Loomis Sayles High Income-Combined

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					Loomis Sayles High Income Fund
Investments as of February 28, 2010 (Unaudited)


      Shares/
 Principal Amount    Security Description                                                      Currency Code   Interest Rate   Maturity Date   Market Value ($)   % of Fund

 Bonds and Notes
         1,085,000   Acco Brands Corp.                                                                  USD           7.625       8/15/2015            995,488       0.75%
           454,642   Adjustable Rate Mortgage Trust, Series 2005-10, Class 5A1                          USD           0.489       1/25/2036            264,354       0.20%
         1,130,000   Advanced Micro Devices, Inc.                                                       USD           5.750       8/15/2012          1,117,288       0.84%
            95,000   Advanced Micro Devices, Inc.                                                       USD           6.000        5/1/2015             87,756       0.07%
            35,000   AES Corp. (The)                                                                    USD           8.000      10/15/2017             34,781       0.03%
           211,641   AES Ironwood LLC                                                                   USD           8.857      11/30/2025            208,466       0.16%
            22,930   AES Red Oak LLC, Series A                                                          USD           8.540      11/30/2019             23,504       0.02%
         1,090,000   Alcatel-Lucent USA, Inc.                                                           USD           6.450       3/15/2029            773,900       0.58%
         1,930,000   Alcatel-Lucent USA, Inc.                                                           USD           6.500       1/15/2028          1,360,650       1.03%
         1,580,000   Alcatel-Lucent USA, Inc., Series B                                                 USD           2.875       6/15/2025          1,331,150       1.00%
           300,000   American Stores Co.                                                                USD           8.000        6/1/2026            267,000       0.20%
           290,000   Amkor Technology, Inc.                                                             USD           9.250        6/1/2016            299,425       0.23%
           275,000   APL Ltd., Senior Note                                                              USD           8.000       1/15/2024            202,125       0.15%
            55,000   ArvinMeritor, Inc.                                                                 USD           4.000       2/15/2027             42,900       0.03%
           700,000   Asset Backed Funding Certificates, Series 2006-HE1, Class A2B                      USD           0.339       1/25/2037            339,961       0.26%
           490,000   Basic Energy Services, Inc.                                                        USD           7.125       4/15/2016            416,500       0.31%
           380,000   Basic Energy Services, Inc.                                                        USD          11.625        8/1/2014            407,550       0.31%
           225,000   Bear Stearns Asset Backed Securities Trust, Series 2004-HE7, Class M2              USD           1.379       8/25/2034            137,279       0.10%
           100,000   Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4            USD           5.331       2/11/2044             92,570       0.07%
           475,000   Chesapeake Energy Corp.                                                            USD           2.250      12/15/2038            352,688       0.27%
         3,295,000   Chesapeake Energy Corp.                                                            USD           6.500       8/15/2017          3,130,250       2.36%
           790,000   Chesapeake Energy Corp.                                                            USD           6.875      11/15/2020            752,475       0.57%
           350,000   Cie Generale de Geophysique-Veritas                                                USD           9.500       5/15/2016            368,375       0.28%
            15,000   Ciena Corp.                                                                        USD           0.250        5/1/2013             12,131       0.01%
           970,000   Ciena Corp.                                                                        USD           0.875       6/15/2017            640,200       0.48%
            65,000   Cincinnati Bell Telephone Co.                                                      USD           6.300       12/1/2028             50,375       0.04%
           530,000   Cincinnati Bell, Inc.                                                              USD           7.000       2/15/2015            508,800       0.38%
           240,000   Clear Channel Communications, Inc.                                                 USD           4.400       5/15/2011            222,000       0.17%
           415,000   Clear Channel Communications, Inc.                                                 USD           5.000       3/15/2012            356,900       0.27%
           595,000   Clear Channel Communications, Inc.                                                 USD           6.250       3/15/2011            565,250       0.43%
           305,000   Complete Production Services, Inc.                                                 USD           8.000      12/15/2016            296,612       0.22%
           620,000   Connacher Oil and Gas Ltd.                                                         USD          10.250      12/15/2015            597,525       0.45%
            37,277   Continental Airlines, Inc., Series 1997-4, Class 4B                                USD           6.900        1/2/2017             34,295       0.03%
           302,009   Continental Airlines, Inc., Series 2000-2, Class A-1                               USD           7.707        4/2/2021            296,724       0.22%
           514,974   Continental Airlines, Inc., Series 2001-1, Class B                                 USD           7.373      12/15/2015            468,627       0.35%
           180,000   Continental Airlines, Inc., Series 2007-1, Class B                                 USD           6.903       4/19/2022            159,300       0.12%
           530,000   Corp Pesquera Inca SAC                                                             USD           9.000       2/10/2017            519,400       0.39%
           100,000   Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4              USD           5.809       9/15/2039             85,165       0.06%
           410,000   Desarrolladora Homex SAB de CV                                                     USD           7.500       9/28/2015            397,700       0.30%
           250,000   Dillard's, Inc.                                                                    USD           6.625       1/15/2018            215,000       0.16%
           105,000   Dillard's, Inc.                                                                    USD           7.130        8/1/2018             93,450       0.07%
           200,000   DP World Ltd.                                                                      USD           6.850        7/2/2037            152,615       0.12%
           375,000   Dynegy Holdings, Inc.                                                              USD           7.125       5/15/2018            288,750       0.22%
           180,000   Dynegy Holdings, Inc.                                                              USD           7.625      10/15/2026            124,200       0.09%
           815,000   Dynegy Holdings, Inc.                                                              USD           7.750        6/1/2019            639,775       0.48%
         2,230,000   Edison Mission Energy                                                              USD           7.625       5/15/2027          1,449,500       1.09%
         2,285,000   El Paso Corp.                                                                      USD           6.950        6/1/2028          2,040,370       1.54%
           405,000   El Paso Corp.                                                                      USD           7.420       2/15/2037            377,529       0.28%
           110,000   El Paso Corp., GMTN                                                                USD           7.800        8/1/2031            106,875       0.08%
           235,000   El Paso Corp., GMTN                                                                USD           8.050      10/15/2030            230,800       0.17%
    17,499,000,000   European Investment Bank, EMTN                                                      IDR          0.000       4/24/2013          1,476,402       1.11%
         1,611,153   FairPoint Communications, Inc.                                                     USD          15.000        4/2/2018            209,450       0.16%
           450,000   FCE Bank PLC, EMTN                                                                 GBP           7.875       2/15/2011            691,306       0.52%
           170,000   Felcor Lodging Trust, Inc.                                                         USD          10.000       10/1/2014            165,325       0.12%
         1,110,000   First Data Corp.                                                                   USD           9.875       9/24/2015            960,150       0.72%
         1,720,000   Ford Motor Co.                                                                     USD           4.250      11/15/2016          2,442,400       1.84%
           420,000   Ford Motor Co.                                                                     USD           6.375        2/1/2029            336,000       0.25%
            65,000   Ford Motor Co.                                                                     USD           6.625       2/15/2028             52,000       0.04%
         1,220,000   Ford Motor Co.                                                                     USD           6.625       10/1/2028            976,000       0.74%
            40,000   Ford Motor Co.                                                                     USD           7.500        8/1/2026             33,400       0.03%
           150,000   Ford Motor Credit Co. LLC                                                          USD           8.000      12/15/2016            150,621       0.11%
           650,000   Fremont Home Loan Trust, Series 2004-D, Class M2                                   USD           0.829      11/25/2034            392,850       0.30%
            95,000   Frontier Communications Corp.                                                      USD           7.000       11/1/2025             75,050       0.06%
            30,000   Frontier Communications Corp.                                                      USD           7.125       3/15/2019             28,050       0.02%
         1,245,000   Frontier Communications Corp.                                                      USD           7.875       1/15/2027          1,139,175       0.86%
           605,000   Frontier Communications Corp.                                                      USD           9.000       8/15/2031            586,850       0.44%
         1,300,000   General Electric Capital Corp., Series A, GMTN                                     SGD           2.960       5/18/2012            928,714       0.70%
           590,000   General Motors Acceptance Corp. of Canada Ltd., EMTN                               AUD           7.125       9/13/2011            492,041       0.37%
           340,000   Georgia-Pacific Corp.                                                              USD           7.250        6/1/2028            327,250       0.25%
           160,000   Georgia-Pacific Corp.                                                              USD           7.375       12/1/2025            157,600       0.12%
         1,071,000   Georgia-Pacific Corp.                                                              USD           7.750      11/15/2029          1,068,323       0.81%
           139,000   GMAC, Inc.                                                                         USD           8.000       11/1/2031            128,228       0.10%
           635,000   Goodyear Tire & Rubber Co. (The)                                                   USD           7.000       3/15/2028            533,400       0.40%
           725,000   GSAMP Trust, Series 2006-HE5, Class A2C                                            USD           0.379       8/25/2036            288,186       0.22%
            80,000   Hawaiian Telcom Communications, Inc., Series B                                     USD          12.500        5/1/2015                  8       0.00%
            35,000   HCA, Inc.                                                                          USD           7.050       12/1/2027             28,813       0.02%
           630,000   HCA, Inc.                                                                          USD           7.500      12/15/2023            556,981       0.42%
           700,000   HCA, Inc.                                                                          USD           7.500       11/6/2033            608,067       0.46%
            40,000   HCA, Inc.                                                                          USD           7.690       6/15/2025             36,206       0.03%
           480,000   HCA, Inc.                                                                          USD           8.360       4/15/2024            451,639       0.34%
           670,000   HCA, Inc., MTN                                                                     USD           7.580       9/15/2025            600,419       0.45%
         1,685,000   HCA, Inc., MTN                                                                     USD           7.750       7/15/2036          1,470,644       1.11%
           855,000   Hercules, Inc., Subordinated Note                                                  USD           6.500       6/30/2029            642,319       0.48%
Loomis Sayles High Income Fund
Investments as of February 28, 2010 (Unaudited)


      Shares/
 Principal Amount      Security Description                                                              Currency Code   Interest Rate   Maturity Date   Market Value ($)   % of Fund

