Loomis Sayles Small Cap Growth Fund Class N (LSSNX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06241

Loomis Sayles Funds II

(Exact name of Registrant as specified in charter)

399 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Coleen Downs Dinneen, Esq.

NGAM Distribution, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2014

Item 1. Reports to Stockholders.

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

SEMIANNUAL REPORT

March 31, 2014

Loomis Sayles Global Equity and Income Fund

Loomis Sayles Growth Fund

Loomis Sayles Value Fund

TABLE OF CONTENTS

Portfolio Review  page 1

Portfolio of Investments  page 9

Financial Statements  page  34

Notes to Financial Statements  page 45

Barron’s/Lipper 2013 one-year ranking is based on 64 qualifying U.S. fund companies. Award recipient must have at least three funds in Lipper’s general U.S.-stock category (including at least one world and one mixed-asset/balanced), two taxable bond and one tax-exempt bond fund. Natixis was not ranked for the 5- and 10-year periods. Past performance is no guarantee of future results.

For more details visit ngam.natixis.com/TopFundFamily

LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND

Managers	Symbols
Daniel J. Fuss, CFA®, CIC	Class A    LGMAX
Eileen N. Riley, CFA®	Class C    LGMCX
David W. Rolley, CFA®	Class Y    LSWWX
Lee M. Rosenbaum
Loomis, Sayles & Company, L.P.

Objective

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

Average Annual Total Returns — March 31, 2014⁵

	6 Months			1 Year			5 Years			10 Years
Class A (Inception 2/1/06)1
NAV		6.73	%		11.54	%		18.59	%		9.07	%
With 5.75% Maximum Sales Charge		0.61			5.15			17.20			8.43
Class C (Inception 2/1/06)1
NAV		6.27			10.67			17.69			8.27
With CDSC2		5.27			9.67			17.69			8.27
Class Y (Inception 5/1/96)
NAV		6.83			11.80			18.90			9.35
Comparative Performance
MSCI World Index3		9.62			19.72			18.94			7.42
Citigroup World Government Bond Index4		1.55			1.37			3.84			4.23

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. Unlike a fund, an index is not managed and does not reflect fees and expenses.

1 Prior to the inception of Class A and C shares (2/1/06), performance is that of Institutional Class shares, which were redesignated as Class Y shares, and restated to reflect the higher net expenses and sales loads of Class A and C shares.

2 Performance for Class C shares assumes a 1% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

3 MSCI World Index is an unmanaged index that is designed to measure the equity market performance of developed markets.

4 Citigroup World Government Bond Index is an unmanaged index that includes the most significant and liquid government bond markets globally that carry at least an investment-grade rating.

5 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

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LOOMIS SAYLES GROWTH FUND

Manager	Symbols
Aziz Hamzaogullari, CFA®	Class A    LGRRX
Loomis, Sayles & Company, L.P.	Class B    LGRBX
	Class C    LGRCX
	Class N    LGRNX
	Class Y    LSGRX

Objective

Long-term growth of capital

Average Annual Total Returns — March 31, 2014³

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 12/31/96)
NAV		11.40	%		23.49	%		20.06	%		6.02	%		—
With 5.75% Maximum Sales Charge		5.02			16.45			18.66			5.39			—
Class B (Inception 9/12/03)
NAV		10.85			22.34			19.15			5.22			—
With CDSC1		5.85			17.34			18.95			5.22			—
Class C (Inception 9/12/03)
NAV		10.99			22.51			19.19			5.24			—
With CDSC1		9.99			21.51			19.19			5.24			—
Class N (Inception 2/1/13)
NAV		11.24			23.34			—			—			21.75	%
Class Y (Inception 5/16/91)
NAV		11.42			23.69			20.39			6.38			—
Comparative Performance
Russell 1000® Growth Index2		11.67			23.22			21.68			7.86			23.96

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. Unlike a fund, an index is not managed and does not reflect fees and expenses.

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

2 Russell 1000^® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

3 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

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LOOMIS SAYLES VALUE FUND

Managers	Symbols
Arthur J. Barry, CFA®	Class A	LSVRX
Warren N. Koontz, CFA®, CIC	Class B	LSVBX
Loomis, Sayles & Company, L.P.	Class C	LSCVX
	Class N	LSVNX
	Class Y	LSGIX
	Admin Class	LSAVX

Objective

Long-term growth of capital and income

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Average Annual Total Returns — March 31, 2014⁴

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 6/30/06)1
NAV		13.41	%		23.34	%		19.77	%		8.90	%
With 5.75% Maximum Sales Charge		6.90			16.23			18.37			8.25			—
Class B (Inception 6/1/07)1
NAV		13.01			22.41			18.89			8.03			—
With CDSC2		8.01			17.41			18.69			8.03			—
Class C (Inception 6/1/07)1
NAV		12.99			22.42			18.89			8.04			—
With CDSC2		11.99			21.42			18.89			8.04			—
Class N (Inception 2/1/13)
NAV		13.66			23.75			—			—			24.62	%
Class Y (Inception 5/13/91)
NAV		13.60			23.67			20.10			9.21			—
Admin Class (Inception 2/1/10)1
NAV		13.28			23.07			19.48			8.62			—
Comparative Performance
Russell 1000® Value Index3		13.33			21.57			21.75			7.58			23.06

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. Unlike a fund, an index is not managed and does not reflect fees and expenses.

1 Prior to 6/1/07, performance of Class A shares is that of Retail Class shares, which were redesignated as Class A shares, restated to reflect the sales load of Class A shares. Prior to the inception of Retail Class shares (6/30/06), performance is that of Institutional Class shares, which were redesignated as Class Y shares, restated to reflect the higher net expenses and sales loads of Class A shares. Prior to the inception of Class B and C shares (6/1/07), performance is that of Institutional Class shares, restated to reflect the higher net expenses and sales loads of Class B and C shares. Prior to the inception of Admin Class shares (2/1/10), performance is that of Class A shares, restated to reflect the higher net expenses of Admin Class shares.

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

3 Russell 1000^® Value Index is an unmanaged index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and higher forecasted growth values.

4 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

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ADDITIONAL INFORMATION

ADDITIONAL INDEX INFORMATION

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis Global Asset Management or any of its related or affiliated companies (collectively “NGAM”) and does not sponsor, endorse or participate in the provision of any NGAM services, funds or other financial products.

The index information contained herein is derived from third parties and is provided on an “as is” basis. The user of this information assumes the entire risk of use of this information. Each of the third party entities involved in compiling, computing or creating index information disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information.

PROXY VOTING INFORMATION

A description of the funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the funds’ website at ngam.natixis.com; and on the Securities and Exchange Commission’s (SEC’s) website at www.sec.gov. Information regarding how the funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2013 is available from the funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

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

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UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different types of costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions, and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the funds’ prospectus. The examples below are intended to help you understand the ongoing costs of investing in the funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each class shows the actual amount of fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2013 through March 31, 2014. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period row as shown below for your class.

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

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

LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2013		ENDING ACCOUNT VALUE 3/31/2014		EXPENSES PAID DURING PERIOD* 10/1/2013 – 3/31/2014
Class A
Actual	$	1,000.00	$	1,067.30	$	6.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	5.89
Class C
Actual	$	1,000.00	$	1,062.70	$	9.87
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.36	$	9.65
Class Y
Actual	$	1,000.00	$	1,068.30	$	4.74
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.34	$	4.63

* Expenses are equal to the Fund’s annualized expense ratio: 1.17%, 1.92% and 0.92% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES GROWTH FUND	BEGINNING ACCOUNT VALUE 10/1/2013		ENDING ACCOUNT VALUE 3/31/2014		EXPENSES PAID DURING PERIOD* 10/1/2013 – 3/31/2014
Class A
Actual		$1,000.00		$1,114.00		$5.01
Hypothetical (5% return before expenses)		$1,000.00		$1,020.19		$4.78
Class B
Actual		$1,000.00		$1,108.50		$8.88
Hypothetical (5% return before expenses)		$1,000.00		$1,016.50		$8.50
Class C
Actual		$1,000.00		$1,109.90		$8.94
Hypothetical (5% return before expenses)		$1,000.00		$1,016.45		$8.55
Class N
Actual		$1,000.00		$1,112.40		$5.00
Hypothetical (5% return before expenses)		$1,000.00		$1,020.19		$4.78
Class Y
Actual		$1,000.00		$1,114.20		$3.69
Hypothetical (5% return before expenses)		$1,000.00		$1,021.44		$3.53

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.95%, 1.69%, 1.70%, 0.95% and 0.70% for Class A, B, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES VALUE FUND	BEGINNING ACCOUNT VALUE 10/1/2013		ENDING ACCOUNT VALUE 3/31/2014		EXPENSES PAID DURING PERIOD* 10/1/2013 – 3/31/2014
Class A
Actual	$	1,000.00	$	1,134.10	$	5.11
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.14	$	4.84
Class B
Actual	$	1,000.00	$	1,130.10	$	9.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.45	$	8.55
Class C
Actual	$	1,000.00	$	1,129.90	$	9.08
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.40	$	8.60
Class N
Actual	$	1,000.00	$	1,136.60	$	3.04
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.09	$	2.87
Class Y
Actual	$	1,000.00	$	1,136.00	$	3.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.39	$	3.58
Admin Class
Actual	$	1,000.00	$	1,132.80	$	6.27
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	5.94

* Expenses are equal to the Fund’s annualized expense ratio: 0.96%, 1.70%, 1.71%, 0.57%, 0.71% and 1.18% for Class A, B, C, N, Y and Admin Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

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Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund

Shares		Description	Value (†)
	Common Stocks — 67.7% of Net Assets
		Belgium — 1.3%
	158,298	Anheuser-Busch InBev NV	$	16,671,187
		Canada — 1.3%
	538,400	CGI Group, Inc., Class A(b)		16,621,974
		Chile — 0.9%
	1,264,141	S.A.C.I. Falabella		11,124,671
		China — 1.1%
	1,260,000	Hengan International Group Co. Ltd.		13,080,770
		Germany — 4.1%
	150,418	Adidas AG		16,264,575
	123,235	Bayer AG, (Registered)		16,688,927
	95,594	Brenntag AG		17,753,288
				50,706,790
		Ireland — 1.1%
	190,631	Covidien PLC		14,041,879
		Italy — 1.1%
	232,761	Luxottica Group S.p.A.		13,449,133
		Japan — 3.0%
	538,600	Asahi Group Holdings Ltd.		15,100,081
	351,700	Nomura Research Institute Ltd.		11,094,847
	2,358,000	Sumitomo Mitsui Trust Holdings, Inc.		10,668,878
				36,863,806
		Mexico — 1.2%
	5,626,000	Genomma Lab Internacional S.A. de CV, Class B(b)		14,466,303
		Russia — 0.8%
	226,400	Mail.ru Group Ltd., GDR(b)(c)		8,014,560
	64,775	Mail.ru Group Ltd., GDR(b)		2,296,274
				10,310,834
		Sweden — 1.4%
	580,202	Atlas Copco AB, Class A		16,749,682
		Switzerland — 2.0%
	82,707	Roche Holding AG		24,875,262
		Thailand — 1.0%
	1,230,300	Bangkok Bank PCL		6,819,400
	397,000	Siam Cement PCL (The)		5,107,703
				11,927,103
		United Kingdom — 6.5%
	696,744	Diageo PLC		21,640,226
	285,069	Hikma Pharmaceuticals PLC		7,892,623
	1,214,709	HSBC Holdings PLC		12,299,432
	7,454,952	Legal & General Group PLC		25,452,101
	271,744	Shire PLC		13,452,762
				80,737,144

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Shares		Description	Value (†)
		United States — 40.9%
	136,069	ACE Ltd.	$	13,478,995
	216,811	American Express Co.		19,519,494
	25,244	Apple, Inc.		13,549,465
	41,038	AutoZone, Inc.(b)		22,041,510
	397,387	Citigroup, Inc.		18,915,621
	459,181	Coca-Cola Co. (The)		17,751,937
	40,112	Core Laboratories NV		7,959,825
	170,448	Deere & Co.		15,476,678
	111,857	Facebook, Inc., Class A(b)		6,738,266
	110,796	FactSet Research Systems, Inc.		11,944,917
	98,651	General Motors Co.		3,395,567
	172,955	Genesee & Wyoming, Inc., Class A(b)		16,831,981
	196,538	Gilead Sciences, Inc.(b)		13,926,683
	104,809	Goldman Sachs Group, Inc. (The)		17,172,955
	26,025	Google, Inc., Class A(b)		29,005,123
	161,971	Gulfport Energy Corp.(b)		11,529,096
	955	Hawaiian Telcom Holdco, Inc.(b)		27,208
	357,689	Lowe’s Cos., Inc.		17,490,992
	114,016	M&T Bank Corp.		13,830,141
	113,168	National Oilwell Varco, Inc.		8,812,392
	232,862	Noble Energy, Inc.		16,542,516
	170,417	Oceaneering International, Inc.		12,246,166
	108,790	Praxair, Inc.		14,248,226
	85,267	Precision Castparts Corp.		21,552,087
	23,579	priceline.com, Inc.(b)		28,103,574
	115,624	QUALCOMM, Inc.		9,118,109
	157,479	Schlumberger Ltd.		15,354,203
	96,056	Signet Jewelers Ltd.		10,168,488
	326,208	Texas Instruments, Inc.		15,380,707
	124,329	TransDigm Group, Inc.		23,025,731
	146,076	UnitedHealth Group, Inc.		11,976,771
	147,432	Valspar Corp. (The)		10,632,796
	24,715	Vertex Pharmaceuticals, Inc.(b)		1,747,845
	65,983	W.W. Grainger, Inc.		16,671,265
	272,889	Wyndham Worldwide Corp.		19,983,661
				506,150,991
		Total Common Stocks (Identified Cost $693,619,235)		837,777,529
Principal Amount (‡)
	Bonds and Notes — 29.2%
	Non-Convertible Bonds — 28.5%
		Argentina — 0.0%
$	509,516	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		489,135
		Australia — 0.3%
	1,200,000	Macquarie Bank Ltd., 5.000%, 2/22/2017, 144A		1,309,315
	500,000	Macquarie Bank Ltd., 6.625%, 4/07/2021, 144A		565,704

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Australia — continued
	2,185,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)(d)	$	2,211,730
	155,000	Sydney Airport Finance Co., 5.125%, 2/22/2021, 144A		167,780
				4,254,529
		Barbados — 0.0%
	200,000	Columbus International, Inc., 7.375%, 3/30/2021, 144A		205,750
		Belgium — 0.1%
	350,000	Anheuser-Busch InBev NV, EMTN, 6.500%, 6/23/2017, (GBP)		666,480
		Brazil — 1.7%
	800,000	Banco do Brasil S.A., 3.875%, 10/10/2022		744,000
	1,100,000	Banco Nacional de Desenvolvimento Economico e Social, 5.750%, 9/26/2023, 144A		1,149,500
	400,000	Banco Santander Brasil S.A., 4.500%, 4/06/2015, 144A		412,000
	600,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		631,500
	1,990,509	Banco Votorantim S.A., 6.250%, 5/16/2016, 144A, (BRL)		839,932
	800,000	Braskem Finance Ltd., 5.750%, 4/15/2021, 144A		799,000
	6,600(††)	Brazil Letras do Tesouro Nacional, Zero Coupon, 7/01/2016, (BRL)(d)		2,236,347
	720,589(†††)	Brazil Notas do Tesouro Nacional, Series B, 6.000%, 8/15/2014, (BRL)		319,799
	576,471(†††)	Brazil Notas do Tesouro Nacional, Series B, 6.000%, 5/15/2015, (BRL)		258,184
	2,250(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2019, (BRL)		907,392
	1,115(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2021, (BRL)		436,533
	2,250,000	Brazilian Government International Bond, 10.250%, 1/10/2028, (BRL)		1,031,291
	1,700,000	BRF S.A., 3.950%, 5/22/2023, 144A		1,517,250
	600,000	BRF S.A., 5.875%, 6/06/2022, 144A		621,000
	2,300,000	BRF S.A., 7.750%, 5/22/2018, 144A, (BRL)		834,751
	1,255,000	Cielo S.A./Cielo USA, Inc., 3.750%, 11/16/2022, 144A		1,168,719
	400,000	CSN Resources S.A., 6.500%, 7/21/2020, 144A		408,000
	450,000	Fibria Overseas Finance Ltd., 6.750%, 3/03/2021, 144A		495,000
	800,000	Gerdau Trade, Inc., 5.750%, 1/30/2021, 144A		820,000
	300,000	Itau Unibanco Holding S.A., 6.200%, 12/21/2021, 144A		316,875
	100,000	LPG International, Inc., 7.250%, 12/20/2015		108,277
	180,000	Odebrecht Drilling Norbe VIII/IX Ltd., 6.350%, 6/30/2021, 144A		186,750
	875,610	Odebrecht Offshore Drilling Finance Ltd., 6.750%, 10/01/2022, 144A		908,445
	2,400,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)		954,606
	320,000	Petrobras International Finance Co., 5.375%, 1/27/2021		323,623
	300,000	Petrobras International Finance Co., 6.875%, 1/20/2040		295,647
	800,000	Samarco Mineracao S.A., 4.125%, 11/01/2022, 144A		736,000
	129,000	Telemar Norte Leste S.A., 5.500%, 10/23/2020, 144A		127,065
	1,106,000	Vale Overseas Ltd., 6.875%, 11/21/2036		1,178,418
				20,765,904
		Canada — 0.9%
	1,085,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		1,042,464
	1,570,000	Bank of Nova Scotia, 1.450%, 4/25/2018		1,539,396
	650,000	Canadian Government, 1.000%, 8/01/2016, (CAD)		586,299
	3,000,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		2,670,909
	2,880,000	Canadian Government, 3.000%, 12/01/2015, (CAD)(d)		2,688,521
	875,000	Pacific Rubiales Energy Corp., 5.125%, 3/28/2023, 144A		850,938

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Canada — continued
$	1,100,000	Pacific Rubiales Energy Corp., 5.375%, 1/26/2019, 144A	$	1,141,250
	100,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		102,028
	600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		603,088
				11,224,893
		Chile — 0.3%
	1,450,000	Banco de Credito e Inversiones, 3.000%, 9/13/2017, 144A		1,473,768
	200,000	Celulosa Arauco y Constitucion S.A., 4.750%, 1/11/2022		200,962
	300,000,000	Chile Government International Bond, 5.500%, 8/05/2020, (CLP)		550,080
	1,000,000	Corp Nacional del Cobre de Chile, 4.500%, 8/13/2023, 144A		1,030,447
	250,000	E.CL S.A., 5.625%, 1/15/2021, 144A		267,104
	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A		773,696
				4,296,057
		China — 0.3%
	800,000	Baidu, Inc., 2.250%, 11/28/2017		801,385
	700,000	Baidu, Inc., 3.250%, 8/06/2018		714,748
	400,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A		397,494
	1,200,000	CNOOC Finance 2013 Ltd., 3.000%, 5/09/2023		1,085,673
	1,000,000	Parkson Retail Group Ltd., 4.500%, 5/03/2018		911,210
				3,910,510
		Colombia — 0.3%
	555,000	Colombia Telecomunicaciones S.A. E.S.P., 5.375%, 9/27/2022, 144A		543,900
	1,180,000	Ecopetrol S.A., 5.875%, 9/18/2023		1,289,150
	1,265,000,000	Emgesa S.A. E.S.P., 8.750%, 1/25/2021, 144A, (COP)		679,990
	2,140,000,000	Empresas Publicas de Medellin E.S.P., 8.375%, 2/01/2021, 144A, (COP)		1,131,348
	200,000,000	Republic of Colombia, 7.750%, 4/14/2021, (COP)		113,584
	40,000	Republic of Colombia, 8.125%, 5/21/2024		52,000
				3,809,972
		Costa Rica — 0.1%
	600,000	Costa Rica Government International Bond, 4.250%, 1/26/2023, 144A		555,000
	800,000	Costa Rica Government International Bond, 4.375%, 4/30/2025, 144A		716,000
				1,271,000
		Croatia — 0.1%
	1,000,000	Croatia Government International Bond, 6.000%, 1/26/2024, 144A		1,040,000
		Czech Republic — 0.0%
	400,000	CEZ AS, 4.250%, 4/03/2022, 144A		406,660
		Finland — 0.1%
	1,015,000	Finland Government Bond, 1.500%, 4/15/2023, 144A, (EUR)(d)		1,374,140
		France — 0.1%
	200,000	AXA S.A., 7.125%, 12/15/2020, (GBP)		394,042
	1,130,000	Societe Generale S.A., 5.000%, 1/17/2024, 144A		1,126,077
				1,520,119

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Hong Kong — 0.1%
$	400,000	Hutchison Whampoa International 11 Ltd., 3.500%, 1/13/2017, 144A	$	420,226
	400,000	Noble Group Ltd., 6.750%, 1/29/2020, 144A		432,000
				852,226
		Hungary — 0.2%
	1,330,000	Hungary Government International Bond, 5.375%, 3/25/2024		1,332,660
	980,000	Hungary Government International Bond, 5.750%, 11/22/2023		1,011,850
	520,000	Hungary Government International Bond, 7.625%, 3/29/2041		599,300
				2,943,810
		Iceland — 0.1%
	1,000,000	Republic of Iceland, 5.875%, 5/11/2022, 144A		1,083,750
		India — 0.2%
	200,000	Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021		198,518
	1,400,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		1,400,000
	700,000	State Bank of India/London, 4.125%, 8/01/2017, 144A		724,065
				2,322,583
		Indonesia — 0.5%
	200,000	Adaro Indonesia PT, 7.625%, 10/22/2019, 144A		212,500
	800,000	Gajah Tunggal Tbk PT, 7.750%, 2/06/2018, 144A		815,000
	3,500,000,000	Indonesia Government International Bond, 9.500%, 7/15/2023, (IDR)		335,057
	781,000,000	Indonesia Government International Bond, 11.500%, 9/15/2019, (IDR)		80,094
	12,100,000,000	Indonesia Treasury Bond, 6.125%, 5/15/2028, (IDR)		857,545
	14,000,000,000	Indonesia Treasury Bond, 8.375%, 3/15/2024, (IDR)		1,266,285
	2,800,000	Pertamina Persero PT, 4.300%, 5/20/2023, 144A(d)		2,523,500
				6,089,981
		Ireland — 0.0%
	100,000	WPP PLC, 6.000%, 4/04/2017, (GBP)		185,008
		Israel — 0.1%
	1,580,000	Teva Pharmaceutical Finance Co. BV, 2.950%, 12/18/2022		1,468,417
		Italy — 1.0%
	500,000	Italy Buoni Poliennali Del Tesoro, 4.000%, 2/01/2037, (EUR)		698,431
	2,860,000	Italy Buoni Poliennali Del Tesoro, 4.500%, 8/01/2018, (EUR)(d)		4,396,922
	1,925,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 3/01/2022, (EUR)		3,048,186
	1,525,000	Italy Buoni Poliennali Del Tesoro, 4.750%, 8/01/2023, 144A, (EUR)		2,371,303
	125,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		116,563
	10,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		9,775
	100,000	Telecom Italia SpA, EMTN, 5.375%, 1/29/2019, (EUR)		150,315
	725,000	UniCredit SpA, EMTN, 6.950%, 10/31/2022, (EUR)		1,159,378
				11,950,873
		Japan — 0.2%
	1,165,000	Nomura Holdings, Inc., GMTN, 2.750%, 3/19/2019		1,157,956
	1,700,000	Softbank Corp., 4.500%, 4/15/2020, 144A(d)		1,691,500
				2,849,456

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Korea — 0.8%
	3,700,000	Export-Import Bank of Korea, 3.000%, 5/22/2018, 144A, (NOK)	$	614,586
	8,000,000	Export-Import Bank of Korea, 4.000%, 11/26/2015, 144A, (PHP)		181,942
	400,000	Hana Bank, 4.000%, 11/03/2016, 144A		425,137
	600,000	Hyundai Capital Services, Inc., 3.500%, 9/13/2017, 144A		627,789
	600,000	Hyundai Steel Co., 4.625%, 4/21/2016, 144A		629,248
	600,000	Industrial Bank of Korea, 2.375%, 7/17/2017, 144A		612,506
	400,000	Kia Motors Corp., 3.625%, 6/14/2016, 144A		416,266
	400,000	Korea Finance Corp., 4.625%, 11/16/2021		435,031
	400,000	Korea National Oil Corp., 3.125%, 4/03/2017, 144A		416,841
	3,784,140,000	Korea Treasury Bond, 2.750%, 9/10/2017, (KRW)(d)		3,522,564
	970,000,000	Korea Treasury Bond, 4.000%, 3/10/2016, (KRW)		931,160
	250,000	Lotte Shopping Co. Ltd., 3.375%, 5/09/2017, 144A		258,828
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		170,233
	200,000	Woori Bank, 5.875%, 4/13/2021, 144A		223,236
				9,465,367
		Luxembourg — 0.2%
	400,000	Altice Financing S.A., 7.875%, 12/15/2019, 144A		437,000
	970,000	ArcelorMittal, 7.250%, 3/01/2041		973,638
	400,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		376,000
	500,000	INEOS Group Holdings S.A., 6.125%, 8/15/2018, 144A		518,750
	500,000	Millicom International Cellular S.A., 4.750%, 5/22/2020, 144A		488,750
				2,794,138
		Malaysia — 0.2%
	1,750,000	Malaysia Government Bond, 3.434%, 8/15/2014, (MYR)		536,696
	6,540,000	Malaysia Government Bond, 4.012%, 9/15/2017, (MYR)(d)		2,030,857
				2,567,553
		Mexico — 1.5%
	1,020,000	Alfa SAB de CV, 5.250%, 3/25/2024, 144A		1,045,500
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		713,407
	300,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 4.125%, 11/09/2022, 144A		294,375
	600,000	BBVA Bancomer S.A., 6.750%, 9/30/2022, 144A		657,000
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		617,264
	364,500(††††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(d)		2,911,773
	186,200(††††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/09/2022, (MXN)		1,469,777
	424,200(††††)	Mexican Fixed Rate Bonds, Series M-10, 7.750%, 12/14/2017, (MXN)(d)		3,580,234
	520,000(††††)	Mexican Fixed Rate Bonds, Series M-10, 8.500%, 12/13/2018, (MXN)(d)		4,544,833
	265,000(††††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		2,297,130
	480,000	Petroleos Mexicanos, 3.500%, 7/18/2018		498,000
				18,629,293
		Netherlands — 0.6%
	1,155,000	Bharti Airtel International Netherlands BV, 5.125%, 3/11/2023, 144A		1,147,781
	550,000	GTB Finance BV, 6.000%, 11/08/2018, 144A		543,125
	200,000	Indosat Palapa Co. BV, 7.375%, 7/29/2020, 144A		217,000
	400,000	Listrindo Capital BV, 6.950%, 2/21/2019, 144A		422,000

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Netherlands — continued
$	500,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A	$	542,500
	850,000	Petrobras Global Finance BV, 3.000%, 1/15/2019		803,300
	1,750,000	Petrobras Global Finance BV, 4.375%, 5/20/2023(d)		1,601,287
	1,150,000	Petrobras Global Finance BV, 7.250%, 3/17/2044		1,180,505
	400,000	VTR Finance BV, 6.875%, 1/15/2024, 144A		416,000
				6,873,498
		New Zealand — 0.4%
	2,863,420	New Zealand Government Bond, 3.000%, 9/20/2030, (NZD)		2,472,973
	2,340,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)(d)		2,101,825
				4,574,798
		Norway — 0.4%
	14,109,000	Norway Government Bond, 2.000%, 5/24/2023, (NOK)(d)		2,200,776
	13,760,000	Norway Government Bond, 4.500%, 5/22/2019, (NOK)(d)		2,555,162
				4,755,938
		Panama — 0.0%
	300,000	Banco Latinoamericano de Comercio Exterior S.A., 3.750%, 4/04/2017, 144A		310,050
		Peru — 0.1%
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A		955,500
		Philippines — 0.1%
	40,000,000	Philippine Government International Bond, 3.900%, 11/26/2022, (PHP)		851,823
	30,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		690,712
	175,000	Philippine Long Distance Telephone Co., EMTN, 8.350%, 3/06/2017		203,219
				1,745,754
		Poland — 0.3%
	6,965,000	Poland Government Bond, 4.000%, 10/25/2023, (PLN)(d)		2,261,932
	2,200,000	Poland Government Bond, 4.750%, 4/25/2017, (PLN)		758,701
	95,000	Poland Government International Bond, 3.000%, 9/23/2014, (CHF)		108,868
	800,000	Poland Government International Bond, 3.000%, 3/17/2023		748,000
				3,877,501
		Romania — 0.1%
	2,650,000	Romania Government Bond, 5.850%, 4/26/2023, (RON)		849,916
		Singapore — 0.7%
	2,000,000	DBS Bank Ltd., (fixed rate to 9/21/2017, variable rate thereafter), 3.625%, 9/21/2022, 144A(d)		2,052,174
	950,000	Singapore Government Bond, 2.250%, 6/01/2021, (SGD)		758,320
	2,470,000	Singapore Government Bond, 2.500%, 6/01/2019, (SGD)(d)		2,058,111
	3,100,000	Singapore Government Bond, 3.250%, 9/01/2020, (SGD)(d)		2,653,170
	500,000	TBG Global Pte Ltd., 4.625%, 4/03/2018, 144A		494,375
				8,016,150
		South Africa — 0.3%
	650,000	AngloGold Ashanti Holdings PLC, 5.125%, 8/01/2022		606,047
	285,000	Republic of South Africa, EMTN, 4.500%, 4/05/2016, (EUR)		415,324

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		South Africa — continued
	11,500,000	South Africa Government Bond, 7.750%, 2/28/2023, (ZAR)	$	1,055,012
	600,000	South Africa Government International Bond, 5.875%, 9/16/2025		645,000
	700,000	Transnet SOC Ltd., 4.000%, 7/26/2022, 144A		643,657
				3,365,040
		Spain — 0.6%
	820,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		1,168,746
	1,270,000	Spain Government Bond, 4.200%, 1/31/2037, (EUR)(d)		1,791,151
	2,115,000	Spain Government Bond, 4.300%, 10/31/2019, (EUR)		3,263,522
	800,000	Spain Government Bond, 4.400%, 10/31/2023, 144A, (EUR)		1,212,805
				7,436,224
		Supranationals — 0.8%
	840,000	Central American Bank for Economic Integration, 3.875%, 2/09/2017, 144A		876,747
	1,115,000	Corp Andina de Fomento, 4.375%, 6/15/2022		1,148,303
	4,925,000	European Financial Stability Facility, 1.625%, 7/17/2020, (EUR)(d)		6,891,447
	70,000,000	International Finance Corp., 7.800%, 6/03/2019, (INR)		1,174,256
				10,090,753
		Sweden — 0.2%
	1,000,000	PKO Finance AB, 4.630%, 9/26/2022, 144A		1,007,500
	9,195,000	Sweden Government Bond, 4.500%, 8/12/2015, (SEK)		1,494,630
	2,450,000	Sweden Government Bond, 5.000%, 12/01/2020, (SEK)		455,783
				2,957,913
		Thailand — 0.1%
	950,000	Thai Oil PCL, 3.625%, 1/23/2023, 144A		882,567
		Turkey — 0.5%
	800,000	Arcelik AS, 5.000%, 4/03/2023, 144A		700,000
	1,600,000	Turkey Government International Bond, 3.250%, 3/23/2023		1,399,200
	1,200,000	Turkey Government International Bond, 5.125%, 3/25/2022		1,202,400
	1,125,000	Turkey Government International Bond, 5.750%, 3/22/2024		1,163,813
	600,000	Turkiye Garanti Bankasi A.S., 4.000%, 9/13/2017, 144A		597,120
	800,000	Turkiye Is Bankasi, 3.875%, 11/07/2017, 144A		780,000
	875,000	Yapi ve Kredi Bankasi, 5.250%, 12/03/2018, 144A		866,250
				6,708,783
		United Arab Emirates — 0.1%
	600,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016, 144A		662,250
	200,000	Dubai Electricity & Water Authority, 8.500%, 4/22/2015, 144A		213,760
				876,010
		United Kingdom — 0.7%
	600,000	Anglo American Capital PLC, 2.625%, 9/27/2017, 144A		609,200
	410,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		391,327
	250,000	BAT International Finance PLC, 3.250%, 6/07/2022, 144A		245,329
	470,000	British Telecommunications PLC, 5.750%, 12/07/2028, (GBP)		883,858
	60,000	BSKYB Finance UK PLC, 5.750%, 10/20/2017, (GBP)		111,765
	150,000	Imperial Tobacco Finance PLC, EMTN, 6.250%, 12/04/2018, (GBP)		286,748

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United Kingdom — continued
	400,000	Old Mutual PLC, EMTN, 8.000%, 6/03/2021, (GBP)	$	730,124
	1,130,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		1,157,067
	250,000	Standard Chartered PLC, EMTN, 3.625%, 11/23/2022, (EUR)		350,567
	345,000	United Kingdom Gilt, 2.000%, 1/22/2016, (GBP)		588,407
	705,000	United Kingdom Treasury, 1.750%, 1/22/2017, (GBP)		1,195,992
	250,000	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)		469,832
	1,150,000	Vedanta Resources PLC, 6.000%, 1/31/2019, 144A		1,150,000
				8,170,216
		United States — 13.1%
	15,000	21st Century Fox America, Inc., 6.400%, 12/15/2035		17,926
	240,000	AES Corp., 4.875%, 5/15/2023		229,200
	425,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		405,875
	15,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		14,250
	975,000	Alcoa, Inc., 5.900%, 2/01/2027		994,763
	129,000	Ally Financial, Inc., 8.000%, 12/31/2018		153,832
	1,728,000	Ally Financial, Inc., 8.000%, 11/01/2031		2,129,760
	194,582	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027, 144A		196,041
	720,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		945,900
	12,750	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(c)		12,973
	925,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		1,020,507
	145,000	Avnet, Inc., 6.000%, 9/01/2015		154,856
	200,000	Bank of America Corp., 5.490%, 3/15/2019		222,149
	500,000	Bank of America Corp., EMTN, 4.625%, 8/07/2017, (EUR)		764,871
	115,000	Bank of America Corp., MTN, 5.000%, 5/13/2021		126,804
	50,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		52,250
	15,000	Boston Scientific Corp., 5.125%, 1/12/2017		16,374
	15,000	Boston Scientific Corp., 6.400%, 6/15/2016		16,626
	875,000	Cantor Fitzgerald LP, 6.375%, 6/26/2015, 144A		910,000
	640,000	Cemex Finance LLC, 6.000%, 4/01/2024, 144A		641,600
	1,995,000	CenturyLink, Inc., 6.450%, 6/15/2021		2,144,625
	510,000	CenturyLink, Inc., 7.650%, 3/15/2042		481,312
	55,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		52,800
	605,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		575,506
	20,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		22,450
	95,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		107,825
	1,470,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		1,587,600
	155,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		171,275
	1,005,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,059,019
	296,511	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		313,560
	235,000	Crestview DS Merger Sub II, Inc., 10.000%, 9/01/2021, 144A		260,850
	235,000	Cummins, Inc., 5.650%, 3/01/2098		243,691
	212,558	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		244,974

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	185,086	Delta Air Lines Pass Through Trust, Series 2007-1, Class C, 8.954%, 8/10/2014	$	186,937
	42,000	Dillard’s, Inc., 6.625%, 1/15/2018		47,250
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		50,875
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		8,580
	310,000	DR Horton, Inc., 4.375%, 9/15/2022		303,800
	1,725,000	First Data Corp., 10.625%, 6/15/2021		1,940,625
	150,000	Foot Locker, Inc., 8.500%, 1/15/2022(c)		163,906
	25,000	Ford Motor Co., 6.375%, 2/01/2029		28,555
	50,000	Ford Motor Co., 6.625%, 2/15/2028		55,690
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,463,208
	40,000	Ford Motor Co., 7.125%, 11/15/2025		47,440
	835,000	Ford Motor Co., 7.400%, 11/01/2046		1,082,494
	5,000	Ford Motor Co., 7.500%, 8/01/2026		6,158
	1,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		1,103,729
	905,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		1,021,709
	50,000	General Electric Capital Corp., GMTN, 3.100%, 1/09/2023		48,928
	600,000	General Electric Capital Corp., Series A, (fixed rate to 6/15/2022, variable rate thereafter), 7.125%(e)		684,000
	3,435,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		4,323,078
	105,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		132,210
	180,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		236,823
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		458,640
	200,000	Gerdau Holdings, Inc., 7.000%, 1/20/2020, 144A		222,000
	800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		740,458
	2,295,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		2,628,966
	3,045,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022		3,379,950
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		170,569
	70,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.819%, 8/10/2045(f)		72,279
	425,000	Halcon Resources Corp., 8.875%, 5/15/2021		440,937
	410,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		465,580
	1,000,000	HCA Holdings, Inc., 6.250%, 2/15/2021		1,070,500
	20,000	HCA, Inc., 4.750%, 5/01/2023		19,775
	90,000	HCA, Inc., 6.375%, 1/15/2015		93,375
	225,000	HCA, Inc., 7.050%, 12/01/2027		223,594
	245,000	HCA, Inc., 7.190%, 11/15/2015		265,825
	90,000	HCA, Inc., 7.500%, 12/15/2023		97,650
	820,000	HCA, Inc., 7.500%, 11/06/2033		840,500
	1,500,000	HCA, Inc., 7.690%, 6/15/2025		1,601,250
	395,000	HCA, Inc., 8.360%, 4/15/2024		446,350
	195,000	HCA, Inc., MTN, 7.580%, 9/15/2025		205,725
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		76,500
	855,000	Hecla Mining Co., 6.875%, 5/01/2021		829,350
	585,000	Hercules, Inc., 6.500%, 6/30/2029		514,800
	470,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		522,740
	110,000	Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A		121,486

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	450,000	International Lease Finance Corp., 4.625%, 4/15/2021	$	450,000
	1,250,000	International Lease Finance Corp., 6.250%, 5/15/2019		1,378,125
	45,000	iStar Financial, Inc., 3.875%, 7/01/2016		46,350
	145,000	iStar Financial, Inc., 4.875%, 7/01/2018		148,625
	70,000	iStar Financial, Inc., 5.850%, 3/15/2017		75,250
	60,000	iStar Financial, Inc., 6.050%, 4/15/2015		62,550
	200,000	iStar Financial, Inc., 7.125%, 2/15/2018		224,500
	5,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		4,213
	48,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		36,600
	5,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,750
	2,995,000	Jack Cooper Holdings Corp., 9.250%, 6/01/2020, 144A		3,264,550
	665,000	Jefferies Group LLC, 5.125%, 4/13/2018		722,402
	30,000	Jefferies Group LLC, 5.125%, 1/20/2023		31,530
	1,070,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,084,103
	685,000	Jefferies Group LLC, 6.450%, 6/08/2027		732,280
	1,410,000	Jefferies Group LLC, 6.875%, 4/15/2021		1,641,862
	15,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		13,425
	245,000	KB Home, 4.750%, 5/15/2019		246,837
	1,665,000	KB Home, 8.000%, 3/15/2020		1,889,775
	190,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		199,262
	15,000	Lennar Corp., Series B, 5.500%, 9/01/2014		15,263
	55,000	Lennar Corp., Series B, 6.500%, 4/15/2016		59,675
	135,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		146,306
	1,435,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		1,608,994
	30,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		33,300
	165,000	Masco Corp., 6.500%, 8/15/2032		167,887
	865,000	Masco Corp., 7.750%, 8/01/2029		966,048
	2,700,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		3,019,615
	310,000	Momentive Specialty Chemicals, Inc., 7.875%, 2/15/2023(g)		272,800
	265,000	Momentive Specialty Chemicals, Inc., 8.375%, 4/15/2016(g)		253,075
	825,000	Morgan Stanley, 2.125%, 4/25/2018		823,192
	220,000	Morgan Stanley, 2.500%, 1/24/2019		219,387
	1,175,000	Morgan Stanley, 5.750%, 1/25/2021		1,345,834
	250,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		457,274
	500,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		494,631
	3,150,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		3,118,068
	600,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		711,517
	100,000	Morgan Stanley, Series F, MTN, 0.687%, 10/18/2016(f)		99,751
	1,552,000	New Albertson’s, Inc., 7.450%, 8/01/2029		1,249,360
	245,000	New Albertson’s, Inc., 7.750%, 6/15/2026		200,900
	3,605,000	New Albertson’s, Inc., 8.000%, 5/01/2031		2,974,125
	2,110,000	New Albertson’s, Inc., 8.700%, 5/01/2030		1,788,225
	315,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		228,375
	155,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		144,538
	115,000	Owens Corning, Inc., 6.500%, 12/01/2016		126,986
	535,000	Owens Corning, Inc., 7.000%, 12/01/2036		606,610

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	540,000	Pulte Group, Inc., 6.000%, 2/15/2035	$	503,550
	785,000	Pulte Group, Inc., 6.375%, 5/15/2033		769,300
	220,000	Pulte Group, Inc., 7.875%, 6/15/2032		245,850
	1,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,471,837
	650,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		620,750
	400,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		433,000
	60,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		59,250
	560,000	Qwest Corp., 6.875%, 9/15/2033		552,240
	115,000	Qwest Corp., 7.250%, 9/15/2025		127,035
	480,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		528,000
	200,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		206,000
	500,000	Range Resources Corp., 5.000%, 8/15/2022		510,000
	750,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		785,423
	80,000	Reynolds American, Inc., 6.750%, 6/15/2017		92,234
	400,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.875%, 8/15/2019		447,000
	655,000	Rockies Express Pipeline LLC, 3.900%, 4/15/2015, 144A		659,912
	205,000	Rockies Express Pipeline LLC, 6.875%, 4/15/2040, 144A		185,012
	1,970,000	Rosetta Resources, Inc., 5.625%, 5/01/2021		2,014,325
	760,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		830,300
	175,000	SLM Corp., 4.875%, 6/17/2019		177,831
	915,000	SLM Corp., 5.500%, 1/25/2023		897,844
	1,600(†††††)	SLM Corp., 6.000%, 12/15/2043		34,589
	141,000	SLM Corp., MTN, 3.875%, 9/10/2015		145,230
	40,000	SLM Corp., MTN, 4.625%, 9/25/2017		42,050
	60,000	SLM Corp., MTN, 5.500%, 1/15/2019		63,450
	1,130,000	SLM Corp., MTN, 7.250%, 1/25/2022		1,245,825
	10,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		9,906
	2,560,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		2,265,600
	360,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		423,900
	330,000	Springleaf Finance Corp., 7.750%, 10/01/2021		365,475
	130,000	Springleaf Finance Corp., 8.250%, 10/01/2023		144,950
	400,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		424,500
	300,000	Springleaf Finance Corp., Series I, MTN, 5.400%, 12/01/2015		314,250
	135,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		148,163
	294,000	Sprint Capital Corp., 6.875%, 11/15/2028		285,180
	240,000	Sprint Capital Corp., 6.900%, 5/01/2019		263,400
	110,000	Sprint Capital Corp., 8.750%, 3/15/2032		121,000
	26,000	Sprint Communications, Inc., 6.000%, 12/01/2016		28,503
	180,000	Sprint Communications, Inc., 6.000%, 11/15/2022		183,375
	2,910,000	SUPERVALU, Inc., 6.750%, 6/01/2021		2,950,012
	1,360,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,224,000
	820,000	Textron, Inc., 5.950%, 9/21/2021		924,642
	715,000	Time Warner Cable, Inc., 5.250%, 7/15/2042, (GBP)		1,193,619
	976,000	Toys R Us, Inc., 7.375%, 10/15/2018		780,800
	13,995,000	U.S. Treasury Note, 0.250%, 5/31/2014(h)(k)		13,999,366
	1,995,000	U.S. Treasury Note, 0.250%, 10/31/2014(d)		1,997,027

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	7,940,000	U.S. Treasury Note, 0.250%, 1/15/2015	$	7,948,686
	4,760,000	U.S. Treasury Note, 0.250%, 1/31/2015		4,765,393
	13,095,000	U.S. Treasury Note, 0.250%, 2/15/2015(k)		13,108,305
	3,480,000	U.S. Treasury Note, 0.250%, 12/15/2015		3,476,329
	5,000,000	U.S. Treasury Note, 0.250%, 2/29/2016		4,986,720
	28,215	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		32,095
	630,000	United Continental Holdings, Inc., 6.375%, 6/01/2018		679,612
	295,000	United Rentals North America, Inc., 7.625%, 4/15/2022		330,769
	1,735,000	United States Steel Corp., 6.650%, 6/01/2037		1,492,100
	770,000	United States Steel Corp., 7.500%, 3/15/2022		827,750
	134,465	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		150,265
	71,874	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		80,499
	528,181	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		553,270
	230,000	USG Corp., 9.750%, 1/15/2018		277,725
	360,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		388,800
	110,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		115,314
	260,000	Visant Corp., 10.000%, 10/01/2017		259,025
	475,000	Wells Fargo & Co., EMTN, 3.500%, 9/12/2029, (GBP)		740,955
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		71,879
	315,000	Weyerhaeuser Co., 7.375%, 3/15/2032		404,883
	125,000	Xerox Corp., 6.750%, 2/01/2017		142,245
	20,000	Xerox Corp., MTN, 7.200%, 4/01/2016		22,345
	250,000	Zurich Finance USA, Inc., EMTN, (fixed rate to 6/15/2015, variable rate thereafter), 4.500%, 6/15/2025, (EUR)		357,365
				162,032,397
		Total Non-Convertible Bonds (Identified Cost $338,330,925)		352,916,612
	Convertible Bonds — 0.7%
		United States — 0.7%
	390,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		396,825
	175,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		182,328
	185,000	Ciena Corp., 3.750%, 10/15/2018, 144A		258,884
	125,000	Ford Motor Co., 4.250%, 11/15/2016		226,328
	530,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(i)		541,594
	1,125,000	Intel Corp., 3.250%, 8/01/2039		1,572,891
	90,000	KB Home, 1.375%, 2/01/2019		92,475
	215,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(g)		326,128
	2,200,000	Old Republic International Corp., 3.750%, 3/15/2018		2,736,250
	375,000	Omnicare, Inc., 3.750%, 12/15/2025		850,312
	610,000	Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		626,013
	40,000	RPM International, Inc., 2.250%, 12/15/2020		46,350

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	90,000	Trinity Industries, Inc., 3.875%, 6/01/2036	$	142,988
	265,000	United States Steel Corp., 2.750%, 4/01/2019		343,341
		Total Convertible Bonds (Identified Cost $6,305,227)		8,342,707
	Municipals — 0.0%
		United States — 0.0%
	415,000	State of Illinois, 5.100%, 6/01/2033		409,576
	130,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		92,613
		Total Municipals (Identified Cost $448,777)		502,189
		Total Bonds and Notes (Identified Cost $345,084,929)		361,761,508
	Senior Loans — 0.4%
		United States — 0.4%
	1,856,250	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(f)		1,912,940
	1,065,000	Flying Fortress, Inc., New Term Loan, 3.500%, 6/30/2017(f)		1,063,221
	31,074	PowerTeam Services LLC, Delayed Draw Term Loan, 3.250%, 5/06/2020(j)		30,893
	23,376	PowerTeam Services LLC, Delayed Draw Term Loan, 4.250%, 5/06/2020(f)		23,239
	431,738	PowerTeam Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(f)		429,221
	120,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(f)		118,800
	17,089	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(f)		12,756
	909,613	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(f)		910,368
	341,550	TI Group Automotive Systems LLC, Term Loan B, 5.500%, 3/28/2019(f)		342,404
		Total Senior Loans (Identified Cost $4,784,567)		4,843,842
Shares
	Preferred Stocks — 0.1%
	Non-Convertible Preferred Stock — 0.1%
		United States — 0.1%
	682	Ally Financial, Inc., Series G, 7.000% 144A (Identified Cost $145,366)		673,603
	Convertible Preferred Stocks — 0.0%
		United States — 0.0%
	460	Chesapeake Energy Corp., 5.000%		44,574
	100	Chesapeake Energy Corp., Series A, 5.750% 144A		111,812
		Total Convertible Preferred Stocks (Identified Cost $135,343)		156,386
		Total Preferred Stocks (Identified Cost $280,709)		829,989

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 1.8%
$	69,399	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2014 at 0.000% to be repurchased at $69,399 on 4/01/2014 collateralized by $80,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $75,189 including accrued interest (Note 2 of Notes to Financial Statements)	$	69,399
	22,239,675	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $22,239,675 on 4/01/2014 collateralized by $22,745,000 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $22,688,138 including accrued interest (Note 2 of Notes to Financial Statements)		22,239,675
		Total Short-Term Investments (Identified Cost $22,309,074)		22,309,074
		Total Investments — 99.2% (Identified Cost $1,066,078,514)(a)		1,227,521,942
		Other assets less liabilities — 0.8%		9,421,655
		Net Assets — 100.0%	$	1,236,943,597
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 1,000.
	(†††)	Security held in units. One unit represents a principal amount of 1,000. Amount shown represents principal amount including inflation adjustments.
	(††††)	Amount shown represents units. One unit represents a principal amount of 100.
	(†††††)	Amount shown represents units. One unit represents a principal amount of 25.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $1,067,035,187 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	177,568,098
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(17,081,343	)
		Net unrealized appreciation	$	160,486,755
	(b)	Non-income producing security.
	(c)	Fair valued by the Fund’s investment adviser. At March 31, 2014, the value of these securities amounted to $8,191,439 or 0.7% of net assets.
	(d)	All of this security has been designated to cover the Fund’s obligations under open forward foreign currency contracts.
	(e)	Perpetual bond with no specified maturity date.
	(f)	Variable rate security. Rate as of March 31, 2014 is disclosed.
	(g)	Illiquid security. At March 31, 2014, the value of these securities amounted to $852,003 or 0.1% of net assets.

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

(h)	A portion of this security has been pledged as collateral for open forward foreign currency contracts.
(i)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(j)	Unfunded loan commitment. Represents a contractual obligation for future funding at the option of the Borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.
(k)	A portion of this security has been designated to cover the Fund’s obligations under open forward foreign currency contracts.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of Rule 144A holdings amounted to $82,025,063 or 6.6% of net assets.
GDR	A Global Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of GDRs may be significantly influenced by trading on exchanges not located in the United States.
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
COP	Colombian Peso
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
INR	Indian Rupee
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
SEK	Swedish Krona
SGD	Singapore Dollar
ZAR	South African Rand

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

At March 31, 2014, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Sell1		6/18/2014	Australian Dollar		2,870,000	$	2,647,680	$	(86,923	)
Sell1		6/06/2014	Brazilian Real		6,400,000		2,772,988		(101,200	)
Buy1		6/11/2014	British Pound		1,370,000		2,282,798		1,228
Buy1		6/05/2014	Canadian Dollar		6,610,000		5,970,079		701
Sell1		6/05/2014	Canadian Dollar		13,390,000		12,093,700		(138,340	)
Buy2		6/18/2014	Euro		13,520,000		18,623,650		(122,101	)
Buy1		6/18/2014	Japanese Yen		2,245,000,000		21,759,532		(187,229	)
Buy3		6/20/2014	Malaysian Ringgit		1,250,000		380,726		1,835
Sell2		6/18/2014	New Zealand Dollar		5,212,000		4,495,173		(54,758	)
Total								$	(686,787	)

¹ Counterparty is Credit Suisse International.

² Counterparty is Barclays Bank PLC

³ Counterparty is JPMorgan Chase Bank, N.A.

Industry Summary at March 31, 2014 (Unaudited)

Treasuries	10.1	%
Pharmaceuticals	6.4
Beverages	5.6
Banks	5.1
Specialty Retail	4.0
Internet Software & Services	3.7
Aerospace & Defense	3.7
Energy Equipment & Services	3.5
Banking	3.3
Insurance	3.2
Trading Companies & Distributors	2.8
Machinery	2.7
Textiles, Apparel & Luxury Goods	2.4
Chemicals	2.4
Internet & Catalog Retail	2.3
Oil, Gas & Consumable Fuels	2.2
IT Services	2.2
Other Investments, less than 2% each	31.8
Short-Term Investments	1.8
Total Investments	99.2
Other assets less liabilities (including open forward foreign currency contracts)	0.8
Net Assets	100.0	%

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Currency Exposure Summary at March 31, 2014 (Unaudited)

United States Dollar	65.4	%
Euro	8.8
British Pound	7.2
Japanese Yen	3.0
Mexican Peso	2.5
Canadian Dollar	2.0
Swiss Franc	2.0
Other, less than 2% each	8.3
Total Investments	99.2
Other assets less liabilities (including open forward foreign currency contracts)	0.8
Net Assets	100.0	%

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Growth Fund

Shares		Description	Value (†)
	Common Stocks — 98.0% of Net Assets
		Air Freight & Logistics — 6.3%
	592,402	Expeditors International of Washington, Inc.	$	23,476,891
	253,217	United Parcel Service, Inc., Class B		24,658,272
				48,135,163
		Beverages — 8.7%
	672,078	Coca-Cola Co. (The)		25,982,535
	20,294	Diageo PLC, Sponsored ADR		2,528,429
	316,488	Monster Beverage Corp.(b)		21,980,092
	310,132	SABMiller PLC, Sponsored ADR		15,630,653
				66,121,709
		Biotechnology — 2.5%
	154,672	Amgen, Inc.		19,077,245
		Capital Markets — 3.6%
	123,326	Greenhill & Co., Inc.		6,410,485
	621,459	SEI Investments Co.		20,887,237
				27,297,722
		Communications Equipment — 9.2%
	1,668,757	Cisco Systems, Inc.		37,396,844
	413,743	QUALCOMM, Inc.		32,627,773
				70,024,617
		Consumer Finance — 2.4%
	207,072	American Express Co.		18,642,692
		Energy Equipment & Services — 3.3%
	258,144	Schlumberger Ltd.		25,169,040
		Food Products — 3.8%
	2,042,376	Danone, Sponsored ADR		28,981,315
		Health Care Equipment & Supplies — 5.4%
	267,986	Varian Medical Systems, Inc.(b)		22,508,144
	195,439	Zimmer Holdings, Inc.		18,484,621
				40,992,765
		Hotels, Restaurants & Leisure — 2.4%
	242,764	Yum! Brands, Inc.		18,301,978
		Household Products — 3.5%
	331,188	Procter & Gamble Co. (The)		26,693,753
		Internet & Catalog Retail — 4.6%
	105,068	Amazon.com, Inc.(b)		35,357,483
		Internet Software & Services — 9.9%
	565,140	Facebook, Inc., Class A(b)		34,044,034
	36,988	Google, Inc., Class A(b)		41,223,496
				75,267,530

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Growth Fund – (continued)

Shares		Description	Value (†)
		IT Services — 6.0%
	139,255	Automatic Data Processing, Inc.	$	10,758,842
	161,713	Visa, Inc., Class A		34,907,368
				45,666,210
		Pharmaceuticals — 7.3%
	233,260	Merck & Co., Inc.		13,242,170
	289,319	Novartis AG, ADR		24,597,901
	383,690	Novo Nordisk AS, ADR		17,515,449
				55,355,520
		Semiconductors & Semiconductor Equipment — 3.6%
	55,740	Altera Corp.		2,020,017
	66,655	Analog Devices, Inc.		3,542,047
	434,472	ARM Holdings PLC, Sponsored ADR		22,145,038
				27,707,102
		Software — 11.9%
	433,019	Autodesk, Inc.(b)		21,295,875
	137,693	FactSet Research Systems, Inc.		14,844,682
	451,478	Microsoft Corp.		18,506,083
	882,487	Oracle Corp.		36,102,543
				90,749,183
		Specialty Retail — 3.6%
	563,130	Lowe’s Cos., Inc.		27,537,057
		Total Common Stocks (Identified Cost $625,650,222)		747,078,084
Principal Amount
	Short-Term Investments — 1.7%
$	12,608,119	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $12,608,119 on 4/01/2014 collateralized by $11,185,000 Federal Home Loan Mortgage Corporation, 4.875% due 6/13/2018 valued at $12,862,750 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $12,608,119)		12,608,119
		Total Investments — 99.7% (Identified Cost $638,258,341)(a)		759,686,203
		Other assets less liabilities — 0.3%		2,275,602
		Net Assets — 100.0%	$	761,961,805

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Growth Fund – (continued)

(†)	See Note 2 of Notes to Financial Statements.
(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
	At March 31, 2014, the net unrealized appreciation on investments based on a cost of $638,258,341 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	124,599,795
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(3,171,933	)
	Net unrealized appreciation	$	121,427,862
(b)	Non-income producing security.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at March 31, 2014 (Unaudited)

Software	11.9	%
Internet Software & Services	9.9
Communications Equipment	9.2
Beverages	8.7
Pharmaceuticals	7.3
Air Freight & Logistics	6.3
IT Services	6.0
Health Care Equipment & Supplies	5.4
Internet & Catalog Retail	4.6
Food Products	3.8
Semiconductors & Semiconductor Equipment	3.6
Specialty Retail	3.6
Capital Markets	3.6
Household Products	3.5
Energy Equipment & Services	3.3
Biotechnology	2.5
Consumer Finance	2.4
Hotels, Restaurants & Leisure	2.4
Short-Term Investments	1.7
Total Investments	99.7
Other assets less liabilities	0.3
Net Assets	100.0	%

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Value Fund

Shares		Description	Value (†)
	Common Stocks — 95.4% of Net Assets
		Aerospace & Defense — 2.5%
	270,799	Honeywell International, Inc.	$	25,119,315
	259,267	Northrop Grumman Corp.		31,988,363
				57,107,678
		Automobiles — 1.2%
	811,070	General Motors Co.		27,917,029
		Banks — 11.6%
	2,035,272	Bank of America Corp.		35,006,678
	724,929	Citigroup, Inc.		34,506,620
	966,405	Fifth Third Bancorp		22,178,995
	966,750	JPMorgan Chase & Co.		58,691,393
	399,831	PNC Financial Services Group, Inc. (The)		34,785,297
	496,512	US Bancorp		21,280,504
	1,060,286	Wells Fargo & Co.		52,738,626
				259,188,113
		Beverages — 1.2%
	323,704	PepsiCo, Inc.		27,029,284
		Capital Markets — 4.3%
	307,828	Ameriprise Financial, Inc.		33,882,628
	529,447	Legg Mason, Inc.		25,964,081
	540,938	State Street Corp.		37,622,238
				97,468,947
		Chemicals — 1.4%
	456,295	E.I. du Pont de Nemours & Co.		30,617,394
		Communications Equipment — 2.4%
	1,182,914	Cisco Systems, Inc.		26,509,103
	440,488	Motorola Solutions, Inc.		28,318,973
				54,828,076
		Construction Materials — 1.2%
	409,162	Vulcan Materials Co.		27,188,815
		Consumer Finance — 1.4%
	545,000	Discover Financial Services		31,713,550
		Containers & Packaging — 1.3%
	915,908	Sealed Air Corp.		30,105,896
		Diversified Telecommunication Services — 1.3%
	611,418	Verizon Communications, Inc.		29,085,154
		Electric Utilities — 2.0%
	302,059	NextEra Energy, Inc.		28,882,882
	328,058	Northeast Utilities		14,926,639
				43,809,521
		Electrical Equipment — 1.4%
	426,698	Eaton Corp. PLC		32,053,554

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Electronic Equipment, Instruments & Components — 0.7%
	527,641	Knowles Corp.(b)	$	16,657,626
		Energy Equipment & Services — 2.5%
	400,230	National Oilwell Varco, Inc.		31,165,910
	255,847	Schlumberger Ltd.		24,945,083
				56,110,993
		Food & Staples Retailing — 1.4%
	407,954	CVS Caremark Corp.		30,539,436
		Food Products — 1.2%
	756,187	Mondelez International, Inc., Class A		26,126,261
		Health Care Equipment & Supplies — 1.4%
	422,554	Covidien PLC		31,125,328
		Health Care Providers & Services — 2.8%
	435,949	HCA Holdings, Inc.(b)		22,887,323
	475,566	UnitedHealth Group, Inc.		38,991,656
				61,878,979
		Independent Power & Renewable Electricity Producers — 0.9%
	995,623	Calpine Corp.(b)		20,818,477
		Industrial Conglomerates — 1.5%
	1,268,955	General Electric Co.		32,853,245
		Insurance — 5.6%
	662,597	American International Group, Inc.		33,136,476
	628,316	MetLife, Inc.		33,175,085
	353,079	Travelers Cos., Inc. (The)		30,047,023
	839,147	Unum Group		29,630,280
				125,988,864
		Internet & Catalog Retail — 1.2%
	966,850	Liberty Interactive Corp., Class A(b)		27,912,959
		Internet Software & Services — 0.9%
	479,608	AOL, Inc.(b)		20,992,442
		Machinery — 3.3%
	207,820	Deere & Co.		18,870,056
	402,978	Illinois Tool Works, Inc.		32,774,201
	512,664	Terex Corp.		22,711,015
				74,355,272
		Media — 5.7%
	636,645	Comcast Corp., Class A		31,844,983
	269,199	DIRECTV(b)		20,572,187
	450,505	Liberty Global PLC, Class A(b)		18,741,008
	380,376	Omnicom Group, Inc.		27,615,298
	332,203	Viacom, Inc., Class B		28,233,933
				127,007,409

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Multiline Retail — 1.3%
	495,572	Family Dollar Stores, Inc.	$	28,748,132
		Oil, Gas & Consumable Fuels — 9.1%
	387,421	Chevron Corp.		46,068,231
	398,018	CONSOL Energy, Inc.		15,900,819
	323,649	ExxonMobil Corp.		31,614,034
	327,239	Hess Corp.		27,121,568
	973,401	Marathon Oil Corp.		34,575,204
	377,077	Noble Energy, Inc.		26,787,550
	397,979	Valero Energy Corp.		21,132,685
				203,200,091
		Pharmaceuticals — 10.3%
	471,739	Bristol-Myers Squibb Co.		24,506,841
	598,017	Eli Lilly & Co.		35,199,281
	314,541	Forest Laboratories, Inc.(b)		29,022,698
	877,863	Merck & Co., Inc.		49,836,282
	1,442,602	Pfizer, Inc.		46,336,376
	626,992	Sanofi, ADR		32,779,142
	227,648	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		12,028,920
				229,709,540
		REITs – Diversified — 1.2%
	908,017	Weyerhaeuser Co.		26,650,299
		Road & Rail — 1.4%
	325,069	Norfolk Southern Corp.		31,586,955
		Semiconductors & Semiconductor Equipment — 1.3%
	620,999	Texas Instruments, Inc.		29,280,103
		Software — 1.7%
	913,112	Microsoft Corp.		37,428,461
		Specialty Retail — 2.1%
	312,359	AutoNation, Inc.(b)		16,626,870
	622,158	Lowe’s Cos., Inc.		30,423,526
				47,050,396
		Technology Hardware, Storage & Peripherals — 2.5%
	46,323	Apple, Inc.		24,863,407
	1,115,229	EMC Corp.		30,568,427
				55,431,834
		Tobacco — 1.2%
	328,325	Philip Morris International, Inc.		26,879,968
		Wireless Telecommunication Services — 1.0%
	584,816	Vodafone Group PLC, Sponsored ADR		21,527,077
		Total Common Stocks (Identified Cost $1,543,026,009)		2,137,973,158

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Value Fund – (continued)

Principal Amount		Description	Value (†)
	Short-Term Investments — 4.4%
$	97,677,072	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $97,677,072 on 4/01/2014 collateralized by $101,925,000 U.S. Treasury Note, 0.750% due 3/31/2018 valued at $99,631,688 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $97,677,072)	$	97,677,072
		Total Investments — 99.8% (Identified Cost $1,640,703,081)(a)		2,235,650,230
		Other assets less liabilities — 0.2%		4,033,889
		Net Assets — 100.0%	$	2,239,684,119
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $1,640,703,081 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	608,271,077
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(13,323,928	)
		Net unrealized appreciation	$	594,947,149
	(b)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	REITs	Real Estate Investment Trusts

Industry Summary at March 31, 2014 (Unaudited)

Banks	11.6	%
Pharmaceuticals	10.3
Oil, Gas & Consumable Fuels	9.1
Media	5.7
Insurance	5.6
Capital Markets	4.3
Machinery	3.3
Health Care Providers & Services	2.8
Aerospace & Defense	2.5
Energy Equipment & Services	2.5
Technology Hardware, Storage & Peripherals	2.5
Communications Equipment	2.4
Specialty Retail	2.1
Electric Utilities	2.0
Other Investments, less than 2% each	28.7
Short-Term Investments	4.4
Total Investments	99.8
Other assets less liabilities	0.2
Net Assets	100.0	%

See accompanying notes to financial statements.

