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, 2015

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, 2015

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 53

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

The Fund seeks high total investment return through a combination of capital appreciation and current income

Average Annual Total Returns — March 31, 2015⁵

	6 Months			1 Year			5 Years			10 Years
Class A (Inception 2/1/06)1
NAV		4.09	%		6.90	%		10.55	%		8.96	%
With 5.75% Maximum Sales Charge		-1.91			0.78			9.25			8.31
Class C (Inception 2/1/06)1
NAV		3.69			6.09			9.72			8.14
With CDSC2		2.71			5.09			9.72			8.14
Class Y (Inception 5/1/96)
NAV		4.20			7.17			10.83			9.23
Comparative Performance
MSCI World Index3		3.60			6.60			10.62			6.98
Citigroup World Government Bond Index4		-3.97			-5.50			1.42			3.09

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. It is not possible to invest directly in an index.

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

Objective

The Fund seeks long-term growth of capital

Average Annual Total Returns — March 31, 2015³

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 12/31/96)
NAV		8.39	%		14.06	%		15.09	%		6.75	%		—	%
With 5.75% Maximum Sales Charge		2.12			7.48			13.75			6.12			—
Class B (Inception 9/12/03)
NAV		7.96			13.25			14.23			5.94			—
With CDSC1		2.96			8.25			13.99			5.94			—
Class C (Inception 9/12/03)
NAV		7.85			13.13			14.20			5.95			—
With CDSC1		6.85			12.13			14.20			5.95			—
Class N (Inception 2/1/13)
NAV		8.46			14.28			—			—			18.23
Class Y (Inception 5/16/91)
NAV		8.50			14.42			15.38			7.10			—
Comparative Performance
Russell 1000® Growth Index2		8.81			16.09			15.63			9.36			20.24

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. It is not possible to invest directly in an index.

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
Adam C. Liebhoff	Class B	LSVBX
Loomis, Sayles & Company, L.P.	Class C	LSCVX
	Class N	LSVNX
	Class Y	LSGIX
	Admin Class	LSAVX

Objective

The Fund seeks long-term growth of capital and income

Average Annual Total Returns — March 31, 2015⁴

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 6/30/06)1
NAV		3.30	%		7.46	%		12.70	%		8.46	%		—	%
With 5.75% Maximum Sales Charge		-2.65			1.28			11.37			7.82			—
Class B (Inception 6/1/07)1
NAV		2.92			6.63			11.85			7.61			—
With CDSC2		-1.77			1.77			11.59			7.61			—
Class C (Inception 6/1/07)1
NAV		2.92			6.63			11.85			7.61			—
With CDSC2		2.00			5.68			11.85			7.61			—
Class N (Inception 2/1/13)
NAV		3.50			7.84			—			—			16.55
Class Y (Inception 5/13/91)
NAV		3.43			7.68			12.98			8.76			—
Admin Class (Inception 2/1/10)1
NAV		3.19			7.20			12.43			8.17			—
Comparative Performance
Russell 1000® Value Index3		4.22			9.33			13.75			7.21			16.48

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. It is not possible to invest directly in an index.

3  |

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 months ended June 30, 2014 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 Fund’s prospectus. The examples below are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each class of Fund shares shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2014 through March 31, 2015. 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 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 Funds to 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 10/1/2014		ENDING ACCOUNT VALUE 3/31/2015		EXPENSES PAID DURING PERIOD* 10/1/2014 – 3/1/2015
Class A
Actual	$	1,000.00	$	1,040.90	$	6.00
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	5.94
Class C
Actual	$	1,000.00	$	1,036.90	$	9.80
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.31	$	9.70
Class Y
Actual	$	1,000.00	$	1,042.00	$	4.73
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.29	$	4.68

* Expenses are equal to the Fund's annualized expense ratio: 1.18%, 1.93% and 0.93% 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 10/1/2014		ENDING ACCOUNT VALUE 3/31/2015		EXPENSES PAID DURING PERIOD* 10/1/2014 – 3/31/2015
Class A
Actual		$1,000.00		$1,083.90		$4.78
Hypothetical (5% return before expenses)		$1,000.00		$1,020.34		$4.63
Class B
Actual		$1,000.00		$1,079.60		$8.61
Hypothetical (5% return before expenses)		$1,000.00		$1,016.65		$8.35
Class C
Actual		$1,000.00		$1,078.50		$8.65
Hypothetical (5% return before expenses)		$1,000.00		$1,016.60		$8.40
Class N
Actual		$1,000.00		$1,084.60		$2.96
Hypothetical (5% return before expenses)		$1,000.00		$1,022.09		$2.87
Class Y
Actual		$1,000.00		$1,085.00		$3.48
Hypothetical (5% return before expenses)		$1,000.00		$1,021.59		$3.38

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.92%, 1.66%, 1.67%, 0.57% and 0.67% 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 10/1/2014		ENDING ACCOUNT VALUE 3/31/2015		EXPENSES PAID DURING PERIOD* 10/1/2014 – 3/31/2015
Class A
Actual		$1,000.00		$1,033.00		$4.82
Hypothetical (5% return before expenses)		$1,000.00		$1,020.19		$4.78
Class B
Actual		$1,000.00		$1,029.20		$8.55
Hypothetical (5% return before expenses)		$1,000.00		$1,016.50		$8.50
Class C
Actual		$1,000.00		$1,029.20		$8.55
Hypothetical (5% return before expenses)		$1,000.00		$1,016.50		$8.50
Class N
Actual		$1,000.00		$1,035.00		$2.89
Hypothetical (5% return before expenses)		$1,000.00		$1,022.09		$2.87
Class Y
Actual		$1,000.00		$1,034.30		$3.50
Hypothetical (5% return before expenses)		$1,000.00		$1,021.49		$3.48
Admin Class
Actual		$1,000.00		$1,031.90		$6.03
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$5.99

* Expenses are equal to the Fund's annualized expense ratio: 0.95%, 1.69%, 1.69%, 0.57%, 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).

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Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund

Shares		Description	Value (†)
	Common Stocks — 68.9% of Net Assets
		Belgium — 1.4%
	141,916	Anheuser-Busch InBev NV	$	17,337,222
		Brazil — 0.6%
	479,600	Companhia Brasileira de Meios de Pagamento		6,865,919
		Canada — 2.0%
	572,900	CGI Group, Inc., Class A(b)		24,299,229
		China — 3.0%
	226,043	Alibaba Group Holding Ltd., Sponsored ADR(b)		18,815,820
	1,545,500	Hengan International Group Co. Ltd.		18,602,895
				37,418,715
		Denmark — 1.5%
	356,744	Novo Nordisk AS, Class B		19,044,333
		France — 0.8%
	171,946	Thales S.A.		9,539,982
		Germany — 1.6%
	57,305	Bayer AG, (Registered)		8,573,737
	197,836	Brenntag AG		11,819,623
				20,393,360
		Hong Kong — 1.6%
	3,155,200	AIA Group Ltd.		19,809,867
		India — 3.1%
	847,066	HCL Technologies Ltd.		13,232,610
	864,687	HDFC Bank Ltd.		16,476,017
	1,130,508	Motherson Sumi Systems Ltd.		9,292,026
				39,000,653
		Italy — 1.2%
	238,328	Luxottica Group S.p.A.		15,094,666
		Japan — 4.1%
	337,400	Asahi Group Holdings Ltd.		10,698,428
	2,717,100	Mitsubishi UFJ Financial Group, Inc.		16,828,119
	419,900	Nomura Research Institute Ltd.		15,775,732
	266,800	Suzuki Motor Corp.		8,013,129
				51,315,408
		Netherlands — 0.9%
	716,367	ING Groep NV(b)		10,493,328
		Sweden — 1.4%
	537,649	Atlas Copco AB, Class A		17,405,662
		Switzerland — 2.0%
	91,745	Roche Holding AG		25,210,793
		United Kingdom — 3.8%
	179,326	Diageo PLC		4,955,554
	5,264,463	Legal & General Group PLC		21,680,878

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Shares		Description	Value (†)
		United Kingdom — continued
	569,092	London Stock Exchange Group PLC	$	20,697,877
				47,334,309
		United States — 39.9%
	98,971	Actavis PLC(b)		29,455,749
	45,800	Amazon.com, Inc.(b)		17,042,180
	132,918	American Express Co.		10,383,554
	47,434	AutoZone, Inc.(b)		32,357,577
	203,953	Facebook, Inc., Class A(b)		16,767,996
	97,412	FactSet Research Systems, Inc.		15,507,990
	193,892	Genesee & Wyoming, Inc., Class A(b)		18,698,944
	168,183	Gilead Sciences, Inc.(b)		16,503,798
	106,658	Goldman Sachs Group, Inc. (The)		20,048,504
	33,773	Google, Inc., Class A(b)		18,733,883
	25,200	Google, Inc., Class C(b)		13,809,600
	955	Hawaiian Telcom Holdco, Inc.(b)		25,432
	335,865	Jarden Corp.(b)		17,767,259
	364,279	Kinder Morgan, Inc.		15,321,575
	117,231	Lowe’s Cos., Inc.		8,720,814
	110,401	M&T Bank Corp.		14,020,927
	224,486	Oceaneering International, Inc.		12,106,530
	70,374	Praxair, Inc.		8,496,957
	21,177	Priceline Group, Inc. (The)(b)		24,653,205
	205,651	Schlumberger Ltd.		17,159,519
	81,300	Signet Jewelers Ltd.		11,283,627
	249,558	Texas Instruments, Inc.		14,270,974
	142,568	TransDigm Group, Inc.		31,182,473
	181,721	Travelers Cos., Inc. (The)		19,649,492
	168,992	UnitedHealth Group, Inc.		19,990,064
	159,750	Valeant Pharmaceuticals International, Inc.(b)		31,729,545
	94,517	Valspar Corp. (The)		7,942,264
	53,096	W.W. Grainger, Inc.		12,520,568
	212,837	Wyndham Worldwide Corp.		19,255,363
				495,406,363
		Total Common Stocks (Identified Cost $695,849,047)		855,969,809
Principal Amount (‡)
	Bonds and Notes — 28.1%
	Non-Convertible Bonds — 27.3%
		Argentina — 0.2%
$	382,136	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		383,092
	1,755,000	YPF S.A., 8.750%, 4/04/2024, 144A(c)		1,795,540
				2,178,632
		Australia — 0.1%
	110,000	Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A		123,649

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Australia — continued
$	500,000	Macquarie Bank Ltd., 6.625%, 4/07/2021, 144A	$	589,424
	155,000	Sydney Airport Finance Co., 5.125%, 2/22/2021, 144A		174,267
	950,000	Telstra Corp. Ltd., 3.125%, 4/07/2025, 144A		956,247
				1,843,587
		Belgium — 0.0%
	350,000	Anheuser-Busch InBev NV, EMTN, 6.500%, 6/23/2017, (GBP)		579,300
		Brazil — 1.4%
	800,000	Banco do Brasil S.A., 3.875%, 10/10/2022		738,960
	600,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		618,000
	2,143,810	Banco Votorantim S.A., 6.250%, 5/16/2016, 144A, (BRL)		612,442
	800,000	Braskem Finance Ltd., 5.750%, 4/15/2021, 144A		754,000
	6,600(††)	Brazil Letras do Tesouro Nacional, Zero Coupon, 7/01/2016, (BRL)(d)		1,765,625
	622,952(†††)	Brazil Notas do Tesouro Nacional, Series B, 6.000%, 5/15/2015, (BRL)		196,653
	2,250(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2019, (BRL)		644,675
	1,115(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2021, (BRL)		309,495
	2,300,000	BRF S.A., 7.750%, 5/22/2018, 144A, (BRL)		589,134
	1,000,000	CIMPOR Financial Operations BV, 5.750%, 7/17/2024, 144A		830,000
	400,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		355,000
	400,000	CSN Islands XI Corp., 6.875%, 9/21/2019		358,000
	800,000	Gerdau Trade, Inc., 5.750%, 1/30/2021, 144A		799,000
	226,000	GTL Trade Finance, Inc., 5.893%, 4/29/2024, 144A		217,243
	300,000	Itau Unibanco Holding S.A., 6.200%, 12/21/2021, 144A		314,460
	100,000	LPG International, Inc., 7.250%, 12/20/2015		102,904
	170,000	Odebrecht Drilling Norbe VIII/IX Ltd., 6.350%, 6/30/2021, 144A		146,625
	837,090	Odebrecht Offshore Drilling Finance Ltd., 6.750%, 10/01/2022, 144A		650,586
	2,400,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)		673,027
	320,000	Petrobras Global Finance BV, 5.375%, 1/27/2021		290,288
	775,000	Petrobras Global Finance BV, 5.750%, 1/20/2020		718,874
	300,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		272,568
	880,000	Petrobras Global Finance BV, 3.250%, 4/01/2019, (EUR)		842,166
	1,825,000	Petrobras Global Finance BV, 4.375%, 5/20/2023(c)		1,560,557
	800,000	Samarco Mineracao S.A., 4.125%, 11/01/2022, 144A		720,000
	500,000	Tupy Overseas S.A., 6.625%, 7/17/2024, 144A		480,000
	1,106,000	Vale Overseas Ltd., 6.875%, 11/21/2036(c)		1,069,723
	470,000	Vale S.A., 5.625%, 9/11/2042		406,738
				17,036,743
		Canada — 0.5%
	1,085,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		912,341
	3,000,000	Canadian Government, 1.250%, 9/01/2018, (CAD)(c)		2,426,837
	2,065,000	Canadian Government, 3.000%, 12/01/2015, (CAD)(c)		1,656,532
	1,335,000	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616 %, 7/12/2047, 144A, (CAD)		1,088,016
	600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		539,827
				6,623,553

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Chile — 0.5%
$	1,450,000	Banco de Credito e Inversiones, 3.000%, 9/13/2017, 144A(c)	$	1,479,812
	200,000	Celulosa Arauco y Constitucion S.A., 4.750%, 1/11/2022		210,338
	300,000,000	Chile Government International Bond, 5.500%, 8/05/2020, (CLP)(c)		511,869
	1,135,000	Corpbanca S.A., 3.125%, 1/15/2018		1,126,980
	250,000	E.CL S.A., 5.625%, 1/15/2021, 144A		277,246
	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A		814,927
	1,120,000	Transelec S.A., 4.250%, 1/14/2025, 144A(c)		1,142,533
	400,000	VTR Finance BV, 6.875%, 1/15/2024, 144A		415,000
				5,978,705
		China — 0.3%
	800,000	Baidu, Inc., 2.250%, 11/28/2017		807,394
	700,000	Baidu, Inc., 3.250%, 8/06/2018		725,123
	400,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A		425,096
	1,200,000	CNOOC Finance 2013 Ltd., 3.000%, 5/09/2023(c)		1,172,156
	1,000,000	Parkson Retail Group Ltd., 4.500%, 5/03/2018		917,927
				4,047,696
		Colombia — 0.5%
	555,000	Colombia Telecomunicaciones S.A. E.S.P., 5.375%, 9/27/2022, 144A		565,240
	610,000	Ecopetrol S.A., 4.125%, 1/16/2025		584,002
	1,180,000	Ecopetrol S.A., 5.875%, 9/18/2023(c)		1,266,730
	490,000	Ecopetrol S.A., 5.875%, 5/28/2045		455,921
	1,265,000,000	Emgesa S.A. E.S.P., 8.750%, 1/25/2021, 144A, (COP)		526,069
	2,140,000,000	Empresas Publicas de Medellin E.S.P., 8.375%, 2/01/2021, 144A, (COP)		871,063
	2,430,000	Pacific Rubiales Energy Corp., 5.125%, 3/28/2023, 144A(c)		1,415,475
	580,000	Pacific Rubiales Energy Corp., 5.625%, 1/19/2025, 144A		341,156
	200,000,000	Republic of Colombia, 7.750%, 4/14/2021, (COP)		85,922
				6,111,578
		Czech Republic — 0.0%
	200,000	CEZ AS, 4.250%, 4/03/2022, 144A		216,676
		Dominican Republic — 0.0%
	425,000	Dominican Republic International Bond, 8.625%, 4/20/2027, 144A		504,688
		France — 0.3%
	425,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		429,250
	15,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		15,150
	200,000	AXA S.A., 7.125%, 12/15/2020, (GBP)		359,311
	435,000	Credit Agricole S.A., 4.375%, 3/17/2025, 144A		440,102
	390,000	Credit Agricole S.A., (fixed rate to 6/23/2026, variable rate thereafter), 7.500%, (GBP)(g)		592,989
	1,130,000	Societe Generale S.A., 5.000%, 1/17/2024, 144A		1,183,124
	475,000	Societe Generale S.A., (fixed rate to 4/07/2021, variable rate thereafter), 6.750%, (EUR)(g)		530,370
				3,550,296
		Germany — 0.1%
	755,000	RWE AG, (fixed rate to 9/28/2015, variable rate thereafter), 4.625%, (EUR)(g)		822,368

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Greece — 0.0%
	725,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2034, (EUR)(e)	$	372,870
		Hong Kong — 0.1%
	355,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A		358,124
	400,000	Hutchison Whampoa International 11 Ltd., 3.500%, 1/13/2017, 144A		413,656
				771,780
		Hungary — 0.2%
	1,330,000	Hungary Government International Bond, 5.375%, 3/25/2024(c)		1,491,262
	980,000	Hungary Government International Bond, 5.750%, 11/22/2023(c)		1,127,000
				2,618,262
		Iceland — 0.1%
	1,000,000	Republic of Iceland, 5.875%, 5/11/2022, 144A(c)		1,154,854
		India — 0.5%
	550,000	Axis Bank Ltd., 3.250%, 5/21/2020, 144A		557,621
	1,155,000	Bharti Airtel International BV, 5.125%, 3/11/2023, 144A(c)		1,248,293
	990,000	Bharti Airtel International BV, 5.350%, 5/20/2024, 144A		1,090,237
	200,000	Canara Bank Ltd., (fixed rate to 11/28/2016, variable rate thereafter), 6.365%, 11/28/2021		204,250
	1,400,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A(c)		1,456,000
	750,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		824,211
	700,000	State Bank of India/London, 4.125%, 8/01/2017, 144A		733,123
				6,113,735
		Indonesia — 0.9%
	800,000	Gajah Tunggal Tbk PT, 7.750%, 2/06/2018, 144A		767,920
	300,000	Indonesia Government International Bond, 4.125%, 1/15/2025, 144A		307,875
	725,000	Indonesia Government International Bond, 5.125%, 1/15/2045, 144A		761,250
	3,500,000,000	Indonesia Government International Bond, 9.500%, 7/15/2023, (IDR)		301,913
	781,000,000	Indonesia Government International Bond, 11.500%, 9/15/2019, (IDR)		69,200
	12,100,000,000	Indonesia Treasury Bond, 6.125%, 5/15/2028, (IDR)		812,990
	24,000,000,000	Indonesia Treasury Bond, 7.875%, 4/15/2019, (IDR)(c)		1,877,782
	14,000,000,000	Indonesia Treasury Bond, 8.375%, 3/15/2024, (IDR)(c)		1,136,596
	200,000	Indosat Palapa Co. BV, 7.375%, 7/29/2020, 144A		209,000
	400,000	Listrindo Capital BV, 6.950%, 2/21/2019, 144A		422,000
	2,800,000	Pertamina Persero PT, 4.300%, 5/20/2023, 144A(c)		2,807,000
	545,000	Republic of Indonesia, 2.875%, 7/08/2021, 144A, (EUR)		616,628
	500,000	TBG Global Pte Ltd., 4.625%, 4/03/2018, 144A		515,000
				10,605,154
		Italy — 0.7%
	2,860,000	Italy Buoni Poliennali Del Tesoro, 4.500%, 8/01/2018, (EUR)(c)		3,498,612
	2,295,000	Italy Buoni Poliennali Del Tesoro, 4.750%, 8/01/2023, 144A, (EUR)(c)		3,184,280
	725,000	UniCredit SpA, EMTN, 6.950%, 10/31/2022, (EUR)		962,341
	870,000	Wind Acquisition Finance S.A., 7.375%, 4/23/2021, 144A		902,625
				8,547,858

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Japan — 0.2%
$	900,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 1.700%, 3/05/2018, 144A	$	901,047
	1,165,000	Nomura Holdings, Inc., GMTN, 2.750%, 3/19/2019(c)		1,192,158
	850,000	Softbank Corp., 4.500%, 4/15/2020, 144A(c)		868,063
				2,961,268
		Korea — 0.7%
	3,700,000	Export-Import Bank of Korea, 3.000%, 5/22/2018, 144A, (NOK)		474,321
	400,000	Hana Bank, 4.000%, 11/03/2016, 144A		416,129
	600,000	Hyundai Capital Services, Inc., 3.500%, 9/13/2017, 144A		622,465
	600,000	Hyundai Steel Co., 4.625%, 4/21/2016, 144A		616,456
	600,000	Industrial Bank of Korea, 2.375%, 7/17/2017, 144A		609,328
	400,000	Kia Motors Corp., 3.625%, 6/14/2016, 144A(c)		410,579
	400,000	Korea Development Bank (The), 4.625%, 11/16/2021		450,620
	400,000	Korea National Oil Corp., 3.125%, 4/03/2017, 144A		411,680
	2,589,140,000	Korea Treasury Bond, 2.750%, 9/10/2017, (KRW)(c)		2,390,706
	250,000	Lotte Shopping Co. Ltd., 3.375%, 5/09/2017, 144A		257,841
	1,125,000	Minera y Metalurgica del Boleo S.A. de CV, 2.875%, 5/07/2019, 144A(c)		1,152,527
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		181,833
	200,000	Woori Bank, 5.875%, 4/13/2021, 144A		233,056
				8,227,541
		Luxembourg — 0.2%
	400,000	Altice Financing S.A., 7.875%, 12/15/2019, 144A		424,000
	500,000	Altice S.A., 7.750%, 5/15/2022, 144A		508,437
	970,000	ArcelorMittal, 7.500%, 3/01/2041		1,008,800
	500,000	Millicom International Cellular S.A., 4.750%, 5/22/2020, 144A		489,500
				2,430,737
		Malaysia — 0.1%
	1,310,000	Petronas Capital Ltd., 3.125%, 3/18/2022, 144A		1,323,218
		Mexico — 1.3%
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		631,921
	300,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 4.125%, 11/09/2022, 144A		305,625
	640,000	Cemex Finance LLC, 6.000%, 4/01/2024, 144A		638,400
	300,000	Cemex SAB de CV, 4.375%, 3/05/2023, 144A, (EUR)		322,978
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		571,487
	746,500(††††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(d)		5,120,995
	186,200(††††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/09/2022, (MXN)(d)		1,276,005
	395,000(††††)	Mexican Fixed Rate Bonds, Series M-10, 8.500%, 12/13/2018, (MXN)(d)		2,896,902
	135,113(††††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		1,010,562
	780,000	Petroleos Mexicanos, 4.250%, 1/15/2025, 144A		790,569
	625,000	Petroleos Mexicanos, 5.625%, 1/23/2046, 144A		634,375
	135,000(††††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)		840,746
	925,000	Unifin Financiera S.A.P.I. de CV SOFOM ENR, 6.250%, 7/22/2019, 144A		861,730
				15,902,295
		Morocco — 0.1%
	590,000	OCP S.A., 6.875%, 4/25/2044, 144A		657,112

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		New Zealand — 0.5%
	2,888,280	New Zealand Government Bond, 3.000%, 9/20/2030, (NZD)(c)	$	2,499,123
	2,340,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)(c)		1,870,546
	2,590,000	New Zealand Government Bond, 5.500%, 4/15/2023, (NZD)		2,243,862
				6,613,531
		Norway — 0.3%
	13,275,000	Norway Government Bond, 2.000%, 5/24/2023, (NOK)		1,727,202
	13,760,000	Norway Government Bond, 4.500%, 5/22/2019, (NOK)(c)		1,947,157
				3,674,359
		Panama — 0.0%
	300,000	Banco Latinoamericano de Comercio Exterior S.A., 3.750%, 4/04/2017, 144A		308,250
		Peru — 0.2%
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A		1,044,435
	1,050,000	Union Andina de Cementos SAA, 5.875%, 10/30/2021, 144A		1,061,550
				2,105,985
		Philippines — 0.1%
	40,000,000	Philippine Government International Bond, 3.900%, 11/26/2022, (PHP)		899,508
	30,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		711,409
	175,000	Philippine Long Distance Telephone Co., EMTN, 8.350%, 3/06/2017		194,688
				1,805,605
		Poland — 0.5%
	17,080,000	Poland Government Bond, 4.000%, 10/25/2023, (PLN)(c)		5,140,902
	3,210,000	Poland Government Bond, 5.500%, 10/25/2019, (PLN)		980,831
				6,121,733
		Portugal — 0.0%
	400,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		414,000
		Singapore — 0.2%
	2,000,000	DBS Bank Ltd., (fixed rate to 9/21/2017, variable rate thereafter), 3.625%, 9/21/2022, 144A(c)		2,071,610
		South Africa — 0.5%
	895,000	Eskom Holdings SOC Ltd., 7.125%, 2/11/2025, 144A		901,713
	930,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		934,185
	500,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A		551,250
	285,000	Republic of South Africa, EMTN, 4.500%, 4/05/2016, (EUR)		318,704
	11,500,000	South Africa Government Bond, 7.750%, 2/28/2023, (ZAR)		957,148
	8,500,000	South Africa Government Bond, Series R186, 10.500%, 12/21/2026, (ZAR)		844,884
	600,000	South Africa Government International Bond, 5.875%, 9/16/2025		687,120
	700,000	Transnet SOC Ltd., 4.000%, 7/26/2022, 144A		681,254
				5,876,258
		Spain — 0.3%
	2,115,000	Spain Government Bond, 4.300%, 10/31/2019, 144A, (EUR)(c)		2,667,515
	800,000	Spain Government Bond, 4.400%, 10/31/2023, 144A, (EUR)(c)		1,093,019
				3,760,534

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Supranationals — 0.5%
$	840,000	Central American Bank for Economic Integration, 3.875%, 2/09/2017, 144A	$	863,118
	1,115,000	Corporacion Andina de Fomento, 4.375%, 6/15/2022(c)		1,217,579
	1,570,000	European Financial Stability Facility, 1.625%, 7/17/2020, (EUR)(c)		1,834,674
	1,140,000	International Bank for Reconstruction & Development, 2.500%, 3/12/2020, (AUD)		872,371
	70,000,000	International Finance Corp., 7.800%, 6/03/2019, (INR)(c)		1,165,748
				5,953,490
		Sweden — 0.0%
	2,450,000	Sweden Government Bond, 5.000%, 12/01/2020, (SEK)		364,251
		Thailand — 0.2%
	1,010,000	Siam Commercial Bank PCL (The), 3.500%, 4/07/2019, 144A		1,046,407
	950,000	Thai Oil PCL, 3.625%, 1/23/2023, 144A		948,047
				1,994,454
		Turkey — 0.4%
	445,000	Akbank TAS, 4.000%, 1/24/2020, 144A		434,098
	800,000	Arcelik AS, 5.000%, 4/03/2023, 144A		763,600
	545,000	Export Credit Bank of Turkey, 5.000%, 9/23/2021, 144A		546,362
	920,000	TC Ziraat Bankasi AS, 4.250%, 7/03/2019, 144A		911,352
	600,000	Turkiye Garanti Bankasi AS, 4.000%, 9/13/2017, 144A		607,872
	490,000	Turkiye Halk Bankasi AS, 4.750%, 2/11/2021, 144A		479,705
	800,000	Turkiye Is Bankasi, 3.875%, 11/07/2017, 144A		804,000
	875,000	Yapi ve Kredi Bankasi, 5.250%, 12/03/2018, 144A		893,156
				5,440,145
		United Arab Emirates — 0.2%
	600,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016, 144A		640,500
	200,000	Dubai Electricity & Water Authority, 8.500%, 4/22/2015, 144A		200,852
	1,050,000	Mubadala GE Capital Ltd., 3.000%, 11/10/2019, 144A		1,047,022
				1,888,374
		United Kingdom — 0.5%
	600,000	Anglo American Capital PLC, 2.625%, 9/27/2017, 144A		608,023
	525,000	Barclays PLC, 3.650%, 3/16/2025		528,497
	400,000	Barclays PLC, (fixed rate to 9/15/2019, variable rate thereafter), 7.000%, (GBP)(g)		596,327
	470,000	British Telecommunications PLC, 5.750%, 12/07/2028, (GBP)		891,555
	150,000	Imperial Tobacco Finance PLC, EMTN, 6.250%, 12/04/2018, (GBP)		257,300
	400,000	Lloyds Banking Group PLC, 4.500%, 11/04/2024		415,475
	400,000	Old Mutual PLC, EMTN, 8.000%, 6/03/2021, (GBP)		685,200
	1,130,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023(c)		1,256,946
	250,000	Standard Chartered PLC, EMTN, (fixed rate to 10/21/2020, variable rate thereafter), 4.000%, 10/21/2025, (EUR)		296,280
	250,000	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)		499,105
	130,000	Virgin Media Finance PLC, 4.500%, 1/15/2025, 144A, (EUR)		145,737
	115,000	Virgin Media Finance PLC, 6.375%, 10/15/2024, 144A, (GBP)		183,172
	100,000	WPP PLC, 6.000%, 4/04/2017, (GBP)		161,927
				6,525,544

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — 13.9%
$	15,000	21st Century Fox America, Inc., 6.400%, 12/15/2035	$	19,734
	45,000	AECOM Technology Corp., 5.750%, 10/15/2022, 144A		46,575
	45,000	AECOM Technology Corp., 5.875%, 10/15/2024, 144A		47,250
	240,000	AES Corp. (The), 4.875%, 5/15/2023		234,000
	975,000	Alcoa, Inc., 5.900%, 2/01/2027		1,073,660
	8,000,000	Ally Financial, Inc., 3.750%, 11/18/2019(c)		7,910,000
	745,000	Ally Financial, Inc., 5.125%, 9/30/2024		768,281
	129,000	Ally Financial, Inc., 8.000%, 12/31/2018		145,770
	1,728,000	Ally Financial, Inc., 8.000%, 11/01/2031		2,160,000
	184,752	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		192,543
	51,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		72,321
	12,046	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(f)		12,257
	495,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		415,800
	925,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		1,052,688
	145,000	Avnet, Inc., 6.000%, 9/01/2015		147,876
	95,000	Avon Products, Inc., 7.700%, 3/15/2043		79,800
	200,000	Bank of America Corp., 5.490%, 3/15/2019		221,346
	115,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		118,719
	50,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		47,750
	15,000	Boston Scientific Corp., 5.125%, 1/12/2017		15,930
	15,000	Boston Scientific Corp., 6.400%, 6/15/2016		15,890
	40,000	California Resources Corp., 5.000%, 1/15/2020, 144A		36,100
	670,000	California Resources Corp., 5.500%, 9/15/2021, 144A		594,424
	90,000	California Resources Corp., 6.000%, 11/15/2024, 144A		78,975
	1,995,000	CenturyLink, Inc., 6.450%, 6/15/2021		2,152,106
	510,000	CenturyLink, Inc., 7.650%, 3/15/2042		521,475
	55,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		57,200
	605,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		619,747
	20,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		20,650
	95,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		99,275
	1,635,000	Cimarex Energy Co., 4.375%, 6/01/2024		1,622,737
	1,470,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		1,547,175
	155,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		158,100
	265,000	Constellation Brands, Inc., 4.750%, 11/15/2024		280,238
	1,005,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125 %, 4/29/2018		1,060,275
	164,506	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		173,554
	280,000	Continental Resources, Inc., 3.800%, 6/01/2024		258,087
	25,000	Continental Resources, Inc., 4.500%, 4/15/2023		24,263
	155,000	Cummins, Inc., 5.650%, 3/01/2098		182,153
	191,836	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		222,529
	42,000	Dillard’s, Inc., 6.625%, 1/15/2018		45,780
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		54,000

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	8,000	Dillard’s, Inc., 7.750%, 7/15/2026	$	9,060
	395,000	DISH DBS Corp., 5.000%, 3/15/2023		384,058
	90,000	DISH DBS Corp., 5.875%, 11/15/2024		90,113
	315,000	DPL, Inc., 6.750%, 10/01/2019, 144A		332,325
	310,000	DR Horton, Inc., 4.375%, 9/15/2022		310,000
	235,000	DS Services of America, Inc., 10.000%, 9/01/2021, 144A		276,125
	1,121,000	First Data Corp., 10.625%, 6/15/2021		1,275,137
	150,000	Foot Locker, Inc., 8.500%, 1/15/2022(f)		171,091
	25,000	Ford Motor Co., 6.375%, 2/01/2029		30,896
	50,000	Ford Motor Co., 6.625%, 2/15/2028		62,578
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,704,914
	40,000	Ford Motor Co., 7.125%, 11/15/2025		50,960
	835,000	Ford Motor Co., 7.400%, 11/01/2046		1,235,667
	5,000	Ford Motor Co., 7.500%, 8/01/2026		6,613
	1,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		1,090,467
	905,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		1,063,164
	205,000	FTS International, Inc., 6.250%, 5/01/2022, 144A		150,675
	50,000	General Electric Capital Corp., GMTN, 3.100%, 1/09/2023		51,499
	600,000	General Electric Capital Corp., Series A, (fixed rate to 6/15/2022, variable rate thereafter), 7.125%(g)		704,250
	240,000	General Motors Financial Co., Inc., 4.375%, 9/25/2021		254,902
	195,000	Genworth Holdings, Inc., 4.800%, 2/15/2024		164,044
	500,000	Genworth Holdings, Inc., 4.900%, 8/15/2023		427,500
	215,000	Genworth Holdings, Inc., 6.500%, 6/15/2034		191,492
	3,435,000	Georgia-Pacific LLC, 7.250%, 6/01/2028(c)		4,576,633
	105,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		138,611
	180,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		253,892
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		475,551
	800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		660,970
	2,295,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		3,013,457
	3,045,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022(c)		3,334,275
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		178,200
	70,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.796%, 8/10/2045(h)		71,773
	425,000	Halcon Resources Corp., 8.875%, 5/15/2021		295,375
	410,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		481,731
	1,000,000	HCA Holdings, Inc., 6.250%, 2/15/2021		1,081,200
	20,000	HCA, Inc., 4.750%, 5/01/2023		20,750
	225,000	HCA, Inc., 7.050%, 12/01/2027		239,625
	245,000	HCA, Inc., 7.190%, 11/15/2015		252,781
	90,000	HCA, Inc., 7.500%, 12/15/2023		102,263
	820,000	HCA, Inc., 7.500%, 11/06/2033		885,600
	1,500,000	HCA, Inc., 7.690%, 6/15/2025		1,695,000
	395,000	HCA, Inc., 8.360%, 4/15/2024		466,100
	195,000	HCA, Inc., MTN, 7.580%, 9/15/2025		218,400
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		81,375
	855,000	Hecla Mining Co., 6.875%, 5/01/2021		756,675

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	585,000	Hercules, Inc., 6.500%, 6/30/2029	$	538,931
	310,000	Hexion, Inc., 7.875%, 2/15/2023(i)		179,800
	132,000	Hexion, Inc., 8.375%, 4/15/2016(i)		126,720
	470,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		507,160
	450,000	International Lease Finance Corp., 4.625%, 4/15/2021		465,750
	1,250,000	International Lease Finance Corp., 6.250%, 5/15/2019		1,365,625
	745,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		740,344
	45,000	iStar Financial, Inc., 3.875%, 7/01/2016		45,225
	145,000	iStar Financial, Inc., 4.875%, 7/01/2018		145,725
	70,000	iStar Financial, Inc., 5.850%, 3/15/2017		72,800
	60,000	iStar Financial, Inc., 6.050%, 4/15/2015		60,075
	200,000	iStar Financial, Inc., 7.125%, 2/15/2018		213,000
	48,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		34,800
	5,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,525
	2,995,000	Jack Cooper Holdings Corp., 9.250%, 6/01/2020, 144A		3,092,337
	665,000	Jefferies Group LLC, 5.125%, 4/13/2018		699,118
	30,000	Jefferies Group LLC, 5.125%, 1/20/2023		31,140
	1,070,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,069,197
	685,000	Jefferies Group LLC, 6.450%, 6/08/2027		739,800
	1,410,000	Jefferies Group LLC, 6.875%, 4/15/2021		1,594,315
	15,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		12,900
	110,000	K. Hovnanian Enterprises, Inc., 7.000%, 1/15/2019, 144A		105,600
	190,000	K. Hovnanian Enterprises, Inc., 8.000%, 11/01/2019, 144A		183,350
	1,665,000	KB Home, 8.000%, 3/15/2020		1,798,200
	190,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		195,225
	55,000	Lennar Corp., Series B, 6.500%, 4/15/2016		57,338
	140,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		143,766
	135,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		144,113
	1,435,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		1,555,181
	30,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		31,406
	165,000	Masco Corp., 6.500%, 8/15/2032		176,550
	865,000	Masco Corp., 7.750%, 8/01/2029		1,003,400
	2,700,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		3,287,766
	825,000	Morgan Stanley, 2.125%, 4/25/2018		834,061
	220,000	Morgan Stanley, 2.500%, 1/24/2019		224,069
	450,000	Morgan Stanley, 3.750%, 2/25/2023		471,303
	725,000	Morgan Stanley, 5.750%, 1/25/2021		846,316
	500,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		396,811
	3,150,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		3,278,240
	600,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		745,100
	100,000	Morgan Stanley, Series F, MTN, 0.707%, 10/18/2016(h)		99,878
	45,000	Navient Corp., 5.875%, 10/25/2024		42,075
	175,000	Navient LLC, 4.875%, 6/17/2019		174,563
	915,000	Navient LLC, 5.500%, 1/25/2023		871,537
	1,600(†††††)	Navient LLC, 6.000%, 12/15/2043		35,735
	141,000	Navient LLC, MTN, 3.875%, 9/10/2015		142,011

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	40,000	Navient LLC, MTN, 4.625%, 9/25/2017	$	40,600
	60,000	Navient LLC, MTN, 5.500%, 1/15/2019		61,200
	1,130,000	Navient LLC, MTN, 7.250%, 1/25/2022		1,192,150
	10,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		10,000
	2,560,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033		2,096,000
	360,000	Navient LLC, Series A, MTN, 8.450%, 6/15/2018		399,600
	1,552,000	New Albertson’s, Inc., 7.450%, 8/01/2029		1,420,080
	245,000	New Albertson’s, Inc., 7.750%, 6/15/2026		231,525
	3,605,000	New Albertson’s, Inc., 8.000%, 5/01/2031(c)		3,424,750
	2,110,000	New Albertson’s, Inc., 8.700%, 5/01/2030		2,078,350
	315,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		260,663
	365,000	Newell Rubbermaid, Inc., 4.000%, 12/01/2024		384,623
	20,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		21,225
	420,000	Old Republic International Corp., 4.875%, 10/01/2024		445,893
	55,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		57,613
	140,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		148,050
	7,000	Owens Corning, 6.500%, 12/01/2016		7,526
	535,000	Owens Corning, 7.000%, 12/01/2036		655,350
	2,965,000	Owens-Brockway Glass Container, Inc., 5.375%, 1/15/2025, 144A		3,050,244
	540,000	Pulte Group, Inc., 6.000%, 2/15/2035		537,300
	785,000	Pulte Group, Inc., 6.375%, 5/15/2033		812,475
	220,000	Pulte Group, Inc., 7.875%, 6/15/2032		256,300
	1,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,455,150
	650,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		659,750
	400,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		436,000
	60,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		63,000
	560,000	Qwest Corp., 6.875%, 9/15/2033		561,978
	115,000	Qwest Corp., 7.250%, 9/15/2025		133,688
	480,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		529,200
	200,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		186,500
	500,000	Range Resources Corp., 5.000%, 8/15/2022		497,500
	1,075,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		1,118,000
	230,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.500%, 4/15/2023		237,475
	80,000	Reynolds American, Inc., 6.750%, 6/15/2017		88,776
	120,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.875%, 8/15/2019		128,400
	655,000	Rockies Express Pipeline LLC, 3.900%, 4/15/2015, 144A		654,591
	1,970,000	Rosetta Resources, Inc., 5.625%, 5/01/2021		1,851,800
	25,000	Sealed Air Corp., 4.875%, 12/01/2022, 144A		25,500
	760,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		828,400
	135,000	Springleaf Finance Corp., 5.250%, 12/15/2019		133,481
	330,000	Springleaf Finance Corp., 7.750%, 10/01/2021		361,350
	130,000	Springleaf Finance Corp., 8.250%, 10/01/2023		146,250

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	400,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016	$	415,000
	300,000	Springleaf Finance Corp., Series I, MTN, 5.400%, 12/01/2015		305,280
	294,000	Sprint Capital Corp., 6.875%, 11/15/2028		269,745
	240,000	Sprint Capital Corp., 6.900%, 5/01/2019		248,100
	110,000	Sprint Capital Corp., 8.750%, 3/15/2032		113,575
	26,000	Sprint Communications, Inc., 6.000%, 12/01/2016		27,144
	180,000	Sprint Communications, Inc., 6.000%, 11/15/2022		171,000
	2,910,000	SUPERVALU, Inc., 6.750%, 6/01/2021		2,997,300
	235,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.000%, 1/15/2018, 144A		242,050
	485,000	Tenet Healthcare Corp., 5.000%, 3/01/2019, 144A		481,362
	1,360,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,258,000
	820,000	Textron, Inc., 5.950%, 9/21/2021		958,930
	960,000	Toys R Us, Inc., 7.375%, 10/15/2018		655,200
	171,000	TransDigm, Inc., 6.500%, 7/15/2024		171,855
	5,000	TRI Pointe Holdings, Inc., 5.875%, 6/15/2024, 144A		4,888
	550,000	U.S. Treasury Note, 0.250%, 7/15/2015		550,258
	5,000,000	U.S. Treasury Note, 0.250%, 2/29/2016		4,999,610
	3,785,000	U.S. Treasury Note, 0.250%, 5/15/2016		3,781,749
	7,500,000	U.S. Treasury Note, 0.375%, 3/31/2016		7,507,035
	8,530,000	U.S. Treasury Note, 0.375%, 10/31/2016		8,519,337
	8,520,000	U.S. Treasury Note, 0.500%, 11/30/2016		8,523,996
	1,100,000	U.S. Treasury Note, 0.625%, 2/15/2017		1,101,805
	12,875,000	U.S. Treasury Note, 1.000%, 3/15/2018(c)		12,922,277
	19,461	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		21,238
	630,000	United Continental Holdings, Inc., 6.375%, 6/01/2018		667,012
	295,000	United Rentals North America, Inc., 7.625%, 4/15/2022		322,730
	1,940,000	United States Steel Corp., 6.650%, 6/01/2037		1,687,800
	770,000	United States Steel Corp., 7.500%, 3/15/2022		770,000
	125,204	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		143,046
	67,160	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		76,226
	480,012	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		513,613
	230,000	USG Corp., 9.750%, 1/15/2018		266,225
	5,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		5,194
	110,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		126,089
	160,000	Visant Corp., 10.000%, 10/01/2017		143,200
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		73,865
	315,000	Weyerhaeuser Co., 7.375%, 3/15/2032		423,202
	90,000	Weyerhaeuser Real Estate Co., 4.375%, 6/15/2019, 144A		87,863
	125,000	Xerox Corp., 6.750%, 2/01/2017		136,710
	20,000	Xerox Corp., MTN, 7.200%, 4/01/2016		21,208
				172,905,704
		Total Non-Convertible Bonds (Identified Cost $335,283,317)		339,004,333

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Convertible Bonds — 0.8%
		United States — 0.8%
$	495,000	Brocade Communications Systems, Inc., 1.375%, 1/01/2020, 144A	$	520,678
	390,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		373,669
	175,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		175,437
	185,000	Ciena Corp., 3.750%, 10/15/2018, 144A		226,741
	530,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(e)		656,206
	1,125,000	Intel Corp., 3.250%, 8/01/2039		1,776,094
	175,000	KB Home, 1.375%, 2/01/2019		167,344
	83,000	Macquarie Infrastructure Co. LLC, 2.875%, 7/15/2019		98,303
	2,200,000	Old Republic International Corp., 3.750%, 3/15/2018		2,596,000
	375,000	Omnicare, Inc., 3.750%, 12/15/2025		1,086,094
	1,450,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021, 144A		1,399,250
	40,000	RPM International, Inc., 2.250%, 12/15/2020		47,150
	90,000	Trinity Industries, Inc., 3.875%, 6/01/2036		140,625
		Total Convertible Bonds (Identified Cost $7,137,618)		9,263,591
	Municipals — 0.0%
		United States — 0.0%
	415,000	State of Illinois, 5.100%, 6/01/2033		419,772
	130,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		99,086
		Total Municipals (Identified Cost $451,179)		518,858
		Total Bonds and Notes (Identified Cost $342,872,114)		348,786,782
	Senior Loans — 0.4%
		United States — 0.4%
	1,837,500	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(h)		1,868,131
	1,065,000	Flying Fortress, Inc., New Term Loan, 3.500%, 6/30/2017(h)		1,065,000
	427,388	PowerTeam Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(h)		423,114
	23,142	PowerTeam Services LLC, Delayed Draw Term Loan, 4.250%, 5/06/2020(h)		22,910
	120,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(h)		116,700
	15,296	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(h)		12,390
	906,892	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(h)		909,785
		Total Senior Loans (Identified Cost $4,388,583)		4,418,030
Shares
	Preferred Stocks — 0.0%
	Non-Convertible Preferred Stock — 0.0%
		United States — 0.0%
	341	Ally Financial, Inc., Series G, 7.000% 144A (Identified Cost $75,329)		348,300

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Shares		Description	Value (†)
	Convertible Preferred Stocks — 0.0%
		United States — 0.0%
	2,585	Alcoa, Inc., Series 1, 5.375%	$	113,326
	460	Chesapeake Energy Corp., 5.000%		40,940
	100	Chesapeake Energy Corp., Series A, 5.750% 144A		86,375
		Total Convertible Preferred Stocks (Identified Cost $260,516)		240,641
		Total Preferred Stocks (Identified Cost $335,845)		588,941
Principal Amount (‡)
	Short-Term Investments — 1.9%
$	9,441	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2015 at 0.000% to be repurchased at $9,441 on 4/01/2015 collateralized by $9,500 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $9,658 including accrued interest (Note 2 of Notes to Financial Statements)		9,441
	23,854,659	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $23,854,666 on 4/01/2015 collateralized by $21,725,000 U.S. Treasury Note, 3.625% due 2/15/2021 valued at $24,332,000 including accrued interest (Note 2 of Notes to Financial Statements)		23,854,659
		Total Short-Term Investments (Identified Cost $23,864,100)		23,864,100
		Total Investments — 99.3% (Identified Cost $1,067,309,689)(a)		1,233,627,662
		Other assets less liabilities — 0.7%		8,760,446
		Net Assets — 100.0%	$	1,242,388,108
	(‡)	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.

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

(a)	Federal Tax Information (Amounts exclude certain adjustments that will be 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, 2015, the net unrealized appreciation on investments based on a cost of $1,068,146,554 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	$	188,743,576
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(23,262,468	)
	Net unrealized appreciation	$	165,481,108
(b)	Non-income producing security.
(c)	All of this security has been designated to cover the Fund’s obligations under open forward foreign currency contracts.
(d)	A portion of this security has been designated to cover the Fund’s obligations under open forward foreign currency contracts.
(e)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(f)	Fair valued by the Fund’s adviser. At March 31, 2015, the value of these securities amounted to $183,348 or less than 0.1% of net assets.
(g)	Perpetual bond with no specified maturity date.
(h)	Variable rate security. Rate as of March 31, 2015 is disclosed.
(i)	Illiquid security. At March 31, 2015, the value of these securities amounted to $306,520 or less than 0.1% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.
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, 2015, the value of Rule 144A holdings amounted to $96,236,063 or 7.7% 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.
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
COP	Colombian Peso
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
INR	Indian Rupee
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

PHP	Philippine Peso
PLN	Polish Zloty
SEK	Swedish Krona
ZAR	South African Rand

At March 31, 2015, 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		6/17/2015	Australian Dollar		1,543,000	$	1,170,234	$	21,163
Sell1		6/09/2015	Brazilian Real		15,610,000		4,795,362		438,502
Buy1		6/17/2015	British Pound		3,740,000		5,545,036		(91,634	)
Sell1		6/05/2015	Canadian Dollar		2,895,000		2,283,748		21,189
Buy2		6/24/2015	Colombian Peso		3,980,000,000		1,516,560		(44,225	)
Sell2		6/24/2015	Colombian Peso		3,980,000,000		1,516,560		(50,090	)
Buy3		6/17/2015	Euro		24,250,000		26,101,858		123,739
Buy1		6/17/2015	Japanese Yen		2,276,500,000		19,001,267		221,858
Sell4		6/17/2015	Mexican Peso		44,000,000		2,870,743		27,808
Sell4		6/17/2015	Mexican Peso		63,500,000		4,143,003		(78,353	)
Sell1		6/17/2015	New Zealand Dollar		8,162,000		6,057,252		(95,523	)
Sell4		6/17/2015	Norwegian Krone		4,200,000		520,361		23,753
Sell2		6/17/2015	Polish Zloty		24,720,000		6,506,856		131,168
Sell4		4/29/2015	Swedish Krona		3,100,000		360,095		13,765
Total								$	663,120

At March 31, 2015, the Fund had the following open forward cross currency contracts:

Settlement Date	Deliver/Units of Currency			Receive/Units of Currency				Unrealized Appreciation (Depreciation)
4/28/2015		Norwegian Krone	14,180,000		Euro	1	1,610,339	$	(27,013	)

¹ Counterparty is Credit Suisse International

² Counterparty is Citibank N.A.

³ Counterparty is Morgan Stanley & Co.

⁴ Counterparty is UBS AG

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Industry Summary at March 31, 2015 (Unaudited)

Pharmaceuticals	9.2	%
Treasuries	8.2
Internet Software & Services	5.5
IT Services	5.0
Insurance	4.9
Banks	4.6
Specialty Retail	4.2
Banking	3.8
Aerospace & Defense	3.4
Internet & Catalog Retail	3.4
Beverages	2.7
Energy Equipment & Services	2.4
Government Owned—No Guarantee	2.4
Other Investments, less than 2% each	37.7
Short-Term Investments	1.9
Total Investments	99.3
Other assets less liabilities (including forward foreign currency contracts)	0.7
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2015 (Unaudited)

United States Dollar	65.5	%
Euro	7.3
British Pound	4.2
Japanese Yen	4.1
Indian Rupee	3.2
Hong Kong Dollar	3.1
Canadian Dollar	2.6
Swiss Franc	2.0
Other, less than 2% each	7.3
Total Investments	99.3
Other assets less liabilities (including forward foreign currency contracts)	0.7
Net Assets	100.0	%

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Growth Fund

Shares		Description	Value (†)
	Common Stocks — 97.9% of Net Assets
		Air Freight & Logistics — 6.1%
	756,747	Expeditors International of Washington, Inc.	$	36,460,070
	323,468	United Parcel Service, Inc., Class B		31,356,988
				67,817,058
		Beverages — 10.5%
	858,527	Coca-Cola Co. (The)		34,813,270
	368,028	Monster Beverage Corp.(b)		50,933,235
	577,826	SABMiller PLC, Sponsored ADR		30,367,645
				116,114,150
		Biotechnology — 2.4%
	163,901	Amgen, Inc.		26,199,575
		Capital Markets — 3.7%
	146,414	Greenhill & Co., Inc.		5,805,315
	793,870	SEI Investments Co.		35,001,729
				40,807,044
		Communications Equipment — 9.2%
	2,129,468	Cisco Systems, Inc.		58,613,607
	618,945	QUALCOMM, Inc.		42,917,646
				101,531,253
		Consumer Finance — 1.2%
	166,117	American Express Co.		12,977,060
		Energy Equipment & Services — 2.7%
	355,661	Schlumberger Ltd.		29,676,354
		Food Products — 3.8%
	3,142,920	Danone, Sponsored ADR		42,460,849
		Health Care Equipment & Supplies — 4.6%
	342,331	Varian Medical Systems, Inc.(b)		32,209,924
	162,038	Zimmer Holdings, Inc.		19,042,706
				51,252,630
		Hotels, Restaurants & Leisure — 2.2%
	308,635	Yum! Brands, Inc.		24,295,747
		Household Products — 3.1%
	423,064	Procter & Gamble Co. (The)		34,665,864
		Internet & Catalog Retail — 5.2%
	155,800	Amazon.com, Inc.(b)		57,973,180
		Internet Software & Services — 12.9%
	411,840	Alibaba Group Holding Ltd., Sponsored ADR(b)		34,281,562
	712,226	Facebook, Inc., Class A(b)		58,555,660
	45,297	Google, Inc., Class A(b)		25,126,246
	45,286	Google, Inc., Class C(b)		24,816,728
				142,780,196
		IT Services — 5.4%
	115,342	Automatic Data Processing, Inc.		9,877,889
	771,078	Visa, Inc., Class A		50,436,212
				60,314,101

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Growth Fund – (continued)

Shares		Description	Value (†)
		Pharmaceuticals — 8.5%
	297,978	Merck & Co., Inc.	$	17,127,776
	369,582	Novartis AG, ADR		36,444,481
	753,595	Novo Nordisk AS, Sponsored ADR		40,234,437
				93,806,694
		Semiconductors & Semiconductor Equipment — 3.2%
	71,218	Altera Corp.		3,055,964
	85,162	Analog Devices, Inc.		5,365,206
	554,996	ARM Holdings PLC, Sponsored ADR		27,361,303
				35,782,473
		Software — 11.6%
	528,600	Autodesk, Inc.(b)		30,997,104
	157,263	FactSet Research Systems, Inc.		25,036,270
	576,723	Microsoft Corp.		23,446,673
	1,127,311	Oracle Corp.		48,643,470
				128,123,517
		Specialty Retail — 1.6%
	232,483	Lowe’s Cos., Inc.		17,294,410
		Total Common Stocks (Identified Cost $938,135,407)		1,083,872,155
Principal Amount
	Short-Term Investments — 1.7%
$	18,830,437	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $18,830,443 on 4/01/2015 collateralized by $17,150,000 U.S. Treasury Note, 3.625% due 2/15/2021 valued at $19,208,000 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $18,830,437)		18,830,437
		Total Investments — 99.6% (Identified Cost $956,965,844)(a)		1,102,702,592
		Other assets less liabilities — 0.4%		4,098,890
		Net Assets — 100.0%	$	1,106,801,482
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2015, the net unrealized appreciation on investments based on a cost of $956,965,844 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	$	156,397,065
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(10,660,317	)
		Net unrealized appreciation	$	145,736,748
	(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.

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Growth Fund – (continued)

Industry Summary at March 31, 2015 (Unaudited)

Internet Software & Services	12.9	%
Software	11.6
Beverages	10.5
Communications Equipment	9.2
Pharmaceuticals	8.5
Air Freight & Logistics	6.1
IT Services	5.4
Internet & Catalog Retail	5.2
Health Care Equipment & Supplies	4.6
Food Products	3.8
Capital Markets	3.7
Semiconductors & Semiconductor Equipment	3.2
Household Products	3.1
Energy Equipment & Services	2.7
Biotechnology	2.4
Hotels, Restaurants & Leisure	2.2
Other Investments, less than 2% each	2.8
Short-Term Investments	1.7
Total Investments	99.6
Other assets less liabilities	0.4
Net Assets	100.0	%

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Value Fund

Shares		Description	Value (†)
	Common Stocks — 96.4% of Net Assets
		Aerospace & Defense — 4.2%
	254,121	Honeywell International, Inc.	$	26,507,362
	172,029	Northrop Grumman Corp.		27,689,788
	178,861	United Technologies Corp.		20,962,509
				75,159,659
		Automobiles — 1.3%
	629,624	General Motors Co.		23,610,900
		Banks — 11.2%
	2,237,827	Bank of America Corp.		34,440,158
	665,629	Citigroup, Inc.		34,293,206
	1,505,779	Fifth Third Bancorp		28,383,934
	750,478	JPMorgan Chase & Co.		45,463,957
	252,359	PNC Financial Services Group, Inc. (The)		23,529,953
	674,764	Wells Fargo & Co.		36,707,162
				202,818,370
		Beverages — 1.2%
	235,176	PepsiCo, Inc.		22,487,529
		Capital Markets — 4.3%
	209,614	Ameriprise Financial, Inc.		27,425,896
	346,343	Legg Mason, Inc.		19,118,134
	411,199	State Street Corp.		30,235,462
				76,779,492
		Chemicals — 1.4%
	354,216	E.I. du Pont de Nemours & Co.		25,315,817
		Communications Equipment — 2.5%
	852,191	Cisco Systems, Inc.		23,456,557
	316,917	Motorola Solutions, Inc.		21,128,857
				44,585,414
		Construction Materials — 1.5%
	316,813	Vulcan Materials Co.		26,707,336
		Consumer Finance — 1.6%
	503,105	Discover Financial Services		28,349,967
		Containers & Packaging — 1.6%
	646,391	Sealed Air Corp.		29,449,574
		Diversified Telecommunication Services — 1.3%
	474,636	Verizon Communications, Inc.		23,081,549
		Electric Utilities — 1.1%
	195,719	NextEra Energy, Inc.		20,364,562
		Electrical Equipment — 1.5%
	391,526	Eaton Corp. PLC		26,600,276
		Electronic Equipment, Instruments & Components — 0.9%
	848,597	Knowles Corp.(b)		16,352,464

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Energy Equipment & Services — 2.2%
	557,832	Halliburton Co.	$	24,477,668
	313,578	National Oilwell Varco, Inc.		15,675,764
				40,153,432
		Food & Staples Retailing — 1.3%
	233,891	CVS Health Corp.		24,139,890
		Food Products — 1.3%
	637,589	Mondelez International, Inc., Class A		23,010,587
		Health Care Equipment & Supplies — 1.6%
	372,848	Medtronic PLC		29,078,415
		Health Care Providers & Services — 4.3%
	222,882	Express Scripts Holding Co.(b)		19,339,471
	251,884	HCA Holdings, Inc.(b)		18,949,234
	333,025	UnitedHealth Group, Inc.		39,393,527
				77,682,232
		Independent Power & Renewable Electricity Producers — 1.0%
	772,892	Calpine Corp.(b)		17,676,040
		Insurance — 6.7%
	481,945	American International Group, Inc.		26,405,766
	663,660	FNF Group		24,396,142
	520,509	MetLife, Inc.		26,311,730
	191,353	Travelers Cos., Inc. (The)		20,691,000
	704,511	Unum Group		23,763,156
				121,567,794
		Internet & Catalog Retail — 1.3%
	820,355	Liberty Interactive Corp., Class A(b)		23,946,162
		Internet Software & Services — 0.9%
	414,317	AOL, Inc.(b)		16,411,096
		Machinery — 3.5%
	247,932	Illinois Tool Works, Inc.		24,084,115
	290,493	Ingersoll-Rand PLC		19,776,763
	297,034	Pentair PLC		18,680,468
				62,541,346
		Media — 5.1%
	494,220	Comcast Corp., Class A		27,908,604
	390,521	Liberty Global PLC, Class A(b)		20,100,116
	313,836	Omnicom Group, Inc.		24,472,931
	299,048	Viacom, Inc., Class B		20,424,978
				92,906,629
		Multi-Utilities — 1.0%
	358,329	PG&E Corp.		19,016,520
		Oil, Gas & Consumable Fuels — 6.4%
	300,750	Chevron Corp.		31,572,735
	278,166	Hess Corp.		18,879,126

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Oil, Gas & Consumable Fuels — continued
	904,871	Marathon Oil Corp.	$	23,626,182
	386,755	Royal Dutch Shell PLC, ADR		23,069,936
	279,801	Valero Energy Corp.		17,800,940
				114,948,919
		Pharmaceuticals — 10.4%
	70,778	Actavis PLC(b)		21,064,948
	457,199	Eli Lilly & Co.		33,215,507
	518,080	Merck & Co., Inc.		29,779,239
	1,309,309	Pfizer, Inc.		45,550,860
	624,375	Sanofi, ADR		30,869,100
	437,619	Teva Pharmaceutical Industries Ltd., Sponsored ADR		27,263,664
				187,743,318
		REITs – Diversified — 1.2%
	632,746	Weyerhaeuser Co.		20,975,530
		Road & Rail — 1.4%
	239,381	Norfolk Southern Corp.		24,637,093
		Software — 3.4%
	860,637	Microsoft Corp.		34,989,197
	1,166,120	Symantec Corp.		27,246,394
				62,235,591
		Specialty Retail — 2.1%
	213,978	AutoNation, Inc.(b)		13,765,205
	321,853	Lowe’s Cos., Inc.		23,942,644
				37,707,849
		Technology Hardware, Storage & Peripherals — 2.4%
	166,691	Apple, Inc.		20,741,361
	865,740	EMC Corp.		22,128,315
				42,869,676
		Textiles, Apparel & Luxury Goods — 1.1%
	158,020	Ralph Lauren Corp.		20,779,630
		Tobacco — 1.1%
	254,876	Philip Morris International, Inc.		19,199,809
		Wireless Telecommunication Services — 1.1%
	590,051	Vodafone Group PLC, Sponsored ADR		19,282,867
		Total Common Stocks (Identified Cost $1,337,781,507)		1,740,173,334

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Value Fund – (continued)

Principal Amount		Description	Value (†)
	Short-Term Investments — 3.5%
$	62,386,305	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $62,386,322 on 4/01/2015 collateralized by $60,605,000 U.S. Treasury Note, 2.375% due 12/31/2020 valued at $63,635,250 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $62,386,305)	$	62,386,305
		Total Investments — 99.9% (Identified Cost $1,400,167,812)(a)		1,802,559,639
		Other assets less liabilities — 0.1%		2,255,124
		Net Assets — 100.0%	$	1,804,814,763
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2015, the net unrealized appreciation on investments based on a cost of $1,400,167,812 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	$	447,692,175
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(45,300,348	)
		Net unrealized appreciation	$	402,391,827
	(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, 2015 (Unaudited)

Banks	11.2	%
Pharmaceuticals	10.4
Insurance	6.7
Oil, Gas & Consumable Fuels	6.4
Media	5.1
Health Care Providers & Services	4.3
Capital Markets	4.3
Aerospace & Defense	4.2
Machinery	3.5
Software	3.4
Communications Equipment	2.5
Technology Hardware, Storage & Peripherals	2.4
Energy Equipment & Services	2.2
Specialty Retail	2.1
Other Investments, less than 2% each	27.7
Short-Term Investments	3.5
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0	%

See accompanying notes to financial statements.

