarq Corp., 7.995%, 6/01/2036			8,735,000		6,551,250
Frontier Communications Corp., 9.000%, 8/15/2031			730,000		500,963
GTE Corp., 6.940%, 4/15/2028			17,975,000		16,095,570
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(b)			640,000		3,200
Koninklijke (Royal) KPN NV, 8.375%, 10/01/2030			10,505,000		10,884,115
Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016	GBP		1,600,000		2,307,170
Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015	EUR		2,750,000		3,401,877
Level 3 Financing, Inc., 8.750%, 2/15/2017			43,605,000		27,907,200
Level 3 Financing, Inc., 9.250%, 11/01/2014			17,580,000		12,130,200
New England Telephone & Telegraph, 7.875%, 11/15/2029			2,905,000		2,710,746
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			30,365,000		20,648,200
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			64,147,000		40,412,610
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			15,025,000		10,667,750
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			40,420,000		26,677,200
Qwest Corp., 6.875%, 9/15/2033			40,555,000		26,563,525
Qwest Corp., 7.200%, 11/10/2026			1,505,000		1,023,400
Qwest Corp., 7.250%, 9/15/2025			9,920,000		6,547,200
Qwest Corp., 7.500%, 6/15/2023			3,275,000		2,472,625
Telecom Italia Capital SA, 5.250%, 11/15/2013			1,430,000		1,284,191
Telecom Italia Capital SA, 5.250%, 10/01/2015			1,575,000		1,327,968
Telecom Italia Capital SA, 6.000%, 9/30/2034			39,844,000		27,183,728
Telecom Italia Capital SA, 6.375%, 11/15/2033			26,495,000		19,304,416
Telefonica Emisiones SAU, 7.045%, 6/20/2036			153,917,000		158,154,027
Telus Corp., 4.950%, 3/15/2017	CAD		45,415,000		33,451,418
Verizon Communications, Inc., 5.850%, 9/15/2035			70,136,000		59,588,668
Verizon Communications, Inc., 6.400%, 2/15/2038			15,000		13,598
Verizon Maryland, Inc., 5.125%, 6/15/2033			10,305,000		7,138,665
Verizon New York, Inc., Series B, 7.375%, 4/01/2032			18,170,000		16,858,780
					838,180,190
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $14,887,174,771)					11,480,202,639
CONVERTIBLE BONDS – 2.9%
Healthcare – 0.2%
Affymetrix, Inc., 3.500%, 1/15/2038			18,449,000		9,685,725
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024(c)(d)			7,122,000		1,424,400
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(f)			440,000		300,300
Life Technologies Corp., 1.500%, 2/15/2024			14,480,000		12,905,300
					24,315,725

34

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Industrial Other – 0.1%
Incyte Corp., 3.500%, 2/15/2011	$	24,646,000	$	12,199,770
Lodging – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		29,500,000		20,502,500
Media Non-Cable – 0.0%
Liberty Media LLC, 3.500%, 1/15/2031		10,222,149		3,654,418
Sinclair Broadcast Group, Inc., 3.000%, 5/15/2027		365,000		208,963
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(f)		4,048,000		1,700,160
				5,563,541
Non-Captive Diversified – 0.1%
iStar Financial, Inc., 1.935%, 10/01/2012(g)		60,585,000		18,175,500
Oil Field Services – 0.1%
Transocean Ltd., 1.500%, 12/15/2037		10,990,000		8,998,062
Transocean Ltd., 1.500%, 12/15/2037		1,315,000		1,127,613
				10,125,675
Pharmaceuticals – 0.9%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		940,000		345,450
Human Genome Sciences, Inc., 2.250%, 8/15/2012		51,585,000		17,152,013
Nektar Therapeutics, 3.250%, 9/28/2012		26,120,000		16,912,700
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		34,125,000		32,674,687
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		34,079,000		30,159,915
Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		11,201,000		14,715,314
				111,960,079
Technology – 0.2%
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		10,025,000		4,749,344
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		5,915,000		4,665,456
Maxtor Corp., 5.750%, 3/01/2012(c)		8,415,000		6,311,250
Nortel Networks Corp., 2.125%, 4/15/2014(b)		49,636,000		7,073,130
Richardson Electronics Ltd., 7.750%, 12/15/2011		395,000		316,000
				23,115,180
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		144,000		130,140
Wireless – 0.1%
Nextel Communications, Inc., 5.250%, 1/15/2010		3,595,000		3,464,681
NII Holdings, Inc., 3.125%, 6/15/2012		21,974,000		15,271,930
				18,736,611
Wirelines – 1.0%
Level 3 Communications, Inc., 2.875%, 7/15/2010		41,565,000		30,394,406
Level 3 Communications, Inc., 3.500%, 6/15/2012		46,770,000		19,409,550
Level 3 Communications, Inc., 5.250%, 12/15/2011		19,145,000		9,763,950

35

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Level 3 Communications, Inc., 6.000%, 9/15/2009	$	39,230,000	$	37,856,950
Level 3 Communications, Inc., 6.000%, 3/15/2010		43,124,000		36,655,400
Level 3 Communications, Inc., 10.000%, 5/01/2011		3,655,000		2,371,181
Qwest Communications International, Inc., 3.500%, 11/15/2025		700,000		645,750
				137,097,187
TOTAL CONVERTIBLE BONDS
(Identified Cost $573,623,316)				381,921,908
MUNICIPALS – 1.1%
Alabama – 0.0%
Alabama Public School & College Authority (Capital Improvement), 4.500%, 12/01/2026		4,640,000		4,475,234
California – 0.5%
San Diego Unified School District (Election 1998), 4.500%, 7/01/2029, Series F-1 (FSA insured)		4,870,000		4,399,607
San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), 3.750%, 8/01/2028, Series C (MBIA insured)		5,425,000		3,713,901
San Jose California Redevelopment Agency Tax Allocation (Merged Area Redevelopment), 3.750%, 8/01/2028, Series C, (Registered) (MBIA insured)		2,165,000		1,544,468
State of California, 4.500%, 8/01/2027 (AMBAC insured)		7,340,000		6,229,385
State of California, 4.500%, 10/01/2029		20,455,000		16,955,149
State of California, 4.500%, 8/01/2030 (AMBAC insured)		5,945,000		4,884,769
State of California, 4.500%, 8/01/2030		5,140,000		4,223,332
State of California (Various Purpose), 3.250%, 12/01/2027 (MBIA insured)		3,805,000		2,548,969
State of California (Various Purpose), 4.500%, 12/01/2033 (AMBAC insured)		17,945,000		14,269,505
University of California Regents Medical Center, 4.750%, 5/15/2031, Series A (MBIA insured)		1,260,000		1,121,728
				59,890,813
District Of Columbia – 0.0%
District of Columbia, 4.750%, 6/01/2036, Series A (FGIC insured)		4,640,000		4,142,082
Florida – 0.1%
Florida State Turnpike Authority (Department of Transportation), 3.500%, 7/01/2027, Series A (MBIA insured)		4,640,000		3,571,454
Jacksonville Electric Authority, Florida Water & Sewer Systems Revenue, 4.750%, 10/01/2041, Series B (MBIA insured)		7,355,000		6,390,760
				9,962,214

36

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Illinois – 0.1%
Chicago Board of Education, 4.750%, 12/01/2031, Series B (FSA insured)	$	8,020,000	$	7,264,596
Chicago O’Hare International Airport, 4.500%, 1/01/2038, Series A (FSA insured)		2,440,000		2,130,559
				9,395,155
Louisiana – 0.0%
State of Louisiana, 3.250%, 5/01/2026, Series C (FSA insured)		4,640,000		3,307,438
Massachusetts – 0.0%
Massachusetts School Building Authority, 4.750%, 8/15/2032, Series A (AMBAC insured)		4,645,000		4,346,001
Michigan – 0.1%
Grosse Pointe Public School System, 3.000%, 5/01/2027 (FGIC insured)		2,800,000		2,064,608
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(c)		21,670,000		12,649,862
				14,714,470
Nebraska – 0.1%
Omaha Public Power District, 4.500%, 2/01/2034, Series AA (FGIC insured)		11,595,000		10,398,163
Ohio – 0.0%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(c)		10,390,000		5,695,175
Texas – 0.1%
Harris County, TX, 4.500%, 10/01/2031, Series B		13,125,000		12,169,631
Wisconsin – 0.1%
Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2026 (FSA insured)		3,170,000		2,609,322
Green Bay Wisconsin Water System Revenue, 3.500%, 11/01/2029 (FSA insured)		3,415,000		2,639,863
Wisconsin Housing & Economic Development Authority, 4.900%, 11/01/2035, Series E		1,185,000		1,069,475
				6,318,660
TOTAL MUNICIPALS
(Identified Cost $165,319,320)				144,815,036
TOTAL BONDS AND NOTES
(Identified Cost $15,626,117,407)				12,006,939,583
BANK LOANS – 0.9%
Automotive – 0.2%
Chrysler LLC, First Lien Term Loan, 5.260%, 8/03/2013(h)		156,337,665		24,102,578
Consumer Products – 0.0%
Mega Brands, Inc., Term Loan B, 8.750%, 7/26/2012(h)		8,429,486		2,290,038

37

	Principal Amount (‡)		Value (†)
BANK LOANS – continued
Food & Beverage – 0.1%
Dole Food Co., Inc., Credit Link Deposit, 2.790%, 4/12/2013(h)	$	819,260	$	753,212
Dole Food Co., Inc., Tranche B Term Loan, 7.960%, 4/12/2013(h)		1,598,896		1,469,993
Dole Food Co., Inc., Tranche C Term Loan, 7.969%, 4/12/2013(h)		5,531,290		5,085,357
				7,308,562
Media Non-Cable – 0.1%
Idearc, Inc., Term Loan B, 6.250%, 11/17/2014(b)(h)		43,686,570		17,024,220
Tribune Co., Term Loan X, 5.000%, 6/04/2009(b)(h)		4,666,005		1,217,547
				18,241,767
Oil Field Services – 0.0%
Dresser, Inc., Second Lien Term Loan, 6.988%, 5/04/2015(h)		3,515,000		1,370,850
Dresser, Inc., Term Loan, 3.456%, 5/04/2014(h)		1,734,381		1,274,770
				2,645,620
Paper – 0.1%
Georgia Pacific Corp., New Term Loan B, 3.258%, 12/20/2012(h)		6,736,016		5,957,736
Georgia Pacific Corp., Term Loan B1, 2.982%, 12/20/2012(h)		2,592,948		2,293,359
				8,251,095
Retailers – 0.0%
Harbor Freight Tools USA, Inc., Tranche C Term Loan, 9.581%, 2/12/2013(h)		2,369,559		1,676,463
Supranational – 0.1%
Level 3 Financing, Inc., New Term Loan, 3.309%, 3/13/2014(h)		7,875,000		5,911,211
Technology – 0.2%
Nuance Communications, Inc., Incremental Term Loan, 2.520%, 3/29/2013(h)		16,781,465		14,641,828
Nuance Communications, Inc., Term Loan, 2.520%, 3/31/2013(h)		777,995		678,801
Sungard Data Systems, Inc., Term Loan B, 2.697%, 2/28/2014(h)		18,248,329		15,373,122
				30,693,751
Wirelines – 0.1%
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(h)(i)		23,877,293		10,673,150
TOTAL BANK LOANS
(Identified Cost $233,419,580)				111,794,235

38

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Shares	Value (†)
PREFERRED STOCKS – 0.9%
CONVERTIBLE PREFERRED STOCKS – 0.6%
Automotive – 0.1%
Ford Motor Co. Capital Trust II, 6.500%	1,957,111	$	15,715,602
General Motors Corp., 6.250%	104,656		265,826
			15,981,428
Capital Markets – 0.0%
Newell Financial Trust I, 5.250%	217,377		3,912,786
Commercial Banks – 0.0%
Wells Fargo & Co., Class A, Series L, 7.500%	8,193		3,924,365
Construction Materials – 0.0%
Williams Cos., Inc., 5.500%	25,000		1,343,750
Diversified Consumer Services – 0.0%
Six Flags, Inc., 7.250%	124,486		84,650
Diversified Financial Services – 0.1%
CIT Group, Inc., 8.750%	12,500		227,500
Sovereign Capital Trust, 4.375%	222,632		4,396,982
			4,624,482
Electric Utilities – 0.2%
AES Trust III, 6.750%	346,577		11,783,618
CMS Energy Trust I, 7.750%(c)(d)	208,375		6,251,250
			18,034,868
Machinery – 0.0%
United Rentals Trust, 6.500%	206,396		2,270,356
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp., 4.500%	87,351		5,372,087
El Paso Energy Capital Trust I, 4.750%	189,879		4,746,975
			10,119,062
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 1.950%	53,600		201,000
Semiconductors & Semiconductor Equipment – 0.1%
Lucent Technologies Capital Trust, 7.750%	44,266		12,839,287
TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $188,704,938)			73,336,034
NON-CONVERTIBLE PREFERRED STOCKS – 0.3%
Banking – 0.1%
Bank of America Corp., 7.250%	21,799		8,883,092
Capital Markets – 0.0%
Lehman Brothers Holdings Capital Trust I, 6.000%(b)	55,575		1,111
Lehman Brothers Holdings, Inc., 5.670%(b)	103,114		619
Lehman Brothers Holdings, Inc., 5.940%(b)	109,313		109
Lehman Brothers Holdings, Inc., 6.500%(b)	479,083		1,198
Lehman Brothers Holdings, Inc., 7.250%(b)	40,860		30,236
Lehman Brothers Holdings, Inc., 7.950%(b)	513,734		2,826
			36,099

39

	Shares	Value (†)
PREFERRED STOCKS – continued
Diversified Financial Services – 0.1%
Bank of America Corp., 6.375%	53,000	$	431,950
CIT Group, Inc., Series A, 6.350%	779,310		4,956,411
Preferred Blocker, Inc., 144A, 7.000%	52,843		10,520,714
			15,909,075
Electric Utilities – 0.0%
Connecticut Light & Power Co., 1.900%	2,925		77,056
Entergy Arkansas, Inc., 4.320%	100		6,387
Entergy Mississippi, Inc., 4.360%	5,000		307,812
Entergy New Orleans, Inc., 4.360%	665		44,181
Entergy New Orleans, Inc., 4.750%	200		13,844
MDU Resources Group, Inc., 5.100%	1,091		109,305
Public Service Company of Oklahoma, 4.000%	360		24,795
Southern California Edison Co., 4.780%	50,100		1,024,545
Xcel Energy, Inc., 3.600%	1,100		67,375
			1,675,300
Thrifts & Mortgage Finance – 0.1%
Countrywide Capital IV, 6.750%	534,725		5,111,971
Federal Home Loan Mortgage Corp., 5.000%(e)(j)	104,800		94,320
Federal Home Loan Mortgage Corp., 5.570%(e)(j)	2,451,457		931,554
Federal Home Loan Mortgage Corp., 5.660%(e)(j)	624,479		249,792
Federal Home Loan Mortgage Corp., 5.700%(e)(j)	171,050		141,971
Federal Home Loan Mortgage Corp., 5.790%(e)(j)	399,250		307,422
Federal Home Loan Mortgage Corp., 5.810%(e)(j)	115,450		90,051
Federal Home Loan Mortgage Corp., 5.900%(e)(j)	310,023		142,611
Federal Home Loan Mortgage Corp., 6.000%(e)(j)	134,800		119,972
Federal Home Loan Mortgage Corp., 6.420%(e)(j)	125,980		100,784
Federal Home Loan Mortgage Corp., 6.550%(e)(j)	541,540		222,031
Federal Home Loan Mortgage Corp., 8.375%(e)(j)	5,366,843		2,468,748
Federal National Mortgage Association, 4.750%(e)(j)	270,954		197,796
Federal National Mortgage Association, 5.125%(e)(j)	204,700		141,243
Federal National Mortgage Association, 5.375%(e)(j)	146,350		209,280
Federal National Mortgage Association, 5.810%(e)(j)	79,850		91,828
Federal National Mortgage Association, 6.750%(e)(j)	123,143		61,572
Federal National Mortgage Association, 8.250%(e)(j)	9,415,246		6,684,825
Federal National Mortgage Association, 8.250%(e)(j)	250,000		175,000
			17,542,771
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $503,102,066)			44,046,337
TOTAL PREFERRED STOCKS
(Identified Cost $691,807,004)			117,382,371
COMMON STOCKS – 0.5%
Biotechnology – 0.2%
Vertex Pharmaceuticals, Inc.(e)	894,548		25,700,364
Communications Equipment – 0.1%
Corning, Inc.	630,490		8,366,602
Containers & Packaging – 0.1%
Owens-Illinois, Inc.(e)	645,508		9,321,135

40

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

	Shares/Principal Amount (‡)		Value (†)
COMMON STOCKS – continued
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp.		1,026,979	$	17,520,262
Thrifts & Mortgage Finance – 0.0%
Federal Home Loan Mortgage Corp.(e)(j)		6,751,988		5,131,511
TOTAL COMMON STOCKS
(Identified Cost $170,527,543)				66,039,874
CLOSED END INVESTMENT COMPANIES – 0.2%
BlackRock Senior High Income Fund, Inc.		191,806		441,154
Dreyfus High Yield Strategies Fund		1,033,274		2,531,521
DWS High Income Trust		177,909		523,052
Highland Credit Strategies Fund		860,000		3,990,400
Morgan Stanley Emerging Markets Debt Fund, Inc.		356,954		2,541,513
Van Kampen High Income Trust II		141,611		269,061
Western Asset High Income Opportunity Fund, Inc.		2,217,450		9,224,592
Western Asset Managed High Income Fund, Inc.		1,218,442		5,154,010
TOTAL CLOSED END INVESTMENT COMPANIES
(Identified Cost $44,128,623)				24,675,303
SHORT-TERM INVESTMENTS – 3.8%
State Street Navigator Securities Lending Prime Portfolio(l)		620,713		620,713
Repurchase Agreement with State Street Corp., dated 3/31/2009 at 0.000%, to be repurchased at $238,831 on 4/01/2009 collateralized by $245,000 U.S. Treasury Bill, due 5/28/2009 valued at $244,932 including accrued interest (Note 2h of Notes to Financial Statements)	$	238,831		238,831
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000%, to be repurchased at $502,824,400 on 4/01/2009 collateralized by $20,865,000 Federal Home Loan Mortgage Corp., 2.680% due 11/16/2009 valued at $21,282,300; $24,395,000 Federal Home Loan Bank, 5.250% due 6/12/2009 valued at $25,014,633; $466,820,000 Federal National Mortgage Association Discount Note, due 6/30/2009 valued at $466,586,590 including accrued interest (Note 2h of Notes to Financial Statements)		502,824,400		502,824,400
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $503,683,944)				503,683,944
TOTAL INVESTMENTS – 97.7%
(Identified Cost $17,269,684,101)(a)				12,830,515,310
Other Assets Less Liabilities—2.3%				300,039,965
NET ASSETS – 100.0%			$	13,130,555,275

41

(‡)           Principal amount stated in U.S. dollars unless otherwise noted.
(†)           See Note 2a of Notes to Financial Statements.
(††)         Amount shown represents units. One unit represents a principal amount of 25.
(†††)       Amount shown represents units. One unit represents a principal amount of 100.
(a)           Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes): At March 31, 2009, the net unrealized depreciation on investments based on a cost of $17,280,466,454 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	$	140,356,615
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(4,590,307,759)
Net unrealized depreciation	$	(4,449,951,144)

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

(c) Illiquid security. At March 31, 2009, the value of these securities amounted to $435,643,888 or 3.3% of net assets.

(d) Valued by management. At March 31, 2009 the value of these securities amounted to $178,592,335 or 1.4% of net assets.

(e) Non-income producing security.

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

(g) Variable rate security. Rate as of March 31, 2009 is disclosed.

(h) Variable rate security. Rate shown represents the weighted average rate at March 31, 2009.

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

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

(k) All or a portion of this security was on loan to brokers at March 31, 2009.

(l) Represents investment of securities lending collateral.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the total value of these securities amounted to $1,447,490,780 or 11.0% 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

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

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; EUR: Euro; GBP: British Pound; IDR: Indonesian Rupiah; ISK: Icelandic Krona; KRW: South Korean Won; MXN: Mexican Peso; NOK: Norwegian Krone; NZD: New Zealand Dollar; SGD: Singapore Dollar; THB: Thai Baht

NET ASSET SUMMARY AT MARCH 31, 2009 (Unaudited)

Treasuries	9.3	%
Wirelines	7.5
Non-Captive Diversified	6.2
Banking	4.1
Healthcare	4.1
Supranational	4.1
Retailers	3.9
Sovereigns	3.8
Electric	3.6
Technology	2.9
Media Cable	2.8
Paper	2.7
Oil Field Services	2.7
Non-Captive Consumer	2.6
Local Authorities	2.4
Automotive	2.3
Pharmaceuticals	2.3
Pipelines	2.2
Other Investments, less than 2% each	24.4
Short-Term Investments	3.8
Total Investments	97.7
Other assets less liabilities	2.3
Net Assets	100.0	%

42

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Bond Fund – continued

CURRENCY EXPOSURE AT MARCH 31, 2009 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	71.7	%
Canadian Dollar	8.8
New Zealand Dollar	2.7
Brazilian Real	2.7
Norwegian Krone	2.3
Mexican Peso	2.1
Other, less than 2% each	7.4
Total Investments	97.7
Other assets less liabilities	2.3
Net Assets	100.0	%

See accompanying notes to financial statements.

43

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 90.6% of Net Assets
NON-CONVERTIBLE BONDS – 87.2%
ABS Credit Card – 0.5%
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		$	4,265,000	$	2,686,950
ABS Other – 0.1%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			725,000		668,229
Aerospace & Defense – 0.0%
Bombardier, Inc., 7.450%, 5/01/2034, 144A			175,000		101,500
Airlines – 0.4%
American Airlines, Inc., Series 1999-1, Class B, 7.324%, 4/15/2011			250,000		232,500
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011			23,424		14,991
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			121,026		86,534
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			191,808		118,921
Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016			452,605		316,824
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			1,779,089		1,049,663
United Air Lines, Inc., Series 2007-1, Class A, 6.636%, 1/02/2024			1,205,685		819,865
					2,639,298
Automotive – 1.5%
Cummins, Inc., 7.125%, 3/01/2028			2,400,000		1,653,038
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		300,000		271,034
FCE Bank PLC, EMTN, 7.125%, 1/15/2013	EUR		200,000		176,704
Ford Motor Co., 6.375%, 2/01/2029			730,000		206,225
Ford Motor Co., 6.500%, 8/01/2018			50,000		14,500
Ford Motor Co., 6.625%, 10/01/2028			2,435,000		687,888
Ford Motor Co., 7.125%, 11/15/2025			595,000		160,650
Ford Motor Co., 7.450%, 7/16/2031			5,065,000		1,608,137
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010			750,000		642,421
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013			230,000		153,792
Ford Motor Credit Co. LLC, 7.875%, 6/15/2010			500,000		413,203
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			565,000		371,336
General Motors Corp., 7.400%, 9/01/2025			250,000		28,750
General Motors Corp., 8.250%, 7/15/2023			4,435,000		548,831
General Motors Corp., 8.375%, 7/15/2033			275,000		34,375
GMAC LLC, 5.375%, 6/06/2011, 144A			2,268,000		1,610,280
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			375,000		210,000
					8,791,164
Banking – 6.2%
BAC Capital Trust VI, 5.625%, 3/08/2035			2,385,000		1,013,906
Bank of America Corp., 4.850%, 11/15/2014			500,000		348,669
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		2,340,000,000		1,734,637
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		175,000,000		4,884,111
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB		45,000,000		1,244,114

44

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Banking – continued
BNP Paribas SA, EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR	18,710,000,000	$	1,047,145
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		84,000		74,751
Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014		3,855,000		3,485,225
Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014		1,955,000		1,784,250
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033		560,000		466,378
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		910,000		615,470
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL	16,585,000		5,974,725
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	24,502,029,000		1,415,202
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	17,920,000,000		1,035,033
JPMorgan Chase & Co., Zero Coupon Bond, 4/12/2012, 144A	IDR	21,194,634,240		984,069
JPMorgan Chase London, EMTN, Zero Coupon Bond, 10/21/2010, 144A	IDR	18,824,303,000		1,218,896
Kaupthing Bank, 1/15/2010, 144A(b)		200,000		10,250
Kaupthing Bank, Series D, 5.750%, 10/04/2011, 144A(b)		2,700,000		138,375
Kaupthing Bank, Series E, 6.125%, 10/04/2016, 144A(b)		500,000		25,625
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		900,000		447,311
Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018	EUR	1,000,000		741,175
Morgan Stanley, 4.750%, 4/01/2014		1,795,000		1,467,551
Morgan Stanley, 5.375%, 10/15/2015		1,700,000		1,535,814
Morgan Stanley, 6.750%, 4/15/2011		1,290,000		1,290,993
Morgan Stanley, EMTN, 5.450%, 1/09/2017		370,000		323,750
Morgan Stanley, GMTN, 5.125%, 11/30/2015	GBP	350,000		397,576
Morgan Stanley, MTN, 6.250%, 8/09/2026		400,000		330,843
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017		500,000		444,922
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		925,000		840,273
Rabobank Nederland, EMTN, 10.250%, 9/10/2009, 144A	ISK	360,000,000		1,712,195
				37,033,234
Brokerage – 0.0%
Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037(b)		4,895,000		489
Lehman Brothers Holdings, Inc., MTN, (fixed rate to 5/03/2027, variable rate thereafter), 6.000%, 5/03/2032(b)		390,000		39
				528
Building Materials – 0.4%
Owens Corning, Inc., 6.500%, 12/01/2016		805,000		590,592
Owens Corning, Inc., 7.000%, 12/01/2036		2,050,000		1,148,783

45

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Building Materials – continued
USG Corp., 6.300%, 11/15/2016	$	1,680,000	$	890,400
				2,629,775
Chemicals – 0.5%
Borden, Inc., 7.875%, 2/15/2023		5,240,000		524,000
Borden, Inc., 8.375%, 4/15/2016		55,000		5,500
Borden, Inc., 9.200%, 3/15/2021		905,000		90,500
ICI Wilmington, Inc., 5.625%, 12/01/2013		115,000		110,463
Lubrizol Corp., 5.500%, 10/01/2014		365,000		335,375
Lubrizol Corp., 6.500%, 10/01/2034		1,170,000		893,471
Methanex Corp., 6.000%, 8/15/2015		1,565,000		1,064,159
				3,023,468
Commercial Mortgage-Backed Securities – 0.1%
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		95,000		70,274
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		1,000,000		537,500
				607,774
Construction Machinery – 0.3%
Caterpillar Financial Services Corp., MTN, 5.450%, 4/15/2018		100,000		85,795
Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014		1,295,000		1,257,603
Toro Co., 6.625%, 5/01/2037(c)		965,000		579,000
United Rentals North America, Inc., 7.000%, 2/15/2014		55,000		27,775
				1,950,173
Distributors – 0.1%
ONEOK, Inc., 6.000%, 6/15/2035		1,000,000		683,519
Electric – 3.7%
AES Corp. (The), 7.750%, 3/01/2014		730,000		653,350
Bruce Mansfield Unit, 6.850%, 6/01/2034(c)		4,255,000		3,160,869
Dynegy Holdings, Inc., 7.125%, 5/15/2018		380,000		201,400
Dynegy Holdings, Inc., 7.625%, 10/15/2026		810,000		340,200
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		1,589,000		1,629,458
Enersis SA, 7.375%, 1/15/2014		275,000		285,540
Enersis SA, 7.400%, 12/01/2016		4,000,000		4,144,324
Mackinaw Power LLC, 6.296%, 10/31/2023, 144A		3,920,347		3,417,562
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		695,000		278,000
NiSource Finance Corp., 5.250%, 9/15/2017		250,000		186,355
NiSource Finance Corp., 6.150%, 3/01/2013		850,000		742,399
NiSource Finance Corp., 6.400%, 3/15/2018		2,855,000		2,310,143
Power Receivables Finance LLC, 6.290%, 1/01/2012, 144A		688,810		674,118
Quezon Power Philippines Co., 8.860%, 6/15/2017		1,319,500		1,187,550
TXU Corp., Series P, 5.550%, 11/15/2014		765,000		263,925
TXU Corp., Series Q, 6.500%, 11/15/2024		1,515,000		424,995
TXU Corp., Series R, 6.550%, 11/15/2034		1,275,000		345,563
White Pine Hydro LLC, 6.310%, 7/10/2017(c)		450,000		400,416

46

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Electric – continued
White Pine Hydro LLC, 6.960%, 7/10/2037(c)	$	670,000	$	512,599
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(c)		1,280,000		1,151,973
				22,310,739
Entertainment – 1.4%
Six Flags, Inc., 9.625%, 6/01/2014		100,000		8,250
Time Warner, Inc., 6.500%, 11/15/2036		910,000		748,497
Time Warner, Inc., 6.625%, 5/15/2029		2,065,000		1,743,318
Time Warner, Inc., 6.950%, 1/15/2028		875,000		773,225
Time Warner, Inc., 7.625%, 4/15/2031		730,000		652,273
Time Warner, Inc., 7.700%, 5/01/2032		1,155,000		1,038,618
Viacom, Inc., Class B, 6.875%, 4/30/2036		4,880,000		3,560,482
				8,524,663
Food & Beverage – 0.3%
Corn Products International, Inc., 6.625%, 4/15/2037		1,540,000		1,269,485
Sara Lee Corp., 6.125%, 11/01/2032		295,000		248,434
				1,517,919
Government Owned – No Guarantee – 0.2%
DP World Ltd., 6.850%, 7/02/2037, 144A		2,000,000		956,898
Healthcare – 2.2%
Boston Scientific Corp., 5.450%, 6/15/2014		290,000		265,350
Boston Scientific Corp., 6.400%, 6/15/2016		860,000		799,800
Boston Scientific Corp., 7.000%, 11/15/2035		860,000		731,000
HCA, Inc., 5.750%, 3/15/2014		455,000		298,025
HCA, Inc., 6.250%, 2/15/2013		2,345,000		1,758,750
HCA, Inc., 6.375%, 1/15/2015		410,000		268,550
HCA, Inc., 6.500%, 2/15/2016		610,000		399,550
HCA, Inc., 6.750%, 7/15/2013		115,000		85,963
HCA, Inc., 7.050%, 12/01/2027		3,545,000		1,843,400
HCA, Inc., 7.190%, 11/15/2015		560,000		378,302
HCA, Inc., 7.500%, 12/15/2023		840,000		445,059
HCA, Inc., 7.500%, 11/06/2033		1,440,000		720,000
HCA, Inc., 7.690%, 6/15/2025		2,660,000		1,385,344
HCA, Inc., 8.360%, 4/15/2024		1,775,000		995,283
HCA, Inc., MTN, 7.580%, 9/15/2025		2,930,000		1,503,415
HCA, Inc., MTN, 7.750%, 7/15/2036		430,000		217,493
Owens & Minor, Inc., 6.350%, 4/15/2016(c)		320,000		287,782
Tenet Healthcare Corp., 6.500%, 6/01/2012		105,000		89,348
Tenet Healthcare Corp., 6.875%, 11/15/2031		1,075,000		532,125
Tenet Healthcare Corp., 7.375%, 2/01/2013		85,000		67,575
				13,072,114
Home Construction – 1.1%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		115,000		31,050
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014		155,000		42,625
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014		115,000		29,900
Lennar Corp., Series B, 5.600%, 5/31/2015		1,700,000		1,211,250
Pulte Homes, Inc., 5.200%, 2/15/2015		1,305,000		1,032,581
Pulte Homes, Inc., 6.000%, 2/15/2035		3,920,000		2,391,200
Pulte Homes, Inc., 6.375%, 5/15/2033		1,960,000		1,195,600

47

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Home Construction – continued
Toll Brothers Finance Corp., 5.150%, 5/15/2015		$	565,000	$	476,577
					6,410,783
Independent Energy – 2.1%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			3,230,000		2,781,934
Anadarko Petroleum Corp., 6.450%, 9/15/2036			2,845,000		1,988,556
Chesapeake Energy Corp., 6.500%, 8/15/2017			380,000		309,700
Chesapeake Energy Corp., 6.875%, 1/15/2016			200,000		168,000
Chesapeake Energy Corp., 6.875%, 11/15/2020			900,000		704,250
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			792,000		249,480
Pioneer Natural Resources Co., 5.875%, 7/15/2016			435,000		320,978
Pioneer Natural Resources Co., 7.200%, 1/15/2028			1,465,000		898,586
Questar Market Resources, Inc., 6.800%, 4/01/2018			3,820,000		3,419,339
Talisman Energy, Inc., 5.850%, 2/01/2037			550,000		371,203
Talisman Energy, Inc., 6.250%, 2/01/2038			1,485,000		1,047,561
XTO Energy, Inc., 6.100%, 4/01/2036			155,000		131,125
					12,390,712
Industrial Other – 0.2%
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A			1,575,000		897,750
Integrated Energy – 0.2%
PF Export Receivables Master Trust, Series A, 6.436%, 6/01/2015, 144A			1,260,841		1,273,449
Life Insurance – 0.3%
Hartford Life Insurance Co., 2.230%, 9/15/2011(d)			500,000		392,945
John Hancock Insurance Co., 1.880%, 4/15/2009(d)			500,000		498,090
Principal Life Income Funding Trust, 5.000%, 10/15/2014			500,000		499,968
Protective Life Secured Trust, 1.760%, 9/10/2014(d)			1,000,000		441,560
					1,832,563
Local Authorities – 6.1%
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		3,240,000		2,381,267
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		845,000		617,941
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		4,280,000		3,029,352
Province of Alberta, 5.930%, 9/16/2016	CAD		868,201		777,670
Province of British Columbia, Zero Coupon Bond, 8/23/2013	CAD		11,700,000		8,221,830
Province of Ontario, Canada, 4.200%, 3/08/2018	CAD		19,825,000		15,869,277
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		2,150,000		1,567,909
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)			7,910,000		3,894,963
					36,360,209

48

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Lodging – 0.0%
Host Marriott LP, Series O, 6.375%, 3/15/2015		$	150,000		$	111,000
Media Cable – 4.1%
Comcast Corp., 5.650%, 6/15/2035			2,660,000			2,106,457
Comcast Corp., 6.450%, 3/15/2037			2,645,000			2,310,804
Comcast Corp., 6.500%, 11/15/2035			3,240,000			2,861,785
Comcast Corp., 6.950%, 8/15/2037			7,695,000			7,165,676
CSC Holdings, Inc., 6.750%, 4/15/2012			200,000			192,500
CSC Holdings, Inc., 7.625%, 4/01/2011			50,000			49,625
CSC Holdings, Inc., 7.875%, 2/15/2018			170,000			155,550
CSC Holdings, Inc., 8.500%, 4/15/2014, 144A			1,000,000			985,000
TCI Communications, Inc., 7.875%, 2/15/2026			550,000			505,173
Time Warner Cable, Inc., 6.550%, 5/01/2037			1,500,000			1,262,402
Time Warner Cable, Inc., 6.750%, 7/01/2018			6,500,000			6,101,576
Virgin Media Finance PLC, 9.125%, 8/15/2016			400,000			372,000
Virgin Media Finance PLC, 9.750%, 4/15/2014	GBP		250,000			317,461
						24,386,009
Media Non-Cable – 0.5%
Clear Channel Communications, Inc., 4.250%, 5/15/2009			85,000			75,650
Clear Channel Communications, Inc., 4.900%, 5/15/2015			785,000			109,900
Clear Channel Communications, Inc., 5.500%, 12/15/2016			50,000			7,000
News America, Inc., 6.150%, 3/01/2037			2,630,000			1,917,565
News America, Inc., 6.200%, 12/15/2034			795,000			571,890
						2,682,005
Non-Captive Consumer – 1.5%
SLM Corp., 6.000%, 12/15/2043			31,725	(††)		291,473
SLM Corp., MTN, 5.125%, 8/27/2012			420,000			226,311
SLM Corp., Series A, MTN, 4.000%, 1/15/2010			475,000			400,832
SLM Corp., Series A, MTN, 4.500%, 7/26/2010			455,000			341,250
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			1,600,000			850,829
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			200,000			90,000
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			2,920,000			1,602,254
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			235,000			121,776
SLM Corp., Series A, MTN, 5.400%, 10/25/2011			405,000			251,100
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			7,511,000			4,056,901
SLM Corp., Series B, MTN, 2.241%, 9/15/2009(d)			500,000			482,925
						8,715,651
Non-Captive Diversified – 3.4%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015			845,000			494,325
CIT Group, Inc., 4.750%, 12/15/2010			135,000			108,868
CIT Group, Inc., 5.050%, 9/15/2014			500,000			117,654
CIT Group, Inc., 5.400%, 2/13/2012			10,000			6,447
CIT Group, Inc., 5.400%, 1/30/2016			108,000			64,731
CIT Group, Inc., 5.500%, 12/01/2014	GBP		800,000			482,110
CIT Group, Inc., 5.600%, 4/27/2011			432,000			315,328
CIT Group, Inc., 5.800%, 10/01/2036			561,000			308,993
CIT Group, Inc., 5.850%, 9/15/2016			10,000			5,656

49

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
CIT Group, Inc., 12.000%, 12/18/2018, 144A		$	4,237,000	$	2,192,647
CIT Group, Inc., EMTN, 3.800%, 11/14/2012	EUR		750,000		458,367
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR		1,150,000		641,714
CIT Group, Inc., EMTN, 5.000%, 5/13/2014	EUR		550,000		314,214
CIT Group, Inc., EMTN, 5.500%, 12/20/2016	GBP		600,000		361,582
CIT Group, Inc., GMTN, 4.250%, 2/01/2010			85,000		72,862
CIT Group, Inc., GMTN, 4.250%, 9/22/2011	EUR		400,000		318,864
CIT Group, Inc., GMTN, 5.000%, 2/13/2014			673,000		397,070
CIT Group, Inc., GMTN, 5.000%, 2/01/2015			263,000		160,128
CIT Group, Inc., MTN, 4.250%, 3/17/2015	EUR		1,000,000		637,728
CIT Group, Inc., MTN, 5.125%, 9/30/2014			762,000		460,619
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036			265,000		124,937
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017			304,000		176,054
General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012	AUD		830,000		541,227
General Electric Capital Corp., 5.625%, 5/01/2018			120,000		104,343
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			85,000		60,714
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016(c)(e)	NZD		1,345,000		629,008
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015			1,145,000		1,016,319
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015(c)(e)	NZD		9,210,000		4,335,127
GMAC LLC, 4.750%, 9/14/2009, 144A			874,000		744,272
GMAC LLC, 5.625%, 5/15/2009			800,000		757,218
GMAC LLC, 5.750%, 9/27/2010, 144A			309,000		234,840
GMAC LLC, 6.000%, 12/15/2011, 144A			1,305,000		888,457
GMAC LLC, 6.875%, 8/28/2012, 144A			224,000		150,432
GMAC LLC, 7.000%, 2/01/2012, 144A			253,000		174,752
GMAC LLC, 7.500%, 12/31/2013, 144A			682,000		327,824
GMAC LLC, 8.000%, 12/31/2018, 144A			1,460,000		423,853
GMAC LLC, 8.000%, 11/01/2031, 144A			181,000		87,090
iStar Financial, Inc., 5.500%, 6/15/2012			85,000		28,900
iStar Financial, Inc., 5.650%, 9/15/2011			135,000		55,350
iStar Financial, Inc., 5.875%, 3/15/2016			30,000		8,700
iStar Financial, Inc., 6.050%, 4/15/2015			30,000		8,700
iStar Financial, Inc., 8.625%, 6/01/2013			2,495,000		779,687
iStar Financial, Inc., Series B, 5.700%, 3/01/2014			95,000		27,550
iStar Financial, Inc., Series B, 5.950%, 10/15/2013			1,245,000		379,725
					19,984,986
Oil Field Services – 0.1%
North American Energy Partners, Inc., 8.750%, 12/01/2011			1,000,000		730,000
Packaging – 0.3%
Owens-Illinois, Inc., 7.800%, 5/15/2018			2,000,000		1,940,000
Paper – 1.8%
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028			650,000		52,000
Georgia-Pacific LLC, 7.250%, 6/01/2028			2,000,000		1,390,000
Georgia-Pacific LLC, 7.375%, 12/01/2025			2,868,000		2,043,450