33  |

Statements of Assets and Liabilities

March 31, 2014 (Unaudited)

	Global Equity and Income Fund		Growth Fund			Value Fund
ASSETS
Investments at cost	$	1,066,078,514	$	638,258,341		$	1,640,703,081
Net unrealized appreciation		161,443,428		121,427,862			594,947,149
Investments at value		1,227,521,942		759,686,203			2,235,650,230
Foreign currency at value (identified cost $6,206,526, $0 and $0)		6,274,196		—			—
Receivable for Fund shares sold		2,709,754		1,815,950			6,782,566
Receivable for securities sold		2,213,244		—			4,107,855
Dividends and interest receivable		5,726,948		1,263,484			2,701,735
Unrealized appreciation on forward foreign currency contracts (Note 2)		3,764		—			—
Tax reclaims receivable		408,701		191,264			—
TOTAL ASSETS		1,244,858,549		762,956,901			2,249,242,386
LIABILITIES
Payable for securities purchased		4,749,072		—			5,833,743
Payable for Fund shares redeemed		1,400,536		440,980			2,288,646
Unrealized depreciation on forward foreign currency contracts (Note 2)		690,551		—			—
Foreign taxes payable (Note 2)		5,307		—			—
Management fees payable (Note 6)		785,438		319,545			935,252
Deferred Trustees’ fees (Note 6)		115,285		140,360			342,370
Administrative fees payable (Note 6)		45,645		27,845			81,524
Payable to distributor (Note 6d)		10,553		7,906			29,805
Other accounts payable and accrued expenses		112,565		58,460			46,927
TOTAL LIABILITIES		7,914,952		995,096			9,558,267
NET ASSETS	$	1,236,943,597	$	761,961,805		$	2,239,684,119
NET ASSETS CONSIST OF:
Paid-in capital	$	1,057,522,212	$	698,244,420		$	1,540,519,026
Undistributed net investment income		2,053,602		1,330,785			24,600,345
Accumulated net realized gain (loss) on investments and foreign currency transactions		16,522,674		(59,041,262	)		79,617,599
Net unrealized appreciation on investments and foreign currency translations		160,845,109		121,427,862			594,947,149
NET ASSETS	$	1,236,943,597	$	761,961,805		$	2,239,684,119

See accompanying notes to financial statements.

|  34

Statements of Assets and Liabilities (continued)

March 31, 2014 (Unaudited)

	Global Equity and Income Fund		Growth Fund			Value Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	277,031,475	$	60,914,427		$	287,728,174
Shares of beneficial interest		14,393,761		6,786,993			10,511,306
Net asset value and redemption price per share	$	19.25	$	8.98		$	27.37
Offering price per share (100/94.25 of net asset value) (Note 1)	$	20.42	$	9.53		$	29.04
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	—	$	706,869		$	940,984
Shares of beneficial interest		—		84,330			33,897
Net asset value and offering price per share	$	—	$	8.38		$	27.76
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	376,111,564	$	27,688,256		$	17,628,999
Shares of beneficial interest		19,723,822		3,305,945			649,014
Net asset value and offering price per share	$	19.07	$	8.38		$	27.16
Class N shares:
Net assets	$	—	$	1,258		$	338,312,398
Shares of beneficial interest		—		132			12,333,516
Net asset value, offering and redemption price per share	$	—	$	9.50	*	$	27.43
Class Y shares:
Net assets	$	583,800,558	$	672,650,995		$	1,595,058,123
Shares of beneficial interest		30,192,711		70,630,761			58,118,168
Net asset value, offering and redemption price per share	$	19.34	$	9.52		$	27.45
Admin Class shares:
Net assets	$	—	$	—		$	15,441
Shares of beneficial interest		—		—			566
Net asset value, offering and redemption price per share	$	—	$	—		$	27.28

* Net asset value calculations reflect fractional share and dollar amounts.

See accompanying notes to financial statements.

35  |

Statements of Operations

For the Six Months Ended March 31, 2014 (Unaudited)

	Global Equity and Income Fund			Growth Fund			Value Fund
INVESTMENT INCOME
Dividends	$	5,114,886		$	5,124,799		$	38,695,792	(a)
Interest		8,352,188			44			239
Less net foreign taxes withheld		(201,492	)		(194,363	)		(10,936	)
		13,265,582			4,930,480			38,685,095
Expenses
Management fees (Note 6)		4,574,649			1,736,665			5,249,986
Service and distribution fees (Note 6)		2,151,458			199,348			394,521
Administrative fees (Note 6)		267,680			152,398			460,760
Trustees’ fees and expenses (Note 6)		27,482			25,032			54,237
Transfer agent fees and expenses (Notes 6 and 7)		484,500			366,221			1,239,676
Audit and tax services fees		27,715			21,382			17,916
Custodian fees and expenses		145,469			16,869			27,319
Legal fees		7,180			3,508			11,975
Registration fees		45,947			61,544			72,627
Shareholder reporting expenses		29,556			18,830			43,254
Miscellaneous expenses		25,863			11,999			26,983
Total expenses		7,787,499			2,613,796			7,599,254
Less waiver and/or expense reimbursement (Note 6)		—			(8	)		—
Net expenses		7,787,499			2,613,788			7,599,254
Net investment income		5,478,083			2,316,692			31,085,841
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		28,090,333			25,238,594			90,500,865
Foreign currency transactions		(123,441	)		—			—
Net change in unrealized appreciation (depreciation) on:
Investments		44,583,224			45,268,337			143,032,098
Foreign currency translations		(536,670	)		—			—
Net realized and unrealized gain on investments and foreign currency transactions		72,013,446			70,506,931			233,532,963
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	77,491,529		$	72,823,623		$	264,618,804

(a) Includes non-recurring dividends of $18,542,329.

See accompanying notes to financial statements.

|  36

Statements of Changes in Net Assets

	Global Equity and Income Fund						Growth Fund
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
FROM OPERATIONS:
Net investment income	$	5,478,083		$	18,882,904		$	2,316,692		$	1,530,832
Net realized gain on investments and foreign currency transactions		27,966,892			31,642,395			25,238,594			4,017,895
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		44,046,554			58,003,890			45,268,337			49,693,475
Net increase in net assets resulting from operations		77,491,529			108,529,189			72,823,623			55,242,202
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(4,662,019	)		(3,564,600	)		(62,432	)		(294,078	)
Class C		(3,777,946	)		(2,862,934	)		—			(20,215	)
Class N		—			—			(3	)		—
Class Y		(11,208,754	)		(9,012,867	)		(1,861,749	)		(1,088,093	)
Net realized capital gains
Class A		(3,414,741	)		—			—			—
Class C		(4,537,332	)		—			—			—
Class Y		(7,216,843	)		—			—			—
Total distributions		(34,817,635	)		(15,440,401	)		(1,924,184	)		(1,402,386	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		31,803,699			141,699,087			77,347,950			411,126,304
Net increase in net assets		74,477,593			234,787,875			148,247,389			464,966,120
NET ASSETS
Beginning of the period		1,162,466,004			927,678,129			613,714,416			148,748,296
End of the period	$	1,236,943,597		$	1,162,466,004		$	761,961,805		$	613,714,416
UNDISTRIBUTED NET INVESTMENT INCOME	$	2,053,602		$	16,224,238		$	1,330,785		$	938,277

See accompanying notes to financial statements.

37  |

Statements of Changes in Net Assets (continued)

	Value Fund
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
FROM OPERATIONS:
Net investment income	$	31,085,841		$	25,179,744
Net realized gain on investments		90,500,865			103,312,153
Net change in unrealized appreciation (depreciation) on investments		143,032,098			226,865,373
Net increase in net assets resulting from operations		264,618,804			355,357,270
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(2,696,217	)		(1,732,857	)
Class B		—			(4,549	)
Class C		(56,045	)		(55,400	)
Class N		(3,689,697	)		—
Class Y		(16,821,147	)		(20,425,746	)
Admin Class		(119	)		(23	)
Net realized capital gains
Class A		(12,795,968	)		—
Class B		(52,578	)		—
Class C		(776,082	)		—
Class N		(14,085,769	)		—
Class Y		(71,586,232	)		—
Admin Class		(641	)		—
Total distributions		(122,560,495	)		(22,218,575	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		135,536,329			248,645,802
Net increase in net assets		277,594,638			581,784,497
NET ASSETS
Beginning of the period		1,962,089,481			1,380,304,984
End of the period	$	2,239,684,119		$	1,962,089,481
UNDISTRIBUTED NET INVESTMENT INCOME	$	24,600,345		$	16,777,729

See accompanying notes to financial statements.

|  38

Financial Highlights

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment income (a)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains (b)			Total distributions
GLOBAL EQUITYAND INCOME FUND
Class A
3/31/2014(g)	$	18.57	$	0.10		$	1.15		$	1.25		$	(0.33	)	$	(0.24	)	$	(0.57	)
9/30/2013		17.07		0.32	(h)		1.45			1.77			(0.27	)		—			(0.27	)
9/30/2012		14.24		0.35	(i)		2.71			3.06			(0.23	)		—			(0.23	)
9/30/2011		14.72		0.22			(0.45	)		(0.23	)		(0.25	)		—			(0.25	)
9/30/2010		12.50		0.26			2.26			2.52			(0.30	)		—			(0.30	)
9/30/2009		11.65		0.36			0.74	(k)		1.10			(0.25	)		(0.00	)		(0.25	)
Class C
3/31/2014(g)		18.36		0.02			1.13			1.15			(0.20	)		(0.24	)		(0.44	)
9/30/2013		16.90		0.19	(h)		1.45			1.64			(0.18	)		—			(0.18	)
9/30/2012		14.10		0.22	(i)		2.70			2.92			(0.12	)		—			(0.12	)
9/30/2011		14.59		0.10			(0.44	)		(0.34	)		(0.15	)		—			(0.15	)
9/30/2010		12.39		0.16			2.26			2.42			(0.22	)		—			(0.22	)
9/30/2009		11.51		0.28			0.75	(k)		1.03			(0.15	)		(0.00	)		(0.15	)
Class Y
3/31/2014(g)		18.68		0.12			1.15			1.27			(0.37	)		(0.24	)		(0.61	)
9/30/2013		17.15		0.37	(h)		1.47			1.84			(0.31	)		—			(0.31	)
9/30/2012		14.31		0.40	(i)		2.71			3.11			(0.27	)		—			(0.27	)
9/30/2011		14.78		0.26			(0.45	)		(0.19	)		(0.28	)		—			(0.28	)
9/30/2010		12.54		0.29			2.28			2.57			(0.33	)		—			(0.33	)
9/30/2009		11.70		0.38			0.75	(k)		1.13			(0.29	)		(0.00	)		(0.29	)

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

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

(c) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

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

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

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

(g) For the six months ended March 31, 2014 (Unaudited).

(h) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.27, $0.13 and $0.31 for Class A, Class C and Class Y shares, respectively, total return would have been 10.25%, 9.41% and 10.60% for Class A, Class C and Class Y shares, respectively, and the ratio of net investment income to average net assets would have been 1.51%, 0.76% and 1.76% for Class A, Class C and Class Y shares, respectively.

See accompanying notes to financial statements.

39  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (c)(d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)			Gross expenses (%) (f)			Net investment income (%) (f)			Portfolio turnover rate (%)
	$19.25		6.73		$	277,031		1.17			1.17			1.00			24
	18.57		10.54	(h)		251,211		1.18			1.18			1.82	(h)		58
	17.07		21.75	(i)		216,209		1.21			1.21			2.16	(i)		29
	14.24		(1.67	)		111,589		1.24	(j)		1.24	(j)		1.41			65
	14.72		20.61			64,367		1.25			1.29			1.96			99
	12.50		10.27			44,669		1.25			1.34			3.56			114
	19.07		6.27			376,112		1.92			1.92			0.25			24
	18.36		9.77	(h)		340,561		1.93			1.93			1.07	(h)		58
	16.90		20.83	(i)		251,366		1.96			1.96			1.40	(i)		29
	14.10		(2.42	)		145,369		1.99	(j)		1.99	(j)		0.64			65
	14.59		19.79			109,455		2.00			2.04			1.21			99
	12.39		9.40			96,208		2.00			2.09			2.82			114
	19.34		6.83			583,801		0.92			0.92			1.25			24
	18.68		10.90	(h)		570,694		0.93			0.93			2.07	(h)		58
	17.15		21.96	(i)		460,103		0.96			0.96			2.44	(i)		29
	14.31		(1.42	)		216,136		0.99	(j)		0.99	(j)		1.65			65
	14.78		21.02			144,780		1.00			1.04			2.20			99
	12.54		10.49			108,728		1.00			1.01			3.79			114

(i) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.31, $0.19 and $0.36 for Class A, Class C and Class Y shares, respectively, total return would have been 21.46%, 20.55% and 21.75% for Class A, Class C and Class Y shares, respectively, and the ratio of net investment income to average net assets would have been 1.93%, 1.18% and 2.20% for Class A, Class C and Class Y shares, respectively.

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

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

See accompanying notes to financial statements.

|  40

Financial Highlights (continued)

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment income (loss) (a)(b)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains		Total distributions
GROWTH FUND
Class A
3/31/2014(g)	$	8.07	$	0.02		$	0.90		$	0.92		$	(0.01	)	$	—	$	(0.01	)
9/30/2013		6.50		0.04			1.59			1.63			(0.06	)		—		(0.06	)
9/30/2012		5.24		0.04			1.23			1.27			(0.01	)		—		(0.01	)
9/30/2011		5.14		0.01			0.09			0.10			—			—		—
9/30/2010		4.48		(0.01	)		0.67			0.66			—			—		—
9/30/2009		4.99		(0.01	)		(0.50	)		(0.51	)		—			—		—
Class B
3/31/2014(g)		7.56		(0.01	)		0.83			0.82			—			—		—
9/30/2013		6.09		(0.01	)		1.48			1.47			—			—		—
9/30/2012		4.94		(0.01	)		1.16			1.15			—			—		—
9/30/2011		4.87		(0.03	)		0.10			0.07			—			—		—
9/30/2010		4.28		(0.05	)		0.64			0.59			—			—		—
9/30/2009		4.81		(0.04	)		(0.49	)		(0.53	)		—			—		—
Class C
3/31/2014(g)		7.55		(0.01	)		0.84			0.83			—			—		—
9/30/2013		6.09		(0.01	)		1.48			1.47			(0.01	)		—		(0.01	)
9/30/2012		4.94		(0.01	)		1.16			1.15			—			—		—
9/30/2011		4.87		(0.03	)		0.10			0.07			—			—		—
9/30/2010		4.28		(0.05	)		0.64			0.59			—			—		—
9/30/2009		4.81		(0.04	)		(0.49	)		(0.53	)		—			—		—
Class N
3/31/2014(g)		8.56		0.02			0.94			0.96			(0.02	)		—		(0.02	)
9/30/2013*		7.58		0.03			0.95			0.98			—			—		—
Class Y
3/31/2014(g)		8.57		0.03			0.95			0.98			(0.03	)		—		(0.03	)
9/30/2013		6.90		0.05			1.69			1.74			(0.07	)		—		(0.07	)
9/30/2012		5.56		0.06			1.30			1.36			(0.02	)		—		(0.02	)
9/30/2011		5.43		0.03			0.10			0.13			—			—		—
9/30/2010		4.73		(0.00	)		0.70			0.70			—			—		—
9/30/2009		5.24		0.01			(0.52	)		(0.51	)		—			—		—

* From commencement of Class operations on February 1, 2013 through September 30, 2013.

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

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

(c) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

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

See accompanying notes to financial statements.

41  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (c)(d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)			Gross expenses (%) (f)		Net investment income (loss) (%) (f)			Portfolio turnover rate (%)
	$8.98		11.40		$	60,914		0.95			0.95		0.47			10
	8.07		25.23			50,248		1.03			1.03		0.57			6
	6.50		24.22			33,663		1.07			1.07		0.61			16
	5.24		1.95			26,716		1.14			1.14		0.23			16
	5.14		14.73			29,901		1.19			1.20		(0.30	)		163
	4.48		(10.40	)		33,207		1.25			1.31		(0.25	)		191
	8.38		10.85			707		1.69			1.69		(0.32	)		10
	7.56		24.14			1,422		1.78			1.78		(0.14	)		6
	6.09		23.28			1,908		1.82			1.82		(0.12	)		16
	4.94		1.44			2,609		1.89			1.89		(0.54	)		16
	4.87		13.79			4,086		1.93			1.95		(1.06	)		163
	4.28		(11.02	)		5,397		2.00			2.12		(1.06	)		191
	8.38		10.99			27,688		1.70			1.70		(0.27	)		10
	7.55		24.21			20,798		1.78			1.78		(0.20	)		6
	6.09		23.28			10,489		1.82			1.82		(0.13	)		16
	4.94		1.44			10,262		1.89			1.89		(0.53	)		16
	4.87		13.79			12,493		1.93			1.95		(1.06	)		163
	4.28		(11.02	)		16,336		2.00			2.12		(1.06	)		191
	9.50		11.24			1		0.95			2.24		0.46			10
	8.56		12.93			1		0.95			3.50		0.60			6
	9.52		11.42			672,651		0.70			0.70		0.72			10
	8.57		25.49			541,245		0.77			0.77		0.68			6
	6.90		24.57			102,688		0.82			0.82		0.87			16
	5.56		2.21			70,177		0.89			0.89		0.49			16
	5.43		15.01			53,299		0.93	(h)		0.95		(0.05	)		163
	4.73		(9.73	)		57,033		0.75			0.75		0.18			191

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

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

(g) For the six months ended March 31, 2014 (Unaudited).

(h) Effective February 1, 2010, the expense limit increased from 0.85% to 1.00% for Class Y shares.

See accompanying notes to financial statements.

|  42

Financial Highlights (continued)

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment income (a)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
VALUE FUND
Class A
3/31/2014(f)	$	25.59	$	0.38	(g)	$	2.97		$	3.35		$	(0.27	)	$	(1.30	)	$	(1.57	)
9/30/2013		20.86		0.31			4.70			5.01			(0.28	)		—			(0.28	)
9/30/2012		16.04		0.27			4.78			5.05			(0.23	)		—			(0.23	)
9/30/2011		16.78		0.20			(0.72	)		(0.52	)		(0.22	)		—			(0.22	)
9/30/2010		16.42		0.27	(h)		0.23			0.50			(0.14	)		—			(0.14	)
9/30/2009		17.93		0.23			(1.53	)		(1.30	)		(0.21	)		—			(0.21	)
Class B
3/31/2014(f)		25.77		0.24	(g)		3.05			3.29			—			(1.30	)		(1.30	)
9/30/2013		20.95		0.14			4.75			4.89			(0.07	)		—			(0.07	)
9/30/2012		16.05		0.13			4.81			4.94			(0.04	)		—			(0.04	)
9/30/2011		16.77		0.06			(0.73	)		(0.67	)		(0.05	)		—			(0.05	)
9/30/2010		16.40		0.12	(h)		0.25			0.37			—			—			—
9/30/2009		17.80		0.14			(1.51	)		(1.37	)		(0.03	)		—			(0.03	)
Class C
3/31/2014(f)		25.33		0.27	(g)		2.95			3.22			(0.09	)		(1.30	)		(1.39	)
9/30/2013		20.65		0.13			4.68			4.81			(0.13	)		—			(0.13	)
9/30/2012		15.85		0.13			4.74			4.87			(0.07	)		—			(0.07	)
9/30/2011		16.58		0.06			(0.71	)		(0.65	)		(0.08	)		—			(0.08	)
9/30/2010		16.26		0.14	(h)		0.22			0.36			(0.04	)		—			(0.04	)
9/30/2009		17.79		0.12			(1.51	)		(1.39	)		(0.14	)		—			(0.14	)
Class N
3/31/2014(f)		25.65		0.43	(g)		2.99			3.42			(0.34	)		(1.30	)		(1.64	)
9/30/2013*		22.59		0.25			2.81			3.06			—			—			—
Class Y
3/31/2014(f)		25.65		0.39	(g)		3.02			3.41			(0.31	)		(1.30	)		(1.61	)
9/30/2013		20.91		0.36			4.72			5.08			(0.34	)		—			(0.34	)
9/30/2012		16.08		0.32			4.78			5.10			(0.27	)		—			(0.27	)
9/30/2011		16.82		0.25			(0.73	)		(0.48	)		(0.26	)		—			(0.26	)
9/30/2010		16.47		0.31	(h)		0.23			0.54			(0.19	)		—			(0.19	)
9/30/2009		18.01		0.28			(1.54	)		(1.26	)		(0.28	)		—			(0.28	)
Admin Class
3/31/2014(f)		25.51		0.35	(g)		2.96			3.31			(0.24	)		(1.30	)		(1.54	)
9/30/2013		20.79		0.24			4.71			4.95			(0.23	)		—			(0.23	)
9/30/2012		16.00		0.22			4.77			4.99			(0.20	)		—			(0.20	)
9/30/2011		16.74		0.17			(0.73	)		(0.56	)		(0.18	)		—			(0.18	)
9/30/2010**		16.72		0.18	(h)		(0.16	)		0.02			—			—			—

* From commencement of Class operations on February 1, 2013 through September 30, 2013.

** From commencement of Class operations on February 1, 2010 through September 30, 2010.

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

(b) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

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

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

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

See accompanying notes to financial statements.

43  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (b)(c)			Net assets, end of the period (000’s)		Net expenses (%) (d)(e)		Gross expenses (%) (e)		Net investment income (%) (e)			Portfolio turnover rate (%)
	$27.37		13.41	(g)	$	287,728		0.96		0.96		2.87	(g)		15
	25.59		24.35			171,327		0.97		0.97		1.31			24
	20.86		31.71			129,572		0.98		0.98		1.45			25
	16.04		(3.28	)		126,789		0.98		0.98		1.09			29
	16.78		3.03			130,922		0.96		0.96		1.58	(h)		54
	16.42		(6.97	)		120,915		1.06		1.06		1.67			47
	27.76		13.01	(g)		941		1.70		1.70		1.75	(g)		15
	25.77		23.42			1,143		1.72		1.72		0.59			24
	20.95		30.79			1,534		1.73		1.73		0.71			25
	16.05		(4.05	)		2,037		1.73		1.73		0.32			29
	16.77		2.26			3,299		1.70		1.70		0.72	(h)		54
	16.40		(7.62	)		5,167		1.81		1.81		1.03			47
	27.16		12.99	(g)		17,629		1.71		1.71		2.02	(g)		15
	25.33		23.41			15,158		1.72		1.72		0.55			24
	20.65		30.78			9,104		1.73		1.73		0.70			25
	15.85		(4.00	)		8,996		1.73		1.73		0.33			29
	16.58		2.20			10,226		1.71		1.71		0.81	(h)		54
	16.26		(7.60	)		10,011		1.81		1.81		0.89			47
	27.43		13.66	(g)		338,312		0.57		0.57		3.25	(g)		15
	25.65		13.55			260,643		0.57		0.57		1.50			24
	27.45		13.60	(g)		1,595,058		0.71		0.71		2.93	(g)		15
	25.65		24.65			1,513,807		0.72		0.72		1.56			24
	20.91		32.05			1,240,093		0.73		0.73		1.68			25
	16.08		(3.05	)		957,584		0.74		0.74		1.34			29
	16.82		3.28			788,937		0.71		0.71		1.86	(h)		54
	16.47		(6.66	)		574,439		0.66		0.66		1.97			47
	27.28		13.28	(g)		15		1.18		1.18		2.61	(g)		15
	25.51		24.08			12		1.19		1.19		1.01			24
	20.79		31.43			2		1.24		1.24		1.17			25
	16.00		(3.48	)		1		1.17		1.17		0.90			29
	16.74		0.12			1		1.29		1.29		1.59	(h)		54

(f) For the six months ended March 31, 2014 (Unaudited).

(g) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.13, $0.03, $0.03, $0.18, $0.16 and $0.10 for Class A, Class B, Class C, Class N, Class Y and Admin Class shares, respectively, total returns would have been 12.46%, 12.07%, 12.03%, 12.71%, 12.60% and 12.32% for Class A, Class B, Class C, Class N, Class Y and Admin Class shares, respectively, and the ratios of net investment income to average net assets would have been 0.95%, 0.20%, 0.21%, 1.36%, 1.21% and 0.74% for Class A, Class B, Class C, Class N, Class Y and Admin Class shares, respectively.

(h) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.14, $0.02, $0.01, $0.18 and $0.05 for Class A, Class B, Class C, Class Y and Admin Class shares, respectively, and the ratio of net investment income to average net assets would have been 0.84%, 0.10%, 0.09%, 1.08% and 0.50% for Class A, Class B, Class C, Class Y and Admin Class shares, respectively.

See accompanying notes to financial statements.

|  44

Notes to Financial Statements

March 31, 2014 (Unaudited)

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

Loomis Sayles Global Equity and Income Fund (the “Global Equity and Income Fund”)

Loomis Sayles Growth Fund (the “Growth Fund”)

Loomis Sayles Value Fund (the “Value Fund”)

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C and Class Y shares. In addition, Growth Fund and Value Fund offer Class N shares and Value Fund offers Admin Class shares. Effective October 12, 2007, Class B shares are no longer offered. Existing Class B shareholders of Growth Fund and Value Fund may continue to reinvest dividends into Class B shares and exchange their Class B shares for Class B shares of other Natixis Funds subject to existing exchange privileges as described in the prospectus.

Class A shares are sold with a maximum front-end sales charge of 5.75%. Class B shares do not pay a front-end sales charge; however, they are charged higher Rule 12b-1 fees, and are subject to a contingent deferred sales charge (“CDSC”) if such shares are redeemed within six years of purchase. After eight years of ownership, Class B shares convert to Class A shares. Class C shares do not pay a front-end sales charge, do not convert to any other class of shares, pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are primarily intended for employer-sponsored retirement plans. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000, though some categories of investors are exempted from the minimum investment amount as outlined in the Funds’ prospectus. Admin Class shares do not pay a front-end sales charge or a CDSC, but do pay a Rule 12b-1 fee. Class N and Admin Class shares are offered exclusively through intermediaries.

Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed to a fund are generally apportioned based on the relative net assets of each of the funds in the Trust. Expenses of a fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 service and distribution fees and, for Growth Fund and Value Fund, transfer agent fees). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata

45  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

2.  Significant Accounting Policies.  The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

a.  Valuation.  Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange or market where traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) and unlisted equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service using market information, transactions for comparable securities and various relationships between securities, if available, or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Broker-dealer bid prices may be used to value debt and equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service. Short-term obligations (purchased with an original or remaining maturity of sixty days or less) are valued at amortized cost (which approximates market value).

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to

|  46

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

procedures approved by the Board of Trustees. The Funds may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange (“NYSE”). This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s NAV is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by a Fund.

As March 31, 2014, approximately 22% of the market value of Global Equity and Income Fund’s investments was fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities. Additionally, multiple securities held by the Fund for which market quotations were not readily available as of March 31, 2014, were fair valued pursuant to procedures approved by the Board of Trustees, amounting to 0.7% of net assets.

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily net asset value calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Periodic principal adjustments for inflation-protected securities are recorded to interest income. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

47  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

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

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

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

d.  Forward Foreign Currency Contracts.  The Funds may enter into forward foreign currency contracts, including forward foreign cross currency contracts to acquire exposure to foreign currencies or to hedge the Funds’ investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss reflected in the Funds’ Statements of Assets and Liabilities. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Funds’ or counterparty’s net obligations under the contracts.

e.  Federal and Foreign Income Taxes.  The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2014 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of

|  48

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes eligible to be reclaimed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

f.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as net operating losses, foreign currency transactions, paydown gains and losses, contingent payment debt instruments, return of capital and capital gain distributions received, defaulted bonds and premium amortization. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, forward foreign currency contract mark to market, wash sales, premium amortization, contingent payment debt instruments, trust preferred securities and return of capital distributions received. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

49  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2013 was as follows:

	2013 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Global Equity and Income Fund	$	15,440,401	$	—	$	15,440,401
Growth Fund		1,402,386		—		1,402,386
Value Fund		22,218,575		—		22,218,575

As of September 30, 2013, the capital loss carryforwards were as follows:

	Global Equity and Income Fund		Growth Fund			Value Fund
Capital loss carryforward:
Expires
September 30, 2017	$	—	$	(49,121,891	)	$	—
September 30, 2018		—		(34,679,944	)		—
Total capital loss carryforward	$	—	$	(83,801,835	)	$	—

g.  Repurchase Agreements.  Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2014, each Fund had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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

|  50

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued by non-U.S. Governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds may bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

For the six months ended March 31, 2014, none of the Funds had loaned securities under this agreement.

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

3.  Fair Value Measurements.  In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical assets or liabilities;

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

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

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

51  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2014, at value:

Global Equity and Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	—	$	16,671,187	$	—	$	16,671,187
China		—		13,080,770		—		13,080,770
Germany		—		50,706,790		—		50,706,790
Italy		—		13,449,133		—		13,449,133
Japan		—		36,863,806		—		36,863,806
Russia		2,296,274		8,014,560		—		10,310,834
Sweden		—		16,749,682		—		16,749,682
Switzerland		—		24,875,262		—		24,875,262
Thailand		—		11,927,103		—		11,927,103
United Kingdom		—		80,737,144		—		80,737,144
All Other Common Stocks(a)		562,405,818		—		—		562,405,818
Total Common Stocks		564,702,092		273,075,437		—		837,777,529
Bonds and Notes
Non-Convertible Bonds
Korea		—		5,011,643		4,453,724		9,465,367
New Zealand		—		2,101,825		2,472,973		4,574,798
United States		34,589		159,004,269		2,993,539		162,032,397
All Other Non-Convertible Bonds(a)		—		176,844,050		—		176,844,050
Total Non-Convertible Bonds		34,589		342,961,787		9,920,236		352,916,612
Convertible Bonds(a)		—		8,342,707		—		8,342,707
Municipals(a)		—		502,189		—		502,189
Total Bonds and Notes		34,589		351,806,683		9,920,236		361,761,508
Senior Loans(a)		—		4,843,842		—		4,843,842
Preferred Stocks
Non-Convertible Preferred Stock(a)		673,603		—		—		673,603
Convertible Preferred Stocks
United States		44,574		111,812		—		156,386
Total Preferred Stocks		718,177		111,812		—		829,989
Short-Term Investments		—		22,309,074		—		22,309,074
Total Investments		565,454,858		652,146,848		9,920,236		1,227,521,942

|  52

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

Global Equity and Income Fund (continued)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized appreciation)		—		3,764			—		3,764
Total	$	565,454,858	$	652,150,612		$	9,920,236	$	1,227,525,706
Liability Valuation Inputs Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(690,551	)	$	—	$	(690,551	)

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

A common stock valued at $7,242,066 was transferred from Level 2 to Level 1 during the period ended March 31, 2014. At March 31, 2014, this security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies.

A preferred stock valued at $110,313 was transferred from Level 1 to Level 2 during the period ended March 31, 2014. At March 31, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service as a market price was not available.

All transfers are recognized as of the beginning of the reporting period.

Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	747,078,084	$	—	$	—	$	747,078,084
Short-Term Investments		—		12,608,119		—		12,608,119
Total	$	747,078,084	$	12,608,119	$	—	$	759,686,203

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the six months ended March 31, 2014, there were no transfers among Levels 1, 2 and 3.

Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,137,973,158	$	—	$	—	$	2,137,973,158
Short-Term Investments		—		97,677,072		—		97,677,072
Total	$	2,137,973,158	$	97,677,072	$	—	$	2,235,650,230

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the six months ended March 31, 2014, there were no transfers among Levels 1, 2 and 3.

53  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair values as of September 30, 2013 and/or March 31, 2014:

Global Equity and Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2013			Accrued Discounts (Premiums)			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Non-Convertible Bonds
Brazil	$	1,065,325		$	415		$	(6,682	)	$	2,505	$	—
Korea		4,410,510			(2,180	)		—			45,394		—
New Zealand		—			12,196			—			128,898		2,331,879
United States		3,019,090			860			6,640			111,138		—
Total	$	8,494,925		$	11,291		$	(42	)	$	287,935	$	2,331,879
Investments in Securities	Sales			Transfers into Level 3			Transfers out of Level 3			Balance as of March 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
Non-Convertible Bonds
Brazil	$	(1,061,563	)	$	—		$	—		$	—	$	—
Korea		—			—			—			4,453,724		45,394
New Zealand		—			—			—			2,472,973		128,898
United States		(144,189	)		—			—			2,993,539		123,338
Total	$	(1,205,752	)	$	—		$	—		$	9,920,236	$	297,630

4.  Derivatives.  Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that Global Equity and Income Fund used during the period include forward foreign currency contracts.

The Global Equity and Income Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets

|  54

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. During the six months ended March 31, 2014, the Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

The following is a summary of derivative instruments for the Global Equity and Income Fund as of March 31, 2014, as reflected within the Statement of Assets and Liabilities:

Assets	Unrealized appreciation on forward foreign currency contracts
Over-the-counter asset derivatives
Foreign exchange contracts	$	3,764
Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	(690,551	)

Transactions in derivative instruments for the Global Equity and Income Fund during the six months ended March 31, 2014 as reflected within the Statement of Operations were as follows:

Net Realized Gain (Loss) on:	Foreign currency transactions1
Foreign exchange contracts	$	(308,444	)
Net Change in Unrealized Appreciation (Depreciation) on:	Foreign currency transactions1
Foreign exchange contracts	$	(459,295	)

¹  Represents realized loss and change in unrealized appreciation (depreciation), respectively, for forward foreign currency contracts during the period. Does not include other foreign currency gains or losses included in the Statement of Operations.

As the Fund values its derivatives at fair value and recognizes changes in fair value through the Statement of Operations, it does not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives

55  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.

The volume of forward foreign currency contract activity, as a percentage of net assets, for Global Equity and Income Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2014:

Global Equity and Income Fund	Forwards
Average Notional Amount Outstanding		7.10	%
Highest Notional Amount Outstanding		11.39	%
Lowest Notional Amount Outstanding		5.12	%
Notional Amount Outstanding as of March 31, 2014		5.74	%

Notional amounts outstanding at the end of the prior period are included in the average notional amount outstanding.

Unrealized gain and/or loss on open forwards is recorded in the Statements of Assets and Liabilities. The aggregate notional values of forward contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Fund’s net assets.

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Fund and its counterparties. ISDA agreements typically contain, among other things, terms for posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by the Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Fund and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Fund or the counterparty. The Fund’s ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the net asset value of the Fund declines beyond a certain threshold. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statement of Assets and Liabilities. As of March 31, 2014, gross amounts of over-the-counter derivative assets and liabilities not offset in the Statement of Assets & Liabilities and the related net amounts after taking into account master netting arrangements, by counterparty, are as follows:

Counterparty	Gross Amounts of Assets		Offset Amount			Net Asset Balance		Collateral (Received)/ Pledged		Net Amount
Credit Suisse International	$	1,929	$	(1,929	)	$	—	$	—	$	—
JPMorgan Chase Bank N.A.		1,835		—			1,835		—		1,835
	$	3,764	$	(1,929	)	$	1,835	$	—	$	1,835

|  56

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

Counterparty	Gross Amounts of Liabilities			Offset Amount		Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Barclays Bank PLC	$	(176,859	)	$	—	$	(176,859	)	$	41,013	$	(135,846	)
Credit Suisse International		(513,692	)		1,929		(511,763	)		279,087		(232,676	)
	$	(690,551	)	$	1,929	$	(688,622	)	$	320,100	$	(368,522	)

The actual collateral received or pledged may exceed the amounts shown in the table due to overcollateralization. Timing differences may exist between when contracts under the ISDA agreements are marked-to-market and when collateral moves. The ISDA agreements include tri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank.

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. The risk of loss to the Fund from counterparty default should be limited to the extent the Fund is under collateralized for over-the-counter derivatives; however, final settlement of the Fund’s claim against any collateral received may be subject to bankruptcy court proceedings. Additionally, cash or securities held at or pledged to counterparties as collateral for over-the-counter derivatives may be subject to bankruptcy court proceedings. Based on the balances reflected on the Fund’s Statement of Assets and Liabilities, including securities pledged to counterparties that may be subject to the terms of a final settlement in a bankruptcy court proceeding, the maximum amount of loss the Fund would incur if counterparties failed to meet their obligations is $323,864 and the amount of loss that the Fund would incur after taking into account master netting arrangements pursuant to ISDA agreements is $1,835.

5.  Purchases and Sales of Securities.  For the six months ended March 31, 2014, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were as follows:

Fund	Purchases		Sales
Global Equity and Income Fund	$	269,647,860	$	273,579,054
Growth Fund		144,041,954		68,926,522
Value Fund		320,814,347		307,710,369

For the six months ended March 31, 2014, purchases and sales of U.S. Government/Agency securities by the Global Equity and Income Fund were $26,516,836 and $13,743,750, respectively.

57  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

6.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees.  Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Separate management agreements for each Fund in effect for the six months ended March 31, 2014, provided for fees at the following annual percentage rates of each Fund’s average daily net assets:

Fund	Percentage of Average Daily Net Assets
Global Equity and Income Fund		0.75	%
Growth Fund		0.50	%
Value Fund		0.50	%

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. These undertakings are in effect until January 31, 2015 and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings.

For the six months ended March 31, 2014, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class B			Class C			Class N			Class Y			Admin Class
Global Equity and Income Fund		1.25	%		—			2.00	%		—			1.00	%		—
Growth Fund		1.25	%		2.00	%		2.00	%		0.95	%		1.00	%		—
Value Fund		1.10	%		1.85	%		1.85	%		0.80	%		0.85	%		1.35	%

Loomis Sayles shall be permitted to recover expenses it has borne under the expense limitation agreements (whether through waiver of its management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

|  58

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

For the six months ended March 31, 2014, the management fees and waivers of management fees for each Fund were as follows:

	Gross Management Fees		Waivers of Management Fees		Net Management Fees		Percentage of Average Daily Net Assets
Fund							Gross			Net
Global Equity and Income Fund	$	4,574,649	$	—	$	4,574,649		0.75	%		0.75	%
Growth Fund		1,736,665		—		1,736,665		0.50	%		0.50	%
Value Fund		5,249,986		—		5,249,986		0.50	%		0.50	%

For the six months ended March 31, 2014 class specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Class N
Growth Fund	$	8

¹  Expense reimbursements are subject to possible recovery until September 30, 2015.

No expenses were recovered for any of the Funds during the six months ended March 31, 2014 under the terms of the expense limitation agreements.

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

b.  Service and Distribution Fees.  NGAM Distribution, L.P. (“NGAM Distribution”), which is a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trust. Pursuant to this agreement, NGAM Distribution serves as principal underwriter of the Funds of the Trust.

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”), a Distribution and Service Plan relating to each Fund’s Class B (if applicable) and Class C shares (the “Class B and Class C Plans”), and Value Fund has adopted a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

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

Under the Class B (if applicable) and Class C Plans, each Fund pays NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net

59  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

assets attributable to the Fund’s Class B (if applicable) and Class C shares, as compensation for services provided by NGAM Distribution in providing personal services to investors in Class B (if applicable) and Class C shares and/or the maintenance of shareholder accounts.

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

Under the Admin Class Plan, Value Fund pays NGAM Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Admin Class shares, as compensation for services provided by NGAM Distribution in connection with the marketing or sale of Admin Class shares or for payments made by NGAM Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Admin Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

In addition, the Admin Class shares of Value Fund may pay NGAM Distribution an administrative service fee, at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

For the six months ended March 31, 2014, the service and distribution fees for each Fund were as follows:

	Service Fees								Distribution Fees
Fund	Class A		Class B		Class C		Admin Class		Class B		Class C		Admin Class
Global Equity and Income Fund	$	340,954	$	—	$	452,626	$	—	$	—	$	1,357,878	$	—
Growth Fund		70,792		1,305		30,835		—		3,913		92,503		—
Value Fund		307,150		1,332		20,502		17		3,997		61,506		17

c.  Administrative Fees.  NGAM Advisors, L.P. (“NGAM Advisors”), provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. NGAM Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I, Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), Hansberger International Series and NGAM Advisors, each Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets

|  60

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion and 0.0350% of such assets in excess of $60 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2014, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Global Equity and Income Fund	$	267,680
Growth Fund		152,398
Value Fund		460,760

d.  Sub-Transfer Agent Fees.  NGAM Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse NGAM Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to NGAM Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended March 31, 2014, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

Fund	Sub-Transfer Agent Fees
Global Equity and Income Fund	$	450,945
Growth Fund		318,399
Value Fund		1,185,542

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

As of March 31, 2014, the Funds owe NGAM Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

Fund	Reimbursements of Sub-Transfer Agent Fees
Global Equity and Income Fund	$	10,553
Growth Fund		7,906
Value Fund		29,805

Sub-transfer agent fees attributable to Class A, Class B, Class C, Class Y, and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the six months ended March 31, 2014, were as follows:

Fund	Commissions
Global Equity and Income Fund	$	304,004
Growth Fund		54,819
Value Fund		38,995

f.  Trustees Fees and Expenses.  The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2014, the Chairperson of the Board receives a retainer fee at the annual rate of $300,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $130,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairperson (except for the Chairperson of the Governance Committee) receives an additional retainer fee at an annual rate of $17,500. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each Fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

|  62

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

Prior to January 1, 2014, the Chairperson of the Board received a retainer fee at the annual rate of $285,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $115,000. All other Trustee fees remained unchanged.

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

g.  Affiliated Ownership.  At March 31, 2014, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of net assets:

Fund	Pension Plan			Retirement Plan			Total Affiliated Ownership
Global Equity and Income Fund		1.47	%		1.12	%		2.59	%
Growth Fund		1.48	%		2.94	%		4.42	%
Value Fund		0.63	%		1.09	%		1.72	%

Additionally, as of March 31, 2014, NGAM Advisors held shares of Growth Fund and Value Fund representing less than 1% of each Fund’s net assets.

Investment activities of affiliated shareholders could have material impacts on the Funds.

7.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2014, the Funds incurred the following class-specific expenses:

	Transfer Agent Fees and Expenses
Fund	Class A		Class B		Class C		Class N		Class Y		Admin Class
Growth Fund	$	29,867	$	554	$	13,000	$	9	$	322,791	$	—
Value Fund		169,089		735		11,299		163		1,058,381		9

Transfer agent fees and expenses attributable to Class A, Class B, Class C, Class Y and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

63  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

8.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each Fund that participates in the line of credit. Interest is charged to each participating Fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.10% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2014, none of the Funds had borrowings under this agreement.

9.  Brokerage Commission Recapture.  Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains on investments on the Statements of Operations. For the six months ended March 31, 2014, amounts rebated under these agreements were as follows:

Fund	Rebates
Global Equity and Income Fund	$	19,755
Growth Fund		14,529
Value Fund		38,069

10.  Concentration of Risk.  Each Fund’s investments in foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Greater political, economic, credit and information risks are also associated with foreign securities.

11.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2014, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings was as follows:

Fund	Number of > 5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership (Note 6)			Total Percentage of Ownership
Global Equity and Income Fund		—		—			2.59	%		2.59	%
Growth Fund		1		47.25	%		4.42	%		51.67	%
Value Fund		—		—			1.72	%		1.72	%

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

Omnibus shareholder accounts for which NGAM Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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

	Six Months Ended March 31, 2014					Year Ended September 30, 2013
Global Equity and Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	2,989,136		$	56,810,037		6,403,257		$	112,444,744
Issued in connection with the reinvestment of distributions	320,675			6,115,265		158,735			2,698,497
Redeemed	(2,440,424	)		(46,566,878	)	(5,705,750	)		(101,062,656	)
Net change	869,387		$	16,358,424		856,242		$	14,080,585
Class C
Issued from the sale of shares	2,848,576		$	53,941,590		6,477,950		$	112,781,235
Issued in connection with the reinvestment of distributions	215,331			4,076,209		79,749			1,347,760
Redeemed	(1,894,021	)		(35,805,876	)	(2,880,607	)		(50,645,807	)
Net change	1,169,886		$	22,211,923		3,677,092		$	63,483,188
Class Y
Issued from the sale of shares	4,493,999		$	86,378,409		13,693,457		$	242,081,042
Issued in connection with the reinvestment of distributions	680,676			13,034,936		372,584			6,360,002
Redeemed	(5,537,071	)		(106,179,993	)	(10,334,286	)		(184,305,730	)
Net change	(362,396	)	$	(6,766,648	)	3,731,755		$	64,135,314
Increase (decrease) from capital share transactions	1,676,877		$	31,803,699		8,265,089		$	141,699,087

65  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

12.  Capital Shares (continued).

	Six Months Ended March 31, 2014					Year Ended September 30, 2013*
Growth Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	1,242,566		$	10,838,428		2,079,530		$	15,522,796
Issued in connection with the reinvestment of distributions	6,399			55,872		42,088			279,039
Redeemed	(688,860	)		(6,022,762	)	(1,072,705	)		(7,766,746	)
Net change	560,105		$	4,871,538		1,048,913		$	8,035,089
Class B
Issued from the sale of shares	2,073		$	16,310		5,381		$	35,874
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	(105,785	)		(856,490	)	(130,908	)		(871,942	)
Net change	(103,712	)	$	(840,180	)	(125,527	)	$	(836,068	)
Class C
Issued from the sale of shares	757,317		$	6,159,783		1,396,477		$	9,907,201
Issued in connection with the reinvestment of distributions	—			—		1,981			12,359
Redeemed	(206,150	)		(1,679,402	)	(366,836	)		(2,445,099	)
Net change	551,167		$	4,480,381		1,031,622		$	7,474,461
Class N
Issued from the sale of shares	0	**	$	1		132		$	1,000
Issued in connection with the reinvestment of distributions	0	**		3		—			—
Redeemed	—			—		—			—
Net change	0	**	$	4		132		$	1,000
Class Y
Issued from the sale of shares	12,966,991		$	119,625,955		51,555,859		$	422,574,020
Issued in connection with the reinvestment of distributions	174,624			1,617,014		142,021			998,409
Redeemed	(5,680,542	)		(52,406,762	)	(3,414,873	)		(27,120,607	)
Net change	7,461,073		$	68,836,207		48,283,007		$	396,451,822
Increase (decrease) from capital share transactions	8,468,633		$	77,347,950		50,238,147		$	411,126,304

* From commencement of operations on February 1, 2013 through September 30, 2013 for Class N shares.

** Amount rounds to less than one share.

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

12.  Capital Shares (continued).

	Six Months Ended March 31, 2014					Year Ended September 30, 2013*
Value Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	4,283,937		$	116,319,478		1,852,296		$	43,861,390
Issued in connection with the reinvestment of distributions	579,679			15,129,608		80,241			1,677,029
Redeemed	(1,046,869	)		(27,830,079	)	(1,449,094	)		(33,882,046	)
Net change	3,816,747		$	103,619,007		483,443		$	11,656,373
Class B
Issued from the sale of shares	1,235		$	32,599		5,265		$	129,542
Issued in connection with the reinvestment of distributions	1,686			44,735		192			4,059
Redeemed	(13,379	)		(359,224	)	(34,307	)		(800,771	)
Net change	(10,458	)	$	(281,890	)	(28,850	)	$	(667,170	)
Class C
Issued from the sale of shares	84,835		$	2,238,659		247,166		$	5,937,119
Issued in connection with the reinvestment of distributions	21,200			550,343		1,685			35,039
Redeemed	(55,424	)		(1,458,944	)	(91,366	)		(2,113,440	)
Net change	50,611		$	1,330,058		157,485		$	3,858,718
Class N
Issued from the sale of shares	2,130,562		$	57,048,282		10,454,022		$	258,496,210
Issued in connection with the reinvestment of distributions	680,270			17,775,466		—			—
Redeemed	(636,928	)		(16,962,035	)	(294,410	)		(7,559,202	)
Net change	2,173,904		$	57,861,713		10,159,612		$	250,937,008
Class Y
Issued from the sale of shares	5,028,120		$	134,761,276		19,403,642		$	451,188,543
Issued in connection with the reinvestment of distributions	3,181,533			83,197,088		927,685			19,397,907
Redeemed	(9,102,920	)		(244,953,698	)	(20,622,336	)		(487,734,421	)
Net change	(893,267	)	$	(26,995,334	)	(291,009	)	$	(17,147,971	)
Admin Class
Issued from the sale of shares	118		$	3,120		420		$	10,224
Issued in connection with the reinvestment of distributions	3			96		1			14
Redeemed	(16	)		(441	)	(51	)		(1,394	)
Net change	105		$	2,775		370		$	8,844
Increase (decrease) from capital share transactions	5,137,642		$	135,536,329		10,481,051		$	248,645,802

* From commencement of operations on February 1, 2013 through September 30, 2013 for Class N shares.

67  |

SEMIANNUAL REPORT

March 31, 2014

Loomis Sayles Core Plus Bond Fund

Loomis Sayles High Income Fund

Loomis Sayles International Bond Fund

Loomis Sayles Limited Term Government

and Agency Fund

TABLE OF CONTENTS

Barron’s/Lipper 2013 one-year ranking is based on 64 qualifying U.S. fund companies. Award recipient must have at least three funds in Lipper’s general U.S.-stock category (including at least one world and one mixed-asset/balanced), two taxable bond and one tax-exempt bond fund. Natixis was not ranked for the 5- and 10-year periods. Past performance is no guarantee of future results.

For more details visit ngam.natixis.com/TopFundFamily

LOOMIS SAYLES CORE PLUS BOND FUND

Managers	Symbols
Peter W. Palfrey, CFA®	Class A	NEFRX
Richard G. Raczkowski	Class B	NERBX
Loomis, Sayles & Company, L.P.	Class C	NECRX
	Class N	NERNX
	Class Y	NERYX

Objective

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

Average Annual Total Returns — March 31, 2014³

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 11/7/73)
NAV		5.11	%		2.26	%		9.76	%		6.33	%		—	%
With 4.50% Maximum Sales Charge		0.37			-2.36			8.75			5.84			—
Class B (Inception 9/13/93)
NAV		4.68			1.45			8.93			5.54			—
With CDSC1		-0.32			-3.46			8.65			5.54			—
Class C (Inception 12/30/94)
NAV		4.71			1.55			8.94			5.54			—
With CDSC1		3.71			0.57			8.94			5.54			—
Class N (Inception 2/1/13)
NAV		5.33			2.63			—			—			2.75
Class Y (Inception 12/30/94)
NAV		5.20			2.50			10.05			6.61			—
COMPARATIVE PERFORMANCE
Barclays U.S. Aggregate Bond Index2		1.70			-0.10			4.80			4.46			0.49

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. Unlike a fund, an index is not managed and does not reflect fees and expenses.

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

2 Barclays U.S. Aggregate Bond Index is an unmanaged index that covers the U.S.-dollar denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed securities, asset-backed securities, and collateralized mortgage-backed securities sectors.

3 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

1  |

LOOMIS SAYLES HIGH INCOME FUND

Managers	Symbols
Matthew J. Eagan, CFA®	Class A	NEFHX
Elaine M. Stokes	Class B	NEHBX
Loomis, Sayles & Company, L.P.	Class C	NEHCX
	Class Y	NEHYX

Objective

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

Average Annual Total Returns — March 31, 2014⁴

	6 Months			1 Year			5 Years			10 Years
Class A (Inception 2/22/84)
NAV		6.46	%		4.66	%		15.40	%		7.85	%
With 4.50% Maximum Sales Charge		1.60			-0.12			14.31			7.36
Class B (Inception 9/20/93)
NAV		6.00			3.80			14.58			7.05
With CDSC2		1.10			-0.88			14.35			7.05
Class C (Inception 3/2/98)
NAV		6.05			3.87			14.57			7.06
With CDSC2		5.07			2.93			14.57			7.06
Class Y (Inception 2/29/08)1
NAV		6.61			4.72			15.65			8.00
COMPARATIVE PERFORMANCE
Barclays U.S. Corporate High-Yield Bond Index3		6.67			7.54			18.25			8.68

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. Unlike a fund, an index is not managed and does not reflect fees and expenses.

1 Prior to the inception of Class Y shares (2/29/08), performance is that of Class A shares and reflects the higher net expenses of that share class.

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

3 Barclays U.S. Corporate High-Yield Bond Index is an unmanaged index that covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market.

4 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

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LOOMIS SAYLES INTERNATIONAL BOND FUND

Managers	Symbols
Kenneth M. Buntrock, CFA®, CIC	Class A	LSIAX
David W. Rolley, CFA®	Class C	LSICX
Lynda L. Schweitzer, CFA®	Class Y	LSIYX
Loomis, Sayles & Company, L.P.

Objective

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

Average Annual Total Returns — March 31, 2014³

	6 Months			1 Year			5 Years			Life of Fund
Class A (Inception 2/1/08)
NAV		2.20	%		2.42	%		7.76	%		4.77	%
With 4.50% Maximum Sales Charge		-2.38			-2.16			6.77			3.99
Class C (Inception 2/1/08)
NAV		1.73			1.68			6.96			3.97
With CDSC1		0.75			0.70			6.96			3.97
Class Y (Inception 2/1/08)
NAV		2.23			2.62			8.01			5.01
COMPARATIVE PERFORMANCE
Barclays Global Aggregate ex-USD Bond Index2		2.05			3.24			5.25			3.44

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. Unlike a fund, an index is not managed and does not reflect fees and expenses.

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

2 Barclays Global Aggregate ex-USD Bond Index is an unmanaged index that provides a broad-based measure of the international investment-grade fixed-rate debt markets.

3 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

3  |

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

Managers	Symbols
Christopher T. Harms	Class A	NEFLX
Clifton V. Rowe, CFA®	Class B	NELBX
Kurt L. Wagner, CFA®, CIC	Class C	NECLX
Loomis, Sayles & Company, L.P.	Class Y	NELYX

Objective

Seeks a high current return consistent with preservation of capital

Average Annual Total Returns — March 31, 2014³

	6 Months			1 Year			5 Years			10 Years
Class A (Inception 1/3/89)
NAV		0.83	%		-0.27	%		3.33	%		3.34	%
With 3.00% Maximum Sales Charge		-2.18			-3.26			2.70			3.02
Class B (Inception 9/27/93)
NAV		0.46			-0.93			2.58			2.57
With CDSC1		-4.53			-5.81			2.22			2.57
Class C (Inception 12/30/94)
NAV		0.46			-1.01			2.58			2.57
With CDSC1		-0.54			-1.98			2.58			2.57
Class Y (Inception 3/31/94)
NAV		0.96			0.07			3.60			3.60
COMPARATIVE PERFORMANCE
Barclays U.S. 1-5 Year Government Bond Index2		0.19			-0.03			1.71			3.01

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. Unlike a fund, an index is not managed and does not reflect fees and expenses.

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

2 Barclays U.S. 1-5 Year Government Bond Index is an unmanaged index that includes U.S. Treasury and agency securities with remaining maturities of one to five years.

3 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

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ADDITIONAL INFORMATION

ADDITIONAL INDEX INFORMATION

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis Global Asset Management or any of its related or affiliated companies (collectively “NGAM”) and does not sponsor, endorse or participate in the provision of any NGAM services, funds or other financial products.

The index information contained herein is derived from third parties and is provided on an “as is” basis. The user of this information assumes the entire risk of use of this information. Each of the third party entities involved in compiling, computing or creating index information disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information.

PROXY VOTING INFORMATION

A description of the fund’s proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the fund’s website at ngam.natixis.com; and on the Securities and Exchange Commission’s (SEC’s) website at www.sec.gov. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2013 is available from the fund’s website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

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

5  |

UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions, and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. Certain exemptions may apply. These costs are described in more detail in the funds’ prospectuses. The following examples are intended to help you understand the ongoing costs of investing in the funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each class of fund shares shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2013 through March 31, 2014. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

|  6

LOOMIS SAYLES CORE PLUS BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2013		ENDING ACCOUNT VALUE 3/31/2014		EXPENSES PAID DURING PERIOD* 10/1/2013 – 3/31/2014
Class A
Actual		$1,000.00		$1,051.10		$4.09
Hypothetical (5% return before expenses)		$1,000.00		$1,020.94		$4.03
Class B
Actual		$1,000.00		$1,046.80		$7.91
Hypothetical (5% return before expenses)		$1,000.00		$1,017.20		$7.80
Class C
Actual		$1,000.00		$1,047.10		$7.91
Hypothetical (5% return before expenses)		$1,000.00		$1,017.20		$7.80
Class N
Actual		$1,000.00		$1,053.30		$2.35
Hypothetical (5% return before expenses)		$1,000.00		$1,022.64		$2.32
Class Y
Actual		$1,000.00		$1,052.00		$2.81
Hypothetical (5% return before expenses)		$1,000.00		$1,022.19		$2.77

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.80%, 1.55%, 1.55%, 0.46% and 0.55% for Class A, B, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

7  |

LOOMIS SAYLES HIGH INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2013		ENDING ACCOUNT VALUE 3/31/2014		EXPENSES PAID DURING PERIOD* 10/1/2013 – 3/31/2014
Class A
Actual		$1,000.00		$1,064.60		$5.92
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.79
Class B
Actual		$1,000.00		$1,060.00		$9.76
Hypothetical (5% return before expenses)		$1,000.00		$1,015.46		$9.55
Class C
Actual		$1,000.00		$1,060.50		$9.76
Hypothetical (5% return before expenses)		$1,000.00		$1,015.46		$9.55
Class Y
Actual		$1,000.00		$1,066.10		$4.64
Hypothetical (5% return before expenses)		$1,000.00		$1,020.44		$4.53

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) : 1.15%, 1.90%, 1.90% and 0.90% for Class A, B, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period) .