33  |

Statements of Assets and Liabilities

March 31, 2015 (Unaudited)

	Global Equity and Income Fund		Growth Fund		Value Fund
ASSETS
Investments at cost	$	1,067,309,689	$	956,965,844	$	1,400,167,812
Net unrealized appreciation		166,317,973		145,736,748		402,391,827
Investments at value		1,233,627,662		1,102,702,592		1,802,559,639
Cash		56,908		—		—
Foreign currency at value (identified cost $2,120,086, $0 and $0, respectively)		2,107,835		—		—
Receivable for Fund shares sold		4,142,960		3,426,660		1,641,205
Receivable for securities sold		9,262,344		—		—
Collateral received for open forward foreign currency contracts (Notes 2 and 4)		1,149,566		—		—
Dividends and interest receivable		5,261,812		1,854,073		2,291,747
Unrealized appreciation on forward foreign currency contracts (Note 2)		1,022,945		—		—
Tax reclaims receivable		360,174		268,605		—
Receivable from distributor (Note 6d)		—		—		20,141
TOTAL ASSETS		1,256,992,206		1,108,251,930		1,806,512,732
LIABILITIES
Payable for securities purchased		8,762,090		—		—
Payable for Fund shares redeemed		2,071,933		746,525		532,827
Unrealized depreciation on forward foreign currency contracts (Note 2)		386,838		—		—
Foreign taxes payable (Note 2)		1,196,957		—		—
Due to brokers (Note 2)		1,149,566		—		—
Management fees payable (Note 6)		790,431		465,250		766,050
Deferred Trustees’ fees (Note 6)		115,466		136,234		318,241
Administrative fees payable (Note 6)		44,680		39,428		64,949
Payable to distributor (Note 6d)		10,763		9,980		—
Other accounts payable and accrued expenses		75,374		53,031		15,902
TOTAL LIABILITIES		14,604,098		1,450,448		1,697,969
NET ASSETS	$	1,242,388,108	$	1,106,801,482	$	1,804,814,763
NET ASSETS CONSIST OF:
Paid-in capital	$	1,054,020,961	$	917,382,751	$	1,189,181,114
Undistributed net investment income		2,081,713		2,470,652		5,790,433
Accumulated net realized gain on investments and foreign currency transactions		20,639,296		41,211,331		207,451,389
Net unrealized appreciation on investments and foreign currency translations		165,646,138		145,736,748		402,391,827
NET ASSETS	$	1,242,388,108	$	1,106,801,482	$	1,804,814,763

See accompanying notes to financial statements.

|  34

Statements of Assets and Liabilities (continued)

March 31, 2015 (Unaudited)

	Global Equity and Income Fund		Growth Fund		Value Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	242,595,890	$	84,219,127	$	241,791,016
Shares of beneficial interest		12,519,077		8,267,912		9,216,062
Net asset value and redemption price per share	$	19.38	$	10.19	$	26.24
Offering price per share (100/94.25 of net asset value) (Note 1)	$	20.56	$	10.81	$	27.84
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	—	$	209,452	$	282,675
Shares of beneficial interest		—		22,074		10,486
Net asset value and offering price per share	$	—	$	9.49	$	26.96
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	379,240,501	$	39,254,159	$	17,666,732
Shares of beneficial interest		19,768,507		4,139,369		678,969
Net asset value and offering price per share	$	19.18	$	9.48	$	26.02
Class N shares:
Net assets	$	—	$	1,437	$	609,343,146
Shares of beneficial interest		—		133		23,160,558
Net asset value, offering and redemption price per share	$	—	$	10.80	$	26.31
Class Y shares:
Net assets	$	620,551,717	$	983,117,307	$	935,409,004
Shares of beneficial interest		31,874,255		90,874,217		35,514,296
Net asset value, offering and redemption price per share	$	19.47	$	10.82	$	26.34
Admin Class shares:
Net assets	$	—	$	—	$	322,190
Shares of beneficial interest		—		—		12,351
Net asset value, offering and redemption price per share	$	—	$	—	$	26.09

See accompanying notes to financial statements.

35  |

Statements of Operations

For the Six Months Ended March 31, 2015 (Unaudited)

	Global Equity and Income Fund			Growth Fund			Value Fund
INVESTMENT INCOME
Dividends	$	4,358,065		$	8,006,967		$	20,564,432
Interest		8,620,335			1,446			3,026
Less net foreign taxes withheld		(295,586	)		(233,981	)		(156,665	)
		12,682,814			7,774,432			20,410,793
Expenses
Management fees (Note 6)		4,634,306			2,728,713			5,172,819
Service and distribution fees (Note 6)		2,172,969			265,029			588,864
Administrative fees (Note 6)		263,631			232,845			441,572
Trustees’ fees and expenses (Note 6)		16,289			15,623			24,037
Transfer agent fees and expenses (Notes 6 and 7)		547,548			507,885			945,795
Audit and tax services fees		27,283			19,849			19,958
Custodian fees and expenses		112,987			18,098			28,950
Legal fees		5,615			4,797			9,692
Registration fees		53,623			72,317			82,968
Shareholder reporting expenses		31,907			15,666			53,824
Miscellaneous expenses		24,055			15,538			27,476
Total expenses		7,890,213			3,896,360			7,395,955
Less waiver and/or expense reimbursement (Note 6)		—			(73	)		—
Net expenses		7,890,213			3,896,287			7,395,955
Net investment income		4,792,601			3,878,145			13,014,838
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		26,923,853			87,739,413			236,098,643
Foreign currency transactions		(1,208,156	)		—			—
Net change in unrealized appreciation (depreciation) on:
Investments		18,154,413			(3,862,332	)		(168,103,612	)
Foreign currency translations		(27,957	)		—			—
Net realized and unrealized gain on investments and foreign currency transactions		43,842,153			83,877,081			67,995,031
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	48,634,754		$	87,755,226		$	81,009,869

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, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	4,792,601		$	16,654,633		$	3,878,145		$	5,925,597
Net realized gain on investments and foreign currency transactions		25,715,697			63,034,029			87,739,413			37,751,773
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		18,126,456			30,721,127			(3,862,332	)		73,439,555
Net increase in net assets resulting from operations		48,634,754			110,409,789			87,755,226			117,116,925
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(2,404,233	)		(4,662,019	)		(382,555	)		(62,431	)
Class C		(1,155,191	)		(3,777,946	)		—			—
Class N		—			—			(7	)		(3	)
Class Y		(8,199,038	)		(11,208,754	)		(5,959,493	)		(1,861,749	)
Net realized capital gains
Class A		(11,493,040	)		(3,414,741	)		—			—
Class C		(18,511,977	)		(4,537,332	)		—			—
Class Y		(30,839,565	)		(7,216,843	)		—			—
Total distributions		(72,603,044	)		(34,817,635	)		(6,342,055	)		(1,924,183	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		19,131,824			9,166,416			(72,715,570	)		369,196,723
Net increase (decrease) in net assets		(4,836,466	)		84,758,570			8,697,601			484,389,465
NET ASSETS
Beginning of the period		1,247,224,574			1,162,466,004			1,098,103,881			613,714,416
End of the period	$	1,242,388,108		$	1,247,224,574		$	1,106,801,482		$	1,098,103,881
UNDISTRIBUTED NET INVESTMENT INCOME	$	2,081,713		$	9,047,574		$	2,470,652		$	4,934,562

See accompanying notes to financial statements.

37  |

Statements of Changes in Net Assets (continued)

	Value Fund
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	13,014,838		$	46,159,044
Net realized gain on investments and foreign currency transactions		236,098,643			193,094,685
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(168,103,612	)		118,580,388
Net increase in net assets resulting from operations		81,009,869			357,834,117
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(10,401,193	)		(2,696,217	)
Class C		(187,911	)		(56,045	)
Class N		(13,964,469	)		(3,689,697	)
Class Y		(21,235,238	)		(16,821,147	)
Admin Class		(5,320	)		(119	)
Net realized capital gains
Class A		(52,482,381	)		(12,795,968	)
Class B		(35,446	)		(52,578	)
Class C		(1,642,866	)		(776,082	)
Class N		(59,475,488	)		(14,085,769	)
Class Y		(98,286,185	)		(71,586,232	)
Admin Class		(27,631	)		(641	)
Total distributions		(257,744,128	)		(122,560,495	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(312,742,741	)		96,928,660
Net increase (decrease) in net assets		(489,477,000	)		332,202,282
NET ASSETS
Beginning of the period		2,294,291,763			1,962,089,481
End of the period	$	1,804,814,763		$	2,294,291,763
UNDISTRIBUTED NET INVESTMENT INCOME	$	5,790,433		$	38,569,726

See accompanying notes to financial statements.

|  38

Financial Highlights

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class A
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	19.77		$	18.57		$	17.07		$	14.24		$	14.72		$	12.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.28			0.32	(b)		0.35	(c)		0.22			0.26
Net realized and unrealized gain (loss)		0.68			1.49			1.45			2.71			(0.45	)		2.26
Total from Investment Operations		0.77			1.77			1.77			3.06			(0.23	)		2.52
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.33	)		(0.27	)		(0.23	)		(0.25	)		(0.30	)
Net realized capital gains		(0.96	)		(0.24	)		—			—			—			—
Total Distributions		(1.16	)		(0.57	)		(0.27	)		(0.23	)		(0.25	)		(0.30	)
Net asset value, end of the period	$	19.38		$	19.77		$	18.57		$	17.07		$	14.24		$	14.72
Total return(d)		4.09	%(e)		9.62	%		10.54	%(b)		21.75	%(c)		(1.67	)%		20.61	%(f)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	242,596		$	237,167		$	251,211		$	216,209		$	111,589		$	64,367
Net expenses		1.18	%(g)		1.17	%		1.18	%		1.21	%		1.24	%(h)		1.25	%(i)
Gross expenses		1.18	%(g)		1.17	%		1.18	%		1.21	%		1.24	%(h)		1.29	%
Net investment income		0.88	%(g)		1.46	%		1.82	%(b)		2.16	%(c)		1.41	%		1.96	%
Portfolio turnover rate		23	%		49	%		58	%		29	%		65	%		99	%

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.27, total return would have been 10.25% and the ratio of net investment income to average net assets would have been 1.51%.

(c) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.31, total return would have been 21.46% and the ratio of net investment income to average net assets would have been 1.93%.

(d) A sales charge for Class A shares is not reflected in total return calculations.

(e) Periods less than one year are not annualized.

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

(g) Computed on an annualized basis for periods less than one year.

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

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

See accompanying notes to financial statements.

39  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class C
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	19.51		$	18.36		$	16.90		$	14.10		$	14.59		$	12.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.01			0.14			0.19	(b)		0.22	(c)		0.10			0.16
Net realized and unrealized gain (loss)		0.68			1.45			1.45			2.70			(0.44	)		2.26
Total from Investment Operations		0.69			1.59			1.64			2.92			(0.34	)		2.42
LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.20	)		(0.18	)		(0.12	)		(0.15	)		(0.22	)
Net realized capital gains		(0.96	)		(0.24	)		—			—			—			—
Total Distributions		(1.02	)		(0.44	)		(0.18	)		(0.12	)		(0.15	)		(0.22	)
Net asset value, end of the period	$	19.18		$	19.51		$	18.36		$	16.90		$	14.10		$	14.59
Total return(d)		3.69	%(e)		8.72	%		9.77	%(b)		20.83	%(c)		(2.42	)%		19.79	%(f)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	379,241		$	377,001		$	340,561		$	251,366		$	145,369		$	109,455
Net expenses		1.93	%(g)		1.92	%		1.93	%		1.96	%		1.99	%(h)		2.00	%(i)
Gross expenses		1.93	%(g)		1.92	%		1.93	%		1.96	%		1.99	%(h)		2.04	%
Net investment income		0.13	%(g)		0.71	%		1.07	%(b)		1.40	%(c)		0.64	%		1.21	%
Portfolio turnover rate		23	%		49	%		58	%		29	%		65	%		99	%

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.13, total return would have been 9.41% and the ratio of net investment income to average net assets would have been 0.76%.

(c) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.19, total return would have been 20.55% and the ratio of net investment income to average net assets would have been 1.18%.

(d) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(e) Periods less than one year are not annualized.

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

(g) Computed on an annualized basis for periods less than one year.

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

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

See accompanying notes to financial statements.

|  40

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class Y
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	19.89		$	18.68		$	17.15		$	14.31		$	14.78		$	12.54
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.33			0.37	(b)		0.40	(c)		0.26			0.29
Net realized and unrealized gain (loss)		0.69			1.49			1.47			2.71			(0.45	)		2.28
Total from Investment Operations		0.80			1.82			1.84			3.11			(0.19	)		2.57
LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.37	)		(0.31	)		(0.27	)		(0.28	)		(0.33	)
Net realized capital gains		(0.96	)		(0.24	)		—			—			—			—
Total Distributions		(1.22	)		(0.61	)		(0.31	)		(0.27	)		(0.28	)		(0.33	)
Net asset value, end of the period	$	19.47		$	19.89		$	18.68		$	17.15		$	14.31		$	14.78
Total return		4.20	%(d)		9.87	%		10.90	%(b)		21.96	%(c)		(1.42	)%		21.02	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	620,552		$	633,057		$	570,694		$	460,103		$	216,136		$	144,780
Net expenses		0.93	%(f)		0.92	%		0.93	%		0.96	%		0.99	%(g)		1.00	%(h)
Gross expenses		0.93	%(f)		0.92	%		0.93	%		0.96	%		0.99	%(g)		1.04	%
Net investment income		1.12	%(f)		1.69	%		2.07	%(b)		2.44	%(c)		1.65	%		2.20	%
Portfolio turnover rate		23	%		49	%		58	%		29	%		65	%		99	%

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.31, total return would have been 10.60% and the ratio of net investment income to average net assets would have been 1.76%.

(c) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.36, total return would have been 21.75% and the ratio of net investment income to average net assets would have been 2.20%.

(d) Periods less than one year are not annualized.

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

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

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

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

See accompanying notes to financial statements.

41  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class A
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	9.45		$	8.07		$	6.50		$	5.24		$	5.14		$	4.48
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.03			0.05			0.04			0.04			0.01			(0.01	)
Net realized and unrealized gain (loss)		0.76			1.34			1.59			1.23			0.09			0.67
Total from Investment Operations		0.79			1.39			1.63			1.27			0.10			0.66
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.01	)		(0.06	)		(0.01	)		—			—
Net realized capital gains		—			—			—			—			—			—
Total Distributions		(0.05	)		(0.01	)		(0.06	)		(0.01	)		—			—
Net asset value, end of the period	$	10.19		$	9.45		$	8.07		$	6.50		$	5.24		$	5.14
Total return(b)		8.39	%(c)		17.23	%		25.23	%		24.22	%		1.95	%		14.73	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	84,219		$	63,682		$	50,248		$	33,663		$	26,716		$	29,901
Net expenses		0.92	%(e)		0.94	%		1.03	%		1.07	%		1.14	%		1.19	%(f)
Gross expenses		0.92	%(e)		0.94	%		1.03	%		1.07	%		1.14	%		1.20	%
Net investment income (loss)		0.54	%(e)		0.55	%		0.57	%		0.61	%		0.23	%		(0.30	)%
Portfolio turnover rate		18	%		14	%		6	%		16	%		16	%		163	%

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

(b) A sales charge for Class A shares is not reflected in total return calculations.

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

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

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

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

See accompanying notes to financial statements.

|  42

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class B
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	8.79		$	7.56		$	6.09		$	4.94		$	4.87		$	4.28
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.02	)		(0.02	)		(0.01	)		(0.01	)		(0.03	)		(0.05	)
Net realized and unrealized gain (loss)		0.72			1.25			1.48			1.16			0.10			0.64
Total from Investment Operations		0.70			1.23			1.47			1.15			0.07			0.59
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		—			—			—			—			—			—
Total Distributions		—			—			—			—			—			—
Net asset value, end of the period	$	9.49		$	8.79		$	7.56		$	6.09		$	4.94		$	4.87
Total return(b)		7.96	%(c)		16.27	%		24.14	%		23.28	%		1.44	%		13.79	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	209		$	428		$	1,422		$	1,908		$	2,609		$	4,086
Net expenses		1.66	%(e)		1.69	%		1.78	%		1.82	%		1.89	%		1.93	%(f)
Gross expenses		1.66	%(e)		1.69	%		1.78	%		1.82	%		1.89	%		1.95	%
Net investment loss		(0.34	)%(e)		(0.25	)%		(0.14	)%		(0.12	)%		(0.54	)%		(1.06	)%
Portfolio turnover rate		18	%		14	%		6	%		16	%		16	%		163	%

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

(b) A contingent deferred sales charge for Class B shares is not reflected in total return calculations.

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

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

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

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

See accompanying notes to financial statements.

43  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class C
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	8.79		$	7.55		$	6.09		$	4.94		$	4.87		$	4.28
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.01	)		(0.02	)		(0.01	)		(0.01	)		(0.03	)		(0.05	)
Net realized and unrealized gain (loss)		0.70			1.26			1.48			1.16			0.10			0.64
Total from Investment Operations		0.69			1.24			1.47			1.15			0.07			0.59
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.01	)		—			—			—
Net realized capital gains		—			—			—			—			—			—
Total Distributions		—			—			(0.01	)		—			—			—
Net asset value, end of the period	$	9.48		$	8.79		$	7.55		$	6.09		$	4.94		$	4.87
Total return(b)		7.85	%(c)		16.42	%		24.21	%		23.28	%		1.44	%		13.79	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	39,254		$	29,837		$	20,798		$	10,489		$	10,262		$	12,493
Net expenses		1.67	%(e)		1.69	%		1.78	%		1.82	%		1.89	%		1.93	%(f)
Gross expenses		1.67	%(e)		1.69	%		1.78	%		1.82	%		1.89	%		1.95	%
Net investment loss		(0.22	)%(e)		(0.20	)%		(0.20	)%		(0.13	)%		(0.53	)%		(1.06	)%
Portfolio turnover rate		18	%		14	%		6	%		16	%		16	%		163	%

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

(b) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

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

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

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

See accompanying notes to financial statements.

|  44

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class N
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	10.01		$	8.56		$	7.58
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.05			0.03
Net realized and unrealized gain (loss)		0.82			1.42			0.95
Total from Investment Operations		0.85			1.47			0.98
LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.02	)		—
Net realized capital gains		—			—			—
Total Distributions		(0.06	)		(0.02	)		—
Net asset value, end of the period	$	10.80		$	10.01		$	8.56
Total return(b)		8.46	%(c)		17.21	%		12.93	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1		$	1
Net expenses(d)		0.57	%(e)		0.95	%		0.95	%(e)
Gross expenses		9.50	%(e)		3.45	%		3.50	%(e)
Net investment income		0.61	%(e)		0.52	%		0.60	%(e)
Portfolio turnover rate		18	%		14	%		6	%

* 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) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) Periods less than one year 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. Without this waiver/reimbursement, expenses would have been higher.

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

See accompanying notes to financial statements.

45  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class Y
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	10.04		$	8.57		$	6.90		$	5.56		$	5.43		$	4.73
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.04			0.08			0.05			0.06			0.03			(0.00	)(b)
Net realized and unrealized gain (loss)		0.81			1.42			1.69			1.30			0.10			0.70
Total from Investment Operations		0.85			1.50			1.74			1.36			0.13			0.70
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.03	)		(0.07	)		(0.02	)		—			—
Net realized capital gains		—			—			—			—			—			—
Total Distributions		(0.07	)		(0.03	)		(0.07	)		(0.02	)		—			—
Net asset value, end of the period	$	10.82		$	10.04		$	8.57		$	6.90		$	5.56		$	5.43
Total return		8.50	%(c)		17.51	%		25.49	%		24.57	%		2.21	%		15.01	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	983,117		$	1,004,157		$	541,245		$	102,688		$	70,177		$	53,299
Net expenses		0.67	%(e)		0.69	%		0.77	%		0.82	%		0.89	%		0.93	%(f)(g)
Gross expenses		0.67	%(e)		0.69	%		0.77	%		0.82	%		0.89	%		0.95	%
Net investment income (loss)		0.76	%(e)		0.79	%		0.68	%		0.87	%		0.49	%		(0.05	)%
Portfolio turnover rate		18	%		14	%		6	%		16	%		16	%		163	%

(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.

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

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

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

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

(g) Effective February 1, 2010, the expense limit increased from 0.85% to 1.00%.

See accompanying notes to financial statements.

|  46

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class A
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	28.47		$	25.59		$	20.86		$	16.04		$	16.78		$	16.42
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.45	(b)		0.31			0.27			0.20			0.27	(c)
Net realized and unrealized gain (loss)		0.83			4.00			4.70			4.78			(0.72	)		0.23
Total from Investment Operations		0.97			4.45			5.01			5.05			(0.52	)		0.50
LESS DISTRIBUTIONS FROM:
Net investment income		(0.53	)		(0.27	)		(0.28	)		(0.23	)		(0.22	)		(0.14	)
Net realized capital gains		(2.67	)		(1.30	)		—			—			—			—
Total Distributions		(3.20	)		(1.57	)		(0.28	)		(0.23	)		(0.22	)		(0.14	)
Net asset value, end of the period	$	26.24		$	28.47		$	25.59		$	20.86		$	16.04		$	16.78
Total return(d)		3.30	%(e)		17.97	%(b)		24.35	%		31.71	%		(3.28	)%		3.03	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	241,791		$	580,092		$	171,327		$	129,572		$	126,789		$	130,922
Net expenses		0.95	%(f)		0.96	%		0.97	%		0.98	%		0.98	%		0.96	%
Gross expenses		0.95	%(f)		0.96	%		0.97	%		0.98	%		0.98	%		0.96	%
Net investment income		0.99	%(f)		1.63	%(b)		1.31	%		1.45	%		1.09	%		1.58	%(c)
Portfolio turnover rate		12	%		28	%		24	%		25	%		29	%		54	%

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.29, total return would have been 17.02% and the ratio of net investment income to average net assets would have been 1.05%.

(c) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.14 and the ratio of net investment income to average net assets would have been 0.84%.

(d) A sales charge for Class A shares is not reflected in total return calculations.

(e) Periods less than one year are not annualized.

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

See accompanying notes to financial statements.

47  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class B
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	28.76		$	25.77		$	20.95		$	16.05		$	16.77		$	16.40
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.32	(b)		0.14			0.13			0.06			0.12	(c)
Net realized and unrealized gain (loss)		0.84			3.97			4.75			4.81			(0.73	)		0.25
Total from Investment Operations		0.87			4.29			4.89			4.94			(0.67	)		0.37
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.07	)		(0.04	)		(0.05	)		—
Net realized capital gains		(2.67	)		(1.30	)		—			—			—			—
Total Distributions		(2.67	)		(1.30	)		(0.07	)		(0.04	)		(0.05	)		—
Net asset value, end of the period	$	26.96		$	28.76		$	25.77		$	20.95		$	16.05		$	16.77
Total return(d)		2.92	%(e)		17.08	%(b)		23.42	%		30.79	%		(4.05	)%		2.26	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	283		$	672		$	1,143		$	1,534		$	2,037		$	3,299
Net expenses		1.69	%(f)		1.71	%		1.72	%		1.73	%		1.73	%		1.70	%
Gross expenses		1.69	%(f)		1.71	%		1.72	%		1.73	%		1.73	%		1.70	%
Net investment income		0.24	%(f)		1.16	%(b)		0.59	%		0.71	%		0.32	%		0.72	%(c)
Portfolio turnover rate		12	%		28	%		24	%		25	%		29	%		54	%

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.07, total return would have been 16.14% and the ratio of net investment income to average net assets would have been 0.26%.

(c) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.02 and the ratio of net investment income to average net assets would have been 0.10%.

(d) A contingent deferred sales charge for Class B shares is not reflected in total return calculations.

(e) Periods less than one year are not annualized.

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

See accompanying notes to financial statements.

|  48

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class C
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	28.14		$	25.33		$	20.65		$	15.85		$	16.58		$	16.26
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.31	(b)		0.13			0.13			0.06			0.14	(c)
Net realized and unrealized gain (loss)		0.82			3.89			4.68			4.74			(0.71	)		0.22
Total from Investment Operations		0.86			4.20			4.81			4.87			(0.65	)		0.36
LESS DISTRIBUTIONS FROM:
Net investment income		(0.31	)		(0.09	)		(0.13	)		(0.07	)		(0.08	)		(0.04	)
Net realized capital gains		(2.67	)		(1.30	)		—			—			—			—
Total Distributions		(2.98	)		(1.39	)		(0.13	)		(0.07	)		(0.08	)		(0.04	)
Net asset value, end of the period	$	26.02		$	28.14		$	25.33		$	20.65		$	15.85		$	16.58
Total return(d)		2.92	%(e)		17.07	%(b)		23.41	%		30.78	%		(4.00	)%		2.20	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	17,667		$	16,958		$	15,158		$	9,104		$	8,996		$	10,226
Net expenses		1.69	%(f)		1.71	%		1.72	%		1.73	%		1.73	%		1.71	%
Gross expenses		1.69	%(f)		1.71	%		1.72	%		1.73	%		1.73	%		1.71	%
Net investment income		0.30	%(f)		1.15	%(b)		0.55	%		0.70	%		0.33	%		0.81	%(c)
Portfolio turnover rate		12	%		28	%		24	%		25	%		29	%		54	%

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.08, total return would have been 16.11% and the ratio of net investment income to average net assets would have been 0.28%.

(c) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.01 and the ratio of net investment income to average net assets would have been 0.09%.

(d) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(e) Periods less than one year are not annualized.

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

See accompanying notes to financial statements.

49  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class N
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	28.58		$	25.65		$	22.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.63	(b)		0.25
Net realized and unrealized gain (loss)		0.83			3.94			2.81
Total from Investment Operations		1.03			4.57			3.06
LESS DISTRIBUTIONS FROM:
Net investment income		(0.63	)		(0.34	)		—
Net realized capital gains		(2.67	)		(1.30	)		—
Total Distributions		(3.30	)		(1.64	)		—
Net asset value, end of the period	$	26.31		$	28.58		$	25.65
Total return		3.50	%(c)		18.43	%(b)		13.55	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	609,343		$	392,811		$	260,643
Net expenses		0.57	%(d)		0.57	%		0.57	%(d)
Gross expenses		0.57	%(d)		0.57	%		0.57	%(d)
Net investment income		1.47	%(d)		2.28	%(b)		1.50	%(d)
Portfolio turnover rate		12	%		28	%		24	%

* 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) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.39, total return would have been 17.48% and the ratio of net investment income to average net assets would have been 1.43%.

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

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

See accompanying notes to financial statements.

|  50

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class Y
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	28.58		$	25.65		$	20.91		$	16.08		$	16.82		$	16.47
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.60	(b)		0.36			0.32			0.25			0.31	(c)
Net realized and unrealized gain (loss)		0.84			3.94			4.72			4.78			(0.73	)		0.23
Total from Investment Operations		1.01			4.54			5.08			5.10			(0.48	)		0.54
LESS DISTRIBUTIONS FROM:
Net investment income		(0.58	)		(0.31	)		(0.34	)		(0.27	)		(0.26	)		(0.19	)
Net realized capital gains		(2.67	)		(1.30	)		—			—			—			—
Total Distributions		(3.25	)		(1.61	)		(0.34	)		(0.27	)		(0.26	)		(0.19	)
Net asset value, end of the period	$	26.34		$	28.58		$	25.65		$	20.91		$	16.08		$	16.82
Total return		3.43	%(d)		18.27	%(b)		24.65	%		32.05	%		(3.05	)%		3.28	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	935,409		$	1,303,492		$	1,513,807		$	1,240,093		$	957,584		$	788,937
Net expenses		0.69	%(e)		0.71	%		0.72	%		0.73	%		0.74	%		0.71	%
Gross expenses		0.69	%(e)		0.71	%		0.72	%		0.73	%		0.74	%		0.71	%
Net investment income		1.25	%(e)		2.19	%(b)		1.56	%		1.68	%		1.34	%		1.86	%(c)
Portfolio turnover rate		12	%		28	%		24	%		25	%		29	%		54	%

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.35, total return would have been 17.32% and the ratio of net investment income to average net assets would have been 1.28%.

(c) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.18 and the ratio of net investment income to average net assets would have been 1.08%.

(d) Periods less than one year are not annualized.

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

See accompanying notes to financial statements.

51  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Admin Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Period Ended September 30, 2010*
Net asset value, beginning of the period	$	28.34		$	25.51		$	20.79		$	16.00		$	16.74		$	16.72
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.30	(b)		0.24			0.22			0.17			0.18	(c)
Net realized and unrealized gain (loss)		0.82			4.07			4.71			4.77			(0.73	)		(0.16	)
Total from Investment Operations		0.93			4.37			4.95			4.99			(0.56	)		0.02
LESS DISTRIBUTIONS FROM:
Net investment income		(0.51	)		(0.24	)		(0.23	)		(0.20	)		(0.18	)		—
Net realized capital gains		(2.67	)		(1.30	)		—			—			—			—
Total Distributions		(3.18	)		(1.54	)		(0.23	)		(0.20	)		(0.18	)		—
Net asset value, end of the period	$	26.09		$	28.34		$	25.51		$	20.79		$	16.00		$	16.74
Total return		3.19	%(d)		17.68	%(b)		24.08	%		31.43	%		(3.48	)%		0.12	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	322		$	268		$	12		$	2		$	1		$	1
Net expenses		1.19	%(e)		1.21	%		1.19	%		1.24	%		1.17	%		1.29	%(e)
Gross expenses		1.19	%(e)		1.21	%		1.19	%		1.24	%		1.17	%		1.29	%(e)
Net investment income		0.81	%(e)		1.07	%(b)		1.01	%		1.17	%		0.90	%		1.59	%(c)(e)
Portfolio turnover rate		12	%		28	%		24	%		25	%		29	%		54	%

* 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) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.27, total return would have been 16.73% and the ratio of net investment income to average net assets would have been 0.96%.

(c) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.05 and the ratio of net investment income to average net assets would have been 0.50%.

(d) Periods less than one year are not annualized.

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

See accompanying notes to financial statements.

|  52

Notes to Financial Statements

March 31, 2015 (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 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 Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds 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 Growth Fund and Value Fund Class A, Class B, Class C and Admin Class (for Value Fund) collectively, and

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Class N individually, 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 follow the accounting and reporting guidelines provided for investment companies and 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:

Listed equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation. 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. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. 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 and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service, 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 unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not

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Notes to Financial Statements (continued)

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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.

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 net asset value (“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, 2015, approximately 24% 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, two securities held by the Fund for which market quotations were not readily available as of March 31, 2015 were fair valued pursuant to procedures approved by the Board of Trustees, amounting to less than 0.1% 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 NAV 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.

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Notes to Financial Statements (continued)

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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 into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of 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 or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statements of Operations, may be characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

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

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

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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.  Due to Brokers.  Transactions and positions in certain forward foreign currency contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Fund and the various broker/dealers. The due to brokers balance in the Statement of Assets and Liabilities for Global Equity and Income Fund represents cash received as collateral for forward foreign currency contracts. In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

f.  Federal and Foreign Income Taxes.  The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code 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, 2015 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.

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Notes to Financial Statements (continued)

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g.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined 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 capital gains tax reclass, foreign currency gains and losses, paydown gains and losses, contingent payment debt instruments, return of capital and capital gain distributions received, deferred Trustees’ fees, trust preferred securities and premium amortization. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. 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 and return of capital distributions received. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. 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, 2014 was as follows:

	2014 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Global Equity and Income Fund	$	23,348,919	$	11,468,716	$	34,817,635
Growth Fund		1,924,183		—		1,924,183
Value Fund		23,545,450		99,015,045		122,560,495

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, 2014, the capital loss carryforwards were as follows:

	Global Equity and Income Fund		Growth Fund			Value Fund
Capital loss carryforward:
Expires
September 30, 2017	$	—	$	(11,593,528	)	$	—
September 30, 2018		—		(34,679,944	)		—
Total capital loss carryforward	$	—	$	(46,273,472	)	$	—

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

h.  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, 2015, each Fund, as applicable, 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.

i.  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, 2015, none of the Funds had loaned securities under this agreement.

j.  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.

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Notes to Financial Statements (continued)

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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, 2015, at value:

Global Equity and Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	—	$	17,337,222	$	—	$	17,337,222
China		18,815,820		18,602,895		—		37,418,715
Denmark		—		19,044,333		—		19,044,333
France		—		9,539,982		—		9,539,982
Germany		—		20,393,360		—		20,393,360
Hong Kong		—		19,809,867		—		19,809,867
India		16,476,017		22,524,636		—		39,000,653
Italy		—		15,094,666		—		15,094,666
Japan		—		51,315,408		—		51,315,408
Netherlands		—		10,493,328		—		10,493,328
Sweden		—		17,405,662		—		17,405,662
Switzerland		—		25,210,793		—		25,210,793
United Kingdom		—		47,334,309		—		47,334,309
All Other Common Stocks(a)		526,571,511		—		—		526,571,511
Total Common Stocks		561,863,348		294,106,461		—		855,969,809

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Global Equity and Income Fund (continued)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes
Non-Convertible Bonds
Australia	$	—	$	887,340	$	956,247	$	1,843,587
United States		35,735		170,476,140		2,393,829		172,905,704
All Other Non-Convertible Bonds(a)		—		164,255,042		—		164,255,042
Total Non-Convertible Bonds		35,735		335,618,522		3,350,076		339,004,333
Convertible Bonds(a)		—		9,263,591		—		9,263,591
Municipals(a)		—		518,858		—		518,858
Total Bonds and Notes		35,735		345,400,971		3,350,076		348,786,782
Senior Loans(a)		—		4,418,030		—		4,418,030
Preferred Stocks
Non-Convertible Preferred Stock(a)		348,300		—		—		348,300
Convertible Preferred Stocks(a)		113,326		127,315		—		240,641
Total Preferred Stocks		461,626		127,315		—		588,941
Short-Term Investments		—		23,864,100		—		23,864,100
Total Investments		562,360,709		667,916,877		3,350,076		1,233,627,662
Forward Foreign Currency Contracts (unrealized appreciation)		—		1,022,945		—		1,022,945
Total	$	562,360,709	$	668,939,822	$	3,350,076	$	1,234,650,607

Liability Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized appreciation)	$	—	$	(386,838	)	$	—	$	(386,838	)

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

A preferred stock valued at $45,080 was transferred from Level 1 to Level 2 during the period ended March 31, 2015. At September 30, 2014, this security was valued at the last sale price in accordance with the Fund’s valuation policies. At March 31, 2015, this security was valued on the basis of evaluated bids furnished to the Fund as an independent pricing service did not provide a reliable price for the security.

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

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Notes to Financial Statements (continued)

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Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,083,872,155	$	—	$	—	$	1,083,872,155
Short-Term Investments		—		18,830,437		—		18,830,437
Total	$	1,083,872,155	$	18,830,437	$	—	$	1,102,702,592

(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, 2015, 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)	$	1,740,173,334	$	—	$	—	$	1,740,173,334
Short-Term Investments		—		62,386,305		—		62,386,305
Total	$	1,740,173,334	$	62,386,305	$	—	$	1,802,559,639

(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, 2015, there were no transfers among Levels 1, 2 and 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, 2014 and/or March 31, 2015:

Global Equity and Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2014		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
Australia	$	—	$	—	$	—	$	7,862		$	948,385
Korea		4,567,994		—		18,693		(43,564	)		—
United States		2,546,713		964		7,649		(676	)		—
Total	$	7,114,707	$	964	$	26,342	$	(36,378	)	$	948,385

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Global Equity and Income Fund (continued)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March  31, 2015
Bonds and Notes
Non-Convertible Bonds
Australia	$	—		$	—	$	—		$	956,247	$	7,862
Korea		(911,424	)		—		(3,631,699	)		—		—
United States		(160,821	)		—		—			2,393,829		16,855
Total	$	(1,072,245	)	$	—	$	(3,631,699	)	$	3,350,076	$	24,717

A debt security valued at $3,631,699 was transferred from Level 3 to Level 2 during the period ended March 31, 2015. At September 30, 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. At March 31, 2015, this security was 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 Global Equity and Income Fund used during the period include forward foreign currency contracts.

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 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, 2015, the 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)

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The following is a summary of derivative instruments for Global Equity and Income Fund as of March 31, 2015, as reflected within the Statements of Assets and Liabilities

Assets	Unrealized appreciation on forward foreign currency contracts
Over-the-counter asset derivatives
Foreign exchange contracts	$	1,022,945
Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	386,838

Transactions in derivative instruments for Global Equity and Income Fund during the six months ended March 31, 2015 as reflected within the Statements of Operations were as follows:

Net Realized Gain (Loss) on:	Foreign currency transactions1
Foreign exchange contracts	$	(702,507	)
Net Change in Unrealized Appreciation (Depreciation) on:	Foreign currency transactions1
Foreign exchange contracts	$	(46,952	)

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

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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, 2015:

Global Equity and Income Fund	Forwards
Average Notional Amount Outstanding		5.99	%
Highest Notional Amount Outstanding		6.91	%
Lowest Notional Amount Outstanding		5.36	%
Notional Amount Outstanding as of March 31, 2015		6.91	%

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.

Global Equity and Income Fund enters into over-the-counter derivatives, including forward foreign currency contracts, 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 Statements of Assets and Liabilities.

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

As of March 31, 2015, gross amounts of over-the-counter derivative assets and liabilities not offset in the Statements of Assets and Liabilities and the related net amounts after taking into account master netting arrangements for Global Equity and Income Fund, by counterparty, are as follows:

Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged			Net Amount
Citibank N.A.	$	131,168		$	(94,315	)	$	36,853		$	—		$	36,853
Credit Suisse International		702,712			(214,170	)		488,542			(488,542	)		—
Morgan Stanley & Co.		123,739			—			123,739			(123,739	)		—
UBS AG		65,326			(65,326	)		—			—			—
	$	1,022,945		$	(373,811	)	$	649,134		$	(612,281	)	$	36,853
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Citibank N.A.	$	(94,315	)	$	94,315		$	—		$	—		$	—
Credit Suisse International		(214,170	)		214,170			—			—			—
UBS AG		(78,353	)		65,326			(13,027	)		—			(13,027	)
	$	(386,838	)	$	373,811		$	(13,027	)	$	—		$	(13,027	)

The actual collateral received or pledged, if any, 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 may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

the counterparty). With exchange traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearinghouse, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on the Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of March 31, 2015:

Maximum Amount of Loss - Gross	Maximum Amount of Loss - Net
$1,022,945	$	36,853

These amounts include cash received as collateral for Global Equity and Income Fund of $1,149,566.

5.  Purchases and Sales of Securities.  For the six months ended March 31, 2015, 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	$	233,599,540	$	286,701,044
Growth Fund		193,835,023		272,570,320
Value Fund		240,481,234		810,510,696

For the six months ended March 31, 2015, purchases and sales of U.S. Government/Agency securities by the Global Equity and Income Fund were $41,773,973 and $39,524,481, respectively.

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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, 2015, provided for fees at the following annual percentage rates of each Fund’s average daily net assets:

	Percentage of Average Daily Net Assets
Fund	First $2 billion			Over $2 billion
Global Equity and Income Fund		0.75	%		0.73	%
Growth Fund		0.50	%		0.50	%
Value Fund		0.50	%		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, 2016 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, 2015, 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.

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Notes to Financial Statements (continued)

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For the six months ended March 31, 2015, the management fees and waivers of management fees for each Fund were as follows:

Fund	Gross Management Fees		Waivers of Management Fees		Net Management Fees		Percentage of Average Daily Net Assets
							Gross			Net
Global Equity and Income Fund	$	4,634,306	$	—	$	4,634,306		0.75	%		0.75	%
Growth Fund		2,728,713		—		2,728,713		0.50	%		0.50	%
Value Fund		5,172,819		—		5,172,819		0.50	%		0.50	%

No expenses were recovered for any of the Funds during the six months ended March 31, 2015 under the terms of the expense 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 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

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Notes to Financial Statements (continued)

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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, 2015, 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	$	296,740	$	—	$	469,057	$	—	$	—	$	1,407,172	$	—
Growth Fund		91,800		398		42,909		—		1,194		128,728		—
Value Fund		498,972		530		21,758		185		1,591		65,273		555

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 Trusts, Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0350% of the next $30 billion and 0.0325% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts and Loomis Sayles Funds Trusts of $10 million, which is reevaluated on an annual basis.

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Notes to Financial Statements (continued)

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For the six months ended March 31, 2015, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Global Equity and Income Fund	$	263,631
Growth Fund		232,845
Value Fund		441,572

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, 2015, 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	$	519,346
Growth Fund		441,747
Value Fund		893,290

As of March 31, 2015, 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	$	10,763
Growth Fund		9,980

As of March 31, 2015, NGAM Distribution owes the Value Fund $20,141 for overpayments of sub-transfer agent fees (which are reflected in the Statement of Assets and Liabilities as receivable from distributor)

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Notes to Financial Statements (continued)

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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, 2015, were as follows:

Fund	Commissions
Global Equity and Income Fund	$	247,330
Growth Fund		94,057
Value Fund		31,719

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. 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 the annual rate of $17,500. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $5,000. 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 and Loomis Sayles Funds Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts and Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts, 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.

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Notes to Financial Statements (continued)

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g.  Affiliated Ownership.  As of March 31, 2015, 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 the Fund’s net assets:

Fund	Pension Plan			Retirement Plan			Total Affiliated Ownership
Global Equity and Income Fund		1.38	%		1.24	%		2.62	%
Growth Fund		1.15	%		2.64	%		3.79	%
Value Fund		0.84	%		1.44	%		2.28	%

Additionally, as of March 31, 2015, NGAM Advisors held shares of Growth Fund representing less than 0.01% of the Fund’s net assets.

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

h.  Reimbursement of Transfer Agent Fees and Expenses.  NGAM Advisors has given a binding contractual undertaking to the Growth Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through January 31, 2016 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2015, NGAM Advisors reimbursed the Fund $73 for transfer agency expenses related to Class N shares.

i.  Payment by Affiliate.  For the six months ended March 31, 2015, Loomis Sayles reimbursed Global Equity and Income Fund $9,621 in connection with a trading error.

7.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2015, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Class A		Class B		Class C		Class N		Class Y		Admin Class
Growth Fund	$	34,434	$	148	$	16,077	$	73	$	457,153	$	—
Value Fund		262,882		272		10,961		387		671,107		186

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.

The Global Equity and Income Fund allocates transfer agent fees and expenses on a pro rata basis based on the relative net assets of each class to the total net assets of those classes.

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Notes to Financial Statements (continued)

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8.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, 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, 2015, none of the Funds had borrowings under this agreement.

Effective April 16, 2015, the committed unsecured line of credit will be reduced to $150,000,000, and the individual limit of $125,000,000 for each Fund will be eliminated. Therefore, any one Fund may borrow up to the full $150,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $150,000,000 limit at any time). In addition, the commitment fee will increase to 0.15% per annum, payable at the end of each calendar quarter.

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, 2015, amounts rebated under these agreements were as follows:

Fund	Rebates
Global Equity and Income Fund	$	24,564
Growth Fund		19,069
Value Fund		64,259

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, 2015, 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

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Notes to Financial Statements (continued)

March 31, 2015 (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:

Fund	Number of 5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership (Note 6g)			Total Percentage of Ownership
Global Equity and Income Fund		—		—			2.62	%		2.62	%
Growth Fund		1		37.21	%		3.79	%		41.00	%
Value Fund		2		34.69	%		2.28	%		36.97	%

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 the 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, 2015					Year Ended September 30, 2014
Global Equity and Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	2,031,099		$	38,844,382		4,685,713		$	90,264,674
Issued in connection with the reinvestment of distributions	543,357			10,198,816		320,675			6,115,265
Redeemed	(2,052,118	)		(39,282,637	)	(6,534,023	)		(128,000,618	)
Net change	522,338		$	9,760,561		(1,527,635	)	$	(31,620,679	)
Class C
Issued from the sale of shares	2,057,027		$	39,071,168		4,201,270		$	80,327,199
Issued in connection with the reinvestment of distributions	555,783			10,348,688		215,331			4,076,209
Redeemed	(2,164,136	)		(41,132,539	)	(3,650,704	)		(70,124,476	)
Net change	448,674		$	8,287,317		765,897		$	14,278,932
Class Y
Issued from the sale of shares	5,304,065		$	101,824,895		9,211,425		$	180,672,006
Issued in connection with the reinvestment of distributions	1,570,256			29,583,620		680,676			13,034,936
Redeemed	(6,834,027	)		(130,324,569	)	(8,613,247	)		(167,198,779	)
Net change	40,294		$	1,083,946		1,278,854		$	26,508,163
Increase (decrease) from capital share transactions	1,011,306		$	19,131,824		517,116		$	9,166,416

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12.  Capital Shares (continued).

	Six Months Ended March 31, 2015					Year Ended September 30, 2014
Growth Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	2,704,280		$	26,771,547		3,007,220		$	27,233,233
Issued in connection with the reinvestment of distributions	32,331			321,374		6,400			55,872
Redeemed	(1,205,226	)		(11,713,521	)	(2,503,981	)		(22,914,837	)
Net change	1,531,385		$	15,379,400		509,639		$	4,374,268
Class B
Issued from the sale of shares	14		$	133		2,541		$	20,382
Issued in connection with the reinvestment of distributions	–			–		–			–
Redeemed	(26,568	)		(240,813	)	(141,955	)		(1,161,919	)
Net change	(26,554	)	$	(240,680	)	(139,414	)	$	(1,141,537	)
Class C
Issued from the sale of shares	1,099,562		$	10,153,665		1,212,100		$	10,078,324
Issued in connection with the reinvestment of distributions	–			–		–			–
Redeemed	(355,419	)		(3,236,588	)	(571,652	)		(4,797,966	)
Net change	744,143		$	6,917,077		640,448		$	5,280,358
Class N
Issued from the sale of shares	—		$	–		0	*	$	1
Issued in connection with the reinvestment of distributions	1			7		0	*		3
Redeemed	–			–		–			–
Net change	1		$	7		0	*	$	4
Class Y
Issued from the sale of shares	22,942,843		$	239,243,860		49,660,184		$	483,150,619
Issued in connection with the reinvestment of distributions	466,503			4,921,604		174,623			1,617,014
Redeemed	(9,516,237	)		(100,332,467	)	(13,014,287	)		(124,084,003	)
Redeemed in-kind (Note 13)	(23,009,100	)		(238,604,371	)	–			–
Net change	(9,115,991	)	$	(94,771,374	)	36,820,520		$	360,683,630
Increase (decrease) from capital share transactions	(6,867,016	)	$	(72,715,570	)	37,831,193		$	369,196,723

* Amount rounds to less than one share.

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

12.  Capital Shares (continued).

	Six Months Ended March 31, 2015					Year Ended September 30, 2014
Value Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	1,290,229		$	34,744,367		15,747,402		$	429,600,872
Issued in connection with the reinvestment of distributions	2,328,152			61,602,905		579,679			15,129,608
Redeemed	(14,779,772	)		(394,720,363	)	(2,644,187	)		(72,446,851	)
Net change	(11,161,391	)	$	(298,373,091	)	13,682,894		$	372,283,629
Class B
Issued from the sale of shares	107		$	2,889		1,447		$	38,410
Issued in connection with the reinvestment of distributions	1,203			32,793		1,686			44,736
Redeemed	(14,194	)		(397,018	)	(24,118	)		(659,371	)
Net change	(12,884	)	$	(361,336	)	(20,985	)	$	(576,225	)
Class C
Issued from the sale of shares	99,397		$	2,687,987		116,820		$	3,134,859
Issued in connection with the reinvestment of distributions	46,757			1,229,709		21,199			550,342
Redeemed	(69,758	)		(1,868,158	)	(133,849	)		(3,668,131	)
Net change	76,396		$	2,049,538		4,170		$	17,070
Class N
Issued from the sale of shares	10,649,983		$	297,017,473		4,027,342		$	109,873,134
Issued in connection with the reinvestment of distributions	2,770,273			73,439,957		680,270			17,775,466
Redeemed	(4,003,278	)		(104,111,343	)	(1,123,644	)		(30,658,707	)
Net change	9,416,978		$	266,346,087		3,583,968		$	96,989,893
Class Y
Issued from the sale of shares	4,834,242		$	131,440,293		9,269,260		$	253,687,659
Issued in connection with the reinvestment of distributions	4,074,597			108,180,554		3,181,533			83,197,088
Redeemed	(19,006,247	)		(522,103,310	)	(25,850,524	)		(708,914,565	)
Net change	(10,097,408	)	$	(282,482,463	)	(13,399,731	)	$	(372,029,818	)
Admin Class
Issued from the sale of shares	2,971		$	80,112		10,291		$	280,894
Issued in connection with the reinvestment of distributions	8			209		4			96
Redeemed	(67	)		(1,797	)	(1,317	)		(36,879	)
Net change	2,912		$	78,524		8,978		$	244,111
Increase (decrease) from capital share transactions	(11,775,397	)	$	(312,742,741	)	3,859,294		$	96,928,660

77  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

13.  Redemption In-Kind.  In certain circumstances, a Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (redemption in-kind). For financial reporting purposes, the Fund will recognize a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; the Fund will recognize a loss if the cost exceeds value. Gains and losses realized on redemptions in-kind are not recognized for tax purposes, and are re-classified from realized gain (loss) to paid-in-capital. The Growth Fund realized a gain of $74,984,028 on redemptions in-kind during the six months ended March 31, 2015. This amount is included in realized gain (loss) on the Statements of Operations.

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SEMIANNUAL REPORT

March 31, 2015

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

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

The Fund seeks high total investment return through a combination of current income and capital appreciation

Average Annual Total Returns — March 31, 2015³

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 11/7/73)
NAV		1.03	%		3.27	%		6.40	%		6.52	%		—	%
With 4.50% Maximum Sales Charge		-3.51			-1.40			5.42			6.03			—
Class B (Inception 9/13/93)
NAV		0.69			2.50			5.59			5.73			—
With CDSC1		-4.26			-2.49			5.27			5.73			—
Class C (Inception 12/30/94)
NAV		0.66			2.43			5.59			5.72			—
With CDSC1		-0.33			1.44			5.59			5.72
Class N (Inception 2/1/13)
NAV		1.18			3.57			—			—			3.13
Class Y (Inception 12/30/94)
NAV		1.15			3.50			6.67			6.79			—
Comparative Performance
Barclays U.S. Aggregate Bond Index2		3.43			5.72			4.41			4.93			2.89

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. It is not possible to invest directly in an index.

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

The Fund seeks high current income plus the opportunity for capital appreciation to produce a high total return

Average Annual Total Returns — March 31, 2015⁴

	6 Months			1 Year			5 Years			10 Years
Class A (Inception 2/22/84)
NAV		1.02	%		2.88	%		7.44	%		7.38	%
With 4.50% Maximum Sales Charge		-3.50			-1.71			6.44			6.89
Class B (Inception 9/20/93)
NAV		0.59			2.03			6.62			6.58
With CDSC2		-4.23			-2.78			6.34			6.58
Class C (Inception 3/2/98)
NAV		0.64			2.11			6.67			6.59
With CDSC2		-0.33			1.14			6.67			6.59
Class Y (Inception 2/29/08)1
NAV		1.15			3.15			7.72			7.56
Comparative Performance
Barclays U.S. Corporate High-Yield Bond Index3		1.49			2.00			8.59			8.18

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. It is not possible to invest directly in an index.

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.

|  2

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
Scott M. Service, CFA®*
Loomis, Sayles & Company, L.P.

* Scott M. Service became a co-portfolio manager of the Fund effective December 1, 2014.

Objective

The Fund seeks high total investment return through a combination of high current income and capital appreciation

Average Annual Total Returns — March 31, 2015³

	6 Months			1 Year			5 Years			Life of Fund
Class A (Inception 2/1/08)
NAV		-8.31	%		-11.45	%		1.32	%		2.34	%
With 4.50% Maximum Sales Charge		-12.44			-15.39			0.40			1.68
Class C (Inception 2/1/08)
NAV		-8.67			-12.12			0.55			1.56
With CDSC1		-9.57			-12.98			0.55			1.56
Class Y (Inception 2/1/08)
NAV		-8.18			-11.12			1.60			2.59
Comparative Performance
Barclays Global Aggregate ex-USD Bond Index2		-7.49			-10.08			0.76			1.43

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. It is not possible to invest directly in an index.

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

The Fund seeks a high current return consistent with preservation of capital

Average Annual Total Returns — March 31, 2015³

	6 Months			1 Year			5 Years			10 Years
Class A (Inception 1/3/89)
NAV		1.05	%		1.66	%		2.01	%		3.53	%
With 3.00% Maximum Sales Charge		-1.99			-1.38			1.38			3.22
Class B (Inception 9/27/93)
NAV		0.59			0.82			1.23			2.75
With CDSC1		-4.41			-4.17			0.86			2.75
Class C (Inception 12/30/94)
NAV		0.67			0.91			1.25			2.76
With CDSC1		-0.33			-0.09			1.25			2.76
Class Y (Inception 3/31/94)
NAV		1.09			1.83			2.25			3.79
Comparative Performance
Barclays U.S. 1-5 Year Government Bond Index2		1.33			1.82			1.74			3.26

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. It is not possible to invest directly in an index.

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.

|  4

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-months ended June 30, 2014 is available from the funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

The funds 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 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.

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, 2014 through March 31, 2015. 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 to 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 10/1/2014		ENDING ACCOUNT VALUE 3/31/2015		EXPENSES PAID DURING PERIOD* 10/1/2014 – 3/31/2015
Class A
Actual		$1,000.00		$1,010.30		$3.71
Hypothetical (5% return before expenses)		$1,000.00		$1,021.24		$3.73
Class B
Actual		$1,000.00		$1,006.90		$7.46
Hypothetical (5% return before expenses)		$1,000.00		$1,017.50		$7.49
Class C
Actual		$1,000.00		$1,006.60		$7.45
Hypothetical (5% return before expenses)		$1,000.00		$1,017.50		$7.49
Class N
Actual		$1,000.00		$1,011.80		$2.11
Hypothetical (5% return before expenses)		$1,000.00		$1,022.84		$2.12
Class Y
Actual		$1,000.00		$1,011.50		$2.46
Hypothetical (5% return before expenses)		$1,000.00		$1,022.49		$2.47

* Expenses are equal to the Fund’s annualized expense ratio: 0.74%, 1.49%, 1.49%, 0.42% and 0.49% 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).

LOOMIS SAYLES HIGH INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2014		ENDING ACCOUNT VALUE 3/31/2015		EXPENSES PAID DURING PERIOD* 10/1/2014 – 3/31/2015
Class A
Actual		$1,000.00		$1,010.20		$5.56
Hypothetical (5% return before expenses)		$1,000.00		$1,019.40		$5.59
Class B
Actual		$1,000.00		$1,005.90		$9.30
Hypothetical (5% return before expenses)		$1,000.00		$1,015.66		$9.35
Class C
Actual		$1,000.00		$1,006.40		$9.30
Hypothetical (5% return before expenses)		$1,000.00		$1,015.66		$9.35
Class Y
Actual		$1,000.00		$1,011.50		$4.31
Hypothetical (5% return before expenses)		$1,000.00		$1,020.64		$4.33

* Expenses are equal to the Fund’s annualized expense ratio: 1.11%, 1.86%, 1.86% and 0.86% 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).

7  |

LOOMIS SAYLES INTERNATIONAL BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2014		ENDING ACCOUNT VALUE 3/31/2015		EXPENSES PAID DURING PERIOD* 10/1/2014 – 3/31/2015
Class A
Actual		$1,000.00		$916.90		$5.02
Hypothetical (5% return before expenses)		$1,000.00		$1,019.70		$5.29
Class C
Actual		$1,000.00		$913.30		$8.59
Hypothetical (5% return before expenses)		$1,000.00		$1,015.96		$9.05
Class Y
Actual		$1,000.00		$918.20		$3.83
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).