50

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Paper – continued
Georgia-Pacific LLC, 7.750%, 11/15/2029	$	6,005,000	$	4,443,700
Georgia-Pacific LLC, 8.000%, 1/15/2024		132,000		104,940
Jefferson Smurfit Corp., 7.500%, 6/01/2013(b)		335,000		38,944
Westvaco Corp., 7.950%, 2/15/2031		1,045,000		798,855
Westvaco Corp., 8.200%, 1/15/2030		1,080,000		851,430
Weyerhaeuser Co., 7.375%, 3/15/2032		1,565,000		1,045,766
				10,769,085
Pharmaceuticals – 0.6%
Elan Financial PLC, 7.750%, 11/15/2011		4,235,000		3,557,400
Elan Financial PLC, 8.875%, 12/01/2013		335,000		268,000
				3,825,400
Pipelines – 1.9%
DCP Midstream LP, 6.450%, 11/03/2036, 144A		1,740,000		1,127,962
El Paso Corp., 6.950%, 6/01/2028		925,000		637,897
El Paso Corp., 12.000%, 12/12/2013		2,195,000		2,310,237
El Paso Corp., MTN, 7.800%, 8/01/2031		250,000		186,800
Enterprise Products Operating LLP, 6.300%, 9/15/2017		1,550,000		1,428,671
Knight, Inc., 6.500%, 9/01/2012		90,000		83,925
Knight, Inc., Senior Note, 5.150%, 3/01/2015		305,000		256,200
Plains All American Pipeline LP, 6.125%, 1/15/2017		1,785,000		1,516,636
Plains All American Pipeline LP, 6.650%, 1/15/2037		3,850,000		2,790,495
Williams Cos., Inc. (The), 7.500%, 1/15/2031		1,000,000		790,000
				11,128,823
Property & Casualty Insurance – 2.0%
Allstate Corp., 5.950%, 4/01/2036		540,000		390,695
Axis Capital Holdings Ltd., 5.750%, 12/01/2014		80,000		66,534
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		1,190,000		1,049,308
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		775,000		690,995
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		180,000		119,450
Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019		4,570,000		4,658,695
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		1,545,000		478,950
Travelers Cos., Inc. (The), 6.250%, 6/15/2037		1,925,000		1,761,313
Travelers Property Casualty Corp., 6.375%, 3/15/2033		1,400,000		1,305,185
White Mountains RE Group, 6.375%, 3/20/2017, 144A		2,140,000		1,561,237
				12,082,362
Railroads – 0.2%
CSX Corp., MTN, 6.000%, 10/01/2036		1,575,000		1,106,208
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		500,000		275,000
				1,381,208

51

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
REITs – 1.4%
Camden Property Trust, 5.700%, 5/15/2017		$	1,495,000		$	1,097,539
Colonial Realty LP, 4.750%, 2/01/2010			15,000			14,424
Duke Realty LP, 5.950%, 2/15/2017			210,000			125,589
ERP Operating LP, 5.125%, 3/15/2016			70,000			55,234
Highwoods Properties, Inc., 5.850%, 3/15/2017			3,485,000			2,155,037
Highwoods Properties, Inc., 7.500%, 4/15/2018			475,000			313,023
ProLogis, 5.625%, 11/15/2015			100,000			54,000
ProLogis, 5.750%, 4/01/2016			80,000			43,965
Realty Income Corp., 6.750%, 8/15/2019			1,000,000			690,284
Simon Property Group LP, 5.250%, 12/01/2016			1,000,000			744,863
Simon Property Group LP, 5.300%, 5/30/2013			685,000			559,319
Simon Property Group LP, 5.750%, 12/01/2015			65,000			50,184
Simon Property Group LP, 5.875%, 3/01/2017			200,000			154,272
Simon Property Group LP, 10.350%, 4/01/2019			2,030,000			1,972,914
						8,030,647
Restaurants – 0.1%
McDonald’s Corp., EMTN, 3.628%, 10/10/2010	SGD		1,000,000			672,784
Retailers – 1.5%
Dillard’s, Inc., 7.750%, 7/15/2026			1,025,000			338,250
Foot Locker, Inc., 8.500%, 1/15/2022			1,100,000			885,500
Home Depot, Inc. (The), 5.875%, 12/16/2036			6,693,000			4,739,855
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			2,110,000			1,319,083
J.C. Penney Corp., Inc., 7.125%, 11/15/2023			575,000			401,610
Toys R Us, Inc., 7.375%, 10/15/2018			3,240,000			1,036,800
Toys R Us, Inc., 7.875%, 4/15/2013			750,000			263,438
						8,984,536
Sovereigns – 3.0%
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		2,915,000,000			210,119
Indonesia Treasury Bond, Series ZC3, Zero Coupon Bond, 11/20/2012	IDR		7,590,000,000			447,617
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN		125,000	(†††)		901,694
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		305,000	(†††)		2,137,993
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		1,015,000	(†††)		7,658,539
Republic of Brazil, 10.250%, 1/10/2028	BRL		14,885,000			5,871,225
Republic of Brazil, 12.500%, 1/05/2022	BRL		625,000			281,550
Republic of Iceland, Zero Coupon Bond, 4/15/2009	ISK		50,000,000			242,280
Republic of Iceland, 7.000%, 3/17/2010	ISK		21,715,000			103,438
Republic of Iceland, 8.500%, 6/12/2009	ISK		29,080,000			140,293
						17,994,748
Supermarkets – 1.4%
American Stores Co., 8.000%, 6/01/2026			25,000			21,375
New Albertson’s, Inc., 7.450%, 8/01/2029			6,515,000			5,407,450
New Albertson’s, Inc., 7.750%, 6/15/2026			1,470,000			1,231,125
New Albertson’s, Inc., 8.000%, 5/01/2031			565,000			461,887
New Albertson’s, Inc., 8.700%, 5/01/2030			5,000			4,275

52

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Supermarkets – continued
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		$	1,745,000	$	1,282,575
					8,408,687
Supranational – 6.8%
Eurofima, EMTN, 11.000%, 2/05/2010	ISK		20,000,000		99,975
European Investment Bank, EMTN, 4.600%, 1/30/2037, 144A	CAD		6,000,000		4,369,749
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/11/2009	BRL		30,000,000		12,738,442
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD		19,735,000		11,131,685
International Bank for Reconstruction & Development, 1.430%, 3/05/2014	SGD		17,000,000		10,919,590
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK		210,000,000		1,031,499
Nordic Investment Bank, EMTN, 11.250%, 4/16/2009	ISK		4,800,000		23,424
					40,314,364
Technology – 2.3%
Agilent Technologies, Inc., 6.500%, 11/01/2017			5,215,000		4,273,301
Amkor Technology, Inc., 7.125%, 3/15/2011			725,000		671,531
Amkor Technology, Inc., 7.750%, 5/15/2013			470,000		378,350
Arrow Electronics, Inc., 6.875%, 7/01/2013			2,850,000		2,713,974
Avnet, Inc., 6.000%, 9/01/2015			1,645,000		1,353,590
Avnet, Inc., 6.625%, 9/15/2016			130,000		108,279
Corning, Inc., 6.200%, 3/15/2016			250,000		223,610
Corning, Inc., 6.850%, 3/01/2029			450,000		339,689
Corning, Inc., 7.250%, 8/15/2036			1,175,000		885,230
Lucent Technologies, Inc., 6.450%, 3/15/2029			250,000		95,000
Motorola, Inc., 5.220%, 10/01/2097			515,000		207,272
Motorola, Inc., 6.500%, 11/15/2028			815,000		513,450
Motorola, Inc., 6.625%, 11/15/2037			995,000		629,337
Nortel Networks Capital Corp., 7.875%, 6/15/2026(b)			150,000		24,000
Nortel Networks Ltd., 6.875%, 9/01/2023(b)			1,325,000		86,125
Nortel Networks Ltd., 10.125%, 7/15/2013(b)			1,000,000		187,500
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A			1,100,100		1,053,213
					13,743,451
Textile – 0.0%
Kellwood Co., 7.625%, 10/15/2017(c)			3,250,000		146,250
Tobacco – 1.7%
Altria Group, Inc., 9.250%, 8/06/2019			6,465,000		6,912,339
Reynolds American, Inc., 6.750%, 6/15/2017			3,320,000		2,834,261
Reynolds American, Inc., 7.250%, 6/15/2037			810,000		591,438
					10,338,038
Transportation Services – 0.7%
APL Ltd., 8.000%, 1/15/2024(c)			2,500,000		1,756,425
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016(f)			1,326,184		888,543

53

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Transportation Services – continued
Atlas Air, Inc., Series 2000-1, Class B, 9.057%, 7/02/2017(f)		$	394,351	$	386,464
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(f)			1,500,291		1,125,219
					4,156,651
Treasuries – 16.7%
Canadian Government, 2.750%, 12/01/2010	CAD		12,760,000		10,421,341
Canadian Government, 3.750%, 9/01/2011	CAD		18,145,000		15,268,828
Canadian Government, 3.750%, 6/01/2012	CAD		14,255,000		12,143,207
Canadian Government, 3.750%, 6/01/2019	CAD		7,385,000		6,365,287
Canadian Government, 4.250%, 9/01/2009	CAD		16,520,000		13,305,885
Canadian Government, 4.250%, 6/01/2018	CAD		9,615,000		8,594,016
Canadian Government, 5.250%, 6/01/2012	CAD		22,355,000		19,866,481
Norwegian Government, 4.250%, 5/19/2017	NOK		56,415,000		8,775,084
Norwegian Government, 5.000%, 5/15/2015	NOK		9,425,000		1,535,360
Norwegian Government, 6.000%, 5/16/2011	NOK		11,705,000		1,879,800
Norwegian Government, 6.500%, 5/15/2013	NOK		8,410,000		1,431,169
					99,586,458
Wireless – 1.4%
ALLTEL Corp., 6.800%, 5/01/2029			150,000		138,162
ALLTEL Corp., 7.875%, 7/01/2032			2,230,000		2,266,661
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			4,585,000		2,430,050
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			745,000		424,650
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			1,745,000		968,475
Rogers Cable, Inc., 5.500%, 3/15/2014			150,000		146,648
Sprint Capital Corp., 6.875%, 11/15/2028			1,262,000		769,820
Sprint Capital Corp., 6.900%, 5/01/2019			870,000		613,350
Sprint Capital Corp., 8.750%, 3/15/2032			300,000		201,000
Sprint Nextel Corp., 6.000%, 12/01/2016			898,000		642,070
					8,600,886
Wirelines – 5.9%
AT&T Corp., 6.500%, 3/15/2029			355,000		311,258
AT&T, Inc., 6.500%, 9/01/2037			6,600,000		5,955,985
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		155,000		112,685
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		195,000		129,246
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		690,000		494,788
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		600,000		376,033
Embarq Corp., 7.082%, 6/01/2016			235,000		211,500
Embarq Corp., 7.995%, 6/01/2036			200,000		150,000
GTE Corp., 6.940%, 4/15/2028			350,000		313,405
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(b)			75,000		375
Level 3 Financing, Inc., 9.250%, 11/01/2014			500,000		345,000
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			3,305,000		2,247,400
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			7,205,000		4,539,150
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			350,000		248,500
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			775,000		511,500
Qwest Corp., 6.875%, 9/15/2033			790,000		517,450
Qwest Corp., 7.200%, 11/10/2026			1,780,000		1,210,400
Qwest Corp., 7.250%, 9/15/2025			1,220,000		805,200

54

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wirelines – continued
Telecom Italia Capital SA, 6.000%, 9/30/2034	$	1,330,000	$	907,398
Telecom Italia Capital SA, 6.375%, 11/15/2033		1,320,000		961,760
Telefonica Emisiones SAU, 7.045%, 6/20/2036		11,330,000		11,641,892
Verizon Communications, Inc., 5.850%, 9/15/2035		3,975,000		3,377,224
				35,368,149
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $641,164,064)				520,445,589
CONVERTIBLE BONDS – 3.1%
Construction Machinery – 0.0%
United Rentals North America, Inc., 1.875%, 10/15/2023		50,000		37,000
Healthcare – 0.1%
Affymetrix, Inc., 3.500%, 1/15/2038		604,000		317,100
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024(c)(e)		250,000		50,000
				367,100
Industrial Other – 0.1%
Incyte Corp., 3.500%, 2/15/2011		1,290,000		638,550
Lodging – 0.2%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		1,430,000		993,850
Media Non-Cable – 0.1%
Liberty Media LLC, 3.500%, 1/15/2031		454,134		162,353
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(g)		500,000		210,000
				372,353
Non-Captive Diversified – 0.0%
iStar Financial, Inc., 1.935%, 10/01/2012(d)		380,000		114,000
Pharmaceuticals – 1.1%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		175,000		64,313
Human Genome Sciences, Inc., 2.250%, 8/15/2012		205,000		68,163
Nektar Therapeutics, 3.250%, 9/28/2012		1,065,000		689,587
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		1,035,000		991,012
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		1,095,000		969,075
Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		2,770,000		3,639,087
				6,421,237
Pipelines – 0.2%
CenterPoint Energy Resources Corp., 6.000%, 3/15/2012		1,467,700		1,449,354

55

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Technology – 0.4%
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012	$	3,585,000	$	1,698,394
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		380,000		299,725
Maxtor Corp., 5.750%, 3/01/2012(c)		363,000		272,250
Nortel Networks Corp., 2.125%, 4/15/2014(b)		248,000		35,340
Richardson Electronics Ltd., 7.750%, 12/15/2011		263,000		210,400
				2,516,109
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		74,000		66,878
Wirelines – 0.9%
Level 3 Communications, Inc., 2.875%, 7/15/2010		3,870,000		2,829,937
Level 3 Communications, Inc., 6.000%, 9/15/2009		2,685,000		2,591,025
Level 3 Communications, Inc., 6.000%, 3/15/2010		125,000		106,250
Qwest Communications International, Inc., 3.500%, 11/15/2025		250,000		230,625
				5,757,837
TOTAL CONVERTIBLE BONDS
(Identified Cost $22,342,709)				18,734,268
MUNICIPALS – 0.3%
Michigan – 0.3%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(c) (Identified Cost $2,479,857)		2,480,000		1,447,700
TOTAL BONDS AND NOTES
(Identified Cost $665,986,630)				540,627,557
BANK LOANS – 0.3%
Consumer Products – 0.0%
Mega Brands, Inc., Term Loan B, 8.750%, 7/26/2012(h)		332,416		90,308
Food & Beverage – 0.0%
Dole Food Co., Inc., Credit Link Deposit, 2.790%, 4/12/2013(h)		17,547		16,132
Dole Food Co., Inc., Tranche B Term Loan, 7.960%, 4/12/2013(h)		11,401		10,482
Dole Food Co., Inc., Tranche C Term Loan, 7.969%, 4/12/2013(h)		55,443		50,973
				77,587
Media Non-Cable – 0.1%
Idearc, Inc., Term Loan B, 6.250%, 11/17/2014(b)(h)		1,658,463		646,286
Tribune Co., Term Loan X, 5.000%, 6/04/2009(b)(h)		74,971		19,563
				665,849

56

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BANK LOANS – continued
Supranational – 0.1%
Level 3 Financing, Inc., New Term Loan, 3.309%, 3/13/2014(h)	$	345,000	$	258,968
Technology – 0.1%
Sungard Data Systems, Inc., Term Loan B, 2.697%, 2/28/2014(h)		802,946		676,434
Wirelines – 0.0%
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(h)(i)		475,911		212,732
TOTAL BANK LOANS
(Identified Cost $3,029,860)				1,981,878
	Shares
PREFERRED STOCKS – 1.2%
CONVERTIBLE PREFERRED STOCKS – 0.8%
Automotive – 0.1%
Ford Motor Co. Capital Trust II, 6.500%		79,845		641,155
Capital Markets – 0.1%
Newell Financial Trust I, 5.250%		25,075		451,350
Diversified Financial Services – 0.2%
Sovereign Capital Trust, 4.375%		55,343		1,093,024
Electric Utilities – 0.1%
AES Trust III, 6.750%		10,000		340,000
Machinery – 0.1%
United Rentals Trust, 6.500%		30,199		332,189
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp., 4.500%		775		47,663
El Paso Energy Capital Trust I, 4.750%		20,200		505,000
				552,663
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%		2,500		9,375
Semiconductors & Semiconductor Equipment – 0.1%
Lucent Technologies Capital Trust, 7.750%		3,715		1,077,530
TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $10,672,629)				4,497,286
NON-CONVERTIBLE PREFERRED STOCKS – 0.4%
Capital Markets – 0.0%
Lehman Brothers Holdings Capital Trust I, 6.000%(b)		2,075		42
Lehman Brothers Holdings, Inc., 5.670%(b)		3,878		23
Lehman Brothers Holdings, Inc., 5.940%(b)		4,120		4
Lehman Brothers Holdings, Inc., 6.500%(b)		18,030		45
Lehman Brothers Holdings, Inc., 7.250%(b)		2,025		1,499
Lehman Brothers Holdings, Inc., 7.950%(b)		18,522		102
				1,715

57

	Shares	Value (†)
NON-CONVERTIBLE PREFERRED STOCKS – continued
Diversified Financial Services – 0.2%
Bank of America Corp., 6.375%	5,000	$	40,750
Bank of America Corp., Series L, 7.250%	2,844		1,158,930
Preferred Blocker, Inc., 7.000%, 144A	1,121		223,184
			1,422,864
Electric Utilities – 0.1%
Entergy New Orleans, Inc., 4.360%	90		5,979
Entergy New Orleans, Inc., 4.750%	2,876		199,073
MDU Resources Group, Inc., 5.100%	254		25,448
Public Service Electric & Gas Co., 4.180%	1,950		136,539
Union Electric Co., 4.500%	4,670		312,890
Xcel Energy, Inc., 4.110%	100		6,947
			686,876
Thrifts & Mortgage Finance – 0.1%
Countrywide Capital IV, 6.750%	20,975		200,521
Federal Home Loan Mortgage Corp., 5.000%(f)(j)	4,150		3,735
Federal Home Loan Mortgage Corp., 5.570%(f)(j)	63,750		24,225
Federal Home Loan Mortgage Corp., 5.660%(f)(j)	18,900		7,560
Federal Home Loan Mortgage Corp., 5.700%(f)(j)	6,550		5,437
Federal Home Loan Mortgage Corp., 5.790%(f)(j)	12,100		9,317
Federal Home Loan Mortgage Corp., 5.810%(f)(j)	4,250		3,315
Federal Home Loan Mortgage Corp., 5.900%(f)(j)	9,400		4,324
Federal Home Loan Mortgage Corp., 6.000%(f)(j)	5,350		4,762
Federal Home Loan Mortgage Corp., 6.420%(f)(j)	3,800		3,040
Federal Home Loan Mortgage Corp., 6.550%(f)(j)	24,825		10,178
Federal Home Loan Mortgage Corp., 8.375%(f)(j)	88,575		40,744
Federal National Mortgage Association, 4.750%(f)(j)	8,200		5,986
Federal National Mortgage Association, 5.125%(f)(j)	2,900		2,001
Federal National Mortgage Association, 5.375%(f)(j)	5,800		8,294
Federal National Mortgage Association, 5.810%(f)(j)	2,400		2,760
Federal National Mortgage Association, 6.750%(f)(j)	3,750		1,875
Federal National Mortgage Association, 8.250%(f)(j)	119,675		84,969
			423,043
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $11,523,389)			2,534,498
TOTAL PREFERRED STOCKS
(Identified Cost $22,196,018)			7,031,784
COMMON STOCKS – 0.7%
Communications Equipment – 0.5%
Corning, Inc.	205,167		2,722,566
Containers & Packaging – 0.1%
Owens-Illinois, Inc.(f)	35,353		510,497
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp.	54,259		925,659
TOTAL COMMON STOCKS
(Identified Cost $5,011,989)			4,158,722

58

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
SHORT-TERM INVESTMENTS – 5.5%
Repurchase Agreement with State Street Corp., dated 3/31/2009 at 0.000%, to be repurchased at $3,331 on 4/01/2009 collateralized by $5,000 U.S. Treasury Bill, due 5/28/2009 valued at $4,999 including accrued interest (Note 2h of Notes to Financial Statements)	$	3,331	$	3,331
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000% to be repurchased at $32,510,155, on 4/01/2009 collateralized by $33,180,000 Federal National Mortgage Association Discount Note, due 6/30/2009 valued at $33,163,410 including accrued interest (Note 2h of Notes to Financial Statements)		32,510,155		32,510,155
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $32,513,486)				32,513,486
TOTAL INVESTMENTS – 98.3%
(Identified Cost $728,737,983)(a)				586,313,427
Other assets less liabilities—1.7%				10,291,348
NET ASSETS – 100.0%			$	596,604,775
(†)       See Note 2a of Notes to Financial Statements.
(‡)       Principal amount stated in U.S. dollars unless otherwise noted.
(††)     Amount shown represents units. One unit represents a principal amount of 25.
(†††)    Amount shown represents units. One unit represents a principal amount of 100.
(a)       Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash. Amortization of premium on debt securities is excluded for tax purposes.): At March 31, 2009, the net unrealized depreciation on investments based on a cost of $730,189,194 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			$	10,996,086
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value				(154,871,853	)
Net unrealized depreciation			$	(143,875,767	)

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

(c) Illiquid security. At March 31, 2009, the value of these securities amounted to $18,899,362 or 3.2% of net assets.

(d) Variable rate security. Rate as of March 31, 2009 is disclosed.

(e) Valued by management. At March 31, 2009 the value of these securities amounted to $5,014,135 or 0.8% of net assets.

(f) Non-income producing security.

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

(h) Variable rate security. Rate shown represents the weighted average rate at March 31, 2009.

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

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the total value of these securities amounted to $46,751,972 or 7.8% of net assets.

ABS Asset-Backed Securities

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

MTN Medium Term Note

REITs Real Estate Investment Trusts

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; EUR: Euro; GBP: British Pound; IDR: Indonesian Rupiah; ISK: Icelandic Krona; KRW: South Korean Won; MXN: Mexican Peso; NOK: Norwegian Krone; NZD: New Zealand Dollar; SGD: Singapore Dollar; THB: Thai Baht

59

NET ASSET SUMMARY AT MARCH 31, 2009 (Unaudited)

Treasuries	16.7	%
Supranational	6.9
Wirelines	6.8
Banking	6.2
Local Authorities	6.1
Media Cable	4.1
Electric	3.7
Non-Captive Diversified	3.4
Sovereigns	3.0
Technology	2.8
Healthcare	2.3
Pipelines	2.1
Independent Energy	2.1
Property & Casualty Insurance	2.0
Other Investments, less than 2% each	24.6
Short-Term Investments	5.5
Total Investments	98.3
Other assets less liabilities	1.7
Net Assets	100.0	%

CURRENCY EXPOSURE AT MARCH 31, 2009 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	60.7	%
Canadian Dollar	19.5
Brazilian Real	4.2
New Zealand Dollar	2.7
Norwegian Krone	2.3
Other, less than 2% each	8.9
Total Investments	98.3
Other assets less liabilities	1.7
Net Assets	100.0	%

See accompanying notes to financial statements.

60

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 93.8% of Net Assets
NON-CONVERTIBLE BONDS – 93.7%
Argentina – 0.3%
Transportadora de Gas del Sur SA, 7.875%, 5/14/2017, 144A		$	8,050,000	$	4,588,500
Australia – 0.9%
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		16,675,000		12,255,442
Austria – 1.6%
Oesterreichische Kontrollbank AG, 1.800%, 3/22/2010	JPY		1,944,000,000		19,721,137
Sappi Papier Holding AG, 7.500%, 6/15/2032, 144A			7,350,000		3,307,500
					23,028,637
Belgium – 2.7%
Kingdom of Belgium, 5.500%, 9/28/2017	EUR		25,555,000		38,053,819
Bermuda – 0.5%
Noble Group Ltd., 8.500%, 5/30/2013, 144A			4,805,000		3,771,925
White Mountains RE Group, 6.375%, 3/20/2017, 144A			5,000,000		3,647,750
					7,419,675
Brazil – 0.4%
ISA Capital Do Brasil SA, 7.875%, 1/30/2012, 144A			1,100,000		1,050,500
Republic of Brazil, 10.250%, 1/10/2028	BRL		11,250,000		4,437,439
					5,487,939
Canada – 2.7%
Bell Aliant Regional Communications, 5.410%, 9/26/2016	CAD		4,280,000		3,088,878
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		4,035,000		2,933,440
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		160,000		106,048
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		385,000		276,078
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		3,090,000		1,936,568
Bombardier, Inc., 7.250%, 11/15/2016, 144A	EUR		1,000,000		863,590
Canadian Government, 4.250%, 9/01/2009	CAD		600,000		483,265
Canadian Government, 4.500%, 6/01/2015	CAD		18,813,000		17,112,996
Canadian Pacific Railway Co., 5.750%, 3/15/2033			810,000		576,001
Canadian Pacific Railway Co., 5.950%, 5/15/2037			1,745,000		1,217,731
Kinder Morgan Finance Co., 5.700%, 1/05/2016			2,600,000		2,184,000
Province of Quebec, 1.600%, 5/09/2013	JPY		766,000,000		7,299,306
					38,077,901
Cayman Islands – 2.2%
Embraer Overseas Ltd., 6.375%, 1/24/2017			5,580,000		4,519,800
LPG International, Inc., 7.250%, 12/20/2015			3,010,000		2,776,725
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A			1,170,000		702,000
Odebrecht Finance Ltd., 7.500%, 10/18/2017, 144A			4,650,000		4,045,500

61

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Cayman Islands – continued
Petrobras International Finance Co., 5.875%, 3/01/2018		$	15,600,000	$	14,512,259
Vale Overseas Ltd., 6.875%, 11/21/2036			6,578,000		5,680,359
					32,236,643
France – 5.2%
France Telecom SA, EMTN, 4.750%, 2/21/2017	EUR		4,010,000		5,228,165
Government of France, 5.000%, 10/25/2016	EUR		20,070,000		29,770,407
Lafarge SA, EMTN, 4.750%, 3/23/2020	EUR		3,335,000		2,789,239
Lafarge SA, EMTN, 5.375%, 6/26/2017	EUR		2,950,000		2,814,151
PPR SA, EMTN, 4.000%, 1/29/2013	EUR		3,235,000		3,880,713
Veolia Environment, 6.000%, 6/01/2018(b)			9,900,000		9,371,855
Veolia Environment, EMTN, 5.125%, 5/24/2022	EUR		3,970,000		4,444,630
Vivendi, 3.875%, 2/15/2012	EUR		2,405,000		3,136,586
Wendel, 4.375%, 8/09/2017	EUR		4,550,000		3,173,693
Wendel, 4.875%, 5/26/2016	EUR		10,150,000		7,147,203
WPP Finance SA, 5.250%, 1/30/2015	EUR		2,400,000		2,423,239
					74,179,881
Germany – 11.9%
Bertelsmann AG, EMTN, 3.625%, 10/06/2015	EUR		9,620,000		10,570,763
Bundesrepublik Deutschland, Series 06, 3.750%, 1/04/2017	EUR		10,840,000		15,343,196
Bundesrepublik Deutschland, Series 97, 6.500%, 7/04/2027	EUR		5,040,000		8,823,710
Kreditanstalt fuer Wiederaufbau, 1.350%, 1/20/2014	JPY		1,494,000,000		14,972,903
Kreditanstalt fuer Wiederaufbau, 1.750%, 3/23/2010	JPY		923,000,000		9,421,351
Kreditanstalt fuer Wiederaufbau, 2.500%, 10/11/2010	EUR		15,925,000		21,437,959
Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037	JPY		1,140,000,000		11,136,263
Kreditanstalt fuer Wiederaufbau, Series INTL, 1.850%, 9/20/2010	JPY		834,000,000		8,559,409
Muenchener Hypothekenbank eG, 5.000%, 1/16/2012	EUR		11,515,000		16,250,752
Republic of Germany, 4.000%, 1/04/2037	EUR		7,639,000		10,266,398
Republic of Germany, 4.000%, 4/13/2012	EUR		31,325,000		44,481,324
					171,264,028
India – 1.2%
Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021			17,350,000		13,266,973
ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A			7,800,000		4,385,628
					17,652,601
Indonesia – 0.7%
Indonesia Government International Bond, 7.750%, 1/17/2038, 144A			13,125,000		10,106,250

62

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Ireland – 2.3%
Depfa ACS Bank, EMTN, 1.650%, 12/20/2016	JPY	5,200,000,000		$	33,506,681
Italy – 0.6%
Finmeccanica SpA, EMTN, 4.875%, 3/24/2025	EUR	6,900,000			6,839,083
Telecom Italia SpA, EMTN, 5.375%, 1/29/2019	EUR	1,500,000			1,623,217
					8,462,300
Japan – 2.5%
Development Bank of Japan, 1.750%, 3/17/2017	JPY	1,400,000,000			14,458,591
Japan Government, 0.900%, 9/15/2009	JPY	1,500,000,000			15,197,757
Japan Government, 1.400%, 6/20/2011	JPY	660,000,000			6,807,271
					36,463,619
Korea – 1.1%
Export-Import Bank of Korea, 8.125%, 1/21/2014		5,000,000			5,168,145
SK Broadband Co. Ltd., 7.000%, 2/01/2012, 144A		1,610,000			1,440,950
SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		11,225,000			9,313,955
					15,923,050
Luxembourg – 0.4%
Telecom Italia Capital SA, 4.950%, 9/30/2014		3,990,000			3,445,090
Telecom Italia Capital SA, 5.250%, 10/01/2015		1,660,000			1,399,636
Telecom Italia Capital SA, 6.375%, 11/15/2033		1,910,000			1,391,637
					6,236,363
Mexico – 1.2%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A		3,920,000			2,587,200
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		8,210,000			5,418,600
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN	1,373,000	(††)		9,624,473
					17,630,273
Netherlands – 4.0%
Bite Finance International, 5.150%, 3/15/2014, 144A(c)	EUR	2,820,000			1,498,661
Cemex Finance Europe BV, 4.750%, 3/05/2014	EUR	12,717,000			7,687,592
Kingdom of Netherlands, 5.500%, 1/15/2028	EUR	12,995,000			20,163,113
Koninklijke KPN NV, 6.500%, 1/15/2016	EUR	400,000			550,742
Koninklijke KPN NV, GMTN, 4.750%, 1/17/2017	EUR	13,445,000			16,506,866
Linde Finance BV, EMTN, 4.750%, 4/24/2017	EUR	3,865,000			4,771,411
Majapahit Holding BV, 7.250%, 6/28/2017, 144A		3,340,000			2,338,000
OI European Group BV, 6.875%, 3/31/2017, 144A	EUR	1,000,000			1,142,596
Wolters Kluwer NV, 5.125%, 1/27/2014	EUR	1,635,000			2,175,085
					56,834,066

63

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Norway – 3.6%
Norwegian Government, 4.250%, 5/19/2017	NOK	40,055,000	$	6,230,364
Norwegian Government, 5.500%, 5/15/2009	NOK	134,220,000		20,034,235
Norwegian Government, 6.500%, 5/15/2013	NOK	151,560,000		25,791,677
				52,056,276
Poland – 0.8%
Republic of Poland, Series 2BR, 1.020%, 6/09/2009	JPY	1,200,000,000		12,033,508
South Africa – 1.0%
Edcon Proprietary Ltd., 4.900%, 6/15/2014, 144A(c)	EUR	8,335,000		4,152,705
Republic of South Africa, EMTN, 4.500%, 4/05/2016	EUR	9,090,000		10,009,396
				14,162,101
Spain – 0.1%
Telefonica Emisiones SAU, EMTN, 4.375%, 2/02/2016	EUR	1,100,000		1,378,917
Supranational – 6.7%
Asia Development Bank, 2.350%, 6/21/2027	JPY	1,700,000,000		16,602,947
European Investment Bank, 1.250%, 9/20/2012	JPY	684,000,000		6,907,242
European Investment Bank, 1.400%, 6/20/2017	JPY	6,989,300,000		68,930,096
European Investment Bank, EMTN, Zero Coupon Bond, 4/24/2013, 144A	IDR	90,681,660,000		3,897,232
				96,337,517
United Arab Emirates – 1.9%
Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A(b)		15,445,000		14,704,768
DP World Ltd., 6.850%, 7/02/2037, 144A(b)		26,000,000		12,439,674
				27,144,442
United Kingdom – 4.2%
British Sky Broadcasting Group PLC, 6.100%, 2/15/2018, 144A		9,150,000		7,962,037
BSKYB Finance UK PLC, 5.750%, 10/20/2017	GBP	4,300,000		5,644,121
Imperial Tobacco Finance PLC, EMTN, 4.375%, 11/22/2013	EUR	3,300,000		3,910,525
Lloyds TSB Group PLC, 5.875%, 7/08/2014	EUR	1,235,000		1,473,444
Rexam PLC, 6.750%, 6/01/2013(d)		13,775,000		11,950,377
Standard Chartered Bank, EMTN, 6.750%, 4/27/2009	GBP	800,000		1,147,792
United Kingdom Treasury, 4.250%, 6/07/2032	GBP	6,340,000		9,408,519
United Kingdom Treasury, 5.000%, 3/07/2025	GBP	11,045,000		17,901,808
Vodafone Group PLC, 5.750%, 3/15/2016		435,000		435,329
				59,833,952
United States – 32.3%
Ahold Finance USA, Inc., EMTN, 6.500%, 3/14/2017	GBP	5,960,000		7,953,086
Altria Group, Inc., 9.250%, 8/06/2019		255,000		272,644
American Express Co., 6.150%, 8/28/2017		995,000		824,590
American Express Issuance Trust, Series 2005-2, Class A, 0.626%, 8/15/2013(c)		9,680,000		8,444,150

64

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
American Stores Co., Series B, MTN, 7.100%, 3/20/2028		$	1,590,000	$	1,232,250
Biogen Idec, Inc., 6.000%, 3/01/2013			10,850,000		10,995,108
Bristol-Myers Squibb Co., 4.625%, 11/15/2021	EUR		3,700,000		4,509,409
Cargill, Inc., 5.600%, 9/15/2012, 144A			5,595,000		5,574,768
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		250,000		245,791
Chesapeake Energy Corp., 6.500%, 8/15/2017			1,990,000		1,621,850
Chesapeake Energy Corp., 6.875%, 11/15/2020			5,615,000		4,393,737
CHS/Community Health Systems, Inc., 8.875%, 7/15/2015			3,490,000		3,298,050
CIT Group, Inc., 5.500%, 12/01/2014	GBP		11,655,000		7,023,734
CIT Group, Inc., EMTN, 3.800%, 11/14/2012	EUR		1,100,000		672,272
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR		1,000,000		558,012
CIT Group, Inc., EMTN, 5.000%, 5/13/2014	EUR		450,000		257,084
CIT Group, Inc., EMTN, 5.500%, 12/20/2016	GBP		4,150,000		2,500,943
CIT Group, Inc., GMTN, 4.250%, 9/22/2011	EUR		2,100,000		1,674,036
CIT Group, Inc., MTN, 4.250%, 3/17/2015	EUR		1,200,000		765,274
Citi Credit Card Issuance Trust, Series 2001-A4, Class A4, 5.375%, 4/10/2013	EUR		5,130,000		6,573,644
Citigroup, Inc., 5.000%, 9/15/2014(b)			19,620,000		13,006,118
Comcast Corp., 4.950%, 6/15/2016(b)			6,300,000		5,715,914
Comcast Corp., 5.900%, 3/15/2016			3,360,000		3,245,639
Comcast Corp., Class A, 5.650%, 6/15/2035			444,000		351,604
Corning, Inc., 5.900%, 3/15/2014			1,675,000		1,567,090
Corning, Inc., 6.200%, 3/15/2016			3,670,000		3,282,595
Couche-Tard US/Finance, 7.500%, 12/15/2013			3,775,000		3,708,937
CSX Corp., 5.600%, 5/01/2017			859,000		722,581
CSX Corp., 6.250%, 3/15/2018			8,075,000		6,956,289
CSX Corp., MTN, 6.000%, 10/01/2036			5,358,000		3,763,213
CVS Caremark Corp., 5.750%, 6/01/2017(b)			7,548,000		7,360,523
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024			7,069,897		4,772,181
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			1,938,605		1,075,926
Embarq Corp., 7.995%, 6/01/2036			3,605,000		2,703,750
Energy Transfer Partners LP, 6.700%, 7/01/2018			9,230,000		8,354,341
Erac USA Finance Co., 6.375%, 10/15/2017, 144A(b)			9,110,000		5,865,965
Erac USA Finance Co., 7.000%, 10/15/2037, 144A(b)			7,227,000		4,206,562
Frontier Communications Corp., 6.250%, 1/15/2013			6,175,000		5,596,094
Frontier Communications Corp., 7.125%, 3/15/2019			1,205,000		945,925
Frontier Communications Corp., 9.000%, 8/15/2031			1,795,000		1,231,819
General Electric Capital Corp., EMTN, 1.000%, 3/21/2012	JPY		2,035,000,000		17,026,506
General Electric Capital Corp., EMTN, 1.500%, 4/26/2012	JPY		276,000,000		2,327,746
General Electric Capital Corp., Series A, EMTN, 2.960%, 5/18/2012	SGD		800,000		439,182
Georgia-Pacific LLC, 7.125%, 1/15/2017, 144A			815,000		753,875

65

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Georgia-Pacific LLC, 7.250%, 6/01/2028(b)		$	4,540,000	$	3,155,300
Georgia-Pacific LLC, 8.000%, 1/15/2024			180,000		143,100
Georgia-Pacific LLC, 8.875%, 5/15/2031			1,805,000		1,444,000
Goldman Sachs Group, Inc. (The), 2.238%, 5/23/2016(c)	EUR		8,500,000		7,796,937
Goldman Sachs Group, Inc. (The), 6.875%, 1/18/2038	GBP		4,555,000		4,208,364
Goldman Sachs Group, Inc. (The), 7.250%, 4/10/2028	GBP		2,050,000		2,659,590
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037(b)			11,075,000		9,926,847
Harley-Davidson Funding Corp., Series C, 6.800%, 6/15/2018, 144A(b)			13,795,000		8,950,610
HCA, Inc., 5.750%, 3/15/2014			765,000		501,075
HCA, Inc., 6.250%, 2/15/2013			500,000		375,000
HCA, Inc., 6.375%, 1/15/2015			1,170,000		766,350
HCA, Inc., 6.500%, 2/15/2016			2,360,000		1,545,800
HCA, Inc., 7.690%, 6/15/2025			625,000		325,504
HCA, Inc., MTN, 7.580%, 9/15/2025			614,000		315,050
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A			5,680,000		4,146,400
Home Depot, Inc. (The), 5.875%, 12/16/2036			7,900,000		5,594,630
Host Hotels & Resorts LP, 6.875%, 11/01/2014			4,255,000		3,276,350
Host Marriott LP, Series O, 6.375%, 3/15/2015			6,040,000		4,469,600
Host Marriott LP, Series Q, 6.750%, 6/01/2016			3,745,000		2,733,850
International Paper Co., 7.950%, 6/15/2018			7,630,000		5,815,487
JPMorgan Chase & Co., 5.150%, 10/01/2015			6,000,000		5,289,294
Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018(b)			10,800,000		9,832,990
KLA-Tencor Corp., 6.900%, 5/01/2018			9,750,000		7,706,985
Kraft Foods, Inc., 6.875%, 2/01/2038			8,065,000		7,920,128
Lucent Technologies, Inc., 6.450%, 3/15/2029			7,950,000		3,021,000
Marsh & McLennan Cos, Inc., 9.250%, 4/15/2019			4,620,000		4,709,665
Medco Health Solutions, Inc., 7.125%, 3/15/2018			9,465,000		9,393,672
Merrill Auto Trust Securitization, Series 2008-1, Class A4A, 6.150%, 4/15/2015			8,155,000		8,264,495
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039			5,755,000		5,230,812
Morgan Stanley, 4.750%, 4/01/2014			9,080,000		7,423,599
Morgan Stanley, 5.375%, 11/14/2013	GBP		2,010,000		2,449,725
Motorola, Inc., 6.625%, 11/15/2037			6,000,000		3,795,000
Nabors Industries, Inc., 6.150%, 2/15/2018			6,235,000		4,878,096
National Semiconductor Corp., 6.150%, 6/15/2012			9,275,000		6,678,000
New Albertson’s, Inc., 7.450%, 8/01/2029			5,544,000		4,601,520
New Albertson’s, Inc., 7.750%, 6/15/2026			50,000		41,875
New Albertson’s, Inc., 8.000%, 5/01/2031			1,000,000		817,500
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			830,000		610,050
News America, Inc., 6.150%, 3/01/2037			5,730,000		4,177,812

66

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

			Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
United States – continued
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			$	5,475,000	$	2,901,750
NGPL Pipeco LLC, 6.514%, 12/15/2012, 144A				8,320,000		7,947,771
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A				1,740,000		1,595,415
NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A				1,740,000		1,517,325
NiSource Finance Corp., 6.400%, 3/15/2018				5,925,000		4,794,255
Owens & Minor, Inc., 6.350%, 4/15/2016(d)				5,630,000		5,063,172
Owens Brockway Glass Container, Inc., 6.750%, 12/01/2014	EUR	��		2,170,000		2,594,756
Philip Morris International, Inc., GMTN, 5.875%, 9/04/2015	EUR			8,100,000		11,018,153
ProLogis, 6.625%, 5/15/2018				15,685,000		7,950,774
Qwest Capital Funding, Inc., 6.500%, 11/15/2018				855,000		581,400
Qwest Capital Funding, Inc., 6.875%, 7/15/2028				250,000		157,500
Qwest Capital Funding, Inc., 7.750%, 2/15/2031				1,845,000		1,217,700
Qwest Corp., 6.875%, 9/15/2033				1,815,000		1,188,825
Qwest Corp., 7.200%, 11/10/2026				100,000		68,000
Qwest Corp., 7.250%, 9/15/2025				1,656,000		1,092,960
Qwest Corp., 7.250%, 10/15/2035				5,165,000		3,357,250
Qwest Corp., 7.500%, 6/15/2023				5,285,000		3,990,175
Reynolds American, Inc., 6.750%, 6/15/2017				9,755,000		8,327,775
SLM Corp., Series A, MTN, 5.000%, 10/01/2013				6,465,000		3,437,880
Sprint Capital Corp., 6.900%, 5/01/2019				1,895,000		1,335,975
Sprint Capital Corp., 8.750%, 3/15/2032				655,000		438,850
Textron, Inc., 3.875%, 3/11/2013	EUR			11,350,000		7,549,003
Time Warner, Inc., 6.625%, 5/15/2029				7,255,000		6,124,831
Time Warner, Inc., 6.950%, 1/15/2028				2,055,000		1,815,975
TXU Corp., Series P, 5.550%, 11/15/2014				1,390,000		479,550
TXU Corp., Series Q, 6.500%, 11/15/2024				12,560,000		3,523,394
TXU Corp., Series R, 6.550%, 11/15/2034				2,700,000		731,781
U.S. Treasury Note, 1.500%, 12/31/2013				8,000,000		7,980,000
Union Pacific Corp., 5.375%, 6/01/2033				1,198,000		953,225
Union Pacific Corp., 5.650%, 5/01/2017				4,190,000		4,037,811
UnitedHealth Group, Inc., 5.800%, 3/15/2036				2,495,000		1,931,931
UnitedHealth Group, Inc., 6.000%, 2/15/2018(b)				6,269,000		6,023,004
Wells Fargo & Co., 4.625%, 11/02/2035	GBP			12,030,000		12,474,373
						463,565,408
Uruguay – 0.7%
Republic of Uruguay, 4.250%, 4/05/2027	UYU			467,071,227		10,260,761
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $1,595,041,214)						1,346,180,550

67

	Principal Amount (‡)		Value (†)
CONVERTIBLE BONDS – 0.1%
United States – 0.1%
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(e)	$	1,920,000	$	1,310,400
TOTAL CONVERTIBLE BONDS
(Identified Cost $1,321,922)				1,310,400
TOTAL BONDS AND NOTES
(Identified Cost $1,596,363,136)				1,347,490,950
		Shares
PREFERRED STOCKS – 0.1%
NON-CONVERTIBLE PREFERRED STOCKS – 0.1%
United States – 0.1%
Federal Home Loan Mortgage Corp., 8.375%(f)(g)		505,450		232,507
Federal National Mortgage Association, 8.250%(f)(g)		998,425		708,882
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $38,218,902)				941,389
TOTAL PREFERRED STOCKS
(Identified Cost $38,218,902)				941,389
		Principal Amount (‡)
SHORT-TERM INVESTMENTS – 0.3%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000% to be repurchased at $5,537,974 on 4/01/2009 collateralized by $65,000 Federal Home Loan Bank, 0.950% due 3/30/2010 valued at $64,838; $5,380,000 Federal National Mortgage Association, 4.750% due 3/12/2010 valued at $5,584,440 including accrued interest (Note 2h of Notes to Financial Statements) (Identified Cost $5,537,974)	$	5,537,974		5,537,974
TOTAL INVESTMENTS – 94.2%
(Identified Cost $1,640,120,012)(a)				1,353,970,313
Other Assets Less Liabilities—5.8%				82,717,329
NET ASSETS – 100.0%			$	1,436,687,642
(‡)       Principal amount stated in U.S. dollars unless otherwise noted.
(†)       See Note 2a of Notes to Financial Statements.
(††)      Amount shown represents units. One unit represents a principal amount of 100.
(a)        Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At March 31, 2009, the net unrealized depreciation on investments based on a cost of $1,643,276,405 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			$	18,052,881
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value				(307,358,973)
Net unrealized depreciation			$	(289,306,092)

68

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Global Bond Fund – continued

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

(c) Variable rate security. Rate as of March 31, 2009 is disclosed.