LOOMIS SAYLES INTERNATIONAL BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2013		ENDING ACCOUNT VALUE 3/31/2014		EXPENSES PAID DURING PERIOD* 10/1/2013 – 3/31/2014
Class A
Actual		$1,000.00		$1,022.00		$5.29
Hypothetical (5% return before expenses)		$1,000.00		$1,019.70		$5.29
Class C
Actual		$1,000.00		$1,017.30		$9.05
Hypothetical (5% return before expenses)		$1,000.00		$1,015.96		$9.05
Class Y
Actual		$1,000.00		$1,022.30		$4.03
Hypothetical (5% return before expenses)		$1,000.00		$1,020.94		$4.03

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.05%, 1.80% and 0.80% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

|  8

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 10/1/2013		ENDING ACCOUNT VALUE 3/31/2014		EXPENSES PAID DURING PERIOD* 10/1/2013 – 3/31/2014
Class A
Actual		$1,000.00		$1,008.30		$4.01
Hypothetical (5% return before expenses)		$1,000.00		$1,020.94		$4.03
Class B
Actual		$1,000.00		$1,004.60		$7.75
Hypothetical (5% return before expenses)		$1,000.00		$1,017.20		$7.80
Class C
Actual		$1,000.00		$1,004.60		$7.75
Hypothetical (5% return before expenses)		$1,000.00		$1,017.20		$7.80
Class Y
Actual		$1,000.00		$1,009.60		$2.71
Hypothetical (5% return before expenses)		$1,000.00		$1,022.24		$2.72

* Expenses are equal to the Fund’s annualized expense ratio: 0.80%, 1.55%, 1.55% and 0.54% for Class A, B, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period) .

9  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Core Plus Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 92.3% of Net Assets
	Non-Convertible Bonds — 92.2%
		ABS Car Loan — 1.2%
$	2,355,000	AmeriCredit Automobile Receivables Trust, Series 2013-2, Class B, 1.190%, 5/08/2018	$	2,351,084
	1,860,000	AmeriCredit Automobile Receivables Trust, Series 2013-2, Class C, 1.790%, 3/08/2019		1,863,387
	1,950,000	Avis Budget Rental Car Funding AESOP LLC, Series 2012-3A, Class A, 2.100%, 3/20/2019, 144A		1,960,181
	1,535,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-1A, Class B, 2.620%, 9/20/2019, 144A		1,527,535
	193,468	Centre Point Funding LLC, Series 2010-1A, Class 1, 5.430%, 7/20/2016, 144A		199,072
	3,385,000	Santander Drive Auto Receivables Trust, Series 2012-4, Class C, 2.940%, 12/15/2017		3,487,193
	2,090,000	Santander Drive Auto Receivables Trust, Series 2012-5, Class C, 2.700%, 8/15/2018		2,151,498
	2,875,000	Santander Drive Auto Receivables Trust, Series 2012-6, Class C, 1.940%, 3/15/2018		2,906,847
				16,446,797
		ABS Home Equity — 0.4%
	323,382	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035		330,141
	6,532,531	Sequoia Mortgage Trust, Series 2013-5, Class A1, 2.500%, 5/25/2043, 144A		5,900,398
				6,230,539
		ABS Other — 0.6%
	8,615,000	Springleaf Funding Trust, Series 2013-BA, Class A, 3.920%, 1/16/2023, 144A		8,765,762
		Aerospace & Defense — 0.3%
	2,370,000	Bombardier, Inc., 5.750%, 3/15/2022, 144A		2,393,700
	1,480,000	Bombardier, Inc., 7.500%, 3/15/2018, 144A		1,668,700
				4,062,400
		Airlines — 0.3%
	3,285,000	Continental Airlines Pass Through Certificates, Series 2012-2, Class A, 4.000%, 4/29/2026		3,317,850
	1,062,722	Continental Airlines Pass Through Trust, Series 2010-1, Class A, 4.750%, 7/12/2022		1,147,740
				4,465,590
		Automotive — 1.8%
	665,000	American Axle & Manufacturing, Inc., 5.125%, 2/15/2019		692,431
	1,300,000	Ford Motor Credit Co. LLC, 2.875%, 10/01/2018		1,324,405
	7,885,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		8,702,903
	5,585,000	Ford Motor Credit Co. LLC, 6.625%, 8/15/2017(b)		6,451,630
	4,900,000	General Motors Financial Co., Inc., 6.750%, 6/01/2018		5,586,000
	2,290,000	Hyundai Capital Services, Inc., 3.500%, 9/13/2017, 144A		2,396,062
				25,153,431

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — 5.8%
$	2,330,000	Ally Financial, Inc., 6.250%, 12/01/2017	$	2,600,862
	8,150,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		8,577,875
	3,950,000	Banco Santander Chile, 3.875%, 9/20/2022, 144A		3,830,694
	12,035,000	Bangkok Bank PCL, 3.300%, 10/03/2018, 144A		12,092,407
	3,190,000	Bank of America Corp., 2.650%, 4/01/2019		3,200,173
	6,015,000	Bank of America Corp., MTN, 5.000%, 5/13/2021(b)		6,632,410
	6,665,000	BBVA Banco Continental S.A., 3.250%, 4/08/2018, 144A		6,698,325
	3,795,000	Citigroup, Inc., 4.050%, 7/30/2022		3,809,649
	1,845,000	Goldman Sachs Group, Inc. (The), 5.750%, 1/24/2022		2,092,080
	1,355,000	Goldman Sachs Group, Inc. (The), 6.000%, 6/15/2020		1,555,959
	3,555,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		4,072,320
	3,035,000	Goldman Sachs Group, Inc. (The), 7.500%, 2/15/2019		3,671,707
	2,890,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		3,408,206
	6,090,000	Morgan Stanley, 5.750%, 1/25/2021		6,975,431
	630,000	Morgan Stanley, GMTN, 5.500%, 1/26/2020		710,506
	1,660,000	Morgan Stanley, GMTN, 5.500%, 7/28/2021		1,875,584
	3,535,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		4,120,965
	6,220,000	PKO Finance AB, 4.630%, 9/26/2022, 144A		6,266,650
				82,191,803
		Chemicals — 2.0%
	7,355,000	Braskem America Finance Co., 7.125%, 7/22/2041, 144A		7,014,831
	4,375,000	Methanex Corp., 3.250%, 12/15/2019		4,367,746
	575,000	Methanex Corp., 5.250%, 3/01/2022		622,609
	5,360,000	Mexichem SAB de CV, 6.750%, 9/19/2042, 144A		5,266,200
	1,380,000	Olin Corp., 5.500%, 8/15/2022		1,411,050
	4,190,000	PolyOne Corp., 5.250%, 3/15/2023		4,210,950
	840,000	RPM International, Inc., 3.450%, 11/15/2022		790,494
	3,685,000	RPM International, Inc., 6.125%, 10/15/2019		4,161,500
				27,845,380
		Commercial Mortgage-Backed Securities — 4.9%
	81,341	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.611%, 4/10/2049(c)		82,302
	1,670,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.601%, 4/10/2049(c)		1,844,510
	144,401	Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A2, 5.664%, 6/11/2040(c)		144,189
	1,000,000	Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A4, 6.133%, 12/10/2049(c)		1,125,258
	39,510	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		39,516
	6,010,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049		6,568,521
	3,500,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.971%, 9/15/2039(c)		3,825,472
	1,865,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		2,058,085

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Commercial Mortgage-Backed Securities — continued
$	5,790,000	Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 5.978%, 2/15/2041(c)	$	6,504,480
	3,295,000	GP Portfolio Trust, Series 2014-GPP, Class D, 2.904%, 2/15/2027, 144A(c)		3,299,270
	415,554	Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, 5.820%, 7/10/2038(c)		451,672
	8,235,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		9,021,764
	2,055,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		2,288,886
	8,460,539	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.819%, 8/10/2045(c)		9,382,027
	3,000,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A3, 5.336%, 5/15/2047		3,275,310
	2,300,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-C1, Class A4, 5.716%, 2/15/2051		2,540,895
	2,650,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 5.815%, 6/15/2049(c)		2,929,827
	3,000,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		3,303,324
	1,092,000	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.577%, 4/12/2049(c)		1,189,998
	1,900,000	Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044		2,056,159
	2,930,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049		3,238,717
	305,000	Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.648%, 6/11/2042(c)		341,339
	1,175,000	Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.281%, 1/11/2043(c)		1,352,607
	942,223	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A4, 5.572%, 10/15/2048		1,023,128
	2,345,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A5, 5.500%, 4/15/2047		2,595,598
				70,482,854
		Consumer Cyclical Services — 0.2%
	2,165,000	Service Corp. International, 5.375%, 1/15/2022, 144A		2,192,063
		Consumer Products — 0.4%
	1,110,000	Avon Products, Inc., 4.600%, 3/15/2020		1,128,373
	3,620,000	Whirlpool Corp., MTN, 4.850%, 6/15/2021		3,951,498
				5,079,871
		Diversified Manufacturing — 0.6%
	1,200,000	Crane Co., 6.550%, 11/15/2036		1,360,819
	7,710,000	Votorantim Cimentos S.A., 7.250%, 4/05/2041, 144A		7,632,900
				8,993,719
		Electric — 1.3%
	1,460,000	AES Corp. (The), 7.375%, 7/01/2021		1,664,400
	4,415,000	EDP Finance BV, 5.250%, 1/14/2021, 144A		4,554,072
	3,395,000	FirstEnergy Corp., 2.750%, 3/15/2018		3,384,696
	1,010,000	Ipalco Enterprises, Inc., 5.000%, 5/01/2018		1,068,075
	4,435,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		4,191,075
	3,740,000	Transelec S.A., 4.625%, 7/26/2023, 144A		3,684,338
				18,546,656

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Entertainment — 0.2%
$	2,275,000	Regal Entertainment Group, 5.750%, 3/15/2022	$	2,343,250
		Financial Other — 0.5%
	7,920,000	Cielo S.A./Cielo USA, Inc., 3.750%, 11/16/2022, 144A		7,375,500
		Food & Beverage — 1.1%
	4,920,000	Alicorp SAA, 3.875%, 3/20/2023, 144A		4,575,600
	1,340,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		1,259,600
	4,050,000	Post Holdings, Inc., 7.375%, 2/15/2022		4,353,750
	1,070,000	Post Holdings, Inc., 7.375%, 2/15/2022, 144A		1,150,250
	3,555,000	Sigma Alimentos S.A. de CV, 5.625%, 4/14/2018, 144A		3,861,619
				15,200,819
		Government Owned – No Guarantee — 7.5%
	2,355,000	Abu Dhabi National Energy Co., 2.500%, 1/12/2018, 144A		2,387,852
	6,745,000	CEZ AS, 5.625%, 4/03/2042, 144A		7,152,668
	3,690,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A		3,666,878
	3,255,000	CNPC General Capital Ltd., 3.950%, 4/19/2022, 144A		3,205,472
	4,945,000	Dolphin Energy Ltd., 5.500%, 12/15/2021, 144A		5,581,669
	665,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016, 144A		733,994
	5,620,000	Ecopetrol S.A., 7.375%, 9/18/2043		6,413,825
	1,600,000	Federal Home Loan Mortgage Corp., 6.250%, 7/15/2032		2,135,638
	15,160,000	Federal National Mortgage Association, 6.625%, 11/15/2030		20,831,144
	4,395,000	Federal National Mortgage Association, 7.250%, 5/15/2030		6,336,043
	4,370,000	IPIC GMTN Ltd., 6.875%, 11/01/2041, 144A		5,593,600
	13,790,000	Pertamina Persero PT, 5.625%, 5/20/2043, 144A		11,669,787
	3,675,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		3,107,393
	7,260,000	Petrobras International Finance Co., 6.750%, 1/27/2041		7,035,550
	1,350,000	Petroleos Mexicanos, 3.125%, 1/23/2019, 144A		1,382,400
	1,210,000	Petroleos Mexicanos, 3.500%, 7/18/2018		1,255,375
	1,290,000	Qtel International Finance Ltd., 3.875%, 1/31/2028, 144A		1,170,675
	2,895,000	Qtel International Finance Ltd., 4.750%, 2/16/2021, 144A		3,105,177
	2,965,000	Qtel International Finance Ltd., 7.875%, 6/10/2019, 144A		3,684,309
	11,825,000	Tennessee Valley Authority, 3.500%, 12/15/2042		10,113,686
				106,563,135
		Healthcare — 1.0%
	1,580,000	HCA Holdings, Inc., 6.250%, 2/15/2021		1,691,390
	7,830,000	HCA, Inc., 7.500%, 2/15/2022		8,945,775
	575,000	HCA, Inc., 7.500%, 12/15/2023		623,875
	3,200,000	PerkinElmer, Inc., 5.000%, 11/15/2021		3,395,238
				14,656,278
		Home Construction — 0.2%
	3,460,000	KB Home, 4.750%, 5/15/2019		3,485,950
		Hybrid ARMs — 0.0%
	117,632	FHLMC, 2.375%, 11/01/2036(c)		125,791
	128,871	FNMA, 1.909%, 2/01/2037(c)		137,839
				263,630

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — 1.1%
$	900,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A	$	951,750
	5,035,000	Newfield Exploration Co., 5.750%, 1/30/2022		5,349,687
	4,030,000	QEP Resources, Inc., 5.250%, 5/01/2023		4,009,850
	2,410,000	Range Resources Corp., 5.000%, 8/15/2022		2,458,200
	2,605,000	SM Energy Co., 6.500%, 1/01/2023		2,780,838
				15,550,325
		Industrial Other — 1.8%
	1,360,000	Briggs & Stratton Corp., 6.875%, 12/15/2020		1,509,600
	1,650,000	CBRE Services, Inc., 5.000%, 3/15/2023		1,652,062
	9,170,000	Deluxe Corp., 6.000%, 11/15/2020		9,628,500
	4,525,000	Ferreycorp SAA, 4.875%, 4/26/2020, 144A		4,338,344
	8,290,000	Hutchison Whampoa International 11 Ltd., 4.625%, 1/13/2022, 144A		8,749,581
				25,878,087
		Integrated Energy — 0.4%
	4,900,000	Pacific Rubiales Energy Corp., 5.375%, 1/26/2019, 144A		5,083,750
		Media Cable — 1.3%
	3,935,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 3/15/2021		3,964,513
	2,965,000	CCO Holdings LLC/CCO Holdings Capital Corp., 6.500%, 4/30/2021		3,142,900
	499,000	Cox Communications, Inc., 5.450%, 12/15/2014		515,767
	2,775,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		2,547,383
	2,925,000	Time Warner Cable, Inc., 5.500%, 9/01/2041		3,049,634
	1,758,000	Time Warner Cable, Inc., 5.875%, 11/15/2040		1,904,899
	2,825,000	Virgin Media Finance PLC, 6.375%, 4/15/2023, 144A		2,994,500
				18,119,596
		Media Non-Cable — 0.8%
	66,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		4,073,942
	1,835,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A		1,990,975
	4,284,000	Myriad International Holdings BV, 6.375%, 7/28/2017, 144A		4,733,820
				10,798,737
		Metals & Mining — 2.2%
	3,650,000	Alcoa, Inc., 6.150%, 8/15/2020		3,977,529
	1,335,000	APERAM, 7.375%, 4/01/2016, 144A		1,375,971
	1,280,000	APERAM, 7.750%, 4/01/2018, 144A		1,344,000
	6,535,000	ArcelorMittal, 7.250%, 3/01/2041		6,559,506
	485,000	ArcelorMittal, 7.500%, 10/15/2039		501,369
	4,110,000	Freeport-McMoRan Copper & Gold, Inc., 2.375%, 3/15/2018		4,098,204
	3,075,000	Goldcorp, Inc., 2.125%, 3/15/2018		3,039,690
	7,030,000	Plains Exploration & Production Co., 6.875%, 2/15/2023		7,820,875
	1,660,000	Samarco Mineracao S.A., 5.750%, 10/24/2023, 144A		1,670,375
	1,445,000	Steel Dynamics, Inc., 5.250%, 4/15/2023		1,470,288
				31,857,807
		Mortgage Related — 10.3%
	4,190,606	FHLMC, 3.000%, 11/01/2042		4,045,787
	15,781,463	FHLMC, 3.500%, with various maturities in 2043(d)		15,878,007

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Mortgage Related — continued
$	2,826,960	FHLMC, 4.000%, 8/01/2043	$	2,933,773
	313,479	FHLMC, 5.000%, 8/01/2035		341,140
	4,078,125	FHLMC, 5.500%, with various maturities from 2018 to 2040(d)		4,469,373
	33,744	FHLMC, 6.000%, 6/01/2035		37,965
	682,028	FNMA, 3.000%, 5/01/2027		701,351
	7,007,165	FNMA, 3.500%, with various maturities in 2042(d)		7,054,567
	1,199,427	FNMA, 4.500%, 8/01/2039		1,285,401
	6,472,721	FNMA, 5.000%, with various maturities from 2033 to 2037(d)		7,082,850
	554,024	FNMA, 5.500%, 9/01/2036		616,097
	1,255,997	FNMA, 6.000%, with various maturities from 2016 to 2039(d)		1,396,392
	47,043	FNMA, 6.500%, with various maturities from 2029 to 2036(d)		52,877
	61,512	FNMA, 7.000%, with various maturities in 2030(d)		68,143
	72,086	FNMA, 7.500%, with various maturities from 2024 to 2032(d)		83,028
	6,920,000	FNMA (TBA), 3.000%, 5/01/2029(e)		7,088,675
	2,150,000	FNMA (TBA), 3.500%, 5/01/2029(e)		2,248,430
	55,025,000	FNMA (TBA), 4.000%, 4/01/2044(e)		57,191,609
	17,195,000	FNMA (TBA), 4.500%, 4/01/2044(e)		18,342,230
	1,071,281	GNMA, 4.499%, 12/20/2062		1,176,036
	1,114,339	GNMA, 4.538%, 11/20/2062		1,224,734
	2,309,869	GNMA, 4.616%, with various maturities from 2061 to 2062(d)		2,534,387
	1,205,162	GNMA, 4.627%, 1/20/2064		1,339,980
	948,814	GNMA, 4.668%, 5/20/2062		1,041,501
	366,686	GNMA, 4.673%, 3/20/2062		402,488
	3,779,052	GNMA, 4.676%, 4/20/2062		4,156,213
	1,019,625	GNMA, 4.698%, 7/20/2061		1,112,280
	729,384	GNMA, 4.700%, 10/20/2061		797,725
	1,203,619	GNMA, 5.500%, with various maturities from 2038 to 2039(d)		1,334,197
	195,178	GNMA, 6.000%, with various maturities from 2029 to 2038(d)		221,059
	157,377	GNMA, 6.500%, with various maturities from 2028 to 2032(d)		178,105
	112,844	GNMA, 7.000%, with various maturities from 2025 to 2029(d)		121,847
	44,164	GNMA, 7.500%, with various maturities from 2025 to 2030(d)		49,808
	12,014	GNMA, 8.000%, 11/15/2029		12,265
	48,742	GNMA, 8.500%, with various maturities from 2017 to 2023(d)		49,576
	2,394	GNMA, 9.000%, with various maturities in 2016(d)		2,405
	3,901	GNMA, 11.500%, with various maturities in 2015(d)		3,922
				146,676,223
		Non-Captive Consumer — 1.5%
	5,390,000	SLM Corp., 4.875%, 6/17/2019		5,477,189
	1,100,000	SLM Corp., MTN, 6.000%, 1/25/2017		1,199,000
	5,510,000	SLM Corp., MTN, 6.125%, 3/25/2024		5,503,112
	6,560,000	SLM Corp., MTN, 6.250%, 1/25/2016		7,052,000
	120,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		118,868
	1,135,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		1,336,463
				20,686,632
		Non-Captive Diversified — 1.7%
	3,250,000	CIT Group, Inc., 5.375%, 5/15/2020		3,485,625
	7,290,000	International Lease Finance Corp., 3.875%, 4/15/2018		7,435,800

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Captive Diversified — continued
$	3,950,000	International Lease Finance Corp., 5.750%, 5/15/2016	$	4,248,738
	8,500,000	International Lease Finance Corp., 6.250%, 5/15/2019		9,371,250
				24,541,413
		Oil Field Services — 2.3%
	2,535,000	Nabors Industries, Inc., 4.625%, 9/15/2021		2,618,924
	3,557,000	Nabors Industries, Inc., 5.000%, 9/15/2020		3,796,656
	5,895,000	Nabors Industries, Inc., 5.100%, 9/15/2023, 144A		6,134,673
	6,950,000	Pan American Energy LLC/Argentine Branch, 7.875%, 5/07/2021, 144A		7,089,000
	1,330,000	Rowan Cos., Inc., 7.875%, 8/01/2019		1,615,431
	2,430,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		2,393,550
	8,495,000	Transocean, Inc., 6.500%, 11/15/2020		9,539,265
				33,187,499
		Packaging — 0.4%
	3,275,000	Sealed Air Corp., 5.250%, 4/01/2023, 144A		3,307,750
	2,515,000	Sealed Air Corp., 6.500%, 12/01/2020, 144A		2,772,788
				6,080,538
		Paper — 0.6%
	1,785,000	Celulosa Arauco y Constitucion S.A., 4.750%, 1/11/2022		1,793,589
	3,045,000	Celulosa Arauco y Constitucion S.A., 5.000%, 1/21/2021		3,128,759
	4,015,000	Rock-Tenn Co., 4.000%, 3/01/2023		4,037,135
				8,959,483
		Pharmaceuticals — 1.1%
	130,000	Valeant Pharmaceuticals International, 6.750%, 8/15/2021, 144A		140,075
	3,170,000	Valeant Pharmaceuticals International, 6.875%, 12/01/2018, 144A		3,368,125
	11,450,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		12,366,000
				15,874,200
		Pipelines — 1.8%
	8,665,000	Energy Transfer Partners LP, 6.050%, 6/01/2041		9,388,900
	3,565,000	Kinder Morgan Finance Co. LLC, 6.000%, 1/15/2018, 144A		3,859,113
	4,295,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 3/01/2022		4,456,062
	8,510,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A		7,744,100
				25,448,175
		Property & Casualty Insurance — 0.3%
	3,285,000	Willis Group Holdings PLC, 5.750%, 3/15/2021		3,636,111
		Refining — 0.7%
	3,110,000	Phillips 66, 5.875%, 5/01/2042		3,598,055
	7,975,000	Thai Oil PCL, 4.875%, 1/23/2043, 144A		6,862,065
				10,460,120
		Retailers — 0.9%
	8,475,000	Lotte Shopping Co. Ltd., 3.375%, 5/09/2017, 144A		8,774,278
	4,205,000	SACI Falabella, 3.750%, 4/30/2023, 144A		4,000,864
				12,775,142

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Sovereigns — 1.9%
$	6,685,000	Brazilian Government International Bond, 4.250%, 1/07/2025	$	6,467,737
	6,230,000	Indonesia Government International Bond, 6.750%, 1/15/2044, 144A		6,814,062
	1,261,000	Mexico Government International Bond, 5.550%, 1/21/2045		1,339,813
	4,454,000	Mexico Government International Bond, Series A, MTN, 6.050%, 1/11/2040		5,066,425
	1,655,000	Philippine Government International Bond, 4.200%, 1/21/2024		1,708,788
	5,160,000	South Africa Government International Bond, 5.875%, 9/16/2025		5,547,000
				26,943,825
		Supermarkets — 0.5%
	6,685,000	Delhaize Group S.A., 4.125%, 4/10/2019		6,928,287
		Supranational — 0.9%
	31,365,000	International Finance Corp., GMTN, 10.000%, 6/12/2017, (BRL)		13,495,659
		Technology — 1.2%
	5,220,000	Baidu, Inc., 3.500%, 11/28/2022		4,969,983
	1,160,000	Brocade Communications Systems, Inc., 6.875%, 1/15/2020		1,239,750
	3,145,000	Dun & Bradstreet Corp. (The), 3.250%, 12/01/2017		3,251,637
	3,156,000	Equifax, Inc., 7.000%, 7/01/2037		3,812,104
	3,620,000	Hewlett-Packard Co., 2.750%, 1/14/2019		3,643,939
	69,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		72,552
	340,000	Motorola Solutions, Inc., 7.500%, 5/15/2025		411,326
				17,401,291
		Textile — 0.1%
	1,125,000	Wolverine World Wide, Inc., 6.125%, 10/15/2020		1,215,000
		Tobacco — 0.7%
	8,005,000	Reynolds American, Inc., 7.250%, 6/15/2037		9,917,843
		Treasuries — 20.0%
	7,300,000	Italy Buoni Poliennali Del Tesoro, 5.500%, 11/01/2022, (EUR)		11,889,601
	6,480,000(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(l)		51,764,854
	224,000,000	Philippine Government International Bond, 3.900%, 11/26/2022, (PHP)		4,770,208
	300,000,000	Philippine Government International Bond, 6.250%, 1/14/2036, (PHP)		6,790,054
	5,540,000	Portugal Obrigacoes do Tesouro OT, 4.950%, 10/25/2023, 144A, (EUR)		8,223,398
	19,285,000	Portugal Obrigacoes do Tesouro OT, 5.650%, 2/15/2024, 144A, (EUR)		29,914,473
	1,720,000	Spain Government Bond, 5.500%, 4/30/2021, (EUR)		2,815,271
	3,530,000	Spain Government Bond, 5.850%, 1/31/2022, (EUR)		5,893,157
	15,920,000	U.S. Treasury Bond, 3.750%, 11/15/2043		16,482,167
	3,875,000	U.S. Treasury Bond, 3.875%, 8/15/2040		4,130,510
	112,965,000	U.S. Treasury Note, 0.250%, 9/30/2015(l)		113,009,169
	22,870,000	U.S. Treasury Note, 0.375%, 6/30/2015		22,929,851
	6,610,000	U.S. Treasury Note, 1.250%, 10/31/2018		6,504,650
				285,117,363
		Wireless — 2.8%
	1,475,000	American Tower Corp., 4.700%, 3/15/2022		1,541,176
	6,810,000	Bharti Airtel International Netherlands BV, 5.125%, 3/11/2023, 144A		6,767,438
	6,225,000	eAccess Ltd., 8.250%, 4/01/2018, 144A		6,769,687
	5,960,000	SK Telecom Co. Ltd., 2.125%, 5/01/2018, 144A		5,900,877

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wireless — continued
$	3,165,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A	$	3,848,491
	3,780,000	Softbank Corp., 4.500%, 4/15/2020, 144A		3,761,100
	12,180,000	Sprint Capital Corp., 6.875%, 11/15/2028		11,814,600
				40,403,369
		Wirelines — 4.6%
	5,757,000	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A(f)		5,735,411
	2,065,000	CenturyLink, Inc., 5.625%, 4/01/2020		2,170,831
	4,275,000	Colombia Telecomunicaciones S.A. E.S.P., 5.375%, 9/27/2022, 144A		4,189,500
	9,458,000	Embarq Corp., 7.995%, 6/01/2036		9,868,411
	1,575,000	Frontier Communications Corp., 7.875%, 1/15/2027		1,586,812
	5,050,000	Frontier Communications Corp., 8.500%, 4/15/2020		5,870,625
	2,420,000	Frontier Communications Corp., 8.750%, 4/15/2022		2,761,825
	415,000	Frontier Communications Corp., 9.000%, 8/15/2031		424,338
	1,975,000	Qwest Corp., 6.750%, 12/01/2021		2,205,293
	5,000,000	Telefonica Celular del Paraguay S.A., 6.750%, 12/13/2022, 144A		5,268,750
	4,029,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		4,355,853
	2,296,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		2,524,064
	6,344,000	Telemar Norte Leste S.A., 5.500%, 10/23/2020, 144A		6,248,840
	4,825,000	Verizon Communications, Inc., 3.650%, 9/14/2018		5,136,367
	1,585,000	Verizon Communications, Inc., 5.050%, 3/15/2034		1,626,010
	5,910,000	Windstream Corp., 7.500%, 4/01/2023		6,205,500
				66,178,430
		Total Non-Convertible Bonds (Identified Cost $1,289,039,892)		1,313,560,332
	Convertible Bonds — 0.1%
		Wirelines — 0.1%
	13,238,400	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A (MXN)(f)(g)(h)(i) (Identified Cost $1,328,524)		1,706,840
		Total Bonds and Notes (Identified Cost $1,290,368,416)		1,315,267,172
	Senior Loans — 3.2%
		Automotive — 0.4%
	1,158,113	Affinia Group Intermediate Holdings, Inc., Term Loan B2, 4.863%, 4/27/2020(j)		1,158,113
	280,000	KAR Auction Services, Inc., Term Loan B2, 3.500%, 3/11/2021(c)		278,600
	4,816,350	TI Group Automotive Systems LLC, Term Loan B, 5.500%, 3/28/2019(c)		4,828,391
				6,265,104
		Building Materials — 0.2%
	2,985,000	ABC Supply Co., Inc., Term Loan, 3.500%, 4/16/2020(c)		2,974,881
		Chemicals — 0.3%
	3,776,677	Axalta Coating Systems U.S. Holdings, Inc., USD Term Loan, 4.000%, 2/01/2020(c)		3,776,677

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Diversified Manufacturing — 0.2%
$	3,017,915	Ameriforge Group, Inc., 1st Lien Term Loan, 5.000%, 12/19/2019(c)	$	3,029,232
		Electric — 0.4%
	5,442,494	NRG Energy, Inc., Refi Term Loan B, 2.750%, 7/02/2018(c)		5,389,756
		Entertainment — 0.3%
	4,017,150	Activision Blizzard, Inc., Term Loan B, 3.250%, 10/12/2020(c)		4,013,133
		Food & Beverage — 0.4%
	6,150,000	Aramark Corp., USD Term Loan F, 3.250%, 2/24/2021(c)		6,087,209
		Media Cable — 0.3%
	3,649,423	Charter Communications Operating LLC, Term Loan E, 3.000%, 7/01/2020(c)		3,615,665
		Metals & Mining — 0.2%
	3,631,612	Arch Coal, Inc., Term Loan B, 6.250%, 5/16/2018(c)		3,576,121
		Pharmaceuticals — 0.3%
	3,917,963	Grifols Worldwide Operations USA, Inc., USD Term Loan B, 2/27/2021(k)		3,913,888
		Technology — 0.2%
	2,780,691	Alcatel-Lucent USA, Inc., USD Term Loan C, 4.500%, 1/30/2019(c)		2,792,426
		Total Senior Loans (Identified Cost $45,410,746)		45,434,092
Shares
	Preferred Stocks — 0.8%
		Banking — 0.2%
	68,182	Ally Financial, Inc., Series A, (fixed rate to 5/15/2016, variable rate thereafter), 8.500%		1,864,777
	532	Ally Financial, Inc., Series G, 7.000%, 144A		525,450
				2,390,227
		Media Cable — 0.6%
	8,945,000	NBCUniversal Enterprise, Inc., 5.250%, 144A		9,034,450
		Non-Captive Consumer — 0.0%
	5,510	SLM Corp., Series A, 6.970%		268,613
		Total Preferred Stocks (Identified Cost $11,013,801)		11,693,290

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 9.1%
$	287,586	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2014 at 0.000% to be repurchased at $287,586 on 4/01/2014 collateralized by $315,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $296,056 including accrued interest (Note 2 of Notes to Financial Statements)	$	287,586
	129,787,848	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $129,787,848 on 4/01/2014 collateralized by $130,750,000 U.S. Treasury Note, 1.750% due 10/31/2018 valued at $132,384,375 including accrued interest (Note 2 of Notes to Financial Statements)		129,787,848
		Total Short-Term Investments (Identified Cost $130,075,434)		130,075,434
		Total Investments — 105.4% (Identified Cost $1,476,868,397)(a)		1,502,469,988
		Other assets less liabilities — (5.4)%		(77,403,295	)
		Net Assets — 100.0%	$	1,425,066,693
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $1,481,041,582 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	42,264,481
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(20,836,075	)
		Net unrealized appreciation	$	21,428,406
	(b)	All of this security has been designated to cover the Fund’s obligations under open TBA transactions.
	(c)	Variable rate security. Rate as of March 31, 2014 is disclosed.
	(d)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(e)	Delayed delivery. See Note 2 of Notes to Financial Statements.
	(f)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(g)	Illiquid security. At March 31, 2014, the value of this security amounted to $1,706,840 or 0.1% of net assets.
	(h)	Fair valued by the Fund’s investment adviser. At March 31, 2014, the value of this security amounted to $1,706,840 or 0.1% of net assets.

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

(i)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
(j)	Variable rate security. Rate shown represents the weighted average rate of underlying contracts at March 31, 2014.
(k)	Position is unsettled. Contract rate was not determined at March 31, 2014 and does not take effect until settlement date.
(l)	A portion of this security has been designated to cover the Fund’s obligations under open TBA transactions.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of Rule 144A holdings amounted to $370,232,299 or 26.0% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
MTN	Medium Term Note
TBA	To Be Announced
BRL	Brazilian Real
EUR	Euro
MXN	Mexican Peso
PHP	Philippine Peso
USD	U.S. Dollar

Industry Summary at March 31, 2014 (Unaudited)

Treasuries	20.0	%
Mortgage Related	10.3
Government Owned – No Guarantee	7.5
Banking	6.0
Commercial Mortgage-Backed Securities	4.9
Wirelines	4.7
Wireless	2.8
Metals & Mining	2.4
Oil Field Services	2.3
Chemicals	2.3
Automotive	2.2
Media Cable	2.2
Other Investments, less than 2% each	28.7
Short-Term Investments	9.1
Total Investments	105.4
Other assets less liabilities	(5.4	)
Net Assets	100.0	%

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 85.4% of Net Assets
	Non-Convertible Bonds — 73.5%
		ABS Credit Card — 0.6%
$	600,000	American Express Credit Account Master Trust, Series 2012-1, Class A, 0.425%, 1/15/2020(b)	$	600,582
	245,000	American Express Issuance Trust II, Series 2013-2, Class A, 0.585%, 8/15/2019(b)		245,988
	145,000	Chase Issuance Trust, Series 2013-A3, Class A3, 0.435%, 4/15/2020(b)		144,529
				991,099
		ABS Home Equity — 5.9%
	276,188	American Home Mortgage Investment Trust, Series 2005-2, Class 4A1, 1.830%, 9/25/2045(b)		257,832
	304,422	Banc of America Alternative Loan Trust, Series 2003-10, Class 3A1, 5.500%, 12/25/2033		312,384
	206,959	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033		213,298
	326,880	Banc of America Funding Corp., Series 2008-R4, Class 1A4, 0.604%, 7/25/2037, 144A(b)		206,779
	245,430	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		251,921
	53,854	Banc of America Mortgage Securities, Inc., Series 2005-A, Class 2A1, 2.725%, 2/25/2035(b)		53,841
	124,849	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-9, Class 12A3, 2.860%, 11/25/2034(b)		123,043
	134,384	Citicorp Mortgage Securities Trust, Series 2006-4, Class 1A2, 6.000%, 8/25/2036		137,385
	102,679	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 2.619%, 5/25/2035(b)		98,843
	94,333	CitiMortgage Alternative Loan Trust, Series 2006-A3, Class 1A7, 6.000%, 7/25/2036		84,177
	585,526	Countrywide Alternative Loan Trust, Series 2004-27CB, Class A1, 6.000%, 12/25/2034		579,019
	294,377	Countrywide Alternative Loan Trust, Series 2006-J4, Class 1A3, 6.250%, 7/25/2036		200,263
	792,566	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-11, Class 3A3, 2.556%, 4/25/2035(b)		577,807
	340,084	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-11, Class 4A1, 0.424%, 4/25/2035(b)		278,602
	491,637	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-HYB7, Class 2A, 2.596%, 11/20/2035(b)		467,094
	368,338	Countrywide Home Loan Mortgage Pass Through Trust, Series 2006-20, Class 1A35, 6.000%, 2/25/2037		338,577
	82,926	GMAC Mortgage Corp. Loan Trust, Series 2003-J7, Class A7, 5.000%, 11/25/2033		85,597
	419,436	GMAC Mortgage Corp. Loan Trust, Series 2005-AR3, Class 2A1, 2.869%, 6/19/2035(b)		417,839
	333,588	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 3.108%, 7/19/2035(b)		307,403

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	472,027	GSAA Home Equity Trust, Series 2006-20, Class 1A1, 0.224%, 12/25/2046(b)	$	262,329
	85,222	GSR Mortgage Loan Trust, Series 2004-14, Class 3A1, 2.761%, 12/25/2034(b)		76,210
	575,000	GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, 2.679%, 9/25/2035(b)		568,978
	190,957	GSR Mortgage Loan Trust, Series 2006-8F, Class 4A17, 6.000%, 9/25/2036		162,399
	103,180	JP Morgan Alternative Loan Trust, Series 2006-A1, Class 5A1, 4.498%, 3/25/2036(b)		83,127
	421,247	JPMorgan Mortgage Trust, Series 2005-S3, Class 1A11, 6.000%, 1/25/2036		370,886
	430,511	Lehman Mortgage Trust, Series 2005-3, Class 1A6, 0.654%, 1/25/2036(b)(c)		303,705
	173,731	Lehman Mortgage Trust, Series 2006-1, Class 3A5, 5.500%, 2/25/2036		174,985
	499,908	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 3A1, 2.626%, 3/25/2035(b)		444,200
	557,680	MASTR Adjustable Rate Mortgages Trust, Series 2007-1, Class I2A1, 0.314%, 1/25/2047(b)		401,316
	497,786	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1, Class 2A7, 6.000%, 3/25/2037		361,317
	108,972	New York Mortgage Trust, Series 2006-1, Class 2A2, 2.676%, 5/25/2036(b)		97,446
	450,358	Residential Accredit Loans, Inc., Series 2006-QS6, Class 1A16, 6.000%, 6/25/2036		364,472
	349,061	Residential Funding Mortgage Securities, Series 2006-S1, Class 1A3, 5.750%, 1/25/2036		359,293
	603,250	WaMu Mortgage Pass Through Certificates, Series 2006-AR19, Class 2A, 2.034%, 1/25/2047(b)		543,625
	115,908	WaMu Mortgage Pass Through Certificates, Series 2007-OA3, Class 2A1A, 0.889%, 4/25/2047(b)		103,699
	569,961	Washington Mutual Mortgage Pass Through Certificates, Series 2006-AR6, Class 2A, 1.089%, 8/25/2046(b)		389,580
				10,059,271
		ABS Other — 0.4%
	214,415	Sierra Receivables Funding Co. LLC, Series 2011-3A, Class C, 9.310%, 7/20/2028, 144A		230,685
	450,000	Springleaf Funding Trust, Series 2014-AA, Class C, 4.450%, 12/15/2022, 144A		450,000
				680,685
		Aerospace & Defense — 1.4%
	1,500,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		1,353,750
	900,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		897,750
	200,000	Oshkosh Corp., 5.375%, 3/01/2022, 144A		203,500
				2,455,000
		Airlines — 1.6%
	828,277	American Airlines Pass Through Trust, Series 2013-2, Class B, 5.600%, 1/15/2022, 144A		863,479
	400,000	American Airlines Pass Through Trust, Series 2013-2, Class C, 6.000%, 1/15/2017, 144A		405,036
	345,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		363,544
	4,753	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		4,904

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	198,446	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017	$	211,345
	166,240	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		180,054
	265,000	United Airlines Pass Through Trust, Series 2014-1, Class B, 4.750%, 10/11/2023		266,818
	151,000	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		156,884
	240,000	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		244,894
				2,696,958
		Automotive — 1.5%
	2,315,000	General Motors Co., 4.875%, 10/02/2023, 144A		2,372,875
	125,000	General Motors Co., 6.250%, 10/02/2043, 144A		135,312
	85,000	Lear Corp., 5.375%, 3/15/2024		86,488
				2,594,675
		Banking — 3.1%
	2,100,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		854,947
	820,000	HBOS PLC, 6.000%, 11/01/2033, 144A		850,594
	900,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		890,337
	65,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(d)		78,130
	740,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(d)		916,240
	250,000	Societe General S.A., (fixed rate to 9/04/2019, variable rate thereafter), 9.375%, (EUR)(d)		413,295
	1,345,000	Societe Generale S.A., 5.000%, 1/17/2024, 144A		1,340,330
				5,343,873
		Building Materials — 2.1%
	296,000	CPG Merger Sub LLC, 8.000%, 10/01/2021, 144A		318,200
	1,280,000	HD Supply, Inc., 7.500%, 7/15/2020		1,396,800
	50,000	Masco Corp., 6.500%, 8/15/2032		50,875
	345,000	Masco Corp., 7.750%, 8/01/2029		385,303
	1,000,000	Odebrecht Finance Ltd., 4.375%, 4/25/2025, 144A		897,500
	900,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		331,203
	240,000	USG Corp., 5.875%, 11/01/2021, 144A		255,600
				3,635,481
		Chemicals — 3.3%
	600,000	Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding B BV, 7.375%, 5/01/2021, 144A		652,500
	265,000	Braskem Finance Ltd., 6.450%, 2/03/2024		271,294
	1,510,000	Hercules, Inc., 6.500%, 6/30/2029		1,328,800
	850,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		884,000
	200,000	INEOS Group Holdings S.A., 5.875%, 2/15/2019, 144A		204,250
	635,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		696,118
	1,600,000	Tronox Finance LLC, 6.375%, 8/15/2020		1,644,000
				5,680,962
		Collateralized Mortgage Obligations — 0.0%
	72,498	MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 3A1, 2.633%, 1/25/2036(b)		70,869

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Commercial Mortgage-Backed Securities — 1.9%
$	1,690,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.819%, 8/10/2045(b)	$	1,745,033
	805,000	Hilton USA Trust, Series 2013-HLT, Class EFX, 4.453%, 11/05/2030, 144A(b)		814,578
	125,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class AM, 5.464%, 1/15/2049		130,686
	525,000	Morgan Stanley Capital I Trust, Series 2007-HQ12, Class AM, 5.577%, 4/12/2049(b)		569,889
				3,260,186
		Construction Machinery — 0.2%
	60,000	BlueLine Rental Finance Corp., 7.000%, 2/01/2019, 144A		63,450
	200,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		205,500
				268,950
		Consumer Cyclical Services — 1.0%
	615,000	ServiceMaster Co. (The), 7.000%, 8/15/2020		651,131
	1,095,000	ServiceMaster Co. (The), 7.450%, 8/15/2027		1,047,094
				1,698,225
		Consumer Products — 0.5%
	900,000	Visant Corp., 10.000%, 10/01/2017		896,625
		Electric — 1.2%
	415,000	Calpine Corp., 6.000%, 1/15/2022, 144A		435,750
	1,502,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A		1,685,394
	14,937	Red Oak Power LLC, Series A, 8.540%, 11/30/2019		15,908
				2,137,052
		Entertainment — 0.1%
	151,000	DreamWorks Animation SKG, Inc., 6.875%, 8/15/2020, 144A		163,458
		Environmental — 0.2%
	255,000	ADS Waste Holdings, Inc., 8.250%, 10/01/2020		277,313
		Financial Other — 1.0%
	695,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.875%, 3/15/2019, 144A		707,163
	180,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 2/01/2022, 144A		182,700
	804,000	Rialto Holdings LLC/Rialto Corp., 7.000%, 12/01/2018, 144A		828,120
				1,717,983
		Food & Beverage — 0.7%
	1,800,000	BRF S.A., 7.750%, 5/22/2018, 144A, (BRL)		653,283
	600,000	Cosan Luxembourg S.A., 9.500%, 3/14/2018, 144A, (BRL)		227,413
	250,000	TreeHouse Foods, Inc., 4.875%, 3/15/2022		251,563
				1,132,259
		Gaming — 0.7%
	100,000	GLP Capital LP/GLP Financing II, Inc., 4.375%, 11/01/2018, 144A		102,625
	285,000	GLP Capital LP/GLP Financing II, Inc., 4.875%, 11/01/2020, 144A		292,481
	740,000	MGM Resorts International, 6.750%, 10/01/2020		820,475
				1,215,581

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Government Owned – No Guarantee — 0.3%
$	530,000	Petrobras Global Finance BV, 6.250%, 3/17/2024	$	546,038
		Healthcare — 3.5%
	305,000	BioScrip, Inc., 8.875%, 2/15/2021, 144A		317,962
	240,000	Catamaran Corp., 4.750%, 3/15/2021		243,300
	585,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022, 144A		611,325
	465,000	DaVita HealthCare Partners, Inc., 5.750%, 8/15/2022		494,644
	170,000	HCA, Inc., 7.050%, 12/01/2027		168,938
	640,000	HCA, Inc., 7.500%, 12/15/2023		694,400
	125,000	HCA, Inc., 7.500%, 11/06/2033		128,125
	470,000	HCA, Inc., 7.690%, 6/15/2025		501,725
	480,000	HCA, Inc., 8.360%, 4/15/2024		542,400
	820,000	HCA, Inc., MTN, 7.580%, 9/15/2025		865,100
	515,000	HCA, Inc., MTN, 7.750%, 7/15/2036		525,300
	305,000	LifePoint Hospitals, Inc., 5.500%, 12/01/2021, 144A		316,437
	635,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		571,500
				5,981,156
		Home Construction — 4.3%
	845,000	Beazer Homes USA, Inc., 9.125%, 6/15/2018		893,588
	1,200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(e)		153,000
	1,460,000	Desarrolladora Homex SAB de CV, 9.750%, 3/25/2020, 144A(e)		162,425
	750,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		671,250
	500,000	K. Hovnanian Enterprises, Inc., 9.125%, 11/15/2020, 144A		561,250
	345,000	KB Home, 7.000%, 12/15/2021		371,306
	880,000	KB Home, 7.250%, 6/15/2018		990,000
	3,135,000	Pulte Group, Inc., 6.000%, 2/15/2035(f)		2,923,387
	495,000	Pulte Group, Inc., 6.375%, 5/15/2033		485,100
	70,000	Standard Pacific Corp., 8.375%, 1/15/2021		82,775
	200,000	Urbi Desarrollos Urbanos SAB de CV, 9.500%, 1/21/2020, 144A(e)		22,000
	1,100,000	Urbi Desarrollos Urbanos SAB de CV, 9.750%, 2/03/2022, 144A(e)		121,000
				7,437,081
		Independent Energy — 2.7%
	115,000	Halcon Resources Corp., 8.875%, 5/15/2021		119,313
	400,000	Halcon Resources Corp., 9.750%, 7/15/2020		431,000
	180,000	Jones Energy Holdings/FIN Co., 6.750%, 4/01/2022, 144A		183,375
	220,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		227,700
	135,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		142,762
	4,400,000	OGX Austria GmbH, 8.375%, 4/01/2022, 144A(e)		198,000
	795,000	OGX Austria GmbH, 8.500%, 6/01/2018, 144A(e)		39,750
	1,435,000	Rosetta Resources, Inc., 5.875%, 6/01/2022		1,467,287
	810,000	SandRidge Energy, Inc., 7.500%, 3/15/2021		864,675
	920,000	SM Energy Co., 5.000%, 1/15/2024, 144A		894,700
	115,000	Ultra Petroleum Corp., 5.750%, 12/15/2018, 144A		120,750
				4,689,312
		Integrated Energy — 0.5%
	800,000	Pacific Rubiales Energy Corp., 5.375%, 1/26/2019, 144A		830,000
		Local Authorities — 0.9%
	1,085,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		1,546,450

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Lodging — 0.1%
$	180,000	Royal Caribbean Cruises Ltd., 7.500%, 10/15/2027	$	200,700
		Media Cable — 1.5%
	475,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		457,187
	430,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 9/30/2022		424,625
	15,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		14,888
	685,000	Nara Cable Funding II Ltd., 8.500%, 3/01/2020, 144A, (EUR)		1,137,146
	130,000	Numericable Finance & Co. SCA, 8.750%, 2/15/2019, 144A, (EUR)		204,392
	375,000	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A		379,687
				2,617,925
		Media Non-Cable — 0.4%
	50,000	Intelsat Luxembourg S.A., 6.750%, 6/01/2018, 144A		52,875
	355,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021, 144A		373,638
	230,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023, 144A		243,800
				670,313
		Metals & Mining — 2.2%
	2,395,000	ArcelorMittal, 7.250%, 3/01/2041		2,403,981
	510,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		469,200
	495,000	Barrick Gold Corp., 3.850%, 4/01/2022		472,813
	515,000	Essar Steel Algoma, Inc., 9.375%, 3/15/2015, 144A		509,850
				3,855,844
		Non-Captive Consumer — 2.3%
	540,000	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 6/15/2021, 144A		540,000
	1,230,000	SLM Corp., 5.500%, 1/25/2023		1,206,937
	1,110,000	Springleaf Finance Corp., 7.750%, 10/01/2021		1,229,325
	445,000	Springleaf Finance Corp., 8.250%, 10/01/2023		496,175
	445,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		488,388
				3,960,825
		Non-Captive Diversified — 0.9%
	340,000	CIT Group, Inc., 3.875%, 2/19/2019		343,720
	65,000	CIT Group, Inc., 5.000%, 8/15/2022		67,438
	105,000	CIT Group, Inc., 5.000%, 8/01/2023		107,362
	585,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		613,519
	435,000	Oxford Finance LLC/Oxford Finance Co-Issuer, Inc., 7.250%, 1/15/2018, 144A		461,100
				1,593,139
		Oil Field Services — 1.0%
	730,000	Basic Energy Services, Inc., 7.750%, 10/15/2022		792,050
	655,000	Hercules Offshore, Inc., 8.750%, 7/15/2021, 144A		710,675
	75,000	Parker Drilling Co., 6.750%, 7/15/2022, 144A		77,250
	155,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022, 144A		157,712
				1,737,687
		Packaging — 0.6%
	265,000	Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II, 6.000%, 6/15/2017, 144A		274,275
	755,000	Sealed Air Corp., 6.875%, 7/15/2033, 144A		758,775
				1,033,050

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Pharmaceuticals — 1.6%
$	250,000	Salix Pharmaceuticals Ltd., 6.000%, 1/15/2021, 144A	$	266,875
	1,540,000	Valeant Pharmaceuticals International 6.375%, 10/15/2020, 144A		1,663,200
	530,000	Valeant Pharmaceuticals International 7.250%, 7/15/2022, 144A		585,650
	145,000	Valeant Pharmaceuticals International, Inc., 6.750%, 8/15/2018, 144A		159,500
	70,000	Valeant Pharmaceuticals International, Inc., 7.500%, 7/15/2021, 144A		78,750
				2,753,975
		Pipelines — 0.3%
	425,000	Sabine Pass Liquefaction LLC, 6.250%, 3/15/2022, 144A		443,063
		Property & Casualty Insurance — 0.5%
	786,000	Hockey Merger Sub 2, Inc., 7.875%, 10/01/2021, 144A		839,055
		Refining — 0.1%
	235,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.625%, 1/15/2022		249,100
		Retailers — 0.5%
	40,000	Dillard’s, Inc., 7.000%, 12/01/2028		40,700
	435,000	Dillard’s, Inc., 7.750%, 7/15/2026		466,538
	205,000	Dillard’s, Inc., 7.750%, 5/15/2027		216,531
	35,000	Dillard’s, Inc., 7.875%, 1/01/2023		39,200
	140,000	Toys R Us, Inc., 7.375%, 10/15/2018		112,000
				874,969
		Sovereigns — 0.9%
	1,050,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		433,837
	2,250,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		1,031,291
				1,465,128
		Supermarkets — 0.5%
	205,000	New Albertson’s, Inc., 7.450%, 8/01/2029		165,025
	935,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		677,875
				842,900
		Supranational — 1.9%
	2,000,000	European Bank for Reconstruction & Development, EMTN, 9.000%, 4/28/2014, (BRL)		880,247
	458,000,000	International Bank for Reconstruction & Development, EMTN, 4.250%, 2/05/2016, (CLP)		845,718
	88,390,000	International Finance Corp., 7.800%, 6/03/2019, (INR)		1,482,750
				3,208,715
		Technology — 4.1%
	2,500,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		2,387,500
	1,930,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		1,833,500
	160,000	Amkor Technology, Inc., 6.375%, 10/01/2022		165,800
	140,000	Amkor Technology, Inc., 6.625%, 6/01/2021		149,450
	260,000	Audatex North America, Inc., 6.125%, 11/01/2023, 144A		276,575
	660,000	Blackboard, Inc., 7.750%, 11/15/2019, 144A		691,350
	445,000	BMC Software Finance, Inc., 8.125%, 7/15/2021, 144A		468,363
	430,000	Equinix, Inc., 4.875%, 4/01/2020		439,675
	400,000	First Data Corp., 10.625%, 6/15/2021		450,000
	187,000	iGATE Corp., 4.750%, 4/15/2019, 144A		187,701
				7,049,914

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Textile — 1.2%
$	2,605,000	Jones Group, Inc. (The), 6.125%, 11/15/2034	$	1,986,312
		Transportation Services — 0.2%
	275,000	APL Ltd., 8.000%, 1/15/2024(g)		257,125
		Treasuries — 5.5%
	165,000(††)	Mexican Fixed Rate Bonds, Series M, 4.750%, 6/14/2018, (MXN)		1,253,337
	131,500(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		1,050,475
	116,500(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		1,009,870
	184,000(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		1,823,933
	99,000(††)	Mexican Fixed Rate Bonds, Series M-30, 8.500%, 11/18/2038, (MXN)		879,905
	10,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		230,237
	120,000,000	Philippine Government International Bond, 6.250%, 1/14/2036, (PHP)(f)		2,716,022
	425,000	U.S. Treasury Note, 0.625%, 7/15/2014(h)		425,681
				9,389,460
		Wireless — 3.4%
	6,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		428,044
	6,100,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		443,324
	900,000	Bakrie Telecom Pte Ltd., 11.500%, 5/07/2015, 144A(e)		90,000
	4,501,000	Sprint Capital Corp., 6.875%, 11/15/2028(f)		4,365,970
	70,000	Sprint Capital Corp., 8.750%, 3/15/2032		77,000
	370,000	T-Mobile USA, Inc., 6.125%, 1/15/2022		387,575
				5,791,913
		Wirelines — 4.2%
	332,000	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A(i)		330,755
	705,000	CenturyLink, Inc., 7.650%, 3/15/2042		665,344
	1,145,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		1,089,181
	130,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		122,525
	300,000	Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		458,241
	60,000,000	Empresa de Telecomunicaniones de Bogota, 7.000%, 1/17/2023, 144A, (COP)		27,232
	405,000	Frontier Communications Corp., 9.000%, 8/15/2031		414,112
	605,000	Level 3 Communications, Inc., 8.875%, 6/01/2019		664,744
	1,090,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		1,181,287
	450,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		419,625
	345,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		337,237
	35,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		35,613
	85,000	Telecom Italia Capital S.A., 7.721%, 6/04/2038		90,950
	1,125,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		1,361,652
				7,198,498
		Total Non-Convertible Bonds (Identified Cost $125,430,467)		126,026,152
	Convertible Bonds — 11.9%
		Automotive — 0.6%
	530,000	Ford Motor Co., 4.250%, 11/15/2016		959,631

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Construction Machinery — 1.8%
$	640,000	Ryland Group, Inc. (The), 1.625%, 5/15/2018	$	910,400
	1,325,000	Trinity Industries, Inc., 3.875%, 6/01/2036		2,105,094
				3,015,494
		Healthcare — 0.2%
	255,000	Hologic, Inc., Series 2010, (accretes to principal after 12/15/2016), 2.000%, 12/15/2037(i)		291,497
	25,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(i)		25,547
				317,044
		Home Construction — 2.1%
	565,000	KB Home, 1.375%, 2/01/2019		580,538
	530,000	Lennar Corp., 2.750%, 12/15/2020, 144A		968,575
	530,000	Lennar Corp., 3.250%, 11/15/2021, 144A		943,731
	925,000	Standard Pacific Corp., 1.250%, 8/01/2032		1,147,000
				3,639,844
		Independent Energy — 0.5%
	800,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		814,000
		Metals & Mining — 0.9%
	1,075,000	Peabody Energy Corp., 4.750%, 12/15/2066		869,407
	125,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		135,156
	440,000	United States Steel Corp., 2.750%, 4/01/2019		570,075
				1,574,638
		Oil Field Services — 0.6%
	945,000	Hornbeck Offshore Services, Inc., 1.500%, 9/01/2019		1,075,528
		Pharmaceuticals — 1.6%
	58,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		63,546
	79,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		87,690
	464,000	Emergent Biosolutions, Inc., 2.875%, 1/15/2021, 144A		498,800
	315,000	Gilead Sciences, Inc., Series D, 1.625%, 5/01/2016		979,847
	285,000	Mylan, Inc., 3.750%, 9/15/2015		1,047,553
				2,677,436
		REITs – Mortgage — 0.6%
	310,000	iStar Financial, Inc., 3.000%, 11/15/2016		437,681
	540,000	Redwood Trust, Inc., 4.625%, 4/15/2018		575,100
				1,012,781
		Retailers — 0.6%
	658,000	priceline.com, Inc., 0.350%, 6/15/2020, 144A		776,851
	235,000	priceline.com, Inc., 1.000%, 3/15/2018		332,672
				1,109,523
		Technology — 2.4%
	145,000	Ciena Corp., 3.750%, 10/15/2018, 144A		202,909
	1,065,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032(f)		2,676,478
	224,000	Micron Technology, Inc., Series G, 3.000%, 11/15/2043		245,420

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Technology — continued
$	115,000	Novellus Systems, Inc., 2.625%, 5/15/2041	$	196,291
	80,000	SanDisk Corp., 1.500%, 8/15/2017		131,550
	355,000	Xilinx, Inc., 2.625%, 6/15/2017		665,625
				4,118,273
		Wirelines — 0.0%
	379,000	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A, (MXN)(g)(i)(j)(k)		48,865
		Total Convertible Bonds (Identified Cost $15,153,594)		20,363,057
		Total Bonds and Notes (Identified Cost $140,584,061)		146,389,209
	Senior Loans — 1.6%
		Automotive — 0.3%
	470,250	TI Group Automotive Systems LLC, Term Loan B, 5.500%, 3/28/2019(b)		471,426
		Consumer Products — 0.0%
	9,896	Visant Corp., Term Loan B, 5.250%, 12/22/2016(b)		9,807
		Media Non-Cable — 0.0%
	104,008	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(b)		77,638
		Oil Field Services — 0.3%
	552,549	FTS International, Inc., Term Loan B, 8.500%, 5/06/2016(b)		561,661
		Other Utility — 0.2%
	16,950	PowerTeam Services LLC, Delayed Draw Term Loan, 3.250%, 5/06/2020(l)		16,851
	12,750	PowerTeam Services LLC, Delayed Draw Term Loan, 4.250%, 5/06/2020(b)		12,675
	233,238	PowerTeam Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(b)		231,878
	95,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		94,050
				355,454
		Wirelines — 0.8%
	1,237,500	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(b)		1,275,293
	25,000	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/22/2020(b)		25,550
				1,300,843
		Total Senior Loans (Identified Cost $2,743,418)		2,776,829
Shares
	Preferred Stocks — 4.3%
	Convertible Preferred Stocks — 2.2%
		Banking — 0.1%
	94	Bank of America Corp., Series L, 7.250%		107,556
		Electric — 0.1%
	4,162	NextEra Energy, Inc., 5.889%		255,255
		Independent Energy — 0.2%
	390	Chesapeake Energy Corp., 5.000%		37,791
	245	Chesapeake Energy Corp., Series A, 5.750%, 144A		273,941
				311,732

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Shares		Description	Value (†)
		Metals & Mining — 0.5%
	21,500	ArcelorMittal, 6.000%	$	515,570
	14,903	Cliffs Natural Resources, Inc., 7.000%		308,939
				824,509
		Pipelines — 0.2%
	5,525	El Paso Energy Capital Trust I, 4.750%		282,051
		REITs – Diversified — 0.6%
	7,337	Crown Castle International Corp., Series A, 4.500%		743,898
	6,611	Weyerhaeuser Co., Series A, 6.375%		360,961
				1,104,859
		REITs – Mortgage — 0.3%
	8,025	iStar Financial, Inc., Series J, 4.500%		515,606
		Utility Other — 0.2%
	5,720	Dominion Resources, Inc., Series A, 6.125%		328,900
		Total Convertible Preferred Stocks (Identified Cost $3,436,009)		3,730,468
	Non-Convertible Preferred Stocks — 2.1%
		Banking — 1.8%
	78,785	Ally Financial, Inc., Series A, (fixed rate to 5/15/2016, variable rate thereafter), 8.500%		2,154,770
	965	Ally Financial, Inc., Series G, 7.000%, 144A		953,118
				3,107,888
		Non-Captive Diversified — 0.3%
	12,925	iStar Financial, Inc., Series E, 7.875%		309,683
	7,500	iStar Financial, Inc., Series F, 7.800%		177,750
	550	iStar Financial, Inc., Series G, 7.650%		12,953
				500,386
		Total Non-Convertible Preferred Stocks (Identified Cost $3,279,861)		3,608,274
		Total Preferred Stocks (Identified Cost $6,715,870)		7,338,742
	Common Stocks — 2.5%
		Automobiles — 1.6%
	53,720	Ford Motor Co.		838,032
	54,287	General Motors Co.		1,868,558
				2,706,590
		Diversified Telecommunication Services — 0.0%
	593	Hawaiian Telcom Holdco, Inc.(m)		16,895
		Household Durables — 0.5%
	46,500	KB Home		790,035
		Oil, Gas & Consumable Fuels — 0.3%
	14,882	Kinder Morgan, Inc.		483,516

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Shares		Description	Value (†)
		Trading Companies & Distributors — 0.1%
	2,696	United Rentals, Inc.(m)	$	255,958
		Total Common Stocks (Identified Cost $3,793,145)		4,252,994
	Warrants — 0.0%
	10,360	FairPoint Communications, Inc., Expiration on 1/24/2018 at $48.81(g)(j)(m)		—
	22,512	Kinder Morgan, Inc., Expiration on 5/25/2017 at $40.00(m)		39,846
		Total Warrants (Identified Cost $29,892)		39,846
Principal Amount (‡)
	Short-Term Investments — 4.6%
$	17,136	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2014 at 0.000% to be repurchased at $17,136 on 4/01/2014 collateralized by $20,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $18,797 including accrued interest (Notes 2 of Notes to Financial Statements)		17,136
	7,900,278	Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $7,900,278 on 4/01/2014 collateralized by $7,960,000 U.S. Treasury Note, 1.750% due 10/31/2018 valued at $8,059,500 including accrued interest (Notes 2 of Notes to Financial Statements)		7,900,278
		Total Short-Term Investments (Identified Cost $7,917,414)		7,917,414
		Total Investments — 98.4% (Identified Cost $161,783,800)(a)		168,715,034
		Other assets less liabilities — 1.6%		2,735,110
		Net Assets — 100.0%	$	171,450,144
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $161,908,619 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	17,358,596
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(10,552,181	)
		Net unrealized appreciation	$	6,806,415

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund – (continued)

(b)	Variable rate security. Rate as of March 31, 2014 is disclosed.
(c)	The issuer is making partial payments with respect to principal.
(d)	Perpetual bond with no specified maturity date.
(e)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(f)	All of this security has been designated to cover the Fund’s obligations under open forward foreign currency and futures contracts.
(g)	Illiquid security. At March 31, 2014, the value of these securities amounted to $305,990 or 0.2% of net assets.
(h)	A portion of this security has been pledged as initial margin for open futures contracts.
(i)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(j)	Fair valued by the Fund’s investment adviser. At March 31, 2014, the value of these securities amounted to $48,865 or 0.0% of net assets.
(k)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
(l)	Unfunded loan commitment. Represents a contractual obligation for future funding at the option of the Borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.
(m)	Non-income producing security.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of Rule 144A holdings amounted to $44,316,462 or 25.8% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
BRL	Brazilian Real
CLP	Chilean Peso
COP	Colombian Peso
EUR	Euro
INR	Indian Rupee
MXN	Mexican Peso
PHP	Philippine Peso
USD	U.S. Dollar

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles High Income Fund – (continued)

At March 31, 2014, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell1	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Buy		4/30/2014	Euro		700,000	$	964,296	$	10,000
Sell		4/30/2014	Euro		3,980,000		5,482,711		(36,877	)
Total								$	(26,877	)

¹ Counterparty is Barclays Bank PLC.