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 10/1/2014		ENDING ACCOUNT VALUE 3/31/2015		EXPENSES PAID DURING PERIOD* 10/1/2014 – 3/31/2015
Class A
Actual		$1,000.00		$1,010.50		$3.91
Hypothetical (5% return before expenses)		$1,000.00		$1,021.04		$3.93
Class B
Actual		$1,000.00		$1,005.90		$7.65
Hypothetical (5% return before expenses)		$1,000.00		$1,017.30		$7.70
Class C
Actual		$1,000.00		$1,006.70		$7.65
Hypothetical (5% return before expenses)		$1,000.00		$1,017.30		$7.70
Class Y
Actual		$1,000.00		$1,010.90		$2.66
Hypothetical (5% return before expenses)		$1,000.00		$1,022.29		$2.67

* Expenses are equal to the Fund’s annualized expense ratio: 0.78%, 1.53%, 1.53% and 0.53% 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).

|  8

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 95.5% of Net Assets
		ABS Car Loan — 3.1%
$	8,905,000	Ally Master Owner Trust, Series 2014-4, Class A2, 1.430%, 6/17/2019	$	8,932,249
	3,722,000	AmeriCredit Automobile Receivables, Series 2012-5, Class B, 1.120%, 11/08/2017		3,731,871
	1,430,000	AmeriCredit Automobile Receivables Trust, Series 2011-2, Class D, 4.000%, 5/08/2017		1,441,314
	2,355,000	AmeriCredit Automobile Receivables Trust, Series 2013-2, Class B, 1.190%, 5/08/2018		2,362,416
	1,860,000	AmeriCredit Automobile Receivables Trust, Series 2013-2, Class C, 1.790%, 3/08/2019		1,860,009
	3,170,000	AmeriCredit Automobile Receivables Trust, Series 2014-2, Class C, 2.180%, 6/08/2020		3,169,157
	2,040,000	AmeriCredit Automobile Receivables Trust, Series 2014-3, Class B, 1.920%, 11/08/2019		2,047,030
	4,415,000	AmeriCredit Automobile Receivables Trust, Series 2014-3, Class C, 2.580%, 9/08/2020		4,458,519
	2,525,000	AmeriCredit Automobile Receivables Trust, Series 2014-4, Class C, 2.470%, 11/09/2020		2,545,230
	17,010,000	AmeriCredit Automobile Receivables Trust, Series 2015-1, Class C, 2.510%, 1/08/2021		17,009,864
	1,950,000	Avis Budget Rental Car Funding AESOP LLC, Series 2012-3A, Class A, 2.100%, 3/20/2019, 144A		1,967,252
	1,535,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-1A, Class B, 2.620%, 9/20/2019, 144A		1,533,513
	2,800,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-2A, Class A, 2.970%, 2/20/2020, 144A		2,891,997
	2,000,000	Avis Budget Rental Car Funding AESOP LLC, Series 2015-1A, Class A, 2.500%, 7/20/2021, 144A		2,014,806
	111,260	Centre Point Funding LLC, Series 2010-1A, Class 1, 5.430%, 7/20/2016, 144A		111,790
	27,685,000	CPS Auto Receivables Trust, Series 2015-A, Class A, 1.530%, 7/15/2019, 144A		27,701,306
	630,000	Credit Acceptance Auto Loan Trust, Series 2014-1A, Class A, 1.550%, 10/15/2021, 144A		629,211
	11,380,000	Credit Acceptance Auto Loan Trust, Series 2014-2A, Class B, 2.670%, 9/15/2022, 144A		11,393,508
	2,000,000	Credit Acceptance Auto Loan Trust, Series 2015-1A, Class A, 2.000%, 7/15/2022, 144A		2,000,902
	10,810,000	DT Auto Owner Trust, Series 2014-3A, Class C, 3.040%, 9/15/2020, 144A		10,908,501
	1,986,976	Exeter Automobile Receivables Trust, Series 2013-2A, Class A, 1.490%, 11/15/2017, 144A		1,990,590
	5,000,000	Exeter Automobile Receivables Trust, Series 2014-3A, Class B, 2.770%, 11/15/2019, 144A		5,021,530
	38,560,000	Exeter Automobile Receivables Trust, Series 2015-1A, Class A, 1.600%, 6/17/2019, 144A		38,581,054
	9,285,000	First Investors Auto Owner Trust, Series 2014-3A, Class A3, 1.670%, 11/16/2020, 144A		9,302,270

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Car Loan — continued
$	4,208,725	Flagship Credit Auto Trust, Series 2014-2, Class A, 1.430%, 12/16/2019, 144A	$	4,205,139
	6,445,000	Santander Drive Auto Receivables Trust, Series 2012-3, Class C, 3.010%, 4/16/2018		6,505,441
	885,000	Santander Drive Auto Receivables Trust, Series 2012-3, Class D, 3.640%, 5/15/2018		910,391
	3,385,000	Santander Drive Auto Receivables Trust, Series 2012-4, Class C, 2.940%, 12/15/2017		3,432,613
	2,090,000	Santander Drive Auto Receivables Trust, Series 2012-5, Class C, 2.700%, 8/15/2018		2,120,223
	2,875,000	Santander Drive Auto Receivables Trust, Series 2012-6, Class C, 1.940%, 3/15/2018		2,892,230
	11,035,000	Santander Drive Auto Receivables Trust, Series 2014-2, Class C, 2.330%, 11/15/2019		11,083,046
	3,185,000	Santander Drive Auto Receivables Trust, Series 2014-3, Class C, 2.130%, 8/17/2020		3,190,794
	3,490,000	Santander Drive Auto Receivables Trust, Series 2014-4, Class C, 2.600%, 11/16/2020		3,520,946
	7,170,000	Santander Drive Auto Receivables Trust, Series 2014-5, Class C, 2.460%, 6/15/2020		7,210,862
				208,677,574
		ABS Credit Card — 0.0%
	480,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		503,743
		ABS Home Equity — 0.2%
	4,615,946	Colony American Homes, Series 2014-1A, Class A, 1.327%, 5/17/2031, 144A(b)		4,581,008
	244,569	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		249,203
	5,976,267	Sequoia Mortgage Trust, Series 2013-5, Class A1, 2.500%, 5/25/2043, 144A(b)		5,731,850
				10,562,061
		ABS Other — 0.9%
	9,660,000	DB Master Finance LLC, Series 2015-1A, Class A2I, 3.262%, 2/20/2045, 144A		9,753,412
	5,766,521	Global Container Assets Ltd., Series 2013-1A, Class A1, 2.200%, 11/05/2028, 144A		5,759,151
	1,385,000	OneMain Financial Issuance Trust, Series 2014-2A, Class A, 2.470%, 9/18/2024, 144A		1,381,440
	19,945,000	OneMain Financial Issuance Trust, Series 2015-1A, Class A, 3.190%, 3/18/2026, 144A		20,125,702
	8,615,000	Springleaf Funding Trust, Series 2013-BA, Class A, 3.920%, 1/16/2023, 144A		8,661,693
	8,675,833	TAL Advantage V LLC, Series 2014-3A, Class A, 3.270%, 11/21/2039, 144A		8,833,812
	10,096,042	Textainer Marine Containers Ltd., Series 2014-1A, Class A, 3.270%, 10/20/2039, 144A		10,224,514
				64,739,724

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description		Value (†)
		ABS Student Loan — 0.1%
$	2,069,232	SoFi Professional Loan Program LLC, Series 2014-A, Class A2, 3.020%, 10/25/2027, 144A		$	2,107,445
	7,086,804	SoFi Professional Loan Program LLC, Series 2014-B, Class A2, 2.550%, 8/27/2029, 144A			7,128,701
					9,236,146
		Aerospace & Defense — 0.3%
	4,400,000	Bombardier, Inc., 5.750%, 3/15/2022, 144A			4,147,000
	3,965,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A			3,722,144
	1,480,000	Bombardier, Inc., 7.500%, 3/15/2018, 144A			1,573,425
	4,000,000	Huntington Ingalls Industries, Inc., 5.000%, 12/15/2021, 144A			4,170,000
	3,765,000	Textron, Inc., 3.875%, 3/01/2025			3,889,429
					17,501,998
		Airlines — 0.1%
	3,110,067	Continental Airlines Pass Through Certificates, Series 2012-2, Class A, 4.000%, 4/29/2026			3,265,975
	987,117	Continental Airlines Pass Through Trust, Series 2010-1, Class A, 4.750%, 7/12/2022			1,058,683
					4,324,658
		Automotive — 2.7%
	665,000	American Axle & Manufacturing, Inc., 5.125%, 2/15/2019			684,950
	1,285,000	Ford Motor Credit Co. LLC, 2.375%, 1/16/2018			1,307,236
	25,270,000	Ford Motor Credit Co. LLC, 2.375%, 3/12/2019			25,563,562
	5,360,000	Ford Motor Credit Co. LLC, 2.459%, 3/27/2020	��		5,360,541
	4,180,000	Ford Motor Credit Co. LLC, 2.597%, 11/04/2019			4,235,109
	7,885,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018			8,598,332
	28,680,000	Ford Motor Credit Co. LLC, 5.750%, 2/01/2021			33,323,866
	12,800,000	Ford Motor Credit Co. LLC, 5.875%, 8/02/2021			15,068,186
	5,585,000	Ford Motor Credit Co. LLC, 6.625%, 8/15/2017(c)			6,202,500
	29,910,000	General Motors Co., 5.000%, 4/01/2035			31,915,226
	25,920,000	General Motors Co., 5.200%, 4/01/2045			28,131,909
	6,600,000	General Motors Co., 6.250%, 10/02/2043			8,085,409
	8,160,000	General Motors Financial Co., Inc., 6.750%, 6/01/2018(c)			9,180,000
	4,290,000	Hyundai Capital Services, Inc., 3.500%, 9/13/2017, 144A			4,450,626
					182,107,452
		Banking — 7.9%
	3,000,000	Ally Financial, Inc., 3.250%, 2/13/2018			2,970,000
	18,380,000	Ally Financial, Inc., 3.500%, 1/27/2019			18,150,250
	42,690,000	Ally Financial, Inc., 3.750%, 11/18/2019			42,209,737
	5,000,000	Ally Financial, Inc., 4.750%, 9/10/2018			5,143,750
	2,330,000	Ally Financial, Inc., 6.250%, 12/01/2017			2,481,450
	20,680,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A			21,300,400
	15,875,000	Banco Santander Chile, 3.875%, 9/20/2022, 144A			16,207,946
	12,810,000	Bangkok Bank PCL, 2.750%, 3/27/2018, 144A			12,994,438
	40,540,000	Bangkok Bank PCL, 3.300%, 10/03/2018, 144A			41,925,657
	2,418,000	Bangkok Bank PCL, 4.800%, 10/18/2020, 144A			2,660,891

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	6,845,000	Bank of America Corp., 2.650%, 4/01/2019	$	6,974,603
	2,500,000	Bank of America Corp., 5.650%, 5/01/2018		2,773,170
	51,405,000	Bank of America Corp., MTN, 5.000%, 5/13/2021(d)		58,024,936
	18,785,000	BBVA Banco Continental S.A., 3.250%, 4/08/2018, 144A		19,301,587
	15,125,000	Citigroup, Inc., 2.500%, 9/26/2018		15,421,450
	2,255,000	Citigroup, Inc., 3.375%, 3/01/2023		2,310,989
	30,735,000	Citigroup, Inc., 4.050%, 7/30/2022		32,243,412
	5,230,000	Citigroup, Inc., 6.125%, 5/15/2018		5,886,375
	8,510,000	Goldman Sachs Group, Inc. (The), 3.625%, 1/22/2023		8,802,514
	18,315,000	Goldman Sachs Group, Inc. (The), 5.750%, 1/24/2022		21,380,162
	3,985,000	Goldman Sachs Group, Inc. (The), 6.000%, 6/15/2020		4,651,141
	13,465,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		17,680,259
	3,035,000	Goldman Sachs Group, Inc. (The), 7.500%, 2/15/2019		3,622,215
	1,985,000	Hana Bank, 4.250%, 6/14/2017, 144A		2,092,377
	14,240,000	JPMorgan Chase & Co., 3.200%, 1/25/2023		14,476,939
	9,100,000	JPMorgan Chase & Co., 4.350%, 8/15/2021		10,009,709
	29,620,000	JPMorgan Chase & Co., 4.500%, 1/24/2022(c)		32,740,171
	4,350,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		4,975,782
	17,520,000	Morgan Stanley, 3.700%, 10/23/2024		18,266,037
	18,120,000	Morgan Stanley, 5.750%, 1/25/2021		21,152,074
	14,560,000	Morgan Stanley, GMTN, 5.500%, 1/26/2020		16,547,338
	11,630,000	Morgan Stanley, GMTN, 5.500%, 7/28/2021		13,491,568
	14,000,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		14,722,176
	5,155,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		5,863,050
	12,665,000	PKO Finance AB, 4.630%, 9/26/2022, 144A		13,393,238
				532,847,791
		Building Materials — 0.1%
	5,810,000	Owens Corning, 4.200%, 12/01/2024		5,991,638
	2,860,000	USG Corp., 5.500%, 3/01/2025, 144A		2,917,200
				8,908,838
		Cable Satellite — 1.9%
	2,383,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		2,406,830
	3,935,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 3/15/2021		4,028,456
	18,670,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 9/30/2022		19,090,075
	7,000,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		7,271,250
	2,965,000	CCO Holdings LLC/CCO Holdings Capital Corp., 6.500%, 4/30/2021		3,113,250
	5,925,000	DISH DBS Corp., 5.000%, 3/15/2023		5,760,878
	26,175,000	DISH DBS Corp., 5.875%, 11/15/2024		26,207,719
	21,385,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		21,935,963
	4,080,000	Time Warner Cable, Inc., 5.500%, 9/01/2041		4,686,867
	2,743,000	Time Warner Cable, Inc., 5.875%, 11/15/2040		3,280,655
	8,750,000	Time Warner Cable, Inc., 6.550%, 5/01/2037		10,988,661
	10,935,000	Virgin Media Finance PLC, 5.750%, 1/15/2025, 144A		11,348,343
	2,825,000	Virgin Media Finance PLC, 6.375%, 4/15/2023, 144A		3,008,625
	2,535,000	Virgin Media Secured Finance PLC, 5.250%, 1/15/2021		2,706,113
	382,000	Virgin Media Secured Finance PLC, 5.375%, 4/15/2021, 144A		400,623

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Cable Satellite — continued
$	5,000,000	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A	$	5,181,250
				131,415,558
		Chemicals — 1.4%
	29,365,000	Braskem America Finance Co., 7.125%, 7/22/2041, 144A(c)		26,167,151
	4,375,000	Methanex Corp., 3.250%, 12/15/2019		4,476,032
	15,185,000	Methanex Corp., 5.250%, 3/01/2022		16,453,525
	9,440,000	Mexichem SAB de CV, 5.875%, 9/17/2044, 144A		9,251,200
	11,565,000	Mexichem SAB de CV, 6.750%, 9/19/2042, 144A(c)		12,519,113
	15,520,000	PolyOne Corp., 5.250%, 3/15/2023		16,102,000
	4,560,000	RPM International, Inc., 3.450%, 11/15/2022		4,541,988
	3,685,000	RPM International, Inc., 6.125%, 10/15/2019		4,211,715
				93,722,724
		Collateralized Mortgage Obligations — 0.3%
	762,974	Government National Mortgage Association, Series 2010-H20, Class AF, 0.501%, 10/20/2060(b)		759,267
	586,026	Government National Mortgage Association, Series 2010-H24, Class FA, 0.521%, 10/20/2060(b)		582,349
	559,090	Government National Mortgage Association, Series 2011-H06, Class FA, 0.621%, 2/20/2061(b)		559,094
	5,383,467	Government National Mortgage Association, Series 2012-H12, Class FA, 0.721%, 4/20/2062(b)		5,404,726
	661,338	Government National Mortgage Association, Series 2012-H18, Class NA, 0.691%, 8/20/2062(b)		663,963
	3,543,995	Government National Mortgage Association, Series 2013-H01, Class FA, 1.650%, 1/20/2063		3,545,738
	4,581,713	Government National Mortgage Association, Series 2013-H03, Class HA, 1.750%, 12/20/2062		4,613,872
	1,928,855	Government National Mortgage Association, Series 2013-H04, Class BA, 1.650%, 2/20/2063		1,929,665
				18,058,674
		Consumer Cyclical Services — 0.3%
	16,655,000	Alibaba Group Holding Ltd., 4.500%, 11/28/2034, 144A		16,785,692
	4,480,000	IHS, Inc., 5.000%, 11/01/2022, 144A		4,499,712
	2,165,000	Service Corp. International, 5.375%, 1/15/2022		2,262,425
				23,547,829
		Consumer Products — 0.1%
	1,930,000	Avon Products, Inc., 5.350%, 3/15/2020		1,754,370
	3,620,000	Whirlpool Corp., MTN, 4.850%, 6/15/2021		4,036,962
				5,791,332
		Diversified Manufacturing — 0.5%
	1,200,000	Crane Co., 6.550%, 11/15/2036		1,538,968
	35,280,000	Votorantim Cimentos S.A., 7.250%, 4/05/2041, 144A		34,575,952
				36,114,920

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Electric — 1.7%
$	18,345,000	AES Corp. (The), 3.262%, 6/01/2019(b)	$	18,253,275
	2,200,000	AES Corp. (The), 7.375%, 7/01/2021		2,442,000
	35,105,000	Dynegy Finance I, Inc./Dynegy Finance II, Inc., 6.750%, 11/01/2019, 144A		36,333,675
	19,700,000	EDP Finance BV, 5.250%, 1/14/2021, 144A		21,353,618
	3,485,000	Empresa Nacional de Electricidad S.A., 4.250%, 4/15/2024		3,611,478
	12,390,000	FirstEnergy Corp., 2.750%, 3/15/2018		12,688,487
	1,010,000	Ipalco Enterprises, Inc., 5.000%, 5/01/2018		1,070,600
	15,420,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		15,466,260
	1,725,000	Transelec S.A., 4.250%, 1/14/2025, 144A		1,759,705
	4,380,000	Transelec S.A., 4.625%, 7/26/2023, 144A		4,626,244
				117,605,342
		Finance Companies — 4.0%
	26,245,000	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 3.750%, 5/15/2019, 144A		26,368,089
	3,665,000	Aircastle Ltd., 5.500%, 2/15/2022		3,898,644
	4,770,000	CIT Group, Inc., 5.250%, 3/15/2018		4,936,950
	21,505,000	CIT Group, Inc., 5.375%, 5/15/2020		22,634,012
	21,755,000	CIT Group, Inc., 5.500%, 2/15/2019, 144A		22,625,200
	13,125,000	International Lease Finance Corp., 3.875%, 4/15/2018		13,321,875
	2,750,000	International Lease Finance Corp., 5.750%, 5/15/2016		2,858,625
	16,438,000	International Lease Finance Corp., 5.875%, 4/01/2019		17,835,230
	2,450,000	International Lease Finance Corp., 5.875%, 8/15/2022		2,719,500
	11,320,000	International Lease Finance Corp., 6.250%, 5/15/2019(c)		12,367,100
	4,635,000	Navient Corp., 5.875%, 3/25/2021		4,617,619
	22,585,000	Navient LLC, 4.875%, 6/17/2019		22,528,538
	21,615,000	Navient LLC, MTN, 5.500%, 1/15/2019		22,047,300
	1,100,000	Navient LLC, MTN, 6.000%, 1/25/2017		1,157,063
	11,180,000	Navient LLC, MTN, 6.125%, 3/25/2024(c)		10,732,800
	6,560,000	Navient LLC, MTN, 6.250%, 1/25/2016		6,756,800
	14,840,000	Navient LLC, MTN, 8.000%, 3/25/2020		16,473,884
	120,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		120,000
	55,470,000	Springleaf Finance Corp., 5.250%, 12/15/2019		54,845,962
	3,135,000	Springleaf Finance Corp., 6.000%, 6/01/2020		3,150,675
				271,995,866
		Financial Other — 0.4%
	30,910,000	Cielo S.A./Cielo USA, Inc., 3.750%, 11/16/2022, 144A		28,775,664
		Food & Beverage — 0.6%
	8,760,000	Alicorp SAA, 3.875%, 3/20/2023, 144A		8,549,760
	9,775,000	Constellation Brands, Inc., 3.750%, 5/01/2021		9,994,937
	3,500,000	Constellation Brands, Inc., 3.875%, 11/15/2019		3,605,000
	1,340,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		1,189,250
	3,490,000	Gruma SAB de CV, 4.875%, 12/01/2024, 144A		3,686,313
	10,630,000	Sigma Alimentos S.A. de CV, 5.625%, 4/14/2018, 144A		11,546,837
				38,572,097

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Government Owned – No Guarantee — 6.8%
$	2,355,000	Abu Dhabi National Energy Co. PJSC, 2.500%, 1/12/2018, 144A	$	2,389,336
	9,135,000	CEZ AS, 5.625%, 4/03/2042, 144A		10,771,435
	17,995,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A		19,123,988
	17,400,000	CNPC General Capital Ltd., 3.950%, 4/19/2022, 144A		18,161,267
	18,760,000	Dolphin Energy Ltd., 5.500%, 12/15/2021, 144A		21,570,286
	1,665,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016, 144A		1,777,388
	23,975,000	Export-Import Bank of Korea, 2.875%, 1/21/2025		24,057,498
	1,600,000	Federal Home Loan Mortgage Corp., 6.250%, 7/15/2032		2,373,627
	35,905,000	Federal National Mortgage Association, 6.625%, 11/15/2030		54,040,364
	5,345,000	Federal National Mortgage Association, 7.250%, 5/15/2030		8,476,769
	6,310,000	IPIC GMTN Ltd., 6.875%, 11/01/2041, 144A		8,962,598
	18,085,000	OCP S.A., 5.625%, 4/25/2024, 144A		19,667,437
	1,290,000	Ooredoo International Finance Ltd., 3.875%, 1/31/2028, 144A		1,270,774
	2,895,000	Ooredoo International Finance Ltd., 4.750%, 2/16/2021, 144A		3,187,279
	2,965,000	Ooredoo International Finance Ltd., 7.875%, 6/10/2019, 144A		3,624,119
	45,975,000	Pertamina Persero PT, 5.625%, 5/20/2043, 144A(d)		44,653,219
	3,720,000	Pertamina Persero PT, 6.000%, 5/03/2042, 144A		3,768,360
	8,395,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		9,024,625
	41,020,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		33,222,098
	7,260,000	Petrobras Global Finance BV, 6.750%, 1/27/2041		6,427,714
	8,325,000	Petroleos Mexicanos, 3.125%, 1/23/2019		8,491,500
	1,210,000	Petroleos Mexicanos, 3.500%, 7/18/2018		1,258,400
	30,375,000	Petroleos Mexicanos, 3.500%, 7/23/2020, 144A		31,058,437
	35,007,000	Rio Oil Finance Trust, Series 2014-1, 6.250%, 7/06/2024, 144A		31,956,910
	66,590,000	Tennessee Valley Authority, 3.500%, 12/15/2042(d)		67,841,426
	6,630,000	Tennessee Valley Authority, 4.875%, 1/15/2048		8,290,537
	11,350,000	Tennessee Valley Authority, 5.250%, 9/15/2039		14,861,656
				460,309,047
		Healthcare — 1.3%
	5,475,000	Halyard Health, Inc., 6.250%, 10/15/2022, 144A		5,735,063
	1,580,000	HCA Holdings, Inc., 6.250%, 2/15/2021		1,708,296
	5,690,000	HCA, Inc., 5.375%, 2/01/2025		5,967,387
	2,915,000	HCA, Inc., 5.875%, 5/01/2023		3,148,200
	27,340,000	HCA, Inc., 7.500%, 2/15/2022		31,885,275
	575,000	HCA, Inc., 7.500%, 12/15/2023		653,344
	17,665,000	Kindred Healthcare, Inc., 8.000%, 1/15/2020, 144A		18,956,753
	4,451,000	Omnicare, Inc., 4.750%, 12/01/2022		4,595,658
	2,124,000	Omnicare, Inc., 5.000%, 12/01/2024		2,219,580
	3,200,000	PerkinElmer, Inc., 5.000%, 11/15/2021		3,535,763
	10,029,000	Universal Health Services, Inc., 3.750%, 8/01/2019, 144A		10,229,580
	2,845,000	Universal Health Services, Inc., 4.750%, 8/01/2022, 144A		2,990,806
				91,625,705
		Home Construction — 0.1%
	8,630,000	KB Home, 4.750%, 5/15/2019		8,435,825
		Hybrid ARMs — 0.0%
	128,442	FNMA, 1.910%, 2/01/2037(b)		135,387

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — 1.4%
$	5,060,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A	$	4,769,050
	10,973,000	Newfield Exploration Co., 5.375%, 1/01/2026		11,084,102
	10,875,000	Newfield Exploration Co., 5.750%, 1/30/2022		11,337,187
	9,826,000	Pan American Energy LLC/Argentine Branch, 7.875%, 5/07/2021, 144A		10,194,475
	14,100,000	QEP Resources, Inc., 5.250%, 5/01/2023		13,818,000
	3,945,000	QEP Resources, Inc., 5.375%, 10/01/2022		3,875,963
	9,830,000	Range Resources Corp., 5.000%, 8/15/2022		9,780,850
	12,000,000	SM Energy Co., 5.000%, 1/15/2024		11,298,000
	11,610,000	SM Energy Co., 6.125%, 11/15/2022, 144A		11,551,950
	4,170,000	SM Energy Co., 6.500%, 1/01/2023		4,253,400
	1,000,000	SM Energy Co., 6.625%, 2/15/2019		1,012,500
				92,975,477
		Industrial Other — 0.6%
	6,131,000	Briggs & Stratton Corp., 6.875%, 12/15/2020		6,715,713
	5,987,000	CBRE Services, Inc., 5.000%, 3/15/2023		6,256,415
	9,170,000	Deluxe Corp., 6.000%, 11/15/2020(c)		9,674,350
	17,370,000	Ferreycorp SAA, 4.875%, 4/26/2020, 144A		17,008,704
				39,655,182
		Integrated Energy — 0.2%
	23,225,000	Pacific Rubiales Energy Corp., 5.375%, 1/26/2019, 144A		15,328,500
		Leisure — 0.2%
	10,320,000	Regal Entertainment Group, 5.750%, 3/15/2022		10,552,200
		Media Entertainment — 0.9%
	66,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		3,771,811
	31,592,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A		34,830,180
	4,284,000	Myriad International Holdings BV, 6.375%, 7/28/2017, 144A		4,621,365
	18,985,000	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 4/15/2022, 144A		19,103,656
				62,327,012
		Metals & Mining — 1.4%
	1,280,000	APERAM S.A., 7.750%, 4/01/2018, 144A		1,329,600
	20,915,000	ArcelorMittal, 7.500%, 3/01/2041		21,751,600
	4,630,000	ArcelorMittal, 7.750%, 10/15/2039		4,861,500
	5,280,000	Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc., 6.875%, 2/15/2023		5,603,400
	27,840,000	Freeport-McMoRan, Inc., 2.375%, 3/15/2018		27,703,500
	10,535,000	Goldcorp, Inc., 2.125%, 3/15/2018		10,604,320
	2,675,000	Samarco Mineracao S.A., 4.125%, 11/01/2022, 144A		2,407,500
	5,460,000	Samarco Mineracao S.A., 5.375%, 9/26/2024, 144A		5,119,296
	11,500,000	Samarco Mineracao S.A., 5.750%, 10/24/2023, 144A		11,091,750
	3,000,000	Steel Dynamics, Inc., 5.125%, 10/01/2021, 144A		3,018,750
	1,445,000	Steel Dynamics, Inc., 5.250%, 4/15/2023		1,463,063
				94,954,279
		Midstream — 2.3%
	11,050,000	El Paso Pipeline Partners Operating Co. LLC, 4.300%, 5/01/2024		11,249,839
	3,545,000	Energy Transfer Partners LP, 5.950%, 10/01/2043		3,910,497

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Midstream — continued
$	23,745,000	Energy Transfer Partners LP, 6.050%, 6/01/2041	$	26,289,633
	9,345,000	Energy Transfer Partners LP, 6.500%, 2/01/2042		10,840,079
	1,635,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		1,944,638
	3,565,000	Kinder Morgan Finance Co. LLC, 6.000%, 1/15/2018, 144A		3,907,023
	5,035,000	Kinder Morgan, Inc., 5.000%, 2/15/2021, 144A		5,381,428
	17,315,000	Kinder Morgan, Inc., 5.625%, 11/15/2023, 144A		19,040,197
	10,810,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		11,242,400
	343,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.500%, 4/15/2023		354,147
	12,031,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 3/01/2022		13,053,635
	22,580,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019, 144A		22,467,100
	1,345,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/2019, 144A		1,385,350
	7,200,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.250%, 10/15/2022, 144A		7,461,000
	14,860,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A		14,781,242
				153,308,208
		Mortgage Related — 14.6%
	3,949,712	FHLMC, 3.000%, 11/01/2042		4,039,817
	14,757,522	FHLMC, 3.500%, with various maturities in 2043(e)		15,545,512
	2,258,935	FHLMC, 4.000%, 8/01/2043		2,413,118
	207,176	FHLMC, 5.500%, with various maturities from 2018 to 2040(e)		230,690
	26,084	FHLMC, 6.000%, 6/01/2035		29,999
	32,681,091	FNMA, 3.000%, with various maturities from 2043 to 2045(e)		33,443,476
	83,342,020	FNMA, 3.500%, with various maturities from 2042 to 2045(e)		87,748,905
	8,309,355	FNMA, 4.000%, 8/01/2042		8,929,637
	3,835,711	FNMA, 4.500%, with various maturities from 2041 to 2043(e)		4,198,586
	528,206	FNMA, 6.000%, with various maturities from 2016 to 2037(e)		603,259
	36,364	FNMA, 6.500%, with various maturities from 2029 to 2036(e)		41,858
	58,481	FNMA, 7.000%, with various maturities in 2030(e)		66,670
	53,395	FNMA, 7.500%, with various maturities from 2024 to 2032(e)		62,163
	6,410,000	FNMA (TBA), 2.500%, 4/01/2030(f)		6,583,270
	307,150,000	FNMA (TBA), 3.500%, 5/01/2045(f)		321,823,612
	306,285,000	FNMA (TBA), 4.000%, 5/01/2045(f)		326,959,207
	24,650,000	FNMA (TBA), 4.500%, 5/01/2045(f)		26,824,216
	730,708	GNMA, 2.118%, 9/20/2063(b)		781,592
	177,989	GNMA, 4.144%, 1/20/2063		194,186
	156,521	GNMA, 4.323%, 5/20/2063		172,135
	202,734	GNMA, 4.423%, 7/20/2063		224,508
	1,050,934	GNMA, 4.499%, 12/20/2062		1,153,821
	644,772	GNMA, 4.515%, 7/20/2063		714,857
	1,117,482	GNMA, 4.522%, 8/20/2062		1,222,606
	628,868	GNMA, 4.524%, 5/20/2063		697,520
	5,269,580	GNMA, 4.527%, 1/20/2065		6,054,373

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Mortgage Related — continued
$	4,840,332	GNMA, 4.533%, 6/20/2064	$	5,522,479
	1,120,480	GNMA, 4.538%, 11/20/2062		1,230,304
	6,045,526	GNMA, 4.544%, 12/20/2064		6,930,404
	15,856,278	GNMA, 4.546%, 11/20/2062		17,413,079
	3,180,892	GNMA, 4.551%, 1/20/2065		3,653,099
	20,262,656	GNMA, 4.556%, 12/20/2061(c)		21,942,917
	7,540,277	GNMA, 4.575%, 10/20/2064		8,643,201
	5,228,011	GNMA, 4.581%, 2/20/2065		5,979,538
	4,662,089	GNMA, 4.587%, 12/20/2063		5,240,062
	2,759,440	GNMA, 4.604%, 6/20/2062		3,014,301
	7,132,418	GNMA, 4.608%, 2/20/2065		8,195,594
	2,204,470	GNMA, 4.616%, with various maturities from 2061 to 2062(e)		2,404,444
	3,289,151	GNMA, 4.627%, with various maturities from 2061 to 2064(e)		3,616,578
	7,991,638	GNMA, 4.650%, 1/20/2061		8,547,289
	4,714,801	GNMA, 4.653%, 1/20/2064		5,367,806
	908,911	GNMA, 4.668%, 5/20/2062		988,574
	7,416,369	GNMA, 4.673%, with various maturities from 2062 to 2064(e)		8,497,704
	8,862,818	GNMA, 4.676%, 4/20/2062		9,677,798
	1,018,136	GNMA, 4.698%, 7/20/2061		1,094,254
	698,876	GNMA, 4.700%, 10/20/2061		753,794
	4,281,849	GNMA, 4.701%, 1/20/2064		4,900,611
	674,688	GNMA, 5.500%, 4/15/2038		761,551
	148,947	GNMA, 6.000%, with various maturities from 2029 to 2038(e)		171,525
	94,891	GNMA, 6.500%, with various maturities from 2029 to 2032(e)		109,067
	105,696	GNMA, 7.000%, with various maturities from 2025 to 2029(e)		113,665
	40,465	GNMA, 7.500%, with various maturities from 2025 to 2030(e)		46,026
	11,372	GNMA, 8.000%, 11/15/2029		11,570
	37,154	GNMA, 8.500%, with various maturities from 2017 to 2023(e)		37,648
	975	GNMA, 9.000%, with various maturities in 2016(e)		979
	2,384,072	Government National Mortgage Association, 4.631%, 10/20/2062		2,612,597
				988,238,051
		Non-Agency Commercial Mortgage-Backed Securities — 5.3%
	3,680,000	A10 Securitization LLC, Series 2014-1, Class A1, 1.720%, 4/15/2033, 144A		3,664,838
	66,863	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A2, 5.597%, 4/10/2049(b)		66,891
	1,670,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.587%, 4/10/2049(b)		1,768,266
	1,051,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-3, Class A5, 5.377%, 6/10/2049		1,129,674
	1,745,000	Barclays Commercial Mortgage Securities, Series 2015-SLP, Class A, 1.285%, 2/15/2028, 144A(b)		1,742,395
	113,791	Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A2, 5.656%, 6/11/2040(b)		115,020
	921,793	Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A4, 6.134%, 12/10/2049(b)		1,007,433
	36,539,975	Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4, 5.798%, 12/10/2049(b)		39,709,854

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	8,236,000	Commercial Mortgage Pass Through Certificates, Series 2014-KYO, Class D, 2.177%, 6/11/2027, 144A(b)	$	8,219,660
	12,295,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV1, 2.022%, 10/15/2031, 144A(b)(g)		12,295,000
	1,885,000	Commercial Mortgage Trust, Series 2014-KYO, Class B, 1.477%, 6/11/2027, 144A(b)		1,880,431
	13,225,000	Commercial Mortgage Trust, Series 2014-SAVA, Class C, 2.575%, 6/15/2034, 144A(b)		13,224,352
	6,010,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049(b)		6,402,892
	2,434,447	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.903%, 9/15/2039(b)		2,607,105
	10,865,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040(b)		11,668,662
	5,790,000	Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 5.971%, 2/15/2041(b)		6,344,277
	3,161,500	DBUBS Mortgage Trust, Series 2011-LC1A, Class E, 5.558%, 11/10/2046, 144A(b)		3,474,960
	1,500,000	GP Portfolio Trust, Series 2014-GPP, Class A, 1.125%, 2/15/2027, 144A(b)		1,496,070
	3,295,000	GP Portfolio Trust, Series 2014-GPP, Class D, 2.926%, 2/15/2027, 144A(b)		3,300,269
	407,399	Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, 5.785%, 7/10/2038(b)		422,245
	38,415,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		40,535,431
	6,050,130	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		6,520,364
	26,902,253	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.796%, 8/10/2045(b)		29,051,905
	10,000,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-PHH, Class A, 1.372%, 8/15/2027, 144A(b)(c)		9,999,610
	19,821,193	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A3, 5.336%, 5/15/2047		20,876,354
	2,278,323	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-C1, Class A4, 5.716%, 2/15/2051		2,422,796
	6,492,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 5.775%, 6/15/2049(b)		6,941,889
	374,813	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		397,387
	4,110,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class B, 1.522%, 7/15/2031, 144A(b)		4,118,335
	2,205,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class C, 2.272%, 7/15/2031, 144A(b)		2,194,498
	7,205,193	LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.430%, 2/15/2040		7,684,065
	14,150,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051(b)		15,140,585

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	9,795,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-8, Class A3, 5.874%, 8/12/2049(b)	$	10,621,786
	5,000,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.700%, 9/12/2049		5,360,425
	1,092,000	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.671%, 4/12/2049(b)		1,092,599
	1,900,000	Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044		2,031,260
	4,620,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.686%, 4/15/2049(b)		4,954,359
	305,000	Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.654%, 6/11/2042(b)		330,673
	1,054,372	Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.270%, 1/11/2043(b)		1,171,665
	10,200,000	Motel 6 Trust, Series 2015-MTL6, Class B, 3.298%, 2/05/2030, 144A		10,294,360
	11,435,000	Motel 6 Trust, Series 2015-MTL6, Class C, 3.644%, 2/05/2030, 144A		11,539,653
	7,270,000	SCG Trust, Series 2013-SRP1, Class B, 2.672%, 11/15/2026, 144A(b)		7,261,894
	873,356	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A4, 5.572%, 10/15/2048		918,354
	9,325,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		9,905,164
	13,839,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A5, 5.500%, 4/15/2047		14,880,509
	2,511,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A3, 5.678%, 5/15/2046		2,700,043
	9,750,000	Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class D, 5.584%, 11/15/2043, 144A(b)		10,677,527
				360,163,784
		Oil Field Services — 1.5%
	10,697,000	Ensco PLC, 4.500%, 10/01/2024		10,368,110
	8,185,000	Ensco PLC, 5.750%, 10/01/2044		7,927,328
	2,535,000	Nabors Industries, Inc., 4.625%, 9/15/2021		2,439,654
	3,557,000	Nabors Industries, Inc., 5.000%, 9/15/2020		3,542,377
	23,950,000	Nabors Industries, Inc., 5.100%, 9/15/2023		22,936,077
	17,580,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A		5,801,400
	14,145,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A		4,703,212
	8,820,000	Rowan Cos., Inc., 4.750%, 1/15/2024		8,346,525
	14,645,000	Rowan Cos., Inc., 4.875%, 6/01/2022		14,075,866
	1,330,000	Rowan Cos., Inc., 7.875%, 8/01/2019		1,483,217
	2,430,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		1,458,000
	7,280,000	Transocean, Inc., 3.800%, 10/15/2022		5,312,129
	575,000	Transocean, Inc., 6.375%, 12/15/2021		483,719
	17,240,000	Transocean, Inc., 6.500%, 11/15/2020		14,460,050
				103,337,664
		Packaging — 0.3%
	5,345,000	Sealed Air Corp., 4.875%, 12/01/2022, 144A		5,451,900
	5,275,000	Sealed Air Corp., 5.250%, 4/01/2023, 144A		5,499,188
	7,925,000	Sealed Air Corp., 6.500%, 12/01/2020, 144A		8,816,562
				19,767,650

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Paper — 0.3%
$	6,920,000	Celulosa Arauco y Constitucion S.A., 4.750%, 1/11/2022	$	7,277,708
	3,755,000	Celulosa Arauco y Constitucion S.A., 5.000%, 1/21/2021		3,970,154
	9,670,000	Rock-Tenn Co., 4.000%, 3/01/2023		10,178,584
	2,060,000	Rock-Tenn Co., 4.900%, 3/01/2022		2,270,042
				23,696,488
		Pharmaceuticals — 1.3%
	12,405,000	Actavis Funding SCS, 4.550%, 3/15/2035		12,929,955
	15,000,000	Actavis Funding SCS, 4.750%, 3/15/2045		15,942,840
	21,185,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		22,005,919
	760,000	Valeant Pharmaceuticals International, 6.750%, 8/15/2021, 144A		794,200
	13,390,000	Valeant Pharmaceuticals International, Inc., 5.500%, 3/01/2023, 144A		13,490,425
	16,615,000	Valeant Pharmaceuticals International, Inc., 5.625%, 12/01/2021, 144A		16,864,225
	3,270,000	VRX Escrow Corp., 5.375%, 3/15/2020, 144A		3,294,525
				85,322,089
		Property & Casualty Insurance — 0.1%
	3,285,000	Willis Group Holdings PLC, 5.750%, 3/15/2021		3,699,902
		Refining — 0.7%
	14,520,000	Phillips 66, 5.875%, 5/01/2042		17,297,066
	34,456,000	Thai Oil PCL, 4.875%, 1/23/2043, 144A		33,516,144
				50,813,210
		Retailers — 1.1%
	11,677,000	Asbury Automotive Group, Inc., 6.000%, 12/15/2024		12,114,887
	18,330,000	GameStop Corp., 5.500%, 10/01/2019, 144A		18,925,725
	22,806,000	Lotte Shopping Co. Ltd., 3.375%, 5/09/2017, 144A(d)		23,521,265
	8,235,000	SACI Falabella, 3.750%, 4/30/2023, 144A		8,218,234
	7,830,000	SACI Falabella, 4.375%, 1/27/2025, 144A		8,070,365
	1,125,000	Wolverine World Wide, Inc., 6.125%, 10/15/2020		1,200,937
				72,051,413
		Sovereigns — 0.9%
	3,475,000	Colombia Government International Bond, 4.000%, 2/26/2024		3,582,725
	32,735,000	Indonesia Government International Bond, 5.250%, 1/17/2042, 144A		34,330,831
	18,334,000	Mexico Government International Bond, Series A, MTN, 6.050%, 1/11/2040		22,642,490
				60,556,046
		Supranational — 1.6%
	58,475,000	Inter-American Development Bank, 5.250%, 7/19/2016, (BRL)		17,140,061
	55,370,000	International Bank for Reconstruction & Development, 2.625%, 11/07/2016, (MXN)		3,594,267
	13,630,000	International Bank for Reconstruction & Development, 4.000%, 8/16/2018, (MXN)		896,514
	4,560,000	International Bank for Reconstruction & Development, Series GDIf, 9.500%, 3/02/2017, (BRL)		1,400,055
	23,690,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		7,096,868
	79,895,000	International Finance Corp., GMTN, 10.000%, 6/12/2017, (BRL)(d)		24,630,255
	174,305,000	International Finance Corp., GMTN, 10.500%, 4/17/2018, (BRL)		54,439,763
				109,197,783

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Technology — 1.9%
$	3,145,000	Dun & Bradstreet Corp. (The), 3.250%, 12/01/2017	$	3,216,580
	4,046,000	Equifax, Inc., 7.000%, 7/01/2037		5,235,447
	17,530,000	Hewlett-Packard Co., 2.750%, 1/14/2019		17,971,826
	3,730,000	KLA-Tencor Corp., 3.375%, 11/01/2019		3,873,251
	36,120,000	Micron Technology, Inc., 5.250%, 8/01/2023, 144A		36,752,100
	69,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		79,036
	340,000	Motorola Solutions, Inc., 7.500%, 5/15/2025		420,112
	6,105,000	Tencent Holdings Ltd., 2.000%, 5/02/2017, 144A		6,134,731
	3,515,000	Tencent Holdings Ltd., 2.875%, 2/11/2020, 144A		3,540,565
	7,029,000	Tencent Holdings Ltd., 3.375%, 3/05/2018, 144A		7,269,026
	46,145,000	Tencent Holdings Ltd., 3.375%, 5/02/2019, 144A		47,812,173
				132,304,847
		Tobacco — 0.6%
	11,820,000	Reynolds American, Inc., 4.750%, 11/01/2042		12,192,023
	3,205,000	Reynolds American, Inc., 6.150%, 9/15/2043		3,960,047
	18,555,000	Reynolds American, Inc., 7.250%, 6/15/2037		24,447,975
				40,600,045
		Treasuries — 18.0%
	23,007,646(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(d)		157,832,587
	915,000,000	Philippine Government International Bond, 3.900%, 11/26/2022, (PHP)		20,576,242
	277,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		6,568,680
	901,000,000	Philippine Government International Bond, 6.250%, 1/14/2036, (PHP)		23,230,481
	38,935,000	U.S. Treasury Bond, 2.500%, 2/15/2045		38,576,058
	12,290,000	U.S. Treasury Bond, 3.000%, 11/15/2044		13,466,190
	41,260,000	U.S. Treasury Bond, 3.375%, 5/15/2044		48,335,430
	9,780,000	U.S. Treasury Bond, 3.625%, 2/15/2044		11,958,339
	12,290,000	U.S. Treasury Bond, 3.750%, 11/15/2043		15,352,901
	31,133,526	U.S. Treasury Inflation Indexed Bond, 0.750%, 2/15/2045(h)		31,658,905
	106,546,269	U.S. Treasury Inflation Indexed Bond, 1.375%, 2/15/2044(c)(h)		125,233,525
	134,050,670	U.S. Treasury Inflation Indexed Note, 0.125%, 7/15/2024(c)(h)		133,998,256
	246,085,000	U.S. Treasury Note, 0.375%, 3/15/2016		246,335,022
	107,175,000	U.S. Treasury Note, 0.500%, 11/30/2016		107,225,265
	15,000,000	U.S. Treasury Note, 0.500%, 1/31/2017		15,001,170
	157,000,000	U.S. Treasury Note, 0.625%, 12/31/2016		157,380,254
	6,610,000	U.S. Treasury Note, 1.250%, 10/31/2018		6,645,634
	7,240,000	U.S. Treasury Note, 1.250%, 4/30/2019		7,249,050
	25,000,000	U.S. Treasury Note, 1.625%, 12/31/2019		25,318,350
	11,445,000	U.S. Treasury Note, 2.000%, 2/15/2025		11,517,424
	12,950,000	U.S. Treasury Note, 2.500%, 5/15/2024		13,603,574
	5,000,000	U.S. Treasury Note, 3.125%, 5/15/2021		5,443,360
				1,222,506,697
		Wireless — 1.5%
	1,475,000	American Tower Corp., 4.700%, 3/15/2022		1,581,879
	16,595,000	Bharti Airtel International BV, 5.125%, 3/11/2023, 144A		17,935,428
	1,910,000	Bharti Airtel International BV, 5.350%, 5/20/2024, 144A		2,103,387
	17,355,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		17,433,097

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wireless — continued
$	11,460,000	SK Telecom Co. Ltd., 2.125%, 5/01/2018, 144A	$	11,544,025
	3,165,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		4,110,734
	27,160,000	Softbank Corp., 4.500%, 4/15/2020, 144A		27,737,150
	11,980,000	Sprint Capital Corp., 6.875%, 11/15/2028		10,991,650
	6,225,000	Ymobile Corp., 8.250%, 4/01/2018, 144A		6,481,781
				99,919,131
		Wirelines — 4.0%
	3,380,000	Axtel SAB de CV, 9.000%, 1/31/2020, 144A		3,003,806
	9,610,000	CenturyLink, Inc., 5.625%, 4/01/2020		10,090,500
	7,175,000	Colombia Telecomunicaciones S.A. E.S.P., 5.375%, 9/27/2022, 144A		7,307,379
	41,423,000	Embarq Corp., 7.995%, 6/01/2036		49,256,089
	8,680,000	Frontier Communications Corp., 6.875%, 1/15/2025		8,593,200
	9,885,000	Frontier Communications Corp., 7.125%, 1/15/2023		10,107,412
	1,575,000	Frontier Communications Corp., 7.875%, 1/15/2027		1,602,562
	5,820,000	Frontier Communications Corp., 8.500%, 4/15/2020		6,532,950
	13,565,000	Frontier Communications Corp., 8.750%, 4/15/2022		15,057,150
	415,000	Frontier Communications Corp., 9.000%, 8/15/2031		444,050
	7,790,000	Level 3 Financing, Inc., 5.625%, 2/01/2023, 144A		8,004,225
	525,000	Oi S.A., 5.750%, 2/10/2022, 144A		428,138
	1,975,000	Qwest Corp., 6.750%, 12/01/2021		2,263,844
	5,000,000	Telefonica Celular del Paraguay S.A., 6.750%, 12/13/2022, 144A		5,125,000
	4,029,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		4,547,685
	26,306,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		30,063,391
	16,044,000	Telemar Norte Leste S.A., 5.500%, 10/23/2020, 144A		14,014,434
	17,288,000	Verizon Communications, Inc., 2.625%, 2/21/2020		17,588,120
	41,745,000	Verizon Communications, Inc., 4.400%, 11/01/2034(c)		42,523,711
	8,580,000	Verizon Communications, Inc., 5.050%, 3/15/2034		9,316,499
	25,905,000	Windstream Corp., 7.500%, 4/01/2023		24,739,275
				270,609,420
		Total Bonds and Notes (Identified Cost $6,495,000,329)		6,477,401,033
	Senior Loans — 1.3%
		Automotive — 0.0%
	277,200	KAR Auction Services, Inc., Term Loan B2, 3.500%, 3/11/2021(b)		277,375
	2,531,353	Visteon Corp., Delayed Draw Term Loan B, 3.500%, 4/09/2021(b)		2,526,087
				2,803,462
		Cable Satellite — 0.1%
	3,612,653	Charter Communications Operating LLC, Term Loan E, 3.000%, 7/01/2020(b)		3,597,082
		Diversified Manufacturing — 0.0%
	2,987,735	Ameriforge Group, Inc., 1st Lien Term Loan, 5.000%, 12/19/2019(b)		2,614,269
		Electric — 0.1%
	5,387,519	NRG Energy, Inc., Refi Term Loan B, 2.750%, 7/02/2018(b)		5,368,447

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Food & Beverage — 0.1%
$	11,682,000	Aramark Services, Inc., USD Term Loan F, 3.250%, 2/24/2021(b)	$	11,652,795
		Industrial Other — 0.1%
	4,493,206	Allison Transmission, Inc., New Term Loan B3, 8/23/2019(i)		4,491,544
		Leisure — 0.1%
	3,543,150	Activision Blizzard, Inc., Term Loan B, 3.250%, 10/12/2020(b)		3,557,075
		Lodging — 0.2%
	11,915,095	Four Seasons Holdings, Inc., New 1st Lien Term Loan, 3.500%, 6/27/2020(b)		11,890,312
		Midstream — 0.2%
	6,263,000	Energy Transfer Equity LP, New Term Loan, 3.250%, 12/02/2019(b)		6,157,343
	7,689,232	Energy Transfer Equity LP, 2015 Term Loan, 4.000%, 12/02/2019(b)		7,664,242
				13,821,585
		Pharmaceuticals — 0.1%
	2,295,613	Valeant Pharmaceuticals International, Delayed Draw Term Loan B F2, 3/10/2022(i)		2,305,254
	2,997,050	Valeant Pharmaceuticals International, Term Loan B F1, 3/13/2022(i)		3,009,638
				5,314,892
		Technology — 0.1%
	4,780,448	GXS Group, Inc., Term Loan B, 3.250%, 1/16/2021(b)		4,793,594
		Wirelines — 0.2%
	6,668,152	CWC Cayman Finance Ltd., Secured Term Loan, 5.500%, 4/28/2017(b)		6,668,152
	11,729,000	Level 3 Financing, Inc., Incremental Term Loan B5, 4.500%, 1/31/2022(b)		11,784,009
				18,452,161
		Total Senior Loans (Identified Cost $88,396,212)		88,357,218
Shares
	Preferred Stocks — 0.2%
		Banking — 0.0%
	68,182	Ally Financial, Inc., Series A, (fixed rate to 5/15/2016, variable rate thereafter), 8.500%		1,818,414
	266	Ally Financial, Inc., Series G, 7.000%, 144A		271,694
				2,090,108
		Cable Satellite — 0.2%
	8,945,000	NBCUniversal Enterprise, Inc., 5.250%, 144A(c)		9,483,489
		Finance Companies — 0.0%
	5,510	SLM Corp., Series A, 6.970%		272,249
		Total Preferred Stocks (Identified Cost $10,954,336)		11,845,846

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 13.3%
$	337,509	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2015 at 0.000% to be repurchased at $337,509 on 4/01/2015 collateralized by $338,700 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $344,341 including accrued interest (Note 2 of Notes to Financial Statements)	$	337,509
	875,326,709	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $875,326,952 on 4/01/2015 collateralized by $1,800,000 Federal Farm Credit Banks, 1.000% due 9/25/2017 valued at $1,804,500; $5,430,000 Federal Home Loan Mortgage Corp., 1.000% due 9/27/2017 valued at $5,443,575; $11,995,000 U.S. Treasury Note, 1.875% due 9/30/2017 valued at $12,324,863; $816,920,000 U.S. Treasury Note, 2.625% due 11/15/2020 valued at $873,083,250; $170,000 U.S. Treasury Note, 3.500% due 2/15/2018 valued at $183,340 (Note 2 of Notes to Financial Statements)		875,326,709
	27,925,000	U.S. Treasury Bills, 0.228%, 2/04/2016(j)		27,875,852
		Total Short-Term Investments (Identified Cost $903,534,759)		903,540,070
		Total Investments — 110.3% (Identified Cost $7,497,885,636)(a)		7,481,144,167
		Other assets less liabilities — (10.3)%		(697,084,815	)
		Net Assets — 100.0%	$	6,784,059,352
	(‡)	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 that will be 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, 2015, the net unrealized depreciation on investments based on a cost of $7,504,946,625 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	$	85,162,415
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(108,964,873	)
		Net unrealized depreciation	$	(23,802,458	)
	(b)	Variable rate security. Rate as of March 31, 2015 is disclosed.
	(c)	All of this security has been designated to cover the Fund’s obligations under open TBA transactions.
	(d)	A portion of this security has been designated to cover the Fund’s obligations under open TBA transactions.
	(e)	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.

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

(f)	Delayed delivery. See Note 2 of Notes to Financial Statements.
(g)	Illiquid security. At March 31, 2015, the value of this security amounted to $12,295,000 or 0.2% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.
(h)	Treasury Inflation Protected Security (TIPS).
(i)	Position is unsettled. Contract rate was not determined at March 31, 2015 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
(j)	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, 2015, the value of Rule 144A holdings amounted to $1,686,267,152 or 24.9% 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
MXN	Mexican Peso
PHP	Philippine Peso
USD	U.S. Dollar

Industry Summary at March 31, 2015 (Unaudited)

Treasuries	18.0	%
Mortgage Related	14.6
Banking	7.9
Government Owned – No Guarantee	6.8
Non-Agency Commercial Mortgage-Backed Securities	5.3
Wirelines	4.2
Finance Companies	4.0
ABS Car Loan	3.1
Automotive	2.7
Midstream	2.5
Cable Satellite	2.2
Technology	2.0
Other Investments, less than 2% each	23.7
Short-Term Investments	13.3
Total Investments	110.3
Other assets less liabilities	(10.3	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 78.2% of Net Assets
	Non-Convertible Bonds — 70.9%
		ABS Home Equity — 3.2%
$	223,887	American Home Mortgage Investment Trust, Series 2005-2, Class 4A1, 1.878%, 9/25/2045(b)	$	215,618
	300,000	American Homes 4 Rent, Series 2014-SFR1, Class E, 2.750%, 6/17/2031, 144A(b)		292,424
	170,956	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033		180,970
	258,987	Banc of America Alternative Loan Trust, Series 2003-10, Class 3A1, 5.500%, 12/25/2033		264,960
	155,567	Banc of America Funding Corp., Series 2007-4, Class 5A1, 5.500%, 11/25/2034		154,185
	304,545	Banc of America Funding Corp., Series 2008-R4, Class 1A4, 0.620%, 7/25/2037, 144A(b)		215,359
	195,406	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		200,288
	45,833	Banc of America Mortgage Securities, Inc., Series 2005-A, Class 2A1, 2.663%, 2/25/2035(b)		44,412
	101,679	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-9, Class 12A3, 2.781%, 11/25/2034(b)		100,072
	95,442	Citicorp Mortgage Securities Trust, Series 2006-4, Class 1A2, 6.000%, 8/25/2036		96,931
	89,577	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 2.568%, 5/25/2035(b)		86,196
	81,936	CitiMortgage Alternative Loan Trust, Series 2006-A3, Class 1A7, 6.000%, 7/25/2036		71,694
	502,870	Countrywide Alternative Loan Trust, Series 2004-27CB, Class A1, 6.000%, 12/25/2034		505,147
	259,100	Countrywide Alternative Loan Trust, Series 2006-J4, Class 1A3, 6.250%, 7/25/2036		175,151
	316,589	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-11, Class 4A1, 0.444%, 4/25/2035(b)		273,893
	247,680	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-HYB7, Class 2A, 2.625%, 11/20/2035(b)		232,571
	67,746	GMAC Mortgage Corp. Loan Trust, Series 2003-J7, Class A7, 5.000%, 11/25/2033		68,057
	382,128	GMAC Mortgage Corp. Loan Trust, Series 2005-AR3, Class 2A1, 2.730%, 6/19/2035(b)		369,715
	293,809	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 2.979%, 7/19/2035(b)		278,690
	72,561	GSR Mortgage Loan Trust, Series 2004-14, Class 3A1, 2.815%, 12/25/2034(b)		69,907
	503,976	GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, 2.690%, 9/25/2035(b)		506,560
	169,463	GSR Mortgage Loan Trust, Series 2006-8F, Class 4A17, 6.000%, 9/25/2036		142,735
	92,048	JPMorgan Alternative Loan Trust, Series 2006-A1, Class 5A1, 4.446%, 3/25/2036(b)		73,502
	363,831	Lehman Mortgage Trust, Series 2005-3, Class 1A6, 0.674%, 1/25/2036(b)(c)		243,802
	139,376	Lehman Mortgage Trust, Series 2006-1, Class 3A5, 5.500%, 2/25/2036		136,083
	468,596	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 3A1, 2.682%, 3/25/2035(b)		412,414

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	450,470	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1, Class 2A7, 6.000%, 3/25/2037	$	357,612
	93,493	New York Mortgage Trust, Series 2006-1, Class 2A2, 2.878%, 5/25/2036(b)		84,527
	293,265	Residential Funding Mortgage Securities, Series 2006-S1, Class 1A3, 5.750%, 1/25/2036		300,954
	544,451	WaMu Mortgage Pass Through Certificates, Series 2006-AR19, Class 2A, 1.942%, 1/25/2047(b)		489,727
	105,412	WaMu Mortgage Pass Through Certificates, Series 2007-OA3, Class 2A1A, 0.888%, 4/25/2047(b)		91,743
				6,735,899
		ABS Other — 0.4%
	308,155	AIM Aviation Finance Ltd., Series 2015-1A, Class B1, 5.072%, 2/15/2040, 144A(b)		311,021
	139,525	Sierra Receivables Funding Co. LLC, Series 2011-3A, Class C, 9.310%, 7/20/2028, 144A		149,659
	450,000	Springleaf Funding Trust, Series 2014-AA, Class C, 4.450%, 12/15/2022, 144A		450,789
				911,469
		Aerospace & Defense — 2.0%
	125,000	Huntington Ingalls Industries, Inc., 5.000%, 12/15/2021, 144A		130,313
	355,000	KLX, Inc., 5.875%, 12/01/2022, 144A		354,112
	1,500,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		1,526,250
	900,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		1,008,000
	620,000	TransDigm, Inc., 6.000%, 7/15/2022		620,000
	515,000	TransDigm, Inc., 6.500%, 7/15/2024		517,575
				4,156,250
		Airlines — 0.2%
	3,168	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		3,288
	124,368	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		129,358
	192,809	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		197,148
				329,794
		Automotive — 0.4%
	620,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		609,150
	310,000	Nexteer Automotive Group Ltd., 5.875%, 11/15/2021, 144A		317,750
				926,900
		Banking — 1.5%
	2,100,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		618,508
	900,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		714,260
	65,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(d)		69,717
	740,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(d)		795,367
	800,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		900,877
				3,098,729

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Brokerage — 0.5%
$	1,075,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A	$	999,750
		Building Materials — 2.1%
	890,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		747,600
	695,000	Building Materials Holding Corp., 9.000%, 9/15/2018, 144A		736,700
	486,000	CPG Merger Sub LLC, 8.000%, 10/01/2021, 144A		493,290
	50,000	Masco Corp., 6.500%, 8/15/2032		53,500
	345,000	Masco Corp., 7.750%, 8/01/2029		400,200
	245,000	NCI Building Systems, Inc., 8.250%, 1/15/2023, 144A		259,088
	1,000,000	Odebrecht Finance Ltd., 4.375%, 4/25/2025, 144A		835,000
	900,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		208,676
	555,000	Vulcan Materials Co., 4.500%, 4/01/2025		563,325
				4,297,379
		Cable Satellite — 4.0%
	795,000	Altice Financing S.A., 6.625%, 2/15/2023, 144A		818,850
	475,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		479,750
	430,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 9/30/2022		439,675
	15,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		15,581
	250,000	CCOH Safari LLC, 5.500%, 12/01/2022		255,625
	245,000	CCOH Safari LLC, 5.750%, 12/01/2024		252,350
	895,000	DISH DBS Corp., 5.125%, 5/01/2020		901,713
	1,620,000	DISH DBS Corp., 5.875%, 11/15/2024		1,622,025
	155,000	Numericable-SFR, 5.375%, 5/15/2022, 144A, (EUR)		174,180
	515,000	Unitymedia Hessen GmbH & Co.KG/Unitymedia NRW GmbH, 5.000%, 1/15/2025, 144A		520,150
	1,485,000	Unitymedia KabelBW GmbH, 6.125%, 1/15/2025, 144A		1,570,387
	265,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		278,250
	485,000	Virgin Media Finance PLC, 6.375%, 4/15/2023, 144A		516,525
	375,000	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A		388,594
	130,000	Wave Holdco LLC/Wave Holdco Corp., PIK, 8.250%, 7/15/2019, 144A(e)		133,088
				8,366,743
		Chemicals — 1.5%
	265,000	Braskem Finance Ltd., 6.450%, 2/03/2024		255,725
	535,000	Eagle Spinco, Inc., 4.625%, 2/15/2021		528,981
	1,510,000	Hercules, Inc., 6.500%, 6/30/2029		1,391,088
	1,125,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		1,029,375
				3,205,169
		Consumer Cyclical Services — 1.2%
	515,000	IHS, Inc., 5.000%, 11/01/2022, 144A		517,266
	732,000	ServiceMaster Co. LLC (The), 7.000%, 8/15/2020		777,750
	1,095,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		1,108,687
				2,403,703
		Electric — 1.7%
	520,000	AES Corp. (The), 5.500%, 4/15/2025		514,800
	525,000	Dynegy Finance I, Inc./Dynegy Finance II, Inc., 7.375%, 11/01/2022, 144A		551,906
	390,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		403,650

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Electric — continued
$	1,502,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A(f)	$	1,807,618
	12,608	Red Oak Power LLC, Series A, 8.540%, 11/30/2019		13,396
	255,000	TerraForm Power Operating LLC, 5.875%, 2/01/2023, 144A		264,563
				3,555,933
		Environmental — 0.2%
	335,000	GFL Environmental, Inc., 7.875%, 4/01/2020, 144A		338,769
		Finance Companies — 5.0%
	1,680,000	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.500%, 5/15/2021, 144A		1,736,700
	685,000	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 5.000%, 10/01/2021, 144A		726,956
	130,000	Aircastle Ltd., 5.500%, 2/15/2022		138,288
	910,000	CIT Group, Inc., 3.875%, 2/19/2019		900,900
	65,000	CIT Group, Inc., 5.000%, 8/15/2022		66,706
	545,000	CIT Group, Inc., 5.000%, 8/01/2023		558,625
	600,000	iStar Financial, Inc., 4.000%, 11/01/2017		592,500
	505,000	iStar Financial, Inc., 5.000%, 7/01/2019		505,000
	1,015,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		959,175
	585,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		601,088
	870,000	Navient Corp., 5.000%, 10/26/2020		853,687
	200,000	Navient Corp., 5.875%, 3/25/2021		199,250
	435,000	Oxford Finance LLC/Oxford Finance Co-Issuer, Inc., 7.250%, 1/15/2018, 144A		448,050
	540,000	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 6/15/2021, 144A		514,350
	445,000	Springleaf Finance Corp., 5.250%, 12/15/2019		439,994
	1,110,000	Springleaf Finance Corp., 7.750%, 10/01/2021		1,215,450
				10,456,719
		Financial Other — 0.8%
	695,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.875%, 3/15/2019		708,031
	180,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 2/01/2022		185,400
	804,000	Rialto Holdings LLC/Rialto Corp., 7.000%, 12/01/2018, 144A		836,160
				1,729,591
		Food & Beverage — 0.9%
	1,800,000	BRF S.A., 7.750%, 5/22/2018, 144A, (BRL)		461,061
	600,000	Cosan Luxembourg S.A., 9.500%, 3/14/2018, 144A, (BRL)		156,037
	605,000	DS Services of America, Inc., 10.000%, 9/01/2021, 144A		710,875
	480,000	WhiteWave Foods Co. (The), 5.375%, 10/01/2022		516,000
				1,843,973
		Gaming — 1.4%
	100,000	GLP Capital LP/GLP Financing II, Inc., 4.375%, 11/01/2018		102,750
	740,000	GLP Capital LP/GLP Financing II, Inc., 4.875%, 11/01/2020		758,500
	725,000	MGM Resorts International, 6.000%, 3/15/2023		744,938
	1,205,000	MGM Resorts International, 6.750%, 10/01/2020		1,292,362
				2,898,550

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Government Owned – No Guarantee — 0.8%
$	530,000	Petrobras Global Finance BV, 6.250%, 3/17/2024	$	499,684
	129,850(††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)		808,673
	465,000	Rio Oil Finance Trust, Series 2014-1, 6.250%, 7/06/2024, 144A		424,486
				1,732,843
		Health Insurance — 0.5%
	1,025,000	WellCare Health Plans, Inc., 5.750%, 11/15/2020		1,076,250
		Healthcare — 4.5%
	360,000	Amsurg Corp., 5.625%, 7/15/2022		368,100
	315,000	BioScrip, Inc., 8.875%, 2/15/2021, 144A		283,106
	405,000	Catamaran Corp., 4.750%, 3/15/2021		450,056
	1,330,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022		1,421,437
	155,000	Fresenius Medical Care U.S. Finance II, Inc., 4.125%, 10/15/2020, 144A		157,616
	145,000	Fresenius Medical Care U.S. Finance II, Inc., 4.750%, 10/15/2024, 144A		151,888
	170,000	HCA, Inc., 7.050%, 12/01/2027		181,050
	655,000	HCA, Inc., 7.500%, 12/15/2023		744,244
	145,000	HCA, Inc., 7.500%, 11/06/2033		156,600
	590,000	HCA, Inc., 7.690%, 6/15/2025		666,700
	480,000	HCA, Inc., 8.360%, 4/15/2024		566,400
	820,000	HCA, Inc., MTN, 7.580%, 9/15/2025		918,400
	515,000	HCA, Inc., MTN, 7.750%, 7/15/2036		558,775
	305,000	LifePoint Hospitals, Inc., 5.500%, 12/01/2021		319,487
	80,000	Omnicare, Inc., 4.750%, 12/01/2022		82,600
	65,000	Omnicare, Inc., 5.000%, 12/01/2024		67,925
	540,000	Tenet Healthcare Corp., 4.500%, 4/01/2021		529,200
	310,000	Tenet Healthcare Corp., 5.000%, 3/01/2019, 144A		307,675
	635,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		587,375
	720,000	Universal Health Services, Inc., 4.750%, 8/01/2022, 144A		756,900
				9,275,534
		Home Construction — 2.5%
	1,200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(g)		24,120
	750,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		645,000
	500,000	K. Hovnanian Enterprises, Inc., 9.125%, 11/15/2020, 144A		527,500
	1,855,000	Pulte Group, Inc., 6.000%, 2/15/2035(f)		1,845,725
	925,000	Standard Pacific Corp., 5.875%, 11/15/2024		950,437
	70,000	Standard Pacific Corp., 8.375%, 1/15/2021		81,025
	200,000	Urbi Desarrollos Urbanos SAB de CV, 9.500%, 1/21/2020, 144A(g)		22,100
	1,100,000	Urbi Desarrollos Urbanos SAB de CV, 9.750%, 2/03/2022, 144A(g)		121,550
	915,000	Weyerhaeuser Real Estate Co., 4.375%, 6/15/2019, 144A		893,269
				5,110,726
		Independent Energy — 7.0%
	205,000	American Energy-Permian Basin LLC/AEPB Finance Corp., 7.125%, 11/01/2020, 144A		156,313
	490,000	Antero Resources Corp., 5.125%, 12/01/2022		470,400
	90,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A		82,575
	840,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		768,600

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	370,000	Bonanza Creek Energy, Inc., 5.750%, 2/01/2023	$	340,400
	620,000	Bonanza Creek Energy, Inc., 6.750%, 4/15/2021		602,950
	75,000	California Resources Corp., 5.000%, 1/15/2020, 144A		67,688
	845,000	California Resources Corp., 5.500%, 9/15/2021, 144A		749,684
	380,000	California Resources Corp., 6.000%, 11/15/2024, 144A		333,450
	550,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		515,625
	280,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		289,100
	315,000	Cimarex Energy Co., 4.375%, 6/01/2024		312,637
	70,000	Concho Resources, Inc., 5.500%, 10/01/2022		70,525
	125,000	Concho Resources, Inc., 5.500%, 4/01/2023		125,925
	335,000	Continental Resources, Inc., 3.800%, 6/01/2024		308,783
	215,000	Continental Resources, Inc., 4.500%, 4/15/2023		208,664
	115,000	Halcon Resources Corp., 8.875%, 5/15/2021		79,925
	490,000	Halcon Resources Corp., 9.750%, 7/15/2020		345,450
	220,000	Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 4/01/2022		205,700
	410,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		377,200
	60,000	MEG Energy Corp., 6.500%, 3/15/2021, 144A		55,500
	265,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		249,762
	625,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022		609,375
	485,000	Oasis Petroleum, Inc., 7.250%, 2/01/2019		480,150
	400,000	QEP Resources, Inc., 5.250%, 5/01/2023		392,000
	520,000	QEP Resources, Inc., 5.375%, 10/01/2022		510,900
	1,000,000	Rex Energy Corp., 6.250%, 8/01/2022, 144A		672,500
	150,000	Rex Energy Corp., 8.875%, 12/01/2020		117,000
	1,025,000	Rice Energy, Inc., 6.250%, 5/01/2022		999,375
	155,000	RKI Exploration & Production LLC/RKI Finance Corp., 8.500%, 8/01/2021, 144A		147,250
	1,435,000	Rosetta Resources, Inc., 5.875%, 6/01/2022		1,352,487
	330,000	RSP Permian, Inc., 6.625%, 10/01/2022, 144A		331,650
	330,000	Sanchez Energy Corp., 6.125%, 1/15/2023		296,587
	70,000	Sanchez Energy Corp., 7.750%, 6/15/2021		67,900
	920,000	SM Energy Co., 5.000%, 1/15/2024		866,180
	35,000	SM Energy Co., 6.125%, 11/15/2022, 144A		34,825
	395,000	Southwestern Energy Co., 4.950%, 1/23/2025		401,748
	115,000	Ultra Petroleum Corp., 5.750%, 12/15/2018, 144A		103,788
	55,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		54,038
	455,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		451,587
				14,606,196
		Industrial Other — 0.3%
	265,000	AECOM Technology Corp., 5.750%, 10/15/2022, 144A		274,275
	330,000	Transfield Services Ltd., 8.375%, 5/15/2020, 144A		351,450
				625,725
		Integrated Energy — 0.4%
	100,000	Pacific Rubiales Energy Corp., 5.125%, 3/28/2023, 144A		58,250
	800,000	Pacific Rubiales Energy Corp., 5.375%, 1/26/2019, 144A		528,000
	580,000	Pacific Rubiales Energy Corp., 5.625%, 1/19/2025, 144A		341,156
				927,406