           1,555,000   Hologic, Inc., (Step to Zero Coupon on 12/15/2013)                                        USD            2.000      12/15/2037          1,329,525       1.00%
             950,000   Human Genome Sciences, Inc.                                                               USD            2.250      10/15/2011          1,787,187       1.35%
             840,000   Human Genome Sciences, Inc.                                                               USD            2.250       8/15/2012          1,425,900       1.08%
             115,000   Iconix Brand Group, Inc.                                                                  USD            1.875       6/30/2012            102,638       0.08%
             556,411   Impac CMB Trust, Series 2005-3, Class A1                                                  USD            0.469       8/25/2035            360,181       0.27%
             980,000   Intel Corp.                                                                               USD            2.950      12/15/2035            934,675       0.70%
             175,000   Intelsat Corp.                                                                            USD            6.875       1/15/2028            150,500       0.11%
         800,000,000   International Bank for Reconstruction & Development                                       KRW            2.300       2/26/2013            682,818       0.51%
          13,400,000   International Bank for Reconstruction & Development                                         ISK          9.500       5/27/2010             60,252       0.05%
              80,000   iStar Financial, Inc.                                                                     USD            5.850       3/15/2017             51,200       0.04%
              10,000   iStar Financial, Inc.                                                                     USD            5.875       3/15/2016              6,400       0.00%
              15,000   iStar Financial, Inc., Series B                                                           USD            5.950      10/15/2013              9,900       0.01%
             545,000   J.C. Penney Corp., Inc., Senior Note                                                      USD            6.375      10/15/2036            491,862       0.37%
             345,000   JDS Uniphase Corp.                                                                        USD            1.000       5/15/2026            297,563       0.22%
             375,000   Jones Apparel Group, Inc.                                                                 USD            6.125      11/15/2034            300,000       0.23%
      12,176,250,000   JPMorgan Chase Bank NA, EMTN                                                               IDR           0.000      10/17/2011          1,164,929       0.88%
             520,000   JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4           USD            5.818       6/15/2049            476,369       0.36%
             100,000   JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3           USD            5.420       1/15/2049             91,269       0.07%
             360,000   KB Home, Guaranteed Note                                                                  USD            5.875       1/15/2015            336,600       0.25%
           1,790,000   KB Home, Guaranteed Note                                                                  USD            7.250       6/15/2018          1,682,600       1.27%
             785,000   Kendle International, Inc.                                                                USD            3.375       7/15/2012            725,144       0.55%
              30,000   Key Energy Services, Inc.                                                                 USD            8.375       12/1/2014             29,700       0.02%
           1,330,000   Kulicke & Soffa Industries, Inc.                                                          USD            0.875        6/1/2012          1,195,337       0.90%
             285,000   Kulicke & Soffa Industries, Inc.                                                          USD            1.000       6/30/2010            276,450       0.21%
             714,483   Lehman Mortgage Trust, Series 2005-3, Class 1A6                                           USD            0.731       1/25/2036            449,360       0.34%
             604,437   Lehman Mortgage Trust, Series 2006-6, Class 5A1                                           USD            0.729      12/25/2036            436,079       0.33%
             740,202   Lehman XS Trust, Series 2007-10H, Class 1A11                                              USD            0.429       7/25/2037            318,287       0.24%
             830,000   Lennar Corp., Series B                                                                    USD            6.500       4/15/2016            780,200       0.59%
           2,235,000   Level 3 Communications, Inc.                                                              USD            3.500       6/15/2012          2,028,262       1.53%
             459,000   Level 3 Communications, Inc.                                                              USD            5.250      12/15/2011            437,198       0.33%
             815,000   Level 3 Communications, Inc.                                                              USD            7.000       3/15/2015            959,662       0.72%
             400,000   Level 3 Communications, Inc.                                                              USD           10.000        5/1/2011            411,000       0.31%
             770,000   Level 3 Financing, Inc.                                                                   USD            8.750       2/15/2017            685,300       0.52%
             495,000   Level 3 Financing, Inc.                                                                   USD            9.250       11/1/2014            469,012       0.35%
              40,000   Life Technologies Corp.                                                                   USD            1.500       2/15/2024             46,200       0.03%
             510,000   Macy's Retail Holdings, Inc.                                                              USD            6.375       3/15/2037            448,800       0.34%
              30,000   Macy's Retail Holdings, Inc.                                                              USD            6.790       7/15/2027             27,000       0.02%
             210,000   Macy's Retail Holdings, Inc.                                                              USD            6.900        4/1/2029            191,625       0.14%
              50,000   Masco Corp.                                                                               USD            6.500       8/15/2032             42,579       0.03%
             345,000   Masco Corp.                                                                               USD            7.750        8/1/2029            327,495       0.25%
             351,036   Master Adjustable Rate Mortgages Trust, Series 2005-2, Class 5A1                          USD            3.536       3/25/2035            295,071       0.22%
             216,000   Maxtor Corp., Subordinated Note                                                           USD            5.750        3/1/2012            209,520       0.16%
          502,000(†)   Mexican Fixed Rate Bonds, Series M-20                                                     MXN            8.000       12/7/2023          3,930,861       2.96%
             580,000   Motorola, Inc.                                                                            USD            6.500        9/1/2025            567,337       0.43%
           1,000,000   Motorola, Inc.                                                                            USD            7.500       5/15/2025          1,067,599       0.80%
             750,000   New Albertson's, Inc.                                                                     USD            7.450        8/1/2029            633,750       0.48%
             190,000   New Albertson's, Inc.                                                                     USD            7.750       6/15/2026            166,250       0.13%
             130,000   New Albertson's, Inc.                                                                     USD            8.000        5/1/2031            113,425       0.09%
             735,000   New Albertson's, Inc., Series C, MTN                                                      USD            6.625        6/1/2028            575,137       0.43%
             350,000   New South Wales Treasury Corp., Series 10RG                                               AUD            7.000       12/1/2010            320,304       0.24%
           1,443,000   Nextel Communications, Inc., Series D                                                     USD            7.375        8/1/2015          1,331,167       1.00%
             944,000   Nextel Communications, Inc., Series E                                                     USD            6.875      10/31/2013            906,240       0.68%
           1,080,000   Nextel Communications, Inc., Series F                                                     USD            5.950       3/15/2014            980,100       0.74%
             140,000   NGC Corp. Capital Trust I, Series B                                                       USD            8.316        6/1/2027             78,400       0.06%
              80,000   NII Holdings, Inc.                                                                        USD            2.750       8/15/2025             80,800       0.06%
           1,435,000   NII Holdings, Inc.                                                                        USD            3.125       6/15/2012          1,327,375       1.00%
             340,000   Nortel Networks Capital Corp.                                                             USD            7.875       6/15/2026            229,500       0.17%
             280,000   Nortel Networks Corp.                                                                     USD            2.125       4/15/2014            193,900       0.15%
             560,000   Nortel Networks Ltd.                                                                      USD            6.875        9/1/2023            165,200       0.12%
           1,052,000   North American Energy Partners, Inc.                                                      USD            8.750       12/1/2011          1,046,740       0.79%
           1,488,000   Omnicare, Inc.                                                                            USD            3.250      12/15/2035          1,190,400       0.90%
             100,000   Oshkosh Corp.                                                                             USD            8.250        3/1/2017            100,000       0.08%
             640,000   Overseas Shipholding Group                                                                USD            7.500       2/15/2024            557,600       0.42%
             150,000   Park Place Securities, Inc., Series WCW2, Class M2                                        USD            0.879      10/25/2034             83,305       0.06%
             470,000   Peabody Energy Corp.                                                                      USD            4.750      12/15/2041            481,750       0.36%
             435,000   Penn Virginia Corp.                                                                       USD            4.500      11/15/2012            407,812       0.31%
             150,000   Petroplus Finance Ltd.                                                                    USD            6.750        5/1/2014            126,750       0.10%
             745,000   Petroplus Finance Ltd.                                                                    USD            7.000        5/1/2017            588,550       0.44%
           3,127,000   Pioneer Natural Resources Co.                                                             USD            7.200       1/15/2028          2,882,531       2.17%
             195,000   ProLogis                                                                                  USD            1.875      11/15/2037            176,475       0.13%
             170,000   ProLogis                                                                                  USD            2.250        4/1/2037            160,013       0.12%
             380,000   Psychiatric Solutions, Inc.                                                               USD            7.750       7/15/2015            355,300       0.27%
           1,325,000   Pulte Homes, Inc.                                                                         USD            6.000       2/15/2035          1,010,312       0.76%
             495,000   Pulte Homes, Inc.                                                                         USD            6.375       5/15/2033            392,288       0.30%
             380,000   Pulte Homes, Inc.                                                                         USD            7.875       6/15/2032            344,850       0.26%
             425,000   Qwest Capital Funding, Inc.                                                               USD            6.500      11/15/2018            377,188       0.28%
           2,860,000   Qwest Capital Funding, Inc.                                                               USD            7.750       2/15/2031          2,516,800       1.90%
           1,445,000   Qwest Capital Funding, Inc., Guaranteed Note                                              USD            6.875       7/15/2028          1,213,800       0.92%
             275,000   Qwest Capital Funding, Inc., Guaranteed Note                                              USD            7.625        8/3/2021            251,625       0.19%
              10,000   Qwest Corp.                                                                               USD            6.875       9/15/2033              9,175       0.01%
             140,000   Ranhill Labuan Ltd.                                                                       USD           12.500      10/26/2011            126,000       0.10%
           3,000,000   Republic of Brazil                                                                         BRL          10.250       1/10/2028          1,693,274       1.28%
           4,582,249   Republic of Uruguay                                                                       UYU            4.250        4/5/2027            221,052       0.17%
             522,549   Residential Accredit Loans, Inc., Series 2005-QA13, Class 2A1                             USD            5.801      12/25/2035            253,606       0.19%
Loomis Sayles High Income Fund
Investments as of February 28, 2010 (Unaudited)


      Shares/
 Principal Amount      Security Description                                                                          Currency Code   Interest Rate   Maturity Date   Market Value ($)   % of Fund

           1,000,000   Residential Asset Mortgage Products, Inc., Series 2006-RZ5, Class A2                                   USD           0.409       8/25/2046            822,418       0.62%
           2,000,000   Royal Caribbean Cruises Ltd.                                                                           USD           7.000       6/15/2013          1,985,000       1.50%
             670,000   Royal Caribbean Cruises Ltd.                                                                           USD           7.250       6/15/2016            653,250       0.49%
             985,000   RSC Equipment Rental, Inc.                                                                             USD           9.500       12/1/2014            952,987       0.72%
              85,000   SandRidge Energy, Inc.                                                                                 USD           8.000        6/1/2018             81,388       0.06%
              60,000   SLM Corp., MTN                                                                                         USD           5.050      11/14/2014             53,513       0.04%
              20,000   SLM Corp., Series A, MTN                                                                               USD           5.000       10/1/2013             18,732       0.01%
              10,000   SLM Corp., Series A, MTN                                                                               USD           5.000       6/15/2018              7,885       0.01%
           3,060,000   SLM Corp., Series A, MTN                                                                               USD           5.375       5/15/2014          2,837,009       2.14%
               5,000   SLM Corp., Series A, MTN                                                                               USD           5.625        8/1/2033              3,847       0.00%
             735,000   SLM Corp., Series A, MTN                                                                               NZD           6.500       6/15/2010            509,618       0.38%
             245,000   SLM Corp., Series A, MTN                                                                               USD           8.450       6/15/2018            239,653       0.18%
           2,061,000   Sprint Capital Corp.                                                                                   USD           6.875      11/15/2028          1,561,207       1.18%
              55,000   Sprint Capital Corp.                                                                                   USD           6.900        5/1/2019             48,263       0.04%
              20,000   Sprint Capital Corp.                                                                                   USD           8.750       3/15/2032             17,650       0.01%
             245,000   Steel Dynamics, Inc.                                                                                   USD           5.125       6/15/2014            288,488       0.22%
           1,065,000   Swift Energy Co.                                                                                       USD           7.125        6/1/2017          1,009,087       0.76%
             255,000   Tenet Healthcare Corp.                                                                                 USD           6.875      11/15/2031            204,000       0.16%
           1,600,000   Toys R Us, Inc.                                                                                        USD           7.375      10/15/2018          1,504,000       1.13%
             600,000   Trinity Industries, Inc.                                                                               USD           3.875        6/1/2036            442,500       0.33%
             100,000   True Move Co. Ltd.                                                                                     USD          10.750      12/16/2013            101,000       0.08%
             195,000   TXU Corp., Series P                                                                                    USD           5.550      11/15/2014            142,308       0.11%
           1,015,000   TXU Corp., Series Q                                                                                    USD           6.500      11/15/2024            509,462       0.38%
             370,000   TXU Corp., Series R                                                                                    USD           6.550      11/15/2034            185,827       0.14%
             745,000   United Air Lines, Inc.                                                                                 USD          10.400       11/1/2016            787,837       0.59%
              15,000   United Rentals North America, Inc.                                                                     USD           7.750      11/15/2013             13,988       0.01%
             125,000   United States Steel Corp.                                                                              USD           7.000        2/1/2018            118,016       0.09%
             170,000   Urbi Desarrollos Urbanos SAB de CV                                                                     USD           9.500       1/21/2020            173,825       0.13%
             785,000   USG Corp.                                                                                              USD           6.300      11/15/2016            690,800       0.52%
              75,000   USG Corp.                                                                                              USD           9.500       1/15/2018             75,375       0.07%
              65,000   USG Corp.                                                                                              USD           9.750        8/1/2014             68,250       0.06%
             505,000   Valeant Pharmaceuticals International                                                                  USD           4.000      11/15/2013            649,556       0.49%
             975,000   Windstream Corp.                                                                                       USD           7.875       11/1/2017            953,062       0.72%
             355,000   Xerox Capital Trust I                                                                                  USD           8.000        2/1/2027            350,562       0.26%
                       Subtotal                                                                                                                                          112,476,179      84.81%

    Bank Loans
           763,371     Fairpoint Communications, Inc., Initial Term Loan B                                                    USD           5.000       3/31/2015            580,338       0.44%
            35,729     Hawaiian Telcom Communications, Inc., Tranche C Term Loan                                              USD           4.750        6/1/2014             26,886       0.02%
           250,000     Level 3 Financing, Inc., Add on Term Loan                                                              USD          11.500       3/13/2014            270,125       0.20%
            25,000     Level 3 Financing, Inc., Tranche A Term Loan                                                           USD           2.501       3/13/2014             22,578       0.02%
             2,413     Sungard Data Systems, Inc., Tranche A                                                                  USD           1.978       2/28/2014              2,320       0.00%
           395,696     SuperMedia, Inc., Exit Term Loan                                                                       USD          11.000      12/31/2015            362,755       0.27%
           224,012     Tribune Co., Term Loan X                                                                               USD           5.000        6/4/2009            133,161       0.10%
                       Subtotal                                                                                                                                            1,398,163       1.05%