At March 31, 2014, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
30 Year U.S. Treasury Bond		6/19/2014		43	$	5,728,408	$	(27,714	)

Industry Summary at March 31, 2014 (Unaudited)

Technology	6.5	%
Home Construction	6.4
ABS Home Equity	5.9
Treasuries	5.5
Banking	5.0
Wirelines	5.0
Healthcare	3.7
Metals & Mining	3.6
Independent Energy	3.4
Wireless	3.4
Chemicals	3.3
Pharmaceuticals	3.2
Automotive	2.4
Non-Captive Consumer	2.3
Building Materials	2.1
Construction Machinery	2.0
Other Investments, less than 2% each	30.1
Short-Term Investments	4.6
Total Investments	98.4
Other assets less liabilities (including open forward foreign currency contracts and futures contracts)	1.6
Net Assets	100.0	%

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles International Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 97.0% of Net Assets
	Non-Convertible Bonds — 96.8%
		Australia — 2.1%
	60,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)	$	60,734
	185,000	New South Wales Treasury Corp., 6.000%, 5/01/2020, (AUD)		190,619
				251,353
		Belgium — 3.5%
	100,000	Anheuser-Busch InBev NV, EMTN, 1.250%, 3/24/2017, (EUR)		139,563
	130,000	Belgium Government Bond, 2.250%, 6/22/2023, (EUR)		182,696
	70,000	Belgium Government Bond, 8.000%, 3/28/2015, (EUR)		103,805
				426,064
		Canada — 2.7%
	30,000	Bombardier, Inc., 4.750%, 4/15/2019, 144A		30,000
	97,198	Ford Auto Securitization Trust, Series 2013-R1A, Class A2, 1.676%, 9/15/2016, 144A, (CAD)		88,110
	90,000	Province of Quebec Canada, EMTN, 3.375%, 6/20/2016, (EUR)(b)		131,958
	50,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		51,014
	30,000	Videotron Ltd., 5.375%, 6/15/2024, 144A		30,150
				331,232
		Finland — 3.4%
	120,000	Finland Government Bond, 1.500%, 4/15/2023, 144A, (EUR)		162,460
	150,000	Finland Government Bond, 4.000%, 7/04/2025, 144A, (EUR)(b)		248,146
				410,606
		France — 6.5%
	50,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		76,143
	100,000	Bouygues S.A., 3.641%, 10/29/2019, (EUR)		150,219
	295,000	French Treasury Note BTAN, 1.750%, 2/25/2017, (EUR)		422,782
	100,000	Sanofi, EMTN, 1.875%, 9/04/2020, (EUR)		139,544
				788,688
		Germany — 6.9%
	55,000	Bundesrepublik Deutschland, 1.750%, 7/04/2022, (EUR)(b)		78,674
	40,000	Bundesrepublik Deutschland, 3.000%, 7/04/2020, (EUR)		62,289
	115,000	Bundesrepublik Deutschland, 3.750%, 1/04/2017, (EUR)		173,951
	335,000	Bundesrepublik Deutschland, 4.250%, 7/04/2017, (EUR)(b)		521,014
				835,928
		Hungary — 0.0%
	4,000	Hungary Government International Bond, 5.375%, 3/25/2024		4,008
		Ireland — 1.5%
	60,000	AIB Mortgage Bank, EMTN, 4.875%, 6/29/2017, (EUR)		91,827
	50,000	WPP PLC, 6.000%, 4/04/2017, (GBP)		92,504
				184,331

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles International Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Italy — 8.8%
	50,000	Enel Finance International S.A., EMTN, 5.625%, 8/14/2024, (GBP)	$	90,202
	240,000	Italy Buoni Poliennali Del Tesoro, 4.000%, 2/01/2037, (EUR)(b)		335,247
	355,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 3/01/2022, (EUR)(b)		562,133
	45,000	Telecom Italia Finance S.A., EMTN, 7.750%, 1/24/2033, (EUR)		74,941
				1,062,523
		Japan — 24.3%
	80,000,000	Japan Finance Organization for Municipalities, 1.900%, 6/22/2018, (JPY)		831,850
	60,900,000	Japan Government Ten Year Bond, 1.700%, 12/20/2016, (JPY)		615,500
	34,500,000	Japan Government Ten Year Bond, 1.700%, 9/20/2017, (JPY)		352,354
	10,000,000	Japan Government Thirty Year Bond, 1.700%, 12/20/2043, (JPY)		96,632
	8,000,000	Japan Government Thirty Year Bond, 2.000%, 12/20/2033, (JPY)		84,192
	13,000,000	Japan Government Thirty Year Bond, 2.000%, 9/20/2040, (JPY)		134,624
	76,000,000	Japan Government Twenty Year Bond, 1.900%, 12/20/2028, (JPY)		824,594
				2,939,746
		Jersey — 0.7%
	50,000	Heathrow Funding Ltd., MTN, 5.225%, 2/15/2025, (GBP)		91,450
		Korea — 1.4%
	1,000,000	Export-Import Bank of Korea, 3.000%, 5/22/2018, 144A, (NOK)		166,104
		Luxembourg — 0.4%
	50,000	ArcelorMittal, 6.000%, 3/01/2021		53,313
		Mexico — 3.1%
	47,000(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(b)		375,455
		Netherlands — 3.8%
	50,000	BMW Finance NV, 2.375%, 1/24/2023, (EUR)		70,370
	55,000	Netherlands Government Bond, 2.250%, 7/15/2022, 144A, (EUR)		79,839
	90,000	Netherlands Government Bond, 4.500%, 7/15/2017, 144A, (EUR)		140,392
	65,000	Petrobras Global Finance BV, 3.113%, 3/17/2020(c)		64,935
	75,000	Volkswagen International Finance NV, EMTN, 1.875%, 5/15/2017, (EUR)		106,020
				461,556
		New Zealand — 0.3%
	35,000	New Zealand Government Bond, 6.000%, 4/15/2015, (NZD)		31,188
		Norway — 1.6%
	1,095,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		196,801
		Philippines — 0.9%
	5,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		115,119
		Poland — 1.6%
	205,000	Poland Government Bond, 4.750%, 4/25/2017, (PLN)		70,697
	105,000	Poland Government International Bond, EMTN, 2.625%, 5/12/2015, (CHF)(b)		121,563
				192,260
		Singapore — 0.5%
	75,000	Singapore Government Bond, 2.500%, 6/01/2019, (SGD)		62,493

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles International Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		South Africa — 0.6%
	755,000	South Africa Government Bond, 7.750%, 2/28/2023, (ZAR)	$	69,264
		Spain — 4.1%
	50,000	Iberdrola Finanzas SAU, EMTN, 6.000%, 7/01/2022, (GBP)		94,787
	35,000	Spain Government Bond, 4.200%, 1/31/2037, (EUR)		49,362
	15,000	Spain Government Bond, 4.300%, 10/31/2019, (EUR)		23,146
	170,000	Spain Government Bond, 5.850%, 1/31/2022, (EUR)		283,807
	40,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		43,973
				495,075
		United Kingdom — 6.1%
	90,000	Barclays Bank PLC, EMTN, 5.750%, 9/14/2026, (GBP)		160,437
	50,000	British Sky Broadcasting Group PLC, EMTN, 6.000%, 5/21/2027, (GBP)		96,362
	70,000	British Telecommunications PLC, 5.750%, 12/07/2028, (GBP)		131,638
	50,000	BSKYB Finance UK PLC, 5.750%, 10/20/2017, (GBP)		93,137
	45,000	United Kingdom Gilt, 1.000%, 9/07/2017, (GBP)		74,086
	55,000	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)(e)		103,363
	40,000	United Kingdom Treasury, 4.750%, 12/07/2038, (GBP)		81,220
				740,243
		United States — 12.0%
	25,000	Ally Financial, Inc., 3.500%, 7/18/2016		25,750
	35,000	Ally Financial, Inc., 4.750%, 9/10/2018		37,013
	130,000	AmeriCredit Automobile Receivables Trust, Series 2013-3, Class C, 2.380%, 6/10/2019		131,940
	50,000	Bank of America Corp., EMTN, 4.625%, 9/14/2018, (EUR)		76,029
	50,000	Capital One Multi-Asset Execution Trust, Series 2004-B7, Class B7, 0.780%, 8/17/2017, (EUR)(c)		68,772
	50,000	Cargill, Inc., EMTN, 5.375%, 3/02/2037, (GBP)		92,442
	20,000	Continental Resources, Inc., 4.500%, 4/15/2023		20,713
	45,000	HCA, Inc., 8.360%, 4/15/2024		50,850
	150,000	HSBC Finance Corp., EMTN, 4.500%, 6/14/2016, (EUR)(b)		222,568
	45,000	iStar Financial, Inc., 3.875%, 7/01/2016		46,350
	100,000	JPMorgan Chase & Co., EMTN, 3.875%, 9/23/2020, (EUR)		154,875
	15,000	KB Home, 4.750%, 5/15/2019		15,113
	75,000	Sprint Communications, Inc., 6.000%, 11/15/2022		76,406
	5,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		4,590
	5,000	Time Warner Cable, Inc., 5.500%, 9/01/2041		5,213
	5,000	Time Warner Cable, Inc., 6.550%, 5/01/2037		5,807
	15,000	Time Warner Cable, Inc., 6.750%, 6/15/2039		17,778
	5,000	Time Warner Cable, Inc., 7.300%, 7/01/2038		6,247
	10,000	U.S. Treasury Note, 0.125%, 7/31/2014(d)		10,002
	160,000	U.S. Treasury Note, 0.125%, 12/31/2014		160,037
	45,000	United Continental Holdings, Inc., 6.375%, 6/01/2018		48,544
	45,000	US Airways Pass Through Trust, Series 2013-1, Class A, 3.950%, 5/15/2027		45,338
	25,000	Verizon Communications, Inc., 5.050%, 3/15/2034		25,647

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles International Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	30,000	Whiting Petroleum Corp., 5.000%, 3/15/2019	$	31,725
	50,000	Zurich Finance USA, Inc., EMTN, (fixed rate to 6/15/2015, variable rate thereafter), 4.500%, 6/15/2025, (EUR)		71,473
				1,451,222
		Total Non-Convertible Bonds (Identified Cost $12,030,266)		11,736,022
	Convertible Bonds — 0.2%
		United States — 0.2%
	20,000	Intel Corp., 2.950%, 12/15/2035 (Identified Cost $20,907)		23,537
		Total Bonds and Notes (Identified Cost $12,051,173)		11,759,559
Shares
	Preferred Stocks — 0.3%
		United States — 0.3%
	64	Dominion Resources, Inc., Series B, 6.000%		3,697
	164	Dominion Resources, Inc., Series A, 6.125%		9,430
	326	iStar Financial, Inc., Series J, 4.500%		20,946
				34,073
		Total Preferred Stocks (Identified Cost $28,078)		34,073
Principal Amount (‡)
	Short-Term Investments — 1.8%
$	216,741	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $216,741 on 4/01/2014 collateralized by $220,000 U.S. Treasury Note, 1.750% due 10/31/2018 valued at $222,750 including accrued interest (See Note 2 of Notes to Financial Statements) (Identified Cost $216,741)		216,741
		Total Investments — 99.1% (Identified Cost $12,295,992)(a)		12,010,373
		Other assets less liabilities — 0.9%		109,589
		Net Assets — 100.0%	$	12,119,962
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles International Bond Fund – (continued)

(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
	At March 31, 2014, the net unrealized depreciation on investments based on a cost of $12,398,724 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	441,169
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(829,520	)
	Net unrealized depreciation	$	(388,351	)
(b)	All of this security has been designated to cover the Fund’s obligations under open forward foreign currency and futures contracts.
(c)	Variable rate security. Rate as of March 31, 2014 is disclosed.
(d)	Security has been pledged as initial margin for open futures contracts.
(e)	A portion of this security has been designated to cover the Fund’s obligations under open forward foreign currency and futures contracts.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of Rule 144A holdings amounted to $945,201 or 7.8% of net assets.
EMTN	Euro Medium Term Note
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
SGD	Singapore Dollar
ZAR	South African Rand

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles International Bond Fund – (continued)

At March 31, 2014, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Buy1		6/18/2014	Canadian Dollar		456,000	$	411,728	$	(3,082	)
Buy2		4/21/2014	Chilean Peso		35,000,000		63,695		2,549
Buy3		6/18/2014	Euro		155,000		213,511		(1,400	)
Buy4		5/16/2014	Japanese Yen		20,900,000		202,538		(1,338	)
Buy3		6/11/2014	South Korean Won		247,100,000		231,328		1,745
Total								$	(1,526	)

¹ Counterparty is UBS AG.

² Counterparty is Credit Suisse International.

³ Counterparty is Barclays Bank PLC.

⁴ Counterparty is Bank of America, N.A.

At March 31, 2014, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
German Euro BOBL		6/06/2014		5	$	863,580	$	1,437

Industry Summary at March 31, 2014 (Unaudited)

Treasuries	56.8	%
Government Guaranteed	6.9
Banking	3.7
Local Authorities	3.2
Media Non-Cable	2.4
Wirelines	2.3
Other Investments, less than 2% each	22.0
Short-Term Investments	1.8
Total Investments	99.1
Other assets less liabilities (including open forward foreign currency contracts and futures contracts)	0.9
Net Assets	100.0	%

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles International Bond Fund – (continued)

Currency Exposure Summary at March 31, 2014 (Unaudited)

Euro	41.2	%
Japanese Yen	24.3
United States Dollar	10.4
British Pound	10.0
Mexican Peso	3.1
Australian Dollar	2.1
Other, less than 2% each	8.0
Total Investments	99.1
Other assets less liabilities (including open forward foreign currency contracts and futures contracts)	0.9
Net Assets	100.0	%

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 91.9% of Net Assets
		ABS Car Loan — 2.3%
$	2,200,000	Avis Budget Rental Car Funding AESOP LLC, Series 2012-3A, Class A, 2.100%, 3/20/2019, 144A	$	2,211,486
	910,000	Credit Acceptance Auto Loan Trust, Series 2012-2A, Class A, 1.520%, 3/16/2020, 144A		914,849
	1,275,000	Credit Acceptance Auto Loan Trust, Series 2013-1A, Class A, 1.210%, 10/15/2020, 144A		1,275,550
	1,165,000	Credit Acceptance Auto Loan Trust, Series 2013-2A, Class A, 1.500%, 4/15/2021, 144A		1,168,986
	1,177,045	First Investors Auto Owner Trust, Series 2012-2A, Class A2, 1.470%, 5/15/2018, 144A		1,182,718
	571,713	First Investors Auto Owner Trust, Series 2013-1A, Class A2, 0.900%, 10/15/2018, 144A		572,453
	2,350,000	First Investors Auto Owner Trust, Series 2013-3A, Class A3, 1.440%, 10/15/2019, 144A		2,353,464
	1,138,769	Prestige Auto Receivables Trust, Series 2013-1A, Class A2, 1.090%, 2/15/2018, 144A		1,140,905
	2,000,000	Santander Drive Auto Receivables Trust, Series 2013-4, Class A3, 1.110%, 12/15/2017		2,010,704
	13,827	SNAAC Auto Receivables Trust, Series 2012-1A, Class A, 1.780%, 6/15/2016, 144A		13,832
	2,558,502	Tidewater Auto Receivables Trust, Series 2012-AA, Class A3, 1.990%, 4/15/2019, 144A		2,579,671
				15,424,618
		ABS Credit Card — 1.0%
	3,220,000	GE Capital Credit Card Master Note Trust, Series 2012-7, Class A, 1.760%, 9/15/2022		3,093,609
	3,400,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		3,506,593
				6,600,202
		ABS Home Equity — 0.1%
	305,663	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035		312,051
	191,277	Residential Funding Mortgage Securities II, Series 2002-HI5, Class A7, 6.200%, 1/25/2028		195,586
				507,637
		ABS Other — 0.6%
	3,000,000	Ally Master Owner Trust, Series 2012-5, Class A, 1.540%, 9/15/2019		2,987,970
	1,112,254	CCG Receivables Trust, Series 2013-1, Class A2, 1.050%, 8/14/2020, 144A		1,114,749
				4,102,719
		ABS Student Loan — 0.0%
	283,367	Montana Higher Education Student Assistance Corp., Series 2012-1, Class A1, 0.757%, 9/20/2022(b)		283,192

See accompanying notes to financial statements.

43  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — 31.9%
$	187,825	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 1.980%, 5/15/2023(b)	$	194,981
	120,216	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 2.080%, 8/15/2023(b)		124,620
	446,060	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029		495,249
	679,296	Federal Home Loan Mortgage Corp., REMIC, Series 2646, Class FM, 0.555%, 11/15/2032(b)		681,382
	3,214,161	Federal Home Loan Mortgage Corp., REMIC, Series 2874, Class BC, 5.000%, 10/15/2019		3,446,972
	4,834,249	Federal Home Loan Mortgage Corp., REMIC, Series 2931, Class DE, 4.000%, 2/15/2020		5,097,856
	3,631,000	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035		4,028,398
	3,510,000	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035		3,821,948
	4,783,100	Federal Home Loan Mortgage Corp., REMIC, Series 3057, Class PE, 5.500%, 11/15/2034		4,958,582
	7,809,179	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038		8,475,793
	3,496,328	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 4.522%, 6/15/2048(b)		3,693,720
	4,482,436	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.443%, 12/15/2036(b)		4,708,561
	307,016	Federal Home Loan Mortgage Corp., REMIC, Series 3802, Class BA, 4.500%, 11/15/2028		318,631
	142,737	Federal National Mortgage Association, REMIC, Series 1992-162, Class FB, 2.150%, 9/25/2022(b)		149,414
	117,792	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 2.230%, 4/25/2024(b)		122,668
	2,493,937	Federal National Mortgage Association, REMIC, Series 2005-33, Class QD, 5.000%, 1/25/2034		2,606,728
	2,015,426	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025		2,226,798
	4,535,059	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.885%, 8/25/2038(b)		4,576,461
	104,440	Federal National Mortgage Association, REMIC, Series G93-19, Class FD, 2.070%, 4/25/2023(b)		108,560
	1,965,133	FHLMC, 2.656%, 3/01/2038(b)		2,117,332
	1,141,284	FHLMC, 2.693%, 12/01/2034(b)		1,223,792
	1,390,581	FHLMC, 4.718%, 11/01/2038(b)		1,463,990
	6,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K006, Class A2, 4.251%, 1/25/2020		6,544,554
	4,305,000	FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2, 3.871%, 4/25/2021		4,603,586
	3,535,000	FHLMC Multifamily Structured Pass Through Certificates, Series K703, Class A2, 2.699%, 5/25/2018		3,664,240

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	700,000	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018	$	716,765
	2,590,000	FHLMC Multifamily Structured Pass Through Certificates, Series K706, Class A2, 2.323%, 10/25/2018		2,633,341
	7,910,000	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019		7,949,637
	34,370,000	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		33,690,918
	11,100,605	FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A, 0.504%, 4/25/2019(b)		11,088,872
	6,770,647	FNMA, 2.202%, 9/01/2037(b)		7,183,024
	1,831,530	FNMA, 2.270%, 9/01/2036(b)		1,950,052
	1,045,580	FNMA, 2.275%, 10/01/2033(b)		1,110,489
	4,659,019	FNMA, 2.284%, 11/01/2033(b)		4,932,684
	589,387	FNMA, 2.424%, 8/01/2035(b)		631,519
	2,391,115	FNMA, 2.443%, 4/01/2037(b)		2,552,190
	5,546,643	FNMA, 2.559%, 7/01/2037(b)		5,947,588
	1,252,222	FNMA, 4.736%, 8/01/2038(b)		1,350,312
	787,016	Government National Mortgage Association, Series 1998-19, Class ZB, 6.500%, 7/20/2028		893,735
	3,460,922	Government National Mortgage Association, Series 2012-124, Class HT, 7.220%, 7/20/2032(b)		3,961,206
	8,161,112	Government National Mortgage Association, Series 2012-H29, Class HF, 0.659%, 10/20/2062(b)		8,146,136
	13,260,000	Government National Mortgage Association, Series 2013-52, Class KX, 4.698%, 8/16/2051(b)		14,746,570
	7,891,475	Government National Mortgage Association, Series 2013-H02, Class GF, 0.659%, 12/20/2062(b)		7,880,458
	4,908,276	Government National Mortgage Association, Series 2013-H10, Class FA, 0.559%, 3/20/2063(b)		4,868,906
	14,914,031	Government National Mortgage Association, Series 2013-H22, Class FT, 0.760%, 4/20/2063(b)		14,890,780
	676,733	NCUA Guaranteed Notes, Series 2010-A1, Class A, 0.506%, 12/07/2020(b)		677,626
	1,603,000	NCUA Guaranteed Notes, Series 2010-C1, Class A2, 2.900%, 10/29/2020		1,661,830
	1,364,712	NCUA Guaranteed Notes, Series 2010-R1, Class 1A, 0.606%, 10/07/2020(b)		1,372,732
	1,903,756	NCUA Guaranteed Notes, Series 2010-R3, Class 1A, 0.716%, 12/08/2020(b)		1,919,523
	117,776	NCUA Guaranteed Notes, Series 2010-R3, Class 2A, 0.716%, 12/08/2020(b)		118,852
				212,330,561
		Commercial Mortgage-Backed Securities — 14.8%
	1,780,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.601%, 4/10/2049(b)		1,966,005
	375,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		408,122
	1,408,137	Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		1,527,674
	3,490,000	CGBAM Commercial Mortgage Trust, Series 2013-BREH, Class A2, 1.255%, 5/15/2030, 144A(b)		3,495,497

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Commercial Mortgage-Backed Securities — continued
$	1,470,000	Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A4, 6.133%, 12/10/2049(b)	$	1,654,129
	3,200,500	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		3,502,662
	885,000	Commercial Mortgage Pass Through Certificates, Series 2014-BBG, Class A, 0.955%, 3/15/2029, 144A(b)		885,521
	2,625,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049		2,868,946
	5,270,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		5,815,608
	3,000,000	Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 5.978%, 2/15/2041(b)		3,370,197
	1,000,000	Del Coronado Trust, Series 2013-HDC, Class A, 0.955%, 3/15/2026, 144A(b)		1,000,058
	1,200,000	Extended Stay America Trust, Series 2013-ESFL, Class A2FL, 0.855%, 12/05/2031, 144A(b)		1,200,773
	5,000,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		5,477,695
	7,778,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		8,663,238
	6,840,000	GS Mortgage Securities Corp. II, Series 2013-KYO, Class A, 1.004%, 11/08/2029, 144A(b)		6,859,631
	3,555,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(b)		3,222,618
	256,080	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB15, Class A4, 5.814%, 6/12/2043		276,412
	2,785,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB18, Class A4, 5.440%, 6/12/2047		3,057,356
	5,000,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		5,483,615
	3,500,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-JWRZ, Class A, 0.935%, 4/15/2030, 144A(b)		3,475,909
	1,647,789	LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.430%, 2/15/2040		1,815,760
	1,887,334	LB-UBS Commercial Mortgage Trust, Series 2007-C7, Class A3, 5.866%, 9/15/2045		2,132,418
	1,160,624	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5, Class A4, 5.378%, 8/12/2048		1,255,659
	5,364,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		5,906,343
	3,620,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A2, 3.085%, 8/15/2046		3,753,806
	3,485,000	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.577%, 4/12/2049(b)		3,797,751
	1,477,159	Morgan Stanley Capital I, Series 2007-IQ15, Class A4, 5.908%, 6/11/2049(b)		1,646,250
	2,515,468	Motel 6 Trust, Series 2012-MTL6, Class A1, 1.500%, 10/05/2025, 144A		2,498,428
	1,520,000	SCG Trust, Series 2013-SRP1, Class A, 1.555%, 11/15/2026, 144A(b)		1,522,517
	4,155,202	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A4, 5.572%, 10/15/2048		4,511,993

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Commercial Mortgage-Backed Securities — continued
$	3,775,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043	$	4,134,724
	1,450,000	WFRBS Commercial Mortgage Trust, Series 2013-C15, Class A2, 2.900%, 8/15/2046		1,493,602
				98,680,917
		Hybrid ARMs — 18.6%
	2,014,696	FHLMC, 2.087%, 6/01/2037(b)		2,131,365
	6,608,370	FHLMC, 2.117%, 5/01/2037(b)		7,025,085
	2,039,990	FHLMC, 2.290%, 4/01/2036(b)		2,164,073
	3,621,884	FHLMC, 2.345%, 7/01/2033(b)		3,846,515
	3,038,330	FHLMC, 2.365%, 11/01/2036(b)		3,254,112
	1,923,547	FHLMC, 2.369%, 4/01/2035(b)		2,062,966
	2,817,285	FHLMC, 2.370%, 3/01/2036(b)		2,986,599
	900,969	FHLMC, 2.375%, 2/01/2035(b)		960,518
	6,146,356	FHLMC, 2.377%, 2/01/2036(b)		6,554,893
	4,439,966	FHLMC, 2.401%, 9/01/2035(b)		4,712,302
	3,021,805	FHLMC, 2.416%, 2/01/2036(b)		3,191,670
	1,106,247	FHLMC, 2.447%, 4/01/2037(b)		1,185,684
	1,241,306	FHLMC, 2.509%, 11/01/2038(b)		1,331,269
	3,456,871	FHLMC, 2.514%, 4/01/2037(b)		3,712,050
	467,543	FHLMC, 2.514%, 9/01/2038(b)		493,100
	791,095	FHLMC, 2.805%, 3/01/2037(b)		830,689
	2,685,801	FHLMC, 4.777%, 9/01/2038(b)		2,807,865
	297,844	FHLMC, 5.257%, 12/01/2037(b)		320,905
	293,975	FNMA, 1.909%, 2/01/2037(b)		314,432
	3,619,892	FNMA, 1.923%, 7/01/2035(b)		3,848,121
	1,067,998	FNMA, 2.258%, 9/01/2034(b)		1,139,404
	834,888	FNMA, 2.310%, 12/01/2034(b)		888,148
	1,858,886	FNMA, 2.310%, 1/01/2036(b)		1,972,828
	646,274	FNMA, 2.321%, 4/01/2033(b)		687,957
	2,480,305	FNMA, 2.323%, 4/01/2034		2,631,481
	2,871,195	FNMA, 2.337%, 6/01/2036(b)		3,050,117
	9,546,691	FNMA, 2.342%, 10/01/2034(b)		10,222,202
	7,140,963	FNMA, 2.346%, 4/01/2034(b)		7,621,506
	4,256,941	FNMA, 2.347%, 8/01/2035(b)		4,489,990
	5,210,810	FNMA, 2.405%, 6/01/2037(b)		5,573,559
	2,398,108	FNMA, 2.412%, 6/01/2033(b)		2,514,508
	3,240,223	FNMA, 2.412%, 10/01/2033(b)		3,442,197
	1,478,471	FNMA, 2.419%, 8/01/2034(b)		1,599,739
	1,909,850	FNMA, 2.445%, 2/01/2047(b)		2,052,787
	2,742,608	FNMA, 2.520%, 4/01/2037(b)		2,923,310
	605,114	FNMA, 2.554%, 8/01/2033(b)		645,074
	5,786,038	FNMA, 2.606%, 3/01/2037(b)		6,190,670
	681,038	FNMA, 2.625%, 8/01/2036(b)		730,447
	1,893,316	FNMA, 2.653%, 5/01/2035(b)		2,036,411
	3,351,757	FNMA, 3.223%, 6/01/2035(b)		3,562,789
	5,424,402	FNMA, 4.915%, 9/01/2037(b)		5,746,312
				123,455,649

See accompanying notes to financial statements.

47  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
		Mortgage Related — 22.6%
$	2,425,238	FHLMC, 2.374%, 9/01/2038(b)	$	2,586,315
	9,177,791	FHLMC, 2.375%, 3/01/2037(b)		9,782,156
	5,390,106	FHLMC, 3.000%, with various maturities from 2026 to 2027(c)		5,536,687
	1,507,014	FHLMC, 4.000%, with various maturities from 2024 to 2042(c)		1,577,400
	1,283,239	FHLMC, 4.500%, with various maturities from 2025 to 2034(c)		1,373,589
	583,739	FHLMC, 5.500%, 10/01/2023		635,396
	49,533	FHLMC, 6.000%, 11/01/2019		54,362
	1,533,726	FHLMC, 6.500%, with various maturities from 2014 to 2034(c)		1,722,606
	21,162	FHLMC, 7.000%, 2/01/2016		21,547
	909	FHLMC, 7.500%, with various maturities from 2014 to 2026(c)		996
	1,702	FHLMC, 8.000%, 9/01/2015		1,758
	2,353	FHLMC, 10.000%, 7/01/2019		2,621
	35,598	FHLMC, 11.500%, with various maturities from 2015 to 2020(c)		37,693
	6,099,841	FNMA, 2.277%, 4/01/2037(b)		6,460,331
	5,210,164	FNMA, 2.288%, 7/01/2035(b)		5,524,070
	8,510,670	FNMA, 3.000%, with various maturities from 2027 to 2042(c)		8,736,071
	2,737,066	FNMA, 4.500%, 1/01/2025		2,936,831
	4,236,063	FNMA, 5.000%, with various maturities from 2037 to 2038(c)		4,632,845
	2,007,524	FNMA, 5.500%, with various maturities from 2018 to 2033(c)		2,192,590
	3,631,308	FNMA, 6.000%, with various maturities from 2017 to 2022(c)		3,968,348
	524,305	FNMA, 6.500%, with various maturities from 2017 to 2037(c)		585,015
	27,011	FNMA, 7.000%, 12/01/2022		27,088
	154,913	FNMA, 7.500%, with various maturities from 2015 to 2032(c)		175,222
	6,729	FNMA, 8.000%, with various maturities from 2015 to 2016(c)		6,961
	5,534,133	GNMA, 1.859%, 2/20/2061(b)		5,808,714
	4,532,283	GNMA, 2.059%, 2/20/2063(b)		4,788,325
	5,209,464	GNMA, 2.328%, 3/20/2063(b)		5,586,686
	3,189,234	GNMA, 2.544%, 2/20/2063(b)		3,434,072
	4,727,424	GNMA, 4.479%, 2/20/2062		5,164,905
	4,864,940	GNMA, 4.521%, 12/20/2061		5,311,925
	7,343,524	GNMA, 4.532%, 12/20/2062		8,077,003
	2,497,995	GNMA, 4.560%, 3/20/2062		2,730,623
	12,380,070	GNMA, 4.583%, 11/20/2062		13,625,072
	1,540,216	GNMA, 4.599%, 4/20/2063		1,700,640
	4,403,925	GNMA, 4.604%, 6/20/2062		4,836,403
	1,539,713	GNMA, 4.616%, 8/20/2061		1,678,519
	1,978,787	GNMA, 4.639%, 3/20/2062		2,170,907
	8,709,335	GNMA, 4.659%, 2/20/2062		9,556,701
	2,009,113	GNMA, 4.698%, 7/20/2061		2,191,685
	8,681,717	GNMA, 4.700%, with various maturities in 2061(c)		9,479,255
	1,988,059	GNMA, 4.717%, 3/20/2061		2,162,600
	1,667,256	GNMA, 4.808%, 8/20/2062		1,828,028
	939,987	GNMA, 5.167%, 4/20/2061		1,028,558
	30,029	GNMA, 6.000%, 12/15/2031		34,575
	126,324	GNMA, 6.500%, 5/15/2031		146,130
	114,274	GNMA, 7.000%, 10/15/2028		128,711
				150,048,535
		Total Bonds and Notes (Identified Cost $606,968,867)		611,434,030

See accompanying notes to financial statements.

|  48

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)

Principal Amount		Description	Value (†)
	Short-Term Investments — 7.5%
$	6,265,000	Federal National Mortgage Association Discount Note, 0.060%, 4/24/2014(d)	$	6,264,881
	8,257,867	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $8,257,867 on 4/01/2014 collateralized by $8,320,000 U.S. Treasury Note, 1.750% due 10/31/2018 valued at $8,424,000 including accrued interest (Note 2 of Notes to Financial Statements)		8,257,867
	9,500,000	U.S. Treasury Bills, 0.045%-0.048%, 5/08/2014(d)		9,499,706
	26,005,000	U.S. Treasury Bills, 0.073%-0.080%, 10/16/2014(d)		25,996,782
		Total Short-Term Investments (Identified Cost $50,016,280)		50,019,236
		Total Investments — 99.4% (Identified Cost $656,985,147)(a)		661,453,266
		Other assets less liabilities — 0.6%		3,837,472
		Net Assets — 100.0%	$	665,290,738
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $656,985,147 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	11,169,384
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(6,701,265	)
		Net unrealized appreciation	$	4,468,119
	(b)	Variable rate security. Rate as of March 31, 2014 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of Rule 144A holdings amounted to $38,689,615 or 5.8% of net assets.

See accompanying notes to financial statements.

49  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund – (continued)

ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REMIC	Real Estate Mortgage Investment Conduit

Industry Summary at March 31, 2014 (Unaudited)

Collateralized Mortgage Obligations	31.9	%
Mortgage Related	22.6
Hybrid ARMs	18.6
Commercial Mortgage-Backed Securities	14.8
ABS Car Loan	2.3
Other Investments, less than 2% each	1.7
Short-Term Investments	7.5
Total Investments	99.4
Other assets less liabilities	0.6
Net Assets	100.0	%

See accompanying notes to financial statements.

|  50

Statements of Assets and Liabilities

March 31, 2014 (Unaudited)

	Core Plus Bond Fund			High Income Fund			International Bond Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	1,476,868,397		$	161,783,800		$	12,295,992		$	656,985,147
Net unrealized appreciation (depreciation)		25,601,591			6,931,234			(285,619	)		4,468,119
Investments at value		1,502,469,988			168,715,034			12,010,373			661,453,266
Cash		—			26,387			—			—
Due from brokers (Note 2)		220,000			—			—			—
Foreign currency at value (identified cost $0, $0, $114,184 and $0)		—			—			114,447			—
Receivable for Fund shares sold		19,213,060			488,284			1,683			3,216,413
Receivable from investment adviser (Note 6)		—			—			5,606			—
Receivable for securities sold		1,812,307			1,738,987			—			—
Receivable for delayed delivery securities sold (Note 2)		9,380,262			—			—			—
Dividends and interest receivable		14,722,406			2,154,925			151,105			2,264,498
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			10,000			4,294			—
Tax reclaims receivable		87,151			158			—			—
Receivable for variation margin on futures contracts (Note 2)		—			13,438			—			—
TOTAL ASSETS		1,547,905,174			173,147,213			12,287,508			666,934,177
LIABILITIES
Payable for securities purchased		24,222,703			1,159,759			60,000			—
Payable for delayed delivery securities purchased (Note 2)		94,803,107			—			—			—
Payable for Fund shares redeemed		2,857,291			174,494			2,569			721,818
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			36,877			5,820			—
Payable for variation margin on futures contracts (Note 2)		—			—			1,824			—
Distributions payable		—			—			—			315,592
Management fees payable (Note 6)		450,675			85,567			—			206,192
Deferred Trustees’ fees (Note 6)		333,057			136,074			58,438			288,740
Administrative fees payable (Note 6)		50,742			6,300			457			24,358
Payable to distributor (Note 6d)		14,663			1,974			97			3,760
Other accounts payable and accrued expenses		106,243			96,024			38,341			82,979
TOTAL LIABILITIES		122,838,481			1,697,069			167,546			1,643,439
NET ASSETS	$	1,425,066,693		$	171,450,144		$	12,119,962		$	665,290,738
NET ASSETS CONSIST OF:
Paid-in capital	$	1,401,025,561		$	164,259,255		$	12,910,090		$	671,370,303
Distributions in excess of net investment income		(138,602	)		(915,922	)		(89,207	)		(3,225,059	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(1,456,260	)		1,225,231			(417,793	)		(7,322,625	)
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		25,635,994			6,881,580			(283,128	)		4,468,119
NET ASSETS	$	1,425,066,693		$	171,450,144		$	12,119,962		$	665,290,738

See accompanying notes to financial statements.

51  |

Statements of Assets and Liabilities (continued)

March 31, 2014 (Unaudited)

	Core Plus Bond Fund		High Income Fund		International Bond Fund		Limited Term Government and Agency Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	435,595,064	$	47,183,038	$	8,046,499	$	361,922,286
Shares of beneficial interest		33,251,225		10,494,774		834,213		31,057,747
Net asset value and redemption price per share	$	13.10	$	4.50	$	9.65	$	11.65
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	13.72	$	4.71	$	10.10	$	12.01
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	932,250	$	252,706	$	—	$	5,491,316
Shares of beneficial interest		70,819		55,959		—		471,775
Net asset value and offering price per share	$	13.16	$	4.52	$	—	$	11.64
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	203,307,447	$	14,658,458	$	2,588,764	$	62,060,935
Shares of beneficial interest		15,511,914		3,252,608		271,759		5,321,205
Net asset value and offering price per share	$	13.11	$	4.51	$	9.53	$	11.66
Class N shares:
Net assets	$	23,201,362	$	—	$	—	$	—
Shares of beneficial interest		1,758,255		—		—		—
Net asset value, offering and redemption price per share	$	13.20	$	—	$	—	$	—
Class Y shares:
Net assets	$	762,030,570	$	109,355,942	$	1,484,699	$	235,816,201
Shares of beneficial interest		57,766,218		24,361,272		153,663		20,173,720
Net asset value, offering and redemption price per share	$	13.19	$	4.49	$	9.66	$	11.69

See accompanying notes to financial statements.

|  52

Statements of Operations

For the Six Months Ended March 31, 2014 (Unaudited)

	Core Plus Bond Fund			High Income Fund			International Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	28,092,698		$	4,777,826		$	155,648		$	7,175,904
Dividends		100,975			346,931			1,132			—
		28,193,673			5,124,757			156,780			7,175,904
Expenses
Management fees (Note 6)		2,490,244			509,288			39,994			1,216,393
Service and distribution fees (Note 6)		1,582,650			134,165			24,845			811,364
Administrative fees (Note 6)		289,964			37,252			2,926			144,715
Trustees’ fees and expenses (Note 6)		49,893			20,776			12,661			38,403
Transfer agent fees and expenses (Notes 6 and 7)		602,742			98,620			6,559			272,946
Audit and tax services fees		24,918			24,685			25,043			25,132
Custodian fees and expenses		53,210			39,196			19,308			19,267
Legal fees		8,489			1,048			94			4,155
Registration fees		68,648			45,047			33,314			49,773
Shareholder reporting expenses		47,361			9,390			1,038			16,952
Miscellaneous expenses		20,793			7,876			8,457			12,603
Total expenses		5,238,912			927,343			174,239			2,611,703
Fee/expense recovery (Note 6)		—			—			—			19
Less waiver and/or expense reimbursement (Note 6)		(30,733	)		(29,145	)		(95,806	)		—
Net expenses		5,208,179			898,198			78,433			2,611,722
Net investment income		22,985,494			4,226,559			78,347			4,564,182
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		3,729,611			1,946,265			(207,395	)		439,392
Futures contracts		—			(24,541	)		25,892			—
Foreign currency transactions		53,443			(375,107	)		(10,099	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		39,082,043			4,655,110			404,141			392,761
Futures contracts		—			(16,490	)		(12,218	)		—
Foreign currency translations		6,888			246,365			(12,820	)		—
Net realized and unrealized gain on investments, futures contracts and foreign currency transactions		42,871,985			6,431,602			187,501			832,153
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	65,857,479		$	10,658,161		$	265,848		$	5,396,335

See accompanying notes to financial statements.

53  |

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|  54

Statements of Changes in Net Assets

	Core Plus Bond Fund						High Income Fund
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
FROM OPERATIONS:
Net investment income	$	22,985,494		$	51,424,057		$	4,226,559		$	11,194,515
Net realized gain on investments, futures contracts and foreign currency transactions		3,783,054			10,004,991			1,546,617			9,721,190
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		39,088,931			(79,732,461	)		4,884,985			(6,196,937	)
Net increase (decrease) in net assets resulting from operations		65,857,479			(18,303,413	)		10,658,161			14,718,768
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(8,133,695	)		(22,049,388	)		(1,294,186	)		(4,012,237	)
Class B		(16,283	)		(57,416	)		(7,251	)		(24,416	)
Class C		(3,239,945	)		(9,800,300	)		(362,614	)		(826,420	)
Class N		(424,287	)		(139,775	)		—			—
Class Y		(13,691,981	)		(32,556,568	)		(3,161,490	)		(7,718,674	)
Net realized capital gains
Class A		(136,985	)		(7,656,569	)		(2,541,544	)		(224,929	)
Class B		(359	)		(28,613	)		(15,464	)		(1,686	)
Class C		(68,534	)		(4,172,024	)		(825,367	)		(52,693	)
Class N		(6,286	)		—			—			—
Class Y		(216,547	)		(10,215,543	)		(5,865,247	)		(409,949	)
Total distributions		(25,934,902	)		(86,676,196	)		(14,073,163	)		(13,271,004	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		68,866,899			28,754,694			5,285,990			(56,084,432	)
Net increase (decrease) in net assets		108,789,476			(76,224,915	)		1,870,988			(54,636,668	)
NET ASSETS
Beginning of the period		1,316,277,217			1,392,502,132			169,579,156			224,215,824
End of the period	$	1,425,066,693		$	1,316,277,217		$	171,450,144		$	169,579,156
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(138,602	)	$	2,382,095		$	(915,922	)	$	(316,940	)

See accompanying notes to financial statements.

55  |

Statements of Changes in Net Assets (continued)

	International Bond Fund						Limited Term Government and Agency Fund
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
FROM OPERATIONS:
Net investment income	$	78,347		$	229,231		$	4,564,182		$	7,651,464
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		(191,602	)		284,540			439,392			960,423
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		379,103			(1,122,879	)		392,761			(14,157,642	)
Net increase (decrease) in net assets resulting from operations		265,848			(609,108	)		5,396,335			(5,545,755	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(60,780	)		(206,411	)		(3,882,024	)		(8,021,271	)
Class B		—			—			(43,443	)		(103,744	)
Class C		(20,131	)		(54,617	)		(482,003	)		(1,101,044	)
Class Y		(19,438	)		(65,554	)		(2,787,252	)		(5,835,575	)
Net realized capital gains
Class A		(239,614	)		(216,225	)		—			(122,270	)
Class B		—			—			—			(2,674	)
Class C		(87,333	)		(81,575	)		—			(26,374	)
Class Y		(74,044	)		(62,926	)		—			(83,455	)
Paid-in capital
Class A		—			—			—			(57,173	)
Class B		—			—			—			(955	)
Class C		—			—			—			(11,573	)
Class Y		—			—			—			(40,475	)
Total distributions		(501,340	)		(687,308	)		(7,194,722	)		(15,406,583	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(2,557,115	)		(3,307,652	)		(18,142,870	)		43,978,695
Net increase (decrease) in net assets		(2,792,607	)		(4,604,068	)		(19,941,257	)		23,026,357
NET ASSETS
Beginning of the period		14,912,569			19,516,637			685,231,995			662,205,638
End of the period	$	12,119,962		$	14,912,569		$	665,290,738		$	685,231,995
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(89,207	)	$	(67,205	)	$	(3,225,059	)	$	(594,519	)

See accompanying notes to financial statements.

|  56

Financial Highlights

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income (a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains (b)			Total distributions
CORE PLUS BOND FUND
Class A
3/31/2014(g)	$	12.71	$	0.22	$	0.42		$	0.64		$	(0.25	)	$	(0.00	)	$	(0.25	)
9/30/2013		13.52		0.44		(0.51	)		(0.07	)		(0.55	)		(0.19	)		(0.74	)
9/30/2012		12.71		0.43		1.07			1.50			(0.50	)		(0.19	)		(0.69	)
9/30/2011		12.75		0.52		0.03	(h)		0.55			(0.59	)		—			(0.59	)
9/30/2010		11.91		0.54		0.91			1.45			(0.61	)		—			(0.61	)
9/30/2009		10.54		0.59		1.44			2.03			(0.66	)		—			(0.66	)
Class B
3/31/2014(g)		12.77		0.18		0.41			0.59			(0.20	)		(0.00	)		(0.20	)
9/30/2013		13.57		0.33		(0.50	)		(0.17	)		(0.44	)		(0.19	)		(0.63	)
9/30/2012		12.75		0.34		1.07			1.41			(0.40	)		(0.19	)		(0.59	)
9/30/2011		12.79		0.42		0.03	(h)		0.45			(0.49	)		—			(0.49	)
9/30/2010		11.95		0.44		0.92			1.36			(0.52	)		—			(0.52	)
9/30/2009		10.57		0.50		1.45			1.95			(0.57	)		—			(0.57	)
Class C
3/31/2014(g)		12.72		0.17		0.42			0.59			(0.20	)		(0.00	)		(0.20	)
9/30/2013		13.53		0.34		(0.51	)		(0.17	)		(0.45	)		(0.19	)		(0.64	)
9/30/2012		12.71		0.33		1.08			1.41			(0.40	)		(0.19	)		(0.59	)
9/30/2011		12.76		0.42		0.02	(h)		0.44			(0.49	)		—			(0.49	)
9/30/2010		11.92		0.45		0.91			1.36			(0.52	)		—			(0.52	)
9/30/2009		10.55		0.51		1.44			1.95			(0.58	)		—			(0.58	)
Class N
3/31/2014(g)		12.80		0.25		0.42			0.67			(0.27	)		(0.00	)		(0.27	)
9/30/2013*		13.43		0.32		(0.59	)		(0.27	)		(0.36	)		—			(0.36	)
Class Y
3/31/2014(g)		12.80		0.24		0.42			0.66			(0.27	)		(0.00	)		(0.27	)
9/30/2013		13.61		0.47		(0.51	)		(0.04	)		(0.58	)		(0.19	)		(0.77	)
9/30/2012		12.78		0.46		1.09			1.55			(0.53	)		(0.19	)		(0.72	)
9/30/2011		12.82		0.55		0.03	(h)		0.58			(0.62	)		—			(0.62	)
9/30/2010		11.97		0.57		0.92			1.49			(0.64	)		—			(0.64	)
9/30/2009		10.60		0.62		1.44			2.06			(0.69	)		—			(0.69	)

* From commencement of Class operations on February 1, 2013 through September 30, 2013.

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

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

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

(d) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

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

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

See accompanying notes to financial statements.

57  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (c)(d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)		Gross expenses (%) (f)		Net investment income (%) (f)		Portfolio turnover rate (%)
	$13.10		5.11		$	435,595		0.80		0.80		3.47		51
	12.71		(0.61	)		436,199		0.79		0.79		3.29		107
	13.52		12.18			479,823		0.82		0.82		3.31		78
	12.71		4.42			237,759		0.87		0.87		4.07		86
	12.75		12.55			214,723		0.90		0.90		4.41		87
	11.91		20.07			140,779		0.90		0.97		5.43		102
	13.16		4.68			932		1.55		1.55		2.72		51
	12.77		(1.32	)		1,180		1.54		1.54		2.50		107
	13.57		11.38			2,386		1.57		1.57		2.61		78
	12.75		3.60			3,092		1.62		1.62		3.32		86
	12.79		11.64			4,490		1.65		1.65		3.64		87
	11.95		19.19			7,028		1.65		1.72		4.66		102
	13.11		4.71			203,307		1.55		1.55		2.72		51
	12.72		(1.36	)		232,034		1.54		1.54		2.54		107
	13.53		11.46			275,346		1.57		1.57		2.55		78
	12.71		3.56			137,836		1.62		1.62		3.32		86
	12.76		11.71			123,123		1.65		1.65		3.66		87
	11.92		19.20			77,081		1.65		1.72		4.69		102
	13.20		5.33			23,201		0.46		0.46		3.80		51
	12.80		(2.02	)		19,247		0.44		0.44		3.81		107
	13.19		5.20			762,031		0.55		0.56		3.72		51
	12.80		(0.35	)		627,617		0.54		0.54		3.54		107
	13.61		12.54			634,946		0.58		0.58		3.50		78
	12.78		4.65			143,215		0.62		0.62		4.31		86
	12.82		12.85			69,322		0.65		0.65		4.66		87
	11.97		20.37			34,394		0.65		0.68		5.67		102

(g) For the six months ended March 31, 2014 (Unaudited).

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

See accompanying notes to financial statements.

|  58

Financial Highlights (continued)

For a share outstanding throughout each period

			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income (a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
HIGH INCOME FUND
Class A
3/31/2014(g)	$	4.59	$	0.11	$	0.19		$	0.30		$	(0.13	)	$	(0.26	)	$	(0.39	)
9/30/2013		4.60		0.24		0.03			0.27			(0.27	)		(0.01	)		(0.28	)
9/30/2012		4.46		0.24		0.59			0.83			(0.30	)		(0.39	)		(0.69	)
9/30/2011		4.91		0.28		(0.42	)		(0.14	)		(0.31	)		—			(0.31	)
9/30/2010		4.49		0.32		0.42			0.74			(0.32	)		—			(0.32	)
9/30/2009		4.24		0.34		0.24			0.58			(0.33	)		—			(0.33	)
Class B
3/31/2014(g)		4.61		0.09		0.19			0.28			(0.11	)		(0.26	)		(0.37	)
9/30/2013		4.61		0.21		0.03			0.24			(0.23	)		(0.01	)		(0.24	)
9/30/2012		4.47		0.21		0.58			0.79			(0.26	)		(0.39	)		(0.65	)
9/30/2011		4.92		0.25		(0.43	)		(0.18	)		(0.27	)		—			(0.27	)
9/30/2010		4.50		0.28		0.42			0.70			(0.28	)		—			(0.28	)
9/30/2009		4.25		0.31		0.25			0.56			(0.31	)		—			(0.31	)
Class C
3/31/2014(g)		4.61		0.09		0.18			0.27			(0.11	)		(0.26	)		(0.37	)
9/30/2013		4.61		0.21		0.04			0.25			(0.24	)		(0.01	)		(0.25	)
9/30/2012		4.47		0.21		0.59			0.80			(0.27	)		(0.39	)		(0.66	)
9/30/2011		4.92		0.25		(0.43	)		(0.18	)		(0.27	)		—			(0.27	)
9/30/2010		4.50		0.28		0.43			0.71			(0.29	)		—			(0.29	)
9/30/2009		4.24		0.31		0.26			0.57			(0.31	)		—			(0.31	)
Class Y
3/31/2014(g)		4.59		0.12		0.17			0.29			(0.13	)		(0.26	)		(0.39	)
9/30/2013		4.59		0.25		0.04			0.29			(0.28	)		(0.01	)		(0.29	)
9/30/2012		4.46		0.26		0.57			0.83			(0.31	)		(0.39	)		(0.70	)
9/30/2011		4.90		0.29		(0.41	)		(0.12	)		(0.32	)		—			(0.32	)
9/30/2010		4.49		0.33		0.41			0.74			(0.33	)		—			(0.33	)
9/30/2009		4.24		0.34		0.25			0.59			(0.34	)		—			(0.34	)

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

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

(c) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

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

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

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

(g) For the six months ended March 31, 2014 (Unaudited).

(h) Includes fee/expense recovery of 0.02%, 0.01%, 0.01% and 0.01% for Class A, B, C and Y, respectively.

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

(j) Effective June 1, 2009, redemption fees were eliminated.

See accompanying notes to financial statements.

59  |

										Ratios to Average Net Assets:
Redemption fees (b)			Net asset value, end of the period		Total return (%) (c)(d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)			Gross expenses (%) (f)			Net investment income (%) (f)		Portfolio turnover rate (%)
$	—		$	4.50		6.46		$	47,183		1.15			1.18			4.88		29
	—			4.59		6.27			45,791		1.15	(h)		1.15	(h)		5.11		47
	—			4.60		20.90			95,876		1.15			1.19			5.50		34
	—			4.46		(3.30	)		59,907		1.15	(i)		1.15	(i)		5.60		67
	—			4.91		17.05			68,011		1.15			1.20			6.72		56
	0.00	(j)		4.49		15.97			59,944		1.15			1.28			8.82		30
	—			4.52		6.00			253		1.90			1.93			4.16		29
	—			4.61		5.66			385		1.90	(h)		1.90	(h)		4.37		47
	—			4.61		19.93			560		1.90			1.94			4.79		34
	—			4.47		(4.04	)		738		1.90	(i)		1.90	(i)		4.90		67
	—			4.92		16.13			1,209		1.90			1.94			6.00		56
	0.00	(j)		4.50		15.06			1,569		1.90			2.06			8.32		30
	—			4.51		6.05			14,658		1.90			1.93			4.14		29
	—			4.61		5.46			15,233		1.90	(h)		1.90	(h)		4.36		47
	—			4.61		19.96			16,863		1.90			1.94			4.78		34
	—			4.47		(4.02	)		15,790		1.90	(i)		1.90	(i)		4.89		67
	—			4.92		16.15			19,312		1.90			1.95			5.97		56
	0.00	(j)		4.50		15.37			17,827		1.90			2.03			8.09		30
	—			4.49		6.61			109,356		0.90			0.93			5.14		29
	—			4.59		6.56			108,170		0.90	(h)		0.90	(h)		5.37		47
	—			4.59		20.93			110,917		0.90			0.95			5.78		34
	—			4.46		(2.86	)		38,011		0.90	(i)		0.90	(i)		5.86		67
	—			4.90		17.11			69,887		0.90			0.93			7.02		56
	0.00	(j)		4.49		16.29			105,713		0.90			0.92			8.32		30

See accompanying notes to financial statements.

|  60

Financial Highlights (continued)

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income (a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
INTERNATIONAL BOND FUND
Class A
3/31/2014(f)	$	9.81	$	0.06	$	0.14		$	0.20		$	(0.07	)	$	(0.29	)	$	(0.36	)
9/30/2013		10.44		0.14		(0.41	)		(0.27	)		(0.18	)		(0.18	)		(0.36	)
9/30/2012		10.94		0.19		0.62			0.81			(0.94	)		(0.37	)		(1.31	)
9/30/2011		11.17		0.25		0.06	(i)		0.31			(0.40	)		(0.14	)		(0.54	)
9/30/2010		10.84		0.22		0.48			0.70			(0.29	)		(0.08	)		(0.37	)
9/30/2009		9.19		0.32		1.53			1.85			(0.20	)		—			(0.20	)
Class C
3/31/2014(f)		9.73		0.03		0.13			0.16			(0.07	)		(0.29	)		(0.36	)
9/30/2013		10.37		0.06		(0.39	)		(0.33	)		(0.13	)		(0.18	)		(0.31	)
9/30/2012		10.87		0.12		0.61			0.73			(0.86	)		(0.37	)		(1.23	)
9/30/2011		11.11		0.17		0.05	(i)		0.22			(0.32	)		(0.14	)		(0.46	)
9/30/2010		10.82		0.15		0.46			0.61			(0.24	)		(0.08	)		(0.32	)
9/30/2009		9.18		0.24		1.53			1.77			(0.13	)		—			(0.13	)
Class Y
3/31/2014(f)		9.82		0.07		0.14			0.21			(0.08	)		(0.29	)		(0.37	)
9/30/2013		10.44		0.16		(0.40	)		(0.24	)		(0.20	)		(0.18	)		(0.38	)
9/30/2012		10.93		0.21		0.63			0.84			(0.96	)		(0.37	)		(1.33	)
9/30/2011		11.16		0.28		0.06	(i)		0.34			(0.43	)		(0.14	)		(0.57	)
9/30/2010		10.82		0.25		0.47			0.72			(0.30	)		(0.08	)		(0.38	)
9/30/2009		9.18		0.33		1.53			1.86			(0.22	)		—			(0.22	)

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

(b) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

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

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

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

(f) For the six months ended March 31, 2014 (Unaudited).

(g) Effective July 1, 2012, the expense limit decreased from 1.10%, 1.85% and 0.85% to 1.05%, 1.80% and 0.80% for Class A, Class C and Class Y shares, respectively.

(h) Includes interest expense from bank overdraft charges of less than 0.01%. Without this expense the ratio of net expenses would have been 1.09%, 1.84% and 0.84% for Class A, Class C and Class Y shares, respectively.

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

See accompanying notes to financial statements.