(d) Illiquid security. At March 31, 2009, the value of these securities amounted to $17,013,549 or 1.2% of net assets.

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

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

(g) Non-income producing security.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the total value of these securities amounted to $138,611,660 or 9.6% of net assets.

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

MTN Medium Term Note

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; EUR: Euro; GBP: British Pound; IDR: Indonesian Rupiah; JPY: Japanese Yen; MXN: Mexican Peso; NOK: Norwegian Krone; SGD: Singapore Dollar; UYU: Uruguayan Peso

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

Counterparty	Contract to Buy/ Sell	Delivery Date	Currency	Units	Value		Unrealized Appreciation (Depreciation)
JPMorgan Chase	Buy	6/15/2009	Chinese Yuan Renminbi	173,000,000	$	25,326,957	$	(1,117,556	)
JPMorgan Chase	Sell	6/15/2009	Chinese Yuan Renminbi	173,000,000		25,326,957		670,735
UBS	Sell	4/14/2009	Japanese Yen	1,520,000,000		15,358,107		184,292
Barclays Bank	Sell	6/17/2009	Japanese Yen	2,892,000,000		29,251,685		738,205
Barclays Bank	Sell	6/17/2009	Japanese Yen	1,430,000,000		14,464,007		(18,833	)
UBS	Buy	4/14/2009	South Korean Won	21,500,000,000		15,551,959		1,568,219
	Total						$	2,025,062

NET ASSET SUMMARY AT MARCH 31, 2009 (Unaudited)

Treasuries	20.4	%
Banking	9.8
Supranational	6.7
Wirelines	4.6
Government Guaranteed	4.6
Sovereigns	4.5
Government Owned—No Guarantee	3.3
Pipelines	2.5
Non-Captive Diversified	2.2
Healthcare	2.0
Other Investments, less than 2% each	33.3
Short-Term Investments	0.3
Total Investments	94.2
Other assets less liabilities (including open Forward Foreign Currency Contracts)	5.8
Net Assets	100.0	%

CURRENCY EXPOSURE AT MARCH 31, 2009 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	37.4	%
Euro	25.0
Japanese Yen	18.4
British Pound	5.1
Norwegian Krone	3.6
Other, less than 2% each	4.7
Total Investments	94.2
Other assets less liabilities (including open Forward Foreign Currency Contracts)	5.8
Net Assets	100.0	%

See accompanying notes to financial statements.

69

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 96.9% of Net Assets
Automotive – 0.8%
Ford Motor Co., 6.625%, 2/15/2028		$	20,000	$	5,650
Ford Motor Co., 6.625%, 10/01/2028			185,000		52,263
Ford Motor Co., 7.450%, 7/16/2031			140,000		44,450
Ford Motor Co., 7.500%, 8/01/2026			15,000		4,200
					106,563
Banking – 0.8%
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033			10,000		8,328
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			145,000		98,070
					106,398
Construction Machinery – 0.8%
Joy Global, Inc., 6.625%, 11/15/2036			165,000		110,099
Electric – 0.3%
Texas Competitive Electric Holdings Co. LLC, Series A, 10.250%, 11/01/2015			80,000		40,000
TXU Corp., Series Q, 6.500%, 11/15/2024			10,000		2,805
					42,805
Food & Beverage – 0.8%
Bottling Group LLC, 5.125%, 1/15/2019			40,000		40,257
Dean Foods Co., 6.900%, 10/15/2017			75,000		66,000
					106,257
Independent Energy – 0.2%
Chesapeake Energy Corp., 6.500%, 8/15/2017			35,000		28,525
Lodging – 0.2%
Royal Caribbean Cruises Ltd., 7.500%, 10/15/2027			50,000		22,500
Metals & Mining – 0.2%
United States Steel Corp., 6.650%, 6/01/2037			55,000		30,991
Non-Captive Consumer – 0.5%
SLM Corp., MTN, 5.050%, 11/14/2014			25,000		13,234
SLM Corp., Series A, MTN, 5.000%, 10/01/2013			30,000		15,953
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			45,000		20,250
SLM Corp., Series A, MTN, 5.375%, 5/15/2014			5,000		2,591
SLM Corp., Series A, MTN, 5.625%, 8/01/2033			45,000		16,650
					68,678
Non-Captive Diversified – 2.1%
General Electric Capital Corp., Series A, GMTN, 2.960%, 5/18/2012	SGD		200,000		109,796
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD		300,000		169,217
					279,013
Paper – 0.5%
Georgia-Pacific LLC, 7.700%, 6/15/2015			70,000		63,350
Pipelines – 0.2%
Colorado Interstate Gas Co., 5.950%, 3/15/2015			3,000		2,708
Southern Natural Gas Co., 7.350%, 2/15/2031			30,000		25,248
					27,956

70

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Sovereigns – 0.8%
Mexican Fixed Rate Bonds, Series M-10, 8.000%, 12/17/2015	MXN	15,000	(††)	$	108,203
Technology – 1.0%
Agilent Technologies, Inc., 6.500%, 11/01/2017		105,000			86,040
Lucent Technologies, Inc., 6.450%, 3/15/2029		90,000			34,200
Lucent Technologies, Inc., 6.500%, 1/15/2028		15,000			5,700
					125,940
Textile – 0.1%
Jones Apparel Group, Inc., 6.125%, 11/15/2034		10,000			5,000
Tobacco – 1.0%
Altria Group, Inc., 9.950%, 11/10/2038		130,000			129,728
Treasuries – 83.9%
U.S. Treasury Inflation Indexed Bond, 1.375%, 7/15/2018		269,228			267,040
U.S. Treasury Inflation Indexed Bond, 1.625%, 1/15/2018		846,485			855,479
U.S. Treasury Inflation Indexed Bond, 1.750%, 1/15/2028		226,737			217,101
U.S. Treasury Inflation Indexed Bond, 2.000%, 1/15/2026		143,594			141,979
U.S. Treasury Inflation Indexed Bond, 2.125%, 1/15/2019		186,827			198,912
U.S. Treasury Inflation Indexed Bond, 2.375%, 1/15/2017		847,949			900,415
U.S. Treasury Inflation Indexed Bond, 2.375%, 1/15/2025(b)		380,793			395,668
U.S. Treasury Inflation Indexed Bond, 2.500%, 7/15/2016		256,116			273,724
U.S. Treasury Inflation Indexed Bond, 3.375%, 4/15/2032		1,403,457			1,803,004
U.S. Treasury Inflation Indexed Note, 0.625%, 4/15/2013		194,766			192,757
U.S. Treasury Inflation Indexed Note, 1.625%, 1/15/2015		530,698			536,005
U.S. Treasury Inflation Indexed Note, 1.875%, 7/15/2013		672,428			689,239
U.S. Treasury Inflation Indexed Note, 1.875%, 7/15/2015		466,705			478,810
U.S. Treasury Inflation Indexed Note, 2.000%, 1/15/2014		622,690			641,565
U.S. Treasury Inflation Indexed Note, 2.000%, 7/15/2014		632,789			653,354
U.S. Treasury Inflation Indexed Note, 2.000%, 1/15/2016		792,427			817,437
U.S. Treasury Inflation Indexed Note, 2.375%, 1/15/2027		350,695			366,257
U.S. Treasury Inflation Indexed Note, 2.625%, 7/15/2017		998,238			1,084,024
U.S. Treasury Inflation Indexed Note, 3.000%, 7/15/2012		575,338			612,196
					11,124,966

71

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wireless – 0.7%
ALLTEL Corp., 7.875%, 7/01/2032		$	20,000	$	20,328
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015			20,000		10,600
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			5,000		2,850
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014			10,000		5,550
Sprint Capital Corp., 6.875%, 11/15/2028			85,000		51,850
					91,178
Wirelines – 2.0%
AT&T Corp., 8.000%, 11/15/2031			80,000		86,895
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		30,000		21,810
Bell Canada, MTN, 6.550%, 5/01/2029, 144A	CAD		5,000		3,314
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		15,000		10,756
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		35,000		21,935
Embarq Corp., 7.995%, 6/01/2036			165,000		123,750
					268,460
TOTAL BONDS AND NOTES
(Identified Cost $13,627,252)					12,846,610
		Shares
PREFERRED STOCKS – 0.0%
NON-CONVERTIBLE PREFERRED STOCKS – 0.0%
Thrifts & Mortgage Finance – 0.0%
Federal Home Loan Mortgage Corp., 8.375%(c)(d)			1,160		534
Federal National Mortgage Association, 8.250%(c)(d)			3,500		2,485
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $116,500)					3,019
TOTAL PREFERRED STOCKS
(Identified Cost $116,500)					3,019
		Principal Amount (‡)
SHORT-TERM INVESTMENTS – 4.1%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000% to be repurchased at $539,822 on 4/01/2009 collateralized by $555,000 Federal Home Loan Bank, 0.950% due 3/30/2010 valued at $553,613 including accrued interest (Note 2h of Notes to Financial Statements) (Identified Cost $539,822)		$	539,822		539,822
TOTAL INVESTMENTS – 101.0%
(Identified Cost $14,283,574)(a)					13,389,451
Other assets less liabilities—(1.0)%					(132,565)
NET ASSETS – 100.0%				$	13,256,886

72

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund – continued

(‡)       Principal amount stated in U.S. dollars unless otherwise noted.
(†)       See Note 2a of Notes to Financial Statements.
(††)      Amount shown represents units. One unit represents a principal amount of 100.
(a)        Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At March 31, 2009, the net unrealized depreciation on investments based on a cost of $14,087,855 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	$	168,511
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(866,915)
Net unrealized depreciation	$	(698,404)

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

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

(d) Non-income producing security.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the total value of these securities amounted to $3,314 or 0.0% of net assets.

GMTN Global Medium Term Note

MTN Medium Term Note

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

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

Counterparty	Contract to Buy/Sell	Delivery Date	Currency	Units	Value		Unrealized Appreciation
Barclays Bank	Sell	4/23/2009	Singapore Dollar	400,000	$	262,852	$	3,231

NET ASSET SUMMARY AT MARCH 31, 2009 (Unaudited)

Treasuries	83.9	%
Non-Captive Diversified	2.1
Wirelines	2.0
Other Investments, less than 2% each	8.9
Short-Term Investments	4.1
Total Investments	101.0
Other assets less liabilities (including open Forward Foreign Currency Contracts)	(1.0	)
Net Assets	100.0	%

See accompanying notes to financial statements.

73

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 80.2% of Net Assets
NON-CONVERTIBLE BONDS – 73.5%
ABS Home Equity – 0.6%
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.672%, 7/25/2036(b)		$	3,000,000	$	1,590,000
Aerospace & Defense – 0.4%
Bombardier, Inc., 7.350%, 12/22/2026	CAD		600,000		309,327
Bombardier, Inc., 7.450%, 5/01/2034, 144A			1,075,000		623,500
					932,827
Airlines – 0.4%
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011			23,424		14,991
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019			326,771		233,641
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017			170,196		105,522
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			459,385		254,959
Delta Air Lines, Inc., Series 2007-1, Class C, 8.954%, 8/10/2014			550,234		324,638
					933,751
Automotive – 3.1%
Cummins, Inc., 7.125%, 3/01/2028			350,000		241,068
FCE Bank PLC, EMTN, 7.125%, 1/16/2012	EUR		150,000		135,517
Ford Motor Co., 6.500%, 8/01/2018			20,000		5,800
Ford Motor Co., 6.625%, 2/15/2028			30,000		8,475
Ford Motor Co., 6.625%, 10/01/2028			1,510,000		426,575
Ford Motor Co., 7.125%, 11/15/2025			190,000		51,300
Ford Motor Co., 7.450%, 7/16/2031			1,685,000		534,987
Ford Motor Co., 7.500%, 8/01/2026			30,000		8,400
Ford Motor Credit Co. LLC, 5.700%, 1/15/2010			2,980,000		2,552,552
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016			940,000		617,797
Ford Motor Credit Co. LLC, 8.625%, 11/01/2010			70,000		55,755
Ford Motor Credit Co. LLC, 9.750%, 9/15/2010			155,000		127,510
Ford Motor Credit Co. LLC, EMTN, 4.875%, 1/15/2010	EUR		130,000		144,220
General Motors Corp., 7.400%, 9/01/2025			5,110,000		587,650
General Motors Corp., 8.250%, 7/15/2023			645,000		79,819
GMAC LLC, 5.375%, 6/06/2011, 144A			442,000		313,820
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028			2,090,000		1,170,400
Goodyear Tire & Rubber Co. (The), 7.857%, 8/15/2011			135,000		110,700
Goodyear Tire & Rubber Co. (The), 9.000%, 7/01/2015			633,000		487,410
					7,659,755
Banking – 5.7%
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		50,000,000		1,395,460
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB		11,000,000		304,117
Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018			20,000		16,666
Bear Stearns Cos., Inc. (The), 6.400%, 10/02/2017			5,000		4,866

74

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Banking – continued
BNP Paribas SA, EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR	10,477,600,000	$	586,401
Citigroup, Inc., 5.000%, 9/15/2014		1,490,000		987,722
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011		120,000		106,788
Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014		1,305,000		1,179,823
Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014		665,000		606,919
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033		192,000		159,901
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		313,000		211,695
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL	2,200,000		792,547
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	18,504,768,000		1,068,809
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR	5,376,000,000		310,510
JPMorgan Chase London, EMTN, Zero Coupon Bond, 10/21/2010, 144A	IDR	9,533,078,500		617,278
Kaupthing Bank, 1/15/2010, 144A(c)		200,000		10,250
Kaupthing Bank, Series D, 5.750%, 10/04/2011, 144A(c)		1,600,000		82,000
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		700,000		347,908
Morgan Stanley, 4.750%, 4/01/2014		2,715,000		2,219,722
Morgan Stanley, 5.375%, 10/15/2015		100,000		90,342
Morgan Stanley, 6.750%, 4/15/2011		315,000		315,243
Morgan Stanley, EMTN, 5.450%, 1/09/2017		5,000		4,375
Morgan Stanley, MTN, 6.250%, 8/09/2026		615,000		508,671
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		2,110,000		1,916,730
Rabobank Nederland, EMTN, 10.250%, 9/10/2009, 144A	ISK	71,000,000		337,683
				14,182,426
Building Materials – 0.9%
Masco Corp., 4.800%, 6/15/2015		420,000		270,658
Masco Corp., 5.850%, 3/15/2017		440,000		275,216
Masco Corp., 6.500%, 8/15/2032		400,000		202,346
USG Corp., 6.300%, 11/15/2016		2,680,000		1,420,400
				2,168,620
Chemicals – 1.1%
Borden, Inc., 7.875%, 2/15/2023		1,824,000		182,400
Borden, Inc., 9.200%, 3/15/2021		2,641,000		264,100
Georgia Gulf Corp., 10.750%, 10/15/2016		70,000		4,550
Hercules, Inc., 6.500%, 6/30/2029(d)		1,743,000		610,050
Hexion US Finance Corp/Hexion Nova Scotia Finance ULC, 9.750%, 11/15/2014		1,600,000		352,000
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		1,405,000		1,053,750
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		400,000		378,000
				2,844,850

75

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – 0.3%
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040	$	555,000	$	362,522
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 6.007%, 6/15/2049(b)		415,000		285,420
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		205,000		138,543
				786,485
Construction Machinery – 0.5%
United Rentals North America, Inc., 7.000%, 2/15/2014		2,425,000		1,224,625
United Rentals North America, Inc., 7.750%, 11/15/2013		175,000		95,375
				1,320,000
Electric – 4.2%
AES Corp. (The), 7.750%, 3/01/2014		1,185,000		1,060,575
AES Corp. (The), 7.750%, 10/15/2015		645,000		562,763
Dynegy Holdings, Inc., 7.125%, 5/15/2018		100,000		53,000
Dynegy Holdings, Inc., 7.625%, 10/15/2026		490,000		205,800
Dynegy Holdings, Inc., 7.750%, 6/01/2019		1,250,000		812,500
Dynegy Holdings, Inc., 8.375%, 5/01/2016		250,000		169,375
Midwest Generation LLC, Series B, 8.560%, 1/02/2016		121,046		112,270
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		1,685,000		674,000
NiSource Finance Corp., 5.250%, 9/15/2017		894,000		666,406
NiSource Finance Corp., 5.400%, 7/15/2014		1,165,000		932,480
NiSource Finance Corp., 6.150%, 3/01/2013		425,000		371,199
NRG Energy, Inc., 7.375%, 2/01/2016		575,000		534,750
Oncor Electric Delivery Co., 6.800%, 9/01/2018, 144A		1,000,000		980,511
Quezon Power Philippines Co., 8.860%, 6/15/2017		362,500		326,250
Reliant Energy, Inc., 7.875%, 6/15/2017		1,025,000		809,750
Texas Competitive Electric Holdings Co. LLC, Series A, 10.250%, 11/01/2015		670,000		335,000
TXU Corp., Series P, 5.550%, 11/15/2014		920,000		317,400
TXU Corp., Series Q, 6.500%, 11/15/2024		1,515,000		424,995
TXU Corp., Series R, 6.550%, 11/15/2034		420,000		113,833
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(d)		1,000,000		899,979
				10,362,836
Entertainment – 0.0%
Six Flags, Inc., 9.625%, 6/01/2014		140,000		11,550
Food & Beverage – 1.1%
Chiquita Brands International, Inc., 7.500%, 11/01/2014		940,000		686,200
Dole Food Co., Inc., 7.250%, 6/15/2010		415,000		381,800
Sara Lee Corp., 6.125%, 11/01/2032		690,000		581,082
Tyson Foods, Inc., Class A, 10.500%, 3/01/2014, 144A		1,080,000		1,101,600
				2,750,682
Government Owned – No Guarantee – 0.0%
DP World Ltd., 6.850%, 7/02/2037, 144A		200,000		95,690

76

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Healthcare – 4.3%
HCA, Inc., 5.750%, 3/15/2014		$	410,000	$	268,550
HCA, Inc., 6.250%, 2/15/2013			30,000		22,500
HCA, Inc., 6.300%, 10/01/2012			625,000		521,875
HCA, Inc., 6.375%, 1/15/2015			560,000		366,800
HCA, Inc., 6.500%, 2/15/2016			550,000		360,250
HCA, Inc., 6.750%, 7/15/2013			20,000		14,950
HCA, Inc., 7.050%, 12/01/2027			1,000,000		520,000
HCA, Inc., 7.190%, 11/15/2015			265,000		179,018
HCA, Inc., 7.500%, 12/15/2023			395,000		209,283
HCA, Inc., 7.500%, 11/06/2033			4,200,000		2,100,000
HCA, Inc., 7.690%, 6/15/2025			970,000		505,182
HCA, Inc., 8.360%, 4/15/2024			170,000		95,323
HCA, Inc., 9.125%, 11/15/2014			3,000,000		2,820,000
HCA, Inc., MTN, 7.580%, 9/15/2025			560,000		287,342
HCA, Inc., MTN, 7.750%, 7/15/2036			1,445,000		730,877
Tenet Healthcare Corp., 6.875%, 11/15/2031			3,355,000		1,660,725
					10,662,675
Home Construction – 1.8%
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2015			185,000		47,175
K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016			1,068,000		288,360
K. Hovnanian Enterprises, Inc., 6.375%, 12/15/2014			425,000		116,875
K. Hovnanian Enterprises, Inc., 6.500%, 1/15/2014			272,000		70,720
K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016			755,000		207,625
K. Hovnanian Enterprises, Inc., 7.750%, 5/15/2013			10,000		2,450
KB Home, 7.250%, 6/15/2018			1,260,000		951,300
Lennar Corp., Series B, 5.125%, 10/01/2010			1,320,000		1,155,000
Lennar Corp., Series B, 5.500%, 9/01/2014			95,000		68,400
Lennar Corp., Series B, 5.600%, 5/31/2015			2,000,000		1,425,000
Pulte Homes, Inc., 6.000%, 2/15/2035			400,000		244,000
					4,576,905
Independent Energy – 1.3%
Chesapeake Energy Corp., 6.250%, 1/15/2017	EUR		250,000		245,791
Chesapeake Energy Corp., 6.500%, 8/15/2017			155,000		126,325
Chesapeake Energy Corp., 6.875%, 11/15/2020			515,000		402,988
Connacher Oil and Gas Ltd., 10.250%, 12/15/2015, 144A			704,000		221,760
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A			985,000		719,050
Pioneer Natural Resources Co., 5.875%, 7/15/2016			335,000		247,190
Pioneer Natural Resources Co., 6.875%, 5/01/2018			910,000		668,861
Pioneer Natural Resources Co., 7.200%, 1/15/2028			920,000		564,299
					3,196,264
Industrial Other – 0.1%
Great Lakes Dredge & Dock Corp., 7.750%, 12/15/2013			300,000		240,000
Local Authorities – 3.9%
Province of Ontario, Canada, 4.200%, 3/08/2018	CAD		12,200,000		9,765,709

77

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Lodging – 0.4%
Felcor Lodging LP, 9.000%, 6/01/2011		$	1,540,000	$	924,000
Media Cable – 0.7%
CSC Holdings, Inc., 8.500%, 4/15/2014, 144A			1,200,000		1,182,000
Virgin Media Finance PLC, 9.125%, 8/15/2016			685,000		637,050
					1,819,050
Media Non-Cable – 0.2%
Clear Channel Communications, Inc., 4.900%, 5/15/2015			805,000		112,700
Clear Channel Communications, Inc., 5.500%, 9/15/2014			500,000		75,000
Clear Channel Communications, Inc., 5.500%, 12/15/2016			1,285,000		179,900
Clear Channel Communications, Inc., 5.750%, 1/15/2013			225,000		33,750
Clear Channel Communications, Inc., 6.875%, 6/15/2018			790,000		114,550
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013			510,000		21,675
R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017			1,460,000		76,650
					614,225
Metals & Mining – 2.1%
Algoma Acquisition Corp., 9.875%, 6/15/2015, 144A			1,245,000		479,325
Ryerson, Inc., 12.250%, 11/01/2015, 144A			775,000		399,125
United States Steel Corp., 6.050%, 6/01/2017			4,155,000		2,570,802
United States Steel Corp., 6.650%, 6/01/2037			1,095,000		617,011
United States Steel Corp., 7.000%, 2/01/2018			1,845,000		1,259,058
					5,325,321
Non-Captive Consumer – 1.2%
American General Finance Corp., MTN, 5.750%, 9/15/2016			700,000		253,203
SLM Corp., Series A, MTN, 6.500%, 6/15/2010(d)(e)	NZD		4,720,000		1,957,243
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			1,620,000		875,008
					3,085,454
Non-Captive Diversified – 4.1%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015			115,000		67,275
CIT Group, Inc., 4.750%, 12/15/2010			205,000		165,318
CIT Group, Inc., 5.400%, 2/13/2012			16,000		10,315
CIT Group, Inc., 5.400%, 1/30/2016			88,000		52,744
CIT Group, Inc., 5.800%, 10/01/2036			200,000		110,158
CIT Group, Inc., 5.850%, 9/15/2016			16,000		9,049
CIT Group, Inc., 12.000%, 12/18/2018, 144A			1,112,000		575,460
CIT Group, Inc., EMTN, 3.800%, 11/14/2012	EUR		300,000		183,347
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR		1,050,000		585,913
CIT Group, Inc., EMTN, 5.000%, 5/13/2014	EUR		200,000		114,260
CIT Group, Inc., EMTN, 5.500%, 12/20/2016	GBP		300,000		180,791
CIT Group, Inc., GMTN, 4.250%, 2/01/2010			130,000		111,437

78

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
CIT Group, Inc., GMTN, 4.250%, 9/22/2011	EUR	1,750,000	$	1,395,030
CIT Group, Inc., GMTN, 5.000%, 2/13/2014		64,000		37,760
CIT Group, Inc., GMTN, 5.000%, 2/01/2015		130,000		79,150
CIT Group, Inc., MTN, 4.250%, 3/17/2015	EUR	1,260,000		803,537
CIT Group, Inc., MTN, 5.125%, 9/30/2014		26,000		15,717
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		22,000		10,372
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017		171,000		99,030
General Electric Capital Corp., 5.625%, 5/01/2018		40,000		34,781
General Electric Capital Corp., MTN, 5.875%, 1/14/2038		30,000		21,429
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016(d)(e)	NZD	250,000		116,916
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015		205,000		181,961
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015(d)(e)	NZD	3,035,000		1,428,568
GMAC LLC, 6.000%, 12/15/2011, 144A		937,000		637,919
GMAC LLC, 6.625%, 12/17/2010, 144A		23,000		17,020
GMAC LLC, 6.625%, 5/15/2012, 144A		47,000		31,529
GMAC LLC, 6.750%, 12/01/2014, 144A		149,000		86,590
GMAC LLC, 6.875%, 9/15/2011, 144A		53,000		37,663
GMAC LLC, 6.875%, 8/28/2012, 144A		94,000		63,128
GMAC LLC, 7.000%, 2/01/2012, 144A		110,000		75,979
GMAC LLC, 7.500%, 12/31/2013, 144A		314,000		150,934
GMAC LLC, 8.000%, 12/31/2018, 144A		585,000		169,831
GMAC LLC, 8.000%, 11/01/2031, 144A		208,000		100,081
International Lease Finance Corp., 3.500%, 4/01/2009		385,000		385,000
International Lease Finance Corp., 4.750%, 7/01/2009		745,000		700,369
International Lease Finance Corp., 5.000%, 4/15/2010		335,000		266,103
International Lease Finance Corp., 5.000%, 9/15/2012		125,000		67,967
International Lease Finance Corp., Series R, MTN, 5.625%, 9/15/2010		250,000		184,565
iStar Financial, Inc., 5.500%, 6/15/2012		65,000		22,100
iStar Financial, Inc., 5.650%, 9/15/2011		100,000		41,000
iStar Financial, Inc., 5.875%, 3/15/2016		20,000		5,800
iStar Financial, Inc., 6.050%, 4/15/2015		20,000		5,800
iStar Financial, Inc., 8.625%, 6/01/2013		1,770,000		553,125
iStar Financial, Inc., Series B, 5.700%, 3/01/2014		70,000		20,300
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		565,000		172,325
				10,185,446
Oil Field Services – 0.1%
Complete Production Services, Inc., 8.000%, 12/15/2016		195,000		123,825
Packaging – 0.6%
Owens-Illinois, Inc., 7.800%, 5/15/2018		1,555,000		1,508,350

79

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Paper – 5.2%
Abitibi Consolidated Co. of Canada, 15.500%, 7/15/2010, 144A	$	110,000	$	17,600
Abitibi-Consolidated, Inc., 6.000%, 6/20/2013		250,000		20,000
Abitibi-Consolidated, Inc., 7.400%, 4/01/2018		15,000		1,350
Abitibi-Consolidated, Inc., 7.500%, 4/01/2028		140,000		11,200
Abitibi-Consolidated, Inc., 8.500%, 8/01/2029		15,000		1,200
Abitibi-Consolidated, Inc., 8.850%, 8/01/2030		90,000		7,200
Georgia-Pacific LLC, 7.125%, 1/15/2017, 144A		110,000		101,750
Georgia-Pacific LLC, 7.250%, 6/01/2028		1,240,000		861,800
Georgia-Pacific LLC, 7.750%, 11/15/2029		3,425,000		2,534,500
Georgia-Pacific LLC, 8.000%, 1/15/2024		510,000		405,450
Georgia-Pacific LLC, 8.125%, 5/15/2011		2,130,000		2,116,687
Georgia-Pacific LLC, 8.875%, 5/15/2031		2,230,000		1,784,000
Georgia-Pacific LLC, 9.500%, 12/01/2011		470,000		469,412
International Paper Co., 8.700%, 6/15/2038		3,344,000		2,223,362
Jefferson Smurfit Corp., 7.500%, 6/01/2013(c)		515,000		59,869
Smurfit-Stone Container Enterprises, Inc., 8.000%, 3/15/2017(c)		2,800,000		325,500
Stone Container Finance, 7.375%, 7/15/2014(c)		980,000		142,100
Westvaco Corp., 7.950%, 2/15/2031		320,000		244,626
Westvaco Corp., 8.200%, 1/15/2030		1,335,000		1,052,462
Weyerhaeuser Co., 7.375%, 3/15/2032		845,000		564,647
				12,944,715
Pharmaceuticals – 2.1%
Elan Financial PLC, 7.750%, 11/15/2011		4,525,000		3,801,000
Elan Financial PLC, 8.875%, 12/01/2013		1,735,000		1,388,000
				5,189,000
Pipelines – 3.5%
Colorado Interstate Gas Co., 5.950%, 3/15/2015		22,000		19,862
El Paso Corp., 6.950%, 6/01/2028		15,000		10,344
El Paso Corp., 7.420%, 2/15/2037		1,055,000		734,128
El Paso Corp., 12.000%, 12/12/2013		2,000,000		2,105,000
El Paso Corp., MTN, 7.800%, 8/01/2031		500,000		373,601
Kinder Morgan Finance Co., 5.700%, 1/05/2016		345,000		289,800
Knight, Inc., 6.500%, 9/01/2012		775,000		722,687
Knight, Inc., Senior Note, 5.150%, 3/01/2015		50,000		42,000
Southern Natural Gas Co., 7.350%, 2/15/2031		95,000		79,951
Tennessee Gas Pipeline Co., 7.000%, 10/15/2028		890,000		757,085
Williams Cos., Inc. (The), 7.500%, 1/15/2031		4,125,000		3,258,750
Williams Cos., Inc. (The), 7.750%, 6/15/2031		70,000		56,700
Williams Cos., Inc. (The), 8.750%, 3/15/2032		430,000		390,225
				8,840,133
Property & Casualty Insurance – 0.1%
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		690,000		213,900
Railroads – 0.1%
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(d)		314,000		172,700
Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(d)		30,000		20,175
				192,875

80

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
REITs – 1.7%
Highwoods Properties, Inc., 5.850%, 3/15/2017		$	470,000		$	290,636
ProLogis, 5.500%, 4/01/2012			1,385,000			864,782
ProLogis, 5.625%, 11/15/2015			100,000			54,000
ProLogis, 5.625%, 11/15/2016			1,090,000			544,784
ProLogis, 6.625%, 5/15/2018			1,935,000			980,857
Simon Property Group LP, 5.250%, 12/01/2016			500,000			372,432
Simon Property Group LP, 5.750%, 12/01/2015			460,000			355,150
Simon Property Group LP, 5.875%, 3/01/2017			550,000			424,247
Simon Property Group LP, 6.125%, 5/30/2018			450,000			353,737
						4,240,625
Retailers – 3.5%
Dillard’s, Inc., 6.625%, 1/15/2018			500,000			180,000
Dillard’s, Inc., 7.000%, 12/01/2028			450,000			153,000
Dillard’s, Inc., 7.130%, 8/01/2018			750,000			262,500
Dillard’s, Inc., 7.750%, 7/15/2026			1,500,000			495,000
Foot Locker, Inc., 8.500%, 1/15/2022			1,679,000			1,351,595
Home Depot, Inc. (The), 5.400%, 3/01/2016			1,140,000			1,024,747
Home Depot, Inc. (The), 5.875%, 12/16/2036			1,110,000			786,081
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			1,738,000			967,859
Macy’s Retail Holdings, Inc., 7.875%, 7/15/2015			2,365,000			1,745,505
Toys R Us, Inc., 7.375%, 10/15/2018			5,185,000			1,659,200
Toys R Us, Inc., 7.875%, 4/15/2013			197,000			69,196
						8,694,683
Sovereigns – 4.3%
Indonesia Government International Bond, 7.750%, 1/17/2038, 144A			650,000			500,500
Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022	IDR		1,881,000,000			135,586
Indonesia Treasury Bond, Series ZC3, Zero Coupon Bond, 11/20/2012	IDR		4,897,000,000			288,799
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		95,000	(††)		665,932
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN		365,000	(††)		2,754,056
Mexico Government International Bond, Series A, MTN, 6.050%, 1/11/2040			112,000			95,760
Republic of Brazil, 10.250%, 1/10/2028	BRL		4,170,000			1,644,811
Republic of Iceland, 7.000%, 3/17/2010	ISK		18,085,000			86,146
Republic of Iceland, 8.500%, 6/12/2009	ISK		24,240,000			116,943
Republic of Indonesia, 6.625%, 2/17/2037, 144A			3,132,000			2,114,100
Republic of Indonesia, 11.625%, 3/04/2019, 144A			2,100,000			2,283,750
						10,686,383
Supermarkets – 1.4%
American Stores Co., 8.000%, 6/01/2026			110,000			94,050
American Stores Co., Series B, MTN, 7.100%, 3/20/2028			1,865,000			1,445,375
New Albertson’s, Inc., 7.450%, 8/01/2029			1,525,000			1,265,750
New Albertson’s, Inc., 8.000%, 5/01/2031			480,000			392,400
New Albertson’s, Inc., 8.700%, 5/01/2030			180,000			153,900
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028			240,000			176,400
						3,527,875

81

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Supranational – 2.1%
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/11/2009	BRL	11,000,000	$	4,670,762
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/20/2013	IDR	8,600,000,000		432,344
International Bank for Reconstruction & Development, 9.500%, 5/27/2010	ISK	42,500,000		208,756
				5,311,862
Technology – 2.9%
Affiliated Computer Services, Inc., 5.200%, 6/01/2015		496,000		407,960
Agilent Technologies, Inc., 6.500%, 11/01/2017		1,560,000		1,278,303
Amkor Technology, Inc., 7.125%, 3/15/2011		785,000		727,106
Amkor Technology, Inc., 7.750%, 5/15/2013		2,120,000		1,706,600
Corning, Inc., 6.850%, 3/01/2029		701,000		529,160
Freescale Semiconductor, Inc., 10.125%, 12/15/2016		1,047,000		188,460
Lucent Technologies, Inc., 6.450%, 3/15/2029		4,615,000		1,753,700
Motorola, Inc., 5.220%, 10/01/2097		80,000		32,198
Motorola, Inc., 6.500%, 11/15/2028		70,000		44,100
Motorola, Inc., 6.625%, 11/15/2037		70,000		44,275
Nortel Networks Capital Corp., 7.875%, 6/15/2026(c)		2,280,000		364,800
Nortel Networks Ltd., 6.875%, 9/01/2023(c)		1,000,000		65,000
Nortel Networks Ltd., 10.125%, 7/15/2013(c)		400,000		75,000
				7,216,662
Textile – 0.2%
Jones Apparel Group, Inc., 6.125%, 11/15/2034		890,000		445,000
Kellwood Co., 7.625%, 10/15/2017(d)		500,000		22,500
				467,500
Transportation Services – 1.7%
APL Ltd., 8.000%, 1/15/2024(d)		2,685,000		1,886,400
Atlas Air, Inc., Series 1999-1B, 7.630%, 7/02/2016(f)		397,855		266,563
Atlas Air, Inc., Series 1999-1C, 8.770%, 7/02/2012(f)		399,542		187,785
Atlas Air, Inc., Series 2000-1, Class C, 9.702%, 7/02/2011(f)		40,344		20,172
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(f)		2,207,572		1,655,679
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(f)		289,324		124,409
				4,141,008
Wireless – 2.0%
ALLTEL Corp., 6.800%, 5/01/2029		500,000		460,541
ALLTEL Corp., 7.875%, 7/01/2032		540,000		548,878
Fairpoint Communications, Inc., 13.125%, 4/01/2018, 144A		720,000		165,600
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		1,995,000		1,057,350
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		765,000		436,050
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		805,000		446,775