 Preferred Stocks
              6,475    AES Trust III                                                                                                        6.750                            298,255       0.22%
              9,500    El Paso Energy Capital Trust I                                                                                       4.750                            350,906       0.26%
                300    Federal Home Loan Mortgage Corp.                                                                                     5.000                                435       0.00%
              7,900    Federal Home Loan Mortgage Corp.                                                                                     5.570                              6,873       0.01%
              2,850    Federal Home Loan Mortgage Corp.                                                                                     5.660                              2,451       0.00%
              1,000    Federal Home Loan Mortgage Corp.                                                                                     5.700                              1,530       0.00%
              1,800    Federal Home Loan Mortgage Corp.                                                                                     5.790                              2,952       0.00%
                650    Federal Home Loan Mortgage Corp.                                                                                     5.810                              1,020       0.00%
              1,400    Federal Home Loan Mortgage Corp.                                                                                     5.900                              1,232       0.00%
                350    Federal Home Loan Mortgage Corp.                                                                                     6.000                                609       0.00%
                600    Federal Home Loan Mortgage Corp.                                                                                     6.420                              1,068       0.00%
              1,350    Federal Home Loan Mortgage Corp.                                                                                     6.550                              1,161       0.00%
              7,400    Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter)                               8.375                              8,436       0.01%
              1,200    Federal National Mortgage Association                                                                                4.750                              1,824       0.00%
                200    Federal National Mortgage Association                                                                                5.125                                284       0.00%
                400    Federal National Mortgage Association                                                                                5.375                                648       0.00%
                350    Federal National Mortgage Association                                                                                5.810                                585       0.00%
                550    Federal National Mortgage Association                                                                                6.750                                462       0.00%
             10,250    Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter)                          8.250                             11,070       0.01%
                274    GMAC, Inc., Series G                                                                                                 7.000                            193,932       0.16%
                799    Lucent Technologies Capital Trust I                                                                                  7.750                            599,250       0.45%
             26,890    Newell Financial Trust I                                                                                             5.250                          1,003,333       0.76%
              3,732    Sovereign Capital Trust IV                                                                                           4.375                            104,962       0.08%
              2,550    United Rentals Trust I                                                                                               6.500                             70,763       0.05%
                       Subtotal                                                                                                                                            2,664,041       2.01%

  Common Stocks
            1,087      Ashland, Inc.                                                                                                                                          51,176       0.04%
            3,341      Dex One Corp.                                                                                                                                          99,552       0.08%
           35,176      El Paso Corp.                                                                                                                                         368,293       0.28%
            5,500      Federal Home Loan Mortgage Corp.                                                                                                                        6,490       0.00%
            1,775      KB Home                                                                                                                                                28,897       0.02%
            6,875      Merck & Co., Inc.                                                                                                                                     253,550       0.19%
            8,147      Vertex Pharmaceuticals, Inc.                                                                                                                          330,850       0.25%
                       Subtotal                                                                                                                                            1,138,808       0.86%

Closed-End Investment Companies
Loomis Sayles High Income Fund
Investments as of February 28, 2010 (Unaudited)


      Shares/
 Principal Amount     Security Description                                                                        Currency Code         Interest Rate   Maturity Date   Market Value ($)   % of Fund

                2,535 Morgan Stanley Emerging Markets Debt Fund, Inc.                                                                                                            25,958       0.02%
                2,175 Western Asset High Income Opportunity Fund, Inc.                                                                                                           13,398       0.01%
                      Subtotal                                                                                                                                                   39,356       0.03%

Short-Term Investments
         13,840,567 Fixed Income Clearing Corporation Tri-Party Repurchase Agreement                                                           0.000         3/1/2010        13,840,567      10.44%
                421 Repurchase Agreement with State Street Corp.                                                                               0.000         3/1/2010               421       0.00%
                    Subtotal                                                                                                                                                 13,840,988      10.44%

                      Total Investments                                                                                                                                     131,557,535      99.20%
                      Other Assets and Liabilities                                                                                                                            1,067,467       0.80%
                      Total Net Assets                                                                                                                                      132,625,002     100.00%


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

                      Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; GBP: British Pound; IDR: Indonesian Rupiah; ISK: Icelandic Krona;
                      KRW: South Korean Won; MXN: Mexican Peso; NZD: New Zealand Dollar; SGD: Singapore Dollar; USD: U.S. Dollar: UYU: Uruguayan Peso




The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the
securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.
Loomis Sayles High Income Fund
Investments as of January 31, 2010 (Unaudited)


      Shares/
 Principal Amount    Security Description                                                      Currency Code   Interest Rate   Maturity Date   Market Value ($)   % of Fund

 Bonds and Notes
           670,000   Acco Brands Corp.                                                                  USD           7.625       8/15/2015            628,125       0.41%
           457,931   Adjustable Rate Mortgage Trust, Series 2005-10, Class 5A1                          USD           0.491       1/25/2036            266,355       0.17%
         1,130,000   Advanced Micro Devices, Inc.                                                       USD           5.750       8/15/2012          1,110,225       0.72%
            95,000   Advanced Micro Devices, Inc.                                                       USD           6.000        5/1/2015             86,925       0.06%
            35,000   AES Corp. (The)                                                                    USD           8.000      10/15/2017             35,263       0.02%
           211,641   AES Ironwood LLC                                                                   USD           8.857      11/30/2025            214,815       0.14%
            22,930   AES Red Oak LLC, Series A                                                          USD           8.540      11/30/2019             23,389       0.02%
         1,090,000   Alcatel-Lucent USA, Inc.                                                           USD           6.450       3/15/2029            765,725       0.50%
         1,930,000   Alcatel-Lucent USA, Inc.                                                           USD           6.500       1/15/2028          1,351,000       0.88%
         1,580,000   Alcatel-Lucent USA, Inc., Series B                                                 USD           2.875       6/15/2025          1,358,800       0.88%
           300,000   American Stores Co.                                                                USD           8.000        6/1/2026            273,000       0.18%
           290,000   Amkor Technology, Inc.                                                             USD           9.250        6/1/2016            303,050       0.20%
           275,000   APL Ltd., Senior Note                                                              USD           8.000       1/15/2024            244,747       0.16%
            55,000   ArvinMeritor, Inc.                                                                 USD           4.000       2/15/2027             39,394       0.03%
           700,000   Asset Backed Funding Certificates, Series 2006-HE1, Class A2B                      USD           0.341       1/25/2037            337,485       0.22%
           490,000   Basic Energy Services, Inc.                                                        USD           7.125       4/15/2016            421,400       0.27%
           380,000   Basic Energy Services, Inc.                                                        USD          11.625        8/1/2014            412,300       0.27%
           225,000   Bear Stearns Asset Backed Securities Trust, Series 2004-HE7, Class M2              USD           1.381       8/25/2034            137,029       0.09%
           100,000   Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4            USD           5.331       2/11/2044             89,261       0.06%
           255,000   Bell Canada, Series M-17                                                           CAD           6.100       3/16/2035            237,278       0.15%
            95,000   Boston Scientific Corp.                                                            USD           7.000      11/15/2035             94,873       0.06%
           600,000   CCL Finance Ltd.                                                                   USD           9.500       8/15/2014            639,000       0.42%
           475,000   Chesapeake Energy Corp.                                                            USD           2.250      12/15/2038            349,125       0.23%
         3,295,000   Chesapeake Energy Corp.                                                            USD           6.500       8/15/2017          3,154,962       2.05%
           790,000   Chesapeake Energy Corp.                                                            USD           6.875      11/15/2020            760,375       0.49%
           350,000   Cie Generale de Geophysique-Veritas                                                USD           9.500       5/15/2016            374,500       0.24%
            15,000   Ciena Corp.                                                                        USD           0.250        5/1/2013             12,131       0.01%
           970,000   Ciena Corp.                                                                        USD           0.875       6/15/2017            631,713       0.41%
            65,000   Cincinnati Bell Telephone Co.                                                      USD           6.300       12/1/2028             49,238       0.03%
           530,000   Cincinnati Bell, Inc.                                                              USD           7.000       2/15/2015            515,425       0.34%
           240,000   Clear Channel Communications, Inc.                                                 USD           4.400       5/15/2011            216,000       0.14%
           415,000   Clear Channel Communications, Inc.                                                 USD           5.000       3/15/2012            341,338       0.22%
           595,000   Clear Channel Communications, Inc.                                                 USD           6.250       3/15/2011            559,300       0.36%
            20,000   Clear Channel Communications, Inc.                                                 USD           7.650       9/15/2010             19,400       0.01%
           555,000   CMS Energy Corp.                                                                   USD           5.500       6/15/2029            656,981       0.43%
           800,000   Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4            USD           5.816      12/10/2049            759,221       0.49%
           305,000   Complete Production Services, Inc.                                                 USD           8.000      12/15/2016            301,950       0.20%
           620,000   Connacher Oil and Gas Ltd.                                                         USD          10.250      12/15/2015            595,200       0.39%
            37,277   Continental Airlines, Inc., Series 1997-4, Class 4B                                USD           6.900        1/2/2017             35,506       0.02%
           302,009   Continental Airlines, Inc., Series 2000-2, Class A-1                               USD           7.707        4/2/2021            298,234       0.19%
           514,974   Continental Airlines, Inc., Series 2001-1, Class B                                 USD           7.373      12/15/2015            468,627       0.31%
           180,000   Continental Airlines, Inc., Series 2007-1, Class B                                 USD           6.903       4/19/2022            162,000       0.11%
           100,000   Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4              USD           5.809       9/15/2039             82,077       0.05%
           410,000   Desarrolladora Homex SAB de CV                                                     USD           7.500       9/28/2015            401,800       0.26%
           250,000   Dillard's, Inc.                                                                    USD           6.625       1/15/2018            215,000       0.14%
           105,000   Dillard's, Inc.                                                                    USD           7.130        8/1/2018             92,400       0.06%
           200,000   DP World Ltd.                                                                      USD           6.850        7/2/2037            155,852       0.10%
           315,000   Drummond Co., Inc.                                                                 USD           9.000      10/15/2014            329,175       0.21%
           375,000   Dynegy Holdings, Inc.                                                              USD           7.125       5/15/2018            298,125       0.19%
           180,000   Dynegy Holdings, Inc.                                                              USD           7.625      10/15/2026            136,800       0.09%
           815,000   Dynegy Holdings, Inc.                                                              USD           7.750        6/1/2019            652,000       0.42%
         2,230,000   Edison Mission Energy                                                              USD           7.625       5/15/2027          1,639,050       1.07%
         2,285,000   El Paso Corp.                                                                      USD           6.950        6/1/2028          2,074,654       1.35%
           225,000   El Paso Corp.                                                                      USD           7.000       6/15/2017            230,041       0.15%
           405,000   El Paso Corp.                                                                      USD           7.420       2/15/2037            358,174       0.23%
           110,000   El Paso Corp., GMTN                                                                USD           7.800        8/1/2031            109,342       0.07%
           235,000   El Paso Corp., GMTN                                                                USD           8.050      10/15/2030            234,768       0.15%
           130,000   El Paso Natural Gas Co.                                                            USD           8.375       6/15/2032            158,374       0.10%
         2,340,000   Elan Finance PLC                                                                   USD           8.875       12/1/2013          2,351,700       1.53%
           460,000   Embarq Corp.                                                                       USD           7.995        6/1/2036            505,272       0.33%
    17,499,000,000   European Investment Bank, EMTN                                                      IDR          0.000       4/24/2013          1,438,661       0.94%
         1,611,153   FairPoint Communications, Inc.                                                     USD          15.000        4/2/2018            225,561       0.15%
           450,000   FCE Bank PLC, EMTN                                                                 GBP           7.875       2/15/2011            727,382       0.47%
           170,000   Felcor Lodging Trust, Inc.                                                         USD          10.000       10/1/2014            168,300       0.11%
         1,110,000   First Data Corp.                                                                   USD           9.875       9/24/2015            990,675       0.64%
         1,720,000   Ford Motor Co.                                                                     USD           4.250      11/15/2016          2,302,650       1.50%
           420,000   Ford Motor Co.                                                                     USD           6.375        2/1/2029            324,450       0.21%
            65,000   Ford Motor Co.                                                                     USD           6.625       2/15/2028             50,375       0.03%
         1,220,000   Ford Motor Co.                                                                     USD           6.625       10/1/2028            945,500       0.62%
            40,000   Ford Motor Co.                                                                     USD           7.500        8/1/2026             33,400       0.02%
           130,000   Ford Motor Credit Co. LLC                                                          USD           7.000       10/1/2013            130,093       0.08%
         1,320,000   Ford Motor Credit Co. LLC                                                          USD           8.000        6/1/2014          1,340,407       0.87%
           150,000   Ford Motor Credit Co. LLC                                                          USD           8.000      12/15/2016            150,889       0.10%
           650,000   Fremont Home Loan Trust, Series 2004-D, Class M2                                   USD           0.831      11/25/2034            391,074       0.25%
            95,000   Frontier Communications Corp.                                                      USD           7.000       11/1/2025             77,900       0.05%
            30,000   Frontier Communications Corp.                                                      USD           7.125       3/15/2019             28,350       0.02%
         1,245,000   Frontier Communications Corp.                                                      USD           7.875       1/15/2027          1,129,837       0.74%
           605,000   Frontier Communications Corp.                                                      USD           9.000       8/15/2031            598,950       0.39%
         1,300,000   General Electric Capital Corp., Series A, GMTN                                     SGD           2.960       5/18/2012            924,865       0.60%
           590,000   General Motors Acceptance Corp. of Canada Ltd., EMTN                               AUD           7.125       9/13/2011            491,013       0.32%
           340,000   Georgia-Pacific Corp.                                                              USD           7.250        6/1/2028            328,100       0.21%
           160,000   Georgia-Pacific Corp.                                                              USD           7.375       12/1/2025            160,000       0.10%
         1,071,000   Georgia-Pacific Corp.                                                              USD           7.750      11/15/2029          1,081,710       0.70%
Loomis Sayles High Income Fund
Investments as of January 31, 2010 (Unaudited)