61  |

						Ratios to Average Net Assets:
Net asset value, end of the period	Total return (%) (b)(c)			Net assets, end of the period (000’s)		Net expenses (%) (d)(e)			Gross expenses (%) (e)		Net investment income (%) (e)		Portfolio turnover rate (%)
$9.65		2.20		$	8,046		1.05			2.49		1.30		28
9.81		(2.62	)		8,983		1.05			1.93		1.39		107
10.44		8.42			11,898		1.09	(g)(h)		1.85		1.83		169
10.94		2.70			10,927		1.10			1.64		2.26		136
11.17		6.66			18,758		1.10			1.49		2.14		128
10.84		20.41			8,479		1.10			2.11		3.29		91
9.53		1.73			2,589		1.80			3.24		0.55		28
9.73		(3.27	)		3,328		1.80			2.68		0.65		107
10.37		7.64			4,355		1.84	(g)(h)		2.61		1.13		169
10.87		1.87			7,503		1.85			2.40		1.52		136
11.11		5.86			6,145		1.85			2.24		1.40		128
10.82		19.58			2,955		1.85			2.93		2.56		91
9.66		2.23			1,485		0.80			2.24		1.55		28
9.82		(2.34	)		2,601		0.80			1.68		1.64		107
10.44		8.68			3,264		0.85	(g)(h)		1.60		2.05		169
10.93		3.06			5,852		0.85			1.36		2.47		136
11.16		6.92			8,908		0.85			1.23		2.41		128
10.82		20.73			13,049		0.85			1.92		3.53		91

See accompanying notes to financial statements.

|  62

Financial Highlights (continued)

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations								Less Distributions:
	Net asset value, beginning of the period		Net investment income (a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains (b)			Distributions from paid-in capital (b)
LIMITED TERM GOVERNMENTAND AGENCY FUND
Class A
3/31/2014(g)	$	11.68	$	0.08	$	0.02		$	0.10		$	(0.13	)	$	—		$	—
9/30/2013		12.04		0.13		(0.23	)		(0.10	)		(0.26	)		(0.00	)		(0.00	)
9/30/2012		11.87		0.18		0.28			0.46			(0.29	)		(0.00	)		—
9/30/2011		12.02		0.17		0.03			0.20			(0.26	)		(0.09	)		—
9/30/2010		11.60		0.20		0.49			0.69			(0.27	)		—			—
9/30/2009		10.98		0.35		0.63			0.98			(0.36	)		—			—
Class B
3/31/2014(g)		11.67		0.04		0.01			0.05			(0.08	)		—			—
9/30/2013		12.03		0.04		(0.23	)		(0.19	)		(0.17	)		(0.00	)		(0.00	)
9/30/2012		11.86		0.10		0.27			0.37			(0.20	)		(0.00	)		—
9/30/2011		12.00		0.09		0.03			0.12			(0.17	)		(0.09	)		—
9/30/2010		11.59		0.12		0.47			0.59			(0.18	)		—			—
9/30/2009		10.97		0.26		0.63			0.89			(0.27	)		—			—
Class C
3/31/2014(g)		11.69		0.04		0.01			0.05			(0.08	)		—			—
9/30/2013		12.05		0.04		(0.23	)		(0.19	)		(0.17	)		(0.00	)		(0.00	)
9/30/2012		11.88		0.10		0.27			0.37			(0.20	)		(0.00	)		—
9/30/2011		12.03		0.08		0.03			0.11			(0.17	)		(0.09	)		—
9/30/2010		11.61		0.12		0.48			0.60			(0.18	)		—			—
9/30/2009		10.99		0.26		0.63			0.89			(0.27	)		—			—
Class Y
3/31/2014(g)		11.72		0.09		0.02			0.11			(0.14	)		—			—
9/30/2013		12.08		0.16		(0.23	)		(0.07	)		(0.29	)		(0.00	)		(0.00	)
9/30/2012		11.91		0.21		0.28			0.49			(0.32	)		(0.00	)		—
9/30/2011		12.05		0.20		0.04			0.24			(0.29	)		(0.09	)		—
9/30/2010		11.64		0.23		0.48			0.71			(0.30	)		—			—
9/30/2009		11.01		0.39		0.63			1.02			(0.39	)		—			—

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

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

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

(d) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

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

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

See accompanying notes to financial statements.

63  |

									Ratios to Average Net Assets:
Total distributions		Net asset value, end of the period		Total return (%) (c)(d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)			Gross expenses (%) (f)			Net investment income (%) (f)		Portfolio turnover rate (%)
	$(0.13)	$	11.65		0.83		$	361,922		0.80			0.80			1.38		4
	(0.26)		11.68		(0.81	)		355,212		0.87	(h)		0.87	(h)		1.11		39
	(0.29)		12.04		3.94			357,870		0.85			0.90			1.54		56
	(0.35)		11.87		1.71			293,675		0.85			0.92			1.44		66
	(0.27)		12.02		6.03			164,265		0.89			0.97			1.73		89
	(0.36)		11.60		9.05			118,619		0.90			0.99			3.10		77
	(0.08)		11.64		0.46			5,491		1.55			1.55			0.64		4
	(0.17)		11.67		(1.56	)		5,930		1.62	(h)		1.62	(h)		0.34		39
	(0.20)		12.03		3.17			8,370		1.60			1.65			0.81		56
	(0.26)		11.86		1.04			10,976		1.60			1.68			0.72		66
	(0.18)		12.00		5.16			4,049		1.64			1.72			1.00		89
	(0.27)		11.59		8.24			4,442		1.65			1.74			2.32		77
	(0.08)		11.66		0.46			62,061		1.55			1.55			0.64		4
	(0.17)		11.69		(1.55	)		71,963		1.62	(h)		1.62	(h)		0.36		39
	(0.20)		12.05		3.17			75,522		1.60			1.65			0.80		56
	(0.26)		11.88		0.96			68,776		1.60			1.67			0.68		66
	(0.18)		12.03		5.24			75,984		1.64			1.72			0.98		89
	(0.27)		11.61		8.24			50,973		1.65			1.74			2.32		77
	(0.14)		11.69		0.96			235,816		0.54			0.54			1.62		4
	(0.29)		11.72		(0.56	)		252,127		0.62	(h)		0.62	(h)		1.35		39
	(0.32)		12.08		4.19			220,444		0.60			0.65			1.77		56
	(0.38)		11.91		2.05			130,874		0.60			0.67			1.68		66
	(0.30)		12.05		6.20			95,847		0.63			0.71			1.94		89
	(0.39)		11.64		9.40			28,004		0.65			0.72			3.42		77

(g) For the six months ended March 31, 2014 (Unaudited).

(h) Includes corporate tax expenses of 0.03% for Class A, B, C and Y shares. Without this expense the ratio of net expenses for Class A, B, C and Y shares would have been 0.84%, 1.59%, 1.59% and 0.59%, respectively.

See accompanying notes to financial statements.

|  64

Notes to Financial Statements

March 31, 2014 (Unaudited)

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

Natixis Funds Trust I:

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

Loomis Sayles Funds II:

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

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

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

Each Fund is a diversified investment company, except for International Bond Fund, which is a non-diversified investment company.

The Funds each offer Class A, Class C and Class Y shares. In addition, Core Plus Bond Fund offers Class N Shares. Effective October 12, 2007, Class B shares are no longer offered. Existing Class B shareholders may continue to reinvest dividends into Class B shares and exchange their Class B shares for Class B shares of other Natixis Funds subject to existing exchange privileges as described in the prospectus.

Class A shares of all Funds except Limited Term Government and Agency Fund are sold with a maximum front-end sales charge of 4.50%. Class A shares of Limited Term Government and Agency Fund are sold with a maximum front-end sales charge of 3.00%. Class B shares do not pay a front-end sales charge; however, they are charged higher Rule 12b-1 fees, and are subject to a contingent deferred sales charge (“CDSC”) if such shares are redeemed within six years of purchase. After eight years of ownership, Class B shares convert to Class A shares. Class C shares do not pay a front-end sales charge, do not convert to any other class of shares, pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered exclusively through intermediaries and are primarily intended for employer-sponsored retirement plans. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000, though some categories of investors are exempted from the minimum investment amount as outlined in the Funds’ prospectus.

65  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

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

2.  Significant Accounting Policies.  The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

a.  Valuation.  Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) and unlisted equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service, using market information, transactions for comparable securities and various relationships between securities, if available, or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange or market where traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to

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value debt and equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service. Futures contracts are valued at the current settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively. Centrally cleared credit default swap agreements are valued at settlement prices of the clearinghouse on which the contracts were traded or prices obtained from broker-dealers. Bilateral credit default swaps are valued based on mid prices (between the bid price and the ask price) supplied by an independent pricing service. Short-term obligations (purchased with an original or remaining maturity of sixty days or less) are valued at amortized cost (which approximates market value).

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange (“NYSE”). This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s NAV is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily net asset value calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. In determining net gain or loss on securities sold,

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the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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

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

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

d.  Forward Foreign Currency Contracts.  The Funds may enter into forward foreign currency contracts, including forward foreign cross currency contracts to acquire exposure to foreign currencies or to hedge the Funds’ investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss reflected in the Funds’ Statements of Assets and Liabilities. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency a Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Funds’ or counterparty’s net obligations under the contracts.

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e.  Futures Contracts.  The Funds may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular commodity, instrument or index for a specified price on a specified future date.

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

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Funds are reduced; however, in the event that a counterparty enters into bankruptcy, the Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

f.  Swap Agreements.  Each Fund may enter into credit default swaps. A credit default swap is an agreement between two parties (the “protection buyer” and “protection seller”) to exchange the credit risk of an issuer (“reference obligation”) for a specified time period. The reference obligation may be one or more debt securities or an index of such securities. The Funds may be either the protection buyer or the protection seller. As a protection buyer, the Funds have the ability to hedge the downside risk of an issuer or group of issuers. As a protection seller, the Funds have the ability to gain exposure to an issuer or group of issuers whose bonds are unavailable or in short supply in the cash bond market, as well as realize additional income in the form of fees paid by the protection buyer. The protection buyer is obligated to pay the protection seller a stream of payments (“fees”) over the term of the contract, provided that no credit event, such as a default or a downgrade in credit rating, occurs on the reference obligation. The Funds may also pay or receive upfront premiums. If a credit event occurs, the protection seller must pay the protection buyer the difference between the agreed upon notional value and market value of the reference obligation. Market value in this case is

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determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the value. The maximum potential amount of undiscounted future payments that a Fund as the protection seller could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

The notional amounts of swap agreements are not recorded in the financial statements. Swap agreements are valued daily, and fluctuations in the value are recorded in the Statements of Operations as change in unrealized appreciation (depreciation) on swap agreements. Fees are accrued in accordance with the terms of the agreement and are recorded in the Statement of Assets and Liabilities as fees receivable or payable. When received or paid, fees are recorded in the Statement of Operations as realized gain or loss. Upfront premiums paid or received by the Funds are recorded on the Statements of Assets and Liabilities as an asset or liability, respectively, and are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Funds as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as “variation margin,” are made or received by the Fund based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Fund’s counterparty credit risk is reduced as the CCP stands between the Fund and the counterparty. The Funds cover their net obligations under outstanding swap agreements by segregating or earmarking liquid assets or cash.

No swap agreements were held by the Funds during the six months ended March 31, 2014.

g.  Delayed Delivery Commitments.  The Funds may purchase securities, including those designated as TBAs in the Portfolio of Investments, for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of the security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Funds at the time the commitment is entered into. The actual security that will be delivered to fulfill a TBA trade is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. The value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. Certain transactions require the Fund or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. The Funds cover their net obligations under outstanding

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delayed delivery commitments by segregating or earmarking cash or securities at the custodian. No interest accrues to each Fund until the transaction settles.

Purchases of delayed delivery securities may have a similar effect on the Funds’ net asset value as if the Funds had created a degree of leverage in the portfolio. Risks may arise upon entering into such transactions from the potential inability of counterparties to meet their obligations under the transactions. Additionally, losses may arise due to changes in the value of the underlying securities.

h.  Federal and Foreign Income Taxes.  Each Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2014 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes eligible to be reclaimed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

i.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency transactions, contingent payment debt instruments, preferred securities adjustments, premium

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amortization, defaulted bond adjustments, paydown gains and losses, return of capital and capital gain distributions received, taxable overdistribution and distribution redesignations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales, premium amortization, forward foreign currency and futures contracts mark to market, dividends payable, trust preferred securities adjustments, contingent payment debt instruments, return of capital distributions received and defaulted bond interest. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2013 was as follows:

	2013 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Core Plus Bond Fund	$	78,998,718	$	7,677,478	$	—	$	86,676,196
High Income Fund		12,581,747		689,257		—		13,271,004
International Bond Fund		523,768		163,540		—		687,308
Limited Term Government and Agency Fund		15,061,634		234,773		110,176		15,406,583

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

As of September 30, 2013, the capital loss carryforwards and post-October capital loss deferrals were as follows:

	Core Plus Bond Fund			High Income Fund		International Bond Fund		Limited Term Government and Agent Fund
Capital loss carryforward:
Short-term:
No expiration date	$	—		$	—	$	—	$	(107,452	)
Long-term:
No expiration date		—			—		—		(82,408	)
Total capital loss carryforward	$	—		$	—	$	—	$	(189,860	)
Late year ordinary and post-October capital loss deferrals*	$	(9,747,912	)	$	—	$	—	$	(7,556,110	)

* Under current tax law, capital losses, foreign currency losses, and losses on contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year.

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j.  Repurchase Agreements.  Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2014, each Fund had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

k.  Due from Brokers.  Transactions and positions in certain futures, forward foreign currency contracts, swap agreements and delayed delivery commitments are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Funds and the various broker/dealers. Due from brokers’ balances in the Statement of Assets and Liabilities for Core Plus Bond Fund represent cash pledged for delayed delivery securities. In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

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

For the six months ended March 31, 2014, none of the Funds had loaned securities under this agreement.

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

3.  Fair Value Measurements.  In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical assets or liabilities;

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

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

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

The Funds’ pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Funds by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. Broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. All security prices, including those obtained from an independent pricing service and broker-dealer bid prices, are reviewed on a daily basis by the adviser, subject to oversight by Fund management and the Board of Trustees. If the adviser, in good faith, believes that the price provided by an independent pricing service is unreliable, broker-dealer bid prices may be used until the price provided by the independent pricing service is considered to be reliable. Reliability of all security prices, including those obtained from an independent pricing service and broker-dealer bid prices, is tested in a variety of ways, including comparison to recent transaction prices and daily fluctuations, amongst other validation procedures in place. Securities for which market quotations are not readily available are valued at fair value as determined in good faith

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by the Funds’ adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2014, at value:

Core Plus Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	8,765,762	(b)	$	8,765,762
Airlines		—		—		4,465,590	(b)		4,465,590
All Other Non-Convertible Bonds(a)		—		1,300,328,980		—			1,300,328,980
Total Non-Convertible Bonds		—		1,300,328,980		13,231,352			1,313,560,332
Convertible Bonds(a)		—		—		1,706,840	(c)		1,706,840
Total Bonds and Notes		—		1,300,328,980		14,938,192			1,315,267,172
Senior Loans(a)		—		45,434,092		—			45,434,092
Preferred Stocks
Media Cable		—		9,034,450		—			9,034,450
All Other Preferred Stocks(a)		2,658,840		—		—			2,658,840
Total Preferred Stocks		2,658,840		9,034,450		—			11,693,290
Short-Term Investments		—		130,075,434		—			130,075,434
Total	$	2,658,840	$	1,484,872,956	$	14,938,192		$	1,502,469,988

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

(b) Valued using broker-dealer bid prices.

(c) Fair valued by the Fund’s adviser.

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For the six months ended March 31, 2014, there were no transfers among Levels 1, 2 and 3.

High Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	230,685	$	450,000	(b)	$	680,685
Airlines		—		1,073,632		1,623,326	(b)		2,696,958
All Other Non-Convertible Bonds(a)		—		122,648,509		—			122,648,509
Total Non-Convertible Bonds		—		123,952,826		2,073,326			126,026,152
Convertible Bonds
Wirelines		—		—		48,865	(c)		48,865
All Other Convertible Bonds(a)		—		20,314,192		—			20,314,192
Total Convertible Bonds		—		20,314,192		48,865			20,363,057
Total Bonds and Notes		—		144,267,018		2,122,191			146,389,209
Senior Loans(a)		—		2,776,829		—			2,776,829
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		37,791		273,941		—			311,732
REITs — Mortgage		—		515,606		—			515,606
All Other Convertible Preferred Stocks(a)		2,903,130		—		—			2,903,130
Total Convertible Preferred Stocks		2,940,921		789,547		—			3,730,468
Non-Convertible Preferred Stocks(a)		3,608,274		—		—			3,608,274
Total Preferred Stocks		6,549,195		789,547		—			7,338,742
Common Stocks(a)		4,252,994		—		—			4,252,994
Warrants(d)		39,846		—		—			39,846
Short-Term Investments		—		7,917,414		—			7,917,414
Total Investments		10,842,035		155,750,808		2,122,191			168,715,034
Forward Foreign Currency Contracts (unrealized appreciation)		—		10,000		—			10,000
Total	$	10,842,035	$	155,760,808	$	2,122,191		$	168,725,034

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High Income Fund (continued)

Liability Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(36,877	)	$	—	$	(36,877	)
Futures Contracts (unrealized depreciation)		(27,714	)		—			—		(27,714	)
Total	$	(27,714	)	$	(36,877	)	$	—	$	(64,591	)

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

(b) Valued using broker-dealer bid prices.

(c) Fair valued by the Fund’s adviser.

(d) Includes a security fair valued at zero using Level 2 inputs.

Preferred stocks valued at $714,690 were transferred from Level 1 to Level 2 during the period ended March 31, 2014. At March 31, 2014, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service as a market price was not available.

All transfers are recognized at the beginning of the reporting period.

International Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
United States	$	—	$	1,405,884	$	45,338	(b)	$	1,451,222
All Other Non-Convertible Bonds(a)		—		10,284,800		—			10,284,800
Total Non-Convertible Bonds		—		11,690,684		45,338			11,736,022
Convertible Bonds(a)		—		23,537		—			23,537
Total Bonds and Notes		—		11,714,221		45,338			11,759,559
Preferred Stocks		13,127		20,946		—			34,073
Short-Term Investments		—		216,741		—			216,741
Total Investments		13,127		11,951,908		45,338			12,010,373
Forward Foreign Currency Contracts (unrealized appreciation)		—		4,294		—			4,294
Futures Contracts (unrealized appreciation)		1,437		—		—			1,437
Total	$	14,564	$	11,956,202	$	45,338		$	12,016,104

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International Bond Fund (continued)

Liability Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(5,820	)	$	—	$	(5,820	)

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

(b) Valued using broker-dealer bid prices.

A preferred stock valued at $18,054 was transferred from Level 1 to Level 2 during the period ended March 31, 2014. At March 31, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service as a market price was not available.

All transfers are recognized at the beginning of the reporting period.

Limited Term Government and Agency Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
ABS Student Loan	$	—	$	—	$	283,192	(b)	$	283,192
Collateralized Mortgage Obligations		—		196,906,365		15,424,196	(b)		212,330,561
All Other Bonds and Notes(a)		—		398,820,277		—			398,820,277
Total Bonds and Notes		—		595,726,642		15,707,388			611,434,030
Short-Term Investments		—		50,019,236		—			50,019,236
Total	$	—	$	645,745,878	$	15,707,388		$	661,453,266

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

(b) Valued using broker-dealer bid prices.

|  78

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2013 and/or March 31, 2014:

Core Plus Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2013			Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	8,485,775		$	—	$	—	$	279,987	$	—
Airlines		4,343,325			295		226		160,759		—
Convertible Bonds
Wirelines		1,513,625			2,853		—		190,362		—
Total	$	14,342,725		$	3,148	$	226	$	631,108	$	—
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—		$	—	$	—	$	8,765,762	$	279,987
Airlines		(39,015	)		—		—		4,465,590		163,523
Convertible Bonds
Wirelines		—			—		—		1,706,840		190,362
Total	$	(39,015	)	$	—	$	—	$	14,938,192	$	633,872

79  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

High Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2013			Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—		$	—	$	—	$	119	$	449,881
Airlines		740,816			4,539		934		52,481		850,000
Convertible Bonds
Wirelines		43,333			—		—		5,532		—
Total	$	784,149		$	4,539	$	934	$	58,132	$	1,299,881
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—		$	—	$	—	$	450,000	$	119
Airlines		(25,444	)		—		—		1,623,326		56,295
Convertible Bonds
Wirelines		—			—		—		48,865		5,532
Total	$	(25,444	)	$	—	$	—	$	2,122,191	$	61,946

|  80

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

International Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2013		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Non-Convertible Bonds
United States	$	41,625	$	—	$	—	$	3,713	$	—
Investments in Securities	Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments still Held at March 31, 2014
Bonds and Notes
Non-Convertible Bonds
United States	$	—	$	—	$	—	$	45,338	$	3,713

Limited Term Government and Agency Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2013		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
ABS Student Loan	$	1,336,443	$	—	$	—	$	(4,306	)	$	—
Collateralized Mortgage Obligations		38,339,237		—		—		(261,510	)		—
Total	$	39,675,680	$	—	$	—	$	(265,816	)	$	—

81  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

Limited Term Government and Agency Fund (continued)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
ABS Student Loan	$	(1,048,945	)	$	—	$	—		$	283,192	$	(1,053	)
Collateralized Mortgage Obligations		(104,369	)		—		(22,549,162	)		15,424,196		(261,398	)
Total	$	(1,153,314	)	$	—	$	(22,549,162	)	$	15,707,388	$	(262,451	)

Debt securities valued at $22,549,162 were transferred from Level 3 to Level 2 during the period ended March 31, 2014. At March 31, 2014, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

All transfers are recognized as of the beginning of the reporting period.

4.  Derivatives.  Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that High Income Fund and International Bond Fund used during the period include forward foreign currency contracts and futures contracts.

High Income Fund and International Bond Fund are subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Funds may enter into forward foreign currency contracts for hedging purposes to protect the value of the Funds’ holdings of foreign securities. The Funds may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Funds. During the six months ended March 31, 2014, High Income Fund engaged in forward foreign currency transactions for hedging purposes. During the same period, International Bond Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

High Income Fund and International Bond Fund are subject to the risk that changes in interest rates will affect the value of the Funds’ investments in fixed income securities. A Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Funds may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the six months ended March 31, 2014, High Income Fund and International Bond Fund used futures contracts to manage duration.

The following is a summary of derivative instruments for High Income Fund as of March 31, 2014, as reflected within the Statement of Assets and Liabilities:

Assets	Unrealized appreciation on forward foreign currency contracts			Unrealized appreciation on futures contracts1			Total
Over-the-counter asset derivatives
Foreign exchange contracts	$	10,000		$	—		$	10,000
Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts1			Total
Over-the-counter liability derivatives
Foreign exchange contracts	$	(36,877	)	$	—		$	(36,877	)
Exchange traded/cleared liability derivatives
Interest rate contracts		—			(27,714	)		(27,714	)
Total liability derivatives	$	(36,877	)	$	(27,714	)	$	(64,591	)

¹  Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statement of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for High Income Fund during the six months ended March 31, 2014, as reflected within the Statement of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts			Foreign currency transactions2
Interest rate contracts	$	(24,541	)	$	—
Foreign exchange contracts		—			370,436
Total	$	(24,541	)	$	370,436

83  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts			Foreign currency translations2
Interest rate contracts	$	(16,490	)	$	—
Foreign exchange contracts		—			245,854
Total	$	(16,490	)	$	245,854

²  Represents realized gain and change in unrealized appreciation (depreciation), respectively, for forward foreign currency contracts during the period. Does not include other foreign currency gains or losses included in the Statement of Operations.

The following is a summary of derivative instruments for International Bond Fund as of March 31, 2014, as reflected within the Statement of Assets and Liabilities:

Assets	Unrealized appreciation on forward foreign currency contracts			Unrealized appreciation on futures contracts1		Total
Over-the-counter asset derivatives
Foreign exchange contracts	$	4,294		$	—	$	4,294
Exchange traded/cleared asset derivatives
Interest rate contracts		—			1,437		1,437
Total asset derivatives	$	4,294		$	1,437	$	5,731
Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts1		Total
Over-the-counter liability derivatives
Foreign exchange contracts	$	(5,820	)	$	—	$	(5,820	)

¹  Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statement of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for International Bond Fund during the six months ended March 31, 2014, as reflected within the Statement of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts		Foreign currency transactions2
Interest rate contracts	$	25,892	$	—
Foreign exchange contracts		—		(10,875	)
Total	$	25,892	$	(10,875	)

|  84

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts			Foreign currency translations2
Interest rate contracts	$	(12,218	)	$	—
Foreign exchange contracts		—			(12,777	)
Total	$	(12,218	)	$	(12,777	)

²  Represents realized loss and change in unrealized appreciation (depreciation), respectively, for forward foreign currency contracts during the period. Does not include other foreign currency gains or losses included in the Statement of Operations.

As the Funds value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Funds’ investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.

The volume of forwards foreign currency contract and futures contract activity, as a percentage of net assets, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2014:

High Income Bond Fund	Forwards			Futures
Average Notional Amount Outstanding		4.27	%		1.34	%
Highest Notional Amount Outstanding		3.81	%		3.37	%
Lowest Notional Amount Outstanding		3.11	%		0.53	%
Notional Amount Outstanding as of March 31, 2014		3.76	%		3.34	%
International Bond Fund	Forwards			Futures
Average Notional Amount Outstanding		25.58	%		6.40	%
Highest Notional Amount Outstanding		29.86	%		7.13	%
Lowest Notional Amount Outstanding		9.26	%		5.87	%
Notional Amount Outstanding as of March 31, 2014		9.26	%		7.13	%

Notional amounts outstanding at the end of the prior period are included in the average notional amount outstanding.

Unrealized gain and/or loss on open forwards and futures is recorded in the Statements of Assets and Liabilities. The aggregate notional values of forwards, and futures contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Funds’ net assets.

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Funds and their counterparties. ISDA agreements

85  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreements, subject to minimum transfer requirements. Master netting provisions allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. The Funds’ ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the net asset value of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities. As of March 31, 2014, gross amounts of over-the-counter derivative assets and liabilities not offset in the Statement of Assets and Liabilities and the related net amounts after taking into account master netting arrangements for the Funds, by counterparty, are as follows:

High Income Fund

Counterparty	Gross Amounts of Assets		Offset Amount			Net Asset Balance		Collateral (Received)/ Pledged		Net Amount
Barclays Bank PLC	$	10,000	$	(10,000	)	$	—	$	—	$	—

Counterparty	Gross Amounts of Liabilities			Offset Amount		Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Barclays Bank PLC	$	(36,877	)	$	10,000	$	(26,877	)	$	—	$	(26,877	)

International Bond Fund

Counterparty	Gross Amounts of Assets		Offset Amount			Net Asset Balance		Collateral (Received)/ Pledged		Net Amount
Barclays Bank PLC	$	1,745	$	(1,400	)	$	345	$	—	$	345
Credit Suisse International		2,549		—			2,549		—		2,549
	$	4,294	$	(1,400	)	$	2,894	$	—	$	2,894

Counterparty	Gross Amounts of Liabilities			Offset Amount		Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A.	$	(1,338	)	$	—	$	(1,338	)	$	—	$	(1,338	)
Barclays Bank PLC		(1,400	)		1,400		—			—		—
UBS AG		(3,082	)		—		(3,082	)		—		(3,082	)
	$	(5,820	)	$	1,400	$	(4,420	)	$	—	$	(4,420	)

|  86

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

Timing differences may exist between when contracts under the ISDA agreements are marked-to-market and when collateral moves. The ISDA agreements include tri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank.

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. The risk of loss to a Fund from counterparty default should be limited to the extent a Fund is under collateralized for over-the-counter derivatives; however, final settlement of a Fund’s claim against any collateral received may be subject to bankruptcy court proceedings. Additionally, cash or securities held at or pledged to counterparties for initial/variation margin for futures contracts or as collateral for over-the-counter derivatives may be subject to bankruptcy court proceedings. Based on the balances reflected on each Fund’s Statement of Assets and Liabilities, including securities held at or pledged to counterparties for initial/variation margin or as collateral that could be subject to the terms of a final settlement in a bankruptcy court proceeding, the maximum amount of loss that the Funds would incur if counterparties failed to meet their obligations, and the amount of loss that the Funds would incur after taking into account master netting arrangements pursuant to ISDA agreements, are as follows as of March 31, 2014:

Fund	Maximum Amount of Loss – Gross		Maximum Amount of Loss – Net
High Income Fund	$	143,630	$	133,630
International Bond Fund		14,296		12,896

5.  Purchases and Sales of Securities.  For the six months ended March 31, 2014, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

	U.S. Government/ Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Core Plus Bond Fund	$	555,348,720	$	499,496,662	$	138,401,833	$	159,060,988
High Income Fund		3,813,196		3,399,469		42,124,833		48,708,950
International Bond Fund		1,059,791		1,365,021		2,513,111		5,089,478
Limited Term Government and Agency Fund		13,818,867		59,126,788		9,210,611		33,179,657

6.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees.  Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Under the terms of the management agreements,

87  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:

	Percentage of Average Daily Net Assets
Fund	First $100 million			Next $400 million			Next $1.5 billion			Over $2 billion
Core Plus Bond Fund		0.2000	%		0.1875	%		0.1875	%		0.1500	%
High Income Fund		0.6000	%		0.6000	%		0.6000	%		0.6000	%
International Bond Fund		0.6000	%		0.6000	%		0.6000	%		0.6000	%
Limited Term Government and Agency Fund		0.3750	%		0.3750	%		0.3500	%		0.3000	%

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

	Percentage of Average Daily Net Assets
Fund	First $100 million			Next $1.9 billion			Over $2 billion
Core Plus Bond Fund		0.2000	%		0.1875	%		0.1500	%

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

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. These undertakings are in effect until January 31, 2015 and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2014, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class B			Class C			Class N			Class Y
Core Plus Bond Fund		0.80	%		1.55	%		1.55	%		0.50	%		0.55	%
High Income Fund		1.15	%		1.90	%		1.90	%		—			0.90	%
International Bond Fund		1.05	%		—			1.80	%		—			0.80	%
Limited Term Government and Agency Fund		0.80	%		1.55	%		1.55	%		—			0.55	%

|  88

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

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

Loomis Sayles (and NGAM Advisors for Core Plus Bond Fund) shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of its management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the six months ended March 31, 2014, the management fees and waivers of management fees for each Fund were as follows:

	Gross Management Fees		Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
Fund							Gross			Net
Core Plus Bond Fund	$	1,245,122	$	—	$	1,245,122		0.188	%		0.188	%
High Income Fund		509,288		29,145		480,143		0.600	%		0.570	%
International Bond Fund		39,994		39,994		—		0.600	%		0.000	%
Limited Term Government and Agency Fund		1,216,393		—		1,216,393		0.369	%		0.369	%

¹  Management fee waivers are subject to possible recovery until September 30, 2015.

For the six months ended March 31, 2014, the advisory administration fees for Core Plus Bond Fund were as follows:

Advisory Administration Fee	Percentage of Average Daily Net Assets
$1,245,122		0.188	%

For the six months ended March 31, 2014, class-specific expenses have been reimbursed as follows:

	Reimbursement2
Fund	Class A		Class B		Class C		Class Y
Core Plus Bond Fund	$	9,536	$	22	$	4,364	$	16,811

In addition, the investment adviser reimbursed non-class-specific expenses of International Bond Fund in the amount of $55,812 for the six months ended March 31, 2014².

² Expense reimbursements are subject to possible recovery until September 30, 2015.

89  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

For the six months ended March 31, 2014, expense reimbursements related to the prior fiscal year were recovered as follows:

	Recovered Expenses
Fund	Class A		Class B		Class C		Class Y		Total
Limited Term Government and Agency Fund	$	10	$	—	$	2	$	7	$	19

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

b.  Service and Distribution Fees.  NGAM Distribution, L.P. (“NGAM Distribution”), which is a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, NGAM Distribution serves as principal underwriter of the Funds of the Trusts.

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

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

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

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

|  90

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

For the six months ended March 31, 2014, the service and distribution fees for each Fund were as follows:

	Service Fees						Distribution Fees
Fund	Class A		Class B		Class C		Class B		Class C
Core Plus Bond Fund	$	527,576	$	1,332	$	262,437	$	3,995	$	787,310
High Income Fund		57,738		392		18,714		1,177		56,144
International Bond Fund		10,496		—		3,587		—		10,762
Limited Term Government and Agency Fund		445,112		7,575		83,988		22,726		251,963

c.  Administrative Fees.  NGAM Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. NGAM Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I, Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), Hansberger International Series and NGAM Advisors, each Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion and 0.0350% of such assets in excess of $60 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2014, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Core Plus Bond Fund	$	289,964
High Income Fund		37,252
International Bond Fund		2,926
Limited Term Government and Agency Fund		144,715

d.  Sub-Transfer Agent Fees.  NGAM Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse NGAM Distribution for all or a portion of the servicing fees paid to these intermediaries.

91  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

The reimbursement amounts (sub-transfer agent fees) paid to NGAM Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended March 31, 2014, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

Fund	Sub-Transfer Agent Fees
Core Plus Bond Fund	$	530,522
High Income Fund		72,789
International Bond Fund		3,888
Limited Term Government and Agency Fund		151,999

As of March 31, 2014, the Funds owe NGAM Distribution the following reimbursements for sub-transfer agent fees:

Fund	Reimbursements of Sub-Transfer Agent Fees
Core Plus Bond Fund	$	14,663
High Income Fund		1,974
International Bond Fund		97
Limited Term Government and Agency Fund		3,760

Sub-transfer agent fees attributable to Class A, Class B, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the six months ended March 31, 2014 were as follows:

Fund	Commissions
Core Plus Bond Fund	$	237,171
High Income Fund		22,683
International Bond Fund		1,551
Limited Term Government and Agency Fund		87,281

f.  Trustees Fees and Expenses.  The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2014, the Chairperson of the Board receives a retainer fee at the annual rate of $300,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $130,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairperson (except for the Chairperson of the Governance Committee) receives an additional retainer fee at an annual rate of $17,500. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2014, the Chairperson of the Board received a retainer fee at the annual rate of $285,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $115,000. All other Trustee fees remained unchanged.

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

g.  Affiliated Ownership.  At March 31, 2014, Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of net assets:

Fund	Retirement Plan
Core Plus Bond Fund		0.20	%
International Bond Fund		1.23	%
Limited Term Government and Agency Fund		0.09	%

Investment activities of affiliated shareholders could have material impacts on the Funds.

93  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

7.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2014, Core Plus Bond Fund incurred the following class-specific transfer agent fees and expenses:

	Class A		Class B		Class C		Class N		Class Y
Transfer Agent Fees and Expenses	$	195,471	$	494	$	97,238	$	36	$	309,503

Transfer agent fees and expenses attributable to Class A, Class B, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

8.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each fund that participates in the line of credit. Interest is charged to each participating fund based on its borrowings at a rate per annum equal to the greater of the Federal funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.10% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2014, none of the Funds had borrowings under this agreement.

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

Limited Term Government and Agency Fund’s investments in mortgage-related and asset-backed securities are subject to certain risks not associated with investments in other securities. Mortgage-related and asset-backed securities are subject to the risk that unexpected changes in interest rates will have a direct effect on expected maturity. A shortened maturity may result in the reinvestment of prepaid amounts in securities with lower yields than the original obligations. An extended maturity may result in a reduction of a security’s value.

Each Fund’s investments in foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Greater political, economic, credit and information risks are also associated with foreign securities.

10.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding.

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2014, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings was as follows:

Fund	Number of >5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership (Note 6)			Total Percentage of Ownership
Core Plus Bond Fund		—		—			0.20	%		0.20	%
High Income Fund		2		14.27	%		—			14.27	%
International Bond Fund		1		24.21	%		1.23	%		25.44	%
Limited Term Government and Agency Fund		1		9.55	%		0.09	%		9.64	%

Omnibus shareholder accounts for which NGAM Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Fund does not have information on the individual shareholder accounts underlying omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

95  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

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

	Six Months Ended March 31, 2014					Year Ended September 30, 2013*
Core Plus Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	6,291,186		$	81,279,309		23,400,679		$	312,055,029
Issued in connection with the reinvestment of distributions	509,747			6,579,083		1,815,759			23,994,065
Redeemed	(7,859,718	)		(101,227,508	)	(26,393,734	)		(344,871,782	)
Net change	(1,058,785	)	$	(13,369,116	)	(1,177,296	)	$	(8,822,688	)
Class B
Issued from the sale of shares	685		$	8,820		3,363		$	45,726
Issued in connection with the reinvestment of distributions	1,029			13,339		5,269			70,185
Redeemed	(23,314	)		(302,116	)	(92,007	)		(1,231,008	)
Net change	(21,600	)	$	(279,957	)	(83,375	)	$	(1,115,097	)
Class C
Issued from the sale of shares	1,542,925		$	19,960,062		8,354,865		$	111,674,557
Issued in connection with the reinvestment of distributions	143,439			1,852,168		591,854			7,828,050
Redeemed	(4,417,631	)		(56,882,672	)	(11,061,448	)		(144,010,707	)
Net change	(2,731,267	)	$	(35,070,442	)	(2,114,729	)	$	(24,508,100	)
Class N
Issued from the sale of shares	500,324		$	6,514,207		1,567,247		$	19,814,495
Issued in connection with the reinvestment of distributions	33,116			430,573		10,969			139,775
Redeemed	(278,393	)		(3,622,052	)	(75,008	)		(954,522	)
Net change	255,047		$	3,322,728		1,503,208		$	18,999,748
Class Y
Issued from the sale of shares	20,155,591		$	262,602,256		45,112,822		$	603,948,919
Issued in connection with the reinvestment of distributions	837,408			10,885,315		2,320,259			30,841,104
Redeemed	(12,258,683	)		(159,223,885	)	(45,057,119	)		(590,589,192	)
Net change	8,734,316		$	114,263,686		2,375,962		$	44,200,831
Increase (decrease) from capital share transactions	5,177,711		$	68,866,899		503,770		$	28,754,694

* From commencement of operations on February 1, 2013 through September 30, 2013 for Class N shares.

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended March 31, 2014					Year Ended September 30, 2013
High Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	1,442,862		$	6,536,493		4,989,606		$	23,721,653
Issued in connection with the reinvestment of distributions	780,945			3,451,430		812,256			3,817,055
Redeemed	(1,694,436	)		(7,645,566	)	(16,692,970	)		(78,579,586	)
Net change	529,371		$	2,342,357		(10,891,108	)	$	(51,040,878	)
Class B
Issued from the sale of shares	3,463		$	15,765		11,352		$	52,895
Issued in connection with the reinvestment of distributions	4,455			19,786		4,586			21,581
Redeemed	(35,472	)		(164,182	)	(53,925	)		(252,094	)
Net change	(27,554	)	$	(128,631	)	(37,987	)	$	(177,618	)
Class C
Issued from the sale of shares	259,496		$	1,180,009		702,239		$	3,347,581
Issued in connection with the reinvestment of distributions	225,208			996,853		150,549			707,094
Redeemed	(539,955	)		(2,449,788	)	(1,205,196	)		(5,689,434	)
Net change	(55,251	)	$	(272,926	)	(352,408	)	$	(1,634,759	)
Class Y
Issued from the sale of shares	4,651,312		$	20,861,767		17,170,028		$	80,940,800
Issued in connection with the reinvestment of distributions	1,507,201			6,651,452		1,311,917			6,160,472
Redeemed	(5,368,753	)		(24,168,029	)	(19,061,214	)		(90,332,449	)
Net change	789,760		$	3,345,190		(579,269	)	$	(3,231,177	)
Increase (decrease) from capital share transactions	1,236,326		$	5,285,990		(11,860,772	)	$	(56,084,432	)

97  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended March 31, 2014					Year Ended September 30, 2013
International Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	189,331		$	1,820,341		418,554		$	4,190,166
Issued in connection with the reinvestment of distributions	27,646			261,255		31,172			316,920
Redeemed	(298,102	)		(2,888,395	)	(673,797	)		(6,649,849	)
Net change	(81,125	)	$	(806,799	)	(224,071	)	$	(2,142,763	)
Class C
Issued from the sale of shares	9,519		$	89,499		108,173		$	1,088,309
Issued in connection with the reinvestment of distributions	8,952			83,701		9,072			91,839
Redeemed	(88,952	)		(851,597	)	(194,937	)		(1,913,707	)
Net change	(70,481	)	$	(678,397	)	(77,692	)	$	(733,559	)
Class Y
Issued from the sale of shares	85,480		$	835,692		152,390		$	1,539,901
Issued in connection with the reinvestment of distributions	4,537			42,916		5,073			51,430
Redeemed	(201,263	)		(1,950,527	)	(205,113	)		(2,022,661	)
Net change	(111,246	)	$	(1,071,919	)	(47,650	)	$	(431,330	)
Increase (decrease) from capital share transactions	(262,852	)	$	(2,557,115	)	(349,413	)	$	(3,307,652	)

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended March 31, 2014					Year Ended September 30, 2013
Limited Term Government and Agency Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	6,782,165		$	79,167,998		12,850,713		$	153,126,484
Issued in connection with the reinvestment of distributions	275,575			3,217,974		561,467			6,662,144
Redeemed	(6,402,239	)		(74,735,776	)	(12,732,399	)		(151,248,094	)
Net change	655,501		$	7,650,196		679,781		$	8,540,534
Class B
Issued from the sale of shares	99,086		$	1,156,901		57,224		$	682,522
Issued in connection with the reinvestment of distributions	3,611			42,128		8,642			102,565
Redeemed	(139,025	)		(1,621,087	)	(253,623	)		(3,009,576	)
Net change	(36,328	)	$	(422,058	)	(187,757	)	$	(2,224,489	)
Class C
Issued from the sale of shares	737,972		$	8,622,673		2,982,402		$	35,505,345
Issued in connection with the reinvestment of distributions	25,186			294,380		58,167			690,850
Redeemed	(1,596,043	)		(18,648,494	)	(3,153,586	)		(37,432,038	)
Net change	(832,885	)	$	(9,731,441	)	(113,017	)	$	(1,235,843	)
Class Y
Issued from the sale of shares	7,050,830		$	82,579,261		19,772,954		$	235,387,316
Issued in connection with the reinvestment of distributions	142,406			1,667,901		321,692			3,829,024
Redeemed	(8,532,124	)		(99,886,729	)	(16,833,635	)		(200,317,847	)
Net change	(1,338,888	)	$	(15,639,567	)	3,261,011		$	38,898,493
Increase (decrease) from capital share transactions	(1,552,600	)	$	(18,142,870	)	3,640,018		$	43,978,695

99  |

SEMIANNUAL REPORT

March 31, 2014

Loomis Sayles Investment Grade Bond Fund

TABLE OF CONTENTS

Portfolio Review page 1

Portfolio of Investments page 6

Financial Statements page 23

Notes to Financial Statements page 29

Barron’s/Lipper 2013 one-year ranking is based on 64 qualifying U.S. fund companies. Award recipient must have at least three funds in Lipper’s general U.S.-stock category (including at least one world and one mixed-asset/balanced), two taxable bond and one tax-exempt bond fund. Natixis was not ranked for the 5- and 10- year periods.

Past performance is no guarantee of future results.

For more details visit ngam.natixis.com/TopFundFamily

LOOMIS SAYLES INVESTMENT GRADE BOND FUND

Managers	Symbols
Matthew J. Eagan, CFA®	Class A	LIGRX
Daniel J. Fuss, CFA®, CIC	Class B	LGBBX
Brian P. Kennedy	Class C	LGBCX
Elaine M. Stokes	Class N	LGBNX
Loomis, Sayles & Company, L.P.	Class Y	LSIIX
	Admin Class	LIGAX

Objective

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

1  |

Average Annual Total Returns — March 31, 2014⁴

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 12/31/96)
NAV		4.93	%		3.43	%		11.53	%		7.01	%		—	%
With 4.50% Maximum Sales Charge		0.17			-1.25			10.50			6.52			—
Class B (Inception 9/12/03)
NAV		4.55			2.73			10.67			6.16			—
With CDSC2		-0.44			-2.10			10.41			6.16			—
Class C (Inception 9/12/03)
NAV		4.57			2.67			10.69			6.20			—
With CDSC2		3.57			1.70			10.69			6.20			—
Class N (Inception 2/1/13)
NAV		5.09			3.63			—			—			3.53
Class Y (Inception 12/31/96)
NAV		5.05			3.69			11.83			7.31			—
Admin Class (Inception 2/1/10)1
NAV		4.80			3.18			11.20			6.58			—
Comparative Performance
Barclays U.S. Government/Credit Bond Index3		1.94			-0.26			5.07			4.41			0.44

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. Unlike a fund, an index is not managed and does not reflect fees and expenses.

1 Prior to the inception of Admin Class shares (2/1/10), performance is that of Class A shares, restated to reflect the higher net expenses of Admin Class shares.

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

3 Barclays U.S. Government/Credit Bond Index is an unmanaged index that includes U.S. Treasuries, government-related issues, and investment grade U.S. corporate securities.

4 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

|  2

ADDITIONAL INFORMATION

ADDITIONAL INDEX INFORMATION

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis Global Asset Management or any of its related or affiliated companies (collectively “NGAM”) and does not sponsor, endorse or participate in the provision of any NGAM services, funds or other financial products.

The index information contained herein is derived from third parties and is provided on an “as is” basis. The user of this information assumes the entire risk of use of this information. Each of the third party entities involved in compiling, computing or creating index information disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information.

PROXY VOTING INFORMATION

A description of the fund’s proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the fund’s website at ngam.natixis.com; and on the Securities and Exchange Commission’s (SEC’s) website at www.sec.gov. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2013 is available from the fund’s website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

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

3  |

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder, you incur different types of costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions; and ongoing costs, including management fees, distribution fees (12b-1 fees) and/or service fees, and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the fund’s prospectus. The following examples are intended to help you understand the ongoing costs of investing in the fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each class shows the actual amount of fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2013 through March 31, 2014. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period row as shown below for your class.

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

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

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LOOMIS SAYLES INVESTMENT GRADE BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2013		ENDING ACCOUNT VALUE 3/31/2014		EXPENSES PAID DURING PERIOD* 10/1/2013 – 3/31/2014
Class A
Actual		$1,000.00		$1,049.30		$4.29
Hypothetical (5% return before expenses)		$1,000.00		$1,020.74		$4.23
Class B
Actual		$1,000.00		$1,045.50		$8.11
Hypothetical (5% return before expenses)		$1,000.00		$1,017.00		$8.00
Class C
Actual		$1,000.00		$1,045.70		$8.11
Hypothetical (5% return before expenses)		$1,000.00		$1,017.00		$8.00
Class N
Actual		$1,000.00		$1,050.90		$2.40
Hypothetical (5% return before expenses)		$1,000.00		$1,022.59		$2.37
Class Y
Actual		$1,000.00		$1,050.50		$3.02
Hypothetical (5% return before expenses)		$1,000.00		$1,021.99		$2.97
Admin Class
Actual		$1,000.00		$1,048.00		$5.57
Hypothetical (5% return before expenses)		$1,000.00		$1,019.50		$5.49

* Expenses are equal to the Fund's annualized expense ratio: 0.84%, 1.59%, 1.59%, 0.47%, 0.59% and 1.09% for Class A, B, C, N, Y and Admin Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

5  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 91.9% of Net Assets
	Non-Convertible Bonds — 85.9%
		ABS Car Loan — 0.5%
$	21,683,000	Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class B, 6.740%, 5/20/2016, 144A	$	22,759,929
	20,999,250	Avis Budget Rental Car Funding AESOP LLC, Series 2010-5A, Class B, 5.110%, 3/20/2017, 144A		22,439,463
	5,481,000	Ford Auto Securitization Trust, Series 2010-R3A, Class D, 4.526%, 3/15/2017, 144A, (CAD)		5,041,479
				50,240,871
		ABS Credit Card — 0.0%
	2,324,000	World Financial Network Credit Card Master Trust, Series 2010-A, Class B, 6.750%, 4/15/2019		2,469,401
		ABS Other — 1.5%
	1,106,639	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		1,116,600
	3,734,247	Diamond Resorts Owner Trust, Series 2011-1, Class A, 4.000%, 3/20/2023, 144A		3,826,170
	61,304,496	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(b)		60,384,928
	12,419,811	SVO VOI Mortgage Corp., Series 2009-BA, Class NT, 5.810%, 12/20/2028, 144A		12,536,296
	37,256,673	Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A		42,518,619
	14,749,647	Trinity Rail Leasing LP, Series 2010-1A, Class A, 5.194%, 10/16/2040, 144A		15,236,312
	3,899,549	Trinity Rail Leasing LP, Series 2012-1A, Class A1, 2.266%, 1/15/2043, 144A		3,804,236
	9,061,340	Trip Rail Master Funding LLC, Series 2011-1A, Class A1A, 4.370%, 7/15/2041, 144A		9,486,407
				148,909,568
		Aerospace & Defense — 1.1%
	2,100,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		2,089,500
	1,181,000	Textron Financial Corp., Series E, MTN, 5.125%, 8/15/2014		1,196,962
	78,795,000	Textron, Inc., 5.950%, 9/21/2021		88,850,188
	11,040,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		20,687,783
				112,824,433
		Airlines — 3.0%
	5,215,000	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		5,293,225
	11,674,906	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027, 144A		11,762,468
	18,340,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		19,325,775
	57,977	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		58,702
	432,464	Continental Airlines Pass Through Trust, Series 1998-1, Class A, 6.648%, 3/15/2019		458,411
	711,618	Continental Airlines Pass Through Trust, Series 1999-1, Class A, 6.545%, 8/02/2020		789,896

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	8,267,300	Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022	$	9,528,063
	1,657,500	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		1,893,693
	3,068,771	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		3,352,632
	51,558,351	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		58,518,729
	11,034,638	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		11,951,617
	22,754,097	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		26,053,441
	17,871,342	Continental Airlines Pass Through Trust, Series 2009-2, Class A, 7.250%, 5/10/2021		20,909,470
	2,909,677	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		3,106,080
	1,640,824	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		1,927,968
	11,181,692	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		12,886,900
	26,952,262	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		31,534,147
	2,328,218	Delta Air Lines Pass Through Trust, Series 2009-1, Series B, 9.750%, 6/17/2018		2,659,989
	15,965,587	Delta Air Lines Pass Through Trust, Series 2010-1, Class A, 6.200%, 1/02/2020		17,841,544
	5,265,397	Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 5/01/2019		5,735,071
	21,380,825	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		23,625,812
	461,156	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		524,565
	15,267,203	US Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		17,748,123
	9,895,919	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		10,365,976
	3,020,000	Virgin Australia Pass Through Trust, Series 2013-1A, 5.000%, 4/23/2025, 144A		3,185,496
				301,037,793
		Automotive — 1.2%
	36,651,000	Cummins, Inc., 5.650%, 3/01/2098		38,006,391
	5,274,000	Cummins, Inc., 6.750%, 2/15/2027		6,294,846
	2,680,000	Ford Motor Co., 6.375%, 2/01/2029		3,061,069
	125,000	Ford Motor Co., 6.500%, 8/01/2018		143,768
	255,000	Ford Motor Co., 6.625%, 2/15/2028		284,019
	5,074,000	Ford Motor Co., 6.625%, 10/01/2028		5,937,443
	3,243,000	Ford Motor Co., 7.400%, 11/01/2046		4,204,225
	4,569,000	Ford Motor Co., 7.450%, 7/16/2031		5,862,580
	240,000	Ford Motor Co., 7.500%, 8/01/2026		295,587
	5,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		5,518,645
	40,126,000	Ford Motor Credit Co. LLC, 6.625%, 8/15/2017		46,352,392
	2,370,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,449,987
				118,410,952
		Banking — 15.1%
	22,547,000	AgriBank FCB, 9.125%, 7/15/2019, 144A		28,825,347
	2,285,000	Ally Financial, Inc., 8.000%, 11/01/2031		2,787,700
	7,200,000	American Express Centurion Bank, Series BKN1, 6.000%, 9/13/2017		8,270,842
	35,878,000	Associates Corp. of North America, 6.950%, 11/01/2018		42,705,763

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
	11,400,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)	$	4,641,141
	11,641,000	Bank of America Corp., 2.600%, 1/15/2019		11,686,924
	3,590,000	Bank of America Corp., 5.420%, 3/15/2017		3,955,300
	9,805,000	Bank of America Corp., 6.000%, 9/01/2017		11,123,439
	3,132,000	Bank of America Corp., EMTN, 4.625%, 9/14/2018, (EUR)		4,762,459
	4,300,000	Bank of America Corp., MTN, 3.300%, 1/11/2023		4,145,583
	11,100,000	Bank of America Corp., MTN, 5.000%, 5/13/2021		12,239,359
	2,393,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		2,945,237
	17,249,000	Bank of America NA, 5.300%, 3/15/2017		18,981,593
	1,056,000	Barclays Bank PLC, 6.050%, 12/04/2017, 144A		1,183,508
	7,110,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		6,786,178
	337,230,000,000	Barclays Financial LLC, EMTN, 8.250%, 10/27/2014, (IDR)		29,943,234
	2,173,000	Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		2,379,218
	370,000	BNP Paribas/Australia, 7.000%, 5/24/2016, (AUD)		366,147
	8,994,000	Capital One Financial Corp., 6.150%, 9/01/2016		10,037,394
	56,000,000	Citigroup, Inc., 2.500%, 9/26/2018		56,304,024
	17,000,000	Citigroup, Inc., 3.500%, 5/15/2023		16,038,650
	1,660,000	Citigroup, Inc., 4.500%, 1/14/2022		1,758,853
	2,700,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(b)		2,435,788
	2,740,000	Citigroup, Inc., 5.875%, 2/22/2033		2,914,195
	5,445,000	Citigroup, Inc., 6.125%, 5/15/2018		6,258,075
	8,705,000	Citigroup, Inc., 6.125%, 8/25/2036		9,523,470
	44,910,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		40,113,252
	2,398,000	Citigroup, Inc., EMTN, 1.558%, 11/30/2017, (EUR)(c)		3,266,768
	4,625,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.375%, 1/19/2017		4,903,351
	27,045,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.875%, 2/08/2022		28,008,451
	86,800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		80,339,662
	1,174,000	Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		1,303,297
	112,330,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		128,676,149
	6,645,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		7,414,079
	4,467,000	HBOS PLC, 6.000%, 11/01/2033, 144A		4,633,664
	1,000,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		1,132,942
	700,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		700,000
	36,745,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		30,408,691
	2,950,000	JPMorgan Chase & Co., EMTN, 1.048%, 5/30/2017, (GBP)(c)		4,794,649
	16,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		1,383,944
	100,000	Keybank NA, 6.950%, 2/01/2028		122,400
	9,787,000	Lloyds Bank PLC, EMTN, 4.570%, 10/13/2015, (CAD)		9,211,200
	81,622,000	Lloyds Bank PLC, MTN, 6.500%, 9/14/2020, 144A		93,257,379
	6,479,000	Merrill Lynch & Co., Inc., 5.700%, 5/02/2017		7,206,235
	103,309,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		115,538,306
	2,652,000	Merrill Lynch & Co., Inc., Series C, GMTN, 6.400%, 8/28/2017		3,044,432
	40,126,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		43,896,119
	78,200,000	Morgan Stanley, 2.125%, 4/25/2018		78,028,664

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	4,250,000	Morgan Stanley, 3.450%, 11/02/2015	$	4,412,167
	30,000,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		27,909,482
	4,585,000	Morgan Stanley, 4.875%, 11/01/2022		4,817,845
	56,867,000	Morgan Stanley, 5.500%, 7/24/2020		64,172,988
	5,900,000	Morgan Stanley, 5.750%, 1/25/2021		6,757,807
	151,076,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		138,909,266
	60,800,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		62,129,806
	550,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		1,006,003
	24,100,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		23,841,228
	9,410,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		9,314,611
	3,800,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		3,672,522
	38,206,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		43,456,383
	5,187,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		6,046,802
	9,400,000	Morgan Stanley, Series F, MTN, 0.687%, 10/18/2016(c)		9,376,547
	2,239,000	Morgan Stanley, Series G & H, GMTN, 5.125%, 11/30/2015, (GBP)		3,949,174
	2,875,000	National City Bank of Indiana, 4.250%, 7/01/2018		3,079,798
	8,638,000	National City Corp., 6.875%, 5/15/2019		10,231,711
	35,900,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		37,597,244
	5,250,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		7,588,008
	6,150,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		9,663,666
	1,650,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		2,314,788
	700,000	Santander Financial Issuances Ltd., 7.250%, 11/01/2015		755,301
	16,175,000	Santander Holdings USA, Inc., 4.625%, 4/19/2016		17,254,649
	1,800,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		1,890,180
	1,400,000	Santander Issuances SAU, (fixed rate to 8/11/2014, variable rate thereafter), 6.500%, 8/11/2019, 144A		1,426,275
	5,600,000	Santander US Debt SAU, 3.724%, 1/20/2015, 144A		5,706,792
	3,300,000	Standard Chartered Bank, 6.400%, 9/26/2017, 144A		3,737,646
				1,501,401,744
		Brokerage — 1.6%
	34,260,000	Cantor Fitzgerald LP, 6.375%, 6/26/2015, 144A		35,630,400
	13,100,000	Cantor Fitzgerald LP, 7.875%, 10/15/2019, 144A(b)		13,849,320
	43,310,000	Jefferies Group LLC, 5.125%, 1/20/2023		45,519,503
	19,498,000	Jefferies Group LLC, 6.250%, 1/15/2036		19,754,984
	8,760,000	Jefferies Group LLC, 6.450%, 6/08/2027		9,364,633
	1,693,000	Jefferies Group LLC, 6.875%, 4/15/2021		1,971,398
	23,835,000	Jefferies Group LLC, 8.500%, 7/15/2019		29,292,047
				155,382,285
		Building Materials — 1.3%
	6,640,000	Masco Corp., 4.800%, 6/15/2015		6,889,000
	10,942,000	Masco Corp., 5.850%, 3/15/2017		12,036,200
	6,616,000	Masco Corp., 6.125%, 10/03/2016		7,261,060
	6,058,000	Masco Corp., 6.500%, 8/15/2032		6,164,015
	28,539,000	Masco Corp., 7.125%, 3/15/2020		32,962,545
	5,725,000	Masco Corp., 7.750%, 8/01/2029		6,393,789

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Building Materials — continued
	9,300,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)	$	3,422,433
	4,949,000	Owens Corning, Inc., 6.500%, 12/01/2016		5,464,799
	41,379,000	Owens Corning, Inc., 7.000%, 12/01/2036		46,917,579
				127,511,420
		Commercial Mortgage-Backed Securities — 2.6%
	49,352,760	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.678%, 6/15/2039(c)		53,739,629
	34,381,273	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.971%, 9/15/2039(c)		37,578,456
	6,711,090	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		7,405,896
	57,694,000	Crown Castle Towers LLC, 6.113%, 1/15/2040, 144A		66,135,151
	69,500,000	Extended Stay America Trust, Series 2013, Class 7-ESH7, 3.902%, 12/05/2031, 144A		69,337,370
	9,786,870	Morgan Stanley Re-REMIC Trust, Series 2009-GG10, Class A4B, 5.819%, 8/12/2045, 144A(c)		10,770,069
	6,851,000	Vornado DP LLC, Series 2010-VNO, Class D, 6.356%, 9/13/2028, 144A		7,826,459
	4,250,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.549%, 3/15/2044, 144A(c)		4,358,027
				257,151,057
		Construction Machinery — 0.1%
	6,787,000	Toro Co., 6.625%, 5/01/2037(b)		7,525,324
	400,000	United Rentals North America, Inc., 8.375%, 9/15/2020		443,000
				7,968,324
		Consumer Products — 0.2%
	7,458,000	Hasbro, Inc., 6.600%, 7/15/2028		8,320,995
	11,754,000	Snap-on, Inc., 6.700%, 3/01/2019		13,736,629
				22,057,624
		Diversified Manufacturing — 0.0%
	1,395,000	Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 8/15/2018		1,639,518
		Electric — 2.1%
	32,394,036	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		35,498,194
	10,331,144	Bruce Mansfield Unit, 6.850%, 6/01/2034		11,219,003
	9,066,000	Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017		9,732,596
	12,285,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		12,837,825
	3,200,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		3,472,000
	900,000	EDP Finance BV, EMTN, 5.875%, 2/01/2016, (EUR)		1,335,976
	4,491,000	Endesa S.A./Cayman Islands, 7.875%, 2/01/2027		5,446,887
	40,453,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		42,263,272
	9,007,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		10,208,453
	7,921,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		13,273,108
	3,600,000	Iberdrola Finance Ireland Ltd., 3.800%, 9/11/2014, 144A		3,647,088
	6,365,092	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A(b)		6,590,798
	50,026,000	Southwestern Electric Power Co., 6.450%, 1/15/2019		57,705,041
				213,230,241