82

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Wireless – continued
NII Holdings, Inc., 2.750%, 8/15/2025		$	160,000	$	145,800
Sprint Capital Corp., 6.875%, 11/15/2028			1,325,000		808,250
Sprint Capital Corp., 6.900%, 5/01/2019			615,000		433,575
Sprint Capital Corp., 8.750%, 3/15/2032			215,000		144,050
True Move Co. Ltd., 10.750%, 12/16/2013, 144A			600,000		282,480
					4,929,349
Wirelines – 3.6%
Bell Canada, MTN, 5.000%, 2/15/2017	CAD		105,000		76,335
Bell Canada, MTN, 7.300%, 2/23/2032	CAD		275,000		197,198
Bell Canada, Series M-17, 6.100%, 3/16/2035	CAD		220,000		137,879
Frontier Communications Corp., 7.875%, 1/15/2027			1,830,000		1,235,250
Frontier Communications Corp., 9.000%, 8/15/2031			680,000		466,650
Hawaiian Telcom Communications, Inc., Series B, 12.500%, 5/01/2015(c)			50,000		250
Level 3 Financing, Inc., 8.750%, 2/15/2017			590,000		377,600
Level 3 Financing, Inc., 9.250%, 11/01/2014			290,000		200,100
Qwest Capital Funding, Inc., 6.500%, 11/15/2018			1,034,000		703,120
Qwest Capital Funding, Inc., 6.875%, 7/15/2028			800,000		504,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021			290,000		205,900
Qwest Capital Funding, Inc., 7.750%, 2/15/2031			1,550,000		1,023,000
Qwest Corp., 6.500%, 6/01/2017			210,000		174,300
Qwest Corp., 6.875%, 9/15/2033			1,936,000		1,268,080
Qwest Corp., 7.200%, 11/10/2026			500,000		340,000
Qwest Corp., 7.250%, 9/15/2025			515,000		339,900
Qwest Corp., 7.250%, 10/15/2035			1,407,000		914,550
Qwest Corp., 7.500%, 6/15/2023			1,115,000		841,825
					9,005,937
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $241,619,913)					183,269,203
CONVERTIBLE BONDS – 6.7%
Construction Machinery – 0.0%
United Rentals North America, Inc., 1.875%, 10/15/2023			40,000		29,600
Healthcare – 0.4%
Affymetrix, Inc., 3.500%, 1/15/2038			1,216,000		638,400
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024(d)(e)			230,000		46,000
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(g)			565,000		385,612
					1,070,012
Industrial Other – 0.2%
Incyte Corp., 3.500%, 2/15/2011			1,100,000		544,500
Lodging – 0.4%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A			1,250,000		868,750

83

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Media Non-Cable – 0.5%
Liberty Media LLC, 3.500%, 1/15/2031	$	61,927	$	22,139
Sinclair Broadcast Group, Inc., 3.000%, 5/15/2027		603,000		345,218
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(g)		1,885,000		791,700
				1,159,057
Pharmaceuticals – 2.4%
Human Genome Sciences, Inc., 2.250%, 10/15/2011		175,000		64,312
Human Genome Sciences, Inc., 2.250%, 8/15/2012		1,290,000		428,925
Nektar Therapeutics, 3.250%, 9/28/2012		1,610,000		1,042,475
Valeant Pharmaceuticals International, 3.000%, 8/16/2010		1,230,000		1,177,725
Valeant Pharmaceuticals International, 4.000%, 11/15/2013		1,080,000		955,800
Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013		1,805,000		2,371,319
				6,040,556
Technology – 1.3%
Kulicke & Soffa Industries, Inc., 0.875%, 6/01/2012		1,190,000		563,762
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		425,000		335,219
Maxtor Corp., 5.750%, 3/01/2012(d)		1,324,000		993,000
Nortel Networks Corp., 2.125%, 4/15/2014(c)		795,000		113,288
Richardson Electronics Ltd., 7.750%, 12/15/2011		132,000		105,600
Teradyne, Inc., 4.500%, 3/15/2014		1,050,000		1,050,000
				3,160,869
Textile – 0.0%
Dixie Yarns, Inc., 7.000%, 5/15/2012		19,000		17,171
Wirelines – 1.5%
Level 3 Communications, Inc., 2.875%, 7/15/2010		2,005,000		1,466,156
Level 3 Communications, Inc., 3.500%, 6/15/2012		155,000		64,325
Level 3 Communications, Inc., 6.000%, 9/15/2009		1,820,000		1,756,300
Level 3 Communications, Inc., 6.000%, 3/15/2010		615,000		522,750
				3,809,531
TOTAL CONVERTIBLE BONDS
(Identified Cost $20,002,109)				16,700,046
TOTAL BONDS AND NOTES
(Identified Cost $261,622,022)				199,969,249
BANK LOANS – 1.7%
Consumer Products – 0.0%
Mega Brands, Inc., Term Loan B, 8.750%, 7/26/2012(h)		99,229		26,958
Food & Beverage – 1.1%
Dole Food Co., Inc., Credit Link Deposit, 2.790%, 4/12/2013(h)		312,472		287,280
Dole Food Co., Inc., Tranche B Term Loan, 7.960%, 4/12/2013(h)		533,068		490,093
Dole Food Co., Inc., Tranche C Term Loan, 7.969%, 4/12/2013(h)		1,956,605		1,798,863
				2,576,236

84

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

	Principal Amount (‡)		Value (†)
BANK LOANS – continued
Media Non-Cable – 0.1%
Idearc, Inc., Term Loan B, 6.250%, 11/17/2014(c)(h)	$	526,353	$	205,114
Tribune Co., Term Loan X, 5.000%, 6/04/2009(c)(h)		25,600		6,680
				211,794
Paper – 0.4%
Smurfit-Stone Container Enterprises, Inc., Offering-CL Deposit, 4.500%, 11/01/2010(h)		307,219		201,357
Smurfit-Stone Container Enterprises, Inc., Tranche B Term Loan, 2.750%, 11/01/2011(h)		344,626		225,875
Smurfit-Stone Container Enterprises, Inc., Tranche C Term Loan, 2.750%, 11/01/2011(h)		649,564		428,712
Smurfit-Stone Container Enterprises, Inc., Tranche C1 Term Loan, 2.750%, 11/01/2011(h)		196,392		129,619
				985,563
Supranational – 0.0%
Level 3 Financing, Inc., New Term Loan, 3.309%, 3/13/2014(h)		70,000		52,544
Technology – 0.1%
Sungard Data Systems, Inc., Term Loan B, 2.697%, 2/28/2014(h)		314,196		264,692
Wirelines – 0.0%
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(h)(j)		155,297		69,418
TOTAL BANK LOANS
(Identified Cost $4,183,010)				4,187,205
		Shares
COMMON STOCKS – 2.1%
Biotechnology – 1.0%
Vertex Pharmaceuticals, Inc.(f)		82,587		2,372,725
Communications Equipment – 0.4%
Corning, Inc.		69,766		925,795
Containers & Packaging – 0.2%
Owens-Illinois, Inc.(f)		40,621		586,567
Food Products – 0.0%
ConAgra Foods, Inc.		3,100		52,297
Household Durables – 0.0%
KB Home		6,775		89,294
Oil, Gas & Consumable Fuels – 0.0%
Chesapeake Energy Corp.		2,846		48,553
Pharmaceuticals – 0.4%
Bristol-Myers Squibb Co.		43,200		946,944
REITs – 0.1%
Apartment Investment & Management Co.		6,185		33,894
Associated Estates Realty Corp.		32,565		184,969
Developers Diversified Realty Corp.		7,125		15,176
				234,039
TOTAL COMMON STOCKS
(Identified Cost $5,183,846)				5,256,214

85

		Shares	Value (†)
PREFERRED STOCKS – 1.2%
CONVERTIBLE PREFERRED STOCKS – 0.9%
Automotive – 0.1%
Ford Motor Co. Capital Trust II, 6.500%		27,177	$	218,231
General Motors Corp., 6.250%		11,236		28,540
				246,771
Commercial Banks – 0.0%
Wells Fargo & Co., Series L, Class A, 7.500%		138		66,100
Diversified Consumer Services – 0.0%
Six Flags, Inc., 7.250%		9,619		6,541
Diversified Financial Services – 0.2%
CIT Group, Inc., 8.750%		27,994		509,491
Electric Utilities – 0.3%
AES Trust III, 6.750%		17,119		582,046
CMS Energy Trust I, 7.750%(d)(e)		4,150		124,500
				706,546
Machinery – 0.1%
United Rentals Trust, 6.500%(f)		14,328		157,608
Oil, Gas & Consumable Fuels – 0.1%
El Paso Energy Capital Trust I, 4.750%		5,700		142,500
REITs – 0.0%
FelCor Lodging Trust, Inc., Series A, 7.800%		1,100		4,125
Semiconductors & Semiconductor Equipment – 0.1%
Lucent Technologies Capital Trust, 7.750%		1,150		333,556
TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $4,941,578)				2,173,238
NON-CONVERTIBLE PREFERRED STOCKS – 0.3%
Capital Markets – 0.0%
Lehman Brothers Holdings Capital Trust I, 6.000%(c)		725		14
Lehman Brothers Holdings, Inc., 5.670%(c)		1,362		8
Lehman Brothers Holdings, Inc., 5.940%(c)		1,535		2
Lehman Brothers Holdings, Inc., 6.500%(c)		6,334		16
Lehman Brothers Holdings, Inc., 7.950%(c)		14,011		77
				117
	��
Diversified Financial Services – 0.1%
Bank of America Corp., 6.375%,		18,000		146,700
Preferred Blocker, Inc., 7.000%, 144A		448		89,194
				235,894
Thrifts & Mortgage Finance – 0.2%
Countrywide Capital IV, 6.750%, 4/01/2033		7,075		67,637
Federal Home Loan Mortgage Corp., 5.000%(f)(i)		1,350		1,215
Federal Home Loan Mortgage Corp., 5.570%(f)(i)		31,000		11,780
Federal Home Loan Mortgage Corp., 5.660%(f)(i)		986,100		394,440
Federal Home Loan Mortgage Corp., 5.700%(f)(i)		2,200		1,826
Federal Home Loan Mortgage Corp., 5.790%(f)(i)		7,100		5,467
Federal Home Loan Mortgage Corp., 5.810%(f)(i)		1,600		1,248
Federal Home Loan Mortgage Corp., 5.900%(f)(i)		4,700		2,162

86

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

	Shares		Value (†)
PREFERRED STOCKS – continued
Thrifts & Mortgage Finance – continued
Federal Home Loan Mortgage Corp., 6.000%(f)(i)		1,700	$	1,513
Federal Home Loan Mortgage Corp., 6.420%(f)(i)		151,250		121,000
Federal Home Loan Mortgage Corp., 6.550%(f)(i)		4,150		1,702
Federal Home Loan Mortgage Corp., 8.375%(f)(i)		28,100		12,926
Federal National Mortgage Association, 4.750%(f)(i)		4,850		3,540
Federal National Mortgage Association, 5.125%(f)(i)		900		621
Federal National Mortgage Association, 5.375%(f)(i)		1,850		2,646
Federal National Mortgage Association, 5.810%(f)(i)		1,400		1,610
Federal National Mortgage Association, 6.750%(f)(i)		2,200		1,100
Federal National Mortgage Association, 8.250%(f)(i)		73,150		51,936
				684,369
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $3,547,280)				920,380
TOTAL PREFERRED STOCKS
(Identified Cost $8,488,858)				3,093,618
CLOSED END INVESTMENT COMPANIES – 0.8%
Western Asset High Income Opportunity Fund, Inc.		176,050		732,368
Western Asset Managed High Income Fund, Inc.		197,293		834,549
BlackRock Senior High Income Fund, Inc.		14,183		32,621
DWS High Income Trust		22,522		66,215
Dreyfus High Yield Strategies Fund		78,008		191,120
Highland Credit Strategies Fund		31,505		146,183
Van Kampen High Income Trust II		42,002		79,804
TOTAL CLOSED END INVESTMENT COMPANIES
(Identified Cost $3,351,576)				2,082,860
	Principal Amount (‡)
SHORT-TERM INVESTMENTS – 9.2%
Repurchase Agreement with State Street Corp., dated 3/31/2009 at 0.000% to be repurchased at $20,927 on 4/01/2009 collateralized by $25,000 U.S. Treasury Bill, due 5/28/09 with a value of $24,993 including accrued interest (Note 2h of Notes to Financial Statements)	$	20,927		20,927
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000% to be repurchased at $22,784,395 on 4/01/2009 collateralized by $22,785,000 Federal Home Loan Mortgage Corp., 2.680% due 11/16/2009 with a value of $23,240,700 including accrued interest (Note 2h of Notes to Financial Statements)		22,784,395		22,784,395
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $22,805,322)				22,805,322
TOTAL INVESTMENTS – 95.2%
(Identified Cost $305,634,634)(a)				237,394,468
Other Assets Less Liabilities—4.8%				12,080,732
NET ASSETS – 100.0%			$	249,475,200

87

(‡)        Principal amount stated in U.S. dollars unless otherwise noted.
(†)        See Note 2a of Notes to Financial Statements.
(††)       Amount shown represents units. One unit represents a principal amount of 100.
(a)        Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.): At March 31, 2009, the net unrealized depreciation on investments based on a cost of $305,681,542 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	$	8,494,324
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(76,781,398)
Net unrealized depreciation	$	(68,287,074)

(b) Variable rate security. Rate as of March 31, 2009 is disclosed.

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

(d) Illiquid security. At March 31, 2009, the value of these securities amounted to $8,278,031 or 3.3% of net assets.

(e) Valued by management. At March 31, 2009 the value of these securities amounted to $3,673,227 or 1.5% of net assets.

(f) Non-income producing security.

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

(h) Variable rate security. Rate shown represents the weighted average rate at March 31, 2009.

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

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the total value of these securities amounted to $20,205,194 or 8.1% of net assets.

ABS Asset-Backed Securities

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

MTN Medium Term Note

REITs Real Estate Investment Trusts

Key to Abbreviations: BRL: Brazilian Real; CAD: Canadian Dollar; EUR: Euro; GBP: British Pound; IDR: Indonesian Rupiah; ISK: Icelandic Krona; MXN: Mexican Peso; NZD: New Zealand Dollar; THB: Thai Baht

NET ASSET SUMMARY AT MARCH 31, 2009 (Unaudited)

Banking	5.7	%
Paper	5.6
Wirelines	5.1
Pharmaceuticals	4.9
Healthcare	4.7
Sovereigns	4.3
Technology	4.3
Electric	4.2
Non-Captive Diversified	4.1
Local Authorities	3.9
Pipelines	3.5
Retailers	3.5
Automotive	3.2
Food & Beverage	2.2
Supranational	2.1
Metals & Mining	2.1
Wireless	2.0
Other Investments, less than 2% each	20.6
Short-Term Investments	9.2
Total Investments	95.2
Other assets less liabilities	4.8
Net Assets	100.0	%

See accompanying notes to financial statements.

88

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – 97.3% of Net Assets
NON-CONVERTIBLE BONDS – 96.4%
ABS Car Loan – 0.5%
Americredit Automobile Receivables Trust, Series 2004-DF, Class A4, 3.430%, 7/06/2011	$	46,190	$	44,561
Navistar Financial Corp. Owner Trust, Series 2004-B, Class A4, 3.530%, 10/15/2012		95,473		93,575
USAA Auto Owner Trust, Series 2006-1, Class A3, 5.010%, 9/15/2010		6,228		6,235
				144,371
ABS Credit Card – 3.6%
BA Credit Card Trust, Series 2008-A5, Class A5, 1.756%, 12/16/2013(b)		260,000		244,454
Capital One Multi-Asset Execution Trust, Series 2004-A4, Class A4, 0.776%, 3/15/2017(b)		60,000		46,839
Chase Issuance Trust, Series 2007-A16, Class A16, 1.620%, 6/16/2014(b)		315,000		284,578
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014		255,000		160,650
Discover Card Master Trust I, Series 2007-3, Class A2, 0.606%, 10/16/2014(b)		150,000		128,362
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 0.816%, 8/16/2021(b)		140,000		94,923
				959,806
ABS Home Equity – 1.1%
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A2, 3.872%, 3/25/2020		16,281		15,863
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035		135,000		81,500
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021		216,363		127,459
GSAMP Trust, Series 2005-WMC3, Class A2B, 0.762%, 12/25/2035(b)		73,250		53,839
				278,661
Aerospace & Defense – 1.1%
Boeing Co. (The), 5.000%, 3/15/2014		115,000		117,882
General Dynamics Corp., 5.250%, 2/01/2014		155,000		165,300
				283,182
Automotive – 0.6%
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		235,000		157,136
Banking – 9.7%
American Express Co., 5.500%, 9/12/2016		85,000		69,746
American Express Co., 6.150%, 8/28/2017		45,000		37,293
Bank of America Corp., 5.650%, 5/01/2018		105,000		87,598
Bank One Corp., 5.900%, 11/15/2011		5,000		4,901
Bear Stearns Cos., Inc. (The), 5.350%, 2/01/2012		130,000		128,639
Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		280,000		289,160
Citigroup, Inc., 5.300%, 10/17/2012		325,000		286,457
Credit Suisse NY, 6.000%, 2/15/2018		110,000		95,942
Goldman Sachs Group, Inc. (The), 4.500%, 6/15/2010		210,000		209,550
Goldman Sachs Group, Inc. (The), 5.300%, 2/14/2012		10,000		9,649
Goldman Sachs Group, Inc. (The), 5.450%, 11/01/2012		155,000		149,186

89

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Banking – continued
Merrill Lynch & Co., Inc., 5.450%, 2/05/2013	$	350,000	$	286,916
Morgan Stanley, 5.300%, 3/01/2013		400,000		384,624
Suntrust Banks, Inc., 5.250%, 11/05/2012		190,000		184,688
Wachovia Corp., 5.300%, 10/15/2011		45,000		44,423
Wells Fargo & Co., 5.250%, 10/23/2012		305,000		296,372
				2,565,144
Collateralized Mortgage Obligations – 2.2%
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 6.013%, 7/25/2021(b)		257,335		166,384
Federal Home Loan Mortgage Corp., 5.000%, 8/15/2024		392,932		402,877
				569,261
Commercial Mortgage-Backed Securities – 9.1%
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.929%, 5/10/2045(b)		205,000		151,964
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049		490,000		400,202
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.909%, 6/11/2040(b)		250,000		185,697
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		140,000		127,342
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039		410,000		361,843
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A2, 6.051%, 4/15/2045(b)		375,000		333,643
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030		230,000		207,145
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.600%, 2/12/2039(b)		320,000		226,848
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 6.104%, 6/12/2046(b)		210,000		149,544
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.915%, 8/12/2041(b)		205,000		185,155
Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.803%, 6/11/2042(b)		100,000		75,390
				2,404,773
Construction Machinery – 0.7%
Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014		90,000		87,401
John Deere Capital Corp., MTN, 4.500%, 4/03/2013		90,000		88,289
				175,690
Consumer Products – 0.7%
Koninklijke (Royal) Philips Electronics NV, 4.625%, 3/11/2013		175,000		173,425
Electric – 3.9%
Carolina Power & Light Co., 6.500%, 7/15/2012		5,000		5,282
Consolidated Edison Co. of NY, Inc., 7.125%, 12/01/2018		125,000		132,959
Duke Energy Corp., 5.625%, 11/30/2012		150,000		158,587
Nisource Finance Corp., 7.875%, 11/15/2010		145,000		142,484

90

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Electric – continued
Pacific Gas & Electric Co., 6.250%, 12/01/2013	$	135,000	$	144,368
PacifiCorp, 5.500%, 1/15/2019		50,000		51,188
Southern California Edison Co., 5.750%, 3/15/2014		165,000		178,401
Virginia Electric and Power Co., 5.100%, 11/30/2012		205,000		209,941
				1,023,210
Entertainment – 1.9%
Time Warner, Inc., 5.875%, 11/15/2016		165,000		156,159
Time Warner, Inc., 6.500%, 11/15/2036		45,000		37,014
Viacom, Inc., Class B, 6.875%, 4/30/2036		205,000		149,569
Walt Disney Co., 5.700%, 7/15/2011		145,000		155,251
				497,993
Environmental – 0.2%
Waste Management, Inc., 6.375%, 3/11/2015		40,000		40,005
Food & Beverage – 4.3%
Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037		200,000		165,980
Coca-Cola Enterprises, Inc., 7.375%, 3/03/2014		110,000		124,946
Diageo Capital PLC, 7.375%, 1/15/2014		160,000		175,793
General Mills, Inc., 5.650%, 9/10/2012		225,000		237,683
HJ Heinz Finance Co., 6.000%, 3/15/2012		100,000		104,453
Kellogg Co., 5.125%, 12/03/2012		175,000		184,913
Kraft Foods, Inc., 6.750%, 2/19/2014		130,000		140,547
				1,134,315
Government Owned – No Guarantee – 2.1%
Federal National Mortgage Association, 5.375%, 6/12/2017		505,000		563,784
Health Insurance – 1.1%
UnitedHealth Group, Inc., 4.875%, 2/15/2013		180,000		175,317
WellPoint, Inc., 5.250%, 1/15/2016		100,000		91,246
WellPoint, Inc., 6.000%, 2/15/2014		35,000		35,025
				301,588
Healthcare – 1.8%
Hospira, Inc., 5.550%, 3/30/2012		250,000		253,158
McKesson Corp., 6.500%, 2/15/2014		45,000		46,546
Medco Health Solutions, Inc., 6.125%, 3/15/2013		170,000		168,884
				468,588
Hybrid ARMs – 0.8%
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 6.088%, 9/25/2036(b)		539,514		218,780
Independent Energy – 1.3%
Devon Energy Corp., 5.625%, 1/15/2014		125,000		126,789
Talisman Energy, Inc., 5.850%, 2/01/2037		15,000		10,124
Talisman Energy, Inc., 6.250%, 2/01/2038		55,000		38,799
XTO Energy, Inc., 4.900%, 2/01/2014		5,000		4,857
XTO Energy, Inc., 5.750%, 12/15/2013		170,000		171,863
				352,432
Integrated Energy – 2.5%
BP Capital Markets PLC, 3.875%, 3/10/2015		190,000		190,570
ConocoPhillips, 5.750%, 2/01/2019		130,000		130,862

91

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Integrated Energy – continued
Hess Corp., 7.000%, 2/15/2014	$	35,000	$	35,963
Marathon Oil Corp., 6.500%, 2/15/2014		35,000		35,535
Shell International Finance, 4.000%, 3/21/2014		255,000		258,578
				651,508
Media Cable – 2.4%
Comcast Cable Communications, 7.125%, 6/15/2013		110,000		114,488
Comcast Corp., 4.950%, 6/15/2016		160,000		145,166
Cox Communications, Inc., 4.625%, 1/15/2010		5,000		4,953
Cox Communications, Inc., 5.450%, 12/15/2014		215,000		193,379
Time Warner Cable, Inc., 6.200%, 7/01/2013		170,000		165,493
				623,479
Media Non-Cable – 1.1%
Reed Elsevier Capital, Inc., 7.750%, 1/15/2014		125,000		127,317
Thomson Reuters Corp., 5.950%, 7/15/2013		175,000		170,934
				298,251
Metals & Mining – 1.0%
United States Steel Corp., 6.050%, 6/01/2017		175,000		108,277
Vale Overseas Ltd., 6.250%, 1/23/2017		165,000		162,625
				270,902
Mortgage Related – 6.2%
FHLMC, 4.500%, 12/01/2019		14,168		14,656
FHLMC, 5.500%, 3/01/2013		8,222		8,635
FHLMC, 6.000%, 11/01/2012		14,331		14,930
FHLMC, 6.500%, 1/01/2024		4,134		4,409
FHLMC, 8.000%, 7/01/2025		449		492
FNMA, 5.500%, 1/01/2017		43,776		45,989
FNMA, 5.500%, 1/01/2017		47,995		50,391
FNMA, 5.500%, 2/01/2017		26,436		27,772
FNMA, 5.500%, 8/01/2017		619,062		649,964
FNMA, 5.500%, 9/01/2017		132,544		139,160
FNMA, 5.500%, 11/01/2017		901		946
FNMA, 5.500%, 1/01/2020		605,949		634,681
FNMA, 6.000%, 9/01/2021		9,136		9,575
FNMA, 7.500%, 6/01/2016		2,331		2,450
FNMA, 8.000%, 6/01/2015		3,269		3,463
GNMA, 6.500%, 12/15/2023		10,011		10,526
GNMA, 8.500%, 9/15/2022		1,924		2,079
GNMA, 9.500%, 1/15/2019		6,945		7,622
				1,627,740
Non-Captive Consumer – 0.9%
American General Finance Corp., Series H, MTN, 5.375%, 10/01/2012		5,000		2,009
HSBC Finance Corp., 4.750%, 4/15/2010		205,000		191,994
SLM Corp., Series A, MTN, 5.000%, 10/01/2013		10,000		5,318
SLM Corp., Series A, MTN, 5.375%, 5/15/2014		10,000		5,182
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		80,000		43,210
				247,713
Non-Captive Diversified – 2.8%
CIT Group, Inc., 5.850%, 9/15/2016		7,000		3,959

92

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
CIT Group, Inc., 12.000%, 12/18/2018, 144A		$	126,000	$	65,205
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017			78,000		45,172
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			20,000		14,286
General Electric Capital Corp., Series A, GMTN, 3.485%, 3/08/2012	SGD		500,000		282,029
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015			140,000		124,266
International Lease Finance Corp., Series Q, MTN, 5.750%, 6/15/2011			205,000		133,178
iStar Financial, Inc., 5.150%, 3/01/2012			170,000		61,200
					729,295
Oil Field Services – 1.7%
Baker Hughes, Inc., 7.500%, 11/15/2018			155,000		176,157
Halliburton Co., 6.150%, 9/15/2019			110,000		111,774
Weatherford International Ltd., 5.150%, 3/15/2013			175,000		162,824
					450,755
Pharmaceuticals – 2.2%
Abbott Laboratories, 5.150%, 11/30/2012			190,000		206,393
Eli Lilly & Co., 4.200%, 3/06/2014			155,000		159,658
Pfizer, Inc., 6.200%, 3/15/2019			190,000		202,487
Schering-Plough Corp., 5.550%, 12/01/2013			5,000		5,255
					573,793
Pipelines – 3.0%
Energy Transfer Partners LP, 6.000%, 7/01/2013			170,000		160,734
Enterprise Products Operating LLP, 9.750%, 1/31/2014			125,000		137,350
Kinder Morgan Energy Partners LP, 5.000%, 12/15/2013			185,000		174,683
ONEOK Partners LP, 8.625%, 3/01/2019			95,000		95,861
Spectra Energy Capital LLC, 5.668%, 8/15/2014			175,000		168,610
TransCanada Pipelines Ltd., 7.125%, 1/15/2019			55,000		57,388
					794,626
Railroads – 2.0%
Burlington Northern Santa Fe Corp., 7.000%, 2/01/2014			175,000		187,279
Canadian Pacific Railway Co., 5.750%, 5/15/2013			170,000		163,210
CSX Corp., 6.150%, 5/01/2037			30,000		21,208
Union Pacific Corp., 5.750%, 11/15/2017			160,000		152,750
					524,447
Refining – 0.5%
Valero Energy Corp., 9.375%, 3/15/2019			125,000		129,046
REITs – 2.4%
Colonial Realty LP, 4.800%, 4/01/2011			125,000		108,772
ERP Operating LP, 6.625%, 3/15/2012			165,000		157,771
Federal Realty Investment Trust, 5.400%, 12/01/2013			105,000		82,253
ProLogis, 5.500%, 4/01/2012			255,000		159,220
Simon Property Group LP, 5.300%, 5/30/2013			170,000		138,809
					646,825

93

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Retailers – 1.0%
CVS Caremark Corp., 5.750%, 6/01/2017	$	160,000	$	156,026
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012		130,000		102,044
				258,070
Supermarkets – 0.6%
Kroger Co., 6.200%, 6/15/2012		50,000		52,526
Kroger Co., 6.400%, 8/15/2017		35,000		35,930
Kroger Co., 6.750%, 4/15/2012		65,000		68,772
				157,228
Technology – 4.1%
Agilent Technologies, Inc., 6.500%, 11/01/2017		120,000		98,331
Corning, Inc., 6.200%, 3/15/2016		45,000		40,250
Equifax, Inc., 7.000%, 7/01/2037		85,000		60,373
Hewlett Packard Co., 6.125%, 3/01/2014		125,000		133,119
IBM International Group Capital, 5.050%, 10/22/2012		230,000		243,142
National Semiconductor Corp., 6.600%, 6/15/2017		175,000		115,244
Oracle Corp., 4.950%, 4/15/2013		170,000		179,654
Pitney Bowes, Inc., 5.250%, 1/15/2037		95,000		92,265
Xerox Corp., 6.400%, 3/15/2016		170,000		129,619
				1,091,997
Tobacco – 1.9%
Altria Group, Inc., 9.700%, 11/10/2018		265,000		288,453
Philip Morris International, Inc., 6.875%, 3/17/2014		185,000		200,222
				488,675
Transportation Services – 0.5%
United Parcel Service, Inc., 3.875%, 4/01/2014		130,000		130,318
Treasuries – 8.8%
U.S. Treasury Inflation Indexed Bond, 1.375%, 7/15/2018		587,406		582,633
U.S. Treasury Inflation Indexed Bond, 1.625%, 1/15/2018(c)		725,558		733,267
U.S. Treasury Note, 3.375%, 11/30/2012		460,000		493,602
U.S. Treasury Note, 4.750%, 8/15/2017(c)		45,000		52,636
U.S. Treasury STRIPS, Zero Coupon Bond, 2/15/2015		535,000		471,890
				2,334,028
Wireless – 1.1%
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		5,000		2,775
Sprint Nextel Corp., 6.000%, 12/01/2016		170,000		121,550
Vodafone Group PLC, 5.350%, 2/27/2012		175,000		177,672
				301,997
Wirelines – 3.0%
AT&T, Inc., 5.100%, 9/15/2014		180,000		180,606
Embarq Corp., 7.995%, 6/01/2036		155,000		116,250
Qwest Corp., 6.875%, 9/15/2033		260,000		170,300
Telecom Italia Capital SA, 4.950%, 9/30/2014		185,000		159,735
Verizon Communications, Inc., 6.350%, 4/01/2019		175,000		172,889
				799,780
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $27,314,446)				25,442,617

94

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Intermediate Duration Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
CONVERTIBLE BONDS – 0.9%
Hybrid ARMs – 0.9%
Federal Home Loan Mortgage Corp., 4.662%, 1/01/2035(b)	$	240,151	$	242,655
TOTAL CONVERTIBLE BONDS
(Identified Cost $240,359)				242,655
TOTAL BONDS AND NOTES
(Identified Cost $27,554,805)				25,685,272
SHORT-TERM INVESTMENTS – 0.9%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000% to be repurchased at $255,403 on 4/01/2009 collateralized by $265,000 Federal Home Loan Bank, 0.950% due 3/30/2010 valued at $264,338 including accrued interest (Note 2h of Notes to Financial Statements) (Identified Cost $255,403)		255,403		255,403
TOTAL INVESTMENTS – 98.2%
(Identified Cost $27,810,208)(a)				25,940,675
Other Assets Less Liabilities—1.8%				462,469
NET ASSETS – 100.0%			$	26,403,144
(‡)         Principal amount stated in U.S. dollars unless otherwise noted.
(†)         See Note 2a of Notes to Financial Statements.
(a)         Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
At March 31, 2009, the net unrealized depreciation on investments based on a cost of $27,836,624 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			$	625,530
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value				(2,521,479	)
Net unrealized depreciation			$	(1,895,949	)

(b) Variable rate security. Rate as of March 31, 2009 is disclosed.

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

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the total value of this security amounted to $65,205 or 0.2% of net assets.

ABS Asset-Backed Securities

ARMs Adjustable Rate Mortgages

FHLMC Federal Home Loan Mortgage Corp.

FNMA Federal National Mortgage Association

GMTN Global Medium Term Note

GNMA Government National Mortgage Association

MTN Medium Term Note

REITs Real Estate Investment Trusts

STRIPS Separate Trading of Registered Interest and Principal of Securities

Key to Abbreviation: SGD: Singapore Dollar

At March 31, 2009, open futures contracts purchased were as follows:

Futures	Expiration Date	Contracts	Notional Value		Unrealized Appreciation
10 Year U.S. Treasury Note	6/19/2009	4	$	496,313	$	16,899

95

NET ASSET SUMMARY AT MARCH 31, 2009 (Unaudited)

Banking	9.7	%
Commercial Mortgage-Backed Securities	9.1
Treasuries	8.8
Mortgage Related	6.2
Food & Beverage	4.3
Technology	4.1
Electric	3.9
ABS Credit Card	3.6
Wirelines	3.0
Pipelines	3.0
Non-Captive Diversified	2.8
Integrated Energy	2.5
REITs	2.4
Media Cable	2.4
Pharmaceuticals	2.2
Collateralized Mortgage Obligations	2.2
Government Owned – No Guarantee	2.1
Railroads	2.0
Other Investments, less than 2% each	23.0
Short-Term Investments	0.9
Total Investments	98.2
Other assets less liabilities (including open Futures Contracts)	1.8
Net Assets	100.0	%

See accompanying notes to financial statements.

96

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – 88.8% of Net Assets
NON-CONVERTIBLE BONDS – 88.4%
ABS Car Loan – 0.7%
ARG Funding Corp., Series 2005-2A, Class A5, 0.682%, 5/20/2011, 144A(b)		$	3,245,000	$	2,580,392
ABS Credit Card – 0.2%
Bank One Issuance Trust, Series 2004-C2, Class C2, 1.356%, 2/15/2017(b)			200,000		78,000
World Financial Network Credit Card, Series 2008-B, Class M, 7.800%, 10/15/2013			732,000		692,904
					770,904
ABS Home Equity – 0.1%
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021			250,664		147,666
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021			452,917		104,941
Countrywide Asset-Backed Certificates, Series 2006-S4, Class A3, 5.804%, 7/25/2034			488,766		123,120
					375,727
ABS Other – 0.6%
Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029			2,500,000		2,304,237
Aerospace & Defense – 0.0%
Boeing Capital Corp., 6.500%, 2/15/2012			165,000		174,014
Airlines – 1.1%
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024			2,246,393		1,246,748
Qantas Airways Ltd., 6.050%, 4/15/2016, 144A			3,455,000		2,926,426
					4,173,174
Automotive – 0.3%
Cummins, Inc., 5.650%, 3/01/2098			1,000,000		418,700
Ford Motor Co., 6.375%, 2/01/2029			2,665,000		752,862
Ford Motor Credit Co. LLC, 7.375%, 10/28/2009			150,000		134,528
General Motors Corp., 8.250%, 7/15/2023			50,000		6,188
					1,312,278
Banking – 6.7%
BAC Capital Trust VI, 5.625%, 3/08/2035			1,045,000		444,248
Bank of America Corp., 5.420%, 3/15/2017			230,000		146,387
Barclays Financial LLC, 4.060%, 9/16/2010, 144A	KRW		940,000,000		696,820
Barclays Financial LLC, 4.160%, 2/22/2010, 144A	THB		70,000,000		1,953,644
Barclays Financial LLC, 4.460%, 9/23/2010, 144A	KRW		1,950,000,000		1,453,707
Barclays Financial LLC, EMTN, 4.100%, 3/22/2010, 144A	THB		17,000,000		469,999
Bear Stearns Co., Inc. (The), 5.550%, 1/22/2017			230,000		193,385
BNP Paribas SA, EMTN, Zero Coupon Bond, 6/13/2011, 144A	IDR		7,484,000,000		418,858
Citibank NA, 15.000%, 7/02/2010, 144A	BRL		4,000,000		1,814,661
Countrywide Home Loans, Inc., Series L, MTN, 4.000%, 3/22/2011			144,000		128,145
Goldman Sachs Group, Inc. (The), 5.000%, 10/01/2014			1,725,000		1,559,536

97

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Banking – continued
Goldman Sachs Group, Inc. (The), 5.150%, 1/15/2014		$	870,000	$	794,014
Goldman Sachs Group, Inc. (The), 6.125%, 2/15/2033			250,000		208,205
Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037			1,085,000		733,830
JPMorgan Chase & Co., Zero Coupon Bond, 5/17/2010, 144A	BRL		8,035,000		2,894,599
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		8,972,574,000		518,243
JPMorgan Chase & Co., Zero Coupon Bond, 3/28/2011, 144A	IDR		5,376,000,000		310,510
JPMorgan Chase & Co., 4.750%, 5/01/2013			60,000		58,159
JPMorgan Chase London, EMTN, Zero Coupon Bond, 10/21/2010, 144A	IDR		9,533,078,500		617,278
Merrill Lynch & Co., Inc., 6.110%, 1/29/2037			3,770,000		1,873,735
Merrill Lynch & Co., Inc., Series C, MTN, 5.000%, 1/15/2015			235,000		182,076
Morgan Stanley, 4.750%, 4/01/2014			3,550,000		2,902,398
Morgan Stanley, 5.375%, 10/15/2015			1,300,000		1,174,446
Morgan Stanley, 6.750%, 4/15/2011			1,310,000		1,311,009
Morgan Stanley, EMTN, 5.450%, 1/09/2017			260,000		227,500
Morgan Stanley, MTN, 6.250%, 8/09/2026			500,000		413,554
Morgan Stanley, Series F, MTN, 5.550%, 4/27/2017			800,000		711,874
Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017			995,000		903,861
National City Bank of Indiana, 4.250%, 7/01/2018			420,000		331,855
Rabobank Nederland, EMTN, 10.250%, 9/10/2009, 144A	ISK		65,000,000		309,146
Washington Mutual Finance Corp., 6.875%, 5/15/2011			135,000		122,622
					25,878,304
Brokerage – 0.0%
Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037(c)			2,030,000		203
Lehman Brothers Holdings, Inc., MTN, (fixed rate to 5/03/2027, variable rate thereafter), 6.000%, 5/03/2032(c)			155,000		16
					219
Building Materials – 0.1%
Masco Corp., 5.850%, 3/15/2017			500,000		312,745
Chemicals – 1.2%
Lubrizol Corp., 6.500%, 10/01/2034			2,255,000		1,722,031
Methanex Corp., 6.000%, 8/15/2015			980,000		666,375
PPG Industries, Inc., 6.650%, 3/15/2018			2,410,000		2,356,970
					4,745,376
Collateralized Mortgage Obligations – 0.3%
CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020			307,899		289,425

98

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Collateralized Mortgage Obligations – continued
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035	$	675,000	$	706,418
				995,843
Commercial Mortgage-Backed Securities – 4.9%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.351%, 9/10/2047(b)		160,000		122,999
Banc of America Commercial Mortgage, Inc., Series 2006-1, Class A2, 5.334%, 9/10/2045		220,000		199,729
Bear Stearns Commercial Mortgage Securities, 5.540%, 9/11/2041		600,000		498,038
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A2, 5.270%, 12/11/2040		280,000		258,200
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4, 5.537%, 10/12/2041		360,000		296,724
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		600,000		437,346
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.909%, 6/11/2040(b)		407,000		302,314
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		155,000		140,985
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.961%, 6/10/2046(b)		480,000		366,733
Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.912%, 6/15/2039(b)		3,525,000		2,114,534
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 6.004%, 9/15/2039(b)		2,030,000		1,288,291
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		685,000		447,437
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A2, 5.117%, 4/10/2037		485,000		434,720
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		1,500,000		1,079,007
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		1,003,000		722,527
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		805,000		595,476
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4, 5.560%, 11/10/2039		350,000		262,801
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP6, Class A4, 5.475%, 4/15/2043		1,180,000		854,794
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A4, 6.065%, 4/15/2045(b)		1,100,000		829,846
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 6.007%, 6/15/2049(b)		4,055,000		2,788,866
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		1,405,000		949,530
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5, 4.739%, 7/15/2030		480,000		369,135

99

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 6.080%, 6/15/2038(b)	$	380,000	$	287,954
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4, 5.372%, 9/15/2039		390,000		280,670
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A2, 5.303%, 2/15/2040		915,000		757,257
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039		335,000		304,487
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 6.104%, 6/12/2046(b)		235,000		167,347
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042		350,000		281,566
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047		425,000		333,273
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041		300,000		230,847
Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.458%, 1/11/2043(b)		800,000		621,002
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048		200,000		132,810
				18,757,245
Construction Machinery – 0.9%
Caterpillar Financial Services Corp., MTN, 5.450%, 4/15/2018		200,000		171,589
Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014		3,195,000		3,102,735
Caterpillar Financial Services Corp., Series F, MTN, 5.850%, 9/01/2017		100,000		86,884
				3,361,208
Consumer Cyclical Services – 2.0%
Western Union Co. (The), 5.930%, 10/01/2016		3,965,000		3,675,769
Western Union Co. (The), 6.500%, 2/26/2014		4,000,000		4,078,388
				7,754,157
Consumer Products – 1.1%
Koninklijke (Royal) Philips Electronics N.V., 6.875%, 3/11/2038		2,745,000		2,662,842
Snap-on, Inc., 5.850%, 3/01/2014		660,000		667,790
Snap-on, Inc., 6.700%, 3/01/2019		780,000		791,750
				4,122,382
Distributors – 0.5%
Equitable Resources, Inc., 6.500%, 4/01/2018		2,150,000		1,897,409
Electric – 3.5%
AmerenEnergy Generating Co., Series H, 7.000%, 4/15/2018		2,800,000		2,633,137
Baltimore Gas & Electric Co., 5.200%, 6/15/2033		500,000		329,122
Bruce Mansfield Unit, 6.850%, 6/01/2034(d)		1,550,000		1,151,433
Cleveland Electric Illuminating Co. (The), 5.950%, 12/15/2036		960,000		740,145
Commonwealth Edison Co., 4.700%, 4/15/2015		555,000		507,437
Commonwealth Edison Co., 4.750%, 12/01/2011(d)		41,000		40,060
Commonwealth Edison Co., 5.875%, 2/01/2033		1,180,000		971,795