      Shares/
 Principal Amount      Security Description                                                              Currency Code   Interest Rate   Maturity Date   Market Value ($)   % of Fund

           2,706,000   GMAC, Inc.                                                                                USD            6.750       12/1/2014          2,631,585       1.71%
             139,000   GMAC, Inc.                                                                                USD            8.000       11/1/2031            133,093       0.09%
             635,000   Goodyear Tire & Rubber Co. (The)                                                          USD            7.000       3/15/2028            542,925       0.35%
             650,000   Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4                    USD            5.736      12/10/2049            605,985       0.39%
           1,375,000   Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4                     USD            5.444       3/10/2039          1,273,763       0.83%
             725,000   GSAMP Trust, Series 2006-HE5, Class A2C                                                   USD            0.381       8/25/2036            285,810       0.19%
              80,000   Hawaiian Telcom Communications, Inc., Series B                                            USD           12.500        5/1/2015                  8       0.00%
              50,000   HCA, Inc.                                                                                 USD            6.375       1/15/2015             46,125       0.03%
             205,000   HCA, Inc.                                                                                 USD            6.500       2/15/2016            188,600       0.12%
              35,000   HCA, Inc.                                                                                 USD            7.050       12/1/2027             29,575       0.02%
           1,070,000   HCA, Inc.                                                                                 USD            7.190      11/15/2015          1,003,001       0.65%
             630,000   HCA, Inc.                                                                                 USD            7.500      12/15/2023            573,300       0.37%
             700,000   HCA, Inc.                                                                                 USD            7.500       11/6/2033            609,000       0.40%
              40,000   HCA, Inc.                                                                                 USD            7.690       6/15/2025             36,800       0.02%
             480,000   HCA, Inc.                                                                                 USD            8.360       4/15/2024            456,000       0.30%
             670,000   HCA, Inc., MTN                                                                            USD            7.580       9/15/2025            596,300       0.39%
           1,685,000   HCA, Inc., MTN                                                                            USD            7.750       7/15/2036          1,499,650       0.98%
             855,000   Hercules, Inc., Subordinated Note                                                         USD            6.500       6/30/2029            577,125       0.38%
           1,555,000   Hologic, Inc., (Step to Zero Coupon on 12/15/2013)                                        USD            2.000      12/15/2037          1,306,200       0.85%
             105,000   Host Hotels & Resorts LP                                                                  USD            3.250       4/15/2024            105,000       0.07%
           1,690,000   Host Hotels & Resorts, Inc.                                                               USD            2.625       4/15/2027          1,620,288       1.05%
             950,000   Human Genome Sciences, Inc.                                                               USD            2.250      10/15/2011          1,683,875       1.10%
             840,000   Human Genome Sciences, Inc.                                                               USD            2.250       8/15/2012          1,354,500       0.88%
             560,148   Impac CMB Trust, Series 2005-3, Class A1                                                  USD            0.471       8/25/2035            363,075       0.24%
             245,000   Incyte Corp.                                                                              USD            3.500       2/15/2011            248,981       0.16%
             980,000   Intel Corp.                                                                               USD            2.950      12/15/2035            924,875       0.60%
             175,000   Intelsat Corp.                                                                            USD            6.875       1/15/2028            151,375       0.10%
           1,765,000   Intelsat Subsidiary Holding Co. Ltd.                                                      USD            8.500       1/15/2013          1,782,650       1.16%
          13,400,000   International Bank for Reconstruction & Development                                         ISK          9.500       5/27/2010             65,427       0.04%
              80,000   iStar Financial, Inc.                                                                     USD            5.850       3/15/2017             51,800       0.03%
              10,000   iStar Financial, Inc.                                                                     USD            5.875       3/15/2016              6,350       0.00%
              15,000   iStar Financial, Inc., Series B                                                           USD            5.950      10/15/2013              9,750       0.01%
             545,000   J.C. Penney Corp., Inc., Senior Note                                                      USD            6.375      10/15/2036            487,775       0.32%
             345,000   JDS Uniphase Corp.                                                                        USD            1.000       5/15/2026            293,681       0.19%
             375,000   Jones Apparel Group, Inc.                                                                 USD            6.125      11/15/2034            302,813       0.20%
      12,176,250,000   JPMorgan Chase Bank NA, EMTN                                                               IDR           0.000      10/17/2011          1,148,344       0.75%
             520,000   JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4           USD            5.818       6/15/2049            474,877       0.31%
             100,000   JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3           USD            5.420       1/15/2049             88,960       0.06%
             360,000   KB Home, Guaranteed Note                                                                  USD            5.875       1/15/2015            338,400       0.22%
           1,790,000   KB Home, Guaranteed Note                                                                  USD            7.250       6/15/2018          1,718,400       1.12%
             785,000   Kendle International, Inc.                                                                USD            3.375       7/15/2012            707,481       0.46%
              30,000   Key Energy Services, Inc.                                                                 USD            8.375       12/1/2014             30,000       0.02%
           1,330,000   Kulicke & Soffa Industries, Inc.                                                          USD            0.875        6/1/2012          1,140,475       0.74%
             285,000   Kulicke & Soffa Industries, Inc.                                                          USD            1.000       6/30/2010            276,450       0.18%
             717,258   Lehman Mortgage Trust, Series 2005-3, Class 1A6                                           USD            0.731       1/25/2036            459,840       0.30%
             620,166   Lehman Mortgage Trust, Series 2006-6, Class 5A1                                           USD            0.731      12/25/2036            447,353       0.29%
             767,348   Lehman XS Trust, Series 2007-10H, Class 1A11                                              USD            0.429       7/25/2037            329,960       0.21%
             580,000   Lennar Corp., Series B                                                                    USD            5.600       5/31/2015            530,700       0.35%
             830,000   Lennar Corp., Series B                                                                    USD            6.500       4/15/2016            788,500       0.51%
           2,235,000   Level 3 Communications, Inc.                                                              USD            3.500       6/15/2012          2,033,850       1.32%
             459,000   Level 3 Communications, Inc.                                                              USD            5.250      12/15/2011            438,919       0.29%
             815,000   Level 3 Communications, Inc.                                                              USD            7.000       3/15/2015            898,537       0.58%
             400,000   Level 3 Communications, Inc.                                                              USD           10.000        5/1/2011            411,000       0.27%
             770,000   Level 3 Financing, Inc.                                                                   USD            8.750       2/15/2017            694,925       0.45%
             495,000   Level 3 Financing, Inc.                                                                   USD            9.250       11/1/2014            464,063       0.30%
              40,000   Life Technologies Corp.                                                                   USD            1.500       2/15/2024             44,450       0.03%
             486,845   Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3                                USD            0.431       1/25/2036            374,883       0.24%
             510,000   Macy's Retail Holdings, Inc.                                                              USD            6.375       3/15/2037            448,800       0.29%
              30,000   Macy's Retail Holdings, Inc.                                                              USD            6.790       7/15/2027             27,525       0.02%
             210,000   Macy's Retail Holdings, Inc.                                                              USD            6.900        4/1/2029            192,150       0.13%
              50,000   Masco Corp.                                                                               USD            6.500       8/15/2032             42,891       0.03%
             345,000   Masco Corp.                                                                               USD            7.750        8/1/2029            334,897       0.22%
             352,809   Master Adjustable Rate Mortgages Trust, Series 2005-2, Class 5A1                          USD            3.536       3/25/2035            296,002       0.19%
             216,000   Maxtor Corp., Subordinated Note                                                           USD            5.750        3/1/2012            205,200       0.13%
          502,000(†)   Mexican Fixed Rate Bonds, Series M-20                                                     MXN            8.000       12/7/2023          3,774,211       2.46%
             580,000   Motorola, Inc.                                                                            USD            6.500        9/1/2025            516,989       0.34%
           1,000,000   Motorola, Inc.                                                                            USD            7.500       5/15/2025          1,006,255       0.66%
           1,576,000   Nektar Therapeutics                                                                       USD            3.250       9/28/2012          1,491,290       0.97%
             750,000   New Albertson's, Inc.                                                                     USD            7.450        8/1/2029            639,375       0.42%
             190,000   New Albertson's, Inc.                                                                     USD            7.750       6/15/2026            168,150       0.11%
             130,000   New Albertson's, Inc.                                                                     USD            8.000        5/1/2031            117,000       0.08%
             735,000   New Albertson's, Inc., Series C, MTN                                                      USD            6.625        6/1/2028            580,650       0.38%
             350,000   New South Wales Treasury Corp., Series 10RG                                               AUD            7.000       12/1/2010            316,490       0.21%
           1,443,000   Nextel Communications, Inc., Series D                                                     USD            7.375        8/1/2015          1,302,307       0.85%
             944,000   Nextel Communications, Inc., Series E                                                     USD            6.875      10/31/2013            880,280       0.57%
           1,080,000   Nextel Communications, Inc., Series F                                                     USD            5.950       3/15/2014            955,800       0.62%
             140,000   NGC Corp. Capital Trust I, Series B                                                       USD            8.316        6/1/2027             84,000       0.05%
              80,000   NII Holdings, Inc.                                                                        USD            2.750       8/15/2025             80,100       0.05%
           1,435,000   NII Holdings, Inc.                                                                        USD            3.125       6/15/2012          1,314,819       0.86%
             340,000   Nortel Networks Capital Corp.                                                             USD            7.875       6/15/2026            222,700       0.14%
             280,000   Nortel Networks Corp.                                                                     USD            2.125       4/15/2014            190,400       0.12%
             560,000   Nortel Networks Ltd.                                                                      USD            6.875        9/1/2023            159,600       0.10%
           1,052,000   North American Energy Partners, Inc.                                                      USD            8.750       12/1/2011          1,049,370       0.68%
           1,488,000   Omnicare, Inc.                                                                            USD            3.250      12/15/2035          1,212,720       0.79%
Loomis Sayles High Income Fund
Investments as of January 31, 2010 (Unaudited)


      Shares/
 Principal Amount      Security Description                                                       Currency Code   Interest Rate   Maturity Date   Market Value ($)   % of Fund