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Entertainment — 0.0%
$	3,616,000	Viacom, Inc., 6.125%, 10/05/2017	$	4,155,778
		Financial Other — 0.4%
	26,914,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		37,387,341
		Government Guaranteed — 0.5%
	12,910,000	Instituto de Credito Oficial, EMTN, 4.530%, 3/17/2016, (CAD)		12,042,210
	4,000,000	Japan Bank for International Cooperation (Japan), 2.300%, 3/19/2018, (CAD)		3,623,736
	31,142,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		29,072,655
				44,738,601
		Government Owned – No Guarantee — 1.1%
	3,720,000	Abu Dhabi National Energy Co., 6.500%, 10/27/2036, 144A		4,389,972
	36,975,000	Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A		44,185,125
	58,060,000	DP World Ltd., 6.850%, 7/02/2037, 144A		62,791,890
	1,000,000	Telekom Malaysia Berhad, 7.875%, 8/01/2025, 144A		1,285,058
				112,652,045
		Health Insurance — 0.0%
	1,569,000	CIGNA Corp., 7.875%, 5/15/2027		2,003,505
	1,174,000	CIGNA Corp., (Step to 8.080% on 1/15/2023), 8.300%, 1/15/2033(d)		1,610,587
				3,614,092
		Healthcare — 1.3%
	7,692,000	Boston Scientific Corp., 6.000%, 1/15/2020		8,828,562
	7,374,000	Covidien International Finance S.A., 6.000%, 10/15/2017		8,468,110
	9,459,000	Express Scripts, Inc., 7.250%, 6/15/2019		11,491,673
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		16,934,400
	6,440,000	HCA, Inc., 4.750%, 5/01/2023		6,367,550
	802,000	HCA, Inc., 5.875%, 3/15/2022		864,155
	52,905,000	HCA, Inc., 5.875%, 5/01/2023		54,426,019
	2,936,000	HCA, Inc., 7.050%, 12/01/2027		2,917,650
	4,119,000	HCA, Inc., 7.500%, 12/15/2023		4,469,115
	1,282,000	HCA, Inc., 7.500%, 11/06/2033		1,314,050
	3,807,000	HCA, Inc., 7.690%, 6/15/2025		4,063,973
	4,164,000	HCA, Inc., 8.360%, 4/15/2024		4,705,320
	1,199,000	HCA, Inc., MTN, 7.580%, 9/15/2025		1,264,945
	3,068,000	HCA, Inc., MTN, 7.750%, 7/15/2036		3,129,360
	2,256,000	Owens & Minor, Inc., 6.350%, 4/15/2016		2,453,869
	2,200,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,980,000
				133,678,751
		Home Construction — 0.1%
	2,006,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015(e)		223,168
	9,200,000	Pulte Group, Inc., 6.000%, 2/15/2035		8,579,000
	3,567,000	Pulte Group, Inc., 6.375%, 5/15/2033		3,495,660
				12,297,828
		Independent Energy — 0.9%
	9,787,000	EQT Corp., 8.125%, 6/01/2019		11,942,097
	60,038,000	Equitable Resources, Inc., 6.500%, 4/01/2018		67,408,145

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	7,240,000	Newfield Exploration Co., 5.625%, 7/01/2024	$	7,511,500
				86,861,742
		Industrial Other — 0.1%
	4,893,000	Worthington Industries, Inc., 6.500%, 4/15/2020		5,228,723
		Life Insurance — 0.7%
	3,920,000	American International Group, Inc., 4.125%, 2/15/2024		4,002,998
	1,475,000	American International Group, Inc., 4.875%, 6/01/2022		1,615,157
	1,515,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		1,731,283
	2,036,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017		2,272,058
	600,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(f)		1,082,564
	5,900,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		8,984,837
	9,063,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		10,749,588
	6,440,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		6,844,355
	2,872,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		3,346,963
	14,489,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		19,088,403
	4,732,000	Unum Group, 7.125%, 9/30/2016		5,376,830
				65,095,036
		Local Authorities — 3.3%
	59,530,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		84,848,092
	800,000	City of Madrid, Spain, 4.550%, 6/16/2036, (EUR)		944,693
	7,448,000	Manitoba (Province of), GMTN, 6.375%, 9/01/2015, (NZD)		6,637,808
	11,311,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		10,380,175
	152,895,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		154,765,416
	17,930,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		17,718,122
	9,987	Province of Alberta, 5.930%, 9/16/2016, (CAD)		9,707
	489,000	Province of Nova Scotia, 6.600%, 6/01/2027, (CAD)		585,336
	29,791,000	Province of Quebec, Canada, Series QC, 6.750%, 11/09/2015, (NZD)		26,832,746
	26,518,000	Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014, (AUD)		25,076,370
				327,798,465
		Lodging — 0.6%
	52,516,000	Choice Hotels International, Inc., 5.700%, 8/28/2020		55,798,250
	100,000	Wyndham Worldwide Corp., 6.000%, 12/01/2016		111,471
				55,909,721
		Media Cable — 1.1%
	17,832,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		18,193,640
	13,630,000	Time Warner Cable, Inc., 4.125%, 2/15/2021		14,268,988
	4,101,000	Time Warner Cable, Inc., 5.850%, 5/01/2017		4,610,640
	64,548,000	Time Warner Cable, Inc., 6.750%, 7/01/2018		75,664,779
				112,738,047
		Media Non-Cable — 0.4%
	4,482,000	21st Century Fox America, Inc., 8.150%, 10/17/2036		5,987,100
	5,000,000	Clear Channel Communications, Inc., 9.000%, 3/01/2021		5,218,750

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Media Non-Cable — continued
	358,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)	$	22,098,051
	1,805,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		1,906,531
	4,445,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		5,089,525
				40,299,957
		Metals & Mining — 2.5%
	15,000,000	Alcoa, Inc., 5.400%, 4/15/2021		15,737,385
	15,060,000	Alcoa, Inc., 5.870%, 2/23/2022		15,880,107
	45,700,000	Alcoa, Inc., 5.900%, 2/01/2027		46,626,339
	5,505,000	Alcoa, Inc., 5.950%, 2/01/2037		5,333,591
	5,804,000	Alcoa, Inc., 6.750%, 1/15/2028		6,278,930
	430,000	ArcelorMittal, 6.000%, 3/01/2021		458,488
	4,085,000	ArcelorMittal, 6.750%, 2/25/2022		4,483,287
	47,920,000	ArcelorMittal, 7.250%, 3/01/2041		48,099,700
	19,365,000	ArcelorMittal, 7.500%, 10/15/2039		20,018,569
	20,625,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		18,975,000
	2,325,000	Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A		1,511,250
	24,155,000	Plains Exploration & Production Co., 6.500%, 11/15/2020		26,600,694
	4,612,000	United States Steel Corp., 6.650%, 6/01/2037		3,966,320
	31,210,000	United States Steel Corp., 7.000%, 2/01/2018		34,565,075
	3,655,000	Vale Overseas Ltd., 6.875%, 11/21/2036		3,894,318
				252,429,053
		Mortgage Related — 0.0%
	43,301	FHLMC, 5.000%, 12/01/2031		46,995
	6,518	FNMA, 6.000%, 7/01/2029		7,354
				54,349
		Non-Captive Consumer — 2.3%
	90,196,000	SLM Corp., 5.500%, 1/25/2023		88,504,825
	62,425(††)	SLM Corp., 6.000%, 12/15/2043		1,349,524
	2,270,000	SLM Corp., MTN, 4.625%, 9/25/2017		2,386,338
	8,895,000	SLM Corp., MTN, 7.250%, 1/25/2022		9,806,738
	641,000	SLM Corp., MTN, 8.000%, 3/25/2020		737,951
	15,792,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		15,643,066
	19,496,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		17,253,960
	48,535,000	Springleaf Finance Corp., 7.750%, 10/01/2021		53,752,512
	19,414,000	Springleaf Finance Corp., 8.250%, 10/01/2023		21,646,610
	19,727,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		21,650,382
				232,731,906
		Non-Captive Diversified — 3.8%
	66,384,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		73,238,214
	3,500,000	GE Capital Australia Funding Pty Ltd., 7.000%, 10/08/2015, (AUD)		3,418,567
	10,350,000	GE Capital Australia Funding Pty Ltd., MTN, 6.000%, 4/15/2015, (AUD)		9,873,382
	1,874,000	GE Capital Australia Funding Pty Ltd., MTN, 6.000%, 3/15/2019, (AUD)		1,851,610
	35,580,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		30,025,339
	14,225,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		12,845,798
	51,370,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		45,394,927
	36,850,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		32,768,230

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Captive Diversified — continued
$	10,247,000	General Electric Capital Corp., Series A, MTN, 0.539%, 5/13/2024(c)	$	9,398,887
	26,931,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		24,122,729
	210,000	International Lease Finance Corp., 3.875%, 4/15/2018		214,200
	18,830,000	International Lease Finance Corp., 4.625%, 4/15/2021		18,830,000
	27,395,000	International Lease Finance Corp., 5.875%, 4/01/2019		29,929,037
	3,063,000	International Lease Finance Corp., 5.875%, 8/15/2022		3,239,123
	12,465,000	International Lease Finance Corp., 6.250%, 5/15/2019		13,742,663
	60,419,000	International Lease Finance Corp., 7.125%, 9/01/2018, 144A		70,237,087
				379,129,793
		Oil Field Services — 0.3%
	5,000,000	Nabors Industries, Inc., 5.100%, 9/15/2023, 144A		5,203,285
	23,338,000	Rowan Cos., Inc., 7.875%, 8/01/2019		28,346,568
	587,000	Transocean Ltd., 7.375%, 4/15/2018		675,161
				34,225,014
		Paper — 1.1%
	4,365,000	Celulosa Arauco y Constitucion S.A., 7.250%, 7/29/2019		5,061,008
	23,225,000	Georgia-Pacific LLC, 5.400%, 11/01/2020, 144A		26,041,124
	644,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		847,299
	1,031,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		1,501,136
	7,049,000	International Paper Co., 8.700%, 6/15/2038		10,186,707
	5,270,000	Mead Corp. (The), 7.550%, 3/01/2047(b)		5,972,897
	5,068,000	Westvaco Corp., 8.200%, 1/15/2030		6,328,295
	26,007,000	Weyerhaeuser Co., 6.875%, 12/15/2033		32,160,334
	7,374,000	Weyerhaeuser Co., 7.375%, 10/01/2019		8,963,031
	13,539,000	Weyerhaeuser Co., 7.375%, 3/15/2032		17,402,259
				114,464,090
		Pipelines — 2.6%
	650,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		706,568
	525,000	Energy Transfer Partners LP, 4.150%, 10/01/2020		541,781
	3,328,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		4,090,418
	14,300,000	IFM US Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		15,194,880
	14,660,000	Kinder Morgan Energy Partners LP, 3.500%, 9/01/2023		13,841,957
	3,105,000	Kinder Morgan Energy Partners LP, 5.300%, 9/15/2020		3,409,821
	7,461,000	Kinder Morgan Energy Partners LP, 5.800%, 3/01/2021		8,420,940
	303,000	Kinder Morgan Finance Co. LLC, 5.700%, 1/05/2016		322,695
	26,638,150	Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014, 144A(b)		26,863,322
	17,670,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		17,360,775
	635,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		592,138
	1,745,000	NiSource Finance Corp., 6.125%, 3/01/2022		2,010,329
	22,365,000	NiSource Finance Corp., 6.400%, 3/15/2018		25,797,580
	21,614,000	NiSource Finance Corp., 6.800%, 1/15/2019		25,594,780
	9,899,000	Panhandle Eastern Pipeline Co., 6.200%, 11/01/2017		11,272,694
	47,594,000	Panhandle Eastern Pipeline Co., 7.000%, 6/15/2018		55,088,865
	1,404,000	Panhandle Eastern Pipeline Co., 8.125%, 6/01/2019		1,698,378
	1,880,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		2,111,783
	15,683,000	Plains All American Pipeline LP/PAA Finance Corp., 6.500%, 5/01/2018		18,351,541

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Pipelines — continued
$	4,125,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A	$	4,630,148
	19,574,000	Texas Eastern Transmission LP, 6.000%, 9/15/2017, 144A		21,989,628
				259,891,021
		Property & Casualty Insurance — 0.4%
	2,740,000	Fidelity National Financial, Inc., 5.500%, 9/01/2022		2,917,281
	9,038,000	Liberty Mutual Group, Inc., 6.500%, 3/15/2035, 144A		10,518,668
	1,889,000	MBIA Insurance Corp., 11.499%, 1/15/2033, 144A(c)(g)		1,525,367
	10,200,000	Nationwide Mutual Insurance Co., 6.600%, 4/15/2034, 144A		10,251,000
	7,609,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		8,497,290
	2,212,000	XLIT Ltd., 6.250%, 5/15/2027		2,553,097
	1,463,000	XLIT Ltd., 6.375%, 11/15/2024		1,736,764
				37,999,467
		Property Trust — 0.4%
	36,192,000	WEA Finance LLC/WT Finance Australia Pty Ltd., 6.750%, 9/02/2019, 144A		43,505,933
		Railroads — 0.1%
	9,787,000	Canadian Pacific Railway Co., 7.250%, 5/15/2019		11,838,140
	237,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2030(b)		225,599
	1,701,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(b)		1,442,757
	191,000	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(b)		183,496
				13,689,992
		Real Estate Operations/Development — 0.1%
	10,276,000	First Industrial LP, 5.950%, 5/15/2017		11,303,456
		Refining — 0.1%
	7,700,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		8,063,679
		REITs – Apartments — 0.3%
	12,243,000	Camden Property Trust, 5.000%, 6/15/2015		12,855,725
	16,491,000	Camden Property Trust, 5.700%, 5/15/2017		18,517,464
				31,373,189
		REITs – Diversified — 0.3%
	4,140,000	Duke Realty LP, 5.950%, 2/15/2017		4,610,590
	19,574,000	Duke Realty LP, 6.500%, 1/15/2018		22,373,982
				26,984,572
		REITs – Healthcare — 0.1%
	5,972,000	Health Care REIT, Inc., 6.500%, 3/15/2041		7,273,675
		REITs – Office Property — 0.4%
	20,817,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		23,152,917
	11,306,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		13,309,016
				36,461,933
		REITs – Shopping Centers — 0.1%
	4,893,000	Equity One, Inc., 6.000%, 9/15/2017		5,457,540
		REITs – Single Tenant — 0.4%
	5,862,000	Realty Income Corp., 5.750%, 1/15/2021		6,642,971
	25,529,000	Realty Income Corp., 6.750%, 8/15/2019		30,141,503
				36,784,474

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		REITs – Warehouse/Industrials — 0.6%
$	3,873,000	ProLogis LP, 5.625%, 11/15/2015	$	4,157,546
	11,179,000	ProLogis LP, 5.625%, 11/15/2016		12,327,341
	10,889,000	ProLogis LP, 5.750%, 4/01/2016		11,828,666
	8,579,000	ProLogis LP, 6.625%, 5/15/2018		9,982,198
	18,869,000	ProLogis LP, 7.375%, 10/30/2019		22,827,829
				61,123,580
		Restaurants — 0.1%
	10,320,000	Darden Restaurants, Inc., 6.000%, 8/15/2035		10,201,557
		Retailers — 0.4%
	5,296,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		4,461,880
	6,397,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		4,877,713
	6,076,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		4,557,000
	10,467,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		12,375,898
	8,064,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		8,848,151
				35,120,642
		Sovereigns — 1.4%
	43,590,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		18,010,412
	23,848,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		10,930,771
	52,555,000	Republic of Croatia, 6.750%, 11/05/2019, 144A		57,876,194
	33,600,000	Republic of Iceland, 5.875%, 5/11/2022, 144A		36,414,000
	1,415,381,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		9,587,495
	391,985,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		2,663,320
	820,777,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		5,950,902
				141,433,094
		Supermarkets — 0.4%
	1,120,000	Delhaize Group S.A., 5.700%, 10/01/2040		1,139,093
	3,269,000	Kroger Co. (The), 6.400%, 8/15/2017		3,752,354
	6,595,000	New Albertson’s, Inc., 7.450%, 8/01/2029		5,308,975
	7,875,000	New Albertson’s, Inc., 8.000%, 5/01/2031		6,496,875
	979,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		709,775
	17,290,000	SUPERVALU, Inc., 6.750%, 6/01/2021		17,527,738
				34,934,810
		Supranational — 0.5%
	11,745,000	European Bank for Reconstruction & Development, EMTN, 9.000%, 4/28/2014, (BRL)		5,169,250
	9,640,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		9,744,948
	12,982,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		11,717,659
	58,420,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		23,697,562
				50,329,419
		Technology — 1.5%
	4,600,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		4,393,000
	1,028,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		1,169,674
	1,507,000	Avnet, Inc., 6.625%, 9/15/2016		1,681,260
	7,487,000	Corning, Inc., 7.250%, 8/15/2036		9,045,996

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Technology — continued
$	7,051,000	Equifax, Inc., 7.000%, 7/01/2037	$	8,516,839
	70,969,000	Ingram Micro, Inc., 5.250%, 9/01/2017		77,046,927
	7,795,000	Intuit, Inc., 5.750%, 3/15/2017		8,752,507
	19,078,000	KLA-Tencor Corp., 6.900%, 5/01/2018		22,368,001
	1,502,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		1,579,317
	1,974,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		2,376,570
	5,603,000	Tyco Electronics Group S.A., 6.550%, 10/01/2017		6,479,175
	561,000	Xerox Corp., 6.350%, 5/15/2018		648,268
	7,110,000	Xerox Corp., 6.750%, 2/01/2017		8,090,881
				152,148,415
		Textile — 0.0%
	3,755,000	Phillips-Van Heusen Corp., 7.750%, 11/15/2023		4,393,113
		Transportation Services — 0.8%
	8,436,000	Erac USA Finance Co., 6.375%, 10/15/2017, 144A		9,711,101
	2,824,000	Erac USA Finance Co., 6.700%, 6/01/2034, 144A		3,346,587
	51,504,000	Erac USA Finance Co., 7.000%, 10/15/2037, 144A		64,774,624
				77,832,312
		Treasuries — 19.7%
	106,195,000	Canadian Government, 1.000%, 8/01/2016, (CAD)		95,787,794
	209,501,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		186,519,375
	206,210,000	Canadian Government, 2.250%, 8/01/2014, (CAD)		187,364,775
	372,145,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		342,491,221
	90,055,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		84,591,419
	156,655,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		146,239,674
	79,485,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		79,096,023
	4,159,000	Canadian Government, 4.000%, 6/01/2016, (CAD)		3,997,154
	2,105,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		18,247,015
	109,763,000	New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		101,537,202
	974,276,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		175,103,812
	802,302,000	Norway Government Bond, 5.000%, 5/15/2015, (NOK)		139,212,354
	6,000,000	Singapore Government Bond, 1.375%, 10/01/2014, (SGD)		4,792,831
	300,000,000	U.S. Treasury Note, 0.375%, 1/31/2016		300,093,600
	100,000,000	U.S. Treasury Note, 0.375%, 3/31/2016		99,890,600
				1,964,964,849
		Wireless — 0.5%
	559,910,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		39,944,350
	6,373,000	Sprint Capital Corp., 6.875%, 11/15/2028		6,181,810
	1,996,000	Sprint Capital Corp., 6.900%, 5/01/2019		2,190,610
	612,000	Sprint Capital Corp., 8.750%, 3/15/2032		673,200
	598,000	Sprint Communications, Inc., 6.000%, 11/15/2022		609,212
				49,599,182
		Wirelines — 3.9%
	406,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		475,896
	2,936,000	BellSouth Telecommunications LLC, 5.850%, 11/15/2045		2,891,672
	62,040,000	CenturyLink, Inc., 6.450%, 6/15/2021		66,693,000

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	4,990,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028	$	4,790,400
	2,708,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,575,985
	24,103,000	Embarq Corp., 7.995%, 6/01/2036		25,148,901
	825,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		894,094
	200,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		222,000
	5,200,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)		2,068,312
	8,450,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		11,815,756
	18,850,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		28,100,309
	300,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		439,126
	1,698,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,872,045
	2,755,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		2,631,025
	4,370,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		4,730,525
	3,469,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		3,425,637	��
	333,000	Qwest Corp., 6.500%, 6/01/2017		376,713
	14,480,000	Qwest Corp., 6.875%, 9/15/2033		14,279,351
	4,668,000	Qwest Corp., 7.200%, 11/10/2026		4,701,661
	9,077,000	Qwest Corp., 7.250%, 9/15/2025		10,026,908
	9,474,000	Qwest Corp., 7.250%, 10/15/2035		9,579,768
	46,411,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		43,278,257
	23,660,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		23,127,650
	4,200,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		4,289,229
	525,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		567,591
	975,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		1,071,848
	14,375,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		17,398,882
	1,700,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)		3,023,080
	2,700,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		4,728,045
	2,100,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		3,636,855
	8,800,000	Telefonica Emisiones SAU, EMTN, 5.597%, 3/12/2020, (GBP)		16,039,659
	14,137,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		13,843,902
	54,665,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		54,946,360
	2,642,000	Verizon New England, Inc., 7.875%, 11/15/2029		3,244,957
	2,095,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		2,196,201
				389,131,600
		Total Non-Convertible Bonds (Identified Cost $7,858,895,313)		8,565,727,067
	Convertible Bonds — 5.1%
		Automotive — 0.6%
	34,827,000	Ford Motor Co., 4.250%, 11/15/2016		63,058,637
		Independent Energy — 0.5%
	34,700,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		35,307,250
	11,225,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		11,695,047
				47,002,297

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Life Insurance — 0.9%
$	72,915,000	Old Republic International Corp., 3.750%, 3/15/2018	$	90,688,031
		Metals & Mining — 0.2%
	17,800,000	United States Steel Corp., 2.750%, 4/01/2019		23,062,125
		REITs – Warehouse/Industrials — 0.3%
	27,359,000	ProLogis LP, 3.250%, 3/15/2015		32,010,030
		Technology — 2.5%
	35,120,000	Intel Corp., 2.950%, 12/15/2035		41,331,850
	137,016,000	Intel Corp., 3.250%, 8/01/2039		191,565,495
	11,515,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		14,285,797
	380,803	Liberty Media LLC, 3.500%, 1/15/2031		201,588
	15,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032		37,697
	72,000	Micron Technology, Inc., Series G, 3.000%, 11/15/2043		78,885
				247,501,312
		Wirelines — 0.1%
	2,926,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(b)		4,438,376
		Total Convertible Bonds (Identified Cost $379,349,638)		507,760,808
	Municipals — 0.9%
		District of Columbia — 0.2%
	14,680,000	Metropolitan Washington Airports Authority, 7.462%, 10/01/2046		17,824,016
		Illinois — 0.6%
	530,000	Chicago O’Hare International Airport, Series A, (AGMC insured), 4.500%, 1/01/2038		528,431
	24,640,000	State of Illinois, 5.100%, 6/01/2033		24,317,955
	33,395,000	State of Illinois, Series B, 5.520%, 4/01/2038		32,391,815
				57,238,201
		Michigan — 0.0%
	2,345,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		1,874,687
		Ohio — 0.0%
	5,075,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047		4,085,984
		Virginia — 0.1%
	13,845,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		9,863,316
		Total Municipals (Identified Cost $88,310,412)		90,886,204
		Total Bonds and Notes (Identified Cost $8,326,555,363)		9,164,374,079

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Senior Loans — 0.5%
		Non-Captive Diversified — 0.4%
$	26,767,147	AWAS Finance Luxembourg 2012 S.A., New Term Loan, 3.500%, 7/16/2018(c)	$	26,800,606
	16,156,225	AWAS Finance Luxembourg S.a.r.l., Term Loan B, 3.500%, 6/10/2016(c)		16,156,225
				42,956,831
		Supermarkets — 0.1%
	9,096,130	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(c)		9,103,680
		Total Senior Loans (Identified Cost $52,008,431)		52,060,511
Shares
	Common Stocks — 3.7%
		Electronic Equipment, Instruments & Components — 3.7%
	17,550,000	Corning, Inc. (Identified Cost $226,654,590)		365,391,000
	Preferred Stocks — 0.3%
		Independent Energy — 0.0%
	43,031	Chesapeake Energy Corp., 5.000%		4,169,704
		Metals & Mining — 0.1%
	340,285	ArcelorMittal, 6.000%		8,160,034
		REITs – Diversified — 0.2%
	258,873	Weyerhaeuser Co., Series A, 6.375%		14,134,466
		Total Preferred Stocks (Identified Cost $25,066,559)		26,464,204
Principal Amount (‡)
	Short-Term Investments — 2.3%
$	229,853,638	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $229,853,638 on 4/01/2014 collateralized by $27,940,000 Federal Home Loan Mortgage Corp., 4.875% due 6/13/2018 valued at $32,131,000; $2,435,000 U.S. Treasury Note, 0.750% due 3/31/2018 valued at $2,380,213; $199,940,000 U.S. Treasury Note, 0.625% due 8/15/2016 valued at $199,940,000 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $229,853,638)		229,853,638
		Total Investments — 98.7% (Identified Cost $8,860,138,581)(a)		9,838,143,432
		Other assets less liabilities — 1.3%		130,044,731
		Net Assets — 100.0%	$	9,968,188,163

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(†)	See Note 2 of Notes to Financial Statements.
(††)	Amount shown represents units. One unit represents a principal amount of 25.
(†††)	Amount shown represents units. One unit represents a principal amount of 100.
(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
	At March 31, 2014, the net unrealized appreciation on investments based on a cost of $8,898,430,692 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	1,132,825,228
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(193,112,488	)
	Net unrealized appreciation	$	939,712,740
(b)	Illiquid security. At March 31, 2014, the value of these securities amounted to $129,912,605 or 1.3% of net assets.
(c)	Variable rate security. Rate as of March 31, 2014 is disclosed.
(d)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(e)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(f)	Perpetual bond with no specified maturity date.
(g)	Non-income producing security.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of Rule 144A holdings amounted to $1,574,503,736 or 15.8% of net assets.
ABS	Asset-Backed Securities
AGMC	Assured Guaranty Municipal Corp.
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
REMIC	Real Estate Mortgage Investment Conduit
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
ISK	Icelandic Krona
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SGD	Singapore Dollar

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Industry Summary at March 31, 2014 (Unaudited)

Treasuries	19.7	%
Banking	15.1
Non-Captive Diversified	4.2
Technology	4.0
Wirelines	4.0
Electronic Equipment, Instruments & Components	3.7
Local Authorities	3.3
Airlines	3.0
Metals & Mining	2.8
Pipelines	2.6
Commercial Mortgage-Backed Securities	2.6
Non-Captive Consumer	2.3
Electric	2.1
Other Investments, less than 2% each	27.0
Short-Term Investments	2.3
Total Investments	98.7
Other assets less liabilities	1.3
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2014 (Unaudited)

United States Dollar	69.0	%
Canadian Dollar	13.4
New Zealand Dollar	5.4
Australian Dollar	3.4
Norwegian Krone	3.2
Other, less than 2% each	4.3
Total Investments	98.7
Other assets less liabilities	1.3
Net Assets	100.0	%

See accompanying notes to financial statements.

|  22

Statement of Assets and Liabilities

March 31, 2014 (Unaudited)

ASSETS
Investments at cost	$	8,860,138,581
Net unrealized appreciation		978,004,851
Investments at value		9,838,143,432
Foreign currency at value (identified cost $1,217,131)		1,254,253
Receivable for Fund shares sold		24,650,432
Receivable for securities sold		6,153,748
Dividends and interest receivable		122,308,405
Tax reclaims receivable		65,944
TOTAL ASSETS		9,992,576,214
LIABILITIES
Payable for Fund shares redeemed		19,488,995
Management fees payable (Note 5)		3,352,253
Deferred Trustees’ fees (Note 5)		531,239
Administrative fees payable (Note 5)		365,309
Payable to distributor (Note 5d)		137,242
Other accounts payable and accrued expenses		513,013
TOTAL LIABILITIES		24,388,051
NET ASSETS	$	9,968,188,163
NET ASSETS CONSIST OF:
Paid-in capital	$	8,976,955,455
Distributions in excess of net investment income		(16,089,235	)
Accumulated net realized gain on investments and foreign currency transactions		28,213,058
Net unrealized appreciation on investments and foreign currency translations		979,108,885
NET ASSETS	$	9,968,188,163

See accompanying notes to financial statements.

23  |

Statement of Assets and Liabilities (continued)

March 31, 2014 (Unaudited)

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	2,333,328,358
Shares of beneficial interest		191,102,941
Net asset value and redemption price per share	$	12.21
Offering price per share (100/95.50 of net asset value) (Note 1)	$	12.79
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	7,016,534
Shares of beneficial interest		577,730
Net asset value and offering price per share	$	12.15
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	1,580,799,591
Shares of beneficial interest		130,633,728
Net asset value and offering price per share	$	12.10
Class N shares:
Net assets	$	3,982,386
Shares of beneficial interest		326,095
Net asset value, offering and redemption price per share	$	12.21
Class Y shares:
Net assets	$	6,021,800,766
Shares of beneficial interest		492,823,777
Net asset value, offering and redemption price per share	$	12.22
Admin Class shares:
Net assets	$	21,260,528
Shares of beneficial interest		1,744,408
Net asset value, offering and redemption price per share	$	12.19

See accompanying notes to financial statements.

|  24

Statement of Operations

For the Six Months Ended March 31, 2014 (Unaudited)

INVESTMENT INCOME
Interest	$	232,307,362
Dividends		4,332,202
		236,639,564
Expenses
Management fees (Note 5)		19,830,095
Service and distribution fees (Note 5)		11,201,493
Administrative fees (Note 5)		2,175,828
Trustees’ fees and expenses (Note 5)		138,815
Transfer agent fees and expenses (Notes 5 and 6)		6,102,255
Audit and tax services fees		28,849
Custodian fees and expenses		225,731
Legal fees		64,857
Registration fees		149,609
Shareholder reporting expenses		377,275
Miscellaneous expenses		124,272
Total expenses		40,419,079
Fee/expense recovery (Note 5)		11
Net expenses		40,419,090
Net investment income		196,220,474
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investments		90,234,514
Foreign currency transactions		589,086
Net change in unrealized appreciation (depreciation) on:
Investments		192,345,608
Foreign currency translations		803,185
Net realized and unrealized gain on investments and foreign currency transactions		283,972,393
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	480,192,867

See accompanying notes to financial statements.

25  |

Statement of Changes in Net Assets

	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
FROM OPERATIONS:
Net investment income	$	196,220,474		$	457,104,505
Net realized gain on investments and foreign currency transactions		90,823,600			279,257,933
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		193,148,793			(589,427,566	)
Net increase in net assets resulting from operations		480,192,867			146,934,872
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(53,737,444	)		(137,547,979	)
Class B		(143,402	)		(434,962	)
Class C		(31,645,348	)		(86,375,065	)
Class N		(51,767	)		(330	)
Class Y		(141,558,193	)		(341,402,630	)
Admin Class		(449,365	)		(914,415	)
Net realized capital gains
Class A		(61,443,747	)		(27,197,220	)
Class B		(193,236	)		(106,865	)
Class C		(42,676,071	)		(20,576,316	)
Class N		(71,304	)		—
Class Y		(149,212,926	)		(63,063,034	)
Admin Class		(529,493	)		(171,884	)
Total distributions		(481,712,296	)		(677,790,700	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(369,102,883	)		(1,217,980,423	)
Net decrease in net assets		(370,622,312	)		(1,748,836,251	)
NET ASSETS
Beginning of the period		10,338,810,475			12,087,646,726
End of the period	$	9,968,188,163		$	10,338,810,475
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(16,089,235	)	$	15,275,810

See accompanying notes to financial statements.

|  26

Financial Highlights

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income (a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income				Distributions from net realized capital gains			Total distributions
Class A
3/31/2014(f)	$	12.22	$	0.24	$	0.35		$	0.59		$	(0.28	)		$	(0.32	)	$	(0.60	)
9/30/2013		12.76		0.48		(0.30	)		0.18			(0.60	)			(0.12	)		(0.72	)
9/30/2012		12.12		0.51		0.86			1.37			(0.62	)			(0.11	)		(0.73	)
9/30/2011		12.56		0.57		(0.15	)		0.42			(0.60	)			(0.26	)		(0.86	)
9/30/2010		11.64		0.55		0.96			1.51			(0.56	)	��		(0.03	)		(0.59	)
9/30/2009		10.54		0.60		1.22			1.82			(0.59	)			(0.13	)		(0.72	)
Class B
3/31/2014(f)		12.16		0.19		0.35			0.54			(0.23	)			(0.32	)		(0.55	)
9/30/2013		12.70		0.39		(0.31	)		0.08			(0.50	)			(0.12	)		(0.62	)
9/30/2012		12.06		0.42		0.86			1.28			(0.53	)			(0.11	)		(0.64	)
9/30/2011		12.50		0.47		(0.14	)		0.33			(0.51	)			(0.26	)		(0.77	)
9/30/2010		11.59		0.45		0.95			1.40			(0.46	)			(0.03	)		(0.49	)
9/30/2009		10.50		0.51		1.21			1.72			(0.50	)			(0.13	)		(0.63	)
Class C
3/31/2014(f)		12.11		0.19		0.35			0.54			(0.23	)			(0.32	)		(0.55	)
9/30/2013		12.66		0.39		(0.32	)		0.07			(0.50	)			(0.12	)		(0.62	)
9/30/2012		12.03		0.42		0.85			1.27			(0.53	)			(0.11	)		(0.64	)
9/30/2011		12.47		0.47		(0.14	)		0.33			(0.51	)			(0.26	)		(0.77	)
9/30/2010		11.56		0.46		0.96			1.42			(0.48	)			(0.03	)		(0.51	)
9/30/2009		10.47		0.52		1.22			1.74			(0.52	)			(0.13	)		(0.65	)
Class N
3/31/2014(f)		12.22		0.26		0.35			0.61			(0.30	)			(0.32	)		(0.62	)
9/30/2013*		12.66		0.34		(0.46	)		(0.12	)		(0.32	)			—			(0.32	)
Class Y
3/31/2014(f)		12.23		0.25		0.35			0.60			(0.29	)			(0.32	)		(0.61	)
9/30/2013		12.77		0.52		(0.31	)		0.21			(0.63	)			(0.12	)		(0.75	)
9/30/2012		12.13		0.54		0.86			1.40			(0.65	)			(0.11	)		(0.76	)
9/30/2011		12.56		0.60		(0.14	)		0.46			(0.63	)			(0.26	)		(0.89	)
9/30/2010		11.65		0.58		0.95			1.53			(0.59	)			(0.03	)		(0.62	)
9/30/2009		10.55		0.62		1.23			1.85			(0.62	)			(0.13	)		(0.75	)
Admin Class
3/31/2014(f)		12.20		0.22		0.35			0.57			(0.26	)			(0.32	)		(0.58	)
9/30/2013		12.74		0.45		(0.30	)		0.15			(0.57	)			(0.12	)		(0.69	)
9/30/2012		12.11		0.48		0.85			1.33			(0.59	)			(0.11	)		(0.70	)
9/30/2011		12.55		0.54		(0.15	)		0.39			(0.57	)			(0.26	)		(0.83	)
9/30/2010**		11.80		0.33		0.73			1.06			(0.31	)			—			(0.31	)

* From commencement of Class operations on February 1, 2013 through September 30, 2013.

** From commencement of Class operations on February 1, 2010 through September 30, 2010.

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

(b) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

See accompanying notes to financial statements.

27  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (b)(c)			Net assets, end of the period (000’s)		Net expenses (%) (d)(e)			Gross expenses (%) (e)			Net investment income (%) (e)		Portfolio turnover rate (%)
	$12.21		4.93		$	2,333,328		0.84			0.84			3.93		8
	12.22		1.34			2,431,718		0.83			0.83			3.85		30
	12.76		11.74			2,960,119		0.84			0.84			4.17		19
	12.12		3.47			2,705,810		0.81			0.81			4.56		19
	12.56		13.41			3,092,956		0.81			0.81			4.58		25
	11.64		18.64			2,946,489		0.80			0.80			5.87		30
	12.15		4.55			7,017		1.59			1.59			3.18		8
	12.16		0.57			7,972		1.58			1.58			3.09		30
	12.70		10.96			12,507		1.59			1.59			3.42		19
	12.06		2.70			13,549		1.56			1.56			3.81		19
	12.50		12.43			17,113		1.65			1.65			3.74		25
	11.59		17.59			17,489		1.67			1.67			5.07		30
	12.10		4.57			1,580,800		1.59			1.59			3.18		8
	12.11		0.50			1,746,822		1.58			1.58			3.10		30
	12.66		10.91			2,281,142		1.59			1.59			3.42		19
	12.03		2.71			2,091,834		1.56			1.56			3.81		19
	12.47		12.58			2,593,324		1.56			1.56			3.83		25
	11.56		17.80			2,495,305		1.56			1.56			5.09		30
	12.21		5.09			3,982		0.47	(g)		0.47	(g)		4.36		8
	12.22		(0.95	)		41		0.65			0.78			4.18		30
	12.22		5.05			6,021,801		0.59			0.59			4.18		8
	12.23		1.60			6,130,700		0.58			0.58			4.11		30
	12.77		12.01			6,817,911		0.59			0.59			4.41		19
	12.13		3.81			4,887,742		0.56			0.56			4.81		19
	12.56		13.60			4,473,001		0.56			0.56			4.82		25
	11.65		18.94			3,531,187		0.54			0.54			6.01		30
	12.19		4.80			21,261		1.09			1.09			3.68		8
	12.20		1.10			21,557		1.08			1.08			3.62		30
	12.74		11.41			15,968		1.09			1.09			3.89		19
	12.11		3.26			5,967		1.07			1.07			4.32		19
	12.55		9.13			879		1.08			7.68			4.06		25

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

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

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

(f) For the six months ended March 31, 2014 (Unaudited).

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

See accompanying notes to financial statements.

|  28

Notes to Financial Statements

March 31, 2014 (Unaudited)

1.  Organization.  Loomis Sayles Funds II (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trust are presented in separate reports. Information presented in these financial statements pertains to Loomis Sayles Investment Grade Bond Fund (the “Fund”).

The Fund is a diversified investment company.

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

Class A shares are sold with a maximum front-end sales charge of 4.50%. Class B shares do not pay a front-end sales charge; however, they are charged higher Rule 12b-1 fees, and are subject to a contingent deferred sales charge (“CDSC”) if such shares are redeemed within six years of purchase. After eight years of ownership, Class B shares convert to Class A shares. Class C shares do not pay a front-end sales charge, do not convert to any other class of shares, pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are primarily intended for employer-sponsored retirement plans. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000, though some categories of investors are exempted from the minimum investment amount as outlined in the Fund’s prospectus. Admin Class shares do not pay a front-end sales charge or a CDSC, but do pay a Rule 12b-1 fee. Class N and Admin Class shares are offered exclusively through intermediaries.

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

2.  Significant Accounting Policies.  The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial

29  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

statements. The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Fund’s financial statements.

a.  Valuation.  Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) and unlisted equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service using market information, transactions for comparable securities and various relationships between securities, if available, or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange or market where traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service. Short-term obligations (purchased with an original or remaining maturity of sixty days or less) are valued at amortized cost (which approximates market value.)

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange (“NYSE”). This may include situations relating to a single issuer (such

|  30

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time a Fund’s NAV is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily net asset value calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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

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

31  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

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

d.  Forward Foreign Currency Contracts.  The Fund may enter into forward foreign currency contracts, including forward foreign cross currency contracts, to acquire exposure to foreign currencies or to hedge the Fund’s investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss reflected in the Fund’s Statement of Assets and Liabilities. The U.S. dollar value of the currencies the Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Fund’s or counterparty’s net obligations under the contracts.

No forward foreign currency contracts were held by the Fund during the six months ended March 31, 2014.

e.  Federal and Foreign Income Taxes.  The Trust treats each fund as a separate entity for federal income tax purposes. The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of the Fund’s tax positions for the open tax years as of March 31, 2014 and has concluded that no provisions for income tax are required. The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Fund. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

The Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statement of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statement of Assets

|  32

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

and Liabilities are net of foreign withholding taxes. Foreign withholding taxes eligible to be reclaimed are reflected on the Statement of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statement of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statement of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to the Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statement of Assets and Liabilities and are recorded as a realized gain when received.

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

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2013 was as follows:

2013 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains	Total
$575,333,718	$102,456,982	$677,790,700

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

g.  Repurchase Agreements.  The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the

33  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of March 31, 2014, the Fund had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statement of Assets and Liabilities for financial reporting purposes.

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

For the six months ended March 31, 2014, the Fund did not loan securities under this agreement.

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

3.  Fair Value Measurements.  In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical assets or liabilities;

|  34

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

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

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

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

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2014, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	23,139,303	$	125,770,265	(b)	$	148,909,568
Airlines		—		3,185,496		297,852,297	(b)		301,037,793
Non-Captive Consumer		1,349,524		231,382,382		—			232,731,906
All Other Non-Convertible Bonds(a)		—		7,883,047,800		—			7,883,047,800
Total Non-Convertible Bonds		1,349,524		8,140,754,981		423,622,562			8,565,727,067
Convertible Bonds(a)		—		507,760,808		—			507,760,808
Municipals(a)		—		90,886,204		—			90,886,204
Total Bonds and Notes		1,349,524		8,739,401,993		423,622,562			9,164,374,079
Senior Loans(a)		—		52,060,511		—			52,060,511
Common Stocks(a)		365,391,000		—		—			365,391,000
Preferred Stocks(a)		26,464,204		—		—			26,464,204
Short-Term Investments		—		229,853,638		—			229,853,638
Total	$	393,204,728	$	9,021,316,142	$	423,622,562		$	9,838,143,432

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

(b) Valued using broker-dealer bid prices.

The Fund’s pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Fund by an independent pricing service. Broker-dealer bid prices may

35  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. Broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. All security prices, including those obtained from an independent pricing service and broker-dealer bid prices, are reviewed on a daily basis by the adviser, subject to oversight by Fund management and the Board of Trustees. If the adviser, in good faith, believes that the price provided by an independent pricing service is unreliable, broker-dealer bid prices may be used until the price provided by the independent pricing service is considered to be reliable. Reliability of all security prices, including those obtained from an independent pricing service and broker-dealer bid prices, is tested in a variety of ways, including comparison to recent transaction prices and daily fluctuations, amongst other validation procedures in place.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2013 and/or March 31, 2014:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2013			Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	67,016,089		$	—	$	3,979	$	588,530	$	60,660,658
Airlines		292,528,124			206,004		166,766		10,679,267		—
Total	$	359,544,213		$	206,004	$	170,745	$	11,267,797	$	60,660,658
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(2,498,991	)	$	—	$	—	$	125,770,265	$	588,530
Airlines		(8,892,476	)		3,164,612		—		297,852,297		10,679,267
Total	$	(11,391,467	)	$	3,164,612	$	—	$	423,622,562	$	11,267,797

|  36

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

A debt security valued at $3,164,612 was transferred from Level 2 to Level 3 during the period ended March 31, 2014. At March 31, 2014, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security.

All transfers are recognized as of the beginning of the reporting period.

4.  Purchases and Sales of Securities.  For the six months ended March 31, 2014, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $413,809,710 and $1,009,320,647, respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $400,175,781 and $384,034,679, respectively.

5.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees.  Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to the Fund. Under the terms of the management agreement, the Fund pays a management fee at the annual rate of 0.40% of the first $15 billion of the Fund’s average daily net assets and 0.38% of the Fund’s average daily net assets in excess of $15 billion, calculated daily and payable monthly.

Loomis Sayles has given a binding undertaking to the Fund to waive management fees and/or reimburse certain expenses to limit the Fund’s operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. This undertaking is in effect until January 31, 2015 and is reevaluated on an annual basis. Management fees payable, as reflected on the Statement of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings.

For the six months ended March 31, 2014, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:

Expense Limit as a Percentage of Average Daily Net Assets
Class A	Class B		Class C		Class N		Class Y		Admin Class
0.95%		1.70%		1.70%		0.65%		0.70%		1.20%

Loomis Sayles shall be permitted to recover expenses it has borne under the expense limitation agreement (whether through waiver of its management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the six months ended March 31, 2014, the management fees for the Fund were $19,830,095 (effective rate of 0.40% of average daily net assets).

37  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

For the six months ended March 31, 2014, expense reimbursements related to the prior fiscal year of $11 have been recovered for Class N.

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

b.  Service and Distribution Fees.  NGAM Distribution, L.P. (“NGAM Distribution”), which is a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trust. Pursuant to this agreement, NGAM Distribution serves as principal underwriter of the Funds of the Trust.

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

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

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

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

Under the Admin Class Plan, the Fund pays NGAM Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Admin Class shares, as compensation for services provided by NGAM Distribution in connection with the marketing or sale of Admin Class shares or for payments made by NGAM Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Admin Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

In addition, the Admin Class shares of the Fund may pay NGAM Distribution an administrative service fee, at an annual rate not to exceed 0.25% of the average daily

|  38

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

For the six months ended March 31, 2014, the service and distribution fees for the Fund were as follows:

Service Fees							Distribution Fees
Class A	Class B		Class C		Admin Class		Class B		Class C		Admin Class
$2,939,000	$	9,301	$	2,043,170	$	26,303	$	27,904	$	6,129,512	$	26,303

c.  Administrative Fees.  NGAM Advisors, L.P. (“NGAM Advisors”) provides certain administrative services for the Fund and contracts with State Street Bank to serve as sub-administrator. NGAM Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I, Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), Hansberger International Series and NGAM Advisors, the Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion and 0.0350% of such assets in excess of $60 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2014, the administrative fees for the Fund were $2,175,828.

d.  Sub-Transfer Agent Fees.  NGAM Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Fund and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Fund primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Fund. These services would have been provided by the Fund’s transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Fund’s transfer agent. Accordingly, the Fund has agreed to reimburse NGAM Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to NGAM Distribution are subject to a current per-account equivalent fee limit approved by the Fund’s Board, which is based on fees for similar services paid to the Fund’s transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended March 31, 2014, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $5,781,517.

39  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

As of March 31, 2014, the Fund owes NGAM Distribution $137,242 in reimbursements for sub-transfer agent fees (which are reflected in the Statement of Assets and Liabilities as payable to distributor).

Sub-transfer agent fees attributable to Class A, Class B, Class C, Class Y and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution were $661,304 for the six months ended March 31, 2014.

f.  Trustees Fees and Expenses.  The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2014, the Chairperson of the Board receives a retainer fee at the annual rate of $300,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $130,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairperson (except for the Chairperson of the Governance Committee) receives an additional retainer fee at an annual rate of $17,500. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each Fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2014, the Chairperson of the Board received a retainer fee at the annual rate of $285,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $115,000. All other Trustees fees remained unchanged.

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

|  40

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

Funds Trusts, Loomis Sayles Funds Trusts, and Hansberger International Series, and are normally reflected as Trustees’ fees and expenses in the Statement of Operations. The portions of the accrued obligations allocated to the Fund under the Plan are reflected as Deferred Trustees’ fees in the Statement of Assets and Liabilities.

g.  Affiliated Ownership.  As of March 31, 2014, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of the Fund representing 0.07% of net assets.

Investment activities of affiliated shareholders could have material impacts on the Fund.

6.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2014, the Fund incurred the following class-specific expenses:

	Class A		Class B		Class C		Class N		Class Y		Admin Class
Transfer Agent Fees and Expenses	$	1,447,472	$	4,581	$	1,006,185	$	27	$	3,631,033	$	12,957

Transfer agent fees and expenses attributable to Class A, Class B, Class C, Class Y and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

7.  Line of Credit.  The Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each Fund that participates in the line of credit. Interest is charged to each participating Fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.10% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2014, the Fund had no borrowings under this agreement.

8.  Concentration of Risk.  The Fund’s investments in foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Greater political, economic, credit and information risks are also associated with foreign securities.

9.  Concentration of Ownership.  From time to time, the Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Fund. As of March 31, 2014, based on management’s evaluation of the shareholder account base, the Fund had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on

41  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

Number of > 5% Non-Affiliated Account Holders	Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership (Note 5)			Total Percentage of Ownership
1		17.19	%		0.07	%		17.26	%

Omnibus shareholder accounts for which NGAM Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Fund does not have information on the individual shareholder accounts underlying omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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

	Six Months Ended March 31, 2014					Year Ended September 30, 2013*
	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	30,486,574		$	369,863,405		65,384,516		$	824,657,215
Issued in connection with the reinvestment of distributions	8,356,856			100,054,208		11,205,711			140,613,943
Redeemed	(46,754,735	)		(566,540,804	)	(109,489,794	)		(1,363,484,888	)
Net change	(7,911,305	)	$	(96,623,191	)	(32,899,567	)	$	(398,213,730	)
Class B
Issued from the sale of shares	8,769		$	104,667		19,932		$	250,047
Issued in connection with the reinvestment of distributions	17,636			210,091		26,217			327,849
Redeemed	(104,492	)		(1,260,633	)	(375,212	)		(4,657,988	)
Net change	(78,087	)	$	(945,875	)	(329,063	)	$	(4,080,092	)
Class C
Issued from the sale of shares	6,085,652		$	72,791,650		16,055,822		$	201,222,605
Issued in connection with the reinvestment of distributions	3,944,212			46,823,004		5,110,753			63,653,947
Redeemed	(23,589,547	)		(283,590,755	)	(57,170,562	)		(705,694,940	)
Net change	(13,559,683	)	$	(163,976,101	)	(36,003,987	)	$	(440,818,388	)
Class N
Issued from the sale of shares	351,635		$	4,288,567		3,814		$	46,815
Issued in connection with the reinvestment of distributions	10,310			123,070		28			330
Redeemed	(39,195	)		(474,224	)	(497	)		(6,093	)
Net change	322,750		$	3,937,413		3,345		$	41,052

|  42

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

10.  Capital Shares (continued).

	Six Months Ended March 31, 2014					Year Ended September 30, 2013*
	Shares			Amount		Shares			Amount
Class Y
Issued from the sale of shares	78,708,301		$	952,678,511		159,420,265		$	2,006,761,237
Issued in connection with the reinvestment of distributions	21,534,105			258,109,374		27,504,363			345,126,073
Redeemed	(108,802,010	)		(1,321,970,550	)	(219,327,621	)		(2,733,370,926	)
Net change	(8,559,604	)	$	(111,182,665	)	(32,402,993	)	$	(381,483,616	)
Admin Class
Issued from the sale of shares	566,228		$	6,818,616		1,283,717		$	16,138,159
Issued in connection with the reinvestment of distributions	33,890			404,988		39,685			496,698
Redeemed	(622,989	)		(7,536,068	)	(809,135	)		(10,060,506	)
Net change	(22,871	)	$	(312,464	)	514,267		$	6,574,351
Increase (decrease) from capital share transactions	(29,808,800	)	$	(369,102,883	)	(101,117,998	)	$	(1,217,980,423	)

* From commencement of operations on February 1, 2013 through September 30, 2013 for Class N shares.

43  |

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Semiannual Report

March 31, 2014

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	6
Financial Statements	20
Notes to Financial Statements	27

LOOMIS SAYLES SMALL CAP GROWTH FUND

Managers	Symbols
Mark F. Burns, CFA®	Institutional Class	LSSIX
John J. Slavik, CFA®	Retail Class	LCGRX
	Class N	LSSNX

Objective

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

Average Annual Total Returns — March 31, 2014^(b)

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Institutional Class (Inception 12/31/96)		7.39	%		31.74	%		26.46	%		11.58	%		—	%
Retail Class (Inception 12/31/96)		7.28			31.39			26.13			11.29			—
Class N (Inception 2/1/13)		7.39			31.78			—			—			33.69
Comparative Performance
Russell 2000® Growth Index(a)		8.70			27.19			25.24			8.87			28.72

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. Unlike a fund, an index is not managed and does not reflect fees and expenses.

^(a) See page 3 for a description of the index.

^(b) Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

1  |

LOOMIS SAYLES SMALL CAP VALUE FUND

Managers	Symbols
Joseph R. Gatz, CFA®	Institutional Class	LSSCX
Jeffrey Schwartz, CFA®	Retail Class	LSCRX
	Admin Class	LSVAX
	Class N	LSCNX

Objective

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

Average Annual Total Returns — March 31, 2014^(b)

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Institutional Class (Inception 5/13/91)		10.23	%		22.58	%		23.33	%		9.94	%		—	%
Retail Class (Inception 12/31/96)		10.08			22.26			23.02			9.66			—
Admin Class (Inception 1/2/98)		9.94			21.95			22.70			9.38			—
Class N (Inception 2/1/13)		10.27			22.66			—			—			24.32
Comparative Performance
Russell 2000® Value Index(a)		11.24			22.65			23.33			8.07			23.79
Russell 2000® Index(a)		9.94			24.90			24.31			8.53			26.22

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. Unlike a fund, an index is not managed and does not reflect fees and expenses.

^(a) See page 3 for a description of the index.

^(b) Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

|  2

ADDITIONAL INFORMATION

Index Definitions

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

Russell 2000^® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe.

Russell 2000^® Growth Index is an unmanaged index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000^® Value Index is an unmanaged index that measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

Additional Index Information

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis Global Asset Management or any of its related or affiliated companies (collectively “NGAM”) and does not sponsor, endorse or participate in the provision of any NGAM services, funds or other financial products.

The index information contained herein is derived from third parties and is provided on an “as is” basis. The user of this information assumes the entire risk of use of this information. Each of the third party entities involved in compiling, computing or creating index information disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information.

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis Sayles at 800-633-3330; (ii) on the Funds’ website, www.loomissayles.com, and (iii) on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2013 is available on (i) the Funds’ website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

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

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and/or service fees (12b-1 fees),

3  |

and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the funds’ prospectus. The following examples are intended to help you understand the ongoing costs of investing in the funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each fund shows the actual amount of fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2013 through March 31, 2014. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

Loomis Sayles Small Cap Growth Fund

Institutional Class	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid During Period* 10/1/2013 – 3/31/2014
Actual		$1,000.00		$1,073.90		$4.86
Hypothetical (5% return before expenses)		$1,000.00		$1,020.24		$4.73
Retail Class
Actual		$1,000.00		$1,072.80		$6.30
Hypothetical (5% return before expenses)		$1,000.00		$1,018.85		$6.14
Class N
Actual		$1,000.00		$1,073.90		$4.29
Hypothetical (5% return before expenses)		$1,000.00		$1,020.79		$4.18
*   Expenses are equal to the Fund’s annualized expense ratio: 0.94%, 1.22% and 0.83% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

|  4

Loomis Sayles Small Cap Value Fund

Institutional Class	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Expenses Paid During Period* 10/1/2013 – 3/31/2014
Actual		$1,000.00		$1,102.30		$4.72
Hypothetical (5% return before expenses)		$1,000.00		$1,020.44		$4.53
Retail Class
Actual		$1,000.00		$1,100.80		$6.02
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.79
Admin Class
Actual		$1,000.00		$1,099.40		$7.33
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04
Class N
Actual		$1,000.00		$1,102.70		$4.46
Hypothetical (5% return before expenses)		$1,000.00		$1,020.69		$4.28
*   Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15%, 1.40% and 0.85% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

5  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 95.6% of Net Assets
		Aerospace & Defense – 1.2%
	344,738	Hexcel Corp.(b)	$	15,009,893
		Air Freight & Logistics – 1.2%
	526,469	XPO Logistics, Inc.(b)		15,483,453
		Airlines – 1.1%
	226,568	Spirit Airlines, Inc.(b)		13,458,140
		Auto Components – 2.2%
	248,056	Dorman Products, Inc.(b)		14,650,188
	247,306	Drew Industries, Inc.		13,403,985
				28,054,173
		Banks – 4.0%
	208,183	Bank of the Ozarks, Inc.		14,168,935
	713,815	Boston Private Financial Holdings, Inc.		9,657,917
	226,424	Pinnacle Financial Partners, Inc.		8,488,636
	391,834	PrivateBancorp, Inc.		11,954,855
	50,050	SVB Financial Group(b)		6,445,439
				50,715,782
		Biotechnology – 3.9%
	149,571	Acceleron Pharma, Inc.(b)		5,160,200
	102,267	Cubist Pharmaceuticals, Inc.(b)		7,480,831
	440,105	Emergent Biosolutions, Inc.(b)		11,121,453
	683,536	Exact Sciences Corp.(b)		9,685,705
	42,773	KYTHERA Biopharmaceuticals, Inc.(b)		1,700,654
	454,637	Neurocrine Biosciences, Inc.(b)		7,319,656
	245,480	PTC Therapeutics, Inc.(b)		6,416,847
				48,885,346
		Building Products – 0.9%
	353,854	Apogee Enterprises, Inc.		11,758,568
		Capital Markets – 1.9%
	223,771	Artisan Partners Asset Management, Inc.		14,377,287
	198,504	Financial Engines, Inc.		10,080,033
				24,457,320
		Chemicals – 1.1%
	483,745	Flotek Industries, Inc.(b)		13,472,298
		Commercial Services & Supplies – 0.9%
	577,928	Interface, Inc.		11,876,420
		Communications Equipment – 0.7%
	402,379	Ciena Corp.(b)		9,150,098
		Construction & Engineering – 1.1%
	306,878	MasTec, Inc.(b)		13,330,780

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Consumer Finance – 0.9%
	254,312	Encore Capital Group, Inc.(b)	$	11,622,058
		Distributors – 1.1%
	218,785	Pool Corp.		13,415,896
		Diversified Consumer Services – 4.1%
	349,681	Bright Horizons Family Solutions, Inc.(b)		13,676,024
	334,583	Grand Canyon Education, Inc.(b)		15,625,026
	858,898	LifeLock, Inc.(b)		14,695,745
	395,620	Nord Anglia Education, Inc.(b)		7,584,035
				51,580,830
		Diversified Financial Services – 0.8%
	178,535	MarketAxess Holdings, Inc.		10,572,843
		Diversified Telecommunication Services – 1.0%
	1,213,531	8x8, Inc.(b)		13,118,270
		Electrical Equipment – 0.7%
	359,189	Thermon Group Holdings, Inc.(b)		8,326,001
		Electronic Equipment, Instruments & Components – 3.3%
	141,686	FEI Co.		14,596,492
	151,533	IPG Photonics Corp.(b)		10,770,965
	236,920	Measurement Specialties, Inc.(b)		16,075,022
				41,442,479
		Energy Equipment & Services – 2.8%
	108,184	Dril-Quip, Inc.(b)		12,127,426
	407,257	Forum Energy Technologies, Inc.(b)		12,616,822
	476,422	Helix Energy Solutions Group, Inc.(b)		10,948,178
				35,692,426
		Food & Staples Retailing – 1.1%
	217,098	Susser Holdings Corp.(b)		13,562,112
		Health Care Equipment & Supplies – 7.3%
	234,849	Cardiovascular Systems, Inc.(b)		7,465,850
	176,004	Cynosure, Inc.(b)		5,156,917
	528,509	Globus Medical, Inc.(b)		14,053,054
	252,928	Insulet Corp.(b)		11,993,846
	686,861	Novadaq Technologies, Inc.(b)		15,303,263
	361,895	Quidel Corp.(b)		9,879,734
	575,875	Spectranetics Corp.(b)		17,454,771
	337,838	Wright Medical Group, Inc.(b)		10,496,627
				91,804,062
		Health Care Providers & Services – 3.7%
	294,798	Acadia Healthcare Co., Inc.(b)		13,301,286
	224,078	IPC The Hospitalist Co.(b)		10,997,748

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Health Care Providers & Services – continued
	55,315	MWI Veterinary Supply, Inc.(b)	$	8,608,120
	319,961	Team Health Holdings, Inc.(b)		14,318,255
				47,225,409
		Health Care Technology – 1.4%
	416,003	HMS Holdings Corp.(b)		7,924,857
	172,496	Medidata Solutions, Inc.(b)		9,373,433
				17,298,290
		Hotels, Restaurants & Leisure – 3.3%
	168,300	Chuy’s Holdings, Inc.(b)		7,260,462
	236,921	Noodles & Co.(b)		9,351,272
	279,130	Popeyes Louisiana Kitchen, Inc.(b)		11,343,843
	190,431	Vail Resorts, Inc.		13,273,041
				41,228,618
		Internet & Catalog Retail – 1.2%
	410,957	HomeAway, Inc.(b)		15,480,750
		Internet Software & Services – 6.8%
	235,083	Cornerstone OnDemand, Inc.(b)		11,253,423
	44,463	CoStar Group, Inc.(b)		8,303,021
	243,676	Cvent, Inc.(b)		8,808,887
	430,279	Dealertrack Technologies, Inc.(b)		21,165,424
	270,181	Envestnet, Inc.(b)		10,855,873
	344,127	Everyday Health, Inc.(b)		4,814,337
	144,982	OpenTable, Inc.(b)		11,153,465
	129,977	Shutterstock, Inc.(b)		9,437,630
				85,792,060
		IT Services – 1.8%
	286,795	Cardtronics, Inc.(b)		11,141,986
	463,448	InterXion Holding NV(b)		11,113,483
				22,255,469
		Life Sciences Tools & Services – 0.7%
	206,783	Fluidigm Corp.(b)		9,112,927
		Machinery – 3.9%
	489,117	Manitowoc Co., Inc. (The)		15,382,730
	44,079	Middleby Corp. (The)(b)		11,646,112
	151,092	Proto Labs, Inc.(b)		10,224,396
	183,382	RBC Bearings, Inc.(b)		11,681,433
				48,934,671
		Oil, Gas & Consumable Fuels – 3.8%
	197,230	Diamondback Energy, Inc.(b)		13,275,551
	201,815	Gulfport Energy Corp.(b)		14,365,192

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Oil, Gas & Consumable Fuels – continued
	250,943	Oasis Petroleum, Inc.(b)	$	10,471,851
	207,458	Rosetta Resources, Inc.(b)		9,663,394
				47,775,988
		Pharmaceuticals – 1.3%
	265,503	Medicines Co. (The)(b)		7,545,595
	125,692	Pacira Pharmaceuticals, Inc.(b)		8,797,183
				16,342,778
		Professional Services – 5.4%
	174,214	Advisory Board Co. (The)(b)		11,193,250
	238,277	Corporate Executive Board Co. (The)		17,687,302
	198,028	Huron Consulting Group, Inc.(b)		12,551,015
	340,633	On Assignment, Inc.(b)		13,145,027
	250,166	WageWorks, Inc.(b)		14,036,814
				68,613,408
		Road & Rail – 1.3%
	174,139	Genesee & Wyoming, Inc., Class A(b)		16,947,208
		Semiconductors & Semiconductor Equipment – 4.7%
	280,203	Cavium, Inc.(b)		12,253,277
	189,590	Hittite Microwave Corp.		11,951,754
	338,779	Monolithic Power Systems, Inc.(b)		13,134,462
	361,192	Semtech Corp.(b)		9,152,605
	237,075	Silicon Laboratories, Inc.(b)		12,387,169
				58,879,267
		Software – 6.8%
	385,382	Aspen Technology, Inc.(b)		16,324,782
	100,732	CommVault Systems, Inc.(b)		6,542,543
	303,268	FleetMatics Group PLC(b)		10,144,315
	265,150	Gigamon, Inc.(b)		8,057,908
	332,606	Guidewire Software, Inc.(b)		16,314,324
	241,813	Imperva, Inc.(b)		13,468,984
	105,857	Ultimate Software Group, Inc. (The)(b)		14,502,409
				85,355,265
		Specialty Retail – 2.2%
	140,981	Cabela’s, Inc.(b)		9,235,665
	189,660	Hibbett Sports, Inc.(b)		10,029,221
	123,812	Restoration Hardware Holdings, Inc.(b)		9,111,325
				28,376,211
		Textiles, Apparel & Luxury Goods – 2.9%
	144,344	Deckers Outdoor Corp.(b)		11,508,547
	180,618	Oxford Industries, Inc.		14,124,328

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Textiles, Apparel & Luxury Goods – continued
	507,341	Tumi Holdings, Inc.(b)	$	11,481,127
				37,114,002
		Transportation Infrastructure – 1.1%
	605,883	Wesco Aircraft Holdings, Inc.(b)		13,335,485
		Total Common Stocks (Identified Cost $888,729,273)		1,206,857,054
	Principal Amount
	Short-Term Investments – 4.5%
$	56,015,648	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $56,015,648 on 4/01/2014 collateralized by $57,280,000 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $57,136,800 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $56,015,648)		56,015,648
		Total Investments – 100.1% (Identified Cost $944,744,921)(a)		1,262,872,702
		Other assets less liabilities – (0.1)%		(639,033	)
		Net Assets – 100.0%	$	1,262,233,669
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $944,744,921 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	332,330,420
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(14,202,639	)
		Net unrealized appreciation	$	318,127,781
	(b)	Non-income producing security.