100

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Electric – continued
Dominion Resources, Inc., 5.950%, 6/15/2035	$	385,000	$	325,811
Empresa Nacional de Electricidad SA (Endesa-Chile), 7.875%, 2/01/2027		1,000,000		1,025,461
Illinois Power Co., 6.250%, 4/01/2018		3,385,000		3,093,978
MidAmerican Energy Holdings Co., 6.125%, 4/01/2036		445,000		394,634
MidAmerican Energy Holdings Co., 6.500%, 9/15/2037		1,035,000		957,136
NiSource Finance Corp., 6.150%, 3/01/2013		195,000		170,315
NiSource Finance Corp., 6.400%, 3/15/2018		1,255,000		1,015,492
				13,355,956
Entertainment – 0.7%
Time Warner, Inc., 6.500%, 11/15/2036		410,000		337,235
Time Warner, Inc., 6.625%, 5/15/2029		870,000		734,473
Time Warner, Inc., 6.950%, 1/15/2028		375,000		331,382
Time Warner, Inc., 7.625%, 4/15/2031		245,000		218,914
Time Warner, Inc., 7.700%, 5/01/2032		160,000		143,878
Viacom, Inc., Class B, 6.875%, 4/30/2036		1,325,000		966,729
				2,732,611
Food & Beverage – 1.0%
Anheuser-Busch Cos., Inc., 5.950%, 1/15/2033		995,000		769,000
Anheuser-Busch Cos., Inc., 6.450%, 9/01/2037		1,270,000		1,053,970
Cia Brasileira de Bebidas, 8.750%, 9/15/2013		1,025,000		1,117,250
Kraft Foods, Inc., 6.250%, 6/01/2012		210,000		221,579
Kraft Foods, Inc., 6.500%, 11/01/2031		960,000		890,521
				4,052,320
Government Owned-No Guarantee – 1.1%
Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A		2,565,000		2,442,067
DP World Ltd., 6.850%, 7/02/2037, 144A		3,800,000		1,818,106
				4,260,173
Healthcare – 0.9%
Covidien International Finance SA, 6.000%, 10/15/2017		900,000		912,803
Covidien International Finance SA, 6.550%, 10/15/2037		900,000		886,268
HCA, Inc., 5.750%, 3/15/2014		1,020,000		668,100
HCA, Inc., 6.250%, 2/15/2013		195,000		146,250
HCA, Inc., 6.375%, 1/15/2015		95,000		62,225
HCA, Inc., 6.500%, 2/15/2016		55,000		36,025
HCA, Inc., 6.750%, 7/15/2013		30,000		22,425
HCA, Inc., 7.050%, 12/01/2027		100,000		52,000
HCA, Inc., 7.190%, 11/15/2015		190,000		128,353
HCA, Inc., 7.500%, 12/15/2023		75,000		39,737
HCA, Inc., 7.690%, 6/15/2025		175,000		91,141
HCA, Inc., 8.360%, 4/15/2024		305,000		171,021
HCA, Inc., MTN, 7.580%, 9/15/2025		10,000		5,131
HCA, Inc., MTN, 7.750%, 7/15/2036		305,000		154,268
				3,375,747
Home Construction – 1.8%
Centex Corp., 5.250%, 6/15/2015		380,000		285,000
Lennar Corp., Series B, 5.600%, 5/31/2015		1,250,000		890,625
Lennar Corp., Series B, 6.500%, 4/15/2016		770,000		554,400
Pulte Homes, Inc., 5.200%, 2/15/2015		1,265,000		1,000,931

101

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Home Construction – continued
Pulte Homes, Inc., 6.000%, 2/15/2035		$	3,340,000	$	2,037,400
Pulte Homes, Inc., 6.375%, 5/15/2033			1,455,000		887,550
Toll Brothers Finance Corp., 5.150%, 5/15/2015			1,725,000		1,455,034
					7,110,940
Hybrid ARMs – 0.3%
FNMA, 5.730%, 9/01/2036(b)			378,238		391,928
FNMA, 6.039%, 2/01/2037(b)			381,310		396,302
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.592%, 7/25/2035(b)			414,586		243,472
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 4.927%, 10/25/2035(b)			289,189		200,388
					1,232,090
Independent Energy – 2.8%
Anadarko Petroleum Corp., 5.950%, 9/15/2016			1,260,000		1,085,213
Anadarko Petroleum Corp., 6.450%, 9/15/2036			1,320,000		922,634
Apache Corp., 6.000%, 1/15/2037			1,940,000		1,871,269
Noble Energy, Inc., 8.250%, 3/01/2019			3,520,000		3,605,508
Questar Market Resources, Inc., 6.800%, 4/01/2018			3,365,000		3,012,062
Talisman Energy, Inc., 5.850%, 2/01/2037			15,000		10,124
XTO Energy, Inc., 6.100%, 4/01/2036			65,000		54,988
XTO Energy, Inc., 6.750%, 8/01/2037			435,000		395,900
					10,957,698
Local Authorities – 3.0%
Manitoba (Province of), GMTN, 6.375%, 9/01/2015	NZD		4,635,000		2,655,945
New South Wales Treasury Corp., Series 10RG, 7.000%, 12/01/2010	AUD		2,625,000		1,929,268
New South Wales Treasury Corp., Series 12RG, 6.000%, 5/01/2012	AUD		685,000		500,934
New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017	AUD		4,000,000		2,831,170
Province of Alberta, 5.930%, 9/16/2016	CAD		391,052		350,275
Quebec Province, Series QC, 6.750%, 11/09/2015	NZD		1,185,000		671,901
Queensland Treasury Corp., Series 11G, 6.000%, 6/14/2011	AUD		1,735,000		1,265,266
Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(d)			2,880,000		1,418,141
					11,622,900
Media Cable – 2.1%
Comcast Corp., 5.650%, 6/15/2035			2,090,000		1,655,073
Comcast Corp., 6.450%, 3/15/2037			1,230,000		1,074,590
Comcast Corp., 6.500%, 11/15/2035			1,570,000		1,386,729
Comcast Corp., 6.950%, 8/15/2037			1,925,000		1,792,583
Time Warner Cable, Inc., 6.750%, 7/01/2018			2,500,000		2,346,760
					8,255,735
Media Non-Cable – 0.6%
Clear Channel Communications, Inc., 5.750%, 1/15/2013			250,000		37,500

102

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Media Non-Cable – continued
News America, Inc., 6.200%, 12/15/2034	$	950,000	$	683,391
News America, Inc., 6.400%, 12/15/2035		1,980,000		1,466,865
				2,187,756
Metals & Mining – 0.0%
Teck Cominco Ltd., 7.000%, 9/15/2012		100,000		75,000
Mortgage Related – 2.7%
Federal Home Loan Mortgage Corp., MTN, 5.000%, 12/14/2018		281,000		271,329
Federal National Mortgage Association, 7.000%, 4/25/2020		40,278		43,102
FHLMC, 4.000%, 7/01/2019		294,424		300,662
FHLMC, 4.500%, 4/01/2019		610,813		631,860
FHLMC, 5.000%, 5/01/2034		198,402		205,113
FHLMC, 5.500%, 8/01/2033		488,446		509,000
FHLMC, 5.500%, 2/01/2037		520,190		540,372
FHLMC, 6.000%, 2/01/2020		209,828		220,007
FHLMC, 6.000%, 6/01/2035		389,732		409,299
FHLMC, 10.000%, 8/01/2018		3,391		3,833
FHLMC, 10.000%, 10/01/2018		2,155		2,432
FNMA, 4.000%, 1/01/2020		169,133		172,928
FNMA, 4.500%, 3/01/2035		254,201		260,524
FNMA, 4.500%, 9/01/2035		353,998		362,257
FNMA, 5.000%, 2/01/2018		101,556		106,230
FNMA, 5.000%, 6/01/2020		289,846		301,645
FNMA, 5.000%, 4/01/2034		190,570		197,106
FNMA, 5.000%, 5/01/2034		192,433		199,033
FNMA, 5.000%, 5/01/2035		344,823		356,595
FNMA, 5.000%, 6/01/2035		243,862		252,188
FNMA, 5.000%, 6/01/2035		140,874		145,684
FNMA, 5.000%, 8/01/2035		350,430		362,394
FNMA, 5.500%, 9/01/2016		68,049		71,489
FNMA, 5.500%, 8/01/2019		45,372		47,524
FNMA, 5.500%, 12/01/2032		114,062		118,918
FNMA, 5.500%, 1/01/2033		233,822		243,778
FNMA, 5.500%, 6/01/2033		360,905		377,051
FNMA, 5.500%, 7/01/2033		538,228		560,976
FNMA, 5.500%, 9/01/2034		211,460		220,133
FNMA, 5.500%, 3/01/2035		73,773		76,798
FNMA, 5.500%, 3/01/2035		56,530		58,796
FNMA, 5.500%, 5/01/2035		73,007		75,933
FNMA, 5.500%, 8/01/2035		141,095		146,750
FNMA, 5.500%, 12/01/2035		305,842		318,100
FNMA, 5.500%, 1/01/2036		16,361		17,017
FNMA, 5.500%, 2/01/2036		6,940		7,218
FNMA, 5.500%, 4/01/2036		379,506		394,716
FNMA, 5.500%, 6/01/2036		87,470		90,894
FNMA, 6.000%, 12/01/2018		25,191		26,650
FNMA, 6.000%, 12/01/2020		32,885		34,465
FNMA, 6.000%, 3/01/2021		290,322		305,678
FNMA, 6.000%, 10/01/2028		28,567		30,117
FNMA, 6.000%, 10/01/2033		548,098		575,444
FNMA, 6.500%, 2/01/2011		2,894		2,972
FNMA, 6.500%, 10/01/2031		81,261		86,352

103

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
FNMA, 6.500%, 10/01/2033		$	43,987	$	46,632
FNMA, 6.500%, 10/01/2033			68,933		73,079
FNMA, 6.500%, 10/01/2033			58,705		62,235
FNMA, 6.500%, 11/01/2033			85,676		90,829
GNMA, 6.500%, 2/20/2028			130,003		138,727
GNMA, 7.000%, 11/20/2025			5,431		5,802
GNMA, 10.000%, 5/15/2018			14,729		16,157
GNMA, 10.000%, 8/15/2018			9,473		10,398
GNMA, 10.000%, 12/15/2018			45,846		50,324
					10,235,545
Non-Captive Consumer – 0.9%
American General Finance Corp., Series H, MTN, 5.375%, 10/01/2012			45,000		18,084
American General Finance Corp., Series J, MTN, 6.900%, 12/15/2017			2,815,000		1,041,550
HSBC Finance Corp., 8.000%, 7/15/2010			205,000		193,338
SLM Corp., Series A, MTN, 5.000%, 4/15/2015			70,000		31,500
SLM Corp., Series A, MTN, 5.375%, 1/15/2013			680,000		373,128
SLM Corp., Series A, MTN, 6.500%, 6/15/2010(d)(e)	NZD		970,000		402,230
SLM Corp., Series A, MTN, 8.450%, 6/15/2018			2,385,000		1,288,205
					3,348,035
Non-Captive Diversified – 2.5%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015			255,000		149,175
CIT Group, Inc., 5.400%, 2/13/2012			10,000		6,447
CIT Group, Inc., 5.400%, 1/30/2016			19,000		11,388
CIT Group, Inc., 5.800%, 7/28/2011			240,000		173,074
CIT Group, Inc., 5.800%, 10/01/2036			185,000		101,896
CIT Group, Inc., 5.850%, 9/15/2016			5,000		2,828
CIT Group, Inc., 12.000%, 12/18/2018, 144A			1,275,000		659,813
CIT Group, Inc., EMTN, 4.650%, 9/19/2016	EUR		350,000		195,304
CIT Group, Inc., GMTN, 5.000%, 2/13/2014			102,000		60,180
CIT Group, Inc., GMTN, 5.000%, 2/01/2015			17,000		10,350
CIT Group, Inc., MTN, 5.125%, 9/30/2014			155,000		93,696
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036			280,000		132,009
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017			65,000		37,643
General Electric Capital Australia Funding, EMTN, 8.000%, 2/13/2012	AUD		670,000		436,894
General Electric Capital Corp., 5.625%, 5/01/2018			215,000		186,947
General Electric Capital Corp., MTN, 5.875%, 1/14/2038			150,000		107,143
General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016(d)(e)	NZD		470,000		219,802
General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014(d)(e)	NZD		1,405,000		724,474
General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015			2,230,000		1,979,381
General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015(d)(e)	NZD		5,650,000		2,659,443

104

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
GMAC LLC, 5.625%, 5/15/2009	$	1,330,000	$	1,258,874
GMAC LLC, 6.000%, 12/15/2011, 144A		763,000		519,458
GMAC LLC, 7.500%, 12/31/2013, 144A		41,000		19,708
GMAC LLC, 8.000%, 12/31/2018, 144A		97,000		28,160
				9,774,087
Oil Field Services – 0.1%
Weatherford International Ltd., 6.500%, 8/01/2036		235,000		165,432
Weatherford International Ltd., 6.800%, 6/15/2037		105,000		74,478
				239,910
Paper – 0.4%
Georgia-Pacific LLC, 7.250%, 6/01/2028		1,500,000		1,042,500
International Paper Co., 4.000%, 4/01/2010		500,000		475,752
Westvaco Corp., 8.200%, 1/15/2030		200,000		157,672
				1,675,924
Pharmaceuticals – 1.8%
Elan Financial PLC, 7.750%, 11/15/2011		60,000		50,400
Elan Financial PLC, 8.875%, 12/01/2013		170,000		136,000
Roche Holdings, Inc., 5.000%, 3/01/2014, 144A		6,500,000		6,652,925
				6,839,325
Pipelines – 2.3%
DCP Midstream LP, 6.450%, 11/03/2036, 144A		635,000		411,641
El Paso Corp., 6.950%, 6/01/2028		350,000		241,366
Enterprise Products Operating LLP, 6.300%, 9/15/2017		680,000		626,772
Kinder Morgan Energy Partners LP, 5.125%, 11/15/2014		145,000		137,739
Kinder Morgan Energy Partners LP, 5.950%, 2/15/2018		5,300,000		4,825,448
NGPL Pipeco LLC, 6.514%, 12/15/2012, 144A		850,000		811,972
NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		965,000		884,813
Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		810,000		705,916
Spectra Energy Capital LLC, 5.500%, 3/01/2014		230,000		220,632
				8,866,299
Property & Casualty Insurance – 1.4%
Allstate Corp., 5.950%, 4/01/2036		470,000		340,050
Marsh & McLennan Cos., Inc., 5.375%, 7/15/2014		65,000		57,315
Marsh & McLennan Cos., Inc., 5.750%, 9/15/2015		1,842,000		1,642,340
Marsh & McLennan Cos., Inc., 5.875%, 8/01/2033		2,360,000		1,566,120
Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019		1,390,000		1,416,977
MBIA Insurance Corp., (fixed rate to 1/15/2013, variable rate thereafter), 14.000%, 1/15/2033, 144A		60,000		18,600
Progressive Corp., 7.000%, 10/01/2013		150,000		146,293

105

		Principal Amount (‡)			Value (†)
BONDS AND NOTES – continued
Property & Casualty Insurance – continued
Willis North America, Inc., 6.200%, 3/28/2017		$	225,000		$	157,708
						5,345,403
Railroads – 0.5%
Canadian Pacific Railway Co., 5.950%, 5/15/2037			215,000			150,036
Canadian Pacific Railway Ltd., MTN, 4.900%, 6/15/2010, 144A	CAD		1,000,000			798,937
CSX Corp., 6.250%, 3/15/2018			670,000			577,178
CSX Corp., MTN, 6.000%, 10/01/2036			210,000			147,495
Missouri Pacific Railroad Co., 5.000%, 1/01/2045(d)			190,000			104,500
Union Pacific Corp., 5.375%, 6/01/2033			415,000			330,207
						2,108,353
Refining – 0.9%
Valero Energy Corp., 9.375%, 3/15/2019			3,500,000			3,613,295
REITs – 2.0%
Camden Property Trust, 5.700%, 5/15/2017			640,000			469,849
Colonial Realty LP, 4.800%, 4/01/2011			1,840,000			1,601,116
Colonial Realty LP, 5.500%, 10/01/2015			290,000			173,975
Duke Realty LP, 5.950%, 2/15/2017			90,000			53,824
Equity One, Inc., 6.000%, 9/15/2017			1,000,000			650,000
ERP Operating LP, 5.125%, 3/15/2016			30,000			23,672
ERP Operating LP, 5.750%, 6/15/2017			180,000			142,465
Highwoods Properties, Inc., 5.850%, 3/15/2017			80,000			49,470
Highwoods Properties, Inc., 7.500%, 4/15/2018			1,075,000			708,421
ProLogis, 5.625%, 11/15/2015			40,000			21,600
ProLogis, 5.750%, 4/01/2016			35,000			19,234
Realty Income Corp., 6.750%, 8/15/2019			500,000			345,142
Simon Property Group LP, 5.250%, 12/01/2016			75,000			55,865
Simon Property Group LP, 5.300%, 5/30/2013			1,200,000			979,829
Simon Property Group LP, 5.750%, 5/01/2012			45,000			38,924
Simon Property Group LP, 5.750%, 12/01/2015			290,000			223,899
Simon Property Group LP, 5.875%, 3/01/2017			740,000			570,806
Simon Property Group LP, 6.350%, 8/28/2012			250,000			214,184
Simon Property Group LP, 10.350%, 4/01/2019			1,300,000			1,263,443
						7,605,718
Retailers – 1.6%
Home Depot, Inc. (The), 5.875%, 12/16/2036			3,305,000			2,340,538
J.C. Penney Corp., Inc., 6.375%, 10/15/2036			230,000			143,787
Lowe’s Cos., Inc., 5.500%, 10/15/2035			25,000			21,943
Lowe’s Cos., Inc., 5.800%, 10/15/2036			950,000			835,622
Macy’s Retail Holdings, Inc., 5.350%, 3/15/2012			355,000			278,659
Macy’s Retail Holdings, Inc., 5.875%, 1/15/2013			980,000			744,493
Macy’s Retail Holdings, Inc., 6.375%, 3/15/2037			3,465,000			1,929,593
						6,294,635
Sovereigns – 1.4%
Republic of Iceland, 7.000%, 3/17/2010	ISK		99,510,000			474,007
Republic of Iceland, 8.500%, 6/12/2009	ISK		133,290,000			643,043
Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023	MXN		140,000	(††)		981,374

106

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

		Principal Amount (‡)		Value (†)
BONDS AND NOTES – continued
Sovereigns – continued
Mexican Fixed Rate Bonds, Series MI-10, 9.000%, 12/20/2012	MXN	460,000	(††)	$	3,470,865
					5,569,289
Supranational – 2.6%
European Investment Bank, EMTN, 4.600%, 1/30/2037, 144A	CAD	1,900,000			1,383,754
Inter-American Development Bank, EMTN, Zero Coupon Bond, 5/11/2009	BRL	9,000,000			3,821,533
Inter-American Development Bank, EMTN, Zero Coupon Bond, 9/23/2013	IDR	45,300,000,000			2,195,021
Inter-American Development Bank, EMTN, 6.000%, 12/15/2017	NZD	4,375,000			2,467,754
					9,868,062
Technology – 2.6%
Avnet, Inc., 6.000%, 9/01/2015		1,970,000			1,621,016
Avnet, Inc., 6.625%, 9/15/2016		270,000			224,887
Corning, Inc., 6.850%, 3/01/2029		10,000			7,549
Corning, Inc., 7.250%, 8/15/2036		3,565,000			2,685,825
Dun & Bradstreet Corp., 6.000%, 4/01/2013		1,970,000			2,009,831
International Business Machines Corp., 4.750%, 11/29/2012		795,000			842,627
Intuit, Inc., 5.750%, 3/15/2017		635,000			552,988
KLA-Tencor Corp., 6.900%, 5/01/2018		1,370,000			1,082,930
Motorola, Inc., 5.220%, 10/01/2097		1,000,000			402,470
Motorola, Inc., 6.500%, 9/01/2025		190,000			120,651
Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		475,000			454,755
					10,005,529
Textile – 0.0%
Kellwood Co., 7.625%, 10/15/2017(d)		1,000,000			45,000
Tobacco – 1.4%
Altria Group, Inc., 9.250%, 8/06/2019		4,190,000			4,479,923
Reynolds American, Inc., 6.750%, 6/15/2017		735,000			627,464
Reynolds American, Inc., 7.250%, 6/15/2037		195,000			142,383
					5,249,770
Transportation Services – 2.1%
APL Ltd., 8.000%, 1/15/2024(d)		100,000			70,257
Atlas Air, Inc., Series B, 7.680%, 1/02/2014		3,429,237			2,571,928
Erac USA Finance Co., 6.700%, 6/01/2034, 144A		945,000			522,235
Erac USA Finance Co., 7.000%, 10/15/2037, 144A		8,661,000			5,041,239
					8,205,659
Treasuries – 16.4%
Canadian Government, 2.750%, 12/01/2010	CAD	5,410,000			4,418,452
Canadian Government, 3.750%, 9/01/2011	CAD	2,000,000			1,682,979
Canadian Government, 3.750%, 6/01/2012	CAD	3,340,000			2,845,199
Canadian Government, 3.750%, 6/01/2019	CAD	31,580,000			27,219,465
Canadian Government, 4.000%, 6/01/2016	CAD	1,000,000			886,913
Canadian Government, 4.250%, 9/01/2009	CAD	4,070,000			3,278,145

107

		Principal Amount (‡)	Value (†)
BONDS AND NOTES – continued
Treasuries – continued
Canadian Government, 5.250%, 6/01/2012	CAD	11,565,000	$	10,277,605
Norwegian Government, 4.250%, 5/19/2017	NOK	23,620,000		3,673,978
Norwegian Government, 6.500%, 5/15/2013	NOK	50,000,000		8,508,735
U.S. Treasury Note, 4.250%, 11/15/2013		330,000		370,064
				63,161,535
Wireless – 0.9%
ALLTEL Corp., 7.875%, 7/01/2032		705,000		716,590
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		60,000		31,800
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		165,000		94,050
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		510,000		283,050
Sprint Capital Corp., 6.875%, 11/15/2028		234,000		142,740
Sprint Nextel Corp., 6.000%, 12/01/2016		366,000		261,690
Telefonica Emisones SAU, 6.421%, 6/20/2016		185,000		191,278
Vodafone Group PLC, 6.150%, 2/27/2037		1,725,000		1,626,464
				3,347,662
Wirelines – 5.4%
AT&T Corp., 6.500%, 3/15/2029		1,310,000		1,148,587
AT&T, Inc., 6.150%, 9/15/2034		1,785,000		1,563,881
AT&T, Inc., 6.500%, 9/01/2037		965,000		870,837
BellSouth Corp., 6.000%, 11/15/2034		530,000		474,729
BellSouth Corp., 6.550%, 6/15/2034		105,000		97,444
BellSouth Telecommunications, Inc., 5.850%, 11/15/2045		2,000,000		1,394,396
GTE Corp., 6.940%, 4/15/2028		205,000		183,566
New England Telephone & Telegraph, 7.875%, 11/15/2029		2,170,000		2,024,894
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		500,000		340,000
Telecom Italia Capital SA, 5.250%, 11/15/2013		225,000		202,058
Telecom Italia Capital SA, 5.250%, 10/01/2015		1,980,000		1,669,445
Telecom Italia Capital SA, 6.000%, 9/30/2034		1,880,000		1,282,638
Telefonica Emisiones SAU, 7.045%, 6/20/2036		4,075,000		4,187,177
Verizon Communications, Inc., 5.850%, 9/15/2035		3,715,000		3,156,324
Verizon Maryland, Inc., 5.125%, 6/15/2033		290,000		200,894
Verizon New York, Inc., Series B, 7.375%, 4/01/2032		1,610,000		1,493,816
Verizon Virginia, Inc., Series A, 4.625%, 3/15/2013		505,000		489,870
				20,780,556
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $381,607,322)				340,914,131

108

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

	Principal Amount (‡)		Value (†)
CONVERTIBLE BONDS – 0.2%
Pharmaceuticals – 0.1%
Vertex Pharmaceuticals, Inc., 4.750%, 2/15/2013	$	298,000	$	391,497
Watson Pharmaceuticals, Inc., 1.750%, 3/15/2023		125,000		120,469
				511,966
REITs – 0.1%
ERP Operating LP, 3.850%, 8/15/2026		180,000		159,084
Technology – 0.0%
Maxtor Corp., 5.750%, 3/01/2012(d)		48,000		36,000
Richardson Electronics Ltd., 7.750%, 12/15/2011		44,000		35,200
				71,200
TOTAL CONVERTIBLE BONDS
(Identified Cost $657,703)				742,250
MUNICIPALS – 0.2%
Michigan – 0.1%
Michigan Tobacco Settlement Finance Authority, 7.309%, 6/01/2034(d)		1,085,000		633,369
Ohio – 0.1%
Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(d)		750,000		411,105
TOTAL MUNICIPALS
(Identified Cost $1,813,253)				1,044,474
TOTAL BONDS AND NOTES
(Identified Cost $384,078,278)				342,700,855
		Shares
PREFERRED STOCKS – 0.5%
NON-CONVERTIBLE PREFERRED STOCKS – 0.2%
Banking – 0.1%
Bank of America Corp., 7.250%		940		383,050
Capital Markets – 0.0%
Lehman Brothers Holdings, Inc., 7.250%(c)		860		637
Lehman Brothers Holdings, Inc., 7.950%(c)		570		3
				640
Diversified Financial Services – 0.0%
CIT Group, Inc., Series A, 6.350%		12,023		76,466
Preferred Blocker, Inc., 7.000%, 144A		161		32,054
				108,520
Electric Utilities – 0.1%
Connecticut Light & Power Co., 4.400%		263		9,246
MDU Resources Group, Inc., 5.100%, 1/01/2011		254		25,448
Public Service Electric & Gas Co., 4.080%		400		28,200
San Diego Gas & Electric Co., 4.500%		100		1,550
Union Electric Co., 4.500%		3,160		211,720
				276,164

109

	Shares		Value (†)
PREFERRED STOCKS – continued
Thrifts & Mortgage Finance – 0.0%
Federal Home Loan Mortgage Corp., 5.000%, (f)(g)		1,850	$	1,665
Federal Home Loan Mortgage Corp., 5.570%, (f)(g)		28,450		10,811
Federal Home Loan Mortgage Corp., 5.660%, (f)(g)		8,500		3,400
Federal Home Loan Mortgage Corp., 5.700%, (f)(g)		2,900		2,407
Federal Home Loan Mortgage Corp., 5.790%, (f)(g)		5,400		4,158
Federal Home Loan Mortgage Corp., 5.810%, (f)(g)		1,900		1,482
Federal Home Loan Mortgage Corp., 5.900%, (f)(g)		4,200		1,932
Federal Home Loan Mortgage Corp., 6.000%, (f)(g)		2,400		2,136
Federal Home Loan Mortgage Corp., 6.420%, (f)(g)		1,700		1,360
Federal Home Loan Mortgage Corp., 6.550%, (f)(g)		11,075		4,541
Federal Home Loan Mortgage Corp., 8.375%, (f)(g)		39,400		18,124
Federal National Mortgage Association, 4.750%, (f)(g)		3,650		2,664
Federal National Mortgage Association, 5.125%, (f)(g)		1,300		897
Federal National Mortgage Association, 5.375%, (f)(g)		2,600		3,718
Federal National Mortgage Association, 5.810%, (f)(g)		1,050		1,208
Federal National Mortgage Association, 6.750%, (f)(g)		1,650		825
Federal National Mortgage Association, 8.250%, (f)(g)		53,575		38,038
				99,366
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Identified Cost $4,375,329)				867,740
CONVERTIBLE PREFERRED STOCKS – 0.3%
Capital Markets – 0.2%
Newell Financial Trust I, 5.250%, 12/01/2027		33,050		594,900
Diversified Financial Services – 0.1%
Sovereign Capital Trust, 4.375%, 3/01/2034		25,000		493,750
TOTAL CONVERTIBLE PREFERRED STOCKS
(Identified Cost $1,794,828)				1,088,650
TOTAL PREFERRED STOCKS
(Identified Cost $6,170,157)				1,956,390
		Principal Amount (‡)
SHORT-TERM INVESTMENTS – 9.3%
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000% to be repurchased at $35,738,597 on 4/01/2009 collateralized by $35,740,000 Federal Home Loan Mortgage Corp., 2.680% due 11/16/2009 with a value of $36,454,800 including accrued interest (Note 2h of Notes to Financial Statements)
(Identified Cost $35,738,597)	$	35,738,597		35,738,597
TOTAL INVESTMENTS – 98.6%
(Identified Cost $425,987,032)(a)				380,395,842
Other Assets Less Liabilities—1.4%				5,369,638
NET ASSETS – 100.0%			$	385,765,480

110

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

(‡)         Principal amount stated in U.S. dollars unless otherwise noted.
(†)         See Note 2a of Notes to Financial Statements.
(††)       Amount shown represents units. One unit represents a principal amount of 100.
(a)          Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
At March 31, 2009, the net unrealized depreciation on investments based on a cost of $426,346,276 for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	7,693,947
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(53,644,381)
Net unrealized depreciation	$	(45,950,434)

(b) Variable rate security. Rate as of March 31, 2009 is disclosed.

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

(d) Illiquid security. At March 31, 2009, the value of these securities amounted to $7,915,814 or 2.1% of net assets.

(e) Valued by management. At March 31, 2009 the value of these securities amounted to $4,005,949 or 1.0% of net assets.

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

(g) Non-income producing security.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the total value of these securities amounted to $40,170,436 or 10.4% of net assets.

ABS Asset-Backed Securities

ARM Adjustable-Rate Mortgage

EMTN Euro Medium Term Note

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GMTN Global Medium Term Note

GNMA Government National Mortgage Association

MTN Medium Term Note

REITs Real Estate Investment Trusts

Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; EUR: Euro; IDR: Indonesian Rupiah; ISK: Icelandic Krona; KRW: South Korean Won; MXN: Mexican Peso; NOK: Norwegian Krone; NZD: New Zealand Dollar; THB: Thai Baht

NET ASSET SUMMARY AT MARCH 31, 2009 (Unaudited)

Treasuries	16.4	%
Banking	6.8
Wirelines	5.4
Commercial Mortgage-Backed Securities	4.9
Electric	3.5
Local Authorities	3.0
Independent Energy	2.8
Mortgage Related	2.7
Technology	2.6
Supranational	2.6
Non-Captive Diversified	2.5
Pipelines	2.3
Media Cable	2.1
Transportation Services	2.1
REITs	2.1
Consumer Cyclical Services	2.0
Other Investments, less than 2% each	25.5
Short-Term Investments	9.3
Total Investments	98.6
Other assets less liabilities	1.4
Net Assets	100.0	%

111

CURRENCY EXPOSURE AT MARCH 31, 2009 AS A PERCENTAGE OF NET ASSETS (Unaudited)

United States Dollar	71.3	%
Canadian Dollar	13.8
Norwegian Krone	3.2
New Zealand Dollar	2.5
Brazilian Real	2.2
Other, less than 2% each	5.6
Total Investments	98.6
Other assets less liabilities	1.4
Net Assets	100.0	%

See accompanying notes to financial statements.

112

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2009 (Unaudited)

	Bond Fund			Fixed Income Fund
Assets
Investments at cost	$	17,269,684,101		$	728,737,983
Net unrealized depreciation		(4,439,168,791	)		(142,424,556	)
Investments at value		12,830,515,310			586,313,427
Cash		450,052			—
Foreign currency at value (identified cost $6,911,165, $219,977, $32,660,217, $0, $66,547, $0, $121,978)		6,975,665			222,460
Receivable for Fund shares sold		56,090,169			214,717
Receivable for securities sold		285,180			11,565
Receivable for currency sold (identified cost $2,451,924, $13,230, $0, $0, $11,227, $0, $61,775)		1,374,214			7,415
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			—
Dividends and interest receivable		260,161,034			10,269,487
Tax reclaims receivable		—			2,924
Receivable from investment adviser (Note 5)		61,174			—
Receivable from broker—variation margin on open futures contracts		—			—
Other assets		12,087			—
Total Assets		13,155,924,885			597,041,995
Liabilities
Payable for securities purchased		1,561,140			—
Payable for Fund shares redeemed		15,954,386			68,094
Management fees payable (Note 5)		5,680,823			248,297
Administrative fees payable (Note 5)		472,211			23,541
Deferred Trustees’ fees (Note 5)		554,331			73,355
Service and distribution fees payable (Note 5)		40,555			—
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			—
Other accounts payable and accrued expenses		1,106,164			23,933
Total Liabilities		25,369,610			437,220
Net Assets	$	13,130,555,275		$	596,604,775
Net Assets consist of:
Paid-in capital	$	17,998,291,359		$	740,096,212
Undistributed net investment income (Distributions in excess of net investment income)		107,769,893			9,920,329
Accumulated net realized loss on investments, futures contracts and foreign currency transactions		(535,868,665	)		(10,975,955	)
Net unrealized depreciation on investments, futures contracts and foreign currency translations		(4,439,637,312	)		(142,435,811	)
Net Assets	$	13,130,555,275		$	596,604,775
Net Asset Value and Offering Price
Institutional Class
Net assets	$	7,353,074,331		$	596,604,775
Shares of beneficial interest		721,450,184			59,609,467
Net asset value, offering and redemption price per share	$	10.19		$	10.01
Retail Class
Net assets	$	5,605,362,247			—
Shares of beneficial interest		551,788,449			—
Net asset value, offering and redemption price per share	$	10.16			—
Admin Class
Net assets	$	172,118,697			—
Shares of beneficial interest		16,981,508			—
Net asset value, offering and redemption price per share	$	10.14			—

See accompanying notes to financial statements.

113

Global Bond Fund			Inflation Protected Securities Fund			Institutional High Income Fund			Intermediate Duration Fixed Income Fund			Investment Grade Fixed Income Fund
$	1,640,120,012		$	14,283,574		$	305,634,634		$	27,810,208		$	425,987,032
	(286,149,699	)		(894,123	)		(68,240,166	)		(1,869,533	)		(45,591,190	)
	1,353,970,313			13,389,451			237,394,468			25,940,675			380,395,842
	—			—			38,190			5,141			—
	30,436,777			—			67,393			—			123,553
	2,696,708			47,927			9,000,000			—			105,431
	26,620,201			—			133,239			229,533			—
	—			—			6,175			—			33,979
	3,161,451			3,231			—			—			—
	24,854,142			116,719			5,103,785			289,081			5,821,681
	812			—			2,181			1,135			1,006
	—			7,025			—			5,050			—
	—			—			—			1,250			—
	—			—			—			—			—
	1,441,740,404			13,564,353			251,745,431			26,471,865			386,481,492
	662,325			—			2,074,752			—			—
	2,190,535			250,000			535			—			500,000
	716,599			2,693			112,719			5,514			126,535
	51,158			464			8,426			950			14,593
	132,062			34,221			44,605			36,647			50,618
	4,867			—			—			—			—
	1,136,389			—			—			—			—
	158,827			20,089			29,194			25,610			24,266
	5,052,762			307,467			2,270,231			68,721			716,012
$	1,436,687,642		$	13,256,886		$	249,475,200		$	26,403,144		$	385,765,480
$	1,818,005,594		$	14,707,487		$	316,846,286		$	29,767,046		$	434,359,151
	1,434,218			3,206			5,441,213			(54,240	)		758,382
	(96,332,725	)		(562,915	)		(4,569,718	)		(1,457,029	)		(3,785,337	)
	(286,419,445	)		(890,892	)		(68,242,581	)		(1,852,633	)		(45,566,716	)
$	1,436,687,642		$	13,256,886		$	249,475,200		$	26,403,144		$	385,765,480
$	732,703,221		$	13,256,886		$	249,475,200		$	26,403,144		$	385,765,480
	56,203,659			1,340,368			47,047,897			2,970,155			37,418,460
$	13.04		$	9.89		$	5.30		$	8.89		$	10.31
$	703,984,421			—			—			—			—
	54,455,217			—			—			—			—
$	12.93			—			—			—			—
	—			—			—			—			—
	—			—			—			—			—
	—			—			—			—			—

See accompanying notes to financial statements.

114

STATEMENTS OF OPERATIONS

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

	Bond Fund			Fixed Income Fund
Investment Income
Dividends	$	10,846,640		$	581,266
Interest		556,688,698			22,379,739
Securities lending income (Note 2)		158,686			2,341
Less net foreign taxes withheld		(75,132	)		(1,892	)
		567,618,892			22,961,454
Expenses
Management fees (Note 5)		32,297,791			1,398,066
Distribution fees—Retail Class (Note 5)		6,863,447			—
Service and distribution fees—Admin Class (Note 5)		435,240			—
Trustees’ fees and expenses (Note 5)		117,434			9,871
Administrative fees (Note 5)		3,146,920			144,487
Custodian fees and expenses		307,901			25,085
Transfer agent fees and expenses—Institutional Class (Note 5)		1,668,129			1,099
Transfer agent fees and expenses—Retail Class (Note 5)		3,261,747			—
Transfer agent fees and expenses—Admin Class (Note 5)		138,581			—
Audit and tax services fees		28,064			22,976
Registration fees		273,567			21,709
Shareholder reporting expenses		869,442			1,473
Legal fees		246,836			9,308
Miscellaneous expenses (Note 5)		153,591			187
Total expenses		49,808,690			1,634,261
Less fee reduction and/or expense reimbursement (Note 5)		(778,349	)		—
Net expenses		49,030,341			1,634,261
Net investment income		518,588,551			21,327,193
Net Realized And Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions
Net Realized Gain (Loss) on:
Investments		(520,752,075	)		(8,383,508	)
Futures contracts		—			—
Foreign currency transactions		(4,817,715	)		(784,717	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(1,363,697,519	)		(61,711,686	)
Futures contracts		—			—
Foreign currency translations		8,919,095			186,015
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		(1,880,348,214	)		(70,693,896	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,361,759,663	)	$	(49,366,703	)

(a) Includes income reductions resulting from principal deflation adjustments during the period in the amount of $125,540. See Note 2b of Notes to Financial Statements.

See accompanying notes to financial statements.

115

Global Bond Fund			Inflation Protected Securities Fund			Institutional High Income Fund			Intermediate��Duration Fixed Income Fund			Investment Grade Fixed Income Fund
$	1,214,902		$	—		$	441,649		$	—		$	111,259
	47,178,548			66,446	(a)		11,663,318			743,020			10,117,357
	13,763			1,297			3,940			1,975			2,633
	(26,515	)		—			(2,688	)		—			—
	48,380,698			67,743			12,106,219			744,995			10,231,249
	4,654,100			16,873			613,840			33,208			569,050
	1,026,854			—			—			—			—
	—			—			—			—			—
	20,832			4,888			6,577			5,010			7,212
	424,392			3,448			52,304			6,779			72,687
	85,304			8,446			24,676			10,256			15,940
	151,366			3,468			3,225			518			670
	532,393			—			—			—			—
	—			—			—			—			—
	24,617			20,657			21,999			20,555			21,316
	73,321			11,944			21,327			18,007			20,740
	98,917			596			4,281			890			953
	32,154			232			3,140			466			4,081
	15,700			(3,065	)		(1,801	)		(3,796	)		(1,625	)
	7,139,950			67,487			749,568			91,893			711,024
	(136,227	)		(40,490	)		—			(38,760	)		—
	7,003,723			26,997			749,568			53,133			711,024
	41,376,975			40,746			11,356,651			691,862			9,520,225
	(47,821,181	)		(271,076	)		(4,402,190	)		(397,401	)		(3,474,065	)
	321,385			—			—			(8,048	)		—
	(24,266,602	)		279			(118,874	)		(180	)		(110,219	)
	(92,886,847	)		228,715			(32,736,301	)		14,671			(14,936,336	)
	(235,349	)		—			—			25,634			—
	8,715,698			3,474			44,817			14			153,201
	(156,172,896	)		(38,608	)		(37,212,548	)		(365,310	)		(18,367,419	)
$	(114,795,921	)	$	2,138		$	(25,855,897	)	$	326,552		$	(8,847,194	)

See accompanying notes to financial statements.