             640,000   Overseas Shipholding Group                                                          USD           7.500       2/15/2024            556,800       0.36%
             175,000   Owens-Illinois, Inc., Senior Note                                                   USD           7.800       5/15/2018            179,813       0.12%
             215,000   Peabody Energy Corp.                                                                USD           4.750      12/15/2041            213,656       0.14%
             435,000   Penn Virginia Corp.                                                                 USD           4.500      11/15/2012            411,619       0.27%
             150,000   Petroplus Finance Ltd.                                                              USD           6.750        5/1/2014            138,750       0.09%
             745,000   Petroplus Finance Ltd.                                                              USD           7.000        5/1/2017            668,638       0.44%
           3,127,000   Pioneer Natural Resources Co.                                                       USD           7.200       1/15/2028          2,888,366       1.88%
             195,000   ProLogis                                                                            USD           1.875      11/15/2037            173,794       0.11%
             170,000   ProLogis                                                                            USD           2.250        4/1/2037            159,162       0.10%
             275,000   ProLogis                                                                            USD           5.750        4/1/2016            271,913       0.18%
             380,000   Psychiatric Solutions, Inc.                                                         USD           7.750       7/15/2015            354,350       0.23%
           1,325,000   Pulte Homes, Inc.                                                                   USD           6.000       2/15/2035          1,026,875       0.67%
             495,000   Pulte Homes, Inc.                                                                   USD           6.375       5/15/2033            398,475       0.26%
             380,000   Pulte Homes, Inc.                                                                   USD           7.875       6/15/2032            347,700       0.23%
             425,000   Qwest Capital Funding, Inc.                                                         USD           6.500      11/15/2018            377,188       0.25%
           2,860,000   Qwest Capital Funding, Inc.                                                         USD           7.750       2/15/2031          2,545,400       1.66%
           1,445,000   Qwest Capital Funding, Inc., Guaranteed Note                                        USD           6.875       7/15/2028          1,242,700       0.81%
             275,000   Qwest Capital Funding, Inc., Guaranteed Note                                        USD           7.625        8/3/2021            253,000       0.16%
              10,000   Qwest Corp.                                                                         USD           6.875       9/15/2033              9,200       0.01%
              85,000   R.H. Donnelley Corp.                                                                USD           6.875       1/15/2013              8,500       0.01%
              25,000   R.H. Donnelley Corp., Series A-1                                                    USD           6.875       1/15/2013              2,500       0.00%
             160,000   R.H. Donnelley Corp., Series A-2                                                    USD           6.875       1/15/2013             16,000       0.01%
             615,000   R.H. Donnelley Corp., Series A-3                                                    USD           8.875       1/15/2016             61,500       0.04%
             155,000   R.H. Donnelley Corp., Series A-4                                                    USD           8.875      10/15/2017             15,500       0.01%
             140,000   Ranhill Labuan Ltd.                                                                 USD          12.500      10/26/2011            122,500       0.08%
           2,750,000   Republic of Brazil                                                                  BRL          10.250       1/10/2028          1,469,828       0.96%
           3,710,000   Republic of Uruguay                                                                 UYU           4.250        4/5/2027            218,119       0.14%
             526,533   Residential Accredit Loans, Inc., Series 2005-QA13, Class 2A1                       USD           5.801      12/25/2035            255,462       0.17%
           1,000,000   Residential Asset Mortgage Products, Inc., Series 2006-RZ5, Class A2                USD           0.411       8/25/2046            815,570       0.53%
             135,000   Royal Caribbean Cruises Ltd.                                                        USD           6.875       12/1/2013            133,650       0.09%
           2,000,000   Royal Caribbean Cruises Ltd.                                                        USD           7.000       6/15/2013          1,985,000       1.29%
             670,000   Royal Caribbean Cruises Ltd.                                                        USD           7.250       6/15/2016            653,250       0.43%
             985,000   RSC Equipment Rental, Inc.                                                          USD           9.500       12/1/2014            997,312       0.65%
           1,805,000   Seagate Technology HDD Holdings                                                     USD           6.800       10/1/2016          1,798,231       1.17%
              60,000   SLM Corp., MTN                                                                      USD           5.050      11/14/2014             52,948       0.03%
              10,000   SLM Corp., MTN                                                                      USD           5.125       8/27/2012              9,508       0.01%
              20,000   SLM Corp., Series A, MTN                                                            USD           5.000       10/1/2013             18,298       0.01%
              10,000   SLM Corp., Series A, MTN                                                            USD           5.000       6/15/2018              8,079       0.01%
           4,260,000   SLM Corp., Series A, MTN                                                            USD           5.375       5/15/2014          3,862,274       2.51%
               5,000   SLM Corp., Series A, MTN                                                            USD           5.625        8/1/2033              3,837       0.00%
             735,000   SLM Corp., Series A, MTN                                                            NZD           6.500       6/15/2010            510,904       0.33%
             245,000   SLM Corp., Series A, MTN                                                            USD           8.450       6/15/2018            240,100       0.16%
           2,061,000   Sprint Capital Corp.                                                                USD           6.875      11/15/2028          1,617,885       1.06%
              55,000   Sprint Capital Corp.                                                                USD           6.900        5/1/2019             48,950       0.03%
              20,000   Sprint Capital Corp.                                                                USD           8.750       3/15/2032             18,000       0.01%
           2,590,000   Starwood Hotels & Resorts Worldwide, Inc.                                           USD           6.750       5/15/2018          2,583,525       1.68%
             245,000   Steel Dynamics, Inc.                                                                USD           5.125       6/15/2014            281,750       0.18%
             214,274   Structured Adjustable Rate Mortgage Loan Trust, Series 2007-7, Class 1A1            USD           0.531       8/25/2037            129,224       0.08%
           1,065,000   Swift Energy Co.                                                                    USD           7.125        6/1/2017          1,019,738       0.67%
             255,000   Tenet Healthcare Corp.                                                              USD           6.875      11/15/2031            205,275       0.13%
             190,000   Tenet Healthcare Corp.                                                              USD           7.375        2/1/2013            188,575       0.12%
              60,000   Tenet Healthcare Corp.                                                              USD           9.875        7/1/2014             63,450       0.04%
           1,600,000   Toys R Us, Inc.                                                                     USD           7.375      10/15/2018          1,484,000       0.97%
              20,000   Toys R Us, Inc.                                                                     USD           7.875       4/15/2013             20,350       0.01%
             600,000   Trinity Industries, Inc.                                                            USD           3.875        6/1/2036            443,250       0.29%
             600,000   True Move Co. Ltd.                                                                  USD          10.375        8/1/2014            594,000       0.39%
           1,000,000   True Move Co. Ltd.                                                                  USD          10.750      12/16/2013          1,005,000       0.66%
             195,000   TXU Corp., Series P                                                                 USD           5.550      11/15/2014            145,762       0.09%
           1,015,000   TXU Corp., Series Q                                                                 USD           6.500      11/15/2024            540,275       0.36%
             370,000   TXU Corp., Series R                                                                 USD           6.550      11/15/2034            194,299       0.13%
             745,000   United Air Lines, Inc.                                                              USD          10.400       11/1/2016            802,737       0.52%
              15,000   United Rentals North America, Inc.                                                  USD           7.750      11/15/2013             14,606       0.01%
             150,000   United Rentals North America, Inc.                                                  USD          10.875       6/15/2016            163,688       0.11%
             125,000   United States Steel Corp.                                                           USD           7.000        2/1/2018            120,494       0.08%
             170,000   Urbi Desarrollos Urbanos SAB de CV                                                  USD           9.500       1/21/2020            171,700       0.11%
             785,000   USG Corp.                                                                           USD           6.300      11/15/2016            694,725       0.46%
              75,000   USG Corp.                                                                           USD           9.500       1/15/2018             76,500       0.06%
              65,000   USG Corp.                                                                           USD           9.750        8/1/2014             68,900       0.04%
             505,000   Valeant Pharmaceuticals International                                               USD           4.000      11/15/2013            617,363       0.40%
             975,000   Windstream Corp.                                                                    USD           7.875       11/1/2017            962,812       0.63%
             355,000   Xerox Capital Trust I                                                               USD           8.000        2/1/2027            351,450       0.23%
                       Subtotal                                                                                                                       136,797,361      89.05%

    Bank Loans
           137,204     Ashland Chemicals, Term Loan B                                                      USD           7.650       5/13/2014            138,722       0.09%
           325,057     CommScope, Inc., Term Loan B                                                        USD           2.747      12/26/2014            318,555       0.21%
           763,371     Fairpoint Communications, Inc., Initial Term Loan B                                 USD           5.000       3/31/2015            572,315       0.37%
            35,729     Hawaiian Telcom Communications, Inc., Tranche C Term Loan                           USD           4.750        6/1/2014             25,903       0.02%
           250,000     Level 3 Financing, Inc., Add on Term Loan                                           USD          11.500       3/13/2014            270,158       0.18%
            25,000     Level 3 Financing, Inc., Tranche A Term Loan                                        USD           2.501       3/13/2014             22,699       0.01%
           416,753     Nuance Communications, Inc., Term Loan                                              USD           2.240       3/31/2013            401,387       0.26%
             2,413     Sungard Data Systems, Inc., Tranche A                                               USD           1.981       2/28/2014              2,331       0.00%
           395,696     SuperMedia, Inc., Exit Term Loan                                                    USD          11.000      12/31/2015            369,359       0.24%
           286,154     Transaction Network Services, Inc., New Term Loan                                   USD           6.000       3/28/2014            286,225       0.19%
Loomis Sayles High Income Fund
Investments as of January 31, 2010 (Unaudited)


      Shares/
 Principal Amount      Security Description                                                                          Currency Code      Interest Rate   Maturity Date   Market Value ($)   % of Fund

             224,012 Tribune Co., Term Loan X                                                                                 USD              5.000         6/4/2009           136,311       0.09%
                     Subtotal                                                                                                                                                 2,543,965       1.66%

  Preferred Stocks
               6,475   AES Trust III                                                                                                           6.750                            296,636       0.19%
               9,500   El Paso Energy Capital Trust I                                                                                          4.750                            359,813       0.23%
                 300   Federal Home Loan Mortgage Corp.                                                                                        5.000                                435       0.00%
               7,900   Federal Home Loan Mortgage Corp.                                                                                        5.570                              6,083       0.00%
               2,850   Federal Home Loan Mortgage Corp.                                                                                        5.660                              2,280       0.00%
               1,000   Federal Home Loan Mortgage Corp.                                                                                        5.700                              1,500       0.00%
               1,800   Federal Home Loan Mortgage Corp.                                                                                        5.790                              2,898       0.00%
                 650   Federal Home Loan Mortgage Corp.                                                                                        5.810                              1,014       0.00%
               1,400   Federal Home Loan Mortgage Corp.                                                                                        5.900                              1,134       0.00%
                 350   Federal Home Loan Mortgage Corp.                                                                                        6.000                                553       0.00%
                 600   Federal Home Loan Mortgage Corp.                                                                                        6.420                              1,170       0.00%
               1,350   Federal Home Loan Mortgage Corp.                                                                                        6.550                              1,214       0.00%
               7,400   Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter)                                  8.375                              7,918       0.01%
               1,200   Federal National Mortgage Association                                                                                   4.750                              1,584       0.00%
                 200   Federal National Mortgage Association                                                                                   5.125                                274       0.00%
                 400   Federal National Mortgage Association                                                                                   5.375                                628       0.00%
                 350   Federal National Mortgage Association                                                                                   5.810                                514       0.00%
                 550   Federal National Mortgage Association                                                                                   6.750                                479       0.00%
              10,250   Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter)                             8.250                             11,275       0.01%
                 274   GMAC, Inc., Series G                                                                                                    7.000                            195,824       0.13%
                 799   Lucent Technologies Capital Trust I                                                                                     7.750                            626,216       0.41%
              26,890   Newell Financial Trust I                                                                                                5.250                            937,789       0.61%
               3,732   Sovereign Capital Trust IV                                                                                              4.375                            116,392       0.08%
               2,550   United Rentals Trust I                                                                                                  6.500                             71,559       0.05%
                       Subtotal                                                                                                                                               2,645,182       1.72%

  Common Stocks
            1,087      Ashland, Inc.                                                                                                                                             43,926       0.03%
            5,500      Federal Home Loan Mortgage Corp.                                                                                                                           6,490       0.00%
            1,775      KB Home                                                                                                                                                   27,122       0.02%
            6,875      Merck & Co., Inc.                                                                                                                                        262,487       0.17%
            8,147      Vertex Pharmaceuticals, Inc.                                                                                                                             312,845       0.20%
                       Subtotal                                                                                                                                                 652,870       0.42%

Closed-End Investment Companies
              2,535 Morgan Stanley Emerging Markets Debt Fund, Inc.                                                                                                              25,527       0.02%
              2,175 Western Asset High Income Opportunity Fund, Inc.                                                                                                             13,137       0.01%
                    Subtotal                                                                                                                                                     38,664       0.03%

Short-Term Investments
          5,091,091 Fixed Income Clearing Corporation Tri-Party Repurchase Agreement                                                           0.000         2/1/2010         5,091,091       3.31%
             11,462 Repurchase Agreement with State Street Corp.                                                                               0.000         2/1/2010            11,462       0.01%
                    Subtotal                                                                                                                                                  5,102,553       3.32%

                       Total Investments                                                                                                                                    147,780,595      96.20%
                       Other Assets and Liabilities                                                                                                                           5,831,497       3.80%
                       Total Net Assets                                                                                                                                     153,612,092     100.00%


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

                       Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; GBP: British Pound;
                       IDR: Indonesian Rupiah; ISK: Icelandic Krona; MXN: Mexican Peso; NZD: New Zealand Dollar; SGD: Singapore Dollar;
                       USD: U.S. Dollar: UYU: Uruguayan Peso




The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the
securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.
Loomis Sayles High Income Fund
Investments as of December 31, 2009 (Unaudited)


      Shares/
 Principal Amount    Security Description                                                      Currency Code   Interest Rate   Maturity Date   Market Value ($)   % of Fund