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at March 31, 2014 (Unaudited)

Health Care Equipment & Supplies	7.3	%
Internet Software & Services	6.8
Software	6.8
Professional Services	5.4
Semiconductors & Semiconductor Equipment	4.7
Diversified Consumer Services	4.1
Banks	4.0
Machinery	3.9
Biotechnology	3.9
Oil, Gas & Consumable Fuels	3.8
Health Care Providers & Services	3.7
Electronic Equipment, Instruments & Components	3.3
Hotels, Restaurants & Leisure	3.3
Textiles, Apparel & Luxury Goods	2.9
Energy Equipment & Services	2.8
Specialty Retail	2.2
Auto Components	2.2
Other Investments, less than 2% each	24.5
Short-Term Investments	4.5
Total Investments	100.1
Other assets less liabilities	(0.1	)
Net Assets	100.0	%

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks – 95.9% of Net Assets
		Auto Components – 2.0%
	374,253	Dana Holding Corp.	$	8,708,867
	272,262	Fox Factory Holding Corp.(b)		5,145,752
	197,774	Remy International, Inc.		4,671,422
	119,820	Tenneco, Inc.(b)		6,957,947
				25,483,988
		Banks – 13.0%
	433,363	BancorpSouth, Inc.		10,816,740
	598,271	Cathay General Bancorp		15,070,447
	153,992	City National Corp.		12,122,250
	552,601	CVB Financial Corp.		8,786,356
	565,223	First Financial Bancorp		10,162,710
	110,498	First Financial Bankshares, Inc.		6,827,671
	154,884	IBERIABANK Corp.		10,865,113
	293,141	PacWest Bancorp		12,607,994
	241,496	Pinnacle Financial Partners, Inc.		9,053,685
	218,717	Popular, Inc.(b)		6,778,040
	198,069	Prosperity Bancshares, Inc.		13,102,264
	129,043	Signature Bank(b)		16,206,510
	354,204	Talmer Bancorp, Inc., Class A(b)		5,185,547
	158,640	Texas Capital Bancshares, Inc.(b)		10,302,082
	412,624	Tristate Capital Holdings, Inc.(b)		5,863,387
	270,808	Wintrust Financial Corp.		13,177,517
				166,928,313
		Building Products – 1.2%
	141,358	Armstrong World Industries, Inc.(b)		7,527,313
	137,286	Masonite International Corp.(b)		7,759,405
				15,286,718
		Capital Markets – 1.4%
	303,314	Safeguard Scientifics, Inc.(b)		6,727,504
	230,480	Stifel Financial Corp.(b)		11,468,685
				18,196,189
		Chemicals – 3.0%
	227,892	Cabot Corp.		13,459,302
	145,011	Minerals Technologies, Inc.		9,361,910
	320,458	Tronox Ltd., Class A		7,617,287
	54,750	WR Grace & Co.(b)		5,429,557
	126,603	Zep, Inc.		2,240,873
				38,108,929
		Commercial Services & Supplies – 4.2%
	437,733	KAR Auction Services, Inc.		13,285,197
	409,597	Knoll, Inc.		7,450,569

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund  – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Commercial Services & Supplies – continued
	140,089	McGrath Rentcorp	$	4,897,511
	282,932	Rollins, Inc.		8,555,864
	234,651	Viad Corp.		5,641,010
	176,194	Waste Connections, Inc.		7,727,869
	267,520	West Corp.		6,401,754
				53,959,774
		Communications Equipment – 0.6%
	563,809	Calix, Inc.(b)		4,752,910
	96,321	NETGEAR, Inc.(b)		3,248,907
				8,001,817
		Construction & Engineering – 1.1%
	249,857	MYR Group, Inc.(b)		6,326,379
	278,165	Primoris Services Corp.		8,339,387
				14,665,766
		Consumer Finance – 0.6%
	43,835	Credit Acceptance Corp.(b)		6,231,145
	225,188	DFC Global Corp.(b)		1,988,410
				8,219,555
		Distributors – 0.5%
	86,218	Core-Mark Holding Co., Inc.		6,259,427
		Diversified Financial Services – 0.7%
	149,739	MarketAxess Holdings, Inc.		8,867,544
		Diversified Telecommunication Services – 0.3%
	290,177	Premiere Global Services, Inc.(b)		3,499,535
		Electric Utilities – 2.5%
	264,554	ALLETE, Inc.		13,867,921
	174,513	ITC Holdings Corp.		6,518,060
	306,460	UIL Holdings Corp.		11,280,793
				31,666,774
		Electrical Equipment – 1.6%
	117,867	AZZ, Inc.		5,266,298
	141,728	EnerSys		9,820,333
	126,897	General Cable Corp.		3,249,832
	143,353	Global Power Equipment Group, Inc.		2,851,291
				21,187,754
		Electronic Equipment, Instruments & Components – 4.4%
	150,705	Belden, Inc.		10,489,068
	372,437	Checkpoint Systems, Inc.(b)		4,998,105
	148,455	Littelfuse, Inc.		13,901,326

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund  – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Electronic Equipment, Instruments & Components – continued
	226,649	Methode Electronics, Inc.	$	6,949,058
	161,095	Rogers Corp.(b)		10,055,550
	674,195	Vishay Intertechnology, Inc.		10,032,022
				56,425,129
		Energy Equipment & Services – 2.5%
	142,713	Bristow Group, Inc.		10,777,686
	512,806	Helix Energy Solutions Group, Inc.(b)		11,784,282
	1,400,777	Parker Drilling Co.(b)		9,931,509
				32,493,477
		Food & Staples Retailing – 1.2%
	90,915	Casey’s General Stores, Inc.		6,144,945
	404,895	Spartan Stores, Inc.		9,397,613
				15,542,558
		Food Products – 0.7%
	309,970	Darling International, Inc.(b)		6,205,599
	28,766	J & J Snack Foods Corp.		2,760,673
				8,966,272
		Health Care Equipment & Supplies – 1.3%
	47,311	Haemonetics Corp.(b)		1,541,866
	135,292	SurModics, Inc.(b)		3,057,599
	108,441	Teleflex, Inc.		11,629,213
				16,228,678
		Health Care Providers & Services – 1.7%
	226,782	Bio-Reference Labs, Inc.(b)		6,277,326
	647,599	BioScrip, Inc.(b)		4,520,241
	94,857	Hanger Orthopedic Group, Inc.(b)		3,194,784
	117,018	WellCare Health Plans, Inc.(b)		7,432,983
				21,425,334
		Health Care Technology – 0.6%
	302,008	MedAssets, Inc.(b)		7,462,618
		Hotels, Restaurants & Leisure – 4.0%
	134,940	Churchill Downs, Inc.		12,320,022
	56,446	Cracker Barrel Old Country Store, Inc.		5,488,809
	604,037	Diamond Resorts International, Inc.(b)		10,238,427
	226,239	Marriott Vacations Worldwide Corp.(b)		12,649,023
	260,561	Six Flags Entertainment Corp.		10,461,524
				51,157,805

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Household Durables – 1.1%
	179,677	Jarden Corp.(b)	$	10,750,075
	108,374	La-Z-Boy, Inc.		2,936,935
				13,687,010
		Industrial Conglomerates – 0.8%
	304,445	Raven Industries, Inc.		9,970,574
		Insurance – 3.3%
	432,111	Employers Holdings, Inc.		8,741,606
	315,918	HCC Insurance Holdings, Inc.		14,371,110
	209,619	ProAssurance Corp.		9,334,334
	129,631	Reinsurance Group of America, Inc., Class A		10,322,516
				42,769,566
		Internet & Catalog Retail – 1.4%
	148,154	HSN, Inc.		8,849,238
	69,514	Liberty Ventures, Series A(b)		9,059,760
				17,908,998
		Internet Software & Services – 0.8%
	225,977	Blucora, Inc.(b)		4,449,487
	330,201	Perficient, Inc.(b)		5,983,242
				10,432,729
		IT Services – 2.8%
	444,951	Convergys Corp.		9,748,876
	307,284	Euronet Worldwide, Inc.(b)		12,779,942
	138,340	WEX, Inc.(b)		13,149,217
				35,678,035
		Machinery – 6.0%
	151,136	Actuant Corp., Class A		5,161,294
	76,947	Alamo Group, Inc.		4,180,531
	217,824	Albany International Corp., Class A		7,741,465
	357,860	Altra Industrial Motion Corp.		12,775,602
	436,753	John Bean Technologies Corp.		13,495,668
	174,087	RBC Bearings, Inc.(b)		11,089,342
	271,346	TriMas Corp.(b)		9,008,687
	167,418	Wabtec Corp.		12,974,895
				76,427,484
		Marine – 0.9%
	117,106	Kirby Corp.(b)		11,856,982
		Media – 2.8%
	334,144	Carmike Cinemas, Inc.(b)		9,977,540
	327,453	E.W. Scripps Co. (The), Class A(b)		5,802,467

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Media – continued
	180,302	John Wiley & Sons, Inc., Class A	$	10,392,607
	205,570	Live Nation Entertainment, Inc.(b)		4,471,148
	371,024	National CineMedia, Inc.		5,565,360
				36,209,122
		Metals & Mining – 2.9%
	314,324	Globe Specialty Metals, Inc.		6,544,226
	173,984	Haynes International, Inc.		9,395,136
	479,917	Horsehead Holding Corp.(b)		8,072,204
	39,660	Reliance Steel & Aluminum Co.		2,802,375
	480,968	SunCoke Energy, Inc.(b)		10,985,309
				37,799,250
		Multi-Utilities – 0.8%
	226,340	NorthWestern Corp.		10,735,306
		Multiline Retail – 0.4%
	283,695	Fred’s, Inc. Class A		5,109,347
		Oil, Gas & Consumable Fuels – 0.7%
	218,994	EPL Oil & Gas, Inc.(b)		8,453,168
		Pharmaceuticals – 0.5%
	99,525	Mallinckrodt PLC(b)		6,310,880
		Professional Services – 0.7%
	177,144	Insperity, Inc.		5,487,921
	235,560	RPX Corp.(b)		3,834,917
				9,322,838
		REITs—Apartments – 2.1%
	229,731	American Campus Communities, Inc.		8,580,453
	120,264	Home Properties, Inc.		7,230,271
	154,574	Mid-America Apartment Communities, Inc.		10,552,767
				26,363,491
		REITs—Diversified – 0.7%
	219,944	Potlatch Corp.		8,509,633
		REITs—Healthcare – 0.8%
	313,973	Omega Healthcare Investors, Inc.		10,524,375
		REITs—Hotels – 0.8%
	1,749,221	Hersha Hospitality Trust		10,197,958
		REITs—Office Property – 0.8%
	515,069	BioMed Realty Trust, Inc.		10,553,764
		REITs—Shopping Centers – 0.8%
	675,107	Retail Opportunity Investments Corp.		10,086,099

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		REITs—Single Tenant – 0.5%
	189,580	National Retail Properties, Inc.	$	6,506,386
		REITs—Storage – 1.9%
	678,569	CubeSmart		11,644,244
	174,538	Sovran Self Storage, Inc.		12,819,816
				24,464,060
		Road & Rail – 2.2%
	171,625	Avis Budget Group, Inc.(b)		8,358,138
	60,650	Genesee & Wyoming, Inc., Class A(b)		5,902,458
	235,552	Old Dominion Freight Line, Inc.(b)		13,365,220
				27,625,816
		Semiconductors & Semiconductor Equipment – 1.6%
	333,727	Semtech Corp.(b)		8,456,642
	617,170	Teradyne, Inc.(b)		12,275,511
				20,732,153
		Software – 2.3%
	147,890	Monotype Imaging Holdings, Inc.		4,457,404
	227,141	SS&C Technologies Holdings, Inc.(b)		9,090,183
	284,773	Synchronoss Technologies, Inc.(b)		9,764,866
	134,847	Verint Systems, Inc.(b)		6,328,370
				29,640,823
		Specialty Retail – 2.6%
	273,727	Barnes & Noble, Inc.(b)		5,720,894
	164,757	Genesco, Inc.(b)		12,285,930
	474,546	MarineMax, Inc.(b)		7,208,354
	289,180	Sally Beauty Holdings, Inc.(b)		7,923,532
				33,138,710
		Technology Hardware, Storage & Peripherals – 0.4%
	417,504	QLogic Corp.(b)		5,323,176
		Thrifts & Mortgage Finance – 0.8%
	469,332	Capitol Federal Financial, Inc.		5,890,116
	139,883	Federal Agricultural Mortgage Corp., Class C		4,651,110
				10,541,226
		Trading Companies & Distributors – 1.8%
	86,073	DXP Enterprises, Inc.(b)		8,170,910
	151,214	H&E Equipment Services, Inc.(b)		6,116,606
	258,429	Rush Enterprises, Inc., Class A(b)		8,393,774
				22,681,290

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Transportation Infrastructure – 0.6%
	142,455	Macquarie Infrastructure Co. LLC	$	8,158,398
		Water Utilities – 0.2%
	109,040	Middlesex Water Co.		2,379,253
		Total Common Stocks (Identified Cost $776,310,104)		1,230,131,854
	Closed-End Investment Companies – 1.0%
	453,617	Ares Capital Corp.		7,992,731
	362,797	Hercules Technology Growth Capital, Inc.		5,104,554
		Total Closed-End Investment Companies (Identified Cost $10,703,179)		13,097,285
	Principal Amount
	Short-Term Investments – 3.1%
$	39,193,947	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $39,193,947 on 4/01/2014 collateralized by $40,900,000 U.S. Treasury Note, 0.750% due 3/31/2018 valued at $39,979,750 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $39,193,947)		39,193,947
		Total Investments – 100.0% (Identified Cost $826,207,230)(a)		1,282,423,086
		Other assets less liabilities – 0.0%		608,276
		Net Assets – 100.0%	$	1,283,031,362
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2014, the net unrealized appreciation on investments based on a cost of $826,209,480 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	462,132,630
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(5,919,024	)
		Net unrealized appreciation	$	456,213,606
	(b)	Non-income producing security.
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Industry Summary at March 31, 2014 (Unaudited)

Banks	13.0	%
Machinery	6.0
Electronic Equipment, Instruments & Components	4.4
Commercial Services & Supplies	4.2
Hotels, Restaurants & Leisure	4.0
Insurance	3.3
Chemicals	3.0
Metals & Mining	2.9
Media	2.8
IT Services	2.8
Specialty Retail	2.6
Energy Equipment & Services	2.5
Electric Utilities	2.5
Software	2.3
Road & Rail	2.2
REITs – Apartments	2.1
Auto Components	2.0
Other Investments, less than 2% each	34.3
Short-Term Investments	3.1
Total Investments	100.0
Other assets less liabilities	0.0
Net Assets	100.0	%

See accompanying notes to financial statements.

19  |

Statements of Assets and Liabilities

March 31, 2014 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund
ASSETS
Investments at cost	$	944,744,921		$	826,207,230
Net unrealized appreciation		318,127,781			456,215,856
Investments at value		1,262,872,702			1,282,423,086
Cash		—			172,374
Receivable for Fund shares sold		2,106,114			1,248,100
Receivable for securities sold		14,983,019			564,213
Dividends receivable		92,389			1,153,821
TOTAL ASSETS		1,280,054,224			1,285,561,594
LIABILITIES
Payable for securities purchased		15,481,489			116,125
Payable for Fund shares redeemed		1,295,590			1,319,051
Management fees payable (Note 5)		817,214			784,865
Deferred Trustees’ fees (Note 5)		106,017			182,775
Administrative fees payable (Note 5)		47,492			47,354
Payable to distributor (Note 5d)		14,877			15,172
Other accounts payable and accrued expenses		57,876			64,890
TOTAL LIABILITIES		17,820,555			2,530,232
NET ASSETS	$	1,262,233,669		$	1,283,031,362
NET ASSETS CONSIST OF:
Paid-in capital	$	872,757,477		$	769,897,452
Accumulated net investment (loss)/Undistributed net investment income		(10,094,206	)		1,893,001
Accumulated net realized gain on investments		81,442,617			55,025,053
Net unrealized appreciation on investments		318,127,781			456,215,856
NET ASSETS	$	1,262,233,669		$	1,283,031,362
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	1,031,388,553		$	786,210,562
Shares of beneficial interest		39,052,643			20,806,101
Net asset value, offering and redemption price per share	$	26.41		$	37.79
Retail Class:
Net assets	$	219,884,019		$	414,911,957
Shares of beneficial interest		8,733,547			11,094,154
Net asset value, offering and redemption price per share	$	25.18		$	37.40
Admin Class:
Net assets	$	—		$	79,180,314
Shares of beneficial interest		—			2,169,795
Net asset value, offering and redemption price per share	$	—		$	36.49
Class N:
Net assets	$	10,961,097		$	2,728,529
Shares of beneficial interest		414,844			72,146
Net asset value, offering and redemption price per share	$	26.42		$	37.82

See accompanying notes to financial statements.

|  20

Statements of Operations

For the Six Months Ended March 31, 2014 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund
INVESTMENT INCOME
Dividends	$	1,947,390		$	10,092,040
Interest		250			109
		1,947,640			10,092,149
Expenses
Management fees (Note 5)		4,503,030			4,707,681
Service and distribution fees (Note 5)		271,211			710,647
Administrative fees (Note 5)		263,458			275,467
Trustees’ fees and expenses (Note 5)		26,187			33,173
Transfer agent fees and expenses (Notes 5 and 6)		743,082			692,574
Audit and tax services fees		19,214			21,818
Custodian fees and expenses		21,556			21,111
Legal fees		6,656			7,398
Registration fees		44,191			46,691
Shareholder reporting expenses		25,420			38,652
Miscellaneous expenses		16,942			18,786
Total expenses		5,940,947			6,573,998
Less waiver and/or expense reimbursement (Note 5)		—			(213,779	)
Net expenses		5,940,947			6,360,219
Net investment income (loss)		(3,993,307	)		3,731,930
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on:
Investments		89,839,950			66,773,774
Net change in unrealized appreciation (depreciation) on:
Investments		(1,857,647	)		51,029,521
Net realized and unrealized gain on investments		87,982,303			117,803,295
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	83,988,996		$	121,535,225

See accompanying notes to financial statements.

21  |

Statements of Changes in Net Assets

	Small Cap Growth Fund						Small Cap Value Fund
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
FROM OPERATIONS:
Net investment income (loss)	$	(3,993,307	)	$	(6,960,368	)	$	3,731,930		$	5,356,482
Net realized gain on investments		89,839,950			87,223,584			66,773,774			101,532,511
Net change in unrealized appreciation (depreciation) on investments		(1,857,647	)		222,061,214			51,029,521			174,751,306
Net increase in net assets resulting from operations		83,988,996			302,324,430			121,535,225			281,640,299
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		—			—			(1,957,501	)		(5,790,803	)
Retail Class		—			—			(74,356	)		(2,562,409	)
Admin Class		—			—			—			(317,577	)
Class N		—			—			(3	)		—
Net realized capital gains
Institutional Class		(64,424,433	)		—			(64,817,421	)		(501,108	)
Retail Class		(15,631,057	)		—			(35,067,105	)		(299,758	)
Admin Class		—			—			(6,651,624	)		(57,681	)
Class N		(529,097	)		—			(103	)		—
Total distributions		(80,584,587	)		—			(108,568,113	)		(9,529,336	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		125,525,495			1,689,164			58,183,124			(44,339,129	)
Net increase in net assets		128,929,904			304,013,594			71,150,236			227,771,834
NET ASSETS
Beginning of the period		1,133,303,765			829,290,171			1,211,881,126			984,109,292
End of the period	$	1,262,233,669		$	1,133,303,765		$	1,283,031,362		$	1,211,881,126
ACCUMULATED NET INVESTMENT (LOSS)/UNDISTRIBUTED NET INVESTMENT INCOME	$	(10,094,206	)	$	(6,100,899	)	$	1,893,001		$	192,931

See accompanying notes to financial statements.

|  22

Financial Highlights

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment loss (a)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income		Distributions from net realized capital gains			Total distributions
SMALL CAP GROWTH FUND
Institutional Class
3/31/2014(e)	$	26.35	$	(0.08	)	$	1.97		$	1.89		$	—	$	(1.83	)	$	(1.83	)
9/30/2013		19.17		(0.15	)(f)		7.33			7.18			—		—			—
9/30/2012		15.06		(0.14	)		4.25			4.11			—		—			—
9/30/2011		14.03		(0.13	)		1.16	(g)		1.03			—		—			—
9/30/2010		11.58		(0.11	)(i)		2.56			2.45			—		—			—
9/30/2009		13.07		(0.07	)		(1.42	)		(1.49	)		—		—			—
Retail Class
3/31/2014(e)		25.23		(0.11	)		1.89			1.78			—		(1.83	)		(1.83	)
9/30/2013		18.41		(0.20	)(f)		7.02			6.82			—		—			—
9/30/2012		14.52		(0.19	)		4.08			3.89			—		—			—
9/30/2011		13.55		(0.18	)		1.15	(g)		0.97			—		—			—
9/30/2010		11.21		(0.13	)(i)		2.47			2.34			—		—			—
9/30/2009		12.69		(0.09	)		(1.39	)		(1.48	)		—		—			—
Class N
3/31/2014(e)		26.36		(0.07	)		1.96			1.89			—		(1.83	)		(1.83	)
9/30/2013*		20.22		(0.11	)		6.25			6.14			—		—			—

* From commencement of Class operations on February 1, 2013 through September 30, 2013.

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

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

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

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

(e) For the six months ended March 31, 2014 (Unaudited).

(f) Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.16) and $(0.21) for Institutional Class and Retail Class, respectively, total return would have been 37.40% and 36.99% for Institutional Class and Retail Class, respectively, and the ratio of net investment loss to average net assets would have been (0.75)% and (1.05)% for Institutional Class and Retail Class, respectively.

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

(h) Includes fee/expense recovery of 0.03%.

(i) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.12) and $(0.14) for Institutional Class and Retail Class, respectively, and the ratio of net investment loss to average net assets would have been (0.92)% and (1.17)% for Institutional Class and Retail Class, respectively.

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

See accompanying notes to financial statements.

23  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (b)			Net assets, end of the period (000’s)		Net expenses (%) (c)(d)			Gross expenses (%) (d)			Net investment loss (%) (d)			Portfolio turnover rate (%)
$	26.41		7.39		$	1,031,389		0.94			0.94			(0.62	)		32
	26.35		37.45	(f)		914,000		0.94			0.94			(0.70	)(f)		56
	19.17		27.29			599,469		0.95			0.95			(0.79	)		77
	15.06		7.34			154,313		0.98	(h)		0.98	(h)		(0.78	)		76
	14.03		21.16			52,501		1.00			1.06			(0.85	)(i)		69
	11.58		(11.40	)		45,557		1.00			1.01			(0.68	)		107
	25.18		7.28			219,884		1.22			1.22			(0.89	)		32
	25.23		37.05	(f)		211,724		1.25	(j)		1.25	(j)		(0.99	)(f)		56
	18.41		26.79			229,822		1.25			1.28			(1.09	)		77
	14.52		7.16			113,110		1.25			1.27			(1.07	)		76
	13.55		20.87			75,344		1.25			1.39			(1.10	)(i)		69
	11.21		(11.66	)		75,478		1.25			1.43			(0.93	)		107
	26.42		7.39			10,961		0.83			0.83			(0.51	)		32
	26.36		30.37			7,580		0.83			0.83			(0.63	)		56

See accompanying notes to financial statements.

|  24

Financial Highlights – continued

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment income (loss) (a)(b)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income (b)			Distributions from net realized capital gains			Total distributions
SMALL CAP VALUE FUND
Institutional Class
3/31/2014(g)	$	37.42	$	0.13		$	3.64		$	3.77		$	(0.10	)	$	(3.30	)	$	(3.40	)
9/30/2013		29.14		0.20			8.41			8.61			(0.30	)		(0.03	)		(0.33	)
9/30/2012		22.36		0.21			6.62			6.83			(0.05	)		—			(0.05	)
9/30/2011		22.93		0.09	(i)		(0.50	)		(0.41	)		(0.16	)		—			(0.16	)
9/30/2010		20.66		0.11			2.23			2.34			(0.07	)		—			(0.07	)
9/30/2009		22.01		0.09			(1.32	)		(1.23	)		(0.11	)		(0.01	)		(0.12	)
Retail Class
3/31/2014(g)		37.03		0.09			3.59			3.68			(0.01	)		(3.30	)		(3.31	)
9/30/2013		28.84		0.12			8.32			8.44			(0.22	)		(0.03	)		(0.25	)
9/30/2012		22.14		0.13			6.57			6.70			—			—			��
9/30/2011		22.71		0.02	(i)		(0.48	)		(0.46	)		(0.11	)		—			(0.11	)
9/30/2010		20.47		0.06			2.21			2.27			(0.03	)		—			(0.03	)
9/30/2009		21.79		0.04			(1.30	)		(1.26	)		(0.05	)		(0.01	)		(0.06	)
Admin Class
3/31/2014(g)		36.24		0.04			3.51			3.55			—			(3.30	)		(3.30	)
9/30/2013		28.22		0.04			8.15			8.19			(0.14	)		(0.03	)		(0.17	)
9/30/2012		21.72		0.06			6.44			6.50			–			—			—
9/30/2011		22.30		(0.04	)(i)		(0.49	)		(0.53	)		(0.05	)		—			(0.05	)
9/30/2010		20.11		0.00			2.19			2.19			—			—			—
9/30/2009		21.40		0.00			(1.28	)		(1.28	)		(0.00	)		(0.01	)		(0.01	)
Class N
3/31/2014(g)		37.44		0.28			3.51			3.79			(0.11	)		(3.30	)		(3.41	)
9/30/2013*		32.08		0.06			5.30			5.36			—			—			—

* From commencement of Class operations on February 1, 2013 through September 30, 2013.

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

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

(c) Effective June 1, 2009, redemption fees were eliminated.

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

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

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

(g) For the six months ended March 31, 2014 (Unaudited).

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

(i) Includes a non-recurring dividend. Without this dividend, net investment income (loss) per share would have been $0.07, $0.01 and $(0.06) for Institutional Class, Retail Class and Admin Class, respectively, total return would have been (1.93)%, (2.16)% and (2.44)% for Institutional Class, Retail Class and Admin Class, respectively and the ratio of net investment income (loss) to average net assets would have been 0.28%, 0.03% and (0.22)% for Institutional Class, Retail Class and Admin Class, respectively.

See accompanying notes to financial statements.

25  |

									Ratios to Average Net Assets:
Redemption fees (b)(c)		Net asset value, end of the period		Total return (%) (d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)			Gross expenses (%) (f)			Net investment income (loss) (%) (f)			Portfolio turnover rate (%)
$	—	$	37.79		10.23		$	786,211		0.90			0.91			0.71			12
	—		37.42		29.82			733,512		0.90			0.91			0.61			22
	—		29.14		30.59			572,776		0.90	(h)		0.90	(h)		0.76			19
	—		22.36		(1.88	)(i)		431,761		0.90			0.93			0.33	(i)		42
	—		22.93		11.39			454,853		0.90			0.94			0.50			52
	0.00		20.66		(5.42	)		506,324		0.90			0.94			0.52			55
	—		37.40		10.08			414,912		1.15			1.22			0.46			12
	—		37.03		29.48			403,475		1.15			1.22			0.37			22
	—		28.84		30.26			343,480		1.15			1.22			0.49			19
	—		22.14		(2.12	)(i)		347,759		1.15			1.22			0.08	(i)		42
	—		22.71		11.10			383,934		1.15			1.24			0.26			52
	0.00		20.47		(5.66	)		387,383		1.15			1.31			0.26			55
	—		36.49		9.94			79,180		1.40			1.54			0.21			12
	—		36.24		29.17			74,892		1.40			1.52			0.11			22
	—		28.22		29.93			67,853		1.40			1.52			0.24			19
	—		21.72		(2.40	)(i)		65,500		1.40			1.52			(0.17	)(i)		42
	—		22.30		10.89			73,443		1.40			1.56			0.02			52
	0.00		20.11		(5.93	)		74,195		1.40			1.77			0.02			55
	—		37.82		10.27			2,729		0.85			0.89			1.51			12
	—		37.44		16.71			1		0.85			14.45			0.27			22

See accompanying notes to financial statements.

|  26

Notes to Financial Statements

March 31, 2014 (Unaudited)

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

Loomis Sayles Funds I:

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

Loomis Sayles Funds II:

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

Each Fund is a diversified investment company.

Small Cap Growth Fund and Small Cap Value Fund were closed to new investors effective September 14, 2012 and September 15, 2008, respectively. The Funds continue to offer Institutional Class, Retail Class and Class N shares to existing investors and Small Cap Value Fund continues to offer Admin Class shares to existing investors.

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

2.  Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

a.  Valuation. Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as

27  |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange or market where traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) and unlisted equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service using market information, transactions for comparable securities and various relationships between securities, if available, or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to value debt and equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Short-term obligations (purchased with an original or remaining maturity of sixty days or less) are valued at amortized cost (which approximates market value.)

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Funds may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange (“NYSE”). This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s NAV is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by a Fund.

b.  Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily net asset value calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign

|  28

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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

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

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

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

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

d.  Federal and Foreign Income Taxes. Each Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each

29  |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Fund’s tax positions for the open tax years as of March 31, 2014 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes eligible to be reclaimed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

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

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2013 was as follows:

	2013 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Value Fund	$	8,670,789	$	858,547	$	9,529,336

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Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

As of September 30, 2013, the late-year ordinary and post-October capital loss deferrals were as follows:

	Small Cap Growth Fund			Small Cap Value  Fund
Late-year ordinary and post-October capital loss deferrals*	$	(6,002,400	)	$	—

* Under current tax law, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year.

f.  Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2014, each Fund had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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

For the six months ended March 31, 2014, neither Fund had loaned securities under this agreement.

31  |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

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

3.  Fair Value Measurements. In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

• Level 1—quoted prices in active markets for identical assets or liabilities;

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2014, at value:

Small Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,206,857,054	$	—	$	—	$	1,206,857,054
Short-Term Investments		—		56,015,648		—		56,015,648
Total	$	1,206,857,054	$	56,015,648	$	—	$	1,262,872,702

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the six months ended March 31, 2014, there were no transfers among Levels 1, 2 and 3.

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Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Small Cap Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,230,131,854	$	—	$	—	$	1,230,131,854
Closed-End Investment Companies		13,097,285		—		—		13,097,285
Short-Term Investments		—		39,193,947		—		39,193,947
Total	$	1,243,229,139	$	39,193,947	$	—	$	1,282,423,086

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the six months ended March 31, 2014, there were no transfers among Levels 1, 2 and 3.

4.  Purchases and Sales of Securities. For the six months ended March 31, 2014, purchases and sales of securities (excluding short-term investments) were as follows:

Fund	Purchases		Sales
Small Cap Growth Fund	$	405,754,988	$	370,490,873
Small Cap Value Fund		146,381,045		204,465,256

5.  Management Fees and Other Transactions with Affiliates.

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

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

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. These undertakings are in effect until January 31, 2015 and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings.

For the six months ended March 31, 2014, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class		Retail Class		Admin Class		Class N
Small Cap Growth Fund		1.00%		1.25%		—		0.95%
Small Cap Value Fund		0.90%		1.15%		1.40%		0.85%

33  |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Loomis Sayles shall be permitted to recover expenses they have borne under the expense limitation agreements (whether through waiver of its management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the six months ended March 31, 2014, the management fees for each Fund were as follows:

Fund	Management Fees		Percentage of Average Daily Net Assets
Small Cap Growth Fund	$	4,503,030		0.75%
Small Cap Value Fund		4,707,681		0.75%

For the six months ended March 31, 2014, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	22,324	$	136,469	$	54,911	$	75	$	213,779

¹ Expense reimbursements are subject to possible recovery until September 30, 2015.

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

b.  Service and Distribution Fees. NGAM Distribution, L.P. (“NGAM Distribution”), which is a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, NGAM Distribution serves as principal underwriter of the Funds of the Trusts.

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

Under the Retail Class Plans, each Fund pays NGAM Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Funds’ Retail Class shares, as compensation for services provided by NGAM Distribution in connection with the marketing or sale of Retail Class shares or for payments made by NGAM Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Retail Class shares, or for providing personal services to investors and/or maintenance of shareholder accounts.

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Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

Under the Admin Class Plan, Small Cap Value Fund pays NGAM Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Admin Class shares, as compensation for services provided by NGAM Distribution in connection with the marketing or sale of Admin Class shares or for payments made by NGAM Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Admin Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

In addition, the Admin Class shares of Small Cap Value Fund may pay NGAM Distribution an administrative service fee, at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

For the six months ended March 31, 2014, the service and distribution fees for each Fund were as follows:

	Service Fees		Distribution Fees
Fund	Admin Class		Retail Class		Admin Class
Small Cap Growth Fund	$	—	$	271,211	$	—
Small Cap Value Fund		95,909		518,829		95,909

c.  Administrative Fees. NGAM Advisors, L.P. (“NGAM Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. NGAM Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I, Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), Hansberger International Series and NGAM Advisors, each Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion and 0.0350% of such assets in excess of $60 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2014, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Small Cap Growth Fund	$	263,458
Small Cap Value Fund		275,467

d.  Sub-Transfer Agent Fees. NGAM Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping,

35  |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse NGAM Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to NGAM Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended March 31, 2014, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

	Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class		Admin Class
Small Cap Growth Fund	$	574,144	$	144,288	$	—
Small Cap Value Fund		301,731		284,919		81,933

As of March 31, 2014, the Funds owe NGAM Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

	Reimbursements of Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class		Admin Class
Small Cap Growth Fund	$	11,745	$	3,132	$	—
Small Cap Value Fund		7,153		6,176		1,843

e.  Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2014, the Chairperson of the Board receives a retainer fee at the annual rate of $300,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $130,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairperson (except for the Chairperson of the Governance Committee) receives an additional retainer fee at an annual rate of $17,500. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each

|  36

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each Fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2014, the Chairperson of the Board received a retainer fee at the annual rate of $285,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $115,000. All other Trustee fees remained unchanged.

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

f.  Affiliated Ownership. At March 31, 2014, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of net assets:

Fund	Pension Plan		Retirement Plan		Total Affiliated Ownership
Small Cap Growth Fund		0.87%		1.25%		2.12%
Small Cap Value Fund		1.41%		2.09%		3.50%

Investment activities of affiliated shareholders could have material impacts on the Funds.

6.  Class-Specific Transfer Agent Fees and Expenses. For the six months ended March 31, 2014, the class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable) for each Fund were as follows:

	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Admin Class		Class N
Small Cap Growth Fund	$	582,342	$	160,586	$	—	$	154
Small Cap Value Fund		313,345		294,969		84,183		77

37  |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

7.  Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each Fund that participates in the line of credit. Interest is charged to each participating Fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.10% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2014, neither Fund had borrowings under this agreement.

8.  Brokerage Commission Recapture. Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains on investments in the Statements of Operations. For the six months ended March 31, 2014, amounts rebated under these agreements were as follows:

Fund	Rebates
Small Cap Growth Fund	$	44,631
Small Cap Value Fund		28,465

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

	Small Cap Growth Fund
	Six Months Ended March 31, 2014						Year Ended September 30, 2013*
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		5,569,700		$	147,207,395			11,813,357		$	252,532,051
Issued in connection with the reinvestment of distributions		2,386,288			61,256,020			—			—
Redeemed		(3,594,034	)		(94,940,834	)		(8,396,592	)		(176,478,451	)
Net change		4,361,954		$	113,522,581			3,416,765		$	76,053,600
Retail Class
Issued from the sale of shares		1,262,388		$	31,953,560			2,620,258		$	53,469,074
Issued in connection with the reinvestment of distributions		637,221			15,605,531			—			—
Redeemed		(1,557,043	)		(39,009,206	)		(6,709,873	)		(135,077,555	)
Net change		342,566		$	8,549,885			(4,089,615	)	$	(81,608,481	)

|  38

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

9.  Capital Shares – continued.

	Small Cap Growth Fund – continued
	Six Months Ended March 31, 2014						Year Ended September 30, 2013*
Class N	Shares			Amount			Shares			Amount
Issued from the sale of shares		137,378		$	3,737,603			291,609		$	7,346,195
Issued in connection with the reinvestment of distributions		20,603			529,097			—			—
Redeemed		(30,733	)		(813,671	)		(4,013	)		(102,150	)
Net change		127,248		$	3,453,029			287,596		$	7,244,045
Increase (decrease) from capital share transactions		4,831,768		$	125,525,495			(385,254	)	$	1,689,164

* From commencement of operations on February 1, 2013 through September 30, 2013 for Class N shares.

	Small Cap Value Fund
	Six Months Ended March 31, 2014						Year Ended September 30, 2013*
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,001,236		$	75,917,767			3,209,013		$	105,799,055
Issued in connection with the reinvestment of distributions		1,733,383			64,429,846			204,464			6,072,591
Redeemed		(2,531,158	)		(95,192,061	)		(3,464,461	)		(112,934,799	)
Net change		1,203,461		$	45,155,552			(50,984	)	$	(1,063,153	)
Retail Class
Issued from the sale of shares		603,790		$	22,602,383			1,284,622		$	42,022,941
Issued in connection with the reinvestment of distributions		952,559			35,063,705			96,978			2,855,026
Redeemed		(1,359,424	)		(50,973,967	)		(2,396,051	)		(77,723,740	)
Net change		196,925		$	6,692,121			(1,014,451	)	$	(32,845,773	)
Admin Class
Issued from the sale of shares		327,591		$	11,893,090			474,991		$	15,185,040
Issued in connection with the reinvestment of distributions		143,514			5,157,882			9,613			277,512
Redeemed		(367,985	)		(13,391,126	)		(822,273	)		(25,893,755	)
Net change		103,120		$	3,659,846			(337,669	)	$	(10,431,203	)

39  |

Notes to Financial Statements – continued

March 31, 2014 (Unaudited)

9.  Capital Shares – continued.

	Small Cap Value Fund – continued
	Six Months Ended March 31, 2014						Year Ended September 30, 2013*
Class N	Shares			Amount			Shares			Amount
Issued from the sale of shares		72,632		$	2,695,252			31		$	1,000
Issued in connection with the reinvestment of distributions		3			106			—			—
Redeemed		(520	)		(19,753	)		—			—
Net change		72,115		$	2,675,605			31		$	1,000
Increase (decrease) from capital share transactions		1,575,621		$	58,183,124			(1,403,073	)	$	(44,339,129	)

* From commencement of operations on February 1, 2013 through September 30, 2013 for Class N shares.

|  40

SEMIANNUAL REPORT

March 31, 2014

Loomis Sayles Strategic Income Fund

TABLE OF CONTENTS

Barron’s/Lipper 2013 one-year ranking is based on 64 qualifying U.S. fund companies. Award recipient must have at least three funds in Lipper’s general U.S.-stock category (including at least one world and one mixed-asset/balanced), two taxable bond and one tax-exempt bond fund. Natixis was not ranked for the 5- and 10-year periods.

Past performance is no guarantee of future results.

For more details visit ngam.natixis.com/TopFundFamily

LOOMIS SAYLES STRATEGIC INCOME FUND

Managers	Symbols
Matthew J. Eagan, CFA®	Class A	NEFZX
Daniel J. Fuss, CFA®, CIC	Class B	NEZBX
Elaine M. Stokes	Class C	NECZX
Loomis, Sayles & Company, L.P.	Class N	NEZNX
	Class Y	NEZYX
	Admin Class	NEZAX

Objective

High current income with a secondary objective of capital growth.

1  |

Average Annual Total Returns — March 31, 2014⁵

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 5/1/95)
NAV		7.59	%		10.75	%		16.25	%		8.33	%		—	%
With 4.50% Maximum Sales Charge		2.76			5.80			15.18			7.83			—
Class B (Inception 5/1/95)
NAV		7.19			9.95			15.40			7.52			—
With CDSC2		2.19			4.95			15.17			7.52			—
Class C (Inception 5/1/95)
NAV		7.21			9.99			15.39			7.52			—
With CDSC2		6.21			8.99			15.39			7.52			—
Class N (Inception 2/1/13)
NAV		7.77			11.11			—			—			10.35
Class Y (Inception 12/1/99)
NAV		7.73			11.04			16.56			8.61			—
Admin Class (Inception 2/1/10)1
NAV		7.42			10.45			15.94			8.01			—
Comparative Performance
Barclays U.S. Aggregate Bond Index3		1.70			-0.10			4.80			4.46			0.49
Barclays U.S. Universal Bond Index4		2.18			0.51			5.74			4.78			1.03

Past performance does not guarantee future results. The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. Unlike a fund, an index is not managed and does not reflect fees and expenses.

1 Prior to the inception of Admin Class shares (2/1/10), performance is that of Class A shares, restated to reflect the higher net expenses of Admin Class shares.

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

3 Barclays U.S. Aggregate Bond Index is an unmanaged index that covers the U.S.-dollar denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed securities, asset-backed securities, and collateralized mortgage-backed securities sectors.

4 Barclays U.S. Universal Bond Index is an unmanaged index that covers U.S. dollar-denominated taxable bonds, including U.S. government and investment grade debt, non-investment grade debt, asset-backed and mortgage-backed securities, Eurobonds, 144A securities and emerging market debt.

5 Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

|  2

ADDITIONAL INFORMATION

ADDITIONAL INDEX INFORMATION

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis Global Asset Management or any of its related or affiliated companies (collectively “NGAM”) and does not sponsor, endorse or participate in the provision of any NGAM services, funds or other financial products.

The index information contained herein is derived from third parties and is provided on an “as is” basis. The user of this information assumes the entire risk of use of this information. Each of the third party entities involved in compiling, computing or creating index information disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information.

PROXY VOTING INFORMATION

A description of the Fund’s proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Fund’s website at ngam.natixis.com; and on the Securities and Exchange Commission’s (SEC’s) website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2013 is available from the Fund’s website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

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

3  |

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder, you incur different types of costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions; and ongoing costs, including management fees, distribution fees (12b-1 fees) and/or service fees, and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Fund’s prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each class shows the actual amount of Fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2013 through March 31, 2014. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 =8.60) and multiply the result by the number in Expenses Paid During Period column as shown below for your class.

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

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

|  4

LOOMIS SAYLES STRATEGIC INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2013		ENDING ACCOUNT VALUE 3/31/2014		EXPENSES PAID DURING PERIOD* 10/1/2013 – 3/31/2014
Class A
Actual		$1,000.00		$1,075.90		$4.86
Hypothetical (5% return before expenses)		$1,000.00		$1,020.24		$4.73
Class B
Actual		$1,000.00		$1,071.90		$8.73
Hypothetical (5% return before expenses)		$1,000.00		$1,016.50		$8.50
Class C
Actual		$1,000.00		$1,072.10		$8.73
Hypothetical (5% return before expenses)		$1,000.00		$1,016.50		$8.50
Class N
Actual		$1,000.00		$1,077.70		$3.21
Hypothetical (5% return before expenses)		$1,000.00		$1,021.84		$3.13
Class Y
Actual		$1,000.00		$1,077.30		$3.57
Hypothetical (5% return before expenses)		$1,000.00		$1,021.49		$3.48
Admin Class
Actual		$1,000.00		$1,074.20		$6.15
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$5.99

* Expenses are equal to the Fund's annualized expense ratio: 0.94%, 1.69%, 1.69%, 0.62%, 0.69% and 1.19% for Class A, B, C, N, Y and Admin Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

5  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 73.9% of Net Assets
	Non-Convertible Bonds — 65.4%
		ABS Car Loan — 0.0%
$	4,093,750	Avis Budget Rental Car Funding AESOP LLC, Series 2010-5A, Class B, 5.110%, 3/20/2017, 144A	$	4,374,516
		ABS Home Equity — 0.0%
	3,476,771	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR4, Class 2A2, 2.615%, 4/25/2035(b)		3,531,763
		ABS Other — 0.1%
	15,374,501	Rise Ltd., Series 2014-1, Class B, 6.500%, 2/15/2039(b)(c)		15,528,246
		Aerospace & Defense — 0.3%
	620,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		583,821
	11,800,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		11,741,000
	2,425,000	Ducommun, Inc., 9.750%, 7/15/2018		2,716,000
	8,236,000	Meccanica Holdings USA, Inc., 6.250%, 7/15/2019, 144A		8,843,405
	9,776,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		8,822,840
	20,755,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		20,703,112
	5,310,000	Textron Financial Corp., (fixed rate to 2/15/2017, variable rate thereafter), 6.000%, 2/15/2067, 144A		4,739,175
				58,149,353
		Airlines — 2.1%
	13,620,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		13,086,042
	5,215,000	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		5,293,225
	14,204,469	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027, 144A		14,311,003
	5,241,837	American Airlines Pass Through Trust, Series 2013-1, Class B, 5.625%, 1/15/2021, 144A		5,359,778
	10,425,000	American Airlines Pass Through Trust, Series 2013-2, Class C, 6.000%, 1/15/2017, 144A		10,556,251
	3,280,000	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		3,452,200
	21,015,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		22,144,556
	643,667	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		651,713
	425,877	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		439,420
	1,720,737	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		1,819,680
	703,193	Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021		731,321
	1,218,874	Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022		1,404,752
	1,402,771	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		1,602,666

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	2,019,138	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019	$	2,180,669
	1,828,567	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		1,997,709
	1,063,631	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		1,132,767
	10,246,485	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		11,629,760
	18,145,090	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		19,652,947
	15,499,538	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		17,746,971
	14,394,386	Continental Airlines Pass Through Trust, Series 2009-2, Class A, 7.250%, 5/10/2021		16,841,431
	3,778,308	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		4,033,344
	1,178,895	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		1,385,202
	5,593,643	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		6,446,674
	16,324,123	Delta Air Lines Pass Through Trust, Series 2007-1, Class C, 8.954%, 8/10/2014		16,487,365
	899,738	Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA insured), 6.264%, 5/20/2023		967,218
	16,128,897	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		17,822,431
	648,486	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		737,653
	9,585,000	United Airlines Pass Through Trust, Series 2014-1, Class B, 4.750%, 10/11/2023		9,650,753
	13,368,475	US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		14,671,902
	31,291,142	US Airways Pass Through Trust, Series 2010-1C, Class C, 11.000%, 10/22/2014, 144A		32,621,016
	45,904,945	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		53,479,261
	11,555,092	US Airways Pass Through Trust, Series 2011-1C, Class C, 10.875%, 10/22/2014		11,959,520
	13,537,750	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		15,128,435
	6,976,559	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		7,813,746
	4,782,340	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		5,069,280
	7,200,000	US Airways Pass Through Trust, Series 2013-1, Class B, 5.375%, 5/15/2023		7,290,000
	6,835,000	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		7,101,360
	11,434,000	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		11,667,139
				376,367,160
		Automotive — 0.7%
	19,011,000	Ford Motor Co., 6.375%, 2/01/2029		21,714,174
	1,220,000	Ford Motor Co., 6.625%, 2/15/2028		1,358,838
	74,829,000	Ford Motor Co., 6.625%, 10/01/2028		87,562,651
	2,365,000	Ford Motor Co., 7.125%, 11/15/2025		2,804,899
	1,345,000	Ford Motor Co., 7.500%, 8/01/2026		1,656,517
	6,000,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022		6,660,000
	4,977,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		5,144,974
				126,902,053

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — 7.5%
$	1,175,000	AgriBank FCB, 9.125%, 7/15/2019, 144A	$	1,502,186
	28,582,000	Ally Financial, Inc., 8.000%, 12/31/2018		34,084,035
	29,332,000	Ally Financial, Inc., 8.000%, 11/01/2031		36,151,690
	20,565,000	Associates Corp. of North America, 6.950%, 11/01/2018		24,478,622
	63,900,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		26,014,819
	900,000	Bank of America Corp., 5.490%, 3/15/2019		999,669
	3,450,000	Bank of America Corp., EMTN, 4.625%, 9/14/2018, (EUR)		5,246,003
	1,900,000	Bank of America Corp., MTN, 3.300%, 1/11/2023		1,831,769
	265,000	Bank of America Corp., MTN, 5.000%, 5/13/2021		292,201
	1,500,000	Bank of America Corp., Series K, (fixed rate to 1/30/2018, variable rate thereafter), 8.000%(d)		1,698,750
	1,130,000	Barclays Bank PLC, (fixed rate to 12/15/2017, variable rate thereafter), 6.000%, (GBP)(d)		1,828,117
	39,890,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		38,073,224
	7,320,000	Barclays Bank PLC, EMTN, (fixed rate to 3/15/2020, variable rate thereafter), 4.750%, (EUR)(d)		8,987,717
	57,792,000,000	Barclays Financial LLC, EMTN, 3.500%, 11/29/2016, (KRW)		55,436,234
	1,600,000	BNP Paribas S.A., (fixed rate to 4/13/2017, variable rate thereafter), 5.019%, (EUR)(d)		2,344,760
	5,331,000	BNP Paribas S.A., (fixed rate to 6/29/2015, variable rate thereafter), 5.186%, 144A(d)		5,470,939
	4,000,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(c)		3,608,575
	24,610,000	Citigroup, Inc., 5.875%, 2/22/2033		26,174,581
	8,999,000	Citigroup, Inc., 6.000%, 10/31/2033		9,718,857
	6,060,000	Citigroup, Inc., 6.125%, 8/25/2036		6,629,779
	22,091,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		19,731,504
	3,350,000	Citigroup, Inc., EMTN, 1.558%, 11/30/2017, (EUR)(b)		4,563,667
	3,035,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.375%, 1/19/2017		3,217,658
	17,730,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.875%, 2/08/2022		18,361,614
	25,000,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, 144A, (CAD)		22,581,411
	400,000	Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		444,054
	34,060,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		39,016,377
	11,000,000	HBOS Capital Funding LP, (fixed rate to 6/30/2014, variable rate thereafter), 6.071%, 144A(d)		11,013,750
	32,705,000	HBOS PLC, 6.000%, 11/01/2033, 144A		33,925,224
	50,604,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		57,331,397
	9,090,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		9,090,000
	132,200,000	Intesa Sanpaolo SpA, 3.875%, 1/15/2019		134,468,552
	45,620,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		37,753,285
	227,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		19,634,701
	27,555,000	Lloyds Bank PLC, MTN, 6.500%, 9/14/2020, 144A		31,483,020
	18,500,000	Lloyds Banking Group PLC, (fixed rate to 10/01/2015, variable rate thereafter), 5.920%, 144A(d)		18,315,000
	3,010,000	Merrill Lynch & Co., Inc., 5.700%, 5/02/2017		3,347,857
	6,700,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		7,493,119

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	1,235,000	Merrill Lynch & Co., Inc., Series C, GMTN, 6.400%, 8/28/2017	$	1,417,750
	800,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		875,166
	35,325,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		32,863,415
	55,795,000	Morgan Stanley, 4.875%, 11/01/2022		58,628,493
	74,310,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		68,325,528
	100,265,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		102,457,977
	950,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		1,737,642
	79,700,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		78,844,226
	23,175,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		22,940,075
	10,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		11,858,620
	6,600,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		7,506,992
	7,900,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		9,209,512
	12,100,000	Morgan Stanley, Series F, MTN, 0.687%, 10/18/2016(b)		12,069,811
	2,850,000	RBS Capital Trust A, 2.413%, (EUR)(b)(d)		3,769,249
	1,905,000	RBS Capital Trust C, (fixed rate to 1/12/2016, variable rate thereafter), 4.243%, (EUR)(d)		2,518,789
	7,925,000	RBS Capital Trust I, 2.099%(b)(d)		7,687,250
	4,050,000	RBS Capital Trust II, (fixed rate to 1/03/2034, variable rate thereafter), 6.425%(d)		3,903,188
	2,085,000	RBS Capital Trust III, (fixed rate to 9/30/2014, variable rate thereafter), 5.512%(d)		2,053,725
	930,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(d)		1,117,859
	15,100,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(d)		18,696,254
	24,985,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		25,583,466
	17,700,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		18,536,803
	9,990,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/30/2017, variable rate thereafter), 7.640%(d)		10,139,850
	850,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		1,228,535
	7,750,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		12,177,791
	2,150,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		3,016,239
	700,000	Santander Financial Issuances Ltd., 7.250%, 11/01/2015		755,301
	1,800,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		1,890,180
	1,500,000	Santander Issuances SAU, (fixed rate to 8/11/2014, variable rate thereafter), 6.500%, 8/11/2019, 144A		1,528,152
	4,140,000	Societe Generale S.A., (fixed rate to 1/26/2015, variable rate thereafter), 4.196%, (EUR)(d)		5,757,082
	18,054,000	Societe Generale S.A., (fixed rate to 4/05/2017, variable rate thereafter), 5.922%, 144A(d)		19,205,773
				1,310,645,410
		Brokerage — 0.8%
	1,640,000	Cantor Fitzgerald LP, 6.375%, 6/26/2015, 144A		1,705,600
	5,000,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		5,037,500
	43,025,000	Jefferies Group LLC, 5.125%, 1/20/2023		45,219,963
	20,010,000	Jefferies Group LLC, 6.250%, 1/15/2036		20,273,732
	15,215,000	Jefferies Group LLC, 6.450%, 6/08/2027		16,265,170
	39,040,000	Jefferies Group LLC, 6.875%, 4/15/2021		45,459,777
				133,961,742

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Building Materials — 0.5%
$	6,995,000	Masco Corp., 6.500%, 8/15/2032	$	7,117,413
	5,510,000	Masco Corp., 7.125%, 3/15/2020		6,364,050
	2,630,000	Masco Corp., 7.750%, 8/01/2029		2,937,234
	32,100,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		11,812,913
	35,980,000	Owens Corning, Inc., 7.000%, 12/01/2036		40,795,923
	14,155,000	USG Corp., 9.750%, 1/15/2018		17,092,162
				86,119,695
		Chemicals — 0.4%
	20,070,000	Hercules, Inc., 6.500%, 6/30/2029		17,661,600
	5,200,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		5,408,000
	6,995,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		6,925,050
	23,584,000	Momentive Specialty Chemicals, Inc., 7.875%, 2/15/2023(c)		20,753,920
	5,191,000	Momentive Specialty Chemicals, Inc., 8.375%, 4/15/2016(c)		4,957,405
	8,757,000	Momentive Specialty Chemicals, Inc., 9.200%, 3/15/2021(c)		8,187,795
				63,893,770
		Commercial Mortgage-Backed Securities — 0.2%
	35,060,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.819%, 8/10/2045(b)		36,201,694
		Construction Machinery — 0.2%
	10,983,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		11,285,032
	1,425,000	Joy Global, Inc., 6.625%, 11/15/2036		1,586,199
	4,105,000	United Rentals North America, Inc., 5.750%, 11/15/2024		4,135,787
	11,655,000	United Rentals North America, Inc., 7.625%, 4/15/2022		13,068,169
	525,000	United Rentals North America, Inc., 8.375%, 9/15/2020		581,438
				30,656,625
		Consumer Cyclical Services — 0.0%
	670,000	ServiceMaster Co. (The), 7.100%, 3/01/2018		670,000
	5,500,000	ServiceMaster Co. (The), 7.450%, 8/15/2027		5,259,375
				5,929,375
		Consumer Products — 0.0%
	1,335,000	Visant Corp., 10.000%, 10/01/2017		1,329,994
		Electric — 1.4%
	1,540,000	AES Corp., 4.875%, 5/15/2023		1,470,700
	34,125,000	AES Corp., 5.500%, 3/15/2024		33,869,062
	44,331,098	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		48,579,126
	62,180,200	Bruce Mansfield Unit, 6.850%, 6/01/2034		67,523,967
	2,284,339	CE Generation LLC, 7.416%, 12/15/2018		2,255,785
	42,200,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		44,099,000
	14,800,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		16,058,000
	100,000	EDP Finance BV, EMTN, 5.875%, 2/01/2016, (EUR)		148,442
	3,570,000	Endesa S.A./Cayman Islands, 7.875%, 2/01/2027		4,329,857
	13,642,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		14,252,479
	1,435,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		1,626,416