116

STATEMENTS OF CHANGES IN NET ASSETS

Bond Fund

	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008
From Operations:
Net investment income	$	518,588,551		$	1,109,707,513
Net realized gain (loss) on investments and foreign currency transactions		(525,569,790	)		299,760,675
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(1,354,778,424	)		(3,781,876,874	)
Net decrease in net assets resulting from operations		(1,361,759,663	)		(2,372,408,686	)
From Distributions to Shareholders:
Net Investment Income:
Institutional Class		(313,683,158	)		(618,954,427	)
Retail Class		(251,639,625	)		(540,831,022	)
Admin Class		(7,866,903	)		(15,164,699	)
Capital Gains:
Institutional Class		(64,404,701	)		—
Retail Class		(54,894,455	)		—
Admin Class		(1,827,140	)		—
Total distributions		(694,315,982	)		(1,174,950,148	)
Increase in Net Assets Derived from Capital Share Transactions (Note 8)		495,921,753			3,895,007,552
Redemption Fees
Institutional Class		—			423,395
Retail Class		—			381,530
Admin Class		—			11,120
Total increase (decrease) in net assets		(1,560,153,892	)		348,464,763
Net Assets
Beginning of period		14,690,709,167			14,342,244,404
End of period	$	13,130,555,275		$	14,690,709,167
Undistributed Net Investment Income	$	107,769,893		$	162,371,028

Fixed Income Fund

	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008
From Operations:
Net investment income	$	21,327,193		$	41,194,607
Net realized gain (loss) on investments and foreign currency transactions		(9,168,225	)		15,081,715
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(61,525,671	)		(123,121,599	)
Net decrease in net assets resulting from operations		(49,366,703	)		(66,845,277	)
From Distributions to Shareholders:
Net Investment Income:
Institutional Class		(44,598,887	)		(43,626,372	)
Capital Gains:
Institutional Class		(12,700,279	)		(643,688	)
Total distributions		(57,299,166	)		(44,270,060	)
Increase in Net Assets Derived from Capital Share Transactions (Note 8)		78,784,827			130,500,717
Total increase (decrease) in net assets		(27,881,042	)		19,385,380
Net Assets
Beginning of period		624,485,817			605,100,437
End of period	$	596,604,775		$	624,485,817
Undistributed Net Investment Income	$	9,920,329		$	33,192,023

See accompanying notes to financial statements.

117

STATEMENTS OF CHANGES IN NET ASSETS

Global Bond Fund

	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008
From Operations:
Net investment income	$	41,376,975		$	98,323,123
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		(71,766,398	)		37,132,573
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(84,406,498	)		(255,358,439	)
Net decrease in net assets resulting from operations		(114,795,921	)		(119,902,743	)
From Distributions to Shareholders:
Net Investment Income:
Institutional Class		(43,166,352	)		(61,946,579	)
Retail Class		(40,691,267	)		(52,697,573	)
Capital Gains:
Institutional Class		—			—
Retail Class		—			—
Total distributions		(83,857,619	)		(114,644,152	)
Increase (Decrease) in Net Assets Derived from Capital Share Transactions (Note 8)		(595,299,622	)		594,419,506
Redemption Fees
Institutional Class		—			77,878
Retail Class		—			69,167
Total increase (decrease) in net assets		(793,953,162	)		360,019,656
Net Assets
Beginning of period		2,230,640,804			1,870,621,148
End of period	$	1,436,687,642		$	2,230,640,804
Undistributed Net Investment Income	$	1,434,218		$	43,914,862

Inflation Protected Securities Fund

	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008
From Operations:
Net investment income	$	40,746		$	1,075,804
Net realized gain (loss) on investments and foreign currency transactions		(270,797	)		118,138
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		232,189			(953,298	)
Net increase in net assets resulting from operations		2,138			240,644
From Distributions to Shareholders:
Net Investment Income:
Institutional Class		(66,751	)		(1,129,818	)
Capital Gains:
Institutional Class		—			—
Total distributions		(66,751	)		(1,129,818	)
Increase (Decrease) in Net Assets Derived from Capital Share Transactions (Note 8)		(2,711,607	)		3,454,672
Total increase (decrease) in net assets		(2,776,220	)		2,565,498
Net Assets
Beginning of period		16,033,106			13,467,608
End of period	$	13,256,886		$	16,033,106
Undistributed Net Investment Income	$	3,206		$	29,211

See accompanying notes to financial statements.

118

STATEMENTS OF CHANGES IN NET ASSETS – continued

Institutional High Income Fund

	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008
From Operations:
Net investment income	$	11,356,651		$	16,406,305
Net realized gain (loss) on investments and foreign currency transactions		(4,521,064	)		3,305,382
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(32,691,484	)		(48,410,556	)
Net decrease in net assets resulting from operations		(25,855,897	)		(28,698,869	)
From Distributions to Shareholders:
Net Investment Income:
Institutional Class		(17,646,157	)		(12,543,920	)
Capital Gains:
Institutional Class		(3,337,874	)		(3,556,542	)
Total distributions		(20,984,031	)		(16,100,462	)
Increase in Net Assets Derived from Capital Share Transactions (Note 8)		82,114,177			71,431,847
Total increase in net assets		35,274,249			26,632,516
Net Assets
Beginning of period		214,200,951			187,568,435
End of period	$	249,475,200		$	214,200,951
Undistributed Net Investment Income	$	5,441,213		$	11,730,719

Intermediate Duration Fixed Income Fund

	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008
From Operations:
Net investment income	$	691,862		$	1,710,957
Net realized loss on investments, futures contracts and foreign currency transactions		(405,629	)		(209,781	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		40,319			(1,630,849	)
Net increase (decrease) in net assets resulting from operations		326,552			(129,673	)
From Distributions to Shareholders:
Net Investment Income:
Institutional Class		(752,503	)		(1,768,089	)
Capital Gains:
Institutional Class		—			—
Total distributions		(752,503	)		(1,768,089	)
Increase (Decrease) in Net Assets Derived from Capital Share Transactions (Note 8)		(5,918,749	)		3,200,454
Total increase (decrease) in net assets		(6,344,700	)		1,302,692
Net Assets
Beginning of period		32,747,844			31,445,152
End of period	$	26,403,144		$	32,747,844
(Distributions in Excess of Net Investment Income) Undistributed Net Investment Income	$	(54,240	)	$	6,401

See accompanying notes to financial statements.

119

STATEMENTS OF CHANGES IN NET ASSETS

Investment Grade Fixed Income Fund

	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008
From Operations:
Net investment income	$	9,520,225		$	16,556,515
Net realized gain (loss) on investments and foreign currency transactions		(3,584,284	)		8,215,732
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(14,783,135	)		(43,421,522	)
Net decrease in net assets resulting from operations		(8,847,194	)		(18,649,275	)
From Distributions to Shareholders:
Net Investment Income:
Institutional Class		(12,837,457	)		(19,088,772	)
Capital Gains:
Institutional Class		(3,479,011	)		—
Total distributions		(16,316,468	)		(19,088,772	)
Increase in Net Assets Derived from Capital Share Transactions (Note 8)		133,066,324			53,860,153
Total increase in net assets		107,902,662			16,122,106
Net Assets
Beginning of period		277,862,818			261,740,712
End of period	$	385,765,480		$	277,862,818
Undistributed Net Investment Income	$	758,382		$	4,075,614

See accompanying notes to financial statements.

120

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains
Bond Fund
Institutional Class
3/31/2009(g)	$	11.89	$	0.44	$	(1.54	)	$	(1.10	)	$	(0.49	)	$	(0.11	)
9/30/2008		14.71		0.96		(2.77	)		(1.81	)		(1.01	)		—
9/30/2007		14.13		0.83		0.58			1.41			(0.83	)		—
9/30/2006		13.81		0.72		0.47			1.19			(0.87	)		—
9/30/2005		13.46		0.67		0.57			1.24			(0.89	)		—
9/30/2004		12.66		0.72		0.82			1.54			(0.74	)		—
Retail Class
3/31/2009(g)	$	11.85	$	0.42	$	(1.53	)	$	(1.11	)	$	(0.47	)	$	(0.11	)
9/30/2008		14.67		0.92		(2.77	)		(1.85	)		(0.97	)		—
9/30/2007		14.10		0.79		0.57			1.36			(0.79	)		—
9/30/2006		13.78		0.69		0.47			1.16			(0.84	)		—
9/30/2005		13.44		0.64		0.57			1.21			(0.87	)		—
9/30/2004		12.65		0.69		0.82			1.51			(0.72	)		—
Admin Class
3/31/2009(g)	$	11.82	$	0.41	$	(1.52	)	$	(1.11	)	$	(0.46	)	$	(0.11	)
9/30/2008		14.64		0.88		(2.76	)		(1.88	)		(0.94	)		—
9/30/2007		14.07		0.75		0.58			1.33			(0.76	)		—
9/30/2006		13.75		0.65		0.48			1.13			(0.81	)		—
9/30/2005		13.42		0.60		0.56			1.16			(0.83	)		—
9/30/2004		12.64		0.65		0.82			1.47			(0.69	)		—

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

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

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

(d) Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

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

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

(h) Effective July 1, 2007, the Fund decreased its net expense limitations to 0.70%, 0.95% and 1.20% from 0.75%, 1.00% and 1.25% for the Institutional Class, Retail Class and Admin Class, respectively.

(i) Includes fee/expense recovery of 0.02%.

(j) Includes fee/expense recovery of less than 0.01%.

See accompanying notes to financial statements.

121

											Ratios to Average Net Assets:
Total distributions			Redemption fees(b)(c)		Net asset value, end of the period		Total return (%)(d)		Net assets, end of the period (000’s)		Net expenses (%)(e)(f)		Gross expenses (%)(f)		Net investment income (%)(f)	Portfolio turnover rate (%)
$	(0.60	)	$	—	$	10.19	(9.0	)	$	7,353,074	0.66		0.66		8.55	21
	(1.01	)		0.00		11.89	(13.1	)		7,616,621	0.64		0.64		6.78	26
	(0.83	)		0.00		14.71	10.3			7,716,061	0.67	(h)	0.67		5.75	20
	(0.87	)		0.00		14.13	9.0			4,742,622	0.75	(i)	0.75	(i)	5.20	26
	(0.89	)		0.00		13.81	9.5			3,303,997	0.75		0.79		4.91	22
	(0.74	)		—		13.46	12.5			2,365,199	0.75		0.79		5.48	42
$	(0.58	)	$	—	$	10.16	(9.1	)	$	5,605,362	0.95		0.98		8.27	21
	(0.97	)		0.00		11.85	(13.4	)		6,863,594	0.94	(j)	0.94	(j)	6.49	26
	(0.79	)		0.00		14.67	9.9			6,432,333	0.97	(h)	0.97		5.49	20
	(0.84	)		0.00		14.10	8.8			2,232,632	1.00		1.01		4.99	26
	(0.87	)		0.00		13.78	9.2			707,394	1.00		1.05		4.64	22
	(0.72	)		—		13.44	12.2			275,349	1.00		1.04		5.24	42
$	(0.57	)	$	—	$	10.14	(9.1	)	$	172,119	1.20		1.27		8.03	21
	(0.94	)		0.00		11.82	(13.7	)		210,494	1.20		1.24		6.23	26
	(0.76	)		0.00		14.64	9.7			193,850	1.23	(h)(j)	1.23	(j)	5.20	20
	(0.81	)		0.00		14.07	8.5			106,941	1.25		1.29		4.71	26
	(0.83	)		0.00		13.75	8.9			64,263	1.25		1.31		4.39	22
	(0.69	)		—		13.42	11.9			27,299	1.25		1.29		4.99	42

See accompanying notes to financial statements.

122

FINANCIAL HIGHLIGHTS – continued

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains
Fixed Income Fund
Institutional Class
3/31/2009(i)	$	12.15	$	0.39	$	(1.39	)	$	(1.00	)	$	(0.89	)	$	(0.25	)
9/30/2008		14.49		0.88		(2.14	)		(1.26	)		(1.06	)		(0.02	)
9/30/2007		13.89		0.83		0.67			1.50			(0.90	)		—
9/30/2006		13.88		0.74		0.30			1.04			(1.03	)		—
9/30/2005		13.93		0.75		0.58			1.33			(1.38	)		—
9/30/2004		13.24		0.82		0.79			1.61			(0.92	)		—
Global Bond Fund
Institutional Class
3/31/2009(i)	$	14.42	$	0.34	$	(1.03	)	$	(0.69	)	$	(0.69	)	$	—
9/30/2008		15.83		0.70		(1.30	)		(0.60	)		(0.81	)		—
9/30/2007		15.43		0.60		0.70			1.30			(0.90	)		—
9/30/2006		15.57		0.48		0.16			0.64			(0.70	)		(0.08	)
9/30/2005		15.59		0.44		0.05			0.49			(0.46	)		(0.05	)
9/30/2004		14.93		0.48		0.78			1.26			(0.60	)		—
Retail Class
3/31/2009(i)	$	14.31	$	0.32	$	(1.04	)	$	(0.72	)	$	(0.66	)	$	—
9/30/2008		15.71		0.64		(1.29	)		(0.65	)		(0.75	)		—
9/30/2007		15.29		0.54		0.70			1.24			(0.82	)		—
9/30/2006		15.43		0.44		0.15			0.59			(0.65	)		(0.08	)
9/30/2005		15.46		0.40		0.05			0.45			(0.43	)		(0.05	)
9/30/2004		14.83		0.43		0.79			1.22			(0.59	)		—

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

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

(c) Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

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

(f) Includes fee/expense recovery of less than 0.01% and 0.03% for Fixed Income Fund and Global Bond Fund, respectively.

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

(h) Includes fee/expense recovery of 0.02%.

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

See accompanying notes to financial statements.

123

												Ratios to Average Net Assets:
Total distributions			Redemption fees(b)			Net asset value, end of the period		Total return (%)(c)		Net assets, end of the period (000’s)		Net expenses (%)(d)(e)		Gross expenses (%)(e)		Net investment income (%)(e)	Portfolio turnover rate (%)
$	(1.14	)	$	—		$	10.01	(7.5	)	$	596,605	0.58		0.58		7.63	10
	(1.08	)		—			12.15	(9.4	)		624,486	0.58		0.58		6.43	30
	(0.90	)		—			14.49	11.3			605,100	0.60		0.60		5.96	22
	(1.03	)		—			13.89	8.1			456,011	0.60	(f)	0.60	(f)	5.48	40
	(1.38	)		—			13.88	9.9			444,552	0.65		0.65		5.47	34
	(0.92	)		—			13.93	12.6			358,652	0.65		0.66		6.17	35
$	(0.69	)	$	—		$	13.04	(4.7	)	$	732,703	0.69		0.69		5.13	23
	(0.81	)		0.00	(g)		14.42	(4.1	)		1,157,175	0.64		0.64		4.36	60
	(0.90	)		0.00			15.83	8.7			996,046	0.68		0.68		3.84	95
	(0.78	)		0.00			15.43	4.3			643,991	0.74	(f)	0.74	(f)	3.21	77
	(0.51	)		0.00			15.57	3.1			553,704	0.75		0.80		2.75	63
	(0.60	)		0.00			15.59	8.6			287,830	0.80		0.85		3.15	61
$	(0.66	)	$	—		$	12.93	(4.9	)	$	703,984	1.00		1.03		4.82	23
	(0.75	)		0.00	(g)		14.31	(4.5	)		1,073,466	1.00	(h)	1.00	(h)	4.02	60
	(0.82	)		0.00			15.71	8.4			874,575	1.00		1.04		3.53	95
	(0.73	)		0.00			15.29	4.0			540,697	1.00		1.09		2.93	77
	(0.48	)		0.00			15.43	2.8			699,498	1.00		1.09		2.57	63
	(0.59	)		0.00			15.46	8.4			413,652	1.04		1.10		2.88	61

See accompanying notes to financial statements.

124

FINANCIAL HIGHLIGHTS – continued

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains
Inflation Protected Securities Fund
Institutional Class
3/31/2009(e)	$	9.86	$	0.03	(i)	$	0.05		$	0.08		$	(0.05	)	$	—
9/30/2008		10.31		0.73			(0.43	)		0.30			(0.75	)		—
9/30/2007		10.30		0.47			0.03			0.50			(0.49	)		—
9/30/2006		10.84		0.52			(0.38	)		0.14			(0.63	)		(0.05	)
9/30/2005		11.02		0.42			(0.08	)		0.34			(0.52	)		—
9/30/2004		11.60		0.37			(0.12	)		0.25			(0.54	)		(0.29	)
Institutional High Income Fund
Institutional Class
3/31/2009(e)	$	6.87	$	0.30		$	(1.29	)	$	(0.99	)	$	(0.49	)	$	(0.09	)
9/30/2008		8.45		0.60			(1.52	)		(0.92	)		(0.51	)		(0.15	)
9/30/2007		8.11		0.55			0.30			0.85			(0.51	)		—
9/30/2006		7.80		0.50			0.34			0.84			(0.53	)		—
9/30/2005		7.50		0.55			0.39			0.94			(0.64	)		—
9/30/2004		6.91		0.55			0.66			1.21			(0.62	)		—
Intermediate Duration Fixed Income Fund
Institutional Class
3/31/2009(e)	$	8.95	$	0.23		$	(0.04	)	$	0.19		$	(0.25	)	$	—
9/30/2008		9.47		0.47			(0.50	)		(0.03	)		(0.49	)		—
9/30/2007		9.50		0.45			(0.01	)		0.44			(0.47	)		—
9/30/2006		9.60		0.42			(0.07	)		0.35			(0.45	)		—
9/30/2005		9.92		0.40			(0.25	)		0.15			(0.45	)		(0.02	)
9/30/2004		10.10		0.45			(0.10	)		0.35			(0.53	)		—
Investment Grade Fixed Income Fund
Institutional Class
3/31/2009(e)	$	11.36	$	0.34		$	(0.76	)	$	(0.42	)	$	(0.49	)	$	(0.14	)
9/30/2008		12.96		0.76			(1.47	)		(0.71	)		(0.89	)		—
9/30/2007		12.63		0.70			0.53			1.23			(0.90	)		—
9/30/2006		13.28		0.60			0.22			0.82			(0.92	)		(0.55	)
9/30/2005		13.54		0.57			0.27			0.84			(0.83	)		(0.27	)
9/30/2004		13.38		0.67			0.75			1.42			(0.88	)		(0.38	)

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

(b) Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

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

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

(f) Effective July 1, 2005, the Intermediate Duration Fixed Income Fund and the Inflation Protected Securities Fund decreased their net expense limitations to 0.40% and 0.45%, respectively, from 0.45% and 0.50%, respectively.

(g) Includes fee/expense recovery of 0.01%.

(h) Includes fee/expense recovery of less than 0.01%.

(i) Includes income reductions resulting from principal deflation adjustments during the period in the amount of $0.09 per share. See Note 2b of Notes to Financial Statements.

See accompanying notes to financial statements.

125

									Ratios to Average Net Assets:
Total distributions			Net asset value, end of the period		Total return (%)(b)		Net assets, end of the period (000’s)		Net expenses (%)(c)(d)		Gross expenses (%)(d)		Net investment income (loss) (%)(d)	Portfolio turnover rate (%)
$	(0.05	)	$	9.89	0.8		$	13,257	0.40		1.00		0.60	8
	(0.75	)		9.86	2.6			16,033	0.40		0.95		6.85	22
	(0.49	)		10.31	5.1			13,468	0.40		1.28		4.60	26
	(0.68	)		10.30	1.5			9,053	0.40		1.69		4.96	41
	(0.52	)		10.84	3.1			9,298	0.49	(f)	1.54		3.81	141
	(0.83	)		11.02	2.3			7,390	0.50		1.73		3.33	99
$	(0.58	)	$	5.30	(13.5	)	$	249,475	0.73		0.73		11.10	6
	(0.66	)		6.87	(11.7	)		214,201	0.72		0.72		7.70	35
	(0.51	)		8.45	10.8			187,568	0.75	(g)	0.75	(g)	6.60	31
	(0.53	)		8.11	11.6			141,318	0.75		0.79		6.40	23
	(0.64	)		7.80	13.0			110,533	0.75		0.82		7.24	22
	(0.62	)		7.50	18.1			97,109	0.75		0.88		7.66	59
$	(0.25	)	$	8.89	2.2		$	26,403	0.40		0.69		5.21	35
	(0.49	)		8.95	(0.5	)		32,748	0.40		0.59		5.00	65
	(0.47	)		9.47	4.8			31,445	0.40		0.61		4.71	87
	(0.45	)		9.50	3.8			41,851	0.40		0.62		4.48	62
	(0.47	)		9.60	1.5			40,628	0.44	(f)	0.68		4.10	50
	(0.53	)		9.92	3.6			31,051	0.45		0.76		4.48	48
$	(0.63	)	$	10.31	(3.4	)	$	385,765	0.50		0.50		6.69	8
	(0.89	)		11.36	(6.0	)		277,863	0.50		0.50		5.98	32
	(0.90	)		12.96	10.2			261,741	0.53		0.53		5.52	23
	(1.47	)		12.63	6.8			173,549	0.55	(h)	0.55	(h)	4.79	50
	(1.10	)		13.28	6.4			186,749	0.55		0.58		4.28	42
	(1.26	)		13.54	11.1			177,094	0.55		0.60		5.03	34

See accompanying notes to financial statements.

126

NOTES TO FINANCIAL STATEMENTS

March 31, 2009 (Unaudited)

1.  Organization. Loomis Sayles Funds I (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. Shares of certain funds in the Trust were first registered under the Securities Act of 1933 (the “1933 Act”) effective March 7, 1997 (subsequent to their commencement of investment operations). Information presented in these financial statements pertains to the fixed income funds of the Trust; the financial statements for the equity funds of the Trust are presented in a separate report. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Loomis Sayles Bond Fund (the “Bond Fund”)

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

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

Loomis Sayles Inflation Protected Securities Fund (the “Inflation Protected Securities Fund”)

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

Loomis Sayles Intermediate Duration Fixed Income Fund (the “Intermediate Duration Fixed Income Fund”)

Loomis Sayles Investment Grade Fixed Income Fund (the “Investment Grade Fixed Income Fund”)

Each Fund offers Institutional Class Shares. Bond Fund and Global Bond Fund also offer Retail Class Shares. In addition, Bond Fund offers Admin Class Shares.

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

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

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

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

127

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

c.  Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

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

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

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

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

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

e.  Futures Contracts. The Funds may enter into futures contracts. A futures contract is an agreement between two parties to buy and sell a particular commodity, instrument or index (e.g., an interest-bearing security) for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker as “initial margin” an amount of cash or liquid securities. As the value of the contract changes, the value of the futures contract position increases or

128

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

declines. Subsequent payments, known as “variation margin”, are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of the collateral held. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset (liability) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

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

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

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

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

	2008 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Bond Fund	$	1,174,950,148	$	—	$	1,174,950,148
Fixed Income Fund		43,626,372		643,688		44,270,060
Global Bond Fund		114,644,152		—		114,644,152
Inflation Protected Securities Fund		1,129,818		—		1,129,818
Institutional High Income Fund		12,782,158		3,318,304		16,100,462
Intermediate Duration Fixed Income Fund		1,768,089		—		1,768,089
Investment Grade Fixed Income Fund		19,088,772		—		19,088,772

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

129

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

Capital loss carryforward:	Bond Fund		Fixed Income Fund		Global Bond Fund			Inflation Protected Securities Fund
Expires September 30, 2013	$	—	$	—	$	—		$	—
Expires September 30, 2014		—		—		(1,046,616	)		(19,853	)
Expires September 30, 2015		—		—		(5,497,643	)		(155,005	)
Expires September 30, 2016		—		—		(3,309,847	)		—
Total capital loss carryforward		—		—	$	(9,854,106	)		(174,858	)
Deferred net capital losses (post-October 2007)		—		—		(9,216,441	)		—

Capital loss carryforward:	Institutional High Income Fund		Intermediate Duration Fixed Income Fund			Investment Grade Fixed Income Fund
Expires September 30, 2013	$	—	$	(3,797	)	$	—
Expires September 30, 2014		—		(186,919	)		—
Expires September 30, 2015		—		(326,220	)		—
Expires September 30, 2016		—		(222,423	)		—
Total capital loss carryforward		—		(739,359	)		—
Deferred net capital losses (post-October 2007)		—		(257,177	)		—

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

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

j. Securities Lending. The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent. The value of securities on loan to borrowers and the value of collateral held by the Bond Fund with respect to such loans at March 31, 2009 were $26,393 and $620,713, respectively. There were no securities on loan for the other Funds.

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

130

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

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

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

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

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

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

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

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

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

Bond Fund

Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	635,642,490
Level 2—Other Significant Observable Inputs		11,096,509,761
Level 3—Significant Unobservable Inputs		1,098,363,059
Total	$	12,830,515,310
Fixed Income Fund
Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	38,151,653
Level 2—Other Significant Observable Inputs		501,081,439
Level 3—Significant Unobservable Inputs		47,080,335
Total	$	586,313,427
Global Bond Fund
Securities Purchased Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	5,770,481
Level 2—Other Significant Observable Inputs		1,295,959,860
Level 3—Significant Unobservable Inputs		52,239,972
Total	$	1,353,970,313
Forward Currency Contracts Valuation Inputs	Other Financial Instruments
Level 1—Quoted Prices	$	—
Level 2—Other Significant Observable Inputs		2,025,062
Level 3—Significant Unobservable Inputs		—
Total	$	2,025,062

131

Inflation Protected Securities Fund

Securities Purchased Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	540,355
Level 2—Other Significant Observable Inputs		12,719,092
Level 3—Significant Unobservable Inputs		130,004
Total	$	13,389,451
Forward Currency Contracts Valuation Inputs	Other Financial Instruments
Level 1—Quoted Prices	$	—
Level 2—Other Significant Observable Inputs		3,231
Level 3—Significant Unobservable Inputs		—
Total	$	3,231
Institutional High Income Fund
Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	31,342,465
Level 2—Other Significant Observable Inputs		186,897,177
Level 3—Significant Unobservable Inputs		19,154,826
Total	$	237,394,468
Intermediate Duration Fixed Income Fund
Securities Purchased Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	255,403
Level 2—Other Significant Observable Inputs		25,237,869
Level 3—Significant Unobservable Inputs		447,403
Total	$	25,940,675
Futures Valuation Inputs	Other Financial Instruments
Level 1—Quoted Prices	$	16,899
Level 2—Other Significant Observable Inputs		—
Level 3—Significant Unobservable Inputs		—
Total	$	16,899
Investment Grade Fixed Income Fund
Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	36,097,817
Level 2—Other Significant Observable Inputs		332,276,499
Level 3—Significant Unobservable Inputs		12,021,526
Total	$	380,395,842

132

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

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

Bond Fund

Assets	Investments in Securities
Balance as of September 30, 2008	$	327,930,892
Realized gain (loss)		(13,779,370	)
Change in unrealized appreciation (depreciation)(a)		(494,826,118	)
Net purchases (sales)		243,045,766
Net reclassifications to/from Level 3		1,035,991,889
Balance as of March 31, 2009	$	1,098,363,059
Fixed Income Fund
Assets	Investments in Securities
Balance as of September 30, 2008	$	14,822,184
Realized gain (loss)		702,725
Change in unrealized appreciation (depreciation)(a)		(10,482,401	)
Net purchases (sales)		4,470,307
Net reclassifications to/from Level 3		37,567,520
Balance as of March 31, 2009	$	47,080,335
Global Bond Fund
Assets	Investments in Securities
Balance as of September 30, 2008	$	48,132,296
Realized gain (loss)		451,580
Change in unrealized appreciation (depreciation)(a)		(19,044,229	)
Net purchases (sales)		(26,484,811	)
Net reclassifications to/from Level 3		49,185,136
Balance as of March 31, 2009	$	52,239,972
Inflation Protected Securities Fund
Assets	Investments in Securities
Balance as of September 30, 2008	$	—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)(a)		(44,625	)
Net purchases (sales)		—
Net reclassifications to/from Level 3		174,629
Balance as of March 31, 2009	$	130,004
Institutional High Income Fund
Assets	Investments in Securities
Balance as of September 30, 2008	$	10,040,606
Realized gain (loss)		(317,047	)
Change in unrealized appreciation (depreciation)(a)		(13,424,508	)
Net purchases (sales)		4,427,965
Net reclassifications to/from Level 3		18,427,810
Balance as of March 31, 2009	$	19,154,826

133

Intermediate Duration Fixed Income Fund

Assets	Investments in Securities
Balance as of September 30, 2008	$	387,534
Realized gain (loss)		(34,594	)
Change in unrealized appreciation (depreciation)(a)		(167,299	)
Net purchases (sales)		(90,490	)
Net reclassifications to/from Level 3		352,252
Balance as of March 31, 2009	$	447,403
Investment Grade Fixed Income Fund
Assets	Investments in Securities
Balance as of September 30, 2008	$	4,180,727
Realized gain (loss)		(80,201	)
Change in unrealized appreciation (depreciation)(a)		(4,063,824	)
Net purchases (sales)		1,287,945
Net reclassifications to/from Level 3		10,696,879
Balance as of March 31, 2009	$	12,021,526

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

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

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

	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Bond Fund	$	91,170	$	134,551,301	$	2,569,849,108	$	2,340,121,196
Fixed Income Fund		—		—		124,621,493		50,727,052
Global Bond Fund		30,880,729		213,235,618		341,680,194		796,701,505
Inflation Protected Securities Fund		810,226		3,661,233		224,000		100,975
Institutional High Income Fund		—		—		85,284,712		12,014,991
Intermediate Duration Fixed Income Fund		2,770,408		7,982,161		6,314,706		5,563,971
Investment Grade Fixed Income Fund		—		850,046		125,822,215		20,020,624

134

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

5.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Separate management agreements for each Fund in effect for the six months ended March 31, 2009, provided for fees at the following annual percentage rates of each Fund’s average daily net assets:

	Percentage of Average Daily Net Assets
Fund	First $1 billion	Next $1 billion	Next $1 billion	Next $12 billion	Over $15 billion
Bond Fund	0.60%	0.60%	0.60%	0.50%	0.49%
Fixed Income Fund	0.50%	0.50%	0.50%	0.50%	0.50%
Global Bond Fund	0.60%	0.50%	0.48%	0.48%	0.48%
Inflation Protected Securities Fund	0.25%	0.25%	0.25%	0.25%	0.25%
Institutional High Income Fund	0.60%	0.60%	0.60%	0.60%	0.60%
Intermediate Duration Fixed Income Fund	0.25%	0.25%	0.25%	0.25%	0.25%
Investment Grade Fixed Income Fund	0.40%	0.40%	0.40%	0.40%	0.40%

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

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class	Retail Class	Admin Class
Bond Fund	0.70%	0.95%	1.20%
Fixed Income Fund	0.65%	—	—
Global Bond Fund	0.75%	1.00%	—
Inflation Protected Securities Fund	0.40%	—	—
Institutional High Income Fund	0.75%	—	—
Intermediate Duration Fixed Income Fund	0.40%	—	—
Investment Grade Fixed Income Fund	0.55%	—	—

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

Fund	Management Fee		Percentage of Average Daily Net Assets
Bond Fund	$	32,297,791	0.52%
Fixed Income Fund		1,398,066	0.50%
Global Bond Fund		4,654,100	0.56%
Inflation Protected Securities Fund		16,873	0.25%
Institutional High Income Fund		613,840	0.60%
Intermediate Duration Fixed Income Fund		33,208	0.25%
Investment Grade Fixed Income Fund		569,050	0.40%

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

Fund	Reimbursement
Bond Fund	$	778,349
Fixed Income Fund		—
Global Bond Fund		136,227
Inflation Protected Securities Fund		40,490
Institutional High Income Fund		—
Intermediate Duration Fixed Income		38,760
Investment Grade Fixed Income Fund		—

135

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

	Expenses Subject to Possible Recovery Until September 30, 2009
Fund	Institutional Class		Retail Class		Admin Class		Total
Bond Fund	$	—	$	—	$	81,414	$	81,414
Fixed Income Fund		—		—		—		—
Global Bond Fund		—		—		—		—
Inflation Protected Securities Fund		85,963		—		—		85,963
Institutional High Income Fund		—		—		—		—
Intermediate Duration Fixed Income Fund		63,574		—		—		63,574
Investment Grade Fixed Income Fund		—		—		—		—

	Expenses Subject to Possible Recovery Until September 30, 2010
Fund	Institutional Class		Retail Class		Admin Class		Total
Bond Fund	$	—	$	720,335	$	58,014	$	778,349
Fixed Income Fund		—		—		—		—
Global Bond Fund		—		136,227		—		136,227
Inflation Protected Securities Fund		40,490		—		—		40,490
Institutional High Income Fund		—		—		—		—
Intermediate Duration Fixed Income Fund		38,760		—		—		38,760
Investment Grade Fixed Income Fund		—		—		—		—

Certain officers and employees of Loomis Sayles are also officers or Trustees of the Trust. Loomis Sayles’ general partner is indirectly owned by Natixis Global Asset Management, L.P. (“Natixis US”), which is part of Natixis Global Asset Management, an international asset management group based in Paris, France.

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

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

Fund	Administrative Fees
Bond Fund	$	3,146,920
Fixed Income Fund		144,487
Global Bond Fund		424,392
Inflation Protected Securities Fund		3,448
Institutional High Income Fund		52,304
Intermediate Duration Fixed Income Fund		6,779
Investment Grade Fixed Income Fund		72,687

136

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

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

Pursuant to Rule 12b-1 under the 1940 Act, Bond Fund and Global Bond Fund have adopted a Distribution Plan relating to each Fund’s Retail Class shares (the “Retail Class Plans”) and Bond Fund has adopted a separate Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

Under the respective Retail Class and Admin Class Plans, each Fund pays Natixis Distributors a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Retail Class and Admin Class Shares, as reimbursement for expenses incurred by Natixis Distributors in providing personal services to investors in Retail Class and Admin Class Shares and/or maintenance of shareholder accounts. In addition, the Admin Class shares of the Bond Fund may pay an administrative service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares to securities dealers or financial intermediaries for providing personal service and account maintenance for their customers who hold such shares.

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

	Service Fees				Distribution Fees
Fund	Admin Class		Retail Class		Admin Class		Retail Class
Bond Fund	$	217,620	$	—	$	217,620	$	6,863,447
Fixed Income Fund		—		—		—		—
Global Bond Fund		—		—		—		1,026,854
Inflation Protected Securities Fund		—		—		—		—
Institutional High Income Fund		—		—		—		—
Intermediate Duration Fixed Income Fund		—		—		—		—
Investment Grade Fixed Income Fund		—		—		—		—

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

	Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class		Admin Class
Bond Fund	$	1,631,215	$	2,927,667	$	133,984
Fixed Income Fund		—		—		—
Global Bond Fund		118,309		512,180		—
Inflation Protected Securities Fund		2,729		—		—
Institutional High Income Fund		2,308		—		—
Intermediate Duration Fixed Income Fund		187		—		—
Investment Grade Fixed Income Fund		—		—		—

e.  Trustees Fees and Expenses. The Funds do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distributors, Natixis US, or their affiliates. The Chairperson of the Board receives a retainer fee at the annual rate of $200,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $65,000. Each Independent Trustee also receives a meeting attendance fee of $7,500 for each meeting of the Board of Trustees that he or she attends in person and $3,750 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chair receives an additional retainer fee at the annual rate of $10,000. Each Contract Review and Governance Committee member is compensated $5,000 for each Committee meeting that

137

he or she attends in person and $2,500 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,250 for each Committee meeting that he or she attends in person and $3,125 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and the Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each Fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

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

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

Fund	Amount
Bond Fund	$	84,704
Fixed Income Fund		12,049
Global Bond Fund		21,072
Inflation Protected Securities Fund		5,227
Institutional High Income Fund		7,125
Intermediate Duration Fixed Income Fund		6,230
Investment Grade Fixed Income Fund		7,962

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

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

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

7.  Shareholders. At March 31, 2009, Loomis Sayles Distributors, L.P. and Loomis Sayles Trust Co. LLC owned 248,233 shares, equal to 18.2% of Inflation Protected Securities Fund’s shares outstanding. At March 31, 2009, the Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and the Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of beneficial interest in the Funds as follows:

Fund	Pension Plan	Profit Sharing Retirement Plan
Bond Fund	1,114,420	2,042,832
Fixed Income Fund	—	—
Global Bond Fund	2,262	417,060
Inflation Protected Securities Fund	—	150,661
Institutional High Income Fund	—	1,082,312
Intermediate Duration Fixed Income Fund	—	31,759
Investment Grade Fixed Income Fund	—	—

138

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

At March 31, 2009, three shareholders individually owned more than 5% of the Fixed Income Fund’s total outstanding shares, representing, in aggregate, 17.2% of the Fund; two shareholders individually owned more than 5% of the Inflation Protected Securities Fund’s total outstanding shares, representing, in aggregate, 18.2% of the Fund; two shareholders individually owned more than 5% of the Institutional High Income Fund’s total outstanding shares, representing, in aggregate, 11.2% of the Fund; five shareholders individually owned more than 5% of the Intermediate Duration Fixed Income Fund’s total outstanding shares, representing, in aggregate 90.2% of the Fund; and six shareholders individually owned more than 5% of the Investment Grade Fixed Income Fund’s total outstanding shares representing in aggregate, 46.9% of the Fund.

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

	Bond Fund
	Six Months Ended March 31, 2009					Year Ended September 30, 2008
Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	248,195,412		$	2,550,732,047		251,570,447		$	3,582,639,853
Issued in connection with the reinvestment of distributions	32,639,891			323,429,122		38,067,200			533,833,567
Issued from subscriptions-in-kind*	2,661,512			27,012,678		—			—
Redeemed	(202,835,833	)		(2,092,892,635	)	(173,399,411	)		(2,388,845,785	)
Net change	80,660,982		$	808,281,212		116,238,236		$	1,727,627,635

* Issued in exchange for portfolio securities contributed to the Fund in-kind by such shareholders on February 11, 2009 and March 6, 2009. Contributions included $8,628,801 of securities and $120,933 in receivables on February 11, 2009, and $17,854,274 of securities and $408,670 in receivables on March 6, 2009. These securities contributed on both dates were part of a portfolio that was previously managed by Loomis Sayles.

Retail Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	148,524,636		$	1,525,904,526		289,365,734		$	4,136,823,680
Issued in connection with the reinvestment of distributions	28,947,867			285,500,781		36,275,158			506,995,862
Redeemed	(204,948,020	)		(2,114,742,068	)	(184,939,337	)		(2,542,156,728	)
Net change	(27,475,517	)	$	(303,336,761	)	140,701,555		$	2,101,662,814
Admin Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	3,783,046		$	38,924,485		9,933,305		$	141,062,361
Issued in connection with the reinvestment of distributions	864,850			8,503,633		936,366			13,050,988
Redeemed	(5,468,016	)		(56,450,816	)	(6,310,368	)		(88,396,246	)
Net change	(820,120	)	$	(9,022,698	)	4,559,303		$	65,717,103
Increase (decrease) from capital share transactions	52,365,345		$	495,921,753		261,499,094		$	3,895,007,552
	Fixed Income Fund
	Six Months Ended March 31, 2009					Year Ended September 30, 2008
Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	7,332,887		$	74,564,708		20,684,018		$	285,477,865
Issued in connection with the reinvestment of distributions	5,247,997			48,963,817		3,076,075			41,096,367
Redeemed	(4,355,366	)		(44,743,698	)	(14,148,613	)		(196,073,515	)
Increase (decrease) from capital share transactions	8,225,518		$	78,784,827		9,611,480		$	130,500,717

139

	Global Bond Fund
	Six Months Ended March 31, 2009					Year Ended September 30, 2008
Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	7,765,244		$	102,919,345		35,619,497		$	570,769,864
Issued in connection with the reinvestment of distributions	2,995,387			38,847,389		3,416,152			54,204,619
Redeemed	(34,797,348	)		(465,070,121	)	(21,704,761	)		(345,126,532	)
Net change	(24,036,717	)	$	(323,303,387	)	17,330,888		$	279,847,951
Retail Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	7,573,866		$	99,846,972		41,004,039		$	653,696,591
Issued in connection with the reinvestment of distributions	3,021,340			38,870,950		3,149,153			49,533,904
Redeemed	(31,178,952	)		(410,714,157	)	(24,777,028	)		(388,658,940	)
Net change	(20,583,746	)	$	(271,996,235	)	19,376,164		$	314,571,555
Increase (decrease) from capital share transactions	(44,620,463	)	$	(595,299,622	)	36,707,052		$	594,419,506
	Inflation Protected Securities Fund
	Six Months Ended March 31, 2009					Year Ended September 30, 2008
Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	313,145		$	2,974,121		644,995		$	6,931,326
Issued in connection with the reinvestment of distributions	6,128			56,623		89,564			936,772
Redeemed	(605,184	)		(5,742,351	)	(414,633	)		(4,413,426	)
Increase (decrease) from capital share transactions	(285,911	)	$	(2,711,607	)	319,926		$	3,454,672
	Institutional High Income Fund
	Six Months Ended March 31, 2009					Year Ended September 30, 2008
Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	19,809,205		$	107,799,969		13,115,043		$	104,688,742
Issued in connection with the reinvestment of distributions	3,472,385			16,528,551		1,889,032			14,526,657
Redeemed	(7,402,127	)		(42,214,343	)	(6,046,047	)		(47,783,552	)
Increase (decrease) from capital share transactions	15,879,463		$	82,114,177		8,958,028		$	71,431,847

140

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

	Intermediate Duration Fixed Income Fund
	Six Months Ended March 31, 2009					Year Ended September 30, 2008
Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	45,055		$	394,898		464,596		$	4,429,364
Issued in connection with the reinvestment of distributions	72,462			627,612		128,620			1,209,983
Redeemed	(804,335	)		(6,941,259	)	(257,694	)		(2,438,893	)
Increase (decrease) from capital share transactions	(686,818	)	$	(5,918,749	)	335,522		$	3,200,454
	Investment Grade Fixed Income Fund
	Six Months Ended March 31, 2009					Year Ended September 30, 2008
Institutional Class	Shares		Amount			Shares		Amount
Issued from the sale of shares	13,351,108		$	138,219,352		7,579,953		$	95,580,515
Issued in connection with the reinvestment of distributions	1,258,338			12,522,623		1,021,690			12,868,000
Redeemed	(1,646,829	)		(17,675,651	)	(4,336,110	)		(54,588,362	)
Increase (decrease) from capital share transactions	12,962,617		$	133,066,324		4,265,533		$	53,860,153

141

Loomis Sayles High Income Opportunities Fund

Loomis Sayles Securitized Asset Fund

TABLE OF CONTENTS
Fund and Manager Review	1
Portfolio of Investments	6
Statements of Assets and Liabilities	25
Statements of Operations	26
Statements of Changes in Net Assets	27
Financial Highlights	29
Notes to Financial Statements	31

SEMI-ANNUAL REPORT

MARCH 31, 2009 (Unaudited)

FUND AND MANAGER REVIEW

Loomis Sayles High Income Opportunities Fund

Matthew Eagan, CFA

Manager Since April 2004

Kathleen Gaffney, CFA

Manager Since April 2004

Dan Fuss, CFA, CIC

Manager Since April 2004

Elaine Stokes

Manager Since April 2004

KEY FUND FACTS

Symbol | LSIOX

Objective | High current income. Capital appreciation is the Fund’s secondary objective.