 Bonds and Notes
           670,000   Acco Brands Corp.                                                                  USD           7.625       8/15/2015            623,100       0.34%
           461,996   Adjustable Rate Mortgage Trust, Series 2005-10, Class 5A1                          USD           0.491       1/25/2036            263,253       0.15%
         1,130,000   Advanced Micro Devices, Inc.                                                       USD           5.750       8/15/2012          1,114,462       0.61%
            35,000   AES Corp. (The)                                                                    USD           8.000      10/15/2017             35,919       0.02%
           211,641   AES Ironwood LLC                                                                   USD           8.857      11/30/2025            209,524       0.12%
            22,930   AES Red Oak LLC, Series A                                                          USD           8.540      11/30/2019             22,873       0.01%
           660,000   Affymetrix, Inc.                                                                   USD           3.500       1/15/2038            584,100       0.32%
         1,090,000   Alcatel-Lucent USA, Inc.                                                           USD           6.450       3/15/2029            780,713       0.43%
         1,930,000   Alcatel-Lucent USA, Inc.                                                           USD           6.500       1/15/2028          1,372,712       0.76%
            50,000   Alcatel-Lucent USA, Inc., Series A, Convertible                                    USD           2.875       6/15/2023             49,563       0.03%
         1,580,000   Alcatel-Lucent USA, Inc., Series B                                                 USD           2.875       6/15/2025          1,346,950       0.74%
           300,000   American Stores Co.                                                                USD           8.000        6/1/2026            273,750       0.15%
           290,000   Amkor Technology, Inc.                                                             USD           9.250        6/1/2016            308,125       0.17%
           275,000   APL Ltd., Senior Note                                                              USD           8.000       1/15/2024            211,673       0.12%
           710,000   Aramark Services, Inc.                                                             USD           5.000        6/1/2012            681,600       0.38%
           355,000   ArcelorMittal                                                                      USD           9.850        6/1/2019            459,158       0.25%
           700,000   Asset Backed Funding Certificates, Series 2006-HE1, Class A2B                      USD           0.341       1/25/2037            326,981       0.18%
           490,000   Basic Energy Services, Inc.                                                        USD           7.125       4/15/2016            407,925       0.23%
           380,000   Basic Energy Services, Inc.                                                        USD          11.625        8/1/2014            406,600       0.22%
         1,590,000   BE Aerospace, Inc.                                                                 USD           8.500        7/1/2018          1,685,400       0.93%
           100,000   Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4            USD           5.331       2/11/2044             86,297       0.05%
           255,000   Bell Canada, Series M-17                                                           CAD           6.100       3/16/2035            226,605       0.13%
         2,900,000   Bombardier, Inc.                                                                   USD           7.450        5/1/2034          2,508,500       1.38%
            95,000   Boston Scientific Corp.                                                            USD           7.000      11/15/2035             93,219       0.05%
         3,360,000   Canadian Government                                                                CAD           4.500        6/1/2015          3,471,481       1.91%
           600,000   CCL Finance Ltd.                                                                   USD           9.500       8/15/2014            645,000       0.36%
           475,000   Chesapeake Energy Corp.                                                            USD           2.250      12/15/2038            359,219       0.20%
            40,000   Chesapeake Energy Corp.                                                            USD           6.375       6/15/2015             39,200       0.02%
         3,295,000   Chesapeake Energy Corp.                                                            USD           6.500       8/15/2017          3,229,100       1.78%
           790,000   Chesapeake Energy Corp.                                                            USD           6.875      11/15/2020            762,350       0.42%
            15,000   Ciena Corp.                                                                        USD           0.250        5/1/2013             11,325       0.01%
           970,000   Ciena Corp.                                                                        USD           0.875       6/15/2017            561,388       0.31%
            65,000   Cincinnati Bell Telephone Co.                                                      USD           6.300       12/1/2028             50,700       0.03%
           530,000   Cincinnati Bell, Inc.                                                              USD           7.000       2/15/2015            523,375       0.29%
           101,492   Citigroup Mortgage Loan Trust, Inc., Series 2006-NC1, Class A2B                    USD           0.341       8/25/2036             81,792       0.05%
           575,112   Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A2A                   USD           0.381       8/25/2036            414,717       0.23%
           555,000   CMS Energy Corp.                                                                   USD           5.500       6/15/2029            678,487       0.37%
           800,000   Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4            USD           5.816      12/10/2049            725,497       0.40%
           350,000   Compagnie Generale de Geophysique-Veritas                                          USD           9.500       5/15/2016            374,500       0.21%
           305,000   Complete Production Services, Inc.                                                 USD           8.000      12/15/2016            300,806       0.17%
           620,000   Connacher Oil and Gas Ltd.                                                         USD          10.250      12/15/2015            567,300       0.31%
           500,000   Connacher Oil and Gas Ltd.                                                         USD          11.750       7/15/2014            552,500       0.30%
            49,894   Continental Airlines, Inc., Series 1997-4, Class 4B                                USD           6.900        7/2/2018             46,651       0.03%
           302,009   Continental Airlines, Inc., Series 2000-2, Class A-1                               USD           7.707       10/2/2022            291,439       0.16%
           514,974   Continental Airlines, Inc., Series 2001-1, Class B                                 USD           7.373       6/15/2017            455,752       0.25%
           180,000   Continental Airlines, Inc., Series 2007-1, Class B                                 USD           6.903       4/19/2022            156,600       0.09%
           100,000   Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4              USD           5.808       9/15/2039             80,656       0.04%
           130,000   Crown Castle International Corp.                                                   USD           9.000       1/15/2015            138,450       0.08%
           755,000   D.R. Horton, Inc.                                                                  USD           6.500       4/15/2016            736,125       0.41%
           410,000   Desarrolladora Homex SAB de CV                                                     USD           7.500       9/28/2015            389,500       0.21%
           250,000   Dillard's, Inc.                                                                    USD           6.625       1/15/2018            207,500       0.11%
           105,000   Dillard's, Inc.                                                                    USD           7.130        8/1/2018             90,825       0.05%
           200,000   DP World Ltd.                                                                      USD           6.850        7/2/2037            153,844       0.08%
           315,000   Drummond Co., Inc.                                                                 USD           9.000      10/15/2014            330,356       0.18%
           375,000   Dynegy Holdings, Inc.                                                              USD           7.125       5/15/2018            305,625       0.17%
           180,000   Dynegy Holdings, Inc.                                                              USD           7.625      10/15/2026            124,200       0.07%
           815,000   Dynegy Holdings, Inc.                                                              USD           7.750        6/1/2019            707,012       0.39%
         2,230,000   Edison Mission Energy                                                              USD           7.625       5/15/2027          1,510,825       0.83%
         2,285,000   El Paso Corp.                                                                      USD           6.950        6/1/2028          1,959,815       1.08%
           225,000   El Paso Corp.                                                                      USD           7.000       6/15/2017            223,153       0.12%
           405,000   El Paso Corp.                                                                      USD           7.420       2/15/2037            354,897       0.20%
           110,000   El Paso Corp., GMTN                                                                USD           7.800        8/1/2031            103,558       0.06%
           235,000   El Paso Corp., GMTN                                                                USD           8.050      10/15/2030            221,650       0.12%
           130,000   El Paso Natural Gas Co.                                                            USD           8.375       6/15/2032            154,385       0.09%
         2,340,000   Elan Finance PLC                                                                   USD           8.875       12/1/2013          2,328,300       1.28%
           460,000   Embarq Corp.                                                                       USD           7.995        6/1/2036            494,821       0.27%
    17,499,000,000   European Investment Bank, EMTN                                                      IDR          0.000       4/24/2013          1,408,674       0.78%
         1,611,153   FairPoint Communications, Inc.                                                     USD          15.000        4/2/2018            169,171       0.09%
           450,000   FCE Bank PLC, EMTN                                                                 GBP           7.875       2/15/2011            723,206       0.40%
           170,000   Felcor Lodging Trust, Inc.                                                         USD          10.000       10/1/2014            171,488       0.09%
           500,000   Fibria Overseas Finance Ltd.                                                       USD           9.250      10/30/2019            561,250       0.31%
         1,110,000   First Data Corp.                                                                   USD           9.875       9/24/2015          1,035,075       0.57%
         1,720,000   Ford Motor Co.                                                                     USD           4.250      11/15/2016          2,156,450       1.19%
           420,000   Ford Motor Co.                                                                     USD           6.375        2/1/2029            324,450       0.18%
            65,000   Ford Motor Co.                                                                     USD           6.625       2/15/2028             50,213       0.03%
         1,220,000   Ford Motor Co.                                                                     USD           6.625       10/1/2028            942,450       0.52%
            40,000   Ford Motor Co.                                                                     USD           7.500        8/1/2026             31,500       0.02%
           130,000   Ford Motor Credit Co. LLC                                                          USD           7.000       10/1/2013            129,804       0.07%
           310,000   Ford Motor Credit Co. LLC                                                          USD           7.500        8/1/2012            312,622       0.17%
         1,320,000   Ford Motor Credit Co. LLC                                                          USD           8.000        6/1/2014          1,355,360       0.75%
           150,000   Ford Motor Credit Co. LLC                                                          USD           8.000      12/15/2016            150,199       0.08%
           650,000   Fremont Home Loan Trust, Series 2004-D, Class M2                                   USD           0.831      11/25/2034            367,836       0.20%
            95,000   Frontier Communications Corp.                                                      USD           7.000       11/1/2025             78,138       0.04%
Loomis Sayles High Income Fund
Investments as of December 31, 2009 (Unaudited)


      Shares/
 Principal Amount     Security Description                                                              Currency Code    Interest Rate   Maturity Date   Market Value ($)   % of Fund