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Electric — continued
	2,732,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)	$	4,577,974
	555,000	Enersis S.A., Cayman Islands, 7.400%, 12/01/2016		626,711
	707,021	Red Oak Power LLC, Series A, 8.540%, 11/30/2019		752,977
				240,170,496
		Financial Other — 0.2%
	20,000,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		27,782,820
		Food & Beverage — 0.2%
	25,280,000	Crestview DS Merger Sub II, Inc., 10.000%, 9/01/2021, 144A		28,060,800
	4,880,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		5,331,400
	4,370,000	Viterra, Inc., 6.406%, 2/16/2021, 144A, (CAD)		4,324,264
				37,716,464
		Government Guaranteed — 0.4%
	72,695,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		67,864,514
		Government Owned – No Guarantee — 0.1%
	19,500,000	DP World Ltd., 6.850%, 7/02/2037, 144A		21,089,250
		Government Sponsored — 0.0%
	1,000,000	EDP Finance BV, EMTN, 2.250%, 2/11/2021, (CHF)		1,051,977
		Healthcare — 2.1%
	2,160,000	BioScrip, Inc., 8.875%, 2/15/2021, 144A		2,251,800
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		16,934,400
	2,795,000	HCA Holdings, Inc., 6.250%, 2/15/2021		2,992,048
	9,960,000	HCA, Inc., 5.875%, 3/15/2022		10,731,900
	108,560,000	HCA, Inc., 5.875%, 5/01/2023		111,681,100
	14,620,000	HCA, Inc., 7.050%, 12/01/2027		14,528,625
	20,447,000	HCA, Inc., 7.500%, 12/15/2023		22,184,995
	24,215,000	HCA, Inc., 7.500%, 11/06/2033		24,820,375
	46,148,000	HCA, Inc., 7.690%, 6/15/2025		49,262,990
	32,745,000	HCA, Inc., 8.360%, 4/15/2024		37,001,850
	15,815,000	HCA, Inc., MTN, 7.580%, 9/15/2025		16,684,825
	9,492,000	HCA, Inc., MTN, 7.750%, 7/15/2036		9,681,840
	19,250,000	Tenet Healthcare Corp., 5.000%, 3/01/2019, 144A		19,225,937
	32,559,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		29,303,100
				367,285,785
		Home Construction — 0.5%
	3,075,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		3,213,375
	11,265,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015(e)		1,253,231
	13,360,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		11,957,200
	11,315,000	KB Home, 7.250%, 6/15/2018		12,729,375
	5,865,000	Lennar Corp., 4.500%, 6/15/2019		5,967,638
	47,260,000	Pulte Group, Inc., 6.000%, 2/15/2035		44,069,950
	13,190,000	Pulte Group, Inc., 6.375%, 5/15/2033		12,926,200
				92,116,969
		Independent Energy — 0.1%
	55,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		62,425
	2,990,000	Halcon Resources Corp., 9.250%, 2/15/2022, 144A		3,117,075

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	12,635,000	QEP Resources, Inc., 6.875%, 3/01/2021	$	13,898,500
	1,975,000	Rosetta Resources, Inc., 5.625%, 5/01/2021		2,019,437
	2,780,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		2,946,800
				22,044,237
		Industrial Other — 0.1%
	7,475,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A		7,605,812
	10,000,000	Worthington Industries, Inc., 6.500%, 4/15/2020		10,686,130
				18,291,942
		Life Insurance — 0.9%
	11,135,000	American International Group, Inc., 4.125%, 2/15/2024		11,370,762
	4,190,000	American International Group, Inc., 4.875%, 6/01/2022		4,588,142
	34,562,000	American International Group, Inc., 6.250%, 3/15/2087		36,290,100
	27,655,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		36,331,756
	4,300,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		4,913,872
	2,855,000	American International Group, Inc., Series MPLE, 4.900%, 6/02/2014, (CAD)		2,598,605
	23,200,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(d)		24,505,000
	1,000,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(d)		1,804,273
	1,350,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		2,055,853
	1,475,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		1,932,250
	8,145,000	MetLife, Inc., 10.750%, 8/01/2069		12,339,675
	8,920,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		9,480,069
	3,910,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		4,556,624
				152,766,981
		Local Authorities — 2.8%
	86,645,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		123,495,093
	900,000	City of Madrid, Spain, 4.550%, 6/16/2036, (EUR)		1,062,779
	8,095,000	City of Rome, Italy, EMTN, 5.345%, 1/27/2048, (EUR)		10,430,088
	3,905,000	Manitoba (Province of), GMTN, 6.375%, 9/01/2015, (NZD)		3,480,215
	185,000,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		169,775,648
	82,840,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		83,853,410
	66,305,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		65,521,478
	26,730,000	Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014, (AUD)		25,276,845
				482,895,556
		Media Cable — 0.7%
	3,315,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		3,290,138
	25,270,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		25,782,486
	1,085,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		996,004
	135,000	Time Warner Cable, Inc., 5.875%, 11/15/2040		146,281
	44,800,000	UPC Holding BV, 6.375%, 9/15/2022, 144A, (EUR)		66,248,853
	11,275,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		10,083,042
	20,300,000	VTR Finance BV, 6.875%, 1/15/2024, 144A		21,112,000
				127,658,804

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Media Non-Cable — 1.0%
$	1,035,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015	$	1,028,531
	3,760,000	Clear Channel Communications, Inc., 5.500%, 9/15/2014		3,778,800
	64,250,000	Clear Channel Communications, Inc., 9.000%, 3/01/2021		67,060,937
	90,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		5,555,376
	11,620,000	Intelsat Jackson Holdings S.A., 5.500%, 8/01/2023, 144A		11,387,600
	3,995,000	Intelsat Luxembourg S.A., 6.750%, 6/01/2018, 144A		4,224,713
	28,785,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021, 144A		30,296,212
	16,000,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023, 144A		16,960,000
	19,215,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		19,359,113
	2,410,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		2,545,563
	3,730,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		4,103,000
	5,925,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		6,784,125
				173,083,970
		Metals & Mining — 0.8%
	3,949,000	Alcoa, Inc., 5.870%, 2/23/2022		4,164,047
	5,075,000	Alcoa, Inc., 5.900%, 2/01/2027		5,177,870
	1,405,000	Alcoa, Inc., 5.950%, 2/01/2037		1,361,253
	4,330,000	Alcoa, Inc., 6.750%, 1/15/2028		4,684,315
	25,271,000	ArcelorMittal, 7.250%, 3/01/2041		25,365,766
	30,695,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		28,239,400
	8,705,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		8,481,473
	1,814,000	Cliffs Natural Resources, Inc., 6.250%, 10/01/2040		1,572,067
	11,284,000	Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A		7,334,600
	4,200,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		4,326,000
	16,135,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		15,065,025
	6,779,000	United States Steel Corp., 6.650%, 6/01/2037		5,829,940
	7,490,000	United States Steel Corp., 6.875%, 4/01/2021		7,939,400
	16,435,000	United States Steel Corp., 7.000%, 2/01/2018		18,201,763
				137,742,919
		Non-Captive Consumer — 2.9%
	23,020,000	SLM Corp., 4.875%, 6/17/2019		23,392,372
	22,945,000	SLM Corp., 5.500%, 1/25/2023		22,514,781
	109,950(††)	SLM Corp., 6.000%, 12/15/2043		2,376,936
	7,515,000	SLM Corp., MTN, 4.625%, 9/25/2017		7,900,144
	7,780,000	SLM Corp., MTN, 5.500%, 1/15/2019		8,227,350
	18,655,000	SLM Corp., MTN, 6.125%, 3/25/2024		18,631,681
	17,600,000	SLM Corp., MTN, 7.250%, 1/25/2022		19,404,000
	2,160,000	SLM Corp., MTN, 8.000%, 3/25/2020		2,486,700
	14,465,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		14,328,581
	50,910,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		45,055,350
	49,850,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		58,698,375
	137,545,000	Springleaf Finance Corp., 7.750%, 10/01/2021		152,331,087
	55,015,000	Springleaf Finance Corp., 8.250%, 10/01/2023		61,341,725
	10,120,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		10,739,850
	800,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		862,000
	55,730,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		61,163,675
				509,454,607

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Captive Diversified — 3.4%
$	19,005,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A	$	20,967,285
	57,000,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		48,101,302
	79,035,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		71,372,068
	25,320,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		22,374,918
	58,490,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		52,011,229
	15,305,000	General Electric Capital Corp., Series A, MTN, 0.539%, 5/13/2024(b)		14,038,251
	245,797,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		220,166,148
	325,000	International Lease Finance Corp., 3.875%, 4/15/2018		331,500
	1,435,000	International Lease Finance Corp., 4.625%, 4/15/2021		1,435,000
	2,085,000	International Lease Finance Corp., 5.875%, 4/01/2019		2,277,863
	24,940,000	International Lease Finance Corp., 5.875%, 8/15/2022		26,374,050
	950,000	International Lease Finance Corp., 6.250%, 5/15/2019		1,047,375
	20,610,000	International Lease Finance Corp., 7.125%, 9/01/2018, 144A		23,959,125
	10,245,000	International Lease Finance Corp., 8.250%, 12/15/2020		12,391,225
	2,995,000	iStar Financial, Inc., 3.875%, 7/01/2016		3,084,850
	11,995,000	iStar Financial, Inc., 4.875%, 7/01/2018		12,294,875
	23,175,000	iStar Financial, Inc., 5.850%, 3/15/2017		24,913,125
	19,240,000	iStar Financial, Inc., 7.125%, 2/15/2018		21,596,900
	19,915,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		20,885,856
				599,622,945
		Oil Field Services — 0.1%
	2,450,000	Hercules Offshore, Inc., 6.750%, 4/01/2022, 144A		2,376,500
	7,170,000	Pan American Energy LLC/Argentine Branch, 7.875%, 5/07/2021, 144A		7,313,400
				9,689,900
		Paper — 0.7%
	14,715,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		18,519,387
	47,875,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		62,988,228
	775,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		1,128,400
	4,865,000	Westvaco Corp., 7.950%, 2/15/2031		5,970,751
	23,365,000	Westvaco Corp., 8.200%, 1/15/2030		29,175,338
	2,840,000	Weyerhaeuser Co., 6.950%, 10/01/2027		3,402,272
				121,184,376
		Pharmaceuticals — 0.2%
	36,270,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		39,171,600
		Pipelines — 0.6%
	750,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		797,416
	8,935,000	IFM US Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		9,494,144
	38,926,668	Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014, 144A(c)		39,255,715
	46,966,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		46,144,095
	3,870,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		3,608,775
	740,000	Rockies Express Pipeline LLC, 6.875%, 4/15/2040, 144A		667,850
	4,247,322	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		4,077,429
				104,045,424

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Property & Casualty Insurance — 0.4%
$	14,855,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021	$	16,868,759
	12,510,000	MBIA Insurance Corp., 11.499%, 1/15/2033, 144A(b)(f)		10,101,825
	11,200,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		12,507,510
	3,000,000	White Mountains Re Group Ltd., (fixed rate to 6/30/2017, variable rate thereafter), 7.506%, 144A(d)		3,149,472
	17,870,000	XL Group PLC, (fixed rate to 4/15/2017, variable rate thereafter), 6.500%(d)		17,579,613
	1,425,000	XLIT Ltd., 6.375%, 11/15/2024		1,691,653
				61,898,832
		Railroads — 0.6%
	90,000,000	Hellenic Railways Organization S.A., EMTN, 0.560%, 5/24/2016, (EUR)(b)(c)		105,390,191
	1,153,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		977,954
				106,368,145
		Retailers — 0.5%
	3,325,000	Dillard’s, Inc., 7.000%, 12/01/2028		3,383,187
	4,187,000	Dillard’s, Inc., 7.130%, 8/01/2018		4,794,115
	1,500,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,608,750
	425,000	Dillard’s, Inc., 7.875%, 1/01/2023		476,000
	10,270,000	Foot Locker, Inc., 8.500%, 1/15/2022(g)		11,222,076
	2,440,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		2,055,700
	29,129,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		22,210,862
	2,800,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		2,100,000
	12,275,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		14,513,629
	6,365,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		6,983,939
	25,717,000	Toys R Us, Inc., 7.375%, 10/15/2018		20,573,600
				89,921,858
		Sovereigns — 1.2%
	64,132,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		6,365,214
	10,000,000,000	Indonesia Treasury Bond, Series FR47, 10.000%, 2/15/2028, (IDR)		980,634
	162,850,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		67,285,974
	55,925,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		25,633,319
	49,120,000	Republic of Brazil, 12.500%, 1/05/2016, (BRL)		22,730,718
	18,400,000	Republic of Croatia, 6.750%, 11/05/2019, 144A		20,263,000
	5,226,139,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		35,400,772
	1,605,660,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		10,909,568
	3,112,923,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		22,569,709
				212,138,908
		Supermarkets — 0.8%
	79,276,000	New Albertson’s, Inc., 7.450%, 8/01/2029		63,817,180
	22,640,000	New Albertson’s, Inc., 7.750%, 6/15/2026		18,564,800
	17,140,000	New Albertson’s, Inc., 8.000%, 5/01/2031		14,140,500
	5,815,000	New Albertson’s, Inc., 8.700%, 5/01/2030		4,928,212
	16,342,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		11,847,950
	34,580,000	SUPERVALU, Inc., 6.750%, 6/01/2021		35,055,475
				148,354,117

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Supranational — 1.1%
	16,375,000	European Bank for Reconstruction & Development, 6.250%, 2/05/2016, (BRL)	$	6,678,460
	250,500,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		21,888,672
	128,560,000	European Bank for Reconstruction & Development, EMTN, 9.000%, 4/28/2014, (BRL)		56,582,265
	60,665,000	European Investment Bank, MTN, 6.250%, 4/15/2015, (AUD)		58,216,983
	24,450,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		22,068,769
	72,900,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		29,571,247
				195,006,396
		Technology — 1.6%
	93,399,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		89,196,045
	5,845,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		5,552,750
	2,145,000	Alcatel-Lucent USA, Inc., 6.750%, 11/15/2020, 144A		2,268,337
	25,000,000	Alcatel-Lucent USA, Inc., 8.875%, 1/01/2020, 144A		28,375,000
	34,955,000	Amkor Technology, Inc., 6.375%, 10/01/2022		36,222,119
	14,000,000	First Data Corp., 10.625%, 6/15/2021		15,750,000
	8,015,000	First Data Corp., 11.250%, 1/15/2021		9,147,119
	77,740,000	First Data Corp., 11.750%, 8/15/2021		81,627,000
	475,000	Motorola Solutions, Inc., 6.000%, 11/15/2017		540,255
	2,562,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		2,693,882
	210,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		252,827
	2,075,000	SunGard Data Systems, Inc., 6.625%, 11/01/2019		2,194,312
				273,819,646
		Textile — 0.0%
	3,910,000	Jones Group, Inc. (The), 6.125%, 11/15/2034		2,981,375
		Transportation Services — 0.3%
	10,503,000	APL Ltd., 8.000%, 1/15/2024(c)		9,820,305
	5,227,485	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(g)		5,318,967
	6,862,758	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(f)(g)(h)		8,990,213
	4,649,967	Atlas Air Pass Through Trust, Series 1999-1, Class A-1, 7.200%, 7/02/2020(g)		4,742,966
	4,088,583	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016(g)		4,114,341
	4,744,556	Atlas Air Pass Through Trust, Series 1999-1, Class C, 8.770%, 7/02/2012(f)(g)(h)		6,215,368
	2,090,222	Atlas Air Pass Through Trust, Series 2000-1, Class B, 9.057%, 7/02/2017(g)		2,215,636
	3,970,000	Erac USA Finance Co., 7.000%, 10/15/2037, 144A		4,992,918
	4,115,000	Jack Cooper Holdings Corp., 9.250%, 6/01/2020, 144A		4,485,350
				50,896,064
		Treasuries — 22.6%
	80,220,000	Canadian Government, 1.000%, 8/01/2016, (CAD)		72,358,368
	317,256,000	Canadian Government, 1.250%, 2/01/2016, (CAD)		287,897,982
	29,490,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		26,255,036
	272,755,000	Canadian Government, 2.250%, 8/01/2014, (CAD)		247,828,327

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	201,485,000	Canadian Government, 2.500%, 6/01/2015, (CAD)	$	185,429,990
	89,045,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		83,124,776
	71,980,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		71,627,751
	20,000,000(†††)	Mexican Fixed Rate Bonds, Series M, 5.000%, 6/15/2017, (MXN)		155,987,438
	20,219,481(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		175,270,865
	75,670,000	New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		69,999,181
	836,485,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		150,339,033
	1,266,835,000	Norway Government Bond, 5.000%, 5/15/2015, (NOK)		219,816,331
	65,300,000	Singapore Government Bond, 1.375%, 10/01/2014, (SGD)		52,161,976
	169,985,000	U.S. Treasury Note, 0.250%, 6/30/2014		170,064,723
	311,655,000	U.S. Treasury Note, 0.250%, 9/30/2015		311,776,857
	230,000,000	U.S. Treasury Note, 0.250%, 12/31/2015		229,694,560
	500,000,000	U.S. Treasury Note, 0.250%, 2/29/2016		498,672,000
	750,000,000	U.S. Treasury Note, 0.375%, 1/31/2016		750,234,000
	200,000,000	U.S. Treasury Note, 0.375%, 3/31/2016		199,781,200
				3,958,320,394
		Wireless — 0.7%
	293,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		20,902,814
	31,041,000	Sprint Capital Corp., 6.875%, 11/15/2028		30,109,770
	16,622,000	Sprint Capital Corp., 6.900%, 5/01/2019		18,242,645
	6,260,000	Sprint Capital Corp., 8.750%, 3/15/2032		6,886,000
	12,630,000	Sprint Communications, Inc., 6.000%, 11/15/2022		12,866,812
	23,641,000	Sprint Corp., 7.250%, 9/15/2021, 144A		25,768,690
				114,776,731
		Wirelines — 3.6%
	2,825,000	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A(i)		2,814,406
	4,370,000	Bell Canada, MTN, 6.550%, 5/01/2029, 144A, (CAD)		4,795,971
	21,480,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		22,806,494
	72,320,000	CenturyLink, Inc., 6.450%, 6/15/2021		77,744,000
	765,000	CenturyLink, Inc., 7.650%, 3/15/2042		721,969
	7,410,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		7,113,600
	2,965,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,820,456
	350,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		329,875
	17,900,000	Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		27,341,694
	5,330,000	Embarq Corp., 7.995%, 6/01/2036		5,561,285
	37,225,000	FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A		39,830,750
	38,336,000	Frontier Communications Corp., 7.875%, 1/15/2027		38,623,520
	1,120,000	Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016, (GBP)		2,003,701
	1,800,000	Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015, (EUR)		2,575,414
	28,505,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		30,892,294
	5,965,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		6,688,256
	2,555,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		2,836,050
	4,667,000	Oi S.A., 5.750%, 2/10/2022, 144A		4,468,653
	500,000	OTE PLC, GMTN, 4.625%, 5/20/2016, (EUR)		716,378
	16,550,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		23,142,102

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
	29,750,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)	$	44,349,293
	800,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		1,171,002
	16,145,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		17,799,863
	42,460,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		40,549,300
	12,463,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		13,491,198
	32,395,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		31,990,062
	31,060,000	Qwest Corp., 6.875%, 9/15/2033		30,629,602
	3,075,000	Qwest Corp., 7.200%, 11/10/2026		3,097,174
	3,999,000	Qwest Corp., 7.250%, 9/15/2025		4,417,495
	39,171,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		36,526,957
	22,645,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		22,135,488
	7,200,000	Telecom Italia SpA, EMTN, 5.250%, 3/17/2055, (EUR)		9,021,599
	5,250,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		5,361,536
	4,350,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		5,265,053
	31,690,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		31,032,981
	18,600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		18,695,734
	3,346,000	Verizon New England, Inc., 7.875%, 11/15/2029		4,109,624
	2,080,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		2,180,476
				625,651,305
		Total Non-Convertible Bonds (Identified Cost $10,763,561,166)		11,446,456,703
	Convertible Bonds — 7.6%
		Automotive — 1.3%
	125,580,000	Ford Motor Co., 4.250%, 11/15/2016		227,378,288
		Chemicals — 0.0%
	4,305,000	RPM International, Inc., 2.250%, 12/15/2020		4,988,419
		Construction Machinery — 0.2%
	16,727,000	Trinity Industries, Inc., 3.875%, 6/01/2036		26,575,021
		Healthcare — 0.4%
	15,025,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(i)		15,353,672
	2,380,000	LifePoint Hospitals, Inc., 3.500%, 5/15/2014		2,528,750
	3,780,000	Omnicare, Inc., 3.250%, 12/15/2035		4,035,150
	20,495,000	Omnicare, Inc., 3.750%, 12/15/2025		46,472,412
				68,389,984
		Home Construction— 0.6%
	10,183,000	KB Home, 1.375%, 2/01/2019		10,463,032
	52,005,000	Lennar Corp., 3.250%, 11/15/2021, 144A		92,601,403
	585,000	Ryland Group, Inc. (The), 0.250%, 6/01/2019		551,363
				103,615,798

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — 0.3%
$	26,190,000	Chesapeake Energy Corp., 2.250%, 12/15/2038	$	24,553,125
	24,655,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		25,086,462
	9,196,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		9,581,083
				59,220,670
		Life Insurance — 0.5%
	72,915,000	Old Republic International Corp., 3.750%, 3/15/2018		90,688,031
		Metals & Mining — 0.2%
	1,000,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		1,081,250
	21,845,000	United States Steel Corp., 2.750%, 4/01/2019		28,302,928
				29,384,178
		Non-Captive Diversified — 0.0%
	5,025,000	Jefferies Group LLC, 3.875%, 11/01/2029		5,348,484
		Packaging — 0.2%
	30,570,000	Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		31,372,463
		Pharmaceuticals — 0.0%
	1,195,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		1,309,272
	1,655,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		1,837,050
	1,810,000	Illumina, Inc., 0.250%, 3/15/2016, 144A		3,289,675
				6,435,997
		REITs – Mortgage — 0.1%
	10,660,000	iStar Financial, Inc., 3.000%, 11/15/2016		15,050,588
		REITs – Warehouse/Industrials — 0.1%
	19,445,000	ProLogis LP, 3.250%, 3/15/2015		22,750,650
		Technology — 2.9%
	49,755,000	Ciena Corp., 0.875%, 6/15/2017		50,594,616
	7,185,000	Ciena Corp., 3.750%, 10/15/2018, 144A		10,054,509
	6,075,000	Ciena Corp., 4.000%, 3/15/2015, 144A		7,669,687
	2,429,000	Intel Corp., 2.950%, 12/15/2035		2,858,629
	205,005,000	Intel Corp., 3.250%, 8/01/2039		286,622,616
	1,055,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		1,308,859
	5,649,179	Liberty Media LLC, 3.500%, 1/15/2031		2,990,534
	1,590,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032		3,995,869
	610,000	Micron Technology, Inc., Series D, 3.125%, 5/01/2032		1,514,706
	127,566,000	Micron Technology, Inc., Series G, 3.000%, 11/15/2043		139,764,499
	2,740,000	Nuance Communications, Inc., 2.750%, 11/01/2031		2,745,138
				510,119,662
		Utility Other — 0.0%
	1,800,000	CMS Energy Corp., 5.500%, 6/15/2029		3,893,625
		Wirelines — 0.8%
	3,220,500	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A, (MXN)(c)(g)(i)(j)		415,222
	54,075,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		82,025,016
	32,895,000	Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		50,576,063

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
	900,000	Portugal Telecom International Finance BV, Series PTC, 4.125%, 8/28/2014, (EUR)	$	1,252,283
				134,268,584
		Total Convertible Bonds (Identified Cost $934,091,174)		1,339,480,442
	Municipals — 0.9%
		District of Columbia — 0.0%
	3,850,000	Metropolitan Washington DC Airports Authority, Series D, 8.000%, 10/01/2047		4,701,119
		Illinois — 0.3%
	1,725,000	Chicago O’Hare International Airport, Series A, (AGMC insured), 4.500%, 1/01/2038		1,719,894
	47,285,000	State of Illinois, 5.100%, 6/01/2033		46,666,985
				48,386,879
		Michigan — 0.1%
	12,580,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		10,056,955
		Virginia — 0.5%
	125,265,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		89,240,039
		Total Municipals (Identified Cost $179,460,548)		152,384,992
		Total Bonds and Notes (Identified Cost $11,877,112,888)		12,938,322,137
	Senior Loans — 1.4%
		Automotive — 0.1%
	11,365,200	TI Group Automotive Systems LLC, Term Loan B, 5.500%, 3/28/2019(b)		11,393,613
		Chemicals — 0.2%
	2,000,000	Allnex USA, Inc., 2nd Lien Term Loan, 8.250%, 4/03/2020(b)		2,030,000
	4,826,114	Ascend Performance Materials LLC, Term Loan B, 6.750%, 4/10/2018(b)		4,729,592
	31,355,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.500%, 12/20/2020(b)		32,060,488
				38,820,080
		Consumer Products — 0.1%
	8,589,669	Visant Corp., Term Loan B, 5.250%, 12/22/2016(b)		8,512,706
		Diversified Manufacturing — 0.0%
	6,385,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 8.750%, 12/19/2020(b)		6,528,663
		Food & Beverage — 0.1%
	11,472,248	DS Waters of America, Inc., New Term Loan, 5.250%, 8/30/2020(b)		11,644,331
		Media Non-Cable — 0.0%
	7,723,222	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(b)		5,765,076

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Metals & Mining — 0.1%
$	11,445,700	Essar Steel Algoma, Inc., ABL Term Loan, 9.250%, 9/20/2014(b)	$	11,445,700
		Non-Captive Diversified — 0.4%
	74,732,354	Istar Financial, Inc., Add on Term Loan A2, 7.000%, 3/19/2017(b)		76,974,324
		Oil Field Services — 0.2%
	25,437,059	FTS International, Inc., Term Loan B, 8.500%, 5/06/2016(b)		25,856,516
		Other Utility — 0.0%
	1,298,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		1,285,020
		Retailers — 0.0%
	2,992,500	Toys ‘R’ Us Property Co. I LLC, New Term Loan B, 6.000%, 8/21/2019(b)		2,891,503
		Supermarkets — 0.1%
	13,644,196	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(b)		13,655,520
		Technology — 0.0%
	4,070,400	Aptean, Inc., 2nd Lien Term Loan, 8.500%, 2/26/2021(b)		4,121,280
		Wirelines — 0.1%
	17,614,060	Hawaiian Telcom Communications, Inc., Term Loan B, 5.000%, 6/06/2019(b)		17,652,635
	1,495,000	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/22/2020(b)		1,527,890
	1,672,963	LTS Buyer LLC, 2nd Lien Term Loan, 8.000%, 4/12/2021(b)		1,700,148
				20,880,673
		Total Senior Loans (Identified Cost $235,637,173)		239,775,005
Shares
	Common Stocks — 20.3%
		Airlines — 0.0%
	38,455	United Continental Holdings, Inc.(f)		1,716,247
		Automobiles — 0.9%
	4,719,016	General Motors Co.		162,428,531
		Banks — 0.4%
	3,979,932	Bank of America Corp.		68,454,830
		Biotechnology — 0.4%
	857,548	Vertex Pharmaceuticals, Inc.(f)		60,645,795
		Chemicals — 2.6%
	1,364,851	Dow Chemical Co. (The)		66,318,110
	2,000,000	PPG Industries, Inc.		386,920,000
				453,238,110
		Containers & Packaging — 0.1%
	460,656	Owens-Illinois, Inc.(f)		15,583,993
	2,304	Rock-Tenn Co., Class A		243,233
				15,827,226
		Diversified Telecommunication Services — 2.9%
	3,750,000	AT&T, Inc.		131,512,500
	283,397	Hawaiian Telcom Holdco, Inc.(f)		8,073,981

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares			Description	Value (†)
			Diversified Telecommunication Services — continued
	323,886		Level 3 Communications, Inc.(f)	$	12,676,898
	200,000		Telecom Italia SpA, Sponsored ADR		2,358,000
	3,871,339		Telecom Italia SpA, Sponsored ADR		36,235,733
	19,550,590		Telefonica S.A., Sponsored ADR		308,703,816
					499,560,928
			Electric Utilities — 0.0%
	94,166		Duke Energy Corp.		6,706,502
			Electronic Equipment, Instruments & Components — 3.8%
	32,000,000		Corning, Inc.		666,240,000
			Food Products — 0.4%
	2,309,175		ConAgra Foods, Inc.		71,653,700
			Household Durables — 0.2%
	477,725		KB Home		8,116,548
	549,450		Lennar Corp., Class A		21,769,209
					29,885,757
			Insurance — 0.7%
	1,510,275		Prudential Financial, Inc.		127,844,779
			Oil, Gas & Consumable Fuels — 1.8%
	846,398		Chesapeake Energy Corp.		21,684,717
	5,351,804		Repsol YPF S.A., Sponsored ADR		136,947,313
	2,134,173		Royal Dutch Shell PLC, ADR		155,922,679
	141,249		Spectra Energy Corp.		5,217,738
					319,772,447
			Pharmaceuticals — 3.4%
	8,514,190		Bristol-Myers Squibb Co.		442,312,170
	2,288		Teva Pharmaceutical Industries, Ltd., Sponsored ADR		120,898
	1,163,749		Valeant Pharmaceuticals International, Inc.(f)		153,417,031
					595,850,099
			REITs – Apartments — 0.3%
	290,904	��	Apartment Investment & Management Co., Class A		8,791,119
	889,730		Associated Estates Realty Corp.		15,072,026
	460,000		Equity Residential		26,675,400
					50,538,545
			REITs – Regional Malls — 0.1%
	123,159		Simon Property Group, Inc.		20,198,076
			REITs – Shopping Centers — 0.0%
	201,557		DDR Corp.		3,321,659
			Semiconductors & Semiconductor Equipment — 2.2%
	14,733,856		Intel Corp.		380,280,823
			Trading Companies & Distributors — 0.1%
	176,859		United Rentals, Inc.(f)		16,790,993
			Total Common Stocks (Identified Cost $2,463,980,018)		3,550,955,047

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
	Preferred Stocks — 2.2%
	Convertible Preferred Stocks — 1.6%
		Banking — 0.2%
	19,062	Bank of America Corp., Series L, 7.250%	$	21,810,931
	8,533	Wells Fargo & Co., Series L, Class A, 7.500%		10,009,209
				31,820,140
		Electric — 0.1%
	380,577	AES Trust III, 6.750%		19,447,485
		Independent Energy — 0.3%
	93,182	Chesapeake Energy Corp., 4.500%		8,527,085
	69,532	Chesapeake Energy Corp., 5.000%		6,737,651
	24,658	Chesapeake Energy Corp., Series A, 5.750%, 144A		27,570,726
	61,053	SandRidge Energy, Inc., 7.000%		6,147,274
	99,800	SandRidge Energy, Inc., 8.500%		10,472,762
				59,455,498
		Metals & Mining — 0.6%
	3,206,343	ArcelorMittal, 6.000%		76,888,105
	895,542	Cliffs Natural Resources, Inc., 7.000%		18,564,586
				95,452,691
		Pipelines — 0.1%
	242,297	El Paso Energy Capital Trust I, 4.750%		12,369,262
		REITs – Diversified — 0.1%
	390	Crown Castle International Corp., Series A, 4.500%		39,542
	391,776	Weyerhaeuser Co., Series A, 6.375%		21,390,970
				21,430,512
		REITs – Healthcare — 0.0%
	116,700	Health Care REIT, Inc., Series I, 6.500%		6,480,351
		REITs – Hotels — 0.0%
	148,040	FelCor Lodging Trust, Inc., Series A, 1.950%		3,680,274
		REITs – Mortgage — 0.2%
	450,965	iStar Financial, Inc., Series J, 4.500%		28,974,501
		Wirelines — 0.0%
	785	Cincinnati Bell, Inc., 6.750%		35,372
		Total Convertible Preferred Stocks (Identified Cost $242,196,910)		279,146,086
	Non-Convertible Preferred Stocks — 0.6%
		Banking — 0.3%
	45,861	Ally Financial, Inc., Series G, 7.000%, 144A		45,296,337
	35,000	Bank of America Corp., 6.375%		871,500
	389,800	Countrywide Capital IV, 6.750%		9,881,430
				56,049,267
		Electric — 0.0%
	393	Entergy New Orleans, Inc., 4.750%		36,254

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		Government Sponsored — 0.2%
	26,000	Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(i)	$	26,975,000
		Home Construction — 0.0%
	208,246	Hovnanian Enterprises, Inc., 7.625%(f)		2,998,742
		Non-Captive Consumer — 0.0%
	101,175	SLM Corp., Series A, 6.970%		4,932,281
		Non-Captive Diversified — 0.0%
	10,425	iStar Financial, Inc., Series G, 7.650%		245,509
	39,300	iStar Financial, Inc., Series F, 7.800%		931,410
	39,200	iStar Financial, Inc., Series E, 7.875%		939,232
				2,116,151
		REITs – Office Property — 0.0%
	1,596	Highwoods Properties, Inc., Series A, 8.625%		1,829,415
		REITs – Warehouse/Industrials — 0.1%
	116,192	ProLogis, Inc., Series Q, 8.540%		6,675,231
		Total Non-Convertible Preferred Stocks (Identified Cost $63,496,051)		101,612,341
		Total Preferred Stocks (Identified Cost $305,692,961)		380,758,427
	Closed-End Investment Companies — 0.0%
	681,131	NexPoint Credit Strategies Fund (Identified Cost $10,230,352)		7,540,120
Principal Amount (‡)
	Short-Term Investments — 0.9%
$	1,323,097	Repurchase Agreement with State Street Bank and Trust Company, 3/31/2014 at 0.000% to be repurchased at $1,323,097 on 4/01/2014 collateralized by $1,440,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $1,353,397 including accrued interest (Note 2 of Notes to Financial Statements)		1,323,097
	167,709,887	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2014 at 0.000% to be repurchased at $167,709,887 on 4/01/2014 collateralized by $21,000,000 Federal National Mortgage Association, 0.375% due 7/05/2016 valued at $20,921,250; $84,715,000 U.S. Treasury Note, 1.500% due 6/30/2016 valued at $86,726,981; $63,420,000 U.S. Treasury Note, 0.625% due 8/15/2016 valued at $63,420,000 including accrued interest (Note 2 of Notes to Financial Statements)		167,709,887
		Total Short-Term Investments (Identified Cost $169,032,984)		169,032,984
		Total Investments — 98.7% (Identified Cost $15,061,686,376)(a)		17,286,383,720
		Other assets less liabilities — 1.3%		227,170,665
		Net Assets — 100.0%	$	17,513,554,385

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(†)	See Note 2 of Notes to Financial Statements.
(††)	Amount shown represents units. One unit represents a principal amount of 25.
(†††)	Amount shown represents units. One unit represents a principal amount of 100.
(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
	At March 31, 2014, the net unrealized appreciation on investments based on a cost of $15,101,146,419 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	2,651,897,296
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(466,659,995	)
	Net unrealized appreciation	$	2,185,237,301
(b)	Variable rate security. Rate as of March 31, 2014 is disclosed.
(c)	Illiquid security. At March 31, 2014, the value of these securities amounted to $341,496,407 or 1.9% of net assets.
(d)	Perpetual bond with no specified maturity date.
(e)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(f)	Non-income producing security.
(g)	Fair valued by the Fund’s investment adviser. At March 31, 2014, the value of these securities amounted to $43,234,789 or 0.2% of net assets.
(h)	Maturity has been extended under the terms of a plan of reorganization.
(i)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(j)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, the value of Rule 144A holdings amounted to $1,878,787,152 or 10.7% of net assets.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
ABS	Asset-Backed Securities
AGMC	Assured Guaranty Municipal Corp.
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MBIA	Municipal Bond Investors Assurance Corp.
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2014 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

IDR	Indonesian Rupiah
ISK	Icelandic Krona
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SGD	Singapore Dollar
USD	U.S. Dollar

Industry Summary at March 31, 2014 (Unaudited)

Treasuries	22.6	%
Banking	8.0
Technology	4.5
Wirelines	4.5
Non-Captive Diversified	3.8
Electronic Equipment, Instruments & Components	3.8
Pharmaceuticals	3.6
Chemicals	3.2
Non-Captive Consumer	2.9
Diversified Telecommunication Services	2.9
Local Authorities	2.8
Healthcare	2.5
Semiconductors & Semiconductor Equipment	2.2
Airlines	2.1
Automotive	2.1
Other Investments, less than 2% each	26.3
Short-Term Investments	0.9
Total Investments	98.7
Other assets less liabilities	1.3
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2014 (Unaudited)

United States Dollar	74.6	%
Canadian Dollar	6.4
New Zealand Dollar	4.0
Australian Dollar	3.6
Euro	2.9
Norwegian Krone	2.2
Mexican Peso	2.0
Other, less than 2% each	3.0
Total Investments	98.7
Other assets less liabilities	1.3
Net Assets	100.0	%

See accompanying notes to financial statements.

|  26

Statement of Assets and Liabilities

March 31, 2014 (Unaudited)

ASSETS
Investments at cost	$	15,061,686,376
Net unrealized appreciation		2,224,697,344
Investments at value		17,286,383,720
Cash		862,942
Foreign currency at value (identified cost $1,394,137)		1,275,240
Receivable for Fund shares sold		57,131,620
Receivable for securities sold		33,481,205
Dividends and interest receivable		172,538,163
Tax reclaims receivable		435,119
TOTAL ASSETS		17,552,108,009
LIABILITIES
Payable for securities purchased		12,519,487
Payable for Fund shares redeemed		15,447,051
Foreign taxes payable (Note 2)		91,653
Management fees payable (Note 5)		8,142,488
Deferred Trustees’ fees (Note 5)		1,004,440
Administrative fees payable (Note 5)		639,404
Payable to distributor (Note 5d)		126,928
Other accounts payable and accrued expenses		582,173
TOTAL LIABILITIES		38,553,624
NET ASSETS	$	17,513,554,385
NET ASSETS CONSIST OF:
Paid-in capital	$	15,309,106,169
Distributions in excess of net investment income		(76,574,010	)
Accumulated net realized gain on investments and foreign currency transactions		55,447,965
Net unrealized appreciation on investments and foreign currency translations		2,225,574,261
NET ASSETS	$	17,513,554,385

See accompanying notes to financial statements.

27  |

Statement of Assets and Liabilities (continued)

March 31, 2014 (Unaudited)

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	5,946,387,525
Shares of beneficial interest		355,191,098
Net asset value and redemption price per share	$	16.74
Offering price per share (100/95.50 of net asset value) (Note 1)	$	17.53
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	47,237,380
Shares of beneficial interest		2,799,965
Net asset value and offering price per share	$	16.87
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	5,270,403,641
Shares of beneficial interest		312,854,821
Net asset value and offering price per share	$	16.85
Class N shares:
Net assets	$	41,942,381
Shares of beneficial interest		2,507,263
Net asset value, offering and redemption price per share	$	16.73
Class Y shares:
Net assets	$	6,088,667,753
Shares of beneficial interest		363,979,164
Net asset value, offering and redemption price per share	$	16.73
Admin Class shares:
Net assets	$	118,915,705
Shares of beneficial interest		7,122,898
Net asset value, offering and redemption price per share	$	16.69

See accompanying notes to financial statements.

|  28

Statement of Operations

For the Six Months Ended March 31, 2014 (Unaudited)

INVESTMENT INCOME
Interest	$	311,595,488
Dividends		61,111,620
Less net foreign taxes withheld		(2,893,909	)
		369,813,199
Expenses
Management fees (Note 5)		45,083,238
Service and distribution fees (Note 5)		32,880,666
Administrative fees (Note 5)		3,558,094
Trustees’ fees and expenses (Note 5)		223,914
Transfer agent fees and expenses (Note 5 and 6)		5,873,934
Audit and tax services fees		27,710
Custodian fees and expenses		354,379
Legal fees		93,503
Registration fees		228,901
Shareholder reporting expenses		333,477
Miscellaneous expenses		173,633
Total expenses		88,831,449
Net investment income		280,981,750
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investments		100,242,361
Foreign currency transactions		1,419,072
Net change in unrealized appreciation (depreciation) on:
Investments		784,804,955
Foreign currency translations		1,059,096
Net realized and unrealized gain on investments and foreign currency transactions		887,525,484
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,168,507,234

See accompanying notes to financial statements.

29  |

Statement of Changes in Net Assets

	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
FROM OPERATIONS:
Net investment income	$	280,981,750		$	590,817,828
Net realized gain on investments and foreign currency transactions		101,661,433			337,211,720
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		785,864,051			375,765,948
Net increase in net assets resulting from operations		1,168,507,234			1,303,795,496
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(117,066,636	)		(257,191,132	)
Class B		(880,599	)		(3,107,922	)
Class C		(86,805,854	)		(209,818,508	)
Class N		(532,846	)		(310,035	)
Class Y		(119,639,068	)		(237,288,037	)
Admin Class		(1,976,406	)		(3,078,138	)
Net realized capital gains
Class A		(14,707,851	)		—
Class B		(138,778	)		—
Class C		(13,369,858	)		—
Class N		(37,074	)		—
Class Y		(13,975,709	)		—
Admin Class		(252,447	)		—
Total distributions		(369,383,126	)		(710,793,772	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		1,621,633,044			(197,955,273	)
Net increase in net assets		2,420,757,152			395,046,451
NET ASSETS
Beginning of the period		15,092,797,233			14,697,750,782
End of the period	$	17,513,554,385		$	15,092,797,233
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(76,574,010	)	$	(30,654,351	)

See accompanying notes to financial statements.

|  30

Financial Highlights

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:							Less Distributions:
	Net asset value, beginning of the period		Net investment income (a)		Net realized and unrealized gain (loss)			Total from investment operations		Dividends from net investment income			Distributions from net realized capital gains			Total distributions
Class A
3/31/2014(e)	$	15.93	$	0.30	$	0.89		$	1.19	$	(0.34	)	$	(0.04	)	$	(0.38	)
9/30/2013		15.30		0.65		0.76			1.41		(0.78	)		—			(0.78	)
9/30/2012		14.21		0.72		1.21			1.93		(0.84	)		—			(0.84	)
9/30/2011		14.69		0.77		(0.42	)		0.35		(0.83	)		—			(0.83	)
9/30/2010		13.39		0.80		1.31			2.11		(0.81	)		—			(0.81	)
9/30/2009		12.10		0.87		1.36			2.23		(0.86	)		(0.08	)		(0.94	)
Class B
3/31/2014(e)		16.05		0.24		0.90			1.14		(0.28	)		(0.04	)		(0.32	)
9/30/2013		15.41		0.54		0.76			1.30		(0.66	)		—			(0.66	)
9/30/2012		14.30		0.61		1.23			1.84		(0.73	)		—			(0.73	)
9/30/2011		14.78		0.66		(0.43	)		0.23		(0.71	)		—			(0.71	)
9/30/2010		13.46		0.69		1.33			2.02		(0.70	)		—			(0.70	)
9/30/2009		12.16		0.79		1.36			2.15		(0.77	)		(0.08	)		(0.85	)
Class C
3/31/2014(e)		16.03		0.24		0.90			1.14		(0.28	)		(0.04	)		(0.32	)
9/30/2013		15.39		0.54		0.76			1.30		(0.66	)		—			(0.66	)
9/30/2012		14.29		0.61		1.23			1.84		(0.74	)		—			(0.74	)
9/30/2011		14.77		0.66		(0.43	)		0.23		(0.71	)		—			(0.71	)
9/30/2010		13.45		0.69		1.33			2.02		(0.70	)		—			(0.70	)
9/30/2009		12.15		0.79		1.37			2.16		(0.78	)		(0.08	)		(0.86	)
Class N
3/31/2014(e)		15.92		0.31		0.91			1.22		(0.37	)		(0.04	)		(0.41	)
9/30/2013*		15.78		0.46		0.16			0.62		(0.48	)		—			(0.48	)
Class Y
3/31/2014(e)		15.92		0.32		0.89			1.21		(0.36	)		(0.04	)		(0.40	)
9/30/2013		15.29		0.69		0.76			1.45		(0.82	)		—			(0.82	)
9/30/2012		14.20		0.75		1.22			1.97		(0.88	)		—			(0.88	)
9/30/2011		14.68		0.81		(0.43	)		0.38		(0.86	)		—			(0.86	)
9/30/2010		13.38		0.83		1.31			2.14		(0.84	)		—			(0.84	)
9/30/2009		12.09		0.90		1.36			2.26		(0.89	)		(0.08	)		(0.97	)
Admin Class
3/31/2014(e)		15.89		0.27		0.89			1.16		(0.32	)		(0.04	)		(0.36	)
9/30/2013		15.27		0.61		0.75			1.36		(0.74	)		—			(0.74	)
9/30/2012		14.18		0.67		1.23			1.90		(0.81	)		—			(0.81	)
9/30/2011		14.66		0.73		(0.42	)		0.31		(0.79	)		—			(0.79	)
9/30/2010**		13.87		0.52		0.79			1.31		(0.52	)		—			(0.52	)

* From commencement of Class operations on February 1, 2013 through September 30, 2013.

** From commencement of Class operations on February 1, 2010 through September 30, 2010.

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

(b) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower.

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

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

(e) For the six months ended March 31, 2014 (Unaudited).

See accompanying notes to financial statements.

31  |

						Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%) (b)(c)		Net assets, end of the period (000’s)		Net expenses (%) (d)		Gross expenses (%) (d)		Net investment income (%) (d)		Portfolio turnover rate (%)
$	16.74		7.59	$	5,946,388		0.94		0.94		3.62		8
	15.93		9.43		5,239,885		0.95		0.95		4.14		22
	15.30		14.02		5,155,287		0.96		0.96		4.84		30
	14.21		2.20		5,262,765		0.95		0.95		5.10		25
	14.69		16.20		5,758,070		0.96		0.96		5.67		27
	13.39		20.56		5,544,029		0.99		0.99		7.74		39
	16.87		7.19		47,237		1.69		1.69		2.90		8
	16.05		8.58		57,276		1.70		1.70		3.39		22
	15.41		13.15		89,552		1.70		1.70		4.11		30
	14.30		1.48		107,400		1.70		1.70		4.35		25
	14.78		15.39		137,268		1.71		1.71		4.92		27
	13.46		19.62		148,887		1.74		1.74		7.02		39
	16.85		7.21		5,270,404		1.69		1.69		2.88		8
	16.03		8.61		4,912,727		1.70		1.70		3.39		22
	15.39		13.18		5,064,186		1.71		1.71		4.08		30
	14.29		1.42		4,666,077		1.70		1.70		4.35		25
	14.77		15.40		5,146,164		1.71		1.71		4.92		27
	13.45		19.66		4,894,546		1.74		1.74		6.95		39
	16.73		7.77		41,942		0.62		0.62		3.80		8
	15.92		4.01		12,921		0.63		0.63		4.38		22
	16.73		7.73		6,088,668		0.69		0.69		3.86		8
	15.92		9.72		4,789,322		0.70		0.70		4.39		22
	15.29		14.31		4,339,240		0.71		0.71		5.05		30
	14.20		2.46		2,807,777		0.70		0.70		5.35		25
	14.68		16.50		2,521,337		0.71		0.71		5.92		27
	13.38		20.91		2,057,888		0.72		0.72		7.76		39
	16.69		7.42		118,916		1.19		1.19		3.35		8
	15.89		9.12		80,666		1.20		1.20		3.89		22
	15.27		13.79		49,486		1.21		1.21		4.52		30
	14.18		1.98		25,424		1.21		1.21		4.87		25
	14.66		9.61		4,379		1.24		1.24		5.52		27

See accompanying notes to financial statements.

|  32

Notes to Financial Statements

March 31, 2014 (Unaudited)

1.  Organization.  Loomis Sayles Funds II (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trust are presented in separate reports. Information presented in these financial statements pertains to Loomis Sayles Strategic Income Fund (the “Fund”).

The Fund is a diversified investment company.

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

Class A shares are sold with a maximum front-end sales charge of 4.50%. Class B shares do not pay a front-end sales charge; however, they are charged higher Rule 12b-1 fees, and are subject to a contingent deferred sales charge (“CDSC”) if such shares are redeemed within six years of purchase. After eight years of ownership, Class B shares convert to Class A shares. Class C shares do not pay a front-end sales charge, do not convert to any other class of shares, pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are primarily intended for employer-sponsored retirement plans. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000, though some categories of investors are exempted from the minimum investment amount as outlined in the Fund’s prospectus. Admin Class shares do not pay a front-end sales charge or a CDSC, but do pay a Rule 12b-1 fee. Class N and Admin Class shares are offered exclusively through intermediaries.

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

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

2.  Significant Accounting Policies.  The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Fund’s financial statements.

a.  Valuation.  Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) and unlisted equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service using market information, transactions for comparable securities and various relationships between securities, if available, or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange or market where traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Short-term obligations (purchased with an original or remaining maturity of sixty days or less) are valued at amortized cost (which approximates market value).

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

events occur after the close of a foreign market but prior to the close of the New York Stock Exchange (“NYSE”). This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s NAV is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily net asset value calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as the Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of the cost of investments or as a realized gain, respectively. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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

Net realized foreign exchange gains or losses arise from sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

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

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

d.  Federal and Foreign Income Taxes.  The Trust treats each fund as a separate entity for federal income tax purposes. The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of the Fund’s tax positions for the open tax years as of March 31, 2014 and has concluded that no provisions for income tax are required. The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Fund. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

The Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statement of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statement of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes eligible to be reclaimed are reflected on the Statement of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statement of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statement of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to the Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statement of Assets and Liabilities and are recorded as a realized gain when received.

e.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency transactions, premium amortization, defaulted bond adjustments, paydown gains and losses, preferred securities adjustments, capital gains tax, contingent payment debt instruments and return of capital and capital gain distributions received. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to wash sales, deferred Trustees’ fees, premium amortization, return of capital distributions received, preferred securities adjustments, contingent payment debt instruments and defaulted bond interest. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2013 was as follows:

2013 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains		Total
$710,793,772	$	—	$	710,793,772

f.  Repurchase Agreements.  The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of March 31, 2014, the Fund had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statement of Assets and Liabilities for financial reporting purposes.

g.  Securities Lending.  The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued by non-U.S. Governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent. Excess collateral in the amount of $3,052,629 related to terminated loans with a bankrupt borrower is held by State Street Bank on behalf of the Fund.

For the six months ended March 31, 2014, the Fund did not loan securities under this agreement.

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

3.  Fair Value Measurements.  In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical assets or liabilities;

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

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

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

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

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2014, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	15,528,246	(b)	$	15,528,246
Airlines		—		52,061,545		324,305,615	(b)		376,367,160
Non-Captive Consumer		2,376,936		507,077,671		—			509,454,607
Retailers		—		78,699,782		11,222,076	(c)		89,921,858
Transportation Services		—		19,298,573		31,597,491	(c)		50,896,064
All Other Non-Convertible Bonds(a)		—		10,404,288,768		—			10,404,288,768
Total Non-Convertible Bonds		2,376,936		11,061,426,339		382,653,428			11,446,456,703
Convertible Bonds
Wirelines		—		133,853,362		415,222	(c)		134,268,584
All Other Convertible Bonds(a)		—		1,205,211,858		—			1,205,211,858
Total Convertible Bonds		—		1,339,065,220		415,222			1,339,480,442
Municipals(a)		—		152,384,992		—			152,384,992
Total Bonds and Notes		2,376,936		12,552,876,551		383,068,650			12,938,322,137

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3		Total
Senior Loans(a)	$	—	$	239,775,005	$	—	$	239,775,005
Common Stocks(a)		3,550,955,047		—		—		3,550,955,047
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		21,412,010		38,043,488		—		59,455,498
REITs – Mortgage		—		28,974,501		—		28,974,501
Wirelines		—		35,372		—		35,372
All Other Convertible Preferred Stocks(a)		190,680,715		—		—		190,680,715
Total Convertible Preferred Stocks		212,092,725		67,053,361		—		279,146,086
Non-Convertible Preferred Stocks
Electric		—		36,254		—		36,254
Government Sponsored		—		26,975,000		—		26,975,000
REITs – Office Property		—		1,829,415		—		1,829,415
All Other Non-Convertible Preferred Stocks(a)		72,771,672		—		—		72,771,672
Total Non-Convertible Preferred Stocks		72,771,672		28,840,669		—		101,612,341
Total Preferred Stocks		284,864,397		95,894,030		—		380,758,427
Closed-End Investment Companies		7,540,120		—		—		7,540,120
Short-Term Investments		—		169,032,984		—		169,032,984
Total	$	3,845,736,500	$	13,057,578,570	$	383,068,650	$	17,286,383,720

(a) Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

(b) Valued using broker-dealer bid prices.

(c) Fair valued by the Fund’s adviser.

Preferred stocks valued at $52,175,298 were transferred from Level 1 to Level 2 during the period ended March 31, 2014. At March 31, 2014, these securities were valued on

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

the basis of evaluated bids furnished to the Fund by an independent pricing service as a market price was not available.

All transfers are recognized as of the beginning of the reporting period.

The Fund’s pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Fund by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. Broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. All security prices, including those obtained from an independent pricing service and broker-dealer bid prices, are reviewed on a daily basis by the adviser, subject to oversight by Fund management and the Board of Trustees. If the adviser, in good faith, believes that the price provided by an independent pricing service is unreliable, broker-dealer bid prices may be used until the price provided by the independent pricing service is considered to be reliable. Reliability of all security prices, including those obtained from an independent pricing service and broker-dealer bid prices, is tested in a variety of ways, including comparison to recent transaction prices and daily fluctuations, amongst other validation procedures in place. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2013 and/or March 31, 2014:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2013		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	(604	)	$	38,436		$	15,570,913
Airlines		324,635,747		114,405		322,846			8,983,424			—
Retailers		11,276,382		16,632		—			(70,938	)		—
Transportation Services		33,966,589		—		368,471			(441,151	)		—
Convertible Bonds
Wirelines		368,219		—		—			47,003			—
Total	$	370,246,937	$	131,037	$	690,713		$	8,556,774		$	15,570,913

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2014
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(80,499	)	$	—	$	—	$	15,528,246	$	38,436
Airlines		(17,152,457	)		7,401,650		—		324,305,615		10,376,983
Retailers		—			—		—		11,222,076		(70,938	)
Transportation Services		(2,296,418	)		—		—		31,597,491		(23,249	)
Convertible Bonds
Wirelines		—			—		—		415,222		47,003
Total	$	(19,529,374	)	$	7,401,650	$	—	$	383,068,650	$	10,368,235

Debt securities valued at $7,401,650 were transferred from Level 2 to Level 3 during the period ended March 31, 2014. At March 31, 2014, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

All transfers are recognized as of the beginning of the reporting period.

4.  Purchases and Sales of Securities.  For the six months ended March 31, 2014, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $1,520,116,493 and $1,172,580,354, respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $1,990,497,718 and $130,417,369, respectively.

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

5.  Management Fees and Other Transactions with Affiliates.

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

Percentage of Average Daily Net Assets
First $200 million	Next $1.8 billion	Next $13 billion	Over $15 billion
0.65%	0.60%	0.55%	0.54%

Loomis Sayles has given a binding undertaking to the Fund to waive management fees and/or reimburse certain expenses to limit the Fund’s operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. This undertaking is in effect until January 31, 2015 and is reevaluated on an annual basis. Management fees payable, as reflected on the Statement of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to this undertaking.

For the six months ended March 31, 2014, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:

Expense Limit as a Percentage of Average Daily Net Assets
Class A	Class B	Class C	Class N	Class Y	Admin Class
1.25%	2.00%	2.00%	0.95%	1.00%	1.50%

Loomis Sayles shall be permitted to recover expenses it has borne under the expense limitation agreement (whether through waiver of its management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For six months ended March 31, 2014, the management fees for the Fund were $45,083,238 (effective rate of 0.56% of average daily net assets).

No expenses were recovered during the six months ended March 31, 2014 under the terms of the expense limitation agreement.

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

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

b.  Service and Distribution Fees.  NGAM Distribution, L.P. (“NGAM Distribution”), which is a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trust. Pursuant to this agreement, NGAM Distribution serves as principal underwriter of the funds of the Trust.

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

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

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

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

Under the Admin Class Plan, the Fund pays NGAM Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Admin Class shares, as compensation for services provided by NGAM Distribution in connection with the marketing or sale of Admin Class shares or for payments made by NGAM Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Admin Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

In addition, the Admin Class shares of the Fund may pay NGAM Distribution an administrative service fee, at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

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Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

For the six months ended March 31, 2014, the service and distribution fees for the Fund were as follows:

Service Fees				Distribution Fees
Class A	Class B	Class C	Admin Class	Class B	Class C	Admin Class
$6,981,075	$65,159	$6,347,497	$124,484	$195,476	$19,042,491	$124,484

c.  Administrative Fees.  NGAM Advisors, L.P. (“NGAM Advisors”) provides certain administrative services for the Fund and contracts with State Street Bank to serve as sub-administrator. NGAM Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I, Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), Hansberger International Series and NGAM Advisors, the Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion and 0.0350% of such assets in excess of $60 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2014, the administrative fees for the Fund were $3,558,094.

d.  Sub-Transfer Agent Fees.  NGAM Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Fund and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Fund primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Fund. These services would have been provided by the Fund’s transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Fund’s transfer agent. Accordingly, the Fund has agreed to reimburse NGAM Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to NGAM Distribution are subject to a current per-account equivalent fee limit approved by the Fund’s Board, which is based on fees for similar services paid to the Fund’s transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended March 31, 2014, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $5,373,522.

As of March 31, 2014, the Fund owes NGAM Distribution $126,928 in reimbursements for sub-transfer agent fees.

45  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

Sub-transfer agent fees attributable to Class A, Class B, Class C, Class Y and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the six months ended March 31, 2014 amounted to $2,506,060.

f.  Trustees Fees and Expenses.  The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2014, the Chairperson of the Board receives a retainer fee at the annual rate of $300,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $130,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, each committee chairperson (except for the Chairperson of the Governance Committee) receives an additional retainer fee at an annual rate of $17,500. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series based on a formula that takes into account, among other factors, the relative net assets of each Fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2014, the Chairperson of the Board received a retainer fee at the annual rate of $285,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $115,000. All other Trustee fees remained unchanged.

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

|  46

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

portions of the accrued obligations allocated to the Fund under the Plan are reflected as Deferred Trustees’ fees in the Statement of Assets and Liabilities.

6.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2014, the Fund incurred the following class-specific expenses (including sub-transfer agent fees, where applicable):

	Class A		Class B		Class C		Class N		Class Y		Admin Class
Transfer Agent Fees and Expenses	$	2,026,130	$	18,936	$	1,842,641	$	77	$	1,950,065	$	36,085

Transfer agent fees and expenses attributable to Class A, Class B, Class C, Class Y and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

7.  Line of Credit.  The Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each Fund that participates in the line of credit. Interest is charged to each participating Fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.10% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2014, the Fund had no borrowings under this agreement.

8.  Concentration of Risk.  The Fund’s investments in foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Greater political, economic, credit and information risks are also associated with foreign securities.

47  |

Notes to Financial Statements (continued)

March 31, 2014 (Unaudited)

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

	Six Months Ended March 31, 2014					Year Ended September 30, 2013*
	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	55,910,902		$	916,911,718		85,161,020		$	1,344,652,662
Issued in connection with the reinvestment of distributions	6,636,264			108,487,050		13,495,375			211,445,205
Redeemed	(36,259,057	)		(594,167,681	)	(106,628,096	)		(1,673,657,377	)
Net change	26,288,109		$	431,231,087		(7,971,701	)	$	(117,559,510	)
Class B
Issued from the sale of shares	28,342		$	465,534		84,938		$	1,342,254
Issued in connection with the reinvestment of distributions	38,544			634,420		116,207			1,831,113
Redeemed	(835,407	)		(13,781,163	)	(2,445,061	)		(38,778,882	)
Net change	(768,521	)	$	(12,681,209	)	(2,243,916	)	$	(35,605,515	)
Class C
Issued from the sale of shares	26,872,775		$	443,531,484		36,207,754		$	574,188,840
Issued in connection with the reinvestment of distributions	3,417,601			56,179,179		7,359,016			115,930,122
Redeemed	(23,922,225	)		(394,271,458	)	(66,124,686	)		(1,046,914,424	)
Net change	6,368,151		$	105,439,205		(22,557,916	)	$	(356,795,462	)
Class N
Issued from the sale of shares	1,728,350		$	28,525,206		795,587		$	12,674,081
Issued in connection with the reinvestment of distributions	34,753			569,742		19,538			310,035
Redeemed	(67,464	)		(1,107,016	)	(3,501	)		(57,560	)
Net change	1,695,639		$	27,987,932		811,624		$	12,926,556
Class Y
Issued from the sale of shares	99,090,124		$	1,624,767,892		114,234,013		$	1,799,718,390
Issued in connection with the reinvestment of distributions	4,880,125			79,722,847		8,900,319			139,377,642
Redeemed	(40,849,054	)		(668,338,483	)	(106,030,487	)		(1,668,831,214	)
Net change	63,121,195		$	1,036,152,256		17,103,845		$	270,264,818
Admin Class
Issued from the sale of shares	2,260,154		$	37,005,382		2,237,182		$	35,129,300
Issued in connection with the reinvestment of distributions	116,868			1,905,858		163,798			2,563,820
Redeemed	(330,947	)		(5,407,467	)	(565,879	)		(8,879,280	)
Net change	2,046,075		$	33,503,773		1,835,101		$	28,813,840
Increase (decrease) from capital share transactions	98,750,648		$	1,621,633,044		(13,022,963	)	$	(197,955,273	)

* From commencement of operations on February 1, 2013 through September 30, 2013 for Class N shares.

|  48

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

SIGNATURES

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

Loomis Sayles Funds II
By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	Chief Executive Officer
Date:	May 22, 2014

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

By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	Chief Executive Officer
Date:	May 22, 2014
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	May 22, 2014