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Leisure — 0.3%
$	655,000	24 Hour Holdings III LLC, 8.000%, 6/01/2022, 144A	$	556,750
		Media Entertainment — 0.6%
	1,000,000	Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/2022		1,052,500
	151,000	DreamWorks Animation SKG, Inc., 6.875%, 8/15/2020, 144A		147,225
				1,199,725
		Metals & Mining — 2.3%
	1,395,000	ArcelorMittal, 7.500%, 3/01/2041(f)		1,450,800
	795,000	CONSOL Energy, Inc., 5.875%, 4/15/2022		719,475
	180,000	Constellium NV, 4.625%, 5/15/2021, 144A, (EUR)		182,658
	460,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		340,400
	460,000	Essar Steel Algoma, Inc., 9.500%, 11/15/2019, 144A		399,050
	175,000	First Quantum Minerals Ltd., 7.000%, 2/15/2021, 144A		161,437
	270,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		249,075
	1,260,000	Freeport-McMoRan, Inc., 4.550%, 11/14/2024		1,210,674
				4,713,569
		Midstream — 3.9%
	1,015,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.250%, 4/01/2023, 144A		1,025,150
	200,000	Gibson Energy, Inc., 6.750%, 7/15/2021, 144A		204,000
	270,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.875%, 12/01/2024		276,048
	230,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.750%, 11/01/2020		241,500
	55,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		57,475
	405,000	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 7/15/2019		396,900
	445,000	Regency Energy Partners LP/Regency Energy Finance Corp., 4.500%, 11/01/2023		447,225
	405,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.750%, 9/01/2020		437,400
	295,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 3/01/2022		320,075
	385,000	Rose Rock Midstream LP/Rose Rock Finance Corp., 5.625%, 7/15/2022		379,225
	385,000	Sabine Pass Liquefaction LLC, 5.625%, 2/01/2021		387,526
	455,000	Sabine Pass Liquefaction LLC, 5.625%, 3/01/2025, 144A		449,881
	425,000	Sabine Pass Liquefaction LLC, 6.250%, 3/15/2022		439,344
	935,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.500%, 8/15/2022		885,912
	408,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019, 144A		405,960
	25,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		24,062
	300,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.000%, 1/15/2018, 144A		309,000
	100,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		100,500

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Midstream — continued
$	300,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.375%, 8/01/2022	$	314,250
	15,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.875%, 2/01/2021		15,713
	355,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/2019, 144A		365,650
	360,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.250%, 10/15/2022, 144A		373,050
	180,000	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 2/15/2023, 144A		183,600
				8,039,446
		Non-Agency Commercial Mortgage-Backed Securities — 1.6%
	1,690,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.796%, 8/10/2045(b)(f)		1,732,810
	805,000	Hilton USA Trust, Series 2013-HLT, Class EFX, 5.222%, 11/05/2030, 144A(b)		826,861
	125,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class AM, 5.464%, 1/15/2049(b)		130,499
	525,000	Morgan Stanley Capital I Trust, Series 2007-HQ12, Class AM, 5.671%, 4/12/2049(b)		559,444
				3,249,614
		Oil Field Services — 0.3%
	285,000	Hercules Offshore, Inc., 8.750%, 7/15/2021, 144A		81,225
	435,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A		143,550
	905,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A		300,912
	35,000	Parker Drilling Co., 6.750%, 7/15/2022		27,781
	155,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022		117,800
	40,000	Transocean, Inc., 3.800%, 10/15/2022		29,188
				700,456
		Packaging — 0.8%
	755,000	Sealed Air Corp., 6.875%, 7/15/2033, 144A		794,638
	775,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		770,156
				1,564,794
		Pharmaceuticals — 1.3%
	1,540,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A(f)		1,599,675
	530,000	Valeant Pharmaceuticals International, 7.250%, 7/15/2022, 144A		560,475
	145,000	Valeant Pharmaceuticals International, Inc., 6.750%, 8/15/2018, 144A		152,794
	70,000	Valeant Pharmaceuticals International, Inc., 7.500%, 7/15/2021, 144A		75,709
	335,000	VRX Escrow Corp., 5.375%, 3/15/2020, 144A		337,512
				2,726,165
		Property & Casualty Insurance — 0.4%
	786,000	Hockey Merger Sub 2, Inc., 7.875%, 10/01/2021, 144A		805,650
		Retailers — 1.6%
	40,000	Dillard’s, Inc., 7.000%, 12/01/2028		43,200
	435,000	Dillard’s, Inc., 7.750%, 7/15/2026		492,637
	205,000	Dillard’s, Inc., 7.750%, 5/15/2027		229,088
	35,000	Dillard’s, Inc., 7.875%, 1/01/2023		40,425

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Retailers — continued
$	280,000	Family Tree Escrow LLC, 5.750%, 3/01/2023, 144A	$	294,700
	1,035,000	GameStop Corp., 5.500%, 10/01/2019, 144A		1,068,637
	280,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022, 144A		280,700
	255,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		240,975
	245,000	J.C. Penney Corp., Inc., 8.125%, 10/01/2019		240,100
	520,000	Nine West Holdings, Inc., 6.125%, 11/15/2034		317,200
	135,000	Toys R Us, Inc., 7.375%, 10/15/2018		92,138
				3,339,800
		Supermarkets — 0.4%
	935,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		773,713
	140,000	SUPERVALU, Inc., 7.750%, 11/15/2022		149,100
				922,813
		Supranational — 1.9%
	30,700,000	European Bank for Reconstruction & Development, GMTN, 6.000%, 3/03/2016, (INR)		488,325
	458,000,000	International Bank for Reconstruction & Development, EMTN, 4.250%, 2/05/2016, (CLP)		736,812
	21,150,000	International Bank for Reconstruction & Development, Series GDIF, 5.000%, 5/24/2017, (INR)		330,407
	100,890,000	International Finance Corp., 7.800%, 6/03/2019, (INR)		1,680,177
	2,175,000	International Finance Corp., GMTN, 10.500%, 4/17/2018, (BRL)		679,306
				3,915,027
		Technology — 4.0%
	2,500,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029(f)		2,525,000
	1,930,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		1,949,300
	550,000	Blackboard, Inc., 7.750%, 11/15/2019, 144A		528,000
	445,000	BMC Software Finance, Inc., 8.125%, 7/15/2021, 144A		407,175
	330,000	CommScope, Inc., 5.000%, 6/15/2021, 144A		329,588
	430,000	Equinix, Inc., 4.875%, 4/01/2020		443,975
	480,000	Equinix, Inc., 5.375%, 1/01/2022		500,400
	260,000	First Data Corp., 10.625%, 6/15/2021		295,750
	187,000	iGATE Corp., 4.750%, 4/15/2019		188,169
	215,000	MSCI, Inc., 5.250%, 11/15/2024, 144A		222,256
	515,000	Open Text Corp., 5.625%, 1/15/2023, 144A		534,312
	440,000	Rolta Americas LLC, 8.875%, 7/24/2019, 144A		421,300
				8,345,225
		Transportation Services — 0.4%
	275,000	APL Ltd., 8.000%, 1/15/2024(h)		236,500
	550,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.125%, 6/01/2022, 144A		555,489
				791,989
		Treasuries — 4.3%
	165,000(††)	Mexican Fixed Rate Bonds, Series M, 4.750%, 6/14/2018, (MXN)		1,082,283
	131,500(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		902,091

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	116,500(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)	$	871,348
	184,000(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		1,566,596
	10,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		237,136
	120,000,000	Philippine Government International Bond, 6.250%, 1/14/2036, (PHP)(f)		3,093,960
	1,050,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		320,769
	2,250,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		757,861
				8,832,044
		Wireless — 1.7%
	100,000	Altice S.A., 7.250%, 5/15/2022, 144A, (EUR)		112,041
	355,000	Altice S.A., 7.625%, 2/15/2025, 144A		355,666
	785,000	Altice S.A., 7.750%, 5/15/2022, 144A		798,247
	6,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		379,152
	6,100,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		398,249
	800,000	Bakrie Telecom Pte Ltd., 11.500%, 5/07/2015, 144A(g)		40,000
	786,000	Sprint Capital Corp., 6.875%, 11/15/2028		721,155
	370,000	T-Mobile USA, Inc., 6.125%, 1/15/2022		381,563
	180,000	Wind Acquisition Finance S.A., 4.071%, 7/15/2020, 144A, (EUR)(b)		193,061
	200,000	Wind Acquisition Finance S.A., 4.750%, 7/15/2020, 144A		200,500
				3,579,634
		Wirelines — 2.1%
	332,000	Axtel SAB de CV, 9.000%, 1/31/2020, 144A		295,048
	705,000	CenturyLink, Inc., 7.650%, 3/15/2042		720,863
	130,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		123,500
	60,000,000	Empresa de Telecomunicaniones de Bogota, 7.000%, 1/17/2023, 144A, (COP)		21,865
	405,000	Frontier Communications Corp., 9.000%, 8/15/2031		433,350
	705,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		723,964
	1,090,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		1,163,575
	345,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		369,150
	35,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		39,463
	85,000	Telecom Italia Capital S.A., 7.721%, 6/04/2038		99,238
	450,000	Telecom Italia SpA, 5.303%, 5/30/2024, 144A		471,375
				4,461,391
		Total Non-Convertible Bonds (Identified Cost $150,254,666)		147,354,092
	Convertible Bonds — 7.3%
		Construction Machinery — 0.8%
	1,055,000	Trinity Industries, Inc., 3.875%, 6/01/2036		1,648,438
		Consumer Cyclical Services — 1.4%
	465,000	Iconix Brand Group, Inc., 1.500%, 3/15/2018		553,350
	400,000	Jarden Corp., 1.125%, 3/15/2034		475,000
	505,000	KB Home, 1.375%, 2/01/2019		482,906
	645,000	Lennar Corp., 3.250%, 11/15/2021, 144A		1,438,753
				2,950,009

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Energy — 0.6%
$	420,000	Chesapeake Energy Corp., 2.500%, 5/15/2037	$	402,412
	945,000	Hornbeck Offshore Services, Inc., 1.500%, 9/01/2019		759,544
	680,000	Peabody Energy Corp., 4.750%, 12/15/2066		228,854
				1,390,810
		Pharmaceuticals — 2.0%
	58,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		86,311
	239,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		361,936
	829,000	Emergent Biosolutions, Inc., 2.875%, 1/15/2021		958,013
	340,000	Gilead Sciences, Inc., Series D, 1.625%, 5/01/2016		1,464,763
	285,000	Mylan, Inc., 3.750%, 9/15/2015		1,267,003
				4,138,026
		REITs—Mortgage — 0.2%
	310,000	iStar Financial, Inc., 3.000%, 11/15/2016		367,156
		Retailers — 0.4%
	490,000	Priceline Group, Inc. (The), 0.350%, 6/15/2020		559,213
	200,000	Priceline Group, Inc. (The), 1.000%, 3/15/2018		266,875
				826,088
		Technology — 1.8%
	95,000	Brocade Communications Systems, Inc., 1.375%, 1/01/2020, 144A		99,928
	1,155,000	Ciena Corp., 3.750%, 10/15/2018, 144A		1,415,597
	465,000	MercadoLibre, Inc., 2.250%, 7/01/2019, 144A		541,144
	115,000	Novellus Systems, Inc., 2.625%, 5/15/2041		234,816
	105,000	Nuance Communications, Inc., 2.750%, 11/01/2031		104,212
	475,000	Palo Alto Networks, Inc., Zero Coupon, 7/01/2019, 144A		681,328
	610,000	Rovi Corp., 0.500%, 3/01/2020, 144A		581,406
	140,000	SunEdison, Inc., 2.375%, 4/15/2022, 144A		164,150
				3,822,581
		Transportation Services — 0.1%
	115,000	Macquarie Infrastructure Co. LLC, 2.875%, 7/15/2019		136,203
		Total Convertible Bonds (Identified Cost $12,738,670)		15,279,311
		Total Bonds and Notes (Identified Cost $162,993,336)		162,633,403
	Senior Loans — 1.5%
		Construction Machinery — 0.0%
	18,579	Neff Rental LLC, 2nd Lien Term Loan, 7.250%, 6/09/2021(b)		18,208
		Consumer Cyclical Services — 0.2%
	499,856	SourceHov LLC, 2014 1st Lien Term Loan, 7.750%, 10/31/2019(b)		486,110
		Media Entertainment — 0.0%
	93,847	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(b)		76,016

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Oil Field Services — 0.0%
$	76,830	FTS International, Inc., New Term Loan B, 5.750%, 4/16/2021(b)	$	59,303
		Other Utility — 0.2%
	230,888	PowerTeam Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(b)		228,579
	12,623	PowerTeam Services LLC, Delayed Draw Term Loan, 4.250%, 5/06/2020(b)		12,497
	95,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		92,387
				333,463
		Supermarkets — 0.4%
	550,000	Albertson’s Holdings LLC, Term Loan B4, 5.500%, 8/25/2021(b)		554,356
	282,580	New Albertson’s, Inc., Term Loan, 4.750%, 6/27/2021(b)		283,286
				837,642
		Transportation Services — 0.1%
	99,250	OSG Bulk Ships, Inc., Exit Term Loan, 5.250%, 8/05/2019(b)		98,506
		Wirelines — 0.6%
	1,225,000	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(b)		1,245,421
	25,000	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/21/2020(b)		24,797
				1,270,218
		Total Senior Loans (Identified Cost $3,181,436)		3,179,466
Shares
	Preferred Stocks — 5.3%
	Convertible Preferred Stocks — 3.8%
		Electric — 0.3%
	10,707	NextEra Energy, Inc., 5.889%		700,559
		Food Products — 0.7%
	29,354	Tyson Foods, Inc., 4.750%		1,423,082
		Metals & Mining — 0.6%
	19,854	Alcoa, Inc., Series 1, 5.375%		870,399
	21,500	ArcelorMittal, 6.000%		322,930
				1,193,329
		Pharmaceuticals — 0.9%
	1,863	Actavis PLC, Series A, 5.500%		1,885,356
		REITs – Diversified — 0.7%
	6,370	Crown Castle International Corp., Series A, 4.500%		667,767
	14,399	Weyerhaeuser Co., Series A, 6.375%		787,914
				1,455,681
		REITs – Mortgage — 0.2%
	8,025	iStar Financial, Inc., Series J, 4.500%		450,925
		Utility Other — 0.4%
	5,356	Dominion Resources, Inc., Series B, 6.000%		302,078
	7,126	Dominion Resources, Inc., Series A, 6.125%		400,196

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Shares		Description	Value (†)
		Utility Other — continued
	1,424	Dominion Resources, Inc., 6.375%	$	68,922
				771,196
		Total Convertible Preferred Stocks (Identified Cost $7,992,870)		7,880,128
	Non-Convertible Preferred Stocks — 1.5%
		Banking — 1.2%
	78,785	Ally Financial, Inc., Series A, (fixed rate to 5/15/2016, variable rate thereafter), 8.500%(f)		2,101,196
	483	Ally Financial, Inc., Series G, 7.000%, 144A		493,339
				2,594,535
		Finance Companies — 0.3%
	12,925	iStar Financial, Inc., Series E, 7.875%		318,860
	7,500	iStar Financial, Inc., Series F, 7.800%		184,125
	550	iStar Financial, Inc., Series G, 7.650%		13,381
				516,366
		Total Non-Convertible Preferred Stocks (Identified Cost $2,876,042)		3,110,901
		Total Preferred Stocks (Identified Cost $10,868,912)		10,991,029
	Common Stocks — 1.3%
		Automobiles — 0.9%
	50,658	General Motors Co.		1,899,675
		Oil, Gas & Consumable Fuels — 0.3%
	14,882	Kinder Morgan, Inc.		625,937
		Trading Companies & Distributors — 0.1%
	2,696	United Rentals, Inc.(i)		245,767
		Total Common Stocks (Identified Cost $2,413,285)		2,771,379
	Warrants — 0.1%
	10,360	FairPoint Communications, Inc., Expiration on 1/24/2018 at $48.81(h)(i)(j)		—
	22,512	Kinder Morgan, Inc., Expiration on 5/25/2017 at $40.00(i)		92,299
		Total Warrants (Identified Cost $29,892)		92,299

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 12.1%
$	7,989	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2015 at 0.000% to be repurchased at $7,989 on 4/01/2015 collateralized by $8,100 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $8,235 including accrued interest (Note 2 of Notes to Financial Statements)	$	7,989
	24,702,565	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $24,702,571 on 4/01/2015 collateralized by $25,135,000 Federal Home Loan Bank, 1.000% due 9/25/2017 valued at $25,197,838 including accrued interest (Note 2 of Notes to Financial Statements)		24,702,565
	460,000	U.S. Treasury Bills 0.040%, 2/24/2015(k)(l)		459,907
		Total Short-Term Investments (Identified Cost $25,170,463)		25,170,461
		Total Investments — 98.5% (Identified Cost $204,657,324)(a)		204,838,037
		Other assets less liabilities — 1.5%		3,073,213
		Net Assets — 100.0%	$	207,911,250
	(‡)	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 that will be 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, 2015, the net unrealized appreciation on investments based on a cost of $204,836,566 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	$	12,150,766
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(12,149,295	)
		Net unrealized appreciation	$	1,471
	(b)	Variable rate security. Rate as of March 31, 2015 is disclosed.
	(c)	The issuer is making partial payments with respect to principal.
	(d)	Perpetual bond with no specified maturity date.
	(e)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities. For the period ended March 31, 2015, interest payments were made in cash.
	(f)	All of this security has been designated to cover the Fund’s obligations under open forward foreign currency and futures contracts.
	(g)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(h)	Illiquid security. At March 31, 2015, the value of these securities amounted to $236,500 or 0.1% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.
	(i)	Non-income producing security.

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

(j)	Fair valued by the Fund’s adviser. At March 31, 2015, the value of this security amounted to less than 0.1% of net assets.
(k)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(l)	A portion of this security has been pledged as initial margin for open 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, 2015, the value of Rule 144A holdings amounted to $60,154,254 or 28.9% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
PIK	Payment-in-Kind
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

At March 31, 2015, 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		4/30/2015	Euro		1,300,000	$	1,398,338	$	66,112
Buy2		4/23/2015	Mexican Peso		47,100,000		3,084,250		(55,833	)
Sell2		4/23/2015	Mexican Peso		47,100,000		3,084,250		138,797
Total								$	149,076

¹ Counterparty is Bank of America, N.A.

² Counterparty is UBS AG

At March 31, 2015, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		6/19/2015		46	$	5,929,688	$	(51,729	)
30 Year U.S. Treasury Bond		6/19/2015		16		2,622,000		(23,311	)
							$	(75,040	)

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Industry Summary at March 31, 2015 (Unaudited)

Independent Energy	7.0	%
Technology	5.8
Finance Companies	5.3
Healthcare	4.5
Treasuries	4.3
Pharmaceuticals	4.2
Cable Satellite	4.0
Midstream	4.0
ABS Home Equity	3.2
Metals & Mining	2.9
Consumer Cyclical Services	2.8
Wirelines	2.7
Banking	2.7
Home Construction	2.5
Building Materials	2.1
Electric	2.0
Retailers	2.0
Aerospace & Defense	2.0
Other Investments, less than 2% each	22.4
Short-Term Investments	12.1
Total Investments	98.5
Other assets less liabilities (including forward foreign currency contracts and futures contracts)	1.5
Net Assets	100.0	%

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles International Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 97.8% of Net Assets
	Non-Convertible Bonds — 97.7%
		Australia — 2.2%
	155,000	New South Wales Treasury Corp., 6.000%, 5/01/2020, (AUD)(b)	$	139,748
		Belgium — 4.3%
	25,000	Anheuser-Busch InBev NV, EMTN, 1.250%, 3/24/2017, (EUR)		27,422
	50,000	Anheuser-Busch InBev NV, EMTN, 6.500%, 6/23/2017, (GBP)		82,757
	130,000	Belgium Government Bond, 2.250%, 6/22/2023, (EUR)(b)		162,170
				272,349
		Brazil — 0.4%
	30,000	Petrobras Global Finance BV, 3.151%, 3/17/2020(c)		25,875
		Canada — 4.9%
	125,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		101,118
	90,000	Province of Ontario Canada, EMTN, 4.750%, 4/23/2019, (EUR)		114,890
	85,000	Province of Quebec Canada, EMTN, 3.375%, 6/20/2016, (EUR)		95,127
				311,135
		Colombia — 0.2%
	15,000	Ecopetrol S.A., 4.125%, 1/16/2025		14,361
		Denmark — 1.0%
	370,000	Denmark Government Bond, 4.000%, 11/15/2019, (DKK)		63,629
		Finland — 5.6%
	40,000	Finland Government Bond, 1.500%, 4/15/2023, 144A, (EUR)		47,505
	210,000	Finland Government Bond, 4.000%, 7/04/2025, 144A, (EUR)(b)		309,485
				356,990
		France — 1.0%
	50,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		62,603
		Germany — 12.4%
	30,000	BMW Finance NV, 2.375%, 1/24/2023, (EUR)		36,155
	110,000	Bundesrepublik Deutschland, 1.750%, 7/04/2022, (EUR)(b)		133,349
	325,000	Bundesrepublik Deutschland, 3.250%, 1/04/2020, (EUR)(b)		406,124	��
	35,000	Bundesrepublik Deutschland, 4.000%, 1/04/2037, (EUR)		64,428
	40,000	Bundesrepublik Deutschland, 4.750%, 7/04/2034, (EUR)		76,715
	30,000	Telefonica Deutschland Finance Co., 2.375%, 2/10/2021, (EUR)		34,859
	40,000	Volkswagen International Finance NV, EMTN, 1.875%, 5/15/2017, (EUR)		44,431
				796,061
		Ireland — 1.1%
	60,000	AIB Mortgage Bank, EMTN, 4.875%, 6/29/2017, (EUR)		71,397
		Italy — 7.6%
	50,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		93,115
	30,000	Italy Buoni Poliennali Del Tesoro, 4.000%, 2/01/2037, (EUR)		43,841
	75,000	Italy Buoni Poliennali Del Tesoro, 4.750%, 5/01/2017, (EUR)		88,261
	190,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 3/01/2022, (EUR)(b)		260,316
				485,533

See accompanying notes to financial statements.

43  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles International Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Japan — 26.8%
	80,000,000	Japan Finance Organization for Municipalities, 1.900%, 6/22/2018, (JPY)	$	705,856
	21,100,000	Japan Government Ten Year Bond, 1.700%, 9/20/2017, (JPY)		183,069
	6,750,000	Japan Government Thirty Year Bond, 1.700%, 12/20/2043, (JPY)		60,990
	9,500,000	Japan Government Thirty Year Bond, 2.000%, 12/20/2033, (JPY)		92,039
	8,000,000	Japan Government Thirty Year Bond, 2.000%, 9/20/2040, (JPY)		76,852
	5,750,000	Japan Government Twenty Year Bond, 1.500%, 6/20/2034, (JPY)		51,406
	56,000,000	Japan Government Twenty Year Bond, 1.900%, 12/20/2028, (JPY)		542,155
				1,712,367
		Luxembourg — 0.4%
	25,000	ArcelorMittal, 6.250%, 3/01/2021		26,562
		Mexico — 3.1%
	29,300(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(d)		200,998
		Netherlands — 0.3%
	15,000	Netherlands Government Bond, 2.250%, 7/15/2022, 144A, (EUR)(b)		18,613
		Norway — 2.1%
	570,000	Norway Government Bond, 2.000%, 5/24/2023, (NOK)		74,162
	450,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		59,822
				133,984
		Poland — 1.5%
	145,000	Poland Government Bond, 3.250%, 7/25/2019, (PLN)		40,429
	55,000	Poland Government International Bond, EMTN, 2.625%, 5/12/2015, (CHF)(b)		56,783
				97,212
		Singapore — 0.2%
	15,000	Singapore Government Bond, 2.500%, 6/01/2019, (SGD)		11,259
		South Africa — 0.5%
	415,000	South Africa Government Bond, 7.750%, 2/28/2023, (ZAR)		34,541
		Spain — 4.9%
	50,000	Iberdrola Finanzas SAU, EMTN, 6.000%, 7/01/2022, (GBP)		90,986
	25,000	Spain Government Bond, 4.200%, 1/31/2037, (EUR)		37,991
	130,000	Spain Government Bond, 5.850%, 1/31/2022, (EUR)		185,900
				314,877
		Sweden — 0.8%
	385,000	Sweden Government Bond, Series 1052, 4.250%, 3/12/2019, (SEK)		52,475
		United Kingdom — 5.2%
	10,000	Barclays Bank PLC, EMTN, 5.750%, 9/14/2026, (GBP)		17,563
	45,000	British Telecommunications PLC, 5.750%, 12/07/2028, (GBP)		85,362
	40,000	United Kingdom Gilt, 4.250%, 12/07/2027, (GBP)		76,017
	30,000	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)(b)		59,893
	20,000	United Kingdom Treasury, 4.750%, 12/07/2038, (GBP)		43,485
	25,000	United Kingdom Treasury, 5.000%, 3/07/2025, (GBP)		48,686
				331,006
		United States — 11.2%
	50,000	Bank of America Corp., EMTN, 4.625%, 9/14/2018, (EUR)		60,348
	50,000	Cargill, Inc., EMTN, 5.375%, 3/02/2037, (GBP)		96,738

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles International Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	10,000	Chesapeake Energy Corp., 4.875%, 4/15/2022	$	9,375
	10,000	Chesapeake Energy Corp., 5.375%, 6/15/2021		9,700
	15,000	Energy Transfer Partners LP, 5.150%, 3/15/2045		15,094
	95,000	HSBC Finance Corp., EMTN, 4.500%, 6/14/2016, (EUR)(b)		107,478
	50,000	JPMorgan Chase & Co., EMTN, 3.875%, 9/23/2020, (EUR)		62,765
	15,000	KB Home, 4.750%, 5/15/2019		14,662
	20,000	Liberty Mutual Group, Inc., 4.850%, 8/01/2044, 144A		21,687
	5,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.750%, 11/01/2020		5,250
	15,000	Micron Technology, Inc., 5.250%, 8/01/2023, 144A		15,262
	5,000	Newfield Exploration Co., 5.375%, 1/01/2026		5,051
	35,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A		11,638
	5,000	Tenet Healthcare Corp., 4.500%, 4/01/2021		4,900
	5,000	TerraForm Power Operating LLC, 5.875%, 2/01/2023, 144A		5,188
	15,000	Time Warner Cable, Inc., 6.750%, 6/15/2039		19,226
	130,000	U.S. Treasury Note, 0.250%, 5/15/2015		130,020
	20,000	U.S. Treasury Note, 0.250%, 11/30/2015(e)		20,005
	45,000	United Continental Holdings, Inc., 6.375%, 6/01/2018		47,644
	25,000	Verizon Communications, Inc., 5.050%, 3/15/2034		27,146
	30,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		29,475
				718,652
		Total Non-Convertible Bonds (Identified Cost $7,225,649)		6,252,227
	Convertible Bonds — 0.1%
		United States — 0.1%
	5,000	Macquarie Infrastructure Co. LLC, 2.875%, 7/15/2019 (Identified Cost $5,000)		5,922
		Total Bonds and Notes (Identified Cost $7,230,649)		6,258,149
Shares
	Preferred Stocks — 0.8%
		United States — 0.8%
	100	Alcoa, Inc., Series 1, 5.375%		4,384
	64	Dominion Resources, Inc., Series B, 6.000%		3,610
	164	Dominion Resources, Inc., Series A, 6.125%		9,210
	448	Tyson Foods, Inc., 4.750%		21,719
	206	Weyerhaeuser Co., Series A, 6.375%		11,272
		Total Preferred Stocks (Identified Cost $49,457)		50,195
		Total Investments — 98.6% (Identified Cost $7,280,106)(a)		6,308,344
		Other assets less liabilities — 1.4%		92,594
		Net Assets — 100.0%	$	6,400,938

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles International 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 100.
(a)	Federal Tax Information (Amounts exclude certain adjustments that will be 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, 2015, the net unrealized depreciation on investments based on a cost of $7,360,742 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	$	96,208
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,148,606	)
	Net unrealized depreciation	$	(1,052,398	)
(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, 2015 is disclosed.
(d)	A portion of this security has been designated to cover the Fund’s obligations under open forward foreign currency and futures contracts.
(e)	A portion of this security has been pledged as initial margin for open 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, 2015, the value of Rule 144A holdings amounted to $429,378 or 6.7% of net assets.
EMTN	Euro Medium Term Note
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
ZAR	South African Rand

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles International Bond Fund – (continued)

At March 31, 2015, 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		5/13/2015	British Pound		25,000	$	37,075	$	(26	)
Sell1		5/13/2015	British Pound		5,000		7,415		—
Buy2		6/17/2015	Canadian Dollar		272,500		214,932		(2,631	)
Buy1		5/13/2015	Euro		75,000		80,687		(915	)
Buy3		5/20/2015	Indonesian Rupiah		1,020,500,000		77,152		(1,167	)
Sell3		5/20/2015	Indonesian Rupiah		862,500,000		65,207		(211	)
Sell3		5/20/2015	Indonesian Rupiah		158,000,000		11,945		52
Buy3		5/18/2015	Japanese Yen		58,700,000		489,736		(4,013	)
Sell3		5/18/2015	Japanese Yen		4,000,000		33,372		(62	)
Sell3		5/18/2015	Japanese Yen		37,600,000		313,698		451
Buy1		6/11/2015	South Korean Won		207,100,000		186,252		(2,081	)
Sell1		6/11/2015	South Korean Won		15,000,000		13,490		20
Total								$	(10,583	)

At March 31, 2015, the Fund had the following open forward cross currency contracts:

Settlement Date	Deliver/Units of Currency		Receive/Units of Currency		Unrealized Appreciation (Depreciation)
4/28/2015	Euro	72,076	Norwegian Krone1	620,000	$	(611	)
6/17/2015	Euro	149,308	New Zealand Dollar3	215,500		(781	)
5/13/2015	Japanese Yen	2,357,201	South Korean Won1	22,000,000		138
6/17/2015	New Zealand Dollar	215,500	Euro3	144,616		(4,269	)
4/28/2015	Norwegian Krone	620,000	Euro1	70,410		(1,181	)
5/13/2015	South Korean Won	22,000,000	Japanese Yen1	2,374,579		7
Total					$	(6,697	)

¹ Counterparty is Credit Suisse International.

² Counterparty is UBS AG.

³ Counterparty is Bank of America, N.A.

At March 31, 2015, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
German Euro BOBL		6/08/2015		2	$	278,339	$	556

See accompanying notes to financial statements.

47  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles International Bond Fund – (continued)

Industry Summary at March 31, 2015 (Unaudited)

Treasuries	60.3	%
Government Guaranteed	11.0
Local Authorities	5.5
Banking	3.3
Food & Beverage	3.2
Electric	3.0
Wirelines	2.2
Other Investments, less than 2% each	10.1
Total Investments	98.6
Other assets less liabilities (including forward foreign currency and futures contracts)	1.4
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2015 (Unaudited)

Euro	39.9	%
Japanese Yen	26.8
British Pound	10.9
United States Dollar	8.0
Mexican Peso	3.1
Australian Dollar	2.2
Norwegian Krone	2.1
Other, less than 2% each	5.6
Total Investments	98.6
Other assets less liabilities (including forward foreign currency and futures contracts)	1.4
Net Assets	100.0	%

See accompanying notes to financial statements.

|  48

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 98.0% of Net Assets
		ABS Car Loan — 1.4%
$	1,165,000	Credit Acceptance Auto Loan Trust, Series 2013-2A, Class A, 1.500%, 4/15/2021, 144A	$	1,168,397
	2,695,000	Credit Acceptance Auto Loan Trust, Series 2014-2A, Class A, 1.880%, 3/15/2022, 144A		2,704,411
	1,045,000	First Investors Auto Owner Trust, Series 2014-1A, Class A3, 1.490%, 1/15/2020, 144A		1,047,147
	3,500,000	NextGear Floorplan Master Owner Trust, Series 2014-1A, Class A, 1.920%, 10/15/2019, 144A		3,514,924
	2,120,000	Tidewater Auto Receivables Trust, Series 2014-AA, Class A3, 1.400%, 7/15/2018, 144A		2,118,289
				10,553,168
		Agency Commercial Mortgage-Backed Securities — 12.0%
	6,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K006, Class A2, 4.251%, 1/25/2020		6,643,872
	4,305,000	FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2, 3.871%, 4/25/2021		4,744,136
	4,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K015, Class A2, 3.230%, 7/25/2021		4,265,072
	6,625,000	FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2, 2.873%, 12/25/2021		6,928,577
	3,535,000	FHLMC Multifamily Structured Pass Through Certificates, Series K703, Class A2, 2.699%, 5/25/2018		3,684,700
	700,000	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		723,930
	2,590,000	FHLMC Multifamily Structured Pass Through Certificates, Series K706, Class A2, 2.323%, 10/25/2018		2,671,800
	7,910,000	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019		8,105,796
	34,370,000	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		34,621,795
	2,458,972	FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A, 0.521%, 4/25/2019(b)		2,459,390
	2,254,340	FHLMC Multifamily Structured Pass Through Certificates, Series KF06, Class A, 0.501%, 11/25/2021(b)		2,255,717
	300,104	Government National Mortgage Association, Series 2003-72, Class Z, 5.363%, 11/16/2045(b)		328,387
	216,796	Government National Mortgage Association, Series 2003-88, Class Z, 4.931%, 3/16/2046(b)		234,238
	13,260,000	Government National Mortgage Association, Series 2013-52, Class KX, 4.039%, 8/16/2051(b)		14,220,832
				91,888,242
		Collateralized Mortgage Obligations — 15.9%
	147,390	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 1.720%, 5/15/2023(b)		149,214

See accompanying notes to financial statements.

49  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	94,930	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 1.460%, 8/15/2023(b)	$	95,318
	356,355	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029		395,860
	369,364	Federal Home Loan Mortgage Corp., REMIC, Series 2646, Class FM, 0.575%, 11/15/2032(b)		370,655
	2,203,435	Federal Home Loan Mortgage Corp., REMIC, Series 2874, Class BC, 5.000%, 10/15/2019		2,333,032
	3,383,494	Federal Home Loan Mortgage Corp., REMIC, Series 2931, Class DE, 4.000%, 2/15/2020		3,530,162
	3,159,788	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035		3,556,243
	3,510,000	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035		3,935,086
	2,712,789	Federal Home Loan Mortgage Corp., REMIC, Series 3057, Class PE, 5.500%, 11/15/2034		2,796,156
	5,512,791	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038		6,081,225
	2,777,136	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 4.084%, 6/15/2048		2,833,179
	3,535,676	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.317%, 12/15/2036		3,713,167
	165,334	Federal Home Loan Mortgage Corp., REMIC, Series 3802, Class BA, 4.500%, 11/15/2028		169,072
	2,066,052	Federal National Mortgage Association, REMIC, Series 2003-48, Class GH, 5.500%, 6/25/2033		2,349,289
	114,250	Federal National Mortgage Association, REMIC, Series 1992-162, Class FB, 1.750%, 9/25/2022(b)		116,176
	93,030	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 1.610%, 4/25/2024(b)		93,672
	22,607	Federal National Mortgage Association, REMIC, Series 2002-W10, Class A7, 3.730%, 8/25/2042(b)		22,536
	1,583,855	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025		1,742,448
	1,567,001	Federal National Mortgage Association, REMIC, Series 2005-33, Class QD, 5.000%, 1/25/2034		1,632,692
	1,622,597	Federal National Mortgage Association, REMIC, Series 2007-73, Class A1, 0.234%, 7/25/2037(b)		1,574,119
	3,413,760	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.738%, 8/25/2038(b)		3,446,649
	5,412,360	Federal National Mortgage Association, REMIC, Series 2013-67, Class NF, 1.174%, 7/25/2043(b)		5,217,288
	80,551	Federal National Mortgage Association, REMIC, Series G93-19, Class FD, 1.350%, 4/25/2023(b)		81,066
	13,449	FHLMC Structured Pass Through Securities, Series T-60, Class 2A1, 3.324%, 3/25/2044(b)		14,264

See accompanying notes to financial statements.

|  50

Portfolio of Investments – as of March 31, 2015 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	1,557,738	Government National Mortgage Association, Series 2010-H20, Class AF, 0.501%, 10/20/2060(b)	$	1,550,170
	1,398,379	Government National Mortgage Association, Series 2010-H24, Class FA, 0.521%, 10/20/2060(b)		1,389,605
	1,291,135	Government National Mortgage Association, Series 2011-H06, Class FA, 0.621%, 2/20/2061(b)		1,291,145
	2,846,610	Government National Mortgage Association, Series 2012-124, Class HT, 7.216%, 7/20/2032(b)		3,252,241
	7,274,547	Government National Mortgage Association, Series 2012-H15, Class FA, 0.621%, 5/20/2062(b)		7,299,877
	1,477,285	Government National Mortgage Association, Series 2012-H18, Class NA, 0.691%, 8/20/2062(b)		1,483,148
	7,660,551	Government National Mortgage Association, Series 2012-H29, Class HF, 0.671%, 10/20/2062(b)		7,689,347
	7,398,896	Government National Mortgage Association, Series 2013-H02, Class GF, 0.671%, 12/20/2062(b)		7,426,916
	5,462,988	Government National Mortgage Association, Series 2013-H08, Class FA, 0.521%, 3/20/2063(b)		5,427,124
	4,442,313	Government National Mortgage Association, Series 2013-H10, Class FA, 0.571%, 3/20/2063(b)		4,431,949
	13,780,561	Government National Mortgage Association, Series 2013-H22, Class FT, 0.820%, 4/20/2063(b)		13,990,302
	8,308,243	Government National Mortgage Association, Series 2014-H14, Class FA, 0.671%, 7/20/2064(b)		8,284,681
	5,891,454	Government National Mortgage Association, Series 2014-H15, Class FA, 0.671%, 7/20/2064(b)		5,887,400
	522,511	NCUA Guaranteed Notes, Series 2010-A1, Class A, 0.528%, 12/07/2020(b)		522,991
	1,603,000	NCUA Guaranteed Notes, Series 2010-C1, Class A2, 2.900%, 10/29/2020		1,643,004
	1,176,902	NCUA Guaranteed Notes, Series 2010-R1, Class 1A, 0.621%, 10/07/2020(b)		1,183,791
	1,713,344	NCUA Guaranteed Notes, Series 2010-R3, Class 1A, 0.735%, 12/08/2020(b)		1,729,226
	107,098	NCUA Guaranteed Notes, Series 2010-R3, Class 2A, 0.735%, 12/08/2020(b)		108,098
				120,839,583
		Hybrid ARMs — 18.8%
	1,467,479	FHLMC, 2.131%, 6/01/2037(b)		1,551,396
	4,107,755	FHLMC, 2.273%, 9/01/2035(b)		4,369,625
	1,683,767	FHLMC, 2.290%, 4/01/2036(b)		1,794,665
	1,195,557	FHLMC, 2.308%, 11/01/2038(b)		1,276,266
	3,178,507	FHLMC, 2.345%, 7/01/2033(b)		3,393,179
	2,040,201	FHLMC, 2.376%, 9/01/2038(b)		2,183,543
	7,737,304	FHLMC, 2.380%, 3/01/2037(b)		8,273,572
	5,194,360	FHLMC, 2.388%, 2/01/2036(b)		5,550,749
	970,626	FHLMC, 2.388%, 4/01/2037(b)		1,035,799
	411,018	FHLMC, 2.393%, 9/01/2038(b)		440,084
	2,661,437	FHLMC, 2.418%, 2/01/2036(b)		2,849,753
	2,339,695	FHLMC, 2.447%, 3/01/2036(b)		2,490,556
	1,870,632	FHLMC, 2.455%, 3/01/2038(b)		2,006,403
	959,153	FHLMC, 2.480%, 12/01/2034(b)		1,026,518

See accompanying notes to financial statements.

51  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

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

Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	3,171,752	FHLMC, 2.484%, 4/01/2037(b)	$	3,396,841
	776,609	FHLMC, 2.488%, 2/01/2035(b)		832,701
	786,834	FHLMC, 2.805%, 3/01/2037(b)		850,679
	893,761	FHLMC, 2.942%, 11/01/2038(b)		951,482
	1,393,078	FHLMC, 3.494%, 9/01/2038(b)		1,469,981
	194,196	FHLMC, 5.398%, 12/01/2037(b)		206,785
	292,996	FNMA, 1.910%, 2/01/2037(b)		308,837
	3,108,772	FNMA, 1.921%, 7/01/2035(b)		3,270,341
	6,353,458	FNMA, 2.022%, 9/01/2037(b)		6,816,981
	4,949,726	FNMA, 2.097%, 4/01/2037(b)		5,250,546
	4,582,825	FNMA, 2.148%, 7/01/2035(b)		4,890,879
	542,385	FNMA, 2.158%, 8/01/2035(b)		578,104
	1,304,173	FNMA, 2.162%, 8/01/2034(b)		1,394,979
	935,234	FNMA, 2.219%, 10/01/2033(b)		997,842
	2,352,047	FNMA, 2.268%, 4/01/2037(b)		2,504,056
	1,597,580	FNMA, 2.270%, 9/01/2036(b)		1,709,028
	922,789	FNMA, 2.278%, 9/01/2034(b)		991,560
	3,978,624	FNMA, 2.289%, 11/01/2033(b)		4,245,313
	802,514	FNMA, 2.310%, 12/01/2034(b)		854,981
	1,571,863	FNMA, 2.310%, 1/01/2036(b)		1,681,495
	2,367,791	FNMA, 2.328%, 6/01/2036(b)		2,533,536
	530,671	FNMA, 2.331%, 4/01/2033(b)		569,660
	8,428,879	FNMA, 2.348%, 10/01/2034(b)		9,017,047
	3,950,693	FNMA, 2.348%, 8/01/2035(b)		4,192,644
	6,064,736	FNMA, 2.349%, 4/01/2034(b)		6,475,361
	4,386,291	FNMA, 2.363%, 9/01/2037(b)		4,667,067
	1,816,772	FNMA, 2.380%, 4/01/2034(b)		1,937,940
	4,993,312	FNMA, 2.405%, 6/01/2037(b)		5,351,949
	2,130,073	FNMA, 2.412%, 6/01/2033(b)		2,247,675
	2,850,788	FNMA, 2.412%, 10/01/2033(b)		3,048,318
	5,575,406	FNMA, 2.424%, 3/01/2037(b)		5,989,365
	1,874,018	FNMA, 2.445%, 2/01/2047(b)		2,003,212
	979,273	FNMA, 2.464%, 2/01/2037(b)		1,043,334
	465,231	FNMA, 2.558%, 8/01/2033(b)		498,980
	5,190,918	FNMA, 2.558%, 7/01/2037(b)		5,537,066
	612,650	FNMA, 2.637%, 8/01/2036(b)		657,466
	1,684,712	FNMA, 2.667%, 5/01/2035(b)		1,816,506
	3,158,632	FNMA, 2.973%, 6/01/2035(b)		3,378,820
	983,254	FNMA, 4.630%, 8/01/2038(b)		1,049,022
				143,460,487
		Mortgage Related — 18.0%
	162,469	FHLMC, 3.000%, 10/01/2026		170,400
	1,207,897	FHLMC, 4.000%, with various maturities from 2024 to 2042(c)		1,290,441
	968,834	FHLMC, 4.500%, with various maturities from 2025 to 2034(c)		1,045,361
	429,009	FHLMC, 5.500%, 10/01/2023		472,998
	37,651	FHLMC, 6.000%, 11/01/2019		40,301
	883,156	FHLMC, 6.500%, with various maturities from 2017 to 2034(c)		1,034,454

See accompanying notes to financial statements.

|  52

Portfolio of Investments – as of March 31, 2015 (Unaudited)

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

Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	9,001	FHLMC, 7.000%, 2/01/2016	$	9,072
	593	FHLMC, 7.500%, 6/01/2026		683
	421	FHLMC, 8.000%, 9/01/2015		425
	1,910	FHLMC, 10.000%, 7/01/2019		2,098
	28,188	FHLMC, 11.500%, with various maturities from 2015 to 2020(c)		28,745
	203,745	FNMA, 3.000%, 3/01/2042		209,024
	3,300,721	FNMA, 5.000%, with various maturities from 2037 to 2038(c)		3,687,452
	1,616,068	FNMA, 5.500%, with various maturities from 2018 to 2033(c)		1,812,626
	2,642,395	FNMA, 6.000%, with various maturities from 2017 to 2022(c)		2,913,748
	442,646	FNMA, 6.500%, with various maturities from 2017 to 2037(c)		509,878
	21,842	FNMA, 7.000%, 12/01/2022		21,905
	136,256	FNMA, 7.500%, with various maturities from 2015 to 2032(c)		159,595
	1,484	FNMA, 8.000%, with various maturities from 2015 to 2016(c)		1,497
	5,050,969	GNMA, 1.861%, 2/20/2061(b)		5,311,932
	3,947,032	GNMA, 2.059%, 2/20/2063(b)		4,175,075
	4,893,341	GNMA, 2.333%, 3/20/2063(b)		5,238,214
	2,842,616	GNMA, 2.546%, 2/20/2063(b)		3,056,537
	4,691,173	GNMA, 4.479%, 2/20/2062		5,097,818
	4,759,838	GNMA, 4.521%, 12/20/2061		5,155,971
	7,087,849	GNMA, 4.532%, 12/20/2062		7,804,325
	18,236,391	GNMA, 4.556%, 12/20/2061		19,748,625
	2,457,466	GNMA, 4.560%, 3/20/2062		2,664,751
	12,313,392	GNMA, 4.583%, 11/20/2062		13,523,208
	1,534,964	GNMA, 4.599%, 4/20/2063		1,698,120
	4,368,519	GNMA, 4.604%, 6/20/2062		4,771,996
	1,501,965	GNMA, 4.616%, 8/20/2061		1,617,364
	1,906,156	GNMA, 4.639%, 3/20/2062		2,072,801
	8,015,053	GNMA, 4.659%, 2/20/2062		8,731,791
	3,832,505	GNMA, 4.689%, 2/20/2062		4,160,234
	2,006,179	GNMA, 4.698%, 7/20/2061		2,156,165
	8,508,918	GNMA, 4.700%, with various maturities in 2061(c)		9,161,720
	1,877,748	GNMA, 4.717%, 3/20/2061		2,011,402
	1,561,560	GNMA, 4.808%, 8/20/2062		1,693,000
	849,591	GNMA, 5.167%, 4/20/2061		916,396
	22,921	GNMA, 6.000%, 12/15/2031		26,716
	106,076	GNMA, 6.500%, 5/15/2031		127,396
	102,888	GNMA, 7.000%, 10/15/2028		119,805
	4,966,811	Government National Mortgage Association, Series 2015-H04, Class FL, 0.641%, 2/20/2065(b)		4,967,074
	7,517,756	Government National Mortgage Association, Series 2015-H05, Class FA, 0.471%, 4/20/2061(b)		7,513,704
				136,932,843
		Non-Agency Commercial Mortgage-Backed Securities — 8.2%
	1,290,000	A10 Securitization LLC, Series 2014-1, Class A1, 1.720%, 4/15/2033, 144A		1,284,685
	1,780,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.587%, 4/10/2049(b)		1,884,739

See accompanying notes to financial statements.

53  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

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

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	375,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051	$	399,031
	3,700,000	CDGJ Commercial Mortgage Trust Pass Through Certificates, Series 2014-BXCH, 1.575%, 12/15/2027, 144A(b)		3,703,337
	3,215,000	CG-CCRE Commercial Mortgage Trust, Series 2014-FL1, Class A, 1.125%, 6/15/2031, 144A(b)		3,211,705
	3,040,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV1, 2.022%, 10/15/2031, 144A(b)(d)		3,040,000
	5,270,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040(b)		5,659,811
	3,350,000	GP Portfolio Trust, Series 2014-GPP, Class A, 1.125%, 2/15/2027, 144A(b)		3,341,223
	4,163,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		4,486,561
	5,000,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		5,275,990
	5,535,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-CBM, Class A, 1.075%, 10/15/2029, 144A(b)		5,515,589
	248,913	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB15, Class A4, 5.814%, 6/12/2043(b)		258,378
	2,380,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class A, 1.155%, 7/15/2031, 144A(b)		2,364,637
	1,632,562	LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.430%, 2/15/2040		1,741,066
	1,095,621	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5, Class A4, 5.378%, 8/12/2048		1,157,928
	4,535,000	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.671%, 4/12/2049(b)		4,537,490
	1,432,208	Morgan Stanley Capital I, Series 2007-IQ15, Class A4, 5.909%, 6/11/2049(b)		1,555,550
	1,754,388	PFP III Ltd., Series 2014-1, Class A, 1.345%, 6/14/2031, 144A(b)		1,757,151
	3,420,000	Resource Capital Corp. Ltd., Series 2014-CRE2, Class A, 1.227%, 4/15/2032, 144A(b)		3,400,003
	3,700,000	Starwood Retail Property Trust, Inc., 1.392%, 11/15/2027, 144A(b)		3,719,791
	3,851,498	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A4, 5.572%, 10/15/2048		4,049,939
				62,344,604
		Treasuries — 23.7%
	2,405,000	U.S. Treasury Note, 0.625%, 9/30/2017		2,398,800
	8,375,000	U.S. Treasury Note, 0.750%, 3/31/2018		8,337,706
	33,180,000	U.S. Treasury Note, 0.875%, 10/15/2017		33,294,073
	21,055,000	U.S. Treasury Note, 0.875%, 11/15/2017		21,110,922
	30,745,000	U.S. Treasury Note, 0.875%, 1/15/2018		30,776,237
	26,560,000	U.S. Treasury Note, 1.000%, 12/15/2017		26,703,185
	22,950,000	U.S. Treasury Note, 1.250%, 1/31/2020		22,831,670
	21,810,000	U.S. Treasury Note, 1.625%, 3/31/2019		22,178,044
	2,385,000	U.S. Treasury Note, 1.625%, 8/31/2019		2,419,842
	10,050,000	U.S. Treasury Note, 1.625%, 12/31/2019		10,177,976
				180,228,455
		Total Bonds and Notes (Identified Cost $744,084,661)		746,247,382

See accompanying notes to financial statements.

|  54

Portfolio of Investments – as of March 31, 2015 (Unaudited)

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

Principal Amount		Description	Value (†)
	Short-Term Investments — 1.9%
$	2,717,674	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $2,717,674 on 4/01/2015 collateralized by $2,480,000 U.S. Treasury Note, 3.125% due 2/15/2042 valued at $2,744,500 including accrued interest (Note 2 of Notes to Financial Statements)	$	2,717,674
	12,000,000	U.S. Treasury Bills, 0.030%, 6/18/2015(e)		11,999,604
		Total Short-Term Investments (Identified Cost $14,716,894)		14,717,278
		Total Investments — 99.9% (Identified Cost $758,801,555)(a)		760,964,660
		Other assets less liabilities — 0.1%		448,529
		Net Assets — 100.0%	$	761,413,189
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be 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, 2015, the net unrealized appreciation on investments based on a cost of $758,833,769 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	7,741,374
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(5,610,483	)
		Net unrealized appreciation	$	2,130,891
	(b)	Variable rate security. Rate as of March 31, 2015 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)	Illiquid security. At March 31, 2015, the value of this security amounted to $3,040,000 or 0.4% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.
	(e)	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, 2015, the value of Rule 144A holdings amounted to $41,891,289 or 5.5% of net assets.
	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

See accompanying notes to financial statements.

55  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

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

Industry Summary at March 31, 2015 (Unaudited)

Treasuries	23.7	%
Hybrid ARMs	18.8
Mortgage Related	18.0
Collateralized Mortgage Obligations	15.9
Agency Commercial Mortgage-Backed Securities	12.0
Non-Agency Commercial Mortgage-Backed Securities	8.2
Other Investments, less than 2% each	1.4
Short-Term Investments	1.9
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0	%

See accompanying notes to financial statements.

|  56

Statements of Assets and Liabilities

March 31, 2015 (Unaudited)

	Core Plus Bond Fund			High Income Fund			International Bond Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	6,622,221,418		$	179,946,770		$	7,280,106		$	756,083,881
Repurchase agreement(s) at cost		875,664,218			24,710,554			—			2,717,674
Net unrealized appreciation (depreciation)		(16,741,469	)		180,713			(971,762	)		2,163,105
Investments at value		7,481,144,167			204,838,037			6,308,344			760,964,660
Cash		232,466			9,386			—			—
Foreign currency at value (identified cost $0, $0, $72,395 and $0 respectively)		—			—			69,919			—
Receivable for Fund shares sold		94,350,326			650,510			554			1,603,468
Receivable for securities sold		29,488,205			1,033,578			95,115			—
Receivable for delayed delivery securities sold (Note 2)		753,037,464			—			—			—
Collateral received for delayed delivery securities or forward foreign currency contracts (Notes 2 and 4)		704,000			21,907			—			—
Dividends and interest receivable		67,766,601			2,502,254			74,092			2,498,808
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			204,909			668			—
Tax reclaims receivable		37,036			3,563			—			—
TOTAL ASSETS		8,426,760,265			209,264,144			6,548,692			765,066,936
LIABILITIES
Payable for securities purchased		198,801,671			869,282			—			1,509,439
Payable for delayed delivery securities purchased (Note 2)		1,433,250,173			—			—			—
Payable for Fund shares redeemed		7,280,078			96,012			—			1,187,981
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			55,833			17,948			—
Due to brokers (Note 2)		704,000			21,907			—			—
Payable for variation margin on futures contracts (Note 2)		—			20,875			5			—
Distributions payable		—			—			—			308,435
Management fees payable (Note 6)		1,757,666			105,024			1,948			234,788
Deferred Trustees’ fees (Note 6)		259,656			127,538			61,322			262,477
Administrative fees payable (Note 6)		230,028			7,419			260			27,160
Payable to distributor (Note 6d)		83,329			1,786			51			3,926
Other accounts payable and accrued expenses		334,312			47,218			66,220			119,541
TOTAL LIABILITIES		1,642,700,913			1,352,894			147,754			3,653,747
NET ASSETS	$	6,784,059,352		$	207,911,250		$	6,400,938		$	761,413,189
NET ASSETS CONSIST OF:
Paid-in capital	$	6,813,304,100		$	208,951,472		$	8,245,781		$	769,111,167
Undistributed (Distributions in excess of) net investment income/Accumulated net investment loss		62,431			(981,259	)		(247,035	)		(1,596,585	)
Accumulated net realized loss on investments, futures contracts and foreign currency transactions		(10,114,486	)		(281,828	)		(601,145	)		(8,264,498	)
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(19,192,693	)		222,865			(996,663	)		2,163,105
NET ASSETS	$	6,784,059,352		$	207,911,250		$	6,400,938		$	761,413,189

See accompanying notes to financial statements.

57  |

Statements of Assets and Liabilities (continued)

March 31, 2015 (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	$	1,072,544,991	$	46,044,080	$	2,069,090	$	328,827,453
Shares of beneficial interest		82,196,004		10,635,660		246,427		28,281,558
Net asset value and redemption price per share	$	13.05	$	4.33	$	8.40	$	11.63
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	13.66	$	4.53	$	8.80	$	11.99
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	414,252	$	60,136	$	—	$	3,376,718
Shares of beneficial interest		31,574		13,826		—		290,783
Net asset value and offering price per share	$	13.12	$	4.35	$	—	$	11.61
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	383,312,519	$	14,605,627	$	1,489,643	$	57,828,635
Shares of beneficial interest		29,366,554		3,366,502		181,028		4,969,604
Net asset value and offering price per share	$	13.05	$	4.34	$	8.23	$	11.64
Class N shares:
Net assets	$	1,984,897,089	$	—	$	—	$	—
Shares of beneficial interest		150,951,370		—		—		—
Net asset value, offering and redemption price per share	$	13.15	$	—	$	—	$	—
Class Y shares:
Net assets	$	3,342,890,501	$	147,201,407	$	2,842,205	$	371,380,383
Shares of beneficial interest		254,344,697		34,082,766		336,921		31,842,934
Net asset value, offering and redemption price per share	$	13.14	$	4.32	$	8.44	$	11.66

See accompanying notes to financial statements.

|  58

Statements of Operations

For the Six Months Ended March 31, 2015 (Unaudited)

	Core Plus Bond Fund			High Income Fund			International Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	78,841,996		$	4,998,230		$	86,867		$	8,359,243
Dividends		103,664			329,213			1,084			—
Less net foreign taxes withheld		—			(1,106	)		—			—
		78,945,660			5,326,337			87,951			8,359,243
Expenses
Management fees (Note 6)		7,452,734			583,777			23,702			1,366,821
Service and distribution fees (Note 6)		2,840,504			127,150			13,168			722,155
Administrative fees (Note 6)		950,393			41,508			1,686			159,010
Trustees’ fees and expenses (Note 6)		27,766			9,109			11,922			12,976
Transfer agent fees and expenses (Notes 6 and 7)		1,310,127			92,579			5,484			292,965
Audit and tax services fees		25,716			25,631			12,684			27,663
Custodian fees and expenses		105,282			25,493			13,574			19,664
Legal fees		16,869			870			40			3,348
Registration fees		627,998			46,716			39,971			68,774
Shareholder reporting expenses		59,580			7,594			2,789			20,922
Miscellaneous expenses		28,403			7,977			5,211			11,224
Total expenses		13,445,372			968,404		��	130,231			2,705,522
Less waiver and/or expense reimbursement (Note 6)		—			—			(85,458	)		—
Net expenses		13,445,372			968,404			44,773			2,705,522
Net investment income		65,500,288			4,357,933			43,178			5,653,721
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(213,285	)		(550,100	)		(320,751	)		3,543,130
Futures contracts		—			(411,934	)		11,860			—
Foreign currency transactions		(1,111,067	)		464,703			(94,656	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		(24,452,137	)		(2,280,926	)		(316,853	)		(1,742,160	)
Futures contracts		—			(126,082	)		(2,088	)		—
Foreign currency translations		(2,204,342	)		13,956			(119	)		—
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		(27,980,831	)		(2,890,383	)		(722,607	)		1,800,970
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	37,519,457		$	1,467,550		$	(679,429	)	$	7,454,691

See accompanying notes to financial statements.

59  |

Statements of Changes in Net Assets

	Core Plus Bond Fund						High Income Fund
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	65,500,288		$	50,461,918		$	4,357,933		$	8,288,158
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		(1,324,352	)		24,167,793			(497,331	)		4,801,655
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(26,656,479	)		20,916,723			(2,393,052	)		619,322
Net increase in net assets resulting from operations		37,519,457			95,546,434			1,467,550			13,709,135
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(12,560,348	)		(16,342,911	)		(924,708	)		(2,319,281	)
Class B		(5,358	)		(25,257	)		(1,632	)		(10,542	)
Class C		(3,708,965	)		(5,957,503	)		(254,341	)		(607,126	)
Class N		(15,812,995	)		(1,590,647	)		—			—
Class Y		(35,616,055	)		(31,114,909	)		(3,168,438	)		(5,768,684	)
Net realized capital gains
Class A		(4,930,224	)		(136,985	)		(1,004,492	)		(2,541,543	)
Class B		(3,385	)		(359	)		(2,711	)		(15,464	)
Class C		(2,095,167	)		(68,534	)		(348,393	)		(825,367	)
Class N		(4,180,187	)		(6,286	)		—			—
Class Y		(12,020,152	)		(216,547	)		(3,159,866	)		(5,865,247	)
Total distributions		(90,932,836	)		(55,459,938	)		(8,864,581	)		(17,953,254	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		4,521,365,097			959,743,921			32,816,186			17,157,058
Net increase in net assets		4,467,951,718			999,830,417			25,419,155			12,912,939
NET ASSETS
Beginning of the period		2,316,107,634			1,316,277,217			182,492,095			169,579,156
End of the period	$	6,784,059,352		$	2,316,107,634		$	207,911,250		$	182,492,095
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	62,431		$	2,265,864		$	(981,259	)	$	(990,073	)

See accompanying notes to financial statements.

|  60

Statements of Changes in Net Assets (continued)

	International Bond Fund						Limited Term Government and Agency Fund
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	43,178		$	136,374		$	5,653,721		$	9,093,415
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		(403,547	)		(97,385	)		3,543,130			685,538
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(319,060	)		(15,372	)		(1,742,160	)		(170,093	)
Net increase (decrease) in net assets resulting from operations		(679,429	)		23,617			7,454,691			9,608,860
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		—			(60,780	)		(2,850,026	)		(7,143,858	)
Class B		—			—			(18,982	)		(70,496	)
Class C		—			(20,131	)		(299,029	)		(819,006	)
Class Y		—			(19,438	)		(3,572,604	)		(5,695,825	)
Net realized capital gains
Class A		(41,958	)		(239,613	)		—			—
Class B		—			—			—			—
Class C		(37,227	)		(87,333	)		—			—
Class Y		(51,736	)		(74,045	)		—			—
Total distributions		(130,921	)		(501,340	)		(6,740,641	)		(13,729,185	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(1,569,399	)		(5,654,159	)		54,976,217			24,611,252
Net increase (decrease) in net assets		(2,379,749	)		(6,131,882	)		55,690,267			20,490,927
NET ASSETS
Beginning of the period		8,780,687			14,912,569			705,722,922			685,231,995
End of the period	$	6,400,938		$	8,780,687		$	761,413,189		$	705,722,922
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME/ ACCUMULATED NET INVESTMENT LOSS	$	(247,035	)	$	(290,213	)	$	(1,596,585	)	$	(509,665	)

See accompanying notes to financial statements.