Strategy | Invests substantially all of its assets, and may invest up to 100% of its assets, in high income securities. High income securities are fixed-income securities that Loomis Sayles believes have the potential to generate relatively high levels of current income.

Fund Inception Date | 4/12/04

Total Net Assets | $55.8 million

PORTFOLIO REVIEW

The Fund underperformed its Benchmark, Barclays Capital High Yield Index (formerly “Lehman High Yield Index”) for the six months ended March 31, 2009, primarily due to poor performance in the high yield utility sector and the Fund’s underweight in high yield financials. Following the unprecedented events of 2008, which seized up credit markets and spoiled investors’ risk appetite, performance was weak for most sectors on an absolute basis. On a relative basis, though, the Fund benefited from gains in out-of-benchmark allocations to investment-grade credit and securitized assets.

The dramatic drop in natural gas prices from last year’s peak levels, coupled with the recession, greatly compressed earnings and the credit metrics of electric utility players. Returns from this sector were among the worst in the six-month period. The high yield financial sector posted solid absolute performance, primarily due to the auto finance segment. But our underweight to this segment limited the Fund’s ability to participate in this market. In addition, our preferred and convertible holdings detracted from performance, due to volatility in the equity market and issue-specific weakness. Preferred and convertible holdings were badly bruised for the period, as volatility in the equity market and issue-specific weakness depressed performance. Most notable losses stemmed from financial and pharmaceutical names.

Despite its negative absolute performance, investment grade credit posted the largest contribution to the Fund’s relative performance. Certain financial companies were the biggest gainers, followed by select technology bonds within the industrial sector. Continued government intervention helped finance-related firms retrace some of their earlier losses, while the sector’s favorable yield-curve positioning advanced overall performance.

Within the high yield industrials sector, holdings in the telecommunication, chemical, and paper industries lagged during the period. Our underweight to this slumped sector was a positive for the Fund’s relative performance. Late in the period, securitized assets received a performance boost from the Federal Reserve’s expansion of the TALF (Term Asset-Backed Securities Loan Facility) program and the Treasury’s new Public-Private Investment Partnership (PPIP). Our allocations to AAA-rated super senior CMBS (commercial mortgage-backed securities) and subordinated credit card ABS (asset-backed securities) contributed positively to performance.

OUTLOOK

We believe high yield issues will continue to be volatile, as defaults continue to increase over the course of the year. We remain underweight in the CCC-rated portion of the market, as we believe most defaults will come from this

1

space. We believe investment grade credit continues to offer strong relative value, as spreads remain at relatively wide levels. As the markets grow more convinced that the global recovery has taken hold, we eventually expect to see more demand for riskier assets, such as high yield and investment grade bonds, as well as commodity currencies.

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2009

6 Months		1 Year		3 Years		Since Inception(a)
Loomis Sayles High Income Opportunities Fund
-13.87	%	-22.07	%	-6.07	%	-0.11	%
Barclays Capital High Yield Index(b)
-12.97		-19.31		-4.66		-0.10
Lipper High Current Yield Funds Index(b)
-17.85		-23.71		-6.87		-1.55
Expense Ratio(c)
Institutional Class: 0.00%

CUMULATIVE PERFORMANCE

Inception to March 31, 2009

Data quoted reflects past performance and cannot guarantee future results. Total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than quoted.

Returns do not reflect the taxes that a shareholder would pay on fund distributions or the redemption of shares. Periods of less than one year are not annualized. Index performance data is not available coincident with the Fund’s inception date.

(a) Since Index performance data is not available coincident with the Fund’s inception date, the beginning value of the index is the value of the month-end closest to the Fund’s inception date. (b) See page 5 for a description of the Indices. (c) The amount shown under Expense Ratio is 0.00% to reflect the fact that the Fund does not pay any advisory, administration or distribution and service fees, and that Loomis Sayles has agreed to pay certain expenses of the Fund.

WHAT YOU SHOULD KNOW

High yield securities are subject to a high degree of market and credit risk. The secondary market for these securities may lack liquidity, which may adversely affect the value of the Fund. Securities issued by US government agencies are not insured by and may not be guaranteed by the US government.

2

FUND AND MANAGER REVIEW

Loomis Sayles Securitized Asset Fund

Clifton Rowe, CFA

Manager since March 2006

Fan Hu, CFA

Manager since April 2006

KEY FUND FACTS

Symbol | LSSAX

Objective | High current income consistent with capital preservation.

Strategy | Invest at least 80% of its net assets (plus any borrowings made for investment purposes) in a diversified portfolio of securitized assets, such as mortgage-backed and other asset-backed securities.

Fund Inception Date | 3/2/06

Total Net Assets | $270.2 million

PORTFOLIO REVIEW

The Fund lagged its Benchmark, the Barclays Capital Securitized Index (formerly “Lehman Securitized Index”) for the six months ended March 31, 2009, primarily due to its holdings in residential and commercial mortgage-backed securities (MBS and CMBS) issued by entities other than the government-sponsored entities (GSEs). These securities do not have the benefit of implied government support, and they were among the fixed-income market’s worst relative performers. Throughout most of the period, quality was king, and investors favored the safety and liquidity of US Treasury and other government-backed securities.

The Federal Reserve continued its efforts to lower private market interest rates by purchasing MBS issued by the GSEs and launching the TALF (Term Asset-Backed Securities Loan Facility) to provide financing to buyers of asset-backed securities (ABS). These actions led to relative outperformance for MBS issued by the GSEs and to a partial recovery in the ABS market.

We maintained overweight positions in CMBS and private labeled residential MBS. These securities suffered as the real estate market deteriorated during the period. In addition, at the height of the credit crisis and in the wake of last fall’s bankruptcy of Lehman Brothers, liquidity in the securitized markets effectively dried up. Since then, liquidity has slowly returned, and the securitized sectors experienced a partial recovery toward the end of the Fund’s six-month fiscal period. Nevertheless, investors’ risk appetite remained relatively weak.

OUTLOOK

Looking ahead, we expect the Federal Reserve to keep the federal funds target rate unchanged at its historic low range of 0.0% to 0.25%. However, we think longer-term rates may move modestly higher, so we are maintaining our focus on income opportunities rather than seeking significant appreciation potential. We are purchasing securities that we believe will be able to withstand further weakness in the housing market, have strong credit protection, are priced at a significant discount, and offer strong return potential.

We are also maintaining our overweight in the most senior CMBS, which we believe have ample credit protection. We continue to hold MBS issued by the GSEs, but we are maintaining a neutral weighting because we believe their upside potential is limited at this time. The Fund remains overweight in ABS backed by residential mortgage loans, automobile loans and credit card receivables. We believe these securities offer attractive yields and have strong credit quality due to their secured status and additional credit enhancements.

3

AVERAGE ANNUAL TOTAL RETURNS

Periods Ended March 31, 2009

6 Months		1 Year		3 Years		Since Inception(a)
Loomis Sayles Securitized Asset Fund
-3.31	%	-4.05	%	1.87	%	1.72	%
Barclays Capital Securitized Index(b)
4.33		4.86		6.19		5.74
Lipper US Mortgage Funds Index(b)
3.65		3.42		4.73		4.38
Expense Ratio(c)
Institutional Class: 0.00%

CUMULATIVE PERFORMANCE

Inception to March 31, 2009

Data quoted reflects past performance and cannot guarantee future results. Total returns assume reinvestment of dividends and capital gains distributions. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than quoted.

Returns do not reflect the taxes that a shareholder would pay on fund distributions or the redemption of shares. Periods of less than one year are not annualized.

(a) Since Index performance data is not available coincident with the Fund’s inception date, the beginning value of the index is the value of the month-end closest to the Fund’s inception date. (b) See page 5 for a description of the Indices. (c) The amount shown under Expense Ratio is 0.00% to reflect the fact that the Fund does not pay any advisory, administration or distribution and service fees, and that Loomis Sayles has agreed to pay certain expenses of the Fund.

WHAT YOU SHOULD KNOW

High yield securities are subject to a high degree of market and credit risk. The secondary market for these securities may lack liquidity, which may adversely affect the value of the Fund. Securities issued by US government agencies are not insured by and may not be guaranteed by the US government.

4

ADDITIONAL INFORMATION

Index Definitions

Lipper High Current Yield Funds Index is an equally weighted, unmanaged index of typically the 30 largest mutual funds within the high current yield funds investment objective.

Lipper US Mortgage Funds Index is an equally weighted, unmanaged index of typically the 30 largest mutual funds within the US mortgage funds investment objective.

Source: Lipper, Inc.

Barclays Capital High Yield Index covers the universe of fixed rate, non-investment grade debt. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zeroes, step-up coupon structures, and 144As are also included.

Barclays Capital Securitized Index is an unmanaged index of asset-backed securities, collateralized mortgage-backed securities (ERISA eligible) and fixed rate mortgage-backed securities.

Returns are adjusted for the reinvestment of capital gains distributions and income dividends. Indices are unmanaged and do not have expenses that affect results, unlike most mutual funds. It is not possible to invest directly in an index.

Effective 11/3/08, the Lehman indices were rebranded to the Barclays Capital indices. There has been no change in the calculation or definition of the index data.

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis Sayles at 800-633-3330; (ii) on the Funds’ website, www.loomissayles.com, and (iii) on the SEC’s website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2008 is available on (i) the Funds’ website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

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

UNDERSTANDING FUND EXPENSES

Typically, mutual fund shareholders incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, redemption fees and certain exchange fees; and (2) ongoing costs, including management fees, distribution fees (12b-1 fees), and other fund expenses. However, the Funds are unlike other mutual funds; they do not charge any fees or expenses.

You should be aware that shares in the Funds are available only to institutional investment advisory clients of Loomis, Sayles & Company, L.P. (“Loomis Sayles”) and Natixis Asset Management Advisors, L.P. (“Natixis Advisors”) and to participants in “wrap-fee” programs sponsored by broker dealers and investment advisers that may be affiliated or unaffiliated with the Funds, Loomis Sayles or Natixis Advisors. The institutional investment advisory clients of Loomis Sayles and Natixis Advisors pay Loomis Sayles or Natixis Advisors a fee for their investment advisory services, while participants in “wrap fee” programs pay a “wrap fee” to the program’s sponsor. The “wrap fee” program sponsors, in turn, pay a fee to Natixis Advisors. “Wrap fee” program participants should read carefully the wrap fee brochure provided to them by their program’s sponsor and the fees paid by such sponsor to Natixis Advisors. Shareholders pay no additional fees or expenses to purchase shares of the Funds. However, shareholders will indirectly pay a proportionate share of those costs, such as brokerage commissions, taxes and extraordinary expenses, that are borne by the Funds through a reduction in each Fund’s net asset value.

The first line in each Fund’s table below shows the actual amount of Fund expenses ($0) you would have paid on a $1,000 investment in the Fund from October 1, 2008 through March 31, 2009. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual Fund returns and expenses.

The second line in each Fund’s table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio (0%) and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Loomis Sayles High Income Opportunities Fund

Institutional Class	Beginning Account Value 10/1/2008	Ending Account Value 3/31/2009	Expenses Paid During Period* 10/1/2008 –3/31/2009
Actual	$1,000.00	$   861.30	$0.00
Hypothetical (5% return before expenses)	$1,000.00	$1,024.93	$0.00
*   Expenses are equal to the Fund’s annualized expense ratio: 0.00%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Securitized Asset Fund

Institutional Class	Beginning Account Value 10/1/2008	Ending Account Value 3/31/2009	Expenses Paid During Period* 10/1/2008 –3/31/2009
Actual	$1,000.00	$   966.90	$0.00
Hypothetical (5% return before expenses)	$1,000.00	$1,024.93	$0.00
*   Expenses are equal to the Fund’s annualized expense ratio: 0.00%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

5

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund

	Principal Amount		Value (†)
BONDS AND NOTES – 92.7% of Net Assets
NON-CONVERTIBLE BONDS – 88.3%
ABS Car Loan – 1.2%
Capital One Auto Finance Trust, Series 2006-C, Class A4, 0.586%, 5/15/2013(b)	$	170,000	$	124,471
Capital One Auto Finance Trust, Series 2007-C, Class A3B, 1.066%, 4/16/2012(b)		451,226		405,471
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014		185,000		138,322
				668,264
ABS Credit Card – 1.1%
Citibank Credit Card Issuance Trust, Series 2005-C3, Class C3, 0.966%, 7/15/2014(b)		715,000		414,665
Citibank Credit Card Issuance Trust, Series 2006-C1, Class C1, 0.945%, 2/20/2015(b)		235,000		118,612
MBNA Credit Card Master Note Trust, Series 2006-C3, Class C3, 0.846%, 10/15/2013(b)		80,000		54,910
				588,187
Aerospace & Defense – 1.2%
Bombardier, Inc., 6.300%, 5/01/2014, 144A		200,000		141,000
Bombardier, Inc., 7.450%, 5/01/2034, 144A		885,000		513,300
				654,300
Airlines – 2.4%
American Airlines, Inc., Series 93A6, 8.040%, 9/16/2011		76,128		48,722
Continental Airlines, Inc., Series 1997-4B, 6.900%, 7/02/2018		67,448		47,213
Continental Airlines, Inc., Series 1998-1, Class B, 6.748%, 9/15/2018		158,766		117,487
Continental Airlines, Inc., Series 1999-1B, 6.795%, 2/02/2020		154,067		109,388
Continental Airlines, Inc., Series 2000-2, Class B, 8.307%, 10/02/2019		15,128		10,817
Continental Airlines, Inc., Series 2001-1, Class B, 7.373%, 6/15/2017		70,240		43,549
Continental Airlines, Inc., Series 971A, 7.461%, 10/01/2016		175,428		122,800
Delta Air Lines, Inc., Series 2007-1, Class A, 6.821%, 2/10/2024		226,890		153,151
Delta Air Lines, Inc., Series 2007-1, Class B, 8.021%, 2/10/2024		707,453		392,636
Northwest Airlines, Inc., Series 07-1, Class B, 8.028%, 11/01/2017		540,000		310,500
				1,356,263
Automotive – 3.0%
Cummins, Inc., 6.750%, 2/15/2027		139,000		87,570
Ford Motor Co., 6.625%, 2/15/2028		165,000		46,612
Ford Motor Co., 6.625%, 10/01/2028		1,470,000		415,275
Ford Motor Co., 7.125%, 11/15/2025		35,000		9,450
Ford Motor Co., 7.500%, 8/01/2026		110,000		30,800

See accompanying notes to financial statements.

6

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund  – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Automotive – continued
Ford Motor Credit Co. LLC, 7.000%, 10/01/2013	$	825,000	$	551,646
Ford Motor Credit Co. LLC, 7.250%, 10/25/2011		370,000		263,424
Ford Motor Credit Co. LLC, 8.000%, 12/15/2016		100,000		65,723
Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		320,000		179,200
				1,649,700
Brokerage – 0.3%
Lehman Brothers Holdings, Inc., 6.875%, 7/17/2037(c)		245,000		25
Lehman Brothers Holdings, Inc., MTN, (fixed rate to 5/03/2027, variable rate thereafter), 6.000%, 5/03/2032(c)		60,000		6
Nuveen Investments, Inc., 10.500%, 11/15/2015, 144A		550,000		154,000
				154,031
Building Materials – 0.9%
Masco Corp., 4.800%, 6/15/2015		95,000		61,220
Masco Corp., 6.500%, 8/15/2032		90,000		45,528
Owens Corning, Inc., 6.500%, 12/01/2016		85,000		62,361
Owens Corning, Inc., 7.000%, 12/01/2036		130,000		72,850
Texas Industries, Inc., 7.250%, 7/15/2013		70,000		52,850
USG Corp., 6.300%, 11/15/2016		365,000		193,450
				488,259
Chemicals – 2.3%
Borden, Inc., 7.875%, 2/15/2023		610,000		61,000
Borden, Inc., 8.375%, 4/15/2016		175,000		17,500
Borden, Inc., 9.200%, 3/15/2021		220,000		22,000
Chemtura Corp., 6.875%, 6/01/2016(c)		924,000		415,800
Georgia Gulf Corp., 10.750%, 10/15/2016		50,000		3,250
Hercules, Inc., 6.500%, 6/30/2029(d)		675,000		236,250
Methanex Corp., 6.000%, 8/15/2015		150,000		101,996
Mosaic Global Holdings, Inc., 7.300%, 1/15/2028		235,000		176,250
Mosaic Global Holdings, Inc., 7.375%, 8/01/2018		275,000		259,875
				1,293,921
Commercial Mortgage-Backed Securities – 2.0%
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		100,000		72,891
Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 6.004%, 9/15/2039(b)		100,000		63,463
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		300,000		215,801
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		300,000		216,110
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4, 6.007%, 6/15/2049(b)		400,000		275,104
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		100,000		67,582
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 6.080%, 6/15/2038(b)		100,000		75,777
Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.458%, 1/11/2043(b)		200,000		155,251
				1,141,979

See accompanying notes to financial statements.

7

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Construction Machinery – 0.4%
United Rentals North America, Inc., 7.000%, 2/15/2014	$	400,000	$	202,000
Consumer Cyclical Services – 0.1%
Kar Holdings, Inc., 10.000%, 5/01/2015		165,000		71,775
Consumer Products – 0.0%
Jostens IH Corp., 7.625%, 10/01/2012		25,000		23,688
Electric – 6.8%
AES Corp. (The), 8.000%, 10/15/2017		20,000		17,150
AES Corp. (The), 8.000%, 6/01/2020, 144A		325,000		263,250
Allegheny Generating Co., 6.875%, 9/01/2023		100,000		79,027
CE Generation LLC, 7.416%, 12/15/2018		60,900		56,389
Dynegy Holdings, Inc., 7.125%, 5/15/2018		195,000		103,350
Dynegy Holdings, Inc., 7.500%, 6/01/2015		100,000		68,250
Dynegy Holdings, Inc., 7.625%, 10/15/2026		325,000		136,500
Dynegy Holdings, Inc., 7.750%, 6/01/2019		350,000		227,500
Dynegy Holdings, Inc., 8.375%, 5/01/2016		280,000		189,700
Dynegy Roseton/Danskammer Pass Through Trust, Series A, 7.270%, 11/08/2010		258,943		243,406
Edison Mission Energy, 7.625%, 5/15/2027		525,000		315,000
NGC Corp. Capital Trust I, Series B, 8.316%, 6/01/2027		460,000		184,000
NRG Energy, Inc., 7.375%, 1/15/2017		435,000		404,550
NSG Holdings LLC, 7.750%, 12/15/2025, 144A		355,000		280,450
Reliant Energy, Inc., 7.875%, 6/15/2017		410,000		323,900
TXU Corp., Series P, 5.550%, 11/15/2014		160,000		55,200
TXU Corp., Series Q, 6.500%, 11/15/2024		1,415,000		396,943
TXU Corp., Series R, 6.550%, 11/15/2034		515,000		139,581
White Pine Hydro Portfolio LLC, 7.260%, 7/20/2015(d)		365,000		328,492
				3,812,638
Food & Beverage – 2.2%
Aramark Services, Inc., 5.000%, 6/01/2012		950,000		831,250
Marfrig Overseas Ltd., 9.625%, 11/16/2016, 144A		110,000		66,000
Tyson Foods, Inc., 7.850%, 4/01/2016		400,000		344,598
				1,241,848
Gaming – 0.1%
Harrah’s Operating Co., Inc., 5.750%, 10/01/2017		270,000		43,200
Harrah’s Operating Co., Inc., 10.750%, 2/01/2016		220,000		41,800
				85,000
Healthcare – 5.6%
Alliance HealthCare Services, Inc., 7.250%, 12/15/2012		320,000		307,200
Boston Scientific Corp., 5.450%, 6/15/2014		20,000		18,300
Boston Scientific Corp., 7.000%, 11/15/2035		250,000		212,500
CHS/Community Health Systems, Inc., 8.875%, 7/15/2015		295,000		278,775
DASA Finance Corp., 8.750%, 5/29/2018, 144A		200,000		154,000
HCA, Inc., 5.750%, 3/15/2014		15,000		9,825
HCA, Inc., 6.375%, 1/15/2015		510,000		334,050
HCA, Inc., 6.500%, 2/15/2016		720,000		471,600
HCA, Inc., 7.050%, 12/01/2027		430,000		223,600
HCA, Inc., 7.500%, 12/15/2023		30,000		15,895
HCA, Inc., 7.500%, 11/06/2033		840,000		420,000

See accompanying notes to financial statements.

8

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund  – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Healthcare – continued
HCA, Inc., 7.690%, 6/15/2025	$	160,000	$	83,329
HCA, Inc., 8.360%, 4/15/2024		40,000		22,429
HCA, Inc., MTN, 7.580%, 9/15/2025		200,000		102,622
HCA, Inc., MTN, 7.750%, 7/15/2036		20,000		10,116
Health Management Associates, Inc., 6.125%, 4/15/2016		300,000		245,250
Tenet Healthcare Corp., 6.875%, 11/15/2031		450,000		222,750
				3,132,241
Home Construction – 3.9%
Centex Corp., 5.250%, 6/15/2015		125,000		93,750
D.R. Horton, Inc., 5.625%, 9/15/2014		65,000		51,025
Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		1,030,000		679,800
KB Home, 5.750%, 2/01/2014		90,000		71,212
KB Home, 5.875%, 1/15/2015		390,000		302,055
KB Home, 6.250%, 6/15/2015		265,000		205,375
KB Home, 7.250%, 6/15/2018		290,000		218,950
Lennar Corp., Series B, 5.600%, 5/31/2015		250,000		178,125
Pulte Homes, Inc., 6.000%, 2/15/2035		475,000		289,750
Pulte Homes, Inc., 6.375%, 5/15/2033		100,000		61,000
Toll Brothers Finance Corp., 5.150%, 5/15/2015		40,000		33,740
				2,184,782
Independent Energy – 5.9%
Encore Acquisition Co., 6.000%, 7/15/2015		275,000		202,125
Encore Acquisition Co., 7.250%, 12/01/2017		115,000		84,956
Forest Oil Corp., 7.250%, 6/15/2019		715,000		564,850
Hilcorp Energy I LP, 7.750%, 11/01/2015, 144A		595,000		434,350
Hilcorp Energy I LP, 9.000%, 6/01/2016, 144A		185,000		136,900
PetroHawk Energy Corp., 7.875%, 6/01/2015, 144A		300,000		264,000
PetroHawk Energy Corp., 9.125%, 7/15/2013		15,000		14,400
Pioneer Natural Resources Co., 5.875%, 7/15/2016		20,000		14,758
Pioneer Natural Resources Co., 6.875%, 5/01/2018		260,000		191,103
Pioneer Natural Resources Co., 7.200%, 1/15/2028		1,640,000		1,005,925
Swift Energy Co., 7.125%, 6/01/2017		600,000		348,000
Swift Energy Co., 7.625%, 7/15/2011		20,000		15,200
				3,276,567
Industrial Other – 1.0%
Baldor Electric Co., 8.625%, 2/15/2017		325,000		260,000
Chart Industries, Inc., 9.125%, 10/15/2015		305,000		222,650
Ranhill Labuan Ltd., 12.500%, 10/26/2011, 144A		155,000		88,350
				571,000
Lodging – 1.1%
Felcor Lodging LP, 9.000%, 6/01/2011		710,000		426,000
Host Marriott LP, Series O, 6.375%, 3/15/2015		50,000		37,000
Royal Caribbean Cruises Ltd., 7.250%, 6/15/2016		315,000		148,050
				611,050
Media Cable – 4.7%
Charter Communications Operating LLC/CAP, 10.000%, 4/30/2012, 144A(k)		170,000		155,550
Comcast Corp., 5.650%, 6/15/2035		80,000		63,352

See accompanying notes to financial statements.

9

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Media Cable – continued
CSC Holdings, Inc., 7.625%, 7/15/2018	$	1,260,000	$	1,134,000
CSC Holdings, Inc., 7.875%, 2/15/2018		310,000		283,650
Virgin Media Finance PLC, 8.750%, 4/15/2014		870,000		822,150
Virgin Media Finance PLC, 9.125%, 8/15/2016		175,000		162,750
				2,621,452
Media Non-Cable – 1.2%
Clear Channel Communications, Inc., 4.900%, 5/15/2015		5,000		700
Clear Channel Communications, Inc., 5.500%, 12/15/2016		390,000		54,600
Clear Channel Communications, Inc., 5.750%, 1/15/2013		75,000		11,250
Intelsat Corp., 6.875%, 1/15/2028		235,000		159,800
Intelsat Subsidiary Holding Co. Ltd., 8.500%, 1/15/2013 144A		405,000		381,712
R.H. Donnelley Corp., Series A-1, 6.875%, 1/15/2013		405,000		17,213
R.H. Donnelley Corp., Series A-2, 6.875%, 1/15/2013		340,000		14,450
R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017		160,000		8,400
				648,125
Metals & Mining – 1.0%
ArcelorMittal, 5.375%, 6/01/2013		350,000		271,673
ArcelorMittal, 6.125%, 6/01/2018		5,000		3,617
International Steel Group, Inc., 6.500%, 4/15/2014		75,000		58,935
United States Steel Corp., 6.050%, 6/01/2017		80,000		49,498
United States Steel Corp., 6.650%, 6/01/2037		275,000		154,957
				538,680
Non-Captive Consumer – 2.4%
SLM Corp., MTN, 5.050%, 11/14/2014		60,000		31,761
SLM Corp., Series A, MTN, 5.000%, 10/01/2013		55,000		29,247
SLM Corp., Series A, MTN, 5.000%, 6/15/2018		65,000		33,651
SLM Corp., Series A, MTN, 5.375%, 1/15/2013		470,000		257,897
SLM Corp., Series A, MTN, 5.375%, 5/15/2014		70,000		36,274
SLM Corp., Series A, MTN, 5.625%, 8/01/2033		850,000		314,500
SLM Corp., Series A, MTN, 8.450%, 6/15/2018		1,135,000		613,045
				1,316,375
Non-Captive Diversified – 5.1%
CIT Group Funding Co. of Canada, 5.200%, 6/01/2015		372,000		217,620
CIT Group, Inc., 4.750%, 12/15/2010		148,000		119,352
CIT Group, Inc., 5.400%, 2/13/2012		11,000		7,092
CIT Group, Inc., 5.400%, 1/30/2016		66,000		39,558
CIT Group, Inc., 5.800%, 10/01/2036		146,000		80,415
CIT Group, Inc., 5.850%, 9/15/2016		11,000		6,221
CIT Group, Inc., 12.000%, 12/18/2018, 144A		680,000		351,900
CIT Group, Inc., GMTN, 4.250%, 2/01/2010		95,000		81,435
CIT Group, Inc., GMTN, 5.000%, 2/13/2014		13,000		7,670
CIT Group, Inc., GMTN, 5.000%, 2/01/2015		88,000		53,579
CIT Group, Inc., Series A, GMTN, 6.000%, 4/01/2036		10,000		4,715
CIT Group, Inc., Series A, MTN, 5.650%, 2/13/2017		104,000		60,229
GMAC LLC, 6.000%, 12/15/2011, 144A		316,000		215,136
GMAC LLC, 6.625%, 5/15/2012, 144A		539,000		361,577
GMAC LLC, 6.750%, 12/01/2014, 144A		620,000		360,307

See accompanying notes to financial statements.

10

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund  – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Non-Captive Diversified – continued
GMAC LLC, 6.875%, 9/15/2011, 144A	$	110,000	$	78,168
GMAC LLC, 6.875%, 8/28/2012, 144A		41,000		27,534
GMAC LLC, 7.000%, 2/01/2012, 144A		63,000		43,515
GMAC LLC, 7.250%, 3/02/2011, 144A		63,000		46,648
GMAC LLC, 8.000%, 11/01/2031, 144A		141,000		67,844
International Lease Finance Corp., Series Q, MTN, 5.250%, 1/10/2013		330,000		171,600
International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		185,000		96,394
International Lease Finance Corp., Series R, MTN, 6.625%, 11/15/2013		340,000		188,326
iStar Financial, Inc., 5.150%, 3/01/2012		130,000		46,800
iStar Financial, Inc., 5.650%, 9/15/2011		45,000		18,450
iStar Financial, Inc., 5.800%, 3/15/2011		20,000		8,550
iStar Financial, Inc., Series B, 5.950%, 10/15/2013		190,000		57,950
				2,818,585
Oil Field Services – 2.2%
Basic Energy Services, Inc., 7.125%, 4/15/2016		700,000		406,000
Nabors Industries, Inc., 9.250%, 1/15/2019, 144A		395,000		374,550
North American Energy Partners, Inc., 8.750%, 12/01/2011		620,000		452,600
				1,233,150
Paper – 3.9%
Georgia-Pacific LLC, 7.250%, 6/01/2028		215,000		149,425
Georgia-Pacific LLC, 7.375%, 12/01/2025		495,000		352,688
Georgia-Pacific LLC, 7.700%, 6/15/2015		125,000		113,125
Georgia-Pacific LLC, 7.750%, 11/15/2029		525,000		388,500
Georgia-Pacific LLC, 8.000%, 1/15/2024		260,000		206,700
Georgia-Pacific LLC, 8.875%, 5/15/2031		225,000		180,000
Mercer International, Inc., 9.250%, 2/15/2013		140,000		43,050
Sappi Papier Holding AG, 7.500%, 6/15/2032, 144A		290,000		130,500
Stone Container Finance, 7.375%, 7/15/2014(c)		590,000		85,550
Westvaco Corp., 7.950%, 2/15/2031		190,000		145,246
Westvaco Corp., 8.200%, 1/15/2030		455,000		358,704
				2,153,488
Pharmaceuticals – 2.3%
Elan Financial PLC, 7.750%, 11/15/2011		800,000		672,000
Elan Financial PLC, 8.875%, 12/01/2013		770,000		616,000
				1,288,000
Refining – 0.8%
Petroplus Finance Ltd., 6.750%, 5/01/2014, 144A		500,000		370,000
Petroplus Finance Ltd., 7.000%, 5/01/2017, 144A		75,000		54,000
				424,000
Retailers – 2.9%
Dillard’s, Inc., 6.625%, 1/15/2018		155,000		55,800
Dillard’s, Inc., 7.000%, 12/01/2028		480,000		163,200
Dillard’s, Inc., 7.130%, 8/01/2018		175,000		61,250
Dillard’s, Inc., 7.875%, 1/01/2023		75,000		24,750
Foot Locker, Inc., 8.500%, 1/15/2022		280,000		225,400

See accompanying notes to financial statements.

11

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Retailers – continued
Home Depot, Inc. (The), 5.875%, 12/16/2036	$	785,000	$	555,922
Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		180,000		92,040
Macy’s Retail Holdings, Inc., 6.900%, 4/01/2029		300,000		151,340
Toys R Us, Inc., 7.375%, 10/15/2018		985,000		315,200
				1,644,902
Sovereigns – 1.0%
Republic of Indonesia, 11.625%, 3/04/2019, 144A		500,000		543,750
Super Markets – 2.9%
American Stores Co., 8.000%, 6/01/2026		70,000		59,850
New Albertson’s, Inc., 7.450%, 8/01/2029		1,075,000		892,250
New Albertson’s, Inc., 7.750%, 6/15/2026		220,000		184,250
New Albertson’s, Inc., 8.000%, 5/01/2031		30,000		24,525
New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		605,000		444,675
				1,605,550
Technology – 4.9%
Activant Solutions, Inc., 9.500%, 5/01/2016		90,000		55,125
Agilent Technologies, Inc., 6.500%, 11/01/2017		370,000		303,187
Amkor Technology, Inc., 7.750%, 5/15/2013		305,000		245,525
Amkor Technology, Inc., 9.250%, 6/01/2016		60,000		46,200
Freescale Semiconductor, Inc., 10.125%, 12/15/2016		480,000		86,400
Lucent Technologies, Inc., 6.450%, 3/15/2029		3,020,000		1,147,600
Lucent Technologies, Inc., 6.500%, 1/15/2028		290,000		110,200
Motorola, Inc., 6.500%, 9/01/2025		165,000		104,776
Nortel Networks Capital Corp., 7.875%, 6/15/2026(c)		860,000		137,600
Nortel Networks Ltd., 6.875%, 9/01/2023(c)		125,000		8,125
Nortel Networks Ltd., 10.125%, 7/15/2013(c)		370,000		69,375
Seagate Technology HDD Holdings, 6.800%, 10/01/2016		750,000		435,000
				2,749,113
Textile – 0.4%
Jones Apparel Group, Inc., 6.125%, 11/15/2034		425,000		212,500
Transportation Services – 0.7%
APL Ltd., 8.000%, 1/15/2024(d)		185,000		129,976
Atlas Air, Inc., Series B, 7.680%, 1/02/2014(e)		34,292		25,719
Atlas Air, Inc., Series C, 8.010%, 1/02/2010(e)		347,188		149,291
Overseas Shipholding Group, 7.500%, 2/15/2024		155,000		91,450
				396,436
Wireless – 1.5%
ALLTEL Corp., 7.000%, 7/01/2012		5,000		5,208
Crown Castle International Corp., 9.000%, 1/15/2015		130,000		130,325
Nextel Communications, Inc., Series D, 7.375%, 8/01/2015		170,000		90,100
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013		40,000		22,800
Nextel Communications, Inc., Series F, 5.950%, 3/15/2014		65,000		36,075
Sprint Capital Corp., 6.875%, 11/15/2028		311,000		189,710
Sprint Nextel Corp., 6.000%, 12/01/2016		502,000		358,930
				833,148

See accompanying notes to financial statements.

12

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund  – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Wirelines – 8.9%
Axtel SAB de CV, 7.625%, 2/01/2017, 144A	$	765,000	$	504,900
Cincinnati Bell Telephone Co., 6.300%, 12/01/2028		185,000		125,800
Cincinnati Bell, Inc., 8.375%, 1/15/2014		800,000		752,000
Frontier Communications Corp., 7.000%, 11/01/2025		15,000		8,512
Frontier Communications Corp., 7.125%, 3/15/2019		80,000		62,800
Frontier Communications Corp., 7.450%, 7/01/2035		325,000		177,125
Frontier Communications Corp., 7.875%, 1/15/2027		805,000		543,375
Level 3 Financing, Inc., 8.750%, 2/15/2017		790,000		505,600
Level 3 Financing, Inc., 9.250%, 11/01/2014		835,000		576,150
Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,030,000		700,400
Qwest Capital Funding, Inc., 6.875%, 7/15/2028		480,000		302,400
Qwest Capital Funding, Inc., 7.250%, 2/15/2011		200,000		191,000
Qwest Capital Funding, Inc., 7.625%, 8/03/2021		315,000		223,650
Qwest Capital Funding, Inc., 7.750%, 2/15/2031		280,000		184,800
Qwest Corp., 6.875%, 9/15/2033		190,000		124,450
Qwest Corp., 7.250%, 9/15/2025		10,000		6,600
				4,989,562
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $73,101,049)				49,224,309
CONVERTIBLE BONDS – 4.4%
Healthcare – 0.7%
Affymetrix, Inc., 3.500%, 1/15/2038		480,000		252,000
Epix Pharmaceuticals, Inc., 3.000%, 6/15/2024(d)(f)		45,000		9,000
Hologic, Inc., (Step to Zero Coupon on 12/15/2013), 2.000%, 12/15/2037(g)		135,000		92,137
Life Technologies Corp., 1.500%, 2/15/2024		50,000		44,563
				397,700
Industrial Other – 0.2%
Incyte Corp., 3.500%, 2/15/2011		165,000		81,675
Lodging – 0.5%
Host Hotels & Resorts, Inc., 2.625%, 4/15/2027, 144A		435,000		302,325
Media Non-Cable – 0.2%
Liberty Media LLC, 3.500%, 1/15/2031		152,754		54,610
Sinclair Broadcast Group, Inc., (Step to 2.000% on 1/15/2011), 4.875%, 7/15/2018(g)		190,000		79,800
				134,410
Non-Captive Diversified – 0.0%
iStar Financial, Inc., 1.935%, 10/01/2012(b)		5,000		1,500
Pharmaceuticals – 0.2%
Human Genome Sciences, Inc., 2.250%, 8/15/2012		325,000		108,062
Technology – 0.4%
JDS Uniphase Corp., 1.000%, 5/15/2026		200,000		122,750
Kulicke & Soffa Industries, Inc., 1.000%, 6/30/2010		45,000		35,494
Maxtor Corp., 5.750%, 3/01/2012(d)		109,000		81,750
				239,994

See accompanying notes to financial statements.

13

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Wirelines – 2.2%
Level 3 Communications, Inc., 2.875%, 7/15/2010	$	270,000	$	197,437
Level 3 Communications, Inc., 6.000%, 9/15/2009		105,000		101,325
Level 3 Communications, Inc., 6.000%, 3/15/2010		1,062,000		902,700
				1,201,462
TOTAL CONVERTIBLE BONDS
(Identified Cost $3,406,565)				2,467,128
TOTAL BONDS AND NOTES
(Identified Cost $76,507,614)				51,691,437
BANK LOANS – 1.0%
Consumer Products – 0.0%
Mega Brands, Inc., Term Loan B, 8.750%, 7/26/2012(h)		44,653		12,131
Electric – 0.6%
Calpine Corp., First Priority Term Loan, 4.095%, 3/29/2014(h)		431,722		328,424
Food & Beverage – 0.0%
Dole Food Co., Inc., Credit Link Deposit, 2.790%, 4/12/2013(h)		2,041		1,876
Dole Food Co., Inc., Tranche B Term Loan, 7.960%, 4/12/2013(h)		1,326		1,219
Dole Food Co., Inc., Tranche C Term Loan, 7.969%, 4/12/2013(h)		6,502		5,977
				9,072
Media Non-Cable – 0.2%
Idearc, Inc., Term Loan B, 6.250%, 11/17/2014(c)(h)		203,569		79,329
Tribune Co., Term Loan X, 5.000%, 6/04/2009(c)(h)		181,970		47,483
				126,812
Technology – 0.1%
Sungard Data Systems, Inc., Term Loan B, 2.697%, 2/28/2014(h)		74,809		63,022
Wirelines – 0.1%
Hawaiian Telcom Communications, Inc., Tranche C Term Loan, 4.750%, 6/01/2014(h)(i)		60,115		26,871
TOTAL BANK LOANS
(Identified Cost $931,107)				566,332
	Shares
PREFERRED STOCKS – 1.3%
Automotive – 0.1%
Ford Motor Co. Capital Trust II, 6.500%		6,225		49,987
Capital Markets – 0.2%
Lehman Brothers Holdings Capital Trust I, 6.000%(c)		250		5
Lehman Brothers Holdings, Inc., 5.670%(c)		230		2

See accompanying notes to financial statements.