             30,000   Frontier Communications Corp.                                                              USD            7.125       3/15/2019             28,350       0.02%
          1,245,000   Frontier Communications Corp.                                                              USD            7.875       1/15/2027          1,145,400       0.63%
            605,000   Frontier Communications Corp.                                                              USD            9.000       8/15/2031            594,413       0.33%
          1,300,000   General Electric Capital Corp., Series A, GMTN                                             SGD            2.960       5/18/2012            916,836       0.51%
            590,000   General Motors Acceptance Corp. of Canada Ltd., EMTN                                       AUD            7.125       9/13/2011            474,411       0.26%
            340,000   Georgia-Pacific Corp.                                                                      USD            7.250        6/1/2028            316,200       0.17%
            160,000   Georgia-Pacific Corp.                                                                      USD            7.375       12/1/2025            152,800       0.08%
          1,071,000   Georgia-Pacific Corp.                                                                      USD            7.750      11/15/2029          1,057,612       0.58%
            815,000   Georgia-Pacific Corp.                                                                      USD            8.000       1/15/2024            831,300       0.46%
          2,305,000   Georgia-Pacific Corp.                                                                      USD            8.875       5/15/2031          2,443,300       1.35%
             35,000   Georgia-Pacific LLC                                                                        USD            7.125       1/15/2017             35,438       0.02%
             66,000   GMAC, Inc.                                                                                 USD            5.375        6/6/2011             63,525       0.04%
            172,000   GMAC, Inc.                                                                                 USD            5.750       9/27/2010            170,280       0.09%
            412,000   GMAC, Inc.                                                                                 USD            6.000        4/1/2011            403,760       0.22%
            398,000   GMAC, Inc.                                                                                 USD            6.000      12/15/2011            390,040       0.22%
            208,000   GMAC, Inc.                                                                                 USD            6.625       5/15/2012            203,840       0.11%
          2,041,000   GMAC, Inc.                                                                                 USD            6.750       12/1/2014          1,938,950       1.07%
             24,000   GMAC, Inc.                                                                                 USD            8.000       11/1/2031             21,600       0.01%
            635,000   Goodyear Tire & Rubber Co. (The)                                                           USD            7.000       3/15/2028            549,275       0.30%
            650,000   Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4                     USD            5.736      12/10/2049            576,981       0.32%
          1,375,000   Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4                      USD            5.444       3/10/2039          1,214,874       0.67%
            725,000   GSAMP Trust, Series 2006-HE5, Class A2C                                                    USD            0.381       8/25/2036            282,320       0.16%
             80,000   Hawaiian Telcom Communications, Inc., Series B                                             USD           12.500        5/1/2015                  8       0.00%
          1,260,000   HCA, Inc.                                                                                  USD            5.750       3/15/2014          1,184,400       0.65%
            370,000   HCA, Inc.                                                                                  USD            6.250       2/15/2013            359,825       0.20%
             10,000   HCA, Inc.                                                                                  USD            6.300       10/1/2012             10,000       0.01%
             50,000   HCA, Inc.                                                                                  USD            6.375       1/15/2015             47,187       0.03%
            205,000   HCA, Inc.                                                                                  USD            6.500       2/15/2016            194,750       0.11%
            215,000   HCA, Inc.                                                                                  USD            6.750       7/15/2013            211,775       0.12%
             35,000   HCA, Inc.                                                                                  USD            7.050       12/1/2027             30,013       0.02%
          1,070,000   HCA, Inc.                                                                                  USD            7.190      11/15/2015            995,100       0.55%
            630,000   HCA, Inc.                                                                                  USD            7.500      12/15/2023            575,659       0.32%
            700,000   HCA, Inc.                                                                                  USD            7.500       11/6/2033            612,176       0.34%
             40,000   HCA, Inc.                                                                                  USD            7.690       6/15/2025             36,628       0.02%
            480,000   HCA, Inc.                                                                                  USD            8.360       4/15/2024            456,000       0.25%
            670,000   HCA, Inc., MTN                                                                             USD            7.580       9/15/2025            596,300       0.33%
          1,685,000   HCA, Inc., MTN                                                                             USD            7.750       7/15/2036          1,499,650       0.83%
            855,000   Hercules, Inc., Subordinated Note                                                          USD            6.500       6/30/2029            581,400       0.32%
            825,000   Hilcorp Energy I LP                                                                        USD            7.750       11/1/2015            808,500       0.45%
          1,520,000   Hologic, Inc., (Step to Zero Coupon on 12/15/2013)                                         USD            2.000      12/15/2037          1,297,700       0.72%
            615,000   Host Hotels & Resorts LP                                                                   USD            6.375       3/15/2015            602,700       0.33%
             55,000   Host Hotels & Resorts LP                                                                   USD            6.750        6/1/2016             54,725       0.03%
             80,000   Host Hotels & Resorts LP                                                                   USD            6.875       11/1/2014             80,500       0.04%
            105,000   Host Hotels & Resorts LP, Convertible                                                      USD            3.250       4/15/2024            105,000       0.06%
          1,690,000   Host Hotels & Resorts, Inc.                                                                USD            2.625       4/15/2027          1,584,375       0.87%
            276,992   HSI Asset Securitization Corp. Trust, Series 2006-HE2, Class 2A1                           USD            0.281      12/25/2036            200,783       0.11%
            950,000   Human Genome Sciences, Inc.                                                                USD            2.250      10/15/2011          1,929,687       1.06%
            840,000   Human Genome Sciences, Inc.                                                                USD            2.250       8/15/2012          1,531,950       0.85%
            566,071   Impac CMB Trust, Series 2005-3, Class A1                                                   USD            0.471       8/25/2035            349,791       0.19%
            245,000   Incyte Corp.                                                                               USD            3.500       2/15/2011            245,919       0.14%
            665,000   Intel Corp.                                                                                USD            2.950      12/15/2035            641,725       0.35%
            175,000   Intelsat Corp.                                                                             USD            6.875       1/15/2028            149,625       0.08%
          1,765,000   Intelsat Subsidiary Holding Co. Ltd.                                                       USD            8.500       1/15/2013          1,800,300       0.99%
            160,000   Intelsat Subsidiary Holding Co. Ltd.                                                       USD            8.875       1/15/2015            164,800       0.09%
         13,400,000   International Bank for Reconstruction & Development                                          ISK          9.500       5/27/2010             64,273       0.04%
             80,000   iStar Financial, Inc.                                                                      USD            5.850       3/15/2017             44,800       0.02%
             10,000   iStar Financial, Inc.                                                                      USD            5.875       3/15/2016              5,625       0.00%
             15,000   iStar Financial, Inc., Series B                                                            USD            5.950      10/15/2013              8,737       0.00%
            545,000   J.C. Penney Corp., Inc., Senior Note                                                       USD            6.375      10/15/2036            483,960       0.27%
          1,220,000   Jabil Circuit, Inc.                                                                        USD            8.250       3/15/2018          1,305,400       0.72%
            345,000   JDS Uniphase Corp., Convertible                                                            USD            1.000       5/15/2026            294,975       0.16%
            375,000   Jones Apparel Group, Inc.                                                                  USD            6.125      11/15/2034            310,313       0.17%
     12,176,250,000   JPMorgan Chase Bank NA, EMTN                                                                IDR           0.000      10/17/2011          1,132,605       0.62%
            520,000   JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A4            USD            5.818       6/15/2049            452,843       0.25%
            100,000   JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3            USD            5.420       1/15/2049             84,356       0.05%
            315,000   KB Home                                                                                    USD            5.750        2/1/2014            296,100       0.16%
            360,000   KB Home, Guaranteed Note                                                                   USD            5.875       1/15/2015            333,000       0.18%
          1,790,000   KB Home, Guaranteed Note                                                                   USD            7.250       6/15/2018          1,700,500       0.94%
            785,000   Kendle International, Inc.                                                                 USD            3.375       7/15/2012            698,650       0.39%
             30,000   Key Energy Services, Inc.                                                                  USD            8.375       12/1/2014             30,075       0.02%
          1,330,000   Kulicke & Soffa Industries, Inc.                                                           USD            0.875        6/1/2012          1,162,087       0.64%
            285,000   Kulicke & Soffa Industries, Inc.                                                           USD            1.000       6/30/2010            275,025       0.15%
            725,090   Lehman Mortgage Trust, Series 2005-3, Class 1A6                                            USD            1.500       1/25/2036            433,588       0.24%
            622,943   Lehman Mortgage Trust, Series 2006-6, Class 5A1                                            USD            0.731      12/25/2036            449,474       0.25%
            817,057   Lehman XS Trust, Series 2007-10H, Class 1A11                                               USD            0.351       7/25/2037            351,335       0.19%
            580,000   Lennar Corp., Series B                                                                     USD            5.600       5/31/2015            531,425       0.29%
            830,000   Lennar Corp., Series B                                                                     USD            6.500       4/15/2016            763,600       0.42%
          2,235,000   Level 3 Communications, Inc.                                                               USD            3.500       6/15/2012          1,955,625       1.08%
            459,000   Level 3 Communications, Inc.                                                               USD            5.250      12/15/2011            435,476       0.24%
            815,000   Level 3 Communications, Inc.                                                               USD            7.000       3/15/2015            922,987       0.51%
            400,000   Level 3 Communications, Inc.                                                               USD           10.000        5/1/2011            404,000       0.22%
            770,000   Level 3 Financing, Inc.                                                                    USD            8.750       2/15/2017            702,625       0.39%
            495,000   Level 3 Financing, Inc.                                                                    USD            9.250       11/1/2014            467,775       0.26%
             40,000   Life Technologies Corp.                                                                    USD            1.500       2/15/2024             46,200       0.03%
Loomis Sayles High Income Fund
Investments as of December 31, 2009 (Unaudited)


      Shares/
 Principal Amount      Security Description                                                   Currency Code   Interest Rate   Maturity Date   Market Value ($)   % of Fund

             497,721   Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3                     USD            0.431       1/25/2036            359,253       0.20%
             510,000   Macy's Retail Holdings, Inc.                                                   USD            6.375       3/15/2037            430,950       0.24%
              30,000   Macy's Retail Holdings, Inc.                                                   USD            6.790       7/15/2027             25,200       0.01%
             210,000   Macy's Retail Holdings, Inc.                                                   USD            6.900        4/1/2029            184,800       0.10%
             750,000   Masco Corp.                                                                    USD            4.800       6/15/2015            689,445       0.38%
              50,000   Masco Corp.                                                                    USD            6.500       8/15/2032             42,550       0.02%
             345,000   Masco Corp.                                                                    USD            7.750        8/1/2029            321,062       0.18%
             369,316   Master Adjustable Rate Mortgages Trust, Series 2005-2, Class 5A1               USD            4.042       3/25/2035            298,241       0.16%
             216,000   Maxtor Corp., Subordinated Note                                                USD            5.750        3/1/2012            208,440       0.11%
          502,000(†)   Mexican Fixed Rate Bonds, Series M-20                                          MXN            8.000       12/7/2023          3,704,562       2.04%
             580,000   Motorola, Inc.                                                                 USD            6.500        9/1/2025            503,911       0.28%
           1,000,000   Motorola, Inc.                                                                 USD            7.500       5/15/2025            956,851       0.53%
           1,576,000   Nektar Therapeutics                                                            USD            3.250       9/28/2012          1,449,920       0.80%
             750,000   New Albertson's, Inc.                                                          USD            7.450        8/1/2029            643,125       0.35%
             190,000   New Albertson's, Inc.                                                          USD            7.750       6/15/2026            170,050       0.09%
             130,000   New Albertson's, Inc.                                                          USD            8.000        5/1/2031            117,975       0.07%
             735,000   New Albertson's, Inc., Series C, MTN                                           USD            6.625        6/1/2028            559,519       0.31%
             350,000   New South Wales Treasury Corp., Series 10RG                                    AUD            7.000       12/1/2010            321,649       0.18%
           1,443,000   Nextel Communications, Inc., Series D                                          USD            7.375        8/1/2015          1,403,317       0.77%
             944,000   Nextel Communications, Inc., Series E                                          USD            6.875      10/31/2013            915,680       0.51%
           1,080,000   Nextel Communications, Inc., Series F                                          USD            5.950       3/15/2014          1,008,450       0.56%
             140,000   NGC Corp. Capital Trust I, Series B                                            USD            8.316        6/1/2027             73,500       0.04%
              80,000   NII Holdings, Inc.                                                             USD            2.750       8/15/2025             79,700       0.04%
           1,435,000   NII Holdings, Inc.                                                             USD            3.125       6/15/2012          1,316,613       0.73%
             340,000   Nortel Networks Capital Corp.                                                  USD            7.875       6/15/2026            227,800       0.13%
             280,000   Nortel Networks Corp.                                                          USD            2.125       4/15/2014            190,050       0.10%
             560,000   Nortel Networks Ltd.                                                           USD            6.875        9/1/2023            252,000       0.14%
           1,052,000   North American Energy Partners, Inc.                                           USD            8.750       12/1/2011          1,052,000       0.58%
           1,483,000   Omnicare, Inc.                                                                 USD            3.250      12/15/2035          1,206,791       0.67%
             640,000   Overseas Shipholding Group                                                     USD            7.500       2/15/2024            548,800       0.30%
             175,000   Owens-Illinois, Inc., Senior Note                                              USD            7.800       5/15/2018            176,313       0.10%
             215,000   Peabody Energy Corp.                                                           USD            4.750      12/15/2041            217,150       0.12%
             435,000   Penn Virginia Corp.                                                            USD            4.500      11/15/2012            412,162       0.23%
             150,000   Petroplus Finance Ltd.                                                         USD            6.750        5/1/2014            141,000       0.08%
             745,000   Petroplus Finance Ltd.                                                         USD            7.000        5/1/2017            670,500       0.37%
             200,000   Pioneer Natural Resources Co.                                                  USD            6.875        5/1/2018            197,884       0.11%
           3,127,000   Pioneer Natural Resources Co.                                                  USD            7.200       1/15/2028          2,824,025       1.56%
             195,000   ProLogis                                                                       USD            1.875      11/15/2037            172,575       0.10%
             170,000   ProLogis                                                                       USD            2.250        4/1/2037            157,675       0.09%
             240,000   ProLogis                                                                       USD            5.625      11/15/2016            221,171       0.12%
             275,000   ProLogis                                                                       USD            5.750        4/1/2016            258,290       0.14%
              80,000   ProLogis                                                                       USD            6.625       5/15/2018             75,870       0.04%
             380,000   Psychiatric Solutions, Inc.                                                    USD            7.750       7/15/2015            358,150       0.20%
             375,000   Psychiatric Solutions, Inc.                                                    USD            7.750       7/15/2015            362,812       0.20%
           1,325,000   Pulte Homes, Inc.                                                              USD            6.000       2/15/2035          1,046,750       0.58%
             495,000   Pulte Homes, Inc.                                                              USD            6.375       5/15/2033            399,713       0.22%
             380,000   Pulte Homes, Inc.                                                              USD            7.875       6/15/2032            349,600       0.19%
             425,000   Qwest Capital Funding, Inc.                                                    USD            6.500      11/15/2018            367,625       0.20%
           2,860,000   Qwest Capital Funding, Inc.                                                    USD            7.750       2/15/2031          2,431,000       1.34%
           1,445,000   Qwest Capital Funding, Inc., Guaranteed Note                                   USD            6.875       7/15/2028          1,170,450       0.65%
             275,000   Qwest Capital Funding, Inc., Guaranteed Note                                   USD            7.625        8/3/2021            244,750       0.14%
              10,000   Qwest Corp.                                                                    USD            6.875       9/15/2033              8,800       0.00%
              85,000   R.H. Donnelley Corp.                                                           USD            6.875       1/15/2013              7,969       0.00%
              25,000   R.H. Donnelley Corp., Series A-1                                               USD            6.875       1/15/2013              2,344       0.00%
             160,000   R.H. Donnelley Corp., Series A-2                                               USD            6.875       1/15/2013             15,000       0.01%
             615,000   R.H. Donnelley Corp., Series A-3                                               USD            8.875       1/15/2016             57,656       0.03%
             155,000   R.H. Donnelley Corp., Series A-4                                               USD            8.875      10/15/2017             14,531       0.01%
             140,000   Ranhill Labuan Ltd.                                                            USD           12.500      10/26/2011            119,000       0.07%
           1,000,000   Republic of Brazil                                                             BRL           10.250       1/10/2028            574,383       0.32%
           4,525,924   Republic of Uruguay                                                            UYU            4.250        4/5/2027            205,226       0.11%
             536,911   Residential Accredit Loans, Inc., Series 2005-QA13, Class 2A1                  USD            5.807      12/25/2035            224,319       0.12%
           2,000,000   Residential Asset Mortgage Products, Inc., Series 2006-RZ5, Class A2           USD            0.411       8/25/2046          1,224,846       0.68%
             135,000   Royal Caribbean Cruises Ltd.                                                   USD            6.875       12/1/2013            132,638       0.07%
           2,000,000   Royal Caribbean Cruises Ltd.                                                   USD            7.000       6/15/2013          1,995,000       1.10%
             670,000   Royal Caribbean Cruises Ltd.                                                   USD            7.250       6/15/2016            647,387       0.36%
             985,000   RSC Equipment Rental, Inc.                                                     USD            9.500       12/1/2014            986,231       0.54%
           1,260,000   SandRidge Energy, Inc.                                                         USD            8.000        6/1/2018          1,237,950       0.68%
           1,805,000   Seagate Technology HDD Holdings                                                USD            6.800       10/1/2016          1,746,337       0.96%
             390,000   Seagate Technology International                                               USD           10.000        5/1/2014            430,950       0.24%
              60,000   SLM Corp., MTN                                                                 USD            5.050      11/14/2014             54,119       0.03%
              10,000   SLM Corp., MTN                                                                 USD            5.125       8/27/2012              9,375       0.01%
              20,000   SLM Corp., Series A, MTN                                                       USD            5.000       10/1/2013             18,399       0.01%
              10,000   SLM Corp., Series A, MTN                                                       USD            5.000       6/15/2018              7,687       0.00%
           4,260,000   SLM Corp., Series A, MTN                                                       USD            5.375       5/15/2014          3,929,296       2.17%
               5,000   SLM Corp., Series A, MTN                                                       USD            5.625        8/1/2033              3,770       0.00%
             735,000   SLM Corp., Series A, MTN                                                       NZD            6.500       6/15/2010            519,385       0.29%
             245,000   SLM Corp., Series A, MTN                                                       USD            8.450       6/15/2018            241,754       0.13%
           2,061,000   Sprint Capital Corp.                                                           USD            6.875      11/15/2028          1,713,206       0.95%
              55,000   Sprint Capital Corp.                                                           USD            6.900        5/1/2019             50,600       0.03%
              20,000   Sprint Capital Corp.                                                           USD            8.750       3/15/2032             18,850       0.01%
           2,590,000   Starwood Hotels & Resorts Worldwide, Inc.                                      USD            6.750       5/15/2018          2,596,475       1.43%
             245,000   Steel Dynamics, Inc.                                                           USD            5.125       6/15/2014            310,231       0.17%
             410,000   Steel Dynamics, Inc.                                                           USD            6.750        4/1/2015            406,413       0.22%
           1,145,000   Steel Dynamics, Inc.                                                           USD            7.750       4/15/2016          1,192,231       0.66%
Loomis Sayles High Income Fund
Investments as of December 31, 2009 (Unaudited)