61  |

Financial Highlights

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class A
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	13.18		$	12.71		$	13.52		$	12.71		$	12.75		$	11.91
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.42			0.44			0.43			0.52			0.54
Net realized and unrealized gain (loss)		(0.04	)		0.51			(0.51	)		1.07			0.03	(b)		0.91
Total from Investment Operations		0.14			0.93			(0.07	)		1.50			0.55			1.45
LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.46	)		(0.55	)		(0.50	)		(0.59	)		(0.61	)
Net realized capital gains		(0.08	)		(0.00	)(c)		(0.19	)		(0.19	)		—			—
Total Distributions		(0.27	)		(0.46	)		(0.74	)		(0.69	)		(0.59	)		(0.61	)
Net asset value, end of the period	$	13.05		$	13.18		$	12.71		$	13.52		$	12.71		$	12.75
Total return(d)		1.03	%(e)		7.43	%		(0.61	)%		12.18	%		4.42	%		12.55	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,072,545		$	642,784		$	436,199		$	479,823		$	237,759		$	214,723
Net expenses		0.74	%(f)		0.79	%(g)		0.79	%		0.82	%		0.87	%		0.90	%
Gross expenses		0.74	%(f)		0.79	%(g)		0.79	%		0.82	%		0.87	%		0.90	%
Net investment income		2.81	%(f)		3.19	%		3.29	%		3.31	%		4.07	%		4.41	%
Portfolio turnover rate		93	%		122	%		107	%		78	%		86	%		87	%

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

(b) 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.

(c) Amount rounds to less than $0.01 per share.

(d) A sales charge for Class A shares is not reflected in total return calculations.

(e) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

|  62

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class B
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	13.24		$	12.77		$	13.57		$	12.75		$	12.79		$	11.95
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.33			0.33			0.34			0.42			0.44
Net realized and unrealized gain (loss)		(0.05	)		0.50			(0.50	)		1.07			0.03	(b)		0.92
Total from Investment Operations		0.09			0.83			(0.17	)		1.41			0.45			1.36
LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.36	)		(0.44	)		(0.40	)		(0.49	)		(0.52	)
Net realized capital gains		(0.08	)		(0.00	)(c)		(0.19	)		(0.19	)		—			—
Total Distributions		(0.21	)		(0.36	)		(0.63	)		(0.59	)		(0.49	)		(0.52	)
Net asset value, end of the period	$	13.12		$	13.24		$	12.77		$	13.57		$	12.75		$	12.79
Total return(d)		0.69	%(e)		6.56	%		(1.32	)%		11.38	%		3.60	%		11.64	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	414		$	678		$	1,180		$	2,386		$	3,092		$	4,490
Net expenses		1.49	%(f)		1.55	%(g)		1.54	%		1.57	%		1.62	%		1.65	%
Gross expenses		1.49	%(f)		1.55	%(g)		1.54	%		1.57	%		1.62	%		1.65	%
Net investment income		2.07	%(f)		2.51	%		2.50	%		2.61	%		3.32	%		3.64	%
Portfolio turnover rate		93	%		122	%		107	%		78	%		86	%		87	%

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

(b) 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.

(c) Amount rounds to less than $0.01 per share.

(d) A contingent deferred sales charge for Class B shares is not reflected in total return calculations.

(e) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

63  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class C
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	13.18		$	12.72		$	13.53		$	12.71		$	12.76		$	11.92
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.32			0.34			0.33			0.42			0.45
Net realized and unrealized gain (loss)		(0.05	)		0.50			(0.51	)		1.08			0.02	(b)		0.91
Total from Investment Operations		0.09			0.82			(0.17	)		1.41			0.44			1.36
LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.36	)		(0.45	)		(0.40	)		(0.49	)		(0.52	)
Net realized capital gains		(0.08	)		(0.00	)(c)		(0.19	)		(0.19	)		—			—
Total Distributions		(0.22	)		(0.36	)		(0.64	)		(0.59	)		(0.49	)		(0.52	)
Net asset value, end of the period	$	13.05		$	13.18		$	12.72		$	13.53		$	12.71		$	12.76
Total return(d)		0.66	%(e)		6.54	%		(1.36	)%		11.46	%		3.56	%		11.71	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	383,313		$	256,307		$	232,034		$	275,346		$	137,836		$	123,123
Net expenses		1.49	%(f)		1.54	%(g)		1.54	%		1.57	%		1.62	%		1.65	%
Gross expenses		1.49	%(f)		1.54	%(g)		1.54	%		1.57	%		1.62	%		1.65	%
Net investment income		2.07	%(f)		2.46	%		2.54	%		2.55	%		3.32	%		3.66	%
Portfolio turnover rate		93	%		122	%		107	%		78	%		86	%		87	%

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

(b) 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.

(c) Amount rounds to less than $0.01 per share.

(d) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(e) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

|  64

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class N
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	13.28		$	12.80		$	13.43
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.46			0.32
Net realized and unrealized gain (loss)		(0.04	)		0.52			(0.59	)
Total from Investment Operations		0.16			0.98			(0.27	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.21	)		(0.50	)		(0.36	)
Net realized capital gains		(0.08	)		(0.00	)(b)		—
Total Distributions		(0.29	)		(0.50	)		(0.36	)
Net asset value, end of the period	$	13.15		$	13.28		$	12.80
Total return		1.18	%(c)		7.81	%		(2.02	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,984,897		$	105,514		$	19,247
Net expenses		0.42	%(d)		0.46	%		0.44	%(d)
Gross expenses		0.42	%(d)		0.46	%		0.44	%(d)
Net investment income		3.10	%(d)		3.42	%		3.81	%(d)
Portfolio turnover rate		93	%		122	%		107	%

* 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.

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

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

See accompanying notes to financial statements.

65  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class Y
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	13.27		$	12.80		$	13.61		$	12.78		$	12.82		$	11.97
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.45			0.47			0.46			0.55			0.57
Net realized and unrealized gain (loss)		(0.05	)		0.51			(0.51	)		1.09			0.03	(b)		0.92
Total from Investment Operations		0.15			0.96			(0.04	)		1.55			0.58			1.49
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.49	)		(0.58	)		(0.53	)		(0.62	)		(0.64	)
Net realized capital gains		(0.08	)		(0.00	)(c)		(0.19	)		(0.19	)		—			—
Total Distributions		(0.28	)		(0.49	)		(0.77	)		(0.72	)		(0.62	)		(0.64	)
Net asset value, end of the period	$	13.14		$	13.27		$	12.80		$	13.61		$	12.78		$	12.82
Total return		1.15	%(d)		7.65	%		(0.35	)%		12.54	%		4.65	%		12.85	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,342,891		$	1,310,824		$	627,617		$	634,946		$	143,215		$	69,322
Net expenses		0.49	%(e)		0.54	%(f)		0.54	%		0.58	%		0.62	%		0.65	%
Gross expenses		0.49	%(e)		0.54	%(f)		0.54	%		0.58	%		0.62	%		0.65	%
Net investment income		3.05	%(e)		3.42	%		3.54	%		3.50	%		4.31	%		4.66	%
Portfolio turnover rate		93	%		122	%		107	%		78	%		86	%		87	%

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

(b) 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.

(c) Amount rounds to less than $0.01 per share.

(d) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

|  66

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class A
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	4.49		$	4.59		$	4.60		$	4.46		$	4.91		$	4.49
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.21			0.24			0.24			0.28			0.32
Net realized and unrealized gain (loss)		(0.06	)		0.17			0.03			0.59			(0.42	)		0.42
Total from Investment Operations		0.04			0.38			0.27			0.83			(0.14	)		0.74
LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.22	)		(0.27	)		(0.30	)		(0.31	)		(0.32	)
Net realized capital gains		(0.11	)		(0.26	)		(0.01	)		(0.39	)		—			—
Total Distributions		(0.20	)		(0.48	)		(0.28	)		(0.69	)		(0.31	)		(0.32	)
Net asset value, end of the period	$	4.33		$	4.49		$	4.59		$	4.60		$	4.46		$	4.91
Total return(b)		1.02	%(c)		8.42	%		6.27	%		20.90	%(d)		(3.30	)%		17.05	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	46,044		$	42,630		$	45,791		$	95,876		$	59,907		$	68,011
Net expenses		1.11	%(e)		1.14	%		1.15	%(f)		1.15	%(g)		1.15	%(h)		1.15	%(g)
Gross expenses		1.11	%(e)		1.14	%		1.15	%(f)		1.19	%		1.15	%(h)		1.20	%
Net investment income		4.35	%(e)		4.57	%		5.11	%		5.50	%		5.60	%		6.72	%
Portfolio turnover rate		43	%		59	%		47	%		34	%		67	%		56	%

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

(b) A sales charge for Class A shares is not reflected in total return calculations.

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

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

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

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

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

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

See accompanying notes to financial statements.

67  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class B
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	4.51		$	4.61		$	4.61		$	4.47		$	4.92		$	4.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.18			0.21			0.21			0.25			0.28
Net realized and unrealized gain (loss)		(0.05	)		0.16			0.03			0.58			(0.43	)		0.42
Total from Investment Operations		0.03			0.34			0.24			0.79			(0.18	)		0.70
LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.18	)		(0.23	)		(0.26	)		(0.27	)		(0.28	)
Net realized capital gains		(0.11	)		(0.26	)		(0.01	)		(0.39	)		—			—
Total Distributions		(0.19	)		(0.44	)		(0.24	)		(0.65	)		(0.27	)		(0.28	)
Net asset value, end of the period	$	4.35		$	4.51		$	4.61		$	4.61		$	4.47		$	4.92
Total return(b)		0.59	%(c)		7.51	%		5.66	%		19.93	%(d)		(4.04	)%		16.13	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	60		$	122		$	385		$	560		$	738		$	1,209
Net expenses		1.86	%(e)		1.90	%		1.90	%(f)		1.90	%(g)		1.90	%(f)		1.90	%(g)
Gross expenses		1.86	%(e)		1.90	%		1.90	%(f)		1.94	%		1.90	%(f)		1.94	%
Net investment income		3.61	%(e)		3.88	%		4.37	%		4.79	%		4.90	%		6.00	%
Portfolio turnover rate		43	%		59	%		47	%		34	%		67	%		56	%

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

(b) A contingent deferred sales charge for Class B shares is not reflected in total return calculations.

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

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

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

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

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

See accompanying notes to financial statements.

|  68

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class C
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	4.50		$	4.61		$	4.61		$	4.47		$	4.92		$	4.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.18			0.21			0.21			0.25			0.28
Net realized and unrealized gain (loss)		(0.05	)		0.16			0.04			0.59			(0.43	)		0.43
Total from Investment Operations		0.03			0.34			0.25			0.80			(0.18	)		0.71
LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.19	)		(0.24	)		(0.27	)		(0.27	)		(0.29	)
Net realized capital gains		(0.11	)		(0.26	)		(0.01	)		(0.39	)		—			—
Total Distributions		(0.19	)		(0.45	)		(0.25	)		(0.66	)		(0.27	)		(0.29	)
Net asset value, end of the period	$	4.34		$	4.50		$	4.61		$	4.61		$	4.47		$	4.92
Total return(b)		0.64	%(c)		7.60	%		5.46	%		19.96	%(d)		(4.02	)%		16.15	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	14,606		$	14,555		$	15,233		$	16,863		$	15,790		$	19,312
Net expenses		1.86	%(e)		1.89	%		1.90	%(f)		1.90	%(g)		1.90	%(f)		1.90	%(g)
Gross expenses		1.86	%(e)		1.89	%		1.90	%(f)		1.94	%		1.90	%(f)		1.95	%
Net investment income		3.62	%(e)		3.84	%		4.36	%		4.78	%		4.89	%		5.97	%
Portfolio turnover rate		43	%		59	%		47	%		34	%		67	%		56	%

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

(b) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

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

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

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

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

See accompanying notes to financial statements.

69  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class Y
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	4.48		$	4.59		$	4.59		$	4.46		$	4.90		$	4.49
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.22			0.25			0.26			0.29			0.33
Net realized and unrealized gain (loss)		(0.05	)		0.16			0.04			0.57			(0.41	)		0.41
Total from Investment Operations		0.05			0.38			0.29			0.83			(0.12	)		0.74
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.23	)		(0.28	)		(0.31	)		(0.32	)		(0.33	)
Net realized capital gains		(0.11	)		(0.26	)		(0.01	)		(0.39	)		—			—
Total Distributions		(0.21	)		(0.49	)		(0.29	)		(0.70	)		(0.32	)		(0.33	)
Net asset value, end of the period	$	4.32		$	4.48		$	4.59		$	4.59		$	4.46		$	4.90
Total return		1.15	%(b)		8.72	%		6.56	%		20.93	%(c)		(2.86	)%		17.11	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	147,201		$	125,185		$	108,170		$	110,917		$	38,011		$	69,887
Net expenses		0.86	%(d)		0.89	%		0.90	%(e)		0.90	%(f)		0.90	%(e)		0.90	%(f)
Gross expenses		0.86	%(d)		0.89	%		0.90	%(e)		0.95	%		0.90	%(e)		0.93	%
Net investment income		4.61	%(d)		4.83	%		5.37	%		5.78	%		5.86	%		7.02	%
Portfolio turnover rate		43	%		59	%		47	%		34	%		67	%		56	%

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

(b) Periods less than one year are not annualized.

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

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

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

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

See accompanying notes to financial statements.

|  70

Financial Highlights (continued)

For a share outstanding throughout each period.

	International Bond Fund—Class A
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	9.32		$	9.81		$	10.44		$	10.94		$	11.17		$	10.84
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.12			0.14			0.19			0.25			0.22
Net realized and unrealized gain (loss)		(0.81	)		(0.25	)		(0.41	)		0.62			0.06	(b)		0.48
Total from Investment Operations		(0.76	)		(0.13	)		(0.27	)		0.81			0.31			0.70
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.07	)		(0.18	)		(0.94	)		(0.40	)		(0.29	)
Net realized capital gains		(0.16	)		(0.29	)		(0.18	)		(0.37	)		(0.14	)		(0.08	)
Total Distributions		(0.16	)		(0.36	)		(0.36	)		(1.31	)		(0.54	)		(0.37	)
Net asset value, end of the period	$	8.40		$	9.32		$	9.81		$	10.44		$	10.94		$	11.17
Total return(c)(d)		(8.31	)%(e)		(1.29	)%		(2.62	)%		8.42	%		2.70	%		6.66	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,069		$	3,292		$	8,983		$	11,898		$	10,927		$	18,758
Net expenses(f)		1.05	%(g)		1.06	%(h)		1.05	%		1.09	%(i)(j)		1.10	%		1.10	%
Gross expenses		3.22	%(g)		2.46	%		1.93	%		1.85	%		1.64	%		1.49	%
Net investment income		1.18	%(g)		1.24	%		1.39	%		1.83	%		2.26	%		2.14	%
Portfolio turnover rate		44	%		51	%(k)		107	%		169	%		136	%		128	%

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

(b) 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.

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

(d) A sales charge for Class A shares is not reflected in total return calculations.

(e) Periods less than one year are not annualized.

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

(g) Computed on an annualized basis for periods less than one year.

(h) Includes interest expense from bank overdraft charges of 0.01%. Without this expense the ratio of net expenses would have been 1.05%.

(i) Includes interest expense from bank overdraft charges of less than 0.01%.

(j) Effective July 1, 2012, the expense limit decreased from 1.10% to 1.05%.

(k) The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to a decrease in trade activity due to a reduction in the level of Fund assets.

See accompanying notes to financial statements.

71  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	International Bond Fund—Class C
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	9.17		$	9.73		$	10.37		$	10.87		$	11.11		$	10.82
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.02			0.05			0.06			0.12			0.17			0.15
Net realized and unrealized gain (loss)		(0.80	)		(0.25	)		(0.39	)		0.61			0.05	(b)		0.46
Total from Investment Operations		(0.78	)		(0.20	)		(0.33	)		0.73			0.22			0.61
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.07	)		(0.13	)		(0.86	)		(0.32	)		(0.24	)
Net realized capital gains		(0.16	)		(0.29	)		(0.18	)		(0.37	)		(0.14	)		(0.08	)
Total Distributions		(0.16	)		(0.36	)		(0.31	)		(1.23	)		(0.46	)		(0.32	)
Net asset value, end of the period	$	8.23		$	9.17		$	9.73		$	10.37		$	10.87		$	11.11
Total return(c)(d)		(8.67	)%(e)		(2.11	)%		(3.27	)%		7.64	%		1.87	%		5.86	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,490		$	2,285		$	3,328		$	4,355		$	7,503		$	6,145
Net expenses(f)		1.80	%(g)		1.81	%(h)		1.80	%		1.84	%(i)(j)		1.85	%		1.85	%
Gross expenses		4.00	%(g)		3.26	%		2.68	%		2.61	%		2.40	%		2.24	%
Net investment income		0.43	%(g)		0.50	%		0.65	%		1.13	%		1.52	%		1.40	%
Portfolio turnover rate		44	%		51	%(k)		107	%		169	%		136	%		128	%

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

(b) 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.

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

(d) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(e) Periods less than one year are not annualized.

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

(g) Computed on an annualized basis for periods less than one year.

(h) Includes interest expense from bank overdraft charges of 0.01%. Without this expense the ratio of net expenses would have been 1.80%.

(i) Includes interest expense from bank overdraft charges of less than 0.01%.

(j) Effective July 1, 2012, the expense limit decreased from 1.85% to 1.80%.

(k) The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to a decrease in trade activity due to a reduction in the level of Fund assets.

See accompanying notes to financial statements.

|  72

Financial Highlights (continued)

For a share outstanding throughout each period.

	International Bond Fund—Class Y
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	9.35		$	9.82		$	10.44		$	10.93		$	11.16		$	10.82
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.15			0.16			0.21			0.28			0.25
Net realized and unrealized gain (loss)		(0.81	)		(0.25	)		(0.40	)		0.63			0.06	(b)		0.47
Total from Investment Operations		(0.75	)		(0.10	)		(0.24	)		0.84			0.34			0.72
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.08	)		(0.20	)		(0.96	)		(0.43	)		(0.30	)
Net realized capital gains		(0.16	)		(0.29	)		(0.18	)		(0.37	)		(0.14	)		(0.08	)
Total Distributions		(0.16	)		(0.37	)		(0.38	)		(1.33	)		(0.57	)		(0.38	)
Net asset value, end of the period	$	8.44		$	9.35		$	9.82		$	10.44		$	10.93		$	11.16
Total return(c)		(8.18	)%(d)		(1.05	)%		(2.34	)%		8.68	%		3.06	%		6.92	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,842		$	3,203		$	2,601		$	3,264		$	5,852		$	8,908
Net expenses(e)		0.80	%(f)		0.81	%(g)		0.80	%		0.85	%(h)(i)		0.85	%		0.85	%
Gross expenses		2.94	%(f)		2.33	%		1.68	%		1.60	%		1.36	%		1.23	%
Net investment income		1.42	%(f)		1.52	%		1.64	%		2.05	%		2.47	%		2.41	%
Portfolio turnover rate		44	%		51	%(j)		107	%		169	%		136	%		128	%

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

(b) 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.

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

(d) Periods less than one year 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.

(g) Includes interest expense from bank overdraft charges of 0.01%. Without this expense the ratio of net expenses would have been 0.80%.

(h) Includes interest expense from bank overdraft charges of less than 0.01%. Without this expense the ratio of net expenses would have been 0.84%.

(i) Effective July 1, 2012, the expense limit decreased from 0.85% to 0.80%.

(j) The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to a decrease in trade activity due to a reduction in the level of Fund assets.

See accompanying notes to financial statements.

73  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class A
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	11.61		$	11.68		$	12.04		$	11.87		$	12.02		$	11.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.16			0.13			0.18			0.17			0.20
Net realized and unrealized gain (loss)		0.04			0.01			(0.23	)		0.28			0.03			0.49
Total from Investment Operations		0.12			0.17			(0.10	)		0.46			0.20			0.69
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.24	)		(0.26	)		(0.29	)		(0.26	)		(0.27	)
Net realized capital gains		—			—			(0.00	)(b)		(0.00	)(b)		(0.09	)		—
Paid-in capital		—			—			(0.00	)(b)		—			—			—
Total Distributions		(0.10	)		(0.24	)		(0.26	)		(0.29	)		(0.35	)		(0.27	)
Net asset value, end of the period	$	11.63		$	11.61		$	11.68		$	12.04		$	11.87		$	12.02
Total return(c)		1.05	%(d)		1.44	%		(0.81	)%		3.94	%(e)		1.71	%(e)		6.03	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	328,827		$	314,360		$	355,212		$	357,870		$	293,675		$	164,265
Net expenses		0.78	%(f)		0.80	%(g)		0.87	%(h)		0.85	%(i)		0.85	%(i)		0.89	%(i)
Gross expenses		0.78	%(f)		0.80	%(g)		0.87	%(h)		0.90	%		0.92	%		0.97	%
Net investment income		1.46	%(f)		1.35	%		1.11	%		1.54	%		1.44	%		1.73	%
Portfolio turnover rate		27	%		24	%		39	%		56	%		66	%		89	%

(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.

(c) A sales charge for Class A shares is not reflected in total return calculations.

(d) Periods less than one year are not annualized.

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

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

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

(h) Includes corporate tax expenses of 0.03%. Without this expense the ratio of net expenses would have been 0.84%.

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

See accompanying notes to financial statements.

|  74

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class B
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	11.60		$	11.67		$	12.03		$	11.86		$	12.00		$	11.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.07			0.04			0.10			0.09			0.12
Net realized and unrealized gain (loss)		0.03			0.01			(0.23	)		0.27			0.03			0.47
Total from Investment Operations		0.07			0.08			(0.19	)		0.37			0.12			0.59
LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.15	)		(0.17	)		(0.20	)		(0.17	)		(0.18	)
Net realized capital gains		—			—			(0.00	)(b)		(0.00	)(b)		(0.09	)		—
Paid-in capital		—			—			(0.00	)(b)		—			—			—
Total Distributions		(0.06	)		(0.15	)		(0.17	)		(0.20	)		(0.26	)		(0.18	)
Net asset value, end of the period	$	11.61		$	11.60		$	11.67		$	12.03		$	11.86		$	12.00
Total return(c)		0.59	%(d)		0.69	%		(1.56	)%		3.17	%(e)		1.04	%(e)		5.16	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,377		$	4,203		$	5,930		$	8,370		$	10,976		$	4,049
Net expenses		1.53	%(f)		1.55	%(g)		1.62	%(h)		1.60	%(i)		1.60	%(i)		1.64	%(i)
Gross expenses		1.53	%(f)		1.55	%(g)		1.62	%(h)		1.65	%		1.68	%		1.72	%
Net investment income		0.71	%(f)		0.61	%		0.34	%		0.81	%		0.72	%		1.00	%
Portfolio turnover rate		27	%		24	%		39	%		56	%		66	%		89	%

(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.

(c) A contingent deferred sales charge for Class B shares is not reflected in total return calculations.

(d) Periods less than one year are not annualized.

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

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

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

(h) Includes corporate tax expenses of 0.03%. Without this expense the ratio of net expenses would have been 1.59%.

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

See accompanying notes to financial statements.

75  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class C
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	11.62		$	11.69		$	12.05		$	11.88		$	12.03		$	11.61
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.07			0.04			0.10			0.08			0.12
Net realized and unrealized gain (loss)		0.04			0.01			(0.23	)		0.27			0.03			0.48
Total from Investment Operations		0.08			0.08			(0.19	)		0.37			0.11			0.60
LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.15	)		(0.17	)		(0.20	)		(0.17	)		(0.18	)
Net realized capital gains		—			—			(0.00	)(b)		(0.00	)(b)		(0.09	)		—
Paid-in capital		—			—			(0.00	)(b)		—			—			—
Total Distributions		(0.06	)		(0.15	)		(0.17	)		(0.20	)		(0.26	)		(0.18	)
Net asset value, end of the period	$	11.64		$	11.62		$	11.69		$	12.05		$	11.88		$	12.03
Total return(c)		0.67	%(d)		0.69	%		(1.55	)%		3.17	%(e)		0.96	%(e)		5.24	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	57,829		$	56,936		$	71,963		$	75,522		$	68,776		$	75,984
Net expenses		1.53	%(f)		1.55	%(g)		1.62	%(h)		1.60	%(i)		1.60	%(i)		1.64	%(i)
Gross expenses		1.53	%(f)		1.55	%(g)		1.62	%(h)		1.65	%		1.67	%		1.72	%
Net investment income		0.71	%(f)		0.61	%		0.36	%		0.80	%		0.68	%		0.98	%
Portfolio turnover rate		27	%		24	%		39	%		56	%		66	%		89	%

(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.

(c) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d) Periods less than one year are not annualized.

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

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

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

(h) Includes corporate tax expenses of 0.03%. Without this expense the ratio of net expenses would have been 1.59%.

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

See accompanying notes to financial statements.

|  76

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class Y
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	11.65		$	11.72		$	12.08		$	11.91		$	12.05		$	11.64
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.18			0.16			0.21			0.20			0.23
Net realized and unrealized gain (loss)		0.03			0.02			(0.23	)		0.28			0.04			0.48
Total from Investment Operations		0.13			0.20			(0.07	)		0.49			0.24			0.71
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.27	)		(0.29	)		(0.32	)		(0.29	)		(0.30	)
Net realized capital gains		—			—			(0.00	)(b)		(0.00	)(b)		(0.09	)		—
Paid-in capital		—			—			(0.00	)(b)		—			—			—
Total Distributions		(0.12	)		(0.27	)		(0.29	)		(0.32	)		(0.38	)		(0.30	)
Net asset value, end of the period	$	11.66		$	11.65		$	11.72		$	12.08		$	11.91		$	12.05
Total return		1.09	%(c)		1.70	%		(0.56	)%		4.19	%(d)		2.05	%(d)		6.20	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	371,380		$	330,224		$	252,127		$	220,444		$	130,874		$	95,847
Net expenses		0.53	%(e)		0.55	%(f)		0.62	%(g)		0.60	%(h)		0.60	%(h)		0.63	%(h)
Gross expenses		0.53	%(e)		0.55	%(f)		0.62	%(g)		0.65	%		0.67	%		0.71	%
Net investment income		1.71	%(e)		1.58	%		1.35	%		1.77	%		1.68	%		1.94	%
Portfolio turnover rate		27	%		24	%		39	%		56	%		66	%		89	%

(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.

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

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

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

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

(g) Includes corporate tax expenses of 0.03%. Without this expense the ratio of net expenses would have been 0.59%.

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

See accompanying notes to financial statements.

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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.

Most expenses 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

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of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds 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 Class A, Class B, Class C and Class Y, collectively, and Class N individually, 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 follow the accounting and reporting guidelines provided for investment companies and 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 and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation. 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. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an

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independent pricing service, if available. 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 unlisted 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.

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 net asset value (“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 NAV 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

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cumulative basis. 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 into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates 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 or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statements of Operations, may be characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

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

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

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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.  Futures Contracts.  The Funds may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular 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, a 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

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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 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, 2015.

g.  Delayed Delivery Commitments.  The Funds may purchase securities, including those designated as To Be Announced (“TBAs”) in the Portfolio of Investments, for which delivery or payment will occur at a later date, beyond the normal settlement

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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 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.  The Trusts treat 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, 2015 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

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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 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 amortization, defaulted bond adjustments, paydown gains and losses, return of capital and capital gain distributions received, deferred Trustees’ fees and distribution redesignations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. 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, contingent payment debt instruments, return of capital distributions received and defaulted bond interest. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Fund’s fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. 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, 2014 as follows:

	2014 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Core Plus Bond Fund	$	55,031,227	$	428,711	$	55,459,938
High Income Fund		10,202,315		7,750,939		17,953,254
International Bond Fund		203,566		297,774		501,340
Limited Term Government and Agency Fund		13,729,185		—		13,729,185

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.

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As of September 30, 2014, 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 Agency Fund
Capital loss carryforward:
Short-term:
No expiration date	$	—	$	—	$	—		$	(3,476,934	)
Long-term:
No expiration date		—		—		—			(8,321,892	)
Total capital loss carryforward	$	—	$	—	$	—		$	(11,798,826	)
Late-year ordinary and post-October capital loss deferrals*	$	—	$	—	$	(239,916	)	$	—

* 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.

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, 2015, each Fund, as applicable, 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 to 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. The due to broker balance in the Statement of Assets and Liabilities for Core Plus Bond Fund represents cash received as collateral for delayed delivery securities. The due to broker balance in the Statement of Assets and Liabilities for High Income Fund represents securities received as collateral for forward foreign currency contracts. In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

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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, 2015, none of the Funds had loaned securities under this agreement.

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).

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

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.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2015, at value:

Core Plus Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
ABS Other	$	—	$	34,570,889	$	30,168,835	(b)	$	64,739,724
Airlines		—		3,265,975		1,058,683	(b)		4,324,658
Mortgage Related		—		974,062,919		14,175,132	(b)		988,238,051
Non-Agency Commercial Mortgage-Backed Securities		—		347,868,784		12,295,000	(b)		360,163,784
All Other Bonds and Notes(a)		—		5,059,934,816		—			5,059,934,816
Total Bonds and Notes		—		6,419,703,383		57,697,650			6,477,401,033
Senior Loans(a)		—		88,357,218		—			88,357,218
Preferred Stocks(a)		2,362,357		9,483,489		—			11,845,846
Short-Term Investments		—		903,540,070		—			903,540,070
Total	$	2,362,357	$	7,421,084,160	$	57,697,650		$	7,481,144,167

(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.

|  88

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

High Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	149,659	$	761,810	(b)	$	911,469
Airlines		—		326,506		3,288	(b)		329,794
All Other Non-Convertible Bonds(a)		—		146,112,829		—			146,112,829
Total Non-Convertible Bonds		—		146,588,994		765,098			147,354,092
Convertible Bonds(a)		—		15,279,311		—			15,279,311
Total Bonds and Notes		—		161,868,305		765,098			162,633,403
Senior Loans(a)		—		3,179,466		—			3,179,466
Preferred Stocks
Convertible Preferred Stocks
REITs - Mortgage		—		450,925		—			450,925
All Other Convertible Preferred Stocks(a)		7,429,203		—		—			7,429,203
Total Convertible Preferred Stocks		7,429,203		450,925		—			7,880,128
Non-Convertible Preferred Stocks(a)		3,110,901		—		—			3,110,901
Total Preferred Stocks		10,540,104		450,925		—			10,991,029
Common Stocks(a)		2,771,379		—		—			2,771,379
Warrants(d)		92,299		—		—			92,299
Short-Term Investments		—		25,170,461		—			25,170,461
Total Investments		13,403,782		190,669,157		765,098			204,838,037
Forward Foreign Currency Contracts (unrealized appreciation)		—		204,909		—			204,909
Total	$	13,403,782	$	190,874,066	$	765,098		$	205,042,946

89  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

High Income Fund (continued)

Liability Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(55,833	)	$	—	$	(55,833	)
Futures Contracts (unrealized depreciation)		(75,040	)		—			—		(75,040	)
Total	$	(75,040	)	$	(55,833	)	$	—	$	(130,873	)

(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 $941,666 was transferred from Level 2 to Level 1 during the period ended March 31, 2015. At September 30, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service. At March 31, 2015, this security was valued at the last sale price in accordance with the Fund’s valuation policies.

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

International Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	6,258,149	$	—	$	6,258,149
Preferred Stocks(a)		50,195		—		—		50,195
Total Investments		50,195		6,258,149		—		6,308,344
Forward Foreign Currency Contracts (unrealized appreciation)		—		668		—		668
Futures Contracts (unrealized appreciation)		556		—		—		556
Total	$	50,751	$	6,258,817	$	—	$	6,309,568

Liability Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(17,948	)	$	—	$	(17,948	)

(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, 2015, there were no transfers among Levels 1, 2 and 3.

|  90

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Limited Term Government and Agency Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Agency Commercial Mortgage-Backed Securities	$	—	$	77,667,410	$	14,220,832	(b)	$	91,888,242
Collateralized Mortgage Obligations		—		120,294,056		545,527	(b)		120,839,583
Non-Agency Commercial Mortgage-Backed Securities		—		59,304,604		3,040,000	(b)		62,344,604
All Other Bonds and Notes(a)		—		471,174,953		—			471,174,953
Total Bonds and Notes		—		728,441,023		17,806,359			746,247,382
Short-Term Investments		—		14,717,278		—			14,717,278
Total	$	—	$	743,158,301	$	17,806,359		$	760,964,660

(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 following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2014 and/or March 31, 2015:

Core Plus Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2014		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	12,623,552	$	—	$	(3,208	)	$	(5,467	)	$	19,966,505
Airlines		4,362,720		288		197			(3,215	)		—
Mortgage Related		—		—		—			113,801			14,061,331
Non-Agency Commercial Mortgage-Backed Securities		—		—		—			(15,974	)		12,310,974
Convertible Bonds
Wirelines		265,482		—		(103,458	)		81,425			—
Total	$	17,251,754	$	288	$	(106,469	)	$	170,570		$	46,338,810

91  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Core Plus Bond Fund (continued)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2015
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(2,412,547	)	$	—	$	—		$	30,168,835	$	(5,466	)
Airlines		(37,659	)		—		(3,263,648	)		1,058,683		—
Mortgage Related		—			—		—			14,175,132		113,801
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			12,295,000		(15,974	)
Convertible Bonds
Wirelines		(243,449	)		—		—			—		—
Total	$	(2,693,655	)	$	—	$	(3,263,648	)	$	57,697,650	$	92,361

A debt security valued at $3,263,648 was transferred from Level 3 to Level 2 during the period ended March 31, 2015. At September 30, 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. At March 31, 2015, this security was 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.

|  92

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

High Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2014			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	447,739		$	—	$	—			5,916			310,000
Airlines		4,985			—		266			(377	)		—
Convertible Bonds
Wirelines		5,740		$	—		(1,628	)		1,151		$	—
Total	$	458,464		$	—	$	(1,362	)	$	6,690		$	310,000
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2015			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March  31, 2015
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(1,845	)	$	—	$	—		$	761,810		$	5,916
Airlines		(1,586	)		—		—			3,288			(35	)
Convertible Bonds
Wirelines		(5,263	)		—		—			—			—
Total	$	(8,694	)	$	—	$	—		$	765,098		$	5,881

93  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

International Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2014			Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
United States	$	45,337		$	—	$	1,553	$	(337	)	$	—
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2015			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March  31, 2015
Bonds and Notes
Non-Convertible Bonds
United States	$	(46,553	)	$	—	$	—	$	—		$	—

Limited Term Government and Agency Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2014		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
ABS Car Loan	$	2,694,542	$	—	$	—	$	—		$	—
ABS Home Equity		160,459		—		1,375		1,136			—
Agency Commercial Mortgage-Backed Securities		14,488,062		—		—		(267,230	)		—
Collateralized Mortgage Obligations		604,116		—		4		(154	)		—
Non-Agency Commercial Mortgage-Backed Securities		—		—		—		(3,950	)		3,043,950
Total	$	17,947,179	$	—	$	1,379	$	(270,198	)	$	3,043,950

|  94

Notes to Financial Statements (continued)

March 31, 2015 (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, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March  31, 2015
Bonds and Notes
ABS Car Loan	$	—		$	—	$	(2,694,542	)	$	—	$	—
ABS Home Equity		(162,970	)		—		—			—		—
Agency Commercial Mortgage-Backed Securities		—			—		—			14,220,832		(267,230	)
Collateralized Mortgage Obligations		(58,439	)		—		—			545,527		(92	)
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			3,040,000		(3,950	)
Total	$	(221,409	)	$	—	$	(2,694,542	)	$	17,806,359	$	(271,272	)

A debt security valued at $2,694,542 was transferred from Level 3 to Level 2 during the period ended March 31, 2015. At September 30, 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. At March 31, 2015, this security was 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

95  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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, 2015, 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.

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, 2015, 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, 2015, 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	$	204,909		$	—		$	204,909
Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts1			Total
Over-the-counter asset derivatives
Foreign exchange contracts	$	(55,833	)	$	—		$	(55,833	)
Exchange-traded/cleared asset derivatives
Interest rate contracts		—			(75,040	)		(75,040	)
Total asset derivatives	$	(55,833	)	$	(75,040	)	$	(130,873	)

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.

|  96

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Transactions in derivative instruments for High Income Fund during the six months ended March 31, 2015, as reflected within the Statement of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts			Foreign currency transactions2
Interest rate contracts	$	(411,934	)	$	—
Foreign exchange contracts		—			511,896
Total	$	(411,934	)	$	511,896
Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts			Foreign currency translations2
Interest rate contracts	$	(126,082	)	$	—
Foreign exchange contracts		—			26,991
Total	$	(126,082	)	$	26,991

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, 2015, 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	$	668		$	—	$	668
Exchange-traded/cleared asset derivatives
Interest rate contracts		—			556		556
Total asset derivatives	$	668		$	556	$	1,224
Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts1		Total
Over-the-counter liability derivatives
Foreign exchange contracts	$	(17,948	)	$	—	$	(17,948	)

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.

97  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Transactions in derivative instruments for International Bond Fund during the six months ended March 31, 2015, as reflected within the Statement of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts			Foreign currency transactions2
Interest rate contracts	$	11,860		$	—
Foreign exchange contracts		—			(75,816	)
Total	$	11,860		$	(75,816	)
Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts			Foreign currency translations2
Interest rate contracts	$	(2,088	)	$	—
Foreign exchange contracts		—			2,426
Total	$	(2,088	)	$	2,426

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 forward 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, 2015:

High Income Bond Fund	Forwards			Futures
Average Notional Amount Outstanding		2.61	%		3.45	%
Highest Notional Amount Outstanding		3.64	%		4.11	%
Lowest Notional Amount Outstanding		2.22	%		2.89	%
Notional Amount Outstanding as of March 31, 2015		3.64	%		4.11	%
International Bond Fund	Forwards			Futures
Average Notional Amount Outstanding		25.91	%		8.51	%
Highest Notional Amount Outstanding		39.89	%		10.85	%
Lowest Notional Amount Outstanding		18.48	%		4.35	%
Notional Amount Outstanding as of March 31, 2015		39.89	%		4.35	%

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

|  98

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Unrealized gain and/or loss on open forwards and futures is recorded in the Statements of Assets and Liabilities. The aggregate notional values of forward 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 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 agreement, 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, 2015, gross amounts of over-the-counter derivative assets and liabilities not offset in the Statements of Assets and Liabilities and the related net amounts after taking into account master netting arrangements by counterparty, are as follows:

High Income Fund

Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance		Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	66,112		$	—		$	66,112	$	—		$	66,112
UBS AG		138,797			(55,833	)		82,964		(21,907	)		61,057
	$	204,909		$	(55,833	)	$	149,076	$	(21,907	)	$	127,169
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance		Collateral (Received)/ Pledged			Net Amount
UBS AG	$	(55,833	)	$	55,833		$	—	$	—		$	—

99  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

International Bond Fund
Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A.	$	503		$	(503	)	$	—		$	—	$	—
Credit Suisse International		165			(165	)		—			—		—
	$	668		$	(668	)	$	—		$	—	$	—
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A.	$	(10,503	)	$	503		$	(10,000	)	$	—	$	(10,000	)
Credit Suisse International		(4,814	)		165			(4,649	)		—		(4,649	)
UBS AG		(2,631	)		—			(2,631	)		—		(2,631	)
	$	(17,948	)	$	668		$	(17,280	)	$	—	$	(17,280	)

The actual collateral received or pledged, if any, 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 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. A Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearinghouse, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the

|  100

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Fund. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the applicable Fund would incur if parties to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the applicable Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of March 31, 2015:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
High Income Fund	$	329,890	$	252,150
International Bond Fund		5,670		5,002

These amounts include U.S. government and agency securities received as collateral for High Income Fund of $21,907. U.S. government and agency securities received as collateral are valued in accordance with the Fund’s valuation policies and are recorded on the Statement of Assets and Liabilities.

5.  Purchases and Sales of Securities.  For the six months ended March 31, 2015, 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	$	5,041,679,185	$	3,583,129,519	$	3,477,042,957	$	446,856,165
High Income Fund		30,781,240		36,793,893		54,036,631		41,250,047
International Bond Fund		1,265,471		1,395,383		2,129,309		3,718,604
Limited Term Government and Agency Fund		205,240,194		104,396,676		73,718,632		96,221,634

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, 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	%

101  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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, 2016 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, 2015, 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	%

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.

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

For the six months ended March 31, 2015, the management fees and waivers of management fees for each Fund were as follows:

Fund	Gross Management Fees		Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
							Gross			Net
Core Plus Bond Fund	$	3,726,367	$	—	$	3,726,367		0.167	%		0.167	%
High Income Fund		583,777		—		583,777		0.600	%		0.600	%
International Bond Fund		23,702		23,702		—		0.600	%		—
Limited Term Government and Agency Fund		1,366,821		—		1,366,821		0.367	%		0.367	%

¹  Management fee waivers are subject to possible recovery until September 30, 2016.

In addition, the investment adviser reimbursed non-class-specific expenses of International Bond Fund in the amount of $61,756 for the six months ended March 31, 2015. Expense reimbursements are subject to possible recovery until September 30, 2016.

For the six months ended March 31, 2015, the advisory administration fees for Core Plus Bond Fund were as follows:

Advisory Administration Fee	Percentage of Average Daily Net Assets
$3,726,367		0.167	%

No expenses were recovered for any of the Funds during the six months ended March 31, 2015 under the terms of the expense 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 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

103  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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.

For the six months ended March 31, 2015, 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	$	1,092,879	$	683	$	436,224	$	2,048	$	1,308,670
High Income Fund		54,461		125		18,047		375		54,142
International Bond Fund		3,275		—		2,473		—		7,420
Limited Term Government and Agency Fund		406,233		4,719		74,262		14,155		222,786

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 Trusts, Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0350% of the next $30 billion and 0.0325% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts and Loomis Sayles Funds Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2015, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Core Plus Bond Fund	$	950,393
High Income Fund		41,508
International Bond Fund		1,686
Limited Term Government and Agency Fund		159,010

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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, 2015, 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	$	1,225,185
High Income Fund		77,216
International Bond Fund		2,979
Limited Term Government and Agency Fund		153,306

As of March 31, 2015, 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
Core Plus Bond Fund	$	83,329
High Income Fund		1,786
International Bond Fund		51
Limited Term Government and Agency Fund		3,926

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.

105  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the six months ended March 31, 2015 were as follows:

Fund	Commissions
Core Plus Bond Fund	$	718,945
High Income Fund		40,182
International Bond Fund		813
Limited Term Government and Agency Fund		114,789

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. 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 the annual rate of $17,500. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $5,000. 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 and Loomis Sayles Funds Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts and Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts, 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.

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

g.  Affiliated Ownership.  As of March 31, 2015, Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of the Fund’s net assets:

Fund	Retirement Plan
Core Plus Bond Fund		0.04	%
International Bond Fund		1.69	%
Limited Term Government and Agency Fund		0.14	%

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, 2015, Core Plus Bond Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):

	Class A		Class B		Class C		Class N		Class Y
Transfer Agent Fees and Expenses	$	327,578	$	207	$	130,693	$	656	$	850,993

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.

All other Funds in this report allocate transfer agent fees and expenses on a pro rata basis based on the relative net assets of each class to the total net assets of those classes.

8.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, 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, 2015, none of the Funds had borrowings under this agreement.

Effective April 16, 2015, the committed unsecured line of credit will be reduced to $150,000,000, and the individual limit of $125,000,000 for each Fund will be eliminated. Therefore, any one Fund may borrow up to the full $150,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $150,000,000 limit at any time). In addition, the commitment fee will increase to 0.15% per annum, payable at the end of each calendar quarter.

107  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2015, 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 were 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		1		5.67	%		0.04	%		5.71	%
High Income Fund		3		26.78	%		—			26.78	%
International Bond Fund		—		—			1.69	%		1.69	%
Limited Term Government and Agency Fund		1		12.09	%		0.14	%		12.23	%

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

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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, 2015					Year Ended September 30, 2014
Core Plus Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	42,397,351		$	557,560,679		29,795,175		$	393,768,013
Issued in connection with the reinvestment of distributions	1,067,831			13,938,025		1,003,545			13,146,005
Redeemed	(10,049,112	)		(131,763,728	)	(16,328,796	)		(214,096,387	)
Net change	33,416,070		$	439,734,976		14,469,924		$	192,817,631
Class B
Issued from the sale of shares	84		$	1,093		923		$	12,023
Issued in connection with the reinvestment of distributions	499			6,543		1,536			20,111
Redeemed	(20,231	)		(266,815	)	(43,656	)		(574,001	)
Net change	(19,648	)	$	(259,179	)	(41,197	)	$	(541,867	)
Class C
Issued from the sale of shares	11,831,205		$	156,159,349		7,230,506		$	95,528,924
Issued in connection with the reinvestment of distributions	260,818			3,402,066		260,172			3,405,772
Redeemed	(2,167,924	)		(28,485,830	)	(6,291,404	)		(81,808,202	)
Net change	9,924,099		$	131,075,585		1,199,274		$	17,126,494
Class N
Issued from the sale of shares	150,310,063		$	1,988,495,492		7,101,873		$	95,126,708
Issued in connection with the reinvestment of distributions	1,476,970			19,443,954		119,610			1,591,071
Redeemed	(8,783,684	)		(116,155,265	)	(776,670	)		(10,310,123	)
Net change	143,003,349		$	1,891,784,181		6,444,813		$	86,407,656
Class Y
Issued from the sale of shares	176,486,182		$	2,335,808,229		68,813,227		$	914,578,778
Issued in connection with the reinvestment of distributions	2,991,269			39,335,262		1,861,139			24,597,610
Redeemed	(23,908,836	)		(316,113,957	)	(20,930,186	)		(275,242,381	)
Net change	155,568,615		$	2,059,029,534		49,744,180		$	663,934,007
Increase (decrease) from capital share transactions	341,892,485		$	4,521,365,097		71,816,994		$	959,743,921

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

11.  Capital Shares (continued)

		Six Months Ended March 31, 2015					Year Ended September 30, 2014
High Income Fund		Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares		4,471,426		$	19,435,999		5,133,818		$	23,326,417
Issued in connection with the reinvestment of distributions		387,745			1,651,385		971,866			4,324,321
Redeemed		(3,728,093	)		(16,114,991	)	(6,566,505	)		(29,978,953	)
Net change		1,131,078		$	4,972,393		(460,821	)	$	(2,328,215	)
Class B
Issued from the sale of shares		—		$	—		3,463		$	15,765
Issued in connection with the reinvestment of distributions		744			3,166		4,994			22,266
Redeemed		(13,940	)		(60,518	)	(64,948	)		(299,817	)
Net change		(13,196	)	$	(57,352	)	(56,491	)	$	(261,786	)
Class C
Issued from the sale of shares		391,125		$	1,711,147		504,940		$	2,306,974
Issued in connection with the reinvestment of distributions		116,492			496,058		269,328			1,199,074
Redeemed		(378,778	)		(1,648,638	)	(844,464	)		(3,842,672	)
Net change	��	128,839		$	558,567		(70,196	)	$	(336,624	)
Class Y
Issued from the sale of shares		21,420,170		$	94,380,463		12,451,931		$	56,610,742
Issued in connection with the reinvestment of distributions		1,191,321			5,070,934		1,946,529			8,656,379
Redeemed		(16,488,905	)		(72,108,819	)	(10,009,792	)		(45,183,438	)
Net change		6,122,586		$	27,342,578		4,388,668		$	20,083,683
Increase (decrease) from capital share transactions		7,369,307		$	32,816,186		3,801,160		$	17,157,058

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

11.  Capital Shares (continued)

	Six Months Ended March 31, 2015					Year Ended September 30, 2014
International Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	18,520		$	167,100		251,225		$	2,423,574
Issued in connection with the reinvestment of distributions	3,790			34,115		27,646			261,255
Redeemed	(129,145	)		(1,160,891	)	(840,947	)		(8,207,626	)
Net change	(106,835	)	$	(959,676	)	(562,076	)	$	(5,522,797	)
Class C
Issued from the sale of shares	22,505		$	201,698		35,986		$	344,217
Issued in connection with the reinvestment of distributions	3,204			28,323		8,952			83,701
Redeemed	(93,842	)		(812,758	)	(138,017	)		(1,323,477	)
Net change	(68,133	)	$	(582,737	)	(93,079	)	$	(895,559	)
Class Y
Issued from the sale of shares	122,602		$	1,074,873		312,197		$	3,041,181
Issued in connection with the reinvestment of distributions	4,612			41,693		4,536			42,916
Redeemed	(132,801	)		(1,143,552	)	(239,134	)		(2,319,900	)
Net change	(5,587	)	$	(26,986	)	77,599		$	764,197
Increase (decrease) from capital share transactions	(180,555	)	$	(1,569,399	)	(577,556	)	$	(5,654,159	)

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Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

11.  Capital Shares (continued)

	Six Months Ended March 31, 2015					Year Ended September 30, 2014
Limited Term Government and Agency Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	4,860,877		$	56,497,815		10,352,825		$	120,783,887
Issued in connection with the reinvestment of distributions	203,490			2,365,292		509,189			5,940,640
Redeemed	(3,850,503	)		(44,732,973	)	(14,196,566	)		(165,594,450	)
Net change	1,213,864		$	14,130,134		(3,334,552	)	$	(38,869,923	)
Class B
Issued from the sale of shares	1,262		$	14,638		109,804		$	1,281,761
Issued in connection with the reinvestment of distributions	1,597			18,544		5,851			68,193
Redeemed	(74,403	)		(863,693	)	(261,431	)		(3,046,644	)
Net change	(71,544	)	$	(830,511	)	(145,776	)	$	(1,696,690	)
Class C
Issued from the sale of shares	934,766		$	10,876,643		1,307,714		$	15,266,049
Issued in connection with the reinvestment of distributions	16,039			186,579		43,490			507,877
Redeemed	(879,553	)		(10,225,948	)	(2,606,942	)		(30,440,808	)
Net change	71,252		$	837,274		(1,255,738	)	$	(14,666,882	)
Class Y
Issued from the sale of shares	11,669,849		$	136,135,517		19,913,274		$	232,904,721
Issued in connection with the reinvestment of distributions	181,282			2,113,875		270,399			3,163,665
Redeemed	(8,353,648	)		(97,410,072	)	(13,350,830	)		(156,223,639	)
Net change	3,497,483		$	40,839,320		6,832,843		$	79,844,747
Increase (decrease) from capital share transactions	4,711,055		$	54,976,217		2,096,777		$	24,611,252

12.  Subsequent Event.  On March 13, 2015, the Board of Trustees approved the liquidation of International Bond Fund. It is expected that the sale of the Fund’s assets and the corresponding liquidating distributions to shareholders will be completed on or about May 15, 2015.

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SEMIANNUAL REPORT

March 31, 2015

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 33

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

The Fund seeks high total investment return through a combination of current income and capital appreciation.

1  |

Average Annual Total Returns — March 31, 2015⁴

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 12/31/96)
NAV		-0.24	%		0.81	%		5.76	%		6.52	%		—	%
With 4.50% Maximum Sales Charge		-4.73			-3.76			4.78			6.03			—
Class B (Inception 9/12/03)
NAV		-0.56			0.03			4.97			5.68			—
With CDSC2		-5.40			-4.77			4.65			5.68			—
Class C (Inception 9/12/03)
NAV		-0.62			0.07			4.96			5.72			—
With CDSC2		-1.59			-0.89			4.96			5.72			—
Class N (Inception 2/1/13)
NAV		-0.06			1.19			—			—			2.44
Class Y (Inception 12/31/96)
NAV		-0.12			1.07			6.02			6.81			—
Admin Class (Inception 2/1/10)1
NAV		-0.36			0.58			5.49			6.13			—
Comparative Performance
Barclays U.S. Government/Credit Bond Index3		3.69			5.86			4.75			4.96			2.93

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. It is not possible to invest directly in an index.

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 months ended June 30, 2014 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 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, 2014 through March 31, 2015. 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 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 to 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 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 INVESTMENT GRADE BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2014		ENDING ACCOUNT VALUE 3/31/2015		EXPENSES PAID DURING PERIOD* 10/1/2014 – 3/31/2015
Class A
Actual		$1,000.00		$997.60		$4.13
Hypothetical (5% return before expenses)		$1,000.00		$1,020.79		$4.18
Class B
Actual		$1,000.00		$994.40		$7.86
Hypothetical (5% return before expenses)		$1,000.00		$1,017.05		$7.95
Class C
Actual		$1,000.00		$993.80		$7.85
Hypothetical (5% return before expenses)		$1,000.00		$1,017.05		$7.95
Class N
Actual		$1,000.00		$999.40		$2.34
Hypothetical (5% return before expenses)		$1,000.00		$1,022.59		$2.37
Class Y
Actual		$1,000.00		$998.80		$2.89
Hypothetical (5% return before expenses)		$1,000.00		$1,022.04		$2.92
Admin Class
Actual		$1,000.00		$996.40		$5.38
Hypothetical (5% return before expenses)		$1,000.00		$1,019.55		$5.44

* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 0.83%, 1.58%, 1.58%, 0.47%, 0.58% and 1.08% 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, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 93.1% of Net Assets
	Non-Convertible Bonds — 88.1%
		ABS Car Loan — 0.3%
$	7,227,667	Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class B, 6.740%, 5/20/2016, 144A	$	7,261,022
	20,999,250	Avis Budget Rental Car Funding AESOP LLC, Series 2010-5A, Class B, 5.110%, 3/20/2017, 144A		21,567,595
				28,828,617
		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		2,349,132
		ABS Other — 2.3%
	871,208	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		878,293
	57,694,000	Crown Castle Towers LLC, 6.113%, 1/15/2040, 144A		65,816,161
	2,565,023	Diamond Resorts Owner Trust, Series 2011-1, Class A, 4.000%, 3/20/2023, 144A		2,597,791
	57,491,428	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(b)		57,209,720
	40,265,000	John Deere Owner Trust, Series 2015-A, Class A3, 1.320%, 6/17/2019		40,413,699
	11,600,000	John Deere Owner Trust, Series 2015-A, Class A4, 1.650%, 12/15/2021		11,669,994
	3,339,834	SVO VOI Mortgage Corp., Series 2009-BA, Class NT, 5.810%, 12/20/2028, 144A		3,352,005
	35,326,672	Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A		41,466,589
	12,458,703	Trinity Rail Leasing LP, Series 2010-1A, Class A, 5.194%, 10/16/2040, 144A		13,349,786
	3,329,193	Trinity Rail Leasing LP, Series 2012-1A, Class A1, 2.266%, 1/15/2043, 144A		3,284,545
	7,478,265	Trip Rail Master Funding LLC, Series 2011-1A, Class A1A, 4.370%, 7/15/2041, 144A		7,787,806
				247,826,389
		Aerospace & Defense — 1.0%
	2,100,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		2,005,500
	78,795,000	Textron, Inc., 5.950%, 9/21/2021		92,145,000
	11,040,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		19,229,793
				113,380,293
		Airlines — 2.5%
	4,814,356	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		5,031,002
	11,085,144	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		11,552,604
	18,340,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		19,348,700
	15,940	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		15,940
	260,361	Continental Airlines Pass Through Trust, Series 1998-1, Class A, 6.648%, 3/15/2019		271,426
	661,290	Continental Airlines Pass Through Trust, Series 1999-1, Class A, 6.545%, 8/02/2020		725,303
	7,579,781	Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022		8,574,248
	1,367,257	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		1,524,491

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	3,040,289	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022	$	3,253,109
	49,497,855	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		55,746,959
	10,779,650	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		11,575,188
	20,985,469	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		22,716,770
	16,758,812	Continental Airlines Pass Through Trust, Series 2009-2, Class A, 7.250%, 5/10/2021		19,398,325
	2,599,031	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		2,774,465
	1,526,122	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		1,791,362
	10,091,562	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		11,706,212
	22,944,536	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		26,500,939
	2,143,678	Delta Air Lines Pass Through Trust, Series 2009-1, Series B, 9.750%, 6/17/2018		2,390,201
	13,892,061	Delta Air Lines Pass Through Trust, Series 2010-1, Class A, 6.200%, 1/02/2020		15,281,267
	4,525,842	Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 5/01/2019		5,088,405
	19,589,422	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		21,156,576
	318,071	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		347,111
	14,171,371	US Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		16,757,647
	8,993,436	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		9,622,977
	2,594,336	Virgin Australia Pass Through Trust, Series 2013-1A, 5.000%, 4/23/2025, 144A		2,726,207
				275,877,434
		Automotive — 1.0%
	23,581,000	Cummins, Inc., 5.650%, 3/01/2098		27,711,872
	5,274,000	Cummins, Inc., 6.750%, 2/15/2027		6,818,733
	2,680,000	Ford Motor Co., 6.375%, 2/01/2029		3,312,011
	125,000	Ford Motor Co., 6.500%, 8/01/2018		142,694
	255,000	Ford Motor Co., 6.625%, 2/15/2028		319,148
	5,074,000	Ford Motor Co., 6.625%, 10/01/2028		6,520,065
	3,243,000	Ford Motor Co., 7.400%, 11/01/2046		4,799,124
	4,569,000	Ford Motor Co., 7.450%, 7/16/2031		6,307,916
	240,000	Ford Motor Co., 7.500%, 8/01/2026		317,422
	5,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		5,452,335
	40,126,000	Ford Motor Credit Co. LLC, 6.625%, 8/15/2017		44,562,491
	2,370,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,559,600
				108,823,411
		Banking — 14.1%
	22,547,000	AgriBank FCB, 9.125%, 7/15/2019, 144A		28,774,459
	1,468,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,908,400
	7,200,000	American Express Centurion Bank, Series BKN1, 6.000%, 9/13/2017		7,989,768
	35,878,000	Associates Corp. of North America, 6.950%, 11/01/2018		41,783,698
	11,400,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		3,357,616
	11,641,000	Bank of America Corp., 2.600%, 1/15/2019		11,848,117
	3,590,000	Bank of America Corp., 5.420%, 3/15/2017		3,834,447
	3,132,000	Bank of America Corp., EMTN, 4.625%, 9/14/2018, (EUR)		3,780,225

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	16,757,000	Bank of America Corp., MTN, 3.300%, 1/11/2023	$	16,975,495
	100,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		103,234
	11,000,000	Bank of America Corp., MTN, 5.000%, 5/13/2021		12,416,580
	2,393,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		2,888,317
	17,249,000	Bank of America NA, 5.300%, 3/15/2017		18,421,794
	1,056,000	Barclays Bank PLC, 6.050%, 12/04/2017, 144A		1,162,369
	7,110,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		6,452,864
	2,173,000	Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		2,366,677
	370,000	BNP Paribas/Australia, 7.000%, 5/24/2016, (AUD)		295,522
	8,994,000	Capital One Financial Corp., 6.150%, 9/01/2016		9,582,684
	56,000,000	Citigroup, Inc., 2.500%, 9/26/2018		57,097,600
	17,000,000	Citigroup, Inc., 3.500%, 5/15/2023		16,952,927
	1,660,000	Citigroup, Inc., 4.500%, 1/14/2022		1,832,806
	22,960,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		17,632,395
	2,700,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(b)		2,397,800
	2,740,000	Citigroup, Inc., 5.875%, 2/22/2033		3,188,738
	5,445,000	Citigroup, Inc., 6.125%, 5/15/2018		6,128,358
	8,705,000	Citigroup, Inc., 6.125%, 8/25/2036		10,541,755
	44,910,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		34,973,464
	2,398,000	Citigroup, Inc., EMTN, 1.312%, 11/30/2017, (EUR)(c)		2,576,996
	4,750,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 1.700%, 3/19/2018		4,791,923
	21,855,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.875%, 2/08/2022		23,520,067
	5,265,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.950%, 11/09/2022		5,450,339
	86,800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		71,715,283
	1,174,000	Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		1,468,053
	112,330,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		147,495,243
	6,645,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		7,540,454
	4,467,000	HBOS PLC, 6.000%, 11/01/2033, 144A		5,278,971
	1,000,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		1,118,834
	700,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		728,000
	70,245,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		72,822,851
	36,745,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		27,556,978
	2,950,000	JPMorgan Chase & Co., EMTN, 1.063%, 5/30/2017, (GBP)(c)		4,332,270
	16,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		1,187,365
	100,000	Keybank NA, 6.950%, 2/01/2028		133,133
	9,787,000	Lloyds Bank PLC, EMTN, 4.570%, 10/13/2015, (CAD)		7,853,864
	81,622,000	Lloyds Bank PLC, MTN, 6.500%, 9/14/2020, 144A		95,894,994
	6,479,000	Merrill Lynch & Co., Inc., 5.700%, 5/02/2017		6,980,462
	103,309,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		125,798,440
	40,126,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		49,148,933
	78,200,000	Morgan Stanley, 2.125%, 4/25/2018		79,058,871
	4,250,000	Morgan Stanley, 3.450%, 11/02/2015		4,315,667
	1,845,000	Morgan Stanley, 4.350%, 9/08/2026		1,934,047

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
	30,000,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)	$	23,934,303
	1,455,000	Morgan Stanley, 4.875%, 11/01/2022		1,589,096
	56,867,000	Morgan Stanley, 5.500%, 7/24/2020		65,224,288
	5,900,000	Morgan Stanley, 5.750%, 1/25/2021		6,887,265
	151,076,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		120,349,365
	60,800,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		50,872,376
	550,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		883,639
	24,100,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		19,126,304
	10,695,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		11,130,404
	3,800,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		2,912,790
	38,206,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		43,488,820
	5,187,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		5,899,445
	9,400,000	Morgan Stanley, Series F, MTN, 0.707%, 10/18/2016(c)		9,388,570
	2,239,000	Morgan Stanley, Series G & H, GMTN, 5.125%, 11/30/2015, (GBP)		3,406,492
	2,875,000	National City Bank of Indiana, 4.250%, 7/01/2018		3,091,332
	8,638,000	National City Corp., 6.875%, 5/15/2019		10,192,140
	35,900,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		40,426,846
	5,250,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		5,938,608
	6,150,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		7,591,165
	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)		1,829,783
	700,000	Santander Central Hispano Issuances Ltd., 7.250%, 11/01/2015		722,755
	16,175,000	Santander Holdings USA, Inc., 4.625%, 4/19/2016		16,752,205
	1,800,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		1,880,726
	3,300,000	Standard Chartered Bank, 6.400%, 9/26/2017, 144A		3,635,032
				1,530,543,896
		Brokerage — 0.9%
	50,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		52,180,461
	19,498,000	Jefferies Group LLC, 6.250%, 1/15/2036		19,483,376
	8,760,000	Jefferies Group LLC, 6.450%, 6/08/2027		9,460,800
	1,693,000	Jefferies Group LLC, 6.875%, 4/15/2021		1,914,309
	16,875,000	Jefferies Group LLC, 8.500%, 7/15/2019		20,182,669
				103,221,615
		Building Materials — 1.1%
	6,640,000	Masco Corp., 4.800%, 6/15/2015		6,693,578
	10,942,000	Masco Corp., 5.850%, 3/15/2017		11,680,585
	6,616,000	Masco Corp., 6.125%, 10/03/2016		7,050,010
	6,058,000	Masco Corp., 6.500%, 8/15/2032		6,482,060
	28,539,000	Masco Corp., 7.125%, 3/15/2020		33,461,978
	5,725,000	Masco Corp., 7.750%, 8/01/2029		6,641,000
	9,300,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		2,156,319
	284,000	Owens Corning, 6.500%, 12/01/2016		305,347
	41,379,000	Owens Corning, 7.000%, 12/01/2036		50,687,330
				125,158,207