14

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund  – continued

	Shares	Value (†)
PREFERRED STOCKS – continued
Capital Markets – continued
Lehman Brothers Holdings, Inc., 5.940%(c)	201	$	—
Lehman Brothers Holdings, Inc., 6.500%(c)	1,182		3
Lehman Brothers Holdings, Inc., 7.250%(c)	30		22
Lehman Brothers Holdings, Inc., 7.950%(c)	1,819		10
Newell Financial Trust I, 5.250%	5,724		103,032
			103,074
Diversified Consumer Services – 0.0%
Six Flags, Inc., 7.250%	497		338
Diversified Financial Services – 0.1%
Preferred Blocker, Inc., 144A, 7.000%	428		85,212
Electric Utilities – 0.5%
AES Trust III, 6.750%	7,975		271,150
Oil, Gas & Consumable Fuels – 0.4%
El Paso Energy Capital Trust I, 4.750%	8,050		201,250
Thrifts & Mortgage Finance – 0.0%
Federal Home Loan Mortgage Corp., 5.000%(e)(j)	500		450
Federal Home Loan Mortgage Corp., 5.570%(e)(j)	7,750		2,945
Federal Home Loan Mortgage Corp., 5.660%(e)(j)	2,300		920
Federal Home Loan Mortgage Corp., 5.700%(e)(j)	800		664
Federal Home Loan Mortgage Corp., 5.790%(e)(j)	1,450		1,116
Federal Home Loan Mortgage Corp., 5.810%(e)(j)	550		429
Federal Home Loan Mortgage Corp., 5.900%(e)(j)	1,100		506
Federal Home Loan Mortgage Corp., 6.000%(e)(j)	650		579
Federal Home Loan Mortgage Corp., 6.420%(e)(j)	450		360
Federal Home Loan Mortgage Corp., 6.550%(e)(j)	1,550		635
Federal Home Loan Mortgage Corp., 8.375%(e)(j)	9,450		4,347
Federal National Mortgage Association, 4.750%(e)(j)	1,000		730
Federal National Mortgage Association, 5.125%(e)(j)	350		242
Federal National Mortgage Association, 5.375%(e)(j)	700		1,001
Federal National Mortgage Association, 5.810%(e)(j)	300		345
Federal National Mortgage Association, 6.750%(e)(j)	450		225
Federal National Mortgage Association, 8.250%(e)(j)	14,200		10,082
			25,576
TOTAL PREFERRED STOCKS
(Identified Cost $1,865,319)			736,587
COMMON STOCKS – 0.4%
Containers & Packaging – 0.1%
Owens-Illinois, Inc.(e)	3,321		47,955
Oil, Gas & Consumable Fuels – 0.3%
Chesapeake Energy Corp.	9,278		158,283
TOTAL COMMON STOCKS
(Identified Cost $478,096)			206,238

See accompanying notes to financial statements.

15

	Principal Amount		Value (†)
SHORT-TERM INVESTMENTS – 1.7%
Repurchase Agreement with State Street Corp. dated 3/31/2009 at 0.000%, to be repurchased at $6,133 on 4/01/2009 collateralized by $10,000 U.S. Treasury Bill, due 5/28/2009 valued at $9,997 including accrued interest (Note 2h of Notes to Financial Statements)	$	6,133	$	6,133
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2009 at 0.000% to be repurchased at $956,172 on 4/01/2009 collateralized by $740,000 Federal National Mortgage Association, 6.625% due 11/15/2030 valued at $981,425 including accrued interest (Note 2h of Notes to Financial Statements)		956,172		956,172
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $962,305)				962,305
TOTAL INVESTMENTS – 97.1%				54,162,899
(Identified Cost $80,744,441)(a)
Other Assets Less Liabilities—2.9%				1,617,536
NET ASSETS – 100.0%			$	55,780,435
(†)       See Note 2a of Notes to Financial Statements.
(a)       Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Amortization of premium on debt securities is excluded for tax purposes.):
At March 31, 2009, the net unrealized depreciation on investments based on a cost of $80,838,362 for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost			$	601,153
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value				(27,276,616)
Net unrealized depreciation			$	(26,675,463)

(b) Variable rate security. Rate as of March 31, 2009 is disclosed.

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

(d) Illiquid security. At March 31, 2009, the value of these securities amounted to $785,468 or 1.4% of net assets.

(e) Non-income producing security.

(f) Valued by management. At March 31, 2009, the value of this security amounted to $9,000 or 0.0% of net assets.

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

(h) Variable rate security. Rate shown represents the weighted average rate at March 31, 2009.

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

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

(k) Issuer has filed for bankruptcy.

144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the total value of these securities amounted to $6,950,728 or 12.5% of net assets.

ABS Asset-Backed Securities

GMTN Global Medium Term Note

MTN Medium Term Note

See accompanying notes to financial statements.

16

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles High Income Opportunities Fund  – continued

NET ASSET SUMMARY AT MARCH 31, 2009 (Unaudited)

Wirelines	11.2	%
Electric	7.4
Healthcare	6.3
Independent Energy	5.9
Technology	5.4
Non-Captive Diversified	5.1
Media Cable	4.7
Home Construction	3.9
Paper	3.9
Automotive	3.1
Retailers	2.9
Supermarkets	2.9
Pharmaceuticals	2.5
Airlines	2.4
Non-Captive Consumer	2.4
Chemicals	2.3
Food & Beverage	2.2
Oil Field Services	2.2
Commercial Mortgage-Backed Securities	2.0
Other Investments, less than 2% each	16.7
Short-Term Investments	1.7
Total Investments	97.1
Other assets less liabilities	2.9
Net Assets	100.0	%

See accompanying notes to financial statements.

17

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund

	Principal Amount		Value (†)
BONDS AND NOTES – 135.9% of Net Assets
NON-CONVERTIBLE BONDS – 135.8%
ABS Car Loan – 2.6%
Americredit Prime Automobile Receivables, Series 2007-2M, Class A2B, 0.913%, 11/08/2010(b)(c)	$	215,602	$	214,429
ARG Funding Corp., Series 2005-2A, Class A5, 0.682%, 5/20/2011, 144A(b)(c)		1,700,000		1,351,823
Capital Auto Receivables Asset Trust, Series 2008-1, Class A2B, 1.256%, 9/15/2010(b)(c)		1,761,201		1,750,327
Capital One Auto Finance Trust, Series 2006-C, Class A4, 0.586%, 5/15/2013(b)(c)		845,000		618,694
Capital One Auto Finance Trust, Series 2007-C, Class A4, 5.230%, 7/15/2014(c)		800,000		598,149
Merrill Auto Trust Securitization Asset, Series 2008-1, Class B, 6.750%, 4/15/2015(c)		1,305,000		1,055,155
Nissan Auto Receivables Owner Trust, Series 2008-B, Class A3, 4.460%, 4/16/2012(c)		1,330,000		1,354,171
				6,942,748
ABS Credit Card – 11.4%
American Express Issuance Trust, Series 2005-2, Class A, 0.626%, 8/15/2013(b)(c)		4,225,000		3,685,592
BA Credit Card Trust, Series 2006-C4, Class C4, 0.786%, 11/15/2011(b)(c)		2,000,000		1,953,111
BA Credit Card Trust, Series 2008-A5, Class A5, 1.756%, 12/16/2013(b)(c)		1,445,000		1,358,599
Bank One Issuance Trust, Series 2004-C2, Class C2, 1.356%, 2/15/2017(b)(c)		2,310,000		900,900
Capital One Multi-Asset Execution Trust, Series 2004-A4, Class A4, 0.776%, 3/15/2017(b)(c)		1,895,000		1,479,339
Capital One Multi-Asset Execution Trust, Series 2004-B6, Class B6, 4.150%, 7/16/2012(c)		2,065,000		1,974,920
Capital One Multi-Asset Execution Trust, Series 2007-A5, Class A5, 0.596%, 7/15/2020(b)(c)		2,140,000		1,393,218
Chase Issuance Trust, Series 2007-B1, Class B1, 0.806%, 4/15/2019(b)(c)		2,300,000		871,445
Chase Issuance Trust, Series 2007-C1, Class C1, 1.016%, 4/15/2019(b)(c)		1,750,000		506,193
Citibank Credit Card Issuance Trust, Series 2005-C2, Class C2, 0.992%, 3/24/2017(b)(c)		1,150,000		418,447
Citibank Credit Card Issuance Trust, Series 2006-C4, Class C4, 0.753%, 1/09/2012(b)(c)		300,000		268,464
Citibank Credit Card Issuance Trust, Series 2007-A8, Class A8, 5.650%, 9/20/2019(c)		4,215,000		4,008,293
Citibank Credit Card Issuance Trust, Series 2008-C6, Class C6, 6.300%, 6/20/2014(c)		1,895,000		1,193,850
Discover Card Master Trust, Series 2007-A1, Class A1, 5.650%, 3/16/2020(c)		3,305,000		2,897,824
Discover Card Master Trust, Series 2008-A3, Class A3, 5.100%, 10/15/2013(c)		3,650,000		3,581,707
MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 7/15/2014(c)		1,000,000		717,590
MBNA Credit Card Master Note Trust, Series 2004-A3, Class A3, 0.816%, 8/16/2021(b)(c)		1,490,000		1,010,253

See accompanying notes to financial statements.

18

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
ABS Credit Card – continued
World Financial Network Credit Card Master Trust, Series 2004-A, Class C, 1.556%, 3/15/2013(b)(c)	$	2,000,000	$	1,892,629
World Financial Network Credit Card Master Trust, Series 2008-A, Class M, 5.563%, 6/15/2014(b)(c)		706,000		616,655
				30,729,029
ABS Home Equity – 4.5%
Bear Stearns Asset Backed Securities Trust, Series 2006-HE3, Class A3, 0.802%, 4/25/2036(b)(c)		2,228,800		441,525
Bear Stearns Asset Backed Securities Trust, Series 2007-HE5, Class 1A2, 0.702%, 6/25/2047(b)(c)		2,495,000		1,067,289
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH1, Class A2, 0.622%, 1/25/2037(b)(c)		2,000,000		1,685,887
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 4.615%, 2/25/2035(c)		995,000		600,687
Countrywide Asset-Backed Certificates, Series 2006-BC4, Class 2A2, 0.682%, 11/25/2036(b)(c)		2,835,000		1,674,470
Countrywide Asset-Backed Certificates, Series 2006-S1, Class A2, 5.549%, 8/25/2021(c)		480,220		282,898
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A1, 0.632%, 6/25/2021(b)(c)		2,459,194		1,173,773
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A3, 6.287%, 6/25/2021(c)		890,902		206,422
Countrywide Asset-Backed Certificates, Series 2006-S7, Class A3, 5.712%, 11/25/2035(b)(c)		2,355,000		514,803
GSAMP Trust, Series 2005-WMC3, Class A2B, 0.762%, 12/25/2035(b)(c)		1,831,245		1,345,965
Ownit Mortgage Loan Asset-Backed Certificates, Series 2005-2, Class M3, 0.992%, 3/25/2036(b)(c)		1,000,000		564,889
Residential Asset Mortgage Products, Inc., Series 2004-RZ1, Class AI5, 4.070%, 7/25/2032(c)		143,192		134,026
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.672%, 7/25/2036(b)(c)		2,685,000		1,423,050
Soundview Home Equity Loan Trust, Series 2006-WF2, Class A2C, 0.662%, 12/25/2036(b)(c)		1,750,000		1,051,070
				12,166,754
ABS Other – 1.1%
CIT Equipment Collateral, Series 2008-VT1, Class A3, 6.590%, 12/22/2014(c)		3,020,000		2,973,428
CNH Equipment Trust, Series 2007-B, Class A2A, 5.460%, 6/15/2010(c)		72,723		72,851
				3,046,279
Collateralized Mortgage Obligations – 8.6%
Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.500%, 6/25/2036(c)		1,245,928		626,858
Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 6.013%, 7/25/2021(b)(c)		1,295,758		837,789
CS First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1, 5.000%, 8/25/2020(c)		298,662		280,742
Federal Home Loan Mortgage Corp., Series 2613, Class HI, 5.500%, 2/15/2033(c)		1,025,293		7,449

See accompanying notes to financial statements.

19

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Collateralized Mortgage Obligations – continued
Federal Home Loan Mortgage Corp., Series 2912, Class EH, 5.500%, 1/15/2035(c)	$	2,797,000	$	2,927,188
Federal National Mortgage Association, Series 2003-26, Class OI, 5.500%, 11/25/2032(c)		20,928,795		2,067,593
Federal National Mortgage Association, Series 2004-2, Class QK, 4.000%, 9/25/2017(c)		10,000,000		10,382,969
Residential Accredit Loans, Inc., Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021(c)		629,484		407,001
Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021(c)		2,626,543		1,829,553
Residential Accredit Loans, Inc., Series 2006-QS6, Class 2A1, 6.000%, 6/25/2021(c)		135,498		90,318
Washington Mutual Mortgage Pass Through Certificates, Series 2007-HY6, Class 2A1, 5.674%, 6/25/2037(b)(c)		7,116,059		3,713,807
				23,171,267
Commercial Mortgage-Backed Securities – 28.2%
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A2, 5.165%, 9/10/2047(c)		120,000		110,201
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.351%, 9/10/2047(b)(c)		189,000		145,293
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.929%, 5/10/2045(b)(c)		350,000		259,451
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class A2, 5.522%, 7/10/2046(c)		460,000		408,366
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.634%, 4/10/2049(c)		5,375,000		4,389,974
Bank of America-First Union NB Commercial Mortgage, Series 2001-3, Class A2, 5.464%, 4/11/2037(c)		430,000		415,100
Bear Stearns Commercial Mortgage Securities, Series 2001-TOP2, Class A2, 6.480%, 2/15/2035(c)		175,000		175,736
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class A2, 5.270%, 12/11/2040(c)		1,601,000		1,476,353
Bear Stearns Commercial Mortgage Securities, Series 2005-T18, Class A2, 4.556%, 2/13/2042(c)		171,000		164,470
Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class A2, 5.688%, 9/11/2038(c)		1,000,000		901,165
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044(c)		225,000		164,005
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.909%, 6/11/2040(b)(c)		150,000		111,418
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046(c)		1,057,000		961,429
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A5, 5.617%, 10/15/2048(c)		5,000,000		3,686,745
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.961%, 6/10/2046(b)(c)		250,000		191,007
Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.912%, 6/15/2039(b)(c)		2,342,000		1,404,891
Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 6.425%, 2/15/2041(b)(c)		1,508,000		1,032,845
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A2, 5.381%, 3/10/2039(c)		2,005,000		1,679,230

See accompanying notes to financial statements.

20

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Commercial Mortgage-Backed Securities – continued
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039(c)	$	5,000,000	$	3,601,830
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, 5.396%, 8/10/2038(c)		125,000		102,533
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A2, 4.475%, 7/10/2039(c)		1,130,000		1,064,009
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039(c)		7,495,000		5,544,215
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A2, 5.506%, 4/10/2038(c)		500,000		455,789
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A2, 5.479%, 11/10/2039(c)		4,449,000		3,926,440
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049(c)		4,085,000		2,760,732
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC, Class A3, 6.260%, 3/15/2033(c)		173,289		175,264
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A4, 5.344%, 12/15/2044(b)(c)		7,000,000		5,396,104
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A2, 6.051%, 4/15/2045(b)(c)		1,065,000		947,546
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A3, 4.647%, 7/15/2030(c)		275,000		247,674
LB-UBS Commercial Mortgage Trust, Series 2006-C3, Class A4, 5.661%, 3/15/2039(c)		2,440,000		1,858,278
LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class A2, 5.300%, 11/15/2038(c)		2,460,000		2,064,901
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A2, 5.303%, 2/15/2040(c)		11,060,000		9,153,295
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.795%, 5/12/2039(b)(c)		1,000,000		894,334
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2, 5.439%, 2/12/2039(c)		4,895,000		4,449,144
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, 5.600%, 2/12/2039(b)(c)		1,000,000		708,901
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 6.104%, 6/12/2046(b)(c)		250,000		178,028
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4, 5.414%, 7/12/2046(c)		1,000,000		658,390
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042(c)		5,280,000		4,247,623
Morgan Stanley Capital I, Series 2005-HQ7, Class A4, 5.378%, 11/14/2042(b)(c)		5,965,000		4,658,488
Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047(c)		1,267,000		993,546
Morgan Stanley Capital I, Series 2006-HQ10, Class A4, 5.328%, 11/12/2041(c)		5,000,000		3,847,448
Morgan Stanley Capital I, Series 2006-T23, Series A2, 5.915%, 8/12/2041(b)(c)		555,000		501,275
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A2, 4.380%, 10/15/2041(c)		76,468		73,682
				76,187,148

See accompanying notes to financial statements.

21

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Hybrid ARMs – 14.6%
Countrywide Home Loans, Series 2004-HYB5, Class 6A2, 5.449%, 4/20/2035(b)(c)	$	642,910	$	123,182
FHLMC, 5.949%, 11/01/2036(b)(c)		6,111,038		6,311,752
FHLMC, 5.970%, 2/01/2037(b)(c)		8,572,070		8,913,612
First Horizon Alternative Mortgage Securities, Series 2006-AA3, Class A1, 6.294%, 6/25/2036(b)(c)		5,623,475		2,703,894
FNMA, 5.730%, 9/01/2036(b)(c)		3,678,079		3,811,214
FNMA, 6.039%, 2/01/2037(b)(c)		7,327,205		7,615,291
Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 3A1, 6.088%, 9/25/2036(b)(c)		6,644,153		2,694,293
JPMorgan Mortgage Trust, Series 2006-A7, Class 1A3, 5.874%, 1/25/2037(b)(c)		642,343		470,195
Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.592%, 7/25/2035(b)(c)		1,024,505		601,656
Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY2, Class 2A2, 6.417%, 11/25/2036(b)(c)		10,822,090		5,764,198
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 3A2, 4.927%, 10/25/2035(b)(c)		799,214		553,799
				39,563,086
Mortgage Related – 64.8%
FHLMC, 5.000%, 7/01/2035(c)		574,640		594,152
FHLMC, 5.000%, 9/01/2035(c)		767,979		794,055
FHLMC, 5.000%, 12/01/2035(c)		147,586		152,598
FHLMC, 5.000%, 2/01/2036(c)		309,630		320,144
FHLMC, 5.000%, 2/01/2036(c)		620,522		641,591
FHLMC, 5.500%, 5/01/2035(c)		436,421		453,831
FHLMC, 6.000%, 6/01/2037(c)		4,168,851		4,363,167
FHLMC, 6.000%, 6/01/2037(c)		10,259,758		10,737,979
FHLMC, 6.000%, 8/01/2037(c)		4,457,409		4,665,175
FHLMC, 6.000%, 10/01/2037(c)		3,993,925		4,180,087
FHLMC, 6.000%, 12/01/2037(c)		1,826,203		1,911,325
FHLMC, 6.500%, 1/01/2038(c)		175,879		185,628
FHLMC (TBA), 5.500%, 7/01/2035(d)		14,910,000		15,469,125
FNMA, 4.500%, 10/01/2035(c)		800,423		819,097
FNMA, 5.500%, 5/01/2035(c)		139,665		145,262
FNMA, 5.500%, 12/01/2035(c)		215,608		224,249
FNMA, 5.500%, 4/01/2036(c)		143,520		149,138
FNMA, 5.500%, 4/01/2036(c)		334,907		348,015
FNMA, 5.500%, 4/01/2036(c)		71,091		73,874
FNMA, 5.500%, 4/01/2036(c)		2,223,330		2,312,437
FNMA, 5.500%, 5/01/2036(c)		358,360		372,387
FNMA, 5.500%, 5/01/2036(c)		574,152		596,625
FNMA, 5.500%, 6/01/2036(c)		731,449		760,078
FNMA, 5.500%, 6/01/2036(c)		1,284,124		1,334,385
FNMA, 5.500%, 6/01/2036(c)		528,462		549,146
FNMA, 6.000%, 10/01/2034(c)		68,527		71,860

See accompanying notes to financial statements.

22

PORTFOLIO OF INVESTMENTS – as of March 31, 2009 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

	Principal Amount		Value (†)
BONDS AND NOTES – continued
Mortgage Related – continued
FNMA, 6.000%, 4/01/2036(c)	$	304,599	$	318,702
FNMA, 6.000%, 6/01/2036(c)		4,515,725		4,724,797
FNMA, 6.000%, 6/01/2036(c)		1,572,975		1,645,802
FNMA, 6.000%, 9/01/2036(c)		1,111,251		1,162,700
FNMA, 6.000%, 11/01/2036(c)		3,563,879		3,728,882
FNMA, 6.000%, 1/01/2037(c)		878,141		918,798
FNMA, 6.000%, 10/01/2037(c)		2,030,701		2,123,337
FNMA, 6.000%, 7/01/2038(c)		7,048,256		7,369,780
FNMA, 6.000%, 10/01/2038(c)		7,199,866		7,528,307
FNMA, 7.000%, 12/01/2037(c)		159,350		169,708
FNMA (TBA), 5.000%, 3/01/2035(d)		33,900,000		34,980,563
FNMA (TBA), 5.500%, 6/01/2035(d)		6,445,000		6,688,698
FNMA (TBA), 6.500%, 4/01/2035(d)		12,000,000		12,637,500
GNMA, 5.500%, 8/15/2033(c)		72,970		76,273
GNMA, 5.500%, 12/15/2035(c)		326,799		341,081
GNMA, 5.500%, 9/15/2036(c)		1,979,132		2,063,152
GNMA, 6.000%, 6/15/2036(c)		197,083		206,373
GNMA, 6.500%, 9/15/2036(c)		804,436		845,347
GNMA (TBA), 5.500%, 6/01/2036(d)		34,000,000		35,381,250
				175,136,460
TOTAL NON-CONVERTIBLE BONDS
(Identified Cost $411,755,484)				366,942,771
CONVERTIBLE BONDS – 0.1%
Hybrid ARMs – 0.1%
FHLMC, 4.662%, 1/01/2035(b)(c)
(Identified Cost $354,042)		353,710		357,399
TOTAL BONDS AND NOTES
(Identified Cost $412,109,526)				367,300,170
SHORT-TERM INVESTMENTS – 1.8%
Federal Home Loan Mortgage Corp., Discount Notes, 1.652%, 5/11/2009(c)(e)		1,000,000		999,811
Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation dated 3/31/2009 at 0.000% to be repurchased at $3,694,060 on 4/01/2009 collateralized by $3,635,000 Federal National Mortgage Association, 4.750% due 3/12/2010 valued at $3,773,130 including accrued interest (Note 2h of Notes to Financial Statements)		3,694,060		3,694,060
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $4,692,224)				4,693,871
TOTAL INVESTMENTS – 137.7%
(Identified Cost $416,801,750)(a)				371,994,041
Other assets less liabilities—(37.7)%				(101,794,656	)
NET ASSETS – 100.0%			$	270,199,385
(†)    See Note 2a of Notes to Financial Statements.

See accompanying notes to financial statements.

23

(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 March 31, 2009, the net unrealized depreciation on investments based on a cost of $416,801,750 for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	6,461,575
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(51,269,284)
Net unrealized depreciation	$	(44,807,709)

(b) Variable rate security. Rate as of March 31, 2009 is disclosed.

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

(d) Delayed delivery (See Note 2i of Notes to Financial Statements).

(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 March 31, 2009, the total value of these securities amounted to $1,351,823 or 0.5% of net assets.

ABS Asset-Backed Securities.

ARM Adjustable Rate Mortgage.

FHLMC Federal Home Loan Mortgage Corp.

FNMA Federal National Mortgage Association.

GNMA Government National Mortgage Association.

TBA To Be Announced.

At March 31, 2009, open futures contracts sold were as follows:

Futures	Expiration Date	Contracts	Notional Value		Unrealized Depreciation
5 Year U.S. Treasury Note	6/30/2009	155	$	18,408,672	$	(380,518	)
10 Year U.S. Treasury Note	6/19/2009	50		6,203,906		(211,810	)
Total					$	(592,328	)

NET ASSET SUMMARY AT MARCH 31, 2009 (Unaudited)

Mortgage Related	64.8	%
Commercial Mortgage-Backed Securities	28.2
Hybrid ARMs	14.7
ABS Credit Card	11.4
Collateralized Mortgage Obligations	8.6
ABS Home Equity	4.5
ABS Car Loan	2.6
ABS Other	1.1
Short-Term Investments	1.8
Total Investments	137.7
Other assets less liabilities (including open futures contracts)	(37.7	)
Net Assets	100.0	%

See accompanying notes to financial statements.

24

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2009 (Unaudited)

	High Income Opportunities Fund			Securitized Asset Fund
Assets
Investments at cost	$	80,744,441		$	416,801,750
Net unrealized depreciation		(26,581,542	)		(44,807,709	)
Investments at value		54,162,899			371,994,041
Receivable for Fund shares sold		27,989			918,355
Receivable for securities sold		164,161			20,719,479
Dividends and interest receivable		1,570,578			1,910,771
Tax reclaims receivable		7,020			—
Total Assets		55,932,647			395,542,646
Liabilities
Payable for securities purchased		138,505			—
Payable for delayed delivery securities purchased (Note 2)		—			124,648,735
Payable for Fund shares redeemed		13,707			636,518
Payable to broker—variation margin on open futures contracts		—			58,008
Total Liabilities		152,212			125,343,261
Net Assets	$	55,780,435		$	270,199,385
Net Assets consist of:
Paid-in capital	$	86,913,151		$	314,372,080
Undistributed net investment income		481,030			1,403,854
Accumulated net realized loss on investments and futures contracts		(5,032,204	)		(176,512	)
Net unrealized depreciation on investments and futures contracts		(26,581,542	)		(45,400,037	)
Net Assets	$	55,780,435		$	270,199,385
Net Asset Value and Offering Price
Institutional Class
Net assets	$	55,780,435		$	270,199,385
Shares of beneficial interest		8,363,725			30,195,256
Net asset value, offering and redemption price per share	$	6.67		$	8.95

See accompanying notes to financial statements.

25

STATEMENTS OF OPERATIONS

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

	High Income Opportunities Fund			Securitized Asset Fund
Investment Income
Dividends	$	38,474		$	—
Interest		3,257,175			9,489,303
Securities lending income (Note 2)		392			—
Less net foreign taxes withheld		(436	)		—
Net investment income		3,295,605			9,489,303
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts
Net Realized Gain (Loss) on:
Investments		(4,928,229	)		6,687,660
Futures contracts		—			(3,114,277	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(7,227,429	)		(26,266,130	)
Futures contracts		—			(802,203	)
Net realized and unrealized loss on investments and futures contracts		(12,155,658	)		(23,494,950	)
Net Decrease in Net Assets Resulting from Operations	$	(8,860,053	)	$	(14,005,647	)

See accompanying notes to financial statements.

26

STATEMENTS OF CHANGES IN NET ASSETS

High Income Opportunities Fund

	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008
From Operations:
Net investment income	$	3,295,605		$	6,881,020
Net realized gain (loss) on investments		(4,928,229	)		17,115
Net change in unrealized appreciation (depreciation) on investments		(7,227,429	)		(18,349,158	)
Net decrease in net assets resulting from operations		(8,860,053	)		(11,451,023	)
From Distributions to Shareholders:
Net Investment Income:
Institutional Class		(3,443,677	)		(6,813,880	)
Capital Gains:
Institutional Class		(85,819	)		(543,232	)
Total distributions		(3,529,496	)		(7,357,112	)
Increase (Decrease) in Net Assets Derived from Capital Share Transactions (Note 8)		3,219,688			(314,836	)
Total decrease in net assets		(9,169,861	)		(19,122,971	)
Net Assets
Beginning of period		64,950,296			84,073,267
End of period	$	55,780,435		$	64,950,296
Undistributed Net Investment Income	$	481,030		$	629,102

See accompanying notes to financial statements.

27

STATEMENTS OF CHANGES IN NET ASSETS

Securitized Asset Fund

	Six Months Ended March 31, 2009 (Unaudited)			Year Ended September 30, 2008
From Operations:
Net investment income	$	9,489,303		$	20,385,139
Net realized gain on investments and futures contracts		3,573,383			145,330
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(27,068,333	)		(17,675,141	)
Net increase (decrease) in net assets resulting from operations		(14,005,647	)		2,855,328
From Distributions to Shareholders:
Net Investment Income:
Institutional Class		(10,227,071	)		(20,848,572	)
Capital Gains:
Institutional Class		(1,038,001	)		—
Total distributions		(11,265,072	)		(20,848,572	)
Increase (Decrease) in Net Assets Derived from Capital Share Transactions (Note 8)		(86,583,839	)		52,893,796
Total increase (decrease) in net assets		(111,854,558	)		34,900,552
Net Assets
Beginning of period		382,053,943			347,153,391
End of period	$	270,199,385		$	382,053,943
Undistributed Net Investment Income	$	1,403,854		$	2,141,622

See accompanying notes to financial statements.

28

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains(b)
High Income Opportunities Fund
Institutional Class
3/31/2009(f)	$	8.26	$	0.40	$	(1.56	)	$	(1.16	)	$	(0.42	)	$	(0.01	)
9/30/2008		10.42		0.82		(2.09	)		(1.27	)		(0.82	)		(0.07	)
9/30/2007		10.39		0.77		0.01	(j)		0.78			(0.75	)		(0.00	)
9/30/2006		10.50		0.76		(0.10	)		0.66			(0.73	)		(0.04	)
9/30/2005		10.32		0.78		0.17			0.95			(0.77	)		—
9/30/2004(g)		10.00		0.33		0.25			0.58			(0.26	)		—
Securitized Asset Fund
Institutional Class
3/31/2009(f)	$	9.60	$	0.28	$	(0.61	)	$	(0.33	)	$	(0.29	)	$	(0.03	)
9/30/2008		10.07		0.55		(0.45	)		0.10			(0.57	)		—
9/30/2007		10.13		0.55		(0.10	)		0.45			(0.51	)		(0.00	)
9/30/2006(h)		10.00		0.30		0.02			0.32			(0.19	)		—

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

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

(c) Periods less than one year, if applicable, are not annualized.

(d) Loomis Sayles has agreed to pay, without reimbursement from the Fund, all expenses associated with the operations of the Fund.

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

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

(g) For the period April 12, 2004 (commencement of operations) through September 30, 2004.

(h) For the period March 2, 2006 (commencement of operations) through September 30, 2006.

(i) Portfolio turnover rate has been recalculated to conform with current presentation.

(j) The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the fund.

See accompanying notes to financial statements.

29

									Ratios to Average Net Assets:
Total distributions			Net asset value, end of the period		Total return (%)(c)		Net assets, end of the period (000’s)		Net expenses (%)(d)	Gross expenses (%)(d)	Net investment income (%)(e)	Portfolio turnover rate (%)
$	(0.43	)	$	6.67	(13.9	)	$	55,780	—	—	12.15	18
	(0.89	)		8.26	(13.2	)		64,950	—	—	8.47	24
	(0.75	)		10.42	7.7			84,073	—	—	7.35	29
	(0.77	)		10.39	6.6			42,847	—	—	7.36	26
	(0.77	)		10.50	9.5			13,115	—	—	7.40	22
	(0.26	)		10.32	5.9			9,079	—	—	7.03	45
$	(0.32	)	$	8.95	(3.3	)	$	270,199	—	—	6.24	207
	(0.57	)		9.60	0.9			382,054	—	—	5.55	430
	(0.51	)		10.07	4.6			347,153	—	—	5.43	73
	(0.19	)		10.13	3.3			70,993	—	—	3.02	55	(i)

See accompanying notes to financial statements.

30

NOTES TO FINANCIAL STATEMENTS

March 31, 2009 (Unaudited)

1.Organization. Loomis Sayles Funds I (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

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

Loomis Sayles Securitized Asset Fund (the “Securitized Asset Fund”)

Each Fund offers Institutional Class Shares. The Funds’ shares are offered exclusively to investors in “wrap fee” programs approved by Natixis Asset Management Advisors, L.P. (“Natixis Advisors”) and/or Loomis, Sayles & Company, L.P. (“Loomis Sayles”) and to institutional advisory clients of Natixis Advisors or Loomis Sayles that, in each case, meet the Funds’ policies as established by Loomis Sayles.

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

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

The High Income Opportunities 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.

b.  Security Transactions and Related Investment Income. Security transactions are accounted for on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Investment income is recorded net of foreign taxes withheld when applicable. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis.

c.  Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

31

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

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

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

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

d.  Forward Foreign Currency Contracts. The High Income Opportunities Fund may enter into forward foreign currency exchange contracts. Contracts generally are used to acquire exposure to foreign currencies and may also be used for hedging purposes. Also, a contract to buy or sell can offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss reflected in the Fund’s Statement of Assets and Liabilities. The U.S. dollar value of the currencies 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 contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. At March, 31 2009, there were no open forward foreign currency contracts.

e.  Futures Contracts. The Funds may enter into futures contracts. A futures contract is an agreement between two parties to buy and sell a particular commodity, instrument or index (e.g., an interest-bearing security) for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker as “initial margin” an amount of cash or short-term high-quality securities (such as U.S. Treasury bills or high-quality tax exempt bonds acceptable to the broker). As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin”, are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of the collateral held. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract, certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

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

32

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

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

g.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes for items such as premium amortization and paydown gains and losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to defaulted bond income accruals, premium amortization accruals, securities lending collateral gain/loss adjustments, wash sales and futures contracts marked to market. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

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

	2008 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
High Income Opportunities Fund	$	7,183,035	$	174,077	$	7,357,112
Securitized Asset Fund		20,848,572		—		20,848,572

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

As of September 30, 2008, the post-October losses were as follows:

	High Income Opportunities Fund		Securitized Asset Fund
Deferred net capital losses (post-October 2007)	$	—	$	(3,534,625	)

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

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

j.  Securities Lending. The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. government securities, sovereign debt issued by non-U.S. governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds bear

33

the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

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

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

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

3.Fair Value Measurements. The Funds adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, effective October 1, 2008. FAS 157 establishes a hierarchy for net asset value determination purposes in which various inputs are used in determining the value of each 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 each Fund’s own assumptions in determining the fair value of investments and would be based on the best information available).

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

Other financial instruments are derivative instruments not reflected in investments carried at value and may include such instruments as futures contracts and forward contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

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

High Income Opportunities Fund

Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	1,229,397
Level 2—Other Significant Observable Inputs		47,988,658
Level 3—Significant Unobservable Inputs		4,944,844
Total	$	54,162,899

Securitized Asset Fund

Securities Purchased Valuation Inputs	Investments in Securities
Level 1—Quoted Prices	$	3,694,060
Level 2—Other Significant Observable Inputs		355,685,579
Level 3—Significant Unobservable Inputs		12,614,402
Total	$	371,994,041

34

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

Futures Valuation Inputs	Other Financial Instruments
Level 1—Quoted Prices	$	(592,328	)
Level 2—Other Significant Observable Inputs		—
Level 3—Significant Unobservable Inputs		—
Total	$	(592,328	)

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

High Income Opportunities Fund

Assets	Investments in Securities
Balance as of September 30, 2008	$	1,452,450
Realized gain (loss)		(1,097,260	)
Change in unrealized appreciation (depreciation)(a)		(2,187,998	)
Net purchases (sales)		693,510
Net reclassifications to/from Level 3		6,084,142
Balance as of March 31, 2009	$	4,944,844

Securitized Asset Fund

Assets	Investments in Securities
Balance as of September 30, 2008	$	7,255,476
Realized gain (loss)		92,768
Change in unrealized appreciation (depreciation)(a)		(5,345,660	)
Net purchases (sales)		2,784,122
Net reclassifications to/from Level 3		7,827,696
Balance as of March 31, 2009	$	12,614,402

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

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

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

	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
High Income Opportunities Fund	$	—	$	—	$	9,590,084	$	10,909,315
Securitized Asset Fund		910,965,453		1,103,575,422		18,877,578		14,107,550

5.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees. Loomis Sayles has agreed to pay, without reimbursement from the Funds or the Trust, the following expenses of the Funds: compensation to Trustees of the Trust who are not “interested persons” (as defined in the 1940 Act) of the Trust; registration, filing and other fees in connection with requirements of regulatory authorities; the charges and expenses of any entity appointed by the Funds for custodial, paying agent, shareholder servicing and plan agent services; charges and expenses of the independent registered public accounting firm retained by the Funds; charges and expenses of any transfer agents and registrars appointed by the Funds; any cost of certificates representing shares of the Funds; legal fees and expenses in connection with the

35

day-to-day affairs of the Funds, including registering and qualifying its shares with Federal and State regulatory authorities; expenses of meetings of shareholders and Trustees of the Trust; the costs of services, including services of counsel, required in connection with the preparation of the Funds’ registration statements and prospectuses, including amendments and revisions thereto, annual, semi-annual and other periodic reports of the Funds, and notices and proxy solicitation material furnished to shareholders of the Funds or regulatory authorities, and any costs of printing or mailing these items; and the Funds’ expenses of bookkeeping, accounting and financial reporting, including related clerical expenses.

Loomis Sayles serves as investment adviser to each Fund. Under the terms of each management agreement, Loomis Sayles does not charge the Funds an investment advisory fee, also known as a management fee, or any other fee for those services or for bearing those expenses. Although the Funds do not compensate Loomis Sayles directly for services under the advisory agreement, Loomis Sayles will typically receive an advisory fee from the sponsors of “wrap programs,” who in turn charge the programs’ participants.

Certain officers and employees of Loomis Sayles are also officers or Trustees of the Trust. Loomis Sayles’ general partner is indirectly owned by Natixis Global Asset Management, L.P. (“Natixis US”), which is part of Natixis Global Asset Management, an international asset management group based in Paris, France.

b.  Administrative Fees. Natixis Advisors provides certain administrative services for the Funds and subcontracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis US. Loomis Sayles has agreed to pay, without reimbursement from the Trust or Funds, fees to Natixis Advisors for services to the Funds under each agreement.

c.  Service and Distribution Fees. The Trust has entered into a distribution agreement with Natixis Distributors, L.P. (“Natixis Distributors”), a wholly-owned subsidiary of Natixis US. Pursuant to this agreement, Natixis Distributors serves as principal underwriter of the Funds. Natixis Distributors currently is not paid a fee for serving as distributor for the Funds. Loomis Sayles has agreed to reimburse Natixis Distributors to the extent that Natixis Distributors incurs expenses in connection with any redemption of Fund shares.

d.  Trustees Fees and Expenses. The Funds do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distributors, Natixis US, or their affiliates. The Chairperson of the Board receives a retainer fee at the annual rate of $200,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $65,000. Each Independent Trustee also receives a meeting attendance fee of $7,500 for each meeting of the Board of Trustees that he or she attends in person and $3,750 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chair receives an additional retainer fee at the annual rate of $10,000. Each Contract Review and Governance Committee member is compensated $5,000 for each Committee meeting that he or she attends in person and $2,500 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,250 for each Committee meeting that he or she attends in person and $3,125 for each meeting that he or she attends telephonically. These fees are allocated among the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust III, Natixis Funds Trust IV, Natixis Cash Management Trust, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I, Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”) and the Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each Fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings. Loomis Sayles has agreed to pay the pro rata portion of Trustees fees and expenses for each Fund, without reimbursement from the Trust or Funds.

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

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

36

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2009 (Unaudited)

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

7.Shareholders. At March 31, 2009, five shareholders individually owned more than 5% of the High Income Opportunities Fund’s total outstanding shares, representing, in aggregate, 42.72% of the Fund.

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

	High Income Opportunities Fund
	Six Months Ended March 31, 2009					Year Ended September 30, 2008
	Shares		Amount			Shares		Amount
Issued from the sale of shares	1,620,809		$	10,732,584		1,980,419		$	19,260,155
Issued in connection with the reinvestment of distributions	300,200			1,998,678		380,809			3,709,039
Redeemed	(1,418,507	)		(9,511,574	)	(2,571,913	)		(23,284,030	)
Increase (decrease) from capital share transactions	502,502		$	3,219,688		(210,685	)	$	(314,836	)
	Securitized Asset Fund
	Six Months Ended March 31, 2009					Year Ended September 30, 2008
	Shares		Amount			Shares		Amount
Issued from the sale of shares	5,426,181		$	48,666,374		14,774,496		$	146,455,592
Issued in connection with the reinvestment of distributions	84,387			736,685		20,764			205,641
Redeemed	(15,120,121	)		(135,986,898	)	(9,456,660	)		(93,767,437	)
Increase (decrease) from capital share transactions	(9,609,553	)	$	(86,583,839	)	5,338,600		$	52,893,796

37

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

SIGNATURES

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

Loomis Sayles Funds I
By:	/s/ Robert J. Blanding
Name: Title: Date:	Robert J. Blanding President and Chief Executive Officer May 27, 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: Title: Date:	Robert J. Blanding President and Chief Executive Officer May 27, 2009

By:	/s/ Michael C. Kardok
Name: Title: Date:	Michael C. Kardok Treasurer May 27, 2009