      Shares/
 Principal Amount      Security Description                                                                          Currency Code   Interest Rate   Maturity Date   Market Value ($)   % of Fund

             216,295   Structured Adjustable Rate Mortgage Loan Trust, Series 2007-7, Class 1A1                               USD           0.531       8/25/2037            123,847       0.07%
             820,000   SunGard Data Systems, Inc.                                                                             USD           9.125       8/15/2013            840,500       0.46%
           1,065,000   Swift Energy Co.                                                                                       USD           7.125        6/1/2017          1,006,425       0.56%
             255,000   Tenet Healthcare Corp.                                                                                 USD           6.875      11/15/2031            204,000       0.11%
             190,000   Tenet Healthcare Corp.                                                                                 USD           7.375        2/1/2013            190,475       0.11%
              60,000   Tenet Healthcare Corp.                                                                                 USD           9.875        7/1/2014             63,150       0.03%
           1,115,000   Toys R Us Property Co. I LLC                                                                           USD          10.750       7/15/2017          1,220,925       0.67%
           1,600,000   Toys R Us, Inc.                                                                                        USD           7.375      10/15/2018          1,464,000       0.81%
              20,000   Toys R Us, Inc.                                                                                        USD           7.875       4/15/2013             20,100       0.01%
             600,000   Trinity Industries, Inc.                                                                               USD           3.875        6/1/2036            448,500       0.25%
             600,000   True Move Co. Ltd.                                                                                     USD          10.375        8/1/2014            564,000       0.31%
           1,000,000   True Move Co. Ltd.                                                                                     USD          10.750      12/16/2013            965,000       0.53%
             195,000   TXU Corp., Series P                                                                                    USD           5.550      11/15/2014            138,294       0.08%
           1,015,000   TXU Corp., Series Q                                                                                    USD           6.500      11/15/2024            476,762       0.26%
             370,000   TXU Corp., Series R                                                                                    USD           6.550      11/15/2034            171,540       0.09%
             570,000   Tyson Foods, Inc.                                                                                      USD           7.850        4/1/2016            584,250       0.32%
             745,000   United Air Lines, Inc.                                                                                 USD          10.400        5/1/2018            785,044       0.43%
             165,000   United Rentals North America, Inc.                                                                     USD           1.875      10/15/2023            160,463       0.09%
           2,245,000   United Rentals North America, Inc.                                                                     USD           7.000       2/15/2014          2,031,725       1.12%
              15,000   United Rentals North America, Inc.                                                                     USD           7.750      11/15/2013             14,100       0.01%
             150,000   United Rentals North America, Inc.                                                                     USD          10.875       6/15/2016            163,125       0.09%
             355,000   United States Steel Corp.                                                                              USD           6.050        6/1/2017            338,907       0.19%
             125,000   United States Steel Corp.                                                                              USD           7.000        2/1/2018            122,437       0.07%
             785,000   USG Corp.                                                                                              USD           6.300      11/15/2016            702,575       0.39%
              75,000   USG Corp.                                                                                              USD           9.500       1/15/2018             77,250       0.04%
              65,000   USG Corp.                                                                                              USD           9.750        8/1/2014             69,387       0.04%
             505,000   Valeant Pharmaceuticals International                                                                  USD           4.000      11/15/2013            603,475       0.33%
             500,000   Virgin Media Finance PLC                                                                               USD           8.375      10/15/2019            514,375       0.28%
             482,420   WaMu Mortgage Pass Through Certificates, Series 2006-AR10, Class 1A1                                   USD           5.920       9/25/2036            365,917       0.20%
             975,000   Windstream Corp.                                                                                       USD           7.875       11/1/2017            962,812       0.53%
             355,000   Xerox Capital Trust I                                                                                  USD           8.000        2/1/2027            351,450       0.19%
                       Subtotal                                                                                                                                          165,824,291      91.46%

    Bank Loans
           138,863     Ashland Chemicals, Term Loan B                                                                         USD           7.650       5/13/2014            140,569       0.08%
           325,057     CommScope, Inc., Term Loan B                                                                           USD           2.747      12/26/2014            314,492       0.17%
             1,306     Dole Food Co., Inc., Credit Link Deposit                                                               USD           8.000       4/12/2013              1,317       0.00%
               836     Dole Food Co., Inc., Tranche B Term Loan                                                               USD           8.000       4/12/2013                844       0.00%
             3,575     Dole Food Co., Inc., Tranche C Term Loan                                                               USD           8.000       4/12/2013              3,607       0.00%
           763,371     Fairpoint Communications, Inc., Initial Term Loan B                                                    USD           5.000       3/31/2015            593,796       0.32%
            35,694     Hawaiian Telcom Communications, Inc., Tranche C Term Loan                                              USD           4.750        6/1/2014             25,744       0.01%
           975,889     Idearc, Inc., Exit Term Loan                                                                           USD          11.000      12/31/2015            504,213       0.28%
           250,000     Level 3 Financing, Inc., Add on Term Loan                                                              USD           2.530       3/13/2014            266,250       0.16%
            25,000     Level 3 Financing, Inc., Tranche A Term Loan                                                           USD           2.240       3/13/2014             22,625       0.01%
           416,753     Nuance Communications, Inc., Term Loan                                                                 USD           2.240       3/31/2013            394,094       0.22%
             2,413     Sungard Data Systems, Inc., Tranche A                                                                  USD           1.985       2/28/2014              2,283       0.00%
            66,873     Sungard Data Systems, Inc., Tranche B                                                                  USD           3.898       2/26/2016             64,783       0.04%
           300,000     Transaction Network Services, Inc., New Term Loan                                                      USD           6.000       3/28/2014            299,499       0.17%
           224,012     Tribune Co., Term Loan X                                                                               USD           5.000        6/4/2009            125,377       0.07%
                       Subtotal                                                                                                                                            2,759,493       1.53%

 Preferred Stocks
              6,475    AES Trust III                                                                                                        6.750                            300,278       0.18%
              9,500    El Paso Energy Capital Trust I                                                                                       4.750                            347,343       0.19%
                300    Federal Home Loan Mortgage Corp.                                                                                     5.000                                528       0.00%
              7,900    Federal Home Loan Mortgage Corp.                                                                                     5.570                              7,426       0.00%
              2,850    Federal Home Loan Mortgage Corp.                                                                                     5.660                              2,422       0.00%
              1,000    Federal Home Loan Mortgage Corp.                                                                                     5.700                              1,550       0.00%
              1,800    Federal Home Loan Mortgage Corp.                                                                                     5.790                              3,042       0.00%
                650    Federal Home Loan Mortgage Corp.                                                                                     5.810                              1,125       0.00%
              1,400    Federal Home Loan Mortgage Corp.                                                                                     5.900                              1,204       0.00%
                350    Federal Home Loan Mortgage Corp.                                                                                     6.000                                588       0.00%
                600    Federal Home Loan Mortgage Corp.                                                                                     6.420                              1,074       0.00%
              1,350    Federal Home Loan Mortgage Corp.                                                                                     6.500                              1,309       0.00%
              7,400    Federal Home Loan Mortgage Corp., (fixed rate to 12/31/2012, variable rate thereafter)                               8.375                              7,770       0.00%
              1,200    Federal National Mortgage Association                                                                                4.750                              1,740       0.00%
                200    Federal National Mortgage Association                                                                                5.125                                296       0.00%
                400    Federal National Mortgage Association                                                                                5.375                                640       0.00%
                350    Federal National Mortgage Association                                                                                5.810                                536       0.00%
                550    Federal National Mortgage Association                                                                                6.750                                501       0.00%
             10,250    Federal National Mortgage Association, (fixed rate to 12/13/2010, variable rate thereafter)                          8.250                             11,275       0.01%
                274    GMAC, Inc., Series G                                                                                                 7.000                            180,600       0.10%
                799    Lucent Technologies Capital Trust I                                                                                  7.750                            620,823       0.34%
             26,890    Newell Financial Trust I                                                                                             5.250                            941,150       0.52%
              3,732    Sovereign Capital Trust IV, Convertible                                                                              4.375                            115,459       0.07%
              2,550    United Rentals Trust I                                                                                               6.500                             74,747       0.04%
                       Subtotal                                                                                                                                            2,623,426       1.45%

 Common Stocks
           1,087       Ashland, Inc.                                                                                                                                          43,067       0.02%
           5,500       Federal Home Loan Mortgage Corp.                                                                                                                        8,086       0.01%
           1,775       KB Home                                                                                                                                                24,282       0.01%
           6,875       Merck & Co., Inc.                                                                                                                                     251,212       0.14%
           8,147       Vertex Pharmaceuticals, Inc.                                                                                                                          349,099       0.19%
Loomis Sayles High Income Fund
Investments as of December 31, 2009 (Unaudited)


      Shares/
 Principal Amount     Security Description                                                                        Currency Code         Interest Rate   Maturity Date   Market Value ($)   % of Fund

                      Subtotal                                                                                                                                                  675,746       0.37%

Closed-End Investment Companies
              2,535 Morgan Stanley Emerging Markets Debt Fund, Inc.                                                                                                              25,553       0.01%
              2,175 Western Asset High Income Opportunity Fund, Inc.                                                                                                             13,006       0.01%
                    Subtotal                                                                                                                                                     38,559       0.02%

Short-Term Investments
          7,275,797 Fixed Income Clearing Corporation Tri-Party Repurchase Agreement                                                           0.000         1/4/2010         7,275,797       4.02%
              3,071 Repurchase Agreement with State Street Corp.                                                                               0.000         1/4/2010             3,071       0.00%
                    Subtotal                                                                                                                                                  7,278,868       4.02%

                      Total Investments                                                                                                                                     179,200,383      98.85%
                      Other Assets and Liabilities                                                                                                                            2,080,088       1.15%
                      Total Net Assets                                                                                                                                      181,280,471     100.00%


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

                      Key to Abbreviations: AUD: Australian Dollar; BRL: Brazilian Real; CAD: Canadian Dollar; GBP: British Pound;
                      IDR: Indonesian Rupiah; ISK: Icelandic Krona; MXN: Mexican Peso; NZD: New Zealand Dollar; SGD: Singapore Dollar;
                      USD: U.S. Dollar: UYU: Uruguayan Peso




The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the
securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.

				
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