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Cable Satellite — 1.0%
	17,832,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)	$	16,272,870
	13,630,000	Time Warner Cable, Inc., 4.125%, 2/15/2021		14,658,888
	4,101,000	Time Warner Cable, Inc., 5.850%, 5/01/2017		4,460,559
	64,548,000	Time Warner Cable, Inc., 6.750%, 7/01/2018		74,164,297
				109,556,614
		Chemicals — 0.5%
	50,500,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		50,184,375
		Construction Machinery — 0.1%
	6,787,000	Toro Co., 6.625%, 5/01/2037(b)		8,198,160
	400,000	United Rentals North America, Inc., 8.375%, 9/15/2020		430,120
				8,628,280
		Consumer Products — 0.1%
	7,458,000	Hasbro, Inc., 6.600%, 7/15/2028		8,697,042
	6,170,000	Newell Rubbermaid, Inc., 4.000%, 12/01/2024		6,501,718
				15,198,760
		Diversified Manufacturing — 0.1%
	1,395,000	Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 8/15/2018		1,621,011
	11,754,000	Snap-on, Inc., 6.700%, 3/01/2019		13,740,003
				15,361,014
		Electric — 2.3%
	30,799,011	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		36,616,298
	9,643,063	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034		10,150,867
	9,066,000	Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017		9,713,476
	30,430,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		31,495,050
	12,285,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		13,059,692
	3,200,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		3,480,064
	4,491,000	Endesa S.A., 7.875%, 2/01/2027		5,927,738
	40,453,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		49,108,890
	9,007,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		11,734,320
	7,921,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		14,751,340
	5,386,008	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A(b)		5,965,543
	50,026,000	Southwestern Electric Power Co., 6.450%, 1/15/2019		58,322,612
				250,325,890
		Finance Companies — 5.0%
	66,384,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		75,547,714
	3,500,000	GE Capital Australia Funding Pty Ltd., 7.000%, 10/08/2015, (AUD)		2,726,525
	1,874,000	GE Capital Australia Funding Pty Ltd., MTN, 6.000%, 3/15/2019, (AUD)		1,587,349
	35,580,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		26,769,520
	14,225,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		11,074,306
	51,370,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		39,497,955
	5,882,000	General Electric Capital Corp., Series A, MTN, 0.553%, 5/13/2024(c)		5,513,999
	26,931,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		20,393,878
	210,000	International Lease Finance Corp., 3.875%, 4/15/2018		213,150
	18,830,000	International Lease Finance Corp., 4.625%, 4/15/2021		19,489,050

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Finance Companies — continued
$	27,395,000	International Lease Finance Corp., 5.875%, 4/01/2019	$	29,723,575
	3,063,000	International Lease Finance Corp., 5.875%, 8/15/2022		3,399,930
	12,465,000	International Lease Finance Corp., 6.250%, 5/15/2019		13,618,013
	60,419,000	International Lease Finance Corp., 7.125%, 9/01/2018, 144A		67,820,328
	90,196,000	Navient LLC, 5.500%, 1/25/2023		85,911,690
	62,425(††)	Navient LLC, 6.000%, 12/15/2043		1,394,210
	2,270,000	Navient LLC, MTN, 4.625%, 9/25/2017		2,304,050
	8,895,000	Navient LLC, MTN, 7.250%, 1/25/2022		9,384,225
	641,000	Navient LLC, MTN, 8.000%, 3/25/2020		711,574
	15,792,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		15,792,000
	19,496,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033		15,962,350
	19,727,000	Springleaf Finance Corp., 5.250%, 12/15/2019		19,505,071
	48,535,000	Springleaf Finance Corp., 7.750%, 10/01/2021		53,145,825
	19,414,000	Springleaf Finance Corp., 8.250%, 10/01/2023		21,840,750
				543,327,037
		Government Guaranteed — 0.4%
	12,910,000	Instituto de Credito Oficial, EMTN, 4.530%, 3/17/2016, (CAD)		10,426,159
	4,000,000	Japan Bank for International Cooperation (Japan), 2.300%, 3/19/2018, (CAD)		3,264,996
	31,142,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		25,125,552
				38,816,707
		Government Owned – No Guarantee — 1.2%
	3,720,000	Abu Dhabi National Energy Co. PJSC, 6.500%, 10/27/2036, 144A		4,729,050
	36,975,000	Abu Dhabi National Energy Co. PJSC, 7.250%, 8/01/2018, 144A		42,898,025
	55,150,000	DP World Ltd., 6.850%, 7/02/2037, 144A		62,434,763
	12,575,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		13,518,125
	7,565,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		6,126,894
	1,000,000	Telekom Malaysia Berhad, 7.875%, 8/01/2025, 144A		1,347,230
				131,054,087
		Health Insurance — 0.0%
	1,569,000	CIGNA Corp., 7.875%, 5/15/2027		2,179,372
	1,174,000	CIGNA Corp., (Step to 8.080% on 1/15/2023), 8.300%, 1/15/2033(d)		1,702,300
				3,881,672
		Healthcare — 1.8%
	7,692,000	Boston Scientific Corp., 6.000%, 1/15/2020		8,853,577
	7,374,000	Covidien International Finance S.A., 6.000%, 10/15/2017		8,223,573
	9,459,000	Express Scripts, Inc., 7.250%, 6/15/2019		11,331,182
	6,440,000	HCA, Inc., 4.750%, 5/01/2023		6,681,500
	73,785,000	HCA, Inc., 5.250%, 4/15/2025		79,687,800
	1,055,000	HCA, Inc., 5.375%, 2/01/2025		1,106,431
	802,000	HCA, Inc., 5.875%, 3/15/2022		887,966
	52,905,000	HCA, Inc., 5.875%, 5/01/2023		57,137,400
	2,936,000	HCA, Inc., 7.050%, 12/01/2027		3,126,840
	4,119,000	HCA, Inc., 7.500%, 12/15/2023		4,680,214
	1,282,000	HCA, Inc., 7.500%, 11/06/2033		1,384,560
	3,807,000	HCA, Inc., 7.690%, 6/15/2025		4,301,910

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	4,164,000	HCA, Inc., 8.360%, 4/15/2024	$	4,913,520
	1,199,000	HCA, Inc., MTN, 7.580%, 9/15/2025		1,342,880
	3,068,000	HCA, Inc., MTN, 7.750%, 7/15/2036		3,328,780
	2,200,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		2,035,000
				199,023,133
		Home Construction — 0.1%
	9,200,000	Pulte Group, Inc., 6.000%, 2/15/2035		9,154,000
	3,567,000	Pulte Group, Inc., 6.375%, 5/15/2033		3,691,845
				12,845,845
		Independent Energy — 0.9%
	8,105,000	Continental Resources, Inc., 3.800%, 6/01/2024		7,470,703
	610,000	Continental Resources, Inc., 4.500%, 4/15/2023		592,024
	9,787,000	EQT Corp., 8.125%, 6/01/2019		11,691,775
	60,038,000	Equitable Resources, Inc., 6.500%, 4/01/2018		67,014,836
	7,240,000	Newfield Exploration Co., 5.625%, 7/01/2024		7,529,600
				94,298,938
		Integrated Energy — 0.1%
	7,700,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		8,461,900
		Life Insurance — 1.2%
	3,920,000	American International Group, Inc., 4.125%, 2/15/2024		4,243,502
	1,475,000	American International Group, Inc., 4.875%, 6/01/2022		1,676,270
	1,515,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		1,692,464
	600,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(e)		983,494
	5,900,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		7,387,180
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		17,621,505
	9,063,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		12,152,024
	26,914,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		43,642,316
	6,440,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		7,473,021
	2,872,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		3,780,095
	14,489,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		21,644,668
	4,732,000	Unum Group, 7.125%, 9/30/2016		5,129,885
				127,426,424
		Local Authorities — 1.9%
	7,448,000	Manitoba (Province of), GMTN, 6.375%, 9/01/2015, (NZD)		5,624,651
	37,829,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		30,398,411
	152,895,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		129,447,876
	17,930,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		14,583,243
	6,166	Province of Alberta, 5.930%, 9/16/2016, (CAD)		5,106
	489,000	Province of Nova Scotia, 6.600%, 6/01/2027, (CAD)		558,589
	29,791,000	Province of Quebec, Canada, Series QC, 6.750%, 11/09/2015, (NZD)		22,641,190
				203,259,066

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Lodging — 0.5%
$	52,516,000	Choice Hotels International, Inc., 5.700%, 8/28/2020	$	57,124,279
	100,000	Wyndham Worldwide Corp., 6.000%, 12/01/2016		106,784
				57,231,063
		Media Entertainment — 0.4%
	4,482,000	21st Century Fox America, Inc., 8.150%, 10/17/2036		6,679,543
	358,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		20,459,218
	5,000,000	iHeartCommunications, Inc., 9.000%, 3/01/2021		4,787,500
	1,805,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		1,917,812
	4,445,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		5,085,080
	3,616,000	Viacom, Inc., 6.125%, 10/05/2017		4,003,802
				42,932,955
		Metals & Mining — 2.3%
	1,577,631	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(f)		1,057,013
	15,000,000	Alcoa, Inc., 5.400%, 4/15/2021		16,330,485
	15,060,000	Alcoa, Inc., 5.870%, 2/23/2022		16,701,133
	45,700,000	Alcoa, Inc., 5.900%, 2/01/2027		50,324,383
	5,505,000	Alcoa, Inc., 5.950%, 2/01/2037		5,778,692
	5,804,000	Alcoa, Inc., 6.750%, 1/15/2028		6,672,609
	430,000	ArcelorMittal, 6.250%, 3/01/2021		456,875
	4,085,000	ArcelorMittal, 7.000%, 2/25/2022		4,473,075
	47,920,000	ArcelorMittal, 7.500%, 3/01/2041		49,836,800
	19,365,000	ArcelorMittal, 7.750%, 10/15/2039		20,333,250
	20,625,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		19,980,469
	15,701,000	Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc., 6.500%, 11/15/2020		16,662,686
	4,612,000	United States Steel Corp., 6.650%, 6/01/2037		4,012,440
	31,210,000	United States Steel Corp., 7.000%, 2/01/2018		32,614,450
	3,655,000	Vale Overseas Ltd., 6.875%, 11/21/2036		3,535,116
	4,893,000	Worthington Industries, Inc., 6.500%, 4/15/2020		5,601,663
				254,371,139
		Midstream — 2.5%
	650,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		601,747
	525,000	Energy Transfer Partners LP, 4.150%, 10/01/2020		551,153
	3,328,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		3,976,318
	14,300,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		15,717,545
	14,660,000	Kinder Morgan Energy Partners LP, 3.500%, 9/01/2023		14,372,444
	3,105,000	Kinder Morgan Energy Partners LP, 5.300%, 9/15/2020		3,417,621
	7,461,000	Kinder Morgan Energy Partners LP, 5.800%, 3/01/2021		8,408,972
	303,000	Kinder Morgan Finance Co. LLC, 5.700%, 1/05/2016		313,014
	8,715,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		8,682,319
	85,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		90,206
	1,745,000	NiSource Finance Corp., 6.125%, 3/01/2022		2,095,666
	22,365,000	NiSource Finance Corp., 6.400%, 3/15/2018		25,421,043
	21,614,000	NiSource Finance Corp., 6.800%, 1/15/2019		25,433,842
	46,655,000	ONEOK Partners LP, 4.900%, 3/15/2025		47,206,602
	9,899,000	Panhandle Eastern Pipeline Co., 6.200%, 11/01/2017		11,027,664
	47,594,000	Panhandle Eastern Pipeline Co., 7.000%, 6/15/2018		54,109,714

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Midstream — continued
$	1,404,000	Panhandle Eastern Pipeline Co., 8.125%, 6/01/2019	$	1,706,453
	1,880,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		2,030,242
	15,683,000	Plains All American Pipeline LP/PAA Finance Corp., 6.500%, 5/01/2018		17,796,833
	4,125,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		4,434,755
	19,574,000	Texas Eastern Transmission LP, 6.000%, 9/15/2017, 144A		21,534,336
	8,405,000	Williams Partners LP, 3.350%, 8/15/2022		8,122,348
				277,050,837
		Mortgage Related — 0.0%
	30,158	FHLMC, 5.000%, 12/01/2031		33,553
	5,069	FNMA, 6.000%, 7/01/2029		5,837
				39,390
		Non-Agency Commercial Mortgage-Backed Securities — 2.2%
	11,450,000	CDGJ Commercial Mortgage Trust Pass Through Certificates, Series 2014-BXCH, 2.675%, 12/15/2027, 144A(c)		11,466,019
	2,102,387	Column Canada Issuer Corp., Series 2006-WEM, Class A1, 4.591%, 1/15/2022, (CAD)		1,687,188
	3,514,000	Column Canada Issuer Corp., Series 2006-WEM, Class A2, 4.934%, 1/15/2022, (CAD)		2,899,040
	9,785,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV3, 3.122%, 10/15/2031, 144A(b)(c)		9,793,904
	8,515,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV4, 4.322%, 10/15/2031, 144A(b)(c)		8,538,161
	45,789,070	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.704%, 6/15/2039(c)		48,989,771
	23,914,111	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.903%, 9/15/2039(c)		25,610,171
	6,711,090	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040(c)		7,207,496
	69,500,000	Extended Stay America Trust, Series 2013, Class 7-ESH7, 3.902%, 12/05/2031, 144A		71,516,751
	10,268,441	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		8,213,618
	27,000,000	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)		22,004,824
	9,786,870	Morgan Stanley Re-REMIC Trust, Series 2009-GG10, Class A4B, 5.796%, 8/12/2045, 144A(c)		10,499,570
	6,851,000	Vornado DP LLC, Series 2010-VNO, Class D, 6.356%, 9/13/2028, 144A		8,046,410
	2,125,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.553%, 3/15/2044, 144A(c)		2,323,139
				238,796,062
		Oil Field Services — 0.3%
	5,000,000	Nabors Industries, Inc., 5.100%, 9/15/2023		4,788,325
	23,338,000	Rowan Cos., Inc., 7.875%, 8/01/2019		26,026,561
	587,000	Transocean Ltd., 7.375%, 4/15/2018		570,857
				31,385,743

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Paper — 1.1%
$	4,365,000	Celulosa Arauco y Constitucion S.A., 7.250%, 7/29/2019	$	5,120,673
	23,225,000	Georgia-Pacific LLC, 5.400%, 11/01/2020, 144A		26,496,265
	644,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		908,369
	1,031,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		1,556,485
	7,049,000	International Paper Co., 8.700%, 6/15/2038		10,529,669
	5,270,000	Mead Corp. (The), 7.550%, 3/01/2047(b)		6,762,649
	5,068,000	Westvaco Corp., 8.200%, 1/15/2030		7,157,739
	26,007,000	Weyerhaeuser Co., 6.875%, 12/15/2033		33,299,493
	7,374,000	Weyerhaeuser Co., 7.375%, 10/01/2019		8,826,995
	13,539,000	Weyerhaeuser Co., 7.375%, 3/15/2032		18,189,619
				118,847,956
		Property & Casualty Insurance — 0.4%
	2,740,000	Fidelity National Financial, Inc., 5.500%, 9/01/2022		2,990,132
	9,038,000	Liberty Mutual Group, Inc., 6.500%, 3/15/2035, 144A		11,347,851
	4,245,000	Loews Corp., 2.625%, 5/15/2023		4,144,818
	1,889,000	MBIA Insurance Corp., 11.513%, 1/15/2033, 144A(c)(g)		1,024,782
	6,555,000	Old Republic International Corp., 4.875%, 10/01/2024		6,959,116
	7,609,000	Sirius International Group, 6.375%, 3/20/2017, 144A		8,222,407
	2,212,000	XLIT Ltd., 6.250%, 5/15/2027		2,756,125
	1,463,000	XLIT Ltd., 6.375%, 11/15/2024		1,802,393
				39,247,624
		Railroads — 0.1%
	9,787,000	Canadian Pacific Railway Co., 7.250%, 5/15/2019		11,750,840
	237,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2030(b)		234,098
	1,701,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(b)		1,658,040
	191,000	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(b)		190,507
				13,833,485
		Real Estate Operations/Development — 0.3%
	10,276,000	First Industrial LP, 5.950%, 5/15/2017		11,120,009
	18,869,000	ProLogis LP, 7.375%, 10/30/2019		22,731,654
				33,851,663
		REITs – Apartments — 0.3%
	12,243,000	Camden Property Trust, 5.000%, 6/15/2015		12,347,666
	16,491,000	Camden Property Trust, 5.700%, 5/15/2017		17,932,445
				30,280,111
		REITs – Diversified — 0.2%
	4,140,000	Duke Realty LP, 5.950%, 2/15/2017		4,473,046
	19,574,000	Duke Realty LP, 6.500%, 1/15/2018		21,993,386
				26,466,432
		REITs – Health Care — 0.1%
	5,972,000	Health Care REIT, Inc., 6.500%, 3/15/2041		7,857,575

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		REITs – Office Property — 0.3%
$	20,817,000	Highwoods Properties, Inc., 5.850%, 3/15/2017	$	22,462,854
	11,306,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		13,067,023
				35,529,877
		REITs – Shopping Centers — 0.1%
	4,893,000	Equity One, Inc., 6.000%, 9/15/2017		5,347,736
		REITs – Single Tenant — 0.3%
	8,690,000	Realty Income Corp., 5.750%, 1/15/2021		10,008,316
	22,701,000	Realty Income Corp., 6.750%, 8/15/2019		26,720,394
				36,728,710
		Restaurants — 0.1%
	10,320,000	Darden Restaurants, Inc., 6.000%, 8/15/2035		10,857,641
		Retailers — 0.3%
	1,696,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		1,602,720
	5,979,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		4,334,775
	5,446,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,839,430
	10,467,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		12,893,963
	8,064,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		10,174,123
	3,755,000	Phillips-Van Heusen Corp., 7.750%, 11/15/2023		4,647,631
				37,492,642
		Sovereigns — 0.4%
	33,600,000	Republic of Iceland, 5.875%, 5/11/2022, 144A		38,803,094
		Supermarkets — 0.6%
	23,950,000	Albertsons Holdings LLC/Saturn Acquisition Merger Sub, Inc., 7.750%, 10/15/2022, 144A		25,626,500
	1,120,000	Delhaize Group S.A., 5.700%, 10/01/2040		1,237,708
	3,269,000	Kroger Co. (The), 6.400%, 8/15/2017		3,644,932
	6,595,000	New Albertson’s, Inc., 7.450%, 8/01/2029		6,034,425
	7,875,000	New Albertson’s, Inc., 8.000%, 5/01/2031		7,481,250
	989,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		818,397
	17,290,000	SUPERVALU, Inc., 6.750%, 6/01/2021		17,808,700
				62,651,912
		Supranational — 0.3%
	9,640,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		8,627,034
	12,982,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		10,283,886
	58,420,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		17,501,014
				36,411,934
		Technology — 1.4%
	4,600,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		4,646,000
	1,028,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		1,157,704
	1,507,000	Avnet, Inc., 6.625%, 9/15/2016		1,614,942
	7,487,000	Corning, Inc., 7.250%, 8/15/2036		9,740,242
	7,051,000	Equifax, Inc., 7.000%, 7/01/2037		9,123,860
	70,969,000	Ingram Micro, Inc., 5.250%, 9/01/2017		76,308,920
	7,795,000	Intuit, Inc., 5.750%, 3/15/2017		8,445,485

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Technology — continued
$	16,735,000	KLA-Tencor Corp., 5.650%, 11/01/2034	$	18,181,155
	1,502,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		1,720,472
	1,833,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		2,368,337
	5,603,000	Tyco Electronics Group S.A., 6.550%, 10/01/2017		6,281,680
	561,000	Xerox Corp., 6.350%, 5/15/2018		633,564
	7,110,000	Xerox Corp., 6.750%, 2/01/2017		7,776,072
				147,998,433
		Transportation Services — 0.8%
	8,436,000	Erac USA Finance Co., 6.375%, 10/15/2017, 144A		9,452,656
	2,824,000	Erac USA Finance Co., 6.700%, 6/01/2034, 144A		3,627,174
	51,504,000	Erac USA Finance Co., 7.000%, 10/15/2037, 144A		69,451,290
				82,531,120
		Treasuries — 28.1%
	312,405,000	Canadian Government, 1.000%, 8/01/2016, (CAD)		248,207,259
	209,501,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		169,474,904
	61,795,000	Canadian Government, 1.750%, 9/01/2019, (CAD)		51,069,978
	372,145,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		294,754,236
	90,055,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		73,346,600
	156,655,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		125,667,848
	4,159,000	Canadian Government, 4.000%, 6/01/2016, (CAD)		3,415,828
	2,755,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		20,531,184
	2,965,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		21,572,122
	7,555,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		56,506,754
	1,925,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		15,247,007
	23,970,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		204,083,253
	36,850,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		29,457,101
	109,763,000	New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		88,147,563
	974,276,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		129,517,257
	802,302,000	Norway Government Bond, 5.000%, 5/15/2015, (NOK)		99,968,799
	43,590,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		13,316,492
	23,848,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		8,032,649
	1,040,764,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		5,574,750
	391,985,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		2,125,119
	1,195,394,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		6,829,242
	435,000,000	U.S. Treasury Note, 0.375%, 1/31/2016		435,543,750
	470,000,000	U.S. Treasury Note, 0.375%, 3/31/2016		470,440,860
	110,000,000	U.S. Treasury Note, 0.375%, 4/30/2016		110,060,170
	125,000,000	U.S. Treasury Note, 0.500%, 6/30/2016		125,205,125
	250,000,000	U.S. Treasury Note, 0.500%, 1/31/2017		250,019,500
				3,058,115,350
		Wireless — 0.4%
	559,910,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		35,381,863
	58,200,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		3,799,691
	6,373,000	Sprint Capital Corp., 6.875%, 11/15/2028		5,847,228
	1,996,000	Sprint Capital Corp., 6.900%, 5/01/2019		2,063,365
	612,000	Sprint Capital Corp., 8.750%, 3/15/2032		631,890

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wireless — continued
$	598,000	Sprint Communications, Inc., 6.000%, 11/15/2022	$	568,100
				48,292,137
		Wirelines — 4.4%
	33,710,000	AT&T, Inc., 2.625%, 12/01/2022		32,829,832
	26,815,000	AT&T, Inc., 3.000%, 2/15/2022		26,906,680
	406,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		441,146
	2,936,000	BellSouth Telecommunications LLC, 5.850%, 11/15/2045		3,263,191
	62,040,000	CenturyLink, Inc., 6.450%, 6/15/2021		66,925,650
	4,990,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		5,189,600
	2,708,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,774,008
	24,103,000	Embarq Corp., 7.995%, 6/01/2036		28,660,877
	825,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		880,688
	200,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		209,376
	5,200,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)		1,458,226
	8,450,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		8,784,287
	18,850,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		20,768,998
	300,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		326,994
	1,698,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,850,820
	2,755,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		2,796,325
	4,370,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		4,763,300
	3,469,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		3,642,450
	333,000	Qwest Corp., 6.500%, 6/01/2017		362,946
	14,480,000	Qwest Corp., 6.875%, 9/15/2033		14,531,158
	4,668,000	Qwest Corp., 7.200%, 11/10/2026		4,686,672
	9,077,000	Qwest Corp., 7.250%, 9/15/2025		10,552,013
	9,474,000	Qwest Corp., 7.250%, 10/15/2035		9,813,349
	46,411,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		47,919,358
	23,660,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		25,316,200
	4,200,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		4,621,709
	525,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		592,587
	975,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		1,114,263
	14,375,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		19,856,461
	4,100,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)		7,143,172
	9,100,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		16,184,041
	2,100,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		3,830,999
	14,137,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		11,903,409
	54,665,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		49,182,746
	32,509,000	Verizon Communications, Inc., 2.450%, 11/01/2022		31,511,721
	2,642,000	Verizon New England, Inc., 7.875%, 11/15/2029		3,468,352
	2,095,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		2,401,427
				477,465,031
		Total Non-Convertible Bonds (Identified Cost $9,307,691,244)		9,598,076,388
	Convertible Bonds — 4.1%
		Consumer Products — 0.0%
	3,905,000	Euronet Worldwide, Inc., 1.500%, 10/01/2044, 144A		4,224,722

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Energy — 0.4%
$	34,700,000	Chesapeake Energy Corp., 2.500%, 5/15/2037	$	33,246,937
	11,225,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		11,253,063
				44,500,000
		Property & Casualty Insurance — 0.8%
	72,915,000	Old Republic International Corp., 3.750%, 3/15/2018		86,039,700
		Retailers — 0.4%
	43,190,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021, 144A		41,678,350
		Technology — 2.5%
	137,016,000	Intel Corp., 3.250%, 8/01/2039		216,314,010
	35,120,000	Intel Corp., 3.482%, 12/15/2035(c)		43,680,500
	11,515,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		15,135,028
	371,793	Liberty Media LLC, 3.500%, 1/15/2031		350,610
				275,480,148
		Total Convertible Bonds (Identified Cost $341,370,358)		451,922,920
	Municipals — 0.9%
		District of Columbia — 0.2%
	14,680,000	Metropolitan Washington Airports Authority, 7.462%, 10/01/2046		21,171,056
		Illinois — 0.5%
	24,640,000	State of Illinois, 5.100%, 6/01/2033		24,923,360
	33,395,000	State of Illinois, Series B, 5.520%, 4/01/2038		32,904,761
				57,828,121
		Michigan — 0.0%
	2,310,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		2,030,028
		Ohio — 0.1%
	5,075,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047		4,161,297
		Virginia — 0.1%
	13,605,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		10,369,731
		Total Municipals (Identified Cost $87,718,110)		95,560,233
		Total Bonds and Notes (Identified Cost $9,736,779,712)		10,145,559,541
	Senior Loans — 0.4%
		Finance Companies — 0.3%
	22,468,182	AWAS Finance Luxembourg 2012 S.A., New Term Loan, 3.500%, 7/16/2018(c)		22,453,803
	14,312,449	AWAS Finance Luxembourg S.a.r.l., Term Loan B, 3.500%, 6/10/2016(c)		14,285,685
				36,739,488

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Supermarkets — 0.1%
$	9,068,918	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(c)	$	9,097,848
		Total Senior Loans (Identified Cost $45,840,688)		45,837,336
Shares
	Common Stocks — 4.3%
		Automobiles — 0.6%
	4,063,816	Ford Motor Co.		65,589,990
		Electronic Equipment, Instruments & Components — 3.7%
	17,550,000	Corning, Inc.		398,034,000
		Total Common Stocks (Identified Cost $261,481,587)		463,623,990
	Preferred Stocks — 0.2%
		Energy — 0.0%
	43,031	Chesapeake Energy Corp., 5.000%		3,829,759
		Metals & Mining — 0.1%
	340,285	ArcelorMittal, 6.000%		5,111,081
		REITs – Diversified — 0.1%
	258,873	Weyerhaeuser Co., Series A, 6.375%		14,165,530
		Total Preferred Stocks (Identified Cost $25,066,559)		23,106,370
Principal Amount (‡)
	Short-Term Investments — 0.6%
$	88,601	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2015 at 0.000%, to be repurchased at $88,601 on 4/01/2015 collateralized by $88,900 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $90,381 including accrued interest (Note 2 of Notes to Financial Statements)		88,601
	65,014,759	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $65,014,777 on 4/01/2015 collateralized by $61,300,000 U.S. Treasury Note, 2.250% due 3/31/2021 valued at $63,522,125; $2,495,000 U.S. Treasury Note, 3.625% due 2/15/2021 valued at $2,794,400 including accrued interest (Note 2 of Notes to Financial Statements)		65,014,759
		Total Short-Term Investments (Identified Cost $65,103,360)		65,103,360
		Total Investments — 98.6% (Identified Cost $10,134,271,906)(a)		10,743,230,597
		Other assets less liabilities — 1.4%		149,672,170
		Net Assets — 100.0%	$	10,892,902,767

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2015 (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 that will be 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, 2015, the net unrealized appreciation on investments based on a cost of $10,180,959,435 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	$	1,106,440,126
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(544,168,964	)
	Net unrealized appreciation	$	562,271,162
(b)	Illiquid security. At March 31, 2015, the value of these securities amounted to $100,948,582 or 0.9% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.
(c)	Variable rate security. Rate as of March 31, 2015 is disclosed.
(d)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(e)	Perpetual bond with no specified maturity date.
(f)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities. For the period ended March 31, 2015, interest payments were made in additional debt securities.
(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, 2015, the value of Rule 144A holdings amounted to $1,469,846,830 or 13.5% of net assets.
ABS	Asset-Backed Securities
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
PIK	Payment-in-Kind
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

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Industry Summary at March 31, 2015 (Unaudited)

Treasuries	28.1	%
Banking	14.1
Finance Companies	5.3
Wirelines	4.4
Technology	3.9
Electronic Equipment, Instruments & Components	3.7
Midstream	2.5
Airlines	2.5
Local Authorities	2.4
Metals & Mining	2.4
Electric	2.3
ABS Other	2.3
Non-Agency Commercial Mortgage-Backed Securities	2.2
Other Investments, less than 2% each	21.9
Short-Term Investments	0.6
Total Investments	98.6
Other assets less liabilities	1.4
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2015 (Unaudited)

United States Dollar	73.3	%
Canadian Dollar	10.9
New Zealand Dollar	4.5
Mexican Peso	3.4
Australian Dollar	2.6
Norwegian Krone	2.1
Other, less than 2% each	1.8
Total Investments	98.6
Other assets less liabilities	1.4
Net Assets	100.0	%

See accompanying notes to financial statements.

|  22

Statement of Assets and Liabilities

March 31, 2015 (Unaudited)

ASSETS
Investments at cost	$	10,134,271,906
Net unrealized appreciation		608,958,691
Investments at value		10,743,230,597
Foreign currency at value (identified cost $6,076,574)		5,998,128
Receivable for Fund shares sold		58,138,941
Receivable for securities sold		3,333,074
Dividends and interest receivable		116,189,449
TOTAL ASSETS		10,926,890,189
LIABILITIES
Payable for securities purchased		2,212,864
Payable for Fund shares redeemed		26,675,515
Management fees payable (Note 5)		3,707,517
Deferred Trustees’ fees (Note 5)		524,867
Administrative fees payable (Note 5)		392,992
Payable to distributor (Note 5d)		143,394
Other accounts payable and accrued expenses		330,273
TOTAL LIABILITIES		33,987,422
NET ASSETS	$	10,892,902,767
NET ASSETS CONSIST OF:
Paid-in capital	$	10,344,933,844
Distributions in excess of net investment income		(18,890,963	)
Accumulated net realized loss on investments and foreign currency transactions		(39,186,434	)
Net unrealized appreciation on investments and foreign currency translations		606,046,320
NET ASSETS	$	10,892,902,767

See accompanying notes to financial statements.

23  |

Statement of Assets and Liabilities (continued)

March 31, 2015 (Unaudited)

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	1,982,952,131
Shares of beneficial interest		169,206,517
Net asset value and redemption price per share	$	11.72
Offering price per share (100/95.50 of net asset value) (Note 1)	$	12.27
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	2,815,921
Shares of beneficial interest		241,553
Net asset value and offering price per share	$	11.66
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	1,464,131,628
Shares of beneficial interest		126,120,050
Net asset value and offering price per share	$	11.61
Class N shares:
Net assets	$	22,589,568
Shares of beneficial interest		1,927,164
Net asset value, offering and redemption price per share	$	11.72
Class Y shares:
Net assets	$	7,387,717,968
Shares of beneficial interest		629,958,391
Net asset value, offering and redemption price per share	$	11.73
Admin Class shares:
Net assets	$	32,695,551
Shares of beneficial interest		2,795,617
Net asset value, offering and redemption price per share	$	11.70

See accompanying notes to financial statements.

|  24

Statement of Operations

For the Six Months Ended March 31, 2015 (Unaudited)

INVESTMENT INCOME
Interest	$	223,660,584
Dividends		5,292,774
		228,953,358
Expenses
Management fees (Note 5)		21,566,685
Service and distribution fees (Note 5)		10,121,535
Administrative fees (Note 5)		2,300,260
Trustees’ fees and expenses (Note 5)		81,631
Transfer agent fees and expenses (Notes 5 and 6)		6,181,460
Audit and tax services fees		31,094
Custodian fees and expenses		274,097
Legal fees		48,523
Registration fees		278,440
Shareholder reporting expenses		372,144
Miscellaneous expenses		101,330
Total expenses		41,357,199
Less waiver and/or expense reimbursement (Note 5)		(146	)
Net expenses		41,357,053
Net investment income		187,596,305
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		8,194,459
Foreign currency transactions		(4,211,016	)
Net change in unrealized appreciation (depreciation) on:
Investments		(215,563,267	)
Foreign currency translations		(1,530,301	)
Net realized and unrealized loss on investments and foreign currency transactions		(213,110,125	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(25,513,820	)

See accompanying notes to financial statements.

25  |

Statement of Changes in Net Assets

	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	187,596,305		$	381,334,880
Net realized gain on investments and foreign currency transactions		3,983,443			165,435,720
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(217,093,568	)		37,179,796
Net increase (decrease) in net assets resulting from operations		(25,513,820	)		583,950,396
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(40,662,184	)		(97,103,740	)
Class B		(71,192	)		(240,518	)
Class C		(25,745,214	)		(55,536,557	)
Class N		(235,510	)		(146,112	)
Class Y		(156,589,259	)		(267,549,875	)
Admin Class		(570,805	)		(853,378	)
Net realized capital gains
Class A		(19,188,288	)		(61,443,747	)
Class B		(40,831	)		(193,236	)
Class C		(14,769,296	)		(42,676,071	)
Class N		(70,374	)		(71,304	)
Class Y		(69,414,543	)		(149,212,926	)
Admin Class		(286,059	)		(529,493	)
Total distributions		(327,643,555	)		(675,556,957	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		839,563,127			159,293,101
Net increase in net assets		486,405,752			67,686,540
NET ASSETS
Beginning of the period		10,406,497,015			10,338,810,475
End of the period	$	10,892,902,767		$	10,406,497,015
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(18,890,963	)	$	17,386,896

See accompanying notes to financial statements.

|  26

Financial Highlights

For a share outstanding throughout each period.

	Class A
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	12.11		$	12.22		$	12.76		$	12.12		$	12.56		$	11.64
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.46			0.48			0.51			0.57			0.55
Net realized and unrealized gain (loss)		(0.22	)		0.26			(0.30	)		0.86			(0.15	)		0.96
Total from Investment Operations		(0.02	)		0.72			0.18			1.37			0.42			1.51
LESS DISTRIBUTIONS FROM:
Net investment income		(0.25	)		(0.51	)		(0.60	)		(0.62	)		(0.60	)		(0.56	)
Net realized capital gains		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)		(0.03	)
Total Distributions		(0.37	)		(0.83	)		(0.72	)		(0.73	)		(0.86	)		(0.59	)
Net asset value, end of the period	$	11.72		$	12.11		$	12.22		$	12.76		$	12.12		$	12.56
Total return(b)		(0.24	)%(c)		6.04	%		1.34	%		11.74	%		3.47	%		13.41	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,982,952		$	1,932,847		$	2,431,718		$	2,960,119		$	2,705,810		$	3,092,956
Net expenses		0.83	%(d)		0.83	%		0.83	%		0.84	%		0.81	%		0.81	%
Gross expenses		0.83	%(d)		0.83	%		0.83	%		0.84	%		0.81	%		0.81	%
Net investment income		3.42	%(d)		3.75	%		3.85	%		4.17	%		4.56	%		4.58	%
Portfolio turnover rate		4	%		19	%		30	%		19	%		19	%		25	%

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

(b) A sales charge for Class A shares is not reflected in total return calculations.

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

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

See accompanying notes to financial statements.

27  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class B
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	12.04		$	12.16		$	12.70		$	12.06		$	12.50		$	11.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.37			0.39			0.42			0.47			0.45
Net realized and unrealized gain (loss)		(0.22	)		0.24			(0.31	)		0.86			(0.14	)		0.95
Total from Investment Operations		(0.06	)		0.61			0.08			1.28			0.33			1.40
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.41	)		(0.50	)		(0.53	)		(0.51	)		(0.46	)
Net realized capital gains		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)		(0.03	)
Total Distributions		(0.32	)		(0.73	)		(0.62	)		(0.64	)		(0.77	)		(0.49	)
Net asset value, end of the period	$	11.66		$	12.04		$	12.16		$	12.70		$	12.06		$	12.50
Total return(b)		(0.56	)%(c)		5.17	%		0.57	%		10.96	%		2.70	%		12.43	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,816		$	5,220		$	7,972		$	12,507		$	13,549		$	17,113
Net expenses		1.58	%(d)		1.58	%		1.58	%		1.59	%		1.56	%		1.65	%
Gross expenses		1.58	%(d)		1.58	%		1.58	%		1.59	%		1.56	%		1.65	%
Net investment income		2.65	%(d)		3.02	%		3.09	%		3.42	%		3.81	%		3.74	%
Portfolio turnover rate		4	%		19	%		30	%		19	%		19	%		25	%

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

(b) A contingent deferred sales charge for Class B shares is not reflected in total return calculations.

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

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

See accompanying notes to financial statements.

|  28

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class C
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	12.00		$	12.11		$	12.66		$	12.03		$	12.47		$	11.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.36			0.39			0.42			0.47			0.46
Net realized and unrealized gain (loss)		(0.23	)		0.27			(0.32	)		0.85			(0.14	)		0.96
Total from Investment Operations		(0.07	)		0.63			0.07			1.27			0.33			1.42
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.42	)		(0.50	)		(0.53	)		(0.51	)		(0.48	)
Net realized capital gains		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)		(0.03	)
Total Distributions		(0.32	)		(0.74	)		(0.62	)		(0.64	)		(0.77	)		(0.51	)
Net asset value, end of the period	$	11.61		$	12.00		$	12.11		$	12.66		$	12.03		$	12.47
Total return(b)		(0.62	)%(c)		5.29	%		0.50	%		10.91	%		2.71	%		12.58	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,464,132		$	1,524,806		$	1,746,822		$	2,281,142		$	2,091,834		$	2,593,324
Net expenses		1.58	%(d)		1.58	%		1.58	%		1.59	%		1.56	%		1.56	%
Gross expenses		1.58	%(d)		1.58	%		1.58	%		1.59	%		1.56	%		1.56	%
Net investment income		2.67	%(d)		3.00	%		3.10	%		3.42	%		3.81	%		3.83	%
Portfolio turnover rate		4	%		19	%		30	%		19	%		19	%		25	%

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

(b) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

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

See accompanying notes to financial statements.

29  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class N
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	12.11		$	12.22		$	12.66
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.23			0.50			0.34
Net realized and unrealized gain (loss)		(0.23	)		0.26			(0.46	)
Total from Investment Operations		—			0.76			(0.12	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.27	)		(0.55	)		(0.32	)
Net realized capital gains		(0.12	)		(0.32	)		—
Total Distributions		(0.39	)		(0.87	)		(0.32	)
Net asset value, end of the period	$	11.72		$	12.11		$	12.22
Total return		(0.06	)%(c)		6.41	%		(0.95	)%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	22,590		$	6,101		$	41
Net expenses		0.47	%(e)		0.47	%(f)		0.65	%(d)(e)
Gross expenses		0.47	%(e)		0.47	%(f)		0.78	%(e)
Net investment income		3.83	%(e)		4.07	%		4.18	%(e)
Portfolio turnover rate		4	%		19	%		30	%

* 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) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) Periods less than one year 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. Without this waiver/reimbursement, expenses would have been higher.

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

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

See accompanying notes to financial statements.

|  30

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class Y
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	12.12		$	12.23		$	12.77		$	12.13		$	12.56		$	11.65
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.22			0.49			0.52			0.54			0.60			0.58
Net realized and unrealized gain (loss)		(0.23	)		0.26			(0.31	)		0.86			(0.14	)		0.95
Total from Investment Operations		(0.01	)		0.75			0.21			1.40			0.46			1.53
LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.54	)		(0.63	)		(0.65	)		(0.63	)		(0.59	)
Net realized capital gains		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)		(0.03	)
Total Distributions		(0.38	)		(0.86	)		(0.75	)		(0.76	)		(0.89	)		(0.62	)
Net asset value, end of the period	$	11.73		$	12.12		$	12.23		$	12.77		$	12.13		$	12.56
Total return		(0.12	)%(b)		6.30	%		1.60	%		12.01	%		3.81	%		13.60	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,387,718		$	6,911,938		$	6,130,700		$	6,817,911		$	4,887,742		$	4,473,001
Net expenses		0.58	%(c)		0.59	%		0.58	%		0.59	%		0.56	%		0.56	%
Gross expenses		0.58	%(c)		0.59	%		0.58	%		0.59	%		0.56	%		0.56	%
Net investment income		3.67	%(c)		3.99	%		4.11	%		4.41	%		4.81	%		4.82	%
Portfolio turnover rate		4	%		19	%		30	%		19	%		19	%		25	%

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

(b) Periods less than one year are not annualized.

(c) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

31  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Admin Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Period Ended September 30, 2010*
Net asset value, beginning of the period	$	12.09		$	12.20		$	12.74		$	12.11		$	12.55		$	11.80
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19			0.43			0.45			0.48			0.54			0.33
Net realized and unrealized gain (loss)		(0.23	)		0.26			(0.30	)		0.85			(0.15	)		0.73
Total from Investment Operations		(0.04	)		0.69			0.15			1.33			0.39			1.06
LESS DISTRIBUTIONS FROM:
Net investment income		(0.23	)		(0.48	)		(0.57	)		(0.59	)		(0.57	)		(0.31	)
Net realized capital gains		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)		—
Total Distributions		(0.35	)		(0.80	)		(0.69	)		(0.70	)		(0.83	)		(0.31	)
Net asset value, end of the period	$	11.70		$	12.09		$	12.20		$	12.74		$	12.11		$	12.55
Total return		(0.36	)%(b)		5.79	%		1.10	%		11.41	%		3.26	%		9.13	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	32,696		$	25,585		$	21,557		$	15,968		$	5,967		$	879
Net expenses		1.08	%(d)		1.09	%		1.08	%		1.09	%		1.07	%		1.08	%(e)(d)
Gross expenses		1.08	%(d)		1.09	%		1.08	%		1.09	%		1.07	%		7.68	%(d)
Net investment income		3.17	%(d)		3.49	%		3.62	%		3.89	%		4.32	%		4.06	%(d)
Portfolio turnover rate		4	%		19	%		30	%		19	%		19	%		25	%

* 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) Periods less than one year are not annualized.

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

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

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

See accompanying notes to financial statements.

|  32

Notes to Financial Statements

March 31, 2015 (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 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 Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”). 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, Class A, Class B, Class C, Class Y and Admin Class, collectively, and Class N, individually, 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.

33  |

Notes to Financial Statements (continued)

March 31, 2015 (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 follow the accounting and reporting guidelines provided for investment companies and 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 and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service, or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation. 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. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. 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 unlisted 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.

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

|  34

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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 a Fund’s net asset value (“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 NAV 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 into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates 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 or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statement of Operations.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and

35  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

unrealized gains or losses on investments reported in the Statement of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statement of Operations, may be characterized as ordinary income and may, if the Fund has net losses, reduce the amount of income available to be distributed by the Fund.

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, 2015.

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, 2015 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.

|  36

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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.

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 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, paydown gains and losses, capital gain distributions received, defaulted bond adjustments, distribution redesignations, deferred Trustees’ fees and premium amortization. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statement of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to premium amortization, deferred Trustees’ fees, defaulted bond adjustments, contingent payment debt instruments and wash sales. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Fund’s fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. 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, 2014 was as follows:

2014 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains		Total
$423,122,747	$	252,434,210	$	675,556,957

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.

37  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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 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, 2015, 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, 2015, 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

|  38

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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).

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, 2015, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	129,917,958	$	117,908,431	(b)	$	247,826,389
Airlines		—		14,278,811		261,598,623	(b)		275,877,434
Finance Companies		1,394,210		541,932,827		—			543,327,037
Health Insurance		—		2,179,372		1,702,300	(b)		3,881,672
Non-Agency Commercial Mortgage-Backed Securities		—		220,463,997		18,332,065	(b)		238,796,062
All Other Non-Convertible Bonds(a)		—		8,288,367,794		—			8,288,367,794
Total Non-Convertible Bonds		1,394,210		9,197,140,759		399,541,419			9,598,076,388
Convertible Bonds(a)		—		451,922,920		—			451,922,920
Municipals(a)		—		95,560,233		—			95,560,233
Total Bonds and Notes		1,394,210		9,744,623,912		399,541,419			10,145,559,541
Senior Loans(a)		—		45,837,336		—			45,837,336
Common Stocks(a)		463,623,990		—		—			463,623,990
Preferred Stocks(a)		19,276,611		3,829,759		—			23,106,370
Short-Term Investments		—		65,103,360		—			65,103,360
Total	$	484,294,811	$	9,859,394,367	$	399,541,419		$	10,743,230,597

(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.

39  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

A preferred stock valued at $4,217,042 was transferred from Level 1 to Level 2 during the period ended March 31, 2015. At September 30, 2014, this security was valued at the last sale price. At March 31, 2015, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service.

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.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2014 and/or March 31, 2015:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2014		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Non-Convertible Bonds
ABS Other	$	121,211,469	$	—	$	131,331	$	1,024,221		$	—
Airlines		272,473,977		217,074		252,382		(1,593,257	)		—
Health Insurance		—		1,886		—		84,321			—
Metals & Mining		1,720,500		8,836		376		553,716			—
Non-Agency Commercial Mortgage-Backed Securities		—		—		—		(115	)		18,332,180
Total	$	395,405,946	$	227,796	$	384,089	$	68,886		$	18,332,180

|  40

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2015
Non-Convertible Bonds
ABS Other	$	(4,458,590	)	$	—	$	—	$	117,908,431	$	1,272,939
Airlines		(9,751,553	)		—		—		261,598,623		(93,929	)
Health Insurance		—			1,616,093		—		1,702,300		84,321
Metals & Mining		(2,283,428	)		—		—		—		—
Non-Agency Commercial Mortgage-Backed Securities		—			—		—		18,332,065		(115	)
Total	$	(16,493,571	)	$	1,616,093	$	—	$	399,541,419	$	1,263,216

A debt security valued at $1,616,093 was transferred from Level 2 to Level 3 during the period ended March 31, 2015. At September 30, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2015, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for 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, 2015, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $861,247,751 and $342,539,972, respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $600,007,812 and $95,056,861, 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.

41  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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, 2016 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, 2015, 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, 2015, the management fees for the Fund were $21,566,685 (effective rate of 0.40% of average daily net assets).

No expenses were recovered during the six months ended March 31, 2015 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.

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

|  42

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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.

For the six months ended March 31, 2015, 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
$2,476,000	$	5,076	$	1,887,591	$	37,436	$	15,226	$	5,662,771	$	37,435

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 Trusts, Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0350% of the next $30 billion and 0.0325% of

43  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts and Loomis Sayles Funds Trusts of $10 million, which is reevaluated on an annual basis.

For the period ended March 31, 2015, the administrative fees for the Fund were $2,300,260.

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, 2015, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $5,982,981.

As of March 31, 2015, the Fund owes NGAM Distribution $143,394 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 $729,049 for the six months ended March 31, 2015.

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. 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

|  44

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

for the Chairperson of the Governance Committee) receives an additional retainer fee at the annual rate of $17,500. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $5,000. 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 and Loomis Sayles Funds Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the 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 and Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts, 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, 2015, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of the Fund representing 0.08% of the Fund’s net assets.

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

h.  Reimbursement of Transfer Agent Fees and Expenses.  NGAM Advisors has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through January 31, 2016 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2015, NGAM Advisors reimbursed the Fund $146 for transfer agency expenses related to Class N shares.

6.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2015, 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	$	1,136,793	$	2,336	$	866,853	$	146	$	4,158,156	$	17,176

45  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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 and Loomis Sayles Funds Trusts, 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, 2015, the Fund had no borrowings under this agreement.

Effective April 16, 2015, the committed unsecured line of credit will be reduced to $150,000,000, and the individual limit of $125,000,000 for each Fund will be eliminated. Therefore, any one Fund may borrow up to the full $150,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $150,000,000 limit at any time). In addition, the commitment fee will increase to 0.15% per annum, payable at the end of each calendar quarter.

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, 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 Fund. As of March 31, 2015, 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 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		16.06	%		0.08	%		16.14	%

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 the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

|  46

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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, 2015					Year Ended September 30, 2014
Investment Grade Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	36,329,351		$	433,775,056		61,980,287		$	757,402,370
Issued in connection with the reinvestment of distributions	4,219,684			50,096,354		11,402,236			137,522,730
Redeemed	(30,967,323	)		(368,937,493	)	(112,771,964	)		(1,382,727,194	)
Net change	9,581,712		$	114,933,917		(39,389,441	)	$	(487,802,094	)
Class B
Issued from the sale of shares	2,152		$	25,426		12,684		$	152,583
Issued in connection with the reinvestment of distributions	6,431			75,962		22,585			270,690
Redeemed	(200,437	)		(2,374,095	)	(257,679	)		(3,138,970	)
Net change	(191,854	)	$	(2,272,707	)	(222,410	)	$	(2,715,697	)
Class C
Issued from the sale of shares	10,026,164		$	118,925,295		13,814,441		$	167,086,533
Issued in connection with the reinvestment of distributions	2,242,786			26,376,018		5,186,123			61,978,474
Redeemed	(13,232,133	)		(156,278,736	)	(36,110,742	)		(436,564,015	)
Net change	(963,183	)	$	(10,977,423	)	(17,110,178	)	$	(207,499,008	)
Class N
Issued from the sale of shares	1,547,510		$	18,380,307		549,445		$	6,730,576
Issued in connection with the reinvestment of distributions	25,807			305,884		17,975			217,415
Redeemed	(149,910	)		(1,772,793	)	(67,008	)		(816,584	)
Net change	1,423,407		$	16,913,398		500,412		$	6,131,407
Class Y
Issued from the sale of shares	128,383,816		$	1,534,021,203		207,507,155		$	2,542,512,176
Issued in connection with the reinvestment of distributions	17,105,838			203,166,136		30,655,508			370,436,791
Redeemed	(85,958,828	)		(1,024,338,297	)	(169,118,479	)		(2,066,048,547	)
Net change	59,530,826		$	712,849,042		69,044,184		$	846,900,420
Admin Class
Issued from the sale of shares	1,333,790		$	15,896,214		1,285,768		$	15,672,285
Issued in connection with the reinvestment of distributions	33,142			392,287		46,748			562,942
Redeemed	(688,231	)		(8,171,601	)	(982,879	)		(11,957,154	)
Net change	678,701		$	8,116,900		349,637		$	4,278,073
Increase (decrease) from capital share transactions	70,059,609		$	839,563,127		13,172,204		$	159,293,101

47  |

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Semiannual Report

March 31, 2015

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	6
Financial Statements	20
Notes to Financial Statements	30

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

The Fund’s investment objective is long-term capital growth from investments in common stocks or other equity securities.

Average Annual Total Returns — March 31, 2015²

	6 months			1 year			5 years			10 years			Life of Class N
Institutional Class (Inception 12/31/96)		15.07	%		5.74	%		17.50	%		11.79	%		—	%
Retail Class (Inception 12/31/96)		14.96			5.46			17.16			11.49			—
Class N (Inception 2/1/13)		15.14			5.86			—			—			19.99
Comparative Performance
Russell 2000® Growth Index1		17.36			12.06			16.58			10.02			20.70

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. It is not possible to invest directly in an index.

¹  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 forecasted growth values.

²  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

The Fund’s investment objective is long-term capital growth from investments in common stocks or other equity securities.

Average Annual Total Returns — March 31, 2015³

	6 months			1 year			5 years			10 years			Life of Class N
Institutional Class (Inception 5/13/91)		13.49	%		9.32	%		15.26	%		9.69	%		—	%
Retail Class (Inception 12/31/96)		13.33			9.03			14.98			9.41			—
Admin Class (Inception 1/2/98)		13.23			8.79			14.70			9.13			—
Class N (Inception 2/1/13)		13.51			9.36			—			—			17.15
Comparative Performance
Russell 2000® Value Index1		11.56			4.43			12.54			7.53			14.39
Russell 2000® Index2		14.46			8.21			14.57			8.82			17.51

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. It is not possible to invest directly in an index.

¹  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.

²  Russell 2000^® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe.

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 Funds’ proxy voting policies and procedures is available without charge upon request, by calling Loomis Sayles at 800-633-3330; on the Funds’ website, at www.loomissayles.com, and 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 months ended June 30, 2014 is available on 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.

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), 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, 2014 through March 31, 2015. 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

3  |

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 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period* 10/1/2014 – 3/31/2015
Actual		$1,000.00		$1,150.70		$5.04
Hypothetical (5% return before expenses)		$1,000.00		$1,020.24		$4.73
Retail Class
Actual		$1,000.00		$1,149.60		$6.38
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$5.99
Class N
Actual		$1,000.00		$1,151.40		$4.45
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%, 1.19% 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).

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Loomis Sayles Small Cap Value Fund

Institutional Class	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period* 10/1/2014 – 3/31/2015
Actual		$1,000.00		$1,134.90		$4.79
Hypothetical (5% return before expenses)		$1,000.00		$1,020.44		$4.53
Retail Class
Actual		$1,000.00		$1,133.30		$6.12
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.79
Admin Class
Actual		$1,000.00		$1,132.30		$7.23
Hypothetical (5% return before expenses)		$1,000.00		$1,018.15		$6.84
Class N
Actual		$1,000.00		$1,135.10		$4.52
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%, 1.36% 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, 2015 (Unaudited)

Loomis Sayles Small Cap Growth Fund

Shares			Description	Value (†)
	Common Stocks – 96.1% of Net Assets
			Aerospace & Defense – 0.9%
	192,886		Hexcel Corp.	$	9,918,198
			Air Freight & Logistics – 1.3%
	311,344		XPO Logistics, Inc.(b)		14,156,812
			Airlines – 0.7%
	94,018		Spirit Airlines, Inc.(b)		7,273,232
			Banks – 3.3%
	333,195		Bank of the Ozarks, Inc.		12,304,891
	253,549		Pinnacle Financial Partners, Inc.		11,272,789
	352,417	��	PrivateBancorp, Inc.		12,394,506
					35,972,186
			Biotechnology – 6.8%
	178,933		Acceleron Pharma, Inc.(b)		6,810,190
	227,439		Acorda Therapeutics, Inc.(b)		7,569,170
	142,747		Anacor Pharmaceuticals, Inc.(b)		8,257,914
	147,913		Chimerix, Inc.(b)		5,574,841
	395,474		Emergent Biosolutions, Inc.(b)		11,373,832
	164,659		Insys Therapeutics, Inc.(b)		9,571,628
	125,369		Neurocrine Biosciences, Inc.(b)		4,978,403
	49,564		Receptos, Inc.(b)		8,172,608
	90,753		TESARO, Inc.(b)		5,209,222
	162,884		Zafgen, Inc.(b)		6,451,835
					73,969,643
			Building Products – 3.3%
	242,949		Apogee Enterprises, Inc.		10,495,397
	99,108		Caesarstone Sdot-Yam Ltd.		6,016,847
	406,373		NCI Building Systems, Inc.(b)		7,022,125
	222,469		Trex Co., Inc.(b)		12,131,234
					35,665,603
			Capital Markets – 1.8%
	177,017		Artisan Partners Asset Management, Inc.		8,047,193
	310,454		HFF, Inc., Class A		11,654,443
					19,701,636
			Chemicals – 0.5%
	382,719		Flotek Industries, Inc.(b)		5,641,278
			Commercial Services & Supplies – 1.0%
	333,734		Healthcare Services Group, Inc.		10,722,873
			Communications Equipment – 0.6%
	313,014		Ciena Corp.(b)		6,044,300

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Consumer Finance – 0.9%
	229,535	Encore Capital Group, Inc.(b)	$	9,546,361
		Distributors – 1.0%
	151,147	Pool Corp.		10,544,015
		Diversified Consumer Services – 2.3%
	234,386	Bright Horizons Family Solutions, Inc.(b)		12,016,970
	554,526	Nord Anglia Education, Inc.(b)		12,598,831
				24,615,801
		Diversified Financial Services – 1.1%
	143,661	MarketAxess Holdings, Inc.		11,909,497
		Electrical Equipment – 0.7%
	294,689	Thermon Group Holdings, Inc.(b)		7,093,164
		Electronic Equipment, Instruments & Components – 2.9%
	170,969	FARO Technologies, Inc.(b)		10,622,304
	116,235	FEI Co.		8,873,380
	124,978	IPG Photonics Corp.(b)		11,585,460
				31,081,144
		Energy Equipment & Services – 0.7%
	115,815	Dril-Quip, Inc.(b)		7,920,588
		Food Products – 1.8%
	439,309	Freshpet, Inc.(b)		8,535,774
	133,481	TreeHouse Foods, Inc.(b)		11,348,554
				19,884,328
		Health Care Equipment & Supplies – 6.9%
	269,717	Cardiovascular Systems, Inc.(b)		10,529,752
	339,123	Cynosure, Inc., Class A(b)		10,400,902
	158,153	Inogen, Inc.(b)		5,059,315
	247,021	LDR Holding Corp.(b)		9,050,850
	627,525	Novadaq Technologies, Inc.(b)		10,191,006
	319,541	Quidel Corp.(b)		8,621,216
	464,999	Spectranetics Corp.(b)		16,163,365
	201,504	Wright Medical Group, Inc.(b)		5,198,803
				75,215,209
		Health Care Providers & Services – 6.2%
	239,117	Acadia Healthcare Co., Inc.(b)		17,120,777
	226,002	Amsurg Corp.(b)		13,903,643
	295,390	ExamWorks Group, Inc.(b)		12,294,132
	176,777	Magellan Health, Inc.(b)		12,519,347
	199,931	Team Health Holdings, Inc.(b)		11,697,963
				67,535,862

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Hotels, Restaurants & Leisure – 4.8%
	226,002	Dave & Buster’s Entertainment, Inc.(b)	$	6,884,021
	223,128	Diamond Resorts International, Inc.(b)		7,459,169
	354,753	Krispy Kreme Doughnuts, Inc.(b)		7,091,513
	186,778	Popeyes Louisiana Kitchen, Inc.(b)		11,173,060
	132,634	Vail Resorts, Inc.		13,717,008
	171,103	Zoe’s Kitchen, Inc.(b)		5,696,019
				52,020,790
		Internet & Catalog Retail – 0.5%
	178,365	Wayfair, Inc., Class A(b)		5,729,084
		Internet Software & Services – 7.2%
	253,668	comScore, Inc.(b)		12,987,802
	253,533	Criteo S.A., Sponsored ADR(b)		10,014,553
	259,298	Dealertrack Technologies, Inc.(b)		9,988,159
	172,736	Demandware, Inc.(b)		10,519,622
	581,294	Endurance International Group Holdings, Inc.(b)		11,079,464
	190,850	Envestnet, Inc.(b)		10,702,868
	444,351	Everyday Health, Inc.(b)		5,714,354
	308,223	Q2 Holdings, Inc.(b)		6,515,834
				77,522,656
		IT Services – 2.7%
	246,363	Cardtronics, Inc.(b)		9,263,249
	214,325	Euronet Worldwide, Inc.(b)		12,591,594
	245,165	InterXion Holding NV(b)		6,913,653
				28,768,496
		Life Sciences Tools & Services – 1.2%
	313,792	Cambrex Corp.(b)		12,435,577
		Machinery – 2.8%
	105,815	Middleby Corp. (The)(b)		10,861,910
	160,193	Proto Labs, Inc.(b)		11,213,510
	101,743	RBC Bearings, Inc.		7,787,409
				29,862,829
		Media – 0.8%
	261,513	IMAX Corp.(b)		8,815,603
		Oil, Gas & Consumable Fuels – 1.9%
	141,506	Diamondback Energy, Inc.(b)		10,873,321
	188,036	PDC Energy, Inc.(b)		10,161,465
				21,034,786
		Pharmaceuticals – 2.3%
	213,606	Akorn, Inc.(b)		10,148,421
	213,426	Impax Laboratories, Inc.(b)		10,003,277

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Pharmaceuticals – continued
	116,567	ZS Pharma, Inc.(b)	$	4,905,139
				25,056,837
		Professional Services – 5.1%
	158,254	Corporate Executive Board Co. (The)		12,638,165
	150,368	Huron Consulting Group, Inc.(b)		9,946,843
	223,008	On Assignment, Inc.(b)		8,556,817
	280,736	TriNet Group, Inc.(b)		9,890,329
	261,633	WageWorks, Inc.(b)		13,952,888
				54,985,042
		Road & Rail – 1.1%
	122,283	Genesee & Wyoming, Inc., Class A(b)		11,792,973
		Semiconductors & Semiconductor Equipment – 6.5%
	171,572	Cavium, Inc.(b)		12,150,729
	348,771	Inphi Corp.(b)		6,218,587
	636,448	Intersil Corp.		9,113,935
	289,359	MKS Instruments, Inc.		9,783,228
	239,416	Monolithic Power Systems, Inc.		12,605,252
	373,317	Semtech Corp.(b)		9,947,032
	218,097	Silicon Laboratories, Inc.(b)		11,072,785
				70,891,548
		Software – 7.0%
	152,045	Ellie Mae, Inc.(b)		8,409,609
	330,620	FleetMatics Group PLC(b)		14,828,307
	315,589	Guidewire Software, Inc.(b)		16,603,137
	155,789	Imperva, Inc.(b)		6,652,190
	225,583	Proofpoint, Inc.(b)		13,359,025
	94,077	Ultimate Software Group, Inc. (The)(b)		15,988,857
				75,841,125
		Specialty Retail – 4.3%
	163,184	Asbury Automotive Group, Inc.(b)		13,560,590
	287,443	Boot Barn Holdings, Inc.(b)		6,875,637
	103,347	Mattress Firm Holding Corp.(b)		7,197,085
	132,821	Monro Muffler Brake, Inc.		8,640,006
	104,377	Restoration Hardware Holdings, Inc.(b)		10,353,155
				46,626,473
		Textiles, Apparel & Luxury Goods – 2.3%
	141,685	Columbia Sportswear Co.		8,628,617
	144,021	Oxford Industries, Inc.		10,866,384
	223,846	Tumi Holdings, Inc.(b)		5,475,273
				24,970,274

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Thrifts & Mortgage Finance – 0.9%
	397,930	Essent Group Ltd.(b)	$	9,514,506
		Total Common Stocks (Identified Cost $792,464,111)		1,040,280,329
	Principal Amount
	Short-Term Investments – 4.8%
$	51,911,803	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $51,911,817 on 4/01/2015 collateralized by $46,800,000 U.S. Treasury Note, 2.000% due 11/30/2020 valued at $48,262,500; $4,565,000 U.S. Treasury Note, 1.875% due 9/30/2017 valued at $4,690,538 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $51,911,803)		51,911,803
		Total Investments – 100.9% (Identified Cost $844,375,914)(a)		1,092,192,132
		Other assets less liabilities—(0.9)%		(9,608,499	)
		Net Assets – 100.0%	$	1,082,583,633
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2015, the net unrealized appreciation on investments based on a cost of $844,375,914 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	$	255,965,330
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(8,149,112	)
		Net unrealized appreciation	$	247,816,218
	(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.

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at March 31, 2015 (Unaudited)

Internet Software & Services	7.2	%
Software	7.0
Health Care Equipment & Supplies	6.9
Biotechnology	6.8
Semiconductors & Semiconductor Equipment	6.5
Health Care Providers & Services	6.2
Professional Services	5.1
Hotels, Restaurants & Leisure	4.8
Specialty Retail	4.3
Banks	3.3
Building Products	3.3
Electronic Equipment, Instruments & Components	2.9
Machinery	2.8
IT Services	2.7
Pharmaceuticals	2.3
Textiles, Apparel & Luxury Goods	2.3
Diversified Consumer Services	2.3
Other Investments, less than 2% each	19.4
Short-Term Investments	4.8
Total Investments	100.9
Other assets less liabilities	(0.9	)
Net Assets	100.0	%

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks – 97.3% of Net Assets
		Aerospace & Defense – 1.2%
	245,760	Exelis, Inc.	$	5,989,171
	118,995	KLX, Inc.(b)		4,586,067
	158,306	Vectrus, Inc.(b)		4,035,220
				14,610,458
		Auto Components – 1.8%
	451,308	Fox Factory Holding Corp.(b)		6,923,065
	177,529	Metaldyne Performance Group, Inc.(b)		3,199,073
	385,782	Remy International, Inc.		8,568,218
	55,196	Tenneco, Inc.(b)		3,169,354
				21,859,710
		Banks – 13.1%
	473,508	BancorpSouth, Inc.		10,994,856
	99,306	Bryn Mawr Bank Corp.		3,019,896
	561,999	Cathay General Bancorp		15,988,872
	80,912	City National Corp.		7,207,641
	497,576	CVB Financial Corp.		7,931,361
	505,905	First Financial Bancorp		9,010,168
	268,996	First Financial Bankshares, Inc.		7,435,049
	144,381	Home BancShares, Inc.		4,893,072
	149,316	IBERIABANK Corp.		9,411,388
	290,210	PacWest Bancorp		13,607,947
	219,281	Pinnacle Financial Partners, Inc.		9,749,233
	216,530	Popular, Inc.(b)		7,446,467
	196,088	Prosperity Bancshares, Inc.		10,290,698
	118,843	Signature Bank(b)		15,399,676
	570,972	Talmer Bancorp, Inc., Class A		8,744,436
	157,054	Texas Capital Bancshares, Inc.(b)		7,640,677
	147,130	Tristate Capital Holdings, Inc.(b)		1,540,451
	238,400	Wintrust Financial Corp.		11,366,912
				161,678,800
		Beverages – 0.3%
	381,846	Cott Corp.		3,577,897
		Building Products – 1.2%
	139,945	Armstrong World Industries, Inc.(b)		8,042,639
	98,359	Masonite International Corp.(b)		6,615,626
				14,658,265
		Capital Markets – 1.3%
	177,681	Safeguard Scientifics, Inc.(b)		3,212,473
	228,175	Stifel Financial Corp.(b)		12,720,756
				15,933,229

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Chemicals – 2.0%
	183,026	Cabot Corp.	$	8,236,170
	143,561	Minerals Technologies, Inc.		10,494,309
	264,656	Tronox Ltd., Class A		5,380,457
				24,110,936
		Commercial Services & Supplies – 4.2%
	345,742	KAR Auction Services, Inc.		13,113,994
	306,797	Knoll, Inc.		7,188,254
	138,688	McGrath Rentcorp		4,564,222
	224,713	Rollins, Inc.		5,557,152
	208,319	Viad Corp.		5,795,435
	130,366	Waste Connections, Inc.		6,275,819
	275,653	West Corp.		9,297,776
				51,792,652
		Communications Equipment – 0.7%
	675,373	Calix, Inc.(b)		5,666,379
	283,508	Digi International, Inc.(b)		2,829,410
				8,495,789
		Construction & Engineering – 1.2%
	275,303	MYR Group, Inc.(b)		8,627,996
	374,848	Primoris Services Corp.		6,443,637
				15,071,633
		Construction Materials – 0.3%
	157,759	Summit Materials, Inc., Class A(b)		3,494,362
		Consumer Finance – 0.3%
	20,877	Credit Acceptance Corp.(b)		4,071,015
		Distributors – 0.7%
	143,568	Core-Mark Holding Co., Inc.		9,234,294
		Diversified Financial Services – 1.2%
	681,200	FNFV Group(b)		9,604,920
	58,041	MarketAxess Holdings, Inc.		4,811,599
				14,416,519
		Electric Utilities – 1.9%
	243,095	ALLETE, Inc.		12,825,692
	200,719	UIL Holdings Corp.		10,320,971
				23,146,663
		Electrical Equipment – 1.8%
	63,044	AZZ, Inc.		2,937,220
	317,222	Babcock & Wilcox Co.		10,179,654
	150,472	EnerSys		9,666,321
				22,783,195

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Electronic Equipment, Instruments & Components – 4.7%
	149,198	Belden, Inc.	$	13,958,965
	65,230	Checkpoint Systems, Inc.		705,789
	147,369	Littelfuse, Inc.		14,647,005
	181,189	Methode Electronics, Inc.		8,523,130
	159,484	Rogers Corp.(b)		13,111,180
	476,372	Vishay Intertechnology, Inc.		6,583,461
				57,529,530
		Energy Equipment & Services – 1.8%
	134,585	Bristow Group, Inc.		7,328,153
	655,627	Helix Energy Solutions Group, Inc.(b)		9,808,180
	1,386,770	Parker Drilling Co.(b)		4,839,827
				21,976,160
		Food & Staples Retailing – 0.9%
	368,000	SpartanNash Co.		11,614,080
		Food Products – 1.2%
	28,478	J & J Snack Foods Corp.		3,038,603
	240,763	Post Holdings, Inc.(b)		11,277,339
				14,315,942
		Health Care Equipment & Supplies – 1.4%
	153,448	Cynosure, Inc., Class A(b)		4,706,250
	170,898	SurModics, Inc.(b)		4,448,475
	69,153	Teleflex, Inc.		8,355,757
				17,510,482
		Health Care Providers & Services – 1.3%
	169,768	Bio-Reference Laboratories, Inc.(b)		5,982,624
	847,987	BioScrip, Inc.(b)		3,756,582
	65,656	WellCare Health Plans, Inc.(b)		6,004,898
				15,744,104
		Health Care Technology – 0.2%
	121,348	MedAssets, Inc.(b)		2,283,769
		Hotels, Restaurants & Leisure – 4.7%
	282,599	Carrols Restaurant Group, Inc.(b)		2,342,746
	120,984	Churchill Downs, Inc.		13,909,530
	26,119	Cracker Barrel Old Country Store, Inc.		3,973,745
	329,509	Diamond Resorts International, Inc.(b)		11,015,486
	170,017	Marriott Vacations Worldwide Corp.		13,779,878
	257,955	Six Flags Entertainment Corp.		12,487,601
				57,508,986

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Household Durables – 1.8%
	183,588	Jarden Corp.(b)	$	9,711,805
	103,531	La-Z-Boy, Inc.		2,910,257
	252,996	Libbey, Inc.		10,097,070
				22,719,132
		Industrial Conglomerates – 0.5%
	301,400	Raven Industries, Inc.		6,166,644
		Insurance – 3.9%
	489,245	Employers Holdings, Inc.		13,204,723
	275,557	HCC Insurance Holdings, Inc.		15,615,815
	181,171	ProAssurance Corp.		8,317,561
	111,529	Reinsurance Group of America, Inc., Class A		10,393,387
				47,531,486
		Internet & Catalog Retail – 1.1%
	123,622	HSN, Inc.		8,434,729
	130,426	Liberty Ventures, Series A(b)		5,479,196
				13,913,925
		Internet Software & Services – 0.6%
	340,631	Perficient, Inc.(b)		7,047,655
		IT Services – 4.6%
	440,501	Convergys Corp.		10,074,258
	262,300	CSG Systems International, Inc.		7,971,297
	111,214	DST Systems, Inc.		12,312,502
	237,247	Euronet Worldwide, Inc.(b)		13,938,261
	113,774	WEX, Inc.(b)		12,214,777
				56,511,095
		Life Sciences Tools & Services – 0.5%
	246,314	VWR Corp.(b)		6,401,701
		Machinery – 5.2%
	76,178	Alamo Group, Inc.		4,809,117
	194,753	Albany International Corp., Class A		7,741,432
	227,020	Altra Industrial Motion Corp.		6,274,833
	402,497	John Bean Technologies Corp.		14,377,193
	172,346	RBC Bearings, Inc.		13,191,363
	268,633	TriMas Corp.(b)		8,271,210
	93,820	Wabtec Corp.		8,913,838
				63,578,986
		Marine – 0.5%
	77,157	Kirby Corp.(b)		5,790,633
		Media – 4.6%
	297,021	Carmike Cinemas, Inc.(b)		9,979,906

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Media – continued
	289,911	E.W. Scripps Co. (The), Class A(b)	$	8,245,069
	158,806	John Wiley & Sons, Inc., Class A		9,709,399
	223,669	Journal Communications, Inc.(b)		3,314,775
	496,822	National CineMedia, Inc.		7,502,012
	429,756	New Media Investment Group, Inc.		10,284,061
	344,733	Time, Inc.		7,735,808
				56,771,030
		Metals & Mining – 2.6%
	322,094	Globe Specialty Metals, Inc.		6,094,018
	172,244	Haynes International, Inc.		7,683,805
	476,708	Horsehead Holding Corp.(b)		6,035,123
	128,365	RTI International Metals, Inc.(b)		4,609,587
	494,790	SunCoke Energy, Inc.		7,392,163
				31,814,696
		Multi-Utilities – 1.0%
	224,077	NorthWestern Corp.		12,053,102
		Oil, Gas & Consumable Fuels – 1.0%
	47,937	Clayton Williams Energy, Inc.(b)		2,427,050
	295,474	QEP Resources, Inc.		6,160,633
	364,431	Synergy Resources Corp.(b)		4,318,508
				12,906,191
		Paper & Forest Products – 0.3%
	121,783	PH Glatfelter Co.		3,352,686
		Professional Services – 1.3%
	226,711	FTI Consulting, Inc.(b)		8,492,594
	490,539	RPX Corp.(b)		7,058,856
				15,551,450
		REITs – Apartments – 2.1%
	209,828	American Campus Communities, Inc.		8,995,326
	100,751	Home Properties, Inc.		6,981,037
	130,670	Mid-America Apartment Communities, Inc.		10,096,871
				26,073,234
		REITs – Diversified – 0.5%
	154,680	Potlatch Corp.		6,193,387
		REITs – Health Care – 0.9%
	177,790	Omega Healthcare Investors, Inc.		7,212,940
	112,953	Sabra Healthcare REIT, Inc.		3,744,392
				10,957,332

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		REITs – Hotels – 0.6%
	1,193,183	Hersha Hospitality Trust	$	7,719,894
		REITs – Office Property – 0.8%
	455,686	BioMed Realty Trust, Inc.		10,325,845
		REITs – Shopping Centers – 1.2%
	787,609	Retail Opportunity Investments Corp.		14,413,245
		REITs – Single Tenant – 0.6%
	167,884	National Retail Properties, Inc.		6,878,207
		REITs – Storage – 1.8%
	476,518	CubeSmart		11,507,910
	111,124	Sovran Self Storage, Inc.		10,438,988
				21,946,898
		Road & Rail – 1.6%
	83,036	Avis Budget Group, Inc.(b)		4,900,370
	60,044	Genesee & Wyoming, Inc., Class A(b)		5,790,643
	114,466	Old Dominion Freight Line, Inc.(b)		8,848,222
				19,539,235
		Semiconductors & Semiconductor Equipment – 1.8%
	118,293	Advanced Energy Industries, Inc.(b)		3,035,398
	195,060	Diodes, Inc.(b)		5,570,914
	238,605	Semtech Corp.(b)		6,357,630
	386,510	Teradyne, Inc.		7,285,714
				22,249,656
		Software – 1.8%
	104,301	Monotype Imaging Holdings, Inc.		3,404,385
	176,066	Synchronoss Technologies, Inc.(b)		8,356,092
	173,981	Verint Systems, Inc.(b)		10,774,643
				22,535,120
		Specialty Retail – 2.5%
	270,990	Barnes & Noble, Inc.(b)		6,436,012
	499,675	Christopher & Banks Corp.(b)		2,778,193
	152,955	Genesco, Inc.(b)		10,894,985
	270,679	MarineMax, Inc.(b)		7,175,700
	119,919	Sally Beauty Holdings, Inc.(b)		4,121,616
				31,406,506
		Thrifts & Mortgage Finance – 0.6%
	286,674	Capitol Federal Financial, Inc.		3,583,425
	138,484	Federal Agricultural Mortgage Corp., Class C		3,903,864
				7,487,289

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Trading Companies & Distributors – 1.0%
	76,707	DXP Enterprises, Inc.(b)	$	3,382,012
	149,702	H&E Equipment Services, Inc.		3,741,053
	203,875	Rush Enterprises, Inc., Class A(b)		5,578,020
				12,701,085
		Transportation Infrastructure – 0.6%
	87,631	Macquarie Infrastructure Co. LLC		7,211,155
		Total Common Stocks (Identified Cost $783,921,920)		1,197,166,970
		Closed-End Investment Companies – 0.5%
	486,012	Hercules Technology Growth Capital, Inc. (Identified Cost $6,305,501)		6,551,442
	Principal Amount	Description		Value (†)
	Short-Term Investments – 1.6%
$	19,233,023	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $19,233,028 on 4/01/2015 collateralized by $19,570,000 Federal Home Loan Mortgage Corp., 1.000% due 9/27/2017 valued at $19,618,925 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $19,233,023)		19,233,023
		Total Investments – 99.4% (Identified Cost $809,460,444)(a)		1,222,951,435
		Other assets less liabilities—0.6%		7,215,431
		Net Assets – 100.0%	$	1,230,166,866
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2015, the net unrealized appreciation on investments based on a cost of $809,460,444 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	$	432,192,032
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(18,701,041	)
		Net unrealized appreciation	$	413,490,991
	(b)	Non-income producing security.
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Industry Summary at March 31, 2015 (Unaudited)

Banks	13.1	%
Machinery	5.2
Electronic Equipment, Instruments & Components	4.7
Hotels, Restaurants & Leisure	4.7
Media	4.6
IT Services	4.6
Commercial Services & Supplies	4.2
Insurance	3.9
Metals & Mining	2.6
Specialty Retail	2.5
REITs—Apartments	2.1
Chemicals	2.0
Other Investments, less than 2% each	43.6
Short-Term Investments	1.6
Total Investments	99.4
Other assets less liabilities	0.6
Net Assets	100.0	%

See accompanying notes to financial statements.

19  |

Statements of Assets and Liabilities

March 31, 2015 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund
ASSETS
Investments at cost	$	844,375,914		$	809,460,444
Net unrealized appreciation		247,816,218			413,490,991
Investments at value		1,092,192,132			1,222,951,435
Cash		787			—
Receivable for Fund shares sold		1,289,945			961,334
Receivable for securities sold		2,842,376			9,013,744
Dividends and interest receivable		131,368			1,378,746
TOTAL ASSETS		1,096,456,608			1,234,305,259
LIABILITIES
Payable for securities purchased		12,692,993			2,344,379
Payable for Fund shares redeemed		280,469			746,563
Management fees payable (Note 5)		688,620			753,612
Deferred Trustees’ fees (Note 5)		106,668			169,532
Administrative fees payable (Note 5)		38,923			43,656
Payable to distributor (Note 5d)		12,911			13,767
Other accounts payable and accrued expenses		52,391			66,884
TOTAL LIABILITIES		13,872,975			4,138,393
NET ASSETS	$	1,082,583,633		$	1,230,166,866
NET ASSETS CONSIST OF:
Paid-in capital	$	786,009,020		$	763,828,423
Accumulated net investment (loss)/Undistributed net investment income		(8,896,324	)		3,078,620
Accumulated net realized gain on investments		57,654,719			49,768,832
Net unrealized appreciation on investments		247,816,218			413,490,991
NET ASSETS	$	1,082,583,633		$	1,230,166,866
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	879,567,015		$	803,593,365
Shares of beneficial interest		36,391,660			22,263,351
Net asset value, offering and redemption price per share	$	24.17		$	36.09
Retail Class:
Net assets	$	176,540,384		$	356,649,525
Shares of beneficial interest		7,743,134			9,995,238
Net asset value, offering and redemption price per share	$	22.80		$	35.68
Admin Class:
Net assets	$	—		$	62,371,880
Shares of beneficial interest		—			1,796,574
Net asset value, offering and redemption price per share	$	—		$	34.72
Class N:
Net assets	$	26,476,234		$	7,552,096
Shares of beneficial interest		1,093,587			209,101
Net asset value, offering and redemption price per share	$	24.21		$	36.12

See accompanying notes to financial statements.

20  |

Statements of Operations

For the Six Months Ended March 31, 2015 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund
INVESTMENT INCOME
Dividends	$	2,350,496		$	11,496,944	(a)
Interest		1,867			1,074
Less net foreign taxes withheld		—			(3,437	)
		2,352,363			11,494,581
Expenses
Management fees (Note 5)		3,990,457			4,446,733
Service and distribution fees (Note 5)		214,500			589,258
Administrative fees (Note 5)		226,987			252,945
Trustees’ fees and expenses (Note 5)		15,131			16,233
Transfer agent fees and expenses (Notes 5 and 6)		610,283			608,172
Audit and tax services fees		19,885			20,325
Custodian fees and expenses		18,187			18,425
Legal fees		4,866			5,410
Registration fees		44,512			51,464
Shareholder reporting expenses		27,034			31,346
Miscellaneous expenses		14,809			16,176
Total expenses		5,186,651			6,056,487
Fee/expense recovery (Note 5)		—			577
Less waiver and/or expense reimbursement (Note 5)		—			(132,948	)
Net expenses		5,186,651			5,924,116
Net investment income (loss)		(2,834,288	)		5,570,465
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on:
Investments		68,334,149			62,967,688
Net change in unrealized appreciation (depreciation) on:
Investments		84,571,005			81,892,356
Net realized and unrealized gain on investments		152,905,154			144,860,044
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	150,070,866		$	150,430,509

(a) Includes non-recurring dividends of $1,721,173.

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, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income (loss)	$	(2,834,288	)	$	(7,845,552	)	$	5,570,465		$	5,191,535
Net realized gain on investments		68,334,149			146,827,349			62,967,688			145,244,540
Net change in unrealized appreciation (depreciation) on investments		84,571,005			(156,740,215	)		81,892,356			(73,587,700	)
Net increase (decrease) in net assets resulting from operations		150,070,866			(17,758,418	)		150,430,509			76,848,375
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		—			—			(4,236,276	)		(1,957,501	)
Retail Class		—			—			(1,054,845	)		(74,356	)
Admin Class		—			—			(1,677	)		—
Class N		—			—			(44,634	)		(3	)
Net realized capital gains
Institutional Class		(121,284,863	)		(64,424,433	)		(93,076,570	)		(64,817,421	)
Retail Class		(25,100,168	)		(15,631,057	)		(45,284,938	)		(35,067,106	)
Admin Class		—			—			(7,970,136	)		(6,651,623	)
Class N		(2,724,416	)		(529,097	)		(870,050	)		(103	)
Total distributions		(149,109,447	)		(80,584,587	)		(152,539,126	)		(108,568,113	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		39,017,649			7,643,805			78,318,223			(26,204,128	)
Net increase (decrease) in net assets		39,979,068			(90,699,200	)		76,209,606			(57,923,866	)
NET ASSETS
Beginning of the period		1,042,604,565			1,133,303,765			1,153,957,260			1,211,881,126
End of the period	$	1,082,583,633		$	1,042,604,565		$	1,230,166,866		$	1,153,957,260
ACCUMULATED NET INVESTMENT (LOSS)/UNDISTRIBUTED NET INVESTMENT INCOME	$	(8,896,324	)	$	(6,062,036	)	$	3,078,620		$	2,845,587

See accompanying notes to financial statements.

22  |

Financial Highlights

For a share outstanding throughout each period.

	Small Cap Growth Fund—Institutional Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	24.27		$	26.35		$	19.17		$	15.06		$	14.03		$	11.58
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.06	)		(0.16	)(b)		(0.15	)(c)		(0.14	)		(0.13	)		(0.11	)(d)
Net realized and unrealized gain (loss)		3.50			(0.09	)		7.33			4.25			1.16	(e)		2.56
Total from Investment Operations		3.44			(0.25	)		7.18			4.11			1.03			2.45
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		(3.54	)		(1.83	)		—			—			—			—
Total Distributions		(3.54	)		(1.83	)		—			—			—			—
Net asset value, end of the period	$	24.17		$	24.27		$	26.35		$	19.17		$	15.06		$	14.03
Total return		15.07	%(f)		(1.31	)%(b)		37.45	%(c)		27.29	%		7.34	%		21.16	%(g)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	879,567		$	852,131		$	914,000		$	599,469		$	154,313		$	52,501
Net expenses		0.94	%(h)		0.94	%		0.94	%		0.95	%		0.98	%(i)		1.00	%(j)
Gross expenses		0.94	%(h)		0.94	%		0.94	%		0.95	%		0.98	%(i)		1.06	%
Net investment loss		(0.49	)%(h)		(0.63	)%(b)		(0.70	)%(c)		(0.79	)%		(0.78	)%		(0.85	)%(d)
Portfolio turnover rate		31	%		63	%		56	%		77	%		76	%		69	%

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

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.17), total return would have been (1.35)% and the ratio of net investment loss to average net assets would have been (0.66)%.

(c) Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.16), total return would have been 37.40% and the ratio of net investment loss to average net assets would have been (0.75)%.

(d) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.12) and the ratio of net investment loss to average net assets would have been (0.92)%.

(e) 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.

(f) Periods less than one year are not annualized.

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

(h) Computed on an annualized basis for periods less than one year.

(i) Includes fee/expense recovery of 0.03%.

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

See accompanying notes to financial statements.

23  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Retail Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	23.10		$	25.23		$	18.41		$	14.52		$	13.55		$	11.21
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.08	)		(0.22	)(b)		(0.20	)(c)		(0.19	)		(0.18	)		(0.13	)(d)
Net realized and unrealized gain (loss)		3.32			(0.08	)		7.02			4.08			1.15	(e)		2.47
Total from Investment Operations		3.24			(0.30	)		6.82			3.89			0.97			2.34
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		(3.54	)		(1.83	)		—			—			—			—
Total Distributions		(3.54	)		(1.83	)		—			—			—			—
Net asset value, end of the period	$	22.80		$	23.10		$	25.23		$	18.41		$	14.52		$	13.55
Total return		14.96	%(f)		(1.58	)%(b)		37.05	%(c)		26.79	%(g)		7.16	%(g)		20.87	%(g)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	176,540		$	175,393		$	211,724		$	229,822		$	113,110		$	75,344
Net expenses		1.19	%(h)		1.21	%		1.25	%(i)		1.25	%(j)		1.25	%(j)		1.25	%(j)
Gross expenses		1.19	%(h)		1.21	%		1.25	%(i)		1.28	%		1.27	%		1.39	%
Net investment loss		(0.75	)%(h)		(0.90	)%(b)		(0.99	)%(c)		(1.09	)%		(1.07	)%		(1.10	)%(d)
Portfolio turnover rate		31	%		63	%		56	%		77	%		76	%		69	%

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

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.23), total return would have been (1.58)% and the ratio of net investment loss to average net assets would have been (0.93)%.

(c) Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.21), total return would have been 36.99% and the ratio of net investment loss to average net assets would have been (1.05)%.

(d) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.14) and the ratio of net investment loss to average net assets would have been (1.17)%.

(e) 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.

(f) Periods less than one year are not annualized.

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

(h) Computed on an annualized basis for periods less than one year.

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

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

See accompanying notes to financial statements.

|  24

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Class N
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	24.29		$	26.36		$	20.22
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.04	)		(0.14	)(b)		(0.11	)
Net realized and unrealized gain (loss)		3.50			(0.10	)		6.25
Total from Investment Operations		3.46			(0.24	)		6.14
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—
Net realized capital gains		(3.54	)		(1.83	)		—
Total Distributions		(3.54	)		(1.83	)		—
Net asset value, end of the period	$	24.21		$	24.29		$	26.36
Total return		15.14	%(c)		(1.27	)%(b)		30.37	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	26,476		$	15,080		$	7,580
Net expenses		0.83	%(d)		0.83	%		0.83	%(d)
Gross expenses		0.83	%(d)		0.83	%		0.83	%(d)
Net investment loss		(0.36	)%(d)		(0.53	)%(b)		(0.63	)%(d)
Portfolio turnover rate		31	%		63	%		56	%

* 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) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.14), total return would have been (1.31)% and the ratio of net investment loss to average net assets would have been (0.56)%.

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

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

See accompanying notes to financial statements.

25  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Institutional Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	36.40		$	37.42		$	29.14		$	22.36		$	22.93		$	20.66
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19	(b)		0.20			0.20			0.21			0.09	(c)		0.11
Net realized and unrealized gain (loss)		4.47			2.18			8.41			6.62			(0.50	)		2.23
Total from Investment Operations		4.66			2.38			8.61			6.83			(0.41	)		2.34
LESS DISTRIBUTIONS FROM:
Net investment income		(0.22	)		(0.10	)		(0.30	)		(0.05	)		(0.16	)		(0.07	)
Net realized capital gains		(4.75	)		(3.30	)		(0.03	)		—			—			—
Total Distributions		(4.97	)		(3.40	)		(0.33	)		(0.05	)		(0.16	)		(0.07	)
Net asset value, end of the period	$	36.09		$	36.40		$	37.42		$	29.14		$	22.36		$	22.93
Total return		13.49	%(b)(d)(e)		6.17	%(d)		29.82	%(d)		30.59	%		(1.88	)%(c)(d)		11.39	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	803,593		$	730,901		$	733,512		$	572,776		$	431,761		$	454,853
Net expenses		0.90	%(f)(g)		0.90	%(g)		0.90	%(g)		0.90	%(h)		0.90	%(g)		0.90	%(g)
Gross expenses		0.92	%(f)		0.91	%		0.91	%		0.90	%(h)		0.93	%		0.94	%
Net investment income		1.04	%(b)(f)		0.53	%		0.61	%		0.76	%		0.33	%(c)		0.50	%
Portfolio turnover rate		9	%		23	%		22	%		19	%		42	%		52	%

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.13, total return would have been 13.34% and the ratio of net investment income to average net assets would have been 0.75%.

(c) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.07, total return would have been (1.93)% and the ratio of net investment income to average net assets would have been 0.28%.

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

(e) Periods less than one year are not annualized.

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

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

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

See accompanying notes to financial statements.

|  26

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Retail Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	35.98		$	37.03		$	28.84		$	22.14		$	22.71		$	20.47
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14	(b)		0.10			0.12			0.13			0.02	(c)		0.06
Net realized and unrealized gain (loss)		4.42			2.16			8.32			6.57			(0.48	)		2.21
Total from Investment Operations		4.56			2.26			8.44			6.70			(0.46	)		2.27
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.01	)		(0.22	)		—			(0.11	)		(0.03	)
Net realized capital gains		(4.75	)		(3.30	)		(0.03	)		—			—			—
Total Distributions		(4.86	)		(3.31	)		(0.25	)		—			(0.11	)		(0.03	)
Net asset value, end of the period	$	35.68		$	35.98		$	37.03		$	28.84		$	22.14		$	22.71
Total return(d)		13.33	%(b)(e)		5.90	%		29.48	%		30.26	%		(2.12	)%(c)		11.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	356,650		$	358,698		$	403,475		$	343,480		$	347,759		$	383,934
Net expenses(f)		1.15	%(g)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.17	%(g)		1.20	%		1.22	%		1.22	%		1.22	%		1.24	%
Net investment income		0.78	%(b)(g)		0.28	%		0.37	%		0.49	%		0.08	%(c)		0.26	%
Portfolio turnover rate		9	%		23	%		22	%		19	%		42	%		52	%

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.09, total return would have been 13.17% and the ratio of net investment income to average net assets would have been 0.49%.

(c) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.01, total return would have been (2.16)% and the ratio of net investment income to average net assets would have been 0.03%.

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

(e) Periods less than one year are not annualized.

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

(g) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

27  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Admin Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	35.06		$	36.24		$	28.22		$	21.72		$	22.30		$	20.11
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.10	(b)		0.01			0.04			0.06			(0.04	)(c)		0.00	(d)
Net realized and unrealized gain (loss)		4.31			2.11			8.15			6.44			(0.49	)		2.19
Total from Investment Operations		4.41			2.12			8.19			6.50			(0.53	)		2.19
LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(d)		—			(0.14	)		—			(0.05	)		—
Net realized capital gains		(4.75	)		(3.30	)		(0.03	)		—			—			—
Total Distributions		(4.75	)		(3.30	)		(0.17	)		—			(0.05	)		—
Net asset value, end of the period	$	34.72		$	35.06		$	36.24		$	28.22		$	21.72		$	22.30
Total return(e)		13.23	%(b)(f)		5.63	%		29.17	%		29.93	%		(2.40	)%(c)		10.89	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	62,372		$	61,791		$	74,892		$	67,853		$	65,500		$	73,443
Net expenses(g)		1.36	%(h)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses		1.38	%(h)		1.51	%		1.52	%		1.52	%		1.52	%		1.56	%
Net investment income (loss)		0.57	%(b)(h)		0.02	%		0.11	%		0.24	%		(0.17	)%(c)		0.02	%
Portfolio turnover rate		9	%		23	%		22	%		19	%		42	%		52	%

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.05, total return would have been 13.07% and the ratio of net investment income to average net assets would have been 0.28%.

(c) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.06), total return would have been (2.44)% and the ratio of net investment loss to average net assets would have been (0.22)%.

(d) Amount rounds to less than $0.01 per share.

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

(f) Periods less than one year are not annualized.

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

(h) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

|  28

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Class N
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	36.44		$	37.44		$	32.08
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.22	(b)		0.23			0.06
Net realized and unrealized gain (loss)		4.45			2.18			5.30
Total from Investment Operations		4.67			2.41			5.36
LESS DISTRIBUTIONS FROM:
Net investment income		(0.24	)		(0.11	)		—
Net realized capital gains		(4.75	)		(3.30	)		—
Total Distributions		(4.99	)		(3.41	)		—
Net asset value, end of the period	$	36.12		$	36.44		$	37.44
Total return		13.51	%(b)(c)		6.25	%(d)		16.71	%(c)(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,552		$	2,568		$	1
Net expenses		0.85	%(e)(f)		0.85	%(g)		0.85	%(e)(g)
Gross expenses		0.85	%(e)(f)		0.89	%		14.45	%(e)
Net investment income		1.22	%(b)(e)		0.60	%		0.27	%(e)
Portfolio turnover rate		9	%		23	%		22	%

* 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) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.15, total return would have been 13.35% and the ratio of net investment income to average net assets would have been 0.87%.

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

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

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

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

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

See accompanying notes to financial statements.

29  |

Notes to Financial Statements

March 31, 2015 (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 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 Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds 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 Institutional Class, Retail Class and Admin Class (for the Small Cap Value Fund), collectively, and Class N, individually, 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 follow the accounting and reporting guidelines provided for investment companies and 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

|  30

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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:

Listed equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation. 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. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. 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 and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to value debt and unlisted 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.

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 net asset value (“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 NAV calculation. However, for

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. 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 into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates 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 or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statements of Operations, may be characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

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Notes to Financial Statements – continued

March 31, 2015 (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.  Federal and Foreign Income Taxes. The Trusts treat 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, 2015 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 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 and capital gain distributions received, deferred Trustees’ fees and net operating losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

earnings are primarily due to return of capital distributions received, deferred Trustees’ fees and wash sales. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. 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, 2014 was as follows:

	2014 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	80,584,587	$	80,584,587
Small Cap Value Fund		2,574,013		105,994,100		108,568,113

As of September 30, 2014, 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*	$	(5,935,433	)	$	—

* 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, 2015, each Fund, as applicable, 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.

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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, 2015, neither Fund had loaned securities under this agreement.

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.

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Notes to Financial Statements – continued

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The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2015, at value:

Small Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,040,280,329	$	—	$	—	$	1,040,280,329
Short-Term Investments		—		51,911,803		—		51,911,803
Total	$	1,040,280,329	$	51,911,803	$	—	$	1,092,192,132

(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, 2015, there were no transfers among Levels 1, 2 and 3.

Small Cap Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,197,166,970	$	—	$	—	$	1,197,166,970
Closed-End Investment Companies		6,551,442		—		—		6,551,442
Short-Term Investments		—		19,233,023		—		19,233,023
Total	$	1,203,718,412	$	19,233,023	$	—	$	1,222,951,435

(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, 2015, there were no transfers among Levels 1, 2 and 3.

4.  Purchases and Sales of Securities. For the six months ended March 31, 2015, purchases and sales of securities (excluding short-term investments) were as follows:

Fund	Purchases		Sales
Small Cap Growth Fund	$	326,669,014	$	463,401,442
Small Cap Value Fund		109,940,418		185,713,920

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%

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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, 2016 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, 2015, 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%

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, 2015, the management fees for each Fund were as follows:

Fund	Management Fees		Percentage of Average Daily Net Assets
Small Cap Growth Fund	$	3,990,457		0.75%
Small Cap Value Fund		4,446,733		0.75%

For the six months ended March 31, 2015, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	86,849	$	39,323	$	6,776	$	—	$	132,948

¹Expense reimbursements are subject to possible recovery until September 30, 2016.

For the six months ended March 31, 2015, expense reimbursements related to the prior fiscal year were recovered as follows:

Fund	Recovered Expenses
Small Cap Value Fund	$	577

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,

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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.

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, 2015, 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	$	—	$	214,500	$	—
Small Cap Value Fund		76,978		446,695		65,585

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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 Trusts, Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0350% of the next $30 billion and 0.0325% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts and Loomis Sayles Funds Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2015, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Small Cap Growth Fund	$	226,987
Small Cap Value Fund		252,945

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, 2015, 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
Small Cap Growth Fund	$	597,590
Small Cap Value Fund		585,813

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

As of March 31, 2015, 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
Small Cap Growth Fund	$	12,911
Small Cap Value Fund		13,767

Sub-transfer agent fees attributable to Institutional Class, Retail Class 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.  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. 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 the annual rate of $17,500. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $5,000. 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 and Loomis Sayles Funds Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts and Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts, 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.

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

f.  Affiliated Ownership. As of March 31, 2015, 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 the Fund’s net assets:

Fund	Pension Plan		Retirement Plan		Total Affiliated Ownership
Small Cap Growth Fund		1.06%		1.47%		2.53%
Small Cap Value Fund		1.57%		2.32%		3.89%

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

g.  Payment by Affiliates. For the six months ended March 31, 2015, NGAM Distribution refunded Small Cap Value Fund $11,393 in connection with an overpayment of prior year Admin Class Service fees, reflected on the Statements of Operations as a reduction of Service and distribution fees.

6.  Class-Specific Transfer Agent Fees and Expenses. For the six months ended March 31, 2015, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Admin Class		Class N
Small Cap Growth Fund	$	509,857	$	100,214	$	—	$	212
Small Cap Value Fund		392,051		184,221		31,743		157

Transfer agent fees and expenses attributable to Institutional Class, Retail Class and Admin Class are allocated on a pro rata basis to each class based on 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. Each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, 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, 2015, neither Fund had borrowings under this agreement.

Effective April 16, 2015, the committed unsecured line of credit will be reduced to $150,000,000, and the individual limit of $125,000,000 for each Fund will be eliminated. Therefore, any one Fund may borrow up to the full $150,000,000 under the line of credit

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

(as long as all borrowings by all Funds in the aggregate do not exceed the $150,000,000 limit at any time). In addition, the commitment fee will increase to 0.15% per annum, payable at the end of each calendar quarter.

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, 2015, amounts rebated under these agreements were as follows:

Fund	Rebates
Small Cap Growth Fund	$	35,396
Small Cap Value Fund		17,752

9.  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, 2015, 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 were as follows:

Fund	Number of 5% Non-Affiliated Account Holders	Percentage of Non-Affiliated Ownership	Percentage of Affiliated Ownership (Note 5)	Total Percentage of Ownership
Small Cap Growth Fund	1	20.16%	2.53%	22.69%
Small Cap Value Fund	3	25.72%	3.89%	29.61%

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 the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

10.  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, 2015						Year Ended September 30, 2014
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		3,222,591		$	76,447,827			8,265,332		$	214,034,486
Issued in connection with the reinvestment of distributions		5,134,319			117,062,465			2,386,288			61,256,020
Redeemed		(7,079,416	)		(168,186,049	)		(10,228,143	)		(257,989,269	)
Net change		1,277,494		$	25,324,243			423,477		$	17,301,237
Retail Class
Issued from the sale of shares		517,009		$	11,677,961			1,803,527		$	44,732,574
Issued in connection with the reinvestment of distributions		1,163,810			25,045,197			637,221			15,605,531
Redeemed		(1,529,241	)		(34,023,925	)		(3,240,173	)		(78,525,108	)
Net change		151,578		$	2,699,233			(799,425	)	$	(18,187,003	)
Class N
Issued from the sale of shares		439,108		$	10,307,520			426,210		$	10,866,912
Issued in connection with the reinvestment of distributions		119,335			2,724,416			20,604			529,097
Redeemed		(85,693	)		(2,037,763	)		(113,573	)		(2,866,438	)
Net change		472,750		$	10,994,173			333,241		$	8,529,571
Increase (decrease) from capital share transactions		1,901,822		$	39,017,649			(42,707	)	$	7,643,805

43  |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

	Small Cap Value Fund
	Six Months Ended March 31, 2015						Year Ended September 30, 2014
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,833,048		$	64,798,683			3,763,242		$	142,391,032
Issued in connection with the reinvestment of distributions		2,730,775			93,993,275			1,733,383			64,429,846
Redeemed		(2,380,840	)		(86,107,541	)		(5,018,897	)		(188,920,687	)
Net change		2,182,983		$	72,684,417			477,728		$	17,900,191
Retail Class
Issued from the sale of shares		443,609		$	15,574,895			981,833		$	36,703,146
Issued in connection with the reinvestment of distributions		1,357,910			46,236,825			952,559			35,063,705
Redeemed		(1,775,877	)		(62,257,733	)		(2,862,025	)		(107,131,359	)
Net change		25,642		$	(446,013	)		(927,633	)	$	(35,364,508	)
Admin Class
Issued from the sale of shares		204,966		$	6,963,133			613,122		$	22,321,084
Issued in connection with the reinvestment of distributions		179,802			5,960,432			143,514			5,157,882
Redeemed		(350,565	)		(12,116,951	)		(1,060,940	)		(38,817,639	)
Net change		34,203		$	806,614			(304,304	)	$	(11,338,673	)
Class N
Issued from the sale of shares		132,187		$	5,080,953			95,239		$	3,550,943
Issued in connection with the reinvestment of distributions		26,567			914,684			3			106
Redeemed		(20,138	)		(722,432	)		(24,788	)		(952,187	)
Net change		138,616		$	5,273,205			70,454		$	2,598,862
Increase (decrease) from capital share transactions		2,381,444		$	78,318,223			(683,755	)	$	(26,204,128	)

|  44

SEMIANNUAL REPORT

March 31, 2015

Loomis Sayles Strategic Income Fund

TABLE OF CONTENTS

Portfolio Review  page 1

Portfolio of Investments  page 6

Financial Statements  page  31

Notes to Financial Statements  page 41

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

The Fund seeks high current income with a secondary objective of capital growth.

1  |

Average Annual Total Returns — March 31, 2015⁵

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 5/1/95)
NAV		0.16	%		1.78	%		8.11	%		7.64	%		—	%
With 4.50% Maximum Sales Charge		-4.36			-2.80			7.13			7.15			—
Class B (Inception 5/1/95)
NAV		-0.21			1.06			7.30			6.85			—
With CDSC2		-5.02			-3.75			7.00			6.85			—
Class C (Inception 5/1/95)
NAV		-0.22			1.02			7.30			6.84			—
With CDSC2		-1.18			0.06			7.30			6.84			—
Class N (Inception 2/1/13)
NAV		0.32			2.12			—			—			6.46
Class Y (Inception 12/1/99)
NAV		0.28			2.05			8.39			7.93			—
Admin Class (Inception 2/1/10)1
NAV		0.03			1.61			7.85			7.35			—
Comparative Performance
Barclays U.S. Aggregate Bond Index3		3.43			5.72			4.41			4.93			2.89
Barclays U.S. Universal Bond Index4		3.09			5.33			4.75			5.15			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. It is not possible to invest directly in an index.

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 months ended June 30, 2014 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 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, 2014 through March 31, 2015. 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 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 to 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 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 10/1/2014		ENDING ACCOUNT VALUE 3/31/2015		EXPENSES PAID DURING PERIOD* 10/1/2014 – 3/31/2015
Class A
Actual		$1,000.00		$1,001.60		$4.69
Hypothetical (5% return before expenses)		$1,000.00		$1,020.24		$4.73
Class B
Actual		$1,000.00		$997.90		$8.37
Hypothetical (5% return before expenses)		$1,000.00		$1,016.55		$8.45
Class C
Actual		$1,000.00		$997.80		$8.42
Hypothetical (5% return before expenses)		$1,000.00		$1,016.50		$8.50
Class N
Actual		$1,000.00		$1,003.20		$3.10
Hypothetical (5% return before expenses)		$1,000.00		$1,021.84		$3.13
Class Y
Actual		$1,000.00		$1,002.80		$3.45
Hypothetical (5% return before expenses)		$1,000.00		$1,021.49		$3.48
Admin Class
Actual		$1,000.00		$1,000.30		$5.93
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%, 1.68%, 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, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 71.7% of Net Assets
	Non-Convertible Bonds — 65.1%
		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	$	4,204,547
		ABS Home Equity — 0.0%
	2,775,037	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR4, Class 2A2, 2.629%, 4/25/2035(b)		2,827,002
		ABS Other — 0.4%
	42,000,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(c)(d)(g)		35,435,400
	23,614,048	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(c)(d)		23,614,048
	8,585,595	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(c)(d)		8,585,595
	12,951,820	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A		12,887,061
				80,522,104
		Aerospace & Defense — 0.6%
	620,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		484,624
	11,800,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		11,269,000
	2,425,000	Ducommun, Inc., 9.750%, 7/15/2018		2,564,437
	16,246,000	KLX, Inc., 5.875%, 12/01/2022, 144A		16,205,385
	8,236,000	Meccanica Holdings USA, Inc., 6.250%, 7/15/2019, 144A		9,162,550
	22,548,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		22,942,590
	20,755,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		23,245,600
	5,310,000	Textron Financial Corp., (fixed rate to 2/15/2017, variable rate thereafter), 6.000%, 2/15/2067, 144A		4,752,450
	24,513,000	TransDigm, Inc., 6.500%, 7/15/2024		24,635,565
				115,262,201
		Airlines — 2.9%
	13,620,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		11,452,607
	4,814,356	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		5,031,002
	2,285,000	Allegiant Travel Co., 5.500%, 7/15/2019		2,342,125
	179,895,000	American Airlines Group, Inc., 5.500%, 10/01/2019, 144A		184,617,244
	13,486,925	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		14,055,668
	4,933,692	American Airlines Pass Through Trust, Series 2013-1, Class B, 5.625%, 1/15/2021, 144A		5,141,006
	10,425,000	American Airlines Pass Through Trust, Series 2013-2, Class C, 6.000%, 1/15/2017, 144A		10,504,126
	2,971,619	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		3,140,288
	21,015,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		22,170,825
	176,964	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		176,964

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	283,816	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018	$	294,630
	954,674	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		1,007,182
	529,569	Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021		547,733
	1,117,511	Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022		1,264,128
	1,157,133	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		1,290,203
	1,141,091	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		1,252,347
	1,811,595	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		1,938,407
	1,063,631	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		1,094,796
	9,836,991	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		11,078,911
	17,725,794	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		19,033,957
	14,294,792	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		15,474,112
	13,498,304	Continental Airlines Pass Through Trust, Series 2009-2, Class A, 7.250%, 5/10/2021		15,624,287
	3,374,924	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		3,602,732
	1,096,484	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		1,287,053
	5,048,305	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		5,856,034
	814,665	Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA insured), 6.264%, 5/20/2023		886,437
	14,777,529	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		15,959,731
	447,278	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		488,114
	9,585,000	United Airlines Pass Through Trust, Series 2014-1, Class B, 4.750%, 10/11/2023		9,720,340
	10,375,000	United Airlines Pass Through Trust, Series 2014-2, Class B, 4.625%, 3/03/2024		10,439,844
	11,059,968	US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		12,055,365
	42,731,336	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		49,354,693
	12,605,355	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		14,401,618
	6,518,965	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		7,399,026
	3,171,102	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		3,255,453
	7,121,908	US Airways Pass Through Trust, Series 2013-1, Class B, 5.375%, 5/15/2023		7,424,589
	48,950,000	Virgin Australia Holdings Ltd., 8.500%, 11/15/2019, 144A		50,296,125
	5,629,522	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		5,855,379
	9,185,759	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		9,392,439
				536,207,520

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Automotive — 1.0%
$	19,011,000	Ford Motor Co., 6.375%, 2/01/2029	$	23,494,269
	1,220,000	Ford Motor Co., 6.625%, 2/15/2028		1,526,904
	74,829,000	Ford Motor Co., 6.625%, 10/01/2028		96,154,891
	2,365,000	Ford Motor Co., 7.125%, 11/15/2025		3,013,027
	1,345,000	Ford Motor Co., 7.500%, 8/01/2026		1,778,886
	29,265,000	General Motors Financial Co., Inc., 4.375%, 9/25/2021		31,082,064
	6,000,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022		6,570,000
	4,977,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		5,375,160
	25,345,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		24,901,463
				193,896,664
		Banking — 7.7%
	1,175,000	AgriBank FCB, 9.125%, 7/15/2019, 144A		1,499,534
	2,000,000	Ally Financial, Inc., 5.125%, 9/30/2024		2,062,500
	28,582,000	Ally Financial, Inc., 8.000%, 12/31/2018		32,297,660
	29,332,000	Ally Financial, Inc., 8.000%, 11/01/2031		36,665,000
	20,565,000	Associates Corp. of North America, 6.950%, 11/01/2018		23,950,102
	63,900,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		18,820,322
	900,000	Bank of America Corp., 5.490%, 3/15/2019		996,057
	3,450,000	Bank of America Corp., EMTN, 4.625%, 9/14/2018, (EUR)		4,164,041
	3,135,000	Bank of America Corp., MTN, 3.300%, 1/11/2023		3,175,877
	265,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		273,571
	1,500,000	Bank of America Corp., Series K, (fixed rate to 1/30/2018, variable rate thereafter), 8.000%(e)		1,603,125
	10,000,000	Bank of Nova Scotia, 2.462%, 3/14/2019, (CAD)		8,192,334
	39,890,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		36,203,200
	57,792,000,000	Barclays Financial LLC, EMTN, 3.500%, 11/29/2016, (KRW)		53,385,129
	1,600,000	BNP Paribas S.A., (fixed rate to 4/13/2017, variable rate thereafter), 5.019%, (EUR)(e)		1,806,421
	5,331,000	BNP Paribas S.A., (fixed rate to 6/29/2015, variable rate thereafter), 5.186%, 144A(e)		5,359,094
	36,445,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		27,988,355
	4,000,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(d)		3,552,296
	24,610,000	Citigroup, Inc., 5.875%, 2/22/2033		28,640,454
	8,999,000	Citigroup, Inc., 6.000%, 10/31/2033		10,637,196
	6,060,000	Citigroup, Inc., 6.125%, 8/25/2036		7,338,660
	22,091,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		17,203,269
	3,350,000	Citigroup, Inc., EMTN, 1.312%, 11/30/2017, (EUR)(b)		3,600,057
	3,000,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 1.700%, 3/19/2018		3,026,478
	14,330,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.875%, 2/08/2022		15,421,760
	3,450,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.950%, 11/09/2022		3,571,447
	25,000,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, (CAD)		21,118,195
	400,000	Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		500,188
	34,060,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		44,722,585

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	32,705,000	HBOS PLC, 6.000%, 11/01/2033, 144A	$	38,649,821
	50,604,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		56,617,476
	9,090,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		9,453,600
	82,585,000	Intesa Sanpaolo SpA, 3.875%, 1/15/2019		87,101,491
	40,305,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		41,251,764
	45,620,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		34,212,800
	227,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		16,845,744
	27,555,000	Lloyds Bank PLC, MTN, 6.500%, 9/14/2020, 144A		32,373,460
	18,500,000	Lloyds Banking Group PLC, (fixed rate to 10/01/2015, variable rate thereafter), 5.920%, 144A(e)		18,685,000
	3,010,000	Merrill Lynch & Co., Inc., 5.700%, 5/02/2017		3,242,968
	6,700,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		8,158,530
	800,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		979,892
	36,195,000	Morgan Stanley, 4.350%, 9/08/2026		37,941,915
	35,325,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		28,182,642
	10,540,000	Morgan Stanley, 4.875%, 11/01/2022		11,511,387
	185,000,000	Morgan Stanley, 5.000%, 9/30/2021, (AUD)		150,805,114
	74,310,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		59,196,440
	100,265,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		83,893,401
	950,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		1,526,286
	79,700,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		63,251,717
	38,835,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		40,416,012
	10,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		12,418,330
	7,900,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		8,985,081
	12,100,000	Morgan Stanley, Series F, MTN, 0.707%, 10/18/2016(b)		12,085,286
	53,095,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		43,812,440
	1,905,000	RBS Capital Trust C, (fixed rate to 1/12/2016, variable rate thereafter), 4.243%, (EUR)(e)		2,048,352
	4,050,000	RBS Capital Trust II, (fixed rate to 1/03/2034, variable rate thereafter), 6.425%(e)		4,617,000
	930,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(e)		997,483
	15,100,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(e)		16,229,785
	24,985,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		27,791,865
	17,700,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		19,931,899
	9,990,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/30/2017, variable rate thereafter), 7.640%(e)		10,939,050
	850,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		961,489
	7,750,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		9,566,102
	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)		2,384,263
	700,000	Santander Central Hispano Issuances Ltd., 7.250%, 11/01/2015		722,755
	1,800,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		1,880,726
	18,054,000	Societe Generale S.A., (fixed rate to 4/05/2017, variable rate thereafter), 5.922%, 144A(e)		18,843,862
				1,436,288,135

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Brokerage — 0.8%
$	5,000,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A	$	4,650,000
	22,540,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.500%, 4/15/2021, 144A		21,751,100
	43,025,000	Jefferies Group LLC, 5.125%, 1/20/2023		44,660,122
	20,010,000	Jefferies Group LLC, 6.250%, 1/15/2036		19,994,992
	15,215,000	Jefferies Group LLC, 6.450%, 6/08/2027		16,432,200
	39,040,000	Jefferies Group LLC, 6.875%, 4/15/2021		44,143,309
				151,631,723
		Building Materials — 0.6%
	19,945,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		16,753,800
	6,995,000	Masco Corp., 6.500%, 8/15/2032		7,484,650
	5,510,000	Masco Corp., 7.125%, 3/15/2020		6,460,475
	2,630,000	Masco Corp., 7.750%, 8/01/2029		3,050,800
	2,000,000	NCI Building Systems, Inc., 8.250%, 1/15/2023, 144A		2,115,000
	32,100,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		7,442,779
	35,980,000	Owens Corning, 7.000%, 12/01/2036		44,073,809
	14,155,000	USG Corp., 9.750%, 1/15/2018		16,384,412
				103,765,725
		Cable Satellite — 1.0%
	3,315,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		3,443,456
	17,679,000	DISH DBS Corp., 5.875%, 11/15/2024		17,701,099
	11,620,000	Intelsat Jackson Holdings S.A., 5.500%, 8/01/2023		10,966,375
	3,995,000	Intelsat Luxembourg S.A., 6.750%, 6/01/2018		3,915,100
	28,785,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021		26,554,163
	16,000,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023		14,720,000
	25,270,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		23,060,534
	135,000	Time Warner Cable, Inc., 5.875%, 11/15/2040		161,461
	44,800,000	UPC Holding BV, 6.375%, 9/15/2022, 144A, (EUR)		51,784,055
	11,275,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		9,013,412
	7,000,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		7,350,000
	20,300,000	VTR Finance BV, 6.875%, 1/15/2024, 144A		21,061,250
				189,730,905
		Chemicals — 1.5%
	19,810,000	Aruba Investments, Inc., 8.750%, 2/15/2023, 144A		19,710,950
	85,854,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		86,497,905
	20,000,000	Eco Services Operations LLC/Eco Finance Corp., 8.500%, 11/01/2022, 144A		20,200,000
	20,070,000	Hercules, Inc., 6.500%, 6/30/2029		18,489,487
	6,010,000	Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		5,303,825
	16,660,000	Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		11,662,000
	26,164,000	Hexion, Inc., 7.875%, 2/15/2023(d)		15,175,120
	2,594,000	Hexion, Inc., 8.375%, 4/15/2016(d)		2,490,240
	8,757,000	Hexion, Inc., 9.200%, 3/15/2021(d)		5,079,060
	90,205,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		89,641,219
	885,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		809,775
				275,059,581

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Construction Machinery — 0.1%
$	1,425,000	Joy Global, Inc., 6.625%, 11/15/2036	$	1,770,450
	5,105,000	United Rentals North America, Inc., 5.750%, 11/15/2024		5,270,912
	11,655,000	United Rentals North America, Inc., 7.625%, 4/15/2022		12,750,570
	525,000	United Rentals North America, Inc., 8.375%, 9/15/2020		564,533
				20,356,465
		Consumer Cyclical Services — 0.0%
	670,000	ServiceMaster Co. LLC (The), 7.100%, 3/01/2018		703,500
	5,500,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		5,568,750
				6,272,250
		Consumer Products — 0.2%
	11,545,000	Avon Products, Inc., 7.700%, 3/15/2043		9,697,800
	33,945,000	Newell Rubbermaid, Inc., 4.000%, 12/01/2024		35,769,985
	805,000	Visant Corp., 10.000%, 10/01/2017		720,475
				46,188,260
		Electric — 2.2%
	2,435,000	AES Corp. (The), 4.875%, 5/15/2023		2,374,125
	34,125,000	AES Corp. (The), 5.500%, 3/15/2024		34,039,687
	42,148,315	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		50,109,246
	58,038,836	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034		61,095,161
	1,888,051	CE Generation LLC, 7.416%, 12/15/2018		1,878,611
	38,368,000	DPL, Inc., 6.750%, 10/01/2019, 144A		40,478,240
	9,300,000	Dynegy Finance I, Inc./Dynegy Finance II, Inc., 7.375%, 11/01/2022, 144A		9,776,625
	56,530,000	Dynegy Finance I, Inc./Dynegy Finance II, Inc., 7.625%, 11/01/2024, 144A		59,215,175
	53,785,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		55,667,475
	42,200,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		44,861,132
	14,800,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		16,095,296
	3,570,000	Endesa S.A., 7.875%, 2/01/2027		4,712,097
	13,642,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		16,561,033
	1,435,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		1,869,518
	2,732,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		5,087,825
	555,000	Enersis S.A., 7.400%, 12/01/2016		606,244
	596,774	Red Oak Power LLC, Series A, 8.540%, 11/30/2019		634,073
				405,061,563
		Finance Companies — 5.1%
	19,005,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		21,628,469
	57,000,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		42,885,403
	79,035,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		61,529,545
	25,320,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		19,468,332
	215,797,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		163,415,311
	325,000	International Lease Finance Corp., 3.875%, 4/15/2018		329,875
	1,435,000	International Lease Finance Corp., 4.625%, 4/15/2021		1,485,225
	2,085,000	International Lease Finance Corp., 5.875%, 4/01/2019		2,262,225
	24,940,000	International Lease Finance Corp., 5.875%, 8/15/2022		27,683,400
	950,000	International Lease Finance Corp., 6.250%, 5/15/2019		1,037,875
	20,610,000	International Lease Finance Corp., 7.125%, 9/01/2018, 144A		23,134,725

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Finance Companies — continued
$	10,245,000	International Lease Finance Corp., 8.250%, 12/15/2020	$	12,473,288
	11,995,000	iStar Financial, Inc., 4.875%, 7/01/2018		12,054,975
	14,060,000	iStar Financial, Inc., 5.000%, 7/01/2019		14,060,000
	23,175,000	iStar Financial, Inc., 5.850%, 3/15/2017		24,102,000
	19,240,000	iStar Financial, Inc., 7.125%, 2/15/2018		20,490,600
	19,915,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		20,462,663
	1,875,000	Navient Corp., 5.875%, 10/25/2024		1,753,125
	23,020,000	Navient LLC, 4.875%, 6/17/2019		22,962,450
	22,945,000	Navient LLC, 5.500%, 1/25/2023		21,855,113
	109,950(††)	Navient LLC, 6.000%, 12/15/2043		2,455,642
	7,515,000	Navient LLC, MTN, 4.625%, 9/25/2017		7,627,725
	7,780,000	Navient LLC, MTN, 5.500%, 1/15/2019		7,935,600
	19,155,000	Navient LLC, MTN, 6.125%, 3/25/2024		18,388,800
	17,600,000	Navient LLC, MTN, 7.250%, 1/25/2022		18,568,000
	2,160,000	Navient LLC, MTN, 8.000%, 3/25/2020		2,397,816
	14,465,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		14,465,000
	50,910,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033		41,682,563
	49,850,000	Navient LLC, Series A, MTN, 8.450%, 6/15/2018		55,333,500
	55,730,000	Springleaf Finance Corp., 5.250%, 12/15/2019		55,103,037
	137,545,000	Springleaf Finance Corp., 7.750%, 10/01/2021		150,611,775
	55,015,000	Springleaf Finance Corp., 8.250%, 10/01/2023		61,891,875
	10,120,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		10,499,500
	800,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		844,000
				962,879,432
		Food & Beverage — 0.2%
	25,280,000	DS Services of America, Inc., 10.000%, 9/01/2021, 144A		29,704,000
	4,880,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		5,319,200
				35,023,200
		Government Owned – No Guarantee — 0.4%
	18,530,000	DP World Ltd., 6.850%, 7/02/2037, 144A		20,977,628
	22,160,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		23,822,000
	26,120,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		21,154,588
				65,954,216
		Government Sponsored — 0.0%
	1,000,000	EDP Finance BV, EMTN, 2.250%, 2/11/2021, (CHF)		1,044,248
		Healthcare — 3.1%
	2,160,000	BioScrip, Inc., 8.875%, 2/15/2021, 144A		1,941,300
	2,795,000	HCA Holdings, Inc., 6.250%, 2/15/2021		3,021,954
	186,520,000	HCA, Inc., 5.250%, 4/15/2025		201,441,600
	9,960,000	HCA, Inc., 5.875%, 3/15/2022		11,027,612
	108,560,000	HCA, Inc., 5.875%, 5/01/2023		117,244,800
	14,620,000	HCA, Inc., 7.050%, 12/01/2027		15,570,300
	20,447,000	HCA, Inc., 7.500%, 12/15/2023		23,232,904
	24,215,000	HCA, Inc., 7.500%, 11/06/2033		26,152,200
	46,148,000	HCA, Inc., 7.690%, 6/15/2025		52,147,240

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	32,745,000	HCA, Inc., 8.360%, 4/15/2024	$	38,639,100
	15,815,000	HCA, Inc., MTN, 7.580%, 9/15/2025		17,712,800
	9,492,000	HCA, Inc., MTN, 7.750%, 7/15/2036		10,298,820
	955,000	Tenet Healthcare Corp., 4.375%, 10/01/2021		933,513
	1,495,000	Tenet Healthcare Corp., 4.500%, 4/01/2021		1,465,100
	26,975,000	Tenet Healthcare Corp., 5.000%, 3/01/2019, 144A		26,772,687
	32,559,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		30,117,075
				577,719,005
		Home Construction — 0.8%
	3,075,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		2,936,625
	13,360,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		11,489,600
	35,125,000	K. Hovnanian Enterprises, Inc., 8.000%, 11/01/2019, 144A		33,895,625
	3,620,000	KB Home, 4.750%, 5/15/2019		3,538,550
	11,315,000	KB Home, 7.250%, 6/15/2018		12,220,200
	5,865,000	Lennar Corp., 4.500%, 6/15/2019		6,055,612
	47,260,000	Pulte Group, Inc., 6.000%, 2/15/2035		47,023,700
	13,190,000	Pulte Group, Inc., 6.375%, 5/15/2033		13,651,650
	195,000	TRI Pointe Holdings, Inc., 5.875%, 6/15/2024, 144A		190,613
	10,305,000	Weyerhaeuser Real Estate Co., 4.375%, 6/15/2019, 144A		10,060,256
				141,062,431
		Independent Energy — 1.6%
	7,550,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A		6,927,125
	6,930,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		6,340,950
	1,705,000	Bonanza Creek Energy, Inc., 6.750%, 4/15/2021		1,658,113
	4,945,000	California Resources Corp., 5.000%, 1/15/2020, 144A		4,462,863
	81,805,000	California Resources Corp., 5.500%, 9/15/2021, 144A		72,577,396
	11,240,000	California Resources Corp., 6.000%, 11/15/2024, 144A		9,863,100
	800,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		750,000
	55,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		57,475
	7,190,000	Continental Resources, Inc., 3.800%, 6/01/2024		6,627,311
	540,000	Continental Resources, Inc., 4.500%, 4/15/2023		524,087
	2,990,000	Halcon Resources Corp., 9.250%, 2/15/2022		2,063,100
	1,500,000	Halcon Resources Corp., 9.750%, 7/15/2020		1,057,500
	1,940,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		1,881,800
	1,545,000	Oasis Petroleum, Inc., 7.250%, 2/01/2019		1,529,550
	7,170,000	Pan American Energy LLC/Argentine Branch, 7.875%, 5/07/2021, 144A		7,438,875
	3,000,000	QEP Resources, Inc., 5.250%, 5/01/2023		2,940,000
	12,635,000	QEP Resources, Inc., 6.875%, 3/01/2021		13,424,687
	14,844,000	Rex Energy Corp., 6.250%, 8/01/2022, 144A		9,982,590
	2,343,000	Rex Energy Corp., 8.875%, 12/01/2020		1,827,540
	6,250,000	Rice Energy, Inc., 6.250%, 5/01/2022		6,093,750
	18,510,000	RKI Exploration & Production LLC/RKI Finance Corp., 8.500%, 8/01/2021, 144A		17,584,500
	1,975,000	Rosetta Resources, Inc., 5.625%, 5/01/2021		1,856,500
	9,210,000	RSP Permian, Inc., 6.625%, 10/01/2022, 144A		9,256,050
	17,508,000	Sanchez Energy Corp., 6.125%, 1/15/2023		15,735,315
	9,520,000	Sanchez Energy Corp., 7.750%, 6/15/2021		9,234,400

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	1,930,000	SandRidge Energy, Inc., 7.500%, 2/15/2023	$	1,177,300
	8,241,000	SM Energy Co., 5.000%, 1/15/2024		7,758,901
	22,844,000	SM Energy Co., 6.125%, 11/15/2022, 144A		22,729,780
	801,000	SM Energy Co., 6.500%, 11/15/2021		813,015
	2,522,000	SM Energy Co., 6.500%, 1/01/2023		2,572,440
	805,000	SM Energy Co., 6.625%, 2/15/2019		815,063
	4,058,000	Ultra Petroleum Corp., 5.750%, 12/15/2018, 144A		3,662,345
	45,515,000	Ultra Petroleum Corp., 6.125%, 10/01/2024, 144A		39,029,112
	10,845,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		10,655,212
				300,907,745
		Industrial Other — 0.2%
	7,875,000	AECOM Technology Corp., 5.750%, 10/15/2022, 144A		8,150,625
	8,215,000	AECOM Technology Corp., 5.875%, 10/15/2024, 144A		8,625,750
	11,370,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A		6,253,500
	6,880,000	Transfield Services Ltd., 8.375%, 5/15/2020, 144A		7,327,200
				30,357,075
		Integrated Energy — 0.0%
	5,385,000	Pacific Rubiales Energy Corp., 5.125%, 3/28/2023, 144A		3,136,763
	3,125,000	Pacific Rubiales Energy Corp., 5.625%, 1/19/2025, 144A		1,838,125
				4,974,888
		Life Insurance — 0.9%
	11,135,000	American International Group, Inc., 4.125%, 2/15/2024		12,053,927
	4,190,000	American International Group, Inc., 4.875%, 6/01/2022		4,761,742
	2,416,000	American International Group, Inc., 6.250%, 3/15/2087		2,753,414
	1,933,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		2,741,091
	4,300,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		4,803,693
	23,200,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(e)		25,940,616
	1,000,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(e)		1,639,157
	1,350,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		1,690,287
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		17,621,505
	1,225,000	Genworth Financial, Inc., (fixed rate to 11/15/2016, variable rate thereafter), 6.150%, 11/15/2066		722,750
	3,695,000	Genworth Holdings, Inc., 4.800%, 2/15/2024		3,108,419
	27,200,000	Genworth Holdings, Inc., 4.900%, 8/15/2023		23,256,000
	10,990,000	Genworth Holdings, Inc., 6.500%, 6/15/2034		9,788,353
	1,475,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		2,195,906
	8,145,000	MetLife, Inc., 10.750%, 8/01/2069		13,679,528
	20,000,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		32,430,940
	8,920,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		10,350,830
	3,910,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		5,146,299
				174,684,457

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Local Authorities — 0.8%
	3,905,000	Manitoba (Province of), GMTN, 6.375%, 9/01/2015, (NZD)	$	2,949,015
	95,480,000	New South Wales Treasury Corp., 4.000%, 4/08/2021, (AUD)		79,706,814
	82,840,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		70,136,120
				152,791,949
		Media Entertainment — 0.9%
	111,590,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		6,377,218
	64,250,000	iHeartCommunications, Inc., 9.000%, 3/01/2021		61,519,375
	33,370,000	iHeartCommunications, Inc., 9.000%, 9/15/2022		31,868,350
	7,180,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		7,521,050
	17,950,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		18,982,125
	27,185,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		28,068,513
	2,410,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		2,560,625
	3,730,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		4,112,325
	5,925,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		6,778,200
				167,787,781
		Metals & Mining — 1.6%
	7,656,770	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(f)		5,130,036
	3,949,000	Alcoa, Inc., 5.870%, 2/23/2022		4,379,334
	5,075,000	Alcoa, Inc., 5.900%, 2/01/2027		5,588,539
	1,405,000	Alcoa, Inc., 5.950%, 2/01/2037		1,474,852
	4,330,000	Alcoa, Inc., 6.750%, 1/15/2028		4,978,015
	25,271,000	ArcelorMittal, 7.500%, 3/01/2041		26,281,840
	30,695,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		29,735,781
	8,705,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		9,028,826
	8,625,000	Cliffs Natural Resources, Inc., 4.800%, 10/01/2020		4,830,000
	3,980,000	Cliffs Natural Resources, Inc., 4.875%, 4/01/2021		2,109,400
	46,334,000	Cliffs Natural Resources, Inc., 6.250%, 10/01/2040		23,630,340
	20,408,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		15,101,920
	26,350,000	Essar Steel Algoma, Inc., 9.500%, 11/15/2019, 144A		22,858,625
	12,000,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		11,070,000
	14,645,000	Lundin Mining Corp., 7.500%, 11/01/2020, 144A		15,194,188
	51,000,000	Lundin Mining Corp., 7.875%, 11/01/2022, 144A		53,167,500
	4,200,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		3,916,500
	16,135,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		13,121,511
	11,719,000	United States Steel Corp., 6.650%, 6/01/2037		10,195,530
	7,490,000	United States Steel Corp., 6.875%, 4/01/2021		7,372,969
	16,435,000	United States Steel Corp., 7.000%, 2/01/2018		17,174,575
	10,000,000	Worthington Industries, Inc., 6.500%, 4/15/2020		11,448,320
				297,788,601
		Midstream — 0.3%
	750,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		918,670
	8,935,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		9,820,718
	23,179,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		23,092,079
	505,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		535,931
	24,335,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.000%, 1/15/2018, 144A		25,065,050

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Midstream — continued
$	3,185,492	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A	$	3,193,455
				62,625,903
		Non-Agency Commercial Mortgage-Backed Securities — 0.8%
	5,559,197	Column Canada Issuer Corp., Series 2006-WEM, Class A1, 4.591%, 1/15/2022, (CAD)		4,461,315
	2,785,000	Column Canada Issuer Corp., Series 2006-WEM, Class A2, 4.934%, 1/15/2022, (CAD)		2,297,617
	27,969,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR1, 1.700%, 5/13/2031, 144A(b)(d)		27,731,347
	12,902,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR2, 2.200%, 5/13/2031, 144A(b)(d)		12,783,185
	8,622,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR3, 2.650%, 5/13/2031, 144A(b)(d)		8,543,497
	16,080,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR4, 3.750%, 5/13/2031, 144A(b)(d)		15,937,563
	35,060,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.796%, 8/10/2045(b)		35,948,105
	18,846,405	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		15,075,041
	30,100,000	Motel 6 Trust, Series 2015-M6MZ, Class M, 8.230%, 2/05/2020, 144A(d)		30,310,700
				153,088,370
		Oil Field Services — 0.5%
	19,335,000	FTS International, Inc., 6.250%, 5/01/2022, 144A		14,211,225
	7,120,000	Global Marine, Inc., 7.000%, 6/01/2028		4,592,400
	5,636,000	Hercules Offshore, Inc., 6.750%, 4/01/2022, 144A		1,521,720
	952,000	Hercules Offshore, Inc., 7.500%, 10/01/2021, 144A		266,560
	6,101,000	Hercules Offshore, Inc., 8.750%, 7/15/2021, 144A		1,738,785
	1,053,000	Hercules Offshore, Inc., 10.250%, 4/01/2019, 144A		323,798
	17,482,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A		5,769,060
	40,403,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A		13,433,997
	18,385,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022		13,972,600
	12,020,000	Precision Drilling Corp., 5.250%, 11/15/2024, 144A		10,036,700
	594,000	Precision Drilling Corp., 6.500%, 12/15/2021		550,935
	2,590,000	Precision Drilling Corp., 6.625%, 11/15/2020		2,441,075
	500,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		300,000
	31,135,000	Transocean, Inc., 3.800%, 10/15/2022		22,718,836
	4,355,000	Transocean, Inc., 6.375%, 12/15/2021		3,663,644
				95,541,335
		Packaging — 0.0%
	1,180,000	Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Issuer, Inc., 6.000%, 6/15/2017, 144A		1,182,950
	1,705,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		1,694,344
				2,877,294

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Paper — 0.7%
$	14,715,000	Georgia-Pacific LLC, 7.250%, 6/01/2028	$	19,605,574
	47,875,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		67,528,166
	775,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		1,170,006
	4,865,000	Westvaco Corp., 7.950%, 2/15/2031		6,560,059
	23,365,000	Westvaco Corp., 8.200%, 1/15/2030		32,999,324
	2,840,000	Weyerhaeuser Co., 6.950%, 10/01/2027		3,496,293
				131,359,422
		Pharmaceuticals — 0.0%
	554,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		575,468
		Property & Casualty Insurance — 0.4%
	14,855,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		17,453,942
	7,375,000	Loews Corp., 2.625%, 5/15/2023		7,200,950
	12,510,000	MBIA Insurance Corp., 11.513%, 1/15/2033, 144A(b)(g)		6,786,675
	6,555,000	Old Republic International Corp., 4.875%, 10/01/2024		6,959,116
	11,200,000	Sirius International Group, 6.375%, 3/20/2017, 144A		12,102,899
	3,000,000	Sirius International Group, (fixed rate to 6/30/2017, variable rate thereafter), 7.506%, 144A(e)		3,161,250
	17,870,000	XL Group PLC, (fixed rate to 4/15/2017, variable rate thereafter), 6.500%(e)		15,814,950
	1,425,000	XLIT Ltd., 6.375%, 11/15/2024		1,755,577
				71,235,359
		Railroads — 0.4%
	90,000,000	Hellenic Railways Organization S.A., EMTN, 0.663%, 5/24/2016, (EUR)(b)(d)		65,805,319
	1,153,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(d)		1,123,880
				66,929,199
		Restaurants — 0.0%
	1,330,000	Wagamama Finance PLC, 7.875%, 2/01/2020, 144A, (GBP)		2,056,771
		Retailers — 0.7%
	3,325,000	Dillard’s, Inc., 7.000%, 12/01/2028		3,591,000
	4,187,000	Dillard’s, Inc., 7.130%, 8/01/2018		4,689,440
	1,500,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,698,750
	425,000	Dillard’s, Inc., 7.875%, 1/01/2023		490,875
	10,270,000	Foot Locker, Inc., 8.500%, 1/15/2022(c)		11,714,006
	5,930,000	GameStop Corp., 5.500%, 10/01/2019, 144A		6,122,725
	7,490,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		7,078,050
	27,224,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		19,737,400
	2,510,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		1,769,550
	25,795,000	J.C. Penney Corp., Inc., 8.125%, 10/01/2019		25,279,100
	12,275,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		15,121,180
	6,365,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		8,030,542
	3,910,000	Nine West Holdings, Inc., 6.125%, 11/15/2034		2,385,100
	25,299,000	Toys R Us, Inc., 7.375%, 10/15/2018		17,266,567
				124,974,285
		Sovereigns – 1.9%
	317,570,000	Republic of Portugal, 5.125%, 10/15/2024, 144A		351,321,340

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Supermarkets — 1.3%
$	47,456,000	Albertsons Holdings LLC/Saturn Acquisition Merger Sub, Inc., 7.750%, 10/15/2022, 144A	$	50,777,920
	79,276,000	New Albertson’s, Inc., 7.450%, 8/01/2029		72,537,540
	25,595,000	New Albertson’s, Inc., 7.750%, 6/15/2026		24,187,275
	21,200,000	New Albertson’s, Inc., 8.000%, 5/01/2031		20,140,000
	5,815,000	New Albertson’s, Inc., 8.700%, 5/01/2030		5,727,775
	16,342,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		13,523,005
	34,580,000	SUPERVALU, Inc., 6.750%, 6/01/2021		35,617,400
	23,400,000	SUPERVALU, Inc., 7.750%, 11/15/2022		24,921,000
				247,431,915
		Supranational — 0.6%
	16,375,000	European Bank for Reconstruction & Development, 6.250%, 2/05/2016, (BRL)		4,933,716
	250,500,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		18,685,863
	60,665,000	European Investment Bank, MTN, 6.250%, 4/15/2015, (AUD)		46,268,661
	24,450,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		19,368,434
	72,900,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		21,838,821
				111,095,495
		Technology — 1.8%
	6,475,000	Advanced Micro Devices, Inc., 7.000%, 7/01/2024		5,584,687
	2,255,000	Advanced Micro Devices, Inc., 7.750%, 8/01/2020		2,153,525
	94,454,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		95,398,540
	5,845,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		5,903,450
	2,145,000	Alcatel-Lucent USA, Inc., 6.750%, 11/15/2020, 144A		2,284,425
	25,000,000	Alcatel-Lucent USA, Inc., 8.875%, 1/01/2020, 144A		27,250,000
	34,955,000	Amkor Technology, Inc., 6.375%, 10/01/2022		36,003,650
	9,100,000	First Data Corp., 10.625%, 6/15/2021		10,351,250
	5,210,000	First Data Corp., 11.250%, 1/15/2021		5,926,375
	50,531,000	First Data Corp., 11.750%, 8/15/2021		58,426,469
	56,340,000	KLA-Tencor Corp., 4.650%, 11/01/2024		59,170,014
	15,170,000	KLA-Tencor Corp., 5.650%, 11/01/2034		16,480,916
	2,562,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		2,934,653
	195,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		251,951
	1,400,000	SunGard Data Systems, Inc., 6.625%, 11/01/2019		1,442,000
				329,561,905
		Transportation Services — 0.2%
	10,503,000	APL Ltd., 8.000%, 1/15/2024(d)		9,032,580
	4,938,659	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(c)		5,025,086
	6,862,758	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(c)(g)(h)		8,990,213
	2,939,469	Atlas Air Pass Through Trust, Series 1999-1, Class A-1, 7.200%, 7/02/2020(c)		2,998,259
	2,679,305	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016(c)		2,719,495

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Transportation Services — continued
$	4,744,556	Atlas Air Pass Through Trust, Series 1999-1, Class C, 8.770%, 7/02/2012(c)(g)(h)	$	6,215,368
	1,864,358	Atlas Air Pass Through Trust, Series 2000-1, Class B, 9.057%, 7/02/2017(c)		2,004,185
	3,970,000	Erac USA Finance Co., 7.000%, 10/15/2037, 144A		5,353,402
	4,115,000	Jack Cooper Holdings Corp., 9.250%, 6/01/2020, 144A		4,248,737
				46,587,325
		Treasuries — 16.6%
	352,975,000	Canadian Government, 1.000%, 8/01/2016, (CAD)		280,440,317
	317,256,000	Canadian Government, 1.250%, 2/01/2016, (CAD)		251,896,079
	29,490,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		23,855,805
	80,645,000	Canadian Government, 1.750%, 9/01/2019, (CAD)		66,648,408
	201,485,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		159,584,456
	89,045,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		71,431,448
	6,710,000	Hellenic Republic Government Bond, 3.375%, 7/17/2017, 144A, (EUR)		5,038,690
	1,010,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2024, (EUR)(i)		593,835
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2036, (EUR)(i)		2,062,158
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2037, (EUR)(i)		2,055,801
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2038, (EUR)(i)		2,050,107
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2039, (EUR)(i)		2,055,405
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2040, (EUR)(i)		2,050,072
	5,970,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(i)		3,061,659
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2042, (EUR)(i)		2,087,758
	64,132,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		5,689,232
	10,000,000,000	Indonesia Treasury Bond, Series FR47, 10.000%, 2/15/2028, (IDR)		913,958
	9,710,000(†††)	Mexican Fixed Rate Bonds, Series M, 5.000%, 6/15/2017, (MXN)		64,899,479
	9,930,439(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		68,122,870
	4,250,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		31,672,426
	7,740,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		56,313,060
	27,224,481(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		203,622,376
	3,035,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		24,038,788
	21,700,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		184,756,220
	252,700,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		202,002,971
	175,365,000	New Zealand Government Bond, 6.000%, 5/15/2021, (NZD)		151,603,396
	836,485,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		111,199,745
	1,266,835,000	Norway Government Bond, 5.000%, 5/15/2015, (NOK)		157,850,752
	162,850,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		49,749,730
	55,925,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		18,837,046
	49,120,000	Republic of Brazil, 12.500%, 1/05/2016, (BRL)		15,421,422

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	3,842,906,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)	$	20,584,150
	1,605,660,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		8,704,971
	4,496,156,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		25,686,373
	270,645,000	U.S. Treasury Note, 0.375%, 3/31/2016		270,898,865
	265,000,000	U.S. Treasury Note, 0.375%, 4/30/2016		265,144,955
	250,000,000	U.S. Treasury Note, 0.375%, 5/31/2016		250,078,000
	42,075,000	U.S. Treasury Note, 0.500%, 6/30/2016		42,144,045
				3,104,846,828
		Wireless — 0.6%
	293,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		18,515,272
	134,600,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		8,787,601
	31,041,000	Sprint Capital Corp., 6.875%, 11/15/2028		28,480,117
	16,622,000	Sprint Capital Corp., 6.900%, 5/01/2019		17,182,993
	6,260,000	Sprint Capital Corp., 8.750%, 3/15/2032		6,463,450
	12,630,000	Sprint Communications, Inc., 6.000%, 11/15/2022		11,998,500
	23,641,000	Sprint Corp., 7.250%, 9/15/2021		23,759,205
				115,187,138
		Wirelines — 3.7%
	4,370,000	Bell Canada, MTN, 6.550%, 5/01/2029, 144A, (CAD)		4,424,343
	7,545,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		7,398,097
	72,320,000	CenturyLink, Inc., 6.450%, 6/15/2021		78,015,200
	765,000	CenturyLink, Inc., 7.650%, 3/15/2042		782,213
	7,410,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		7,706,400
	2,965,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		3,037,272
	350,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		332,500
	10,703,000	Consolidated Communications, Inc., 6.500%, 10/01/2022, 144A		10,836,787
	17,900,000	Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		20,931,092
	5,330,000	Embarq Corp., 7.995%, 6/01/2036		6,337,903
	37,225,000	FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A		39,272,375
	16,755,000	Frontier Communications Corp., 6.250%, 9/15/2021		16,796,887
	18,725,000	Frontier Communications Corp., 6.875%, 1/15/2025		18,537,750
	38,336,000	Frontier Communications Corp., 7.875%, 1/15/2027		39,006,880
	1,120,000	Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016, (GBP)		1,734,115
	1,800,000	Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015, (EUR)		1,951,476
	25,745,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		26,437,540
	28,505,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		30,429,087
	5,965,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		6,464,569
	2,555,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		2,674,778
	4,667,000	Oi S.A., 5.750%, 2/10/2022, 144A		3,805,939
	16,550,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		17,204,728
	29,750,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		32,778,658
	800,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		871,985
	12,834,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		13,989,060
	42,460,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		43,096,900
	12,463,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		13,584,670

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	32,395,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031	$	34,014,750
	31,060,000	Qwest Corp., 6.875%, 9/15/2033		31,169,735
	3,075,000	Qwest Corp., 7.200%, 11/10/2026		3,087,300
	3,999,000	Qwest Corp., 7.250%, 9/15/2025		4,648,837
	39,171,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		40,444,057
	22,645,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		24,230,150
	7,200,000	Telecom Italia SpA, EMTN, 5.250%, 3/17/2055, (EUR)		8,967,678
	5,250,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		5,777,137
	4,350,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		6,008,738
	31,690,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		26,683,103
	18,600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		16,734,640
	29,552,000	Verizon Communications, Inc., 2.450%, 11/01/2022		28,645,433
	3,346,000	Verizon New England, Inc., 7.875%, 11/15/2029		4,392,545
	2,080,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		2,384,233
				685,627,540
		Total Non-Convertible Bonds (Identified Cost $12,311,105,103)		12,183,172,565
	Convertible Bonds — 5.5%
		Chemicals — 0.0%
	4,305,000	RPM International, Inc., 2.250%, 12/15/2020		5,074,519
		Construction Machinery — 0.1%
	16,727,000	Trinity Industries, Inc., 3.875%, 6/01/2036		26,135,937
		Consumer Cyclical Services — 0.9%
	20,848,000	Jarden Corp., 1.125%, 3/15/2034		24,757,000
	19,486,000	KB Home, 1.375%, 2/01/2019		18,633,488
	52,005,000	Lennar Corp., 3.250%, 11/15/2021, 144A		116,003,653
	9,592,000	Ryland Group, Inc. (The), 0.250%, 6/01/2019		9,340,210
				168,734,351
		Consumer Products — 0.1%
	13,670,000	Euronet Worldwide, Inc., 1.500%, 10/01/2044, 144A		14,789,231
		Energy — 0.6%
	62,701,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		56,901,157
	49,165,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		47,106,216
	12,006,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		12,036,015
				116,043,388
		Healthcare — 0.5%
	15,025,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(i)		18,602,828
	3,780,000	Omnicare, Inc., 3.250%, 12/15/2035		4,424,962
	20,495,000	Omnicare, Inc., 3.750%, 12/15/2025		59,358,644
				82,386,434
		Non-Captive Diversified — 0.0%
	5,025,000	Jefferies Group LLC, 3.875%, 11/01/2029		5,078,391

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Pharmaceuticals — 0.1%
$	1,195,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018	$	1,778,309
	1,655,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		2,506,291
	1,810,000	Illumina, Inc., 0.250%, 3/15/2016		4,002,362
				8,286,962
		Property & Casualty Insurance — 0.5%
	72,915,000	Old Republic International Corp., 3.750%, 3/15/2018		86,039,700
		REITs – Mortgage — 0.0%
	1,175,000	iStar Financial, Inc., 3.000%, 11/15/2016		1,391,641
		Retailers — 0.0%
	825,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021, 144A		796,125
		Technology — 2.7%
	7,680,000(††††)	Alcatel-Lucent, Series ALU, 0.125%, 1/30/2020, (EUR)		37,591,414
	7,520,000	Brocade Communications Systems, Inc., 1.375%, 1/01/2020, 144A		7,910,100
	68,075,000	Ciena Corp., 0.875%, 6/15/2017		67,521,890
	7,185,000	Ciena Corp., 3.750%, 10/15/2018, 144A		8,806,115
	205,005,000	Intel Corp., 3.250%, 8/01/2039		323,651,644
	2,429,000	Intel Corp., 3.482%, 12/15/2035(b)		3,021,069
	11,570,000	JDS Uniphase Corp., 0.625%, 8/15/2033		11,967,719
	1,055,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		1,386,666
	5,515,515	Liberty Media LLC, 3.500%, 1/15/2031		5,201,269
	38,311,000	Nuance Communications, Inc., 2.750%, 11/01/2031		38,023,667
	5,590,000	Rovi Corp., 0.500%, 3/01/2020, 144A		5,327,969
				510,409,522
		Total Convertible Bonds (Identified Cost $750,539,820)		1,025,166,201
	Municipals — 1.1%
		District of Columbia — 0.0%
	3,850,000	Metropolitan Washington Airports Authority, Series D, 8.000%, 10/01/2047		5,222,602
		Illinois — 0.2%
	47,285,000	State of Illinois, 5.100%, 6/01/2033		47,828,778
		Michigan — 0.1%
	12,400,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		10,897,120
		Puerto Rico — 0.3%
	63,900,000	Commonwealth of Puerto Rico, GO, Refunding, Series A, 8.000%, 7/01/2035		52,398,000
		Virginia — 0.5%
	123,115,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		93,838,253
		Total Municipals (Identified Cost $229,172,188)		210,184,753
		Total Bonds and Notes (Identified Cost $13,290,817,111)		13,418,523,519

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Loan Participations — 0.1%
		ABS Other — 0.1%
$	14,489,059	Rise Ltd., Series 2014-1, Class B, 6.500%, 2/15/2039(b)(d) (Identified Cost $14,597,727)	$	14,597,727
	Senior Loans — 2.9%
		Automotive — 0.2%
	22,305,340	IBC Capital Ltd., 1st Lien Term Loan, 4.750%, 9/09/2021(b)		22,249,576
	5,948,124	IBC Capital Ltd., 2nd Lien Term Loan, 8.000%, 9/09/2022(b)		5,933,254
				28,182,830
		Chemicals — 0.2%
	4,776,868	Ascend Performance Materials LLC, Term Loan B, 6.750%, 4/10/2018(b)		4,060,338
	5,660,239	Emerald Performance Materials LLC, New 1st Lien Term Loan, 4.500%, 8/01/2021(b)		5,660,239
	6,147,386	Emerald Performance Materials LLC, New 2nd Lien Term Loan, 7.750%, 8/01/2022(b)		6,024,438
	31,355,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.500%, 12/20/2020(b)		31,159,031
				46,904,046
		Construction Machinery — 0.3%
	8,630,025	Neff Rental LLC, 2nd Lien Term Loan, 7.250%, 6/09/2021(b)		8,457,424
	44,449,848	Onsite U.S. Finco LLC, Term Loan, 5.500%, 7/30/2021(b)		43,445,282
				51,902,706
		Consumer Cyclical Services — 0.4%
	42,731,250	SourceHov LLC, 2014 1st Lien Term Loan, 7.750%, 10/31/2019(b)		41,556,141
	43,000,000	SourceHov LLC, 2014 2nd Lien Term Loan, 11.500%, 4/30/2020(b)		40,957,500
				82,513,641
		Consumer Products — 0.1%
	14,507,741	Visant Corp., New Term Loan, 7.000%, 9/23/2021(b)		14,559,098
		Diversified Manufacturing — 0.1%
	5,138,455	Ameriforge Group, Inc., 1st Lien Term Loan, 5.000%, 12/19/2019(b)		4,496,148
	8,493,588	Ameriforge Group, Inc., 2nd Lien Term Loan, 8.750%, 12/19/2020(b)		7,856,569
				12,352,717
		Finance Companies — 0.3%
	62,228,848	iStar Financial, Inc., Add on Term Loan A2, 7.000%, 3/19/2017(b)		63,577,347
		Financial Other — 0.1%
	21,183,000	DBRS Ltd., Term Loan, 6.250%, 3/04/2022(b)		21,156,521
		Industrial Other — 0.0%
	4,825,659	Eastman Kodak Co., Exit Term Loan, 7.250%, 9/03/2019(b)		4,801,531
		Media Entertainment — 0.0%
	6,913,080	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(b)		5,599,595
		Natural Gas — 0.1%
	10,165,245	Southcross Holdings Borrower LP, Term Loan B, 6.000%, 8/04/2021(b)		9,606,156

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Oil Field Services — 0.1%
$	2,618,182	FTS International, Inc., New Term Loan B, 5.750%, 4/16/2021(b)	$	2,020,922
	5,454,267	Paragon Offshore Finance Co., Term Loan B, 3.750%, 7/18/2021(b)		3,736,173
	2,962,812	Petroleum Geo-Services ASA, New Term Loan B, 3.250%, 3/19/2021(b)		2,527,279
	2,760,596	UTEX Industries, Inc., 2nd Lien Term Loan 2014, 8.250%, 5/22/2022(b)		2,208,477
				10,492,851
		Other Utility — 0.0%
	1,298,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		1,262,305
		Property & Casualty Insurance — 0.0%
	1,900,800	CGSC of Delaware Holding Corp., 2nd Lien Term Loan C, 10/16/2020(j)		1,634,688
		Retailers — 0.1%
	14,263,933	J.C. Penney Corp., Inc., New Term Loan, 5.000%, 6/20/2019(b)		14,034,711
	2,962,500	Toys ‘R’ Us Property Co. I LLC, New Term Loan B, 6.000%, 8/21/2019(b)		2,797,104
				16,831,815
		Supermarkets — 0.3%
	28,622,449	Albertson’s Holdings LLC, Term Loan B4, 5.500%, 8/25/2021(b)		28,849,139
	18,040,146	New Albertson’s, Inc., Term Loan, 4.750%, 6/27/2021(b)		18,085,247
	13,603,378	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(b)		13,646,772
				60,581,158
		Technology — 0.1%
	4,070,400	Aptean, Inc., 2nd Lien Term Loan, 8.500%, 2/26/2021(b)		3,904,205
	9,507,380	IQOR U.S., Inc., 2nd Lien Term Loan, 9.750%, 4/01/2022(b)		8,865,632
				12,769,837
		Transportation Services — 0.0%
	4,386,569	OSG Bulk Ships, Inc., Exit Term Loan, 5.250%, 8/05/2019(b)		4,353,670
		Wireless — 0.0%
	3,384,615	Asurion LLC, New 2nd Lien Term Loan, 8.500%, 3/03/2021(b)		3,395,615
		Wirelines — 0.5%
	39,062,000	CWC Cayman Finance Ltd., Unsecured Term Loan, 6.500%, 11/06/2016(b)		39,159,655
	17,436,968	Hawaiian Telcom Communications, Inc., Term Loan B, 5.000%, 6/06/2019(b)		17,458,764
	29,081,667	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/21/2020(b)		28,845,524
	1,672,963	LTS Buyer LLC, 2nd Lien Term Loan, 8.000%, 4/12/2021(b)		1,657,621
				87,121,564
		Total Senior Loans (Identified Cost $540,941,895)		539,599,691
Shares
	Common Stocks — 21.7%
		Airlines — 0.0%
	38,455	United Continental Holdings, Inc.(g)		2,586,099
		Automobiles — 2.0%
	15,608,933	Ford Motor Co.		251,928,179
	3,379,086	General Motors Co.		126,715,725
				378,643,904

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		Banks — 0.3%
	3,979,932	Bank of America Corp.	$	61,251,154
		Chemicals — 2.8%
	1,364,851	Dow Chemical Co. (The)		65,485,551
	2,000,000	PPG Industries, Inc.		451,080,000
				516,565,551
		Containers & Packaging — 0.1%
	460,656	Owens-Illinois, Inc.(g)		10,742,498
		Diversified Telecommunication Services — 1.9%
	283,397	Hawaiian Telcom Holdco, Inc.(g)		7,546,862
	607,219	Level 3 Communications, Inc.(g)		32,692,674
	3,346,339	Telecom Italia SpA, Sponsored ADR		31,154,416
	19,550,590	Telefonica S.A., Sponsored ADR		280,550,966
				351,944,918
		Electric Utilities — 0.0%
	94,166	Duke Energy Corp.		7,230,066
		Electronic Equipment, Instruments & Components — 3.9%
	32,000,000	Corning, Inc.		725,760,000
		Food Products — 0.5%
	2,309,175	ConAgra Foods, Inc.		84,354,163
		Household Durables — 0.2%
	477,725	KB Home		7,462,065
	549,450	Lennar Corp., Class A		28,467,004
				35,929,069
		Insurance — 0.6%
	1,510,275	Prudential Financial, Inc.		121,290,185
		IT Services — 1.7%
	2,000,000	International Business Machines Corp.		321,000,000
		Multi-Utilities — 0.0%
	73,618	CMS Energy Corp.		2,570,004
		Oil, Gas & Consumable Fuels — 1.3%
	846,398	Chesapeake Energy Corp.		11,984,996
	5,351,804	Repsol YPF S.A., Sponsored ADR		99,704,109
	2,134,173	Royal Dutch Shell PLC, ADR		127,303,419
	141,249	Spectra Energy Corp.		5,108,976
				244,101,500
		Pharmaceuticals — 2.9%
	8,514,190	Bristol-Myers Squibb Co.		549,165,255
	2,288	Teva Pharmaceutical Industries Ltd., Sponsored ADR		142,542
				549,307,797
		REITs – Apartments — 0.4%
	290,904	Apartment Investment & Management Co., Class A		11,449,982
	889,730	Associated Estates Realty Corp.		21,958,536

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		REITs – Apartments — continued
	460,000	Equity Residential	$	35,815,600
				69,224,118
		REITs – Regional Malls — 0.1%
	123,159	Simon Property Group, Inc.		24,094,827
		REITs – Shopping Centers — 0.0%
	201,557	DDR Corp.		3,752,991
	61,579	WP GLIMCHER, Inc.		1,024,059
				4,777,050
		Semiconductors & Semiconductor Equipment — 2.9%
	17,300,541	Intel Corp.		540,987,917
		Trading Companies & Distributors — 0.1%
	176,859	United Rentals, Inc.(g)		16,122,466
		Total Common Stocks (Identified Cost $2,800,123,968)		4,068,483,286
	Preferred Stocks — 1.9%
	Convertible Preferred Stocks — 1.6%
		Banking — 0.2%
	19,062	Bank of America Corp., Series L, 7.250%		22,054,734
	8,533	Wells Fargo & Co., Series L, Class A, 7.500%		10,435,859
				32,490,593
		Communications — 0.0%
	10,363	Cincinnati Bell, Inc., 6.750%		513,176
		Energy — 0.5%
	172,972	Chesapeake Energy Corp., 4.500%		15,156,672
	231,033	Chesapeake Energy Corp., 5.000%		20,561,937
	33,039	Chesapeake Energy Corp., Series A, 5.750%, 144A		28,537,436
	17,902	Chesapeake Energy Corp., 5.750%, 144A		15,563,551
	242,297	El Paso Energy Capital Trust I, 4.750%		14,537,820
	85,072	SandRidge Energy, Inc., 7.000%		3,264,638
	88,921	SandRidge Energy, Inc., 8.500%		3,367,883
				100,989,937
		Metals & Mining — 0.5%
	622,427	Alcoa, Inc., Series 1, 5.375%		27,287,200
	4,549,323	ArcelorMittal, 6.000%		68,330,831
	250,639	Cliffs Natural Resources, Inc., 7.000%		1,323,374
				96,941,405
		Natural Gas — 0.1%
	380,577	AES Trust III, 6.750%		19,428,456
		REITs – Diversified — 0.1%
	29,153	Crown Castle International Corp., Series A, 4.500%		3,056,109
	391,776	Weyerhaeuser Co., Series A, 6.375%		21,437,982
				24,494,091

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		REITs – Health Care — 0.1%
	116,700	Health Care REIT, Inc., Series I, 6.500%	$	7,837,572
		REITs – Hotels — 0.0%
	166,245	FelCor Lodging Trust, Inc., Series A, 1.950%		4,347,307
		REITs – Mortgage — 0.1%
	147,595	iStar Financial, Inc., Series J, 4.500%		8,293,363
		Total Convertible Preferred Stocks (Identified Cost $324,312,008)		295,335,900
	Non-Convertible Preferred Stocks — 0.3%
		Banking — 0.2%
	22,952	Ally Financial, Inc., Series G, 7.000%, 144A		23,443,317
	35,000	Bank of America Corp., 6.375%		887,250
	389,800	Countrywide Capital IV, 6.750%		9,963,288
				34,293,855
		Electric — 0.0%
	393	Entergy New Orleans, Inc., 4.750%		36,672
		Finance Companies — 0.0%
	39,200	iStar Financial, Inc., Series E, 7.875%		967,064
	39,300	iStar Financial, Inc., Series F, 7.800%		964,815
	10,425	iStar Financial, Inc., Series G, 7.650%		253,640
	101,175	SLM Corp., Series A, 6.970%		4,999,057
				7,184,576
		Home Construction — 0.0%
	208,246	Hovnanian Enterprises, Inc., 7.625%(g)		3,050,804
		REITs – Office Property — 0.0%
	1,596	Highwoods Properties, Inc., Series A, 8.625%		1,960,586
		REITs – Warehouse/Industrials — 0.1%
	116,192	ProLogis, Inc., Series Q, 8.540%		8,064,457
		Total Non-Convertible Preferred Stocks (Identified Cost $32,219,430)		54,590,950
		Total Preferred Stocks (Identified Cost $356,531,438)		349,926,850
	Closed-End Investment Companies — 0.0%
	681,131	NexPoint Credit Strategies Fund (Identified Cost $10,230,352)		8,289,364
Principal Amount (‡)
	Short-Term Investments — 0.5%
$	2,221,737	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2015 at 0.000% to be repurchased at $2,221,737 on 4/01/2015 collateralized by $2,229,100 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $2,266,225 including accrued interest (Note 2 of Notes to Financial Statements)		2,221,737

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — continued
$	97,556,777	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $97,556,804 on 4/01/2015 collateralized by $400,000 Federal Home Loan Bank, 5.500% due 7/15/2036 valued at $561,428; $10,915,000 Federal Home Loan Mortgage Corp., 4.125% due 10/11/2033 valued at $11,665,406; $52,545,000 Federal National Mortgage Association, 3.400% due 3/14/2033 valued at $52,019,550; $195,000 U.S. Treasury Note, 3.125% due 2/15/2042 valued at $218,156; $7,455,000 U.S. Treasury Note, 3.125% due 5/15/2021 valued at $8,181,863; $25,675,000 U.S. Treasury Note, 2.250% due 4/30/2021 valued at $26,862,469 including accrued interest (Note 2 of Notes to Financial Statements)	$	97,556,777
		Total Short-Term Investments (Identified Cost $99,778,514)		99,778,514
		Total Investments — 98.8% (Identified Cost $17,113,021,005)(a)		18,499,198,951
		Other assets less liabilities — 1.2%		215,238,118
		Net Assets — 100.0%	$	18,714,437,069
	(‡)	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.
	(††††)	Amount shown represents units. One unit represents a principal amount of 4.02.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be 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, 2015, the net unrealized appreciation on investments based on a cost of $17,149,636,352 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	$	2,617,604,274
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,268,041,675	)
		Net unrealized appreciation	$	1,349,562,599
	(b)	Variable rate security. Rate as of March 31, 2015 is disclosed.
	(c)	Fair valued by the Fund’s adviser. At March 31, 2015, the value of these securities amounted to $107,301,655 or 0.6% of net assets.
	(d)	Illiquid security. At March 31, 2015, the value of these securities amounted to $279,797,557 or 1.5% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.
	(e)	Perpetual bond with no specified maturity date.
	(f)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities. For the period ended March 31, 2015, interest payments were made in additional debt securities.
	(g)	Non-income producing security.

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

(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)	Position is unsettled. Contract rate was not determined at March 31, 2015 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
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, 2015, the value of Rule 144A holdings amounted to $3,102,539,435 or 16.6% 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
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MBIA	Municipal Bond Investors Assurance Corp.
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
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

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Industry Summary at March 31, 2015 (Unaudited)

Treasuries	16.6	%
Banking	8.1
Finance Companies	5.4
Technology	4.6
Chemicals	4.5
Wirelines	4.2
Electronic Equipment, Instruments & Components	3.9
Healthcare	3.6
Pharmaceuticals	3.0
Semiconductors & Semiconductor Equipment	2.9
Airlines	2.9
Electric	2.2
Metals & Mining	2.1
Automobiles	2.0
Other Investments, less than 2% each	32.3
Short-Term Investments	0.5
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2015 (Unaudited)

United States Dollar	77.5	%
Canadian Dollar	5.7
New Zealand Dollar	4.3
Mexican Peso	3.6
Australian Dollar	2.9
Other, less than 2% each	4.8
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

See accompanying notes to financial statements.

|  30

Statement of Assets and Liabilities

March 31, 2015 (Unaudited)

ASSETS
Investments at cost	$	17,113,021,005
Net unrealized appreciation		1,386,177,946
Investments at value		18,499,198,951
Cash		527,180
Foreign currency at value (identified cost $2,093,597)		2,082,506
Receivable for Fund shares sold		52,806,544
Receivable for securities sold		26,885,775
Dividends and interest receivable		212,051,208
Tax reclaims receivable		1,642,175
TOTAL ASSETS		18,795,194,339
LIABILITIES
Payable for securities purchased		18,717,632
Payable for Fund shares redeemed		51,069,864
Foreign taxes payable (Note 2)		103,830
Management fees payable (Note 5)		8,874,578
Deferred Trustees’ fees (Note 5)		984,703
Administrative fees payable (Note 5)		679,407
Payable to distributor (Note 5d)		137,829
Other accounts payable and accrued expenses		189,427
TOTAL LIABILITIES		80,757,270
NET ASSETS	$	18,714,437,069
NET ASSETS CONSIST OF:
Paid-in capital	$	17,298,952,524
Distributions in excess of net investment income		(69,692,147	)
Accumulated net realized gain on investments and foreign currency transactions		103,318,126
Net unrealized appreciation on investments and foreign currency translations		1,381,858,566
NET ASSETS	$	18,714,437,069

See accompanying notes to financial statements.

31  |

Statement of Assets and Liabilities (continued)

March 31, 2015 (Unaudited)

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	4,318,714,204
Shares of beneficial interest		268,841,818
Net asset value and redemption price per share	$	16.06
Offering price per share (100/95.50 of net asset value) (Note 1)	$	16.82
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	12,666,126
Shares of beneficial interest		781,415
Net asset value and offering price per share	$	16.21
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	5,205,612,775
Shares of beneficial interest		321,905,446
Net asset value and offering price per share	$	16.17
Class N shares:
Net assets	$	88,236,194
Shares of beneficial interest		5,497,159
Net asset value, offering and redemption price per share	$	16.05
Class Y shares:
Net assets	$	8,938,829,677
Shares of beneficial interest		556,914,949
Net asset value, offering and redemption price per share	$	16.05
Admin Class shares:
Net assets	$	150,378,093
Shares of beneficial interest		9,389,000
Net asset value, offering and redemption price per share	$	16.02

See accompanying notes to financial statements.

|  32

Statement of Operations

For the Six Months Ended March 31, 2015 (Unaudited)

INVESTMENT INCOME
Interest	$	378,083,962
Dividends		67,224,354
Less net foreign taxes withheld		(2,509,796	)
		442,798,520
Expenses
Management fees (Note 5)		52,270,895
Service and distribution fees (Note 5)		32,605,470
Administrative fees (Note 5)		4,027,419
Trustees’ fees and expenses (Note 5)		139,356
Transfer agent fees and expenses (Note 5 and 6)		6,606,512
Audit and tax services fees		31,578
Custodian fees and expenses		563,379
Legal fees		85,242
Registration fees		382,796
Shareholder reporting expenses		398,154
Miscellaneous expenses		176,953
Total expenses		97,287,754
Net investment income		345,510,766
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		152,385,268
Foreign currency transactions		(7,215,111	)
Net change in unrealized appreciation (depreciation) on:
Investments		(471,633,663	)
Foreign currency translations		(2,080,422	)
Net realized and unrealized loss on investments and foreign currency transactions		(328,543,928	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,966,838

See accompanying notes to financial statements.

33  |

Statement of Changes in Net Assets

	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	345,510,766		$	571,519,078
Net realized gain on investments and foreign currency transactions		145,170,157			453,441,646
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(473,714,085	)		415,862,441
Net increase in net assets resulting from operations		16,966,838			1,440,823,165
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(86,555,990	)		(208,260,687	)
Class B		(313,930	)		(1,352,357	)
Class C		(84,084,103	)		(153,941,242	)
Class N		(1,387,297	)		(1,422,761	)
Class Y		(186,901,861	)		(247,038,167	)
Admin Class		(2,592,400	)		(3,946,091	)
Net realized capital gains
Class A		(100,184,376	)		(14,707,851	)
Class B		(473,223	)		(138,778	)
Class C		(120,460,405	)		(13,369,858	)
Class N		(1,367,218	)		(37,074	)
Class Y		(201,694,191	)		(13,975,709	)
Admin Class		(3,134,857	)		(252,447	)
Total distributions		(789,149,851	)		(658,443,022	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		712,836,420			2,898,606,286
Net increase (decrease) in net assets		(59,346,593	)		3,680,986,429
NET ASSETS
Beginning of the period		18,773,783,662			15,092,797,233
End of the period	$	18,714,437,069		$	18,773,783,662
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(69,692,147	)	$	(53,367,332	)

See accompanying notes to financial statements.

|  34

Financial Highlights

For a share outstanding throughout each period.

	Class A
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	16.75		$	15.93		$	15.30		$	14.21		$	14.69		$	13.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.31			0.58			0.65			0.72			0.77			0.80
Net realized and unrealized gain (loss)		(0.30	)		0.90			0.76			1.21			(0.42	)		1.31
Total from Investment Operations		0.01			1.48			1.41			1.93			0.35			2.11
LESS DISTRIBUTIONS FROM:
Net investment income		(0.32	)		(0.62	)		(0.78	)		(0.84	)		(0.83	)		(0.81	)
Net realized capital gains		(0.38	)		(0.04	)		—			—			—			—
Total Distributions		(0.70	)		(0.66	)		(0.78	)		(0.84	)		(0.83	)		(0.81	)
Net asset value, end of the period	$	16.06		$	16.75		$	15.93		$	15.30		$	14.21		$	14.69
Total return(b)		0.16	%(c)		9.34	%		9.43	%		14.02	%		2.20	%		16.20	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,318,714		$	4,408,257		$	5,239,885		$	5,155,287		$	5,262,765		$	5,758,070
Net expenses		0.94	%(d)		0.94	%		0.95	%		0.96	%		0.95	%		0.96	%
Gross expenses		0.94	%(d)		0.94	%		0.95	%		0.96	%		0.95	%		0.96	%
Net investment income		3.75	%(d)		3.44	%		4.14	%		4.84	%		5.10	%		5.67	%
Portfolio turnover rate		15	%		26	%		22	%		30	%		25	%		27	%

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

(b) A sales charge for Class A shares is not reflected in total return calculations.

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

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

See accompanying notes to financial statements.

35  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class B
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	16.88		$	16.05		$	15.41		$	14.30		$	14.78		$	13.46
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.25			0.46			0.54			0.61			0.66			0.69
Net realized and unrealized gain (loss)		(0.29	)		0.90			0.76			1.23			(0.43	)		1.33
Total from Investment Operations		(0.04	)		1.36			1.30			1.84			0.23			2.02
LESS DISTRIBUTIONS FROM:
Net investment income		(0.25	)		(0.49	)		(0.66	)		(0.73	)		(0.71	)		(0.70	)
Net realized capital gains		(0.38	)		(0.04	)		—			—			—			—
Total Distributions		(0.63	)		(0.53	)		(0.66	)		(0.73	)		(0.71	)		(0.70	)
Net asset value, end of the period	$	16.21		$	16.88		$	16.05		$	15.41		$	14.30		$	14.78
Total return(b)		(0.21	)%(c)		8.55	%		8.58	%		13.15	%		1.48	%		15.39	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	12,666		$	30,746		$	57,276		$	89,552		$	107,400		$	137,268
Net expenses		1.68	%(d)		1.69	%		1.70	%		1.70	%		1.70	%		1.71	%
Gross expenses		1.68	%(d)		1.69	%		1.70	%		1.70	%		1.70	%		1.71	%
Net investment income		2.96	%(d)		2.75	%		3.39	%		4.11	%		4.35	%		4.92	%
Portfolio turnover rate		15	%		26	%		22	%		30	%		25	%		27	%

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

(b) A contingent deferred sales charge for Class B shares is not reflected in total return calculations.

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

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

See accompanying notes to financial statements.

|  36

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class C
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	16.85		$	16.03		$	15.39		$	14.29		$	14.77		$	13.45
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.25			0.45			0.54			0.61			0.66			0.69
Net realized and unrealized gain (loss)		(0.29	)		0.90			0.76			1.23			(0.43	)		1.33
Total from Investment Operations		(0.04	)		1.35			1.30			1.84			0.23			2.02
LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.49	)		(0.66	)		(0.74	)		(0.71	)		(0.70	)
Net realized capital gains		(0.38	)		(0.04	)		—			—			—			—
Total Distributions		(0.64	)		(0.53	)		(0.66	)		(0.74	)		(0.71	)		(0.70	)
Net asset value, end of the period	$	16.17		$	16.85		$	16.03		$	15.39		$	14.29		$	14.77
Total return(b)		(0.22	)%(c)		8.54	%		8.61	%		13.18	%		1.42	%		15.40	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,205,613		$	5,390,222		$	4,912,727		$	5,064,186		$	4,666,077		$	5,146,164
Net expenses		1.69	%(d)		1.69	%		1.70	%		1.71	%		1.70	%		1.71	%
Gross expenses		1.69	%(d)		1.69	%		1.70	%		1.71	%		1.70	%		1.71	%
Net investment income		3.00	%(d)		2.68	%		3.39	%		4.08	%		4.35	%		4.92	%
Portfolio turnover rate		15	%		26	%		22	%		30	%		25	%		27	%

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

(b) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

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

See accompanying notes to financial statements.

37  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class N
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	16.73		$	15.92		$	15.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.33			0.61			0.46
Net realized and unrealized gain (loss)		(0.28	)		0.91			0.16
Total from Investment Operations		0.05			1.52			0.62
LESS DISTRIBUTIONS FROM:
Net investment income		(0.35	)		(0.67	)		(0.48	)
Net realized capital gains		(0.38	)		(0.04	)		—
Total Distributions		(0.73	)		(0.71	)		(0.48	)
Net asset value, end of the period	$	16.05		$	16.73		$	15.92
Total return		0.32	%(b)		9.70	%		4.01	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	88,236		$	57,752		$	12,921
Net expenses		0.62	%(c)		0.62	%		0.63	%(c)
Gross expenses		0.62	%(c)		0.62	%		0.63	%(c)
Net investment income		4.09	%(c)		3.62	%		4.38	%(c)
Portfolio turnover rate		15	%		26	%		22	%

* 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) Periods less than one year are not annualized.

(c) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

|  38

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class Y
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	16.73		$	15.92		$	15.29		$	14.20		$	14.68		$	13.38
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.33			0.61			0.69			0.75			0.81			0.83
Net realized and unrealized gain (loss)		(0.28	)		0.90			0.76			1.22			(0.43	)		1.31
Total from Investment Operations		0.05			1.51			1.45			1.97			0.38			2.14
LESS DISTRIBUTIONS FROM:
Net investment income		(0.35	)		(0.66	)		(0.82	)		(0.88	)		(0.86	)		(0.84	)
Net realized capital gains		(0.38	)		(0.04	)		—			—			—			—
Total Distributions		(0.73	)		(0.70	)		(0.82	)		(0.88	)		(0.86	)		(0.84	)
Net asset value, end of the period	$	16.05		$	16.73		$	15.92		$	15.29		$	14.20		$	14.68
Total return		0.28	%(b)		9.63	%		9.72	%		14.31	%		2.46	%		16.50	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	8,938,830		$	8,747,384		$	4,789,322		$	4,339,240		$	2,807,777		$	2,521,337
Net expenses		0.69	%(c)		0.69	%		0.70	%		0.71	%		0.70	%		0.71	%
Gross expenses		0.69	%(c)		0.69	%		0.70	%		0.71	%		0.70	%		0.71	%
Net investment income		4.01	%(c)		3.65	%		4.39	%		5.05	%		5.35	%		5.92	%
Portfolio turnover rate		15	%		26	%		22	%		30	%		25	%		27	%

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

(b) Periods less than one year are not annualized.

(c) Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

39  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Admin Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Period Ended September 30, 2010*
Net asset value, beginning of the period	$	16.70		$	15.89		$	15.27		$	14.18		$	14.66		$	13.87
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.29			0.53			0.61			0.67			0.73			0.52
Net realized and unrealized gain (loss)		(0.29	)		0.90			0.75			1.23			(0.42	)		0.79
Total from Investment Operations		0.00	(b)		1.43			1.36			1.90			0.31			1.31
LESS DISTRIBUTIONS FROM:
Net investment income		(0.30	)		(0.58	)		(0.74	)		(0.81	)		(0.79	)		(0.52	)
Net realized capital gains		(0.38	)		(0.04	)		—			—			—			—
Total Distributions		(0.68	)		(0.62	)		(0.74	)		(0.81	)		(0.79	)		(0.52	)
Net asset value, end of the period	$	16.02		$	16.70		$	15.89		$	15.27		$	14.18		$	14.66
Total return		0.03	%(c)		9.12	%		9.12	%		13.79	%		1.98	%		9.61	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	150,378		$	139,423		$	80,666		$	49,486		$	25,424		$	4,379
Net expenses		1.19	%(d)		1.19	%		1.20	%		1.21	%		1.21	%		1.24	%(d)
Gross expenses		1.19	%(d)		1.19	%		1.20	%		1.21	%		1.21	%		1.24	%(d)
Net investment income		3.51	%(d)		3.15	%		3.89	%		4.52	%		4.87	%		5.52	%(d)
Portfolio turnover rate		15	%		26	%		22	%		30	%		25	%		27	%

* 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) Amount rounds to less than $0.01 per share.

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

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

See accompanying notes to financial statements.

|  40

Notes to Financial Statements

March 31, 2015 (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 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 Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”). 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, Class A, Class B, Class C, Class Y, and Admin Class, collectively, and Class N, individually, 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.

41  |

Notes to Financial Statements (continued)

March 31, 2015 (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 follow the accounting and reporting guidelines provided for investment companies and 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 and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation. 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. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. 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 unlisted 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.

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

|  42

Notes to Financial Statements (continued)

March 31, 2015 (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 the Fund’s net asset value (“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 NAV 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 into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates 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 or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statement of Operations.

43  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statement of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statement of Operations, may be characterized as ordinary income and may, if the Fund has net losses, reduce the amount of income available to be distributed by the Fund.

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, 2015 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.

|  44

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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 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, trust preferred securities adjustments, deferred Trustees’ fees, 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 reported on the Statement of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to wash sales, deferred Trustees’ fees, premium amortization, return of capital distributions received, trust preferred securities adjustments, forward foreign currency contract mark to market, reversal of bankruptcy income, contingent payment debt instruments and defaulted bond interest. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Fund’s fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. 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, 2014 was as follows:

2014 Distributions Paid From:
Ordinary Income		Long-Term Capital Gains		Total
$	617,621,510	$	40,821,512	$	658,443,022

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.

f.  Loan Participations.  The Fund may invest in loans to corporate, governmental or other borrowers. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans. A loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, (i) the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the party from whom the Fund has purchased the participation and only upon receipt by that party of payments from the borrower and (ii) the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement or to vote on matters arising under the loan agreement. Thus, the Fund may be subject to credit risk both of the party from whom it purchased the loan participation and the borrower and the Fund may have minimal control over the terms of any loan modification. When the

45  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan. Loan agreements and participations outstanding at the end of the period, if any, are listed in each applicable Fund’s Schedule of Investments.

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 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, 2015, 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. 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, 2015, 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

|  46

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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).

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, 2015, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	80,522,104	(b)	$	80,522,104
Airlines		—		306,517,347		229,690,173	(c)		536,207,520
Finance Companies		2,455,642		960,423,790		—			962,879,432
Non-Agency Commercial Mortgage-Backed Securities		—		122,777,670		30,310,700	(c)		153,088,370
Railroads		—		1,123,880		65,805,319	(c)		66,929,199
Retailers		—		113,260,279		11,714,006	(d)		124,974,285
Transportation Services		—		18,634,719		27,952,606	(d)		46,587,325
All Other Non-Convertible Bonds(a)		—		10,211,984,330		—			10,211,984,330
Total Non-Convertible Bonds		2,455,642		11,734,722,015		445,994,908			12,183,172,565

47  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes (continued)
Convertible Bonds(a)	$	—	$	1,025,166,201	$	—		$	1,025,166,201
Municipals(a)		—		210,184,753		—			210,184,753
Total Bonds and Notes		2,455,642		12,970,072,969		445,994,908			13,418,523,519
Loan Participations(a)		—		—		14,597,727	(c)		14,597,727
Senior Loans(a)		—		539,599,691		—			539,599,691
Common Stocks(a)		4,068,483,286		—		—			4,068,483,286
Preferred Stocks
Convertible Preferred Stocks
Energy		14,537,820		86,452,117		—			100,989,937
REITs – Mortgage		—		8,293,363		—			8,293,363
All Other Convertible Preferred Stocks(a)		186,052,600		—		—			186,052,600
Total Convertible Preferred Stocks		200,590,420		94,745,480		—			295,335,900
Non-Convertible Preferred Stocks
Electric		—		36,672		—			36,672
REITs – Office Property		—		1,960,586		—			1,960,586
REITs – Warehouse/Industrials		—		8,064,457		—			8,064,457
All Other Non-Convertible Preferred Stocks(a)		44,529,235		—		—			44,529,235
Total Non-Convertible Preferred Stocks		44,529,235		10,061,715		—			54,590,950
Total Preferred Stocks		245,119,655		104,807,195		—			349,926,850
Closed-End Investment Companies		8,289,364		—		—			8,289,364
Short-Term Investments		—		99,778,514		—			99,778,514
Total	$	4,324,347,947	$	13,714,258,369	$	460,592,635		$	18,499,198,951

(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 ($12,887,061) or fair valued by the Fund’s adviser ($67,635,043).

(c) Valued using broker-dealer bid prices.

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

|  48

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

A preferred stock valued at $466,429 was transferred from Level 2 to Level 1 during the period ended March 31, 2015. At September 30, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service. At March 31, 2015, this security was valued at the last sale price.

Preferred stocks valued at $35,180,148 were transferred from Level 1 to Level 2 during the period ended March 31, 2015. At September 30, 2014, these securities were valued at the last sale price. At March 31, 2015, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service.

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.

49  |

Notes to Financial Statements (continued)

March 31, 2015 (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, 2014 and/or March 31, 2015:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2014		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	26		$	(2,817,377	)	$	84,202,992
Airlines		270,539,686		127,697		336,375			(1,964,713	)		10,156,025
Banking		162,624,689		—		—			—			—
Metals & Mining		8,350,160		41,591		2,237			2,687,201			—
Non-Agency Commercial Mortgage-Backed Securities		—		—		—			210,700			30,100,000
Railroads		—		4,732,756		—			(45,213,134	)		—
Retailers		11,232,004		18,240		—			463,762			—
Transportation Services		29,689,394		—		224,050			(254,671	)		—
Convertible Bonds
Wirelines		53,861		—		(21,838	)		17,377			—
Loan Participations		15,059,064		—		(3,020	)		(55,843	)		—
Total	$	497,548,858	$	4,920,284	$	537,830		$	(46,926,698	)	$	124,459,017

|  50

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2015
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(863,537	)	$	—	$	—		$	80,522,104	$	(2,817,377	)
Airlines		(46,213,706	)		—		(3,291,191	)		229,690,173		(294,471	)
Banking		—			—		(162,624,689	)		—		—
Metals & Mining		(11,081,189	)		—		—			—		—
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			30,310,700		210,700
Railroads		—			106,285,697		—			65,805,319		(45,213,134	)
Retailers		—			—		—			11,714,006		463,762
Transportation Services		(1,706,167	)		—		—			27,952,606		2
Convertible Bonds
Wirelines		(49,400	)		—		—			—		—
Loan Participations		(402,474	)		—		—			14,597,727		(54,334	)
Total	$	(60,316,473	)	$	106,285,697	$	(165,915,880	)	$	460,592,635	$	(47,704,852	)

Debt securities valued at $165,915,880 were transferred from Level 3 to Level 2 during the period ended March 31, 2015. At September 30, 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. At March 31, 2015, 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.

A debt security valued at $106,285,697 was transferred from Level 2 to Level 3 during the period ended March 31, 2015. At September 30, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2015, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

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

51  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

4.  Purchases and Sales of Securities.  For the six months ended March 31, 2015, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $2,969,960,534 and $801,921,587, respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $0 and $1,999,038,844 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 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		Next $10 billion		Over $25 billion
0.65%		0.60%		0.55%		0.54%		0.53%

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, 2016 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, 2015, 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 the six months ended March 31, 2015, the management fees for the Fund were $52,270,895 (effective rate of 0.55% of average daily net assets).

No expenses were recovered during the six months ended March 31, 2015 under the terms of the expense limitation agreement.

|  52

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

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 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.

53  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

For the six months ended March 31, 2015, 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
$5,496,015		$26,410		$6,663,067		$175,773		$79,230		$19,989,202		$175,773

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 Trusts, Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0350% of the next $30 billion and 0.0325% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts and Loomis Sayles Funds Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2015, the administrative fees for the Fund were $4,027,419.

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, 2015, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $6,213,705.

As of March 31, 2015, the Fund owes NGAM Distribution $137,829 in reimbursements for sub-transfer agent fees (which are reflected in the Statement of Assets and Liabilities as payable to distributor).

|  54

Notes to Financial Statements (continued)

March 31, 2015 (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, 2015 amounted to $1,922,828.

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. 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 the annual rate of $17,500. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $5,000. 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 and Loomis Sayles Funds Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the 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 and Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts, 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.

55  |

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

6.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2015, the Fund incurred the following class-specific transfer agent fees and 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	$	1,543,931	$	7,466	$	1,872,128	$	398	$	3,133,247	$	49,342

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 and Loomis Sayles Funds Trusts, 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, 2015, the Fund had no borrowings under this agreement.

Effective April 16, 2015, the committed unsecured line of credit will be reduced to $150,000,000, and the individual limit of $125,000,000 for each Fund will be eliminated. Therefore, any one Fund may borrow up to the full $150,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $150,000,000 limit at any time). In addition, the commitment fee will increase to 0.15% per annum, payable at the end of each calendar quarter.

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.

|  56

Notes to Financial Statements (continued)

March 31, 2015 (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, 2015					Year Ended September 30, 2014
	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	38,359,732		$	629,632,120		96,833,211		$	1,613,333,700
Issued in connection with the reinvestment of distributions	9,104,767			146,963,750		10,982,373			182,518,046
Redeemed	(41,873,741	)		(685,962,298	)	(173,467,513	)		(2,943,275,774	)
Net change	5,590,758		$	90,633,572		(65,651,929	)	$	(1,147,424,028	)
Class B
Issued from the sale of shares	13,033		$	212,279		36,090		$	598,526
Issued in connection with the reinvestment of distributions	31,875			519,033		55,643			927,891
Redeemed	(1,084,934	)		(17,986,967	)	(1,838,778	)		(31,002,903	)
Net change	(1,040,026	)	$	(17,255,655	)	(1,747,045	)	$	(29,476,486	)
Class C
Issued from the sale of shares	20,935,987		$	345,489,758		52,092,722		$	875,512,700
Issued in connection with the reinvestment of distributions	7,257,616			117,816,834		5,620,301			93,940,364
Redeemed	(26,151,115	)		(431,743,377	)	(44,336,735	)		(744,451,969	)
Net change	2,042,488		$	31,563,215		13,376,288		$	225,001,095
Class N
Issued from the sale of shares	2,341,062		$	38,022,987		2,745,644		$	45,891,917
Issued in connection with the reinvestment of distributions	162,522			2,622,634		85,441			1,433,052
Redeemed	(457,938	)		(7,517,501	)	(191,196	)		(3,219,311	)
Net change	2,045,646		$	33,128,120		2,639,889		$	44,105,658
Class Y
Issued from the sale of shares	101,565,962		$	1,665,818,444		288,746,772		$	4,865,529,460
Issued in connection with the reinvestment of distributions	16,832,297			271,658,087		9,613,689			160,340,745
Redeemed	(84,278,215	)		(1,379,548,581	)	(76,423,525	)		(1,273,844,644	)
Net change	34,120,044		$	557,927,950		221,936,936		$	3,752,025,561
Admin Class
Issued from the sale of shares	1,570,747		$	25,681,400		3,718,005		$	61,793,225
Issued in connection with the reinvestment of distributions	305,338			4,914,757		217,039			3,607,944
Redeemed	(837,026	)		(13,756,939	)	(661,926	)		(11,026,683	)
Net change	1,039,059		$	16,839,218		3,273,118		$	54,374,486
Increase (decrease) from capital share transactions	43,797,969		$	712,836,420		173,827,257		$	2,898,606,286

57  |

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 Blanding
Name:	Robert Blanding
Title:	Chief Executive Officer
Date:	May 20, 2015

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 Blanding
Name:	Robert Blanding
Title:	Chief Executive Officer
Date:	May 20, 2015
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	May 20, 2015